Carbon Black, Inc. (CBLK) 10-Q Quarterly Report May 2019

Carbon Black, Inc. (NASDAQ: CBLK), a leader in cloud endpoint protection, today announced its financial results for the first quarter ended March 31, 2019.

“Carbon Black began 2019 with solid first quarter results highlighted by 24% total ARR growth and 80% growth in cloud revenue,” said Patrick Morley, President and Chief Executive Officer of Carbon Black. “We entered 2019 as a cloud-first company with a focused go-to-market strategy that leverages the powerful capabilities of our cloud platform, the CB Predictive Security Cloud® (PSC), to protect customers from today’s advanced cyberattacks.”

Morley continued, “We were very pleased with the initial market interest in our two newest PSC solutions, CB ThreatHunter and CB LiveOps™. These products provide customers with capabilities that we believe no other cloud EPP provider can match. We are confident our expanded product portfolio will enable Carbon Black to be one of the primary beneficiaries of the endpoint security market’s shift to the cloud.”

First Quarter 2019 Financial Highlights

Revenue: Total revenue was $58.6 million in the first quarter fiscal 2019, an increase of 21% year-over-year. Subscription, license and support revenue was $56.3 million, an increase of 24% year-over-year, and services revenue was $2.3 million, a decrease of 26% year-over-year.

Gross Profit: Gross profit was $45.5 million in the first quarter fiscal 2019, representing a 78% gross margin, compared to a gross margin of 79% in the year-ago period. Non-GAAP gross profit was $46 million, representing a 79% non-GAAP gross margin, compared to a margin of 80% in the year-ago period.

Loss from Operations: Loss from operations was $20.3 million in the first quarter fiscal 2019, compared to $17.8 million in the year-ago period. Non-GAAP loss from operations was $15.8 million in the first quarter fiscal 2019, compared to $11.1 million in the year-ago period.

Net Loss: Net loss was $19.7 million in the first quarter fiscal 2019. Net loss attributable to common stockholders was $19.7 million, or $0.28 per share based on 70.5 million weighted-average shares outstanding, in the first quarter fiscal 2019. In the year-ago period, net loss was $20.6 million and net loss attributable to common stockholders was $60.6 million, or $5.38 per share based on 11.3 million weighted-average shares outstanding. Non-GAAP net loss was $15.2 million, or $0.22 per share based on 70.5 million weighted-average shares outstanding. This compares to $11.0 million, or $0.98 per share based on 11.3 million weighted-average shares outstanding, in the year-ago period.

Cash and Cash Flow: As of March 31, 2019, Carbon Black had $153.3 million in cash, cash equivalents and short-term investments. During the three months ended March 31, 2019, Carbon Black used ($13.9) million of cash in operations and ($0.7) million in capital expenditures and capitalized software development costs, leading to negative free cash flow of ($14.7) million, compared to negative free cash flow of ($2.6) million in the year-ago period.

A reconciliation of each of non-GAAP gross profit, non-GAAP gross margin, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss per share and free cash flow to the most directly comparable GAAP measure has been provided in the tables at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

The following information was filed by Carbon Black, Inc. (CBLK) on Thursday, May 2, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Carbon Black, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: CBLK
CIK: 1366527
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-19-003882
Submitted to the SEC: Thu May 02 2019 4:51:27 PM EST
Accepted by the SEC: Thu May 02 2019
Period: Sunday, March 31, 2019
Industry: Prepackaged Software