MongoDB (MDB) Reports In-Line Q1 EPS, Revenues Beat; Offers FY19 EPS Mid-Point Outlook Below Consensus, FY19 Revenue Outlook Above Consensus

MongoDB (NASDAQ: MDB) reported Q1 EPS of ($0.43), in-line with the analyst estimate of ($0.43). Revenue for the quarter came in at $48.2 million versus the consensus estimate of $46.41 million.

\"MongoDB began fiscal 2019 with strong financial and operational results highlighted by 53% subscription revenue growth," said Dev Ittycheria, President and Chief Executive Officer of MongoDB. \"We were particularly pleased with the continued growth of our international business and the increasing breadth of use cases being built on the MongoDB platform."

Ittycheria added, "MongoDB Atlas, our fully-managed cloud database service, delivered another impressive quarter, growing to 14% of our revenue in less than two years. The increasing number of MongoDB Atlas wins with customers of all sizes around the world demonstrates the power of MongoDB delivered via an elastic, globally available, and high performance database-as-a-service offering."

First Quarter Fiscal 2019 Financial Highlights

• Revenue: Total revenue was $48.2 million, an increase of 49% year-over-year. Subscription revenue was $44.6 million, an increase of 53% year-over-year, and services revenue was $3.7 million, an increase of 14% year-over-year.
• Gross Profit: Gross profit was $34.5 million, representing a 71.5% gross margin, consistent with the year-ago period. Non-GAAP gross profit was $35.0 million, representing a 72.6% non-GAAP gross margin.
• Loss from Operations: Loss from operations was $29.3 million, compared to $19.8 million in the year-ago period. Non-GAAP loss from operations was $21.7 million, compared to $15.3 million in the year-ago period.
• Net Loss: Net loss was $29.2 million, or $0.58 per share based on 50.4 million weighted-average shares outstanding. This compares to $19.7 million, or $1.50 per share based on 13.2 million weighted-average shares outstanding, in the year-ago period. Non-GAAP net loss was $21.6 million, or $0.43 per share based on 50.4 million weighted-average shares outstanding. This compares to $15.3 million, or $0.38 per share based on 40.1 million non-GAAP weighted-average shares outstanding, in the year-ago period.
• Cash Flow: As of April 30, 2018, MongoDB had $271.5 million in cash, cash equivalents, short-term investments and restricted cash. During the three months ended April 30, 2018, MongoDB used $8.0 million of cash in operations and $0.4 million in capital expenditures, leading to negative free cash flow of $8.4 million, compared to negative free cash flow of $12.4 million in the year-ago period.

GUIDANCE:

MongoDB sees FY2019 revenue of $217-220 million, versus the consensus of $214.28 million.

For earnings history and earnings-related data on MongoDB (MDB) click here.

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