NEW YORK, March 17, 2020 /PRNewswire/ -- MongoDB, Inc.
(NASDAQ: MDB), the leading, modern general purpose database
platform, today announced its financial results for the fourth
quarter and fiscal year ended January 31,
2020.
"MongoDB delivered excellent fourth quarter results that capped
off an outstanding year for the company. Customers in all
industries and geographies are embracing our modern data platform
as the best way to work with data, driving the demand and adoption
of our technology," said Dev Ittycheria, President and Chief
Executive Officer of MongoDB. "We're also pleased with the
continued success of our global cloud database, Atlas, which
surpassed the $200 million annualized
revenue run rate in the fourth quarter. Multi-cloud is becoming a
strategic imperative for enterprises, and Atlas is uniquely
positioned to give our customers the freedom to run anywhere and
leverage the benefits of each cloud provider."
"As we look ahead to fiscal 2021, we strongly believe that the
database market is at the very beginning of a profound platform
shift towards the cloud over the next decade. We believe that
MongoDB is exceptionally well positioned to be one of the key
beneficiaries in this platform shift."
Senior Leadership Update
Eliot Horowitz, our co-founder
and CTO, has decided, after almost 13 years with MongoDB, to step
down as CTO and as a director of the company effective as of our
Annual Meeting, July 10, 2020. He
will become a technical advisor to MongoDB after leaving his
full-time role.
"I want to thank Eliot for his technical vision, leadership and
immense contributions since co-founding the company," said Dev
Ittycheria. "Eliot, together with the other founders of MongoDB,
realized 13 years ago that the incumbent database technology was
ill suited for the needs of developers building modern
applications. Their insight and hard work resulted in the document
model, a fundamentally different way to persist data that addresses
the rigidity and scalability limitations of relational databases.
Today, MongoDB is the world's most popular modern database with
more than 90 million downloads, 1.5M
Atlas free tier users, 17,000 customers, nearly 2000 employees in
26 countries, and a strong and deep leadership team that will carry
on with the vision set forth by Eliot."
Fourth Quarter Fiscal 2020 Financial Highlights
- Revenue: Total revenue was $123.5
million in the fourth quarter fiscal 2020, an increase of
44% year-over-year. Subscription revenue was $117.8 million, an increase of 46%
year-over-year, and services revenue was $5.7 million, an increase of 17%
year-over-year.
- Gross Profit: Gross profit was $88.7 million in the fourth quarter fiscal 2020,
representing a 72% gross margin, compared to 70% in the year-ago
period. Non-GAAP gross profit was $91.2
million, representing a 74% non-GAAP gross margin.
- Loss from Operations: Loss from operations was
$40.9 million in the fourth quarter
fiscal 2020, compared to $23.8
million in the year-ago period. Non-GAAP loss from
operations was $12.0 million,
compared to $9.7 million in the
year-ago period.
- Net Loss: Net loss was $62.6
million, or $1.10 per share,
based on 56.9 million weighted-average shares outstanding in the
fourth quarter fiscal 2020. This compares to $22.2 million, or $0.41 per share, based on 53.8 million
weighted-average shares outstanding, in the year-ago period.
Non-GAAP net loss was $14.5 million
or $0.25 per share. This compares to
$9.1 million or $0.17 per share in the year-ago period.
- Cash Flow: As of January 31,
2020, MongoDB had $987.0
million in cash, cash equivalents, short-term investments
and restricted cash. During the three months ended January 31, 2020, MongoDB used $8.6 million of cash from operations,
$1.2 million in capital expenditures
and $1.1 million in principal
repayments of finance leases, leading to negative free cash flow of
$10.9 million, compared to negative
free cash flow of $12.6 million in
the year-ago period.
Full Year Fiscal 2020 Financial Highlights
- Revenue: Total revenue was $421.7
million for the full year fiscal 2020, an increase of 58%
year-over-year. Subscription revenue was $399.8 million, an increase of 61%
year-over-year, and services revenue was $21.9 million, an increase of 18%
year-over-year.
- Gross Profit: Gross profit was $296.4 million for the full year fiscal 2020,
representing a 70% gross margin compared to 72% the prior year.
Non-GAAP gross profit was $304.4
million, representing a 72% non-GAAP gross margin.
- Loss from Operations: Loss from operations was
$147.9 million for the full year
fiscal 2020, compared to $97.8
million in the prior year. Non-GAAP loss from operations was
$53.7 million, compared to
$54.2 million in the prior year.
- Net Loss: Net loss was $175.5
million, or $3.14 per share,
based on 55.9 million weighted-average shares outstanding, for the
full year fiscal 2020. This compares to $99.0 million, or $1.90 per share, based on 52.0 million
weighted-average shares outstanding, in the prior year. Non-GAAP
net loss was $55.9 million or
$1.00 per share. This compares to
$52.2 million or $1.00 per share in the prior year.
- Cash Flow: During the year ended January 31, 2020, MongoDB used $29.5 million of cash in operations and
$3.6 million in capital expenditures
and $1.9 million in principal
repayments of finance leases, leading to negative free cash flow of
$35.0 million, compared to negative
free cash flow of $48.8 million in
the prior year.
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 2020 and Recent Business
Highlights
- Fast Company ranked MongoDB #2 in the enterprise technology
category on its 2020 Most Innovative Companies list. Developers
choose MongoDB because it gives them a better way to work with data
and allows them to innovate faster. As a result, MongoDB has now
been downloaded more than 90 million times from our website alone
and there are now more than 1.5 million free deployments on
Atlas.
- Launched the MongoDB Modernization Toolkit in partnership with
Informatica and Hitachi Vantara Pentaho to make it easier for
enterprises to migrate off of legacy databases like Oracle. These
partners have developed tools that simplify the process of
identifying and moving data out of relational databases into
MongoDB at scale. We intend to utilize these tools with our systems
integrator partners, who help our customers with digital
transformation initiatives and migrations to the cloud.
- Deepened our leadership bench with the addition of Mark Porter to the Board of Directors. Porter is
the Chief Technology Officer for Grab, an on-demand transportation
and financial services company in Southeast Asia, and has been a pioneer in the
database industry for decades. He previously led many of Amazon Web
Services' (AWS) database efforts including AWS Relational Database
Service (RDS), Amazon Aurora and RDS for PostgreSQL. Prior to
Amazon, Porter held various roles including Vice President of
Engineering at Oracle Corporation and being an early member of the
Oracle Database Kernel group.
Business Outlook
Based on information as of today, March
17, 2020, MongoDB is issuing the following financial
guidance for the first quarter and full year fiscal 2021.Please
note that this guidance includes our current expectation of an
estimated $1 - $2 million negative revenue impact from COVID-19
outbreak for the first quarter, and $15 - $25 million
for the full year fiscal 2021. The situation regarding COVID-19 is
uncertain and is changing rapidly and MongoDB will continue to
evaluate its potential impact on its business.
|
First Quarter
Fiscal 2021
|
Full Year Fiscal
2021
|
Revenue
|
$119.0 million to
$121.0 million
|
$510.0 million to
$530.0 million
|
Non-GAAP Loss from
Operations
|
($14.0) million to
($12.0) million
|
($78.0) million to
($68.0) million
|
Non-GAAP Net Loss
per Share
|
($0.25) to
($0.22)
|
($1.40) to
($1.23)
|
Reconciliation of non-GAAP loss from operations and non-GAAP net
loss per share guidance to the most directly comparable GAAP
measures is not available without unreasonable efforts on a
forward-looking basis due to the high variability, complexity and
low visibility with respect to the charges excluded from these
non-GAAP measures; in particular, the measures and effects of
stock-based compensation expense specific to equity compensation
awards that are directly impacted by unpredictable fluctuations in
our stock price. We expect the variability of the above charges to
have a significant, and potentially unpredictable, impact on our
future GAAP financial results.
Conference Call Information
MongoDB will host a conference call today, March 17, 2020, 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, dial
888-317-6016 (domestic) or 412-317-6016 (international). A replay
of this conference call will be available for a limited time at
877-344-7529 (domestic) or 412-317-0088 (international). The replay
conference ID is 10139634. A replay of the webcast will also be
available for a limited time at https://investors.mongodb.com.
About MongoDB
MongoDB is the leading modern, general purpose database
platform, designed to unleash the power of software and data for
developers and the applications they build. Headquartered in
New York, MongoDB has more than
17,000 customers in over 100 countries. The MongoDB database
platform has been downloaded over 90 million times and there have
been more than one million MongoDB University registrations.
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
our financial guidance for the first fiscal quarter and full year
fiscal 2021; the anticipated impact of the coronavirus disease
(COVID-19) outbreak on our future results of operations, our future
growth and the potential of MongoDB Atlas; and our ability to
transform the global database industry and to capitalize on our
market opportunity. 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 limited operating
history; our history of losses; failure of our database platform to
satisfy customer demands; the effects of increased competition; our
investments in new products and our ability to introduce new
features, services or enhancements; our ability to effectively
expand our sales and marketing organization; our ability to
continue to build and maintain credibility with the developer
community; our ability to add new customers or increase sales to
our existing customers; our ability to maintain, protect, enforce
and enhance our intellectual property; the growth and expansion of
the market for database products and our ability to penetrate that
market; our ability to integrate acquired businesses and
technologies successfully or achieve the expected benefits of such
acquisitions; our ability to maintain the security of our software
and adequately address privacy concerns; our ability to manage our
growth effectively and successfully recruit and retain additional
highly-qualified personnel; the price volatility of our common
stock; the financial impacts of the coronavirus disease (COVID-19)
outbreak on our customers, our potential customers, the global
financial markets and our business and future results of
operations; the impact that the precautions we have taken in our
business relative to the coronavirus disease (COVID-19) outbreak
may have on our business and those risks detailed from time-to-time
under the caption "Risk Factors" and elsewhere in our Securities
and Exchange Commission ("SEC") filings and reports, including our
Quarterly Report on Form 10-Q filed on December 10, 2019, as well as future filings and
reports by us. 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 loss from operations, non-GAAP net loss, non-GAAP net loss
per share and free cash flow. Non-GAAP gross profit and non-GAAP
gross margin exclude stock-based compensation expense.
Non-GAAP operating expenses, non-GAAP loss from operations,
non-GAAP net loss and non-GAAP net loss per share exclude:
- stock-based compensation expense;
- amortization of intangible assets for the acquired technology
and acquired customer relationships associated with the purchase of
Realm, as well as for the prior acquisitions of mLab and
WiredTiger;
- amortization of time-based founder payments associated with the
mLab purchase that was deemed to be compensation expense for GAAP
purposes;
- acquisition costs associated with the purchase of Realm in
fiscal 2020 and mLab in fiscal 2019;
- accelerated charges associated with the New York City office move in the third quarter
fiscal 2019;
- in the case of non-GAAP net loss, non-cash interest expense
related to our convertible senior notes, a non-recurring loss from
the early extinguishment of debt related to the partial repurchase
of our 0.75% convertible senior notes due 2024 and non-recurring
income tax benefits associated with the acquisitions of Realm and
mLab intangible assets.
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 present similar
non-GAAP financial measures to investors.
Free cash flow represents net cash used in operating activities
less capital expenditures, principal repayments of finance lease
liabilities and capitalized software development costs, if any.
MongoDB uses free cash flow to understand and evaluate its
liquidity and to generate future operating plans. The exclusion of
capital expenditures, principal repayments of finance lease
liabilities and amounts capitalized for software development
facilitates comparisons of MongoDB's liquidity on a
period-to-period basis and excludes items that it does not consider
to be indicative of its liquidity. MongoDB believes that free cash
flow is a measure of liquidity that provides useful information to
investors in understanding and evaluating the strength of its
liquidity and future ability to generate cash that can be used for
strategic opportunities or investing in its business in the same
manner as MongoDB's management and board of directors.
Non-GAAP financial measures have limitations as an analytical
tool and should not be considered in isolation from, or as a
substitute for, financial information prepared in accordance with
GAAP. In particular, other companies may report non-GAAP gross
profit, non-GAAP gross margin, non-GAAP operating expenses,
non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss
per share, free cash flow or similarly titled measures but
calculate them differently, which reduces their usefulness as
comparative measures. Investors are encouraged to review the
reconciliation of these non-GAAP measures to their most directly
comparable GAAP financial measures, as presented below. This
earnings press release and any future releases containing such
non-GAAP reconciliations can also be found on the Investor
Relations page of MongoDB's website at
https://investors.mongodb.com.
Investor Relations
Brian
Denyeau
ICR for MongoDB
646-277-1251
ir@mongodb.com
Media Relations
Mark
Wheeler
MongoDB
866-237-8815 x7186
communications@mongodb.com
MONGODB, INC.
CONSOLIDATED BALANCE SHEETS (in thousands, except share
and per share data)
(unaudited)
|
|
|
As of January
31,
|
|
2020
|
|
2019
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
706,192
|
|
$
147,831
|
Short-term
investments
|
280,326
|
|
318,139
|
Accounts receivable,
net of allowance for doubtful accounts of $2,515 and $1,539 as of
January 31, 2020 and 2019, respectively
|
85,554
|
|
72,808
|
Deferred
commissions
|
24,219
|
|
15,878
|
Prepaid expenses and
other current assets
|
16,905
|
|
11,580
|
Total current
assets
|
1,113,196
|
|
566,236
|
Property and
equipment, net
|
58,316
|
|
73,664
|
Operating lease
right-of-use assets
|
11,147
|
|
—
|
Goodwill
|
55,830
|
|
41,878
|
Acquired intangible
assets, net
|
34,779
|
|
15,894
|
Deferred tax
assets
|
615
|
|
1,193
|
Other
assets
|
54,684
|
|
34,611
|
Total
assets
|
$
1,328,567
|
|
$
733,476
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
2,849
|
|
$
2,153
|
Accrued compensation
and benefits
|
41,427
|
|
25,982
|
Operating lease
liabilities
|
3,750
|
|
—
|
Other accrued
liabilities
|
26,860
|
|
14,169
|
Deferred
revenue
|
167,498
|
|
122,333
|
Total current
liabilities
|
242,384
|
|
164,637
|
Deferred rent,
non-current
|
—
|
|
2,567
|
Deferred tax
liability, non-current
|
821
|
|
106
|
Operating lease
liabilities, non-current
|
8,113
|
|
—
|
Deferred revenue,
non-current
|
23,281
|
|
15,343
|
Convertible senior
notes, net
|
911,075
|
|
216,858
|
Other liabilities,
non-current
|
60,035
|
|
69,399
|
Total
liabilities
|
1,245,709
|
|
468,910
|
Stockholders'
equity:
|
|
|
|
Class A common
stock, par value of $0.001 per share; 1,000,000,000 shares
authorized as of January 31, 2020 and 2019; 48,512,090 and
36,286,573 shares issued and outstanding as of January 31, 2020 and
2019, respectively
|
48
|
|
36
|
Class B common
stock, par value of $0.001 per share; 100,000,000 shares authorized
as of January 31, 2020 and 2019; 8,969,824 and 18,134,608 shares
issued as of January 31, 2020 and 2019, respectively;
8,870,453 and 18,035,237 shares outstanding as of January 31,
2020 and 2019, respectively
|
9
|
|
18
|
Additional paid-in
capital
|
752,127
|
|
754,612
|
Treasury stock,
99,371 shares (repurchased at an average of $13.27 per share) as of
January 31, 2020 and 2019
|
(1,319)
|
|
(1,319)
|
Accumulated other
comprehensive income (loss)
|
225
|
|
(174)
|
Accumulated
deficit
|
(668,232)
|
|
(488,607)
|
Total stockholders'
equity
|
82,858
|
|
264,566
|
Total liabilities and
stockholders' equity
|
$
1,328,567
|
|
$
733,476
|
MONGODB,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands,
except share and per share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January 31,
|
|
Year Ended January
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
$
117,849
|
|
$
80,632
|
|
$
399,826
|
|
$
248,391
|
Services
|
5,674
|
|
4,852
|
|
21,894
|
|
18,625
|
Total
revenue
|
123,523
|
|
85,484
|
|
421,720
|
|
267,016
|
Cost of
revenue:
|
|
|
|
|
|
|
|
Subscription(1)
|
28,226
|
|
20,821
|
|
101,691
|
|
56,255
|
Services(1)
|
6,565
|
|
4,746
|
|
23,665
|
|
17,313
|
Total cost of
revenue
|
34,791
|
|
25,567
|
|
125,356
|
|
73,568
|
Gross
profit
|
88,732
|
|
59,917
|
|
296,364
|
|
193,448
|
Operating
expenses:
|
|
|
|
|
|
|
|
Sales and
marketing(1)
|
67,234
|
|
42,482
|
|
223,893
|
|
148,296
|
Research and
development(1)
|
41,638
|
|
26,600
|
|
149,033
|
|
89,854
|
General and
administrative(1)
|
20,763
|
|
14,596
|
|
71,304
|
|
53,063
|
Total operating
expenses
|
129,635
|
|
83,678
|
|
444,230
|
|
291,213
|
Loss from
operations
|
(40,903)
|
|
(23,761)
|
|
(147,866)
|
|
(97,765)
|
Other expense,
net
|
(19,396)
|
|
(2,424)
|
|
(28,312)
|
|
(4,564)
|
Loss before provision for
(benefit from) income taxes
|
(60,299)
|
|
(26,185)
|
|
(176,178)
|
|
(102,329)
|
Provision for
(benefit from) income taxes
|
2,264
|
|
(3,998)
|
|
(656)
|
|
(3,318)
|
Net loss
|
$
(62,563)
|
|
$
(22,187)
|
|
$
(175,522)
|
|
$
(99,011)
|
Net loss per share,
basic and diluted
|
$
(1.10)
|
|
$
(0.41)
|
|
$
(3.14)
|
|
$
(1.90)
|
Weighted-average
shares used to compute net loss per share, basic and
diluted
|
56,943,622
|
|
53,825,561
|
|
55,939,032
|
|
52,034,596
|
|
|
|
|
|
|
|
|
(1)Includes
stock-based compensation expense as follows:
|
|
|
|
|
|
|
|
|
Three Months Ended
January 31,
|
|
Year Ended January
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Cost of
revenue—subscription
|
$
1,520
|
|
$
644
|
|
$
4,996
|
|
$
2,047
|
Cost of
revenue—services
|
940
|
|
439
|
|
3,047
|
|
1,239
|
Sales and
marketing
|
8,912
|
|
3,620
|
|
26,640
|
|
11,059
|
Research and
development
|
9,173
|
|
3,446
|
|
26,686
|
|
11,687
|
General and
administrative
|
4,193
|
|
2,404
|
|
14,407
|
|
11,371
|
Total stock‑based compensation
expense
|
$
24,738
|
|
$
10,553
|
|
$
75,776
|
|
$
37,403
|
MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
|
|
Three Months Ended
January 31,
|
|
Year Ended January
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Net loss
|
$
(62,563)
|
|
$
(22,187)
|
|
$
(175,522)
|
|
$
(99,011)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,959
|
|
2,458
|
|
12,783
|
|
5,792
|
Stock-based
compensation
|
24,738
|
|
10,553
|
|
75,776
|
|
37,403
|
Amortization of debt
discount and issuance costs
|
5,014
|
|
3,166
|
|
14,847
|
|
7,399
|
Amortization of
finance right-of-use assets
|
994
|
|
—
|
|
3,976
|
|
—
|
Amortization of
operating right-of-use assets
|
960
|
|
—
|
|
3,015
|
|
—
|
Non-cash interest on
office financing lease
|
—
|
|
911
|
|
1,823
|
|
1,570
|
Deferred income
taxes
|
1,249
|
|
(4,609)
|
|
(3,292)
|
|
(4,960)
|
Accretion of discount
on short-term investments
|
(441)
|
|
(1,308)
|
|
(4,060)
|
|
(3,875)
|
Loss on early
extinguishment of debt
|
14,522
|
|
—
|
|
14,522
|
|
—
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(17,815)
|
|
(23,228)
|
|
(12,692)
|
|
(19,445)
|
Prepaid expenses and
other current assets
|
(3,983)
|
|
(36)
|
|
(3,794)
|
|
(1,487)
|
Deferred
commissions
|
(16,157)
|
|
(6,549)
|
|
(28,362)
|
|
(16,134)
|
Other long-term
assets
|
95
|
|
(181)
|
|
(53)
|
|
(214)
|
Accounts
payable
|
665
|
|
(748)
|
|
513
|
|
(913)
|
Deferred
rent
|
—
|
|
384
|
|
—
|
|
1,642
|
Accrued
liabilities
|
4,263
|
|
6,380
|
|
20,439
|
|
13,564
|
Operating lease
liabilities
|
(1,312)
|
|
—
|
|
(3,291)
|
|
—
|
Deferred
revenue
|
38,156
|
|
25,514
|
|
53,054
|
|
36,680
|
Other liabilities,
non-current
|
38
|
|
—
|
|
778
|
|
—
|
Net cash used in
operating activities
|
(8,618)
|
|
(9,480)
|
|
(29,540)
|
|
(41,989)
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
(1,214)
|
|
(3,150)
|
|
(3,564)
|
|
(6,848)
|
Acquisitions, net of
cash acquired
|
—
|
|
(55,517)
|
|
(38,629)
|
|
(55,517)
|
Proceeds from
maturities of marketable securities
|
60,000
|
|
244,000
|
|
470,000
|
|
450,000
|
Purchases of
marketable securities
|
(65,922)
|
|
(178,178)
|
|
(429,452)
|
|
(547,914)
|
Net cash provided by
(used in) investing activities
|
(7,136)
|
|
7,155
|
|
(1,645)
|
|
(160,279)
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Proceeds from
exercise of stock options, including early exercised stock
options
|
3,492
|
|
4,613
|
|
16,775
|
|
22,244
|
Proceeds from the
issuance of common stock under the Employee Stock Purchase
Plan
|
7,026
|
|
4,906
|
|
13,420
|
|
10,532
|
Repurchase of early
exercised stock options
|
(8)
|
|
—
|
|
(43)
|
|
(327)
|
Principal repayments
of finance leases
|
(1,117)
|
|
—
|
|
(1,915)
|
|
—
|
Proceeds from
borrowings on convertible senior notes, net of issuance
costs
|
1,132,991
|
|
—
|
|
1,132,991
|
|
291,145
|
Payments for partial
repurchase of 2024 convertible senior notes
|
(479,070)
|
|
—
|
|
(479,070)
|
|
—
|
Payment for purchase
of capped calls
|
(92,920)
|
|
—
|
|
(92,920)
|
|
(37,086)
|
Proceeds from tenant
improvement allowance on build-to-suit lease
|
—
|
|
1,095
|
|
—
|
|
1,728
|
Net cash provided by
financing activities
|
570,394
|
|
10,614
|
|
589,238
|
|
288,236
|
Effect of exchange
rate changes on cash, cash equivalents, and restricted
cash
|
244
|
|
53
|
|
306
|
|
(48)
|
Net increase in cash,
cash equivalents, and restricted cash
|
554,884
|
|
8,342
|
|
558,359
|
|
85,920
|
Cash, cash
equivalents, and restricted cash, beginning of period
|
151,822
|
|
140,005
|
|
148,347
|
|
62,427
|
Cash, cash
equivalents, and restricted cash, end of period
|
$
706,706
|
|
$
148,347
|
|
$
706,706
|
|
$
148,347
|
MONGODB, INC.
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(in thousands, except share and per share data)
(unaudited)
|
|
|
Three Months Ended
January 31,
|
|
Year Ended January
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Reconciliation of
GAAP gross profit to non-GAAP gross profit:
|
|
|
|
|
|
|
|
Gross profit on a
GAAP basis
|
$
88,732
|
|
$
59,917
|
|
$
296,364
|
|
$
193,448
|
Gross margin
(Gross profit/Total revenue) on a GAAP basis
|
72
%
|
|
70
%
|
|
70
%
|
|
72
%
|
Add back:
|
|
|
|
|
|
|
|
Stock-based
compensation expense: Cost of Revenue—Subscription
|
1,520
|
|
644
|
|
4,996
|
|
2,047
|
Stock-based
compensation expense: Cost of Revenue—Services
|
940
|
|
439
|
|
3,047
|
|
1,239
|
Non-GAAP gross
profit
|
$
91,192
|
|
$
61,000
|
|
$
304,407
|
|
$
196,734
|
Non-GAAP gross
margin (Non-GAAP gross profit/Total revenue)
|
74
%
|
|
71
%
|
|
72
%
|
|
74
%
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP operating expenses to non-GAAP operating
expenses:
|
|
|
|
|
|
|
|
Sales and marketing
operating expense on a GAAP basis
|
$
67,234
|
|
$
42,482
|
|
$
223,893
|
|
$
148,296
|
Less:
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
8,912
|
|
3,620
|
|
26,640
|
|
11,059
|
Amortization of
intangible assets associated with acquisitions
|
766
|
|
680
|
|
2,978
|
|
698
|
Non-GAAP sales and
marketing operating expense
|
$
57,556
|
|
$
38,182
|
|
$
194,275
|
|
$
136,539
|
|
|
|
|
|
|
|
|
Research and
development operating expense on a GAAP basis
|
$
41,638
|
|
$
26,600
|
|
$
149,033
|
|
$
89,854
|
Less:
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
9,173
|
|
3,446
|
|
26,686
|
|
11,687
|
Amortization of
intangible assets and time-based founder payments associated with
acquisitions
|
3,350
|
|
2,897
|
|
14,763
|
|
3,542
|
Non-GAAP research and
development operating expense
|
$
29,115
|
|
$
20,257
|
|
$
107,584
|
|
$
74,625
|
|
|
|
|
|
|
|
|
General and
administrative operating expense on a GAAP basis
|
$
20,763
|
|
$
14,596
|
|
$
71,304
|
|
$
53,063
|
Less:
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
4,193
|
|
2,404
|
|
14,407
|
|
11,371
|
Acquisition
costs
|
—
|
|
—
|
|
641
|
|
450
|
Accelerated charges
associated with the New York City office move
|
—
|
|
—
|
|
—
|
|
1,450
|
Non-GAAP general and
administrative operating expense
|
$
16,570
|
|
$
12,192
|
|
$
56,256
|
|
$
39,792
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP loss from operations to non-GAAP loss from
operations:
|
|
|
|
|
|
|
|
Loss from operations
on a GAAP basis
|
$
(40,903)
|
|
$
(23,761)
|
|
$
(147,866)
|
|
$
(97,765)
|
Add back:
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
24,738
|
|
10,553
|
|
75,776
|
|
37,403
|
Amortization of
intangible assets and time-based founder payments associated with
acquisitions
|
4,116
|
|
3,577
|
|
17,741
|
|
4,240
|
Acquisition
costs
|
—
|
|
(60)
|
|
641
|
|
450
|
Accelerated charges
associated with the New York City office move
|
—
|
|
—
|
|
—
|
|
1,450
|
Non-GAAP loss from
operations
|
$
(12,049)
|
|
$
(9,691)
|
|
$
(53,708)
|
|
$
(54,222)
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net loss to non-GAAP net loss:
|
|
|
|
|
|
|
|
Net loss on a GAAP
basis
|
$
(62,563)
|
|
$
(22,187)
|
|
$
(175,522)
|
|
$
(99,011)
|
Add back:
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
24,738
|
|
10,553
|
|
75,776
|
|
37,403
|
Amortization of
intangible assets and time-based founder payments associated with
acquisitions
|
4,116
|
|
3,577
|
|
17,741
|
|
4,240
|
Acquisition
costs
|
—
|
|
(60)
|
|
641
|
|
450
|
Accelerated charges
associated with the New York City office move
|
—
|
|
—
|
|
—
|
|
1,450
|
Non-cash interest
expense related to convertible senior notes
|
5,014
|
|
3,166
|
|
14,847
|
|
7,399
|
Non-recurring loss
from the early extinguishment of debt
|
14,522
|
|
—
|
|
14,522
|
|
—
|
Non-recurring income
tax benefit associated with the acquisition of intangible
assets
|
(346)
|
|
(4,119)
|
|
(3,882)
|
|
(4,119)
|
Non-GAAP net
loss
|
$
(14,519)
|
|
$
(9,070)
|
|
$
(55,877)
|
|
$
(52,188)
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net loss per share, basic and diluted, to non-GAAP net loss
per share,
basic and diluted:
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted, on a GAAP basis
|
$
(1.10)
|
|
$
(0.41)
|
|
$
(3.14)
|
|
$
(1.90)
|
Add back:
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
0.43
|
|
0.20
|
|
1.35
|
|
0.72
|
Amortization of
intangible assets and time-based founder payments associated with
acquisitions
|
0.07
|
|
0.06
|
|
0.32
|
|
0.08
|
Acquisition
costs
|
—
|
|
—
|
|
0.01
|
|
0.01
|
Accelerated charges
associated with the New York City office move
|
—
|
|
—
|
|
—
|
|
0.03
|
Non-cash interest
expense related to convertible senior notes
|
0.09
|
|
0.06
|
|
0.27
|
|
0.14
|
Non-recurring loss
from the early extinguishment of debt
|
0.26
|
|
—
|
|
0.26
|
|
—
|
Non-recurring income
tax benefit associated with the acquisition of intangible
assets
|
—
|
|
(0.08)
|
|
(0.07)
|
|
(0.08)
|
Non-GAAP net loss per
share, basic and diluted
|
$
(0.25)
|
|
$
(0.17)
|
|
$
(1.00)
|
|
$
(1.00)
|
|
|
|
|
|
|
|
|
The following table
presents a reconciliation of free cash flow to net cash used in
operating activities, the most directly comparable GAAP measure,
for each of the periods indicated (unaudited, in
thousands):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January 31,
|
|
Year Ended January
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net cash used in
operating activities
|
$
(8,618)
|
|
$
(9,480)
|
|
$
(29,540)
|
|
$
(41,989)
|
Capital
expenditures
|
(1,214)
|
|
(3,150)
|
|
(3,564)
|
|
(6,848)
|
Principal repayments
of finance leases
|
(1,117)
|
|
—
|
|
(1,915)
|
|
—
|
Capitalized
software
|
—
|
|
—
|
|
—
|
|
—
|
Free cash
flow
|
$
(10,949)
|
|
$
(12,630)
|
|
$
(35,019)
|
|
$
(48,837)
|
MONGODB, INC.
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
Quarterly Presentation of Expanded NON-GAAP Operating
Expenses
(in thousands, except share and per share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
January 31,
2020
|
|
October 31,
2019
|
|
July 31,
2019
|
|
April 30,
2019
|
|
January 31,
2019
|
|
October 31,
2018
|
|
July 31,
2018
|
|
April 30,
2018
|
Reconciliation of
GAAP gross profit to non-GAAP gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit on a
GAAP basis
|
$
88,732
|
|
$
77,250
|
|
$
69,166
|
|
$
61,216
|
|
$
59,917
|
|
$
54,024
|
|
$
43,117
|
|
$
36,390
|
Gross margin
(Gross profit/Total revenue) on a GAAP basis
|
72
%
|
|
71
%
|
|
70
%
|
|
68
%
|
|
70
%
|
|
75
%
|
|
72
%
|
|
73
%
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense: Cost of Revenue—Subscription
|
1,520
|
|
1,274
|
|
1,214
|
|
988
|
|
644
|
|
555
|
|
489
|
|
359
|
Stock-based
compensation expense: Cost of Revenue—Services
|
940
|
|
793
|
|
721
|
|
593
|
|
439
|
|
335
|
|
281
|
|
184
|
Non-GAAP gross
profit
|
$
91,192
|
|
$
79,317
|
|
$
71,101
|
|
$
62,797
|
|
$
61,000
|
|
$
54,914
|
|
$
43,887
|
|
$
36,933
|
Non-GAAP gross
margin (Non-GAAP gross profit/Total revenue)
|
74
%
|
|
72
%
|
|
72
%
|
|
70
%
|
|
71
%
|
|
77
%
|
|
74
%
|
|
74
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP operating expenses to non-GAAP operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
operating expense on a GAAP basis
|
$
67,234
|
|
$
57,015
|
|
$
53,524
|
|
$
46,120
|
|
$
42,482
|
|
$
36,080
|
|
$
36,537
|
|
$
33,197
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
8,912
|
|
6,844
|
|
5,944
|
|
4,940
|
|
3,620
|
|
3,090
|
|
2,129
|
|
2,218
|
Amortization of
intangible assets associated with acquisitions
|
766
|
|
766
|
|
766
|
|
680
|
|
680
|
|
6
|
|
6
|
|
6
|
Non-GAAP sales and
marketing operating expense
|
$
57,556
|
|
$
49,405
|
|
$
46,814
|
|
$
40,500
|
|
$
38,182
|
|
$
32,984
|
|
$
34,402
|
|
$
30,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development operating expense on a GAAP basis
|
$
41,638
|
|
$
39,387
|
|
$
37,140
|
|
$
30,868
|
|
$
26,600
|
|
$
23,179
|
|
$
21,430
|
|
$
18,645
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
9,173
|
|
6,879
|
|
6,114
|
|
4,520
|
|
3,446
|
|
3,131
|
|
2,904
|
|
2,206
|
Amortization of
intangible assets and time-based founder payments associated with
acquisitions
|
3,350
|
|
4,261
|
|
4,252
|
|
2,900
|
|
2,897
|
|
215
|
|
215
|
|
215
|
Non-GAAP research and
development operating expense
|
$
29,115
|
|
$
28,247
|
|
$
26,774
|
|
$
23,448
|
|
$
20,257
|
|
$
19,833
|
|
$
18,311
|
|
$
16,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative operating expense on a GAAP basis
|
$
20,763
|
|
$
19,562
|
|
$
16,174
|
|
$
14,805
|
|
$
14,596
|
|
$
14,986
|
|
$
12,254
|
|
$
11,227
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
4,193
|
|
3,577
|
|
3,669
|
|
2,968
|
|
2,404
|
|
3,153
|
|
3,206
|
|
2,610
|
Acquisition
costs
|
—
|
|
64
|
|
231
|
|
346
|
|
(60)
|
|
510
|
|
—
|
|
—
|
Accelerated charges
associated with the New York City office move
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,450
|
|
—
|
|
—
|
Non-GAAP general and
administrative operating expense
|
$
16,570
|
|
$
15,921
|
|
$
12,274
|
|
$
11,491
|
|
$
12,252
|
|
$
9,873
|
|
$
9,048
|
|
$
8,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP loss from
operations to non-GAAP loss from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
on a GAAP basis
|
$
(40,903)
|
|
$
(38,714)
|
|
$
(37,672)
|
|
$
(30,577)
|
|
$
(23,761)
|
|
$
(20,221)
|
|
$
(27,104)
|
|
$
(26,679)
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
24,738
|
|
19,367
|
|
17,662
|
|
14,009
|
|
10,553
|
|
10,264
|
|
9,009
|
|
7,577
|
Amortization of
intangible assets and time-based founder payments associated with
acquisitions
|
4,116
|
|
5,027
|
|
5,018
|
|
3,580
|
|
3,577
|
|
221
|
|
221
|
|
221
|
Acquisition
costs
|
—
|
|
64
|
|
231
|
|
346
|
|
(60)
|
|
510
|
|
—
|
|
—
|
Accelerated charges
associated with the New York City office move
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,450
|
|
—
|
|
—
|
Non-GAAP loss from
operations
|
$
(12,049)
|
|
$
(14,256)
|
|
$
(14,761)
|
|
$
(12,642)
|
|
$
(9,691)
|
|
$
(7,776)
|
|
$
(17,874)
|
|
$
(18,881)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net loss to non-GAAP net loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss on a GAAP
basis
|
$
(62,563)
|
|
$
(42,383)
|
|
$
(37,336)
|
|
$
(33,240)
|
|
$
(22,187)
|
|
$
(22,487)
|
|
$
(27,782)
|
|
$
(26,555)
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
24,738
|
|
19,367
|
|
17,662
|
|
14,009
|
|
10,553
|
|
10,264
|
|
9,009
|
|
7,577
|
Amortization of
intangible assets and time-based founder payments associated with
acquisitions
|
4,116
|
|
5,027
|
|
5,018
|
|
3,580
|
|
3,577
|
|
221
|
|
221
|
|
221
|
Acquisition
costs
|
—
|
|
64
|
|
231
|
|
346
|
|
(60)
|
|
510
|
|
—
|
|
—
|
Accelerated charges
associated with the New York City office move
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,450
|
|
—
|
|
—
|
Non-cash interest
expense related to convertible senior notes
|
5,014
|
|
3,335
|
|
3,277
|
|
3,221
|
|
3,166
|
|
3,139
|
|
1,094
|
|
—
|
Non-recurring loss
from the early extinguishment of debt
|
14,522
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Non-recurring income
tax benefit associated with the acquisition of intangible
assets
|
(346)
|
|
—
|
|
(3,536)
|
|
—
|
|
(4,119)
|
|
—
|
|
—
|
|
—
|
Non-GAAP net
loss
|
$
(14,519)
|
|
$
(14,590)
|
|
$
(14,684)
|
|
$
(12,084)
|
|
$
(9,070)
|
|
$
(6,903)
|
|
$
(17,458)
|
|
$
(18,757)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net loss per share, basic and diluted, to non-GAAP net loss
per share,
basic and diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted, on a GAAP basis
|
$
(1.10)
|
|
$
(0.75)
|
|
$
(0.67)
|
|
$
(0.61)
|
|
$
(0.41)
|
|
$
(0.43)
|
|
$
(0.54)
|
|
$
(0.53)
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
0.43
|
|
0.34
|
|
0.32
|
|
0.26
|
|
0.20
|
|
0.19
|
|
0.18
|
|
0.15
|
Amortization of
intangible assets and time-based founder payments associated with
acquisitions
|
0.07
|
|
0.09
|
|
0.09
|
|
0.06
|
|
0.06
|
|
0.01
|
|
—
|
|
0.01
|
Acquisition
costs
|
—
|
|
—
|
|
—
|
|
0.01
|
|
—
|
|
0.01
|
|
—
|
|
—
|
Accelerated charges
associated with the New York City office move
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
0.03
|
|
—
|
|
—
|
Non-cash interest
expense related to convertible senior notes
|
0.09
|
|
0.06
|
|
0.06
|
|
0.06
|
|
0.06
|
|
0.06
|
|
0.02
|
|
—
|
Non-recurring loss
from the early extinguishment of debt
|
0.26
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Non-recurring income
tax benefit associated with the acquisition of intangible
assets
|
—
|
|
—
|
|
(0.06)
|
|
—
|
|
(0.08)
|
|
—
|
|
—
|
|
—
|
Non-GAAP net loss per
share, basic and diluted
|
$
(0.25)
|
|
$
(0.26)
|
|
$
(0.26)
|
|
$
(0.22)
|
|
$
(0.17)
|
|
$
(0.13)
|
|
$
(0.34)
|
|
$
(0.37)
|
MONGODB, INC.
CUSTOMER COUNT METRICS
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents
certain customer count information as of the periods
indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1/31/2018
|
|
4/30/2018
|
|
7/31/2018
|
|
10/31/2018
|
|
1/31/2019
|
|
4/30/2019
|
|
7/31/2019
|
|
10/31/2019
|
|
1/31/2020
|
Total
Customers
|
5,700+
|
|
6,600+
|
|
7,400+
|
|
8,300+
|
|
13,400+
|
|
14,200
|
|
15,000+
|
|
15,900+
|
|
17,000+
|
Direct Sales
Customers(a)
|
1,450+
|
|
1,550+
|
|
1,600+
|
|
1,700+
|
|
1,750+
|
|
1,800
|
|
1,850+
|
|
1,900+
|
|
2,000+
|
MongoDB Atlas
Customers
|
3,400+
|
|
4,400+
|
|
5,300+
|
|
6,200+
|
|
11,400+
|
|
12,300
|
|
13,200+
|
|
14,200+
|
|
15,400+
|
Customers over
$100K(b)
|
354
|
|
394
|
|
438
|
|
490
|
|
557
|
|
598
|
|
622
|
|
688
|
|
751
|
(a) Direct Sales
Customers are customers that were sold through our direct sales
force and channel partners.
|
(b) 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. Prior to January 31, 2020, ARR from Direct
Sales Customers of MongoDB Atlas was based on their contractual
commitments instead of their actual consumption. We believe that
our new consumption-based ARR calculation better reflects current
customer behavior. The impact of this change on prior reported
periods is immaterial.
|
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SOURCE MongoDB, Inc.