MongoDB Inc (MDB) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the MongoDB third-quarter fiscal year 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 MongoDB 2026 財年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your speaker for today, Jess Lubert, VP of Investor Relations. Please go ahead.

現在我謹將會議交給今天的演講嘉賓，投資者關係副總裁傑西·盧伯特。請繼續。

Thank you, operator. Good afternoon, and thank you for joining us today to review MongoDB's third-quarter fiscal 2026 financial results, which we announced in our press release issued after the close of market today.

謝謝接線生。下午好，感謝各位今天與我們一起回顧 MongoDB 2026 財年第三季財務業績，該業績已於今天收盤後發布的新聞稿中公佈。

Joining me on the call today are CJ Desai, President and CEO of MongoDB; and Mike Berry, CFO of MongoDB. Following our prepared remarks, Dev Ittycheria, MongoDB's former President and CEO and current member of the Board will join us for Q&A.

今天與我一起參加電話會議的有 MongoDB 總裁兼執行長 CJ Desai 和 MongoDB 財務長 Mike Berry。在我們發表完準備好的演講後，MongoDB 前總裁兼執行長、現任董事會成員 Dev Ittycheria 將與我們一起進行問答環節。

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, our financial guidance, and underlying assumptions and our investments and growth opportunities in AI.

在本次電話會議中，我們將發表一些前瞻性聲明，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、我們的財務指導、基本假設以及我們在人工智慧領域的投資和成長機會。

These statements are subject to a variety of risks and uncertainties, including the results of operations and financial conditions that could cause actual results to differ materially from our expectations. For a discussion of material risks and uncertainties that could affect our actual results, please refer to the risks described in our quarterly report on Form 10-Q for the quarter ended July 31, 2025, filed with the SEC on August 27, 2025.

這些聲明受到各種風險和不確定性的影響，包括經營業績和財務狀況，這些因素可能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業績的重大風險和不確定性的討論，請參閱我們於 2025 年 8 月 27 日向美國證券交易委員會提交的截至 2025 年 7 月 31 日的季度報告（表格 10-Q）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 will discuss non-GAAP financial measures on this conference call. Please refer to the tables in our earnings release on the Investor Relations portion of our website for a reconciliation of these measures to the most directly comparable GAAP financial measures.

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日的觀點，除法律要求外，我們不承擔更新這些陳述的義務。此外，我們也將在本次電話會議中討論非GAAP財務指標。請參閱我們網站投資者關係部分發布的盈利報告中的表格，以了解這些指標與最直接可比較的 GAAP 財務指標的調節情況。

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

接下來，我想把電話交給CJ。

Thank you, Jess, and thank you to everyone for joining. I'm honored and genuinely excited to speak with you as the CEO of MongoDB. This is an incredible company and stepping into this role is a privilege.

謝謝你，傑西，也謝謝大家的參與。我非常榮幸也很興奮能以 MongoDB 執行長的身份與您交談。這是一家非常棒的公司，能夠擔任這個職位是我的榮幸。

I want to start by thanking our customers, partners, and employees for everything you have done to build MongoDB into what it is today. I especially want to acknowledge Dev whose leadership and vision created a phenomenal company, which has strong momentum and a tremendous market opportunity ahead.

首先，我要感謝我們的客戶、合作夥伴和員工，感謝你們為將 MongoDB 發展成今天的規模所做的一切。我特別要感謝Dev，他的領導能力和遠見卓識打造了一家卓越的公司，該公司發展勢頭強勁，未來擁有巨大的市場機會。

Many have asked why I chose MongoDB, I had multiple opportunities to lead other technology companies, what MongoDB stood apart. We are at a true inflection point driven by major shifts across cloud, data and AI. MongoDB has the potential to become the generational modern data platform of this evolving era, an opportunity that comes once in a lifetime. I am a truly customer-obsessed leader.

很多人問我為什麼選擇 MongoDB，我有很多機會領導其他科技公司，MongoDB 有什麼特別之處。我們正處於一個真正的轉折點，這主要由雲端運算、數據和人工智慧領域的重大變革所驅動。MongoDB 有潛力成為這個不斷發展的時代中的一代現代資料平台，這是一個千載難逢的機會。我是一位真正以客戶為中心的領導者。

So during my diligence, I spoke with multiple customers. Across these conversations, the message was clear. MongoDB already powers core mission-critical workloads were enterprises that are modernizing their technology stack. At the same time, MongoDB is uniquely positioned at the center of the AI platform shift. Few technology companies have that combination of durable core strength and emerging platform relevance.

因此，在盡職調查期間，我與多位客戶進行了交談。在這些對話中，訊息很明確。MongoDB 已經為正在進行技術棧現代化改造的企業的核心關鍵型工作負載提供支援。同時，MongoDB 在人工智慧平台轉型中佔據了獨特的中心地位。很少有科技公司能夠同時具備持久的核心實力和新興平台的相關性。

Throughout my career, I have driven product to platform transformation at some of the most respected technology companies. Looking at MongoDB today, I see all the ingredients needed to build an iconic modern data platform company. World-class technology, a strong innovation engine, deep developer and customer pool and exceptional talent. We have everything required to become the generational data platform of choice in the AI era.

在我的職業生涯中，我曾在一些最受尊敬的科技公司推動產品轉型為平台。現今的 MongoDB 具備了打造一家標誌性現代資料平台公司所需的所有要素。世界一流的技術、強大的創新引擎、龐大的開發者和客戶群以及傑出的人才。我們具備成為人工智慧時代首選的世代數據平台所需的一切條件。

Now onto this quarter's results. Atlas performance was strong, accelerating to 30% year-over-year growth, up from 29% in Q2 and 26% in Q1. We generated total revenue of $628 million, up 19% year over year and above the high end of our guidance, driven by strength in Atlas.

接下來是本季的業績報告。Atlas 的業績表現強勁，年成長 30%，高於第二季的 29% 和第一季的 26%。我們實現了 6.28 億美元的總收入，年增 19%，高於我們預期的上限，這主要得益於 Atlas 的強勁表​​現。

We delivered non-GAAP operating income of $123 million or a 20% non-GAAP operating margin. We ended the quarter with over 62,500 customers adding 2,600 in the quarter and 8,000 year to date, reflecting 65% growth in customer additions on a year-to-date basis driven by the strong performance of our self-serve motion.

我們實現了 1.23 億美元的非 GAAP 營業收入，非 GAAP 營業利潤率為 20%。本季末，我們擁有超過 62,500 名客戶，本季新增 2,600 名客戶，年初至今新增 8,000 名客戶，年初至今客戶數量成長 65%，這主要得益於我們自助服務業務的強勁表現。

Q3 was an exceptional quarter that was driven by our continued go-to-market execution and the broad-based demand we are seeing across business. At the same time, we significantly outperformed on operating margin, demonstrating that we can drive durable revenue growth while simultaneously expanding profitability.

第三季度是一個非凡的季度，這得益於我們持續的市場推廣執行以及我們在整個業務領域看到的廣泛需求。同時，我們的營業利潤率也顯著優於預期，這表明我們能夠在實現可持續收入成長的同時，提高獲利能力。

Now let me explain why I see such a large opportunity ahead for both core operational data and emerging AI workloads. Our core business is strong across self-serve and enterprise customers even before any AI tailwinds. In my first three weeks, I've met with over 30-plus customers from AI-native companies to C-suite technology leaders at Fortune 500 companies. Those conversations have only strengthened my conviction in MongoDB's opportunity.

現在讓我解釋為什麼我認為核心營運數據和新興人工智慧工作負載都蘊藏著巨大的機會。即使沒有人工智慧帶來的任何利多因素，我們的核心業務在自助服務和企業客戶方面也表現強勁。在最初的三週裡，我與 30 多位客戶進行了會面，其中包括人工智慧原生公司和財富 500 強公司的首席技術領導者。這些對話更加堅定了我對 MongoDB 發展機會的信念。

Customers already depend on us for mission-critical workloads today, and they are leaning in even further bedding on MongoDB to power the AI applications that will shape their future. The expansion opportunity in front of us is immense. We already serve more than 70% of the Fortune 100 and many of the world's largest banks, health care organizations and manufacturers run their mission-critical workloads on MongoDB.

如今，客戶已經依賴我們來處理關鍵任務工作負載，他們正在進一步依賴 MongoDB 來支援將塑造他們未來的 AI 應用程式。我們面前的發展機會是巨大的。我們已經為超過 70% 的財富 100 強企業提供服務，許多全球最大的銀行、醫療保健機構和製造商都在 MongoDB 上運行其關鍵業務工作負載。

Even with this foundation, there is still significant room to broaden our footprint within the enterprise. A strong example of this expansion opportunity is a major global insurance provider that has adopted MongoDB broadly across its enterprise. The company selected MongoDB Atlas to modernize several mission-critical systems, including its next-generation policy administration platform, analytics rating engine, unstructured data repositories and hundreds of supporting services.

即使有了這樣的基礎，我們在企業內部仍有很大的拓展空間。一個強有力的例子是，一家大型全球保險公司已在其整個企業範圍內廣泛採用了 MongoDB，這充分體現了這種擴展機會。該公司選擇 MongoDB Atlas 來現代化多個關鍵任務系統，包括其下一代保單管理平台、分析評級引擎、非結構化資料儲存庫和數百個支援服務。

Since moving its policy platform to Atlas, the insurer has expanded from just a small set of regions to nationwide and significantly accelerated the rollout of new products and distribution channels. Standardizing on Atlas has given the organization the scalability and reliability to improve customer experience, support more advanced data and AI capabilities and increased development velocity, all central to its transformation and growth ambitions.

自從將其保單平台遷移到 Atlas 以來，這家保險公司已從最初的一小部分地區擴展到全國範圍，並顯著加快了新產品和分銷管道的推出。採用 Atlas 作為標準，使該組織具備了可擴展性和可靠性，從而改善客戶體驗，支援更高級的數據和人工智慧功能，並提高開發速度，所有這些都是其轉型和成長目標的核心。

All of this momentum in the core business is happening before the AI wave has meaningfully impacted our results. We are still early, but the signs are encouraging from AI-native start-ups building intelligent applications on MongoDB to large enterprises developing AI agents that will reshape how they operate.

所有這些核心業務的發展勢頭都發生在人工智慧浪潮對我們的業績產生實質影響之前。我們仍處於早期階段，但種種跡象令人鼓舞：從在 MongoDB 上建立智慧應用程式的 AI 原生新創公司，到開發將重塑其運作方式的 AI 代理程式的大型企業。

AI applications must connect what LLMs know with what companies know, which is their proprietary data, systems and real-time context. This is fundamentally an information trivial problem, and it requires a very different architecture than the last generation of software. Rapidly evolving AI models uncover new complex properties about entities and rigid tabular stores cannot deliver the real-time high accuracy performance that AI systems require.

人工智慧應用必須將LLM（法學碩士）所掌握的知識與公司所掌握的知識（即其專有數據、系統和即時環境）連結起來。從根本上講，這是一個資訊微不足道的問題，它需要與上一代軟體截然不同的架構。快速發展的 AI 模型揭示了實體的新的複雜屬性，而僵化的表格儲存無法提供 AI 系統所需的即時高精度效能。

At the same time, AI is dramatically increasing the speed at which applications are built and iterated and fixed database schemas simply cannot keep pace. This is where MongoDB has a structural advantage. Our document model, Natalie JSON is built for diverse class changing and interdependent data. Our integrated search vector search and voyage and biddings removed the need for brittle bolt-ons, and we are seeing industry-leading results.

同時，人工智慧正在大幅提高應用程式的建置和迭代速度，而固定的資料庫模式根本無法跟上這種速度。這就是 MongoDB 的結構優勢所在。我們的文件模型 Natalie JSON 專為處理各種類別變更和相互依賴的資料而建置。我們整合了搜尋向量搜尋、航程和競標功能，無需使用脆弱的附加元件，並且我們取得了業界領先的成果。

Number one, on the hugging phase retrieval embedding benchmark with voice MongoDB models and the number one vector database on DB engines. Advances in our embedding and reranking models drive meaningful accuracy gains. Enabling AI applications to deliver more grounded responses with fewer LLM hallucinations, while lowering storage cost and credit cost through smaller, more efficient embeddings.

在擁抱階段檢索嵌入基準測試中，語音 MongoDB 模型和 DB 引擎上排名第一的向量資料庫排名第一。嵌入和重排序模型的進步帶來了顯著的準確率提升。透過更小、更有效率的嵌入，使 AI 應用能夠提供更貼近實際的回應，減少 LLM 幻覺，同時降低儲存成本和信用成本。

Because all of this is delivered in a unified platform that runs anywhere, customers can keep operational and AI workloads together, simplify their architecture and innovate faster. As AI adoption accelerates, MongoDB's position not just to participate in the wave, but to help define it. we are already beginning to see this play out with AI-native customers like Mercer, which is redefining hiring with its fully automated platform that uses AI to assess and match talent with the opportunities they are best suited for.

由於所有這些都在統一的平台上提供，並且可以在任何地方運行，因此客戶可以將營運和 AI 工作負載放在一起，簡化其架構並更快地進行創新。隨著人工智慧的普及加速，MongoDB 不僅能夠參與這股浪潮，更能引領其發展方向。我們已經開始看到這一點，例如像 Mercer 這樣的原生人工智慧客戶，他們正利用其全自動平台重新定義招募模式。該平台運用人工智慧技術評估人才，並將其與最適合的職位進行配對。

Mercer uses MongoDB Atlas to store the AI data behind its platform that directly connects professionals to AI model training and evaluation roles. Originally, a service or a customer, the company is also utilizing Voyage embeddings and Atlas Vector search. Atlas has scale to support Mercore's 50% month-over-month growth, allowing the company to keep its software engineering team lean and agile as it expands to over $10 billion in value.

Mercer 使用 MongoDB Atlas 來儲存其平台背後的 AI 數據，該平台直接將專業人士與 AI 模型訓練和評估角色聯繫起來。最初，無論是服務還是客戶，該公司還利用 Voyage 嵌入和 Atlas Vector 搜尋。Atlas 的規模足以支持 Mercore 每月 50% 的成長，使該公司能夠在價值超過 100 億美元的情況下，保持其軟體工程團隊的精簡和敏捷。

This is just one example of how customers are building AI native applications and companies on MongoDB. We are also seeing meaningful traction among large enterprises that are starting to build AI applications that have a material impact on their business.

這只是客戶如何基於 MongoDB 建立 AI 原生應用程式和公司的一個範例。我們還看到，一些大型企業開始建立人工智慧應用程序，這些應用程式對其業務產生了實質的影響，並取得了顯著進展。

For example, a highly influential global media company aim to increase engagement via enhanced content recommendation for its vast repository of multimodal assets across its 70-plus websites. That existing stack powered by Elastic Search hit a performance well struggling with the complexity of new embedding models. Recognizing that Richard Systems stifle innovation, the engineering team rearchitected on MongoDB Atlas and MongoDB Atlas Vector search.

例如，一家極具影響力的全球媒體公司旨在透過增強對其 70 多個網站上的龐大多模態資產庫的內容推薦來提高用戶參與度。現有的由 Elastic Search 提供支援的技術堆疊在應對新的嵌入模型的複雜性時，效能已經達到瓶頸。意識到 Richard Systems 扼殺了創新，工程團隊對 MongoDB Atlas 和 MongoDB Atlas Vector 搜尋進行了重新架構。

Working with MongoDB experts to deliver a proof of concept in just weeks, they integrated voyage AI models directly alongside their data. The solution scale effortlessly, cutting latency by 90% and reducing operational spend by 65% and driving a 35% increase in click-through rates, ultimately providing millions of global readers with a seamless, deeply personalized discovery journey.

他們與 MongoDB 專家合作，在短短幾週內交付了概念驗證，並將 Voyage AI 模型直接整合到他們的資料中。該解決方案可輕鬆擴展，將延遲降低 90%，營運支出減少 65%，點擊率提高 35%，最終為全球數百萬讀者提供無縫、深度個人化的發現之旅。

The bottom line is that the business is performing exceptionally well. Existing customers are expanding with us and net new customer additions continue to show strength. Companies in nearly every industry and across every geography are choosing MongoDB because we deliver the features, performance cost effectiveness and AI readiness they need in a single data platform.

總之，這家公司業績非常出色。現有客戶與我們共同發展壯大，新增客戶數量也持續保持強勁成長動能。幾乎所有行業和各個地區的公司都選擇 MongoDB，因為我們在一個資料平台上提供了他們所需的功能、效能、成本效益和 AI 就緒性。

Given the continued robust performance of Atlas, along with the healthy underlying fundamentals we are seeing in the business, we are raising our financial guidance for the fourth quarter and the full fiscal year 2026 and reiterating our commitment to the long-term financial model outlined at our recent Investor Day.

鑑於 Atlas 持續強勁的業績表現，以及我們看到的業務基本面健康，我們提高了對第四季度和 2026 財年全年的財務預期，並重申了我們在最近的投資者日上概述的長期財務模式的承諾。

Over the next few months, my focus is straightforward. Deepening customer relationships, advancing our innovation agenda as we build the generational modern data platform for the multi-cloud and AI era, scaling our go-to-market efforts and supporting our people so they can do their best work. I believe MongoDB is a company that has only begun to realize its vast potential and I look forward to unlocking this potential in the years to come.

接下來的幾個月，我的工作重點很明確。深化客戶關係，推動創新議程，建構面向多雲和人工智慧時代的新一代現代數據平台，擴大市場推廣力度，並為員工提供支持，讓他們能夠發揮最佳水平。我認為 MongoDB 是一家才剛開始發揮其巨大潛力的公司，我期待在未來幾年釋放這種潛力。

With that, I'll now hand the call over to Mike to discuss the financial results and outlook in greater detail. Mike?

接下來，我將把電話交給麥克，讓他更詳細地討論財務表現和展望。麥克風？

Thank you, CJ. I want to extend a big welcome to you from all of the employees at MongoDB. We are excited to have you join the team. I look forward to working with you to continue to execute on our business plans and drive meaningful shareholder value.

謝謝你，CJ。我謹代表 MongoDB 的全體員工，熱烈歡迎您的加入。我們非常高興你能加入團隊。我期待與您攜手合作，繼續執行我們的業務計劃，並為股東創造有意義的價值。

I also want to thank Dev for the partnership and our time working together. I believe we accomplished a lot in a short period of time and appreciate all of your guidance and leadership. Best of luck in the next stage of your life journey.

我還要感謝 Dev 的合作以及我們一起工作的時光。我相信我們在短時間內取得了巨大的成就，感謝您的指導和領導。祝福您在人生下一階段一切順利。

Okay. Now let's move on to the financial results. I will begin with a detailed review of our third quarter results and then finish with our outlook for the fourth quarter and fiscal '26. I will be discussing our results on a non-GAAP basis unless otherwise noted. As CJ mentioned, we had another strong quarter as we exceeded all of our guidance ranges and are increasing our full year outlook across the board.

好的。現在我們來看財務業績。我將首先詳細回顧我們第三季的業績，然後展望第四季和 2026 財年。除非另有說明，否則我將以非GAAP準則為基礎討論我們的業績。正如 CJ 所提到的，我們又迎來了一個強勁的季度，所有業績都超出預期範圍，因此我們全面上調了全年業績預期。

In the third quarter, total revenue was $628 million, up 19% year over year and above the high end of our guidance. Shifting to our product mix. Atlas revenue outperformed our expectations as year-over-year growth accelerated to 30% in the third quarter and now represents 75% of total revenue. This compares to 68% of total revenue in the third quarter of fiscal '25 and 74% last quarter. In the third quarter, Atlas consumption growth was relatively consistent with last year's growth rates which drove the acceleration in revenue as well as growth in absolute revenue dollars for the third straight quarter.

第三季總營收為 6.28 億美元，年增 19%，高於我們預期的上限。調整我們的產品組合。Atlas 的營收超出了我們的預期，第三季年增率加速至 30%，目前佔總營收的 75%。相較之下，2025 財年第三季總營收的 68% 和上一季的 74% 都屬於這一比例。第三季度，Atlas 的消費成長與去年同期的成長速度基本持平，這推動了營收的加速成長，並實現了連續第三個季度絕對收入的成長。

Atlas growth was driven by continued strength with our largest customers in the US and broad-based strength in EMEA. This strength is being driven both by new workloads and growth of existing workloads. We believe these dynamics reflect our growing strategic importance to many customers and our ability to win more critical workloads due to the strength of Atlas. You can see that progress in our total company net ARR expansion rate, which increased to 120% in the third quarter, up from 119% last quarter.

Atlas 的成長得益於我們在美國最大客戶的持續強勁表現以及在歐洲、中東和非洲地區的廣泛優勢。這一成長動能既源自於新增的工作量，也源自於現有工作量的成長。我們認為，這些動態反映了我們對許多客戶日益增長的戰略重要性，以及憑藉 Atlas 的強大實力，我們能夠贏得更多關鍵工作負載的能力。從我們公司整體淨 ARR 成長率可以看出這一進展，第三季成長率增至 120%，高於上一季的 119%。

Turning to non-Atlas. Revenue came in ahead of our expectations in the quarter as we continue to have success expanding within our existing non-Atlas customer base. Non-Atlas ARR, which reflects the underlying revenue growth of this product without the impact of changes in duration grew 8% year over year. We continue to see consistent trends in non-Atlas in the third quarter, which reflects the desire of some of our largest customers to build with MongoDB long term for their most mission-critical applications.

轉向非地圖集。本季營收超出預期，因為我們持續成功地拓展現有非 Atlas 客戶群。非 Atlas ARR（反映該產品的基本收入成長，不考慮持續時間變化的影響）較去年同期成長 8%。第三季度，我們繼續看到非 Atlas 資料庫呈現一致的趨勢，這反映出我們的一些最大客戶希望長期使用 MongoDB 來建立其最關鍵的任務應用程式。

We also benefited from higher-than-expected multiyear revenue in the third quarter as approximately two-thirds of the non-Atlas revenue outperformance versus the high end of guidance was attributable to multiyear outperformance.

第三季度，我們也受惠於高於預期的多年度收入，因為非 Atlas 收入超出預期上限的部分中，約有三分之二歸因於多年度收入超出預期。

We had another strong quarter for customer adds as we grew our customer base by approximately 2,600 sequentially, bringing the total customer count to over 62,500, which is up from over 52,600 in the year ago period. The growth in our total customer count is being driven primarily by Atlas which had over 60,800 customers at the end of the third quarter compared to over 51,100 in the year-ago period.

本季客戶新增數量再次強勁成長，客戶群較上季成長約 2,600 人，客戶總數超過 62,500 人，高於去年同期的 52,600 人。客戶總數的成長主要得益於 Atlas 的推動，截至第三季末，Atlas 的客戶數量超過 60,800 人，而去年同期為 51,100 人。

We ended the quarter with 2,694 customers with at least $100,000 in ARR, representing 16% growth versus the year ago period.

本季末，我們擁有 2,694 位 ARR 至少為 100,000 美元的客戶，與去年同期相比成長了 16%。

Moving down the income statement. Gross profit for the third quarter was $466 million, representing a gross margin of 74%, which is down from 77% 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. Although Atlas gross margins are slightly below the total company gross margins they continue to improve year over year.

從損益表向下看。第三季毛利為 4.66 億美元，毛利率為 74%，低於去年同期的 77%。我們毛利率年減的主要原因是 Atlas 業務佔整體業務的比例成長。儘管 Atlas 的毛利率略低於公司整體毛利率，但它仍在逐年提高。

Our income from operations was $123 million for a 20% operating margin compared to 19% in the year-ago period. We are very pleased with our stronger-than-expected operating margin results, which benefited from both our revenue outperformance and lower-than-expected operating expenses.

我們的營業收入為 1.23 億美元，營業利益率為 20%，而去年同期為 19%。我們對超出預期的營業利潤率結果非常滿意，這得益於我們超預期的收入表現和低於預期的營運費用。

Net income in the third quarter was $115 million or $1.32 per share based on 86.9 million diluted shares outstanding. This compares to net income of $98 million or $1.16 per share on 84.2 million diluted shares outstanding in the year ago period.

第三季淨利為 1.15 億美元，即每股 1.32 美元，基於 8,690 萬股稀釋後流通股計算。相比之下，去年同期淨收入為 9,800 萬美元，即每股 1.16 美元，稀釋後流通股數為 8,420 萬股。

Turning to the balance sheet and cash flow. We ended the third quarter with $2.3 billion in cash, cash equivalents, short-term investments and restricted cash. During the quarter, we spent $145 million to repurchase approximately 514,000 shares which was executed under our previously announced $1 billion total share repurchase authorization.

接下來來看資產負債表和現金流量表。第三季末，我們持有現金、現金等價物、短期投資和受限現金共 23 億美元。本季度，我們花費 1.45 億美元回購了約 51.4 萬股股票，這是在我們先前宣布的 10 億美元股票回購授權範圍內執行的。

Operating cash flow was well above our expectations at $144 million, and free cash flow was $140 million, which compares to $37 million and $35 million, respectively, in the year ago period. Our cash flow results were driven primarily by strong operating profit and improving working capital dynamics, particularly related to higher cash collections. We remain confident in our ability to drive higher and more consistent free cash flow going forward.

經營現金流遠超預期，達到 1.44 億美元，自由現金流為 1.4 億美元，去年同期分別為 3,700 萬美元和 3,500 萬美元。我們的現金流業績主要得益於強勁的營業利潤和不斷改善的營運資本狀況，特別是與更高的現金回收率相關的狀況。我們仍有信心在未來實現更高、更穩定的自由現金流。

Before we go into our guidance for the rest of fiscal '26, let me recap some of the enhancements we have made to our approach to guidance since I joined MongoDB. Importantly, we are providing more visibility into our expectations for Atlas growth as well as non-Atlas ARR growth each quarter.

在我們展望 2026 財年剩餘時間的績效指引之前，讓我回顧一下自從我加入 MongoDB 以來，我們對績效指引方法所做的一些改進。重要的是，我們正在提高每個季度對 Atlas 成長以及非 Atlas ARR 成長的預期透明度。

That being said, we will continue to be prudent in our forecasting of multiyear deals and only include those deals where we have very clear visibility. Our goal is to give you a more transparent view into our expectations for the business and our approach to guiding the non-Atlas business.

即便如此，我們仍將謹慎預測多年期交易，只納入那些我們能夠非常清楚地了解的交易。我們的目標是讓您更清楚地了解我們對業務的期望以及我們指導非 Atlas 業務的方法。

Now let me share some of the assumptions driving our outlook for the rest of fiscal '26. Number one, we are continuing to see strong momentum in Atlas, which has experienced relatively consistent consumption growth through the first three quarters of the year. And comparable seasonal patterns as compared to fiscal '25. We are seeing strength with existing customers, along with momentum in new accounts as customers large and small increasingly recognize the strategic value of Atlas.

現在讓我分享一下我們對 2026 財年剩餘時間的展望所依據的一些假設。第一，我們看到 Atlas 繼續保持強勁的成長勢頭，該公司在今年前三個季度經歷了相對穩定的消費成長。與 2025 財年相比，季節性模式也類似。我們看到現有客戶實力強勁，同時新客戶也發展勢頭良好，因為大大小小的客戶越來越認識到 Atlas 的策略價值。

As a result, we now expect Atlas to see approximately 27% revenue growth in the fourth quarter of fiscal '26, which is higher than our previous expectations of growth in the mid-20% range. This outlook reflects our continued confidence in Atlas while taking into account the historical seasonal variability and consumption patterns during the holiday period.

因此，我們現在預計 Atlas 在 2026 財年第四季的營收成長約為 27%，高於我們先前預期的 20% 左右的成長。這項展望反映了我們對 Atlas 的持續信心，同時考慮了歷史季節性變化和假期期間的消費模式。

Number two, we continue to experience steady ARR growth in our non-Atlas business and have good line of sight to several large multiyear deals we either already have or expect to close in the fourth quarter of the year. Based on these dynamics, we now expect our non-Atlas business to grow in the upper single-digit percent range year over year in the fourth quarter.

第二，我們在非 Atlas 業務方面繼續保持穩定的 ARR 成長，並且對幾項我們已經達成或預計將在今年第四季度完成的大型多年期交易有良好的預期。基於這些動態，我們現在預計第四季非 Atlas 業務的年比成長率將達到個位數百分比以上。

Number three, we continue to make strategic investments in engineering, marketing and direct sales capacity to drive continued growth. Some of these planned investments have taken longer to implement than expected and have shifted into the fourth quarter of fiscal '26 and fiscal '27, which has benefited our operating margin during fiscal '26.

第三，我們將繼續對工程、行銷和直銷能力進行策略性投資，以推動持續成長。這些計劃中的一些投資的實施時間比預期要長，已經推遲到 2026 財年和 2027 財年的第四季度，這有利於我們在 2026 財年的營業利潤率。

Fourth, we continue to make progress on free cash flow conversion, which is now expected to exceed 100% for fiscal '26.

第四，我們在自由現金流轉換方面持續取得進展，預計 2026 財年將超過 100%。

Finally, we will continue to execute our share buyback program to help offset dilution from employee equity awards. In addition to our buyback, this past quarter, we began settling the taxes due on the vesting of employee RSUs with cash instead of issuing new shares.

最後，我們將繼續執行股票回購計劃，以幫助抵消員工股權獎勵帶來的股權稀釋。除了股票回購之外，上個季度我們也開始用現金支付員工限制性股票單位歸屬時應繳納的稅款，而不是發行新股。

We also expect to receive over 1 million shares of stock for the cap calls associated with our 2026 notes that mature in January 2026. All of these actions will help us manage share count for the long term and illustrates our commitment to being good stewards of your capital.

我們也預計將收到超過 100 萬股股票，作為與我們 2026 年 1 月到期的票據相關的股票選擇權的補償。所有這些措施都將有助於我們長期管理股份數量，並表明我們致力於善待您的資本。

Now let's shift to guidance in the fourth quarter and fiscal '26. For the fourth quarter, we now expect revenue of $665 million to $670 million, which equates to 21% to 22% year-over-year growth. We expect non-GAAP income from operations to be in the range of $139 million to $143 million for an operating margin of approximately 21%. We expect non-GAAP net income per share to be in the range of $1.44 to $1.48 based on 86.5 million diluted shares outstanding.

現在讓我們來看看第四季和 2026 財年的業績指引。我們現在預計第四季營收為 6.65 億美元至 6.7 億美元，年增 21% 至 22%。我們預計非GAAP營業收入將在1.39億美元至1.43億美元之間，營業利潤率約為21%。我們預計，基於 8,650 萬股稀釋後流通股，非 GAAP 每股淨收益將在 1.44 美元至 1.48 美元之間。

For fiscal '26, we now expect revenue to be in the range of $2.434 billion to $2.439 billion, an increase of $79 million from the high end of our prior guide and representing full year revenue growth of 21% to 22%.

我們現在預計 2026 財年的營收將在 24.34 億美元至 24.39 億美元之間，比我們先前預測的上限增加了 7,900 萬美元，全年營收成長 21% 至 22%。

We are raising our non-GAAP income from operation expectations by $109 million at the high end and are now targeting a range of $436.4 million to $440.4 million for an operating margin of approximately 18%. We expect non-GAAP net income per share to be in the range of $4.76 and to $4.80 based on 86.7 million diluted shares outstanding. Note that the non-GAAP net income per share guidance for the fourth quarter and fiscal '26 assumes a non-GAAP tax provision of 20%.

我們將非GAAP營業收入預期上限提高了1.09億美元，目前目標範圍為4.364億美元至4.404億美元，營業利潤率約為18%。我們預計，基於 8,670 萬股稀釋後流通股，非 GAAP 每股淨收益將在 4.76 美元至 4.80 美元之間。請注意，2026 財年第四季及之後的非 GAAP 每股淨收益預期假設非 GAAP 稅務準備為 20%。

While we will provide detailed guidance for fiscal '27 on our fourth quarter call, I would like to comment on how we are thinking about a few metrics as we sit here today. First, we remain committed to the long-term model presented at our Investor Day in September and continue to make great progress against all of the objectives highlighted at the event.

雖然我們將在第四季度財報電話會議上提供 2027 財年的詳細指導，但今天我想就我們目前對一些指標的看法發表一下看法。首先，我們仍然致力於在9月份投資者日上提出的長期模式，並繼續朝著活動中強調的所有目標取得巨大進展。

We have seen strong margin expansion and free cash flow performance in fiscal '26. And both of these metrics are tracking well above the long-term targets we discussed in September. As we look ahead to fiscal '27, we will continue to make strategic investments to focus on driving growth going forward. With these planned investments and the timing of head count adds, we continue to target 100 to 200 basis points of margin expansion on average and 80% to 100% for free cash flow conversion outlined in our long-term model.

我們在 2026 財年實現了強勁的利潤率擴張和自由現金流表現。這兩個指標都遠高於我們在9月討論的長期目標。展望 2027 財年，我們將持續進行策略性投資，以推動未來的成長。透過這些計劃中的投資和人員增加的時機，我們將繼續努力，實現平均 100 至 200 個基點的利潤率增長，以及長期模型中概述的 80% 至 100% 的自由現金流轉換率。

Second, our non-Atlas business is on track to exceed our prior expectations for fiscal '26 due to the stronger performance, including greater-than-expected large multiyear deals. Given this outperformance and our current bottoms-up forecast for fiscal '27, we currently do not expect non-Atlas multiyear transactions to provide either a meaningful headwind or tailwind to revenue in fiscal '27.

其次，由於業績表現強勁，包括超出預期的多年期大額交易，我們的非 Atlas 業務預計將超過我們先前對 2026 財年的預期。鑑於此優異表現以及我們目前對 2027 財年的自下而上的預測，我們目前預計非 Atlas 多年期交易不會對 2027 財年的收入造成實質性的不利影響或有利影響。

To summarize, we had another very strong quarter. We are pleased with our ability to drive both revenue growth across the business while increasing our operating profit expectations and driving meaningful free cash flow. We remain incredibly excited about the opportunity ahead, and we will continue to invest responsibly to drive long-term shareholder value.

總而言之，我們又迎來了一個非常強勁的季度。我們很高興能夠推動業務收入成長，同時提高營業利潤預期並實現可觀的自由現金流。我們對未來的機會感到無比興奮，並將繼續負責任地進行投資，以推動股東的長期價值成長。

With that, Lisa, we would now like to open the call up for questions.

麗莎，接下來我們將開始接受提問。

(Operator Instructions) Sanjit Singh, Morgan Stanley.

（操作說明）桑吉特‧辛格，摩根士丹利。

Fiscal year '26 has turned out to be quite the year for MongoDB, so congrats to the team all around. CJ I wanted to start with you since this is your first earnings call heard you loud and clear in terms of what the goal is here to make MongoDB a foundational data platform for the AI era. In terms of making that happen in your kind of first 45 days on the job, maybe even less than that.

2026 財年對 MongoDB 來說是相當成功的一年，恭喜整個團隊。CJ，我想先從你開始，因為這是你第一次財報電話會議。我清楚地聽到了你關於將 MongoDB 打造成人工智慧時代的基礎資料平台的目標。就你上任後的前 45 天，甚至可能更短的時間而言，要實現這一點。

Are there some initial things that you're looking at some kind of things that might fit in the sort of quicker win bucket? And then longer term, what are some of the changes you think that the company can make or evolve to get to that to see replace in that sort of AI era?

您是否正在考慮一些初步措施，例如哪些措施可以更快地取得成效？那麼從長遠來看，您認為公司可以做出哪些改變或發展方向，才能在人工智慧時代實現目標並取代現有產品？

Thank you, Sanjit. This is my day 28 on the job, and I have been speaking to customers as well as our innovation team, including our Voyage AI team as well as our core database teams. The first thing I would say is the opportunity for MongoDB to be that data platform for AI workloads is very real because you need real-time operational data, you need the right context, you need to make sure that you are keeping up to date between the proprietary data of the company as in the enterprise as well as the LLM learnings that the LLM model brings to the table.

謝謝你，桑吉特。這是我上任的第 28 天，我一直在與客戶以及我們的創新團隊（包括 Voyage AI 團隊和核心資料庫團隊）進行溝通。首先我想說的是，MongoDB 成為 AI 工作負載的數據平台的機會非常現實，因為你需要即時營運數據，你需要正確的上下文，你需要確保公司專有數據（如企業數據）與 LLM 模型帶來的 LLM 學習成果保持同步。

And most importantly, when I think about all of that combined together, MongoDB has all the elements needed to be the right foundational platform for AI workloads. In speaking to customers, it is still early. There are various scope pilots when it comes to productivity types of applications that are happening inside of an organization, whether it's a bank or a health care organization or a manufacturing organization.

最重要的是，綜合考慮所有這些因素，MongoDB 具備成為 AI 工作負載的理想基礎平台的所有要素。現在與客戶溝通還為時過早。對於組織內部發生的生產力類型的應用程式而言，無論是銀行、醫療保健組織或製造組織，都有各種範圍試點專案。

But what I have not seen is truly AI agents running in production that fundamentally transform the business or serve customers better. There are many, many pilots still going on. When I contrast that with the AI native companies, and there is a really good fast growth at scale, AI native company that currently switched from (inaudible) to MongoDB because post guess could not just scale.

但我還沒有看到真正能在生產環境中運行，從根本上改變業務或更好地服務客戶的人工智慧代理。目前還有很多試飛項目正在進行中。當我將其與 AI 原生公司進行比較時，有一家 AI 原生公司實現了快速規模化成長，該公司目前已從（聽不清楚）轉向 MongoDB，因為 Post Guess 無法擴展規模。

There is another AI company that highlighted that is using our embedding as well as our vector database besides our operational platform. So when I combine all this together, Sanjit, what I see is, as truly scale agentic platforms where you can have enterprises creating agents that transform their business, MongoDB has a very important role to play.

還有另一家人工智慧公司強調，除了我們的營運平台外，他們還在使用我們的嵌入和向量資料庫。所以，Sanjit，當我把所有這些因素綜合起來考慮時，我看到的是，對於真正規模化的代理平台而言，企業可以創建代理來改變他們的業務，而 MongoDB 在其中扮演著非常重要的角色。

And from a low-hanging fruit standpoint, I would argue that our embedding model and reranking model is something that customers can start with today, then they can move on to our vector database and use us for also real-time operational store. So that's how I'm thinking and some of my initial customer conversations have validated that theory.

從容易實現的角度來看，我認為客戶今天就可以從我們的嵌入模型和重新排序模型入手，然後他們可以繼續使用我們的向量資料庫，並將我們用於即時經營商店。這就是我的想法，而我與一些客戶的初步交流也證實了這個理論。

Understood. I know it's early, so great to get that perspective. And then one follow-up for me, sort of a mark-to-market question. The calendar year '24, fiscal year '25 workload sort of improved in quality versus the prior year. I just want to get a sense on your sort of view on how the calendar year '25 workloads are shaping up as they will unlikely be a factor in terms of thinking about growth next year?

明白了。我知道現在說這些還太早，所以能聽到這樣的觀點真是太好了。然後我還有一個後續問題，有點像是關於市值計價的問題。2024 年（2025 財年）的工作量品質比前一年有所提升。我只是想了解一下您對 2025 年日曆年的工作量有何看法，因為這不太可能是明年考慮成長的因素？

And just so in terms of the quality of the workloads this year, can you give us a sense of the quality of those workloads?

那麼，就今年的工作量品質而言，您能否為我們介紹一下這些工作量的品質？

Sanjit, it's Mike. So what we'll say there is, as we said during the prepared remarks, and we saw this in Q2 as well, what we're really seeing is strength in the larger customers. It's not only from new workloads, but it's from the existing workloads. We don't want to bifurcate between which calendar year those were added. What we'd say is that we continue to see growth in the larger customers. They are growing longer and they're getting bigger and growing for longer, which is great.

桑吉特，我是麥克。所以，正如我們在準備好的演講稿中所說，而且我們在第二季度也看到了這一點，我們真正看到的是大客戶的強勁表現。這不僅來自新的工作負載，也來自現有的工作負載。我們不想區分這些條目是分別在哪個日曆年新增的。我們想說的是，我們看到大客戶的數量持續成長。它們越長越長，個頭也越來越大，生長週期也越來越長，這真是太好了。

And we're seeing that across both the United States and then broad-based in EMEA as well. And as Atlas gets bigger and bigger, all of those kind of munch together because they're expanding, they're adding. So what we'll do is we'll focus on the growth in our larger customers, especially in the U.S. and EMEA without going into each year.

我們在美國各地都看到了這種情況，而且在歐洲、中東和非洲地區也普遍存在這種情況。隨著 Atlas 變得越來越大，所有這些部分都會相互吞噬，因為它們都在擴張，都在增加。因此，我們將重點關注我們大客戶的成長，尤其是在美國和歐洲、中東和非洲地區的成長，而不會逐年分析。

Matt Martino, Goldman Sachs.

馬特馬蒂諾，高盛集團。

CJ, I appreciate you're only a few weeks in, but I'd be curious to hear what customers are telling you is top of mind for MongoDB. What are the repeated themes in customer conversations as you take a fresh lens to the business?

CJ，我知道你才入職幾週，但我很想知道客戶最關心 MongoDB 的哪些方面。當你以全新的視角審視企業時，在與客戶的對話中反覆出現的主題是什麼？

Absolutely, Matt. Great to hear from you. First thing I would say is that the modernization effort, whether it's a workload that may be just running on-prem, in a large enterprise or a workload that is moving to cloud or sometimes to multiple clouds for resiliency that transformation in speaking to a large telecommunications company, a large health care company, a large tech company, and I can cite you many other examples.

當然，馬特。很高興收到你的來信。首先我想說的是，現代化工作，無論是大型企業內部運作的工作負載，或是為了提高彈性而遷移到雲端甚至多個雲端平台的工作負載，都屬於轉型範疇。例如，與大型電信公司、大型醫療保健公司、大型科技公司等進行轉型，我還可以舉出許多其他例子。

I was pretty overwhelmed to understand that those transformations are still going on. There is just a recent conversation I had with CTO of a large telecommunications company who said that they are moving 1,300-plus applications to another hyperscaler and trying to determine which workloads are best suited for MongoDB.

得知這些轉變仍在持續，我感到非常震驚。最近我和一家大型電信公司的技術長進行了一次談話，他說他們正在將 1300 多個應用程式遷移到另一個超大規模資料中心，並試圖確定哪些工作負載最適合 MongoDB。

So the whole multi-cloud or a public cloud transformation is still going on. And just my intuitive sense in speaking to these customers will be going on for at least next five to seven years. So that specific TAM still very much exists for MongoDB.

所以整個多雲或公有雲轉型仍在進行中。光是我與這些客戶的交談，我的直覺就表明，這種情況至少還會持續五到七年。所以，MongoDB 仍然非常需要特定的 TAM（技術客戶經理）。

Now these are the same set of customers, while they are trying to modernize their application stack, they are also experimenting, I would say, because I've not seen agents at scale that are customer facing or sometimes even employee-facing, they may have 10, 15, 20, but not that many compared to thousands of applications they run.

現在，這些客戶還是同一批人，他們正在努力實現應用程式堆疊的現代化，同時也在進行試驗。我想說，因為我還沒有看到大規模的面向客戶的代理，有時甚至是面向員工的代理，他們可能有 10 個、15 個、20 個，但與他們運行的數千個應用程式相比，數量並不算多。

In those AI applications area, they are experimenting sometimes with our embedding models or with our vector database or using MongoDB for real-time operational database. So that second aspect, which is still fairly early, but we are very well positioned as you think about AI workloads in enterprises and large enterprises.

在這些人工智慧應用領域，他們有時會嘗試使用我們的嵌入模型或向量資料庫，或使用 MongoDB 作為即時操作資料庫。所以第二個方面，雖然還處於相當早期的階段，但考慮到企業和大型企業的 AI 工作負載，我們已經處於非常有利的地位。

And last but not the least, spending time, as you know or you may know that I spent half of my time in New York City and half of my time in Silicon Valley and speaking to my network in Silicon Valley with AI native companies or digital native companies, what I hear from them is that certain alternatives on relational database just do not scale because AI workloads are fundamentally around unstructured and semi-structured data.

最後但同樣重要的是，正如您所知或可能知道的那樣，我一半時間在紐約市，一半時間在矽谷。我與矽谷的 AI 原生公司或數位原生公司的人脈交流，我從他們那裡了解到，某些關聯式資料庫的替代方案無法擴展，因為 AI 工作負載從根本上來說是圍繞非結構化和半結構化資料展開的。

And then they decide sometimes explicitly to use MongoDB. So I put this in three buckets. One bucket is our core and still the cloud transformation, digital transformation, modernization, whichever term you want to use, our core will still continue to grow. As people create AI agents at scale, MongoDB has a role to play and for AI native companies and some at scale are already using MongoDB because the alternatives in relational world just do not scale.

然後他們有時會明確決定使用 MongoDB。所以我把這些東西分別裝進了三個桶子裡。其中一個核心是我們的核心，而雲端轉型、數位轉型、現代化，無論你想用哪個術語，我們的核心都會繼續成長。隨著人們大規模創建 AI 代理，MongoDB 將發揮作用，對於 AI 原生公司和一些規模較大的公司來說，他們已經在使用 MongoDB，因為關係型資料庫的替代方案無法擴展。

So those are my like three buckets and initial mental model on how these conversations are proceeding and what we can do for them.

所以，這就是我對這些對話如何進行以及我們可以為他們做些什麼的三個初步想法和初步思路。

Really clear. And then, Mike, just a quick follow-up for you. It was good to see the outperformance on both Atlas and non-Atlas, but with op margins now about 200 basis points shy of your midterm framework, how should we think about the philosophy around reinvestment? And any considerations around non-Atlas and the ability to expand margins as we look out into fiscal '27?

非常清楚。然後，麥克，還有一個後續問題想問你。很高興看到 Atlas 和非 Atlas 產品都取得了優異的業績，但目前營運利潤率比你們的中期框架低了約 200 個基點，我們該如何看待再投資的理念呢？展望 2027 財年，除了 Atlas 業務之外，還有哪些因素會影響利潤率的提升？

Yes. Thanks for the question, Matt. So I'm sure everyone's focused on '27. So what we'd say is we will guide '27 on the next call. What we would say is, and it's built into the guidance that you have in Q4, and I also talked about it on the prepared remarks, we are continuing to invest, and we will continue to invest. Some of the investments that we wanted to make, especially around engineering, marketing, less so, but certainly around sales capacity has been pushed into Q4.

是的。謝謝你的提問，馬特。所以我相信大家都在關注2027年。所以我們會說，我們將在下次電話會議上指導「27」。我們想說的是，這一點已經體現在你們在第四季度的業績指引中，我也在準備好的發言稿中談到了這一點，我們正在繼續投資，而且我們將繼續投資。我們原本想進行的一些投資，特別是工程、行銷的投資，以及銷售能力的投資，都延後到了第四季。

So you should expect to see OpEx continue to grow in fiscal '27. But we also want to make sure, and that's why Matt, we took the time to say, hey, we want to reorient you to what we talked to you about in September -- we still expect to see margin expansion. But you really see it in the fiscal '26 numbers is that is coming mostly from revenue growth. That is the expectation next year.

因此，預計 2027 財年營運支出將持續成長。但我們也想確保這一點，所以馬特，我們特意花時間跟你說，嘿，我們想讓你重新了解我們在九月份和你談過的內容——我們仍然期望看到利潤率擴張。但從 2026 財年的數據可以看出，這主要來自營收成長。這是明年的預期。

We'll continue to grow revenue. We're going to continue to invest in the business, but the business model will continue to drive that expansion. So you should expect to see us continue to invest, especially across those three areas.

我們將繼續提升營收。我們將繼續投資這項業務，但商業模式將繼續推動這種擴張。因此，你們應該會看到我們繼續投資，尤其是在這三個領域。

(Operator Instructions) Karl Keirstead, UBS.

（操作說明）卡爾‧基爾斯蒂德，瑞銀集團。

Okay. Great. Thank you. First of all, CJ Welcome aboard. I'm excited to to work with you over the coming years. I had a question for you. So it seems as if you're describing these good set of numbers as strength in the core, essentially even before that AI tailwind kicks in. I'd love if you could define what you think is fundamentally driving that core strength?

好的。偉大的。謝謝。首先，CJ，歡迎加入。我很期待在未來幾年與您共事。我有個問題想問你。所以，你似乎在把這組不錯的數字描述為核心優勢，這基本上是在人工智慧帶來的順風之前就已經擁有的。如果您能解釋一下您認為驅動這種核心優勢的根本原因是什麼，那就太好了？

And do you feel like it's possible that actually Mongo is already getting an AI tailwind in the sense that there's a heightened focus on modernizing your data in advance of AI, such that this core strength is actually AI-related?

您是否覺得 MongoDB 實際上已經受益於人工智慧，因為人們越來越重視在人工智慧出現之前對資料進行現代化改造，以至於其核心優勢實際上與人工智慧相關？

Karl, great to hear from you and looking forward to seeing you on Wednesday. I would say the core strength from my perspective is workloads that are need modernization has a lot of unstructured or semi-structured data and ideally suited for MongoDB. Now when it comes to AI, could AI potentially drive more modernization efforts, that is possible but not deterministic.

卡爾，很高興收到你的來信，期待週三見到你。我認為，從我的角度來看，其核心優勢在於能夠處理需要現代化改造的工作負載，這些工作負載包含大量非結構化或半結構化數據，非常適合使用 MongoDB。至於人工智慧，它是否有可能推動更多現代化進程？這並非不可能，但也並非必然。

As in we see -- as we shared in the remarks, that in the high end of the enterprise, the consumption of the workloads we acquired maybe a year ago, 1.5 years ago, that continues to move up in the right direction as our go-to-market teams are focused on the high end of the enterprise. We also saw broad-based strength in Europe. And that is pretty much to the core business like the large insurance company on the claims engine and other things that I spoke about related to policies.

正如我們在評論中提到的那樣，在高端企業中，我們一年前、一年半前獲得的工作負載的消耗量，隨著我們的市場推廣團隊專注於高端企業，繼續朝著正確的方向發展。我們也看到了歐洲整體的強勁勢頭。這基本上就是核心業務，例如大型保險公司的理賠引擎以及我之前提到的與保單相關的其他事項。

So I particularly see that as okay, is that -- does that mean that if core is modern, it helps with AI workloads Absolutely, that is true because they are not mutually exclusive. And Karl, one thing I would say, this is my personal experience in building AI technologies in the past. That the AI team is typically a separate team from the core data team. And AI team relies on the core data team.

所以我覺得這完全沒問題，也就是說——如果核心是現代化的，它就能幫助處理 AI 工作負載嗎？當然，這是真的，因為它們並不互相排斥。卡爾，我想說的是，這是我過去在建立人工智慧技術方面的個人經驗。人工智慧團隊通常是獨立於核心數據團隊的團隊。人工智慧團隊依賴核心數據團隊。

And if the core data team moves slow, then AI teams get really frustrated because innovation velocity is how they measure themselves on. So my personal experience was, hey, when the core team is not agile there schemas are not flexible, it actually slows AI down. So that is definitely some facts behind your theory that it is potentially the AI revolution, which we are still in the early stages, is driving modernization in the other part of the enterprise.

如果核心數據團隊行動緩慢，那麼人工智慧團隊就會非常沮喪，因為創新速度是他們衡量自身績效的標準。所以我的個人經驗是，當核心團隊不夠敏捷時，他們的模式就不夠靈活，這實際上會減慢人工智慧的速度。所以，你的理論背後肯定有一些事實依據，就是人工智慧革命（我們仍處於早期階段）正在推動企業其他領域的現代化。

Okay. And then, Mike, for you, I think everybody on the line appreciates the more definitive guidance on Atlas for the following quarter. So thank you. I wanted to ask what's driving that? Is it simply a function of you and just in your new -- relatively new seats, wanting to be more transparent in the guidance?

好的。然後，麥克，我想所有在座的各位都希望你能對下一季度的 Atlas 業績給出更明確的指導。所以，謝謝你。我想問一下，是什麼原因導致這種情況？這只是因為你，在你新的——相對較新的職位上，想要在指導方面更加透明嗎？

Or Mike, is there something actually changing in Atlas such that now that it's at scale, it's becoming predictable enough that it now makes more sense to give precise guidance?

或者說，Mike，Atlas 是否真的發生了某些變化，以至於現在它已經達到一定規模，變得足夠可預測，從而更有意義地提供精確的指導？

So thanks, Karl, thank you for the question. I would say it's probably a little bit of both. One is, hey, we want to give you folks a little bit more visibility to what's behind the guidance that we provide. That was number one. Also, as Atlas gets to be, gosh, now almost a $2 billion business, we feel better about the forecasting. The team has done a wonderful job forecasting that part as well.

謝謝你，卡爾，謝謝你的提問。我覺得可能兩者兼具。其一是，嘿，我們想讓大家更清楚地了解我們所提供的指導背後的原因。那是第一名。此外，隨著 Atlas 的發展，如今已接近 20 億美元的規模，我們對預測更有信心了。團隊在預測這部分內容方面也做得非常出色。

So when we gave the number for Q4, we want to make sure and give you the visibility. But we also have a pretty good view of what we hope it would be, understanding that, keep in mind, Q4, we want to be prudent because there are some seasonal holiday patterns that can be somewhat unpredictable, and we've seen that play out in the past Q4. So I just want to note that for the guidance that we just gave.

所以，當我們公佈第四季度的數據時，我們希望確保並讓您清楚地了解情況。但我們也對我們希望的結果有一個相當清晰的認識，同時要記住，這是第四季度，我們要謹慎行事，因為有些季節性節日模式可能難以預測，而且我們在過去的第四季度已經看到了這種情況。所以我想指出，以上是我們剛才給的指導。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

CJ, all the best from me as well. I had two questions, one for CJ, one for Mike. CJ, on the -- one of the core things in terms of adoption of Mongo will be on the developer side because they're at the end of the day, developers are like a big driver of like what's getting used, et cetera. At the moment, a lot of AI is on the West Coast.

CJ，我也祝你一切順利。我有兩個問題，一個問 CJ，一個問 Mike。CJ，關於 MongoDB 的採用，核心因素之一在於開發者方面，因為歸根結底，開發者是決定哪些功能被使用等等的重要推動者。目前，許多人工智慧技術都集中在西海岸。

What's your thinking around like getting AI -- getting developer engagement up with Mongo to kind of go against that Postgres kind of narrative that happens a lot in the valley. And then, Mike, for you, like since next year, is not seeing benefits from all the year. Should we anchor our numbers on the ARR performance? And is that the right way to think about it?

你對人工智慧的看法是什麼？如何提高開發者對 MongoDB 的參與度，以對抗矽谷經常出現的 Postgres 之類的說法？然後，麥克，對你來說，例如從明年開始，就看不到全年的好處了。我們是否應該以年度經常性收入（ARR）表現作為衡量指標的基準？這種思考方式正確嗎？

Thank you, Raimo. Great to hear from you. I'm going to first ask there is a little bit of historical context in terms of your point on the West Coast. I'm going to ask -- our previous CEO, David Ittycheria to talk about reclaim the bay, the initiative that him and the team started, and then I'm going to specifically talk about how I think about it on the West Coast.

謝謝你，雷莫。很高興收到你的來信。首先我想問的是，關於您提到的西海岸問題，是否有一些歷史背景？我將請我們前任執行長大衛·伊蒂切裡亞談談他和他的團隊發起的「收復海灣」計劃，然後我將具體談談我對西海岸的看法。

Raimo, it's Dev here. As CJ mentioned, we've talked about this in previous calls, but we made a concerted effort to reinvest in the Bay Area because during COVID and post-COVID, we felt that we had neglected that region. And obviously, there was a whole new corpus of AI native companies that were getting launched.

Raimo，我是Dev。正如 CJ 所提到的，我們在之前的電話會議中也討論過這個問題，但我們確實做出了一個共同努力，重新投資灣區，因為在 COVID 疫情期間和疫情後，我們覺得我們忽視了該地區。顯然，還有一大批全新的人工智慧原生公司正在湧現。

So there's been a real concerted effort both in terms of putting more feet on the street, putting more marketing efforts in terms of supporting that part of the world. Investing more in the start-up community and also in the venture community to get people to understand the true value proposition of MongoDB.

因此，各方都做出了真正的共同努力，包括增加街頭宣傳力度，並加大行銷力度，以支持世界那個地區。增加對創業社群和創投社群的投入，讓人們了解 MongoDB 的真正價值主張。

We've done things like hackathons and other events in that area as well. And there's a team really focused dedicated to really supporting and servicing these early AI native companies. and that is starting to yield some results. And we feel really good about the progress there, but I'll let CJ talk about what happens going forward.

我們也曾在這個領域舉辦過黑客松和其他活動。而且，還有一支團隊專注於為這些早期人工智慧原生公司提供真正的支援和服務，並且已經開始取得一些成果。我們對這方面的進展感到非常滿意，但接下來會發生什麼，就讓 CJ 來談談。

Thank you, Dev. And this is the reclaim the Bay in San Francisco on the West Coast. It is 100% true Raimo, that there is a lot of investment with AI native companies, and we could benefit from increased mind share and being in front of them as in the developer community that you talked about, which is a super important community to us on the West Coast. So me spending personally time on the West Coast Health.

謝謝你，Dev。這就是美國西岸舊金山灣區的收復工程。Raimo 的說法完全正確，人工智慧原生公司確實獲得了大量投資，我們可以從提高知名度和走在他們前面中受益，就像你提到的開發者社群一樣，這對我們西海岸來說是一個非常重要的社群。所以我個人花了很多時間在西岸健康方面。

I do also have deep network in the West Coast community, both venture community as well as tech companies at scale. And I've already started leveraging that network to get their feedback. We are really excited in this quarter, as in the 4Q we are relaunching our dot local after a few years in San Francisco on January 15, where we are going to invite companies that have built on MongoDB, some great speakers on why they should build on MongoDB and show hands on experience to the developer community in that conference on January 15.

我在西海岸社區也擁有深厚的人脈，包括創投界和大型科技公司。我已經開始利用這個關係網絡來獲取他們的回饋。本季我們感到非常興奮，因為在第四季度，我們將在 1 月 15 日於舊金山重新推出 dot local 大會，屆時我們將邀請一些基於 MongoDB 構建系統的公司，一些優秀的演講者將向開發者社區介紹為什麼應該使用 MongoDB 進行構建，並展示實踐經驗。

And what I see is just speaking to many CEO founders as well as developers of smaller companies or midsized companies, all these efforts of the marketing investment that Mike and Dev originally approved is going to start yielding results as we move into the next fiscal year.

我與許多執行長創辦人以及小型或中型公司的開發人員交談後發現，Mike 和 Dev 最初批准的所有這些行銷投資努力，將在我們進入下一個財政年度時開始產生結果。

And Raimo, thanks for the question. It's Mike. On non-Atlas next year, we wanted to make sure we've had a lot of questions about the multiyear headwind. So thank you for the question there. We are not guiding for fiscal '27.

雷莫，謝謝你的提問。是麥克。關於明年非阿特拉斯颶風，我們想確保我們已經收到很多關於多年逆風的問題。謝謝你提出這個問題。我們不提供 2027 財年的業績指引。

However, sitting here today, I would steer you more towards -- if you look at the full year revenue growth of non-Atlas it's about 4%, somewhere in that mid kind of low single digits is probably a good range to think about for next year as we sit here today.

不過，就目前而言，我會建議你多關注——如果你看一下非 Atlas 業務的全年收入增長，大約是 4%，在這個中等偏低的個位數範圍內，可能是我們今天考慮明年增長的一個比較合理的範圍。

Brad Reback, Stifel.

Brad Reback，Stifel。

Great. I'm not sure who this is for, but on the commentary around new customer strength within Atlas, are you seeing new customers ramp faster for net new workloads than they have been historically? And if so, why?

偉大的。我不確定這是給誰看的，但關於 Atlas 內部新客戶實力的評論，您是否發現新客戶在新增工作負載方面增長速度比以往更快？如果真是如此，原因是什麼？

Brad, my initial observation is that the team, engineering team has done a fantastic job when they launch 8.0 and all the subsequent point releases that allows Atlas to be adopted faster and remove the friction, whether you are coming via our self-serve channel or whether you are a large enterprise moving onto Atlas.

Brad，我的初步觀察是，團隊和工程團隊在發布 8.0 及所有後續版本時做得非常出色，這使得 Atlas 能夠更快地被採用，並消除摩擦，無論你是透過我們的自助服務管道，還是大型企業遷移到 Atlas。

So that's one thing I would say. And I'm going to ask Dev to provide commentary as well from a context perspective.

這是我想說的一點。我也會請Dev從背景角度提供一些評論。

Yes. I think what I'd also say is that, Brad, is that I think we've -- the self-serve team has really removed the friction to enable customers to onboard more quickly and more easily. And given the performance -- price performance gains that we've seen in 8 and now even better in 8.2, I think that's really driving a lot of the traction we're seeing in our new customers they quickly see the performance benefits and they're scaling nicely.

是的。布拉德，我想說的是，我認為我們的自助服務團隊確實消除了摩擦，使客戶能夠更快、更輕鬆地完成註冊。鑑於我們在 8 版本中看到的性價比提升，以及現在在 8.2 版本中更好的表現，我認為這確實推動了我們在新客戶中獲得的大量增長，他們很快就看到了性能優勢，並且擴展性也很好。

And so that's allowing us to continue to acquire customers efficiently.

因此，這使我們能夠繼續有效率地獲取客戶。

And one last thing on that, Brad. If you look at the revenue from that, it hasn't changed materially. It's still -- keep in mind, a pretty small number when they first onboard, so it's not going to move the needle much. We haven't seen much change in that cohort over the last couple of years.

布拉德，還有最後一點要補充。如果看一下這方面的收入，就會發現並沒有實質的改變。不過，請記住，他們剛加入時人數還很少，所以不會產生太大影響。在過去幾年裡，我們沒有看到該群體發生太大變化。

Great. And then, CJ, a quick follow-up for you. Philosophically, how do you think about M&A as it relates to Mongo? What types of things, if anything, you think you need to acquire?

偉大的。然後，CJ，還有一個後續問題要問你。從哲學角度來看，您如何看待併購與 Mongo 的關係？你認為你需要購買哪些類型的物品（如果有的話）？

Brad, you know me well, and I'm a big believer in organic growth. The team, Dev and the team have laid a very strong foundation on our technology platform. I think Voyage AI in February was a brilliant acquisition, where we got unbelievable team in Palo Alto. And my goal on behalf of MongoDB is to always believe in our own teams and our technology.

布拉德，你很了解我，我非常相信自然成長。團隊、開發人員和團隊為我們的技術平台奠定了非常堅實的基礎。我認為二月對 Voyage AI 的收購非常出色，我們在帕洛阿爾托獲得了一支非常棒的團隊。我代表 MongoDB 的目標是始終相信我們自己的團隊和技術。

We participate in a large market and where it makes sense, where we can get a particular adjacent technology or a great team that can help us accelerate the road map, we would always consider that type of M&A.

我們身處一個龐大的市場，在適當的情況下，如果我們能夠獲得特定的相關技術或優秀的團隊來幫助我們加快產品路線圖，我們總是會考慮進行這類併購。

Alex Zukin, Wolf Research.

Alex Zukin，Wolf Research。

CJ, maybe for you. I mean, you shared, I think, a lot of thoughts about your initial vision. You shared the three pillars of the core the enterprise AI opportunity and the AI natives. I just want to maybe lean in, where do you see your particular skill set of network offering kind of not the lowest hanging fruit, but your ability to make kind of the biggest impact in, call it, the next 12 to 24 months? Like where do you really see that incremental opportunity for growth inflection?

CJ，也許對你來說是這樣。我的意思是，我認為你分享了很多關於你最初設想的想法。您分享了企業人工智慧機會和人工智慧原生人才的三大核心支柱。我只是想深入探討一下，您認為您獨特的技能和人脈關係，不是最容易實現的，而是您在未來 12 到 24 個月內能夠產生最大影響的領域？你認為真正能帶來成長轉捩點的漸進式機會在哪裡？

I would say, Alex, you are aware of the enterprises and the customer obsession I have and the relationships that I have formed over many, many years with technology leaders at large companies. So, from my perspective, there are two areas where I can benefit our go-to-market teams immensely.

我想說，Alex，你很清楚我對企業的關注和對客戶的執著，以及多年來我與大型企業技術領導者建立的關係。所以，從我的角度來看，我可以在兩個方面為我們的市場推廣團隊帶來巨大的幫助。

Number one is Fortune 500, where MongoDB can still penetrate even at a higher rate than it is penetrating today, both within the existing accounts as well as the new accounts we get. So that's Fortune 500. And then I was with our sales teams in Europe, and there are many customers that they are targeting, including existing customers, large banks, manufacturing companies and so on, where they're trying to expand where my personal relationships with those technology buyers can help.

第一名是財富 500 強企業，MongoDB 仍然可以以比現在更高的速度滲透到這些企業中，無論是在現有客戶還是我們獲得的新客戶中。以上就是財富500強企業。然後我和我們在歐洲的銷售團隊在一起，他們有很多目標客戶，包括現有客戶、大型銀行、製造公司等等，他們正試圖拓展業務，而我與這些科技買家的個人關係可以提供幫助。

So that's bucket number one is make no mistake, high end of the enterprise as in Fortune 500 and Global 2000.

所以，第一類客戶毫無疑問是企業中的高端企業，例如財富 500 強和全球 2000 強企業。

Number two, on the other extreme would be AI native companies lived in Silicon Valley for a very long time. I understand where venture community is investing, folks who are creating, whether it's domain-specific AI companies or foundational companies have relationships there as well across 101, 280 and 237, and that's where I also plan to -- I would say, plant the seeds in a correct fashion so that over time, that becomes a meaningful business for MongoDB if we are the underlying infrastructure for those companies.

第二，另一個極端是，人工智慧原生公司在矽谷已經存在很久了。我了解創投界的投資方向，那些創建特定領域人工智慧公司或基礎性公司的人，在 101、280 和 237 等機構也都有著人脈關係，這也是我計劃的方向——我會說，以正確的方式播下種子，這樣隨著時間的推移，如果我們能成為這些公司的底層基礎設施，帶來有意義的業務。

So those are the two extremes that I'm going to spend personally a lot of time on.

所以，這兩個極端情況是我將親自花大量時間研究的。

Excellent. And you mentioned Voyage AI, the acquisition this year being kind of a crown jewel in the portfolio. Maybe just help us understand with the AI native, specifically the opportunities there, are those starting -- are you guys landing with voyage? Are you landing with Atlas? Are you landing with both now at a more kind of constant pace Help us understand kind of that incremental differentiator?

出色的。您提到了 Voyage AI，今年的收購可以說是投資組合中的一顆璀璨明珠。或許可以幫我們了解 AI 原生領域，特別是那裡的機會，這些機會是否已經開始了——你們是否正在與 Voyage 合作？您搭乘的是Atlas航空公司的班機嗎？您現在是否以更穩定的速度同時開展這兩項業務？請幫助我們理解這種漸進式差異化因素？

Yes. I would say one example, and this in my remarks, I shared that there is a super high growth AI company that is doing very, very well and will become a very large company. I have absolutely no doubts about that. The we're not able to scale with Postgres and few other technologies, rates and so on that they were using, and they moved completely to MongoDB and seeing that week-over-week and month-over-month growth is super inspiring.

是的。我舉個例子，我在發言中提到過，有一家發展速度極快的AI公司，它做得非常好，將來會成為一家非常大的公司。我對此毫不懷疑。由於 Postgres 和其他一些技術無法滿足擴展性需求，以及速率等方面的限制，他們完全轉向了 MongoDB，看到其每周和每月的成長令人振奮。

And I spoke to the hyperscaler where this workload is running and they are seeing the same that while this company is doing really well. So that's built on MongoDB because post Postgres had scaling issue.

我與運行此工作負載的超大規模資料中心提供者進行了交談，他們也看到了同樣的情況，儘管這家公司發展得非常好。所以它是基於 MongoDB 建構的，因為 Postgres 有擴展性問題。

The other extreme, I spoke to a fairly successful AI native company that is doing decent ARR, growing very fast. And when I said, hey, have you considered MongoDB to the Founder, CEO, who is very technical. And he said, CJ, we didn't -- we built our own vector database and so on.

另一方面，我採訪了一家相當成功的AI原生公司，該公司年度經常性收入（ARR）表現不錯，成長速度非常快。當我問創辦人兼執行長（他非常精通技術）：“嘿，你有沒有考慮過 MongoDB？”他說：“CJ，我們沒有——我們建立了自己的向量資料庫等等。”

And while I was speaking to him Alex, about 10 days ago, he basically said, once he looked at the portfolio, he said, let me start with embeddings first. We are going to try, of course, we have to prove it to him by our embeddings improves his accuracy on search and so on and improve the performance.

大約 10 天前，我和 Alex 談話時，他基本上是這麼說的：他看過作品集後，就說，讓我先從嵌入式系統著手。我們當然會嘗試，我們必須向他證明，我們的嵌入可以提高他的搜尋準確率等等，從而提高效能。

So he said, let's start with embedding models first from Voyage AI once that works CJ, I'm willing to replace my Vector DB that we have homegrown created it with MongoDB and oh, by the way, if that works well, eventually, I'm willing to swap out my operational database as well and use MongoDB. So in those kind of scenarios where they are already on a certain track we can land with Voyage AI embeddings.

所以他說，我們先從 Voyage AI 的嵌入模型開始，一旦成功，CJ，我願意用 MongoDB 替換我們自己開發的 Vector DB，哦，對了，如果效果不錯，最終，我也願意把我的操作資料庫也換成 MongoDB。因此，在他們已經走上某個特定軌道的那種情況下，我們可以藉助 Voyage AI 嵌入技術來實現目標。

And I'm also seeing in a very large customer of MongoDB, I spoke to somebody who is running the AI initiatives, and they love the voyage embedding and reranking model, and they've already approved it for two big workloads. So we can absolutely land with that is the short answer.

而且，我還發現 MongoDB 的一位大客戶也採用了 Voyage 的嵌入和重新排序模型。我和負責 AI 專案的一位負責人談過，他們非常喜歡 Voyage 的嵌入和重新排序模型，並且已經批准將其用於兩個大型工作負載。所以，我們可以完全用這個簡短的答案來概括。

Operator, we'll take our last question.

接線員，我們來回答最後一個問題。

Ryan MacWilliams, Wells Fargo.

瑞安‧麥克威廉斯，富國銀行。

The consumer app development environment seems getting stronger as new iOS app development has searched multiyear highs. We think it's due to agentacoding, And I know it's early -- but on the enterprise side, are you seeing stronger product velocity from your customers in building their enterprise applications?

隨著iOS新應用開發量創下多年來的新高，消費者應用開發環境似乎正在走強。我們認為這是由於代理程式編碼造成的，我知道現在還為時過早——但在企業方面，您是否看到您的客戶在建立企業應用程式時產品速度更快了？

I'm going to ask Dev to provide his opinion, and then I'll provide mine.

我先請Dev發表意見，然後再發表我的意見。

Yes, I think what we're seeing is we're clearly seeing a lot of, I would say, prototyping and iteration. I would say the enterprise requirements still have a pretty strong and stringent requirements around security and durability and performance. So while there's a big difference between coming out with the prototype and having a production-grade system that an enterprise can truly rely on trust.

是的，我認為我們現在看到的，很明顯是大量的原型設計和迭代。我認為企業對安全性、耐用性和性能的要求仍然相當高且嚴格。因此，推出原型和擁有企業真正可以信賴的生產級系統之間存在著很大的差異。

And so there is still a lot of work required to make those applications enterprise class. But clearly, with the advent of cogen tools, the rate and pace of software development is only going to increase. And as I think we said in the past, that's one of the big reasons why we think it as a tailwind.

因此，要讓這些應用程式達到企業級水平，還有很多工作要做。但很顯然，隨著協同開發工具的出現，軟體開發的速度和節奏只會越來越快。正如我們之前所說，這也是我們認為它是順風的重要原因之一。

It's just that the ability to produce more software, more database and more and more strategies has been encapsulated in software. So from that point of view, we think that's all good news for us.

只不過，生產更多軟體、更多資料庫以及製定更多策略的能力已經被封裝在軟體中了。所以從這個角度來看，我們認為這對我們來說都是好消息。

Yes. And the only thing I'll add on is, when I speak to customers who I've been speaking for a long time, in regulated industries, which is financial services, which is health care, which is public sector, the requirement for an AI agent to be in production versus prototype are vastly different, and they are looking for governance, auditability, this and that, while the innovation and the need for the speed is very high.

是的。我唯一要補充的是，當我與那些我長期合作的客戶交談時，他們來自受監管的行業，例如金融服務、醫療保健和公共部門，他們對人工智慧代理投入生產和原型開發的要求截然不同，他們追求的是治理、可審計性等等，同時創新和速度的需求也非常高。

So I have not seen -- like customers will tell me, CJ I have 10 agents in production, 15 agents in production. And when I really asked them I say, are they really customer-facing? Can they be audited on the probabilistic outcome they derive? The answer is, oh, we are still working through that. That doesn't mean that it will not happen soon, but it will never happen. But I still feel we are fairly early.

所以我沒有看到——就像客戶會告訴我的那樣，CJ，我有 10 個代理商在生產，15 個代理商在生產。當我真正問他們時，我說，他們真的是面對客戶嗎？能否對他們得出的機率結果進行審計？答案是，哦，我們還在研究這個問題。這並不意味著它不會很快發生，但它永遠不會發生。但我仍然覺得我們現在還處於相當早期的階段。

And even the environment on which they are building agents, they are telling me they try one, it doesn't work, they move on to the next one. So the churn for some of these AI companies that deliver these tools is also very real. And that's why I'm very encouraged by the MongoDB opportunity.

甚至連他們用來建立代理的環境，他們也告訴我，他們嘗試一個代理，如果不行，就轉而嘗試下一個。因此，對於一些提供這些工具的人工智慧公司來說，人員流失也是非常真實的。也因為如此，我對 MongoDB 的機會感到非常鼓舞。

We have the platform for operational data. We have the best vector database and we have the embedding models where they can comfortably at enterprise scale, build a real AI agent using MongoDB platform.

我們擁有營運數​​據平台。我們擁有最好的向量資料庫和嵌入模型，他們可以輕鬆地在企業級規模上使用 MongoDB 平台建立真正的 AI 代理程式。

Excellent. Really appreciate that detail. And then for Mike, on the Atlas growth guidance. I appreciate the color there. Just a quick clarification. On this 4Q Atlas guidance, should we expect results closer to the pin or a guidance philosophy consistent with your historical precedent?

出色的。非常感謝你提供的細節。然後是麥克關於Atlas成長預期的問題。我喜歡那裡的顏色。簡單澄清一下。關於 Atlas 第四季業績指引，我們應該期待業績接近預期，還是會期待業績指引與貴公司以往的業績指引保持一致？

Yes. So thanks. I don't want to go into the golf analogy. And besides Ryan, you know I like hockey analogies better. What I would say is that, hey, we are -- we feel really good about Atlas. It's had a great year so far. We feel good about it going into Q4. we remain excited about the growth.

是的。謝謝。我不想用高爾夫球來做比喻。而且，除了瑞恩之外，你也知道我比較喜歡用冰球來做比喻。我想說的是，嘿，我們對 Atlas 的感覺真的很好。今年到目前為止都很棒。我們對第四季充滿信心，對成長前景依然感到興奮。

That being said, we are being prudent for Q4 as a holiday -- as the seasonal holiday patterns, hey, they can be somewhat unpredictable and we've seen that play out in the past Q4. So what I would say is, hey, we just need to be prudent as we enter the holiday season.

話雖如此，考慮到第四季度是假期，我們還是採取了謹慎的態度——因為季節性假期模式，嘿，它們可能有點難以預測，而且我們在過去的第四季度已經看到了這種情況。所以我想說的是，嘿，我們在進入假期季節時需要謹慎行事。

Thank you. That does conclude today's Q&A session. I would like to go ahead and turn the call back over to MongoDB's President and CEO, CJ Desai, please go ahead.

謝謝。今天的問答環節到此結束。接下來，我想把電話轉回給 MongoDB 的總裁兼執行長 CJ Desai，請開始吧。

Thank you, Lisa. In summary, we delivered an exceptional third quarter, highlighted by accelerating Atlas growth, robust customer additions and significant operating margin outperformance. We are raising our revenue and operating income guidance for the fourth quarter and full fiscal year 2026 and reiterating our commitment to the long-term financial model we outlined at Investor Day.

謝謝你，麗莎。總而言之，我們第三季業績表現出色，其中 Atlas 業務成長加速，客戶數量大幅增加，營業利潤率顯著超出預期。我們將提高 2026 財年第四季和全年的營收和營業利潤預期，並重申我們對在投資者日上概述的長期財務模式的承諾。

Our results underscore that MongoDB's core business is firing on all cylinders even before any meaningful AI tailwinds. At the same time, we are uniquely positioned to become the generational modern data platform for the AI era, all while driving durable, efficient growth.

我們的研究結果表明，即使在人工智慧帶來任何實質利好之前，MongoDB 的核心業務也已全面運作。同時，我們擁有得天獨厚的優勢，有望成為人工智慧時代的新一代現代化數據平台，並實現持久、高效的成長。

Thank you, everyone, for joining, and thank you for listening.

謝謝大家的參與與聆聽。

This does conclude today's conference call. You may all disconnect.

今天的電話會議到此結束。你們可以斷開連結了。