IMHO - New customers and higher total revenue are the most critical metrics that determine if this place will continue its downward spiral or have some life left.
ARR is like a freebie starting point and serve as the existing customer base. Any erosion from previous spells big trouble if not offset or drastically increased with new customers. Therefore it is imperative to get lots of new customers and increase revenue and stop misdirecting everyone with details that don't paint the whole picture.
The cloud revenue growth numbers are misleading because games can be played with existing customer system migration and so on.