Second Quarter Fiscal 2024 Total Revenue of
$423.8 million, up 40%
Year-over-Year
Continued Strong Customer Growth with Over
45,000 Customers as of July 31,
2023
MongoDB Atlas Revenue up 38% Year-over-Year;
63% of Total Q2 Revenue
NEW
YORK, Aug. 31, 2023 /PRNewswire/ -- MongoDB,
Inc. (NASDAQ: MDB) today announced its financial results for the
second quarter ended July 31,
2023.
"MongoDB delivered excellent results in the second quarter,
highlighted by 40% revenue growth, continued strength in new
workload acquisition and record operating margin. The ongoing
success of our new business efforts for Atlas and Enterprise
Advanced across our sales channels is a testament to the value of
MongoDB's run anywhere strategy which enables customers of any size
to innovate faster and more efficiently," said Dev Ittycheria,
President and Chief Executive Officer of MongoDB.
"We are at the early stages of AI powering the next wave of
application development. We believe MongoDB provides developers a
unified platform that supports both the foundational requirements
necessary for any application and the exceptionally demanding needs
of AI-specific applications, making our competitive advantage even
stronger in the world of AI."
Second Quarter Fiscal 2024 Financial Highlights
- Revenue: Total revenue was $423.8 million for the second quarter of fiscal
2024, an increase of 40% year-over-year. Subscription revenue was
$409.3 million, an increase of 40%
year-over-year, and services revenue was $14.5 million, an increase of 20%
year-over-year.
- Gross Profit: Gross profit was $318.5 million for the second quarter of fiscal
2024, representing a 75% gross margin compared to 71% in the
year-ago period. Non-GAAP gross profit was $329.0 million, representing a 78% non-GAAP gross
margin, compared to a non-GAAP gross margin of 73% in the year-ago
period.
- Loss from Operations: Loss from operations was
$49.0 million for the second quarter
of fiscal 2024, compared to a loss from operations of $114.8 million in the year-ago period. Non-GAAP
income from operations was $79.1
million, compared to a non-GAAP loss from operations of
$12.4 million in the year-ago
period.
- Net Loss: Net loss was $37.6 million, or $0.53 per share, based on 70.9 million
weighted-average shares outstanding, for the second quarter of
fiscal 2024. This compares to a net loss of $118.9 million, or $1.74 per share, in the year-ago period. Non-GAAP
net income was $76.7 million, or
$0.93 per share, based on 82.5
million diluted weighted-average shares outstanding. This compares
to a non-GAAP net loss of $15.6
million, or $0.23 per share,
in the year-ago period.
- Cash Flow: As of July 31,
2023, MongoDB had $1.9 billion
in cash, cash equivalents, short-term investments and restricted
cash. During the three months ended July 31,
2023, MongoDB used $25.3
million of cash from operations, used $0.6 million of cash in capital expenditures and
used $1.4 million of cash in
principal repayments of finance leases, leading to negative free
cash flow of $27.3 million, compared
to negative free cash flow of $48.6
million in the year-ago period.
A reconciliation of each Non-GAAP measure to the most
directly comparable GAAP measure has been provided in the financial
statement tables included at the end of this press release. An
explanation of these measures is also included below under the
heading "Non-GAAP Financial Measures."
Second Quarter Fiscal 2024 and Recent Business
Highlights
- MongoDB announced a number of new products and capabilities at
MongoDB.local NYC. Highlights include: Atlas Vector Search, to
dramatically simplify the integration of generative AI and semantic
search functionality to develop more intelligent applications;
Atlas Stream Processing, to build sophisticated, real-time,
event-driven applications; and the general availability of
Relational Migrator, to make it significantly easier to migrate
from legacy database technologies to MongoDB.
- MongoDB continues to make significant progress in building out
an AI ecosystem, anchored by the announcement of an expanded
partnership with Google Cloud that enables developers to use
state-of-the-art AI foundation models from Google to accelerate the
use of generative AI. In addition, we launched MongoDB's AI
Innovators Program, which provides customers with access to
technology and partnerships to help them build with generative
AI.
- MongoDB launched Atlas for Industries, a comprehensive and
industry-specific set of programs, expertise, partnerships, and
integrated solutions to support customers on their modernization
journey. MongoDB launched Atlas for Financial Services at the
NYC.local event, followed by Atlas for Public Sector, with
additional industries coming later in the year.
Third Quarter and Full Year Fiscal 2024 Guidance
Based on information available to management as of today,
August 31, 2023, MongoDB is issuing
the following financial guidance for the third quarter and full
year fiscal 2024.
|
Third Quarter Fiscal 2024
|
Full Year Fiscal 2024
|
Revenue
|
$400.0 million to
$404.0 million
|
$1.596 billion to
$1.608 billion
|
Non-GAAP Income from Operations
|
$41.0 million to
$44.0 million
|
$189.0 million to
$197.0 million
|
Non-GAAP Net Income per Share
|
$0.47 to
$0.50
|
$2.27 to
$2.35
|
Reconciliations of non-GAAP income from operations and non-GAAP
net income per share guidance to the most directly comparable GAAP
measures are not available without unreasonable efforts on a
forward-looking basis due to the high variability, complexity and
low visibility with respect to the charges excluded from these
non-GAAP measures; in particular, the measures and effects of
stock-based compensation expense specific to equity compensation
awards that are directly impacted by unpredictable fluctuations in
MongoDB's stock price. MongoDB expects the variability of the above
charges to have a significant, and potentially unpredictable,
impact on its future GAAP financial results.
Conference Call Information
MongoDB will host a conference call today, August 31, 2023, at 5:00
p.m. (Eastern Time) to discuss its financial results and
business outlook. A live webcast of the call will be available on
the "Investor Relations" page of MongoDB's website at
https://investors.mongodb.com. To access the call by phone, please
go to this link (registration link), and you will be provided with
dial in details. To avoid delays, we encourage participants to dial
into the conference call fifteen minutes ahead of the scheduled
start time. A replay of the webcast will also be available for a
limited time at http://investors.mongodb.com.
Forward-Looking Statements
This press release includes certain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, or the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements concerning
MongoDB's financial guidance for the third fiscal quarter and full
year fiscal 2024 and our ability to capitalize on our market
opportunity and deliver strong growth for the foreseeable future.
These forward-looking statements include, but are not limited to,
plans, objectives, expectations and intentions and other statements
contained in this press release that are not historical facts and
statements identified by words such as "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intend," "may," "plan,"
"project," "will," "would" or the negative or plural of these words
or similar expressions or variations. These forward-looking
statements reflect our current views about our plans, intentions,
expectations, strategies and prospects, which are based on the
information currently available to us and on assumptions we have
made. Although we believe that our plans, intentions, expectations,
strategies and prospects as reflected in or suggested by those
forward-looking statements are reasonable, we can give no assurance
that the plans, intentions, expectations or strategies will be
attained or achieved. Furthermore, actual results may differ
materially from those described in the forward-looking statements
and are subject to a variety of assumptions, uncertainties, risks
and factors that are beyond our control including, without
limitation: the impact the COVID-19 pandemic may have on our
business and on our customers and our potential customers; the
effects of the ongoing military conflict between Russia and Ukraine on our business and future operating
results; economic downturns and/or the effects of rising interest
rates, inflation and volatility in the global economy and financial
markets on our business and future operating results; our potential
failure to meet publicly announced guidance or other expectations
about our business and future operating results; our limited
operating history; our history of losses; failure of our platform
to satisfy customer demands; the effects of increased competition;
our investments in new products and our ability to introduce new
features, services or enhancements; social, ethical and security
issues relating to the use of new and evolving technologies, such
as artificial intelligence, in our offerings or partnerships; our
ability to effectively expand our sales and marketing organization;
our ability to continue to build and maintain credibility with the
developer community; our ability to add new customers or increase
sales to our existing customers; our ability to maintain, protect,
enforce and enhance our intellectual property; the growth and
expansion of the market for database products and our ability to
penetrate that market; our ability to integrate acquired businesses
and technologies successfully or achieve the expected benefits of
such acquisitions; our ability to maintain the security of our
software and adequately address privacy concerns; our ability to
manage our growth effectively and successfully recruit and retain
additional highly-qualified personnel; and the price volatility of
our common stock. These and other risks and uncertainties are more
fully described in our filings with the Securities and Exchange
Commission ("SEC"), including under the caption "Risk Factors" in
our Quarterly Report on Form 10-Q for the quarter ended
April 30, 2023, filed with the SEC on
June 2, 2023. Additional information
will be made available in our Quarterly Report on Form 10-Q for the
quarter ended July 31, 2023 and other
filings and reports that we may file from time to time with the
SEC. . Except as required by law, we undertake no duty or
obligation to update any forward-looking statements contained in
this release as a result of new information, future events, changes
in expectations or otherwise.
Non-GAAP Financial Measures
This press release includes the following financial measures
defined as non-GAAP financial measures by the SEC: non-GAAP gross
profit, non-GAAP gross margin, non-GAAP operating expenses,
non-GAAP income (loss) from operations, non-GAAP operating margin,
non-GAAP net income (loss), non-GAAP net income (loss) per share
and free cash flow. Non-GAAP gross profit and non-GAAP gross margin
exclude expenses associated with stock-based compensation. Non-GAAP
operating expenses, non-GAAP income (loss) from operations,
non-GAAP operating margin, non-GAAP net income (loss) and non-GAAP
net income (loss) per share exclude:
- expenses associated with stock-based compensation including
employer payroll taxes upon the vesting and exercising of
stock-based awards and expenses related to stock appreciation
rights previously issued to our employees in China;
- amortization of intangible assets for the acquired technology
and acquired customer relationships associated with prior
acquisitions;
- amortization of time-based payments associated with prior
acquisitions that were deemed to be post-combination compensation
expense for U.S. GAAP purposes; and
- in the case of non-GAAP net income (loss) and non-GAAP net
income (loss) per share, amortization of the debt issuance costs
associated with our convertible senior notes and gains or losses on
investments;
- additionally, non-GAAP net income and non-GAAP net income per
share for the fiscal year 2024 periods are adjusted for an assumed
provision for income taxes based on an estimated long-term non-GAAP
tax rate. The non-GAAP tax rate was calculated utilizing a
three-year financial projection that excludes the direct impact of
the GAAP to non-GAAP adjustments and considers other factors such
as operating structure and existing tax positions in various
jurisdictions. We intend to periodically reevaluate the projected
long-term tax rate, as necessary, for significant events and our
ongoing analysis of relevant tax law changes.
MongoDB uses these non-GAAP financial measures internally in
analyzing its financial results and believes they are useful to
investors, as a supplement to GAAP measures, in evaluating
MongoDB's ongoing operational performance. MongoDB believes that
the use of these non-GAAP financial measures provides an additional
tool for investors to use in evaluating ongoing operating results
and trends and in comparing its financial results with other
companies in MongoDB's industry, many of which may present similar
non-GAAP financial measures to investors.
Free cash flow represents net cash from/used in operating
activities, less capital expenditures, principal repayments of
finance lease liabilities and capitalized software development
costs, if any. MongoDB uses free cash flow to understand and
evaluate its liquidity and to generate future operating plans. The
exclusion of capital expenditures, principal repayments of finance
lease liabilities and amounts capitalized for software development
facilitates comparisons of MongoDB's liquidity on a
period-to-period basis and excludes items that it does not consider
to be indicative of its liquidity. MongoDB believes that free cash
flow is a measure of liquidity that provides useful information to
investors in understanding and evaluating the strength of its
liquidity and future ability to generate cash that can be used for
strategic opportunities or investing in its business in the same
manner as MongoDB's management and board of directors.
Non-GAAP financial measures have limitations as an analytical
tool and should not be considered in isolation from, or as a
substitute for, financial information prepared in accordance with
GAAP. In particular, other companies may report non-GAAP gross
profit, non-GAAP gross margin, non-GAAP operating expenses,
non-GAAP income (loss) from operations, non-GAAP net income (loss),
non-GAAP net income (loss) per share, free cash flow or similarly
titled measures but calculate them differently, which reduces their
usefulness as comparative measures. Investors are encouraged to
review the reconciliation of these non-GAAP financial measures to
their most directly comparable GAAP financial measures, as
presented below. This earnings press release and any future
releases containing such non-GAAP reconciliations can also be found
on the Investor Relations page of MongoDB's website at
https://investors.mongodb.com.
About MongoDB
Headquartered in New York,
MongoDB's mission is to empower innovators to create, transform,
and disrupt industries by unleashing the power of software and
data. Built by developers, for developers, our developer data
platform is a database with an integrated set of related services
that allow development teams to address the growing requirements
for today's wide variety of modern applications, all in a unified
and consistent user experience. MongoDB has tens of thousands of
customers in over 100 countries. The MongoDB database platform has
been downloaded hundreds of millions of times since 2007, and there
have been millions of builders trained through MongoDB University
courses. To learn more, visit mongodb.com.
Investor Relations
Brian Denyeau
ICR for MongoDB
646-277-1251
ir@mongodb.com
Media Relations
MongoDB
Press@mongodb.com
MONGODB, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share
data)
(unaudited)
|
|
|
July 31, 2023
|
|
January 31, 2023
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
607,175
|
|
$
455,826
|
Short-term
investments
|
1,293,926
|
|
1,380,804
|
Accounts receivable,
net of allowance for doubtful accounts of $7,165 and $6,362 as of
July 31,
2023 and January 31, 2023, respectively
|
272,392
|
|
285,192
|
Deferred
commissions
|
84,140
|
|
83,550
|
Prepaid expenses and
other current assets
|
37,329
|
|
31,212
|
Total current
assets
|
2,294,962
|
|
2,236,584
|
Property and equipment,
net
|
53,866
|
|
57,841
|
Operating lease
right-of-use assets
|
42,218
|
|
41,194
|
Goodwill
|
57,779
|
|
57,779
|
Acquired intangible
assets, net
|
6,838
|
|
11,428
|
Deferred tax
assets
|
3,565
|
|
2,564
|
Other
assets
|
189,006
|
|
181,503
|
Total
assets
|
$
2,648,234
|
|
$
2,588,893
|
Liabilities and Stockholders'
Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
8,156
|
|
$
8,295
|
Accrued compensation
and benefits
|
91,316
|
|
90,112
|
Operating lease
liabilities
|
9,438
|
|
8,686
|
Other accrued
liabilities
|
55,031
|
|
52,672
|
Deferred
revenue
|
348,355
|
|
428,747
|
Total current
liabilities
|
512,296
|
|
588,512
|
Deferred tax liability,
non-current
|
907
|
|
225
|
Operating lease
liabilities, non-current
|
36,959
|
|
36,264
|
Deferred revenue,
non-current
|
20,286
|
|
31,524
|
Convertible senior
notes, net
|
1,141,574
|
|
1,139,880
|
Other liabilities,
non-current
|
51,127
|
|
52,980
|
Total
liabilities
|
1,763,149
|
|
1,849,385
|
Stockholders'
equity:
|
|
|
|
Common stock, par
value of $0.001 per share; 1,000,000,000 shares authorized as of
July 31, 2023
and January 31, 2023; 71,442,756 shares issued and 71,343,385
shares outstanding as of July 31,
2023; 70,005,957 shares issued and 69,906,586 shares outstanding as
of January 31, 2023
|
72
|
|
70
|
Additional paid-in
capital
|
2,517,249
|
|
2,276,694
|
Treasury stock, 99,371
shares (repurchased at an average of $13.27 per share) as of
July 31, 2023
and January 31, 2023
|
(1,319)
|
|
(1,319)
|
Accumulated other
comprehensive loss
|
(4,042)
|
|
(905)
|
Accumulated
deficit
|
(1,626,875)
|
|
(1,535,032)
|
Total stockholders'
equity
|
885,085
|
|
739,508
|
Total liabilities and
stockholders' equity
|
$
2,648,234
|
|
$
2,588,893
|
MONGODB, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except share and per share
data)
(unaudited)
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
$
409,334
|
|
$
291,607
|
|
$
764,048
|
|
$
566,188
|
Services
|
14,457
|
|
12,053
|
|
28,023
|
|
22,919
|
Total
revenue
|
423,791
|
|
303,660
|
|
792,071
|
|
589,107
|
Cost of
revenue(1):
|
|
|
|
|
|
|
|
Subscription
|
84,822
|
|
71,435
|
|
162,995
|
|
136,004
|
Services
|
20,515
|
|
16,842
|
|
39,791
|
|
30,488
|
Total cost of
revenue
|
105,337
|
|
88,277
|
|
202,786
|
|
166,492
|
Gross
profit
|
318,454
|
|
215,383
|
|
589,285
|
|
422,615
|
Operating
expenses:
|
|
|
|
|
|
|
|
Sales and
marketing(1)
|
195,934
|
|
181,598
|
|
378,667
|
|
331,866
|
Research and
development(1)
|
125,420
|
|
108,037
|
|
242,237
|
|
204,409
|
General and
administrative(1)
|
46,103
|
|
40,591
|
|
85,931
|
|
77,123
|
Total operating
expenses
|
367,457
|
|
330,226
|
|
706,835
|
|
613,398
|
Loss from
operations
|
(49,003)
|
|
(114,843)
|
|
(117,550)
|
|
(190,783)
|
Other income (expense),
net
|
14,994
|
|
(973)
|
|
31,782
|
|
(1,181)
|
Loss before provision
for income taxes
|
(34,009)
|
|
(115,816)
|
|
(85,768)
|
|
(191,964)
|
Provision for income
taxes
|
3,588
|
|
3,049
|
|
6,075
|
|
4,195
|
Net
loss
|
$
(37,597)
|
|
$
(118,865)
|
|
$
(91,843)
|
|
$
(196,159)
|
Net loss per share,
basic and diluted
|
$
(0.53)
|
|
$
(1.74)
|
|
$
(1.30)
|
|
$
(2.88)
|
Weighted-average shares
used to compute net loss per
share, basic and diluted
|
70,874,117
|
|
68,334,464
|
|
70,531,581
|
|
68,025,687
|
__________________________
|
(1) Includes stock‑based
compensation expense as follows:
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cost of
revenue—subscription
|
$
6,075
|
|
$
5,009
|
|
$
11,589
|
|
$
9,476
|
Cost of
revenue—services
|
3,342
|
|
2,560
|
|
6,290
|
|
4,772
|
Sales and
marketing
|
40,376
|
|
35,653
|
|
77,982
|
|
66,187
|
Research and
development
|
48,413
|
|
40,642
|
|
92,479
|
|
76,125
|
General and
administrative
|
15,106
|
|
12,690
|
|
28,927
|
|
23,560
|
Total stock‑based
compensation expense
|
$
113,312
|
|
$
96,554
|
|
$
217,267
|
|
$
180,120
|
MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(unaudited)
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cash flows from operating
activities
|
|
|
|
|
|
|
|
Net
loss
|
$
(37,597)
|
|
$
(118,865)
|
|
$
(91,843)
|
|
$
(196,159)
|
Adjustments to
reconcile net loss to net cash (used in) provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
4,173
|
|
3,958
|
|
8,546
|
|
7,745
|
Stock-based
compensation
|
113,312
|
|
96,554
|
|
217,267
|
|
180,120
|
Amortization of debt
issuance costs
|
847
|
|
845
|
|
1,694
|
|
1,685
|
Amortization of
finance right-of-use assets
|
993
|
|
993
|
|
1,987
|
|
1,987
|
Amortization of
operating right-of-use assets
|
2,254
|
|
2,440
|
|
4,479
|
|
4,458
|
Deferred income
taxes
|
(189)
|
|
(241)
|
|
(377)
|
|
(302)
|
Amortization of
premium and accretion of discount on short-
term investments, net
|
(12,279)
|
|
1,845
|
|
(25,509)
|
|
4,076
|
Unrealized (gain) loss
on non-marketable securities
|
932
|
|
57
|
|
(1,294)
|
|
(1,694)
|
Unrealized foreign
exchange loss (gain)
|
870
|
|
(1,725)
|
|
1,299
|
|
(1,144)
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(61,206)
|
|
(48,220)
|
|
12,158
|
|
(19,480)
|
Prepaid expenses and
other current assets
|
124
|
|
8,201
|
|
(2,785)
|
|
4,908
|
Deferred
commissions
|
(7,104)
|
|
(11,833)
|
|
(4,440)
|
|
(16,555)
|
Other long-term
assets
|
(92)
|
|
(504)
|
|
(138)
|
|
(862)
|
Accounts
payable
|
(52)
|
|
1,138
|
|
(356)
|
|
2,161
|
Accrued
liabilities
|
16,090
|
|
22,815
|
|
3,459
|
|
(201)
|
Operating lease
liabilities
|
(2,262)
|
|
(2,357)
|
|
(4,656)
|
|
(4,549)
|
Deferred
revenue
|
(44,084)
|
|
179
|
|
(91,350)
|
|
331
|
Other liabilities,
non-current
|
(32)
|
|
49
|
|
287
|
|
378
|
Net cash (used in)
provided by operating activities
|
(25,302)
|
|
(44,671)
|
|
28,428
|
|
(33,097)
|
Cash flows from investing
activities
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
(635)
|
|
(2,614)
|
|
(1,258)
|
|
(5,152)
|
Investment in
non-marketable securities
|
(750)
|
|
—
|
|
(2,056)
|
|
(1,119)
|
Proceeds from
maturities of marketable securities
|
475,000
|
|
325,000
|
|
755,000
|
|
400,000
|
Purchases of
marketable securities
|
(583,810)
|
|
(97,468)
|
|
(650,599)
|
|
(197,614)
|
Net cash (used in)
provided by investing activities
|
(110,195)
|
|
224,918
|
|
101,087
|
|
196,115
|
Cash flows from financing
activities
|
|
|
|
|
|
|
|
Proceeds from exercise
of stock options
|
2,037
|
|
1,332
|
|
3,509
|
|
2,988
|
Proceeds from the
issuance of common stock under the Employee
Stock Purchase Plan
|
19,781
|
|
15,777
|
|
19,781
|
|
15,777
|
Principal repayments
of finance leases
|
(1,361)
|
|
(1,287)
|
|
(2,703)
|
|
(1,882)
|
Net cash provided by
financing activities
|
20,457
|
|
15,822
|
|
20,587
|
|
16,883
|
Effect of exchange
rate changes on cash, cash equivalents, and
restricted cash
|
706
|
|
(928)
|
|
1,415
|
|
(2,395)
|
Net (decrease)
increase in cash, cash equivalents and restricted
cash
|
(114,334)
|
|
195,141
|
|
151,517
|
|
177,506
|
Cash, cash
equivalents, and restricted cash, beginning of
period
|
722,190
|
|
456,785
|
|
456,339
|
|
474,420
|
Cash, cash
equivalents, and restricted cash, end of
period
|
$
607,856
|
|
$
651,926
|
|
$
607,856
|
|
$
651,926
|
MONGODB, INC.
RECONCILIATION OF GAAP MEASURES TO NON-GAAP
MEASURES
(in thousands, except share and per share
data)
(unaudited)
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of GAAP gross profit to non-GAAP gross
profit:
|
|
|
|
|
|
|
|
Gross profit on a GAAP
basis
|
$ 318,454
|
|
$ 215,383
|
|
$ 589,285
|
|
$ 422,615
|
Gross margin (Gross profit/Total revenue) on a GAAP
basis
|
75 %
|
|
71 %
|
|
74 %
|
|
72 %
|
Add back:
|
|
|
|
|
|
|
|
Expenses associated
with stock-based compensation: Cost of
Revenue—Subscription
|
6,364
|
|
5,177
|
|
12,051
|
|
9,979
|
Expenses associated
with stock-based compensation: Cost of
Revenue—Services
|
4,156
|
|
2,622
|
|
7,541
|
|
4,862
|
Non-GAAP gross
profit
|
$ 328,974
|
|
$ 223,182
|
|
$ 608,877
|
|
$ 437,456
|
Non-GAAP gross margin (Non-GAAP gross profit/Total
revenue)
|
78 %
|
|
73 %
|
|
77 %
|
|
74 %
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP operating expenses to
non-GAAP
operating expenses:
|
|
|
|
|
|
|
|
Sales and marketing
operating expense on a GAAP basis
|
$ 195,934
|
|
$ 181,598
|
|
$ 378,667
|
|
$ 331,866
|
Less:
|
|
|
|
|
|
|
|
Expenses associated
with stock-based compensation
|
47,958
|
|
37,089
|
|
88,289
|
|
70,927
|
Amortization of
intangible assets associated with acquisitions
|
760
|
|
760
|
|
1,520
|
|
1,520
|
Non-GAAP sales and
marketing operating expense
|
$ 147,216
|
|
$ 143,749
|
|
$ 288,858
|
|
$ 259,419
|
|
|
|
|
|
|
|
|
Research and
development operating expense on a GAAP basis
|
$ 125,420
|
|
$ 108,037
|
|
$ 242,237
|
|
$ 204,409
|
Less:
|
|
|
|
|
|
|
|
Expenses associated
with stock-based compensation
|
50,822
|
|
41,824
|
|
96,546
|
|
79,328
|
Amortization of
intangible assets and post-combination
compensation expense associated with prior acquisitions
|
1,535
|
|
1,535
|
|
3,070
|
|
3,070
|
Non-GAAP research and
development operating expense
|
$
73,063
|
|
$
64,678
|
|
$ 142,621
|
|
$ 122,011
|
|
|
|
|
|
|
|
|
General and
administrative operating expense on a GAAP basis
|
$
46,103
|
|
$
40,591
|
|
$
85,931
|
|
$
77,123
|
Less:
|
|
|
|
|
|
|
|
Expenses associated
with stock-based compensation
|
16,525
|
|
13,404
|
|
31,306
|
|
26,158
|
Non-GAAP general and
administrative operating expense
|
$
29,578
|
|
$
27,187
|
|
$
54,625
|
|
$
50,965
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP loss from operations to
non-GAAP
income from operations:
|
|
|
|
|
|
|
|
Loss from operations
on a GAAP basis
|
$ (49,003)
|
|
$
(114,843)
|
|
$
(117,550)
|
|
$
(190,783)
|
GAAP operating margin (Loss from operations/Total
revenue)
|
(12) %
|
|
(38) %
|
|
(15) %
|
|
(32) %
|
Add back:
|
|
|
|
|
|
|
|
Expenses associated
with stock-based compensation
|
125,825
|
|
100,116
|
|
235,733
|
|
191,254
|
Amortization of
intangible assets and post-combination
compensation expense associated with prior acquisitions
|
2,295
|
|
2,295
|
|
4,590
|
|
4,590
|
Non-GAAP income from
operations
|
$
79,117
|
|
$ (12,432)
|
|
$ 122,773
|
|
$
5,061
|
Non-GAAP operating margin (Non-GAAP income (loss)
from
operations/Total revenue)
|
19 %
|
|
(4) %
|
|
16 %
|
|
1 %
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net loss to non-GAAP net
income:
|
|
|
|
|
|
|
|
Net loss on a GAAP
basis
|
$ (37,597)
|
|
$
(118,865)
|
|
$ (91,843)
|
|
$
(196,159)
|
Add back:
|
|
|
|
|
|
|
|
Expenses associated
with stock-based compensation
|
125,825
|
|
100,116
|
|
235,733
|
|
191,254
|
Amortization of
intangible assets and post-combination
compensation expense associated with prior acquisitions
|
2,295
|
|
2,295
|
|
4,590
|
|
4,590
|
Amortization of debt
issuance costs related to convertible senior
notes
|
847
|
|
845
|
|
1,694
|
|
1,685
|
Less:
|
|
|
|
|
|
|
|
Gain (loss) on
non-marketable securities
|
(932)
|
|
(57)
|
|
1,294
|
|
1,694
|
Income tax effects and
adjustments **
|
15,590
|
|
—
|
|
24,916
|
|
—
|
Non-GAAP net
income
|
$
76,712
|
|
$ (15,552)
|
|
$ 123,964
|
|
$
(324)
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net loss per share, basic and
diluted, to
non-GAAP net income per share, basic and
diluted:
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted, on a GAAP basis
|
$
(0.53)
|
|
$
(1.74)
|
|
$
(1.30)
|
|
$
(2.88)
|
Add back:
|
|
|
|
|
|
|
|
Expenses associated
with stock-based compensation
|
1.78
|
|
1.47
|
|
3.34
|
|
2.81
|
Amortization of
intangible assets and post-combination
compensation expense associated with prior acquisitions
|
0.03
|
|
0.03
|
|
0.07
|
|
0.07
|
Amortization of debt
issuance costs related to convertible senior
notes
|
0.01
|
|
0.01
|
|
0.02
|
|
0.02
|
Less:
|
|
|
|
|
|
|
|
Gain (loss) on
non-marketable securities
|
(0.01)
|
|
—
|
|
0.02
|
|
0.02
|
Income tax effects and
adjustments **
|
0.22
|
|
—
|
|
0.35
|
|
—
|
Non-GAAP net income
per share, basic
|
$
1.08
|
|
$
(0.23)
|
|
$
1.76
|
|
$
—
|
Adjustment for fully
diluted earnings per share
|
(0.15)
|
|
—
|
|
(0.25)
|
|
—
|
Non-GAAP net income
per share, diluted *
|
$
0.93
|
|
$
(0.23)
|
|
$
1.51
|
|
$
—
|
|
* Diluted
non-GAAP net income per share is calculated based upon 82.5 million
and 82.1 million of diluted weighted-average shares of outstanding
common stock for the three and six months ended July 31, 2023,
respectively. The GAAP and Non-GAAP net loss per share calculations
exclude potentially dilutive shares as the inclusion of such shares
would have been anti-dilutive due to the net loss
reported.
|
** Non-GAAP financial
information for the fiscal 2024 periods is adjusted for an assumed
provision for income taxes based on our long-term projected tax
rate of 20%. Due to the expected sustained non-gaap profitability,
this adjustment is applied prospectively and comparative periods
have not been adjusted. Due to the differences in the tax treatment
of items excluded from non-GAAP earnings, our estimated tax rate on
non-GAAP income may differ from our GAAP tax rate and from our
actual tax liabilities.
|
|
The following table
presents a reconciliation of free cash flow to net cash provided by
operating activities, the most directly comparable GAAP measure,
for each of the periods indicated (unaudited, in
thousands):
|
|
|
Three Months Ended July 31,
|
|
Six Months Ended July 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net cash provided by
(used in) operating activities
|
$
(25,302)
|
|
$
(44,671)
|
|
$
28,428
|
|
$
(33,097)
|
Capital
expenditures
|
(635)
|
|
(2,614)
|
|
(1,258)
|
|
(5,152)
|
Principal repayments of
finance leases
|
(1,361)
|
|
(1,287)
|
|
(2,703)
|
|
(1,882)
|
Capitalized
software
|
—
|
|
—
|
|
—
|
|
—
|
Free cash
flow
|
$
(27,298)
|
|
$
(48,572)
|
|
$
24,467
|
|
$
(40,131)
|
MONGODB, INC.
CUSTOMER COUNT METRICS
|
|
The following table
presents certain customer count information as of the periods
indicated:
|
|
|
|
7/31/2021
|
|
10/31/2021
|
|
1/31/2022
|
|
4/30/2022
|
|
7/31/2022
|
|
10/31/2022
|
|
1/31/2023
|
|
4/30/2023
|
|
7/31/2023
|
Total Customers
(a)
|
29,000+
|
|
31,000+
|
|
33,000+
|
|
35,200+
|
|
37,000+
|
|
39,100+
|
|
40,800+
|
|
43,100+
|
|
45,000+
|
Direct Sales
Customers(b)
|
3,600+
|
|
3,900+
|
|
4,400+
|
|
4,800+
|
|
5,400+
|
|
5,900+
|
|
6,400+
|
|
6,700+
|
|
6,800+
|
MongoDB Atlas
Customers
|
27,500+
|
|
29,500+
|
|
31,500+
|
|
33,700+
|
|
35,500+
|
|
37,600+
|
|
39,300+
|
|
41,600+
|
|
43,500+
|
Customers over
$100K(c)
|
1,126
|
|
1,201
|
|
1,307
|
|
1,379
|
|
1,462
|
|
1,545
|
|
1,651
|
|
1,761
|
|
1,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Our definition of
"customer" excludes users of our free offerings and all affiliated
entities are counted as a single customer. As of and prior to
January 31,
2022, our definition of "customer" excluded (1) users of our free
offerings, (2) mLab users who spend $20 or less per month with us
and (3) self-serve users
acquired from Realm. The excluded mLab and Realm users collectively
represented an immaterial portion of the revenue associated with
users acquired from
those acquisitions.
|
(b) Direct Sales
Customers are customers that were sold through our direct sales
force and channel partners.
|
(c) Represents the
number of customers with $100,000 or greater in annualized
recurring revenue ("ARR") and annualized monthly recurring revenue
("MRR").
ARR includes the revenue we expect to receive from our customers
over the following 12 months based on contractual commitments and,
in the case of Direct
Sales Customers of MongoDB Atlas, by annualizing the prior 90 days
of their actual consumption of MongoDB Atlas, assuming no increases
or reductions in
their subscriptions or usage. For all other customers of our
self-serve products, we calculate annualized MRR by annualizing the
prior 30 days of their actual
consumption of such products, assuming no increases or reductions
in usage. ARR and annualized MRR exclude professional
services.
|
MONGODB, INC.
SUPPLEMENTAL REVENUE
INFORMATION
|
|
The following table
presents certain supplemental revenue information as of the periods
indicated:
|
|
|
7/31/2021
|
|
10/31/2021
|
|
1/31/2022
|
|
4/30/2022
|
|
7/31/2022
|
|
10/31/2022
|
|
1/31/2023
|
|
4/30/2023
|
|
7/31/2023
|
MongoDB Enterprise
Advanced: % of
Subscription Revenue
|
36 %
|
|
34 %
|
|
33 %
|
|
33 %
|
|
28 %
|
|
29 %
|
|
28 %
|
|
28 %
|
|
26 %
|
Direct Sales
Customers(a)
Revenue: % of
Subscription Revenue
|
84 %
|
|
85 %
|
|
86 %
|
|
87 %
|
|
86 %
|
|
87 %
|
|
88 %
|
|
88 %
|
|
88 %
|
|
(a) Direct Sales
Customers are customers that were sold through our direct sales
force and channel partners.
|
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SOURCE MongoDB, Inc.