Release Details

MongoDB, Inc. Announces Third Quarter Fiscal 2023 Financial Results

December 6, 2022

Third Quarter Fiscal 2023 Total Revenue of $333.6 million, up 47% Year-over-Year

Continued Strong Customer Growth with Over 39,100 Customers as of October 31, 2022

MongoDB Atlas Revenue up 61% Year-over-Year; 63% of Total Q3 Revenue

NEW YORK, Dec. 6, 2022 /PRNewswire/ -- MongoDB, Inc. (NASDAQ: MDB) today announced its financial results for the third quarter ended October 31, 2022.

"MongoDB's third quarter results were highlighted by 61% Atlas revenue growth and $20 million of non-GAAP operating income. The strength in our business was driven by improved Atlas consumption trends and continued strength in new business activity. Our performance reinforces the strategic importance of MongoDB's developer data platform in enabling our customers to use software and data to transform their businesses," said Dev Ittycheria, President and Chief Executive Officer of MongoDB.

Third Quarter Fiscal 2023 Financial Highlights

  • Revenue: Total revenue was $333.6 million for the third quarter of fiscal 2023, an increase of 47% year-over-year. Subscription revenue was $320.8 million, an increase of 47% year-over-year, and services revenue was $12.9 million, an increase of 43% year-over-year.
      
  • Gross Profit: Gross profit was $240.0 million for the third quarter of fiscal 2023, representing a 72% gross margin compared to 70% in the year-ago period. Non-GAAP gross profit was $247.8 million, representing a 74% non-GAAP gross margin, compared to a non-GAAP gross margin of 73% in the year-ago period.
      
  • Loss from Operations: Loss from operations was $82.9 million for the third quarter of fiscal 2023, compared to a loss of $76.8 million in the year-ago period. Non-GAAP income from operations was $19.8 million, compared to a non-GAAP income of $6.3 million in the year-ago period.
      
  • Net Loss: Net loss was $84.8 million, or $1.23 per share, based on 68.9 million weighted-average shares outstanding, for the third quarter of fiscal 2023. This compares to a net loss of $81.3 million, or $1.22 per share, based on 66.4 million weighted-average shares outstanding, in the year-ago period. Non-GAAP net income was $18.7 million or $0.23 per share based on 80.4 million diluted weighted-average shares outstanding. This compares to a non-GAAP net income of $2.6 million or $0.03 per share in the year-ago period.
      
  • Cash Flow: As of October 31, 2022, MongoDB had $1.8 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months ended October 31, 2022, MongoDB used $5.7 million of cash from operations, used $1.4 million of cash in capital expenditures and used $1.3 million of cash in principal repayments of finance leases, leading to negative free cash flow of $8.4 million, compared to negative free cash flow of $9.2 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 2023 and Recent Business Highlights

  • MongoDB and Microsoft announced that the companies are making it easier for developers to build data rich applications at scale with a new pay-as-you-go experience for MongoDB Atlas within the Azure Marketplace & Portal. Additionally, the companies announced that MongoDB Atlas will be available within the Microsoft Intelligent Data Platform.This integration simplifies data management, empowering organizations to accelerate innovation and achieve agility across all their data.
  • MongoDB was named a leader in The Forrester Wave™: Translytical Data Platforms, Q4 2022. MongoDB received the highest possible scores across eleven criteria and, according to the Forrester report, organizations are using the MongoDB developer data platform to support real-time analytics, systems of insight, customer 360, internet of things (IoT), and mobile applications.
  • From the keynote stage of .local London, MongoDB announced an overhaul of MongoDB University to help support the explosive adoption of MongoDB across the globe. The updated program includes a new catalog of courses with more than 300 different assets ranging from videos, labs, hands-on product lessons, expanded developer certifications, six new language subtitles for global audiences and 24/7 exams with robust study materials.

Fourth Quarter and Full Year Fiscal 2023 Guidance

Based on information available to management as of today, December 6, 2022, MongoDB is issuing the following financial guidance for the fourth quarter and full year fiscal 2023.

 

Fourth Quarter Fiscal 2023

Full Year Fiscal 2023

Revenue

$334 million to $337 million

$1.257 billion to $1.260 billion

Non-GAAP Income from Operations

$6 million to $8 million

$30.8 million to $32.8 million

Non-GAAP Net Income per Share

$0.06 to $0.08

$0.29 to $0.31

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 due to adverse macroeconomic conditions and the continuing uncertainty caused by the COVID-19 pandemic. The situation regarding both the adverse macroeconomic environment and the COVID-19 pandemic remains uncertain and could change rapidly, and MongoDB will continue to evaluate the potential impact of both these factors on its business.

Reconciliation of non-GAAP income (loss) from operations and non-GAAP net income (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 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, December 6, 2022, 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.

About MongoDB

MongoDB is the developer data platform company empowering innovators to create, transform, and disrupt industries by unleashing the power of software and data. Headquartered in New York, MongoDB has more than 39,100 customers in over 100 countries. The MongoDB database platform has been downloaded over 325 million times and there have been more than 1.5 million registrations for MongoDB University courses.

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 fourth fiscal quarter and full year fiscal 2023 and our ability to capitalize on our market opportunity and deliver strong growth for the foreseeable future. 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 the COVID-19 pandemic may have on our business; the financial impacts of the COVID-19 pandemic on our customers and our potential customers; the effects of the ongoing military conflict between Russia and Ukraine 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 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, 2022, filed with the SEC on September 2, 2022. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2022 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 (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) 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 (loss) from operations, non-GAAP net income (loss) and non-GAAP net income (loss) 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;
      
  • amortization of time-based payments associated with prior acquisitions that were deemed to be post-combination compensation expense for U.S. GAAP purposes; and
      
  • in the case of non-GAAP net income (loss) and non-GAAP net income (loss) per share, amortization of the debt issuance costs associated with our convertible senior notes and gains or losses on investments.

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 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 (loss) from operations, non-GAAP net income (loss), non-GAAP net income (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 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.

Investor Relations

Brian Denyeau

ICR for MongoDB

646-277-1251

ir@mongodb.com

Media Relations

Matt Trocchio

MongoDB

communications@mongodb.com

 

MONGODB, INC. 

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)

 
 

October 31, 2022

 

January 31, 2022

Assets

     

Current assets:

     

Cash and cash equivalents  

$           999,674

 

$           473,904

Short-term investments  

787,858

 

1,352,019

Accounts receivable, net of allowance for doubtful accounts of $5,457 and $4,966 as of October 31, 2022 and January 31, 2022, respectively 

231,260

 

195,383

Deferred commissions  

77,446

 

63,523

Prepaid expenses and other current assets  

26,017

 

32,573

Total current assets  

2,122,255

 

2,117,402

Property and equipment, net  

59,489

 

62,625

Operating lease right-of-use assets

43,485

 

41,745

Goodwill  

57,779

 

57,775

Acquired intangible assets, net

13,723

 

20,608

Deferred tax assets  

1,657

 

1,939

Other assets  

168,798

 

147,494

Total assets  

$        2,467,186

 

$        2,449,588

Liabilities and Stockholders' Equity

     

Current liabilities:

     

Accounts payable  

$               7,734

 

$               5,234

Accrued compensation and benefits  

84,443

 

112,568

Operating lease liabilities

8,645

 

8,084

Other accrued liabilities  

52,826

 

48,848

Deferred revenue  

364,159

 

352,001

Total current liabilities  

517,807

 

526,735

Deferred tax liability, non-current  

406

 

81

Operating lease liabilities, non-current

37,261

 

38,707

Deferred revenue, non-current  

34,014

 

23,179

Convertible senior notes, net

1,139,042

 

1,136,521

Other liabilities, non-current

54,374

 

57,665

Total liabilities  

1,782,904

 

1,782,888

Stockholders' equity:

     

Common stock, par value of $0.001 per share; 1,000,000,000 shares authorized as of October 31, 2022 and January 31, 2022; 69,355,046 shares issued and 69,255,675 shares outstanding as of October 31, 2022; 67,543,731 shares issued and 67,444,360 shares outstanding as of January 31, 2022

69

 

67

Additional paid-in capital  

2,159,957

 

1,860,514

Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of October 31, 2022 and January 31, 2022

(1,319)

 

(1,319)

Accumulated other comprehensive loss

(3,791)

 

(2,928)

Accumulated deficit  

(1,470,634)

 

(1,189,634)

Total stockholders' equity

684,282

 

666,700

Total liabilities and stockholders' equity

$        2,467,186

 

$        2,449,588

 

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,

 

2022

 

2021

 

2022

 

2021

Revenue:

             

Subscription  

$         320,756

 

$         217,871

 

$         886,944

 

$         583,822

Services  

12,865

 

9,022

 

35,784

 

23,466

Total revenue  

333,621

 

226,893

 

922,728

 

607,288

Cost of revenue(1):

             

Subscription  

77,150

 

57,378

 

213,154

 

153,735

Services  

16,502

 

11,086

 

46,990

 

29,959

Total cost of revenue  

93,652

 

68,464

 

260,144

 

183,694

Gross profit  

239,969

 

158,429

 

662,584

 

423,594

Operating expenses:

             

Sales and marketing(1)   

177,419

 

120,360

 

509,285

 

327,627

Research and development(1)   

106,392

 

82,256

 

310,801

 

219,403

General and administrative(1)   

39,081

 

32,581

 

116,204

 

87,309

Total operating expenses  

322,892

 

235,197

 

936,290

 

634,339

Loss from operations  

(82,923)

 

(76,768)

 

(273,706)

 

(210,745)

Other income (expense), net  

3,117

 

(2,276)

 

1,936

 

(9,262)

Loss before provision for income taxes  

(79,806)

 

(79,044)

 

(271,770)

 

(220,007)

Provision for income taxes  

5,035

 

2,249

 

9,230

 

2,411

Net loss  

$          (84,841)

 

$          (81,293)

 

$       (281,000)

 

$       (222,418)

Net loss per share, basic and diluted  

$              (1.23)

 

$              (1.22)

 

$              (4.11)

 

$              (3.49)

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

68,916,813

 

66,386,379

 

68,325,990

 

63,750,884

_____________________________

(1)

Includes stock‑based compensation expense as follows:

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

2022

 

2021

 

2022

 

2021

Cost of revenue—subscription  

$                5,016

 

$                3,934

 

$               14,492

 

$               10,322

Cost of revenue—services  

2,827

 

1,521

 

7,599

 

4,473

Sales and marketing  

38,352

 

24,790

 

104,539

 

64,749

Research and development  

41,458

 

29,205

 

117,583

 

73,227

General and administrative  

11,545

 

9,258

 

35,105

 

24,556

Total stock‑based compensation expense  

$               99,198

 

$               68,708

 

$             279,318

 

$             177,327

 

MONGODB, INC. 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 
 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

2022

 

2021

 

2022

 

2021

Cash flows from operating activities

             

Net loss  

$         (84,841)

 

$         (81,293)

 

$       (281,000)

 

$       (222,418)

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

             

Depreciation and amortization  

4,167

 

3,367

 

11,912

 

9,989

Stock-based compensation  

99,198

 

68,708

 

279,318

 

177,327

Amortization of debt issuance costs

845

 

842

 

2,530

 

3,161

Amortization of finance right-of-use assets

994

 

993

 

2,981

 

2,981

Amortization of operating right-of-use assets

2,331

 

1,778

 

6,789

 

5,010

Deferred income taxes  

716

 

(333)

 

414

 

(2,711)

Accretion of discount on short-term investments

(1,122)

 

1,984

 

2,954

 

4,978

Gain on non-marketable securities

 

 

(1,694)

 

Unrealized foreign exchange (gain) loss

(410)

 

(541)

 

(1,554)

 

503

Change in operating assets and liabilities:

             

Accounts receivable  

(18,780)

 

(63,215)

 

(38,260)

 

(46,892)

Prepaid expenses and other current assets  

1,274

 

(1,371)

 

6,182

 

(7,220)

Deferred commissions  

(13,354)

 

(18,363)

 

(29,909)

 

(34,819)

Other long-term assets  

(171)

 

(239)

 

(1,033)

 

(291)

Accounts payable  

475

 

680

 

2,636

 

1,127

Accrued liabilities  

(18,568)

 

32,671

 

(18,769)

 

34,138

Operating lease liabilities

(2,555)

 

(1,748)

 

(7,104)

 

(4,343)

Deferred revenue  

23,642

 

48,707

 

23,973

 

58,498

Other liabilities, non-current

415

 

1,583

 

793

 

5,651

Net cash used in operating activities  

(5,744)

 

(5,790)

 

(38,841)

 

(15,331)

Cash flows from investing activities

             

  Purchases of property and equipment  

(1,381)

 

(2,184)

 

(6,533)

 

(4,516)

  Acquisition, net of cash acquired

 

 

 

(4,469)

  Investment in non-marketable securities

(1,604)

 

(1,207)

 

(2,723)

 

(2,343)

  Proceeds from maturities of marketable securities  

675,000

 

125,000

 

1,075,000

 

400,000

  Purchases of marketable securities  

(316,433)

 

(528,264)

 

(514,047)

 

(932,250)

Net cash provided by (used in) investing activities  

355,582

 

(406,655)

 

551,697

 

(543,578)

Cash flows from financing activities

             

  Proceeds from exercise of stock options

1,352

 

1,846

 

4,340

 

7,591

  Proceeds from issuance of common stock, net of issuance costs

 

(380)

 

 

889,184

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

 

 

15,777

 

12,963

  Principal repayments of finance leases

(1,305)

 

(1,234)

 

(3,187)

 

(3,649)

  Repayments of convertible senior notes attributable to principal

 

 

 

(27,594)

  Net cash provided by financing activities  

47

 

232

 

16,930

 

878,495

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

(1,634)

 

(646)

 

(4,029)

 

(1,148)

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

348,251

 

(412,859)

 

525,757

 

318,438

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

651,926

 

1,161,519

 

474,420

 

430,222

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

$      1,000,177

 

$         748,660

 

$      1,000,177

 

$         748,660

 

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,

 

2022

 

2021

 

2022

 

2021

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

             

Gross profit on a GAAP basis

$      239,969

 

$      158,429

 

$      662,584

 

$      423,594

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

72 %

 

70 %

 

72 %

 

70 %

Add back:

             

  Expenses associated with stock-based compensation: Cost of
  Revenue—Subscription

5,124

 

4,226

 

15,103

 

11,095

  Expenses associated with stock-based compensation: Cost of
  Revenue—Services

2,660

 

3,441

 

7,521

 

6,938

Non-GAAP gross profit

$      247,753

 

$      166,096

 

$      685,208

 

$      441,627

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

74 %

 

73 %

 

74 %

 

73 %

               

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

             

Sales and marketing operating expense on a GAAP basis

$      177,419

 

$      120,360

 

$      509,285

 

$      327,627

Less:

             

   Expenses associated with stock-based compensation

38,276

 

29,219

 

109,203

 

75,371

   Amortization of intangible assets associated with acquisitions

760

 

760

 

2,280

 

2,280

Non-GAAP sales and marketing operating expense

$      138,383

 

$        90,381

 

$      397,802

 

$      249,976

               

Research and development operating expense on a GAAP basis

$      106,392

 

$        82,256

 

$      310,801

 

$      219,403

Less:

             

  Expenses associated with stock-based compensation

42,258

 

30,934

 

121,586

 

78,111

  Amortization of intangible assets and post-combination
  compensation expense associated with prior acquisitions

1,535

 

3,785

 

4,605

 

7,745

Non-GAAP research and development operating expense

$        62,599

 

$        47,537

 

$      184,610

 

$      133,547

               

General and administrative operating expense on a GAAP basis

$        39,081

 

$        32,581

 

$      116,204

 

$        87,309

Less:

             

  Expenses associated with stock-based compensation

12,069

 

10,691

 

38,227

 

28,691

Non-GAAP general and administrative operating expense

$        27,012

 

$        21,890

 

$        77,977

 

$        58,618

               

Reconciliation of GAAP loss from operations to non-GAAP
income (loss) from operations:

             

Loss from operations on a GAAP basis

$      (82,923)

 

$      (76,768)

 

$    (273,706)

 

$    (210,745)

Add back:

             

  Expenses associated with stock-based compensation

100,387

 

78,511

 

291,640

 

200,206

  Amortization of intangible assets and post-combination
  compensation expense associated with prior acquisitions

2,295

 

4,545

 

6,885

 

10,025

Non-GAAP income (loss) from operations

$        19,759

 

$          6,288

 

$        24,819

 

$           (514)

               

Reconciliation of GAAP net loss to non-GAAP net income (loss):

             

Net loss on a GAAP basis

$      (84,841)

 

$      (81,293)

 

$    (281,000)

 

$    (222,418)

Add back:

             

  Expenses associated with stock-based compensation

100,387

 

78,511

 

291,640

 

200,206

  Amortization of intangible assets and post-combination
  compensation expense associated with prior acquisitions

2,295

 

4,545

 

6,885

 

10,025

  Amortization of debt issuance costs related to convertible senior notes

845

 

842

 

2,530

 

3,161

Less:

             

  Gain on non-marketable securities

 

 

(1,694)

 

Non-GAAP net income (loss)

$        18,686

 

$          2,605

 

$        18,361

 

$        (9,026)

               

Reconciliation of GAAP net loss per share, basic and diluted, to
non-GAAP net income (loss) per share, basic and diluted:

             

Net loss per share, basic and diluted, on a GAAP basis

$          (1.23)

 

$          (1.22)

 

$          (4.11)

 

$          (3.49)

Add back:

             

  Expenses associated with stock-based compensation

1.46

 

1.18

 

4.26

 

3.14

  Amortization of intangible assets and post-combination
  compensation expense associated with prior acquisitions

0.03

 

0.07

 

0.10

 

0.16

  Amortization of debt issuance costs related to convertible senior notes

0.01

 

0.01

 

0.04

 

0.05

Less:

             

   Gain on non-marketable securities

 

 

0.02

 

Non-GAAP net income (loss) per share, basic

$            0.27

 

$            0.04

 

$            0.27

 

$          (0.14)

Adjustment for fully diluted earnings per share

(0.04)

 

(0.01)

 

(0.04)

 

Non-GAAP net income (loss) per share, diluted *

$            0.23

 

$            0.03

 

$            0.23

 

$          (0.14)

       
     

*  Diluted non-GAAP net income per share is calculated based upon 80,393,223 and 79,903,305 of diluted weighted-average shares of outstanding common stock for the three and nine months ended October 31, 2022, respectively. Diluted non-GAAP net income per share for the three months ended October 31, 2021 is calculated based upon 78,511,349 of diluted weighted-average shares of outstanding common stock. The GAAP and Non-GAAP net loss per share calculations exclude potentially dilutive shares as the inclusion of such shares would have been anti-dilutive due to the net loss reported.

 

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,

 

2022

 

2021

 

2022

 

2021

Net cash used in operating activities  

$           (5,744)

 

$           (5,790)

 

$         (38,841)

 

$         (15,331)

Capital expenditures  

(1,381)

 

(2,184)

 

(6,533)

 

(4,516)

Principal repayments of finance leases

(1,305)

 

(1,234)

 

(3,187)

 

(3,649)

Capitalized software 

 

 

 

Free cash flow  

$           (8,430)

 

$           (9,208)

 

$         (48,561)

 

$         (23,496)

 

MONGODB, INC. 

CUSTOMER COUNT METRICS

 

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

   
 

10/31/2020

 

1/31/2021

 

4/30/2021

 

7/31/2021

 

10/31/2021

 

1/31/2022

 

4/30/2022

 

7/31/2022

 

10/31/2022

Total Customers (a)

22,600+

 

24,800+

 

26,800+

 

29,000+

 

31,000+

 

33,000+

 

35,200+

 

37,000+

 

39,100+

Direct Sales Customers(b)

2,800+

 

3,000+

 

3,300+

 

3,600+

 

3,900+

 

4,400+

 

4,800+

 

5,400+

 

5,900+

MongoDB Atlas Customers

21,100+

 

23,300+

 

25,300+

 

27,500+

 

29,500+

 

31,500+

 

33,700+

 

35,500+

 

37,600+

Customers over $100K(c)

898

 

975

 

1,057

 

1,126

 

1,201

 

1,307

 

1,379

 

1,462

 

1,545

                                   

(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:

   
 

10/31/2020

 

1/31/2021

 

4/30/2021

 

7/31/2021

 

10/31/2021

 

1/31/2022

 

4/30/2022

 

7/31/2022

 

10/31/2022

MongoDB Enterprise
  Advanced: % of
  Subscription Revenue

43 %

 

41 %

 

40 %

 

36 %

 

34 %

 

33 %

 

33 %

 

28 %

 

29 %

Direct Sales Customers(a)

   Revenue: % of
     Subscription Revenue

82 %

 

83 %

 

84 %

 

84 %

 

85 %

 

86 %

 

87 %

 

86 %

 

87 %

   

(a)

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

 

 

 

 

 

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SOURCE MongoDB, Inc.