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by vslira·7mo ago·view on hn ↗
According to the article itself, ARR’s definition is clear and strict: annual and recurring. This means that “margin” doesn’t factor in, so I don’t think calling these AI companies’ revenue GMV is all that sensible either.

I do agree the market is eager to conflate run rate and arr, though

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They called “GMV” - “gross merchandise value” which isn’t inherently “marginal” but still is fairly nonsensical.