NTO -14.62%: document productivity and signature business was out with FY21 results today. It was a solid year with average reoccurring revenue (ARR) and earnings coming in at the top of guidance. The recent acquisition of Connective made the numbers a little messy with some costs higher but largely positive signs with a strong run rate of growth. Guidance was a bit low though with the market after a more from the Connective acquisition. Costs are also likely to stay higher to integrate the new business before synergies and operating leverage start to kick in from FY23.
MM is remaining long NTO in our Emerging Companies Portfolio
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