10-Q Filing

SECUREWORKS CORP CIK: 1468666 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001468666-21-000019`
Period End Date	20210430
Filing Date	20210603
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	scwx-20210430_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 28 Cash Flow Statement 46 Stockholders Equity 20 Comprehensive Income 6

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$4.53B	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$4.83M	USD	Point-in-time
Preferred stock, par value (usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$180.61M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$220.30M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	200.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	200.00M	shares	Point-in-time
Preferred Stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net of allowances of $4,534 and $4,830, respectively	`AccountsReceivableNetCurrent`	$108.00M	USD	Point-in-time
Accounts receivable, net of allowances of $4,534 and $4,830, respectively	`AccountsReceivableNetCurrent`	$94.90M	USD	Point-in-time
Inventories, net	`InventoryNet`	$687.00K	USD	Point-in-time
Inventories, net	`InventoryNet`	$560.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$17.35M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$16.92M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$293.12M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$346.21M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$17.14M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$15.24M	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$22.33M	USD	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	1.26M	shares	Point-in-time
Treasury stock, shares (in shares)	`TreasuryStockShares`	1.26M	shares	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$21.21M	USD	Point-in-time
Goodwill	`Goodwill`	$426.28M	USD	Point-in-time
Goodwill	`Goodwill`	$425.86M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$152.25M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$157.82M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$76.72M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$75.99M	USD	Point-in-time
Total assets	`Assets`	$984.81M	USD	Point-in-time
Total assets	`Assets`	$1.05B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$16.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$17.47M	USD	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$109.13M	USD	Point-in-time
Accrued and other current liabilities	`AccruedLiabilitiesCurrent`	$60.19M	USD	Point-in-time
Short-term deferred revenue	`ContractWithCustomerLiabilityCurrent`	$168.44M	USD	Point-in-time
Short-term deferred revenue	`ContractWithCustomerLiabilityCurrent`	$166.21M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$243.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$294.34M	USD	Point-in-time
Long-term deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$9.59M	USD	Point-in-time
Long-term deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$8.19M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$22.46M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$21.08M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$50.61M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$51.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$323.76M	USD	Point-in-time
Total liabilities	`Liabilities`	$377.58M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock - $0.01 par value: 200,000 shares authorized; shares issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock - $0.01 par value: 200,000 shares authorized; shares issued	`PreferredStockValue`	-	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$917.34M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$916.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-236.22M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-229.83M	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-660.00K	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-196.00K	USD	Point-in-time
Treasury stock, at cost - 1,257 and 1,257 shares, respectively	`TreasuryStockValue`	$19.90M	USD	Point-in-time
Treasury stock, at cost - 1,257 and 1,257 shares, respectively	`TreasuryStockValue`	$19.90M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$661.05M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$666.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$659.52M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$667.78M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$984.81M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.05B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$139.46M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$141.18M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$57.21M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$62.91M	USD	1 Quarter
Gross margin	`GrossProfit`	$82.26M	USD	1 Quarter
Gross margin	`GrossProfit`	$78.27M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$24.07M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$28.15M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$36.41M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$37.45M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$25.55M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$27.52M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$90.11M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$89.04M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-7.86M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-10.77M	USD	1 Quarter
Interest and other, net	`NonoperatingIncomeExpense`	$-907.00K	USD	1 Quarter
Interest and other, net	`NonoperatingIncomeExpense`	$993.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.76M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-9.78M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-2.24M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-2.37M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.39M	USD	1 Quarter
Loss per common share (basic and diluted) (usd per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.08	USD	1 Quarter
Loss per common share (basic and diluted) (usd per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.09	USD	1 Quarter
Weighted-average common shares outstanding (basic and diluted) (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	81.98M	shares	1 Quarter
Weighted-average common shares outstanding (basic and diluted) (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	80.94M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.39M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.92M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.49M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$6.04M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$5.89M	USD	1 Quarter
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies	`ForeignCurrencyTransactionGainLossBeforeTax`	$856.00K	USD	1 Quarter
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies	`ForeignCurrencyTransactionGainLossBeforeTax`	$-798.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-2.24M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-2.37M	USD	1 Quarter
Provision for credit losses	`ProvisionForDoubtfulAccounts`	$909.00K	USD	1 Quarter
Provision for credit losses	`ProvisionForDoubtfulAccounts`	$434.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.99M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-12.57M	USD	1 Quarter
Net transactions with parent	`IncreaseDecreaseInDueFromRelatedPartiesCurrent`	$-2.49M	USD	1 Quarter
Net transactions with parent	`IncreaseDecreaseInDueFromRelatedPartiesCurrent`	$9.86M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$66.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$127.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-3.32M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-5.27M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$526.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$8.49M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$1.29M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-3.77M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-41.64M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-38.48M	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-20.34M	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-30.56M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.02M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.29M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.02M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.29M	USD	1 Quarter
Taxes paid on vested restricted shares	`PaymentOfFinancingAndStockIssuanceCosts`	$6.84M	USD	1 Quarter
Taxes paid on vested restricted shares	`PaymentOfFinancingAndStockIssuanceCosts`	$4.49M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.84M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.49M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-25.85M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-39.69M	USD	1 Quarter
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$155.99M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$181.84M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$180.61M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$220.30M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$155.99M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$181.84M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$180.61M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$220.30M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balances, at beginning of the period	`StockholdersEquity`	$661.05M	USD	Point-in-time
Balances, at beginning of the period	`StockholdersEquity`	$666.88M	USD	Point-in-time
Balances, at beginning of the period	`StockholdersEquity`	$659.52M	USD	Point-in-time
Balances, at beginning of the period	`StockholdersEquity`	$667.78M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-7.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.39M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$464.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.22M	USD	1 Quarter
Vesting of restricted stock units	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	-	USD	1 Quarter
Vesting of restricted stock units	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	-	USD	1 Quarter
Grant of restricted stock awards	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Grant of restricted stock awards	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Common stock withheld as payment for withholding taxes upon the vesting of restricted shares	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$-6.84M	USD	1 Quarter
Common stock withheld as payment for withholding taxes upon the vesting of restricted shares	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$-4.49M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.04M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.89M	USD	1 Quarter
Balances, at end of the period	`StockholdersEquity`	$661.05M	USD	Point-in-time
Balances, at end of the period	`StockholdersEquity`	$666.88M	USD	Point-in-time
Balances, at end of the period	`StockholdersEquity`	$659.52M	USD	Point-in-time
Balances, at end of the period	`StockholdersEquity`	$667.78M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.39M	USD	1 Quarter
Foreign currency translation adjustments, net of tax	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$464.00K	USD	1 Quarter
Foreign currency translation adjustments, net of tax	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.22M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-8.76M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.93M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.