MongoDB (MDB) Tops Q3 EPS by 13c, Revenues Beat; Offers 4Q & FY21 EPS/Revenue Guidance Above Consensus

MongoDB (NASDAQ: MDB) reported Q3 EPS of ($0.31), $0.13 better than the analyst estimate of ($0.44). Revenue for the quarter came in at $150.8 million versus the consensus estimate of $138.69 million.

Third Quarter Fiscal 2021 Financial Highlights

• Revenue: Total revenue was $150.8 million in the third quarter fiscal 2021, an increase of 38% year-over-year. Subscription revenue was $144.1 million, an increase of 39% year-over-year, and services revenue was $6.7 million, an increase of 19% year-over-year.
• Gross Profit: Gross profit was $104.7 million in the third quarter fiscal 2021, representing a 69% gross margin, compared to 71% in the year-ago period. Non-GAAP gross profit was $108.6 million, representing a 72% non-GAAP gross margin.
• Loss from Operations: Loss from operations was $58.1 million in the third quarter fiscal 2021, compared to $38.7 million in the year-ago period. Non-GAAP loss from operations was $16.0 million, compared to $14.3 million in the year-ago period.
• Net Loss: Net loss was $72.7 million, or $1.22 per share, based on 59.4 million weighted-average shares outstanding in the third quarter fiscal 2021. This compares to $42.4 million, or $0.75 per share, based on 56.4 million weighted-average shares outstanding, in the year-ago period. Non-GAAP net loss was $18.2 million or $0.31 per share. This compares to $14.6 million, or $0.26 per share, in the year-ago period.
• Cash Flow: As of October 31, 2020, MongoDB had $966.8 million in cash, cash equivalents, short-term investments and restricted cash. During the three months ended October 31, 2020, MongoDB used $8.1 million of cash from operations, $5.6 million in capital expenditures and $1.2 million in principal repayments of finance leases, leading to negative free cash flow of $14.9 million, compared to negative free cash flow of $13.1 million in the year-ago period.

"MongoDB continued to perform at a high level in the third quarter, highlighted by revenue growth that was well ahead of our expectations. The strength of our product platform and go-to-market execution has established MongoDB as a key strategic partner for any organization looking to innovate quickly to seize new opportunities or to respond to new threats," said Dev Ittycheria, President and Chief Executive Officer of MongoDB.

"COVID-19 has further elevated the importance enterprises are placing on moving quickly to the cloud. With the recent announcement of multi-cloud clusters, MongoDB Atlas is the first cloud database to enable an application to run simultaneously across multiple cloud providers. By using MongoDB, customers not only get an easy migration path to the cloud but also the ability to leverage the best capabilities of the major cloud providers and enable true platform independence."

GUIDANCE:

MongoDB sees Q4 2021 EPS of ($0.42)-($0.39), versus the consensus of ($0.43). MongoDB sees Q4 2021 revenue of $155-157 million, versus the consensus of $146.1 million.

MongoDB sees FY2021 EPS of ($1.07)-($1.04), versus the consensus of ($1.22). MongoDB sees FY2021 revenue of $574.4-576.4 million, versus the consensus of $553.36 million.

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

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