Leaddesk's Q4 numbers were in line with our estimates. Comparing the ARR to our estimate is difficult because the company has changed the calculation method (related to the used FX). However, ARR is up 9.4% in comparable FX and hence the year should start well in line with our estimates (we expect 2024 growth of 9%). Also, the sales guidance mid-point is in line (+1pp) with our growth estimate. Our first read is neutral, but the market may read Q4 as a relief.
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