Welcome to the Nitro Q4 investor briefing call. Today with us, we have Sam Chandler, CEO, and Ana Sirbu, CFO. We will shortly pass to Sam and Ana for a short presentation, followed by a live Q&A where questions can be submitted via text or audio. If you would like to ask a question, please follow the instructions on your screen. I would now like to hand over to Sam for his presentation. Thanks so much, David. Well, good morning, good afternoon, or good evening, wherever you are. Welcome to Nitro's trading update for Q4 and fiscal year 2022. As David said, we'll start with a short presentation today and then we'll move to questions. I'm Sam Chandler, the Co-Founder and CEO, and with me today is our CFO, Ana Sirbu. Ana has recently returned from maternity leave, so welcome back, Ana. Before we start, everybody, just a reminder that we have a calendar fiscal year, so when we're talking about FY 2022, we're talking about calendar 2022. All figures presented are in U.S. dollars, unless otherwise noted. Another note today is that given the ongoing takeover activity, we're sharing more financial information than is typical for our trading updates. You would have seen that today in what we released to the ASX this morning, Australian time. That includes unaudited revenue and Operating EBITDA numbers for FY22. With that out of the way, firstly, we'll start with the financial highlights for FY22. In short, we had a strong year in challenging economic conditions and through ongoing takeover activity. Also while taking $5 million of cash costs out of the business in the second half. For the year, ARR was up 27%, finishing just shy of $59 million. Subscription revenue was up 50% to $50.6 million. Total revenue was up 31% to $66.8 million. We also saw record cash receipts from customers, growing 39% from 2021, for a total of $71.7 million in cash receipts for the year. Interestingly, at current exchange rates, that's just over AUD 100 million in cash receipts for the year, which is a milestone for the company. We finished the year with $28 million in cash and no debt. And we've also made pretty significant progress towards cash flow break even with a substantial reduction in operating cash outflows throughout the year. If you refer to the quarterly activities report that's included with our 4C filing, you'll see a table that shows clearly how what we call underlying cash outflows, which are basically cash outflows excluding costs related to the takeover activity, reduced from $8.2 million in the first half to just $2.6 million in the second. You can see that we're making, you know, really good progress towards our goals of being cash flow positive in the second half of this year. I think the direction of travel and the distance of travel in the second half of 2022 clearly illustrates how much difference you can make in the financial profile, you know, of an enterprise software business in just a couple of quarters, you know, when you wanna move towards profitability. You know, testament to the business model and the changes that we've been making in the business. Moving now to slide three for a quick Connective update. We've seen strong organic growth in the Connective business. That's been driven, you know, in large part by adding Nitro's global go-to-market expertise, you know, to their powerful product offering. Connective ARR was up 34% in 2022. We added over 120 new logos during the year. Importantly, the Connective product has begun to scale successfully worldwide. Many of you will recall that prior to the acquisition, almost all of Connective's customers were in Belgium and France. Now leveraging Nitro's global sales network, we have customers in 17 countries and counting. We have now sold the Connective product in all of our major markets. You know, the U.K., Australia, the U.S., Canada, Pan-European, you know, basically everywhere, you know, that we operate. And the number of countries is just continuing to grow sort of by the month. Really strong, you know, I think proof point there that the Connective product can truly scale globally. We believe that we've barely scratched the surface of the potential for eSigning and high-trust document workflows at Nitro. While we're pleased with the initial progress here, I think we are particularly excited about stepping up to the next level of scale this year in 2023. Moving on now to slide four and the ARR story and maybe key SaaS metrics. As we mentioned previously, we finished the year at $58.8 million in ARR. And this is after beginning our recurring revenue journey in 2016, which is when we launched Nitro's first subscription offering. Interestingly, when we went public in 2019, just over 3 years ago, we had less than $17 million of ARR. We added $12.6 million of ARR in 2022, with nearly 60% of that coming in our seasonally stronger second half. That was despite the increasingly challenging macro environment and all the ongoing takeover activity, as well as the, you know, the restructure that we did to take $5 million of cash costs out. You know, reasonable store. I think our performance on key SaaS metrics, like gross and net revenue retention is sort of unchanged, you know, from prior periods. It's remaining strong at 93% gross retention and 113% net retention respectively. I think the scale you see here now, you know, the growing scale, in our subscription business, is really testament to both the strength of the product offering that we have, and increasingly the eSign product offering that we have, thanks to the Connective acquisition. Also the high quality of our recurring revenue. You know, I think those fundamentally strong gross and net retention rates combined with, you know, the offering that we have, really gives us an enormous amount of runway to keep scaling this business to $100 million of ARR and well beyond. Moving now to slide 5. You can see our revenue story over the past three years. We have strong pages for both total and subscription revenue. It's worth noting that subscription revenue has more than doubled in the period. It's up nearly 240%. Total revenue is up over 66% in the same period. I think overall good sort of trajectory on both. We expect total revenue growth to increase as we bring our last remaining perpetual sales channel, which is our e-commerce operations across the subscription, which will drive much higher growth rates. Moving on now actually to slide 5 to our enterprise wins. We had another great quarter for big logos. You know, again, we saw all regions and all our key industries represented. We signed new deals with large banks, like Westpac, Bank of Ireland, and RBS NatWest. You know, all existing customers, but all resigning with Nitro and are expanding with Nitro. We saw some fantastic new customer wins last quarter at multi‑billion dollar businesses. Businesses like Elanco, which is the second largest animal healthcare company or animal pharmaceutical company in the world. Also Calfrac, one of the world's largest oil field services companies. We also saw multiple large renewals and expansions last quarter from well-known global brands, like Procter & Gamble, Sandvik, Grant Thornton, and Baker Tilly. You know, a number of great logos in there for the queue. Today we're serving over 13,000 business customers, of all sizes, you know, big and small, right around the world in over 175 countries. That's something we continue to be incredibly proud of. Moving on now to slide 6, I think it is. Just looking at our results versus guidance and I think a very quick recap here for you all. We've covered a couple of these numbers previously, but we'll just put them in the context of guidance. As mentioned, ARR was up 27%. We beat the midpoint of guidance there. Revenue was up 31%, basically in line with the midpoint of guidance. Our Operating EBITDA loss was $11 million, closer to the low end of guidance, following the cost reduction initiatives that we executed in the second half. That concludes the fairly brief formal presentation for today's Q4 and FY22 briefing. Thank you very much for joining us. I will just say, while we've still got a chance to make some remarks that given the ongoing takeover activity, it remains of course to be seen whether Nitro remains or continues as a listed company. I wanna really sincerely thank you all for your support over the last three years. While we still have an awful lot to do, we are proud of the progress that we've made as a public company. I mean, when we listed in 2019, we had just $36 million in total revenue. We had only $13 million in subscription revenue and less than $17 million of ARR. You know, in our three years on the ASX, we've nearly doubled total revenue. We have quadrupled our subscription revenue, and we have way more than tripled our ARR. Thank you all again for your belief in the company and its leadership. Thank you for your support, especially those of you who've been with us since the IPO in 2019. Of course, we thank you for your ongoing support, as we sort of navigate, you know, the ongoing takeover activity that's afoot. Thanks again guys for joining us today. With that, let's go to questions where Ana will join me on the line. Thank you, Sam. We've had no questions come in as of yet. Just as a reminder, if you'd like to ask a question, you can either submit your question via text by clicking the messaging tab at the top of your screen, type your question in the Ask a Question box and hit the send arrow. Alternatively, if you'd like to ask a question orally, please click the Request to speak button at the bottom of your broadcast window and follow the instructions on your screen. Might just give it one minute, see if any questions come in. Okay. Our first question comes from Xu Yang. Can you comment on the velocity of pipeline conversion and general decision-making time frames from potential customers? Yes. Yes, we can. So interestingly, I would say Q4 and sales pipeline dynamics and close rate dynamics and things were much more like Q3, where we saw somewhat of a return to what we called at the time, you know, normalized trading, and quite different, I think, from the volatility, the extreme volatility that we saw in Q1, Q2. You know, with that said, I think the demand environment is clearly softer globally than it was 12 months ago, or perhaps more like 12-18 months ago. We're not observing any significant differences in, for example, geographic pipeline performance. For us, both North America and Europe, our two largest markets, remain comparable. We believe that the market size in those two markets is roughly comparable. You know, while I think you've probably heard some reports of kind of a weaker Europe in 2022, versus say, North America, we actually haven't really observed that. I think both major theaters or geographies, you know, pretty comparable. The sort of segment-by-segment pipeline dynamics are pretty consistent with what they were six, 12, 18 months ago, frankly. So like things like sales cycle times, days in stage, across the different stages of the sales cycle, things like that. We haven't really seen significant differences. We have continued to see throughout 2022, more pushed deals and deferred deals, you know, deals that got reduced in scope or size, generally as a result of kind of the ongoing macro uncertainty. To some extent, we expect that to remain the case, you know, in 2023 with the prospect of a global recession. Broadly, I would say the underlying demand for document productivity and workflow software remains really strong. You know, it's still a very global opportunity. It still spans kind of businesses small to very large. Other than just a generally softer demand environment than probably, you know, 2021, most of the other characteristics of the pipeline, and sort of sales dynamics remain the same. Thank you. We have a follow-up question from Xu Yang. Please comment on any changes in the pricing environment in eSigning. That's a great question. We haven't seen significant changes in the pricing environment for eSigning in the most recent period. I think it's worth observing that price points that perhaps DocuSign was achieving previously, are harder to achieve when you have products that are just as good or in some cases better at lower prices and in a weaker demand environment where customers, you know, are pushing very hard for more value. We have probably seen our prices holding steady or in some cases increasing. I think we actually can do a lot more with how we price to drive more value. You know, we haven't been in sort of value extraction mode with pricing just given the broader you know, economic backdrop. I think what you're seeing is probably a bit of a narrowing from both the top and the bottom, into kind of a new midpoint. In other words, I think there's an opportunity for value-based vendors like Nitro, you know, to move up. We, we think this is particularly the case with high-trust signing where we know we have Instead of eSigning just being, you know, a kind of a product that is, that is charged for on a stand-alone basis, customers will be buying a workflow, you know, solution or a document productivity and workflow solution that includes eSigning as a feature. So I think you're gonna start in terms of the business or economical pricing models. You know, eSigning is usually charged by transaction or by signature. A lot of other productivity software is charged per user. I think you're gonna start to see some, you know, some combination of those two things driving new, maybe more sophisticated pricing models. We haven't really seen any significant change, I would say, from all vendors, including us, you know, other than DocuSign, but we certainly have seen a number of examples where, you know, where the market leader has been coming down in price to try and, you know, meet customers where they expect value. Generally speaking, remaining in our experience, pretty unflexible or inflexible rather. We currently have no more questions, and I'll just give it another 30 seconds for any to come through. We've had one question come through from Marcus Burns. Can Sam outline how the cash flow breakeven is progressing, i.e. will they achieve this in Q1 2023? I can start on this and Ana may wish to add to it. We're making good progress. I think, if you refer to the quarterly activities report that we included with our 4C, we've included a table in there that basically shows our underlying cash flow. That is cash flow excluding costs related to the take private transaction. It shows, you know, significant progress. If you look at cash outflows in the first half of last year, you know, it was a bit over $8 million. If you look at cash outflows in the second half of the year, ex all the transaction costs, it was a bit over two and a half million dollars. Very significant change. I think the direction of travel and the sort of rate of travel, it gives us really good confidence in getting cash flow positive in the second half of this year. We haven't made any decisions about sort of trying to accelerate that. I think there is the possibility that we could bring cash flow positivity forward. However, we are currently operating under the terms of the implementation deed with Alludo. We're not expecting to make significant changes to the business in the next couple of months. At the moment, I think the, you know, our sort of guidance or commentary in this area remains the same as it was previously, which is that we expect to be cash flow positive for the second half. I do think that, you know, looking at down the line cash flow across 2022, it should probably give investors two things. Number one, you know, a real sense of confidence that with these kinds of enterprise software business models, that you really can change the profitability profile, you know, on a dime. You know, you can in a couple of quarters, you know, go from burning cash to being, you know, close to cash flow breakeven. Also confidence... Secondly, yeah, confidence in our ability to meet the cash flow positive goal for second half of this year. No, no update, on sort of guidance for that plan for the year at this stage, just given that we have, you know, two live takeover offers afoot at the moment. We are, you know, still in the implementation deed, you know, mode, with Alludo. Thank you. A follow-up question from Marcus. Allied to that, are there any further restructuring or one-off costs in Q1? Thanks. Yeah. Ana, do you wanna talk to that perhaps? Happy to. With regards to the Q1 costs, you know, we do anticipate to have other transaction-related costs in Q1 as we continue to employ the services of our advisors, specifically with regards to the takeover process that is ongoing. However, you know, any other one-off costs, you know, if they do come in, they will be very minimal. At this moment, there's no meaningful one-off costs expected otherwise. Thank you. We've had no more questions submitted. Right. Just give it another 30 seconds to see if any come through. Okay. It appears that is all the questions that we've had today. All right. Well, thank you. I think we can wrap it there. Again, thanks to all for joining us and thank you for your continued support. We will see you at the next update cycle. Thank you very much.