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Carbon Black, Inc. (CBLK) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Carbon Black, Inc.

CIK: 1366527 Ticker: CBLK

Exhibit 99.1

Carbon Black Announces First Quarter 2019 Financial Results

   Total revenue of $58.6 million up 21% year-over-year 

   Cloud revenue of $21.0 million up 80% year-over-year

 

WALTHAM, Mass. – May 2, 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

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Redeemable Convertible And Convertible Preferred Stock
Consolidated Statement Of Stockholders??? Equity (Deficit)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Cash Equivalents And Short Term Investments (Tables)
Cash Equivalents And Short-Term Investments
Cash Equivalents And Short-Term Investments - Cash Equivalents (Details)
Cash Equivalents And Short-Term Investments - Contractual Maturities Of Short-Term Investments (Details)
Cash Equivalents And Short-Term Investments - Short-Term Investments (Details)
Commitments And Contingencies
Commitments And Contingencies - Hosting Services Agreement (Details)
Commitments And Contingencies - Indemnifications (Details)
Commitments And Contingencies - Litigation (Details)
Equity Award Plans
Equity Award Plans (Tables)
Equity Award Plans - 2018 Stock Option And Incentive Plan (Details)
Equity Award Plans - Employee Stock Purchase Plan (Details)
Equity Award Plans - Options To Purchase Common Stock - Activity (Details)
Equity Award Plans - Options To Purchase Common Stock - Fair Value Assumptions (Details)
Equity Award Plans - Options To Purchase Common Stock - Unrecognized Compensation Cost (Details)
Equity Award Plans - Restricted Stock Units - Activity (Details)
Equity Award Plans - Restricted Stock Units - Unrecognized Compensation Cost (Details)
Equity Award Plans - Stock-Based Compensation (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Financial Assets And Liabilities Measured At Fair Value (Details)
Fair Value Of Financial Instruments - Level 3 Roll Forward (Details)
Fair Value Of Financial Instruments - Valuation Assumptions (Details)
Fair Value Of Financial Instruments - Warrants Exercised (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Amortization Expense (Details)
Goodwill And Intangible Assets - Goodwill (Details)
Goodwill And Intangible Assets - Identifiable Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense And Supplemental Information (Details)
Leases - Future Minimum Lease Payments - Asc 840 (Details)
Leases - Future Minimum Lease Payments - Asc 842 (Details)
Leases - General Information (Details)
Leases - Present Value Of Lease Payments (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Anti-Dilutive Securities (Details)
Net Loss Per Share - Basic And Diluted Net Loss Per Share (Details)
New Accounting Pronouncements
New Accounting Pronouncements - General Information (Details)
New Accounting Pronouncements - Practical Expedients (Details)
Overview And Basis Of Presentation
Overview And Basis Of Presentation (Policies)
Overview And Basis Of Presentation - Initial Public Offering - Conversion Of Preferred Stock (Details)
Overview And Basis Of Presentation - Initial Public Offering - Sale Of Stock (Details)
Overview And Basis Of Presentation - Initial Public Offering - Warrants Exercised (Details)
Overview And Basis Of Presentation - Reverse Stock Split (Details)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Capitalized Internal-Use Software (Details)
Property And Equipment, Net - Depreciation And Amortization Expense (Details)
Property And Equipment, Net - Disposals (Details)
Property And Equipment, Net - Tabular Disclosure (Details)
Revenue
Revenue (Tables)
Revenue - Concentration Risk - Accounts Receivable (Details)
Revenue - Concentration Risk - Revenue (Details)
Revenue - Concentration Risk - Revenue From Customers Located Outside The United States (Details)
Revenue - Contract Costs (Details)
Revenue - Deferred Revenue (Details)
Revenue - Geographic Revenue (Details)
Revenue - Major Products And Services (Details)
Revenue - Performance Obligations - General Information (Details)
Revenue - Performance Obligations - Tabular Disclosure (Details)
Stockholders' Equity
Stockholders' Equity - Common Stock - Additional Information (Details)
Stockholders' Equity - Common Stock - Common Stock Warrant (Details)
Stockholders' Equity - Common Stock - General Information (Details)
Stockholders' Equity - Preferred Stock - Conversion To Common Stock (Details)
Stockholders' Equity - Preferred Stock - General Information (Details)
Stockholders' Equity - Preferred Stock - Warrants Exercised (Details)
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

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