Ann: Investor Webinar 14 May 2020 Presentation, page-19

@Slug05 well done to VLT for giving DTC the confidence to make this decision. Certainly a great result for VLT - they have certainly got the better end of the deal. My previous posts have been based on market experience and my analysis of the financials. The proof is in the pudding and obviously DTC have seen value in something that I do not.

One point I've never really understood - VLT have reported revenue of $4.7m for the FY. I note they have made no mention of CARR in recent times - the last reported figure being $11.7m. There is a $7m gap between actual revenue (which probably includes one off service costs as well as licence fees) and the ARR reported. The standard definition of ARR is the measure of recurring revenue you'd generate over the course of a year. For forecasting purposes, ARR is used to predict annual recurring revenue for the coming 12 months, assuming no changes to your customer base. Clearly VLT uses a different definition and they have been more careful over the last few months in their communication around this.

Am I missing something?

Good luck to DTC and congratulations to VLT on the successful exit.