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MongoDB 8-K Report, Financial Results (Mar 7, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed March 7, 2024
Period End
March 7, 2024
Security
MDB
In the record · 2017–202610-K910-Q278-K72

MDB filed 9 annual reports (10-K), 27 quarterly reports (10-Q) and 72 current reports (8-K) between 2017 and 2026.

  1. Leadership change8-K · Sep ’19Sep ’19
  2. Material agreement8-K · Jun ’21Jun ’21
  3. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed March 7, 2024. Cited figures are marked; the original filing is the authoritative source.

MongoDB, Inc. (NASDAQ: MDB) reported results for its fourth quarter and full fiscal year 2024 (ended January 31, 2024) in a press release furnished as Exhibit 99.1 under Item 2.02 of this Form 8-K.

Fourth-quarter total revenue was $458.0 milliona, up 27% year-over-year, with subscription revenue of $444.9 million (up 28%). Full-year fiscal 2024 total revenue was $1.68 billion, up 31%, and MongoDB Atlas revenue grew 34% year-over-year and represented 68% of total Q4 revenue. Gross margin on a GAAP basis was 75% for both the quarter and the year, and non-GAAP gross margin was 77%.

The company reported a GAAP net loss of $55.5 millionb ($0.77 per share) for the quarter and $176.6 million ($2.48 per share) for the full year, while non-GAAP net income was $71.1 million ($0.86 per diluted share) for the quarter and $274.2 million ($3.33 per diluted share) for the year. Cash generation improved meaningfully. The company generated $121.5 million of operating cash flow for fiscal 2024, compared with $13.0 million of cash used in operations a year earlier, and free cash flow of $109.9 million versus negative $24.7 million.

As of January 31, 2024, MongoDB held $2.0 billionc in cash, cash equivalents, short-term investments and restricted cash. Total customers reached more than 47,800, and customers with at least $100,000 in annualized recurring revenue rose to 2,052. The outlook for fiscal 2025 is more cautious on the top line.

The company guided full-year fiscal 2025 revenue to $1.90 billion to $1.93 billiond and non-GAAP income from operations to $186.0 million to $201.0 million, with non-GAAP net income per share of $2.27 to $2.49. The guidance reflects the impact of over $80 million of fiscal 2024 revenue, related to multi-year term licenses and unused Atlas commitments, that MongoDB does not expect to realize in fiscal 2025. First-quarter fiscal 2025 revenue guidance is $436.0 million to $440.0 million.

02—Key points

Key Highlights

  1. Q4 fiscal 2024 total revenue of $458.0 million, up 27% year-over-year; subscription revenue of $444.9 million, up 28%.
  2. Full-year fiscal 2024 total revenue of $1.68 billion, up 31%; MongoDB Atlas revenue up 34% and 68% of total Q4 revenue.
  3. GAAP net loss narrowed to $176.6 million ($2.48 per share) for fiscal 2024 from $345.4 million ($5.03 per share) a year earlier.
  4. Free cash flow turned positive at $109.9 million for fiscal 2024, compared with negative $24.7 million in fiscal 2023; operating cash flow was $121.5 million.
  5. Non-GAAP income from operations for fiscal 2024 was $270.4 million, versus $62.0 million in the prior year.
  6. Fiscal 2025 revenue guidance of $1.90 billion to $1.93 billion includes the impact of over $80 million of fiscal 2024 revenue from multi-year term licenses and unused Atlas commitments that is not expected to recur.
  7. Customers with $100,000 or more in ARR rose to 2,052 as of January 31, 2024, from 1,651 a year earlier, and total customers exceeded 47,800.

03—Questions

Frequently Asked Questions

  1. How did MongoDB perform in the fourth quarter and full fiscal year 2024?

    Q4 fiscal 2024 total revenue was $458.0 million, up 27% year-over-year, and full-year revenue was $1.68 billion, up 31%. GAAP net loss was $55.5 million for the quarter and $176.6 million for the year, while non-GAAP net income was $71.1 million for the quarter and $274.2 million for the year.

  2. What is MongoDB's fiscal 2025 outlook?

    The company guided full-year fiscal 2025 revenue to $1.90 billion to $1.93 billion and non-GAAP income from operations to $186.0 million to $201.0 million. Non-GAAP net income per share is expected to be $2.27 to $2.49. First-quarter revenue is guided to $436.0 million to $440.0 million.

  3. Why is fiscal 2025 guidance affected by fiscal 2024 revenue?

    The guidance reflects the impact of over $80 million of fiscal 2024 revenue, related to multi-year term licenses and unused Atlas commitments, that MongoDB does not expect to realize in fiscal 2025.

  4. How is MongoDB's cash position and cash flow?

    As of January 31, 2024, MongoDB had $2.0 billion in cash, cash equivalents, short-term investments and restricted cash. Fiscal 2024 operating cash flow was $121.5 million and free cash flow was $109.9 million, compared with negative operating cash flow of $13.0 million and negative free cash flow of $24.7 million in fiscal 2023.

  5. What growth drivers did management highlight?

    Management pointed to 34% year-over-year growth in MongoDB Atlas revenue and healthy new workload wins. It also cited expansion of Atlas across AWS, Google Cloud and Microsoft Azure to 117 cloud regions, and new integrations with Microsoft Fabric and Semantic Kernel for AI workloads.

04—Continue

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