Ohhhh ... I nearly forgot !!, page-14

When a high growth company becomes bigger & bigger, it is true that their % growth will slow but their $ growth will increase.

For example when Nearmap entered the US market their ACV was only $500k, so even a 100% growth will only yield an extra $500k. But as Nearmap’s ACV heads towards $10 million, even just a 20% growth will yield an extra $2 million. So a slow down in % terms does not mean a slow down in $ terms. And PROFIT is always measured in $ terms and not % terms.

Also, their 2D Vertical, Obliques, & 3D products will generate a year on year $ increase for many more years to come so there is absolutely no need to worry that $ grow will slow at all.

Unlike a cut throat commodity business where Samsung & Apple continuously need to come out with new mobile phone models every year to suvive & hit their annual sales targets because their customer base is already very saturated and you need to constantly come up with new products for existing customers to buy, it will be many more years before all of Nearmap’s potential customers are saturated. Because of this, their grow is not depended on them constantly coming up with more new products, rather it is depended on reaching more & more customers with their existing products.

For decades, EagleView has been selling aerial reports essentially on paper & discs in the US and yet they still have not reached customer saturation. This means Nearmap really have many many more years to profit on their existing products & technologies.