MongoDB Inc (MDB) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the MongoDB's Q1 FY26 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎參加 MongoDB 26 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。（操作員指示）

I would now like to hand the conference over to your speaker today, Brian Denyeau from ICR.

現在我想將會議交給今天的發言人，來自 ICR 的 Brian Denyeau。

Thank you, Josh. Good afternoon, and thank you for joining us today to review MongoDB's first-quarter fiscal 2026 financial results, which we announced in our press release issued after the close of the market today. Joining me on the call today are Dev Ittycheria, President and CEO of MongoDB; and Mike Berry, CFO of MongoDB.

謝謝你，喬希。下午好，感謝您今天加入我們，共同回顧 MongoDB 2026 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。今天參加電話會議的還有 MongoDB 總裁兼執行長 Dev Ittycheria 和 MongoDB 財務長 Mike Berry。

During this call, we will make forward-looking statements, including statements related to our market and future growth opportunities, our opportunity to win new business, our expectations regarding Atlas consumption growth, the impact of non-Atlas business and multiyear license revenue, the long-term opportunity of AI, the opportunity of application modernization, our expectations regarding our win rates and sales force productivity, our financial guidance and underlying assumptions, and our planned share repurchases and investments and growth opportunities in AI.

在本次電話會議中，我們將做出前瞻性陳述，包括與我們的市場和未來成長機會、我們贏得新業務的機會、我們對 Atlas 消費成長的預期、非 Atlas 業務和多年許可收入的影響、人工智慧的長期機會、應用程式現代化的機會、我們對成功率和銷售隊伍的預期、我們的財務指導和基本假設以及我們計劃的股票成長機會以及我們計劃的投資回報

These statements are subject to a variety of risks and uncertainties, including the results of operations and financial condition could cause actual results to differ materially from our expectations. For a discussion of material risks and uncertainties that are going to affect our actual results, please refer to the risks described in our annual report on Form 10-K for the year ended January 31, 2025, filed with the SEC on March 20, 2025.

這些聲明受各種風險和不確定性的影響，包括經營業績和財務狀況可能導致實際結果與我們的預期有重大差異。有關將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 2025 年 3 月 20 日向美國證券交易委員會提交的截至 2025 年 1 月 31 日的年度報告中所述的風險。

Any forward-looking statements made on this call reflect our views only as of today and we undertake no obligation to update them, except as required by law. Additionally, we'll discuss non-GAAP financial measures in 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 most directly comparable GAAP financial measure.

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。此外，我們將在本次電話會議中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的收益發布中的表格，以了解這些指標與最直接可比較的 GAAP 財務指標的對照表。

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

說完這些，我想把電話轉給 Dev。

Thank you, Brian, and thank you to everyone joining us today. I'm pleased to report that we got up to a strong start in fiscal 2026 as we executed well against our large market opportunity. Let's begin by reviewing our first-quarter results before giving you a broader company update.

謝謝你，布萊恩，也謝謝今天加入我們的所有人。我很高興地報告，我們在 2026 財年取得了良好的開端，因為我們在龐大的市場機會中表現良好。在向您提供更廣泛的公司更新資訊之前，讓我們先回顧一下第一季的業績。

We generated revenue of $549 million, a 22% year-over-year increase and above the high end of our guidance. Atlas revenue grew 26% year over year, representing 72% of revenue. We generated non-GAAP operating income of $87 million for a 16% non-GAAP operating margin, and we ended the quarter with over 57,100 customers.

我們實現了 5.49 億美元的收入，年成長 22%，高於我們預期的最高值。Atlas 營收年增 26%，佔總營收的 72%。我們創造了 8,700 萬美元的非 GAAP 營業收入，非 GAAP 營業利潤率為 16%，本季末我們擁有超過 57,100 名客戶。

Overall, we posted a strong Q1 despite a dynamic and fast-changing macro environment. We had a solid new business quarter. We are beginning to see the benefit of our decision to focus our resources on the high end of the market where we have the largest opportunity.

整體而言，儘管宏觀環境瞬息萬變，我們仍取得了強勁的第一季業績。我們迎來了穩健的新業務季度。我們開始看到將資源集中在擁有最大機會的高端市場這一決定帶來的好處。

Atlas consumption this quarter played out in line with our expectations. Mike will discuss consumption trends in more detail and our expectations for the remainder of the year.

本季 Atlas 的消費情況符合我們的預期。麥克將更詳細地討論消費趨勢以及我們對今年剩餘時間的預期。

Our total customer net adds are the highest in over six years, reflecting the continued strong adoption of MongoDB across a wide range of industries and use cases. Self-serve customer additions were particularly strong this quarter, reinforcing MongoDB's position as the go-to platform for developers building the next generation of applications, including many focused on AI. While these accounts typically start small, the self-serve channel is a powerful engine for long-term growth.

我們的客戶淨增總數達到了六年來的最高水平，反映了 MongoDB 在各行各業和用例中的持續強勁應用。本季自助服務客戶的成長尤為強勁，鞏固了 MongoDB 作為開發人員建立下一代應用程式（包括許多專注於人工智慧的應用程式）的首選平台的地位。雖然這些帳戶通常起步規模較小，但自助服務管道是長期成長的強大引擎。

Finally, retention rates remained strong in Q1, demonstrating the quality of our product and the mission criticality of our platform.

最後，第一季的留存率依然強勁，證明了我們產品的品質和平台的任務關鍵性。

We are pleased with our Q1 performance. As I said before, companies leverage software to execute their business strategy, drive differentiation, and improve operational efficiency. As the operational database that is the core of software applications, MongoDB is undeniably a must-have component of the tech stack.

我們對第一季的表現感到滿意。正如我之前所說，公司利用軟體來執行其業務策略、推動差異化並提高營運效率。MongoDB作為軟體應用核心的操作型資料庫，無疑是技術堆疊中不可或缺的元件。

We continue to make progress toward our goal of becoming the standard platform for enterprises and the default for developers building new applications. At the heart of this momentum is MongoDB's modern architecture, which delivers real and measurable advantages for the types of applications being built today, cloud native, distributed, real-time, and the AI-powered applications of tomorrow.

我們將繼續朝著成為企業標準平台和開發人員建立新應用程式的預設平台的目標邁進。這一勢頭的核心是 MongoDB 的現代架構，它為當今正在構建的應用程式類型、雲端原生、分散式、即時以及未來的人工智慧應用程式提供了真實且可衡量的優勢。

MongoDB's document model and the associated platform enables developers to more easily represent the messiness of real-world data, which includes understanding relationships between structured and unstructured data and managing data that is constantly evolving and changing. This fundamental architectural advantage provides customers greater flexibility, faster time to market and the ability to scale without re-architecting. These capabilities are why customers continue to develop more and more mission-critical workloads in MongoDB, illustrated by our strong customer additions this quarter.

MongoDB 的文檔模型和相關平台使開發人員更輕鬆地表示現實世界資料的混亂，包括理解結構化和非結構化資料之間的關係以及管理不斷發展和變化的資料。這種基本的架構優勢為客戶提供了更大的靈活性、更快的上市時間以及無需重新架構的擴展能力。這些功能是客戶繼續在 MongoDB 中開發越來越多關鍵任務工作負載的原因，本季我們強勁的客戶成長證明了這一點。

As AI redefines our application to build and how businesses operate, MongoDB is exceptionally well-positioned. Real-world AI applications require high-quality, context-rich and offer unstructured data to deliver trustworthy outputs. We continually hear from large enterprises that high accuracy is a critical requirement to drive wide-scale adoption of AI.

隨著人工智慧重新定義我們的應用程式建置和企業營運方式，MongoDB 處於非常有利的地位。現實世界的人工智慧應用需要高品質、內容豐富且提供非結構化的數據來提供可信的輸出。我們不斷聽到大型企業表示，高精度是推動人工智慧大規模應用的關鍵要求。

Our recent acquisition of Voyage AI enhances our ability to serve this need. Embeddings are the bridge between a large language model and a customer's private data. Voyage's leading, embedding, and reranking models allow customers to feed precise and relevant context into LLMs, significantly improving the accuracy and reliability of the output of AI applications. By producing the most contextually rich, domain optimized embeddings, MongoDB sits at a gateway of meaning in an AI system.

我們最近收購了 Voyage AI，增強了我們滿足這項需求的能力。嵌入是大型語言模型和客戶私人資料之間的橋樑。Voyage 的領先、嵌入和重新排名模型允許客戶將精確和相關的上下文輸入到 LLM 中，從而顯著提高 AI 應用程式輸出的準確性和可靠性。透過產生上下文最豐富、領域優化的嵌入，MongoDB 成為 AI 系統中意義的門戶。

With the release of Voyage 3.5, we've taken another step forward, meaningfully outperforming the next best embedding models while reducing storage costs by more than 80%. This makes it not only powerful, but also cost-effective at scale.

隨著 Voyage 3.5 的發布，我們又向前邁進了一步，在顯著超越下一個最佳嵌入模型的同時，將儲存成本降低了 80% 以上。這不僅使其功能強大，而且在規模上也具有成本效益。

So what does this all mean? MongoDB now brings together three things that modern AI-powered applications need: real-time data, powerful search, and smart retrieval. By combining these into one platform, we make it dramatically easier for developers to build intelligence responsive apps without stitching together multiple systems.

那麼這一切意味著什麼？MongoDB 現在匯集了現代人工智慧應用所需的三件事：即時資料、強大的搜尋和智慧檢索。透過將這些功能整合到一個平台，我們讓開發人員更輕鬆地建立智慧響應應用程序，而無需拼接多個系統。

In their desire to keep up with evolving customer needs, some vendors are retrofitting their products such as adding JSON or Vector support as afterthoughts, which are superficial and brittle. This is a passive admission that MongoDB's approach of using JSON and the docu model is the best way to model real-world data. These features may check the box, but they fall apart in production, leading to performance bottlenecks, operational headaches, and spiraling infrastructure costs.

為了滿足不斷變化的客戶需求，一些供應商正在對其產品進行改造，例如事後添加 JSON 或 Vector 支持，但這些改造是膚淺且脆弱的。這是一種被動的承認，即 MongoDB 使用 JSON 和 docu 模型的方法是建模真實世界資料的最佳方式。這些功能可能會被選中，但它們在生產中會失效，導致效能瓶頸、營運難題和基礎設施成本螺旋式上升。

Fundamentally, these vendors are constrained by the relational underpinnings. It's important to understand that superficial compatibility with modern data types is not the same as deeply integrated production-grade functionality. MongoDB, by contrast, was purpose-built to address these needs natively.

從根本上來說，這些供應商受到關係基礎的限制。重要的是要理解，與現代資料類型的表面相容性與深度整合的生產級功能不同。相比之下，MongoDB 是專門為滿足這些需求而建構的。

We see this dynamic in our customer base every day. To bring this to life with an example, Zepto, an India-based quick commerce platform with $1.5 billion in annual sales, migrated to MongoDB from PostGres after experiencing scalability challenges. Zepto offers users a choice of over 15,000 products with a promised 10-minute delivery and has grown rapidly since its founding in July 2021, recording 20% month-over-month growth.

我們每天都能在客戶群中看到這種動態。舉個例子，Zepto 是一家總部位於印度的快速商務平台，年銷售額達 15 億美元，在遇到可擴展性挑戰後，該公司從 PostGres 遷移到了 MongoDB。Zepto 為用戶提供超過 15,000 種產品選擇，並承諾 10 分鐘送達，自 2021 年 7 月成立以來發展迅速，每月增長率達到 20%。

After this rapid growth, Zepto faced performance issues with its previous infrastructure powered by PostGres and [Redis] clusters that could no longer scale. By migrating to MongoDB Atlas, Zepto overcame these challenges through built-in features like in-memory cashing, shorting and real-time analytics. This transition enabled them to reduce latency by 40%, handle six times more traffic and improved page load times by 14% and directly enhancing customer experience and enabling their fast growth.

在快速成長之後，Zepto 面臨效能問題，其先前由 PostGres 和 [Redis] 叢集提供支援的基礎設施無法再擴展。透過遷移到 MongoDB Atlas，Zepto 透過記憶體兌現、賣空和即時分析等內建功能克服了這些挑戰。此次轉變使他們能夠將延遲減少 40%，處理六倍的流量，並將頁面載入時間縮短 14%，直接提升了客戶體驗並實現了快速成長。

As we look ahead, we're confident that MongoDB's combination of architectural vantage, enterprise trust, and broad developer adoption positions us to lead us to lead in both the current wave of digital transformation and the next wave powered by AI.

展望未來，我們相信，MongoDB 的架構優勢、企業信任和廣泛的開發人員採用相結合，將使我們引領當前的數位轉型浪潮和下一波由人工智慧推動的浪潮。

We also remain focused on our other strategic priorities we've discussed in previous quarters, moving upmarket and modernizing legacy apps. We're seeing good progress on these initiatives, which will fuel growth into fiscal '27 and beyond.

我們也將繼續關注前幾季討論過的其他策略重點，即進入高端市場和實現傳統應用程式的現代化。我們看到這些措施取得了良好進展，這將推動27財年及以後的成長。

This quarter, we hired a new leader who has nearly 30 years of experience in technology transformation at leading systems integrators to lead our application modernization program. We continue to see a significant demand to modernize legacy applications, and we're making great progress on tooling to automate this effort to standardize and productize this offering.

本季度，我們聘請了一位在領先的系統整合商擁有近 30 年技術轉型經驗的新領導者來領導我們的應用程式現代化計劃。我們繼續看到對現代化遺留應用程式的巨大需求，並且我們在工具自動化方面取得了巨大進展，從而使該產品標準化和產品化。

While we continue to invest in the long term, we are also sharpening our focus on operating efficiency. We view this as healthy discipline regularly reassessing the return on our spend, identify what's working and what's not and reallocating resources to high conviction areas and improving profitability.

在我們持續進行長期投資的同時，我們也更加重視營運效率。我們認為這是一種健康的紀律，定期重新評估我們的支出回報，確定哪些有效，哪些無效，並將資源重新分配到高信念領域並提高獲利能力。

To help usher in our next stage of growth, I'm delighted to introduce two new leaders to the executive team. Mike Berry, our new CFO, joins us from NetApp, where he had served in the same role for the past five years. Mike is a seven-time CFO with over 30 years of experience in technology and software and has a proven track record of driving profitable growth.

為了幫助我們進入下一階段的成長，我很高興向執行團隊介紹兩位新領導者。我們的新任財務長 Mike Berry 來自 NetApp，過去五年他一直在 NetApp 擔任同一職位。Mike 曾七次擔任財務官，在技術和軟體領域擁有 30 多年的經驗，並擁有推動獲利成長的良好記錄。

We have also promoted May Petri to be our new CMO, and May joined MongoDB in early 2022 as VP of Digital and Growth Marketing and brings the right mix of enterprise experience and results orientation to lead our marketing organization.

我們也提拔 May Petri 為新任首席行銷官，May 於 2022 年初加入 MongoDB，擔任數位和成長行銷副總裁，並結合企業經驗和結果導向來領導我們的行銷組織。

Now, I'd like to spend a few minutes reviewing the adoption trends of MongoDB across our customer base. Customers across industries and around the world are running mission-critical projects in Atlas, leveraging the full power of our platform, including the European Commission, Lenovo, Nokia Networks, and CSX.

現在，我想花幾分鐘時間回顧我們客戶群中 MongoDB 的採用趨勢。各行各業、遍布全球的客戶都在 Atlas 中運行關鍵任務項目，充分利用我們平台的全部功能，其中包括歐盟委員會、聯想、諾基亞網路和 CSX。

CSX, a leading US railroad transportation company, migrated its mission-critical railroad transportation operations portal, which is responsible for real-time monitoring alerts across 21,000 miles of track and ensuring uninterrupted 24/7 availability on to MongoDB Atlas. CSX cannot dynamically scale workloads and optimize its database management. With this modernization, CSX is positioned to achieve greater operational performance while driving long-term sustainable growth.

CSX 是美國領先的鐵路運輸公司，將其關鍵任務鐵路運輸營運入口網站遷移到 MongoDB Atlas，負責即時監控 21,000 英里軌道上的警報並確保全天候不間斷的可用性。CSX 無法動態擴展工作負載並最佳化其資料庫管理。透過此次現代化改造，CSX 有望實現更高的營運績效，同時推動長期永續成長。

Start-ups and mature companies are using MongoDB to help to deliver the next wave of AI-powered applications to the customers, including Cursor, Helion, Vonage, The Financial Times, and LG U+.

新創公司和成熟公司正在使用 MongoDB 幫助向客戶提供下一波人工智慧應用程序，包括 Cursor、Helion、Vonage、金融時報和 LG U+。

LG U+, a South Korean mobile network operator, owned by the LG Corporation, built its agent assist AI solution on MongoDB Atlas, which supports thousands of agents in accessing information and delivering accurate responses to customers quickly. They use MongoDB Atlas Vector search to enable real-time AI capabilities, such as identifying customer intent and providing guidelines on how to respond to inquiries. The solution has significantly enhanced customer experiences and decrease the average processing time per call.

LG韓國行動網路營運商 U+（隸屬於 LG 公司）在 MongoDB Atlas 上建立了其代理輔助 AI 解決方案，支援數千名代理商存取資訊並快速向客戶提供準確的回應。他們使用 MongoDB Atlas Vector 搜尋來實現即時 AI 功能，例如識別客戶意圖並提供如何回應詢問的指南。此解決方案顯著增強了客戶體驗並減少了每次通話的平均處理時間。

In summary, we had a strong Q1, and we remain confident in our ability to execute on our long-term opportunity. We're steadily advancing toward our vision of becoming the go-to platform for enterprises and the first choice for developers creating new applications.

總而言之，我們第一季表現強勁，並且我們仍然對我們實現長期機會的能力充滿信心。我們正穩步朝著我們的願景邁進，成為企業的首選平台和開發人員創建新應用程式的首選平台。

Before I turn it over to Mike, I would personally invite you to the investor session at the MongoDB.local NYC to be held at the Javits Center on September 17. Please email ir@mongodb.com if you're interested in attending.

在將發言權交給 Mike 之前，我個人想邀請您參加 9 月 17 日在賈維茨中心舉行的 MongoDB.local NYC 投資者會議。如果您有興趣參加，請發送電子郵件至ir@mongodb.com。

With that, here's Mike.

以下是麥克的發言。

Thank you, Dev, for that great introduction. I am thrilled to join MongoDB at such an exciting moment in its growth journey. The company's incredible track record of product innovation and established leadership position in one of the largest, most strategic markets in software provide significant growth drivers that we expect to benefit our business for years to come. The opportunity to join a company the caliber of MongoDB was incredibly compelling.

謝謝 Dev 的精彩介紹。我很高興在 MongoDB 發展歷程中如此令人興奮的時刻加入它。該公司在產品創新方面擁有令人難以置信的業績記錄，並在軟體領域最大的、最具策略性的市場之一中確立了領導地位，這提供了重要的成長動力，我們預計這將在未來幾年內使我們的業務受益。加入 MongoDB 這樣規模的公司的機會非常誘人。

I would like to thank Dev and the entire Board for giving me this opportunity. I am extremely excited and look forward to working alongside the talented team to create long-term value for our customers, shareholders, and employees. Driving profitable growth with operational excellence and discipline is a priority for the whole leadership team.

我要感謝 Dev 和整個董事會給我這個機會。我非常激動，並期待與才華橫溢的團隊一起為我們的客戶、股東和員工創造長期價值。透過卓越的營運和紀律來推動獲利成長是整個領導團隊的首要任務。

With that said, let's move on to the financial results. I'll begin with a detailed review of our first-quarter results and then finish with our outlook for the second quarter and fiscal year '26. I will be discussing our results on a non-GAAP basis, unless otherwise noted.

話雖如此，讓我們繼續討論財務結果。我將首先詳細回顧我們的第一季業績，然後總結我們對第二季和26財年的展望。除非另有說明，我將以非 GAAP 為基礎討論我們的結果。

In the first quarter, total revenue was $549 million, up 22% year over year and above the high end of our guidance.

第一季總營收為 5.49 億美元，年增 22%，高於我們預期的最高值。

Shifting to product mix. Atlas grew 26% in the quarter compared to the year-ago period and now represents 72% of total revenue. This compares to 70% in the first quarter of fiscal '25 and 71% last quarter.

轉向產品組合。與去年同期相比，Atlas 本季成長了 26%，目前佔總營收的 72%。相比之下，25 財年第一季這一比例為 70%，上一季為 71%。

Let me provide some context on Atlas consumption in the quarter. In Q1, consumption growth was in line with our expectations. Given the unique macroeconomic backdrop, I will provide some detail on the month-over-month trends, but please note that I do not expect to give this level of detail going forward. Specifically, we saw good consumption growth in February and March, some softness in April as macroeconomic volatility increased followed by a healthy rebound in May.

讓我提供一些有關本季度 Atlas 消費的背景資訊。第一季消費成長符合我們的預期。鑑於獨特的宏觀經濟背景，我將提供一些有關月度趨勢的細節，但請注意，我預計未來不會提供這種程度的細節。具體而言，2月和3月消費成長良好，4月由於宏觀經濟波動加劇，消費已疲軟，5月則出現健康反彈。

Turning to non-Atlas. Revenue came in ahead of our expectations in the quarter as we continue to have success selling incremental workloads into our existing EA customer base.

轉向非 Atlas。由於我們繼續成功地向現有的 EA 客戶群銷售增量工作負載，本季的收入超出了我們的預期。

Turning to customer growth. During the first quarter, we grew our customer base by approximately 2,600 sequentially, bringing our total customer count to over 57,100, which is up from over 49,200 in the year ago period. The growth in our total customer count is being driven primarily by Atlas, which had over 55,800 customers at the end of the quarter compared to over 47,700 in the year-ago period. It is important to keep in mind that the growth in our Atlas customer count reflects new customers to MongoDB in addition to existing EA customers deploying workloads on Atlas for the first time.

轉向客戶成長。在第一季度，我們的客戶群環比增長了約 2,600 個，使我們的總客戶數量超過 57,100 個，而去年同期的客戶數量超過 49,200 個。我們客戶總數的成長主要得益於 Atlas，本季末有超過 55,800 名客戶，而去年同期的客戶數量超過 47,700 名。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，以及首次在 Atlas 上部署工作負載的現有 EA 客戶。

Of our total customer count, over 7,500 are direct sales customers, relatively flat to last quarter and up 5% year over year. These metrics are largely due to our decision to reallocate a portion of our go-to-market resources from the midmarket to the enterprise channel starting in the second half of last year. We expect this dynamic will continue going forward as we capture more mid-market customers with our self-serve motion.

在我們的總客戶數量中，超過 7,500 名是直銷客戶，與上一季基本持平，年增 5%。這些指標很大程度是由於我們決定從去年下半年開始將部分市場資源從中端市場重新分配到企業通路。我們預計，隨著我們透過自助服務吸引更多的中端市場客戶，這種動態將持續下去。

In Q1, our net ARR expansion rate was approximately 119%, which is consistent with recent quarters. We ended the quarter with 2,506 customers with at least $100,000 in ARR, a 17% growth versus the year-ago period.

第一季度，我們的淨 ARR 擴張率約為 119%，與最近幾季一致。本季結束時，我們擁有 2,506 名 ARR 至少為 10 萬美元的客戶，比去年同期成長了 17%。

Moving down the income statement. Gross profit in the first quarter was $407 million, representing a gross margin of 74%, which is down from 75% in the year ago period. Our year-over-year gross margin decline is primarily driven by Atlas growing as a percent of the overall business and the impact of the Voyage acquisition.

向下移動損益表。第一季毛利為4.07億美元，毛利率為74%，低於去年同期的75%。我們的毛利率年減主要是由於 Atlas 在整體業務中所佔百分比的成長以及 Voyage 收購的影響。

Our income from operations was $87 million for a 16% operating margin compared to a 7% operating margin in the year-ago period. We are very pleased with our stronger-than-expected operating margin results, which benefited from our revenue outperformance as well as the timing of expenses, particularly slower than planned headcount additions.

我們的營業收入為 8,700 萬美元，營業利潤率為 16%，而去年同期的營業利潤率為 7%。我們對高於預期的營業利潤率結果感到非常滿意，這得益於我們的收入表現優異以及費用支出的時間安排，特別是員工人數增加的速度慢於計劃。

Net income in the first quarter was $86 million or $1 per share based on 86 million diluted shares outstanding. This compares to a net income of $43 million or $0.51 per share on 83 million diluted shares outstanding in the year-ago period.

第一季淨收入為 8,600 萬美元，即每股 1 美元（基於 8,600 萬股稀釋流通股）。相比之下，去年同期的淨利潤為 4,300 萬美元，即每股收益 0.51 美元，流通股數為 8,300 萬股。

Turning to the balance sheet and cash flow. We ended the quarter with $2.5 billion in cash, cash equivalents, short-term investments, and restricted cash. Operating cash flow was $110 million and free cash flow was $106 million in the first quarter, which compares to $64 million and $61 million, respectively, in the year ago period. The strong start for cash flow in fiscal '26 was driven primarily by strong operating profit results and higher cash collections.

轉向資產負債表和現金流。本季末，我們擁有 25 億美元的現金、現金等價物、短期投資和受限現金。第一季的營運現金流為 1.1 億美元，自由現金流為 1.06 億美元，而去年同期的營運現金流量和自由現金流分別為 6,400 萬美元和 6,100 萬美元。26 財年現金流的強勁開局主要得益於強勁的營業利潤和更高的現金收款。

Before turning to our outlook in greater detail, I would like to share the key points driving how we are looking at the rest of fiscal year '26. Number one, we are raising our expectations for revenue based on our strong start to the year. Number two, we are increasing our operating margin guidance by 200 basis points reflecting an increased focus on margin improvement. And number three, we are announcing a significant expansion to our share repurchase program.

在更詳細地介紹我們的展望之前，我想先分享一下我們對 26 財年剩餘時間的看法的一些關鍵點。首先，基於今年的強勁開局，我們提高了營收預期。第二，我們將營業利潤率預期上調 200 個基點，這反映出我們對利潤率提高的更多關注。第三，我們宣布大幅擴大我們的股票回購計畫。

I would like to take a minute to provide some color on the share repurchases. Today, we are pleased to announce that our Board of Directors has authorized an increase to our share repurchase program, under which we may repurchase up to an additional $800 million of our common stock. Please note this authorization is in addition to the $200 million buyback the Board authorized last quarter to offset the dilutive impact of the Voyage AI acquisition, bringing the total authorization to $1 billion. This decision reflects our confidence in the long-term potential of our business and underscores our commitment to delivering value to our shareholders while maintaining a flexible capital structure.

我想花一點時間來介紹一下股票回購的情況。今天，我們很高興地宣布，董事會已批准增加我們的股票回購計劃，根據該計劃，我們可以額外回購高達 8 億美元的普通股。請注意，此授權是董事會上個季度批准的 2 億美元回購的補充，旨在抵消 Voyage AI 收購的稀釋影響，使總授權金額達到 10 億美元。這項決定反映了我們對業務長期潛力的信心，並強調了我們致力於在保持靈活資本結構的同時為股東創造價值。

I would note that we did not repurchase any shares in Q1 as the CFO search process prevented us from initiating the repurchase program. It is our intention to begin repurchasing shares in Q2.

我要指出的是，我們在第一季沒有回購任何股票，因為財務長搜尋過程阻止我們啟動回購計畫。我們打算在第二季開始回購股票。

Now, moving on to our full-year guidance, I'd like to provide some incremental comments on our expectations.

現在，談談我們的全年指導，我想對我們的預期提供一些補充評論。

First, as we discussed, we had a strong start to the year and feel good about our ability to drive continued revenue and profitability growth even with a more uncertain macroeconomic environment. We are raising our full-year revenue guidance by $10 million, which reflects the continued confidence in Atlas while incorporating some timing differences in our EA business.

首先，正如我們所討論的，我們今年開局強勁，即使在更不確定的宏觀經濟環境下，我們也對自己推動持續收入和獲利成長的能力充滿信心。我們將全年收入預期提高了 1000 萬美元，這反映了對 Atlas 的持續信心，同時也考慮了我們 EA 業務的一些時間差異。

Second, our expectations for non-Atlas subscription revenue have not changed. We continue to expect that we'll be down in the high single digits for the year, though we will continue to expect non-Atlas ARR will grow year over year. As a reminder, we expect an approximately $50 million headwind from multiyear license revenue in fiscal year '26 primarily impacting the second half of the year.

其次，我們對非 Atlas 訂閱收入的預期並沒有改變。我們仍然預計今年的 ARR 將下降至高個位數，但我們仍然預計非 Atlas ARR 將逐年成長。提醒一下，我們預計 26 財年的多年授權收入將帶來約 5,000 萬美元的逆風，主要影響下半年。

Finally, we are raising our expectations for operating margin to 12% at the midpoint, up from 10% in our initial fiscal year guidance. We remain committed to a balanced investment approach that supports our key long-term growth initiatives.

最後，我們將營業利潤率預期從最初財年指引的 10% 提高至中點 12%。我們將繼續致力於採取平衡的投資方式來支持我們的關鍵長期成長計畫。

As CFO, one of my key priorities will be working closely with leaders across the business to identify ways to both reallocate existing spend to higher ROI opportunities and be more disciplined about incremental spending. We are focused on running an efficient, scalable business that supports growth in revenue and profitability to drive long-term shareholder value.

作為財務官，我的首要任務之一是與整個企業的領導者密切合作，尋找將現有支出重新分配給更高投資回報率機會的方法，並對增量支出進行更嚴格的約束。我們專注於經營高效、可擴展的業務，支持收入和盈利的成長，從而推動長期股東價值。

Moving on to our Q2 guidance, a few things to keep in mind. First, I want to remind you that Q2 has three more days than Q1, which is a sequential tailwind for Q2 Atlas revenue. Second, we expect to see high-single-digit year-over-year decline in the non-Atlas business after a stronger-than-expected Q1. And third, we expect operating margin will be lower than in Q1 as we have invested in targeted areas to drive growth. In addition, the expected sequential decline in non-Atlas revenue will be a headwind to profitability in Q2.

繼續我們的第二季指導，需要記住一些事情。首先，我想提醒大家，第二季比第一季多三天，這對第二季 Atlas 收入來說是一個連續的順風。其次，我們預計，在第一季表現強於預期之後，非 Atlas 業務將出現高個位數的同比下滑。第三，我們預計營業利潤率將低於第一季度，因為我們已經對目標領域進行了投資以推動成長。此外，預計非 Atlas 業務收入將連續下降，這對第二季的獲利能力造成不利影響。

With that context, I will now turn to our outlook for the second quarter and fiscal year '26. For the second quarter, we expect revenue to be in the range of $548 million to $553 million. We expect non-GAAP income from operations to be in the range of $55 million to $59 million and non-GAAP net income per share to be in the range of $0.62 to $0.66 based on 87.5 million estimated diluted shares outstanding.

基於此背景，我現在將談談我們對 2026 年第二季和財年的展望。我們預計第二季的營收將在 5.48 億美元至 5.53 億美元之間。我們預計非公認會計準則下的營業收入將在 5,500 萬美元至 5,900 萬美元之間，非公認會計準則下的每股淨收入將在 0.62 美元至 0.66 美元之間（基於 8,750 萬股預計稀釋流通股）。

For fiscal year '26, we now expect revenue to be in the range of $2.25 billion to $2.29 billion, an increase of $10 million from our prior guide. We are raising our non-GAAP income from operations expectations by $57 million and are now targeting a range of $267 million to $287 million and non-GAAP net income per share to be in the range of $2.94 to $3.12 based on 87.6 million estimated diluted shares outstanding. Note that the non-GAAP net income per share guidance for the second quarter and fiscal year '26 assumes a non-GAAP tax provision of approximately 20%.

對於 26 財年，我們目前預計營收將在 22.5 億美元至 22.9 億美元之間，比我們先前的預測增加 1,000 萬美元。我們將非公認會計準則營業收入預期上調 5,700 萬美元，目前的目標是 2.67 億美元至 2.87 億美元，非公認會計準則每股淨收入目標為​​ 2.94 美元至 3.12 美元，基於預計的 8760 萬股稀釋流通股。請注意，26 財年第二季和每股非公認會計準則淨收入指引假設非公認會計準則稅務準備金約為 20%。

To summarize, MongoDB delivered strong first quarter results. We are pleased with our ability to drive growth across the business and increase our operating profitability expectations. We have a small share in one of the largest and fastest-growing markets in all of software with a number of secular tailwinds at our back. We remain incredibly excited about the opportunity ahead, and we'll continue to invest responsibly to drive long-term shareholder value.

總而言之，MongoDB 第一季業績表現強勁。我們很高興能夠推動整個業務的成長並提高我們的營運獲利預期。我們在軟體領域最大、成長最快的市場之一中佔有一席之地，並且擁有一系列長期的順風優勢。我們對未來的機會仍然感到無比興奮，我們將繼續負責任地投資，以推動長期股東價值。

With that, Josh, we'd like to open it up for questions.

喬希，我們想開始回答問題。

(Operator Instructions) Sanjit Singh, Morgan Stanley.

（操作員指示） 摩根士丹利的 Sanjit Singh。

Yeah, thank you for taking the question, and congrats on the strong Q1. And really nice to see the Atlas grows accelerating on a days adjusted basis and on a reported basis as well.

是的，感謝您提出這個問題，並祝賀您在第一季取得強勁成績。很高興看到 Atlas 在調整天數和報告基礎上加速成長。

Dev, I had a question for you and then I got a question for Mike as well. Dev, to start, when we think about what's driving Atlas growth, can you frame it in terms of the type of applications that are being built in your script, you sort of distinguished cloud-native distributed real time today versus the AI apps for tomorrow. And so I'd just love to get a sense of the nature and style of applications that are being built on Mongo that's driving this accelerated growth?

Dev，我有個問題想問你，然後我也有個問題想問 Mike。Dev，首先，當我們思考是什麼推動了 Atlas 的成長時，您能否根據腳本中建立的應用程式類型來建立它，您是否可以區分當今的雲端原生分散式即時應用程式與未來的 AI 應用程式。因此，我很想了解基於 Mongo 構建的推動這種加速增長的應用程式的性質和風格？

Yeah. So Sanjit, thanks for the question. What I would say is that we still talk to customers who have very near needs for running their business, building new applications to drive operational efficiency, building unit products and services through software to drive to take advantage of new revenue opportunities and to continue to drive more innovation in their business. I think what people find a track about MongoDB is that you really can use it for a wide variety of use cases. You can support very transactional-intensive use cases you can support more modern use cases, things like IoT, streaming and so on and so forth as well as being able to also support some of these more modern use cases like AI.

是的。所以 Sanjit，謝謝你的問題。我想說的是，我們仍然在與那些對業務運營有著非常迫切需求的客戶進行交流，建立新的應用程式來提高營運效率，透過軟體建立單元產品和服務來推動利用新的收入機會，並繼續推動業務的更多創新。我認為人們發現 MongoDB 的原因是它確實可以用於各種各樣的用例。您可以支援交易密集型用例，可以支援更現代的用例，例如物聯網、串流媒體等等，還可以支援一些更現代的用例，例如人工智慧。

And the fact that you can do this all in one platform where you don't have to stitch together multiple tools that the underlying architecture is designed to really help you model the real world to be able to handle complex, nested and evolving data to be able to scale elastically to be able to run these applications on any cloud across clouds or on-prem, just makes MongoDB a very attractive solution. And we feel really good about the fact that we add a lot of customers. So what it really shows is that customers and developers are voting with their feet to really adopt MongoDB.

事實上，您可以在一個平台上完成所有操作，無需拼湊多個工具，底層架構旨在真正幫助您模擬現實世界，能夠處理複雜、嵌套和不斷發展的數據，能夠彈性擴展，能夠在任何雲或本地雲上運行這些應用程序，這使得 MongoDB 成為一個非常有吸引力的解決方案。我們對於客戶數量的增加感到非常高興。所以這實際上表明客戶和開發人員正在用腳投票真正採用 MongoDB。

Awesome. And then, Mike, for you, congratulations on the CFO role. I would love to get just your sense of like the opportunity ahead from you? And mostly want to get a sense of like how you're thinking about like on a first principles basis, how you plan to sort of manage and message the metrics and the numbers you're a long time, highly experienced CFO. This is your seventh stint, but this is a consumption model, right, which has like more variable components. So I'd love to see how you're thinking about that as you take on the role from a growth perspective, but also from an operational discipline perspective?

驚人的。然後，麥克，祝賀你擔任財務長。我很想從您那裡了解未來的機會？最主要的是想了解一下，作為一名長期擔任首席財務官且經驗豐富的首席財務官，您是如何從第一原則的角度思考的，您計劃如何管理和傳達指標和數字。這是你的第七次嘗試，但這是一個消費模型，對吧，它有更多可變的組成部分。所以我很想知道，當您從發展的角度以及從營運紀律的角度擔任這一職務時，您是如何考慮這個問題的？

Yeah. So thank you for the question, Sanjit. It's actually a very interesting one. So I think the company does a wonderful job actually on the metrics that they give. We had experience in a consumption business in my last role as well and going through all the data and meeting with the team in the fire holes that has been my onboarding.

是的。謝謝你的提問，Sanjit。這實際上是一個非常有趣的問題。所以我認為該公司在他們給出的指標方面確實做得非常出色。我在上一份工作中也曾有過消費業務方面的經驗，我負責查看所有數據，並與火坑團隊會面，這是我的入職培訓。

We have a lot of data. I think that the metrics that we talk to investors about are very relevant, in terms of consumption, in terms of customer growth. So at this point, again, it's not excuse, it's just a fact. Eight days in, I would say, not a lot of change there. I do think that we will spend a lot more time going forward on a couple of things.

我們有很多數據。我認為我們與投資者談論的指標非常相關，無論是在消費方面，還是在客戶成長方面。所以，就這一點而言，這不是藉口，而是一個事實。我想說，八天過去了，那裡沒有太大的變化。我確實認為我們將在一些事情上花費更多的時間。

One is just the capital structure, the cash flow generation of the business as well as the operating margin improvements. And this will certainly change. I would also underline, hey, come in September to the Dot Local event, that will give us -- that will give me at least another quarter under my belt and we'll talk a little bit more about what you can expect from MongoDB going forward.

一是資本結構、業務現金流產生、營業利益率的提高。而這種情況肯定會改變。我還要強調的是，嘿，來參加 9 月的 Dot Local 活動吧，這將為我帶來至少另一個季度的經驗，我們將進一步討論您對 MongoDB 未來發展的期望。

Makes total sense. Congratulations again.

完全有道理。再次恭喜。

Thank you.

謝謝。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Okay, perfect, thank you. I have two quick questions. One for Dev, one for Mike. Dev, if you look this week at we saw Snowflake kind of moved and make the move towards PostGres. We saw Databricks kind of doing something there. Can you kind of frame that? Because, obviously, like from the outset, it looks like there is like a big embrace going on. But like maybe contrast them a little bit like where you fit in and where some of those moves could fit in? And that's my first question.

好的，非常好，謝謝。我有兩個簡單的問題。一個給 Dev，一個給 Mike。Dev，如果你看一下本週的情況，我們會發現 Snowflake 已經轉向 PostGres。我們看到 Databricks 在那裡做了一些事情。你能把它框起來嗎？因為，顯然，從一開始，這看起來就像是一場熱烈的擁抱。但也許可以稍微對比一下它們，看看你適合哪裡，以及這些舉動適合哪裡？這是我的第一個問題。

And then for Mike, like I know you have only had eight days, but when you did your due diligence, looking at the company and also looking at the strong performance on the profitability in Q1. Like how do you think about this business? Because that's one of the things that people would have kind of talked with the previous team about is the profitability level of this? And is there something inherent there or if there's something just that can be done about that? Thank you.

然後對於麥克來說，我知道你只有八天的時間，但是當你盡職盡責，觀察公司並觀察第一季度盈利能力的強勁表現時。例如你對這個生意有什麼看法？因為這是人們與前團隊討論過的事情之一，即它的盈利水平？這其中是否存在某種內在原因，或者是否可以採取某種措施來解決這個問題？謝謝。

Thanks, Raimo. To your first question, I think the moves by both Databricks and Snowflake, I think validate one thing, that OLTP, or the operational data store, is the strategic high ground, especially for AI. That's where inference happens. Inference is the big market. That's where everyone wants to go and you need to have an operational data store to do that.

謝謝，雷莫。對於您的第一個問題，我認為 Databricks 和 Snowflake 的舉動證實了一件事，即 OLTP 或操作資料儲存是戰略制高點，尤其是對於 AI 而言。這就是推理發生的地方。推理是一個大市場。這是每個人都想去的地方，並且您需要有一個可操作的資料儲存來實現這一點。

And I think the other thing it points out is building organically an OLTP store is really hard, especially when you need to meet the requirements of enterprise scale, availability, resiliency and security. And both organizations has signaled that they were working on organic approaches. Snowflake talked about Unistore, Databricks have talked about their own organic efforts. And it's clear that they couldn't make it happen. So this is not an easy task.

我認為它指出的另一件事是有機地建立 OLTP 儲存確實很困難，尤其是當您需要滿足企業規模、可用性、彈性和安全性的要求時。兩個組織都表示他們正在致力於有機方法。Snowflake 談到了 Unistore，Databricks 談到了他們自己的有機努力。顯然他們無法實現這一目標。所以這不是一件容易的事。

The second point I'd make is that just because they're buying a small post-press companies, I think Neon, I would say, was in the Vibe coding space. And I would say Crunchy Data is a small relational company based in South Carolina. I would say that it's not clear to me why the world needs a 15th or 16th PostGres database. I think we'll find that out. And I think there's also some noise about how Neon is -- 80% of its instances are provisioned via code.

我想說的第二點是，僅僅因為他們收購了一家小型印後公司，我認為 Neon 處於 Vibe 編碼領域。我想說的是，Crunchy Data 是一家位於南卡羅來納州的小型關係公司。我想說的是，我不清楚為什麼世界需要第 15 或第 16 個 PostGres 資料庫。我想我們會找到答案的。我認為關於 Neon 的情況也存在一些爭議——其 80% 的實例都是透過程式碼配置的。

I should point out that nearly 80% of MongoDB instances on Atlas are provisioned via code. And so we do that to help our customers provision and scale clusters very, very quickly. And so the real advantage is architecture. And we believe that the fact that PostGres and other relational platforms are now adding JSON is a [tacit] mission that the core tabular architecture just doesn't get the job done in the world of AI. Developers need to be able to model the real-world data, which is complex, messy, nested, which means it has highly interdependent relationships and is constantly evolving and changing.

我應該指出，Atlas 上近 80% 的 MongoDB 實例都是透過程式碼配置的。因此，我們這樣做是為了幫助我們的客戶非常快速地配置和擴展叢集。因此真正的優勢在於架構。我們認為，PostGres 和其他關係平台現在添加 JSON 是一個 [預設] 使命，核心表格架構在 AI 世界中無法完成這項工作。開發人員需要能夠對現實世界的資料進行建模，這些資料複雜、混亂、嵌套，這意味著它具有高度相互依賴的關係並且不斷發展和變化。

And then when you look at the fact that they're bolted on these capabilities, if you add a document size greater than 2 kilobytes, it's going to deliver a very poor performance. And so the superficial compatibility does not mean it's native, does not mean it's production grade, it does not mean it's designed for enterprises. And so if the competition is now and who's going to compete for these complex AI workloads, we welcome that challenge because architecturally, we think we have a huge advantage.

然後，當您看到它們依賴這些功能時，如果添加大於 2 千位元組的文件大小，它的效能就會非常差。因此，表面上的兼容性並不意味著它是原生的，並不意味著它是生產級的，並不意味著它是為企業設計的。因此，如果現在存在競爭，並且誰會爭奪這些複雜的人工智慧工作負載，我們歡迎這項挑戰，因為從架構上講，我們認為我們擁有巨大的優勢。

So Raimo, it's Mike. So thanks for the question. I would highlight kind of four areas when I did the diligence on MongoDB. And I can say in the first eight days, nothing has changed my mind on any of these.

那麼，Raimo，就是 Mike。感謝您的提問。當我對 MongoDB 進行盡職調查時，我會強調四個領域。我可以說，在最初的八天裡，沒有任何事能改變我對這些事的看法。

First of all, hey, there are a few companies that are greater than $2 billion of revenue, where their main business is growing 20%-plus, the total business growing double digit with 70%-plus gross margin. So stop there. That's a scale business that has a lot of leverage built in.

首先，有幾家公司的收入超過 20 億美元，其主要業務成長 20% 以上，總業務成長兩位數，毛利率超過 70%。所以就此打住。這是一項規模化業務，具有很大的內在槓桿作用。

So the three things that -- or the four things I look at is already had the scale from an international and from a product perspective. And the main business now is growing very -- is 72%, growing very quickly.

因此，從國際和產品角度來看，我所關注的這三件事或四件事已經有了一定的規模。目前主營業務成長非常快，達到 72%。

Number two is, this is a business model that has leverage because you can bring additional revenue in, it's going to come through the gross margin line at high margins. That leaves a ton of room for investing in the business, but also, candidly, for driving more efficiency as well.

第二，這是一種具有槓桿作用的商業模式，因為你可以帶來額外的收入，它將透過高利潤率的毛利率來實現。這為業務投資留下了大量空間，坦白說，也為提高效率留下了巨大的空間。

And that was the third piece. When you look at it and nothing against the company as it sits today, as we grow, I'm completely confident we can continue to invest in the business but become more efficient.

這是第三件。如果你看一下，你會發現公司目前的情況並沒有什麼不好，隨著我們的發展，我完全有信心我們可以繼續投資於業務，但會變得更有效率。

And then the fourth part was, hey, it's really nice to come to a business that has a super clean balance sheet and a bunch of cash on there as well. That leaves a bunch of flexibility going forward. So all of that I looked down and said, wow, what a great opportunity. And then, of course, I looked at where you folks were valuing the business. And I said, wow, that's a really good opportunity.

第四部分是，嘿，來到一家擁有超級乾淨的資產負債表和大量現金的企業真是太好了。這為以後的發展留下了極大的彈性。所以我低頭看著這一切，說，哇，這是多麼好的機會。然後，當然，我看了看你們對這項業務的估值。我說，哇，這真是一個好機會。

Perfect. Very clear. Thank you.

完美的。非常清楚。謝謝。

Jason Ader, William Blair.

傑森·阿德、威廉·布萊爾。

Yeah, thank you. Sorry to beat the PostGres horse here, Dev. But my question is a key part of the bull narrative for Mongo has been that document databases would steadily take share from relational and then Mongo would become the default general-purpose database for modern apps. I guess my question is, does the rising popularity of PostGres among developers and a strong ecosystem it has, as we see from stuff like what Databricks did and what the cloud guys were doing. Does that suggest that relational just may have greater long-term relevance than initially anticipated?

是的，謝謝。很抱歉在這裡打敗了 PostGres，Dev。但我的問題是，Mongo 牛市敘述的關鍵部分是文檔資料庫將穩步從關聯式資料庫中奪取份額，然後 Mongo 將成為現代應用程式的預設通用資料庫。我的問題是，正如我們從 Databricks 和雲端運算公司所做的事情中看到的那樣，PostGres 在開發人員中越來越受歡迎，並且擁有強大的生態系統。這是否意味著關係可能比最初預期的具有更大的長期相關性？

Yes, Jason, thanks for the question. And I think I want to clarify some of these misconceptions that are out there. One is that this is a big market. It's a $100 billion-plus market, so there can be multiple winners, right?

是的，傑森，謝謝你的提問。我想澄清一下一些存在的誤解。一是這是一個很大的市場。這是一個價值超過 1000 億美元的市場，因此可能會有多個贏家，對嗎？

Second, the PostGres popularity is really a function of the consolidation of the SQL market. People are leaving Oracle, leaving SQL Server, leaving MySQL and going to PostGres.

其次，PostGres 的流行其實是 SQL 市場整合的結果。人們正在離開 Oracle、離開 SQL Server、離開 MySQL 並轉向 PostGres。

I think the third thing that I should mention is that PostGres does have this veneer of being an open source, open standard, not owned by any one vendor. But there are literally every vendor, including the hyperscalers have their own version of PostGres. They built proprietary extensions and other capabilities that actually make it very difficult to go from one version of PostGres to another version of PostGres. With MongoDB, you can actually run any workload on any cloud across clouds and on-prem without changing a line of code.

我認為我應該提到的第三件事是 PostGres 確實具有開源、開放標準的外表，不屬於任何一個供應商。但實際上每個供應商，包括超大規模供應商，都有自己的 PostGres 版本。他們建立了專有擴充和其他功能，這實際上使得從一個版本的 PostGres 轉換到另一個版本的 PostGres 變得非常困難。使用 MongoDB，您實際上可以在任何雲端和本地端運行任何工作負載，而無需更改一行程式碼。

And last, I would say, architecturally, we are far better optimized for this new world of complex modern applications, especially in the world of AI. JSON was designed to be -- to really address the needs of this modern world. How data is very messy, how it's very interdependent, how it changes often. There's no predictability in the format, there's no uniformity on the structure and MongoDB's designed to handle that world. And when relational databases start trying to mimic our features, what does that tell you? It tells you that their existing architecture is not designed for this world.

最後，我想說，從架構上來說，我們已經針對這個複雜的現代應用新世界，特別是人工智慧領域進行了更優化。JSON 的設計目的是為了真正滿足現代世界的需求。數據非常混亂，相互依賴性很強，而且經常改變。格式沒有可預測性，結構沒有統一性，而 MongoDB 的設計就是為了處理這種情況。當關係資料庫開始嘗試模仿我們的功能時，這會告訴你什麼？它告訴你他們現有的建築並不是為這個世界設計的。

Now, there's no question when the technology has been available for 40, 50 years, there's a large group of people who understand that technology, but we feel we're well-positioned. We have more work to do, but we feel like well positioned to be a winner in this next wave of applications that are being built, and we're -- and we feel confident about our position.

現在，毫無疑問，這項技術已經問世 40、50 年了，有一大群人了解這項技術，但我們覺得自己已經準備好了。我們還有很多工作要做，但我們覺得自己在下一波應用程式的建置中處於有利地位，我們對自己的地位充滿信心。

One quick follow-up to that, Dev. Should we be thinking about then, I don't know, over the next five-plus years or something that the two big winners in the database market in terms of architecture will be PostGres sort of for the relational crowd and Mongo for the non-relational crowd. Is that how we should be thinking about it or at least is that how you're thinking about it?

接下來是一次快速的跟進，Dev。那麼，我們是否應該考慮，我不知道，在未來五年或更長時間內，資料庫市場在架構方面的兩個大贏家將是針對關係人群的 PostGres 和針對非關係人群的 Mongo。我們該這樣想嗎？或至少您是這樣想的？

Yeah. I would say -- I definitely think that there will be multiple winners. This is not a zero-sum game. I also believe that the other point I want to clarify is a lot of people compare MongoDB to PostGres, and that's actually a false comparison. By us embedding keyword search, by us embedding a native vector search, by us embedding, embedding models, you're really comparing MongoDB to PostGres plus Elastic plus Pinecone plus something like Cohere.

是的。我想說——我絕對認為會有多個獲勝者。這不是一場零和遊戲。我還認為，我想澄清的另一點是，很多人將 MongoDB 與 PostGres 進行比較，而這實際上是一個錯誤的比較。透過我們嵌入關鍵字搜尋、透過我們嵌入本機向量搜尋、透過我們嵌入、嵌入模型，您實際上是在將 MongoDB 與 PostGres 加 Elastic 加 Pinecone 加 Cohere 之類的東西進行比較。

So the value for customers that they don't have to stitch all these capabilities together, they get all these capabilities in a very elegant, natively built way that they can allows them to move fast. That's not a very complex architecture and it's much more cost effective.

因此，對於客戶來說，其價值在於他們不必將所有這些功能拼湊在一起，而是以一種非常優雅、原生構建的方式獲得所有這些功能，從而使他們能夠快速行動。這不是一個非常複雜的架構，而且成本效益更高。

And so -- but I do think there will be multiple winners. And for people who want to stay on relational, PostGres is a very viable option. But we think that we have a big opportunity in front of us.

所以——但我確實認為會有多個贏家。對於想要維持關係的人來說，PostGres 是一個非常可行的選擇。但我們認為，我們面前有一個很大的機會。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Yeah, thank you very much. Dev, one for you and one for you, Mike, congratulations on joining Mongo as CFO.

是的，非常感謝。Dev，一個給你，一個給你，Mike，祝賀你加入 Mongo 擔任 CFO。

Dev, can you give us a mark-to-market on where we are with some of the growth initiatives you undertook such as Relational Migrator to move upmarket, the reconstitution of the refocusing of the sales force towards high-value accounts. And I think you have discussed metrics such as the productivity superiority in moving upmarket. So -- and if you could just -- not only give us a mark-to-market, but how is that new push showing up in terms of incremental productivity metrics.

Dev，您能否向我們介紹我們所採取的一些成長舉措的市值情況，例如關係遷移器向高端市場邁進，以及將銷售隊伍的重點重新轉向高價值客戶。我認為您已經討論過諸如向高端市場邁進的生產力優勢等指標。所以——如果您可以的話——不僅給我們一個按市價計算的數據，而且還要告訴我們，在增量生產力指標方面，這種新的推動力是如何體現出來的。

Obviously, the customer lands have been quite good. But with respect to growth rate, it does not look like we're quite yet at the inflection point. Maybe if you could just give us a little bit more of your introspective analysis on that.

顯然，客戶土地已經相當好了。但就成長率而言，我們似乎尚未到達轉折點。也許您能就此問題給我們更多內省分析。

And then Mike, one for you. You talked about second-half dynamic with respect to, I believe, it was the EA business. Can you expand upon that a little bit? And what could go right versus that as to your assumption because after all, we did see upside in EA this particular quarter or versus not your guidance, but your predecessor's guidance. Thank you so much.

然後是麥克，給你一個。您談到了下半年的動態，我相信這是 EA 業務的情況。能稍微詳細說明一下嗎？與您的假設相比，什麼情況可能正確？因為畢竟，我們確實看到 EA 本季有上漲，或者不是與您的指導相比，而是與您的前任的指導相比。太感謝了。

Thanks, Kash. So let me start. So when we talked about the strategic initiatives, we really called out three things: one, R&D investments; two, moving up market; and three, putting more focus on awareness and education. So on the R&D investments, I would tell you that we're already seeing returns on investment. We said we're going to double down on the core.

謝謝，卡什。那麼就讓我開始吧。因此，當我們談到策略性措施時，我們實際上提到了三件事：一、研發投資；二、拓展市場；三、更注重意識和教育。因此，關於研發投資，我想告訴你，我們已經看到了投資回報。我們說過，我們將加倍重視核心。

We introduced MongoDB 8.0, which is the most performant release we ever issued. And I will also point out that it also had the fastest uptake of any major releases. Customers are adopting 8.0 two times faster than our last major release.

我們推出了 MongoDB 8.0，這是我們發布的效能最高的版本。我還要指出的是，它是所有主要版本中採用速度最快的。客戶採用 8.0 的速度比我們上一個主要版本快兩倍。

We're also expanding our engineering efforts around AI and Voyage because that's a super exciting area for us. And we're also investing in product tooling around app monetization, and last but not least, we're bringing more senior talent to really complement the existing team so that we can really have a broader ambition. So that investment is paying handsomely.

我們也正在擴大圍繞 AI 和 Voyage 的工程力度，因為這對我們來說是一個非常令人興奮的領域。我們也正在投資應用程式貨幣化的產品工具，最後但同樣重要的是，我們正在引進更多高階人才來真正補充現有團隊，以便我們能夠真正擁有更廣泛的抱負。因此這項投資的回報十分豐厚。

The move-up market is also going well because a part of our results are a function of the fact that we made that move starting in the last year, and we're starting to have two bigger deals. We've signed some very, very large deals, some very, very large enterprises and the productivity of that team has always been quite high. And I would say a complementary move is that our self-serve business is starting to acquire mid-market logos, serving them more efficiently without seeding ground to anyone else and that shows up as you see in our customer count this quarter.

升級市場也進展順利，因為我們的部分業績得益於我們從去年開始採取的這項舉措，我們開始有兩筆更大的交易。我們簽署了一些非常非常大的交易，一些非常非常大的企業，而且該團隊的生產力一直很高。我想說的一個補充舉措是，我們的自助服務業務開始獲得中端市場標識，更有效地為他們提供服務，而不會為其他任何人佔據市場，這一點正如您在本季度看到的客戶數量所示。

And then in terms of awareness and education, we are aggressively investing in a few areas. One, we're aggressively investing in the Bay Area. That's where we're the next-gen AI companies and the next-gen AI developers are highly concentrated, and we're starting to see some traction there. And we have some high-profile AI customers already on our platform and lots of other smaller customers. We're investing in attracting relational developers to learn more about MongoDB, so attending relational conferences, putting together more training and more skills for people to upskill their abilities and also providing certifications and what we also find is a lot of the new Atlas registrants are actually new to MongoDB. So we're spending a lot of time making sure they're onboarded properly and taking full advantage of all our capabilities.

在意識和教育方面，我們正在積極投資幾個領域。一是我們正在積極投資灣區。我們是下一代人工智慧公司，下一代人工智慧開發人員高度集中的地方，我們開始在那裡看到一些牽引力。我們的平台上已經有一些知名的人工智慧客戶，還有許多其他較小的客戶。我們正在投資吸引關係開發人員更多地了解 MongoDB，因此參加關係會議，為人們提供更多的培訓和技能來提升他們的能力，並提供認證，我們還發現許多新的 Atlas 註冊者實際上都是 MongoDB 的新手。因此，我們花費大量時間確保他們能夠正確加入並充分利用我們的所有功能。

And then we're all -- as part of the training, we're upskilling developers on modern databases, right? As I mentioned, certifications, self-paced courses and all that. And we also expanded our documentation to Mandarin, to Portuguese to Korean and Japanese because MongoDB truly has a global business and the developers all around the world who want to use MongoDB.

然後，作為培訓的一部分，我們正在提高開發人員對現代資料庫的技能，對嗎？正如我所提到的，認證、自訂進度的課程等等。我們還將文件擴展至普通話、葡萄牙語、韓語和日語，因為 MongoDB 確實擁有全球業務，並且世界各地都有開發人員想要使用 MongoDB。

And I think we're just getting started. There's more things we're doing that I just can't talk about right now around -- especially on awareness and education. But the key point is there are some misconceptions about MongoDB that we know we need to address and we're quite excited about the opportunity to do so.

我認為我們才剛開始。我們正在做的事情還有很多，但我現在不能談論——特別是在提高意識和教育方面。但關鍵在於，我們知道需要解決一些關於 MongoDB 的誤解，並且我們對這個解決的機會感到非常興奮。

So thank you, Kash, for the question. This is Mike and for the kind words. So just for context, as we talked about in the prepared remarks. So for the full year, we remain confident in the business, and we took 11, we exceeded our expectations and we've largely rolled the beat from the Atlas business into the full-year number. As it relates to non-Atlas and then specifically your question, we did do, we had a good quarter in the EEA business. Some of that was timing. So we adjusted the Q2 to Q4 non-Atlas business to take that into account.

所以，感謝 Kash 提出這個問題。我是麥克，感謝您的善意言辭。正如我們在準備好的發言中所討論的那樣，僅作為背景。因此，對於全年而言，我們仍然對業務充滿信心，我們取得了 11 項超出預期的業績，並且我們已將 Atlas 業務的出色表現基本納入全年業績中。由於它與非 Atlas 相關，特別是您的問題，我們確實在 EEA 業務方面取得了良好的業績。其中一些是時機問題。因此，我們調整了第二季至第四季的非 Atlas 業務以考慮到這一點。

As it relates to the $50 million multiyear headwind you talked about, that's largely due to the renewals and the timing of those renewals from fiscal '25. So we have maintained that same guidance to the extent that it could be better and it may. Then that would certainly be an upside.

至於您提到的 5000 萬美元的多年期逆風，這主要是由於續約以及從 25 財年開始的續約時間造成的。因此，我們一直維持相同的指導方針，以便它能夠變得更好，而且確實有可能。那肯定是有好處的。

Keep in mind though that those are renewals based on when those customers come up. So it's not completely in our control. There may be upside, but at this point, we're still holding to the same guidance.

但請記住，這些續約都是基於客戶出現的時間。所以這並不完全在我們的控制範圍內。可能會有好處，但目前我們仍然堅持相同的指導。

Super. Very granular, thank you so much.

極好的。非常詳細，非常感謝。

Brad Reback, Stifel.

布拉德·雷巴克（Brad Reback），Stifel。

Great, thanks very much. Dev, last quarter, you talked about AI only being modestly incremental to revenue growth in 2026 here. Is that the same expectation 90 days later?

太好了，非常感謝。Dev，上個季度，您談到人工智慧對 2026 年營收成長的貢獻僅有小幅提升。90 天後的預期是否也一樣？

Yeah. So what I would say is the following. We see thousands of customers building thousands of apps on MongoDB, and that's growing quarter over quarter. We are seeing some high-profile well-known AI companies. I mentioned cursor on the call, and there's some of a few other high-profile companies who are building on top of MongoDB.

是的。因此我想說的是以下幾點。我們看到成千上萬的客戶在 MongoDB 上建立了成千上萬的應用程序，並且這一數字還在逐季度增長。我們看到一些備受矚目的知名人工智慧公司。我在電話中提到了 Cursor，還有一些其他知名公司也在 MongoDB 上進行建置。

And obviously, those businesses are really taking off. But what we see is that enterprises are still early in the adoption of AI. The barriers include there's a limited set of skills and experience with AI, trust with AI systems that are probabilistic, which is another way of saying the risk of hallucinations.

顯然，這些業務確實正在起飛。但我們看到，企業在採用人工智慧方面仍處於早期階段。這些障礙包括對人工智慧的技能和經驗有限，對機率性的人工智慧系統的信任，換句話說就是幻覺的風險。

And so we see, obviously, some early use cases around operating efficiency, chatbots, cogen, and domain-specific ISVs like Harvey, but -- the customers are using -- but -- and we've already seen, as I mentioned on the call, LG U+, we have Swisscom, Novo Nordisk, Central Reach, or a bunch of customers have mentioned in the past who have already deployed our AI capabilities.

因此，我們顯然看到了一些圍繞運營效率、聊天機器人、熱電聯產和 Harvey 等特定領域 ISV 的早期用例，但是 - 客戶正在使用 - 但是 - 而且我們已經看到，正如我在電話中提到的那樣，LG U+、Swisscom、Novo Nordisk、Central Reach，或者過去提到的許多已經部署了我們的 AI 功能的客戶。

But the real enduring value will come when people start building custom AI apps. And the point I want to make is that anyone can use an ISV to run their business, but that doesn't give them a competitive advantage because their competitors could use the same ISV. What really gives us a competitive advantage is building custom solutions around using AI to transform their business, whether it's to seize new opportunities to respond to new threats to drive more operating efficiency. And when people start really learning about MongoDB, the document model can handle these complex data structures. We have best-in-class Voyage embeddings to improve the accuracy of these results to help people get comfortable with using AI.

但當人們開始建立客製化的人工智慧應用程式時，真正的持久價值才會顯現。我想說的是，任何人都可以使用 ISV 來經營他們的業務，但這並不會為他們帶來競爭優勢，因為他們的競爭對手可以使用相同的 ISV。真正讓我們獲得競爭優勢的是圍繞使用人工智慧來轉變業務建立客製化解決方案，無論是抓住新機遇，應對新威脅，還是提高營運效率。當人們開始真正了解 MongoDB 時，文件模型可以處理這些複雜的資料結構。我們擁有一流的 Voyage 嵌入來提高這些結果的準確性，以幫助人們熟悉使用 AI。

And by integrating tech search, vector search and embedding and operational data, that's a unique differentiate. It makes the developer's life easy, reduces cost and complexity. And so we feel we're well-positioned for this, but it's still early as most enterprises are still early in the adoption of AI.

透過整合技術搜尋、向量搜尋和嵌入和操作數據，這是一個獨特的差異化。它使開發人員的生活變得輕鬆，降低了成本和複雜性。因此，我們認為我們已經做好了準備，但現在還為時過早，因為大多數企業仍處於採用人工智慧的早期階段。

Great, and then on the go to market side, any meaningful changes on the kind of upper market comp plan that we should be aware of?

很好，那麼在進入市場方面，我們應該注意高端市場補償計劃的任何有意義的變化嗎？

No meaningful changes. We feel good about what's happening at the high end of the market. And we also feel good about ourselves or business being able to acquire customers more efficiently, so we feel like those motions are working.

沒有許多有意義的變化。我們對高端市場的發展感到滿意。我們對自己或企業能夠更有效地獲取客戶感到滿意，因此我們覺得這些措施正在發揮作用。

Great, thank you.

太好了，謝謝。

Thank you, Brad.

謝謝你，布拉德。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Thank you. Good afternoon, Mike. Great to hear your voice again here. Welcome aboard. Dev, one of the challenges that we've had with the story here is that the Atlas business has been decelerating here, moderating growth for about three years. This was the first quarter where we actually saw Atlas growth reaccelerate, pretty big step up here in the number of net new Atlas customers. Would you now say you feel like you've kind of bottomed relative to the growth profile of Atlas and you're kind of now on a newer, more stable trajectory going forward? Just walk me through what looks like a meaningful reversal here in the Atlas business.

謝謝。下午好，麥克。很高興在這裡再次聽到您的聲音。歡迎登機。戴夫，我們面臨的一個挑戰是 Atlas 業務在這裡一直在減速，大約三年來成長放緩。這是我們實際看到 Atlas 成長重新加速的第一個季度，Atlas 淨新客戶數量大幅增加。您現在是否覺得相對於 Atlas 的成長概況，您已經觸底，現在正處於一條更新、更穩定的發展軌跡上？請向我介紹一下 Atlas 業務中看似有意義的逆轉。

Yeah, so we're very proud of our results in Q1. And much to what Mike mentioned earlier, when you look across the landscape, there's not many companies who have their core business growing at 26% year over year at our scale, right? Atlas is a very large business. And so there's not many companies who are growing at that rate. And we feel like what's on the horizon in terms of AI, in terms of -- I haven't talked about app modernization, where we can help customers more efficiently reduce the cost and significantly reduce the time to modernize legacy applications.

是的，我們對第一季的業績感到非常自豪。正如 Mike 之前提到的，放眼整個行業，像我們這樣規模的公司，核心業務年增長率達到 26% 的公司並不多，對嗎？Atlas 是一家規模很大的企業。因此，以這種速度成長的公司並不多。我們感覺到人工智慧的前景如何——我還沒有談到應用程式現代化，我們可以幫助客戶更有效地降低成本，並顯著減少現代化遺留應用程式的時間。

That gives us easy access to a large market and so those are also initiatives that we're spending a lot of time and investment on. And there's lots of customers who still need to run their business and continue to build applications that are core to their business strategy. So we feel good about our opportunity. Our guide is our guide. We feel good about the quarter and we also feel great about the fact that our -- the customer adds were very strong this quarter, which shows that people are embracing MongoDB.

這使我們能夠輕鬆進入大型市場，因此我們也在這些舉措上投入了大量的時間和投資。還有很多客戶仍然需要經營他們的業務並繼續建立作為其業務策略核心的應用程式。所以我們對我們的機會感到很高興。我們的導遊就是我們的導遊。我們對本季感到滿意，我們也對本季客戶成長非常強勁這一事實感到高興，這表明人們正在接受 MongoDB。

Thanks for that. And Mike, I know you're eight days in fire holes here. Increased focus on margin improvement reads loud and clear. You did talk about kind of balance sheet. This company does have a lot of cash. I know you're putting $1 billion of it to use to the buyback, but other uses of cash, do you see an opportunity to maybe get a little more aggressive on M&A, small tech tuck-ins to also maybe help accelerate the AI opportunity. Walk me through kind of use of cash.

謝謝。麥克，我知道你已經在這裡待了八天了。更重視提高利潤率的措施顯而易見。您確實談到了資產負債表。這家公司確實有很多現金。我知道您將拿出 10 億美元用於回購，但對於現金的其他用途，您是否認為有機會在併購方面更加積極，小型科技公司也可能有助於加速人工智慧的機會。請向我介紹一下現金的使用方法。

Sure. And thanks for the comments. Great to hear your voice as well. So on the buybacks, just to hit that, hey, we're super excited about the Board, expanding that up to $1 billion, and we will be active as it relates to the buyback. For the rest of the cash, what I'd say is, hey, we feel really good about the organic growth story here, and that's the focus.

當然。感謝您的評論。也很高興聽到你的聲音。因此，就回購而言，為了實現這一目標，嘿，我們對董事會感到非常興奮，將其擴大到 10 億美元，我們將積極開展與回購相關的工作。對於剩餘的現金，我想說的是，嘿，我們對這裡的有機成長故事感到非常滿意，這就是重點。

To the extent that there are smaller tuck-ins or we could do road map acceleration and use some of it, not a lot of it, that's certainly up for debate as well. So it does give us that option. I would say we don't think we need to do M&A to achieve our targets, certainly. But to the extent that we think it can help it is nice to have the available cash.

在某種程度上，如果有較小的插件或我們可以做路線圖加速並使用其中的一部分，而不是很多，這當然也是有爭議的。所以它確實給了我們這個選擇。我想說，我們當然不認為需要透過併購來實現我們的目標。但只要我們認為能夠有所幫助，擁有可用現金就很好了。

Good to hear. Thank you.

很高興聽到這個消息。謝謝。

Ittai Kidron, Oppenheimer.

伊泰·基德倫，奧本海默。

Thanks. Appreciate it. Dev, I want to dig in a little bit into the high-end focus the large enterprise. Is there any data you can provide proof points kind of under the surface data points that you're tracking internally about progress here? Anything about pipeline, number of Fortune 2000 logos. Help me think about the evolution here? And at what point do you think will be a full run rate here on this group?

謝謝。非常感謝。Dev，我想深入探討大型企業的高端焦點。您是否可以提供任何數據來證明您正在內部追蹤的有關進展的表面數據點？有關管道的任何信息，財富 2000 強標誌的數量。幫我思考這裡的演進？您認為什麼時候這個團隊的運作率會達到最高？

Well, I would tell you that I think we already have meaningful traction. I think we previously disclosed that 75% of the Fortune 100 are existing already MongoDB customers and 50% of the Fortune 500 are MongoDB customers. So that tells you that we already have meaningful traction. And what we realize is the biggest opportunity for us is to expand in those accounts. I just recently had the CIO of one of the largest health companies in the world in our office.

好吧，我想告訴你，我認為我們已經取得了有意義的進展。我記得我們之前曾披露過，財富 100 強企業中有 75% 已經是 MongoDB 客戶，財富 500 強企業中有 50% 是 MongoDB 客戶。這說明我們已經取得了有意義的進展。我們意識到我們最大的機會就是擴大這些帳戶。最近，我剛剛在我們的辦公室接待了世界上最大的醫療公司之一的首席資訊長。

I just met with the senior leadership team from one of the largest financial services companies here in New York and then I met another team from another financial services company in New York, and they're bringing us in saying, we want to have a more strategic relationship with you, so I feel like the motion is working. We're doing larger deals, and the productivity of our -- of the sales team focused on those accounts is materially higher than the typical sales reps. So we feel like it's a motion that we will invest on for the long term.

我剛剛會見了紐約最大的金融服務公司之一的高級領導團隊，然後我又會見了紐約另一家金融服務公司的另一個團隊，他們帶我們來表示，我們希望與你們建立更具戰略性的關係，所以我覺得這項動議正在發揮作用。我們正在進行更大的交易，而專注於這些帳戶的銷售團隊的生產力明顯高於典型的銷售代表。因此，我們覺得這是一項值得我們長期投資的動議。

And I think the results will obviously speak for themselves, but we feel really good about our move upmarket. And I also want to point out that our self-serve motion is a nice complement to that move because it allows us to acquire lower-end customers, mid-market customers much more efficiently. So we're not like seeding ground to anyone in that segment of the market.

我認為結果將不言而喻，但我們對於進軍高端市場感到非常高興。我還想指出，我們的自助服務措施是對這項措施的一個很好的補充，因為它使我們能夠更有效地獲取低端客戶和中端市場客戶。因此，對於該細分市場中的任何人來說，我們都不像播種地。

Yeah, that's great to see. And Mike, for you. First of all, congratulations and looking forward to working with you. A couple of small ones.

是的，很高興看到這一點。還有麥克，送給你。首先恭喜您並期待與您合作。幾個小的。

First of all, you talked about the slower than planned headcount addition in the quarter. Can you tell us about areas? And is this going to be an issue down the road in that you're kind of -- you're a little bit behind on headcount additions. And also your guidance for the year raised it by $10 million. The beat was greater.

首先，您談到了本季員工人數增加的速度低於計劃。您能告訴我們有關區域的情況嗎？這會不會成為未來的一個問題，因為你們在增加員工人數方面有點落後了。而您今年的指導價也將其提高了 1000 萬美元。節奏更大了。

Can you tell us when and where are you a little bit more conservative then on the remainder of the year? And what part of your business?

您能否告訴我們，在今年剩餘時間內，您何時何地會採取更保守的政策？您的業務屬於哪一部分？

Sure. So let's take the headcount first. So it was really broad-based across the whole team in terms of slower headcount additions. There was nothing that we didn't pull back or say don't hire. It just -- it takes longer.

當然。我們先來統計一下人數。因此，從員工人數增加速度較慢的角度來看，整個團隊確實普遍存在這種現象。沒有什麼是我們不會撤回的，或是不會拒絕僱用的。只是——需要更長的時間。

So nothing there. We also don't have any concerns around, does that mean lower, for instance, sales capacity largely due to what Dev talked about on the go-to-market. So do we think it goes forward. It certainly is a part of us I would say, moderating our OpEx expectations for the rest of the year, hence, the increased 200 basis points. So that's the headcount piece.

所以那裡什麼都沒有。我們也沒有任何擔憂，這是否意味著銷售能力下降，主要是由於 Dev 談到的進入市場的情況。所以我們認為它會繼續發展。我想說，這當然是我們的一部分，調整了我們對今年剩餘時間的營運支出預期，因此增加了 200 個基點。這就是人數統計部分。

On the beat and raise. So we did beat by $20 million in the quarter. As we talked about, we largely rolled the Atlas beat into the full year number and left the rest of the year where we were. We felt good about what we guided to after Q4 and hey, there's a lot of uncertainty as it relates to the world of tariffs, the economic situation and everything else. So we think it's prudent to leave that guide there. We did come down by $10 million in the non-Atlas business because that was largely timing.

打節拍並提高。因此，本季我們的利潤確實超出預期 2000 萬美元。正如我們所說的，我們基本上將 Atlas 的節拍納入了全年數字中，並將其餘時間的節拍保持原樣。我們對第四季後的預期感到滿意，但是，關稅、經濟狀況和其他所有方面都存在著許多不確定性。因此我們認為將該指南保留在那裡是明智之舉。我們在非 Atlas 業務上的支出確實減少了 1000 萬美元，因為這主要是時間問題。

And as we said, we're still holding to the EA forecast that we did on a year-over-year basis. Now, we'll see where that goes. It's also the hardest piece of the business to forecast because of those larger deals. So we thought that, that was the prudent way to guide the year.

正如我們所說，我們仍然堅持對 EA 的同比預測。現在，我們來看看結果如何。由於交易規模較大，這也是業務中最難預測的部分。所以我們認為，這是指導這一年的謹慎方式。

Appreciate it. Thank you.

非常感謝。謝謝。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯·諾溫斯基。

Great, thank you. Maybe just wanted to follow up on the Atlas guidance. I know you're saying that consumption was in line with your expectations. But can you just provide any more color on sort of the mechanics of growth in that consumption segment? Because it would seem that the outperformance in Q1 would set you on a higher trajectory for the full year due to the fact that it is a consumption model unless you -- unless there's some sort of drastic change in the global economy that would change our customers' consumption patterns.

太好了，謝謝。也許只是想跟進 Atlas 指導。我知道您說消費符合您的期望。但是您能否進一步說明一下該消費領域的成長機制？因為看起來第一季的優異表現會讓你在全年走上更高的軌跡，因為這是一種消費模式，除非你——除非全球經濟發生某種劇烈變化，從而改變我們客戶的消費模式。

Sure. So Andrew, it's Mike. So thanks for the question. So if you take a step back, and that's what we saw in Q1, we talked about the monthly consumption patterns there. We did a little bit better early in the quarter, and April was a little bit soft.

當然。安德魯，我是麥克。感謝您的提問。所以如果你退一步來看，這就是我們在第一季看到的，我們討論了那裡的月度消費模式。我們在本季初表現稍好一些，而四月份則略顯疲軟。

The dynamic that you just talked about is exactly what's baked into the guidance for the rest of the year. We continue to expect Atlas growth to be strong as we go through the year. We are also cognizant of April is a little bit soft may pop back. We'd like to see a couple more months of that going into the year. Hopefully, we feel more confident as we go into the second half.

您剛才談到的動態正是今年剩餘時間的指導內容。我們繼續預計 Atlas 今年將繼續保持強勁成長。我們也意識到四月的經濟會稍微疲軟，但可能會反彈。我們希望今年還能再持續幾個月這樣的動能。希望我們進入下半場時能更有自信。

But at this point, given all the economic uncertainty, we certainly hope there's upside, but we'd like to get through another quarter.

但目前，考慮到所有的經濟不確定性，我們當然希望出現上行空間，但我們希望能夠度過另一個季度。

Understood. And Mike, thank you. It's great to reconnect again from our days at NetApp. My second question is really more at a higher level. I understand the performance and scalability advantages of MongoDB over -- or I should say, a document database over a relational database. But have you maybe thought about or consider hurting sort of feedback from customers as to whether MQL might be simply maybe more difficult for a developer to use versus SQL, maybe that's why you're seeing sort of this increase in interest in PostGres because it's certainly not a better performing database because I think everyone knows that, but maybe it's just a query language issue?

明白了。還有麥克，謝謝你。很高興我們在 NetApp 工作期間再次聯繫。我的第二個問題其實更具更高層次。我了解 MongoDB 相對於關聯式資料庫的效能和可擴展性優勢——或者我應該說，文件資料庫相對於關聯式資料庫的優勢。但是，您是否考慮過或考慮過損害客戶的反饋，即對於開發人員來說，MQL 是否可能比 SQL 更難使用，也許這就是為什麼您看到人們對 PostGres 的興趣有所增加，因為它肯定不是一個性能更好的數據庫，因為我想每個人都知道這一點，但也許這只是一個查詢語言問題？

So again, thanks for the question. I just want to again say, we're going after a big market. I think the PostGres is a function of people basically leaving other relational platforms, in particular, Oracle, SQL Server, and MySQL. So that's why you're seeing developers kind of move to PostGres.

再次感謝您的提問。我只是想再說一遍，我們正在追逐一個大市場。我認為 PostGres 是人們基本上離開其他關係平台（特別是 Oracle、SQL Server 和 MySQL）的功能。這就是為什麼你會看到開發人員轉向 PostGres。

But I would tell you that PostGres is a tabular database, much like all relational databases. So then the question you have to ask yourself is they announced support for JSON. Why did they do that? And what they did that because it was passive admission that, that architecture just doesn't get the job done in a world that has to deal with data in the real world, right?

但我想告訴你，PostGres 是一個表格資料庫，與所有關聯式資料庫非常相似。那你必須問自己的問題是他們宣布支持 JSON。他們為什麼這麼做？他們這樣做是因為他們被動地承認，在必須處理現實世界資料的世界中，這種架構根本無法完成工作，對嗎？

Data in the real world is complex. Data in the real world has a lot of dependencies. Like I'll give you some examples, like if you want to model the message that has attachments or reactions or part of the threat of conversation, how do you do that in a structured table.

現實世界中的數據是複雜的。現實世界中的數據具有許多依賴關係。就像我給你舉一些例子一樣，如果你想要模擬帶有附件或反應或部分對話威脅的訊息，你如何在結構化表中做到這一點。

If you want to deal with adding new fields or new values and all that, how do you -- for example, if you have a user who has something multiple phone numbers, how do you model that quickly? How do you deal with nested structures, right, where a customer record could have include past orders each with their own line items and order history. Like how do you do that with relation -- it's much more difficult where you can model that so much more easily in MongoDB. How do you deal with like messy, inconsistent data that there is no uniformity to.

如果您想處理新增欄位或新值等，您該怎麼做 - 例如，如果您有一個擁有多個電話號碼的用戶，您該如何快速建模？您如何處理嵌套結構，對吧，其中客戶記錄可能包括過去的訂單，每個訂單都有自己的明細項目和訂單歷史記錄。例如你如何用關係來實現這一點——這要困難得多，而在 MongoDB 中你可以更輕鬆地對其進行建模。您如何處理混亂、不一致且沒有統一性的資料。

And so we recognize that some people who don't know MongoDB, may not really understand all these advantages, which is why we're putting more emphasis on awareness and education, but fundamentally, if you see why these relational databases are adding JSON support, it is acknowledgment that their existing architecture cannot evolve to -- natively evolve to serve these new needs. And that's why we think we're well positioned because MongoDB is a native JSON database. It's a document database, and it's distributed, it has -- it's designed to scale.

因此，我們認識到，一些不了解 MongoDB 的人可能無法真正理解所有這些優勢，這就是為什麼我們更加重視意識和教育，但從根本上說，如果你明白為什麼這些關係資料庫要添加 JSON 支持，那就承認它們現有的架構無法發展——原生地發展以滿足這些新需求。這就是為什麼我們認為我們處於有利地位，因為 MongoDB 是一個原生 JSON 資料庫。它是一個文檔資料庫，它是分散式的，它具有可擴展性。

And the latest release is the most performed release. We're even more excited about 8.1 that's coming out soon. We acquired Voyage. That's going to be natively part of the platform. We're going to -- later this month, we will enable people to seamlessly generate embeddings from data sitting inside MongoDB, and that will be in private preview. So that's within four months of the acquisition, so we're moving fast.

最新版本是執行次數最多的版本。我們對即將發布的 8.1 版本感到更加興奮。我們收購了 Voyage。這將成為平臺本身的一部分。本月晚些時候，我們將使人們能夠從 MongoDB 內部的資料無縫生成嵌入，這將在私人預覽中實現。這是收購後的四個月內發生的事情，所以我們的進展很快。

We're innovating quickly and that doesn't even mention our core vector search engine as well as our keyword search engine. So when you put all these things together, it becomes a very compelling platform, but we recognize that some customers and some users just don't understand all these things, and that's what we're focused on addressing.

我們正在快速創新，這還沒有提到我們的核心向量搜尋引擎以及關鍵字搜尋引擎。因此，當你把所有這些東西放在一起時，它就變成了一個非常引人注目的平台，但我們認識到，一些客戶和一些用戶並不了解所有這些事情，而這正是我們重點解決的問題。

That makes sense. Thank you so much.

這很有道理。太感謝了。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Hey guys, thanks for taking the questions here. Mike, just to come back to the monthly trends that you guys saw on the Atlas consumption side, and I really, really appreciate all the color there. If you're talking about this rebound that we saw in May, and I know we don't see like consumption growth year-on-year usage growth year on year to the detail that you do. But is that year-on-year growth in consumption in May back to the levels that we saw in February or March, or is it still lagging based on that April softness that you had described?

嘿夥計們，感謝你們在這裡回答問題。麥克，回到你們在 Atlas 消費方面看到的月度趨勢，我真的非常欣賞那裡的所有色彩。如果您談論的是我們在五月看到的反彈，我知道我們並沒有像您那樣詳細地看到消費量同比增長、使用量同比增長。但是，5 月份消費同比增長是否回到了 2 月份或 3 月份的水平，還是仍然滯後於您所描述的 4 月份的疲軟水平？

So it's much more consistent with what we saw in February and in March. April was a little bit softer. And then as we said, it was a healthy rebound in May.

因此，這與我們在二月和三月看到的情況更加一致。四月的情況稍微好一點。正如我們所說，五月出現了健康反彈。

Great, thanks for that. And then Dev, just one for you. I know that we have some of these go-to-market changes. I'm looking at the new logos that you added this quarter specifically, and I mean you guys have been -- you have been native JSON database. You have been that no-SQL vendor. Can you help me think about like why are we seeing this meaningful bump in the new logos acquired this quarter specifically? It really looks like the self-serve is taking off, but just interested in what you're seeing on that front. Thank you.

太好了，謝謝。然後是 Dev，只給你一個。我知道我們有一些進入市場的改變。我正在特別關注您本季新增的新徽標，我的意思是，你們已經—你們已經是原生 JSON 資料庫了。您就是那個無 SQL 供應商。您能幫我想想為什麼我們在本季看到新標誌數量有如此顯著的成長嗎？看起來自助服務確實正在興起，但我對你在這方面看到的情況感興趣。謝謝。

Yeah. I mean, you have to remember, our self-serve business was a new skill that we developed, frankly, organically here.

是的。我的意思是，你必須記住，我們的自助業務是我們在這裡自然發展的新技能。

And then actually, May Petri, who's been promoted to CMO of the company was the one who led our self-serve business since early 2022. She and her team have really done a great job of really growing that business, being much more sophisticated in running experiments, how to attract the right level of customers and that's showing up in the numbers. And so -- and as we move up market, we want to take advantage of that self-serve capability to be able to acquire more customers in the mid-market and so that's something that we're going to do.

實際上，已晉升為公司首席行銷長的 May Petri 自 2022 年初以來一直領導我們的自助服務業務。她和她的團隊在業務成長方面確實做得非常出色，在進行實驗、如何吸引適當數量的客戶方面更加成熟，這些都在數字上得到了體現。因此，隨著我們向高端市場邁進，我們希望利用自助服務能力來吸引更多中端市場的客戶，這就是我們要做的事情。

And so we feel really good about the combination of our direct sales force as well as our self-serve business in terms of how we approach the market. And I would say that we're -- when we are able to get in front of customers explain our differentiation, customers understand and want to use MongoDB. Our biggest challenge is making sure people really understand the differentiation and don't have certain misconceptions of what we do or what others do.

因此，就我們進入市場的方式而言，我們對我們的直銷隊伍和自助服務業務的結合感到非常滿意。我想說的是，當我們能夠向客戶解釋我們的差異化時，客戶就會理解並願意使用 MongoDB。我們面臨的最大挑戰是確保人們真正理解差異化，並且不會對我們或其他人所做的事情產生某些誤解。

Great. Congrats on the demonstrative success on that front.

偉大的。恭喜你們在這方面所取得的示範性成功。

Thank you. I would now like to turn the call back over to Dev Ittycheria for any closing remarks.

謝謝。現在我想將電話轉回給 Dev Ittycheria，請他做最後發言。

Well, thank you for joining our call. First of all, I would like to thank Mike eight days in. It's obviously preparing for earnings call is hard work and to do it in eight days, it's pretty impressive. So I really appreciate everything he's done to prepare for the call today.

好的，感謝您參加我們的電話會議。首先我要感謝麥克八天以來的付出。顯然，準備收益電話會議是一項艱苦的工作，而且能在八天內完成，這相當令人印象深刻。所以我真的很感謝他為今天的電話會議所做的一切準備。

Again, we had a strong quarter with a record total customer additions. We're raising our revenue and operating margin guidance for the full year. We're moving forward with our $1 billion total share repurchase program, reflecting our confidence in the business and our commitment to delivering value to shareholders. And we're more excited than ever about our long-term outlook, particularly our position to fundamentally address the needs of workloads in both today's era and tomorrow's era driven by AI.

本季我們再次表現強勁，新增客戶總數創下新高。我們正在提高全年收入和營業利潤率預期。我們正在推進總額 10 億美元的股票回購計劃，這反映了我們對業務的信心以及為股東創造價值的承諾。我們對我們的長期前景比以往任何時候都更加興奮，特別是我們從根本上滿足當今時代和未來人工智慧驅動的時代的工作負載需求的地位。

So thank you very much for the call, and we'll talk to you soon.

非常感謝您的來電，我們很快就會與您聯繫。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。