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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, non-GAAP net income, adjusted EBITDA, and non-GAAP net 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 fourth quarter of fiscal 2021, and GAAP revenue, non-GAAP revenue, Adjusted EBITDA, non-GAAP net income per share, GAAP net loss per share, cash flow from operations, capital expenditures, and tax benefit rate 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.
Q3 Fiscal 2021
Consolidated
GAAP
Results
($ in millions)
//Secureworks/Confidential - Limited External Distribution
Q3 FY21
Q3 FY20
Change
Revenue
141.6
141.3
0.2%
Gross Margin
82.0
79.8
2.8%
GM % of Revenue
57.9%
56.4%
150 bps
R&D
27.6
24.1
14.6%
S&M
34.8
40.7
-14.5%
G&A
24.5
25.1
-2.3%
Operating Expenses *
86.9
89.9
-3.3%
OpEx % of Revenue
61.4%
63.6%
-220 bps
Operating Loss
(4.9)
(10.1)
-51.7%
OpLoss % of Revenue
-3.5%
-7.2%
370 bps
Interest & Other (Net)
(0.1)
(1.3)
-93.7%
I&O % of Revenue
-0.1%
-0.9%
80 bps
Income Tax
(1.4)
(3.5)
-60.7%
Effective Tax Rate
28%
31%
Net Loss
(3.6)
(7.9)
-88.0%
NL % of Revenue
-2.5%
-5.6%
310 bps
* Sum of individual items may differ from total due to rounding of individual components
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Q3 Fiscal 2021
Consolidated
Non-GAAP
Results
($ in millions)
//Secureworks/Confidential - Limited External Distribution
Q3 FY21
Q3 FY20
Change
Revenue
141.6
141.3
0.2%
Gross Margin
85.9
83.7
2.7%
GM % of Revenue
60.7%
59.2%
150 bps
R&D
26.8
23.1
16.1%
S&M
33.7
40.0
-15.7%
G&A
17.0
18.5
-8.0%
Operating Expenses
77.6
81.6
-5.0%
OpEx % of Revenue
54.8%
57.8%
-300bps
Operating Income
8.4
2.0
309.6%
OpInc % of Revenue
5.9%
1.4%
450 bps
Net Income
6.7
0.8
711.3%
NI % of Revenue
4.7%
0.6%
410 bps
Adj. EBITDA
11.3
5.8
93.8%
Adj. EBITDA % of Revenue
8.0%
4.1%
390 bps
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SecureWorks Corp. published this content on 03 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 December 2020 12:22:04 UTC
Secureworks Corp. is a global cybersecurity provider of technology-driven security solutions. The Company's primary business activity is to provide customers with technology-driven cybersecurity solutions. It offers an integrated suite of technology-driven security solutions enabled by its Taegis software platform or Counter Threat Platform. Taegis offerings include two applications, Extended Detection and Response (XDR), and Vulnerability Detection and Response (VDR). Its Taegis software platform and Counter Threat Platform collect, aggregate, correlate and analyze events. It provides Taegis XDR, VDR and ManagedXDR software-driven applications and solutions. It provides other managed security services, such as security monitoring, advanced endpoint threat detection, firewall and next-generation firewall services, managed network intrusion detection systems, and log retention services. Its professional services include incident response, and security and risk consulting.