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MongoDB (MDB) Q1 Loss Narrower Than Expected, Revenues Rise
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MongoDB (MDB - Free Report) incurred first-quarter fiscal 2022 adjusted loss of 15 cents per share, which was narrower than the Zacks Consensus Estimate for loss of 36 cents per share. However, the figure was wider than loss of 13 cents per share reported in the year-ago quarter.
Moreover, revenues of $181.6 million surged 39.4% year over year and also comfortably surpassed the consensus mark by 7.5%.
MongoDB’s subscription revenues contributed 96.1% of revenues and totaled $174.6 million, up 39.8% year over year. Moreover, this Zacks Rank #3 (Hold) company’s services revenues grew 29.3% year over year to $7.1 million, representing 3.9% of revenues. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
MongoDB added 2,000 customers sequentially to reach 26,800 at the end of the quarter under review. Of this, more than 3,300 were direct-sales customers.
The company’s Atlas revenues soared 73% year over year. Atlas had more than 25,300 customers at the end of the reported quarter, adding 2,000 customers sequentially.
Net ARR expansion rate remained above 120%. The company ended the quarter with 1,057 customers, with at least $100,000 in ARR and annualized MRR, compared with 780 in the year-ago quarter.
Non-GAAP Operating Details
In the reported quarter, gross margin contracted 90 basis points (bps) on a year-over-year basis to 72.4%.
Research and development (R&D) expenses climbed 40.7% to $43 million. Sales and marketing (S&M) expenses increased 36% to $78.3 million. Moreover, general and administrative (G&A) expenses increased 25.3% to $18.7 million.
As a percentage of revenues, R&D expenses expanded 20 bps to 23.7%. G&A expenses declined 120 bps to 10.3%. As a percentage of revenues, S&M expenses decreased 110 bps on a year-over-year basis to 43.1%.
Loss from operations widened to $8.4 million from the year-ago quarter loss of $7.4 million.
Balance Sheet & Cash Flow
As of Apr 30, 2021, MongoDB had $935.6 million in cash, cash equivalents and short-term investments compared with $957.7 million as of Jan 31, 2021.
In the reported quarter, cash provided by operating activities was $10.2 million compared with $18.6 million of cash from operations used in the previous quarter.
Free cash flow was $8.4 million against outflow of $20.7 million in the previous quarter.
Key Q1 Highlights
During the reported quarter, the company announced the general availability of MongoDB Realm Sync, a fully managed service that synchronizes data between the Realmmobile database and Atlas.
MongoDB also launched a global partnership with the cloud service of Tencent (TCEHY - Free Report) that allows customers to easily adopt and use MongoDB-as-a-Service across Tencent's global cloud infrastructure.
Moreover, the company expanded its partnership with Alphabet’s (GOOGL - Free Report) Google Cloud to provide a deeper integration of Google Cloud products with MongoDB's global cloud database, MongoDB Atlas.
Markedly, MongoDB’s Atlas currently allows customers to run an application simultaneously across Google Cloud, Amazon Web Services and Microsoft’s (MSFT - Free Report) cloud offering, Azure.
Guidance
For second-quarter fiscal 2022, MongoDB expects revenues between $180 million and $183 million.
Non-GAAP loss from operations is anticipated to be $22-$24 million. Non-GAAP net loss per share is predicted between 40 cents and 43 cents per share.
For fiscal 2022, MongoDB expects revenues between $771 million and $784 million.
Non-GAAP loss from operations is estimated to be in the range of $68-$76 million. Non-GAAP net loss per share is predicted between $1.25 and $1.38 per share.
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MongoDB (MDB) Q1 Loss Narrower Than Expected, Revenues Rise
MongoDB (MDB - Free Report) incurred first-quarter fiscal 2022 adjusted loss of 15 cents per share, which was narrower than the Zacks Consensus Estimate for loss of 36 cents per share. However, the figure was wider than loss of 13 cents per share reported in the year-ago quarter.
Moreover, revenues of $181.6 million surged 39.4% year over year and also comfortably surpassed the consensus mark by 7.5%.
MongoDB’s subscription revenues contributed 96.1% of revenues and totaled $174.6 million, up 39.8% year over year. Moreover, this Zacks Rank #3 (Hold) company’s services revenues grew 29.3% year over year to $7.1 million, representing 3.9% of revenues. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
MongoDB, Inc. Price, Consensus and EPS Surprise
MongoDB, Inc. price-consensus-eps-surprise-chart | MongoDB, Inc. Quote
User Base Jumps
MongoDB added 2,000 customers sequentially to reach 26,800 at the end of the quarter under review. Of this, more than 3,300 were direct-sales customers.
The company’s Atlas revenues soared 73% year over year. Atlas had more than 25,300 customers at the end of the reported quarter, adding 2,000 customers sequentially.
Net ARR expansion rate remained above 120%. The company ended the quarter with 1,057 customers, with at least $100,000 in ARR and annualized MRR, compared with 780 in the year-ago quarter.
Non-GAAP Operating Details
In the reported quarter, gross margin contracted 90 basis points (bps) on a year-over-year basis to 72.4%.
Research and development (R&D) expenses climbed 40.7% to $43 million. Sales and marketing (S&M) expenses increased 36% to $78.3 million. Moreover, general and administrative (G&A) expenses increased 25.3% to $18.7 million.
As a percentage of revenues, R&D expenses expanded 20 bps to 23.7%. G&A expenses declined 120 bps to 10.3%. As a percentage of revenues, S&M expenses decreased 110 bps on a year-over-year basis to 43.1%.
Loss from operations widened to $8.4 million from the year-ago quarter loss of $7.4 million.
Balance Sheet & Cash Flow
As of Apr 30, 2021, MongoDB had $935.6 million in cash, cash equivalents and short-term investments compared with $957.7 million as of Jan 31, 2021.
In the reported quarter, cash provided by operating activities was $10.2 million compared with $18.6 million of cash from operations used in the previous quarter.
Free cash flow was $8.4 million against outflow of $20.7 million in the previous quarter.
Key Q1 Highlights
During the reported quarter, the company announced the general availability of MongoDB Realm Sync, a fully managed service that synchronizes data between the Realmmobile database and Atlas.
MongoDB also launched a global partnership with the cloud service of Tencent (TCEHY - Free Report) that allows customers to easily adopt and use MongoDB-as-a-Service across Tencent's global cloud infrastructure.
Moreover, the company expanded its partnership with Alphabet’s (GOOGL - Free Report) Google Cloud to provide a deeper integration of Google Cloud products with MongoDB's global cloud database, MongoDB Atlas.
Markedly, MongoDB’s Atlas currently allows customers to run an application simultaneously across Google Cloud, Amazon Web Services and Microsoft’s (MSFT - Free Report) cloud offering, Azure.
Guidance
For second-quarter fiscal 2022, MongoDB expects revenues between $180 million and $183 million.
Non-GAAP loss from operations is anticipated to be $22-$24 million. Non-GAAP net loss per share is predicted between 40 cents and 43 cents per share.
For fiscal 2022, MongoDB expects revenues between $771 million and $784 million.
Non-GAAP loss from operations is estimated to be in the range of $68-$76 million. Non-GAAP net loss per share is predicted between $1.25 and $1.38 per share.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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