MongoDB Inc (MDB) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to MongoDB's first quarter fiscal year 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Brian Denyeau from ICR. Please go ahead.

您好，感謝您的支持。歡迎參加 MongoDB 2025 財年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人，來自 ICR 的 Brian Denyeau。請繼續。

Thank you, Victor. Good afternoon and thank you for joining us today to review MongoDB's first quarter fiscal 2025 financial results, which we announced in our press release issued after the close of market today.

謝謝你，維克多。下午好，感謝您今天加入我們，共同回顧 MongoDB 2025 財年第一季的財務業績，我們在今天收盤後發布的新聞稿中公佈了這一業績。

Joining me on the call today are Dev Ittycheria, President and CEO of MongoDB; and Michael Gordon, MongoDB COO and CFO.

今天與我一起參加電話會議的還有 MongoDB 總裁兼執行長 Dev Ittycheria；以及 MongoDB 營運長兼財務長 Michael Gordon。

During this call, we will make four looking statements, including statements related to our market and future growth opportunities, our expectations for the macroeconomic environment of fiscal 2025, and the impact of AI, the benefits of our product platform, our competitive landscape, customer behaviors, our financial guidance, and our planned investments and growth opportunities. These statements are subject to a variety of risks and uncertainties, including the results of operation of financial conditions, to cause actual results to differ materially from our expectations. For discussion of material risks and uncertainties that could affect our actual results, please refer to the risk factors described in our annual report on Form 10-K for the period ended January 31, 2024, that was filed with the SEC on March 15, 2024. Any forward-looking statements made in this call reflect our views only as of today, and we undertake no obligation to update them except as required by law.

在本次電話會議中，我們將做出四項展望性聲明，包括與我們的市場和未來成長機會相關的聲明、我們對 2025 財年宏觀經濟環境的預期以及人工智慧的影響、我們的產品平台的優勢、我們的競爭格局、客戶行為、我們的財務指導以及我們的計畫投資和成長機會。這些聲明受各種風險和不確定因素的影響，包括經營結果或財務狀況，導致實際結果與我們的預期有重大差異。有關可能影響我們實際結果的重大風險和不確定性的討論，請參閱我們於 2024 年 3 月 15 日向美國證券交易委員會提交的截至 2024 年 1 月 31 日的 10-K 表年度報告中所述的風險因素。本次電話會議中所做的任何前瞻性陳述僅反映我們截至今天的觀點，除非法律要求，否則我們不承擔更新這些陳述的義務。

Additionally, we will discuss non-GAAP financial measures on this conference call. Please refer to the tables and our earnings released on the investor relations portion of our website for reconciliation of these measures to the most directly comparable GAAP financial measures.

此外，我們將在本次電話會議上討論非公認會計準則財務指標。請參閱我們網站投資者關係部分發布的表格和收益，以了解這些指標與最直接可比較的 GAAP 財務指標的調整。

With that, I'd like to turn the call over to Dev.

說完這些，我想把電話轉給 Dev。

Thanks, Brian, and thank you to everyone for joining us today. Before we dive into the quarterly results, I'd like to take a step back and remind everyone of MongoDB's foundational and durable technology advantage. MongoDB was built on the novel approach of using documents rather than tables to organize and work with data. This not only unleashed developer productivity by aligning to the way developers think and code, but it also made it far easier to work with large volumes and variety of data. This approach has been incredibly well-suited as application development has evolved over time, most notably with the shift to building apps in the cloud. We believe these advantages will enable a similar dynamic as AI matures in its S-curve adoption cycle and customers build AI production applications at scale.

謝謝，布萊恩，也謝謝大家今天的參加。在我們深入了解季度業績之前，我想先回顧一下，提醒大家 MongoDB 的基礎和持久的技術優勢。MongoDB 採用一種新穎的方法構建，即使用文件而不是表格來組織和處理資料。這不僅透過與開發人員的思維和編碼方式保持一致來釋放開發人員的工作效率，而且還使得處理大量和各種資料變得更加容易。隨著應用程式開發隨著時間的推移而發展，最顯著的是向在雲端中建立應用程式的轉變，這種方法變得非常適合。我們相信，隨著人工智慧在其 S 曲線採用周期中日益成熟以及客戶大規模建立人工智慧生產應用程序，這些優勢將實現類似的動態。

Now, let's review our first-quarter results before sharing a broader company update. Starting with the first quarter, we generated revenue of $451 million, a 22% year-over-year increase, and above the high end of our guidance. Atlas revenue grew 32% year-over-year, representing 70% of revenue. We generated non-GAAP operating income of $33 million for a 7% non-GAAP operating margin, and we ended the quarter with over 49,200 customers.

現在，在分享更廣泛的公司最新動態之前，讓我們先回顧一下第一季的業績。從第一季開始，我們的營收就達到了 4.51 億美元，年成長 22%，並且高於我們預期的最高水準。Atlas營收年增32%，佔總營收的70%。我們創造了 3,300 萬美元的非 GAAP 營業收入，非 GAAP 營業利潤率為 7%，本季末我們擁有超過 49,200 名客戶。

Let me go into our quarterly results in a bit more detail. First, Atlas consumption growth was below our expectations in the first quarter. We saw less seasonal improvement than expected, and this dynamic was true with customers across tenure, industry, size, and geography. We believe this indicates a more challenging macro environment than expected at the beginning of the year.

讓我更詳細地介紹一下我們的季度業績。首先，第一季 Atlas 消費成長低於我們的預期。我們發現季節性改善幅度低於預期，這種動態對於不同任期、產業、規模和地區的客戶都是如此。我們認為這表明宏觀環境比年初預期的更具挑戰性。

A newer dynamic we saw in Q1 was the growth rate of more recently acquired workloads started to slow down earlier than expected. While the macro environment had an impact, we also believe this is partly due to the go-to-market changes we instituted last year. We have fine-tuned our process and incentive structures to make sure the field is focused on winning workloads with higher growth potential.

我們在第一季看到的一個新動態是，最近獲得的工作量的成長率開始比預期更早放緩。雖然宏觀環境產生了影響，但我們也認為這部分是由於我們去年實施的行銷變革。我們已經對流程和激勵結構進行了微調，以確保該領域專注於贏得具有更高成長潛力的工作量。

Second, our new business performance in Q1 wasn't up to our standards. Operationally, we got off to a slow start in the quarter, and while we mostly caught up on new business as the quarter went on, we didn't quite get there in the end. Importantly, our win rates remained strong, and as we look out to the rest of the year, we are confident in our ability to continue winning new business. Finally, retention rates remained strong in Q1, reinforcing the quality of our products and the mission criticality of our platform.

第二，我們第一季的新業務表現沒有達到我們的標準。從營運角度來看，我們在本季度起步緩慢，雖然隨著季度的推移，我們基本上趕上了新業務，但最終我們並沒有完全達到目標。重要的是，我們的成功率依然強勁，展望今年剩餘時間，我們對繼續贏得新業務的能力充滿信心。最後，第一季的留存率依然強勁，增強了我們產品的品質和平台的關鍵任務性。

As we look to the rest of the year, we will remain focused on workload acquisition across existing and new customers. Moreover, we will prioritize three key areas we expect to see the strongest growth and returns over the long term.

展望今年剩餘時間，我們將繼續專注於現有和新客戶的工作量取得。此外，我們將優先考慮預計長期內將實現最強勁成長和回報的三個關鍵領域。

First, we will increase our investments in the enterprise channel. As we have seen with our strategic account program, incremental investments in large accounts have disproportionate returns in terms of workload acquisition and subsequent account growth. Simply put, we see the best returns at the high end of the market, so we will increase our level of investment there.

第一，加大企業通路的投入。正如我們在策略客戶計畫中看到的那樣，對大客戶的增量投資在工作量獲取和後續客戶成長方面具有不成比例的回報。簡而言之，我們看到高端市場的回報率最高，因此我們將加大對該領域的投資。

Second, we are more optimistic about the option to accelerate legacy app modernization using AI. This is a large segment of the market that has historically been hard to penetrate. We recently completed the first two GenAI-powered modernization pilots, demonstrating we can use AI to meaningfully reduce the time, cost, and risk of modernizing legacy relational applications.

其次，我們對利用人工智慧加速遺留應用程式現代化的選擇更加樂觀。這是一個歷史上一直難以滲透的龐大市場領域。我們最近完成了前兩個由 GenAI 驅動的現代化試點，證明我們可以使用 AI 來顯著減少現代化遺留關係應用程式的時間、成本和風險。

In particular, we see that AI can significantly help with analyzing existing code, converting existing code, and building unit and functional tests. Based on our results from our early pilots, we believe that we may be able to reduce the effort needed for app modernization by approximately 50%. We have a growing list of customers across different industries and geos who want to participate in this program. Consequently, we will be increasing our level of investment in this area.

具體來說，我們發現人工智慧可以顯著幫助分析現有程式碼、轉換現有程式碼以及建立單元和功能測試。根據我們早期試點的結果，我們相信可以將應用程式現代化所需的工作量減少約 50%。我們擁有越來越多來自不同行業和地區的客戶希望參與該計劃。因此，我們將增加對該領域的投資。

Third, although it's still early in terms of customers building production-ready AI apps, we want to capitalize on our inherent technical advantages to become a key component of the emerging AI tech stack. Customers tell us that our document-based architecture is a powerful differentiator in an AI world. The most powerful AI use cases rely on data of different types and structures, such as text, image, audio, and video. The flexibility required to handle a variety of different data structures is fundamentally at odds with legacy databases that rely on rigid schemas, which is what makes MongoDB's document model such a good fit for these AI workloads.

第三，雖然對於客戶建立生產級AI應用程式而言還為時過早，但我們希望利用我們固有的技術優勢，成為新興AI技術堆疊的關鍵組成部分。客戶告訴我們，我們基於文件的架構是人工智慧世界中強大的差異化因素。最強大的 AI 用例依賴不同類型和結構的數據，例如文字、圖像、音訊和視訊。處理各種不同資料結構所需的靈活性與依賴嚴格模式的傳統資料庫從根本上是相悖的，而這正是 MongoDB 的文檔模型非常適合這些 AI 工作負載的原因。

Recognizing there are other critical elements of the AI tech stack, we are leveraging partners to build an ecosystem that will make it easier for customers to build AI-powered applications. Earlier this month, we launched the MongoDB AI Application Program, or MAP, a first-of-its-kind collaboration that brings together all three hyperscalers, foundation model providers, generative AI frameworks, orchestration tools, and industry-leading consultancies. With MAP, MongoDB offers customers reference architectures for different AI use cases, pre-built integrations, and expert professional services to help customers get started quickly.

我們意識到人工智慧技術堆疊還有其他關鍵要素，我們正在利用合作夥伴建立一個生態系統，使客戶更容易建立人工智慧應用程式。本月初，我們啟動了 MongoDB AI 應用程式 (MAP)，這是一項史無前例的合作，它將三大超大規模供應商、基礎模型供應商、生成式 AI 框架、編排工具和業界領先的顧問公司聚集在一起。透過 MAP，MongoDB 為客戶提供針對不同 AI 用例的參考架構、預先建置的整合和專家專業服務，幫助客戶快速入門。

Today, we are announcing that Accenture is the first global systems integrator to join MAP and that it will establish a center of excellence focused on MongoDB projects. We will continue to expand the program through additional partnerships and deeper technical integrations.

今天，我們宣布埃森哲成為第一家加入 MAP 的全球系統整合商，並將建立一個專注於 MongoDB 專案的卓越中心。我們將透過更多的合作夥伴關係和更深入的技術整合來繼續擴大該計劃。

We are excited to pursue these significant growth opportunities, while the timing of when these drivers will impact our results will vary, we are confident that they will support higher growth rates for our business over time.

我們很高興能夠追求這些重大的成長機會，雖然這些驅動因素影響我們業績的時間會有所不同，但我們相信，隨著時間的推移，它們將支持我們的業務實現更高的成長率。

Underpinning our success to date and our future growth opportunities is our product leadership. Early this month, at our New York user conference, we announced a number of innovations to address important customer needs. We introduced MongoDB 8.0, which will deliver up to a 60% performance improvement over our last release while also materially enhancing our sharding functionality. This will allow our customers to build highly performant, scalable, and resilient applications. We announced that we will bring full-text search and vector search to our community server offering, showcasing our commitment to open source and bringing our run-anywhere strategy to the age of AI.

我們的產品領先地位是我們迄今為止的成功和未來成長機會的基礎。本月初，在我們的紐約用戶大會上，我們宣布了多項創新以滿足重要的客戶需求。我們推出了 MongoDB 8.0，它的效能比上一個版本提高了 60%，同時也大大增強了我們的分片功能。這將使我們的客戶能夠建立高效能、可擴展且有彈性的應用程式。我們宣布將把全文搜尋和向量搜尋引入我們的社群伺服器產品，展示我們對開源的承諾，並將我們的隨處運作策略帶入人工智慧時代。

Finally, we unveiled the general availability of Atlas stream processing, demonstrating our commitment to expanding the capabilities of our developer data platform and ensuring that MongoDB is the best platform to build real-time, highly distributed applications across a broad range of industries.

最後，我們公佈了 Atlas 流處理的普遍可用性，展示了我們致力於擴展開發人員資料平台功能的決心，並確保 MongoDB 是跨廣泛行業構建即時、高度分散式應用程式的最佳平台。

Now I'd like to spend a few minutes reviewing the adoption trends of MongoDB across our customer base. Customers across industries around the world are running mission-critical projects on MongoDB Atlas, leveraging the full power of our developer data platform, including Michelin, Meltwater, and Toyota Connected.

現在我想花幾分鐘回顧我們客戶群中 MongoDB 的採用趨勢。全球各行各業的客戶都在 MongoDB Atlas 上運行關鍵任務項目，充分利用我們開發人員資料平台（包括 Michelin、Meltwater 和 Toyota Connected）的強大功能。

Toyota Connected, an independent Toyota company focused on innovation, AI, data science, and connected intelligence services, migrated to MongoDB Atlas after experiencing reliability issues with their original legacy database system. The team selected MongoDB Atlas for its ease of deployment, reliability, and multi-cloud and multi-region capabilities.

Toyota Connected 是一家專注於創新、人工智慧、資料科學和連網智慧服務的獨立豐田公司，在原有舊資料庫系統出現可靠性問題後，該公司遷移到了 MongoDB Atlas。團隊選擇 MongoDB Atlas 是因為它易於部署、可靠且具有多雲和多區域功能。

Toyota Connected now uses Atlas for over 150 microservices. Their solution benefits from 99.99% uptime with Atlas as a platform for all data, including mission-critical vehicle telematics and location data needed for emergency response services. MongoDB is Toyota Connected's database of choice for all future services as they explore vector and AI capabilities, knowing they'll get the reliability and scalability they need to meet customer needs.

目前，Toyota Connected 使用 Atlas 提供超過 150 項微服務。他們的解決方案受益於 99.99% 的正常運行時間，以 Atlas 作為所有數據的平台，包括任務關鍵型車輛遠端資訊處理和緊急響應服務所需的位置數據。MongoDB 是 Toyota Connected 在探索向量和 AI 功能時所有未來服務的首選資料庫，他們知道他們將獲得滿足客戶需求所需的可靠性和可擴展性。

Dongwha, Morningstar, and SEGA are turning to MongoDB to modernize applications. MongoDB Atlas serves as the backend for SEGA Europe's customer portal platforms. The video game and entertainment company uses data in the customer portals to track and analyze customer churn along with users' gaming cadence and geographic location. When Amazon DynamoDB wasn't providing the necessary flexibility or ability to handle complex queries, they migrated to MongoDB to better manage the variation of schemas within customers' records. Within two weeks, they had a prototype for a fully functioning database, and the SEGA team can now analyze extensive data to inform product development and keep customers engaged.

Dongwha、Morningstar 和 SEGA 正在轉向 MongoDB 來實現應用程式的現代化。MongoDB Atlas 是 SEGA Europe 客戶入口網站平台的後端。該視頻遊戲和娛樂公司使用客戶入口網站中的數據來追蹤和分析客戶流失以及用戶的遊戲節奏和地理位置。當 Amazon DynamoDB 無法提供必要的彈性或處理複雜查詢的能力時，他們會移轉到 MongoDB 以更好地管理客戶記錄中模式的變更。在兩週內，他們就製作了一個功能齊全的資料庫的原型，世嘉團隊現在可以分析大量數據來指導產品開發並保持客戶參與度。

Enterprises and startups use MongoDB to deliver the next wave of AI-powered applications to their customers, including ACI Worldwide, DevRev, and Novo or Nordisk. By harnessing GenAI with MongoDB Atlas Vector Search, Novo or Nordisk, one of the world's leading healthcare companies, is dramatically accelerating how it quickly can get new medicines approved and delivered to patients.

企業和新創公司使用 MongoDB 向其客戶提供下一波人工智慧應用程序，包括 ACI Worldwide、DevRev 以及 Novo 或 Nordisk。透過利用 GenAI 和 MongoDB Atlas Vector Search，世界領先的醫療保健公司之一 Novo 或 Nordisk 正在大大加快其快速獲得新藥物批准並將其交付給患者的速度。

The team responsible for producing clinical study reports turned to Atlas when the original relational database wasn't capable of handling complex data and lacked the flexibility needed to keep up with their rapid feature development. Now, with GenAI and the MongoDB Atlas platform, Novo or Nordisk gets the mission-critical assurances it needs to run highly regulated applications, enabling them to generate complete reports in 10 minutes rather than 12 weeks.

當原始關係資料庫無法處理複雜數據並且缺乏跟上快速功能開發所需的靈活性時，負責製作臨床研究報告的團隊轉向 Atlas。現在，借助 GenAI 和 MongoDB Atlas 平台，Novo 或 Nordisk 獲得了運行嚴格監管的應用程式所需的關鍵任務保證，使他們能夠在 10 分鐘而不是 12 週內產生完整的報告。

In summary, our performance in Q1 was mixed. While Q1 has implications for our financial results for the rest of fiscal '25, which Michael will cover, the tenor of our customer conversations, especially in the enterprise segment, has never been stronger. Our customers recognize that modernizing legacy applications is no longer optional in the age of AI and are preparing for a multi-year journey to accomplish that goal. They see MongoDB as a key partner in that journey. We are well positioned to be a key beneficiary as organizations embed AI into the next generation of software applications that transform their business.

總的來說，我們第一季的表現好壞參半。雖然第一季的財務業績將對我們 25 財年剩餘時間的財務業績產生影響（Michael 將對此進行介紹），但我們與客戶（尤其是在企業領域）的對話基調從未如此強烈。我們的客戶認識到，在人工智慧時代，對遺留應用程式進行現代化改造不再是可選項，他們正在為實現這一目標而進行多年的準備。他們將 MongoDB 視為這一歷程中的重要合作夥伴。當企業將人工智慧嵌入改變其業務的下一代軟體應用程式中時，我們處於有利地位，成為主要受益者。

With that, here's Michael.

以下是麥可的發言。

Thanks, Dev. I'll begin with the detailed review of our first-quarter results and then finish with our outlook for the second quarter and full fiscal year 2025.

謝謝，Dev。我將首先詳細回顧我們的第一季業績，然後介紹我們對第二季和 2025 財年全年的展望。

First, I'll start with our first-quarter results. Total revenue in the quarter was $450.6 million, up 22% year over year and above the high end of our guidance.

首先，我先介紹一下我們的第一季業績。本季總營收為 4.506 億美元，年增 22%，高於我們預期的最高值。

Shifting to our product mix, let's start with Atlas. Atlas grew 32% in the quarter compared to the previous year and now represents 70% of total revenue, compared to 65% in the first quarter of fiscal 2024 and 68% last quarter. We recognize Atlas revenue primarily based on customer consumption of our platform and that consumption is closely related to end-user activity of the application. In addition, as we communicated last quarter, Q1 was the first quarter we saw the expected significant decline in revenue from unused Atlas commitments, making this quarter a tough comparison both sequentially and year-over-year.

轉向我們的產品組合，讓我們從 Atlas 開始。Atlas 本季較上年同期成長 32%，目前佔總營收的 70%，而 2024 財年第一季為 65%，上季為 68%。我們確認 Atlas 收入主要基於客戶對我們平台的消費，並且該消費與應用程式的最終用戶活動密切相關。此外，正如我們上個季度所傳達的那樣，第一季是我們看到未使用的 Atlas 承諾收入出現預期大幅下降的第一個季度，因此本季度與上個季度和去年同期相比都比較困難。

Let me provide some additional context on Atlas consumption in the quarter. Following our guide in March, week-over-week consumption growth was below our expectations. Consumption improved compared to Q4, but was below the seasonal strength we saw in Q1 of last year. As Dev mentioned in his remarks, we saw a smaller-than-expected improvement across all customers, regardless of industry, geography, or tenure, indicating that we were operating in a softer macro environment.

讓我提供一些有關本季度 Atlas 消費的更多背景資訊。根據我們 3 月的指引，週比消費成長低於我們的預期。與第四季相比，消費有所改善，但低於去年第一季的季節性強勁水平。正如 Dev 在演講中提到的那樣，我們發現所有客戶的改善都低於預期，無論行業、地理或任期如何，這表明我們的營運環境較為疲軟。

In addition, we observed a smaller contribution from recently acquired workloads. While we acquired a record volume of workloads last year and those cohorts initially performed in line with our expectations, we are now seeing those cohorts grow more slowly than expected. Having analyzed the data, we believe that in the process of winning increased workload volumes, we unintentionally lost some focus on workload growth potential. We've made adjustments in our processes and incentives to strike a better balance.

此外，我們觀察到最近獲得的工作量的貢獻較小。雖然去年我們的工作量創下了歷史新高，而且這些群體最初的表現符合我們的預期，但我們現在看到這些群體的成長速度比預期的要慢。透過分析數據，我們認為，在贏得增加的工作量的過程中，我們無意中忽略了對工作量成長潛力的關注。我們對流程和激勵措施做出了調整，以達到更好的平衡。

Turning to non-Atlas revenue, EA came in modestly ahead of our expectations in the quarter as we continue to have success selling incremental workloads into our existing EA customer base. EA revenues declined sequentially as expected since EA is primarily an upselling motion into existing customers, and in Q1 we have a seasonally lower EA renewal base. In addition, despite the outperformance, it's worth noting that revenue contribution from multi-year EA contracts in the quarter was lower than expected, reflecting the current macro environment.

談到非 Atlas 收入，由於我們繼續成功向現有 EA 客戶群銷售增量工作負載，本季 EA 的收入略高於我們的預期。EA 收入按預期環比下降，因為 EA 主要是對現有客戶的追加銷售，並且在第一季我們的 EA 續訂基數因季節原因較低。此外，儘管表現優異，但值得注意的是，本季多年期EA合約的營收貢獻低於預期，反映了當前的宏觀環境。

Turning to customer growth, during the first quarter, we grew our customer base by approximately 1,400 customers sequentially, bringing our total customer count to over 49,200, which is up from over 43,100 in the year-ago period. Of our total customer count, over 7,100 are direct sales customers, which compares to over 6,700 in the year-ago period.

談到客戶成長，在第一季度，我們的客戶群環比增長了約 1,400 名客戶，使我們的總客戶數量超過 49,200 名，高於去年同期的 43,100 名。在我們的總客戶數中，超過 7,100 名是直銷客戶，而去年同期數字超過 6,700 名。

The growth in our total customer count is being driven primarily by Atlas, which had over 47,700 customers at the end of the quarter compared to over 41,600 customers in the year-ago period. It's important to keep in mind that the growth in our Atlas customer count reflects new customers to MongoDB in addition to existing EA customers adding incremental Atlas workloads.

我們總客戶數量的成長主要得益於 Atlas，本季末擁有超過 47,700 名客戶，而去年同期擁有超過 41,600 名客戶。重要的是要記住，我們的 Atlas 客戶數量的成長反映了 MongoDB 的新客戶以及現有 EA 客戶增加了增量 Atlas 工作負載。

Moving on to ARR, we had another quarter with our net ARR expansion rate above 120%. We ended the quarter with 2,137 customers with at least $100,000 in ARR and annualized MRR, which is up from 1,761 in the year-ago period.

談到 ARR，我們又有一個季度的淨 ARR 擴張率超過了 120%。截至本季末，我們擁有 2,137 名 ARR 和年化 MRR 至少 100,000 美元的客戶，比去年同期的 1,761 名有所增加。

Moving down the income statement, I'll be discussing our results on a non-GAAP basis, unless otherwise noted. Gross profit in the first quarter was $337.8 million, representing a gross margin of 75%, which is down from 76% in the year-ago period. Our year-over-year margin decline is primarily driven by Atlas growing as a percent of the overall business.

在損益表中，除非另有說明，我將按照非 GAAP 基礎討論我們的結果。第一季毛利為3.378億美元，毛利率為75%，低於去年同期的76%。我們的利潤率年減主要是因為 Atlas 在整體業務中所佔的百分比成長。

Our income from operations was $32.8 million, or a 7% operating margin for the first quarter compared to a 12% margin in the year-ago period. The primary reason for a more favorable operating income results versus guidance is our revenue outperformance.

我們第一季的營業收入為 3,280 萬美元，營業利潤率為 7%，而去年同期的利潤率為 12%。營業收入結果優於預期的主要原因是我們的收入表現優異。

Net income in the first quarter was $42.7 million, or $0.51 per share, based on 83.2 million diluted weighted average shares outstanding. This compares to a net income of $45.3 million, or $0.56 per share, on 81.5 million diluted weighted average shares outstanding in the year-ago period.

根據 8,320 萬股稀釋加權平均流通股計算，第一季淨收入為 4,270 萬美元，即每股 0.51 美元。相比之下，去年同期的淨利潤為 4,530 萬美元，即每股 0.56 美元，攤薄加權平均流通股數為 8,150 萬股。

Turning to the balance sheet and cash flow, we ended the first quarter with $2.1 billion in cash, cash equivalents, short-term investments, and restricted cash. Operating cash flow in the first quarter was $63.6 million, driven by seasonal strength in collections. After taking into consideration approximately $2.6 million in capital expenditures and principal repayments of finance lease liabilities, free cash flow was $61 million in the quarter. This compares to free cash flow of $51.8 million in the first quarter of fiscal 2024.

談到資產負債表和現金流，第一季末我們擁有 21 億美元的現金、現金等價物、短期投資和受限現金。受季節性收款強勁推動，第一季營運現金流為 6,360 萬美元。考慮到約 260 萬美元的資本支出和融資租賃負債的本金償還後，本季的自由現金流為 6,100 萬美元。相較之下，2024 財年第一季的自由現金流為 5,180 萬美元。

I'd now like to turn to our outlook for the second quarter and full fiscal year 2025. For the second quarter, we expect revenue to be in the range of $460 million to $464 million. We expect non-GAAP income from operations to be in the range of $35 million to $38 million, and non-GAAP net income per share to be in the range of $0.46 to $0.49, based on 84.6 million estimated diluted weighted average shares outstanding.

現在，我想談談我們對 2025 年第二季和全年財年的展望。我們預計第二季的營收將在 4.6 億美元至 4.64 億美元之間。我們預計非公認會計準則下的營業利潤將在 3,500 萬美元至 3,800 萬美元之間，非公認會計準則下的每股淨利潤將在 0.46 美元至 0.49 美元之間，基於 8,460 萬股預計攤薄加權平均流通股。

For the full fiscal year 2025, we expect revenue to be in the range of $1.88 billion to $1.9 billion. Non-GAAP income from operations to be in the range of $168 million to $183 million, and non-GAAP net income per share to be in the range of $2.15 to $2.30, based on 84.5 million estimated diluted weighted average shares outstanding. Note that the non-GAAP net income per share guidance for the second quarter and full fiscal year 2025 includes a non-GAAP tax provision of approximately 20%.

對於 2025 財年全年，我們預計營收將在 18.8 億美元至 19 億美元之間。基於 8,450 萬股預計攤薄加權平均流通股，非 GAAP 營業利潤將在 1.68 億美元至 1.83 億美元之間，非 GAAP 每股淨利潤將在 2.15 美元至 2.30 美元之間。請注意，2025 財年第二季和全年非 GAAP 每股淨收入指引包括約 20% 的非 GAAP 稅務準備金。

I'll now provide some more context around our guidance, starting with the full year. First, as a reminder, our fiscal '25 Atlas revenue growth rate will be impacted by the absence of over $40 million in revenue related to unused customer commitments.

現在，我將從全年開始，提供有關我們指導的更多背景資訊。首先，提醒一下，我們 25 財年的 Atlas 收入成長率將受到與未使用的客戶承諾相關的超過 4,000 萬美元收入的影響。

Second, we had expected Atlas consumption growth to be stable in fiscal '25 relative to fiscal '24, but after a weaker-than-expected Q1, we now expect Atlas consumption growth to slow down this year. The slowdown is driven by the more pronounced macro impact we're seeing on our existing workloads, recent cohorts in particular. In addition, starting Q2 Atlas ARR is also lower in part because of the smaller-than-expected new business cohort in Q1.

其次，我們曾預期25財年的Atlas消費成長將相對於24財年保持穩定，但在第一季表現弱於預期之後，我們目前預計今年的Atlas消費成長將放緩。這種放緩是由於我們看到現有工作量（尤其是近期的工作量）受到了更明顯的宏觀影響。此外，第二季開始 Atlas ARR 也較低，部分原因是第一季的新業務群體小於預期。

Third, we'd previously expected non-Atlas revenues to be modestly down in fiscal '25. As a reminder, in fiscal '24, we recognized approximately $40 million more in multi-year license revenue than we did in fiscal '23, making for a difficult compare this year. We had expected fiscal '25 multi-year license revenue contribution to be more in line with fiscal '23.

第三，我們之前曾預計25財年非Atlas收入將略有下降。提醒一下，在 24 財年，我們確認的多年授權收入比 23 財年多出約 4,000 萬美元，因此今年的比較很困難。我們預計25財年的多年授權收入貢獻將與23財年更加一致。

However, in Q1, despite the EA outperformance, we saw a lower-than-expected contribution from multi-year deals and our pipeline of multi-year deals for the rest of the year is currently lowered given the macro environment. Consequently, we now expect non-Atlas revenue to be down mid-single digits for the year.

然而，在第一季度，儘管 EA 表現優異，但我們看到多年期交易的貢獻低於預期，考慮到宏觀環境，我們今年剩餘時間的多年期交易數量目前有所降低。因此，我們現在預計今年非 Atlas 業務收入將下降中個位數。

Finally, we expect a 9% operating margin at the midpoint of our guidance. We will continue investing to capture our long-term opportunity, focusing that investment on the strategic priorities that Dev outlined.

最後，我們預期營業利潤率將達到指導值的中間值 9%。我們將繼續投資以抓住長期機遇，並將投資重點放在 Dev 所概述的戰略重點上。

Turning to our Q2 guidance, a few things to keep in mind. First, we expect Atlas revenue growth to slow on a year-over-year basis due in part to the lower-than-expected consumption growth trends and the lower starting Q2 ARR. Second, we expect to see a sequential decline in the non-Atlas revenue. On a year-over-year basis, non-Atlas revenue will be materially down due to an especially difficult compare, as last year's Q2 included term license contributions from a number of multi-year license deals, most notably the expansion of our partnership with Alibaba.

談到我們的第二季指引，有幾點需要注意。首先，我們預期 Atlas 的營收成長將較去年同期放緩，部分原因是消費成長趨勢低於預期以及第二季起始的 ARR 較低。其次，我們預期非 Atlas 收入將連續下降。與去年同期相比，非 Atlas 收入將大幅下降，原因在於比較特別困難，因為去年第二季度包括了來自多項多年期許可協議的定期許可貢獻，最明顯的是我們與阿里巴巴的合作夥伴關係的擴大。

To summarize, our Q1 results will impact our growth rate for this year. However, we do not believe that our fiscal '25 growth is an indication of our long-term potential. We have a small share in one of the largest and fastest-growing markets in all of software. The secular tailwinds at our back are only getting stronger in the age of AI, and we're excited about the future. We'll continue investing judiciously and focusing on our execution to capture this long-term opportunity.

總而言之，我們的第一季的業績將影響我們今年的成長率。然而，我們並不認為 25 財年的成長能夠代表我們的長期潛力。在整個軟體領域中，我們佔有最大且成長最快的市場之一的一小部分份額。在人工智慧時代，我們背後的長期順風只會越來越強勁，我們對未來充滿興奮。我們將繼續明智地投資並專注於執行，以抓住這一長期機會。

With that, we'd like to open it up to questions. Operator?

現在，我們想開始回答問題。操作員？

(Operator Instructions) Sanjit Singh, Morgan Stanley.

（操作員指示） 摩根士丹利的 Sanjit Singh。

Dev, I wanted to start with just some of the reasons behind the slowdown and the slow start to the year. Heard you on the evidence for this being more macro-related, but just wanted to sort of take a pause and get a sense of how Mongo's performing relative to other players in the ecosystem. Obviously, the hyperscalers did quite well. I think Azure talked about xAI. They saw workload growth improving. So I wanted to get a sense if there's any potential that the hyperscalers are taking more share of wallet, maybe because they're working more closely with the model providers and they get more database attached, whether it's a Cosmos DB or anything on the AWS side. Deals that you may not even see, and that's maybe taking more share of budget from the opportunity set for Mongo. I was wondering if that has come up at all in your conversations with the sales team.

Dev，我想先談談經濟放緩以及今年開局緩慢的一些原因。我聽說您提供的證據表明這與宏觀更加相關，但我只是想稍微停下來，了解一下 Mongo 相對於生態系統中其他參與者的表現。顯然，超大規模企業表現相當出色。我認為 Azure 談到了 xAI。他們發現工作量成長有所改善。因此，我想了解超大規模企業是否有可能佔據更多的份額，可能是因為他們與模型提供者的合作更緊密，並且附加了更多的資料庫，無論是 Cosmos DB 還是 AWS 方面的任何東西。這些交易您甚至可能看不到，但也許會從 Mongo 的機會中奪走更多的預算份額。我想知道您與銷售團隊的對話中是否提到過這個問題。

Yeah. So we did see a macro impact because we essentially saw the impact across size, industry, geo, and tenure. But what I'll say in contrast to the hyperscalers, we believe the bulk of their growth across all three hyperscalers was really spent on reselling GPU capacity because there's a lot of demand for training models.

是的。因此，我們確實看到了宏觀影響，因為我們基本上看到了跨規模、產業、地理和任期的影響。但我要說的是，與超大規模供應商相比，我們認為這三家超大規模供應商的大部分成長實際上都花在了轉售 GPU 容量上，因為對訓練模型的需求很大。

We don't see a lot of, at least today, a lot of AI apps in production. We see a lot of experimentation, but we're not seeing AI apps in production at scale. And so I think that's the delta between the results that the hyperscalers produce versus what we are seeing in our business.

至少在今天，我們還沒有看到很多投入生產的人工智慧應用。我們看到了很多實驗，但是我們還沒有看到人工智慧應用大規模投入生產。所以我認為這就是超大規模企業產生的結果與我們在業務中看到的結果之間的差異。

Our relationship with our hyperscalers is actually very strong. We partner very closely with AWS, Azure, and GCP in the field. And in fact, they're coming to us to partner on deals more frequently than we've seen in the past.

我們與超大規模企業之間的關係實際上非常強大。我們與 AWS、Azure 和 GCP 在該領域開展了密切的合作。事實上，他們來找我們合作交易的頻率比過去更高。

And our win rates, frankly, are very high. So we don't see any issues where we're losing deals to any particular vendor, whether they're a hyperscaler or smaller independent company. And so from that point of view, we think this is more macro-related and the trend of a lot of people investing in the GPU infrastructure layer as well as training of models.

坦白說，我們的勝率非常高。因此，我們沒有看到任何問題讓我們輸給任何特定的供應商，無論他們是超大規模企業還是規模較小的獨立公司。因此從這個角度來看，我們認為這更與宏觀相關，並且是許多人投資 GPU 基礎設施層以及模型訓練的趨勢。

Understood. And then just one quick follow-up on the sales side. You mentioned that the recently acquired workloads were not growing as fast as expected, and you seem to point that as related to some sales execution opportunities. Could you unpack that for us as to why that may be an issue? What's a customer sort of onboard the new workload? What's the sort of responsibility of sales to grow that? I would imagine that once you stand up that work case, it's sort of driven by the nature of the application. So I just want to understand the new workload dynamics.

明白了。然後只需對銷售方面進行一次快速跟進。您提到最近獲得的工作量並沒有像預期的那樣快速成長，並且您似乎指出這與一些銷售執行機會有關。您能為我們解釋為什麼這可能是一個問題嗎？客戶對新的工作量有何看法？銷售人員需要承擔什麼樣的責任來促進這種成長？我可以想像，一旦你提出這個工作案例，它就會受到申請性質的驅動。所以我只是想了解新的工作量動態。

Yeah, I think there's actually two separate issues. One is when we talked about workloads slowing down or growing more slowly, we're talking about the workloads predominantly from last year and before. We had a record workload volume last year, and we purposely designed our incentive system to reduce the friction to acquire workloads, and that actually worked really well.

是的，我認為實際上是兩個獨立的問題。一是當我們談到工作量放緩或成長放緩時，我們主要談論的是去年及之前的工作量。去年，我們的工作量創下了歷史新高，我們特意設計了激勵系統來減少獲取工作量的摩擦，而這系統確實效果很好。

What we're seeing is that now, as we're starting to hit the one-year mark for the first workloads we acquired last Q1, that they're growing more slowly. So we're changing and fine-tuning some of the incentives to ensure that our salespeople and our teams focus on higher-quality workloads that have higher growth potential. So that's one point.

我們現在看到的是，當我們開始達到去年第一季獲得的第一個工作量的一年大關時，它們的成長速度正在放緩。因此，我們正在改變和微調一些激勵措施，以確保我們的銷售人員和團隊專注於具有更高成長潛力的更高品質工作量。這是其中一點。

In terms of new business, we did have a slower start to the year. As you know, we really focused on acquiring new workloads and measuring workloads all last year. So it took some time for us to analyze that workload data, and that then delayed how we organized from an org structure or territory and ultimately finalizing quotas. And so, we did almost catch up by the end of the quarter, but not fully. But I want to be clear, we remain very confident in our ability to win new business and our win rates remain strong.

就新業務而言，我們今年的開局確實比較緩慢。如您所知，去年我們確實專注於獲取新的工作量和衡量工作量。因此，我們花了一些時間來分析工作量數據，這也延遲了我們如何從組織結構或區域進行組織以及最終確定配額。因此，到本季末我們確實幾乎趕上了，但還沒有完全趕上。但我想明確一點，我們仍然對我們贏得新業務的能力非常有信心，而且我們的成功率仍然很高。

Understood. Thank you so much, Dev.

明白了。非常感謝，Dev。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Hey, thank you. Can I stay on that subject, Dev, a little bit? So if you think about, there's some of the stuff you just talked about is kind of in your own control, and then there's macro. If you think about what was the more important driver here, the macro side or the side that kind of you influenced? Can you speak to that, that we try to understand that better? And when did macro show up for you as well during the quarter?

嘿，謝謝你。戴夫，我可以繼續談這個話題一會兒嗎？所以如果你仔細想想，你剛才談到的一些東西是在你自己的控制範圍內的，然後還有宏觀。如果您想想一下，這裡更重要的驅動因素是什麼，是宏觀方面還是受您影響的方面？您能談談這一點嗎，以便我們更好地理解這一點？在本季度中，宏觀因素何時出現在您的視野中？

I would say, obviously, based on expectations, the macro was, the consumption was worse than we had expected when we guided at the end of Q4, based on our Q4 results. And the reason we firmly believe there's a macro impact is because we saw that slowdown happen across different sides of customers, across different industries, across different geos, and also across the tenure of our customers.

我想說，顯然，根據預期，宏觀來看，消費情況比我們在第四季末根據第四季業績預測時所預期的要差。我們堅信這會產生宏觀影響，因為我們看到這種放緩發生在客戶的不同方面、不同的行業、不同的地區，也發生在客戶的整個任期內。

There's also -- the usage growth was definitely slower compared to a year ago period. So that's what gives us a belief that this was a macro issue.

而且與去年同期相比，使用量成長肯定也較慢。所以這讓我們相信這是一個宏觀問題。

And then the new business issue was really, as I said, we almost caught up, but it was really operationally getting our organization in place and quotas in place. And we definitely learned from that, and we have changed our planning process so that we don't repeat the same mistake again. But that was the execution issue that I would say that we went through in Q1 with the slower start to the year.

然後，新的業務問題實際上正如我所說的那樣，我們幾乎趕上了，但實際上在營運上，我們的組織和配額已經到位。我們確實從中吸取了教訓，並且改變了我們的規劃流程，以便不再犯下同樣的錯誤。但我想說，這是我們在第一季遇到的執行問題，因為今年開局較為緩慢。

Yeah. Okay. Perfect. Thank you. And then, Michael, if you think about the year from the OPEX perspective, obviously, your revenue is coming down a little bit. How do you think about the investment cadence now? I mean, one way is to think like revenue is coming down, so I need to do something about the cost. The other thing is there's a big AI opportunity, so I need to keep investing. Where are you coming out there? What's your kind of puts and takes while you think about through that?

是的。好的。完美的。謝謝。然後，邁克爾，如果你從 OPEX 的角度考慮這一年，顯然你的收入會有所下降。您如何看待現在的投資節奏？我的意思是，一種方法是認為收入正在下降，所以我需要對成本做些什麼。另一件事是人工智慧存在巨大的機遇，所以我需要繼續投資。你要從哪裡出來？當您思考這個問題時，您會做出怎樣的犧牲和付出？

Sure. Yeah. And obviously, all this thinking is embedded in the guide. And so what the guide reflects is if you think about sort of the remainder of the year, a similar amount of investment. And I think to your point, we're very much running the business for the long term. And even if there are -- if we have a reduced revenue outlook compared to where we were 90 days ago, none of that changes the long-term opportunity for us. And so we want to continue to make sure that we're investing for that long-term opportunity.

當然。是的。顯然，所有這些想法都已融入指南之中。因此，如果您考慮今年剩餘時間的情況，指南所反映的投資額度大致相同。我認為正如您所說，我們經營企業是著眼於長期。即使有—如果我們的收入前景與 90 天前相比有所下降，這也不會改變我們的長期機會。因此，我們希望繼續確保我們為這個長期機會進行投資。

Dev also highlighted three specific areas that are particularly high value. And so what we'll do to spend within that or to live within that existing kind of target spend envelope is we prioritize those three things that Dev said to make sure that what we're investing in are the things that are most likely to move the needle and support long-term growth.

Dev 也強調了三個特別有價值的特定領域。因此，為了在現有目標支出範圍內進行支出，我們將優先考慮 Dev 所說的這三件事，以確保我們所投資的是最有可能推動發展並支持長期成長的事情。

Okay. Perfect. Thank you.

好的。完美的。謝謝。

Brad Reback, Stifel.

布拉德·雷巴克（Brad Reback），Stifel。

So just following up on that last question, a couple of years ago when things slowed, you dramatically slowed down sales hiring and maybe got a little behind from your commentary last year. Should we take what we're hearing today lead us to believe that even while there's a softer macro out there, you're still going to fairly aggressively invest on the sales and marketing side to keep capacity growing?

所以，我們繼續回答最後一個問題，幾年前，當經濟放緩時，您大幅放慢了銷售招聘的速度，也許比去年的評論稍微落後了一些。我們是否應該根據今天所聽到的消息相信，即使宏觀經濟形勢較為疲軟，您仍然會在銷售和行銷方面進行相當積極的投資，以保持產能成長？

Yeah. What I would say is our investment model is going to be consistent. We did pause hiring last year. And so we want to make sure that we continue to grow our productive capacity consistently.

是的。我想說的是，我們的投資模式將保持一致。我們去年確實暫停了招募。因此，我們希望確保我們的生產能力持續不斷提高。

We're going after a very large market. We have low share, but we also have to win business workload by workload, which is harder than more of a top down centralized sale. And so what we're also doing is focusing on also increasing the productivity of those teams, but by getting more better and more efficient at workload by workload, focusing on the higher end of the market, and also trying to sell more top down using the whole focus around modernizing legacy applications, as well as AI, which obviously is getting a lot of senior level attention. So we definitely believe the long-term growth prospects are strong. And so that's why we want to continue to invest in building out sales capacity.

我們正在追逐一個非常大的市場。我們的份額很低，但我們也必須透過不斷的工作量來贏得業務，這比自上而下的集中銷售要難得多。因此，我們的工作重點也是提高這些團隊的生產力，透過逐一工作量來提高工作效率，專注於高端市場，同時嘗試自上而下地銷售更多產品，重點是現代化遺留應用程式和人工智慧，這顯然得到了高層的廣泛關注。因此我們確實相信長期成長前景強勁。這就是我們要繼續投資擴大銷售能力的原因。

Great. And on the volume versus potential of deals, we'll say, or workloads, as you talked about last year, a lot of volume, maybe the potential wasn't as high for those workloads to grow. Can you give us a sense of the types of workloads that weren't growing as fast? Or what gives you confidence that you've really identified those types of workloads that can get you back to high potential? Thanks.

偉大的。關於交易量與潛力，我們會說，或工作量，正如您去年談到的，交易量很大，但工作量成長的潛力可能沒有那麼高。您能否向我們介紹一下哪些類型的工作量成長速度沒有那麼快？或者是什麼讓您有信心您已經真正確定了那些可以讓您重回高潛力的工作量類型？謝謝。

Yeah. I mean, the initial workloads actually grew in line with what we were expecting, but then they started growing more slowly. And we really noticed that this quarter. I would say, while it's not easy to identify, especially new workloads, what's going to take off versus what's going to be more of a slower-growth workload, because sometimes even customers don't know.

是的。我的意思是，最初的工作量實際上是按照我們的預期成長，但後來成長速度開始變慢。本季我們確實注意到了這一點。我想說，雖然很難識別，特別是新的工作負載，哪些工作負載會快速成長，哪些工作負載會成長較慢，因為有時甚至客戶也不知道。

What we have done is change the incentive systems a bit to emphasize more quality of workloads in the sales comp plans. So by definition, they're very incentivized to really push for the higher-growth workloads. And they can get not perfect data, but a lot better data by working more closely with customers to understand which are more of the critical workloads versus more of the tertiary workloads.

我們所做的是稍微改變激勵制度，以更強調銷售補償計畫中的工作量品質。因此，根據定義，他們非常有動力去推動更高成長的工作量。透過與客戶更緊密的合作，他們不僅可以獲得完美的數據，還可以了解哪些是關鍵工作負載，哪些是第三級工作負載，從而獲得更好的數據。

Got it. Thanks very much.

知道了。非常感謝。

And maybe, Brad, just to connect the dots, just to make sure that everyone's following, is that as we successfully got more volume, because we've got low share in this big market, one of the things that we did that helped us do that is reduce friction upfront. An unintended consequence of reducing friction is you actually have less information about everything. So if you're a sales rep and you're trying to prioritize your time, that was an unintended consequence. So what Dev is talking about will help address that.

也許，布拉德，只是為了把這些點連接起來，只是為了確保每個人都關注到，當我們成功獲得更大的銷量時，因為我們在這個大市場中的份額很低，我們所做的事情之一就是幫助我們做到這一點，那就是減少前期的摩擦。減少摩擦的一個意想不到的後果是你實際上對所有事情掌握的資訊更少了。因此，如果您是銷售代表，並且試圖優先安排您的時間，那麼這就是意想不到的後果。因此 Dev 所談論的內容將有助於解決這個問題。

Perfect. Appreciate it.

完美的。非常感謝。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根 (Kash Rangan)。

Hi. Thank you very much. Dev, you've been through multiple cycles before. This time, it's application software, databases, it doesn't matter. The weakness seems to be prevalent. If you just take a step back, what do you think is really going on? And then one for you, Michael. Well, how did consumption trends pan out throughout the quarter and the month of May? What do they look like? Thank you so much.

你好。非常感謝。Dev，你之前已經經歷過多個週期。這次，是應用軟體，資料庫，無所謂。這種弱點似乎很普遍。如果您退一步思考，您認為到底發生了什麼事？接下來還有一篇給你，麥可。那麼整個季度和五月的消費趨勢如何？它們長什麼樣子？太感謝了。

Yeah. So, Kash, you're right. I have been through multiple cycles. I think the one thing I will say is with every cycle, when you go back all the way to the mainframe, to client-server, to the internet, and now cloud and mobile, the cost of building applications went down. So you saw an explosion of more apps and consequently more data.

是的。所以，Kash，你是對的。我已經歷過多個週期。我想說的一件事是，隨著每個週期的推進，當你回到大型主機、客戶端伺服器、互聯網，以及現在的雲端和移動時，建立應用程式的成本就會下降。因此，您會看到應用程式數量激增，數據也隨之增加。

And I think with AI, you're going to see a step-fold increase in the number of apps and the number of -- amount of software that's being built to run businesses, et cetera. But that's going to take some time.

我認為，借助人工智慧，你將看到應用程式的數量以及用於運營業務的軟體的數量成倍增加。但這需要一些時間。

As with any new adoption cycle, the adoption happens in what people commonly refer to as S-curves. And I think we're going through one of those S-curves when I see the macro environment. Partly it's related to this technology transition, but partly it's also related that the macro environment is -- it's not great.

與任何新的採用週期一樣，採用過程發生在人們通常所說的 S 曲線中。當我看到宏觀環境時，我認為我們正在經歷一條 S 曲線。部分原因在於技術轉型，但部分原因也與宏觀環境不太好有關。

But we feel we're really well-positioned. The document model is truly the best way to work with a variety of different data. In fact, one customer told us if he had to build a database, it would be designed exactly like MongoDB.

但我們覺得我們確實處於有利地位。文件模型確實是處理各種不同資料的最佳方式。事實上，一位客戶告訴我們，如果他必須建立一個資料庫，那麼它的設計將與 MongoDB 完全一樣。

And so, for this new AI era. And so, we feel really good about our position. And we have lots of partners in this endeavor. And we're -- we have a large market that we're going after. So, we feel really bullish about the long-term growth opportunity for the business.

這就是新的人工智慧時代。因此，我們對自己的地位感到非常滿意。我們在這個事業上有很多合作夥伴。而我們有一個龐大的市場等著我們去開拓。因此，我們對該業務的長期成長機會非常樂觀。

Yeah. And Kash, just on your question about kind of consumption through the quarter, obviously when we guided in March, we knew what February was. So, there's no sort of source of variance there. And typically, so what that sort of means is that March and April is where we were expecting to see additional, you know, kind of that seasonal rebound that we've talked about. We didn't see that as strongly. March and April consumption trends were consistent with February. Normally, they are healthier. And so, that's sort of the first piece of it.

是的。卡什，關於你關於本季消費情況的問題，顯然，當我們在三月給出預測時，我們就知道二月份的情況了。因此，那裡不存在任何差異源。通常來說，這意味著我們預計三月和四月會出現額外的、我們談到的季節性反彈。我們並沒有強烈地感受到這一點。三月和四月的消費趨勢與二月一致。通常來說，他們更健康。這就是其中的第一部分。

And then secondly, to your question around May, May was also consistent, indicating sort of stability. May is typically in line.

其次，關於您在 5 月提出的問題，5 月的情況也比較一致，顯示有一定的穩定性。梅通常都處於排隊狀態。

I guess the other thing that I would say, just for those who follow the story closely, is you will know or recall that Q2 as a quarter is generally a seasonally lower quarter relative to Q1. But that tends to happen after May. And so, May being in line with what we saw and being consistent with what we saw in Q1 would be the typical pattern. And that's what we saw showing that sort of consistency. So, hopefully, that helps.

我想說的另一件事是，對於那些密切關注該故事的人來說，您會知道或記得，第二季度相對於第一季而言通常是一個季節性較低的季度。但這往往發生在五月之後。因此，5 月的情況與我們所見的情況一致並且與我們在第一季所見的情況一致是典型的模式。這就是我們所看到的表現出的一致性。希望這會有所幫助。

Karl Keirstead, UBS.

瑞銀的卡爾·科爾斯特德（Karl Keirstead）

Maybe I'll direct these to Dev. Dev, I know it's hard to get into the heads of your customers and understand their behavior. But I guess the spirit of this question is, when you say macro, what do you mean exactly? What are the customers telling you is the root cause? What do you mean exactly? What are the customers telling you is the root cause? Is it a sensitivity to rates or consumer and market weakness? Are you able to pinpoint what it is?

也許我會把這些轉交給 Dev。Dev，我知道了解客戶的想法並理解他們的行為很難。但我想這個問題的精神是，當你說宏觀時，你的意思到底是什麼？客戶告訴您根本原因是什麼？你到底是什麼意思？客戶告訴您根本原因是什麼？它是對利率還是消費者和市場疲軟的敏感度？你能準確指出它是什麼嗎？

And then maybe part two, one easy alternative explanation to macro is that AI has become such a big issue for CIOs and boardrooms that it might be crowding out other spend. Do you feel like there's any credence to that thesis? Thank you for both, Dev.

然後也許是第二部分，宏觀的一個簡單替代解釋是，人工智慧已經成為資訊長和董事會面臨的一個大問題，它可能會擠佔其他支出。您覺得這個論點有可信度嗎？謝謝你，Dev。

Yeah. So, thanks for the question, Karl. So, when we talk about macro, remember, ultimately, we're a database or a data platform, and the usage of our platform is directly or very tightly correlated to the performance of the end customer's business. If they're selling 100 widgets a week and all of a sudden now they're selling 80 widgets a week, that will mean that they're using the database less intensely.

是的。所以，感謝卡爾的提問。因此，當我們談論宏觀時，請記住，最終我們是一個資料庫或資料平台，我們平台的使用與最終客戶業務的表現直接或緊密相關。如果他們以前每週銷售 100 個小部件，現在突然只銷售 80 個小部件，那就意味著他們使用資料庫的強度降低了。

So, when we see broad-based slowdown across different customer cohorts of different sizes, across different industries, and across different geos, that strikes us as pretty much a macro issue. And so, that's why, based on -- and we have close to 50,000 customers, so we have a pretty good feel for what's happening right now. And that's why we feel that there's definitely a macro element to it.

因此，當我們看到不同規模、不同產業、不同地區的不同客戶群出現普遍性的經濟放緩時，我們認為這是一個宏觀問題。所以，這就是為什麼基於——我們擁有近 50,000 名客戶，所以我們對現在發生的情況非常了解。這就是為什麼我們認為其中肯定有宏觀因素。

With regards to the second part of the question, is AI essentially crowding out new business, we definitely think that that's plausible. We definitely see development teams experimenting on AI projects. The technology is changing very, very quickly.

關於問題的第二部分，人工智慧是否本質上會擠佔新業務，我們絕對認為這是合理的。我們確實看到開發團隊正在對人工智慧專案進行實驗。技術變化非常非常快。

But that being said, we don't see that as a reason for us to not hit our new business targets. And as I said, even though we started slow, we almost caught up at the end of this quarter. And we feel really good about our new business opportunity for the rest of this year. So, I don't want to use that as an excuse for us not meeting our new business targets.

但話雖如此，我們並不認為這是無法實現新業務目標的理由。正如我所說的，儘管我們起步緩慢，但在本季度末我們幾乎趕上了。我們對今年剩餘時間的新商機感到非常滿意。所以，我不想以此作為我們未能實現新業務目標的藉口。

Okay. Got it. Helpful. Thank you.

好的。知道了。很有幫助。謝謝。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

I guess maybe just to follow up to that last question there, Dev, it sounds like you are starting to see some improvement here, perhaps in pipeline, if I'm hearing you properly, since you've kind of gotten things back on track here with regards to some of the planning that's out of the way. Is that a fair assessment? In other words, do you feel like your pipeline coverage is now improving as potentially a sign for some improvement later in the year?

我想也許只是為了跟進最後一個問題，Dev，聽起來你開始看到這裡的一些改進，也許是在籌備中，如果我沒聽錯的話，因為你已經讓一些已經超出計劃的計劃回到正軌。這是一個公平的評價嗎？換句話說，您是否覺得您的管道覆蓋率現在正在提高，這可能是今年稍後出現改善的跡象？

Yeah, I wouldn't characterize it as improving. I think we felt good about our pipeline. We just got off to a slow start for the quarter. And so, that was the point that I think the nuance that we're trying to communicate and that we do feel good about the new business opportunity for the rest of this year.

是的，我不會將其描述為進步。我認為我們對我們的管道感覺很好。本季我們開局緩慢。所以，我認為這就是我們試圖傳達的細微差別，並且我們對今年剩餘時間的新商機感到樂觀。

And when I talked to our sales leadership team, they feel really good. The win rates seem very high. Our competitiveness against different types of competitors is strong. So, our new business opportunity is strong. I wouldn't say it's suddenly improved. It's just that we got off to a slow start, if you want.

當我與我們的銷售領導團隊交談時，他們感覺非常好。勝率看起來很高。我們與不同類型的競爭對手相比具有很強的競爭力。因此，我們的新商機十分強勁。我不會說它突然改善了。如果你願意這麼說的話，我們只是起步比較慢。

Yeah, and Brad, I would just broadly say, like, this is very consistent with how we've talked about the business for the last couple of years now, in terms of sort of thinking about new business and sort of expansion or consumption of existing workloads and that the macro impact, which obviously -- even if it's getting more sensitive, isn't a brand new topic or isn't a brand new discussion.

是的，布拉德，我只是想大致地說，這與我們過去幾年談論業務的方式非常一致，在考慮新業務以及擴展或消耗現有工作負載方面，以及宏觀影響，顯然 - 即使它變得越來越敏感，也不是一個全新的話題或討論。

From a new business standpoint, we've been able to execute well against that, but it does affect the underlying usage of applications. So, kind of those underlying read-writes that drive consumption. And so, that's really the same dynamic that's playing out here. The operational stuff and the slow start at the beginning that we kicked off is just trying to put the Q1 lighter new business quarter into context and is a nuance that's sort of meant to help understand. It's not some fundamental different shift about the macroeconomic environment. We've been able to continue to execute well from that standpoint, from a go-to-market and everything else perspective. So, just to try and connect the dots for those who are listening and have kind of seen the longitudinal story here.

從新的業務角度來看，我們已經能夠很好地執行這一點，但它確實影響了應用程式的底層使用。所以，這些底層的讀寫操作推動了消費。所以，這實際上和這裡正在發生的動態是一樣的。我們一開始的營運工作和緩慢的起步只是為了試圖將第一季較輕鬆的新業務季度放在背景中，這是一種有助於理解的細微差別。這並不是宏觀經濟環境的根本轉變。從這個角度來看，從進入市場和其他所有角度來看，我們都能夠繼續表現得很好。因此，只是為了嘗試為那些正在聆聽並且已經看過縱向故事的人將這些點聯繫起來。

Understood. Thank you so much. And one more, if I may, please. Just, do you feel like you have identified what those higher quality workloads are? Just curious what, in your view, those are. Is it just larger, more tenured customers that tend to have bigger data sets that you can address? Or is there something more to what that higher workload definition is, the higher quality workload? Thank you.

明白了。太感謝了。如果可以的話，請再說一句。只是，您是否覺得您已經確定了那些更高品質的工作量是什麼？只是好奇，在您看來，那些是什麼。是只有規模更大、合作更長久的客戶才往往擁有更大的數據集可供您處理？或者說更高工作量的定義是否還包括更多內容，也就是更高品質的工作量？謝謝。

Yeah, I mean, it really depends on if it's a new workload or existing workload. So, if it's a new workload, it's hard to [suss] out exactly how quickly that workload is going to grow. But what we've changed is in our incentive mechanisms that there's more balance to quality in terms of size versus just pure volume.

是的，我的意思是，這確實取決於它是新的工作量還是現有的工作量。因此，如果這是一項新的工作量，就很難確切地知道該工作量將會成長得多快。但我們的激勵機制已經改變，規模與單純的數量更加平衡。

Again, I just want to remind people, we had record workload volumes last year. So, the intent of our strategy actually worked well because we really reduced the amount of friction in terms of acquiring new workloads. Just now that we're seeing -- starting to see one-year data, we just made fine-tuned some of our incentives to just make sure there's a little bit more balance on rewarding people for the size of workload, not just the volume.

再次，我只是想提醒大家，去年我們的工作量創下了歷史新高。所以，我們的策略意圖實際上發揮了很好的作用，因為我們確實減少了獲取新工作量方面的摩擦。我們剛剛看到——開始看到一年的數據，我們剛剛對一些激勵措施進行了微調，以確保在獎勵人們的工作量大小而不僅僅是工作量方面更加平衡。

Understood. Thanks, Dev. Thanks, Michael.

明白了。謝謝，Dev。謝謝，麥可。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Just to follow up in terms of the consumption weakness that you saw in the quarter, I guess, could you help us understand, is this more driven by kind of the end applications being less usage? Do you think that this is specific optimizations that customers are putting in place? Or maybe it's just slower pace of application modernization across those customer bases given the tight budget environment? If you could just kind of pinpoint where you're seeing that consumption expansion process the most.

為了跟進您在本季度看到的消費疲軟情況，我想，您能否幫助我們了解，這是否更多的是由於終端應用程式使用率較低所致？您認為這是客戶正在實施的具體最佳化嗎？或者也許只是因為預算緊張，這些客戶群的應用程式現代化步伐變慢了？如果您可以指出最能體現消費擴張過程的地方，那該怎麼辦？

Yeah. So, when you talk about consumption weakness, it is, in our view, the end applications usage slowing down, which is, in some ways, a proxy for our end customers' businesses slowing down. And it's not new business because this is consumption of existing workloads.

是的。因此，當你談到消費疲軟時，我們認為，這意味著終端應用程式的使用正在放緩，在某種程度上，這代表著我們的終端客戶業務正在放緩。這並不是新業務，因為這是現有工作負載的消耗。

And you have to remember, we never saw really optimization as a major dynamic in our business last year. So, it wasn't a headwind last year. So, it's not really a tailwind this year. And so, that is not a major dynamic in our business relative to other consumption-oriented businesses that, obviously, you track.

你必須記住，我們去年從未真正將優化視為業務的主要動力。因此，去年並不存在逆風。因此，今年的情況並不是很有利。因此，與您追蹤的其他消費導向業務相比，這並不是我們業務的主要動態。

Yeah. And, Tyler, I think we said this in the prepared remarks. But, again, just to make sure that we hit this point, if you think about the slower growth in Atlas consumption that we saw, we talked about how, if you look on a year-over-year basis, the underlying usage, right, think like, reads and writes, that grew more slowly this year as well. And as we've talked about, there tends to be a tight linkage between those two given sort of the way that our value proposition works.

是的。泰勒，我想我們在準備好的發言中已經說過這​​一點。但是，再說一次，只是為了確保我們達到這一點，如果你想想我們看到的 Atlas 消費增長放緩，我們討論過，如果按同比來看，潛在的使用情況，比如讀寫，今年的增長也較為緩慢。正如我們所討論的，考慮到我們的價值主張的運作方式，這兩者之間往往存在著緊密的聯繫。

Okay. That's helpful. And, Michael, on the guidance here, obviously, I'm sure you don't like lowering guidance. But, considering you did it here, and hopefully, this is the last time this year, can you just remind us what you're assuming from a consumption pattern? I know you said that this year is obviously starting off slower than you expected and kind of behind seasonal trend versus last year. Like, what are you doing from an adjustment perspective? Are you taking kind of a worst-case scenario? Are you looking back, maybe a couple years back when consumption trends were even worse? Just help us understand what's embedded and what level of conservatism you're applying. Thank you.

好的。這很有幫助。邁克爾，關於這裡的指導，顯然，我確信你不喜歡降低指導。但是，考慮到您在這裡這樣做了，並且希望這是今年最後一次，您能否提醒我們一下您從消費模式中假設了什麼？我知道您說過，今年的開局顯然比您預期的要慢，而且與去年相比，有點落後於季節性趨勢。例如，從調整的角度來看，您正在做什麼？您是否正在考慮最壞的情況？您是否回顧一下，也許幾年前消費趨勢甚至更糟？只需幫助我們了解其中蘊含的內容以及您所應用的保守程度即可。謝謝。

Yeah. So, happy to help you walk through. Obviously, we went through the fiscal '25 guide in a fair amount of detail when we guided back in March. And so, maybe I'll kind of call out the things that have changed since then, in terms of our understanding, obviously, first and foremost, the Q1 results, being the biggest piece. So, as we've talked about consumption and consumption growth and consumption growth trends tend to be the biggest near-term factor when you look out at the business. So, we saw those lower, as we mentioned, in March and April than what we expected. May, as I mentioned, is consistent with that. And so, we've assumed that same level persists throughout the year. So, we haven't assumed a recovery and nor have we assumed a deterioration.

是的。因此，我很高興能夠幫助您度過難關。顯然，我們在 3 月制定指南時已對 25 年財政指南進行了相當詳細的研究。因此，也許我會指出從那時起發生的事情，就我們的理解而言，顯然首先是第一季的業績，這是最重要的部分。因此，正如我們所討論的消費和消費成長，當你觀察業務時，消費成長趨勢往往是最大的短期因素。因此，正如我們所提到的，三月和四月的銷售額低於我們的預期。正如我所提到的那樣，梅與此是一致的。因此，我們假設這一水準將全年持續不變。因此，我們既沒有假設會出現復甦，也沒有假設會惡化。

And then the other thing within Atlas that's important to keep in mind as you think through kind of the impacts are, in part, because of that lower expansion in Q1 and then also the smaller new business cohort within Atlas in Q1, the starting Q2 ARR is lower and that compounds over the course of the year, right? So, we spent a bunch of time last year talking about how Q1 was a particularly strong quarter and given the math of compounding, that wound up being the gift that kept giving throughout the year from an absolute revenue number perspective, even if we saw different consumption trends. That will work the same way this year, but sort of in reverse, right? With a softer growth in Q1, that will compound as you think about it relative to your full-year guide. And so, that's baked into the Bassman equation.

然後，當您思考影響時，Atlas 中需要記住的另一件事是，部分原因是由於第一季度的擴張較低，而且第一季度 Atlas 內的新業務群體較小，因此第二季度的起始 ARR 較低，並且會在一年內複合增長，對嗎？因此，我們去年花了大量時間討論第一季度如何成為一個特別強勁的季度，並且考慮到複利的計算，從絕對收入數字的角度來看，這最終成為了全年持續給予的禮物，即使我們看到了不同的消費趨勢。今年的情況也是一樣，只不過是反過來的，對嗎？由於第一季的成長放緩，相對於全年指南而言，這一數字將會加劇。這就是巴斯曼方程式的一部分。

And the third thing that I call out is -- I referenced EA. EA did have a stronger Q1 and outperformed relative to our expectations. But despite that outperformance, we actually saw fewer multi-year deals. And in the current macro environment, when we look out, we think there's reason to believe that Q1 wasn't a fluke and that that will be a headwind. And so, when you think about the 606 dynamics associated with Enterprise Advanced, we factored that into account as well. And so, those are really the three key things that make up the inputs into the fiscal '25 updated guide.

我要指出的第三件事是──我提到了 EA。EA 的第一季表現確實更為強勁，並且超出了我們的預期。但儘管表現優異，我們實際上看到的多年期交易卻減少了。在當前的宏觀環境下，當我們展望未來時，我們認為有理由相信第一季並非僥倖，而且這將是一個阻力。因此，當您考慮與 Enterprise Advanced 相關的 606 動態時，我們也會將其考慮在內。所以，這些其實是構成 25 財年更新指南的三個關鍵內容。

Thank you.

謝謝。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

I have two, and I'll start with the first one here, just to be clear, but I want to make sure I'm interpreting this properly. On the slower growth from those newly acquired workloads last year, is the takeaway that the sales team wasn't necessarily acquiring the quote-unquote right type of workload because MongoDB sounds like it had over-indexed toward focusing on the volume of these newly acquired workloads over quality? Is that a fair characterization or takeaway from what we're hearing today?

我有兩個，我將從第一個開始，只是為了清楚起見，但我想確保我正確地解釋了這一點。關於去年新獲得的工作負載成長放緩，是否意味著銷售團隊不一定獲得正確類型的工作負載，因為 MongoDB 聽起來似乎過於關注這些新獲得的工作負載的數量而非品質？從我們今天所聽到的內容來看，這是一個公正的描述或結論嗎？

Potentially. I mean, I would say that we obviously have learned a lot. And so, we really indexed on volume because, as in past years, when you have a portfolio of workloads, you're not sure which workload's going to take off. And that's been the growth driver of our business.

有可能。我的意思是，我想說我們顯然學到了很多。因此，我們確實根據數量進行了索引，因為與過去幾年一樣，當您擁有一系列工作量時，您不確定哪些工作量會迅速增加。這正是我們業務成長的動力。

And I'll just remind you, five years ago, we were one-tenth of the size of our business today. So, that's -- our strategy has been to acquire workloads as quick as possible. And we wanted to make it even easier for customers to -- for us to win workloads so customers could use our platform. It's just that as we see the growth rates of the workloads that are more recently acquired, they seem to be growing a little slower than we expected.

我只想提醒你們，五年前，我們的業務規模只有今天的十分之一。所以，我們的策略是盡快獲得工作量。我們希望讓客戶更輕鬆地贏得工作量，以便客戶能夠使用我們的平台。只是，當我們看到最近獲得的工作量的成長率時，它們的成長速度似乎比我們預期的要慢。

And so, we're just making some refinements. I don't want to suggest that this is some major pivot or kind of change in direction. It's just some, you know, major, some refinements in terms of our incentive system to reward salespeople for workloads that grow even, you know, that grow fast. And so, and that's, we think that's the appropriate response here.

因此，我們只是做了一些改進。我並不是想說這是一個重大的轉捩點或是方向的改變。這只是我們的激勵制度的一些重大改進，用於獎勵工作量增加的銷售人員，甚至是工作量快速增加的銷售人員。所以，我們認為這是適當的回應。

Got it. And I think my follow-up, again, I'm trying to get this from the outside in, but I'd appreciate any color, like understand the refinement here on looking at those workloads that grow faster. But I think Michael had made the earlier point as well that because of this go-to-market effort, you almost by default have less visibility into that customer because you have reduced the friction to adopt. So, can you help me think about how you guys are refining that focus on acquiring those right workloads, just given that reduced visibility we have?

知道了。我認為我的後續行動是再次嘗試從外部解決這個問題，但我很感激任何細節，例如了解這裡的改進，以查看那些增長更快的工作負載。但我認為邁克爾之前也提出過這一點，即由於這種進入市場的努力，你幾乎默認對該客戶的了解較少，因為你減少了採用的摩擦。那麼，您能否幫助我思考一下，考慮到我們的可見度降低，你們如何改善對獲得正確工作量的關注？

Well, I think it's really tied to the three priorities we outlined. So, one, we're devoting more resources to the enterprise segment of the market. Well, we've seen great success there. We have lots of customers who spend eight figures with us. We have a lot of customers who spend seven figures with us. And we just see the returns on that segment be very, very strong. So, we're obviously focused on that segment of the market.

嗯，我認為這與我們概述的三個優先事項確實相關。因此，首先，我們將向企業市場領域投入更多資源。嗯，我們在那裡看到了巨大的成功。我們有很多客戶在我們這裡花費了八位數的金額。我們有許多客戶在我們這裡花費了七位數的金額。我們看到該部分的回報非常非常強勁。因此，我們顯然專注於該部分市場。

We talked about this focus on this kind of segment of the market that's been historically hard to crack. These legacy workloads run mission-critical portions of these large businesses. But frankly, some of those developers have retired or left, and people are scared to make change because the time and the risk and the cost to do so can be quite difficult and risky.

我們討論了對這段歷史上難以攻克的細分市場的關注。這些遺留的工作負載運行著這些大型企業的關鍵任務部分。但坦白說，其中一些開發人員已經退休或離開，人們害怕做出改變，因為這樣做的時間、風險和成本可能相當困難和冒險。

And so, essentially, by using AI, we've done some pilots, we can dramatically reduce the cost and time to make these migrations happen. So, that's generating a lot of interest. And for customers, they're feeling a lot of pressure because the cost of bearing those legacy applications is very high. There's increasing regulatory and compliance pressures to upgrade those applications. Some of these technologies are end-of-lifing, so they have a compelling reason to take action.

因此，從本質上講，透過使用人工智慧，我們已經進行了一些試點，我們可以大幅減少實現這些遷移的成本和時間。因此，這引起了人們的極大興趣。對於客戶來說，他們感受到了很大的壓力，因為承載這些遺留應用程式的成本非常高。升級這些應用程式的監管和合規壓力越來越大。其中一些技術已經過時，因此他們有令人信服的理由採取行動。

And they want to also, essentially, position these apps to be AI-enabled, and they can't do that with the legacy architectures that they have. So, there's a whole set of reasons that these customers are interested in kind of migrating. And those workloads are definitely, by definition, bigger. And then, as I said, the third category is all about positioning ourselves for the coming set of AI apps that will come to production.

他們也希望從本質上將這些應用程式定位為支援人工智慧，但他們無法利用現有的傳統架構來做到這一點。所以，這些客戶對遷移有一系列的原因有興趣。從定義上來說，這些工作量肯定更大。然後，正如我所說的，第三類就是為即將投入生產的一系列人工智慧應用做好我們自己的定位。

But the other thing, Mike, just not to get lost in the details, but I wouldn't quite use the word visibility, but I do think if you think about it this way, if you're going through the process of negotiating a commitment with a customer, you're going to get an enormous amount of information from that customer about the workload and about everything else. And so, when you're moving in a frictionless manner to get more workloads, you won't get all of that information.

但是另一件事，麥克，只是不要迷失在細節中，但我不會完全使用可見性這個詞，但我確實認為如果你這樣想，如果你正在與客戶談判承諾的過程，你將從該客戶那裡獲得大量有關工作量和其他所有事項的信息。因此，當您以無摩擦的方式獲得更多工作量時，您將無法獲得所有這些資訊。

It's still possible with intent and purpose and incentives to get some of that information. And getting that little bit of relevant information is dramatically different than getting a commitment, right? And so, that's the balance that we're just, we're trying to strike and that we're continuing to iterate as we learn here.

只要有意圖、有目的並有激勵，仍然有可能獲取其中一些資訊。而取得這點相關資訊與獲得承諾有很大不同，對嗎？所以，這就是我們所試圖達到的平衡，而且我們會在學習的過程中不斷迭代。

Yeah. And also, I just want to add, it's not that we're anti-commitments, but we want to, the customer, to feel like, okay, I see enough volume either through this one workload or through the multitude of workloads they have to make a bigger commitment. And it's a much more natural conversation than trying to prematurely force a commitment when the customer themselves may not know how quickly that workload is going to grow. And so, consequently, we'll struggle to figure out like what kind of commitment they want to sign up for.

是的。另外，我想補充一點，我們並不是反對承諾，而是我們希望客戶能夠感覺到，好吧，我看到無論是透過這項工作量還是透過眾多工作量，他們都已經做出了足夠的承諾。當客戶自己可能不知道工作量會成長得多快時，這是一種更自然的對話，而不是試圖過早強迫客戶做出承諾。因此，我們將努力弄清楚他們想要簽署什麼樣的承諾。

Got it. Thank you for flushing it up. I really appreciate all the detail. Thank you.

知道了。謝謝你把它沖洗乾淨。我真的很感謝所有的細節。謝謝。

(Operator Instructions) Brent Bracelin, Piper Sandler.

（操作員指示） Brent Bracelin、Piper Sandler。

Michael, wanted to go back to the slow start to new business. How much of that was internal versus a change in the external selling environment that created the slow start, be it lengthening sales cycles, longer close times, just trying to think through the internal versus external factor there.

麥可想要回到新業務的緩慢起步階段。其中有多少是內部因素，有多少是外部銷售環境的變化導致了起步緩慢，無論是延長銷售週期，延長成交時間，只是試著思考一下其中的內部因素與外部因素。

Internal.

內部的。

Okay. Very clear. That's a helpful color. And then Dev, for you, as we think about the business, where we're seeing a slowdown across the broader application software space, it does feel like there's a AI crowding out effect here temporarily. But as we think about the next year and what you can control to drive, maybe an acceleration in the business a year from now, what are the things you're focused on repositioning this company for improving growth next year?

好的。非常清楚。這是一種很有用的顏色。然後，對您來說，當我們考慮業務時，我們看到更廣泛的應用軟體領域的發展放緩，確實感覺這裡暫時存在人工智慧擠出效應。但是，當我們思考明年以及您可以控制哪些因素來推動一年後的業務加速時，您會重點關注哪些方面來重新定位公司，以實現明年的成長？

Yeah. So again, just to go back, we're going after a very large market. We have low share, but we have to acquire business workload by workload, which is harder than, say, getting a broad-based decision of a company to standardize technology across the enterprise.

是的。所以，再說一遍，我們瞄準的是一個非常大的市場。我們的份額很低，但我們必須逐一獲取業務工作量，這比獲得公司的廣泛決策以在整個企業範圍內標準化技術要困難得多。

The base is growing, but it is slowing over time. And the key to us then is the pace of workload acquisition. So one of the things that we're doing is, as I said earlier, is that we are growing our productive capacity and trying to do that consistently. We did pause last year, but we are investing this year.

基數正在成長，但隨著時間的推移，成長速度正在放緩。那麼對我們來說關鍵就是工作量取得的速度。因此，正如我之前所說，我們正在做的事情之一就是提高我們的生產能力，並努力持續地做到這一點。我們去年確實暫停了，但今年我們正在投資。

We're also trying to increase the productivity of that sales organization by getting better and more efficient at increasing the pace at which we can acquire workloads. Posting on the large segment or the large enterprise segment will help that. We also are trying to sell more top-down. The whole focus on legacy app modernization is really elevating our conversations with senior-level customers, because they are in such pain right now that they want to talk to us, and they're quite excited about the results that we've produced in some of these pilots, and we're talking to customers who are interested in really engaging with us in the program.

我們也試圖透過更好、更有效率地提高獲取工作量的速度來提高該銷售組織的生產力。在大型細分市場或大型企業細分市場中發布貼文將會有所幫助。我們也正在嘗試自上而下地銷售更多產品。對遺留應用程式現代化的整體關注確實提升了我們與高級客戶的對話，因為他們現在非常痛苦，他們想與我們交談，他們對我們在一些試點中取得的成果感到非常興奮，我們正在與有興趣真正參與我們計劃的客戶交談。

And then, obviously, AI is also top of mind for senior-level executives, and we're using that as a way to also sell more top-down. So those are the things that we're focused on in terms of how we continue to drive the long-term growth of the business. And as I said, we feel really good about the long-term prospects.

顯然，人工智慧也是高階主管最關注的問題，我們正在利用這一點作為自上而下銷售更多產品的一種方式。所以就如何持續推動業務的長期成長而言，這些都是我們所關注的事情。正如我所說，我們對長期前景感到非常樂觀。

William Power, Baird.

威廉鮑爾，貝爾德。

Maybe a slightly different tack. I guess, Dev, coming out of MongoDB Local in New York, you'll have a bunch of new product announcements. So it'd be great to kind of hear what customers were most excited about, where the conversations were focused, the meetings there.

或許採取略有不同的策略。我想，Dev，從紐約的 MongoDB Local 出來後，你將會發表一系列新產品。因此，如果能了解客戶最感興趣的是什麼、談話的重點是什麼以及在那裡舉行的會議，那就太好了。

And secondly, I guess I'd be curious, just as you were talking to customers, kind of what their view was towards macro versus investments, because it sounds like a lot of the macro you're seeing on the consumption side and underlying workloads. But I guess I'm curious, kind of from a top-down level, kind of what their views or conversations were around macro versus investing in new technologies.

其次，我很好奇，就像您與客戶交談時一樣，他們對宏觀和投資的看法是什麼，因為聽起來您在消費方面和底層工作負載方面看到的許多宏觀因素。但我想我很好奇，從自上而下的角度來看，他們對宏觀和投資新技術的看法或談話是什麼。

Yeah. So in terms of new products, obviously, the way we introduce new products is we first kind of do a beta rollout, get some early pilot customers, and then do more of a controlled introduction before you go to general availability. And so for our stream processing product, we already had a number of customers, actually in the hundreds of customers who were testing and giving us feedback. The receptivity was very positive. And the interest rate is very high, because when you think about being able to process data in motion, most of that data is JSON-based. It's obviously core to who we are as a platform, and so it's well-suited as a kind of something that should be part of the MongoDB platform. And so that receptivity was quite high.

是的。因此就新產品而言，顯然，我們推出新產品的方式是，首先進行 Beta 版推出，獲得一些早期試點客戶，然後在全面上市之前進行更可控的介紹。因此，對於我們的串流處理產品，我們已經擁有大量客戶，實際上有數百名客戶正在測試並向我們提供回饋。接受度非常正面。而且興趣度非常高，因為當你考慮能夠處理動態資料時，你會發現大多數的資料都是基於 JSON 。它顯然是我們平台的核心，因此它非常適合成為 MongoDB 平台的一部分。因此接受度相當高。

Obviously, 8.0, we've announced, but it will be generally available later this year. But we have lots of customers. We have some of the most demanding and sophisticated customers who are pushing our platform. We, by definition, are much more performant and scalable than most of the platforms out there. So by definition, we have customers who really push the envelope, and they're really excited about the fact about the performance gains that we're delivering, because that will only help them in terms of what they want to do.

顯然，我們已經發布了 8.0 版本，但它將於今年稍後全面上市。但我們有很多顧客。我們擁有一些最苛刻、最成熟的客戶，他們正在推動我們的平台。從定義上講，我們的效能和可擴展性比大多數平台都要高得多。所以從定義上來說，我們擁有真正突破極限的客戶，他們對我們所提供的性能提升感到非常興奮，因為這只會對他們想要做的事情有所幫助。

And then in terms of the new products that we are, in terms of full-text search and vector search that we're introducing to the community, they're really excited, because in many places for our prospects, that's where they start. They start with a community version before they, say, move to Atlas or move to EA.

就我們向社區推出的新產品而言，包括全文搜索和向量搜索，他們真的很興奮，因為對於我們的潛在客戶來說，在很多地方，他們都是在這裡開始的。他們從社群版本開始，然後再轉向 Atlas 或 EA。

And so, by basically allowing them to start using these new products when they're in the early prototyping and development phase of their project is actually in that goodness for them, because then they can kind of start using all our products right from the gate versus having to start and then add on these other products later. So from that point of view, the sentiment and the positivity is very high.

因此，在專案的早期原型設計和開發階段，允許他們開始使用這些新產品實際上對他們來說是件好事，因為他們可以從一開始就開始使用我們所有的產品，而不必稍後再添加這些其他產品。因此從這個角度來看，情緒和積極性都很高。

With regards to the macro environment, I would say two things. One, at the high end of the market, there's no question that customers are very cost conscious. And so I think that's playing out just because everyone's kind of watching their pennies. And so we like the fact that we're very, on a price performance basis, a very attractive platform. But there's no question that customers are mindful about costs in this new kind of macroeconomic era.

關於宏觀環境，我想說兩點。首先，在高端市場，毫無疑問客戶非常注重成本。所以我認為，這種情況之所以發生，只是因為大家都在精打細算。因此，我們喜歡這樣一個事實：從性價比來看，我們是一個非常有吸引力的平台。但毫無疑問，在這個新的宏觀經濟時代，消費者非常關心成本。

And then on the lower end of the channel, it's also not a shock to say that, obviously, smaller customers are having more difficulty raising capital. And consequently, they have to be also more judicious about how they spend money. And that also obviously factors in in terms of how much they can spend on their own internal technology stack.

在通路的低端，小客戶在籌集資金方面顯然面臨更大困難，這一點也不令人震驚。因此，他們也必須更明智地花錢。這顯然也影響到他們可以在自己的內部技術堆疊上投入多少錢。

That's helpful. Thank you.

這很有幫助。謝謝。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

Hi, this is Joe Vandrick on for Patrick Colville. So it seems like excitement on application modernization has picked up a little bit. And it's now a key focus. So I'm curious, how are you defining and tracking success with the relational migrator product?

大家好，我是 Joe Vandrick，取代 Patrick Colville 播報。因此，看起來人們對應用程式現代化的熱情已經升溫。現在它已成為關注的焦點。所以我很好奇，您如何定義和追蹤關係遷移器產品的成功？

Yeah. So for those of you who may not know the full story, let me explain. So we have an existing relational migrator product that allows people to essentially migrate data from legacy relational databases and does the schema mapping for them. The one thing it does not do, which is the most cumbersome and tedious part of the migration, is to autogenerate the data or build application code. So when you go from a relational app to an app built in MongoDB, you still have to essentially rewrite the application code. And for many customers, that was the inhibitor for them to migrate more apps, because that takes a lot of time and a lot of labor resources.

是的。因此，對於那些可能不了解整個故事的人，讓我解釋一下。因此，我們有一個現有的關係遷移器產品，它允許人們從遺留關係資料庫中遷移資料並為其進行模式映射。它沒有做的一件事，也是遷移過程中最麻煩、最無聊的部分，就是自動產生資料或建立應用程式程式碼。因此，當您從關聯式應用程式轉到基於 MongoDB 建置的應用程式時，您仍然必須重寫應用程式程式碼。對於許多客戶來說，這阻礙了他們遷移更多應用程序，因為這需要大量的時間和勞動力資源。

So our app modernization effort is all about -- or using AI, is all about now solving the third leg of that stool, which is being able to reduce the time and cost and effort of rewriting the app code, all the way from analyzing existing code, converting that code to new code, and then also building the test suites, both unit tests and functional tests, to be able to make sure the new app is obviously operating and functioning the way it should be.

因此，我們的應用程式現代化工作就是——或者說使用人工智慧，就是為了解決這個凳子的第三條腿，即能夠減少重寫應用程式程式碼的時間、成本和精力，從分析現有程式碼、將該程式碼轉換為新程式碼，然後建立測試套件（包括單元測試和功能測試），以確保新應用程式顯然按照應有的方式運行和運行。

And so those parts of the equation is what we are excited about, because now AI can really help reduce the cost and complexity of rewriting app code. And that's why customers are getting more excited, because the lower you reduce the cost for that migration or the switching cost, the more apps you can then, by definition, migrate. And so that is something that we are really excited about.

因此，我們對等式的這些部分感到興奮，因為現在人工智慧確實可以幫助降低重寫應用程式程式碼的成本和複雜性。這就是為什麼客戶越來越興奮的原因，因為遷移成本或轉換成本越低，那麼按照定義，可以遷移的應用程式就越多。這確實是讓我們興奮的事情。

I will caution you that it's early days. You should not expect some inflection in the business because of this, but we're really excited about the opportunity, and we're also really excited about the fact that it gives us access to very senior decision makers, because they, by definition, can make decisions quickly around what to do and what not to do.

我要提醒你，現在還太早。你不應該期望業務會因此發生一些變化，但是我們對這個機會感到非常興奮，我們也對它使我們能夠接觸到非常高級的決策者感到非常興奮，因為根據定義，他們可以快速地決定做什麼和不做什麼。

Got it. And one more, if I could get it in. Total customer count continues to grow at a pretty decent pace, and so does the customer count, over 100,000 customers. But it looks like the direct sales customer count growth has tapered off a little bit. Could you talk through if that's just a function of going after more strategic customers or if that's just a function of going after more strategic customers?

知道了。還有一個，如果我能把它放進去的話。總客戶數持續以相當不錯的速度成長，客戶數量也在成長，已超過 10 萬名客戶。但看起來直銷客戶數量的成長已經放緩。您能否談談這是否只是為了追求更具策略性的客戶的功能，或者這只是為了追求更具策略性的客戶的功能？

Yeah, I mean, we're definitely interested in continuing to acquire customers. Obviously, a lot of our existing customers are still vastly under-penetrated in, so our biggest growth opportunities in the near term are actually winning more workloads than our existing customer accounts, and as I mentioned, we have lots of eight-figure customers and lots of seven-figure customers, along with the six-figure customers.

是的，我的意思是，我們絕對有興趣繼續吸引客戶。顯然，我們的許多現有客戶仍然滲透率很低，因此我們近期最大的成長機會實際上是贏得比現有客戶帳戶更多的工作量，正如我提到的，我們有很多八位數的客戶和很多七位數的客戶，以及六位數的客戶。

So we know that once you get in, we can kind of win a lot more business in those accounts, but we do have teams focused on acquiring new logos. That obviously is a longer sales cycle, but it's something that we do care about, especially at the higher end, where there's still lots of enterprise logos where they're not yet MongoDB customers, and we are definitely focused on making sure we crack into those accounts.

所以我們知道，一旦你加入，我們就可以在這些帳戶中贏得更多的業務，但我們確實有團隊專注於獲取新標誌。這顯然是一個較長的銷售週期，但這是我們關心的事情，特別是在高端市場，仍有許多企業尚未成為 MongoDB 客戶，我們絕對專注於確保打開這些帳戶。

Thank you. And with that, I'll turn it back over to our CEO, Dev, for closing remarks.

謝謝。最後，我將把發言權交還給我們的執行長 Dev，請他作最後發言。

Well, I want to thank everyone for joining us today. Just to kind of summarize the call, we are tempering our outlook for the rest of this year due to a more challenging macro environment. We are focusing more resources on the high end of the market, accelerating legacy app modernization using AI, and cementing our position as the platform of choice for next-generation AI applications, and we'll invest judiciously in these priorities through the rest of this year. We also remain confident in our foundational and durable technology advantage, which has been well-suited as application development has evolved over time, and we believe this advantage will remain as customers build AI production apps at scale. Thank you for joining us, and we'll talk to you soon. Take care.

好吧，我想感謝大家今天的參加。總結一下，由於宏觀環境更具挑戰性，我們正在調整今年剩餘時間的展望。我們將把更多資源集中在高端市場，利用人工智慧加速傳統應用程式的現代化，鞏固我們作為下一代人工智慧應用首選平台的地位，並在今年剩餘時間內明智地投資於這些優先事項。我們對我們的基礎和持久的技術優勢仍然充滿信心，這種優勢非常適合應用程式開發隨著時間的推移而發展，我們相信，隨著客戶大規模構建 AI 生產應用程序，這種優勢仍將保持下去。感謝您的加入，我們很快就會與您聯繫。小心。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝大家參加今天的會議。該計劃確實結束了。您現在可以斷開連線。祝大家有個愉快的一天。