00:45:39 · John Coogan, Jordi Hays, Praveer Melwani
[00:45:39] S1: I was... AI researcher for sure. Bunker. [00:45:44] S2: All the AI researchers in Arizona. SpaceX does have a new data center [00:45:49] S1: Okay. [00:45:49] S2: Being built out in Arizona. [00:45:51] S1: Paradise Valley is home to the most expensive zip code in Arizona according to listing agent Katrina Barrett. And the last one was, you know, 40,000,000. [00:46:01] S2: Yeah. A friend... This is a... Friend's dad had a place in Paradise Valley, bought it, instantly got offered two x by an NBA player [00:46:09] S1: No paid. [00:46:09] S2: And it was already like one of the Wow. Nicer humps. Well, [00:46:14] S1: it seems like a lot of fun. A lot of fun underground bunker. A lot of cool things you can do. Well Let me tell you about MongoDB. What's the only thing faster than the AI market? Your business on MongoDB. Don't just build AI. Own the data platform that powers it. And we are joined by famous CFO, Praveer, Melwani. Welcome to the show. How are you What's [00:46:35] S2: going on? [00:46:36] S1: Thank you so much for taking the time. [00:46:37] S4: Yeah. Thanks for having me guys. Excited to be here. [00:46:39] S2: Thanks. Coolest looking CFO in the business. I I expected nothing less. [00:46:44] S1: Yeah. Where's the suit? Aren't you a banker effectively? [00:46:48] S2: No. He's not like the other CFOs. [00:46:50] S1: That's true. [00:46:50] S2: That's true. He's he's got taste. It's a new moat. Yeah. Even for CFOs, you know. At least at Figma. [00:46:56] S1: That's good. That's good. [00:46:57] S4: I try. Okay.
00:46:57 · Praveer Melwani, John Coogan
[00:46:57] S4: I try. Okay. [00:46:58] S1: Enough with the glaciers. How'd the quarter go? Take us through the results. What stands out? How's Fig and Dec? Yeah. [00:47:06] S4: I mean, I... I'm really proud of how the team executed. We Yeah. You know, put up 391,000,000 in revenue. We grew the business 43% year over year. Amazing. Our net dollar retention rate's at, you know, a 131%, so above a 130% for some time now. Yeah. But what... What's been really fun to see is just the, you know, the rapid acceleration of movement of of a number of our different AI products and features. So we GA'd our our Figma agent product on October 6. We're seeing credit consumption, you know, through that through that GA through the end of October up, you know, two and a half x. Yeah. Folks are looking for ways to, you know, really go deep in Figma and really find ways where they can deepen their deepen their workflows. And maybe the last one I'd call out, you know, I'm really proud of how we've been executed on the MCP side. So, you know, our MCP server is up, you know, to about just over a million weekly active users at this point. Wow. We grew it overall usage three x and overall write back usage to the canvas, which is, you know, just shows you how valuable Figma is as a as a core medium there about four x. So lots of momentum on that part of the business.
00:48:08 · John Coogan, Jordi Hays, Praveer Melwani
[00:48:08] S1: What... How is the overall market expansion working its way through Figma? Like, I can imagine that there's some people that are, you know, for their first time, they're getting into making digital products. And some of them might flow into Figma. Some of them might flow into an agentic workflow or an MCP interface, and they might not even know. Other people might be expanding their usage because they're they're creating new products. Like, what is the shape of the growth in demand? [00:48:39] S2: Yeah. Yeah. I think the [00:48:41] S4: way you're describing it, it's kinda how we feel it. We both have an opportunity to go broad. Yeah. A whole bunch of the new use cases are now enabled via the AI products that we shipped. So Yeah. You know, you historically maybe would have needed to lean on a designer or developer as your hand in order to communicate or build an idea. Now through prompting a natural language, you can, you know, you can sit in Figma make and, you know, have your ID... Have your idea then be rendered for you. [00:49:04] S1: Yeah.
00:49:04 · John Coogan, Praveer Melwani
[00:49:04] S1: Yeah. [00:49:04] S4: So it's really empowering empowering to to PMs. PMs. It's It's really really empowering empowering to marketers, user researchers. It's giving more reasons for folks to hold a full seat, you know, where that where that would have been a little bit of a tougher sell, you know, even a couple years ago. Sure. And I... And then to your point on the MCP side, you know, I I do think that the ways in which the people are working are shifting very rapidly. I think it's, you know, it's been really interesting. We've added over 20 MCP partners over the course of the quarter, and, you know, we continue to we continue to open up how we can work with others there and kick off different workflows. And it's not just that, you know, we're bringing more context in. It's actually starting kick off first party agent workflows on the Canvas. Yeah. It's about 5% of all credit consumption in the quarter was actually orchestrated via an MCP. So it's actually people kicking off a first party workflow, which is pretty unique.
00:49:45 · John Coogan
[00:49:45] S1: How how mature is the the thinking around the billing relationship around MCP? Because I have been hungry for integrations that flow through to an agent of choice with that I already have a billing relationship with. Yep. And I mean, I guess the agent can just like shut set up my credit card over there. But it seems like there's an opportunity that could be good for everyone involved. It's a little dicey. It could be app store ish. It could be bad but... And frustrating. But I'm wondering how you're how you're dealing with the trade off of what happens if someone goes to ChatGPT and then says, I want to use Figma, go design it in Figma and then charge my OpenAI account versus take my credit card over to Figma and put it there? Like, how how are you dealing with the trade offs and opportunities and risks there?
00:50:38 · Praveer Melwani, John Coogan, Jordi Hays
[00:50:38] S4: Yeah. Well, I mean, just just to start, I think what we're what we're seeing is that by virtue of how we've orchestrated our our MCP, we've actually given people more reason to hold a full full seat Sure. Than, you know, in prior cycles. So that has driven a benefit in the number of new new paid team conversions, the amount of, you know, folks that are holding a paid seat. Mhmm. We've we've also found though is that, you know, what folks are really trying to do is, you know, if they're gonna kick off a first party workflow in Figma, what we're doing with the first party agent in Figma has got to be has got to be of higher quality leveraging unique context that that we own. And in doing so, they're they're actually getting value from, you know, leveraging the the the AI features in Figma. You know, what what has... What the reality is today is that MCP usage as we've tracked it, you know, through the business is leading to higher retention. Mhmm. [00:51:26] S1: We'll have [00:51:27] S4: more expansion within accounts. And then as you start to put the math together on the credit consumption side, you know, I think that our ability then to farm to different sub agent workflows is gonna be increasingly more important. [00:51:37] S2: Yeah. Jordi? Yeah. There's this interesting dynamic right now where if, like, people are sending agents to your product [00:51:43] S1: Yeah. [00:51:43] S2: It's... It can be an indicator that that there's functionality [00:51:47] S1: Yeah.