SecureWorks Corp. (NASDAQ:SCWX) Q1 2023 Results Earnings Conference Call June 2, 2022 8:00 AM ET

Company Participants

Paul Parrish - Chief Financial Officer

Wendy Thomas - Chief Executive Officer

Conference Call Participants

Saket Kalia - Barclays

Mike Cikos - Needham

Hamza Fodderwala - Morgan Stanley

Brian Essex - Goldman Sachs

Operator

Good morning. My name is Joe and I will be your conference operator today. At this time, I would like to welcome everyone to the SecureWorks First Quarter Fiscal 2023 Earnings Conference Call. All lines have been placed to prevent any background noise. A supplemental slide presentation to accompany the prepared remarks can be found on the company's website. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

At this time, I would like to turn the call over to Paul Parrish, SecureWorks' CFO. Mr. Parrish, you may begin your conference.

Paul Parrish

Thanks, everyone, for joining us. With me this morning is Wendy Thomas, our CEO. During this call, unless otherwise indicated, we will reference non-GAAP financial measures. You will find the reconciliations between these GAAP and non-GAAP measures in the press release and presentation posted on our website earlier today. Please also note that all growth percentages refer to year-over-year changes unless otherwise specified.

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 events 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. We assume no obligation to update our forward-looking statements.

Now I'll turn it over to Wendy.

Wendy Thomas

Thank you, Paul, and welcome, everyone. We executed against our first quarter plan and the structural growth drivers of our business remain strong. The end market for XDR is growing, and our transition allows us to build a stronger recurring revenue business designed to capture growth.

We continue to build deep relationships with customers and invest in the Taegis platform, and we see benefits from accelerating Taegis adoption, new use cases and upsell opportunities. And this gives us confidence in the sustainability of future growth over the long term.

Because the opportunity for Taegis, a true open XDR platform is tremendous, our open XDR approach as customers choosing Taegis as a way to future-proof their security. They tell us [ph] Taegis is their long-term cybersecurity solution because it easily evolves to secure their changing technology infrastructure and Taegis is expanding threat detection and response capabilities enable them to stay ahead of the threat.