Couchbase Inc (BASE) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Couchbase Third Quarter 2025 earnings conference call.

大家好，歡迎參加 Couchbase 2025 年第三季財報電話會議。

(Operator Instructions)

（操作員指令）

It is now my pleasure to introduce your host, Edward Parker. Thank you. You may begin.

現在我很高興介紹您的主持人愛德華·帕克。謝謝。你可以開始了。

Good afternoon, and welcome to Couchbase's Third Quarter 2025 Earnings Call. We will be discussing the results announced in our press release issued after the market closed today. With me are Couchbase's Chair, President and CEO, Matt Cain; and CFO, Greg Henry. Today's call will contain forward-looking statements, which include statements concerning financial and business trends and strategies, market size, product capabilities and development, 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.

下午好，歡迎參加 Couchbase 2025 年第三季財報電話會議。我們將在今天收盤後發布的新聞稿中討論該結果。和我一起的是 Couchbase 的董事長、總裁兼執行長 Matt Cain；和財務長 Greg Henry。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、產品能力和發展、我們預期的未來業務和財務表現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，並且我們也不承擔更新這些聲明的任何義務。

Forward-looking statements, by their nature, address matters that are subject to risks and uncertainties that could cause actual results to differ materially from expectations. For a discussion of our 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 report on Form 10-Q filed with the SEC. During the call, we will also discuss certain non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures as well as how we define these metrics and other metrics is included in our earnings press releases, which are available on our Investor Relations website. With that, let me turn the call over to Matt.

前瞻性陳述本質上處理的是受風險和不確定因素影響的問題，這些風險和不確定因素可能導致實際結果與預期有重大差異。有關我們的重大風險和其他可能影響我們實際結果的重要因素的討論，請參閱今天的新聞稿中討論的風險以及我們向美國證券交易委員會提交的最新 10-K 表年度報告或 10-Q 表季度報告。在電話會議中，我們還將討論某些非 GAAP 財務指標，這些指標並非依照公認會計原則編製。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳以及我們如何定義這些指標和其他指標都包含在我們的收益新聞稿中，您可以在我們的投資者關係網站上查閱。說完這些，讓我把電話轉給馬特。

Thanks, Edward, and good afternoon, everyone. I'm pleased with our performance in the third quarter, highlighted by strong new customer growth, continued growth in Capella consumption and ARR mix and continued progress on our full year objectives, which allowed us to deliver top and bottom line results that exceeded our outlook. Annual recurring revenue, or ARR, was $220.3 million, up 17% year-over-year and 16% in constant currency. Revenue in Q3 was $51.6 million, up 13% year-over-year. Non-GAAP operating loss in the third quarter was $3.5 million.

謝謝，愛德華，大家下午好。我對我們第三季度的表現感到滿意，其中突出的是新客戶強勁增長、Capella 消費和 ARR 組合持續增長以及全年目標持續進展，這使我們能夠實現超出預期的頂線和底線業績。年度經常性收入（ARR）為 2.203 億美元，年增 17%，以固定匯率計算成長 16%。第三季營收為 5,160 萬美元，年增 13%。第三季非公認會計準則營業虧損為 350 萬美元。

We added 34 new logos, up from 24 in the third quarter of fiscal 2024. Capella now represents 15.1% of our total ARR and 1/3 of our customers are now using Capella. In Q3, we saw broad strength in both our core enterprise and Capella businesses with solid performance across renewals, expansions and new customer lands. We saw exciting customer wins across a variety of industries, including government, gaming, fintech, e-commerce, insurance, technology, communications and travel and hospitality, reinforcing my confidence in the increasing relevance of our platform and our ability to meet the application needs across a wide range of use cases and industries. Our momentum with Capella continued in Q3, driven by both strong new logos and migrations.

我們增加了 34 個新標誌，比 2024 財年第三季的 24 個有所增加。Capella 目前占我們總 ARR 的 15.1%，而我們 1/3 的客戶現在正在使用 Capella。在第三季度，我們的核心企業和 Capella 業務均表現出色，在續約、擴張和新客戶獲取方面均表現穩健。我們在政府、遊戲、金融科技、電子商務、保險、技術、通訊、旅遊和酒店等各個行業都看到了令人興奮的客戶成功，這增強了我對我們的平台日益增長的相關性以及我們滿足廣泛用例和行業的應用需求的能力的信心。在強大的新標誌和遷移的推動下，我們與 Capella 的合作在第三季度繼續保持良好勢頭。

Notably, we had a major milestone this quarter with a multimillion-dollar Capella migration, the largest in our history. We're seeing solid customer uptake and increasing consumption of Capella, which bodes well for the long-term growth and durability of our business. As I discussed last quarter, we've been making significant progress with a large set of key accounts where we are emerging as a strategic and long-term platform provider to enable a new generation of critical applications. This work continued in the quarter, and these large opportunities continue to represent a significant portion of our pipeline. The strength of our Q3 performance further underscores our confidence in our ability to close significant wins and expansions in Q4.

值得注意的是，本季我們實現了一個重要的里程碑，即耗資數百萬美元的 Capella 遷移，這是我們歷史上最大的遷移。我們看到客戶對 Capella 的接受度和消費量不斷增加，這對我們業務的長期成長和持久性來說是一個好兆頭。正如我上個季度所討論的那樣，我們在大量關鍵客戶方面取得了重大進展，我們正在成為戰略性和長期性的平台提供商，以支援新一代關鍵應用程式。這項工作在本季度繼續進行，這些巨大的機會繼續佔據我們管道的很大一部分。我們第三季的強勁表現進一步凸顯了我們對在第四季度取得重大勝利和擴張的能力的信心。

We also demonstrated our commitment to drive leverage across the business as evidenced by our excellent bottom line performance this quarter and throughout the year. In Q3, we improved our Rule of 40 score by 9 points year-over-year. As you all know, improving our operational rigor and efficiency has been a key priority, and I am proud of the progress we've made in driving efficiency across go-to-market, R&D and all aspects of our operations. Turning to customer wins. We saw notable wins in the quarter across a variety of industries.

我們也展現了推動整個業務槓桿率的決心，這從本季和全年出色的獲利表現中可見一斑。在第三季度，我們的 40 規則得分同比提高了 9 分。眾所周知，提高我們的營運嚴謹性和效率一直是我們的首要任務，我為我們在提高行銷、研發和營運各個方面的效率方面所取得的進步感到自豪。轉向客戶勝利。本季度，我們看到各行各業都取得了顯著的成功。

These include a leading global insurance company, which transitioned from Community Edition to Couchbase Server to power internal applications for its property and casualty insurance and reinsurance businesses due to our leading price performance. We also secured a global airline, which is leveraging our mobile capabilities and high-performance platform to power its in-flight entertainment system and enable custom content for passengers. Additionally, we won an emerging AI-powered cybersecurity vendor, which selected Capella for its speed, ease of development and strong search capabilities to support its real-time threat detection and remediation offerings. Further, a multinational technology company is leveraging Couchbase to support content management for a public sector agency's railway traffic planning platform because of our superior scalability and performance. Lastly, a leading online retailer chose Capella to power its mobile app, further demonstrating Capella's versatility and appeal across industries.

其中包括一家全球領先的保險公司，由於我們領先的性價比，該公司從社群版過渡到 Couchbase Server，為其財產和意外保險及再保險業務的內部應用程式提供支援。我們還與一家全球航空公司合作，該航空公司正在利用我們的行動功能和高性能平台為其機上娛樂系統提供支持，並為乘客提供客製化內容。此外，我們還贏得了新興的人工智慧網路安全供應商的青睞，該供應商選擇 Capella 是因為其速度快、易於開發且搜尋能力強大，可以支援其實時威脅檢測和補救產品。此外，由於我們卓越的可擴展性和效能，一家跨國科技公司正在利用 Couchbase 支援公共部門機構的鐵路運輸規劃平台的內容管理。最後，一家領先的線上零售商選擇 Capella 來支援其行動應用程序，進一步證明了 Capella 在各行業的多功能性和吸引力。

Our existing customers continue to demonstrate a growing commitment to the Couchbase platform. A major Couchbase Server expansion in Q3 was a Fortune 500 global media and technology company. This customer relies on Couchbase for several use cases, including its Customer 360 application, which helps deliver enhanced customer support across multiple lines of business. By expanding its use of Couchbase, this customer was able to further consolidate its tech stack, benefiting from our platform's flexibility and performance across multiple teams and use cases. Capella migrations and expansions were also strong in Q3.

我們現有的客戶持續展現對 Couchbase 平台日益增長的承諾。Couchbase Server 在第三季度進行了重大擴展，這是一家財富 500 強全球媒體和技術公司。該客戶依賴 Couchbase 實現多種用例，包括其 Customer 360 應用程序，可協助在多個業務線上提供增強的客戶支援。透過擴大對 Couchbase 的使用，該客戶能夠進一步整合其技術堆疊，受益於我們平台在多個團隊和用例中的靈活性和效能。Capella 的遷移和擴張在第三季也表現強勁。

An EMEA-based airline decided to migrate to Capella due to our fully managed capabilities and enhanced features like Capella iQ to improve developer productivity. A leading online gaming company is expanding its use of Capella to power its customer personalization and content management for its cross-product promotions, where speed, scalability and resiliency during peak times is a primary requirement. Additionally, an emerging communication software vendor is expanding its use of Capella given its low TCO in support of a variety of cloud-first initiatives. As I mentioned earlier, we saw our largest Capella migration to date with a Fortune 500 global hospitality company, where we power its mission-critical central reservation system and member loyalty program. It originally selected Couchbase to replace its legacy infrastructure in order to create personalized customer experiences, improve online reliability and release new apps faster.

一家位於歐洲、中東和非洲地區的航空公司決定遷移到 Capella，因為我們擁有完全託管的功能和 Capella iQ 等增強功能，可以提高開發人員的工作效率。一家領先的線上遊戲公司正在擴大對 Capella 的使用，以支援其跨產品促銷的客戶個人化和內容管理，其中高峰時段的速度、可擴展性和彈性是主要要求。此外，一家新興的通訊軟體供應商正在擴大對 Capella 的使用，因為其具有較低的 TCO，可以支援各種雲端優先計劃。正如我之前提到的，我們與一家財富 500 強全球酒店公司進行了迄今為止規模最大的 Capella 遷移，我們為其關鍵任務中央預訂系統和會員忠誠度計劃提供支援。它最初選擇 Couchbase 來取代其傳統基礎設施，以便創造個人化的客戶體驗、提高線上可靠性並更快地發布新的應用程式。

This multimillion-dollar ARR enterprise customer decided to migrate to Capella to further modernize its infrastructure and align with its cloud-first digital transformation initiative. And as a result, they are committed to tripling their spend with us. As you all know, Couchbase was architected to be the foundation for critical applications, delivering one of the world's most scalable, performant and flexible modern data platforms. We've intentionally built our platform to combine uncompromising performance with the flexibility of deployment and usage models from cloud to on-premise and to the edge and everything in between. A key component of our flexible deployment model is our native edge capability, which empowers mobile developers to move data and compute closer to where it's being used.

這家價值數百萬美元的 ARR 企業客戶決定遷移到 Capella，以進一步實現其基礎設施的現代化並符合其雲端優先數位轉型計畫。因此，他們承諾將在我們這裡的消費增加三倍。眾所周知，Couchbase 的設計初衷是成為關鍵應用程式的基礎，提供世界上最具可擴展性、效能和靈活性的現代資料平台之一。我們有意建立我們的平台，將毫不妥協的效能與從雲端到本地、到邊緣以及介於兩者之間的一切的部署和使用模型的靈活性結合起來。我們靈活部署模型的關鍵組成部分是我們的本機邊緣功能，它使行動開發人員能夠將資料和運算移至更接近使用地點。

This not only improves the speed and resilience of mobile applications, but also eliminates dependencies on distant cloud data centers. In Q3, we saw significant traction with our mobile use case as more customers recognize Couchbase as the only mobile database offering built from the ground up for these types of use cases. Our mobile solution makes Couchbase highly embeddable and programmable at the edge, catering to a wide range of applications across industries such as retail, health care, industrial and IoTs. We believe that our platform approach is the reason why our customers continue to demonstrate a growing commitment to the Couchbase platform. As demand for hyper-personalized real-time AI applications accelerates, the core tenets of our value proposition are only becoming more relevant.

這不僅提高了行動應用程式的速度和彈性，而且消除了對遠端雲端資料中心的依賴。在第三季度，我們的行動用例獲得了顯著的關注，因為越來越多的客戶認識到 Couchbase 是唯一為此類用例從頭開始建立的行動資料庫產品。我們的行動解決方案使 Couchbase 具有高度可嵌入性和邊緣可編程性，可滿足零售、醫療保健、工業和物聯網等行業的廣泛應用。我們相信，我們的平台方法正是我們的客戶繼續對 Couchbase 平台表現出越來越大的承諾的原因。隨著對超個人化即時人工智慧應用的需求不斷加速，我們的價值主張的核心原則變得越來越重要。

As I've mentioned throughout the year, we are seeing an increasing number of strategic projects across our customer base where organizations are evaluating, architecting and building the next phase of their data infrastructure to meet the needs of their AI and next-generation applications. It's becoming increasingly clear that many alternative approaches and solutions are failing to meet the long-term demands of enterprises looking to scale their infrastructure for their rapidly evolving application road maps. As enterprises look to build the next generation of adaptive applications, the need to combine ever-growing volumes of data, whether structured, unstructured, Internet-based or proprietary enterprise data with extremely low latency and high performance is becoming more urgent. This is a trend that will only intensify in the coming years. Now let me introduce you to our latest offering, Capella AI Services, which we just announced yesterday.

正如我全年所提到的，我們看到客戶群中的戰略項目數量不斷增加，這些組織正在評估、設計和建立其數據基礎設施的下一階段，以滿足其人工智慧和下一代應用程式的需求。越來越明顯的是，許多替代方法和解決方案都無法滿足企業尋求擴展其基礎設施以適應快速發展的應用路線圖的長期需求。隨著企業尋求建立下一代自適應應用程序，將不斷增長的數據量（無論是結構化、非結構化、基於互聯網還是專有企業數據）與極低的延遲和高性能相結合的需求變得更加迫切。未來幾年，這一趨勢只會愈演愈烈。現在讓我向您介紹我們昨天剛宣布的最新產品 Capella AI 服務。

Enterprises are facing challenges with both developing and deploying AI and with streamlining the creation of secure, agentic AI applications at scale. Our new AI Services are designed to empower enterprises to address these challenges head on and include model hosting, automated vectorization, unstructured data preprocessing and AI agent catalog services. These comprehensive services allow organizations to avoid latency issues and high operation costs, both of which are frequently encountered by application developers. By giving developers control over data throughout the development life cycle and mitigating security and privacy issues with running LLMs outside the organization, we enable teams to bring agent-based applications into production in a safe and reliable manner. We are continuously extending our platform with new features and services, all purposely designed to empower developers in building next-generation applications.

企業在開發和部署人工智慧以及簡化大規模安全代理人工智慧應用程式的創建方面面臨挑戰。我們的新 AI 服務旨在幫助企業正面應對這些挑戰，包括模型託管、自動向量化、非結構化資料預處理和 AI 代理目錄服務。這些全面的服務使組織能夠避免應用程式開發人員經常遇到的延遲問題和高昂的營運成本。透過讓開發人員在整個開發生命週期內控制數據，並減輕在組織外部運行 LLM 的安全和隱私問題，我們使團隊能夠以安全可靠的方式將基於代理的應用程式投入生產。我們不斷擴展我們的平台，提供新的功能和服務，旨在幫助開發人員建立下一代應用程式。

As AI reshapes the landscape of software development, Couchbase equips developers with the developer data platform that integrates transactional, analytic, mobile and AI functionality into a unified fully managed service. Our mission is to simplify how developers and architects leverage these capabilities to create premium application experiences that push the boundaries of innovation without compromising on functionality, performance, operational costs or connectivity. Before turning the call over to Greg, I want to take a moment to highlight the incredible momentum we've been seeing on the product front. Over the past quarter, I've had the privilege of spending significant time with our engineering leadership, and I can confidently say that the energy and excitement within the team are palpable. They're deeply inspired by what we're building and the significant impact it will have on our business.

隨著人工智慧重塑軟體開發格局，Couchbase 為開發人員提供了開發人員資料平台，將交易、分析、行動和人工智慧功能整合到統一的全託管服務中。我們的使命是簡化開發人員和架構師如何利用這些功能來創建優質的應用體驗，在不影響功能、效能、營運成本或連接性的前提下突破創新的界限。在將電話轉給格雷格之前，我想花點時間強調我們在產品方面看到的令人難以置信的發展勢頭。在過去的一個季度裡，我有幸與我們的工程領導層共度了大量時光，我可以自信地說，團隊內的活力和興奮是顯而易見的。他們深受我們所建構的成果及其對我們業務的重大影響的啟發。

Our product teams are moving faster than ever, and the passion and commitment across the organization are truly remarkable. Looking ahead, I'm incredibly excited about the key initiatives we have in the pipeline and look forward to sharing more with you in the quarters to come. In conclusion, I'm pleased with the operational progress that we made across the company in the third quarter. We delivered strong top and bottom line results, made progress on our strategic priorities, delivered strong new customer growth, meaningfully increased our Capella mix and continue to drive efficiency across our model. At the same time, we continue to make rapid progress with a number of high-priority accounts where we are emerging as a strategic and long-term platform provider.

我們的產品團隊的發展速度比以往任何時候都快，整個組織的熱情和承諾確實令人驚訝。展望未來，我對我們正在籌備的關鍵舉措感到無比興奮，並期待在未來幾季與大家分享更多。總而言之，我對公司第三季的營運進度感到滿意。我們實現了強勁的營收和淨利潤業績，在策略重點方面取得了進展，實現了強勁的新客戶成長，顯著增加了我們的 Capella 組合，並繼續提高整個模式的效率。同時，我們繼續在一系列高優先帳戶上取得快速進展，我們正在成為這些帳戶的策略性和長期平台提供者。

Our customers and prospects are focused on building the next generation of adaptive applications while addressing the growing data challenges of an increasingly AI-powered world. This opportunity set adds to my confidence in delivering a strong Q4 and our ability to drive substantial wins and expansion for years to come. And finally, we continue to drive innovation into our leading platform, positioning us even further as a long-term strategic partner for enterprises and their most critical applications in our AI world. As always, we will attack hard problems driven by customer outcomes. With that, I'll now hand the call over to Greg to walk you through our results in more detail.

我們的客戶和潛在客戶專注於建立下一代自適應應用程序，同時解決日益人工智慧驅動的世界中日益增長的數據挑戰。這個機會增強了我對實現強勁第四季業績的信心，也增強了我們在未來幾年取得實質勝利和擴張的能力。最後，我們持續推動領先平台的創新，進一步定位我們作為企業及其在人工智慧領域最關鍵應用的長期策略合作夥伴。一如既往，我們將攻克由客戶成果驅動的難題。說完這些，我現在將電話交給 Greg，讓他向您更詳細地介紹我們的結果。

Greg?

格雷格？

Thanks, Matt, and thanks, everyone, for joining us. I'm pleased with the rapid progress we made in the third quarter, including our top and bottom line performance, new logo generation, strong retention and ongoing Capella momentum. Despite a challenging environment, we continue to see strong demand for our platform and remain confident in our trajectory and ability to achieve our fiscal 2025 goals and the objectives we laid out at our Analyst Day. I'll now walk you through our third quarter financial results in more detail before providing our guidance for the fourth quarter and fiscal year. Total ARR was $220.3 million, representing growth of 17% year-over-year and 3% sequentially above the midpoint of our guidance range.

謝謝馬特，也謝謝大家加入我們。我對我們第三季的快速進展感到滿意，包括我們的頂線和底線業績、新標誌的產生、強勁的保留率和持續的 Capella 勢頭。儘管面臨挑戰，我們仍然看到對我們平台的強勁需求，並對我們的發展軌跡和實現 2025 財年目標以及我們在分析師日制定的目標的能力充滿信心。我現在將向您更詳細地介紹我們第三季的財務業績，然後再提供第四季和財年的指導。總 ARR 為 2.203 億美元，年增 17%，比我們預期範圍的中點環比增長 3%。

We ended the third quarter with $33.2 million of Capella ARR, representing 15.1% of our total ARR, up from 13.5% last quarter. Capella ARR grew 15% sequentially and is up nearly 5x over the past two years. Turning to revenue. Third quarter total revenue was $51.6 million, exceeding the high end of our outlook, up 13% year-over-year and flat sequentially. Software revenue was $49.3 million, up 12% year-over-year and flat sequentially.

截止第三季度，Capella 的 ARR 為 3,320 萬美元，占我們總 ARR 的 15.1%，高於上一季的 13.5%。Capella ARR 環比成長 15%，過去兩年成長了近 5 倍。談到收入。第三季總營收為 5,160 萬美元，超出我們預期的最高水準，年增 13%，與上一季持平。軟體營收為 4,930 萬美元，年增 12%，與上一季持平。

Professional services revenue was $2.3 million, up 28% year-over-year and 1% sequentially. Q3 ARR per customer was $244,000, down from $246,000 last quarter and down from $264,000 in Q3 2024. As a reminder, ARR per customer growth could moderate or decline as our Capella mix continues to grow in contribution. Our dollar-based net retention rate, or NRR, continues to exceed 115%. We exited the quarter with 903 customers, an increase of 34 net new customers from last quarter.

專業服務收入為 230 萬美元，年增 28%，季增 1%。Q3 每位客戶的 ARR 為 244,000 美元，低於上一季的 246,000 美元，也低於 2024 年第三季的 264,000 美元。提醒一下，隨著我們的 Capella 組合貢獻不斷成長，每位客戶的 ARR 成長可能會放緩或下降。我們的美元淨留存率（NRR）持續超過 115%。本季末，我們共有 903 位客戶，較上一季淨增 34 位新客戶。

Our Capella customer count grew by 27 in the quarter. In discussing the remainder of the income statement, please note that unless otherwise stated, all references to expenses, results of operations and share count are on a non-GAAP basis. We continue to focus on growing efficiently and in Q3, we again outperformed our operating loss outlook. Our third quarter gross margin was 88.2%. This compares to 89.5% in Q3 of last year and 88.3% last quarter, benefiting from sustained enterprise gross profit margin strength, offset by growing Capella mix, which inherently carries a lower gross margin.

本季度，我們的 Capella 客戶數量增加了 27 家。在討論損益表的其餘部分時，請注意，除非另有說明，所有對費用、營運成果和股份數量的引用均基於非 GAAP 基礎。我們繼續專注於高效成長，第三季我們的業績再次超出了預期。我們第三季的毛利率為88.2%。相較之下，去年第三季的毛利率為 89.5%，上季的毛利率為 88.3%，這得益於企業毛利率持續走高，但被 Capella 產品組合的成長所抵消，後者的毛利率本來就較低。

Turning to expenses. Third quarter sales and marketing expenses were $28.7 million or 56% of revenue. Research and development expenses were $12.9 million, 25% of revenue. General and administrative expenses were $7.4 million or 14% of revenue. Exercising expense discipline remains a priority, and I'm pleased with our progress on this front.

談到費用。第三季銷售和行銷費用為 2,870 萬美元，佔營收的 56%。研發費用為 1,290 萬美元，佔營收的 25%。一般及行政開支為 740 萬美元，佔收入的 14%。嚴格控制費用仍然是我們的首要任務，我對我們在這方面的進展感到滿意。

Operating loss for the third quarter was $3.5 million or a negative 7% operating margin, 3.1 percentage points above the midpoint of our implied operating margin guidance range. This compares to a loss of $5 million or negative 11% operating margin in Q3 of last year. Net loss attributable to common stockholders was $2.4 million or negative $0.05 per share. Turning to the balance sheet. We ended the third quarter with $141.9 million in cash, cash equivalents and short-term investments.

第三季的營業虧損為 350 萬美元，即營業利潤率為負 7%，比我們隱含的營業利潤率指導範圍的中點高出 3.1 個百分點。相較之下，去年第三季的虧損為 500 萬美元，營業利益率為負 11%。歸屬於普通股股東的淨虧損為 240 萬美元，即每股負 0.05 美元。轉向資產負債表。截至第三季度，我們的現金、現金等價物和短期投資總額為 1.419 億美元。

We remain well capitalized for executing against our long-term strategy. Our remaining performance obligations, or RPO, was $211.3 million at the end of Q3, up 29% year-over-year. We expect to recognize approximately 61% or $128.7 million of total RPO as revenue over the next 12 months, representing growth of 15% year-over-year. As a reminder, we experienced fluctuations in our RPO balances due to a host of factors, including renewal timing as well as changes in average contract duration. Operating cash flow for the third quarter was negative $16.9 million.

我們仍然擁有充足的資本來執行我們的長期策略。截至第三季末，我們的剩餘履約義務（RPO）為 2.113 億美元，年增 29%。我們預計未來 12 個月內 RPO 總營收中約 61% 或 1.287 億美元將實現，年增 15%。提醒一下，我們的 RPO 餘額由於多種因素而出現波動，包括續約時間以及平均合約期限的變化。第三季經營現金流為負1690萬美元。

Free cash flow was negative $17.5 million or negative 33.9% free cash flow margin. We remain committed to being free cash flow positive for fiscal 2026. Now I will provide our guidance for Q4 and the full year fiscal 2025. As Matt mentioned, we are encouraged by the strong momentum we built across our business, particularly with a growing number of large strategic opportunities where Couchbase is being evaluated as a key component of their long-term initiatives. Additionally, we remain confident in Capella's role as a major growth driver, supported by ongoing investments in expanding our product capabilities, strengthening our partner ecosystem and refining our go-to-market strategy.

自由現金流為負 1,750 萬美元，即自由現金流利潤率為負 33.9%。我們仍致力於在 2026 財年實現自由現金流為正。現在我將提供我們對 2025 財年第四季和全年的指導。正如 Matt 所提到的，我們為整個業務所建立的強勁勢頭感到鼓舞，特別是隨著越來越多的大型策略機會出現，Couchbase 被視為其長期計劃的關鍵組成部分。此外，我們仍然對 Capella 作為主要成長動力的作用充滿信心，並透過持續投資來擴大我們的產品能力、加強我們的合作夥伴生態系統和完善我們的市場進入策略。

As a reminder, several dynamics that we discussed last quarter are contributing to the relative strength and visibility of our ARR outlook for Q4. These include the composition and timing of our renewal pool, which remains heavily weighted towards Q4, the aforementioned pipeline of large opportunities and a significantly higher-than-usual amount of precontracted ARR. These factors continue to play out as expected and add to our confidence in achieving our full year objectives. That said, we remain mindful of the macroeconomic headwinds and continue to closely monitor their potential impact on our business. Given this, our outlook for Q4 incorporates a prudent level of conservatism to account for these uncertainties as well as the lack of visibility into how the macroeconomic conditions may affect upsell and migration time lines as well as consumption trends for emerging as-a-service offerings.

提醒一下，我們在上個季度討論的幾種動態正在增強我們第四季 ARR 前景的相對強度和可見度。其中包括我們的續約池的組成和時間安排，這仍然主要集中在第四季度、前面提到的大量機會以及遠高於平常的預簽約 ARR 金額。這些因素繼續按預期發揮作用，增強了我們實現全年目標的信心。儘管如此，我們仍然關注宏觀經濟逆風，並繼續密切關注其對我們業務的潛在影響。有鑑於此，我們對第四季度的展望採用了審慎的保守態度，以解決這些不確定性以及缺乏對宏觀經濟條件如何影響追加銷售和遷移時間表以及新興即服務產品的消費趨勢的洞察力。

With these factors in mind, for the fourth quarter of fiscal 2025, we expect total revenue in the range of $52.7 million to $53.5 million or year-over-year growth of 6% at the midpoint. We anticipate ARR in the range of $236.5 million to $239.5 million, representing 17% growth year-over-year at the midpoint. We expect a non-GAAP operating loss in the range of negative $5.7 million to negative $4.7 million. Now turning to our revised full year guidance. We are raising the midpoint of our revenue outlook and now expect a full year total revenue in the range of $207.2 million to $208 million or year-over-year growth of 15% at the midpoint.

考慮到這些因素，我們預計 2025 財年第四季的總營收將在 5,270 萬美元至 5,350 萬美元之間，或年增 6%。我們預期 ARR 在 2.365 億美元至 2.395 億美元之間，中間值年增 17%。我們預期非公認會計準則營業虧損在負 570 萬美元至負 470 萬美元之間。現在來談談我們修訂後的全年指引。我們正在上調收入預期的中位數，目前預計全年總收入在 2.072 億美元至 2.08 億美元之間，或年增 15%。

And finally, we are decreasing our operating loss guidance and expect a non-GAAP operating loss in the range of negative $20 million to negative $19 million. With that, Matt and I are happy to take your questions. Operator?

最後，我們下調了營業虧損預期，預計非 GAAP 營業虧損將在負 2,000 萬美元至負 1,900 萬美元之間。因此，馬特和我很樂意回答您的問題。操作員？

(Operator Instructions)

（操作員指令）

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Congrats on the solid Q3 guys. I wanted to focus on Q4 a little bit. You kind of keep talking for like now the second quarter about like the opportunity for the fourth quarter with kind of interesting relationships evolving. How should we think about how that translates into ARR and then -- well, then eventually revenue like in terms of -- is that kind of then you signed a contract in Q4, and then we should get -- we should see it more in the numbers in the next year?

完美的。恭喜大家在第三季取得優異成績。我想稍微關心一下 Q4。您現在一直在談論第二季度以及第四季度的機會以及正在形成的有趣的關係。我們應該如何思考這如何轉化為 ARR，然後——好吧，那麼最終的收入就像——那是在第四季度簽訂的合同，然後我們應該得到——我們應該在明年的數字中看到更多？

Or how does that kind of translate your excitement into the numbers? Because I think that's the disconnect at the moment a little bit.

或如何將您的興奮情緒轉化為數字？因為我認為這是目前存在的一點脫節。

Raimo, I appreciate the question. And I'll start off with some commentary on the opportunity set and why we remain excited about it and confident in delivering a great fiscal year, and then I'll defer to Greg on some of the dynamics on the financials. As we talked about last quarter, this year, renewal pool, the way things play out is more of a second half dynamic than has typically been the case. And certainly, we needed to execute well in Q3 to remain confident on the delivery of the back half, and we did that. Solid performance across renewals, upsells, migrations and new logos.

Raimo，我很感謝你提出這個問題。我將首先對機會集進行一些評論，以及為什麼我們對此感到興奮並對實現出色的財政年度充滿信心，然後我將請格雷格對財務方面的一些動態進行評論。正如我們上個季度所討論的，今年的續約池發展方式比通常的情況更具有下半年的動態性。當然，我們需要在第三季度表現良好，以對下半年的交付保持信心，我們做到了。在續約、追加銷售、遷移和新標誌方面均有出色的表現。

And we did that all while progressing this pipeline of strategic opportunities in the back half. These are very large opportunities with some of the largest enterprises around the world that are making strategic long-term decisions about a database platform of choice. And you can appreciate that those are not simple decisions that they're making or processes that we are navigating. That said, they're very exciting for us because it speaks to what we've built as a platform and the trust that we're getting from these customers and their view of us as a strategic partner on a go-forward basis. And so based on the progression of that, we are reiterating our confidence in Q4 and expect to be sharing the results of those on a go-forward basis.

我們在後半段推進戰略機會管道的同時做到了這一切。對於世界上一些最大的企業來說，這是一個非常巨大的機遇，它們正在對所選的資料庫平台做出長期的策略決策。而您可以意識到，他們所做的並不是簡單的決定，也不是我們正在引導的流程。儘管如此，這對我們來說仍然非常令人興奮，因為這反映了我們所建立的平台以及我們從這些客戶那裡獲得的信任以及他們對我們作為未來策略合作夥伴的看法。因此，基於這一進展，我們重申對第四季度的信心，並期望在未來分享這些結果。

As it pertains to ARR and revenue dynamics, there are some differences with respect to enterprise and Capella. But Greg, why don't you take it from there?

就 ARR 和收入動態而言，企業和 Capella 存在一些差異。但是格雷格，你為什麼不從那裡開始呢？

Yes. Hey, Raimo, so look, one of the things we've talked about is Q4 was going to be, as usual, our largest quarter of the year. We talked about last earnings that we had several million of precontracted ARR, which gave us confidence. We built that balance up slightly given what we delivered in Q3, which gives us a little bit more confidence from there. And then the majority of what will get done will translate into revenue in Q4.

是的。嘿，雷莫，你看，我們談論的事情之一是，第四季度將像往常一樣成為我們今年最大的季度。我們談到了上次的收益，我們有幾百萬美元的預簽約ARR，這給了我們信心。考慮到我們第三季的業績，我們稍微增加了一點餘額，這給了我們更多的信心。然後，大部分完成的工作將會在第四季轉化為收入。

But as always, given that we're at January 31, there's certainly a period in January where a lot of our customers are through their -- or into their new fiscal year, budgets get released and they can start having discussions. So there could be deals from Q1 that come forward where we get some ARR, but not the revenue. But we factored all of that into our guidance and feel good about how things are laid out here.

但與往常一樣，考慮到現在是 1 月 31 日，1 月份肯定有一段時期，我們的許多客戶都已度過或進入新的財政年度，預算已經發布，他們可以開始進行討論。因此，第一季可能會出現一些交易，我們可以獲得一些 ARR，但沒有收入。但我們已將所有這些都考慮在我們的指導中，並且對這裡的佈局感到滿意。

Okay. Perfect. And then, Matt, on the AI comments that you made on the call, like what are you hearing in terms of customer conversations, how Capella kind of fits in or like Couchbase as a whole fits into that kind of AI blueprint that people are thinking about going forward?

好的。完美的。然後，Matt，關於您在電話中提到的 AI 評論，例如您在客戶對話方面聽到了什麼，Capella 如何融入其中，或者像 Couchbase 一樣，作為一個整體如何融入人們正在考慮的那種 AI 藍圖？

Raimo, we probably aren't having a single conversation with a customer or a developer or a technical team that isn't thinking about the implications of AI for their business and more importantly, for us, what that means for their database and data platform of choice as they build AI-based applications. I think one thing that continues to come through, through these strategic discussions and even when we're landing new logos is the view of these customers that Couchbase is a strategic platform for them in an AI world. We worked very hard to add a tremendous amount of services into the data platform, while at the same time, simplifying the experience for developers. And yesterday's announcement on AI Services takes that even further, really allowing customers to combine structured and unstructured information, vectorizing everything inside of our data platform, bringing the appropriate models into Capella to simplify how developers can take advantage of AI, but do it in a secure and trusted way through the Capella platform. So we think the future is very promising along those lines, and these capabilities further reinforce some of the platform differentiators that we've architected into our platform that we've been articulating for some time.

雷莫，我們可能沒有與任何一位客戶、開發人員或技術團隊進行過對話，他們沒有考慮過人工智慧對他們業務的影響，更重要的是，對於我們來說，這對他們建立基於人工智慧的應用程式時所選擇的資料庫和資料平台意味著什麼。我認為，透過這些策略討論，甚至在我們推出新標誌時，不斷出現的一件事是，這些客戶認為 Couchbase 是他們在 AI 世界中的策略平台。我們非常努力地在資料平台中添加大量服務，同時簡化開發人員的體驗。昨天發布的 AI 服務公告更進一步，真正允許客戶結合結構化和非結構化訊息，向量化我們資料平台內的所有內容，將適當的模型帶入 Capella，以簡化開發人員利用 AI 的方式，但透過 Capella 平台以安全可信的方式進行。因此，我們認為，從這個角度來看，未來是非常有前景的，這些功能進一步強化了我們在平台中建構的一些平台差異化因素，這些差異化因素我們已經闡述了一段時間了。

So we are certainly excited about the release and excited about the discussions that we're having around the world with our customer base.

因此，我們對於這款產品的發布感到非常興奮，也對我們與世界各地客戶群進行的討論感到非常興奮。

Mike Cikos, Needham & Company.

麥克‧西科斯 (Mike Cikos)，Needham & Company。

To circle up on Raimo's first question there, but maybe for Matt to start, good to hear about the progress made with that large set of key accounts. Just wanted to get a better understanding, what is the visibility that you guys have as far as time line for closing those deals? And I'm just trying to get a better sense, should we expect that in Q4? Or is there -- it's not as cut and dry as that some deals could push or some of these were expected to always be maybe more of a fiscal '26 event? Just wanted to see if we could get some greater granularity with those deals.

回到 Raimo 的第一個問題，但也許應該由 Matt 來開始，很高興聽到這一大批重要客戶所取得的進展。只是想更了解一下，就完成這些交易的時間表而言，你們有什麼預見嗎？我只是想更了解一下，我們應該在第四季度期待這一點嗎？或者是 —— 情況並不像某些交易能夠推動那麼簡單，或者其中一些交易預計永遠會成為 26 財年的事件？只是想看看我們是否能夠更詳細地了解這些交易。

Yes, Mike, it's a good question. Look, when it pertains to large opportunities, timing is a variable that we need to study very carefully. And it's about finding a great outcome for customers and when they're prepared to move forward and at the same time, finding a good outcome for us and getting started as soon as possible. Our confidence from Q4 stems in the strength of the pipeline, I would say. So having a very broad set, the broadest set of strategic accounts that are this far into their decision-making process as we've probably ever had in any given quarter and studying steps in the sales process, whether it be a technical win or understanding a particular compelling event like an application deployment schedule at a customer.

是的，麥克，這是個好問題。你看，當涉及重大機會時，時機是我們需要非常仔細研究的變數。這是為了給客戶找到一個很好的結果，當他們準備繼續前進時，同時為我們找到一個好的結果，並儘快開始。我想說，我們對第四季的信心源自於通路的實力。因此，擁有一個非常廣泛的集合，最廣泛的策略帳戶集合，這些帳戶已經深入到我們的決策過程，就像我們在任何一個季度所擁有的那樣，並且研究銷售過程中的步驟，無論是技術上的勝利還是理解一個特定的引人注目的事件，例如客戶的應用程式部署計劃。

And as we examine all those variables across the pipeline, what we think about a lot is we have multiple paths to execute on a great Q4, knowing that we don't have to bat 1,000 on all those opportunities and some of them could move into next fiscal year, which we would expect a certain percentage of those to happen. So I think it's about the broad set, the level of intimacy we have with these accounts and their decision-making process, understanding where they are with their strategic projects that are dependent on Couchbase. And you put all that together, and we're a lot smarter about those based on the work that we got done over the last 90 days, which gives us the visibility and confidence to articulate the story that we have.

當我們檢查整個管道中的所有變數時，我們考慮最多的是，我們有多條路徑來實現出色的第四季度業績，我們知道我們不必在所有這些機會上投入 1,000 倍，其中一些機會可能會延續到下一個財年，我們預計其中一定比例的機會將會發生。所以我認為這與廣泛的範圍有關，我們與這些帳戶的親密程度和他們的決策過程，了解他們在依賴 Couchbase 的策略專案中的進展。把所有這些放在一起，基於過去 90 天所做的工作，我們會對它們有更清晰的認識，這給了我們清晰的認識和信心來表達我們的故事。

Very good. And maybe a follow-up for Greg as well. I think in the prepared comments, you had cited this greater amount of precontracted ARR that we have here today. Would it be possible to quantify or maybe provide some qualitative commentary as to how significant that is versus historical precedent?

非常好。這也可能是 Greg 的後續行動。我認為在準備好的評論中，您已經提到了我們今天在此討論的大量預先簽約的 ARR。我們是否可以量化或提供一些定性評論，說明相對於歷史先例，這有多重要？

Yes, sure. Hey, Mike, look, there's always the opportunity for this. And so some quarters, we have some precontracted ARR and some we don't. This quarter happens to be a quarter where we have the most we probably had in company history. And it's -- we've stated before, it's several million dollars, and it's probably 2x-ish you would normally see in a quarter that was on the higher side.

是的，當然。嘿，麥克，看，總是有這樣的機會的。因此，在某些季度，我們有一些預先簽約的 ARR，而在某些季度，我們沒有。本季恰好是我們公司歷史上業績最好的一個季度。而且 — — 我們之前已經說過，它是幾百萬美元，而且它可能是通常在較高季度中看到的兩倍左右。

This is driven by some of the deals we did last Q4 in particular, plus the large Capella migration we did in Q3 is also providing some additional contracted ARR for Q4 and even for fiscal '26 as they migrate through this period. So that's a little bit of the qualitative and quantitative on how we see this. But again, it's a sizable amount that gives us confidence that looking at what we have left to do in the quarter is within a very manageable outcome.

這是由我們在去年第四季達成的一些交易推動的，再加上我們在第三季度進行的大規模 Capella 遷移也為第四季度乃至 26 財年提供了一些額外的合約 ARR。這就是我們對這問題的一些定性和定量看法。但同樣，這是一個相當大的數目，讓我們有信心，看看本季我們剩下要做的工作，結果是非常可控的。

Brent Bracelin, Piper Sandler.

布倫特·布雷斯林，派珀·桑德勒。

Matt, maybe we'll start with you here. Capella momentum building here, I think it's 70% of net new ARR coming from Capella year-to-date. But you have about 1/3 of the customers using Capella, but only 15% of ARR mix. Can you just talk through how customers are kind of using Capella? At some point, do you see that Capella activity really start to accelerate and it will be a bigger part of ARR.

馬特，也許我們可以從你這裡開始。Capella 的勢頭正在增強，我認為今年迄今為止，70% 的淨新 ARR 來自 Capella。但大約有 1/3 的客戶使用 Capella，但只有 15% 的 ARR 組合。能談談客戶是如何使用 Capella 的嗎？在某個時刻，你是否看到 Capella 的活動真正開始加速，並且它將成為 ARR 的更大組成部分。

Just walk us through kind of customers, 1/3 of them now using it. What are they seeing? When do you think there could be an inflection point where adoption really starts to kind of even accelerate?

只要向我們介紹一下這類客戶，其中 1/3 現在都在使用它。他們看到了什麼？您認為什麼時候會出現一個轉折點，讓採用真正開始加速？

Yes. Good question. Look, I think what I would tell you is we're feeling the inflection point, probably influenced as much by numbers that we put up by what we see on a go-forward basis. I'm particularly pleased with the number of customers that are using Capella. And when we step back and think about when we engage with a customer, it's not a single application.

是的。好問題。看，我想我會告訴你的是，我們正在感受到轉折點，這可能受到我們所提出的數字以及我們所看到的未來​​數字的影響。我對使用 Capella 的客戶數量感到特別滿意。當我們退一步思考我們與客戶互動時，我們會發現這並不是一個單一的應用程式。

In many cases, it's tens or even hundreds of different applications. And so if we have a customer that has historically been on enterprise, what we really want them is to get started with the Capella offering because we think it's in their best interest, quite frankly, as the more optimized deployment model for developer ease in our future direction. If they start out with a single application, that moves into the customer count. It's not going to quite drive the ARR percentage as quickly. Now what we know is the discussions that we're having with our customers on ones that are going to migrate eventually.

在許多情況下，它有數十甚至數百種不同的應用程式。因此，如果我們有一個曾經使用過企業服務的客戶，我們真正希望的是他們開始使用 Capella 產品，因為我們認為這符合他們的最佳利益，坦白說，因為這是我們未來發展方向中更優化的部署模型，可以方便開發人員使用。如果他們從單一應用程式開始，那麼就計入客戶數量。它不會很快提高 ARR 百分比。現在我們知道的是，我們正在與客戶就最終將要遷移的內容進行討論。

And so between that 30% and 15% of ARR is a whole bunch of built-up opportunity where customers are evaluating the time frame for them to move even more applications into Capella and determining when it makes sense for them to drive that migration. So we've long said that the percentage of ARR is going to be really driven by the point at which some of our biggest customers migrate. We had the biggest one we've ever had happened in Q3, and we have several more opportunities stacked up in the pipeline. But I think combining that with the level of just, what I would call, healthy discussion and proof-of-concept wins and customer feedback on the utility they're seeing with the value proposition, we expect this to be a big uplift for the business for a long time on a go-forward basis.

因此，在 30% 到 15% 的 ARR 之間是大量的累積機會，客戶正在評估將更多應用程式遷移到 Capella 的時間範圍，並確定何時推動這一遷移是合理的。因此，我們早就說過，ARR 的百分比實際上取決於我們一些最大客戶的遷移點。我們在第三季經歷了有史以來最大的機會，我們還有更多的機會正在籌備中。但我認為，結合我所說的健康討論和概念驗證的成功以及客戶對他們所看到的價值主張的實用性的反饋，我們預計這將在很長一段時間內為業務帶來巨大的提升。

Helpful color there. And then, Greg, you got four years of pretty consistent 20% plus ARR growth. You flagged a few of the reasons why growth kind of moderated the last couple of quarters here. You're guiding to, I think, the second consecutive quarter of the 16%, 17% kind of ARR growth. Do you think the demand environment is kind of stabilizing for you now?

那裡有有用的顏色。然後，格雷格，你獲得了四年相當穩定的 20% 以上的 ARR 成長率。您指出了過去幾季經濟成長放緩的幾個原因。我認為您預計 ARR 成長率將連續第二季達到 16% 或 17%。您認為現在的需求環境是否已經趨於穩定？

And is that the right kind of ARR growth profile we should be thinking about going into next year?

這是否就是我們明年應該考慮的正確的 ARR 成長概況？

Yes. Thanks, Brent. Yes, I think the demand environment is, quite honestly, for us is good, as Matt talked about, not only for Q4, but just the building of pipeline. And look, we feel very comfortable in our guide, but we'll go back to our Investor Day a year ago. We have plans and aspirations to be a 20-plus percent grower.

是的。謝謝，布倫特。是的，我認為需求環境對我們來說是好的，正如馬特所說的，不僅適用於第四季度，也適用於管道建設。而且，我們對我們的指南感到非常滿意，但我們會回到一年前的投資者日。我們的計劃和願望是實現 20% 以上的成長。

And so we got to get through Q4 here and see where we ultimately land for the year, but we aren't giving up on that as an objective for the company. So I'd just say like guidance is our guidance, and we'll get to fiscal '26 three months from now. But we believe with Capella, we can be a 20-plus percent grower for the next several years.

因此，我們必須度過第四季度，看看今年的最終目標，但我們不會放棄這是公司的目標。因此，我只是說，指導就是我們的指導，我們將在三個月後進入 26 財年。但我們相信，憑藉 Capella，我們在未來幾年可以實現 20% 以上的成長。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Sticking on the same topic, it's great to hear the confidence on 4Q renewals and the opportunity there. And Greg, I appreciate being too early to talk about '25. But is there some way to think about the relative opportunity set for next year from that renewal or new business, could it be multiple times as big as this year? And I guess from a linearity perspective, this year was second half weighted. Is it right to assume next year will also be second half weighted in terms of those bigger renewal opportunities?

繼續討論同一話題，很高興聽到對第四季續約及其機會的信心。格雷格，我知道現在談論 25 年還為時過早。但是，有沒有辦法可以考慮一下，明年的更新或新業務所帶來的相對機遇，是否會是今年的數倍？我想從線性角度來看，今年是下半年加權的。是否可以假設明年下半年也將有更大的更新機會？

Yes. Good question, Matt. We obviously aren't guiding to fiscal '26 as of yet. I will give you some color on how things are shaping. This year, the renewal pool is a little bit lower.

是的。問得好，馬特。顯然，我們尚未對 26 財年做出預期。我會給你講講事態的發展。今年，續約池稍微低了一點。

It was back half weighted. Next year, we believe the renewal pool will be higher in totality and much more evenly balanced between first half and second half next year. Now again, we got to get through Q4 and see if there's some things that get done from fiscal '26 in Q4, but that's how things sit now. So I think it's going to be much more balanced like you saw probably in fiscal '24 than what you have seen in fiscal '25.

它的背部有一半是負重的。我們相信，明年續約金額整體上會更高，而且上半年和下半年的續約金額會更加均衡。現在，我們必須再次度過第四季度，看看是否有一些事情可以從 26 財年第四季開始完成，但現在的情況就是這樣。因此我認為它將更加平衡，就像您在24財年看到的那樣，而不是25財年。

Congrats on the results and best of luck in 4Q.

恭喜您取得的成績，並祝您第四季好運。

Thank you, Matt.

謝謝你，馬特。

Ittai Kidron, Oppenheimer.

伊泰·基德倫，奧本海默。

This is Harshil on for Ittai. Greg, I'm trying to square away the 4Q revenue growth guide with the RPO and ARR growth in the quarter. Could you maybe just shed some color on kind of what are the underlying mechanics that is causing the divergence there? And what it will take in the time line for revenue growth to kind of come back in line with ARR and RPO growth? And then with Capella becoming a larger part of the mix, is it possible that the divergence in growth will remain given the time it takes for Capella customers to kind of ramp up their consumption?

這是 Harshil 為 Ittai 表演的。格雷格，我正在嘗試將第四季度營收成長指南與本季的 RPO 和 ARR 成長進行比較。您能否稍微解釋一下造成這種分歧的根本原因？那麼，營收成長需要多長時間才能與 ARR 和 RPO 成長一致呢？那麼，隨著 Capella 成為其中越來越重要的組成部分，考慮到 Capella 客戶需要時間來增加消費，成長差異是否還會持續存在？

Yes. Good question. And the last part of your question was a part of the answer to your question, which is, the more we do migrations, the further it pushes revenue out because we go to a complete consumption rev rec versus getting the upfront license. So as we talked about, we did our single largest Capella migration in Q3, which will just push out some of that revenue. And then some of it is, again, it's just timing of when deals are getting done, if they're enterprise versus Capella.

是的。好問題。你問題的最後一部分也是對你問題的部分回答，也就是說，我們進行的遷移越多，它帶來的收入就越大，因為我們採用的是完整的消費收入記錄，而不是獲得前期許可。正如我們所討論的，我們在第三季進行了最大規模的 Capella 遷移，這將增加部分收入。然後其中一些只是交易完成的時機，如果它們是企業對 Capella。

So that's how we've laid it out. What I can tell you is the revenue completely jives with how we've laid out our ARR guidance for the fourth quarter based on what we know in terms of what's going to be Capella versus enterprise. And the revenue will lag, but eventually will catch up. And again, I've always said, as long as ARR is growing faster than revenue, I think we're all going to be -- we're going to be happy because we know that's going to come behind it.

這就是我們的佈局。我可以告訴你的是，根據我們對 Capella 與企業的了解，收入與我們制定的第四季度 ARR 指引完全一致。收入將會落後，但最終會追上。而且，我一直說，只要 ARR 的成長速度快於收入，我想我們都會很高興，因為我們知道這會實現。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Matt, one for you to start. Just on the migrations, nice momentum there. And I know you guys, as you've been calling out, have been spending a lot of time with these strategic accounts. I was wondering if you could just help us understand how you think about kind of your preparedness as you head into next year with a bunch of contracts up for renewal. learnings you've had or your preparedness to migrate those customers at that time.

馬特，你先來一個。就遷移而言，那裡的勢頭很好。我知道，正如你們所說，你們已經花了很多時間在這些戰略帳戶上。我想知道您是否可以幫助我們了解，在明年有大量合約需要續約的情況下，您對自己的準備工作有何看法。您所獲得的經驗或當時遷移這些客戶的準備。

Obviously, you guys just notched your largest migration ever. So clearly, some learnings from that. And also, I know you called out a community migration as well, which is enticing. And is there a driver out there that's sort of getting people to reconsider free versus stepping up to actually commit to Couchbase? And then I had a quick follow-up for Greg.

顯然，你們剛剛完成了有史以來最大規模的遷移。顯然，從中我們可以學到一些東西。而且，我知道您也呼籲社群遷移，這很吸引人。是否存在某種驅動因素​​，可以讓人們重新考慮免費使用還是真正承諾使用 Couchbase？然後我對 Greg 進行了快速跟進。

Yes. Thanks, Rob. Look, as it pertains to preparation, I would say, unequivocally, we are prepared. The service that we're offering, the level of capabilities we have to watch customer deployments and help them navigate changes in their environment has never been more sophisticated and a testament to our engineering and support teams that work every day to improve that when and where we can. You asked for learnings.

是的。謝謝，羅布。看，關於準備，我會毫不含糊地說，我們已經準備好了。我們所提供的服務、我們監控客戶部署和幫助他們應對環境變化的能力水平從未如此複雜，這也證明了我們的工程和支援團隊每天都在盡可能地努力改進服務。您要求學習。

I think every customer environment is different. What version are they running on? What's the nature of their application? Are they in a business where Black Friday may impact schedules. And so I think it's really about understanding the specifics of the customer environment, what they're solving for, where they may or may not be deriving the most benefits from total cost of ownership, who in the account are we talking to and who's signing off on the opportunity that has visibility across all these variables.

我認為每個客戶的環境都是不同的。他們運行的是什麼版本？它們的應用性質是什麼？他們所從事的業務是否可能會因「黑色星期五」而對日程安排產生影響？因此，我認為這實際上是為了了解客戶環境的具體情況，他們正在解決的問題，他們可能或不可能從總擁有成本中獲得最大收益的地方，我們正在與帳戶中的誰交談，以及誰簽署了具有所有這些變數可見性的機會。

So I'd say most of the learning, quite frankly, has been on the important variables that dictate when a customer is ready to go or when we may have more work to do and understand those leading indicators as we're navigating the pipeline. But when customers are ready to go, the service is market-leading, and we are incredibly confident in the capabilities that we have inside of Capella. And that is as true for new customers as it is for customers that are migrating. Look, in any quarter, we have customers that have been deployed in Community Edition that see the value in moving to a paid offering. Interestingly enough, in a lot of cases, we can prove a better TCO when people are paying for the offering because of our ability to help them with the deployment and the underlying infrastructure, Capella can be on the margin, even incremental reason for people to move from CE into that offering.

因此，坦白說，我想說大部分的學習都是關於那些重要的變量，這些變量決定了客戶何時準備好出發，或者我們何時可能需要做更多的工作，並在我們瀏覽管道時了解那些領先指標。但當客戶準備好使用時，該服務是市場領先的，我們對 Capella 內部的功能非常有信心。這對於新客戶和遷移客戶來說都是一樣的。你看，在任何一個季度，我們都有已經部署社群版的客戶，他們看到了轉向付費產品的價值。有趣的是，在許多情況下，當人們為產品付費時，我們可以證明更好的 TCO，因為我們有能力幫助他們進行部署和底層基礎設施，Capella 可以成為人們從 CE 轉向該產品的邊際甚至增量原因。

So that remains a set of pipeline for us to go after. And I think it's aligned with our overall get people using Couchbase. They see the value in the platform. They see the value in the additional services that we're bringing to market. And the land and expansion part of our business that's been so true for so long continues to accelerate.

因此，這仍然是我們需要遵循的一套管道。我認為這與我們整體上吸引人們使用 Couchbase 的趨勢是一致的。他們看到了該平台的價值。他們看到了我們向市場推出的附加服務的價值。我們的業務中土地和擴張部分長期以來一直持續加速發展。

Great. That's helpful. And then, Greg, just one for you. I know last quarter, you guys had called out some churn and downsell pressure. It sounds -- that was not called out this quarter.

偉大的。這很有幫助。然後，格雷格，只給你一個。我知道上個季度，你們已經指出了一些客戶流失和降價壓力。聽起來——本季還沒有提到這一點。

So it sounds like that was not an issue for you guys this quarter, which is great. But just particularly headed into an important Q4, which has been the subject, I think, of a lot of the questions on this call, what sort of initiatives or what you guys did internally to help to mitigate that risk as you come into some of these contracts?

所以聽起來這對你們本季來說不是問題，這很好。但是，特別進入重要的第四季度，我認為這是本次電話會議中很多問題的主題，在簽訂這些合約時，你們採取了什麼樣的舉措或內部做了哪些工作來幫助降低風險？

Yes. Thanks, Rob. Yes, I agree. We experienced sort of what we would consider in-range normal loss and downsell in Q3, which is continuing to point to us, which we suspected was Q2 is going to be anomalous. Look, we've done reviews of the deals.

是的。謝謝，羅布。是的，我同意。我們在第三季經歷了我們認為的正常範圍內的損失和銷售下滑，這繼續指向我們，我們懷疑第二季將會出現異常。看，我們已經對這些交易進行了審查。

We do this weekly, and we don't believe that there's going to be an elevated amount of loss and downsell in Q4 as far as we can see now. So again, I think for us, it's pointing to that Q2 was anomalous and hoping that we can -- not have to cover this topic again just because this is -- Q2 is the first quarter we had seen that in several years. So again, I don't think this is going to be a trailing issue for us.

我們每週都會這樣做，就目前情況而言，我們認為第四季度的虧損和銷售下降幅度不會太大。因此，我再次認為，對我們來說，這表明第二季度是異常的，希望我們不必再次討論這個話題，因為第二季度是我們幾年來第一次看到這種情況。所以，我再說一次，我認為這不會成為我們的遺留問題。

Rudy Kessinger, DA Davidson.

魯迪凱辛格、DA 戴維森。

This is Andres for Rudy. I just have one at a higher level. How should we think about the conservatism embedded in your ARR guidance? I mean you guys have been sounding positive about your performance in Q3, but ARR was just a couple of hundred thousand ahead of the midpoint of your Q3 guidance, and that follows a couple of misses from Q1 and Q2. And if we go back to '23, '22 or fiscal '24, fiscal '23, I think we got more used to seeing more upside.

這是安德烈斯 (Andres)，代表魯迪 (Rudy)。我只是有一個更高級別的。我們應該如何看待您的 ARR 指導中所體現的保守主義？我的意思是，你們對第三季的表現一直很樂觀，但 ARR 僅比第三季預期的中點高出幾十萬，而這是在第一季和第二季幾次未能達到預期之後發生的。如果我們回顧23年、22年或24財年、23財年，我想我們已經更習慣看到更多的上行空間。

So if anything, those -- is there anything that we should call any onetimes that we should call that happened in Q3 that maybe accounted for the conservatism going forward?

那麼，如果有的話，我們應該把那些──我們應該稱之為第三季發生的某些一次性事件，也許可以解釋未來的保守主義？

Yes. Good question. No, I don't think we've -- or let's put this, we've approached our guidance the same way we do every quarter. So we haven't changed our approach. We've always said that second half and particularly Q4 was going to be the big [Technical Difficulty] because of, A, the precontracted revenue; and B, because of the size of the renewal pool.

是的。好問題。不，我認為我們沒有——或者這麼說吧，我們的指導方針和每個季度都是一樣的。因此我們沒有改變我們的方法。我們一直說，下半年，特別是第四季將會面臨巨大的[技術難題]，原因如下：A，預簽約收入；和 B，由於更新池的大小。

And so I don't think there's anything different. You heard Matt talk about the size and number of strategic deals we have going on. They just are tending to want to be in Q4. Several of them have compelling events, which are renewal points, among other things. So this was always leading to be an uneven year with the back end and particularly Q4 loaded quarter.

所以我認為沒有什麼不同。您聽到馬特談論了我們正在進行的戰略交易的規模和數量。他們只是傾向於進入第四季。其中一些有引人注目的事件，其中包括更新點等。因此，今年的業績總是不平衡的，尤其是第四季。

Like I said earlier on the question, fiscal '26 will get us back to sort of more sort of normal balance, but we haven't changed our guidance philosophy or approach here based on the Q3 results.

就像我之前在問題中所說的那樣，26 財年將使我們恢復到更正常的平衡狀態，但我們並沒有根據第三季的結果改變我們的指導理念或方法。

Yes. Let me add one point that we haven't articulated so far, and I give a lot of credit to the go-to-market teams in the company on this. And that is maintaining a level of discipline as it pertains to pricing and discounting and ensuring that while we are focused on finding outcomes that are in customers' best interest that we are monetizing the growth for that in a way that our shareholders would be excited about that we're enjoying that growth as customers are deploying on more applications. And as it pertains to deals on the margin around the quarter, there can be a tendency to want to drop discounts, pull things in and at the expense of longer-term economics. And one thing that I'm very proud of is the delivery of Q3 without doing that, which in turn could have hurt the back half.

是的。讓我補充一點我們迄今為止還沒有闡明的內容，在這方面我對公司的行銷團隊給予高度評價。這就是在定價和折扣方面保持一定程度的紀律，並確保我們專注於尋找符合客戶最佳利益的結果，同時以一種讓我們的股東感到興奮的方式將增長貨幣化，因為隨著客戶部署更多應用程序，我們正在享受這種增長。而當涉及本季的邊際交易時，可能會出現一種傾向，即降低折扣、壓低價格，以犧牲長期經濟效益為代價。而讓我感到非常自豪的一件事是，在沒有這樣做的情況下，Q3 得以順利完成，而這反過來可能會損害後半部。

And so I'd say that's another dynamic as it pertains to guidance and actuals in the Q3, Q4 second half build and some of the tone that you're hearing from us.

因此，我想說這是另一種動態，因為它涉及第三季、第四季下半年的指導和實際情況，以及您從我們這裡聽到的一些基調。

Yes, that makes sense. And I have a quick follow-up, if I may. Understanding that you have some precontracted net new ARR contribution for Q4, the guide still implies a little -- a big net new ARR number. Could you maybe talk about the assumptions that you have around close rates, upsell, capital conversions and all of that? Just trying to understand a little bit how much risk there is still hitting that large number for Q4.

是的，這很有道理。如果可以的話我有一個快速的後續問題。了解到您對第四季度有一些預先約定的淨新 ARR 貢獻，該指南仍然暗示了一點——一個很大的淨新 ARR 數字。您能否談談您對收盤價、追加銷售、資本轉換等的假設？只是想稍微了解一下第四季達到如此大的數字的風險有多大。

Yes. Again, we've used the sort of the same guidance approach. So we obviously -- you see what our guide is. We know the precontracted ARR is sort of in the bank, if you will. And so we look at what's left to do in the quarter versus the deal activity in terms of renewals, opportunity to migrate new logos, et cetera, and we come up with a range of outcomes, and this is where we landed.

是的。再次，我們使用了相同的指導方法。所以我們顯然——你知道我們的指南是什麼。如果你願意的話，我們知道預先簽約的 ARR 是在銀行。因此，我們研究了本季剩餘的工作以及續約、遷移新標誌的機會等交易活動，並得出了一系列結果，這就是我們的最終結果。

And that's why we feel good about our guidance. And again, I'll point back to what Matt said about the pool of large strategic deals that are sitting there for us now and if not now, clearly into Q1. But again, we feel very comfortable with how we've guided for Q4 here.

這就是我們對我們的指導感到滿意的原因。我再次回顧馬特所說的關於我們現在面臨的大量大型策略交易，如果不是現在，那麼顯然會在第一季。但是，我們對第四季度的預期感到非常滿意。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

You got Theo Thun on for Sanjit. Maybe on the exciting announcements that you made in the quarter, if you could sort of articulate on the vector search and AI Services announcements, what capabilities you are really differentiated from your competitors? And then as it relates to the momentum of those, what specific use cases or verticals are you seeing that are showing early adoption signals where you've really found an outsized opportunity? And then as a second question for Greg, just sort of double-clicking once more on the Q4 net new ARR. Anything you can sort of qualify around the mix between precontracted ARR and the composition of the renewal pool?

你讓 Theo Thun 取代 Sanjit。也許在您本季發布的令人興奮的公告中，如果您可以清楚地說明向量搜尋和人工智慧服務公告，您與競爭對手真正有何不同？然後就這些發展勢頭而言，您看到哪些具體用例或垂直行業顯示出早期採用訊號，您真的發現了巨大的機會？然後，我要問格雷格的第二個問題，請再雙擊第四季淨新 ARR。您能就預先簽約的 ARR 與續約池的組成進行何種限定嗎？

And then in response to Raimo's question, it sounded like you were talking about Q1 early renewals being factored into the guide. Are those factored into the guide? Or are those just an area of upside that you sort of called out?

然後回答 Raimo 的問題，聽起來您正在談論將第一季的提前續約納入指南中。這些都已納入指引了嗎？或者這些只是您所指出的優勢領域？

All right. Great. Let me start with the kind of product question. So look, we are absolutely excited about the level of innovation that we're delivering to the market as we articulated. And we are building on releases that we've made throughout the year in areas like Columnar and our developer Free Tier.

好的。偉大的。讓我先從產品問題開始。所以，正如我們所闡述的，我們對我們向市場提供的創新水平感到非常興奮。而且，我們正在基於全年發布的版本，在 Columnar 和開發人員免費套餐等領域進行構建。

The announcement yesterday on AI Services, I think, is a material one that in and of itself has differentiators, but also points to platform differentiators that are critical to emerging as the developer data platform that enterprises are going to want to choose. Step back and think we do combine operational and analytical capabilities. We have a carefully architected platform that goes from cloud to edge that's architecturally integrated for distributed applications with synchronization and data consistency technologies to support those applications. And we are JSON native, all of these embedded into the Capella as-a-service offering that in and of itself has AI capabilities to enhance developer productivity. The announcement yesterday expands on all of that, being able to bring unstructured data like PDFs and CSVs directly into Capella in a JSON native format and combine that with the rest of your data sets, being able to vectorize the entirety of your data set and then have the scale and performance that other platforms aren't going to reach bringing open source models and embedded models directly into Capella and benefiting from the ease-of-use capabilities that we've also added to the platform.

我認為，昨天發布的有關人工智慧服務的公告是一個實質公告，它本身俱有差異化因素，但也指出了平台差異化因素，這些差異化因素對於成為企業想要選擇的開發人員數據平台至關重要。退一步想一想，我們確實結合了營運能力和分析能力。我們擁有一個精心設計的平台，從雲端到邊緣，在架構上整合了分散式應用程序，並採用同步和資料一致性技術來支援這些應用程式。我們是 JSON 原生的，所有這些都嵌入到 Capella 即服務產品中，該產品本身俱有 AI 功能，可提高開發人員的工作效率。昨天的公告擴展了所有這些功能，能夠將 PDF 和 CSV 等非結構化資料以 JSON 原生格式直接帶入 Capella，並將其與您的其他資料集相結合，能夠對整個資料集進行向量化，然後獲得其他平台無法達到的規模和效能，將開源模型和嵌入式模型直接帶入 Capella，並受益於我們添加到平台的易用性功能。

The holistic approach of how we're thinking about architecting this data platform is different than other platforms. And it's going to come down to scale and performance and enabling large enterprises to build some of the most powerful AI applications. You'd be hard-pressed to find a database that has a combination of features that I just articulated. And that's the reason why part of -- we have the pipeline of opportunities we do in the back half and beyond because people see the value proposition in this platform that is so unique and continues to deliver for some of the most important applications in the most important companies around the world. And there's more to come with that architecture that we have worked so hard to build and maintain and stay committed to.

我們思考建構這個數據平台的整體方法與其他平台不同。這將歸結為規模和性能，並使大型企業能夠建立一些最強大的人工智慧應用程式。你很難找到一個具有我剛才闡述的功能組合的資料庫。這就是為什麼我們在下半年及以後擁有大量機會的原因，因為人們看到了這個平台的價值主張，它非常獨特，並將繼續為全球最重要的公司中的一些最重要的應用程式提供服務。我們努力建構、維護並始終致力於的這項架構還將帶來更多。

So the innovation engine is roaring at Couchbase, and we are excited about the AI world that's in front of us.

因此，Couchbase 的創新引擎正在轟鳴，我們對眼前的人工智慧世界感到興奮。

Yes. Just to hit on your second part of your question. Look, the way we build any forecast or guidance is on the enterprise side of the business, which, as you can see, is still 85% of our business. We know our historical renewal rates. We know how much we can upsell at the point of renewal, how much we upsell outside the point of renewal, new logos and then we get into Capella and consumption.

是的。我只是想回答你問題的第二部分。你看，我們制定任何預測或指導的方式都是在業務的企業方面，正如你所看到的，這仍然占我們業務的 85%。我們知道我們的歷史續約率。我們知道在續約時我們可以追加銷售多少，在續約之外我們可以追加銷售多少，新標識，然後我們進入 Capella 和消費。

So we build it up from there, right, to give us a range of outcomes. After that now for Q4 because of what I've talked about is there is several million of pre-contract ARR, we layer that on top. And that balance of precontracted ARR, as I will remind you, got a bit stronger through the Q3 bookings. And so that's what gives us sort of a range of outcomes and gives us comfort in what we're guiding for, for Q4 and what we believe we can deliver. On the Q1 and fiscal '26, it's very natural that our sales team, as they get towards the end of the year, particularly as they get into accelerators, they will look to see if there's business that they can bring forward in a high-quality way, right?

所以我們從那裡開始構建，以便為我們提供一系列結果。之後，對於第四季度，正如我所說，有幾百萬的合約前 ARR，我們將其疊加在上面。我要提醒您的是，透過第三季的預訂，預先簽約的 ARR 餘額有所增強。因此，這給了我們一系列的結果，並讓我們對第四季度的預期以及我們相信我們能夠實現的目標感到放心。在第一季和 26 財年，我們的銷售團隊在接近年底時，特別是進入加速器時，他們會尋找是否有可以以高品質方式推進的業務，這是很自然的，對嗎？

So this is new business, and it always happens. We do assume some of it in our guidance, but it's pretty minimal. It's always tough to know who's going to do that or not, but we know that some of that happens towards the end of the year. And so there's a small amount baked in. But given the large set of deals that we're working with, there certainly could be more if customers are willing.

所以這是新業務，而且這種事情總是會發生。我們確實在我們的指導中假設了其中的一些，但這些假設非常小。總是很難知道誰會這樣做或不會這樣做，但我們知道其中一些會在年底發生。因此，其中有少量是烘焙過的。但考慮到我們正在進行的交易數量很大，如果客戶願意的話，肯定還可以有更多的交易。

So this is what gives us, again, comfort on our guidance and what provides us additional cover with the Q1 opportunities as well.

因此，這再次讓我們對我們的指導感到放心，也為我們提供了 Q1 機會的額外保障。

There are no further questions at this time. I would like to turn the floor back to Chairman and CEO, Matt Cain, for closing remarks.

目前沒有其他問題。我想請董事長兼執行長 Matt Cain 致最後總結。

Thanks, operator, and thank you all for joining. We're confident in our ability to deliver a strong end to fiscal 2025, and we look forward to speaking with you again next quarter.

謝謝接線員，也謝謝大家的加入。我們有信心在 2025 財年取得強勁成績，並期待下個季度再次與您交談。

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

今天的會議到此結束，各位現在可以掛斷電話了。感謝您的參與。