Mandiant Reports Financial Results for First Quarter 2022

RESTON, Va.--()--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

 

Contacts

Media Inquiries:
Media.Relations@mandiant.com

Investor Inquiries:
Investor.Relations@mandiant.com

Contacts

Media Inquiries:
Media.Relations@mandiant.com

Investor Inquiries:
Investor.Relations@mandiant.com