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MongoDB (MDB - Free Report) reported fourth-quarter fiscal 2024 adjusted earnings of 86 cents per share, which beat the Zacks Consensus Estimate by 86.96% and increased 50.9% year over year.
Revenues of $457.5 million jumped 26.6% year over year and surpassed the consensus mark by 6.02%.
MongoDB’s subscription revenues accounted for 97.1% of revenues and totaled $444.3 million, up 27.6% year over year. Services revenues declined 0.5% year over year to $13.1 million, contributing 2.9% to revenues.
Increased User Base
MongoDB added 1,400 customers sequentially to reach 47,800 at the end of the quarter under review. Of this, more than 7,000 were direct-sales customers.
The company’s Atlas revenues soared 34% year over year, contributing 68% to total revenues. Atlas had more than 46,300 customers at the end of the reported quarter, adding 1,400 customers sequentially.
MongoDB ended the quarter with 2,052 customers (with at least $100K in ARR) compared with 1,651 in the year-ago quarter.
Non-GAAP Operating Details
Gross profit in the fiscal fourth quarter increased 25.9% year over year to $353.6 million. In the reported quarter, gross margin contracted 40 basis points (bps) on a year-over-year basis to 77.3%.
Research and development (R&D) expenses climbed 25.2% year over year to $82.1 million. Sales and marketing (S&M) expenses increased 11.3% to $165.3 million. Moreover, general and administrative (G&A) expenses jumped 25.5% to $37.1 million.
As a percentage of revenues, R&D expenses contracted 20 bps to 17.9%. G&A expenses declined 10 bps to 8.1%. As a percentage of revenues, S&M expenses contracted 500 bps on a year-over-year basis to 36.1%.
Operating income, on an adjusted basis, was $69.2 million, up 86.1% from the year-ago quarter.
Balance Sheet & Cash Flow
As of Jan 31, 2024, MongoDB had $2 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months ended Jan 31, 2024, MongoDB generated $54.6 million of cash from operations, and used $2.7 million of cash in capital expenditures and $1.4 million of cash in principal repayments of finance leases, leading to a free cash flow of $50.5 million compared with a free cash flow of $23.8 million reported in the year-ago period.
As of Oct 31, 2023, MongoDB had $1.9 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months ended Oct 31, 2023, MongoDB generated $38.4 million of cash from operations, and used $2.1 million of cash in capital expenditures and $1.4 million of cash in principal repayments of finance leases, leading to a free cash flow of $35 million against a negative free cash flow of $8.4 million in the year-ago period.
Guidance
For first-quarter fiscal 2025, MongoDB expects revenues between $436 million and $440 million.
Non-GAAP income from operations is anticipated to be $22-$35 million. Non-GAAP net income is estimated to be 34-39 cents per share.
For fiscal 2025, MongoDB expects revenues between $1.9 billion and $1.93 billion.
Non-GAAP net income per share is anticipated between $2.27 and $2.49.
Zacks Rank & Stocks to Consider
Currently, MongoDB carries a Zacks Rank #5 (Strong Sell). MDB shares have gained 0.8% year to date.
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The consensus mark for Meta Platform’s 2024 earnings has been revised upward by 39 cents to $19.94 per share over the past 30 days, indicating a 34.1% increase from 2023. It has a long-term earnings growth expectation of 19.5%. META stock has jumped 40.4% year to date.
The Zacks Consensus Estimate for Amazon’s 2024 earnings has been revised upward by 4 cents to $4.06 per share in the past 30 days, indicating an increase of 40% on a year-over-year basis. The long-term expected earnings growth rate is 28.1%. AMZN stock has returned 14.2% year to date.
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MongoDB (MDB) Q4 Earnings Beat Estimates, Revenues Jump Y/Y
MongoDB (MDB - Free Report) reported fourth-quarter fiscal 2024 adjusted earnings of 86 cents per share, which beat the Zacks Consensus Estimate by 86.96% and increased 50.9% year over year.
Revenues of $457.5 million jumped 26.6% year over year and surpassed the consensus mark by 6.02%.
MongoDB’s subscription revenues accounted for 97.1% of revenues and totaled $444.3 million, up 27.6% year over year. Services revenues declined 0.5% year over year to $13.1 million, contributing 2.9% to revenues.
Increased User Base
MongoDB added 1,400 customers sequentially to reach 47,800 at the end of the quarter under review. Of this, more than 7,000 were direct-sales customers.
The company’s Atlas revenues soared 34% year over year, contributing 68% to total revenues. Atlas had more than 46,300 customers at the end of the reported quarter, adding 1,400 customers sequentially.
MongoDB ended the quarter with 2,052 customers (with at least $100K in ARR) compared with 1,651 in the year-ago quarter.
Non-GAAP Operating Details
Gross profit in the fiscal fourth quarter increased 25.9% year over year to $353.6 million. In the reported quarter, gross margin contracted 40 basis points (bps) on a year-over-year basis to 77.3%.
Research and development (R&D) expenses climbed 25.2% year over year to $82.1 million. Sales and marketing (S&M) expenses increased 11.3% to $165.3 million. Moreover, general and administrative (G&A) expenses jumped 25.5% to $37.1 million.
As a percentage of revenues, R&D expenses contracted 20 bps to 17.9%. G&A expenses declined 10 bps to 8.1%. As a percentage of revenues, S&M expenses contracted 500 bps on a year-over-year basis to 36.1%.
Operating income, on an adjusted basis, was $69.2 million, up 86.1% from the year-ago quarter.
Balance Sheet & Cash Flow
As of Jan 31, 2024, MongoDB had $2 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months ended Jan 31, 2024, MongoDB generated $54.6 million of cash from operations, and used $2.7 million of cash in capital expenditures and $1.4 million of cash in principal repayments of finance leases, leading to a free cash flow of $50.5 million compared with a free cash flow of $23.8 million reported in the year-ago period.
As of Oct 31, 2023, MongoDB had $1.9 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months ended Oct 31, 2023, MongoDB generated $38.4 million of cash from operations, and used $2.1 million of cash in capital expenditures and $1.4 million of cash in principal repayments of finance leases, leading to a free cash flow of $35 million against a negative free cash flow of $8.4 million in the year-ago period.
Guidance
For first-quarter fiscal 2025, MongoDB expects revenues between $436 million and $440 million.
Non-GAAP income from operations is anticipated to be $22-$35 million. Non-GAAP net income is estimated to be 34-39 cents per share.
For fiscal 2025, MongoDB expects revenues between $1.9 billion and $1.93 billion.
Non-GAAP net income per share is anticipated between $2.27 and $2.49.
Zacks Rank & Stocks to Consider
Currently, MongoDB carries a Zacks Rank #5 (Strong Sell). MDB shares have gained 0.8% year to date.
Some better-ranked stocks from the broader Computer and Technology sector are NVIDIA Corporation (NVDA - Free Report) , Meta Platforms (META - Free Report) and Amazon.com (AMZN - Free Report) . NVIDIA and Meta Platforms sport a Zacks Rank #1 (Strong Buy) each, and Amazon carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for NVIDIA’s fiscal 2025 earnings has been revised 16.4% upward to $23.22 per share in the past 30 days, which suggests year-over-year growth of 79.2%. The long-term estimated earnings growth rate is 29.7%. Shares of NVDA have surged 79.4% year to date.
The consensus mark for Meta Platform’s 2024 earnings has been revised upward by 39 cents to $19.94 per share over the past 30 days, indicating a 34.1% increase from 2023. It has a long-term earnings growth expectation of 19.5%. META stock has jumped 40.4% year to date.
The Zacks Consensus Estimate for Amazon’s 2024 earnings has been revised upward by 4 cents to $4.06 per share in the past 30 days, indicating an increase of 40% on a year-over-year basis. The long-term expected earnings growth rate is 28.1%. AMZN stock has returned 14.2% year to date.