SecureWorks Corp. (SCWX) Tops Q1 EPS by 8c, Revenues Beat

SecureWorks Corp. (NASDAQ: SCWX) reported Q1 EPS of $0.03, $0.08 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $141.2 million versus the consensus estimate of $134.85 million.

First Quarter Fiscal 2021 Financial Results Highlights

• For the first quarter of fiscal 2021, both GAAP and non-GAAP revenue increased 6.3 percent to $141.2 million from $132.8 million in the first quarter of fiscal 2020.
• GAAP gross margin increased to 55.4 percent in the first quarter of fiscal 2021, from 52.7 percent in the same period last year. Non-GAAP gross margin increased to 58.1 percent from 55.5 percent in the first quarter of fiscal 2020.
• GAAP net loss was $7.5 million, or $0.09 per share, in the first quarter of fiscal 2021, down from $8.3 million, or $0.10 per share, in the prior year. Non-GAAP net income was $2.5 million, or $0.03 per share, in the first quarter of fiscal 2021, compared with a non-GAAP net loss of $1.9 million, or $0.02 per share, in the same prior year period.
• Adjusted EBITDA for the quarter increased to $5.6 million from $0.8 million in the first quarter of fiscal 2020.
• Secureworks ended the first quarter with $156 million in cash and cash equivalents.

“I’m proud of how we helped customers secure their business landscape while continuing our transformation to a software company with security at its core,” said Michael R. Cote, Chief Executive Officer of Secureworks. “Ultimately, we’re keeping our customers around the world safer, as we successfully transitioned to a remote workforce.”

“We’re pleased with our first quarter fiscal 2021 results and our continued momentum, with a year-over-year reduction in GAAP net loss, and year-over-year improvement in adjusted EBITDA and GAAP and non-GAAP gross margin,” said Paul Parrish, Chief Financial Officer of Secureworks.

For earnings history and earnings-related data on SecureWorks Corp. (SCWX) click here.

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