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    Mandiant Reports Financial Results for First Quarter 2022

    5/3/22 4:01:00 PM ET
    $MNDT
    Computer Software: Prepackaged Software
    Technology
    Get the next $MNDT alert in real time by email

    Mandiant, Inc. (NASDAQ:MNDT) today announced financial results for the first quarter ended March 31, 2022. Unless otherwise noted, all 2021 results in this release, including the financial tables and reconciliations, reflect only continuing operations.

    First Quarter 2022 Financial Highlights

    • Revenue of $130 million, an increase of 13 percent from the first quarter of 2021
    • Annualized recurring revenue of $287 million, an increase of 22 percent from the end of the first quarter of 20211
    • Deferred revenue of $400 million, an increase of 43 percent from the end of the first quarter of 2021
    • GAAP operating margin of negative 69 percent, compared to GAAP operating margin of negative 64 percent in the first quarter of 2021
    • Non-GAAP operating margin of negative 26 percent, compared to non-GAAP operating margin of negative 24 percent in the first quarter of 20212
    • GAAP net loss per basic share attributable to common stockholders of 42 cents, compared to GAAP net loss per basic share attributable to common stockholders of 39 cents in the first quarter of 2021
    • Non-GAAP net loss per basic share attributable to common stockholders of 15 cents, compared to non-GAAP net loss basic share attributable to common stockholders of 13 cents in the first quarter of 20212

    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 second 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 the company's upcoming quarterly report on Form 10-Q for the first quarter ended March 31, 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-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 first 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, 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, 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 first quarter 2021 excluded stock-based compensation expense, amortization of stock-based compensation expense capitalized in software development costs, amortization of intangible assets, 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 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, dividends on Series A convertible preferred stock, 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)

     

     

    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

     

    Mandiant, Inc.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited, in thousands, except per share amounts)

     

     

    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

     

    Mandiant, Inc.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited, in thousands)

     

     

    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

     

    Mandiant, Inc.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

    (Unaudited, in thousands, except per share amounts)

     

     

     

    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)

     

    —

     

     

     

    —

     

    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

     

     

    $

    —

     

     

     

     

     

    (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

     

    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 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

     

    Mandiant, Inc.

    RECONCILIATION OF NON-GAAP BILLINGS TO REVENUE

    (Unaudited, in thousands)

     

     

     

    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

     

    Mandiant, Inc.

    BILLINGS BREAKOUT

    (Unaudited, in thousands)

     

     

     

    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

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20220503006228/en/

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