Ann: Appendix 4E & Preliminary Final Report, page-14

This is a good way to reformat how they detail ARR (currently billed and signed but not yet billing). Provides as much clarity as needed for an investor to understand the 12 month forward revenue and cash receipt profile of the SaaS/PaaS contracts. Something that presented a bit of confusion previously at quarterly reporting. Also a sign they listen to shareholders that provide ideas on delineating info.



The rule of thumb I'm working on as they release, assuming deal announcements detail the same info going forward, if its a TCV of under $1m then it billing in 2 months time. If over then its billing in 4 months time. For PaaS then I'd add an extra month given the need to procure equipment as well. Given the graph above, these timelines would be conservative but that may be prudent for now.