Darktrace Raises Margin Guidance for Fiscal 2023 and Expects Stability in Fiscal 2024
- Wednesday, October 16, 2024
Darktrace, a leading U.K. cybersecurity company, announced on Tuesday that it has increased its margin guidance for fiscal 2023. The company now expects its margin of adjusted earnings before interest, taxes, depreciation, and amortization to be at least 22.0%, up from the previously guided 19%. Furthermore, Darktrace anticipates that this margin will remain stable in fiscal 2024.
In terms of financial performance, Darktrace projects a solid 31% year-on-year revenue growth for fiscal 2023, with a minimum of $544.3 million in revenue. By June 30, the company's constant-currency annual recurring revenue (ARR) is expected to reach at least $626.5 million, marking a significant 29.2% increase compared to the previous year.
Darktrace also confirmed that its cash flow will fall within the previously communicated 50% to 55% adjusted EBITDA range.
Looking ahead, Darktrace forecasts on-year revenue growth of between 22.0% and 23.5% for the upcoming year. However, due to the second-half weighting, where contracts generate revenue for a smaller portion of the year, the company predicts constant currency ARR growth to be between 21% and 23%.
The group emphasized its plans for fiscal 2024, stating that the first half of the year will involve stabilization efforts, while the second half will focus on re-acceleration.
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