I wasn't questioning your comments about churn rate. It was more...

I wasn't questioning your comments about churn rate. It was more about the pre/post covid sales to ARR growth rate and comparison to similar SaaS companies.

If other companies report ARR growth based on new contacts at 100% of annual contract value within the quarter of signing (either due to fast implementation or a more liberal ARR calculation), then their recovery will obviously appear faster in quarterly statements.

But if LVT's CFO's comments are to be believed, then LVT only add ARR at 100% of annual contract value once services are fully deployed (or proportionate to services implemented). So their ARR growth for a single new contract may be phased up over several proceeding quarters -- meaning a quarter's ARR growth doesn't fully reflect the total annual value of sales actually made in that quarter less churn.

Your comparison of churn levels post covid is based on the idea that the implementation timeframe (and therefore full ARR recognition of new contracts) is equal to pre-covid levels. However prior to covid, we know SME was a bigger focus, so sales and implementation of new customers could have occurred within a much shorter timeframe (possibly within the same quarter/close to the same quarter that the contract was signed), so ARR could have been recognised more immediately or on par with how immediate churn is recognised.