Ann: Adveritas to Present at TechOpps 2021 Virtual Conference, page-45

I guess that is somewhat fair, but due to the fact they have multiple buckets of customers I dont think an overarching churn metric would be fair or useful yet.

Looking back at Mat's responses to my last questions which were about customer numbers and retention, he said all of our enterprise clients are on 12 month contracts, and all of our major clients have renewed.

That says to me that the ARR is derived from revenue stream 2 - Seperate customised enterprise agreements with large businesses - and that in this bucket of customers retention rate is 100%

Mat said the number of clients varies depending on the self sign up offering at www.TrafficGuard.ai. Sounds like this is the source of churn and they stopped reporting customer numbers because most new customers were from self sign ups which have low retention. Says to me that the volume of these customers is not a useful metric for judging the business, on the other hand ARR derived from contracts with enterprise clients will be a better indicator of valuable growth and if they report on this cohort of customers only, they will be able to report more comprehensive metrics which will portray the value of the business accurately.

At the same time reporting on contracted customer numbers at the same time as freemium customers + conversion rate will be confusing.

To be honest, I don't mind if this reported customer number issue and lack of metrics like churn decreases demand for shares. I can see the underlying growth and retention is strong and as enterprise customers grow they can start to report more metrics as they collect enough data points for the metrics to make sense and the market will realise the value of the business eventually down the track. In the meantime I can accumulate shares.

It would be great if they could report metrics based only on the contracted customers who contribute to ARR though.