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MDB FY3Q26: New CEO Continues to Drive Atlas Acceleration
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Atlas growth re-accelerates to 30% with 4Q guide implying 32–33%; margins/FCF beat and non-Atlas no longer drags.
Earnings Overview
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3Q Atlas in-line with strong profitability
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3QFY26 Atlas growth accelerated to 30%yoy,inline with bogey
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Total revenue up 19%yoy, beat 1ppt
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Strong operating leverage due to some delay of hiring to 4Q, with adj OPM reaching19.6%, beat 7ppts; FCF margin reached 22.3%
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Atlas customer net add hit record high
Stunning 4Q guidance
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Total revenue guided at 21-22%yoy, beat 7ppts
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New CFO started to breakdown guidance by product, guiding Atlas to 27%yoy, implying it could keep accelerate to over 32-33%
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Non-Atlas to grow high single digits, no longer dragging overall growth
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Despite more hiring anticipated in 4Q, still guiding 21% adj OPM, beat 7ppts
Fundamental Strength to Persist into FY27
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