It makes sense to report incremental ARR after Q on Q currency effects are removed. This is what you refer to as organic growth and what I referred to as well. It doesn't make sense to report overall ARR in constant currency for the reason I mentioned. ARR is a "best guess" of future cashflows and current FX rates are the best guide to that, i.e. if you were to exchange foreign currency ARR received into local currency that would be the rate you convert at. Also if you are paying salaries, expenses etc. you pay at current FX rates not historical rates if you didn't have the foreign cash holdings and had to convert local currency.
LVT Price at posting:
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