Hey Simon - Refer to page 5 of Livetiles March 2020 quarterly released 29 April.
In Livetiles case it’s their actual 12 months trailing cash receipts. These figures don’t point to the fees being paid upfront but if anyone can provide evidence to the contrary it would be helpful. For instance they hit a rate of $10.9m for the March 2020 and $29.8m FYTD
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