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== Financial statements == {| class="wikitable" |+Table 11: Darktrace: Income statement<ref name=":9">Source: Company data, J.P. Morgan estimates.</ref> !$ (m); FY ends in Jun !1H21 !2H21 !1H22 !2H22E !1H23E !2H23E !1H24E !2H24E !2020 !2021 !2022E !2023E !2024E |- |Revenue |126.5 |154.8 |192.6 |222.8 |255.3 |292.8 |329.8 |371.7 |199.1 |281.3 |415.5 |548.1 |701.5 |- |YoY |38.9% |43.4% |52.3% |43.9% |32.5% |31.4% |29.2% |26.9% |45.3% |41.3% |47.7% |31.9% |28.0% |- |Cost of sales |(12.4) |(16.1) |(20.7) |(25.1) |(29.6) |(35.0) |(40.6) |(47.0) |(17.5) |(28.5) |(45.7) |(64.6) |(87.6) |- |as % of revenue |<nowiki>-9.8%</nowiki> |<nowiki>-10.4%</nowiki> |<nowiki>-10.7%</nowiki> |<nowiki>-11.3%</nowiki> |<nowiki>-11.6%</nowiki> |<nowiki>-12.0%</nowiki> |<nowiki>-12.3%</nowiki> |<nowiki>-12.7%</nowiki> |<nowiki>-8.8%</nowiki> |<nowiki>-10.1%</nowiki> |<nowiki>-11.0%</nowiki> |<nowiki>-11.8%</nowiki> |<nowiki>-12.5%</nowiki> |- |Gross profit |114.1 |138.8 |172.0 |197.8 |225.7 |257.8 |289.2 |324.7 |181.6 |252.9 |369.7 |483.5 |613.9 |- |as % of revenue |90.2% |89.6% |89.3% |88.8% |88.4% |88.1% |87.7% |87.4% |91.2% |89.9% |89.0% |88.2% |87.5% |- |Sales & marketing |(86.7) |(102.2) |(107.9) |(154.8) |(167.2) |(182.7) |(204.0) |(231.1) |(163.1) |(188.9) |(262.7) |(349.9) |(435.1) |- |YoY |0% |33% |24% |52% |55% |18% |22% |27% |25% |16% |39% |33% |24% |- |as % of revenue |<nowiki>-68.6%</nowiki> |<nowiki>-66.0%</nowiki> |<nowiki>-56.0%</nowiki> |<nowiki>-69.5%</nowiki> |<nowiki>-65.5%</nowiki> |<nowiki>-62.4%</nowiki> |<nowiki>-61.8%</nowiki> |<nowiki>-62.2%</nowiki> |<nowiki>-81.9%</nowiki> |<nowiki>-67.2%</nowiki> |<nowiki>-63.2%</nowiki> |<nowiki>-63.8%</nowiki> |<nowiki>-62.0%</nowiki> |- |R&D |(10.7) |(18.2) |(15.7) |(28.1) |(32.9) |(38.0) |(43.6) |(50.3) |(12.0) |(28.8) |(43.8) |(70.9) |(93.9) |- |YoY |91% |181% |47% |55% |110% |35% |33% |33% |24% |140% |52% |62% |33% |- |as % of revenue |<nowiki>-8.4%</nowiki> |<nowiki>-11.7%</nowiki> |<nowiki>-8.1%</nowiki> |<nowiki>-12.6%</nowiki> |<nowiki>-12.9%</nowiki> |<nowiki>-13.0%</nowiki> |<nowiki>-13.2%</nowiki> |<nowiki>-13.5%</nowiki> |<nowiki>-6.0%</nowiki> |<nowiki>-10.2%</nowiki> |<nowiki>-10.5%</nowiki> |<nowiki>-12.9%</nowiki> |<nowiki>-13.4%</nowiki> |- |G&A |(21.5) |(34.9) |(40.6) |(55.9) |(60.9) |(64.3) |(70.9) |(76.2) |(26.9) |(56.4) |(96.5) |(125.2) |(147.1) |- |YoY |54% |170% |89% |60% |50% |15% |17% |19% |33% |110% |71% |30% |18% |- |as % of revenue |<nowiki>-17.0%</nowiki> |<nowiki>-22.6%</nowiki> |<nowiki>-21.1%</nowiki> |<nowiki>-25.1%</nowiki> |<nowiki>-23.8%</nowiki> |<nowiki>-22.0%</nowiki> |<nowiki>-21.5%</nowiki> |<nowiki>-20.5%</nowiki> |<nowiki>-13.5%</nowiki> |<nowiki>-20.1%</nowiki> |<nowiki>-23.2%</nowiki> |<nowiki>-22.8%</nowiki> |<nowiki>-21.0%</nowiki> |- |IPO costs |0.0 |(15.3) |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |(15.3) |0.0 |0.0 |0.0 |- |Exp. cr. loss charge |(0.4) |(2.9) |(0.1) |0.0 |0.0 |0.0 |0.0 |0.0 |(5.3) |(3.3) |(0.1) |0.0 |0.0 |- |Other op. income |0.3 |1.0 |0.8 |0.0 |0.0 |0.0 |0.0 |0.0 |0.8 |1.4 |0.8 |0.0 |0.0 |- |Operating profit |(4.9) |(33.6) |8.6 |(41.1) |(35.2) |(27.1) |(29.2) |(32.9) |(24.9) |(38.5) |(32.5) |(62.4) |(62.1) |- |as % of revenue |<nowiki>-3.9%</nowiki> |<nowiki>-21.7%</nowiki> |4.5% |<nowiki>-18.5%</nowiki> |<nowiki>-13.8%</nowiki> |<nowiki>-9.3%</nowiki> |<nowiki>-8.9%</nowiki> |<nowiki>-8.9%</nowiki> |<nowiki>-12.5%</nowiki> |<nowiki>-13.7%</nowiki> |<nowiki>-7.8%</nowiki> |<nowiki>-11.4%</nowiki> |<nowiki>-8.9%</nowiki> |- |Finance costs |(43.0) |(66.1) |(1.4) |(1.4) |(1.4) |(1.4) |(1.4) |(1.4) |(2.4) |(109.2) |(2.7) |(2.7) |(2.7) |- |Finance income |0.1 |(0.0) |0.1 |0.1 |0.1 |0.1 |0.1 |0.1 |0.4 |0.1 |0.1 |0.1 |0.1 |- |Profit before tax |(47.9) |(99.8) |7.4 |(42.4) |(36.5) |(28.4) |(30.5) |(34.2) |(26.9) |(147.6) |(35.1) |(65.0) |(64.7) |- |Tax |(0.5) |(1.4) |(1.4) |(1.5) |(1.5) |(1.5) |(1.5) |(1.5) |(1.7) |(2.0) |(2.9) |(3.0) |(3.0) |- |Net profit |(48.4) |(101.2) |5.9 |(43.9) |(38.0) |(29.9) |(32.0) |(35.7) |(28.7) |(149.6) |(38.0) |(68.0) |(67.7) |} {| class="wikitable" |+Table 12: Darktrace: Adjusted EBITDA calculation<ref>Source: Company data, J.P. Morgan estimates.</ref> !$ (m); FY ends in Jun !1H21 !2H21 !1H22 !2H22E !1H23E !2H23E !1H24E !2H24E !2020 !2021 !2022E !2023E !2024E |- |Operating profit |(4.9) |(33.6) |8.6 |(41.1) |(35.2) |(27.1) |(29.2) |(32.9) |(24.9) |(38.5) |(32.5) |(62.4) |(62.1) |- |D&A |19.1 |22.2 |26.2 |27.6 |31.8 |36.0 |40.8 |46.0 |32.9 |41.3 |53.8 |67.8 |86.7 |- |as % of revenue |15.1% |14.3% |13.6% |12.4% |12.5% |12.3% |12.4% |12.4% |16.5% |14.7% |12.9% |12.4% |12.4% |- |EBITDA |14.3 |(11.5) |34.8 |(13.6) |(3.5) |8.8 |11.5 |13.0 |8.0 |2.8 |21.3 |5.4 |24.6 |- |margin (%) |11.3% |<nowiki>-7.4%</nowiki> |18.1% |<nowiki>-6.1%</nowiki> |<nowiki>-1.4%</nowiki> |3.0% |3.5% |3.5% |4.0% |1.0% |5.1% |1.0% |3.5% |- |Appliance depreciation in cost of sales |(5.8) |(5.8) |(7.0) |(7.4) |(7.8) |(8.0) |(8.4) |(8.9) |(9.4) |(11.6) |(14.4) |(15.8) |(17.3) |- |Share-based payment charges |5.8 |11.2 |13.1 |16.7 |19.1 |22.0 |24.7 |27.9 |10.4 |17.0 |29.8 |41.1 |52.6 |- |Employer-related tax charges |6.5 |15.0 |5.8 |6.7 |7.7 |8.8 |9.9 |11.2 |(0.1) |21.5 |12.5 |16.4 |21.0 |- |Adjusted EBITDA |20.8 |8.9 |46.7 |2.5 |15.6 |31.6 |37.8 |43.2 |8.9 |29.7 |49.2 |47.2 |81.0 |- |margin (%) |16.4% |5.8% |24.2% |1.1% |6.1% |10.8% |11.5% |11.6% |4.5% |10.6% |11.8% |8.6% |11.5% |} {| class="wikitable" |+Table 13: Darktrace: Balance sheet<ref name=":0">Source: Company data, J.P. Morgan estimates.</ref> |$ (m); FY ends in Jun |1H21 |2H21 |1H22 |2H22E |1H23E |2H23E |1H24E |2H24E |2020 |2021 |2022E |2023E |2024E |- |Non-current assets |110.8 |118.8 |121.8 |139.0 |153.1 |169.3 |187.1 |207.0 |106.5 |118.8 |139.0 |169.3 |207.0 |- |Intangible assets |8.6 |7.1 |7.4 |8.4 |9.6 |11.0 |12.6 |14.5 |6.0 |7.1 |8.4 |11.0 |14.5 |- |PP&E |48.3 |52.9 |54.3 |60.7 |64.9 |70.6 |77.6 |85.8 |49.5 |52.9 |60.7 |70.6 |85.8 |- |Right-of-use assets |32.5 |29.4 |27.3 |29.5 |31.4 |33.1 |34.6 |36.0 |31.4 |29.4 |29.5 |33.1 |36.0 |- |Capitalized commission |16.3 |22.7 |26.3 |33.9 |40.8 |48.1 |55.9 |64.2 |14.7 |22.7 |33.9 |48.1 |64.2 |- |Deferred tax asset |0.0 |0.5 |0.7 |0.7 |0.7 |0.7 |0.7 |0.7 |0.0 |0.5 |0.7 |0.7 |0.7 |- |Deposits |5.2 |6.1 |5.7 |5.7 |5.7 |5.7 |5.7 |5.7 |4.9 |6.1 |5.7 |5.7 |5.7 |- |Current assets |186.5 |436.6 |453.2 |465.9 |477.7 |510.8 |530.9 |571.3 |126.5 |436.6 |465.9 |510.8 |571.3 |- |Trade and other receivables |69.0 |76.9 |66.1 |78.0 |72.8 |87.9 |82.4 |92.9 |60.4 |76.9 |78.0 |87.9 |92.9 |- |Capitalized commission |12.3 |16.3 |19.5 |22.6 |27.2 |32.1 |37.3 |42.8 |10.9 |16.3 |22.6 |32.1 |42.8 |- |Tax receivable |1.3 |1.1 |1.8 |1.8 |1.8 |1.8 |1.8 |1.8 |1.3 |1.1 |1.8 |1.8 |1.8 |- |Cash and cash equivalents |103.9 |342.4 |365.8 |363.5 |375.9 |389.0 |409.4 |433.7 |53.9 |342.4 |363.5 |389.0 |433.7 |- |Total assets |297.3 |555.4 |575.0 |604.9 |630.7 |680.0 |718.0 |778.2 |232.9 |555.4 |604.9 |680.0 |778.2 |- |Current liabilities |173.8 |236.1 |248.5 |296.7 |334.1 |382.1 |420.3 |478.3 |152.7 |236.1 |296.7 |382.1 |478.3 |- |Trade and other payables |59.8 |51.1 |49.8 |55.7 |57.4 |58.6 |61.0 |65.1 |50.5 |51.1 |55.7 |58.6 |65.1 |- |Deferred revenue |108.7 |158.3 |168.0 |203.6 |231.5 |269.6 |295.5 |338.3 |96.8 |158.3 |203.6 |269.6 |338.3 |- |Lease liabilities |5.2 |4.3 |4.5 |4.5 |4.5 |4.5 |4.5 |4.5 |4.9 |4.3 |4.5 |4.5 |4.5 |- |Tax payable |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.5 |0.0 |0.0 |0.0 |0.0 |- |Provisions |0.0 |22.4 |26.3 |33.0 |40.6 |49.4 |59.3 |70.5 |0.0 |22.4 |33.0 |49.4 |70.5 |- |Non-current liabilities |269.2 |61.1 |59.6 |68.5 |75.9 |85.1 |92.1 |102.2 |56.4 |61.1 |68.5 |85.1 |102.2 |- |Deferred revenue |30.2 |29.6 |29.5 |35.9 |40.9 |47.6 |52.1 |59.7 |25.8 |29.6 |35.9 |47.6 |59.7 |- |Lease liabilities |33.5 |31.0 |28.5 |31.0 |33.5 |35.9 |38.4 |40.9 |30.6 |31.0 |31.0 |35.9 |40.9 |- |Provisions |0.0 |0.5 |1.6 |1.6 |1.6 |1.6 |1.6 |1.6 |0.0 |0.5 |1.6 |1.6 |1.6 |- |Convertible loan, host contract |98.6 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |- |Convertible loan, embedded derivative |106.9 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |- |Total liabilities |442.9 |297.2 |308.1 |365.2 |410.0 |467.2 |512.4 |580.5 |209.1 |297.2 |365.2 |467.2 |580.5 |- |Equity |(145.6) |258.3 |266.9 |239.7 |220.8 |212.8 |205.5 |197.7 |23.9 |258.3 |239.7 |212.8 |197.7 |- |Share capital |0.0 |9.8 |9.8 |9.8 |9.8 |9.8 |9.8 |9.8 |0.0 |9.8 |9.8 |9.8 |9.8 |- |Share premium |43.6 |224.8 |0.3 |0.3 |0.3 |0.3 |0.3 |0.3 |170.4 |224.8 |0.3 |0.3 |0.3 |- |Merger reserve |0.0 |305.8 |305.8 |305.8 |305.8 |305.8 |305.8 |305.8 |0.0 |305.8 |305.8 |305.8 |305.8 |- |Foreign currency translation reserve |(4.4) |(4.4) |(4.4) |(4.4) |(4.4) |(4.4) |(4.4) |(4.4) |(4.4) |(4.4) |(4.4) |(4.4) |(4.4) |- |Stock compensation reserve |26.7 |35.7 |51.5 |68.2 |87.3 |109.3 |134.0 |161.9 |20.9 |35.7 |68.2 |109.3 |161.9 |- |Treasury shares |0.0 |(0.8) |(14.3) |(14.3) |(14.3) |(14.3) |(14.3) |(14.3) |0.0 |(0.8) |(14.3) |(14.3) |(14.3) |- |Retained loss |(211.5) |(312.6) |(81.8) |(125.7) |(163.8) |(193.7) |(225.7) |(261.4) |(163.0) |(312.6) |(125.7) |(193.7) |(261.4) |- |Total Equity + liabilities |297.3 |555.4 |575.0 |604.9 |630.7 |680.0 |718.0 |778.2 |232.9 |555.4 |604.9 |680.0 |778.2 |} {| class="wikitable" |+Table 14: Darktrace: Cash flow statement<ref name=":0" /> |$ (m); FY ends in Jun |1H22 |2H22E |1H23E |2H23E |1H24E |2H24E |2020 |2021 |2022E |2023E |2024E |- |Loss for the period after tax |5.9 |(43.9) |(38.0) |(29.9) |(32.0) |(35.7) |(28.7) |(149.6) |(38.0) |(68.0) |(67.7) |- |Depreciation of PPE and RoU assets |13.2 |14.3 |15.5 |16.6 |18.0 |19.5 |21.1 |24.5 |27.5 |32.1 |37.5 |- |Amortization of intangible assets |3.1 |1.9 |2.1 |2.4 |2.7 |3.1 |1.4 |2.7 |5.0 |4.5 |5.9 |- |Amortization of capitalized commission |9.8 |11.4 |14.1 |17.0 |20.1 |23.3 |10.4 |14.1 |21.2 |31.1 |43.4 |- |Impairment of capitalized commission |0.7 |0.0 |0.0 |0.0 |0.0 |0.0 |0.0 |1.1 |0.7 |0.0 |0.0 |- |Operating cash flow before movements in working capital |54.3 |3.2 |15.7 |30.8 |36.3 |40.9 |23.1 |20.6 |57.5 |46.5 |77.2 |- |Working capital changes |4.2 |20.5 |22.0 |10.4 |15.2 |17.9 |(6.7) |40.8 |24.8 |32.4 |33.1 |- |Increase in trade and other receivables |8.9 |(11.9) |5.2 |(15.1) |5.4 |(10.5) |(25.6) |(17.7) |(2.9) |(9.9) |(5.1) |- |Increase in capitalized commission |(17.2) |(22.3) |(25.5) |(29.3) |(33.0) |(37.2) |(19.1) |(28.7) |(39.5) |(54.8) |(70.2) |- |(Decrease)/Increase in trade and other payables |(1.8) |5.9 |1.7 |1.1 |2.4 |4.0 |10.8 |(1.2) |4.2 |2.9 |6.5 |- |Increase in Provisions |4.7 |6.7 |7.7 |8.8 |9.9 |11.2 |0.0 |22.9 |11.4 |16.4 |21.0 |- |Increase in deferred revenue |9.6 |42.0 |32.9 |44.9 |30.4 |50.4 |27.3 |65.3 |51.6 |77.7 |80.8 |- |Net cash flow from operating activities before tax |58.6 |23.7 |37.7 |41.2 |51.5 |58.8 |16.5 |61.3 |82.2 |78.9 |110.3 |- |Tax (paid)/received |(1.4) |(1.5) |(1.5) |(1.5) |(1.5) |(1.5) |2.9 |(1.4) |(2.9) |(3.0) |(3.0) |- |Net cash flow from operating activities |57.1 |22.2 |36.2 |39.7 |50.0 |57.3 |19.4 |59.9 |79.3 |75.9 |107.3 |- |Development costs, capitalized |(0.6) |(2.8) |(3.3) |(3.8) |(4.4) |(5.0) |(2.8) |(2.7) |(3.4) |(7.1) |(9.4) |- |Purchase of property, plant and equipment |(13.3) |(17.8) |(16.6) |(19.0) |(21.4) |(24.2) |(20.4) |(22.6) |(31.1) |(35.6) |(45.6) |- |Finance income |0.1 |0.1 |0.1 |0.1 |0.1 |0.1 |0.1 |0.1 |0.1 |0.1 |0.1 |- |Cash flow from investing activities |(13.8) |(20.6) |(19.8) |(22.8) |(25.7) |(29.1) |(22.8) |(25.3) |(34.4) |(42.6) |(54.9) |- |Cash flow from financing activities |(16.9) |(3.9) |(3.9) |(3.9) |(3.9) |(3.9) |(6.8) |250.6 |(20.8) |(7.8) |(7.8) |- |Net change in cash |26.4 |(2.3) |12.5 |13.0 |20.4 |24.3 |(10.2) |285.2 |24.1 |25.5 |44.7 |- |Cash at the beginning of the year |342.4 |365.8 |363.5 |375.9 |389.0 |409.4 |64.4 |53.9 |342.4 |363.5 |389.0 |- |FX impact |(3.0) |0.0 |0.0 |0.0 |0.0 |0.0 |(0.3) |3.2 |(3.0) |0.0 |0.0 |- |Cash at the end of the year |365.8 |363.5 |375.9 |389.0 |409.4 |433.7 |53.9 |342.4 |363.5 |389.0 |433.7 |}
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