MDB Q3 2023 Earnings

Call Details

• Call Title: MongoDB, Inc. Q3 2023 Earnings Call
• Date: December 6, 2022 at 10:00 PM UTC
• Management Team:
  • Dev Ittycheria (President and CEO)
  • Michael Gordon (COO and CFO)

Call Summary

Financial Performance

• Total revenue was $333.6M in Q3, up 47% year-over-year and above the high end of guidance.
• Atlas revenue grew 61% year-over-year and represented 63% of total revenue in the quarter.
• Gross profit was $247.8M, yielding a gross margin of 74%, up from 73% in the year-ago period.
• Non-GAAP income from operations was $19.8M, or a 6% operating margin, versus a 3% margin in the year-ago period.
• Net income was $18.7M, or $0.23 per diluted share, compared to net income of $2.6M, or $0.03 per share, in the year-ago period.
• The company ended the quarter with $1.8B in cash, cash equivalents, short-term investments, and restricted cash.
• Operating cash flow was negative $5.7M and free cash flow was negative $8.4M in the quarter.

Guidance

• Q4 revenue guidance was provided at $334M to $337M.
• Q4 non-GAAP income from operations guidance was $6M to $8M.
• Q4 non-GAAP net income per share guidance was $0.06 to $0.08 based on an estimated 83.3M diluted shares outstanding.
• Full fiscal year 2023 revenue guidance was provided at $1.257B to $1.26B.
• Full fiscal year 2023 non-GAAP income from operations guidance was $30.8M to $32.8M, with non-GAAP EPS of $0.29 to $0.31 based on 80.2M estimated diluted shares.
• The company expects slower sequential Atlas consumption growth in Q4 than in Q3 and does not expect a sequential uptick in Enterprise Advanced (EA) revenue between Q3 and Q4.
• The company expects a full-year non-GAAP operating margin of approximately 2.5% at the midpoint, about a one percentage point improvement versus last year.