WithSecure publishes restated 2023 financial information in accordance with the new segment reporting and updates 2024 outlook comparatives
April 22, 2024 at 02:45 am EDT
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WithSecure Corporation, Stock Exchange Release, 22 April 2024 at 9:45 EEST
WithSecure publishes restated 2023 financial information in accordance with the new segment reporting and updates 2024 outlook comparatives
WithSecure begins to report its business as three separate segments, identified in accordance with the IFRS 8 financial reporting standard.
New reportable segments are:
Elements Company, including Elements Cloud products and services and managed services (including Managed Detection and Response, MDR), On-premise products and Other products
Cloud Protection for Salesforce
Cyber security consulting
Cyber security consulting segment will only include the consulting services sold to large, enterprise customers. Non-recurring Incident response services and other minor products combining software and services have been transferred to the Elements Company segment. Their impact is a reduction of EUR 0.7 – 0.9 million per quarter to the previously reported Cyber security consulting revenue.
Elements Company revenue will be presented separately for Cloud, On-premise and Other products. The On-premise revenue is comparable to previously reported On-premise revenue.
WithSecure publishes its restated financial information for 2023, to ensure comparability with the new segment reporting. Total WithSecure Group financial information remains unchanged.
Elements Company (restated)
2023Q1
2023Q2
2023Q3
2023Q4
FY2023
Revenue
25,2
25,1
25,1
25,8
101,1
Elements Cloud
18,7
18,7
19,0
19,7
76,1
On-premise
6,4
6,2
5,9
5,9
24,4
Other
0,1
0,2
0,2
0,1
0,7
Gross Margin
19,8
19,5
19,8
20,5
79,6
Adjusted EBITDA
-4,3
-5,1
-0,5
-1,0
-10,9
GM%
78 %
78 %
79 %
80 %
79 %
Adj. EBITDA%
-17 %
-20 %
-2 %
-4 %
-11 %
Cloud Protection for Salesforce (restated)
2023Q1
2023Q2
2023Q3
2023Q4
FY2023
Revenue
2,0
2,2
2,0
2,0
8,3
Gross Margin
1,6
1,7
1,3
1,5
6,1
Adjusted EBITDA
-1,1
-1,4
-1,3
-0,7
-4,6
GM%
78 %
78 %
67 %
72 %
74 %
Adj. EBITDA%
-56 %
-64 %
-67 %
-36 %
-56 %
Cyber security consulting (restated)
2023Q1
2023Q2
2023Q3
2023Q4
FY 2023
Revenue
8,0
7,5
7,7
10,2
33,4
Gross Margin
3,1
2,7
3,0
5,6
14,4
Adjusted EBITDA
-0,8
-1,4
-0,4
2,0
-0,6
GM%
38 %
36 %
40 %
55 %
43 %
Adj. EBITDA%
-10 %
-18 %
-5 %
19 %
-2 %
WithSecure group
2023Q1
2023Q2
2023Q3
2023Q4
FY2023
Revenue
35,2
34,8
34,8
38,0
142,8
Gross Margin
24,4
24,0
24,2
27,6
100,2
Adjusted EBITDA
-6,2
-7,9
-2,3
0,2
-16,1
GM%
69 %
69 %
70 %
73 %
70 %
Adj. EBITDA%
-17 %
-23 %
-7 %
1 %
-11 %
As part of the new segment reporting, WithSecure revises the financial outlook (published in February 2024) for the previous year comparative of 2023 Elements Cloud products and services revenue.
The comparative previous year revenue for Elements Cloud products and services will be EUR 76.1 million (previously EUR 73.7 million).
Other components of the outlook remain unchanged.
After the changes, full outlook for 2024 will be the following:
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 Elements Cloud was EUR 76.1 million.
Total revenue of the group will grow by 6–12 % from previous year. Previous year revenue of the group was EUR 142.8 million.
Adjusted EBITDA of full year 2024 will be positive.
Contact information:
Laura Viita VP, Controlling, investor relations and sustainability WithSecure Corporation +358 50 487 1044 investor-relations@withsecure.com
WithSecure Oyj, formerly F-Secure Oyj is a Finland-based cyber security company offering cyber security products, managed services, and cyber security consulting.. The Company operates a modular, cloud-native platform for the corporate security. WithSecure Oyj provides a broad range of cyber security products, managed detection and response solutions and cyber security consulting to companies globally with a focus on the mid-market and local enterprises. The offered services include software elements such as endpoint protection, detection and response, collaboration protection, vulnerability management, cloud protection for salesforce, managed detection and response as well as cyber security consulting services.