For personal use only
1H22 ANALYST PACK
HALF YEAR ENDED 31 DECEMBER 2021
Nearmap Ltd | |
CONTENTS | |
only | |
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 |
use | |
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. |
2
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… | ||
use | ||
United States | Canada | |
77% population coverage | 66% population coverage | |
Australia | New Zealand | |
91% population coverage | 74% population coverage | |
…DELIVERED TO A DIVERSE CUSTOMER BASE… | ||
personal | ||
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 |
4
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 | ||||||||||
personal | ||||||||||
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 | ||
5 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Nearmap Ltd. published this content on 15 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 February 2022 21:48:44 UTC.