H1 FY21 Conference call

I was impressed with management's long term focus.

Managment keen to upplay the difficulties of signing large companies and downplay expectations but are very transparent with their forecasts and strategy.

H2 FY21 will likely be flat on H1 after adjustments. FY22 looks to be the year that ERD will shine. Covid effects will be alleviated, R&D spend now will start to pay off and more US staff will be hired. Aiming for FCF positive in FY22.

It's clear the drivers for growth in the 3 markets are quite different. I will be closing watching the US segment for growth. Attached units bar chart by market. NZ will provide steady growth with upside from US and AU.