Corero Network Security Plc · LSE:CNS
Corero Network Security — FY2023 Earnings Presentation
17 slides from Corero Network Security's earnings presentation, March 2024
Slide 1: Corero FY 2023 Results
CORERO FY 2023 Results Carl Herberger, CEO Phil Richards, CFO March 2024
Slide 2: About Corero Network Security
About Corero Network Security ◎ A leading provider of Distributed Denial of Service ‘DDOS’ software solutions ◎ Delivers tailored intelligently automated solutions that protects from DDoS attacks in under a second ◎ Key strategic and technology partnerships with global companies including Akamai Tec
Slide 3: FY 2023 – a year of ongoing progress
FY 2023 – a year of ongoing progress ◎ Secured strategic go-to-market partnership with Akamai ◎ Announced Carl Herberger as new CEO in H2 2023 ◎ Launched Smartwall ONETM platform and product update 12.0 during H2 2023 ◎ Secured $1 million plus contract with new channel partner customer, TechEnabler,
Slide 4: Our business in numbers
Our business in numbers $22.3m $2.2m $16.9m 90% Revenue Adjusted ARR Gross EBITDA Margin +11% YOY +17% YOY +29% YOY 97% 80 50+ Customer People Country renewal rate worldwide footprint 4
Slide 5: Investment Case
Investment Case ◎ $3.6bn addressable market and growing at pace ◎ Next gen market-leading, disruptive technology ◎ Significantly enhanced unique capability compared to competition ◎ Experienced management team with extensive market and competitor knowledge and experience ◎ Ongoing R&D investment pro
Slide 6: Botnets fueling cyber attacks globally
Botnets fueling cyber attacks globally Mirai Bricker Bot Hajime ◎ Botnets can initiate illegal tasks including sending spam, data theft and DDoS attacks. ◎ Corero provides cost-effective solutions to ensure customer uptime and availability. 6
Slide 7: Example of a DDoS Botnet Attack
Example of a DDoS Botnet Attack 1 Botmaster sends “LAUNCH” command. 2 Bots send attack traffic to victim. Attack traffic overwhelms the victim 3 server or network. 7
Slide 8: Our product proposition
Our product proposition SmartWall ONE Q1 2024 Launch of Corero DDoS Intelligence Service: § Automated, AI-assisted subscription service for Corero SmartWall ONE customers 8 § Delivers pre-emptive attack mitigation before the first attack is even detected.
Slide 9: Channel Partnerships & Sales Partners
Channel Partnerships & Sales Partners TDL Gentek Axians Global Channel Kite Ingecom Alliances: Akamai Netceed Juniper Eplus GTT Myriad 360 Datacipher Techenabler CDM Multipoint Beyondtech 9 Denotes regional partner
Slide 10: Financial Summary
Financial Summary
Slide 11: Financial highlights
Financial highlights [ sevenue = I cross MARGIN $22.3m $16.9m 90.0% NET CASH | ADJUSTED | PROFIT/(LOSS) EBITDA? BEFORE TAXATION §5.2m $2.2m -§0.2m
Slide 12: Key Financial Metrics- FY 2023 (audited)
Key Financial Metrics- FY 2023 (audited) FY ARR $m 18 16.9 16 14.4 14 12.8 ◎ ARR CAGR of 24% 1 Jan 2019 – 1 12 Jan 2024 9.8 10 ◎ 11% YOY revenue increase to $22.3m 8 7.2 5.8 ◎ 6 2023 EBITDA: $2.2m 4 ◎ Cash generative, Debt free 2 ◎ YE cash balance: $5.2m 0 12 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Ja
Slide 13: Key Financial Metrics- Revenue 2023
Key Financial Metrics- Revenue 2023 USA: $15.9m / 71% UK/ROW: $6.5m / 29% (2022: $13.5m / 67%) (2022: $6.6m / 33%) 2023 Revenue by Category 38% 37% 25% 13 Software license and appliances DDoS Protection as-a-Service Maintenance and support
Slide 14: Strategy & Outlook
Strategy & Outlook
Slide 15: Delivering across four revenue generating activities
Delivering across four revenue generating activities Investment in targeted marketing and sales initiatives Expand sales partnerships and global alliances Upsell opportunities within current installed base Renewals and current customer expansion 15
Slide 16: Outlook
Outlook ◎ Strong start to 2024 with robust new business pipeline already delivering results in H1 2024 ◎ Expansion of strategic partnership with Ingecom, allowing Corero to enhance its European footprint ◎ Commenced trading on the US OTCQB venture market under ticker symbol "DDOSF" in February 2024
Slide 17: Thank You
THANK YOU Phil.Richards@corero.com Carl.herberger@corero.com
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