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Mandiant, Inc.

mandiant.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2022 10-Q, filed Aug 4, 2022. Its latest SEC filing is a 15-12G from Sep 22, 2022.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Sells cybersecurity software and provides managed and consulting services to enterprises, government agencies and other organizations to help them prepare for, prevent, investigate, respond to and remediate cyberattacks.

How Did They Make Money?

Customers buy cloud-based security subscriptions and managed services, usually billed for the subscription term up front, and pay for professional services through time-based, fixed-fee or retainer arrangements as services are delivered.

FY2021 revenue

Who Were Their Customers?

Enterprises, government agencies, educational and nonprofit organizations buy Mandiant's products and services. In-house sales teams handle enterprise and government accounts directly, while channel partners help sell and support customers; inside sales covers medium-sized and smaller organizations.

Did Revenues Turn Into Profits?

Yes. Its net income in FY2021 was larger than its revenue and turned 8 cents into free cash flow.

Operating income, FY2021
−74% of revenue
▲ +19% (Loss) vs FY2020 (−$299.6M, −75%)
Net income, FY2021
189% of revenue
▲ Now profitable vs FY2020 (−$207.3M, −52%)
Free cash flow, FY2021
8% of revenue
▼ −53% vs FY2020 ($77M, 19%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q2 FY2022, the three months to Jun 30, 2022
Revenue
▲ +21%
vs $113.9M in Q2 FY2021
Net income
▲ +40% (Loss)
vs −$64.7M in Q2 FY2021
  • Sep 12, 2022 Google completed its acquisition of Mandiant Mandiant joined Google Cloud and retained the Mandiant brand.
  • Aug 2, 2022 Mandiant withdrew its 2022 financial guidance The company said its previously issued full-year guidance should no longer be relied upon.

Shrank. Revenue fell 38% in 4 years, from $779.6M in FY2017 to $483.5M in FY2021, about 11% a year.

After the FireEye Products sale The earlier report describes network, email and endpoint security products alongside services; the later report describes Mandiant Solutions after the FireEye Products business was sold, centered on platform subscriptions and professional services.

Who Did They Compete With?

Competes with IBM, Oracle, HPE, Palo Alto Networks, Proofpoint, CrowdStrike, Arctic Wolf, and Rapid7

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