8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 Date of Report (Date of earliest event reported):      March 27, 2020

SecureWorks Corp.

(Exact name of registrant as specified in its charter)

Delaware		001-37748	27-0463349
(State or other jurisdiction of incorporation)		(Commission File Number)	(I.R.S. Employer Identification No.)
One Concourse Parkway NE
Suite 500
Atlanta,	Georgia		30328
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (404) 327-6339

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock,	SCWX	The NASDAQ Stock Market LLC
par value $0.01 per share		(NASDAQ Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☑

Item 2.02    Results of Operations and Financial Condition.

On March 27, 2020, SecureWorks Corp. (the “Company”) issued a press release announcing its financial results for its fiscal quarter and fiscal year ended January 31, 2020. A copy of the press release is furnished as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 to Form 8-K, the information contained in this report, including Exhibit 99.1 hereto, is being “furnished” with the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under such section. Furthermore, such information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, unless specifically identified as being incorporated therein by reference.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits. The following document is herewith furnished as an exhibit to this report:

Exhibit No.	Exhibit Description
99.1	Press release of SecureWorks Corp. dated March 27, 2020.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	March 27, 2020	SecureWorks Corp.
		By:	/s/ Paul M. Parrish
			Paul M. Parrish
			Chief Financial Officer
			(Duly Authorized Officer)

3

EX-99.1

Exhibit 99.1

Secureworks Reports Fourth Quarter and Full Year Fiscal 2020 Results

News Summary

• Nearly 100 Managed Detection & Response (MDR) customers added on the new SaaS-based Red Cloak Platform during fiscal year 2020

• Revenue was $142.0 million in the fourth quarter, growing 8.6 percent year-over-year

• Full fiscal year 2020 revenue of $552.8 million grew 6.6 percent year-over-year, including 22 percent growth year-over-year internationally

• Record cash flow provided by operating activities of $43.0 million and $78.8 million in the fourth quarter and fiscal year 2020, respectively

ATLANTA, Ga, March 27, 2020 - Secureworks (NASDAQ: SCWX), the essential cybersecurity company for the digitally connected world, today announced financial results for its fourth quarter and full fiscal year which ended on January 31, 2020.

Fourth Quarter Fiscal 2020 Financial Results Highlights

• For the fourth quarter of fiscal 2020, both GAAP and non-GAAP revenue increased 8.6 percent to $142.0 million from $130.7 million in the fourth quarter of fiscal 2019.

• GAAP gross margin was 54.4 percent in the fourth quarter of fiscal 2020, compared with 53.4 percent in the same period last year. Non-GAAP gross margin was 57.0 percent compared with 56.0 percent in the fourth quarter of fiscal 2019.

• GAAP net loss was $5.2 million, or $0.06 per share, in the fourth quarter of fiscal 2020, compared with $11.8 million, or $0.15 per share, in the prior year. Non-GAAP net income was $1.9 million, or $0.02 per share, in the fourth quarter of fiscal 2020, compared with $1.5 million, or $0.02 per share, in the same prior year period.

• Adjusted EBITDA for the quarter was $2.3 million, compared with $4.8 million in the fourth quarter of fiscal 2019. Cash provided by operating activities for the fourth quarter of fiscal 2020 was $43.0 million.

• Secureworks ended the fourth quarter with $181.8 million in cash and cash equivalents.

“In the fourth quarter, we more than tripled the number of Managed Detection and Response (MDR) customers on our new platform over the previous quarter,” said Michael R. Cote, Chief Executive Officer of Secureworks. “We are well-positioned to continue delivering on our transformational efforts to be the industry-leading security platform and software provider, backed by a world-class threat intelligence unit.”

Full Year Fiscal 2020 Financial Results Highlights

• Both GAAP and non-GAAP revenue in fiscal 2020 increased 6.6 percent to $552.8 million from $518.7 million in fiscal 2019.

• GAAP gross margin was 54.3 percent in fiscal 2020, up from 52.6 percent in the prior year. Non-GAAP gross margin increased to 57.0 percent from 55.3 percent year-over-year.

• GAAP net loss was $31.7 million, or $0.39 per share, in fiscal 2020, compared with a net loss of $39.1 million, or $0.48 per share, last year.

• Non-GAAP net income was $0.2 million, or breakeven per share, in fiscal 2020, compared to non-GAAP net income of $1.4 million, or $0.02 per share, in fiscal 2019.

• Adjusted EBITDA was $10.3 million, compared with $11.8 million in fiscal 2019.

• Cash provided by operating activities for fiscal 2020 was $78.8 million.

“Our results in fiscal 2020 demonstrate that customers are embracing our products, solutions and services and we’re pleased with the progress. We saw improvement in operating leverage, delivered positive adjusted EBITDA each quarter for the first time as a public company, now reaching seven consecutive quarters of positive adjusted EBITDA, and generated record cash flow from operations,” said Paul Parrish, Chief Financial Officer of Secureworks.

Business and Operational Updates include:

• During Q4, Secureworks closed 72 Managed Detection and Response (MDR) deals on the new platform, up from 19 in the previous quarter, demonstrating the great traction and momentum the Company’s seeing for its SaaS-based solutions.

• In Q4 FY20, Secureworks teamed with Dell to provide an ever-smarter network effect of protection for a next-generation portfolio of collaborative endpoint security solutions. The Dell SafeGuard offering bundles Secureworks’ Red Cloak ™ Threat Detection and Response (TDR) with VMware Carbon Black’s endpoint prevention. In addition, customers can also add a Secureworks’ Incident Management Retainer for world-class incident response and recovery on-demand, critically important in today’s turbulent environment.

• Last month, at RSA Conference 2020, Secureworks announced it has teamed with VMware to bring pervasive visibility and intrinsic security to public cloud deployments with the launch of its new cloud configuration assessment. This gives customers an immediate head start against cloud security risks such as misconfiguration and will also help customers detect configuration vulnerabilities, understand the business impact of critical risks and address the security and compliance challenges associated with public cloud adoption.

Conference Call Information

As previously announced, the Company will hold a conference call to discuss its fourth quarter and full year fiscal 2020 results on March 27, 2020, at 8:00 a.m. 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.

Non-GAAP Financial Measures

The 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 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,” “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 the statements in this press release with respect to the Company’s expectations concerning its performance for full year fiscal 2021, 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, including those relating to: 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; the Company’s service level agreements with customers requiring 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 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, which began spreading globally in early 2020; 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 technology-driven cybersecurity leader that protects organizations in the digitally connected world. Built on proprietary technologies and world-class threat intelligence, our applications and solutions help prevent, detect and respond to cyber threats. Red Cloak™ software brings advanced threat analytics to thousands of customers, and the Secureworks Counter Threat Platform™ processes more than 300 billion threat events per day. We understand complex security environments and are passionate about simplifying security with Defense in Concert™ so that security becomes a business enabler. More than 4,000 customers across over 50 countries are protected by Secureworks, benefit from our network effect and are Collectively Smarter. Exponentially Safer.™ www.secureworks.com

Contact Information

Investor Inquiries:

Richie Downum 

Investor Relations Director 

404-235-1021 

rdownum@secureworks.com

Media Inquiries:

Doreen Kelly Ruyak

Corporate Communications

202-744-9767

druyak@secureworks.com

(Tables Follow)

SECUREWORKS CORP.
Consolidated Statements of Operations and Related Financial Highlights
(in thousands, except per share data and percentages)
(unaudited)
			Three Months Ended						Twelve Months Ended
			January 31, 2020			February 1, 2019			January 31, 2020			February 1, 2019
Net revenue			$	141,986		$	130,710		$	552,765		$	518,709
Cost of revenue			64,792			60,906			252,796			246,117
	Gross margin		77,194			69,804			299,969			272,592
	Research and development		23,364			21,687			94,964			87,608
	Sales and marketing		40,708			35,854			157,674			141,818
	General and administrative		25,643			22,663			99,505			91,898
		Total operating expenses	89,715			80,204			352,143			321,324
	Operating loss		(12,521		)	(10,400		)	(52,174		)	(48,732		)
Interest and other, net			(111		)	196			850			2,778
	Loss before income taxes		(12,632		)	(10,204		)	(51,324		)	(45,954		)
Income tax expense (benefit)			(7,404		)	1,574			(19,658		)	(6,853		)
	Net income (loss)		$	(5,228	)	$	(11,778	)	$	(31,666	)	$	(39,101	)
Net income (loss) per common share (basic)			$	(0.06	)	$	(0.15	)	$	(0.39	)	$	(0.48	)
Net income (loss) per common share (diluted)			$	(0.06	)	$	(0.15	)	$	(0.39	)	$	(0.48	)
Weighted-average common shares
	outstanding (basic)		80,591			80,587			80,563			80,710
Weighted-average common shares
	outstanding (diluted)		80,591			80,587			80,563			80,710
Percentage of Total Net Revenue
Gross margin			54.4		%	53.4		%	54.3		%	52.6		%
Research and development			16.5		%	16.6		%	17.2		%	16.9		%
Sales and marketing			28.7		%	27.4		%	28.5		%	27.3		%
General and administrative			18.1		%	17.3		%	18.0		%	17.7		%
Operating expenses			63.2		%	61.4		%	63.7		%	61.9		%
Operating loss			(8.8		)%	(8.0		)%	(9.4		)%	(9.4		)%
Loss before income taxes			(8.9		)%	(7.8		)%	(9.3		)%	(8.9		)%
Net income (loss)			(3.7		)%	(9.0		)%	(5.7		)%	(7.5		)%
Effective tax rate			58.6		%	(15.4		)%	38.3		%	14.9		%
Note: Percentage growth rates are calculated based on underlying data in thousands

SECUREWORKS CORP.
Consolidated Statements of Financial Position
(in thousands)
(unaudited)
			January 31, 2020		February 1, 2019
Assets:
Current assets:
	Cash and cash equivalents		$	181,838	$	129,592
	Accounts receivable, net		111,798		141,344
	Inventories		746		468
	Other current assets		27,449		27,604
		Total current assets	321,831		299,008
Property and equipment, net			27,606		35,978
Goodwill			416,487		416,487
Operating lease right-of-use assets, net			23,463		—
Purchased intangible assets, net			180,052		206,448
Other non-current assets			78,592		78,238
		Total assets	$	1,048,031	$	1,036,159
Liabilities and Stockholders' Equity:
Current liabilities:
	Accounts payable		$	18,690	$	16,177
	Accrued and other		98,855		86,495
	Deferred revenue		175,847		157,865
		Total current liabilities	293,392		260,537
Long-term deferred revenue			12,690		16,064
Operating lease liabilities, non-current			24,669		—
Other non-current liabilities			50,400		66,851
		Total liabilities	381,151		343,452
Stockholders' equity			666,880		692,707
Total liabilities and stockholders' equity			$	1,048,031	$	1,036,159

SECUREWORKS CORP.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
	Twelve Months Ended
	January 31, 2020			February 1, 2019
Cash flows from operating activities:
Net loss	$	(31,666	)	$	(39,101	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	42,932			41,207
Stock-based compensation expense	19,548			19,370
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies	270			(1,818		)
Income tax benefit	(19,658		)	(6,853		)
Other non cash impacts	1,830			—
Provision for doubtful accounts	3,099			2,356
Changes in assets and liabilities:
Accounts receivable	26,789			13,750
Net transactions with parent	(12,483		)	(1,797		)
Inventories	(278		)	562
Other assets	13,293			(7,277		)
Accounts payable	7,008			(6,117		)
Deferred revenue	14,463			20,942
Accrued and other current liabilities	13,692			21,975
Net cash provided by operating activities	78,839			57,199
Cash flows from investing activities:
Capital expenditures	(12,590		)	(10,200		)
Net cash used in investing activities	(12,590		)	(10,200		)
Cash flows from financing activities:
Proceeds from stock option exercises	1,327			—
Principal payments on financing arrangement with Dell Financial Services	—			(2,208		)
Taxes paid on vested restricted shares	(8,453		)	(2,207		)
Purchases of stock for treasury	(6,377		)	(13,531		)
Payments on financed capital expenditures	(500		)	(1,000		)
Net cash used in financing activities	(14,003		)	(18,946		)
Net (decrease) increase in cash and cash equivalents	52,246			28,053
Cash and cash equivalents at beginning of the period	129,592			101,539
Cash and cash equivalents at end of the period	$	181,838		$	129,592
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Financed capital expenditures	$	724		$	373
Income taxes paid	$	1,746		$	1,961

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 the non-GAAP discussion 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						Twelve Months Ended
			January 31, 2020			February 1, 2019			January 31, 2020			February 1, 2019
GAAP revenue			$	141,986		$	130,710		$	552,765		$	518,709
		Non-GAAP revenue	$	141,986		$	130,710		$	552,765		$	518,709
GAAP gross margin			$	77,194		$	69,804		$	299,969		$	272,592
	Amortization of intangibles		3,560			3,411			14,089			13,642
	Stock-based compensation expense		197			12			1,206			780
		Non-GAAP gross margin	$	80,951		$	73,227		$	315,264		$	287,014
GAAP research and development expenses			$	23,364		$	21,687		$	94,964		$	87,608
	Stock-based compensation expense		(1,123		)	(1,163		)	(4,280		)	(4,133		)
		Non-GAAP research and development expenses	$	22,241		$	20,524		$	90,684		$	83,475
GAAP sales and marketing expenses			$	40,708		$	35,854		$	157,674		$	141,818
	Stock-based compensation expense		695			(511		)	(1,694		)	(2,652		)
		Non-GAAP sales and marketing expenses	$	41,403		$	35,343		$	155,980		$	139,166
GAAP general and administrative expenses			$	25,643		$	22,663		$	99,505		$	91,898
	Amortization of intangibles		(3,524		)	(3,524		)	(14,094		)	(14,094		)
	Stock-based compensation expense		(3,305		)	(3,209		)	(12,368		)	(11,805		)
		Non-GAAP general and administrative expenses	$	18,814		$	15,930		$	73,043		$	65,999
GAAP operating income (loss)			$	(12,521	)	$	(10,400	)	$	(52,174	)	$	(48,732	)
	Amortization of intangibles		7,083			6,934			28,183			27,736
	Stock-based compensation expense		3,931			4,895			19,548			19,370
		Non-GAAP operating income (loss)	$	(1,507	)	$	1,429		$	(4,443	)	$	(1,626	)
GAAP net income (loss)			$	(5,228	)	$	(11,778	)	$	(31,666	)	$	(39,101	)
	Amortization of intangibles		7,083			6,934			28,183			27,736
	Stock-based compensation expense		3,931			4,895			19,548			19,370
	Impact of Tax Cuts and Jobs Act		(1,191		)	4,325			(1,191		)	4,325
	Aggregate adjustment for income taxes		(2,691		)	(2,848		)	(14,688		)	(10,978		)
		Non-GAAP net income	$	1,904		$	1,528		$	186		$	1,352
GAAP earnings (loss) per share			$	(0.06	)	$	(0.15	)	$	(0.39	)	$	(0.48	)
	Amortization of intangibles		0.09			0.08			0.35			0.34
	Stock-based compensation expense		0.05			0.06			0.24			0.24
	Impact of Tax Cuts and Jobs Act		(0.01		)	0.05			(0.01		)	0.05
	Aggregate adjustment for income taxes		(0.03		)	(0.03		)	(0.18		)	(0.13		)
		Non-GAAP earnings per share *	$	0.02		$	0.02		$	—		$	0.02
* Sum of reconciling items may differ from total due to rounding of individual components

GAAP net income (loss)			$	(5,228	)	$	(11,778	)	$	(31,666	)	$	(39,101	)
	Interest and other, net		111			(196		)	(850		)	(2,778		)
	Income tax expense (benefit)		(7,404		)	1,574			(19,658		)	(6,853		)
	Depreciation and amortization		10,915			10,335			42,932			41,207
	Stock-based compensation expense		3,931			4,895			19,548			19,370
		Adjusted EBITDA	$	2,325		$	4,830		$	10,306		$	11,845

SECUREWORKS CORP.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
		Three Months Ended				Twelve Months Ended
Percentage of Total Net Revenue		January 31, 2020		February 1, 2019		January 31, 2020		February 1, 2019
GAAP gross margin		54.4	%	53.4	%	54.3	%	52.6	%
	Non-GAAP adjustment	2.6	%	2.6	%	2.7	%	2.7	%
Non-GAAP gross margin		57.0	%	56.0	%	57.0	%	55.3	%
GAAP research and development expenses		16.5	%	16.6	%	17.2	%	16.9	%
	Non-GAAP adjustment	(0.8	)%	(0.9	)%	(0.8	)%	(0.8	)%
Non-GAAP research and development expenses		15.7	%	15.7	%	16.4	%	16.1	%
GAAP sales and marketing expenses		28.7	%	27.4	%	28.5	%	27.3	%
	Non-GAAP adjustment	0.5	%	(0.4	)%	(0.3	)%	(0.5	)%
Non-GAAP sales and marketing expenses		29.2	%	27.0	%	28.2	%	26.8	%
GAAP general and administrative expenses		18.1	%	17.3	%	18.0	%	17.7	%
	Non-GAAP adjustment	(4.8	)%	(5.1	)%	(4.8	)%	(5.0	)%
Non-GAAP general and administrative expenses		13.3	%	12.2	%	13.2	%	12.7	%
GAAP operating income (loss)		(8.8	)%	(8.0	)%	(9.4	)%	(9.4	)%
	Non-GAAP adjustment	7.7	%	9.1	%	8.6	%	9.1	%
Non-GAAP operating income (loss)		(1.1	)%	1.1	%	(0.8	)%	(0.3	)%
GAAP net income (loss)		(3.7	)%	(9.0	)%	(5.7	)%	(7.5	)%
	Non-GAAP adjustment	5.0	%	10.2	%	5.7	%	7.8	%
Non-GAAP net income (loss)		1.3	%	1.2	%	—	%	0.3	%

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Cover Page	Mar. 27, 2020
Cover page.
Document Type	8-K
Document Period End Date	Mar. 27, 2020
Entity Registrant Name	SecureWorks Corp
Entity Incorporation, State or Country Code	DE
Entity File Number	001-37748
Entity Tax Identification Number	27-0463349
Entity Address, Address Line One	One Concourse Parkway NE
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
City Area Code	404
Local Phone Number	327-6339
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock,
Trading Symbol	SCWX
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Central Index Key	0001468666
Amendment Flag	false