Nearmap : 1H FY22 Analyst Pack

For personal use only

1H22 ANALYST PACK

HALF YEAR ENDED 31 DECEMBER 2021

Nearmap Ltd
CONTENTS
Nearmap overview...............................................................................................................................................................................................................	3
Group performance indicators........................................................................................................................................................................................	4
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North America segment ....................................................................................................................................................................................................	11
Australia & New Zealand segment...............................................................................................................................................................................	18
Segment performance......................................................................................................................................................................................................	25
Technology and Product .................................................................................................................................................................................................	27
Consolidated statutory profit or loss...........................................................................................................................................................................	28
Consolidated balance sheet..........................................................................................................................................................................................	30
Consolidated operating cash flows.............................................................................................................................................................................	32
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Appendices ..........................................................................................................................................................................................................................	34
Glossary of terms...............................................................................................................................................................................................................	36
The Nearmap Analyst Pack summarises the financial and operational metrics for the six months ended 31 December 2021, with comparatives
for the six months ended 31 December 2020 and 30 June 2021 respectively.
The Analyst Pack is to be read in conjunction with the "Appendix 4D Interim Financial Report for the half-year ended 31 December 2021" and
personal
the "Investor Presentation 1H22 Results" released to the ASX on 16 February 2022.
Important Note
I formation presented in the 1H22 Analyst Pack is presented on an operational basis (rather than statutory) to reflect a management view of
the business. Nearmap Ltd (ACN 083 702 907) also provides statutory reporting as prescribed under the Corporations Act 2001 (Cth). The
Nearmap Ltd Interim Financial Report is also available from the Nearmap website at www.nearmap.com/investors.
The Analyst Pack is not audited. The statutory net loss after tax as disclosed in the consolidated profit or loss (page 28) has been prepared in
accordance with Australian Accounting Standards and the Corporations Act 2001 (Cth). The results for 1H22 are extracted from the reviewed
consolidated statement of comprehensive income.
Tables may not add due to rounding of amounts.
Any forward-looking statements included in this document are by nature subject to significant uncertainties, risks and contingencies, many of
which are outside the control of, and are unknown to, Nearmap, such that actual results or events may vary from those forward-looking
statements and the assumptions on which they are based.
Past performance is not an indicator of future performance, and no guarantee of future returns is implied or given. While Nearmap has sought
to ensure that information is accurate by undertaking a review process, it makes no representation, guarantee or warranty as to the accuracy
For
or completeness of any information or statement contained in this document. In particular, information and statements in this document do
not constitute investment advice or a recommendation on any matter and should not be relied upon.

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Government

NEARMAP OVERVIEW

Nearmap is a leading provider of cloud-based geospatial information services and an innovative location intelligence company.

onlyNearmap captures a rich data set about the real world, providing high-value insights to a diverse range of more than 11,000 businesses and government organisations.

Using its own patented camera systems and processing software, Nearmap conducts aerial surveys capturing wide-scale urban areas in Australia, New Zealand, the United States of America and Canada multiple times each year, making fresh content instantly available in the cloud via web app or API integration.

Every day, Nearmap helps tens of thousands of users conduct virtual site visits for deep, data-driven insights - enabling businesses and government organisations to make informed decisions, streamline operations and bolster bottom lines.

Founded in Australia in 2007, Nearmap is one of the ten largest aerial survey companies in the world by annual data collection volume, employs over 400 people and was named as one of Fast Company's 10 Most Innovative Enterprise Companies in 2020.

NEARMAP CAPTURES IMAGERY IN 4 COUNTRIES…
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	United States	Canada
	77% population coverage	66% population coverage
	Australia	New Zealand
	91% population coverage	74% population coverage
…DELIVERED TO A DIVERSE CUSTOMER BASE…
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For	Commercial	Roofing

Insurance

3

GROUP PERFORMANCE INDICATORS

			1H21	2H21	FY21	1H22	YoY %	1H22	YoY %
	A$'000	Reported	Reported	Reported	Reported	Reported	at CC ¹	at CC
	Group ACV portfolio
	Opening ACV	106,437	112,191	106,437	128,210	20%	126,792	19%
only	New business	4,902	11,242	16,144	8,623	76%	8,310	70%
		Net upsell	9,245	7,204	16,449	12,053	30%	11,446	24%
		Churn	(3,838)	(3,548)	(7,386)	(3,333)	13%	(3,256)	15%
	Net incremental ACV	10,309	14,898	25,207	17,343	68%	16,500	60%
		FX impact	(4,555)	1,121	(3,434)	2,131		-
	Closing ACV	112,191	128,210	128,210	147,684	32%	143,292	28%
	Retention (%)	93.9%	93.1%	93.1%	93.9%		93.9%
	Opening subscriptions	10,458	10,785	10,458	11,255	8%	11,255	8%
use	New business	900	1,107	2,007	949	5%	949	5%
Churn	(573)	(637)	(1,210)	(503)	12%	(503)	12%
	Closing subscriptions	10,785	11,255	11,255	11,701	8%	11,701	8%
	Closing ARPS ($)	10,402	11,391	11,391	12,621	21%	12,246	18%
	Group revenue	54,718	58,713	113,431	67,550	23%	67,859	24%
personal	Cash costs to capture	(8,175)	(11,806)	(19,981)	(12,928)	(58%)	(13,079)	(60%)
Storage, administration & other	(4,253)	(4,576)	(8,829)	(5,334)	(25%)	(5,365)	(26%)
	Cost of revenue - pre-capitalisation	(12,428)	(16,382)	(28,810)	(18,262)	(47%)	(18,444)	(48%)
	Gross margin - pre-capitalisation	42,290	42,331	84,621	49,288	17%	49,415	17%
	Gross margin (%) - pre-capitalisation	77%	72%	75%	73%		73%
	Direct sales and marketing costs	(11,944)	(16,306)	(28,250)	(17,817)	(49%)	(17,937)	(50%)
	Indirect sales and marketing costs	(9,061)	(9,626)	(18,687)	(7,147)	21%	(7,223)	20%
	Total sales and marketing costs - pre-capitalisation	(21,005)	(25,932)	(46,937)	(24,964)	(19%)	(25,160)	(20%)
	Sales Team Contribution Ratio (%) - pre-capitalisation	86%	91%	89%	97%		92%
	Other metrics
		Group EBITDA	13,537	10,772	24,309	10,690	(21%)	10,866	(20%)
		Group EBIT	(9,418)	(11,385)	(20,803)	(13,347)	(42%)	(13,317)	(41%)
		Statutory NPAT	(9,386)	(9,434)	(18,820)	(11,934)	(27%)	(11,924)	(27%)
		Portfolio LTV (A$m)	1,416	1,338	1,394	1,767	25%	1,715	21%
		Cash and cash equivalents	129,323	123,431	123,431	109,762	(15%)	109,216	(16%)
		Cash and cash equivalents movement	93,183	(5,892)	87,291	(13,669)	(115%)	(14,215)	(115%)
	¹ Constant Currency (CC) revalues 1H22 results at 1H21 FX rates.
For

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Annua l Contract Value

Group Annual Contract Value (ACV) as reported grew by 32% to $147.7m (31 December 2020: $112.2m). On a constant currency (CC) basis, Group ACV grew 28% vs pcp to $143.3m.

only	160
	140
	120					CAGR +28%
use	100
A$m	80									147.7
	60							112.2	128.2
						106.4
						96.6
					90.2
	40			78.3
		66.2
		54.2
	20
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	1H18	2H18	1H19	2H19	1H20	2H20	1H21	2H21	1H22

Net incremental ACV

Incremental ACV growth as reported of $17.3m (31 December 2020: $10.3m). On a CC basis, incremental ACV grew by $16.5m, driven by record growth in North America.

	20
	18
	16
	14
For A$m	12
10						9.1
	8									17.3
								14.9
	6		11.4	11.3	11.8			10.3
	4
	7.4				6.3
	2
		1H18	2H18	1H19	2H19	1H20	2H20	1H21	2H21	1H22
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