10q10k10q10k.net

What changed in MongoDB, Inc.'s 10-K — 2023 vs 2024

vs

Paragraph-level year-over-year comparison of MongoDB, Inc.'s 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+386 added−354 removedSource: 10-K (2024-03-15) vs 10-K (2023-03-17)

Top changes in MongoDB, Inc.'s 2024 10-K

386 paragraphs added · 354 removed · 306 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

87 edited+25 added−13 removed56 unchanged
Biggest changeOur Culture We believe our culture is critical to our success and has delivered tangible financial and operational benefits for our customers, our employees and our stockholders. Our company values are: 9 Table of Contents • Think Big, Go Far. We are big dreamers with a passion for creativity. We eagerly pursue new opportunities and markets through innovation and disruption.
Biggest changeTeams are also encouraged to seek customized leadership development programming for their leaders, to drive a precision focus on business needs. Our Culture We believe our culture is critical to our success and has delivered tangible financial and operational benefits for our customers, our employees and our stockholders.
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. Every software application requires a database to store, organize and process data. Large organizations can have tens of thousands of applications and associated 2 Table of Contents databases.
Built on our unique document-based architecture, our database is designed to meet the needs of organizations for performance, scalability, 2 Table of Contents flexibility and reliability while maintaining the strengths of relational databases. Every software application requires a database to store, organize and process data. Large organizations can have tens of thousands of applications and associated databases.
While we sell to organizations of all sizes across a broad range of industries, our key sales focus is on enterprises that invest more heavily in software application development and deployment. These organizations have a greater need for databases and, in the largest enterprises, can have tens of thousands of applications and associated databases.
While we sell to organizations of all sizes across a broad range of industries, our key sales focus is on enterprises that invest more heavily in software application development and deployment. These organizations have a greater need for databases and, in the largest enterprises, can have tens of thousands of applications and associated databases.
We also analyze usage patterns of our self-serve customers and free-tier users to identify those accounts that might benefit from engagement with our sales teams. As customers expand their usage of our platform, our relationships with them often evolve to include technology and business leaders within their organizations and our goal is to get organizations to standardize on our platform.
We also analyze usage patterns of our self-serve and free tier users to identify those accounts that might benefit from engagement with our sales teams. As customers expand their usage of our platform, our relationships with them often evolve to include technology and business leaders within their organizations and our goal is to get organizations to standardize on our platform.
Employees in equity-eligible roles receive a new hire award at the time of hire and an annual performance-related refresh thereafter. To foster a strong sense of ownership and align our employees’ interests with our long-term success, we offer all full-time employees the opportunity to participate in an employee stock purchase plan.
Employees in equity-eligible roles receive a new hire award at the time of hire and an annual performance-related refresh thereafter. To foster a strong sense of ownership and align our employees’ interests with our long-term success, we offer all full-time employees globally the opportunity to participate in an employee stock purchase plan.
In addition, our platform runs on commodity hardware, requires less oversight and management from operations personnel and can operate in the cloud of choice or other low-cost environments, leading to reduced application-related overhead costs for our customers and lower total cost of ownership.
In addition, our platform runs on commodity hardware, requires less oversight and management from operations personnel and can operate in the cloud provider of choice or other low-cost environments, leading to reduced application-related overhead costs for our customers and lower total cost of ownership.
As signatories to the Corporate Parity Pledge, we have committed to interview at least one qualified female candidate for every open role at the vice president level and above, as well as for every additional directorship on our Board of Directors.
As signatories to the Corporate Parity Pledge, we have also committed to interview at least one qualified female candidate for every open role at the vice president level and above, as well as for every additional directorship on our Board of Directors.
The general availability of multi-cloud clusters on MongoDB Atlas allows organizations to deploy a fully managed, distributed database across multiple cloud providers simultaneously without the added operational complexity of managing data replication and migration across clouds.
The availability of multi-cloud clusters on MongoDB Atlas allows organizations to deploy a fully managed, distributed database across multiple cloud providers simultaneously without the added operational complexity of managing data replication and migration across clouds.
We believe that the principal competitive factors in our market are: • mindshare with software developers and IT executives; • product capabilities, including flexibility, scalability, performance, security and reliability; • flexible deployment options, including fully managed as a service or self-managed in the cloud, on-premises or in a hybrid environment; • ease of deployment; • breadth of use cases supported; • ease of integration with existing IT infrastructure; • robustness of professional services and customer support; • price and total cost of ownership; • adherence to industry standards and certifications; • size of customer base and level of user adoption; • strength of sales and marketing efforts; and • brand awareness and reputation.
We believe that the principal competitive factors in our market are: • mindshare with software developers and IT executives; • product capabilities, including flexibility, scalability, performance, security and reliability; • flexible deployment options, including fully managed as a service or self-managed in the cloud, on-premises or in a hybrid environment; • ease of deployment; • breadth of use cases supported; • generative AI capabilities; • ease of integration with existing IT infrastructure; • robustness of professional services and customer support; • price and total cost of ownership; • adherence to industry standards and certifications, including cybersecurity standards and certifications; • size of customer base and level of user adoption; • strength of sales and marketing efforts; and • brand awareness and reputation.
Such competitors may make their products available at a low cost or no cost basis in order to enhance their overall relationships with current or potential customers. Our competitors may also be able to respond more quickly and effectively than we can to new or changing opportunities, technologies, standards or customer requirements.
Such competitors may make their products available at a low cost or no cost basis to enhance their overall relationships with current or potential customers. Our competitors may also be able to respond more quickly and effectively than we can to new or changing opportunities, technologies, standards or customer requirements.
While the percentage varies from quarter to quarter, over the course of the past fiscal year, approximately one quarter of our new business related to MongoDB Enterprise Advanced, our proprietary commercial database offering, resulted from applications that were migrated from legacy relational databases. Core features and benefits of our platform include: • Versatility.
While the percentage varies from quarter to quarter, over the past fiscal year, approximately one fifth of our new business related to MongoDB Enterprise Advanced, our proprietary commercial database offering, resulted from applications that were migrated from legacy relational databases. Core features and benefits of our platform include: • Versatility.
See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-K for a description of ARR and a discussion of our net ARR expansion rate. • Extending Product Leadership and Introducing New Products.
See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-K for a description of ARR and a discussion of our net ARR expansion rate. 7 Table of Contents • Extending Product Leadership and Introducing New Products .
Our customers have a consistent experience regardless of infrastructure, providing optionality, flexibility and efficiency. 4 Table of Contents Customers of MongoDB Atlas, our multi-cloud developer data platform offering, enjoy the benefits of using MongoDB as a service in the public cloud, further enabling developers to focus on their application performance and end-user experience, rather than the back-end infrastructure lifecycle management.
Our customers have a consistent experience regardless of infrastructure, providing optionality, flexibility and efficiency. Customers of MongoDB Atlas, our multi-cloud developer data platform offering, enjoy the benefits of using MongoDB as a service in the public cloud, further enabling developers to focus on their application performance and end-user experience, rather than the back-end infrastructure lifecycle management.
Talent & Leadership Development Once we attract top talent, promoting their professional growth and development is an essential tool for retention and ensuring our continued success as we navigate the challenges of scaling in a competitive business environment. In addition to our ongoing delivery of professional and technical skill growth, we focus on two key levers for developing our talent.
Talent & Leadership Development Promoting the professional growth and development of our top talent is an essential tool for retention and ensuring our continued success as we navigate the challenges of scaling in a competitive business environment. In addition to our ongoing delivery of professional and technical skill growth, we focus on two key levers for developing our talent.
Employee Engagement 10 Table of Contents We conduct anonymous engagement surveys regularly to help us understand the employee experience, identify areas of strength and development opportunities among teams, measure the effectiveness of our people and culture initiatives and understand employees’ sentiments on management. These surveys are managed by a third-party vendor to encourage candor.
Employee Engagement We conduct anonymous engagement surveys regularly to help us understand the employee experience, identify areas of strength and development opportunities among teams, measure the effectiveness of our people and culture initiatives and understand employees’ sentiments on management. These surveys are managed by a third-party vendor to encourage candor.
We may experience variability and reduced comparability of our quarterly revenue and operating results with respect to the timing and nature of certain of our contracts, particularly multi-year contracts that contain a term license. We may also experience fluctuations as MongoDB Atlas revenue is recorded on a consumption basis and varies with usage, including due to seasonal variability.
We may experience variability and reduced comparability of our quarterly revenue and operating results with respect to the timing and nature of certain of our contracts, particularly multi-year contracts that contain a term license. We may also experience fluctuations as MongoDB Atlas revenue is recorded on a consumption basis and varies with usage, inclusive of seasonal variability.
The speed and efficiency of application development using our platform, coupled with decreased developer resources required for application maintenance, can result in a dramatic reduction in the total cost of ownership for enterprises.
The speed and efficiency of application development using our platform, coupled with decreased developer resources required for application maintenance, can result in a significant reduction in the total cost of ownership for enterprises.
We are subject to the informational requirements of the Exchange Act and file or furnish reports, proxy statements and other information with the SEC. Such reports and other information filed by us with the SEC are available free of charge on our website at investors.mongodb.com when such reports are available on the SEC’s website.
Securities and Exchange Commission (“SEC”). We are subject to the informational requirements of the Exchange Act and file or furnish reports, proxy statements and other information with the SEC. Such reports and other information filed by us with the SEC are available free of charge on our website at investors.mongodb.com when such reports are available on the SEC’s website.
We believe there is a substantial opportunity to continue to grow our customer base. We benefit from word-of-mouth awareness and frictionless experimentation by the developer community through our Community Server and MongoDB Atlas free tier offerings. As a result, our self-serve and direct sales prospects are often familiar with our platform and may have already built applications using our technology.
We believe there is a substantial opportunity to continue to grow our customer base. We benefit from word-of-mouth awareness and frictionless experimentation by the developer community through our free offerings. As a result, our self-serve and direct sales prospects are often familiar with our platform and may have already built applications using our technology.
We believe there is a significant opportunity to continue to expand the use of our platform outside the United States. During the fiscal years ended January 31, 2023, 2022 and 2021, revenue generated outside of the United States was 45%, 46% and 44% of our total revenue.
We believe there is a significant opportunity to continue to expand the use of our platform outside the United States. During the fiscal years ended January 31, 2024, 2023 and 2022, revenue generated outside of the United States was 46%, 45% and 46% of our total revenue.
MongoDB Enterprise Advance customers can choose either our Cloud Manager Premium product (for customers who want to manage our platform via the cloud) or Ops Manager (generally for those with on-premises deployments), our sophisticated suite of management tools that allows operations teams to run, manage and configure MongoDB according to their needs. • Analytics Integrations.
MongoDB Enterprise Advanced customers can choose either our Cloud Manager Premium product (for customers who want to manage our platform via the cloud) or Ops Manager (generally for those with on-premises deployments), our sophisticated suite of management tools that allow operations teams to run, manage and configure MongoDB according to their needs. • Analytics Integrations.
MongoDB was built by developers for developers. We architected our platform with robust functionality and made it easy and intuitive for developers to build, modernize, deploy and maintain applications rapidly and cost-effectively, thereby increasing developer productivity. Our document-based architecture enables developers to manage and interact with data in a more natural way than legacy alternatives.
We architected our platform with robust functionality and made it easy and intuitive for developers to build, modernize, deploy and maintain applications rapidly and cost-effectively, thereby increasing developer productivity. Our document-based architecture enables developers to manage and interact with data in a more natural way than legacy alternatives.
Built for resilience, scale, and security, MongoDB Atlas is available in more than 100 regions worldwide across all three major cloud providers (Amazon Web Services (‘‘AWS’’), Google Cloud Platform (‘‘GCP’’) and Microsoft Azure), enabling our customers to leverage the benefits of different cloud platforms for different use cases and helping them avoid 5 Table of Contents infrastructure vendor lock-in.
Built for resilience, scale, and security, MongoDB Atlas is available in more than 110 regions worldwide across all three major cloud providers (Amazon Web Services (‘‘AWS’’), Google Cloud Platform (‘‘GCP’’) and Microsoft Azure), enabling our customers to leverage the benefits of different cloud platforms for different use cases and helping them avoid infrastructure vendor lock-in.
Our Customers As of January 31, 2023, we had over 40,800 customers spanning a wide range of industries in more than 100 countries around the world. All affiliated entities are counted as a single customer. No single customer represented more than 10% of our revenue in fiscal year 2023.
Our Customers As of January 31, 2024, we had over 47,800 customers spanning a wide range of industries in more than 100 countries around the world. All affiliated entities are counted as a single customer. No single customer represented more than 10% of our revenue in fiscal year 2024.
The results are reviewed by senior management, who analyze areas of progress or needs for improvement and work with their teams to determine actionable steps based on survey results. The results also drive organization-wide focus areas and commitments focused on leadership, culture and inclusion.
The results are reviewed by senior management, who analyze areas of progress or opportunity and work with their teams to determine actionable steps based on survey results. The results also drive organization-wide focus areas and commitments focused on leadership, culture and inclusion.
As we introduce new technologies, such as the ones we announced during fiscal year 2022, and as our existing markets see more market entry, we expect competition to intensify. Seasonality We have in the past and expect in the future to experience seasonal fluctuations in our revenue and operating results from time to time.
As we introduce new technologies, such as the ones we announced during fiscal year 2023, and as our existing markets see more market entry, we expect competition to intensify. Seasonality We have in the past and expect in the future to experience seasonal fluctuations in our revenue and operating results.
We intend to continue to invest in our product offerings with the goal of expanding the functionality and adoption of our platform. The guiding principle of our product innovation is to help developers solve more of their data challenges by utilizing our platform.
We intend to continue to invest in our product offerings to expand the functionality and adoption of our platform. The guiding principle of our product innovation is to help developers solve more of their data challenges by utilizing our platform.
Our document-based architecture enables developers to manage data in a more natural way, making it easy and intuitive for developers to rapidly and cost-effectively build, modernize, deploy and maintain applications, thereby increasing the pace of innovation within an organization.
Our document-based architecture enables developers to manage data more naturally, making it easy and intuitive for developers to rapidly and cost-effectively build, modernize, deploy and maintain applications, thereby increasing the pace of innovation within an organization.
We discuss things thoroughly, but prioritize commitment over consensus. • Embrace the Power of Differences. We commit to creating a culture of belonging, where people of different origins, backgrounds and experiences feel valued and heard. This is cultivated by learning from and respecting each other’s similarities and differences.
We place the success of the company over any individual or team. We discuss things thoroughly, but prioritize commitment over consensus. • Embrace the Power of Differences. We commit to creating a culture of belonging, where people of different origins, backgrounds and experiences feel valued and heard. This is cultivated by learning from and respecting each other’s similarities and differences.
In addition, our technology partnerships have provided our customers with tools to help them modernize from legacy relational databases to MongoDB which, along with our other technology partnerships, provide us with significant benefits, including lead generation, new customer acquisition, marketplace fulfillment, accelerated deployment and additional customer support.
These technology partnerships continue to provide our customers with tools that help them modernize from legacy relational databases to MongoDB which, along with our other technology partnerships, provide us with significant benefits, including lead generation, new customer acquisition, marketplace fulfillment, accelerated deployment and additional customer support.
Our sales and marketing organization includes sales development, inside sales, field sales, sales engineering and marketing personnel. As of January 31, 2023, we had 2,249 employees in our sales and marketing organization.
Our sales and marketing organization includes sales development, inside sales, field sales, sales engineering and marketing personnel. As of January 31, 2024, we had 2,338 employees in our sales and marketing organization.
We demand excellence from ourselves. We each play our own part in making MongoDB a great place to work. Diversity & Inclusion We are committed to building a diverse workforce and a culture that reflects our value of embracing the power of differences to drive better business outcomes.
We demand excellence from ourselves. We each play our own part in making MongoDB a great place to work. We are committed to creating a culture that reflects our value of embracing the power of differences to drive better business outcomes.
We subsequently expanded our reach in China in February 2021 when we launched a global partnership with Tencent Cloud that allows customers to easily adopt and use MongoDB-as-a-Service across Tencent’s global cloud infrastructure.We have also expanded our existing partnerships with independent software vendors and global systems integrators including IBM, Accenture, Infosys, Capgemini, Confluent, HCL, Wipro, Cognizant, Deloitte and Tata Consultancy Services.
Our reach in China is also supplemented by our global partnership with Tencent Cloud which allows customers to easily adopt and use MongoDB-as-a-Service across Tencent’s global cloud infrastructure. We have also expanded our existing partnerships with independent software vendors and global systems integrators including IBM, Accenture, Infosys, Capgemini, Confluent, HCL, Wipro, Cognizant, Deloitte and Tata Consultancy Services.
We also have a growing number of Employee Resource Groups (“ERGs”), including BEAM (Black Employees At MongoDB), Config.MDB (neurodivergent and people with disabilities), Green Team (sustainable, social, and environmental responsibility), MDBWomen (employees identifying as women), MongoDB_ API (Asian American and Pacific Islander community), Queer Collective (members of the LGBTQIA+ community and allies), Queeries (a safe environment for those identifying as LGBTQIA+), QueLatine (honoring the diversity of Latine heritage), Sell Like a Girl (those identifying as women in sales), UGT (underrepresented genders in tech), and Veterans (employees who are veterans of the armed forces).
Our ERGs include BEAM (Black Employees At MongoDB), Config.MDB (neurodivergent and people with disabilities), Green Team (sustainable, social, and environmental responsibility), MDBWomen (employees identifying as women), MongoDB_ API (Asian American and Pacific Islander community), Queer Collective (members of the LGBTQIA+ community and allies), Queeries (a safe environment for those identifying as LGBTQIA+), QueLatine (honoring the diversity of Latine heritage), Sell Like a Girl (those identifying as women in sales), UGT (underrepresented genders in tech), and Veterans (employees who are veterans of the armed forces).
As of January 31, 2023, there were 7 Table of Contents over 1.8 million MongoDB University registrations. We intend to continue to invest in the MongoDB developer community. • Growing and Cultivating Our Partner Ecosystem. We have built a partner ecosystem of independent software vendors, systems integrators, value added resellers, cloud and technology partners.
As of January 31, 2024, there were over 2.0 million MongoDB University registrations. We intend to continue to invest in the MongoDB developer community. • Growing and Cultivating Our Partner Ecosystem . We have built a partner ecosystem of independent software vendors, systems integrators, value added resellers, cloud and technology partners.
MongoDB Enterprise Advanced is our proprietary self-managed commercial offering for enterprise customers that can run in the cloud, on-premises or in a hybrid environment. MongoDB Atlas In June 2016, we introduced MongoDB Atlas, our hosted multi-cloud database-as-a-service (“DBaaS”) offering that includes comprehensive infrastructure and management, which we run and manage in the public cloud.
MongoDB Enterprise Advanced is our proprietary self-managed commercial offering for enterprise customers that can run in the cloud, on-premises or in a hybrid environment. 5 Table of Contents MongoDB Atlas In June 2016, we introduced MongoDB Atlas, our hosted multi-cloud DBaaS offering that includes comprehensive infrastructure and management, which we run and manage in the public cloud.
We have attracted a large and growing community of highly engaged developers, who have downloaded our Community Server offering over 365 million times from our website since February 2009 and over 125 million times in the last 12 months alone . We believe that the engagement of developers increases our brand awareness.
We have attracted a large and growing community of highly engaged developers, who have downloaded our Community Server offering over 500 million times from our website since February 2009. We believe that the engagement of developers increases our brand awareness.
Our small development teams foster greater agility, which enables us to develop new, innovative products and make rapid changes to our infrastructure that increase resiliency and operational efficiency. As of January 31, 2023, we had 1,030 employees in our research and development organization.
Our small development teams foster greater agility, which enables us to develop new, innovative products and make rapid changes to our infrastructure that increase resiliency and operational efficiency. As of January 31, 2024, we had 1,226 employees in our research and development organization. We intend to continue to invest in our research and development capabilities to extend our platform.
Our founders were frustrated by the challenges and limitations of working with legacy database offerings. Our platform was built to address these challenges and limits while maintaining the best aspects of relational databases, allowing developers both to build new, modern applications that could not be built on relational databases and to more quickly and easily modernize existing applications.
Our platform was built to address these challenges and limits while maintaining the best aspects of relational databases, allowing developers both to build new, modern applications that could not be built on relational databases and to more quickly and easily modernize existing applications.
Over the years, we have introduced additional features and functionality, which have increased the capabilities of MongoDB Atlas and accelerated and expanded its adoption including Atlas Search, Atlas Device Sync, Atlas Data Federation and Atlas Charts. More recently, MongoDB Atlas achieved the formal FedRAMP Moderate Authorized designation.
Over the years, we have introduced additional features and functionality, which have increased the capabilities of MongoDB Atlas and accelerated and expanded its adoption including Atlas Search, Atlas Device Sync, Atlas Data Federation and Atlas Charts.
Some of our actual and potential competitors, in particular the legacy database providers and large cloud providers, have advantages over us, such as longer operating histories, more established relationships with current or potential customers and commercial partners, significantly greater financial, technical, marketing or other resources, stronger brand recognition, larger intellectual property portfolios and broader global distribution and presence.
We also compete with public cloud providers that offer database functionality, such as AWS, GCP and Microsoft Azure as well as other database software providers. 12 Table of Contents Some of our actual and potential competitors, in particular the legacy database providers and large cloud providers, have advantages over us, such as longer operating histories, more established relationships with current or potential customers and commercial partners, significantly greater financial, technical, marketing or other resources, stronger brand recognition, larger intellectual property portfolios and broader global distribution and presence.
The new features, capabilities and improvements such as column store indexes, in-app analytics, Atlas Serverless, Atlas Device Sync, allow developer teams to accomplish more over a wider range of workloads while preserving a consistent developer experience and optimizing for modern application architectures. And with Queryable Encryption, we pioneered the industry’s first encrypted search scheme using breakthrough cryptography engineering.
During 2022, we introduced new features, capabilities and improvements such as column store indexes, in-app analytics, Atlas Serverless, Atlas Device Sync, allowing developer teams to accomplish more over a wider range of workloads. And with Queryable Encryption, we pioneered the industry’s first encrypted search scheme using breakthrough cryptography engineering.
Our platform is designed to support mission-critical applications by being fault-tolerant and always-on, reducing downtime for our customers and minimizing the risk of lost revenue. Also, given the competitive criticality of applications, we designed our platform to enable better end-user experiences. • Reduce Complexity.
Our platform is designed to support mission-critical applications by being fault-tolerant and always-on, reducing downtime for our customers and minimizing the risk of lost revenue. • Reduce Complexity.
We believe that we compete favorably on the basis of the factors listed above. We primarily compete with established legacy database software providers such as IBM, Microsoft, Oracle and other similar companies. We also compete with public cloud providers such as AWS, GCP and Microsoft Azure that offer database functionality and non-relational database software providers.
We believe that we compete favorably on the basis of the factors listed above. We primarily compete with established legacy database software providers such as IBM, Microsoft, Oracle and other similar companies.
We provide integrations to allow data and business analysts to analyze data in applications running on our platform using their existing business intelligence and analytics tools. Our analytics integrations ensure that enterprises can efficiently extract significant value from applications built on our platform.
We provide integrations to allow data and business analysts to analyze data in applications running on our platform using their existing business intelligence and analytics tools.
We have a pioneering spirit - always ready to forge new paths and take smart risks. • Build Together. We achieve amazing things by connecting and leveraging the diversity of perspectives, skills, experiences and backgrounds of our entire organization. We place the success of the company over any individual or team.
We eagerly pursue new opportunities and markets through innovation and disruption. We have a pioneering spirit - always ready to forge new paths and take smart risks. • Build Together. We achieve amazing things by connecting and leveraging the diversity of perspectives, skills, experiences and backgrounds of our entire organization.
These groups focus on providing community support, professional development and business impact. Our ERGs play an important role in our overall company culture by helping us raise awareness of issues unique to their members’ experiences.
These groups focus on providing community support, professional development and business impact and are supported by executive sponsors. Our ERGs play an important role in our overall company culture by helping us raise awareness of issues unique to their members’ experiences. Finally, we are committed to pay equity, regardless of gender, ethnicity or other personal characteristics.
Enterprise Server includes advanced security features, auditing functionality and enterprise-standard authentication and authorization, as well as encrypted and in-memory storage engines to enable a wide range of workloads. • Enterprise Management Capabilities.
The MongoDB enterprise database server is our proprietary commercial database. It stores, organizes and processes data and facilitates access and changes to the data. It includes advanced security features, auditing functionality and enterprise-standard authentication and authorization, as well as encrypted and in-memory storage engines to enable a wide range of workloads. • Enterprise Management Capabilities.
MongoDB Atlas allows developers to focus on how their applications use the database, application performance and end-user experience, rather than the database infrastructure management including provisioning, operating system configuration, upgrades, monitoring and backups. • Deliver High Reliability for Mission-Critical Deployments.
Our platform’s document-based architecture and intuitive drivers make developing new applications and iterating on existing applications very efficient, increasing developer productivity. MongoDB Atlas allows developers to focus on application performance and end-user experience, rather than the database infrastructure management including provisioning, operating system configuration, upgrades, monitoring and backups. • Deliver High Reliability for Mission-Critical Deployments.
We have introduced guidelines, which reflect our commitment to both the physical and psychological health and well-being of our employees. As part of this commitment, we recognize our responsibility to provide a safe and healthy work environment for all employees, contractors, customers and visitors.
As part of this commitment, we recognize our responsibility to provide a safe and healthy work environment for all employees, contractors, customers and visitors. We have a hybrid approach to working which we introduced in 2021 during the Covid-19 pandemic.
Our platform’s integrated capabilities allow organizations to reduce the need for disparate, single-purpose data technologies, thereby lowering the cost and complexity of their application infrastructure. These complementary capabilities of our platform include: • Search . Extends the developer interface for working with the database to search operations, simplifying the development of rich search experiences in applications.
In addition to the database offering, our developer data platform includes additional capabilities that allow developers to address a broader range of application requirements. Our platform’s integrated capabilities allow organizations to reduce the need for disparate, single-purpose data technologies, thereby lowering the cost and complexity of their application infrastructure. These complementary capabilities of our platform include: • Search .
We expanded our global partner ecosystem with the Alibaba Cloud partnership to offer an authorized MongoDB-as-a-Service solution to users in China.
We expanded our global partner ecosystem with the Alibaba Cloud partnership to offer an authorized MongoDB-as-a-Service solution to users in China. During 2023 we extended this partnership for another four years to allow their customers to easily adopt and consume MongoDB-as-a-service.
As of January 31, 2023, we had a total of 4,619 employees, including 2,211 employees located outside the United States. We are subject to laws and regulations relating to our relationship with our employees. Generally, these laws and regulations are specific to the location of our business and we engage with legally recognized employee representatives in these locations as required.
We are subject to laws and regulations relating to our relationship with our employees. Generally, these laws and regulations are specific to the location of our business and we engage with legally recognized employee representative bodies in these locations as required.
We implemented four working models, which help ensure that we are meeting business needs while also offering employees flexibility. As it relates to the in-office employee experience, we aim to provide opportunities for collaboration and social interaction, as well as training opportunities in managing a hybrid team for our people managers.
We also offer training opportunities in managing a hybrid team for our people managers, and as it relates to the in-office employee experience, we aim to provide opportunities for collaboration and social interaction.
We also develop and maintain drivers in all leading programming languages, allowing developers to interact with our platform using the programming language of their choice, further increasing developer productivity. According to the Stack Overflow Annual Developer Survey, MongoDB continues to be one of the top databases developers want to work with. We Built a Platform for Modern Applications.
We also develop and maintain drivers in all leading programming languages, allowing developers to interact with our platform using the programming language of their choice, further increasing developer productivity. MongoDB has been named as one of the most desired database technologies for developers since StackOverflow introduced databases as a category in their Annual Developer Survey in 2017.
It is easy to add capacity to our platform in a modular, predictable and cost-efficient manner. Applications can be run anywhere in the world with our global multi-cloud reach. • Flexibility and Control. MongoDB's intelligent distributed systems architecture enables users to easily place data where their applications and users need it.
Our architecture scales horizontally across thousands of servers, supporting petabytes of data and millions of users in a globally distributed environment. It is easy to add capacity to our platform in a modular, predictable and cost-efficient manner. Applications can be run anywhere with our global multi-cloud reach. • Flexibility and Control.
We offer our employees access to highly comprehensive and competitive medical coverage in local markets, often covering the employee and dependent premiums. Our plans often include dental, optical, maternity, hospitalization and outpatient care, among other coverages. To promote healthy lifestyles, we also offer employees access to highly subsidized or discounted monthly gym and exercise class memberships. • Financial well-being .
We offer our employees access to comprehensive and competitive medical coverage in local markets, often covering the employee and dependent premiums. Our plans often include dental, optical, maternity, hospitalization and outpatient care, among other coverages, as well as comprehensive travel medical coverage while they travel for work assignments.
These let developers use, experiment and evaluate our platform frictionlessly, which we believe has contributed to our platform’s popularity. We believe that developers are often advocates for us because of our developer-focused approach. As a result, our self-serve and direct sales prospects are often familiar with our platform and may have already built applications using our technology.
These let developers use, experiment and evaluate our platform frictionlessly, which we believe has contributed to our platform’s popularity. We believe that developers are often advocates for us because of our 11 Table of Contents developer-focused approach.
In order to assess the most likely commercial prospects, we employ a process-oriented and data-driven approach to customer acquisition. We utilize advanced marketing technologies and processes to drive awareness and engagement, educate and convert prospects into customers.
As a result, our self-serve and direct sales prospects are often familiar with our platform and may have already built applications using our technology. To assess the most likely commercial prospects, we employ a process-oriented and data-driven approach to customer acquisition. We utilize advanced marketing technologies and processes to drive awareness and engagement, educate and convert prospects into customers.
Customers can deploy our platform in any of the major public cloud alternatives, providing them with increased flexibility and cost-optimization opportunities by enabling public cloud vendor optionality.
Customers can run our platform in any environment, depending on their operational requirements: fully managed as a service or self-managed in the cloud, on-premises or in a hybrid environment. Customers can deploy our platform in any of the major public clouds, providing them with increased flexibility and cost-optimization opportunities by enabling public cloud vendor optionality.
Free Offerings To encourage developer usage, familiarity and adoption of our platform, we offer Community Server and a free tier of MongoDB Atlas as “freemium” offerings. Community Server is a free-to-download version of our database that includes the core functionality that developers need to get started with MongoDB but not all of the features of our commercial platform.
Community Server is a free-to-download version of our database that includes the core functionality that developers need to get started with MongoDB but not all of the features of our commercial platform. Community Server is available under a license that protects our intellectual property and supports our business model.
In October 2017, we completed our initial public offering and our Class A common stock is listed on The Nasdaq Global Market (“Nasdaq”) under the symbol “MDB.” Our principal executive offices are located at 1633 Broadway, 38th Floor, New York, New York 10019 and our telephone number is (646) 727-4092.
In October 2017, we completed our initial public offering and our common stock is listed on The Nasdaq Global Market (“Nasdaq”) under the symbol “MDB.” Our principal executive offices are located at 1633 Broadway, 38th Floor, New York, New York 10019 and our telephone number is (646) 727-4092. 13 Table of Contents Available Information Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Exchange Act, proxy statements and other information are filed with the U.S.
Customers who purchase professional services have typically increased their subscription usage with our platform and have done so more quickly than customers who have not engaged with our professional services. Professional services represented 4% of our total revenue for each of the fiscal years ended January 31, 2023, 2022 and 2021, respectively.
Customers who purchase professional services have typically increased their subscription usage with our platform and have done so more quickly than customers who have not engaged with our professional services.
Unlike software companies built around third-party open source projects, we own the intellectual property of our offerings since we are the creators of the software, enabling our proprietary software subscription business model.
Our free tier of MongoDB Atlas provides access to our hosted database solution with limited processing power and storage, as well as certain operational limitations. Unlike software companies built around third-party open source projects, we own the intellectual property of our offerings since we are the creators of the software, enabling our proprietary software subscription business model.
This integration provides a unique solution that precludes the need for single-purpose technologies, and allows our customers to reduce the cost and back-end complexity of their application infrastructure, as well as increase the speed of innovation. • Performance.
Our platform provides an integrated solution that precludes the need for single-purpose technologies, and allows our customers to reduce the cost and back-end complexity of their application infrastructure, as well as increase the speed of innovation. • Performance. We deliver the extreme throughput and predictable low-latency required by the most demanding applications, delivering millions of operations per second. • Scalability.
As MongoDB Atlas revenue continues to increase as a percentage of total revenue, these fluctuations may have a greater impact on our results of operations.We believe that seasonal fluctuations that we have experienced in the past may continue in the future. 12 Table of Contents Intellectual Property We rely on a combination of patent, copyright, trademark and trade secret laws in the United States and other jurisdictions, as well as license agreements and other contractual protections, to protect our proprietary technology.
As MongoDB Atlas revenue continues to increase as a percentage of total revenue, these fluctuations may have a greater impact on our results of operations. We believe that seasonal fluctuations that we have experienced in the past may continue in the future.
We also rely on a number of registered and unregistered trademarks to protect our brand. As of January 31, 2023, in the United States, we had been issued 68 patents, which expire between 2030 and 2041 and had 37 patent applications pending, of which eight are provisional applications.
As of January 31, 2024, in the United States, we had been issued 77 patents, which expire between 2030 and 2041 and had 35 patent applications pending, of which 6 are provisional applications. In addition, as of January 31, 2024, we had 14 registered trademarks in the United States and 2 pending trademark applications in the United States.
We have expanded our efforts to recruit a more diverse workforce by embedding the capability to recruit diverse talent within our entire recruiting organization and investing in a diversity sourcing team that supports diverse recruitment marketing campaigns and external partnerships.
We strive toward having an employee population with diverse backgrounds and perspectives that are representative of our customers and to ensure all employees are both engaged and feel included. 10 Table of Contents We have expanded our efforts to recruit a more diverse workforce by embedding the capability to recruit diverse talent within our entire recruiting organization and investing in diversity sourcing and insights teams, diverse recruitment marketing campaigns and external partnerships.
In addition, all employees receive a complimentary subscription to a meditation app, which provides hundreds of themed meditation sessions on everything from sleep to focus to reducing stress. • Family well-being . We provide global fertility benefits to our employees and their partners, including fertility care, adoption and surrogacy assistance and unlimited access to 1:1 guidance with certified practitioners.
In addition, all employees receive a complimentary subscription to a meditation app, which provides hundreds of themed meditation sessions on everything from sleep to focus to reducing stress. 9 Table of Contents • Family well-being .
It also eliminates the need to run a separate search engine alongside the database and maintains the sync between the two systems. • Time series.
Extends the developer interface for working with the database to search operations, simplifying the development of rich search experiences in applications. It also eliminates the need to run a separate search engine alongside the database and maintains the sync between the two systems. • Vector search .
In the United States and some of our bigger geographies, we also offer backup childcare support. We feel strongly that parents should be able to share the responsibilities of caregiving and our parental leave policy gives all new parents at least 20 weeks of paid leave.
We feel strongly that parents should be able to share the responsibilities of caregiving and our parental leave policy gives all new parents at least 20 weeks of paid leave. Globally, our employees also have access to personalized guidance to parents and caregivers, offering a full spectrum of family support for those with children of all ages.
MongoDB Atlas represented 63%, 56% and 46% of our total revenue for the fiscal years ended January 31, 2023, 2022 and 2021, respectively. MongoDB Enterprise Advanced MongoDB Enterprise Advanced is our proprietary self-managed commercial database offering for enterprise customers that can run in the cloud, on-premises or in a hybrid environment.
MongoDB Enterprise Advanced MongoDB Enterprise Advanced is our proprietary self-managed commercial database offering for enterprise customers that can run in the cloud, on-premises or in a hybrid environment. MongoDB Enterprise Advanced is a subscription package that includes a commercial license to our platform and the following: • MongoDB Enterprise Database Server.
Our multi-cloud and global reach empowers global applications to withstand regional outages while addressing the most demanding data security and privacy requirements. We Allow Customers to Run Any Application Anywhere. As a developer data platform, we support applications across a wide range of use cases.
Our platform includes the critical, advanced security features and fault-tolerance that enterprises demand. It was built to operate in a globally distributed environment for “always-on” applications. Our multi-cloud 4 Table of Contents and global reach empowers applications to withstand regional outages while addressing the most demanding data security and privacy requirements. We Allow Customers to Run Any Application Anywhere.
Second, we are focused on leadership development at all levels at MongoDB, which includes new manager onboarding, as well as leadership development for first-line managers and second-line leaders. Teams are also encouraged to seek customized leadership development programming for their leaders, to drive a precision focus on business needs.
Second, we are focused on leadership development at all levels at MongoDB, which includes new manager onboarding, as well as leadership development for first-line managers and second-line leaders. We also integrated a new set of leadership principles into our leadership development programs and tools to teach behaviors that leaders need to succeed and build team culture.
MongoDB Enterprise Advanced represented 28%, 34% and 43% of our total revenue for the fiscal years ended January 31, 2023, 2022 and 2021, respectively. Professional Services We provide professional services to our customers, including consulting and training, with the goal of making customer deployments of our platform successful, thereby increasing customer retention and driving customer revenue expansion.
Professional Services We provide professional services to our customers, including consulting and training, to make customer deployments of our platform successful, thereby increasing customer retention and driving customer revenue expansion.
To continue to compete and succeed in our highly competitive and rapidly evolving market, it is crucial that we attract, retain and motivate qualified employees. To support these objectives, we strive to maintain our company culture, offer competitive compensation and benefits, support the health and well-being of our employees, foster an inclusive, diverse and engaged workforce and develop talent.
To continue to compete and succeed in our highly competitive and rapidly evolving market, it is crucial that we attract, retain and motivate qualified employees.
Customers can run our database in any environment, depending on their operational requirements: fully managed as a service or self-managed in the cloud, on-premises or in a hybrid environment. In addition to the database offering, our developer data platform includes additional capabilities that allow developers to address a broader range of application requirements.
Customers can run our database in any environment, depending on their operational requirements: fully managed as a service or self-managed in the cloud, on-premises or in a hybrid environment. In 2023, generative artificial intelligence (“AI”) emerged as a significant technology trend.
MongoDB can be run within and across geographically distributed data centers and cloud regions, providing levels of scalability, workload isolation and data locality to meet today's modern application requirements. • Reliability. Our platform includes the critical, advanced security features and fault-tolerance that enterprises demand. It was built to operate in a globally distributed environment for “always-on” applications.
MongoDB's intelligent distributed systems architecture enables users to easily place data where their applications and users need it. MongoDB can be run within and across geographically distributed data centers and cloud regions, providing levels of scalability, workload isolation and data locality to meet today's modern application requirements. • Reliability.
In addition to cash and equity compensation, we offer employees a wide array of benefits designed to be aligned with local reward practices and help us successfully compete for talent. In the United States, these include health (medical, dental and vision) insurance, paid time off, retirement benefits and additional resources to support employees' overall well-being.
In addition to cash and equity compensation, we offer employees a wide array of benefits designed to be aligned with local reward practices and to be competitive with those offered by companies that we compete with for talent.
We compete in the database management software market, which is one of the largest in the software industry.
Data is securely stored and synchronized in real time across data sources and destinations to provide highly available, resilient, and reliable applications. We compete in the database management software market, which is one of the largest in the software industry.

… 45 more changes not shown on this page.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

140 edited+46 added−14 removed371 unchanged
Biggest changeIf we fail to comply with U.S. and other sanctions and export control laws and regulations, we and certain of our employees could be subject to substantial civil or criminal penalties, including the possible loss of export or import privileges, fines, which may be imposed on us and responsible employees or managers and, in extreme cases, the incarceration of responsible employees or managers.
Biggest changeIf we fail to comply with U.S. and other sanctions and export control laws and regulations, we and certain of our employees could be subject to substantial civil or criminal penalties, including the possible loss of export or import privileges, fines, which may be imposed on us and responsible employees or managers and, in extreme cases, the incarceration of responsible employees or managers. 40 Table of Contents Also, various countries, in addition to the United States, regulate the import, export and sale of certain encryption and other technology, including permitting and licensing requirements and have enacted laws that could limit our ability to distribute our offerings or could limit our customers’ ability to implement our offerings in those countries.
Further, to the extent there is a sustained general economic downturn and our database software is perceived by customers and potential customers as costly, or too difficult to deploy or migrate to, our revenue may be disproportionately affected by delays or reductions in general information technology spending.
Further, to the extent there is a sustained general economic downturn and our database software is perceived by customers and potential customers as costly, or too difficult to deploy or migrate to, our revenue may be disproportionately affected by delays or reductions in general information technology spending.
We also compete with public cloud providers such as Amazon Web Services (“AWS”), Google Cloud Platform (“GCP”) and Microsoft Azure that offer database functionality and non-relational database software providers. In addition, other large software and internet companies may seek to enter our market.
We also compete with public cloud providers such as Amazon Web Services (“AWS”), Google Cloud Platform (“GCP”) and Microsoft Azure that offer database functionality and with non-relational database software providers. In addition, other large software and internet companies may seek to enter our market.
(“Sephora”) for failing to satisfy certain obligations under the CCPA, including the disclosure and processing of opt-out requests, with respect to the for using third-party tracking software on Sephora's website that could, among other things, create profiles about website visitors that the California Attorney General interpreted as a "sale" of customer information given the benefits that both the software provider and Sephora received from the relationship.
(“Sephora”) for failing to satisfy certain obligations under the CCPA, including the disclosure and processing of opt-out requests, with respect to using third-party tracking software on Sephora's website that could, among other things, create profiles about website visitors that the California Attorney General interpreted as a "sale" of customer information given the benefits that both the software provider and Sephora received from the relationship.
Both of these laws broadly regulate the processing of personal data in a manner comparable to the GDPR, and violators of the LGPD and APPI face substantial penalties. Some foreign data privacy and security laws, including, without limitation, the GDPR and U.K.
Both of these laws broadly regulate the processing of personal data in a manner comparable to the GDPR, and violators of the LGPD and APPI face substantial penalties. Some foreign data privacy and security laws, including, without limitation, the GDPR, the U.K.
Potential tax reform globally and in the United States may result in significant changes to U.S. federal income taxation law, including changes to the U.S. federal income taxation of corporations (including ours) and/or changes to the U.S. federal income taxation of stockholders in U.S. corporations, including investors in our common stock. For example, the U.S.
Potential tax reform globally and in the United States may result in significant changes to U.S. federal income tax law, including changes to the U.S. federal income taxation of corporations (including ours) and/or changes to the U.S. federal income taxation of stockholders in U.S. corporations, including investors in our common stock. For example, the U.S.
Our current international operations and future initiatives involve a variety of risks, including risks associated with: • changes in a specific country’s or region’s political or economic conditions; • the need to adapt and localize our products for specific countries; • greater difficulty collecting accounts receivable and longer payment cycles; • unexpected changes in laws, regulatory requirements, taxes or trade laws; • shelter-in-place, occupancy limitations or similar orders, private travel limitation, or business disruption in regions affecting our operations, stemming from actual, imminent or perceived outbreak of contagious disease, including the COVID-19 pandemic; • more stringent regulations relating to data privacy and security and the unauthorized use of, or access to, commercial and personal data, particularly in EMEA; • differing labor regulations, especially in EMEA, where labor laws are generally more advantageous to employees as compared to the United States, including deemed hourly wage and overtime regulations in these locations; • challenges inherent in efficiently managing an increased number of employees over large geographic distances, including the need to implement appropriate systems, policies, benefits and compliance programs; • difficulties in managing a business in new markets with diverse cultures, languages, customs, legal systems, alternative dispute systems and regulatory systems; 33 Table of Contents • increased costs associated with international operations, including travel, real estate, infrastructure and legal compliance costs; • currency exchange rate fluctuations and the resulting effect on our revenue and expenses and the cost and risk of entering into hedging transactions if we chose to do so in the future; • the effect of other economic factors, including inflation, pricing and currency devaluation; • limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations in other countries; • laws and business practices favoring local competitors or general preferences for local vendors; • operating in new, developing or other markets in which there are significant uncertainties regarding the interpretation, application and enforceability of laws and regulations, including relating to contract and intellectual property rights; • limited or insufficient intellectual property protection or difficulties enforcing our intellectual property; • political instability, including any escalation in the geopolitical tensions between China and Taiwan, social unrest, terrorist activities, acts of civil or international hostility, such as the current military conflict and escalating tensions between Russia and Ukraine, natural disasters or regional or global outbreaks of contagious diseases, such as the COVID-19 pandemic; • exposure to liabilities under anti-corruption and anti-money laundering laws, including the U.S.
Our current international operations and future initiatives involve a variety of risks, including risks associated with: • changes in a specific country’s or region’s political or economic conditions; • the need to adapt and localize our products for specific countries; • greater difficulty collecting accounts receivable and longer payment cycles; • unexpected changes in laws, regulatory requirements, taxes or trade laws; • shelter-in-place, occupancy limitations or similar orders, private travel limitation, or business disruption in regions affecting our operations, stemming from actual, imminent or perceived outbreak of contagious disease; • more stringent regulations relating to data privacy and security and the unauthorized use of, or access to, commercial and personal data, particularly in EMEA; • differing labor regulations, especially in EMEA, where labor laws are generally more advantageous to employees as compared to the United States, including deemed hourly wage and overtime regulations in these locations; • challenges inherent in efficiently managing an increased number of employees over large geographic distances, including the need to implement appropriate systems, policies, benefits and compliance programs; • difficulties in managing a business in new markets with diverse cultures, languages, customs, legal systems, alternative dispute systems and regulatory systems; • increased costs associated with international operations, including travel, real estate, infrastructure and legal compliance costs; • currency exchange rate fluctuations and the resulting effect on our revenue and expenses and the cost and risk of entering into hedging transactions if we chose to do so in the future; • the effect of other economic factors, including inflation, pricing and currency devaluation; • limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations in other countries; • laws and business practices favoring local competitors or general preferences for local vendors; 34 Table of Contents • operating in new, developing or other markets in which there are significant uncertainties regarding the interpretation, application and enforceability of laws and regulations, including relating to contract and intellectual property rights; • limited or insufficient intellectual property protection or difficulties enforcing our intellectual property; • political instability, including any escalation in the geopolitical tensions between China and Taiwan, social unrest, terrorist activities, acts of civil or international hostility, such as the current military conflict and escalating tensions between Russia and Ukraine, natural disasters or regional or global outbreaks of contagious diseases, such as the COVID-19 pandemic; • exposure to liabilities under anti-corruption and anti-money laundering laws, including the U.S.
The principal competitive factors in our market include: mindshare with software developers and information technology (“IT”) executives; product capabilities, including flexibility, scalability, performance, security and reliability; flexible deployment options, including fully managed as a service or self-managed in the cloud, on-premises or in a hybrid environment and ease of deployment; breadth of use cases supported; ease of integration with existing IT infrastructure; robustness of professional services and customer support; price and total cost of ownership; adherence to industry standards and certifications; size of customer base and level of user adoption; strength of sales and marketing efforts; and brand awareness and reputation.
The principal competitive factors in our market include: mindshare with software developers and information technology (“IT”) executives; product capabilities, including flexibility, scalability, performance, security and reliability; flexible deployment options, including fully managed as a service or self-managed in the cloud, on-premises or in a hybrid environment and ease of deployment; breadth of use cases supported; ease of integration with existing IT infrastructure; robustness of professional services and customer support; price and total cost of ownership; adherence to industry standards and certifications, including cybersecurity standards and certifications; size of customer base and level of user adoption; strength of sales and marketing efforts; and brand awareness and reputation.
These provisions include: • a classified Board of Directors with three-year staggered terms, which could delay the ability of stockholders to change the membership of a majority of our Board of Directors; • the ability of our Board of Directors to issue shares of preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer; • the exclusive right of our Board of Directors to elect a director to fill a vacancy created by the expansion of our Board of Directors or the resignation, death or removal of a director, which prevents stockholders from being able to fill vacancies on our Board of Directors; • a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of our stockholders; • the requirement that a special meeting of stockholders may be called only by our Board of Directors, the chairperson of our Board of Directors or our chief executive officer, which limitations could delay the ability of our stockholders to force consideration of a proposal or to take action, including the removal of directors; • the requirement for the affirmative vote of holders of a majority of the voting power of all of the then outstanding shares of the voting stock, to amend the provisions of our amended and restated certificate of incorporation relating to the management of our business (including our classified board structure) or certain provisions of our amended and restated bylaws, which may inhibit the ability of an acquirer to effect such amendments to facilitate an unsolicited takeover attempt; • the ability of our Board of Directors to amend our bylaws, which may allow our Board of Directors to take additional actions to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend our bylaws to facilitate an unsolicited takeover attempt; and • advance notice procedures with which stockholders must comply to nominate candidates to our Board of Directors or to propose matters to be acted upon at a stockholders’ meeting, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of us.
These provisions include: • a classified Board of Directors with three-year staggered terms, which could delay the ability of stockholders to change the membership of a majority of our Board of Directors; • the ability of our Board of Directors to issue shares of preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer; • the exclusive right of our Board of Directors to elect a director to fill a vacancy created by the expansion of our Board of Directors or the resignation, death or removal of a director, which prevents stockholders from being able to fill vacancies on our Board of Directors; • a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of our stockholders; • the requirement that a special meeting of stockholders may be called only by our Board of Directors, the chairperson of our Board of Directors or our chief executive officer, which limitations could delay the ability of our stockholders to force consideration of a proposal or to take action, including the removal of directors; 45 Table of Contents • the requirement for the affirmative vote of holders of a majority of the voting power of all of the then outstanding shares of the voting stock, to amend the provisions of our amended and restated certificate of incorporation relating to the management of our business (including our classified board structure) or certain provisions of our amended and restated bylaws, which may inhibit the ability of an acquirer to effect such amendments to facilitate an unsolicited takeover attempt; • the ability of our Board of Directors to amend our bylaws, which may allow our Board of Directors to take additional actions to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend our bylaws to facilitate an unsolicited takeover attempt; and • advance notice procedures with which stockholders must comply to nominate candidates to our Board of Directors or to propose matters to be acted upon at a stockholders’ meeting, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of us.
We have not always been able in the past and may be unable in the future to detect vulnerabilities in our information technology systems (including our products) because such threats and techniques change frequently, are often sophisticated in nature, and may not be detected until after a security breach or other security incident has occurred.
We have not always been able in the past and may be unable in the future to detect vulnerabilities in our information technology systems and networks (including our products) because such threats and techniques change frequently, are often sophisticated in nature, and may not be detected until after a security breach or other security incident has occurred.
Any decline in our customer renewals or failure to convince our customers to broaden their usage of subscription offerings and related services could materially and adversely harm our business, results of operations and financial condition. • We may fail to meet our publicly announced guidance or other expectations about our business and future operating results, which would cause our stock price to decline. • We have a limited operating history, which makes it difficult to predict our future results of operations. • We have a history of losses and as our costs increase, we may not be able to generate sufficient revenue to achieve or sustain profitability. • Because we derive the majority of our revenue from MongoDB Atlas, failure of MongoDB Atlas to satisfy customer demands could adversely affect our business, results of operations, financial condition and growth prospects and our future revenue may be more difficult to predict. • We currently face significant competition and expect that intense competition will continue. • If we do not effectively expand our sales and marketing organization, we may be unable to add new customers or increase sales to our existing customers. • Our decision to offer Community Server under the Server Side Public License (“SSPL”) may harm the adoption of Community Server. • We could be negatively impacted if the GNU Affero General Public License Version 3 (the “AGPL”), the SSPL and other open source licenses under which some of our software is licensed are not enforceable. • Our licensing model for Community Server could negatively affect our ability to monetize and protect our intellectual property rights. • We could incur substantial costs in obtaining, maintaining, protecting, defending or enforcing our intellectual property rights and any failure to obtain, maintain, protect, defend or enforce our intellectual property rights could reduce the value of our software and brand. • If we are not able to introduce new features or services successfully and to make enhancements to our software or services, our business and results of operations could be adversely affected. • We have experienced rapid growth in recent periods.
Any decline in our customer renewals or failure to convince our customers to broaden their usage of subscription offerings and related services could materially and adversely harm our business, results of operations and financial condition. • We may fail to meet our publicly announced guidance or other expectations about our business and future operating results, which would cause our stock price to decline. • We have a limited operating history, which makes it difficult to predict our future results of operations. • We have a history of losses and as our costs increase, we may not be able to generate sufficient revenue to achieve or sustain profitability. • Because we derive more than the majority of our revenue from MongoDB Atlas, failure of MongoDB Atlas to satisfy customer demands could adversely affect our business, results of operations, financial condition and growth prospects and our future revenue may be more difficult to predict. • We currently face significant competition and expect that intense competition will continue. • If we do not effectively expand our sales and marketing organization, we may be unable to add new customers or increase sales to our existing customers. • Our decision to offer Community Server under the Server Side Public License (“SSPL”) may harm the adoption of Community Server. • We could be negatively impacted if the GNU Affero General Public License Version 3 (the “AGPL”), the SSPL and other open source licenses under which some of our software is licensed are not enforceable. 14 Table of Contents • Our licensing model for Community Server could negatively affect our ability to monetize and protect our intellectual property rights. • We could incur substantial costs in obtaining, maintaining, protecting, defending or enforcing our intellectual property rights and any failure to obtain, maintain, protect, defend or enforce our intellectual property rights could reduce the value of our software and brand. • If we are not able to introduce new features or services successfully and to make enhancements to our software or services, our business and results of operations could be adversely affected. • We have experienced rapid growth in recent periods.
Cyberattacks, malicious internet-based activity, and online and offline fraud, and other similar activities threaten the confidentiality, integrity and availability of our personal, proprietary, confidential and other sensitive data and our information technology systems, and those of the third parties upon which we rely to help deliver services to our customers.
Cyberattacks, malicious internet-based activity, and online and offline fraud, and other similar activities threaten the confidentiality, integrity and availability of our personal, proprietary, confidential and other sensitive data and our information technology systems and networks, and those of the third parties upon which we rely to help deliver services to our customers.
If we fail to continue to grow and to manage our growth effectively, we may be unable to execute our business plan, increase our revenue, improve our results of operations, maintain high levels of service, or adequately address competitive challenges. We have recently experienced rapid growth in our business, operations and employee headcount.
If we fail to continue to grow and to manage our growth effectively, we may be unable to execute our business plan, increase our revenue, improve our results of operations, maintain high levels of service, or adequately address competitive challenges. We have experienced rapid growth in our business, operations and employee headcount.
Following the exit of the U.K. from the European Union (“E.U.”), the GDPR was transposed into UK law (the “U.K. GDPR”) as supplemented by the U.K. Data Protection Act 2018, which currently imposes the same obligations as the GDPR in most material respects. Failure to comply with the U.K.
Following the exit of the U.K. from the European Union (“E.U.”), the GDPR was transposed into U.K. law (the “U.K. GDPR”) as supplemented by the U.K. Data Protection Act 2018, which currently imposes the same obligations as the GDPR in most material respects. Failure to comply with the U.K.
Our use of open source software may also present additional security risks because the source code for open source software is publicly available, which may make it easier for hackers and other third parties to determine how to breach our systems that rely on open source software.
Our use of open source software may also present additional security risks because the source code for open source software is publicly available, which may make it easier for hackers and other third parties to determine how to breach our systems and networks that rely on open source software.
During times of war and other major conflicts, we and the third parties upon whom we rely may be vulnerable to a heightened risk of these attacks, including retaliatory cyberattacks, that could materially disrupt our systems, operations and supply chain.
During times of war and other major conflicts, we and the third parties upon whom we rely may be vulnerable to a heightened risk of these attacks, including retaliatory cyberattacks, that could materially disrupt our systems and networks, operations and supply chain.
Because we derive the majority of our revenue from MongoDB Atlas, failure of MongoDB Atlas to satisfy customer demands could adversely affect our business, results of operations, financial condition and growth prospects and our future revenue may be more difficult to predict.
Because we derive more than the majority of our revenue from MongoDB Atlas, failure of MongoDB Atlas to satisfy customer demands could adversely affect our business, results of operations, financial condition and growth prospects and our future revenue may be more difficult to predict.
Some of the factors that may cause our results of operations to fluctuate from quarter to quarter include: • changes in actual and anticipated growth rates of our revenue, customers and other key operating metrics; • new product announcements, pricing changes and other actions by competitors; • the mix of revenue and associated costs attributable to subscriptions for our MongoDB Atlas and MongoDB Enterprise Advanced offerings (such as our non-cancelable multi-year cloud infrastructure capacity commitments, which require us to pay for such capacity irrespective of actual usage) and professional services, as such relative mix may impact our gross margins and operating income; • the mix of revenue and associated costs attributable to sales where subscriptions are bundled with services versus sold on a standalone basis and sales by us and our partners; • our ability to attract new customers; • our ability to effectively expand our sales and marketing capabilities and teams; • our ability to retain customers and expand their usage of our software, particularly for our largest customers; • our inability to enforce the AGPL or SSPL; • delays in closing sales, including the timing of renewals, which may result in revenue being pushed into the next quarter, particularly because a large portion of our sales occur toward the end of each quarter; • the timing of revenue recognition; • the mix of revenue attributable to larger transactions as opposed to smaller transactions; • changes in customers’ budgets and in the timing of their budgeting cycles and purchasing decisions; • changes in customers’ consumption of our platform; • customers and potential customers opting for alternative products, including developing their own in-house solutions, or opting to use only the free version of our products; 21 Table of Contents • fluctuations in currency exchange rates; • our ability to control costs, including our operating expenses; • the timing and success of new products, features and services offered by us and our competitors or any other change in the competitive dynamics of our industry, including consolidation among competitors, customers or strategic partners; • significant security breaches or other security incidents, technical difficulties, or interruptions with respect to the delivery and use of our software; • our failure to maintain the level of service uptime and performance required by our customers; • the collectability of receivables from customers and resellers, which may be hindered or delayed if these customers or resellers experience financial distress; • changes in political and economic conditions, in domestic or international markets; • general economic conditions, both domestically and internationally, including warfare and terrorist attacks on the United States and other regions in which we or our customers operate, such as the Russia-Ukraine conflict, as well as economic conditions specifically affecting industries in which our customers participate, including those conditions related to the COVID-19 pandemic; • sales tax and other tax determinations by authorities in the jurisdictions in which we conduct business; • the impact of new accounting pronouncements; and • fluctuations in stock-based compensation expense.
Some of the factors that may cause our results of operations to fluctuate from quarter to quarter include: • changes in actual and anticipated growth rates of our revenue, customers and other key operating metrics; 21 Table of Contents • new product announcements, pricing changes and other actions by competitors; • the mix of revenue and associated costs attributable to subscriptions for our MongoDB Atlas and MongoDB Enterprise Advanced offerings (such as our non-cancelable multi-year cloud infrastructure capacity commitments, which require us to pay for such capacity irrespective of actual usage) and professional services, as such relative mix may impact our gross margins and operating income; • the mix of revenue and associated costs attributable to sales where subscriptions are bundled with services versus sold on a standalone basis and sales by us and our partners; • our ability to attract new customers; • our ability to effectively expand our sales and marketing capabilities and teams; • our ability to retain customers and expand their usage of our software, particularly for our largest customers; • our inability to enforce the AGPL or SSPL; • delays in closing sales, including the timing of renewals, which may result in revenue being pushed into the next quarter, particularly because a large portion of our sales occur toward the end of each quarter; • the timing of revenue recognition; • the mix of revenue attributable to larger transactions as opposed to smaller transactions; • changes in customers’ budgets and in the timing of their budgeting cycles and purchasing decisions; • changes in customers’ consumption of our platform; • customers and potential customers opting for alternative products, including developing their own in-house solutions, or opting to use only the free version of our products; • fluctuations in currency exchange rates; • our ability to control costs, including our operating expenses; • the timing and success of new products, features and services offered by us and our competitors or any other change in the competitive dynamics of our industry, including consolidation among competitors, customers or strategic partners; • significant security breaches or other security incidents, technical difficulties, or interruptions with respect to the delivery and use of our software; • our failure to maintain the level of service uptime and performance required by our customers; • the collectability of receivables from customers and resellers, which may be hindered or delayed if these customers or resellers experience financial distress; • changes in political and economic conditions, in domestic or international markets; • general economic conditions, both domestically and internationally, including warfare and terrorist attacks on the United States and other regions in which we or our customers operate, such as the Russia-Ukraine conflict and the Israel-Hamas conflict, as well as economic conditions specifically affecting industries in which our customers participate; • sales tax and other tax determinations by authorities in the jurisdictions in which we conduct business; • the impact of new accounting pronouncements; and • fluctuations in stock-based compensation expense.
Negative conditions in the general economy both in the United States and abroad, including conditions resulting from changes in gross domestic product growth, labor shortages, supply chain disruptions, inflationary pressures, rising interest rates, financial and credit market fluctuations, international trade relations and/or the imposition of trade tariffs, political turmoil, natural catastrophes, regional or global outbreaks of contagious diseases, such as the COVID-19 pandemic, warfare and terrorist attacks on the United States, Europe, the Asia Pacific region or elsewhere, could cause a decrease in business investments, including spending on information technology, disrupt the timing and cadence of key industry and marketing events and otherwise could materially and adversely affect the growth of our business.
Negative conditions in the general economy both in the United States and abroad, including conditions resulting from changes in gross domestic product growth, labor shortages, supply chain disruptions, inflationary pressures, rising interest rates, financial and credit market fluctuations, international trade relations and/or the imposition of trade tariffs, political turmoil, natural catastrophes, regional or global outbreaks of contagious diseases, such as the COVID-19 pandemic, volatility in the banking sector, warfare and terrorist attacks on the United States, Europe, the Asia Pacific region or elsewhere, could cause a decrease in business investments, including spending on information technology, disrupt the timing and cadence of key industry and marketing events and otherwise could materially and adversely affect the growth of our business.
Certain data privacy and security obligations may require us to implement and maintain specific security measures, industry-standard or reasonable security measures to protect our information technology systems and personal, proprietary, confidential or other sensitive information.
Certain data privacy and security obligations may require us to implement and maintain specific security measures, industry-standard or reasonable security measures to protect our information technology systems and networks and personal, proprietary, confidential or other sensitive information.
Factors that could cause fluctuations in the trading price of our common stock include the following: • actual or anticipated changes or fluctuations in our results of operations; • whether our results of operations meet the expectations of securities analysts or investors; • announcements of new products or technologies, commercial relationships, acquisitions or other events by us or our competitors; • changes in how customers perceive the benefits of our product and future product offerings and releases; • departures of key personnel; • price and volume fluctuations in the overall stock market from time to time; • fluctuations in the trading volume of our shares or the size of our public float; • sales of large blocks of our common stock; • changes in actual or future expectations of investors or securities analysts; • significant data breach involving our software; • litigation involving us, our industry, or both; • regulatory developments in the United States, foreign countries or both; 41 Table of Contents • general economic conditions and trends; • major catastrophic events in our domestic and foreign markets; and • “flash crashes,” “freeze flashes” or other glitches that disrupt trading on the securities exchange on which we are listed.
Factors that could cause fluctuations in the trading price of our common stock include the following: 42 Table of Contents • actual or anticipated changes or fluctuations in our results of operations; • whether our results of operations meet the expectations of securities analysts or investors; • announcements of new products or technologies, commercial relationships, acquisitions or other events by us or our competitors; • changes in how customers perceive the benefits of our product and future product offerings and releases; • departures of key personnel; • price and volume fluctuations in the overall stock market from time to time; • fluctuations in the trading volume of our shares or the size of our public float; • sales of large blocks of our common stock; • changes in actual or future expectations of investors or securities analysts; • significant data breach or other security incident involving our software; • litigation involving us, our industry, or both; • regulatory developments in the United States, foreign countries or both; • general economic conditions and trends; • major catastrophic events in our domestic and foreign markets; and • “flash crashes,” “freeze flashes” or other glitches that disrupt trading on the securities exchange on which we are listed.
In the event of a major disruption caused by a natural disaster or man-made problem, we may be unable to continue our operations and may endure system interruptions, reputational harm, delays in our development activities, lengthy interruptions in service, breaches of data security and loss of critical data, any of which could adversely affect our business, results of operations and financial condition.
In the event of a major disruption caused by a natural disaster or man-made problem, we may be unable to continue our operations and may endure system interruptions, reputational harm, delays in our development activities, lengthy interruptions in service, data breaches or other security incidents and loss of critical data, any of which could adversely affect our business, results of operations and financial condition.
Our business is subject to the risks of earthquakes, fire, floods, pandemics and public health emergencies and other natural catastrophic events and to interruption by man-made problems such as power disruptions,security breaches or other security incidents, or terrorism. As of January 31, 2023, we have customers in over 100 countries and employees in over 25 countries.
Our business is subject to the risks of earthquakes, fire, floods, pandemics and public health emergencies and other natural catastrophic events and to interruption by man-made problems such as power disruptions,security breaches or other security incidents, or terrorism. As of January 31, 2024, we have customers in over 100 countries and employees in over 25 countries.
We are subject to stringent and evolving U.S. and foreign laws, regulations, rules, standards, contractual obligations, policies and other obligations related to data privacy and security.
We are subject to stringent and evolving U.S. and foreign laws, regulations, rules, standards, contractual obligations, policies and other obligations particularly related to data privacy and security.
While we maintain general liability insurance coverage and coverage for errors or omissions, we cannot assure you that such coverage will be adequate or otherwise protect us from liabilities or damages with respect to claims alleging compromises of personal or other confidential data or otherwise relating to data privacy and security matters.
While we maintain general liability insurance coverage and coverage for errors or omissions, we cannot assure you that such coverage will be adequate or otherwise protect us from liabilities or damages with respect to claims alleging compromises of personal, proprietary, confidential or other sensitive data or otherwise relating to data privacy and security matters.
Additional factors that may influence the length and variability of our sales cycle include: • the effectiveness of our sales force, in particular new sales people as we increase the size of our sales force; • the discretionary nature of purchasing and budget cycles and decisions; • the obstacles placed by a customer’s procurement process; • our ability to convert users of our free offerings to paying customers; • economic conditions and other factors impacting customer budgets; • customer evaluation of competing products during the purchasing process; and • evolving customer demands.
Additional factors that may influence the length and variability of our sales cycle include: • the effectiveness of our sales force, in particular new sales people as we increase the size of our sales force; • the discretionary nature of purchasing and budget cycles and decisions; • the obstacles placed by a customer’s procurement process; • our ability to convert users of our free offerings to paying customers; 25 Table of Contents • economic conditions and other factors impacting customer budgets; • customer evaluation of competing products during the purchasing process; and • evolving customer demands.
The COVID-19 pandemic and our remote workforce pose increased risks to our information technology systems and data, as more of our employees work from home, utilizing network connections, computers and devices outside our premises or network, including while at home, in transit and in public locations.
The COVID-19 pandemic increased our remote workforce, which increased risks to our information technology systems and data, as more of our employees work from home, utilizing network connections, computers and devices outside our premises or network, including while at home, in transit and in public locations.
At the state level, the California Consumer Privacy Act, as modified by the California Privacy Rights Act (collectively, the “CCPA”) gives California residents the right to, among other things, request disclosure of personal information collected about them and whether that information has been sold to others, request deletion of personal information (subject to certain exceptions), opt out of sales of their personal information, and not be discriminated against for 26 Table of Contents exercising these rights.
At the state level, the California Consumer Privacy Act, as modified by the California Privacy Rights Act (collectively, the “CCPA”) gives California residents the right to, among other things, request disclosure of personal information collected about them and whether that information has been sold to others, request deletion of personal information (subject to certain exceptions), opt out of sales of their personal information, and not be discriminated against for exercising these rights.
To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings by different courts, among other considerations, our amended and restated certificate of incorporation further provides that the federal district courts of the United States of America will be the exclusive forum for resolving any complaint asserting a cause of action arising under 43 Table of Contents the Securities Act.
To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings by different courts, among other considerations, our amended and restated certificate of incorporation further provides that the federal district courts of the United States of America will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act.
If we cannot address such uncertainties and successfully develop new features, enhance our software or otherwise overcome technological challenges and competing technologies, our business and results of operations could be adversely affected. 20 Table of Contents We also offer professional services including consulting and training and must continually adapt to assist our customers in deploying our software in accordance with their specific IT strategies.
If we cannot address such uncertainties and successfully develop new features, enhance our software or otherwise overcome technological challenges and competing technologies, our business and results of operations could be adversely affected. We also offer professional services including consulting and training and must continually adapt to assist our customers in deploying our software in accordance with their specific IT strategies.
We derive and expect to continue to derive the majority of our revenue from MongoDB Atlas, our database-as-a-service offering, which is primarily recognized on a usage-basis. As such, market adoption and usage of MongoDB Atlas is critical to our continued success.
We derive and expect to continue to derive more than the majority of our revenue from MongoDB Atlas, our database-as-a-service offering, which is primarily recognized on a usage-basis. As such, market adoption and usage of MongoDB Atlas is critical to our continued success.
We will need to continue to improve our operational, financial and management processes and controls and our reporting syst ems and procedures to manage the expected growth of our operations and personnel, which will require significant expenditures and allocation of valuable management and employee resources.
We will need to continue to improve our operational, financial and management processes and controls and our reporting procedures to manage the expected growth of our operations and personnel, which will require significant expenditures and allocation of valuable management and employee resources.
In response to the concerns over inflation risk, the U.S. Federal Reserve recently raised interest rates multiple times, and signaled that they will continue to adjust interest rates to stabilize and reduce current levels of inflation.
In response to the concerns over inflation risk, the U.S. Federal Reserve has raised interest rates multiple times, and signaled that they will continue to adjust interest rates to stabilize and reduce current levels of inflation.
We believe our success has depended, and continues to depend, on the efforts and talents of our senior management team, particularly our Chief Executive Officer, and our highly skilled team members, including our sales personnel, customer-facing technical personnel and software engineers. 31 Table of Contents We do not maintain key man insurance on any of our executive officers or key employees.
We believe our success has depended, and continues to depend, on the efforts and talents of our senior management team, particularly our Chief Executive Officer, and our highly skilled team members, including our sales personnel, customer-facing technical personnel and software engineers. We do not maintain key man insurance on any of our executive officers or key employees.
We have in the past and may in the future be subject to claims that we have misappropriated, misused, infringed or otherwise violated the intellectual property rights of our competitors, non-practicing entities or other third parties. This risk is exacerbated by the fact that our software incorporates third-party open source software.
We have in the past and may in the future be subject to claims that we have misappropriated, misused, infringed or otherwise violated the intellectual property rights of our competitors, non-practicing entities or other third parties. This risk is exacerbated by the fact that our software incorporates 30 Table of Contents third-party open source software.
Moreover, the use of hedging instruments may introduce additional risks if we are unable to structure effective hedges with such instruments. 34 Table of Contents Changes in laws and regulations related to the internet or changes in the internet infrastructure itself may diminish the demand for our software and could have a negative impact on our business.
Moreover, the use of hedging instruments may introduce additional risks if we are unable to structure effective hedges with such instruments. Changes in laws and regulations related to the internet or changes in the internet infrastructure itself may diminish the demand for our software and could have a negative impact on our business.
Changes to existing rules or the questioning of current practices may adversely affect our reported financial results or the way we conduct our business. For example, SEC proposals on climate-related disclosures may require us to update our accounting or operational policies, processes, or systems to reflect new or amended financial reporting standards.
Changes to existing rules or the questioning of current practices may adversely affect our reported financial results or the way we conduct our business. For example, SEC proposals on 37 Table of Contents climate-related disclosures may require us to update our accounting or operational policies, processes, or systems to reflect new or amended financial reporting standards.
In addition, data security threats have become more prevalent, we face increased risk from these activities to maintain the performance, reliability, security and availability of our subscription offerings and related services and technical 40 Table of Contents infrastructure to the satisfaction of our customers, which may harm our reputation and our ability to retain existing customers and attract new customers.
In addition, data security threats have become more prevalent, we face increased risk from these activities to maintain the performance, reliability, security and availability of our subscription offerings and related services and technical infrastructure to the satisfaction of our customers, which may harm our reputation and our ability to retain existing customers and attract new customers.
In addition, licensors of open source software included in our offerings may, from time to time, modify the terms of their license agreements in such a manner that those license terms may become incompatible with our licensing model and thus could, among other consequences, prevent us from incorporating the software subject to the modified license.
In addition, licensors of open source software included in our offerings may, from time to time, modify the terms of their license agreements in such a manner that those license terms may become incompatible with 20 Table of Contents our licensing model and thus could, among other consequences, prevent us from incorporating the software subject to the modified license.
We may not be able to recover a material 30 Table of Contents portion of our liabilities to our customers and third parties from a third-party cloud provider. It may also become increasingly difficult to maintain and improve our performance, especially during peak usage times, as our software becomes more complex and the usage of our software increases.
We may not be able to recover a material portion of our liabilities to our customers and third parties from a third-party cloud provider. It may also become increasingly difficult to maintain and improve our performance, especially during peak usage times, as our software becomes more complex and the usage of our software increases.
Any such issuances of 42 Table of Contents additional capital stock may cause stockholders to experience significant dilution of their ownership interests and the per share value of our common stock to decline. We do not intend to pay dividends on our common stock for the foreseeable future. We have never declared or paid any dividends on our capital stock.
Any such issuances of additional capital stock may cause stockholders to experience significant dilution of their ownership interests and the per share value of our common stock to decline. We do not intend to pay dividends on our common stock for the foreseeable future. We have never declared or paid any dividends on our capital stock.
We also may not have enough available cash or be able to obtain financing at the time the 2026 Notes mature. Our failure to pay any cash payable on future conversions of the 45 Table of Contents 2026 Notes as required by the indenture would constitute a default under the indenture for the 2026 Notes.
We also may not have enough available cash or be able to obtain financing at the time the 2026 Notes mature. Our failure to pay any cash payable on future conversions of the 2026 Notes as required by the indenture would constitute a default under the indenture for the 2026 Notes.
See “— Unfavorable conditions in our industry or the global economy or reductions in information technology spending could limit our ability to grow our business and materially and adversely affect our results of operations.” We currently face significant competition and expect that intense competition will continue.
See “— Unfavorable conditions in our industry or the global economy or reductions in information technology spending could limit our ability to grow our business and materially and adversely affect our results of operations.” 17 Table of Contents We currently face significant competition and expect that intense competition will continue.
A significant portion of our revenue is derived internationally and we are susceptible to risks related to our international operations. In the fiscal years ended January 31, 2023, 2022 and 2021, total revenue generated from customers outside the United States was 45%, 46% and 44%, respectively, of our total revenue.
A significant portion of our revenue is derived internationally and we are susceptible to risks related to our international operations. In the fiscal years ended January 31, 2024, 2023 and 2022, total revenue generated from customers outside the United States was 46%, 45% and 46%, respectively, of our total revenue.
Due to the 38 Table of Contents expansion of our international business activities, any changes in the U.S. taxation of such activities may impact our evidence supporting a full valuation allowance or increase our worldwide effective tax rate and adversely affect our financial position and results of operations.
Due to the expansion of our international business activities, any changes in the U.S. taxation of such activities may impact our evidence supporting a full valuation allowance or increase our worldwide effective tax rate and adversely affect our financial position and results of operations.
The loss of any of our senior management or key employees could adversely affect our ability to build on the efforts they have undertaken to execute our business plan and to execute against our market opportunity. We may not be able to find adequate replacements.
The loss of any of our senior management or key employees 32 Table of Contents could adversely affect our ability to build on the efforts they have undertaken to execute our business plan and to execute against our market opportunity. We may not be able to find adequate replacements.
We and the third parties upon which we rely may be subject to a variety of evolving threats, including but not limited to social-engineering attacks (including through phishing attacks), malicious code (such as viruses and worms), malware (including as a result of advanced persistent threat intrusions), denial-of-service attacks (such as credential stuffing), credential harvesting, personnel misconduct or error, fraud, ransomware attacks, supply-chain attacks, software bugs, server malfunctions, software or hardware failures, loss of data or other information technology assets, adware, telecommunications failures, pandemics, earthquakes, fires, floods, and other similar threats.
We and the third parties upon which we rely may be subject to a variety of 23 Table of Contents evolving threats, including but not limited to social-engineering attacks (including through phishing attacks), malicious code (such as viruses and worms), malware (including as a result of advanced persistent threat intrusions), denial-of-service attacks (such as credential stuffing), credential harvesting, account takeovers, personnel misconduct or error, fraud, ransomware attacks, supply-chain attacks, software bugs, server malfunctions, software or hardware failures, loss or theft of data or other information technology assets, adware, telecommunications failures, pandemics, earthquakes, fires, floods, and other similar threats.
Even if we do attract new customers, the cost of new customer acquisition, product implementation and ongoing customer support may prove so high as to prevent us from achieving or sustaining profitability. For example, in fiscal years 2023, 2022 and 2021, total sales and marketing expense represented 54%, 54% and 55% of revenue, respectively.
Even if we do attract new customers, the cost of new customer acquisition, product implementation and ongoing customer support may prove so high as to prevent us from achieving or sustaining profitability. For example, in fiscal years 2024, 2023 and 2022, total sales and marketing expense represented 47%, 54% and 54% of revenue, respectively.
Furthermore, our activities are subject to the economic sanctions laws and regulations by the U.S. and other jurisdictions that prohibit the shipment of certain products and services without the required export authorizations or export to 39 Table of Contents countries, governments and persons targeted by the sanctions.
Furthermore, our activities are subject to the economic sanctions laws and regulations by the U.S. and other jurisdictions that prohibit the shipment of certain products and services without the required export authorizations or export to countries, governments and persons targeted by the sanctions.
Furthermore, if we make downward revisions of our previously announced guidance, if we withdraw our previously announced guidance, or if our publicly announced guidance of future operating results fails to meet expectations of securities analysts, investors or other interested parties, the price of our common stock would decline.
Furthermore, if we make downward 43 Table of Contents revisions of our previously announced guidance, if we withdraw our previously announced guidance, or if our publicly announced guidance of future operating results fails to meet expectations of securities analysts, investors or other interested parties, the price of our common stock would decline.
In addition, we cannot be sure that our existing insurance coverage and coverage for errors and omissions will continue to be available on acceptable terms or at all, or that our insurers will not deny coverage as to any future claim. 24 Table of Contents Our sales cycle may be long and is unpredictable and our sales efforts require considerable time and expense.
In addition, we cannot be sure that our existing insurance coverage and coverage for errors and omissions will continue to be available on acceptable terms or at all, or that our insurers will not deny coverage as to any future claim. Our sales cycle may be long and is unpredictable and our sales efforts require considerable time and expense.
Furthermore, on May 12, 2021, the Biden administration issued an Executive Order requiring federal agencies to implement additional IT security measures, including, among other things, requiring agencies to adopt multifactor authentication and encryption for data at rest and in transit, to the maximum extent consistent with federal records laws and other applicable laws.
Furthermore, on May 12, 2021, the Biden administration issued an Executive Order requiring federal agencies to implement additional IT security measures, including, among other things, requiring agencies to adopt multifactor authentication and encryption for data at rest and in transit, to the maximum extent consistent with federal records laws and 27 Table of Contents other applicable laws.
In addition, there is an increasing focus from regulators, certain investors and other stakeholders concerning environmental, social, and governance (“ESG”) matters, both in the United States and internationally. We communicate certain ESG-related initiatives and goals regarding environmental matters, diversity and other matters in our annually released Corporate Sustainability Report, on our website and elsewhere.
In addition, there is an increasing focus from regulators, certain investors and other stakeholders concerning environmental, social, and governance (“ESG”) matters, both in the United States and internationally. We communicate 41 Table of Contents certain ESG-related initiatives and goals regarding environmental matters, diversity and other matters in our annually released Corporate Sustainability Report, on our website and elsewhere.
This activity could also cause or avoid an increase or a decrease in the market price of our common stock. We do not make any representation or prediction as to the direction or magnitude of any potential effect that the transactions described above may have on the price of shares of our common stock. Item 1B. Unresolved Staff Comments None.
This activity could also cause or avoid an increase or a decrease in the market price of our common stock. We do not make any representation or prediction as to the direction or magnitude of any potential effect that the transactions described above may have on the price of shares of our common stock. Item 1B.
Because of our limited operating history, we cannot predict whether, or to what extent, our sales will increase as we expand our sales and marketing organization or how long it will take for sales personnel to become productive.
Because of our limited operating history, we cannot predict whether, or to what extent, our 18 Table of Contents sales will increase as we expand our sales and marketing organization or how long it will take for sales personnel to become productive.
Our current controls and any new controls that we develop may become inadequate because of changes in conditions in our business. Further, weaknesses in our disclosure controls and internal control over financial reporting may be 37 Table of Contents discovered in the future.
Our current controls and any new controls that we develop may become inadequate because of changes in conditions in our business. Further, weaknesses in our disclosure controls and internal control over financial reporting may be discovered in the future.
The risks we face in connection with any acquisitions include: • an acquisition may negatively affect our results of operations because it may require us to incur charges or assume substantial debt or other liabilities, may cause adverse tax consequences or unfavorable accounting treatment, may expose us to claims and disputes by stockholders and third parties, including intellectual property claims and disputes, or may not generate sufficient financial return to offset additional costs and expenses related to the acquisition; • we may encounter difficulties or unforeseen expenditures in integrating the business, technologies, products, personnel or operations of any company that we acquire, particularly if key personnel of the acquired company decide not to work for us; • we may not be able to realize anticipated synergies; 35 Table of Contents • an acquisition may disrupt our ongoing business, divert resources, increase our expenses and distract our management; • an acquisition may result in a delay or reduction of customer purchases for both us and the company acquired due to customer uncertainty about continuity and effectiveness of service from either company and we may experience increased customer churn with respect to the company acquired; • we may encounter challenges integrating the employees of the acquired company into our company culture; • for international transactions, we may face additional challenges related to the integration of operations across different cultures and languages and the economic, political and regulatory risks associated with specific countries; • we may be unable to successfully sell any acquired products or increase adoption or usage of acquired products, or increase spend by acquired customers; • our use of cash to pay for acquisitions would limit other potential uses for our cash; • if we incur debt to fund any acquisitions, such debt may subject us to material restrictions on our ability to conduct our business, including financial maintenance covenants; and • if we issue a significant amount of equity securities in connection with future acquisitions, existing stockholders may be diluted and earnings per share may decrease.
The risks we face in connection with any acquisitions or strategic investments include: • the potential of incurring charges or assuming substantial debt or other liabilities, which may cause adverse tax consequences or unfavorable accounting treatment, and which may expose us to claims and disputes by stockholders and third parties, including intellectual property claims and disputes, or which may not generate sufficient financial return to offset additional costs and expenses related to the acquisition or strategic investment; • we may encounter difficulties or unforeseen expenditures in integrating the business, technologies, products, personnel or operations of any company that we acquire or invest in, particularly if key personnel of the acquired company decide not to work for us; • we may not be able to realize anticipated synergies; • an acquisition or strategic investment may disrupt our ongoing business, divert resources, increase our expenses and distract our management; • an acquisition may result in a delay or reduction of customer purchases for both us and the company acquired due to customer uncertainty about continuity and effectiveness of service from either company and we may experience increased customer churn with respect to the company acquired; • we may encounter challenges integrating the employees of the acquired company into our company culture; • for international transactions, we may face additional challenges related to the integration of operations across different cultures and languages and the economic, political and regulatory risks associated with specific countries; • we may be unable to successfully sell any acquired products or increase adoption or usage of acquired products, or increase spend by acquired customers; • our use of cash to pay for acquisitions or strategic investment would limit other potential uses for our cash; 36 Table of Contents • if we incur debt to fund any acquisitions, such debt may subject us to material restrictions on our ability to conduct our business, including financial maintenance covenants; and • if we issue a significant amount of equity securities in connection with future acquisitions, existing stockholders may be diluted and earnings per share may decrease.
Any of the above identified or similar threats could cause a security breach or other security incident that could result in unauthorized, unlawful, or accidental acquisition, modification, destruction, loss, alteration, encryption, disclosure, 23 Table of Contents transfer, use or other processing of, or access to our information technology systems or personal, proprietary, confidential or other sensitive information, or those of the third parties upon whom we rely.
Any of the above identified or similar threats could cause a security breach or other security incident that could result in unauthorized, unlawful, or accidental acquisition, modification, destruction, loss, alteration, encryption, disclosure, transfer, use or other processing of, or access to our information technology systems and networks or personal, proprietary, confidential or other sensitive information, or those of the third parties upon whom we rely.
Therefore, the 2026 Notes are not convertible at the option of the holders thereof, in whole or in part, from February 1, 2023 through April 30, 2023. Whether the 2026 Notes will be convertible following such fiscal quarter will depend on the continued satisfaction of this condition or another conversion condition in the future.
Therefore, the 2026 Notes are currently convertible at the option of the holders thereof, in whole or in part, from February 1, 2024 through April 30, 2024. Whether the 2026 Notes will be convertible following such fiscal quarter will depend on the continued satisfaction of this condition or another conversion condition in the future.
We have a history of losses and as our costs increase, we may not be able to generate sufficient revenue to achieve or sustain profitability. We have incurred net losses in each period since our inception, including net losses of $345.4 million, $306.9 million and $266.9 million for the fiscal years ended January 31, 2023, 2022 and 2021, respectively.
We have a history of losses and as our costs increase, we may not be able to generate sufficient revenue to achieve or sustain profitability. We have incurred net losses in each period since our inception, including net losses of $176.6 million, $345.4 million and $306.9 million for the fiscal years ended January 31, 2024, 2023 and 2022, respectively.
The conditional conversion feature of the 2026 Notes was not triggered during the three months ended January 31, 2023, as the last reported sale price of our common stock was not more than or equal to 130% of the applicable conversion price for each series of Notes for at least 20 trading days in the period of 30 consecutive trading days ending on January 31, 2023 (the last trading day of the fiscal quarter).
The conditional conversion feature of the 2026 Notes was triggered during the three months ended January 31, 2024, as the last reported sale price of our common stock was more than or equal to 130% of the applicable conversion price for at least 20 trading days in the period of 30 consecutive trading days ending on January 31, 2024 (the last trading day of the fiscal quarter).
Any of the above circumstances or events may harm our business, results of operations and financial condition. Interruptions or performance problems associated with our technology and infrastructure may adversely affect our business, results of operations and financial condition.
Any of the above circumstances or events may harm our business, results of operations and financial condition. 31 Table of Contents Interruptions or performance problems associated with our technology and infrastructure may adversely affect our business, results of operations and financial condition.
We had an accumulated deficit of $1.5 billion as of January 31, 2023. We expect our operating expenses to increase significantly as we increase our sales and marketing efforts, continue to invest in research and development and expand our operations and infrastructure, both domestically and internationally.
We had an accumulated deficit of $1.7 billion as of January 31, 2024. We expect our operating expenses to increase significantly as we increase our sales and marketing efforts, continue to invest in research and development and expand our operations and infrastructure, both domestically and internationally.
In addition, as a result of the COVID-19 pandemic, rising inflation and interest rates, and global economic uncertainty, potential customers may consider reducing or delaying, technology or other discretionary spending, which could also result in an extension of our sales cycle.
In addition, as a result of rising inflation and interest rates, and global economic uncertainty, potential customers may consider reducing or delaying, technology or other discretionary spending, which could also result in an extension of our sales cycle.
In the event that we believe or have reason to believe that our directors, officers, 36 Table of Contents employees, third-party intermediaries, agents, or business partners have or may have violated such laws, we may be required to investigate or have outside counsel investigate the relevant facts and circumstances.
In the event that we believe or have reason to believe that our directors, officers, employees, third-party intermediaries, agents, or business partners have or may have violated such laws, we may be required to investigate or have outside counsel investigate the relevant facts and circumstances.
Certain of our operational metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies in 18 Table of Contents such metrics may adversely affect our business and reputation.
Certain of our operational metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies in such metrics may adversely affect our business and reputation.
The SSPL builds on the spirit of the AGPL, but includes an explicit condition that any organization using Community Server to offer MongoDB as a third-party service must open source the software that it uses to offer such service. It is possible that a court would hold the SSPL or AGPL to be unenforceable.
The SSPL builds on the spirit of the AGPL, but includes an explicit condition that any organization using Community Server to offer MongoDB as a third-party service must open source the software that it uses to offer such service. It is possible that a 19 Table of Contents court could hold the SSPL or AGPL to be unenforceable.
If we are unable to generate such cash flow, we may be required to adopt one or more alternatives, such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive.
If we are unable to generate such cash flow, we may be required to adopt one or more 46 Table of Contents alternatives, such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive.
For instance, our continued focus and investment in MongoDB World, MongoDB University and similar investments in our brand and customer engagement and education may not generate a sufficient financial return.
For instance, our continued focus and investment in MongoDB .local events, MongoDB University and similar investments in our brand and customer engagement and education may not generate a sufficient financial return.
During the evaluation and testing process, if we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal control over financial reporting is effective.
During the evaluation and testing process, if we identify one 38 Table of Contents or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal control over financial reporting is effective.
In addition, we may need to adapt our corporate culture and work environments to changing circumstances, such as during times of a natural disaster or pandemic, including the COVID-19 pandemic.
In addition, we may need to adapt our corporate culture and work environments to changing circumstances, such as during times of a natural disaster or pandemic.
As of January 31, 2023, we had 68 issued patents and 37 pending patent applications in the United States. Patent applications may not result in issued patents and even if a patent issues, we cannot assure you that such patent will be adequate to protect our business.
As of January 31, 2024, we had 77 issued patents and 35 pending patent applications in the United States. Patent applications may not result in issued patents and even if a patent issues, we cannot assure you that such patent will be adequate to protect our business.
An adverse determination of any litigation proceedings could put our intellectual property at risk of being invalidated or interpreted narrowly and could put our related intellectual property at risk of not issuing or being cancelled.
An adverse determination of any litigation proceedings could put our intellectual property at risk of being invalidated, interpreted narrowly or held unenforceable and could put our related intellectual property at risk of not issuing or being canceled.
GDPR, may restrict the cross-border transfer of personal data, such as transfers of data to the United States from the E.E.A., or U.K. These laws may require data exporters and data importers - as a condition of cross-border data transfers - to implement specific safeguards to protect the transferred personal data.
GDPR, and the Swiss Federal Act on Data Protection may restrict the cross-border transfer of personal data, such as transfers of data to the United States from the E.E.A., Switzerland or U.K. These laws may require data exporters and data importers - as a condition of cross-border data transfers - to implement specific safeguards to protect the transferred personal data.
In some circumstances, we may choose to do so through the acquisition of businesses and technologies rather than through internal development. The identification of suitable acquisition candidates can be difficult, time-consuming and costly and we may not be able to successfully complete identified acquisitions.
In some circumstances, we may choose to do so through acquisitions or investments in strategic partnerships, rather than through internal development. The identification of suitable acquisition candidates can be difficult, time-consuming and costly and we may not be able to successfully complete identified acquisitions.
Data privacy has become a significant issue in the United States, Europe and in many other countries and jurisdictions where we offer our software and services.
Data privacy and security is a significant issue in the United States, Europe and in many other countries and jurisdictions where we offer our software and services.
Our actual business results may vary significantly from such guidance or that consensus due to a number of factors, many of which are outside of our control, including due to the global economic uncertainty and financial market conditions caused by the COVID-19 pandemic, the ongoing geopolitical instability resulting from the conflict between Russia and Ukraine, severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates, increases in inflation rates, higher interest rates and uncertainty about economic stability, any of which or combination thereof could materially and adversely affect our business and future operating results.
Our actual business results may vary significantly from such guidance or that consensus due to a number of factors, many of which are outside of our control, including due to the global economic uncertainty and financial market volatility, instability in the banking sector, the ongoing geopolitical instability resulting from the conflicts between Russia and Ukraine and Israel and Hamas, severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates, increases in inflation rates, higher interest rates and uncertainty about economic stability, any of which or combination thereof could materially and adversely affect our business and future operating results.
Some of those key assumptions relate to the impact of the COVID-19 pandemic and the macroeconomic environment, including inflation and interest rates, which are inherently difficult to predict.
Some of those key assumptions relate to the macroeconomic environment, including inflation and interest rates, which are inherently difficult to predict.
Our recent hires and planned hires may not become as productive as quickly as we expect, including as a result of the COVID-19 pandemic and remote work arrangements, and we may be unable to hire or retain sufficient numbers of qualified individuals in the future in the markets where we do business, particularly during the current period of heightened employee attrition in the United States and other countries.
Our recent hires and planned hires may not become as productive as quickly as we expect, and we may be unable to hire or retain sufficient numbers of qualified individuals in the future in the markets where we do business, particularly during the current period of heightened employee attrition in the United States and other countries.
Our software is used in IT environments with different operating systems, system management software, applications, devices, databases, servers, storage, middleware, custom and third-party applications and equipment and networking configurations, which may cause errors or failures in the IT environment into which our software is deployed. This diversity increases the likelihood of errors or failures in those IT environments.
Our software is used in IT environments with different operating systems, system management software, applications, devices, databases, servers, storage, middleware, custom and third-party applications and equipment and 26 Table of Contents networking configurations, which may cause errors or failures in the IT environment into which our software is deployed.

… 120 more changes not shown on this page.

Item 2. Properties

Properties — owned and leased real estate

2 edited+0 added−1 removed0 unchanged
Biggest changeWe lease all of our facilities and do not own any real property. We intend to procure additional space in the future as we continue to add employees and expand geographically.
Biggest changeWe lease all of our facilities and do not own any real property. We may procure additional space in the future as we continue to add employees and expand geographically. We believe our facilities are adequate and suitable for our current needs and that, should it be needed, suitable additional or alternative space will be available to accommodate our operations.
Item 2. Properties Our current principal executive office is located in New York, New York and, as of January 31, 2023, consists of approximately 106,230 square feet of space under a lease that expires in December 2029. We lease 45 other offices around the world for our employees, including in Dublin, Gurgaon, Palo Alto, Sydney and Austin.
Properties Our current principal executive office is located in New York, New York and, as of January 31, 2024, consists of approximately 106,230 square feet of space under a lease that expires in December 2029. 48 Table of Contents We lease over 60 other offices of varying sizes around the world for our employees, with the largest located in Gurgaon, Dublin, Sydney, Austin, Palo Alto, London and San Francisco.
Removed
We believe our facilities are adequate and suitable for our current needs and that, should it be needed, suitable additional or alternative space will be available to accommodate our operations.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed0 unchanged
Biggest changeItem 3. Legal Proceedings The information required to be set forth under this Item 3 is incorporated by reference to Note 8, Commitments and Contingencies of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K. Item 4. Mine Safety Disclosures Not applicable. 46 Table of Contents PART II
Biggest changeItem 3. Legal Proceedings The information required to be set forth under this Item 3 is incorporated by reference to Note 8, Commitments and Contingencies of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K. Item 4. Mine Safety Disclosures Not applicable. 49 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

3 edited+0 added−4 removed4 unchanged
Biggest changeItem 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information for Common Stock Our Class A common stock is traded on The Nasdaq Global Market (the “Nasdaq”) under the symbol “MDB.” Prior to June 11, 2020, we had two classes of common stock, Class A and Class B.
Biggest changeMarket for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information for Common Stock Our common stock is traded on The Nasdaq Global Market (the “Nasdaq”) under the symbol “MDB.” Holders of Record As of March 13, 2024, there were 39 stockholders of record of our common stock and the closing price of our common stock was $372.81 per share as reported on the Nasdaq.
The graph assumes that $100 was invested in each of our common stock, the Nasdaq Composite and the Nasdaq Computer at their respective closing prices on January 31, 2018 and assumes reinvestment of gross dividends. The stock price performance shown in the graph represents past performance and should not be considered an indication of future stock price performance.
The graph assumes that $100 was invested in each of our common stock, the Nasdaq Composite and the Nasdaq Computer at their respective closing prices on January 31, 2019 and assumes reinvestment of gross dividends. The stock price performance shown in the graph represents past performance and should not be considered an indication of future stock price performance.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers There were no repurchases of shares of our common stock during the three months ended January 31, 2023. 47 Table of Contents Stock Performance Graph The graph below shows a comparison, from January 31, 2018 through January 31, 2023, of the cumulative total return to stockholders of our common stock relative to the Nasdaq Composite Index (“Nasdaq Composite”) and the Nasdaq Computer Index (“Nasdaq Computer”).
Purchases of Equity Securities by the Issuer and Affiliated Purchasers There were no repurchases of shares of our common stock during the three months ended January 31, 2024. 50 Table of Contents Stock Performance Graph The graph below shows a comparison, from January 31, 2019 through January 31, 2024, of the cumulative total return to stockholders of our common stock relative to the Nasdaq Composite Index (“Nasdaq Composite”) and the Nasdaq Computer Index (“Nasdaq Computer”).
Removed
Our Class B Common Stock was not listed or traded on any exchange, but each share of Class B common stock was convertible at any time at the option of the holder into one share of Class A common stock.
Removed
On June 11, 2020, all outstanding shares of our Class B common stock, par value $0.001 per share, automatically converted into the same number of shares of Class A common stock, par value $0.001 per share, pursuant to the terms of our Amended and Restated Certificate of Incorporation.
Removed
No additional shares of Class B common stock will be issued following such conversion. Refer to Note 9, Stockholders’ Equity (Deficit) , in the Notes to Consolidated Financial Statements included in Part II, Item 8, Financial Statements, of this Form 10-K for a discussion of our conversion of Class B common stock.
Removed
Holders of Record As of March 15, 2023, there were 48 stockholders of record of our common stock and the closing price of our common stock was $212.13 per share as reported on the Nasdaq.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

66 edited+9 added−16 removed61 unchanged
Biggest changeYears Ended January 31, 2023 2022 2021 Consolidated Statements of Operations Data: Revenue: Subscription $ 1,235,122 $ 842,047 $ 565,349 Services 48,918 31,735 25,031 Total revenue 1,284,040 873,782 590,380 Cost of revenue: Subscription (1) 284,583 217,901 145,280 Services (1) 64,721 41,591 31,796 Total cost of revenue 349,304 259,492 177,076 Gross profit 934,736 614,290 413,304 Operating expenses: Sales and marketing (1) 699,201 471,890 325,100 Research and development (1) 421,692 308,820 205,161 General and administrative (1) 160,498 122,944 92,347 Total operating expenses 1,281,391 903,654 622,608 Loss from operations (346,655) (289,364) (209,304) Other income (expense), net 13,401 (13,525) (53,389) Loss before provision for income taxes (333,254) (302,889) (262,693) Provision for income taxes 12,144 3,977 4,251 Net loss $ (345,398) $ (306,866) $ (266,944) (1) Includes stock-based compensation expense as follows (in thousands): Years Ended January 31, 2023 2022 2021 Cost of revenue—subscription $ 19,682 $ 14,387 $ 8,970 Cost of revenue—services 10,565 6,325 4,953 Sales and marketing 143,073 91,947 54,632 Research and development 159,099 104,335 57,611 General and administrative 49,035 34,075 23,147 Total stock-based compensation expense $ 381,454 $ 251,069 $ 149,313 54 Table of Contents Years Ended January 31, 2023 2022 2021 Percentage of Revenue Data: Revenue: Subscription 96 % 96 % 96 % Services 4 4 4 Total revenue 100 100 100 Cost of revenue: Subscription 22 25 25 Services 5 5 5 Total cost of revenue 27 30 30 Gross profit 73 70 70 Operating expenses: Sales and marketing 54 54 55 Research and development 33 35 35 General and administrative 13 14 15 Total operating expenses 100 103 105 Loss from operations (27) (33) (35) Other income (expense), net 1 (1) (9) Loss before provision for income taxes (26) (34) (44) Provision for income taxes 1 1 1 Net loss (27) % (35) % (45) % Comparison of the Years Ended January 31, 2023 and 2022 Revenue Years Ended January 31, Change (in thousands) 2023 2022 $ % Subscription $ 1,235,122 $ 842,047 $ 393,075 47 % Services 48,918 31,735 17,183 54 % Total revenue $ 1,284,040 $ 873,782 $ 410,258 47 % Total revenue growth reflects increased demand for our platform and related services.
Biggest changeYears Ended January 31, 2024 2023 2022 $ % of Revenue $ % of Revenue $ % of Revenue Consolidated Statements of Operations Data: Revenue: Subscription $ 1,627,326 97 % $ 1,235,122 96 % $ 842,047 96 % Services 55,685 3 48,918 4 31,735 4 Total revenue 1,683,011 100 1,284,040 100 873,782 100 Cost of revenue: Subscription (1) 345,233 20 284,583 22 217,901 25 Services (1) 79,252 5 64,721 5 41,591 5 Total cost of revenue 424,485 25 349,304 27 259,492 30 Gross profit 1,258,526 75 934,736 73 614,290 70 Operating expenses: Sales and marketing (1) 782,760 47 699,201 54 471,890 54 Research and development (1) 515,940 31 421,692 33 308,820 35 General and administrative (1) 193,558 11 160,498 13 122,944 14 Total operating expenses 1,492,258 89 1,281,391 100 903,654 103 Loss from operations (233,732) (14) (346,655) (27) (289,364) (33) Other income (expense), net 70,216 5 13,401 1 (13,525) (1) Loss before provision for income taxes (163,516) (9) (333,254) (26) (302,889) (34) Provision for income taxes 13,084 1 12,144 1 3,977 1 Net loss $ (176,600) (10) % $ (345,398) (27) % $ (306,866) (35) % (1) Includes stock-based compensation expense as follows (in thousands): Years Ended January 31, 2024 2023 2022 Cost of revenue—subscription $ 23,677 $ 19,682 $ 14,387 Cost of revenue—services 12,733 10,565 6,325 Sales and marketing 159,907 143,073 91,947 Research and development 198,927 159,099 104,335 General and administrative 61,663 49,035 34,075 Total stock-based compensation expense $ 456,907 $ 381,454 $ 251,069 Comparison of the Years Ended January 31, 2024 and 2023 Revenue Years Ended January 31, Change (in thousands) 2024 2023 $ % Subscription $ 1,627,326 $ 1,235,122 $ 392,204 32 % Services 55,685 48,918 6,767 14 % Total revenue $ 1,683,011 $ 1,284,040 $ 398,971 31 % 57 Table of Contents Total revenue growth reflects increased demand for our platform and related services.
For further details of our contractual obligations and lease agreements, refer to our Notes to Consolidated Financial Statements, within Part II, Item 8, Financial Statements and Supplementary Data of this Form 10-K, specifically Note 6, Convertible Senior Notes , Note 7, Leases and Note 8, Commitments and Contingencies. 60 Table of Contents Critical Accounting Estimates Our financial statements are prepared in accordance with GAAP.
For further details of our contractual obligations and lease agreements, refer to our Notes to Consolidated Financial Statements, within Part II, Item 8, Financial Statements and Supplementary Data of this Form 10-K, specifically Note 6, Convertible Senior Notes , Note 7, Leases and Note 8, Commitments and Contingencies. 62 Table of Contents Critical Accounting Estimates Our financial statements are prepared in accordance with GAAP.
We recognize revenue at the time the related performance obligation is satisfied when control of the services or products are transferred to the customers, 61 Table of Contents in an amount that reflects the consideration we expect to be entitled to in exchange for those services or products. We record our revenue net of any value added or sales tax.
We recognize revenue at the time the related performance obligation is satisfied when control of the services or products are transferred to the customers, 63 Table of Contents in an amount that reflects the consideration we expect to be entitled to in exchange for those services or products. We record our revenue net of any value added or sales tax.
We intend to continue to invest in our engineering capabilities and marketing activities to maintain our strong position in the developer community. We have spent $1.4 billion on research and development since our inception. Our results of operations may fluctuate as we make these investments to drive increased customer adoption and usage.
We intend to continue to invest in our engineering capabilities and marketing activities to maintain our strong position in the developer community. We have spent $1.9 billion on research and development since our inception. Our results of operations may fluctuate as we make these investments to drive increased customer adoption and usage.
We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, operating results and financial condition would be adversely affected.
In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, operating results and financial condition would be adversely affected.
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.
The growth in MongoDB Atlas customers included new customers to MongoDB and existing MongoDB Enterprise Advanced customers adding incremental MongoDB Atlas workloads. 53 Table of Contents 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 satisfied our conversion obligations with respect to conversions occurring after the date of 57 Table of Contents the Redemption Notice and prior to December 3, 2021 (the “Redemption Date”) by delivering shares of common stock, plus cash in lieu of any resulting fractional shares (physical settlement).
We satisfied our conversion obligations with respect to conversions occurring after the date of the Redemption Notice and prior to December 3, 2021 (the “Redemption Date”) by delivering shares of common stock, plus cash in lieu of any resulting fractional shares (physical settlement).
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.
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. 52 Table of Contents We believe the market for our offerings is large and growing.
Growth of an application is impacted by a number of factors including the macroeconomic environment. During the year ended January 31, 2023, 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.
Growth of an application is impacted by a number of factors including the macroeconomic environment. During the year ended January 31, 2024, 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.
Pursuant to the Redemption Notice, on the Redemption Date, we redeemed the outstanding principal of the 2024 Notes that were not converted prior to such date at a redemption price in cash equal to 100% of the principal amount of the 2024 Notes, plus accrued and unpaid interest.
Pursuant to the Redemption Notice, on the Redemption Date, we redeemed the outstanding principal of the 2024 Notes that were not converted prior to such date at a redemption 59 Table of Contents price in cash equal to 100% of the principal amount of the 2024 Notes, plus accrued and unpaid interest.
The increase in third-party infrastructure costs was partly offset by continued cost efficiencies realized as we scale MongoDB Atlas. In addition, subscription cost of revenue was higher due to a $11.5 million increase in personnel costs and stock-based compensation associated with increased headcount in our support organization.
The increase in third-party infrastructure costs was partly offset by continued cost efficiencies realized as we scale MongoDB Atlas. In addition, subscription cost of revenue was higher due to a $15.3 million increase in personnel costs and stock-based compensation associated with increased headcount in our support organization.
As of January 31, 2023, we had over 40,800 customers across a wide range of industries and in over 100 countries, compared to over 33,000 customers and over 24,800 customers as of January 31, 2022 and 2021, respectively. All affiliated entities are counted as a single customer and our definition of “customer” excludes users of our free offerings .
As of January 31, 2024, we had over 47,800 customers across a wide range of industries and in over 100 countries, compared to over 40,800 customers and over 33,000 customers as of January 31, 2023 and 2022, respectively. All affiliated entities are counted as a single customer and our definition of “customer” excludes users of our free offerings .
Comparison of the Years Ended January 31, 2022 and 2021 For a discussion of our results of operations for the year ended January 31, 2022 as compared to the year ended January 31, 2021, refer to Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations , of our Annual Report on Form 10-K filed with the SEC on March 18, 2022.
Comparison of the Years Ended January 31, 2023 and 2022 For a discussion of our results of operations for the year ended January 31, 2023 as compared to the year ended January 31, 2022, refer to Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations , of our Annual Report on Form 10-K filed with the SEC on March 17, 2023.
As of January 31, 2023, we had an accumulated deficit of $1.5 billion. We expect to continue to incur operating losses, may continue to experience negative cash flows from operations in the future and may require additional capital resources to execute strategic initiatives to grow our business.
As of January 31, 2024, we had an accumulated deficit of $1.7 billion. We expect to continue to incur operating losses, may continue to experience negative cash flows from operations in the future and may require additional capital resources to execute strategic initiatives to grow our business.
Our future capital requirements and adequacy of available funds will depend on many factors, including our growth rate and any impact on it from global macroeconomic conditions, including rising interest rates and inflation, the timing and extent of spending to support development efforts, the expansion of sales and marketing and international operation activities, the timing and size of new subscription introductions and customer usage of our developer data platform, the continuing market acceptance of our subscriptions and services and the impact of the COVID-19 pandemic on the global economy and our business, financial condition and results of operations.
Our future capital requirements and adequacy of available funds will depend on many factors, including our growth rate and any impact on it from global macroeconomic conditions, including rising interest rates, inflation, volatility in the banking sector, the timing and extent of spending to support development efforts, the expansion of sales and marketing and international operation activities, the timing and size of new subscription introductions and customer usage of our developer data platform, the continuing market acceptance of our subscriptions and services and the impact of the macroeconomic conditions on the global economy and our business, financial condition and results of operations.
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 39,300 Mo ngoDB Atlas customers as of January 31, 2023 .
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 46,300 Mo ngoDB Atlas customers as of January 31, 2024 .
As of January 31, 2023, we had over 6,400 cus tomers that were sold through our direct sales force and channel partners, as compared to over 4,400 and over 3,000 such customers as of January 31, 2022 and 2021, respectively.
As of January 31, 2024, we had over 7,000 cus tomers that were sold through our direct sales force and channel partners, as compared to over 6,400 and over 4,400 such customers as of January 31, 2023 and 2022, respectively.
We also generate revenue from services, which consist primarily of fees associated with consulting and training services. Revenue from services accounted for 4% of our total revenue for each of the years ended January 31, 2023, 2022 and 2021, respectively.
We also generate revenue from services, which consist primarily of fees associated with consulting and training services. Revenue from services accounted for 3% of our total revenue for the year ended January 31, 2024 and 4% of our total revenue for each of the years ended January 31, 2023 and 2022, respectively.
During the year ended January 31, 2023, MongoDB Atlas revenue represented 63% of our total revenue, as compared to 56% in the prior year, 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.
During the year ended January 31, 2024, MongoDB Atlas revenue represented 66% of our total revenue, as compared to 63% in the prior year, 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, which are charged monthly in arrears based on their usage.
Highlights for the Years Ended January 31, 2023, 2022 and 2021 For the years ended January 31, 2023, 2022 and 2021, our total revenue was $1,284.0 million , $873.8 million and $590.4 million, respectively. The increase in total revenue was primarily driven by an increase in subscription revenue from our Direct Sales Customers .
Highlights for the Years Ended January 31, 2024, 2023 and 2022 For the years ended January 31, 2024, 2023 and 2022, our total revenue was $1,683.0 million , $1,284.0 million and $873.8 million, respectively. The increase in total revenue was primarily driven by an increase in subscription revenue from our Direct Sales Customers .
We generate revenue primarily from sales of subscriptions, which accounted for 96% of our total revenue for the each of the years ended January 31, 2023, 2022 and 2021, respectively.
We generate revenue primarily from sales of subscriptions, which accounted for 97% of our total revenue for the year ended January 31, 2024 and 96% of our total revenue for the each of the years ended January 31, 2023 and 2022, respectively.
Our net loss was $345.4 million, $306.9 million and $266.9 million for the years ended January 31, 2023, 2022 and 2021, respectively , driven primarily by higher sales and marketing spend and research and development costs .
Our net loss was $176.6 million, $345.4 million and $306.9 million for the years ended January 31, 2024, 2023 and 2022, respectively , driven primarily by higher sales and marketing spend and research and development costs .
Our operating cash flow was $(13.0) million, $7.0 million and $(42.7) million for the years ended January 31, 2023, 2022 and 2021, respectively. 53 Table of Contents Results of Operations The following tables set forth our results of operations for the periods presented in U.S. dollars (in thousands) and as a percentage of our total revenue.
Our operating cash flow was $121.5 million, $(13.0) million and $7.0 million for the years ended January 31, 2024, 2023 and 2022, respectively. 56 Table of Contents Results of Operations The following tables set forth our results of operations for the periods presented in U.S. dollars (in thousands) and as a percentage of our total revenue.
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.
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.
We also have U.S. federal and state research credit carryforwards of $94.1 million and $8.9 million, respectively, which begin to expire in the year ending January 31, 2029 for federal purposes and January 31, 2025 for state purposes. Beginning in fiscal year 2023, provisions in the U.S.
We also have U.S. federal and state research credit carryforwards of $133.4 million and $11.8 million, respectively, which begin to expire in the year ending January 31, 2029 for federal purposes and January 31, 2025 for state purposes. Beginning in fiscal year 2023, provisions in the U.S.
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.
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, Vector search, time series and application-driven analytics.
We have increased our sales and marketing headcount to 2,249 employees as of January 31, 2023 from 1,713 employees and 1,171 employees as of January 31, 2022 and 2021, respectively. 51 Table of Contents Components of Results of Operations Revenue Subscription Revenue. Our subscription revenue is comprised of term licenses and hosted as-a-service solutions.
We have increased our sales and marketing headcount to 2,338 employees as of January 31, 2024 from 2,249 employees and 1,713 employees as of January 31, 2023 and 2022, respectively. Components of Results of Operations Revenue Subscription Revenue. Our subscription revenue is comprised of term licenses and hosted as-a-service solutions.
Total headcount in our support and services organizations increased 38% from January 31, 2022 to January 31, 2023. Our overall gross margin improved to 73%. Our subscription gross margin increased to 77% as efficiencies realized in managing our third-party cloud infrastructure costs more than offset the negative margin impact from the increasing percentage of revenue from MongoDB Atlas.
Total headcount in our support and services organizations increased 10% from January 31, 2023 to January 31, 2024. Our overall gross margin improved to 75%. Our subscription gross margin increased to 79% as efficiencies realized in managing our third-party cloud infrastructure costs more than offset the negative margin impact from the increasing percentage of revenue from MongoDB Atlas.
The number of customers with $100,000 or greater in ARR and annualized MRR was 1,651, 1,307 and 975 as of January 31, 2023, 2022 and 2021, respectively.
The number of customers with $100,000 or greater in ARR and annualized MRR was 2,052, 1,651 and 1,307 as of January 31, 2024, 2023 and 2022, respectively.
Liquidity and Capital Resources As of January 31, 2023, our principal sources of liquidity were cash, cash equivalents, short-term investments and restricted cash totaling $1.8 billion. Our cash and cash equivalents primarily consist of bank deposits and money market funds.
Liquidity and Capital Resources As of January 31, 2024, our principal sources of liquidity were cash, cash equivalents, short-term investments and restricted cash totaling $2.0 billion. Our cash and cash equivalents primarily consist of bank deposits and money market funds.
As the impact of the COVID-19 pandemic and macroeconomic conditions on the global economy and our operations continues to evolve, we will continue to assess our liquidity needs. We may in the future enter into arrangements to acquire or invest in complementary businesses, services and technologies, including intellectual property rights.
As the impact of macroeconomic conditions on the global economy and our operations continues to evolve, we will continue to assess our liquidity needs. We may in the future enter into arrangements to acquire or invest in complementary businesses, services and technologies, including intellectual property rights. We may be required to seek additional equity or debt financing.
As of January 31, 2023, we had net operating loss (“NOL”) carryforwards for U.S. federal and state, Irish and U.K. income tax purposes of approximately $1.9 billion, $1.8 billion, $697.2 million and $42.9 million, respectively, which begin to expire in the year ending January 31, 2028 for U.S. federal purposes and January 31, 2024 for state purposes.
As of January 31, 2024, we had net operating loss (“NOL”) carryforwards for U.S. federal and state, Irish and U.K. income tax purposes of approximately $2.1 billion, $2.0 billion, $781.5 million and $64.6 million, respectively, which begin to expire in the year ending January 31, 2028 for U.S. federal purposes and January 31, 2025 for state purposes.
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 have also seen growth in MongoDB Atlas customers sold by our sales force, which typically sign annual contracts and pay in advance or are invoiced monthly in arrears based on usage. Customers sold by our sales force may also sign contracts that remain in effect until terminated and are invoiced monthly in arrears based on usage.
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.
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 500 million times since February 2009.
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.
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.
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.
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.
Operating Expenses Sales and Marketing Years Ended January 31, Change (in thousands) 2023 2022 $ % Sales and marketing $ 699,201 $ 471,890 $ 227,311 48 % The increase in sales and marketing expense included $140.8 million from higher personnel costs and stock-based compensation, driven by an increase in our sales and marketing headcount to 2,249 as of January 31, 2023 from 1,713 as of January 31, 2022, which includes non-quota-carrying hires in sales operations, customer success and marketing.
Operating Expenses Sales and Marketing Years Ended January 31, Change (in thousands) 2024 2023 $ % Sales and marketing $ 782,760 $ 699,201 $ 83,559 12 % The increase in sales and marketing expense included $55.9 million from higher personnel costs and stock-based compensation, driven by an increase in our sales and marketing headcount to 2,338 as of January 31, 2024 from 2,249 as of January 31, 2023, which includes non-quota-carrying hires in sales operations, customer success and marketing.
Provision for Income Taxes Years Ended January 31, Change (in thousands) 2023 2022 $ % Provision for income taxes $ 12,144 $ 3,977 $ 8,167 205 % The increase in the provision for income taxes during the year ended January 31, 2023 was primarily due to an increase in foreign taxes as the Company continued its global expansion.
Provision for Income Taxes Years Ended January 31, Change (in thousands) 2024 2023 $ % Provision for income taxes $ 13,084 $ 12,144 $ 940 8 % The increase in the provision for income taxes during the year ended January 31, 2024 was primarily due to an increase in foreign taxes as we continued our global expansion.
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. 52 Table of Contents Research and Development.
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.
Subscription revenue increased by $393.1 million primarily due to an increase of $360.5 million from our Direct Sales Customers, inclusive of the impact from Direct Sales Customers who were self-serve customers of MongoDB Atlas in the prior-year period.
Subscription revenue increased by $392.2 million primarily due to an increase of $357.3 million from our Direct Sales Customers, inclusive of the impact from Direct Sales Customers who were self-serve customers of MongoDB Atlas in the prior-year period. The increase in services revenue was driven primarily by the continued increase in delivery of consulting services.
Research and Development Years Ended January 31, Change (in thousands) 2023 2022 $ % Research and development $ 421,692 $ 308,820 $ 112,872 37 % The increase in research and development expense was primarily driven by a $97.8 million increase in personnel costs and stock-based compensation as we increased our research and development headcount by 19%.
Research and Development Years Ended January 31, Change (in thousands) 2024 2023 $ % Research and development $ 515,940 $ 421,692 $ 94,248 22 % The increase in research and development expense was primarily driven by a $83.9 million increase in personnel costs and stock-based compensation as we increased our research and development headcount by 19%.
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 I, Item 1A of this Form 10-K.
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 I, Item 1A of this Form 10-K. Other factors affecting our performance are discussed below.
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.
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. 55 Table of Contents 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.
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.
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.
The increase in services cost of revenue was primarily due to a $15.8 million increase in personnel costs and stock-based compensation associated with increased headcount in our services organization, and a $4.1 million increase in costs driven by an increase in the volume of consulting and training services.
The increase in services cost of revenue was primarily due to a $11.0 million increase in personnel costs and stock-based compensation associated with headcount in our services organization, and a $2.8 million increase in third-party consultant costs related to the delivery of consulting and training services.
These customers, which we refer to as our Direct Sales Customers, accounted for 87%, 85% and 82% of our subscription revenue for the years ended January 31, 2023, 2022 and 2021, respectively.
These customers, which we refer to as our Direct Sales Customers, accounted for 88%, 87% and 85% of our subscription revenue for the years ended January 31, 2024, 2023 and 2022, respectively. The percentage of our subscription revenue from Direct Sales Customers increased, in part, due to existing self-serve customers of MongoDB Atlas becoming Direct Sales Customers.
We have experienced rapid growth and have made substantial investments in developing our platform and expanding our sales and marketing footprint.
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.
In particular, these higher costs were driven by an increase in general and administrative personnel headcount resulting in $31.5 million higher personnel costs and stock-based compensation. In addition, general and administrative expense increased due to higher professional services fees, higher office-related expenses driven by higher headcount, and higher travel costs.
In particular, these higher costs were driven by an increase in general and administrative personnel headcount resulting in $29.5 million higher personnel costs and stock-based compensation.
The impact of higher services personnel costs and stock-based compensation and lower utilization rate resulted in negative services gross margin.
Services gross margin declined due to the impact of higher services personnel costs and stock-based compensation.
The following table summarizes our cash flows for the periods presented (in thousands): Years Ended January 31, 2023 2022 2021 Net cash (used in) provided by operating activities $ (12,970) $ 6,980 $ (42,673) Net cash used in investing activities (33,308) (852,142) (262,656) Net cash provided by financing activities 30,200 890,892 27,581 Operating Activities Cash used in operating activities during the year ended January 31, 2023 was $13.0 million.
The following table summarizes our cash flows for the periods presented (in thousands): Years Ended January 31, 2024 2023 2022 Net cash provided by (used in) operating activities $ 121,477 $ (12,970) $ 6,980 Net cash provided by (used in) investing activities 188,019 (33,308) (852,142) Net cash provided by financing activities 38,241 30,200 890,892 Operating Activities Cash provided by operating activities during the year ended January 31, 2024 was $121.5 million driven primarily by an increase in our cash collections reflecting overall growth of our sales and expansion of our customer base.
Research and development expense also increased due to higher computer hardware and software expenses, increased third-party infrastructure costs and higher travel costs driven by higher headcount.
Research and development 58 Table of Contents expense also increased by $8.8 million due to increased third-party infrastructure costs, higher software expenses and higher amortization expense.
Our platform has been downloaded from our website more than 365 million times since February 2009 and over 125 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.
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.
Financing Activities Cash provided by financing activities during the year ended January 31, 2023 was $30.2 million, due to $29.0 million of proceeds from the issuance of common stock under the Employee Stock Purchase Plan and $5.7 million exercises of stock options, partly offset by $4.5 million of principal repayments of finance leases.
Cash used in investing activities during the during the year ended January 31, 2023 was $33.3 million, primarily due to purchases of marketable securities, net of proceeds from maturities, of $23.0 million, $7.2 million of cash used for purchases of property and equipment and $3.1 million of additional investment in non-marketable securities. 60 Table of Contents Financing Activities Cash provided by financing activities during the year ended January 31, 2024 was $38.2 million, due to $36.9 million of proceeds from the issuance of common stock under the Employee Stock Purchase Plan and $6.8 million exercises of stock options, partly offset by $5.5 million of principal repayments of finance leases.
Other factors affecting our performance are discussed below, although we caution you that the COVID-19 pandemic may also impact these factors. Factors Affecting Our Performance Extending Product Leadership and Maintaining Developer Mindshare We are committed to delivering market-leading products to continue to build and maintain credibility with the global software developer community.
Factors Affecting Our Performance Extending Product Leadership and Maintaining Developer Mindshare We are committed to delivering market-leading products to continue to build and maintain credibility with the global software developer community. We believe we must maintain our product leadership position and the strength of our brand to drive further revenue growth.
This was primarily driven by our net loss of $345.4 million, which included non‑cash charges of $381.5 million for stock‑based compensation and $16.1 million for depreciation and amortization. The continuing growth of our sales and our expanding customer base led to an increase in accounts receivable of $91.5 million and deferred commissions of $49.1 million.
Cash used in operating activities during the year ended January 31, 2023 was $13.0 million. This was primarily driven by our net loss of $345.4 million, which included non‑cash charges of $381.5 million for stock‑based compensation and $16.1 million for depreciation and amortization.
Other Income (Expense), net Years Ended January 31, Change (in thousands) 2023 2022 $ % Other income (expense), net $ 13,401 $ (13,525) $ 26,926 (199) % Other income (expense), net, for the year ended January 31, 2023 improved primarily due to higher interest income from our short-term investments, unrealized gains related to our non-marketable securities, as well as lower interest expense following the redemption of convertible securities.
Other Income, net Years Ended January 31, Change (in thousands) 2024 2023 $ % Other income, net $ 70,216 $ 13,401 $ 56,815 NM Other income, net, for the year ended January 31, 2024 improved primarily due to higher interest income from our short-term investments.
In addition, accrued liabilities decreased by $16.2 million reflecting lower expenses and timing of payments. These were partly offset by our cash collections, which increased our deferred revenue by $85.8 million. Cash provided by operating activities during the year ended January 31, 2022 was $7.0 million.
The continuing growth of our sales and our expanding customer base led to an increase in accounts receivable of $91.5 million and deferred commissions of $49.1 million. In addition, accrued liabilities decreased by $16.2 million reflecting lower expenses and timing of payments. These were partly offset by our cash collections, which increased our deferred revenue by $85.8 million.
Cash provided by financing activities during the year ended January 31, 2022 was $890.9 million, primarily due to $889.2 million net proceeds from our June 2021 equity offering, $25.2 million of proceeds from the issuance of common stock under the Employee Stock Purchase Plan and $9.7 million of proceeds from the exercises of stock options, partially offset by $5.6 million principal repayments of finance leases, as well as $27.6 million used to repay a portion of our 2024 convertible notes upon redemption. 59 Table of Contents Contractual Obligations and Commitments The following table summarizes our contractual obligations as of January 31, 2023 (in thousands): Payments Due by Period Total Less Than 1 Year 1 to 3 Years 3 to 5 Years More Than 5 Years 0.25% convertible senior notes due 2026 1,158,597 2,875 1,155,722 — — Finance lease obligations 59,347 8,073 17,156 17,422 16,696 Operating lease obligations 53,526 11,993 18,237 10,929 12,367 Purchase obligations 1,146,064 200,706 525,358 420,000 — Total $ 2,417,534 $ 223,647 $ 1,716,473 $ 448,351 $ 29,063 At January 31, 2023, our material short-term and long-term cash requirements for various contractual obligations and commitments consisted of the following: • principal and future interest payments related to our 2026 Notes; • our purchase obligations under non-cancelable agreements for cloud infrastructure capacity commitments and subscription and marketing services.
Cash provided by financing activities during the year ended January 31, 2023 was $30.2 million, due to $29.0 million of proceeds from the issuance of common stock under the Employee Stock Purchase Plan and $5.7 million exercises of stock options, partly offset by $4.5 million of principal repayments of finance leases. 61 Table of Contents Contractual Obligations and Commitments The following table summarizes our contractual obligations as of January 31, 2024 (in thousands): Payments Due by Period Total Less Than 1 Year 1 to 3 Years 3 to 5 Years More Than 5 Years 0.25% convertible senior notes due 2026 $ 1,155,722 $ 2,875 $ 1,152,847 $ — $ — Finance lease obligations 51,274 8,445 17,422 17,422 7,985 Operating lease obligations 46,782 11,799 15,821 11,163 7,999 Purchase obligations 1,166,650 281,222 603,317 282,111 — Total $ 2,420,428 $ 304,341 $ 1,789,407 $ 310,696 $ 15,984 At January 31, 2024, our material short-term and long-term cash requirements for various contractual obligations and commitments consisted of the following: • principal and future interest payments related to our 2026 Notes; • our purchase obligations under non-cancelable agreements for cloud infrastructure capacity commitments and subscription and marketing services; • our finance and operating lease obligations under non-cancelable leases for office space expiring through 2032; and • accounts payable and accrued liabilities on our consolidated balance sheet (primarily short-term in nature).
Investing Activities Cash used in investing activities during the during the year ended January 31, 2023 was $33.3 million, primarily due to purchases of marketable securities, net of proceeds from maturities, of $23.0 million, $7.2 million of cash used for purchases of property and equipment and $3.1 million of additional investment in non-marketable securities. 58 Table of Contents Cash used in investing activities during the year ended January 31, 2022 was $852.1 million, primarily due to cash used to purchase marketable securities, net of maturities, of $835.3 million, as a result of the increased cash balance following our June 2021 equity offering, $4.5 million of net cash used for an immaterial acquisition and $4.3 million of cash to purchase non-marketable securities.
Investing Activities Cash provided by investing activities during the during the year ended January 31, 2024 was $188.0 million, primarily due to proceeds from maturities of marketable securities, net of purchases, of $211.1 million, $6.1 million of cash used for purchases of property and equipment and $2.1 million of additional investment in non-marketable securities.
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.
When we enter into multi-year subscriptions, the customer is 54 Table of Contents 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 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.
MongoDB Enterprise Advanced revenue represented 26%, 29% and 35% of our subscription revenue for the years ended January 31, 2024, 2023 and 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.
Adverse macroeconomic conditions include slower or negative economic growth, higher inflation and higher interest rates. During the year ended January 31, 2023, the macroeconomic environment negatively impacted our business. For instance, we experienced slower than historical growth rates for our existing MongoDB Atlas applications.
Macroeconomic and Other Factors Our operational and financial performance is subject to risks including those caused by the adverse macroeconomic environment and the geopolitical landscape. Adverse macroeconomic conditions include slower or negative economic growth, higher inflation and higher interest rates. During the year ended January 31, 2024, the macroeconomic environment negatively impacted our business.
The increase in services revenue was driven primarily by the continued increase in delivery of consulting services. 55 Table of Contents Cost of Revenue, Gross Profit and Gross Margin Percentage Years Ended January 31, Change (in thousands) 2023 2022 $ % Subscription cost of revenue $ 284,583 $ 217,901 $ 66,682 31 % Services cost of revenue 64,721 41,591 23,130 56 % Total cost of revenue 349,304 259,492 89,812 35 % Gross profit $ 934,736 $ 614,290 $ 320,446 52 % Gross margin 73 % 70 % Subscription 77 % 74 % Services (32) % (31) % The increase in subscription cost of revenue was primarily due to a $50.9 million increase in third‑party cloud infrastructure costs, including costs associated with the growth of MongoDB Atlas.
Cost of Revenue, Gross Profit and Gross Margin Percentage Years Ended January 31, Change (in thousands) 2024 2023 $ % Subscription cost of revenue $ 345,233 $ 284,583 $ 60,650 21 % Services cost of revenue 79,252 64,721 14,531 22 % Total cost of revenue 424,485 349,304 75,181 22 % Gross profit $ 1,258,526 $ 934,736 $ 323,790 35 % Gross margin 75 % 73 % Subscription 79 % 77 % Services (42) % (32) % The increase in subscription cost of revenue was primarily due to a $43.5 million increase in third‑party cloud infrastructure costs, including costs associated with the growth of MongoDB Atlas.
Travel costs increased also due to the easing of restrictions related to the COVID-19 pandemic. 56 Table of Contents General and Administrative Years Ended January 31, Change (in thousands) 2023 2022 $ % General and administrative $ 160,498 $ 122,944 $ 37,554 31 % The increase in general and administrative expense was due to higher costs to support the growth of our business and to maintain compliance as a public company.
General and Administrative Years Ended January 31, Change (in thousands) 2024 2023 $ % General and administrative $ 193,558 $ 160,498 $ 33,060 21 % The increase in general and administrative expense was due to higher costs to support the growth of our business.
The new features, capabilities and improvements such as column store indexes, in-app analytics, Atlas Serverless, Atlas Device Sync, allow developer teams to accomplish more over a wider range of workloads while preserving a consistent developer experience and optimizing for modern application architectures. And with Queryable Encryption, we introduced the industry’s first encrypted search scheme using breakthrough cryptography engineering.
We intend to continue to invest in our product offerings with the goal of expanding the functionality and adoption of our developer data platform. During 2022, we introduced new features, capabilities and improvements such as column store indexes, in-app analytics, Atlas Serverless and Atlas Device Sync, allowing developer teams to accomplish more over a wider range of workloads.
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 29%, 35% and 44% of our subscription revenue for the years ended January 31, 2023, 2022 and 2021, respectively.
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 .
Removed
We intend to continue to invest to grow our business to take advantage of our market opportunity. 49 Table of Contents Macroeconomic and Other Factors Our operational and financial performance is subject to risks including those caused by the adverse macroeconomic environment and the COVID-19 pandemic.
Added
When we enter into multi-year subscriptions, the customer is typically invoiced on an annual basis or pays upfront.
Removed
In response to the COVID-19 pandemic in 2020, we adopted several measures to protect our employees, maintain operations and support our customers globally. Such measures included temporarily requiring employees to work remotely, suspending non-essential travel, and replacing in-person marketing events with virtual events.
Added
We continue to monitor the developments of the macroeconomic environment and the geopolitical landscape. As these factors develop and we evaluate their impact on our business, we may adjust our business practices accordingly.
Removed
As conditions improved, we began to re-open our offices in the United States and certain other locations globally for employees to voluntarily return. In April 2022, we moved forward with our return to office plan, which encompasses a hybrid approach to in-office attendance based on the different needs of teams across the Company.
Added
With Queryable Encryption, we pioneered the industry’s first encrypted search scheme using breakthrough cryptography engineering.
Removed
The full extent of the impact of the COVID-19 pandemic on our future operational and financial performance is dependent on a number of factors outside of our control and is difficult to predict. We continue to monitor the developments of the COVID-19 pandemic, the macroeconomic environment, the geopolitical landscape and, recently, the challenges in the banking industry.
Added
During 2023, we added additional capabilities such as Atlas Vector Search and Atlas Stream Processing, as well as additional features for Atlas Search Nodes, which now provide dedicated infrastructure for search use cases so customers can scale independently of their database to manage their workloads with greater flexibility and operational efficiency.
Removed
We believe we must maintain our product leadership position and the strength of our brand to drive further revenue growth. We intend to continue to invest in our product offerings with the goal of expanding the functionality and adoption of our developer data platform.
Added
We recognize revenue from services agreements as services are delivered.
Removed
During 2021, we improved the ease of use of our platform by introducing innovation that facilitates data partitioning and expanded the breadth of functionality of our platform by introducing native time series support across our platform. During 2022, we continued to build on these improvements and further extended our offering.
Added
Sales and marketing expense also increased $15.3 million due to higher commissions expense, driven in part by the increase in revenue, and $13.7 million due increased marketing spend and higher travel costs. The increase in sales and marketing expense was partly offset by a decrease of $2.0 million in expenditures related to third-party infrastructure costs and professional fees.
Removed
The percentage of our subscription revenue from Direct 50 Table of Contents Sales Customers increased, in part, due to existing self-serve customers of MongoDB Atlas becoming Direct Sales Customers.
Added
Our net loss of $176.6 million, included non‑cash charges of $456.9 million for stock‑based compensation and $18.9 million for depreciation and amortization. Our accrued liabilities increased by $39.5 million reflecting our increase in expenses and timing of payments.

… 11 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

7 edited+0 added−0 removed7 unchanged
Biggest changeItem 7A. Quantitative and Qualitative Disclosures About Market Risk We have operations both within the United States and internationally and we are exposed to market risk in the ordinary course of business. The uncertainty that exists with respect to the global economic impact of the COVID-19 pandemic and the macroeconomic environment has introduced significant volatility in the financial markets.
Biggest changeItem 7A. Quantitative and Qualitative Disclosures About Market Risk We have operations both within the United States and internationally and we are exposed to market risk in the ordinary course of business. The uncertainty that exists in the global economic environment has introduced significant volatility in the financial markets.
The effect of a hypothetical 10% increase or decrease in interest rates would not have had a material impact on the fair market value of our investments as of January 31, 2023 and 2022. In January 2020, we issued $1.15 billion aggregate principal amount of 0.25% convertible senior notes due 2026 in a private placement (the “2026 Notes”).
The effect of a hypothetical 10% increase or decrease in interest rates would not have had a material impact on the fair market value of our investments as of January 31, 2024 and 2023. In January 2020, we issued $1.15 billion aggregate principal amount of 0.25% convertible senior notes due 2026 in a private placement (the “2026 Notes”).
A portion of our operating expenses are incurred outside the United States and denominated in foreign currencies and are subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the GBP and EUR. Additionally, fluctuations in foreign currency exchange rates may cause us to recognize transaction gains and losses in our statement of operations.
A portion of our operating expenses are incurred outside the United States and denominated in foreign currencies and are subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the GBP and EUR. Additionally, fluctuations in foreign currency exchange rates may cause us to recognize transaction gains and losses in our statements of operations.
These changes could be material based on market conditions and events, 62 Table of Contents particularly in periods of significant market fluctuations that affect our non-marketable securities. Our non-marketable securities are subject to a risk of partial or total loss of invested capital.
These changes could be material based on market conditions and events, 64 Table of Contents particularly in periods of significant market fluctuations that affect our non-marketable securities. Our non-marketable securities are subject to a risk of partial or total loss of invested capital.
The effect of a hypothetical 10% change in foreign currency exchange rates applicable to our business would not have a material impact on our historical consolidated financial statements for the years ended January 31, 2023 and 2022.
The effect of a hypothetical 10% change in foreign currency exchange rates applicable to our business would not have a material impact on our historical consolidated financial statements for the years ended January 31, 2024 and 2023.
Interest Rate Risk Our cash and cash equivalents primarily consist of bank deposits and money market funds and our short-term investments consist of U.S. government treasury securities. As of January 31, 2023 and 2022, we had cash, cash equivalents, restricted cash and short-term investments of $1.8 billion.
Interest Rate Risk Our cash and cash equivalents primarily consist of bank deposits and money market funds and our short-term investments consist of U.S. government treasury securities. As of January 31, 2024 and 2023, we had cash, cash equivalents, restricted cash and short-term investments of $2.0 billion.
As of January 31, 2023 and 2022, the total amount of non-marketable securities included in other assets on our balance sheet was $9.8 million and $4.8 million, respectively. 63 Table of Contents
As of January 31, 2024 and 2023, the total amount of non-marketable securities included in other assets on our balance sheets were $12.9 million and $9.8 million, respectively. 65 Table of Contents

Other MDB 10-K year-over-year comparisons