MongoDB, Inc. (MDB) CEO Dev Ittycheria Presents at Morgan Stanley 2022 Technology, Media & Telecom Conference (Transcript)
MongoDB, Inc. (NASDAQ:MDB) Morgan Stanley 2022 Technology, Media & Telecom Conference March 9, 2022 11:00 AM ET
Company Participants
Dev Ittycheria - President & Chief Executive Officer
Michael Gordon - Chief Operating Officer & Chief Financial Officer
Conference Call Participants
Sanjit Singh - Morgan Stanley
Sanjit Singh
Good morning, everyone. Welcome to day 3 of the Morgan Stanley TMT conference. It's been really great to see all of you in person first time in 2 years to talk the world, talk stocks. And this morning, we're going to talk the MongoDB story with the management team of MongoDB. We have CEO, Dev Ittycheria; CFO, Michael Gordon, really looking to understand why things are going so well. Mongo, they just reported really fantastic results last night, so we'll dive into that.
Before we get there, for important disclosures, please see the Morgan Stanley Research Disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley representatives.
Question-and-Answer Session
Q - Sanjit Singh
So Dev and Michael, welcome to the conference. As you think about how the business has trended since the kind of worst of the pandemic in sort of the summer of 2020. And then coming out of the pandemic in 2021, what aspects of the MongoDB strategy, Dev, has really started to come online? And where would you like to see more progress?
Dev Ittycheria
Yes. So we obviously feel really good about where the business is today. It's a cliche to say that every company is using software in some way, shape or form to drive innovation and essentially, transform their business. We always believe that we offered a better way to work with data and that this industry or this market has spent 40 years in a very conventional way of managing data, and we came out with, we think, a breakthrough approach. And that's starting to resonate. People are realizing in an area where they have to move fast to quickly to seize new opportunities to respond to new threats. There's no better way to innovate more quickly than using MongoDB.
I think what's also interesting is that the cloud has actually allowed MongoDB to really expose its true capabilities. Most customers today, pre-cloud, may have had 1 or 2 data centers, with the cloud. And we run across all 3 major hyperscalers, you can essentially deploy MongoDB to 80-plus regions around the world. So you get the full power of the distributed platform. You get -- you can basically address needs in terms of moving data closest to your users. If you're of a global audience, you can deal with data sovereignty and data to privacy issues, and you can obviously have elastic compute and so on and so forth.
So it really makes a life of a developer and a development team very, very easy because MongoDB's to be so effective in building applications.
Sanjit Singh
It reminds me of the conversation that we had that when Atlas became north, 50% plus of the business, it almost like trades an even stronger advantage because you have all this data in terms of like customers. It seems like that flywheel and there's a feedback loop, that cloud gives you is really starting to resonate. Michael, from your perspective, when you think about the outright acceleration of the business, both on total revenue and on the cloud with Atlas, how much of that acceleration last year do you think was sort of catch-up from coming out of the pandemic? And how much do you feel is kind of more durable?
Michael Gordon
Yes. So first of all, great to be here in person. Thanks for having us. Great to see so many familiar faces. As we report to last night, it was a really strong quarter. We've talked about this before, but the results that we had have been pretty consistent. We had not seen or detected any kind of COVID pull forward or anything like that. I think it's the value proposition resonating with customers. And I think we've seen that really across the board. People focus on the Atlas results because they are so eye-popping. But as a reminder for folks who manage the business on a channel basis, that's a really important piece of the puzzle. We've continued to see strength in both Atlas and in Enterprise Advanced. And I think that showed through last night.
And I think as we look forward, we talked about in our guidance, I think we continue to have a very robust outlook. Consumption continues to remain strong. The cohort behavior on Atlas specifically continues to perform well, and I think that put us in a position to put forward a very strong guide, very high rates of growth at significant scale for Q1. The full year guide is a little bit lower, sort of implying a back half deceleration really driven by 3 things that are probably just worth calling out for folks. One, we're continuing to see, and we expect to continue to see a mix shift from Enterprise Advanced to Atlas. And so as Atlas gets a bigger portion of the revenue -- while the revenue over any 12-month period will be the same, the way the 606 rev rec works is there's more upfront with EA. And so that's a factor into consideration, especially in the second half of the year.
In addition, EA's had a really good 2 quarters in Q3 and Q4. And so that sets up a tough kind of EA compare. And then lastly, the Atlas compare, particularly in the second half of the year is very strong, just given the acceleration that we've seen. But the fundamentals remain very strong in the cohort behaviors continue to be consistent.
Sanjit Singh
Just 1 follow-up question on guidance, Michael. You did a really excellent job of framing out the assumptions that underpin your guidance, particularly that we don't have to be as worried about COVID going forward and you guys have more confidence on that end. You guided ahead of consensus. And I think some of the questions I've been getting last night is around sort of the macro backdrop, if you will, the geopolitical risk, and to what extent -- and I guess the question is, what gives you confidence to feel more confident about guiding this time this year versus 12 months prior?
Michael Gordon
Yes. So why don't I break it into 2 pieces, sort of the COVID piece and then the macro geopolitical. On the COVID piece, heading into fiscal '21 and fiscal '22, there was a lot of uncertainty around COVID. We've tried to be very clear and very transparent in our communication as to how that was affecting our view and our outlook and our guidance. Obviously, what we were undertaking or the world that we're entering at that point was truly unprecedented. And it introduced a layer of uncertainty or a layer of risk into our own internal outlook.
We now have several quarters of data of executing despite that uncertainty. And so I think that allows us to say that even though while there still is uncertainty out there, the risk associated with that uncertainty is lower. So our overall guidance philosophy hasn't changed, but I think we're just sort of reacting to the different facts and data points that we have.
Specifically, on the geopolitical piece, I definitely do not have a crystal ball as to where that is going to go. The most immediate impact, which we talked about in terms of our Russia business is quite small. I think low absolute single-digit dollars of revenue -- single-digit million dollars of revenue in fiscal '22. So quite small in the grand scheme of things. We're certainly complying with all the regulations and executive orders things like that, but it's a relatively tiny piece of the puzzle. And obviously, we'll have to watch and wait and see how things unfold more broadly. But from a COVID perspective, I feel like we've got the ability to execute despite all the uncertainties.
Sanjit Singh
That makes a total sense. One more topic I want to hit before we get into the kind of the key value drivers of the MongoDB story on a more longer-term basis. On the back of the Snowflake call, one of the topics in software has been some vendors passing on price performance on compute platforms to their customers. I was wondering Dev if you could talk about how Atlas' pricing works and how efficiency improvements on the cloud vendor side and their compute platforms impact your revenue and your cost in your gross margins?
Dev Ittycheria
Sure. So Atlas pricing space, obviously, based on the incidence that you want and you want to provision and it's, again, a consumption-based model. I think it's -- I think customers' view, thinking about business or thinking about how to use MongoDB in terms of applications versus terms of data. So when they look at an application and build an application, if actually that application is not consuming resources, something has fundamentally gone wrong, because that's actually a knock on the development team. So they want to see good consumption. They want to see users using the application. They want to see data being generated. They want to see transactions being executed. So I think that's a very different phenomenon.
Obviously, databases and data platforms like ours tend to be more always on. Now, clearly, if the end users go away during Christmas and New Years, we are going to see some degradation of consumption, but that's more end-user driven than anything else. But in our business, our applications tend to be always on. And customers view, deploying a new application or more applications as part of driving their business agenda. So they view it very differently than just stuffing more data into a platform.
Sanjit Singh
Makes total sense. So let's talk a little bit about some of the progress you've made across product, across sales that's really driven a lot of fantastic growth. When I think of Mongo, I think of 2 things that sort of come to mind. Your ability to remove the friction for developers in terms of building applications. And second, becoming and graduating to a general purpose data platform.
On that first access, in terms of removing that friction, coming off of MongoDB 5.0, where does the company stand in terms of automating the tasks and steps in terms of building applications? And how much more room do you have to go in that and to make this a seamless experience for developers?
Dev Ittycheria
Yes. So if you've been following us for a while, a lot of people used us first for front office applications, customer engagement systems. Now, people are really using us for mission-critical systems of record applications. And you see that in terms of our 7-figure customer count that's grown very, very quickly. So we're evolving from being a database to being a true data platform. Why is that important? Because the problem that developers have today is that they typically -- if they have different use cases, they typically have to go to different technologies to solve a particular problem. The problem is they have to use and learn a new language. They have to learn how to create that data. They have to learn how to synchronize that data. They have to learn how to back up that data, and that becomes incredibly complex.
What we believe is a much better way to offer one unified and seamless experience for developers. We know the power of the document model. It's a superset of all other models. We've proven now that we can address the most mission-critical use cases. And as we're embedding more functionality into the platform, it's increasing the value of our -- of not only the database offering, but as well as the broader platform. And so that's really resonating with customers, and you'll see us continue to invest aggressively in expanding the value of our platform.
Sanjit Singh
In terms of proving out the general purpose nature of the MongoDB platform, when -- like, where is the customer journey -- like, what are sort of the trigger points, if you will, for customers to make that decision to standardize a substantial portion of the development versus doing a kind of bespoke approach matching a database platform to a specific workload, which a lot of the cloud providers provide a menu of different databases? What's sort of the trigger point for the customers to go, aha? Let's sort of standardize on Mongo versus using more of an ala carte approach?
Dev Ittycheria
Yes, it really depends on the size of the customer. Obviously, a start-up and early stage company is going to go -- basically, the data platform that's using is basically their entire business is running that platform, and we have thousands of start-ups who are building on MongoDB.
For large enterprise, this is typically a land-and-expand strategy. We get in to solve a particular use case that the existing tech stack can't solve, then people see some success, then start deploying us elsewhere. And at some point, obviously, it varies by customers, customers at some point to say, why don't we just have MongoDB as a standard part of our tech stack. And that's what you're seeing now happening, is that we're becoming a standard almost everywhere across deeply in the very, very large organizations. People are really using us to run the backbone of the business in financial services, in healthcare and telecom and retail. And a bunch of other industries, people are seeing so much value from our platform. So it really depends where they are in that journey and when they -- obviously, the cultural issues in every organization is slightly different, but that's our goal to become ultimately the standard, and that's when essentially, we get access to a larger amount of spend.
What we've also done on the go-to-market side, and I think we would argue that we are one of the most sophisticated go-to-market organizations in enterprise software. We've put a lot of focus around these focus accounts where we bring more resources today, because we've always found that while we had a lot of success, having a small team navigate a large organization wasn't always effective. And so we put more resources there. And the returns we saw in those investments have been disproportionately high. So you're seeing that in our numbers in terms of the productivity of our sales force, the broad-based performance of our sales organization and just the increasing number of customers.
Sanjit Singh
When do you make that tactical shift on the sales side? About how long that was?
Dev Ittycheria
We started 2 years ago. Basically, we realized that there's -- we had a great relation with lot of customers. We were wondering why aren't we getting more of the business. And we just realized there's a lot of organizational inertia, so we had to go in, leverage our champions to go essentially preach the gospel of MongoDB to the larger cohorts of people inside, and that's our working. We saw a great success, then we doubled down and added more focused accounts last year, and now, we're being very, very aggressive in that strategy.
Sanjit Singh
The last night we were at a dinner, and on the back of your really strong results last night, we were talking Mongo and I had an investor, he was saying, I love this story. Just so many database providers out there. It's hard for me to think about who has a technical advantage, who doesn't. Like, what's the sort of competitive mode?
And I think when you look at some of the developer surveys, technology surveys, Mongo sort of rigs near the top in terms of most wanted technologies to learn. When you think about how -- like, the effort it took, this goes like to the history of the company, for like that student that's graduating from an undergrad comp side program or a master's program and say, okay, I want to get a good paying job. What's the effort it takes to get into that sort of top 5 list? If you can sort of speak to that developer relations and how long you guys have cultivated that?
Dev Ittycheria
Yes. But people who don't know the Mongo story. The company was started by developers, right? It was started by the team from DoubleClick, who basically saw the development challenges that developers have, are working around the constraints of the relational data model. DoubleClick was obviously serving millions, if not, billions of ads, and they just -- their existing data infrastructure just wasn't scaling and they spent all the time trying to work around the constraints of that environment. So that was the epiphany they had is that there's got to be a better way. So the document model really aligns to the way developers think and code, and so they can move so much more quickly. There's not this impedance mismatch in terms of how you program in your application versus how you program data. It's very aligned to the way developers think. And so that's when it took off.
Now, we've had to work really hard over the last 14, 15 years to keep building features, to be viewed as a credible alternative to the relational database and Oracle and SQL Server. And we've done that. We introduced asset transaction support and our 4.0 release. That was a big breakthrough moment because now, people said, okay, now I can really run mission-critical transactional intensive application of MongoDB. So now, we have banks running trading platforms. We have telcos running billing systems. We have healthcare providers running all their back office functionality on MongoDB. So we've essentially knocked off all those features and capabilities and just engendered more and more confidence that given how it enables my developers to move, I much rather use this platform than be stuck in the old way.
And I'd also say, we didn't see any pull forward with COVID, but I think COVID was a catalyst for people to realize, I have to get off my brittle archaic expensive infrastructure and move to a much more modern platform. So when COVID happened and retailers said, "I don't have any foot traffic in my stores anymore. I got to have a much stronger digital presence." That's one example of people saying, I got to go with MongoDB because I can move so much faster, build new capabilities faster to respond to this issue. And it became like epiphany for many customers saying, "Why don't you stay in this platform? Why am I stuck doing things the old way."
Sanjit Singh
Got it. And as we think about sort of the equation for growth, I think everyone agrees that there's a large TAM that's up for grabs. I think IDC has a projection of about 750 million logical applications that are going to get built by 2025. That's up from 40 million, 2016. What is your sense of what's getting built, right, in terms of the net new applications? And where do you think Mongo's best positioned within those class of applications?
Dev Ittycheria
Yes. Well, we believe that applications are only going to get smarter, right? But the advance of the chips getting more powerful, networks getting faster, algorithms getting better, you're going to see applications. Applications are sent to instrumenting everyone's business. So you're going to see also, the advent of a hybrid environment of both operational and analytic data. So that's where we're focused. Being an operational data platform, we're the source of a lot of data. And now, we're enabling developers to use that data for more interesting things in terms of getting insights or providing updates and just making applications smarter.
So where the applications go, it's almost hard to predict the number and types of use cases, but we think that we're just in the really early innings, and that's why we feel really good about platform. There's no more better performance and scalable platform than MongoDB. There's no more easier platform to build applications other than MongoDB. So we feel, given those 2 things and especially the fact that the cloud exposes all that, we're very well situated for the long-term trends.
Sanjit Singh
Right. And if we look at sort of the net use side, the other side of the equation, and sort of you talked about it in your and your COVID comment about that being a catalyst to customers to address their existing application footprint. Michael, I think about the timing IPO, you said about 30% of net new business was coming from relational displacement. How do you think like app modernization and migration trends, how that part of the business? How has that trended over the last year? And what's sort of the outlook on that being a driver for growth?
Michael Gordon
Yes. So the trends have been generally pretty consistent. Typically, you would see Atlas is more typically used for new workloads. And so when you think about sort of the percent of the business that's relational displacement, it's about 1/4 of the EA business. That's held pretty consistent. We don't specifically target those into the conversation that we're having. If you just think about the market size, right, the IDC numbers were $74 billion in 2021 going to $121 billion in 2025. So almost $12 billion of new spend every year, right? So that's principally new applications. And so you could be a massive business if you only focus on that, right? We're obviously going after all of it, including the legacy replacements. And so when you think about the $74 billion, I'm sure we could have a healthy debate about what's a good product application life cycle, but I'm going to pick 10 years for easy math, right? So that's another just over $7 billion a year of sort of refactoring, rebuilding applications.
And so you've got this very large actionable, addressable market every year, close to $20 billion, right? Because not all $74 billion does an RFP every year in this sort of a natural life cycle. And so we've been winning in both pockets. And I think it really just depends on the individual customer, where they are, what their development priorities are, et cetera, but I think our point was just to make sure that we've got a general purpose, application, data platform that's going to suit their needs, sort of whether it's building a new application, replatforming a legacy, existing application or whatever it is.
The last thing I'd say is, at some point, it becomes a little bit of a semantic debate, because if I'm entirely refactoring the application, sometimes I might just think of it as a new application because I'm just jumping so much, and I'm -- perhaps, I'm modernizing moving to the cloud as well and everything else. And so I don't want to get overly fixated on like, the distinction between the 2. But I think in general, we're a beneficiary of all those trends.
Sanjit Singh
I just wanted to turn to the previous question. You sort of talked about the heritage of the company being focused on developers. You've had some of your other competitors focused on different personas, right? And as the developer has risen in stature within the organization, you see a number of vendors sort of trying to win the hearts and minds of developers, right, when they may be were focused at a CIO, enterprise architect level, right? How much of an effort is that to turn on from a strategy perspective to say, okay, I was starting this persona, but now, I need to speak to developers? Can that happen with a, hey, I just put out a free offering and drive that flywheel? What’s sort of involved in speaking to these?
Dev Ittycheria
Yes. Well, to your point, if you go to a cycle, DB engines is about -- there's more database providers than there are days in the year. And so -- and we are ranked "#5" I wouldn't normally crow about being fifth in anything, but then when you look at the data, the top 4 have been around for nearly 30-plus years, right? And so the reason MongoDB has become so popular is that we have really, really strong product market fit with developers. Develop -- we make the life of a developer so much easier. If you ever talk to a developer, the things that they hate is working around the constraints of the infrastructure, all the workouts that have to build out the application tier, all the workarounds have to build for performance and scale. And we remove so much of that process so that they can just focus on what's important is building great software that transforms a particular business.
And because we do that, people are flocking to MongoDB, where we've had over 200 million downloads of our software. To put that number in perspective, IDC estimates between 25 million to 30 million developers in the world. So that gives you a sense of how popular our software's become. And when you talk to people coming out of graduating from the latest, to your point, CS programs, they don't want to work on the old stuff. They want to work on platforms that are modern. They want to focus on object-oriented programming languages, and we become a great fit.
And so building that "developer culture mindset," takes time. A lot of people have tried to go after developers. Developers are very finicky. They're not something that you can just win them over by very quickly. You really have to earn their trust, and that's something that we worked on for the last 15 years.
Sanjit Singh
Great. I want to talk a little bit about your relationships with the cloud hyperscalers and from a partnership perspective. And then, we'll go to the audience and see if they have any questions for the MongoDB team. But just on your relationships with the cloud hyperscalers, there’s definitely a coopetition arrangement. And a few years ago, AWS came out with DocumentDB as a potential alternative to Mongo. Can you talk about how your partnerships with AWS, ASH or GCP has evolved? It certainly feels like there's a little bit of a mind shift, tone shift from AWS, because they seem to be more partner friendly. How is that relationship that coopetition relationship evolved in 2021 versus what we've seen in the prior couple of years?
Dev Ittycheria
Right. So to build Atlas, we have to work with the cloud providers. We weren't going to build our own data centers. That made no sense whatsoever. So we had to engage with them, and they were obviously happy to engage with us as a customer and a partner. But clearly, they had aspirations to maybe go after our market. And so Cosmos DB came out with an API from MongoDB, I think, in 2015 or 2016. To your point, if Amazon came out with DocumentDB in 2018, and more recently, Oracle has announced an API. I think what it really speaks to is how popular MongoDB has become.
Now, the mistake all of them have made is they thought that they could basically emulate some of the features of MongoDB and be able to win the market, because they built the API on a relational back end. That caused some severe feature and performance trade-offs, and it became very clear, it's very easy for us to expose the limitations of those clones. And so I don't worry about going head-to-head with them on deals. Actually, I worry about the deals that we're not winning, because it's something that's in happening somewhere else that we're just not kind of party to.
So we feel very comfortable about our competitive advantage. Given that, and people saw Atlas growing, the cloud provides quickly realized, wow, Atlas growth is also good for us. We drive enormous consumption of storage compute, customers running workloads on their cloud platform by ancillary services. So for every dollar, we get an Atlas, they get multiples of that on their platform. So then they start realizing, we should start working more closely. And obviously, we're trying to convince them as well and they start realizing that this really could be a mutually beneficial relationship.
So there has been a lot of work and effort, but we're really proud that I think our AWS relationship has never been stronger. We're seeing great partnerships with GCP, and we've been working with Azure for a long time. So I would say that we feel really good about the relationships. And we're also seeing a lot of, as we mentioned in our release, a lot of now deals being sourced by the cloud providers because they're bringing us to deals that we don't even see, and we're going to be having deeper relationships from a product integration point of view, being available on their consoles. So just -- we believe going to unlock even more opportunity together.
Sanjit Singh
Right. And one of the things coming out of your Investor Day last year. I think one of the takeaways that I took away in my own mind is that, feel like Alibaba was starting to become a little bit of a contributor. Can you give us the update with Alibaba and just kind of the Asia strategy with the cloud providers like Tencent as well? What's the progress there?
Michael Gordon
Yes, sure. So just so people understand, given the rules and regulations in China, we can't offer Atlas directly in China. And so we've partnered with both Alibaba and Tencent to offer managed service offerings on their clouds. And then they pay us for basically, a licensing fee for the utilization and access to our software. So I think it's a great reminder of the strength of our intellectual property, that in a market, including China, that people sort of respect the intellectual property and the value of the licensing model.
We have a little more history with Alibaba. That partnership, so far, is going very well. The structure, just to remind folks who don't know of these partnerships is they're multiyear partnerships with annual minimum commitments. We're a couple of years into the Alibaba partnership. They've been exceeding the minimums. The partnership has been going very well. We've been very encouraged. We've actually been adding incremental MongoDB resources, almost a sort of like a cloud overlay to help them, and they've had a lot of success in the market.
It's newer with Tencent, not quite as much traction and not quite as much data, but we've been pleased with how both have gone.
Sanjit Singh
Great. Why don't we go out to the audience, if you just raise your hand if you have a question for the management team?
Unidentified Analyst
Congratulations on the quarter. I think one of the surprises on the acceleration last night was the relative outperformance to some of your consumption-based peers that talked about some seasonality, weakness in consumption during the holidays, December into January. Did you see something like that and you were able to power through it? Or was it near in terms of the quarter?
Michael Gordon
Yes. Thanks, Tom. So what we saw and what we talked about is we had strong cohort behavior throughout Q4, consistent with sort of the normal trends that we've seen. For those who are following closely, you'll remember that in Q3, we saw exceptionally high in-quarter cohort expansion, and that benefited the Q4 results. So when you look at sort of the sequential compare, you'll see the sort of full quarter benefit of that. But in terms of the in-quarter expansion, consumption and everything that we saw in Q4 was very consistent with the strong growth we've seen from cohorts historically.
The only other thing that I'd call out for folks that we mentioned on the call, but -- and we mentioned last year, but we're trying to make it even more explicit just because it sounds like people are sort of fully processing consumption models and how they work, is that Q1 for us is a seasonally lower quarter, not because of anything actually involving the consumption behavior, but because there are simply fewer days in our fiscal Q1 in order to consume. And so as a result, you have fewer days in which to recognize revenue from the consumption behavior. So we called out an additional fact that it tends to be a seasonally lower Enterprise Advanced quarter based on the distribution of the renewal base of Enterprise Advanced.
Sanjit Singh
Well, it's really difficult to see how long this will last. It seems like we're entering a new regime in the market where margins and profitability matter more than it has in quite some time. And so Michael, going into calendar '22, what is sort of your message to the market on how much you're leaning on the growth side of the equation versus profitability, it's a question you get all the time, but it seems like it's a little more resident now. That's sort of the first part of the question, and then, I'll have a follow-up.
Michael Gordon
Yes. So we've continued to demonstrate pretty significant operating leverage over the last several years. We've talked about, for probably, multiple years now, that we've made more progress than we want to, frankly, in part because what we see is this very large market opportunity, incredibly strong product market fit and clearly, demonstrated high rates of return on the investments that we're making in both sales and marketing and in R&D.
That said, we have continued to make progress on the operating margin. I think when you look at the guidance, you can see there's continued improvement. We were right around breakeven in Q4. We have a modest loss guide for fiscal '23. I think our approach and our view has been, we, as a management team, need to have an orientation for how do we maximize value for shareholders over the long term. We need to have some North Star, some direction that we're navigating towards.
What that -- almost that initially means is that any moment in the market, you won't be perfectly optimized for it. But we think it's the right thing for long-term shareholders. And so there's not some sort of new sense of like, oh, the market values profitability more, so we should angle more towards profitability, because markets move and market swing and they'll swing much more quickly than any company can change its strategy. And so I think from our standpoint, as sort of stewards for the long term, we've tried to make sure that we're capitalizing a long term while making incremental progress, period-over-period from a profitability standpoint. Because obviously, at some point, there will be profitability.
Sanjit Singh
Fully covered. And with that, we're out of time. Thank you so much, Dev and Michael. I really appreciate it.
Dev Ittycheria
Thanks for having us.