Good morning, everybody. Thank you for joining the Nitro trading update today. I'll shortly hand you over to Sam Chandler, who'll be your presenter for this morning. Before I do, I just wanted to let you know that if you wanted to ask any questions, there are two options today. You can click on the messaging tab and type your question in via text and send that through. I'll be reading those questions to Sam later during the Q&A session. Or at the bottom of the broadcast, there is the option to request to speak. If you click that button, you can then fill in the subject of your question, and then I'll introduce you to Sam to ask your question later on during the Q&A session. Thanks very much. Over to you, Sam. Thank you so much, Gavin. Well, good morning, good afternoon or good evening, everyone, wherever you are. Welcome to Nitro's trading update for Q3 2022. We'll start with a short presentation today and then we'll move to questions. I'm Sam Chandler, the co-founder and CEO here at Nitro. Our CFO, Ana Sirbu, remains on maternity leave, but Rohit Shrawagi, our VP of Finance, will join me for the Q&A today. Before we start, just a reminder, as always, that all figures presented are in U.S. dollars, and also a reminder that we have a calendar fiscal year. On the U.S. dollar point, that is perhaps more relevant today than in previous investor updates given recent foreign exchange movements, so we'll talk a bit more about that during the presentation. Firstly, today we'll start with some financial highlights for the quarter. In short, as you can see here, we had a very strong Q3. We're particularly proud of this result given the broader economic backdrop, and also the seasonality that we typically see in Q3. Like most global software companies who have a strong northern hemisphere orientation, that is 90% of our business is done in North America and Europe. Q3 is normally the most challenging quarter for us due to the summer holiday period. This year we saw strong execution by the Nitro team, and we also saw more predictable decision making during the quarter by IT buyers, more so than we saw in the first half. For the period, we had ARR up 51% year-on-year, 30% excluding Connective. Similarly, subscription revenue grew fast. It was up 54% or 36% excluding Connective. Total revenue was up 33%, or 20% excluding Connective. We also saw record cash receipts for the period, at AUD 17.7 million. They were up 26% year-on-year. We finished the quarter with just over AUD 29 million in cash and no debt. It is important to note that, over half of the change in reported cash balance from 30 June to 30 September was a function of one-time costs and foreign exchange movements, that were driven largely by the strength of the U.S. dollar. Moving now to ARR, to zoom in here as well as zoom out. You can see we had a strong quarter with $3.7 million of added ARR, and we finished at 30 September at $55.2 million in ending ARR. We've added $9 million in ARR year to date, and you can see sequentially that we added $2.7 million in Q1, $2.6 million in Q2, and $3.7 million in Q3. The seasonality here is a little different to what we would typically see, and that's due to the volatility in the macro environment in Q2 that drove higher sales pipeline push or slippage rates in that period. Normally, Q2 is slightly stronger than Q1. What you can see here is that Q2 was slightly lower, but you can see some of that Q2 pushed pipeline resolving here in Q3, driving a very strong Q3 number. Although broadly the performance was also strong. What you can also see, I think, looking at this chart, is that the sequential ARR rates historically are relatively consistent or predictable. I should note that we haven't broken out ARR adds per quarter in the past, but we are doing so now given the ongoing corporate activity. We believe that these additional disclosures provide you with a better perspective on seasonality, but also a view of some of the macro dynamics that have been at play in 2022. All these things allow you to better assess the underlying value in our business. So when you look at our historical performance in context, you know, we're proud of the substantial recurring revenue business that we've built since we launched our subscription offering in 2016. And this really is the Nitro Productivity Platform story. It is the attractiveness of a multi-product offering across PDF productivity, e-signing, and analytics, and it's giving our customers everything they need for digital transformation. And that's really been the pull through in this subscription business over the last several years, and it's the reason that we've been able to achieve the scale that we have achieved. It was pretty wonderful to surpass the $50 million ARR threshold earlier this year, but given the size of the addressable market and the momentum that we have, we believe we can achieve $100 million or more in ARR in the next few years. Moving now to slide four and to talk to revenue briefly. Here we're also sharing for the first time at a quarterly update our subscription revenue and total revenue performance through Q3. You can see strong 2022 performance and strong three-year CAGRs, or compound annual growth rates, for both. Subscription revenue has more than doubled in three years. We ended Q3 with $36.5 million in subscription revenue. Total revenue has grown at 30%, compounded over the period, and was approaching $50 million at September 30. Moving on to our slide five now. This is another brief update, this time on the subscription transition. As our briefings over the past nearly three years as a public company have shown, we're completely committed to getting to as close to 100% recurring revenue as possible and as quickly as possible. It is now actually only our Nitro PDF Pro e-commerce operations that still sell perpetual licenses with any materiality. That sales channel will be the next and the last sales channel to transition to subscription. When it does, we will be effectively entirely subscription. Through Q3, we were at over 90% subscription revenue in our dominant business sales channel and approaching three-quarters subscription overall in total revenue. These numbers exclude Connective. Connective is mostly recurring revenue. The changes you see here and the progression that you see here, you know, over the three years from our IPO through today, are really significant. You know, business sales at IPO in that 2019 year were only 50% subscription, and as I said before, they are now 90%. Total revenue in 2019 was only 37% subscription, and is now basically three-quarters subscription and increasing. A wonderful transition story. Moving now to enterprise wins. We had another great quarter for big logos with some strong performance on big logo and new customer acquisition. As is typical, you know, we saw all regions and all our key industries represented. Zurich Insurance Group here is one we're particularly proud of. It's Switzerland's largest insurer. They're a fantastic new customer win. So was Equiniti. They are a leader in shareholder services, particularly in the U.K. and the U.S. Interestingly, Computershare, which is another leader in shareholder services, is also a large Nitro customer. In fact, we increasingly now have examples of industries where several of the largest companies are adopting Nitro at scale. We can see this today in U.K. banking, where we have three of the big four U.K. banks as customers. In energy, where we count ExxonMobil and BP and many others as major customers. There are several other industries that are kinda comparable. We also saw some fantastic renewals and expansions in the period from household names like GE, John Deere, Time Warner. You know, zooming out, today we serve over 13,000 business customers of all sizes around the world in over 175 countries, and that is something that we are incredibly proud of. Switching now to cost savings. We'll provide an update here on kind of cost savings through 2022 and also our Q3 restructure specifically. I'm very pleased to report that we remain on track to deliver the $5 million in second half savings that our Q3 initiative promised. That is incremental to additional savings, based on changes that we began making in the first half, that in aggregate combine to deliver, roughly $8 million improvement in operating EBITDA for the year, when compared with our original 2022 guidance, when you take into account the former and current midpoints of that guidance. We're driving towards cash flow positive, in the second half of next year. We do believe that this more efficient financial profile that we're moving aggressively towards is the right one, given the macro and market conditions. Importantly, you know, we're still driving strong growth rates, but with lower costs. All of these changes are improving our underlying unit economics and sales and marketing efficiency. We do expect to continue to better our performance on key metrics in these areas in the coming quarters. We've taken an important step forward in productivity and efficiency in the second half of 2022, but we firmly believe that we have significant runway for further improvements in 2023 and beyond. Moving now to our final slide on guidance, and then we'll jump into Q&A. Again, a reminder that all figures presented are U.S. dollars. We're expecting ending ARR of between $57 million and $60 million. That represents 24%-30% growth year-on-year. We're expecting total revenue of between $65 million and $69 million, which represents 28%-36% growth year-on-year. Our operating EBITDA loss is expected to be in the range of $10 million-$13 million. I do wanna remind everyone again that we are committed to being cash flow positive for the second half of 2023. With that, we will conclude the formal part of today's briefing. Thank you very much for joining us. We very much appreciate everyone's support as shareholders as we continue building this business to $100 million of ARR and well beyond. We also look forward to demonstrating the kind of operating margins that the great enterprise software companies can deliver at scale. More to come at the next update. With that, we'll go to questions. Thank you. Thanks, Sam. We do have a couple of questions to read out, but before I get to those, I just wanted to give everyone online a bit of an update. If you want to send in any questions, you can click on the messaging tab in the platform and type your question in that way. Otherwise, in the bottom of the broadcast window, you can click a button that says Request to Speak, and that will join you to the audio line and we'll introduce you to Sam to ask your question in turn. The first question is from Chris Gawler from Goldman Sachs. He asks, "How much of your incremental ARR in Q3 was from deals that slipped from Q2 to Q3? Only a small amount, but it was sufficient probably to change that proportionality that I mentioned before, from a slightly larger Q2 that we would typically expect relative to Q1, and a slightly, you know, smaller Q2, rather relative to Q1 and a slightly higher Q3. It wasn't particularly needle-moving, but it certainly changed that sort of sequential proportionality. Thanks, Sam. The next question is, also from Chris Gawler from Goldman Sachs. What is the Connective ARR up to, and what gives you confidence in hitting the year-end synergy ARR target? We'll disclose the synergy revenues at the end of this financial year. We are tracking towards AUD 1 million of synergy ARR that we have targeted. The underlying core Connective business, which we don't break out and report on separately, but we'll provide an update on it at year-end, is actually tracking really well. The growth rate in that business has been strong, you know, kinda consistent with or better than prior year year to date. Many of you would recall that when we acquired that business, it was a AUD 7 million revenue business and AUD 6 million ARR business. It's growing nicely. The growth rates are roughly proportional to Nitro's growth rates, but we believe the underlying growth rate potential of that business is indeed higher. It is doing well. Both the core sort of standalone Connective business is doing well and the synergy target of $1 million is on track. Thanks, Sam. Our next question is from Chris Savage, from Bell Potter Securities. Chris asks, "What was the exchange rate impact in Q3 on revenue and ARR? I'll let Rohit talk to this one. We have seen, you know, exchange rate impact throughout the year, both in terms of the translation of revenues, as well as the account balances that we hold in various currencies. I'll let Rohit provide a little more color. Of course. On the revenue side, we primarily hold most of our contracts in USD basis. We did not see a significant or material amount of revenue impact from the exchange rate. We do see an impact from the Connective business as they are primarily euro-based denomination. When we do the translation on revenue recognition and into our GL accounts, you will see not a material amount, but you know, an amount that we don't disclose, but a couple hundred. Then on ARR, it's the same story. We basically report our ARR on a constant currency until the contract comes up for renewal. There is not a material impact on the ARR basis as well. If you look at the net change, Chris, between the reporting periods in cash, about half is one-time costs and FX related changes. It's a substantial proportion of the reported cash balance variance between June thirty and September thirty. Thank you, Sam. Our next question is a verbal audio question from Ross Barrows from Wilsons Advisory. Ross, if you're there, please can you go ahead and ask your question? Yeah, I can. Thanks. Can you hear me okay? Yes, we can hear you just fine. Thanks, Ross. Yeah. Great. Thanks. Morning, Sam. Just two questions, I guess. One, you did address the order book, so I guess you did see a little bit of slippage in the order book in the second quarter. It looks like some of that's resolved itself in the third quarter. Could you give any insight, I guess, on how you're seeing the firmness of the order book or the pipeline, I guess, as it stands today into 4Q and into the new year? Yeah. It's a good order book for both Q4 and looking out into Q1. I think what we've observed this year is that you know, anything can happen in 2022. The dynamics that we saw in Q2, fortunately, we didn't see in Q3. We had kinda win rates as well as push or slippage rates that are much more consistent with our historical averages. We would hope that continues in Q4. You know, we've sort of looked at the this year period, we've looked at recent year periods in you know, coming up with our forecast and that obviously feeds into our guidance for the full year. We feel really good about the pipeline. I think the macro is the thing that we still don't feel like we can control. We are mindful of that, and we don't expect to see the sort of slippage that we saw in Q2 again in Q4. I think it's gonna be probably more like our historical averages or what we saw in Q3. Great. Thanks. I guess the second question, just around Connective. You're coming up for a full year of ownership of that business, and you noted it's kinda performing or exceeding expectations at the time of the acquisition. Maybe talk to one area that's, I guess, positively surprised you and if there's anything that probably need to do a bit of work. Yeah. I think the core business at Connective is strong in large part because it is a very strong product offering broadly as an e-signing product, but it is a particularly strong high trust e-signing product. The success in the business year to date has continued to be sort of underpinned by that strong product offering. They have a very small sales team. You know, we have not really expanded that sales team. The core team of Connective reps is generating you know significant incremental revenue from kind of a small lean and mean team. We've been impressed with their growth within Europe, which is where they've been focused all along, of course. The synergy opportunity for us is to really take Connective beyond Europe using Nitro's global sales organization. We are pleased with progress there actually, even though it was a slower start to the year than we expected. You know, getting reps enabled and trained, just understanding how to sell the two products side by side. You know, there is quite a significant undertaking there actually. We've kinda worked through that. We're pleased now actually with the momentum. You know, I would say that overall pleased with how both the core Connective business and core Connective sales team has performed and pleased now with where the synergy you know momentum is getting to. In terms of things we can still improve, I mean, there's a ton of room for improvement. One thing that I would point out is that we have harmonized the entire Connective team. That is to say, all Connective team members now have Nitro employment contracts and sit within the Nitro organization. You know, the reporting lines are all into the existing or adjusted Nitro structure. We actually haven't completed some of the contract and business model changes that we've been contemplating in that business this year. There is some more upside, particularly in terms of better aligning growth in signature volumes with growth in subscription revenues. You know, more on that probably early next year. You know, it's my firm belief that if you have a business model that is based on consumption or usage, that your ARR or subscription revenue should track very closely to usage or consumption. That hasn't always been the case in the Connective business due to the nature of their sort of contract model. You know, there's a big opportunity there, and it's something we've been looking at and intend to implement. I think we'll probably see some lift in the growth rates in the business next year just purely based on that contract model switch. That's probably another thing that's taking a bit longer to work through and get a handle on than we may have anticipated. There's some good upside there. That's great. Thanks for the color. Okay, our next question is from Chris Savage, from Bell Potter Securities. Is there any negotiation at a board level with the Potentia consortium? We have maintained a dialogue with Potentia Capital, both at their request and because we believe it is in all shareholders' best interests. Potentia Capital, of course, have put an offer on the table at $1.58 per share. The board has unanimously rejected that offer as fundamentally undervaluing the company. Beyond a dialogue with Potentia Capital, they are, you know, they're now our largest shareholder. We think it's really important to have that relationship and that dialogue. Beyond that dialogue, there are no formal negotiations, no. Thanks, Sam. Our next question is from James Bales from Morgan Stanley. Do you expect typical seasonality in 4Q incremental ARR this year? I think it's hard to say, James. You know, typically, second half is obviously larger than the first half. In fact, that's kind of universal really for us, as it is with most enterprise software companies. Typically, you see a large Q4. I think the seasonality that we've seen this year has been a little bit mixed. I do think you're seeing different dynamics in 2022, unusual dynamics driven by the macro that we haven't seen before. At the end of last year, we saw some interesting decision-making deferral that coincided sort of perfectly with the Omicron COVID wave. I think the world is still a little bit, you know, volatile in that respect. I think what we'll see is that overall, the second half remains, you know, larger than the first. It's hard to know whether we'll see the same sort of you know, strong Q4 seasonality that we've seen historically relative to Q3. We're taking kind of a balanced, you know, I think view of that. I think this year's seasonality, just based on what we've seen, is likely to be a little bit different. Thanks, Sam. Mr. Shuo Yang from Microequities Asset Management asks, "Can you provide some comments around lead generation, top of funnel pipeline, conversion rate and customer decision-making timeframe, and whether this has lengthened? Starting at sort of top of the funnel, at least to talk in general terms. You know, we are creating more pipeline now than we have historically. The pipeline engine is continuing to improve. You know, we have more pipeline coverage than we've had in the past. That's been a real goal for us this year, particularly around acquisition pipeline, and acquisition pipeline, you know, for the second half, the coverage ratio there is much better than it was in the first half. Again, you know, some strange macro factors to deal with in that, certainly in that first half period. Yeah, top of funnel, we feel much better about that. Coming down the funnel, into kind of conversion rates, conversion rates or win rates, and sales cycle times. We saw, you know, higher slip rates or push rates in Q2, which kinda correlate with lower win rates. We saw kind of a return, you know, to more normal win rates and push rates in Q3. Notwithstanding that in Q3, we did a restructure. Usually when you do a restructure, you see a decline in win rates, because you are, you know, typically exiting a number of reps from the sales organization, and so you end up closing out that pipeline. You can see a temporary dip in win rates. Absent that, our win rates were consistent with sort of our historical averages. Again, as I said before in my comments, the close rate, or sorry, push rate, dynamics were consistent with prior experience. Sales cycles have remained pretty consistent, in fact, very consistent where it relates to a single product sale. That is where we are selling just Nitro, the Nitro Productivity Platform, and the customer is mostly focused on PDF productivity. Those sales cycle times have, absent the push rates and the lengthening we saw in Q2, which was abnormal, those sales cycles have remained very consistent. Where we do see longer sales cycles is where the customer is interested in e-signing on its own or PDF productivity and premium e-signing, which is Nitro Sign Premium. Those sales cycles are typically longer than a PDF productivity-only sales cycle. Now the resulting account value or ACV from that account is higher because they are buying two products. You know, in the case of the productivity platform plus Nitro Sign Premium, if they're buying Nitro Sign Premium, the typical ACV actually is higher than a typical Nitro Productivity Platform ACV. In either case, you end up with a larger account value. In some cases, it might be substantially larger if it's two products side by side. The sales cycles are longer. That is something we've actually had to work through this year, and I think you've probably seen that in our Q1, Q2 results. We probably had a bit of an air pocket there that we would have to get through where we were adding e-signing to existing Nitro Productivity Platform pipeline. And it did push out expected close dates on those deals. Indeed, we saw some that had pushed out from Q2 closing in Q3, where we had Nitro Sign Premium in the mix. Long story short, I think sales cycles broadly in the PDF productivity platform product line are the same. But with e-signing, slightly longer sales cycles, but higher order values. Great. Thanks, Sam. Mr. Kieran Harris from E&P asks, "Can you please comment on gross churn and net revenue retention versus historical averages? Is pricing becoming more prominent in contract renewal discussions? We report GRR and NRR at the half, but we are broadly in line with the prior period. No material change. I think from a pricing point of view, we haven't noticed the market becoming more price sensitive. I think that it probably is at the top end. That is, if you are Adobe or you're DocuSign, I think customers are more sensitive to those significantly higher prices. But I think when you are positioned as we are with typically a 30% or even up to 50% less TCO or total cost of ownership, I think you're less sensitive to those pricing changes. This year, Adobe has pushed through another one of their sort of semi-regular significant price updates. That is frankly quite helpful for us. I think there probably is some DocuSign pricing sensitivity as well. I think in terms of our pricing integrity, you know, we're charging and realizing, you know, prices consistent with what we have historically. Thanks, Sam. Our next question is from Mr. James Bales from Morgan Stanley again. Can you speak to the strength YTD in online perpetual sales and the percentage that typically lands in Q4? Online is tracking well. That's, you know, a consistent producer for us. It's not a high growth part of our business. I think many investors understand that it's really a cash generating machine for us. It will transition to a subscription business model. We're particularly excited about that because we think it actually grows the TAM for online and self-service or smaller home office opportunity. We're pretty excited about making that transition. But for now it is kind of a lower growth perpetual revenue business. There isn't a lot of seasonality in that business, James. It tracks pretty consistently, you know, across the quarters. Indeed, unlike a traditional enterprise go-to-market, where you see most of your bookings and most of your, you know, sales or revenue being generated at the very end of a quarter, there is a very linear progression across the quarter with online sales because they simply happen in a self-service fashion. Typically, you know, well over 100 countries are buying online every single day, so it's kind of round the clock, literally. It's very predictable. Yeah, not a lot of seasonality there. Thanks, Sam. Mr. Shuo Yang from Microequities Asset Management asks, "Can you comment on the competitive landscape and what you are seeing in terms of competitive pricing? The big call-out there would be that Adobe has pushed through a significant price increase, as I mentioned earlier, this year. That is probably in the PDF productivity category the most, you know, really the only, I would say, pricing event of note. In e-signing, I do think there is some price pressure on DocuSign. Again, as I mentioned before, they have historically been very inflexible with respect to their pricing structures. We're starting to see them become a little bit more flexible. I do think there's some pressure there. It's creating opportunity for us for the large. In the large majority of opportunities that we see where we have some visibility into DocuSign pricing, if they have any flexibility at all, it's still pretty limited. We do have you know, our two largest competitors there, you know, in each of the respective categories. You know, both are generally holding the line on pricing and our lower, significantly lower TCO value proposition is still really resonating. Thanks, Sam. Mr. James Bales from Morgan Stanley on pricing again. Can you speak to pricing trends, one, with existing customers, and two, on new deals? Yeah. I mean, some of this is a bit of an echo of prior comments, but on new deals, our pricing remains similar. You know, we are not looking to drive near term kind of inflation driven optimization around at least our core product offering. We believe that most of the account value expansion runway in our accounts, the majority of it is actually in e-signing and workflow. We're okay with you know, with modest price increases across the PDF productivity offering, with a view to driving much larger account values per account with the cross-sell of e-sign. Our pricing integrity has sort of remained, hasn't really gone up, hasn't gone down. We think that's a strong offering in the market today. You know, both for PDF productivity and e-sign relative to competitor pricing. If you look across the category, really, you know, we are the enterprise alternative choice in both PDF productivity and e-signing relative to the two very large incumbents. That 30%-50% lower TCO remains, you know, a core pillar of our value proposition. While we see the competition being more flexible than they might have been, you know, in 2021, when markets and demand were, you know, uber buoyant, generally speaking, they remain sort of super premium price positioned products, which creates a lot of opportunity for us. Thanks, Sam. Siyi Ou from UBS asks, "Can you provide some more color on added ARR attributable to expansion versus new customers? I think probably we may break this out at end of year. We've historically kind of shown the percentage of added ARR that is coming from new customer acquisition, i.e., net new ARR versus customer expansion, i.e., expansion ARR versus flips, which is the conversion of maintenance and support contracts to subscription customer contracts. The proportionality in the period was pretty consistent with historical averages. You know, we generally do a little bit less in acquisition than we do in expansion. It is worth noting, though, this is quite important, that in Q3 we had almost no flip contribution. For those who have been following along, you know, over the last several years, we have been working our way through kind of the customer base that was on the old perpetual licensing model with maintenance support contracts attached. There was an amount of ARR that was being generated from those flips. That has been dwindling as the book of maintenance and support contracts reduces to pretty close to zero. Fortunately, we're now getting to a kind of a very clean look at ARR, you know, just two contributors to ARR, net new and expansion ARR, rather than net new plus expansion plus flips. The adds, that's an important point. 3.7% was a strong result, especially when you consider that there was really no FX contribution. A little bit less acquisition and majority, you know, slight majority expansion. Thanks, Sam. Our final question for the moment is from Chris Gawler at Goldman Sachs. What was the incremental ARR in constant currency terms? We don't actually report on a constant currency basis. I'm not sure, Rohit, if you wanna provide any more color, maybe reiteration of some of the points you made before about our currencies could be helpful. Yeah, sure. The way we report on ARR is based off of the time of when the contract is booked. At renewal, we will adjust for the FX rates at that time of renewal. As far as FX impact on our ARR, it's not constant currency. We do have impacts from FX. However, the amount is immaterial to our overall ARR and added ARR for the quarter. Thanks, Rohit. We don't have any more questions queued up here, Sam, so over to you. Well, thank you, Gavin. Thank you everyone for joining us today. Thank you for your thoughtful questions as always. We'll look forward to keeping you updated on any matters relating to the corporate activity that's ongoing. Hopefully we'll see you for the next cycle early in the new year. Thank you very much for your support.