Cover Page
Cover Page - shares | 3 Months Ended | |
Apr. 30, 2024 | May 29, 2024 | |
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 $0.001 per share | |
Trading Symbol | MDB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 73,350,695 | |
Entity Central Index Key | 0001441816 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2025 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2024 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Current assets: | ||
Cash and cash equivalents | $ 815,704 | $ 802,959 |
Short-term investments | 1,258,292 | 1,212,448 |
Accounts receivable, net of allowance for doubtful accounts of $7,814 and $8,054 as of April 30, 2024 and January 31, 2024, respectively | 266,025 | 325,610 |
Deferred commissions | 93,390 | 92,512 |
Prepaid expenses and other current assets | 218,914 | 50,107 |
Total current assets | 2,652,325 | 2,483,636 |
Property and equipment, net | 50,214 | 53,042 |
Operating lease right-of-use assets | 34,807 | 37,365 |
Goodwill | 69,679 | 69,679 |
Acquired intangible assets, net | 1,303 | 3,957 |
Deferred tax assets | 4,524 | 4,116 |
Other assets | 221,577 | 217,847 |
Total assets | 3,034,429 | 2,869,642 |
Current liabilities: | ||
Accounts payable | 9,349 | 9,905 |
Accrued compensation and benefits | 110,234 | 112,579 |
Operating lease liabilities | 9,881 | 9,797 |
Other accrued liabilities | 84,110 | 74,831 |
Deferred revenue | 323,920 | 357,108 |
Total current liabilities | 537,494 | 564,220 |
Deferred tax liability | 770 | 285 |
Operating lease liabilities, non-current | 28,417 | 30,918 |
Deferred revenue | 16,210 | 20,296 |
Convertible senior notes, net | 1,144,125 | 1,143,273 |
Other liabilities | 38,157 | 41,661 |
Total liabilities | 1,765,173 | 1,800,653 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Common stock, par value of $0.001 per share; 1,000,000,000 shares authorized as of April 30, 2024 and January 31, 2024; 73,449,966 shares issued and 73,350,595 shares outstanding as of April 30, 2024; 72,840,692 shares issued and 72,741,321 shares outstanding as of January 31, 2024 | 73 | 73 |
Additional paid-in capital | 3,068,730 | 2,777,322 |
Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of April 30, 2024 and January 31, 2024 | (1,319) | (1,319) |
Accumulated other comprehensive (loss) income | (6,003) | 4,545 |
Accumulated deficit | (1,792,225) | (1,711,632) |
Total stockholders’ equity | 1,269,256 | 1,068,989 |
Total liabilities and stockholders’ equity | $ 3,034,429 | $ 2,869,642 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Jan. 31, 2024 | |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 7,814 | $ 8,054 |
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) | 73,449,966 | 72,840,692 |
Common stock outstanding (in shares) | 73,350,595 | 72,741,321 |
Average repurchase price of treasury stock shares (in dollars per share) | $ 13.27 | $ 13.27 |
Treasury Stock, Common, Shares | 99,371 | 99,371 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Revenue: | ||
Total revenue | $ 450,561 | $ 368,280 |
Cost of revenue: | ||
Total cost of revenue | 122,697 | 97,449 |
Gross profit | 327,864 | 270,831 |
Operating expenses: | ||
Sales and marketing | 219,444 | 182,733 |
Research and development | 146,060 | 116,817 |
General and administrative | 60,546 | 39,828 |
Total operating expenses | 426,050 | 339,378 |
Loss from operations | (98,186) | (68,547) |
Other (expense) income: | ||
Interest income | 23,111 | 18,037 |
Interest expense | (1,897) | (2,393) |
Other (expense) income, net | (1,040) | 1,144 |
Loss before provision for income taxes | (78,012) | (51,759) |
Provision for income taxes | 2,581 | 2,487 |
Net loss | $ (80,593) | $ (54,246) |
Net loss per share, basic and diluted (in dollars per share) | $ (1.10) | $ (0.77) |
Weighted-average shares used to compute net loss per share, basic and diluted (in shares) | 72,990,141 | 70,177,499 |
Subscription | ||
Revenue: | ||
Total revenue | $ 436,896 | $ 354,714 |
Cost of revenue: | ||
Total cost of revenue | 100,762 | 78,173 |
Services | ||
Revenue: | ||
Total revenue | 13,665 | 13,566 |
Cost of revenue: | ||
Total cost of revenue | $ 21,935 | $ 19,276 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (80,593) | $ (54,246) |
Other comprehensive income (loss), net of tax: | ||
Unrealized (loss) income on available-for-sale securities | (9,541) | 818 |
Foreign currency translation adjustment | (1,007) | 921 |
Other comprehensive (loss) income | (10,548) | 1,739 |
Total comprehensive loss | $ (91,141) | $ (52,507) |
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 |
Beginning balance (in shares) at Jan. 31, 2023 | 69,906,586 | |||||
Beginning balance at Jan. 31, 2023 | $ 739,508 | $ 70 | $ 2,276,694 | $ (1,319) | $ (905) | $ (1,535,032) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock option exercises (in shares) | 213,713 | |||||
Stock option exercises | 1,472 | 1,472 | ||||
Vesting of restricted stock units (in shares) | 388,017 | |||||
Vesting of restricted stock units | 1 | $ 1 | ||||
Vesting of performance stock units (in shares) | 22,991 | |||||
Stock-based compensation | 103,955 | 103,955 | ||||
Unrealized (loss) income on available-for-sale securities | 818 | 818 | ||||
Foreign currency translation adjustment | 921 | 921 | ||||
Net loss | (54,246) | (54,246) | ||||
Ending balance (in shares) at Apr. 30, 2023 | 70,531,307 | |||||
Ending balance at Apr. 30, 2023 | $ 792,429 | $ 71 | 2,382,121 | (1,319) | 834 | (1,589,278) |
Beginning balance (in shares) at Jan. 31, 2024 | 72,741,321 | 72,741,321 | ||||
Beginning balance at Jan. 31, 2024 | $ 1,068,989 | $ 73 | 2,777,322 | (1,319) | 4,545 | (1,711,632) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock option exercises (in shares) | 132,617 | 132,617 | ||||
Stock option exercises | $ 953 | 953 | ||||
Vesting of restricted stock units (in shares) | 399,213 | |||||
Vesting of restricted stock units | 0 | $ 0 | ||||
Vesting of performance stock units (in shares) | 77,444 | |||||
Stock-based compensation | 120,763 | 120,763 | ||||
Unrealized (loss) income on available-for-sale securities | (9,541) | (9,541) | ||||
Foreign currency translation adjustment | (1,007) | (1,007) | ||||
Reclassification of derivative related to the Capped Call associated with the 2024 Notes | 169,692 | 169,692 | ||||
Net loss | $ (80,593) | (80,593) | ||||
Ending balance (in shares) at Apr. 30, 2024 | 73,350,595 | 73,350,595 | ||||
Ending balance at Apr. 30, 2024 | $ 1,269,256 | $ 73 | $ 3,068,730 | $ (1,319) | $ (6,003) | $ (1,792,225) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (80,593) | $ (54,246) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 4,826 | 4,373 |
Stock-based compensation | 120,763 | 103,955 |
Amortization of debt discount and issuance costs | 852 | 847 |
Amortization of finance right-of-use assets | 993 | 994 |
Amortization of operating right-of-use assets | 2,479 | 2,225 |
Deferred income taxes | 7 | (188) |
Amortization of premium and accretion of discount on short-term investments, net | (7,781) | (13,230) |
Unrealized foreign exchange loss | 115 | 429 |
Change in operating assets and liabilities: | ||
Accounts receivable, net | 59,326 | 73,364 |
Prepaid expenses and other current assets | 1,233 | (2,909) |
Deferred commissions | (4,820) | 2,664 |
Other long-term assets | 166 | (46) |
Accounts payable | (547) | (304) |
Accrued liabilities | 6,526 | (12,631) |
Operating lease liabilities | (2,185) | (2,394) |
Deferred revenue | (37,431) | (47,266) |
Other liabilities, non-current | 163 | 319 |
Net cash provided by operating activities | 63,613 | 53,730 |
Cash flows from investing activities | ||
Purchases of property and equipment | (539) | (623) |
Investments in non-marketable securities | 0 | (1,306) |
Proceeds from maturities of marketable securities | 125,000 | 280,000 |
Purchases of marketable securities | (172,604) | (66,789) |
Net cash (used in) provided by investing activities | (48,143) | 211,282 |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 953 | 1,472 |
Principal repayments of finance leases | (2,093) | (1,342) |
Net cash (used in) provided by financing activities | (1,140) | 130 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,583) | 709 |
Net increase in cash, cash equivalents and restricted cash | 12,747 | 265,851 |
Cash, cash equivalents and restricted cash, beginning of period | 803,643 | 456,339 |
Cash, cash equivalents and restricted cash, end of period | 816,390 | 722,190 |
Cash paid during the period for: | ||
Income taxes, net of refunds | 2,973 | 3,146 |
Interest expense | 599 | 677 |
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 | 815,704 | 721,787 |
Restricted cash, non-current | 686 | 403 |
Total cash, cash equivalents and restricted cash | 816,390 | 722,190 |
Unrealized Gain (Loss) on Investments | $ 479 | $ 2,226 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Apr. 30, 2024 | |
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 developer data platform company. The foundation of the Company’s offering is the leading, modern general purpose database, which is built on a unique document-based architecture. Organizations can deploy the Company’s database at scale in the cloud, on-premises, or in a hybrid environment. The Company’s robust platform enables developers to build and modernize applications rapidly and cost-effectively across a broad range of use cases. 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, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. These interim unaudited condensed consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. 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, including normal recurring adjustments, which are considered necessary to fairly state the Company’s financial position and results of operations as of and for the periods presented. All intercompany transactions and accounts have been eliminated. The results of operations for the interim periods should not be considered indicative of results for the full year or for any other future year or interim period. The year-end condensed balance sheet data was derived from 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, 2024 (the “2024 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 periods. Such estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, the period of benefit for deferred contract acquisition costs, 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 and carrying values of acquired intangible assets and property and equipment, fair value of financial instruments 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 global macroeconomic conditions, including slower economic growth, persistent inflation and a high interest rate environment, continue to impact demand and supply for a broad variety of goods and services, including demand from the Company’s customers. 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 condensed 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 2024 Form 10-K. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 2024 | |
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, 2024 and January 31, 2024 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, 2024 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 477,496 $ — $ — $ 477,496 Short-term investments: U.S. government treasury securities 1,258,292 — — 1,258,292 Prepaid expenses and other current assets: Derivative asset — 170,215 — 170,215 Total financial assets $ 1,735,788 $ 170,215 $ — $ 1,906,003 Fair Value Measurement as of January 31, 2024 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 512,456 $ — $ — $ 512,456 Short-term investments: U.S. government treasury securities 1,212,448 — — 1,212,448 Total financial assets $ 1,724,904 $ — $ — $ 1,724,904 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 following table summarizes the amortized cost and fair value of the Company’s short-term investments by remaining contractual maturity as of April 30, 2024 and January 31, 2024 (in thousands): April 30, 2024 January 31, 2024 Amortized Unrealized Fair Value Amortized Unrealized Fair Value Due within one year $ 676,643 $ (1,758) $ 674,885 $ 520,006 $ (543) $ 519,463 Due after one year and within three years 588,959 (5,552) 583,407 690,211 2,774 692,985 Total short-term investments $ 1,265,602 $ (7,310) $ 1,258,292 $ 1,210,217 $ 2,231 $ 1,212,448 As of April 30, 2024, unrealized losses on the Company’s U.S. government treasury securities were approximately $7.3 million. As of January 31, 2024, unrealized gains on the Company’s U.S. government treasury securities were approximately $2.2 million. These unrealized gains and losses were caused by fluctuations in interest rates, which results in changes to the market value of these securities. Because the decline in fair value is due to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity, the Company concluded that an allowance for credit losses was unnecessary for short-term investments as of April 30, 2024. Gross realized gains and losses were not material for both the three months ended April 30, 2024 and 2023. There were no short-term investments in a continuous loss position for greater than twelve months. Convertible Senior Notes and Capped Calls 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 as of April 30, 2024 to be a Level 2 measurement due to limited trading activity of the convertible senior notes. The fair value measurements for the derivative asset related to the Capped Calls associated with the 2024 Notes are determined using the Black-Scholes option-pricing model with Level 1 and Level 2 inputs. The derivative asset was recognized as a result of the Company electing to cash settle the Capped Calls associated with the 2024 Notes (as defined herein). Refer to Note 5, Convertible Senior Notes , for further details on the convertible senior notes and Capped Calls. Non-marketable Securities As of April 30, 2024 and January 31, 2024, the total amount of non-marketable equity and debt securities included in other assets on the Company’s condensed consolidated balance sheets was $12.9 million. The Company did not make additional investments during the three months ended April 30, 2024 and invested an additional $1.3 million of its cash in non-marketable equity securities during the three months ended April 30, 2023. The Company recognized an immaterial net unrealized loss during the three months ended April 30, 2024 on certain of these non-marketable securities and net unrealized gain of $2.2 million during the three months ended April 30, 2023. 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 2024 Form 10-K for further information. The Company considers these assets as Level 3 within the fair value hierarchy when an impairment or observable price changes in orderly transactions are recognized on these non-marketable 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. |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets, Net | 3 Months Ended |
Apr. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets, Net | Goodwill and Acquired Intangible Assets, Net The following table summarizes the changes in the carrying amount of goodwill during the periods presented (in thousands): April 30, 2024 January 31, 2024 Balance, beginning of the year $ 69,679 $ 57,779 Increase in goodwill related to business combinations — 11,900 Balance, end of the year $ 69,679 $ 69,679 On September 27, 2023, the Company acquired the assets of Grainite, Inc. (“Grainite”), for total cash consideration of $15.0 million. Grainite is a stream processing application company and the transaction is intended to accelerate the development of the Company’s stream processing offering. The Company accounted for the transaction as a business combination, after determining that the acquired set of assets, the fair value of which was not concentrated in a single asset, or group of similar assets, and included (a) an assembled workforce and (b) intangible asset, met the definition of a business. As a result, the Company allocated the estimated fair value of $3.1 million of the identifiable asset acquired to the developed technology intangible asset. The fair value assigned to the intangible asset was determined through the use of a third-party valuation firm using replacement cost approach methodology, and includes the expected profit margin of a hypothetical third-party developer and a market participant’s opportunity cost. Judgment was applied for a number of assumptions used in the valuation of the identified intangible asset. The excess of the cash consideration over the identifiable intangible assets in the amount of $11.9 million was allocated to goodwill. This transaction is accounted for as an asset acquisition for tax purposes, and therefore both the goodwill and acquired intangible asset are deductible for tax purposes. Tax impacts were not material. Acquisition-related transaction costs were not material and have been expensed as incurred and included in general and administrative expenses in the condensed consolidated statements of operations. The business combination did not have a material impact on the Company’s condensed consolidated financial statements. The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows (in thousands): April 30, 2024 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life Developed technology $ 41,200 $ (39,897) $ 1,303 1.9 Customer relationships 15,200 (15,200) — — Total $ 56,400 $ (55,097) $ 1,303 January 31, 2024 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life Developed technology $ 41,200 $ (37,328) $ 3,872 1.0 Customer relationships 15,200 (15,115) 85 0.3 Total $ 56,400 $ (52,443) $ 3,957 Acquired intangible assets are amortized on a straight-line basis. Amortization expense of intangible assets was $2.7 million and $2.3 million for the three months ended April 30, 2024 and 2023, respectively. Amortization expense for developed technology was included as research and development expense in the Company’s interim condensed consolidated statements of operations. Amortization expense for customer relationships was included as sales and marketing expense in the Company’s interim condensed consolidated statements of operations. As of April 30, 2024, future amortization expense related to the intangible assets is as follows (in thousands): Years Ending January 31, Remainder of 2025 $ 510 2026 680 2027 113 2028 — 2029 — Total $ 1,303 |
Convertible Senior Notes
Convertible Senior Notes | 3 Months Ended |
Apr. 30, 2024 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | Convertible Senior Notes The net carrying amounts of the Company’s 2026 Notes (as defined herein) were as follows for the periods presented (in thousands): April 30, 2024 January 31, 2024 Principal $ 1,149,972 $ 1,149,972 Unamortized debt issuance costs (5,847) (6,699) Net carrying amount $ 1,144,125 $ 1,143,273 As of April 30, 2024, the estimated fair value (Level 2) of the outstanding 2026 Notes, which is utilized solely for disclosure purposes, was approximately $2.0 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 2024 Form 10-K for further information on the 2026 Notes. During the three months ended April 30, 2024, 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, 2024 (the last trading day of the fiscal quarter) and therefore the 2026 Notes are convertible, in whole or in part, from May 1, 2024 through July 31, 2024. 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. 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. In April 2024, the Company elected cash settlement for the Capped Calls associated with the 2024 Notes. The settlement period of the Capped Calls associated with the 2024 Notes ranges between April 2024 and June 2024 with cash receipt in June 2024. Upon the cash settlement election, the instrument, initially indexed to the Company’s own stock, no longer met the criteria for equity classification and was reclassified from stockholder’s equity to assets on the Company’s condensed consolidated balance sheet. The reclassification resulted in the recognition of a derivative asset, with an estimated fair value at cash settlement election date of $169.7 million, with a corresponding increase in additional paid in capital, which is reflected as a noncash financing activity for the three months ended April 30, 2024. The derivative asset is included in prepaid expenses and other current assets on the Company’s condensed consolidated balance sheet. The fair value of the derivative instrument as of April 30, 2024, was $170.2 million and as a result the Company recognized an unrealized gain of $0.5 million, which was recorded in other income (expense), net, on the Company interim condensed consolidated statement of operations. The fair values of the derivative asset related to the Capped Calls associated with the 2024 Notes were determined using the Black-Scholes option-pricing model with significant inputs being the Company’s share price and the risk free rate, based on the Secured Overnight Offering Rate, at each valuation date. The impact of volatility was not significant on the fair value measurements. 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, 2024. Refer to Note 6, Convertible Senior Notes , in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2024 Form 10-K for further information on the Capped Calls and the 2024 Notes. |
Leases
Leases | 3 Months Ended |
Apr. 30, 2024 | |
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 one Lease Costs The components of the Company’s lease costs included in its interim condensed consolidated statements of operations were as follows (in thousands): Three Months Ended April 30, 2024 2023 Finance lease cost: Amortization of finance lease right-of-use assets $ 993 $ 994 Interest on finance lease liabilities 599 676 Operating lease cost 3,023 2,658 Short-term lease cost 1,516 1,363 Total lease cost $ 6,131 $ 5,691 Balance Sheet Components The balances of the Company’s finance and operating leases were recorded on the condensed consolidated balance sheets as follows (in thousands): April 30, 2024 January 31, 2024 Finance Lease: Property and equipment, net $ 22,521 $ 23,514 Other accrued liabilities, current 5,754 6,179 Other liabilities, non-current 35,843 37,511 Operating Leases: Operating lease right-of-use assets $ 34,807 $ 37,365 Operating lease liabilities, current 9,881 9,797 Operating lease liabilities, non-current 28,417 30,918 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, 2024 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2025 $ 5,754 $ 8,993 2026 8,711 9,265 2027 8,711 6,483 2028 8,711 5,664 2029 8,711 5,434 Thereafter 7,985 7,929 Total minimum payments 48,583 43,768 Less imputed interest (6,986) (5,470) Present value of future minimum lease payments 41,597 38,298 Less current obligations under leases (5,754) (9,881) Non-current lease obligations $ 35,843 $ 28,417 |
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 one Lease Costs The components of the Company’s lease costs included in its interim condensed consolidated statements of operations were as follows (in thousands): Three Months Ended April 30, 2024 2023 Finance lease cost: Amortization of finance lease right-of-use assets $ 993 $ 994 Interest on finance lease liabilities 599 676 Operating lease cost 3,023 2,658 Short-term lease cost 1,516 1,363 Total lease cost $ 6,131 $ 5,691 Balance Sheet Components The balances of the Company’s finance and operating leases were recorded on the condensed consolidated balance sheets as follows (in thousands): April 30, 2024 January 31, 2024 Finance Lease: Property and equipment, net $ 22,521 $ 23,514 Other accrued liabilities, current 5,754 6,179 Other liabilities, non-current 35,843 37,511 Operating Leases: Operating lease right-of-use assets $ 34,807 $ 37,365 Operating lease liabilities, current 9,881 9,797 Operating lease liabilities, non-current 28,417 30,918 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, 2024 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2025 $ 5,754 $ 8,993 2026 8,711 9,265 2027 8,711 6,483 2028 8,711 5,664 2029 8,711 5,434 Thereafter 7,985 7,929 Total minimum payments 48,583 43,768 Less imputed interest (6,986) (5,470) Present value of future minimum lease payments 41,597 38,298 Less current obligations under leases (5,754) (9,881) Non-current lease obligations $ 35,843 $ 28,417 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Non-cancelable Material Commitments During the three months ended April 30, 2024, other than certain non-cancelable operating leases described in Note 6, Leases , there have been no material changes outside the ordinary course of business t o the Company’s contractual obligations and commitments from those disclosed in the 2024 Form 10-K. Legal Matters The Company investigates all claims, litigation and other legal matters as they arise. 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, labor and employment and breach of contract claims. Although claims and litigation are inherently unpredictable, as of April 30, 2024, 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. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. 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. To date, the Company has not incurred material costs as a result of such commitments. 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, 2024 | |
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 April 30, 2024 2023 Primary geographical markets: Americas $ 272,093 $ 222,346 EMEA 123,296 105,123 Asia Pacific 55,172 40,811 Total $ 450,561 $ 368,280 Subscription product categories and services: MongoDB Atlas-related $ 313,855 $ 237,756 Other subscription 123,041 116,958 Services 13,665 13,566 Total $ 450,561 $ 368,280 Customers located in the United States accounted for 54% of total revenue for each of the three months ended April 30, 2024 and 2023. 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 sheets 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, 2024 and January 31, 2024 was $340.1 million and $377.4 million, respectively. Approximately 33% and 45% of the total revenue recognized for the three months ended April 30, 2024 and 2023, 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, 2024, the aggregate transaction price allocated to remaining performance obligations was $586.5 million. Approximately 56% 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, 2024 and January 31, 2024, unbilled receivables were $18.9 million and $22.7 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, 2024 $ 8,054 Provision 1,573 Recoveries/write-offs (1,813) Balance as of April 30, 2024 $ 7,814 The decrease in allowance for doubtful accounts as of April 30, 2024 was primarily driven by the increased collections during the period. Costs Capitalized to Obtain Contracts with Customers Deferred commissions were $299.1 million and $294.2 million as of April 30, 2024 and January 31, 2024, respectively, of which $205.7 million and $201.7 million comprised the non-current portion and was included in other assets on the Company’s consolidated balance sheets as of April 30, 2024 and January 31, 2024, respectively. Amortization expense with respect to deferred commissions, which is included in sales and marketing expense in the Company’s interim condensed consolidated statements of operations, was $26.4 million and $23.6 million for the three months ended April 30, 2024 and 2023, 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 | 3 Months Ended |
Apr. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans and Employee Stock Purchase Plan | Equity Incentive Plans and Employee Stock Purchase Plan 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 eligible 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 eligible employees and non-statutory stock options to eligible 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, 2024. The following table summarizes stock option activity for the three months ended April 30, 2024 (in thousands, except share and per share data and years): Shares Weighted-Average Weighted- Average Aggregate Balance - January 31, 2024 835,623 $ 8.14 2.6 $ 327,884 Stock options exercised (132,617) 7.18 Stock options forfeited and expired — — Balance - April 30, 2024 703,006 $ 8.32 2.4 $ 250,877 Vested and exercisable - January 31, 2024 835,623 $ 8.14 2.6 $ 327,884 Vested and exercisable - April 30, 2024 703,006 $ 8.32 2.4 $ 250,877 Restricted Stock Units The 2016 Plan provides for the issuance of RSUs to eligible 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 award 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, 2024: Shares Weighted-Average Grant Date Fair Value per RSU Unvested - January 31, 2024 3,566,406 $ 290.59 RSUs granted 956,647 353.42 RSUs vested (399,213) 274.70 RSUs forfeited and canceled (119,565) 295.72 Unvested - April 30, 2024 4,004,275 $ 308.32 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 on December 15, 2023 and is expected to end June 14, 2024. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s interim condensed consolidated statements of operations is as follows (in thousands): Three Months Ended April 30, 2024 2023 Cost of revenue—subscription $ 6,163 $ 5,514 Cost of revenue—services 3,255 2,948 Sales and marketing 39,613 37,606 Research and development 55,173 44,066 General and administrative 16,559 13,821 Total stock-based compensation expense $ 120,763 $ 103,955 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Apr. 30, 2024 | |
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, 2024 2023 Numerator: Net loss $ (80,593) $ (54,246) Denominator: Weighted-average shares used to compute net loss per share, basic and diluted 72,990,141 70,177,499 Net loss per share, basic and diluted $ (1.10) $ (0.77) 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 2026 Notes. During the three months ended April 30, 2024, the Company elected a settlement in cash, as opposed to the Company’s common stock, of the Capped Calls associated with 2024 Notes, refer to Note 5. Convertible Senior Notes for more information. 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, 2024 2023 Stock options pursuant to the 2016 Equity Incentive Plan 350,634 504,452 Stock options pursuant to the 2008 Stock Incentive Plan 395,055 1,152,990 Unvested restricted stock units 3,833,040 4,054,925 Unvested executive PSUs 201,457 174,119 Shares underlying the conversion option of the 2026 Notes 5,445,002 5,445,002 Total 10,225,188 11,331,488 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded a provision for income taxes of $2.6 million and $2.5 million for the three months ended April 30, 2024 and 2023, respectively. The provisions recorded during both the three months ended April 30, 2024 and 2023 were driven by the increase in global income and the associated foreign taxes as the Company continues its global expansion. 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 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, 2024, the Company’s net unrecognized tax benefits totaled $81.6 million, $0.7 million of which would have an impact on the Company’s effective tax rate if recognized. In 2021, the Organization for Economic Cooperation and Development (“OECD”) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. Effective in the first quarter of the Company’s fiscal year ending January 31, 2025, a number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal. Pillar Two did not have a significant impact on the Company’s condensed consolidated financial statements for the three months ended April 30, 2024. While the Company is monitoring developments and evaluating the potential impact on future periods, the Company does not expect Pillar Two to have a significant impact on its consolidated financial statements for the fiscal year ending January 31, 2025. The Company continues to monitor and interpret the impact of proposed and enacted global tax legislation. To date, globally enacted tax legislation has not materially impacted income tax expense of the financial statements due to the presence of net operating losses and full valuation allowances within the Company’s two most significant tax jurisdictions, the United States and Ireland. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Pay vs Performance Disclosure | ||
Net loss | $ (80,593) | $ (54,246) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Apr. 30, 2024 shares | |
Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Dwight Merriman [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On April 9, 2024, Dwight Merriman, a member of our board of directors, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Merriman’s plan is for the sale of shares of our common stock held by Mr. Merriman and certain of his affiliated entities in amounts of up to (i) 156,000 shares, (ii) shares worth approximately $3.7 million and (iii) all shares received upon the vesting, if any, of RSUs granted to Mr. Merriman as part of his 2024 annual equity award grant for his board and committee service, in each case at prices determined in accordance with a formula set forth in the plan. The plan terminates on the earlier of the date that all the shares under the plan are sold and July 31, 2025, subject to early termination for certain specified events set forth in the plan. |
Name | Dwight Merriman |
Title | member of our board of directors |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | April 9, 2024 |
Arrangement Duration | 478 days |
Aggregate Available | 156,000 |
Michael Gordon [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On April 9, 2024, Michael Gordon, our Chief Operating Officer and Chief Financial Officer adopted a trading plan intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Gordon’s plan is for the sale of up to 50,000 shares of common stock underlying stock options in amounts and prices determined in accordance with a formula set forth in the plan and terminates on the earlier of the date that all the shares under the plan are sold and January 14, 2025, subject to early termination for certain specified events set forth in the plan. |
Name | Michael Gordon |
Title | Chief Operating Officer and Chief Financial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | April 9, 2024 |
Arrangement Duration | 280 days |
Aggregate Available | 50,000 |
Cedric Pech [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On April 9, 2024, Cedric Pech, our Chief Revenue Officer adopted a trading plan intended to satisfy the conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Pech’s plan is for the sale of up to 100% of the (net) shares of common stock resulting from the vesting of an aggregate of 30,132 RSUs and PSUs in amounts and prices determined in accordance with a formula set forth in the plan (net shares are net of tax withholding). The plan terminates on the earlier of the date all the shares under the plan are sold and April 30, 2025, subject to early termination for certain specified events set forth in the plan. |
Name | Cedric Pech |
Title | Chief Revenue Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | April 9, 2024 |
Arrangement Duration | 386 days |
Aggregate Available | 30,132 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. These interim unaudited condensed consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. 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, including normal recurring adjustments, which are considered necessary to fairly state the Company’s financial position and results of operations as of and for the periods presented. All intercompany transactions and accounts have been eliminated. The results of operations for the interim periods should not be considered indicative of results for the full year or for any other future year or interim period. The year-end condensed balance sheet data was derived from 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, 2024 (the “2024 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 periods. Such estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, the period of benefit for deferred contract acquisition costs, 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 and carrying values of acquired intangible assets and property and equipment, fair value of financial instruments 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 global macroeconomic conditions, including slower economic growth, persistent inflation and a high interest rate environment, continue to impact demand and supply for a broad variety of goods and services, including demand from the Company’s customers. 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 condensed 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. |
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, 2024 | |
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, 2024 and January 31, 2024 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, 2024 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 477,496 $ — $ — $ 477,496 Short-term investments: U.S. government treasury securities 1,258,292 — — 1,258,292 Prepaid expenses and other current assets: Derivative asset — 170,215 — 170,215 Total financial assets $ 1,735,788 $ 170,215 $ — $ 1,906,003 Fair Value Measurement as of January 31, 2024 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 512,456 $ — $ — $ 512,456 Short-term investments: U.S. government treasury securities 1,212,448 — — 1,212,448 Total financial assets $ 1,724,904 $ — $ — $ 1,724,904 |
Schedule of Marketable Securities | The following table summarizes the amortized cost and fair value of the Company’s short-term investments by remaining contractual maturity as of April 30, 2024 and January 31, 2024 (in thousands): April 30, 2024 January 31, 2024 Amortized Unrealized Fair Value Amortized Unrealized Fair Value Due within one year $ 676,643 $ (1,758) $ 674,885 $ 520,006 $ (543) $ 519,463 Due after one year and within three years 588,959 (5,552) 583,407 690,211 2,774 692,985 Total short-term investments $ 1,265,602 $ (7,310) $ 1,258,292 $ 1,210,217 $ 2,231 $ 1,212,448 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets, Net (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes the changes in the carrying amount of goodwill during the periods presented (in thousands): April 30, 2024 January 31, 2024 Balance, beginning of the year $ 69,679 $ 57,779 Increase in goodwill related to business combinations — 11,900 Balance, end of the year $ 69,679 $ 69,679 |
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): April 30, 2024 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life Developed technology $ 41,200 $ (39,897) $ 1,303 1.9 Customer relationships 15,200 (15,200) — — Total $ 56,400 $ (55,097) $ 1,303 January 31, 2024 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life Developed technology $ 41,200 $ (37,328) $ 3,872 1.0 Customer relationships 15,200 (15,115) 85 0.3 Total $ 56,400 $ (52,443) $ 3,957 |
Future amortization expense related to intangible assets | As of April 30, 2024, future amortization expense related to the intangible assets is as follows (in thousands): Years Ending January 31, Remainder of 2025 $ 510 2026 680 2027 113 2028 — 2029 — Total $ 1,303 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Debt Disclosure [Abstract] | |
Convertible debt schedules | The net carrying amounts of the Company’s 2026 Notes (as defined herein) were as follows for the periods presented (in thousands): April 30, 2024 January 31, 2024 Principal $ 1,149,972 $ 1,149,972 Unamortized debt issuance costs (5,847) (6,699) Net carrying amount $ 1,144,125 $ 1,143,273 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Leases [Abstract] | |
Lease, Cost | The components of the Company’s lease costs included in its interim condensed consolidated statements of operations were as follows (in thousands): Three Months Ended April 30, 2024 2023 Finance lease cost: Amortization of finance lease right-of-use assets $ 993 $ 994 Interest on finance lease liabilities 599 676 Operating lease cost 3,023 2,658 Short-term lease cost 1,516 1,363 Total lease cost $ 6,131 $ 5,691 |
Assets And Liabilities, Lessee | The balances of the Company’s finance and operating leases were recorded on the condensed consolidated balance sheets as follows (in thousands): April 30, 2024 January 31, 2024 Finance Lease: Property and equipment, net $ 22,521 $ 23,514 Other accrued liabilities, current 5,754 6,179 Other liabilities, non-current 35,843 37,511 Operating Leases: Operating lease right-of-use assets $ 34,807 $ 37,365 Operating lease liabilities, current 9,881 9,797 Operating lease liabilities, non-current 28,417 30,918 |
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, 2024 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2025 $ 5,754 $ 8,993 2026 8,711 9,265 2027 8,711 6,483 2028 8,711 5,664 2029 8,711 5,434 Thereafter 7,985 7,929 Total minimum payments 48,583 43,768 Less imputed interest (6,986) (5,470) Present value of future minimum lease payments 41,597 38,298 Less current obligations under leases (5,754) (9,881) Non-current lease obligations $ 35,843 $ 28,417 |
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, 2024 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2025 $ 5,754 $ 8,993 2026 8,711 9,265 2027 8,711 6,483 2028 8,711 5,664 2029 8,711 5,434 Thereafter 7,985 7,929 Total minimum payments 48,583 43,768 Less imputed interest (6,986) (5,470) Present value of future minimum lease payments 41,597 38,298 Less current obligations under leases (5,754) (9,881) Non-current lease obligations $ 35,843 $ 28,417 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
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, 2024 2023 Primary geographical markets: Americas $ 272,093 $ 222,346 EMEA 123,296 105,123 Asia Pacific 55,172 40,811 Total $ 450,561 $ 368,280 Subscription product categories and services: MongoDB Atlas-related $ 313,855 $ 237,756 Other subscription 123,041 116,958 Services 13,665 13,566 Total $ 450,561 $ 368,280 |
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, 2024 $ 8,054 Provision 1,573 Recoveries/write-offs (1,813) Balance as of April 30, 2024 $ 7,814 The decrease in allowance for doubtful accounts as of April 30, 2024 was primarily driven by the increased collections during the period. |
Equity Incentive Plans and Em_2
Equity Incentive Plans and Employee Stock Purchase Plan (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of stock option activity | The following table summarizes stock option activity for the three months ended April 30, 2024 (in thousands, except share and per share data and years): Shares Weighted-Average Weighted- Average Aggregate Balance - January 31, 2024 835,623 $ 8.14 2.6 $ 327,884 Stock options exercised (132,617) 7.18 Stock options forfeited and expired — — Balance - April 30, 2024 703,006 $ 8.32 2.4 $ 250,877 Vested and exercisable - January 31, 2024 835,623 $ 8.14 2.6 $ 327,884 Vested and exercisable - April 30, 2024 703,006 $ 8.32 2.4 $ 250,877 |
Schedule of restricted stock unit activity | The following table summarizes RSU activity for the three months ended April 30, 2024: Shares Weighted-Average Grant Date Fair Value per RSU Unvested - January 31, 2024 3,566,406 $ 290.59 RSUs granted 956,647 353.42 RSUs vested (399,213) 274.70 RSUs forfeited and canceled (119,565) 295.72 Unvested - April 30, 2024 4,004,275 $ 308.32 |
Schedule of stock-based compensation expense recognized in consolidated statements of operations | Total stock-based compensation expense recognized in the Company’s interim condensed consolidated statements of operations is as follows (in thousands): Three Months Ended April 30, 2024 2023 Cost of revenue—subscription $ 6,163 $ 5,514 Cost of revenue—services 3,255 2,948 Sales and marketing 39,613 37,606 Research and development 55,173 44,066 General and administrative 16,559 13,821 Total stock-based compensation expense $ 120,763 $ 103,955 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Apr. 30, 2024 | |
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, 2024 2023 Numerator: Net loss $ (80,593) $ (54,246) Denominator: Weighted-average shares used to compute net loss per share, basic and diluted 72,990,141 70,177,499 Net loss per share, basic and diluted $ (1.10) $ (0.77) |
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, 2024 2023 Stock options pursuant to the 2016 Equity Incentive Plan 350,634 504,452 Stock options pursuant to the 2008 Stock Incentive Plan 395,055 1,152,990 Unvested restricted stock units 3,833,040 4,054,925 Unvested executive PSUs 201,457 174,119 Shares underlying the conversion option of the 2026 Notes 5,445,002 5,445,002 Total 10,225,188 11,331,488 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | Oct. 31, 2023 | Jan. 31, 2024 | |
Short-term investments: | ||||
Investment in non-marketable equity securities | $ 12,900 | |||
Equity securities without readily determinable fair value, upward price adjustment, annual amount | $ 2,200 | |||
Non-marketable Securities | ||||
Short-term investments: | ||||
Payments to acquire investments | 1,300 | |||
Fair Value, Recurring | ||||
Short-term investments: | ||||
Total financial assets | $ 1,906,003 | 1,724,904 | ||
Level 1 | Fair Value, Recurring | ||||
Short-term investments: | ||||
Total financial assets | 1,735,788 | 1,724,904 | ||
Level 2 | Fair Value, Recurring | ||||
Short-term investments: | ||||
Total financial assets | 170,215 | 0 | ||
Level 3 | Fair Value, Recurring | ||||
Short-term investments: | ||||
Total financial assets | 0 | 0 | ||
U.S. government treasury securities | ||||
Short-term investments: | ||||
Unrealized losses on US treasury stock | 7,310 | $ 2,231 | 2,200 | |
U.S. government treasury securities | Fair Value, Recurring | ||||
Short-term investments: | ||||
Short-term investments: | 1,258,292 | 1,212,448 | ||
U.S. government treasury securities | Level 1 | Fair Value, Recurring | ||||
Short-term investments: | ||||
Short-term investments: | 1,258,292 | 1,212,448 | ||
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: | 477,496 | 512,456 | ||
Money market funds | Level 1 | Fair Value, Recurring | ||||
Cash and cash equivalents: | ||||
Cash and cash equivalents: | 477,496 | 512,456 | ||
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 |
Fair Value Measurements - Marke
Fair Value Measurements - Marketable Securities (Details) - U.S. government treasury securities - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Oct. 31, 2023 | Jan. 31, 2024 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amortized cost, due withen one year | $ 676,643 | $ 520,006 | |
Amortized cost, due after one year and withen three years | 588,959 | 690,211 | |
Amortized cost, total | 1,265,602 | 1,210,217 | |
Unrealized loss, due withen one year | 1,758 | $ (543) | |
Unrealized loss, due after one year and withen three years | 5,552 | 2,774 | |
Unrealized loss, total | 7,310 | $ 2,231 | 2,200 |
Short-term investments | 674,885 | 519,463 | |
Marketable securities, non-current | 583,407 | 692,985 | |
Total short-term investments | $ 1,258,292 | $ 1,212,448 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets, Net - Schedule Of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Jan. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance, beginning of the year | $ 69,679 | $ 57,779 |
Increase in goodwill related to business combinations | 0 | 11,900 |
Balance, end of the year | $ 69,679 | $ 69,679 |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Sep. 27, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 69,679 | $ 69,679 | $ 57,779 | ||
Amortization of intangible assets | $ 2,700 | $ 2,300 | |||
Grainite, Inc. | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Cash consideration for aquisition | $ 15,000 | ||||
Goodwill | 11,900 | ||||
Grainite, Inc. | Developed technology | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Business acquisition, finite-lived intangibles | $ 3,100 |
Goodwill and Acquired Intangi_5
Goodwill and Acquired Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 30, 2024 | Jan. 31, 2024 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 56,400 | $ 56,400 |
Accumulated Amortization | (55,097) | (52,443) |
Net Book Value | 1,303 | 3,957 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 41,200 | 41,200 |
Accumulated Amortization | (39,897) | (37,328) |
Net Book Value | $ 1,303 | $ 3,872 |
Weighted-Average Remaining Useful Life (in years) | 1 year 10 months 24 days | 1 year |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 15,200 | $ 15,200 |
Accumulated Amortization | (15,200) | (15,115) |
Net Book Value | $ 0 | $ 85 |
Weighted-Average Remaining Useful Life (in years) | 3 months 18 days |
Goodwill and Acquired Intangi_6
Goodwill and Acquired Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2025 | $ 510 | |
2026 | 680 | |
2027 | 113 | |
2028 | 0 | |
2029 | 0 | |
Net Book Value | $ 1,303 | $ 3,957 |
Convertible Senior Notes - Conv
Convertible Senior Notes - Convertible Debt Schedule (Details) - 2026 Notes - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Debt Instrument [Line Items] | ||
Principal | $ 1,149,972 | $ 1,149,972 |
Unamortized debt issuance costs | (5,847) | (6,699) |
Net carrying amount | $ 1,144,125 | $ 1,143,273 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Details) | 1 Months Ended | 3 Months Ended |
Jan. 31, 2020 USD ($) | Apr. 30, 2024 USD ($) day | |
2026 Notes | ||
Debt Instrument [Line Items] | ||
Fair value of convertible debt | $ 2,000,000,000 | |
2026 Notes | Measurement Input, Share Price | ||
Debt Instrument [Line Items] | ||
Measurement input | 100 | |
Redemption Period 1 | ||
Debt Instrument [Line Items] | ||
Threshold percentage of stock price trigger | 130% | |
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 - Capp
Convertible Senior Notes - Capped Calls (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2024 | Apr. 09, 2024 | |
Option Indexed to Issuer's Equity [Line Items] | |||
Current fair value of derivative instrument | $ 170.2 | $ 170.2 | $ 169.7 |
Unrealized gain (loss) on derivative | $ 0.5 | ||
2024 Notes | 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 | ||
Reclassification of derivatives | $ 169.7 | ||
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) | Apr. 30, 2024 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Term of contract | 12 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Finance lease cost: | ||
Amortization of finance lease right-of-use assets | $ 993 | $ 994 |
Interest on finance lease liabilities | 599 | 676 |
Operating lease cost | 3,023 | 2,658 |
Short-term lease cost | 1,516 | 1,363 |
Total lease cost | $ 6,131 | $ 5,691 |
Leases - Balance Sheet Componen
Leases - Balance Sheet Components (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Finance Lease: | ||
Property and equipment, net | $ 22,521 | $ 23,514 |
Other accrued liabilities, current | 5,754 | 6,179 |
Other liabilities, non-current | 35,843 | 37,511 |
Operating Leases: | ||
Operating lease right-of-use assets | 34,807 | 37,365 |
Operating lease liabilities, current | 9,881 | 9,797 |
Operating lease liabilities, non-current | $ 28,417 | $ 30,918 |
Leases - Lease Maturities (Deta
Leases - Lease Maturities (Details) - USD ($) $ in Thousands | Apr. 30, 2024 | Jan. 31, 2024 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2025 | $ 5,754 | |
2026 | 8,711 | |
2027 | 8,711 | |
2028 | 8,711 | |
2029 | 8,711 | |
Thereafter | 7,985 | |
Total minimum payments | 48,583 | |
Less imputed interest | (6,986) | |
Present value of future minimum lease payments | 41,597 | |
Less current obligations under leases | (5,754) | $ (6,179) |
Non-current lease obligations | 35,843 | 37,511 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2025 | 8,993 | |
2026 | 9,265 | |
2027 | 6,483 | |
2028 | 5,664 | |
2029 | 5,434 | |
Thereafter | 7,929 | |
Total minimum payments | 43,768 | |
Less imputed interest | (5,470) | |
Present value of future minimum lease payments | 38,298 | |
Less current obligations under leases | (9,881) | (9,797) |
Non-current lease obligations | $ 28,417 | $ 30,918 |
Revenue - Schedule of total rev
Revenue - Schedule of total revenue by geographic areas (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 450,561 | $ 368,280 |
MongoDB Atlas-related | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 313,855 | 237,756 |
Other subscription | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 123,041 | 116,958 |
Services | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 13,665 | 13,566 |
Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 272,093 | 222,346 |
EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 123,296 | 105,123 |
Asia Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 55,172 | $ 40,811 |
Revenue - Concentration Risk (D
Revenue - Concentration Risk (Details) | 3 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Concentration Risk [Line Items] | ||
Percent of revenue recognized from deferred revenue | 33% | 45% |
Geographic Concentration Risk | Revenue, Net | United States | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 54% |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Jan. 31, 2024 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred revenue | $ 340,100,000 | $ 377,400,000 | |
Percent of revenue recognized from deferred revenue | 33% | 45% | |
Remaining performance obligation, percentage | 56% | ||
Unbilled contracts receivable | $ 18,900,000 | 22,700,000 | |
Deferred commissions | 299,100,000 | 294,200,000 | |
Noncurrent capitalized contract cost | 205,700,000 | $ 201,700,000 | |
Amortization of deferred commissions | 26,400,000 | $ 23,600,000 | |
Impairment loss | 0 | $ 0 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-11-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation | $ 586,500,000 | ||
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, 2024 USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 8,054 |
Provision | 1,573 |
Recoveries/write-offs | (1,813) |
Ending balance | $ 7,814 |
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, 2024 | |
One Year Anniversary | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 4 years |
Vesting rights percentage | 25% |
13 to 36 Months | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 36 months |
Vesting rights percentage | 75% |
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, 2024 | Jan. 31, 2024 | |
Shares | ||
Balance - beginning of period (in shares) | 835,623 | |
Stock options exercised (in shares) | (132,617) | |
Stock options forfeited and expired (in shares) | 0 | |
Balance - end of period (in shares) | 703,006 | 835,623 |
Vested and exercisable (in shares) | 703,006 | 835,623 |
Weighted-Average Exercise Price Per Share | ||
Balance - beginning of period (in dollars per share) | $ 8.14 | |
Stock options exercised (in dollars per share) | 7.18 | |
Stock options forfeited and expired (in dollars per share) | 0 | |
Balance - end of period (in dollars per share) | 8.32 | $ 8.14 |
Vested and exercisable (in dollars per share) | $ 8.32 | $ 8.14 |
Weighted-Average Remaining Contractual Term | ||
Balance | 2 years 4 months 24 days | 2 years 7 months 6 days |
Vested and exercisable | 2 years 4 months 24 days | 2 years 7 months 6 days |
Aggregate Intrinsic Value | ||
Balance | $ 250,877 | $ 327,884 |
Vested and exercisable | $ 250,877 | $ 327,884 |
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, 2024 | |
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% |
13 to 36 Months | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting rights percentage | 75% |
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, 2024 $ / shares shares | |
Shares | |
Unvested - beginning of period (in shares) | shares | 3,566,406 |
RSUs granted (in shares) | shares | 956,647 |
RSUs vested (in shares) | shares | (399,213) |
RSUs forfeited and canceled (in shares) | shares | (119,565) |
Unvested - end of period (in shares) | shares | 4,004,275 |
Weighted-Average Grant Date Fair Value per RSU | |
Unvested - beginning of period (in dollars per share) | $ / shares | $ 290.59 |
RSUs granted (in dollars per share) | $ / shares | 353.42 |
RSUs vested (in dollars per share) | $ / shares | 274.70 |
RSUs forfeited and canceled (in dollars per share) | $ / shares | 295.72 |
Unvested - end of period (in dollars per share) | $ / shares | $ 308.32 |
Equity Incentive Plans and Em_7
Equity Incentive Plans and Employee Stock Purchase Plan - Employee Stock Purchase Plan, Additional Information (Details) | Apr. 30, 2024 |
Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum employee contribution rate | 15% |
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, 2024 | Apr. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 120,763 | $ 103,955 |
Cost of revenue—subscription | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 6,163 | 5,514 |
Cost of revenue—services | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 3,255 | 2,948 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 39,613 | 37,606 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 55,173 | 44,066 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 16,559 | $ 13,821 |
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, 2024 | Apr. 30, 2023 | |
Numerator: | ||
Net loss | $ (80,593) | $ (54,246) |
Denominator: | ||
Weighted-average shares used to compute net loss per share, basic and diluted | 72,990,141 | 70,177,499 |
Net loss per share, basic and diluted (in dollars per share) | $ (1.10) | $ (0.77) |
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, 2024 | Apr. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 10,225,188 | 11,331,488 |
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) | 350,634 | 504,452 |
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) | 395,055 | 1,152,990 |
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) | 3,833,040 | 4,054,925 |
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) | 201,457 | 174,119 |
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) | 5,445,002 | 5,445,002 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Jan. 31, 2024 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | $ 81,600 | ||
Provision for income taxes | $ 2,581 | $ 2,487 | |
Unrecognized tax benefits that would impact effective tax rate | $ 700 |