Q2 2024 WithSecure Oyj Earnings Call Transcript
Key Points
- WithSecure Corp (STU:DTV0) reported a 13% growth in Elements Cloud ARR, marking the fourth consecutive quarter of ARR growth.
- The company successfully launched several new products, including Exposure Management, Identity Security, and Managed Detection and Response for Elements.
- Positive feedback and strong interest were received at the SPHERE event, with over 800 attendees and nonstop queues at demo booths.
- The integration of Luminen, a generative AI assistant, into the Elements Cloud platform is expected to enhance customer retention and workflow efficiency.
- Strong performance in the DACH region and France, with significant contributions from the Nordics financial sector and large US accounts in consulting.
- Managed services revenue, including Countercept, remained flat compared to the previous year, indicating challenges in this segment.
- The UK and Japan markets underperformed, with the UK facing partner channel rebuilding and Japan impacted by unfavorable currency exchange rates.
- The company's cash flow was significantly negative in Q2 2024, raising concerns about liquidity and sustainability.
- Adjusted EBITDA for the Elements Company was slightly negative, partly due to high costs associated with the SPHERE event.
- There was churn in large corporate segment customers for Countercept, impacting ARR numbers despite new wins in the midmarket segment.
Hello and welcome to WithSecure. This is our second quarter 2024 results release. My name is Laura Viita. I am responsible for the Investor Relations of WithSecure. Today we will have our CEO, who is no longer interim CEO but the real CEO, Antti Koskela, and he will talk about the business highlights of the second quarter. He will also do a little bit of diving into our product launches and how we look at our Elements Cloud software and services portfolio today and that includes this little helper.
After Antti, our CFO, Tom Jansson, will go through the second quarter financials. After these two sets, we will take questions and answers. If you're watching us on the webcast today, please put in questions any time, I will take them up at the end. Now with that, I'm handing over to the President and CEO of WithSecure, Antti Koskela.
So thank you, Laura, so much. And I'll start first with the SPHERE. So quarter two for us was a quarter of our SPHERE
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
