Ann: FY21 Q4 Conference Call, page-22

IMO both United Health and Nestle are fully reflected in the 30Jun21 ARR

This is per their latest Appendix 4C:
LiveTiles defines ARR as contracted revenue, normalised on an annual basis, that LiveTiles has a reasonable expectation it will continue to receive from its customers for providing them with products and services. This definition includes committed recurring subscriptions for products and services, and includes service types where there is a demonstrable track record of repeat revenues such as support. It excludes revenue deemed unlikely to be recurring in nature.

For United Health, they have grounds to count $3m/5 = $0.6m as ARR given they have a reasonable expectation to receive this from the customer given its the minimum contract commitment (irrespective of when that goes live). Arguably they could include more if they make the case on expected headcount growth and additional services, but this IMO would be quite aggressive.....they would be better placed to update that $0.6m in 6-12mths time when they understand better how much United is actually spending

For Nestle, they noted it in their 4Q21 highlights, but the ASX announcement was only on the 2nd of July. Arguably if they signed the contract on or before 30th June, it would make sense to include it in 4Q21 ARR.....again, the definition is committed recurring revenues and not when the 1st payment happens or when they go live......just the fact that they expect these revenues to come in at some time means its ARR.

What is more problematic for me is the whole constant currency issue which hides issues......I tried to ask Investor relations of the FX breakdown (as the EU is their largest region), but could not get a straight answer.......to get rid of this issue, they should report ARR in the currency they strike the deal in (or even report ARR by region), but I suspect that means they have to explain a lot of +/-s each quarter and this constant currency and global number helps them hide some of the negatives (it also ties them up in knots, but it seems they prefer this opaque approach rather than transparency). It would also be beneficial to understand how big Reach has become (ARR wise), but I won't hold my breathe