It is definitely a more conservative approach to ARR...

It is definitely a more conservative approach to ARR recognition. But I think it's probably reflective of the longer implementation time LVT has for new contracts. Other SaaS companies may have relatively fast deployment/implementation, so are able to add ARR immediately as they bill and recognise revenue fairly quickly.

I agree the footnote in the 4C is a bit vague and could probably be clearer. I think most investors seem to think their ARR number includes all new contracts fully to their total annual contract value.

Knowing this is how ARR is reported by LVT, it might be possible to draw a connection between previous 2 quarters of slow growth (FY21 Q2 and Q3) to when the immediate impacts of Covid were actually seen, since there's potentially a 6-9 month delay on revenue recognition and ARR growth at 100% of contract value.