TIDMDARK
RNS Number : 5577S
Darktrace PLC
07 November 2023
7(th) November 2023
Darktrace plc
Technology Day 2023
Darktrace showcases its self-learning AI cyber security product
portfolio at its inaugural Technology Day in London
Following the recent launch of its cloud native security
solution Darktrace/Cloud(TM), Darktrace plc (DARK.L) (together with
its subsidiaries, "Darktrace") a global leader in cyber security
AI, held its inaugural Technology Day in London on 6 November 2023.
Darktrace showcased its self-learning AI cyber security product
portfolio which takes a platform approach to cyber resilience by
applying its self-learning AI engine across critical IT domains
including Cloud, Email, Apps, Endpoint, Zero Trust, Network, Apps
(SaaS) and Operational Technology (OT) for customers across a wide
range of industries.
The event was attended by Darktrace's investment banking
coverage analysts and a wide variety of institutional investors
from the UK, Europe, and the United States, and the day included
presentations from members of the Executive Team.
Poppy Gustafsson, Chief Executive Officer , opened the event
and, having recently participated in the UK's AI Safety Summit at
Bletchley Park, described how the growing acceptance and adoption
of AI along with its attendant challenges represented a unique
opportunity for Darktrace.
Jack Stockdale, Chief Technology Officer and Max Heinemeyer,
Chief Product Officer discussed the evolution of cyber, and how
Darktrace's self-learning AI differentiates its portfolio of cyber
security products from other commercially available tools:
-- Unsupervised machine learning and self-learning AI :
Darktrace utilises a range of sophisticated AI approaches,
including generative AI, and applying these to its customers'
data;
-- Personalised AI driven security : Darktrace's self-learning
AI trains on its customers' data to understand a pattern of life
which allows Darktrace's AI to understand typical behaviour in a
digital environment, and what activities are anomalous;
-- Pro-active threat monitoring: Darktrace's self-learning AI
proactively monitors customers' digital environments in advance of
a problem arising and is capable of autonomously containing
threats;
-- Platform approach applicable across all industries :
Darktrace's products are applicable to customers around the world,
regardless of industry and across multiple use cases and coverage
areas, including Cloud, Email, Endpoint, Zero Trust, Network, Apps
(SaaS) and OT; and
-- Darktrace/Cloud : recent enhancements to Darktrace's Cloud
offering provide a cloud-native solution built off Darktrace's
scalable core capabilities, learning innately from actions
occurring across the cloud to provide protection to customers.
Mike Beck, Chief Information Security Officer and Hanah Darley,
Director of Threat Research discussed the cyber threat landscape as
an ever-evolving challenge and the role that Darktrace's
self-learning AI can play as a partner to human security teams:
-- Persistent challenge with new facets: including the
interconnectivity of technology, the speed of innovation, malware
democratisation and development and the increasing sophistication
of phishing attacks;
-- Asymmetric threats: driven in part by living off the land
attacks, persistent attack techniques, vulnerability management and
novel threat development; and
-- Partnering with AI in a security function: the expanding role
and responsibilities of internal security functions given
significantly increased data flows, and how Darktrace's
self-learning AI can partner with human security teams to manage
complexity.
Cathy Graham, Chief Financial Officer provided historic
performance data that could be useful in thinking about future
financial expectations for Darktrace, and reviewed various levers
that impact revenue and ARR, showing how relatively small
improvements in each can sustain long-term growth which
included:
-- Annual Constant Currency Recurring Revenue (ARR) and
Remaining Performance Obligations (RPO):
o relationship between ARR and RPO - over the past five years,
typically 20-25% of point-in-time ARR was up for renewal in the
subsequent 12 months, conversely, typically 75-80% of the same ARR
was also in RPO;
o approximating contract bookings - by summing change in RPO
over a period and revenue recognised in that period;
-- Net Constant Currency ARR Added:
o growing importance of existing customers - amounts added from
existing customers increased from approximately 3% in FY 2019 to
approximately 16% in FY 2023;
o approximating additions from new vs existing customers -
achievable by using churn and net retention metrics; and
-- Levers to Drive and Sustain Growth: small improvements in
gross churn, net retention, new customer values, and net upsell
values could significantly increase net constant currency ARR added
over time.
Further, with the first month of the second quarter completed,
Ms. Graham reiterated the FY 2024 full year guidance provided in
the Q1 FY 2024 Trading Update released on 12 October 2023, and
expressed Management's continuing belief that Darktrace's long-term
steady state business model represents an achievable scenario.
Denise Walter, Chief Revenue Officer discussed the goals of, and
progress being made from, the recent changes in Darktrace's
Go-to-Market strategy and activities, across various areas:
-- People: shifting towards hiring more experienced personnel,
restructuring the Go-to-Market teams and emphasising training and
career development;
-- Processes : further segmenting teams and allocating accounts,
focusing on larger prospect opportunities, and driving deeper
engagement with the partner channel; and
-- Systems : implementing various industry-leading tools
including CRM tool Salesforce, with additional sales, marketing,
and customer success tools to follow as required.
A customer panel discussion was also then held followed by a
question-and-answer session with attendees.
Technology Day Presentation Materials
The Darktrace Technology Day presentation materials and a video
of the Technology Day will also be made available on the Darktrace
IR site in the coming days.
Investor Relations
Luk Janssens (Head of Investor Relations) and Mike Beck (Chief
Information Security Officer) will be visiting investors in New
York, Boston, and San Francisco from 7 to 10 November 2023 to share
the messages from the Darktrace Technology Day and would be pleased
to meet with existing and prospective institutional investors.
There are also many opportunities to meet with the broader
Darktrace management team at industry conferences and events, a
live list can be found here on the 'Investor Relations Calendar'
tab: https://ir.darktrace.com/financial-calendar .
About Darktrace
Darktrace (DARK.L), a global leader in cyber security artificial
intelligence, is on a mission to free the world of cyber
disruption. Breakthrough innovations in our Cyber AI Research
Centre in Cambridge, UK have resulted in over 160 patents filed and
research published to contribute to the cyber security community.
Rather than study attacks, Darktrace's technology continuously
learns and updates its knowledge of your business data and applies
that understanding to optimise your state of optimal cyber
security. Darktrace's cyber AI technology provides a full lifecycle
approach to cyber resilience across the entire organisation that
can autonomously spot and respond to novel in progress threats
within seconds. Darktrace employs over 2,200 people around the
world and protects approximately 8,900 customers globally from
advanced cyber threats. Darktrace was named one of TIME magazine's
'Most Influential Companies' in 2021. To learn more, visit
http://www.darktrace.com .
Cautionary Statement
This announcement contains certain forward-looking statements,
including with respect to Darktrace'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 - Head of Investor Relations, Darktrace
Direct: +44 7811 027918
luk.janssens@darktrace.com
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November 07, 2023 02:00 ET (07:00 GMT)
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