I did a bit more checking. The gain reported in the AR was from...

I did a bit more checking. The gain reported in the AR was from 2021 AR to 2022 AR. LVT had already reported a similar gain in the HY report for 31/12/21, so there isn't much of a gain since then, i.e. HY2 2022. More interestingly, I can estimate CYCL's % earnout, which I think is only 80%. They would have got the full earnout if CYCL AR grew by 30% in 2020 and 30% in 2021. Assuming was 80% of that, then CYCL only grew ARR 25% each year. Based on CYCL ARR of 4.7 on acquisition this means CYCL only added about $2.6m of ARR in the 2 years to 31/12/22. In the same period LVT added $12.5m of ARR in total. I expect CYCL lost a lot of clients during COVID and on renewal.