The following is a summary of the SecureWorks Corp. (SCWX) Q4 2024 Earnings Call Transcript:

Financial Performance:

• SecureWorks reported Q4 total revenue of $89.2 million, exceeding the guidance of $86 million to $88 million.

• Taegis subscription revenue stood at $68.9 million, marking a 15% YoY growth.

• The Q4 non-GAAP Taegis gross margin was 73.1% and the adjusted EBITDA was $3.8 million, exceeding breakeven forecasts.

• For the full year of 2024, Taegis revenue grew 41% to $265 million, while non-GAAP adjusted EBITDA improved YoY from a loss of $59 million to a loss of $28 million.

Business Progress:

• The quarter ended with SecureWorks having 2,000 Taegis customers and a 9% YoY growth in endpoint count.

• Through AI, automation, and a strong partner ecosystem, the company plans to improve business efficiency and profitability.

• Projections for FY 2025 include total ARR of $300 million or greater, total revenue of $325 to $335 million, and adjusted EBITDA between $4 million to $12 million.

• The company is near completing its business transformation, with 96% of total ARR coming from Taegis. Partnership ecosystem expansion continues, with strong demand for the open XDR platform solution.

• There are plans for further investment in innovations for the Taegis XDR solution, as AI capabilities enhance security outcomes amidst increasingly complex threats.

More details: Secureworks IR

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