Because you're comparing constant currency ARR figures with...

Because you're comparing constant currency ARR figures with different FX rates.

The constant currency figure they reported is used to show growth YoY from the prior corresponding period (PCP June 2020 - June 2021), not quarter over quarter (QoQ) as you've tried to compare them.

As most people know, March 2020 FX rates were highly distorted due to covid. LiveTiles have actually done the right thing here and corrected for the return to more normal FX rates. I think continuing to use that old inflated FX rate would have been more detrimental to improving shareholder confidence.

They actually made a note of this upfront on the investor call, that they intend to use this YoY 12-month comparison moving forward, so it's free of influence from FX rates. It's a positive change in my opinion.