Fourth Quarter Fiscal 2024 Total Revenue of
$458.0 million, up 27%
Year-over-Year
Full Year Fiscal 2024 Total Revenue of
$1.68 billion, up 31%
Year-over-Year
Continued Strong Customer Growth with Over
47,800 Customers as of January 31,
2024
MongoDB Atlas Revenue up 34%
Year-over-Year; 68% of Total Q4 Revenue
NEW
YORK, March 7, 2024 /PRNewswire/ -- MongoDB,
Inc. (NASDAQ: MDB) today announced its financial results for the
fourth quarter and fiscal year ended January
31, 2024.
"MongoDB finished fiscal 2024 on a strong note, highlighted by
34% Atlas revenue growth and operating margin improvement of nearly
five percentage points year-over-year. We continue to see healthy
new workload wins as MongoDB's developer data platform
increasingly becomes the standard for modern application
development," said Dev Ittycheria, President and Chief Executive
Officer of MongoDB.
"As we enter fiscal 2025, we will continue to invest in our key
product development and go-to-market initiatives to fully
capitalize on our long-term growth opportunity. MongoDB's flexible
and scalable platform will be critical for any organization looking
to leverage artificial intelligence to build smarter and more
impactful applications easier than ever."
Fourth Quarter Fiscal 2024 Financial Highlights
- Revenue: Total revenue was $458.0
million for the fourth quarter of fiscal 2024, an increase
of 27% year-over-year. Subscription revenue was $444.9 million, an increase of 28%
year-over-year, and services revenue was $13.1 million, a decrease of 1%
year-over-year.
- Gross Profit: Gross profit was $343.4 million for the fourth quarter of fiscal
2024, representing a 75% gross margin consistent with the year-ago
period. Non-GAAP gross profit was $353.6
million, representing a 77% 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
$71.0 million for the fourth quarter
of fiscal 2024, compared to a loss from operations of $72.9 million in the year-ago period. Non-GAAP
income from operations was $69.2
million, compared to a non-GAAP income from operations of
$37.2 million in the year-ago
period.
- Net Loss: Net loss was $55.5
million, or $0.77 per share,
based on 72.3 million weighted-average shares outstanding, for the
fourth quarter of fiscal 2024. This compares to a net loss of
$64.4 million, or $0.93 per share, in the year-ago period. Non-GAAP
net income was $71.1 million, or
$0.86 per share, based on 82.9
million diluted weighted-average shares outstanding. This compares
to a non-GAAP net income of $46.4
million, or $0.57 per share,
in the year-ago period.
- Cash Flow: As of January 31,
2024, MongoDB had $2.0 billion
in cash, cash equivalents, short-term investments and restricted
cash. During the three months ended January
31, 2024, MongoDB generated $54.6
million of cash from operations, used $2.7 million of cash in capital expenditures and
used $1.4 million of cash in
principal repayments of finance leases, leading to free cash flow
of $50.5 million, compared to free
cash flow of $23.8 million in the
year-ago period.
Full Year Fiscal 2024 Financial Highlights
- Revenue: Total revenue was $1.68
billion for the full year fiscal 2024, an increase of 31%
year-over-year. Subscription revenue was $1.63 billion, an increase of 32% year-over-year,
and services revenue was $55.7
million, an increase of 14% year-over-year.
- Gross Profit: Gross profit was $1.26 billion for the full year fiscal 2024,
representing a 75% gross margin compared to 73% in the year-ago
period. Non-GAAP gross profit was $1.30
billion, representing a 77% non-GAAP gross margin, compared
to a non-GAAP gross margin of 75% in the year-ago period.
- Loss from Operations: Loss from operations was
$233.7 million for the full year
fiscal 2024, compared to a loss from operations of $346.7 million in the year-ago period. Non-GAAP
income from operations was $270.4
million, compared to a non-GAAP income from operations of
$62.0 million in the year-ago
period.
- Net Loss: Net loss was $176.6 million, or $2.48 per share, based on 71.2 million
weighted-average shares outstanding, for the full year fiscal 2024.
This compares to a net loss of $345.4
million, or $5.03 per share in
the year-ago period. Non-GAAP net income was $274.2 million or $3.33 per share based on 82.4 million diluted
weighted-average shares outstanding. This compares to a non-GAAP
net income of $64.7 million or
$0.81 per share in the year-ago
period.
- Cash Flow: During the year ended January 31, 2024, MongoDB generated $121.5 million of cash from operations, compared
to $13.0 million of cash used in
operations in the year-ago period. Free cash flow for the year
ended January 31, 2024 was
$109.9 million, compared to negative
free cash flow of $24.7 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."
Fourth Quarter Fiscal 2024 and Recent Business
Highlights
- MongoDB Atlas—the most widely available cloud-based developer
data platform in the world—expanded across AWS, Google Cloud, and
Microsoft Azure and is now available in 117 cloud regions globally,
including Indonesia, Poland, Bahrain and Chile. With its broad global coverage, Atlas
meets the needs of customers with demanding data residency, latency
and high availability requirements for their business-critical
applications.
- MongoDB was showcased as a key partner at Microsoft Ignite,
highlighting collaboration to further empower developers to
securely bring the power of large language models (LLMs) to their
proprietary data. MongoDB Atlas is now integrated with Microsoft
Fabric to run large-scale AI workloads across the enterprise data
estate, and MongoDB Atlas Vector Search now also includes native
support for Microsoft Semantic Kernel for working with LLMs.
- For the second consecutive year, MongoDB was named a Leader in
the 2023 Gartner® Magic Quadrant™ for Cloud Database Management
Systems.
First Quarter and Full Year Fiscal 2025 Guidance
Based on information available to management as of today,
March 7, 2024, MongoDB is issuing the
following financial guidance for the first quarter and full year
fiscal 2025. This guidance reflects the impact of over $80 million of FY24 revenue, related to
multi-year term licenses and unused Atlas commitments, that we do
not expect to realize in FY25.
|
First Quarter Fiscal 2025
|
Full Year Fiscal 2025
|
Revenue
|
$436.0 million to
$440.0 million
|
$1.90 billion to
$1.93 billion
|
Non-GAAP Income from
Operations
|
$22.0 million to
$25.0 million
|
$186.0 million to
$201.0 million
|
Non-GAAP Net Income
per Share
|
$0.34 to
$0.39
|
$2.27 to
$2.49
|
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, March 7, 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 first fiscal quarter and full
year fiscal 2025, 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: 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; 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 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 October 31, 2023, filed
with the SEC on December 7, 2023.
Additional information will be made available in our Annual Report
on Form 10-K for the year ended January 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 non-marketable
securities;
- 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 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.
CONSOLIDATED BALANCE
SHEETS
(in thousands,
except share and per share data)
(unaudited)
|
|
|
January 31,
2024
|
|
January 31,
2023
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
802,959
|
|
$
455,826
|
Short-term
investments
|
1,212,448
|
|
1,380,804
|
Accounts receivable,
net of allowance for doubtful accounts of $8,054 and $6,362 as of
January 31,
2024 and 2023, respectively
|
325,610
|
|
285,192
|
Deferred
commissions
|
92,512
|
|
83,550
|
Prepaid expenses and
other current assets
|
50,107
|
|
31,212
|
Total current
assets
|
2,483,636
|
|
2,236,584
|
Property and equipment,
net
|
53,042
|
|
57,841
|
Operating lease
right-of-use assets
|
37,365
|
|
41,194
|
Goodwill
|
69,679
|
|
57,779
|
Acquired intangible
assets, net
|
3,957
|
|
11,428
|
Deferred tax
assets
|
4,116
|
|
2,564
|
Other
assets
|
217,847
|
|
181,503
|
Total
assets
|
$
2,869,642
|
|
$
2,588,893
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
9,905
|
|
$
8,295
|
Accrued compensation
and benefits
|
112,579
|
|
90,112
|
Operating lease
liabilities
|
9,797
|
|
8,686
|
Other accrued
liabilities
|
74,831
|
|
52,672
|
Deferred
revenue
|
357,108
|
|
428,747
|
Total current
liabilities
|
564,220
|
|
588,512
|
Deferred tax liability,
non-current
|
285
|
|
225
|
Operating lease
liabilities, non-current
|
30,918
|
|
36,264
|
Deferred revenue,
non-current
|
20,296
|
|
31,524
|
Convertible senior
notes, net
|
1,143,273
|
|
1,139,880
|
Other liabilities,
non-current
|
41,661
|
|
52,980
|
Total
liabilities
|
1,800,653
|
|
1,849,385
|
Stockholders'
equity:
|
|
|
|
Common stock, par
value of $0.001 per share; 1,000,000,000 shares authorized as of
January 31,
2024 and 2023; 72,840,692 shares issued and 72,741,321 shares
outstanding as of January 31,
2024 and 70,005,957 shares issued and 69,906,586 shares outstanding
as of January 31, 2023
|
73
|
|
70
|
Additional paid-in
capital
|
2,777,322
|
|
2,276,694
|
Treasury stock, 99,371
shares (repurchased at an average of $13.27 per share) as of
January 31,
2024 and 2023
|
(1,319)
|
|
(1,319)
|
Accumulated other
comprehensive income (loss)
|
4,545
|
|
(905)
|
Accumulated
deficit
|
(1,711,632)
|
|
(1,535,032)
|
Total stockholders'
equity
|
1,068,989
|
|
739,508
|
Total liabilities and
stockholders' equity
|
$
2,869,642
|
|
$
2,588,893
|
MONGODB,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands,
except share and per share data)
(unaudited)
|
|
|
Three Months Ended
January 31,
|
|
Years Ended January
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
$
444,939
|
|
$
348,178
|
|
$ 1,627,326
|
|
$ 1,235,122
|
Services
|
13,063
|
|
13,134
|
|
55,685
|
|
48,918
|
Total
revenue
|
458,002
|
|
361,312
|
|
1,683,011
|
|
1,284,040
|
Cost of
revenue(1):
|
|
|
|
|
|
|
|
Subscription
|
94,284
|
|
71,429
|
|
345,233
|
|
284,583
|
Services
|
20,357
|
|
17,731
|
|
79,252
|
|
64,721
|
Total cost of
revenue
|
114,641
|
|
89,160
|
|
424,485
|
|
349,304
|
Gross
profit
|
343,361
|
|
272,152
|
|
1,258,526
|
|
934,736
|
Operating
expenses:
|
|
|
|
|
|
|
|
Sales and
marketing(1)
|
211,116
|
|
189,916
|
|
782,760
|
|
699,201
|
Research and
development(1)
|
145,553
|
|
110,891
|
|
515,940
|
|
421,692
|
General and
administrative(1)
|
57,658
|
|
44,294
|
|
193,558
|
|
160,498
|
Total operating
expenses
|
414,327
|
|
345,101
|
|
1,492,258
|
|
1,281,391
|
Loss from
operations
|
(70,966)
|
|
(72,949)
|
|
(233,732)
|
|
(346,655)
|
Other income,
net
|
18,880
|
|
11,465
|
|
70,216
|
|
13,401
|
Loss before provision
for income taxes
|
(52,086)
|
|
(61,484)
|
|
(163,516)
|
|
(333,254)
|
Provision for income
taxes
|
3,374
|
|
2,914
|
|
13,084
|
|
12,144
|
Net
loss
|
$
(55,460)
|
|
$
(64,398)
|
|
$
(176,600)
|
|
$
(345,398)
|
Net loss per share,
basic and diluted
|
$
(0.77)
|
|
$
(0.93)
|
|
$
(2.48)
|
|
$
(5.03)
|
Weighted-average shares
used to compute net loss per
share, basic and diluted
|
72,349,350
|
|
69,525,238
|
|
71,248,982
|
|
68,628,267
|
|
(1) Includes stock‑based compensation expense as
follows:
|
|
|
Three Months Ended
January 31,
|
|
Years Ended January
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Cost of
revenue—subscription
|
$
6,070
|
|
$
5,190
|
|
$
23,677
|
|
$
19,682
|
Cost of
revenue—services
|
3,243
|
|
2,966
|
|
12,733
|
|
10,565
|
Sales and
marketing
|
41,340
|
|
38,534
|
|
159,907
|
|
143,073
|
Research and
development
|
55,689
|
|
41,516
|
|
198,927
|
|
159,099
|
General and
administrative
|
17,469
|
|
13,930
|
|
61,663
|
|
49,035
|
Total stock‑based
compensation expense
|
$
123,811
|
|
$
102,136
|
|
$
456,907
|
|
$
381,454
|
MONGODB,
INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
January 31,
|
|
Years Ended January
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Net
loss
|
$
(55,460)
|
|
$
(64,398)
|
|
$
(176,600)
|
|
$
(345,398)
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
5,682
|
|
4,198
|
|
18,939
|
|
16,110
|
Stock-based
compensation
|
123,811
|
|
102,136
|
|
456,907
|
|
381,454
|
Amortization of debt
issuance costs
|
850
|
|
845
|
|
3,393
|
|
3,375
|
Amortization of
finance right-of-use assets
|
994
|
|
993
|
|
3,975
|
|
3,974
|
Amortization of
operating right-of-use assets
|
2,430
|
|
2,309
|
|
9,211
|
|
9,098
|
Deferred income
taxes
|
(1,002)
|
|
(976)
|
|
(1,574)
|
|
(562)
|
Amortization of
premium and accretion of discount on short-term investments,
net
|
(8,151)
|
|
(8,908)
|
|
(44,556)
|
|
(5,954)
|
Unrealized loss (gain)
on non-marketable securities
|
250
|
|
(163)
|
|
(1,044)
|
|
(1,857)
|
Unrealized foreign
exchange gain
|
2,124
|
|
2,814
|
|
1,802
|
|
1,260
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
(53,400)
|
|
(53,190)
|
|
(41,639)
|
|
(91,450)
|
Prepaid expenses and
other current assets
|
(12,908)
|
|
(3,867)
|
|
(12,208)
|
|
2,315
|
Deferred
commissions
|
(24,670)
|
|
(19,168)
|
|
(41,830)
|
|
(49,077)
|
Other long-term
assets
|
4
|
|
934
|
|
(211)
|
|
(99)
|
Accounts
payable
|
601
|
|
527
|
|
1,679
|
|
3,163
|
Accrued
liabilities
|
19,188
|
|
2,580
|
|
39,502
|
|
(16,189)
|
Operating lease
liabilities
|
(2,889)
|
|
(2,588)
|
|
(9,878)
|
|
(9,692)
|
Deferred
revenue
|
56,313
|
|
61,786
|
|
(82,411)
|
|
85,759
|
Other liabilities,
non-current
|
860
|
|
7
|
|
(1,980)
|
|
800
|
Net cash provided by
(used in) operating activities
|
54,627
|
|
25,871
|
|
121,477
|
|
(12,970)
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
(2,738)
|
|
(711)
|
|
(6,074)
|
|
(7,244)
|
Business combinations,
net of cash acquired
|
—
|
|
—
|
|
(15,000)
|
|
—
|
Investments in
non-marketable securities
|
—
|
|
(375)
|
|
(2,056)
|
|
(3,098)
|
Proceeds from
maturities of marketable securities
|
255,000
|
|
350,000
|
|
1,445,000
|
|
1,425,000
|
Purchases of
marketable securities
|
—
|
|
(933,919)
|
|
(1,233,851)
|
|
(1,447,966)
|
Net cash provided by
(used in) investing activities
|
252,262
|
|
(585,005)
|
|
188,019
|
|
(33,308)
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Proceeds from exercise
of stock options
|
1,998
|
|
1,367
|
|
6,810
|
|
5,707
|
Proceeds from the
issuance of common stock under the Employee Stock Purchase
Plan
|
17,133
|
|
13,226
|
|
36,914
|
|
29,003
|
Principal repayments
of finance leases
|
(1,400)
|
|
(1,323)
|
|
(5,483)
|
|
(4,510)
|
Net cash provided by
financing activities
|
17,731
|
|
13,270
|
|
38,241
|
|
30,200
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
665
|
|
2,026
|
|
(433)
|
|
(2,003)
|
Net increase
(decrease) in cash, cash equivalents and restricted
cash
|
325,285
|
|
(543,838)
|
|
347,304
|
|
(18,081)
|
Cash, cash equivalents
and restricted cash, beginning of period
|
478,358
|
|
1,000,177
|
|
456,339
|
|
474,420
|
Cash, cash equivalents
and restricted cash, end of period
|
$
803,643
|
|
$
456,339
|
|
$
803,643
|
|
$
456,339
|
MONGODB,
INC.
RECONCILIATION OF
GAAP MEASURES TO NON-GAAP MEASURES
(in thousands,
except share and per share data)
(unaudited)
|
|
|
Three Months Ended
January 31,
|
|
Years Ended January
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Reconciliation of
GAAP gross profit to non-GAAP gross profit:
|
|
|
|
|
|
|
|
Gross profit on a GAAP
basis
|
$ 343,361
|
|
$ 272,152
|
|
$
1,258,526
|
|
$ 934,736
|
Gross margin (Gross
profit/Total revenue) on a GAAP basis
|
75 %
|
|
75 %
|
|
75 %
|
|
73 %
|
Add back:
|
|
|
|
|
|
|
|
Expenses associated
with stock-based compensation: Cost of
Revenue—Subscription
|
6,572
|
|
5,387
|
|
24,824
|
|
20,490
|
Expenses associated
with stock-based compensation: Cost of
Revenue—Services
|
3,694
|
|
3,280
|
|
14,429
|
|
10,802
|
Non-GAAP gross
profit
|
$ 353,627
|
|
$ 280,819
|
|
$
1,297,779
|
|
$ 966,028
|
Non-GAAP gross
margin (Non-GAAP gross profit/Total revenue)
|
77 %
|
|
78 %
|
|
77 %
|
|
75 %
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP operating expenses to non-GAAP
operating expenses:
|
|
|
|
|
|
|
|
Sales and marketing
operating expense on a GAAP basis
|
$ 211,116
|
|
$ 189,916
|
|
$ 782,760
|
|
$ 699,201
|
Less:
|
|
|
|
|
|
|
|
Expenses associated
with stock-based compensation
|
45,713
|
|
40,575
|
|
176,351
|
|
149,778
|
Amortization of
intangible assets
|
85
|
|
760
|
|
2,365
|
|
3,040
|
Non-GAAP sales and
marketing operating expense
|
$ 165,318
|
|
$ 148,581
|
|
$ 604,044
|
|
$ 546,383
|
|
|
|
|
|
|
|
|
Research and
development operating expense on a GAAP basis
|
$ 145,553
|
|
$ 110,891
|
|
$ 515,940
|
|
$ 421,692
|
Less:
|
|
|
|
|
|
|
|
Expenses associated
with stock-based compensation
|
60,373
|
|
43,788
|
|
209,052
|
|
165,373
|
Amortization of
intangible assets
|
3,085
|
|
1,535
|
|
8,207
|
|
6,140
|
Non-GAAP research and
development operating expense
|
$
82,095
|
|
$
65,568
|
|
$ 298,681
|
|
$ 250,179
|
|
|
|
|
|
|
|
|
General and
administrative operating expense on a GAAP basis
|
$
57,658
|
|
$
44,294
|
|
$ 193,558
|
|
$ 160,498
|
Less:
|
|
|
|
|
|
|
|
Expenses associated
with stock-based compensation
|
20,603
|
|
14,779
|
|
68,932
|
|
53,006
|
Non-GAAP general and
administrative operating expense
|
$
37,055
|
|
$
29,515
|
|
$ 124,626
|
|
$ 107,492
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP loss from operations to non-GAAP income
from operations:
|
|
|
|
|
|
|
|
Loss from operations
on a GAAP basis
|
$ (70,966)
|
|
$ (72,949)
|
|
$
(233,732)
|
|
$
(346,655)
|
GAAP operating
margin (Loss from operations/Total revenue)
|
(15) %
|
|
(20) %
|
|
(14) %
|
|
(27) %
|
Add back:
|
|
|
|
|
|
|
|
Expenses associated
with stock-based compensation
|
136,955
|
|
107,809
|
|
493,588
|
|
399,449
|
Amortization of
intangible assets
|
3,170
|
|
2,295
|
|
10,572
|
|
9,180
|
Non-GAAP income from
operations
|
$
69,159
|
|
$
37,155
|
|
$ 270,428
|
|
$
61,974
|
Non-GAAP operating
margin (Non-GAAP Income from
operations/Total revenue)
|
15 %
|
|
10 %
|
|
16 %
|
|
5 %
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net loss to non-GAAP net income:
|
|
|
|
|
|
|
|
Net loss on a GAAP
basis
|
$ (55,460)
|
|
$ (64,398)
|
|
$
(176,600)
|
|
$
(345,398)
|
Add back:
|
|
|
|
|
|
|
|
Expenses associated
with stock-based compensation
|
136,955
|
|
107,809
|
|
493,588
|
|
399,449
|
Amortization of
intangible assets
|
3,170
|
|
2,295
|
|
10,572
|
|
9,180
|
Amortization of debt
issuance costs related to convertible senior notes
|
850
|
|
845
|
|
3,393
|
|
3,375
|
Less:
|
|
|
|
|
|
|
|
Gain on non-marketable
securities
|
—
|
|
163
|
|
1,294
|
|
1,857
|
Income tax effects and
adjustments *
|
14,404
|
|
—
|
|
55,465
|
|
—
|
Non-GAAP net
income
|
$
71,111
|
|
$
46,388
|
|
$ 274,194
|
|
$
64,749
|
|
|
|
|
|
|
|
|
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
|
$
(0.77)
|
|
$
(0.93)
|
|
$
(2.48)
|
|
$
(5.03)
|
Add back:
|
|
|
|
|
|
|
|
Expenses associated
with stock-based compensation
|
1.89
|
|
1.55
|
|
6.93
|
|
5.82
|
Amortization of
intangible assets
|
0.04
|
|
0.03
|
|
0.15
|
|
0.13
|
Amortization of debt
issuance costs related to convertible senior notes
|
0.01
|
|
0.01
|
|
0.05
|
|
0.05
|
Less:
|
|
|
|
|
|
|
|
Gain on non-marketable
securities
|
—
|
|
—
|
|
0.02
|
|
0.03
|
Income tax effects and
adjustments *
|
0.20
|
|
—
|
|
0.78
|
|
—
|
Non-GAAP net income
per share, basic
|
$
0.97
|
|
$
0.66
|
|
$
3.85
|
|
$
0.94
|
Adjustment for fully
diluted earnings per share
|
(0.11)
|
|
(0.09)
|
|
(0.52)
|
|
(0.13)
|
Non-GAAP net income
per share, diluted **
|
$
0.86
|
|
$
0.57
|
|
$
3.33
|
|
$
0.81
|
|
* 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.
|
** Diluted non-GAAP
net income per share is calculated based upon 82.9 million and 82.4
million of diluted weighted-average shares of
outstanding common stock for the three and twelve
months ended January 31, 2024, respectively. Diluted non-GAAP net
income per share
is calculated based upon 80.8 million and 80.2
million of diluted weighted-average shares of outstanding common
stock for the three and
twelve months ended January 31, 2023,
respectively.
|
The following table
presents a reconciliation of free cash flow to net cash provided by
(used in) operating activities, the
most directly comparable GAAP measure, for each of the periods
indicated (unaudited, in thousands):
|
|
|
Three Months Ended
January 31,
|
|
Years Ended January
31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Net cash provided by
(used in) operating activities
|
$
54,627
|
|
$
25,871
|
|
$
121,477
|
|
$
(12,970)
|
Capital
expenditures
|
(2,738)
|
|
(711)
|
|
(6,074)
|
|
(7,244)
|
Principal repayments of
finance leases
|
(1,400)
|
|
(1,323)
|
|
(5,483)
|
|
(4,510)
|
Capitalized
software
|
—
|
|
—
|
|
—
|
|
—
|
Free cash
flow
|
$
50,489
|
|
$
23,837
|
|
$
109,920
|
|
$
(24,724)
|
MONGODB,
INC.
CUSTOMER COUNT
METRICS
|
|
The following table
presents certain customer count information as of the periods
indicated:
|
|
|
1/31/2022
|
|
4/30/2022
|
|
7/31/2022
|
|
10/31/2022
|
|
1/31/2023
|
|
4/30/2023
|
|
7/31/2023
|
|
10/31/2023
|
|
1/31/2024
|
Total Customers
(a)
|
33,000+
|
|
35,200+
|
|
37,000+
|
|
39,100+
|
|
40,800+
|
|
43,100+
|
|
45,000+
|
|
46,400+
|
|
47,800+
|
Direct Sales
Customers(b)
|
4,400+
|
|
4,800+
|
|
5,400+
|
|
5,900+
|
|
6,400+
|
|
6,700+
|
|
6,800+
|
|
6,900+
|
|
7,000+
|
MongoDB Atlas
Customers
|
31,500+
|
|
33,700+
|
|
35,500+
|
|
37,600+
|
|
39,300+
|
|
41,600+
|
|
43,500+
|
|
44,900+
|
|
46,300+
|
Customers over
$100K(c)
|
1,307
|
|
1,379
|
|
1,462
|
|
1,545
|
|
1,651
|
|
1,761
|
|
1,855
|
|
1,972
|
|
2,052
|
|
(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:
|
|
|
1/31/2022
|
|
4/30/2022
|
|
7/31/2022
|
|
10/31/2022
|
|
1/31/2023
|
|
4/30/2023
|
|
7/31/2023
|
|
10/31/2023
|
|
1/31/2024
|
MongoDB Enterprise
Advanced: % of
Subscription Revenue
|
33 %
|
|
33 %
|
|
28 %
|
|
29 %
|
|
28 %
|
|
28 %
|
|
26 %
|
|
27 %
|
|
26 %
|
Direct Sales
Customers(a)
Revenue: %
of
Subscription Revenue
|
86 %
|
|
87 %
|
|
86 %
|
|
87 %
|
|
88 %
|
|
88 %
|
|
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.