NEW YORK, Dec. 8, 2020 /PRNewswire/ -- MongoDB, Inc.
(NASDAQ: MDB), the leading, modern general purpose database
platform, today announced its financial results for the third
quarter ended October 31, 2020.
"MongoDB continued to perform at a high level in the third
quarter, highlighted by revenue growth that was well ahead of our
expectations. The strength of our product platform and go-to-market
execution has established MongoDB as a key strategic partner for
any organization looking to innovate quickly to seize new
opportunities or to respond to new threats," said Dev Ittycheria,
President and Chief Executive Officer of MongoDB.
"COVID-19 has further elevated the importance enterprises are
placing on moving quickly to the cloud. With the recent
announcement of multi-cloud clusters, MongoDB Atlas is the first
cloud database to enable an application to run simultaneously
across multiple cloud providers. By using MongoDB, customers not
only get an easy migration path to the cloud but also the ability
to leverage the best capabilities of the major cloud providers and
enable true platform independence."
Third Quarter Fiscal 2021 Financial Highlights
- Revenue: Total revenue was $150.8
million in the third quarter fiscal 2021, an increase of 38%
year-over-year. Subscription revenue was $144.1 million, an increase of 39%
year-over-year, and services revenue was $6.7 million, an increase of 19%
year-over-year.
- Gross Profit: Gross profit was $104.7 million in the third quarter fiscal 2021,
representing a 69% gross margin, compared to 71% in the year-ago
period. Non-GAAP gross profit was $108.6
million, representing a 72% non-GAAP gross margin.
- Loss from Operations: Loss from operations was
$58.1 million in the third quarter
fiscal 2021, compared to $38.7
million in the year-ago period. Non-GAAP loss from
operations was $16.0 million,
compared to $14.3 million in the
year-ago period.
- Net Loss: Net loss was $72.7
million, or $1.22 per share,
based on 59.4 million weighted-average shares outstanding in the
third quarter fiscal 2021. This compares to $42.4 million, or $0.75 per share, based on 56.4 million
weighted-average shares outstanding, in the year-ago period.
Non-GAAP net loss was $18.2 million
or $0.31 per share. This compares to
$14.6 million, or $0.26 per share, in the year-ago period.
- Cash Flow: As of October 31,
2020, MongoDB had $966.8
million in cash, cash equivalents, short-term investments
and restricted cash. During the three months ended October 31, 2020, MongoDB used $8.1 million of cash from operations,
$5.6 million in capital expenditures
and $1.2 million in principal
repayments of finance leases, leading to negative free cash flow of
$14.9 million, compared to negative
free cash flow of $13.1 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 2021 and Recent Business
Highlights
- MongoDB Atlas became the first and only cloud database to
enable customers to run an application simultaneously across
multiple cloud providers. With Atlas multi-cloud clusters,
organizations can now deploy a fully managed, distributed database
across Amazon Web Services, Google Cloud, and Microsoft Azure
simultaneously without the added operational complexity of managing
data replication and migration across clouds.
- As part of the Department of Defense's (DoD) Enterprise
DevSecOps Initiative, MongoDB was approved and released on the Iron
Bank, the DoD Enterprise Artifacts Repository that hosts hardened
containers. Development teams across the DoD can now utilize
MongoDB to create modern applications quickly and easily within a
Kubernetes environment.
- MongoDB welcomed Tata Consultancy Services, Infosys, and Wipro
to our Modernization Toolkit program to help customers modernize
workloads as they migrate to the cloud. This new program provides
best practices for migrating legacy data (RDBMS) to MongoDB with
substantial ROI at scale.
Business Outlook
Based on information as of today, December 8, 2020, MongoDB is issuing the
following financial guidance for the fourth quarter and full year
fiscal 2021.
|
Fourth Quarter
Fiscal 2021
|
Full Year Fiscal
2021
|
Revenue
|
$155.0 million to
$157.0 million
|
$574.4 million to
$576.4 million
|
Non-GAAP Loss
from
Operations
|
$(23.0) million to
$(21.0) million
|
$(56.6) million to
$(54.6) million
|
Non-GAAP Net Loss
per
Share
|
$(0.42) to
$(0.39)
|
$(1.07) to
$(1.04)
|
The guidance provided above is forward-looking in nature. Actual
results may differ materially. See the cautionary note regarding
"Forward-Looking Statements" below. Fluctuations in MongoDB's
operating results may be particularly pronounced in the current
economic environment due to the uncertainty caused by, and the
unprecedented nature of, the ongoing COVID-19 pandemic, the
severity, duration, and ultimate impact of which is difficult to
predict at this time. The situation regarding COVID-19 remains
uncertain and could change rapidly, and MongoDB will continue to
evaluate its potential impact on its business.
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, December 8, 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
844-808-6880 (domestic) or 1-412-317-5284 (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 10150178. 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
22,600 customers in over 100 countries. The MongoDB database
platform has been downloaded over 130 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 fourth fiscal quarter and full year
fiscal 2021; the anticipated impact of the COVID-19 pandemic on our
business and future operating results; and the potential benefits
of our product platform. 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 impact that
the precautions we have taken in our business relative to the
ongoing COVID-19 pandemic may have on our business; the financial
impacts of the COVID-19 pandemic on our customers, our potential
customers, the global financial markets and 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 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; 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,
2020 filed with the SEC on September
3, 2020. Additional information will be made available in
our Quarterly Report on Form 10-Q for the quarterly period ended
October 31, 2020 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 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 prior
acquisitions of Realm, 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
- in the case of non-GAAP net loss, non-cash interest expense
related to our convertible senior notes and a non-recurring income
tax benefit associated with the acquisition of Realm intangible
assets in fiscal 2020.
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
Ben
Wolfson/Tom McMahon
MongoDB
communications@mongodb.com
MONGODB,
INC. CONSOLIDATED BALANCE SHEETS (in
thousands, except share and per share
data) (unaudited)
|
|
|
October 31,
2020
|
|
January 31,
2020
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
414,762
|
|
|
$
|
706,192
|
|
Short-term
investments
|
|
551,539
|
|
|
|
280,326
|
|
Accounts receivable,
net of allowance for doubtful accounts of $4,710 and $2,515 as of
October 31,
2020 and January 31, 2020, respectively
|
|
91,784
|
|
|
|
85,554
|
|
Deferred
commissions
|
|
30,090
|
|
|
|
24,219
|
|
Prepaid expenses and
other current assets
|
|
15,611
|
|
|
|
16,905
|
|
Total current
assets
|
|
1,103,786
|
|
|
|
1,113,196
|
|
Property and equipment,
net
|
|
63,588
|
|
|
|
58,316
|
|
Operating lease
right-of-use assets
|
|
36,909
|
|
|
|
11,147
|
|
Goodwill
|
|
55,830
|
|
|
|
55,830
|
|
Acquired intangible
assets, net
|
|
28,400
|
|
|
|
34,779
|
|
Deferred tax
assets
|
|
728
|
|
|
|
615
|
|
Other
assets
|
|
66,620
|
|
|
|
54,684
|
|
Total
assets
|
$
|
1,355,861
|
|
|
$
|
1,328,567
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
3,644
|
|
|
$
|
2,849
|
|
Accrued compensation
and benefits
|
|
56,802
|
|
|
|
41,427
|
|
Operating lease
liabilities
|
|
4,314
|
|
|
|
3,750
|
|
Other accrued
liabilities
|
|
27,457
|
|
|
|
26,860
|
|
Deferred
revenue
|
|
179,322
|
|
|
|
167,498
|
|
Total current
liabilities
|
|
271,539
|
|
|
|
242,384
|
|
Deferred tax liability,
non-current
|
|
828
|
|
|
|
821
|
|
Operating lease
liabilities, non-current
|
|
36,501
|
|
|
|
8,113
|
|
Deferred revenue,
non-current
|
|
16,497
|
|
|
|
23,281
|
|
Convertible senior
notes, net
|
|
947,652
|
|
|
|
911,075
|
|
Other liabilities,
non-current
|
|
61,040
|
|
|
|
60,035
|
|
Total
liabilities
|
|
1,334,057
|
|
|
|
1,245,709
|
|
Stockholders'
equity:
|
|
|
|
Class A common stock,
par value of $0.001 per share; 1,000,000,000 shares authorized as
of October
31, 2020 and January 31, 2020; 60,255,524 shares issued and
60,156,153 shares outstanding as of
October 31, 2020; 48,512,090 shares issued and outstanding as of
January 31, 2020
|
|
60
|
|
|
|
48
|
|
Class B common stock,
par value of $0.001 per share; no shares and 100,000,000 authorized
as of
October 31, 2020 and January 31, 2020, respectively; no shares
issued and outstanding as of October
31, 2020; 8,969,824 shares issued and 8,870,453 shares outstanding
as of January 31, 2020
|
|
—
|
|
|
|
9
|
|
Additional paid-in
capital
|
|
883,002
|
|
|
|
752,127
|
|
Treasury stock, 99,371
shares (repurchased at an average of $13.27 per share) as of
October 31,
2020 and January 31, 2020
|
|
(1,319)
|
|
|
|
(1,319)
|
|
Accumulated other
comprehensive income (loss)
|
|
(337)
|
|
|
|
225
|
|
Accumulated
deficit
|
|
(859,602)
|
|
|
|
(668,232)
|
|
Total stockholders'
equity
|
|
21,804
|
|
|
|
82,858
|
|
Total liabilities and
stockholders' equity
|
$
|
1,355,861
|
|
|
$
|
1,328,567
|
|
MONGODB,
INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except share and per share
data) (unaudited)
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
$
|
144,069
|
|
|
$
|
103,827
|
|
|
$
|
401,403
|
|
|
$
|
281,977
|
|
Services
|
6,702
|
|
|
5,614
|
|
|
17,978
|
|
|
16,220
|
|
Total
revenue
|
150,771
|
|
|
109,441
|
|
|
419,381
|
|
|
298,197
|
|
Cost of
revenue(1):
|
|
|
|
|
|
|
|
Subscription
|
38,642
|
|
|
26,497
|
|
|
103,240
|
|
|
73,465
|
|
Services
|
7,468
|
|
|
5,694
|
|
|
22,851
|
|
|
17,100
|
|
Total cost of
revenue
|
46,110
|
|
|
32,191
|
|
|
126,091
|
|
|
90,565
|
|
Gross profit
|
104,661
|
|
|
77,250
|
|
|
293,290
|
|
|
207,632
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Sales and
marketing(1)
|
83,214
|
|
|
57,015
|
|
|
227,417
|
|
|
156,659
|
|
Research and
development(1)
|
54,363
|
|
|
39,387
|
|
|
149,250
|
|
|
107,395
|
|
General and
administrative(1)
|
25,175
|
|
|
19,562
|
|
|
66,534
|
|
|
50,541
|
|
Total operating
expenses
|
162,752
|
|
|
115,964
|
|
|
443,201
|
|
|
314,595
|
|
Loss from
operations
|
(58,091)
|
|
|
(38,714)
|
|
|
(149,911)
|
|
|
(106,963)
|
|
Other loss,
net
|
(13,634)
|
|
|
(3,110)
|
|
|
(39,090)
|
|
|
(8,916)
|
|
Loss before provision
for income taxes
|
(71,725)
|
|
|
(41,824)
|
|
|
(189,001)
|
|
|
(115,879)
|
|
Provision for (benefit
from) income taxes
|
926
|
|
|
559
|
|
|
2,142
|
|
|
(2,920)
|
|
Net loss
|
$
|
(72,651)
|
|
|
$
|
(42,383)
|
|
|
$
|
(191,143)
|
|
|
$
|
(112,959)
|
|
Net loss per share,
basic and diluted
|
$
|
(1.22)
|
|
|
$
|
(0.75)
|
|
|
$
|
(3.27)
|
|
|
$
|
(2.03)
|
|
Weighted-average shares
used to compute net loss per share, basic and diluted
|
59,368,167
|
|
|
56,411,779
|
|
|
58,476,521
|
|
|
55,600,484
|
|
________________________
|
(1)
|
Includes stock–based compensation expense as follows:
|
|
|
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Cost of
revenue—subscription
|
$
|
2,446
|
|
|
$
|
1,274
|
|
|
$
|
6,508
|
|
|
$
|
3,476
|
|
Cost of
revenue—services
|
1,513
|
|
|
793
|
|
|
4,142
|
|
|
2,107
|
|
Sales and
marketing
|
14,696
|
|
|
6,844
|
|
|
38,754
|
|
|
17,728
|
|
Research and
development
|
15,442
|
|
|
6,879
|
|
|
41,415
|
|
|
17,513
|
|
General and
administrative
|
5,855
|
|
|
3,577
|
|
|
17,225
|
|
|
10,214
|
|
Total stock–based
compensation expense
|
$
|
39,952
|
|
|
$
|
19,367
|
|
|
$
|
108,044
|
|
|
$
|
51,038
|
|
MONGODB,
INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (in thousands) (unaudited)
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Net
loss
|
$
|
(72,651)
|
|
|
$
|
(42,383)
|
|
|
$
|
(191,143)
|
|
|
$
|
(112,959)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
3,793
|
|
|
3,793
|
|
|
9,515
|
|
|
9,824
|
|
Stock-based
compensation
|
39,952
|
|
|
19,367
|
|
|
108,044
|
|
|
51,038
|
|
Amortization of debt
discount and issuance costs
|
12,360
|
|
|
3,335
|
|
|
36,577
|
|
|
9,833
|
|
Amortization of
finance right-of-use assets
|
993
|
|
|
994
|
|
|
2,981
|
|
|
2,982
|
|
Amortization of
operating right-of-use assets
|
1,893
|
|
|
936
|
|
|
4,747
|
|
|
2,055
|
|
Non-cash interest on
finance lease liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
1,823
|
|
Deferred income
taxes
|
60
|
|
|
(309)
|
|
|
(88)
|
|
|
(4,541)
|
|
Accretion of discount
on short-term investments
|
604
|
|
|
(868)
|
|
|
383
|
|
|
(3,619)
|
|
Unrealized foreign
exchange (gain) loss
|
(1,915)
|
|
|
—
|
|
|
(1,915)
|
|
|
—
|
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(1,749)
|
|
|
(1,097)
|
|
|
(4,157)
|
|
|
5,123
|
|
Prepaid expenses and
other current assets
|
(1,599)
|
|
|
314
|
|
|
247
|
|
|
189
|
|
Deferred
commissions
|
(8,168)
|
|
|
(5,159)
|
|
|
(17,161)
|
|
|
(12,205)
|
|
Other long-term
assets
|
39
|
|
|
(175)
|
|
|
(117)
|
|
|
(148)
|
|
Accounts
payable
|
2,153
|
|
|
(592)
|
|
|
743
|
|
|
(152)
|
|
Accrued
liabilities
|
16,240
|
|
|
7,891
|
|
|
19,633
|
|
|
16,176
|
|
Operating lease
liabilities
|
(2,699)
|
|
|
(895)
|
|
|
(2,737)
|
|
|
(1,979)
|
|
Deferred
revenue
|
809
|
|
|
2,565
|
|
|
5,765
|
|
|
14,898
|
|
Other liabilities,
non-current
|
1,765
|
|
|
740
|
|
|
4,655
|
|
|
740
|
|
Net cash used in
operating activities
|
(8,120)
|
|
|
(11,543)
|
|
|
(24,028)
|
|
|
(20,922)
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
(5,646)
|
|
|
(754)
|
|
|
(10,942)
|
|
|
(2,350)
|
|
Acquisition, net of
cash acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
(38,629)
|
|
Investment in
non-marketable securities
|
(500)
|
|
|
—
|
|
|
(500)
|
|
|
—
|
|
Proceeds from
maturities of marketable securities
|
255,000
|
|
|
130,000
|
|
|
540,000
|
|
|
410,000
|
|
Purchases of
marketable securities
|
(302,568)
|
|
|
(154,505)
|
|
|
(812,574)
|
|
|
(363,530)
|
|
Net cash provided by
(used in) investing activities
|
(53,714)
|
|
|
(25,259)
|
|
|
(284,016)
|
|
|
5,491
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Payments of issuance
costs for convertible senior notes
|
—
|
|
|
—
|
|
|
(4,154)
|
|
|
—
|
|
Proceeds from exercise
of stock options, including early exercised
stock options
|
6,747
|
|
|
1,933
|
|
|
13,798
|
|
|
13,283
|
|
Proceeds from the
issuance of common stock under the Employee
Stock Purchase Plan
|
—
|
|
|
—
|
|
|
8,963
|
|
|
6,394
|
|
Repurchase of early
exercised stock options
|
—
|
|
|
(4)
|
|
|
(11)
|
|
|
(35)
|
|
Principal repayments
of finance leases
|
(1,166)
|
|
|
(798)
|
|
|
(3,450)
|
|
|
(798)
|
|
Proceeds from tenant
improvement allowance on finance lease
|
856
|
|
|
—
|
|
|
856
|
|
|
—
|
|
Net cash provided by
financing activities
|
6,437
|
|
|
1,131
|
|
|
16,002
|
|
|
18,844
|
|
Effect of exchange rate
changes on cash, cash equivalents, and restricted
cash
|
665
|
|
|
295
|
|
|
618
|
|
|
62
|
|
Net increase (decrease)
in cash, cash equivalents, and restricted
cash
|
(54,732)
|
|
|
(35,376)
|
|
|
(291,424)
|
|
|
3,475
|
|
Cash, cash equivalents,
and restricted cash, beginning of period
|
470,014
|
|
|
187,198
|
|
|
706,706
|
|
|
148,347
|
|
Cash, cash equivalents,
and restricted cash, end of period
|
$
|
415,282
|
|
|
$
|
151,822
|
|
|
$
|
415,282
|
|
|
$
|
151,822
|
|
MONGODB,
INC. RECONCILIATION OF GAAP MEASURES TO NON-GAAP
MEASURES (in thousands, except share and per share
data) (unaudited)
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Reconciliation of
GAAP gross profit to non-GAAP gross profit:
|
|
|
|
|
|
|
|
Gross profit on a GAAP
basis
|
$
|
104,661
|
|
|
$
|
77,250
|
|
|
$
|
293,290
|
|
|
$
|
207,632
|
|
Gross margin (Gross
profit/Total revenue) on a GAAP basis
|
69
|
%
|
|
71
|
%
|
|
70
|
%
|
|
70
|
%
|
Add back:
|
|
|
|
|
|
|
|
Stock-based
compensation expense: Cost of Revenue—
Subscription
|
2,446
|
|
|
1,274
|
|
|
6,508
|
|
|
3,476
|
|
Stock-based
compensation expense: Cost of Revenue—Services
|
1,513
|
|
|
793
|
|
|
4,142
|
|
|
2,107
|
|
Non-GAAP gross
profit
|
$
|
108,620
|
|
|
$
|
79,317
|
|
|
$
|
303,940
|
|
|
$
|
213,215
|
|
Non-GAAP gross
margin (Non-GAAP gross profit/Total revenue)
|
72
|
%
|
|
72
|
%
|
|
72
|
%
|
|
72
|
%
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP operating expenses to non-GAAP
operating expenses:
|
|
|
|
|
|
|
|
Sales and marketing
operating expense on a GAAP basis
|
$
|
83,214
|
|
|
$
|
57,015
|
|
|
$
|
227,417
|
|
|
$
|
156,659
|
|
Less:
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
14,696
|
|
|
6,844
|
|
|
38,754
|
|
|
17,728
|
|
Amortization of
intangible assets associated with acquisitions
|
760
|
|
|
766
|
|
|
2,284
|
|
|
2,212
|
|
Non-GAAP sales and
marketing operating expense
|
$
|
67,758
|
|
|
$
|
49,405
|
|
|
$
|
186,379
|
|
|
$
|
136,719
|
|
|
|
|
|
|
|
|
|
Research and
development operating expense on a GAAP basis
|
$
|
54,363
|
|
|
$
|
39,387
|
|
|
$
|
149,250
|
|
|
$
|
107,395
|
|
Less:
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
15,442
|
|
|
6,879
|
|
|
41,415
|
|
|
17,513
|
|
Amortization of
intangible assets and time-based founder
payments associated with acquisitions
|
1,365
|
|
|
4,261
|
|
|
6,001
|
|
|
11,413
|
|
Non-GAAP research and
development operating expense
|
$
|
37,556
|
|
|
$
|
28,247
|
|
|
$
|
101,834
|
|
|
$
|
78,469
|
|
|
|
|
|
|
|
|
|
General and
administrative operating expense on a GAAP basis
|
$
|
25,175
|
|
|
$
|
19,562
|
|
|
$
|
66,534
|
|
|
$
|
50,541
|
|
Less:
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
5,855
|
|
|
3,577
|
|
|
17,225
|
|
|
10,214
|
|
Acquisition
costs
|
—
|
|
|
64
|
|
|
—
|
|
|
641
|
|
Non-GAAP general and
administrative operating expense
|
$
|
19,320
|
|
|
$
|
15,921
|
|
|
$
|
49,309
|
|
|
$
|
39,686
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP loss from operations to non-GAAP loss
from operations:
|
|
|
|
|
|
|
|
Loss from operations
on a GAAP basis
|
$
|
(58,091)
|
|
|
$
|
(38,714)
|
|
|
$
|
(149,911)
|
|
|
$
|
(106,963)
|
|
Add back:
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
39,952
|
|
|
19,367
|
|
|
108,044
|
|
|
51,038
|
|
Amortization of
intangible assets and time-based founder
payments associated with acquisitions
|
2,125
|
|
|
5,027
|
|
|
8,285
|
|
|
13,625
|
|
Acquisition
costs
|
—
|
|
|
64
|
|
|
—
|
|
|
641
|
|
Non-GAAP loss from
operations
|
$
|
(16,014)
|
|
|
$
|
(14,256)
|
|
|
$
|
(33,582)
|
|
|
$
|
(41,659)
|
|
Reconciliation of
GAAP net loss to non-GAAP net loss:
|
|
|
|
|
|
|
|
Net loss on a GAAP
basis
|
$
|
(72,651)
|
|
|
$
|
(42,383)
|
|
|
$
|
(191,143)
|
|
|
$
|
(112,959)
|
|
Add back:
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
39,952
|
|
|
19,367
|
|
|
108,044
|
|
|
51,038
|
|
Amortization of
intangible assets and Founder Holdback
associated with acquisitions
|
2,125
|
|
|
5,027
|
|
|
8,285
|
|
|
13,625
|
|
Acquisition
costs
|
—
|
|
|
64
|
|
|
—
|
|
|
641
|
|
Non-cash interest
expense related to convertible senior notes
|
12,360
|
|
|
3,335
|
|
|
36,577
|
|
|
9,833
|
|
Non-recurring income
tax benefit associated with the acquisition
of Realm intangible assets
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,536)
|
|
Non-GAAP net
loss
|
$
|
(18,214)
|
|
|
$
|
(14,590)
|
|
|
$
|
(38,237)
|
|
|
$
|
(41,358)
|
|
|
|
|
|
|
|
|
|
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
|
$
|
(1.22)
|
|
|
$
|
(0.75)
|
|
|
$
|
(3.27)
|
|
|
$
|
(2.03)
|
|
Add back:
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
0.67
|
|
|
0.34
|
|
|
1.85
|
|
|
0.92
|
|
Amortization of
intangible assets and Founder Holdback associated with acquisitions
|
0.03
|
|
|
0.09
|
|
|
0.14
|
|
|
0.24
|
|
Acquisition
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
Non-cash interest
expense related to convertible senior notes
|
0.21
|
|
|
0.06
|
|
|
0.63
|
|
|
0.18
|
|
Non-recurring income
tax benefit associated with the acquisition
of Realm intangible assets
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.06)
|
|
Non-GAAP net loss per
share, basic and diluted
|
$
|
(0.31)
|
|
|
$
|
(0.26)
|
|
|
$
|
(0.65)
|
|
|
$
|
(0.74)
|
|
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
October 31,
|
|
Nine Months Ended
October 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net cash used in
operating activities
|
$
|
(8,120)
|
|
|
$
|
(11,543)
|
|
|
$
|
(24,028)
|
|
|
$
|
(20,922)
|
|
Capital
expenditures
|
(5,646)
|
|
|
(754)
|
|
|
(10,942)
|
|
|
(2,350)
|
|
Principal repayments
of finance lease liabilities
|
(1,166)
|
|
|
(798)
|
|
|
(3,450)
|
|
|
(798)
|
|
Capitalized
software
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Free cash
flow
|
$
|
(14,932)
|
|
|
$
|
(13,095)
|
|
|
$
|
(38,420)
|
|
|
$
|
(24,070)
|
|
MONGODB,
INC. CUSTOMER COUNT METRICS
|
|
The following table
presents certain customer count information as of the periods
indicated:
|
|
|
|
|
10/31/2018
|
|
1/31/2019
|
|
4/30/2019
|
|
7/31/2019
|
|
10/31/2019
|
|
1/31/2020
|
|
4/30/2020
|
|
7/31/2020
|
|
10/31/2020
|
Total
Customers
|
8,300+
|
|
13,400+
|
|
14,200+
|
|
15,000+
|
|
15,900+
|
|
17,000+
|
|
18,400+
|
|
20,200+
|
|
22,600+
|
Direct Sales
Customers(a)
|
1,700+
|
|
1,750+
|
|
1,800+
|
|
1,850+
|
|
1,900+
|
|
2,000+
|
|
2,200+
|
|
2,500+
|
|
2,800+
|
MongoDB Atlas
Customers
|
6,200+
|
|
11,400+
|
|
12,300+
|
|
13,200+
|
|
14,200+
|
|
15,400+
|
|
16,800+
|
|
18,800+
|
|
21,100+
|
Customers over
$100K(b)
|
490
|
|
557
|
|
598
|
|
622
|
|
688
|
|
751
|
|
780
|
|
819
|
|
898
|
|
|
(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, regardless of their actual
consumption. We believe that our new consumption-based ARR
calculation better reflects actual
customer behavior. The impact of this change on prior reported
periods is immaterial.
|
MONGODB,
INC. SUPPLEMENTAL REVENUE INFORMATION
|
|
The following table
presents certain supplemental revenue information as of the periods
indicated:
|
|
|
|
|
10/31/2018
|
|
1/31/2019
|
|
4/30/2019
|
|
7/31/2019
|
|
10/31/2019
|
|
1/31/2020
|
|
4/30/2020
|
|
7/31/2020
|
|
10/31/2020
|
MongoDB
Enterprise
Advanced: % of
Subscription Revenue
|
59
|
%
|
|
53
|
%
|
|
54
|
%
|
|
52
|
%
|
|
46
|
%
|
|
48
|
%
|
|
49
|
%
|
|
45
|
%
|
|
43
|
%
|
Direct Sales
Customers(a) Revenue:
% of
Subscription Revenue
|
87
|
%
|
|
77
|
%
|
|
77
|
%
|
|
78
|
%
|
|
78
|
%
|
|
79
|
%
|
|
79
|
%
|
|
81
|
%
|
|
82
|
%
|
|
|
(a)
|
Direct Sales
Customers are customers that were sold through our direct sales
force and channel partners.
|
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SOURCE MongoDB, Inc.