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MongoDB (MDB - Free Report) reported second-quarter fiscal 2023 adjusted loss of 23 cents per share, beating the Zacks Consensus Estimate by 20.69%. The company had reported a loss of 12 cents per share in the year-ago quarter.
Revenues of $303.7 million surged 52.8% year over year and surpassed the consensus mark by 8.38%.
MongoDB’s subscription revenues accounted for 96% of revenues and totaled $291.6 million, up 52.4% year over year. Services revenues surged 63.6% year over year to $12.1 million, contributing 4% to revenues.
MongoDB added 1,800 customers sequentially to reach 37,000 at the end of the quarter under review. Of this, more than 5,400 were direct-sales customers.
The company’s Atlas revenues soared 73% year over year, contributing 64% to total revenues. Atlas had more than 35,500 customers at the end of the reported quarter, adding 1,800 customers sequentially.
MongoDB ended the quarter with 1,462 customers (with at least $100K in ARR) compared with 1,126 in the year-ago quarter.
Non-GAAP Operating Details
Gross profit in the fiscal second quarter surged 55% year over year to $223.2 million.
In the reported quarter, gross margin expanded 100 basis points (bps) on a year-over-year basis to 73.5%. The year-over-year margin improvement was primarily driven by improved efficiencies.
Research and development (R&D) expenses climbed 45.3% year over year to $64.7 million. Sales and marketing (S&M) expenses increased 70.8% to $143.7 million. Moreover, general and administrative (G&A) expenses increased 40.5% to $27.2 million.
As a percentage of revenues, R&D expenses contracted 110 bps to 21.3%. G&A expenses declined 80 bps to 9%. As a percentage of revenues, S&M expenses expanded 500 bps on a year-over-year basis to 47.3%.
Operating loss, on an adjusted basis, was $12.4 million compared with the year-ago quarter’s loss of $4 million.
Balance Sheet & Cash Flow
As of Jul 31, 2022, MongoDB had $1.8 billion in cash, cash equivalents, short-term investments and restricted cash. As of Apr 30, 2022, MongoDB had $1.83 billion in cash, cash equivalents, short-term investments and restricted cash.
During the three months ended Jul 31, 2022, MongoDB used $44.7 million of cash from operations, $2.6 million of cash in capital expenditures and $1.3 million of cash in principal repayments of finance leases, leading to a negative free cash flow of $48.6 million, compared with negative free cash flow of $22.7 million in the year-ago period.
Guidance
For third-quarter fiscal 2023, MongoDB expects revenues between $300 million and $303 million.
Non-GAAP loss from operations is anticipated in the range of $8-$10 million. Non-GAAP net loss is estimated between 16 cents and 19 cents per share.
For fiscal 2023, MongoDB expects revenues between $1.196 billion and $1.206 billion.
Non-GAAP net loss is expected between 28 cents and 35 cents per share.
The Zacks Consensus Estimate for Clearfield's fourth-quarter fiscal 2022 earnings has been revised 10 cents north to 80 cents per share over the past 30 days. For fiscal 2022, earnings estimates have moved 36 cents north to $3.13 per share in the past 30 days.
Clearfield’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 33.9%. Shares of CLFD have increased 160.9% in the past year.
The Zacks Consensus Estimate for Silicon Laboratories’ third-quarter 2022 earnings has increased 22.9% to $1.02 per share over the past 30 days. For 2022, earnings estimates have moved 14.2% up to $4.18 per share in the past 30 days.
Silicon Laboratories’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 63.6%. Shares of SLAB have decreased 18.7% in the past year.
The Zacks Consensus Estimate for Taiwan Semiconductor's third-quarter 2022 earnings has been revised a penny southward to $1.69 per share over the past 30 days. For 2022, earnings estimates have moved 41 cents north to $6.30 per share in the past 60 days.
TSM's earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 3.9%. Shares of the company have decreased 31.3% in the past year.
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MongoDB (MDB) Q2 Earnings Beat Estimates, Revenues Jump Y/Y
MongoDB (MDB - Free Report) reported second-quarter fiscal 2023 adjusted loss of 23 cents per share, beating the Zacks Consensus Estimate by 20.69%. The company had reported a loss of 12 cents per share in the year-ago quarter.
Revenues of $303.7 million surged 52.8% year over year and surpassed the consensus mark by 8.38%.
MongoDB’s subscription revenues accounted for 96% of revenues and totaled $291.6 million, up 52.4% year over year. Services revenues surged 63.6% year over year to $12.1 million, contributing 4% to revenues.
MongoDB, Inc. Price, Consensus and EPS Surprise
MongoDB, Inc. price-consensus-eps-surprise-chart | MongoDB, Inc. Quote
User Base Up
MongoDB added 1,800 customers sequentially to reach 37,000 at the end of the quarter under review. Of this, more than 5,400 were direct-sales customers.
The company’s Atlas revenues soared 73% year over year, contributing 64% to total revenues. Atlas had more than 35,500 customers at the end of the reported quarter, adding 1,800 customers sequentially.
MongoDB ended the quarter with 1,462 customers (with at least $100K in ARR) compared with 1,126 in the year-ago quarter.
Non-GAAP Operating Details
Gross profit in the fiscal second quarter surged 55% year over year to $223.2 million.
In the reported quarter, gross margin expanded 100 basis points (bps) on a year-over-year basis to 73.5%. The year-over-year margin improvement was primarily driven by improved efficiencies.
Research and development (R&D) expenses climbed 45.3% year over year to $64.7 million. Sales and marketing (S&M) expenses increased 70.8% to $143.7 million. Moreover, general and administrative (G&A) expenses increased 40.5% to $27.2 million.
As a percentage of revenues, R&D expenses contracted 110 bps to 21.3%. G&A expenses declined 80 bps to 9%. As a percentage of revenues, S&M expenses expanded 500 bps on a year-over-year basis to 47.3%.
Operating loss, on an adjusted basis, was $12.4 million compared with the year-ago quarter’s loss of $4 million.
Balance Sheet & Cash Flow
As of Jul 31, 2022, MongoDB had $1.8 billion in cash, cash equivalents, short-term investments and restricted cash. As of Apr 30, 2022, MongoDB had $1.83 billion in cash, cash equivalents, short-term investments and restricted cash.
During the three months ended Jul 31, 2022, MongoDB used $44.7 million of cash from operations, $2.6 million of cash in capital expenditures and $1.3 million of cash in principal repayments of finance leases, leading to a negative free cash flow of $48.6 million, compared with negative free cash flow of $22.7 million in the year-ago period.
Guidance
For third-quarter fiscal 2023, MongoDB expects revenues between $300 million and $303 million.
Non-GAAP loss from operations is anticipated in the range of $8-$10 million. Non-GAAP net loss is estimated between 16 cents and 19 cents per share.
For fiscal 2023, MongoDB expects revenues between $1.196 billion and $1.206 billion.
Non-GAAP net loss is expected between 28 cents and 35 cents per share.
Zacks Rank & Other Stocks to Consider
Currently, MongoDB carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the broader Computer and Technology sector are Clearfield (CLFD - Free Report) , Silicon Laboratories (SLAB - Free Report) and Taiwan Semiconductor (TSM - Free Report) . While Clearfield and Silicon Laboratories sport a Zacks Rank #1 (Strong Buy), Taiwan Semiconductor carries a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Clearfield's fourth-quarter fiscal 2022 earnings has been revised 10 cents north to 80 cents per share over the past 30 days. For fiscal 2022, earnings estimates have moved 36 cents north to $3.13 per share in the past 30 days.
Clearfield’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 33.9%. Shares of CLFD have increased 160.9% in the past year.
The Zacks Consensus Estimate for Silicon Laboratories’ third-quarter 2022 earnings has increased 22.9% to $1.02 per share over the past 30 days. For 2022, earnings estimates have moved 14.2% up to $4.18 per share in the past 30 days.
Silicon Laboratories’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 63.6%. Shares of SLAB have decreased 18.7% in the past year.
The Zacks Consensus Estimate for Taiwan Semiconductor's third-quarter 2022 earnings has been revised a penny southward to $1.69 per share over the past 30 days. For 2022, earnings estimates have moved 41 cents north to $6.30 per share in the past 60 days.
TSM's earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 3.9%. Shares of the company have decreased 31.3% in the past year.