There's been a bit of discussion around the balance sheet and...

There's been a bit of discussion around the balance sheet and potential need for a capital raising.

The dip in cash in H1FY18 of $7.7m consisted of:
* $4.1m in increased opex/investments
* $2.1m of non-recurring costs (office fitout) of which $1.2m has been rebated in January
* $1.5m in timing of receivables vs payables

Guidance is for ACV to increase by the same as H1, therefore H2 ACV should roughly increase by $8m (barring exchange fluctuations).

Given that Nearmap's contracts are paid annually in advance, this should mean that we're back into cashflow positive territory in H2 barring unforeseen increases in expenditure/investments, and no current plans to expand into new territories.

Am I missing something in the above or are we quite comfortable growing within AU and US without further capital?