Secureworks® Announces First Quarter Fiscal 2024 Results
Key Highlights
- Secureworks Taegis™ first quarter revenue grew
68% year-over-year to$62.6 million - Taegis annual recurring revenue (ARR) grew to
$269 million 49% on a year-over-year basis, and now represents approximately86% of Secureworks total ARR. - Taegis GAAP gross margin and non-GAAP gross margin continued to expand in the first quarter, reaching
68.2% and70.0% , respectively.
"I'm proud of our competitive advantage in the Managed XDR market. Our holistic approach, combined with our open XDR strategy, drives better security outcomes for customers, as reflected in the continued strong momentum in Taegis this quarter," said Wendy Thomas, CEO, Secureworks. "Our ongoing use of AI and automation helps Taegis achieve the most effective and efficient detection and response for our customers."
"As one of the largest providers of managed detection and response, Taegis ARR and revenue growth rates remain above the industry average," said Christian Grant, Interim Chief Financial Officer, Secureworks. "Taegis gross margin is expanding, reaching
First Quarter Fiscal 2024 Financial Highlights
- Total revenue for the first quarter was
$94.4 million $121.0 million - Taegis revenue for the first quarter was
$62.6 million $37.2 million - GAAP gross profit was
$51.6 million $71.6 million $56.6 million $76.4 million - GAAP gross profit specific to Taegis was
$42.7 million $24.8 million $43.8 million $25.7 million - GAAP gross margin was
54.7% , compared with59.1% in the same period last year. Non-GAAP gross margin was59.9% , compared with63.1% in the first quarter of fiscal 2023. - GAAP gross margin specific to Taegis was
68.2% , compared with66.5% in the same period last year. Non-GAAP Taegis gross margin was70.0% , compared with68.9% in the first quarter of fiscal 2023. - GAAP net loss was
$31.0 million $0.36 $21.6 million $0.26 $17.1 million $0.20 $7.6 million $0.09 - Adjusted EBITDA loss for the quarter was
$20.1 million $7.8 million - The company ended the first quarter with
$94.5 million
Business and Operational Highlights
- Appointed Alpana Wegner as Chief Financial Officer.
- Appointed Allan Peters as Chief Revenue Officer.
- Announced new Secureworks OT Detection and Response offering to reduce business risk and visibility across both the IT and OT landscape.
- Announced new Secureworks Taegis integration for SentinelOne Singularity Complete™ providing enhanced threat prevention, detection and response with comprehensive visibility across endpoints, identity systems, cloud applications, and beyond.
- Secureworks Counter Threat Unit™ (CTU™) researchers uncovered the activity of Cobalt Illusion, an
Iran -based threat actor group targeting human rights researchers at US think tanks and NGOs. - Published Annual Incident Response report "Learning from Incident Response: 2022 Year in Review," providing key findings including: the doubling in incidents involving business email compromise (BEC) and near tripling in successful phishing campaigns since 2021; an increase in hostile state-sponsored activity last year; and the fact that ransomware incidents have fallen in 2022 but remain a core threat.
- Recognition and awards in the first quarter of fiscal 2024 include:
- Listed Top 3 largest in MDR market share according to Gartner's report 'Market Share: Managed Security Services, Worldwide, 2022.'
- Recognized in "The Forrester Wave™: Managed Detection and Response, Q2 2023," with highest possible scores in areas most critical to our customers – Managed Detection, Managed Response, Threat Hunting, Time to Value, and Analytics – reflecting our success in delivering unmatched MDR capabilities through the Taegis platform.
- Named by SC Media as a "Finalist" in the "Best Managed Detection and Response Service;" and among the Top 5 that SC Media has deemed the "best in cybersecurity" for this category.
- Received a 5-Star Rating in 2023 CRN® Partner Program Guide.
- Included as a Leader in GigaOm's Radar for Cybersecurity Incident Response.
- Nominated for Zywave Cyber Technology Provider of the Year.
Financial Outlook
For the second quarter of fiscal 2024, the Company expects:
- Revenue of
$90 million $92 million - GAAP net loss per share of
$0.32 $0.34 $0.15 $0.17
Secureworks is providing the following updated guidance for full fiscal year 2024. The Company expects:
Fiscal Year 2024 Guidance | |
Taegis ARR | At least |
Other MSS ARR | Below |
Total revenue | |
GAAP net loss | ( |
( | |
Non-GAAP net loss | ( |
( | |
Adjusted EBITDA | ( |
Cash from operations | ( |
Conference Call Information
As previously announced, the Company will hold a conference call to discuss its first quarter fiscal 2024 results and financial guidance on June 8, 2023, at 8:00 a.m.
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.
Non-GAAP Financial Measures
This press release presents information about the Company's non-GAAP gross margin, non-GAAP subscription cost of revenue, non-GAAP professional services cost of revenue, non-GAAP Taegis Subscription Solutions cost of revenue, non-GAAP Managed Security Services cost of revenue, non-GAAP gross profit, non-GAAP Taegis gross profit, 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), non-GAAP earnings (loss) per share, adjusted EBITDA, weighted average common shares outstanding - diluted (non-GAAP), non-GAAP Taegis gross margin, non-GAAP Managed Security Services gross margin, non-GAAP subscription gross margin and non-GAAP professional services gross margin, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with accounting principles generally accepted in
Special Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In some cases, you can identify these statements by such forward-looking words as "anticipate," "believe," "confidence," "could," "estimate," "expect," "guidance," "intend," "may," "plan," "potential," "outlook," "should," "will" and "would," or similar words or expressions that refer to future events or outcomes. Such forward-looking statements include, but are not limited to, the statements in this press release with respect to the Company's expectations regarding revenue, GAAP net loss per share and non-GAAP net loss per share for the second quarter of fiscal 2024, and Taegis ARR, other MSS ARR, total revenue, GAAP net loss, GAAP net loss per share, non-GAAP net loss, non-GAAP net loss per share, adjusted EBITDA, and cash from operations for full year fiscal 2024, all of which reflect the Company's current analysis of existing trends and information. These forward-looking statements represent the Company's judgment only as of the date of this press release.
Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties and other factors that include, but are not limited to, the following: the Company's ability to achieve or maintain profitability; the Company's ability to enhance its existing solutions and technologies and to develop or acquire new solutions and technologies; the Company's ability to navigate economic conditions, geopolitical uncertainty and financial market volatility; the Company's reliance on personnel with extensive information security expertise; the Company's ability to successfully implement its strategic plan to realign and optimize its investments with its priorities; intense competition in the Company's markets; the Company's ability to attract new customers, retain existing customers and increase its annual contract values; the Company's reliance on customers in the financial services industry; the Company's ability to manage its growth effectively; the Company's ability to maintain high-quality client service and support functions; terms of the Company's service level agreements with customers that require credits for service failures or inadequacies; the Company's recognition of revenue ratably over the terms of its Taegis SaaS applications and managed security services contracts; the Company's long and unpredictable sales cycles; risks associated with expansion of the Company's international sales and operations; the risks associated with proposed or currently enacted tax statutes, including Internal Revenue Code Section 174; the Company's exposure to fluctuations in currency exchange rates or inflation; the effect of new governmental export or import controls on the Company's business or any international sanctions compliance program applicable to the Company; the Company's ability to expand its key distribution relationships; the Company's technology alliance partnerships; real or perceived defects, errors or vulnerabilities in the Company's solutions or the failure of its solutions to prevent a security breach; the risks associated with cyber-attacks or other data security incidents; the ability of the Company's solutions to interoperate with its customers' IT infrastructure; the Company's ability to use third-party technologies; the effect of evolving information security and data privacy laws and regulations on the Company's business; the Company's ability to maintain and enhance its brand; risks associated with the Company's acquisition of other businesses; the effect of natural disasters, public health issues, geopolitical conflict and other catastrophic events on the Company's ability to serve its customers, including the Ukrainian/Russian conflict; the Company's reliance on patents to protect its intellectual property rights; the Company's ability to protect, maintain or enforce its non-patented intellectual property rights and proprietary information; claims by third parties of infringement of their proprietary technology by the Company; the Company's use of open source technology; risks related to the Company's relationship with Dell Technologies Inc. and Dell Inc. and control of the Company by Dell Technologies Inc.; and risks related to the volatility of the price of the Company's Class A common stock.
This list of risks, uncertainties and other factors is not complete. The Company discusses these matters more fully, as well as certain risk factors that could affect the Company's business, financial condition, results of operations and prospects, under the caption "Risk Factors" in the Company's annual report on Form 10-K, as well as in the Company's other SEC filings.
Any or all forward-looking statements the Company makes may turn out to be wrong and can be affected by inaccurate assumptions the Company might make or by known or unknown risks, uncertainties and other factors, including those identified in this press release. Accordingly, you should not place undue reliance on the forward-looking statements made in this press release, which speak only as of its date. The Company does not undertake to update, and expressly disclaims any obligation to update, any of its forward-looking statements, whether resulting from circumstances or events that arise after the date the statements are made, new information or otherwise.
About Secureworks
Secureworks (NASDAQ: SCWX) is a global cybersecurity leader that protects customer progress with Secureworks® Taegis™, a cloud-native security analytics platform built on 20+ years of real-world threat intelligence and research, improving customers' ability to detect advanced threats, streamline and collaborate on investigations, and automate the right actions.
www.secureworks.com
(Tables Follow)
SECUREWORKS CORP. | |||
Condensed Consolidated Statements of Operations and Related Financial Highlights | |||
(in thousands, except per share data and percentages) | |||
(unaudited) | |||
Three Months Ended | |||
May 5, 2023 | April 29, 2022 | ||
Net revenue: | |||
Subscription | $ 77,259 | $ 94,413 | |
Professional services | 17,136 | 26,602 | |
Total net revenue | 94,395 | 121,015 | |
Cost of revenue: | |||
Subscription | 31,019 | 32,826 | |
Professional services | 11,767 | 16,609 | |
Total cost of revenue | 42,786 | 49,435 | |
Gross profit | 51,609 | 71,580 | |
Operating expenses: | |||
Research and development | 31,172 | 33,331 | |
Sales and marketing | 34,526 | 39,245 | |
General and administrative | 22,263 | 25,360 | |
Total operating expenses | 87,961 | 97,936 | |
Operating loss | (36,352) | (26,356) | |
Interest and other, net | (1,746) | (697) | |
Loss before income taxes | (38,098) | (27,053) | |
Income tax benefit | (7,128) | (5,455) | |
Net loss | $ (30,970) | $ (21,598) | |
Loss per common share (basic and diluted) | $ (0.36) | $ (0.26) | |
Weighted-average common shares outstanding (basic and diluted) | 85,431 | 83,763 | |
Percentage of Total Net Revenue (1) | |||
Subscription gross margin | 59.9 % | 65.2 % | |
Professional services gross margin | 31.3 % | 37.6 % | |
Total gross margin | 54.7 % | 59.1 % | |
Research and development expenses | 33.0 % | 27.5 % | |
Sales and marketing expenses | 36.6 % | 32.4 % | |
General and administrative expenses | 23.6 % | 21.0 % | |
Operating expenses | 93.2 % | 80.9 % | |
Operating loss | (38.5) % | (21.8) % | |
Loss before income taxes | (40.4) % | (22.4) % | |
Net loss | (32.8) % | (17.8) % | |
Effective tax rate | 18.7 % | 20.2 % | |
Note: Percentage growth rates are calculated based on underlying data in thousands | |||
(1) | Financial measures as a percentage of revenue are calculated based on total GAAP net revenue, except for GAAP subscription gross margin and GAAP professional services gross margin measures, which are calculated based on each of their respective GAAP net revenue measures. |
SECUREWORKS CORP. | |||||||
Condensed Consolidated Statements of Financial Position | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
May 5, | February 3, | ||||||
Assets: | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ 94,510 | $ 143,517 | |||||
Accounts receivable, net | 56,994 | 72,627 | |||||
Inventories, net | 675 | 620 | |||||
Other current assets | 17,515 | 17,526 | |||||
Total current assets | 169,694 | 234,290 | |||||
Property and equipment, net | 4,122 | 4,632 | |||||
Operating lease right-of-use assets, net | 9,367 | 9,256 | |||||
Goodwill | 425,370 | 425,519 | |||||
Intangible assets, net | 99,414 | 106,208 | |||||
Other non-current assets | 64,725 | 60,965 | |||||
Total assets | $ 772,692 | $ 840,870 | |||||
Liabilities and Stockholders' Equity: | |||||||
Current liabilities: | |||||||
Accounts payable | $ 14,768 | $ 18,847 | |||||
Accrued and other current liabilities | 53,489 | 81,566 | |||||
Short-term deferred revenue | 139,591 | 145,170 | |||||
Total current liabilities | 207,848 | 245,583 | |||||
Long-term deferred revenue | 9,884 | 11,162 | |||||
Operating lease liabilities, non-current | 11,025 | 12,141 | |||||
Other non-current liabilities | 14,282 | 14,023 | |||||
Total liabilities | 243,039 | 282,909 | |||||
Total stockholders' equity | 529,653 | 557,961 | |||||
Total liabilities and stockholders' equity | $ 772,692 | $ 840,870 | |||||
SECUREWORKS CORP. | ||||
Condensed Consolidated Statements of Cash Flows | ||||
(in thousands) | ||||
(unaudited) | ||||
Three Months Ended | ||||
May 5, 2023 | April 29, 2022 | |||
Cash flows from operating activities: | ||||
Net loss | $ (30,970) | $ (21,598) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 8,980 | 9,383 | ||
Amortization of right of use asset | 627 | 964 | ||
Amortization of costs capitalized to obtain revenue contracts | 4,574 | 4,514 | ||
Amortization of costs capitalized to fulfill revenue contracts | 954 | 1,395 | ||
Stock-based compensation expense | 7,270 | 9,126 | ||
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies | 1,940 | 565 | ||
Income tax benefit | (7,128) | (5,455) | ||
Provision for credit losses | (223) | 53 | ||
Changes in assets and liabilities: | ||||
Accounts receivable | 15,586 | 10,728 | ||
Net transactions with Dell | 5,179 | (847) | ||
Inventories | (55) | 132 | ||
Other assets | (2,660) | (3,102) | ||
Accounts payable | (4,126) | 7,674 | ||
Deferred revenue | (7,304) | (3,421) | ||
Operating leases, net | (1,822) | (1,483) | ||
Accrued and other liabilities | (33,005) | (33,507) | ||
Net cash used in operating activities | (42,183) | (24,879) | ||
Cash flows from investing activities: | ||||
Capital expenditures | (480) | (413) | ||
Software development costs | (1,210) | (1,701) | ||
Net cash used in investing activities | (1,690) | (2,114) | ||
Cash flows from financing activities: | ||||
Taxes paid on vested restricted shares | (5,134) | (7,442) | ||
Net cash used in financing activities | (5,134) | (7,442) | ||
Net decrease in cash and cash equivalents | (49,007) | (34,435) | ||
Cash and cash equivalents at beginning of the period | 143,517 | 220,655 | ||
Cash and cash equivalents at end of the period | $ 94,510 | $ 186,220 | ||
Non-GAAP Financial Measures
This press release presents information about the Company's non-GAAP gross margin, non-GAAP subscription cost of revenue, non-GAAP professional services cost of revenue, non-GAAP Taegis Subscription Solutions cost of revenue, non-GAAP Managed Security Services cost of revenue, non-GAAP gross profit, non-GAAP Taegis gross profit, 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), non-GAAP earnings (loss) per share, adjusted EBITDA, non-GAAP Taegis gross margin, non-GAAP Managed Security Services gross margin, non-GAAP subscription gross margin and non-GAAP professional services gross margin, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with GAAP. A detailed discussion of our reasons for including these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and our reason for excluding those items are presented in "Management's Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures" in our periodic reports filed with the SEC. The Company encourages investors to review the non-GAAP discussion in these reports in conjunction with the presentation of non-GAAP financial measures.
(Tables Follow)
SECUREWORKS CORP. | |||
Reconciliation of GAAP to Non-GAAP Financial Measures | |||
(in thousands, except per share data) | |||
(unaudited) | |||
Three Months Ended | |||
May 5, 2023 | April 29, 2022 | ||
GAAP net revenue: | |||
Taegis Subscription Solutions | $ 62,596 | $ 37,216 | |
Managed Security Services | 14,663 | 57,197 | |
Total Subscription revenue | 77,259 | 94,413 | |
Professional services | 17,136 | 26,602 | |
GAAP net revenue(1) | $ 94,395 | $ 121,015 | |
GAAP Taegis Subscription Solutions cost of revenue | $ 19,908 | $ 12,455 | |
Amortization of intangibles | (1,069) | (855) | |
Stock-based compensation expense | (79) | (41) | |
Non-GAAP Taegis Subscription Solutions cost of revenue | $ 18,760 | $ 11,559 | |
GAAP Managed Security Services cost of revenue | $ 11,111 | $ 20,371 | |
Amortization of intangibles | (3,411) | (3,410) | |
Stock-based compensation expense | (67) | (82) | |
Non-GAAP Managed Security Services cost of revenue | $ 7,633 | $ 16,879 | |
GAAP subscription cost of revenue | $ 31,019 | $ 32,826 | |
Amortization of intangibles | (4,480) | (4,265) | |
Stock-based compensation expense | (146) | (123) | |
Non-GAAP subscription cost of revenue | $ 26,393 | $ 28,438 | |
GAAP professional services cost of revenue | $ 11,767 | $ 16,609 | |
Stock-based compensation expense | (325) | (387) | |
Non-GAAP professional services cost of revenue | $ 11,442 | $ 16,222 | |
GAAP gross profit | $ 51,609 | $ 71,580 | |
Amortization of intangibles | 4,480 | 4,265 | |
Stock-based compensation expense | 471 | 510 | |
Non-GAAP gross profit | $ 56,560 | $ 76,355 | |
GAAP Taegis Subscription Solutions gross profit | $ 42,688 | $ 24,761 | |
Amortization of intangibles | 1,069 | 855 | |
Stock-based compensation expense | 79 | 41 | |
Non-GAAP Taegis Subscription Solutions gross profit | $ 43,836 | $ 25,657 | |
GAAP research and development expenses | $ 31,172 | $ 33,331 | |
Stock-based compensation expense | (2,602) | (2,743) | |
Non-GAAP research and development expenses | $ 28,570 | $ 30,588 | |
GAAP sales and marketing expenses | $ 34,526 | $ 39,245 | |
Stock-based compensation expense | (841) | (1,638) | |
Non-GAAP sales and marketing expenses | $ 33,685 | $ 37,607 | |
GAAP general and administrative expenses | $ 22,263 | $ 25,360 | |
Amortization of intangibles | (3,524) | (3,524) | |
Stock-based compensation expense | (3,356) | (4,235) | |
Non-GAAP general and administrative expenses | $ 15,383 | $ 17,601 | |
GAAP operating loss | $ (36,352) | $ (26,356) | |
Amortization of intangibles | 8,004 | 7,789 | |
Stock-based compensation expense | 7,270 | 9,126 | |
Non-GAAP operating (loss) income | $ (21,078) | $ (9,441) | |
GAAP net loss | $ (30,970) | $ (21,598) | |
Amortization of intangibles | 8,004 | 7,789 | |
Stock-based compensation expense | 7,270 | 9,126 | |
Aggregate adjustment for income taxes | (1,440) | (2,920) | |
Non-GAAP net (loss) income | $ (17,136) | $ (7,603) | |
GAAP loss per share | $ (0.36) | $ (0.26) | |
Amortization of intangibles | 0.09 | 0.09 | |
Stock-based compensation expense | 0.09 | 0.11 | |
Aggregate adjustment for income taxes | (0.02) | (0.03) | |
Non-GAAP (loss) earnings per share * | $ (0.20) | $ (0.09) | |
* Sum of reconciling items may differ from total due to rounding of individual components | |||
GAAP net loss | $ (30,970) | $ (21,598) | |
Interest and other, net | 1,746 | 697 | |
Income tax benefit | (7,128) | (5,455) | |
Depreciation and amortization | 8,980 | 9,383 | |
Stock-based compensation expense | 7,270 | 9,126 | |
Adjusted EBITDA | $ (20,102) | $ (7,847) | |
(1) | Historically the Company has presented non-GAAP net revenue as a financial measure. There are no such adjustments that give rise to non-GAAP net revenue for any of the periods presented. |
SECUREWORKS CORP. | ||||
Reconciliation of GAAP to Non-GAAP Financial Measures | ||||
(unaudited) | ||||
Three Months Ended | ||||
Percentage of Total Net Revenue | May 5, 2023 | April 29, 2022 | ||
GAAP Taegis gross margin | 68.2 % | 66.5 % | ||
Non-GAAP adjustment | 1.8 % | 2.4 % | ||
Non-GAAP Taegis gross margin | 70.0 % | 68.9 % | ||
GAAP Managed Security Services gross margin | 24.2 % | 64.4 % | ||
Non-GAAP adjustment | 23.7 % | 6.1 % | ||
Non-GAAP Managed Security Services gross margin | 47.9 % | 70.5 % | ||
GAAP subscription gross margin | 59.9 % | 65.2 % | ||
Non-GAAP adjustment | 5.9 % | 4.7 % | ||
Non-GAAP subscription gross margin | 65.8 % | 69.9 % | ||
GAAP professional services gross margin | 31.3 % | 37.6 % | ||
Non-GAAP adjustment | 1.9 % | 1.4 % | ||
Non-GAAP professional services gross margin | 33.2 % | 39.0 % | ||
GAAP gross margin | 54.7 % | 59.1 % | ||
Non-GAAP adjustment | 5.2 % | 4.0 % | ||
Non-GAAP gross margin | 59.9 % | 63.1 % | ||
GAAP research and development expenses | 33.0 % | 27.5 % | ||
Non-GAAP adjustment | (2.7) % | (2.2) % | ||
Non-GAAP research and development expenses | 30.3 % | 25.3 % | ||
GAAP sales and marketing expenses | 36.6 % | 32.4 % | ||
Non-GAAP adjustment | (0.9) % | (1.3) % | ||
Non-GAAP sales and marketing expenses | 35.7 % | 31.1 % | ||
GAAP general and administrative expenses | 23.6 % | 21.0 % | ||
Non-GAAP adjustment | (7.3) % | (6.5) % | ||
Non-GAAP general and administrative expenses | 16.3 % | 14.5 % | ||
GAAP operating loss | (38.5) % | (21.8) % | ||
Non-GAAP adjustment | 16.2 % | 14.0 % | ||
Non-GAAP operating (loss) income | (22.3) % | (7.8) % | ||
GAAP net loss | (32.8) % | (17.8) % | ||
Non-GAAP adjustment | 14.6 % | 11.5 % | ||
Non-GAAP net (loss) income | (18.2) % | (6.3) % | ||
SECUREWORKS CORP. | ||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures | ||||||||
(in millions, except per share data) | ||||||||
(unaudited) | ||||||||
Three Months Ending | Fiscal Year Ending | |||||||
August 4, 2023 | February 2, 2024 | |||||||
Low End of | High End of | Low End of | High End of | |||||
GAAP net revenue | $ 90 | $ 92 | $ 380 | $ 400 | ||||
GAAP net loss | $ (29) | $ (27) | $ (95) | $ (87) | ||||
Amortization of intangibles | 8 | 8 | 28 | 28 | ||||
Stock-based compensation expense | 10 | 10 | 44 | 44 | ||||
Aggregate adjustment for income taxes | (3) | (3) | (15) | (15) | ||||
Non-GAAP net loss* | $ (14) | $ (13) | $ (39) | $ (31) | ||||
GAAP net loss per share | $ (0.34) | $ (0.32) | $ (1.11) | $ (1.02) | ||||
Amortization of intangibles | 0.09 | 0.09 | 0.32 | 0.32 | ||||
Stock-based compensation expense | 0.11 | 0.11 | 0.51 | 0.51 | ||||
Aggregate adjustment for income taxes | (0.04) | (0.04) | (0.18) | (0.18) | ||||
Non-GAAP net loss per share* | $ (0.17) | $ (0.15) | $ (0.43) | $ (0.34) | ||||
GAAP net loss | $ (95) | $ (87) | ||||||
Interest and other, net | 7 | 7 | ||||||
Income tax benefit | (26) | (24) | ||||||
Depreciation and amortization | 31 | 31 | ||||||
Stock-based compensation expense | 44 | 44 | ||||||
Adjusted EBITDA* | $ (39) | $ (29) | ||||||
Other Items | ||||||||
Effective tax rate | 22 % | |||||||
Weighted average shares outstanding (in millions) – | 86.2 | |||||||
Cash flow from operations | ||||||||
Capital expenditures | ||||||||
* | Sum of reconciling items may differ from total due to rounding of individual components |
Sum of quarterly guidance may differ from full year guidance due to rounding |
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SOURCE Secureworks, Inc.
