Just off the NEA call.

Overall found it quite upbeat. Pretty much all metrics are improving with the exception of ANZ enterprise customers.

The salient features for me were around the North America segment. It is progressing extremely well. New customers are increasing modestly (12% change) but the upsell is incredible at 238%. This has been the driver for the large improvement in Gross margin from 32% ro 50%.

By comparison, ANZ operates on a GM of 92%. . Ultimately, the aim is to have comparable GM as ANZ. 

The growth rates for NA are expected to be 20-40% pa in the short to medium term, which is pretty broad.

They are investing heavily (30m for 2022)  in sales, Hypercamera3 roll out, increasing territory capture and other product development. They see growth coming both from existing and new customers (both new to the industry and exisiting customers of competitors). They are confident of a long runway for growth in NA, with little talk about other geographic areas, which would seem prudent given success there to date.

The only real negative was the ANZ lack of growth. Admittedly a more mature market. THE SME segment is performaing well but they have experienced increasd churn in enterprise customers. There is a plan to fix this, new appointment to enterprise customer relations and lessons from NA market.

No real comment about the Eagleview litigation issue, which is not surprising but remains a large question mark!!

I would expect a positive re-rate in SP on the back of this in the short term.

Disc - held IRL