Ann: Q2 ARR grows to $52.7 million, page-161

alpha.. it is an interesting comparison BTH

* converts ARR into cash receipts much faster than LVT
* admin expenses are proportionately less than LVT, LOL - Boston v Manhattan lifestyle
* organic ARR growth rate has stalled at a low base and acquisition seems they way they are growing now
* is not diluting as much as LVT
* seems to have more control over the cash burn
* has a lower retention rate which is going to get worse as ARR increases.

That said I'm not sure BTH warrants the multiple it has though the recent uptick in price is the cause of an increase in 1 of the multiple