MongoDB Inc at Citi TMT Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Great. Well, I thought a good place to start would be the most recent quarter. Clearly, a very strong quarter across the board, but particularly in Atlas growth, which reaccelerated to 29%. How would you just sort of unpack the drivers of the quarter? Obviously, there's a lot of excitement around AI, but there's also a lot of your own execution improvements you've been driving. And maybe there's some broader strength in the database category. Obviously, the Snowflake, Microsoft Azure continue to do well. So help us understand across those dimensions kind of what drove the strength in the quarter.

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Right, right. And so I'd love to double-click on the workload strength that you called out because I think for a lot of investors, right, it's not a KPI that we can easily see. But maybe just give us some examples of like what are the types of workloads that you have acquired in the last year that are doing so much better than a year ago? Is it just size? Or are these maybe more complex, high-growth apps? Just give us a sense for that change and how to kind of think more about those workloads.

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Got it. And one of the areas you called out in the quarter was strength in large US customers, too, which I think was notable. Could you elaborate a little bit on that? Was it kind of traditional enterprise customers? What were these types of apps or use cases that you saw?

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Got it. But to be clear, you're not embedding that, that strength kind of continues on those large US customers in the back half --

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Right. And I guess if you just back up and you think about the go-to-market changes over the last few years and to use a baseball analogy, like do you think we're in the later innings of all those changes? Are you satisfied where it is? Or is there still kind of more room to improve either on the workload quality acquisition or other parts? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 7:30PM, MDB.OQ - MongoDB Inc at Citi TMT Conference

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Okay. Okay. Great. So hopefully, after this last quarter, you're getting a lot less questions on Postgres, your favorite topic. But I did want to ask about that just from the context, I think, when investors and others look at many of these AI start-ups, some of which you have, but many of them are using Postgres. The Stack Overflow survey, which just came out, showed Postgres kind of continuing to be one of the top databases. So -- and of course, it's a big enough market. But why do you think it's become so popular? Like how would you attribute -- what would you attribute that to?

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Yeah. No, super interesting. And I guess as you think about that dynamic where some of these start-ups in the valley and maybe start-up is not the right word given the scale of their revenue where they are running into Postgres scaling issues, like how far through that opportunity are we? I mean I know it's early days in AI. But like as we think about the new customers you've added, are those like Postgres replacements? Or is this something that just hasn't really played out, but you think maybe in the quarters and years ahead?

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Right, right. And when you think about your use cases within these AI customers, are you -- do you sort of envision that your -- the growth of the Mongo usage will scale with the revenue of those businesses? Or does it kind of depend across AI customers?

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Got it. Got it. Okay. I did want to touch on migration -- the migration opportunity, just given there's been a lot of product innovation with the relational migrator tool. And I know you've kind of been ramping up almost like a forward-deployed engineer-style model to help accelerate these migrations. But just talk to us, you talked about the relational market consolidating. How is that -- how are you taking advantage of that in terms of that migration business?

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Got it. Okay. Great. Mike, I did want to bring you into the conversation here. Obviously, Dev mentioned the Investor Day. But before we get into what you have planned for all of us. I'd love for you just to kind of give your perspective on how you think about efficiency at Mongo. I think you have two quarters under your belt or at least two earnings calls, and you've raised margins twice, which is good. So what were kind of your observations around the efficiency? And what are sort of your goals as it relates to that?

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Yeah. That's great. And I'm sure there will be a lot more you'll share at the Investor Day coming up. But I mean, do you -- philosophically, do you kind of think about some balance or Rule of 40 in the growth of Mongo? Just anything high level without you committing to specific targets, which I know maybe we'll get in a couple of weeks.

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Okay. That's a good preview for a couple of weeks from now. So going back to AI, Dev, you hit on Voyage a little bit, but I thought that was an interesting acquisition earlier this year. Certainly, embedding models are increasingly important as it relates to the emerging AI stack. And I think Anthropic actually kind of recommends Voyage as their default embedding model. So how do you sort of -- what's the vision around Voyage? And are there other parts that you kind of expect to fill out around that kind of the emerging AI stack?

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Got it. And Dev, just on the -- I wanted to talk a little bit about top of funnel and continuing to attract the next generation of developers. I think it was probably seven years ago when you made the move away from the open source slicing to SSPL. Clearly, the company has grown by orders of magnitude, both in the customer base and revenue since then. But how do you -- what are some of the things you track internally to measure that you still kind of have that developer network effects or popularity? And yeah, I mean, what -- just given the rise of other technologies in open source, how do you kind of stay close to that without, obviously, the risks of giving your code base to Amazon or something like that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 7:30PM, MDB.OQ - MongoDB Inc at Citi TMT Conference

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Sure, sure. And I guess you touched on the hyperscalers. Last year at your Investor Day, you had a gentleman from Microsoft, obviously, on the Azure marketplace business. Microsoft obviously has seen their growth accelerate quite a bit since then. Last quarter, they did call out strength in both Cosmos as well as Postgres, database strength across the board. Are you -- how do you kind of view yourselves within that context? I mean is there a bit more competition as opposed to partnerships? Or are you kind of benefiting from that?

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Yeah. Great. Well, in the last 30 seconds, I just wanted to leave it both back -- or hand it back over to you if there was anything you wanted to get across to investors. Any other previews you wanted to slip in for the Investor Day coming up, but I appreciate you making the time here.

Question: Tyler Radke - Citi Infrastructure Investments LLC - Analyst : Thank you. Great. Thank you.