Company profile

Patrick Morley
Incorporated in
Fiscal year end
Former names
Bit9 Inc, Bit9, Inc.

CBLK stock data


Investment data

Data from SEC filings
Securities sold
Number of investors


1 Aug 19
23 Feb 20
31 Dec 20


Company financial data Financial data

Quarter (USD) Jun 19 Mar 19 Dec 18 Sep 18
Revenue 60.86M 58.56M 56.88M 53.42M
Net income -14.62M -19.69M -18.55M -17.63M
Diluted EPS -0.2 -0.28 0.52 -0.26
Net profit margin -24.02% -33.62% -32.61% -33.01%
Operating income -15.24M -20.34M -19.49M -18.06M
Net change in cash -14.03M 5.01M -1.23M -109.4M
Cash on hand 58.86M 72.88M 67.87M 69.1M
Cost of revenue 13.17M 13.03M 12.54M 11.91M
Annual (USD) Dec 18 Dec 17 Dec 16
Revenue 209.72M 160.78M 112.86M
Net income -82.06M -53.21M -44.71M
Diluted EPS -5.82 -7.83 -5.87
Net profit margin -39.13% -33.10% -39.62%
Operating income -74.56M -52.58M -45.73M
Net change in cash 31.8M -15.43M
Cash on hand 67.87M 36.07M 51.5M
Cost of revenue 45.77M 35.64M 21.04M

Financial data from company earnings reports

13F holders
Current Prev Q Change
Total holders 143 148 -3.4%
Opened positions 51 41 +24.4%
Closed positions 56 32 +75.0%
Increased positions 43 57 -24.6%
Reduced positions 32 33 -3.0%
13F shares
Current Prev Q Change
Total value 1.66B 904.18M +84.1%
Total shares 64.03M 54.14M +18.3%
Total puts 156.44K 536.83K -70.9%
Total calls 364.89K 333.35K +9.5%
Total put/call ratio 0.4 1.6 -73.4%
Largest owners
Shares Value Change
Atlas Venture Advisors 9.82M $255.3M 0.0%
Pendal 4.59M $119.32M -5.1%
Vanguard 4.15M $107.75M +5.8%
BLK BlackRock 3.97M $103.28M +7.2%
Alpine Associates Management 3.95M $102.63M NEW
GS The Goldman Sachs Group, Inc. 2.92M $75.86M +1522.1%
Sand Grove Capital Management 1.97M $51.07M NEW
Gabelli Funds 1.79M $46.55M NEW
UBS UBS 1.56M $40.51M +25529.2%
Toronado Partners 1.44M $37.37M +7.7%
Largest transactions
Shares Bought/sold Change
Alpine Associates Management 3.95M +3.95M NEW
Light Street Capital Management 0 -3.72M EXIT
GS The Goldman Sachs Group, Inc. 2.92M +2.74M +1522.1%
Artemis Investment Management 0 -2.27M EXIT
Sand Grove Capital Management 1.97M +1.97M NEW
First Trust Advisors 133.11K -1.83M -93.2%
Vista Equity Partners Management 0 -1.8M EXIT
Gabelli Funds 1.79M +1.79M NEW
UBS UBS 1.56M +1.55M +25529.2%
Spring Creek Capital 1.3M +1.3M NEW

Financial report summary

  • We are a rapidly growing company, which makes it difficult to evaluate our future prospects.
  • We have not been profitable historically and may not achieve or maintain profitability in the future.
  • If we are unable to sustain our revenue growth rate, we may not achieve or maintain profitability in the future.
  • Our quarterly financial results, including our billings and deferred revenue, may fluctuate for a variety of reasons, including our failure to close significant sales before the end of a particular quarter.
  • We recognize substantially all of our revenue ratably over the term of our agreements with customers and, as a result, downturns or upturns in sales may not be immediately reflected in our operating results.
  • We face intense competition in our market, especially from larger, well-established companies, and we may lack sufficient financial or other resources to maintain or improve our competitive position.
  • The next-generation endpoint security market is new and evolving, and may not grow as expected.
  • Forecasts of our market and market growth may prove to be inaccurate, and even if the markets in which we compete achieve the forecasted growth, there can be no assurance that our business will grow at similar rates, or at all.
  • If our products fail or are perceived to fail to detect cyber attacks, or if our products contain undetected errors or defects, our brand and reputation could be harmed, which could have an adverse effect on our business and results of operations.
  • We rely on channel partners, such as managed security service providers, incident response firms and security-focused value added resellers, to generate a significant portion of our revenue. If we fail to maintain successful relationships with our channel partners, or if our channel partners fail to perform, our ability to market, sell and distribute our products will be limited, and our business, financial position and results of operations will be harmed.
  • If we are unable to acquire new customers, our future revenues and operating results will be harmed.
  • If we are unable to sell additional products to our customers and maintain and grow our customer retention rates, our future revenue and operating results will be harmed.
  • If we do not successfully anticipate market needs and enhance our existing products or develop new products that meet those needs on a timely basis, we may not be able to compete effectively and our ability to generate revenues will suffer.
  • If our products do not effectively integrate with our customers’ IT infrastructure, or if our technology partners no longer support our products or allow us to integrate with their programs, our business could suffer.
  • If our products fail to help our customers achieve and maintain compliance with regulations and/or industry standards, our revenue and operating results could be harmed.
  • As a cyber security provider, we have been, and expect to continue to be, a target of cyber attacks that could adversely impact our reputation and operating results.
  • Our business and operations are experiencing rapid growth, and if we do not appropriately manage our future growth, or are unable to scale our systems and processes, our operating results may be negatively affected.
  • If we are not successful in our continued international expansion, our operating results may be negatively affected.
  • If we do not effectively expand, train and retain qualified sales and marketing personnel, we may be unable to acquire new customers or sell additional products to successfully pursue our growth strategy.
  • If the general level of advanced cyber attacks declines, or is perceived by our current or potential customers to have declined, our business could be harmed.
  • Organizations have been and may continue to be reluctant to purchase cyber security offerings that are cloud-based due to the actual or perceived vulnerability of cloud solutions.
  • If we cannot maintain our company culture as we grow, we could lose the innovation, teamwork, passion and focus on execution that we believe contribute to our success and our business may be harmed.
  • Fluctuating economic conditions make it difficult to predict revenue for a particular period, and a shortfall in revenue may harm our operating results.
  • If we are not able to maintain and enhance our brand or reputation as an industry leader, our business and operating results may be adversely affected.
  • Our brand, reputation and ability to attract, retain and serve our customers are dependent in part upon the reliable performance of our products and infrastructure.
  • In deploying our cloud-based SaaS products, we rely upon AWS to operate our cloud-based offerings; any disruption or interference with our use of AWS would adversely affect our business, results of operations and financial condition.
  • If we fail to manage our operations infrastructure, our customers may experience service outages and/or delays.
  • If our customers are unable to implement our products successfully, customer perceptions of our products may be impaired or our reputation and brand may suffer.
  • We have in the past completed acquisitions and may acquire or invest in other companies or technologies in the future, which could divert management’s attention, fail to meet our expectations, result in additional dilution to our stockholders, increase expenses, disrupt our operations or otherwise harm our operating results.
  • The failure of our customers to correctly use our products, or our failure to effectively assist customers in installing our products and provide effective ongoing support, may harm our business.
  • The sales prices of our products and services may decrease, which may reduce our gross profits and adversely impact our financial results.
  • We incorporate technology from third parties into our products, and our inability to obtain or maintain rights to the technology could harm our business.
  • Our products contain third-party open source software components, and our failure to comply with the terms of the underlying open source software licenses could restrict our ability to sell our products.
  • Our sales cycles can be long and unpredictable, and our sales efforts require considerable time and expense. As a result, our sales and revenue are difficult to predict and may vary substantially from period to period, which may cause our results of operations to fluctuate significantly.
  • A portion of our revenue is generated by sales to government entities, which are subject to a number of challenges and risks.
  • Our efforts to expand our international sales and operations may increasingly expose us to fluctuations in currency exchange rates, which could negatively affect our financial condition and results of operations.
  • Changes in or interpretations of financial accounting standards may cause an adverse impact to our reported results of operations.
  • We may require additional capital to support business growth, and this capital might not be available on acceptable terms, if at all.
  • Our existing credit agreement contains operating and financial covenants that may adversely impact our business and the failure to comply with such covenants could prevent us from borrowing funds and could cause any outstanding debt to become immediately payable.
  • Our business is subject to the risks of earthquakes, fire, power outages, floods and other catastrophic events, and to interruption by manmade problems such as terrorism.
  • Failure to comply with governmental laws and regulations could harm our business.
  • We are subject to governmental export controls and economic sanctions regulations that could impair our ability to compete in international markets and/or subject us to liability if we are not in compliance with applicable laws.
  • Failure to comply with applicable anti-corruption legislation could result in fines, criminal penalties and materially adversely affect our business, financial condition and results of operations.
  • Because our products may collect and store user and related information, domestic and international privacy and cyber security concerns, and other laws and regulations, could result in additional costs and liabilities to us or inhibit sales of our products.
  • Our intellectual property rights are valuable and any inability to protect our proprietary technology and intellectual property rights could substantially harm our business and operating results.
  • Assertions by third parties of infringement or other violations by us of their intellectual property rights, whether or not correct, could result in significant costs and harm our business and operating results.
  • Confidentiality arrangements with employees and others may not adequately prevent disclosure of trade secrets and other proprietary information.
  • We may be subject to damages resulting from claims that our employees or contractors have wrongfully used or disclosed alleged trade secrets of their former employers or other parties.
  • Our operating results may be harmed if we are required to collect sales and use or other related taxes for our products in jurisdictions where we have not historically done so.
  • Comprehensive tax reform legislation could adversely affect our business and financial condition.
  • We may not be able to utilize a significant portion of our net operating loss carryforwards and research and development tax credit carryforwards.
  • Our stock price may be volatile, and you may lose some or all of your investment.
  • If securities or industry analysts do not continue to publish research or reports about our business, or publish negative reports about our business, our stock price and trading volume could decline.
  • The issuance of additional stock in connection with financings, acquisitions, investments, our stock incentive plans or otherwise will dilute all other stockholders.
  • We do not intend to pay dividends for the foreseeable future and, as a result, your ability to achieve a return on your investment will depend on appreciation in the price of our common stock.
  • Concentration of ownership among our directors, executive officers and holders of 5% or more of our outstanding common stock may prevent new investors from influencing significant corporate decisions.
  • We are an “emerging growth company” and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors.
  • We will incur increased costs as a result of operating as a public company, and our management will be required to devote substantial time to compliance with our public company responsibilities and corporate governance practices.
  • As a result of becoming a public company, we are obligated to develop and maintain proper and effective internal controls over financial reporting and any failure to maintain the adequacy of these internal controls may adversely affect investor confidence in our company and, as a result, the value of our common stock.
  • Anti-takeover provisions in our charter documents and Delaware law may delay or prevent an acquisition of our company, limit attempts by our stockholders to replace or remove our current management and limit the market price of our common stock.
  • Our amended and restated bylaws designate the Court of Chancery of the State of Delaware or the United States District Court for the District of Massachusetts as the exclusive forum for certain litigation that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us.
Management Discussion
  • Total revenue increased by $48.9 million in the year ended December 31, 2018 compared to the same period in 2017, primarily due to an increase of $49.7 million in our subscription, license and support revenue. Subscription, license and support revenue increased 33% in 2018 due to an increase in total customers and an increase in sales to existing customers. Of the $48.9 million increase in total revenue from 2017 to 2018, $28.2 million was due to additional sales to existing customers and $20.7 million was due to sales to new customers. We added 1,286 net new customers in 2018.
  • Revenue generated by sales of our cloud‑based solutions increased to $60.4 million in the year ended December 31, 2018, up from $26.0 million in the year ended December 31, 2017. Services revenue decreased by $0.8 million in the year ended December 31, 2018 compared to the same period in 2017 due to an increase in customers selecting our cloud-based offerings, which require fewer deployment services as they are typically easier to deploy than our on-premise solutions.
  • Total revenue increased by $47.9 million in the year ended December 31, 2017 compared to the same period in 2016, primarily due to an increase of $47.0 million in our subscription, license and support revenue. Subscription, license and support revenue increased 42% in 2017 due to an increase in total customers and an increase in sales to existing customers. Of the $47.9 million increase in total revenue from 2016 to 2017, $28.0 million was due to additional sales to existing customers and $19.9 million was due to sales to new customers. The growth in total revenue was driven by sales of our CB Response, CB Protection and CB Defense products, our increased sales representative capacity to meet the market demand and the expansion of our strategic relationships with channel partners. We added 1,223 net new customers in 2017. Revenue generated by sales of our cloud-based solutions increased to $26.0 million in the year ended December 31, 2017, from $6.5 million in the year ended December 31, 2016. Services revenue increased $1.0 million in the year ended December 31, 2017 compared to the same period in 2016 due to increased demand for deployment and training services.
Content analysis ?
H.S. sophomore Good
New words: break, cybersecurity, Cyclance, disaggregated, Germany, machine, MDR, Microsoft, proactive, rationalize, region, transforming
Removed: Alto, Cisco, Cylance, FireEye, fourth, Palo, privately, wholly