H2 numbers vs. ABGSCe
OrderYOYO's FY'23 ARR and P&L headline items were announced in January's Q4 trading update (including 40% y-o-y ARR growth to DKK 296m, revenues of DKK 254m, an adj. EBITDA margin of 10%, and a cash EBITDA margin of 0%), so most focus today should be on cash flow and the FY'24 guidance. H2'23 free cash flow excl. M&A of DKK +7.7m beat our estimate of DKK 0m, aggregating into a total free cash flow of DKK -7.5m in '23. The deviation was driven by a better net working capital contribution and slightly lower capex than we had expected. The cash position at YE'23 stood at DKK 55m vs. our estimate of DKK 50m.
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