ARM Limited

Arm has stopped putting remaining performance obligations in the operating-metrics table of its quarterly shareholder letter. The number did not disappear from the accounts. At 30 June, the financial-statement note still carried US$2.1226 billion of contracted work, with approximately 53% placed beyond two years. That placement is not a production calendar: when fulfilment waits on a customer action and timing is not sufficiently known, Arm assigns the amount to the longest bucket. The retired scorecard and the surviving ledger tell different truths about the same business transition.