Couchbase Inc (BASE) 2024 Q4 法說會逐字稿

Good afternoon and welcome to Couchbase's fourth 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 Chair, President and CEO, Matt Cain; and CFO, Greg Henry. Today's call will contain forward-looking statements, which includes 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.

下午好，歡迎參加 Couchbase 2024 年第四季財報電話會議。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 主席、總裁兼執行長 Matt Cain；和首席財務官格雷格·亨利。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和財務業績以及財務狀況以及我們對未來時期的指導的陳述。

These statements reflect our views as of today only and should not be relied upon as representing our views that any subsequent date and we do not undertake any duty to update these statements. 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 or quarterly reports on Form 10-Q filed with the SEC.

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，並且我們不承擔更新這些聲明的任何責任。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向 SEC 提交的最新 10 K 表格年度報告或 10-Q 表格季度報告。

See 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 release, 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。這些非公認會計原則財務指標與最直接可比較的公認會計原則財務指標的調節，以及我們如何定義這些指標和其他指標，均包含在我們的收益新聞稿中，可在我們的投資者關係網站上獲取。接下來，讓我把電話轉給馬特。

Good afternoon and welcome to cash basis Fourth Quarter 2020 Earnings Call. We will be discussing the results announced in our press release issued after the market closed today. With me are cash-basis chair President and CEO, Matt Kane, and CFO, Greg Henry.

下午好，歡迎參加現金制 2020 年第四季財報電話會議。我們將討論今天收盤後發布的新聞稿中宣布的結果。和我在一起的還有現金制主席兼執行長 Matt Kane 和財務長 Greg Henry。

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 undertake any duty to update these statements. 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 quarterly report on Form 10 Q filed with the SEC.

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和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。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向 SEC 提交的 10 K 表季度報告中的最新年度報告。

During the call, we'll 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 and 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，我們還將討論某些未依照公認會計原則制定的非公認會計準則財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的調整以及我們如何定義這些指標和其他指標均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。接下來，讓我把電話轉給馬特。

Thank you, Edward, and thank you all for joining us on the call today. I'm delighted to report that we have delivered a strong Q4 with all our key financial metrics, exceeding our outlook highlights include growing Compellent's, continued big deal activity, including a particularly robust quarter for renewals and expansions, strong new customer logos, and overall excellent operational performance from all teams across the company. Total annual recurring revenue or ARR was $204.2 million, up 25% year over year. Revenue in Q4 was $50.1 million, up 20% year over year. Non-gaap operating loss in Q4 was $4.1 million, representing a negative operating margin of 8.2%, 8.6 percentage points above the midpoint of our implied operating margin guidance range.

謝謝愛德華，也謝謝大家今天加入我們的電話會議。我很高興地向大家報告，我們在所有關鍵財務指標上都實現了強勁的第四季度業績，超出了我們的展望亮點，包括不斷增長的Compellent、持續的大宗交易活動，包括特別強勁的季度續訂和擴張、強大的新客戶標誌以及整體公司所有團隊的出色營運績效。年度經常性總收入 (ARR) 為 2.042 億美元，年增 25%。第四季營收為 5,010 萬美元，較去年同期成長 20%。第四季非 GAAP 營運虧損為 410 萬美元，營運利潤率為 8.2%，比我們隱含營運利潤指引範圍的中點高出 8.6 個百分點。

We finished fiscal 2024 with strong momentum capping off a historic year for CallXpress. We drove strong top line growth in a challenging macroeconomic environment, including accelerating our net new ARR growth. We achieved important milestones with Capella, which now represents 11% of our ARR and over 25% of our customer base. We worked tirelessly to improve our operational rigor and improve our efficiency across the entire company, which resulted in meaningful operating profit outperformance and substantial operating and free cash flow margin expansion.

我們以強勁的勢頭結束了 2024 財年，為 CallXpress 歷史性的一年畫上了圓滿的句號。我們在充滿挑戰的宏觀經濟環境中推動了營收的強勁成長，包括加速新 ARR 淨成長。我們與 Capella 實現了重要的里程碑，現在 Capella 占我們 ARR 的 11%，占我們客戶群的 25% 以上。我們孜孜不倦地努力提高整個公司的營運嚴謹性和效率，從而實現了顯著的營業利潤優異表現以及大幅營業利潤率和自由現金流利潤率的擴張。

We enhance and refined our go-to-market motion across marketing sales and our partner ecosystems. Our product and engineering teams delivered multiple important enhancements and capabilities across our platform and did so in an accelerated pace, and we welcome many of you to our first Analyst Day as a public company just this last December in New York, I couldn't be more proud of the progress we made across all of our key strategic initiatives, deliver top line growth, increase the mix of Capella drive sales and marketing efficiency and accelerate the pace of leverage in our model.

我們在行銷銷售和合作夥伴生態系統中增強和完善了進入市場的行動。我們的產品和工程團隊在我們的平台上提供了多項重要的增強功能和功能，並且速度加快了，我們歡迎你們中的許多人參加去年12 月在紐約作為上市公司舉行的第一個分析師日，我無法我們對所有關鍵策略措施所取得的進展感到更加自豪，實現了營收成長，提高了 Capella 驅動銷售和行銷效率的組合，並加快了我們模型中槓桿的步伐。

Now let me discuss some highlights of the quarter and the year. I'll start by reviewing the many innovations we have announced over the past few months. These have contributed to the inflection point we are seeing with Capella and will be instrumental in unlocking future growth and leverage opportunities from day one. We've architected our platform to enable demanding applications to not only deliver premium performance, but also provide rich hyper-personalized differentiated experiences for end users because of our differentiated architecture, our multipurpose platform, converges operational and analytical capabilities and seamlessly integrates advanced services like indexing of venting, full text search and more in a single solution.

現在讓我討論本季和全年的一些亮點。我將首先回顧我們在過去幾個月中宣布的許多創新。這些促成了我們在卡佩拉看到的轉折點，並將有助於從第一天起釋放未來的成長和利用機會。我們建立了我們的平台，使要求苛刻的應用程式不僅能夠提供卓越的性能，而且還為最終用戶提供豐富的超個性化差異化體驗，因為我們的差異化架構、我們的多用途平台融合了操作和分析功能，並無縫整合了高級服務，例如在單一解決方案中進行發洩索引、全文搜尋等。

This approaches like Couchbase can uniquely power adaptive applications for customers. We've built a strong foundation with differentiation. We can sustain. And now we've taken that foundation and have layered on new features and capabilities that we have recently announced that position us well for how adaptive applications are evolving with AI First, we increased developer productivity by introducing the Capella IQ copilot into our database as a service IQ allows developers to interact with Capella using natural language conversation, making database interactions more intuitive, efficient and accessible for developers, they can go from an idea to code in just a few clicks.

像 Couchbase 這樣的方法可以為客戶提供獨特的自適應應用程式支援。我們已經透過差異化奠定了堅實的基礎。我們可以維持。現在，我們已經以此為基礎，並在我們最近宣布的新特性和功能上進行了分層，這些新特性和功能使我們能夠很好地了解自適應應用程式如何隨著人工智慧的發展。首先，我們透過將 Capella IQ copilot 作為資料庫引入到我們的資料庫中來提高開發人員的生產力。service IQ 允許開發人員使用自然語言對話與Capella 進行交互，使資料庫互動更加直觀、高效且易於開發人員使用，只需點擊幾下即可將想法轉換為程式碼。

Next, we further extended our platform capabilities by announcing a columnist service for Capella, which converges operational and real-time analytic workloads into a single platform. Customers can ingest data from anywhere into Capella in real time, reducing complexity and costs while increasing developer productivity, initial feedback from the private preview has been exceptional, and we are excited about what this key new service will unlock.

接下來，我們宣布推出 Capella 專欄作家服務，進一步擴展了我們的平台功能，該服務將營運和即時分析工作負載整合到一個平台中。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，私人預覽版的初步反饋非常好，我們對這項關鍵新服務將解鎖的內容感到非常興奮。

Finally, as you may have seen last week, we announced vector search as a new feature in our platform optimized for running on site across clouds and devices at the edge, including mobile and IoT, while vector database point solutions aim to solve the challenges of processing and storing data for LLM.s in multiple standalone solutions, adds complexity to the enterprise IT stack and flows application performance. Our multipurpose capabilities eliminate that friction and deliver a simplified and unified architecture to improve the accuracy of LOM results.

最後，正如您上週可能已經看到的那樣，我們宣布向量搜尋是我們平台中的一項新功能，該功能針對跨雲和邊緣設備（包括行動裝置和物聯網）在現場運行進行了最佳化，而向量資料庫點解決方案旨在解決以下挑戰：在多個獨立解決方案中處理和儲存法學碩士資料會增加企業 IT 堆疊的複雜性並影響應用程式效能。我們的多用途功能消除了這種摩擦，並提供簡化且統一的架構，以提高 LOM 結果的準確性。

We also make it easier and faster for developers to build applications by using a single sequel plus plus query, which incorporates the vector index, removing the need to use multiple indexes or products. And we're the first vendor to announce vector search at the edge, enabling organizations to run AI applications anywhere in connected or disconnected modes.

我們還使開發人員可以透過使用單一sequel plus plus查詢（其中包含向量索引）來更輕鬆、更快速地建立應用程序，從而無需使用多個索引或產品。我們是第一家宣佈在邊緣進行向量搜尋的供應商，使組織能夠在任何地方以連接或斷開連接的模式運行人工智慧應用程式。

I'm also pleased to announce that we are extending our AI partner ecosystem with Lane chain and London index integrations, enabling a common API interface to converse with a broad library of LLM.s while providing developers with choices for LOMs. Taken together, we're embracing the opportunity to enable hyper-personalized, high-performing and Adaptive Applications powered by AI, but deliver exceptional experiences to their end users. Customers are responding very positively to how our approach is aligned to their AI powered adaptive application journey.

我還很高興地宣布，我們正在透過 Lane chain 和倫敦指數整合來擴展我們的 AI 合作夥伴生態系統，使通用 API 介面能夠與廣泛的 LLM.s 庫進行交互，同時為開發人員提供 LOM 的選擇。總而言之，我們正在抓住機會，實現由人工智慧支援的超個性化、高性能和自適應應用程序，同時為最終用戶提供卓越的體驗。客戶對我們的方法如何與他們的人工智慧驅動的自適應應用程式旅程保持一致做出了非常積極的反應。

As you can see, we've achieved a lot in a short amount of time on both product innovation and customer uptake. And it's gratifying to see our efforts bearing fruit 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.

正如您所看到的，我們在短時間內在產品創新和客戶接受度方面取得了巨大成就。令人欣慰的是，隨著我們的嘉佩樂基地不斷擴大，我們的努力取得了成果，隨著現有和新客戶認識到我們平台的獨特性能和規模，我們看到有利的消費動態出現。

We're seeing increased consumption across our customer base, which is indicative not only of the value we bring, but also gives us confidence in our ability to deliver sustainable growth. As such, we are committed to taking advantage of this recent inflection we've seen we fully expect Capella to become an increasingly meaningful driver behind ARR and net retention as well as an important engine for new logo acquisition. And it will contribute to leverage across our entire business.

我們看到客戶群的消費不斷增加，這不僅顯示了我們帶來的價值，也讓我們對實現永續成長的能力充滿信心。因此，我們致力於利用最近的這一變化，我們完全期望 Capella 成為 ARR 和淨留存率背後越來越有意義的推動者，以及新徽標獲取的重要引擎。它將有助於提高我們整個業務的影響力。

Now I'd like to turn to customer wins. In Q4, we saw new capacity wins across many industries, including manufacturing, media, fintech, technology, retail, and telco. Array is a financial innovation platform that helps digital brands, financial institutions and fintechs get compelling consumer products to market faster arrays offerings helps its partners, drive revenue, increase engagement and empower millions of consumers to achieve their financial goals.

現在我想談談客戶的勝利。第四季度，我們看到許多產業都獲得了新的產能，包括製造業、媒體、金融科技、科技、零售和電信。Array 是一個金融創新平台，可協助數位品牌、金融機構和金融科技公司將引人注目的消費產品更快地推向市場，Array 產品可協助其合作夥伴、增加收入、提高參與度並協助數百萬消費者實現其財務目標。

This quarter raise selected Capella to support profile management for its privacy application because of the compelling value and impressive database performance in Q4, a leading cloud communications provider expanded its investment in Capella to continue supporting its real-time communications platform. This platform connects widely used applications to carriers worldwide with all conversations being managed and recorded with our cloud database platform. This customer initially began migrating to Capella because of the scalability and benefits that a fully managed service provided to its developer team. They gained the ability to step away from database management and focus on developing core business applications.

本季融資選擇Capella 來支援其隱私應用程式的設定檔管理，因為第四季度具有引人注目的價值和令人印象深刻的資料庫效能，一家領先的雲端通訊供應商擴大了對Capella 的投資，以繼續支援其實時通訊平台。該平台將廣泛使用的應用程式連接到世界各地的營運商，所有對話都透過我們的雲端資料庫平台進行管理和記錄。這位客戶最初開始遷移到 Capella，是因為完全託管的服務為其開發團隊提供了可擴展性和優勢。他們獲得了擺脫資料庫管理並專注於開發核心業務應用程式的能力。

Another compelling expansion from the quarter came from a premier provider of life insurance in the Asia Pacific region. Couchbase Power's customer three, 60 data for this providers, many millions of customers. The customer decided to expand its investment in Capella on Google Cloud for cost optimization and to continue modernizing their architecture and database management in the cloud. Of note, this was our first multi-million dollar Calpella migration.

本季另一個引人注目的擴張來自亞太地區一家領先的人壽保險提供者。Couchbase Power 的客戶三級，該提供者有 60 個數據，有數百萬客戶。該客戶決定擴大對 Google Cloud 上 Capella 的投資，以優化成本，並繼續實現雲端架構和資料庫管理的現代化。值得注意的是，這是我們第一次耗資數百萬美元的 Calpella 遷移。

We also continue to see robust large deal activity with a strong foundation of our enterprise server a new enterprise logo for us. This quarter came from a multinational financial services company and one of Europe's leading banks, VBVA. They selected Couchbase to replace another no sequel database at a worldwide level because of the price performance our platform offered and they will be using Couchbase to Power Pro file management for its entire customer base.

我們也繼續看到強勁的大宗交易活動，為我們的企業伺服器奠定了堅實的基礎，為我們提供了新的企業標誌。本季來自一家跨國金融服務公司和歐洲領先銀行之一 VBVA。由於我們的平台提供的性價比，他們選擇 Couchbase 來替換全球範圍內的另一個無續集資料庫，並且他們將使用 Couchbase 來為其整個客戶群提供 Power Pro 檔案管理。

Finally, as I previously mentioned, we saw robust renewal and expansion activity in the quarter with some of our largest customers. This includes a Fortune 500 shipping and logistics company, which saw the largest expansion in our history and a major multinational technology company that provides software solutions for the global travel and tourism industry. Both customers rely on Couchbase for multiple applications and deployment modalities, and we're honored to continue their journey with them.

最後，正如我之前提到的，我們在本季度看到了一些最大客戶的強勁更新和擴張活動。其中包括一家財富 500 強航運和物流公司，該公司經歷了我們歷史上最大規模的擴張，以及一家為全球旅行和旅遊業提供軟體解決方案的大型跨國科技公司。兩家客戶都依賴 Couchbase 來實現多種應用程式和部署模式，我們很榮幸能夠與他們一起繼續他們的旅程。

As we look ahead towards fiscal 2025, we have a massive opportunity in front of us. Our foundation rests upon a carefully architected platform purpose-built to enable mission critical adaptive applications that are often being deployed at the edge in an increasingly AI powered world. I strongly believe that our foundational tenets of scale, performance and flexibility have never been more relevant as we continue to leverage our core innovations while adding new ones.

展望 2025 財年，我們面臨巨大的機會。我們的基礎建立在一個精心構建的平台上，該平台專門用於支援任務關鍵型自適應應用程序，這些應用程式通常部署在日益人工智慧驅動的世界的邊緣。我堅信，隨著我們繼續利用我們的核心創新並增加新的創新，我們的規模、性能和靈活性的基本原則從未如此重要。

These include our new real-time analytic and Vector search capabilities both of which together have the potential to make a meaningful impact to our business. Our priorities going forward are to continue to drive sustained growth, capitalize on the inflection we're seeing across the business and accelerate the pace of leverage in our model. If I were to emphasize, one of these priorities is the forthcoming leverage that I see building across all aspects of our business. This spans from how we innovate and deliver new capabilities and services to how we go to market, growing our outstanding customers while also acquiring new ones to driving more efficiency in our P & L and model having held our annual kickoff last month, I can say confidently that we have a strong, motivated and highly aligned team in place to achieve our ambitions in fiscal 2025 at Couchbase.

其中包括我們新的即時分析和向量搜尋功能，這兩種功能共同有可能對我們的業務產生有意義的影響。我們未來的首要任務是繼續推動持續成長，利用我們在整個業務中看到的變化，並加快我們模型中槓桿的步伐。如果我要強調的話，這些優先事項之一是我認為即將在我們業務的各個方面建立的槓桿作用。我可以說，這涵蓋了我們如何創新和提供新的功能和服務，如何進入市場，發展我們的優秀客戶，同時獲取新客戶，以提高我們上個月舉行的年度啟動後的損益和模型的效率。我們堅信，我們擁有一支強大、積極進取且高度團結的團隊，能夠在 Couchbase 實現 2025 財年的雄心壯志。

We're inspired by the generational opportunity that is in front of us and it being a trusted adviser for our customers partners and the broader industry. It's an honor to be a strategic technology provider to so many organizations that are changing the way we interact through their modern applications. We have work to do and it won't be easy. But at Couchbase, we pride ourselves on attacking hard problems driven by customer outcomes. With that, I'll hand the call over to Greg to walk you through our results in more detail. Greg?

我們受到擺在我們面前的世代機會的啟發，它成為我們的客戶合作夥伴和更廣泛行業值得信賴的顧問。我很榮幸能夠成為眾多組織的策略技術提供商，這些組織正在改變我們透過現代應用程式互動的方式。我們還有工作要做，這並不容易。但在 Couchbase，我們為解決由客戶結果驅動的難題而感到自豪。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 finished fiscal 2024 with another strong quarter as we beat guidance across all key metrics. 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 fourth quarter and full year fiscal 2024 financial results in more detail. Total annual recurring revenue or ARR was $204.2 million at the end of the fourth quarter, representing 25% growth year over year and 8% sequentially, driven by strong growth in Capella contribution as well as our core enterprise business.

謝謝馬特，也謝謝大家加入我們。我們在 2024 財年結束時又迎來了一個強勁的季度，所有關鍵指標都超出了預期。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 2024 財年第四季和全年財務表現。截至第四季末，年度經常性收入總額或 ARR 為 2.042 億美元，年增 25%，環比增長 8%，這主要得益於 Capella 貢獻以及我們的核心企業業務的強勁增長。

At the end of the quarter, Capella ARR was $21.8 million, representing 11% of our total ARR revenue for the fourth quarter was $50.1 million, an increase of 20% year over year and 9% sequentially and $180 million for the full year, an increase of 16% year over year. Revenue growth benefited from growing consumption of Capella and strength in our enterprise business, partially offset by declines in professional services. Subscription revenue for the fourth quarter was $48.1 million, an increase of 26% year over year and 9% sequentially and $171.6 million for the full year, an increase of 20% year over year.

截至本季末，嘉佩樂 ARR 為 2,180 萬美元，占我們第四季 ARR 總營收 5,010 萬美元的 11%，年成長 20%，季增 9%，全年為 1.8 億美元，年增16% 。收入成長得益於 Capella 消費的成長和我們企業業務的實力，但部分被專業服務的下降所抵消。第四季訂閱營收為 4,810 萬美元，年增 26%，季增 9%；全年訂閱收入為 1.716 億美元，較去年同期成長 20%。

Professional services revenue for the fourth quarter was $2 million, a decline of 42% year over year and an increase of 12% sequentially and $8.5 million for the full year, a decline of 29% year over year. As a reminder, this was consistent with our expectations following outsized strength in professional services in fiscal 2023. We expect professional services to normalize at current levels in fiscal 2025. Our ARR per customer performance in the fourth quarter was $273,000, up from $264,000 in the third quarter, up 12% year over year and indicative of the growing wallet share. We have with large customers.

第四季專業服務收入為 200 萬美元，年減 42%，季增 12%；全年專業服務收入為 850 萬美元，年減 29%。提醒一下，這符合我們在 2023 財年專業服務實力強勁後的預期。我們預計專業服務將在 2025 財年恢復到目前的水準。第四季度每位客戶的 ARR 為 273,000 美元，高於第三季的 264,000 美元，年增 12%，顯示錢包份額不斷增長。我們有大客戶。

As a reminder, as our compelling mix continues to grow and contribution, we expect ARR per customer growth could moderate or decline in future quarters. Our dollar-based net retention rate or NRR continues to exceed 100, 15%, driven by strong renewal and upsell activity across our base of larger enterprise customers. Our NRR has been steadily improving. Thanks to Capella. We exited the year with 749 customers, an increase of 34 net new customers from the third quarter. Capella once again represented the majority of new logos in the quarter, and we grew our Capella customer logo count by 41 over 25% from the third quarter. We continue to be 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.

提醒一下，隨著我們引人注目的組合不斷增長和貢獻，我們預計每位客戶的 ARR 成長可能會在未來幾季放緩或下降。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或 NRR 繼續超過 100, 15%。我們的 NRR 一直在穩步提高。感謝卡佩拉。今年結束時，我們擁有 749 名客戶，比第三季淨增加了 34 名新客戶。Capella 再次代表了本季新商標的大部分，與第三季相比，我們的 Capella 客戶商標數量增加了 41 個，增幅超過 25%。我們繼續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 持續增長和強大的保留指標證明了這一點。

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. In Q4, our gross margin was 90.4%, benefiting from sustained enterprise gross profit margin strength, lower services revenue mix, the completion of the amortization from some of our initial Capella investments and leverage as a result of our expanding Capella revenue base, offset by growing Capella mix, which carries lower gross margins. This compares to a gross margin of 86.3% a year ago, and 89.5% last quarter. For the full fiscal year, our gross margin was 80.5% compared to 87.6% in fiscal 2023 as a reminder, as Capella mix increases, we expect gross margin will decline in fiscal 2025.

在討論損益表的其餘部分時。請注意，除非另有說明，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。第四季度，我們的毛利率為 90.4%，受益於企業毛利率持續走強、服務收入組合下降、部分初始 Capella 投資的攤銷完成以及我們擴大 Capella 收入基礎帶來的槓桿作用，抵消了嘉佩樂(Capella) 組合不斷成長，毛利率較低。相較之下，一年前的毛利率為 86.3%，上季毛利率為 89.5%。就整個財年而言，我們的毛利率為 80.5%，而 2023 財年為 87.6%，提醒您，隨著 Capella 組合的增加，我們預計 2025 財年毛利率將下降。

Turning to expenses, we continue to invest to capture the generational opportunity. We see in front of us that are focused on driving leverage across our business. We are pleased with our execution on this front as our expense discipline and benefit from our cost savings initiatives resulted in us again outperforming our operating loss outlook. Our sales and marketing expenses for Q4 were $29.4 million or 59% of revenue compared to $26.7 million or 64% of revenue a year ago. For the full fiscal year, our sales and marketing expenses were $113.6 million or 63% of revenue compared to $101.3 million or 65% of revenue in the prior fiscal year. Research and development expenses for Q4 were $12.9 million or 26% of revenue, compared to $12.9 million or 31% of revenue a year ago.

談到支出，我們繼續投資以抓住一代人的機會。我們看到，我們的重點是提高整個業務的影響力。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措施的好處使我們再次超越了我們的營運虧損前景。第四季的銷售和行銷費用為 2,940 萬美元，佔營收的 59%，而去年同期為 2,670 萬美元，佔營收的 64%。在整個財年，我們的銷售和行銷費用為 1.136 億美元，佔營收的 63%，而上一財年為 1.013 億美元，佔營收的 65%。第四季的研發費用為 1,290 萬美元，佔營收的 26%，去年同期為 1,290 萬美元，佔營收的 31%。

For the full fiscal year, our research and development expenses were$50.5 million or 28% of revenue compared to $49.7 million or 32% of revenue in the prior fiscal year. General and administrative expenses for Q4 were $7.1 million or 14% of total revenue compared to $6.3 million or 15% of revenue a year ago. For the full fiscal year, our general and administrative expenses were $26.5 million or 15% of revenue compared to $25.9 million or 17% of revenue in the prior fiscal year.

在整個財年，我們的研發費用為 5,050 萬美元，佔營收的 28%，而上一財年為 4,970 萬美元，佔營收的 32%。第四季的一般和管理費用為 710 萬美元，佔總收入的 14%，而去年同期為 630 萬美元，佔總收入的 15%。在整個財年，我們的一般和管理費用為 2,650 萬美元，佔收入的 15%，而上一財年為 2,590 萬美元，佔收入的 17%。

Operating loss for Q4 was $4.1 million or negative 8% operating margin compared to an operating loss of $9.9 million or negative 24% operating margin a year ago. Operating loss for the full fiscal year was $31.3 million or negative 17% operating margin compared to an operating loss of $41.3 million or negative 27% operating margin in the prior fiscal year. Net loss attributable to common stockholders for Q4 was$2.9 million or negative $0.06 per share. For the full fiscal year, net loss was $27 million or negative $0.57 per share. Before I turn to the balance sheet and cash flow statement, I want to mention an impairment charge of $5.2 million that we recognized in Q4.

第四季營運虧損為 410 萬美元，營運利潤率為負 8%，去年同期營運虧損為 990 萬美元，營運利潤率為負 24%。整個財年的營業虧損為 3,130 萬美元，營業利益率為負 17%，而上一財年的營業虧損為 4,130 萬美元，營業利潤率為負 27%。第四季普通股股東應佔淨虧損為 290 萬美元，即每股負 0.06 美元。整個財年淨虧損為 2,700 萬美元，即每股負 0.57 美元。在討論資產負債表和現金流量表之前，我想先提一下我們在第四季確認的 520 萬美元的減損費用。

This impairment charge relates to a reprioritization of some R&D resources as we have focused our efforts on Capella AI. capabilities, services and related developments. This has been excluded from but does not affect our non-GAAP results for the quarter. Turning to the balance sheet and cash flow statement. We ended Q4 with $153.6 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 $241.8 million at the end of Q4, an increase of 46% year over year, driven in part by the timing of robust renewal activity with some of our larger customers, several, which are on multiyear contracts, driving higher average duration than we have seen in recent quarters.

這項減損費用與我們將重點放在 Capella AI 上而重新調整一些研發資源的優先順序有關。能力、服務和相關發展。這已被排除在外，但不會影響我們本季的非公認會計準則業績。轉向資產負債表和現金流量表。第四季末，我們擁有 1.536 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。截至第四季末，我們的剩餘履約義務或RPO 總額為2.418 億美元，年增46%，部分原因是我們與一些較大客戶（其中有幾個簽訂了多年合約）進行了強勁的續約活動.推動平均持續時間高於最近幾季。

We expect to recognize approximately 61% or $147.6 million of total RPO as revenue over the fiscal year 2025, which represents 26% year-over-year growth. As a reminder, we experienced fluctuations in our RPO balances due to a host of factors, including renewal time as well as changes in contract duration. Operating cash flow for Q4 was negative $6.5 million and for the full year was negative $26.9 million. Free cash flow for Q4 was negative $7.7 million or negative 15.4%. Free cash flow margin. Free cash flow for the full year was negative $31.6 million or negative 17.6% free cash flow margin. Now I will provide guidance for Q1 and the full year fiscal 2025. As Matt discussed, we enter fiscal 2025 with very strong momentum across our businesses and our pipeline remains strong.

我們預計 2025 財年將 RPO 總額的約 61%（即 1.476 億美元）確認為收入，年增 26%。提醒一下，由於多種因素，包括續約時間以及合約期限的變化，我們的 RPO 餘額出現了波動。第四季營運現金流為負 650 萬美元，全年營運現金流為負 2,690 萬美元。第四季自由現金流為負 770 萬美元，即負 15.4%。自由現金流保證金。全年自由現金流為負 3,160 萬美元，自由現金流利潤率為負 17.6%。現在我將為第一季和 2025 財年全年提供指導。正如 Matt 所討論的，進入 2025 財年，我們的業務發展勢頭非常強勁，而且我們的產品線仍然強勁。

We achieved a critical milestone with Capella and expect that will continue to be an important driver behind all aspects of our business in fiscal 2025. Furthermore, we anticipate that our investment in our product capabilities, partner ecosystem and go-to-market motion will continue to complement our aero momentum while we continue to scrutinize our expenses as we remain dedicated to increasing our efficiency, growing our free cash flow and operating margins and driving leverage across the business with continued focus on increasing the Rule of 40 metric, we will continue to invest in our strategic priorities.

我們與嘉佩樂一起實現了一個重要的里程碑，並預計這將繼續成為我們 2025 財年業務各個方面背後的重要驅動力。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航空動力，同時我們將繼續審查我們的支出，因為我們仍然致力於提高效率、增加自由現金流和運營利潤率和提高整個業務的槓桿率，並繼續專注於提高40 規則指標，我們將繼續投資於我們的策略重點。

As such, we expect to grow OpEx slightly faster in fiscal 2025 than in fiscal 2024. We remain committed to achieving positive free cash flow by fiscal 2026 and positive operating income by fiscal 2027, underpinned by 20% plus compound annual ARR growth, as I discussed last December at Analyst Day.

因此，我們預計 2025 財年營運支出的成長速度將略快於 2024 財年。正如我去年 12 月在分析師日討論的那樣，我們仍然致力於到 2026 財年實現正自由現金流，到 2027 財年實現正營業收入，並以 20% 以上的年複合增長率為基礎。

Finally, we remain mindful of the macro headwinds and continue to carefully monitor the impact on our business. As such our outlook maintains a consistent degree of conservatism to account for the uncertainty as well as lack of visibility into how the macro may impact consumption trends for our emerging as-a-service offerings. With these factors in mind, for the first quarter of fiscal 2025, we expect total revenue in the range of $48.1 million to $48.9 million or year-over-year growth of 18% at the midpoint, we anticipate ARR in the range of $206.5 million to $209.5 million which represents 21% growth year-over-year.

最後，我們仍然關注宏觀不利因素，並繼續仔細監控其對我們業務的影響。因此，我們的前景保持一貫的保守態度，以考慮到不確定性以及缺乏對宏觀因素如何影響我們新興服務產品的消費趨勢的了解。考慮到這些因素，我們預計 2025 財年第一季的總營收將在 4,810 萬美元至 4,890 萬美元之間，中間值年增 18%，我們預計 ARR 在 2.065 億美元範圍內達到2.095 億美元，年成長21%。

At the midpoint, we expect a non-GAAP operating loss in the range of negative $8.5 million to negative $7.5 million for the full year fiscal 2025, we expect total revenue in the range of $203 million to $207 million or a year-over-year growth of 14% at the midpoint. As a reminder, we've historically seen variability with respect to the implementation timing of certain enterprise deals and new or migrated Capella customers, which impacts our revenue visibility. We expect this timing dynamic to influence the pace of revenue growth in fiscal 2025 with aforementioned large customer renewals continuing into the first half of fiscal 2025 and causing our revenue seasonality to be slightly more weighted in the first half of the year relative to what we saw in fiscal 2024.

中期來看，我們預計 2025 財年全年非 GAAP 營運虧損將在負 850 萬美元至負 750 萬美元之間，總營收預計將在 2.03 億美元至 2.07 億美元之間，年成長中點成長14 %。提醒一下，我們歷來都看到某些企業交易以及新的或遷移的 Capella 客戶的實施時間存在差異，這會影響我們的收入可見度。我們預期這種時間動態將影響2025 財年的營收成長速度，上述大客戶續約將持續到2025 財年上半年，並導致我們上半年的營收季節性因素相對於我們所看到的情況略有增加2024 財年。

As such, we'd expect fiscal Q3 revenue could be flattish from Q2. We therefore, continue to view ARR as a better indicator than revenue of the strength of our business. We expect full year fiscal 2025 ARR in the range of $235.5 million to $240.5 million or 17% growth at the midpoint and finally, we expect a non-GAAP operating loss in the range of negative $27.5 million to negative $22.5 million. With that, Matt and I are happy to take your questions. Operator?

因此，我們預計第三財季營收可能會與第二季持平。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。我們預計 2025 財年全年 ARR 將在 2.355 億美元至 2.405 億美元之間，中間成長 17%，最後，我們預計非 GAAP 營運虧損將在負 2,750 萬美元至負 2,250 萬美元之間。至此，馬特和我很樂意回答您的問題。操作員？

(Operator Instructions) Matt Hedberg, RBC Capital Markets.

（操作員說明）Matt Hedberg，RBC 資本市場。

Great, guys. Thanks for taking my questions. Congrats. Congrats on a really strong year. And it's really really good to see the success with Capella and just general buying behavior improvement. And I think it feels like it's a lot of hard work that's gone into that. So well done guys on the strong customer adds this quarter and I guess most specifically Capella wins, can you talk about sort of both that that partner motion as well as sort of the direct effort there because I know it's been a lot of work, not only on the product side. But on the go-to-market side, maybe you were facing some of the most success on some of the go to market some initiatives.

太棒了，夥計們。感謝您回答我的問題。恭喜。恭喜您度過了非常強勁的一年。很高興看到嘉佩樂的成功以及整體購買行為的改善。我認為這感覺像是付出了很多努力。在本季度，強大客戶方面做得很好，我想最具體的是卡佩拉獲勝，你能談談合作夥伴的動議以及那裡的直接努力嗎，因為我知道這需要做很多工作，而不是僅在產品方面。但在進入市場方面，也許您在一些進入市場的舉措中面臨著一些最成功的舉措。

Hey, Matt. How are a good fit is good to speak and certainly appreciate the acknowledgment on the hard work we do look at as a historic year for the Company. Look, we've been talking all year on the expectation that Capella is really going to help us on new logo acquisition, and we saw a great geographic balance in the quarter, and we continue looking after new logos as well as migrations. But you're right to call out the partner contribution. We've been really focused for some time now on driving robust relationships at a global and local level with the likes of AWS and the other cloud providers.

嘿，馬特。「如何成為一個合適的人選」是很好的說法，當然也感謝大家對我們所做的辛勤工作的認可，我們認為這是公司歷史性的一年。看，我們一整年都在談論期望卡佩拉真的會幫助我們獲取新徽標，我們在本季度看到了巨大的地域平衡，我們將繼續專注於新徽標和遷移。但你指出合作夥伴的貢獻是正確的。一段時間以來，我們一直致力於在全球和本地層面與 AWS 和其他雲端供應商等建立牢固的關係。

And I'd say that was a highlight in the quarter, but it wasn't only AWS and we called out the largest Capella migration we've ever seen with GCP. So I think when you mentioned that this is a result of a lot of hard work. I'd say there's a lot of diversification to to the outcome, and we had high expectations and continue to do so on a lot of fronts with Capella in general and the success with the partnership, we're really, really good to hear that. And that's it's great.

我想說這是本季的一個亮點，但這不僅僅是 AWS，我們還稱這是我們在 GCP 上見過的最大規模的 Capella 遷移。所以我認為當你提到這是大量努力工作的結果。我想說的是，結果有很多多樣化，我們抱有很高的期望，並將繼續在卡佩拉的許多方面這樣做，以及合作夥伴關係的成功，我們真的非常高興聽到這一點。這就是偉大的。

And then maybe just as a follow-up, you mentioned in your prepared remarks, you talked about vector search. Can you talk about, you know, what you expect to see some customer use cases for that and maybe how you think that might impact monetization or growth rates from a customer perspective?

然後，也許作為後續行動，您在準備好的演講中提到，您談到了向量搜尋。您能否談談您期望看到的一些客戶用例，以及您認為從客戶角度來看這可能會如何影響貨幣化或成長率？

Yes. Look, we're really excited to be on the forefront of what we think is maybe the largest market transition, the world scene and certainly the greatest catalyst to application innovation that we've seen for some time. And you can appreciate that due to the nature of our sophisticated platform, we're fortunate to engage in a lot of future discussions with customers, and it's coming across a wide variety of verticals.

是的。看，我們真的很高興能夠站在我們認為可能是最大的市場轉型、世界場景的最前沿，當然也是我們一段時間以來看到的應用創新的最大催化劑。您會意識到，由於我們複雜平台的性質，我們很幸運能夠與客戶進行大量未來的討論，並且它涉及各種垂直領域。

A couple of examples that I would point to that I like a lot now recently we're talking to an e-commerce provider and they're envisioning will how do I change the customer experience and at the edge? An example could be, hey, I want a new pair of shoes that matches the outfit that I'm wearing. That's the color of the car parked outside available within 15 miles with inventory in store today. That would be really hard to do without the addition of AI. and combining that with platform capabilities that allow not just vector search but understanding tax and range based search and geospatial technology and the fact that we've taken the comprehensive platform approach to Capella and enterprise allows us to support those types of applications.

我想舉幾個我非常喜歡的例子，最近我們正在與一家電子商務提供者交談，他們正在設想如何改變客戶體驗和邊緣體驗？舉個例子，嘿，我想要一雙與我現在穿的衣服相配的新鞋。這是停在外面 15 英里範圍內的汽車的顏色，並且今天有庫存。如果沒有人工智慧的加入，這真的很難做到。並將其與平台功能相結合，不僅允許向量搜索，還允許了解基於稅收和範圍的搜索和地理空間技術，事實上，我們對Capella 和企業採取了全面的平台方法，使我們能夠支援這些類型的應用程式.

Now a lot of people matter excited about the upside of AI and those hyper personalized adaptive applications that are going to be increasingly common in our life, but there's also the downside that enterprises are worried about. Another customer that we're actively talking about is in the logistics space, and they're looking about integrating chat, bot technology to drive efficiency throughout the organization.

現在，許多人對人工智慧的好處和那些在我們的生活中越來越普遍的超個人化自適應應用程式感到興奮，但企業也擔心它的缺點。我們正在積極討論的另一個客戶是物流領域的客戶，他們正在考慮整合聊天、機器人技術以提高整個組織的效率。

And while we're working with them, they have appear in an industry where the chat bot went wrong, started making disparaging remarks about the company negatively interfacing with customers. And so what that points to is the downside of ensuring that enterprise information is protected and that you avoid the downside of a getting angry. And so we're engaged in POCs to prove that we can minimize the downside with our use of data and integrating multiple data sources. But also provide the upside of those unique experiences.

當我們與他們合作時，他們出現在聊天機器人出錯的行業中，開始對公司與客戶的負面互動發表貶低言論。因此，這顯示了確保企業資訊受到保護以及避免生氣的缺點。因此，我們參與 POC 來證明我們可以最大限度地減少使用資料和整合多個資料來源的負面影響。但也提供了這些獨特體驗的好處。

So hopefully, that gives you a sense of the types of engagements that were I'm having with our customers and really taken pride of being a future strategic platform that they can bet on for the necessity of multiple use cases that we bring together.

因此，希望這能讓您了解我與客戶進行的互動類型，並為自己成為未來的策略平台而感到自豪，他們可以押注我們將多個用例結合在一起的必要性。

Thanks, Lonmin. Well, thank you.

謝謝，隆民。嗯，謝謝。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

Yes, thank you. Good afternoon, guys. Just wanted to trying to square the guidance a bit with while the positive commentary and in particular the young 25% ARR growth that you just reported for the quarter and for the year on basically looks like based on the Q1 guidance, there need to be it shows some deceleration as the year progressed in ARR growth and just given all the good things that you have on that it is going on in the business. I'm just trying to reconcile that and down, maybe there's something more specific going on. Maybe you had some large renewals or early renewals in FY 24 that won't recur in FY 25. Can you just help us kind of square the guidance with all the positive commentary?

是的，謝謝。下午好，夥計們。只是想嘗試將指導方針與積極的評論，特別是您剛剛報告的本季度和今年的 25% 的 ARR 增長基本上看起來是基於第一季的指導方針，需要有它隨著這一年的進展，ARR 成長顯示出一些減速，並考慮到業務中正在發生的所有好事。我只是想調和一下，也許還有更具體的事情發生。也許您在 24 財年進行了一些大額續約或提前續訂，但在 25 財年不會再發生。您能否幫助我們將指導與所有正面的評論結合在一起？

Yes. Hey, Jason, it's Greg. Good to hear from you. Thanks for the question. Look, we're obviously very happy with how we performed in fiscal 24 with ARR performance accelerating again yet another year. And we remain committed to being to growing our top line 20 plus percent. Obviously, we're early days into fiscal 25. We feel very good about how we've guided. And as we've always stated, we're working to at a minimum, meet it, if not beat it. And I think we have established a good track record of that now.

是的。嘿，傑森，我是格雷格。很高興聽到你的消息。謝謝你的提問。看，我們顯然對 24 財年的表現非常滿意，ARR 表現又一年加速了。我們仍然致力於將收入成長 20% 以上。顯然，我們正處於 25 財年的早期階段。我們對我們的指導方式感覺非常好。正如我們一直所說的那樣，我們正在努力至少達到這一目標，即使不是超越它。我認為我們現在已經在這方面建立了良好的記錄。

And so we just got to go out there, as Matt said, and it's going to be a lot of hard work, but we know what's in front of us and we feel good about it. And like I said, we're we're still committed to over this medium term period that we laid out over the investor day be a 20 plus percent grower. That's what we've been working for for the last month and will continue for the rest of the year.

因此，正如馬特所說，我們必須走出去，這將是一項艱鉅的工作，但我們知道擺在我們面前的是什麼，我們對此感覺很好。正如我所說，我們仍然致力於在投資者日制定的中期目標中實現 20% 以上的成長。這就是我們上個月一直在努力的目標，並將在今年剩餘時間內繼續努力。

Gotcha. So it's just for we're just going to be conservative on the year, given are the macro uncertainties. I think we're going to continue to maintain the same level of conservatism that we had last year and up with some of the macro and again, as Capella continues to ramp over time. But again, we feel like we're in a good position. And I'm coming off a good year and we'll go work at it for the next 11 months to deliver at least what we've guided to, if not better.

明白了。因此，考慮到宏觀不確定性，我們今年只會持保守態度。我認為我們將繼續保持去年相同水平的保守主義，並在一些宏觀方面再次提高，因為卡佩拉隨著時間的推移繼續增長。但我們再次感覺自己處於有利位置。我即將度過美好的一年，我們將在接下來的 11 個月繼續努力，至少實現我們所指導的目標，甚至更好。

Got you and then one quick follow-up for you, Greg, on the gross margin, can you give us a sense of where gross margin and where the gross margin outlook will be for FY 25 and beyond. I know you have Capella that's a lower gross margin offering. So can you just help us with the models there?

格雷格，請您快速跟進毛利率，您能否讓我們了解 25 財年及以後的毛利率以及毛利率前景。我知道你們有 Capella，這是一個毛利率較低的產品。那麼你能幫我們製作那裡的模型嗎？

Yes, it'll it'll it will certainly continue to it will tick down from where it is now at Opry ticked down quarter on quarter as we go throughout the year, as Capella becomes more and more meaningful to the business. So that's how I would think about modeling that as you go through fiscal 25.

是的，它會的，它肯定會繼續下去，隨著卡佩拉對業務變得越來越有意義，奧普里現在的水平會逐季下降，隨著我們全年的發展，它肯定會繼續下降。這就是我在 25 財年建模時的想法。

Got you. Okay. Thanks, guys. Thanks, Jason.

明白你了。好的。多謝你們。謝謝，傑森。

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Great. Good evening.

偉大的。晚安.

Thanks, Matt. Thanks, Greg. Two questions for me. The first is on ARR. I know you guys have said that ARR could moderate as you ramp Capella, but you're continuing to see really nice growth up 12% year over year. And I know from the Analyst Day and from some of our conversations, it does seem like some of the Capella transitions are actually producing a larger ARR number. So I would just be curious to know what sort of color you can provide on what you're seeing in that uplift on ARR. as you move your customers to Capella? And then I had a quick follow-up.

謝謝，馬特。謝謝，格雷格。有兩個問題問我。第一個是 ARR。我知道你們說過，隨著 Capella 的發展，ARR 可能會放緩，但你們仍然會看到同比 12% 的良好增長。我從分析師日和我們的一些對話中了解到，卡佩拉的一些轉變似乎確實產生了更大的 ARR 數字。所以我很好奇你能在 ARR 上看到的提升中提供什麼樣的顏色。當您將客戶轉移到卡佩拉？然後我進行了快速跟進。

Yes, hey, Rob, great to hear from you. Yes, look we still feel great. I mean, we laid out obviously at the Investor Day how Capella was performing. We gave you the you know that for last Q3, the in-quarter net retention rate was 167%. So when we bring those customers on, we continue to grow them very nicely. We think we can maintain doing that. We talked about you know that we have continued progress in terms of Capella penetration of our AR balance.

是的，嘿，羅布，很高興收到你的來信。是的，看起來我們仍然感覺很棒。我的意思是，我們在投資者日清楚地展示了卡佩拉的表現。我們向您透露，上個季度的季度淨保留率為 167%。因此，當我們吸引這些客戶時，我們會繼續好好發展他們。我們認為我們可以繼續這樣做。我們談過，您知道我們在 Capella 對 AR 天平的滲透方面不斷取得進展。

We will continue to see that throughout the year and we feel again very good about how Capella is performing both migrations and as Matt talked about the new logo piece of things. So I don't think we're going to see some moderation from Capella. I think it's going to continue to be the tailwind. And that's why we felt confident at the Investor Day talk about having this medium term growth rate of 20 plus percent for for the top line.

我們將在這一年中繼續看到這一點，我們對 Capella 執行遷移的方式以及 Matt 談到新徽標的事情再次感到非常滿意。所以我認為我們不會看到卡佩拉有節制。我認為它將繼續成為順風。這就是為什麼我們在投資者日談話中對中期營收成長率達到 20% 以上充滿信心。

Rob, let me let me tell you an exciting story from here recently speaking with the customer they started off, they were a very small touch base customer and this is a company that you would know big scale, big technology focus at the beginning of this fiscal year. The one that we just finished, they were less than 20 k. over the course of the year, we proved our value proposition to them with Capella. They had multiple applications that they migrated into Couchbase Capella, and we actually exited the year with them running north of 800 k. ARR. Now they would have said out of the gate, hey, we're interested in this and we hear what you're saying on the value proposition, but with the customer explicitly said that was running. This is I need to prove this out to me and my teams.

羅布，讓我告訴你一個令人興奮的故事，最近與他們開始的客戶交談，他們是一個非常小的接觸基礎客戶，這是一家你在開始時就會知道的大規模、大技術重點的公司財政年度。我們剛剛完成的那個，不到2萬。在這一年裡，我們透過 Capella 向他們證明了我們的價值主張。他們將多個應用程式遷移到了 Couchbase Capella 中，而我們實際上在這一年結束時，它們的運行速度超過了 80 萬。到達。現在，他們會一開始就說，嘿，我們對此感興趣，我們聽到了您對價值主張的看法，但客戶明確表示正在運行。我需要向我和我的團隊證明這一點。

These are mission critical applications that the Company is running on and we need to be very diligent with how we prove this out, how we plan our workflows, how we plan our no upgrade project, and that's indicative of conversations that we're having with a lot of customers on migrations. And as we've said before, we don't want to push customers before they're ready and we don't think that's smart. Reality is there's only so much that we would be successful at that. We want to be a trusted partner. So we think there's a lot, many, many, many more of those to come.

這些是公司正在運行的關鍵任務應用程序，我們需要非常努力地證明這一點，我們如何規劃我們的工作流程，我們如何規劃我們的無升級項目，這表明我們正在與他們進行對話很多客戶正在遷移。正如我們之前所說，我們不想在客戶準備好之前就催促他們，我們認為這並不明智。現實是，我們能成功的因素是有限的。我們希望成為值得信賴的合作夥伴。所以我們認為還會有很多很多這樣的事情發生。

We can't predict when we're going to get those those growth rates just like we would have predicted the scale of that one over the course of the year. And so I think we're just we got to balance what we can control and what we can't. And I think you you hear us talking about the potential because that's real and customers are telling us how valuable it is once they get in there. But there's some work to do based on the mission-critical nature of a lot of these applications, but super exciting.

我們無法預測何時會達到這些成長率，就像我們預測一年中的成長率一樣。所以我認為我們必須平衡我們所能控制的和我們無法控制的。我想你聽到我們談論潛力，因為這是真實的，客戶告訴我們一旦他們進入那裡它有多有價值。但是，基於許多這些應用程式的關鍵任務性質，還有一些工作要做，但非常令人興奮。

Okay. Yes, thanks, Matt. Thanks, Greg. And then my quick follow up is just Greg for you on Capital IQ and some of the costs associated with that. I appreciated earlier my previous question, Jason, was pushing you guys on potential conservatism on the top line and on ARR. And I guess across the whole firm I handle. Do you guys have on the costs associated with Capella IQ and just wanted to get a sense for how you sort of factored that into the cost outlook for the year. Thanks again, guys.

好的。是的，謝謝，馬特。謝謝，格雷格。然後我的快速跟進是 Greg 為您介紹 Capital IQ 以及與此相關的一些成本。Jason，我先前提出的問題促使你們在營收和 ARR 方面採取潛在的保守主義，對此我表示讚賞。我想在我管理的整個公司都是如此。你們了解與 Capella IQ 相關的成本嗎？只是想了解一下你們是如何將其納入今年的成本前景的。再次感謝你們。

Yes. Thanks, Rob. Yes, look, we have a I think we have a very good handle on the cost profile of Capella and can easily model that out. I think the more challenging piece, what Matt said is just the pace of adoption and make particularly the migrations that are going to drive the growth of Capella as we as we go here. So I feel very comfortable about how we are on managing the cost and and understanding how that's going to play out over the course of the next year or even several years. It's really about the top line growth that's associated with it. So we feel we feel very good about where the that business is going and where we'll eventually get from a Capella margin perspective.

是的。謝謝，羅布。是的，看，我們有一個我認為我們對卡佩拉的成本概況有很好的把握，並且可以輕鬆地對其進行建模。我認為更具挑戰性的部分是 Matt 所說的只是採用的速度，尤其是當我們來到這裡時將推動 Capella 成長的遷移。因此，我對我們如何管理成本以及了解在未來一年甚至幾年內將如何發揮作用感到非常滿意。這實際上與與之相關的營收成長有關。因此，從嘉佩樂利潤率的角度來看，我們對該業務的發展方向以及最終的目標感到非常滿意。

Well, I appreciate it. Thanks again, guys.

嗯，我很感激。再次感謝你們。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Thank you, and congrats from me as well. And maybe one for you like as Capello becomes like a bigger part of the overall mix. And obviously, the momentum is clearly there for you. How do you think about your sales approach and how you sell how you incentivize the sales force I am asking because a lot of your peers that have come through the same transition at some point discovered like you probably need to kind of think about differently and think more about consumption rather than and just kind of putting like a proper project in place? Like is there anything in on the horizon for you guys as we think about this year or next year?

謝謝你，也恭喜我。也許你會喜歡這樣一個，因為卡佩羅成為了整體組合中更重要的一部分。顯然，這種勢頭顯然適合你。您如何看待您的銷售方法以及您如何銷售如何激勵銷售人員 我問的是，因為您的許多同行在某個時候經歷了相同的轉變，發現您可能需要以不同的方式思考和思考更多的是關於消費，而不是只是像實施一個適當的項目？當我們考慮今年或明年時，你們有什麼計劃嗎？

Thank you, Brian. Great question. We had our sales kickoff week one of this fiscal year, and I was particularly excited about it and people ask me why the excitement. And obviously, we wanted to share the good news on the fiscal year and celebrate a lot of great work by many people. What I was more excited about is the work that we've done to get in front of this year. And despite the fact that we delivered results that we were proud of knowing that we can do more.

謝謝你，布萊恩。很好的問題。我們在本財年的第一周舉行了銷售啟動週，我對此感到特別興奮，人們問我為什麼興奮。顯然，我們想分享本財年的好消息，並慶祝許多人所做的大量出色工作。更令我興奮的是我們今年為取得領先所做的工作。儘管我們取得了成果，但我們很自豪知道我們可以做得更多。

And a lot of it is understanding underlying dynamics of compelling consumption at a much higher level than we did a year ago because we have a lot of data that we can chew on. And we're now able to look at our pipeline in an even more sophisticated way to understand because it's a customer that's building a net new application that needs to understand the capabilities and how to integrate know sequel with natural language for developers?

其中很大一部分是比一年前更高水準地理解強制消費的潛在動態，因為我們有大量可以分析的數據。我們現在能夠以更複雜的方式查看我們的管道以進行理解，因為客戶正在建立一個全新的應用程序，需要了解其功能以及如何將已知的續集與開發人員的自然語言整合？

Or is this a use case where somebody's replatforming and application of a competitive solution and displacing an existing database for something like TCO and application rewrite is so much more important as we peel those layers, we can be much more fine-tuned with our go-to-market approach and align to what prospects and customers are looking for. And so we've layered this approach in to everything we're doing on the go to market, and that's just it goes above and beyond what we what we already had in place, then we can follow up with specific enablement to our teams to say, hey, if you're getting these types of questions. This is part of the value proposition that you need to point to or here's how to leverage a trial or professional services. All of that is with the lens of Capella and consumption.

或者這是一個用例，其中有人對競爭性解決方案進行平台重構和應用，並為TCO 和應用程式重寫等內容取代現有資料庫，這在我們剝離這些層時變得更加重要，我們可以根據自己的需求進行更加微調－市場方法並與潛在客戶和客戶的需求保持一致。因此，我們將這種方法分層到我們在進入市場時所做的一切中，這只是它超出了我們已經擁有的內容，然後我們可以跟進我們的團隊的具體支持說，嘿，如果您收到此類問題。這是您需要指出的價值主張的一部分，或以下是如何利用試用或專業服務的方法。這一切都離不開卡佩拉的鏡頭和消費。

And then over the course of the year, as we've executed on this inflection, really building the instrumentation that we need to understand every aspect of how customers are consuming, maybe they're tracking below what we might have thought, maybe the run and hot being able to come. And I speak to them on a proactive basis to make sure that that's headed in the direction that we wanted to be and we want them to be. So I'd say those are all different dynamics that the team has really leading into and we're excited to keep pushing forward.

然後在這一年中，當我們在這種拐點上執行時，真正構​​建了我們需要了解客戶消費方式的各個方面的工具，也許他們正在跟踪低於我們可能想到的，也許是運行和熱能來。我積極主動地與他們交談，以確保事情朝著我們想要的方向發展，我們也希望他們朝著這個方向發展。所以我想說，這些都是團隊真正引領的不同動力，我們很高興能繼續前進。

Yes, Raimo, I just add one thing is even last year and will continue this year. We have an element of consumption as part of the sales compensation plan. So it's not just about selling the project but also getting consumption going as well.

是的，Raimo，我只是補充一件事，即使是去年，今年也會繼續。我們將消費元素作為銷售補償計劃的一部分。因此，這不僅是出售項目，還包括促進消費。

Yes. Okay, perfect. That makes sense. And then, Greg, one for you and it's more of a not so much for this year, but more conceptually, if you think about professional services, this reduced, how do you kind of plan with that as a percent of the total or like how do you think about the growth there in the long run? Is there kind of like a base level that you need to do?

是的。好的，完美。這就說得通了。然後，格雷格，一個適合你的，更多的是今年的，但更概念化的是，如果你考慮專業服務，這會減少，你如何計劃將其佔總數的百分比或類似從長遠來看，您如何看待那裡的成長？您需要做一些類似於基礎層級的事情嗎？

And Chris you know, with some of the initial or early stage project early early in the market kind of product releases, you kind of want to handle yourself to see the feedback quicker and the rest can come go with partners, like if I think about modeling professional services beyond this year as well, like how should we think about them? Thank you.

克里斯，你知道，對於在市場早期發布的一些初始或早期項目，你有點想要自己更快地看到反饋，其餘的可以與合作夥伴一起進行，就像我想的那樣今年之後的專業服務也要建模，例如我們應該如何看待它們？謝謝。

Yes, thanks, Raimo. Yes, I think modeling services going forward, at least for the next year or two, I think we obviously had a significant outperformance in fiscal 23. I think we got to 24 was more of a normal level. And I think that's the way you should think about it going forward. And as we've talked about over time, as more of our business goes to Capella services because there is embedded, obviously services as part of Capella. The professional services component will probably moderate and flatten out over time and won't continue to grow because that's really the majority of the services we're driving today are on the enterprise business versus Capella. So I think this year was a good year to sort of reach a level set and see sort of moderate growth from here out.

是的，謝謝，雷莫。是的，我認為建模服務將繼續發展，至少在未來一兩年內，我認為我們在 23 財年的表現顯然顯著出色。我認為我們達到 24 是比較正常的水平。我認為這就是你未來應該思考的方式。正如我們隨著時間的推移所討論的，隨著我們越來越多的業務轉向 Capella 服務，因為有嵌入式服務顯然是 Capella 的一部分。隨著時間的推移，專業服務部分可能會逐漸放緩並趨於平緩，並且不會繼續增長，因為我們今天推動的大部分服務實際上都是企業業務，而不是 Capella。因此，我認為今年是達到既定水平並從現在開始實現適度增長的好年頭。

Okay, perfect. Thank you. Thanks for having us.

好的，完美。謝謝。感謝您擁有我們。

Howard Ma, Guggenheim Securities.

霍華德·馬，古根漢證券。

Your question back then I want to add my congratulations on a solid finish to the year for either Matt or Greg, can you help us think about the mix of total ARR between Capella and server exiting this year or enterprise exiting this year? So fiscal 25, what are the biggest pieces that would shift our mix to Capella as you did more expansions of existing pellet customers, where isn't migrations for on-prem? And how much are on-prem renewals driving that mix shift?

你當時提出的問題，我想對 Matt 或 Greg 在今年取得圓滿成功表示祝賀，你能幫我們考慮一下 Capella 和今年退出的伺服器或今年退出的企業之間的總 ARR 組合嗎？那麼，在 25 財年，當您對現有顆粒客戶進行更多擴展時，哪些最大的部分會將我們的產品組合轉移到 Capella，哪些地方不是本地遷移？本地更新在多大程度上推動了這種混合轉變？

Yes. Hey, Howard, thanks for that is Greg. Look, we as we noted, we finished the year at 11% of our ARR was Capella. And I think I would go back to at the Investor Day, we said during that medium term four to six year horizon, we would be disappointed if we didn't get to at least a third of Capella mix, if not even a half of the business. So just sort of plotting the course of that timeframe because we're not guiding to the Capella mix in fiscal 25.

是的。嘿，霍華德，謝謝你，格雷格。看，正如我們所指出的，我們今年的 ARR 為 Capella 的 11%。我想我會回到投資人日，我們說過在中期四到六年的時間裡，如果我們沒有達到至少三分之一的卡佩拉組合，如果不是一半的話，我們會感到失望這門生意。因此，我們只是繪製了該時間範圍的進程，因為我們不會在 25 財年指導 Capella 組合。

I would say, though, that the bigger drivers are first migrations of enterprise customers over, particularly the large, some of the larger scale ones that will accelerated up to would be expanding the existing Capella customer base, which Matt gave a great example of just recently and then lastly, look, we've talked about that new logos. You're going to see the quantity tick up, but they're going to be at a lower starting point as we now enter into the Capella journey. So that's probably the third one in terms of rank order, if you will.

不過，我想說，更大的驅動因素是企業客戶的首次遷移，特別是大型企業客戶的遷移，一些規模較大的客戶將加速擴大現有的Capella 客戶群，Matt 給了一個很好的例子最近，最後，看，我們討論了新徽標。你會看到數量增加，但隨著我們現在進入卡佩拉之旅，它們將處於較低的起點。如果你願意的話，就排名順序而言，這可能是第三個。

Okay. I appreciate you at rank ordering that, Greg. And just a follow-up for you. What is the you mentioned the longer average contract duration. What is driving that? Is it is it renewals or new logos? And do you expect it to be a persisting revenue tailwind this year?

好的。我很感謝你訂購這個，格雷格。這只是您的後續行動。您提到的平均合約期限較長是什麼？是什麼推動了這一點？是更新還是新標誌？您預計這會成為今年持續的營收推動因素嗎？

We're only in the first half. Yes. So it powered in Q4, we did two renewals of our largest enterprise customers, one we talked about within the quarter one was actually on in Q1, they renewed early. And so those two went in and they were both multi-year deals. So we saw a higher than average duration this quarter because of those two deals in particular. But again, I think it's going to get back to where we normally see the duration. I think that was anomalous for those two specific deals and you obviously see you should see it show up in RPO.

我們只處於上半場。是的。因此，它在第四季度啟動，我們對最大的企業客戶進行了兩次續訂，我們在第一季度討論過的一次實際上是在第一季度進行的，他們提前續訂了。所以這兩個人都進去了，而且都是多年合約。因此，由於這兩筆交易，我們本季的持續時間高於平均值。但同樣，我認為它會回到我們通常看到的持續時間。我認為這對於這兩項特定交易來說是異常的，您顯然應該看到它出現在 RPO 中。

And if you go back a couple of years, you saw a large RPO and then over time, those largest customers, they burn off their revenue until they get to this renewal point and then we put them back in into the RPO. And then the same thing is going to happen so it's a it's a it was a Q4 dynamic, I would say, from a duration perspective.

如果你回到幾年前，你會看到一個很大的 RPO，然後隨著時間的推移，那些最大的客戶會消耗掉他們的收入，直到達到這個更新點，然後我們將它們重新納入 RPO。然後同樣的事情也會發生，所以我想說，從持續時間的角度來看，這是第四季的動態。

Okay. Very helpful. Thanks.

好的。很有幫助。謝謝。

[Steven Schwartz], Wells Fargo.

[史蒂文‧施瓦茲]，富國銀行。

Okay, this is Stefan on for the moment. Keith, thanks for taking my question. I guess to start off on these large deals, I think you had mentioned there were some some renewals coming up in Q1 as well. Was it was there anything that maybe pulled into Q4 and that maybe had an impact on what you're expecting?

好的，現在由 Stefan 發言。基思，謝謝你提出我的問題。我想從這些大型交易開始，我想您已經提到第一季也會有一些續約。是否有任何事情可能會被拉到第四季度並且可能對您的預期產生影響？

Yes, yes. We talked about as Greg, we talked about last quarter that there was two large deals in particular, like very large deals, and one was due for renewal in the quarter. And one was not we weren't sure at the time whether that was going to close because it wasn't due in the quarter, they both did close. So as we just talked about the duration of the RPO, pick those up on the one that was in quarter renewal, obviously at ARR and revenue, the one that was again, just a little bit early into Q4, you'll see it in ARR, but it obviously hasn't started revenue because it has a Q1 revenue start dates. So those were the only sort of the dynamics that that are at play with those couple of large deals.

是的是的。我們以格雷格的身份進行了討論，我們談到了上個季度有兩筆大型交易，例如非常大的交易，其中一項將在本季度續簽。一個是我們當時不確定是否會關閉，因為它不是在本季到期的，但他們都關閉了。因此，正如我們剛剛討論的 RPO 持續時間一樣，請選擇季度更新的 RPO，顯然是在 ARR 和收入方面，再次是在第四季度早些時候，您會在ARR，但它顯然尚未開始收入，因為它有第一季的收入開始日期。因此，這些是影響這幾筆大交易的唯一動力。

Okay. And then a follow up. I mean, as you think about capitalizing on this inflection in demand that you're seeing, how do you think about how that plays out in terms of investment in sales and marketing and R&D?

好的。然後進行跟進。我的意思是，當您考慮利用您所看到的需求變化時，您如何看待這在銷售、行銷和研發投資方面的效果？

Look, we certainly want to continue with the momentum, and we're excited about it. But we're equally focused on the leverage side of the business on a go-forward basis. And so when I think about momentum, leverage comes in multiple forms, the pace of innovation from our product team is better than it's ever been. And we haven't talked about up to this point on the call our internal use of AI, but that's helping our development teams be that much more productive. The more insights we have on Capella, the more fine tune we can be with features that we're working on.

看，我們當然希望繼續保持這種勢頭，我們對此感到興奮。但我們同樣關注未來業務的槓桿方面。因此，當我想到動力時，槓桿有多種形式，我們產品團隊的創新步伐比以往任何時候都更好。到目前為止，我們還沒有在電話會議上討論我們內部對人工智慧的使用，但這正在幫助我們的開發團隊提高工作效率。我們對 Capella 的了解越多，我們就越能對我們正在開發的功能進行微調。

And so I expect that we're going to get much more efficient as we execute through this inflection. Same is true on the go-to-market side, having an additional level of telemetry and signaling from the product side, getting into complementing our enterprise motion with more product-led growth and better fine-tuning our spend based on the type of demands permit for my previous comment. And so a big part of how we're thinking about inflection is continuing to go fast and being smart about all things Capella, but then being really excited about a more leveraged future across all aspects of our business.

因此，我預計，當我們度過這一拐點時，我們的執行效率將會大大提高。在進入市場方面也是如此，從產品方面獲得額外水平的遙測和信號，透過更多產品主導的成長來補充我們的企業行動，並根據需求類型更好地調整我們的支出允許我之前的評論。因此，我們對拐點的思考的一個重要部分是繼續快速發展並明智地對待卡佩拉的所有事情，但隨後對我們業務各個方面的更槓桿化的未來感到非常興奮。

And that's before we benefit from the addition of AI. into into our platform as we take things to market. So a lot of our focus is, again, continued execution of that that we're proud of and the momentum we've established, how do we maintain that and get into it levels of efficiency and leverage that we know are possible.

那是在我們從人工智慧的添加中受益之前。當我們將產品推向市場時，將其納入我們的平台。因此，我們的重點仍然是繼續執行我們引以為傲的目標和我們已經建立的勢頭，我們如何保持這一點，並達到我們知道可能的效率和槓桿水平。

Thank you.

謝謝。

Taz Koujalgi, Wedbush Securities. Please state your question.

Taz Koujalgi，韋德布希證券。請說出你的問題。

I'll translate my question. I'll first offer of from Matteo, Greg on vector. So again, it's been highly monetized. That feature is that part of the VAS product as an add-on to people pay for that separately on top of the core products, yes, it will be it will be part of the platform it's an extension of other features. And so though either license it or use Capella credits like they would and other components of the platform, we also have a three-level Any sense of what kind of uplift the customer gets really start using that future of the products?

我會翻譯我的問題。我將首先提供來自 Matteo、Greg 的向量。再說一次，它已經高度貨幣化了。該功能是增值服務產品的一部分，作為人們在核心產品之上單獨付費的附加產品，是的，它將成為平台的一部分，它是其他功能的擴展。因此，儘管要么獲得許可，要么像平台的其他組件一樣使用 Capella 積分，但我們也有一個三級。當客戶真正開始使用該產品的未來時，會得到什麼樣的提升？

Well, it's too early for us to give you kind of financial trends and patterns. I think it's a big part of the value proposition. And what we think about Couchbase is what are the application dynamics within our customer base and what are they trying to do with their innovation agenda as you'd be hard pressed to find any enterprises and quickly trying to figure out how to get the most out of some exciting technology of AI. well, when you think about highly adaptive applications in an AI powered world, that's going to really depend on a sophisticated data platform that brings together these features, but can also handle the scale and performance of massive datasets that include private information, public information, structured data, unstructured data at the cloud at the edge.

好吧，我們現在向您提供金融趨勢和模式還為時過早。我認為這是價值主張的重要組成部分。我們對 Couchbase 的看法是我們的客戶群中的應用程式動態是什麼，以及他們試圖透過創新議程做什麼，因為您很難找到任何企業並快速找出如何獲得最大收益一些令人興奮的人工智能技術。好吧，當你考慮到人工智慧驅動的世界中的高度自適應應用程式時，這將真正依賴一個複雜的數據平台，該平台匯集了這些功能，但也可以處理包括私人資訊、公共資訊、結構化資料、邊緣雲中的非結構化資料。

And so I think when we talk about one of the biggest market transitions and opportunities that the world has ever seen. It's hard to put a number on. The opportunity we're focused on is meeting the needs of our customers that are building these adaptive applications. And if you were to step back and say, lay out the aspects of the data platform for the future world, you'd be hard-pressed to find one that doesn't have that as a better start than what we have. And we truly believe that we've been built for this moment. So that's really our focus. We continue to press hard on meeting customer needs and monetization is going to be exciting, but again, early days for us to give you specifics.

因此，我認為當我們談論世界上有史以來最大的市場轉型和機會之一時。很難給出一個數字。我們關注的機會是滿足建立這些自適應應用程式的客戶的需求。如果你退後一步說，為未來世界列出數據平台的各個方面，你將很難找到一個沒有比我們更好的起點的平台。我們堅信，我們是為這一刻而生的。這確實是我們的重點。我們將繼續努力滿足客戶需求，貨幣化將會令人興奮，但我們為您提供具體細節還為時過早。

And we have just one follow-up for Greg. A very strong customer adds this quarter. Any comment on what that does to the average, the average land size for new customers landing more smaller customers now because of the attraction of the REIT's hasn't really changed much yet have.

我們只有格雷格的一個後續行動。本季新增了一位非常強大的客戶。由於房地產投資信託基金的吸引力，任何關於這對平均土地面積有何影響的評論都沒有真正改變太多。

Yes, we're certainly, as we've talked about with Capella and we're going to be landing more customers at a smaller land point. And we are seeing that, for sure. However, it doesn't mean that we like in this quarter, we talked about a couple of large enterprise deals as well as you see our ARR per customer continue to grow, although it should moderate over time with these Capella customers coming on. But yes, the land point will be smaller and we are perfectly fine with that because Matt gave the example before the customers start to 10 or 20,000 and within a year that 800,000 So zero issue with landing spot and growing from there cleanup of Sensus.

是的，我們當然會這樣做，正如我們與卡佩拉討論過的那樣，我們將在更小的陸地點吸引更多的客戶。我們確實看到了這一點。然而，這並不意味著我們喜歡這個季度，我們討論了幾項大型企業交易，並且您會看到我們每個客戶的ARR 繼續增長，儘管隨著這些Capella 客戶的加入，它應該會隨著時間的推移而放緩。但是，是的，著陸點會更小，我們完全同意這一點，因為馬特在客戶開始之前舉了一個例子，數量為10 或20,000，一年內達到800,000，所以著陸點的問題為零，並從那裡開始清理Sensus。

Thanks to have.

感謝擁有。

Rudy Kessinger, DA Davidson.

魯迪·凱辛格，地方檢察官戴維森。

Hi, this is Andreas Miranda already on. I just have a quick question for you guys on how is the consumption growth trending with couple of customers? Or if you could talk a little bit about that and the consumption growth in Q4 so far in Keyline was in line Q1 with recent quarter for better worse. Any any extra color you can give on so far?

大家好，我是安德烈亞斯·米蘭達，已經開始了。我想問你們一個簡單的問題：幾個客戶的消費成長趨勢如何？或者，如果您可以稍微談談這一點，那麼到目前為止，Keyline 的第四季度的消費成長與第一季與最近一個季度的消費成長一致，甚至更糟。到目前為止你還可以提供任何額外的顏色嗎？

Yes, hey, good afternoon. Yes, look, consumption continues to be good for Capella. We're very pleased at where we are with. Again, not only bringing customers on but getting them going and using. We talked about where there's a number of our customers that are continuing to not only use at the pace that they bought, but actually use beyond the pace that they bought, meaning consuming faster than they thought they would. So we still feel very good about those consumption trends.

是的，嘿，下午好。是的，看，消費對卡佩拉來說仍然有利。我們對目前的處境感到非常滿意。再說一遍，不僅要吸引客戶，還要讓他們開始使用。我們談到，我們的許多客戶不僅繼續以他們購買的速度使用，而且實際上超出了他們購買的速度，這意味著消費速度比他們想像的要快。所以我們對這些消費趨勢仍然感覺很好。

We talked a little bit about those at Investor Day and they continued through Q4 and look at as anything we would do we look at the most recent trends for the last three to six months is the best predictor of what's going to happen in Q1. And we've leveraged that to model into our Q1 guidance. And just as a reminder, again, what we covered at Investor Day, if you look at the pace of growth of customers in Capella versus enterprise, they grow about two times faster going from 0 to 100, 000 and four times faster going from 100,000. to 500,000. So we're seeing that continue. And again, I'll reference back the example that Matt shared before about a customer starting 10 or $20,000 and ending up a year later 800,000. So we're we remain very bullish on Capella and the consumption capabilities.

我們在投資者日上討論了一些內容，他們在第四季度繼續討論，並認為我們所做的任何事情我們都會關註過去三到六個月的最新趨勢，這是第一季將發生的事情的最佳預測。我們已利用這一點將其納入我們第一季的指導中。再次提醒一下，我們在投資者日報道的內容，如果你看看Capella 與企業客戶的成長速度，他們的成長速度大約是從0 到100, 000 的兩倍，從100,000 到100,000 的成長速度是四倍。至 500,000。所以我們看到這種情況仍在繼續。再次，我將引用 Matt 之前分享的例子，客戶的起始價格為 10 或 20,000 美元，一年後最終達到 800,000 美元。因此，我們仍然非常看好卡佩拉和消費能力。

Okay, sounds good. And one last question, if I may. On mix on month, RPOs were up very strongly over Q three. How much was that driven by strong renewals versus new deals. And so the next 12 months RPOs begin to track more in line with ARR in fiscal year 25?

好的聽起來不錯。如果可以的話，還有最後一個問題。從本月的組合來看，RPO 比第三季成長非常強勁。這在多大程度上是由強勁的續約與新交易推動的。那麼接下來 12 個月的 RPO 是否會開始與第 25 財年的 ARR 更加一致？

Yes. So I think you were asking about RPO and ARR., the RPO., that was the question. Obviously, again, we talked about those couple of large enterprise deals being large, not only large, but large multiyear deals. So we saw a very nice increase in our RPO. You'll see that continue, obviously year over year, early in the year. But then obviously these customers will start burning off their revenue and the RPO growth will moderate. And I'd just say if you look at RPO over the last couple of years, that's a good sort of pattern set of what we probably would expect to happen over the next couple of years.

是的。所以我認為您問的是 RPO 和 ARR。RPO。這就是問題所在。顯然，我們再次討論了這幾筆大型企業交易，不僅是大型交易，而且是大型跨年交易。因此，我們看到 RPO 有了非常好的成長。你會看到這種情況在年初繼續，顯然是年復一年。但顯然這些客戶將開始消耗他們的收入，RPO 成長將會放緩。我只想說，如果你看看過去幾年的 RPO，你會發現這是我們可能期望在未來幾年發生的情況的一個很好的模式集。

Okay. Sounds good. Thank you.

好的。聽起來不錯。謝謝。

[Param Singh], Oppenheimer & Co.

[帕拉姆辛格]，奧本海默公司

Yes, hi. Thank you. Either supposing Onfone, if I could go on and thank you for taking my question. I know the revenue guys have been beaten to death, but I just want to understand the impact of a higher mix of Capella. And as you look to fiscal 25, what are you embedding in your guide as an incremental headwind?

是的，嗨。謝謝。要么假設 Onfone，如果我可以繼續並感謝您提出我的問題。我知道收入人員已經被打死了，但我只是想了解卡佩拉更高組合的影響。當您展望 25 財年時，您在指南中添加了什麼作為增量逆風？

Yes, hey, thanks, Param. It's Greg. So a couple of things. Look, we, as you saw with our Q1 guide, we feel good about how Q1 is going to shape up from a revenue perspective in particular, again, I'll go back to that large customer that we signed in Q4 with a start date in Q1, which will give us an outsized on upfront license revenue from ASC six oh six, which is a bit anomalous. So if you think about revenue for the year on Q1 will be no stronger than normal.

是的，嘿，謝謝，帕拉姆。是格雷格。有幾件事。聽著，正如您在第一季指南中看到的那樣，我們對第一季度的情況感到滿意，特別是從收入角度來看，我將再次回到我們在第四季度簽署的大客戶並確定開始日期在第一季度，這將為我們帶來來自 ASC 六六六的巨額預付費用收入，這有點反常。因此，如果您考慮今年第一季的收入，將不會比正常情況強。

And then will be sort of flattish for the next couple of quarters, just given the strength of that upfront license revenue. We don't we don't necessarily see. I know you referred to a headwind of potentially with Capella revenue. We don't see that being a headwind. We see that being, if anything, a tailwind as we continue to move forward. So again, continued good strength with our enterprise customers and growth with Capella should help us again get to that medium-term outlook of being a 20% plus top line grower.

考慮到預付費用收入的強勁勢頭，接下來的幾季將會持平。我們不知道，我們不一定看到。我知道您提到了卡佩拉收入可能面臨的不利因素。我們不認為這是一個逆風。我們認為，如果有的話，那就是我們繼續前進的順風車。因此，我們與企業客戶的持續良好實力以及與 Capella 的成長應該會幫助我們再次實現成為 20% 以上營收成長的中期前景。

But I was thinking more in terms of revenue recognition, but I hear your point so on if I think about Capella and column there, the opportunity do you provide analytical database, whatever you heard so far what the opportunity set in incremental workloads you can address with that?

但我更多考慮的是收入確認，但我聽到了你的觀點，如果我想到卡佩拉和那裡的專欄，你提供分析資料庫的機會，無論你到目前為止聽到了什麼，在增量工作負載中設定的機會是什麼，你可以解決接著就，隨即？

Yes. Great. I'm glad you brought that up, but it was a really important release for the year. And as we think about, again, our world view that applications need to be highly personalized, highly interactive available from the cloud to the edge. We think a fundamental attribute is being able to inject real-time analytics while the application is being used by users. And so it's really about complementing the operational data store with real-time analytics.

是的。偉大的。我很高興你提出這個問題，但這是今年非常重要的版本。當我們再次思考我們的世界觀時，應用程式需要高度個人化，從雲端到邊緣都具有高度互動性。我們認為一個基本屬性是能夠在使用者使用應用程式時注入即時分析。因此，這實際上是透過即時分析來補充營運數據儲存。

What's important about our approach to customer also is injecting multiple datasets, whether that's from S. three or other competitive database solutions into the Couchbase engine for that, that application is that much more sophisticated. So I think about the amount of data that's in the platform that the application can draw its sophistication from. That's really the power of that combination. You then extend vector, which brings in AI intelligence to layer on top of that. And this is the power of the Couchbase platform in action.

我們對待客戶的方法的重要一點還在於將多個資料集（無論是來自 S.3 還是其他競爭資料庫解決方案）注入到 Couchbase 引擎中，該應用程式要複雜得多。因此，我考慮了應用程式可以從中獲取複雜性的平台中的資料量。這確實是這種組合的力量。然後，您可以擴展向量，從而將人工智慧引入到其之上。這就是 Couchbase 平台的力量。

And any comments on early feedback from customers here?

對這裡客戶的早期回饋有什麼評論嗎？

Look, I mean, we're in preview I'd say it's exceeded our expectations and specific commentary on the ease of rolling that out, the you start to get in the complexity of things like ETL and moving data from one system to another. We can remove that complexity and converge all that capability into the Couchbase platform. Keep in mind, we're doing this with Sequel plus plus and natural language, all of this is embedded in Capella IQ. So the the capabilities that our developers have at their fingertips that they didn't have even six months ago, I think is being acknowledged in these previews, and we expect that to continue as we as we move to Jay, thanks again for taking my questions and great quarter, guys.

聽著，我的意思是，我們正處於預覽階段，我想說它超出了我們的預期，並且具體評論了推出該功能的簡易性，您開始了解ETL 以及將數據從一個系統移動到另一個系統等事情的複雜性。我們可以消除這種複雜性，並將所有功能整合到 Couchbase 平台中。請記住，我們正在使用 Sequel plus plus 和自然語言來做到這一點，所有這些都嵌入到 Capella IQ 中。因此，我認為我們的開發人員擁有六個月前還沒有的觸手可及的功能，我認為這些功能在這些預覽中得到了認可，並且我們希望在我們轉向Jay 時能夠繼續保持這種功能，再次感謝您接受我的採訪。夥計們，問題和精彩的季度。

Thank you. There are no further questions at this time. I'll turn the floor back to Matt Cain for closing comments.

謝謝。目前沒有其他問題。我將請馬特凱恩發表結束評論。

Thanks, operator, and thanks to everyone for joining us today. We're thrilled with our performance and believe fiscal 2025 will be another historic year for Couchbase. We look forward to speaking with you all again soon. Thank you.

謝謝操作員，也謝謝大家今天加入我們。我們對我們的業績感到非常興奮，並相信 2025 財年將是 Couchbase 又一個歷史性的一年。我們期待很快能再次與大家交談。謝謝。

Thank you. This concludes today's conference. All parties may disconnect. Have a good day.

謝謝。今天的會議到此結束。所有各方都可以斷開連接。祝你有美好的一天。