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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, 2023
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, 2023, there were 71,344,615 shares of the registrant’s common stock, par value $0.001 per share, outstanding.



Table of Contents
 
Page




Table of Contents
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, 2023January 31, 2023
Assets
Current assets:
Cash and cash equivalents $607,175 $455,826 
Short-term investments1,293,926 1,380,804 
Accounts receivable, net of allowance for doubtful accounts of $7,165 and $6,362 as of July 31, 2023 and January 31, 2023, respectively
272,392 285,192 
Deferred commissions 84,140 83,550 
Prepaid expenses and other current assets
37,329 31,212 
Total current assets 2,294,962 2,236,584 
Property and equipment, net 53,866 57,841 
Operating lease right-of-use assets42,218 41,194 
Goodwill 57,779 57,779 
Acquired intangible assets, net6,838 11,428 
Deferred tax assets 3,565 2,564 
Other assets
189,006 181,503 
Total assets
$2,648,234 $2,588,893 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $8,156 $8,295 
Accrued compensation and benefits 91,316 90,112 
Operating lease liabilities9,438 8,686 
Other accrued liabilities 55,031 52,672 
Deferred revenue
348,355 428,747 
Total current liabilities 512,296 588,512 
Deferred tax liability, non-current 907 225 
Operating lease liabilities, non-current
36,959 36,264 
Deferred revenue, non-current
20,286 31,524 
Convertible senior notes, net
1,141,574 1,139,880 
Other liabilities, non-current
51,127 52,980 
Total liabilities
1,763,149 1,849,385 
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, 2023 and January 31, 2023; 71,442,756 shares issued and 71,343,385 shares outstanding as of July 31, 2023; 70,005,957 shares issued and 69,906,586 shares outstanding as of January 31, 2023
72 70 
Additional paid-in capital 2,517,249 2,276,694 
Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of July 31, 2023 and January 31, 2023
(1,319)(1,319)
Accumulated other comprehensive loss(4,042)(905)
Accumulated deficit
(1,626,875)(1,535,032)
Total stockholders’ equity
885,085 739,508 
Total liabilities and stockholders’ equity
$2,648,234 $2,588,893 

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

Table of Contents
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,
2023202220232022
Revenue:
Subscription
$409,334 $291,607 $764,048 $566,188 
Services
14,457 12,053 28,023 22,919 
Total revenue
423,791 303,660 792,071 589,107 
Cost of revenue:
Subscription
84,822 71,435 162,995 136,004 
Services
20,515 16,842 39,791 30,488 
Total cost of revenue
105,337 88,277 202,786 166,492 
Gross profit
318,454 215,383 589,285 422,615 
Operating expenses:
Sales and marketing
195,934 181,598 378,667 331,866 
Research and development
125,420 108,037 242,237 204,409 
General and administrative
46,103 40,591 85,931 77,123 
Total operating expenses
367,457 330,226 706,835 613,398 
Loss from operations
(49,003)(114,843)(117,550)(190,783)
Other income (expense):
Interest income
19,470 1,680 37,507 2,304 
Interest expense
(2,611)(2,429)(5,004)(4,882)
Other (expense) income, net
(1,865)(224)(721)1,397 
Loss before provision for income taxes (34,009)(115,816)(85,768)(191,964)
Provision for income taxes
3,588 3,049 6,075 4,195 
Net loss
$(37,597)$(118,865)$(91,843)$(196,159)
Net loss per share, basic and diluted
$(0.53)$(1.74)$(1.30)$(2.88)
Weighted-average shares used to compute net loss per share, basic and diluted
70,874,117 68,334,464 70,531,581 68,025,687 

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

Table of Contents
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,
2023202220232022
Net loss
$(37,597)$(118,865)$(91,843)$(196,159)
Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain on available-for-sale securities (5,981)1,163 (5,163)(1,201)
Foreign currency translation adjustment
1,105 (678)2,026 (65)
Other comprehensive (loss) income
(4,876)485 (3,137)(1,266)
Total comprehensive loss
$(42,473)$(118,380)$(94,980)$(197,425)

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

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

Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Income
Accumulated Deficit
Total Stockholders’ Equity
Shares
Amount
Balances as of January 31, 202369,906,586 $70 $2,276,694 $(1,319)$(905)$(1,535,032)$739,508 
Stock option exercises213,713 — 1,472 — — — 1,472 
Vesting of restricted stock units388,017 1 — — — — 1 
Vesting of performance stock units22,991 — — — — — — 
Stock-based compensation— — 103,955 — — — 103,955 
Conversion of convertible senior notes— — — — — — — 
Unrealized gain on available-for-sale securities— — — — 818 — 818 
Foreign currency translation adjustment— — — — 921 — 921 
Net loss— — — — — (54,246)(54,246)
Balances as of April 30, 202370,531,307 71 2,382,121 (1,319)834 (1,589,278)792,429 
Stock option exercises265,477 1 2,035 — — — 2,036 
Vesting of restricted stock units432,093 — — — — — — 
Stock-based compensation— — 113,312 — — — 113,312 
Conversion of convertible senior notes— — — — — — — 
Issuance of common stock under the Employee Stock Purchase Plan114,508 — 19,781 — — — 19,781 
Unrealized loss on available-for-sale securities— — — — (5,981)— (5,981)
Foreign currency translation adjustment— — — — 1,105 — 1,105 
Net loss
— — — — — (37,597)(37,597)
Balances as of July 31, 202371,343,385 $72 $2,517,249 $(1,319)$(4,042)$(1,626,875)$885,085 
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MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (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
Shares
Amount
Balances as of January 31, 202267,444,360 $67 $1,860,514 $(1,319)$(2,928)$(1,189,634)$666,700 
Stock option exercises235,517 — 1,656 — — — 1,656 
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 under the Employee Stock Purchase Plan72,966 — 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, 202268,686,516 $69 $2,059,405 $(1,319)$(4,194)$(1,385,793)$668,168 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. dollars)
(unaudited)
Six Months Ended July 31,
20232022
Cash flows from operating activities
Net loss
$(91,843)$(196,159)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
8,546 7,745 
Stock-based compensation
217,267 180,120 
Amortization of debt discount and issuance costs1,694 1,685 
Amortization of finance right-of-use assets
1,987 1,987 
Amortization of operating right-of-use assets
4,479 4,458 
Deferred income taxes
(377)(302)
Amortization of premium and accretion of discount on short-term investments, net(25,509)4,076 
Unrealized gain on non-marketable securities(1,294)(1,694)
Unrealized foreign exchange loss (gain)1,299 (1,144)
Change in operating assets and liabilities:
Accounts receivable
12,158 (19,480)
Prepaid expenses and other current assets
(2,785)4,908 
Deferred commissions
(4,440)(16,555)
Other long-term assets
(138)(862)
Accounts payable
(356)2,161 
Accrued liabilities
3,459 (201)
Operating lease liabilities
(4,656)(4,549)
Deferred revenue
(91,350)331 
Other liabilities, non-current
287 378 
Net cash provided by (used in) operating activities 28,428 (33,097)
Cash flows from investing activities
Purchases of property and equipment
(1,258)(5,152)
Investment in non-marketable securities(2,056)(1,119)
Proceeds from maturities of marketable securities
755,000 400,000 
Purchases of marketable securities
(650,599)(197,614)
Net cash provided by investing activities 101,087 196,115 
Cash flows from financing activities
Proceeds from exercise of stock options3,509 2,988 
Proceeds from the issuance of common stock under the Employee Stock Purchase Plan
19,781 15,777 
Principal repayments of finance leases
(2,703)(1,882)
Net cash provided by financing activities 20,587 16,883 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
1,415 (2,395)
Net increase in cash, cash equivalents and restricted cash 151,517 177,506 
Cash, cash equivalents and restricted cash, beginning of period
456,339 474,420 
Cash, cash equivalents and restricted cash, end of period
$607,856 $651,926 
Supplemental cash flow disclosure
Cash paid during the period for:
Income taxes, net of refunds
$5,654 $4,233 
Interest expense
$2,775 $2,925 
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
$607,175 $651,420 
Restricted cash, non-current
681 506 
Total cash, cash equivalents and restricted cash
$607,856 $651,926 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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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 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.

2. 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, 2023 (the “2023 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 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 global macroeconomic conditions, including slower economic growth, 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.
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 2023 Form 10-K.
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MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

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, 2023 and January 31, 2023 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, 2023
Level 1
Level 2
Level 3
Total
Financial Assets:
Cash and cash equivalents:
Money market funds $384,192 $ $ $384,192 
Short-term investments:
U.S. government treasury securities
1,293,926   1,293,926 
Total financial assets
$1,678,118 $ $ $1,678,118 

Fair Value Measurement as of January 31, 2023
Level 1
Level 2
Level 3
Total
Financial Assets:
Cash and cash equivalents:
Money market funds $268,985 $ $ $268,985 
Short-term investments:
U.S. government treasury securities
1,380,804   1,380,804 
Total financial assets
$1,649,789 $ $ $1,649,789 
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, 2023 and January 31, 2023 (in thousands):
July 31, 2023January 31, 2023
Amortized
Cost
Unrealized
Losses
Fair ValueAmortized
Cost
Unrealized
Losses
Fair Value
Due within one year$838,948 $(1,883)$837,065 $1,383,226 $(2,421)$1,380,804 
Due after one year and within three years462,562 (5,701)456,861    
Total short-term investments$1,301,510 $(7,584)$1,293,926 $1,383,226 $(2,421)$1,380,804 
As of July 31, 2023 and January 31, 2023, unrealized losses on the Company’s U.S. government treasury securities were approximately $7.6 million and $2.4 million, respectively. These unrealized losses were caused by interest rate increases, which resulted in the decrease in 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, 2023. Gross realized gains and losses were not material for each of the three and six month periods ended July 31, 2023 and 2022. There were no short-term investments in a continuous loss position for greater than twelve months.
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MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
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, 2023 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, 2023 and January 31, 2023, the total amount of non-marketable equity and debt securities included in other assets on the Company’s condensed consolidated balance sheets were $13.1 million and $9.8 million, respectively. During the six months ended July 31, 2023 and 2022, the Company invested an additional $2.1 million and $1.1 million, respectively, of its cash in non-marketable equity securities. The Company recognized net unrealized gains on certain of these non-marketable securities of $1.3 million and $1.7 million during the six months ended July 31, 2023 and 2022, respectively. The Company recognized unrealized losses on certain of these non-marketable securities of $0.9 million and $0.1 million during the three months ended July 31, 2023 and 2022, respectively. 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 2023 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, 2023. The gross carrying amounts and accumulated amortization of the Company’s intangible assets were as follows (in thousands):
July 31, 2023
Gross Carrying ValueAccumulated AmortizationNet Book ValueWeighted-Average Remaining Useful Life
(in years)
Developed technology$38,100 $(32,192)$5,908 1.3
Customer relationships15,200 (14,270)930 0.4
Total$53,300 $(46,462)$6,838 
January 31, 2023
Gross Carrying ValueAccumulated AmortizationNet Book ValueWeighted-Average Remaining Useful Life
(in years)
Developed technology$38,100 $(29,122)$8,978 1.7
Customer relationships15,200 (12,750)2,450 0.8
Total$53,300 $(41,872)$11,428 
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, 2023, respectively, and $2.3 million and $4.6 million for the three and six months ended July 31, 2022, respectively. Amortization expense for developed technology was included as research and development expense in the Company’s interim unaudited 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.
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MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
As of July 31, 2023, future amortization expense related to the intangible assets is as follows (in thousands):
Years Ending January 31,
Remainder of 2024$3,915 
20252,130 
2026680 
2027113 
2028 
Total$6,838 

5. 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, 2023January 31, 2023
Principal$1,149,972 $1,149,972 
Unamortized debt issuance costs(8,398)(10,092)
Net carrying amount$1,141,574 $1,139,880 

As of July 31, 2023, the estimated fair value (Level 2) of the outstanding 2026 Notes, which is utilized solely for disclosure purposes, was approximately $2.3 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 2023 Form 10-K for further information on the 2026 Notes.
During the three months ended July 31, 2023, 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, 2023 (the last trading day of the fiscal quarter) and therefore the 2026 Notes are convertible, in whole or in part, from August 1, 2023 through October 31, 2023. Whether the 2026 Notes will be convertible following such period will depend on the continued satisfaction of this condition or another conversion condition in the future.
Capped Calls
In connection with the pricing of the issuance of our convertible notes due June 15, 2024 (the “2024 Notes”) and the 2026 Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “Capped Calls”). The Capped Calls associated with the 2024 Notes each have an initial strike price of approximately $68.15 per share, subject to certain adjustments, which corresponded to the initial conversion price of the 2024 Notes. These Capped Calls have initial cap prices of $106.90 per share, subject to certain adjustments.
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
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MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
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, 2023.
Refer to Note 6, Convertible Senior Notes, in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s 2023 Form 10-K for further information on the Capped Calls and the 2024 Notes.

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.
Lease Costs
The components of the Company’s lease costs included in its interim unaudited condensed consolidated statements of operations were as follows (in thousands):
Three Months Ended July 31,Six Months Ended July 31,
2023202220232022
Finance lease cost:
Amortization of finance lease right-of-use assets$993 $993 $1,987 $1,987 
Interest on finance lease liabilities658 732 1,334 1,482 
Operating lease cost3,103 3,051 5,761 5,615 
Short-term lease cost1,224 605 2,587 1,142 
Total lease cost$5,978 $5,381 $11,669 $10,226 
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, 2023January 31, 2023
Finance Lease:
Property and equipment, net$25,502 $27,489 
Other accrued liabilities, current5,693 5,483 
Other liabilities, non-current40,777 43,690 
Operating Leases:
Operating lease right-of-use assets$42,218 $41,194 
Operating lease liabilities, current9,438 8,686 
Operating lease liabilities, non-current36,959 36,264 
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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,
20232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance lease$1,333 $1,482 
Operating cash flows from operating leases5,900 5,706 
Financing cash flows from finance lease2,703 1,882 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$5,500 $9,649 
Weighted-average remaining lease term as of period end (in years):
Finance lease6.47.4
Operating leases5.76.1
Weighted-average discount rate:
Finance lease5.6 %5.6 %
Operating leases5.7 %5.2 %

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, 2023 were as follows (in thousands):
Year Ending January 31,
Finance Lease
Operating Leases
Remainder of 2024$4,037 $5,792 
20258,445 12,474 
20268,711 9,516 
20278,711 6,905 
20288,711 5,828 
Thereafter
16,696 13,669 
Total minimum payments
55,311 54,184 
Less imputed interest
(8,841)(7,787)
Present value of future minimum lease payments
46,470 46,397 
Less current obligations under leases
(5,693)(9,438)
Non-current lease obligations
$40,777 $36,959 

7. Commitments and Contingencies
Non-cancelable Material Commitments
During the six months ended July 31, 2023, 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 2023 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
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MONGODB, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
intellectual property, labor and employment 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. On May 4, 2021, the District Court granted certain defendants' motion to dismiss without prejudice. Realtime filed an amended complaint on May 18, 2021, which the District Court dismissed on August 23, 2021. On August 25, 2021, Realtime filed a notice of appeal of the Delaware District Court’s order. The oral argument took place before the U.S. Court of Appeals for the Federal Circuit on February 10, 2023. On August 2, 2023, the U.S. Court of Appeals for the Federal Circuit issued an opinion affirming the District Court's order in favor of the Company. The Company believes the Federal Circuit correctly decided the matter, and it intends to continue to vigorously defend itself in the event of future appellate proceedings and any other potential future claims.
Although claims and litigation are inherently unpredictable, as of July 31, 2023, the Company does not believe that any legal matters, 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.

8. 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.
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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,
2023202220232022
Primary geographical markets:
Americas
$253,485 $185,796 $475,831 $359,852 
EMEA
113,446 84,627 218,569 166,596 
Asia Pacific
56,860 33,237 97,671 62,659 
Total
$423,791 $303,660 $792,071 $589,107 
Subscription product categories and services:
MongoDB Atlas-related
$267,258 $193,354 $505,014 $363,349 
Other subscription
142,076 98,253 259,034 202,839 
Services
14,457 12,053 28,023 22,919 
Total
$423,791 $303,660 $792,071 $589,107 
Customers located in the United States accounted for 53% and 54% of total revenue for the three and six months ended July 31, 2023, respectively, and 55% of total revenue for both the three and six months ended July 31, 2022. No other country accounted for 10% or more of revenue for the periods presented.
Contract Liabilities
The Company’s contract liabilities are recorded as deferred revenue in the Company’s condensed consolidated balance sheet and consist of customer invoices issued or payments received in advance of revenues being recognized from the Company’s subscription and services contracts. Deferred revenue, including current and non-current balances, as of July 31, 2023 and January 31, 2023 was $368.6 million and $460.3 million, respectively. Approximately 37% and 36% of the total revenue recognized for the six months ended July 31, 2023 and 2022, 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, 2023, the aggregate transaction price allocated to remaining performance obligations was $481.5 million. Approximately 56% is expected to be recognized as revenue over the next 12 months and the remainder thereafter. The Company applies the practical expedient to omit disclosure with respect to the amount of the transaction price allocated to remaining performance obligations if the related contract has a total duration of 12 months or less.
Unbilled Receivables
Revenue recognized in excess of invoiced amounts creates an unbilled receivable, which represents the Company’s unconditional right to consideration in exchange for goods or services that the Company has transferred to the customer. Unbilled receivables are recorded as part of accounts receivable, net in the Company’s condensed consolidated balance sheets. As of July 31, 2023 and January 31, 2023, unbilled receivables were $12.7 million and $9.7 million, respectively.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
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, 2023
$6,362 
Provision4,820 
Recoveries/write-offs(4,017)
Balance as of July 31, 2023
$7,165 
Costs Capitalized to Obtain Contracts with Customers
Deferred commissions were $256.9 million and $252.4 million as of July 31, 2023 and January 31, 2023, respectively. Amortization expense with respect to deferred commissions, which is included in sales and marketing expense in the Company’s interim unaudited condensed consolidated statements of operations, was $23.6 million and $46.7 million for the three and six months ended July 31, 2023, respectively, and $18.9 million and $36.5 million for the three and six months ended July 31, 2022, respectively. There was no impairment loss in relation to the costs capitalized for the periods presented.

9. Equity Incentive Plan 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, 2023.
The following table summarizes stock option activity for the six months ended July 31, 2023 (in thousands, except share and per share data and years):
Shares
Weighted-Average
Exercise
Price Per Share
Weighted- Average
Remaining
Contractual Term
(In Years)
Aggregate
Intrinsic
Value
Balance - January 31, 2023
1,789,813 $7.60 3.3$313,980 
Stock options exercised(479,190)7.32 
Stock options forfeited and expired
(547)5.81 
Balance - July 31, 2023
1,310,076 $7.71 2.9$544,588 
Vested and exercisable - January 31, 2023
1,789,813 $7.60 3.3$313,980 
Vested and exercisable - July 31, 2023
1,310,076 $7.71 2.9$544,588 
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 vesting start
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
date and the remainder vesting quarterly over the next 12 quarters, subject to the grantee’s continued service to the Company. RSUs granted to existing employees generally vest quarterly over a period of four years, subject to the grantee’s continued service to the Company.
The following table summarizes RSU activity for the six months ended July 31, 2023:
Shares
Weighted-Average Grant Date Fair Value per RSU
Unvested - January 31, 2023
3,480,206 $288.58 
RSUs granted1,698,268 225.66 
RSUs vested(820,110)254.73 
RSUs forfeited and canceled(308,660)288.06 
Unvested - July 31, 2023
4,049,704 $279.87 

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 2023, the Company issued 114,508 shares of its common stock under the 2017 ESPP. The Company’s current offering period began on June 16, 2023 and is expected to end December 15, 2023.
Stock-Based Compensation Expense
Total stock-based compensation expense recognized in the Company’s unaudited condensed consolidated statements of operations is as follows (in thousands):
Three Months Ended July 31,Six Months Ended July 31,
2023202220232022
Cost of revenue—subscription
$6,075 $5,009 $11,589 $9,476 
Cost of revenue—services
3,342 2,560 6,290 4,772 
Sales and marketing
40,376 35,653 77,982 66,187 
Research and development
48,413 40,642 92,479 76,125 
General and administrative
15,106 12,690 28,927 23,560 
Total stock-based compensation expense
$113,312 $96,554 $217,267 $180,120 

10. 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.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
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,
2023202220232022
Numerator:
Net loss
$(37,597)$(118,865)$(91,843)$(196,159)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted
70,874,117 68,334,464 70,531,581 68,025,687 
Net loss per share, basic and diluted
$(0.53)$(1.74)$(1.30)$(2.88)
In connection with the issuance of the 2024 Notes and 2026 Notes, the Company entered into Capped Calls, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. The Capped Calls are expected to partially offset the potential dilution to the Company’s common stock upon any conversion of the 2024 Notes and the 2026 Notes. The Company has not exercised any of its Capped Calls as of July 31, 2023.
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,
2023202220232022
Stock options pursuant to the 2016 Equity Incentive Plan
448,447 584,405 476,450 602,856 
Stock options pursuant to the 2008 Stock Incentive Plan988,792 1,666,919 1,070,891 1,751,927 
Unvested restricted stock units
4,498,170 3,851,114 4,276,548 3,763,435 
Unvested executive PSUs254,321 81,557 254,321 81,557 
Shares underlying the conversion option of the 2026 Notes5,445,002 5,445,050 5,445,002 5,445,059 
Total11,634,732 11,629,045 11,523,212 11,644,834 
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
11. Income Taxes
The Company recorded a provision for income taxes of $3.6 million and $6.1 million for the three and six months ended July 31, 2023, respectively, and $3.0 million and $4.2 million for the three and six months ended July 31, 2022, respectively. The provisions recorded during each of the three and six months ended July 31, 2023 and 2022 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, 2023, the Company’s net unrecognized tax benefits totaled $29.3 million, which would have no impact on the Company’s effective tax rate if recognized.
The Company continues to monitor and interpret the impact of proposed and enacted global tax legislation. 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.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Unless the context otherwise indicates, references in this report to the terms “MongoDB,” “the Company,” “we,” “our” and “us” refer to MongoDB, Inc., its divisions and its subsidiaries. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with (1) our interim unaudited condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and (2) the audited consolidated financial statements and the related notes and the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2023 (the “2023 Form 10-K”). All information presented herein is based on our fiscal calendar year, which ends January 31. Unless otherwise stated, references to particular years, quarters, months or periods refer to our fiscal years ended January 31 and the associated quarters, months and periods of those fiscal years.
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “would” or the negative or plural of these words or similar expressions or variations, including our expectations regarding our future growth opportunity, revenue and revenue growth, investments, strategy, operating expenses and the anticipated impact of the global economic uncertainty and financial market conditions, caused by the macroeconomic environment, on our business, results of operations and financial condition. Such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified herein, and those discussed in the section titled “Risk Factors,” set forth in Part 2, Item 1A of this Quarterly Report on Form 10-Q. You should not rely upon forward-looking statements as predictions of future events. Furthermore, such forward-looking statements speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
Our corporate website is located at www.mongodb.com. We make available free of charge, on or through our corporate website, our annual, quarterly and current reports, and any amendments to those reports, as soon as reasonably practicable after electronically filing such reports with, or furnishing such reports to, the Securities and Exchange Commission (“SEC”). Information contained on our corporate website is not part of this Quarterly Report on Form 10-Q or any other report filed with or furnished to the SEC.

Overview
MongoDB is the developer data platform company whose mission is to empower developers to create, transform, and disrupt industries by unleashing the power of software and data. The foundation of our offering is the world’s leading, modern general purpose database. Organizations can deploy our database at scale in the cloud, on-premises, or in a hybrid environment. Built on our unique document-based architecture, our database is designed to meet the needs of organizations for performance, scalability, flexibility and reliability while maintaining the strengths of relational databases. In addition to the database, our developer data platform includes a set of, tightly integrated, capabilities such as search, time series and application-driven analytics that allow developers to address a broader range of application requirements. Our business model combines the developer mindshare and adoption benefits of open source with the economic benefits of a proprietary software subscription business model. MongoDB is headquartered in New York City and our total headcount increased to 4,626 as of July 31, 2023, from 4,240 as of July 31, 2022.
We generate revenue primarily from sales of subscriptions, which accounted for 97% and 96% of our total revenue for the three and six months ended July 31, 2023 and July 31, 2022, respectively.
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MongoDB Atlas is our hosted multi-cloud database-as-a-service (“DBaaS”) offering, which we run and manage in the cloud, and includes comprehensive infrastructure and management, as well as a host of additional features, such as MongoDB Atlas Search, time series and application-driven analytics. During the three and six months ended July 31, 2023, MongoDB Atlas revenue represented 63% and 64%, respectively, as compared to 64% and 62% of our total revenue during the three and six months ended July 31, 2022, respectively, reflecting the continued growth of MongoDB Atlas since its introduction in June 2016. We have experienced strong growth in self-serve customers of MongoDB Atlas. These customers are charged monthly in arrears based on their usage. In addition, we have also seen growth in MongoDB Atlas customers sold by our sales force. These customers typically sign annual contracts and pay in advance or are invoiced monthly in arrears based on usage. We expect to continue to see a higher portion of our MongoDB Atlas contracts to be billed monthly in arrears based on usage without requiring upfront commitments.
MongoDB Enterprise Advanced is our proprietary commercial database server offering for enterprise customers that can run in the cloud, on-premises or in a hybrid environment. MongoDB Enterprise Advanced revenue represented 26% of our subscription revenue for both the three and six months ended July 31, 2023, and 28% and 31% of our subscription revenue for the three and six months ended July 31, 2022, respectively. We sell subscriptions directly through our field and inside sales teams, as well as indirectly through channel partners. The majority of our subscription contracts are one year in duration and are invoiced upfront. When we enter into multi-year subscriptions, the customer is typically invoiced on an annual basis or pays upfront.
Many of our enterprise customers initially get to know our software by using Community Server, which is our free-to-download version of our database that includes the core functionality developers need to get started with MongoDB without all the features of our commercial platform. Our platform has been downloaded from our website more than 455 million times since February 2009 and over 155 million times in the last 12 months alone. We also offer a free tier of MongoDB Atlas, which provides access to our hosted database solution with limited processing power and storage, as well as certain operational limitations. As a result, with the availability of both Community Server and MongoDB Atlas free tier offerings, our direct sales prospects are often familiar with our platform and may have already built applications using our technology. A core component of our growth strategy for MongoDB Atlas and MongoDB Enterprise Advanced is to convert developers and their organizations who are already using Community Server or the free tier of MongoDB Atlas to become customers of our commercial products and enjoy the benefits of either a self-managed or hosted offering.
We also generate revenue from services, which consist primarily of fees associated with consulting and training services. Revenue from services accounted for 3% and 4% of our total revenue for the three and six months ended July 31, 2023, respectively, and 4% for each of the three and six months ended July 31, 2022. We expect to continue to invest in our services organization as we believe it plays an important role in accelerating our customers’ realization of the benefits of our platform, which helps drive customer retention and expansion.
We believe the market for our offerings is large and growing. According to IDC, the worldwide database software market, which it refers to as the data management systems software market, is forecast to be approximately $81 billion in 2023 growing to approximately $136 billion in 2027. This represents a 14% compound annual growth rate.
We have experienced rapid growth and have made substantial investments in developing our platform and expanding our sales and marketing footprint. We intend to continue to invest to grow our business to take advantage of our market opportunity.
Key Factors Affecting Our Performance
Macroeconomic and Other Factors
Our operational and financial performance is subject to risks including those caused by the adverse macroeconomic environment.
Adverse macroeconomic conditions include slower or negative economic growth, higher inflation and higher interest rates. During the six months ended July 31, 2023, the macroeconomic environment continued to negatively impact our business. For instance, we experienced slower than historical growth rates for our existing MongoDB Atlas applications. While the impact of these macroeconomic conditions on our business, results of operations and financial position remain uncertain over the long term, we expect to experience macroeconomic headwinds on growth rate for our existing MongoDB Atlas applications in the short term.

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We continue to monitor the developments of the macroeconomic environment, the geopolitical landscape and, recently, the challenges in the banking industry. As these factors develop and we evaluate their impact on our business, we may adjust our business practices accordingly. For further discussion of the potential impacts of these factors on our business, operating results, and financial condition, see the section titled “Risk Factors” included in Part II, Item 1A of this Quarterly Report on Form 10-Q.
Growing Our Customer Base and Expanding Our Global Reach
We are intensely focused on continuing to grow our customer base. We have invested, and expect to continue to invest, in our sales and marketing efforts and developer community outreach, which are critical to driving customer acquisition. As of July 31, 2023, we had over 45,000 customers across a wide range of industries and in over 100 countries, compared to over 37,000 customers as of July 31, 2022. All affiliated entities are counted as a single customer and our definition of “customer” excludes users of our free offerings.
As of July 31, 2023, we had over 6,800 customers that were sold through our direct sales force and channel partners, as compared to over 5,400 such customers as of July 31, 2022. These customers, which we refer to as our Direct Sales Customers, accounted for 88% of our subscription revenue for both the three and six months ended July 31, 2023 and 86% and 87% of our subscription revenue for the three and six months ended July 31, 2022, respectively. The percentage of our subscription revenue from Direct Sales Customers increased during both the three and six months ended July 31, 2023, in part due to existing self-serve customers of MongoDB Atlas becoming Direct Sales Customers. We are also focused on increasing the number of overall MongoDB Atlas customers as we emphasize the on-demand scalability of MongoDB Atlas by allowing our customers to consume the product with minimal commitment. We had over 43,500 MongoDB Atlas customers as of July 31, 2023 compared to over 35,500 as of July 31, 2022. The growth in MongoDB Atlas customers included new customers to MongoDB and existing MongoDB Enterprise Advanced customers adding incremental MongoDB Atlas workloads.
Retaining and Expanding Revenue from Existing Customers
The economic attractiveness of our subscription-based model is driven by customer renewals and increasing existing customer subscriptions over time, referred to as land-and-expand. We believe that there is a significant opportunity to drive additional sales to existing customers, and expect to invest in sales and marketing and customer success personnel and activities to achieve additional revenue growth from existing customers. If an application grows and requires additional capacity, our customers increase their usage of our platform. Growth of an application is impacted by a number of factors including the macroeconomic environment. During the three and six months ended July 31, 2023, we believe we experienced a negative impact from the macroeconomic environment on the growth of existing Atlas applications, which affected our revenue growth. We expect the macroeconomic environment to continue to negatively impact our revenue growth for the remainder of the year. In addition, our customers add incremental workloads or expand their subscriptions to our platform as they migrate additional existing applications or build new applications, either within the same department or in other lines of business or geographies. Also, as customers modernize their information technology infrastructure and move to the cloud, they may migrate applications from legacy databases. Our goal is to increase the number of customers that standardize on our platform within their organization, as well as add new workloads with new and existing customers. Over time, the subscription amount for our typical Direct Sales Customer has increased.
We calculate annualized recurring revenue (“ARR”) and annualized monthly recurring revenue (“MRR”) to help us measure our subscription revenue performance. ARR includes the revenue we expect to receive from our customers over the following 12 months based on contractual commitments and, in the case of Direct Sales Customers of MongoDB Atlas, by annualizing the prior 90 days of their actual usage of MongoDB Atlas, assuming no increases or reductions in their subscriptions or usage. For all other customers of our self-serve products, we calculate annualized MRR by annualizing the prior 30 days of their actual usage of such products, assuming no increases or reductions in usage. ARR and annualized MRR exclude professional services. The number of customers with $100,000 or greater in ARR and annualized MRR was 1,855 and 1,462 as of July 31, 2023 and 2022, respectively. Our ability to increase sales to existing customers will depend on a number of factors, including customers’ satisfaction or dissatisfaction with our products and services, competition, pricing, economic conditions or overall changes in our customers’ spending levels.
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We also examine the rate at which our customers increase their spend with us, which we call net ARR expansion rate. We calculate net ARR expansion rate by dividing the ARR at the close of a given period (the “measurement period”), from customers who were also customers at the close of the same period in the prior year (the “base period”), by the ARR from all customers at the close of the base period, including those who churned or reduced their subscriptions. For Direct Sales Customers included in the base period, measurement period or both such periods that were self-serve customers in any such period, we also include annualized MRR from those customers in the calculation of the net ARR expansion rate. Our net ARR expansion rate has consistently been over 120% demonstrating our ability to expand within existing customers.

Components of Results of Operations
Revenue
Subscription Revenue. Our subscription revenue is comprised of term licenses and hosted as-a-service solutions. Revenue from our MongoDB Atlas offering is primarily generated on a usage basis and is billed either monthly in arrears or paid upfront. Subscriptions to term licenses include technical support and access to new software versions on a when-and-if available basis. Revenue from our term licenses is recognized upfront for the license component and ratably for the technical support and when-and-if available update components. Associated contracts are typically billed annually in advance. The majority of our subscription contracts are one year in duration. When we enter into multi-year subscriptions, the customer is typically invoiced on an annual basis or pays upfront. Our subscription contracts are generally non-cancelable and non-refundable.
Services Revenue. Services revenue is comprised of consulting and training services and is recognized over the period of delivery of the applicable services. We recognize revenue from services agreements as services are delivered.
We expect our revenue may vary from period to period based on, among other things, the timing and size of new subscriptions, customer usage patterns, the proportion of term license contracts that commence within the period, the rate of customer renewals and expansions, delivery of professional services, the impact of significant transactions and seasonality of or fluctuations in usage from our MongoDB Atlas customers.
Cost of Revenue
Cost of Subscription Revenue. Cost of subscription revenue primarily includes third-party cloud infrastructure expenses for our hosted as-a-service solutions. We expect our cost of subscription revenue to increase in absolute dollars as our subscription revenue increases and, depending on the results of MongoDB Atlas, our cost of subscription revenue may increase as a percentage of subscription revenue as well. Cost of subscription revenue also includes personnel costs, including salaries, bonuses and benefits and stock-based compensation, for employees associated with our subscription arrangements principally related to technical support and allocated shared costs, as well as depreciation and amortization.

Cost of Services Revenue. Cost of services revenue primarily includes personnel costs, including salaries, bonuses and benefits, and stock‑based compensation, for employees associated with our professional service contracts, as well as, travel costs, allocated shared costs and depreciation and amortization. We expect our cost of services revenue to increase in absolute dollars as our services revenue increases.
Gross Profit and Gross Margin
Gross Profit. Gross profit represents revenue less cost of revenue.
Gross Margin. Gross margin, or gross profit as a percentage of revenue, has been and will continue to be affected by a variety of factors, including the average sales price of our products and services, the mix of products sold, transaction volume growth and the mix of revenue between subscriptions and services. We expect our gross margin to fluctuate over time depending on the factors described above and, to the extent MongoDB Atlas revenue increases as a percentage of total revenue, our gross margin may decline as a result of the associated hosting costs of MongoDB Atlas.
Operating Expenses
Our operating expenses consist of sales and marketing, research and development and general and administrative expenses. Personnel costs are the most significant component of each category of operating expenses. Operating expenses also include travel and related costs and allocated overhead costs for facilities, information technology and employee benefit costs.
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Sales and Marketing. Sales and marketing expense consists primarily of personnel costs, including salaries, sales commission and benefits, bonuses and stock‑based compensation. These expenses also include costs related to marketing programs, travel‑related expenses and allocated overhead. Marketing programs consist of advertising, events, corporate communications, and brand‑building and developer‑community activities. We expect our sales and marketing expense to increase in absolute dollars over time as we expand our sales force and increase our marketing resources, expand into new markets and further develop our self-serve and partner channels.
Research and Development. Research and development expense consists primarily of personnel costs, including salaries, bonuses and benefits, and stock‑based compensation. It also includes amortization associated with intangible acquired assets and allocated overhead. We expect our research and development expenses to continue to increase in absolute dollars, as we continue to invest in our developer data platform and develop new products.
General and Administrative. General and administrative expense consists primarily of personnel costs, including salaries, bonuses and benefits, and stock‑based compensation for administrative functions including finance, legal, human resources and external legal and accounting fees, as well as allocated overhead. We expect general and administrative expense to increase in absolute dollars over time as we continue to invest in the growth of our business, as well as incur the ongoing costs of compliance associated with being a publicly-traded company.
Other Income (Expense), Net
Other income (expense), net consists primarily of interest income, interest expense, gains and losses on investments and gains and losses from foreign currency transactions.
Provision for Income Taxes
Provision for income taxes consists primarily of state income taxes in the United States and income taxes in certain foreign jurisdictions in which we conduct business.
We account for income taxes and the related accounts under the liability method. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted rates expected to be in effect during the year in which the basis differences reverse.
We regularly assess the need for a valuation allowance against our deferred tax assets. In making that assessment, we consider 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. We have 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.
Three and Six Months Ended July 31, 2023 Summary
For the three months ended July 31, 2023, our total revenue increased to $423.8 million as compared to $303.7 million for the three months ended July 31, 2022, primarily driven by an increase in subscription revenue from our Direct Sales Customers. Our net loss decreased to $37.6 million for the three months ended July 31, 2023 as compared to $118.9 million for the three months ended July 31, 2022, primarily driven by the increase in revenue, partially offset by higher sales and marketing spend and research and development costs during the three months ended July 31, 2023.
For the six months ended July 31, 2023, our total revenue increased to $792.1 million as compared to $589.1 million for the six months ended July 31, 2022, primarily driven by an increase in subscription revenue from our Direct Sales Customers. Our net loss decreased to $91.8 million for the six months ended July 31, 2023 as compared to $196.2 million for the six months ended July 31, 2022, primarily driven by the increase in revenue, partially offset by increased sales and marketing and research and development costs during the six months ended July 31, 2023.
Our operating cash flow was $28.4 million and $(33.1) million for the six months ended July 31, 2023 and 2022, respectively.
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Results of Operations
The following tables set forth our results of operations for the periods presented in U.S. dollars (unaudited, in thousands) and as a percentage of our total revenue. Percentage of revenue figures are rounded and therefore may not subtotal exactly.
Three Months Ended July 31,Six Months Ended July 31,
2023202220232022
Consolidated Statements of Operations Data:
Revenue:
Subscription
$409,334 $291,607 $764,048 $566,188 
Services
14,457 12,053 28,023 22,919 
Total revenue
423,791 303,660 792,071 589,107 
Cost of revenue:
Subscription(1)
84,822 71,435 162,995 136,004 
Services(1)
20,515 16,842 39,791 30,488 
Total cost of revenue
105,337 88,277 202,786 166,492 
Gross profit
318,454 215,383 589,285 422,615 
Operating expenses:
Sales and marketing(1)
195,934 181,598 378,667 331,866 
Research and development(1)
125,420 108,037 242,237 204,409 
General and administrative(1)
46,103 40,591 85,931 77,123 
Total operating expenses
367,457 330,226 706,835 613,398 
Loss from operations
(49,003)(114,843)(117,550)(190,783)
Other income (expense), net 14,994 (973)31,782 (1,181)
Loss before provision for income taxes (34,009)(115,816)(85,768)(191,964)
Provision for income taxes 3,588 3,049 6,075 4,195 
Net loss
$(37,597)$(118,865)$(91,843)$(196,159)
(1)    Includes stock‑based compensation expense as follows (unaudited, in thousands):
Three Months Ended July 31,Six Months Ended July 31,
2023202220232022
Cost of revenue—subscription
$6,075 $5,009 $11,589 $9,476 
Cost of revenue—services
3,342 2,560 6,290 4,772 
Sales and marketing
40,376 35,653 77,982 66,187 
Research and development
48,413 40,642 92,479 76,125 
General and administrative
15,106 12,690 28,927 23,560 
Total stock‑based compensation expense
$113,312 $96,554 $217,267 $180,120 

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Table of Contents
MONGODB, INC.
Three Months Ended July 31,Six Months Ended July 31,
2023202220232022
Percentage of Revenue Data:
Revenue:
Subscription
97 %96 %96 %96 %
Services
%%%%
Total revenue
100 %100 %100 %100 %
Cost of revenue:
Subscription
20 %23 %21 %23 %
Services
%%%%
Total cost of revenue
25 %29 %26 %28 %
Gross profit
75 %71 %74 %72 %
Operating expenses:
Sales and marketing
46 %60 %48 %56 %
Research and development
30 %36 %30 %35 %
General and administrative
11 %13 %11 %13 %
Total operating expenses
87 %109 %89 %104 %
Loss from operations
(12)%(38)%(15)%(32)%
Other income (expense), net %— %%— %
Loss before provision for income taxes (8)%(38)%(11)%(32)%
Provision for income taxes %%%%
Net loss