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 Companys 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
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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 Companys 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 Companys ability to achieve or maintain profitability; the Companys 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 Companys reliance on personnel with extensive information security expertise; fluctuations in the Companys quarterly results and other operating measures; intense competition in the Companys markets; the Companys ability to attract new clients, retain existing clients and increase its annual contract values; the Companys reliance on its largest client and on clients in the financial services industry; the Companys ability to manage its growth effectively; the Companys ability to maintain high-quality client service and support functions; the Companys service level agreements with clients requiring credits for service failures or inadequacies; the Companys ability to continue expansion of its sales force; the Companys long and unpredictable sales cycles; risks associated with the Companys international sales and operations; the Companys ability to expand its key distribution relationships; the Companys technology alliance partnerships; real or perceived defects, errors or vulnerabilities in the Companys solutions or the failure of its solutions to prevent a security breach; the ability of the Companys solutions to interoperate with its clients IT infrastructure; the Companys ability to use third-party technologies; the effect of evolving information security and data privacy laws and regulations on the Companys business; the Companys ability to maintain and enhance its brand; risks associated with the Companys acquisition of other businesses; the Companys 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 Companys strategic and distribution partners and the recognition of associated revenues; estimates or judgments relating to the Companys critical accounting policies; the Companys exposure to fluctuations in currency exchange rates; the effect of governmental export or import controls on the Companys business; the Companys compliance with the Foreign Corrupt Practices Act and similar laws; the Companys ability to maintain effective disclosure controls and procedures; the effect of natural disasters and other catastrophic events on the Companys ability to serve its clients; the Companys reliance on patents to protect its intellectual property rights; the Companys 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 Companys use of open source technology; and risks related to the Companys 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 Companys business, financial condition, results of operations and prospects, under the caption Risk Factors in the Companys annual report on Form 10-K for the fiscal year ended February 2, 2018, as well as in the Companys 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.
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