MongoDB (MDB) Tops Q4 EPS by 3c, Revenues Beat; Offers Q1 & FY20 Revenue Guidance Above Consensus, Provides Q1 & FY20 EPS Views

MongoDB (NASDAQ: MDB) reported Q4 EPS of ($0.25), $0.03 better than the analyst estimate of ($0.28). Revenue for the quarter came in at $123.5 million versus the consensus estimate of $110.57 million.

Fourth Quarter Fiscal 2020 Financial Highlights

• Revenue: Total revenue was $123.5 million in the fourth quarter fiscal 2020, an increase of 44% year-over-year. Subscription revenue was $117.8 million, an increase of 46% year-over-year, and services revenue was $5.7 million, an increase of 17% year-over-year.
• Gross Profit: Gross profit was $88.7 million in the fourth quarter fiscal 2020, representing a 72% gross margin, compared to 70% in the year-ago period. Non-GAAP gross profit was $91.2 million, representing a 74% non-GAAP gross margin.
• Loss from Operations: Loss from operations was $40.9 million in the fourth quarter fiscal 2020, compared to $23.8 million in the year-ago period. Non-GAAP loss from operations was $12.0 million, compared to $9.7 million in the year-ago period.
• Net Loss: Net loss was $62.6 million, or $1.10 per share, based on 56.9 million weighted-average shares outstanding in the fourth quarter fiscal 2020. This compares to $22.2 million, or $0.41 per share, based on 53.8 million weighted-average shares outstanding, in the year-ago period. Non-GAAP net loss was $14.5 million or $0.25 per share. This compares to $9.1 million or $0.17 per share in the year-ago period.
• Cash Flow: As of January 31, 2020, MongoDB had $987.0 million in cash, cash equivalents, short-term investments and restricted cash. During the three months ended January 31, 2020, MongoDB used $8.6 million of cash from operations, $1.2 million in capital expenditures and $1.1 million in principal repayments of finance leases, leading to negative free cash flow of $10.9 million, compared to negative free cash flow of $12.6 million in the year-ago period.

"MongoDB delivered excellent fourth quarter results that capped off an outstanding year for the company. Customers in all industries and geographies are embracing our modern data platform as the best way to work with data, driving the demand and adoption of our technology," said Dev Ittycheria, President and Chief Executive Officer of MongoDB. "We're also pleased with the continued success of our global cloud database, Atlas, which surpassed the $200 million annualized revenue run rate in the fourth quarter. Multi-cloud is becoming a strategic imperative for enterprises, and Atlas is uniquely positioned to give our customers the freedom to run anywhere and leverage the benefits of each cloud provider."

"As we look ahead to fiscal 2021, we strongly believe that the database market is at the very beginning of a profound platform shift towards the cloud over the next decade. We believe that MongoDB is exceptionally well positioned to be one of the key beneficiaries in this platform shift."

GUIDANCE:

MongoDB sees Q1 2021 EPS of ($0.25)-($0.22), versus the consensus of ($0.24). MongoDB sees Q1 2021 revenue of $119-121 million, versus the consensus of $110.7 million.

MongoDB sees FY2021 EPS of ($1.40)-($1.23), versus the consensus of ($1.02). MongoDB sees FY2021 revenue of $510-530 million, versus the consensus of $408.76 million.

Based on information as of today, March 17, 2020, MongoDB is issuing the following financial guidance for the first quarter and full year fiscal 2021.Please note that this guidance includes our current expectation of an estimated $1 - $2 million negative revenue impact from COVID-19 outbreak for the first quarter, and $15 - $25 million for the full year fiscal 2021. The situation regarding COVID-19 is uncertain and is changing rapidly and MongoDB will continue to evaluate its potential impact on its business.

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

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