ACV & Revenue / cash received mismatch, page-9

In your table highlights CraigDen, you have compared ACV in USD to Revenue in AUD. So the Revenue is different by the exchange rate which for FY20 was generally AUD = 0.68USD or lower & for FY21 ran between AUD = 0.72USD & 0.77USD & for FY22 ran between AUD = 0.70USD & 0.75USD.

So, if we compare Revenue to ACV in the same currency, this shows a short fall of 25 - 30% (even worse for FY20) which is what I am saying.

Put simply, if you say you have a value of recurring revenue contracted for the coming year (i.e. ACV), then surely the only way it should not show in the revenue value for that year at year end, is you lost it along the way or it was never guaranteed by contract. If you have a contract that says the customer may take $$ with no lock-in/commitment, then contracted revenue for ACV is $0 not $$.

By the way, I totally get that cash received can differ from Revenue & be lumpy but "contracted" Revenue should surely become real.