MongoDB, Inc. (NASDAQ:MDB) Q2 2021 Earnings Conference Call - Final Transcript

Sep 02, 2020 • 05:00 pm ET

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MongoDB, Inc. (NASDAQ:MDB) Q2 2021 Earnings Conference Call - Final Transcript

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Presentation
Executive
Michael Gordon

million in the second quarter of fiscal 2020.

I'd like to turn now to our outlook for the third quarter and full fiscal year 2021. For the third quarter, we expect revenue to be in the range of $137 million to $139 million. We expect non-GAAP loss from operations to be $27 million to $25 million, and non-GAAP net loss per share to be in the range of $0.48 to $0.45 based on 59.1 million weighted average shares outstanding.

For the full fiscal year 2021, we are increasing our revenue guidance to $549 million to $554 million. We are improving our profitability expectations and now expect non-GAAP loss from operations to be $71 million to $66 million and non-GAAP net loss per share to be in the range of $1.29 to $1.21 based on 58.7 million weighted average shares outstanding.

Let me provide some incremental color on how we're seeing the ongoing COVID-19 pandemic impacting our outlook for the rest of the year. As we did in our Q4 and Q1 calls, let me start off by updating you on our underlying view on the business environment that's driving our guidance.

In March, we expected COVID-19 to have a material impact only in the first half of the year. By June, we understood the impact would extend into the second half of fiscal 2021. At this point, we clearly believe that the impact of pandemic will extend at least through the end of this fiscal year.

Starting with new business, our strong Q2 results notwithstanding, we do expect to see an impact on new business in the second half of the year. While customer engagement continues to be high, we expect macro uncertainty to be a factor. Furthermore, our forecast assumes we're continuing experiencing slower-than-historic growth from our existing Atlas customers, consistent with our results in Q2.

Finally, as you will recall, our fourth quarter last year was a particularly strong quarter for our Enterprise Advanced product. Enterprise Advanced has an immediate impact on revenue due to the fact that under ASC 606, we recognize the term license component upfront. That dynamic makes Q4, in particular, a tough compare for us.

To summarize, MongoDB delivered excellent second quarter results. We're executing well on our product and go-to-market strategies, which is generating strong growth at scale. We believe our clear leadership as the modern data platform of choice will enable us to continue delivering strong growth going forward.

With that, we'd like to open it up to questions. Operator?