Mongo DB results

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Second Quarter Fiscal 2020 Financial Highlights

Revenue: Total revenue was $99.4 million in the second quarter fiscal 2020, an increase of 67% year-over-year. Subscription revenue was $94.2 million, an increase of 71% year-over-year, and services revenue was $5.2 million, an increase of 15% year-over-year.
Gross Profit: Gross profit was $69.2 million in the second quarter fiscal 2020, representing a 70% gross margin, compared to 72% in the year-ago period. Non-GAAP gross profit was $71.1 million, representing a 72% non-GAAP gross margin.
Loss from Operations: Loss from operations was $37.7 million in the second quarter fiscal 2020, compared to $27.1 million in the year-ago period. Non-GAAP loss from operations was $14.8 million, compared to $17.9 million in the year-ago period.
Net Loss: Net loss was $37.3 million, or $0.67 per share, based on 55.6 million weighted-average shares outstanding in the second quarter fiscal 2020. This compares to $27.8 million, or $0.54 per share, based on 51.2 million weighted-average shares outstanding, in the year-ago period. Non-GAAP net loss was $14.7 million or $0.26 per share. This compares to $17.5 million or $0.34 per share in the year-ago period.
Cash Flow: As of July 31, 2019, MongoDB had $436.6 million in cash, cash equivalents, short-term investments and restricted cash. During the three months ended July 31, 2019, MongoDB used $12.6 million of cash from operations and $1.2 million in capital expenditures, leading to negative free cash flow of $13.8 million, compared to negative free cash flow of $18.0 million in the year-ago period.

https://investors.mongodb.com/news-releases/news-release-det…

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…and Atlas rev growth continued well into the triple digits at 240% YOY, representing 37% of revenue.

IIRC, the last 4 quarters of Atlas growth have been:

300%
400%
340%
240%

We know it has to come down, but it’s still up there!

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A bit of comparative analysis on MDB’s Q2:

Revenue growth:		67% YOY, 11% Sequential, $40m increase YOY; YOY sales increases are getting bigger. 
                                Better YOY than a year ago but worse sequentially than Q2 2018 was to Q2 2017. 
                                Much better sequentially than last q's 4.6%. Almost 2x the sales growth $ YOY as the same Q a year ago.

Gross Profit:		+57% YOY, 8.6% Sequential, $25M increase YOY. GP increase $ has stayed essentially flat for a year (about $23-24m increase per q). 
                        Gross margins have declined slightly from the awesome 76% to the still-great 69%.
					
SG&A:		52% YOY, 16.7% sequential, $36.4M increase in spend YOY					
		They are **still spending more on SG&A than their sales**. Concerned? Would be interesting to find out why.

Slight decrease in GP growth and gross margin is a small concern - although still very high, it is something to watch.

Buy/sell action in the stock will be interesting to watch the next few market days.

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Overall it seemed like a pretty decent quarter.

Revenue


Year    Q1        Q2        Q3        Q4
2018    $41,488   $48,222   $57,490   $64,985
2019    $89,388   $99,368

**Gross Profit**
Year    Q1        Q2        Q3        Q4
2018    $30,417   $34,473   $40,996   $47,227
2019    $62,216   $69,166
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**Operating Expenses**
Year    Q1        Q2        Q3        Q4
2018    $54,467   $63,761   $71,564   $76,281
2019    $91,793   $106,838

**Net Income**
Year    Q1         Q2         Q3         Q4
2018    -$24,216   -$29,164   -$31,246   -$31,320
2019	-$33,240   -$37,336

Operating expenses are rising a bit fast, and operating losses are climbing. There was a 9% selloff this morning, hitting a low of $142, it has since climbed back to $149. Maybe just selling on the news and profit taking.

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Hey Solo,

Thanks for the numbers, question, I haven’t been able to look at the full MDB results yet, but just looking at your revenue numbers:

Revenue

Year    Q1        Q2        Q3        Q4
2018    $41,488   $48,222   $57,490   $64,985
2019    $89,388   $99,368

I know they announced rev growth was up 67%, which with revs this Q of $99.4M, would mean a year ago would have been 99.4/1.67 or $59.5M, not the $48.2M you show above.

Is this because of the change from ASC 605 to 606 that occured the beginning of this year, I think?

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Solo is mixing 605 with 606. The 606 numbers are:


FY	CY	Revenue	YoY	QoQ
1Q18	1Q17	35	-	-
2Q18	2Q17	38	-	10%
3Q18	3Q17	43	-	12%
4Q18	4Q17	50	-	17%
1Q19	1Q18	50	44%	0%
2Q19	2Q18	60	55%	19%
3Q19	3Q18	72	67%	20%
4Q19	4Q18	85	71%	19%
1Q20	1Q19	89	78%	5%
2Q20	2Q19	99	67%	11%
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Hi foodies. I think my table is off by 1 column, so compare to Q3, $57,490. Here is the 10Q link in case you want to verify: https://investors.mongodb.com/static-files/7665db18-4693-472…

They don’t report in quarters like you would expect.

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Here is a more complete set of tables. These are GAAP 606 numbers, and in calendar year (not fiscal year). The tables are raw values, yoy growth, and qoq (sequential) growth, from left to right:

Revenue


Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q
2017	35	38	43	50	166		2017	-	-	-	-	-		2017	-	10%	12%	17%
2018	50	60	72	85	267		2018	44%	55%	67%	71%	61%		2018	0%	19%	20%	19%
2019	89	99					2019	78%	67%					2019	5%	11%

Gross Profit


Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q
2017	26	28	32	38	123		2017	-	-	-	-	-		2017	-	10%	13%	18%
2018	36	43	54	60	193		2018	42%	53%	70%	59%	57%		2018	-3%	18%	25%	11%
2019	61	69					2019	68%	60%					2019	2%	13%

Operating Expenses


Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q
2017	43	52	55	59	208		2017	-	-	-	-	-		2017	-	21%	6%	7%
2018	63	70	74	84	291		2018	47%	36%	35%	43%	40%		2018	8%	11%	6%	13%
2019	92	107					2019	46%	52%					2019	10%	16%

Operating Loss

Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q
2017	17	24	23	21	85		2017	-	-	-	-	-		2017	-	36%	-2%	-9%
2018	27	27	20	24	98		2018	54%	15%	-12%	14%	15%		2018	28%	2%	-25%	18%
2019	31	38					2019	15%	39%					2019	29%	23%

Net Loss

Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q
2017	17	23	23	20	84		2017	-	-	-	-	-		2017	-	37%	-1%	-14%
2018	27	28	22	22	99		2018	54%	18%	-3%	11%	18%		2018	33%	5%	-19%	-1%
2019	33	37					2019	25%	34%					2019	50%	12%

Gross Margin

Year	1Q	2Q	3Q	4Q	Annual
2017	74%	73%	74%	75%	74%
2018	73%	72%	75%	70%	72%
2019	68%	70%

Operating Margin

Year	1Q	2Q	3Q	4Q	Annual
2017	-50%	-61%	-54%	-42%	-51%
2018	-53%	-45%	-28%	-28%	-37%
2019	-34%	-38%
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Here is Non-GAAP 606 (Lots of missing values that have not been reported):

Gross Profit

Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q
2017	-	-	-	38	-		2017	-	-	-	-	-		2017	-	-	-	-
2018	37	44	-	61	-		2018	-	-	-	60%	-		2018	-3%	19%	-	-
2019	63	71					2019	70%	62%					2019	3%	13%

Operating Expenses

Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q
2017	-	-	-	53	-		2017	-	-	-	-	-		2017	-	-	-	-
2018	56	62	-	71	-		2018	-	-	-	34%	-		2018	6%	11%	-	-
2019	75	86					2019	35%	39%					2019	7%	14%

Operating Loss

Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q
2017				15			2017	-	-	-	-	-		2017	-	-	-	-
2018	19	18	-	10	-		2018	-	-	-	-33%	-		2018	30%	-5%	-	-
2019	13	15					2019	-33%	-17%					2019	30%	17%

Net Loss

Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q	Annual		Year	1Q	2Q	3Q	4Q
2017	-	-	-	14	-		2017	-	-	-	-	-		2017	-	-	-	-
2018	19	17	-	9	-		2018	-	-	-	-34%	-		2018	37%	-7%	-	-
2019	12	15					2019	-36%	-16%					2019	33%	22%

Gross Margin

Year	1Q	2Q	3Q	4Q	Annual
2017	-	-	-	76%	-
2018	74%	74%	-	71%	-
2019	70%	72%

Operating Margin

Year	1Q	2Q	3Q	4Q	Annual
2017	-	-	-	-29%	-
2018	-38%	-30%	-	-11%	-
2019	-14%	-15%
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