Couchbase Inc (BASE) 2023 Q4 法說會逐字稿

Greetings. Welcome to the Couchbase Fourth Quarter and Full Year Fiscal 2023 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Couchbase 2023 財年第四季度和全年收益電話會議。 （操作員說明）請注意，正在錄製此會議。

I will now turn the conference over to your host, Edward Parker. You may begin.

我現在將會議轉交給主持人 Edward Parker。你可以開始了。

Good afternoon, and welcome to Couchbase's Fourth Quarter 2023 Earnings Call. We will be discussing the results announced in our press release issued after the market closed today. With me are Couchbase's Chair and CEO, Matt Cain; and CFO, Greg Henry.

下午好，歡迎來到 Couchbase 的 2023 年第四季度財報電話會議。我們將討論今天收市後發布的新聞稿中公佈的結果。和我一起的是 Couchbase 的主席兼首席執行官 Matt Cain；和首席財務官格雷格亨利。

Today's call will contain forward-looking statements, which include statements concerning financial and business trends and strategies, market size and expected future business and financial performance and financial condition and our guidance for future periods. These statements reflect our views as of today only and should not be relied upon as representing our views at any subsequent date, and we do not undertake any duty to update these statements.

今天的電話會議將包含前瞻性陳述，其中包括有關財務和業務趨勢和戰略、市場規模和預期未來業務和財務業績以及財務狀況的陳述，以及我們對未來時期的指導。這些聲明僅反映我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點，我們不承擔更新這些聲明的任何義務。

Forward-looking statements by their nature address matters that are subject to risks and uncertainties that could cause actual results to differ materially from expectations. For a discussion of the material risks and other important factors that could affect our actual results, please refer to these risks discussed in today's press release and our most recent annual report on Form 10-K or quarterly report on Form 10-Q filed with the SEC.

就其性質而言，前瞻性陳述涉及受風險和不確定性影響的事項，這些風險和不確定性可能導致實際結果與預期存在重大差異。有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱今天的新聞稿中討論的這些風險以及我們最近提交的 10-K 表格年度報告或 10-Q 表格季度報告秒。

During the call, we will also discuss certain non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures as well as how we define these metrics and other metrics is included in our earnings press releases, which are available on our Investor Relations website.

在電話會議期間，我們還將討論某些非 GAAP 財務措施，這些措施不是根據公認會計原則編制的。這些非 GAAP 財務措施與最直接可比的 GAAP 財務措施的協調以及我們如何定義這些指標和其他指標包含在我們的收益新聞稿中，這些新聞稿可在我們的投資者關係網站上找到。

With that, let me turn the call over to Matt.

有了這個，讓我把電話轉給馬特。

Thank you, Edward, and good afternoon, everyone.

謝謝你，愛德華，大家下午好。

On today's call, Greg and I will provide details on our fourth quarter results as well as our first quarter and full year fiscal 2024 guidance. I'll start off with a few highlights of our Q4 financial results.

在今天的電話會議上，格雷格和我將提供有關我們第四季度業績的詳細信息以及我們第一季度和全年 2024 財年的指導意見。我將從我們第四季度財務業績的一些亮點開始。

Couchbase delivered another strong quarter, beating our guidance across all metrics. We delivered these results in spite of continued macroeconomic headwinds, anchored by growing momentum with Capella, excellent retention metrics and ongoing large deal activity. Furthermore, our pipeline continues to see healthy growth. I'm especially pleased with the substantial progress we made operationally during the quarter, headlined by better-than-expected non-GAAP operating margin performance. This is a direct result of our focus across the company on driving improvement in efficiency, efforts that will serve us well in fiscal 2024 and beyond.

Couchbase 又迎來了一個強勁的季度，在所有指標上都超出了我們的預期。儘管宏觀經濟持續逆風，但我們仍取得了這些成果，這得益於 Capella 不斷增長的勢頭、出色的保留指標和持續的大型交易活動。此外，我們的管道繼續保持健康增長。我對本季度我們在運營方面取得的實質性進展感到特別高興，主要表現是好於預期的非 GAAP 運營利潤率表現。這是我們全公司專注於提高效率的直接結果，這些努力將在 2024 財年及以後為我們提供良好的服務。

Total annual recurring revenue, or ARR, was $163.7 million, up 23% year-over-year and up 24% in constant currency. Revenue in Q4 was $41.6 million, up 19% year-over-year. Our non-GAAP gross margin remains best-in-class at 86.3%. Non-GAAP operating loss was $9.9 million, 15 percentage points above the midpoint of our implied operating margin guidance range. We'll cover more on this in a minute, but we will continue to complement our strong topline momentum with an increasing focus on driving more efficient growth and operating leverage in our model.

年度經常性總收入 (ARR) 為 1.637 億美元，同比增長 23%，按固定匯率計算增長 24%。第四季度的收入為 4160 萬美元，同比增長 19%。我們的非美國通用會計準則毛利率保持在同類最佳水平，為 86.3%。非 GAAP 營業虧損為 990 萬美元，比我們隱含的營業利潤率指導範圍的中點高 15 個百分點。我們將在一分鐘內對此進行更多介紹，但我們將繼續補充我們強勁的收入勢頭，並越來越關注在我們的模型中推動更有效的增長和運營槓桿。

We exited the quarter with 675 customers, an increase of 17 from Q3, the majority of which were Capella deals. Before Greg provides more details on Q4, I want to highlight our accomplishments from the past year and reiterate our priorities for fiscal 2024.

我們在本季度結束時擁有 675 名客戶，比第三季度增加了 17 名，其中大部分是 Capella 交易。在 Greg 提供有關第四季度的更多細節之前，我想強調一下我們過去一年的成就，並重申我們 2024 財年的優先事項。

Looking back at fiscal 2023, I'm extremely proud that we accomplished all that we laid out to do at the beginning of the year. I attribute this success to 3 things: our expanded and differentiated product portfolio, our enhanced and more efficient go-to-market initiatives and key additions to our world-class team. These achievements have put us in an excellent position heading into fiscal 2024 to build on our momentum and importantly, meaningfully accelerate the pace of leverage in our model.

回顧 2023 財年，我為我們完成了年初計劃要做的所有事情感到非常自豪。我將這一成功歸功於三件事：我們擴展和差異化的產品組合，我們增強和更有效的上市計劃以及對我們世界級團隊的重要補充。這些成就使我們在進入 2024 財年時處於有利地位，以鞏固我們的勢頭，重要的是，有意義地加快我們模型中槓桿化的步伐。

Let me briefly recap these achievements. First, we made rapid progress with Capella, our fully managed cloud database platform. Recall that we launched Capella on Google Cloud during the summer, which includes our unique app services. Next, we introduced a new developer experience for Capella in the fall and then announced Capella on Azure this past January, completing availability on all 3 major cloud platforms. And thanks to the investments we made, we saw meaningful new Capella logo additions and migrations across a broad range of industries over the year. This was complemented by a growing pipeline of exciting Capella opportunities across both new and existing customers.

讓我簡要回顧一下這些成就。首先，我們在完全託管的雲數據庫平台 Capella 上取得了快速進展。回想一下，我們在夏季推出了 Google Cloud 上的 Capella，其中包括我們獨特的應用服務。接下來，我們在秋季為 Capella 引入了新的開發人員體驗，然後在今年 1 月宣布 Capella on Azure，在所有 3 個主要雲平台上完成可用性。由於我們所做的投資，我們在這一年中看到了有意義的新 Capella 徽標添加和遷移到廣泛的行業。新客戶和現有客戶都在不斷增加令人興奮的 Capella 機會，這對這一點起到了補充作用。

Second, we made significant progress with our go-to-market efficiency. We transformed how we go to market across buy from and sell to motions both in terms of efficacy and efficiency. Importantly, our partner and alliance ecosystem continues to deepen. During the year, we saw strong bookings growth sourced and influenced by partners including ISVs, cloud service providers and system integrators. I am particularly excited about our broadened multiyear strategic collaboration agreement with AWS that we announced at Reinvent in November. This has already begun to accelerate and streamline customer migrations to Capella on AWS.

其次，我們在上市效率方面取得了重大進展。我們改變了我們進入市場的方式，從購買和銷售到運動，無論是在功效還是效率方面。重要的是，我們的合作夥伴和聯盟生態系統不斷深化。在這一年中，我們看到強勁的預訂量增長源於獨立軟件開發商、雲服務提供商和系統集成商等合作夥伴的影響。我對我們在 11 月的 Reinvent 上宣布的與 AWS 擴大的多年戰略合作協議感到特別興奮。這已經開始加速和簡化客戶向 AWS 上的 Capella 的遷移。

On the buy from side, we continue to invest in growing our mind share with developers through community building and developer relations. We grew the number of evangelists in the market, increased our developer events and enhanced our online community presence. All of this, combined with product enhancements we made for developers will be an important accelerator for our business.

在購買方面，我們繼續投資，通過社區建設和開發者關係來增加我們與開發者的思想共享。我們增加了市場上的傳播者數量，增加了我們的開發者活動並增強了我們的在線社區影響力。所有這些，再加上我們為開發人員所做的產品增強，將成為我們業務的重要加速器。

And third, we evolved our world-class team and culture by adding new leadership across multiple parts of the organization, including sales, engineering and more. Our culture remains a sustainable competitive advantage as we attract, develop and retain the highly skilled talent necessary to execute on our growth strategies. Refocused roles and responsibilities have accelerated our product development and delivery, allowed us to move at a faster pace and drive higher operational rigor and enhance go-to-market efficiency.

第三，我們通過在組織的多個部門（包括銷售、工程等）增加新的領導層，發展了我們世界一流的團隊和文化。我們的文化仍然是一種可持續的競爭優勢，因為我們吸引、培養和留住執行我們的增長戰略所必需的高技能人才。重新定位的角色和職責加速了我們的產品開發和交付，使我們能夠以更快的速度前進並推動更高的運營嚴謹性並提高上市效率。

In summary, the strategic product, go-to-market and team investments we made in fiscal 2023 are yielding incremental offerings and capabilities that we believe bolsters our ability to deliver sustained growth while also doing so in an increasingly efficient way. We've always operated under a disciplined approach to our expenses. However, the implementation of increased operational rigor in recent weeks reflects an extra step to complement our growth with improved leverage in 2024.

總而言之，我們在 2023 財年進行的戰略產品、上市和團隊投資正在產生增量產品和能力，我們認為這些產品和能力增強了我們實現持續增長的能力，同時也以越來越高效的方式實現了這一目標。我們一直以嚴格的方式運營我們的開支。然而，最近幾週實施更加嚴格的運營反映了在 2024 年通過提高槓桿率來補充我們的增長的額外步驟。

Now turning to wins from the quarter. We are pleased that in Q4, a majority of our net new logos were Capella. We added customers from a broad range of industries, including technology, e-commerce, gaming, insurance, health care, travel and more. Some exciting wins included a premier global gaming and entertainment company, a publicly-traded global IT company and a fast-growing mobile health care company. The Capella new logo use cases from the quarter reinforced what we started to see with Capella new logos at the beginning of the year. Customers selecting Capella for best-in-class performance, speed, flexibility, scalability and improved TCO.

現在轉向本季度的勝利。我們很高興在第四季度，我們的大部分淨新徽標都是 Capella。我們增加了來自廣泛行業的客戶，包括技術、電子商務、遊戲、保險、醫療保健、旅遊等。一些激動人心的勝利包括一家領先的全球遊戲和娛樂公司、一家上市的全球 IT 公司和一家快速發展的移動醫療保健公司。本季度的 Capella 新徽標用例強化了我們在年初開始看到的 Capella 新徽標。客戶選擇 Capella 是為了獲得一流的性能、速度、靈活性、可擴展性和改進的總體擁有成本。

In addition to new logos, we continue to see an acceleration of Capella migrations from existing customers. One such migration came from a clothing company that owns several major international brands. This long-time customer has leveraged Couchbase to build digital showrooms for a smooth, immersive experience that works flawlessly regardless of Internet connectivity. They made the decision to move from on-prem to Capella because of the flexibility, performance and improved TCO that our managed service provided.

除了新徽標，我們繼續看到現有客戶加速遷移 Capella。一個這樣的遷移來自一家擁有幾個主要國際品牌的服裝公司。這位長期客戶利用 Couchbase 構建了數字展廳，以提供流暢、身臨其境的體驗，無論互聯網連接如何，都能完美運行。由於我們的託管服務提供的靈活性、性能和改進的 TCO，他們決定從本地部署遷移到 Capella。

Another notable Capella migration in the quarter was a 7-figure deal from a leading cloud-based enterprise communication platform provider. This customer initially selected Capella when looking to support large-scale real-time communication for managing sessions and recording SMS messages. After seeing initial success with Capella's performance, they have moved their entire Couchbase estate to Capella. Their developer team is experiencing even greater reduction in database management, and they have reduced TCO, all while Capella has supported their rapid application growth.

本季度另一個值得注意的 Capella 遷移是來自一家領先的基於雲的企業通信平台提供商的 7 位數交易。該客戶最初選擇 Capella 是為了支持大規模實時通信以管理會話和記錄 SMS 消息。在看到 Capella 的表演取得初步成功後，他們將整個 Couchbase 莊園搬到了 Capella。他們的開發團隊正在經歷更大程度的數據庫管理減少，並且他們降低了 TCO，同時 Capella 支持他們的應用程序快速增長。

And our server and mobile offerings continue to generate both new logos and large expansions for us. In the quarter, we saw momentum across a broad range of industries, including telco, retail, media and entertainment, technology and travel. Customers continue to leverage our platform for a wide range of use cases and to power many of their most important business applications. They also continue to take advantage of our differentiated architecture and multimodal capabilities by consolidating vendors to realize cost efficiencies and lower TCO.

我們的服務器和移動產品繼續為我們生成新徽標和大型擴展。在本季度，我們看到了包括電信、零售、媒體和娛樂、技術和旅遊在內的廣泛行業的發展勢頭。客戶繼續將我們的平台用於廣泛的用例，並為他們許多最重要的業務應用程序提供支持。他們還通過整合供應商來繼續利用我們的差異化架構和多模式功能，以實現成本效益和降低 TCO。

Now turning to some thoughts on the near-term environment. Given the large opportunity ahead of us, we plan to keep innovating and investing while also placing increased rigor on our expense discipline and focusing on what we can control. Like many of our technology peers, we're seeing the impact of macroeconomic headwinds affecting broader IT spending and these trends intensified in the quarter. For example, some customers and prospects are taking longer to make their buying decisions, are requiring extra layers of approval or are electing to buy in smaller increments.

現在轉向對近期環境的一些想法。鑑於擺在我們面前的巨大機遇，我們計劃繼續創新和投資，同時更加嚴格我們的費用紀律並專注於我們可以控制的事情。與我們的許多技術同行一樣，我們看到宏觀經濟逆風影響更廣泛的 IT 支出，並且這些趨勢在本季度加劇。例如，一些客戶和潛在客戶需要更長的時間才能做出購買決定，需要額外的批准層或選擇以較小的增量購買。

That said, demand indicators remain strong, and we continue to see healthy pipeline growth. Modern databases are nothing short of a requirement for successful digital transformation, which remains a strategic priority across the global enterprises and organizations we serve. Relational systems are too expensive and ill-suited for the task, and we believe that other emerging NoSQL solutions lack sufficient performance and scale to accommodate the incessant growth in data volume and variety that is at the core of application modernization.

也就是說，需求指標依然強勁，我們繼續看到健康的管道增長。現代數據庫是成功數字化轉型的必要條件，這仍然是我們服務的全球企業和組織的戰略重點。關係系統過於昂貴且不適合這項任務，我們認為其他新興的 NoSQL 解決方案缺乏足夠的性能和規模來適應處於應用程序現代化核心的數據量和種類的不斷增長。

Couchbase's ability to deliver in a fast, flexible, familiar and affordable way continues to resonate across our market. Of note, the increased interest in the economic value of our platform and the unique value proposition of Capella are serving as a powerful validation of one of our core differentiators, especially against this more challenging macro backdrop.

Couchbase 以快速、靈活、熟悉和負擔得起的方式提供服務的能力繼續在我們的市場中引起共鳴。值得注意的是，人們對我們平台的經濟價值的興趣增加以及 Capella 的獨特價值主張有力地證明了我們的核心差異化因素之一，尤其是在這個更具挑戰性的宏觀背景下。

As we look to fiscal 2024, we remain extremely mindful of all these dynamics. This focus has carefully informed how we are looking at the near-term outlook, both in terms of driving continued growth and leverage. I am confident that we are well positioned to weather any downturn as a result of these strategic initiatives that are just starting to bear their fruit, coupled with the operational improvements we've implemented. These include a greatly expanded product portfolio, particularly with Capella, a meaningfully expanded partner ecosystem and transformational changes in terms of how we go to market. This will serve us well as we continue to seize the massive opportunity to drive a generational rethink of the database market.

當我們展望 2024 財年時，我們仍然非常關注所有這些動態。這種關注已經仔細告知我們如何看待近期前景，無論是在推動持續增長和槓桿方面。我相信，由於這些剛剛開始取得成果的戰略舉措，加上我們已經實施的運營改進，我們有能力度過任何低迷時期。其中包括大幅擴展的產品組合，尤其是與 Capella 的合作夥伴生態系統，以及我們進入市場方式方面的轉型變化。這對我們很有幫助，因為我們將繼續抓住這個巨大的機會來推動對數據庫市場的世代反思。

In closing, I want to reiterate our priorities. First, delivering topline growth; second, increasing the mix of Capella across all metrics; third, driving further sales and marketing efficiency; and fourth, accelerating the pace of leverage in our model. I have high expectations for fiscal 2024, and our management team is committed to delivering improvements across all of these areas.

最後，我想重申我們的優先事項。首先，實現營收增長；其次，增加 Capella 在所有指標中的組合；第三，進一步提高銷售和營銷效率；第四，加快我們模型中槓桿化的步伐。我對 2024 財年寄予厚望，我們的管理團隊致力於在所有這些領域實現改進。

Before handing the call over to Greg, I want to emphasize one of our core values that I've repeated many times before. At Couchbase, we attack hard problems driven by customer outcomes.

在將電話轉交給格雷格之前，我想強調我之前多次重複的核心價值觀之一。在 Couchbase，我們解決由客戶結果驅動的難題。

With that, I'll hand the call over to Greg to walk you through our results in more detail. Greg?

有了這個，我會把電話轉給格雷格，讓你更詳細地了解我們的結果。格雷格？

Thanks, Matt, and thanks, everyone, for joining us.

謝謝馬特，也謝謝大家加入我們。

We had another strong quarter as we beat guidance across all key metrics against a more challenging macro environment and despite experiencing increased levels of deal scrutiny, we continue to see strong business momentum, robust renewal rates and overall healthy demand for our solutions while our efforts to reduce costs and improve efficiency resulted in a meaningful outperformance of our operating loss guidance. We are pleased with our execution in the quarter.

我們有另一個強勁的季度，因為我們在更具挑戰性的宏觀環境中超越了所有關鍵指標的指導，儘管交易審查水平不斷提高，但我們繼續看到強勁的業務勢頭、強勁的續約率和對我們解決方案的整體健康需求，同時我們努力降低成本和提高效率使我們的經營虧損指導表現顯著。我們對本季度的執行情況感到滿意。

I'll now walk you through our fourth quarter and full year fiscal 2023 financial results in more detail.

我現在將更詳細地向您介紹我們第四季度和全年的 2023 財年財務業績。

Total annual recurring revenue, or ARR, was $163.7 million at the end of the fiscal year, representing 23% growth year-over-year or 24% growth year-over-year on a constant currency basis. Revenue for the fourth quarter was $41.6 million, an increase of 19% year-over-year and $154.8 million for the full year, an increase of 25% year-over-year. In addition to strong subscription revenue growth this quarter, revenue benefited from continued strength in professional services, which we remind you is nonrecurring and does not appear in our ARR number nor customer count.

截至本財年末，年度經常性總收入 (ARR) 為 1.637 億美元，同比增長 23%，按固定匯率計算同比增長 24%。第四季度收入為 4160 萬美元，同比增長 19%；全年收入為 1.548 億美元，同比增長 25%。除了本季度強勁的訂閱收入增長外，收入還受益於專業服務的持續強勁，我們提醒您這是非經常性的，不會出現在我們的 ARR 數字或客戶數量中。

Subscription revenue for the fourth quarter was $38.1 million, an increase of 16% year-over-year and $142.9 million for the full year, an increase of 23% year-over-year. Professional services revenue for the fourth quarter was $3.5 million, an increase of 53% year-over-year and $11.9 million for the full year, an increase of 64% year-over-year. We do not anticipate the same degree of strength in professional services in fiscal 2024 and expect contribution as a percentage of revenue to be slightly below recent levels.

第四季度訂閱收入為 3810 萬美元，同比增長 16%；全年訂閱收入為 1.429 億美元，同比增長 23%。第四季度專業服務收入為 350 萬美元，同比增長 53%；全年為 1190 萬美元，同比增長 64%。我們預計 2024 財年專業服務的實力不會達到同樣程度，預計貢獻佔收入的百分比將略低於近期水平。

We exited the year with 675 customers, an increase of 17 net new customers from the third quarter. Our ARR per customer performance in the fourth quarter was $242,000, up from $231,000 in the third quarter and indicative of growing wallet share we have with large customers. In fact, the number of customers spending over $1 million in ARR grew 46% in fiscal 2023. As a reminder, as Capella continues to grow in revenue contribution, we expect ARR per customer growth could moderate or decline in future quarters.

我們以 675 名客戶結束了這一年，比第三季度增加了 17 名淨新客戶。我們第四季度每位客戶的 ARR 為 242,000 美元，高於第三季度的 231,000 美元，這表明我們與大客戶的錢包份額不斷增加。事實上，在 2023 財年，ARR 支出超過 100 萬美元的客戶數量增長了 46%。提醒一下，隨著 Capella 的收入貢獻繼續增長，我們預計未來幾個季度每個客戶的 ARR 增長可能會放緩或下降。

Our dollar-based net retention rate continues to exceed 115%. In discussing the remainder of the income statement, please note that unless otherwise stated, all references to our expenses, results of operations and share count are on a non-GAAP basis.

我們以美元為基礎的淨保留率繼續超過 115%。在討論損益表的其餘部分時，請注意，除非另有說明，否則所有對我們費用、經營業績和股份數量的引用均基於非公認會計原則。

In Q4, our gross margin remained best-in-class at 86.3%. This compares to a gross margin of 88.7% a year ago and 88.0% last quarter. Our gross margin for the full fiscal year was 87.6%, slightly lower than our fiscal year 2022 of 88.4% due to an increased mix of Capella as well as professional services. As a reminder, as Capella mix increases, we expect gross margin will decline over time.

第四季度，我們的毛利率保持在同類最佳水平，為 86.3%。相比之下，一年前的毛利率為 88.7%，上季度為 88.0%。我們整個財年的毛利率為 87.6%，略低於我們 2022 財年的 88.4%，這是由於 Capella 和專業服務組合的增加。提醒一下，隨著 Capella 組合的增加，我們預計毛利率將隨著時間的推移而下降。

Turning to expenses. We continue to invest to capture the generational opportunity we see in front of us, but are focused on improving the efficiency of our growth. Our sales and marketing expenses for Q4 were $26.7 million or 64% of revenue compared to $22.2 million or 63% of revenue a year ago. For the full fiscal year, our sales and marketing expenses were $101.3 million or 65% of revenue compared to $85.4 million or 69% of revenue in the prior fiscal year.

談到開支。我們繼續投資以抓住擺在我們面前的一代人的機會，但專注於提高我們的增長效率。我們第四季度的銷售和營銷費用為 2670 萬美元，佔收入的 64%，而一年前為 2220 萬美元，佔收入的 63%。在整個財政年度，我們的銷售和營銷費用為 1.013 億美元，佔收入的 65%，而上一財政年度為 8540 萬美元，佔收入的 69%。

Research and development expenses for Q4 were $12.9 million or 31% of revenue compared to $12.3 million or 35% of revenue a year ago. For the full fiscal year, our research and development expenses were $49.7 million or 32% of revenue compared to $48.3 million or 39% of revenue in the prior fiscal year. During the past year, we continued to thoughtfully invest in our as-a-service offering as well as in additional features to bolster our platform offering.

第四季度的研發費用為 1290 萬美元，佔收入的 31%，而去年同期為 1230 萬美元，佔收入的 35%。在整個財政年度，我們的研發費用為 4970 萬美元，佔收入的 32%，而上一財政年度為 4830 萬美元，佔收入的 39%。在過去的一年裡，我們繼續深思熟慮地投資於我們的即服務產品以及其他功能，以支持我們的平台產品。

General and administrative expenses for Q4 were $6.3 million or 15% of total revenue compared to $5.7 million or 16% of revenue a year ago. For the full fiscal year, our general and administrative expenses were $25.9 million or 17% of revenue compared to $21.0 million or 17% of revenue in the prior fiscal year.

第四季度的一般和管理費用為 630 萬美元，佔總收入的 15%，而去年同期為 570 萬美元，佔總收入的 16%。在整個財政年度，我們的一般和行政費用為 2590 萬美元，佔收入的 17%，而上一財政年度為 2100 萬美元，佔收入的 17%。

Non-GAAP operating loss for Q4 was $9.9 million or a negative 24% operating margin compared to an operating loss of $9.1 million or a negative 26% operating margin a year ago. Operating loss for the full fiscal year was $41.3 million or a negative 27% operating margin compared to an operating loss of $45.5 million or a negative 37% operating margin in the prior fiscal year.

第四季度的非 GAAP 營業虧損為 990 萬美元或營業利潤率為負 24%，而一年前營業虧損為 910 萬美元或營業利潤率為負 26%。整個財年的運營虧損為 4130 萬美元或運營利潤率為負 27%，而上一財年的運營虧損為 4550 萬美元或運營利潤率為負 37%。

During the fourth quarter, in addition to ongoing efforts to improve operational efficiency that Matt talked about, we identified additional opportunities for cost optimization and took proactive measures to improve our margin profile and accelerate our path to profitability. This included optimizing our head count by approximately 5%, largely from rigorous performance management and role eliminations. Incremental to this natural leverage embedded in our model, we anticipate that these actions will result in approximately $4 million of net savings in fiscal 2024. We will monitor market conditions and selectively manage our headcount to align with our strategic initiatives while improving operating margins.

在第四季度，除了馬特談到的提高運營效率的持續努力外，我們還發現了額外的成本優化機會，並採取積極措施來改善我們的利潤率狀況並加快我們的盈利之路。這包括將我們的員工人數優化約 5%，主要來自嚴格的績效管理和職位淘汰。隨著我們模型中嵌入的這種自然槓桿作用的增加，我們預計這些行動將在 2024 財年帶來約 400 萬美元的淨節省。我們將監控市場狀況並有選擇地管理我們的員工人數，以與我們的戰略計劃保持一致，同時提高營業利潤率。

Non-GAAP net loss attributable to common stockholders for Q4 was $8 million or negative $0.18 per share. For the full fiscal year, net loss was $40.5 million or negative $0.90 per share.

第四季度歸屬於普通股股東的非 GAAP 淨虧損為 800 萬美元或每股負 0.18 美元。整個財政年度，淨虧損為 4050 萬美元或每股虧損 0.90 美元。

Turning to the balance sheet and cash flow statement. We ended Q4 with $168 million in cash, cash equivalents and short-term investments. We remain well capitalized to execute against our long-term growth strategy. Our remaining performance obligations, or RPO, totaled $165.9 million at the end of Q4, an increase of 3% year-over-year. We expect to recognize approximately 71% or $117.2 million of total RPO revenue over the fiscal year 2024, which represents 19% year-over-year growth. We note that our total RPO performance has been impacted by year-over-year contraction in billings terms as some customers are electing shorter-term contracts to the macro uncertainty and because our sales plans no longer incentivize multiyear contracts as aggressively.

轉向資產負債表和現金流量表。我們以 1.68 億美元的現金、現金等價物和短期投資結束了第四季度。我們仍然有充足的資本來執行我們的長期增長戰略。截至第四季度末，我們的剩餘履約義務或 RPO 總計 1.659 億美元，同比增長 3%。我們預計在 2024 財年確認約 71% 或 1.172 億美元的 RPO 總收入，同比增長 19%。我們注意到，我們的 RPO 總業績受到賬單同比收縮的影響，因為一些客戶選擇短期合同來應對宏觀不確定性，而且我們的銷售計劃不再積極激勵多年合同。

Operating cash flow for Q4 was negative $10.2 million and for the full year, it was negative $41.2 million. Free cash flow for Q4 was negative $11.8 million or a negative 28% free cash flow margin. Free cash flow for the full year was negative $46.8 million or negative 30% free cash flow margin. We are pleased with the material improvement we have made in our free cash flow profile and remain committed to driving further improvement.

第四季度的運營現金流為負 1020 萬美元，全年為負 4120 萬美元。第四季度的自由現金流為負 1180 萬美元或負 28% 的自由現金流利潤率。全年的自由現金流為負 4680 萬美元或負 30% 的自由現金流利潤率。我們對我們在自由現金流方面取得的實質性改善感到滿意，並將繼續致力於推動進一步改善。

Now I will provide guidance for Q1 and the full year fiscal 2024.

現在我將為第一季度和 2024 財年全年提供指導。

As Matt discussed, we continue to see solid momentum across our industry in support of broad-based digital transformation initiatives and our pipeline remains strong. Furthermore, we anticipate that incremental growth drivers, including our expanded product capabilities, enhanced partner ecosystem and improved go-to-market motion will continue to contribute to our momentum in fiscal 2024. These factors, in addition to excellent renewal rates gives us cautious optimism that we can sustain and build upon the momentum we've achieved since going public.

正如馬特所討論的那樣，我們繼續看到整個行業在支持基礎廣泛的數字化轉型計劃方面的強勁勢頭，我們的渠道仍然很強大。此外，我們預計增量增長驅動因素，包括我們擴大的產品能力、增強的合作夥伴生態系統和改進的上市行動，將繼續為我們在 2024 財年的發展勢頭做出貢獻。這些因素，加上出色的續訂率，讓我們保持謹慎樂觀我們可以維持並鞏固自上市以來取得的勢頭。

That said, we are mindful of the macro headwinds impacting IT spending and are monitoring the environment and the impact on our business closely, including bookings, pipeline and pipeline conversion, retention and expansion rates, deal sizes, sales cycles, logo acquisition and sales productivity. As such, our outlook prudently embeds an elevated degree of conservatism across all of these forward-looking metrics to account for this uncertainty. In addition, we have taken additional steps to put us in a position to quickly respond and make changes to our operating model should the need arise. Additionally, I'd like to remind everyone that as opposed to the annual credit portion of our Capella business, the on-demand portion is not currently counted ARR, and as such, we're factoring this emerging dynamic in our outlook.

也就是說，我們注意到影響 IT 支出的宏觀逆風，並密切監控環境和對我們業務的影響，包括預訂、管道和管道轉換、保留率和擴展率、交易規模、銷售週期、標識獲取和銷售生產力.因此，我們的展望謹慎地在所有這些前瞻性指標中嵌入了更高程度的保守主義，以解釋這種不確定性。此外，我們還採取了額外措施，使我們能夠在需要時快速響應並改變我們的運營模式。此外，我想提醒大家，與我們 Capella 業務的年度信貸部分不同，按需部分目前不計入 ARR，因此，我們在展望中考慮了這一新興動態。

Lastly, I want to highlight a change in how we plan and forecast for Capella revenue recognition. Historically, we assumed consumption to be approximate straight line, but now assume a true consumption pattern and customer usage to ramp over the contract period, especially for new logos and enterprise customers who migrate to Capella.

最後，我想強調我們計劃和預測 Capella 收入確認方式的變化。從歷史上看，我們假設消費近似直線，但現在假設真實的消費模式和客戶使用率在合同期內呈上升趨勢，尤其是對於遷移到 Capella 的新徽標和企業客戶。

While the impact is not material to revenue in Q1 fiscal 2024, we do expect a negative impact to the full year revenue of approximately $2 million, representing an approximately 1% year-over-year impact to growth relative to our prior recognition method. With these factors in mind, for the first quarter of fiscal 2024, we expect total revenue in the range of $39.5 million to $40.1 million or a year-over-year growth of 14% at the midpoint. We anticipate ARR in the range of $169.2 million to $172.2 million, which represents 22% growth year-over-year at the midpoint. We expect a non-GAAP operating loss in the range of negative $14.9 million to negative $14.1 million.

雖然這對 2024 財年第一季度的收入影響不大，但我們預計全年收入將受到約 200 萬美元的負面影響，相對於我們之前的確認方法，對增長的同比影響約為 1%。考慮到這些因素，我們預計 2024 財年第一季度的總收入將在 3950 萬美元至 4010 萬美元之間，或者中點同比增長 14%。我們預計 ARR 在 1.692 億美元至 1.722 億美元之間，按中點計算同比增長 22%。我們預計非 GAAP 營業虧損在負 1,490 萬美元至負 1,410 萬美元之間。

For the full year of fiscal 2024, we expect total revenue in the range of $171.7 million to $174.7 million or a year-over-year growth of 12% at the midpoint or 13% before the revenue recognition change. As a reminder, we've historically seen variability with respect to the implementation timing of certain enterprise deals, which impacts our revenue visibility, along with the new or migrated Capella customers. We, therefore, continue to view ARR as a better indicator than revenue of the strength of our business.

對於 2024 財年全年，我們預計總收入在 1.717 億美元至 1.747 億美元之間，或者在收入確認變化之前同比增長 12% 或 13%。提醒一下，我們在歷史上看到了某些企業交易的實施時間的變化，這會影響我們的收入可見性，以及新的或遷移的 Capella 客戶。因此，我們繼續將 ARR 視為比我們業務實力的收入更好的指標。

We expect ARR in the range of $190 million to $194 million or 17% growth at the midpoint. And finally, we expect a non-GAAP operating loss in the range of negative $44 million to negative $40 million.

我們預計 ARR 在 1.9 億美元至 1.94 億美元之間，即中點增長 17%。最後，我們預計非 GAAP 營業虧損在負 4400 萬美元至負 4000 萬美元之間。

With that, Matt and I are happy to take your questions. Operator?

有了這個，馬特和我很樂意回答你的問題。操作員？

(Operator Instructions) And our first question comes from the line of Raimo Lenschow with Barclays.

（操作員說明）我們的第一個問題來自 Raimo Lenschow 與巴克萊銀行的合作。

Congrats on another solid quarter. Matt, first question for you, and then I have a follow-up for Greg. Matt, if you think about the current environment, you talked about the headwinds, longer than the -- longer decision-making cycles, et cetera, but you still seem to be performing pretty well. Can you talk a little bit about the action you have taken in terms of sales approach or accounts you want to land, et cetera, to kind of enable you to kind of come up with these really solid Q4 numbers, but also with a very solid ARR guidance for the next year?

祝賀又一個穩定的季度。馬特，第一個問題問你，然後我要跟進格雷格。馬特，如果你考慮當前的環境，你談到了逆風，比 - 更長的決策週期等等，但你似乎仍然表現得很好。你能談談你在銷售方法或你想要登陸的客戶等方面採取的行動嗎？明年的 ARR 指南？

Raimo, as we think about how we perform against the environment, we're being very maniacal to separate the things that we can control from the things that we can't. And I think throughout the call, we'll probably talk about that more. As we indicated in the prepared remarks, there were some things outside of our control that intensified in the quarter. Longer sales cycles, elevated decision-making criteria, focus on economic value, some customers taking a little bit longer to move something into production.

Raimo，當我們考慮我們如何應對環境時，我們非常瘋狂地將我們可以控制的事情與我們不能控制的事情分開。我認為在整個通話過程中，我們可能會更多地討論這個問題。正如我們在準備好的評論中指出的那樣，本季度有些我們無法控制的事情加劇了。更長的銷售週期、更高的決策標準、對經濟價值的關注，一些客戶需要更長的時間才能將某些東西投入生產。

And we take great pride in the fact that as we shift over to the things that we can control, operational rigor, really understanding our sales cycle, showing up as true partners to our end customers, really articulating the value of Couchbase and consolidating multiple solutions into one, providing a solution with great total cost of ownership, particularly with Capella, executing on initiatives with our partnerships that have really opened up with our expanded go-to-market with the Capella offering, we feel great about our ability to overcome some of those intensified environments, and really deliver solid results across the business.

我們感到非常自豪的是，當我們轉向我們可以控制的事情時，嚴格的運營，真正了解我們的銷售週期，作為最終客戶的真正合作夥伴出現，真正闡明 Couchbase 的價值並整合多個解決方案合二為一，提供總擁有成本很高的解決方案，尤其是與 Capella 合作，執行與我們的合作夥伴關係的舉措，這些合作夥伴關係隨著我們通過 Capella 產品擴大上市時間而真正開放，我們對我們克服一些困難的能力感到非常滿意這些強化的環境，並真正在整個企業中交付可靠的結果。

We've spent a lot of time talking about Couchbase as a story of acceleration. And a lot of that emphasis has been on top line, how do we grow the company faster, how do we increase the mix of Capella. On top of all those things, this quarter, we're particularly proud with what we've done to accelerate the leverage in the business and spending more time and attention on the operational side.

我們花了很多時間將 Couchbase 視為加速的故事。很多重點都放在了頂線，我們如何更快地發展公司，我們如何增加 Capella 的組合。最重要的是，本季度，我們為加快業務槓桿作用以及在運營方面投入更多時間和精力所做的工作感到特別自豪。

So from the standpoint of being in today's environment, we talk a lot about deal with the world the way it is, not the way we want it to be and understanding that there are economic forces outside of our control, really leaning in and making sure that we are totally focused on what we can control across product, go-to-market and our teams. And that collective effort and that focus and the dedication of team Couchbase really allowed us to put up a great result and set us up for a great fiscal year ahead.

因此，從當今環境的角度來看，我們談論了很多關於如何按照世界的方式來處理世界，而不是我們想要的方式，並理解有我們無法控制的經濟力量，真正傾向於並確保我們完全專注於我們可以控制的產品、上市和我們的團隊。 Couchbase 團隊的集體努力、專注和奉獻精神確實讓我們取得了很好的成績，並為未來一個偉大的財政年度做好了準備。

Okay. Perfect. And then one for Greg. The -- well done on the improved leverage. Can you just remind us how you think about the path to breakeven profitability and the drivers that will get you there?

好的。完美的。然後一個給格雷格。 - 在改進槓桿方面做得很好。您能否提醒我們您如何看待實現盈虧平衡的盈利途徑以及實現盈虧平衡的驅動因素？

Yes. Thanks again, Raimo, for your comments.

是的。再次感謝 Raimo 的評論。

Yes, look, we've seen obviously improved results in the quarter and for the year in terms of leverage. As we talked about in our prepared remarks, we are continuing to be very focused on that. Things around things like Rule of 40 is really coming into focus where we've increased by 10 points in the prior year, and we'll be very mindful of that going forward.

是的，看，我們已經看到本季度和全年的槓桿率明顯改善。正如我們在準備好的發言中所說，我們將繼續非常關注這一點。圍繞 40 條規則之類的事情真正成為焦點，我們在前一年增加了 10 個百分點，我們將非常注意這一點。

As Matt stated, a couple of things that we're really focused on is growing but growing with greater efficiency and greater leverage. And so you saw some of the actions we took we talked about in the fourth quarter. We've put other actions in place that haven't even sort of beared fruit yet in terms of cost management. And along with continuing to be a growth company, we think that we're going to continue to see future leverage as well as moving towards that path to profitability and breakeven.

正如馬特所說，我們真正關注的幾件事正在增長，但增長的效率和槓桿率更高。所以你看到了我們在第四季度談到的一些行動。我們已經採取了其他措施，但在成本管理方面甚至還沒有取得成果。隨著繼續成為一家成長型公司，我們認為我們將繼續看到未來的槓桿作用，並朝著盈利和收支平衡的道路前進。

We haven't put a time frame on that yet, Raimo, but we are committed to getting there.

Raimo，我們還沒有確定時間框架，但我們致力於實現目標。

Our next question comes from the line of Howard Ma with Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 Howard Ma。

Great. I have one for Matt and one for Greg. First for Matt. So as you progress towards a more frictionless buying experience, can you comment on -- if most of new Capella customers on AWS, are they buying directly from the marketplace? Or is there usually a Couchbase sales rep involved? And then with respect to Azure and GCP, I understand that general availability now, which is great. When will Capella be available for direct purchase on those marketplaces? And I guess, just more broadly, how significant do you think availability on the hyperscaler marketplaces will be to expanding Capella's customer base?

偉大的。我有一份給 Matt，一份給 Greg。首先是馬特。因此，隨著您朝著更順暢的購買體驗邁進，您能否評論一下——如果 AWS 上的大多數 Capella 新客戶，他們是否直接從市場上購買？或者通常有 Couchbase 銷售代表參與嗎？然後關於 Azure 和 GCP，我知道現在普遍可用，這很好。 Capella 何時可以在這些市場上直接購買？而且我想，更廣泛地說，您認為超大規模市場的可用性對於擴大 Capella 的客戶群有多大意義？

Howard, appreciate the question. As we think about our efforts on overall efficiency on go-to-market, we've spent a lot of time talking about our highly instrumented direct sales model and complementing that with what we refer to as a buy from model. How do we engage developers early in their consideration and buying cycle and create a great experience for them as they're evaluating technologies and understanding the value of Couchbase.

霍華德，感謝這個問題。當我們考慮我們在進入市場的整體效率方面所做的努力時，我們花了很多時間來討論我們高度工具化的直銷模式，並用我們所說的從模型中購買來補充它。我們如何在開發人員考慮和購買週期的早期就讓他們參與進來，並在他們評估技術和了解 Couchbase 的價值時為他們創造良好的體驗。

We believe that with the Capella offering, we're going to dramatically increase that buy from experience and our innovation road map on integrating with developer tools and creating an even more frictionless experience and new UIs, all of these factor into that complementary motion that we can then instrument against our direct sales engagement.

我們相信，通過 Capella 產品，我們將顯著增加從體驗中購買的數量，以及我們與開發人員工具集成並創建更加流暢的體驗和新 UI 的創新路線圖，所有這些因素都融入了我們的互補行動然後可以對抗我們的直接銷售參與。

If we go back 1 year ago, we were only in market with server on AWS. And this year, we've rounded out the portfolio on Capella. We're now in market with all 3 hyperscalers on both server and mobile. So to answer that question, we think there is tremendous upside in the portfolio that our sellers and our partners are now bringing to market.

如果我們回到 1 年前，我們只是在市場上使用 AWS 上的服務器。今年，我們完善了 Capella 的投資組合。我們現在在服務器和移動設備上都擁有所有 3 種超大規模計算器。因此，為了回答這個問題，我們認為我們的賣家和合作夥伴現在推向市場的產品組合具有巨大的優勢。

Anytime we have Capella as part of our offering, our ability to dramatically increase the engagement with our partners is a very real factor for us. And you saw with AWS, we announced the strategic collaboration partnership, which was a big milestone for us. We anticipate reaching similar levels with Google and Azure now that we are in market with those solutions.

每當我們將 Capella 作為我們產品的一部分時，我們顯著增加與合作夥伴的參與度的能力對我們來說都是一個非常實際的因素。你看到了 AWS，我們宣布了戰略合作夥伴關係，這對我們來說是一個重要的里程碑。既然我們已經在市場上推出了這些解決方案，我們預計將與 Google 和 Azure 達到類似的水平。

As it pertains to actually getting new logos over the line, the great thing is we're benefiting from ways in which customers want to consume the technology. They want to buy it through cloud marketplaces, that's open to them. If they want to engage with us in more traditional ways, we can do it that way. And one of the things that we were very proud of in Q4 is actually a majority of our net new logos came from Capella this time around, and we benefited from that mix of both partner leverage and our go-to-market team's ability to continue to evangelize Capella and what it can do for them. Solving their development needs, but doing it a more efficient and lower total cost of ownership ways.

因為它涉及實際通過生產線獲得新徽標，所以很棒的是我們正在從客戶希望使用該技術的方式中受益。他們想通過對他們開放的雲市場購買它。如果他們想以更傳統的方式與我們互動，我們可以那樣做。我們在第四季度感到非常自豪的一件事實際上是這次我們的大部分淨新徽標都來自 Capella，我們受益於合作夥伴影響力和我們進入市場團隊的能力繼續傳播 Capella 以及它能為他們做些什麼。解決他們的開發需求，但以一種更高效、更低的總體擁有成本的方式來解決。

So I'd put that in squarely in the bucket of what we can control and the intersection of how we innovate and improve our go-to-market. And as far as what we're working on, again, big, big upside there, and we do think that will be transformational for the company as we go forward.

所以我會把它直接放在我們可以控制的範圍內，以及我們如何創新和改進我們進入市場的交叉點。就我們正在做的事情而言，再一次，那裡有很大的好處，我們確實認為這將在我們前進的過程中對公司進行轉型。

Okay. Great. That's really helpful color. And then if I could squeeze one in for Greg. Can you just help us better understand the discrepancy between total ARR guidance for -- is for 16% to 19% growth and total revenue guidance for 11% to 13% growth. I understand that there's -- you discussed the Capella revenue recognition change, that's about a percentage point. But it's still a good -- back that out, still like a 4% to 5% delta or a percentage point delta. Is that primarily due to an increase in committed self-managed contracts that -- so that you include that in ARR, if you don't recognize it as revenue until later on, like is that still the primary difference? I hope that makes sense.

好的。偉大的。那是非常有用的顏色。然後如果我能為 Greg 擠一個進去。你能不能幫助我們更好地理解總 ARR 指導之間的差異——16% 到 19% 的增長和總收入指導 11% 到 13% 的增長。我知道有 - 你討論了 Capella 收入確認變化，這大約是一個百分點。但這仍然是一個很好的——支持它，仍然像 4% 到 5% 的增量或一個百分點的增量。這主要是由於承諾的自我管理合同的增加——所以你將其包括在 ARR 中，如果你直到後來才將其確認為收入，那麼這仍然是主要區別嗎？我希望這是有道理的。

Yes, it's -- yes, Howard, thanks. Good to have you on the call, of course. And yes, it makes sense. And I'd say there's 2 drivers from that sort of delta between the growth in the ARR and the revenue. The first, as you mentioned, is Capella. As we get more Capella and now especially with that updated revenue recognition model, where we're doing it as consumed. And particularly as you have migrations and new logos, those things take a little bit of time to ramp from a consumption perspective. That will create some delta in terms of the revenue growth versus the ARR growth.

是的，是——是的，霍華德，謝謝。當然，很高興有你接聽電話。是的，這是有道理的。我想說 ARR 的增長和收入之間的這種增量有兩個驅動因素。第一個，正如你提到的，是卡佩拉。隨著我們獲得更多的 Capella，尤其是現在有了更新的收入確認模型，我們正在按照消耗的方式進行。特別是當你有遷移和新標識時，從消費的角度來看，這些事情需要一點時間才能實現。這將在收入增長與 ARR 增長之間產生一些差異。

And the second thing I would add is that services, obviously, as we talked about services is not part of ARR, it is part of revenue. Last year, we had an outperformance in services. I mean our services grew 64% last year ahead of what we had expected, and we're not expecting it to grow anywhere near that. In fact, it will probably be a slight negative growth this year. And so that's what -- those 2 things combined are really what's creating the sort of dislocation, if you will, between the growth rate you're seeing on ARR and revenue.

我要補充的第二件事是服務，顯然，正如我們所說的服務不是 ARR 的一部分，它是收入的一部分。去年，我們在服務方面表現出色。我的意思是我們的服務去年增長了 64%，超出了我們的預期，而且我們預計它的增長不會接近那個水平。事實上，今年很可能會出現輕微的負增長。這就是 - 如果你願意的話，這兩件事結合起來確實造成了你在 ARR 和收入上看到的增長率之間的錯位。

Our next question comes from the line of Kash Rangan with Goldman Sachs.

我們的下一個問題來自 Kash Rangan 與高盛的合作。

In the quarter, talk about the cash... what are the things that...

在本季度，談論現金……什麼是……

Sorry, Kash. Sorry to interrupt. We can't hear you very well.

對不起，卡什。抱歉打擾了。我們聽不太清楚。

Is this better?

這是否更好？

A little better.

好一點。

Right. I would (inaudible) . So curious to get your thoughts on the initiatives that Couchbase's Capella customers ramped up as quickly as possible. And since the product has been out of the market for actually several quarters now. What are the trends you're seeing with respect to consumption. And what are the kind of projects that people are using Capella for that are very distinct from the central use case? In other words, we've gotten a good handle on the consumption trends and what might cause those things to accelerate, what might dampen those trends, that sort of thing.

正確的。我會（聽不清）。非常想知道您對 Couchbase 的 Capella 客戶盡快採取的舉措的想法。而且由於該產品實際上已經退出市場幾個季度了。您在消費方面看到的趨勢是什麼？人們正在使用 Capella 進行哪些與中心用例截然不同的項目？換句話說，我們已經很好地掌握了消費趨勢，以及什麼可能導致這些事情加速，什麼可能抑制這些趨勢，諸如此類。

Kash, you were a little hard to hear. I think I've picked up most of it. And I'll sort of restate what I heard and answer the question, if I miss anything, please feel free to come back. I think generally noting that we've been in market with Capella and understanding that there's big upside there, what are we seeing in terms of adoption from Capella and furthermore consumption and are there any patterns emerging?

卡什，你的聲音有點難聽。我想我已經掌握了大部分。我會重述我聽到的內容並回答問題，如果我遺漏了什麼，請隨時回來。我認為通常注意到我們一直在與 Capella 一起進入市場並了解那裡有很大的優勢，我們在 Capella 的採用和進一步消費方面看到了什麼，是否有任何模式出現？

So what I would say generally speaking is Capella is dominating our customer conversations, both new logos and migrations. And we mentioned some use cases in the quarter at a very high level for both new logos and migrations, which I'll touch on in a second.

所以我一般要說的是 Capella 主導了我們的客戶對話，包括新徽標和遷移。我們在本季度提到了一些非常高級別的用例，包括新徽標和遷移，我稍後會談到。

Generally speaking, I will tell you that when we get somebody into the Capella offering, whether it be a new logo or an existing customer, we are seeing the pace of growth and consumption being ahead of what we would see in our traditional model. And that's aligned to what we would have expected in light of the fact that we really work on ease of operational efficiency and opening up use cases and being able to directly engage a developer, leveraging things like telemetry to understand where customers may be having challenges and then being able to offer them subsequent advice or even services to accelerate in any of those things or overcome any barriers.

一般來說，我會告訴你，當我們讓某人參與 Capella 產品時，無論是新徽標還是現有客戶，我們都會看到增長和消費的步伐領先於我們在傳統模式中看到的速度。這與我們的預期一致，因為我們真正致力於提高運營效率和開放用例，並能夠直接與開發人員互動，利用遙測等技術來了解客戶可能在哪裡遇到挑戰，然後能夠為他們提供後續建議甚至服務，以加速任何這些事情或克服任何障礙。

As it pertains to use cases, I think we're excited that we're seeing it leverage across a vast variety of verticals and use cases. In Q4 alone, on Capella, we talked about a gaming company. That application was for internal bug reporting for their development process, enabling their developers to be that much more agile on responding to product feedback. That's very different from one of our migrations, which was a large online marketplace in Europe where the application running in Capella is managing a $30 million item product catalog across many retailers.

由於它與用例有關，我認為我們很高興看到它在各種垂直領域和用例中發揮作用。僅在第四季度，在 Capella 上，我們就談到了一家遊戲公司。該應用程序用於其開發過程的內部錯誤報告，使他們的開發人員能夠更加敏捷地響應產品反饋。這與我們的一個遷移非常不同，我們的遷移是歐洲的一個大型在線市場，在 Capella 中運行的應用程序管理著許多零售商價值 3000 萬美元的商品目錄。

And so Couchbase is a broad-based platform that services highly interactive applications and that pertains to telco and finance and professional services and edge use cases. And we are seeing it play out in the market that the offering and the consumption model of Capella offers additional benefits that Couchbase hasn't had in the product arsenal until we've been out to market with it.

因此，Couchbase 是一個基礎廣泛的平台，可為高度交互的應用程序提供服務，並且與電信和金融以及專業服務和邊緣用例有關。我們正在市場上看到，Capella 的產品和消費模式提供了 Couchbase 在我們將其推向市場之前在產品庫中所沒有的額外好處。

We've had extremely high expectations for the impact that that's going to have to our business. And we're seeing that play out in the results and in the pipeline on a go-forward basis.

我們對這將對我們的業務產生的影響抱有極高的期望。我們看到這在前進的基礎上在結果和管道中發揮作用。

So consistent with what we've been talking about, we're seeing that and remain very bullish on what this has in store for us as we go forward.

與我們一直在談論的內容一致，我們正在看到這一點，並且在我們前進的過程中仍然非常看好這為我們準備的東西。

And our next question comes from the line of Rob Oliver with Baird.

我們的下一個問題來自 Rob Oliver 與 Baird 的對話。

Matt, on partners, obviously, you're excited about partners. Deal sizes are getting bigger. You're talking about a more efficient go-to-market. Can you give us a flavor of I guess, first, how partners, if at all, are influencing deals today? And then down the road, what might constitute success either from, say, a percentage of deals touched or how we might think about sort of the evolution of partners driving your business? And then I had a follow-up for Greg.

馬特，關於合作夥伴，顯然，你對合作夥伴感到興奮。交易規模越來越大。您正在談論更有效的上市。你能給我們介紹一下嗎，我想，首先，合作夥伴，如果有的話，是如何影響今天的交易的？然後在未來，什麼可能構成成功，例如，所觸及的交易百分比，或者我們如何考慮推動您業務的合作夥伴的演變？然後我對格雷格進行了跟進。

Yes, Rob, I appreciate the question. Look, partners are a foundational element of our strategy, and it's not just one partner type. As I think about the impact, obviously, we are very excited about our expanded partnerships with the CSPs. And we think the pace of leverage there is only going to increase as we have more Capella end market.

是的，羅布，我很欣賞這個問題。看，合作夥伴是我們戰略的基本要素，而不僅僅是一種合作夥伴類型。考慮到影響，顯然，我們對與 CSP 擴大合作夥伴關係感到非常興奮。而且我們認為，隨著我們擁有更多的 Capella 終端市場，槓桿的步伐只會增加。

At the same time, we have great success with ISVs, and we also have investments and partnerships with GSIs in addition to resellers in particular geographies. You'd be hard-pressed, Rob, to find a customer where a partner hasn't been engaged with us in some way. And as we analyze the analytics of deal flow and pipeline, we often talk about partner influence or partner sourced. And you can see some variation by quarter or by geography on those various channels.

與此同時，我們在 ISV 方面取得了巨大成功，除了特定地區的經銷商之外，我們還與 GSI 進行了投資和合作。 Rob，你很難找到合作夥伴沒有以某種方式與我們接觸的客戶。當我們分析交易流和管道的分析時，我們經常談論合作夥伴的影響或合作夥伴的來源。您可以在這些不同的渠道上看到按季度或按地理位置的一些變化。

But we are encouraging our go-to-market teams to think about partners in every one of their deals, and are very excited about some of the joint go-to-market activities that we have with the likes of AWS for converting large customers, moving workloads into Capella, getting at net new workloads in existing customers, and quite frankly, are really impressed with their desire to go after net new logos for the cloud providers and Couchbase. And there's some really creative things that we can do in terms of account mapping, leveraging our CE installed base with their coverage to convert people to Capella, which is a new logo for both providers.

但我們鼓勵我們的上市團隊在他們的每一筆交易中考慮合作夥伴，並且對我們與 AWS 等公司為轉化大客戶而開展的一些聯合上市活動感到非常興奮，將工作負載轉移到 Capella，在現有客戶中獲得淨新的工作負載，坦率地說，他們對為雲提供商和 Couchbase 追求淨新徽標的願望印象深刻。在帳戶映射方面，我們可以做一些非常有創意的事情，利用我們的 CE 安裝基礎及其覆蓋範圍將人們轉化為 Capella，這是兩家提供商的新標誌。

And so Greg may be able to pile on some of the particular metrics from Q4. But as I think about it, it's pervasive across the business and gives us an opportunity to touch our customers and future customers in a way that just expands our leverage exponentially.

因此，格雷格可能能夠利用第四季度的一些特定指標。但正如我所想，它在整個企業中無處不在，讓我們有機會接觸我們的客戶和未來的客戶，從而以指數方式擴大我們的影響力。

Yes. And Rob, I'd just add to Matt's point, I mean we typically see 1/3 upwards of 2/3 of our deal activity in a quarter, partner source or partner influence. So as Matt said, it is a big and meaningful part of our business.

是的。羅布，我想補充一下馬特的觀點，我的意思是我們通常會在一個季度、合作夥伴來源或合作夥伴影響中看到 1/3 以上的交易活動的 2/3。正如馬特所說，這是我們業務中重要而有意義的一部分。

Okay. That's really helpful, guys. And then, Greg, just a follow-up for you. And I know you guys had talked about potentially being able to kind of reach that materiality threshold on Capella perhaps this fiscal year and nice conversion traction and now a majority of new customer adds. So is it still fair to assume that we might see that broken out later this year?

好的。這真的很有幫助，伙計們。然後，格雷格，只是你的後續行動。而且我知道你們已經討論過可能在本財年達到 Capella 的重要性門檻和良好的轉換牽引力，現在大多數新客戶增加了。那麼假設我們可能會在今年晚些時候爆發這種情況仍然公平嗎？

Yes. Thanks for that, Rob. Yes. Look, as Matt said, we are pleased with Capella and the traction. You saw the customer impact it's having along with other things. And I think that's a fair statement. We haven't made any commitment, but I think it's fair to think that at some point this year, we would begin sharing more details and information around the Capella business.

是的。謝謝你，羅布。是的。看，正如馬特所說，我們對卡佩拉和牽引力感到滿意。你看到了它對客戶的影響以及其他事情。我認為這是一個公平的說法。我們還沒有做出任何承諾，但我認為可以公平地認為，在今年的某個時候，我們將開始分享更多關於 Capella 業務的細節和信息。

Our next question comes from the line of Matt Hedberg with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Matt Hedberg。

Congrats on the year. In your prepared remarks, you talked about some -- maybe some macro headwinds intensifying as the quarter played on. I guess, Greg, could you talk about maybe thoughts around the guidance for fiscal '24? Did you embed sort of additional levels of conservatism like extended deal cycles or any sort of pipeline conversion rates?

恭喜過年。在你準備好的發言中，你談到了一些——也許隨著本季度的進行，一些宏觀逆風正在加劇。我想，格雷格，你能談談關於 24 財年指導的想法嗎？您是否嵌入了某種額外的保守主義級別，例如延長交易週期或任何類型的管道轉換率？

Matt, this is Matt. In light of the importance of the question, I thought I'd start off and then turn it over to Greg.

馬特，這是馬特。鑑於這個問題的重要性，我想我應該先開始，然後再把它交給 Greg。

As we mentioned, we did see some dynamics intensified, and as we thought about the year ahead, we wanted to come at it with an assumption that those dynamics persist, if not get worse.

正如我們所提到的，我們確實看到一些動力在加強，當我們考慮來年時，我們希望假設這些動力持續存在，即使不會變得更糟。

With that assumption in mind, we took a look across the business and actually had an elevated level of conservatism across things like pipeline generation, conversion, retention and expansion rates, sales cycles, deal size, logo acquisition because those things -- that macro dynamic is outside of our control. If you were to run that out, that would imply that we would not see an improvement in sales productivity, that close rates don't improve, that we don't have a material impact from Capella migrations, that we don't have a material increase in new logo additions with Capella and CE migrations and even a deterioration to net retention rates.

考慮到這一假設，我們審視了整個業務，實際上對渠道生成、轉化率、保留率和擴張率、銷售週期、交易規模、徽標獲取等方面的保守程度有所提高，因為這些東西——宏觀動態是我們無法控制的。如果你要用完它，那就意味著我們不會看到銷售效率的提高，成交率不會提高，我們不會受到 Capella 遷移的實質性影響，我們沒有隨著 Capella 和 CE 的遷移，新標識的增加顯著增加，甚至淨保留率下降。

Now to be very clear, the patterns that we're seeing in our business are not aligned with the effects of that assumption. And so we wanted to be very mindful of the macroeconomic environment, noting that we don't control it. We don't know how long it's going to persist. And then again, focus on what we can control and ensure that we're going to do everything possible to weather those dynamics and focus on what we can.

現在非常清楚，我們在業務中看到的模式與該假設的影響不一致。因此，我們要非常注意宏觀經濟環境，並指出我們無法控制它。我們不知道它會持續多久。然後再一次，專注於我們可以控制的事情，並確保我們將盡一切可能來應對這些動態並專注於我們能做的事情。

Yes. I'd just add, Matt, just again, we carefully and possibly apply the sort of risk adjustment behind our guidance. But as Matt said, our guidance is not indicative of what I think our current performance is on our growth potential. We're very committed to continue this pattern of growth that we've I think, demonstrated since in reacceleration we've demonstrated since becoming a public company and particularly in delivering more efficiency and profitability. Matt and I and the business have been through some of these challenges, not specific this one, but other ones and we feel like we're reasonably experienced risk managers and have applied all that into the guidance and how we're running the business.

是的。我只想補充一點，馬特，再一次，我們謹慎地並可能在我們的指導背後應用那種風險調整。但正如馬特所說，我們的指引並不代表我認為我們目前的表現對我們的增長潛力有何影響。我們非常致力於繼續我認為的這種增長模式，自從我們成為上市公司以來在重新加速中展示，特別是在提供更高的效率和盈利能力方面。馬特和我以及企業已經經歷了其中一些挑戰，不是具體的這個挑戰，而是其他挑戰，我們覺得我們是相當有經驗的風險管理者，並將所有這些應用到指南以及我們如何經營業務中。

Great. Great color. And then actually, Greg, that dovetails me my second question on sort of balancing growth and profitability. Obviously, with the success of Capella coming out of your IPO, we talked about a lot of go-to-market investments to drive broader adoption. As you look to fiscal '24, are there incremental things that you think are going to be a top priority sort of the best dollar spent on go-to-market that can drive continued success of Capella?

偉大的。很棒的顏色。然後實際上，格雷格，這與我關於平衡增長和盈利能力的第二個問題相吻合。顯然，隨著 Capella 在 IPO 中取得成功，我們討論了很多上市投資以推動更廣泛的採用。當您展望 24 財年時，您認為是否有一些漸進的事情將成為最優先考慮的事情，比如在進入市場上花費的最好的美元，可以推動 Capella 的持續成功？

Yes, Matt, great question. Like look, again, we've hopefully seen some of that as our sales and marketing efficiency improved this year. And we are certainly building a plan for us to improve next year. As you know, we made a change. Huw joined us as the new CRO middle of last year, and he's really been spending not only the first 6 months running the business but also getting things in place to continue to create more efficiency and set up for better success in the future. He's creating new models within the sales organization.

是的，馬特，好問題。就像看一樣，隨著我們今年銷售和營銷效率的提高，我們希望看到其中的一些。我們當然正在製定明年的改進計劃。如您所知，我們進行了更改。 Huw 於去年年中加入我們，成為新的 CRO，他不僅在頭 6 個月裡一直在經營業務，而且還在把事情做好，以繼續創造更高的效率，並為未來取得更大的成功做好準備。他正在銷售組織內創建新模型。

As Matt talked about in his prepared remarks, we're hiring what we think are better leaders. And so the combination of a number of those things we believe will allow us to have the growth potential we believe is there, but also create the efficiency we think, is also available for us.

正如馬特在他準備好的發言中所說，我們正在招聘我們認為更好的領導者。因此，我們認為，將這些東西結合起來將使我們擁有我們認為存在的增長潛力，同時也創造我們認為的效率，這對我們來說也是可用的。

Matt, from my chair, it's great for me to think about that we are taking the field this fiscal year with the best team that Couchbase has ever had. And it's not just on the direct sales side to see the level of collaboration and focus across our sales teams. Matt and his business development team, what John is doing on the marketing side and the synergy that's coming together across those on the critical few priorities that are going to give us the best return.

馬特，在我的主持下，想到我們將在本財年與 Couchbase 有史以來最好的團隊一起進入這個領域，我感到非常高興。不僅僅是在直銷方面，我們的銷售團隊之間的協作水平和關注度也是如此。 Matt 和他的業務開發團隊，John 在營銷方面所做的工作，以及那些在關鍵的幾個優先事項上的協同作用，這將為我們帶來最好的回報。

And it's not just those leaders. It's the talent that, as Greg alluded to, that we're bringing in underneath them. So I'd say it's a level of focus, it's the level of collaboration, the understanding on where the leverage points are, quite frankly, the willingness to lean into areas that may not be a competitive strength for us, where we know we can do better. And so I think there's a lot that you all may not see that we certainly have confidence in seeds for good things to come based on all the hard work on operational initiatives that I think there's clear alignment on across the company.

不僅僅是那些領導人。正如格雷格所暗示的那樣，這是我們在他們下面引入的人才。所以我想說這是一種關注程度，一種協作程度，對槓桿點所在的理解，坦率地說，願意進入對我們來說可能不是競爭優勢的領域，我們知道我們可以做得更好。因此，我認為有很多你們可能都沒有看到的是，基於我認為整個公司在運營計劃上的所有辛勤工作，我們當然對美好事物的種子充滿信心。

Our next question comes from the line of Rudy Kessinger with D.A. Davidson.

我們的下一個問題來自 D.A. 的 Rudy Kessinger。戴維森。

Certainly understanding you've got a lot of conservatism on the guidance sounds like on the top line. I'm curious to what extent that's been conservatism you're applying to get the operating loss outlook. I think some might look at this and say, over the last 2 years, you guys have added roughly $50 million in revenue. You're still guiding roughly the same operating loss on a dollar basis as you had 2 years ago. Why aren't you showing more leverage yet?

當然，了解您在指南上有很多保守主義聽起來像是最重要的。我很好奇你在多大程度上是保守主義來獲得經營虧損前景。我想有些人可能會說，在過去的兩年裡，你們增加了大約 5000 萬美元的收入。您仍在指導與 2 年前大致相同的美元營業虧損。你為什麼還不表現出更多的影響力？

Yes. Rudy, yes, thanks for the question. Again, I go back to is if we look at how we performed for fiscal '23 and particularly as we got later in the year, I think you saw some of that efficiency and leverage fall through to the bottom line. We feel very good about what we delivered last year. And like I mentioned earlier, as we think about Rule of 40 and making progress there, we feel great about having added 10 points last year to that.

是的。魯迪，是的，謝謝你的提問。再一次，我回到如果我們看看我們在 23 財年的表現，特別是我們在今年晚些時候的表現，我想你會看到一些效率和槓桿下降到底線。我們對去年交付的成果感到非常滿意。就像我之前提到的，當我們考慮 40 條規則並在那裡取得進展時，我們對去年增加了 10 點感到非常高興。

As we go forward, yes, again, we talked about the prudence that we've added into our guidance. And I would say it's both on the top line and the bottom line. We are expecting to see more efficiency, better free cash flow position. So there certainly is some of that risk adjustment to the bottom line as well. Obviously, if the top line materializes, we believe that that will mostly fall through as we progress through the year. So I think it's a combination of, again, us executing for what we can control, generating growth, having that fall through as well as providing more efficiency and seeing the sort of the multiplier effect at the bottom line.

在我們前進的過程中，是的，我們再次談到了我們在指南中添加的謹慎性。我會說它既在頂線又在底線。我們期待看到更高的效率，更好的自由現金流狀況。因此，底線肯定也有一些風險調整。顯然，如果頂線實現，我們相信隨著我們今年的進展，這將大部分落空。因此，我認為這是我們執行我們可以控制的事情、產生增長、實現增長、提供更高效率以及在底線看到乘數效應的組合。

Okay. And then on Capella, I know you said was the majority of new customers were Capella customers in Q4. I imagine those are obviously smaller deals relative to some of the other customers you signed. But how should we think about it in terms of net new ARR, just what percentage of that in the quarter came from Capella? Is it still too early to break any of that out?

好的。然後關於 Capella，我知道你說過大多數新客戶都是第四季度的 Capella 客戶。我想與您簽署的其他一些客戶相比，這些交易顯然是較小的交易。但是我們應該如何從淨新 ARR 的角度來考慮它，這個季度中有多少百分比來自 Capella？現在打破其中任何一個還為時過早嗎？

Yes, Rudy. Good question. Yes, we haven't broken any of that Capella specifics out. I would say that your talk points about them being smaller deals, yes, we've said that in the past, that is the case. I would also say that we're also very focused as we think about with the field teams and with customers is we want people to do smaller-sized deals because that typically is the quicker and easier way in and getting customers up and running and using Capella. So we believe if we can get them going and get them started, that will lead to great things in the future. So I would continue to expect to see generally smaller deal sizes. We've talked about the ARR per customer, and that could moderate over time as we see more Capella come in with smaller deal sizes. But we do think that's the way to greater Capella adoption, which should fuel our growth and even the net retention rate over time. So that's how we see it.

是的，魯迪。好問題。是的，我們還沒有透露 Capella 的任何細節。我會說你的談話點是關於它們是較小的交易，是的，我們過去曾說過，情況就是這樣。我還要說的是，當我們與現場團隊和客戶一起考慮時，我們也非常專注，我們希望人們進行較小規模的交易，因為這通常是讓客戶啟動、運行和使用的更快、更簡單的方法卡佩拉。所以我們相信，如果我們能讓他們繼續前進並讓他們開始，那將在未來帶來偉大的事情。因此，我將繼續期望看到交易規模普遍較小。我們已經討論了每個客戶的 ARR，隨著我們看到更多的 Capella 以更小的交易規模出現，這可能會隨著時間的推移而緩和。但我們確實認為這是提高 Capella 採用率的方法，隨著時間的推移，這應該會推動我們的增長甚至淨保留率。這就是我們的看法。

As I mentioned, to Rob's question previously, we believe at some point this year, we will break out the Capella metrics, and we'll start sharing some of that information you're looking for.

正如我提到的，對於 Rob 之前的問題，我們相信在今年的某個時候，我們將打破 Capella 指標，我們將開始分享您正在尋找的一些信息。

Our next question comes from the line of Sanjit Singh with Morgan Stanley.

我們的下一個問題來自 Sanjit Singh 與摩根士丹利的對話。

Great. This is (inaudible) for Sanjit. I want to ask 1 question on sort of the theme of consolidation. On the last earnings call, you spoke quite a bit about how customers are coming to you to sort of consolidate 2 or 3 other NoSQL cloud databases to Capella. And I want to ask how that theme is sort of impacting the current quarter or Q4. And then how big of a theme will that be in fiscal year '24. And maybe particularly looking at fiscal year '24, if you're parsing out, how much of that consolidation is sort of a cost argument versus a product argument? What are sort of the levers that you can maybe pull to sort of keep that theme of consolidation going?

偉大的。這是 Sanjit 的（聽不清）。我想問 1 個關於整合主題的問題。在上一次財報電話會議上，您談到了客戶如何來找您將 2 或 3 個其他 NoSQL 雲數據庫整合到 Capella。我想問一下這個主題是如何影響當前季度或第四季度的。然後是 24 財年的主題有多大。也許特別關注 24 財年，如果你正在分析，那麼這種整合中有多少是成本爭論與產品爭論？你可以拉動什麼樣的槓桿來保持整合主題的發展？

Appreciate the question. Look, I think this is pretty fundamental to our value proposition and quite frankly, has been a big part of the mindset that we've had in developing our architecture from the very outset of the company. We've put a decade of innovation into ensuring that our modern cloud database can support multiple modalities, that it can run from cloud to edge. You'd be hard pressed to find a company that was talking about real-time analytics on top of an operational database earlier than Couchbase was and we sort of predicted that today's applications would require these characteristics.

感謝這個問題。看，我認為這是我們價值主張的基礎，坦率地說，這是我們從公司一開始就開發架構的心態的重要組成部分。我們已經進行了十年的創新，以確保我們的現代云數據庫能夠支持多種模式，它可以從雲端運行到邊緣。你很難找到一家比 Couchbase 更早談論在操作數據庫之上進行實時分析的公司，我們有點預測今天的應用程序將需要這些特性。

I think part of the success that you've seen in Couchbase with large enterprise customers is that we've been helping them understand how they can put more and more applications, relational offload, things like that, replatforming applications net new inside of a single platform, there can be a cash adjacent database, can support things like full tech search, eventing and have connectors into other adjacencies.

我認為您在 Couchbase 中看到的大型企業客戶取得的部分成功是我們一直在幫助他們了解如何將越來越多的應用程序、關係卸載等類似的東西，重新平台化的應用程序網絡放在一個單一的內部平台，可以有一個現成的相鄰數據庫，可以支持諸如全技術搜索、事件以及與其他相鄰的連接器之類的東西。

That paradigm has never been more important. And when we overlay that with the ease of consumption of Capella, I think this is critically important in how companies are choosing databases and picking strategic vendors for them for a go-forward basis. Obviously, when there's economic pressure, companies are going to be even more focused on how can I be more productive with less resources and/or extract costs. Each company is different. Different industries are going through different things. So whether it's about more productivity or less cost, I think we can equally get at both of those. And never has been -- has there been more focus on that part of the conversation and that part of our value proposition than there is now.

這種範式從未如此重要。當我們將其與 Capella 的易用性疊加在一起時，我認為這對於公司如何選擇數據庫和為他們選擇戰略供應商作為前進的基礎至關重要。顯然，當存在經濟壓力時，公司將更加關注如何以更少的資源和/或開採成本提高生產力。每個公司都不一樣。不同的行業正在經歷不同的事情。因此，無論是關於提高生產力還是降低成本，我認為我們都可以同時實現這兩個目標。從來沒有——比現在更關注對話的那一部分和我們價值主張的那一部分。

So I think we saw that in Q4. I think we expect to see that as we go forward. And as we continue to innovate and expand the types of applications that we can support for developers with Capella, we think that's going to layer on the amount of upside in the business with this element and this dynamic that we think is going to persist for a long time.

所以我認為我們在第四季度看到了這一點。我認為我們希望在前進的過程中看到這一點。隨著我們繼續創新和擴展我們可以通過 Capella 為開發人員支持的應用程序類型，我們認為這將通過這個元素和我們認為將持續一段時間的這種動態來增加業務的上升空間很久。

Excellent. And if I can squeeze in sort of a quick second question. On new contract terms, have you broken out what the mix is within your existing customer base? And then how long do you expect the shift in contract terms to continue? Is there any way you can sort of put guidelines around that to help us understand at which point RPO can become a more meaningful forward metric again?

出色的。如果我可以快速提出第二個問題。在新的合同條款中，您是否分解了現有客戶群中的組合？那麼您預計合同條款的轉變會持續多久？您有什麼方法可以圍繞它制定指導方針，以幫助我們了解 RPO 何時可以再次成為更有意義的前瞻性指標？

Yes, good question. We haven't broken that out on the contract terms. I talked about just generically in the past about sort of our weighted average terms. So we haven't broken that out specifically. We did mention that the terms are a bit shorter. They're not outside the historical norms, but they're on the low side given what's going on in the macro. And as we said in our guidance, we expect that to -- we've assumed the macro stays the same or gets worse and the implication of that would be that the contract terms would stay the same or potentially get a little shorter. But that's sort of the best view we have right now. And again, we'll continue to kind of update you as we get more information, but that's what we've assumed right now.

是的，好問題。我們沒有在合同條款中說明這一點。我過去只是籠統地談到了我們的加權平均條款。所以我們還沒有具體解決這個問題。我們確實提到了條款有點短。它們並沒有超出歷史常態，但考慮到宏觀上正在發生的事情，它們處於低位。正如我們在指南中所說，我們預計 - 我們假設宏觀保持不變或變得更糟，這意味著合同條款將保持不變或可能變得更短。但這是我們目前擁有的最佳視野。再一次，當我們獲得更多信息時，我們會繼續為您更新，但這就是我們現在所假設的。

And our next question comes from the line of Robert Galvin with Stifel.

我們的下一個問題來自 Robert Galvin 與 Stifel 的合作。

This is Rob Galvin on for Brad Reback. I was wondering if you could talk on the Capella on demand trends that you saw during the quarter? I know Q2 was a big quarter. Q3 was lighter. And I'm just wondering what Q4 trends are like?

這是 Brad Reback 的 Rob Galvin。我想知道您是否可以談談您在本季度看到的 Capella 點播趨勢？我知道第二季度是一個重要的季度。 Q3更輕。我只是想知道第四季度的趨勢是什麼樣的？

Yes. Thanks, Rob. Appreciate it. I appreciate the question, too. Look, the Capella on demand continues to -- just like the rest of the Capella business continues to be performing well. There's a lot of people that are, again, willing to come in and want to try and just not make that commitment. And we see that across the marketplaces as well as with us directly. And so we continue to see that. We talked about earlier in the year, it was not a Capella deal, but we do see this on-demand marketplace activity leading to regular contracting and longer-term deals. So we're excited that we're seeing customers using the on-demand opportunity to sort of get used to and get into Capella.

是的。謝謝，羅布。欣賞它。我也很欣賞這個問題。看，隨需應變的 Capella 繼續 - 就像其他 Capella 業務繼續表現良好一樣。同樣，有很多人願意加入並想嘗試，只是不做出承諾。我們在整個市場以及直接與我們一起看到了這一點。所以我們繼續看到這一點。我們在今年早些時候談到，這不是 Capella 交易，但我們確實看到這種按需市場活動導致定期合同和長期交易。因此，我們很高興看到客戶利用按需機會來習慣並進入 Capella。

So we feel good about where that is trending along with the rest of the Capella business.

因此，我們對 Capella 其他業務的發展趨勢感到滿意。

And we have reached the end of the question-and-answer session. I'll now turn the call over to Matt Cain for closing remarks.

我們已經結束了問答環節。我現在將電話轉給馬特·凱恩 (Matt Cain) 作結束語。

Thanks, operator.

謝謝，運營商。

To recap, we had a strong quarter and a strong year. We remain excited about our opportunity with Capella due to some very big trends in our favor, like digital transformation, acceleration of the cloud and innovation at the edge. We are cognizant of the macro environment and are sharply focused on execution during times like this, while also building what we believe will be a very exciting future.

回顧一下，我們有一個強勁的季度和強勁的一年。由於一些對我們有利的非常大的趨勢，例如數字化轉型、雲加速和邊緣創新，我們仍然對我們與 Capella 的機會感到興奮。我們了解宏觀環境，在這樣的時期非常專注於執行，同時也在建設我們認為將非常激動人心的未來。

Thank you all for joining us, and I look forward to speaking with you next quarter.

感謝大家加入我們，我期待著下個季度與您交談。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以斷開您的線路。感謝您的參與。