Third Quarter Fiscal 2023 Total Revenue of
$333.6 million, up 47%
Year-over-Year
Continued Strong Customer Growth with Over
39,100 Customers as of October 31,
2022
MongoDB Atlas Revenue up 61%
Year-over-Year; 63% of Total Q3 Revenue
NEW
YORK, Dec. 6, 2022 /PRNewswire/ -- MongoDB, Inc.
(NASDAQ: MDB) today announced its financial results for the third
quarter ended October 31, 2022.
"MongoDB's third quarter results were highlighted by 61% Atlas
revenue growth and $20 million of
non-GAAP operating income. The strength in our business was driven
by improved Atlas consumption trends and continued strength in new
business activity. Our performance reinforces the strategic
importance of MongoDB's developer data platform in enabling our
customers to use software and data to transform their businesses,"
said Dev Ittycheria, President and Chief Executive Officer of
MongoDB.
Third Quarter Fiscal 2023 Financial Highlights
- Revenue: Total revenue was $333.6
million for the third quarter of fiscal 2023, an increase of
47% year-over-year. Subscription revenue was $320.8 million, an increase of 47%
year-over-year, and services revenue was $12.9 million, an increase of 43%
year-over-year.
- Gross Profit: Gross profit was $240.0 million for the third quarter of fiscal
2023, representing a 72% gross margin compared to 70% in the
year-ago period. Non-GAAP gross profit was $247.8 million, representing a 74% 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
$82.9 million for the third quarter
of fiscal 2023, compared to a loss of $76.8
million in the year-ago period. Non-GAAP income from
operations was $19.8 million,
compared to a non-GAAP income of $6.3
million in the year-ago period.
- Net Loss: Net loss was $84.8
million, or $1.23 per share,
based on 68.9 million weighted-average shares outstanding, for the
third quarter of fiscal 2023. This compares to a net loss of
$81.3 million, or $1.22 per share, based on 66.4 million
weighted-average shares outstanding, in the year-ago period.
Non-GAAP net income was $18.7 million
or $0.23 per share based on 80.4
million diluted weighted-average shares outstanding. This compares
to a non-GAAP net income of $2.6
million or $0.03 per share in
the year-ago period.
- Cash Flow: As of October 31,
2022, MongoDB had $1.8 billion
in cash, cash equivalents, short-term investments and restricted
cash. During the three months ended October
31, 2022, MongoDB used $5.7
million of cash from operations, used $1.4 million of cash in capital expenditures and
used $1.3 million of cash in
principal repayments of finance leases, leading to negative free
cash flow of $8.4 million, compared
to negative free cash flow of $9.2
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."
Third Quarter Fiscal 2023 and Recent Business
Highlights
- MongoDB and Microsoft announced that the companies are making
it easier for developers to build data rich applications at scale
with a new pay-as-you-go experience for MongoDB Atlas within the
Azure Marketplace & Portal. Additionally, the companies
announced that MongoDB Atlas will be available within the Microsoft
Intelligent Data Platform.This integration simplifies data
management, empowering organizations to accelerate innovation and
achieve agility across all their data.
- MongoDB was named a leader in The Forrester Wave™: Translytical
Data Platforms, Q4 2022. MongoDB received the highest possible
scores across eleven criteria and, according to the Forrester
report, organizations are using the MongoDB developer data platform
to support real-time analytics, systems of insight, customer 360,
internet of things (IoT), and mobile applications.
- From the keynote stage of .local London, MongoDB announced an overhaul of
MongoDB University to help support the explosive adoption of
MongoDB across the globe. The updated program includes a new
catalog of courses with more than 300 different assets ranging from
videos, labs, hands-on product lessons, expanded developer
certifications, six new language subtitles for global audiences and
24/7 exams with robust study materials.
Fourth Quarter and Full Year Fiscal 2023 Guidance
Based on information available to management as of today,
December 6, 2022, MongoDB is issuing
the following financial guidance for the fourth quarter and full
year fiscal 2023.
|
Fourth
Quarter Fiscal
2023
|
Full Year Fiscal 2023
|
Revenue
|
$334 million to $337
million
|
$1.257 billion to
$1.260 billion
|
Non-GAAP Income from
Operations
|
$6 million to $8
million
|
$30.8 million to
$32.8 million
|
Non-GAAP Net Income
per Share
|
$0.06 to
$0.08
|
$0.29 to
$0.31
|
The guidance provided above is forward-looking in nature. Actual
results may differ materially. See the cautionary note regarding
"Forward-Looking Statements" below. Fluctuations in MongoDB's
operating results may be particularly pronounced due to adverse
macroeconomic conditions and the continuing uncertainty caused by
the COVID-19 pandemic. The situation regarding both the adverse
macroeconomic environment and the COVID-19 pandemic remains
uncertain and could change rapidly, and MongoDB will continue to
evaluate the potential impact of both these factors on its
business.
Reconciliation of non-GAAP income (loss) from operations and
non-GAAP net income (loss) per share guidance to the most directly
comparable GAAP measures is 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, December 6, 2022, 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.
About MongoDB
MongoDB is the developer data platform company empowering
innovators to create, transform, and disrupt industries by
unleashing the power of software and data. Headquartered in
New York, MongoDB has more than
39,100 customers in over 100 countries. The MongoDB database
platform has been downloaded over 325 million times and there have
been more than 1.5 million registrations for MongoDB University
courses.
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 fourth fiscal quarter and full
year fiscal 2023 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; the financial impacts of the COVID-19 pandemic 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 database 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; 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 July 31,
2022, filed with the SEC on September
2, 2022. Additional information will be made available in
our Quarterly Report on Form 10-Q for the quarter ended
October 31, 2022 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 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 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.
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 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.
Investor Relations
Brian Denyeau
ICR for MongoDB
646-277-1251
ir@mongodb.com
Media Relations
Matt Trocchio
MongoDB
communications@mongodb.com
MONGODB,
INC.
|
CONSOLIDATED BALANCE
SHEETS
|
(in thousands,
except share and per share data)
|
(unaudited)
|
|
|
October 31,
2022
|
|
January 31,
2022
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
999,674
|
|
$
473,904
|
Short-term
investments
|
787,858
|
|
1,352,019
|
Accounts receivable,
net of allowance for doubtful accounts of $5,457 and $4,966 as of
October 31, 2022 and January 31, 2022,
respectively
|
231,260
|
|
195,383
|
Deferred
commissions
|
77,446
|
|
63,523
|
Prepaid expenses and
other current assets
|
26,017
|
|
32,573
|
Total current
assets
|
2,122,255
|
|
2,117,402
|
Property and equipment,
net
|
59,489
|
|
62,625
|
Operating lease
right-of-use assets
|
43,485
|
|
41,745
|
Goodwill
|
57,779
|
|
57,775
|
Acquired intangible
assets, net
|
13,723
|
|
20,608
|
Deferred tax
assets
|
1,657
|
|
1,939
|
Other
assets
|
168,798
|
|
147,494
|
Total
assets
|
$
2,467,186
|
|
$
2,449,588
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
7,734
|
|
$
5,234
|
Accrued compensation
and benefits
|
84,443
|
|
112,568
|
Operating lease
liabilities
|
8,645
|
|
8,084
|
Other accrued
liabilities
|
52,826
|
|
48,848
|
Deferred
revenue
|
364,159
|
|
352,001
|
Total current
liabilities
|
517,807
|
|
526,735
|
Deferred tax liability,
non-current
|
406
|
|
81
|
Operating lease
liabilities, non-current
|
37,261
|
|
38,707
|
Deferred revenue,
non-current
|
34,014
|
|
23,179
|
Convertible senior
notes, net
|
1,139,042
|
|
1,136,521
|
Other liabilities,
non-current
|
54,374
|
|
57,665
|
Total
liabilities
|
1,782,904
|
|
1,782,888
|
Stockholders'
equity:
|
|
|
|
Common stock, par
value of $0.001 per share; 1,000,000,000 shares authorized as of
October 31, 2022 and January 31, 2022; 69,355,046 shares
issued and 69,255,675 shares outstanding as of October 31,
2022; 67,543,731 shares issued and 67,444,360 shares outstanding as
of January 31, 2022
|
69
|
|
67
|
Additional paid-in
capital
|
2,159,957
|
|
1,860,514
|
Treasury stock, 99,371
shares (repurchased at an average of $13.27 per share) as of
October 31, 2022 and January 31, 2022
|
(1,319)
|
|
(1,319)
|
Accumulated other
comprehensive loss
|
(3,791)
|
|
(2,928)
|
Accumulated
deficit
|
(1,470,634)
|
|
(1,189,634)
|
Total stockholders'
equity
|
684,282
|
|
666,700
|
Total liabilities and
stockholders' equity
|
$
2,467,186
|
|
$
2,449,588
|
MONGODB,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(in thousands,
except share and per share data)
|
(unaudited)
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
$
320,756
|
|
$
217,871
|
|
$
886,944
|
|
$
583,822
|
Services
|
12,865
|
|
9,022
|
|
35,784
|
|
23,466
|
Total
revenue
|
333,621
|
|
226,893
|
|
922,728
|
|
607,288
|
Cost of
revenue(1):
|
|
|
|
|
|
|
|
Subscription
|
77,150
|
|
57,378
|
|
213,154
|
|
153,735
|
Services
|
16,502
|
|
11,086
|
|
46,990
|
|
29,959
|
Total cost of
revenue
|
93,652
|
|
68,464
|
|
260,144
|
|
183,694
|
Gross
profit
|
239,969
|
|
158,429
|
|
662,584
|
|
423,594
|
Operating
expenses:
|
|
|
|
|
|
|
|
Sales and
marketing(1)
|
177,419
|
|
120,360
|
|
509,285
|
|
327,627
|
Research and
development(1)
|
106,392
|
|
82,256
|
|
310,801
|
|
219,403
|
General and
administrative(1)
|
39,081
|
|
32,581
|
|
116,204
|
|
87,309
|
Total operating
expenses
|
322,892
|
|
235,197
|
|
936,290
|
|
634,339
|
Loss from
operations
|
(82,923)
|
|
(76,768)
|
|
(273,706)
|
|
(210,745)
|
Other income (expense),
net
|
3,117
|
|
(2,276)
|
|
1,936
|
|
(9,262)
|
Loss before provision
for income taxes
|
(79,806)
|
|
(79,044)
|
|
(271,770)
|
|
(220,007)
|
Provision for income
taxes
|
5,035
|
|
2,249
|
|
9,230
|
|
2,411
|
Net
loss
|
$
(84,841)
|
|
$
(81,293)
|
|
$
(281,000)
|
|
$
(222,418)
|
Net loss per share,
basic and diluted
|
$
(1.23)
|
|
$
(1.22)
|
|
$
(4.11)
|
|
$
(3.49)
|
Weighted-average shares
used to compute net loss per
share, basic and diluted
|
68,916,813
|
|
66,386,379
|
|
68,325,990
|
|
63,750,884
|
_____________________________
|
(1)
|
Includes stock‑based
compensation expense as follows:
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Cost of
revenue—subscription
|
$
5,016
|
|
$
3,934
|
|
$
14,492
|
|
$
10,322
|
Cost of
revenue—services
|
2,827
|
|
1,521
|
|
7,599
|
|
4,473
|
Sales and
marketing
|
38,352
|
|
24,790
|
|
104,539
|
|
64,749
|
Research and
development
|
41,458
|
|
29,205
|
|
117,583
|
|
73,227
|
General and
administrative
|
11,545
|
|
9,258
|
|
35,105
|
|
24,556
|
Total stock‑based
compensation expense
|
$
99,198
|
|
$
68,708
|
|
$
279,318
|
|
$
177,327
|
MONGODB,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Net
loss
|
$
(84,841)
|
|
$
(81,293)
|
|
$
(281,000)
|
|
$
(222,418)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
4,167
|
|
3,367
|
|
11,912
|
|
9,989
|
Stock-based
compensation
|
99,198
|
|
68,708
|
|
279,318
|
|
177,327
|
Amortization of debt
issuance costs
|
845
|
|
842
|
|
2,530
|
|
3,161
|
Amortization of
finance right-of-use assets
|
994
|
|
993
|
|
2,981
|
|
2,981
|
Amortization of
operating right-of-use assets
|
2,331
|
|
1,778
|
|
6,789
|
|
5,010
|
Deferred income
taxes
|
716
|
|
(333)
|
|
414
|
|
(2,711)
|
Accretion of discount
on short-term investments
|
(1,122)
|
|
1,984
|
|
2,954
|
|
4,978
|
Gain on non-marketable
securities
|
—
|
|
—
|
|
(1,694)
|
|
—
|
Unrealized foreign
exchange (gain) loss
|
(410)
|
|
(541)
|
|
(1,554)
|
|
503
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(18,780)
|
|
(63,215)
|
|
(38,260)
|
|
(46,892)
|
Prepaid expenses and
other current assets
|
1,274
|
|
(1,371)
|
|
6,182
|
|
(7,220)
|
Deferred
commissions
|
(13,354)
|
|
(18,363)
|
|
(29,909)
|
|
(34,819)
|
Other long-term
assets
|
(171)
|
|
(239)
|
|
(1,033)
|
|
(291)
|
Accounts
payable
|
475
|
|
680
|
|
2,636
|
|
1,127
|
Accrued
liabilities
|
(18,568)
|
|
32,671
|
|
(18,769)
|
|
34,138
|
Operating lease
liabilities
|
(2,555)
|
|
(1,748)
|
|
(7,104)
|
|
(4,343)
|
Deferred
revenue
|
23,642
|
|
48,707
|
|
23,973
|
|
58,498
|
Other liabilities,
non-current
|
415
|
|
1,583
|
|
793
|
|
5,651
|
Net cash used in
operating activities
|
(5,744)
|
|
(5,790)
|
|
(38,841)
|
|
(15,331)
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
Purchases of
property and equipment
|
(1,381)
|
|
(2,184)
|
|
(6,533)
|
|
(4,516)
|
Acquisition,
net of cash acquired
|
—
|
|
—
|
|
—
|
|
(4,469)
|
Investment in
non-marketable securities
|
(1,604)
|
|
(1,207)
|
|
(2,723)
|
|
(2,343)
|
Proceeds from
maturities of marketable securities
|
675,000
|
|
125,000
|
|
1,075,000
|
|
400,000
|
Purchases of
marketable securities
|
(316,433)
|
|
(528,264)
|
|
(514,047)
|
|
(932,250)
|
Net cash provided by
(used in) investing activities
|
355,582
|
|
(406,655)
|
|
551,697
|
|
(543,578)
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Proceeds from
exercise of stock options
|
1,352
|
|
1,846
|
|
4,340
|
|
7,591
|
Proceeds from
issuance of common stock, net of issuance costs
|
—
|
|
(380)
|
|
—
|
|
889,184
|
Proceeds from
the issuance of common stock under the Employee
Stock Purchase Plan
|
—
|
|
—
|
|
15,777
|
|
12,963
|
Principal
repayments of finance leases
|
(1,305)
|
|
(1,234)
|
|
(3,187)
|
|
(3,649)
|
Repayments of
convertible senior notes attributable to principal
|
—
|
|
—
|
|
—
|
|
(27,594)
|
Net cash
provided by financing activities
|
47
|
|
232
|
|
16,930
|
|
878,495
|
Effect of exchange
rate changes on cash, cash equivalents, and restricted cash
|
(1,634)
|
|
(646)
|
|
(4,029)
|
|
(1,148)
|
Net increase
(decrease) in cash, cash equivalents and restricted
cash
|
348,251
|
|
(412,859)
|
|
525,757
|
|
318,438
|
Cash, cash
equivalents, and restricted cash, beginning of
period
|
651,926
|
|
1,161,519
|
|
474,420
|
|
430,222
|
Cash, cash
equivalents, and restricted cash, end of
period
|
$ 1,000,177
|
|
$
748,660
|
|
$ 1,000,177
|
|
$
748,660
|
MONGODB,
INC.
|
RECONCILIATION OF
GAAP MEASURES TO NON-GAAP MEASURES
|
(in thousands,
except share and per share data)
|
(unaudited)
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Reconciliation of
GAAP gross profit to non-GAAP gross profit:
|
|
|
|
|
|
|
|
Gross profit on a GAAP
basis
|
$ 239,969
|
|
$ 158,429
|
|
$ 662,584
|
|
$ 423,594
|
Gross margin
(Gross profit/Total revenue) on a GAAP basis
|
72 %
|
|
70 %
|
|
72 %
|
|
70 %
|
Add back:
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation: Cost of
Revenue—Subscription
|
5,124
|
|
4,226
|
|
15,103
|
|
11,095
|
Expenses
associated with stock-based compensation: Cost of
Revenue—Services
|
2,660
|
|
3,441
|
|
7,521
|
|
6,938
|
Non-GAAP gross
profit
|
$ 247,753
|
|
$ 166,096
|
|
$ 685,208
|
|
$ 441,627
|
Non-GAAP
gross margin (Non-GAAP gross profit/Total revenue)
|
74 %
|
|
73 %
|
|
74 %
|
|
73 %
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP operating expenses to non-GAAP
operating expenses:
|
|
|
|
|
|
|
|
Sales and marketing
operating expense on a GAAP basis
|
$ 177,419
|
|
$ 120,360
|
|
$ 509,285
|
|
$ 327,627
|
Less:
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
38,276
|
|
29,219
|
|
109,203
|
|
75,371
|
Amortization of intangible assets associated with
acquisitions
|
760
|
|
760
|
|
2,280
|
|
2,280
|
Non-GAAP sales and
marketing operating expense
|
$ 138,383
|
|
$
90,381
|
|
$ 397,802
|
|
$ 249,976
|
|
|
|
|
|
|
|
|
Research and
development operating expense on a GAAP basis
|
$ 106,392
|
|
$
82,256
|
|
$ 310,801
|
|
$ 219,403
|
Less:
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
42,258
|
|
30,934
|
|
121,586
|
|
78,111
|
Amortization of
intangible assets and post-combination
compensation expense associated with prior
acquisitions
|
1,535
|
|
3,785
|
|
4,605
|
|
7,745
|
Non-GAAP research and
development operating expense
|
$
62,599
|
|
$
47,537
|
|
$ 184,610
|
|
$ 133,547
|
|
|
|
|
|
|
|
|
General and
administrative operating expense on a GAAP basis
|
$
39,081
|
|
$
32,581
|
|
$ 116,204
|
|
$
87,309
|
Less:
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
12,069
|
|
10,691
|
|
38,227
|
|
28,691
|
Non-GAAP general and
administrative operating expense
|
$
27,012
|
|
$
21,890
|
|
$
77,977
|
|
$
58,618
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP loss from operations to non-GAAP
income (loss) from operations:
|
|
|
|
|
|
|
|
Loss from operations
on a GAAP basis
|
$ (82,923)
|
|
$ (76,768)
|
|
$
(273,706)
|
|
$
(210,745)
|
Add back:
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
100,387
|
|
78,511
|
|
291,640
|
|
200,206
|
Amortization of
intangible assets and post-combination
compensation expense associated with prior
acquisitions
|
2,295
|
|
4,545
|
|
6,885
|
|
10,025
|
Non-GAAP income (loss)
from operations
|
$
19,759
|
|
$
6,288
|
|
$
24,819
|
|
$
(514)
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net loss to non-GAAP net income (loss):
|
|
|
|
|
|
|
|
Net loss on a GAAP
basis
|
$ (84,841)
|
|
$ (81,293)
|
|
$
(281,000)
|
|
$
(222,418)
|
Add back:
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
100,387
|
|
78,511
|
|
291,640
|
|
200,206
|
Amortization of
intangible assets and post-combination
compensation expense associated with prior
acquisitions
|
2,295
|
|
4,545
|
|
6,885
|
|
10,025
|
Amortization of
debt issuance costs related to convertible senior notes
|
845
|
|
842
|
|
2,530
|
|
3,161
|
Less:
|
|
|
|
|
|
|
|
Gain on
non-marketable securities
|
—
|
|
—
|
|
(1,694)
|
|
—
|
Non-GAAP net income
(loss)
|
$
18,686
|
|
$
2,605
|
|
$
18,361
|
|
$
(9,026)
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net loss per share, basic and diluted, to
non-GAAP net income (loss) per share, basic and
diluted:
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted, on a GAAP basis
|
$
(1.23)
|
|
$
(1.22)
|
|
$
(4.11)
|
|
$
(3.49)
|
Add back:
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
1.46
|
|
1.18
|
|
4.26
|
|
3.14
|
Amortization of
intangible assets and post-combination
compensation expense associated with prior
acquisitions
|
0.03
|
|
0.07
|
|
0.10
|
|
0.16
|
Amortization of
debt issuance costs related to convertible senior notes
|
0.01
|
|
0.01
|
|
0.04
|
|
0.05
|
Less:
|
|
|
|
|
|
|
|
Gain on
non-marketable securities
|
—
|
|
—
|
|
0.02
|
|
—
|
Non-GAAP net income
(loss) per share, basic
|
$
0.27
|
|
$
0.04
|
|
$
0.27
|
|
$
(0.14)
|
Adjustment for fully
diluted earnings per share
|
(0.04)
|
|
(0.01)
|
|
(0.04)
|
|
—
|
Non-GAAP net income
(loss) per share, diluted *
|
$
0.23
|
|
$
0.03
|
|
$
0.23
|
|
$
(0.14)
|
|
|
|
|
|
|
|
* Diluted
non-GAAP net income per share is calculated based upon 80,393,223
and 79,903,305 of diluted weighted-average shares of outstanding
common stock for the three and nine months ended October 31, 2022,
respectively. Diluted non-GAAP net income per share for the three
months ended October 31, 2021 is calculated based upon 78,511,349
of diluted weighted-average shares of outstanding common stock. 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.
|
The following table
presents a reconciliation of free cash flow to net cash used in
operating activities, the most directly comparable GAAP measure,
for each of the periods indicated (unaudited, in
thousands):
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net cash used in
operating activities
|
$
(5,744)
|
|
$
(5,790)
|
|
$
(38,841)
|
|
$
(15,331)
|
Capital
expenditures
|
(1,381)
|
|
(2,184)
|
|
(6,533)
|
|
(4,516)
|
Principal repayments of
finance leases
|
(1,305)
|
|
(1,234)
|
|
(3,187)
|
|
(3,649)
|
Capitalized
software
|
—
|
|
—
|
|
—
|
|
—
|
Free cash
flow
|
$
(8,430)
|
|
$
(9,208)
|
|
$
(48,561)
|
|
$
(23,496)
|
MONGODB,
INC.
|
CUSTOMER COUNT
METRICS
|
|
The following table
presents certain customer count information as of the periods
indicated:
|
|
|
|
10/31/2020
|
|
1/31/2021
|
|
4/30/2021
|
|
7/31/2021
|
|
10/31/2021
|
|
1/31/2022
|
|
4/30/2022
|
|
7/31/2022
|
|
10/31/2022
|
Total Customers
(a)
|
22,600+
|
|
24,800+
|
|
26,800+
|
|
29,000+
|
|
31,000+
|
|
33,000+
|
|
35,200+
|
|
37,000+
|
|
39,100+
|
Direct Sales
Customers(b)
|
2,800+
|
|
3,000+
|
|
3,300+
|
|
3,600+
|
|
3,900+
|
|
4,400+
|
|
4,800+
|
|
5,400+
|
|
5,900+
|
MongoDB Atlas
Customers
|
21,100+
|
|
23,300+
|
|
25,300+
|
|
27,500+
|
|
29,500+
|
|
31,500+
|
|
33,700+
|
|
35,500+
|
|
37,600+
|
Customers over
$100K(c)
|
898
|
|
975
|
|
1,057
|
|
1,126
|
|
1,201
|
|
1,307
|
|
1,379
|
|
1,462
|
|
1,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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:
|
|
|
|
10/31/2020
|
|
1/31/2021
|
|
4/30/2021
|
|
7/31/2021
|
|
10/31/2021
|
|
1/31/2022
|
|
4/30/2022
|
|
7/31/2022
|
|
10/31/2022
|
MongoDB Enterprise
Advanced: % of
Subscription Revenue
|
43 %
|
|
41 %
|
|
40 %
|
|
36 %
|
|
34 %
|
|
33 %
|
|
33 %
|
|
28 %
|
|
29 %
|
Direct Sales
Customers(a)
Revenue: %
of
Subscription Revenue
|
82 %
|
|
83 %
|
|
84 %
|
|
84 %
|
|
85 %
|
|
86 %
|
|
87 %
|
|
86 %
|
|
87 %
|
|
|
(a)
|
Direct Sales Customers
are customers that were sold through our direct sales force and
channel partners.
|
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SOURCE MongoDB, Inc.