Delaware | 001-38240 | 26-1463205 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1633 Broadway, 38th Floor New York, NY | 10019 | |
(Address of Principal Executive Offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1 |
MONGODB, INC. | |||
Dated: March 13, 2019 | By: | /s/ Dev Ittycheria | |
Name: Dev Ittycheria Title: President and Chief Executive Officer |
• | Revenue: Total revenue was $85.5 million in the fourth quarter fiscal 2019, an increase of 71% year-over-year. Subscription revenue was $80.6 million, an increase of 73% year-over-year, and services revenue was $4.9 million, an increase of 37% year-over-year. |
• | Gross Profit: Gross profit was $59.9 million in the fourth quarter fiscal 2019, representing a 70% gross margin, compared to 75% year-ago period. Non-GAAP gross profit was $61.0 million, representing a 71% non-GAAP gross margin. |
• | Loss from Operations: Loss from operations was $23.8 million in the fourth quarter fiscal 2019, compared to $20.9 million in the year-ago period. Non-GAAP loss from operations was $9.7 million, compared to $14.5 million in the year-ago period. |
• | Net Loss: Net loss was $22.2 million, or $0.41 per share based on 53.8 million weighted-average shares outstanding, in the fourth quarter fiscal 2019. This compares to $20.0 million, or $0.40 per share based on 50.3 million weighted-average shares outstanding, in the year-ago period. Non-GAAP net loss was $9.1 million or $0.17 per share. This compares to $13.6 million or $0.27 per share in the year-ago period. |
• | Cash and Cash Flow: As of January 31, 2019, MongoDB had $466.5 million in cash, cash equivalents, short-term investments and restricted cash. During the three months ended January 31, 2019, MongoDB used $9.5 million of cash in operations and $3.2 million in capital expenditures, leading to negative free cash flow of $12.6 million, compared to negative free cash flow of $8.1 million in the year-ago period. |
• | Revenue: Total revenue was $83.1 million in the fourth quarter fiscal 2019, an increase of 85% year-over-year. Subscription revenue was $78.3 million, an increase of 87% year-over-year, and services revenue was $4.9 million, an increase of 54% year-over-year. |
• | Gross Profit: Gross profit was $57.5 million in the fourth quarter fiscal 2019, representing a 69% gross margin, compared to 72% year-ago period. Non-GAAP gross profit was $58.6 million, representing a 71% non-GAAP gross margin. |
• | Loss from Operations: Loss from operations was $28.7 million in the fourth quarter fiscal 2019, compared to $27.3 million in the year-ago period. Non-GAAP loss from operations was $14.6 million, compared to $20.9 million in the year-ago period. |
• | Net Loss: Net loss was $27.1 million, or $0.50 per share based on 53.8 million weighted-average shares outstanding, in the fourth quarter fiscal 2019. This compares to $26.4 million, or $0.52 per share based on 50.3 million weighted-average shares outstanding, in the year-ago period. Non-GAAP net loss was $14.0 million or $0.26 per share. This compares to $20.0 million or $0.40 per share in the year-ago period. |
• | Revenue: Total revenue was $267.0 million for the full year fiscal 2019, an increase of 61% year-over-year. Subscription revenue was $248.4 million, an increase of 64% year-over-year, and services revenue was $18.6 million, an increase of 31% year-over-year. |
• | Gross Profit: Gross profit was $193.4 million for the full year fiscal 2019, representing a 72% gross margin compared to 74% in the prior year. Non-GAAP gross profit was $196.7 million, representing a 74% non-GAAP gross margin. |
• | Loss from Operations: Loss from operations was $97.8 million for the full year fiscal 2019, compared to $84.9 million in the prior year. Non-GAAP loss from operations was $54.2 million, compared to $62.8 million in the prior year. |
• | Net Loss: Net loss was $99.0 million, or $1.90 per share based on 52.0 million weighted-average shares outstanding, for the full year fiscal 2019. This compares to $84.0 million, or $3.54 per share based on 23.7 million weighted-average shares outstanding, in the prior year. Non-GAAP net loss was $52.2 million, or $1.00 per share based on 52.0 million weighted-average shares outstanding. This compares to $62.0 million, or $1.43 per share based on 43.2 million non-GAAP weighted-average shares outstanding, in the prior year. |
• | Cash and Cash Flow: During the year ended January 31, 2019, MongoDB used $42.0 million of cash in operations and $6.8 million in capital expenditures, leading to negative free cash flow of $48.8 million, compared to negative free cash flow of $47.0 million in the prior year. |
• | Revenue: Total revenue was $253.8 million for the full year fiscal 2019, an increase of 64% year-over-year. Subscription revenue was $235.8 million, an increase of 67% year-over-year, and services revenue was $18.0 million, an increase of 38% year-over-year. |
• | Gross Profit: Gross profit was $180.2 million for the full year fiscal 2019, representing a 71% gross margin, compared to 72% in the prior year. Non-GAAP gross profit was $183.5 million, representing a 72% non-GAAP gross margin. |
• | Loss from Operations: Loss from operations was $117.6 million for the full year fiscal 2019, compared to $97.3 million in the prior year. Non-GAAP loss from operations was $74.1 million, compared to $75.1 million in the prior year. |
• | Net Loss: Net loss was $118.9 million, or $2.28 per share based on 52.0 million weighted-average shares outstanding, for the full year fiscal 2019. This compares to $96.4 million, or $4.06 per share based on 23.7 million weighted-average shares outstanding, in the prior year. Non-GAAP net loss was $72.0 million, or $1.38 per share based on 52.0 million weighted-average shares outstanding. This compares to $74.3 million, or $1.72 per share based on 43.2 million non-GAAP weighted-average shares outstanding, in the prior year. |
• | Experienced a continuation of strong developer adoption in the fourth quarter of fiscal year 2019. The total number of MongoDB downloads from our website alone is now more than 60 million. We have seen adoption accelerate with more than 20 million downloads in the last 12 months, an increase from the more than 12 million downloads in fiscal year 2018. Nearly 1.2 million developers have registered for MongoDB University, the company’s online training and certification program. |
• | Selected by customers across a variety of industries for an increasingly wide range of mission critical workloads. Over the past fiscal year, the number of customers with an annualized spend of more than $1 million grew by 77% to 39, and the number of six-figure customer relationships expanded by 57% to 557. MongoDB now has over 13,400 customers, up approximately 130% from last year, including over 11,400 Atlas customers, of which approximately 4,200 were acquired from mLab. |
• | Continued to add features to MongoDB Atlas that further differentiate it from competing products. In addition, Atlas expanded support to 60 total regions across multiple public cloud networks, making it the most widely available global cloud database on the market. |
• | Promoted Cedric Pech to Chief Revenue Officer. He joined MongoDB in 2017 to lead MongoDB’s sales team in Europe, Middle East and Africa, where MongoDB rapidly scaled the salesforce and drove exceptional growth throughout the region. Cedric will be responsible for developing and executing MongoDB’s global sales strategy. |
First Quarter Fiscal 2020 | Full Year Fiscal 2020 | |
Revenue | $82.0 million to $84.0 million | $363.0 million to $371.0 million |
Non-GAAP Loss from Operations | $(14.0) million to $(13.0) million | $(59.0) million to $(55.0) million |
Non-GAAP Net Loss per Share | $(0.25) to $(0.23) | $(1.06) to $(0.98) |
• | stock-based compensation expense; |
• | amortization of intangible assets for the recently acquired customer relationships and acquired technology associated with the purchase of mLab, as well as for the prior acquisition of WiredTiger; |
• | amortization of the Founder Holdback associated with the mLab purchase, that was deemed to be compensation expense for GAAP purposes; |
• | acquisition costs associated with the purchase of mLab; |
• | accelerated charges associated with the New York City office move; and |
• | in the case of non-GAAP net loss, non-cash interest expense related to our convertible senior notes, a non-recurring income tax benefit associated with the acquisition of mLab intangible assets, and the change in fair value of warrant liability. |
As of January 31, | |||||||
2019 | 2018 *As Adjusted | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 147,831 | $ | 61,902 | |||
Short-term investments | 318,139 | 217,072 | |||||
Accounts receivable, net of allowance for doubtful accounts of $1,539 and $1,238 as of January 31, 2019 and 2018, respectively | 64,833 | 46,872 | |||||
Deferred commissions | 15,878 | 11,798 | |||||
Prepaid expenses and other current assets | 19,555 | 9,638 | |||||
Total current assets | 566,236 | 347,282 | |||||
Property and equipment, net | 73,664 | 59,557 | |||||
Goodwill | 41,878 | 1,700 | |||||
Acquired intangible assets, net | 15,894 | 1,627 | |||||
Deferred tax assets | 1,193 | 326 | |||||
Other assets | 34,611 | 22,352 | |||||
Total assets | $ | 733,476 | $ | 432,844 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,153 | $ | 2,261 | |||
Accrued compensation and benefits | 25,982 | 17,433 | |||||
Other accrued liabilities | 14,169 | 8,423 | |||||
Deferred revenue | 122,333 | 84,415 | |||||
Total current liabilities | 164,637 | 112,532 | |||||
Deferred rent, non-current | 2,567 | 925 | |||||
Deferred tax liability, non-current | 106 | 18 | |||||
Deferred revenue, non-current | 15,343 | 16,499 | |||||
Convertible senior notes, net | 216,858 | — | |||||
Other liabilities, non-current | 69,399 | 55,213 | |||||
Total liabilities | 468,910 | 185,187 | |||||
Stockholders’ equity: | |||||||
Class A common stock, par value of $0.001 per share; 1,000,000,000 shares authorized as of January 31, 2019 and 2018; 36,286,573 and 13,303,028 shares issued and outstanding as of January 31, 2019 and 2018, respectively | 36 | 13 | |||||
Class B common stock, par value of $0.001 per share; 100,000,000 shares authorized as of January 31, 2019 and 2018; 18,134,608 and 37,371,914 shares issued as of January 31, 2019 and 2018, respectively; 18,035,237 and 37,272,543 shares outstanding as of January 31, 2019 and 2018, respectively | 18 | 38 | |||||
Additional paid-in capital | 754,612 | 638,680 | |||||
Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of January 31, 2019 and 2018 | (1,319 | ) | (1,319 | ) | |||
Accumulated other comprehensive loss | (174 | ) | (159 | ) | |||
Accumulated deficit | (488,607 | ) | (389,596 | ) | |||
Total stockholders’ equity | 264,566 | 247,657 | |||||
Total liabilities and stockholders’ equity | $ | 733,476 | $ | 432,844 |
Three Months Ended January 31, | Year Ended January 31, | ||||||||||||||
2019 | 2018 *As Adjusted | 2019 | 2018 *As Adjusted | ||||||||||||
Revenue: | |||||||||||||||
Subscription | $ | 80,632 | $ | 46,498 | $ | 248,391 | $ | 151,853 | |||||||
Services | 4,852 | 3,553 | 18,625 | 14,175 | |||||||||||
Total revenue | 85,484 | 50,051 | 267,016 | 166,028 | |||||||||||
Cost of revenue: | |||||||||||||||
Subscription(1) | 20,821 | 9,097 | 56,255 | 30,766 | |||||||||||
Services(1) | 4,746 | 3,304 | 17,313 | 12,093 | |||||||||||
Total cost of revenue | 25,567 | 12,401 | 73,568 | 42,859 | |||||||||||
Gross profit | 59,917 | 37,650 | 193,448 | 123,169 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing(1) | 42,482 | 31,534 | 148,296 | 109,073 | |||||||||||
Research and development(1) | 26,600 | 16,788 | 89,854 | 62,202 | |||||||||||
General and administrative(1) | 14,596 | 10,242 | 53,063 | 36,775 | |||||||||||
Total operating expenses | 83,678 | 58,564 | 291,213 | 208,050 | |||||||||||
Loss from operations | (23,761 | ) | (20,914 | ) | (97,765 | ) | (84,881 | ) | |||||||
Other income (expense), net | (2,424 | ) | 1,349 | (4,564 | ) | 2,195 | |||||||||
Loss before provision for income taxes | (26,185 | ) | (19,565 | ) | (102,329 | ) | (82,686 | ) | |||||||
Provision for income taxes | (3,998 | ) | 470 | (3,318 | ) | 1,287 | |||||||||
Net loss | $ | (22,187 | ) | $ | (20,035 | ) | $ | (99,011 | ) | $ | (83,973 | ) | |||
Net loss per share, basic and diluted | $ | (0.41 | ) | $ | (0.40 | ) | $ | (1.90 | ) | $ | (3.54 | ) | |||
Weighted-average shares used to compute net loss per share, basic and diluted | 53,825,561 | 50,287,162 | 52,034,596 | 23,718,391 | |||||||||||
* Prior period information has been adjusted to reflect the adoption of the New Revenue Standard, which MongoDB adopted on January 31, 2019 and applied retrospectively as of February 1, 2018. | |||||||||||||||
(1) Includes stock-based compensation expense as follows: | |||||||||||||||
Three Months Ended January 31, | Year Ended January 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Cost of revenue—subscription | $ | 644 | $ | 227 | $ | 2,047 | $ | 730 | |||||||
Cost of revenue—services | 439 | 170 | 1,239 | 462 | |||||||||||
Sales and marketing | 3,620 | 1,964 | 11,059 | 6,364 | |||||||||||
Research and development | 3,446 | 1,680 | 11,687 | 5,752 | |||||||||||
General and administrative | 2,404 | 2,128 | 11,371 | 7,927 | |||||||||||
Total stock‑based compensation expense | $ | 10,553 | $ | 6,169 | $ | 37,403 | $ | 21,235 |
Three Months Ended January 31, | Year Ended January 31, | ||||||||||||||
2019 | 2018 *As Adjusted | 2019 | 2018 *As Adjusted | ||||||||||||
Cash flows from operating activities | |||||||||||||||
Net loss | $ | (22,187 | ) | $ | (20,035 | ) | $ | (99,011 | ) | $ | (83,973 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||
Depreciation and amortization | 2,458 | 914 | 5,792 | 3,703 | |||||||||||
Stock-based compensation | 10,553 | 6,169 | 37,403 | 21,235 | |||||||||||
Amortization of debt discount and issuance costs | 3,166 | — | 7,399 | — | |||||||||||
Non-cash interest on office financing lease | 911 | — | 1,570 | — | |||||||||||
Deferred income taxes | (4,609 | ) | (465 | ) | (4,960 | ) | (302 | ) | |||||||
Change in fair value of warrant liability | — | — | — | (101 | ) | ||||||||||
Change in operating assets and liabilities: | |||||||||||||||
Accounts receivable | (24,491 | ) | (11,248 | ) | (15,224 | ) | (15,901 | ) | |||||||
Prepaid expenses and other current assets | (82 | ) | 779 | (9,583 | ) | (2,782 | ) | ||||||||
Deferred commissions | (6,549 | ) | (4,657 | ) | (16,134 | ) | (6,422 | ) | |||||||
Other long-term assets | (181 | ) | (17 | ) | (214 | ) | (687 | ) | |||||||
Accounts payable | (748 | ) | (1,058 | ) | (913 | ) | (371 | ) | |||||||
Deferred rent | 384 | (48 | ) | 1,642 | (133 | ) | |||||||||
Accrued liabilities | 6,380 | 5,952 | 13,564 | 8,115 | |||||||||||
Deferred revenue | 25,515 | 16,002 | 36,680 | 32,738 | |||||||||||
Net cash used in operating activities | (9,480 | ) | (7,712 | ) | (41,989 | ) | (44,881 | ) | |||||||
Cash flows from investing activities | |||||||||||||||
Purchases of property and equipment | (3,150 | ) | (421 | ) | (6,848 | ) | (2,135 | ) | |||||||
Acquisitions, net of cash acquired | (55,517 | ) | — | (55,517 | ) | — | |||||||||
Proceeds from maturities of marketable securities | 244,000 | 8,000 | 450,000 | 82,230 | |||||||||||
Purchases of marketable securities | (178,178 | ) | (179,503 | ) | (547,914 | ) | (252,382 | ) | |||||||
Net cash provided by (used in) investing activities | 7,155 | (171,924 | ) | (160,279 | ) | (172,287 | ) | ||||||||
Cash flows from financing activities | |||||||||||||||
Proceeds from exercise of stock options, including early exercised stock options | 4,613 | 166 | 22,244 | 8,367 | |||||||||||
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan | 4,906 | — | 10,532 | — | |||||||||||
Repurchase of early exercised stock options | — | (93 | ) | (327 | ) | (242 | ) | ||||||||
Proceeds from borrowings on convertible senior notes, net of issuance costs | — | — | 291,145 | — | |||||||||||
Payment for purchase of capped calls | — | — | (37,086 | ) | — | ||||||||||
Proceeds from tenant improvement allowance on build-to-suit lease | 1,095 | — | 1,728 | — | |||||||||||
Proceeds from the IPO, net of underwriting discounts and commissions | — | — | — | 205,494 | |||||||||||
Proceeds from exercise of redeemable convertible preferred stock warrants | — | — | — | 1 | |||||||||||
Payment of offering costs | — | (1,384 | ) | — | (3,728 | ) | |||||||||
Net cash provided by (used in) financing activities | 10,614 | (1,311 | ) | 288,236 | 209,892 | ||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 53 | 109 | (48 | ) | 291 | ||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 8,342 | (180,838 | ) | 85,920 | (6,985 | ) | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 140,005 | 243,265 | 62,427 | 69,412 | |||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 148,347 | $ | 62,427 | $ | 148,347 | $ | 62,427 |
* | Prior period information has been adjusted to reflect the adoption of the New Revenue Standard, which MongoDB adopted on January 31, 2019 and applied retrospectively as of February 1, 2018. |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
April 30, 2018 As Previously Reported | Impact of Adoption | April 30, 2018 As Adjusted | July 31, 2018 As Previously Reported | Impact of Adoption | July 31, 2018 As Adjusted | October 31, 2018 As Previously Reported | Impact of Adoption | October 31, 2018 As Adjusted | January 31, 2019 Old Revenue Standard | Impact of Adoption | January 31, 2019 As Adjusted | January 31, 2019 Old Revenue Standard | Impact of Adoption | January 31, 2019 As Adjusted | |||||||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subscription | $ | 44,565 | $ | 1,504 | $ | 46,069 | $ | 52,933 | $ | 2,153 | $ | 55,086 | $ | 60,090 | $ | 6,514 | $ | 66,604 | $ | 78,250 | $ | 2,382 | $ | 80,632 | $ | 235,838 | $ | 12,553 | $ | 248,391 | |||||||||||||||||||||||||||||
Services | 3,657 | 413 | 4,070 | 4,557 | (32 | ) | 4,525 | 4,895 | 283 | 5,178 | 4,858 | (6 | ) | 4,852 | 17,967 | 658 | 18,625 | ||||||||||||||||||||||||||||||||||||||||||
Total revenue | 48,222 | 1,917 | 50,139 | 57,490 | 2,121 | 59,611 | 64,985 | 6,797 | 71,782 | 83,108 | 2,376 | 85,484 | 253,805 | 13,211 | 267,016 | ||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subscription | 10,070 | — | 10,070 | 12,116 | — | 12,116 | 13,248 | — | 13,248 | 20,821 | — | 20,821 | 56,255 | — | 56,255 | ||||||||||||||||||||||||||||||||||||||||||||
Services | 3,679 | — | 3,679 | 4,378 | — | 4,378 | 4,510 | — | 4,510 | 4,746 | — | 4,746 | 17,313 | — | 17,313 | ||||||||||||||||||||||||||||||||||||||||||||
Total cost of revenue | 13,749 | — | 13,749 | 16,494 | — | 16,494 | 17,758 | — | 17,758 | 25,567 | — | 25,567 | 73,568 | — | 73,568 | ||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 34,473 | 1,917 | 36,390 | 40,996 | 2,121 | 43,117 | 47,227 | 6,797 | 54,024 | 57,541 | 2,376 | 59,917 | 180,237 | 13,211 | 193,448 | ||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | 33,889 | (692 | ) | 33,197 | 37,880 | (1,343 | ) | 36,537 | 38,116 | (2,036 | ) | 36,080 | 45,058 | (2,576 | ) | 42,482 | 154,943 | (6,647 | ) | 148,296 | |||||||||||||||||||||||||||||||||||||||
Research and development | 18,645 | — | 18,645 | 21,430 | — | 21,430 | 23,179 | — | 23,179 | 26,600 | — | 26,600 | 89,854 | — | 89,854 | ||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 11,227 | — | 11,227 | 12,254 | — | 12,254 | 14,986 | — | 14,986 | 14,596 | — | 14,596 | 53,063 | — | 53,063 | ||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 63,761 | (692 | ) | 63,069 | 71,564 | (1,343 | ) | 70,221 | 76,281 | (2,036 | ) | 74,245 | 86,254 | (2,576 | ) | 83,678 | 297,860 | (6,647 | ) | 291,213 | |||||||||||||||||||||||||||||||||||||||
Loss from operations | (29,288 | ) | 2,609 | (26,679 | ) | (30,568 | ) | 3,464 | (27,104 | ) | (29,054 | ) | 8,833 | (20,221 | ) | (28,713 | ) | 4,952 | (23,761 | ) | (117,623 | ) | 19,858 | (97,765 | ) | ||||||||||||||||||||||||||||||||||
Other income (expense), net | 591 | — | 591 | (432 | ) | — | (432 | ) | (2,299 | ) | — | (2,299 | ) | (2,424 | ) | — | (2,424 | ) | (4,564 | ) | — | (4,564 | ) | ||||||||||||||||||||||||||||||||||||
Loss before provision for income taxes | (28,697 | ) | 2,609 | (26,088 | ) | (31,000 | ) | 3,464 | (27,536 | ) | (31,353 | ) | 8,833 | (22,520 | ) | (31,137 | ) | 4,952 | (26,185 | ) | (122,187 | ) | 19,858 | (102,329 | ) | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 467 | — | 467 | 246 | — | 246 | (33 | ) | — | (33 | ) | (3,998 | ) | — | (3,998 | ) | (3,318 | ) | — | (3,318 | ) | ||||||||||||||||||||||||||||||||||||||
Net loss | $ | (29,164 | ) | $ | 2,609 | $ | (26,555 | ) | $ | (31,246 | ) | $ | 3,464 | $ | (27,782 | ) | $ | (31,320 | ) | $ | 8,833 | $ | (22,487 | ) | $ | (27,139 | ) | $ | 4,952 | $ | (22,187 | ) | $ | (118,869 | ) | $ | 19,858 | $ | (99,011 | ) | |||||||||||||||||||
Net loss per share, basic and diluted | $ | (0.58 | ) | $ | 0.05 | $ | (0.53 | ) | $ | (0.61 | ) | $ | 0.07 | $ | (0.54 | ) | $ | (0.59 | ) | $ | 0.16 | $ | (0.43 | ) | $ | (0.50 | ) | $ | 0.09 | $ | (0.41 | ) | $ | (2.28 | ) | $ | 0.38 | $ | (1.90 | ) | |||||||||||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 50,350 | — | 50,350 | 51,185 | — | 51,185 | 52,703 | — | 52,703 | 53,826 | — | 53,826 | 52,035 | — | 52,035 |
April 30, 2018 As Previously Reported | Impact of Adoption | April 30, 2018 As Adjusted | July 31, 2018 As Previously Reported | Impact of Adoption | July 31, 2018 As Adjusted | October 31, 2018 As Previously Reported | Impact of Adoption | October 31, 2018 As Adjusted | January 31, 2019 Old Revenue Standard | Impact of Adoption | January 31, 2019 As Adjusted | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 111,617 | $ | — | $ | 111,617 | $ | 122,771 | $ | — | $ | 122,771 | $ | 139,490 | $ | — | $ | 139,490 | $ | 147,831 | $ | — | $ | 147,831 | |||||||||||||||||||||||
Short-term investments | 159,371 | — | 159,371 | 399,906 | — | 399,906 | 382,681 | — | 382,681 | 318,139 | — | 318,139 | |||||||||||||||||||||||||||||||||||
Accounts receivable, net | 32,475 | — | 32,475 | 38,340 | — | 38,340 | 37,497 | — | 37,497 | 64,833 | — | 64,833 | |||||||||||||||||||||||||||||||||||
Deferred commissions | 13,155 | (853 | ) | 12,302 | 14,857 | (2,023 | ) | 12,834 | 19,143 | (4,866 | ) | 14,277 | 22,531 | (6,653 | ) | 15,878 | |||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 9,101 | 4,048 | 13,149 | 7,832 | 5,314 | 13,146 | 8,653 | 9,238 | 17,891 | 11,580 | 7,975 | 19,555 | |||||||||||||||||||||||||||||||||||
Total current assets | 325,719 | 3,195 | 328,914 | 583,706 | 3,291 | 586,997 | 587,464 | 4,372 | 591,836 | 564,914 | 1,322 | 566,236 | |||||||||||||||||||||||||||||||||||
Property and equipment, net | 63,335 | — | 63,335 | 70,374 | — | 70,374 | 73,191 | — | 73,191 | 73,664 | — | 73,664 | |||||||||||||||||||||||||||||||||||
Goodwill | 1,700 | — | 1,700 | 1,700 | — | 1,700 | 1,700 | — | 1,700 | 41,878 | — | 41,878 | |||||||||||||||||||||||||||||||||||
Acquired intangible assets, net | 1,406 | — | 1,406 | 1,185 | — | 1,185 | 965 | — | 965 | 15,894 | — | 15,894 | |||||||||||||||||||||||||||||||||||
Deferred tax assets | 323 | — | 323 | 300 | — | 300 | 701 | — | 701 | 1,193 | — | 1,193 | |||||||||||||||||||||||||||||||||||
Other assets | 7,744 | 15,439 | 23,183 | 6,665 | 17,952 | 24,617 | 6,649 | 22,833 | 29,482 | 7,417 | 27,194 | 34,611 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 400,227 | $ | 18,634 | $ | 418,861 | $ | 663,930 | $ | 21,243 | $ | 685,173 | $ | 670,670 | $ | 27,205 | $ | 697,875 | $ | 704,960 | $ | 28,516 | $ | 733,476 | |||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | 1,429 | — | 1,429 | 2,256 | — | 2,256 | 1,942 | — | 1,942 | 2,153 | — | 2,153 | |||||||||||||||||||||||||||||||||||
Accrued compensation and benefits | 14,773 | — | 14,773 | 14,981 | — | 14,981 | 21,615 | — | 21,615 | 25,982 | — | 25,982 | |||||||||||||||||||||||||||||||||||
Other accrued liabilities | 8,518 | — | 8,518 | 13,473 | — | 13,473 | 12,169 | — | 12,169 | 14,169 | — | 14,169 | |||||||||||||||||||||||||||||||||||
Deferred revenue | 119,936 | (32,394 | ) | 87,542 | 125,526 | (33,435 | ) | 92,091 | 136,609 | (38,480 | ) | 98,129 | 164,681 | (42,348 | ) | 122,333 | |||||||||||||||||||||||||||||||
Total current liabilities | 144,656 | (32,394 | ) | 112,262 | 156,236 | (33,435 | ) | 122,801 | 172,335 | (38,480 | ) | 133,855 | 206,985 | (42,348 | ) | 164,637 | |||||||||||||||||||||||||||||||
Deferred rent, non-current | 1,397 | — | 1,397 | 1,842 | — | 1,842 | 2,183 | — | 2,183 | 2,567 | — | 2,567 | |||||||||||||||||||||||||||||||||||
Deferred tax liability, non-current | 19 | — | 19 | 39 | — | 39 | 42 | — | 42 | 106 | — | 106 | |||||||||||||||||||||||||||||||||||
Deferred revenue, non-current | 21,909 | (5,745 | ) | 16,164 | 20,235 | (5,559 | ) | 14,676 | 17,229 | (3,386 | ) | 13,843 | 18,501 | (3,158 | ) | 15,343 | |||||||||||||||||||||||||||||||
Convertible senior notes, net | — | — | — | 210,553 | — | 210,553 | 213,692 | — | 213,692 | 216,858 | — | 216,858 | |||||||||||||||||||||||||||||||||||
Other long term liabilities | 59,739 | — | 59,739 | 66,401 | — | 66,401 | 67,944 | — | 67,944 | 69,399 | — | 69,399 | |||||||||||||||||||||||||||||||||||
Total liabilities | 227,720 | (38,139 | ) | 189,581 | 455,306 | (38,994 | ) | 416,312 | 473,425 | (41,866 | ) | 431,559 | 514,416 | (45,506 | ) | 468,910 | |||||||||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||||||||||||||||||||||||
Class A common stock | 24 | — | 24 | 30 | — | 30 | 35 | — | 35 | 36 | — | 36 | |||||||||||||||||||||||||||||||||||
Class B common stock | 27 | — | 27 | 22 | — | 22 | 18 | — | 18 | 18 | — | 18 | |||||||||||||||||||||||||||||||||||
Additional paid-in capital | 646,973 | — | 646,973 | 714,401 | — | 714,401 | 734,381 | — | 734,381 | 754,612 | — | 754,612 | |||||||||||||||||||||||||||||||||||
Treasury stock, 99,371 shares | (1,319 | ) | — | (1,319 | ) | (1,319 | ) | — | (1,319 | ) | (1,319 | ) | — | (1,319 | ) | (1,319 | ) | — | (1,319 | ) | |||||||||||||||||||||||||||
Accumulated other comprehensive loss | (274 | ) | — | (274 | ) | (340 | ) | — | (340 | ) | (380 | ) | — | (380 | ) | (174 | ) | — | (174 | ) | |||||||||||||||||||||||||||
Accumulated deficit | (472,924 | ) | 56,773 | (416,151 | ) | (504,170 | ) | 60,237 | (443,933 | ) | (535,490 | ) | 69,071 | (466,419 | ) | (562,629 | ) | 74,022 | (488,607 | ) | |||||||||||||||||||||||||||
Total stockholders’ equity | 172,507 | 56,773 | 229,280 | 208,624 | 60,237 | 268,861 | 197,245 | 69,071 | 266,316 | 190,544 | 74,022 | 264,566 | |||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 400,227 | $ | 18,634 | $ | 418,861 | $ | 663,930 | $ | 21,243 | $ | 685,173 | $ | 670,670 | $ | 27,205 | $ | 697,875 | $ | 704,960 | $ | 28,516 | $ | 733,476 |
Three Months Ended | |||||||||||||||||||||||||||||||
January 31, 2019 | October 31, 2018 *As Adjusted | July 31, 2018 *As Adjusted | April 30, 2018 *As Adjusted | January 31, 2018 *As Adjusted | October 31, 2017 *As Adjusted | July 31, 2017 *As Adjusted | April 30, 2017 *As Adjusted | ||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||
Subscription | $ | 80,632 | $ | 66,604 | $ | 55,086 | $ | 46,069 | $ | 46,498 | $ | 39,062 | $ | 34,831 | $ | 31,462 | |||||||||||||||
Services | 4,852 | 5,178 | 4,525 | 4,070 | 3,553 | 3,807 | 3,534 | 3,281 | |||||||||||||||||||||||
Total revenue | 85,484 | 71,782 | 59,611 | 50,139 | 50,051 | 42,869 | 38,365 | 34,743 | |||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||||
Subscription(1) | 20,821 | 13,248 | 12,116 | 10,070 | 9,097 | 7,904 | 7,215 | 6,550 | |||||||||||||||||||||||
Services(1) | 4,746 | 4,510 | 4,378 | 3,679 | 3,304 | 3,167 | 2,973 | 2,649 | |||||||||||||||||||||||
Total cost of revenue | 25,567 | 17,758 | 16,494 | 13,749 | 12,401 | 11,071 | 10,188 | 9,199 | |||||||||||||||||||||||
Gross profit | 59,917 | 54,024 | 43,117 | 36,390 | 37,650 | 31,798 | 28,177 | 25,544 | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||
Sales and marketing(1) | 42,482 | 36,080 | 36,537 | 33,197 | 31,534 | 28,460 | 27,066 | 22,013 | |||||||||||||||||||||||
Research and development(1) | 26,600 | 23,179 | 21,430 | 18,645 | 16,788 | 16,588 | 15,749 | 13,077 | |||||||||||||||||||||||
General and administrative(1) | 14,596 | 14,986 | 12,254 | 11,227 | 10,242 | 9,829 | 8,933 | 7,771 | |||||||||||||||||||||||
Total operating expenses | 83,678 | 74,245 | 70,221 | 63,069 | 58,564 | 54,877 | 51,748 | 42,861 | |||||||||||||||||||||||
Loss from operations | (23,761 | ) | (20,221 | ) | (27,104 | ) | (26,679 | ) | (20,914 | ) | (23,079 | ) | (23,571 | ) | (17,317 | ) | |||||||||||||||
Other income (expense), net | (2,424 | ) | (2,299 | ) | (432 | ) | 591 | 1,349 | 170 | 335 | 341 | ||||||||||||||||||||
Loss before provision for income taxes | (26,185 | ) | (22,520 | ) | (27,536 | ) | (26,088 | ) | (19,565 | ) | (22,909 | ) | (23,236 | ) | (16,976 | ) | |||||||||||||||
Provision for income taxes | (3,998 | ) | (33 | ) | 246 | 467 | 470 | 336 | 252 | 229 | |||||||||||||||||||||
Net loss | $ | (22,187 | ) | $ | (22,487 | ) | $ | (27,782 | ) | $ | (26,555 | ) | $ | (20,035 | ) | $ | (23,245 | ) | $ | (23,488 | ) | $ | (17,205 | ) | |||||||
Net loss per share, basic and diluted | $ | (0.41 | ) | $ | (0.43 | ) | $ | (0.54 | ) | $ | (0.53 | ) | $ | (0.40 | ) | $ | (1.33 | ) | $ | (1.73 | ) | $ | (1.31 | ) | |||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 53,825,561 | 52,702,526 | 51,185,258 | 50,350,052 | 50,287,162 | 17,421,642 | 13,600,435 | 13,164,559 |
* | Prior period information has been adjusted to reflect the adoption of the New Revenue Standard, which MongoDB adopted on January 31, 2019 and applied retrospectively as of February 1, 2018. |
(1) | Includes stock‑based compensation expense as follows (unaudited, in thousands): |
Three Months Ended | |||||||||||||||||||||||||||||||
January 31, 2019 | October 31, 2018 | July 31, 2018 | April 30, 2018 | January 31, 2018 | October 31, 2017 | July 31, 2017 | April 30, 2017 | ||||||||||||||||||||||||
Cost of revenue—subscription | $ | 644 | $ | 555 | $ | 489 | $ | 359 | $ | 227 | $ | 183 | $ | 170 | $ | 151 | |||||||||||||||
Cost of revenue—services | 439 | 335 | 281 | 184 | 170 | 123 | 98 | 72 | |||||||||||||||||||||||
Sales and marketing | 3,620 | 3,090 | 2,129 | 2,218 | 1,964 | 1,704 | 1,482 | 1,215 | |||||||||||||||||||||||
Research and development | 3,446 | 3,131 | 2,904 | 2,206 | 1,680 | 1,505 | 1,322 | 1,245 | |||||||||||||||||||||||
General and administrative | 2,404 | 3,153 | 3,206 | 2,610 | 2,128 | 2,184 | 1,845 | 1,771 | |||||||||||||||||||||||
Total stock‑based compensation expense | $ | 10,553 | $ | 10,264 | $ | 9,009 | $ | 7,577 | $ | 6,169 | $ | 5,699 | $ | 4,917 | $ | 4,454 |
January 31, 2019 | October 31, 2018 *As Adjusted | July 31, 2018 *As Adjusted | April 30, 2018 *As Adjusted | January 31, 2018 *As Adjusted | October 31, 2017 *As Adjusted | July 31, 2017 *As Adjusted | April 30, 2017 *As Adjusted | ||||||||||||||||||||||||
Deferred revenue | $ | 122,333 | $ | 98,129 | $ | 92,091 | $ | 87,542 | $ | 84,415 | $ | 69,393 | $ | 63,882 | $ | 59,456 | |||||||||||||||
Deferred revenue, non-current | 15,343 | 13,843 | 14,676 | 16,164 | 16,499 | 15,122 | 11,805 | 9,422 |
Three Months Ended January 31, | Year Ended January 31, | ||||||||||||||
2019 | 2018 *As Adjusted | 2019 | 2018 *As Adjusted | ||||||||||||
Reconciliation of GAAP gross profit to non-GAAP gross profit: | |||||||||||||||
Gross profit on a GAAP basis | $ | 59,917 | $ | 37,650 | $ | 193,448 | $ | 123,169 | |||||||
Gross margin (Gross profit/Total revenue) on a GAAP basis | 70.1 | % | 75.2 | % | 72.4 | % | 74.2 | % | |||||||
Add back: | |||||||||||||||
Stock-based compensation expense: Cost of Revenue—Subscription | 644 | 227 | 2,047 | 730 | |||||||||||
Stock-based compensation expense: Cost of Revenue—Services | 439 | 170 | 1,239 | 462 | |||||||||||
Non-GAAP gross profit | $ | 61,000 | $ | 38,047 | $ | 196,734 | $ | 124,361 | |||||||
Non-GAAP gross margin (Non-GAAP gross profit/Total revenue) | 71 | % | 76 | % | 74 | % | 75 | % | |||||||
Reconciliation of GAAP loss from operations to non-GAAP loss from operations: | |||||||||||||||
Loss from operations on a GAAP basis | $ | (23,761 | ) | $ | (20,914 | ) | $ | (97,765 | ) | $ | (84,881 | ) | |||
Add back: | |||||||||||||||
Stock-based compensation expense | 10,553 | 6,169 | 37,403 | 21,235 | |||||||||||
Amortization of intangible assets and Founder Holdback associated with acquisitions | 3,577 | 221 | 4,240 | 884 | |||||||||||
Acquisition costs | (60 | ) | — | 450 | — | ||||||||||
Accelerated charges associated with the New York City office move | — | — | 1,450 | — | |||||||||||
Non-GAAP loss from operations | $ | (9,691 | ) | $ | (14,524 | ) | $ | (54,222 | ) | $ | (62,762 | ) | |||
Reconciliation of GAAP net loss to non-GAAP net loss: | |||||||||||||||
Net loss on a GAAP basis | $ | (22,187 | ) | $ | (20,035 | ) | $ | (99,011 | ) | $ | (83,973 | ) | |||
Add back: | |||||||||||||||
Stock-based compensation expense | 10,553 | 6,169 | 37,403 | 21,235 | |||||||||||
Amortization of intangible assets associated with acquisitions and mLab Founder Holdback | 3,577 | 221 | 4,240 | 884 | |||||||||||
Acquisition costs | (60 | ) | — | 450 | — | ||||||||||
Accelerated charges associated with the New York City office move | — | — | 1,450 | — | |||||||||||
Non-cash interest expense related to convertible senior notes | 3,166 | — | 7,399 | — | |||||||||||
Change in fair value of warrant liability | — | — | — | (101 | ) | ||||||||||
Non-recurring income tax benefit associated with the acquisition of mLab intangible assets | (4,119 | ) | — | (4,119 | ) | — | |||||||||
Non-GAAP net loss | $ | (9,070 | ) | $ | (13,645 | ) | $ | (52,188 | ) | $ | (61,955 | ) |
Three Months Ended January 31, | Year Ended January 31, | ||||||||||||||
2019 | 2018 *As Adjusted | 2019 | 2018 *As Adjusted | ||||||||||||
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 | $ | (0.41 | ) | $ | (0.40 | ) | $ | (1.90 | ) | $ | (3.54 | ) | |||
Add back: | |||||||||||||||
Stock-based compensation expense | 0.20 | 0.13 | 0.72 | 0.90 | |||||||||||
Amortization of intangible assets associated with acquisitions and mLab Founder Holdback | 0.06 | — | 0.08 | 0.04 | |||||||||||
Acquisition costs | — | — | 0.01 | — | |||||||||||
Accelerated charges associated with the New York City office move | — | — | 0.03 | — | |||||||||||
Non-cash interest expense related to convertible senior notes | 0.06 | — | 0.14 | — | |||||||||||
Change in fair value of warrant liability | — | — | — | — | |||||||||||
Non-recurring income tax benefit associated with the acquisition of mLab intangible assets | (0.08 | ) | — | (0.08 | ) | — | |||||||||
Impact of additional weighted-average shares giving effect to conversion of preferred stock at the beginning of the period | — | — | — | 1.17 | |||||||||||
Non-GAAP net loss per share, basic and diluted | $ | (0.17 | ) | $ | (0.27 | ) | $ | (1.00 | ) | $ | (1.43 | ) | |||
Reconciliation of GAAP weighted-average shares outstanding, basic and diluted, to non-GAAP weighted-average shares outstanding, basic and diluted, used to compute net loss per share: | |||||||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted, on a GAAP basis | 53,825,561 | 50,287,162 | 52,034,596 | 23,718,391 | |||||||||||
Add back: | |||||||||||||||
Additional weighted-average shares giving effect to conversion of preferred stock at the beginning of the period | — | — | — | 19,494,691 | |||||||||||
Non-GAAP weighted-average shares used to compute net loss per share, basic and diluted | 53,825,561 | 50,287,162 | 52,034,596 | 43,213,082 |
* | Prior-period information has been adjusted to reflect the adoption of the New Revenue Standard, which MongoDB adopted on January 31, 2019 and applied retrospectively as of February 1, 2018. |
Three Months Ended January 31, | Year Ended January 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net cash used in operating activities | $ | (9,480 | ) | $ | (7,712 | ) | $ | (41,989 | ) | $ | (44,881 | ) | |||
Capital expenditures | (3,150 | ) | (421 | ) | (6,848 | ) | (2,135 | ) | |||||||
Capitalized software | — | — | — | — | |||||||||||
Free cash flow | $ | (12,630 | ) | $ | (8,133 | ) | $ | (48,837 | ) | $ | (47,016 | ) |
Three Months Ended January 31, | Years Ended January 31, | ||||||||||||||
2019 Old Revenue Standard | 2018 As Previously Reported | 2019 Old Revenue Standard | 2018 As Previously Reported | ||||||||||||
Reconciliation of GAAP gross profit to non-GAAP gross profit: | |||||||||||||||
Gross profit on a GAAP basis | $ | 57,541 | $ | 32,640 | $ | 180,237 | $ | 111,660 | |||||||
Gross margin (Gross profit/Total revenue) on a GAAP basis | 69 | % | 72 | % | 71 | % | 72 | % | |||||||
Add back: | |||||||||||||||
Stock-based compensation expense: Cost of Revenue—Subscription | 644 | 227 | 2,047 | 730 | |||||||||||
Stock-based compensation expense: Cost of Revenue—Services | 439 | 170 | 1,239 | 462 | |||||||||||
Non-GAAP gross profit | $ | 58,624 | $ | 33,037 | $ | 183,523 | $ | 112,852 | |||||||
Non-GAAP gross profit margin (disclosure only) | 71 | % | 73 | % | 72 | % | 73 | % | |||||||
Reconciliation of GAAP loss from operations to non-GAAP loss from operations: | |||||||||||||||
Loss from operations on a GAAP basis | $ | (28,713 | ) | $ | (27,253 | ) | $ | (117,623 | ) | $ | (97,267 | ) | |||
Add back: | |||||||||||||||
Stock-based compensation expense | 10,553 | 6,169 | 37,403 | 21,235 | |||||||||||
Amortization of intangible assets and Founder Holdback associated with acquisitions | 3,577 | 221 | 4,240 | 884 | |||||||||||
Acquisition costs | (60 | ) | — | 450 | — | ||||||||||
Accelerated charges associated with the New York City office move | — | — | 1,450 | — | |||||||||||
Non-GAAP loss from operations | $ | (14,643 | ) | $ | (20,863 | ) | $ | (74,080 | ) | $ | (75,148 | ) | |||
Reconciliation of GAAP net loss to non-GAAP net loss: | |||||||||||||||
Net loss on a GAAP basis | $ | (27,139 | ) | $ | (26,374 | ) | $ | (118,869 | ) | $ | (96,359 | ) | |||
Add back: | |||||||||||||||
Stock-based compensation expense | 10,553 | 6,169 | 37,403 | 21,235 | |||||||||||
Amortization of intangible assets associated with acquisitions and mLab Founder Holdback | 3,577 | 221 | 4,240 | 884 | |||||||||||
Acquisition costs | (60 | ) | — | 450 | — | ||||||||||
Accelerated charges associated with the New York City office move | — | — | 1,450 | — | |||||||||||
Non-cash interest expense related to convertible senior notes | 3,166 | — | 7,399 | — | |||||||||||
Change in fair value of warrant liability | — | — | — | (101 | ) | ||||||||||
Non-recurring income tax benefit associated with the acquisition of mLab intangible assets | (4,119 | ) | — | (4,119 | ) | — | |||||||||
Non-GAAP net loss | $ | (14,022 | ) | $ | (19,984 | ) | $ | (72,046 | ) | $ | (74,341 | ) |
Three Months Ended January 31, | Years Ended January 31, | ||||||||||||||
2019 Old Revenue Standard | 2018 As Previously Reported | 2019 Old Revenue Standard | 2018 As Previously Reported | ||||||||||||
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 | $ | (0.50 | ) | $ | (0.52 | ) | $ | (2.28 | ) | $ | (4.06 | ) | |||
Add back: | |||||||||||||||
Stock-based compensation expense | 0.20 | 0.12 | 0.72 | 0.90 | |||||||||||
Amortization of intangible assets associated with acquisitions and mLab Founder Holdback | 0.06 | — | 0.08 | 0.04 | |||||||||||
Acquisition costs | — | — | 0.01 | — | |||||||||||
Accelerated charges associated with the New York City office move | — | — | 0.03 | — | |||||||||||
Non-cash interest expense related to convertible senior notes | 0.06 | — | 0.14 | — | |||||||||||
Change in fair value of warrant liability | — | — | — | — | |||||||||||
Non-recurring income tax benefit associated with the acquisition of mLab intangible assets | (0.08 | ) | — | (0.08 | ) | — | |||||||||
Impact of additional weighted-average shares giving effect to conversion of preferred stock at the beginning of the period | — | — | — | 1.40 | |||||||||||
Non-GAAP net loss per share, basic and diluted | $ | (0.26 | ) | $ | (0.40 | ) | $ | (1.38 | ) | $ | (1.72 | ) | |||
Reconciliation of GAAP weighted-average shares outstanding, basic and diluted, to non-GAAP weighted-average shares outstanding, basic and diluted, used to compute net loss per share: | |||||||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted, on a GAAP basis | 53,825,561 | 50,287,162 | 52,034,596 | 23,718,391 | |||||||||||
Add back: | |||||||||||||||
Additional weighted-average shares giving effect to conversion of preferred stock at the beginning of the period | — | — | — | 19,494,691 | |||||||||||
Non-GAAP weighted-average shares used to compute net loss per share, basic and diluted | 53,825,561 | 50,287,162 | 52,034,596 | 43,213,082 |