MongoDB(MDB) - 2025 Q1 - Quarterly Report

Revenue and Growth - Subscription revenue accounted for 97% of total revenue for the three months ended April 30, 2024, compared to 96% for the same period in 2023[103] - MongoDB Atlas revenue represented 70% of total revenue for the three months ended April 30, 2024, up from 65% in the same period of 2023[106] - The number of customers increased to over 49,200 as of April 30, 2024, compared to over 43,100 a year earlier, reflecting a growth of approximately 14%[117] - The number of Direct Sales Customers grew to over 7,100, accounting for 87% of subscription revenue for the three months ended April 30, 2024[118] - The annualized recurring revenue (ARR) from customers with $100,000 or greater in ARR increased to 2,137 as of April 30, 2024, compared to 1,761 in 2023[120] - Total revenue for the three months ended April 30, 2024, increased to$450.6 million, up 22% from $368.3 million in the same period of 2023, primarily driven by a$82.2 million increase in subscription revenue[139] - Subscription revenue reached $436.9 million, representing a 23$354.7 million in the prior year, largely due to a $71.1 million increase from Direct Sales Customers[144] - The net ARR expansion rate has consistently been over 120$80.6 million, compared to a net loss of $54.2 million in the same period of 2023, attributed to higher sales and marketing and research and development expenses[139] - Sales and marketing expenses rose to$219.4 million, a 20% increase from $182.7 million in the prior year, driven by higher costs for in-person events and personnel[149] - Research and development expenses increased by 25$146.1 million, primarily due to a $22.1 million rise in personnel costs and stock-based compensation[150] - General and administrative expenses surged by 52$60.5 million, driven by increased personnel costs and higher professional fees[151] - The net loss for the three months ended April 30, 2024, was $80.6 million, which included non-cash charges of$120.8 million for stock-based compensation[159] Cash Flow and Financial Position - Operating cash flow improved to $63.6 million for the three months ended April 30, 2024, compared to$53.7 million in the same period of 2023[140] - Cash provided by operating activities for the three months ended April 30, 2024, was $63.6 million, an increase from$53.7 million in the same period of 2023[158][161] - Cash used in investing activities during the three months ended April 30, 2024, was $48.1 million, primarily due to purchases of marketable securities[162] - Cash used in financing activities for the three months ended April 30, 2024, was$1.1 million, mainly due to principal repayments of finance leases[164] - As of April 30, 2024, the company had $2.1 billion in cash, cash equivalents, and short-term investments, sufficient to fund operating and capital needs for at least the next 12 months[155] - The company had cash, cash equivalents, restricted cash, and short-term investments totaling$2.1 billion as of April 30, 2024[171] - The company may require additional capital resources to execute strategic initiatives and may seek additional equity or debt financing in the future[157] Market and Economic Environment - The worldwide database software market is projected to grow from $93 billion in 2023 to approximately$170 billion in 2028, representing a 13% compound annual growth rate[110] - The macroeconomic environment has negatively impacted growth rates for existing MongoDB Atlas applications, with expectations of continued headwinds for the remainder of the year[113] - The company anticipates experiencing seasonal fluctuations in revenue and operating results, particularly with respect to multi-year contracts and MongoDB Atlas revenue[165] Internal Controls and Compliance - The management evaluated the effectiveness of disclosure controls and procedures as of April 30, 2024, concluding they were effective at the reasonable assurance level[176] - No changes in internal control over financial reporting were identified during the three months ended April 30, 2024, that materially affected internal control[177] - Management acknowledges inherent limitations in the effectiveness of controls, which may not prevent all errors or fraud[178]