Ann: Investor briefing - Full year results to 30 June 2018, page-41

This topic definetly doesn't need its own thread, I laughed when raised by the Motley Fool crew.
I don't fear a cap raise, largely because it won't happen now.
Nearmap were quite clear that the business will be cashflow positing in FY19.
They are often conservative, so I expect a small outgoing in H1 and then good positive cashflow in H2.
I really expect the US business to start spitting cash this year.
It sounds like they can dial up investment (capital light expansion in Canada anyone?) when they see fit, but they acknowledge most of the heavy lifting has been done and now largely steady growth in costs, which will be significantly exceed by revenue growth (and cash receipts).
In answering the questions on the conference call, I though Rob Newman answered it well that Patrick's role was on international expansion and that some of this might be "pre-funded" by specific customers who want us to jump into a particular geography.
Again, you could see Nearmap getting committed contracts signed for the Canada (capital light) expansion before flights take place. Once they have a certain amount of customers/revenue in place, then they start flying. Following that the imagery is ours to sell to everyone else.
Directors are also converting options, with $500k received today, so it is only onwards and upwards from here.