For an interesting take on NEA's performance, I have inserted a...

For an interesting take on NEA's performance, I have inserted a graph below which shows how incremental ACV has been tracking over the last five half years (note the chart is in local currencies, rather than constant currencies). IMO, incremental ACV is better for comparison as they are on a similar scale. What I find particularly interesting is:

1. The incremental US ACV has been growing steadily and strongly without any weak periods.
2. The incremental AU ACV had a significant dip in 17H1 (does anybody know why?) but then slowly recovered before shooting up to a new high in the last half.

So both markets are now performing very strongly. The really big surprise for me was the rate of growth of the AU market, which I had tended to think of, and value, as a relatively mature market.