$SCWX
SecureWorks Corp

2019 Q2 Form 10-Q Financial Statement

#000146866619000054 Filed on June 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $132.8M $126.2M
YoY Change 5.3% 10.98%
Cost Of Revenue $62.84M $60.53M
YoY Change 3.82% 12.9%
Gross Profit $70.00M $65.63M
YoY Change 6.66% 9.27%
Gross Profit Margin 52.69% 52.02%
Selling, General & Admin $61.83M $60.87M
YoY Change 1.58% 2.16%
% of Gross Profit 88.33% 92.74%
Research & Development $22.64M $22.35M
YoY Change 1.29% 14.76%
% of Gross Profit 32.35% 34.06%
Depreciation & Amortization $10.37M $10.29M
YoY Change 0.76% 0.25%
% of Gross Profit 14.81% 15.67%
Operating Expenses $84.47M $83.22M
YoY Change 1.5% 5.26%
Operating Profit -$14.47M -$17.59M
YoY Change -17.73% -7.4%
Interest Expense $300.0K $500.0K
YoY Change -40.0% -183.33%
% of Operating Profit
Other Income/Expense, Net $268.0K $505.0K
YoY Change -46.93% -177.81%
Pretax Income -$14.20M -$17.09M
YoY Change -16.86% -13.03%
Income Tax -$5.934M -$3.266M
% Of Pretax Income
Net Earnings -$8.270M -$13.82M
YoY Change -40.15% 4.08%
Net Earnings / Revenue -6.23% -10.95%
Basic Earnings Per Share
Diluted Earnings Per Share -$103.1K -$171.4K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.2M $77.30M
YoY Change 43.86% -15.61%
Cash & Equivalents $111.2M $77.30M
Short-Term Investments
Other Short-Term Assets $24.85M $42.13M
YoY Change -41.0% -18.17%
Inventory $632.0K $670.0K
Prepaid Expenses
Receivables $135.3M $146.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $271.9M $266.9M
YoY Change 1.88% -0.28%
LONG-TERM ASSETS
Property, Plant & Equipment $35.61M $32.55M
YoY Change 9.41% 4.33%
Goodwill $416.5M $416.5M
YoY Change 0.0% 0.0%
Intangibles $199.5M $227.3M
YoY Change -12.21% -10.88%
Long-Term Investments
YoY Change
Other Assets $88.27M $75.98M
YoY Change 16.17% 1139.26%
Total Long-Term Assets $767.1M $752.3M
YoY Change 1.97% 6.13%
TOTAL ASSETS
Total Short-Term Assets $271.9M $266.9M
Total Long-Term Assets $767.1M $752.3M
Total Assets $1.039B $1.019B
YoY Change 1.94% 4.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.15M $19.46M
YoY Change 29.26% -23.85%
Accrued Expenses $63.98M $53.14M
YoY Change 20.4% 17.36%
Deferred Revenue $161.5M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $250.6M $219.3M
YoY Change 14.29% 10.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $63.72M $66.54M
YoY Change -4.23% -19.23%
Total Long-Term Liabilities $63.72M $66.54M
YoY Change -4.23% -19.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $250.6M $219.3M
Total Long-Term Liabilities $63.72M $66.54M
Total Liabilities $358.3M $300.8M
YoY Change 19.11% 1.54%
SHAREHOLDERS EQUITY
Retained Earnings -$184.5M -$151.0M
YoY Change 22.22% -13.77%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.43M
YoY Change
Treasury Stock Shares 857.0K shares
Shareholders Equity $680.7M $718.4M
YoY Change
Total Liabilities & Shareholders Equity $1.039B $1.019B
YoY Change 1.94% 4.37%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$8.270M -$13.82M
YoY Change -40.15% 4.08%
Depreciation, Depletion And Amortization $10.37M $10.29M
YoY Change 0.76% 0.25%
Cash From Operating Activities -$3.025M -$18.40M
YoY Change -83.56% -6.36%
INVESTING ACTIVITIES
Capital Expenditures $7.016M $2.216M
YoY Change 216.61% -33.85%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$7.016M -$2.216M
YoY Change 216.61% -33.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$8.375M -$3.617M
YoY Change 131.55% 78.71%
NET CHANGE
Cash From Operating Activities -$3.025M -$18.40M
Cash From Investing Activities -$7.016M -$2.216M
Cash From Financing Activities -$8.375M -$3.617M
Net Change In Cash -$18.42M -$24.24M
YoY Change -24.02% -3.16%
FREE CASH FLOW
Cash From Operating Activities -$3.025M -$18.40M
Capital Expenditures $7.016M $2.216M
Free Cash Flow -$10.04M -$20.62M
YoY Change -51.3% -10.37%

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CY2019Q2 us-gaap Fiscal Period
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<div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Year</span></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company’s fiscal year is the 52- or 53-week period ending on the Friday closest to January 31. The Company refers to the fiscal year ending </span><span style="font-family:inherit;font-size:10pt;">January 31, 2020</span><span style="font-family:inherit;font-size:10pt;"> and the fiscal year ended </span><span style="font-family:inherit;font-size:10pt;">February 1, 2019</span><span style="font-family:inherit;font-size:10pt;"> as fiscal </span><span style="font-family:inherit;font-size:10pt;">2020</span><span style="font-family:inherit;font-size:10pt;"> and fiscal </span><span style="font-family:inherit;font-size:10pt;">2019</span><span style="font-family:inherit;font-size:10pt;">, respectively. Both fiscal </span><span style="font-family:inherit;font-size:10pt;">2020</span><span style="font-family:inherit;font-size:10pt;"> and fiscal </span><span style="font-family:inherit;font-size:10pt;">2019</span><span style="font-family:inherit;font-size:10pt;"> have 52 weeks, and each quarter has 13 weeks.</span></div>
CY2019Q2 us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Estimates are revised as additional information becomes available. In the Condensed Consolidated Statements of Operations, estimates are used when accounting for revenue arrangements, determining the cost of revenue, allocating costs and estimating the impact of contingencies. In the Condensed Consolidated Statements of Financial Position, estimates are used in determining the valuation and recoverability of assets, such as accounts receivables, inventories, fixed assets, goodwill and other identifiable intangible assets, and estimates are used in determining the reported amounts of liabilities, such as taxes payable and the impact of contingencies, all of which also impact the Condensed Consolidated Statements of Operations. Actual results could differ from these estimates.</span></div>
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-8270000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-13819000 USD
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
80467000 shares
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
80522000 shares
CY2019Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.10
CY2018Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.17
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5456000 shares
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5531000 shares
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
132842000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
126161000 USD
CY2019Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
173929000 USD
CY2019Q2 scwx Contractwith Customer Liability Increase From Cash Receipts
ContractwithCustomerLiabilityIncreaseFromCashReceipts
87863000 USD
CY2019Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
84498000 USD
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
177294000 USD
CY2018Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
152645000 USD
CY2018Q2 scwx Contractwith Customer Liability Increase From Cash Receipts
ContractwithCustomerLiabilityIncreaseFromCashReceipts
77262000 USD
CY2018Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
68281000 USD
CY2018Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
161626000 USD
CY2019Q2 scwx Revenue Performance Obligation Number Of Elements
RevenuePerformanceObligationNumberOfElements
2 performance_obligation
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
293768000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
158639000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
94536000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
38153000 USD
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2440000 USD
CY2019Q2 us-gaap Goodwill
Goodwill
416500000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
325102000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
155706000 USD
CY2019Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
206448000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
169396000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
325102000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
148772000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
176330000 USD
CY2019Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
355220000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
155706000 USD
CY2019Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
199514000 USD
CY2019Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
355220000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
148772000 USD
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6900000 USD
CY2019Q2 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1400000 USD
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
400000 USD
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
300000 USD
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1300000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y4M24D
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0532
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3933000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4795000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6534000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5790000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5230000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
11824000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
38106000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7228000000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
30878000000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
5237000000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4446000000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
6190000000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
5440000000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
4936000000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
11825000000 USD
CY2019Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
23.72
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7600000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
38074000000 USD
CY2018Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
15000000 USD
CY2019Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
15000000 USD
CY2019Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
38380 shares
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
900000 USD
CY2019Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
15600000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-14204000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-17085000 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5934000 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3266000 USD
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.418
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.191
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.418
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.191
CY2019Q2 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
2200000 USD
CY2019Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
4800000 USD
CY2019Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
4700000 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7500000 USD
CY2019Q2 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
21051000 USD
CY2019Q1 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
15634000 USD

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