Cover Page
Cover Page - shares | 6 Months Ended | |
Jul. 31, 2024 | Aug. 28, 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 $0.001 per share | |
Trading Symbol | MDB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 73,869,454 | |
Entity Central Index Key | 0001441816 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2025 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2024 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 31, 2024 | Jan. 31, 2024 |
Current assets: | ||
Cash and cash equivalents | $ 1,290,901 | $ 802,959 |
Short-term investments | 973,933 | 1,212,448 |
Accounts receivable, net of allowance for doubtful accounts of $7,879 and $8,054 as of July 31, 2024 and January 31, 2024, respectively | 311,166 | 325,610 |
Deferred commissions | 97,644 | 92,512 |
Prepaid expenses and other current assets | 48,403 | 50,107 |
Total current assets | 2,722,047 | 2,483,636 |
Property and equipment, net | 48,389 | 53,042 |
Operating lease right-of-use assets | 36,873 | 37,365 |
Goodwill | 69,679 | 69,679 |
Acquired intangible assets, net | 1,133 | 3,957 |
Deferred tax assets | 4,765 | 4,116 |
Other assets | 248,344 | 217,847 |
Total assets | 3,131,230 | 2,869,642 |
Current liabilities: | ||
Accounts payable | 10,135 | 9,905 |
Accrued compensation and benefits | 112,063 | 112,579 |
Operating lease liabilities | 11,048 | 9,797 |
Other accrued liabilities | 100,795 | 74,831 |
Deferred revenue | 307,114 | 357,108 |
Total current liabilities | 541,155 | 564,220 |
Deferred tax liability | 1,061 | 285 |
Operating lease liabilities, non-current | 28,877 | 30,918 |
Deferred revenue | 15,612 | 20,296 |
Convertible senior notes, net | 1,144,977 | 1,143,273 |
Other liabilities | 36,501 | 41,661 |
Total liabilities | 1,768,183 | 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 July 31, 2024 and January 31, 2024; 73,963,083 shares issued and 73,863,712 shares outstanding as of July 31, 2024; 72,840,692 shares issued and 72,741,321 shares outstanding as of January 31, 2024 | 73 | 73 |
Additional paid-in capital | 3,210,146 | 2,777,322 |
Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of July 31, 2024 and January 31, 2024 | (1,319) | (1,319) |
Accumulated other comprehensive income | 901 | 4,545 |
Accumulated deficit | (1,846,754) | (1,711,632) |
Total stockholders’ equity | 1,363,047 | 1,068,989 |
Total liabilities and stockholders’ equity | $ 3,131,230 | $ 2,869,642 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Apr. 30, 2024 | Jul. 31, 2024 | Jan. 31, 2024 | |
Statement of Financial Position [Abstract] | |||
Allowance for doubtful accounts | $ 7,879 | $ 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) | 73,963,083 | 72,840,692 | |
Common stock outstanding (in shares) | 73,863,712 | 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 | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Revenue: | ||||
Total revenue | $ 478,109 | $ 423,791 | $ 928,670 | $ 792,071 |
Cost of revenue: | ||||
Total cost of revenue | 128,253 | 105,337 | 250,950 | 202,786 |
Gross profit | 349,856 | 318,454 | 677,720 | 589,285 |
Operating expenses: | ||||
Sales and marketing | 221,539 | 195,934 | 440,983 | 378,667 |
Research and development | 148,967 | 125,420 | 295,027 | 242,237 |
General and administrative | 50,790 | 46,103 | 111,336 | 85,931 |
Total operating expenses | 421,296 | 367,457 | 847,346 | 706,835 |
Loss from operations | (71,440) | (49,003) | (169,626) | (117,550) |
Other (expense) income: | ||||
Interest income | 24,260 | 19,470 | 47,371 | 37,507 |
Interest expense | (2,282) | (2,611) | (4,179) | (5,004) |
Other expense, net | (1,170) | (1,865) | (2,210) | (721) |
Loss before provision for income taxes | (50,632) | (34,009) | (128,644) | (85,768) |
Provision for income taxes | 3,897 | 3,588 | 6,478 | 6,075 |
Net loss | $ (54,529) | $ (37,597) | $ (135,122) | $ (91,843) |
Net loss per share, basic and diluted (in dollars per share) | $ (0.74) | $ (0.53) | $ (1.84) | $ (1.30) |
Weighted-average shares used to compute net loss per share, basic and diluted (in shares) | 73,543,427 | 70,874,117 | 73,269,824 | 70,531,581 |
Subscription | ||||
Revenue: | ||||
Total revenue | $ 463,805 | $ 409,334 | $ 900,701 | $ 764,048 |
Cost of revenue: | ||||
Total cost of revenue | 106,816 | 84,822 | 207,578 | 162,995 |
Services | ||||
Revenue: | ||||
Total revenue | 14,304 | 14,457 | 27,969 | 28,023 |
Cost of revenue: | ||||
Total cost of revenue | $ 21,437 | $ 20,515 | $ 43,372 | $ 39,791 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (54,529) | $ (37,597) | $ (135,122) | $ (91,843) |
Other comprehensive income (loss), net of tax: | ||||
Unrealized income (loss) on available-for-sale securities | 6,989 | (5,981) | (2,552) | (5,163) |
Foreign currency translation adjustment | (85) | 1,105 | (1,092) | 2,026 |
Other comprehensive income (loss) | 6,904 | (4,876) | (3,644) | (3,137) |
Total comprehensive loss | $ (47,625) | $ (42,473) | $ (138,766) | $ (94,980) |
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 Income (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 income (loss) 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, 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] | ||||||
Unrealized income (loss) on available-for-sale securities | (5,163) | |||||
Foreign currency translation adjustment | 2,026 | |||||
Net loss | (91,843) | |||||
Ending balance (in shares) at Jul. 31, 2023 | 71,343,385 | |||||
Ending balance at Jul. 31, 2023 | 885,085 | $ 72 | 2,517,249 | (1,319) | (4,042) | (1,626,875) |
Beginning balance (in shares) at Apr. 30, 2023 | 70,531,307 | |||||
Beginning balance at Apr. 30, 2023 | 792,429 | $ 71 | 2,382,121 | (1,319) | 834 | (1,589,278) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock option exercises (in shares) | 265,477 | |||||
Stock option exercises | 2,036 | $ 1 | 2,035 | |||
Vesting of restricted stock units (in shares) | 432,093 | |||||
Stock-based compensation | 113,312 | 113,312 | ||||
Unrealized income (loss) on available-for-sale securities | (5,981) | (5,981) | ||||
Foreign currency translation adjustment | 1,105 | 1,105 | ||||
Net loss | (37,597) | (37,597) | ||||
Ending balance (in shares) at Jul. 31, 2023 | 71,343,385 | |||||
Ending balance at Jul. 31, 2023 | 885,085 | $ 72 | 2,517,249 | (1,319) | (4,042) | (1,626,875) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 114,508 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 19,781 | 19,781 | ||||
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 | |||||
Stock option exercises | 953 | 953 | ||||
Vesting of restricted stock units (in shares) | 399,213 | |||||
Vesting of performance stock units (in shares) | 77,444 | |||||
Stock-based compensation | 120,763 | 120,763 | ||||
Unrealized income (loss) 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 | |||||
Ending balance at Apr. 30, 2024 | $ 1,269,256 | $ 73 | 3,068,730 | (1,319) | (6,003) | (1,792,225) |
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) | 174,571 | |||||
Unrealized income (loss) on available-for-sale securities | $ (2,552) | |||||
Foreign currency translation adjustment | (1,092) | |||||
Net loss | $ (135,122) | |||||
Ending balance (in shares) at Jul. 31, 2024 | 73,863,712 | 73,863,712 | ||||
Ending balance at Jul. 31, 2024 | $ 1,363,047 | $ 73 | 3,210,146 | (1,319) | 901 | (1,846,754) |
Beginning balance (in shares) at Apr. 30, 2024 | 73,350,595 | |||||
Beginning balance at Apr. 30, 2024 | 1,269,256 | $ 73 | 3,068,730 | (1,319) | (6,003) | (1,792,225) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock option exercises (in shares) | 41,954 | |||||
Stock option exercises | 353 | 353 | ||||
Vesting of restricted stock units (in shares) | 374,560 | |||||
Stock-based compensation | 122,423 | 122,423 | ||||
Unrealized income (loss) on available-for-sale securities | 6,989 | 6,989 | ||||
Foreign currency translation adjustment | (85) | (85) | ||||
Net loss | $ (54,529) | (54,529) | ||||
Ending balance (in shares) at Jul. 31, 2024 | 73,863,712 | 73,863,712 | ||||
Ending balance at Jul. 31, 2024 | $ 1,363,047 | $ 73 | 3,210,146 | $ (1,319) | $ 901 | $ (1,846,754) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock under the Employee Stock Purchase Plan (in shares) | 96,603 | |||||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 18,640 | $ 18,640 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (135,122) | $ (91,843) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 7,175 | 8,546 |
Stock-based compensation | 243,186 | 217,267 |
Amortization of debt discount and issuance costs | 1,704 | 1,694 |
Amortization of finance right-of-use assets | 1,987 | 1,987 |
Amortization of operating right-of-use assets | 5,071 | 4,479 |
Deferred income taxes | 26 | (377) |
Amortization of premium and accretion of discount on short-term investments, net | (13,461) | (25,509) |
Unrealized foreign exchange loss | 1,204 | 1,299 |
Change in operating assets and liabilities: | ||
Accounts receivable, net | 13,299 | 12,158 |
Prepaid expenses and other current assets | 1,382 | (2,785) |
Deferred commissions | (19,973) | (4,440) |
Other long-term assets | (9,309) | (138) |
Accounts payable | 199 | (356) |
Accrued liabilities | 29,213 | 3,459 |
Operating lease liabilities | (5,368) | (4,656) |
Deferred revenue | (54,313) | (91,350) |
Other liabilities, non-current | (3,833) | 287 |
Net cash provided by operating activities | 62,215 | 28,428 |
Cash flows from investing activities | ||
Purchases of property and equipment | (1,590) | (1,258) |
Investments in non-marketable securities | (5,500) | (2,056) |
Proceeds from maturities of marketable securities | 435,000 | 755,000 |
Purchases of marketable securities | (185,633) | (650,599) |
Net cash provided by investing activities | 242,277 | 101,087 |
Cash flows from financing activities | ||
Proceeds from settlement of capped calls | 170,589 | 0 |
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan | 18,640 | 19,781 |
Proceeds from exercise of stock options | 1,306 | 3,509 |
Principal payments of finance leases | (3,639) | (2,703) |
Net cash provided by financing activities | 186,896 | 20,587 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,551) | 1,415 |
Net increase in cash, cash equivalents and restricted cash | 488,837 | 151,517 |
Cash, cash equivalents and restricted cash, beginning of period | 803,643 | 456,339 |
Cash, cash equivalents and restricted cash, end of period | 1,292,480 | 607,856 |
Cash paid during the period for: | ||
Income taxes, net of refunds | 5,127 | 5,654 |
Interest expense | 2,672 | 2,775 |
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 | 1,290,901 | 607,175 |
Restricted cash, non-current | 1,579 | 681 |
Total cash, cash equivalents and restricted cash | 1,292,480 | 607,856 |
Unrealized Gain (Loss) on Investments | $ 852 | $ 1,294 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jul. 31, 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 | 6 Months Ended |
Jul. 31, 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. Recently Issued Accounting Pronouncements Improvements to Reportable Segment Disclosures . In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires companies to provide disclosures of significant segment expenses and other segment items. The guidance requires companies to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance is applied retrospectively and is effective for the Company for fiscal year ending January 31, 2025, and for interim periods beginning February 1, 2025. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements. Improvements to Income Tax Disclosures . In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires companies to disclose additional information about income taxes, primarily their rate reconciliation information and income taxes paid. The new guidance requires companies to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. Additionally companies will be required to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance is effective for the Company for the fiscal year ending January 31, 2026, and early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 31, 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 July 31, 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 July 31, 2024 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 790,418 $ — $ — $ 790,418 Short-term investments: U.S. government treasury securities 973,933 — — 973,933 Total financial assets $ 1,764,351 $ — $ — $ 1,764,351 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 July 31, 2024 and January 31, 2024 (in thousands): July 31, 2024 January 31, 2024 Amortized Unrealized Gains (Losses) Fair Value Amortized Unrealized Fair Value Due within one year $ 485,188 $ (1,232) $ 483,956 $ 520,006 $ (543) $ 519,463 Due after one year and within three years 489,066 911 489,977 690,211 2,774 692,985 Total short-term investments $ 974,254 $ (321) $ 973,933 $ 1,210,217 $ 2,231 $ 1,212,448 As of July 31, 2024, unrealized net losses on the Company’s U.S. government treasury securities were approximately $0.3 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 July 31, 2024. Gross realized gains and losses were not material for each of the three and six months ended July 31, 2024 and 2023. There were no material 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 July 31, 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 (as defined herein) are determined using the Black-Scholes option-pricing model with Level 1 and Level 2 inputs. The derivative asset recognized during the three months ended April 30, 2024 was cash settled in June 2024. Refer to Note 5, Convertible Senior Notes , for further details on the convertible senior notes and Capped Calls. Non-marketable Securities As of July 31, 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 $18.4 million and $12.9 million, respectively. The Company invested an additional $5.5 million and $2.1 million of its cash in non-marketable equity securities during the six months ended July 31, 2024 and 2023, respectively. The Company recognized immaterial net unrealized losses on certain of these non-marketable securities during the three and six months ended July 31, 2024. During the three months ended July 31, 2023 the Company recognized a net unrealized loss of $0.9 million and a net unrealized gain of $1.3 million during the six months ended July 31, 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 | 6 Months Ended |
Jul. 31, 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): July 31, 2024 January 31, 2024 Balance, beginning of year $ 69,679 $ 57,779 Increase in goodwill related to business combinations — 11,900 Balance, end of period $ 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): July 31, 2024 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life Developed technology $ 41,200 $ (40,067) $ 1,133 1.7 Customer relationships 15,200 (15,200) — — Total $ 56,400 $ (55,267) $ 1,133 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 $0.1 million and $2.8 million for the three and six months ended July 31, 2024, respectively, and $2.3 million and $4.6 million for the three and six months ended July 31, 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 July 31, 2024, future amortization expense related to the intangible assets is as follows (in thousands): Years Ending January 31, Remainder of 2025 $ 340 2026 680 2027 113 2028 — 2029 — Total $ 1,133 |
Convertible Senior Notes
Convertible Senior Notes | 6 Months Ended |
Jul. 31, 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): July 31, 2024 January 31, 2024 Principal $ 1,149,972 $ 1,149,972 Unamortized debt issuance costs (4,995) (6,699) Net carrying amount $ 1,144,977 $ 1,143,273 As of July 31, 2024, the estimated fair value (Level 2) of the outstanding 2026 Notes, which is utilized solely for disclosure purposes, was approximately $1.5 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 $1.1 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. As of July 31, 2024, the conditional conversion feature of the 2026 Notes was not triggered as the last reported sale price of the Company's common stock was not more than or equal to 130% of the conversion price for at least 20 trading days in the period of 30 consecutive trading days and therefore the 2026 Notes are not convertible, in whole or in part, from August 1, 2024 through October 31, 2024. Whether the 2026 Notes will be convertible following such period will depend on the satisfaction of this condition or another conversion condition in the future. Capped Calls In connection with the pricing of the issuance of the Company’s 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 was 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’s 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. In June 2024, the derivative asset was settled and the Company received $170.6 million in cash and recognized a realized gain of $0.9 million for the three and six months ended July 31, 2024, which was recorded in other income (expense), net, on the Company’s interim condensed consolidated statement of operations. 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 these Capped Calls through July 31, 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 | 6 Months Ended |
Jul. 31, 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 July 31, Six Months Ended July 31, 2024 2023 2024 2023 Finance lease cost: Amortization of finance lease right-of-use assets $ 994 $ 993 $ 1,987 $ 1,987 Interest on finance lease liabilities 578 658 1,177 1,334 Operating lease cost 3,134 3,103 6,157 5,761 Short-term lease cost 1,516 1,224 3,032 2,587 Total lease cost $ 6,222 $ 5,978 $ 12,353 $ 11,669 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): July 31, 2024 January 31, 2024 Finance Lease: Property and equipment, net $ 21,527 $ 23,514 Other accrued liabilities, current 5,899 6,179 Other liabilities, non-current 34,152 37,511 Operating Leases: Operating lease right-of-use assets $ 36,873 $ 37,365 Operating lease liabilities, current 11,048 9,797 Operating lease liabilities, non-current 28,877 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 July 31, 2024 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2025 $ 3,630 $ 6,855 2026 8,711 12,668 2027 8,711 8,240 2028 8,711 6,105 2029 8,711 5,478 Thereafter 7,985 8,001 Total minimum payments 46,459 47,347 Less imputed interest (6,408) (7,422) Present value of future minimum lease payments 40,051 39,925 Less current obligations under leases (5,899) (11,048) Non-current lease obligations $ 34,152 $ 28,877 |
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 July 31, Six Months Ended July 31, 2024 2023 2024 2023 Finance lease cost: Amortization of finance lease right-of-use assets $ 994 $ 993 $ 1,987 $ 1,987 Interest on finance lease liabilities 578 658 1,177 1,334 Operating lease cost 3,134 3,103 6,157 5,761 Short-term lease cost 1,516 1,224 3,032 2,587 Total lease cost $ 6,222 $ 5,978 $ 12,353 $ 11,669 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): July 31, 2024 January 31, 2024 Finance Lease: Property and equipment, net $ 21,527 $ 23,514 Other accrued liabilities, current 5,899 6,179 Other liabilities, non-current 34,152 37,511 Operating Leases: Operating lease right-of-use assets $ 36,873 $ 37,365 Operating lease liabilities, current 11,048 9,797 Operating lease liabilities, non-current 28,877 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 July 31, 2024 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2025 $ 3,630 $ 6,855 2026 8,711 12,668 2027 8,711 8,240 2028 8,711 6,105 2029 8,711 5,478 Thereafter 7,985 8,001 Total minimum payments 46,459 47,347 Less imputed interest (6,408) (7,422) Present value of future minimum lease payments 40,051 39,925 Less current obligations under leases (5,899) (11,048) Non-current lease obligations $ 34,152 $ 28,877 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Non-cancelable Material Commitments During the six months ended July 31, 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. For example, on July 9, 2024, a putative class action lawsuit, captioned Baxter v. MongoDB, Inc., et al., was filed in the United States District Court for the Southern District of New York against MongoDB, CEO Dev Ittycheria, and CFO Michael Gordon. The lawsuit asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act, and alleges that defendants made material misstatements and/or omissions, including regarding MongoDB’s sales strategy and its financial results. The complaint is purportedly brought on behalf of a putative class of persons who purchased or otherwise acquired MongoDB common stock between August 31, 2023 and May 30, 2024. It seeks unspecified monetary damages, costs and attorneys’ fees, and other unspecified relief. The Company intends to vigorously defend themself in this matter. Although claims and litigation are inherently unpredictable, as of July 31, 2024, other than as disclosed above, 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 | 6 Months Ended |
Jul. 31, 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 July 31, Six Months Ended July 31, 2024 2023 2024 2023 Primary geographical markets: Americas $ 284,789 $ 253,485 $ 556,882 $ 475,831 EMEA 136,824 113,446 260,120 218,569 Asia Pacific 56,496 56,860 111,668 97,671 Total $ 478,109 $ 423,791 $ 928,670 $ 792,071 Subscription product categories and services: MongoDB Atlas-related $ 339,683 $ 267,258 $ 653,538 $ 505,014 Other subscription 124,122 142,076 247,163 259,034 Services 14,304 14,457 27,969 28,023 Total $ 478,109 $ 423,791 $ 928,670 $ 792,071 Customers located in the United States accounted for 53% of total revenue for both the three and six months ended July 31, 2024, and 53% and 54% three and six months ended July 31, 2023, respectively. 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 July 31, 2024 and January 31, 2024 was $322.7 million and $377.4 million, respectively. Approximately 27% and 37% of the total revenue recognized for the six months ended July 31, 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 July 31, 2024, the aggregate transaction price allocated to remaining performance obligations was $694.0 million. Approximately 58% 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 July 31, 2024 and January 31, 2024, unbilled receivables were $17.7 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 3,853 Recoveries/write-offs (4,028) Balance as of July 31, 2024 $ 7,879 The decrease in allowance for doubtful accounts as of July 31, 2024 was primarily driven by the increased collections during the period. Costs Capitalized to Obtain Contracts with Customers Deferred commissions were $314.2 million and $294.2 million as of July 31, 2024 and January 31, 2024, respectively, of which $216.6 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 July 31, 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 $27.2 million and $53.6 million for the three and six months ended July 31, 2024, respectively, and $24.0 million and $47.6 million for the three and six months ended July 31, 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 | 6 Months Ended |
Jul. 31, 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 six months ended July 31, 2024. The following table summarizes stock option activity for the six months ended July 31, 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 (174,571) 7.47 Stock options forfeited and expired — — Balance - July 31, 2024 661,052 $ 8.31 2.1 $ 161,328 Vested and exercisable - January 31, 2024 835,623 $ 8.14 2.6 $ 327,884 Vested and exercisable - July 31, 2024 661,052 $ 8.31 2.1 $ 161,328 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 six months ended July 31, 2024: Shares Weighted-Average Grant Date Fair Value per RSU Unvested - January 31, 2024 3,566,406 $ 290.59 RSUs granted 1,159,005 330.52 RSUs vested (773,773) 289.67 RSUs forfeited and canceled (241,293) 294.86 Unvested - July 31, 2024 3,710,345 $ 302.98 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. In June 2024, the Company issued 96,603 shares of its common stock under the 2017 ESPP. The Company’s current offering period began on June 17, 2024 and is expected to end December 16, 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 July 31, Six Months Ended July 31, 2024 2023 2024 2023 Cost of revenue—subscription $ 7,519 $ 6,075 $ 13,682 $ 11,589 Cost of revenue—services 3,401 3,342 6,656 6,290 Sales and marketing 41,040 40,376 80,653 77,982 Research and development 55,188 48,413 110,361 92,479 General and administrative 15,275 15,106 31,834 28,927 Total stock-based compensation expense $ 122,423 $ 113,312 $ 243,186 $ 217,267 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jul. 31, 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 July 31, Six Months Ended July 31, 2024 2023 2024 2023 Numerator: Net loss $ (54,529) $ (37,597) $ (135,122) $ (91,843) Denominator: Weighted-average shares used to compute net loss per share, basic and diluted 73,543,427 70,874,117 73,269,824 70,531,581 Net loss per share, basic and diluted $ (0.74) $ (0.53) $ (1.84) $ (1.30) 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. In June 2024 the related derivative was settled and the Capped Calls associated with the 2024 Notes were successfully unwound, 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 July 31, Six Months Ended July 31, 2024 2023 2024 2023 Stock options pursuant to the 2016 Equity Incentive Plan 323,985 448,447 337,310 476,450 Stock options pursuant to the 2008 Stock Incentive Plan 362,121 988,792 378,588 1,070,891 Unvested restricted stock units 3,985,680 4,498,170 3,909,360 4,276,548 Unvested executive PSUs 173,085 254,321 187,271 254,321 Shares underlying the conversion option of the 2026 Notes 5,445,002 5,445,002 5,445,002 5,445,002 Total 10,289,873 11,634,732 10,257,531 11,523,212 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded a provision for income taxes of $3.9 million and $6.5 million for the three and six months ended July 31, 2024, respectively, and $3.6 million and $6.1 million for the three and six months ended July 31, 2023, respectively. The provisions recorded during each of the three and six months ended July 31, 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, $0.7 million of which would have an impact on the Company’s effective tax rate if recognized. In 2021, the Organization for Economic Cooperation and Development (“OECD”) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar Two global minimum tax. In the first quarter of the Company’s fiscal year ending January 31, 2025, enacted Pillar Two legislation of a number of countries became effective. Pillar Two did not have a significant impact on the Company’s condensed consolidated financial statements for the six months ended July 31, 2024. While the Company is monitoring developments and evaluating the potential impact on future periods, the Company does not expect Pillar Two to have a significant impact on its consolidated financial statements for the fiscal year ending January 31, 2025. The Company continues to monitor and interpret the impact of proposed and enacted global tax legislation. To date, globally enacted tax legislation has not materially impacted income tax expense of the financial statements due to the presence of net operating losses and full valuation allowances within the Company’s two most significant tax jurisdictions, the United States and Ireland. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2024 | Apr. 30, 2024 | Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Pay vs Performance Disclosure | ||||||
Net loss | $ (54,529) | $ (80,593) | $ (37,597) | $ (54,246) | $ (135,122) | $ (91,843) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jul. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
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 | |
Arrangement Duration | 478 days |
Michael Gordon [Member] | |
Trading Arrangements, by Individual | |
Arrangement Duration | 280 days |
Cedric Pech [Member] | |
Trading Arrangements, by Individual | |
Arrangement Duration | 386 days |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 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. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Improvements to Reportable Segment Disclosures . In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires companies to provide disclosures of significant segment expenses and other segment items. The guidance requires companies to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The guidance is applied retrospectively and is effective for the Company for fiscal year ending January 31, 2025, and for interim periods beginning February 1, 2025. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements. Improvements to Income Tax Disclosures . In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires companies to disclose additional information about income taxes, primarily their rate reconciliation information and income taxes paid. The new guidance requires companies to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. Additionally companies will be required to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance is effective for the Company for the fiscal year ending January 31, 2026, and early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 31, 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 July 31, 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 July 31, 2024 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 790,418 $ — $ — $ 790,418 Short-term investments: U.S. government treasury securities 973,933 — — 973,933 Total financial assets $ 1,764,351 $ — $ — $ 1,764,351 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 July 31, 2024 and January 31, 2024 (in thousands): July 31, 2024 January 31, 2024 Amortized Unrealized Gains (Losses) Fair Value Amortized Unrealized Fair Value Due within one year $ 485,188 $ (1,232) $ 483,956 $ 520,006 $ (543) $ 519,463 Due after one year and within three years 489,066 911 489,977 690,211 2,774 692,985 Total short-term investments $ 974,254 $ (321) $ 973,933 $ 1,210,217 $ 2,231 $ 1,212,448 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets, Net (Tables) | 6 Months Ended |
Jul. 31, 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): July 31, 2024 January 31, 2024 Balance, beginning of year $ 69,679 $ 57,779 Increase in goodwill related to business combinations — 11,900 Balance, end of period $ 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): July 31, 2024 Gross Carrying Value Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life Developed technology $ 41,200 $ (40,067) $ 1,133 1.7 Customer relationships 15,200 (15,200) — — Total $ 56,400 $ (55,267) $ 1,133 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 July 31, 2024, future amortization expense related to the intangible assets is as follows (in thousands): Years Ending January 31, Remainder of 2025 $ 340 2026 680 2027 113 2028 — 2029 — Total $ 1,133 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 6 Months Ended |
Jul. 31, 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): July 31, 2024 January 31, 2024 Principal $ 1,149,972 $ 1,149,972 Unamortized debt issuance costs (4,995) (6,699) Net carrying amount $ 1,144,977 $ 1,143,273 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 31, 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 July 31, Six Months Ended July 31, 2024 2023 2024 2023 Finance lease cost: Amortization of finance lease right-of-use assets $ 994 $ 993 $ 1,987 $ 1,987 Interest on finance lease liabilities 578 658 1,177 1,334 Operating lease cost 3,134 3,103 6,157 5,761 Short-term lease cost 1,516 1,224 3,032 2,587 Total lease cost $ 6,222 $ 5,978 $ 12,353 $ 11,669 |
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): July 31, 2024 January 31, 2024 Finance Lease: Property and equipment, net $ 21,527 $ 23,514 Other accrued liabilities, current 5,899 6,179 Other liabilities, non-current 34,152 37,511 Operating Leases: Operating lease right-of-use assets $ 36,873 $ 37,365 Operating lease liabilities, current 11,048 9,797 Operating lease liabilities, non-current 28,877 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 July 31, 2024 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2025 $ 3,630 $ 6,855 2026 8,711 12,668 2027 8,711 8,240 2028 8,711 6,105 2029 8,711 5,478 Thereafter 7,985 8,001 Total minimum payments 46,459 47,347 Less imputed interest (6,408) (7,422) Present value of future minimum lease payments 40,051 39,925 Less current obligations under leases (5,899) (11,048) Non-current lease obligations $ 34,152 $ 28,877 |
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 July 31, 2024 were as follows (in thousands): Year Ending January 31, Finance Lease Operating Leases Remainder of 2025 $ 3,630 $ 6,855 2026 8,711 12,668 2027 8,711 8,240 2028 8,711 6,105 2029 8,711 5,478 Thereafter 7,985 8,001 Total minimum payments 46,459 47,347 Less imputed interest (6,408) (7,422) Present value of future minimum lease payments 40,051 39,925 Less current obligations under leases (5,899) (11,048) Non-current lease obligations $ 34,152 $ 28,877 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jul. 31, 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 July 31, Six Months Ended July 31, 2024 2023 2024 2023 Primary geographical markets: Americas $ 284,789 $ 253,485 $ 556,882 $ 475,831 EMEA 136,824 113,446 260,120 218,569 Asia Pacific 56,496 56,860 111,668 97,671 Total $ 478,109 $ 423,791 $ 928,670 $ 792,071 Subscription product categories and services: MongoDB Atlas-related $ 339,683 $ 267,258 $ 653,538 $ 505,014 Other subscription 124,122 142,076 247,163 259,034 Services 14,304 14,457 27,969 28,023 Total $ 478,109 $ 423,791 $ 928,670 $ 792,071 |
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 3,853 Recoveries/write-offs (4,028) Balance as of July 31, 2024 $ 7,879 The decrease in allowance for doubtful accounts as of July 31, 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) | 6 Months Ended |
Jul. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of stock option activity | The following table summarizes stock option activity for the six months ended July 31, 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 (174,571) 7.47 Stock options forfeited and expired — — Balance - July 31, 2024 661,052 $ 8.31 2.1 $ 161,328 Vested and exercisable - January 31, 2024 835,623 $ 8.14 2.6 $ 327,884 Vested and exercisable - July 31, 2024 661,052 $ 8.31 2.1 $ 161,328 |
Schedule of restricted stock unit activity | The following table summarizes RSU activity for the six months ended July 31, 2024: Shares Weighted-Average Grant Date Fair Value per RSU Unvested - January 31, 2024 3,566,406 $ 290.59 RSUs granted 1,159,005 330.52 RSUs vested (773,773) 289.67 RSUs forfeited and canceled (241,293) 294.86 Unvested - July 31, 2024 3,710,345 $ 302.98 |
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 July 31, Six Months Ended July 31, 2024 2023 2024 2023 Cost of revenue—subscription $ 7,519 $ 6,075 $ 13,682 $ 11,589 Cost of revenue—services 3,401 3,342 6,656 6,290 Sales and marketing 41,040 40,376 80,653 77,982 Research and development 55,188 48,413 110,361 92,479 General and administrative 15,275 15,106 31,834 28,927 Total stock-based compensation expense $ 122,423 $ 113,312 $ 243,186 $ 217,267 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jul. 31, 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 July 31, Six Months Ended July 31, 2024 2023 2024 2023 Numerator: Net loss $ (54,529) $ (37,597) $ (135,122) $ (91,843) Denominator: Weighted-average shares used to compute net loss per share, basic and diluted 73,543,427 70,874,117 73,269,824 70,531,581 Net loss per share, basic and diluted $ (0.74) $ (0.53) $ (1.84) $ (1.30) |
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 July 31, Six Months Ended July 31, 2024 2023 2024 2023 Stock options pursuant to the 2016 Equity Incentive Plan 323,985 448,447 337,310 476,450 Stock options pursuant to the 2008 Stock Incentive Plan 362,121 988,792 378,588 1,070,891 Unvested restricted stock units 3,985,680 4,498,170 3,909,360 4,276,548 Unvested executive PSUs 173,085 254,321 187,271 254,321 Shares underlying the conversion option of the 2026 Notes 5,445,002 5,445,002 5,445,002 5,445,002 Total 10,289,873 11,634,732 10,257,531 11,523,212 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | Jan. 31, 2024 | |
Short-term investments: | |||
Investment in non-marketable equity securities | $ 18,400 | $ 12,900 | |
Equity securities without readily determinable fair value, upward price adjustment, annual amount | $ 1,300 | ||
Non-marketable Securities | |||
Short-term investments: | |||
Payments to acquire investments | 5,500 | $ 2,100 | |
Fair Value, Recurring | |||
Short-term investments: | |||
Total financial assets | 1,764,351 | 1,724,904 | |
Level 1 | Fair Value, Recurring | |||
Short-term investments: | |||
Total financial assets | 1,764,351 | 1,724,904 | |
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 | |||
Short-term investments: | |||
Unrealized losses on US treasury stock | 321 | 2,231 | |
U.S. government treasury securities | Fair Value, Recurring | |||
Short-term investments: | |||
Short-term investments: | 973,933 | 1,212,448 | |
U.S. government treasury securities | Level 1 | Fair Value, Recurring | |||
Short-term investments: | |||
Short-term investments: | 973,933 | 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: | 790,418 | 512,456 | |
Money market funds | Level 1 | Fair Value, Recurring | |||
Cash and cash equivalents: | |||
Cash and cash equivalents: | 790,418 | 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) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | Jan. 31, 2024 | |
Non-marketable Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Payments to acquire investments | $ 5,500 | $ 2,100 | |
U.S. government treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amortized cost, due withen one year | 485,188 | $ 520,006 | |
Amortized cost, due after one year and withen three years | 489,066 | 690,211 | |
Amortized cost, total | 974,254 | 1,210,217 | |
Unrealized loss, due withen one year | 1,232 | (543) | |
Unrealized loss, due after one year and withen three years | (911) | 2,774 | |
Unrealized loss, total | 321 | 2,231 | |
Short-term investments | 483,956 | 519,463 | |
Marketable securities, non-current | 489,977 | 692,985 | |
Total short-term investments | $ 973,933 | $ 1,212,448 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets, Net - Schedule Of Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2024 | Jan. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance, beginning of year | $ 69,679 | $ 57,779 |
Increase in goodwill related to business combinations | 0 | 11,900 |
Balance, end of period | $ 69,679 | $ 69,679 |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Sep. 27, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 69,679 | $ 69,679 | $ 69,679 | $ 57,779 | |||
Amortization of intangible assets | $ 100 | $ 2,300 | $ 2,800 | $ 4,600 | |||
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 | 6 Months Ended | 12 Months Ended |
Jul. 31, 2024 | Jan. 31, 2024 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 56,400 | $ 56,400 |
Accumulated Amortization | (55,267) | (52,443) |
Net Book Value | 1,133 | 3,957 |
Developed technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 41,200 | 41,200 |
Accumulated Amortization | (40,067) | (37,328) |
Net Book Value | $ 1,133 | $ 3,872 |
Weighted-Average Remaining Useful Life (in years) | 1 year 8 months 12 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 | Jul. 31, 2024 | Jan. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2025 | $ 340 | |
2026 | 680 | |
2027 | 113 | |
2028 | 0 | |
2029 | 0 | |
Net Book Value | $ 1,133 | $ 3,957 |
Convertible Senior Notes - Conv
Convertible Senior Notes - Convertible Debt Schedule (Details) - 2026 Notes - USD ($) $ in Thousands | Jul. 31, 2024 | Jan. 31, 2024 |
Debt Instrument [Line Items] | ||
Principal | $ 1,149,972 | $ 1,149,972 |
Unamortized debt issuance costs | (4,995) | (6,699) |
Net carrying amount | $ 1,144,977 | $ 1,143,273 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Details) | 1 Months Ended | 3 Months Ended |
Jan. 31, 2020 USD ($) | Jul. 31, 2024 USD ($) day | |
2026 Notes | ||
Debt Instrument [Line Items] | ||
Fair value of convertible debt | $ 1,500,000,000 | |
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 | $ 1,100,000,000 | |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Apr. 30, 2024 | Jul. 31, 2024 | Apr. 09, 2024 | |
Option Indexed to Issuer's Equity [Line Items] | ||||
Current fair value of derivative instrument | $ 170.2 | $ 169.7 | ||
Unrealized gain (loss) on derivative | $ 0.5 | |||
Cash received | $ 170.6 | |||
Realized gain on derivative | $ 0.9 | |||
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) | Jul. 31, 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 | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Finance lease cost: | ||||
Amortization of finance lease right-of-use assets | $ 994 | $ 993 | $ 1,987 | $ 1,987 |
Interest on finance lease liabilities | 578 | 658 | 1,177 | 1,334 |
Operating lease cost | 3,134 | 3,103 | 6,157 | 5,761 |
Short-term lease cost | 1,516 | 1,224 | 3,032 | 2,587 |
Total lease cost | $ 6,222 | $ 5,978 | $ 12,353 | $ 11,669 |
Leases - Balance Sheet Componen
Leases - Balance Sheet Components (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Jan. 31, 2024 |
Finance Lease: | ||
Property and equipment, net | $ 21,527 | $ 23,514 |
Other accrued liabilities, current | 5,899 | 6,179 |
Other liabilities, non-current | 34,152 | 37,511 |
Operating Leases: | ||
Operating lease right-of-use assets | 36,873 | 37,365 |
Operating lease liabilities, current | 11,048 | 9,797 |
Operating lease liabilities, non-current | $ 28,877 | $ 30,918 |
Leases - Lease Maturities (Deta
Leases - Lease Maturities (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Jan. 31, 2024 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2025 | $ 3,630 | |
2026 | 8,711 | |
2027 | 8,711 | |
2028 | 8,711 | |
2029 | 8,711 | |
Thereafter | 7,985 | |
Total minimum payments | 46,459 | |
Less imputed interest | (6,408) | |
Present value of future minimum lease payments | 40,051 | |
Less current obligations under leases | (5,899) | $ (6,179) |
Non-current lease obligations | 34,152 | 37,511 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2025 | 6,855 | |
2026 | 12,668 | |
2027 | 8,240 | |
2028 | 6,105 | |
2029 | 5,478 | |
Thereafter | 8,001 | |
Total minimum payments | 47,347 | |
Less imputed interest | (7,422) | |
Present value of future minimum lease payments | 39,925 | |
Less current obligations under leases | (11,048) | (9,797) |
Non-current lease obligations | $ 28,877 | $ 30,918 |
Revenue - Schedule of total rev
Revenue - Schedule of total revenue by geographic areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 478,109 | $ 423,791 | $ 928,670 | $ 792,071 |
MongoDB Atlas-related | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 339,683 | 267,258 | 653,538 | 505,014 |
Other subscription | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 124,122 | 142,076 | 247,163 | 259,034 |
Services | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 14,304 | 14,457 | 27,969 | 28,023 |
Americas | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 284,789 | 253,485 | 556,882 | 475,831 |
EMEA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 136,824 | 113,446 | 260,120 | 218,569 |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 56,496 | $ 56,860 | $ 111,668 | $ 97,671 |
Revenue - Concentration Risk (D
Revenue - Concentration Risk (Details) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Concentration Risk [Line Items] | ||||
Percent of revenue recognized from deferred revenue | 27% | 37% | ||
Geographic Concentration Risk | Revenue, Net | United States | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 53% | 53% | 53% | 54% |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | Jan. 31, 2024 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Deferred revenue | $ 322,700,000 | $ 322,700,000 | $ 377,400,000 | ||
Percent of revenue recognized from deferred revenue | 27% | 37% | |||
Remaining performance obligation, percentage | 58% | 58% | |||
Unbilled contracts receivable | $ 17,700,000 | $ 17,700,000 | 22,700,000 | ||
Deferred commissions | 314,200,000 | 314,200,000 | 294,200,000 | ||
Noncurrent capitalized contract cost | 216,600,000 | 216,600,000 | $ 201,700,000 | ||
Amortization of deferred commissions | 27,200,000 | $ 24,000,000 | 53,600,000 | $ 47,600,000 | |
Impairment loss | 0 | $ 0 | 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 | $ 694,000,000 | $ 694,000,000 | |||
Expected timing of satisfaction of remaining performance obligation | 12 months | 12 months |
Revenue - Schedule of Allowance
Revenue - Schedule of Allowance for Doubtful Accounts (Details) $ in Thousands | 6 Months Ended |
Jul. 31, 2024 USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 8,054 |
Provision | 3,853 |
Recoveries/write-offs | (4,028) |
Ending balance | $ 7,879 |
Equity Incentive Plans and Em_3
Equity Incentive Plans and Employee Stock Purchase Plan - Stock Options (Details) - Employee Stock Option | 6 Months Ended |
Jul. 31, 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) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2024 USD ($) $ / shares shares | Jan. 31, 2024 USD ($) $ / shares shares | |
Shares | ||
Balance - beginning of period (in shares) | shares | 835,623 | |
Stock options exercised (in shares) | shares | (174,571) | |
Stock options forfeited and expired (in shares) | shares | 0 | |
Balance - end of period (in shares) | shares | 661,052 | 835,623 |
Vested and exercisable (in shares) | shares | 661,052 | 835,623 |
Weighted-Average Exercise Price Per Share | ||
Balance - beginning of period (in dollars per share) | $ / shares | $ 8.14 | |
Stock options exercised (in dollars per share) | $ / shares | 7.47 | |
Stock options forfeited and expired (in dollars per share) | $ / shares | 0 | |
Balance - end of period (in dollars per share) | $ / shares | 8.31 | $ 8.14 |
Vested and exercisable (in dollars per share) | $ / shares | $ 8.31 | $ 8.14 |
Weighted-Average Remaining Contractual Term | ||
Balance | 2 years 1 month 6 days | 2 years 7 months 6 days |
Vested and exercisable | 2 years 1 month 6 days | 2 years 7 months 6 days |
Aggregate Intrinsic Value | ||
Balance | $ | $ 161,328 | $ 327,884 |
Vested and exercisable | $ | $ 161,328 | $ 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) | 6 Months Ended |
Jul. 31, 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) | 6 Months Ended |
Jul. 31, 2024 $ / shares shares | |
Shares | |
Unvested - beginning of period (in shares) | shares | 3,566,406 |
RSUs granted (in shares) | shares | 1,159,005 |
RSUs vested (in shares) | shares | (773,773) |
RSUs forfeited and canceled (in shares) | shares | (241,293) |
Unvested - end of period (in shares) | shares | 3,710,345 |
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 | 330.52 |
RSUs vested (in dollars per share) | $ / shares | 289.67 |
RSUs forfeited and canceled (in dollars per share) | $ / shares | 294.86 |
Unvested - end of period (in dollars per share) | $ / shares | $ 302.98 |
Equity Incentive Plans and Em_7
Equity Incentive Plans and Employee Stock Purchase Plan - Employee Stock Purchase Plan, Additional Information (Details) - Employee Stock Purchase Plan - shares | 1 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum employee contribution rate | 15% | |
Shares issued (in shares) | 96,603 |
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 | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 122,423 | $ 113,312 | $ 243,186 | $ 217,267 |
Cost of revenue—subscription | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 7,519 | 6,075 | 13,682 | 11,589 |
Cost of revenue—services | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 3,401 | 3,342 | 6,656 | 6,290 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 41,040 | 40,376 | 80,653 | 77,982 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 55,188 | 48,413 | 110,361 | 92,479 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 15,275 | $ 15,106 | $ 31,834 | $ 28,927 |
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 | 6 Months Ended | ||||
Jul. 31, 2024 | Apr. 30, 2024 | Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Numerator: | ||||||
Net loss | $ (54,529) | $ (80,593) | $ (37,597) | $ (54,246) | $ (135,122) | $ (91,843) |
Denominator: | ||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 73,543,427 | 70,874,117 | 73,269,824 | 70,531,581 | ||
Net loss per share, basic and diluted (in dollars per share) | $ (0.74) | $ (0.53) | $ (1.84) | $ (1.30) |
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 | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 10,289,873 | 11,634,732 | 10,257,531 | 11,523,212 |
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) | 323,985 | 448,447 | 337,310 | 476,450 |
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) | 362,121 | 988,792 | 378,588 | 1,070,891 |
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) | 3,985,680 | 4,498,170 | 3,909,360 | 4,276,548 |
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) | 173,085 | 254,321 | 187,271 | 254,321 |
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 | 5,445,002 | 5,445,002 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2024 | Jul. 31, 2023 | Jul. 31, 2024 | Jul. 31, 2023 | Jan. 31, 2024 | |
Income Tax Disclosure [Abstract] | |||||
Unrecognized tax benefits | $ 81,600 | ||||
Provision for income taxes | $ 3,897 | $ 3,588 | $ 6,478 | $ 6,075 | |
Unrecognized tax benefits that would impact effective tax rate | $ 700 |