Friday, 03 December 2021 12:37

Secureworks Taegis records 193% revenue growth

By Secureworks

COMPANY NEWS: Security company Secureworks has released its financial results for the third quarter ending on 29 October 2021.

The highlights of the financial results are:

• Secureworks Taegis grew to US$123 million in annual recurring revenue (ARR), an increase of over 20% sequentially and 193% on a year-over-year basis.
• Ended the third quarter of fiscal 2022 with 800 customers on the Taegis cloud-native security platform.
• Both GAAP and Non-GAAP gross margins rose to 60.4% and 63.6%.
• Won Frost & Sullivan's 2021 Best Practices Company of the Year, for the visionary innovation of Taegis XDR and Secureworks' demonstrated commitment to enabling customers with different needs and maturity levels to benefit from an XDR-powered defence.

"The strength of our Taegis cloud-native security platform is generating strong industry validation and positive customer feedback," explains Secureworks CEO Wendy Thomas. “We continue to be encouraged by customer reception to our business model shift and are proud of the expansion we are seeing with Taegis adoption."

Third quarter fiscal 2022 financial highlights:

• Taegis revenue grew 161% from the third quarter of fiscal 2021 to US$23.9 million.
• Overall revenue was US$133.7 million, a decrease of 5.6% from the third quarter of fiscal 2021, reflective of our continued shift to higher-margin business.
• GAAP gross margin was 60.4%, compared with 57.9% in the same period last year. Non-GAAP gross margin was 63.6% compared with 60.7% in the third quarter of fiscal 2021.
• GAAP net loss was USD$12.9 million, or USD$0.15 per share, compared with USD$3.6 million, or US$0.04 per share, in the prior year. Non-GAAP net income was US$1.2 million, or US$0.01 per share, compared with net income of US$6.7 million, or USD$0.08 per share, in the same period last year.
• Adjusted EBITDA for the quarter was US$4.7 million, compared with USD$11.3 million in the third quarter of fiscal 2021.
• Ended the third quarter with USD$205 million in cash and cash equivalents.

"As we actively shift the company to a higher-margin mix of solutions, GAAP subscription gross profit margins are expanding – up this quarter over 300 bps from last year,” comments Secureworks chief financial officer Paul Parrish.

Secureworks also disclosed the following business and operational highlights such as:
• Recognised as Leader in the IDC MarketScape: U.S. Managed Detection and Response Services 2021 Assessment
• Recognised as Leader in the IDC MarketScape: Worldwide Incident Readiness Services 2021 Assessment
• Winner of Security Current's inaugural CISO Choice Award for Security Analytics recognising the company for real-world innovation that addresses emerging risks in new and creative ways.
• Winner of CyberSecurity Breakthrough's Cloud Based Network Security Solution of the Year award.
• Released Taegis NGAV next-generation endpoint threat prevention and ManagedXDR Elite to deliver continuous threat hunting with a designated threat hunter.
• Expanded international operations with new cloud instance in Frankfurt, Germany, for European Union (EU) customers and channel partners.

For the fourth quarter of fiscal 2022, the Secureworks forecasts the following financial outlook:
• Revenue of US$128 million to US$130 million.
• GAAP net loss per share of US$0.24 to US$0.23 and net loss per share performance on a non-GAAP basis of US$0.09 to US$0.07.

Secureworks is providing the following updated guidance for full fiscal year 2022. It expects:

Fiscal Year 2022 Guidance
Taegis ARR: at least US$155 million
Taegis revenue: US$90 million to US$92 million
Total revenue: US$535 million to USD$537 million
GAAP net income: US$51 million to US$50 million; US$0.62 to US$.60 per share
Non-GAAP net income: US$2 million to 0 per share
Adjusted EBITDA: US$9 million to US$11 million
Cash from operations: US$8 million to US10 million

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