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Mandiant (MNDT)

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.

Company profile

Ticker
MNDT
Exchange
CEO
Kevin Mandia
Employees
Incorporated
Location
Fiscal year end
Former names
FireEye Inc, FireEye, Inc.
SEC CIK
Subsidiaries
FireEye Software (Shanghai) Company Limited • Intrigue, LLC • iSIGHT Partners Europe Holdings B.V. • iSIGHT Partners Ukraine LLC • iSIGHT Risk Management Private Limited • iSIGHT Security, LLC • Mandiant, LLC • Mandiant Australia Pty Ltd • Mandiant Canada Limited • Mandiant Cybersecurity Mexico S.A. de C.V. ...
IRS number
201548921

MNDT stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

3 Aug 22
13 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 562.21M 562.21M 562.21M 562.21M 562.21M 562.21M
Cash burn (monthly) 69.92M (no burn) 29.97M 31.66M 12.85M 3.69M
Cash used (since last report) 102.72M n/a 44.03M 46.51M 18.87M 5.41M
Cash remaining 459.5M n/a 518.18M 515.7M 543.34M 556.8M
Runway (months of cash) 6.6 n/a 17.3 16.3 42.3 151.1

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
7 Jul 22 Kimberly Alexy Common Stock Grant Acquire A No No 0 10,058 0 80,206
7 Jul 22 Andrews Sara C Common Stock Grant Acquire A No No 0 9,697 0 39,561
7 Jul 22 Coviello Arthur W JR Common Stock Grant Acquire A No No 0 9,041 0 42,614
7 Jul 22 Enrique T Salem Common Stock Grant Acquire A No No 0 11,528 0 302,041
7 Jul 22 McDermott Adrian Common Stock Grant Acquire A No No 0 9,267 0 49,026
94.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 303 266 +13.9%
Opened positions 110 266 -58.6%
Closed positions 73 0 NEW
Increased positions 60 0 NEW
Reduced positions 79 0 NEW
13F shares Current Prev Q Change
Total value 4.89B 3.67B +33.2%
Total shares 221.89M 209.19M +6.1%
Total puts 5.5M 12.54M -56.1%
Total calls 2.12M 2.58M -17.7%
Total put/call ratio 2.6 4.9 -46.7%
Largest owners Shares Value Change
Blackstone Holdings III 22.68M $510.1M NEW
Vanguard 21.1M $470.68M -2.9%
FMR 19.05M $425.03M -9.6%
Allianz Global Investors U.S. 14.04M $246.33M 0.0%
BLK Blackrock 13.38M $298.54M +0.5%
First Trust Advisors 9.67M $215.83M -9.2%
Pentwater Capital Management 7M $156.17M NEW
LGEN Legal & General 7M $156.11M +47.7%
BAC Bank Of America 5.68M $126.61M +43.5%
Magnetar Financial 5.52M $123.24M NEW
Largest transactions Shares Bought/sold Change
Blackstone Holdings III 22.68M +22.68M NEW
Shapiro Capital Management 25.2K -15.98M -99.8%
Allianz Asset Management GmbH 0 -14.04M EXIT
Pentwater Capital Management 7M +7M NEW
IVZ Invesco 548.96K -6.03M -91.7%
RGM Capital 0 -5.95M EXIT
Magnetar Financial 5.52M +5.52M NEW
Marshall Wace 3.01M -5.07M -62.7%
Millennium Management 4.48M +4.48M NEW
Alpine Associates Management 3.71M +3.71M NEW

Financial report summary

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Risks
  • The consummation of the Merger with Google is contingent upon the satisfaction of a number of conditions, including stockholder and regulatory approvals, that may be outside of our or Google’s control and that we and Google may be unable to satisfy or obtain or that may delay the consummation of the Merger or cause the parties to abandon the Merger or may impose conditions that could have an adverse effect on us.
  • Failure to complete, or delays in completing, the proposed merger with Google could materially and adversely affect our results of operations and our stock price.
  • While the Merger is pending, we are subject to business uncertainties and contractual restrictions that could harm our financial condition, operating results, and business;
  • Uncertainty about the Merger may adversely affect relationships with our customers, business partners and employees, whether or not the Merger is completed.
  • As a result of the Merger, our current and prospective employees could experience uncertainty about their future with us. As a result, key employees may depart because of issues relating to such uncertainty or a desire not to remain with Google following the completion of the Merger.
  • The Merger Agreement contains provisions that could discourage or deter a potential competing acquirer that might be willing to pay more to effect a business combination with us.
  • Litigation has arisen, and more could arise, in connection with the Merger, which could be costly, prevent consummation of the Merger, divert management’s attention and otherwise materially harm our business.
  • The ability to complete the Merger is subject to the receipt of consents and approvals from government entities, which may impose conditions that could have an adverse effect on us or could cause either party to abandon the Merger.
  • If we are unsuccessful at executing our business plan and necessary transition activities following the sale of the FireEye Products business, our business and results of operations may be adversely affected and our ability to invest in and grow our business could be limited.
  • Our future results of operations are dependent solely on the operations of the Mandiant Solutions business and will differ materially from our previous results.
  • Because we depend in part on FireEye Products and product telemetry data in the operation of our business, disruptions in the availability of such products or product telemetry data could negatively impact our ability to operate our business and provide services to our customers.
  • If the IT security market does not continue to adopt our security solutions, our sales will not grow as quickly as anticipated, or at all, and our business, results of operations and financial condition would be harmed.
  • We have had operating losses each year since our inception, and may not achieve or maintain profitability in the future.
  • Real or perceived defects, errors or vulnerabilities in our solutions or services, the misconfiguration of our solutions, the failure of our solutions or services to detect or respond to a security breach or incident, or the failure of customers to take action on attacks identified by our solutions could harm our reputation and adversely impact our business, financial position and results of operations.
  • Our results of operations may vary significantly from period to period, which could cause the trading price of our common stock to decline or fluctuate materially.
  • If we are unable to retain our customers, renew and expand our relationships with them, and add new customers, we may not be able to sustain revenue growth and we may not achieve or maintain profitability in the future.
  • We could suffer disruptions, outages, defects, and other performance and quality problems with our platform or with the public cloud and internet infrastructure on which it relies.
  • Recent, past and future acquisitions and investments could disrupt our business and harm our financial condition and operating results.
  • Our growth depends on the development, expansion and success of our partner relationships.
  • If we are unable to maintain successful relationships with our channel partners and technology alliance partners, or if our channel partners or technology alliance partners fail to perform, our ability to market, sell and distribute our platform will be limited, and our business, financial position and results of operations will be harmed.
  • If we fail to effectively manage our growth, our business, financial condition and results of operations would be harmed.
  • 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.
  • If organizations do not adopt cloud-based SaaS-delivered security solutions, our ability to grow our business and results of operations may be adversely affected.
  • If we are not able to maintain and enhance our Mandiant brand and our reputation as a provider of high-quality security solutions and services, our business and results of operations may be adversely affected.
  • We rely on our management team and other key employees and will need additional personnel to grow our business, and the loss of one or more key employees or our inability to hire, integrate, train and retain qualified personnel, including members for our board of directors, could harm our business.
  • Any litigation against us could be costly and time-consuming to defend.
  • If we do not accurately anticipate and respond promptly to changes in our customers’ security needs or scale our business in a cost-effective manner, our competitive position, prospects and financial condition could be harmed.
  • Our current research and development efforts may not produce successful solutions or enhancements to our platform that result in significant revenue, cost savings or other benefits in the near future, if at all.
  • Seasonality may cause fluctuations in our billings.
  • Our operating history and changes to our business model makes it difficult to evaluate our current business and prospects and may increase the risk that we will not be successful.
  • We are exposed to the credit risk of some of our distributors, resellers and customers and to credit exposure in weakened markets, which could result in material losses.
  • Failure to comply with governmental laws and regulations could harm our business.
  • If we do not achieve increased tax benefits as a result of our corporate structure, our operating results and financial condition may be negatively impacted.
  • We could be subject to additional tax liabilities.
  • Our failure to raise additional capital or generate the significant capital necessary to expand our operations and invest in new solutions could reduce our ability to compete and could harm our business.
  • Our ability to manage our business and monitor results is highly dependent upon IT systems. A failure of these systems or our planned QTC and ERP implementations could have a material adverse effect on our business.
  • The implementation of our planned new ERP and change in related processes could negatively impact the effectiveness of our internal control over financial reporting.
  • Any additional costs, cost overruns and delays with implementation of our new QTC and ERP systems may adversely affect our business and results of operations.
  • We have experienced network or data security incidents in the past, and we may experience additional network or data security incidents in the future, which, whether actual, alleged or perceived, may harm our reputation, create liability and adversely impact our financial results.
  • If we fail to adequately protect personal information or other information we process or maintain, our business, financial condition and operating results could be adversely affected.
  • If we are unable to sell additional solutions, subscriptions and services, as well as renewals of our subscriptions and services, to our customers, our future revenue and operating results will be harmed.
  • Our sales cycles can be long and unpredictable, and our sales efforts require considerable time and expense. As a result, our sales, billings and revenue are difficult to predict and may vary substantially from period to period, which may cause our results of operations to fluctuate significantly.
  • We rely on revenue from sales of solutions and subscriptions and because we recognize revenue from most of these sales over the term of the relevant useful life or subscription period, downturns or upturns in sales are not immediately reflected in full in our results of operations.
  • The sales prices of our solutions, subscriptions and services may decrease, which may reduce our gross profits and adversely impact our financial results.
  • If we do not effectively hire, integrate and train our direct sales force, we may be unable to add new customers or increase sales to our existing customers, and our business will be adversely affected.
  • If we are unable to increase sales of our solutions to large organizations while mitigating the risks associated with serving such customers, our business, financial position and results of operations may suffer.
  • U.S. federal, state and local government sales are subject to a number of challenges and risks that may adversely impact our business.
  • Our ability to maintain customer satisfaction depends in part on the quality of our professional service organization and technical and other support services, including the quality of the support provided on our behalf by certain channel partners. Failure to maintain high-quality customer support could have a material adverse effect on our business, financial condition and results of operations.
  • We may not have visibility into particular transactions affecting our financial position and results of operations.
  • Claims by others that we infringe their proprietary technology or other rights could harm our business.
  • Our technology alliance partnerships expose us to a range of business risks and uncertainties that could have a material adverse impact on our business and financial results.
  • We may be unable to protect our intellectual property adequately, which could harm our business, financial condition and results of operations.
  • We incorporate technology from third parties into our solutions, and our inability to obtain or maintain rights to the technology could harm our business.
  • Our solutions and subscriptions contain third-party open source software components, and failure to comply with the terms of the underlying open source software licenses could restrict our ability to sell our solutions and subscriptions.
  • We generate a significant amount of revenue from sales through resellers, distributors and end customers outside of the United States, and we are therefore subject to a number of risks associated with international sales and operations.
  • We are exposed to fluctuations in currency exchange rates, which could negatively affect our financial condition and results of operations.
  • We are subject to governmental export and import controls that could subject us to liability or impair our ability to compete in international markets.
  • We are leveraged financially, which could adversely affect our ability to adjust our business to respond to competitive pressures and to obtain sufficient funds to satisfy our future growth, business needs and development plans.
  • If holders of the 2035 Notes require us to repurchase their 2035 Notes on any repurchase date, our financial condition and operating results could be adversely affected.
  • The conditional conversion feature of each series of convertible notes, if triggered, may adversely affect our financial condition and operating results.
  • The accounting method for convertible debt securities that may be settled in cash, such as the convertible notes, is subject to changes that could have a material effect on our reported financial results.
  • Transactions related to our convertible notes may affect the market price of our common stock.
  • We are subject to counterparty risk with respect to the capped call transactions.
  • The holders of Series A Convertible Preferred Stock may exercise influence over us, including through their ability to designate a member of our board of directors.
  • Our Series A Convertible Preferred Stock has rights, preferences, and privileges that are not held by, and are preferential to, the rights of holders of our common stock, which could adversely affect our liquidity and financial condition.
  • There may be future sales or other dilution of our equity, which may adversely affect the market price of our common stock or the Series A Convertible Preferred Stock and may negatively impact the holders’ investment.
  • If securities or industry analysts do not publish research or reports about our business, or publish inaccurate or unfavorable research reports about our business, our share price and trading volume could decline.
  • The price of our common stock has been and may continue to be volatile, and the value of your investment could decline.
  • Sales of substantial amounts of our common stock in the public markets, or sales of our common stock by our executive officers and directors under Rule 10b5-1 plans, could adversely affect the market price of our common stock.
  • The issuance of additional stock in connection with financings, acquisitions, investments, our stock incentive plans, conversion of our convertible notes, conversion of the Series A Convertible Preferred Stock or otherwise will dilute all other stockholders.
  • We do not intend to pay dividends for the foreseeable future.
  • Our charter documents and Delaware law, as well as certain provisions of our convertible notes, could discourage takeover attempts and lead to management entrenchment, which could also reduce the market price of our common stock.
  • We cannot guarantee that our stock repurchase program will be fully implemented or that it will enhance long-term stockholder value.
  • The global COVID-19 pandemic, and government imposed COVID-19 vaccination mandates or testing requirements, could harm our business and results of operations.
  • Our business is subject to the risks of earthquakes, fire, power outages, floods and other catastrophic events, and to interruption by man-made problems such as terrorism or armed conflicts.
  • Fluctuating economic conditions make it difficult to predict revenue for a particular period, and a shortfall in revenue may harm our business and operating results.
  • If our estimates or judgments relating to our critical accounting policies are based on assumptions that change or prove to be incorrect, our results of operations could fall below our publicly announced guidance or the expectations of securities analysts and investors, resulting in a decline in our stock price.
  • Our ability to use our net operating losses to offset future taxable income may be subject to certain limitations.
  • The requirements of being a public company may strain our resources, divert management’s attention and affect our ability to attract and retain qualified board members.
  • We are obligated to maintain proper and effective internal control over financial reporting. We may not complete our analysis of our internal control over financial reporting in a timely manner, or this internal control may not be determined to be effective, which may adversely affect investor confidence in our Company and, as a result, the value of our common stock.
  • Increased scrutiny of our environmental, social or governance responsibilities may result in additional costs and risks, and may adversely impact our reputation, employee retention, and willingness of customers and suppliers to do business with us.
Management Discussion
  • Platform, cloud subscription and managed services revenue increased by $36.4 million, or 18%, during the year ended December 31, 2021 compared to the year ended December 31, 2020. The increase in platform, cloud subscription and managed services revenue reflected increased recognition of deferred revenue associated with sales of our threat intelligence and security validation modules of the Mandiant Advantage platform and our Managed Defense managed security services.
  • Professional services revenue increased by $47.4 million, or 24%, during the year ended December 31, 2021 compared to the year ended December 31, 2020. The increase was primarily driven by an increase in number of engagements enabled by an increase in professional services personnel and an increase in mix of incident response services with higher rates per hour as compared to the same period in 2020.
  • Our international revenue increased $33.3 million, or 28%, during the year ended December 31, 2021 compared to the year ended December 31, 2020. The increase reflects growth in sales of our platform, cloud subscription and managed services and an increase in the number of professional services engagements in certain international regions compared to prior periods.

Content analysis

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Positive
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Legalese
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Readability
H.S. senior Avg
New words: alleviate, compel, Connecticut, inflation, Kaufmann, moot, mooted, Murphy, Online, opposition, Pucek, translation, White
Removed: back, preliminary