Q1 FY21 Performance Review
June 4, 2020
Disclaimers
Non-GAAP Financial MeasuresSpecial Note on Forward Looking Statements
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 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."
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 second quarter of fiscal year 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
Q1 FY21 | Q1 FY20 | Change | |
Revenue | 141.2 | 132.8 | 6.3% |
GM % of Revenue
55.4%
52.7%
270 bps
R&D | 24.1 | 22.6 | 6.3% |
S&M | 37.5 | 38.2 | -1.9% |
G&A | 27.5 | 23.6 | 16.4% |
Operating Expenses * | 89.0 | 84.5 | 5.4% |
OpEx % of Revenue | 63.1% | 63.6% | -50 bps |
Operating Loss | (10.8) | (14.5) | -25.6% |
OpLoss % of Revenue | -7.6% | -10.9% | 330 bps |
Interest & Other (Net) | 1.0 | 0.3 | 270.5% |
I&O % of Revenue | 0.7% | 0.2% | 50 bps |
Income Tax | (2.2) | (5.9) | -62.3% |
Effective Tax Rate | 23% | 42% | |
Net Loss | (7.5) | (8.3) | -8.9% |
NL % of Revenue | -5.3% | -6.2% | 90 bps |
* Sum of individual items may differ from total due to rounding of individual components
Q1 FY21 | Q1 FY20 | Change | |
Revenue | 141.2 | 132.8 | 6.3% |
GM % of Revenue
58.1%
55.5%
260 bps
R&D | 22.8 | 21.5 | 6.1% |
S&M | 36.7 | 37.4 | -1.9% |
G&A | 20.5 | 17.4 | 17.7% |
Operating Expenses | 80.0 | 76.3 | 4.8% |
OpEx % of Revenue | 56.7% | 57.4% | -70bps |
Operating Income (Loss) | 2.1 | (2.6) | -180.2% |
OpInc (Loss) % of Revenue | 1.5% | -2.0% | 350 bps |
Net Income | 2.5 | (1.9) | -234.2% |
NI % of Revenue | 1.8% | -1.4% | 320 bps |
Adj. EBITDA
Adj. EBITDA % of Revenue
5.6
0.8
592.7%
4.0%
0.6%
340 bps
May 1, 2020 | May 3, 2019 | |
GAAP Revenue | $141,181 | $132,842 |
Non-GAAP Revenue
Three Months Ended
GAAP Gross Margin
$141,181
$132,842
$78,272
$70,001
Amortizations of Intangibles
Stock-Based Compensation Expense
Gross Non-GAAP Gross Margin
GAAP Research and Development Expense
Stock-Based Compensation Expense
3,460 335 $82,087
3,410 260 $73,671
$24,073
$22,642
(1,291)
(1,176)
Non-GAAP Research and Development Expenses
GAAP Sales and Marketing Expenses
Stock-Based Compensations Expense
$22,782 $21,466
$37,452 $38,193
(741)
(781)
Non-GAAP Sales and Marketing Expenses
GAAP General and Administrative Expenses
Amortization of Intangibles
Stock-Based Compensation Expense
$36,711 $37,412
$27,516 $23,638
(3,524) (3,524)
(3,500) (2,699)
Non-GAAP General and Administrative Expenses
$20,492
17,415
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SecureWorks Corp. published this content on 04 June 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2020 13:36:03 UTC