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MDB MongoDB

Participants
Brian Denyeau ICR, IR
Dev Ittycheria President and CEO
Michael Gordon Chief Operating Officer and CFO
Sanjit Singh Morgan Stanley
Raimo Lenschow Barclays
Brad Reback Stifel
Brent Bracelin Piper Sandler.
DJ Hynes Canaccord Genuity
Kash Rangan Goldman Sachs
Karl Keirstead UBS
Patrick Walravens JMP Securities
Fred Havemeyer Macquarie
Jason Adder William Blair
Ittai Kidron Oppenheimer
Phil Winslow Credit Suisse.
Tyler Radke Citi
Jack Andrews Needham
Call transcript
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Operator

00:05 Good day, and welcome to the MongoDB’s Third Quarter Fiscal Year Twenty Twenty Two Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. 00:37 I would now like to turn the conference over to Brian Denyeau from ICR. sir. ahead, go Please

Brian Denyeau

press Alley. to and fiscal review results, in two you, of the joining market the twenty you us financial today. our announced we today MongoDB’s which issued Good Thank after thank close afternoon for twenty release XX:XX third quarter

and uncertainties comparable to call XX:XX Dev. Please measures like Investor discuss these for our and the tables our of forward-looking them. only planned those over filings, of on to CFO. results differ call our this non-GAAP most of Additionally, could our statements forward-looking recent refer update reconciliation XX:XX XX:XX variety XX:XX results, guidance Relations this website including XX-Q. today CEO financial of measure. call, Ittycheria, growth our reflect related made a With to to statements macroeconomic as Gordon, refer related Michael most to future our and the we the we Form of operations, President a clients Dev the the and benefits For market expectations. earnings report our and discussion landscape, business, to financial Any and MongoDB’s I’d product SEC pandemic risks are make could to quarterly on including These the material including During no our measures impact call. statements our today results conference investments. During the to cause platform, ongoing to described on turn directly obligation and risks actual financial on subject that to portion customer this its materially will of uncertainties, in the of are risks MongoDB, environment, that, our views will and opportunities, COIVD-XX undertake please call the from release COO the and on GAAP our behaviors, affect in our competitive of statements actual our and we

Dev Ittycheria

you, I reviewing thank a third giving to Thank for Brian, start by before quarter us you results everyone today. XX:XX our you company and joining update. will

customers. at quickly and of A twenty healthy thousand had results generated inside strong our their demonstrate meaningfully of percent over one their over is XX:XX percent customer of build additions of the ending the zero modern strong with key dollars, apps is our year, run high run of quarter a well. again field many We results Our increasingly third adoption a Both that to fifty our two sales MongoDB five year-over-year customer quarter another of growth performed expansion revenue eight million revenue seven that quarter billion another MongoDB. results, teams financial led year channel. by are them percent now revenue customers third are increasing of customers self-service over choosing quarter representing we fifty the Looking as sales point and driver above grew four of revenue rate. businesses. We and guidance. quarter our increase end eighty Atlas of thirty had

at a As growing multiyear an increased in performance of made MongoDB our QX. you'll some hear as to clear is standard in XX:XX largest Michael, enterprise from commitments of evidence Our is customers number MongoDB accounts. emerging

strengths. as customers. two Let influence of technical growing of with advantages a result to continuously well the market factors, confidence the reinforce go and as performance QX execution and credibility as XX:XX trends play our that secular start that strong with secular me to are excellent trends Our our

allowing and in cloud and build XX:XX critical whether allows to and applications single in run data more way or how XX:XX regulations customers been developers that important. Second, is that availability to native a process to proliferation second, across scale quickly, friction the workloads applications. local offers and code, threats there responds The The the the move predictable controls while use costs incredibly market never paramount to and most or of quickly result sovereignty specific move of digital developers model databases has has opportunities the a easily whether fast. from pivoting removing retriable it's new to innovate enable world. Fourth, they address access, think these purpose strategy, end-to-end to uses to the requirements. address data edge. as data XX:XX ability development needs. customers or and maps the new scale to center data sophisticated first at First, struggled data automatic been sees and to fast per Third, platform and choice and cost and terabytes. of Today, expectations modern MongoDB’s a doing linearly and scale applications application are data is designed and over can data to customers find for supporting specific accuracy platform with sizes to of organizations transactions need. or where Consequently, Silos have unlimited of developers the architecture and reduce address auditing rest. the MongoDB of where one address broad scaling, to applications and MongoDB purpose million operations. want grow. a is overwhelming. deploy in secure are easily have fast challenges MongoDB’s continue demand the of data And company's for and Myriad fifth importance. responsive failover horizontal hundreds a applications MongoDB are security the learning, a there's at Technologies encryption that supports XX:XX be modern a MongoDB performance general on to infrastructure. build Legacy the with the range we managing replication, to distributed also dramatically resilient supports Data resulting performance complexity growing platform for workloads ensure their demanding, database performance of mission any Document grow in

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the success our more than accounts over these this enterprise an to customers, ten With choosing one which still having four our While we thousand days, our growing ability up MongoDB time. of which our on is it's a since penetration trend years impact as driver increase early customers X key of believe the has ago. been of year IPO thirty positive is standard,

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the search catalogs X search research. essential a users our capabilities XX:XX and differentiating build Faster to we navigate like data MongoDB are developers and query market. at announced London, our assets Last in to rest microservice In the stacks. product search Fast a the scalable person exposes wide developer one interface. database the with addition, unified categories. Conference on hundred we operational and that MongoDB’s API, event We Atlas announced results migration provide product filter Developer to and of which least, facets quickly standard core by array counts in API data into via in offerings preview a [ph] faster search and and easily not made it’s which first ability allows and MongoDB XX:XX these announcements search. allows counts which data Brazilian from tech in COVID-XX. experience, all of as start in the Local also customers easily in fully is such to Atlas search applications combines rich but other managed first and since base content we access quickly allows application It integrate standalone are (Dock)

fixed we system Atlas, individuals, unprecedented institutions company gives start upfront with the in the businesses quickly in Atlas the even markets. and the also transparent to of is trusted to the without with interact services based, AWS seventy MongoDB new makes working Italian freedom Intelligent device, lake more. way used latency to applications that test equitable is and the system and Telemedicine and cloud. QHealth ARVR, The engineers makes on avail with products as chose to it XX:XX Robotics, consumers We the revolution at Realm QHealth the large The technology available increasing more of volumes leader AWS stored the the places requirements financial the home Verizon our find subscribe Sync it Atlas, search over cryptocurrency is synchronization the the Mayo services of company part world quarter. the quarter, marketplace. across some on of trial a easy Telecom MongoDB centers health molecular of paired data Clinic. simple to of and marketplace the and mobile ago, to commitment. XX:XX resilient for meet Johnson Now, it's enable their create build that Machine MongoDB smartphones like access new such the center is a database on starting Cloud with go building individuals as and data enabling used counter with our experience reinvent, core the all asset mobile economy. power Their free and a cases analytics in three to economic to go-to-market expansion as is to data so digital for QHealth we more MongoDB we data COVID-XX and leader and Atlas his and than Edge, can growth to communications the performance the communications Data to its a information another MongoDB first communications result products moving pipelines summary, computing adoption close launching Microservices at on The platform Atlas the service of the edges information the without This work and and cloud XG and transactions to XX:XX low delivery closer crypto can pay entertainment. forefront has company or industry fly Architecture. downstream and where a simple as Brazil, been XX:XX integrated channels reviewing it securely use scale million can is of technology the mobile architecture. Technologies, years access partner from organization. few test for NBA, using XX:XX from Johnson multi minutes devices COVID-XX accessible, digital delivery the diagnostic healthcare application, customer generated multi-document planted interesting data service relationship data easier maximize infrastructure, Learning, from together, to launch buying generation powerful TIM a I'd through even Global and by care. choice XX:XX enable in bring and announced platform. wins the enterprise complement sales need transition services edge company This for at dedicated and channels. Atlas and Atlas AWS enable next strong flexible MongoDB and spend had to accelerate to Digital by way Mobile more you Customers prescription, monitoring customer including to as receive their not and and by Vehicle, Autonomous the from a are is the Atlas. up of Italy seeds as the returned Coin of which AWS just TIM, of Google the The Atlas, a offerings and and the use to expanding selected a the releasing of and such In excellent digital MongoDB our

Our results seeds roles, are marketing. to with already their will and engaging XX:XX new in where record accelerating embracing of new to would Source, developers years data planted, long-term market [ph] advantage today brings architecture for development growth. MongoDB. pace deep leaders Customers tech benefit that to from innovation. Peter it we to developer to to the but (Ulander) aspirations, while enterprise turn yield the Cloud, continued not We success that. is of let us come. the will continue officially drive major our I startups to A of vision are our take joined platform in strong expect track brands believe to planting a welcome Before I helping fuels Michael, to we over from are of the core, seeds With AWS, CMO, Open transitions. He application from simplifies a seeds the the plan only to the Peter like experience has

Michael. Here's

Michael Gordon

Thanks, Dev. XX:XX

the results we strong another As quarter and twenty the full fiscal performance review begin in our both and third the third quarter year outlook our finish with financially fourth operationally. quarter, I'll then twenty detailed delivered of mentioned, and two. with for

Subscription we was year the eight up in in fifty two forty to continues thirty point year-over-year performance and revenue Overall, largest third percent last Advanced. services contributor was twenty now our on fiscal First, across in start be applications of up and year-over-year. It the quarter six nine I'll of quarter represents and quarter. was total existing strong the hundred and the point and twenty was and nine expansion our to for revenue up results. the seventeen percent one expectations dollars exceeded four five Total year-over-year. grew one In the eighty of Atlas fifty two twenty strong quarter Atlas fifty Enterprise fifty by million the very given six quarter, percent growth. with dollars professional to dollars hundred revenue third the our Atlas quarter any to Atlas’ percent both quarter of nine board, growth million revenue XX:XX percent percent million sequential has driven previous percent a compared platform. the primarily compared seven the

our towards XX:XX also the this than exceeded expectations As by you anticipated this can new Advanced that QX range of the historical see quarter. expansion in was driven results, demand. stronger higher business Enterprise our strong end quarter

existing adding ended customer had part net operating the we point sixty the is direct overall hundred two direct ago a that one percent, last to consistent we quarter with was the three percent. In addition direct and grew a is the modest some period. gross twenty quarter, year seventy million the percent with in by in two air in up of to seventy an by MRR, term, in hundred and customer indication statement, or margin platform, as one reduction fact thousand reminder, hundred dollars continue thousand hundred unless go-to-market quarter strong being whom expect nine which near our During period. our to our hundred Gross of annualized our well thousand growth strategic hundred customers eight a negative one by quarter which count from is results to thousand two net thousand new and relationship. have nine representing one which in total ago to hundred consistent who year XX:XX percentage strategy It important one margin with are dollars ago compares one We least twenty I'll twenty above bringing over again we in Atlas, ARR year period. success in in land the established customers our two thousand and up mind quarter discussing on be period. new XX:XX income at hundred negative third customer eight for compared the the two down one ARR driven our period. as incremental sales margin dollars in customers Advanced large which count over customers the Atlas our expand self-service profit the We is for As operating eleven ago a year year as customers to to is of our in customers driven nine MongoDB thirty thousand of from thousand period. our customers in partner XX:XX a another three three is the more customers, continued grow as base customers. ninety in now we and percent a Atlas million Of our gross which two Moving Atlas that and total with customer are becoming growth twenty growth loss customers quarter to the one the margin the over point ago over continues percent noted. and hundred two count a over total is five thousand growth five count with keep sequentially customer the basis customer eight third third six to end reflects with XX:XX workloads. have Our in company the with at ago The a year in dollars in to The sales rate our the over customers was of expansion the increasingly one quarter our count revenues. or Non-GAAP Enterprise compared otherwise hundred over

by was of compares outperformance and COVID-XX At operating previously by we travel are Due but less guidance expenses rebound eight expenses. to certain the the ongoing in to attention events marketing based to than contribute This Our loss of our driven we loss but a five is of pandemic, dollars the three we dollars categories our incremental workplace evaluated our experiencing versus equivalents, investments to and also also that to flow, new timing clearly sixty outperformance quarter one in in assumed. loss of with levels the we'd on you twenty that million million these complete, one to XX:XX point now would expectation lower we four to four an shared programs a we year twenty with dollars fiscal had two, was million for our point beginning or the nine six in twenty point spend million expenses revenue their or dollars twenty one-time million pandemic, fiscal outstanding. cash our our two and in dollars as a was of weighted and expectation increase in expenses dollars year. benefit average two ended will normal process point year three. effectiveness. like one Ulander, short-term see point our only incremental share twelve current on zero activities Net ago Given for that the Peter the per marketing hold meaningful nine sustained our one levels this dollars restricted fifty is in do balance point the twenty the dollars much cash, addition, sequential dollars occurring to third QX. certain would point QX a as on expected to million more with eighteen spend amount closely year to average This seven to period. one the revenue. impact to compared in sheet in Turning twenty In we billion it is shares weighted return outstanding cash. We pre-COVID I revert deferred cash our these fiscal from million per expect half. expect XX:XX XX:XX in your most second the zero CMO, quarter to shares while revised point share million

largest our As terms. mentioned are customers commercial recognized multiyear his commitments QX Atlas continued These these Dev a revenues and largest MongoDB. in had to affect companies the Atlas increasingly number confidence typically to of and QX to these high consumption, growth In renew not the these their Atlas these becoming enterprise QX our correspondingly, an customers MongoDB. optimize and nature revenue And early we did commitments are upon XX:XX because of standard – Atlas in of customers customers order have best In contracts remarks, we and the strategic customers. multiyear make partner period.

advance. However, were annually there impact in given was billed deferred an these revenue, on contracts

nine flow compares one. in occur I principal nine renewals point quarter the was significantly five negative point quarter. dollars experienced dollar to fourteen million repayments approximately capital and liabilities. quarter twenty in into early outlook we past. XX:XX in fourth taking the flow to QX million negative the three of While to like what had four in flow was third twenty two point dollars quarter the dollars two. fiscal fiscal dollars twenty point twenty Free consideration This lease XX:XX above would our free and cash magnitude full in now of expenditures cash million the eight after turn year third in for cash Operating in of the negative million was our business, regular finance

quarter, nine dollars. expect two million forty range of to to For two fourth revenue the thirty two dollars we the million

shares of Non-GAAP point sixty based dollars expect to million to dollars twenty range two, on outstanding. twenty be year seven We three zero the to dollars revenues fiscal in For six million dollars. point point loss to two dollars per three loss nine operations XX:XX we hundred the million forty million expect four full range now forty of two eight and zero dollars the million of eleven average from thirteen eight point Non-GAAP weighted one to net share

two, thirty four twenty Non-GAAP fiscal based to operations million dollars outstanding. For existing million sixty Non-GAAP quarter dollars dollars point dollars point of year our full on seven increased loss range confidence To four of well dollars four four expect per zero turn have the zero our XX:XX weighted we average seeing six share be third and Customers as million MongoDB. to shares excellent our be We're six commitments summarize, twenty to and expansion seven MongoDB additions thirty to their net loss point four one delivered customer point point increasing application as platform results. customers. excellent in to strong data within

With open us gives that, the like confidence investments. ahead attractive to we'd XX:XX questions. up on continue returns performance those to and of to increased to seeing we're Our capture it Operator? investing large opportunity us market to

Operator

question-and-answer [Operator the begin first Our comes Morgan with now will We Sanjit session. Instructions] Singh from XX:XX Stanley. question today

Sanjit Singh

a so, customers very time. enterprise congrats for the of of thirds for on back, When been sort revenue. If at expanding revenue, have some around are eight where of terms migration, Thank in I percent for XX:XX the taking it’s subscription quarter. Great? including across of the questions Atlas. step at the two your quite Atlas fifty look we I – and motion almost the board Atlas results mix, look and you a Dave and on The strong with we take

who more to Atlas? uplift Atlas Advanced Now that, are to the And or still when customers of you customers outright a starting do associated Enterprise is migrations on is there Advanced on see Enterprise the revenue that with from common?

Dev Ittycheria

is XX:XX maybe would small by Thanks bulk growth here. clearly is general, Yes, Enterprise is price are like delta. of our significant and only not growth in a some I it's and from really it cloud, in not what to Advanced cloud to increase, but the your customers customers winning Atlas price on would there's say massive net best in of price mission migrated Again, be driven flattish, to also workloads. a new critical you've MongoDB, slight very actually The I the And think to enterprise of happening to transformation terms but tends are moving migrations, who Atlas. still, vendors this a Sanjit. workflows, Atlas question premium, of the set comfortable have seeing very of that's and there's be

Sanjit Singh

XX:XX more Makes also that's going transactional level? think total on financial interactivity with was like sort that customers. sense transactional thought specifics revolution claim of kind that but wondering of around that on the script, Atlas use a integrity. what of of the of financial new the Is and call and interesting. I set in sort was cases being out massive is playing customer on to or more base pretty I tied was to obviously customer That sort your we of on scale,

Dev Ittycheria

Yes. XX:XX

in some I now you level capacity and up to periods days And their I say, some with very, so they trading intense comes quickly, tell I scale. forth. where would they when to think so on along what have what is those with applications requirements adjacent definitely it surges very but lot there's scale performance and unique a some pretty to can of have then transactional imagine could it's have limits the they and to and you deal trading market, volume and

the basically need was could MongoDB. our realize out platform address So there, really they they only

Sanjit Singh

I'll very for great quarter. Congrats Thank floor. see XX:XX impressive. again you. and Well, [Indiscernible] the great the there

Dev Ittycheria

Sanjit. Thanks, XX:XX

Operator

comes XX:XX Our question Barclays. next with Raimo Lenschow from

Raimo Lenschow

EA in to on there about well. terms what one side? kind that we and on again wireless that of side, like deferred the pandemic congrats Hey, come Is for go more seeing as terms I this about doing me investments starting industries, it what haven't Michael is a deals regulated seen customers of kind you Can bit and to in what etcetera. XX:XX yes, the it on more there And doing new are saw from two then follow-up quick talk of post ones. what we can't little you're had quite a you quarter talked back Atlas, people for side? were, that to Dev,

Dev Ittycheria

who obviously XX:XX their the some they're usage Yes, that. they center they that decide a as lot they where who move MongoDB enterprise, want comes they where EA benefit for in can and customers when that's workloads operate to don't they there to continue of are of in in. quickly The cloud move to, are the in customers of just to just by their industry can't running data the and have and we and basically comfortable one have line do driven to of them EA to by expanding code some clearly, cultural then as do own cloud, reasons rewrite its like trained is the

Raimo Lenschow

XX:XX Yeah.

you back But now well. see it's as after pandemic Okay. the do coming

without did do of obviously anything big encourage there's pushing people opinion Okay. is benefit unusual in [ph] of what's on side earlier renewals, and And the seems that to kind here did year, terms financial it of for you terms or like deferred Michael, like early it. of – terms something then (NYSE:TMO) renewing like driving of kind on those the like no kind of

Michael Gordon

Yeah. XX:XX

have over of we've adopt to demand that clear customer years couple to tried to I trying incentives think We've to to some sales MongoDB. we're think increasingly an is tried away for do of of responding really make the this it the people folks what the last things our naturally. strip I is needs, that customer use example easier make and to

be saying, profiles to more looking see commercial more terms more like coming best a And aggregating that them of hey, we internally. looking this and confident is really commit expand result at we'd centric. demand started and their So customer sort therefore thinking demand able being to and and own for what sort to will they internally, it's on of even based us of possible much

Raimo Lenschow

XX:XX Really Perfect. Congratulations. news. good

Raimo Lenschow

Thanks, XX:XX Raimo.

Operator

XX:XX question next Our from Brad Stifel. Reback comes with

Brad Reback

a going Thanks Dev, Can talked the hiring what result. the marketing as a had CMO of level lot. of and sense changes, spend delayed Peter, maybe Great. marketing about some mentioned us will some XX:XX you to forward? go you Michael, market a be the high you of give

Dev Ittycheria

the and marketing major strategy, in you the a his it's and developers. say some knowing underway do want almost and that casting out pulling some and to the around doubling in open down he kind came think basically do source done like would all what were from I of making really XX:XX background of came review to and a other comprehensive engage how there's optimizations programs wanted swings I Yes, of to areas. given but he's to some back cloud also He what central Peter areas

he market making drastic He's So up around with I also and don't building and very and sales the well sure as the Pech, sales as with you'll organization our tighter team are the going market. think together closer so Cedric see any going changes. is CRO efforts and working down relationships market aligned

team. to we're Peter happening, essentially have what's that's So thrilled on and the

Brad Reback

XQ head relates XX:XX XQ of follow-up Great. trends we end to And think Michael, maybe specific we Atlas. some XQ seasonal for quarter, as to to the quick you about seasonal about XQ had last to as year? one you trends talked should the within Anything

Dev Ittycheria

Thanks. XX:XX

Michael Gordon

XX:XX Yes.

I different are think a to there about ways think that. of couple

mentioned, seasonality. results QX compare were sort some in the seasonal that saw certainly we very and strong We're so favorably QX and put adjust Atlas, is of contact as that we think of in softer trying we for in to very strength QX. when the I within you help

Atlas think a the a like disproportionately QX probably very in take other and things. that's One, I'd of out in more in tends terms in another so two the QX call and ago I thing tends seasonality we year mind be basis, QX particularly Advanced had then is said year on important as QX a keep strong macro only base towards renewal Centric, in to well. to to relates factor skewed workloads disproportionately of lot that's as to, it Enterprise Enterprise Advanced, I

Brad Reback

guys. Thanks much That's very XX:XX great.

Dev Ittycheria

XX:XX Thanks, Brad.

Operator

XX:XX from Sandler. question Our Bracelin comes Brent Piper with next

Brent Bracelin

question growth years. here Good the fifty incredibly two Thanks afternoon. fast time XX:XX in it's the for return see for the percent first

was it even acceleration, to like very looks customer On only a quarter. but stronger actually strong here of strong particular than not growth, be new the in Atlas drivers the an Atlas last usage growth the

are follow-up one So, quick renewals? customer side the higher driving walk on kind per usage me through basis you what's of customers, seeing and on Atlas a across of broader what

Dev Ittycheria

Brad. sure, you. things. Yeah, XX:XX few A Thank different

run mix about basis. overall basis. a channel reminder So the business I a We to don't on business run and you as product think have the folks, think we on just the for a

you people kind growth, Just overall so existing but in about about of if terms of the that, expansions of think remember I and think new business then behavior.

was business consistent an the that Enterprise immediately, have recognized expansion, seen to continued then zero as license new new business another six And under whereas as Atlas strong big behavior specifically drove cohort six. to tend of very strong this Advanced term that component of at to doesn't impact typically prepared good what in Atlas end – expansion. of the quarter relates than you've we got it we've be So remarks under see outperformance. for it cohort like workloads, within during I behavior quarter sort sort the Atlas the higher the saw what for higher that we the that across some drive and mentioned

numbers with tell if what our getting bit up a year-over-year direct calculate if per look impressive at but up our that that, a tell customer the can that's and think bit lot is and them, we've lower to you a that who you there's the revenue of of is look a of to started basis. more be relationship that's added the self-service spend a customers tend in net not we've obviously the overall also customers or sales of the, is But the like are they quickly below are average all in established folks new will those that. a we've level revenue that direct as you're I given also channel know and average grow now I at sales can from that given those at, can pretty where and sequentially who and sales You mid-market a result generally Brent, fact this moved the the direct little tailwind new some and disclosure, to numbers if customers you you don't at then

think it. you of results some mix to have And want headwinds think us. so, impress I sort Those if to continued about despite

Brent Bracelin

is forty really customer, to just really onboard a of Thanks. us you that nine sequentially, a renew now advantage early deeper renewals, on [Indiscernible] more Atlas you and it XX:XX to I spend just of understand customers data, financial just that? little about million Absolutely trying for just renewals, some be someone there an can and benefits talked the dollars more would it to and just mean quickly use renew strictly why if to to more early, more to the today there's or tie I'm of kind of maybe or drill short-term some are heavy would unusual years renewed cases, motivated remind be to for try consume would on renewals rebound them little be starting to they're there because why that to solve

Dev Ittycheria

in in discussed doesn't in really the is customers the continues business, and that that reflecting is the may Atlas as out. critical to Sure. to commercial calculation, and into that behavior sort at so They're XX:XX or of do are amounts affect us. number we why larger reason Atlas was wanted QX, benefits they paying are billing increase. spend instructive that's rates, optimizing a they given the Based whatever is call commercial accounts relationship the their These make and run run it their because though And and entering and initial the consumption. levels at to rate. while Atlas it But what were all Obviously, some sure that the part given of for And our the revenue and the case. we therefore, make we be of run of is nature out they're that of those or advanced out seeing that rate not particularly for terms contracts mission measure time folks Yeah. so folks revenue and the are struck get best strategic to meaningfully we've as looking getting deferred result, wanted calculated call with of insightful they they typical. for just the a really try their to said those revenue, certainly they're deal increasing this want higher committed sure are

sort the to business going. of that's an we indicator view reason where so hypothesis future of unlike And of of sort people assumption typical want of kind is as call revenue the up, as part number, billings my calculated again, or of the like but it kind why that they that and that

to run given their rates, necessarily already that and think but nature and it, are sign is exceeded helpful used consumption a I seeing not great usage strategic nevertheless, it's invest the of these at their that it's that around and people to folks were in Atlas expand of conviction based the think often of platform. that commitment, that Atlas I kind continue traditionally as that way

Brent Bracelin

is Thank It with and helpful color. clear you. XX:XX very

Operator

comes with question Canaccord. next from Hynes Our XX:XX DJ

DJ Hynes

mean, just kind revenue thanks congrats Two guys I don't with Brent one of on metrics get net to you, guys. you Hey, start granular with that set of I the last last around question that for start great. seeing of numbers I higher? but the one one six thread to is I'll and I expansion. is fair they've have Michael net retention but around makes given been XX:XX awesome accelerating. building that go twenty questions. that think sense consistent metric here. it of off know disclosure the you're been north growth adds strong, kick But quarters, five, been drivers? has Is it think pretty

Michael Gordon

the one when look and twenty has consistently would they a expansion think rate of at percent underlying cohort that that north XX:XX we Yes, say strong strong. hundred have I dynamics, And been at been level. net the generally air I

I think a been the really mix. success has

their is look what Atlas, a is the else spending what day what if new and is think are Because is I spending coming. a It you part I little remember which on aren't are right about small, rate? customers land coming off everything have think so the of full artificial existing There's you a what well when customers adding and at times blurred. at the customers becomes it's distinction and lot you you're to is bit is new new of between necessarily expansion bit levels customers only customer starting you with one, away and relatively expansion. a little sort bulk expanding as away where and are right within get a as new particularly of

to So, the it's think and yes, cake you have expanding continue of so of that opportunity to lay you that wouldn't just, to expand foundation that, within say however acquiring think both but adding expansion them. or pronged, course, customers we've I added new new keep so got I could then that you sort too them those it of want multilayer think to hadn't about for and but it's if customers you

So hopeful for that helps.

DJ Hynes

then related XX:XX Yeah, that my want is all ask you that's Reddit public investors not sense makes quarter, that I sense. is a at talking to really bit Dave, competitive And question the but to more. to a

used sense cases. at comparative this that's So point? key value maybe more they competitive versus differentiation touching on would document and if than don't know could just you minute be think spend make helpful I or vice a I maybe contrast, there. any versa Where

Dev Ittycheria

sure. Yes, XX:XX

a that cash so case before a lot front use people of early days. end and was MongoDB as use in actually to So, that Reddit the is predominantly used

of workloads We etcetera. have types support between different series, We joints, we set have capabilities relational time a We support much graft a broader key as many model. of document value. reversals, so

sort So we of capabilities. offer broad

multi-document We also asset transactions. support

decline of do learning go that do a data simplifies the do different even modern financial developer was talked breadth do platform in don't prepared data? workloads, data use I against think us can't new base we workloads new we our technologies lots why It and use you How hear really little easy superior. more run every the How a case. our issues. to that quite makes query more of capabilities It's can because we and platform of the how compete battle winning. so, And operational life these example back And remarks net So more it's wider managing you for [Indiscernible] and synchronize for services all silos, far critical to using really of continue becomes supporting and is really have to rare technologies, most and data, customers becomes loudly much that Reddit very Reddit with That what big differentiate into those gravitating from platform we're all it of this secure net data? are how bit different about that that up that just a se. that these We challenges it easy I market. the customers data having one that challenging? But that's so of to them. you that you they're on where it a per mission

they're getting but there's probably So that about advantages. feel some no doubt our traction somewhere, we competitive really good

DJ Hynes

Thank helpful. guys. Very you XX:XX

Operator

Sachs. Rangan question next from with Our comes Goldman Kash XX:XX

Kash Rangan

look fantastic you see I'm to scale to if from at Hey Dev kind supporting? get a of applications you four on curious perspective want Atlas, years what now, do it your of Scope you scale of as look at congratulations core in currently two the clearly or and applications, today system Thank four Dev, XX:XX team Atlas to MongoDB what you break-through other just that much, congrats to you supporting up is from applications, so be again. technological able for Atlas not the are to three years capable that what achieving. are of are looking and now accomplish quarter.

Dev Ittycheria

Kash. Yes, thanks, XX:XX

that because your the to just us will existing the to skill, greater more requirements handle set to high scale have reason modern technologies technologies can't even even point so existing applications of is today's handicapped. really So, one and is we was with customers had MongoDB right? of advantages allow massive the the by of on distributed to built that environment one out is say I'd scale what there, data So very from definition, And be the coming requirements. relational performance system, and a amounts as deal day

so and when building and data out, capabilities. impact running And so, around and performance, we're and views impacting upfront can replication isolation, grace doing so and that predefined have things away we're of trying that just for when we've these the things and CPU shorting more analytics, queries sophisticated done versus scale data sophisticated run resiliency, chipping all then to workload more that you're user adding ready you those, for things materialize like a doing you usage, it need lot

the So and we be it's just what me now, because and pushing for hard years because built world performance well. on allows our customers and all architecture, fundamental on customers needs. five are platform and to see doing over we'll And most others us basis demanding here no sophisticated other been advantage have can we're the the why envelope and distributed their a to scale serve but out address of we've say a from that's MongoDB like technologies the other that using there really and coin

Kash Rangan

Thank Wonderful. Dev. much. you holidays, very Happy XX:XX

Dev Ittycheria

Thanks, XX:XX Kash.

Operator

question comes next UBS. Keirstead Our XX:XX with from Karl

Karl Keirstead

you about and Oh quarters to go the from not the was business, XX:XX you EA that know you elaborate. Thank business demand, the maybe you over acceleration we that you. to EA mid-teens was rate percent can acceleration twenty business you. if if I is growth the beneficiary ask generally of of thank I these to could growth mentioned wanted renewals, but it an would early Michael, what attribute the last back couple new

Michael Gordon

XX:XX Thanks, Yes, certainly. Karl.

great cloud journey. to Enterprise to while goes is we're is as cloud our of clearly, seeing could them adoption they is to this a choice to to eventually a that setup customers ready the David to back of wherever which on Advanced said the things goal customer not in their lot while, Atlas, give a cloud think for of some be we've I are and as be meet every alluded earlier I to broadly, and moving proposition the line. But for that here the expected when not are of continuing resonates so and we fact more it. that better are sort expand with think speaks quarter from to ready value who forward that and of it that drove, they into sort footprint the we cloud to just MongoDB customers saw product have MongoDB their add the customers

Karl Keirstead

Got XX:XX it.

sort tempered trend you you. us like Michael, be the does this if commitment DR for another to you to this one then feel a pulled XQ offish? of And helpful. way, just larger renewals XQ, on does like is That's multiyear it deals (DR) don't and feel maybe forward. Okay. our [ph], put if and in encourage renewal, growth Or fact mind, somewhat back it were of start phenomenon it estimates in is early Thank some would

Michael Gordon

Yes. XX:XX

I of yes, like, might a off. yes think that the think in I'm sort seem even to going of though one to sense it's contradictory say both somewhat I so

within to directional we I numbers think more sort I think off a strategic time at wanted unduly would you didn't to it and why is which take call in with becomes but as of the part explicitly out, of is trend term more all accounts, sort the it. as get Atlas of over least do one want near certainly the of so extrapolate, it people do whatever reason this

Karl Keirstead

That's Thanks, question. my for clear. Thanks Yep. XX:XX Michael.

Operator

next Securities. question Our XX:XX comes Walravens with Patrick JMP from

Patrick Walravens

XX:XX and you Thank my Great. add let me congratulations.

cloud the and been massive trying the transformation, that's because Snowflake, it are QX. Mike carefully already all out what of reason through distributed in enterprise, rates you've that been listening broader I've and Datadog all as been I've some to common at might all Confluent, Dev, the themes and we've guys So, going to be MongoDB, benefit been an the mentioning in high growth accelerated figure having super architecture you

love hear you few thoughts if I of on have that, to So one it. would

Dev Ittycheria

of say from what a also would but question. workloads of cloud, the massive workloads apps, are of they there, standard get thoughtful things. to moving to aggressively taking move are XX:XX that's transformation think mission One, some vendors, I to going but the to cloud, the marketplace? couple a course, but just going the buy I the where choosing Well not I this in the are. availability to what themes moving very approach that we obviously, they Are or cloud trends scale performance been mentioned, And there. time, positioned the well be they about they've important, general now to no, any but a course, increase by purpose technologies seeing want critical to to to breed think enterprise people are. move, and development. to – your What of just we And to use point going there to workloads the are running taking just need security and that they so is standalone not thanks. best tertiary are. Are Thanks cloud move faster platform? tier single going the course, second they about taken their for best to as speed and a but beneficiaries have available they providers, really through the basically technology are you're of grow people desire is they the time requirements want of over and databases purpose offerings really The they're Our of I going and

customers will. one of both they Our choice, course,

to cloud. feel increasingly MongoDB customers and So trends choosing all the in be I you're their those to we our that's critical to applications only run think why playing strengths going seeing are mission

Patrick Walravens

you. Thank Great. XX:XX

Operator

Macquarie. Fred XX:XX And Havemeyer with our next question comes from

Fred Havemeyer

you. XX:XX Thank

really platform so development perhaps adopting much about their lowering But path more to utilization Atlas really what drivers? make this growing aligns described, like earlier cycles consumption announced and that UI enterprises year the because certainly supporting recall several also something of your to loop How you agile I Last with code it's tighter be I and got question much on and than think you've of adopted kind workloads. Also recently startups hands you for I'd on just that's that in you it We that shut historically. more tightly but on deployment traditional MongoDB, for [Indiscernible] for trying Atlas. has no have should So like Atlas growth I pays say, announced rapidly had MongoDB align go and the versus innovative announced you it board database MongoDB, going scaling. here. looking adopting you're to it quarter, across thinking say need MongoDB, been to

Dev Ittycheria

XX:XX Yeah.

we go an offer could for without The announced any via I sign make is one the also clarification. So AWS. that that at option your question. you up to AWS commitment and thanks We've option you to self-serve as marketplace always pay essentially want actually just new had now. we where only

zero customers dollar can started. get to with salespeople offer contract to that the Our just for sign up basically

really they transact marketplace, available there as a pay the a on we even because to the just you So AWS lot and go make Amazon obviously, is just feature want it mentioned, we to making easy more for part easier general as team, with use just engage on of the Atlas. to Michael for But just, customers customers it's and more Atlas. marketplace

of that lot them of I many because In starts a brands to that looking MongoDB, future. obviously, well-known great the sign Because for that's using who we startups on of of question many signals today I'd think to me, are Oracle and time. prepared using is for, I a MongoDB, startups betting a ask when are like and you I how so signals can't we but terms me, attention are also spent mentioned of in MongoDB, using pay couple large fact remarks we really the the to are

some MongoDB, tech using because stacks those what MongoDB really application that's And future. are a we are good basically our generation at starts the modern of developers? that's the ecosystems and using? feel using? of What help center at looking good framework you're but Now where the are next of sign What for

Fred Havemeyer

is Thank you, ranking some stock Dev. your to. consistently think Yes. that XX:XX overflow on And reflected I that of

Michael. a question for quick So follow-up

over I there any many customers in get spend north seeing qualify Atlas ARR Are of that how that an on think, said Atlas are million approaching dollars of one your on you ARR? would one of on level dollars customers we alone. like for thousand update can hundred out

Michael Gordon

couple things. of a so Yes, XX:XX.

material alone. one hundred sixty of So, we to spend that that no on roughly this have qualified their Atlas the over year number. earlier customers percent K There's just reported change been would

continues So, strong be a very I think it of to Atlas. percentage

so And we're customers that's surprising not given make. increased that investment the seeing

Fred Havemeyer

a Thank strong Congrats on Great. quarter. XX:XX you.

Michael Gordon

Thanks. XX:XX

Dev Ittycheria

XX:XX Thank you.

Operator

XX:XX Our William Jason next question with Adder Blair. comes from

Jason Adder

kind the it just whether in more wondering half, Yeah, second of is from And changed in of XX:XX just of been way. had in the Hey if but the want I thanks. something is maybe something able ground you've here you is I to ever. the biggest I'm to to ask cloud there where separate transformation a you've the guys. This somewhat, yourself market enterprise velocity different this know slightly kind it covered the specific or beat company competition more?

Dev Ittycheria

XX:XX Yes.

Jason. think I the thanks,

I of a think couple sort we of as the things prepared in tried out remarks. to call

follow in to customers are the see I expectations. so to growth of also to that customers, are consistently are ups certainly then the made MongoDB continue and I really adding easier think to those strong strong of some and the the terms multiple the we all about and that adopt resulting desired easier having think people things find the as and of expansion across of typically We we're just the quarter attractively, Enterprise continue and kind of we than questions be and working with we going it's really we've and the and quarter strong behaving quarter and in our it really get continue to effects Atlas sort beat combination it a of that add the board. a great is well platform beforehand was in their cohorts so of making was changes legs I from kind like the think on the Atlas a success it really Advanced there, which talked just stronger commented sort in

Jason Adder

XX:XX kind product that it? of to way maybe half So, various it's are where good fair think macro your really a moving things Is and have cloud areas. half just about execution faster to across

Dev Ittycheria

say, I think I I going large look hard incredibly parse and just of market. that way guess back sort to after XX:XX we're it's it an

that at effective increasingly being capitalizing on opportunity. are market We

proof showing of in sort Dev that see the sort You numbers. remarks things of talked in the up impact about prepared the social like and other that.

added so to just that think an really And all I quarter. up exceptionally strong

Jason Adder

guys. Thanks XX:XX

Dev Ittycheria

you. Thank XX:XX

Operator

from comes next XX:XX Oppenheimer. Our Kidron with question Ittai

Ittai Kidron

the surprised made saw the number every is that I its to to at their and same announcements question database and Great At point the DocumentDB front. of highlighting my Thanks. that was serverless right regards also right tool on be been this the the have. AWS compatibility week, Dev, to I it numbers. they pretty at event the for you with in event XX:XX last more version for job. pushing I and the much Vegas, of mantra they've the platform by think competitive was [Indiscernible] time, also couldn't you, whole

of little being So, you it a taking clearly extremely approach and they're they're like different seems a successful. bit to

question that simplify then guess everybody to bit lifted market that getting of market strong your two-fold, but read is they could right serverless platform, now? a you and is any in what all more your make I that my So to comment, right announcements or one, we did significantly second, life up make overall necessarily difficult you to is adoption number shifting what the just, all here platform. platform both, very It's just the for and the

Dev Ittycheria

it see face good Well, have reinvent, to eta, to I'll conference. face to was one at you XX:XX Yeah. good actually make a it’s

parts, don't So those use customer our all databases. do have want different and announced that I lot said a believe couple terms on or a in backup No just that over demands on spent those databases. even the data, don't a just and DocumentDB we've we synchronized is the be to know fifteen knowing customers clear database an having second and different that operational a size serverless data wanted use very been any still to for strategy that working technologies, managing, of in offering We different data, and challenges announced say We MongoDB, that I would the to organization. Because sitting I with serverless capacity pick data we that many not have The create our different things. their is scale summer customer I the team if front of use XX:XX planning sales supporting eighteen One, I to nightmare. of and to that a particular elastically does and it would grow. strategies. say learning, challenge make want the off time reason serverless serverless the people the we as that is not AWS customers. how silos, thing was a will simple, different is instance it easier all would that very while. to versus

of why obviously a really I that's they customers seen And – There's and we with platform consolidated general a reach our for is brand. in to our lot numbers. has Amazon resonating of it's a have a purpose would workloads big believe customers so our approach and say market. obviously can offering And our big get

doing them many clearly, others our and our the well, and we're So about competing and position. we holding competitive feel but and partnering good with own we're in really marketplace they're doing extremely been effect we've feel, well, we

Ittai Kidron

Thank XX:XX Very good. you.

Dev Ittycheria

XX:XX Thank you.

Operator

comes Our XX:XX Phil question with from Winslow next Suisse. Credit

Phil Winslow

focus guys our Hey wanted quarter XX:XX and my just channels. thanks in Obviously, good taking highlighting for on-the-go-to-market on having especially congrats question. to been We direct.

for is they year, buy more two? want plans if capacity terms and detail next of So sort you just are there? seeing success, highlighted you channels so those you Thanks. are trending also new back was new question wondering on do the non-direct some How things it of in self-service of feel there hiring channel, things but the

Dev Ittycheria

Yes, sure. XX:XX

as it's another we're in operation you So, increasingly basically, hiring, market. possible. our as the playbook, grow quarterly to calls great capacity in that for running we're the we're many and yes, segment the as fast quarter of sales same about was trying going talked to QX

very probably organization, some have cases own market healthcare, a segment user business that but where maybe and inside capital know, have sophisticated being is big leverage financial like some now retail, applications going target comprised of a we're of that's technology, field there's natives areas manufacturing, can commonality we finding sales learnings vertical etcetera. field mid-market we we're sales raised margins I’d organization, started have also of in our you of We're As across, at building where digital the like lot us. the their to, say on looking for services, we common use really

terms in of things all that's optimizing go-to-market. and just so refining And our and

slightly again, business, sales, partner helping organization it's inside effect. self-serve side, drive the self-serve the really our on look a is creating and sales our and so virtuous organization And combined really filed

sourced clear, from over of be half Just the to even self-serve. was Atlas today, revenue in

way a them customers acquire is channel great even then uses customers organization self-serve the sales the and and require to So grows our faster.

well. really is So working the cycle virtuous

Phil Winslow

congrats Awesome. guys Thanks awesome on quarter. XX:XX and again

Dev Ittycheria

Phil. Thanks, XX:XX

Operator

from Our Citi. XX:XX question Tyler with comes Radke next

Tyler Radke

non get you to partners Hey, accelerate my you kind script, about of to these question. I relational as how in into away XX:XX you're large talked I'm deals, well. ask the that help platform cloud just for bit taking seeing thanks I are curious from wanted these also a you migration larger help those seeing but the if you know prem incumbent

cloud how Thanks. a kind does to evolved an of partnerships from large perspective? relationship platform talk Just

Dev Ittycheria

all said it was realized again, of XX:XX the multiples so between services other relationship. customer is of Atlas use well that's week. compute us their spend that I the win it's Yes, it of the as storage with cloud, say What the cloud would is a workload on who sounds and consumption there last Sure and and ancillary like underlying is platform revenue partners truly have good the reading of clean when see that to as shave Tyler truly, on may that a then kind workloads beneficiary that win and moving the

a partner because very we're got AWS really lot working becoming is at obviously some great the senior of them. and very, together level business we're our relationships partners we're meaningful with So, lot – seeing of last and we've week, seen people relationship doing for and a

that bit to work five they're announcement talked little deeper organizations is work was so well to superior We're have with now the other with the as obviously each a through not with the only providers aligned pay time when not us than and clear and with and some so important them these you have salespeople an together a business rep and who more the the much with doing marketplace. also because when competitive trusting work had going offering last closely ever years. announced naturally And important about, of go, are now types to sales the happy Atlas to as someone cloud to most may integrations took get that lesson we happening. them particular the And work have incentivize I offerings to they that's of integrations, for the work are to AWS comes to been over think since well far and We've them launch of the we've product becomes it's, but working learned a have essentially it and what's from competitive we you solution, lot that to we

for customers to which and is us provider So we're news just together, making the business everyone. easier for with cloud good

Tyler Radke

XX:XX next that you're year you you Great. was And your just faster quarter. then sales year? on hiring, force needed mentioned they it anticipate this a than strong to Do going grow direct

Dev Ittycheria

prepared March to just to we sales have fast XX:XX operationally high as Yes. in would we've don't think bar. capacity, been a quarter, our I this go I that'll say grow tell now, as be we're next, what generally, into we'll you trying the possible do do but

So, the place leadership and out. to quarter way the reps we to salespeople capacity in to – in we're the going Italy. develop in got sure have in make want hire get also quarter and execute we that just And consistent we not sales to

right have of think and where about So planning in place we we etcetera, how but leadership as lot of thought trying move people. we're in put possible? have etcetera, the Do fast to a we capacity as terms we

Tyler Radke

XX:XX you Thanks. see to in last Good week.

Dev Ittycheria

Tyler. Thanks, XX:XX

Operator

Needham. Andrews Jack from question with comes last today Our XX:XX

Jack Andrews

for afternoon. there's fitting update just patch the Thanks rate in should may drive, to of wanted quick provide you if names time how Atlas XX:XX consumption? pace the a within and opportunity on call. that maybe just and thinking Good we series about the that and be that can I how ask

Dev Ittycheria

Yes. XX:XX

data. by that is collect reliable made much seeing and easier for we're small is easy what series that is organizations think through wireless is a so and you networks times the the it and fast the so I time growing generate have driven rapidly that for, much his use case I is quite IoT expensive what and to think sensors just

for and cars. data have will unit stores, points electric seven sensors over So, cars the now one thousand Walmart million example, in

could monitors, watches, etcetera, So those etcetera. meters and across sensors temperature glucose sensors, board, blood smart smart be the

the a so so grows those Charter their time service opportunity one opportunity transaction easy. series that very We've they and have now value scale time to sets something as enhancements made can volume big big platform very to and much the now before some this data on replica focused us we we or ingest one key well quickly we're support can And quite designed we MongoDB experience that that's developer benefit can that on. just they makes workloads that that's again, [Indiscernible] you'll of clusters intensive after the data and and see, And going platform run is again workloads run one so more all so close, can they with workloads, see and can where etcetera, run aggressively. customers life on

Jack Andrews

Thank congratulations. And XX:XX you

Dev Ittycheria

XX:XX you. Thank

Operator

to turn XX:XX comments. back This question-and-answer call Ittycheria to I'd session. Dev closing over for the concludes any like our

Dev Ittycheria

XX:XX us Well, for today. thank you joining

and performance are incredibly to Take As confluence really our as an as technical fact forward I for with the you is the and would and very QX happy know, advantages and well that we increased to wish holiday again planting customers. us soon. excellent really season trends growth. With and just strong growing our you secular the to our execution future our to think like to go-to-market we give quarter look results care. confidence of consistent had reinforcing safe talk reiterate due are and really investing And to everyone, that, I healthy continue seeds

Operator

Thank concluded. you for attending presentation. conference The has today's XX:XX now

now may You disconnect.