Q4 came in slightly below at the top line but with a 6% beat on gross profit primarily due to high gross margin (75%) in Integrations versus 50% in Q4/20. The company has highlighted that gross margin might fluctuate between quarters, so the deviation is not necessarily to be extrapolated. Group organic growth of 10% was driven by Integrations (37%), highlighting good traction in the segment. We expect fairly neutral estimate revisions from Q4 numbers.
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