10-Q 1 mdb-20211031.htm 10-Q mdb-20211031
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
___________________
FORM 10-Q
___________________
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2021
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to         
Commission File Number: 001-38240
___________________
MONGODB, INC.
(Exact Name of Registrant as Specified in its Charter)
___________________
Delaware26-1463205
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1633 Broadway,38th Floor
New York,NY10019
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: 646-727-4092
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.001 per shareMDBThe Nasdaq Stock Market LLC
(Nasdaq Global Market)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  þ  No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  þ  No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes       No þ
As of December 3, 2021, there were 66,753,105 shares of the registrant’s Class A common stock, par value $0.001 per share, outstanding.



Table of Contents
 
Page




PART I—FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS.
MONGODB, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars, except share and per share data)
(unaudited)
October 31, 2021January 31, 2021
Assets
Current assets:
Cash and cash equivalents $748,140 $429,697 
Short-term investments 1,054,746 528,045 
Accounts receivable, net of allowance for doubtful accounts of $4,996 and $6,024 as of October 31, 2021 and January 31, 2021, respectively
182,701 135,176 
Deferred commissions 49,537 36,619 
Prepaid expenses and other current assets
19,446 12,350 
Total current assets 2,054,570 1,141,887 
Property and equipment, net 61,797 62,364 
Operating lease right-of-use assets42,291 34,587 
Goodwill 57,775 55,830 
Acquired intangible assets, net22,903 26,275 
Deferred tax assets 2,170 997 
Other assets
110,106 85,555 
Total assets
$2,351,612 $1,407,495 
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable 5,237 $4,144 
Accrued compensation and benefits 93,951 70,210 
Operating lease liabilities7,298 2,343 
Other accrued liabilities 46,472 56,440 
Deferred revenue
279,241 221,404 
Total current liabilities 432,199 354,541 
Deferred tax liability, non-current 128 773 
Operating lease liabilities, non-current
41,072 39,095 
Deferred revenue, non-current
18,704 16,547 
Convertible senior notes, net
1,135,684 937,729 
Other liabilities, non-current
60,920 59,129 
Total liabilities
1,688,707 1,407,814 
Commitments and contingencies (Note 7)
Temporary equity, convertible senior notes 4,714 
Stockholders’ equity (deficit):
Class A common stock, par value of $0.001 per share; 1,000,000,000 shares authorized as of October 31, 2021 and January 31, 2021; 66,816,084 shares issued and 66,716,713 shares outstanding as of October 31, 2021; 60,997,822 shares issued and 60,898,451 shares outstanding as of January 31, 2021
67 61 
Additional paid-in capital 1,770,635 932,332 
Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of October 31, 2021 and January 31, 2021
(1,319)(1,319)
Accumulated other comprehensive loss(1,292)(704)
Accumulated deficit
(1,105,186)(935,403)
Total stockholders’ equity (deficit)
662,905 (5,033)
Total liabilities, temporary equity and stockholders’ equity (deficit)
$2,351,612 $1,407,495 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
1

MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands of U.S. dollars, except share and per share data)
(unaudited)

Three Months Ended October 31,Nine Months Ended October 31,
2021202020212020
Revenue:
Subscription
$217,871 $144,069 $583,822 $401,403 
Services
9,022 6,702 23,466 17,978 
Total revenue
226,893 150,771 607,288 419,381 
Cost of revenue:
Subscription
57,378 38,642 153,735 103,240 
Services
11,086 7,468 29,959 22,851 
Total cost of revenue
68,464 46,110 183,694 126,091 
Gross profit
158,429 104,661 423,594 293,290 
Operating expenses:
Sales and marketing
120,360 83,214 327,627 227,417 
Research and development
82,256 54,363 219,403 149,250 
General and administrative
32,581 25,175 87,309 66,534 
Total operating expenses
235,197 162,752 634,339 443,201 
Loss from operations
(76,768)(58,091)(210,745)(149,911)
Other income (expense):
Interest income
204 572 534 4,331 
Interest expense
(2,597)(14,093)(8,811)(41,838)
Other income (expense), net
117 (113)(985)(1,583)
Loss before provision for income taxes (79,044)(71,725)(220,007)(189,001)
Provision for income taxes
2,249 926 2,411 2,142 
Net loss
$(81,293)$(72,651)$(222,418)$(191,143)
Net loss per share, basic and diluted
$(1.22)$(1.22)$(3.49)$(3.27)
Weighted-average shares used to compute net loss per share, basic and diluted
66,386,379 59,368,167 63,750,884 58,476,521 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2

MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands of U.S. dollars)
(unaudited)

Three Months Ended October 31,Nine Months Ended October 31,
2021202020212020
Net loss
$(81,293)$(72,651)$(222,418)$(191,143)
Other comprehensive loss, net of tax:
Unrealized gain on available-for-sale securities (298)(341)(350)(24)
Foreign currency translation adjustment
(714)(65)(238)(538)
Other comprehensive loss
(1,012)(406)(588)(562)
Total comprehensive loss
$(82,305)$(73,057)$(223,006)$(191,705)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3

MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(in thousands of U.S. dollars, except share data)
(unaudited)

Class A Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Loss
Accumulated Deficit
Total Stockholders’ Equity (Deficit)
Shares
Amount
Balances as of January 31, 202160,898,451 $61 $932,332 $(1,319)$(704)$(935,403)$(5,033)
Cumulative effect of accounting change— — (309,381)— — 52,635 (256,746)
Stock option exercises483,787 1 3,539 — — — 3,540 
Vesting of early exercised stock options— — 10 — — — 10 
Vesting of restricted stock units341,939 — — — — — — 
Stock-based compensation— — 50,914 — — — 50,914 
Conversion of convertible senior notes372,096 — 2,999 — — — 2,999 
Unrealized gain on available-for-sale securities— — — — 34 — 34 
Foreign currency translation adjustment— — — — (90)— (90)
Net loss— — — — — (63,992)(63,992)
Balances as of April 30, 202162,096,273 $62 $680,413 $(1,319)$(760)$(946,760)$(268,364)
Stock option exercises282,519  2,206 — — — 2,206 
Vesting of restricted stock units362,342 — — — — — — 
Stock-based compensation— — 57,705 — — — 57,705 
Conversion of convertible senior notes844,194 1 56,682 — — — 56,683 
Issuance of common stock, net of issuance costs2,500,000 3 889,181 — — — 889,184 
Issuance of common stock under the Employee Stock Purchase Plan45,261 — 12,963 — — — 12,963 
Unrealized loss on available-for-sale securities— — — — (86)— (86)
Foreign currency translation adjustment— — — — 566 — 566 
Net loss
— — — — — (77,133)(77,133)
Balances as of July 31, 202166,130,589 $66 $1,699,150 $(1,319)$(280)$(1,023,893)$673,724 
Stock option exercises219,696  1,848 — — — 1,848 
Vesting of restricted stock units366,226 1 — — — — 1 
Stock-based compensation— — 69,620 — — — 69,620 
Conversion of convertible senior notes202 — 17 — — — 17 
Unrealized loss on available-for-sale securities— — — — (298)— (298)
Foreign currency translation adjustment— — — — (714)— (714)
Net loss
— — — — — (81,293)(81,293)
Balances as of October 31, 202166,716,713 $67 $1,770,635 $(1,319)$(1,292)$(1,105,186)$662,905 





4

MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) (continued)
(in thousands of U.S. dollars, except share data)
(unaudited)

Class A and
Class B
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Income
Accumulated Deficit
Total Stockholders’ Equity (Deficit)
Shares
Amount
Balances as of January 31, 202057,382,543 $57 $752,127 $(1,319)$225 $(668,232)$82,858 
Cumulative effect of accounting change— — — — — (227)(227)
Stock option exercises373,394 1 2,994 — — — 2,995 
Repurchase of early exercised options(79)— — — — — — 
Vesting of early exercised stock options— — 42 — — — 42 
Vesting of restricted stock units241,569 — — — — — — 
Stock-based compensation— — 30,567 — — — 30,567 
Conversion of convertible senior notes8 — — — — — — 
Unrealized gain on available-for-sale securities— — — — 848 — 848 
Foreign currency translation adjustment— — — — (75)— (75)
Net loss
— — — — — (53,967)(53,967)
Balances as of April 30, 202057,997,435 $58 $785,730 $(1,319)$998 $(722,426)$63,041 
Stock option exercises471,269 1 4,050 — — — 4,051 
Repurchase of early exercised options(881)— — — — — — 
Vesting of early exercised stock options— — 25 — — — 25 
Vesting of restricted stock units305,428 — — — — — — 
Stock-based compensation— — 37,525 — — — 37,525 
Issuance of common stock under the Employee Stock Purchase Plan84,482 — 8,963 — — — 8,963 
Unrealized loss on available-for-sale securities— — — — (531)— (531)
Foreign currency translation adjustment— — — — (398)— (398)
Net loss— — — — — (64,525)(64,525)
Balances as of July 31, 202058,857,733 $59 $836,293 $(1,319)$69 $(786,951)$48,151 
Stock option exercises987,837 1 6,738 — — — 6,739 
Vesting of early exercised stock options— — 19 — — — 19 
Vesting of restricted stock units310,573 — — — — — — 
Stock-based compensation— — 39,952 — — — 39,952 
Conversion of convertible senior notes10 — — — — — — 
Unrealized loss on available-for-sale securities— — — — (341)— (341)
Foreign currency translation adjustment— — — — (65)— (65)
Net loss— — — — — (72,651)(72,651)
Balances as of October 31, 202060,156,153 $60 $883,002 $(1,319)$(337)$(859,602)$21,804 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. dollars)
(unaudited)
Nine Months Ended October 31,
20212020
Cash flows from operating activities
Net loss
$(222,418)$(191,143)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
9,989 9,515 
Stock-based compensation
177,327 108,044 
Amortization of debt discount and issuance costs
3,161 36,577 
Amortization of finance right-of-use assets
2,981 2,981 
Amortization of operating right-of-use assets
5,010 4,747 
Deferred income taxes
(2,711)(88)
Accretion of discount on short-term investments
4,978 383 
Unrealized foreign exchange gain (loss)503 (1,915)
Change in operating assets and liabilities:
Accounts receivable
(46,892)(4,157)
Prepaid expenses and other current assets
(7,220)247 
Deferred commissions
(34,819)(17,161)
Other long-term assets
(291)(117)
Accounts payable
1,127 743 
Accrued liabilities
34,138 19,633 
Operating lease liabilities
(4,343)(2,737)
Deferred revenue
58,498 5,765 
Other liabilities, non-current
5,651 4,655 
Net cash used in operating activities (15,331)(24,028)
Cash flows from investing activities
Purchases of property and equipment
(4,516)(10,942)
Acquisition, net of cash acquired
(4,469) 
Investment in non-marketable securities(2,343)(500)
Proceeds from maturities of marketable securities
400,000 540,000 
Purchases of marketable securities
(932,250)(812,574)
Net cash used in investing activities (543,578)(284,016)
Cash flows from financing activities
Payments of issuance costs for convertible senior notes
 (4,154)
Proceeds from exercise of stock options, including early exercised stock options
7,591 13,798 
Proceeds from issuance of common stock, net of issuance costs889,184  
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan
12,963 8,963 
Repurchase of early exercised stock options
 (11)
Principal repayments of finance leases
(3,649)(3,450)
Repayments of convertible senior notes attributable to principal
(27,594) 
Proceeds from tenant improvement allowance on finance lease
 856 
Net cash provided by financing activities 878,495 16,002 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1,148)618 
Net increase (decrease) in cash, cash equivalents and restricted cash 318,438 (291,424)
Cash, cash equivalents and restricted cash, beginning of period
430,222 706,706 
Cash, cash equivalents and restricted cash, end of period
$748,660 $415,282 
Supplemental cash flow disclosure
Cash paid during the period for:
Income taxes, net of refunds
$3,651 $1,145 
Interest expense
$4,066 $4,387 
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets, end of period, to the amounts shown in the statements of cash flows above
Cash and cash equivalents
$748,140 $414,762 
Restricted cash, non-current
520 520 
Total cash, cash equivalents and restricted cash
$748,660 $415,282 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
6

MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Description of Business
MongoDB, Inc. (“MongoDB” or the “Company”) was originally incorporated in the state of Delaware in November 2007 under the name 10Gen, Inc. In August 2013, the Company changed its name to MongoDB, Inc. The Company is headquartered in New York City. MongoDB is the leading modern, general purpose database platform. The Company’s robust platform enables developers to build and modernize applications rapidly and cost-effectively across a broad range of use cases. Organizations can deploy the Company’s platform at scale in the cloud, on-premise or in a hybrid environment. In addition to selling its software, the Company provides post-contract support, training and consulting services for its offerings. The Company’s fiscal year ends January 31.
2021 Common Stock Offering
On June 29, 2021, the Company entered into an underwriting agreement with Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC, as representatives of the several underwriters named therein, pursuant to which the Company agreed to issue and sell 2,500,000 shares of its Class A common stock, par value $0.001 per share, at an offering price of $365.00 per share.
The Company received net proceeds of $889.2 million, after deducting underwriting discounts and commissions of $22.7 million and offering expenses of $0.6 million. Offering expenses included legal, accounting and other fees and, along with underwriting discounts and commissions, were recorded in additional paid-in capital as a reduction of the proceeds upon the closing of the offering in July 2021.

2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying interim condensed consolidated balance sheet as of October 31, 2021, the interim condensed consolidated statements of stockholders’ equity (deficit) for the three and nine months ended October 31, 2021 and 2020, the interim condensed consolidated statements of operations and of comprehensive loss for the three and nine months ended October 31, 2021 and 2020 and the interim condensed consolidated statements of cash flows for the nine months ended October 31, 2021 and 2020 are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position as of October 31, 2021, its statements of stockholders’ equity (deficit) as of October 31, 2021 and 2020, its results of operations and of comprehensive loss for the three and nine months ended October 31, 2021 and 2020 and its statements of cash flows for the nine months ended October 31, 2021 and 2020. The financial data and the other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three- and nine-month periods are also unaudited. The results of operations for the three and nine months ended October 31, 2021 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2022 or for any other future year or interim period.
The interim unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission. The condensed balance sheet data as of January 31, 2021 was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. Therefore, these interim unaudited condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2021 (the “2021 Form 10-K”).
Use of Estimates
The preparation of the interim unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, revenue recognition, allowances for
7

MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
doubtful accounts, the incremental borrowing rate related to the Company’s lease liabilities, stock-based compensation, fair value of common stock prior to the initial public offering, legal contingencies, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, fair value of non-marketable securities and accounting for income taxes. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events.
The ongoing COVID-19 pandemic has resulted in a global slowdown of economic activity that is likely to continue to decrease demand and supply for a broad variety of goods and services, including demand from the Company’s customers, while also disrupting sales channels and marketing activities for an unknown period of time.
Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or adjust the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements.
Significant Accounting Policies
There have been no changes to the Company’s significant accounting policies as described in the Company’s 2021 Form 10-K other than as a result of the Company’s adoption of the new accounting guidance related to convertible instruments, effective February 1, 2021, as discussed in “Recently Adopted Accounting Pronouncements—Convertible Senior Notes” below.
Recently Adopted Accounting Pronouncements
Convertible Senior Notes. In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06—Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The new standard simplifies the accounting for convertible instruments by eliminating the conversion option separation model for convertible debt that can be settled in cash and by eliminating the measurement model for beneficial conversion features. Convertible instruments that continue to be subject to separation models are (1) those with conversion options that are required to be accounted for as bifurcated derivatives and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. Additionally, among other changes, the new guidance eliminates some of the conditions for equity classification for contracts in an entity’s own equity, thereby making it easier for equity contracts to qualify for the derivative scope exception. The new standard also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards.
The Company early adopted ASU 2020-06 as of February 1, 2021 using the modified retrospective transition method. Upon adoption of ASU 2020-06, the Company is no longer recording the conversion feature of its convertible senior notes in equity. Instead, the Company combined the previously separated equity component with the liability component, which together is now classified as debt, thereby eliminating the subsequent amortization of the debt discount as interest expense. Similarly, the portion of issuance costs previously allocated to equity was reclassified to debt and amortized as interest expense. Accordingly, the Company recorded a decrease to accumulated deficit of $52.6 million, a decrease to additional paid-in capital of $309.4 million, a decrease to temporary equity of $4.7 million and an increase to convertible senior notes, net, of $261.5 million. There was an immaterial benefit from the reversal of the deferred tax liability associated with the convertible senior notes upon the adoption of ASU 2020-06. Prior period financial statements were not restated.
Also upon adoption, the Company is no longer utilizing the treasury stock method for earnings per share purposes. Instead, the Company is applying the if-converted method when reporting the number of potentially dilutive shares of common stock. Although the required use of the if-converted method will not impact the diluted net loss per share as long as the Company is in a net loss position, the Company is required to include disclosures of all the underlying shares regardless of the average stock price for the reporting period.
The Company’s convertible senior notes are classified as non-current liabilities until the reporting period date is within one year of maturity of the convertible senior notes or when the Company has received a redemption request, but settlement
8

MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
will occur after the reporting period date. Under such circumstances, the carrying amount of the convertible senior notes, net of the associated unamortized debt issuance costs, is classified as a current liability.
Income Taxes. In December 2019, the FASB issued ASU 2019-12—Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application and simplification of GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted ASU 2019-12 effective February 1, 2021 and the adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements.

3. Fair Value Measurements
The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value on a recurring basis as of October 31, 2021 and January 31, 2021 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):
Fair Value Measurement as of October 31, 2021
Level 1
Level 2
Level 3
Total
Financial Assets:
Cash and cash equivalents:
Money market funds $631,924 $ $ $631,924 
Short-term investments:
U.S. government treasury securities
1,054,746   1,054,746 
Total financial assets
$1,686,670 $ $ $1,686,670 

Fair Value Measurement as of January 31, 2021
Level 1
Level 2
Level 3
Total
Financial Assets:
Cash and cash equivalents:
Money market funds $330,109 $ $ $330,109 
Short-term investments:
U.S. government treasury securities
528,045   528,045 
Total financial assets
$858,154 $ $ $858,154 
The Company utilized the market approach and Level 1 valuation inputs to value its money market mutual funds and U.S. government treasury securities because published net asset values were readily available. The contractual maturity of all marketable securities was less than one year as of October 31, 2021 and January 31, 2021. As of October 31, 2021 and January 31, 2021, gross unrealized gains and losses for cash equivalents and short-term investments were not material. Accordingly, the Company concluded that an allowance for credit losses was unnecessary for short-term investments as of October 31, 2021. Gross realized gains and losses were not material for each of the three- and nine-month periods ended October 31, 2021 and 2020.
Convertible Senior Notes
In addition to its cash, cash equivalents and short-term investments, the Company measures the fair value of its outstanding convertible senior notes on a quarterly basis for disclosure purposes. The Company considers the fair value of its convertible senior notes at October 31, 2021 to be a Level 2 measurement due to limited trading activity of the convertible senior notes. Refer to Note 5, Convertible Senior Notes, for further details.
Non-marketable Securities
As of October 31, 2021 and January 31, 2021, the total amount of non-marketable equity securities included in other assets on the Company’s condensed consolidated balance sheets was $2.8 million and $0.5 million. During the three and nine
9

MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
months ended October 31, 2021, the Company invested an additional $1.2 million and $2.3 million, respectively, of its cash in non-marketable equity securities. Refer to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2021 Form 10-K for further information. The Company classifies these assets as Level 3 within the fair value hierarchy only if an impairment or observable price changes in orderly transactions are recognized on these non-marketable equity securities during the period. The estimation of fair value for these investments is inherently complex due to the lack of readily available market data and inherent lack of liquidity and requires the Company’s judgment and the use of significant unobservable inputs in an inactive market. In addition, the determination of whether an orderly transaction is for the identical or a similar investment requires significant management judgment, including understanding the differences in the rights and obligations of the investments, the extent to which those differences would affect the fair values of those investments and the stage of operational development of the entities. For the three and nine months ended October 31, 2021, there have been no adjustments to the carrying values of the Company’s non-marketable securities as a result of impairment or observable price changes.

4. Goodwill and Acquired Intangible Assets, Net
In April 2021, the Company made an acquisition for total cash consideration of $9.0 million, of which $4.5 million was the purchase price to be allocated and $4.5 million will be recognized as post-combination compensation expense. For accounting purposes, this business combination was deemed immaterial. The Company allocated $3.4 million to the acquired developed technology intangible asset based on fair value to be amortized over its economic useful life of five years. The Company also recorded $1.9 million of goodwill, which included a tax benefit associated with the acquisition due to the release of the valuation allowance of $0.8 million. The gross carrying amount and accumulated amortization of the Company’s intangible assets are as follows (in thousands):
October 31, 2021
Gross Carrying ValueAccumulated AmortizationNet Book ValueWeighted-Average Remaining Useful Life
(in years)
Developed technology$38,100 $(21,447)$16,653 2.9
Customer relationships15,200 (8,950)6,250 2.1
Total$53,300 $(30,397)$22,903 
January 31, 2021
Gross Carrying ValueAccumulated AmortizationNet Book ValueWeighted-Average Remaining Useful Life
(in years)
Developed technology$34,700 $(16,955)$17,745 3.3
Customer relationships15,200 (6,670)8,530 2.8
Total$49,900 $(23,625)$26,275 
Acquired intangible assets are amortized on a straight-line basis. Amortization expense of intangible assets was $2.3 million and $6.8 million for the three and nine months ended October 31, 2021, respectively, and $2.1 million and $6.4 million for the three and nine months ended October 31, 2020, respectively. Amortization expense for developed technology was included as research and development expense in the Company’s condensed consolidated statements of operations. Amortization expense for customer relationships was included as sales and marketing expense in the Company’s condensed consolidated statements of operations.
10

MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2021, future amortization expense related to the intangible assets is as follows (in thousands):
Years Ending January 31,
Remainder of 2022$2,295 
20239,180 
20248,505 
20252,130 
2026680 
2027113 
Total$22,903 

5. Convertible Senior Notes
In June 2018, the Company issued $250.0 million aggregate principal amount of 0.75% convertible senior notes due 2024 in a private placement and, in July 2018, the Company issued an additional $50.0 million aggregate principal amount of convertible senior notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional convertible senior notes (collectively, the “2024 Notes”). The 2024 Notes are senior unsecured obligations of the Company and interest is payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2018, at a rate of 0.75% per year. The 2024 Notes will mature on June 15, 2024, unless earlier converted, redeemed or repurchased. The total net proceeds from the offering, after deducting initial purchase discounts and debt issuance costs, were approximately $291.1 million.
In January 2020, the Company issued $1.0 billion aggregate principal amount of 0.25% convertible senior notes due 2026 in a private placement and, also in January 2020, the Company issued an additional $150.0 million aggregate principal amount of convertible senior notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional convertible senior notes (collectively, the “2026 Notes”). The 2026 Notes are senior unsecured obligations of the Company and interest is payable semiannually in arrears on July 15 and January 15 of each year, beginning on July 15, 2020, at a rate of 0.25% per year. The 2026 Notes will mature on January 15, 2026, unless earlier converted, redeemed or repurchased. The total net proceeds from the offering, after deducting initial purchase discounts and estimated debt issuance costs, were approximately $1.13 billion.
On January 14, 2020, in connection with the issuance of the 2026 Notes, the Company used a portion of the net proceeds to repurchase $210.0 million aggregate principal amount of the 2024 Notes (the “2024 Notes Partial Repurchase”) leaving $90.0 million aggregate principal outstanding on the 2024 Notes immediately after the exchange. The 2024 Notes Partial Repurchase were not pursuant to a redemption notice and were individually privately negotiated transactions. The 2024 Notes Partial Repurchase and issuance of the 2026 Notes were deemed to have substantially different terms due to the significant difference between the value of the conversion option immediately prior to and after the exchange, and accordingly, the 2024 Notes Partial Repurchase was accounted for as a debt extinguishment.
Refer to Note 6, Convertible Senior Notes, in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2021 Form 10-K for further information on the 2024 Notes, the 2026 Notes and the 2024 Notes Partial Repurchase.
On October 1, 2021, the Company issued a notice of redemption (the “Redemption Notice”) for the aggregate principal amount outstanding of its 2024 Notes. Pursuant to the Redemption Notice, on December 3, 2021, the Company redeemed the outstanding principal of the 2024 Notes that were not converted prior to such date at a redemption price in cash equal to 100% of the principal amount of the 2024 Notes, plus accrued and unpaid interest. Approximately $1.9 million aggregate principal amount outstanding as of October 31, 2021 were converted to 27,377 shares of the Company’s Class A common stock with the remaining balance settled in cash. The extinguishment of the 2024 Notes on December 3, 2021 is immaterial to the Company’s financial statements.
During the three months ended October 31, 2021, the conditional conversion feature of the 2024 Notes and the 2026 Notes was triggered as the last reported sale price of the Company's Class A common stock was more than or equal to 130% of the applicable conversion price for each of the series of convertible senior notes for at least 20 trading days in the period of 30 consecutive trading days ending on October 31, 2021 (the last trading day of the fiscal quarter) and therefore the 2024
11

MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Notes were convertible, in whole or in part, at the option of the holders from November 1, 2021 until their redemption on December 3, 2021, and the 2026 Notes are currently convertible, in whole or in part, at the option of the holders from November 1, 2021 through January 31, 2022. Whether the 2026 Notes will be convertible following such period will depend on the continued satisfaction of this condition or another conversion condition in the future.
During the nine months ended October 31, 2021, certain holders elected to redeem $88.1 million of aggregate principal amount of the 2024 Notes and the 2026 Notes. The Company elected to use $27.6 million of cash to settle a portion of the principal upon redemption, with the remainder settled through the issuance of 1,216,492 shares of Class A common stock. The difference between the settlement consideration and the liability component of the redeemed 2024 Notes and 2026 Notes was recorded to additional paid-in capital on the Company’s condensed consolidated balance sheet. Pursuant to the Company’s adoption of ASU 2020-06, there was no gain nor loss recognized upon any conversions of either of the 2024 Notes and 2026 Notes. The Company may continue to elect to repay the 2026 Notes in cash, shares of the Company’s Class A common stock or a combination of both cash and shares with respect to future conversions of the 2026 Notes.
The net carrying amounts of the liability component of the 2024 Notes and the 2026 Notes were as follows for the periods presented (in thousands):
October 31, 2021January 31, 2021
2024 Notes2026 Notes2024 Notes2026 Notes
Principal$1,863 
(1)
$1,149,991 $90,000 $1,150,000 
Unamortized debt discount (2)
  (15,459)(249,907)
Unamortized debt issuance costs(25)(14,307)(1,265)(13,174)
Net carrying amount (2)
$1,838 $1,135,684 $73,276 $886,919 
(1) The aggregate principal amount outstanding of the 2024 Notes is presented within Other Accrued Liabilities on the Company’s condensed consolidated balance sheet as of October 31, 2021.
(2) The net carrying amount was increased on February 1, 2021 as a result of the adoption of ASU 2020-06. Refer to Note 2, Summary of Significant Accounting Policies, in this Quarterly Report on Form 10-Q for further information.
As of October 31, 2021, the total estimated fair values (Level 2) of the outstanding 2024 Notes and the 2026 Notes were approximately $9.5 million and $2.8 billion, respectively. The fair values were determined based on the closing trading price per $100 of the 2024 Notes and 2026 Notes as of the last available date of trading. The fair values of the 2024 Notes and 2026 Notes are primarily affected by the trading price of the Company’s Class A common stock and market interest rates.
The following table sets forth the interest expense related to the 2024 Notes and 2026 Notes (in thousands):
Three Months Ended October 31,Nine Months Ended October 31,
2021202020212020
2024 Notes
2026 Notes
2024 Notes
2026 Notes
2024 Notes
2026 Notes
2024 Notes
2026 Notes
Contractual interest expense$4 $719 $168 $718 $203 $2,156 $506 $2,156 
Amortization of debt discount (1)
  1,002 10,826   2,958 32,058