10-Q 1 mdb-20220731.htm 10-Q mdb-20220731
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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 July 31, 2022
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
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 August 30, 2022, there were 68,707,084 shares of the registrant’s 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)
July 31, 2022January 31, 2022
Assets
Current assets:
Cash and cash equivalents $651,420 $473,904 
Short-term investments 1,144,192 1,352,019 
Accounts receivable, net of allowance for doubtful accounts of $4,960 and $4,966 as of July 31, 2022 and January 31, 2022, respectively
213,267 195,383 
Deferred commissions 72,069 63,523 
Prepaid expenses and other current assets
27,566 32,573 
Total current assets 2,108,514 2,117,402 
Property and equipment, net 61,604 62,625 
Operating lease right-of-use assets46,418 41,745 
Goodwill 57,779 57,775 
Acquired intangible assets, net16,018 20,608 
Deferred tax assets 2,163 1,939 
Other assets
159,102 147,494 
Total assets
$2,451,598 $2,449,588 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $7,303 $5,234 
Accrued compensation and benefits 83,806 112,568 
Operating lease liabilities9,163 8,084 
Other accrued liabilities 73,916 48,848 
Deferred revenue
350,709 352,001 
Total current liabilities 524,897 526,735 
Deferred tax liability, non-current 95 81 
Operating lease liabilities, non-current
40,437 38,707 
Deferred revenue, non-current
24,462 23,179 
Convertible senior notes, net
1,138,200 1,136,521 
Other liabilities, non-current
55,339 57,665 
Total liabilities
1,783,430 1,782,888 
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, 2022 and January 31, 2022; 68,785,903 shares issued and 68,686,532 shares outstanding as of July 31, 2022; 67,543,731 shares issued and 67,444,360 shares outstanding as of January 31, 2022
69 67 
Additional paid-in capital 2,059,405 1,860,514 
Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of July 31, 2022 and January 31, 2022
(1,319)(1,319)
Accumulated other comprehensive loss(4,194)(2,928)
Accumulated deficit
(1,385,793)(1,189,634)
Total stockholders’ equity
668,168 666,700 
Total liabilities and stockholders’ equity
$2,451,598 $2,449,588 

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 July 31,Six Months Ended July 31,
2022202120222021
Revenue:
Subscription
$291,607 $191,381 $566,188 $365,951 
Services
12,053 7,366 22,919 14,444 
Total revenue
303,660 198,747 589,107 380,395 
Cost of revenue:
Subscription
71,435 50,955 136,004 96,357 
Services
16,842 9,747 30,488 18,873 
Total cost of revenue
88,277 60,702 166,492 115,230 
Gross profit
215,383 138,045 422,615 265,165 
Operating expenses:
Sales and marketing
181,598 109,377 331,866 207,267 
Research and development
108,037 72,396 204,409 137,147 
General and administrative
40,591 28,803 77,123 54,728 
Total operating expenses
330,226 210,576 613,398 399,142 
Loss from operations
(114,843)(72,531)(190,783)(133,977)
Other income (expense):
Interest income
1,680 157 2,304 330 
Interest expense
(2,429)(2,556)(4,882)(6,214)
Other income (expense), net
(224)(665)1,397 (1,102)
Loss before provision for income taxes (115,816)(75,595)(191,964)(140,963)
Provision for income taxes
3,049 1,538 4,195 162 
Net loss
$(118,865)$(77,133)$(196,159)$(141,125)
Net loss per share, basic and diluted
$(1.74)$(1.22)$(2.88)$(2.26)
Weighted-average shares used to compute net loss per share, basic and diluted
68,334,464 63,426,694 68,025,687 62,411,295 

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 July 31,Six Months Ended July 31,
2022202120222021
Net loss
$(118,865)$(77,133)$(196,159)$(141,125)
Other comprehensive income (loss), net of tax:
Unrealized income (loss) on available-for-sale securities 1,163 (86)(1,201)(52)
Foreign currency translation adjustment
(678)566 (65)476 
Other comprehensive income (loss)
485 480 (1,266)424 
Total comprehensive loss
$(118,380)$(76,653)$(197,425)$(140,701)

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)

Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Loss
Accumulated Deficit
Total Stockholders’ Equity
Shares
Amount
Balances as of January 31, 202267,444,360 $67 $1,860,514 $(1,319)$(2,928)$(1,189,634)$666,700 
Cumulative effect of accounting change— — — — — — — 
Stock option exercises235,517 — 1,656 — — — 1,656 
Vesting of early exercised stock options— — — — — — — 
Vesting of restricted stock units381,178 1 — — — — 1 
Stock-based compensation— — 83,566 — — — 83,566 
Conversion of convertible senior notes8 — 1 — — — 1 
Unrealized loss on available-for-sale securities— — — — (2,364)— (2,364)
Foreign currency translation adjustment— — — — 613 — 613 
Net loss— — — — — (77,294)(77,294)
Balances as of April 30, 202268,061,063 $68 $1,945,737 $(1,319)$(4,679)$(1,266,928)$672,879 
Stock option exercises163,986 — 1,332 — — — 1,332 
Vesting of restricted stock units388,483 1 — — — — 1 
Stock-based compensation— — 96,554 — — — 96,554 
Conversion of convertible senior notes18 — 5 — — — 5 
Issuance of common stock, net of issuance costs— — — — — — — 
Issuance of common stock under the Employee Stock Purchase Plan72,982 — 15,777 — — — 15,777 
Unrealized gain on available-for-sale securities— — — — 1,163 — 1,163 
Foreign currency translation adjustment— — — — (678)— (678)
Net loss
— — — — — (118,865)(118,865)
Balances as of July 31, 202268,686,532 $69 $2,059,405 $(1,319)$(4,194)$(1,385,793)$668,168 
4

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

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 

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)
Six Months Ended July 31,
20222021
Cash flows from operating activities
Net loss
$(196,159)$(141,125)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
7,745 6,622 
Stock-based compensation
180,120 108,619 
Amortization of debt issuance costs1,685 2,319 
Amortization of finance right-of-use assets
1,987 1,988 
Amortization of operating right-of-use assets
4,458 3,232 
Deferred income taxes
(302)(2,378)
Accretion of discount on short-term investments
4,076 2,994 
Gain on non-marketable securities(1,694) 
Unrealized foreign exchange (gain) loss(1,144)1,044 
Change in operating assets and liabilities:
Accounts receivable
(19,480)16,323 
Prepaid expenses and other current assets
4,908 (5,849)
Deferred commissions
(16,555)(16,456)
Other long-term assets
(862)(52)
Accounts payable
2,161 447 
Accrued liabilities
(201)1,467 
Operating lease liabilities
(4,549)(2,595)
Deferred revenue
331 9,791 
Other liabilities, non-current
378 4,068 
Net cash used in operating activities (33,097)(9,541)
Cash flows from investing activities
Purchases of property and equipment
(5,152)(2,332)
Acquisition, net of cash acquired
 (4,469)
Investment in non-marketable securities(1,119)(1,136)
Proceeds from maturities of marketable securities
400,000 275,000 
Purchases of marketable securities
(197,614)(403,986)
Net cash provided by (used in) investing activities 196,115 (136,923)
Cash flows from financing activities
Proceeds from exercise of stock options2,988 5,745 
Proceeds from issuance of common stock, net of issuance costs 889,564 
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan
15,777 12,963 
Principal repayments of finance leases
(1,882)(2,415)
Repayments of convertible senior notes attributable to principal
 (27,594)
Net cash provided by financing activities 16,883 878,263 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(2,395)(502)
Net increase in cash, cash equivalents and restricted cash 177,506 731,297 
Cash, cash equivalents and restricted cash, beginning of period
474,420 430,222 
Cash, cash equivalents and restricted cash, end of period
$651,926 $1,161,519 
Supplemental cash flow disclosure
Cash paid during the period for:
Income taxes, net of refunds
$4,233 $2,362 
Interest expense
$2,925 $3,281 
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
$651,420 $1,160,996 
Restricted cash, non-current
506 523 
Total cash, cash equivalents and restricted cash
$651,926 $1,161,519 
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 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.

2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying interim condensed consolidated balance sheet as of July 31, 2022, the interim condensed consolidated statements of stockholders’ equity (deficit) for the three and six months ended July 31, 2022 and 2021, the interim condensed consolidated statements of operations and of comprehensive loss for the three and six months ended July 31, 2022 and 2021 and the interim condensed consolidated statements of cash flows for the six months ended July 31, 2022 and 2021 are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position as of July 31, 2022, its statements of stockholders’ equity (deficit) as of July 31, 2022 and 2021, its results of operations and of comprehensive loss for the three and six months ended July 31, 2022 and 2021 and its statements of cash flows for the six months ended July 31, 2022 and 2021. The financial data and the other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three- and six-month periods are also unaudited. The results of operations for the three and six months ended July 31, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2023 or for any other future year or interim period.
The interim unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission. The condensed balance sheet data as of January 31, 2022 was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. Therefore, these interim unaudited condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in its Annual Report on Form 10-K for the fiscal year ended January 31, 2022 (the “2022 Form 10-K”).
Use of Estimates
The preparation of the interim unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, revenue recognition, allowances for doubtful accounts, the incremental borrowing rate related to the Company’s lease liabilities, stock-based compensation, legal contingencies, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, fair value of non-marketable securities and accounting for income taxes. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events.
The ongoing COVID-19 pandemic and global macroeconomic conditions, including rising interest rates and inflation, continue to impact 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
7

MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements.
Significant Accounting Policies
There have been no changes to the Company’s significant accounting policies as described in the Company’s 2022 Form 10-K.

3. 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, 2022 and January 31, 2022 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):
Fair Value Measurement as of July 31, 2022
Level 1
Level 2
Level 3
Total
Financial Assets:
Cash and cash equivalents:
Money market funds $520,528 $ $ $520,528 
Short-term investments:
U.S. government treasury securities
1,144,192   1,144,192 
Total financial assets
$1,664,720 $ $ $1,664,720 

Fair Value Measurement as of January 31, 2022
Level 1
Level 2
Level 3
Total
Financial Assets:
Cash and cash equivalents:
Money market funds $331,221 $ $ $331,221 
Short-term investments:
U.S. government treasury securities
1,352,019   1,352,019 
Total financial assets
$1,683,240 $ $ $1,683,240 
The Company utilized the market approach and Level 1 valuation inputs to value its money market mutual funds and U.S. government treasury securities because published net asset values were readily available. The contractual maturity of all marketable securities was less than one year as of July 31, 2022 and January 31, 2022. As of July 31, 2022, unrealized losses on our U.S. government treasury securities were approximately $4.6 million. The increase in market interest rates as of July 31, 2022 has resulted in unrealized losses on these securities. The Company intends to hold these securities to maturity and, as a result, does not expect to realize these losses in its financial statements. The Company concluded that an allowance for credit losses was unnecessary for short-term investments as of July 31, 2022. Gross realized gains and losses were not material for each of the three- and six-month periods ended July 31, 2022 and 2021.
Convertible Senior Notes
The Company measures the fair value of its outstanding convertible senior notes on a quarterly basis for disclosure purposes. The Company considers the fair value of its convertible senior notes at July 31, 2022 to be a Level 2 measurement due to limited trading activity of the convertible senior notes. Refer to Note 5, Convertible Senior Notes, for further details.
Non-marketable Securities
As of July 31, 2022 and January 31, 2022, the total amount of non-marketable equity and debt securities included in other assets on the Company’s condensed consolidated balance sheets were $7.7 million and $4.8 million, respectively. During the six months ended July 31, 2022, the Company invested an additional $1.1 million of its cash in non-marketable equity securities. In addition, the Company recognized a gain on certain of these non-marketable securities of $1.7 million during the six months ended July 31, 2022. No gain or loss was recognized for the three and six months ended July 31, 2021.
8

MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Refer to Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2022 Form 10-K for further information. The Company considers these assets as Level 3 within the fair value hierarchy. The estimation of fair value for these investments is inherently complex due to the lack of readily available market data and inherent lack of liquidity and requires the Company’s judgment and the use of significant unobservable inputs in an inactive market. In addition, the determination of whether an orderly transaction is for the identical or a similar investment requires significant management judgment, including understanding the differences in the rights and obligations of the investments, the extent to which those differences would affect the fair values of those investments and the stage of operational development of the entities.

4. Goodwill and Acquired Intangible Assets, Net
There were no material changes to goodwill carrying amounts during the six months ended July 31, 2022. The gross carrying amounts and accumulated amortization of the Company’s intangible assets were as follows (in thousands):
July 31, 2022
Gross Carrying ValueAccumulated AmortizationNet Book ValueWeighted-Average Remaining Useful Life
(in years)
Developed technology$38,100 $(26,052)$12,048 2.2
Customer relationships15,200 (11,230)3,970 1.3
Total$53,300 $(37,282)$16,018 
January 31, 2022
Gross Carrying ValueAccumulated AmortizationNet Book ValueWeighted-Average Remaining Useful Life
(in years)
Developed technology$38,100 $(22,982)$15,118 2.6
Customer relationships15,200 (9,710)5,490 1.8
Total$53,300 $(32,692)$20,608 
Acquired intangible assets are amortized on a straight-line basis. Amortization expense of intangible assets was $2.3 million and $4.6 million for the three and six months ended July 31, 2022, respectively, and $2.3 million and $4.5 million for the three and six months ended July 31, 2021, respectively. Amortization expense for developed technology was included as research and development expense in the Company’s condensed consolidated statements of operations. Amortization expense for customer relationships was included as sales and marketing expense in the Company’s interim unaudited condensed consolidated statements of operations.
As of July 31, 2022, future amortization expense related to the intangible assets is as follows (in thousands):
Years Ending January 31,
Remainder of 2023$4,590 
20248,505 
20252,130 
2026680 
2027113 
Total$16,018 

9

MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
5. Convertible Senior Notes
The net carrying amounts of the Company’s convertible notes were as follows for the periods presented (in thousands):
July 31, 2022January 31, 2022
2026 Notes2026 Notes
Principal$1,149,982 $1,149,988 
Unamortized debt issuance costs(11,782)(13,467)
Net carrying amount$1,138,200 $1,136,521 

As of July 31, 2022, the estimated fair value (Level 2) of the outstanding 2026 Notes (as defined herein), which is utilized solely for disclosure purposes, was approximately $1.8 billion. The fair value was determined based on the closing trading price per $100 of the 2026 Notes as of the last day of trading for the period. The fair value of the 2026 Notes is primarily affected by the trading price of the Company’s common stock and market interest rates.
In January 2020, the Company issued $1.0 billion aggregate principal amount of 0.25% convertible senior notes due 2026 in a private placement and, also in January 2020, the Company issued an additional $150.0 million aggregate principal amount of convertible senior notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional convertible senior notes (collectively, the “2026 Notes”). The 2026 Notes are senior unsecured obligations of the Company and interest is payable semiannually in arrears on July 15 and January 15 of each year, beginning on July 15, 2020, at a rate of 0.25% per year. The 2026 Notes will mature on January 15, 2026, unless earlier converted, redeemed or repurchased. The total net proceeds from the offering, after deducting initial purchase discounts and estimated debt issuance costs, were approximately $1.13 billion.
Refer to Note 6, Convertible Senior Notes, in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2022 Form 10-K for further information on the 2026 Notes.
During the three months ended July 31, 2022, the conditional conversion feature of the 2026 Notes was triggered as the last reported sale price of the Company's common stock was more than or equal to 130% of the conversion price for at least 20 trading days in the period of 30 consecutive trading days ending on July 31, 2022 (the last trading day of the fiscal quarter) and therefore the 2026 Notes are currently convertible, in whole or in part, at the option of the holders from August 1, 2022 through October 31, 2022. Whether the 2026 Notes will be convertible following such period will depend on the continued satisfaction of this condition or another conversion condition in the future.
During the three and six months ended July 31, 2022, certain holders elected to redeem an immaterial aggregate principal amount of the 2026 Notes. The Company elected to settle the redemption through the issuance of common stock. The Company may elect to repay the 2026 Notes in cash, shares of the Company’s common stock or a combination of both cash and shares with respect to future conversions of the 2026 Notes.
Capped Calls
In connection with the pricing of the issuance of our convertible notes due June 15, 2024 (the “2024 Notes”) and the 2026 Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “Capped Calls”). The Capped Calls associated with the 2024 Notes each have an initial strike price of approximately $68.15 per share, subject to certain adjustments, which corresponded to the initial conversion price of the 2024 Notes. These Capped Calls have initial cap prices of $106.90 per share, subject to certain adjustments.
The Capped Calls associated with the 2026 Notes each have an initial strike price of approximately $211.20 per share, subject to certain adjustments, which corresponds to the initial conversion price of the 2026 Notes. These Capped Calls have initial cap prices of $296.42 per share, subject to certain adjustments. The Company did not unwind any of its Capped Calls through July 31, 2022.
Refer to Note 6, Convertible Senior Notes, in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2022 Form 10-K for further information on the Capped Calls and the 2024 Notes.

10

MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
6. 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 to 12 years and may include renewal options, which the company deems reasonably certain to be renewed. The exercise of the lease renewal option is at the company's discretion.
The Company entered into a new agreement to lease office space in Gurgaon, India for a term of five years with total estimated aggregate base rent payments of $7.0 million. This lease commenced and payments began in April 2022.
Lease Costs
The components of the Company’s lease costs included in its interim unaudited condensed consolidated statement of operations were as follows (in thousands):
Three Months Ended July 31,Six Months Ended July 31,
2022202120222021
Finance lease cost:
Amortization of finance lease right-of-use assets$993 $994 $1,987 $1,988 
Interest on finance lease liabilities732 802 1,482 1,621 
Operating lease cost3,051 2,261 5,615 4,168 
Short-term lease cost605 133 1,142 199 
Total lease cost$5,381 $4,190 $10,226 $7,976 
Balance Sheet Components
The balances of the Company’s finance and operating leases were recorded on the condensed consolidated balance sheet as follows (in thousands):
July 31, 2022January 31, 2022
Finance Lease:
Property and equipment, net$29,476 $31,463 
Other accrued liabilities (current)5,331 4,511 
Other liabilities, non-current46,470 49,173 
Operating Leases:
Operating lease right-of-use assets$46,418 $41,745 
Operating lease liabilities (current)9,163 8,084 
Operating lease liabilities, non-current40,437 38,707 
11

MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Supplemental Information
The following table presents supplemental information related to the Company’s finance and operating leases (in thousands, except weighted-average information):
Six Months Ended July 31,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance lease$1,482 $1,621 
Operating cash flows from operating leases5,706 3,626 
Financing cash flows from finance lease1,882 2,415 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$9,649 $12,073 
Weighted-average remaining lease term as of period end (in years):
Finance lease7.48.4
Operating leases6.17.7
Weighted-average discount rate:
Finance lease5.6 %5.6 %
Operating leases5.2 %4.3 %

Maturities of Lease Liabilities
Future minimum lease payments under non-cancelable finance and operating leases on an annual undiscounted cash flow basis as of July 31, 2022 were as follows (in thousands):
Year Ending January 31,
Finance Lease
Operating Leases
Remainder of 2023$4,037 $5,680 
20248,073 11,885 
20258,445 10,184 
20268,711 7,904 
20278,711 6,023 
Thereafter
25,407 16,507 
Total minimum payments
63,384 58,183 
Less imputed interest
(11,583)(8,583)
Present value of future minimum lease payments
51,801 49,600 
Less current obligations under leases
(5,331)(9,163)
Non-current lease obligations
$46,470 $40,437 

7. Commitments and Contingencies
Non-cancelable Material Commitments
During the six months ended July 31, 2022, other than certain non-cancelable operating leases described in Note 6, Leases, there have been no material changes outside the ordinary course of business to the Company’s contractual obligations and commitments from those disclosed in the 2022 Form 10-K.
12

MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Legal Matters
From time to time, the Company has become involved in claims, litigation and other legal matters arising in the ordinary course of business, including intellectual property claims, labor and employment claims and breach of contract claims. For example, on March 12, 2019, Realtime Data LLC (“Realtime”) filed a lawsuit against the Company in the United States District Court for the District of Delaware alleging that the Company is infringing three U.S. patents that it holds: U.S. Patent No. 9,116,908, U.S. Patent No. 9,667,751 and U.S. Patent No. 8,933,825. On May 4, 2021, in a consolidated action that includes Realtime's case against MongoDB, the District Court granted certain defendants' motion to dismiss without prejudice, finding that the patents are invalid under 35 U.S.C. § 101. Realtime filed an amended complaint against the Company on May 18, 2021, and the Company moved to dismiss that amended complaint on June 29, 2021. On August 23, 2021, the District Court granted the Company's motion to dismiss. On August 25, 2021, Realtime filed a notice of appeal of the Delaware District Court’s order. Realtime filed its appellate brief on December 2, 2021 and the defendants (including MongoDB) filed a responsive brief on March 11, 2022. Realtime filed a reply brief on April 29, 2022. The oral argument has not yet been scheduled.
The Company investigates all claims, litigation and other legal matters as they arise. Although claims and litigation are inherently unpredictable, as of July 31, 2022 and January 31, 2022, 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. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is not material. The Company maintains commercial general liability insurance and product liability insurance to offset certain of the Company’s potential liabilities under these indemnification provisions.
The Company has entered into indemnification agreements with each of its directors and executive officers. These agreements require the Company to indemnify such individuals, to the fullest extent permitted by Delaware law, for certain liabilities to which they may become subject as a result of their affiliation with the Company.

8. Revenue
Disaggregation of Revenue
Based on the information provided to and reviewed by the Company’s Chief Executive Officer (“CEO”), its Chief Operating Decision Maker, the Company believes that the nature, amount, timing and uncertainty of its revenue and cash flows and how they are affected by economic factors is most appropriately depicted through the Company’s primary geographical markets and subscription product categories. The Company’s primary geographical markets are North and South America (“Americas”); Europe, Middle East and Africa (“EMEA”); and Asia Pacific. The Company also disaggregates its subscription products between its MongoDB Atlas-related offerings and other subscription products, which include MongoDB Enterprise Advanced.
13

MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
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,
2022202120222021
Primary geographical markets:
Americas
$185,796 $120,827 $359,852 $230,303 
EMEA
84,627 57,582 166,596 112,307 
Asia Pacific
33,237 20,338 62,659 37,785 
Total
$303,660 $198,747 $589,107 $380,395 
Subscription product categories and services:
MongoDB Atlas-related
$193,354 $111,756 $363,349 $205,267 
Other subscription
98,253 79,625 202,839 160,684 
Services
12,053 7,366 22,919 14,444 
Total
$303,660 $198,747 $589,107 $380,395 
Customers located in the United States accounted for 55% of total revenue for both the three and six months ended July 31, 2022 and 54% of total revenue for both the three and six months ended July 31, 2021. No other country accounted for 10% or more of revenue for the periods presented.
Contract Liabilities
The Company’s contract liabilities are recorded as deferred revenue in the Company’s condensed consolidated balance sheet and consist of customer invoices issued or payments received in advance of revenues being recognized from the Company’s subscription and services contracts. Deferred revenue, including current and non-current balances, was $375.2 million for each of July 31, 2022 and January 31, 2022. Approximately 36% of the total revenue recognized for each of the six months ended July 31, 2022 and 2021 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, 2022, the aggregate transaction price allocated to remaining performance obligations was $400.2 million. Approximately 62% 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, 2022 and January 31, 2022, unbilled receivables were $7.5 million and $6.1