TIDMDARK
RNS Number : 2880F
Darktrace PLC
15 July 2021
15(th) July 2021
Darktrace plc Pre-Open Trading Update
Strong FY 2021 performance and increased expectations for FY
2022
Darktrace plc (DARK.L) (together with its subsidiaries,
"Darktrace" or "the Group") a global leader in cyber security AI,
today provides a trading update for its financial year ended 30(th)
June 2021.
Operating and Financial Performance
Darktrace demonstrated the resilience of its business model over
the course of a universally challenging year. The Group ended FY
2021 with approximately 5,600 customers, having grown its customer
base by 42% year-on-year.
The Group also delivered strong results in its constant currency
Annualized Recurring Revenue (ARR). At its FY 2021 constant
currency rates, Darktrace expects ARR at 30(th) June 2021 of at
least $340 million, which represents year-over-year growth in
constant currency ARR of at least 44%. Darktrace also reports that
its one-year gross ARR churn and net ARR retention rate have
remained in the range of recent reported periods.
Darktrace also expects revenue for FY 2021 of at least $278
million, reflecting year-over-year growth of at least 40%. It also
expects that gross margin for FY 2021 has remained in the range of
recent reported periods.
FY 2022 Outlook
To enable a consistent basis for evaluating its performance,
Darktrace reports ARR in constant currency, at rates established at
the start of each year(1) . Applying FY 2022 rates to the Group's
ARR balance for 30 June 2021, and all prior comparison periods,
results in a rebased ARR balance of at least $354 million. This
will become the new amount against which it will measure constant
currency ARR growth for FY 2022.
Darktrace is increasing its expectations for FY 2022 from those
presented at the time of IPO. The Group is balancing strong sales
trends exiting the second half of FY 2021, including particularly
strong June performance, with potential temporary sales
productivity impacts that may occur as it evolves ways to expand
and optimise its salesforce structure. These efforts will begin in
the first half of FY 2022 and are intended to support anticipated
growth and continued scaling of its business.
Darktrace now expects a year-over year increase in its constant
currency ARR of between 32% and 34% (previously 26.5% to 29.5%). It
also now expects year-over-year revenue growth of between 29% and
32% (previously 27% to 30%), considering normal quarterly
seasonality patterns and particularly, typically soft first-quarter
sales.
Darktrace reaffirms its prior commentary regarding its expected
cost structure for FY 2022 and adds that it now expects an adjusted
EBITDA margin for the year of between 1% and 4%.
(1) The Group's primary currency exposures are the British Pound
and the Euro converting to its US Dollar reporting currency. For FY
2022, it is using constant currency rates of 1.3835 and 1.1878 for
the Pound and the Euro, respectively. For FY 2021, constant
currency rates were 1.2368 and 1.1235 for the Pound and the Euro,
respectively.
Poppy Gustafsson, CEO of Darktrace said:
"We are pleased to report strong operating and financial
performance for FY2021. Demand for our Self-Learning AI solutions
is robust, as advanced cyber-attacks continue to outpace the human
capability of security teams.
I would like to thank our shareholders for their interest and
engagement: we have been delighted by the warm welcome we have
received in the London market. I would also like to thank our
customers and employees. We have executed well this past year,
despite a challenging environment, and continue to invest in our
business for the long-term success of all stakeholders."
Reporting Full Year Results
Darktrace intends to report its FY 2021 results the week of
13(th) September 2021. The reporting date, along with conference
call details, will be made available in due course.
About Darktrace
Darktrace (DARK:L), a global leader in cyber security AI,
delivers world-class technology that protects over 5,000 customers
worldwide from advanced threats, including ransomware and cloud and
SaaS attacks. The company's fundamentally different approach
applies Self-Learning AI to enable machines to understand the
business in order to autonomously defend it. Headquartered in
Cambridge, UK, the company has 1,500 employees and over 30 offices
worldwide. Darktrace was named one of TIME magazine's 'Most
Influential Companies' for 2021.
Cautionary Statement
This announcement contains certain forward-looking statements,
including with respect to the Company's current targets,
expectations and projections about future performance, anticipated
events or trends and other matters that are not historical facts.
These forward -- looking statements, which sometimes use words such
as "aim", "anticipate", "believe", "intend", "plan", "estimate",
"expect" and words of similar meaning, include all matters that are
not historical facts and reflect the directors' beliefs and
expectations, made in good faith and based on the information
available to them at the time of the announcement. Such statements
involve a number of risks, uncertainties and assumptions that could
cause actual results and performance to differ materially from any
expected future results or performance expressed or implied by the
forward -- looking statement and should be treated with caution.
Any forward-looking statements made in this announcement by or on
behalf of Darktrace speak only as of the date they are made. Except
as required by applicable law or regulation, Darktrace expressly
disclaims any obligation or undertaking to publish any updates or
revisions to any forward-looking statements contained in this
announcement to reflect any changes in its expectations with regard
thereto or any changes in events, conditions or circumstances on
which any such statement is based.
Enquiries:
Luk Janssens - Investor Relations Darktrace
Direct: +44 7811 027918
luk.janssens@darktrace.com
Powerscourt (Public Relations adviser to the Company)
Victoria Palmer-Moore/Elly Williamson
Direct: +44 20 7549 0745
darktrace@powerscourt-group.com
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END
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