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Revisionary note on my own post here. Just re-reading the Dec quarter update (see extract below), underlying ARR growth has been a big stronger and steadier than suggested by my table.
Blackpearl say added $1.8 new ARR in the Dec quarter, or $600k a month. Net of churn that that is about $1.24m for the quarter vs $900k net I use in the table.
The main difference seems to be the exchange rate move, with the kiwi about 5% stronger during the quarter. 5% currency move on ARR of $5.5m at Dec is about $275k.
The NZD has given back most of the those gains now, which should boost reported ARR coming up.
