From what I can tell, ARR is TCV divided by the effective...

From what I can tell, ARR is TCV divided by the effective weighted average of contracts. With TCV of $20m and ARR of $4.36, WAC is ~4.8 years. This would have to include the $6.4m AI-RAD deal that isn't live, as such I believe ARR includes non-implemented deals. Whilst ARR is not wrong, it is a little misleading for determining Qtr to Qtr revenues as investors don't have gauge on the time from signing a deal (hence why many seem disappointed about cash receipts this quarter which are in line with implemented ARR and likely some volume growth from existing customers) to it being live as I stated in an earlier post. This is why I suggest they should report like PME when announcing new large contracts or breakdown ARR between live and not live.