Capacity licensing calculations are wrong

Does any of QnA help to answer your query from this article - https://www.veritas.com/support/en_US/article.100015943

Also, can you check license status in BE home tab. It will show the list of sets 
that were used for this capacity calculation.

The set , that shows the descrepancy do you have the job log for it and if you could share it along with the
screenshot of what size it shows in the capacity calculation page. 

By default, we allows to exclude 3 backup sets to be excluded from capacity calculation. You can use that as well just in case.

Some additional information regarding this process may also be found here:
https://www.veritas.com/support/en_US/article.100040722 - 
How to understand and troubleshoot Backup Exec 20 and 21 Capacity Usage

I've read through both listed articles and neither explain why I'm seeing what I'm seeing.

Below is the value from the Licensed Status showing this particular server using 456 GB of storage.

The backup log for this shows 489696971254 bytes backed up which is 456 GB.

The server does NOT have 456 GB of data on it.  Adding up all the used data there's only 121 GB of data on the server.  That's 1/4 what BE thinks it's backing up.

The VHDX files being backed up total 207 GB which is the 121 GB of actual data and expanded blank space as these are dynamic growth VHDX files.

I loaded the backup job definition in BackupExec and drilled down to the Hyper-V system being backed up and clicked on it to get the details.  That screen also pulls up the data size about to be backed up in real time from the system which shows 207 GB total when the drives are combined which matches the visual inspection of the VHDX files.

If you look at the backup sets from that job - what size do they indicate?
Also do the backup sets show backed up what you would expect to see (eg backed up what you were expecting to be backed up)

Looking at the files in the IMG000009 folder which is where that one is stored it shows the DevX-MIL_D_20131127.vhdx file as being 334 GB in size.  Comparing it to the VHDX file on the Hyper-V host it's a 25 GB file there as seen in the pictures above.  I loaded the massive VHDX file and there and it shows as a 100 GB partition with un-allocated 300GB area (all of our other drives are like this too on all servers where there's an allocated partition but empty space behind it to allow growth in the future if needed but it's not allocated space).  Loading the drive there is only 20 GB of data on the VHDX file.

BackupExec is doing something bizarre with this particular drive and inflating the VHDX file 13x over what it actually is.