MNDT - Mandiant Reports Financial Results for Second Quarter 2022
Mandiant, Inc. (NASDAQ: MNDT) today announced financial results for the second quarter ended June 30, 2022. Unless otherwise noted, all 2021 results in this release, including the financial tables and reconciliations, reflect only continuing operations.
Second Quarter 2022 Financial Highlights
- Revenue of $138 million, an increase of 21 percent from the second quarter of 2021
- Annualized recurring revenue of $306 million, an increase of 25 percent from the end of the second quarter of 2021 1
- Deferred revenue of $408 million, an increase of 37 percent from the end of the second quarter of 2021
- GAAP operating margin of negative 63 percent, compared to GAAP operating margin of negative 74 percent in the second quarter of 2021
- Non-GAAP operating margin of negative 20 percent, compared to non-GAAP operating margin of negative 26 percent in the second quarter of 2021 2
- GAAP net loss per basic share attributable to common stockholders of 41 cents, compared to GAAP net loss per basic share attributable to common stockholders of 44 cents in the second quarter of 2021
- Non-GAAP net loss per basic share attributable to common stockholders of 13 cents, compared to non-GAAP net loss basic share attributable to common stockholders of 14 cents in the second quarter of 2021 2
1 Annualized recurring revenue is defined as the annualized run-rate of active term licenses, subscriptions, and support contracts at the end of a reporting period.
2 A reconciliation of GAAP to non-GAAP financial measures is provided in the financial statement tables included in this press release. An explanation of these measures is also included under the heading “Non-GAAP Financial Measures.”
Business Outlook and Conference Call
Given the announcement made on March 8, 2022, regarding the company’s entry into a definitive agreement to be acquired by Google LLC, Mandiant will not be providing financial guidance for the third quarter of 2022 or updated financial guidance for the full-year 2022. The company’s previously issued full-year 2022 financial guidance should no longer be relied upon.
Due to the pending transaction with Google LLC, Mandiant will not host a conference call in conjunction with this release. For further detail and discussion of the company’s financial performance, please refer to Mandiant's upcoming quarterly report on Form 10-Q for the second quarter ended June 30, 2022.
Non-GAAP Financial Measures
In this release, Mandiant has provided financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures are not based on any standardized methodology and are not necessarily comparable to similar measures used by other companies. The company uses these non-GAAP financial measures internally in analyzing its financial results and believes the use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends, and in comparing the company's financial results with other companies in its industry, many of which present similar non-GAAP financial measures.
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial information prepared in accordance with GAAP and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP. A reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP financial measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.
Non-GAAP gross margin. Mandiant defines non-GAAP gross margin as total gross profit excluding stock-based compensation expense, amortization of stock-based compensation expense capitalized in software development costs, amortization of intangible assets, and, as applicable, other special or non-recurring items, divided by total revenue.
Non-GAAP operating income (loss) and non-GAAP operating margin. Mandiant defines non-GAAP operating income (loss) as operating income (loss) excluding stock-based compensation expense, amortization of stock-based compensation expense capitalized in software development costs, amortization of intangible assets, acquisition-related expenses, transformation and transition expense, restructuring charges, and other special or non-recurring items. Mandiant defines non-GAAP operating margin as non-GAAP operating income (loss) divided by total revenue.
Non-GAAP net loss attributable to common stockholders. Mandiant defines non-GAAP net loss attributable to common stockholders as net loss excluding stock-based compensation expense, amortization of stock-based compensation expense capitalized in software development costs, amortization of intangible assets, acquisition-related expenses, transformation and transition expense, restructuring charges, non-GAAP adjustments for discontinued operations, non-cash interest expense related to the company’s convertible senior notes, discrete tax provision (benefit), dividends on Series A convertible preferred stock, accretion of Series A convertible preferred stock, and other special or non-recurring items.
Non-GAAP net loss per basic share attributable to common stockholders. Mandiant defines non-GAAP net loss per basic share attributable to common stockholders as non-GAAP net loss attributable to common stockholders divided by weighted average basic shares outstanding, which excludes stock options, restricted stock units, performance stock units, and shares issuable upon conversion of the company's convertible senior notes and Series A convertible preferred shares that are anti-dilutive.
Non-GAAP net loss attributable to common stockholders and non-GAAP net loss per basic share attributable to common stockholders in the second quarter 2022 excluded stock-based compensation expense, amortization of stock-based compensation expense capitalized in software development costs, amortization of intangible assets, acquisition-related expenses, transformation and transition expense, non-cash interest expense related to convertible senior notes issued in June 2015 and the second quarter of 2018, and dividends on Series A convertible preferred stock. Weighted average basic shares outstanding used to calculate non-GAAP net loss per basic share attributable to common stockholders excluded stock options, restricted stock units, performance stock units, and shares issuable upon conversion of the company's convertible senior notes and Series A convertible preferred shares that were anti-dilutive.
Non-GAAP net loss attributable to common stockholders and non-GAAP net loss per basic share attributable to common stockholders in the second quarter 2021 excluded stock-based compensation expense, amortization of stock-based compensation expense capitalized in software development costs, amortization of intangible assets, restructuring charges, non-cash interest expense related to convertible senior notes issued in June 2015 and the second quarter of 2018, dividends on Series A convertible preferred stock, transformation and transition expenses, and non-GAAP adjustments for discontinued operations. Weighted average basic shares outstanding used to calculate non-GAAP net loss per basic share attributable to common stockholders excluded stock options, restricted stock units, performance stock units, and shares issuable upon conversion of the company's convertible senior notes that were anti-dilutive.
Mandiant considers these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of stock-based compensation expense, amortization of stock-based compensation expense capitalized in software development costs, amortization of intangible assets, acquisition related expenses, restructuring charges, transformation and transition expense, non-cash interest expense related to convertible senior notes issued in June 2015 and the second quarter of 2018, adjustment to provision from income taxes, dividends on Series A convertible preferred stock, accretion of Series A convertible preferred stock, non-GAAP adjustments for discontinued operations and other non-recurring and discrete items so that management and investors can compare the company's core business operating results over multiple periods.
There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. First, these non-GAAP financial measures exclude stock-based compensation expense. Stock-based compensation is an important part of Mandiant employees' overall compensation and has been, and will continue to be for the foreseeable future, a significant recurring expense in the company's business. Second, the components of the costs that Mandiant excludes in its calculation of these non-GAAP financial measures, including not only stock-based compensation, but also amortization of stock-based compensation expense capitalized in software development costs, non-recurring or non-operating items such as amortization of intangible assets, acquisition related expenses, restructuring charges, non-cash interest expense related to the company’s convertible senior notes, and dividends on Series A convertible preferred stock, may differ from the components excluded by peer companies when they report their non-GAAP results of operations. Mandiant compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures and evaluating non-GAAP financial measures together with their nearest GAAP equivalents.
About Mandiant, Inc.
Since 2004, Mandiant® has been a trusted partner to security-conscious organizations. Effective security is based on the right combination of expertise, intelligence, and adaptive technology, and the Mandiant Advantage SaaS platform scales decades of frontline experience and industry-leading threat intelligence to deliver a range of dynamic cyber defense solutions. Mandiant’s approach helps organizations develop more effective and efficient cyber security programs and instills confidence in their readiness to defend against and respond to cyber threats.
© 2022 Mandiant, Inc. All rights reserved. Mandiant is a registered trademark of Mandiant, Inc. in the United States and other countries. All other brands, products, or service names are or may be trademarks or service marks of their respective owners.
| Mandiant, Inc. |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (Unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
| June 30, 2022 |
|
|
| December 31, 2021 |
| Assets |
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
| Cash and cash equivalents |
| $ |
| 562,212 |
|
|
|
|
| $ |
| 1,154,458 |
|
|
| Short-term investments |
|
|
| 1,074,826 |
|
|
|
|
|
|
| 1,039,339 |
|
|
| Accounts receivable, net |
|
|
| 113,535 |
|
|
|
|
|
|
| 146,460 |
|
|
| Prepaid expenses and other current assets |
|
|
| 58,980 |
|
|
|
|
|
|
| 73,079 |
|
|
| Total current assets |
|
|
| 1,809,553 |
|
|
|
|
|
|
| 2,413,336 |
|
|
| Property and equipment, net |
|
|
| 56,000 |
|
|
|
|
|
|
| 46,329 |
|
|
| Operating lease right-of-use assets, net |
|
|
| 27,227 |
|
|
|
|
|
|
| 25,768 |
|
|
| Goodwill |
|
|
| 1,060,023 |
|
|
|
|
|
|
| 1,060,023 |
|
|
| Intangible assets, net |
|
|
| 62,224 |
|
|
|
|
|
|
| 79,511 |
|
|
| Deposits and other long-term assets |
|
|
| 24,225 |
|
|
|
|
|
|
| 26,220 |
|
|
| Total Assets |
| $ |
| 3,039,252 |
|
|
|
|
| $ |
| 3,651,187 |
|
|
|
|
|
|
|
|
|
|
| Liabilities, Convertible preferred stock and Stockholders' equity |
|
|
|
|
|
|
| Current Liabilities: |
|
|
|
|
|
|
| Accounts payable |
| $ |
| 29,362 |
|
|
|
|
| $ |
| 32,585 |
|
|
| Operating lease liabilities, current |
|
|
| 14,733 |
|
|
|
|
|
|
| 13,306 |
|
|
| Accrued and other current liabilities |
|
|
| 80,881 |
|
|
|
|
|
|
| 105,886 |
|
|
| Accrued compensation |
|
|
| 49,696 |
|
|
|
|
|
|
| 71,660 |
|
|
| Convertible senior notes, current, net |
|
|
| — |
|
|
|
|
|
|
| 451,030 |
|
|
| Deferred revenue, current |
|
|
| 318,969 |
|
|
|
|
|
|
| 307,611 |
|
|
| Total current liabilities |
|
|
| 493,641 |
|
|
|
|
|
|
| 982,078 |
|
|
| Convertible senior notes, non-current, net |
|
|
| 626,735 |
|
|
|
|
|
|
| 556,240 |
|
|
| Deferred revenue, non-current |
|
|
| 88,944 |
|
|
|
|
|
|
| 102,717 |
|
|
| Operating lease liabilities, non-current |
|
|
| 51,476 |
|
|
|
|
|
|
| 52,132 |
|
|
| Other long-term liabilities |
|
|
| 7,557 |
|
|
|
|
|
|
| 7,376 |
|
|
| Total liabilities |
|
|
| 1,268,353 |
|
|
|
|
|
|
| 1,700,543 |
|
|
| Commitments and contingencies: |
|
|
|
|
|
|
| Series A convertible preferred stock |
|
|
| 428,894 |
|
|
|
|
|
|
| 419,404 |
|
|
| Stockholders' equity: |
|
|
|
|
|
|
| Common stock |
|
|
| 23 |
|
|
|
|
|
|
| 23 |
|
|
| Additional paid-in capital |
|
|
| 3,238,180 |
|
|
|
|
|
|
| 3,511,444 |
|
|
| Treasury stock |
|
|
| — |
|
|
|
|
|
|
| (80,000 |
| ) |
| Accumulated other comprehensive income |
|
|
| (17,946 |
| ) |
|
|
|
|
| (2,172 |
| ) |
| Accumulated deficit |
|
|
| (1,878,252 |
| ) |
|
|
|
|
| (1,898,055 |
| ) |
| Total stockholders’ equity |
|
|
| 1,342,005 |
|
|
|
|
|
|
| 1,531,240 |
|
|
| Total Liabilities, Convertible preferred stock and Stockholders' equity |
| $ |
| 3,039,252 |
|
|
|
|
| $ |
| 3,651,187 |
|
|
| Mandiant, Inc. |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Unaudited, in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
| Three Months Ended June 30, |
|
|
| Six Months Ended June 30, |
|
|
|
|
| 2022 |
|
|
|
|
|
|
| 2021 |
|
|
|
|
|
|
| 2022 |
|
|
|
|
|
|
| 2021 |
|
|
| Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Platform, cloud subscription and managed services |
| $ |
| 62,056 |
|
|
|
|
| $ |
| 51,936 |
|
|
|
|
| $ |
| 119,685 |
|
|
|
|
| $ |
| 107,935 |
|
|
| Professional services |
|
|
| 75,864 |
|
|
|
|
|
|
| 61,974 |
|
|
|
|
|
|
| 148,379 |
|
|
|
|
|
|
| 120,663 |
|
|
| Total revenue |
|
|
| 137,920 |
|
|
|
|
|
|
| 113,910 |
|
|
|
|
|
|
| 268,064 |
|
|
|
|
|
|
| 228,598 |
|
|
| Cost of revenue: (1)(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Platform, cloud subscription and managed services |
|
|
| 29,704 |
|
|
|
|
|
|
| 28,243 |
|
|
|
|
|
|
| 59,825 |
|
|
|
|
|
|
| 54,856 |
|
|
| Professional services |
|
|
| 45,806 |
|
|
|
|
|
|
| 35,282 |
|
|
|
|
|
|
| 87,887 |
|
|
|
|
|
|
| 67,754 |
|
|
| Total cost of revenue |
|
|
| 75,510 |
|
|
|
|
|
|
| 63,525 |
|
|
|
|
|
|
| 147,712 |
|
|
|
|
|
|
| 122,610 |
|
|
| Total gross profit |
|
|
| 62,410 |
|
|
|
|
|
|
| 50,385 |
|
|
|
|
|
|
| 120,352 |
|
|
|
|
|
|
| 105,988 |
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development (1)(3)(10) |
|
|
| 44,394 |
|
|
|
|
|
|
| 40,930 |
|
|
|
|
|
|
| 88,855 |
|
|
|
|
|
|
| 82,835 |
|
|
| Sales and marketing (1)(2) |
|
|
| 71,153 |
|
|
|
|
|
|
| 63,018 |
|
|
|
|
|
|
| 140,562 |
|
|
|
|
|
|
| 124,231 |
|
|
| General and administrative (1)(4)(10) |
|
|
| 34,428 |
|
|
|
|
|
|
| 29,020 |
|
|
|
|
|
|
| 66,841 |
|
|
|
|
|
|
| 54,371 |
|
|
| Restructuring charges (5) |
|
|
| — |
|
|
|
|
|
|
| 1,927 |
|
|
|
|
|
|
| 1,040 |
|
|
|
|
|
|
| 1,927 |
|
|
| Total operating expenses |
|
|
| 149,975 |
|
|
|
|
|
|
| 134,895 |
|
|
|
|
|
|
| 297,298 |
|
|
|
|
|
|
| 263,364 |
|
|
| Operating loss |
|
|
| (87,565 |
| ) |
|
|
|
|
| (84,510 |
| ) |
|
|
|
|
| (176,946 |
| ) |
|
|
|
|
| (157,376 |
| ) |
| Other expense, net (6) |
|
|
| (2,351 |
| ) |
|
|
|
|
| (13,868 |
| ) |
|
|
|
|
| (4,195 |
| ) |
|
|
|
|
| (26,277 |
| ) |
| Loss before income taxes from continuing operations before income taxes |
|
|
| (89,916 |
| ) |
|
|
|
|
| (98,378 |
| ) |
|
|
|
|
| (181,141 |
| ) |
|
|
|
|
| (183,653 |
| ) |
| Provision for income taxes (7) |
|
|
| 575 |
|
|
|
|
|
|
| 763 |
|
|
|
|
|
|
| 1,364 |
|
|
|
|
|
|
| 1,943 |
|
|
| Loss from continuing operations |
|
|
| (90,491 |
| ) |
|
|
|
|
| (99,141 |
| ) |
|
|
|
|
| (182,505 |
| ) |
|
|
|
|
| (185,596 |
| ) |
| Net income from discontinued operations, net of income taxes (11) |
|
|
| — |
|
|
|
|
|
|
| 34,445 |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 70,254 |
|
|
| Net loss |
| $ |
| (90,491 |
| ) |
|
|
| $ |
| (64,696 |
| ) |
|
|
| $ |
| (182,505 |
| ) |
|
|
| $ |
| (115,342 |
| ) |
| Dividend on series A convertible preferred stock (8) |
|
|
| (4,772 |
| ) |
|
|
|
|
| (4,563 |
| ) |
|
|
|
|
| (9,490 |
| ) |
|
|
|
|
| (9,075 |
| ) |
| Accretion of series A convertible preferred stock (9) |
|
|
| — |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| (82 |
| ) |
| Net income (loss) attributable to common stockholders |
| $ |
| (95,263 |
| ) |
|
|
| $ |
| (69,259 |
| ) |
|
|
| $ |
| (191,995 |
| ) |
|
|
| $ |
| (124,499 |
| ) |
| Net income (loss) per share attributable to common stockholders, basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Continuing operations |
| $ |
| (0.41 |
| ) |
|
|
| $ |
| (0.44 |
| ) |
|
|
| $ |
| (0.83 |
| ) |
|
|
| $ |
| (0.83 |
| ) |
| Discontinued operations |
|
|
| — |
|
|
|
|
|
|
| 0.15 |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 0.30 |
|
|
| Net loss per share attributable to common stockholders, basic and diluted |
| $ |
| (0.41 |
| ) |
|
|
| $ |
| (0.29 |
| ) |
|
|
| $ |
| (0.83 |
| ) |
|
|
| $ |
| (0.53 |
| ) |
| Weighted average shares used in computing net income (loss) per share, basic and diluted |
|
|
| 233,218 |
|
|
|
|
|
|
| 237,279 |
|
|
|
|
|
|
| 231,909 |
|
|
|
|
|
|
| 236,016 |
|
|
| Mandiant, Inc. |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (Unaudited, in thousands) |
|
|
|
|
|
|
| Six Months Ended June 30, |
|
|
|
|
| 2022 |
|
|
|
|
|
|
| 2021 |
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
| Net loss from continuing operations |
| $ |
| (182,505 |
| ) |
|
|
| $ |
| (185,596 |
| ) |
| Adjustments to reconcile net loss from continuing operations to net cash used in continuing operating activities: |
|
|
|
|
|
|
| Depreciation and amortization |
|
|
| 33,859 |
|
|
|
|
|
|
| 46,648 |
|
|
| Stock-based compensation |
|
|
| 80,012 |
|
|
|
|
|
|
| 72,143 |
|
|
| Non-cash interest expense related to convertible senior notes |
|
|
| 2,007 |
|
|
|
|
|
|
| 22,907 |
|
|
| Deferred income taxes |
|
|
| 61 |
|
|
|
|
|
|
| (114 |
| ) |
| Loss (gain) on disposal of property and equipment |
|
|
| (44 |
| ) |
|
|
|
|
| 113 |
|
|
| Other |
|
|
| 239 |
|
|
|
|
|
|
| (63 |
| ) |
| Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions: |
|
|
|
|
|
|
| Accounts receivable |
|
|
| 32,806 |
|
|
|
|
|
|
| 17,445 |
|
|
| Prepaid expenses and other assets |
|
|
| 16,150 |
|
|
|
|
|
|
| 6,374 |
|
|
| Accounts payable |
|
|
| 9,546 |
|
|
|
|
|
|
| 4,211 |
|
|
| Accrued liabilities |
|
|
| (24,498 |
| ) |
|
|
|
|
| (1,540 |
| ) |
| Accrued compensation |
|
|
| (21,964 |
| ) |
|
|
|
|
| (14,231 |
| ) |
| Deferred revenue |
|
|
| (2,415 |
| ) |
|
|
|
|
| 13,072 |
|
|
| Other long-term liabilities |
|
|
| (5,128 |
| ) |
|
|
|
|
| (4,915 |
| ) |
| Net cash used in operating activities - continuing operations |
|
|
| (61,874 |
| ) |
|
|
|
|
| (23,546 |
| ) |
| Net cash provided by operating activities - discontinued operations |
|
|
| — |
|
|
|
|
|
|
| 67,851 |
|
|
| Net cash provided by (used in) operating activities |
|
|
| (61,874 |
| ) |
|
|
|
|
| 44,305 |
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
| Purchases of property and equipment and demonstration units |
|
|
| (16,196 |
| ) |
|
|
|
|
| (13,378 |
| ) |
| Purchases of short-term investments |
|
|
| (569,715 |
| ) |
|
|
|
|
| (512,642 |
| ) |
| Proceeds from maturities of short-term investments |
|
|
| 514,681 |
|
|
|
|
|
|
| 264,160 |
|
|
| Business acquisitions, net of cash acquired |
|
|
| — |
|
|
|
|
|
|
| 50 |
|
|
| FireEye Products business sale transaction costs |
|
|
| (1,057 |
| ) |
|
|
|
|
| — |
|
|
| Lease deposits |
|
|
| 785 |
|
|
|
|
|
|
| 674 |
|
|
| Net cash used in investing activities - continuing operations |
|
|
| (71,502 |
| ) |
|
|
|
|
| (261,136 |
| ) |
| Net cash used in investing activities - discontinued operations |
|
|
| — |
|
|
|
|
|
|
| (10,107 |
| ) |
| Net cash used in investing activities |
|
|
| (71,502 |
| ) |
|
|
|
|
| (271,243 |
| ) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
| Repurchase of convertible senior notes |
|
|
| (451,691 |
| ) |
|
|
|
|
| — |
|
|
| Settlement of share repurchases |
|
|
| (11,483 |
| ) |
|
|
|
|
| (68,334 |
| ) |
| Series A convertible preferred stock issuance costs |
|
|
| — |
|
|
|
|
|
|
| (82 |
| ) |
| Payment related to shares withheld for taxes |
|
|
| (7,336 |
| ) |
|
|
|
|
| (9,725 |
| ) |
| Proceeds from employee stock purchase plan |
|
|
| 9,981 |
|
|
|
|
|
|
| 12,335 |
|
|
| Proceeds from exercise of equity awards |
|
|
| 1,659 |
|
|
|
|
|
|
| 3,600 |
|
|
| Net cash used in financing activities |
|
|
| (458,870 |
| ) |
|
|
|
|
| (62,206 |
| ) |
| Net change in cash and cash equivalents |
|
|
| (592,246 |
| ) |
|
|
|
|
| (289,144 |
| ) |
| Cash and cash equivalents, beginning of period |
|
|
| 1,154,458 |
|
|
|
|
|
|
| 673,234 |
|
|
| Cash and cash equivalents, end of period |
| $ |
| 562,212 |
|
|
|
|
| $ |
| 384,090 |
|
|
| Mandiant, Inc. |
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
| (Unaudited, in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
| Three Months Ended June 30, |
|
|
| Six Months Ended June 30, |
|
|
|
|
| 2022 |
|
|
|
|
|
|
| 2021 |
|
|
|
|
|
|
| 2022 |
|
|
|
|
|
|
| 2021 |
|
|
| GAAP operating loss |
| $ |
| (87,565 |
| ) |
|
|
| $ |
| (84,510 |
| ) |
|
|
| $ |
| (176,946 |
| ) |
|
|
| $ |
| (157,376 |
| ) |
| Stock-based compensation expense (1) |
|
|
| 41,702 |
|
|
|
|
|
|
| 38,742 |
|
|
|
|
|
|
| 80,012 |
|
|
|
|
|
|
| 72,143 |
|
|
| Amortization of stock-based compensation capitalized in software development costs (3) |
|
|
| 725 |
|
|
|
|
|
|
| 459 |
|
|
|
|
|
|
| 1,393 |
|
|
|
|
|
|
| 993 |
|
|
| Amortization of intangible assets (2) |
|
|
| 8,594 |
|
|
|
|
|
|
| 10,998 |
|
|
|
|
|
|
| 17,287 |
|
|
|
|
|
|
| 22,108 |
|
|
| Transformation and transition expense (10) |
|
|
| 8,594 |
|
|
|
|
|
|
| 3,190 |
|
|
|
|
|
|
| 14,702 |
|
|
|
|
|
|
| 3,190 |
|
|
| Acquisition related expenses (4) |
|
|
| 500 |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 1,000 |
|
|
|
|
|
|
| — |
|
|
| Restructuring charges (5) |
|
|
| — |
|
|
|
|
|
|
| 1,927 |
|
|
|
|
|
|
| 1,040 |
|
|
|
|
|
|
| 1,927 |
|
|
| Non-GAAP operating income (loss) |
| $ |
| (27,450 |
| ) |
|
|
| $ |
| (29,194 |
| ) |
|
|
| $ |
| (61,512 |
| ) |
|
|
| $ |
| (57,015 |
| ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP gross margin |
|
|
| 45 |
| % |
|
|
|
|
| 44 |
| % |
|
|
|
|
| 45 |
| % |
|
|
|
|
| 46 |
| % |
| Stock-based compensation expense (1) |
|
|
| 9 |
| % |
|
|
|
|
| 9 |
| % |
|
|
|
|
| 8 |
| % |
|
|
|
|
| 8 |
| % |
| Amortization of intangible assets (2) |
|
|
| 5 |
| % |
|
|
|
|
| 6 |
| % |
|
|
|
|
| 5 |
| % |
|
|
|
|
| 6 |
| % |
| Non-GAAP gross margin |
|
|
| 59 |
| % |
|
|
|
|
| 59 |
| % |
|
|
|
|
| 58 |
| % |
|
|
|
|
| 60 |
| % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP operating margin |
|
|
| (63 |
| )% |
|
|
|
|
| (74 |
| )% |
|
|
|
|
| (66 |
| )% |
|
|
|
|
| (69 |
| )% |
| Stock-based compensation expense (1) |
|
|
| 30 |
| % |
|
|
|
|
| 33 |
| % |
|
|
|
|
| 30 |
| % |
|
|
|
|
| 32 |
| % |
| Amortization of stock-based compensation capitalized in software development costs (3) |
|
|
| 1 |
| % |
|
|
|
|
| — |
| % |
|
|
|
|
| 1 |
| % |
|
|
|
|
| — |
| % |
| Amortization of intangible assets (2) |
|
|
| 6 |
| % |
|
|
|
|
| 10 |
| % |
|
|
|
|
| 6 |
| % |
|
|
|
|
| 10 |
| % |
| Transformation and transition expense (10) |
|
|
| 6 |
| % |
|
|
|
|
| 3 |
| % |
|
|
|
|
| 5 |
| % |
|
|
|
|
| 1 |
| % |
| Acquisition related expenses (4) |
|
|
| — |
| % |
|
|
|
|
| — |
| % |
|
|
|
|
| — |
| % |
|
|
|
|
| — |
| % |
| Restructuring charges (5) |
|
|
| — |
| % |
|
|
|
|
| 2 |
| % |
|
|
|
|
| — |
| % |
|
|
|
|
| 1 |
| % |
| Non-GAAP operating margin |
|
|
| (20 |
| )% |
|
|
|
|
| (26 |
| )% |
|
|
|
|
| (24 |
| )% |
|
|
|
|
| (25 |
| )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP net loss attributable to common stockholders |
| $ |
| (95,263 |
| ) |
|
|
| $ |
| (69,259 |
| ) |
|
|
| $ |
| (191,995 |
| ) |
|
|
| $ |
| (124,499 |
| ) |
| Continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock-based compensation expense (1) |
|
|
| 41,702 |
|
|
|
|
|
|
| 38,742 |
|
|
|
|
|
|
| 80,012 |
|
|
|
|
|
|
| 72,143 |
|
|
| Amortization of stock-based compensation capitalized in software development costs (3) |
|
|
| 725 |
|
|
|
|
|
|
| 459 |
|
|
|
|
|
|
| 1,393 |
|
|
|
|
|
|
| 993 |
|
|
| Amortization of intangible assets (2) |
|
|
| 8,594 |
|
|
|
|
|
|
| 10,998 |
|
|
|
|
|
|
| 17,287 |
|
|
|
|
|
|
| 22,108 |
|
|
| Acquisition related expenses (4) |
|
|
| 500 |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 1,000 |
|
|
|
|
|
|
| — |
|
|
| Restructuring charges (5) |
|
|
| — |
|
|
|
|
|
|
| 1,927 |
|
|
|
|
|
|
| 1,040 |
|
|
|
|
|
|
| 1,927 |
|
|
| Non-cash interest expense related to convertible senior notes (6) |
|
|
| 933 |
|
|
|
|
|
|
| 11,523 |
|
|
|
|
|
|
| 2,007 |
|
|
|
|
|
|
| 22,907 |
|
|
| Adjustment to provision from income taxes (7) |
|
|
| — |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 200 |
|
|
| Dividend on series A convertible preferred stock (8) |
|
|
| 4,772 |
|
|
|
|
|
|
| 4,563 |
|
|
|
|
|
|
| 9,490 |
|
|
|
|
|
|
| 9,075 |
|
|
| Accretion of series A convertible preferred stock (9) |
|
|
| — |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 82 |
|
|
| Transformation and transition expense (10) |
|
|
| 8,594 |
|
|
|
|
|
|
| 3,190 |
|
|
|
|
|
|
| 14,702 |
|
|
|
|
|
|
| 3,190 |
|
|
| Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP adjustments for discontinued operations (11) |
|
|
| — |
|
|
|
|
|
|
| 19,980 |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 36,279 |
|
|
| Non-GAAP net income (loss) attributable to common stockholders |
| $ |
| (29,443 |
| ) |
|
|
| $ |
| 22,123 |
|
|
|
|
| $ |
| (65,064 |
| ) |
|
|
| $ |
| 44,405 |
|
|
| GAAP net loss per share attributable to common stockholders, basic and diluted |
| $ |
| (0.41 |
| ) |
|
|
| $ |
| (0.29 |
| ) |
|
|
| $ |
| (0.83 |
| ) |
|
|
| $ |
| (0.53 |
| ) |
| Continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock-based compensation expense (1) |
|
|
| 0.18 |
|
|
|
|
|
|
| 0.16 |
|
|
|
|
|
|
| 0.35 |
|
|
|
|
|
|
| 0.32 |
|
|
| Amortization of stock-based compensation capitalized in software development costs (3) |
|
|
| — |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 0.01 |
|
|
|
|
|
|
| — |
|
|
| Amortization of intangible assets (2) |
|
|
| 0.04 |
|
|
|
|
|
|
| 0.05 |
|
|
|
|
|
|
| 0.07 |
|
|
|
|
|
|
| 0.09 |
|
|
| Acquisition related expenses (4) |
|
|
| — |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| — |
|
|
| Restructuring charges (5) |
|
|
| — |
|
|
|
|
|
|
| 0.01 |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 0.01 |
|
|
| Non-cash interest expense related to convertible senior notes (6) |
|
|
| — |
|
|
|
|
|
|
| 0.05 |
|
|
|
|
|
|
| 0.01 |
|
|
|
|
|
|
| 0.10 |
|
|
| Adjustment to provision from income taxes (7) |
|
|
| — |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| — |
|
|
| Dividend on series A convertible preferred stock (8) |
|
|
| 0.02 |
|
|
|
|
|
|
| 0.02 |
|
|
|
|
|
|
| 0.04 |
|
|
|
|
|
|
| 0.04 |
|
|
| Accretion of series A convertible preferred stock (9) |
|
|
| — |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| — |
|
|
| Transformation and transition expense (10) |
|
|
| 0.04 |
|
|
|
|
|
|
| 0.01 |
|
|
|
|
|
|
| 0.06 |
|
|
|
|
|
|
| 0.01 |
|
|
| Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP adjustments for discontinued operations (11) |
|
|
| — |
|
|
|
|
|
|
| 0.08 |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 0.15 |
|
|
| Non-GAAP net income (loss) per share attributable to common stockholders, basic and diluted |
| $ |
| (0.13 |
| ) |
|
|
| $ |
| 0.09 |
|
|
|
|
| $ |
| (0.29 |
| ) |
|
|
| $ |
| 0.19 |
|
|
| Weighted average shares used in per share calculation for GAAP, basic and diluted |
|
|
| 233,218 |
|
|
|
|
|
|
| 237,279 |
|
|
|
|
|
|
| 231,909 |
|
|
|
|
|
|
| 236,016 |
|
|
| GAAP net cash provided by (used in) operating activities |
| $ |
| (38,539 |
| ) |
|
|
| $ |
| (7,974 |
| ) |
|
|
| $ |
| (61,874 |
| ) |
|
|
| $ |
| (23,546 |
| ) |
| Non-GAAP net cash provided by (used in) operating activities |
| $ |
| (38,539 |
| ) |
|
|
| $ |
| (7,974 |
| ) |
|
|
| $ |
| (61,874 |
| ) |
|
|
| $ |
| (23,546 |
| ) |
| Purchase of property and equipment and demonstration units |
|
|
| (7,194 |
| ) |
|
|
|
|
| (7,751 |
| ) |
|
|
|
|
| (16,196 |
| ) |
|
|
|
|
| (13,378 |
| ) |
| Free cash flow |
| $ |
| (45,733 |
| ) |
|
|
| $ |
| (15,725 |
| ) |
|
|
| $ |
| (78,070 |
| ) |
|
|
| $ |
| (36,924 |
| ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Includes stock-based compensation expense as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of platform, cloud subscription and managed services revenue |
| $ |
| 4,006 |
|
|
|
|
| $ |
| 3,487 |
|
|
|
|
| $ |
| 7,622 |
|
|
|
|
| $ |
| 6,301 |
|
|
| Cost of professional services revenue |
|
|
| 7,842 |
|
|
|
|
|
|
| 6,135 |
|
|
|
|
|
|
| 15,181 |
|
|
|
|
|
|
| 11,321 |
|
|
| Research and development expense |
|
|
| 9,520 |
|
|
|
|
|
|
| 9,320 |
|
|
|
|
|
|
| 18,714 |
|
|
|
|
|
|
| 17,743 |
|
|
| Sales and marketing expense |
|
|
| 11,158 |
|
|
|
|
|
|
| 11,539 |
|
|
|
|
|
|
| 21,789 |
|
|
|
|
|
|
| 21,429 |
|
|
| General and administrative expense |
|
|
| 9,176 |
|
|
|
|
|
|
| 8,261 |
|
|
|
|
|
|
| 16,706 |
|
|
|
|
|
|
| 15,349 |
|
|
| Total stock-based compensation expense |
| $ |
| 41,702 |
|
|
|
|
| $ |
| 38,742 |
|
|
|
|
| $ |
| 80,012 |
|
|
|
|
| $ |
| 72,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (2) Includes amortization of intangible assets as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of platform, cloud subscription and managed services revenue |
| $ |
| 6,665 |
|
|
|
|
| $ |
| 7,025 |
|
|
|
|
| $ |
| 13,429 |
|
|
|
|
| $ |
| 14,137 |
|
|
| Sales and marketing expense |
|
|
| 1,929 |
|
|
|
|
|
|
| 3,973 |
|
|
|
|
|
|
| 3,858 |
|
|
|
|
|
|
| 7,971 |
|
|
| Total amortization of intangible assets |
| $ |
| 8,594 |
|
|
|
|
| $ |
| 10,998 |
|
|
|
|
| $ |
| 17,287 |
|
|
|
|
| $ |
| 22,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (3) Includes amortization of stock-based compensation capitalized in software development costs as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development expense |
|
|
| 725 |
|
|
|
|
|
|
| 459 |
|
|
|
|
|
|
| 1,393 |
|
|
|
|
|
|
| 993 |
|
|
| Total amortization of stock-based compensation capitalized in software development costs |
| $ |
| 725 |
|
|
|
|
| $ |
| 459 |
|
|
|
|
| $ |
| 1,393 |
|
|
|
|
| $ |
| 993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (4) Includes acquisition related expenses as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General and administrative expense |
| $ |
| 500 |
|
|
|
|
| $ |
| — |
|
|
|
|
| $ |
| 1,000 |
|
|
|
|
| $ |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (5) Includes restructuring charges as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Restructuring charges |
| $ |
| — |
|
|
|
|
| $ |
| 1,927 |
|
|
|
|
| $ |
| 1,040 |
|
|
|
|
| $ |
| 1,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (6) Includes non-cash interest expense related to convertible senior notes as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other income, net |
| $ |
| 933 |
|
|
|
|
| $ |
| 11,523 |
|
|
|
|
| $ |
| 2,007 |
|
|
|
|
| $ |
| 22,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (7) Includes income tax effect of non-GAAP adjustments as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustment to provision (benefit) from income taxes |
| $ |
| — |
|
|
|
|
| $ |
| — |
|
|
|
|
| $ |
| — |
|
|
|
|
| $ |
| 200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (8) Dividend on series A convertible preferred stock |
| $ |
| 4,772 |
|
|
|
|
| $ |
| 4,563 |
|
|
|
|
| $ |
| 9,490 |
|
|
|
|
| $ |
| 9,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (9) Accretion of series A convertible preferred stock |
| $ |
| — |
|
|
|
|
| $ |
| — |
|
|
|
|
| $ |
| — |
|
|
|
|
| $ |
| 82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (10) Includes transformation and transition expense as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development expense |
| $ |
| 1,498 |
|
|
|
|
| $ |
| — |
|
|
|
|
| $ |
| 2,170 |
|
|
|
|
| $ |
| — |
|
|
| General and administrative expense |
|
|
| 7,096 |
|
|
|
|
|
|
| 3,190 |
|
|
|
|
| $ |
| 12,532 |
|
|
|
|
| $ |
| 3,190 |
|
|
| Total transformation and transition expense |
| $ |
| 8,594 |
|
|
|
|
| $ |
| 3,190 |
|
|
|
|
| $ |
| 14,702 |
|
|
|
|
| $ |
| 3,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (11) Includes non-GAAP adjustments for discontinued operations as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock-based compensation expense |
| $ |
| — |
|
|
|
|
| $ |
| 13,486 |
|
|
|
|
| $ |
| — |
|
|
|
|
| $ |
| 25,851 |
|
|
| Amortization of intangibles |
|
|
| — |
|
|
|
|
|
|
| 485 |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 1,221 |
|
|
| Amortization of stock-based compensation capitalized in software development costs |
|
|
| — |
|
|
|
|
|
|
| 543 |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 1,081 |
|
|
| Divestiture related costs |
|
|
| — |
|
|
|
|
|
|
| 5,466 |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 8,126 |
|
|
|
|
| $ |
| — |
|
|
|
|
| $ |
| 19,980 |
|
|
|
|
| $ |
| — |
|
|
|
|
| $ |
| 36,279 |
|
|
| Mandiant, Inc. |
| SUMMARY OF CONTINUING OPERATIONS, DISCONTINUED OPERATIONS, AND COMBINED OPERATIONS |
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
| (Unaudited, in thousands, except per share amounts) |
|
|
| Three Months Ended June 30, 2021 |
|
|
| Continuing |
|
|
| Discontinued |
|
|
| Combined |
| Revenue |
| $ |
| 113,910 |
|
|
|
|
| $ |
| 134,045 |
|
|
|
|
| $ |
| 247,955 |
|
|
| Cost of revenue |
|
|
| 63,525 |
|
|
|
|
|
|
| 28,001 |
|
|
|
|
|
|
| 91,526 |
|
|
| Total gross profit |
|
|
| 50,385 |
|
|
|
|
|
|
| 106,044 |
|
|
|
|
|
|
| 156,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
|
| 40,930 |
|
|
|
|
|
|
| 28,665 |
|
|
|
|
|
|
| 69,595 |
|
|
| Sales and marketing |
|
|
| 63,018 |
|
|
|
|
|
|
| 36,886 |
|
|
|
|
|
|
| 99,904 |
|
|
| General and administrative |
|
|
| 29,020 |
|
|
|
|
|
|
| 5,466 |
|
|
|
|
|
|
| 34,486 |
|
|
| Restructuring charges |
|
|
| 1,927 |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 1,927 |
|
|
| GAAP operating income (loss) |
|
|
| (84,510 |
| ) |
|
|
|
|
| 35,027 |
|
|
|
|
|
|
| (49,483 |
| ) |
| Non-GAAP adjustments |
|
|
| 55,316 |
|
|
|
|
|
|
| 19,980 |
|
|
|
|
|
|
| 75,296 |
|
|
| Non-GAAP operating income (loss) |
| $ |
| (29,194 |
| ) |
|
|
| $ |
| 55,007 |
|
|
|
|
| $ |
| 25,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other income and expense, provision for income tax & dividends on series A convertible preferred stock |
| $ |
| (19,194 |
| ) |
|
|
| $ |
| (582 |
| ) |
|
|
| $ |
| (19,776 |
| ) |
| Net loss attributable to common stockholders |
| $ |
| (103,704 |
| ) |
|
|
| $ |
| 34,445 |
|
|
|
|
| $ |
| (69,259 |
| ) |
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP operating margin |
|
|
| (74 |
| )% |
|
|
|
|
| 26 |
| % |
|
|
|
|
| (20 |
| )% |
| Non-GAAP adjustments related to operating income (loss) |
|
|
| 48 |
| % |
|
|
|
|
| 15 |
| % |
|
|
|
|
| 30 |
| % |
| Non-GAAP operating margin |
|
|
| (26 |
| )% |
|
|
|
|
| 41 |
| % |
|
|
|
|
| 10 |
| % |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|
|
|
| Stock-based compensation expense |
| $ |
| 38,742 |
|
|
|
|
| $ |
| 13,486 |
|
|
|
|
| $ |
| 52,228 |
|
|
| Amortization of intangible assets |
|
|
| 10,998 |
|
|
|
|
|
|
| 485 |
|
|
|
|
|
|
| 11,483 |
|
|
| Amortization of stock-based compensation capitalized in software development costs |
|
|
| 459 |
|
|
|
|
|
|
| 543 |
|
|
|
|
|
|
| 1,002 |
|
|
| Restructuring charges |
|
|
| 1,927 |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 1,927 |
|
|
| Divestiture related costs |
|
|
| — |
|
|
|
|
|
|
| 5,466 |
|
|
|
|
|
|
| 5,466 |
|
|
| Transformation and transition expense |
|
|
| 3,190 |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 3,190 |
|
|
| Non-GAAP adjustments related to operating income (loss) |
| $ |
| 55,316 |
|
|
|
|
| $ |
| 19,980 |
|
|
|
|
| $ |
| 75,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-cash interest expense related to convertible senior notes |
| $ |
| 11,523 |
|
|
|
|
| $ |
| — |
|
|
|
|
| $ |
| 11,523 |
|
|
| Dividend on series A convertible preferred stock |
|
|
| 4,563 |
|
|
|
|
|
|
| — |
|
|
|
|
|
|
| 4,563 |
|
|
| Non-GAAP adjustments below operating income (loss) |
| $ |
| 16,086 |
|
|
|
|
| $ |
| — |
|
|
|
|
| $ |
| 16,086 |
|
|
| Total non-GAAP adjustments |
| $ |
| 71,402 |
|
|
|
|
| $ |
| 19,980 |
|
|
|
|
| $ |
| 91,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP net income (loss) per share attributable to common stockholders, basic |
| $ |
| (0.44 |
| ) |
|
|
| $ |
| 0.15 |
|
|
|
|
| $ |
| (0.29 |
| ) |
| Non-GAAP net income (loss) per share attributable to common stockholders, basic |
| $ |
| (0.14 |
| ) |
|
|
| $ |
| 0.23 |
|
|
|
|
| $ |
| 0.09 |
|
|
| Weighted average shares used in per share calculation for non-GAAP, basic |
|
|
| 237,279 |
|
|
|
|
|
|
| 237,279 |
|
|
|
|
|
|
| 237,279 |
|
|
|
|
|
|
| Three Months Ended June 30, |
|
|
|
|
|
|
| 2022 |
|
|
|
|
|
|
| 2021 |
|
|
| Loss from continuing operations |
|
|
| $ |
| (90,491 |
| ) |
|
|
| $ |
| (99,141 |
| ) |
| Dividend on series A convertible preferred stock |
|
|
|
|
| (4,772 |
| ) |
|
|
|
|
| (4,563 |
| ) |
| Net loss attributable to common stockholders |
|
|
|
|
| (95,263 |
| ) |
|
|
|
|
| (103,704 |
| ) |
| Total Non-GAAP Adjustments |
|
|
|
|
| 65,820 |
|
|
|
|
|
|
| 71,402 |
|
|
| Non-GAAP net loss attributable to common stockholders, |
|
|
|
|
| (29,443 |
| ) |
|
|
|
|
| (32,302 |
| ) |
| Net loss per share attributable to common stockholders, basic and diluted |
|
|
| $ |
| (0.41 |
| ) |
|
|
| $ |
| (0.44 |
| ) |
| Non-GAAP net loss per share attributable to common stockholders, basic and diluted |
|
|
| $ |
| (0.13 |
| ) |
|
|
| $ |
| (0.14 |
| ) |
| Weighted average shares used in per share calculation for GAAP, basic and diluted |
|
|
|
|
| 233,218 |
|
|
|
|
|
|
| 237,279 |
|
|
| Weighted average shares used in per share calculation for Non-GAAP, basic and diluted |
|
|
|
|
| 233,218 |
|
|
|
|
|
|
| 237,279 |
|
|
| Mandiant, Inc. |
| RECONCILIATION OF NON-GAAP BILLINGS TO REVENUE |
| (Unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
| Three Months Ended June 30, |
|
|
| Six Months Ended June 30, |
|
|
|
|
| 2022 |
|
|
|
|
|
|
| 2021 |
|
|
|
|
|
|
| 2022 |
|
|
|
|
|
|
| 2021 |
|
|
| Revenue |
| $ |
| 137,920 |
|
|
|
|
| $ |
| 113,910 |
|
|
|
|
| $ |
| 268,064 |
|
|
|
|
| $ |
| 228,598 |
|
|
| Add: deferred revenue, end of period |
|
|
| 407,913 |
|
|
|
|
|
|
| 297,326 |
|
|
|
|
|
|
| 407,913 |
|
|
|
|
|
|
| 297,326 |
|
|
| Less: deferred revenue, beginning of period |
|
|
| (399,989 |
| ) |
|
|
|
|
| (280,291 |
| ) |
|
|
|
|
| (410,328 |
| ) |
|
|
|
|
| (284,253 |
| ) |
| Billings (non-GAAP) |
| $ |
| 145,844 |
|
|
|
|
| $ |
| 130,945 |
|
|
|
|
| $ |
| 265,649 |
|
|
|
|
| $ |
| 241,671 |
|
|
| Mandiant, Inc. |
| BILLINGS BREAKOUT |
| (Unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
| Three Months Ended June 30, |
|
|
| Six Months Ended June 30, |
|
|
|
|
| 2022 |
|
|
|
|
| 2021 |
|
|
|
|
| 2022 |
|
|
|
|
| 2021 |
| Platform, cloud subscription and managed services billings |
| $ |
| 66,835 |
|
|
| $ |
| 60,996 |
|
|
| $ |
| 117,048 |
|
|
| $ |
| 113,332 |
| Professional services billings |
|
|
| 79,009 |
|
|
|
|
| 69,949 |
|
|
|
|
| 148,601 |
|
|
|
|
| 128,339 |
| Billings (non-GAAP) |
| $ |
| 145,844 |
|
|
| $ |
| 130,945 |
|
|
| $ |
| 265,649 |
|
|
| $ |
| 241,671 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220802005985/en/
Media Inquiries:
Media.Relations@mandiant.com
Investor Inquiries:
Investor.Relations@mandiant.com