ASR is exactly the same as ARR for LVT, they just changed the description. Any paying customer of LVT has to sign on for at least 12 months which fits the ASX requirements for ongoing revenue - no tricks there!
LVT's relationship with Microsoft is quite symbiotic actually - they help each other, but I agree that they are highly reliant on Microsoft. This is hardly uncommon in the tech sector where Microsoft is such a behemoth and many highly successful companies are in the same boat.
Your comment about LVT not having any IP is clearly ridiculous! The fact that their main intranet drag and drop tech works with no code behind it is quite revolutionary in my limited understanding, not to mention the fact that they have a large AI joint venture with Microsoft.
If you're going to downramp at least try to keep it factual....
Ann: ARR reaches $18.6 million, up 272% YoY, page-40
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