Ann: FY21 Q4 Conference Call, page-27

I agree churn is high from a total customer number perspective. It's clear they've lost a few customers.

But if they've pivoted to fewer high value enterprise customers, the ACV from these new customers might still outweigh the revenue lost from smaller customers.

My comment about revenue recognition is that I don't think you can just use the quarter's ARR figure to determine the revenue value lost from churn in that quarter, as it doesn't factor in this lag for new customers coming online. Conversely loss of customers has zero lag on the ARR figure, as they're removed immediately once it's clear revenue won't be recurring.

Again, this comes back to how LVT reports ARR and the question of whether it's based on Total ACV at the time of signing or based on relative revenue recognised on a recurring annual basis.