(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
(Nasdaq Global Market) |
Exhibit No. | Description | |||||||
99.1 |
MONGODB, INC. | |||||||||||
Dated: May 30, 2024 | By: | /s/ Dev Ittycheria | |||||||||
Name: Dev Ittycheria Title: President and Chief Executive Officer |
Second Quarter Fiscal 2025 | Full Year Fiscal 2025 | |||||||
Revenue | $460.0 million to $464.0 million | $1.88 billion to $1.90 billion | ||||||
Non-GAAP Income from Operations | $35.0 million to $38.0 million | $168.0 million to $183.0 million | ||||||
Non-GAAP Net Income per Share | $0.46 to $0.49 | $2.15 to $2.30 |
April 30, 2024 | January 31, 2024 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 815,704 | $ | 802,959 | |||||||
Short-term investments | 1,258,292 | 1,212,448 | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $7,814 and $8,054 as of April 30, 2024 and January 31, 2024, respectively | 266,025 | 325,610 | |||||||||
Deferred commissions | 93,390 | 92,512 | |||||||||
Prepaid expenses and other current assets | 218,914 | 50,107 | |||||||||
Total current assets | 2,652,325 | 2,483,636 | |||||||||
Property and equipment, net | 50,214 | 53,042 | |||||||||
Operating lease right-of-use assets | 34,807 | 37,365 | |||||||||
Goodwill | 69,679 | 69,679 | |||||||||
Acquired intangible assets, net | 1,303 | 3,957 | |||||||||
Deferred tax assets | 4,524 | 4,116 | |||||||||
Other assets | 221,577 | 217,847 | |||||||||
Total assets | $ | 3,034,429 | $ | 2,869,642 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 9,349 | $ | 9,905 | |||||||
Accrued compensation and benefits | 110,234 | 112,579 | |||||||||
Operating lease liabilities | 9,881 | 9,797 | |||||||||
Other accrued liabilities | 84,110 | 74,831 | |||||||||
Deferred revenue | 323,920 | 357,108 | |||||||||
Total current liabilities | 537,494 | 564,220 | |||||||||
Deferred tax liability | 770 | 285 | |||||||||
Operating lease liabilities | 28,417 | 30,918 | |||||||||
Deferred revenue | 16,210 | 20,296 | |||||||||
Convertible senior notes, net | 1,144,125 | 1,143,273 | |||||||||
Other liabilities | 38,157 | 41,661 | |||||||||
Total liabilities | 1,765,173 | 1,800,653 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, par value of $0.001 per share; 1,000,000,000 shares authorized as of April 30, 2024 and January 31, 2024; 73,449,966 shares issued and 73,350,595 shares outstanding as of April 30, 2024; 72,840,692 shares issued and 72,741,321 shares outstanding as of January 31, 2024 | 73 | 73 | |||||||||
Additional paid-in capital | 3,068,730 | 2,777,322 | |||||||||
Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of April 30, 2024 and January 31, 2024 | (1,319) | (1,319) | |||||||||
Accumulated other comprehensive (loss) income | (6,003) | 4,545 | |||||||||
Accumulated deficit | (1,792,225) | (1,711,632) | |||||||||
Total stockholders’ equity | 1,269,256 | 1,068,989 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,034,429 | $ | 2,869,642 |
Three Months Ended April 30, | ||||||||||||||
2024 | 2023 | |||||||||||||
Revenue: | ||||||||||||||
Subscription | $ | 436,896 | $ | 354,714 | ||||||||||
Services | 13,665 | 13,566 | ||||||||||||
Total revenue | 450,561 | 368,280 | ||||||||||||
Cost of revenue: | ||||||||||||||
Subscription(1) | 100,762 | 78,173 | ||||||||||||
Services(1) | 21,935 | 19,276 | ||||||||||||
Total cost of revenue | 122,697 | 97,449 | ||||||||||||
Gross profit | 327,864 | 270,831 | ||||||||||||
Operating expenses: | ||||||||||||||
Sales and marketing(1) | 219,444 | 182,733 | ||||||||||||
Research and development(1) | 146,060 | 116,817 | ||||||||||||
General and administrative(1) | 60,546 | 39,828 | ||||||||||||
Total operating expenses | 426,050 | 339,378 | ||||||||||||
Loss from operations | (98,186) | (68,547) | ||||||||||||
Other income, net | 20,174 | 16,788 | ||||||||||||
Loss before provision for income taxes | (78,012) | (51,759) | ||||||||||||
Provision for income taxes | 2,581 | 2,487 | ||||||||||||
Net loss | $ | (80,593) | $ | (54,246) | ||||||||||
Net loss per share, basic and diluted | $ | (1.10) | $ | (0.77) | ||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 72,990,141 | 70,177,499 |
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Cost of revenue—subscription | $ | 6,163 | $ | 5,514 | |||||||
Cost of revenue—services | 3,255 | 2,948 | |||||||||
Sales and marketing | 39,613 | 37,606 | |||||||||
Research and development | 55,173 | 44,066 | |||||||||
General and administrative | 16,559 | 13,821 | |||||||||
Total stock‑based compensation expense | $ | 120,763 | $ | 103,955 |
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (80,593) | $ | (54,246) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 4,826 | 4,373 | |||||||||
Stock-based compensation | 120,763 | 103,955 | |||||||||
Amortization of debt issuance costs | 852 | 847 | |||||||||
Amortization of finance right-of-use assets | 993 | 994 | |||||||||
Amortization of operating right-of-use assets | 2,479 | 2,225 | |||||||||
Deferred income taxes | 7 | (188) | |||||||||
Amortization of premium and accretion of discount on short-term investments, net | (7,781) | (13,230) | |||||||||
Unrealized gain on financial instruments | (479) | (2,226) | |||||||||
Unrealized foreign exchange loss | 115 | 429 | |||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable, net | 59,326 | 73,364 | |||||||||
Prepaid expenses and other current assets | 1,233 | (2,909) | |||||||||
Deferred commissions | (4,820) | 2,664 | |||||||||
Other long-term assets | 166 | (46) | |||||||||
Accounts payable | (547) | (304) | |||||||||
Accrued liabilities | 6,526 | (12,631) | |||||||||
Operating lease liabilities | (2,185) | (2,394) | |||||||||
Deferred revenue | (37,431) | (47,266) | |||||||||
Other liabilities, non-current | 163 | 319 | |||||||||
Net cash provided by operating activities | 63,613 | 53,730 | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of property and equipment | (539) | (623) | |||||||||
Investments in non-marketable securities | — | (1,306) | |||||||||
Proceeds from maturities of marketable securities | 125,000 | 280,000 | |||||||||
Purchases of marketable securities | (172,604) | (66,789) | |||||||||
Net cash (used in) provided by investing activities | (48,143) | 211,282 | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from exercise of stock options | 953 | 1,472 | |||||||||
Principal repayments of finance leases | (2,093) | (1,342) | |||||||||
Net cash (used in) provided by financing activities | (1,140) | 130 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,583) | 709 | |||||||||
Net increase in cash, cash equivalents and restricted cash | 12,747 | 265,851 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 803,643 | 456,339 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 816,390 | $ | 722,190 |
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Reconciliation of GAAP gross profit to non-GAAP gross profit: | |||||||||||
Gross profit on a GAAP basis | $ | 327,864 | $ | 270,831 | |||||||
Gross margin (Gross profit/Total revenue) on a GAAP basis | 73 | % | 74 | % | |||||||
Add back: | |||||||||||
Expenses associated with stock-based compensation: Cost of Revenue—Subscription | 6,497 | 5,688 | |||||||||
Expenses associated with stock-based compensation: Cost of Revenue—Services | 3,474 | 3,385 | |||||||||
Non-GAAP gross profit | $ | 337,835 | $ | 279,904 | |||||||
Non-GAAP gross margin (Non-GAAP gross profit/Total revenue) | 75 | % | 76 | % | |||||||
Reconciliation of GAAP operating expenses to non-GAAP operating expenses: | |||||||||||
Sales and marketing operating expense on a GAAP basis | $ | 219,444 | $ | 182,733 | |||||||
Less: | |||||||||||
Expenses associated with stock-based compensation | 42,154 | 40,331 | |||||||||
Amortization of intangible assets | 85 | 760 | |||||||||
Non-GAAP sales and marketing operating expense | $ | 177,205 | $ | 141,642 | |||||||
Research and development operating expense on a GAAP basis | $ | 146,060 | $ | 116,817 | |||||||
Less: | |||||||||||
Expenses associated with stock-based compensation | 57,760 | 45,724 | |||||||||
Amortization of intangible assets | 2,568 | 1,535 | |||||||||
Non-GAAP research and development operating expense | $ | 85,732 | $ | 69,558 | |||||||
General and administrative operating expense on a GAAP basis | $ | 60,546 | $ | 39,828 | |||||||
Less: | |||||||||||
Expenses associated with stock-based compensation | 18,445 | 14,780 | |||||||||
Non-GAAP general and administrative operating expense | $ | 42,101 | $ | 25,048 | |||||||
Reconciliation of GAAP loss from operations to non-GAAP income from operations: | |||||||||||
Loss from operations on a GAAP basis | $ | (98,186) | $ | (68,547) | |||||||
GAAP operating margin (Loss from operations/Total revenue) | (22) | % | (19) | % | |||||||
Add back: | |||||||||||
Expenses associated with stock-based compensation | 128,330 | 109,908 | |||||||||
Amortization of intangible assets | 2,653 | 2,295 | |||||||||
Non-GAAP income from operations | $ | 32,797 | $ | 43,656 | |||||||
Non-GAAP operating margin (Non-GAAP Income from operations/Total revenue) | 7 | % | 12 | % |
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Reconciliation of GAAP net loss to non-GAAP net income: | |||||||||||
Net loss on a GAAP basis | $ | (80,593) | $ | (54,246) | |||||||
Add back: | |||||||||||
Expenses associated with stock-based compensation | 128,330 | 109,908 | |||||||||
Amortization of intangible assets | 2,653 | 2,295 | |||||||||
Amortization of debt issuance costs related to convertible senior notes | 852 | 847 | |||||||||
Less: | |||||||||||
Gains on financial instruments, net | 479 | 2,226 | |||||||||
Income tax effects and adjustments * | 8,088 | 11,316 | |||||||||
Non-GAAP net income | $ | 42,675 | $ | 45,262 | |||||||
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 | $ | (1.10) | $ | (0.77) | |||||||
Add back: | |||||||||||
Expenses associated with stock-based compensation | 1.76 | 1.57 | |||||||||
Amortization of intangible assets | 0.04 | 0.03 | |||||||||
Amortization of debt issuance costs related to convertible senior notes | 0.01 | 0.01 | |||||||||
Less: | |||||||||||
Gains on financial instruments, net | 0.01 | 0.03 | |||||||||
Income tax effects and adjustments * | 0.11 | 0.16 | |||||||||
Non-GAAP net income per share, basic | $ | 0.59 | $ | 0.65 | |||||||
Adjustment for fully diluted earnings per share | (0.08) | (0.09) | |||||||||
Non-GAAP net income per share, diluted ** | $ | 0.51 | $ | 0.56 |
Three Months Ended April 30, | ||||||||||||||
2024 | 2023 | |||||||||||||
Net cash provided by operating activities | $ | 63,613 | $ | 53,730 | ||||||||||
Capital expenditures | (539) | (623) | ||||||||||||
Principal repayments of finance leases | (2,093) | (1,342) | ||||||||||||
Capitalized software | — | — | ||||||||||||
Free cash flow | $ | 60,981 | $ | 51,765 |
4/30/2022 | 7/31/2022 | 10/31/2022 | 1/31/2023 | 4/30/2023 | 7/31/2023 | 10/31/2023 | 1/31/2024 | 4/30/2024 | |||||||||||||||||||||||||||||||||||||||||||||
Total Customers (a) | 35,200+ | 37,000+ | 39,100+ | 40,800+ | 43,100+ | 45,000+ | 46,400+ | 47,800+ | 49,200+ | ||||||||||||||||||||||||||||||||||||||||||||
Direct Sales Customers(b) | 4,800+ | 5,400+ | 5,900+ | 6,400+ | 6,700+ | 6,800+ | 6,900+ | 7,000+ | 7,100+ | ||||||||||||||||||||||||||||||||||||||||||||
MongoDB Atlas Customers | 33,700+ | 35,500+ | 37,600+ | 39,300+ | 41,600+ | 43,500+ | 44,900+ | 46,300+ | 47,700+ | ||||||||||||||||||||||||||||||||||||||||||||
Customers over $100K(c) | 1,379 | 1,462 | 1,545 | 1,651 | 1,761 | 1,855 | 1,972 | 2,052 | 2,137 | ||||||||||||||||||||||||||||||||||||||||||||
4/30/2022 | 7/31/2022 | 10/31/2022 | 1/31/2023 | 4/30/2023 | 7/31/2023 | 10/31/2023 | 1/31/2024 | 4/30/2024 | |||||||||||||||||||||||||||||||||||||||||||||
MongoDB Enterprise Advanced: % of Subscription Revenue | 33 | % | 28 | % | 29 | % | 28 | % | 28 | % | 26 | % | 27 | % | 26 | % | 25 | % | |||||||||||||||||||||||||||||||||||
Direct Sales Customers(a) Revenue: % of Subscription Revenue | 87 | % | 86 | % | 87 | % | 88 | % | 88 | % | 88 | % | 88 | % | 88 | % | 87 | % |
Cover Page |
May 30, 2024 |
---|---|
Cover Page [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 30, 2024 |
Entity Registrant Name | MONGODB, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38240 |
Entity Tax Identification Number | 26-1463205 |
Entity Address, Address Line One | 1633 Broadway, |
Entity Address, Address Line Two | 38th Floor |
Entity Address, City or Town | New York, |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10019 |
City Area Code | 646 |
Local Phone Number | 727-4092 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share |
Trading Symbol | MDB |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001441816 |
Amendment Flag | false |
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