Ann: Half Yearly Report and Accounts, page-56

Nearmap is, in simple terms 3 entities:
1. Nearmap Australia
2. Nearmap US
3. Nearmap Corporate.

The new CFO restructured the accounts in order to centralise overheads from the operating entities (NEA Australia and NEA US) into NEA Corporate.

The EBITDA for these 3 entities, for the half, were:
1. Nearmap Australia EBITDA of $26 Million
2. Nearmap USEBITDA of $15 Million
3. Nearmap Corporate an EBITDA loss of $32 Million.

The Overheads in the 3 businesses equal half the revenue to the total company! Doesn't look like management is investing in "growth". It looks to me like management is investing in management!

There is $68 Million of unearned revenue in the Balance Sheet which equates to 6 months ACV. It's interesting to note that, on current operating metrics, the company needs approximately $82 Million in cash to turn that $68 Million into revenue.