SecureWorks Annual Report 2023

FY2023 Annual Report · SecureWorks
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May 17, 2023 
Dear Secureworks Stakeholder: 
In 2022, we accelerated the transformation of our company with our Taegis™ XDR platform, the next generation of 
cybersecurity technology.  To fulfill our company Purpose to Secure Human Progress, Secureworks is taking a 
proactive, data-science driven approach to cyber defense, enabling organizations to bolster their security posture 
with the power of Secureworks’ technology and security expertise.   We delivered Taegis revenue growth of 120% 
during fiscal year 2023, and ended the year with more than 80% of our annual recurring revenue (ARR) from Taegis 
solutions. 
Securing our Customers 
Our top priority is enabling our customers and partners to fulfill their missions by keeping them secure, and we 
partner with thousands of organizations responsible for the health, livelihood, and prosperity of the communities 
they serve. Governments, businesses, and individuals are all subject to a relentless, sophisticated, and complex threat 
landscape, and cannot solve their security challenges with either people or point solutions alone.  All face the need 
to secure a broader and more porous attack surface, driven by the continued migration of critical data workloads to 
cloud applications and transformation of their digital presence in support of a hybrid workforce. Regulatory scrutiny 
of cyber security rigor and compliance are increasing, and most organizations don't have the necessary level and 
diversity of cybersecurity expertise in-house. 
We designed Taegis to address these challenges by seamlessly securing the diversity and complexity of evolving 
customer technology environments and leveraging our deep expertise and threat intelligence data.  
Innovation and Transformation 
The decision to make our strategic shift and invest in the next generation of security technology began with our 
recognition of the need for greater collaboration and innovation as a community. Secureworks is a product-led 
Software-as-a-Service, or SaaS, company with $261 million of ARR from Taegis, representing over 80% of our total 
ARR as of year-end fiscal 2023, up from 42% of the total at the end of the previous year. Since launching Taegis in 
2020, we’ve delivered a 3-year compound annual growth rate of 156% in Taegis ARR, and 2,000 Taegis customers 
are now seeing the benefits of our XDR-based approach to managed detection and response.  
Security is a big data challenge – and opportunity – and we continue to innovate to outpace and outmaneuver the 
adversary.  With thousands of security investigations and incident response activities each year, our platform 
leverages these insights to create machine-readable threat intelligence that updates our detectors every hour of every 
day.  The quantity and quality of data drive machine-learning model performance, creating that virtuous cycle of 
protection for all. Taegis powers the critical ability to detect and respond with unmatched speed in real time, reduces 
alert noise, prevents threat actors from lingering in blind spots, and enables rapid high-fidelity response to prevent 
costly breaches.  
The Taegis platform also was designed for optionality around who manages detection and response activities, giving 
organizations flexibility and choice in the design of their security program management. Last year, we announced 
our commitment to “Partner First,” elevating our collaboration with critical managed service and solution providers, 
as well as technology alliance partners.  
As we complete the sunset of several non-strategic service lines, we have been actively aligning our expense base to 
our new, go-forward business, benefiting from the scaled, higher margin solutions on the Taegis platform. With the 
growth and scale of Taegis, and our ability to reduce duplicative costs, we are on a path to profitable growth. 
Our Commitment to ESG 
As we have transformed our business, we have continually shown our commitment to sustainability, social 
responsibility, and corporate governance. There is no doubt that cultural diversity fosters creativity, increases 

collaboration, and enhances innovation in how we protect customers. We are proud of our 8% year-over-year 
increase in diverse representation in our workforce.    
Fiscal year 2023 was also marked by several achievements in our governance practices, as we continue to pride 
ourselves on setting a tone of accountability to ensure financial reporting controls remain effective. Above all else, 
we are grateful to work with one of the world’s great cybersecurity teams, whose spirit and dedication inspire us 
every day. Thank you to our Board and teammates around the globe for their diligence and integrity, engraining 
compliance into all we do.  
On behalf of the entire Secureworks team, we thank you for investing in our vision to transform security as Taegis 
defines the future of threat detection and analysis and drives superior long-term and sustainable growth and value 
creation for investors.  We look forward to our continued partnership in 2023 and beyond. 
Sincerely, 
Wendy K. Thomas, 
Chief Executive Officer 
Operating Metrics
The Company defines annual recurring revenue (ARR) as the value of its subscription contracts as of a particular date. 
Because the Company uses recurring revenue as a leading indicator of future annual revenue, it includes operational 
backlog. Operational backlog is defined as the recurring revenue associated with pending contracts, which are contracts that 
have been sold but for which the service period has not yet commenced.
Special Note Regarding Forward-Looking Statements
This letter contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 
and Section 27A of the Securities Act of 1933. Forward-looking statements in this letter include statements related to our 
operations, results of operations, product and service offerings and other matters that are based on our current expectations, 
estimates, assumptions and projections. In some cases, words such as “will,” “plan,” “believe” and similar expressions are 
used to identify these forward-looking statements. Secureworks’ expectations expressed or implied in these forward-looking 
statements may not turn out to be correct. Secureworks’ actual results could be materially different from our expectations 
because of various risks and uncertainties including, but not limited to, competitive uncertainties and general economic and 
business conditions in Secureworks’ markets as well as the other risks and uncertainties that are described in Secureworks’ 
periodic and current reports and other filings with the Securities and Exchange Commission, which are available for review 
through the SEC’s website at www.sec.gov. Any forward-looking statement speaks only as of the date as of which such 
statement is made, and, except as required by law, we undertake no obligation to update any forward-looking statement after 
the date as of which such statement was made, whether to reflect changes in circumstances or our expectations, the 
occurrence of unanticipated events, or otherwise.

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Other annual reports

2024 Report ↗ 2023 Report ↗ 2022 Report ↗ 2021 Report ↗ 2020 Report ↗

Peers & competitors

PAYO Payoneer Global Inc. ↗ BKKT-WT Bakkt Holdings, Inc. ↗ HAIVF Haivision Systems Inc. ↗ IIIV i3 Verticals, Inc. ↗ ERDLF EROAD Limited ↗