Third Quarter Fiscal 2025 Total Revenue of
$529.4 million, up 22%
Year-over-Year
Continued Strong Customer Growth with Over
52,600 Customers as of October 31,
2024
MongoDB Atlas Revenue up 26%
Year-over-Year; 68% of Total Q3 Revenue
NEW
YORK, Dec. 9, 2024 /PRNewswire/ -- MongoDB, Inc.
(NASDAQ: MDB) today announced its financial results for the third
quarter ended October 31, 2024.
"MongoDB's third quarter results were significantly ahead of
expectations on the top and bottom line, driven by
better-than-expected EA performance and 26% Atlas revenue
growth. We continue to see success winning new business due
to the superiority of MongoDB's developer data platform in
addressing a wide variety of mission-critical use cases," said Dev
Ittycheria, President and Chief Executive Officer of MongoDB.
"We continue to invest in our legacy app modernization and AI
offerings as our document model and distributed architecture are
exceptionally well suited for customers looking to build
highly-performant, modern applications. MongoDB is in a great
position to be a central pillar of the emerging AI tech stack and
benefit from the next wave of application development in the years
ahead."
Third Quarter Fiscal 2025 Financial Highlights
- Revenue: Total revenue was $529.4
million for the third quarter of fiscal 2025, an increase of
22% year-over-year. Subscription revenue was $512.2 million, an increase of 22%
year-over-year, and services revenue was $17.2 million, an increase of 18%
year-over-year.
- Gross Profit: Gross profit was $394.0 million for the third quarter of fiscal
2025, representing a 74% gross margin compared to 75% in the
year-ago period. Non-GAAP gross profit was $405.7 million, representing a 77% non-GAAP gross
margin, consistent with a non-GAAP gross margin of 77% in the
year-ago period.
- Loss from Operations: Loss from operations was
$27.9 million for the third quarter
of fiscal 2025, compared to a loss from operations of $45.2 million in the year-ago period. Non-GAAP
income from operations was $101.5
million, compared to non-GAAP income from operations of
$78.5 million in the year-ago
period.
- Net Loss: Net loss was $9.8
million, or $0.13 per share,
based on 74.0 million weighted-average shares outstanding, for the
third quarter of fiscal 2025. This compares to a net loss of
$29.3 million, or $0.41 per share, in the year-ago period. Non-GAAP
net income was $98.1 million, or
$1.16 per share, based on 84.2
million diluted weighted-average shares outstanding. This compares
to a non-GAAP net income of $79.1
million, or $0.96 per share,
in the year-ago period.
- Cash Flow: As of October 31,
2024, MongoDB had $2.3 billion
in cash, cash equivalents, short-term investments and restricted
cash. During the three months ended October
31, 2024, MongoDB generated $37.4
million of cash in operations, used $2.0 million of cash in capital expenditures and
used $0.9 million of cash in
principal repayments of finance leases, leading to free cash flow
of $34.6 million, compared to free
cash flow of $35.0 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 2025 and Recent Business
Highlights
- MongoDB announced the general availability of MongoDB 8.0, the
best-performing version of MongoDB. With more than 45 architectural
enhancements and new features like vector quantization in MongoDB
Atlas Vector Search, MongoDB 8.0 provides significant performance
improvements, reduced costs, and additional scalability,
resilience, and data security capabilities.
- MongoDB continues to expand its partnerships with the major
cloud providers. At Amazon Web Services' (AWS) re:Invent
conference, MongoDB was named AWS's Technology Partner of the Year
for North America. MongoDB also
announced that it obtained the AWS Modernization Competency
designation and launched a MongoDB University course focused on
building AI applications with MongoDB and AWS. At Microsoft Ignite,
MongoDB announced new technology integrations for AI, data
analytics, and automating database deployments across on-premises,
cloud, and edge environments.
- Launched in July 2024, the
MongoDB AI Applications Program (MAAP) is designed to help
companies unleash the power of their data and to take advantage of
rapidly advancing AI technologies. We recently announced that
Capgemini, Confluent, IBM, Unstructured, and QuantumBlack, AI by
McKinsey have joined the MAAP ecosystem, offering customers
additional integration and solution options.
Executive Leadership Update
Michael Gordon, MongoDB's Chief
Operating Officer and Chief Financial Officer, will be stepping
down at the end of the Company's fiscal year on January 31, 2025, and afterwards will serve as an
advisor to ensure a smooth transition. The Company has commenced an
executive search process for a new CFO and will evaluate internal
and external candidates. Serge Tanjga, MongoDB's Senior Vice
President of Finance, will serve as interim CFO starting
February 1st if a permanent successor
has not been named by that date.
Dev Ittycheria commented, "On behalf of everyone at MongoDB, I
want to thank Michael for everything he has done to contribute to
our success in his nearly 10 years with the company. In
Michael's time here, MongoDB had a successful IPO, has grown
revenue nearly 50x and has successfully scaled the business model
to generate meaningful operating leverage. Michael has also built
out a world-class finance team that I am confident will deliver a
smooth transition to a new CFO in the coming months."
Michael Gordon said, "I am
incredibly proud of what we have accomplished as a team in my
almost ten years with the company. While we have achieved
much success to date, I strongly believe MongoDB is still in the
early stages of realizing its full potential as it continues to
expand its share in one of the largest markets in software. I'd
like to thank Dev for our tremendous partnership this past
decade."
Fourth Quarter and Full Year Fiscal 2025 Guidance
Based on information available to management as of today,
December 9, 2024, MongoDB is issuing
the following financial guidance for the fourth quarter and full
year fiscal 2025.
|
Fourth Quarter
Fiscal 2025
|
Full Year Fiscal
2025
|
|
Revenue
|
$515.0 million to
$519.0 million
|
$1.973 billion to
$1.977 billion
|
|
Non-GAAP Income from
Operations
|
$55.0 million to $58.0
million
|
$241.8 million to
$244.8 million
|
|
Non-GAAP Net Income
per Share
|
$0.62 to
$0.65
|
$3.01 to
$3.03
|
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, December 9, 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 fourth fiscal quarter and full
year fiscal 2025. 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
July 31, 2024, filed with the SEC on
August 30, 2024. Additional
information will be made available in our Quarterly Report on Form
10-Q for the quarter ended October 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)
|
|
|
October 31,
2024
|
|
January 31,
2024
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
673,054
|
|
$
802,959
|
|
Short-term
investments
|
1,629,038
|
|
1,212,448
|
|
Accounts receivable,
net of allowance for doubtful accounts of $8,212 and $8,054 as of
October 31, 2024
and January 31, 2024,
respectively
|
334,629
|
|
325,610
|
|
Deferred
commissions
|
103,715
|
|
92,512
|
|
Prepaid expenses and
other current assets
|
53,827
|
|
50,107
|
|
Total current
assets
|
2,794,263
|
|
2,483,636
|
|
Property and equipment,
net
|
47,345
|
|
53,042
|
|
Operating lease
right-of-use assets
|
35,859
|
|
37,365
|
|
Goodwill
|
69,679
|
|
69,679
|
|
Acquired intangible
assets, net
|
963
|
|
3,957
|
|
Deferred tax
assets
|
5,575
|
|
4,116
|
|
Other
assets
|
271,101
|
|
217,847
|
|
Total
assets
|
$
3,224,785
|
|
$
2,869,642
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
11,444
|
|
$
9,905
|
|
Accrued compensation
and benefits
|
120,598
|
|
112,579
|
|
Operating lease
liabilities
|
10,787
|
|
9,797
|
|
Other accrued
liabilities
|
86,795
|
|
74,831
|
|
Deferred
revenue
|
286,431
|
|
357,108
|
|
Convertible senior
notes, net
|
1,124,720
|
|
—
|
|
Total current
liabilities
|
1,640,775
|
|
564,220
|
|
Deferred tax
liability
|
1,030
|
|
285
|
|
Operating lease
liabilities
|
27,639
|
|
30,918
|
|
Deferred
revenue
|
18,481
|
|
20,296
|
|
Convertible senior
notes, net
|
—
|
|
1,143,273
|
|
Other
liabilities
|
34,884
|
|
41,661
|
|
Total
liabilities
|
1,722,809
|
|
1,800,653
|
|
Stockholders'
equity:
|
|
|
|
|
Common stock, par
value of $0.001 per share; 1,000,000,000 shares authorized as of
October 31, 2024 and
January 31,
2024; 74,493,146 shares issued and 74,393,775 shares outstanding as
of October 31, 2024;
72,840,692
shares issued and 72,741,321 shares outstanding as of January 31,
2024
|
73
|
|
73
|
|
Additional paid-in
capital
|
3,357,146
|
|
2,777,322
|
|
Treasury stock, 99,371
shares (repurchased at an average of $13.27 per share) as of
October 31, 2024 and
January 31,
2024
|
(1,319)
|
|
(1,319)
|
|
Accumulated other
comprehensive income
|
2,606
|
|
4,545
|
|
Accumulated
deficit
|
(1,856,530)
|
|
(1,711,632)
|
|
Total stockholders'
equity
|
1,501,976
|
|
1,068,989
|
|
Total liabilities and
stockholders' equity
|
$
3,224,785
|
|
$
2,869,642
|
|
MONGODB,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands of
U.S. dollars, except share and per share data)
(unaudited)
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Subscription
|
$
512,205
|
|
$
418,339
|
|
$ 1,412,906
|
|
$ 1,182,387
|
|
Services
|
17,170
|
|
14,599
|
|
45,139
|
|
42,622
|
|
Total
revenue
|
529,375
|
|
432,938
|
|
1,458,045
|
|
1,225,009
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
Subscription(1)
|
111,150
|
|
87,954
|
|
318,728
|
|
250,949
|
|
Services(1)
|
24,181
|
|
19,104
|
|
67,553
|
|
58,895
|
|
Total cost of
revenue
|
135,331
|
|
107,058
|
|
386,281
|
|
309,844
|
|
Gross
profit
|
394,044
|
|
325,880
|
|
1,071,764
|
|
915,165
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Sales and
marketing(1)
|
217,954
|
|
192,977
|
|
658,937
|
|
571,644
|
|
Research and
development(1)
|
151,410
|
|
128,150
|
|
446,437
|
|
370,387
|
|
General and
administrative(1)
|
52,556
|
|
49,969
|
|
163,892
|
|
135,900
|
|
Total operating
expenses
|
421,920
|
|
371,096
|
|
1,269,266
|
|
1,077,931
|
|
Loss from
operations
|
(27,876)
|
|
(45,216)
|
|
(197,502)
|
|
(162,766)
|
|
Other income,
net
|
20,767
|
|
19,554
|
|
61,749
|
|
51,336
|
|
Loss before provision
for income taxes
|
(7,109)
|
|
(25,662)
|
|
(135,753)
|
|
(111,430)
|
|
Provision for income
taxes
|
2,667
|
|
3,635
|
|
9,145
|
|
9,710
|
|
Net
loss
|
$
(9,776)
|
|
$
(29,297)
|
|
$
(144,898)
|
|
$
(121,140)
|
|
Net loss per share,
basic and diluted
|
$
(0.13)
|
|
$
(0.41)
|
|
$
(1.97)
|
|
$
(1.71)
|
|
Weighted-average shares
used to compute net loss per share, basic and diluted
|
74,020,593
|
|
71,560,023
|
|
73,472,900
|
|
70,878,162
|
|
|
(1) Includes stock‑based compensation expense
as follows:
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Cost of
revenue—subscription
|
$
7,884
|
|
$
6,018
|
|
$
21,566
|
|
$
17,607
|
|
Cost of
revenue—services
|
3,495
|
|
3,200
|
|
10,151
|
|
9,490
|
|
Sales and
marketing
|
40,540
|
|
40,585
|
|
121,193
|
|
118,567
|
|
Research and
development
|
57,850
|
|
50,759
|
|
168,211
|
|
143,238
|
|
General and
administrative
|
15,943
|
|
15,267
|
|
47,777
|
|
44,194
|
|
Total stock‑based
compensation expense
|
$
125,712
|
|
$
115,829
|
|
$
368,898
|
|
$
333,096
|
|
MONGODB,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of
U.S. dollars)
(unaudited)
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Net
loss
|
$
(9,776)
|
|
$
(29,297)
|
|
$
(144,898)
|
|
$
(121,140)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,405
|
|
4,711
|
|
9,580
|
|
13,257
|
|
Stock-based
compensation
|
125,712
|
|
115,829
|
|
368,898
|
|
333,096
|
|
Amortization of debt
discount and issuance costs
|
715
|
|
849
|
|
2,419
|
|
2,543
|
|
Amortization of
finance right-of-use assets
|
994
|
|
994
|
|
2,981
|
|
2,981
|
|
Amortization of
operating right-of-use assets
|
3,229
|
|
2,302
|
|
8,300
|
|
6,781
|
|
Deferred income
taxes
|
(825)
|
|
(195)
|
|
(799)
|
|
(572)
|
|
Amortization of
premium and accretion of discount on short-term investments,
net
|
(5,656)
|
|
(10,896)
|
|
(19,117)
|
|
(36,405)
|
|
Realized and
unrealized gain on financial instruments, net
|
(338)
|
|
—
|
|
(1,190)
|
|
(1,294)
|
|
Unrealized foreign
exchange loss (gain)
|
788
|
|
(1,621)
|
|
1,992
|
|
(322)
|
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
(24,557)
|
|
(397)
|
|
(11,258)
|
|
11,761
|
|
Prepaid expenses and
other current assets
|
(1,964)
|
|
3,485
|
|
(582)
|
|
700
|
|
Deferred
commissions
|
(18,821)
|
|
(12,720)
|
|
(38,794)
|
|
(17,160)
|
|
Other long-term
assets
|
(8,395)
|
|
(77)
|
|
(17,704)
|
|
(215)
|
|
Accounts
payable
|
1,370
|
|
1,434
|
|
1,569
|
|
1,078
|
|
Accrued
liabilities
|
(6,719)
|
|
16,855
|
|
22,494
|
|
20,314
|
|
Operating lease
liabilities
|
(3,777)
|
|
(2,333)
|
|
(9,145)
|
|
(6,989)
|
|
Deferred
revenue
|
(17,039)
|
|
(47,374)
|
|
(71,352)
|
|
(138,724)
|
|
Other liabilities,
non-current
|
92
|
|
(3,127)
|
|
(3,741)
|
|
(2,840)
|
|
Net cash provided by
operating activities
|
37,438
|
|
38,422
|
|
99,653
|
|
66,850
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
(1,981)
|
|
(2,078)
|
|
(3,571)
|
|
(3,336)
|
|
Investments in
non-marketable securities
|
(250)
|
|
—
|
|
(5,750)
|
|
(2,056)
|
|
Business combinations,
net of cash acquired
|
—
|
|
(15,000)
|
|
—
|
|
(15,000)
|
|
Proceeds from
maturities of marketable securities
|
135,000
|
|
435,000
|
|
570,000
|
|
1,190,000
|
|
Purchases of
marketable securities
|
(786,170)
|
|
(583,252)
|
|
(971,803)
|
|
(1,233,851)
|
|
Net cash used in
investing activities
|
(653,401)
|
|
(165,330)
|
|
(411,124)
|
|
(64,243)
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
Proceeds from
settlement of capped calls
|
—
|
|
—
|
|
170,589
|
|
—
|
|
Proceeds from the
issuance of common stock under the Employee Stock Purchase
Plan
|
—
|
|
—
|
|
18,640
|
|
19,781
|
|
Proceeds from exercise
of stock options
|
315
|
|
1,303
|
|
1,621
|
|
4,812
|
|
Principal payments of
finance leases
|
(895)
|
|
(1,380)
|
|
(4,534)
|
|
(4,083)
|
|
Net cash (used in)
provided by financing activities
|
(580)
|
|
(77)
|
|
186,316
|
|
20,510
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(274)
|
|
(2,513)
|
|
(2,825)
|
|
(1,098)
|
|
Net (decrease)
increase in cash, cash equivalents and restricted
cash
|
(616,817)
|
|
(129,498)
|
|
(127,980)
|
|
22,019
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
1,292,480
|
|
607,856
|
|
803,643
|
|
456,339
|
|
Cash, cash equivalents
and restricted cash, end of period
|
$
675,663
|
|
$
478,358
|
|
$
675,663
|
|
$
478,358
|
|
MONGODB,
INC.
RECONCILIATION OF
GAAP MEASURES TO NON-GAAP MEASURES
(in thousands of
U.S. dollars, except share and per share data)
(unaudited)
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Reconciliation of
GAAP gross profit to non-GAAP gross profit:
|
|
|
|
|
|
|
|
|
Gross profit on a GAAP
basis
|
$ 394,044
|
|
$ 325,880
|
|
$
1,071,764
|
|
$ 915,165
|
|
Gross margin
(Gross profit/Total revenue) on a GAAP basis
|
74 %
|
|
75 %
|
|
74 %
|
|
75 %
|
|
Add back:
|
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation: Cost of
Revenue—Subscription
|
7,999
|
|
6,201
|
|
22,145
|
|
18,252
|
|
Expenses
associated with stock-based compensation: Cost of
Revenue—Services
|
3,639
|
|
3,194
|
|
10,393
|
|
10,734
|
|
Non-GAAP gross
profit
|
$ 405,682
|
|
$ 335,275
|
|
$
1,104,302
|
|
$ 944,151
|
|
Non-GAAP
gross margin (Non-GAAP gross profit/Total revenue)
|
77 %
|
|
77 %
|
|
76 %
|
|
77 %
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP operating expenses to non-GAAP operating
expenses:
|
|
|
|
|
|
|
|
|
Sales and marketing
operating expense on a GAAP basis
|
$ 217,954
|
|
$ 192,977
|
|
$ 658,937
|
|
$ 571,644
|
|
Less:
|
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
42,155
|
|
42,349
|
|
125,129
|
|
130,638
|
|
Amortization of
intangible assets
|
—
|
|
760
|
|
85
|
|
2,280
|
|
Non-GAAP sales and
marketing operating expense
|
$ 175,799
|
|
$ 149,868
|
|
$ 533,723
|
|
$ 438,726
|
|
|
|
|
|
|
|
|
|
Research and
development operating expense on a GAAP basis
|
$ 151,410
|
|
$ 128,150
|
|
$ 446,437
|
|
$ 370,387
|
|
Less:
|
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
59,017
|
|
52,133
|
|
173,166
|
|
148,679
|
|
Amortization of
intangible assets
|
170
|
|
2,052
|
|
2,908
|
|
5,122
|
|
Non-GAAP research and
development operating expense
|
$
92,223
|
|
$
73,965
|
|
$ 270,363
|
|
$ 216,586
|
|
|
|
|
|
|
|
|
|
General and
administrative operating expense on a GAAP basis
|
$
52,556
|
|
$
49,969
|
|
$ 163,892
|
|
$ 135,900
|
|
Less:
|
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
16,377
|
|
17,024
|
|
50,469
|
|
48,329
|
|
Non-GAAP general and
administrative operating expense
|
$
36,179
|
|
$
32,945
|
|
$ 113,423
|
|
$
87,571
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP loss from operations to non-GAAP income from
operations:
|
|
|
|
|
|
|
|
|
Loss from operations
on a GAAP basis
|
$ (27,876)
|
|
$ (45,216)
|
|
$
(197,502)
|
|
$
(162,766)
|
|
GAAP
operating margin (Loss from operations/Total
revenue)
|
(5) %
|
|
(10) %
|
|
(14) %
|
|
(13) %
|
|
Add back:
|
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
129,186
|
|
120,901
|
|
381,303
|
|
356,632
|
|
Amortization of
intangible assets
|
170
|
|
2,812
|
|
2,993
|
|
7,402
|
|
Non-GAAP income from
operations
|
$ 101,480
|
|
$
78,497
|
|
$ 186,794
|
|
$ 201,268
|
|
Non-GAAP
operating margin (Non-GAAP Income from operations/Total
revenue)
|
19 %
|
|
18 %
|
|
13 %
|
|
16 %
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net loss to non-GAAP net income:
|
|
|
|
|
|
|
|
|
Net loss on a GAAP
basis
|
$
(9,776)
|
|
$ (29,297)
|
|
$
(144,898)
|
|
$
(121,140)
|
|
Add back:
|
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
129,186
|
|
120,901
|
|
381,303
|
|
356,632
|
|
Amortization of
intangible assets
|
170
|
|
2,812
|
|
2,993
|
|
7,402
|
|
Amortization of
debt issuance costs related to convertible senior notes
|
716
|
|
849
|
|
2,419
|
|
2,543
|
|
Less:
|
|
|
|
|
|
|
|
|
Gains on
financial instruments, net
|
338
|
|
—
|
|
1,190
|
|
1,294
|
|
Income tax
effects and adjustments *
|
21,858
|
|
16,145
|
|
40,809
|
|
41,061
|
|
Non-GAAP net
income
|
$
98,100
|
|
$
79,120
|
|
$ 199,818
|
|
$ 203,082
|
|
|
|
|
|
|
|
|
|
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
|
$
(0.13)
|
|
$
(0.41)
|
|
$
(1.97)
|
|
$
(1.71)
|
|
Add back:
|
|
|
|
|
|
|
|
|
Expenses
associated with stock-based compensation
|
1.75
|
|
1.69
|
|
5.19
|
|
5.03
|
|
Amortization of
intangible assets
|
—
|
|
0.04
|
|
0.04
|
|
0.10
|
|
Amortization of
debt issuance costs related to convertible senior notes
|
0.01
|
|
0.01
|
|
0.03
|
|
0.04
|
|
Less:
|
|
|
|
|
|
|
|
|
Gains on
financial instruments, net
|
—
|
|
—
|
|
0.02
|
|
0.02
|
|
Income tax
effects and adjustments *
|
0.30
|
|
0.23
|
|
0.56
|
|
0.58
|
|
Non-GAAP net income
per share, basic
|
$
1.33
|
|
$
1.10
|
|
$
2.71
|
|
$
2.86
|
|
Adjustment for fully
diluted earnings per share
|
(0.17)
|
|
(0.14)
|
|
(0.32)
|
|
(0.39)
|
|
Non-GAAP net income
per share, diluted **
|
$
1.16
|
|
$
0.96
|
|
$
2.39
|
|
$
2.47
|
|
|
* 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 84.2 million and 83.7
million of diluted weighted-average shares of outstanding common
stock for the three and nine months ended October 31, 2024,
respectively, and 82.7 million and 82.2 million of diluted
weighted-average shares of outstanding common stock for the three
and nine months ended October 31, 2023, respectively.
|
|
The following table
presents a reconciliation of free cash flow to net cash provided by
operating activities, the most directly comparable GAAP measure,
for each of the periods indicated (unaudited, in
thousands):
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net cash provided by
operating activities
|
$
37,438
|
|
$
38,422
|
|
$
99,653
|
|
$
66,850
|
|
Capital
expenditures
|
(1,981)
|
|
(2,078)
|
|
(3,571)
|
|
(3,336)
|
|
Principal repayments of
finance leases
|
(895)
|
|
(1,380)
|
|
(4,534)
|
|
(4,083)
|
|
Capitalized
software
|
—
|
|
—
|
|
—
|
|
—
|
|
Free cash
flow
|
$
34,562
|
|
$
34,964
|
|
$
91,548
|
|
$
59,431
|
|
MONGODB,
INC.
CUSTOMER COUNT
METRICS
|
|
|
The following table
presents certain customer count information as of the periods
indicated:
|
|
|
|
10/31/2022
|
|
1/31/2023
|
|
4/30/2023
|
|
7/31/2023
|
|
10/31/2023
|
|
1/31/2024
|
|
4/30/2024
|
|
7/31/2024
|
|
10/31/2024
|
|
Total Customers
(a)
|
39,100+
|
|
40,800+
|
|
43,100+
|
|
45,000+
|
|
46,400+
|
|
47,800+
|
|
49,200+
|
|
50,700+
|
|
52,600+
|
|
Direct Sales
Customers(b)
|
5,900+
|
|
6,400+
|
|
6,700+
|
|
6,800+
|
|
6,900+
|
|
7,000+
|
|
7,100+
|
|
7,300+
|
|
7,400+
|
|
MongoDB Atlas
Customers
|
37,600+
|
|
39,300+
|
|
41,600+
|
|
43,500+
|
|
44,900+
|
|
46,300+
|
|
47,700+
|
|
49,200+
|
|
51,100+
|
|
Customers over
$100K(c)
|
1,545
|
|
1,651
|
|
1,761
|
|
1,855
|
|
1,972
|
|
2,052
|
|
2,137
|
|
2,189
|
|
2,314
|
|
|
(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:
|
|
|
|
10/31/2022
|
|
1/31/2023
|
|
4/30/2023
|
|
7/31/2023
|
|
10/31/2023
|
|
1/31/2024
|
|
4/30/2024
|
|
7/31/2024
|
|
10/31/2024
|
|
MongoDB Enterprise
Advanced: % of Subscription Revenue
|
29 %
|
|
28 %
|
|
28 %
|
|
26 %
|
|
27 %
|
|
26 %
|
|
25 %
|
|
24 %
|
|
25 %
|
|
Direct Sales
Customers(a)
Revenue: % of
Subscription Revenue
|
87 %
|
|
88 %
|
|
88 %
|
|
88 %
|
|
88 %
|
|
88 %
|
|
87 %
|
|
87 %
|
|
88 %
|
|
|
(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.