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SecureWorks Corp. (SCWX)

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Previous Close11.95
Open12.13
Bid12.00 x 800
Ask12.01 x 1200
Day's Range11.64 - 12.13
52 Week Range5.29 - 18.23
Volume74,823
Avg. Volume120,703
Market Cap986.269M
Beta (5Y Monthly)1.09
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  • GlobeNewswire

    Secureworks Completes Acquisition of Delve Laboratories, Inc.

    SaaS solution expands Secureworks’ software portfolio with vulnerability management capabilitiesATLANTA, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Secureworks® (NASDAQ:SCWX), a leader in software-driven security solutions, today announced it has completed the acquisition of Delve. Delve’s SaaS solution uses artificial intelligence (AI) and machine learning to automate vulnerability detection and prioritization across an organization's network, endpoint or cloud environment, providing CISOs, CIOs and IT Security departments accurate and prioritized insights to protect themselves against adversaries.Secureworks plans to integrate vulnerability discovery and prioritization technology into new offerings within its cloud-based portfolio, including its Red Cloak™ Platform and Threat Detection and Response (TDR) application, expanding visibility and insights for users.“We’re bringing Delve into Secureworks at a time when we’re accelerating our transformation and have marked momentum for our software solutions,” said Michael R. Cote, Chief Executive Officer of Secureworks. “We’re in a position of strength, offering greater value by delivering deeper intelligence, a differentiated end-to-end experience, and a collaborative community built to protect our customers as they digitally transform.”"Secureworks’ acquisition of Delve is a good pivot from detection/response to cyber-risk assessment and security validation to complete the circle as Secureworks transforms to a software company,” said Jon Oltsik, Senior Principal Analyst & ESG Fellow, ESG.The Delve Solution will be available to Secureworks customers by the end of the Company’s fiscal quarter. With the acquisition, Secureworks also grows its channel partner and direct sales footprint in Canada.About Secureworks  Secureworks® (NASDAQ:SCWX) a global cybersecurity leader, enables our customers and partners to outpace and outmaneuver adversaries with more precision, so they can rapidly adapt and respond to market forces to meet their business needs. With a unique combination of cloud-native, SaaS security platform and intelligence-driven security solutions, informed by 20+ years of threat intelligence and research, no other security platform is grounded and informed with this much real-world experience.Contact:  Ashley Vandiver avandiver@secureworks.com press@secureworks.com +1 404-432-8657 Visit Secureworks.comConnect with Secureworks via Twitter, LinkedIn and Facebook  Read the Secureworks Blog Special Note Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 and are based on Secureworks' current expectations. 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. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, competitive uncertainties and general economic and business conditions in Secureworks' markets as well as the other risks and uncertainties that are described in Secureworks' periodic reports and other filings with the Securities and Exchange Commission, which are available for review through the Securities and Exchange Commission's website at www.sec.gov. Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update any forward-looking statement after the date as of which such statement was made, whether to reflect changes in circumstances or our expectations, the occurrence of unanticipated events, or otherwise. Any future product, service, feature, benefit or related specification referenced in this press release are for information purposes only and are not commitments to deliver any technology or enhancement.

  • GlobeNewswire

    Secureworks Named a Leader in the IDC MarketScape: Worldwide Managed Security Services (MSS) 2020 Vendor Assessment

    Report Highlights Secureworks’ Commitment to Software with Security at its CoreATLANTA, Sept. 18, 2020 (GLOBE NEWSWIRE) -- Secureworks® (NASDAQ:SCWX), a leader in software-driven security solutions, today announced it has been recognized as a Leader in the IDC MarketScape: Worldwide Managed Security Services (MSS) 2020 Vendor Assessment.1 The report also recognizes Secureworks’ multi-year strategy to build on in its expertise in security operations, by driving a collaborative, community-based approach to cybersecurity with software at its core.   This strategic shift was highlighted in the IDC MarketScape report, which stated, “A great deal of time and monetary investment has been put into Secureworks' SaaS product Red Cloak™ Threat Detection and Response capabilities moving the company into a software provider shifting Secureworks into a product plus MSS service provider hybrid category over the past 24–36 months….Secureworks' Threat Intelligence plays another differentiation in what the company provides to its customers.”  “As Secureworks transforms its business to provide more flexible, software-driven cybersecurity solutions, we’re proud to continue to be recognized as a Leader in the IDC MarketScape Worldwide Vendor Assessment,” said Michael R. Cote, Chief Executive Officer of Secureworks. “The industry is taking note of our innovative software transformation, and this report is a testament to our commitment to outpace and outmaneuver adversaries to protect customers worldwide.” Since launch last year more than 200 customers have chosen Secureworks Red Cloak Threat Detection and Response cloud-native security application to transform their security operations, automate and simplify investigations, enable collaboration across security and IT functions in a single platform that sits at the heart of their security operations.About Secureworks  Secureworks® (NASDAQ: SCWX), a global cybersecurity leader, enables our customers and partners to outpace and outmaneuver adversaries with more precision, so they can rapidly adapt and respond to market forces to meet their business needs. With a unique combination of cloud-native, SaaS security platform and intelligence-driven security solutions, informed by 20+ years of threat intelligence and research, no other security platform is grounded and informed with this much real-world experience.www.secureworks.com About IDC MarketScape  IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors. 1 IDC MarketScape: Worldwide Managed Security Services 2020 Vendor Assessment, by Martha Vazquez, September 2020, IDC US46235320 Contact:  Ashley Vandiver  avandiver@secureworks.com  press@secureworks.com  +1 404-432-8657 Special Note Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 and are based on Secureworks' current expectations. 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. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, competitive uncertainties and general economic and business conditions in Secureworks' markets as well as the other risks and uncertainties that are described in Secureworks' periodic reports and other filings with the Securities and Exchange Commission, which are available for review through the Securities and Exchange Commission's website at www.sec.gov. Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update any forward-looking statement after the date as of which such statement was made, whether to reflect changes in circumstances or our expectations, the occurrence of unanticipated events, or otherwise. Any future product, service, feature, benefit or related specification referenced in this press release are for information purposes only and are not commitments to deliver any technology or enhancement.

  • GlobeNewswire

    Secureworks Reports Second Quarter Fiscal 2021 Results

    News Summary * 32 percent sequential growth in annual recurring revenue from its Red Cloak™ Threat Detection and Response (TDR) and Managed Detection and Response (MDR) offerings. * Second quarter revenue of $138.5 million. * GAAP gross margin increased to a record 56.7 percent during the quarter, and non-GAAP gross margin increased to a record 59.7 percent, as Secureworks leveraged its resilient workforce to help global customers safely operate in their evolving remote environment. * Extended software portfolio with announcement regarding intent to acquire Delve Laboratories, Inc. to address customers’ needs for increased automation and to eliminate manual efforts to reduce vulnerability, as well as enterprise risk. * Continued go-to-market momentum with the launch of the Secureworks Global Partner Program in May to extend reach to even more customers worldwide.ATLANTA, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Secureworks (NASDAQ: SCWX), the essential cybersecurity company for the digitally connected world, today announced financial results for its second fiscal quarter, which ended on July 31, 2020.Second Quarter Fiscal 2021 Financial Results Highlights * For the second quarter of fiscal 2021, both GAAP and non-GAAP revenue increased 1.4 percent to $138.5 million from $136.6 million in the second quarter of fiscal 2020. * GAAP gross margin increased to 56.7 percent in the second quarter of fiscal 2021 from 53.4 percent in the same period last year. Non-GAAP gross margin increased to 59.7 percent from 56.3 percent in the second quarter of fiscal 2020. * GAAP net loss was $1.2 million, or $0.02 per share, in the second quarter of fiscal 2021, improved from $10.3 million, or $0.13 per share, in the same prior year period. Non-GAAP net income was $8.4 million, or $0.10 per share, in the second quarter of fiscal 2021, compared with a non-GAAP net loss of $0.7 million, or $0.01 per share, in the same prior year period. * Adjusted EBITDA for the quarter increased to $13.1 million from $1.3 million in the second quarter of fiscal 2020. * Secureworks ended the second quarter with $181.5 million in cash and cash equivalents.“The second quarter of fiscal 2021 was strong for our evolution to a software-driven security company, as we topped more than 200 customers on our cloud-based SaaS security analytics platform," said Michael R. Cote, Chief Executive Officer of Secureworks. "For more than 20 years, our purpose has been to outpace and outmaneuver adversaries to protect customers worldwide. I am extremely pleased with the progress we’re making to accelerate our multi-year strategy, further build upon our expertise in security operations, and continue to drive a collaborative, community-based approach to cybersecurity in order to meet the digital transformation needs of our customers in this dynamic environment.”“We’re pleased with our second quarter fiscal 2021 results and our continued momentum, with a year-over-year reduction in GAAP net loss, year-over-year improvement in adjusted EBITDA and records for both GAAP and non-GAAP gross margin percentage,” said Paul Parrish, Chief Financial Officer of Secureworks.Highlights include: * The Company topped more than 200 Customers on its Red Cloak TDR™ cloud-based SaaS security analytics platform. * During the second quarter of fiscal 2021, differentiated customer value drove continued momentum in the Company’s SaaS-based solutions, with a 100 percent growth rate in both customers and annual recurring revenue from its Red Cloak™ TDR software and MDR offerings in the first half of this year. * The Company’s June Global Threat Intelligence Summit was attended by more than 1,200 customers and prospects. * More than 100 new partners signed up for the Secureworks’ Global Partner Program in its first 90 days. * Secureworks invited the cybersecurity community to participate and collaborate against adversaries by publishing threat actor profiles on its corporate website on “who’s who in the cyber-criminal world.”Conference Call InformationAs previously announced, the Company will hold a conference call to discuss its second quarter fiscal 2021 results on Sept. 9, 2020, 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 for one year.Operating MetricsAnnual Recurring Revenue. The Company defines recurring revenue 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 MeasuresThis press release presents information about the Company’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), 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 each of the foregoing non-GAAP financial measures to the most directly comparable GAAP financial measure is provided below for each of the fiscal periods indicated.Special Note Regarding Forward-Looking StatementsThis 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,” “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 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, including those relating to, among others: 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 rapidly evolving market in which the Company operates; the Company’s reliance on personnel with extensive information security expertise; fluctuations in the Company’s quarterly results and other operating measures; 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 ability to continue expansion of its sales force; 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 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 effect of adverse legislative or regulatory tax changes or unfavorable outcomes in tax audits and other tax compliance matters; 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; the Company’s recognition of revenue ratably over the terms of its managed security and threat intelligence contracts; estimates or judgments relating to the Company’s critical accounting policies; the Company’s exposure to fluctuations in currency exchange rates; the effect of governmental export or import controls on the Company’s business; the Company’s compliance with the Foreign Corrupt Practices Act and similar laws; the Company’s ability to maintain effective disclosure controls and procedures; the effect of natural disasters, public health issues and other catastrophic events on the Company’s ability to serve its customers, including 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 SecureworksSecureworks® (NASDAQ: SCWX), a global cybersecurity leader, enables our customers and partners to outpace and outmaneuver adversaries with more precision, so they can rapidly adapt and respond to market forces to meet their business needs. With a unique combination of cloud-native, SaaS security platform and intelligence-driven security solutions, informed by 20+ years of threat intelligence and research, no other security platform is grounded and informed with this much real-world experience. www.secureworks.comContact InformationInvestor Inquiries: Richie Downum Investor Relations Director 404-235-1021 rdownum@secureworks.comMedia Inquiries: Ashley Vandiver Corporate Communications 404-432-8657 avandiver@secureworks.com(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 Six Months Ended      July 31, 2020 August 2, 2019 July 31, 2020 August 2, 2019 Net revenue $138,476   $136,605   $279,657   $269,447   Cost of revenue 59,900   63,595   122,809   126,436    Gross margin 78,576   73,010   156,848   143,011    Research and development 24,109   24,863   48,182   47,505    Sales and marketing 35,624   38,047   73,076   76,240    General and administrative 21,800   25,146   49,316   48,784     Total operating expenses 81,533   88,056   170,574   172,529    Operating loss (2,957)  (15,046)  (13,726)  (29,518)  Interest and other, net 30   1,950   1,023   2,218    Loss before income taxes (2,927)  (13,096)  (12,703)  (27,300)  Income tax benefit (1,700)  (2,836)  (3,940)  (8,770)   Net loss $(1,227)  $(10,260)  $(8,763)  $(18,530)            Loss per common share (basic and diluted) $(0.02)  $(0.13)  $(0.11)  $(0.23)            Weighted-average common shares outstanding (basic and diluted) 81,417   80,674   81,177   80,571                Percentage of Total Net Revenue         Gross margin 56.7 % 53.4 % 56.1 % 53.1 % Research and development 17.4 % 18.2 % 17.2 % 17.6 % Sales and marketing 25.7 % 27.9 % 26.1 % 28.3 % General and administrative 15.7 % 18.4 % 17.6 % 18.1 % Operating expenses 58.9 % 64.5 % 61.0 % 64.0 % Operating loss (2.1)% (11.0)% (4.9)% (11.0)% Loss before income taxes (2.1)% (9.6)% (4.5)% (10.1)% Net loss (0.9)% (7.5)% (3.1)% (6.9)% Effective tax rate 58.1 % 21.7 % 31.0 % 32.1 % Note: Percentage growth rates are calculated based on underlying data in thousands SECUREWORKS CORP.  Condensed Consolidated Statements of Financial Position  (in thousands)  (unaudited)                 July 31, 2020 January 31, 2020  Assets:       Current assets:        Cash and cash equivalents  $181,494  $181,838    Accounts receivable, net  108,406  111,798    Inventories, net  705  746    Other current assets  28,134  27,449     Total current assets  318,739  321,831   Property and equipment, net  22,184  27,606   Operating lease right-of-use assets, net  21,415  23,463   Goodwill  416,487  416,487   Intangible assets, net  165,898  180,052   Other non-current assets  77,003  78,592     Total assets  $1,021,726  $1,048,031   Liabilities and Stockholders' Equity:       Current liabilities:        Accounts payable  $19,696  $18,690    Accrued and other  78,956  98,855    Short-term deferred revenue  174,948  175,847     Total current liabilities  273,600  293,392   Long-term deferred revenue  11,329  12,690   Operating lease liabilities, non-current  22,215  24,669   Other non-current liabilities  49,015  50,400     Total liabilities  356,159  381,151   Stockholders' equity  665,567  666,880   Total liabilities and stockholders' equity  $1,021,726  $1,048,031   SECUREWORKS CORP. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)         Six Months Ended   July 31, 2020 August 2, 2019 Cash flows from operating activities:     Net loss $(8,763)  $(18,530)  Adjustments to reconcile net loss to net cash provided by operating activities     Depreciation and amortization 20,872   21,148   Stock-based compensation expense 11,594   10,525   Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies (1,242)  (1,650)  Income tax benefit (3,940)  (8,770)  Other non cash impacts 150   1,830   Provision for doubtful accounts 1,314   1,026   Changes in assets and liabilities:       Accounts receivable 2,352   20,147     Net transactions with parent 3,822   (12,902)    Inventories 41   (622)    Other assets 3,537   5,514     Accounts payable 1,507   7,423     Deferred revenue (1,784)  7,175     Accrued and other liabilities (23,437)  (19,082)  Net cash used in operating activities 6,023   13,232   Cash flows from investing activities:     Capital expenditures (1,709)  (10,659)  Net cash used in investing activities (1,709)  (10,659)  Cash flows from financing activities:     Taxes paid on vested restricted shares (4,658)  (8,072)  Purchases of stock for treasury —   (6,377)  Net cash used in financing activities (4,658)  (14,449)  Net decrease in cash and cash equivalents (344)  (11,876)  Cash and cash equivalents at beginning of the period 181,838   129,592   Cash and cash equivalents at end of the period $181,494   $117,716   Non-GAAP Financial Measures This press release presents information about the Company’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), 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 in “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Financial Measures” in our periodic reports filed with the SEC. The Company encourages investors to review its GAAP results in conjunction with the presentation of 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 Six Months Ended     July 31, 2020 August 2, 2019 July 31, 2020 August 2, 2019 GAAP and non-GAAP revenue $138,476   $136,605   $279,657   $269,447               GAAP gross margin $78,576   $73,010   $156,848   $143,011    Amortization of intangibles 3,648   3,560   7,108   6,970    Stock-based compensation expense 398   396   753   656     Non-GAAP gross margin $82,622   $76,966   $164,709   $150,637               GAAP research and development expenses $24,109   $24,863   $48,182   $47,505    Stock-based compensation expense (1,097)  (985)  (2,388)  (2,161)    Non-GAAP research and development expenses$23,012   $23,878   $45,794   $45,344               GAAP sales and marketing expenses $35,624   $38,047   $73,076   $76,240    Stock-based compensation expense (882)  (917)  (1,623)  (1,698)    Non-GAAP sales and marketing expenses $34,742   $37,130   $71,453   $74,542               GAAP general and administrative expenses $21,800   $25,146   $49,316   $48,784    Amortization of intangibles (3,524)  (3,524)  (7,047)  (7,047)   Stock-based compensation expense (3,330)  (3,311)  (6,830)  (6,010)    Non-GAAP general and administrative expenses$14,946   $18,311   $35,439   $35,727               GAAP operating loss $(2,957)  $(15,046)  $(13,726)  $(29,518)   Amortization of intangibles 7,172   7,083   14,155   14,017    Stock-based compensation expense 5,707   5,609   11,594   10,525     Non-GAAP operating income (loss) $9,922   $(2,354)  $12,023   $(4,976)              GAAP net loss $(1,227)  $(10,260)  $(8,763)  $(18,530)   Amortization of intangibles 7,172   7,083   14,155   14,017    Stock-based compensation expense 5,707   5,609   11,594   10,525    Aggregate adjustment for income taxes (3,278)  (3,092)  (6,081)  (8,559)    Non-GAAP net income (loss) $8,374   $(660)  $10,905   $(2,547)              GAAP loss per share $(0.02)  $(0.13)  $(0.11)  $(0.23)   Amortization of intangibles 0.08   0.08   0.17   0.17    Stock-based compensation expense 0.07   0.07   0.14   0.13    Aggregate adjustment for income taxes (0.04)  (0.04)  (0.07)  (0.11)    Non-GAAP earnings (loss) per share * $0.10   $(0.01)  $0.13   $(0.03)              * Sum of reconciling items may differ from total due to rounding of individual components             GAAP net loss $(1,227)  $(10,260)  $(8,763)  $(18,530)   Interest and other, net (30)  (1,950)  (1,023)  (2,218)   Income tax benefit (1,700)  (2,836)  (3,940)  (8,770)   Depreciation and amortization 10,386   10,783   20,872   21,148    Stock-based compensation expense 5,707   5,609   11,594   10,525     Adjusted EBITDA $13,136   $1,346   $18,740   $2,155   SECUREWORKS CORP. Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands) (unaudited)         Three Months Ended Six Months Ended Percentage of Total Net Revenue July 31, 2020 August 2, 2019 July 31, 2020 August 2, 2019           GAAP gross margin 56.7 % 53.4 % 56.1 % 53.1 %  Non-GAAP adjustment 3.0 % 2.9 % 2.8 % 2.8 % Non-GAAP gross margin 59.7 % 56.3 % 58.9 % 55.9 %             GAAP research and development expenses 17.4 % 18.2 % 17.2 % 17.6 %  Non-GAAP adjustment (0.8)% (0.7)% (0.8)% (0.8)% Non-GAAP research and development expenses 16.6 % 17.5 % 16.4 % 16.8 %             GAAP sales and marketing expenses 25.7 % 27.9 % 26.1 % 28.3 %  Non-GAAP adjustment (0.6)% (0.7)% (0.5)% (0.6)% Non-GAAP sales and marketing expenses 25.1 % 27.2 % 25.6 % 27.7 %             GAAP general and administrative expenses 15.7 % 18.4 % 17.6 % 18.1 %  Non-GAAP adjustment (4.9)% (5.0)% (4.9)% (4.8)% Non-GAAP general and administrative expenses 10.8 % 13.4 % 12.7 % 13.3 %             GAAP operating loss (2.1)% (11.0)% (4.9)% (11.0)%  Non-GAAP adjustment 9.3 % 9.3 % 9.2 % 9.2 % Non-GAAP operating income (loss) 7.2 % (1.7)% 4.3 % (1.8)%             GAAP net loss (0.9)% (7.5)% (3.1)% (6.9)%  Non-GAAP adjustment 6.9 % 7.0 % 7.0 % 6.0 % Non-GAAP net income (loss) 6.0 % (0.5)% 3.9 % (0.9)%