SecureWorks Corp (SCWX) 2025 Q2 法說會逐字稿

Good morning. My name is Colin, and I'll be the conference operator for today. At this time, I'd like to welcome everyone to the SecureWorks' second quarter fiscal 2025 financial results conference call. (Operator Instructions) A supplemental slide presentation to company's prepared remarks can be found on the company's website.

早安.我叫科林，今天我將擔任會議主持人。現在，我歡迎大家參加 SecureWorks 2025 財年第二季財務業績電話會議。（操作員指示）可以在公司網站上找到公司準備好的評論的補充幻燈片演示。

(Operator Instructions) At this time, I would like to turn the call over to Kevin Toomey, SecureWorks' Vice President of Investor Relations. Mr. Toomey, please begin.

（操作員指示）現在，我想將電話轉給 SecureWorks 投資者關係副總裁 Kevin Toomey。請圖米先生開始。

Thank you, operator. Good morning, and welcome to the SecureWorks' second quarter fiscal 2025 earnings call. Joining me today are Wendy Thomas, our Chief Executive Officer; and Alpana Wegner, our Chief Financial Officer.

謝謝您，接線生。早安，歡迎參加 SecureWorks 2025 財年第二季財報電話會議。今天與我一起的還有我們的執行長溫蒂·托馬斯 (Wendy Thomas) 和我們的財務長阿爾帕納·韋格納 (Alpana Wegner)。

During this call, unless otherwise indicated, we will reference non-GAAP financial measures. You'll find the reconciliations between these GAAP and non-GAAP measures in the press release and presentation posted on our website earlier today.

在本次電話會議中，除非另有說明，我們將參考非公認會計準則財務指標。您可以在今天早些時候在我們網站上發布的新聞稿和簡報中找到這些 GAAP 和非 GAAP 指標之間的對帳。

Finally, I'd like to remind you that all statements made during this call that relate to future results and events are forward-looking statements based on current expectations. Actual results and trends could differ materially from those projected due to a number of risks and uncertainties which are discussed in our press release, web deck, and SEC filings, which you can also find on the Investor Relations website at investors.secureworks.com. We assume no obligation to update our forward-looking statements. With that, I'll turn the call over to SecureWorks' CEO, Wendy Thomas.

最後，我想提醒大家，本次電話會議中所有與未來結果和事件相關的陳述均為基於當前預期的前瞻性陳述。由於諸多風險和不確定因素，實際結果和趨勢可能與預期有重大差異。這些風險和不確定因素已在我們的新聞稿、網頁和美國證券交易委員會 (SEC) 文件中進行了討論，您也可以造訪投資者關係網站 investors.secureworks.com 取得。我們不承擔更新前瞻性陳述的義務。說完這些，我將把電話轉給 SecureWorks 的執行長 Wendy Thomas。

Thank you, Kevin, and welcome, everyone. Our business continued its strong momentum in the second quarter. Taegis revenue grew 7% year over year to $71 million and we delivered on our Q2 total revenue commitment.

謝謝凱文，歡迎大家。我們的業務在第二季度繼續保持強勁勢頭。Taegis 的營收年增 7%，達到 7,100 萬美元，我們兌現了第二季總營收承諾。

Annual recurring revenue or ARR now stands at $290 million, driven by the strength in new customer acquisition and expansion. And our Taegis average revenue per customer or ARPC expanded to $150,000 per customer.

受新客戶獲取和擴張的強勁推動，年度經常性收入或 ARR 目前已達到 2.9 億美元。我們的 Taegis 每位客戶平均收入或 ARPC 擴大到每位客戶 15 萬美元。

Our non-GAAP Taegis gross margin of 74% remained strong, growing 360 basis points year over year. And we delivered positive adjusted EBITDA once again this quarter. We are demonstrating that the security outcomes delivered by our Taegis platform.

我們的非 GAAP Taegis 毛利率保持強勁，為 74%，較去年同期成長 360 個基點。本季我們再次實現了正調整後 EBITDA。我們正在展示我們的 Taegis 平台所提供的安全成果。

The success of our partner ecosystem and our advanced automation and AI capabilities are propelling the growth of our business profitably, and they give us ample runway to further benefit from the scale that our business model offers. And Taegis is increasingly receiving accolades from industry experts. SecureWorks was recently recognized as the gold winner in the Golden Bridge Awards in the category of AI and cybersecurity innovation. The only company out of more than 1,000 nominated to win this award, a testament to our commitment to excellence and innovation, helping organizations reduce cyber risk and prevent cyber-attacks, by harnessing the power of AI in managed detection and response.

我們的合作夥伴生態系統的成功以及我們先進的自動化和人工智慧能力正在推動我們業務的獲利成長，並為我們提供了充足的空間，以進一步受益於我們的商業模式所提供的規模。泰吉斯也越來越受到業界專家的讚譽。SecureWorks 最近被評為金橋獎人工智慧和網路安全創新類別的金獎得主。在超過 1,000 家提名公司中，我們是唯一一家獲得該獎項的公司，這證明了我們對卓越和創新的承諾，透過利用人工智慧在託管檢測和回應中的力量，幫助組織降低網路風險並防止網路攻擊。

In the second quarter, we progressed our growth strategy in several key areas. Specifically, we launched Taegis IDR, our new identity threat detection and response solution solving a threat vector that has plagued companies for years and furthering the protection of our customers.

第二季度，我們在幾個關鍵領域推進了成長策略。具體來說，我們推出了 Taegis IDR，這是我們的新身分威脅偵測和回應解決方案，解決了困擾公司多年的威脅載體，並進一步保護了我們的客戶。

We gained traction across our global partner ecosystem, adding new key partners, increasing momentum and sales productivity, and partner win rates. And we continue to increase the extensibility of our platform to enable customization of playbooks, integrations, and advanced detectors to drive scale in the platform and increasing margins for partners and for us.

我們在全球合作夥伴生態系統中獲得了關注，增加了新的關鍵合作夥伴，提高了發展勢頭和銷售生產力以及合作夥伴成功率。我們將繼續提高平台的可擴展性，以實現劇本、整合和高級檢測器的定制，從而推動平台規模的擴大，並提高合作夥伴和我們的利潤率。

I'll turn to product innovation in the second quarter, starting with a significant product advancement in identity security. First for background, as traditional cyber defenses have hardened, attackers are taking advantage of vulnerable user identities with nearly 80% of breaches involving some form of identity compromised in the mix.

我將在第二季轉向產品創新，首先是身分安全的重大產品進步。首先介紹一下背景，隨著傳統網路防禦的加強，攻擊者正在利用脆弱的用戶身份，近 80% 的違規行為涉及某種形式的身份洩露。

And given that identity misconfiguration impact 95% of organizations, the risk here remains high. To put that risk into context, the average cost of a data breach reported last year was $4.5 million. In speaking with CISOs, this is often the number one fear that keeps them up at night, one that isn't covered by traditional controls such as endpoints.

鑑於身分配置錯誤影響了 95% 的組織，這裡的風險仍然很高。為了更清楚地說明這項風險，去年報告的資料外洩平均成本為 450 萬美元。在與 CISO 交談時，這通常是讓他們夜不能寐的首要擔憂，而端點等傳統控制措施無法涵蓋這個問題。

This is why we built and launched Taegis IDR, our identity threat detection and response solution to help security leaders detect, prioritize, and respond to identity-based threats across their organizations environment and on the dark web.

這就是我們建立和推出 Taegis IDR（我們的身分威脅偵測和回應解決方案）的原因，旨在幫助安全領導者偵測、優先處理和回應其組織環境和暗網上的基於身分的威脅。

Conventional identity and access management controls like multi-factor authentication are helpful, but insufficient. Taegis IDR provides comprehensive attack surface coverage of credential access techniques, providing visibility into identities, monitoring for gaps in the environment, flagging risky user behaviors, alerting when credentials have been exposed on the dark web and detecting and accelerating response to identity-based threats in lockstep with Taegis XDR.

傳統的身份和存取管理控制（如多因素身份驗證）很有幫助，但還不夠。Taegis IDR 提供憑證存取技術的全面攻擊面覆蓋，提供身分可見性，監控環境中的漏洞，標記危險的使用者行為，在憑證暴露於暗網時發出警報，並與 Taegis XDR 同步偵測和加速對基於身分的威脅的回應。

Like all threats, speed is of the essence and these capabilities and a time to detect that's counted in seconds are superior to what we see in the market today, and these will make a meaningful difference in protecting our customers' environments from one of the most prevalent and lucrative attack vectors deployed by threat actors.

與所有威脅一樣，速度至關重要，這些功能和以秒為單位的檢測時間優於我們目前在市場上看到的，這些將在保護我們客戶的環境免受威脅行為者部署的最普遍和最有利可圖的攻擊媒介之一方面發揮重要作用。

I'm pleased with the feedback from our early adopters on Taegis IDR and the results they are experiencing. Customers appreciate Taegis IDR's ability to rapidly detect gaps and other missed configurations in their environments, particularly in areas of misconfiguration and vulnerable exposures across the Azure and Microsoft ecosystems.

我很高興看到早期採用者對 Taegis IDR 的回饋以及他們所體驗到的結果。客戶讚賞 Taegis IDR 能夠快速檢測其環境中的差距和其他遺漏的配置，特別是在 Azure 和 Microsoft 生態系統中的錯誤配置和易受攻擊的領域。

Taegis IDR ensures customers can close those gaps, while preventing threat actors from accessing and then moving laterally within their network. This quarter, we also launched a more personalized MDR offering with guidance on proactive security posture management and defense called Taegis ManagedXDR Plus many organizations struggle to find tailored cybersecurity solutions that fit their unique needs at an affordable price.

Taegis IDR 確保客戶能夠彌補這些漏洞，同時阻止威脅行為者存取其網路並在其網路內橫向移動。本季度，我們也推出了更個人化的 MDR 產品，名為 Taegis ManagedXDR Plus，其中包含主動安全態勢管理和防禦指導，許多組織都在努力尋找以合理的價格滿足其獨特需求的客製化網路安全解決方案。

They often have to settle for a one-size-fits-all approaches that don't offer the proactive defenses they need for resilience. The Taegis Plus offering addresses this gap by providing a more targeted threat hunting experience, personalized security health guidance, and customized reporting to support compliance with a growing set of regulatory requirements.

他們常常必須採用一刀切的方法，而這種方法無法提供他們所需的主動防禦能力。Taegis Plus 產品透過提供更有針對性的威脅搜尋體驗、個人化的安全健康指導和客製化報告來彌補這一差距，以支援遵守日益增長的監管要求。

With this offering. We are making good on our commitments to help our customers mature their security posture over time with a clear return on their investments. This too grows our share of wallet further propelling our industry leading ARPC.

有了這個祭品。我們正在履行承諾，幫助我們的客戶隨著時間的推移完善他們的安全態勢，並獲得明顯的投資回報。這也增加了我們的錢包份額，進一步推動了我們領先業界的 ARPC。

Shortly after we launched our Plus offering last quarter, we won a multiyear contract with a leading real estate development company in the Middle East. This company had a local MSSP relationship that was not providing the capabilities that they needed to address.

上個季度我們推出 Plus 產品後不久，就與中東一家領先的房地產開發公司簽訂了一份多年合約。該公司與當地的 MSSP 有合作關係，但該關係並未提供他們需要解決的功能。

Gaps and threat detection were falling on their lean team, which meant they had little to no time to proactively manage the security posture of their organization in the face of rising cyber-attacks on their business.

漏洞和威脅偵測落在了他們精幹的團隊身上，這意味著面對日益增加的網路攻擊，他們幾乎沒有時間主動管理組織的安全態勢。

This customer chose ManagedXDR Plus for the personalized proactive approach to getting ahead of the risks, improving their security posture, addressing the regulatory compliance requirements, while scaling their security team all at a meaningful return on investment.

該客戶選擇 ManagedXDR Plus 是為了透過個人化的主動方法來應對風險、改善安全態勢、滿足法規遵循要求，同時擴大安全團隊規模，從而獲得可觀的投資回報。

Our Taegis platform is also supporting our go-to-market momentum, but the industry is experiencing an inflection point in the approach to security resilience. We see this in the displacement not only of legacy security technologies, but also in the consolidation of spend on and the number of technology partners.

我們的 Taegis 平台也支持我們進入市場的勢頭，但該行業在安全彈性方法方面正經歷一個轉折點。我們看到，不僅傳統安全技術的取代，技術合作夥伴的支出和數量也不斷增加。

Via our Taegis XDR platform, we are expanding to address a growing set of security use cases such as identity and exposure management. Our open and integrated approach de-risks the consolidation of technologies with full visibility into the efficacy of Taegis endpoint controls, ensuring Taegis is well positioned as organizations reevaluate their security investments and resilient strategies.

透過我們的 Taegis XDR 平台，我們正在擴展以解決越來越多的安全用例，例如身分識別和暴露管理。我們的開放和整合方法降低了技術整合的風險，並全面展示了 Taegis 端點控制的有效性，確保 Taegis 在組織重新評估其安全投資和彈性策略時處於有利地位。

Our support of choice means that customers can work within their own time constraints around their technology evolution with optionality to evolve their security controls to save vendor spend and management costs at a compelling per endpoint pricing model that has no surprise variable data charges.

我們的選擇支援意味著客戶可以在自己的時間限制內圍繞其技術發展開展工作，並可選擇發展其安全控制，以節省供應商支出和管理成本，並以具有吸引力的每個端點定價模型進行定價，而不會產生意外的可變數據費用。

Last quarter, we won a consolidation opportunity with a leading multinational electronics company where the team had invested in multiple security products in recent years, but were not seeing the results they had hoped for. Their team was even more overwhelmed with alerts from a variety of costly and unconnected security controls, while facing rising cyber risks to their business.

上個季度，我們贏得了與一家領先的跨國電子公司的合併機會，該公司的團隊近年來投資了多種安全產品，但並沒有看到他們所希望的結果。他們的團隊被各種昂貴且不相關的安全控制發出的警報壓得喘不過氣來，同時他們的業務也面臨日益增加的網路風險。

This customer was seeking valid detections and the automation required to scale their existing SecOps team. By consolidating on Taegis, they immediately benefited from fewer, higher fidelity detections with full threat context and automated response capabilities.

該客戶正在尋求有效的檢測和擴展其現有 SecOps 團隊所需的自動化。透過整合 Taegis，他們立即受益於更少、更高保真度的檢測、完整的威脅背景和自動回應功能。

The ability to seamlessly manage security operations, 24/7 with a predictable and compelling total cost of ownership, led them to make SecureWorks their global security partner. We also saw great momentum across our global partner ecosystem this quarter, with the addition of new key partners and acceleration in our deals won together.

由於能夠無縫管理安全營運、全天候運行，並且總擁有成本可預測且極具吸引力，因此他們選擇 SecureWorks 作為其全球安全合作夥伴。本季度，我們的全球合作夥伴生態系統也呈現出強勁發展勢頭，增加了新的重點合作夥伴，共同贏得的交易也加速了。

This quarter, we expanded the number of partners we have with global reach, while offering all of our partners' strong operating margins, customized sales and technical enablement and marketing collaboration.

本季度，我們擴大了全球合作夥伴的數量，同時為所有合作夥伴提供強勁的營業利潤率、客製化的銷售和技術支援以及行銷合作。

The broader channel increasingly appreciates the competitive advantages that Taegis and the SecureWorks suite of solutions offer, demonstrably reducing risk and supporting resilience, increasing the market's recognition that XDR represents the next era in security.

更廣泛的管道越來越重視 Taegis 和 SecureWorks 解決方案套件所提供的競爭優勢，這些優勢明顯地降低了風險並支持了彈性，提高了市場對 XDR 代表安全新時代的認可。

Supported by the growing success and our partner first go-to-market, we saw increasing momentum in sales productivity with our better together go to market motion in 2Q and our partner win rate improved to the highest level since we launched our partner first go-to-market motion.

在不斷增長的成功和合作夥伴優先上市的支持下，我們在第二季度採取了更好的共同上市行動，看到了銷售生產力不斷增長的勢頭，我們的合作夥伴成功率提高到了自我們推出合作夥伴優先上市行動以來的最高水平。

In Q2, approximately 80% of global Taegis new logo sales closed were partner deals, reflecting the security value Taegis-based solutions bring to their customers. In the second quarter, we also continued to add to the more than 50 managed security services partners in our program.

在第二季度，Taegis 新標誌全球銷售中約有 80% 是透過合作夥伴交易達成的，這反映了基於​​ Taegis 的解決方案為其客戶帶來的安全價值。在第二季度，我們也繼續在我們的計劃中增加 50 多個託管安全服務合作夥伴。

I'll highlight one MSSP partnership signed this quarter with a premier provider of IT and technology solutions. This partner is delivering managed detection and response services powered by the Taegis XDR platform to protect its elite clients across the financial services, life sciences, and professional services sectors.

我將重點介紹本季與頂級 IT 和技術解決方案提供商簽署的 MSSP 合作夥伴關係。該合作夥伴提供由 Taegis XDR 平台提供支援的託管檢測和回應服務，以保護其金融服務、生命科學和專業服務領域的精英客戶。

This partner made a seven figure ARR commitment upfront, beginning with the transition of customers from its legacy SIEM technology onto the Taegis platform to drive higher retention and margin expansion for their business.

該合作夥伴預先做出了七位數的 ARR 承諾，首先是將客戶從其傳統的 SIEM 技術過渡到 Taegis 平台，以提高其業務的保留率和利潤率。

Partnerships like this, provide further validation of Taegis' ability to drive scale for large managed security services providers, empowering them to provide organizations of all sizes with access to enterprise level security within an attractive business model.

此類合作進一步證明了 Taegis 有能力推動大型託管安全服務提供者的規模化發展，使他們能夠以極具吸引力的商業模式為各種規模的組織提供企業級安全保障。

In conclusion, Taegis is defining the future of threat detection and response, driving superior sustainable growth and value creation. Our agile expansion of features and capabilities to protect against threat actor access vectors, delivering organizations' improved security risk postures and the best security outcomes and are open without compromise approach.

總之，Taegis 正在定義威脅檢測和回應的未來，推動卓越的永續成長和價值創造。我們敏捷地擴展功能和能力，以防止威脅行為者的存取媒介，為組織提供改進的安全風險態勢和最佳的安全結果，並採取開放而不妥協的方法。

These combined with our growing successful partnership ecosystem, put us at an advantage in an environment where vendor consolidation and scaling spend on both security technology and talent are top priorities.

這些與我們日益成功的合作夥伴生態系統相結合，使我們在供應商整合和擴大安全技術和人才支出是首要任務的環境中處於優勢。

Demand for our Taegis security offerings remains strong. Taegis is the platform of choice for organizations to bolster their security posture at a proven return on investment, driving our growth now and into the future. I want to thank you for investing in our mission to secure human progress, and thank you to our customers and partners for joining forces with us. With that, I'd like to hand the call over to Alpana to cover our financial results and guidance.

市場對我們的 Taegis 安全產品的需求仍然強勁。Taegis 是各組織機構以經過驗證的投資回報率增強其安全態勢的首選平台，可推動我們現在和未來的成長。我要感謝你們對我們確保人類進步的使命的投資，並感謝我們的客戶和合作夥伴與我們攜手合作。說完這些，我想把電話交給 Alpana 來介紹我們的財務表現和指導。

Thanks, Wendy. Good morning, everyone. I will review our Q2 results before I provide expectations for Q3 and fiscal year '25. We once again hit our financial commitments in Q2. We delivered total revenue exceeding $82 million, which was at the high end of our expectations, primarily on the strength of subscription deals closing earlier in the quarter.

謝謝，溫迪。大家早安。在對第三季和 25 財年做出預期之前，我將回顧我們第二季的業績。我們在第二季再次履行了財務承諾。我們的總收入超過了 8,200 萬美元，這超出了我們的預期，這主要得益於本季早些時候完成的訂閱交易。

Year-over-year total revenue growth was impacted by a $13 million decline in revenue from the wind-down of our non-strategic legacy business. Taegis subscription revenue was $71 million, up 7% year over year. Total ARR increased 5% year over year to $290 million, in line with our expectations.

由於非策略性遺留業務的逐步關閉，收入下降了 1,300 萬美元，影響了同比總收入的成長。Taegis訂閱營收為 7,100 萬美元，較去年同期成長 7%。總 ARR 年增 5% 至 2.9 億美元，符合我們的預期。

Our ARPC was $150 thousand , up 14% year over year and remains a premium to the industry average, underscoring the value that Taegis provides to our customers. The growth in our ARPC was driven by strength in new logo and existing customer expansion.

我們的 ARPC 為 15 萬美元，比去年同期成長 14%，並且仍然高於行業平均水平，凸顯了 Taegis 為客戶提供的價值。我們的 ARPC 成長得益於新標誌和現有客戶擴張的推動。

We ended the quarter with 1,900 Taegis customers. We saw new customers added in the quarter at a higher ARPC than the customers that churned. As our Taegis pricing is largely on a per endpoint basis, growth in endpoints is another indicator of platform expansion. Our endpoint count grew more than 9% year over year in the second quarter. Our Q2 operating results were strong, reflecting our continued focus on operational efficiency, productivity improvements, and cost discipline.

本季結束時，Taegis 客戶數已達 1,900 家。我們發現本季新增客戶的 ARPC 高於流失的客戶。由於我們的 Taegis 定價主要基於每個端點，因此端點的成長是平台擴展的另一個指標。我們的端點數量在第二季度同比增長了 9% 以上。我們第二季的經營業績強勁，反映出我們持續專注於營運效率、生產力改善和成本控制。

Q2 non-GAAP Taegis subscription gross margin was 74.3%, an improvement of 360 basis points versus second quarter a year ago, driven by automation, continued cloud architecture scaling, and by leveraging our AI and machine learning capabilities across the business.

第二季非 GAAP Taegis 訂閱毛利率為 74.3%，較去年同期第二季提高 360 個基點，這得益於自動化、持續的雲端架構擴展以及在整個業務中利用我們的 AI 和機器學習能力。

Total non-GAAP gross margin expanded by 680 basis points to approximately 69% in the quarter. Total gross margins reflect the end-of-life of our other MSS business in Q1, resulting in revenue being nearly zero in Q2.

本季非公認會計準則總毛利率擴大 680 個基點至約 69%。總毛利率反映了我們其他 MSS 業務在第一季的結束，導致第二季的收入幾乎為零。

Adjusted EBITDA was $1 million in line with our guidance of $1 to $3 million and an improvement from a loss of $10 million in Q2 of the prior year. EBITDA was impacted with more than $1.3 million of redundant or transitional costs associated with the end-of-life of our other MSS business.

調整後的 EBITDA 為 100 萬美元，符合我們 100 萬至 300 萬美元的預期，且較去年同期第二季的 1,000 萬美元虧損有所改善。由於我們其他 MSS 業務的終止，EBITDA 受到了超過 130 萬美元的冗餘或過渡成本的影響。

GAAP net loss was $15 million for the second quarter or $0.17 per share compared with GAAP net loss of $32 million or $0.38 per share in the same period last year. Non-GAAP net income was breakeven or $0.00 per share compared with a non-GAAP net loss of $9 million or $0.10 per share in the same period last year.

第二季 GAAP 淨虧損為 1,500 萬美元，即每股 0.17 美元，去年同期 GAAP 淨虧損為 3,200 萬美元，即每股 0.38 美元。非公認會計準則淨收入為損益平衡或每股 0.00 美元，而去年同期的非公認會計準則淨虧損為 900 萬美元或每股 0.10 美元。

Turning to the balance sheet and capital allocation. We ended Q2 with a strong balance sheet with $48 million in cash, no debt, and an undrawn $50 million credit facility. Our cash flow from operations was $4 million in the quarter compared with $27 million used in the prior year period. The decreased use of our operating cash is driven by our focus on cost discipline, reduction in duplicative costs, and increase in operational efficiencies.

轉向資產負債表和資本配置。我們在第二季結束時擁有強勁的資產負債表，包括 4,800 萬美元的現金、沒有債務以及 5,000 萬美元的未提取信貸額度。本季我們的營運現金流為 400 萬美元，去年同期為 2,700 萬美元。我們減少營運現金的使用是因為我們注重成本控制、減少重複成本並提高營運效率。

As a reminder, our cash flow can fluctuate from quarter to quarter with the first half seasonally being a use of cash, primarily due to the timing of annual incentive payouts and the second half typically generating cash from operations.

提醒一下，我們的現金流每季都會有所波動，上半年是季節性的現金使用，主要是由於年度獎勵支出的時間，而下半年通常會從營運中產生現金。

Now turning to third quarter and full year fiscal '25 guidance. For Q3 fiscal year '25, we expect total revenue of $80 million to $82 million, adjusted EBITDA to be between breakeven and $2 million, and we expect a range of non-GAAP net loss per share of $0.01 to non-GAAP net income per share of $0.01.

現在轉向 25 財年第三季和全年指引。對於 25 財年第三季度，我們預計總營收為 8,000 萬美元至 8,200 萬美元，調整後的 EBITDA 將在盈虧平衡點至 200 萬美元之間，我們預計非 GAAP 每股淨虧損為 0.01 美元至非 GAAP 每股淨收益為 0.01 美元。

For the full year fiscal '25, we now expect total ARR to be $300 million or greater total revenue of $328 million to $335 million. Total non-GAAP gross margins to be 68%, inclusive of Taegis gross margins to be 74%.

對於 25 財年全年，我們目前預計總 ARR 將達到 3 億美元或更多，總收入為 3.28 億美元至 3.35 億美元。非 GAAP 總毛利率為 68%，其中 Taegis 毛利率為 74%。

Adjusted EBITDA to be between $6 million and $12 million, non-GAAP net income per share to be between $0.03 and $0.09, cash flow from operations to be between cash used of $2 million and cash generated of $8 million, and we expect CapEx to be in line with fiscal year '24.

調整後的 EBITDA 介於 600 萬美元至 1,200 萬美元之間，非 GAAP 每股淨收入介於 0.03 美元至 0.09 美元之間，經營活動產生的現金流介於所用現金 200 萬美元和所產生現金 800 萬美元之間，我們預計資本支出將與 24 財年持平。

In closing, our Q2 results give us confidence in our ability to meet our 2025 outlook. We are executing on our growth strategy and will continue to deliver additional value to our customers and partners by opportunistically investing in sales and marketing to accelerate our partner momentum and in product development on new and innovative capabilities, both across add-on and native security products. We remain committed to EBITDA profitability as we continue to drive scale in our business.

最後，我們的第二季業績讓我們對實現 2025 年願景的能力充滿信心。我們正在執行我們的成長策略，並將繼續透過機會投資銷售和行銷來加速我們的合作夥伴發展勢頭，並在附加和原生安全產品上開發新的創新功能，從而為我們的客戶和合作夥伴提供額外的價值。在持續擴大業務規模的同時，我們仍將致力於提高 EBITDA 獲利能力。

Thank you for joining us on the call today. Wendy will now rejoin us as we begin Q&A. Operator, can you please introduce the first question?

感謝您今天參加我們的電話會議。當我們開始問答環節時，溫蒂將重新加入我們。接線員，能介紹第一個問題嗎？

Hamza Fodderwala, Morgan Stanley.

摩根士丹利的 Hamza Fodderwala。

Hi, good morning. Thank you for taking my question. Maybe, Wendy, I'll start with you. Obviously, a lot of macro uncertainty out there, but from a very intense threat environment at the same time. I'm wondering, going into your new fiscal year, how are you feeling about the overall macro and spending environment? And then maybe, Alpana, for you, how are you feeling about your position from an investment and a sales capacity standpoint to really drive that top line growth sustainably going forward? Thank you.

嗨，早安。感謝您回答我的問題。也許，溫迪，我應該從你開始。顯然，存在著許多宏觀不確定性，但同時威脅環境也非常嚴峻。我想知道，進入新的財政年度，您對整體宏觀和支出環境有何感受？那麼，Alpana，對於您來說，從投資和銷售能力的角度來看，您對自己的定位有何看法，以真正推動未來營收的可持續成長？謝謝。

Good morning. Thanks Hamza for the questions. When we look at the marketplace right now, we see continued good demand for cybersecurity in general. And then specifically for Taegis, the acceleration in our opportunity around kind of legacy technology displacement vendor consolidation, particularly SIEM replacements, when we look at the sort of macro factors for us, our sales cycles were stable if not slightly better, kind of within the range of recent times. We haven't seen a big shift there.

早安.感謝 Hamza 提出的問題。當我們觀察目前的市場時，我們發現整體而言對網路安全的需求持續良好。然後具體到 Taegis，我們在傳統技術替代供應商整合（特別是 SIEM 替代）方面的機會加速，當我們考慮對我們來說是宏觀因素時，我們的銷售週期是穩定的，甚至略好一些，在最近的範圍內。我們還沒有看到那裡發生重大轉變。

And frankly, just given where we are in terms of about a little over 18 months into our partner first strategy, we saw really good performance in terms of those relationships, this quarter highest win rates, 80% of new sales, increasing mix of deals coming from those partners. So from our position in terms of market tailwinds as well as our execution around our partner first strategy, we continue to see good demand going into the second half of our fiscal year.

坦白說，考慮到我們實施合作夥伴優先策略的 18 個多月的時間，我們在這些關係方面看到了非常好的表現，本季度的最高贏率，80% 的新銷售額，來自這些合作夥伴的交易組合不斷增加。因此，從我們在市場順風方面的地位以及我們圍繞合作夥伴優先策略的執行情況來看，我們將繼續看到財年下半年的良好需求。

Good morning, this is Alpana. To address the second question that you had, just from that investment and sales capacity standpoint, I'd say a couple of things there. One is we have done some, as you know, from last year, done some restructuring within our go-to-market organization. And we do feel like we've got the right seller profile today as well as the right capacity to be able to deliver on the top line.

早安，我是 Alpana。為了回答您的第二個問題，僅從投資和銷售能力的角度來看，我想說幾點。一是，如你所知，從去年開始，我們對行銷組織進行了一些重組。我們確實覺得，今天我們已經擁有了合適的賣家形象，以及能夠實現盈利的合適能力。

Our partner ecosystem and as Wendy just said, the positive momentum that we're seeing there is a more efficient go to market. And we do see that, that is generating the capability for us to deliver greater sales productivity.

我們的合作夥伴生態系統，正如溫迪剛才所說，我們看到的積極勢頭是更有效率的市場進入。我們確實看到，這為我們提供了提高銷售效率的能力。

That being said, I do expect that and you saw a little bit of that in Q2 that we'll continue to invest in the go to market as well as products. Those are two fundamental areas to ensure that we can hit what we want to do from a top line perspective. And from an overall perspective, I'd say sales and marketing where it came in on Q2 as a percentage of revenue is where we expect it to trend for the rest of the year.

話雖如此，我確實預料到，而且您在第二季也看到了這一點，我們將繼續投資於市場和產品。這兩個基本領域可以確保我們能夠從頂線角度實現我們想要做的事情。從整體角度來看，我認為第二季的銷售和行銷佔收入的百分比與我們預期今年剩餘時間的趨勢一致。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Hey, guys. Thanks for taking the questions here. I just wanted to circle back to the prepared remarks. I think there was a comment that some deals had closed earlier in the quarter, which benefited subscription revenues.

嘿，大家好。感謝您在這裡回答問題。我只是想回到準備好的發言上。我認為有評論稱一些交易在本季度早些時候已經完成，這有利於訂閱收入。

It doesn't sound like it from a macro standpoint, but just wanted to see like that the positive from that would be, hey, linearity in the quarter improved to a certain degree. It's always to read that negatively. They would say, hey, maybe there was something macro related that may have weighed on demand in the back half of the quarter. Can you just clarify that dynamic to make sure that we're all being thoughtful here on that?

從宏觀角度來看，這聽起來不像，但我只是想看到這樣的積極影響，嘿，本季度的線性度在一定程度上得到了改善。總是以消極的態度來解讀。他們會說，嘿，也許有一些宏觀相關因素可能會對本季後半段的需求造成影響。您能否澄清一下這種動態以確保我們都對此進行深思熟慮？

Yeah, it was a positive dynamic from our perspective, which is just typically we see more deals come in at the end of the quarter than at the beginning of the quarter. This was just unusual in that we had some larger deals come through at the earlier part of the quarter.

是的，從我們的角度來看，這是一個積極的動態，通常我們會看到季度末的交易量比季度初更多。這很不尋常，因為我們在本季度早些時候達成了一些較大的交易。

So definitely a positive from our perspective and did not necessarily pull away from what we saw towards the end of the quarter.

因此，從我們的角度來看這絕對是一個積極的方面，並且不一定會與我們在本季度末看到的情況有所不同。

And anything to read as far as potential sustainability for that improved linearity or was this quarter maybe viewed as maybe too early to call it trend just yet?

就這種改善的線性度的潛在可持續性而言，還有什麼可讀的嗎？或者說，本季可能還不能稱之為趨勢，還為時過早？

Yeah, I don't see it as a trend at this point. I would say that it was just a bit of anomaly for that for Q2. Look I admit that CFOs would -- I would love to see it happen every quarter on a repetitive basis, but it's a little early to call that as trend.

是的，我目前不認為這是一種趨勢。我想說，這對第二季來說只是有點異常。瞧，我承認財務長們會——我很想看到這種情況每季都重複發生，但現在稱之為趨勢還為時過早。

Terrific. And then just a quick follow-up if I could. I know that we were saying how EBITDA this quarter was impacted by those redundant costs, I believe it was $1.3 million is what you guys had cited. Just as a reminder for the audience, can you help us think about what are the remaining transitional costs from that end of life of other MSS that still need to flush out? How should we think about that over the rest of the year?

了不起。如果可以的話，我再快速跟進。我知道我們正在談論本季的 EBITDA 是如何受到這些冗餘成本的影響的，我相信這是 130 萬美元，這是你們提到的。只是提醒一下觀眾，您能否幫助我們思考其他 MSS 生命週期結束後還有哪些剩餘的過渡成本需要消除？在今年剩下的時間裡我們該如何思考這個問題？

Yeah, I'm happy to say that we've got those costs behind us at this point. As you look at the second half of the year, you will see that we've got no remaining costs from an legacy business the Other MSS. And as you saw in Q2, the revenue had already come down to a very amount.

是的，我很高興地說，目前我們已經解決了這些成本問題。當您展望下半年時，您會發現我們沒有來自遺留業務「其他 MSS」的剩餘成本。正如您在第二季度看到的，收入已經下降到很小的數額。

So that goes to zero as well as the costs. We're at a point where we've transitioned and completed the wind down completely at the end of Q2, which, as you know, is a pretty significant milestone for us and really enables the team to be focused on purely the go forward, which is very exciting for us.

因此成本也變成零。我們現在已經完成轉型，並在第二季末完全完成了收尾工作，正如你所知，這對我們來說是一個非常重要的里程碑，並且真正使團隊能夠專注於未來的發展，這對我們來說非常令人興奮。

Yeah, you didn't ask, but I mean pretty tremendous execution by the team to complete that transition. This is what opens it up for us as a business to grow in total revenue and sustain profitability with a business that now has turned towards building go-to-market momentum and investing in that as well as new product innovation as we've been able to leverage the platform we've built to take on more security use cases with a lot of investment that's already been made, so great incremental growth opportunities for us.

是的，你沒有問，但我的意思是團隊的執行力非常出色，完成了這項轉變。這為我們打開了總收入增長和維持盈利能力的大門，現在我們的業務已轉向建立進入市場的勢頭並進行投資以及新產品創新，因為我們已經能夠利用我們構建的平台來承擔更多的安全用例，並且已經進行了大量投資，因此這對我們來說是巨大的增量增長機會。

Totally understand and excited to see that next chapter for SecureWorks. Thank you, guys.

完全理解並很高興看到 SecureWorks 的下一章。謝謝你們。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Hey, thank you. You have Carly on for Saket today, and thank you so much for taking my questions. I think really, I want to focus on some of the trends that we're seeing in industry right now. So first, given the consolidation that we've seen in SIEM market recently, how are you and the team thinking about the velocity of some displacements in the industry right now? Is this disruption and creating opportunity for your broader Taegis platform?

嘿，謝謝你。今天我們請到了 Carly 來回答 Saket 的問題，非常感謝您回答我的問題。我認為我真的想關注我們現在在行業中看到的一些趨勢。首先，鑑於我們最近在 SIEM 市場看到的整合，您和您的團隊如何看待目前行業中一些變革的速度？這是否對您更廣泛的 Taegis 平台造成了顛覆並創造了機會？

And I'd also love to just touch a little bit on that trend that you've been talking about consolidation of spend in the industry, especially on the number of technology partners from customers, how is Secureworks kind of positioned in that trend, especially now with some of your newer products to really benefit from that trend of consolidation? Thank you.

我還想稍微談談您一直在談論的行業支出整合趨勢，特別是來自客戶的技術合作夥伴數量，Secureworks 在這一趨勢中的定位如何，特別是現在您的一些新產品如何真正受益於這一整合趨勢？謝謝。

Thanks, Carly. Glad to take that. So I'll speak to the SIEM particularly first, which is that, that has been an opportunity where we've increasingly seen our customers are more than ready to move away from noisy hard and expensive to maintain SIEMs to an XDR approach to detection and response.

謝謝，卡莉。很高興接受這個。因此，我將首先特別談談 SIEM，這是一個機會，我們越來越多地看到我們的客戶已經準備好從嘈雜、困難且昂貴的 SIEM 維護轉向 XDR 檢測和響應方法。

So that trend is only accelerating, players forging together to try to fight that trend or get scale to invest. We started building this platform nearly seven years ago, now that is a very difficult thing to replicate in terms of the capabilities that we bring to bear to detection and automated response.

因此，這種趨勢只會加速，參與者聯合起來試圖對抗這種趨勢或獲得投資規模。我們大約七年前開始建立這個平台，就我們在偵測和自動回應方面的能力而言，複製這個平台非常困難。

So that is a trend that for us we will continue to see more and more deals, I believe moving to Taegis as a result. When I think about the consolidation trend, the way we designed the platform was also keeping in mind that essentially niche security products would become features of the platform over time.

所以對我們來說這是一個趨勢，我們將繼續看到越來越多的交易，我相信最終會轉向 Taegis。當我考慮整合趨勢時，我們設計平台的方式也考慮到本質上利基安全產品將隨著時間的推移成為平台的功能。

And we would be able to address with this holistic approach to shielding a customer's entire technology estate with the XDR platform. And our IDR launch is a great example of that exposure management, our EDR launch and sort of 2.0 launch of that last quarter.

我們可以採用這種整體方法，利用 XDR 平台保護客戶的整個技術資產。我們的 IDR 推出就是風險管理的一個很好的例子，我們的 EDR 推出以及上個季度的 2.0 推出也是一個很好的例子。

They're all examples of the abilities towards an integrated platform to provide complete protection, but at a really compelling return on investment for customers. So in both the consolidation conversation with native controls as well as the core detection and response capabilities to replace SIEMs, we like where we're positioned in the market in terms of those tailwinds.

它們都是整合平台提供全面保護的能力的例子，但同時也為客戶帶來了真正誘人的投資回報。因此，無論是在與本機控制的整合對話中，還是在取代 SIEM 的核心偵測和反應功能中，我們都喜歡我們在市場中所處的順風位置。

(Operator Instructions) [Madeline Brooks], Bank of America.

(操作員指示)[Madeline Brooks]，美國銀行。

Wendy, this question is for you. There's a lot of positive signals from the quarter like endpoint growth, which is up more than 9%, ARPC is up 14%. But then we're seeing ARR, which -- correct me if I'm wrong -- is majority Taegis is up only 5% and further degradation from last quarter.

溫迪，這個問題是問你的。本季有很多正面的訊號，例如端點成長（成長超過 9%）、ARPC 成長 14%。但隨後我們看到 ARR——如果我錯了請糾正我——大部分 Taegis 僅上漲了 5%，並且比上一季進一步下降。

So I guess can you just help us understand the dynamics of bridging the gap between these really good positive points like the endpoint growth and ARPC growth. But for kind of why we're not seeing that reflect in revenue right now, but maybe talk through the net retention or return dynamic that could be impacting that? Thank you.

所以我想您能否幫助我們了解彌合這些真正積極的點（例如端點增長和 ARPC 增長）之間的差距的動態。但是為什麼我們現在沒有看到收入反映這一點，但也許可以透過可能影響這一點的淨保留或回報動態來討論？謝謝。

Good morning and thanks for the question. We absolutely see some sort of leading and lagging indicators in terms of different growth vectors, and that's why we look across all of them. Endpoint growth is clearly important given the growth in our managed services partner business model, which is if you recall, is when we really count those as one end customer, but continue to grow revenue, which drives our ARPC and our endpoint count according to those relationships and that's why we continue to kind of break those apart to just give you visibility into the different routes to market that we have.

早安，感謝您的提問。我們確實看到了不同成長向量的某種領先指標和落後指標，這就是我們審視所有這些指標的原因。考慮到我們的託管服務合作夥伴業務模式的成長，端點成長顯然非常重要，如果您還記得的話，當我們真正將他們算作一個最終客戶時，我們會繼續增加收入，這推動了我們的 ARPC 和端點數量根據這些關係而增長，這就是為什麼我們繼續將它們分開，以便讓您了解我們擁有的不同市場途徑。

When I think about our ARR growth, we're very confident around the turn we're seeing in getting traction in our partner first model, both in terms of the partners we continue to find with global reach -- really high quality, scaled global reach type of partners.

當我考慮我們的 ARR 成長時，我們非常有信心看到我們的合作夥伴優先模式獲得發展，無論是在我們繼續尋找具有全球影響力的合作夥伴方面——真正高品質、規模化的全球影響力的合作夥伴。

And our investments have increasingly turned towards the enablement and support of those customers. And as we exit 2Q and see that growing pipeline, as we head into the second half, that definitely underpins our confidence in our ability to see ARR, endpoint and expansion in our ARPC continue.

我們的投資越來越多地轉向對這些客戶的支持和幫助。隨著我們結束第二季度並看到管道不斷增長，隨著我們進入下半年，這無疑增強了我們對 ARR、端點和 ARPC 擴展能力繼續增長的信心。

And maybe just one follow-up question there, too. Has the dynamics in churn have changed as you've gotten to the end of sunsetting your legacy business, because we think if I recall correctly there were a lot of customers who were able to transition over to the Taegis platform that was giving a nice boost to growth? So is that maybe weighing a little bit on growth rates as well as being naturally at the end of that transition period?

也許還有一個後續問題。隨著您逐步淘汰傳統業務，客戶流失的動態是否改變了？因為如果我沒記錯的話，我們認為有很多客戶能夠過渡到 Taegis 平台，這對成長有很大的推動作用？那麼，這是否會對成長率產生一些影響，並且自然而然地處於過渡期的末期？

Yeah, Madeline, this is Alpana. Maybe I'll share a little bit there on what we're seeing from a churn perspective and where our focus is on just from our overall retention. To your point, I would say that preponderance of any sort of carryover from transition and the legacy customer bases for the most part behind us at this point.

是的，瑪德琳，這是阿爾帕納。也許我會從客戶流失的角度分享我們所看到的情況，以及從整體保留率來看我們的重點是什麼。對於你的觀點，我想說，目前，轉型帶來的各種延續影響以及遺留客戶群大部分都已經過去了。

We do see as any normal business would, we do see some levels of attrition across the customer base. From an ARPC standpoint, we did see some variability and what we add from a new customer base being at a higher ARPC and the ones that are churning being at a lower ARPC.

我們確實看到，就像任何正常的企業一樣，我們確實看到客戶群出現了一定程度的流失。從 ARPC 的角度來看，我們確實看到了一些變化，我們從新客戶群中添加的客戶具有較高的 ARPC，而流失的客戶具有較低的 ARPC。

There could be some connectivity there that you could make, which is that the lower ARPC from a fit perspective isn't really the sort of market segment that is looking for our type of MDR services. And those often times can be a nice opportunity for us to share and to transfer those over to our MSSP partners because they are better suited for what they're offering.

那裡可能存在一些可以建立的連接，即從適合度角度來看較低的 ARPC 並不是真正尋求我們這種類型的 MDR 服務的細分市場。這些通常對我們來說是一個很好的機會，可以分享這些內容並將其轉移給我們的 MSSP 合作夥伴，因為他們更適合他們所提供的服務。

So there might be a little bit of overhang there, but we would say the preponderance is sort of behind us. And really for us, the focus from a retention standpoint is around what we see is where we get good retention across our customer bases when we've got good strong, deep relationships, we've got additional ROI and value that we can add to them through our product portfolio, which is much centered on as Wendy shared in her prepared remarks, the product portfolio expansion that we are investing in and focused on.

因此，那裡可能存在一些懸而未決的問題，但我們可以說，大多數問題已經過去了。對我們來說，從留存的角度來看，重點在於我們看到的，當我們與客戶建立了良好、牢固、深厚的關係時，我們就能在客戶群中獲得良好的留存，我們可以透過我們的產品組合為他們增加額外的投資回報率和價值，正如溫迪在她準備好的擴展中所分享的，這主要集中在我們正在投資和發言的產品組合上。

And then at the core is just the constant continuous improvement that we see across our platform and our delivery from a SecOps perspective in detection and response. And that's really underpinned by the automation that you see that we're investing in and seeing some of the benefits of that, not only from what we can do with our customer base in terms of retentiveness, but also it gets a little bit of that benefit, obviously from a gross margin perspective as well.

然後，核心就是我們看到的整個平台和從 SecOps 角度進行的偵測和回應交付的持續改進。這實際上是由我們正在投資的自動化技術所支撐的，我們看到了自動化技術帶來的一些好處，這不僅體現在我們可以為客戶群帶來保留率方面的好處，而且顯然從毛利率的角度來看，自動化技術也帶來了一些好處。

Got it. Just one more ending comment from me here is competitors in your space disclose the number of modules and other products that our customers are adopting across the base, right? So some disclose three-plus modules, others are disclosing eight-plus modules, any qualitative discussions around kind of more product adoption would be helpful and maybe going forward would be helpful to see some disclosures as the platform story takes place around the number of products that your customers are adopting. That's it for me. Thanks.

知道了。我最後再說一句，您所在領域的競爭對手會披露我們的客戶在整個基礎上採用的模組和其他產品的數量，對嗎？因此，有些披露了三個以上的模組，其他的則披露了八個以上的模組，任何有關更多產品採用的定性討論都會有所幫助，並且隨著平台故事圍繞客戶所採用的產品數量展開，未來看到一些披露可能會有所幫助。對我來說就是這樣。謝謝。

Yeah, thank you for that. And certainly, as we think more about the number of products that we're launching, we're in that early stages of that this year. It's definitely on our radar to be able to share that information because we think it will be to your point meaningful for analysts and investors.

是的，謝謝你。當然，當我們更多地考慮要推出的產品數量時，我們今年還處於早期階段。我們絕對願意分享這些訊息，因為我們認為這對分析師和投資者來說很有意義。

Thank you. There are currently no further questions at this time. Mr. Toomey, I'd like to turn the call back over to you.

謝謝。目前沒有其他問題。圖米先生，我想把電話轉回給您。

Great. Thank you. That wraps the Q&A in today's call. A replay of this webcast will be available on our Investor Relations page at secureworks.com, along with our supplemental web deck and additional financial tables. Thanks for joining us today.

偉大的。謝謝。今天的電話會議問答就到這裡。此網路廣播的重播將在 secureworks.com 的投資者關係頁面上提供，同時還提供我們的補充網頁和額外的財務表格。感謝您今天加入我們。

This concludes today's conference call. You may now disconnect your lines.

今天的電話會議到此結束。現在您可以斷開線路了。