Couchbase Inc (BASE) 2024 Q3 法說會逐字稿

Greetings and welcome to the Couchbase Third Quarter Fiscal 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions)

歡迎參加 Couchbase 2024 財年第三季財報電話會議。此時，所有參與者都處於只聽模式。正式演講後將舉行簡短的問答環節。 （操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Edward Parker, Head of Investor Relations. Thank you, Mr. Parker, you may begin.

提醒一下，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係主管愛德華·帕克先生。謝謝帕克先生，您可以開始了。

Good afternoon, and welcome to Couchbase's Third Quarter 2024 Earnings Call. We will be discussing the results announced in our press release issued after the market close today. With me are Couchbase's Chair, President and CEO, Matt Kane; and CFO, Greg Henry.

下午好，歡迎參加 Couchbase 2024 年第三季財報電話會議。我們將討論今天收盤後發布的新聞稿中宣布的結果。和我在一起的還有 Couchbase 的董事長、總裁兼執行長 Matt Kane；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, product capabilities, our 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 take 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策略、市場規模、產品能力、我們預期的未來業務、財務業績和財務狀況以及我們對未來時期的指導的陳述。這些聲明僅反映我們今天的觀點，不應被視為代表我們在任何後續日期的觀點，並且我們不承擔更新這些聲明的任何責任。

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 the risks discussed in today's press release, and our most recent annual report on Form 10-K, our quarterly report on Form 10-Q filed with the SEC.

前瞻性陳述本質上涉及可能導致實際結果與預期有重大差異的風險和不確定性問題。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風險以及我們提交的 10-K 表格最新年度報告、10-Q 表格季度報告與美國證券交易委員會。

During the call, we will also discuss certain non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. For 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. With that, let me turn the call over to Matt.

在電話會議期間，我們也會討論某些非公認會計準則財務指標，這些指標不符合公認會計原則。有關這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的調節，以及我們如何定義這些指標和其他指標，請參閱我們的收益新聞稿，這些新聞稿可在我們的投資者關係網站上取得。接下來，讓我把電話轉給馬特。

Thank you, Edward, and good afternoon, everyone. On today's call, Greg and I will provide details on our third quarter results, as well as our fourth quarter and full-year fiscal 2024 guidance.

謝謝你，愛德華，大家下午好。在今天的電話會議上，格雷格和我將提供有關我們第三季業績以及第四季和 2024 財年全年指引的詳細資訊。

I'll start off with a few highlights of our Q3 financial results. I'm pleased to report that we had a very strong quarter, once again outperforming our guidance across all key metrics. Highlights include growing Capella consumption, continued big deal activity, healthy new business and expansions, strong new customer logos, and overall excellent operational performance from all teams across the company.

我將首先介紹我們第三季財務業績的一些亮點。我很高興地報告，我們度過了一個非常強勁的季度，所有關鍵指標再次超出了我們的指導。亮點包括不斷增長的卡佩拉消費、持續的大宗交易活動、健康的新業務和擴張、強大的新客戶徽標以及公司所有團隊的整體出色營運績效。

We continue to execute across our key priorities, deliver top line growth, increase the mix of Capella, drive sales and marketing efficiency, and accelerate the pace of leverage in our model. I believe our results this quarter demonstrate our increasing momentum across all of these fronts.

我們繼續執行我們的關鍵優先事項，實現營收成長，增加嘉佩樂的組合，提高銷售和行銷效率，並加快我們模型中槓桿的步伐。我相信我們本季的業績證明了我們在所有這些方面的成長勢頭。

Total annual recurring revenue or ARR was $188.7 million, up 24% year-over-year, up 23% in constant currency, and up 4% sequentially. Revenue in Q3 was $45.8 million, up 19% year-over-year, and up 6% sequentially. Our non-GAAP gross margin remains best in class at 89.5%. Non-GAAP operating loss was $5 million, and non-GAAP operating margin was 11 percentage points above the midpoint of our implied guidance range.

年度經常性總收入 (ARR) 為 1.887 億美元，年增 24%，以固定匯率計算成長 23%，季增 4%。第三季營收為 4,580 萬美元，年增 19%，季增 6%。我們的非 GAAP 毛利率仍處於同類最佳水平，達到 89.5%。非 GAAP 營運虧損為 500 萬美元，非 GAAP 營運利潤率比我們隱含指導範圍的中點高出 11 個百分點。

This demonstrates our focus on increasing efficiency across our business, and continued operating expense discipline. I'd like to call out our momentum with Capella, which continues to experience strong growth and is contributing more materially to our top line, as well as net retention. In fact, more than a fifth of our customer base are now Capella customers.

這表明我們致力於提高整個業務的效率，並持續遵守營運費用紀律。我想強調我們與嘉佩樂的發展勢頭，該公司繼續強勁增長，並為我們的營收和淨保留率做出了更大的貢獻。事實上，我們超過五分之一的客戶現在都是嘉佩樂的客戶。

Capella continues to be an especially important engine for new logo acquisition, which contributed meaningfully to the 24 net new customers we added across the board in Q3, doubling quarter-over-quarter, and more than we added in the first and second quarters of the year, combined .

Capella 仍然是新徽標獲取的特別重要引擎，這為我們在第三季度全面增加的24 個淨新客戶做出了有意義的貢獻，比上一季度翻了一番，比我們在第一季和第二季增加的數量還要多。年，合併。

As our Capella base continues to grow, we're seeing favorable consumption dynamics emerge as both existing and new customers realize our platform's unique performance and scale, robust set of integrated services, along with ease of use, and rapid time to value. In Q3, we saw multiple instances of customers consuming ahead of their initial contracts, and electing to buy more -- driving strong Capella consumption, and contributing to our ARR and revenue outperformance.

隨著我們的 Capella 基地不斷擴大，隨著現有和新客戶認識到我們平台的獨特性能和規模、強大的整合服務集、易用性和快速實現價值，我們看到有利的消費動態出現。在第三季度，我們看到多個客戶在簽訂初始合約之前進行消費，並選擇購買更多商品，這推動了 Capella 消費的強勁增長，並為我們的 ARR 和收入表現做出了貢獻。

While we're still in the early innings of our journey, it's gratifying to see the investments we made in our cloud database bearing fruit, as we expected they would. I am confident as ever in our ability to sustain durable long-term growth.

雖然我們仍處於旅程的早期階段，但很高興看到我們在雲端資料庫方面的投資如我們預期的那樣取得了成果。我一如既往地對我們維持持久長期成長的能力充滿信心。

Turning to innovation, we continue to invest in enhancements and capacities to further extend the value of Couchbase as a cloud database platform for modern applications. Recall that last quarter we talked about our four part vision for AI -- drive developer productivity, optimize AI processing, enable AI powered apps anywhere, and do it all with a vibrant partner ecosystem.

談到創新，我們繼續投資於增強功能和功能，以進一步擴展 Couchbase 作為現代應用程式雲端資料庫平台的價值。回想一下，上個季度我們討論了人工智慧的四部分願景——提高開發人員生產力、優化人工智慧處理、在任何地方啟用人工智慧驅動的應用程序，並透過充滿活力的合作夥伴生態系統來實現這一切。

From inception, our architecture has been built to enable the most demanding applications to not only perform, but provide rich hyper-personalized, context-aware experiences for our end users. We refer to these as real-time adaptive applications.

從一開始，我們的架構就旨在使最苛刻的應用程式不僅能夠執行，而且為我們的最終用戶提供豐富的超個性化、上下文感知的體驗。我們將這些稱為即時自適應應用程式。

Combining operational and analytical capabilities, our multimodal platform seamlessly integrates advanced services like indexing, eventing, full-text search, and more, in a single solution. Our platform is perfectly suited for the massive performance and scalability requirements that adaptive applications require.

我們的多模式平台結合了營運和分析功能，將索引、事件、全文搜尋等高級服務無縫整合在單一解決方案中。我們的平台非常適合自適應應用程式所需的巨大效能和可擴展性要求。

At AWS re:Invent last week, we announced a new Capella Columnar service on AWS, which significantly enhances the ability to harness real-time analytics to build adaptive applications. At the heart of this new service is the introduction of a columnar store and data integration capability directly into Capella, which further converges operational and real-time analytic workloads into a single platform. Capella Columnar will also feature built-in natural language processing with Capella iQ, the developer copilot we announced last quarter.

在上週的 AWS re:Invent 大會上，我們宣佈在 AWS 上推出一項新的 Capella Columnar 服務，該服務顯著增強了利用即時分析來建立自適應應用程式的能力。這項新服務的核心是將列式儲存和資料整合功能直接引入 Capella 中，從而進一步將營運和即時分析工作負載整合到一個平台中。 Capella Columnar 也將採用 Capella iQ 內建的自然語言處理功能，Capella iQ 是我們上季宣布的開發者副駕駛。

Capella Columnar is a significant technical achievement that we believe brings substantial business value to our customers. The gap between analytic and operational processing is a long-standing barrier to making it easier for development teams to include the required real-time analytics into their adaptive applications.

Capella Columnar 是一項重大技術成就，我們相信它能為我們的客戶帶來巨大的商業價值。分析和操作處理之間的差距是一個長期存在的障礙，使開發團隊更容易將所需的即時分析納入其自適應應用程式中。

As a result, our customers can ingest data from anywhere into Capella in real time, reducing complexity and cost, all while increasing developer productivity. Importantly, this new capability is a perfect example of how we leverage our unique architecture to further capture new workloads -- in this case, real-time adaptive applications in our singular cloud to edge platform.

因此，我們的客戶可以從任何地方即時將資料提取到 Capella 中，降低複雜性和成本，同時提高開發人員的工作效率。重要的是，這項新功能是我們如何利用獨特的架構進一步捕獲新工作負載的完美示例 - 在本例中，是我們單一雲端到邊緣平台中的即時自適應應用程式。

Now I'd like to turn to customer wins. In Q3, we saw new Capella wins across many industries, including high-tech, government, business services, and financial services. One new Capella customer from the quarter was an AI-powered customer intelligence platform provider.

現在我想談談客戶的勝利。在第三季度，我們看到卡佩拉在許多行業中取得了新的勝利，包括高科技、政府、商業服務和金融服務。本季 Capella 的一位新客戶是一家由人工智慧驅動的客戶智慧平台供應商。

A top priority for this customer was eliminating maintenance costs and saving time with the managed service as its customer engagement application grows. Initially beginning on our community addition, this customer migrated to Capella this quarter because it delivered on all of the application requirements with the most compelling price performance.

該客戶的首要任務是隨著客戶參與應用程式的成長，透過託管服務消除維護成本並節省時間。該客戶最初開始添加社區，本季遷移到 Capella，因為它以最具吸引力的性價比滿足了所有應用程式要求。

We also continue to see customers expanding with Capella. New Star Games is one of the top publishers, developers and investors of games in Asia-Pacific. This customer initially selected Capella to deploy, manage, and streamline its game database services. It has continued to invest in our database as a service because of Capella's impressive price performance, stability, and superior database performance, to support rapid customer growth as its game continues to scale.

我們也繼續看到客戶透過 Capella 不斷擴張。新星遊戲是亞太地區頂尖的遊戲發行商、開發商和投資者之一。該客戶最初選擇 Capella 來部署、管理和簡化其遊戲資料庫服務。由於 Capella 令人印象深刻的性價比、穩定性和卓越的資料庫效能，它繼續投資於我們的資料庫即服務，以支援隨著遊戲規模的不斷擴大而快速增長的客戶。

Another Capella expansion from the quarter came from a leading global design and hospitality company. This customer leverages Couchbase to manage, organize, and analyze data for order management, fulfillment and pricing for the thousands of products in its catalog. This customer originally selected Capella to reduce the maintenance and operational costs associated with the self-managed database and made the strategic decision to expand its investment in Capella this quarter for additional operational benefits.

本季嘉佩樂的另一個擴張來自全球領先的設計和酒店公司。該客戶利用 Couchbase 來管理、組織和分析其目錄中數千種產品的訂單管理、履行和定價資料。該客戶最初選擇 Capella 是為了降低與自我管理資料庫相關的維護和營運成本，並在本季度做出了擴大對 Capella 投資以獲得額外營運優勢的策略決策。

Switching to new Enterprise wins, we landed a Canadian subsidiary of an American multinational financial services corporation. This customer selected Couchbase to power a real-time trading analytics application to analyze market trends, enabling traders to make more informed decisions. This customer selected Couchbase for its superior database performance and high availability.

轉向新的企業勝利，我們獲得了美國跨國金融服務公司的加拿大子公司。該客戶選擇 Couchbase 來支援即時交易分析應用程式來分析市場趨勢，使交易者能夠做出更明智的決策。該客戶選擇 Couchbase 是因為其卓越的資料庫效能和高可用性。

Another new Enterprise customer this quarter was a communications services provider that offers a low-cost, high-quality mobile service for its customers. This customer needed a high availability database platform to support the mobile billing system for its more than five million mobile carrier service subscribers. This customer selected Couchbase because of the database's impressive scalability and suitability for cloud orchestration while maintaining superior performance.

本季的另一個新企業客戶是為其客戶提供低成本、高品質行動服務的通訊服務供應商。該客戶需要一個高可用性資料庫平台來支援其超過 500 萬名行動營運商服務用戶的行動計費系統。該客戶選擇 Couchbase 是因為該資料庫具有令人印象深刻的可擴展性和對雲端編排的適用性，同時保持卓越的效能。

Now let me provide a few thoughts on the near term demand environment. As we've discussed all year, the macro uncertainty continues to present headwinds for IT spending, and we continue to see elongated deal cycles, extra layers of scrutiny and approval, and customers electing to buy in smaller increments. These trends again persisted throughout the quarter.

現在讓我提供一些關於近期需求環境的想法。正如我們全年討論的那樣，宏觀不確定性繼續為 IT 支出帶來阻力，我們繼續看到交易週期延長、審查和批准層數增加，以及客戶選擇以較小的增量購買。這些趨勢在整個季度再次持續存在。

That said, I'm very pleased with our execution against these headwinds. We continue to not only see a healthy pipeline of opportunities for our cloud database platform, but also strengthening consumption trends as we start to achieve scale with Capella. And despite the challenging macroenvironment, organizations continue to invest in long-term digital transformation initiatives, where we're increasingly playing a strategic role in enabling these journeys.

也就是說，我對我們克服這些逆風的執行力感到非常滿意。我們不僅繼續看到雲端資料庫平台的健康機會，而且隨著我們開始透過 Capella 實現規模化，消費趨勢也在加強。儘管宏觀環境充滿挑戰，組織仍繼續投資於長期數位轉型計劃，我們在實現這些旅程方面越來越發揮戰略作用。

While we would prefer a stronger demand backdrop, we're seeing a growing desire for lower TCO and faster time-to-value, both of which play to our strengths and are creating additional opportunities for us as a company.

雖然我們希望有更強勁的需求背景，但我們看到人們越來越渴望降低整體擁有成本和更快實現價值，這兩者都發揮了我們的優勢，並為我們公司創造了更多機會。

You've often heard me say that Couchbase has been built for this moment, and I think that's as true today as it has ever been. In closing, we're making progress on our initiatives, are committed to focusing on the areas we can control, and are nimble and navigating the ones we cannot. We remain dedicated to delivering against our key priorities for fiscal 2024, focus on top line growth, increase the mix of Capella, drive further sales and marketing efficiency, and accelerate the pace of leverage in our model.

您經常聽我說 Couchbase 是為這一刻而建造的，我認為這在今天和以往都是如此。最後，我們的舉措正在取得進展，致力於專注於我們可以控制的領域，並靈活地應對我們無法控制的領域。我們仍然致力於實現 2024 財年的關鍵優先事項，專注於營收成長，增加 Capella 的組合，進一步提高銷售和行銷效率，並加快我們模型中槓桿的步伐。

Before handing the call over to Greg, I want to invite investors and analysts on this call to join me and the rest of the Couchbase executive team at our first Analyst Day in New York City, next Wednesday, December 13. We're excited to dive deeper into the foundation of our company, technology, and strategy; share details on Capella; and how we're reimagining the database experience; and demonstrate how we're delivering on our commitment to drive efficiency across our business and financial model.

在將電話會議轉交給Greg 之前，我想邀請參加本次電話會議的投資者和分析師與我和Couchbase 執行團隊的其他成員一起參加12 月13 日下週三在紐約舉行的第一個分析師日活動。更深入地了解我們公司的基礎、技術和策略；分享卡佩拉的詳細資訊；以及我們如何重新構想資料庫體驗；並展示我們如何兌現提高業務和財務模式效率的承諾。

Finally, as I always do, 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.

最後，正如我一貫所做的那樣，我想強調我之前多次重複過的我們的核心價值之一。在 Couchbase，我們致力於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?

接下來，我會將電話轉交給 Greg，讓您更詳細地了解我們的結果。格雷格？

Thanks, Matt, and thanks, everyone, for joining us. We had another strong quarter as we beat guidance across all key metrics. Despite the elevated level of deal scrutiny that Matt mentioned, we are pleased with our execution, our dedication to delivering value to our customers, and our ability to navigate the environment while driving very strong outperformance in our operating loss guidance. I'll now walk you through our third quarter in more detail before providing our guidance for the fourth quarter and full year.

謝謝馬特，也謝謝大家加入我們。我們又經歷了一個強勁的季度，所有關鍵指標都超出了預期。儘管馬特提到的交易審查水平更高，但我們對我們的執行力、我們為客戶提供價值的奉獻精神以及我們駕馭環境的能力感到滿意，同時在我們的經營虧損指導中推動了非常強勁的表現。現在，我將向您詳細介紹我們的第三季度，然後再提供第四季度和全年的指導。

Total annual recurring revenue, or ARR, was $188.7 million at the end of the third quarter, representing 24% growth year-over-year, or 23% growth year-over-year on a constant currency basis and 4% sequentially. Without the incremental currency headwind experienced in Q3, our ARR would have been approximately $1.4 million higher, or $3.6 million, above the midpoint of our guidance range.

截至第三季末，年度經常性收入總額（ARR）為 1.887 億美元，年增 24%，以固定匯率計算年增 23%，季增 4%。如果沒有第三季經歷的貨幣逆風增量，我們的 ARR 將比我們指導範圍的中點高出約 140 萬美元，即 360 萬美元。

Revenue for the third quarter was $45.8 million, an increase of 19% year-over-year and 6% sequentially. Revenue growth benefited from stronger than expected consumption of Capella, and strength in our Enterprise business, partially offset by declines in professional services. Subscription revenue for the third quarter was $44 million, an increase of 23% year-over-year and 7% sequentially.

第三季營收為 4,580 萬美元，年增 19%，季增 6%。收入成長得益於嘉佩樂的消費強於預期以及我們企業業務的實力，但部分被專業服務的下降所抵消。第三季訂閱營收為 4,400 萬美元，年增 23%，季增 7%。

Professional services revenue for the third quarter was $1.8 million, a decline of 36% year-over-year and 17% sequentially, consistent with our expectations following outsized strength in professional services in fiscal 2023. We continue to expect contribution as a percentage of revenue in fiscal 2024 to be below historical levels.

第三季專業服務收入為 180 萬美元，年減 36%，環比下降 17%，與我們在 2023 財年專業服務表現強勁後的預期一致。我們繼續預計貢獻佔收入的百分比到2024 財年將低於歷史水平。

Our ARR per customer performance in the third quarter was $264,000, up from $261,000 in the second quarter -- up 14% year-over-year, and indicative of the growing wallet share we have with large customers. As a reminder, as Capella continues to grow in revenue contribution, we expect ARR per customer growth could moderate or decline in future quarters.

第三季每位客戶的 ARR 業績為 264,000 美元，高於第二季的 261,000 美元，年增 14%，這表明我們在大客戶中所佔的份額不斷增長。提醒一下，隨著 Capella 的營收貢獻持續成長，我們預期每位客戶的 ARR 成長可能會在未來幾季放緩或下降。

Our dollar-based net retention rate, or NRR, continues to exceed 115%, driven by strong renewal and upsell activity across our base of larger Enterprise customers. Our NRR has been steadily improving, thanks to Capella.

在我們大型企業客戶群強勁的續訂和追加銷售活動的推動下，我們以美元計算的淨保留率 (NRR) 繼續超過 115%。感謝 Capella，我們的 NRR 一直在穩步提高。

We exited the quarter with 715 customers, an increase of 24 net new customers in the second quarter. As Matt mentioned, Capella once again represented the majority of new logos in the quarter, and we grew our Capella customer logo count by over 25% from the second quarter, up from over 20% from Q1 to Q2.

本季結束時，我們擁有 715 名客戶，比第二季淨增加 24 名新客戶。正如 Matt 所提到的，Capella 再次代表了本季新商標的大部分，我們的 Capella 客戶商標數量比第二季增加了 25% 以上，而第一季到第二季的增幅超過 20%。

We're encouraged by the strength of our new logo pipeline and remain confident in our ability to reliably expand logos as evidenced by our consistent ARR growth and our strong retention metrics against a more challenging spending environment. 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.

我們對新徽標管道的實力感到鼓舞，並對我們可靠地擴展徽標的能力充滿信心，我們的 ARR 持續增長和針對更具挑戰性的支出環境的強大保留指標證明了這一點。在討論損益表的其餘部分時，請注意，除非另有說明，否則所有對我們的費用、營運結果和股份數量的引用均基於非公認會計原則。

In Q3, our gross margin remained strong at 89.5%, benefiting from sustained Enterprise gross profit margin strength, and the completion of the amortization from some of our initial Capella investments, offset by growing Capella mix. This compares to a gross margin of 88% a year ago and 87.2% last quarter. As a reminder, as Capella mix increases, we expect gross margin will decline over time.

第三季度，我們的毛利率保持在 89.5% 的強勁水平，這得益於 Enterprise 毛利率持續走強，以及我們部分 Capella 初始投資的攤銷完成，但被不斷增長的 Capella 組合所抵消。相較之下，一年前的毛利率為 88%，上季毛利率為 87.2%。提醒一下，隨著嘉佩樂組合的增加，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. We are pleased with our execution on this front, as our expense discipline and early benefits from our cost-saving initiatives resulted in us again outperforming our operating loss outlook.

談到支出，我們繼續投資以抓住我們面前的世代機會，但重點是提高我們的成長效率。我們對我們在這方面的執行感到滿意，因為我們的費用紀律和成本節約計劃的早期效益使我們再次超越了營運虧損前景。

Our sales and marketing expenses for Q3 were $27.1 million, or 59% of revenue, compared to $24.9 million or 65% of revenue a year ago. Research and development expenses for Q3 were $12.6 million, or 27% of revenue, compared to $12 million or 31% of revenue a year ago. We continue to thoughtfully invest in our as-a-service offering as well as additional features to bolster our platform.

第三季的銷售和行銷費用為 2,710 萬美元，佔營收的 59%，而去年同期為 2,490 萬美元，佔營收的 65%。第三季的研發費用為 1,260 萬美元，佔營收的 27%，而去年同期的研發費用為 1,200 萬美元，佔營收的 31%。我們繼續深思熟慮地投資我們的即服務產品以及其他功能來支援我們的平台。

General and administrative expenses for Q3 were $6.4 million, or 14% of total revenue, compared to $6.6 million, or 17% of revenue a year ago. Non-GAAP operating loss for Q3 was $5 million, or negative 11% operating margin -- 11 percentage points higher than the midpoint of our guidance compared to an operating loss of $9.6 million, or negative 25% operating margin a year ago. Non-GAAP net loss attributable to common stockholders for Q3 was $3.7 million from negative $0.08 per share.

第三季的一般和管理費用為 640 萬美元，佔總收入的 14%，而去年同期為 660 萬美元，佔總收入的 17%。第三季的非 GAAP 營運虧損為 500 萬美元，營運利潤率為負 11%，比一年前的營運虧損 960 萬美元，營運利潤率負 25% 高出我們指引的中位數 11 個百分點。第三季非公認會計準則普通股股東淨虧損為 370 萬美元，從每股負 0.08 美元。

I'll now turn to the balance sheet and cash flow statement. We ended Q3 with $156.6 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 $164.4 million at the end of Q3 -- an increase of 3% year-over-year. We expect to recognize approximately 68%, or $111.8 million, of total RPO as revenue over the next 12 months, which represents 7% year-over-year growth.

我現在來看看資產負債表和現金流量表。第三季末，我們擁有 1.566 億美元的現金、現金等價物和短期投資。我們仍然擁有充足的資本來執行我們的長期成長策略。截至第三季末，我們的剩餘履約義務 (RPO) 總額為 1.644 億美元，年增 3%。我們預計未來 12 個月將 RPO 總額的約 68%（即 1.118 億美元）確認為收入，年增 7%。

Operating cash flow for Q3 was negative $12.7 million, and free cash flow was negative $13.8 million, or negative 30% free cash flow margin. We are pleased with the progress we have made in our free cash flow profile and remain committed to driving further improvements.

第三季營運現金流為負 1,270 萬美元，自由現金流為負 1,380 萬美元，即自由現金流利潤率為負 30%。我們對自由現金流狀況所取得的進展感到高興，並將繼續致力於推動進一步改進。

Now I will provide guidance for Q4 and the full year fiscal 2024. As Matt discussed, we continue to see solid momentum and our pipeline remains strong. Furthermore, we anticipate that our investments in our product capabilities, partner ecosystem, and go-to-market motion will continue to complement our momentum.

現在，我將為第四季度和 2024 財年全年提供指導。正如 Matt 所討論的，我們繼續看到強勁的勢頭，我們的產品線仍然強勁。此外，我們預計我們對產品能力、合作夥伴生態系統和上市行動的投資將繼續補充我們的勢頭。

That said, we remain mindful of the macro headwinds and continue to carefully monitor their impact on our business. As such, our outlook maintains a consistent degree of conservatism across all of these metrics to account for the uncertainty, as well as lack of visibility into how the macro may impact consumption trends for emerging as a service offering.

也就是說，我們仍然關注宏觀不利因素，並繼續仔細監控它們對我們業務的影響。因此，我們對所有這些指標的前景保持一致的保守態度，以解釋不確定性，以及缺乏對宏觀因素如何影響新興服務產品的消費趨勢的了解。

For the fourth quarter of fiscal 2024, we expect total revenue in the range of $46.2 million to $46.8 million, or year-over-year growth of 12% at the midpoint. We are raising Q4 ARR guidance last provided on our Q2 call, and now anticipate ARR in the range of $198 million to $202 million, which represents 22% growth year-over-year at the midpoint. This compares to our prior outlook of $195.5 million to $199.5 million, or 21% growth at the midpoint.

對於 2024 財年第四季度，我們預計總營收在 4,620 萬美元至 4,680 萬美元之間，中間值年增 12%。我們上調了上次在第二季電話會議上提供的第四季度 ARR 指引，現在預計 ARR 在 1.98 億美元至 2.02 億美元之間，中間值年增 22%。相較之下，我們先前的預期為 1.955 億美元至 1.995 億美元，中間值成長 21%。

We note that due to foreign currency fluctuations, our guidance incorporates an incremental 1% year-over-year growth headwind. Since our Q2 call, we expect a non-GAAP operating loss in the range of negative $8.2 million to negative $7.4 million.

我們注意到，由於外匯波動，我們的指引包含了年增 1% 的逆風。自第二季電話會議以來，我們預計非 GAAP 營運虧損將在負 820 萬美元至負 740 萬美元之間。

Now turning to our revised full year guidance, we are raising our full year revenue guidance and now expect full year total revenue in the range of $176.2 million to $176.8 million, or year-over-year growth of 14% at the midpoint.

現在轉向我們修訂後的全年指導，我們正在提高全年收入指導，目前預計全年總收入在 1.762 億美元至 1.768 億美元之間，中間值年增長 14%。

As a reminder, we continue to anticipate contribution from services revenue in fiscal 2024 to be below recent levels due to customers electing fewer services as a result of macro-related budgetary pressures, as well as a naturally lower services attach rate with Capella. Furthermore, you've historically seen variability with respect to the implementation timing of certain Enterprise deals, which impacts our revenue visibility, along with new or migrated Capella customers.

提醒一下，我們繼續預期 2024 財年服務收入的貢獻將低於最近的水平，因為宏觀相關的預算壓力導致客戶選擇的服務減少，而且 Capella 的服務附加率自然較低。此外，您在歷史上看到了某些 Enterprise 交易的實施時間的變化，這影響了我們以及新的或遷移的 Capella 客戶的收入可見性。

We therefore continue to view ARR as a better indicator than revenue for the strength of our business. And finally, we are decreasing our operating loss outlook and now expect a non-GAAP operating loss in the range of negative $35.4 million to negative $34.6 million.

因此，我們繼續將 ARR 視為比收入更好的衡量我們業務實力的指標。最後，我們正在降低營運虧損預期，目前預計非 GAAP 營運虧損將在負 3,540 萬美元至負 3,460 萬美元之間。

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

至此，馬特和我很樂意回答您的問題。操作員？

Thank you. And we will now be conducting a question and answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。 （操作員說明）

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Great. Good afternoon. Can you guys hear me okay? Sorry for the spotty connection.

偉大的。午安.你們聽得到我說話嗎？抱歉連接不穩定。

I'm clear, Rob.

我很清楚，羅布。

Hey Rob.

嘿，羅布。

Okay, great. Hey, Matt, hey Greg. Matt, I had a couple for you on Capella, and then Greg, I had one for you.

好的，太好了。嘿，馬特，嘿格雷格。馬特，我在卡佩拉為你準備了幾張，然後格雷格，我為你準備了一張。

So Matt, just first on Capella, you know, when customers that are current Couchbase customers are considering your database as a service, does that go to competitive bid? It sounds like you guys are you get a nice momentum winning those, but maybe talk about how that process happens and what you've seen in terms of kind of win rates with those customers that know you?

那麼 Matt，首先談談 Capella，您知道，噹噹前 Couchbase 客戶正在考慮將您的資料庫作為服務時，這是否會進行競爭性出價？聽起來你們在贏得這些勝利方面有很好的動力，但也許可以談談這個過程是如何發生的，以及您在那些認識您的客戶中所看到的獲勝率？

And then you mentioned usage patterns have risen nicely and I'd just be curious to get some context there like, better than your expectations? Is it more in line with like how we would expect the adoption curve? Are there new use cases you're seeing that have surprised you? So a couple of things there. And then I had a follow-up for Greg.

然後你提到使用模式已經很好地提高了，我只是想知道一些背景信息，例如比你的預期更好？它是否更符合我們預期的採用曲線？您看到的新用例是否令您感到驚訝？有幾件事。然後我對格雷格進行了跟進。

Sure.

當然。

So let me take these one at a time. I think, Rob, as it pertains to existing customers, oftentimes they have chosen Couchbase because of our platform capabilities. And what we're able to do with Capella is offer them additional value proposition, TCO, faster time-to-value, easier to expand use cases that is incremental to the value proposition we've already delivered.

所以讓我一次拿這些。我認為，Rob，對於現有客戶來說，他們通常會因為我們的平台功能而選擇 Couchbase。我們能夠利用 Capella 為他們提供額外的價值主張、TCO、更快的價值實現時間、更容易擴展用例，這些都是我們已經交付的價值主張的增量。

Very rarely, if ever, does that does that go into a competitive bid. It's more finding the right time for them to migrate their entire estate, a subset of their estate, or focus on new workloads, moving into Capella because of that value proposition.

很少（如果有的話）會進入競爭性投標。更重要的是找到合適的時間讓他們遷移整個資產、部分資產，或專注於新的工作負載，並因為這個價值主張而遷移到 Capella。

The competitive dynamic that we're seeing is actually workloads that we don't support where because Capella has traction, people are reevaluating decisions they've previously made on other database-as-a-service vendors and saying, well, Couchbase, now that you are mature with Capella, we're going to open up decisions on workloads that you don't have, which is one of the dynamics that's leading to our healthy expansion.

我們看到的競爭動態實際上是我們不支援的工作負載，因為 Capella 具有吸引力，人們正在重新評估他們之前對其他資料庫即服務供應商所做的決定，並說，好吧，Couchbase，現在如果你對卡佩拉已經成熟了，我們將開放關於你沒有的工作負載的決策，這是導致我們健康擴張的動力之一。

And so the migration path is one that's very good for us. At the same time, we're careful to not arbitrarily try to push customers beyond what they want to do, and maintain balances as we manage those through those relationships.

因此，遷移路徑對我們來說非常有利。同時，我們小心翼翼地避免武斷地試圖迫使客戶超越他們想做的事情，並在我們透過這些關係管理這些客戶時保持平衡。

When it comes to usage, we are, in fact, seeing very healthy usage across the board, both in our ability to land new customers with shorter sales cycles; the rate at which they expand, both with those workloads and new use cases. It's not really about us additional types of use cases, just more that time to value relevance with the developer persona -- the drive to that consumption activity that again is really healthy, and we're going to spend a lot of time talking about what we're seeing there.

事實上，在使用方面，我們看到全面的使用情況非常健康，無論是在我們以更短的銷售週期吸引新客戶的能力方面，還是在我們透過更短的銷售週期吸引新客戶的能力方面。它們擴展的速度，包括這些工作負載和新用例。這與我們其他類型的用例無關，只是更多地花時間來重視與開發人員角色的相關性——消費活動的驅動力再次非常健康，我們將花很多時間討論我們正在那裡看到什麼。

And Rob, if I could just add, that part of what drove some of the outperformance on the top line this quarter, particularly on revenue, is that consumption dynamic Matt talked about.

羅布，如果我可以補充一點的話，推動本季營收（尤其是營收）表現出色的部分原因是馬特談到的消費動態。

Great. Okay. Yes, that's helpful color. Really appreciate that [pat]. And Greg -- and then Greg, just one follow-up for you. You've been very clear about the natural headwind to gross margin that comes from Capella. Obviously, a good problem to have here, as Capella is ramping nicely.

偉大的。好的。是的，這是有用的顏色。真的很感激[拍拍]。還有格雷格——然後是格雷格，這只是給你的後續行動。您非常清楚卡佩拉對毛利率的自然不利影響。顯然，這是一個好問題，因為卡佩拉的發展勢頭很好。

As we look out and think about our model in FY '25, are there levers to offset that? Not trying to get you to go do a number here, but as we think about that gross margin, are there levers or things we should be thinking about that could be offsetting factors to that? Thanks a lot.

當我們展望並思考 25 財年的模型時，是否有槓桿可以抵消這一影響？並不是想讓你在這裡做一個數字，但當我們考慮毛利率時，是否有我們應該考慮的槓桿或事情可能會抵消這一因素？多謝。

Yes, I think just at the total level, the more Capella we have, it will be dilutive from a rate perspective. That said, as we get more mature and more scale of Capella, the margin rate will improve because there's some level of effectively fixed costs in there.

是的，我認為就總體而言，我們擁有的卡佩拉越多，從費率的角度來看，它就會被稀釋。也就是說，隨著嘉佩樂變得更加成熟和規模更大，利潤率將會提高，因為其中存在一定程度的有效固定成本。

And then the other dynamic you see why we had really strong margin performance this quarter is we did have some internally-developed software for Capella going back several years. We launched that, that development is now off the books, and it's done. So that's why you see a little bit more on gross margin this quarter, but it will dilute over time. So we just got to keep getting more volume and it'll improve the Capella rate we're seeing today.

然後，您會看到為什麼我們本季的利潤率表現非常強勁的另一個動態是，我們確實有一些為卡佩拉內部開發的軟體，可以追溯到幾年前。我們啟動了該項目，該開發現已不再記錄，並且已經完成。這就是為什麼你會看到本季的毛利率增加，但隨著時間的推移，它會被稀釋。因此，我們必須繼續增加銷量，這將提高我們今天看到的卡佩拉率。

Great. Super helpful. Thanks, guys.Appreciate it.

偉大的。超有幫助。謝謝你們，非常感謝。

Thanks, Rob.

謝謝，羅布。

Sanjit Singh, Morgan Stanley.

桑吉特辛格，摩根士丹利。

Yes, thank you for taking the questions, and really nice to see these results again this quarter. Uptick on the ARR side. I guess, Matt, the question I had on Capella is, in terms of the workload that you guys are starting to onboard to Capella, can you give a sense of the nature of those types of workloads and how, you know, is Capella adjusting workloads that you may not have gotten before with Capella Enterprise?

是的，感謝您提出問題，很高興本季再次看到這些結果。 ARR 方面有所上升。我想，馬特，我對卡佩拉的問題是，就你們開始加入卡佩拉的工作量而言，您能否介紹一下這些類型工作負載的性質，以及卡佩拉如何調整您以前使用Capella Enterprise 可能無法取得的工作負載？

So Sanjit, first of all, though, the pace of new logo acquisition is certainly going up. And Capella's delivering on the value proposition that we expected it would, which is lower barrier to entry into the Couchbase platform.

因此，桑吉特首先表示，新商標的獲取速度肯定會加快。 Capella 正在實現我們預期的價值主張，即降低進入 Couchbase 平台的門檻。

As I know you know, the level of capabilities we have in our platform allows us to serve many, many different use cases -- everything from customer 360, to field and inventory management, across a very wide variety of verticals and use cases. And so, the dynamic that we're seeing with Capella is less about different types of use cases, because, quite frankly, the breadth that we run today is quite extensive. It's more of the pace of acquiring.

據我所知，您也知道，我們平台的功能等級使我們能夠為許多不同的用例提供服務——從客戶 360 度到現場和庫存管理，涵蓋各種垂直行業和用例。因此，我們在 Capella 看到的動態與不同類型的用例無關，因為坦白說，我們今天運行的廣度相當廣泛。更多的是獲取的速度。

In some cases, geographies where we may not have as much as a direct presence built out, we're benefiting from cloud partnerships, and customers signing up. We're able to, again, shorten sales cycles, but then benefit from from faster expansion. I think the ability to go directly to developers and move from trial to initial customer is something we've been talking about, and we're seeing that. And that's not just net new customers, but that's also new applications in existing accounts where we may be able to migrate into a line of business, or a particular part of a multinational that we weren't able to get to to begin with.

在某些情況下，在我們可能沒有建立直接業務的地區，我們可以從雲端合作夥伴關係和客戶註冊中受益。我們能夠再次縮短銷售週期，然後從更快的擴張中受益。我認為我們一直在談論能夠直接聯繫開發人員並從試用轉向初始客戶的能力，而我們也看到了這一點。這不僅僅是淨新客戶，而且還是現有帳戶中的新應用程序，我們可以將其遷移到業務線或跨國公司的特定部分，而我們一開始就無法進入。

So overall, really healthy. Again, we have very high expectations for Capella across all these variables, and we're really starting to see that come to fruition.

總的來說，非常健康。再說一次，我們對卡佩拉在所有這些變數上都抱有很高的期望，而且我們真的開始看到這種期望成為現實。

That's really encouraging. I'm sure we're going to hear more about that next week in New York at the Investor Day. Just as a follow up, as we go into Q4, and obviously, Q4 is a big quarter for everyone in software, and I'm sure that's the case with Couchbase as well.

這確實令人鼓舞。我確信我們會在下週紐約的投資者日聽到更多有關此事的消息。作為後續行動，當我們進入第四季度時，顯然，第四季度對於軟體產業的每個人來說都是一個重要的季度，我相信 Couchbase 也是如此。

Going into Q4, Greg, is there any way you can give us a sense of the size of the renewal base this year versus last year, and how do you feel the sales team is in terms of being on top of those renewals, given that, you know, the macro is still a little challenging out there?

進入第四季度，格雷格，您是否可以透過任何方式讓我們了解今年與去年相比的續訂基數的規模，以及您認為銷售團隊在這些續訂方面的表現如何，因為，你知道嗎，宏觀情況仍然有點挑戰？

Yeah, hey, Sanjit, good question. Yes, Q4 is a big one for us. It'll obviously be -- should be our biggest quarter ever. The renewal pool is very healthy. It's slightly larger than last year, and I would just add that you probably saw, we had a little bit lighter guidance range this time.

是的，嘿，桑吉特，好問題。是的，第四季對我們來說很重要。顯然，這應該是我們有史以來最大的季度。更新池非常健康。它比去年稍大，我想補充一點，你可能已經看到，這次我們的指導範圍稍微小一些。

There's -- several of our largest customers have renewals coming up between Q4 and Q1, and depending on the timing of when they get done. Obviously the Q4 ones will happen now -- the Q1s could happen in Q4, they could happen in Q1 depending on timing. But those will those will drive a significant amount of what that actually looks like.

我們的幾個最大的客戶將在第四季度和第一季之間進行續訂，具體取決於完成的時間。顯然，第四季度的事情現在就會發生——第一季度可能發生在第四季度，也可能發生在第一季度，這取決於時間。但這些將在很大程度上推動實際情況的發展。

So it's a big quarter. There's a couple of really big deals out there that are going to be really exciting to do, and that's what's going to drive Q4. So we're looking forward to it. And as we said, we're looking forward to sharing more next week.

所以這是一個很大的季度。有幾筆非常令人興奮的重大交易將會推動第四季的發展。所以我們很期待。正如我們所說，我們期待下週分享更多資訊。

And Sanjit, if I could just add on, we talked about the excellent operational performance in the quarter. That's not just the efficiency and leverage that we demonstrated with the financial results. But it gets at some of the very things that you're asking about.

Sanjit，如果我可以補充一下，我們談到了本季出色的營運表現。這不僅是我們透過財務表現所展現的效率和槓桿作用。但它確實解決了您所問的一些問題。

Never have I been more confident in functions across the company inclusive of our go-to-market teams really understanding where we are with deals, understanding how to position with the right economic value, managing pipeline, just driving linearity across the quarter. So there are big deal dynamics. It's a big quarter, but a testament to the teams, for the operational rigor they have in place. And I think they are doing a great job and will continue to deliver.

我對整個公司的職能從未如此有信心，包括我們的上市團隊真正了解我們的交易狀況，了解如何定位正確的經濟價值，管理管道，推動整個季度的線性成長。因此，存在重大動態。這是一個重要的季度，但也證明了團隊的運作嚴謹性。我認為他們做得很好並將繼續交付。

Great. I appreciate it. Thanks Matt. Thanks.

偉大的。我很感激。謝謝馬特。謝謝。

Ittai Kidron, Oppenheimer.

伊泰·基德倫，奧本海默。

Thanks, and nice. Nice quarter, guys.

謝謝，很好。夥計們，這個季度不錯。

Great quarter.

很棒的季度。

Couple from me. Greg, can you remind us on the RPO, why is that not a good indicator for your business? I mean, it's been flattish for three quarters in a row, and Capella cannot have too much of an impact on it, given that it's a low single-digit percent of your revenue still. So help us understand or remind us again, the disconnect between RPO and revenue?

一對從我開始。 Greg，您能否提醒我們有關 RPO 的問題，為什麼這對您的業務來說不是一個好的指標？我的意思是，它已經連續三個季度持平，卡佩拉不會對其產生太大影響，因為它佔你收入的百分比仍然很低。那麼幫助我們理解或再次提醒我們，RPO和收入之間的脫節？

Yes, that's a good question and thanks, Ittai. On the RPO, I would just tell you and it goes back to the comments I just made on Sanjit. We have several of our largest customers coming up for renewal, typically [visit], they do multiyear renewals.

是的，這是一個很好的問題，謝謝 Ittai。關於 RPO，我只想告訴你，這可以追溯到我剛剛對 Sanjit 的評論。我們有幾個最大的客戶即將續約，通常是[訪問]，他們會進行多年續約。

So if you think about at the renewal point, if it's a multiyear deal, you're putting all that into RPO. And by the time you get to the end of that, there's not much left. So I think you'll see, you know, an improvement in RPO coming out of Q4 because of some of those particularly large deals, which is why you're seeing some variability in the timing, whereas obviously the revenue stays -- it grows, it stays relatively consistent over time.

因此，如果您在續約點考慮，如果這是一項多年期協議，那麼您會將所有這些都納入 RPO 中。當你讀完的時候，已經所剩無幾了。因此，我認為您會看到，由於一些特別大的交易，第四季度的 RPO 有所改善，這就是為什麼您會看到時間安排上的一些變化，而顯然收入保持不變 - 它正在增長，隨著時間的推移，它保持相對一致。

So the revenue, that full value of revenues running, that there's some of these deals that are renewing in Q4. There's only one quarter left of RPO in the backlog -- a few of them.

因此，收入，即收入的全部價值，其中一些交易將在第四季度續訂。積壓的 RPO 只剩下四分之一了——其中只有少數。

Are these multiyear deals, Greg?

這些是多年協議嗎，格雷格？

Yes, these large deals are typically multiyear deals. Tt least two, if not three year deals.

是的，這些大型交易通常是多年期交易。即使不是三年，至少也有兩年的合約。

Okay. And then on Capella on gross margin, I understand the comments there, but maybe can you specifically comment on Capella specifically? Meaning is the gross margin of Capella still below 50%, or has it already or improved above that level?

好的。然後關於卡佩拉的毛利率，我理解那裡的評論，但也許你可以具體評論一下卡佩拉？這意味著嘉佩樂的毛利率仍然低於50%，還是已經或有所改善？

Yes, Ittai, we haven't obviously talked about that and spoken about the gross margin. I can just tell you that it has steadily been improving, and we saw a very healthy uptick this quarter in particular, and is doing exactly what we thought in terms of the growth of the business and the margin rates. And so it is improving.

是的，Ittai，我們顯然還沒有討論過這個問題，也沒有討論過毛利率。我可以告訴你，它一直在穩步改善，特別是本季度我們看到了非常健康的成長，並且在業務成長和利潤率方面的表現完全符合我們的想法。所以它正在改善。

And like I said, we had a one-time in comparison adjustments. So we feel good about where the margin rate is on Capella, and where it's going to ultimately land. And as I was mentioning, the more volume we get there, it will only continue to improve.

就像我說的，我們進行了一次性的比較調整。因此，我們對卡佩拉的保證金率以及最終的目標感到滿意。正如我所提到的，我們的銷售量越大，它只會繼續改善。

Okay, very good. And then last one for you, Matt, on Capella itself, in what way are the customers that are adopting it, especially the new ones that are joining the platform, different in their profile in their use cases compared to customers, you've what you're bringing on with your on-premise platform?

好的，非常好。馬特，最後一個關於 Capella 本身的問題是，採用它的客戶，尤其是加入該平台的新客戶，他們的用例與客戶相比有何不同，您有什麼您正在使用您的本地平台嗎？

Yeah Ittai, again, I think it's less about the use case and more about the pace of adoption. We talked about one of the new logos in the prepared remarks. We had another company that you know well -- multinational, cybersecurity company -- chose us for price performance on an app that certifies all of the connectors to their platform and doing security health checks on behalf of their customers.

是的，Ittai，我再次認為這與用例無關，而是與採用速度有關。我們在準備好的評論中討論了其中一個新徽標。我們還有另一家您熟悉的公司——跨國網路安全公司——因為應用程式的性價比而選擇了我們，該應用程式可以驗證其平台的所有連接器並代表其客戶進行安全健康檢查。

That's aligned with an application that we would have service before, but not until we have Capella did we break through with that price performance, usability, time to value.

這與我們之前提供服務的應用程式是一致的，但直到有了 Capella，我們才在性價比、可用性和價值實現時間方面取得突破。

We had another new logo -- [Sworn] Engineering -- AIML-base supply chain optimization platform, and they chose us because it literally freed up developer time and resources with the managed service against other solutions that they were evaluating.

我們有另一個新標誌——[Sworn] Engineering——基於AIML 的供應鏈優化平台，他們選擇我們是因為它確實透過託管服務與他們正在評估的其他解決方案相比，釋放了開發人員的時間和資源。

Now if we were to go through the specific use cases in these verticals, we have comparisons, and it's not like we couldn't get out that with Couchbase, but it's the incremental value proposition and ease-of-use, and all the things that we've built into Capella that are getting those deals over the line.

現在，如果我們要瀏覽這些垂直領域的具體用例，我們就會進行比較，這並不是說我們無法透過 Couchbase 來實現這一點，而是增量價值主張和易用性，以及所有這些我們已經將這些融入卡佩拉中，以實現這些交易。

And if I were to take you through migrations, and new applications, insight, customers -- it's more of that value proposition coming to fruition. We have a very broad-based platform, and we continue to add to it with additional services. Customers have always valued that.

如果我要帶您了解遷移、新應用程式、洞察力、客戶，那麼更多的是價值主張的實現。我們擁有一個非常廣泛的平台，我們將繼續為其添加額外的服務。客戶一直很重視這一點。

We're now marrying up the consumption -- the way they want to consume the technology -- with all those capabilities, which we believe are differentiated and industry-leading in our single cloud edge platform. So it's that combination that's providing the uplift, not necessarily an ability to get at new use cases, because we work so hard to have those capabilities in place.

我們現在正在將消費（他們想要消費技術的方式）與所有這些功能結合起來，我們相信這些功能在我們的單一雲端邊緣平台中具有差異化且行業領先。因此，正是這種組合提供了提升，而不一定是獲得新用例的能力，因為我們非常努力地讓這些能力到位。

Appreciate it. Thank you so much. Good luck.

欣賞它。太感謝了。祝你好運。

Thanks Ittai.

謝謝伊泰。

Matt Hedberg, RBC Capital Markets.

馬特‧赫德伯格，加拿大皇家銀行資本市場部。

Great. Thanks guys. Congrats from me as well.

偉大的。多謝你們。我也表示祝賀。

The accelerating net adds were great to see. I think you gave some statistics on first half, or even Q2. Was there anything unique with this quarter's adds? Anything pull in, for instance? I know you just talked about a large renewal cohort, but I guess I'm wondering in Q4, but I think I'm wondering on the new business, could this be a new run rate for kind of quarterly net adds?

淨增加的加速成長令人欣喜。我認為您提供了上半年甚至第二季的一些統計數據。本季的新增內容有什麼獨特之處嗎？例如，有什麼東西可以拉進來嗎？我知道您剛剛談到了一個大型續訂群體，但我想我想知道第四季度的情況，但我想我想知道新業務，這可能是季度淨增加的新運行率嗎？

Look Matt, we've said quite transparently that this was an area that we need to improve in, and we're certainly pleased with the results. And I think it shows that the first half was an anomaly. We still have ways to go. I will tell you it was the highest gross adds that we've ever had as a company, and it was driven by the highest gross adds of Capella.

看，馬特，我們已經非常透明地說過，這是我們需要改進的領域，我們當然對結果感到滿意。我認為這表明上半場是不正常的。我們還有很長的路要走。我會告訴你，這是我們公司有史以來最高的總增加額，並且是由卡佩拉最高的總增加額推動的。

Now we've expected that, and that's not just the Capella value proposition. It's also operational rigor and the things that we've been focused on on a go-to market, expanding our partnerships -- so there's a there's a lot of what I'd like to say lines in the water to drive the improvement there. And there's no bigger focus area that we have as a company. And I think this is much more indicative of what we can and will be delivering on a go forward basis.

現在我們已經預料到了這一點，而這不僅僅是卡佩拉的價值主張。這也是營運的嚴謹性以及我們一直專注於進入市場、擴大我們的合作夥伴關係的事情——所以我想說有很多話要說，以推動那裡的改進。作為一家公司，我們沒有比這更大的重點領域了。我認為這更能說明我們能夠並且將在未來的基礎上提供什麼。

Got it. Thanks.

知道了。謝謝。

And maybe, Greg, you know, this might be a topic of Analyst Day, but so we're thinking about our models next year. You didn't obviously guide us for fiscal '25, but are there any guideposts you could give us on growth or margins?

也許，格雷格，你知道，這可能是分析師日的一個主題，但我們明年會考慮我們的模型。您顯然沒有為我們 25 財年提供指導，但是您可以在成長或利潤方面為我們提供任何指導嗎？

We've known your philosophy on sort of -- certainly you're trying to focus on growth, but also expand margins as well. Any sort of commentary that you'd provide us with tonight on kind of how we should think about next year?

我們已經了解您的理念—當然，您正在努力專注於成長，但同時也擴大利潤。今晚您會向我們提供關於我們應該如何思考明年的任何評論嗎？

Yes. Hey, Matt, good to hear from you. Look, there'll be a lot more obviously, next week. We are not going to be giving specific fiscal '25 guidance until we get to our Q4 earnings -- so 90 days from now. But we will obviously provide some sort of long-term view of how we're thinking about it.

是的。嘿，馬特，很高興收到你的來信。看，下週會有更多明顯的事情。在我們公佈第四季財報之前（即從現在起 90 天後），我們不會給予具體的 25 財年指引。但我們顯然會提供某種關於我們如何思考它的長期觀點。

That said, we are extremely mindful of our profitability, free cash flow, op income -- and we are working to create a more efficient model, get more leverage out of the model. And again, I think you saw some of that continue to come through this quarter and all year, and we're just committed to continuing to improve our margin profile and again move our way to profitability.

也就是說，我們非常關注我們的獲利能力、自由現金流、營運收入——我們正在努力創建一個更有效率的模型，從該模型中獲得更多的槓桿作用。再說一次，我認為您看到了本季度和全年繼續出現的一些情況，我們只是致力於繼續改善我們的利潤狀況，並再次走向盈利。

Got it. Thanks guys.

知道了。多謝你們。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

Yes, thank you. Good afternoon, guys. I just wanted to ask, first for you, Greg, on Q1. I know you're not giving specific guidance, but if I look at the last two Q1s, it was down a little bit sequentially from Q4 to Q1. So just remind us on seasonality, and the other kind of puts and takes as Q4 turns into Q1?

是的，謝謝。下午好，夥計們。我只是想先問你，格雷格，關於第一個問題。我知道你沒有給出具體的指導，但如果我看最後兩個第一季度，我會發現從第四季到第一季連續下降了一點。那麼，請提醒我們季節性，以及當第四季變成第一季時的另一種看跌期權和看跌期權？

Yes. Hey, Jason, I'll give you some sort of general -- as I was alluding before -- Q4 is typically our largest quarter of the year, and Q1 is typically our smallest quarter of the year, depending on the year, of course. So I think the seasonality you've seen historically is reasonable to think about.

是的。嘿，傑森，我會給你一些一般性的信息——正如我之前提到的——第四季度通常是我們一年中最大的季度，而第一季度通常是我們一年中最小的季度，當然，這取決於年份。所以我認為你歷史上看到的季節性是值得考慮的。

But again, we're not guiding yet as I mentioned, we've got a couple of larger deals that could fall in Q4 or Q1, which would change sort of that dynamic. So that's why we're not ready to sort of come out with guidance because we just really need to see how that's going to play out.

但同樣，正如我所提到的，我們還沒有提供指導，我們有幾筆較大的交易可能會在第四季度或第一季進行，這會改變這種動態。這就是為什麼我們還沒有準備好提供指導，因為我們真的需要看看結果如何。

Timing-wise, they are going to happen. It's just a matter of when not if so -- but I think again, seasonality-wise, we've seen historically our Q4 to Q1 is typically -- it's not it's not nearly as big of the renewal process. It's not as robust.

從時間上來看，它們將會發生。這只是一個時間問題，而不是是否會這樣——但我再次認為，從季節性角度來看，我們從歷史上看，第四季度到第一季度通常是——這並不是更新過程的規模那麼大。它沒有那麼強大。

Got you. Okay. And then for you, Matt, you talked about the Columnar analytics feature. Is this a big deal? Eevery company introduces features and talks about how great they are. But how important is this? Maybe talk about some use cases where this might be used? I'm just trying to get get a greater sense on the importance of this new capability.

明白你了。好的。然後，馬特，您談到了柱狀分析功能。這有什麼大不了的嗎？每家公司都會介紹其功能並談論它們的優點。但這有多重要？也許談談可能使用它的一些用例？我只是想更深入地了解這項新功能的重要性。

Yes, Jason, appreciate the question. We think it's quite significant. And as we look into the future, we start in thinking about what our customers are trying to solve with their application strategy. And every company around the world is trying to figure out how to use technology to improve their business, and get closer to their customers.

是的，傑森，感謝這個問題。我們認為這是非常有意義的。當我們展望未來時，我們開始思考我們的客戶試圖透過他們的應用策略解決什麼問題。世界各地的每家公司都在努力找出如何利用科技來改善業務並拉近與客戶的距離。

And in order to do that, you need to not only have all of the operational data at your disposal, but to make these applications truly real-time and adaptive, taking their capabilities to the next level, is injecting data that you're analyzing alongside the operational data store. And as much as people are focused on analytics in the world, the vast majority of Enterprise data is not analyzed.

為了做到這一點，您不僅需要掌握所有操作數據，而且要使這些應用程式真正實現即時和自適應，將其功能提升到一個新的水平，需要注入您正在分析的數據與操作數據存儲一起。儘管世界上人們非常關注分析，但絕大多數企業數據都沒有被分析。

And furthermore, you have this significant gap -- this latency gap that's existed for 50 years -- in the wall that exists between operational analytical data. What we've done with this capability in our underlying architecture is enable a developer to develop these real-time adaptive applications by combining not just the data that we manage on our data store, but ingesting data from S3, from other relational sources, sources like Mongo, in a real-time basis, and then feed those insights directly into the application while it's performing.

此外，操作分析數據之間存在著巨大的差距——這種延遲差距已經存在了 50 年。我們在底層架構中利用此功能所做的就是使開發人員能夠開發這些實時自適應應用程序，不僅可以組合我們在數據存儲上管理的數據，還可以從 S3、其他關係源、源獲取數據。像Mongo 一樣，即時進行，然後在應用程式運行時將這些見解直接輸入到應用程式中。

There's not another data platform that can do this natively across JSON, eliminating ETL, reducing efficiency, and with the underlying architecture to maintain the operational performance and SLA that modern databases require. So this is quite a big step for us.

沒有其他資料平台可以跨 JSON 本地執行此操作，從而消除 ETL、降低效率，並透過底層架構來維持現代資料庫所需的操作效能和 SLA。所以這對我們來說是相當大的一步。

And when we think about the data layer for applications in an AI-Driven world, obviously, we've talked about vector being on the road map which will add to our architecture. But we like to think about the density of the application that we are supporting in that data layer.

當我們考慮人工智慧驅動世界中應用程式的資料層時，顯然，我們已經討論了路線圖上的向量，它將添加到我們的架構中。但我們喜歡考慮我們在該資料層中支援的應用程式的密度。

Operational, analytical, and all of these capabilities coming together in a single platform is our advantage. And we think that we never have of our core capabilities and the platform that we've developed with these scale and performance cloud edge requirements ever been more relevant. And so we're quite excited about that. And getting quite frankly, pretty phenomenal feedback from customers that understand the importance of this, and aligning it to their overall digital transformation and application strategies.

營運、分析以及將所有這些功能集中在一個平台上是我們的優勢。我們認為，我們的核心能力和我們開發的平台從未與這些規模和效能雲邊緣要求更加相關。所以我們對此感到非常興奮。坦白說，從了解這一點重要性的客戶那裡獲得了相當驚人的回饋，並將其與他們的整體數位轉型和應用策略保持一致。

And can you give us some examples of use cases for the Columnar analytics technology?

您能為我們提供一些柱狀分析技術的用例範例嗎？

Yes. So I mean, this is about like taking applications to the next level. So I'll give you a few generic ones. Let's say you're on buying something on an e-commerce store, and we all know you get a recommended product. But what if that recommendation was completely personalized to you, what if the product descriptions matched what was happening in your life?

是的。所以我的意思是，這就像將應用程式提升到一個新的水平。所以我會給你一些通用的。假設您在電子商務商店購買商品，並且我們都知道您會得到推薦的產品。但是，如果該推薦是完全針對您個性化的，如果產品描述與您生活中發生的事情相符怎麼辦？

If you're shopping in a home improvement store, and it has the awareness that you're doing a home remodel, well now the product description maps the type of home remodel that you're delivering and then can bring in the inventory that meets those needs at your local store. These are real-time personalized applications that are changing based on what's happening in your world, with you as a user.

如果您在家居裝修商店購物，並且它知道您正在進行家居裝修，那麼現在產品描述會映射您正在交付的家居裝修類型，然後可以引入符合要求的庫存您當地商店的這些需求。這些是即時個人化應用程序，它們會根據您作為用戶的世界中發生的事情而變化。

Streaming services often recommend shows for us, but what if it's aware of what's happening in my connected home, and recommends to pause something because the beer in my fridge is now at a temperature that I like it, and I'm not going to miss a particular portion of that game? Or I get an alert that another one of my favorite teams is starting.

串流媒體服務經常為我們推薦節目，但如果它知道我聯網的家裡發生了什麼，並建議暫停某些節目，因為我冰箱裡的啤酒現​​在處於我喜歡的溫度，我不會錯過，該怎麼辦該遊戲的特定部分？或者我收到一條提醒，我最喜歡的另一支球隊即將首發。

That level of adaptive application without slowing down the performance, but taking it to the next level, that's what happens when you take all of these analytics and feed it into real-time applications with access to information from every possible input -- structured, unstructured -- et cetera.

這種級別的自適應應用程式不會降低效能，而是將其提升到一個新的水平，這就是當您進行所有這些分析並將其輸入即時應用程式並訪問來自每個可能的輸入（結構化、非結構化）的訊息時所發生的情況－等等。

Great. Thank you.

偉大的。謝謝。

Brad Reback, Stifel.

布拉德雷巴克、斯蒂菲爾。

Great. Thanks very much. Matt, what, if anything, needs to change at Capella in order for it to be a true volume customer acquisition engine?

偉大的。非常感謝。馬特，卡佩拉需要做出哪些改變（如果有的話）才能成為真正的大量客戶獲取引擎？

Brad, I think we're heading that direction. We're excited to spend time next week. We're going to talk a lot about this idea that Capella is at the inflection point. I think the product that we have -- the usability, the integration of things like iQ -- is going to give us the opportunity to augment our highly sophisticated Enterprise go-to-market motion, and benefit from more product-led growth.

布拉德，我認為我們正在朝這個方向前進。我們很高興下週能共度時光。我們將詳細討論卡佩拉正處於拐點的想法。我認為我們擁有的產品——可用性、iQ 之類的整合——將使我們有機會增強我們高度複雜的企業進入市場的行動，並從更多產品主導的成長中受益。

And I think we're to the point now where we have the solution. We're marrying that up with how we're marketing, how we're investing in go-to-market resources, how we're thinking about partnerships. And so I do think we're at the point of that hockey stick where we're going to start to see that inflection coming.

我認為我們現在已經找到了解決方案。我們將其與我們的行銷方式、我們如何投資市場資源以及我們如何考慮合作夥伴關係結合起來。所以我確實認為我們正處於曲棍球棒的關鍵時刻，我們將開始看到這種轉變的到來。

That's great. Thanks very much.

那太棒了。非常感謝。

Thanks, Brett.

謝謝，布雷特。

Taz Koujalgi, Wedbush Securities.

Taz Koujalgi，韋德布希證券。

Hey, guys, thanks for taking my question. I have a question on Capella. First one -- so you're very positive on the new logo traction driven by Capella. Can you comment on the deal sizes or deal values of these Capella deals? Like comparing to Enterprise new logo lands, are these smaller? Or is it the same level of the Enterprise new deals?

嘿，夥計們，謝謝你提出我的問題。我有一個關於卡佩拉的問題。第一個——所以你對卡佩拉推動的新標誌的吸引力非常積極。您能否評論一下嘉佩樂這些交易的交易規模或交易價值？就像與企業新標誌土地相比，這些土地較小嗎？還是同級的企業新特惠？

Yes. Hey Taz, it's Greg. Thanks for the question. Yes, the new logos in Capella are certainly smaller than what we would see on the Enterprise side of the business.

是的。嘿，塔茲，我是格雷格。謝謝你的提問。是的，Capella 的新標誌肯定比我們在企業業務方面看到的要小。

But the -- again -- the time to value and again, we're going to talk about this a lot next week, is the growth rate on that is substantial compared to the Enterprise business. So they start smaller, but they grow faster, and we always assume that will be the nature of the Capella model. Now that said, there are times where we get larger ones.

但是，再次強調，價值的時間，我們下週將大量討論這一點，與企業業務相比，其成長率是相當可觀的。因此，它們開始時較小，但增長速度更快，我們始終認為這將是卡佩拉模型的本質。話雖如此，有時我們會得到更大的。

But in general, they are smaller than the Enterprise part of the business.

但總的來說，它們比企業的業務部分要小。

And Taz, we actually want that, and we're building programs and incentives to get customers started. One of the friction points that we have in landing new logos with the Enterprise business is trying to find the exact sizing that customers are going to commit to, knowing that applications are dynamic, and people are picking us because we're a platform.

塔茲，我們確實希望如此，我們正在製定計劃和激勵措施來讓客戶開始。我們在企業業務中使用新徽標時遇到的摩擦點之一是試圖找到客戶將承諾的確切尺寸，因為我們知道應用程式是動態的，並且人們選擇我們是因為我們是一個平台。

With Capella, we can remove that friction entirely. Just get people going, and then they can add credits or go with the pure consumption model. So we anticipate that, and if anything, I would expect it continues to come down as we add more volume. That's not to say that their expected value or potential of spend is any smaller, it's just the efficiency of landing them and getting them going.

有了 Capella，我們就可以完全消除這種摩擦。只要讓人們行動起來，然後他們就可以增加積分或採用純粹的消費模式。因此，我們預計，如果有的話，我預計隨著我們增加交易量，它會繼續下降。這並不是說他們的預期價值或支出潛力變小，而是說他們著陸並讓他們前進的效率更高。

Yes. That's very helpful. And then a follow-up on that, Matt, you mentioned in the call that you're seeing some customers this quarter, consume ahead of their, I guess, commitments or credits. And I think that was done this quarter to, I guess, catalyze that.

是的。這非常有幫助。然後是後續行動，馬特，你在電話中提到，你在本季看到一些客戶的消費超過了他們的承諾或信用。我認為本季這樣做是為了促進這一點。

You drilled in a [single go to market] to make customers, I guess, consume faster or use their credit faster. And the reason I'm asking is one of your peers who had earnings last night spoke about how they're changing the go-to-market model, incentivizing their salespeople to sell not on a commitment basis, but more on a consumption basis to drive consumption faster so that people don't just buy the credits and keep them unused.

我想，你鑽研[單一進入市場]是為了讓客戶更快消費或更快地使用他們的信用。我問的原因是你的一位昨晚獲得收益的同行談到了他們如何改變進入市場模式，激勵他們的銷售人員不是在承諾的基礎上銷售，而是更多地在消費的基礎上銷售更快地推動消費，這樣人們就不會只是購買積分並閒置。

So anything that has changed your go-to-market side to, I guess, make customers consume faster?

那麼，我想，有什麼改變了你的行銷方式，讓客戶消費得更快呢？

Yes, look, If I were to talk about operational capabilities that we've matured dramatically over the course of this fiscal year -- certainly the last six quarters -- it would be on managing consumption, providing incentives throughout our go-to-market engine -- everything from our quota-carrying salespeople, SE resources, professional services, customer success -- in aligning to customer needs and being very aware of consumption.

是的，如果我要談論我們在本財年（當然是過去六個季度）中顯著成熟的營運能力，那就是管理消費，在整個上市過程中提供激勵措施引擎——從我們的配額銷售人員、SE資源、專業服務、客戶成功—一切都符合客戶需求並且非常了解消費。

Certainly we want to be prepared if people in rare circumstances are consuming below where we need them, and adjust that, and help them with the deployments that they anticipated. It may be surprising, but a big part of that is understanding where customers may be running hotter than we think they need to, and getting ahead of that so we don't end up with a customer relationship issue.

當然，如果人們在極少數情況下的消費低於我們需要的水平，我們希望做好準備，並進行調整，並幫助他們進行預期的部署。這可能令人驚訝，但其中很大一部分是了解客戶在哪些方面可能比我們想像的更熱衷，並提前做好準備，這樣我們就不會遇到客戶關係問題。

So the level of operational investment we've put there, and systems, tools, process, and people, consumption can be complicated to manage. But I think we're leaning into that complexity and feel pretty good about the operational rigor that we have in place to manage that as we go forward, and the subsequent incentives, which for me, we're in the business of satisfying customers, and we want to make sure that we're helping them with their business strategies, and making sure that Capella and Couchbase are a big part of that. Getting consumption right is certainly an important variable.

因此，我們在那裡投入的營運投資水準以及系統、工具、流程和人員、消耗可能很難管理。但我認為我們正在傾向於這種複雜性，並且對我們在前進過程中管理這一問題所採取的嚴格運營措施以及隨後的激勵措施感到非常滿意，對我來說，我們致力於滿足客戶的需求，我們希望確保我們正在幫助他們制定業務策略，並確保 Capella 和 Couchbase 成為其中的重要組成部分。正確消費無疑是重要變數。

Well, yes. Okay, so just one follow-up, if I may. I think last quarter when we looked at the number of new logos added overall, and the number of new logos added for Capella, Capella had a higher new logo adds. I guess you are saying that I think you got the benefit of migrations of workloads from Enterprise to Capella, so that's why the Capella number was higher.

嗯，是。好的，如果可以的話，我只想做一個後續行動。我認為上個季度，當我們查看總體添加的新徽標數量以及卡佩拉添加的新徽標數量時，卡佩拉的新徽標添加量更高。我想您是說，我認為您從工作負載從 Enterprise 遷移到 Capella 中受益，因此這就是 Capella 數字更高的原因。

This quarter, I think the new logos and Capella new logos are almost almost the same. Is it fair to assume that the migration activity from Enterprise to Capella was a little lighter this quarter versus last quarter?

這個季度，我覺得新標誌和卡佩拉新標誌幾乎是一樣的。是否可以假設本季從 Enterprise 到 Capella 的遷移活動比上季有所減少？

No, I think something might be getting lost in the and takeaway there. I mean, we mentioned we're over a fifth of our customer base. Greg can talk about the quarter-over-quarter Capella growth. But again, it was the majority of net logos. We saw a healthy number of migrations. I think all of that is up quarter over quarter. You have the specifics?

不，我認為那裡的外賣可能會失去一些東西。我的意思是，我們提到我們的客戶群超過五分之一。格雷格（Greg）可以談論卡佩拉（Capella）的季度環比增長。但同樣，它是大多數網頁標誌。我們看到了數量可觀的移民。我認為所有這些都在逐季增長。有具體情況嗎？

Yes. I mean, this quarter, the Capella customer count grew by more than 25%, whereas last quarter it grew by 20%. So we're accelerating the pace of Capella customer adds. Both -- that's inclusive of both migrations and new logos, so we feel very good about it and after that.

是的。我的意思是，本季度，Capella 客戶數量增加了 25% 以上，而上季增加了 20%。因此，我們正在加快嘉佩樂客戶添加的步伐。兩者都包括遷移和新徽標，所以我們對此以及之後感覺非常好。

Thank you.

謝謝。

Thanks.

謝謝。

Howard Ma, Guggenheim Securities.

霍華德·馬，古根漢證券。

Thank you. Great quarter, guys. I guess just to dovetail off of Taz's last question, when we think about the sales and market efficiency levers for Capella, where is the sales force in terms of efforts focused on migrations versus acquiring new logos? And that's it for me. Thanks.

謝謝。很棒的季度，夥計們。我想為了與 Taz 的最後一個問題相吻合，當我們考慮 Capella 的銷售和市場效率槓桿時，銷售人員在專注於遷移與獲取新徽標方面的努力在哪裡？對我來說就是這樣。謝謝。

Yes, all right. Look, I think we're appropriately balanced to do our jobs as salespeople here, we need to be taking care of our existing customers, growing those accounts, because of the platform that we bring, that existing applications, net new applications and then obsessing over adding new customers.

嗯，好。聽著，我認為我們作為銷售人員的工作是適當平衡的，我們需要照顧我們現有的客戶，增加這些客戶，因為我們帶來的平台，現有的應用程序，網絡新應用程序，然後痴迷超過新增客戶。

You can appreciate that we have a fairly mature go-to-market model. Any given rep may have a little more focus on an existing account. We have reps that are almost entirely focused on new. But if we look at the collective army of field resources out there, there's not a moment that goes by at the company that we're not obsessing over both.

您會發現我們擁有相當成熟的上市模式。任何特定的代表可能會更加關注現有帳戶。我們的代表幾乎完全專注於新事物。但如果我們看看外面的現場資源集體大軍，就會發現公司無時無刻都在關注這兩方面的問題。

I think one of the things that's fantastic about Capella is we not only talk exclusively about new logos, but new applications, and our ability to win new apps, both in new logos and in existing accounts is better than it ever has been.

我認為卡佩拉最棒的事情之一是我們不僅只談論新徽標，而且還專門談論新應用程序，並且我們在新徽標和現有帳戶中贏得新應用程式的能力比以往任何時候都更好。

We spent a lot of time on our compensation and incentive plans to ensure that we have the appropriate balance. I spent a lot of time thinking about the operational focus and rigor across the board that, you know, I think we need to achieve our medium and long-term objectives. We need to do both. And I think we are striking that balance.

我們在薪酬和激勵計劃上花了很多時間，以確保我們有適當的平衡。我花了很多時間思考全面的營運重點和嚴謹性，我認為我們需要實現中長期目標。我們需要兩者兼具。我認為我們正在取得這種平衡。

And if in any given region or territory, or down to individual rep, we were off, we make those adjustments on a pretty real time basis. So again, I'm pretty proud of the operational execution across the board and a testament to our field leaders and navigating this dynamic along with many others.

如果在任何特定的地區或地區，或具體到個人代表，我們出現了偏差，我們會即時進行這些調整。再說一次，我對全面的營運執行感到非常自豪，這也是對我們的現場領導者以及與許多其他人一起駕馭這一動態的證明。

Okay. Thanks, Matt.

好的。謝謝，馬特。

Thank you. There are no further questions at this time, and I'd like to turn the floor back over to Chairman and CEO, Matt Cain, for closing comments.

謝謝。目前沒有其他問題，我想將發言權轉回給董事長兼執行長 Matt Cain 進行總結評論。

Thanks, operator, and thanks, everyone, for joining us today. I'm sure you can tell we're very pleased with how the business is performing, and are working hard to make fiscal 2024 our best year yet. I look forward to seeing many of you all next week in New York and hope to see you then thank you.

謝謝操作員，也謝謝大家今天加入我們。我相信您可以看出我們對業務表現非常滿意，並且正在努力使 2024 財年成為我們迄今為止最好的一年。我期待下週在紐約見到你們，並希望屆時能見到你們，謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。