SecureWorks Corp: restructuring charge — SecureWorks cuts workforce ~15%, expects ~$14.2M restructuring charges

SecureWorks Corp

Workforce reduction of approximately 15% across the company, announced August 14, 2023.
Estimated restructuring costs up to ~$14.2 million, primarily severance and real estate expenses, expected in Q2 FY2024.
Plan refocuses on higher-margin Taegis solutions, which represented 86% of total ARR at Q1 end.
Goal to achieve near break-even Adjusted EBITDA by Q4 FY2024.
CEO Wendy Thomas cites need to simplify structure and deliver profitable growth.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

SecureWorks Corp announced a restructuring with charges of up to approximately $14.2 million affecting workforce and real estate (approximately 15%).

Type: restructuring
Charge: up to approximately $14.2 million
Affected area: workforce and real estate
Headcount: approximately 15%

Exact text from the filing

for continued growth with improving operating margins over time. In connection with the Plan, the Company currently estimates that it will incur expenses up to approximately $14.2 million, the substantial majority of which are expected to result in future cash expenditures. These expenses are anticipated to consist primarily of severance and other termination

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Source: SEC EDGAR

accession 0001468666-23-000028

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