MongoDB, Inc. Announces Fourth Quarter and Full Year Fiscal 2024 Financial Results
PR Newswire
NEW YORK, March 7, 2024
Fourth Quarter Fiscal 2024 Total Revenue of $458.0 million, up 27% Year-over-Year
Full Year Fiscal 2024 Total Revenue of $1.68 billion, up 31% Year-over-Year
Continued Strong Customer Growth with Over 47,800 Customers as of January 31, 2024
MongoDB Atlas Revenue up 34% Year-over-Year; 68% of Total Q4 Revenue
NEW YORK, March 7, 2024 /PRNewswire/ — MongoDB, Inc. (NASDAQ: MDB) today announced its financial results for the fourth quarter and fiscal year ended January 31, 2024.
“MongoDB finished fiscal 2024 on a strong note, highlighted by 34% Atlas revenue growth and operating margin improvement of nearly five percentage points year-over-year. We continue to see healthy new workload wins as MongoDB’s developer data platform increasingly becomes the standard for modern application development,” said Dev Ittycheria, President and Chief Executive Officer of MongoDB.
“As we enter fiscal 2025, we will continue to invest in our key product development and go-to-market initiatives to fully capitalize on our long-term growth opportunity. MongoDB’s flexible and scalable platform will be critical for any organization looking to leverage artificial intelligence to build smarter and more impactful applications easier than ever.”
Fourth Quarter Fiscal 2024 Financial Highlights
-- Revenue: Total revenue was $458.0 million for the fourth quarter of
fiscal 2024, an increase of 27% year-over-year. Subscription revenue was
$444.9 million, an increase of 28% year-over-year, and services revenue
was $13.1 million, a decrease of 1% year-over-year.
-- Gross Profit: Gross profit was $343.4 million for the fourth quarter of
fiscal 2024, representing a 75% gross margin consistent with the year-ago
period. Non-GAAP gross profit was $353.6 million, representing a 77%
non-GAAP gross margin, compared to a non-GAAP gross margin of 78% in the
year-ago period.
-- Loss from Operations: Loss from operations was $71.0 million for the
fourth quarter of fiscal 2024, compared to a loss from operations of
$72.9 million in the year-ago period. Non-GAAP income from operations was
$69.2 million, compared to a non-GAAP income from operations of $37.2
million in the year-ago period.
-- Net Loss: Net loss was $55.5 million, or $0.77 per share, based on 72.3
million weighted-average shares outstanding, for the fourth quarter of
fiscal 2024. This compares to a net loss of $64.4 million, or $0.93 per
share, in the year-ago period. Non-GAAP net income was $71.1 million, or
$0.86 per share, based on 82.9 million diluted weighted-average shares
outstanding. This compares to a non-GAAP net income of $46.4 million, or
$0.57 per share, in the year-ago period.
-- Cash Flow: As of January 31, 2024, MongoDB had $2.0 billion in cash, cash
equivalents, short-term investments and restricted cash. During the three
months ended January 31, 2024, MongoDB generated $54.6 million of cash
from operations, used $2.7 million of cash in capital expenditures and
used $1.4 million of cash in principal repayments of finance leases,
leading to free cash flow of $50.5 million, compared to free cash flow of
$23.8 million in the year-ago period.
Full Year Fiscal 2024 Financial Highlights
-- Revenue: Total revenue was $1.68 billion for the full year fiscal 2024,
an increase of 31% year-over-year. Subscription revenue was $1.63 billion,
an increase of 32% year-over-year, and services revenue was $55.7 million,
an increase of 14% year-over-year.
-- Gross Profit: Gross profit was $1.26 billion for the full year fiscal
2024, representing a 75% gross margin compared to 73% in the year-ago
period. Non-GAAP gross profit was $1.30 billion, representing a 77%
non-GAAP gross margin, compared to a non-GAAP gross margin of 75% in the
year-ago period.
-- Loss from Operations: Loss from operations was $233.7 million for the
full year fiscal 2024, compared to a loss from operations of $346.7
million in the year-ago period. Non-GAAP income from operations was
$270.4 million, compared to a non-GAAP income from operations of $62.0
million in the year-ago period.
-- Net Loss: Net loss was $176.6 million, or $2.48 per share, based on 71.2
million weighted-average shares outstanding, for the full year fiscal
2024. This compares to a net loss of $345.4 million, or $5.03 per share
in the year-ago period. Non-GAAP net income was $274.2 million or $3.33
per share based on 82.4 million diluted weighted-average shares
outstanding. This compares to a non-GAAP net income of $64.7 million or
$0.81 per share in the year-ago period.
-- Cash Flow: During the year ended January 31, 2024, MongoDB generated
$121.5 million of cash from operations, compared to $13.0 million of cash
used in operations in the year-ago period. Free cash flow for the year
ended January 31, 2024 was $109.9 million, compared to negative free cash
flow of $24.7 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.”
Fourth Quarter Fiscal 2024 and Recent Business Highlights
-- MongoDB Atlas--the most widely available cloud-based developer data
platform in the world--expanded across AWS, Google Cloud, and Microsoft
Azure and is now available in 117 cloud regions globally, including
Indonesia, Poland, Bahrain and Chile. With its broad global coverage,
Atlas meets the needs of customers with demanding data residency, latency
and high availability requirements for their business-critical
applications.
-- MongoDB was showcased as a key partner at Microsoft Ignite, highlighting
collaboration to further empower developers to securely bring the power
of large language models (LLMs) to their proprietary data. MongoDB Atlas
is now integrated with Microsoft Fabric to run large-scale AI workloads
across the enterprise data estate, and MongoDB Atlas Vector Search now
also includes native support for Microsoft Semantic Kernel for working
with LLMs.
-- For the second consecutive year, MongoDB was named a Leader in the 2023
Gartner(R) Magic Quadrant(TM) for Cloud Database Management Systems.
First Quarter and Full Year Fiscal 2025 Guidance
Based on information available to management as of today, March 7, 2024, MongoDB is issuing the following financial guidance for the first quarter and full year fiscal 2025. This guidance reflects the impact of over $80 million of FY24 revenue, related to multi-year term licenses and unused Atlas commitments, that we do not expect to realize in FY25.
First Quarter Fiscal Full Year Fiscal 2025
2025
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Revenue $436.0 million to $440.0 $1.90 billion to $1.93
million billion
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Non-GAAP Income from $22.0 million to $25.0 $186.0 million to $201.0
Operations million million
------------------------- ------------------------ -------------------------
Non-GAAP Net Income per $0.34 to $0.39 $2.27 to $2.49
Share
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Reconciliations of non-GAAP income from operations and non-GAAP net income per share guidance to the most directly comparable GAAP measures are 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.