Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  SecureWorks Corp.    SCWX

SECUREWORKS CORP.

(SCWX)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

SecureWorks : Q2 FY21 Performance Review Presentation

09/09/2020 | 10:00am EST

Q2 FY21 Performance Review

Sept. 9, 2020

//Secureworks/Confidential - Limited External Distribution

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."

• This is what a divider slide looks like.

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.

2

//Secureworks/Confidential - Limited External Distribution

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

3

//Secureworks/Confidential - Limited External Distribution

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

4

//Secureworks/Confidential - Limited External Distribution

Q2 Fiscal 2021

Reconciliation of Non-GAAP to

GAAP Financial

Measures

(In thousands, except per share data)

Three Months Ended

July 31, 2020

August 2, 2019

GAAP Revenue

$138,476

$136,605

Non-GAAP Revenue

$138,476

$136,605

GAAP Gross Margin

$78,576

$73,010

Amortizations of Intangibles

3,648

3,560

Stock-Based Compensation Expense

398

396

Non-GAAP Gross Margin

$82,622

$76,966

GAAP Research and Development Expense

$24,109

$24,863

Stock-Based Compensation Expense

(1,097)

(985)

Non-GAAP Research and Development Expenses

$23,012

$23,878

GAAP Sales and Marketing Expenses

$35,624

$38,047

Stock-Based Compensations Expense

(882)

(917)

Non-GAAP Sales and Marketing Expenses

$34,742

$37,130

GAAP General and Administrative Expenses

$21,800

$25,146

Amortization of Intangibles

(3,524)

(3,524)

Stock-Based Compensation Expense

(3,330)

(3,311)

Non-GAAP General and Administrative Expenses

$14,946

18,311

5

//Secureworks/Confidential - Limited External Distribution

Q2 Fiscal 2021

Reconciliation of Non-GAAP to

GAAP Financial

Measures

(Continued)

(In thousands, except per share data)

Three Months Ended

July 31, 2020

August 2, 2019

GAAP Operating Loss

$(2,957)

$(15,046)

Amortization of Intangibles

7,172

7,083

Stock-Based Compensation Expense

5,707

5,609

Non-GAAP Operating Income (Loss)

$9,922

$(2,354)

GAAP Net Loss

$(1,227)

$(10,260)

Amortization of Intangibles

7,172

7,083

Stock-Based Compensation Expense

5,707

5,609

Aggregate Adjustments for Income Taxes

(3,278)

(3,092)

Non-GAAP Net Income (Loss)

$8,374

$(660)

GAAP Net Loss

$(1,227)

$(10,260)

Interest and Other, Net

(30)

(1,950)

Income Tax Benefit

(1,700)

(2,836)

Depreciation and Amortization

10,386

10,783

Stock-Based Compensation Expense

5,707

5,609

Adjusted EBITDA

$13,136

$1,346

6

//Secureworks/Confidential - Limited External Distribution

Q3 and Full Year

Three Months Ending October 30, 2020

Fiscal 2021

Low End of

High End of

Guidance

Guidance

Fiscal Year Ending January 29, 2021

Low End of

High End of

Guidance

Guidance

Reconciliation of Non-GAAP to

GAAP Financial

Measures

(Continued)

(In thousands, except per share data)

GAAP and Non-GAAP revenue

$

137

$

139

GAAP net loss per share

$

(0.09)

$

(0.07)

Amortization of intangibles

0.09

0.09

Stock-based compensation expense

0.08

0.08

Aggregate adjustment for income taxes

(0.04)

(0.03)

Non-GAAP net income per share*

$

0.04

$

0.06

GAAP net loss

Interest and other, net

Income tax benefit

Depreciation and amortization

Stock-based compensation expense

Adjusted EBITDA*

Other Items

Effective tax rate

Weighted average shares outstanding (in millions)

Cash flow from operations

Capital expenditures

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

$

554

$

558

$

(0.31)

$

(0.28)

0.35

0.35

0.30

0.30

(0.15)

(0.15)

$

0.19

$

0.23

$

(25)

$

(23)

(1)

(1)

(10)

(9)

41

41

25

25

$

29

$

33

29%

81.2 $55-$60$3-$5

7

//Secureworks/Confidential - Limited External Distribution

THANK YOU

8

//Secureworks/Confidential - Limited External Distribution

//Secureworks/Confidential - Limited External Distribution

Disclaimer

SecureWorks Corp. published this content on 09 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 September 2020 13:59:06 UTC


© Publicnow 2020
All news about SECUREWORKS CORP.
12/01SECUREWORKS : to Deliver New Threat Detection and Response Security Analytics Fe..
AQ
11/12SECUREWORKS : to Report Third Quarter Fiscal 2021 Financial Results on Dec. 3, 2..
AQ
11/12Secureworks to Report Third Quarter Fiscal 2021 Financial Results on Dec. 3, ..
GL
09/22SECUREWORKS : Completes Acquisition of Delve Laboratories, Inc.
AQ
09/22SECUREWORKS : Completes Acquisition of Delve Laboratories, Inc.
AQ
09/22Secureworks Completes Acquisition of Delve Laboratories, Inc.
GL
09/18SECUREWORKS NAMED A LEADER IN THE ID : Worldwide Managed Security Services (MSS)..
AQ
09/18SECUREWORKS NAMED A LEADER IN THE ID : Worldwide Managed Security Services (MSS)..
AQ
09/18SECUREWORKS NAMED A LEADER IN THE ID : Worldwide Managed Security Services (MSS)..
GL
09/09SECUREWORKS : Management's Discussion and Analysis of Financial Condition and Re..
AQ
More news
Financials (USD)
Sales 2021 557 M - -
Net income 2021 -25,9 M - -
Net cash 2021 170 M - -
P/E ratio 2021 -38,8x
Yield 2021 -
Capitalization 999 M 999 M -
EV / Sales 2021 1,49x
EV / Sales 2022 1,33x
Nbr of Employees 2 685
Free-Float 9,63%
Chart SECUREWORKS CORP.
Duration : Period :
SecureWorks Corp. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SECUREWORKS CORP.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 9
Average target price 13,64 $
Last Close Price 12,15 $
Spread / Highest target 48,1%
Spread / Average Target 12,3%
Spread / Lowest Target -5,35%
EPS Revisions
Managers
NameTitle
Michael R. Cote Chief Executive Officer & Director
Michael Saul Dell Non-Executive Chairman
Kevin Hanes Chief Operating Officer
Paul M. Parrish Chief Financial Officer
Jon R. Ramsey Chief Technology Officer
Sector and Competitors
1st jan.Capitalization (M$)
SECUREWORKS CORP.-27.07%999
ACCENTURE PLC18.56%158 176
TATA CONSULTANCY SERVICES27.19%139 912
INTERNATIONAL BUSINESS MACHINES CORPORATION-7.03%111 044
AUTOMATIC DATA PROCESSING, INC.2.45%73 576
INFOSYS LIMITED56.04%65 640