Darktrace full-year revenues rise as expected, 2024 guidance reiterated

(Sharecast News) - Cybersecurity specialist Darktrace hit its guidance for full-year revenues and client additions. Over the 12 months ending on 30 June, Darktrace reported a 31% jump in revenues to reach $545.4m, for a nearly 40-fold jump in net profits to $58.96m.

All geographies and customer sizes were said to have registered "strong" year-on-year growth.

The number of customers as at 30 June was up by 18.3% to reach 8,799.

Adjusted operating earnings before interest, taxes, depreciation and amortisation meanwhile rose 52% to $139.2m.

Free cash flow on the other hand dipped 5.8% to $93.75m. Dragging on the latter was the net settlement of vesting equity grants in the period for executive directors.

Guidance for full-year 2024 adjusted EBITDA margins was lowered to 17-19.0%, but that for revenues was confirmed.

Dragging on its margin guidance, which in July had been pegged at 22%, Darktrace said that it changed its definition of adjusted operating profits and would now treat all commissions as cash costs.

But if not for that change and modifications to the timing of its commission payouts, then its margins would still have risen by 11.2 percentage points between FY 2021 and FY 2024.

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