SecureWorks : Q1 Fiscal 22 Performance Review Presentation

Q1 Fiscal Performance Review

Jun. 3, 2021

Disclaimers

Non-GAAP

Financial Measures

This presentation includes information about SecureWorks Corp.'s non-GAAP revenue, non-GAAP gross margin, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non- GAAP operating income (loss), non-GAAP net income (loss), adjusted EBITDA, and non-GAAP earnings (loss) per share, which are not measurements of financial performance prepared in accordance with U.S. generally accepted accounting principles. We have provided a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures in the slides captioned "Reconciliation of non-GAAP to GAAP Financial Measures."

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 on Forward

Looking Statements

Statements in this material that relate to future results and events are forward-looking statements and are based on SecureWorks Corp.'s current expectations. These forward-looking statements include but are not limited to SecureWorks Corp.'s current expectations regarding GAAP revenue, non-GAAP revenue, GAAP net loss per share and non-GAAP net loss per share for the second quarter of fiscal 2022, and GAAP revenue, non-GAAP revenue, Adjusted EBITDA, GAAP net loss, non-GAAP net loss, GAAP net loss per share, non-GAAP net loss per share, cash flow from operations, capital expenditures, tax benefit rate, annual recurring revenue and revenue for the Taegis platform for the full year of fiscal 2022. In some cases, you can identify these statements by such forward- looking words as "anticipate," "believe," "could," "estimate," "expect," "intend," "confidence," "may," "plan," "potential," "should," "will" and "would," or similar expressions. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors, including those discussed in SecureWorks Corp.'s periodic reports filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this presentation. SecureWorks Corp. assumes no obligation to update its forward-looking statements.

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Our Vision

Our Purpose

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Q1 Fiscal 2022

Performance Highlights

SOLID 1Q22 RESULTS:

• Revenue of $139.5 million (-1%Y/Y)
• Total ARR at $421.5 million, with Taegis now representing 17.2%
• Record Gross margin percentage
  of 62% (+380bps Y/Y)
• Adjusted EBITDA of $8.1 million (+44% Y/Y)
• Earnings per Share of $0.05

On track to derive 100% of ARR from cloud-nativesoftware over

the long-term

Drove robust Taegis customer count growth, up +25% Q/Q

Increased the average Taegis revenue per customer to ~$143K, lifting the

total average revenue

per customer to the highest in company history

Signed Dell to MSSP track, with

momentum expected to build in 2H FY22

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Q 1

F I S C A L 2 0 2 2

+$150M ARR

Taegis Traction & ARR Momentum

• Taegis ARR of ~$72M

• $17.5M ARR added

• Ended the quarter with ~500
  Taegis customers

+6.1

+0.8

+32% Q/Q

+35% Q/Q

+25% Q/Q

+12.9

+8.5

+8.6

+9.4

+8.6

On track to meet

FY 22 Guide

+17.5

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

FY 22

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