Two quarters of declining receipts, but one could validly argue that receipts are still in an uptrend as two down quarters don't make a trend.

In saying that, another slip in receipts for Q1 FY23 would NOT be a good look.

Another interesting tidbit is the lack of any mention to ARR in the commentary as opposed to previous quarterlies (excluding the table at the end). This could be a concerning sign.

*Receipts shown in $m*