Cover Page
Cover Page - shares | 9 Months Ended | |
Oct. 31, 2021 | Dec. 06, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38240 | |
Entity Registrant Name | MONGODB, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-1463205 | |
Entity Address, Address Line One | 1633 Broadway, | |
Entity Address, Address Line Two | 38th Floor | |
Entity Address, City or Town | New York, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10019 | |
City Area Code | 646 | |
Local Phone Number | 727-4092 | |
Title of 12(b) Security | Class A Common Stock, par value $0.001 per share | |
Trading Symbol | MDB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 66,753,105 | |
Entity Central Index Key | 0001441816 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 748,140 | $ 429,697 |
Short-term investments | 1,054,746 | 528,045 |
Accounts receivable, net of allowance for doubtful accounts of $4,996 and $6,024 as of October 31, 2021 and January 31, 2021, respectively | 182,701 | 135,176 |
Deferred commissions | 49,537 | 36,619 |
Prepaid expenses and other current assets | 19,446 | 12,350 |
Total current assets | 2,054,570 | 1,141,887 |
Property and equipment, net | 61,797 | 62,364 |
Operating lease right-of-use assets | 42,291 | 34,587 |
Goodwill | 57,775 | 55,830 |
Acquired intangible assets, net | 22,903 | 26,275 |
Deferred tax assets | 2,170 | 997 |
Other assets | 110,106 | 85,555 |
Total assets | 2,351,612 | 1,407,495 |
Current liabilities: | ||
Accounts payable | 5,237 | 4,144 |
Accrued compensation and benefits | 93,951 | 70,210 |
Operating lease liabilities | 7,298 | 2,343 |
Other accrued liabilities | 46,472 | 56,440 |
Deferred revenue | 279,241 | 221,404 |
Total current liabilities | 432,199 | 354,541 |
Deferred tax liability, non-current | 128 | 773 |
Operating lease liabilities, non-current | 41,072 | 39,095 |
Deferred revenue, non-current | 18,704 | 16,547 |
Convertible senior notes, net | 1,135,684 | 937,729 |
Other liabilities, non-current | 60,920 | 59,129 |
Total liabilities | 1,688,707 | 1,407,814 |
Commitments and contingencies (Note 7) | ||
Temporary equity, convertible senior notes | 0 | 4,714 |
Stockholders’ equity (deficit): | ||
Additional paid-in capital | 1,770,635 | 932,332 |
Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of October 31, 2021 and January 31, 2021 | (1,319) | (1,319) |
Accumulated other comprehensive loss | (1,292) | (704) |
Accumulated deficit | (1,105,186) | (935,403) |
Total stockholders’ equity (deficit) | 662,905 | (5,033) |
Total liabilities, temporary equity and stockholders’ equity (deficit) | 2,351,612 | 1,407,495 |
Class A Common Stock | ||
Stockholders’ equity (deficit): | ||
Class A common stock, par value of $0.001 per share; 1,000,000,000 shares authorized as of October 31, 2021 and January 31, 2021; 66,816,084 shares issued and 66,716,713 shares outstanding as of October 31, 2021; 60,997,822 shares issued and 60,898,451 shares outstanding as of January 31, 2021 | $ 67 | $ 61 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 31, 2021 | Jan. 31, 2021 | |
Current assets: | ||
Allowance for doubtful accounts | $ 4,996 | $ 6,024 |
Stockholders’ equity (deficit): | ||
Common stock outstanding (in shares) | 60,898,451 | |
Treasury stock (in shares) | 99,371 | 99,371 |
Average repurchase price of treasury stock shares (in dollars per share) | $ 13.27 | $ 13.27 |
Class A Common Stock | ||
Stockholders’ equity (deficit): | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock issued (in shares) | 66,816,084 | 60,997,822 |
Common stock outstanding (in shares) | 66,716,713 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Revenue: | ||||
Total revenue | $ 226,893 | $ 150,771 | $ 607,288 | $ 419,381 |
Cost of revenue: | ||||
Total cost of revenue | 68,464 | 46,110 | 183,694 | 126,091 |
Gross profit | 158,429 | 104,661 | 423,594 | 293,290 |
Operating expenses: | ||||
Sales and marketing | 120,360 | 83,214 | 327,627 | 227,417 |
Research and development | 82,256 | 54,363 | 219,403 | 149,250 |
General and administrative | 32,581 | 25,175 | 87,309 | 66,534 |
Total operating expenses | 235,197 | 162,752 | 634,339 | 443,201 |
Loss from operations | (76,768) | (58,091) | (210,745) | (149,911) |
Other income (expense): | ||||
Interest income | 204 | 572 | 534 | 4,331 |
Interest expense | (2,597) | (14,093) | (8,811) | (41,838) |
Other income (expense), net | 117 | (113) | (985) | (1,583) |
Loss before provision for income taxes | (79,044) | (71,725) | (220,007) | (189,001) |
Provision for income taxes | 2,249 | 926 | 2,411 | 2,142 |
Net loss | $ (81,293) | $ (72,651) | $ (222,418) | $ (191,143) |
Net loss per share, basic and diluted (in dollars per share) | $ (1.22) | $ (1.22) | $ (3.49) | $ (3.27) |
Weighted-average shares used to compute net loss per share, basic and diluted (in shares) | 66,386,379 | 59,368,167 | 63,750,884 | 58,476,521 |
Subscription | ||||
Revenue: | ||||
Total revenue | $ 217,871 | $ 144,069 | $ 583,822 | $ 401,403 |
Cost of revenue: | ||||
Total cost of revenue | 57,378 | 38,642 | 153,735 | 103,240 |
Services | ||||
Revenue: | ||||
Total revenue | 9,022 | 6,702 | 23,466 | 17,978 |
Cost of revenue: | ||||
Total cost of revenue | $ 11,086 | $ 7,468 | $ 29,959 | $ 22,851 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (81,293) | $ (72,651) | $ (222,418) | $ (191,143) |
Other comprehensive loss, net of tax: | ||||
Unrealized gain on available-for-sale securities | (298) | (341) | (350) | (24) |
Foreign currency translation adjustment | (714) | (65) | (238) | (538) |
Other comprehensive loss | (1,012) | (406) | (588) | (562) |
Total comprehensive loss | $ (82,305) | $ (73,057) | $ (223,006) | $ (191,705) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Other Comprehensive Income (Loss) | Accumulated Deficit | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentAdditional Paid-In Capital | Cumulative Effect, Period of Adoption, AdjustmentAccumulated Deficit |
Beginning balance (in shares) at Jan. 31, 2020 | 57,382,543 | ||||||||
Beginning balance at Jan. 31, 2020 | $ 82,858 | $ 57 | $ 752,127 | $ (1,319) | $ 225 | $ (668,232) | $ (227) | $ (227) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercises (in shares) | 373,394 | ||||||||
Stock option exercises | 2,995 | $ 1 | 2,994 | ||||||
Repurchase of early exercised options (in shares) | (79) | ||||||||
Vesting of restricted stock units (in shares) | 241,569 | ||||||||
Vesting of early exercised stock options | 42 | 42 | |||||||
Stock-based compensation | 30,567 | 30,567 | |||||||
Conversion of 2024 convertible senior notes (in shares) | 8 | ||||||||
Unrealized gain on available-for-sale securities | 848 | 848 | |||||||
Foreign currency translation adjustment | (75) | (75) | |||||||
Net loss | (53,967) | (53,967) | |||||||
Ending balance (in shares) at Apr. 30, 2020 | 57,997,435 | ||||||||
Ending balance at Apr. 30, 2020 | 63,041 | $ 58 | 785,730 | (1,319) | 998 | (722,426) | |||
Beginning balance (in shares) at Jan. 31, 2020 | 57,382,543 | ||||||||
Beginning balance at Jan. 31, 2020 | 82,858 | $ 57 | 752,127 | (1,319) | 225 | (668,232) | (227) | (227) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Unrealized gain on available-for-sale securities | (24) | ||||||||
Foreign currency translation adjustment | (538) | ||||||||
Net loss | (191,143) | ||||||||
Ending balance (in shares) at Oct. 31, 2020 | 60,156,153 | ||||||||
Ending balance at Oct. 31, 2020 | 21,804 | $ 60 | 883,002 | (1,319) | (337) | (859,602) | |||
Beginning balance (in shares) at Apr. 30, 2020 | 57,997,435 | ||||||||
Beginning balance at Apr. 30, 2020 | 63,041 | $ 58 | 785,730 | (1,319) | 998 | (722,426) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercises (in shares) | 471,269 | ||||||||
Stock option exercises | 4,051 | $ 1 | 4,050 | ||||||
Repurchase of early exercised options (in shares) | (881) | ||||||||
Vesting of restricted stock units (in shares) | 305,428 | ||||||||
Vesting of early exercised stock options | 25 | 25 | |||||||
Stock-based compensation | 37,525 | 37,525 | |||||||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 84,482 | ||||||||
Issuance of common stock under the Employee Stock Purchase Plan | 8,963 | 8,963 | |||||||
Unrealized gain on available-for-sale securities | (531) | (531) | |||||||
Foreign currency translation adjustment | (398) | (398) | |||||||
Net loss | (64,525) | (64,525) | |||||||
Ending balance (in shares) at Jul. 31, 2020 | 58,857,733 | ||||||||
Ending balance at Jul. 31, 2020 | 48,151 | $ 59 | 836,293 | (1,319) | 69 | (786,951) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercises (in shares) | 987,837 | ||||||||
Stock option exercises | 6,739 | $ 1 | 6,738 | ||||||
Vesting of restricted stock units (in shares) | 310,573 | ||||||||
Vesting of early exercised stock options | 19 | 19 | |||||||
Stock-based compensation | 39,952 | 39,952 | |||||||
Conversion of 2024 convertible senior notes (in shares) | 10 | ||||||||
Unrealized gain on available-for-sale securities | (341) | (341) | |||||||
Foreign currency translation adjustment | (65) | (65) | |||||||
Net loss | (72,651) | (72,651) | |||||||
Ending balance (in shares) at Oct. 31, 2020 | 60,156,153 | ||||||||
Ending balance at Oct. 31, 2020 | $ 21,804 | $ 60 | 883,002 | (1,319) | (337) | (859,602) | |||
Beginning balance (in shares) at Jan. 31, 2021 | 60,898,451 | 60,898,451 | |||||||
Beginning balance at Jan. 31, 2021 | $ (5,033) | $ 61 | 932,332 | (1,319) | (704) | (935,403) | (256,746) | $ (309,381) | 52,635 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercises (in shares) | 483,787 | ||||||||
Stock option exercises | 3,540 | $ 1 | 3,539 | ||||||
Vesting of restricted stock units (in shares) | 341,939 | ||||||||
Vesting of early exercised stock options | 10 | 10 | |||||||
Stock-based compensation | 50,914 | 50,914 | |||||||
Conversion of 2024 convertible senior notes (in shares) | 372,096 | ||||||||
Conversion of convertible senior notes | 2,999 | 2,999 | |||||||
Unrealized gain on available-for-sale securities | 34 | 34 | |||||||
Foreign currency translation adjustment | (90) | (90) | |||||||
Net loss | (63,992) | (63,992) | |||||||
Ending balance (in shares) at Apr. 30, 2021 | 62,096,273 | ||||||||
Ending balance at Apr. 30, 2021 | $ (268,364) | $ 62 | 680,413 | (1,319) | (760) | (946,760) | |||
Beginning balance (in shares) at Jan. 31, 2021 | 60,898,451 | 60,898,451 | |||||||
Beginning balance at Jan. 31, 2021 | $ (5,033) | $ 61 | 932,332 | (1,319) | (704) | (935,403) | $ (256,746) | (309,381) | 52,635 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercises (in shares) | 986,002 | ||||||||
Unrealized gain on available-for-sale securities | $ (350) | ||||||||
Foreign currency translation adjustment | (238) | ||||||||
Net loss | (222,418) | ||||||||
Ending balance (in shares) at Oct. 31, 2021 | 66,716,713 | ||||||||
Ending balance at Oct. 31, 2021 | 662,905 | $ 67 | 1,770,635 | (1,319) | (1,292) | (1,105,186) | 309,400 | 52,600 | |
Beginning balance (in shares) at Apr. 30, 2021 | 62,096,273 | ||||||||
Beginning balance at Apr. 30, 2021 | (268,364) | $ 62 | 680,413 | (1,319) | (760) | (946,760) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercises (in shares) | 282,519 | ||||||||
Stock option exercises | 2,206 | $ 0 | 2,206 | ||||||
Vesting of restricted stock units (in shares) | 362,342 | ||||||||
Stock-based compensation | 57,705 | 57,705 | |||||||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 45,261 | ||||||||
Issuance of common stock under the Employee Stock Purchase Plan | 12,963 | 12,963 | |||||||
Conversion of 2024 convertible senior notes (in shares) | 844,194 | ||||||||
Conversion of convertible senior notes | 56,683 | $ 1 | 56,682 | ||||||
Issuance of common stock, net of issuance costs (in shares) | 2,500,000 | ||||||||
Issuance of common stock, net of issuance costs | 889,184 | $ 3 | 889,181 | ||||||
Unrealized gain on available-for-sale securities | (86) | (86) | |||||||
Foreign currency translation adjustment | 566 | 566 | |||||||
Net loss | (77,133) | (77,133) | |||||||
Ending balance (in shares) at Jul. 31, 2021 | 66,130,589 | ||||||||
Ending balance at Jul. 31, 2021 | 673,724 | $ 66 | 1,699,150 | (1,319) | (280) | (1,023,893) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercises (in shares) | 219,696 | ||||||||
Stock option exercises | 1,848 | $ 0 | 1,848 | ||||||
Vesting of restricted stock units (in shares) | 366,226 | ||||||||
Vesting of restricted stock units | 1 | $ 1 | |||||||
Stock-based compensation | 69,620 | 69,620 | |||||||
Conversion of 2024 convertible senior notes (in shares) | 202 | ||||||||
Conversion of convertible senior notes | 17 | 17 | |||||||
Unrealized gain on available-for-sale securities | (298) | (298) | |||||||
Foreign currency translation adjustment | (714) | (714) | |||||||
Net loss | (81,293) | (81,293) | |||||||
Ending balance (in shares) at Oct. 31, 2021 | 66,716,713 | ||||||||
Ending balance at Oct. 31, 2021 | $ 662,905 | $ 67 | $ 1,770,635 | $ (1,319) | $ (1,292) | $ (1,105,186) | $ 309,400 | $ 52,600 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (222,418) | $ (191,143) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 9,989 | 9,515 |
Stock-based compensation | 177,327 | 108,044 |
Amortization of debt discount and issuance costs | 3,161 | 36,577 |
Amortization of finance right-of-use assets | 2,981 | 2,981 |
Amortization of operating right-of-use assets | 5,010 | 4,747 |
Deferred income taxes | (2,711) | (88) |
Accretion of discount on short-term investments | 4,978 | 383 |
Unrealized foreign exchange gain (loss) | 503 | (1,915) |
Change in operating assets and liabilities: | ||
Accounts receivable | (46,892) | (4,157) |
Prepaid expenses and other current assets | (7,220) | 247 |
Deferred commissions | (34,819) | (17,161) |
Other long-term assets | (291) | (117) |
Accounts payable | 1,127 | 743 |
Accrued liabilities | 34,138 | 19,633 |
Operating lease liabilities | (4,343) | (2,737) |
Deferred revenue | 58,498 | 5,765 |
Other liabilities, non-current | 5,651 | 4,655 |
Net cash used in operating activities | (15,331) | (24,028) |
Cash flows from investing activities | ||
Purchases of property and equipment | (4,516) | (10,942) |
Acquisition, net of cash acquired | (4,469) | 0 |
Investment in non-marketable securities | (2,343) | (500) |
Proceeds from maturities of marketable securities | 400,000 | 540,000 |
Purchases of marketable securities | (932,250) | (812,574) |
Net cash used in investing activities | (543,578) | (284,016) |
Cash flows from financing activities | ||
Payments of issuance costs for convertible senior notes | 0 | (4,154) |
Proceeds from exercise of stock options, including early exercised stock options | 7,591 | 13,798 |
Proceeds from issuance of common stock, net of issuance costs | 889,184 | 0 |
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan | 12,963 | 8,963 |
Repurchase of early exercised stock options | 0 | (11) |
Principal repayments of finance leases | (3,649) | (3,450) |
Repayments of convertible senior notes attributable to principal | (27,594) | 0 |
Proceeds from tenant improvement allowance on finance lease | 0 | 856 |
Net cash provided by financing activities | 878,495 | 16,002 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,148) | 618 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 318,438 | (291,424) |
Cash, cash equivalents and restricted cash, beginning of period | 430,222 | 706,706 |
Cash, cash equivalents and restricted cash, end of period | 748,660 | 415,282 |
Cash paid during the period for: | ||
Income taxes, net of refunds | 3,651 | 1,145 |
Interest expense | 4,066 | 4,387 |
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets, end of period, to the amounts shown in the statements of cash flows above | ||
Cash and cash equivalents | 748,140 | 414,762 |
Restricted cash, non-current | 520 | 520 |
Total cash, cash equivalents and restricted cash | $ 748,660 | $ 415,282 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Oct. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business MongoDB, Inc. (“MongoDB” or the “Company”) was originally incorporated in the state of Delaware in November 2007 under the name 10Gen, Inc. In August 2013, the Company changed its name to MongoDB, Inc. The Company is headquartered in New York City. MongoDB is the leading modern, general purpose database platform. The Company’s robust platform enables developers to build and modernize applications rapidly and cost-effectively across a broad range of use cases. Organizations can deploy the Company’s platform at scale in the cloud, on-premise or in a hybrid environment. In addition to selling its software, the Company provides post-contract support, training and consulting services for its offerings. The Company’s fiscal year ends January 31. 2021 Common Stock Offering On June 29, 2021, the Company entered into an underwriting agreement with Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC, as representatives of the several underwriters named therein, pursuant to which the Company agreed to issue and sell 2,500,000 shares of its Class A common stock, par value $0.001 per share, at an offering price of $365.00 per share. The Company received net proceeds of $889.2 million, after deducting underwriting discounts and commissions of $22.7 million and offering expenses of $0.6 million. Offering expenses included legal, accounting and other fees and, along with underwriting discounts and commissions, were recorded in additional paid-in capital as a reduction of the proceeds upon the closing of the offering in July 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated balance sheet as of October 31, 2021, the interim condensed consolidated statements of stockholders’ equity (deficit) for the three and nine months ended October 31, 2021 and 2020, the interim condensed consolidated statements of operations and of comprehensive loss for the three and nine months ended October 31, 2021 and 2020 and the interim condensed consolidated statements of cash flows for the nine months ended October 31, 2021 and 2020 are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position as of October 31, 2021, its statements of stockholders’ equity (deficit) as of October 31, 2021 and 2020, its results of operations and of comprehensive loss for the three and nine months ended October 31, 2021 and 2020 and its statements of cash flows for the nine months ended October 31, 2021 and 2020. The financial data and the other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three- and nine-month periods are also unaudited. The results of operations for the three and nine months ended October 31, 2021 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2022 or for any other future year or interim period. The interim unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission. The condensed balance sheet data as of January 31, 2021 was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. Therefore, these interim unaudited condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2021 (the “2021 Form 10-K”). Use of Estimates The preparation of the interim unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, the incremental borrowing rate related to the Company’s lease liabilities, stock-based compensation, fair value of common stock prior to the initial public offering, legal contingencies, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, fair value of non-marketable securities and accounting for income taxes. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. The ongoing COVID-19 pandemic has resulted in a global slowdown of economic activity that is likely to continue to decrease demand and supply for a broad variety of goods and services, including demand from the Company’s customers, while also disrupting sales channels and marketing activities for an unknown period of time. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or adjust the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. Significant Accounting Policies There have been no changes to the Company’s significant accounting policies as described in the Company’s 2021 Form 10-K other than as a result of the Company’s adoption of the new accounting guidance related to convertible instruments, effective February 1, 2021, as discussed in “Recently Adopted Accounting Pronouncements—Convertible Senior Notes” below. Recently Adopted Accounting Pronouncements Convertible Senior Notes. In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06— Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The new standard simplifies the accounting for convertible instruments by eliminating the conversion option separation model for convertible debt that can be settled in cash and by eliminating the measurement model for beneficial conversion features. Convertible instruments that continue to be subject to separation models are (1) those with conversion options that are required to be accounted for as bifurcated derivatives and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. Additionally, among other changes, the new guidance eliminates some of the conditions for equity classification for contracts in an entity’s own equity, thereby making it easier for equity contracts to qualify for the derivative scope exception. The new standard also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. The Company early adopted ASU 2020-06 as of February 1, 2021 using the modified retrospective transition method. Upon adoption of ASU 2020-06, the Company is no longer recording the conversion feature of its convertible senior notes in equity. Instead, the Company combined the previously separated equity component with the liability component, which together is now classified as debt, thereby eliminating the subsequent amortization of the debt discount as interest expense. Similarly, the portion of issuance costs previously allocated to equity was reclassified to debt and amortized as interest expense. Accordingly, the Company recorded a decrease to accumulated deficit of $52.6 million, a decrease to additional paid-in capital of $309.4 million, a decrease to temporary equity of $4.7 million and an increase to convertible senior notes, net, of $261.5 million. There was an immaterial benefit from the reversal of the deferred tax liability associated with the convertible senior notes upon the adoption of ASU 2020-06. Prior period financial statements were not restated. Also upon adoption, the Company is no longer utilizing the treasury stock method for earnings per share purposes. Instead, the Company is applying the if-converted method when reporting the number of potentially dilutive shares of common stock. Although the required use of the if-converted method will not impact the diluted net loss per share as long as the Company is in a net loss position, the Company is required to include disclosures of all the underlying shares regardless of the average stock price for the reporting period. The Company’s convertible senior notes are classified as non-current liabilities until the reporting period date is within one year of maturity of the convertible senior notes or when the Company has received a redemption request, but settlement will occur after the reporting period date. Under such circumstances, the carrying amount of the convertible senior notes, net of the associated unamortized debt issuance costs, is classified as a current liability. Income Taxes. In December 2019, the FASB issued ASU 2019-12— Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application and simplification of GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted ASU 2019-12 effective February 1, 2021 and the adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value on a recurring basis as of October 31, 2021 and January 31, 2021 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Fair Value Measurement as of October 31, 2021 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 631,924 $ — $ — $ 631,924 Short-term investments: U.S. government treasury securities 1,054,746 — — 1,054,746 Total financial assets $ 1,686,670 $ — $ — $ 1,686,670 Fair Value Measurement as of January 31, 2021 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 330,109 $ — $ — $ 330,109 Short-term investments: U.S. government treasury securities 528,045 — — 528,045 Total financial assets $ 858,154 $ — $ — $ 858,154 The Company utilized the market approach and Level 1 valuation inputs to value its money market mutual funds and U.S. government treasury securities because published net asset values were readily available. The contractual maturity of all marketable securities was less than one year as of October 31, 2021 and January 31, 2021. As of October 31, 2021 and January 31, 2021, gross unrealized gains and losses for cash equivalents and short-term investments were not material. Accordingly, the Company concluded that an allowance for credit losses was unnecessary for short-term investments as of October 31, 2021. Gross realized gains and losses were not material for each of the three- and nine-month periods ended October 31, 2021 and 2020. Convertible Senior Notes In addition to its cash, cash equivalents and short-term investments, the Company measures the fair value of its outstanding convertible senior notes on a quarterly basis for disclosure purposes. The Company considers the fair value of its convertible senior notes at October 31, 2021 to be a Level 2 measurement due to limited trading activity of the convertible senior notes. Refer to Note 5, Convertible Senior Notes , for further details. Non-marketable Securities As of October 31, 2021 and January 31, 2021, the total amount of non-marketable equity securities included in other assets on the Company’s condensed consolidated balance sheets was $2.8 million and $0.5 million. During the three and nine months ended October 31, 2021, the Company invested an additional $1.2 million and $2.3 million, respectively, of its cash in non-marketable equity securities. Refer to Note 2, Summary of Significant Accounting Policies , in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2021 Form 10-K for further information. The Company classifies these assets as Level 3 within the fair value hierarchy only if an impairment or observable price changes in orderly transactions are recognized on these non-marketable equity securities during the period. The estimation of fair value for these investments is inherently complex due to the lack of readily available market data and inherent lack of liquidity and requires the Company’s judgment and the use of significant unobservable inputs in an inactive market. In addition, the determination of whether an orderly transaction is for the identical or a similar investment requires significant management judgment, including understanding the differences in the rights and obligations of the investments, the extent to which those differences would affect the fair values of those investments and the stage of operational development of the entities. For the three and nine months ended October 31, 2021, there have been no adjustments to the carrying values of the Company’s non-marketable securities as a result of impairment or observable price changes. |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets, Net | 9 Months Ended |
Oct. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets, Net | Goodwill and Acquired Intangible Assets, Net In April 2021, the Company made an acquisition for total cash consideration of $9.0 million, of which $4.5 million was the purchase price to be allocated and $4.5 million will be recognized as post-combination compensation expense. For accounting purposes, this business combination was deemed immaterial. The Company allocated $3.4 million to the acquired developed technology intangible asset based on fair value to be amortized over its economic useful life of five years. The Company also recorded $1.9 million of goodwill, which included a tax benefit associated with the acquisition due to the release of the valuation allowance of $0.8 million. The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows (in thousands): October 31, 2021 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life Developed technology $ 38,100 $ (21,447) $ 16,653 2.9 Customer relationships 15,200 (8,950) 6,250 2.1 Total $ 53,300 $ (30,397) $ 22,903 January 31, 2021 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life Developed technology $ 34,700 $ (16,955) $ 17,745 3.3 Customer relationships 15,200 (6,670) 8,530 2.8 Total $ 49,900 $ (23,625) $ 26,275 Acquired intangible assets are amortized on a straight-line basis. Amortization expense of intangible assets was $2.3 million and $6.8 million for the three and nine months ended October 31, 2021, respectively, and $2.1 million and $6.4 million for the three and nine months ended October 31, 2020, respectively. Amortization expense for developed technology was included as research and development expense in the Company’s condensed consolidated statements of operations. Amortization expense for customer relationships was included as sales and marketing expense in the Company’s condensed consolidated statements of operations. As of October 31, 2021, future amortization expense related to the intangible assets is as follows (in thousands): Years Ending January 31, Remainder of 2022 $ 2,295 2023 9,180 2024 8,505 2025 2,130 2026 680 2027 113 Total $ 22,903 |
Convertible Senior Notes
Convertible Senior Notes | 9 Months Ended |
Oct. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | Convertible Senior Notes In June 2018, the Company issued $250.0 million aggregate principal amount of 0.75% convertible senior notes due 2024 in a private placement and, in July 2018, the Company issued an additional $50.0 million aggregate principal amount of convertible senior notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional convertible senior notes (collectively, the “2024 Notes”). The 2024 Notes are senior unsecured obligations of the Company and interest is payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2018, at a rate of 0.75% per year. The 2024 Notes will mature on June 15, 2024, unless earlier converted, redeemed or repurchased. The total net proceeds from the offering, after deducting initial purchase discounts and debt issuance costs, were approximately $291.1 million. In January 2020, the Company issued $1.0 billion aggregate principal amount of 0.25% convertible senior notes due 2026 in a private placement and, also in January 2020, the Company issued an additional $150.0 million aggregate principal amount of convertible senior notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional convertible senior notes (collectively, the “2026 Notes”). The 2026 Notes are senior unsecured obligations of the Company and interest is payable semiannually in arrears on July 15 and January 15 of each year, beginning on July 15, 2020, at a rate of 0.25% per year. The 2026 Notes will mature on January 15, 2026, unless earlier converted, redeemed or repurchased. The total net proceeds from the offering, after deducting initial purchase discounts and estimated debt issuance costs, were approximately $1.13 billion. On January 14, 2020, in connection with the issuance of the 2026 Notes, the Company used a portion of the net proceeds to repurchase $210.0 million aggregate principal amount of the 2024 Notes (the “2024 Notes Partial Repurchase”) leaving $90.0 million aggregate principal outstanding on the 2024 Notes immediately after the exchange. The 2024 Notes Partial Repurchase were not pursuant to a redemption notice and were individually privately negotiated transactions. The 2024 Notes Partial Repurchase and issuance of the 2026 Notes were deemed to have substantially different terms due to the significant difference between the value of the conversion option immediately prior to and after the exchange, and accordingly, the 2024 Notes Partial Repurchase was accounted for as a debt extinguishment. Refer to Note 6, Convertible Senior Notes , in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2021 Form 10-K for further information on the 2024 Notes, the 2026 Notes and the 2024 Notes Partial Repurchase. On October 1, 2021, the Company issued a notice of redemption (the “Redemption Notice”) for the aggregate principal amount outstanding of its 2024 Notes. Pursuant to the Redemption Notice, on December 3, 2021, the Company redeemed the outstanding principal of the 2024 Notes that were not converted prior to such date at a redemption price in cash equal to 100% of the principal amount of the 2024 Notes, plus accrued and unpaid interest. Approximately $1.9 million aggregate principal amount outstanding as of October 31, 2021 were converted to 27,377 shares of the Company’s Class A common stock with the remaining balance settled in cash. The extinguishment of the 2024 Notes on December 3, 2021 is immaterial to the Company’s financial statements. During the three months ended October 31, 2021, the conditional conversion feature of the 2024 Notes and the 2026 Notes was triggered as the last reported sale price of the Company's Class A common stock was more than or equal to 130% of the applicable conversion price for each of the series of convertible senior notes for at least 20 trading days in the period of 30 consecutive trading days ending on October 31, 2021 (the last trading day of the fiscal quarter) and therefore the 2024 Notes were convertible, in whole or in part, at the option of the holders from November 1, 2021 until their redemption on December 3, 2021, and the 2026 Notes are currently convertible, in whole or in part, at the option of the holders from November 1, 2021 through January 31, 2022. Whether the 2026 Notes will be convertible following such period will depend on the continued satisfaction of this condition or another conversion condition in the future. During the nine months ended October 31, 2021, certain holders elected to redeem $88.1 million of aggregate principal amount of the 2024 Notes and the 2026 Notes. The Company elected to use $27.6 million of cash to settle a portion of the principal upon redemption, with the remainder settled through the issuance of 1,216,492 shares of Class A common stock. The difference between the settlement consideration and the liability component of the redeemed 2024 Notes and 2026 Notes was recorded to additional paid-in capital on the Company’s condensed consolidated balance sheet. Pursuant to the Company’s adoption of ASU 2020-06, there was no gain nor loss recognized upon any conversions of either of the 2024 Notes and 2026 Notes. The Company may continue to elect to repay the 2026 Notes in cash, shares of the Company’s Class A common stock or a combination of both cash and shares with respect to future conversions of the 2026 Notes. The net carrying amounts of the liability component of the 2024 Notes and the 2026 Notes were as follows for the periods presented (in thousands): October 31, 2021 January 31, 2021 2024 Notes 2026 Notes 2024 Notes 2026 Notes Principal $ 1,863 (1) $ 1,149,991 $ 90,000 $ 1,150,000 Unamortized debt discount (2) — — (15,459) (249,907) Unamortized debt issuance costs (25) (14,307) (1,265) (13,174) Net carrying amount (2) $ 1,838 $ 1,135,684 $ 73,276 $ 886,919 (1) The aggregate principal amount outstanding of the 2024 Notes is presented within Other Accrued Liabilities on the Company’s condensed consolidated balance sheet as of October 31, 2021. (2) The net carrying amount was increased on February 1, 2021 as a result of the adoption of ASU 2020-06. Refer to Note 2, Summary of Significant Accounting Policies , in this Quarterly Report on Form 10-Q for further information. As of October 31, 2021, the total estimated fair values (Level 2) of the outstanding 2024 Notes and the 2026 Notes were approximately $9.5 million and $2.8 billion, respectively. The fair values were determined based on the closing trading price per $100 of the 2024 Notes and 2026 Notes as of the last available date of trading. The fair values of the 2024 Notes and 2026 Notes are primarily affected by the trading price of the Company’s Class A common stock and market interest rates. The following table sets forth the interest expense related to the 2024 Notes and 2026 Notes (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 2024 Notes 2026 Notes 2024 Notes 2026 Notes 2024 Notes 2026 Notes 2024 Notes 2026 Notes Contractual interest expense $ 4 $ 719 $ 168 $ 718 $ 203 $ 2,156 $ 506 $ 2,156 Amortization of debt discount (1) — — 1,002 10,826 — — 2,958 32,058 Amortization of issuance costs (1) 2 840 70 469 646 2,515 203 1,366 Total (1) $ 6 $ 1,559 $ 1,240 $ 12,013 $ 849 $ 4,671 $ 3,667 $ 35,580 (1) The decrease in total interest expense for the three and nine months ended October 31, 2021 as compared to the respective prior-year periods was due to the derecognition of the unamortized debt discount, partially offset by the increase in the amortization of issuance costs previously recognized in equity. These changes were the result of the Company’s adoption of ASU 2020-06, as of February 1, 2021, as described in Note 2, Summary of Significant Accounting Policies . Capped Calls In connection with the pricing of the 2024 Notes and 2026 Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “Capped Calls”). The Capped Calls associated with the 2024 Notes each have an initial strike price of approximately $68.15 per share, subject to certain adjustments, which corresponds to the initial conversion price of the 2024 Notes. These Capped Calls have initial cap prices of $106.90 per share, subject to certain adjustments. The Capped Calls associated with the 2026 Notes each have an initial strike price of approximately $211.20 per share, subject to certain adjustments, which corresponds to the initial conversion price of the 2026 Notes. These Capped Calls have initial cap prices of $296.42 per share, subject to certain adjustments. Refer to Note 6, Convertible Senior Notes , in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2021 Form 10-K for further information on the Capped Calls. |
Leases
Leases | 9 Months Ended |
Oct. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases Finance Lease In December 2017, the Company entered into a lease agreement for 106,230 rentable square feet of office space (the “Premises”) to accommodate its growing employee base in New York City. The Company received delivery of the Premises on January 1, 2018 to commence construction to renovate the Premises. Total estimated aggregate base rent payments over the initial 12-year term of the lease are $87.3 million and payments began in July 2019. The Company has the option to extend the term of the lease by an additional 5 years. Operating Leases The Company has entered into non-cancelable operating leases, primarily related to rental of office space expiring through 2032. The Company recognizes operating lease costs on a straight-line basis over the term of the agreement, taking into account adjustments for market provisions such as free or escalating base monthly rental payments or deferred payment terms such as rent holidays that defer the commencement date of the required payments. The Company may receive renewal or expansion options, leasehold improvement allowances or other incentives on certain lease agreements. The Company entered into a new agreement to lease approximately 16,000 square feet of office space in Palo Alto for a term of eight years with one option to extend for an additional five years. The total estimated aggregate base rent payments are $14.2 million with payments beginning four months subsequent to the commencement date, which was April 13, 2021. Lease Costs The components of the Company’s lease costs included in its condensed consolidated statement of operations were as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Finance lease cost: Amortization of finance lease right-of-use assets $ 993 $ 993 $ 2,981 $ 2,981 Interest on finance lease liabilities 785 852 2,406 2,604 Operating lease cost 2,313 2,335 6,481 6,189 Short-term lease cost 431 435 630 1,968 Total lease cost $ 4,522 $ 4,615 $ 12,498 $ 13,742 Balance Sheet Components The balances of the Company’s finance and operating leases were recorded on the condensed consolidated balance sheet as follows (in thousands): October 31, 2021 January 31, 2021 Finance Lease: Property and equipment, net $ 32,457 $ 35,437 Other accrued liabilities (current) 5,111 4,900 Other liabilities, non-current 50,496 54,356 Operating Leases: Operating lease right-of-use assets $ 42,291 $ 34,587 Operating lease liabilities (current) 7,298 2,343 Operating lease liabilities, non-current 41,072 39,095 Supplemental Information The following table presents supplemental information related to the Company’s finance and operating leases (in thousands, except weighted-average information): Nine Months Ended October 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance lease $ 2,406 $ 2,604 Operating cash flows from operating leases 5,909 4,146 Financing cash flows from finance lease 3,649 3,450 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 12,893 $ 30,593 Weighted-average remaining lease term (in years): Finance lease 8.2 9.2 Operating leases 7.4 7.9 Weighted-average discount rate: Finance lease 5.6 % 5.6 % Operating leases 4.3 % 4.6 % Maturities of Lease Liabilities Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of October 31, 2021 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2022 $ 2,018 $ 1,729 2023 8,073 10,050 2024 8,073 8,759 2025 8,445 7,557 2026 8,711 6,081 Thereafter 34,118 22,604 Total minimum payments 69,438 56,780 Less imputed interest (13,831) (8,410) Present value of future minimum lease payments 55,607 48,370 Less current obligations under leases (5,111) (7,298) Non-current lease obligations $ 50,496 $ 41,072 |
Leases | Leases Finance Lease In December 2017, the Company entered into a lease agreement for 106,230 rentable square feet of office space (the “Premises”) to accommodate its growing employee base in New York City. The Company received delivery of the Premises on January 1, 2018 to commence construction to renovate the Premises. Total estimated aggregate base rent payments over the initial 12-year term of the lease are $87.3 million and payments began in July 2019. The Company has the option to extend the term of the lease by an additional 5 years. Operating Leases The Company has entered into non-cancelable operating leases, primarily related to rental of office space expiring through 2032. The Company recognizes operating lease costs on a straight-line basis over the term of the agreement, taking into account adjustments for market provisions such as free or escalating base monthly rental payments or deferred payment terms such as rent holidays that defer the commencement date of the required payments. The Company may receive renewal or expansion options, leasehold improvement allowances or other incentives on certain lease agreements. The Company entered into a new agreement to lease approximately 16,000 square feet of office space in Palo Alto for a term of eight years with one option to extend for an additional five years. The total estimated aggregate base rent payments are $14.2 million with payments beginning four months subsequent to the commencement date, which was April 13, 2021. Lease Costs The components of the Company’s lease costs included in its condensed consolidated statement of operations were as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Finance lease cost: Amortization of finance lease right-of-use assets $ 993 $ 993 $ 2,981 $ 2,981 Interest on finance lease liabilities 785 852 2,406 2,604 Operating lease cost 2,313 2,335 6,481 6,189 Short-term lease cost 431 435 630 1,968 Total lease cost $ 4,522 $ 4,615 $ 12,498 $ 13,742 Balance Sheet Components The balances of the Company’s finance and operating leases were recorded on the condensed consolidated balance sheet as follows (in thousands): October 31, 2021 January 31, 2021 Finance Lease: Property and equipment, net $ 32,457 $ 35,437 Other accrued liabilities (current) 5,111 4,900 Other liabilities, non-current 50,496 54,356 Operating Leases: Operating lease right-of-use assets $ 42,291 $ 34,587 Operating lease liabilities (current) 7,298 2,343 Operating lease liabilities, non-current 41,072 39,095 Supplemental Information The following table presents supplemental information related to the Company’s finance and operating leases (in thousands, except weighted-average information): Nine Months Ended October 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance lease $ 2,406 $ 2,604 Operating cash flows from operating leases 5,909 4,146 Financing cash flows from finance lease 3,649 3,450 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 12,893 $ 30,593 Weighted-average remaining lease term (in years): Finance lease 8.2 9.2 Operating leases 7.4 7.9 Weighted-average discount rate: Finance lease 5.6 % 5.6 % Operating leases 4.3 % 4.6 % Maturities of Lease Liabilities Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of October 31, 2021 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2022 $ 2,018 $ 1,729 2023 8,073 10,050 2024 8,073 8,759 2025 8,445 7,557 2026 8,711 6,081 Thereafter 34,118 22,604 Total minimum payments 69,438 56,780 Less imputed interest (13,831) (8,410) Present value of future minimum lease payments 55,607 48,370 Less current obligations under leases (5,111) (7,298) Non-current lease obligations $ 50,496 $ 41,072 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Non-cancelable Material Commitments During the nine months ended October 31, 2021, other than certain non-cancelable operating leases described in Note 6, Leases , there have been no material changes outside the ordinary course of business to the Company’s contractual obligations and commitments from those disclosed in the 2021 Form 10-K. Legal Matters From time to time, the Company has become involved in claims, litigation and other legal matters arising in the ordinary course of business, including intellectual property claims, labor and employment claims and breach of contract claims. For example, on March 12, 2019, Realtime Data LLC (“Realtime”) filed a lawsuit against the Company in the United States District Court for the District of Delaware alleging that the Company is infringing three U.S. patents that it holds: U.S. Patent No. 9,116,908 (the “908 Patent”), U.S. Patent No. 9,667,751 (the “751 Patent”) and U.S. Patent No. 8,933,825 (the “825 Patent”). On May 4, 2021, in a consolidated action that includes Realtime's case against MongoDB, the District Court granted certain defendants' motion to dismiss without prejudice, finding that the Patents are invalid under 35 U.S.C. § 101. Realtime filed an amended complaint against the Company on May 18, 2021, and the Company moved to dismiss that amended complaint on June 29, 2021. On August 23, 2021, the District Court granted the Company's motion to dismiss. On August 25, 2021, Realtime filed a notice of appeal of the Delaware District Court’s order. Realtime’s opening appeal brief was filed on December 6, 2021, and the Company’s responsive brief is currently due on February 16, 2022. The Company investigates all claims, litigation and other legal matters as they arise. Although claims and litigation are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, financial position, results of operations or cash flows. The Company accrues estimates for resolution of legal and other contingencies when losses are probable and estimable. Although the results of claims and litigation are inherently unpredictable, the Company believes that there was less than a reasonable possibility that the Company had incurred a material loss with respect to such loss contingencies, as of October 31, 2021 and January 31, 2021; therefore, the Company has not recorded an accrual for such contingencies. Indemnification The Company enters into indemnification provisions under its agreements with other companies in the ordinary course of business, including business partners, landlords, contractors and parties performing its research and development. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The terms of these indemnification agreements are generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is not material. The Company maintains commercial general liability insurance and product liability insurance to offset certain of the Company’s potential liabilities under these indemnification provisions. The Company has entered into indemnification agreements with each of its directors and executive officers. These agreements require the Company to indemnify such individuals, to the fullest extent permitted by Delaware law, for certain liabilities to which they may become subject as a result of their affiliation with the Company. |
Revenue
Revenue | 9 Months Ended |
Oct. 31, 2021 | |
Revenues [Abstract] | |
Revenue | Revenue Disaggregation of Revenue Based on the information provided to and reviewed by the Company’s Chief Executive Officer, its Chief Operating Decision Maker, the Company believes that the nature, amount, timing and uncertainty of its revenue and cash flows and how they are affected by economic factors is most appropriately depicted through the Company’s primary geographical markets and subscription product categories. The Company’s primary geographical markets are North and South America (“Americas”); Europe, Middle East and Africa (“EMEA”); and Asia Pacific. The Company also disaggregates its subscription products between its MongoDB Atlas-related offerings and other subscription products, which include MongoDB Enterprise Advanced. The following table presents the Company’s revenues disaggregated by primary geographical markets, subscription product categories and services (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Primary geographical markets: Americas $ 138,036 $ 93,255 $ 368,339 $ 261,836 EMEA 66,183 44,552 178,490 123,762 Asia Pacific 22,674 12,964 60,459 33,783 Total $ 226,893 $ 150,771 $ 607,288 $ 419,381 Subscription product categories and services: MongoDB Atlas-related $ 131,123 $ 71,110 $ 336,390 $ 186,354 Other subscription 86,748 72,959 247,432 215,049 Services 9,022 6,702 23,466 17,978 Total $ 226,893 $ 150,771 $ 607,288 $ 419,381 Customers located in the United States accounted for 55% of total revenue for both the three and nine months ended October 31, 2021 and 57% of total revenue for both the three and nine months ended October 31, 2020. No other country accounted for 10% or more of revenue for the three and nine months ended October 31, 2021. Customers located in the United Kingdom accounted for 10% of total revenue for both the three and nine months ended October 31, 2020. Contract Liabilities The Company’s contract liabilities are recorded as deferred revenue in the Company’s condensed consolidated balance sheet and consist of customer invoices issued or payments received in advance of revenues being recognized from the Company’s subscription and services contracts. Deferred revenue, including current and non-current balances, as of October 31, 2021 and January 31, 2021 was $297.9 million and $238.0 million, respectively. Approximately 30% and 35% of the total revenue recognized for the nine months ended October 31, 2021 and 2020, respectively, was from deferred revenue at the beginning of each respective period. Remaining Performance Obligations Remaining performance obligations represent the aggregate amount of the transaction price in contracts allocated to performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Remaining performance obligations include unearned revenue, multi-year contracts with future installment payments and certain unfulfilled orders against accepted customer contracts at the end of any given period. As of October 31, 2021, the aggregate transaction price allocated to remaining performance obligations was $353.4 million. Approximately 61% is expected to be recognized as revenue over the next 12 months and the remainder thereafter. The Company applies the practical expedient to omit disclosure with respect to the amount of the transaction price allocated to remaining performance obligations if the related contract has a total duration of 12 months or less. Unbilled Receivables Revenue recognized in excess of invoiced amounts creates an unbilled receivable, which represents the Company’s unconditional right to consideration in exchange for goods or services that the Company has transferred to the customer. Unbilled receivables were recorded as part of accounts receivable, net in the Company’s condensed consolidated balance sheets. As of October 31, 2021 and January 31, 2021, unbilled receivables were $6.9 million and $5.7 million, respectively. Allowance for Doubtful Accounts The adoption of ASU 2016-13 on February 1, 2020 required the Company to shift from an incurred loss impairment model to an expected credit loss model. Accordingly, the Company is required to consider expectations of forward-looking losses, in addition to historical loss rates, to estimate its allowance for doubtful accounts on its account receivables. The following is a summary of the changes in the Company’s allowance for doubtful accounts (in thousands): Allowance for Doubtful Accounts Balance at January 31, 2021 $ 6,024 Provision 3,652 Recoveries/write-offs (4,680) Balance as of October 31, 2021 $ 4,996 Costs Capitalized to Obtain Contracts with Customers Deferred commissions were $153.4 million and $118.6 million as of October 31, 2021 and January 31, 2021, respectively. Amortization expense with respect to deferred commissions, which is included in sales and marketing expense in the Company’s condensed consolidated statement of operations, was $13.3 million and $33.5 million for the three and nine months ended October 31, 2021, respectively, and $7.2 million and $20.5 million for the three and nine months ended October 31, 2020, respectively. There was no impairment loss in relation to the costs capitalized for the periods presented. |
Equity Incentive Plans and Empl
Equity Incentive Plans and Employee Stock Purchase Plan | 9 Months Ended |
Oct. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans and Employee Stock Purchase Plan | Equity Incentive Plans and Employee Stock Purchase Plan 2008 Stock Incentive Plan and 2016 Equity Incentive Plan The Company adopted the 2008 Stock Incentive Plan (as amended, the “2008 Plan”) and the 2016 Equity Incentive Plan (as amended, the “2016 Plan”), primarily for the purpose of granting stock-based awards to employees, directors and consultants, including stock options, restricted stock units (“RSUs”) and other stock-based awards. With the establishment of the 2016 Plan in December 2016, all shares available for grant under the 2008 Plan were transferred to the 2016 Plan. The Company no longer grants any stock-based awards under the 2008 Plan and any shares underlying stock options canceled under the 2008 Plan will be automatically transferred to the 2016 Plan. Stock Options The 2016 Plan provides for the issuance of incentive stock options to employees and nonstatutory stock options to employees, directors or consultants. The Company’s Board of Directors or a committee thereof determines the vesting schedule for all equity awards. Stock option awards generally vest over a period of four years with 25% vesting on the one-year anniversary of the award and the remainder vesting monthly over the next 36 months of the grantee’s service to the Company. The following table summarizes stock option activity for the nine months ended October 31, 2021 (in thousands, except share and per share data and years): Shares Weighted- Weighted- Aggregate Balance - January 31, 2021 3,881,545 $ 7.50 4.8 $ 1,405,540 Stock options exercised (986,002) 7.73 Stock options forfeited and expired (9,982) 10.95 Balance - October 31, 2021 2,885,561 $ 7.41 4.1 $ 1,482,829 Vested and exercisable - January 31, 2021 3,566,091 $ 7.22 4.7 $ 1,292,303 Vested and exercisable - October 31, 2021 2,884,486 $ 7.40 4.1 $ 1,482,299 Restricted Stock Units The 2016 Plan provides for the issuance of RSUs to employees, directors and consultants. RSUs granted to new employees generally vest over a period of four years with 25% vesting on the one-year anniversary of the vesting start date and the remainder vesting quarterly over the next 12 quarters, subject to the grantee’s continued service to the Company. RSUs granted to existing employees generally vest quarterly over a period of four years, subject to the grantee’s continued service to the Company. The following table summarizes RSU activity for the nine months ended October 31, 2021: Shares Weighted-Average Grant Date Fair Value per RSU Unvested - January 31, 2021 3,473,512 $ 139.68 RSUs granted 1,422,325 386.88 RSUs vested (1,070,507) 142.93 RSUs forfeited and canceled (335,347) 182.95 Unvested - October 31, 2021 3,489,983 $ 235.27 2017 Employee Stock Purchase Plan In October 2017, the Company’s Board of Directors adopted, and stockholders approved, the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). Subject to any plan limitations, the 2017 ESPP allows eligible employees to contribute, normally through payroll deductions, up to 15% of their earnings for the purchase of the Company’s Class A common stock at a discounted price per share. In June 2021 the Company issued 45,261 shares of Class A common stock under the 2017 ESPP. The Company’s current offering period began June 16, 2021 and is expected to end December 15, 2021. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s unaudited condensed consolidated statements of operations is as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Cost of revenue—subscription $ 3,934 $ 2,446 $ 10,322 $ 6,508 Cost of revenue—services 1,521 1,513 4,473 4,142 Sales and marketing 24,790 14,696 64,749 38,754 Research and development 29,205 15,442 73,227 41,415 General and administrative 9,258 5,855 24,556 17,225 Total stock-based compensation expense $ 68,708 $ 39,952 $ 177,327 $ 108,044 |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Oct. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The Company calculates basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive shares of Class A common stock outstanding for the period, including stock options, restricted stock units and shares underlying the conversion option of the 2024 Notes and the 2026 Notes. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential shares of Class A common stock outstanding would have been anti-dilutive due to the net loss reported for each period presented. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Numerator: Net loss $ (81,293) $ (72,651) $ (222,418) $ (191,143) Denominator: Weighted-average shares used to compute net loss per share, basic and diluted 66,386,379 59,368,167 63,750,884 58,476,521 Net loss per share, basic and diluted $ (1.22) $ (1.22) $ (3.49) $ (3.27) Prior to the adoption of ASU 2020-06, the Company calculated the potential dilutive effect of its 2024 Notes and 2026 Notes under the treasury stock method. As a result, only the amount by which the conversion value exceeded the aggregate principal amount of the 2024 Notes and 2026 Notes (the “conversion spread”) was considered in the diluted earnings per share computation. The conversion spread only had a dilutive impact on diluted net income per share when the average market price of the Company’s Class A common stock for a given period exceeded the initial conversion price of $68.15 per share for the 2024 Notes and $211.20 per share for the 2026 Notes. Upon the adoption of ASU 2020-06 on February 1, 2021, the Company calculates the potential dilutive effect of its 2024 Notes and 2026 under the if-converted method. Under this method, diluted earnings per share is determined by assuming that all of the 2024 Notes and the 2026 Notes were converted into shares of the Company’s Class A common stock at the beginning of the reporting period. In connection with the issuance of the 2024 Notes and 2026 Notes, the Company entered into Capped Calls, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. The Capped Calls are expected to partially offset the potential dilution to the Company’s Class A common stock upon any conversion of the 2024 Notes and 2026 Notes. The Company has not exercised any of its Capped Calls as of October 31, 2021. The following weighted-average outstanding potentially dilutive shares of common stock were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been anti-dilutive: Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Stock options pursuant to the 2016 Equity Incentive Plan 722,070 1,234,642 818,589 1,434,388 Stock options pursuant to the 2008 Stock Incentive Plan (previously options to purchase Class B common stock) 2,250,736 3,614,730 2,476,270 4,013,050 Unvested restricted stock units 3,679,734 3,938,037 3,745,955 4,004,267 Early exercised stock options — 2,831 136 6,418 Shares underlying the conversion option of the 2024 Notes (conversion spread only prior to the adoption of ASU 2020-06) 27,337 925,870 308,849 841,126 Shares underlying the conversion option of the 2026 Notes 5,445,092 — 5,445,116 — Total 12,124,969 9,716,110 12,794,915 10,299,249 |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded a provision for income taxes of $2.2 million and $2.4 million for the three and nine months ended October 31, 2021, respectively, and a provision for income taxes of $0.9 million and $2.1 million for the three and nine months ended October 31, 2020, respectively. The provision recorded during the three months ended October 31, 2021 was driven by the increase in global income and the associated foreign taxes as the Company continues its global expansion. The provision for the nine months ended October 31, 2021, was the result of an increase in foreign taxes, partially offset by the release of the valuation allowance as a result of goodwill recorded associated with an immaterial business combination, as well as the reversal of the deferred tax liability associated with the convertible senior notes upon the adoption of ASU 2020-06. The calculation of income taxes was based upon the estimated annual effective tax rates for the year applied to the jurisdictional mix of current period income (loss) before tax plus the tax effect of any significant unusual items, discrete events or changes in tax law. The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has maintained a valuation allowance on U.S., U.K. and Ireland net deferred tax assets, as it is more likely than not that some or all of the deferred tax assets will not be realized. The Company assesses uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainties in Tax . As of January 31, 2021, the Company’s net unrecognized tax benefits totaled $17.5 million, which would have no impact on the Company’s effective tax rate if recognized. The Company continues to monitor and interpret the impact of proposed and enacted global tax legislation, such as the Coronavirus Aid, Relief, and Economic Security Act, and the impact of such tax legislation on the effective tax rate and tax provision thereunder. To date, based on the full valuation allowance against the Company’s two most significant tax jurisdictions, the United States and Ireland, the impact of global enacted and proposed legislation has not had an impact on the tax provisions of the financial statements. The Company continues to monitor to ensure both the Company’s financial results and its related tax disclosures are in compliance with any tax legislation. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying interim condensed consolidated balance sheet as of October 31, 2021, the interim condensed consolidated statements of stockholders’ equity (deficit) for the three and nine months ended October 31, 2021 and 2020, the interim condensed consolidated statements of operations and of comprehensive loss for the three and nine months ended October 31, 2021 and 2020 and the interim condensed consolidated statements of cash flows for the nine months ended October 31, 2021 and 2020 are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position as of October 31, 2021, its statements of stockholders’ equity (deficit) as of October 31, 2021 and 2020, its results of operations and of comprehensive loss for the three and nine months ended October 31, 2021 and 2020 and its statements of cash flows for the nine months ended October 31, 2021 and 2020. The financial data and the other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three- and nine-month periods are also unaudited. The results of operations for the three and nine months ended October 31, 2021 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2022 or for any other future year or interim period. The interim unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission. The condensed balance sheet data as of January 31, 2021 was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. Therefore, these interim unaudited condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2021 (the “2021 Form 10-K”). |
Use of Estimates | The preparation of the interim unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, the incremental borrowing rate related to the Company’s lease liabilities, stock-based compensation, fair value of common stock prior to the initial public offering, legal contingencies, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, fair value of non-marketable securities and accounting for income taxes. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. The ongoing COVID-19 pandemic has resulted in a global slowdown of economic activity that is likely to continue to decrease demand and supply for a broad variety of goods and services, including demand from the Company’s customers, while also disrupting sales channels and marketing activities for an unknown period of time. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or adjust the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. |
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted | Convertible Senior Notes. In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06— Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The new standard simplifies the accounting for convertible instruments by eliminating the conversion option separation model for convertible debt that can be settled in cash and by eliminating the measurement model for beneficial conversion features. Convertible instruments that continue to be subject to separation models are (1) those with conversion options that are required to be accounted for as bifurcated derivatives and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. Additionally, among other changes, the new guidance eliminates some of the conditions for equity classification for contracts in an entity’s own equity, thereby making it easier for equity contracts to qualify for the derivative scope exception. The new standard also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. The Company early adopted ASU 2020-06 as of February 1, 2021 using the modified retrospective transition method. Upon adoption of ASU 2020-06, the Company is no longer recording the conversion feature of its convertible senior notes in equity. Instead, the Company combined the previously separated equity component with the liability component, which together is now classified as debt, thereby eliminating the subsequent amortization of the debt discount as interest expense. Similarly, the portion of issuance costs previously allocated to equity was reclassified to debt and amortized as interest expense. Accordingly, the Company recorded a decrease to accumulated deficit of $52.6 million, a decrease to additional paid-in capital of $309.4 million, a decrease to temporary equity of $4.7 million and an increase to convertible senior notes, net, of $261.5 million. There was an immaterial benefit from the reversal of the deferred tax liability associated with the convertible senior notes upon the adoption of ASU 2020-06. Prior period financial statements were not restated. Also upon adoption, the Company is no longer utilizing the treasury stock method for earnings per share purposes. Instead, the Company is applying the if-converted method when reporting the number of potentially dilutive shares of common stock. Although the required use of the if-converted method will not impact the diluted net loss per share as long as the Company is in a net loss position, the Company is required to include disclosures of all the underlying shares regardless of the average stock price for the reporting period. The Company’s convertible senior notes are classified as non-current liabilities until the reporting period date is within one year of maturity of the convertible senior notes or when the Company has received a redemption request, but settlement will occur after the reporting period date. Under such circumstances, the carrying amount of the convertible senior notes, net of the associated unamortized debt issuance costs, is classified as a current liability. Income Taxes. In December 2019, the FASB issued ASU 2019-12— Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application and simplification of GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted ASU 2019-12 effective February 1, 2021 and the adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. |
Net Loss per Share | The Company calculates basic net loss per share by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive shares of Class A common stock outstanding for the period, including stock options, restricted stock units and shares underlying the conversion option of the 2024 Notes and the 2026 Notes. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential shares of Class A common stock outstanding would have been anti-dilutive due to the net loss reported for each period presented. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities measured at fair value on a recurring basis | The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value on a recurring basis as of October 31, 2021 and January 31, 2021 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Fair Value Measurement as of October 31, 2021 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 631,924 $ — $ — $ 631,924 Short-term investments: U.S. government treasury securities 1,054,746 — — 1,054,746 Total financial assets $ 1,686,670 $ — $ — $ 1,686,670 Fair Value Measurement as of January 31, 2021 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 330,109 $ — $ — $ 330,109 Short-term investments: U.S. government treasury securities 528,045 — — 528,045 Total financial assets $ 858,154 $ — $ — $ 858,154 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets, Net (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross carrying amount and accumulated amortization of intangible assets | The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows (in thousands): October 31, 2021 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life Developed technology $ 38,100 $ (21,447) $ 16,653 2.9 Customer relationships 15,200 (8,950) 6,250 2.1 Total $ 53,300 $ (30,397) $ 22,903 January 31, 2021 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life Developed technology $ 34,700 $ (16,955) $ 17,745 3.3 Customer relationships 15,200 (6,670) 8,530 2.8 Total $ 49,900 $ (23,625) $ 26,275 |
Future amortization expense related to intangible assets | As of October 31, 2021, future amortization expense related to the intangible assets is as follows (in thousands): Years Ending January 31, Remainder of 2022 $ 2,295 2023 9,180 2024 8,505 2025 2,130 2026 680 2027 113 Total $ 22,903 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible debt schedules | The net carrying amounts of the liability component of the 2024 Notes and the 2026 Notes were as follows for the periods presented (in thousands): October 31, 2021 January 31, 2021 2024 Notes 2026 Notes 2024 Notes 2026 Notes Principal $ 1,863 (1) $ 1,149,991 $ 90,000 $ 1,150,000 Unamortized debt discount (2) — — (15,459) (249,907) Unamortized debt issuance costs (25) (14,307) (1,265) (13,174) Net carrying amount (2) $ 1,838 $ 1,135,684 $ 73,276 $ 886,919 (1) The aggregate principal amount outstanding of the 2024 Notes is presented within Other Accrued Liabilities on the Company’s condensed consolidated balance sheet as of October 31, 2021. (2) The net carrying amount was increased on February 1, 2021 as a result of the adoption of ASU 2020-06. Refer to Note 2, Summary of Significant Accounting Policies , in this Quarterly Report on Form 10-Q for further information. |
Interest expense related to Notes | The following table sets forth the interest expense related to the 2024 Notes and 2026 Notes (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 2024 Notes 2026 Notes 2024 Notes 2026 Notes 2024 Notes 2026 Notes 2024 Notes 2026 Notes Contractual interest expense $ 4 $ 719 $ 168 $ 718 $ 203 $ 2,156 $ 506 $ 2,156 Amortization of debt discount (1) — — 1,002 10,826 — — 2,958 32,058 Amortization of issuance costs (1) 2 840 70 469 646 2,515 203 1,366 Total (1) $ 6 $ 1,559 $ 1,240 $ 12,013 $ 849 $ 4,671 $ 3,667 $ 35,580 (1) The decrease in total interest expense for the three and nine months ended October 31, 2021 as compared to the respective prior-year periods was due to the derecognition of the unamortized debt discount, partially offset by the increase in the amortization of issuance costs previously recognized in equity. These changes were the result of the Company’s adoption of ASU 2020-06, as of February 1, 2021, as described in Note 2, Summary of Significant Accounting Policies . |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost | The components of the Company’s lease costs included in its condensed consolidated statement of operations were as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Finance lease cost: Amortization of finance lease right-of-use assets $ 993 $ 993 $ 2,981 $ 2,981 Interest on finance lease liabilities 785 852 2,406 2,604 Operating lease cost 2,313 2,335 6,481 6,189 Short-term lease cost 431 435 630 1,968 Total lease cost $ 4,522 $ 4,615 $ 12,498 $ 13,742 The following table presents supplemental information related to the Company’s finance and operating leases (in thousands, except weighted-average information): Nine Months Ended October 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance lease $ 2,406 $ 2,604 Operating cash flows from operating leases 5,909 4,146 Financing cash flows from finance lease 3,649 3,450 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 12,893 $ 30,593 Weighted-average remaining lease term (in years): Finance lease 8.2 9.2 Operating leases 7.4 7.9 Weighted-average discount rate: Finance lease 5.6 % 5.6 % Operating leases 4.3 % 4.6 % |
Assets And Liabilities, Lessee | The balances of the Company’s finance and operating leases were recorded on the condensed consolidated balance sheet as follows (in thousands): October 31, 2021 January 31, 2021 Finance Lease: Property and equipment, net $ 32,457 $ 35,437 Other accrued liabilities (current) 5,111 4,900 Other liabilities, non-current 50,496 54,356 Operating Leases: Operating lease right-of-use assets $ 42,291 $ 34,587 Operating lease liabilities (current) 7,298 2,343 Operating lease liabilities, non-current 41,072 39,095 |
Finance Lease, Liability, Maturity | Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of October 31, 2021 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2022 $ 2,018 $ 1,729 2023 8,073 10,050 2024 8,073 8,759 2025 8,445 7,557 2026 8,711 6,081 Thereafter 34,118 22,604 Total minimum payments 69,438 56,780 Less imputed interest (13,831) (8,410) Present value of future minimum lease payments 55,607 48,370 Less current obligations under leases (5,111) (7,298) Non-current lease obligations $ 50,496 $ 41,072 |
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of October 31, 2021 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2022 $ 2,018 $ 1,729 2023 8,073 10,050 2024 8,073 8,759 2025 8,445 7,557 2026 8,711 6,081 Thereafter 34,118 22,604 Total minimum payments 69,438 56,780 Less imputed interest (13,831) (8,410) Present value of future minimum lease payments 55,607 48,370 Less current obligations under leases (5,111) (7,298) Non-current lease obligations $ 50,496 $ 41,072 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Revenues [Abstract] | |
Schedule of total revenue by geographical markets, subscription product categories and services | The following table presents the Company’s revenues disaggregated by primary geographical markets, subscription product categories and services (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Primary geographical markets: Americas $ 138,036 $ 93,255 $ 368,339 $ 261,836 EMEA 66,183 44,552 178,490 123,762 Asia Pacific 22,674 12,964 60,459 33,783 Total $ 226,893 $ 150,771 $ 607,288 $ 419,381 Subscription product categories and services: MongoDB Atlas-related $ 131,123 $ 71,110 $ 336,390 $ 186,354 Other subscription 86,748 72,959 247,432 215,049 Services 9,022 6,702 23,466 17,978 Total $ 226,893 $ 150,771 $ 607,288 $ 419,381 |
Accounts Receivable, Allowance for Credit Loss | The following is a summary of the changes in the Company’s allowance for doubtful accounts (in thousands): Allowance for Doubtful Accounts Balance at January 31, 2021 $ 6,024 Provision 3,652 Recoveries/write-offs (4,680) Balance as of October 31, 2021 $ 4,996 |
Equity Incentive Plans and Em_2
Equity Incentive Plans and Employee Stock Purchase Plan (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock option activity | The following table summarizes stock option activity for the nine months ended October 31, 2021 (in thousands, except share and per share data and years): Shares Weighted- Weighted- Aggregate Balance - January 31, 2021 3,881,545 $ 7.50 4.8 $ 1,405,540 Stock options exercised (986,002) 7.73 Stock options forfeited and expired (9,982) 10.95 Balance - October 31, 2021 2,885,561 $ 7.41 4.1 $ 1,482,829 Vested and exercisable - January 31, 2021 3,566,091 $ 7.22 4.7 $ 1,292,303 Vested and exercisable - October 31, 2021 2,884,486 $ 7.40 4.1 $ 1,482,299 |
Schedule of restricted stock unit activity | The following table summarizes RSU activity for the nine months ended October 31, 2021: Shares Weighted-Average Grant Date Fair Value per RSU Unvested - January 31, 2021 3,473,512 $ 139.68 RSUs granted 1,422,325 386.88 RSUs vested (1,070,507) 142.93 RSUs forfeited and canceled (335,347) 182.95 Unvested - October 31, 2021 3,489,983 $ 235.27 |
Schedule of stock-based compensation expense recognized in consolidated statements of operations | Total stock-based compensation expense recognized in the Company’s unaudited condensed consolidated statements of operations is as follows (in thousands): Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Cost of revenue—subscription $ 3,934 $ 2,446 $ 10,322 $ 6,508 Cost of revenue—services 1,521 1,513 4,473 4,142 Sales and marketing 24,790 14,696 64,749 38,754 Research and development 29,205 15,442 73,227 41,415 General and administrative 9,258 5,855 24,556 17,225 Total stock-based compensation expense $ 68,708 $ 39,952 $ 177,327 $ 108,044 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Oct. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings (loss) per share | The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Numerator: Net loss $ (81,293) $ (72,651) $ (222,418) $ (191,143) Denominator: Weighted-average shares used to compute net loss per share, basic and diluted 66,386,379 59,368,167 63,750,884 58,476,521 Net loss per share, basic and diluted $ (1.22) $ (1.22) $ (3.49) $ (3.27) |
Schedule of antidilutive securities excluded from computation of earnings per share | The following weighted-average outstanding potentially dilutive shares of common stock were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been anti-dilutive: Three Months Ended October 31, Nine Months Ended October 31, 2021 2020 2021 2020 Stock options pursuant to the 2016 Equity Incentive Plan 722,070 1,234,642 818,589 1,434,388 Stock options pursuant to the 2008 Stock Incentive Plan (previously options to purchase Class B common stock) 2,250,736 3,614,730 2,476,270 4,013,050 Unvested restricted stock units 3,679,734 3,938,037 3,745,955 4,004,267 Early exercised stock options — 2,831 136 6,418 Shares underlying the conversion option of the 2024 Notes (conversion spread only prior to the adoption of ASU 2020-06) 27,337 925,870 308,849 841,126 Shares underlying the conversion option of the 2026 Notes 5,445,092 — 5,445,116 — Total 12,124,969 9,716,110 12,794,915 10,299,249 |
Organization and Description _2
Organization and Description of Business (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | Jun. 29, 2021 | Jan. 31, 2021 | |
Class of Stock [Line Items] | |||||
Shares issued, price per share (in dollars per share) | $ 365 | ||||
Proceeds from issuance of common stock, net of issuance costs | $ 889,184 | $ 0 | |||
Underwriting discounts and commissions | $ 22,700 | ||||
2021 Common Stock Offering | |||||
Class of Stock [Line Items] | |||||
Offering expenses | 600 | ||||
Additional Paid-In Capital | |||||
Class of Stock [Line Items] | |||||
Proceeds from issuance of common stock, net of issuance costs | $ 889,200 | ||||
Class A Common Stock | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cumulative effect of accounting change | $ (662,905) | $ (673,724) | $ 268,364 | $ 5,033 | $ (21,804) | $ (48,151) | $ (63,041) | $ (82,858) |
Temporary equity, convertible senior notes | 0 | 4,714 | ||||||
Convertible senior notes, net | 1,135,684 | 937,729 | ||||||
Accumulated Deficit | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cumulative effect of accounting change | 1,105,186 | 1,023,893 | 946,760 | 935,403 | 859,602 | 786,951 | 722,426 | 668,232 |
Additional Paid-In Capital | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cumulative effect of accounting change | (1,770,635) | $ (1,699,150) | $ (680,413) | (932,332) | $ (883,002) | $ (836,293) | $ (785,730) | (752,127) |
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cumulative effect of accounting change | 256,746 | 227 | ||||||
Temporary equity, convertible senior notes | 4,700 | |||||||
Convertible senior notes, net | 261,500 | |||||||
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cumulative effect of accounting change | (52,600) | (52,635) | $ 227 | |||||
Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-In Capital | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Cumulative effect of accounting change | $ (309,400) | $ 309,381 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2021 | |
Short-term investments: | ||||
Total financial assets | $ 1,686,670 | $ 1,686,670 | $ 858,154 | |
Other assets | 110,106 | 110,106 | 85,555 | |
Investment in non-marketable securities | (1,200) | (2,343) | $ (500) | |
Variable Interest Entity, Not Primary Beneficiary | ||||
Short-term investments: | ||||
Other assets | 2,800 | 2,800 | 500 | |
Level 1 | ||||
Short-term investments: | ||||
Total financial assets | 1,686,670 | 1,686,670 | 858,154 | |
Level 2 | ||||
Short-term investments: | ||||
Total financial assets | 0 | 0 | 0 | |
Level 3 | ||||
Short-term investments: | ||||
Total financial assets | 0 | 0 | 0 | |
U.S. government treasury securities | ||||
Short-term investments: | ||||
Short-term investments: | 1,054,746 | 1,054,746 | 528,045 | |
U.S. government treasury securities | Level 1 | ||||
Short-term investments: | ||||
Short-term investments: | 1,054,746 | 1,054,746 | 528,045 | |
U.S. government treasury securities | Level 2 | ||||
Short-term investments: | ||||
Short-term investments: | 0 | 0 | 0 | |
U.S. government treasury securities | Level 3 | ||||
Short-term investments: | ||||
Short-term investments: | 0 | 0 | 0 | |
Money market funds | ||||
Cash and cash equivalents: | ||||
Cash and cash equivalents: | 631,924 | 631,924 | 330,109 | |
Money market funds | Level 1 | ||||
Cash and cash equivalents: | ||||
Cash and cash equivalents: | 631,924 | 631,924 | 330,109 | |
Money market funds | Level 2 | ||||
Cash and cash equivalents: | ||||
Cash and cash equivalents: | 0 | 0 | 0 | |
Money market funds | Level 3 | ||||
Cash and cash equivalents: | ||||
Cash and cash equivalents: | $ 0 | $ 0 | $ 0 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 57,775 | $ 57,775 | $ 55,830 | |||
Amortization of intangible assets | $ 2,300 | $ 2,100 | $ 6,800 | $ 6,400 | ||
2021 Acquisition | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Cash consideration for aquisition | $ 9,000 | |||||
Business acquisition, purchase price | 4,500 | |||||
Post-combination compensation expense | 4,500 | |||||
Goodwill | 1,900 | |||||
Other tax expense (benefit) | 800 | |||||
Developed technology | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Weighted average useful life | 2 years 10 months 24 days | 3 years 3 months 18 days | ||||
Developed technology | 2021 Acquisition | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Business acquisition, finite-lived intangibles | $ 3,400 | |||||
Finite-lived intangible asset, useful life | 5 years | |||||
Customer relationships | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Weighted average useful life | 2 years 1 month 6 days | 2 years 9 months 18 days |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 31, 2021 | Jan. 31, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 53,300 | $ 49,900 |
Accumulated Amortization | (30,397) | (23,625) |
Net Book Value | 22,903 | 26,275 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 38,100 | 34,700 |
Accumulated Amortization | (21,447) | (16,955) |
Net Book Value | $ 16,653 | $ 17,745 |
Weighted average useful life | 2 years 10 months 24 days | 3 years 3 months 18 days |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 15,200 | $ 15,200 |
Accumulated Amortization | (8,950) | (6,670) |
Net Book Value | $ 6,250 | $ 8,530 |
Weighted average useful life | 2 years 1 month 6 days | 2 years 9 months 18 days |
Goodwill and Acquired Intangi_5
Goodwill and Acquired Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2022 | $ 2,295 | |
2023 | 9,180 | |
2024 | 8,505 | |
2025 | 2,130 | |
2026 | 680 | |
2027 | 113 | |
Net Book Value | $ 22,903 | $ 26,275 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Details) | Dec. 03, 2021shares | Jan. 31, 2020USD ($) | Jul. 31, 2018USD ($) | Oct. 31, 2021USD ($)day | Oct. 31, 2021USD ($)shares | Oct. 31, 2020USD ($) | Jan. 14, 2020USD ($) | Jun. 30, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||
Repayments of convertible senior notes attributable to principal | $ 27,594,000 | $ 0 | ||||||
2024 Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount of debt | $ 1,900,000 | 1,900,000 | ||||||
Fair value of convertible debt | 9,500,000 | 9,500,000 | ||||||
2024 Notes | Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt conversion, shares issued (in shares) | shares | 27,377 | |||||||
2026 Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair value of convertible debt | $ 2,800,000,000 | 2,800,000,000 | ||||||
Redemption Period 1 | ||||||||
Debt Instrument [Line Items] | ||||||||
Threshold percentage of stock price trigger | 130.00% | |||||||
Consecutive threshold trading days | day | 30 | |||||||
Redemption Period 1 | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Threshold trading days | day | 20 | |||||||
Convertible Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount of debt | $ 50,000,000 | $ 90,000,000 | $ 250,000,000 | |||||
Interest rate | 0.75% | |||||||
Proceeds from borrowings on convertible senior notes, net of issuance costs | $ 291,100,000 | |||||||
Convertible debt, conversion ratio denominator | $ 100 | $ 100 | ||||||
Convertible Debt | Additional Convertible Senior Notes Due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount of debt | $ 150,000,000 | |||||||
Convertible Debt | 2024 Notes Partial Repurchase | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount of debt | $ 210,000,000 | |||||||
Convertible Debt | Convertible Notes Due 2024 and 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt conversion, shares issued (in shares) | shares | 1,216,492 | |||||||
Debt instrument, redeemed amount | $ 88,100,000 | $ 88,100,000 | ||||||
Repayments of convertible senior notes attributable to principal | $ 27,600,000 | |||||||
Convertible Debt | 2026 Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount of debt | $ 1,000,000,000 | |||||||
Interest rate | 0.25% | |||||||
Proceeds from borrowings on convertible senior notes, net of issuance costs | $ 1,130,000,000 |
Convertible Senior Notes - Sche
Convertible Senior Notes - Schedule of Net Carrying Amount of the Liability Component of the Notes (Details) - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
2024 Notes | ||
Debt Instrument [Line Items] | ||
Principal | $ 1,863 | $ 90,000 |
Unamortized debt discount | 0 | (15,459) |
Unamortized debt issuance costs | (25) | (1,265) |
Net carrying amount | 1,838 | 73,276 |
2026 Notes | ||
Debt Instrument [Line Items] | ||
Principal | 1,149,991 | 1,150,000 |
Unamortized debt discount | 0 | (249,907) |
Unamortized debt issuance costs | (14,307) | (13,174) |
Net carrying amount | $ 1,135,684 | $ 886,919 |
Convertible Senior Notes - Sc_2
Convertible Senior Notes - Schedule of Interest Expense for the Notes (Details) - Convertible Debt - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
2024 Notes | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 4 | $ 168 | $ 203 | $ 506 |
Amortization of debt discount | 0 | 1,002 | 0 | 2,958 |
Amortization of issuance costs | 2 | 70 | 646 | 203 |
Total | 6 | 1,240 | 849 | 3,667 |
2026 Notes | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | 719 | 718 | 2,156 | 2,156 |
Amortization of debt discount | 0 | 10,826 | 0 | 32,058 |
Amortization of issuance costs | 840 | 469 | 2,515 | 1,366 |
Total | $ 1,559 | $ 12,013 | $ 4,671 | $ 35,580 |
Convertible Senior Notes - Capp
Convertible Senior Notes - Capped Calls (Details) | 9 Months Ended |
Oct. 31, 2021$ / shares | |
Capped Calls | |
Option Indexed to Issuer's Equity [Line Items] | |
Strike price (in dollars per share) | $ 68.15 |
Cap price (in dollars per share) | 106.90 |
Convertible Debt | 2026 Notes | |
Option Indexed to Issuer's Equity [Line Items] | |
Strike price (in dollars per share) | 211.20 |
Cap price (in dollars per share) | $ 296.42 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 9 Months Ended |
Oct. 31, 2021USD ($)ft² | |
Lessee, Lease, Description [Line Items] | |
Total minimum payments | $ 69,438 |
NY Office Lease | |
Lessee, Lease, Description [Line Items] | |
Rentable office space (in sqft) | ft² | 106,230 |
Term of contract | 12 years |
Total minimum payments | $ 87,300 |
Financing lease renewal term | 5 years |
Palo Alto | |
Lessee, Lease, Description [Line Items] | |
Area of leased space (in sq ft) | ft² | 16,000 |
Operating lease, term of contract | 8 years |
Operating lease renewal term | 5 years |
Lease not yet commenced, estimated base rent payments | $ 14,200 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Finance lease cost: | ||||
Amortization of finance lease right-of-use assets | $ 993 | $ 993 | $ 2,981 | $ 2,981 |
Interest on finance lease liabilities | 785 | 852 | 2,406 | 2,604 |
Operating lease cost | 2,313 | 2,335 | 6,481 | 6,189 |
Short-term lease cost | 431 | 435 | 630 | 1,968 |
Total lease cost | $ 4,522 | $ 4,615 | $ 12,498 | $ 13,742 |
Leases - Balance Sheet Componen
Leases - Balance Sheet Components (Details) - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
Finance Lease: | ||
Property and equipment, net | $ 32,457 | $ 35,437 |
Other accrued liabilities (current) | 5,111 | 4,900 |
Other liabilities, non-current | 50,496 | 54,356 |
Operating Leases: | ||
Operating lease right-of-use assets | 42,291 | 34,587 |
Operating lease liabilities (current) | 7,298 | 2,343 |
Operating lease liabilities, non-current | $ 41,072 | $ 39,095 |
Leases - Supplemental Informati
Leases - Supplemental Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from finance lease | $ 2,406 | $ 2,604 |
Operating cash flows from operating leases | 5,909 | 4,146 |
Financing cash flows from finance lease | 3,649 | 3,450 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 12,893 | $ 30,593 |
Weighted-average remaining lease term (in years): | ||
Finance lease | 8 years 2 months 12 days | 9 years 2 months 12 days |
Operating leases | 7 years 4 months 24 days | 7 years 10 months 24 days |
Weighted-average discount rate: | ||
Finance lease | 5.60% | 5.60% |
Operating leases | 4.30% | 4.60% |
Leases - Lease Maturities (Deta
Leases - Lease Maturities (Details) - USD ($) $ in Thousands | Oct. 31, 2021 | Jan. 31, 2021 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2022 | $ 2,018 | |
2023 | 8,073 | |
2024 | 8,073 | |
2025 | 8,445 | |
2026 | 8,711 | |
Thereafter | 34,118 | |
Total minimum payments | 69,438 | |
Less imputed interest | (13,831) | |
Present value of future minimum lease payments | 55,607 | |
Less current obligations under leases | (5,111) | $ (4,900) |
Non-current lease obligations | 50,496 | 54,356 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2022 | 1,729 | |
2023 | 10,050 | |
2024 | 8,759 | |
2025 | 7,557 | |
2026 | 6,081 | |
Thereafter | 22,604 | |
Total minimum payments | 56,780 | |
Less imputed interest | (8,410) | |
Present value of future minimum lease payments | 48,370 | |
Less current obligations under leases | (7,298) | (2,343) |
Non-current lease obligations | $ 41,072 | $ 39,095 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Oct. 31, 2021 | Jan. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for contingencies | $ 0 | $ 0 |
Revenue - Schedule of total rev
Revenue - Schedule of total revenue by geographic areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 226,893 | $ 150,771 | $ 607,288 | $ 419,381 |
MongoDB Atlas-related | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 131,123 | 71,110 | 336,390 | 186,354 |
Other subscription | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 86,748 | 72,959 | 247,432 | 215,049 |
Services | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 9,022 | 6,702 | 23,466 | 17,978 |
Americas | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 138,036 | 93,255 | 368,339 | 261,836 |
Europe, Middle East and Africa | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 66,183 | 44,552 | 178,490 | 123,762 |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 22,674 | $ 12,964 | $ 60,459 | $ 33,783 |
Revenue - Concentration Risk (D
Revenue - Concentration Risk (Details) - Geographic Concentration Risk - Revenue, Net | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
United States | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 55.00% | 57.00% | 55.00% | 57.00% |
United Kingdom | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 10.00% | 10.00% |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2021 | |
Revenues [Abstract] | |||||
Deferred revenue | $ 297,900,000 | $ 297,900,000 | $ 238,000,000 | ||
Percent of revenue recognized from deferred revenue | 30.00% | 35.00% | |||
Remaining performance obligation | 353,400,000 | $ 353,400,000 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Unbilled receivables | 6,900,000 | $ 6,900,000 | 5,700,000 | ||
Percent of revenue recognized from deferred revenue | 30.00% | 35.00% | |||
Deferred commissions | 153,400,000 | $ 153,400,000 | 118,600,000 | ||
Amortization of deferred commissions | 13,300,000 | $ 7,200,000 | 33,500,000 | $ 20,500,000 | |
Unbilled receivables | 6,900,000 | 6,900,000 | 5,700,000 | ||
Deferred commissions | 153,400,000 | 153,400,000 | $ 118,600,000 | ||
Amortization of deferred commissions | 13,300,000 | 7,200,000 | 33,500,000 | 20,500,000 | |
Impairment loss | $ 0 | $ 0 | $ 0 | $ 0 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-11-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation, percentage | 61.00% | 61.00% | |||
Expected timing of satisfaction of remaining performance obligation | 12 months | 12 months |
Revenue - Schedule of Allowance
Revenue - Schedule of Allowance for Doubtful Accounts (Details) $ in Thousands | 9 Months Ended |
Oct. 31, 2021USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 6,024 |
Provision | 3,652 |
Recoveries/write-offs | (4,680) |
Ending balance | $ 4,996 |
Equity Incentive Plans and Em_3
Equity Incentive Plans and Employee Stock Purchase Plan - Stock Options (Details) - Employee Stock Option | 9 Months Ended |
Oct. 31, 2021 | |
One Year Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 4 years |
Vesting rights percentage | 25.00% |
13 to 36 Months | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 36 months |
Vesting rights percentage | 75.00% |
Equity Incentive Plans and Em_4
Equity Incentive Plans and Employee Stock Purchase Plan - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Oct. 31, 2021USD ($)$ / sharesshares | Jan. 31, 2021USD ($)$ / sharesshares | |
Shares | ||
Balance - beginning of period (in shares) | shares | 3,881,545 | |
Stock options exercised (in shares) | shares | (986,002) | |
Stock options forfeited and expired (in shares) | shares | (9,982) | |
Balance - end of period (in shares) | shares | 2,885,561 | 3,881,545 |
Vested and exercisable (in shares) | shares | 2,884,486 | 3,566,091 |
Weighted- Average Exercise Price Per Share | ||
Balance - beginning of period (in dollars per share) | $ / shares | $ 7.50 | |
Stock options exercised (in dollars per share) | $ / shares | 7.73 | |
Stock options forfeited and expired (in dollars per share) | $ / shares | 10.95 | |
Balance - end of period (in dollars per share) | $ / shares | 7.41 | $ 7.50 |
Vested and exercisable (in dollars per share) | $ / shares | $ 7.40 | $ 7.22 |
Weighted- Average Remaining Contractual Term (In Years) | ||
Balance | 4 years 1 month 6 days | 4 years 9 months 18 days |
Vested and exercisable | 4 years 1 month 6 days | 4 years 8 months 12 days |
Aggregate Intrinsic Value | ||
Balance | $ | $ 1,482,829 | $ 1,405,540 |
Vested and exercisable | $ | $ 1,482,299 | $ 1,292,303 |
Equity Incentive Plans and Em_5
Equity Incentive Plans and Employee Stock Purchase Plan - Restricted Stock Units, Additional Information (Details) - Restricted Stock Units (RSUs) | 9 Months Ended |
Oct. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 4 years |
One Year Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 4 years |
Vesting rights percentage | 25.00% |
13 to 36 Months | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting rights percentage | 75.00% |
Equity Incentive Plans and Em_6
Equity Incentive Plans and Employee Stock Purchase Plan - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) | 9 Months Ended |
Oct. 31, 2021$ / sharesshares | |
Shares | |
Unvested - beginning of period (in shares) | shares | 3,473,512 |
RSUs granted (in shares) | shares | 1,422,325 |
RSUs vested (in shares) | shares | (1,070,507) |
RSUs forfeited and canceled (in shares) | shares | (335,347) |
Unvested - end of period (in shares) | shares | 3,489,983 |
Weighted-Average Grant Date Fair Value per RSU | |
Unvested - beginning of period (in dollars per share) | $ / shares | $ 139.68 |
RSUs granted (in dollars per share) | $ / shares | 386.88 |
RSUs vested (in dollars per share) | $ / shares | 142.93 |
RSUs forfeited and canceled (in dollars per share) | $ / shares | 182.95 |
Unvested - end of period (in dollars per share) | $ / shares | $ 235.27 |
Equity Incentive Plans and Em_7
Equity Incentive Plans and Employee Stock Purchase Plan - Employee Stock Purchase Plan, Additional Information (Details) - Employee Stock Purchase Plan - shares | 1 Months Ended | |
Jun. 30, 2021 | Oct. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum employee contribution rate | 15.00% | |
Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 45,261 |
Equity Incentive Plans and Em_8
Equity Incentive Plans and Employee Stock Purchase Plan - Stock-based Compensation Expense Recognized in Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 68,708 | $ 39,952 | $ 177,327 | $ 108,044 |
Cost of revenue—subscription | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 3,934 | 2,446 | 10,322 | 6,508 |
Cost of revenue—services | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 1,521 | 1,513 | 4,473 | 4,142 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 24,790 | 14,696 | 64,749 | 38,754 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 29,205 | 15,442 | 73,227 | 41,415 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 9,258 | $ 5,855 | $ 24,556 | $ 17,225 |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) - Convertible Debt | Oct. 31, 2021$ / shares |
2024 Notes | |
Class of Stock [Line Items] | |
Initial conversion price (in dollars per share) | $ 68.15 |
2026 Notes | |
Class of Stock [Line Items] | |
Initial conversion price (in dollars per share) | $ 211.20 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Numerator: | ||||||||
Net loss | $ (81,293) | $ (77,133) | $ (63,992) | $ (72,651) | $ (64,525) | $ (53,967) | $ (222,418) | $ (191,143) |
Denominator: | ||||||||
Weighted-average shares used to compute net loss per share, basic and diluted (in shares) | 66,386,379 | 59,368,167 | 63,750,884 | 58,476,521 | ||||
Net loss per share, basic and diluted (in dollars per share) | $ (1.22) | $ (1.22) | $ (3.49) | $ (3.27) |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from the Computation of Diluted Net Loss per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 12,124,969 | 9,716,110 | 12,794,915 | 10,299,249 |
Stock options to purchase common stock | Class A Common Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 722,070 | 1,234,642 | 818,589 | 1,434,388 |
Stock options to purchase common stock | Class B Common Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,250,736 | 3,614,730 | 2,476,270 | 4,013,050 |
Unvested restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 3,679,734 | 3,938,037 | 3,745,955 | 4,004,267 |
Early exercised stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 2,831 | 136 | 6,418 |
Shares underlying the conversion option of the 2024 Notes (conversion spread only prior to the adoption of ASU 2020-06) | 2024 Notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 27,337 | 925,870 | 308,849 | 841,126 |
Shares underlying the conversion option of the 2024 Notes (conversion spread only prior to the adoption of ASU 2020-06) | 2026 Notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,445,092 | 0 | 5,445,116 | 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||
Provision for income taxes | $ 2,249 | $ 926 | $ 2,411 | $ 2,142 | |
Unrecognized tax benefits | $ 17,500 |