$SCWX
SecureWorks Corp

2016 Q3 Form 10-Q Financial Statement

#000162828016019436 Filed on September 07, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $103.7M $79.86M
YoY Change 29.8% 26.15%
Cost Of Revenue $52.91M $44.72M
YoY Change 18.32% 24.21%
Gross Profit $50.75M $35.14M
YoY Change 44.42% 28.24%
Gross Profit Margin 48.96% 44.0%
Selling, General & Admin $53.42M $49.90M
YoY Change 7.05% 39.78%
% of Gross Profit 105.27% 142.02%
Research & Development $17.37M $17.58M
YoY Change -1.2% 125.44%
% of Gross Profit 34.24% 50.04%
Depreciation & Amortization $9.790M $10.14M
YoY Change -3.45% -0.59%
% of Gross Profit 19.29% 28.86%
Operating Expenses $70.79M $67.49M
YoY Change 4.9% 55.14%
Operating Profit -$20.05M -$32.35M
YoY Change -38.03% 100.93%
Interest Expense $900.0K $300.0K
YoY Change 200.0% -400.0%
% of Operating Profit
Other Income/Expense, Net $851.0K $303.0K
YoY Change 180.86%
Pretax Income -$19.20M -$32.05M
YoY Change -40.1% 96.6%
Income Tax -$7.145M -$10.92M
% Of Pretax Income
Net Earnings -$12.05M -$21.12M
YoY Change -42.95% 107.1%
Net Earnings / Revenue -11.63% -26.45%
Basic Earnings Per Share
Diluted Earnings Per Share -$151.3K -$259.5K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.3M $20.30M
YoY Change 458.13%
Cash & Equivalents $113.3M $20.26M
Short-Term Investments
Other Short-Term Assets $25.51M $45.90M
YoY Change -44.43%
Inventory $3.524M $2.000M
Prepaid Expenses
Receivables $100.8M $80.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $243.1M $149.0M
YoY Change 63.14%
LONG-TERM ASSETS
Property, Plant & Equipment $25.14M $26.20M
YoY Change -4.04%
Goodwill $416.5M
YoY Change
Intangibles $275.8M
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.99M $7.500M
YoY Change 259.88%
Total Long-Term Assets $744.4M $743.7M
YoY Change 0.1%
TOTAL ASSETS
Total Short-Term Assets $243.1M $149.0M
Total Long-Term Assets $744.4M $743.7M
Total Assets $987.5M $892.7M
YoY Change 10.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.85M $10.20M
YoY Change 163.2%
Accrued Expenses $31.98M $24.70M
YoY Change 29.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $172.8M $123.1M
YoY Change 40.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $97.09M $135.5M
YoY Change -28.35%
Total Long-Term Liabilities $97.09M $135.5M
YoY Change -28.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $172.8M $123.1M
Total Long-Term Liabilities $97.09M $135.5M
Total Liabilities $286.4M $258.6M
YoY Change 10.74%
SHAREHOLDERS EQUITY
Retained Earnings -$146.3M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $701.1M $634.1M
YoY Change
Total Liabilities & Shareholders Equity $987.5M $892.7M
YoY Change 10.62%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$12.05M -$21.12M
YoY Change -42.95% 107.1%
Depreciation, Depletion And Amortization $9.790M $10.14M
YoY Change -3.45% -0.59%
Cash From Operating Activities -$5.370M $4.770M
YoY Change -212.58% -895.0%
INVESTING ACTIVITIES
Capital Expenditures -$4.460M -$3.120M
YoY Change 42.95% -31300.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.460M -$3.120M
YoY Change 42.95% -31300.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -600.0K 6.680M
YoY Change -108.98% 51.82%
NET CHANGE
Cash From Operating Activities -5.370M 4.770M
Cash From Investing Activities -4.460M -3.120M
Cash From Financing Activities -600.0K 6.680M
Net Change In Cash -10.43M 8.330M
YoY Change -225.21% 118.64%
FREE CASH FLOW
Cash From Operating Activities -$5.370M $4.770M
Capital Expenditures -$4.460M -$3.120M
Free Cash Flow -$910.0K $7.890M
YoY Change -111.53% -1393.44%

Facts In Submission

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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
267000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1753000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1259000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
90984000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
97089000 USD
CY2016Q3 us-gaap Revenues
Revenues
103653000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-5539000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6207000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7930000 USD
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
0 USD
us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
9547000 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
99604000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22766000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25142000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1714000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1340000 USD
CY2016Q1 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
-21691000 USD
CY2016Q3 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
-659000 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12643000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
24473000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12848000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
26444000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-122646000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-146324000 USD
CY2015Q3 us-gaap Revenues
Revenues
79855000 USD
us-gaap Revenues
Revenues
157254000 USD
us-gaap Revenues
Revenues
203446000 USD
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
26696000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
48815000 USD
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
28639000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
56135000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
414000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3365000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
63572 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
14.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2116555 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.67
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
0 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2052983 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0.00
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
13.66
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P2Y3M10D
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
75169000 shares
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
30405000 USD
CY2016Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
27993000 USD
CY2016Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
0 USD
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
28125000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
96326000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
588456000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
701103000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
200000 USD
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
70000000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
70000000 shares
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
80009000 shares
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;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. The fourth quarter of fiscal 2017 will have 14 weeks, as 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>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts have been reclassified to conform to the current period presentation with no effect on the Company's consolidated financial position or results of operations. The Condensed Consolidated Statements of Operations previously combined sales, general and administrative expenses. These statements now present sales and marketing separate from general and administrative expenses. These reclassifications did not affect total operating expenses.</font></div></div>
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;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 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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