- Atlas +84% 🚀now ~58% of revenues ↗️
(vs 56% in 2Q22, 47% in 3Q21)
- Cust >31K +37% ↗️ +2K QoQ 📶
- Atlas Cust >29.5K +40% ↗️
- Cust >$100k ARR 1,201 +34% ↗️
- Net AR Expansion >120% ✅
- >$0.5bn Rev Run-Rate 📈
1 | Strong 3Q22
“…just to reiterate, our strong performance is really due to again our consistent go to market execution as well as the confluence of the fact that the secular trends are really reinforcing our technical advantages and our growing credibility with customers….”
2 | Just Strong
- strong quarter of customer growth
- customers are increasingly choosing MongoDB
- strong quarter of customer additions, led by our self-service channel
- some of our largest customers made increased multi commitments to MongoDB in Q3.
3 | Strong Atlas
“Overall Atlas strong performance continues to be the largest contributor to our growth...driven primarily by the expansion of the existing applications on our platform.”
“The bulk of our growth of Atlas is net new workloads.”
4 | Atlas - Self-Serve
“over half of the revenue in Atlas was sourced from self-serve …channel is a great way to acquire customers & our sales organization.”
“…they basically realize the only platform out there that could really address their need was MongoDB.”
“…much broader set of capabilities…support different types of workloads between key value…relational with joins, time series, graph reversals etc…offer a broad sort of KPIs, …support multi document asset transactions.”
6 | Competitive Differentiation - One Platform
“Gravitating to more of a modern platform where they can run most of those workloads on one platform…really simplifies the operational issues that really makes the life of a developer…much more easy…that's why we are winning.”
7 | MongoDB’s Advantage
“ one of the advantages MongoDB has had from day one is that was built on a distributed system, right. So by definition, we allow customers to really scale out there.”
7 | MongoDB’s Advantage (cont’d)
“…pushing the envelope on performance and scale and because we've been built on a distributed architecture. We have a fundamental advantage over all the other technologies out there and that allows us to really serve our customers.”
8 | Q4 Dynamics
4Q Revenue Guide $239-242m
“…terms of Q4, seasonality is two things, one, we had a very strong year ago year in Q4, particularly in Atlas.”
“…Q4 tends to be disproportionately Enterprise Advanced centric…”
➡️ Final Takeaways on MongoDB $MDB:
Solid quarter and execution. Growing rapidly, combined with improving profitability margins. Atlas the star and driver of future rapid growth. Thesis unchanged.
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“Our strong second-quarter results were fueled by the rapid adoption of Elastic Cloud, the increased strategic relevance of our solutions, and continued expansion across our customer base.”
- 4Q22 Rev Guide Flat QoQ $1.05b ➡️
- 4Q33 NDRR to be modestly below 130% mark ➡️
1 | Q4 - Lowest Seasonality
“…for deferred revenue there's two things to remember, which is the seasonality trend of our renewals is that Q1 is the largest quarter for renewals order for renewals and Q4 is the lowest.”
“The third quarter was outstanding, with record revenue. Demand for NVIDIA AI is surging, driven by hyperscale and cloud scale-out, and broadening adoption by more than 25,000 companies.”