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ATLANTA, Dec. 1, 2022 /PRNewswire/ -- Secureworks (NASDAQ: SCWX), a global leader in cybersecurity, today announced financial results for its third quarter, which ended on October 28, 2022.
Key Highlights
"The days of sprawling cyber estates are numbered," said Wendy Thomas, CEO of Secureworks. "Customers more than ever want to consolidate their security vendors and move away from point solutions that don't work together, in favor of an open security platform that delivers superior detection and unmatched response with the highest return on investment. Our results show that Secureworks is delivering on this business priority with Taegis as the platform of choice."
"Our momentum continues as we surpassed the $220 million Taegis ARR milestone and delivered another quarter of triple-digit growth in Taegis Customer Count and Taegis-related Revenue," said Paul Parrish, Chief Financial Officer, Secureworks. "Taegis average revenue per customer remained strong, growing to $139 thousand in the third quarter, and continues to demonstrate a higher share of wallet relative to Taegis competitors."
Third Quarter Fiscal 2023 Financial Highlights
Business and Operational Highlights
Financial Outlook
For the fourth quarter of fiscal 2023, the Company expects:
Secureworks is providing the following updated guidance for full fiscal year 2023. The Company expects:
Fiscal Year 2023 Guidance | |
Taegis ARR | At least $245M |
Other MSS ARR | Below $65M |
Total revenue | $456M to $460M |
GAAP net loss | ($109M) to ($113M) |
($1.29) to ($1.34) per share | |
Non-GAAP net loss | ($55M) to ($59M) |
($0.63) to ($0.69) per share | |
Adjusted EBITDA | ($64M) to ($68M) |
Cash from operations | ($64M) to ($68M) |
Conference Call Information
As previously announced, the Company will hold a conference call to discuss its third quarter fiscal 2023 results and financial guidance on December 1, 2022, at 8:00 a.m. U.S. ET. A live audio webcast of the conference call and the related supplemental financial information will be accessible on the Company's website at http://investors.secureworks.com. The webcast and supplemental information will be archived at the same location.
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 revenue, non-GAAP gross margin, non-GAAP subscription gross margin, non-GAAP professional services gross margin, non-GAAP gross margin, non-GAAP subscription cost of revenue, non-GAAP professional services cost of revenue, non-GAAP 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 and adjusted EBITDA, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). A reconciliation of the foregoing historical and forward-looking non-GAAP financial measures to the most directly comparable historical and forward-looking GAAP financial measure is provided below for each of the fiscal periods indicated.
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, GAAP net loss per share, non-GAAP net loss and non-GAAP net loss per share for the fourth quarter of fiscal 2023, and revenue, GAAP net loss, GAAP net loss per share, non-GAAP net loss, non-GAAP net loss per share, adjusted EBITDA, cash from operations, Taegis ARR and other MSS ARR for full year fiscal 2023, 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 reliance on personnel with extensive information security expertise; 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 the Company's international sales and operations; the effect of Brexit on the Company's operations; the Company's exposure to fluctuations in currency exchange rates or global inflationary environment; the effect of 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; estimates or judgments relating to the Company's critical accounting policies; 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, and the coronavirus (COVID-19) pandemic; 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; and risks related to the Company's relationship with Dell Technologies Inc. and Dell Inc. and control of the Company by Dell Technologies Inc.
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 as a result of 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.
(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 | Nine Months Ended | ||||||
October 28, | October 29, | October 28, | October 29, | ||||
Net revenue: | |||||||
Subscription | $ 87,191 | $ 102,992 | $ 271,926 | $ 309,488 | |||
Professional services | 23,751 | 30,707 | 76,213 | 97,846 | |||
Total net revenue | 110,942 | 133,699 | 348,139 | 407,334 | |||
Cost of revenue: | |||||||
Subscription | 32,136 | 34,888 | 99,022 | 109,423 | |||
Professional services | 13,444 | 18,002 | 45,572 | 57,157 | |||
Total cost of revenue | 45,580 | 52,890 | 144,594 | 166,580 | |||
Gross profit | 65,362 | 80,809 | 203,545 | 240,754 | |||
Operating expenses: | |||||||
Research and development | 35,263 | 32,767 | 102,232 | 91,336 | |||
Sales and marketing | 41,380 | 35,008 | 121,565 | 106,098 | |||
General and administrative | 24,725 | 28,404 | 74,359 | 80,447 | |||
Total operating expenses | 101,368 | 96,179 | 298,156 | 277,881 | |||
Operating loss | (36,006) | (15,370) | (94,611) | (37,127) | |||
Interest and other, net | (661) | (762) | (1,227) | (2,270) | |||
Loss before income taxes | (36,667) | (16,132) | (95,838) | (39,397) | |||
Income tax benefit | (8,521) | (3,269) | (21,375) | (8,381) | |||
Net loss | $ (28,146) | $ (12,863) | $ (74,463) | $ (31,016) | |||
Loss per common share (basic and diluted) | $ (0.33) | $ (0.15) | $ (0.88) | $ (0.37) | |||
Weighted-average common shares outstanding (basic and diluted) | 84,584 | 83,297 | 84,277 | 82,754 | |||
Percentage of Total Net Revenue (1) | |||||||
Subscription gross margin | 63.1 % | 66.1 % | 63.6 % | 64.6 % | |||
Professional services gross margin | 43.4 % | 41.4 % | 40.2 % | 41.6 % | |||
Total gross margin | 58.9 % | 60.4 % | 58.5 % | 59.1 % | |||
Research and development expenses | 31.8 % | 24.5 % | 29.4 % | 22.4 % | |||
Sales and marketing expenses | 37.3 % | 26.2 % | 34.9 % | 26.0 % | |||
General and administrative expenses | 22.3 % | 21.2 % | 21.4 % | 19.7 % | |||
Operating expenses | 91.4 % | 71.9 % | 85.6 % | 68.2 % | |||
Operating loss | (32.5) % | (11.5) % | (27.2) % | (9.0) % | |||
Loss before income taxes | (33.1) % | (12.1) % | (27.5) % | (9.7) % | |||
Net loss | (25.4) % | (9.6) % | (21.4) % | (7.6) % | |||
Effective tax rate | 23.2 % | 20.3 % | 22.3 % | 21.3 % | |||
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 GAAP subscription net revenue and GAAP professional services net revenue, respectively. |
SECUREWORKS CORP. | |||||||
Condensed Consolidated Statements of Financial Position | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
October 28, | January 28, | ||||||
Assets: | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ 139,032 | $ 220,655 | |||||
Accounts receivable, net | 64,054 | 86,231 | |||||
Inventories, net | 683 | 505 | |||||
Other current assets | 26,174 | 26,040 | |||||
Total current assets | 229,943 | 333,431 | |||||
Property and equipment, net | 5,426 | 8,426 | |||||
Operating lease right-of-use assets, net | 14,245 | 17,441 | |||||
Goodwill | 425,353 | 425,926 | |||||
Intangible assets, net | 113,762 | 133,732 | |||||
Other non-current assets | 62,124 | 68,346 | |||||
Total assets | $ 850,853 | $ 987,302 | |||||
Liabilities and Stockholders' Equity: | |||||||
Current liabilities: | |||||||
Accounts payable | $ 19,682 | $ 15,062 | |||||
Accrued and other current liabilities | 65,240 | 88,122 | |||||
Short-term deferred revenue | 136,950 | 163,304 | |||||
Total current liabilities | 221,872 | 266,488 | |||||
Long-term deferred revenue | 7,566 | 12,764 | |||||
Operating lease liabilities, non-current | 13,125 | 16,869 | |||||
Other non-current liabilities | 22,391 | 43,124 | |||||
Total liabilities | 264,954 | 339,245 | |||||
Total stockholders' equity | 585,899 | 648,057 | |||||
Total liabilities and stockholders' equity | $ 850,853 | $ 987,302 |
SECUREWORKS CORP. | ||||
Condensed Consolidated Statements of Cash Flows | ||||
(in thousands) | ||||
(unaudited) | ||||
Nine Months Ended | ||||
October 28, | October 29, | |||
Cash flows from operating activities: | ||||
Net loss | $ (74,463) | $ (31,016) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 27,728 | 29,914 | ||
Amortization of right of use asset | 2,853 | 3,081 | ||
Amortization of costs capitalized to obtain revenue contracts | 13,319 | 14,693 | ||
Amortization of costs capitalized to fulfill revenue contracts | 3,635 | 4,002 | ||
Stock-based compensation expense | 27,504 | 23,677 | ||
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies | 1,386 | 2,374 | ||
Income tax benefit | (21,375) | (8,381) | ||
Provision for credit losses | (552) | 73 | ||
Changes in assets and liabilities: | ||||
Accounts receivable | 21,584 | 12,460 | ||
Net transactions with Dell | (3,741) | (6,794) | ||
Inventories | (178) | 45 | ||
Other assets | (9,709) | (10,588) | ||
Accounts payable | 4,550 | (3,814) | ||
Deferred revenue | (33,171) | (8,830) | ||
Operating leases, net | (4,086) | (4,266) | ||
Accrued and other liabilities | (23,462) | (18,403) | ||
Net cash used in operating activities | (68,178) | (1,773) | ||
Cash flows from investing activities: | ||||
Capital expenditures | (1,609) | (1,248) | ||
Software development costs | (3,352) | (4,574) | ||
Net cash used in investing activities | (4,961) | (5,822) | ||
Cash flows from financing activities: | ||||
Taxes paid on vested restricted shares | (8,484) | (11,710) | ||
Proceeds from stock option exercises | — | 4,134 | ||
Net cash used in financing activities | (8,484) | (7,576) | ||
Net decrease in cash and cash equivalents | (81,623) | (15,171) | ||
Cash and cash equivalents at beginning of the period | 220,655 | 220,300 | ||
Cash and cash equivalents at end of the period | $ 139,032 | $ 205,129 |
Non-GAAP Financial Measures
This press release presents information about the Company's non-GAAP revenue, non-GAAP gross margin, non-GAAP subscription gross margin, non-GAAP professional services gross margin, non-GAAP gross margin, non-GAAP subscription cost of revenue, non-GAAP professional services cost of revenue, non-GAAP 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 and adjusted EBITDA, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with GAAP. A detailed discussion of the Company's 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 below. The Company encourages investors to review its GAAP results and supplement their review of the Company's GAAP results with the corresponding non-GAAP financial measures.
The following is a summary of the items excluded from the most comparable GAAP financial measures to calculate our 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 | Nine Months Ended | ||||||||||||||||
October 28, | October 29, | October 28, | October 29, | ||||||||||||||
GAAP net revenue | $ 110,942 | $ 133,699 | $ 348,139 | $ 407,334 | |||||||||||||
GAAP subscription cost of revenue | $ 32,136 | $ 34,888 | $ 99,022 | $ 109,423 | |||||||||||||
Amortization of intangibles | (4,371) | (4,109) | (12,751) | (11,972) | |||||||||||||
Stock-based compensation expense | (167) | (41) | (457) | (159) | |||||||||||||
Non-GAAP subscription cost of revenue | $ 27,598 | $ 30,738 | $ 85,814 | $ 97,292 | |||||||||||||
GAAP professional services cost of revenue | $ 13,444 | $ 18,002 | $ 45,572 | $ 57,157 | |||||||||||||
Stock-based compensation expense | (323) | (103) | (1,055) | (474) | |||||||||||||
Non-GAAP professional services cost of revenue | $ 13,121 | $ 17,899 | $ 44,517 | $ 56,683 | |||||||||||||
GAAP gross profit | $ 65,362 | $ 80,809 | $ 203,545 | $ 240,754 | |||||||||||||
Amortization of intangibles | 4,371 | 4,109 | 12,751 | 11,972 | |||||||||||||
Stock-based compensation expense | 491 | 144 | 1,512 | 633 | |||||||||||||
Non-GAAP gross profit | $ 70,224 | $ 85,062 | $ 217,808 | $ 253,359 | |||||||||||||
GAAP research and development expenses | $ 35,263 | $ 32,767 | $ 102,232 | $ 91,336 | |||||||||||||
Stock-based compensation expense | (3,077) | (2,268) | (8,460) | (4,908) | |||||||||||||
Non-GAAP research and development expenses | $ 32,186 | $ 30,499 | $ 93,772 | $ 86,428 | |||||||||||||
GAAP sales and marketing expenses | $ 41,380 | $ 35,008 | $ 121,565 | $ 106,098 | |||||||||||||
Stock-based compensation expense | (1,631) | (1,493) | (4,896) | (3,241) | |||||||||||||
Non-GAAP sales and marketing expenses | $ 39,749 | $ 33,515 | $ 116,669 | $ 102,857 | |||||||||||||
GAAP general and administrative expenses | $ 24,725 | $ 28,404 | $ 74,359 | $ 80,447 | |||||||||||||
Amortization of intangibles | (3,524) | (3,524) | (10,571) | (10,571) | |||||||||||||
Stock-based compensation expense | (4,367) | (6,157) | (12,636) | (14,895) | |||||||||||||
Non-GAAP general and administrative expenses | $ 16,834 | $ 18,723 | $ 51,152 | $ 54,981 | |||||||||||||
GAAP operating loss | $ (36,006) | $ (15,370) | $ (94,611) | $ (37,127) | |||||||||||||
Amortization of intangibles | 7,895 | 7,633 | 23,322 | 22,543 | |||||||||||||
Stock-based compensation expense | 9,566 | 10,062 | 27,504 | 23,677 | |||||||||||||
Non-GAAP operating (loss) income | $ (18,545) | $ 2,325 | $ (43,785) | $ 9,093 | |||||||||||||
GAAP net loss | $ (28,146) | $ (12,863) | $ (74,463) | $ (31,016) | |||||||||||||
Amortization of intangibles | 7,895 | 7,633 | 23,322 | 22,543 | |||||||||||||
Stock-based compensation expense | 9,566 | 10,062 | 27,504 | 23,677 | |||||||||||||
Aggregate adjustment for income taxes | (3,030) | (3,613) | (8,974) | (9,073) | |||||||||||||
Non-GAAP net (loss) income | $ (13,715) | $ 1,219 | $ (32,611) | $ 6,131 | |||||||||||||
GAAP loss per share | $ (0.33) | $ (0.15) | $ (0.88) | $ (0.37) | |||||||||||||
Amortization of intangibles | 0.10 | 0.09 | 0.28 | 0.27 | |||||||||||||
Stock-based compensation expense | 0.12 | 0.12 | 0.33 | 0.28 | |||||||||||||
Aggregate adjustment for income taxes | (0.04) | (0.04) | (0.11) | (0.11) | |||||||||||||
Non-GAAP (loss) earnings per share * | $ (0.16) | $ 0.01 | $ (0.39) | $ 0.07 | |||||||||||||
* Sum of reconciling items may differ from total due to rounding of individual components | |||||||||||||||||
GAAP net loss | $ (28,146) | $ (12,863) | $ (74,463) | $ (31,016) | |||||||||||||
Interest and other, net | 661 | 762 | 1,227 | 2,270 | |||||||||||||
Income tax benefit | (8,521) | (3,269) | (21,375) | (8,381) | |||||||||||||
Depreciation and amortization | 9,213 | 10,051 | 27,728 | 29,914 | |||||||||||||
Stock-based compensation expense | 9,566 | 10,062 | 27,504 | 23,677 | |||||||||||||
Adjusted EBITDA | $ (17,227) | $ 4,743 | $ (39,379) | $ 16,464 | |||||||||||||
SECUREWORKS CORP. | |||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Percentage of Total Net Revenue | October 28, | October 29, | October 28, | October 29, | |||||||||||||
GAAP gross margin | 58.9 % | 60.4 % | 58.5 % | 59.1 % | |||||||||||||
Non-GAAP adjustment | 4.4 % | 3.2 % | 4.1 % | 3.1 % | |||||||||||||
Non-GAAP gross margin | 63.3 % | 63.6 % | 62.6 % | 62.2 % | |||||||||||||
GAAP research and development expenses | 31.8 % | 24.5 % | 29.4 % | 22.4 % | |||||||||||||
Non-GAAP adjustment | (2.8) % | (1.7) % | (2.5) % | (1.2) % | |||||||||||||
Non-GAAP research and development expenses | 29.0 % | 22.8 % | 26.9 % | 21.2 % | |||||||||||||
GAAP sales and marketing expenses | 37.3 % | 26.2 % | 34.9 % | 26.0 % | |||||||||||||
Non-GAAP adjustment | (1.5) % | (1.1) % | (1.4) % | (0.7) % | |||||||||||||
Non-GAAP sales and marketing expenses | 35.8 % | 25.1 % | 33.5 % | 25.3 % | |||||||||||||
GAAP general and administrative expenses | 22.3 % | 21.2 % | 21.4 % | 19.7 % | |||||||||||||
Non-GAAP adjustment | (7.1) % | (7.2) % | (6.7) % | (6.2) % | |||||||||||||
Non-GAAP general and administrative expenses | 15.2 % | 14.0 % | 14.7 % | 13.5 % | |||||||||||||
GAAP operating loss | (32.5) % | (11.5) % | (27.2) % | (9.0) % | |||||||||||||
Non-GAAP adjustment | 15.8 % | 13.3 % | 14.6 % | 11.2 % | |||||||||||||
Non-GAAP operating (loss) income | (16.7) % | 1.8 % | (12.6) % | 2.2 % | |||||||||||||
GAAP net loss | (25.4) % | (9.6) % | (21.4) % | (7.6) % | |||||||||||||
Non-GAAP adjustment | 13.0 % | 10.5 % | 12.0 % | 9.1 % | |||||||||||||
Non-GAAP net (loss) income | (12.4) % | 0.9 % | (9.4) % | 1.5 % | |||||||||||||
SECUREWORKS CORP. | ||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures | ||||||||
(in millions, except per share data) | ||||||||
(unaudited) | ||||||||
Three Months Ending | Fiscal Year Ending | |||||||
February 3, 2023 | February 3, 2023 | |||||||
Low End of | High End of | Low End of | High End of | |||||
GAAP net revenue | $ 108 | $ 112 | $ 456 | $ 460 | ||||
GAAP net loss | $ (39) | $ (35) | $ (113) | $ (109) | ||||
Amortization of intangibles | 7 | 7 | 31 | 31 | ||||
Stock-based compensation expense | 12 | 12 | 40 | 40 | ||||
Aggregate adjustment for income taxes | (5) | (5) | (16) | (16) | ||||
Non-GAAP net loss* | $ (24) | $ (20) | $ (59) | $ (55) | ||||
GAAP net loss per share | $ (0.46) | $ (0.41) | $ (1.34) | $ (1.29) | ||||
Amortization of intangibles | 0.08 | 0.08 | 0.36 | 0.36 | ||||
Stock-based compensation expense | 0.15 | 0.15 | 0.47 | 0.47 | ||||
Aggregate adjustment for income taxes | (0.06) | (0.06) | (0.19) | (0.19) | ||||
Non-GAAP net loss per share* | $ (0.28) | $ (0.24) | $ (0.69) | $ (0.63) | ||||
GAAP net loss | $ (113) | $ (109) | ||||||
Interest and other, net | 2 | 1 | ||||||
Income tax benefit | (32) | (31) | ||||||
Depreciation and amortization | 36 | 36 | ||||||
Stock-based compensation expense | 40 | 40 | ||||||
Adjusted EBITDA* | $ (68) | $ (64) | ||||||
Other Items | ||||||||
Effective tax rate | 22 % | |||||||
Weighted average shares outstanding (in millions) | 84.5 | |||||||
Cash flow from operations | $(68) to $(64) | |||||||
Capital expenditures | $7 to $9 |
* | 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.