Cache results
The summary separates work mbx handled from work it could not safely cache.
Hit
mbx derived an action key, found its result, and restored the outputs. A hit can come from the local store or a configured remote.
Miss
mbx derived a key and looked it up, but no result existed. The compilation ran and its successful result was stored.
Could not look up
mbx did not yet have usable dep-info or a prediction from which to derive the key. This is common on a genuinely cold build. The action is still stored after compilation, so calling it a miss would overstate the number of failed lookups.
Bypass
mbx recognized that it could not model the action exactly and ran the real compiler without caching it. Reasons are grouped in the summary; set MBX_BYPASS_LOG to a file path for the full per-action record.
Why hit rate is not the whole story
A build can report a high hit rate among attempted lookups while spending most of its time on actions that were not looked up or were bypassed. Read all three summary lines together, and compare wall-clock time when evaluating the cache.
Link steps always run, so an otherwise warm binary build still has work to do.