Few observations as folks play around with the calculations.
- The lag between ARR and Revenue is around 6 months with the variance explained by the mix of annual versus quarterly subs. There is a shift in LVT's new customer revenue mix slowly towards more quarterly contracts.
- R and D grants tie in closely to R&D spend. To get the grants, LVT spends more on R&D. I agree with both sides on the argument and come out in the middle. Grants should not be considered revenue. However grants should not be removed when looking at cash burn, because your R&D cost is the net of R&D spend minus R&D grant. When they win a grant, they hire some contractors to refine and design a piece of software, submit the documentation of cost to the agency and get repaid the cost. Vast simplification but the grants are not being used to support or hide the underlying core cash burn of growing the business.
Moving forward to reverse engineering the revenue expectation...
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- Reverse Engineering Expectations of the Q2-FY20 Result and Beyond
Reverse Engineering Expectations of the Q2-FY20 Result and Beyond, page-21
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