Revenue of 65m, up 57% YoY. More on that later. Customers: Over 8,300, up 69% YoY. Atlas Customers: Over 6,200, up 138% YoY. Atlas Revenue: 22% of Total Revenue, up over 300% YoY.
But the number one thing was the guidance. 73 to 74 million next quarter. And remember they beat by several million dollars this quarter. So if they actually achieve high 70’s, revenue will be up around 70% YoY next quarter! This was hugely ahead of expectations. Seeking Alpha said:
Thats correct, so if you back out the 5M you get 53.3% growth on the high end of guidance, which they will beat. I believe they also said mlab would contribute 20M to Rev for next fiscal yr as well.
Correct. Taking out the $5M from the mid-point of guidance would give $68.5M next quarter of organic growth which yields around 52% growth.
I’m not sure that matters, however. MLabs apparently has a long tail of small customers and had created a “self-serve” business with almost no sales people. MDB is interested in using the same “self-serve” idea for their long tail. I believe they paid $68M for MLabs so it is a relative drop in the bucket, especially if it allows them to service small players without much cost to do so.
More important than the number, 57%, is the source of the number. I had held back from investing when revenue was mostly freemium. MySQL, the best in class open source SQL, never made money and now is part of Oracle. Atlas changed all that, check the Atlas reveune growth rate (200 or 300%?). Atlas is now 22% of revenue. The recent changes in their licensing is to prevent AWS from competing unfairly with Atlas, that should give you an idea of the importance they give Atlas.