Leaddesk's Q4 sales and EBITDA topped our estimates. However, the negative ARR development during the quarter leaves some questions. The -6% miss in ARR also explains the sales growth guidance, which suggests 2025E sales to be some -7% (range mid-point) below our current forecast. In terms of profitability things continue to progress well and we think the company has room to continue the market consolidation game.
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