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MongoDB Inc

MongoDB, Inc. Announces Second Quarter Fiscal 2025 Financial Results

Second Quarter Fiscal 2025 Total Revenue of $478.1 million, up 13% Year-over-Year

Continued Strong Customer Growth with Over 50,700 Customers as of July 31, 2024

MongoDB Atlas Revenue up 27% Year-over-Year; 71% of Total Q2 Revenue

NEW YORK , Aug. 29, 2024 /PRNewswire/ -- MongoDB, Inc. (NASDAQ: MDB) today announced its financial results for the second quarter ended July 31, 2024.

"MongoDB delivered healthy second quarter results, highlighted by strong new workload acquisition and better-than-expected Atlas consumption trends.  Our continued success in winning new workloads demonstrates the critical role MongoDB's platform plays in modern application development," said Dev Ittycheria, President and Chief Executive Officer of MongoDB.

"We remain excited about our opportunity to continue capturing share in one of the largest markets in software. Today, companies of all sizes and across nearly every industry and geography rely on MongoDB to build the software that helps them run and transform their business.  We believe we are incredibly well positioned to help customers incorporate generative AI into their business and modernize their legacy application estate."

Second Quarter Fiscal 2025 Financial Highlights

  • Revenue: Total revenue was $478.1 million for the second quarter of fiscal 2025, an increase of 13% year-over-year. Subscription revenue was $463.8 million, an increase of 13% year-over-year, and services revenue was $14.3 million, a decrease of 1% year-over-year.
  • Gross Profit: Gross profit was $349.9 million for the second quarter of fiscal 2025, representing a 73% gross margin compared to 75% in the year-ago period. Non-GAAP gross profit was $360.8 million, representing a 75% 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 $71.4 million for the second quarter of fiscal 2025, compared to a loss from operations of $49.0 million in the year-ago period. Non-GAAP income from operations was $52.5 million, compared to non-GAAP income from operations of $79.1 million in the year-ago period.
  • Net Loss: Net loss was $54.5 million, or $0.74 per share, based on 73.5 million weighted-average shares outstanding, for the second quarter of fiscal 2025. This compares to a net loss of $37.6 million, or $0.53 per share, in the year-ago period. Non-GAAP net income was $59.0 million, or $0.70 per share, based on 83.8 million diluted weighted-average shares outstanding. This compares to a non-GAAP net income of $76.7 million, or $0.93 per share, in the year-ago period.
  • Cash Flow: As of July 31, 2024, MongoDB had $2.3 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months ended July 31, 2024, MongoDB used $1.4 million of cash in operations, used $1.1 million of cash in capital expenditures and used $1.5 million of cash in principal repayments of finance leases, leading to negative free cash flow of $4.0 million, compared to negative free cash flow of $27.3 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."

Second Quarter Fiscal 2025 and Recent Business Highlights

  • The MongoDB AI Applications Program (MAAP) was made generally available to customers in July. MAAP brings together an ecosystem of companies—including tech leaders like AWS, Google Cloud, Microsoft Azure, and Accenture as well as gen AI innovators like Anthropic, Cohere and Fireworks AI—to offer an end-to-end AI technology stack, professional services, and a unified support system that helps customers quickly build and deploy AI applications. Organizations are eager to adopt AI, and MAAP makes it easier for them to confidently move from concept to production.
  • MongoDB Atlas Vector Search was named the most loved and second-most used vector database on the market for the second year in a row in Retool's 2024 State of AI report. Since introducing Atlas Vector Search last year, MongoDB has quickly become a trusted partner for customers looking to build powerful AI applications.
  • MongoDB continues to be a critical partner to hyperscalers around the world. Most recently, MongoDB was named Amazon Web Services's (AWS) Technology Partner of the Year in Taiwan, AWS's Global Software Partner of the Year in ASEAN, and Microsoft's Global ISV Partner of the Year in Spain. With availability in 118 AWS, Google Cloud, and Microsoft Azure cloud regions globally, AI-focused technology integrations with all three major cloud providers, and a growing presence in the major cloud marketplaces, developers can frictionlessly run MongoDB Atlas-backed applications anywhere.

Third Quarter and Full Year Fiscal 2025 Guidance

Based on information available to management as of today, August 29, 2024, MongoDB is issuing the following financial guidance for the third quarter and full year fiscal 2025.

Third Quarter Fiscal 2025

Full Year Fiscal 2025

Revenue

$493.0 million to $497.0 million

$1.92 billion to $1.93 billion

Non-GAAP Income from Operations

$57.0 million to $60.0 million

$187.0 million to $195.0 million

Non-GAAP Net Income per Share

$0.65 to $0.68

$2.33 to $2.47

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.

Conference Call Information

MongoDB will host a conference call today, August 29, 2024, 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 athttp://investors.mongodb.com.

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 third fiscal quarter and full year fiscal 2025 and underlying assumptions, our ability to capitalize on our market opportunity and deliver strong growth for the foreseeable future as well as the criticality of MongoDB to artificial intelligence application development. 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: our customers renewing their subscriptions with us and expanding their usage of software and related services; the effects of the ongoing military conflicts between Russia and Ukraine and Israel and Hamas 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 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 effects of social, ethical and regulatory issues relating to the use of new and evolving technologies, such as artificial intelligence, in our offerings or partnerships; 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 April 30, 2024, filed with the SEC on May 31, 2024. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended July 31, 2024, 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 from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net income 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 from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income 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; and
  • in the case of non-GAAP net income and non-GAAP net income per share, amortization of the debt issuance costs associated with our convertible senior notes and gains or losses on our financial instruments;
  • additionally, non-GAAP net income and non-GAAP net income per share are adjusted for an assumed provision for income taxes based on an estimated long-term non-GAAP tax rate. The non-GAAP tax rate was calculated utilizing a three-year financial projection that excludes the direct impact of the GAAP to non-GAAP adjustments and considers other factors such as operating structure and existing tax positions in various jurisdictions. We intend to periodically reevaluate the projected long-term tax rate, as necessary, for significant events and our ongoing analysis of relevant tax law changes.

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 from/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 from operations, non-GAAP net income, non-GAAP net income 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 athttps://investors.mongodb.com.

About MongoDB

Headquartered in New York, MongoDB's mission is to empower innovators to create, transform, and disrupt industries by unleashing the power of software and data. Built by developers, for developers, MongoDB's developer data platform is a database with an integrated set of related services that allow development teams to address the growing requirements for today's wide variety of modern applications, all in a unified and consistent user experience. MongoDB has tens of thousands of customers in over 100 countries. The MongoDB database platform has been downloaded hundreds of millions of times since 2007, and there have been millions of builders trained through MongoDB University courses. To learn more, visitmongodb.com.

Investor Relations
 Brian Denyeau
ICR for MongoDB
646-277-1251
ir@mongodb.com

Media Relations
 MongoDB
press@mongodb.com

 

MONGODB, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands of U.S. dollars, except share and per share data)

(unaudited)



July 31, 2024


January 31, 2024

Assets




Current assets:




Cash and cash equivalents  

$        1,290,901


$           802,959

Short-term investments

973,933


1,212,448

Accounts receivable, net of allowance for doubtful accounts of $7,879 and $8,054 as of July 31,
2024 and January 31, 2024, respectively 

311,166


325,610

Deferred commissions  

97,644


92,512

Prepaid expenses and other current assets  

48,403


50,107

Total current assets  

2,722,047


2,483,636

Property and equipment, net  

48,389


53,042

Operating lease right-of-use assets

36,873


37,365

Goodwill  

69,679


69,679

Acquired intangible assets, net

1,133


3,957

Deferred tax assets  

4,765


4,116

Other assets  

248,344


217,847

Total assets  

$        3,131,230


$        2,869,642

Liabilities and Stockholders' Equity




Current liabilities:




Accounts payable  

$             10,135


$               9,905

Accrued compensation and benefits  

112,063


112,579

Operating lease liabilities

11,048


9,797

Other accrued liabilities  

100,795


74,831

Deferred revenue  

307,114


357,108

Total current liabilities  

541,155


564,220

Deferred tax liability

1,061


285

Operating lease liabilities

28,877


30,918

Deferred revenue

15,612


20,296

Convertible senior notes, net

1,144,977


1,143,273

Other liabilities

36,501


41,661

Total liabilities  

1,768,183


1,800,653

Stockholders' equity:




Common stock, par value of $0.001 per share; 1,000,000,000 shares authorized as of July 31, 2024
and January 31, 2024; 73,963,083 shares issued and 73,863,712 shares outstanding as of July 31,
2024; 72,840,692 shares issued and 72,741,321 shares outstanding as of January 31, 2024

73


73

Additional paid-in capital  

3,210,146


2,777,322

Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of July 31, 2024
and January 31, 2024

(1,319)


(1,319)

Accumulated other comprehensive income

901


4,545

Accumulated deficit  

(1,846,754)


(1,711,632)

Total stockholders' equity

1,363,047


1,068,989

Total liabilities and stockholders' equity

$        3,131,230


$        2,869,642

 

MONGODB, INC. 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)



Three Months Ended July 31,


Six Months Ended July 31,


2024


2023


2024


2023

Revenue:








Subscription  

$         463,805


$         409,334


$         900,701


$         764,048

Services  

14,304


14,457


27,969


28,023

Total revenue  

478,109


423,791


928,670


792,071

Cost of revenue:








Subscription(1)

106,816


84,822


207,578


162,995

Services(1)

21,437


20,515


43,372


39,791

Total cost of revenue  

128,253


105,337


250,950


202,786

Gross profit  

349,856


318,454


677,720


589,285

Operating expenses:








Sales and marketing(1)  

221,539


195,934


440,983


378,667

Research and development(1)  

148,967


125,420


295,027


242,237

General and administrative(1)  

50,790


46,103


111,336


85,931

Total operating expenses  

421,296


367,457


847,346


706,835

Loss from operations  

(71,440)


(49,003)


(169,626)


(117,550)

Other income, net  

20,808


14,994


40,982


31,782

Loss before provision for income taxes  

(50,632)


(34,009)


(128,644)


(85,768)

Provision for income taxes  

3,897


3,588


6,478


6,075

Net loss  

$          (54,529)


$          (37,597)


$       (135,122)


$          (91,843)

Net loss per share, basic and diluted  

$              (0.74)


$              (0.53)


$              (1.84)


$              (1.30)

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

73,543,427


70,874,117


73,269,824


70,531,581


(1) Includes stock‑based compensation expense as follows:



Three Months Ended July 31,


Six Months Ended July 31,


2024


2023


2024


2023

Cost of revenue—subscription  

$                7,519


$                6,075


$               13,682


$               11,589

Cost of revenue—services  

3,401


3,342


6,656


6,290

Sales and marketing  

41,040


40,376


80,653


77,982

Research and development  

55,188


48,413


110,361


92,479

General and administrative  

15,275


15,106


31,834


28,927

Total stock‑based compensation expense  

$             122,423


$             113,312


$             243,186


$             217,267

 

MONGODB, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)



Three Months Ended July 31,


Six Months Ended July 31,


2024


2023


2024


2023

Cash flows from operating activities








Net loss  

$         (54,529)


$         (37,597)


$       (135,122)


$         (91,843)

Adjustments to reconcile net loss to net cash provided by operating
  activities:








Depreciation and amortization  

2,349


4,173


7,175


8,546

Stock-based compensation  

122,423


113,312


243,186


217,267

Amortization of debt discount and issuance costs

852


847


1,704


1,694

Amortization of finance right-of-use assets

994


993


1,987


1,987

Amortization of operating right-of-use assets

2,592


2,254


5,071


4,479

Deferred income taxes  

19


(189)


26


(377)

Amortization of premium and accretion of discount on short-term
  investments, net

(5,680)


(12,279)


(13,461)


(25,509)

Realized and unrealized gain (loss) on financial instruments, net

(373)


932


(852)


(1,294)

Unrealized foreign exchange loss

1,089


870


1,204


1,299

Change in operating assets and liabilities:








Accounts receivable, net

(46,027)


(61,206)


13,299


12,158

Prepaid expenses and other current assets  

149


124


1,382


(2,785)

Deferred commissions  

(15,153)


(7,104)


(19,973)


(4,440)

Other long-term assets  

(9,475)


(92)


(9,309)


(138)

Accounts payable  

746


(52)


199


(356)

Accrued liabilities  

22,687


16,090


29,213


3,459

Operating lease liabilities

(3,183)


(2,262)


(5,368)


(4,656)

Deferred revenue  

(16,882)


(44,084)


(54,313)


(91,350)

Other liabilities, non-current

(3,996)


(32)


(3,833)


287

Net cash (used in) provided by operating activities  

(1,398)


(25,302)


62,215


28,428

Cash flows from investing activities








Purchases of property and equipment  

(1,051)


(635)


(1,590)


(1,258)

Investments in non-marketable securities

(5,500)


(750)


(5,500)


(2,056)

Proceeds from maturities of marketable securities  

310,000


475,000


435,000


755,000

Purchases of marketable securities  

(13,029)


(583,810)


(185,633)


(650,599)

Net cash provided by (used in) investing activities  

290,420


(110,195)


242,277


101,087

Cash flows from financing activities








Proceeds from settlement of capped calls

170,589


—


170,589


—

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

18,640


19,781


18,640


19,781

Proceeds from exercise of stock options

353


2,037


1,306


3,509

Principal payments of finance leases

(1,546)


(1,361)


(3,639)


(2,703)

Net cash provided by financing activities  

188,036


20,457


186,896


20,587

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

(968)


706


(2,551)


1,415

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

476,090


(114,334)


488,837


151,517

Cash, cash equivalents and restricted cash, beginning of period  

816,390


722,190


803,643


456,339

Cash, cash equivalents and restricted cash, end of period  

$      1,292,480


$         607,856


$      1,292,480


$         607,856

 

MONGODB, INC.

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

(in thousands, except share and per share data)

(unaudited)



Three Months Ended July 31,


Six Months Ended July 31,


2024


2023


2024


2023

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








Gross profit on a GAAP basis

$      349,856


$      318,454


$      677,720


$      589,285

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

73 %


75 %


73 %


74 %

Add back:








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

7,650


6,364


14,147


12,051

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

3,281


4,156


6,754


7,541

Non-GAAP gross profit

$      360,787


$      328,974


$      698,621


$      608,877

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

75 %


78 %


75 %


77 %









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








Sales and marketing operating expense on a GAAP basis

$      221,539


$      195,934


$      440,983


$      378,667

Less:








  Expenses associated with stock-based compensation

40,820


47,958


82,974


88,289

  Amortization of intangible assets

—


760


85


1,520

Non-GAAP sales and marketing operating expense

$      180,719


$      147,216


$      357,924


$      288,858









Research and development operating expense on a GAAP basis

$      148,967


$      125,420


$      295,027


$      242,237

Less:








  Expenses associated with stock-based compensation

56,389


50,822


114,150


96,546

  Amortization of intangible assets

170


1,535


2,738


3,070

Non-GAAP research and development operating expense

$        92,408


$        73,063


$      178,139


$      142,621









General and administrative operating expense on a GAAP basis

$        50,790


$        46,103


$      111,336


$        85,931

Less:








  Expenses associated with stock-based compensation

15,647


16,525


34,092


31,306

Non-GAAP general and administrative operating expense

$        35,143


$        29,578


$        77,244


$        54,625









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








Loss from operations on a GAAP basis

$      (71,440)


$      (49,003)


$    (169,626)


$    (117,550)

  GAAP operating margin (Loss from operations/Total revenue)

(15) %


(12) %


(18) %


(15) %

Add back:








  Expenses associated with stock-based compensation

123,787


125,825


252,117


235,733

  Amortization of intangible assets

170


2,295


2,823


4,590

Non-GAAP income from operations

$        52,517


$        79,117


$        85,314


$      122,773

  Non-GAAP operating margin (Non-GAAP Income from
  operations/Total revenue)

11 %


19 %


9 %


16 %









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








Net loss on a GAAP basis

$      (54,529)


$      (37,597)


$    (135,122)


$      (91,843)

Add back:








  Expenses associated with stock-based compensation

123,787


125,825


252,117


235,733

  Amortization of intangible assets

170


2,295


2,823


4,590

  Amortization of debt issuance costs related to convertible senior
  notes

852


847


1,704


1,694

Less:








  Gains on financial instruments, net

373


(932)


852


1,294

  Income tax effects and adjustments *

10,864


15,590


18,952


24,916

Non-GAAP net income

$        59,043


$        76,712


$      101,718


$      123,964









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








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

$          (0.74)


$          (0.53)


$          (1.84)


$          (1.30)

Add back:








  Expenses associated with stock-based compensation

1.68


1.78


3.44


3.34

  Amortization of intangible assets

—


0.03


0.04


0.07

  Amortization of debt issuance costs related to convertible senior
  notes

0.01


0.01


0.02


0.02

Less:








  Gains on financial instruments, net

0.01


(0.01)


0.01


0.02

  Income tax effects and adjustments *

0.15


0.22


0.26


0.35

Non-GAAP net income per share, basic

$            0.79


$            1.08


$            1.39


$            1.76

Adjustment for fully diluted earnings per share

(0.09)


(0.15)


(0.17)


(0.25)

Non-GAAP net income per share, diluted **

$            0.70


$            0.93


$            1.22


$            1.51


* Non-GAAP financial information is adjusted for an assumed provision for income taxes based on our long-term projected tax rate of 20%. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, our estimated tax rate on non-GAAP income may differ from our GAAP tax rate and from our actual tax liabilities.

** Diluted non-GAAP net income per share is calculated based upon 83.8 million and 83.5 million of diluted weighted-average shares of outstanding common stock for the three and six months ended July 31, 2024, respectively, and 82.5 million and 82.1 million of diluted weighted-average shares of outstanding common stock for the three and six months ended July 31, 2023, respectively.

 

The following table presents a reconciliation of free cash flow to net cash (used in) provided by operating activities, the most directly comparable GAAP measure, for each of the periods indicated (unaudited, in thousands):



Three Months Ended July 31,


Six Months Ended July 31,


2024


2023


2024


2023

Net cash (used in) provided by operating activities  

$           (1,398)


$        (25,302)


$           62,215


$           28,428

Capital expenditures  

(1,051)


(635)


(1,590)


(1,258)

Principal repayments of finance leases

(1,546)


(1,361)


(3,639)


(2,703)

Capitalized software 

—


—


—


—

Free cash flow  

$           (3,995)


$        (27,298)


$           56,986


$           24,467

 

MONGODB, INC.

CUSTOMER COUNT METRICS


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




7/31/2022


10/31/2022


1/31/2023


4/30/2023


7/31/2023


10/31/2023


1/31/2024


4/30/2024


7/31/2024

Total Customers (a)

37,000+


39,100+


40,800+


43,100+


45,000+


46,400+


47,800+


49,200+


50,700+

Direct Sales Customers(b)

5,400+


5,900+


6,400+


6,700+


6,800+


6,900+


7,000+


7,100+


7,300+

MongoDB Atlas Customers

35,500+


37,600+


39,300+


41,600+


43,500+


44,900+


46,300+


47,700+


49,200+

Customers over $100K(c)

1,462


1,545


1,651


1,761


1,855


1,972


2,052


2,137


2,189



















(a) Our definition of "customer" excludes users of our free offerings and all affiliated entities are counted as a single customer.

(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:




7/31/2022


10/31/2022


1/31/2023


4/30/2023


7/31/2023


10/31/2023


1/31/2024


4/30/2024


7/31/2024

MongoDB Enterprise
     Advanced: % of
     Subscription Revenue

28 %


29 %


28 %


28 %


26 %


27 %


26 %


25 %


24 %

Direct Sales Customers(a)

 Revenue: % of
     Subscription Revenue

86 %


87 %


88 %


88 %


88 %


88 %


88 %


87 %


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.