$SCWX
SecureWorks Corp

2016 Q2 Form 10-Q Financial Statement

#000162828016016884 Filed on June 01, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $99.79M $77.40M
YoY Change 28.93% 27.72%
Cost Of Revenue $49.85M $44.00M
YoY Change 13.3% 30.94%
Gross Profit $49.94M $33.40M
YoY Change 49.52% 23.71%
Gross Profit Margin 50.05% 43.16%
Selling, General & Admin $51.35M $42.80M
YoY Change 19.96% 15.37%
% of Gross Profit 102.81% 128.14%
Research & Development $17.60M $16.93M
YoY Change 3.94% 156.52%
% of Gross Profit 35.23% 50.68%
Depreciation & Amortization $9.626M $10.58M
YoY Change -8.99% 1.9%
% of Gross Profit 19.27% 31.66%
Operating Expenses $68.94M $59.73M
YoY Change 15.42% 36.69%
Operating Profit -$19.00M -$26.33M
YoY Change -27.84% 57.66%
Interest Expense $400.0K -$800.0K
YoY Change -150.0% 700.0%
% of Operating Profit
Other Income/Expense, Net $365.0K -$818.0K
YoY Change -144.62%
Pretax Income -$18.64M -$27.15M
YoY Change -31.36% 62.56%
Income Tax -$7.008M -$9.318M
% Of Pretax Income
Net Earnings -$11.63M -$17.83M
YoY Change -34.79% 69.81%
Net Earnings / Revenue -11.65% -23.04%
Basic Earnings Per Share
Diluted Earnings Per Share -$165.0K -$218.9K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.7M $11.90M
YoY Change 939.5%
Cash & Equivalents $123.7M $11.94M
Short-Term Investments
Other Short-Term Assets $26.87M $47.60M
YoY Change -43.55%
Inventory $4.219M $1.900M
Prepaid Expenses
Receivables $108.9M $80.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $263.7M $142.3M
YoY Change 85.28%
LONG-TERM ASSETS
Property, Plant & Equipment $23.55M $26.20M
YoY Change -10.12%
Goodwill $416.5M
YoY Change
Intangibles $282.7M
YoY Change
Long-Term Investments
YoY Change
Other Assets $25.81M $3.800M
YoY Change 579.11%
Total Long-Term Assets $748.6M $747.0M
YoY Change 0.21%
TOTAL ASSETS
Total Short-Term Assets $263.7M $142.3M
Total Long-Term Assets $748.6M $747.0M
Total Assets $1.012B $889.3M
YoY Change 13.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.12M $20.90M
YoY Change 10.63%
Accrued Expenses $39.49M $5.600M
YoY Change 605.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $177.7M $112.7M
YoY Change 57.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $104.3M $137.8M
YoY Change -24.28%
Total Long-Term Liabilities $104.3M $137.8M
YoY Change -24.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $177.7M $112.7M
Total Long-Term Liabilities $104.3M $137.8M
Total Liabilities $299.7M $250.5M
YoY Change 19.65%
SHAREHOLDERS EQUITY
Retained Earnings -$134.3M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $712.5M $638.9M
YoY Change
Total Liabilities & Shareholders Equity $1.012B $889.3M
YoY Change 13.82%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$11.63M -$17.83M
YoY Change -34.79% 69.81%
Depreciation, Depletion And Amortization $9.626M $10.58M
YoY Change -8.99% 1.9%
Cash From Operating Activities -$16.21M -$8.179M
YoY Change 98.17% -476.91%
INVESTING ACTIVITIES
Capital Expenditures $3.474M $3.087M
YoY Change 12.54% -222.99%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.474M -$3.087M
YoY Change 12.54% 22.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $110.0M $16.53M
YoY Change 565.12% 452.98%
NET CHANGE
Cash From Operating Activities -$16.21M -$8.179M
Cash From Investing Activities -$3.474M -$3.087M
Cash From Financing Activities $110.0M $16.53M
Net Change In Cash $90.29M $5.268M
YoY Change 1613.91% 98.79%
FREE CASH FLOW
Cash From Operating Activities -$16.21M -$8.179M
Capital Expenditures $3.474M $3.087M
Free Cash Flow -$19.68M -$11.27M
YoY Change 74.7% -340.73%

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CY2015Q2 us-gaap Revenues
Revenues
77399000 USD
CY2016Q2 us-gaap Revenues
Revenues
99793000 USD
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
22119000 USD
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
27496000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
200000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
360000 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
0 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0.00
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2107626 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
13.67
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P2Y6M11D
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
0 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
0.00
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
28095000 USD
CY2016Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
27993000 USD
CY2016Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
0 USD
CY2016Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
28125000 USD
CY2016Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
96693000 USD
CY2016Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
588456000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
712501000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2016Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
200000 USD
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
70000000 shares
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
70330000 shares
CY2016Q2 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Year</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s fiscal year is the </font><font style="font-family:inherit;font-size:10pt;">52</font><font style="font-family:inherit;font-size:10pt;">- or </font><font style="font-family:inherit;font-size:10pt;">53</font><font style="font-family:inherit;font-size:10pt;">-week period ending on the Friday closest to January&#160;31. The Company</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"> </font><font style="font-family:inherit;font-size:10pt;">refers to the fiscal year ending February 3, 2017 and the fiscal year ended January 29, 2016 as fiscal 2017 and fiscal 2016, respectively. Fiscal 2017 includes </font><font style="font-family:inherit;font-size:10pt;">53</font><font style="font-family:inherit;font-size:10pt;"> weeks and fiscal 2016 included </font><font style="font-family:inherit;font-size:10pt;">52</font><font style="font-family:inherit;font-size:10pt;"> weeks.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2016Q2 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 cost of revenue, allocating cost in the form of depreciation and amortization and estimating the impact of contingencies. In the 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.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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