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MongoDB, Inc. Announces Fourth Quarter and Full Year Fiscal 2019 Financial Results

NEW YORK, March 13, 2019 /PRNewswire/ --

MongoDB

ASC 606:

Fourth Quarter Fiscal 2019 Total Revenue of $85.5 million, up 71% Year-over-Year
Full Year Fiscal 2019 Total Revenue of $267.0 million, up 61% Year-over-Year
MongoDB Atlas Revenue 32% of Total Q4 Revenue, up over 400% Year-over-Year

ASC 605:

Fourth Quarter Fiscal 2019 Total Revenue of $83.1 million, up 85% Year-over-Year
Full Year Fiscal 2019 Total Revenue of $253.8 million, up 64% Year-over-Year
MongoDB Atlas Revenue 34% of Total Q4 Revenue, up over 400% Year-over-Year

Note: We recently adopted the new revenue recognition accounting standard Accounting Standards Codification ("ASC") 606 effective as of January 31, 2019 and applied as of February 1, 2018, on a full retrospective basis. This press release includes additional information to reconcile the impacts of the adoption of ASC 606 on our financial results for the fourth fiscal quarter and full fiscal year ended January 31, 2019. This includes the presentation of our financial results for the fourth fiscal quarter and full fiscal year 2019 under the prior revenue recognition standard ASC 605.

MongoDB, Inc. (MDB), the leading, modern general purpose database platform, today announced its financial results for the fourth quarter and fiscal year ended January 31, 2019.

"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.

Full Year Fiscal 2019 Financial Highlights Under ASC 606

  • Revenue: Total revenue was $267.0 million for the full year fiscal 2019, an increase of 61% year-over-year. Subscription revenue was $248.4 million, an increase of 64% year-over-year, and services revenue was $18.6 million, an increase of 31% year-over-year.
  • Gross Profit: Gross profit was $193.4 million for the full year fiscal 2019, representing a 72% gross margin compared to 74% the prior year. Non-GAAP gross profit was $196.7 million, representing a 74% non-GAAP gross margin.
  • Loss from Operations: Loss from operations was $97.8 million for the full year fiscal 2019, compared to $84.9 million in the prior year. Non-GAAP loss from operations was $54.2 million, compared to $62.8 million in the prior year.
  • Net Loss: Net loss was $99.0 million, or $1.90 per share, based on 52.0 million weighted-average shares outstanding, for the full year fiscal 2019. This compares to $84.0 million, or $3.54 per share, based on 23.7 million weighted-average shares outstanding, in the prior year. Non-GAAP net loss was $52.2 million, or $1.00 per share, based on 52.0 million weighted-average shares outstanding. This compares to $62.0 million, or $1.43 per share, based on 43.2 million non-GAAP weighted-average shares outstanding, in the prior year.
  • Cash Flow: During the year ended January 31, 2019, MongoDB used $42.0 million of cash in operations and $6.8 million in capital expenditures, leading to negative free cash flow of $48.8 million, compared to negative free cash flow of $47.0 million in the prior year.

Full Year Fiscal 2019 Financial Highlights Under ASC 605

  • Revenue: Total revenue was $253.8 million for the full year fiscal 2019, an increase of 64% year-over-year. Subscription revenue was $235.8 million, an increase of 67% year-over-year, and services revenue was $18.0 million, an increase of 38% year-over-year.
  • Gross Profit: Gross profit was $180.2 million for the full year fiscal 2019, representing a 71% gross margin, compared to 72% in the prior year. Non-GAAP gross profit was $183.5 million, representing a 72% non-GAAP gross margin.
  • Loss from Operations: Loss from operations was $117.6 million for the full year fiscal 2019, compared to $97.3 million in the prior year. Non-GAAP loss from operations was $74.1 million, compared to $75.1 million in the prior year.
  • Net Loss: Net loss was $118.9 million, or $2.28 per share, based on 52.0 million weighted-average shares outstanding, for the full year fiscal 2019. This compares to $96.4 million, or $4.06 per share, based on 23.7 million weighted-average shares outstanding, in the prior year. Non-GAAP net loss was $72.0 million, or $1.38 per share, based on 52.0 million weighted-average shares outstanding. This compares to $74.3 million, or $1.72 per share, based on 43.2 million non-GAAP weighted-average shares outstanding, 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."

Fourth Quarter Fiscal 2019 and Recent Business Highlights

  • Experienced a continuation of strong developer adoption in the fourth quarter of fiscal year 2019. The total number of MongoDB downloads from our website alone is now more than 60 million. We have seen adoption accelerate with more than 20 million downloads in the last 12 months, an increase from the more than 12 million downloads in fiscal year 2018. Nearly 1.2 million developers have registered for MongoDB University, the company's online training and certification program.
  • Selected by customers across a variety of industries for an increasingly wide range of mission critical workloads. Over the past fiscal year, the number of customers with an annualized spend of more than $1 million grew by 77% to 39, and the number of six-figure customer relationships expanded by 57% to 557. MongoDB now has over 13,400 customers, up approximately 130% from last year, including over 11,400 Atlas customers, of which approximately 4,200 were acquired from mLab.
  • Continued to add features to MongoDB Atlas that further differentiate it from competing products. In addition, Atlas expanded support to 60 total regions across multiple public cloud networks, making it the most widely available global cloud database on the market.
  • Promoted Cedric Pech to Chief Revenue Officer. He joined MongoDB in 2017 to lead MongoDB's sales team in Europe, Middle East and Africa, where MongoDB rapidly scaled the salesforce and drove exceptional growth throughout the region. Cedric will be responsible for developing and executing MongoDB's global sales strategy.

Business Outlook

Based on information as of today, March 13, 2019, MongoDB is issuing the following financial guidance for the first quarter and full year fiscal 2020.  Please note this guidance is presented under ASC 606.


First Quarter Fiscal 2020

Full Year Fiscal 2020

Revenue

$82.0 million to $84.0 million

$363.0 million to $371.0 million

Non-GAAP Loss from Operations

$(14.0) million to $(13.0) million

$(59.0) million to $(55.0) million

Non-GAAP Net Loss per Share

$(0.25) to $(0.23)

$(1.06) to $(0.98)

Reconciliation of non-GAAP loss from operations and non-GAAP net loss per share guidance to the most directly comparable GAAP measures is 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 our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

Conference Call Information

MongoDB will host a conference call today, March 13, 2019, 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, dial 866-548-4713 (domestic) or 323-794-2093 (international). A replay of this conference call will be available for a limited time at 844-512-2921 (domestic) or 412-317-6671 (international). The replay conference ID is 1923915. A replay of the webcast will also be available for a limited time at https://investors.mongodb.com.

About MongoDB

MongoDB is the leading modern, general purpose database platform, designed to unleash the power of software and data for developers and the applications they build. Headquartered in New York, MongoDB has more than 13,000 customers in over 100 countries. The MongoDB database platform has been downloaded over 60 million times and there have been more than one million MongoDB University registrations.

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 our financial guidance for the first fiscal quarter and full year fiscal 2020, [our market opportunity and demand for a cloud-based data platform, our go-to-market and growth strategies, our value proposition for customers and the potential advantages of our new products and enhancements, and our ability to expand our leadership position and drive revenue growth]. 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 limited operating history; our history of losses; failure of our database 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 growth and expansion of the market for database products and our ability to penetrate that market; our ability to maintain the security of our software and adequately address privacy concerns; our ability to manage our growth effectively and successfully recruit additional highly-qualified personnel; the price volatility of our common stock; and those risks detailed from time-to-time under the caption "Risk Factors" and elsewhere in our Securities and Exchange Commission ("SEC") filings and reports, including our Annual Report on Form 10-K filed on March 30, 2018 and our Quarterly Report on Form 10-Q filed on September 7, 2018 and December 6, 2018, as well as future filings and reports by us. 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 loss from operations, non-GAAP net loss, non-GAAP net loss per share and free cash flow. Non-GAAP gross profit and non-GAAP gross margin exclude stock-based compensation expense.  Non-GAAP loss from operations and non-GAAP net loss exclude:

  • stock-based compensation expense;
  • amortization of intangible assets for the recently acquired customer relationships and acquired technology associated with the purchase of mLab, as well as for the prior acquisition of WiredTiger;
  • amortization of the Founder Holdback associated with the mLab purchase, that was deemed to be compensation expense for GAAP purposes;
  • acquisition costs associated with the purchase of mLab;
  • accelerated charges associated with the New York City office move; and
  • in the case of non-GAAP net loss, non-cash interest expense related to our convertible senior notes, a non-recurring income tax benefit associated with the acquisition of mLab intangible assets, and the change in fair value of warrant liability.

Non-GAAP net loss per share is calculated by dividing non-GAAP net loss by the weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted, and for periods prior to and including the period in which we completed our initial public offering, giving effect to the conversion of preferred stock at the beginning of the period. 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 present similar non-GAAP financial measures to investors.

Free cash flow represents net cash used in operating activities less capital expenditures 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 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 loss from operations, non-GAAP net loss, non-GAAP net loss 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 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 at https://investors.mongodb.com.

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

Media Relations
Mark Wheeler
MongoDB
866-237-8815 x7186
communications@mongodb.com

 

MONGODB, INC.
CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)
(unaudited)




As of January 31,


2019


2018
*As Adjusted

Assets




Current assets:




     Cash and cash equivalents

$                       147,831


$                         61,902

     Short-term investments

318,139


217,072

     Accounts receivable, net of allowance for doubtful accounts of $1,539 and $1,238 as of January 31, 2019 
          and 2018, respectively

64,833


46,872

     Deferred commissions

15,878


11,798

     Prepaid expenses and other current assets

19,555


9,638

          Total current assets

566,236


347,282

Property and equipment, net

73,664


59,557

Goodwill

41,878


1,700

Acquired intangible assets, net

15,894


1,627

Deferred tax assets

1,193


326

Other assets

34,611


22,352

Total assets

$                       733,476


$                       432,844

Liabilities and Stockholders' Equity




Current liabilities:




     Accounts payable

$                           2,153


$                           2,261

     Accrued compensation and benefits

25,982


17,433

     Other accrued liabilities

14,169


8,423

     Deferred revenue

122,333


84,415

          Total current liabilities

164,637


112,532

Deferred rent, non-current

2,567


925

Deferred tax liability, non-current

106


18

Deferred revenue, non-current

15,343


16,499

Convertible senior notes, net

216,858


Other liabilities, non-current

69,399


55,213

Total liabilities

468,910


185,187

Stockholders' equity:




     Class A common stock, par value of $0.001 per share; 1,000,000,000 shares authorized as of January 31, 
          2019 and 2018; 36,286,573 and 13,303,028 shares issued and outstanding as of January 31, 2019 and 
          2018, respectively

36


13

     Class B common stock, par value of $0.001 per share; 100,000,000 shares authorized as of January 31, 2019 
          and 2018; 18,134,608 and 37,371,914 shares issued as of January 31, 2019 and 2018, respectively; 
          18,035,237 and 37,272,543 shares outstanding as of January 31, 2019 and 2018, respectively

18


38

     Additional paid-in capital

754,612


638,680

     Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of January 31, 2019 and 2018

(1,319)


(1,319)

     Accumulated other comprehensive loss

(174)


(159)

     Accumulated deficit

(488,607)


(389,596)

Total stockholders' equity

264,566


247,657

Total liabilities and stockholders' equity

$                       733,476


$                       432,844

* Prior period information has been adjusted to reflect the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("New Revenue 
     Standard"), which MongoDB adopted on January 31, 2019 and applied retrospectively as of February 1, 2018.

 

 

MONGODB, INC. 
CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)
(unaudited)




Three Months Ended January 31,


Year Ended January 31,


2019


2018
*As Adjusted


2019


2018
*As Adjusted

Revenue:








     Subscription

$                         80,632


$                         46,498


$                       248,391


$                       151,853

     Services

4,852


3,553


18,625


14,175

          Total revenue

85,484


50,051


267,016


166,028

Cost of revenue:








     Subscription(1)

20,821


9,097


56,255


30,766

     Services(1)

4,746


3,304


17,313


12,093

          Total cost of revenue

25,567


12,401


73,568


42,859

Gross profit

59,917


37,650


193,448


123,169

Operating expenses:








     Sales and marketing(1)   

42,482


31,534


148,296


109,073

     Research and development(1)   

26,600


16,788


89,854


62,202

     General and administrative(1)   

14,596


10,242


53,063


36,775

          Total operating expenses

83,678


58,564


291,213


208,050

Loss from operations

(23,761)


(20,914)


(97,765)


(84,881)

Other income (expense), net

(2,424)


1,349


(4,564)


2,195

Loss before provision for income taxes

(26,185)


(19,565)


(102,329)


(82,686)

Provision for income taxes

(3,998)


470


(3,318)


1,287

Net loss

$                       (22,187)


$                       (20,035)


$                       (99,011)


$                       (83,973)

Net loss per share, basic and diluted

$                           (0.41)


$                           (0.40)


$                           (1.90)


$                           (3.54)

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

53,825,561


50,287,162


52,034,596


23,718,391









* Prior period information has been adjusted to reflect the adoption of the New Revenue Standard, which MongoDB adopted on January
31, 2019 and applied retrospectively as of February 1, 2018.

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









Three Months Ended January 31,


Year Ended January 31,


2019


2018


2019


2018

Cost of revenue—subscription

$                              644


$                              227


$                           2,047


$                              730

Cost of revenue—services

439


170


1,239


462

Sales and marketing

3,620


1,964


11,059


6,364

Research and development

3,446


1,680


11,687


5,752

General and administrative

2,404


2,128


11,371


7,927

     Total stock‑based compensation expense

$                         10,553


$                           6,169


$                         37,403


$                         21,235

 

 

MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)




Three Months Ended January 31,


Year Ended January 31,


2019


2018
*As Adjusted


2019


2018
*As Adjusted

Cash flows from operating activities








Net loss

$                       (22,187)


$                       (20,035)


$                       (99,011)


$                       (83,973)

Adjustments to reconcile net loss to net cash used in operating 
     activities:








     Depreciation and amortization

2,458


914


5,792


3,703

     Stock-based compensation

10,553


6,169


37,403


21,235

     Amortization of debt discount and issuance costs

3,166



7,399


     Non-cash interest on office financing lease

911



1,570


     Deferred income taxes

(4,609)


(465)


(4,960)


(302)

     Change in fair value of warrant liability




(101)

Change in operating assets and liabilities:








     Accounts receivable

(24,491)


(11,248)


(15,224)


(15,901)

     Prepaid expenses and other current assets

(82)


779


(9,583)


(2,782)

     Deferred commissions

(6,549)


(4,657)


(16,134)


(6,422)

     Other long-term assets

(181)


(17)


(214)


(687)

     Accounts payable

(748)


(1,058)


(913)


(371)

     Deferred rent

384


(48)


1,642


(133)

     Accrued liabilities

6,380


5,952


13,564


8,115

     Deferred revenue

25,515


16,002


36,680


32,738

          Net cash used in operating activities

(9,480)


(7,712)


(41,989)


(44,881)

Cash flows from investing activities








     Purchases of property and equipment

(3,150)


(421)


(6,848)


(2,135)

     Acquisitions, net of cash acquired

(55,517)



(55,517)


     Proceeds from maturities of marketable securities

244,000


8,000


450,000


82,230

     Purchases of marketable securities

(178,178)


(179,503)


(547,914)


(252,382)

          Net cash provided by (used in) investing activities

7,155


(171,924)


(160,279)


(172,287)

Cash flows from financing activities








     Proceeds from exercise of stock options, including early 
          exercised stock options

4,613


166


22,244


8,367

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

4,906



10,532


     Repurchase of early exercised stock options


(93)


(327)


(242)

     Proceeds from borrowings on convertible senior notes, net of 
          issuance costs



291,145


     Payment for purchase of capped calls



(37,086)


     Proceeds from tenant improvement allowance on build-to-suit 
          lease

1,095



1,728


     Proceeds from the IPO, net of underwriting discounts and 
          commissions




205,494

     Proceeds from exercise of redeemable convertible preferred stock 
          warrants




1

     Payment of offering costs


(1,384)



(3,728)

          Net cash provided by (used in) financing activities

10,614


(1,311)


288,236


209,892

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

53


109


(48)


291

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

8,342


(180,838)


85,920


(6,985)

Cash, cash equivalents, and restricted cash, beginning of period

140,005


243,265


62,427


69,412

Cash, cash equivalents, and restricted cash, end of period

$                       148,347


$                         62,427


$                       148,347


$                         62,427


* Prior period information has been adjusted to reflect the adoption of the New Revenue Standard, which MongoDB adopted on January 31, 2019 and applied retrospectively as of February 1, 2018.

 

 

MONGODB, INC.
IMPACT OF ADOPTION OF THE NEW REVENUE STANDARD
ON THE QUARTERLY STATEMENTS OF OPERATIONS

(in thousands, except per share data)
(unaudited)




Three Months Ended


Year Ended


April 30,
2018
As Previously

Reported


Impact of
Adoption


April 30,
2018
As Adjusted


July 31,
2018
As Previously
Reported


Impact of
Adoption


July 31,
2018
As Adjusted


October 31,
2018
As Previously
Reported


Impact of
Adoption


October 31,
2018
As Adjusted


January 31,
2019
Old Revenue
Standard


Impact of
Adoption


January 31,
2019
As Adjusted


January 31,
2019
Old Revenue
Standard


Impact of
Adoption


January 31,
2019
As Adjusted

Revenue:






























     Subscription

$                         44,565


$                          1,504


$                         46,069


$                         52,933


$                          2,153


$                         55,086


$                         60,090


$                          6,514


$                         66,604


$                         78,250


$                          2,382


$                         80,632


$                       235,838


$                        12,553


$                       248,391

     Services

3,657


413


4,070


4,557


(32)


4,525


4,895


283


5,178


4,858


(6)


4,852


17,967


658


18,625

          Total revenue

48,222


1,917


50,139


57,490


2,121


59,611


64,985


6,797


71,782


83,108


2,376


85,484


253,805


13,211


267,016

Cost of revenue:






























     Subscription

10,070



10,070


12,116



12,116


13,248



13,248


20,821



20,821


56,255



56,255

     Services

3,679



3,679


4,378



4,378


4,510



4,510


4,746



4,746


17,313



17,313

          Total cost of revenue

13,749



13,749


16,494



16,494


17,758



17,758


25,567



25,567


73,568



73,568

Gross profit

34,473


1,917


36,390


40,996


2,121


43,117


47,227


6,797


54,024


57,541


2,376


59,917


180,237


13,211


193,448

Operating expenses:






























     Sales and marketing

33,889


(692)


33,197


37,880


(1,343)


36,537


38,116


(2,036)


36,080


45,058


(2,576)


42,482


154,943


(6,647)


148,296

     Research and development

18,645



18,645


21,430



21,430


23,179



23,179


26,600



26,600


89,854



89,854

     General and administrative

11,227



11,227


12,254



12,254


14,986



14,986


14,596



14,596


53,063



53,063

          Total operating expenses

63,761


(692)


63,069


71,564


(1,343)


70,221


76,281


(2,036)


74,245


86,254


(2,576)


83,678


297,860


(6,647)


291,213

Loss from operations

(29,288)


2,609


(26,679)


(30,568)


3,464


(27,104)


(29,054)


8,833


(20,221)


(28,713)


4,952


(23,761)


(117,623)


19,858


(97,765)

Other income (expense), net

591



591


(432)



(432)


(2,299)



(2,299)


(2,424)



(2,424)


(4,564)



(4,564)

Loss before provision for 
     income taxes

(28,697)


2,609


(26,088)


(31,000)


3,464


(27,536)


(31,353)


8,833


(22,520)


(31,137)


4,952


(26,185)


(122,187)


19,858


(102,329)

Provision for income taxes

467



467


246



246


(33)



(33)


(3,998)



(3,998)


(3,318)



(3,318)

Net loss

$                       (29,164)


$                          2,609


$                       (26,555)


$                       (31,246)


$                          3,464


$                       (27,782)


$                       (31,320)


$                          8,833


$                       (22,487)


$                       (27,139)


$                          4,952


$                       (22,187)


$                     (118,869)


$                        19,858


$                       (99,011)

Net loss per share, basic 
     and diluted

$                           (0.58)


$                            0.05


$                           (0.53)


$                           (0.61)


$                            0.07


$                           (0.54)


$                           (0.59)


$                            0.16


$                           (0.43)


$                           (0.50)


$                            0.09


$                           (0.41)


$                           (2.28)


$                            0.38


$                           (1.90)

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

50,350



50,350


51,185



51,185


52,703



52,703


53,826



53,826


52,035



52,035

 

 

null

MONGODB, INC.
IMPACT OF ADOPTION OF THE NEW REVENUE STANDARD
ON THE QUARTERLY BALANCE SHEETS
(in thousands)
(unaudited)




April 30,
2018
As Previously
Reported


Impact of
Adoption


April 30,
2018
As Adjusted


July 31,
2018
As Previously
Reported


Impact of
Adoption


July 31,
2018
As Adjusted


October 31,
2018
As Previously
Reported


Impact of
Adoption


October 31,
2018
As Adjusted


January 31,
2019
Old Revenue
Standard


Impact of
Adoption


January 31,
2019
As Adjusted

Assets
























Current assets:
























     Cash and cash equivalents

$                                           111,617


$                                                  —


$                                           111,617


$                                         122,771


$                                                  —


$                                         122,771


$                                        139,490


$                                                  —


$                                        139,490


$                                         147,831


$                                                  —


$                                         147,831

     Short-term investments

159,371



159,371


399,906



399,906


382,681



382,681


318,139



318,139

     Accounts receivable, net

32,475



32,475


38,340



38,340


37,497



37,497


64,833



64,833

     Deferred commissions

13,155


(853)


12,302


14,857


(2,023)


12,834


19,143


(4,866)


14,277


22,531


(6,653)


15,878

     Prepaid expenses and other current assets

9,101


4,048


13,149


7,832


5,314


13,146


8,653


9,238


17,891


11,580


7,975


19,555

          Total current assets

325,719


3,195


328,914


583,706


3,291


586,997


587,464


4,372


591,836


564,914


1,322


566,236

Property and equipment, net

63,335



63,335


70,374



70,374


73,191



73,191


73,664



73,664

Goodwill

1,700



1,700


1,700



1,700


1,700



1,700


41,878



41,878

Acquired intangible assets, net

1,406



1,406


1,185



1,185


965



965


15,894



15,894

Deferred tax assets

323



323


300



300


701



701


1,193



1,193

Other assets

7,744


15,439


23,183


6,665


17,952


24,617


6,649


22,833


29,482


7,417


27,194


34,611

Total assets

$                                       400,227


$                                        18,634


$                                         418,861


$                                       663,930


$                                        21,243


$                                        685,173


$                                       670,670


$                                       27,205


$                                       697,875


$                                       704,960


$                                        28,516


$                                       733,476

Liabilities and Stockholders' Equity
























Current liabilities: