Smoke, Mirrors and Half Yearly, page-2

Come to think of it, as the ASR is just "projected income" based presumably on some "Heads of Agreement" or MoU style arrangement, it most likely shouldnt be considered as forward revenue at all.

So what's it doing on page one, along side actual revenue figures? OK, it rates a mention somewhere, as it indicates potential future growth, but I doubt that JB would have allowed this sort of "smoke and mirrors" reporting such outright, and poorly explained, prominence. BID may come to miss his level of integrity and understanding of SaaS cos after all.