Ann: Record FY21 results deliver positive EBITDA, page-86

"Is this why you call the current operating earnings pro forma?"

Yes.


"That is, we will need to wait a little time before the FY22 guidance ARR ($37m) flows through into a similar amount of Statutory revenue."

Sure, but the market is a forward-looking beast, so it is based on that future (i.e., pro forma) financial performance that the company is currently valued.

Just as, once we get to that future point in time to which we are currently looking for those pro forma earnings, the market's gaze will again be looking at the new pro forma future earnings ahead of that point.
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