Is it? Seems to be fairly in line with the reported ARR...

Is it? Seems to be fairly in line with the reported ARR numbers.

Looking at cash receipts on just a quarter by quarter basis, it's hard to see a clear trend due to their customers different payment cycles.

You're better off looking at the trailing twelve months figure instead, which does reflect a growth in cash receipts. The purple line on the chart you posted. It's slowed, but still growing.



Without any major acquisitions over the past 12 months (with included ARR), you're not going to see any major jumps in cash receipts Q on Q like there was prior to Mar 20 -- unless a contract was signed, service was fully implemented and invoices were paid by the customer within a single quarter. But that's very unlikely given the scale of the enterprise contracts LVT are chasing. As ValueSearch mentioned, the recent large customer contacts will ramp up gradually as a % when milestones are reached.