MongoDB (MDB) Tops Q4 EPS by 21c, Revenues Beat; Q1 & FY20 EPS/Revenue Guidance Above Consensus
MongoDB (NASDAQ: MDB) reported Q4 EPS of ($0.17), $0.21 better than the analyst estimate of ($0.38). Revenue for the quarter came in at $85.5 million versus the consensus estimate of $74.03 million.
"MongoDB's exceptional fourth quarter performance capped a record year for the company," said Dev Ittycheria, President and Chief Executive Officer of MongoDB. "MongoDB is being adopted by an ever increasing number of companies across diverse industries who recognize the power of our next-generation database platform to drive business performance, increase agility and shorten time to market."
Ittycheria added, "MongoDB Atlas, our fully managed global, multi-cloud database service, achieved a major milestone in the fourth quarter, surpassing $100 million in annualized revenue run rate less than three years from launch. At approximately one third of our revenue, MongoDB Atlas\' tremendous growth highlights its compelling value to enable customers to focus on innovation and offload the operational burden of database management."
Fourth Quarter Fiscal 2019 Financial Highlights under ASC 606
- Revenue: Total revenue was $85.5 million in the fourth quarter fiscal 2019, an increase of 71% year-over-year. Subscription revenue was $80.6 million, an increase of 73% year-over-year, and services revenue was $4.9 million, an increase of 37% year-over-year.
- Gross Profit: Gross profit was $59.9 million in the fourth quarter fiscal 2019, representing a 70% gross margin, compared to 75% in the year-ago period. Non-GAAP gross profit was $61.0 million, representing a 71% non-GAAP gross margin.
- Loss from Operations: Loss from operations was $23.8 million in the fourth quarter fiscal 2019, compared to $20.9 million in the year-ago period. Non-GAAP loss from operations was $9.7 million, compared to $14.5 million in the year-ago period.
- Net Loss: Net loss was $22.2 million, or $0.41 per share, based on 53.8 million weighted-average shares outstanding in the fourth quarter fiscal 2019. This compares to $20.0 million, or $0.40 per share, based on 50.3 million weighted-average shares outstanding, in the year-ago period. Non-GAAP net loss was $9.1 million or $0.17 per share. This compares to $13.6 million or $0.27 per share in the year-ago period.
- Cash Flow: As of January 31, 2019, MongoDB had $466.5 million in cash, cash equivalents, short-term investments and restricted cash. During the three months ended January 31, 2019, MongoDB used $9.5 million of cash in operations and $3.2 million in capital expenditures, leading to negative free cash flow of $12.6 million, compared to negative free cash flow of $8.1 million in the year-ago period.
Fourth Quarter Fiscal 2019 Financial Highlights under ASC 605
- Revenue: Total revenue was $83.1 million in the fourth quarter fiscal 2019, an increase of 85% year-over-year. Subscription revenue was $78.3 million, an increase of 87% year-over-year, and services revenue was $4.9 million, an increase of 54% year-over-year.
- Gross Profit: Gross profit was $57.5 million in the fourth quarter fiscal 2019, representing a 69% gross margin, compared to 72% in the year-ago period. Non-GAAP gross profit was $58.6 million, representing a 71% non-GAAP gross margin.
- Loss from Operations: Loss from operations was $28.7 million in the fourth quarter fiscal 2019, compared to $27.3 million in the year-ago period. Non-GAAP loss from operations was $14.6 million, compared to $20.9 million in the year-ago period.
- Net Loss: Net loss was $27.1 million, or $0.50 per share, based on 53.8 million weighted-average shares outstanding, in the fourth quarter fiscal 2019. This compares to $26.4 million, or $0.52 per share, based on 50.3 million weighted-average shares outstanding, in the year-ago period. Non-GAAP net loss was $14.0 million, or $0.26 per share. This compares to $20.0 million, or $0.40 per share in the year-ago period.
GUIDANCE:
MongoDB sees Q1 2020 EPS of ($0.25)-($0.23), versus the consensus of ($0.37). MongoDB sees Q1 2020 revenue of $82-84 million, versus the consensus of $74.97 million.
MongoDB sees FY2020 EPS of ($1.06)-($0.98), versus the consensus of ($1.28). MongoDB sees FY2020 revenue of $363-371 million, versus the consensus of $347.76 million.
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