Cover Page
Cover Page - shares | 3 Months Ended | |
Apr. 30, 2022 | May 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
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 | Common Stock, par value $0.001 per share | |
Trading Symbol | MDB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 68,114,986 | |
Entity Central Index Key | 0001441816 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2022 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 456,275 | $ 473,904 |
Short-term investments | 1,372,420 | 1,352,019 |
Accounts receivable, net of allowance for doubtful accounts of $4,217 and $4,966 as of April 30, 2022 and January 31, 2022, respectively | 164,885 | 195,383 |
Deferred commissions | 66,754 | 63,523 |
Prepaid expenses and other current assets | 35,973 | 32,573 |
Total current assets | 2,096,307 | 2,117,402 |
Property and equipment, net | 62,761 | 62,625 |
Operating lease right-of-use assets | 45,248 | 41,745 |
Goodwill | 57,775 | 57,775 |
Acquired intangible assets, net | 18,313 | 20,608 |
Deferred tax assets | 1,963 | 1,939 |
Other assets | 152,174 | 147,494 |
Total assets | 2,434,541 | 2,449,588 |
Current liabilities: | ||
Accounts payable | 6,204 | 5,234 |
Accrued compensation and benefits | 87,717 | 112,568 |
Operating lease liabilities | 8,671 | 8,084 |
Other accrued liabilities | 49,216 | 48,848 |
Deferred revenue | 351,914 | 352,001 |
Total current liabilities | 503,722 | 526,735 |
Deferred tax liability, non-current | 93 | 81 |
Operating lease liabilities, non-current | 40,279 | 38,707 |
Deferred revenue, non-current | 23,555 | 23,179 |
Convertible senior notes, net | 1,137,361 | 1,136,521 |
Other liabilities, non-current | 56,652 | 57,665 |
Total liabilities | 1,761,662 | 1,782,888 |
Commitments and contingencies (Note7) | ||
Stockholders’ equity: | ||
Common stock, par value of $0.001 per share; 1,000,000,000 shares authorized as of April 30, 2022 and January 31, 2022; 68,160,434 shares issued and 68,061,063 shares outstanding as of April 30, 2022; 67,543,731 shares issued and 67,444,360 shares outstanding as of January 31, 2022 | 68 | 67 |
Additional paid-in capital | 1,945,737 | 1,860,514 |
Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of April 30, 2022 and January 31, 2022 | (1,319) | (1,319) |
Accumulated other comprehensive loss | (4,679) | (2,928) |
Accumulated deficit | (1,266,928) | (1,189,634) |
Total stockholders’ equity | 672,879 | 666,700 |
Total liabilities and stockholders’ equity | $ 2,434,541 | $ 2,449,588 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Jan. 31, 2022 | |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 4,217 | $ 4,966 |
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) | 68,160,434 | 67,543,731 |
Common stock outstanding (in shares) | 68,061,063 | 67,444,360 |
Treasury stock (in shares) | 99,371 | 99,371 |
Average repurchase price of treasury stock shares (in dollars per share) | $ 13.27 | $ 13.27 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Revenue: | ||
Total revenue | $ 285,447 | $ 181,648 |
Cost of revenue: | ||
Total cost of revenue | 78,215 | 54,528 |
Gross profit | 207,232 | 127,120 |
Operating expenses: | ||
Sales and marketing | 150,268 | 97,890 |
Research and development | 96,372 | 64,751 |
General and administrative | 36,532 | 25,925 |
Total operating expenses | 283,172 | 188,566 |
Loss from operations | (75,940) | (61,446) |
Other income (expense): | ||
Interest income | 624 | 173 |
Interest expense | (2,453) | (3,658) |
Other income (expense), net | 1,621 | (437) |
Loss before provision for (benefit from) income taxes | (76,148) | (65,368) |
Provision for (benefit from) income taxes | 1,146 | (1,376) |
Net loss | $ (77,294) | $ (63,992) |
Net loss per share, basic and diluted (in dollars per share) | $ (1.14) | $ (1.04) |
Weighted-average shares used to compute net loss per share, basic and diluted (in shares) | 67,706,502 | 61,361,670 |
Subscription | ||
Revenue: | ||
Total revenue | $ 274,581 | $ 174,570 |
Cost of revenue: | ||
Total cost of revenue | 64,569 | 45,402 |
Services | ||
Revenue: | ||
Total revenue | 10,866 | 7,078 |
Cost of revenue: | ||
Total cost of revenue | $ 13,646 | $ 9,126 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (77,294) | $ (63,992) |
Other comprehensive loss, net of tax: | ||
Unrealized (loss) gain on available-for-sale securities | (2,364) | 34 |
Foreign currency translation adjustment | 613 | (90) |
Other comprehensive loss | (1,751) | (56) |
Total comprehensive loss | $ (79,045) | $ (64,048) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive 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, 2021 | 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 early exercised stock options | (10,000) | (10,000) | |||||||
Vesting of restricted stock units (in shares) | 341,939 | ||||||||
Vesting of restricted stock units | $ 0 | ||||||||
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 (loss) 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, 2022 | 67,444,360 | 67,444,360 | |||||||
Beginning balance at Jan. 31, 2022 | $ 666,700 | $ 67 | 1,860,514 | (1,319) | (2,928) | (1,189,634) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock option exercises (in shares) | 235,517 | 235,517 | |||||||
Stock option exercises | $ 1,656 | 1,656 | |||||||
Vesting of restricted stock units (in shares) | 381,178 | ||||||||
Vesting of restricted stock units | 1 | $ 1 | |||||||
Stock-based compensation | 83,566 | 83,566 | |||||||
Conversion of 2024 convertible senior notes (in shares) | 8 | ||||||||
Conversion of convertible senior notes | 1 | 1 | |||||||
Unrealized (loss) gain on available-for-sale securities | (2,364) | (2,364) | |||||||
Foreign currency translation adjustment | 613 | 613 | |||||||
Net loss | $ (77,294) | (77,294) | |||||||
Ending balance (in shares) at Apr. 30, 2022 | 68,061,063 | 68,061,063 | |||||||
Ending balance at Apr. 30, 2022 | $ 672,879 | $ 68 | $ 1,945,737 | $ (1,319) | $ (4,679) | $ (1,266,928) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (77,294,000) | $ (63,992,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 3,787,000 | 3,251,000 |
Stock-based compensation | 83,566,000 | 50,914,000 |
Amortization of debt issuance costs | 840,000 | 1,427,000 |
Amortization of finance right-of-use assets | 994,000 | 994,000 |
Amortization of operating right-of-use assets | 2,018,000 | 1,522,000 |
Deferred income taxes | (61,000) | (1,585,000) |
Accretion of discount on short-term investments | 2,231,000 | 1,527,000 |
Gain on non-marketable securities | (1,751,000) | 0 |
Unrealized foreign exchange loss | 581,000 | 315,000 |
Change in operating assets and liabilities: | ||
Accounts receivable | 28,740,000 | 35,145,000 |
Prepaid expenses and other current assets | (3,293,000) | (9,027,000) |
Deferred commissions | (4,722,000) | (5,882,000) |
Other long-term assets | (358,000) | 23,000 |
Accounts payable | 1,023,000 | 224,000 |
Accrued liabilities | (23,016,000) | (17,152,000) |
Operating lease liabilities | (2,192,000) | (1,027,000) |
Deferred revenue | 152,000 | 9,749,000 |
Other liabilities, non-current | 329,000 | 3,791,000 |
Net cash provided by operating activities | 11,574,000 | 10,217,000 |
Cash flows from investing activities | ||
Purchases of property and equipment | (2,538,000) | (627,000) |
Acquisition, net of cash acquired | 0 | (4,469,000) |
Investment in non-marketable securities | (1,119,000) | (936,000) |
Proceeds from maturities of marketable securities | 75,000,000 | 100,000,000 |
Purchases of marketable securities | (100,146,000) | (101,479,000) |
Net cash used in investing activities | (28,803,000) | (7,511,000) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 1,656,000 | 3,539,000 |
Principal repayments of finance leases | (595,000) | (1,199,000) |
Repayments of convertible senior notes attributable to principal | 0 | (27,594,000) |
Net cash provided by (used in) financing activities | 1,061,000 | (25,254,000) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,467,000) | (94,000) |
Net decrease in cash, cash equivalents and restricted cash | (17,635,000) | (22,642,000) |
Cash, cash equivalents and restricted cash, beginning of period | 474,420,000 | 430,222,000 |
Cash, cash equivalents and restricted cash, end of period | 456,785,000 | 407,580,000 |
Cash paid during the period for: | ||
Income taxes, net of refunds | 1,589,000 | 995,000 |
Interest expense, net | 755,000 | 819,000 |
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 | 456,275,000 | 407,055,000 |
Restricted cash, non-current | 510,000 | 525,000 |
Total cash, cash equivalents and restricted cash | $ 456,785,000 | $ 407,580,000 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Apr. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of BusinessMongoDB, 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 subscriptions to its software, the Company provides post-contract support, training and consulting services for its offerings. The Company’s fiscal year ends on January 31. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2022 | |
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 April 30, 2022, the interim condensed consolidated statements of stockholders’ equity (deficit) for the three months ended April 30, 2022 and 2021, the interim condensed consolidated statements of operations and of comprehensive loss for the three months ended April 30, 2022 and 2021 and the interim condensed consolidated statements of cash flows for the three months ended April 30, 2022 and 2021 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 April 30, 2022, its statements of stockholders’ equity (deficit) as of April 30, 2022 and 2021, its results of operations and of comprehensive loss for the three months ended April 30, 2022 and 2021 and its statements of cash flows for the three months ended April 30, 2022 and 2021. The financial data and the other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three-month periods are also unaudited. The results of operations for the three months ended April 30, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2023 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, 2022 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, 2022 (the “2022 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, the 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, 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 impacted 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 2022 Form 10-K. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present information about the Company’s financial assets that have been measured at fair value on a recurring basis as of April 30, 2022 and January 31, 2022 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Fair Value Measurement as of April 30, 2022 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 288,993 $ — $ — $ 288,993 Short-term investments: U.S. government treasury securities 1,372,420 — — 1,372,420 Total financial assets $ 1,661,413 $ — $ — $ 1,661,413 Fair Value Measurement as of January 31, 2022 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 331,221 $ — $ — $ 331,221 Short-term investments: U.S. government treasury securities 1,352,019 — — 1,352,019 Total financial assets $ 1,683,240 $ — $ — $ 1,683,240 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 April 30, 2022 and January 31, 2022. As of April 30, 2022, unrealized losses on our U.S. government treasury securities were approximately $5.8 million, net of tax. The increase in market interest rates as of April 30, 2022 has resulted in unrealized losses on these securities. The Company intends to hold these securities to maturity and, as a result, does not expect to realize these losses in its financial statements. The Company concluded that an allowance for credit losses was unnecessary for short-term investments as of April 30, 2022. Gross realized gains and losses were not material for each of the three-month periods ended April 30, 2022 and 2021. Convertible Senior Notes 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 April 30, 2022 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 April 30, 2022 and January 31, 2022, the total amount of non-marketable equity and debt securities included in other assets on the Company’s condensed consolidated balance sheets were $7.7 million and $4.8 million, respectively. During the three months ended April 30, 2022, the Company invested an additional $1.1 million of its cash in non-marketable equity securities. In addition, the Company recognized a gain on certain of these non-marketable securities of $1.8 million during the three months ended April 30, 2022. No gain or loss was recognized for the three months ended April 30, 2021. 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 2022 Form 10-K for further information. The Company considers these assets as Level 3 within the fair value hierarchy. 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. |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets, Net | 3 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets, Net | Goodwill and Acquired Intangible Assets, Net There were no material changes to goodwill carrying amounts during the three months ended April 30, 2022. The gross carrying amounts and accumulated amortization of the Company’s intangible assets were as follows (in thousands): April 30, 2022 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life Developed technology $ 38,100 $ (24,517) $ 13,583 2.4 Customer relationships 15,200 (10,470) 4,730 1.6 Total $ 53,300 $ (34,987) $ 18,313 January 31, 2022 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life Developed technology $ 38,100 $ (22,982) $ 15,118 2.6 Customer relationships 15,200 (9,710) 5,490 1.8 Total $ 53,300 $ (32,692) $ 20,608 Acquired intangible assets are amortized on a straight-line basis. Amortization expense of intangible assets was $2.3 million and $2.2 million for the three months ended April 30, 2022 and 2021, 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 April 30, 2022, future amortization expense related to the intangible assets is as follows (in thousands): Years Ending January 31, Remainder of 2023 $ 6,885 2024 8,505 2025 2,130 2026 680 2027 113 Total $ 18,313 |
Convertible Senior Notes
Convertible Senior Notes | 3 Months Ended |
Apr. 30, 2022 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | Convertible Senior Notes The net carrying amounts of the Company’s convertible notes were as follows for the periods presented (in thousands): April 30, 2022 January 31, 2022 2026 Notes 2026 Notes Principal $ 1,149,986 $ 1,149,988 Unamortized debt issuance costs (12,625) (13,467) Net carrying amount $ 1,137,361 $ 1,136,521 As of April 30, 2022, the estimated fair value (Level 2) of the outstanding 2026 Notes (as defined herein), which is utilized solely for disclosure purposes, was approximately $2.1 billion. The fair value was determined based on the closing trading price per $100 of the 2026 Notes as of the last day of trading for the period. The fair value of the 2026 Notes is primarily affected by the trading price of the Company’s common stock and market interest rates. 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. Refer to Note 6, Convertible Senior Notes , in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2022 Form 10-K for further information on the 2026 Notes. During the three months ended April 30, 2022, the conditional conversion feature of the 2026 Notes was triggered as the last reported sale price of the Company's common stock was more than or equal to 130% of the conversion price for at least 20 trading days in the period of 30 consecutive trading days ending on April 30, 2022 (the last trading day of the fiscal quarter) and therefore the 2026 Notes are currently convertible, in whole or in part, at the option of the holders from May 1, 2022 through July 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 three months ended April 30, 2022, certain holders elected to redeem an immaterial aggregate principal amount of the 2026 Notes. The Company elected to settle the redemption through the issuance of common stock. The Company may elect to repay the 2026 Notes in cash, shares of the Company’s common stock or a combination of both cash and shares with respect to future conversions of the 2026 Notes. Capped Calls In connection with the pricing of the issuance of our convertible notes due June 15, 2024 (the “2024 Notes”) and the 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 corresponded 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. The Company did not unwind any of its Capped Calls through April 30, 2022. Refer to Note 6, Convertible Senior Notes , in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2022 Form 10-K for further information on the Capped Calls and the 2024 Notes. |
Leases
Leases | 3 Months Ended |
Apr. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company has entered into non-cancelable operating and finance lease agreements, principally real estate for office space globally. The Company may receive renewal or expansion options, leasehold improvement allowances or other incentives on certain lease agreements. Lease terms range from 1 to 12 years and may include renewal options, which the company deems reasonably certain to be renewed. The exercise of the lease renewal option is at the company's discretion. The Company entered into a new agreement to lease office space in Gurgaon, India for a term of five years with total estimated aggregate base rent payments of $7.0 million. This lease commenced and payments began in April 2022. 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 April 30, 2022 2021 Finance lease cost: Amortization of finance lease right-of-use assets $ 994 $ 994 Interest on finance lease liabilities 750 819 Operating lease cost 2,564 1,907 Short-term lease cost 537 66 Total lease cost $ 4,845 $ 3,786 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): April 30, 2022 January 31, 2022 Finance Lease: Property and equipment, net $ 30,469 $ 31,463 Other accrued liabilities (current) 5,257 4,511 Other liabilities, non-current 47,830 49,173 Operating Leases: Operating lease right-of-use assets $ 45,248 $ 41,745 Operating lease liabilities (current) 8,671 8,084 Operating lease liabilities, non-current 40,279 38,707 Supplemental Information The following table presents supplemental information related to the Company’s finance and operating leases (in thousands, except weighted-average information): Three Months Ended April 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance lease $ 750 $ 819 Operating cash flows from operating leases 2,722 1,506 Financing cash flows from finance lease 595 1,199 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5,744 $ 11,924 Weighted-average remaining lease term (in years): Finance lease 7.7 8.7 Operating leases 6.6 7.9 Weighted-average discount rate: Finance lease 5.6 % 5.6 % Operating leases 5.0 % 4.3 % Maturities of Lease Liabilities Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of April 30, 2022 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2023 $ 6,055 $ 8,089 2024 8,073 10,364 2025 8,445 8,670 2026 8,711 7,273 2027 8,711 6,155 Thereafter 25,407 16,880 Total minimum payments 65,402 57,431 Less imputed interest (12,315) (8,481) Present value of future minimum lease payments 53,087 48,950 Less current obligations under leases (5,257) (8,671) Non-current lease obligations $ 47,830 $ 40,279 |
Leases | Leases The Company has entered into non-cancelable operating and finance lease agreements, principally real estate for office space globally. The Company may receive renewal or expansion options, leasehold improvement allowances or other incentives on certain lease agreements. Lease terms range from 1 to 12 years and may include renewal options, which the company deems reasonably certain to be renewed. The exercise of the lease renewal option is at the company's discretion. The Company entered into a new agreement to lease office space in Gurgaon, India for a term of five years with total estimated aggregate base rent payments of $7.0 million. This lease commenced and payments began in April 2022. 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 April 30, 2022 2021 Finance lease cost: Amortization of finance lease right-of-use assets $ 994 $ 994 Interest on finance lease liabilities 750 819 Operating lease cost 2,564 1,907 Short-term lease cost 537 66 Total lease cost $ 4,845 $ 3,786 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): April 30, 2022 January 31, 2022 Finance Lease: Property and equipment, net $ 30,469 $ 31,463 Other accrued liabilities (current) 5,257 4,511 Other liabilities, non-current 47,830 49,173 Operating Leases: Operating lease right-of-use assets $ 45,248 $ 41,745 Operating lease liabilities (current) 8,671 8,084 Operating lease liabilities, non-current 40,279 38,707 Supplemental Information The following table presents supplemental information related to the Company’s finance and operating leases (in thousands, except weighted-average information): Three Months Ended April 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance lease $ 750 $ 819 Operating cash flows from operating leases 2,722 1,506 Financing cash flows from finance lease 595 1,199 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5,744 $ 11,924 Weighted-average remaining lease term (in years): Finance lease 7.7 8.7 Operating leases 6.6 7.9 Weighted-average discount rate: Finance lease 5.6 % 5.6 % Operating leases 5.0 % 4.3 % Maturities of Lease Liabilities Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of April 30, 2022 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2023 $ 6,055 $ 8,089 2024 8,073 10,364 2025 8,445 8,670 2026 8,711 7,273 2027 8,711 6,155 Thereafter 25,407 16,880 Total minimum payments 65,402 57,431 Less imputed interest (12,315) (8,481) Present value of future minimum lease payments 53,087 48,950 Less current obligations under leases (5,257) (8,671) Non-current lease obligations $ 47,830 $ 40,279 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Non-cancelable Material Commitments During the three months ended April 30, 2022, 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 2022 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, U.S. Patent No. 9,667,751 and U.S. Patent No. 8,933,825. 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 filed its appellate brief on December 2, 2021 and the defendants (including MongoDB) filed a responsive brief on March 11, 2022. Realtime filed a reply brief on April 29, 2022. The oral argument has not yet been scheduled. 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 April 30, 2022 and January 31, 2022; 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 | 3 Months Ended |
Apr. 30, 2022 | |
Revenues [Abstract] | |
Revenue | Revenue Disaggregation of Revenue Based on the information provided to and reviewed by the Company’s Chief Executive Officer (“CEO”), 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 April 30, 2022 2021 Primary geographical markets: Americas $ 174,056 $ 109,476 EMEA 81,969 54,725 Asia Pacific 29,422 17,447 Total $ 285,447 $ 181,648 Subscription product categories and services: MongoDB Atlas-related $ 169,995 $ 93,510 Other subscription 104,586 81,060 Services 10,866 7,078 Total $ 285,447 $ 181,648 Customers located in the United States accounted for 55% of total revenue for each of the three months ended April 30, 2022 and 2021. No other country accounted for 10% or more of revenue for the periods presented. 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 April 30, 2022 and January 31, 2022 was $375.5 million and $375.2 million, respectively. Approximately 43% and 42% of the total revenue recognized for the three months ended April 30, 2022 and 2021, 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 April 30, 2022, the aggregate transaction price allocated to remaining performance obligations was $401.9 million. Approximately 59% 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 are recorded as part of accounts receivable, net in the Company’s condensed consolidated balance sheets. As of April 30, 2022 and January 31, 2022, unbilled receivables were $6.4 million and $6.1 million, respectively. Allowance for Doubtful Accounts The Company considers expectations of forward-looking losses, in addition to historical loss rates, to estimate its allowance for doubtful accounts on its accounts receivable. 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, 2022 $ 4,966 Provision 536 Recoveries/write-offs (1,285) Balance as of April 30, 2022 $ 4,217 Costs Capitalized to Obtain Contracts with Customers Deferred commissions were $208.1 million and $203.3 million as of April 30, 2022 and January 31, 2022, 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 $17.6 million for the three months ended April 30, 2022 and $9.7 million for the three months ended April 30, 2021. 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 | 3 Months Ended |
Apr. 30, 2022 | |
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 non-statutory 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. There were no stock options granted during the three months ended April 30, 2022. The following table summarizes stock option activity for the three months ended April 30, 2022 (in thousands, except share and per share data and years): Shares Weighted-Average Weighted- Average Aggregate Balance - January 31, 2022 2,591,894 $ 7.46 3.9 $ 1,030,680 Stock options exercised (235,517) 7.16 Stock options forfeited and expired — — Balance - April 30, 2022 2,356,377 $ 7.67 3.8 $ 824,527 Vested and exercisable - January 31, 2022 2,591,894 $ 7.46 3.9 $ 1,030,680 Vested and exercisable - April 30, 2022 2,373,165 $ 7.61 3.8 $ 824,239 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 three months ended April 30, 2022: Shares Weighted-Average Grant Date Fair Value per RSU Unvested - January 31, 2022 3,226,759 $ 258.85 RSUs granted 1,012,314 317.80 RSUs vested (381,178) 181.62 RSUs forfeited and canceled (84,920) 274.86 Unvested - April 30, 2022 3,772,975 $ 282.11 Executive Performance Share Awards During the three months ended April 30, 2022, the Company created a long-term performance-based equity award program and granted performance share units (“PSUs”) to the Company’s CEO and certain other executives. The vesting of PSUs is conditioned upon the achievement of certain targets for the year ended January 31, 2023. Upon achievement of those conditions, the PSUs vest annually over a period of three years from the date of grant, subject to the executive’s continued employment with the Company. Each vested PSU entitles the executive to one share of common stock. A PSU performance factor of 100 will result in the targeted number of PSUs being vested. The minimum percentage of PSUs that can vest is zero, with a maximum percentage of 200. On the date of grant, the Company assumed a performance factor of 100, which would result in 74,823 PSUs to be issued, if fully vested. The grant date fair value of these PSUs was $23.7 million at a performance factor of 100, which was determined by using the closing price of the Company’s stock at the date of grant. Compensation expense is recognized over the requisite service period if it is probable that the performance condition will be satisfied based on the accelerated attribution method. 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 common stock at a discounted price per share. The Company’s current offering period began December 16, 2021 and is expected to end on June 15, 2022. 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 April 30, 2022 2021 Cost of revenue—subscription $ 4,467 $ 2,990 Cost of revenue—services 2,212 1,487 Sales and marketing 30,534 18,876 Research and development 35,483 20,335 General and administrative 10,870 7,226 Total stock-based compensation expense $ 83,566 $ 50,914 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Apr. 30, 2022 | |
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 common shares outstanding for the period, including stock options, restricted stock units and shares underlying the conversion option of the convertible senior notes. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares 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 April 30, 2022 2021 Numerator: Net loss $ (77,294) $ (63,992) Denominator: Weighted-average shares used to compute net loss per share, basic and diluted 67,706,502 61,361,670 Net loss per share, basic and diluted $ (1.14) $ (1.04) 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 common stock upon any conversion of the 2024 Notes and the 2026 Notes. The Company has not exercised any of its Capped Calls as of April 30, 2022. 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 April 30, 2022 2021 Stock options pursuant to the 2016 Equity Incentive Plan 621,307 918,106 Stock options pursuant to the 2008 Stock Incentive Plan 1,836,934 2,755,430 Unvested restricted stock units 3,675,756 3,812,342 Unvested executive PSUs 42,876 — Early exercised stock options — 416 Shares underlying the conversion option of the 2024 Notes — 871,697 Shares underlying the conversion option of the 2026 Notes 5,445,069 5,445,135 Total 11,621,942 13,803,126 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded a provision for income taxes of $1.1 million for the three months ended April 30, 2022 and a benefit from income taxes of $1.4 million for the three months ended April 30, 2021. The provision recorded during the three months ended April 30, 2022 was driven by the increase in global income and the associated foreign taxes as the Company continues its global expansion. The benefit from income taxes for the three months ended April 30, 2021, was due to a reduction in the valuation allowance as a result of goodwill from an immaterial business combination and the impact from the adoption of ASU 2020-06, partially offset by an increase in foreign taxes. 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, 2022, the Company’s net unrecognized tax benefits totaled $22.7 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. In addition, the Tax Cuts and Jobs Act of 2017 ("Tax Act") provided for significant changes to the U.S. tax system including the mandatory capitalization of research and experimentation costs starting in the 2022 tax year. The Company is still assessing the impact due to the lack of Treasury Regulations, however, the legislation is not expected to have an impact on the Company's financial statements due to the net operating losses and full valuation allowances. 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) | 3 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying interim condensed consolidated balance sheet as of April 30, 2022, the interim condensed consolidated statements of stockholders’ equity (deficit) for the three months ended April 30, 2022 and 2021, the interim condensed consolidated statements of operations and of comprehensive loss for the three months ended April 30, 2022 and 2021 and the interim condensed consolidated statements of cash flows for the three months ended April 30, 2022 and 2021 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 April 30, 2022, its statements of stockholders’ equity (deficit) as of April 30, 2022 and 2021, its results of operations and of comprehensive loss for the three months ended April 30, 2022 and 2021 and its statements of cash flows for the three months ended April 30, 2022 and 2021. The financial data and the other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three-month periods are also unaudited. The results of operations for the three months ended April 30, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2023 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, 2022 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, 2022 (the “2022 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, the 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, 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 impacted 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 |
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 common shares outstanding for the period, including stock options, restricted stock units and shares underlying the conversion option of the convertible senior notes. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive due to the net loss reported for each period presented. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
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 that have been measured at fair value on a recurring basis as of April 30, 2022 and January 31, 2022 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Fair Value Measurement as of April 30, 2022 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 288,993 $ — $ — $ 288,993 Short-term investments: U.S. government treasury securities 1,372,420 — — 1,372,420 Total financial assets $ 1,661,413 $ — $ — $ 1,661,413 Fair Value Measurement as of January 31, 2022 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 331,221 $ — $ — $ 331,221 Short-term investments: U.S. government treasury securities 1,352,019 — — 1,352,019 Total financial assets $ 1,683,240 $ — $ — $ 1,683,240 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets, Net (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross carrying amount and accumulated amortization of intangible assets | The gross carrying amounts and accumulated amortization of the Company’s intangible assets were as follows (in thousands): April 30, 2022 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life Developed technology $ 38,100 $ (24,517) $ 13,583 2.4 Customer relationships 15,200 (10,470) 4,730 1.6 Total $ 53,300 $ (34,987) $ 18,313 January 31, 2022 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life Developed technology $ 38,100 $ (22,982) $ 15,118 2.6 Customer relationships 15,200 (9,710) 5,490 1.8 Total $ 53,300 $ (32,692) $ 20,608 |
Future amortization expense related to intangible assets | As of April 30, 2022, future amortization expense related to the intangible assets is as follows (in thousands): Years Ending January 31, Remainder of 2023 $ 6,885 2024 8,505 2025 2,130 2026 680 2027 113 Total $ 18,313 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Debt Disclosure [Abstract] | |
Convertible debt schedules | The net carrying amounts of the Company’s convertible notes were as follows for the periods presented (in thousands): April 30, 2022 January 31, 2022 2026 Notes 2026 Notes Principal $ 1,149,986 $ 1,149,988 Unamortized debt issuance costs (12,625) (13,467) Net carrying amount $ 1,137,361 $ 1,136,521 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
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 April 30, 2022 2021 Finance lease cost: Amortization of finance lease right-of-use assets $ 994 $ 994 Interest on finance lease liabilities 750 819 Operating lease cost 2,564 1,907 Short-term lease cost 537 66 Total lease cost $ 4,845 $ 3,786 The following table presents supplemental information related to the Company’s finance and operating leases (in thousands, except weighted-average information): Three Months Ended April 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance lease $ 750 $ 819 Operating cash flows from operating leases 2,722 1,506 Financing cash flows from finance lease 595 1,199 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5,744 $ 11,924 Weighted-average remaining lease term (in years): Finance lease 7.7 8.7 Operating leases 6.6 7.9 Weighted-average discount rate: Finance lease 5.6 % 5.6 % Operating leases 5.0 % 4.3 % |
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): April 30, 2022 January 31, 2022 Finance Lease: Property and equipment, net $ 30,469 $ 31,463 Other accrued liabilities (current) 5,257 4,511 Other liabilities, non-current 47,830 49,173 Operating Leases: Operating lease right-of-use assets $ 45,248 $ 41,745 Operating lease liabilities (current) 8,671 8,084 Operating lease liabilities, non-current 40,279 38,707 |
Finance Lease, Liability, Maturity | Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of April 30, 2022 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2023 $ 6,055 $ 8,089 2024 8,073 10,364 2025 8,445 8,670 2026 8,711 7,273 2027 8,711 6,155 Thereafter 25,407 16,880 Total minimum payments 65,402 57,431 Less imputed interest (12,315) (8,481) Present value of future minimum lease payments 53,087 48,950 Less current obligations under leases (5,257) (8,671) Non-current lease obligations $ 47,830 $ 40,279 |
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 April 30, 2022 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2023 $ 6,055 $ 8,089 2024 8,073 10,364 2025 8,445 8,670 2026 8,711 7,273 2027 8,711 6,155 Thereafter 25,407 16,880 Total minimum payments 65,402 57,431 Less imputed interest (12,315) (8,481) Present value of future minimum lease payments 53,087 48,950 Less current obligations under leases (5,257) (8,671) Non-current lease obligations $ 47,830 $ 40,279 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
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 April 30, 2022 2021 Primary geographical markets: Americas $ 174,056 $ 109,476 EMEA 81,969 54,725 Asia Pacific 29,422 17,447 Total $ 285,447 $ 181,648 Subscription product categories and services: MongoDB Atlas-related $ 169,995 $ 93,510 Other subscription 104,586 81,060 Services 10,866 7,078 Total $ 285,447 $ 181,648 |
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, 2022 $ 4,966 Provision 536 Recoveries/write-offs (1,285) Balance as of April 30, 2022 $ 4,217 |
Equity Incentive Plans and Em_2
Equity Incentive Plans and Employee Stock Purchase Plan (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of stock option activity | The following table summarizes stock option activity for the three months ended April 30, 2022 (in thousands, except share and per share data and years): Shares Weighted-Average Weighted- Average Aggregate Balance - January 31, 2022 2,591,894 $ 7.46 3.9 $ 1,030,680 Stock options exercised (235,517) 7.16 Stock options forfeited and expired — — Balance - April 30, 2022 2,356,377 $ 7.67 3.8 $ 824,527 Vested and exercisable - January 31, 2022 2,591,894 $ 7.46 3.9 $ 1,030,680 Vested and exercisable - April 30, 2022 2,373,165 $ 7.61 3.8 $ 824,239 |
Schedule of restricted stock unit activity | The following table summarizes RSU activity for the three months ended April 30, 2022: Shares Weighted-Average Grant Date Fair Value per RSU Unvested - January 31, 2022 3,226,759 $ 258.85 RSUs granted 1,012,314 317.80 RSUs vested (381,178) 181.62 RSUs forfeited and canceled (84,920) 274.86 Unvested - April 30, 2022 3,772,975 $ 282.11 |
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 April 30, 2022 2021 Cost of revenue—subscription $ 4,467 $ 2,990 Cost of revenue—services 2,212 1,487 Sales and marketing 30,534 18,876 Research and development 35,483 20,335 General and administrative 10,870 7,226 Total stock-based compensation expense $ 83,566 $ 50,914 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Apr. 30, 2022 | |
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 April 30, 2022 2021 Numerator: Net loss $ (77,294) $ (63,992) Denominator: Weighted-average shares used to compute net loss per share, basic and diluted 67,706,502 61,361,670 Net loss per share, basic and diluted $ (1.14) $ (1.04) |
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 April 30, 2022 2021 Stock options pursuant to the 2016 Equity Incentive Plan 621,307 918,106 Stock options pursuant to the 2008 Stock Incentive Plan 1,836,934 2,755,430 Unvested restricted stock units 3,675,756 3,812,342 Unvested executive PSUs 42,876 — Early exercised stock options — 416 Shares underlying the conversion option of the 2024 Notes — 871,697 Shares underlying the conversion option of the 2026 Notes 5,445,069 5,445,135 Total 11,621,942 13,803,126 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2022 | |
Short-term investments: | |||
Unrealized losses | $ 5,800,000 | ||
Fair value of security owned not readily marketable | 7,700,000 | $ 4,800,000 | |
Payments To Acquire Non Marketable Securities | (1,119,000) | $ (936,000) | |
Gain on non-marketable securities | (1,751,000) | $ 0 | |
Fair Value, Recurring | |||
Short-term investments: | |||
Total financial assets | 1,661,413,000 | 1,683,240,000 | |
Level 1 | Fair Value, Recurring | |||
Short-term investments: | |||
Total financial assets | 1,661,413,000 | 1,683,240,000 | |
Level 2 | Fair Value, Recurring | |||
Short-term investments: | |||
Total financial assets | 0 | 0 | |
Level 3 | Fair Value, Recurring | |||
Short-term investments: | |||
Total financial assets | 0 | 0 | |
U.S. government treasury securities | Fair Value, Recurring | |||
Short-term investments: | |||
Short-term investments: | 1,372,420,000 | 1,352,019,000 | |
U.S. government treasury securities | Level 1 | Fair Value, Recurring | |||
Short-term investments: | |||
Short-term investments: | 1,372,420,000 | 1,352,019,000 | |
U.S. government treasury securities | Level 2 | Fair Value, Recurring | |||
Short-term investments: | |||
Short-term investments: | 0 | 0 | |
U.S. government treasury securities | Level 3 | Fair Value, Recurring | |||
Short-term investments: | |||
Short-term investments: | 0 | 0 | |
Money market funds | Fair Value, Recurring | |||
Cash and cash equivalents: | |||
Cash and cash equivalents: | 288,993,000 | 331,221,000 | |
Money market funds | Level 1 | Fair Value, Recurring | |||
Cash and cash equivalents: | |||
Cash and cash equivalents: | 288,993,000 | 331,221,000 | |
Money market funds | Level 2 | Fair Value, Recurring | |||
Cash and cash equivalents: | |||
Cash and cash equivalents: | 0 | 0 | |
Money market funds | Level 3 | Fair Value, Recurring | |||
Cash and cash equivalents: | |||
Cash and cash equivalents: | $ 0 | $ 0 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets, Net - Additional Information (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Changes in goodwill | $ 0 | |
Amortization of intangible assets | $ 2,300,000 | $ 2,200,000 |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Jan. 31, 2022 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 53,300 | $ 53,300 |
Accumulated Amortization | (34,987) | (32,692) |
Net Book Value | 18,313 | 20,608 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 38,100 | 38,100 |
Accumulated Amortization | (24,517) | (22,982) |
Net Book Value | $ 13,583 | $ 15,118 |
Weighted average useful life | 2 years 4 months 24 days | 2 years 7 months 6 days |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 15,200 | $ 15,200 |
Accumulated Amortization | (10,470) | (9,710) |
Net Book Value | $ 4,730 | $ 5,490 |
Weighted average useful life | 1 year 7 months 6 days | 1 year 9 months 18 days |
Goodwill and Acquired Intangi_5
Goodwill and Acquired Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2023 | $ 6,885 | |
2024 | 8,505 | |
2025 | 2,130 | |
2026 | 680 | |
2027 | 113 | |
Net Book Value | $ 18,313 | $ 20,608 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Details) | 1 Months Ended | 3 Months Ended |
Jan. 31, 2020USD ($) | Apr. 30, 2022USD ($)day | |
2026 Notes | ||
Debt Instrument [Line Items] | ||
Fair value of convertible debt | $ 2,100,000,000 | |
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 | 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 Debt | Additional Convertible Senior Notes Due 2026 | ||
Debt Instrument [Line Items] | ||
Face amount of debt | $ 150,000,000 |
Convertible Senior Notes - Sche
Convertible Senior Notes - Schedule of Net Carrying Amount of the Liability Component of the Notes (Details) - 2026 Notes - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Debt Instrument [Line Items] | ||
Principal | $ 1,149,986 | $ 1,149,988 |
Unamortized debt issuance costs | (12,625) | (13,467) |
Net carrying amount | $ 1,137,361 | $ 1,136,521 |
Convertible Senior Notes - Capp
Convertible Senior Notes - Capped Calls (Details) | 3 Months Ended |
Apr. 30, 2022$ / 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 | Apr. 30, 2022USD ($) |
Lessee, Lease, Description [Line Items] | |
Operating lease, liability, to be paid | $ 57,431 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 12 years |
Gurgaon | Gurgaon, India | |
Lessee, Lease, Description [Line Items] | |
Operating lease, term of contract | 5 years |
Operating lease, liability, to be paid | $ 7,000 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Finance lease cost: | ||
Amortization of finance lease right-of-use assets | $ 994 | $ 994 |
Interest on finance lease liabilities | 750 | 819 |
Operating lease cost | 2,564 | 1,907 |
Short-term lease cost | 537 | 66 |
Total lease cost | $ 4,845 | $ 3,786 |
Leases - Balance Sheet Componen
Leases - Balance Sheet Components (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Finance Lease: | ||
Property and equipment, net | $ 30,469 | $ 31,463 |
Other accrued liabilities (current) | 5,257 | 4,511 |
Other liabilities, non-current | 47,830 | 49,173 |
Operating Leases: | ||
Operating lease right-of-use assets | 45,248 | 41,745 |
Operating lease liabilities (current) | 8,671 | 8,084 |
Operating lease liabilities, non-current | $ 40,279 | $ 38,707 |
Leases - Supplemental Informati
Leases - Supplemental Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from finance lease | $ 750 | $ 819 |
Operating cash flows from operating leases | 2,722 | 1,506 |
Financing cash flows from finance lease | 595 | 1,199 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 5,744 | $ 11,924 |
Weighted-average remaining lease term (in years): | ||
Finance lease | 7 years 8 months 12 days | 8 years 8 months 12 days |
Operating leases | 6 years 7 months 6 days | 7 years 10 months 24 days |
Weighted-average discount rate: | ||
Finance lease | 5.60% | 5.60% |
Operating leases | 5.00% | 4.30% |
Leases - Lease Maturities (Deta
Leases - Lease Maturities (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Jan. 31, 2022 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2023 | $ 6,055 | |
2024 | 8,073 | |
2025 | 8,445 | |
2026 | 8,711 | |
2027 | 8,711 | |
Thereafter | 25,407 | |
Total minimum payments | 65,402 | |
Less imputed interest | (12,315) | |
Present value of future minimum lease payments | 53,087 | |
Less current obligations under leases | (5,257) | $ (4,511) |
Non-current lease obligations | 47,830 | 49,173 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2023 | 8,089 | |
2024 | 10,364 | |
2025 | 8,670 | |
2026 | 7,273 | |
2027 | 6,155 | |
Thereafter | 16,880 | |
Total minimum payments | 57,431 | |
Less imputed interest | (8,481) | |
Present value of future minimum lease payments | 48,950 | |
Less current obligations under leases | (8,671) | (8,084) |
Non-current lease obligations | $ 40,279 | $ 38,707 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Apr. 30, 2022 | Jan. 31, 2022 |
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 | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 285,447 | $ 181,648 |
MongoDB Atlas-related | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 169,995 | 93,510 |
Other subscription | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 104,586 | 81,060 |
Services | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 10,866 | 7,078 |
Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 174,056 | 109,476 |
Europe, Middle East and Africa | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 81,969 | 54,725 |
Asia Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 29,422 | $ 17,447 |
Revenue - Concentration Risk (D
Revenue - Concentration Risk (Details) - Geographic Concentration Risk - Revenue, Net | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
United States | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 55.00% | |
United Kingdom | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 55.00% |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred revenue | $ 375,500,000 | $ 375,200,000 | |
Percent of revenue recognized from deferred revenue | 43.00% | 42.00% | |
Remaining performance obligation, percentage | 59.00% | ||
Unbilled contracts receivable | $ 6,400,000 | 6,100,000 | |
Deferred commissions | 208,100,000 | $ 203,300,000 | |
Amortization of deferred commissions | 17,600,000 | $ 9,700,000 | |
Impairment loss | 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 | $ 401,900,000 | ||
Expected timing of satisfaction of remaining performance obligation | 12 months |
Revenue - Schedule of Allowance
Revenue - Schedule of Allowance for Doubtful Accounts (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2022USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 4,966 |
Provision | 536 |
Recoveries/write-offs | (1,285) |
Ending balance | $ 4,217 |
Equity Incentive Plans and Em_3
Equity Incentive Plans and Employee Stock Purchase Plan - Stock Options (Details) - Employee Stock Option | 3 Months Ended |
Apr. 30, 2022 | |
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) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Jan. 31, 2022 | |
Shares | ||
Balance - beginning of period (in shares) | 2,591,894 | |
Stock options exercised (in shares) | (235,517) | |
Stock options forfeited and expired (in shares) | 0 | |
Balance - end of period (in shares) | 2,356,377 | 2,591,894 |
Weighted-Average Exercise Price Per Share | ||
Balance - beginning of period (in dollars per share) | $ 7.46 | |
Stock options exercised (in dollars per share) | 7.16 | |
Stock options forfeited and expired (in dollars per share) | 0 | |
Balance - end of period (in dollars per share) | 7.67 | $ 7.46 |
Vested and exercisable (in dollars per share) | $ 7.61 | $ 7.46 |
Weighted- Average Remaining Contractual Term (In Years) | ||
Balance | 3 years 9 months 18 days | 3 years 10 months 24 days |
Aggregate Intrinsic Value | ||
Balance | $ 824,527 | $ 1,030,680 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 2,373,165 | 2,591,894 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 9 months 18 days | 3 years 10 months 24 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ 824,239 | $ 1,030,680 |
Equity Incentive Plans and Em_5
Equity Incentive Plans and Employee Stock Purchase Plan - Restricted Stock Units, Additional Information (Details) - Restricted Stock Units (RSUs) | 3 Months Ended |
Apr. 30, 2022 | |
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) | 3 Months Ended |
Apr. 30, 2022$ / sharesshares | |
Shares | |
Unvested - beginning of period (in shares) | shares | 3,226,759 |
RSUs granted (in shares) | shares | 1,012,314 |
RSUs vested (in shares) | shares | (381,178) |
RSUs forfeited and canceled (in shares) | shares | (84,920) |
Unvested - end of period (in shares) | shares | 3,772,975 |
Weighted-Average Grant Date Fair Value per RSU | |
Unvested - beginning of period (in dollars per share) | $ / shares | $ 258.85 |
RSUs granted (in dollars per share) | $ / shares | 317.80 |
RSUs vested (in dollars per share) | $ / shares | 181.62 |
RSUs forfeited and canceled (in dollars per share) | $ / shares | 274.86 |
Unvested - end of period (in dollars per share) | $ / shares | $ 282.11 |
Equity Incentive Plans and Em_7
Equity Incentive Plans and Employee Stock Purchase Plan - Employee Stock Purchase Plan, Additional Information (Details) | 3 Months Ended |
Apr. 30, 2022USD ($)shares | |
Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum employee contribution rate | 15.00% |
Unvested executive PSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Performance factor | 100 |
PSU's granted (in shares) | 74,823 |
PSU's granted (in dollars) | $ | $ 23,700,000 |
Unvested executive PSUs | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting rights percentage | 0.00% |
Unvested executive PSUs | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting rights percentage | 200.00% |
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 | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 83,566 | $ 50,914 |
Cost of revenue—subscription | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 4,467 | 2,990 |
Cost of revenue—services | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 2,212 | 1,487 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 30,534 | 18,876 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 35,483 | 20,335 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 10,870 | $ 7,226 |
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 | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Numerator: | ||
Net loss | $ (77,294) | $ (63,992) |
Denominator: | ||
Weighted Average Number of Shares Outstanding, Basic | 67,706,502 | 61,361,670 |
Net loss per share, basic and diluted (in dollars per share) | $ (1.14) | $ (1.04) |
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 | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 11,621,942 | 13,803,126 |
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) | 621,307 | 918,106 |
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) | 1,836,934 | 2,755,430 |
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) | 3,675,756 | 3,812,342 |
Unvested executive PSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 42,876 | 0 |
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 | 416 |
Shares underlying the conversion option of the 2024 Notes | 2024 Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 871,697 |
Shares underlying the conversion option of the 2024 Notes | 2026 Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,445,069 | 5,445,135 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Provision for (benefit from) income taxes | $ 1,146 | $ (1,376) | |
Unrecognized tax benefits | $ 22,700 |