MongoDB, Inc. (NASDAQ:MDB) Q3 2019 Earnings Conference Call Transcript
Dec 04, 2018 • 05:00 pm ET
Good day everyone and welcome to the MongoDB Third Quarter Fiscal 2019 Earnings Call. Today's call is being recorded. At this time, I would like to turn the call over to Brian Denyeau, ICR, IR. Please go ahead, sir.
Thank you, Ann. Good afternoon and thank you for joining us today to review MongoDB's third quarter fiscal 2019 financial results, which we announced in our press release issued after the close of market today. Joining me in the call today are Dev Ittycheria, President and CEO of MongoDB; and Michael Gordon, MongoDB's CFO.
(Forward-Looking Cautionary Statements)
For discussion of material risks and other important factors that could affect our actual results, please refer to those contained in our annual report on Form 10-K filed with the SEC on March 30, 2018, our quarterly report on Form 10-Q filed on September 7, 2018 and our other periodic filings with the SEC.
These documents are available on the Investor Relations section of our website at www.mongodb.com. A replay of this call will also be available there for a limited time. Additionally, non-GAAP financial measures will be discussed 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 their most directly comparable GAAP financial measure. And with that I'd like to turn the call over to Dave.
Thanks, Brian, and thanks to all of you for joining us today to review our third quarter results. We delivered terrific performance in the third quarter across all aspects of our business. Our ability to generate best in class growth at significant scale, which now exceeds $0.25 billion (ph) revenue run rate reflects our strengthening position as the next generation database platform of choice. We serve one of the largest markets in enterprise software.
IDC now forecasts that the database market is $59 billion in size in 2018, growing to $84 billion in 2022 reflecting a 9% compound annual growth rate. We believe MongoDB is uniquely positioned to capture growing share of this market given the power of MongoDB's sophisticated document model, large developer mindshare and compelling customer proof points across nearly every industry and geography.
To quickly summarize the third quarter results, we generated revenue of $65 million, a 57% year-over-year increase, which was above the high end of our guidance. We grew subscription revenue 59% year-over-year. Atlas revenue grew more than 300% year-over-year and now represents 22% of revenue. We ended the quarter with over 8,300 customers, up 69% compared to a year ago and we saw strong growth across all major regions, including North America, EMEA and Asia.
I do want to note that our results do not include any impact from the acquisition of mLab, which closed on November 1. Our success with customers is based on the strength of our database platform. At our recent MongoDB Europe event we announced the general availability of MongoDB Mobile which gives developers a uniform way to work