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MongoDB 8-K Report, Financial Results (May 30, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 30, 2024
Period End
May 30, 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 May 30, 2024. Cited figures are marked; the original filing is the authoritative source.

MongoDB, Inc. (NASDAQ: MDB) furnished a press release under Item 2.02 of this Form 8-K announcing financial results for the first quarter of fiscal 2025, the three months ended April 30, 2024.

Total revenue was $450.6 milliona, up 22% year-over-year, with subscription revenue of $436.9 million (up 23%) and services revenue of $13.7 million (up 1%). MongoDB Atlas revenue grew 32% year-over-year and represented 70% of total Q1 revenue. The company reported a GAAP net loss of $80.6 million, or $1.10 per share, and non-GAAP net income of $42.7 million, or $0.51 per diluted share.

Free cash flow was $61.0 millionb, compared with $51.8 million in the year-ago period. Customer count reached over 49,200 as of April 30, 2024. CEO Dev Ittycheria said the quarter was solid but that the company had a slower than expected start to the year for both Atlas consumption growth and new workload wins, which he said will have a downstream impact for the remainder of fiscal 2025.

He also highlighted AI as a catalyst for modernizing legacy workloads and positioned MongoDB's document-based architecture for AI-powered applications. For fiscal 2025, the company guided to second-quarter revenue of $460.0 million to $464.0 millionc and full-year revenue of $1.88 billion to $1.90 billion.

Non-GAAP income from operations guidance is $35.0 million to $38.0 milliond for Q2 and $168.0 million to $183.0 million for the full year, and non-GAAP net income per share guidance is $0.46 to $0.49 for Q2 and $2.15 to $2.30 for the full year. The company stated that GAAP reconciliations for forward-looking non-GAAP guidance are not available without unreasonable efforts due to variability in stock-based compensation.

02—Key points

Key Highlights

  1. Q1 fiscal 2025 total revenue of $450.6 million, up 22% year-over-year; subscription revenue of $436.9 million, up 23%.
  2. MongoDB Atlas revenue grew 32% year-over-year and made up 70% of total Q1 revenue.
  3. GAAP net loss widened to $80.6 million ($1.10 per share) from $54.2 million ($0.77 per share) a year earlier; GAAP loss from operations was $98.2 million versus $68.5 million.
  4. Non-GAAP net income was $42.7 million ($0.51 per diluted share), compared with $45.3 million ($0.56 per diluted share) in the year-ago period.
  5. Free cash flow was $61.0 million, up from $51.8 million; cash, cash equivalents, short-term investments and restricted cash totaled $2.1 billion as of April 30, 2024.
  6. Total customers exceeded 49,200 as of April 30, 2024, and customers over $100K rose to 2,137.
  7. Full-year fiscal 2025 revenue guidance of $1.88 billion to $1.90 billion, with management citing a slower-than-expected start for Atlas consumption growth and new workload wins.

03—Questions

Frequently Asked Questions

  1. How did MongoDB perform in the first quarter of fiscal 2025?

    Total revenue was $450.6 million, up 22% year-over-year. Subscription revenue grew 23% to $436.9 million and services revenue grew 1% to $13.7 million. GAAP gross margin was 73%, compared with 74% a year earlier.

  2. Why was the GAAP loss larger than in the prior year?

    GAAP loss from operations was $98.2 million, versus $68.5 million in the year-ago period. Operating expenses rose to $426.1 million from $339.4 million, and stock-based compensation expense was $120.8 million compared with $104.0 million a year earlier.

  3. What did management say about the outlook?

    The CEO said the company had a slower than expected start to the year for Atlas consumption growth and new workload wins, which will have a downstream impact for the rest of fiscal 2025. The company guided to full-year fiscal 2025 revenue of $1.88 billion to $1.90 billion and second-quarter revenue of $460.0 million to $464.0 million.

  4. What are the company's non-GAAP earnings expectations for fiscal 2025?

    Full-year non-GAAP income from operations is guided to $168.0 million to $183.0 million, and full-year non-GAAP net income per share is guided to $2.15 to $2.30. For the second quarter, guidance is $35.0 million to $38.0 million for non-GAAP income from operations and $0.46 to $0.49 for non-GAAP net income per share.

  5. How is MongoDB positioned around AI?

    Management said AI has become a catalyst to modernize legacy applications, giving MongoDB an opportunity to win more legacy workloads. It described MongoDB's document-based architecture as well suited to the variety and scale of data required by AI-powered applications, and cited the MongoDB AI Applications Program, which Accenture joined as its first global systems integrator.

04—Continue

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