Ann: FY21 Q4 Quarterly Activities Report and Appendix 4C, page-10

Some things to like, some things not to like in this report.. as a holder, feel as though mayswell be transparent about the report rather than hyping this up.
- Cash flow looking solid, with plenty of runway. Looks as though their is a relatively even trade-off between positives arising from larger client signings and losses from smaller customers leaving. Be interested to understand why they're leaving, if this is a cost factor being priced out of the product (have fees per person changed much?). I also recall customers getting free trials last year, were these previously included in the customer numbers and they've decided not to stick with it.. I'd expect an intranet product to be relatively sticky and customers once they choose a product to keep with it. So despite the product changing to more an entreprise level should there be concern here? Or is this just the new path of the LVT not focusing on small businesses and happy for their product to not be as suitable for these types of customers?

Looking at some comparison stats
- ARR on a constant currency basis has decreased by $2million in comparison to Q3FY21... They have reported a 20% increase against Q4FY20. Don't know what to make of this yet.. In the customer update section they have then gone back to report the comparison on Q3FY21 as an increase by 7%, but switched away from constant currency. Frustratingly misleading IMO. I'm taking the increase as subject to improvements in exchange rates (unless someone can tell me otherwise?), and that constant currency has decreased because they're bleeding small and medium sized customers. Which they have mentioned and hence why the ARR per customer has increased significantly.

- Research and development costs are around 4 to 5x more than what they have been in the previous 8 or so quarters.. I'm interested to know more about what these costs are associated with. I can't make the conference call today but keen if this question gets asked for someone to post in the forum their response.
- Haven't followed all the news, but when did we receive a $1m government grant and what for? Guessing this may have been funneled into the R&D which may explain some of the increase there?
- Exec payments are lower than what they've been historically which is good to see for shareholders, particularly given LVT has signed on 2x new non-execs in the past quarter. Would have expected maybe an increase their from pro-rata payments.