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Section 1: 8-K (8-K)

Document


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________
FORM 8-K
___________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 13, 2019

___________________
MONGODB, INC.
(Exact Name of Registrant as Specified in its Charter)
___________________
 
Delaware
001-38240
26-1463205
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
 
 
 
1633 Broadway, 38th Floor
New York, NY
 
10019
(Address of Principal Executive Offices)
 
(Zip Code)
646-727-4092
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

___________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 





Item 2.02    Results of Operations and Financial Condition.
On March 13, 2019, MongoDB, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and full fiscal year ended January 31, 2019. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8‑K and is incorporated by reference.
The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company, regardless of any general incorporation language in such filing.

Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits
 
 
 
Exhibit No.
 
Description
99.1
 






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
MONGODB, INC.
 
 
 
 
 
 
 
 
 
 
 
 
Dated: March 13, 2019
By:
 
/s/ Dev Ittycheria
 
 
 
Name: Dev Ittycheria
Title: President and Chief Executive Officer






(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
Exhibit 99.1


MongoDB, Inc. Announces Fourth Quarter and Full Year Fiscal 2019 Financial Results
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.
New York City, New York - March 13, 2019 - MongoDB, Inc. (NASDAQ: 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% 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.

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Cash and 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% 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% in 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 and 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.

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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 prior year.
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 that 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

3


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 http://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 http://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. 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:

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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 http://investors.mongodb.com.
Investor Relations
Brian Denyeau
ICR for MongoDB
646-277-1251
[email protected]

Media Relations
Mark Wheeler
MongoDB
866-237-8815 x7186
[email protected]


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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.



6


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



7


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 increase (decrease) 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.

8


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



9


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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
1,429

 

 
1,429

 
2,256

 

 
2,256

 
1,942

 

 
1,942

 
2,153

 

 
2,153

Accrued compensation and benefits
14,773

 

 
14,773

 
14,981

 

 
14,981

 
21,615

 

 
21,615

 
25,982

 

 
25,982

Other accrued liabilities
8,518

 

 
8,518

 
13,473

 

 
13,473

 
12,169

 

 
12,169

 
14,169

 

 
14,169

Deferred revenue
119,936

 
(32,394
)
 
87,542

 
125,526

 
(33,435
)
 
92,091

 
136,609

 
(38,480
)
 
98,129

 
164,681

 
(42,348
)
 
122,333

Total current liabilities
144,656

 
(32,394
)
 
112,262

 
156,236

 
(33,435
)
 
122,801

 
172,335

 
(38,480
)
 
133,855

 
206,985

 
(42,348
)
 
164,637

Deferred rent, non-current
1,397

 

 
1,397

 
1,842

 

 
1,842

 
2,183

 

 
2,183

 
2,567

 

 
2,567

Deferred tax liability, non-current
19

 

 
19

 
39

 

 
39

 
42

 

 
42

 
106

 

 
106

Deferred revenue, non-current
21,909

 
(5,745
)
 
16,164

 
20,235

 
(5,559
)
 
14,676

 
17,229

 
(3,386
)
 
13,843

 
18,501

 
(3,158
)
 
15,343

Convertible senior notes, net

 

 

 
210,553

 

 
210,553

 
213,692

 

 
213,692

 
216,858

 

 
216,858

Other long term liabilities
59,739

 

 
59,739

 
66,401

 

 
66,401

 
67,944

 

 
67,944

 
69,399

 

 
69,399

Total liabilities
227,720

 
(38,139
)
 
189,581

 
455,306

 
(38,994
)
 
416,312

 
473,425

 
(41,866
)
 
431,559

 
514,416

 
(45,506
)
 
468,910

Stockholders’ equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Class A common stock
24

 

 
24

 
30

 

 
30

 
35

 

 
35

 
36

 

 
36

Class B common stock
27

 

 
27

 
22

 

 
22

 
18

 

 
18

 
18

 

 
18

Additional paid-in capital
646,973

 

 
646,973

 
714,401

 

 
714,401

 
734,381

 

 
734,381

 
754,612

 

 
754,612

Treasury stock, 99,371 shares
(1,319
)
 

 
(1,319
)
 
(1,319
)
 

 
(1,319
)
 
(1,319
)
 

 
(1,319
)
 
(1,319
)
 

 
(1,319
)
Accumulated other comprehensive loss
(274
)
 

 
(274
)
 
(340
)
 

 
(340
)
 
(380
)
 

 
(380
)
 
(174
)
 

 
(174
)
Accumulated deficit
(472,924
)
 
56,773

 
(416,151
)
 
(504,170
)
 
60,237

 
(443,933
)
 
(535,490
)
 
69,071

 
(466,419
)
 
(562,629
)
 
74,022

 
(488,607
)
Total stockholders’ equity
172,507

 
56,773

 
229,280

 
208,624

 
60,237

 
268,861

 
197,245

 
69,071

 
266,316

 
190,544

 
74,022

 
264,566

Total liabilities and stockholders’ equity
$
400,227

 
$
18,634

 
$
418,861

 
$
663,930

 
$
21,243

 
$
685,173

 
$
670,670

 
$
27,205

 
$
697,875

 
$
704,960

 
$
28,516

 
$
733,476



10


MONGODB, INC.
QUARTERLY STATEMENTS OF OPERATIONS AND DEFERRED REVENUE
(in thousands, except share and per share data)
(unaudited)
 
Three Months Ended
 
January 31, 2019
 
October 31, 2018
*As Adjusted
 
July 31, 2018
*As Adjusted
 
April 30, 2018
*As Adjusted
 
January 31, 2018
*As Adjusted
 
October 31, 2017
*As Adjusted
 
July 31, 2017
*As Adjusted
 
April 30, 2017
*As Adjusted
Revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subscription
$
80,632

 
$
66,604

 
$
55,086

 
$
46,069

 
$
46,498

 
$
39,062

 
$
34,831

 
$
31,462

Services
4,852

 
5,178

 
4,525

 
4,070

 
3,553

 
3,807

 
3,534

 
3,281

Total revenue
85,484

 
71,782

 
59,611

 
50,139

 
50,051

 
42,869

 
38,365

 
34,743

Cost of revenue:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subscription(1)
20,821

 
13,248

 
12,116

 
10,070

 
9,097

 
7,904

 
7,215

 
6,550

Services(1) 
4,746

 
4,510

 
4,378

 
3,679

 
3,304

 
3,167

 
2,973

 
2,649

Total cost of revenue
25,567

 
17,758

 
16,494

 
13,749

 
12,401

 
11,071

 
10,188

 
9,199

Gross profit
59,917

 
54,024

 
43,117

 
36,390

 
37,650

 
31,798

 
28,177

 
25,544

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales and marketing(1)   
42,482

 
36,080

 
36,537

 
33,197

 
31,534

 
28,460

 
27,066

 
22,013

Research and development(1)   
26,600

 
23,179

 
21,430

 
18,645

 
16,788

 
16,588

 
15,749

 
13,077

General and administrative(1)   
14,596

 
14,986

 
12,254

 
11,227

 
10,242

 
9,829

 
8,933

 
7,771

Total operating expenses
83,678

 
74,245

 
70,221

 
63,069

 
58,564

 
54,877

 
51,748

 
42,861

Loss from operations
(23,761
)
 
(20,221
)
 
(27,104
)
 
(26,679
)
 
(20,914
)
 
(23,079
)
 
(23,571
)
 
(17,317
)
Other income (expense), net
(2,424
)
 
(2,299
)
 
(432
)
 
591

 
1,349

 
170

 
335

 
341

Loss before provision for income taxes
(26,185
)
 
(22,520
)
 
(27,536
)
 
(26,088
)
 
(19,565
)
 
(22,909
)
 
(23,236
)
 
(16,976
)
Provision for income taxes
(3,998
)
 
(33
)
 
246

 
467

 
470

 
336

 
252

 
229

Net loss
$
(22,187
)
 
$
(22,487
)
 
$
(27,782
)
 
$
(26,555
)
 
$
(20,035
)
 
$
(23,245
)
 
$
(23,488
)
 
$
(17,205
)
Net loss per share, basic and diluted
$
(0.41
)
 
$
(0.43
)
 
$
(0.54
)
 
$
(0.53
)
 
$
(0.40
)
 
$
(1.33
)
 
$
(1.73
)
 
$
(1.31
)
Weighted-average shares used to compute net loss per share, basic and diluted
53,825,561

 
52,702,526

 
51,185,258

 
50,350,052

 
50,287,162

 
17,421,642

 
13,600,435

 
13,164,559