MongoDB, Inc.

Good evening. Thank you for attending today's MongoDB fourth quarter FY 2022 earnings call. My name is Selena, and I will be your moderator. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star 1 on your telephone keypad. I would now like to pass the conference over to our host, Brian DeNew with ICR. Please go ahead.

Thank you, Selena. Good afternoon, and thank you for joining us today to review MongoDB's fourth quarter fiscal 2022 financial results, which we announced in our press release issued after the close of the market today. Joining the call today are Dave Idicharia, President and CEO of MongoDB, and Michael Gordon, MongoDB's COO and CFO. During this call, we will make forward-looking statements, including statements related to our market and future growth opportunities, the benefits of our product platform, our competitive landscape, customer behaviors, our financial guidance, and our planned investments. These statements are subject to a variety of risks and uncertainties, including those related to the ongoing COVID-19 pandemic and its impacts on our business, results of operations, clients, and the macroeconomic environment. They cause actual results to differ materially from our expectations. For discussion of the material risks and uncertainties that could affect our actual results, please refer to the risks described in our SEC filings, including our most recent quarterly report on Form 10-Q. Any forward-looking statements made in this call reflect our views only as of today, and we undertake no obligations to update them. Additionally, we will discuss non-GAAP financial measures on this conference call. Please refer to the tables in our earnings release on the investor relations portion of our website for a reconciliation of these measures to the most directly comparable GAAP financial measure. With that, I'd like to turn the call over to Dave.

Thanks, Brian, and thank you to everyone for joining us today. I will start by reviewing our fourth quarter results before giving you a broader company update. Looking quickly at our fourth quarter financial results, we generated revenue of $266 million, a 56% year-over-year increase and above the high end of our guidance. Atlas revenue grew 85% year-over-year, representing 58% of revenue. We have another strong quarter of customer growth ending the quarter with over 33,000 customers. The fourth quarter marked another major milestone as we crossed $1 billion in annualized revenue run rate. Crossing over the $1 billion mark five years after reaching the annualized $100 million mark is clear evidence of the value MongoDB's application data platform offers customers large and small all over the world. Our excellent fourth quarter performance was broad-based. We saw success in nearly every industry, geography, and customer type. It was powered once again by the ongoing strength of Atlas. We also saw an uptick in sales for Enterprise Advance, which speaks to the popularity of MongoDB, regardless of where our technology is deployed. Customer net additions remained robust, especially in our direct channel, where Q4 marked a new record. It is expected that hundreds of millions of new applications will be developed over the next few years, as most organizations now recognize that a competitive advantage has to be built, rather than being bought with off-the-shelf software. The core reason for our success is that in an era where there's an urgency to build compelling modern applications, MongoDB reduces the friction and cost of working with data, which is the biggest challenge developers face. However, the developer experience of working with data has become increasingly complex. The technologies and mechanisms of working with data have continued to get more fragmented as there has been a proliferation of specialized and niche data technologies, each designed to solve a slice of a growing set of necessary data use cases. The hyperscale cloud providers are reinforcing this by taking a bag of tools approach by introducing many proprietary point solutions. This approach pushes complexity onto developers to wrangle these data technologies in their applications and develop workarounds to address scalability and performance. The complexity created by this data sprawl impedes the speed of innovation, adds cost, and effectively becomes a direct business risk. MongoDB's application data platform takes a radically different approach to liberate the developer from the unnecessary data complexity to accelerate innovation. First, our platform removes enormous friction in how a developer works with data. Instead of requiring developers to work with inflexible data models, MongoDB is built on the document model, which is aligned to the way how developers think and code. The document model not only allows developers to build applications faster, but to also easily make changes in response to business conditions or customer feedback. Second, our application data platform enables developers to focus on the needs of the business as opposed to working around the constraints of their data infrastructure. MongoDB abstracts away all that complexity through an architecture that is designed to address the vast majority of use cases. Instead of having to deal with numerous point solutions, customers can use our tightly integrated platform that offers a unified and seamless developer experience. Third, our platform is designed to meet the most demanding requirements for performance and scale. Unlike other solutions that struggle scaling beyond a few nodes and a few regions, MongoDB's application data platform can enable anyone to provision a globally distributed and persistent data platform anywhere in a matter of minutes with just a few clicks of a button. By virtue of being available on 80 plus regions across AWS, Azure, and GCP. Perhaps the best evidence that our platform is resonating in the marketplace is in the growth of our customer base. We ended the year with over 33,000 customers, of which over 1,300 are six-figure customers and 164 are million-dollar-plus customers, the latter number growing nearly 70% year-over-year. This level of customer adoption is reflective of our popularity around the world as well as our value as a general purpose rather than a niche technology. To provide a small sampling of how MongoDB is used across different industries, in financial services, MongoDB is used for a trading platform, global payment data store, a digital end-to-end loan origination and servicing solution, general ledger system of record, regulatory risk, treasury, and for many other back office processes. In the retail sector, MongoDB is used for single view, real-time product catalogs, hyper-personalization, recommendation engines, AI-driven customer engagement, inventory and supply chain management, including sensor tracking and omni-channel user experiences. In the telecom industry, MongoDB is used to enable smart home services, Internet of Things, media streaming, call routing, endpoint management, real-time fulfillment, AI-based fraud detection, and advanced billing and payment services. These are a few examples of how MongoDB is being used. We also do extensive work in the healthcare, manufacturing, gaming, oil and gas, and many other industries. We continue to be excited about the future and the massive opportunities in front of us. Businesses across all industries will continue to invest heavily in software as a means to differentiate themselves, to seize new opportunities, and to respond to new threats. While this has been happening aggressively over the past decade, we are still only in the early stage of this movement. As infrastructure becomes more advanced, with chips getting more powerful, algorithms getting smarter, and networks getting faster, the capability for innovation only increases. Powerful software powered by real-time data will empower experiences and business models we cannot even conceive of today. Future applications will need to be incredibly responsive, increasingly global, and require strong distribution data to the edge or across the world. However, there's still a dearth of development talent to meet this demand. Consequently, organizations will invest in technologies that allow developers to go faster by offering an integrated suite of data capabilities to build smarter applications. In fiscal 23, we'll continue to build on our momentum and advantages in the marketplace. In product, we'll continue innovating to enhance the value of our platform. Our high win rates and strong broad-based performance gives us confidence to continue to rapidly scale our sales organization as we remain fractionally penetrated in the $70 billion plus market. In marketing, we see a great opportunity to elevate our brand and our value proposition to the voice of our customers who are doing remarkable things with our platform across different industries and geographies. Finally, we'll continue investing in our people, processes, and systems to support rapidly scaling our company. Now I'd like to spend a few minutes reviewing some customer wins and interesting use cases from the fourth quarter. Ultra-fast grocery delivery pioneer Gatier has revolutionized last-mile grocery delivery with its 10-minute grocery delivery proposition, making thousands of everyday items available in minutes. The company has built its core grocery delivery platform on MongoDB Community and migrated to Atlas. Gatier achieved superior performance and reliability and also relied on Atlas' always-on multi-region clusters for 99.995% uptime during its critical US launch. One of the largest North American banks chose MongoDB as its modern database standard to fuel modernization, improve uptime, and power a highly available, always-on, secure customer experience for the bank's 10 millions of retail customers. The bank runs over 200 applications on MongoDB across digital, capital markets, consumer lending, risk and payment divisions. Use cases span mainframe offload, operational data store, single view of the customer, time series, caching, real-time analytics, mobile, and content management. Societa Generali di Informatica, or SOGIE, is an information technology company operated by the Italian Ministry of Economy and Finance. It recently chose MongoDB as the application data platform for a government initiative that mandates citizens to present a digital or paper certificate to show whether they have been vaccinated, tested negative, or recovered from COVID-19. Called the Green Pass Project, the program grants access to activities like restaurant dining, museums, cinemas, amusement parks, and more. SoGA was able to generate 150 million certificates in less than 45 days with MongoDB. Content cloud company Box empowers more than 100,000 businesses globally to revolutionize how they work by securely connecting their people, information, and applications. Box's content ingestion solution, Box Shuttle, leverages MongoDB Atlas to accelerate a customer's migration to the cloud. Box wanted a FedRAMP-ready multi-cloud managed cloud database to support high throughput and horizontal scale by sharding large data sets. One of the largest supermarket chains in the United States selected Atlas and Atlas Search to power its enterprise promotions engine. The engine gives customers immediate access to promotions and coupons while shopping at any one of its thousands of stores across the U.S. With Atlas Search, the company was able to modernize its data structure so that developers can make more updates more quickly and use multi-dimensional array lookups to run 5 million queries per day faster. Insulet Corporation is an innovative medical device company dedicated to simplifying life for people with diabetes. Insulet's flagship product, Omnipod, is the first tubeless automated insulin delivery system that is helping people with diabetes lead better lives. Insulet migrated to MongoDB Atlas to reduce costs while simplifying the complexity of mission-critical database management, configuration, upgrades, and scale without business interruption while having HIPAA, PII, and PCI compliance protection. In summary, we had another excellent quarter. We are seeing continued strong momentum because we're solving one of the most important problems impeding innovation, namely the challenges of working with data. We are more optimistic than ever about our prospects and will continue investing and executing to capture the large market opportunity ahead of us. With that, here's Michael.