MongoDB Inc at Goldman Sachs Communacopia & Technology Conference Summary

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

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : Thank you for joining us. Dev, you've been the CEO for now 10 years. I know it's hard to look out five years, but what are your aspirations for the company in five years? Where do you want MongoDB to be? When you come back to Communacopia + Technology 2029, what is this company going to look like?

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : Not that you're going to give a $10 million long-term aspirational thing?

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : And Michael is looking like, no, that's not going to happen.

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : I like that. I like that. I forgot to mention, but Dev, I met you in 2006 or 2007 when we worked on your first company IPO -- 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 09, 2024 / 3:50PM, MDB.OQ - MongoDB Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : Back then, I distinctly remember how you explained provisioning technology and how -- clarity of thought and clarity being able to explain the strategic vision has always been a very strong thing with you. Michael, shifting over to you. We're looking at -- we're already starting to look at calendar '25. When you talk to customers, what's on their mind as far as IT priorities, budgets?

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : Yes. It looks like the AI thing is real. Your customers are talking about it, you're talking about, we're talking about it. Just making sure. We lived through the dotcom buzz, I mean, it was not that good. So there's a natural skepticism, is this thing really going to work? And it takes a lot to --

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : Yes. So on that 2% share, Dev, you've got 50% logo share, which is incredible, the Fortune 500 including Goldman, we use your product, but only 2% share of the database spend. What could you do to unlock greater share? And in particular, what -- if it's a logical part of that question, I think the strategic accounts program is an important lever to be able to unlock that growth. Where are you today in that program? 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 09, 2024 / 3:50PM, MDB.OQ - MongoDB Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : I wonder if there's some way you can feed this into a GenAI prompt and say, these are the characteristics that made this a strategic account. So how can we harness the non-strategic accounts to become --

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : I hadn't planned on asking this, but maybe it's a natural question. Do you deploy GenAI inside MongoDB to get efficient at certain things?

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : Okay. So Dev, maybe bringing the discussion to more recent trends, the hyperscalers have put up solid numbers in recent quarters. And it appears to some extent, their database offerings are benefiting from the push towards generative AI. So we'd love to get your thoughts on whether this comes at the expense of MongoDB. And if not, why?

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : And Michael, Dev made reference to the strength of the new business. And I think that's been a really palpable part of the MongoDB story through kind of a weaker macro environment. So if we just focus on the expansion piece of the growth algorithm, like what's happening underneath the hood from a consumption perspective, whether it's the digital natives or the enterprise opportunity? Could you speak to that?

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : Very helpful. And maybe just kind of shifting the discussion a little bit to kind of EA versus Atlas, right, it seems like EA continues to perform incredibly well. You talked about really solid pipeline into the back half of the year. So if you could just talk about kind of those customers that continue to kind of commit to Enterprise Advanced versus kind of the Atlas opportunity for Dev or Michael.

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : Model transitions are always very hard to pin down, unless you rock the product that you want to sell less of. In maintenance mode, no more enhancements and sunset mode, that's not something that you would want because it's -- as a product, that's a really, really good product. Shifting to rate cuts, we just hosted Jan Hatzius, our Chief Economist. He talked about 25 bps, 50 bps maybe less probable. But how important is that as you look at your business and you get through multiple cycles? Could this be a tailwind or not? What are your thoughts?

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : In fact, Jan said that a year out, he expects rates to be -- a year plus out, 325 basis points, which is a big reversal from where we have been so if he's right, that's hopefully more optimistic. Dev, you've been through multiple tech cycles. Is GenAI overhyped or real? My voice is louder this time. Did we crank up the volume? Thank you.

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : So am I --

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : What does that inference world look like, if you can imagine that?

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : Sticking with that thread on real-time information and inferencing workloads, it sounds like MongoDB is making a big bet on kind of the RAG architecture as kind of the primary enabling technology for a lot of these applications. So can you maybe talk about the distinction between maybe RAG, fine-tuning and kind of how MongoDB's Atlas Vector Search and stream processing kind of fit into this?

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : So why not become an apps company if generative AI were --

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : Okay. And what are the things, Dev, you've done from a you -- you answered this in part, but from a product perspective, go-to-market perspective, what are the things that you've done to retool the company for success in GenAI ?

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : Excellent. Do a quick pulse check and see if anybody is brave enough to -- if you've had your coffee. Yes, I do see two hands. Go ahead. You can just shout it out and I'll -- Unidentified Participant Maybe if you can dig a little bit on the GenAI workload as you see it in the next year, five years (inaudible) 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 09, 2024 / 3:50PM, MDB.OQ - MongoDB Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : So you're basically saying slow to learn, quick to conclude. There's another question, was there? You can just -- yes, if we can get the mic over. Unidentified Participant You touched on this -- all of these investors are trying to figure out who are going to be the main players. You talked about Mongo being a core ingredient. You touched a little bit on the hyperscalers. You just mentioned Databricks and Snowflake. Of course, there's (inaudible). Can you explain to us why Mongo in the inference world will be a core ingredient of AI versus all these other players? What's the difference? What are the distinctions of what you do that will allow you to be one of the winners?

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : I think there was a question here. [Ishan], you had a question. Yes. Unidentified Participant (inaudible)

Question: Kasthuri Rangan - Goldman Sachs & Co. LLC - Analyst : On that note, why don't we wrap it up? Thank you so much for your time --