Maybe if you're being pedantic but let's assume they generate $1B to $3B in payments revenue on top of that non payments ARR. I don't see why you'd assume the former isn't likely to grow and so you might as well think of it as recurring. It's just low margin.
In this case they reported Stripe's annual run rate — a metric that's roughly comparable to annual recurring revenue, but for non-recurring business models.
Still a rich multiple at 40-70x