MongoDB, Inc. Announces Fourth Quarter and Full Year Fiscal 2024 Financial Results

Rhea-AI Summary

MongoDB, Inc. (MDB) reports strong financial results with Fourth Quarter Fiscal 2024 Total Revenue of $458.0 million, up 27% Year-over-Year, and Full Year Fiscal 2024 Total Revenue of $1.68 billion, up 31% Year-over-Year. MongoDB Atlas revenue increased by 34% year-over-year, representing 68% of total Q4 revenue. The company continues to see robust customer growth with over 47,800 customers as of January 31, 2024.

Positive

• Strong financial performance with significant revenue growth year-over-year
• Continued customer growth and market penetration
• Focus on key product development and go-to-market initiatives for long-term growth
• Healthy cash flow generation and strong cash position
• Expansion of MongoDB Atlas across major cloud platforms globally

Negative

• None.

Insights

Financial Analyst

MongoDB's reported revenue growth of 27% year-over-year in the fourth quarter and 31% for the full fiscal year 2024 is a robust indicator of the company's market performance and expansion capabilities. The significant rise in subscription revenue by 28% and the notable 34% increase in MongoDB Atlas revenue, now constituting 68% of total Q4 revenue, demonstrate a strong customer adoption rate and a successful transition towards a cloud-based service model, which is a prevailing trend in the software industry.

From a financial perspective, the consistent gross margin of 75% aligns with industry standards for SaaS companies, ensuring that MongoDB maintains its profitability metrics despite rapid growth. However, the reported net losses, albeit reduced from the previous year, underscore the aggressive investment strategy in product development and market expansion. The positive free cash flow figures, which have improved significantly year-over-year, provide MongoDB with strategic flexibility and the ability to sustain its growth without immediate additional financing.

Looking at the provided guidance for fiscal 2025, there is an anticipated revenue increase to between $1.90 billion and $1.93 billion, which suggests confidence in continued growth. However, the impact of over $80 million of FY24 revenue not expected to be realized in FY25 should be noted, as it may affect year-over-year comparisons and investor expectations.

Market Research Analyst

The substantial growth of MongoDB Atlas is indicative of the broader industry trend towards cloud services and the increasing importance of data management solutions in a digital economy. MongoDB's strategic positioning as a developer data platform and its expansion across multiple cloud providers enhance its appeal to a diverse customer base and meet a variety of compliance and operational requirements. The company's global expansion, with Atlas now available in 117 cloud regions, is a testament to its scalability and commitment to meeting the needs of a global customer base.

Furthermore, MongoDB's collaboration with Microsoft to integrate Atlas with Microsoft Fabric and support for large language models (LLMs) positions the company at the forefront of emerging AI technologies, potentially driving future growth as AI and machine learning become more integral to business operations.

The recognition as a Leader in the 2023 Gartner® Magic Quadrant™ for Cloud Database Management Systems for the second consecutive year reinforces MongoDB's competitive standing in the market and may contribute to favorable customer perceptions and increased adoption rates.

Technology Industry Analyst

MongoDB's financial results reflect the company's technological advancements and the increasing adoption of its platform for modern application development. The growth in customer base to over 47,800 and the reliance on MongoDB's flexible and scalable platform for AI-driven applications highlight the company's relevance in the current technology landscape.

The operational loss reduction from $346.7 million in the year-ago period to $233.7 million in fiscal 2024, paired with a non-GAAP income from operations increase, suggests that MongoDB is effectively managing its growth while improving operational efficiency. This balance between growth and operational management is critical for technology companies that are scaling rapidly.

However, the forward-looking statement regarding the non-realization of over $80 million of FY24 revenue in FY25 requires careful consideration. It suggests that while MongoDB is growing, there are complexities in revenue recognition and potential fluctuations in future earnings that stakeholders should monitor.

Fourth Quarter Fiscal 2024 Total Revenue of $458.0 million, up 27% Year-over-Year

Full Year Fiscal 2024 Total Revenue of $1.68 billion, up 31% Year-over-Year

Continued Strong Customer Growth with Over 47,800 Customers as of January 31, 2024

MongoDB Atlas Revenue up 34% Year-over-Year; 68% of Total Q4 Revenue

NEW YORK, March 7, 2024 /PRNewswire/ -- MongoDB, Inc. (NASDAQ: MDB) today announced its financial results for the fourth quarter and fiscal year ended January 31, 2024.

"MongoDB finished fiscal 2024 on a strong note, highlighted by 34% Atlas revenue growth and operating margin improvement of nearly five percentage points year-over-year. We continue to see healthy new workload wins as MongoDB's developer data platform increasingly becomes the standard for modern application development," said Dev Ittycheria, President and Chief Executive Officer of MongoDB.

"As we enter fiscal 2025, we will continue to invest in our key product development and go-to-market initiatives to fully capitalize on our long-term growth opportunity. MongoDB's flexible and scalable platform will be critical for any organization looking to leverage artificial intelligence to build smarter and more impactful applications easier than ever."

Fourth Quarter Fiscal 2024 Financial Highlights

• Revenue: Total revenue was $458.0 million for the fourth quarter of fiscal 2024, an increase of 27% year-over-year. Subscription revenue was $444.9 million, an increase of 28% year-over-year, and services revenue was $13.1 million, a decrease of 1% year-over-year.
• Gross Profit: Gross profit was $343.4 million for the fourth quarter of fiscal 2024, representing a 75% gross margin consistent with the year-ago period. Non-GAAP gross profit was $353.6 million, representing a 77% non-GAAP gross margin, compared to a non-GAAP gross margin of 78% in the year-ago period.
• Loss from Operations: Loss from operations was $71.0 million for the fourth quarter of fiscal 2024, compared to a loss from operations of $72.9 million in the year-ago period. Non-GAAP income from operations was $69.2 million, compared to a non-GAAP income from operations of $37.2 million in the year-ago period.
• Net Loss: Net loss was $55.5 million, or $0.77 per share, based on 72.3 million weighted-average shares outstanding, for the fourth quarter of fiscal 2024. This compares to a net loss of $64.4 million, or $0.93 per share, in the year-ago period. Non-GAAP net income was $71.1 million, or $0.86 per share, based on 82.9 million diluted weighted-average shares outstanding. This compares to a non-GAAP net income of $46.4 million, or $0.57 per share, in the year-ago period.
• Cash Flow: As of January 31, 2024, MongoDB had $2.0 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months ended January 31, 2024, MongoDB generated $54.6 million of cash from operations, used $2.7 million of cash in capital expenditures and used $1.4 million of cash in principal repayments of finance leases, leading to free cash flow of $50.5 million, compared to free cash flow of $23.8 million in the year-ago period.

Full Year Fiscal 2024 Financial Highlights

• Revenue: Total revenue was $1.68 billion for the full year fiscal 2024, an increase of 31% year-over-year. Subscription revenue was $1.63 billion, an increase of 32% year-over-year, and services revenue was $55.7 million, an increase of 14% year-over-year.
• Gross Profit: Gross profit was $1.26 billion for the full year fiscal 2024, representing a 75% gross margin compared to 73% in the year-ago period. Non-GAAP gross profit was $1.30 billion, representing a 77% non-GAAP gross margin, compared to a non-GAAP gross margin of 75% in the year-ago period.
• Loss from Operations: Loss from operations was $233.7 million for the full year fiscal 2024, compared to a loss from operations of $346.7 million in the year-ago period. Non-GAAP income from operations was $270.4 million, compared to a non-GAAP income from operations of $62.0 million in the year-ago period.
• Net Loss: Net loss was $176.6 million, or $2.48 per share, based on 71.2 million weighted-average shares outstanding, for the full year fiscal 2024. This compares to a net loss of $345.4 million, or $5.03 per share in the year-ago period. Non-GAAP net income was $274.2 million or $3.33 per share based on 82.4 million diluted weighted-average shares outstanding. This compares to a non-GAAP net income of $64.7 million or $0.81 per share in the year-ago period.
• Cash Flow: During the year ended January 31, 2024, MongoDB generated $121.5 million of cash from operations, compared to $13.0 million of cash used in operations in the year-ago period. Free cash flow for the year ended January 31, 2024 was $109.9 million, compared to negative free cash flow of $24.7 million in the year-ago period.

A reconciliation of each non-GAAP measure to the most directly comparable GAAP measure has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

Fourth Quarter Fiscal 2024 and Recent Business Highlights

• MongoDB Atlas—the most widely available cloud-based developer data platform in the world—expanded across AWS, Google Cloud, and Microsoft Azure and is now available in 117 cloud regions globally, including Indonesia, Poland, Bahrain and Chile. With its broad global coverage, Atlas meets the needs of customers with demanding data residency, latency and high availability requirements for their business-critical applications.
• MongoDB was showcased as a key partner at Microsoft Ignite, highlighting collaboration to further empower developers to securely bring the power of large language models (LLMs) to their proprietary data. MongoDB Atlas is now integrated with Microsoft Fabric to run large-scale AI workloads across the enterprise data estate, and MongoDB Atlas Vector Search now also includes native support for Microsoft Semantic Kernel for working with LLMs.
• For the second consecutive year, MongoDB was named a Leader in the 2023 Gartner® Magic Quadrant™ for Cloud Database Management Systems.

First Quarter and Full Year Fiscal 2025 Guidance

Based on information available to management as of today, March 7, 2024, MongoDB is issuing the following financial guidance for the first quarter and full year fiscal 2025. This guidance reflects the impact of over $80 million of FY24 revenue, related to multi-year term licenses and unused Atlas commitments, that we do not expect to realize in FY25.

	First Quarter Fiscal 2025	Full Year Fiscal 2025
Revenue	$436.0 million to $440.0 million	$1.90 billion to $1.93 billion
Non-GAAP Income from Operations	$22.0 million to $25.0 million	$186.0 million to $201.0 million
Non-GAAP Net Income per Share	$0.34 to $0.39	$2.27 to $2.49

Reconciliations of non-GAAP income from operations and non-GAAP net income per share guidance to the most directly comparable GAAP measures are not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in MongoDB's stock price. MongoDB expects the variability of the above charges to have a significant, and potentially unpredictable, impact on its future GAAP financial results.

Conference Call Information

MongoDB will host a conference call today, March 7, 2024, at 5:00 p.m. (Eastern Time) to discuss its financial results and business outlook. A live webcast of the call will be available on the "Investor Relations" page of MongoDB's website at https://investors.mongodb.com. To access the call by phone, please go to this link (registration link), and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at http://investors.mongodb.com.

Forward-Looking Statements

This press release includes certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning MongoDB's financial guidance for the first fiscal quarter and full year fiscal 2025, our ability to capitalize on our market opportunity and deliver strong growth for the foreseeable future as well as the criticality of MongoDB to artificial intelligence application development. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project," "will," "would" or the negative or plural of these words or similar expressions or variations. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and factors that are beyond our control including, without limitation: the effects of the ongoing military conflicts between Russia and Ukraine and Israel and Hamas on our business and future operating results; economic downturns and/or the effects of rising interest rates, inflation and volatility in the global economy and financial markets on our business and future operating results; our potential failure to meet publicly announced guidance or other expectations about our business and future operating results; our limited operating history; our history of losses; failure of our platform to satisfy customer demands; the effects of increased competition; our investments in new products and our ability to introduce new features, services or enhancements; social, ethical and security issues relating to the use of new and evolving technologies, such as artificial intelligence, in our offerings or partnerships; our ability to effectively expand our sales and marketing organization; our ability to continue to build and maintain credibility with the developer community; our ability to add new customers or increase sales to our existing customers; our ability to maintain, protect, enforce and enhance our intellectual property; the effects of social, ethical and regulatory issues relating to the use of new and evolving technologies, such as artificial intelligence, in our offerings or partnerships; the growth and expansion of the market for database products and our ability to penetrate that market; our ability to integrate acquired businesses and technologies successfully or achieve the expected benefits of such acquisitions; our ability to maintain the security of our software and adequately address privacy concerns; our ability to manage our growth effectively and successfully recruit and retain additional highly-qualified personnel; and the price volatility of our common stock. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission ("SEC"), including under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2023, filed with the SEC on December 7, 2023. Additional information will be made available in our Annual Report on Form 10-K for the year ended January 31, 2024 and other filings and reports that we may file from time to time with the SEC. Except as required by law, we undertake no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.

Non-GAAP Financial Measures

This press release includes the following financial measures defined as non-GAAP financial measures by the SEC: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per share and free cash flow. Non-GAAP gross profit and non-GAAP gross margin exclude expenses associated with stock-based compensation. Non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share exclude:

• expenses associated with stock-based compensation including employer payroll taxes upon the vesting and exercising of stock-based awards and expenses related to stock appreciation rights previously issued to our employees in China;
• amortization of intangible assets for the acquired technology and acquired customer relationships associated with prior acquisitions; and
• in the case of non-GAAP net income and non-GAAP net income per share, amortization of the debt issuance costs associated with our convertible senior notes and gains or losses on non-marketable securities;
• additionally, non-GAAP net income and non-GAAP net income per share for the fiscal year 2024 periods are adjusted for an assumed provision for income taxes based on an estimated long-term non-GAAP tax rate. The non-GAAP tax rate was calculated utilizing a three-year financial projection that excludes the direct impact of the GAAP to non-GAAP adjustments and considers other factors such as operating structure and existing tax positions in various jurisdictions. We intend to periodically reevaluate the projected long-term tax rate, as necessary, for significant events and our ongoing analysis of relevant tax law changes.

MongoDB uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating MongoDB's ongoing operational performance. MongoDB believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in MongoDB's industry, many of which may present similar non-GAAP financial measures to investors.

Free cash flow represents net cash from/used in operating activities, less capital expenditures, principal repayments of finance lease liabilities and capitalized software development costs, if any. MongoDB uses free cash flow to understand and evaluate its liquidity and to generate future operating plans. The exclusion of capital expenditures, principal repayments of finance lease liabilities and amounts capitalized for software development facilitates comparisons of MongoDB's liquidity on a period-to-period basis and excludes items that it does not consider to be indicative of its liquidity. MongoDB believes that free cash flow is a measure of liquidity that provides useful information to investors in understanding and evaluating the strength of its liquidity and future ability to generate cash that can be used for strategic opportunities or investing in its business in the same manner as MongoDB's management and board of directors.

Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In particular, other companies may report non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP net income per share, free cash flow or similarly titled measures but calculate them differently, which reduces their usefulness as comparative measures. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, as presented below. This earnings press release and any future releases containing such non-GAAP reconciliations can also be found on the Investor Relations page of MongoDB's website at https://investors.mongodb.com.

About MongoDB

Headquartered in New York, MongoDB's mission is to empower innovators to create, transform, and disrupt industries by unleashing the power of software and data. Built by developers, for developers, MongoDB's developer data platform is a database with an integrated set of related services that allow development teams to address the growing requirements for today's wide variety of modern applications, all in a unified and consistent user experience. MongoDB has tens of thousands of customers in over 100 countries. The MongoDB database platform has been downloaded hundreds of millions of times since 2007, and there have been millions of builders trained through MongoDB University courses. To learn more, visit mongodb.com.

Investor Relations
Brian Denyeau
ICR for MongoDB
646-277-1251
ir@mongodb.com

Media Relations
MongoDB
press@mongodb.com

 

MONGODB, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (unaudited)
	January 31, 2024		January 31, 2023
Assets
Current assets:
Cash and cash equivalents	$           802,959		$           455,826
Short-term investments	1,212,448		1,380,804
Accounts receivable, net of allowance for doubtful accounts of $8,054 and $6,362 as of January 31, 2024 and 2023, respectively	325,610		285,192
Deferred commissions	92,512		83,550
Prepaid expenses and other current assets	50,107		31,212
Total current assets	2,483,636		2,236,584
Property and equipment, net	53,042		57,841
Operating lease right-of-use assets	37,365		41,194
Goodwill	69,679		57,779
Acquired intangible assets, net	3,957		11,428
Deferred tax assets	4,116		2,564
Other assets	217,847		181,503
Total assets	$        2,869,642		$        2,588,893
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$               9,905		$               8,295
Accrued compensation and benefits	112,579		90,112
Operating lease liabilities	9,797		8,686
Other accrued liabilities	74,831		52,672
Deferred revenue	357,108		428,747
Total current liabilities	564,220		588,512
Deferred tax liability, non-current	285		225
Operating lease liabilities, non-current	30,918		36,264
Deferred revenue, non-current	20,296		31,524
Convertible senior notes, net	1,143,273		1,139,880
Other liabilities, non-current	41,661		52,980
Total liabilities	1,800,653		1,849,385
Stockholders' equity:
Common stock, par value of $0.001 per share; 1,000,000,000 shares authorized as of January 31, 2024 and 2023; 72,840,692 shares issued and 72,741,321 shares outstanding as of January 31, 2024 and 70,005,957 shares issued and 69,906,586 shares outstanding as of January 31, 2023	73		70
Additional paid-in capital	2,777,322		2,276,694
Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of January 31, 2024 and 2023	(1,319)		(1,319)
Accumulated other comprehensive income (loss)	4,545		(905)
Accumulated deficit	(1,711,632)		(1,535,032)
Total stockholders' equity	1,068,989		739,508
Total liabilities and stockholders' equity	$        2,869,642		$        2,588,893

 

MONGODB, INC.  CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) (unaudited)
	Three Months Ended January 31,				Years Ended January 31,
	2024		2023		2024		2023
Revenue:
Subscription	$         444,939		$         348,178		$      1,627,326		$      1,235,122
Services	13,063		13,134		55,685		48,918
Total revenue	458,002		361,312		1,683,011		1,284,040
Cost of revenue(1):
Subscription	94,284		71,429		345,233		284,583
Services	20,357		17,731		79,252		64,721
Total cost of revenue	114,641		89,160		424,485		349,304
Gross profit	343,361		272,152		1,258,526		934,736
Operating expenses:
Sales and marketing(1)	211,116		189,916		782,760		699,201
Research and development(1)	145,553		110,891		515,940		421,692
General and administrative(1)	57,658		44,294		193,558		160,498
Total operating expenses	414,327		345,101		1,492,258		1,281,391
Loss from operations	(70,966)		(72,949)		(233,732)		(346,655)
Other income, net	18,880		11,465		70,216		13,401
Loss before provision for income taxes	(52,086)		(61,484)		(163,516)		(333,254)
Provision for income taxes	3,374		2,914		13,084		12,144
Net loss	$          (55,460)		$          (64,398)		$       (176,600)		$       (345,398)
Net loss per share, basic and diluted	$              (0.77)		$              (0.93)		$              (2.48)		$              (5.03)
Weighted-average shares used to compute net loss per    share, basic and diluted	72,349,350		69,525,238		71,248,982		68,628,267
(1) Includes stock‑based compensation expense as follows:
	Three Months Ended January 31,				Years Ended January 31,
	2024		2023		2024		2023
Cost of revenue—subscription	$                6,070		$                5,190		$               23,677		$               19,682
Cost of revenue—services	3,243		2,966		12,733		10,565
Sales and marketing	41,340		38,534		159,907		143,073
Research and development	55,689		41,516		198,927		159,099
General and administrative	17,469		13,930		61,663		49,035
Total stock‑based compensation expense	$             123,811		$             102,136		$             456,907		$             381,454

 

MONGODB, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
	Three Months Ended January 31,				Years Ended January 31,
	2024		2023		2024		2023
Cash flows from operating activities
Net loss	$         (55,460)		$         (64,398)		$       (176,600)		$       (345,398)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	5,682		4,198		18,939		16,110
Stock-based compensation	123,811		102,136		456,907		381,454
Amortization of debt issuance costs	850		845		3,393		3,375
Amortization of finance right-of-use assets	994		993		3,975		3,974
Amortization of operating right-of-use assets	2,430		2,309		9,211		9,098
Deferred income taxes	(1,002)		(976)		(1,574)		(562)
Amortization of premium and accretion of discount on short-term investments, net	(8,151)		(8,908)		(44,556)		(5,954)
Unrealized loss (gain) on non-marketable securities	250		(163)		(1,044)		(1,857)
Unrealized foreign exchange gain	2,124		2,814		1,802		1,260
Change in operating assets and liabilities:
Accounts receivable, net	(53,400)		(53,190)		(41,639)		(91,450)
Prepaid expenses and other current assets	(12,908)		(3,867)		(12,208)		2,315
Deferred commissions	(24,670)		(19,168)		(41,830)		(49,077)
Other long-term assets	4		934		(211)		(99)
Accounts payable	601		527		1,679		3,163
Accrued liabilities	19,188		2,580		39,502		(16,189)
Operating lease liabilities	(2,889)		(2,588)		(9,878)		(9,692)
Deferred revenue	56,313		61,786		(82,411)		85,759
Other liabilities, non-current	860		7		(1,980)		800
Net cash provided by (used in) operating activities	54,627		25,871		121,477		(12,970)
Cash flows from investing activities
Purchases of property and equipment	(2,738)		(711)		(6,074)		(7,244)
Business combinations, net of cash acquired	—		—		(15,000)		—
Investments in non-marketable securities	—		(375)		(2,056)		(3,098)
Proceeds from maturities of marketable securities	255,000		350,000		1,445,000		1,425,000
Purchases of marketable securities	—		(933,919)		(1,233,851)		(1,447,966)
Net cash provided by (used in) investing activities	252,262		(585,005)		188,019		(33,308)
Cash flows from financing activities
Proceeds from exercise of stock options	1,998		1,367		6,810		5,707
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan	17,133		13,226		36,914		29,003
Principal repayments of finance leases	(1,400)		(1,323)		(5,483)		(4,510)
Net cash provided by financing activities	17,731		13,270		38,241		30,200
Effect of exchange rate changes on cash, cash equivalents and restricted cash	665		2,026		(433)		(2,003)
Net increase (decrease) in cash, cash equivalents and restricted cash	325,285		(543,838)		347,304		(18,081)
Cash, cash equivalents and restricted cash, beginning of period	478,358		1,000,177		456,339		474,420
Cash, cash equivalents and restricted cash, end of period	$         803,643		$         456,339		$         803,643		$         456,339

 

MONGODB, INC. RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (in thousands, except share and per share data) (unaudited)
	Three Months Ended January 31,				Years Ended January 31,
	2024		2023		2024		2023
Reconciliation of GAAP gross profit to non-GAAP gross profit:
Gross profit on a GAAP basis	$      343,361		$      272,152		$   1,258,526		$      934,736
Gross margin (Gross profit/Total revenue) on a GAAP basis	75 %		75 %		75 %		73 %
Add back:
Expenses associated with stock-based compensation: Cost of Revenue—Subscription	6,572		5,387		24,824		20,490
Expenses associated with stock-based compensation: Cost of Revenue—Services	3,694		3,280		14,429		10,802
Non-GAAP gross profit	$      353,627		$      280,819		$   1,297,779		$      966,028
Non-GAAP gross margin (Non-GAAP gross profit/Total revenue)	77 %		78 %		77 %		75 %
Reconciliation of GAAP operating expenses to non-GAAP operating expenses:
Sales and marketing operating expense on a GAAP basis	$      211,116		$      189,916		$      782,760		$      699,201
Less:
Expenses associated with stock-based compensation	45,713		40,575		176,351		149,778
Amortization of intangible assets	85		760		2,365		3,040
Non-GAAP sales and marketing operating expense	$      165,318		$      148,581		$      604,044		$      546,383
Research and development operating expense on a GAAP basis	$      145,553		$      110,891		$      515,940		$      421,692
Less:
Expenses associated with stock-based compensation	60,373		43,788		209,052		165,373
Amortization of intangible assets	3,085		1,535		8,207		6,140
Non-GAAP research and development operating expense	$        82,095		$        65,568		$      298,681		$      250,179
General and administrative operating expense on a GAAP basis	$        57,658		$        44,294		$      193,558		$      160,498
Less:
Expenses associated with stock-based compensation	20,603		14,779		68,932		53,006
Non-GAAP general and administrative operating expense	$        37,055		$        29,515		$      124,626		$      107,492
Reconciliation of GAAP loss from operations to non-GAAP income from operations:
Loss from operations on a GAAP basis	$      (70,966)		$      (72,949)		$    (233,732)		$    (346,655)
GAAP operating margin (Loss from operations/Total revenue)	(15) %		(20) %		(14) %		(27) %
Add back:
Expenses associated with stock-based compensation	136,955		107,809		493,588		399,449
Amortization of intangible assets	3,170		2,295		10,572		9,180
Non-GAAP income from operations	$        69,159		$        37,155		$      270,428		$        61,974
Non-GAAP operating margin (Non-GAAP Income from operations/Total revenue)	15 %		10 %		16 %		5 %
Reconciliation of GAAP net loss to non-GAAP net income:
Net loss on a GAAP basis	$      (55,460)		$      (64,398)		$    (176,600)		$    (345,398)
Add back:
Expenses associated with stock-based compensation	136,955		107,809		493,588		399,449
Amortization of intangible assets	3,170		2,295		10,572		9,180
Amortization of debt issuance costs related to convertible senior notes	850		845		3,393		3,375
Less:
Gain on non-marketable securities	—		163		1,294		1,857
Income tax effects and adjustments *	14,404		—		55,465		—
Non-GAAP net income	$        71,111		$        46,388		$      274,194		$        64,749
Reconciliation of GAAP net loss per share, basic and diluted, to non-GAAP net income per share, basic and diluted:
Net loss per share, basic and diluted, on a GAAP basis	$          (0.77)		$          (0.93)		$          (2.48)		$          (5.03)
Add back:
Expenses associated with stock-based compensation	1.89		1.55		6.93		5.82
Amortization of intangible assets	0.04		0.03		0.15		0.13
Amortization of debt issuance costs related to convertible senior notes	0.01		0.01		0.05		0.05
Less:
Gain on non-marketable securities	—		—		0.02		0.03
Income tax effects and adjustments *	0.20		—		0.78		—
Non-GAAP net income per share, basic	$            0.97		$            0.66		$            3.85		$            0.94
Adjustment for fully diluted earnings per share	(0.11)		(0.09)		(0.52)		(0.13)
Non-GAAP net income per share, diluted **	$            0.86		$            0.57		$            3.33		$            0.81
*   Non-GAAP financial information for the fiscal 2024 periods is adjusted for an assumed provision for income taxes based on our long-term     projected tax rate of 20%. Due to the expected sustained non-GAAP profitability, this adjustment is applied prospectively and comparative     periods have not been adjusted. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, our estimated tax     rate on non-GAAP income may differ from our GAAP tax rate and from our actual tax liabilities.
** Diluted non-GAAP net income per share is calculated based upon 82.9 million and 82.4 million of diluted weighted-average shares of     outstanding common stock for the three and twelve months ended January 31, 2024, respectively. Diluted non-GAAP net income per share     is calculated based upon 80.8 million and 80.2 million of diluted weighted-average shares of outstanding common stock for the three and     twelve months ended January 31, 2023, respectively.

 

The following table presents a reconciliation of free cash flow to net cash provided by (used in) operating activities, the most directly comparable GAAP measure, for each of the periods indicated (unaudited, in thousands):
	Three Months Ended January 31,				Years Ended January 31,
	2024		2023		2024		2023
Net cash provided by (used in) operating activities	$           54,627		$          25,871		$         121,477		$         (12,970)
Capital expenditures	(2,738)		(711)		(6,074)		(7,244)
Principal repayments of finance leases	(1,400)		(1,323)		(5,483)		(4,510)
Capitalized software	—		—		—		—
Free cash flow	$           50,489		$          23,837		$         109,920		$         (24,724)

 

MONGODB, INC. CUSTOMER COUNT METRICS

The following table presents certain customer count information as of the periods indicated:

1/31/2022

4/30/2022

7/31/2022

10/31/2022

1/31/2023

4/30/2023

7/31/2023

10/31/2023

1/31/2024

Total Customers (a)

33,000+

35,200+

37,000+

39,100+

40,800+

43,100+

45,000+

46,400+

47,800+

Direct Sales Customers(b)

4,400+

4,800+

5,400+

5,900+

6,400+

6,700+

6,800+

6,900+

7,000+

MongoDB Atlas Customers

31,500+

33,700+

35,500+

37,600+

39,300+

41,600+

43,500+

44,900+

46,300+

Customers over $100K(c)

1,307

1,379

1,462

1,545

1,651

1,761

1,855

1,972

2,052

(a) Our definition of "customer" excludes users of our free offerings and all affiliated entities are counted as a single customer. As of and prior to January 31, 2022, our definition of "customer" excluded (1) users of our free offerings, (2) mLab users who spend $20 or less per month with us and (3) self-serve users acquired from Realm. The excluded mLab and Realm users collectively represented an immaterial portion of the revenue associated with users acquired from those acquisitions.

(b) Direct Sales Customers are customers that were sold through our direct sales force and channel partners.

(c) Represents the number of customers with $100,000 or greater in annualized recurring revenue ("ARR") and annualized monthly recurring revenue ("MRR"). ARR includes the revenue we expect to receive from our customers over the following 12 months based on contractual commitments and, in the case of Direct Sales Customers of MongoDB Atlas, by annualizing the prior 90 days of their actual consumption of MongoDB Atlas, assuming no increases or reductions in their subscriptions or usage. For all other customers of our self-serve products, we calculate annualized MRR by annualizing the prior 30 days of their actual consumption of such products, assuming no increases or reductions in usage. ARR and annualized MRR exclude professional services.

 

MONGODB, INC. SUPPLEMENTAL REVENUE INFORMATION
The following table presents certain supplemental revenue information as of the periods indicated:
	1/31/2022		4/30/2022		7/31/2022		10/31/2022		1/31/2023		4/30/2023		7/31/2023		10/31/2023		1/31/2024
MongoDB Enterprise    Advanced: % of    Subscription Revenue	33 %		33 %		28 %		29 %		28 %		28 %		26 %		27 %		26 %
Direct Sales Customers(a)    Revenue: % of    Subscription Revenue	86 %		87 %		86 %		87 %		88 %		88 %		88 %		88 %		88 %
(a) Direct Sales Customers are customers that were sold through our direct sales force and channel partners.

 

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SOURCE MongoDB, Inc.

FAQ

What was MongoDB's Total Revenue for the Fourth Quarter Fiscal 2024?

MongoDB reported a Total Revenue of $458.0 million for the Fourth Quarter Fiscal 2024, representing a 27% increase year-over-year.

What percentage of the Total Q4 Revenue did MongoDB Atlas revenue represent?

MongoDB Atlas revenue accounted for 68% of the Total Q4 Revenue.

How many customers did MongoDB have as of January 31, 2024?

MongoDB had over 47,800 customers as of January 31, 2024.

What was MongoDB's Full Year Fiscal 2024 Total Revenue?

MongoDB reported a Total Revenue of $1.68 billion for the Full Year Fiscal 2024, a 31% increase year-over-year.

What was MongoDB's Net Loss per share for the Fourth Quarter Fiscal 2024?

MongoDB reported a Net Loss of $0.77 per share for the Fourth Quarter Fiscal 2024.

What was MongoDB's Cash position as of January 31, 2024?

As of January 31, 2024, MongoDB had $2.0 billion in cash, cash equivalents, short-term investments, and restricted cash.

What was MongoDB's guidance for Revenue in the First Quarter Fiscal 2025?

MongoDB provided Revenue guidance of $436.0 million to $440.0 million for the First Quarter Fiscal 2025.

Where can investors access the live webcast of MongoDB's conference call?

Investors can access the live webcast of MongoDB's conference call on the 'Investor Relations' page of MongoDB's website at https://investors.mongodb.com.