Ann: FY21 preliminary results, exceeds recently upgraded guidance, page-79

I listened to a Morgan Stanley NEA update today (not shareable unfortunately).
Key points -
NEA 2H sales in US was the highlight of the performance by beating the top-end of their prior range by~3% with all of the ACV of that delivered in May & June which is significant on a run-rate basis.
Upgrades in the top line trajectory for ACV, with reinvestments on their cost base which means bigger loses in CY22 & CY23, but underpinned by a stronger business case with better returns on investment.
Legal case - NEA has more than tripled it's US business in last 3yrs, which has changed the US market dynamics for Eagleview who have had a market leading position in what is a high margin business.
Eagleview is private equity backed & heavily geared i.e. leveraged both financially & operationally.
GLTA SH