MongoDB Inc at UBS Global Technology and AI Conference Transcript

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

Question: Karl Keirstead - UBS AG - Analyst : But CJ, welcome to MongoDB. Welcome back to Scottsdale. And maybe where I wanted to start is a little bit about your early vision for Mongo? I know you've only been here probably 30 days or something. But I guess I was struck by your comment on the call that you envisioned MongoDB as being a modern data platform. When I hear that, it sounds like you want Mongo to be more than amazing document store database. And so maybe you could lay out that vision even though it's quite early.

Question: Karl Keirstead - UBS AG - Analyst : You know a few things about database.

Question: Karl Keirstead - UBS AG - Analyst : Yes. And you've also got an amazing opportunity to leverage the developer mind share that Mongo has built over the years. I followed your story from way before when Dave became CEO and one of the tenets of Mongo has always been that developers love the product. So that's an amazing base to work off of here. CJ, let's talk a little bit about some of the broad themes out there. I think I'm certainly not the only one noticing that across the software space, there are pockets where we're not really seeing any growth acceleration. Frankly, it's flat to down. The one area where there's consistency and it feels like the whole category is inflecting is interestingly in the data space, where Mongo is accelerating Snowflake. We had Ali at Databricks on stage yesterday, Palantir. So the whole data category in software is accelerating right now. Can you just pinpoint the one or two things that are causing that? Certainly, when I talk to enterprises, I consistently hear this theme about needing to better utilize their corporate data to make it AI ready. But something broad is clearly happening. And could you perhaps help the audience understand exactly what that is? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 03, 2025 / 3:15PM, MDB.OQ - MongoDB Inc at UBS Global Technology and AI Conference

Question: Karl Keirstead - UBS AG - Analyst : I'm not asking for guidance, that will come in three months, but maybe I'll phrase it this way. These drivers you're talking about, CJ, how durable are they? Is there anything that you can share with us, maybe it's anecdotally, backlog color to make the point that these drivers can persist next year or year after. Ultimately, what I'm getting at is, what's the duration of this data investment cycle you appear to be benefiting from today?

Question: Karl Keirstead - UBS AG - Analyst : I'm not hearing that --

Question: Karl Keirstead - UBS AG - Analyst : Okay. Let's talk a little bit about more specifically the effect of AI on your results. My impression from listening to you the other night is that you put up that stronger-than-expected results. But not because of some direct AI lift. I think the way you were describing it was that it was a core strength, actually, which makes Mongo interesting to a lot of people in the audience because if you've put up that strong performance in the core even before that direct AI lift comes, well, that's interesting because then you've got a potential growth catalyst sitting in front of you. So can -- maybe this is for you, Mike, can you draw that distinction in terms of where the strength came from core versus AI most recently?

Question: Karl Keirstead - UBS AG - Analyst : And is the catalyst, Mike, that we're waiting for as simple as enterprises like UBS start writing more robust enterprise-grade AI applications that create a pull-through for database that maybe today, a lot of the AI applications are somewhat lightweight and they're not super database heavy. But sort of Phase 2 might be that catalyst? Is that conceptually the right way to think about it?

Question: Karl Keirstead - UBS AG - Analyst : Got it. CJ, let me ask about a subject that's somewhat relevant in the markets today. The markets are a bit heavy today. I think on additional media stories about the pace of enterprise agentic adoption. I think Dave and you, more recently have been on the more reasonable, I'd say, accurate, actually, end of the spectrum on that debate, hyping it versus being quite reasonable. Do you want to weigh in with your review? You talked to a lot of customers, not just since you've joined Mongo, but prior. Where do you think enterprises are in taking truly agentic apps out of pilot actually into production. And Mike said when, not if. Can you give your best guess as to when the when is?

Question: Karl Keirstead - UBS AG - Analyst : Got it. Let's switch the subject maybe to competition in your space. There's always been intense competition in the database space for as long as I can remember. Still the case, but in your defense, what I would say is that 10 years ago, you were 1 of probably 5 or 10 at the time, no SQL database vendors, and you've actually been the one to emerge from the pack, well, a lot of them have still stuck at $100 million, $200 million or sold themselves. So you've won that race. But today, you're still looking at some competition. So let's go through three categories, and Ben maybe went away in as well. One is a lot of us have been hearing about the popularity of Postgres relational databases, where Postgres running on Azure and AWS have partly, maybe not entirely solved some of the scaling issues that used to be a blocker years ago. Ben, do you want to take this one? When you contrast Mongo against Postgres, where do you live on this debate? Is it sort of room for two because the overall demand is so strong? Or do you feel like you've got an opportunity to take some share from Postgres?

Question: Karl Keirstead - UBS AG - Analyst : Got it. The second category, which we were thinking about yesterday because we had Ali at Databricks on stage is some of the OLAP vendors are stepping into the OLTP database space. And Ali was quite proud of their new Lakebase offering. So when you think about those guys, the likes of Databricks and snow taking early gentle steps into the operational database space, what do you think of that?

Question: Karl Keirstead - UBS AG - Analyst : The third and last one is the hyperscalers. They're native databases. None of us can leave a meeting with Microsoft without such in company bragging about Cosmos DB and how customers are coming to them for their native databases. Has anything changed in terms of competitiveness versus the hyperscalers, Ben, CJ?

Question: Karl Keirstead - UBS AG - Analyst : Mike, let's turn the conversation to you for a moment. Congratulations on the October quarter results.

Question: Karl Keirstead - UBS AG - Analyst : I think one thing that stood out to me in my judgment, the 3Q results were very good, but what I thought was really outstanding was actually your fourth quarter outlook. where you raised it quite substantially. And if I know you wouldn't encourage us to do this, but if we assume sort of a normal-ish beat on that guidance, you're getting a fairly marked acceleration in your total revenue growth rate in the January quarter. Can you unpack one or two things, Mike, that gave you that confidence for that acceleration in the January quarter? Because to me, that was the highlight of the print.

Question: Karl Keirstead - UBS AG - Analyst : Mike, the other thing that stood out to me was that since you came aboard, I'd say on the margin, you've been giving a little bit of color about how to model Atlas, but more directional. You went one step further on this call where you gave a point guidance for Atlas, which I think everybody appreciates. It leaves out a little bit of a guessing game, how to apportion total revenues. But one interpretation of that is that you wouldn't be making that disclosure improvement, if I could put it that way, unless you felt fairly confident about the Atlas business. Was that the correct interpretation, Mike? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 03, 2025 / 3:15PM, MDB.OQ - MongoDB Inc at UBS Global Technology and AI Conference

Question: Karl Keirstead - UBS AG - Analyst : The last thing the -- I wouldn't even call it a flaw because I think you can explain it. But one of the only metrics that stood out to a couple of investors that hit me, Mike, was that the direct customer count fell slightly for the second quarter in a row. But I think there's an explanation for that, but it might be good to just give you a chance to explain that one.

Question: Karl Keirstead - UBS AG - Analyst : CJ, Mike and Ben, thanks so much for coming to the event. I think, along with everybody here looking forward to watching the Mongo story unfold over the next 12 months.