SecureWorks : Q2 FY21 Performance Review Presentation

Q2 FY21 Performance Review

Sept. 9, 2020

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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-GAAPnet income 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."

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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 income per share for the third quarter and full year of fiscal 2021, and Adjusted EBITDA, cash flow from operations and capital expenditures for the full year of fiscal 2021. 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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Q2 Fiscal 2021

Consolidated

GAAP

Results

($ in millions)

	Q2 FY21	Q2 FY20	Change
Revenue	138.5	136.6	1.4%
Gross Margin	78.6	73.0	7.6%
GM % of Revenue	56.7%	53.4%	330 bps
R&D	24.1	24.9	-3.0%
S&M	35.6	38.0	-6.4%
G&A	21.8	25.1	-13.3%
Operating Expenses *	81.5	88.1	-7.4%
OpEx % of Revenue	58.9%	64.5%	-560 bps
Operating Loss	(3.0)	(15.0)	-80.3%
OpLoss % of Revenue	-2.1%	-11.0%	890 bps
Interest & Other (Net)	0.0	2.0	-98.5%
I&O % of Revenue	0.0%	1.4%	140 bps
Income Tax	(1.7)	(2.8)	-40.1%
Effective Tax Rate	58%	22%
Net Loss	(1.2)	(10.3)	-88.0%
NL % of Revenue	-0.9%	-7.5%	660 bps

• Sum of individual items may differ from total due to rounding of individual components

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Q2 Fiscal 2021

Consolidated

Non-GAAP

Results

($ in millions)

	Q2 FY21	Q2 FY20	Change
Revenue	138.5	136.6	1.4%
Gross Margin	82.6	77.0	7.3%
GM % of Revenue	59.7%	56.3%	340 bps
R&D	23.0	23.9	-3.6%
S&M	34.7	37.1	-6.4%
G&A	14.9	18.3	-18.4%
Operating Expenses	72.7	79.3	-8.3%
OpEx % of Revenue	52.5%	58.1%	-560bps
Operating Income (Loss)	9.9	(2.4)	-521.5%
OpInc (Loss) % of Revenue	7.2%	-1.7%	890 bps
Net Income (Loss)	8.4	(0.7)	-1368.8%
NI (Loss) % of Revenue	6.0%	-0.5%	650 bps
Adj. EBITDA	13.1	1.3	875.9%
Adj. EBITDA % of Revenue	9.5%	1.0%	850 bps

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