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September 2022
August 2022
July 2022
July 2022
June 2022
June 2022
April 2022
April 2022
March 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 771,967 | $ | 1,154,458 | |||||||
Short-term investments | 1,359,105 | 1,039,339 | |||||||||
Accounts receivable, net | 104,066 | 146,460 | |||||||||
Prepaid expenses and other current assets | 76,145 | 73,079 | |||||||||
Total current assets | 2,311,283 | 2,413,336 | |||||||||
Property and equipment, net | 52,790 | 46,329 | |||||||||
Operating lease right-of-use assets, net | 28,462 | 25,768 | |||||||||
Goodwill | 1,060,023 | 1,060,023 | |||||||||
Intangible assets, net | 70,818 | 79,511 | |||||||||
Deposits and other long-term assets | 25,021 | 26,220 | |||||||||
Total Assets | $ | 3,548,397 | $ | 3,651,187 | |||||||
Liabilities, Convertible preferred stock and Stockholders' equity | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | 25,779 | $ | 32,585 | |||||||
Operating lease liabilities, current | 14,928 | 13,306 | |||||||||
Accrued and other current liabilities | 102,555 | 105,886 | |||||||||
Accrued compensation | 52,743 | 71,660 | |||||||||
Convertible senior notes, current, net | 459,717 | 451,030 | |||||||||
Deferred revenue, current | 302,857 | 307,611 | |||||||||
Total current liabilities | 958,579 | 982,078 | |||||||||
Convertible senior notes, non-current, net | 617,775 | 556,240 | |||||||||
Deferred revenue, non-current | 97,132 | 102,717 | |||||||||
Operating lease liabilities, non-current | 53,993 | 52,132 | |||||||||
Other long-term liabilities | 7,366 | 7,376 | |||||||||
Total liabilities | 1,734,845 | 1,700,543 | |||||||||
Commitments and contingencies: | |||||||||||
Series A convertible preferred stock | 424,122 | 419,404 | |||||||||
Stockholders' equity: | |||||||||||
Common stock | 23 | 23 | |||||||||
Additional paid-in capital | 3,271,041 | 3,511,444 | |||||||||
Treasury stock | (80,000) | (80,000) | |||||||||
Accumulated other comprehensive income | (13,873) | (2,172) | |||||||||
Accumulated deficit | (1,787,761) | (1,898,055) | |||||||||
Total stockholders’ equity | 1,389,430 | 1,531,240 | |||||||||
Total Liabilities, Convertible preferred stock and Stockholders' equity | $ | 3,548,397 | $ | 3,651,187 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenue: | |||||||||||
Platform, cloud subscription and managed services | $ | 57,629 | $ | 55,999 | |||||||
Professional services | 72,515 | 58,689 | |||||||||
Total revenue | 130,144 | 114,688 | |||||||||
Cost of revenue: (1)(2) | |||||||||||
Platform, cloud subscription and managed services | 30,121 | 26,613 | |||||||||
Professional services | 42,081 | 32,472 | |||||||||
Total cost of revenue | 72,202 | 59,085 | |||||||||
Total gross profit | 57,942 | 55,603 | |||||||||
Operating expenses: | |||||||||||
Research and development (1)(3)(10) | 44,461 | 41,905 | |||||||||
Sales and marketing (1)(2) | 69,409 | 61,213 | |||||||||
General and administrative (1)(4)(10) | 32,413 | 25,351 | |||||||||
Restructuring charges (5) | 1,040 | — | |||||||||
Total operating expenses | 147,323 | 128,469 | |||||||||
Operating loss | (89,381) | (72,866) | |||||||||
Other expense, net (6) | (1,844) | (12,409) | |||||||||
Loss before income taxes from continuing operations before income taxes | (91,225) | (85,275) | |||||||||
Provision for income taxes (7) | 789 | 1,180 | |||||||||
Loss from continuing operations | (92,014) | (86,455) | |||||||||
Net income from discontinued operations, net of income taxes (11) | — | 35,809 | |||||||||
Net loss | $ | (92,014) | $ | (50,646) | |||||||
Dividend on series A convertible preferred stock (8) | (4,718) | (4,512) | |||||||||
Accretion of series A convertible preferred stock (9) | — | (82) | |||||||||
Net income (loss) attributable to common stockholders | $ | (96,732) | $ | (55,240) | |||||||
Net income (loss) per share attributable to common stockholders, basic and diluted: | |||||||||||
Continuing operations | $ | (0.42) | $ | (0.39) | |||||||
Discontinued operations | — | 0.15 | |||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.42) | $ | (0.24) | |||||||
Weighted average shares used in computing net income (loss) per share, basic and diluted | 230,584 | 234,740 | |||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net loss from continuing operations | $ | (92,014) | $ | (86,455) | |||||||
Adjustments to reconcile net loss from continuing operations to net cash used in continuing operating activities: | |||||||||||
Depreciation and amortization | 17,505 | 23,770 | |||||||||
Stock-based compensation | 38,310 | 33,401 | |||||||||
Non-cash interest expense related to convertible senior notes | 1,074 | 11,384 | |||||||||
Deferred income taxes | 62 | (126) | |||||||||
Loss (gain) on disposal of property and equipment | 21 | (103) | |||||||||
Other | 354 | 37 | |||||||||
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions: | |||||||||||
Accounts receivable | 42,104 | 13,409 | |||||||||
Prepaid expenses and other assets | (1,375) | 4,528 | |||||||||
Accounts payable | 4,173 | 5,314 | |||||||||
Accrued liabilities | (1,721) | 2,730 | |||||||||
Accrued compensation | (18,918) | (12,389) | |||||||||
Deferred revenue | (10,339) | (3,963) | |||||||||
Other long-term liabilities | (2,571) | (7,109) | |||||||||
Net cash used in operating activities - continuing operations | (23,335) | (15,572) | |||||||||
Net cash provided by operating activities - discontinued operations | — | 36,433 | |||||||||
Net cash provided by (used in) operating activities | (23,335) | 20,861 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property and equipment and demonstration units | (9,002) | (5,627) | |||||||||
Purchases of short-term investments | (441,153) | (339,801) | |||||||||
Proceeds from maturities of short-term investments | 107,226 | 176,755 | |||||||||
Business acquisitions, net of cash acquired | — | 49 | |||||||||
FireEye Products business sale transaction costs | (735) | — | |||||||||
Lease deposits | 307 | 457 | |||||||||
Net cash used in investing activities - continuing operations | (343,357) | (168,167) | |||||||||
Net cash used in investing activities - discontinued operations | — | (4,392) | |||||||||
Net cash used in investing activities | (343,357) | (172,559) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Settlement of share repurchases | (11,483) | — | |||||||||
Series A convertible preferred stock issuance costs | — | (82) | |||||||||
Payment related to shares withheld for taxes | (5,834) | (8,798) | |||||||||
Proceeds from exercise of equity awards | 1,518 | 1,097 | |||||||||
Net cash used in financing activities | (15,799) | (7,783) | |||||||||
Net change in cash and cash equivalents | (382,491) | (159,481) | |||||||||
Cash and cash equivalents, beginning of period | 1,154,458 | 673,234 | |||||||||
Cash and cash equivalents held for sale, beginning of period | — | 3,220 | |||||||||
Cash and cash equivalents held for sale, end of period | — | (3,220) | |||||||||
Cash and cash equivalents, end of period | $ | 771,967 | $ | 513,753 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
GAAP operating loss | $ | (89,381) | $ | (72,866) | |||||||
Stock-based compensation expense (1) | 38,310 | 33,401 | |||||||||
Amortization of stock-based compensation capitalized in software development costs (3) | 668 | 534 | |||||||||
Amortization of intangible assets (2) | 8,693 | 11,110 | |||||||||
Transformation and transition expense (10) | 6,108 | — | |||||||||
Acquisition related expenses (4) | 500 | — | |||||||||
Restructuring charges (5) | 1,040 | — | |||||||||
Non-GAAP operating income (loss) | $ | (34,062) | $ | (27,821) | |||||||
GAAP gross margin | 45 | % | 48 | % | |||||||
Stock-based compensation expense (1) | 8 | % | 7 | % | |||||||
Amortization of stock-based compensation capitalized in software development costs (3) | — | % | — | % | |||||||
Amortization of intangible assets (2) | 5 | % | 7 | % | |||||||
Non-GAAP gross margin | 58 | % | 62 | % | |||||||
GAAP operating margin | (69) | % | (64) | % | |||||||
Stock-based compensation expense (1) | 29 | % | 29 | % | |||||||
Amortization of stock-based compensation capitalized in software development costs (3) | 1 | % | 1 | % | |||||||
Amortization of intangible assets (2) | 7 | % | 10 | % | |||||||
Transformation and transition expense (10) | 5 | % | — | % | |||||||
Restructuring charges (5) | 1 | % | — | % | |||||||
Non-GAAP operating margin | (26) | % | (24) | % | |||||||
GAAP net loss attributable to common stockholders | $ | (96,732) | $ | (55,240) | |||||||
Continuing operations: | |||||||||||
Stock-based compensation expense (1) | 38,310 | 33,401 | |||||||||
Amortization of stock-based compensation capitalized in software development costs (3) | 668 | 534 | |||||||||
Amortization of intangible assets (2) | 8,693 | 11,110 | |||||||||
Acquisition related expenses (4) | 500 | — | |||||||||
Restructuring charges (5) | 1,040 | — | |||||||||
Non-cash interest expense related to convertible senior notes (6) | 1,074 | 11,384 | |||||||||
Adjustment to provision (benefit) from income taxes (7) | — | 200 | |||||||||
Dividend on series A convertible preferred stock (8) | 4,718 | 4,512 | |||||||||
Accretion of series A convertible preferred stock (9) | — | 82 | |||||||||
Transformation and transition expense (10) | 6,108 | — | |||||||||
Discontinued operations: | |||||||||||
Non-GAAP adjustments for discontinued operations (11) | — | 16,299 | |||||||||
Non-GAAP net income (loss) attributable to common stockholders | $ | (35,621) | $ | 22,282 | |||||||
GAAP net income (loss) per share attributable to common stockholders, basic and diluted | $ | (0.42) | $ | (0.24) | |||||||
Continuing operations: | |||||||||||
Stock-based compensation expense (1) | 0.17 | 0.14 | |||||||||
Amortization of stock-based compensation capitalized in software development costs (3) | — | — | |||||||||
Amortization of intangible assets (2) | 0.05 | 0.05 | |||||||||
Acquisition related expenses (4) | — | — | |||||||||
Restructuring charges (5) | — | — | |||||||||
Non-cash interest expense related to convertible senior notes (6) | — | 0.05 | |||||||||
Adjustment to provision (benefit) from income taxes (7) | — | — |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Dividend on series A convertible preferred stock (8) | 0.02 | 0.02 | |||||||||
Accretion of series A convertible preferred stock (9) | — | — | |||||||||
Transformation and transition expense (10) | 0.03 | — | |||||||||
Discontinued operations: | |||||||||||
Non-GAAP adjustments for discontinued operations (11) | — | 0.07 | |||||||||
Non-GAAP net income (loss) per share attributable to common stockholders, basic and diluted | $ | (0.15) | $ | 0.09 | |||||||
Weighted average shares used in per share calculation for GAAP, basic and diluted | 230,584 | 234,740 | |||||||||
(1) Includes stock-based compensation expense as follows: | |||||||||||
Cost of platform, cloud subscription and managed services revenue | $ | 3,616 | $ | 2,814 | |||||||
Cost of professional services revenue | 7,339 | 5,186 | |||||||||
Research and development expense | 9,194 | 8,423 | |||||||||
Sales and marketing expense | 10,631 | 9,890 | |||||||||
General and administrative expense | 7,530 | 7,088 | |||||||||
Total stock-based compensation expense | $ | 38,310 | $ | 33,401 | |||||||
(2) Includes amortization of intangible assets as follows: | |||||||||||
Cost of platform, cloud subscription and managed services revenue | $ | 6,764 | $ | 7,112 | |||||||
Sales and marketing expense | 1,929 | 3,998 | |||||||||
Total amortization of intangible assets | $ | 8,693 | $ | 11,110 | |||||||
(3) Includes amortization of stock-based compensation capitalized in software development costs as follows: | |||||||||||
Research and development expense | 668 | 534 | |||||||||
Total amortization of stock-based compensation capitalized in software development costs | $ | 668 | $ | 534 | |||||||
(4) Includes acquisition related expenses as follows: | |||||||||||
General and administrative expense | $ | 500 | $ | — | |||||||
(5) Includes restructuring charges as follows: | |||||||||||
Restructuring charges | $ | 1,040 | $ | — | |||||||
(6) Includes non-cash interest expense related to convertible senior notes as follows: | |||||||||||
Other income, net | $ | 1,074 | $ | 11,384 | |||||||
(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 | $ | 4,718 | $ | 4,512 | |||||||
(9) Accretion of series A convertible preferred stock | $ | — | $ | 82 | |||||||
(10) Includes transformation and transition expense as follows: | |||||||||||
Research and development expense | $ | 672 | $ | — | |||||||
General and administrative expense | 5,436 | — | |||||||||
Total transformation and transition expense | $ | 6,108 | $ | — | |||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(11) Includes non-GAAP adjustments for discontinued operations as follows: | |||||||||||
Stock-based compensation expense | $ | — | $ | 12,366 | |||||||
Amortization of intangibles | — | 735 | |||||||||
Amortization of stock-based compensation capitalized in software development costs | — | 538 | |||||||||
Divestiture related costs | — | 2,660 | |||||||||
$ | — | $ | 16,299 | ||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||
Continuing | Discontinued | Combined | |||||||||||||||
Revenue | $ | 114,688 | $ | 131,659 | $ | 246,347 | |||||||||||
Cost of revenue | 59,085 | 27,801 | 86,886 | ||||||||||||||
Total gross profit | 55,603 | 103,858 | 159,461 | ||||||||||||||
Research and development | 41,905 | 27,420 | 69,325 | ||||||||||||||
Sales and marketing | 61,213 | 37,644 | 98,857 | ||||||||||||||
General and administrative | 25,351 | 2,660 | 28,011 | ||||||||||||||
GAAP operating income (loss) | (72,866) | 36,134 | (36,732) | ||||||||||||||
Non-GAAP adjustments | 45,045 | 16,298 | 61,343 | ||||||||||||||
Non-GAAP operating income (loss) | $ | (27,821) | $ | 52,432 | $ | 24,611 | |||||||||||
Other income and expense, provision for income tax & dividends on series A convertible preferred stock | $ | (18,183) | $ | (325) | $ | (18,508) | |||||||||||
Net loss attributable to common stockholders | $ | (91,049) | $ | 35,809 | $ | (55,240) | |||||||||||
GAAP operating margin | (64) | % | 28 | % | (15) | % | |||||||||||
Non-GAAP adjustments related to operating income (loss) | 40 | % | 12 | % | 25 | % | |||||||||||
Non-GAAP operating margin | (24) | % | 40 | % | 10 | % | |||||||||||
Non-GAAP Adjustments: | |||||||||||||||||
Stock-based compensation expense | $ | 33,401 | $ | 12,366 | $ | 45,767 | |||||||||||
Amortization of intangible assets | 11,110 | 735 | 11,845 | ||||||||||||||
Amortization of stock-based compensation capitalized in software development costs | 534 | 538 | 1,072 | ||||||||||||||
Divestiture related costs | — | 2,660 | 2,660 | ||||||||||||||
Non-GAAP adjustments related to operating income (loss) | $ | 45,045 | $ | 16,299 | $ | 61,344 | |||||||||||
Non-cash interest expense related to convertible senior notes | $ | 11,384 | $ | — | $ | 11,384 | |||||||||||
Dividend on series A convertible preferred stock | 4,512 | — | 4,512 | ||||||||||||||
Accretion of series A convertible preferred stock | 82 | — | 82 | ||||||||||||||
Adjustment to provision (benefit) from income taxes | 200 | — | 200 | ||||||||||||||
Non-GAAP adjustments below operating income (loss) | $ | 16,178 | $ | — | $ | 16,178 | |||||||||||
Total non-GAAP adjustments | $ | 61,223 | $ | 16,299 | $ | 77,522 | |||||||||||
GAAP net income (loss) per share attributable to common stockholders, basic | $ | (0.39) | $ | 0.15 | $ | (0.24) | |||||||||||
Non-GAAP net income (loss) per share attributable to common stockholders, basic | $ | (0.13) | $ | 0.22 | $ | 0.09 | |||||||||||
Weighted average shares used in per share calculation for non-GAAP, basic | 234,740 | 234,740 | 234,740 | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Loss from continuing operations | $ | (92,014) | $ | (86,455) | ||||||||||
Dividend on series A convertible preferred stock | (4,718) | (4,512) | ||||||||||||
Accretion of series A convertible preferred stock | — | (82) | ||||||||||||
Net loss attributable to common stockholders | (96,732) | (91,049) | ||||||||||||
Total Non-GAAP Adjustments | 61,111 | 61,223 | ||||||||||||
Non-GAAP net loss attributable to common stockholders, | (35,621) | (29,826) | ||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.42) | $ | (0.39) | ||||||||||
Non-GAAP net loss per share attributable to common stockholders, basic and diluted | $ | (0.15) | $ | (0.13) | ||||||||||
Weighted average shares used in per share calculation for GAAP, basic and diluted | 230,584 | 234,740 | ||||||||||||
Weighted average shares used in per share calculation for Non-GAAP, basic and diluted | 230,584 | 234,740 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenue | $ | 130,144 | $ | 114,688 | |||||||
Add: deferred revenue, end of period | 399,989 | 280,291 | |||||||||
Less: deferred revenue, beginning of period | (410,328) | (284,253) | |||||||||
Billings (non-GAAP) | $ | 119,805 | $ | 110,726 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Platform, cloud subscription and managed services billings | $ | 50,213 | $ | 52,335 | |||||||
Professional services billings | 69,592 | 58,391 | |||||||||
Billings (non-GAAP) | $ | 119,805 | $ | 110,726 |
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Mandiant, Inc. provided additional information to their SEC Filing as exhibits
Ticker: MNDTEvents:
CIK: 1370880
Form Type: 8-K Corporate News
Accession Number: 0001370880-22-000020
Submitted to the SEC: Tue May 03 2022 4:03:34 PM EST
Accepted by the SEC: Tue May 03 2022
Period: Tuesday, May 3, 2022
Industry: Computer Peripheral Equipment