Second Quarter Fiscal 2025 Total Revenue of
$478.1 million, up 13%
Year-over-Year
Continued Strong Customer Growth with Over
50,700 Customers as of July 31,
2024
MongoDB Atlas Revenue up 27%
Year-over-Year; 71% of Total Q2 Revenue
NEW
YORK, Aug. 29, 2024 /PRNewswire/ -- MongoDB,
Inc. (NASDAQ: MDB) today announced its financial results for the
second quarter ended July 31,
2024.
"MongoDB delivered healthy second quarter results, highlighted
by strong new workload acquisition and better-than-expected Atlas
consumption trends. Our continued success in winning new
workloads demonstrates the critical role MongoDB's platform plays
in modern application development," said Dev Ittycheria, President
and Chief Executive Officer of MongoDB.
"We remain excited about our opportunity to continue capturing
share in one of the largest markets in software. Today, companies
of all sizes and across nearly every industry and geography rely on
MongoDB to build the software that helps them run and transform
their business. We believe we are incredibly well positioned
to help customers incorporate generative AI into their business and
modernize their legacy application estate."
Second Quarter Fiscal 2025 Financial Highlights
- Revenue: Total revenue was $478.1
million for the second quarter of fiscal 2025, an increase
of 13% year-over-year. Subscription revenue was $463.8 million, an increase of 13%
year-over-year, and services revenue was $14.3 million, a decrease of 1%
year-over-year.
- Gross Profit: Gross profit was $349.9 million for the second quarter of fiscal
2025, representing a 73% gross margin compared to 75% in the
year-ago period. Non-GAAP gross profit was $360.8 million, representing a 75% non-GAAP gross
margin, compared to a non-GAAP gross margin of 78% in the year-ago
period.
- Loss from Operations: Loss from operations was
$71.4 million for the second quarter
of fiscal 2025, compared to a loss from operations of $49.0 million in the year-ago period. Non-GAAP
income from operations was $52.5
million, compared to non-GAAP income from operations of
$79.1 million in the year-ago
period.
- Net Loss: Net loss was $54.5
million, or $0.74 per share,
based on 73.5 million weighted-average shares outstanding, for the
second quarter of fiscal 2025. This compares to a net loss of
$37.6 million, or $0.53 per share, in the year-ago period. Non-GAAP
net income was $59.0 million, or
$0.70 per share, based on 83.8
million diluted weighted-average shares outstanding. This compares
to a non-GAAP net income of $76.7
million, or $0.93 per share,
in the year-ago period.
- Cash Flow: As of July 31,
2024, MongoDB had $2.3 billion
in cash, cash equivalents, short-term investments and restricted
cash. During the three months ended July 31,
2024, MongoDB used $1.4
million of cash in operations, used $1.1 million of cash in capital expenditures and
used $1.5 million of cash in
principal repayments of finance leases, leading to negative free
cash flow of $4.0 million, compared
to negative free cash flow of $27.3
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 2025 and Recent Business
Highlights
- The MongoDB AI Applications Program (MAAP) was made generally
available to customers in July. MAAP brings together an ecosystem
of companies—including tech leaders like AWS, Google Cloud,
Microsoft Azure, and Accenture as well as gen AI innovators like
Anthropic, Cohere and Fireworks AI—to offer an end-to-end AI
technology stack, professional services, and a unified support
system that helps customers quickly build and deploy AI
applications. Organizations are eager to adopt AI, and MAAP makes
it easier for them to confidently move from concept to
production.
- MongoDB Atlas Vector Search was named the most loved and
second-most used vector database on the market for the second year
in a row in Retool's 2024 State of AI report. Since introducing
Atlas Vector Search last year, MongoDB has quickly become a trusted
partner for customers looking to build powerful AI
applications.
- MongoDB continues to be a critical partner to hyperscalers
around the world. Most recently, MongoDB was named Amazon Web
Services's (AWS) Technology Partner of the Year in Taiwan, AWS's Global Software Partner of the
Year in ASEAN, and Microsoft's Global ISV Partner of the Year in
Spain. With availability in 118
AWS, Google Cloud, and Microsoft Azure cloud regions globally,
AI-focused technology integrations with all three major cloud
providers, and a growing presence in the major cloud marketplaces,
developers can frictionlessly run MongoDB Atlas-backed applications
anywhere.
Third Quarter and Full Year Fiscal 2025 Guidance
Based on information available to management as of today,
August 29, 2024, MongoDB is issuing
the following financial guidance for the third quarter and full
year fiscal 2025.
|
Third Quarter Fiscal 2025
|
Full Year Fiscal 2025
|
|
Revenue
|
$493.0 million to
$497.0 million
|
$1.92 billion to
$1.93 billion
|
|
Non-GAAP Income from
Operations
|
$57.0 million to
$60.0 million
|
$187.0 million to
$195.0 million
|
|
Non-GAAP Net Income
per Share
|
$0.65 to
$0.68
|
$2.33 to
$2.47
|
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 29, 2024, 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 2025 and underlying assumptions, our ability to
capitalize on our market opportunity and deliver strong growth for
the foreseeable future as well as the criticality of MongoDB to
artificial intelligence application development. 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: our customers renewing their subscriptions with us and
expanding their usage of software and related services; the effects
of the ongoing military conflicts between Russia and Ukraine and Israel and Hamas 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; 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 effects of
social, ethical and regulatory issues relating to the use of new
and evolving technologies, such as artificial intelligence, in our
offerings or partnerships; 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, 2024, filed with the SEC on
May 31, 2024. Additional information
will be made available in our Quarterly Report on Form 10-Q for the
quarter ended July 31, 2024, 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 from operations, non-GAAP operating margin,
non-GAAP net income, non-GAAP net income 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 from operations, non-GAAP
operating margin, non-GAAP net income and non-GAAP net income 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; and
- in the case of non-GAAP net income and non-GAAP net income per
share, amortization of the debt issuance costs associated with our
convertible senior notes and gains or losses on our financial
instruments;
- additionally, non-GAAP net income and non-GAAP net income per
share 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 from operations, non-GAAP net income, non-GAAP net
income 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, MongoDB's 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.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(in thousands
of U.S. dollars, except share and per share
data)
|
|
(unaudited)
|
|
|
July 31,
2024
|
|
January 31,
2024
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
1,290,901
|
|
$
802,959
|
|
Short-term
investments
|
973,933
|
|
1,212,448
|
|
Accounts receivable,
net of allowance for doubtful accounts of $7,879 and $8,054 as of
July 31,
2024 and January 31, 2024, respectively
|
311,166
|
|
325,610
|
|
Deferred
commissions
|
97,644
|
|
92,512
|
|
Prepaid expenses and
other current assets
|
48,403
|
|
50,107
|
|
Total current
assets
|
2,722,047
|
|
2,483,636
|
|
Property and equipment,
net
|
48,389
|
|
53,042
|
|
Operating lease
right-of-use assets
|
36,873
|
|
37,365
|
|
Goodwill
|
69,679
|
|
69,679
|
|
Acquired intangible
assets, net
|
1,133
|
|
3,957
|
|
Deferred tax
assets
|
4,765
|
|
4,116
|
|
Other
assets
|
248,344
|
|
217,847
|
|
Total
assets
|
$
3,131,230
|
|
$
2,869,642
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
10,135
|
|
$
9,905
|
|
Accrued compensation
and benefits
|
112,063
|
|
112,579
|
|
Operating lease
liabilities
|
11,048
|
|
9,797
|
|
Other accrued
liabilities
|
100,795
|
|
74,831
|
|
Deferred
revenue
|
307,114
|
|
357,108
|
|
Total current
liabilities
|
541,155
|
|
564,220
|
|
Deferred tax
liability
|
1,061
|
|
285
|
|
Operating lease
liabilities
|
28,877
|
|
30,918
|
|
Deferred
revenue
|
15,612
|
|
20,296
|
|
Convertible senior
notes, net
|
1,144,977
|
|
1,143,273
|
|
Other
liabilities
|
36,501
|
|
41,661
|
|
Total
liabilities
|
1,768,183
|
|
1,800,653
|
|
Stockholders'
equity:
|
|
|
|
|
Common stock, par
value of $0.001 per share; 1,000,000,000 shares authorized as of
July 31, 2024
and January 31, 2024; 73,963,083 shares issued and 73,863,712
shares outstanding as of July 31,
2024; 72,840,692 shares issued and 72,741,321 shares outstanding as
of January 31, 2024
|
73
|
|
73
|
|
Additional paid-in
capital
|
3,210,146
|
|
2,777,322
|
|
Treasury stock, 99,371
shares (repurchased at an average of $13.27 per share) as of
July 31, 2024
and January 31, 2024
|
(1,319)
|
|
(1,319)
|
|
Accumulated other
comprehensive income
|
901
|
|
4,545
|
|
Accumulated
deficit
|
(1,846,754)
|
|
(1,711,632)
|
|
Total stockholders'
equity
|
1,363,047
|
|
1,068,989
|
|
Total liabilities and
stockholders' equity
|
$
3,131,230
|
|
$
2,869,642
|
|
MONGODB,
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(in thousands,
except share and per share data)
|
|
(unaudited)
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Subscription
|
$
463,805
|
|
$
409,334
|
|
$
900,701
|
|
$
764,048
|
|
Services
|
14,304
|
|
14,457
|
|
27,969
|
|
28,023
|
|
Total
revenue
|
478,109
|
|
423,791
|
|
928,670
|
|
792,071
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
Subscription(1)
|
106,816
|
|
84,822
|
|
207,578
|
|
162,995
|
|
Services(1)
|
21,437
|
|
20,515
|
|
43,372
|
|
39,791
|
|
Total cost of
revenue
|
128,253
|
|
105,337
|
|
250,950
|
|
202,786
|
|
Gross
profit
|
349,856
|
|
318,454
|
|
677,720
|
|
589,285
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Sales and
marketing(1)
|
221,539
|
|
195,934
|
|
440,983
|
|
378,667
|
|
Research and
development(1)
|
148,967
|
|
125,420
|
|
295,027
|
|
242,237
|
|
General and
administrative(1)
|
50,790
|
|
46,103
|
|
111,336
|
|
85,931
|
|
Total operating
expenses
|
421,296
|
|
367,457
|
|
847,346
|
|
706,835
|
|
Loss from
operations
|
(71,440)
|
|
(49,003)
|
|
(169,626)
|
|
(117,550)
|
|
Other income,
net
|
20,808
|
|
14,994
|
|
40,982
|
|
31,782
|
|
Loss before provision
for income taxes
|
(50,632)
|
|
(34,009)
|
|
(128,644)
|
|
(85,768)
|
|
Provision for income
taxes
|
3,897
|
|
3,588
|
|
6,478
|
|
6,075
|
|
Net
loss
|
$
(54,529)
|
|
$
(37,597)
|
|
$
(135,122)
|
|
$
(91,843)
|
|
Net loss per share,
basic and diluted
|
$
(0.74)
|
|
$
(0.53)
|
|
$
(1.84)
|
|
$
(1.30)
|
|
Weighted-average shares
used to compute net loss per
share, basic and diluted
|
73,543,427
|
|
70,874,117
|
|
73,269,824
|
|
70,531,581
|
|
|
(1) Includes stock‑based compensation
expense as follows:
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Cost of
revenue—subscription
|
$
7,519
|
|
$
6,075
|
|
$
13,682
|
|
$
11,589
|
|
Cost of
revenue—services
|
3,401
|
|
3,342
|
|
6,656
|
|
6,290
|
|
Sales and
marketing
|
41,040
|
|
40,376
|
|
80,653
|
|
77,982
|
|
Research and
development
|
55,188
|
|
48,413
|
|
110,361
|
|
92,479
|
|
General and
administrative
|
15,275
|
|
15,106
|
|
31,834
|
|
28,927
|
|
Total stock‑based
compensation expense
|
$
122,423
|
|
$
113,312
|
|
$
243,186
|
|
$
217,267
|
|
MONGODB,
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Net
loss
|
$
(54,529)
|
|
$
(37,597)
|
|
$
(135,122)
|
|
$
(91,843)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,349
|
|
4,173
|
|
7,175
|
|
8,546
|
|
Stock-based
compensation
|
122,423
|
|
113,312
|
|
243,186
|
|
217,267
|
|
Amortization of debt
discount and issuance costs
|
852
|
|
847
|
|
1,704
|
|
1,694
|
|
Amortization of
finance right-of-use assets
|
994
|
|
993
|
|
1,987
|
|
1,987
|
|
Amortization of
operating right-of-use assets
|
2,592
|
|
2,254
|
|
5,071
|
|
4,479
|
|
Deferred income
taxes
|
19
|
|
(189)
|
|
26
|
|
(377)
|
|
Amortization of
premium and accretion of discount on short-term
investments, net
|
(5,680)
|
|
(12,279)
|
|
(13,461)
|
|
(25,509)
|
|
Realized and
unrealized gain (loss) on financial instruments, net
|
(373)
|
|
932
|
|
(852)
|
|
(1,294)
|
|
Unrealized foreign
exchange loss
|
1,089
|
|
870
|
|
1,204
|
|
1,299
|
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
(46,027)
|
|
(61,206)
|
|
13,299
|
|
12,158
|
|
Prepaid expenses and
other current assets
|
149
|
|
124
|
|
1,382
|
|
(2,785)
|
|
Deferred
commissions
|
(15,153)
|
|
(7,104)
|
|
(19,973)
|
|
(4,440)
|
|
Other long-term
assets
|
(9,475)
|
|
(92)
|
|
(9,309)
|
|
(138)
|
|
Accounts
payable
|
746
|
|
(52)
|
|
199
|
|
(356)
|
|
Accrued
liabilities
|
22,687
|
|
16,090
|
|
29,213
|
|
3,459
|
|
Operating lease
liabilities
|
(3,183)
|
|
(2,262)
|
|
(5,368)
|
|
(4,656)
|
|
Deferred
revenue
|
(16,882)
|
|
(44,084)
|
|
(54,313)
|
|
(91,350)
|
|
Other liabilities,
non-current
|
(3,996)
|
|
(32)
|
|
(3,833)
|
|
287
|
|
Net cash (used in)
provided by operating activities
|
(1,398)
|
|
(25,302)
|
|
62,215
|
|
28,428
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
(1,051)
|
|
(635)
|
|
(1,590)
|
|
(1,258)
|
|
Investments in
non-marketable securities
|
(5,500)
|
|
(750)
|
|
(5,500)
|
|
(2,056)
|
|
Proceeds from
maturities of marketable securities
|
310,000
|
|
475,000
|
|
435,000
|
|
755,000
|
|
Purchases of
marketable securities
|
(13,029)
|
|
(583,810)
|
|
(185,633)
|
|
(650,599)
|
|
Net cash provided by
(used in) investing activities
|
290,420
|
|
(110,195)
|
|
242,277
|
|
101,087
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
Proceeds from
settlement of capped calls
|
170,589
|
|
—
|
|
170,589
|
|
—
|
|
Proceeds from the
issuance of common stock under the Employee
Stock Purchase Plan
|
18,640
|
|
19,781
|
|
18,640
|
|
19,781
|
|
Proceeds from exercise
of stock options
|
353
|
|
2,037
|
|
1,306
|
|
3,509
|
|
Principal payments of
finance leases
|
(1,546)
|
|
(1,361)
|
|
(3,639)
|
|
(2,703)
|
|
Net cash provided by
financing activities
|
188,036
|
|
20,457
|
|
186,896
|
|
20,587
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(968)
|
|
706
|
|
(2,551)
|
|
1,415
|
|
Net increase
(decrease) in cash, cash equivalents and restricted
cash
|
476,090
|
|
(114,334)
|
|
488,837
|
|
151,517
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
816,390
|
|
722,190
|
|
803,643
|
|
456,339
|
|
Cash, cash equivalents
and restricted cash, end of period
|
$ 1,292,480
|
|
$
607,856
|
|
$ 1,292,480
|
|
$
607,856
|
|
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,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Reconciliation of
GAAP gross profit to non-GAAP gross profit:
|
|
|
|
|
|
|
|
|
Gross profit on a GAAP
basis
|
$ 349,856
|
|
$ 318,454
|
|
$ 677,720
|
|
$ 589,285
|
|
Gross margin
(Gross profit/Total revenue) on a GAAP basis
|
73 %
|
|
75 %
|
|
73 %
|
|
74 %
|
|
Add back:
|
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation: Cost of
Revenue—Subscription
|
7,650
|
|
6,364
|
|
14,147
|
|
12,051
|
|
Expenses
associated with stock-based compensation: Cost of
Revenue—Services
|
3,281
|
|
4,156
|
|
6,754
|
|
7,541
|
|
Non-GAAP gross
profit
|
$ 360,787
|
|
$ 328,974
|
|
$ 698,621
|
|
$ 608,877
|
|
Non-GAAP
gross margin (Non-GAAP gross profit/Total revenue)
|
75 %
|
|
78 %
|
|
75 %
|
|
77 %
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP operating expenses to non-GAAP
operating expenses:
|
|
|
|
|
|
|
|
|
Sales and marketing
operating expense on a GAAP basis
|
$ 221,539
|
|
$ 195,934
|
|
$ 440,983
|
|
$ 378,667
|
|
Less:
|
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
40,820
|
|
47,958
|
|
82,974
|
|
88,289
|
|
Amortization of
intangible assets
|
—
|
|
760
|
|
85
|
|
1,520
|
|
Non-GAAP sales and
marketing operating expense
|
$ 180,719
|
|
$ 147,216
|
|
$ 357,924
|
|
$ 288,858
|
|
|
|
|
|
|
|
|
|
Research and
development operating expense on a GAAP basis
|
$ 148,967
|
|
$ 125,420
|
|
$ 295,027
|
|
$ 242,237
|
|
Less:
|
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
56,389
|
|
50,822
|
|
114,150
|
|
96,546
|
|
Amortization of
intangible assets
|
170
|
|
1,535
|
|
2,738
|
|
3,070
|
|
Non-GAAP research and
development operating expense
|
$
92,408
|
|
$
73,063
|
|
$ 178,139
|
|
$ 142,621
|
|
|
|
|
|
|
|
|
|
General and
administrative operating expense on a GAAP basis
|
$
50,790
|
|
$
46,103
|
|
$ 111,336
|
|
$
85,931
|
|
Less:
|
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
15,647
|
|
16,525
|
|
34,092
|
|
31,306
|
|
Non-GAAP general and
administrative operating expense
|
$
35,143
|
|
$
29,578
|
|
$
77,244
|
|
$
54,625
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP loss from operations to non-GAAP income
from operations:
|
|
|
|
|
|
|
|
|
Loss from operations
on a GAAP basis
|
$ (71,440)
|
|
$ (49,003)
|
|
$
(169,626)
|
|
$
(117,550)
|
|
GAAP
operating margin (Loss from operations/Total
revenue)
|
(15) %
|
|
(12) %
|
|
(18) %
|
|
(15) %
|
|
Add back:
|
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
123,787
|
|
125,825
|
|
252,117
|
|
235,733
|
|
Amortization of
intangible assets
|
170
|
|
2,295
|
|
2,823
|
|
4,590
|
|
Non-GAAP income from
operations
|
$
52,517
|
|
$
79,117
|
|
$
85,314
|
|
$ 122,773
|
|
Non-GAAP
operating margin (Non-GAAP Income from
operations/Total revenue)
|
11 %
|
|
19 %
|
|
9 %
|
|
16 %
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net loss to non-GAAP net income:
|
|
|
|
|
|
|
|
|
Net loss on a GAAP
basis
|
$ (54,529)
|
|
$ (37,597)
|
|
$
(135,122)
|
|
$ (91,843)
|
|
Add back:
|
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
123,787
|
|
125,825
|
|
252,117
|
|
235,733
|
|
Amortization of
intangible assets
|
170
|
|
2,295
|
|
2,823
|
|
4,590
|
|
Amortization of
debt issuance costs related to convertible senior
notes
|
852
|
|
847
|
|
1,704
|
|
1,694
|
|
Less:
|
|
|
|
|
|
|
|
|
Gains on
financial instruments, net
|
373
|
|
(932)
|
|
852
|
|
1,294
|
|
Income tax
effects and adjustments *
|
10,864
|
|
15,590
|
|
18,952
|
|
24,916
|
|
Non-GAAP net
income
|
$
59,043
|
|
$
76,712
|
|
$ 101,718
|
|
$ 123,964
|
|
|
|
|
|
|
|
|
|
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
|
$
(0.74)
|
|
$
(0.53)
|
|
$
(1.84)
|
|
$
(1.30)
|
|
Add back:
|
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
1.68
|
|
1.78
|
|
3.44
|
|
3.34
|
|
Amortization of
intangible assets
|
—
|
|
0.03
|
|
0.04
|
|
0.07
|
|
Amortization of
debt issuance costs related to convertible senior
notes
|
0.01
|
|
0.01
|
|
0.02
|
|
0.02
|
|
Less:
|
|
|
|
|
|
|
|
|
Gains on
financial instruments, net
|
0.01
|
|
(0.01)
|
|
0.01
|
|
0.02
|
|
Income tax
effects and adjustments *
|
0.15
|
|
0.22
|
|
0.26
|
|
0.35
|
|
Non-GAAP net income
per share, basic
|
$
0.79
|
|
$
1.08
|
|
$
1.39
|
|
$
1.76
|
|
Adjustment for fully
diluted earnings per share
|
(0.09)
|
|
(0.15)
|
|
(0.17)
|
|
(0.25)
|
|
Non-GAAP net income
per share, diluted **
|
$
0.70
|
|
$
0.93
|
|
$
1.22
|
|
$
1.51
|
|
|
* Non-GAAP financial
information is adjusted for an assumed provision for income taxes
based on our long-term projected tax rate of 20%. 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.
|
|
** Diluted non-GAAP net
income per share is calculated based upon 83.8 million and
83.5 million of diluted weighted-average shares of outstanding
common stock for the three and six months ended July 31, 2024,
respectively, and 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 following table
presents a reconciliation of free cash flow to net cash (used in)
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,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net cash (used in)
provided by operating activities
|
$
(1,398)
|
|
$
(25,302)
|
|
$
62,215
|
|
$
28,428
|
|
Capital
expenditures
|
(1,051)
|
|
(635)
|
|
(1,590)
|
|
(1,258)
|
|
Principal repayments of
finance leases
|
(1,546)
|
|
(1,361)
|
|
(3,639)
|
|
(2,703)
|
|
Capitalized
software
|
—
|
|
—
|
|
—
|
|
—
|
|
Free cash
flow
|
$
(3,995)
|
|
$
(27,298)
|
|
$
56,986
|
|
$
24,467
|
|
MONGODB,
INC.
|
|
CUSTOMER COUNT
METRICS
|
|
|
The following table
presents certain customer count information as of the periods
indicated:
|
|
|
|
7/31/2022
|
|
10/31/2022
|
|
1/31/2023
|
|
4/30/2023
|
|
7/31/2023
|
|
10/31/2023
|
|
1/31/2024
|
|
4/30/2024
|
|
7/31/2024
|
|
Total Customers
(a)
|
37,000+
|
|
39,100+
|
|
40,800+
|
|
43,100+
|
|
45,000+
|
|
46,400+
|
|
47,800+
|
|
49,200+
|
|
50,700+
|
|
Direct Sales
Customers(b)
|
5,400+
|
|
5,900+
|
|
6,400+
|
|
6,700+
|
|
6,800+
|
|
6,900+
|
|
7,000+
|
|
7,100+
|
|
7,300+
|
|
MongoDB Atlas
Customers
|
35,500+
|
|
37,600+
|
|
39,300+
|
|
41,600+
|
|
43,500+
|
|
44,900+
|
|
46,300+
|
|
47,700+
|
|
49,200+
|
|
Customers over
$100K(c)
|
1,462
|
|
1,545
|
|
1,651
|
|
1,761
|
|
1,855
|
|
1,972
|
|
2,052
|
|
2,137
|
|
2,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Our definition of
"customer" excludes users of our free offerings and all affiliated
entities are counted as a single customer.
|
|
(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:
|
|
|
|
7/31/2022
|
|
10/31/2022
|
|
1/31/2023
|
|
4/30/2023
|
|
7/31/2023
|
|
10/31/2023
|
|
1/31/2024
|
|
4/30/2024
|
|
7/31/2024
|
|
MongoDB Enterprise
Advanced: % of
Subscription Revenue
|
28 %
|
|
29 %
|
|
28 %
|
|
28 %
|
|
26 %
|
|
27 %
|
|
26 %
|
|
25 %
|
|
24 %
|
|
Direct Sales
Customers(a)
Revenue: % of
Subscription Revenue
|
86 %
|
|
87 %
|
|
88 %
|
|
88 %
|
|
88 %
|
|
88 %
|
|
88 %
|
|
87 %
|
|
87 %
|
|
|
(a) Direct Sales
Customers are customers that were sold through our direct sales
force and channel partners.
|
View original content to download
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SOURCE MongoDB, Inc.
