What to look for in Q1'24e
For Q1, we expect a reported ARR of SEK 73m and sales of SEK 16.1m. Both of these figures imply y-o-y growth of 4%. We also anticipate an EBITDA of SEK 3.5m, which corresponds to a margin of ~22%, and operating cash flow of SEK ~6m. Given the linearity of the ARR growth and the large share of recurring, fixed revenues, it is unlikely that sales will be more volatile than history suggests.