Q4 numbers vs. ABGSCe
OrderYOYO's Q4 GMV of ~DKK 3.8bn came in 11% above our estimate, while ARR of DKK 362m came in 3% above ABGSCe of DKK 351m. This equates to 22% y-o-y ARR growth vs. our 19% estimate. The company will not provide a breakdown on churn, uplift, and ARR new sales until the annual report due on 20 March. Q4 net revenue of DKK 90m beat our estimate of DKK 82m and corresponds to 24% y-o-y growth. Moving to profitability, adj. EBITDA for the quarter of DKK 18.2m and cash EBITDA of DKK 11.1m compare to our estimates of DKK 16.3m and DKK 8.8m. Despite the strong top-line beat, we gather that the smaller relative DKK beat on profitability is due to a higher share of lower-margin hardware sales, as well as a faster-than-expected ramp-up of employees.
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