Ann: LiveTiles FY21 Results Announcement, page-104

I agree.

ARR is a leading indicator for the future profitability of the company. ARR this FY is next years revenue (approximately) as the money doesn't flow in immediately after winning a deal.

In FY20/21, LVT was not that far off being cash flow positive despite giving Covid concessions to a few of their clients. The revenue they would of generated otherwise might have been a few million higher (the exact amount is in the recent annual reports). Adding in the additional ARR generated from FY20/21 + the regular revenue from the Covid concessions (back to normal subscription cost) will amount to just under $20M based on my own interpretation of the numbers and therefore, will push LVT into cash flow positive + profitable or close.

My opinion obviously and I guess time will tell.