MDB
Mongodb, INC
NASDAQ
DEF 14A: MongoDB, Inc. Announces Details for 2024 Annual Stockholders Meeting
Sentiment:
Proxy Statement
16 May 2024 4:07 PM
MongoDB, Inc. will hold its 2024 annual meeting of stockholders virtually on June 25, 2024, to vote on the election of directors, executive compensation, and the ratification of the independent accounting firm.
Better than expected
The company's revenue increased by 31% year-over-year, reaching $1.68 billion in fiscal year 2024.
The company generated $121.5 million of cash from operations during the year ended January 31, 2024, compared to $13.0 million of cash used in operations in the year-ago period.
The company's gross profit was $1.26 billion for the full year fiscal 2024, representing a 75% gross margin compared to 73% in the year-ago period.
Summary
- MongoDB, Inc. is holding its 2024 annual meeting of stockholders virtually on June 25, 2024, at 10:00 a.m. Eastern Time.
- Stockholders of record as of April 26, 2024, are eligible to vote.
- The meeting will cover the election of three Class I directors (Roelof Botha, Dev Ittycheria, and Ann Lewnes), an advisory vote on executive compensation, and the ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending January 31, 2025.
- The board of directors recommends voting FOR all proposals.
- As of January 31, 2024, MongoDB had 5,037 employees, including 2,456 employees located outside the United States.
- Total revenue for fiscal year 2024 was $1.68 billion, a 31% increase year-over-year.
- Subscription revenue was $1.63 billion, a 32% increase year-over-year.
- The company's gross profit for fiscal year 2024 was $1.26 billion, with a 75% gross margin.
- MongoDB had over 47,800 customers as of January 31, 2024, compared to over 40,800 customers at the end of the prior year.
Sentiment
Score: 7
Explanation: The document is primarily informational, outlining the details of the annual meeting and providing a summary of the company's performance. The positive revenue growth and customer acquisition contribute to a moderately positive sentiment.
Positives
- The virtual meeting format enables expanded access for stockholders, improved communication, and cost savings.
- The company's revenue increased by 31% year-over-year, reaching $1.68 billion in fiscal year 2024.
- MongoDB's customer base grew to over 47,800 as of January 31, 2024.
- The company generated $121.5 million of cash from operations during the year ended January 31, 2024, compared to $13.0 million of cash used in operations in the year-ago period.
- The company's gross profit was $1.26 billion for the full year fiscal 2024, representing a 75% gross margin compared to 73% in the year-ago period.
Negatives
- The company reported a net loss of $176.6 million, or $2.48 per share, for the full year fiscal 2024.
Risks
- The division of the board of directors into three classes with staggered three-year terms may delay or prevent a change of management or a change in control of MongoDB.
- The company acknowledges the rapidly evolving nature of threats presented by cybersecurity incidents and is committed to the prevention, timely detection and mitigation of the effects of such incidents on MongoDB.
Future Outlook
The document does not contain specific forward-looking statements beyond the details of the annual meeting.
Management Comments
- On behalf of our board of directors, it is our pleasure to invite you to attend the 2024 annual meeting of stockholders of MongoDB, Inc.
- We believe hosting a virtual meeting enables expanded access for our stockholders, improved communication and cost savings, which in turn lead to increased stockholder attendance and participation from locations around the world.
- On behalf of the board of directors and the management team, thank you for your investment and interest in MongoDB.
Industry Context
The document mentions that generative AI is a significant technology trend and that organizations need a modern database to securely build, deploy, and scale gen AI applications. The data management software market is forecast to be $94 billion in 2023 growing to approximately $153 billion in 2027, representing a 13% compound annual growth rate.
Comparison to Industry Standards
- The document references IDC data indicating the data management software market is forecast to be $94 billion in 2023 growing to approximately $153 billion in 2027, representing a 13% compound annual growth rate.
- The document references a peer group of 15 companies for compensation benchmarking including Avalara, Dynatrace, Okta, Coupa Software, Elastic N.V., RingCentral, Crowdstrike, Five9, Trade Desk, Datadog, HubSpot, Unity Software, DocuSign, New Relic, and Zendesk.
- The document references a peer group of 15 companies for compensation benchmarking including Snowflake, Ansys, Cloudflare and Zscaler.
Stakeholder Impact
- Stockholders are invited to participate in the annual meeting and vote on key proposals.
- The company's performance and governance practices impact the value of stockholders' investments.
- Employees are affected by the company's compensation policies and benefits programs.
Next Steps
- Stockholders are encouraged to vote by proxy before the meeting or attend the virtual meeting on June 25, 2024.
- The board of directors will consider the outcome of the advisory vote on executive compensation when making future decisions.
Key Dates
- April 26, 2024: Record date for the annual meeting
- May 16, 2024: Mailing date of the Notice of Internet Availability of Proxy Materials
- June 25, 2024: Date of the 2024 Annual Meeting of Stockholders
- January 16, 2025: Deadline for stockholder proposals for inclusion in next year's proxy materials
- February 25, 2025: Start of the window for submitting director nominations not intended for inclusion in next year's proxy materials
- March 27, 2025: End of the window for submitting director nominations not intended for inclusion in next year's proxy materials
- April 28, 2025: Deadline for notice from stockholders intending to solicit proxies in support of director nominees other than MongoDB's nominees
Keywords
stockholders meeting, proxy statement, corporate governance, executive compensation, board of directors, MongoDB
MDB
Mongodb, INC
NASDAQ
Sector: TBD
Filings with Classifications
Worse than expected
20 March 2025 10:06 PM
Annual Results
- The adverse macroeconomic conditions resulted in slower than historical growth of existing Atlas applications for the year ended January 31, 2025.
- The net ARR expansion rate declined versus most historical periods to 118%.
Better than expected
5 March 2025 9:07 PM
Earnings Release
- MongoDB's net income improved significantly compared to the previous year.
- Atlas consumption in the quarter was better than expected.
- MongoDB delivered a strong end to fiscal 2025 with 24% Atlas revenue growth and significant margin expansion.
Worse than expected
10 December 2024 4:07 PM
Quarterly Report
- The company experienced slower than historical growth rates for existing MongoDB Atlas applications due to macroeconomic conditions.
- The net ARR expansion rate declined compared to historical periods, indicating a smaller contribution from expanding customers.
Better than expected
9 December 2024 4:10 PM
Quarterly Report
- The company's third-quarter results significantly exceeded expectations on both the top and bottom line.
- MongoDB's revenue and non-GAAP income were better than anticipated by analysts.
Worse than expected
30 August 2024 4:24 PM
Quarterly Report
- The company's net loss increased compared to the same period last year.
- The net ARR expansion rate declined from historical rates.
- The company experienced slower than historical growth rates for existing MongoDB Atlas applications due to macroeconomic conditions.
Worse than expected
29 August 2024 4:10 PM
Quarterly Report
- The company's net loss increased year-over-year, from $37.6 million to $54.5 million.
- Non-GAAP income from operations decreased from $79.1 million to $52.5 million year-over-year.
- Non-GAAP net income decreased from $76.7 million to $59.0 million year-over-year.
Worse than expected
31 May 2024 4:41 PM
Quarterly Report
- The company's net loss increased year-over-year, indicating that profitability is not improving as quickly as revenue growth.
- The company experienced a negative impact from the macroeconomic environment on the growth of existing Atlas applications, which is a key driver of revenue.
Worse than expected
30 May 2024 4:14 PM
Quarterly Report
- The company experienced a slower than expected start to the year for Atlas consumption growth and new workload wins, which will have a downstream impact for the remainder of fiscal 2025.
- The company's loss from operations increased to $98.2 million, compared to $68.5 million in the same quarter last year.
- Net loss increased to $80.6 million, or $1.10 per share, compared to $54.2 million, or $0.77 per share, in the prior year.
Better than expected
16 May 2024 4:07 PM
Proxy Statement
- The company's revenue increased by 31% year-over-year, reaching $1.68 billion in fiscal year 2024.
- The company generated $121.5 million of cash from operations during the year ended January 31, 2024, compared to $13.0 million of cash used in operations in the year-ago period.
- The company's gross profit was $1.26 billion for the full year fiscal 2024, representing a 75% gross margin compared to 73% in the year-ago period.
Worse than expected
15 March 2024 4:11 PM
Annual Results
- The company experienced slower than historical growth rates for existing MongoDB Atlas applications due to adverse macroeconomic conditions.
Better than expected
7 March 2024 4:09 PM
Quarterly Report
- MongoDB's revenue growth, particularly in Atlas, exceeded expectations.
- The company's operating margin improved significantly, indicating better cost management.
- MongoDB's free cash flow generation was much better than the previous year, showing improved financial health.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.