Secureworks Announces $15 Million Stock Repurchase Program
September 27 2018 - 8:00AM
Business Wire
Secureworks® (NASDAQ: SCWX), a leading global cybersecurity
company that protects organizations in the digitally connected
world, today announced its Board of Directors has approved a stock
repurchase program, under which the Company is authorized to
repurchase up to $15 million of the Company’s Class A common stock
through September 30, 2019.
“We are committed to delivering innovative, technology-led
cybersecurity solutions to the market and driving growth in our
business. Secureworks has a strong balance sheet and cash flow
which enable us to repurchase shares, as well as invest in the
long-term growth of the Company. The Board of Directors and
management believe that our stock is an attractive investment
opportunity and an appropriate use of our capital at this time,”
said R. Wayne Jackson, Chief Financial Officer of Secureworks.
Repurchases may be made from time to time through open market
purchases, privately negotiated transactions or by other means. The
timing and amount of any repurchases under the program will be
determined by management based upon market conditions and other
factors.
The Company intends to finance the stock repurchase program with
available cash balances. As of August 3, 2018, cash and cash
equivalents were $103.3 million.
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. 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 clients, retain existing clients and increase its
annual contract values; the Company’s reliance on its largest
client and on clients 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 clients
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
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
ability of the Company’s solutions to interoperate with its
clients’ 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;
the effect of timing differences between the expensing of sales
commissions paid to the Company’s strategic and distribution
partners and the recognition of associated revenues; 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 and other catastrophic events on the Company’s
ability to serve its clients; 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
for the fiscal year ended February 2, 2018, 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 leading global cybersecurity
company that protects organizations in the digitally connected
world. We combine visibility from thousands of clients, machine
learning and automation from our industry-leading Secureworks
Counter Threat Platform™, and actionable insights from our team of
elite researchers, analysts and consultants to create a powerful
network effect that provides increasingly strong protection for our
clients. By aggregating and analyzing data from any source,
anywhere, we prevent security breaches, detect malicious activity
in real time, respond rapidly, and predict emerging threats. We
offer our clients a cyber-defense that is Collectively Smarter.
Exponentially Safer.™ www.secureworks.com
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SecureworksInvestor
Inquiries:Teri Miller, 678-268-4389VP, Chief Accounting
Officertemiller@secureworks.comorMedia Inquiries:Doreen Kelly Ruyak,
202-744-9767Corporate Communicationspress@secureworks.com
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