We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
MongoDB's (MDB) Loss Narrows in Q1, Revenues Increase Y/Y
Read MoreHide Full Article
MongoDB (MDB - Free Report) incurred first-quarter fiscal 2021 adjusted loss of 13 cents per share, narrower than the Zacks Consensus Estimate of a loss of 25 cents as well as the year-ago loss of 22 cents.
Moreover, revenues of $130.1 million surged 45.5% year over year and also comfortably surpassed the consensus mark by 9.4%.
MongoDB’s revenues for the fiscal first quarter benefited from higher subscription revenues, much similar to its Zacks Internet-Software industry peers like Smartsheet (SMAR - Free Report) , Cloudera and Zuora (ZUO - Free Report) .
Notably, Smartsheet’s, Cloudera’s and Zuora’s subscription revenues accounted for 90.3%, 88.9% and 77% of their respective first-quarter fiscal 2021 revenues. While Smartsheet’s subscription revenues jumped 53% year over year, Cloudera’s and Zuora’s grew 20.8% and 20% each.
MongoDB’s subscription revenues contributed to 95.8% of revenues and totalled $124.6 million, up 48.3% year over year. Moreover, this Zacks Rank #3 (Hold) company’s services revenues inched up 1.5% year over year to $5.5 million, representing 4.2% of revenues. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
MongoDB added 1,400 customers sequentially to surpass 18.4K at the end of the quarter under review.
The company’s Atlas revenues soared 75% year over year, accounting for 42% of the company’s top line. Atlas had more than 16,800 customers at the end of the reported quarter, adding 1,400 customers sequentially.
Net AR expansion rate remained above 120%. The company had 780 customers in the quarter with at least $100,000 in ARR and annualized MRR, up from 598 reported in the year-ago quarter.
Operating Details
In the reported quarter, gross margin expanded 330 basis points (bps) on a year-over-year basis to 73.5%.
While research and development (R&D) expenses climbed 30.4% to $30.6 million, sales and marketing (S&M) expenses ascended 42.1% to $57.5 million. Moreover, general and administrative (G&A) expenses augmented 29.9% to $14.9 million.
However, as percentage of revenues, R&D expenses decreased 270 bps to 23.5%. G&A expenses declined 140 bps to 11.5%. Moreover, as percentage of revenues, S&M decreased 110 bps on a year-over-year basis to 44.2%.
Loss from operations narrowed to $7.4 million from the year-ago loss of $12.1 million.
Balance Sheet & Cash Flow
As of Apr 30, 2020, MongoDB had $977.5 million in cash, cash equivalents and short-term investments compared with $987 million as of Jan 31, 2020.
In the reported quarter, the company used $5.9 million of cash from operations and $1.5 million in capital expenditures. Free cash outflow was $8.5 million against free cash flow of $2.8 million in the year-ago period.
Guidance
For second-quarter fiscal 2021, MongoDB expects revenues between $125 million and $127 million. The Zacks Consensus Estimate is pegged at $118.9 million, implying 19.4% growth from the figure reported in the year-ago quarter.
Higher percentage of Atlas in revenue mix is expected to erode gross margin, at least in the near term.
Non-GAAP loss from operations is anticipated to be $22-$24 million.
Non-GAAP net loss is predicted between 38 cents and 41 cents per share. The consensus mark is pegged at a loss of 38 cents.
For fiscal 2021, MongoDB expects revenues between $520 million and $530 million (indicating a narrowed outlook from the previous guided range of $510-$530 million).
Coronavirus is anticipated to negatively impact MongoDB’s second-half fiscal 2021 results more materially than previously. The company now expects the pandemic to hurt revenues to a greater degree than its past projection of $15-$25 million.
The Zacks Consensus Estimate for fiscal 2021 revenues is pegged at $514.3 million, implying 22% growth from the figure reported a year earlier.
Non-GAAP loss from operations is estimated to be $70-$78 million.
Non-GAAP net loss is predicted between $1.21 and $1.34 per share. The consensus mark is pegged at a loss of $1.31.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
Image: Shutterstock
MongoDB's (MDB) Loss Narrows in Q1, Revenues Increase Y/Y
MongoDB (MDB - Free Report) incurred first-quarter fiscal 2021 adjusted loss of 13 cents per share, narrower than the Zacks Consensus Estimate of a loss of 25 cents as well as the year-ago loss of 22 cents.
Moreover, revenues of $130.1 million surged 45.5% year over year and also comfortably surpassed the consensus mark by 9.4%.
MongoDB’s revenues for the fiscal first quarter benefited from higher subscription revenues, much similar to its Zacks Internet-Software industry peers like Smartsheet (SMAR - Free Report) , Cloudera and Zuora (ZUO - Free Report) .
Notably, Smartsheet’s, Cloudera’s and Zuora’s subscription revenues accounted for 90.3%, 88.9% and 77% of their respective first-quarter fiscal 2021 revenues. While Smartsheet’s subscription revenues jumped 53% year over year, Cloudera’s and Zuora’s grew 20.8% and 20% each.
MongoDB’s subscription revenues contributed to 95.8% of revenues and totalled $124.6 million, up 48.3% year over year. Moreover, this Zacks Rank #3 (Hold) company’s services revenues inched up 1.5% year over year to $5.5 million, representing 4.2% 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 1,400 customers sequentially to surpass 18.4K at the end of the quarter under review.
The company’s Atlas revenues soared 75% year over year, accounting for 42% of the company’s top line. Atlas had more than 16,800 customers at the end of the reported quarter, adding 1,400 customers sequentially.
Net AR expansion rate remained above 120%. The company had 780 customers in the quarter with at least $100,000 in ARR and annualized MRR, up from 598 reported in the year-ago quarter.
Operating Details
In the reported quarter, gross margin expanded 330 basis points (bps) on a year-over-year basis to 73.5%.
While research and development (R&D) expenses climbed 30.4% to $30.6 million, sales and marketing (S&M) expenses ascended 42.1% to $57.5 million. Moreover, general and administrative (G&A) expenses augmented 29.9% to $14.9 million.
However, as percentage of revenues, R&D expenses decreased 270 bps to 23.5%. G&A expenses declined 140 bps to 11.5%. Moreover, as percentage of revenues, S&M decreased 110 bps on a year-over-year basis to 44.2%.
Loss from operations narrowed to $7.4 million from the year-ago loss of $12.1 million.
Balance Sheet & Cash Flow
As of Apr 30, 2020, MongoDB had $977.5 million in cash, cash equivalents and short-term investments compared with $987 million as of Jan 31, 2020.
In the reported quarter, the company used $5.9 million of cash from operations and $1.5 million in capital expenditures. Free cash outflow was $8.5 million against free cash flow of $2.8 million in the year-ago period.
Guidance
For second-quarter fiscal 2021, MongoDB expects revenues between $125 million and $127 million. The Zacks Consensus Estimate is pegged at $118.9 million, implying 19.4% growth from the figure reported in the year-ago quarter.
Higher percentage of Atlas in revenue mix is expected to erode gross margin, at least in the near term.
Non-GAAP loss from operations is anticipated to be $22-$24 million.
Non-GAAP net loss is predicted between 38 cents and 41 cents per share. The consensus mark is pegged at a loss of 38 cents.
For fiscal 2021, MongoDB expects revenues between $520 million and $530 million (indicating a narrowed outlook from the previous guided range of $510-$530 million).
Coronavirus is anticipated to negatively impact MongoDB’s second-half fiscal 2021 results more materially than previously. The company now expects the pandemic to hurt revenues to a greater degree than its past projection of $15-$25 million.
The Zacks Consensus Estimate for fiscal 2021 revenues is pegged at $514.3 million, implying 22% growth from the figure reported a year earlier.
Non-GAAP loss from operations is estimated to be $70-$78 million.
Non-GAAP net loss is predicted between $1.21 and $1.34 per share. The consensus mark is pegged at a loss of $1.31.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
See their latest picks free >>