MongoDB, Inc. Announces Fourth Quarter and Full Year Fiscal 2021 Financial Results

Company Release - 03/09/2021

Fourth Quarter Fiscal 2021 Total Revenue of $171.0 million, up 38% Year-over-Year
Full Year Fiscal 2021 Total Revenue of $590.4 million, up 40% Year-over-Year
MongoDB Atlas Revenue 49% of Total Q4 Revenue, up 66% Year-over-Year

NEW YORK, March 9, 2021 /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, 2021.

"MongoDB's fourth quarter performance was a strong finish to an incredibly successful year.  Our performance in fiscal 2021 demonstrated the increasingly strategic role MongoDB's modern application data platform plays in enabling customers to use software and data to derive a competitive advantage," said Dev Ittycheria, President and Chief Executive Officer of MongoDB.

"As we look ahead to fiscal 2022, MongoDB is in an excellent position to benefit from the shift to the cloud and the need to build smarter and more powerful applications that transform a company's business.  We are confident in our ability to keep delivering strong growth at scale and will continue to invest in our platform to ensure we fully capitalize on our large market opportunity over the long-term."

Fourth Quarter Fiscal 2021 Financial Highlights

  • Revenue: Total revenue was $171.0 million in the fourth quarter fiscal 2021, an increase of 38% year-over-year. Subscription revenue was $163.9 million, an increase of 39% year-over-year, and services revenue was $7.1 million, an increase of 24% year-over-year.
  • Gross Profit: Gross profit was $120.0 million in the fourth quarter fiscal 2021, representing a 70% gross margin, compared to 72% in the year-ago period. Non-GAAP gross profit was $123.3 million, representing a 72% non-GAAP gross margin.
  • Loss from Operations: Loss from operations was $59.4 million in the fourth quarter fiscal 2021, compared to $40.9 million in the year-ago period. Non-GAAP loss from operations was $16.0 million, compared to $12.0 million in the year-ago period.
  • Net Loss: Net loss was $75.8 million, or $1.25 per share, based on 60.5 million weighted-average shares outstanding in the fourth quarter fiscal 2021. This compares to $62.6 million, or $1.10 per share, based on 56.9 million weighted-average shares outstanding, in the year-ago period. Non-GAAP net loss was $19.9 million or $0.33 per share. This compares to $14.5 million or $0.25 per share in the year-ago period.
  • Cash Flow: As of January 31, 2021, MongoDB had $958.3 million in cash, cash equivalents, short-term investments and restricted cash. During the three months ended January 31, 2021, MongoDB used $18.6 million of cash from operations, $0.8 million in capital expenditures and $1.2 million in principal repayments of finance leases, leading to negative free cash flow of $20.7 million, compared to negative free cash flow of $10.9 million in the year-ago period.

Full Year Fiscal 2021 Financial Highlights

  • Revenue: Total revenue was $590.4 million for the full year fiscal 2021, an increase of 40% year-over-year. Subscription revenue was $565.3 million, an increase of 41% year-over-year, and services revenue was $25.0 million, an increase of 14% year-over-year.
  • Gross Profit: Gross profit was $413.3 million for the full year fiscal 2021, representing a 70% gross margin compared to 70% the prior year. Non-GAAP gross profit was $427.2 million, representing a 72% non-GAAP gross margin.
  • Loss from Operations: Loss from operations was $209.3 million for the full year fiscal 2021, compared to $147.9 million in the prior year. Non-GAAP loss from operations was $49.6 million, compared to $53.7 million in the prior year.
  • Net Loss: Net loss was $266.9 million, or $4.53 per share, based on 59.0 million weighted-average shares outstanding, for the full year fiscal 2021. This compares to $175.5 million, or $3.14 per share, based on 55.9 million weighted-average shares outstanding, in the prior year. Non-GAAP net loss was $58.1 million or $0.99 per share. This compares to $55.9 million or $1.00 per share in the prior year.
  • Cash Flow: During the year ended January 31, 2021, MongoDB used $42.7 million of cash in operations and $11.8 million in capital expenditures and $4.6 million in principal repayments of finance leases, leading to negative free cash flow of $59.1 million, compared to negative free cash flow of $35.0 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 2021 and Recent Business Highlights

  • Announced the general availability of MongoDB Realm Sync, a fully managed service that synchronizes data between the Realm mobile database and MongoDB Atlas. This new solution addresses the unique technical challenges of mobile and offline-first development, saving developer's time by reducing the amount of code they need to write and the complexity of their application architecture.
  • Launched a global partnership with Tencent Cloud, allowing customers to consume MongoDB-as-a-Service across Tencent's global cloud infrastructure and securely build, deploy and scale powerful applications. With this partnership, the two largest cloud providers in China now provide authorized MongoDB managed service offerings, demonstrating the popularity of MongoDB in one of the largest markets in the world.
  • Expanded the Google Cloud partnership with deeper technical integrations and joint-customer programs to make MongoDB Atlas easier to consume through the Google Cloud Marketplace. Since the inception of the partnership, we've seen a dramatic increase in new business as customers have selected MongoDB Atlas as a superior alternative to relational database solutions.

Business Outlook

Based on information as of today, March 9, 2021, MongoDB is issuing the following financial guidance for the first quarter and full year fiscal 2022.


First Quarter Fiscal 2022

Full Year Fiscal 2022

Revenue

$167.0 million to $170.0 million

$745.0 million to $765.0 million

Non-GAAP Loss from Operations

($21.0) million to ($19.0) million

($84.0) million to ($74.0) million

Non-GAAP Net Loss per Share

($0.39) to ($0.36)

($1.55) to ($1.39)

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, March 9, 2021, 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 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 10152616. 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 24,800 customers in over 100 countries. The MongoDB database platform has been downloaded over 155 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 2022; 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 October 31, 2020 filed with the SEC on December 9, 2020. Additional information will be made available in our Annual Report on Form 10-K for the year ended January 31, 2021 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, a non-recurring loss from the early extinguishment of debt related to the partial repurchase in fiscal 2020 of our 0.75% convertible senior notes due 2024 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)

(unaudite d)



As of January 31,


2021


2020

Assets




Current assets:




Cash and cash equivalents  

$

429,697



$

706,192


Short-term investments  

528,045



280,326


Accounts receivable, net of allowance for doubtful accounts of $6,024 and $2,515 as of January 31, 2021 and 2020, respectively

135,176



85,554


Deferred commissions  

36,619



24,219


Prepaid expenses and other current assets  

12,350



16,905


Total current assets  

1,141,887



1,113,196


Property and equipment, net  

62,364



58,316


Operating lease right-of-use assets

34,587



11,147


Goodwill  

55,830



55,830


Acquired intangible assets, net

26,275



34,779


Deferred tax assets  

997



615


Other assets  

85,555



54,684


Total assets  

$

1,407,495



$

1,328,567


Liabilities and Stockholders' Equity (Deficit)




Current liabilities:




Accounts payable  

$

4,144



$

2,849


Accrued compensation and benefits  

70,210



41,427


Operating lease liabilities

2,343



3,750


Other accrued liabilities  

56,440



26,860


Deferred revenue  

221,404



167,498


Total current liabilities  

354,541



242,384


Deferred tax liability, non-current  

773



821


Operating lease liabilities, non-current

39,095



8,113


Deferred revenue, non-current  

16,547



23,281


Convertible senior notes, net

937,729



911,075


Other liabilities, non-current

59,129



60,035


Total liabilities  

1,407,814



1,245,709


Temporary equity, convertible senior notes

4,714




Stockholders' equity (deficit):




Class A common stock, par value of $0.001 per share; 1,000,000,000 shares authorized as of January 31, 2021 and 2020; 60,997,822 shares issued and 60,898,451 shares outstanding as of January 31, 2021 and 48,512,090 shares issued and outstanding as of January 31, 2020

61



48


Class B common stock, par value of $0.001 per share; no shares and 100,000,000 shares authorized as of January 31, 2021 and 2020, respectively; no shares issued and outstanding as of January 31, 2021; 8,969,824 shares issued and 8,870,453 shares outstanding as of January 31, 2020



9


Additional paid-in capital  

932,332



752,127


Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of January 31, 2021 and 2020

(1,319)



(1,319)


Accumulated other comprehensive income (loss)

(704)



225


Accumulated deficit  

(935,403)



(668,232)


Total stockholders' equity (deficit)

(5,033)



82,858


Total liabilities, temporary equity and stockholders' equity (deficit)

$

1,407,495



$

1,328,567


 

 

 


MONGODB, INC. 

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)



Three Months Ended January 31,


Year Ended January 31,


2021


2020


2021


2020

Revenue:








Subscription

$

163,946



$

117,849



$

565,349



$

399,826


Services  

7,053



5,674



25,031



21,894


Total revenue  

170,999



123,523



590,380



421,720


Cost of revenue:








Subscription(1)

42,040



28,226



145,280



101,691


Services(1)

8,945



6,565



31,796



23,665


Total cost of revenue  

50,985



34,791



177,076



125,356


Gross profit  

120,014



88,732



413,304



296,364


Operating expenses:








Sales and marketing(1)  

97,683



67,234



325,100



223,893


Research and development(1)  

55,911



41,638



205,161



149,033


General and administrative(1)  

25,813



20,763



92,347



71,304


Total operating expenses  

179,407



129,635



622,608



444,230


Loss from operations  

(59,393)



(40,903)



(209,304)



(147,866)


Other expense, net  

(14,299)



(19,396)



(53,389)



(28,312)


Loss before provision for income taxes  

(73,692)



(60,299)



(262,693)



(176,178)


Provision for (benefit from) income taxes  

2,109



2,264



4,251



(656)


Net loss  

$

(75,801)



$

(62,563)



$

(266,944)



$

(175,522)


Net loss per share, basic and diluted  

$

(1.25)



$

(1.10)



$

(4.53)



$

(3.14)


Weighted-average shares used to compute net loss per share, basic and diluted  

60,497,810



56,943,622



58,984,604



55,939,032










(1) Includes stock-based compensation expense as follows:









Three Months Ended January 31,


Year Ended January 31,


2021


2020


2021


2020

Cost of revenue—subscription  

$

2,462



$

1,520



$

8,970



$

4,996


Cost of revenue—services  

811



940




4,953



3,047


Sales and marketing  

15,878



8,912




54,632



26,640


Research and development  

16,196



9,173




57,611



26,686


General and administrative  

5,922



4,193




23,147



14,407


Total stock–based compensation expense  

$

41,269



$

24,738



$

149,313



$

75,776


 


MONGODB, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)



Three Months Ended January 31,


Year Ended January 31,


2021


2020


2021


2020

Cash flows from operating activities








Net loss  

$

(75,801)



$

(62,563)



$

(266,944)



$

(175,522)


Adjustments to reconcile net loss to net cash used in operating activities:








Depreciation and amortization  

4,662



2,959



14,177



12,783


Stock-based compensation  

41,269



24,738



149,313



75,776


Amortization of debt discount and issuance costs

12,543



5,014



49,120



14,847


Amortization of finance right-of-use assets

994



994



3,975



3,976


Amortization of operating right-of-use assets

1,633



960



6,380



3,015


Non-cash interest on office financing lease







1,823


Deferred income taxes  

(276)



1,249



(364)



(3,292)


Accretion of discount on short-term investments

1,077



(441)



1,460



(4,060)


Loss on early extinguishment of debt



14,522





14,522


Unrealized foreign exchange (gain) loss

586





(1,329)




Change in operating assets and liabilities:








Accounts receivable  

(43,476)



(17,815)



(47,633)



(12,692)


Prepaid expenses and other current assets  

4,577



(3,983)



4,824



(3,794)


Deferred commissions  

(24,462)



(16,157)



(41,623)



(28,362)


Other long-term assets  

(977)



95



(1,094)



(53)


Accounts payable  

473



665



1,216



513


Accrued liabilities  

15,226



4,263



34,859



20,439


Operating lease liabilities

(1,277)



(1,312)



(4,014)



(3,291)


Deferred revenue  

42,474



38,156



48,239



53,054


Other liabilities, non-current

2,110



38



6,765



778


Net cash used in operating activities  

(18,645)



(8,618)



(42,673)



(29,540)


Cash flows from investing activities








Purchases of property and equipment  

(831)



(1,214)



(11,773)



(3,564)


Acquisitions, net of cash acquired







(38,629)


Investment in non-marketable securities





(500)




Proceeds from maturities of marketable securities  

200,000



60,000



740,000



470,000


Purchases of marketable securities  

(177,809)



(65,922)



(990,383)



(429,452)


Net cash provided by (used in) investing activities  

21,360



(7,136)



(262,656)



(1,645)


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  

3,202



3,492



17,000



16,775


Proceeds from the issuance of common stock under the Employee Stock Purchase Plan

9,560



7,026



18,523



13,420


Repurchase of early exercised stock options  



(8)



(11)



(43)


Principal repayments of finance leases

(1,183)



(1,117)



(4,633)



(1,915)


Proceeds from borrowings on convertible senior notes, net of issuance costs



1,132,991





1,132,991


Payments for 2024 Notes Partial Repurchase



(479,070)





(479,070)


Payment for purchase of capped calls



(92,920)





(92,920)


Proceeds from tenant improvement allowance on build-to-suit lease





856




Net cash provided by financing activities  

11,579



570,394



27,581



589,238


Effect of exchange rate changes on cash, cash equivalents, and restricted cash  

646



244



1,264



306


Net increase (decrease) in cash, cash equivalents, and restricted cash  

14,940



554,884



(276,484)



558,359


Cash, cash equivalents, and restricted cash, beginning of period  

415,282



151,822



706,706



148,347


Cash, cash equivalents, and restricted cash, end of period  

$

430,222



$

706,706



$

430,222



$

706,706


 


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,


2021


2020


2021


2020

Reconciliation of GAAP gross profit to non-GAAP gross profit:








Gross profit on a GAAP basis

$

120,014



$

88,732



$

413,304



$

296,364


Gross margin (Gross profit/Total revenue) on a GAAP basis

70

%


72

%


70

%


70

%

Add back:








Stock-based compensation expense: Cost of Revenue—Subscription

2,462



1,520



8,970



4,996


Stock-based compensation expense: Cost of Revenue—Services

811



940



4,953



3,047


Non-GAAP gross profit

$

123,287



$

91,192



$

427,227



$

304,407


Non-GAAP gross margin (Non-GAAP gross profit/Total revenue)

72

%


74

%


72

%


72

%









Reconciliation of GAAP operating expenses to non-GAAP operating expenses:








Sales and marketing operating expense on a GAAP basis

$

97,683



$

67,234



$

325,100



$

223,893


Less:








Stock-based compensation expense

15,878



8,912



54,632



26,640


Amortization of intangible assets associated with acquisitions

760



766



3,044



2,978


Non-GAAP sales and marketing operating expense

$

81,045



$

57,556



$

267,424



$

194,275










Research and development operating expense on a GAAP basis

$

55,911



$

41,638



$

205,161



$

149,033


Less:








Stock-based compensation expense

16,196



9,173



57,611



26,686


Amortization of intangible assets and time-based founder payments associated with acquisitions

1,365



3,350



7,366



14,763


Non-GAAP research and development operating expense

$

38,350



$

29,115



$

140,184



$

107,584










General and administrative operating expense on a GAAP basis

$

25,813



$

20,763



$

92,347



$

71,304


Less:








Stock-based compensation expense

5,922



4,193



23,147



14,407


Acquisition costs







641


Non-GAAP general and administrative operating expense

$

19,891



$

16,570



$

69,200



$

56,256










Reconciliation of GAAP loss from operations to non-GAAP loss from operations:








Loss from operations on a GAAP basis

$

(59,393)



$

(40,903)



$

(209,304)



$

(147,866)


Add back:








Stock-based compensation expense

41,269



24,738



149,313



75,776


Amortization of intangible assets and time-based founder payments associated with acquisitions

2,125



4,116



10,410



17,741


Acquisition costs







641


Non-GAAP loss from operations

$

(15,999)



$

(12,049)



$

(49,581)



$

(53,708)










Reconciliation of GAAP net loss to non-GAAP net loss:








Net loss on a GAAP basis

$

(75,801)



$

(62,563)



$

(266,944)



$

(175,522)


Add back:








Stock-based compensation expense

41,269



24,738



149,313



75,776


Amortization of intangible assets and time-based founder payments associated with acquisitions

2,125



4,116



10,410



17,741


Acquisition costs







641


Non-cash interest expense related to convertible senior notes

12,543



5,014



49,120



14,847


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)





(3,882)


Non-GAAP net loss

$

(19,864)



$

(14,519)



$

(58,101)



$

(55,877)










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

$

(1.25)



$

(1.10)



$

(4.53)



$

(3.14)


Add back:








Stock-based compensation expense

0.68



0.43



2.53



1.35


Amortization of intangible assets and time-based founder payments associated with acquisitions

0.03



0.07



0.18



0.32


Acquisition costs







0.01


Non-cash interest expense related to convertible senior notes

0.21



0.09



0.83



0.27


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







(0.07)


Non-GAAP net loss per share, basic and diluted

$

(0.33)



$

(0.25)



$

(0.99)



$

(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,


2021


2020


2021


2020

Net cash used in operating activities  

$

(18,645)



$

(8,618)



$

(42,673)



$

(29,540)


Capital expenditures  

(831)



(1,214)



(11,773)



(3,564)


Principal repayments of finance leases

(1,183)



(1,117)



(4,633)



(1,915)


Capitalized software








Free cash flow  

$

(20,659)



$

(10,949)



$

(59,079)



$

(35,019)


 

 

 


MONGODB, INC.

CUSTOMER COUNT METRICS


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




1/31/2019


4/30/2019


7/31/2019


10/31/2019


1/31/2020


4/30/2020


7/31/2020


10/31/2020


1/31/2021

Total Customers

13,400+


14,200+


15,000+


15,900+


17,000+


18,400+


20,200+


22,600+


24,800+

Direct Sales Customers(a)

1,750+


1,800+


1,850+


1,900+


2,000+


2,200+


2,500+


2,800+


3,000+

MongoDB Atlas Customers

11,400+


12,300+


13,200+


14,200+


15,400+


16,800+


18,800+


21,100+


23,300+

Customers over $100K(b)

557


598


622


688


751


780


819


898


975


(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.

 


MONGODB, INC.

SUPPLEMENTAL REVENUE INFORMATION


The following table presents certain supplemental revenue information as of the periods indicated:




1/31/2019


4/30/2019


7/31/2019


10/31/2019


1/31/2020


4/30/2020


7/31/2020


10/31/2020


1/31/2021

MongoDB Enterprise 
     Advanced: % of 
     Subscription Revenue

53

%


54

%


52

%


46

%


48

%


49

%


45

%


43

%


41

%

Direct Sales 
     Customers(a)
 
Revenue: % of 
     Subscription Revenue

77

%


77

%


78

%


78

%


79

%


79

%


81

%


82

%


83

%


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

 

 

 

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SOURCE MongoDB, Inc.