Withsecure — Q2 2024 Earnings Presentation
10 slides from Withsecure's earnings presentation, July 2024
Slide 1: Q2 2024 results presentation
Antti Koskela, President and CEO Tom Jansson, CFO
Slide 2: Quarter of SPHERE and product launches
• Quarter of SPHERE and product launches • Elements Exposure Management • Elements Extended Detection and Response (XDR) and W/S Identity Security • WithSecure Managed Detection and Response service on EDR • First customer agreements for all new products signed in June • W/Luminen AI assistant activ
Slide 3: WithSecure Elements
WithSecure™ Elements Proactive and Modular. Made for Co-Security. anyZ Exposure Management Stee OQ Co-Security Services Attack Paths © Endpoint Security a Elevate Exposure Score & Identity Security APA Co-Monitoring Remediation & Collaboration Protection a eater 1, Incident Response $34 Exposure Man
Slide 4: Cloud Protection for Salesforce and Cyber security consulting
• Cloud Protection for Salesforce • ARR growth 5% • Revenue at previous year level EUR 2.2 million • CPSF NRR 88% • Good pipeline development • Strategic review continues, focus on increasing operative independence • Cyber security consulting • Revenue growth 12% year-on-year • Nordics financial sec
Slide 5: Elements Company: Cloud ARR, revenue and adjusted EBITDA
Cloud ARR Cloud Revenue On-premise Revenue Other Revenue Adjusted EBITDA +13% 82.5 80.5 Elements Cloud ARR growth of 13% 78.4 • Elements Software products performing well 73.4 73.7 • Managed services at previous year level 73.3 20.6 20.5 • France, DACH driving growth 19.0 19.7 18.7 18.7 +10%• Japan
Slide 6: Cloud Protection for Salesforce: ARR, revenue, adjusted EBITDA
ARR Revenue Adjusted EBITDA +5% 9.1 8.6 Good sales pipeline, visible in the ARR growth 8.4 8.1 8.2 Net Revenue Retention (NRR) was 88% 7.4 Adjusted EBITDA EUR -0.4 million, negative 2.2 2.2 but improved from previous year 2.0 2.0 2.0 2.0 -2% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24
Slide 7: Cyber security consulting: revenue, gross margin, adjusted EBITDA
Revenue Gross margin Adjusted EBITDA +12% 11 10.2 10 Revenue grew by 12% year-on-year • financial sector customers in the Nordics 9 8.5 • large accounts in the US 8.0 8 7.5 7.7 7.6 Adjusted EBITDA EUR -0.3 million 7 6 55% 5 45% 4 40% 38% 38% 3 36% 2 1 0 -1 -2 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24
Slide 8: Group financials and operating expenses reduction
(mEUR) 4-6/2024 4-6/2023 Change % 1-6/2024 1-6/2023 Change % 1-12/2023 Revenue comments: see each Revenue 36.8 34.8 6% 73.1 70.1 4% 142.8 segment Gross Margin 26.5 24.0 10% 52.1 48.4 8% 100.2 Operating expenses reduction of revenue, % 71.9 % 68.9 % 71.4 % 69.1 % 70.2 % EUR -3.9 million y-o-y Other o
Slide 9: Outlook for 2024
Annual recurring revenue (ARR) for Elements Cloud products and services will grow by 10–20 % from the end of 2023. At the end of 2023, Elements Cloud ARR was EUR 78.4 million. Revenue from Elements Cloud products and services will grow by 10–16 % from previous year. Previous year revenue from Elemen
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