ACV & Revenue / cash received mismatch

I am a long timeholder but I recently sold most after the last 4C.

However, myreason was not so much the poor quarterly cash received but more my concernover the massive mismatch between stated ACV & Revenue / cash received. Myunderstanding of ACV is that it equals the total of the annual Revenue value(TCV/contract duration) of each individual contract. So, the company wouldexpect to receive that Revenue in the coming year.

My concern:

ACV statedin 29 July 2021 update(start of FY22) = US$9.8m& at the time the Oz $ was buying about US75c so it converts to about $13m.

The FY22Revenue was only $9.8m. Plus, the ACV rose throughout the year & theexchange rate fell meaning the Revenue & cash in should have been evenhigher than the $13m.

ACV statedin 29 July 2022 update(start of FY23) = US$18.2m.& at the time the Oz $ was buying about US70c so it converts to about $26m.

We don’tknow the FY23 Revenue yet but at HY it was only $3.8m. From the 4Cs, the totalcash received is only $9.4m. Again, the ACV rose throughout the year & theexchange rate fell meaning the Revenue & cash in should have been evenhigher than the $26m. Cash received would not be that different to Revenueunless something was extraordinary.

Beforeposting this, I looked through some past HC threads to see if the issue hadbeen discussed, but I only found a bit about it posted by Kevc0322which never really got discussed.

Can anyoneshed some explanation for the mismatch or is company reporting misleading figures?

I havesearched 4Cs & Annual Reports & found no definition of what companyexactly means by ACV.

(last time Inoticed something similar was Dubber reporting inflated ARR values. Eventuallycaught by auditors & when they came clean, have a look at share pricegraph.)