Ann: Software Sales TCV and ARR FY20 Update, page-14

Steve

With respect, not a fair comparison if you measure ARR ( which is bankable for a minimum of 3+ years) versus the historic Perpetual Licensing business where each License delivers a once-off Revenue inflow (excl maintenance / support). A transition from Perpetual Licensing to a Subscription model will always compromise short term Revenue.

They have signed $ 42 m of new business this last FY, which equates to nearly 3 years of their historic Perpetual Licensing income. Put another way, they have achieved in one year what would have previously taken them three. And the momentum and compounding has only just begun.

Steve, if because of this you are having difficulty assessing or confirming that there is growth, can I suggest that you look at the Subscription Contracts and the Perpetual License sales on a consolidated basis.

For ease of reference,

FY 2018........$ 15.3 m
FY 2019........$ 22.4 m
FY 2020........$ 42.0 m

In reality, as most of the Subscription Revenue will not only provide recurring Revenue, it is likely that it may become evergreen. Cannot muse over what a Lifetime Value comparison would look like.

Rokewa