Couchbase Announces Second Quarter Fiscal 2025 Financial Results
Couchbase (NASDAQ: BASE) reported strong financial results for Q2 fiscal 2025. Total revenue reached $51.6 million, up 20% year-over-year, with subscription revenue at $49.3 million, also up 20%. Annual Recurring Revenue (ARR) grew to $214.0 million, an 18% increase. The company's non-GAAP gross margin improved to 88.3%, while non-GAAP operating loss decreased to $4.1 million.
Couchbase announced several product developments, including the general availability of Capella Columnar and Couchbase Mobile with vector search. The company also introduced Capella Free Tier for developers. For Q3 FY2025, Couchbase projects revenue between $50.3-51.1 million and total ARR of $218.5-221.5 million. The full year FY2025 outlook anticipates revenue of $205.1-209.1 million and total ARR of $235.5-240.5 million.
Couchbase (NASDAQ: BASE) ha riportato risultati finanziari solidi per il secondo trimestre dell'anno fiscale 2025. Il fatturato totale ha raggiunto 51,6 milioni di dollari, in aumento del 20% rispetto all'anno precedente, con un fatturato da abbonamenti pari a 49,3 milioni di dollari, anch'esso in crescita del 20%. Il fatturato annuo ricorrente (ARR) è salito a 214,0 milioni di dollari, con un incremento del 18%. Il margine lordo non-GAAP dell'azienda è migliorato all'88,3%, mentre la perdita operativa non-GAAP è diminuita a 4,1 milioni di dollari.
Couchbase ha annunciato diversi sviluppi di prodotto, tra cui la disponibilità generale di Capella Columnar e Couchbase Mobile con ricerca vettoriale. L'azienda ha anche introdotto il Capella Free Tier per gli sviluppatori. Per il terzo trimestre dell'anno fiscale 2025, Couchbase prevede un fatturato compreso tra 50,3 e 51,1 milioni di dollari e un ARR totale tra 218,5 e 221,5 milioni di dollari. Le previsioni per l'intero anno fiscale 2025 anticipano un fatturato tra 205,1 e 209,1 milioni di dollari e un ARR totale tra 235,5 e 240,5 milioni di dollari.
Couchbase (NASDAQ: BASE) reportó resultados financieros sólidos para el segundo trimestre del año fiscal 2025. Los ingresos totales alcanzaron 51,6 millones de dólares, un aumento del 20% interanual, con ingresos por suscripciones de 49,3 millones de dólares, también en aumento del 20%. Los ingresos recurrentes anuales (ARR) crecieron a 214,0 millones de dólares, un aumento del 18%. El margen bruto no-GAAP de la empresa mejoró al 88,3%, mientras que la pérdida operativa no-GAAP disminuyó a 4,1 millones de dólares.
Couchbase anunció varios desarrollos de productos, incluida la disponibilidad general de Capella Columnar y Couchbase Mobile con búsqueda vectorial. La empresa también introdujo Capella Free Tier para desarrolladores. Para el tercer trimestre del año fiscal 2025, Couchbase proyecta ingresos entre 50,3 y 51,1 millones de dólares y un ARR total de entre 218,5 y 221,5 millones de dólares. La perspectiva para todo el año fiscal 2025 anticipa ingresos de entre 205,1 y 209,1 millones de dólares y un ARR total de entre 235,5 y 240,5 millones de dólares.
Couchbase (NASDAQ: BASE)는 2025 회계연도 2분기 강력한 재무 실적을 발표했습니다. 총 수익은 5160만 달러에 달했으며, 이는 전년 대비 20% 증가한 수치입니다. 구독 수익은 4930만 달러로, 역시 20% 증가했습니다. 연간 반복 수익 (ARR)은 2억 1400만 달러로 18% 증가했습니다. 회사의 비 GAAP 총 이익률은 88.3%로 개선되었고, 비 GAAP 운영 손실은 410만 달러로 감소했습니다.
Couchbase는 Capella Columnar 및 벡터 검색 기능이 있는 Couchbase Mobile의 일반 출시를 포함한 여러 제품 개발을 발표했습니다. 이 회사는 또한 개발자를 위한 Capella Free Tier를 도입했습니다. 2025 회계연도 3분기에는 Couchbase가 5030만~5110만 달러의 수익과 2억 1850만~2억 2150만 달러의 총 ARR을 예상하고 있습니다. 2025 회계연도 전체 전망은 2051만~2091만 달러의 수익과 2억 3550만~2억 4050만 달러의 총 ARR을 예상하고 있습니다.
Couchbase (NASDAQ: BASE) a annoncé de solides résultats financiers pour le deuxième trimestre de l'exercice 2025. Le chiffre d'affaires total a atteint 51,6 millions de dollars, soit une augmentation de 20% par rapport à l'année précédente, avec un chiffre d'affaires d'abonnement de 49,3 millions de dollars, également en hausse de 20%. Les revenus annuels récurrents (ARR) ont atteint 214,0 millions de dollars, une augmentation de 18%. La marge brute non-GAAP de l'entreprise s'est améliorée à 88,3%, tandis que la perte d'exploitation non-GAAP a diminué à 4,1 millions de dollars.
Couchbase a annoncé plusieurs développements de produits, y compris la disponibilité générale de Capella Columnar et Couchbase Mobile avec recherche vectorielle. L'entreprise a également introduit le Capella Free Tier pour les développeurs. Pour le troisième trimestre de l'exercice 2025, Couchbase projette un chiffre d'affaires compris entre 50,3 et 51,1 millions de dollars et un ARR total comprise entre 218,5 et 221,5 millions de dollars. Les prévisions pour l'ensemble de l'exercice 2025 anticipent un chiffre d'affaires de 205,1 à 209,1 millions de dollars et un ARR total de 235,5 à 240,5 millions de dollars.
Couchbase (NASDAQ: BASE) berichtete über starke Finanzergebnisse für das zweite Quartal des Geschäftsjahres 2025. Der Gesamtumsatz erreichte 51,6 Millionen Dollar, was einem Anstieg von 20% im Jahresvergleich entspricht, während der Abo-Umsatz bei 49,3 Millionen Dollar liegt, ebenfalls um 20% gestiegen. Der jährliche wiederkehrende Umsatz (ARR) wuchs auf 214,0 Millionen Dollar, ein Anstieg von 18%. Die Non-GAAP-Bruttomarge des Unternehmens verbesserte sich auf 88,3%, während der Non-GAAP-Betriebsverlust auf 4,1 Millionen Dollar sank.
Couchbase kündigte mehrere Produktentwicklungen an, darunter die allgemeine Verfügbarkeit von Capella Columnar und Couchbase Mobile mit Vektorsuche. Das Unternehmen stellte außerdem Capella Free Tier für Entwickler vor. Für das dritte Quartal des Geschäftsjahres 2025 rechnet Couchbase mit einem Umsatz zwischen 50,3 und 51,1 Millionen Dollar und einem Gesamt-ARR von 218,5 bis 221,5 Millionen Dollar. Die Prognose für das gesamte Geschäftsjahr 2025 erwartet einen Umsatz von 205,1 bis 209,1 Millionen Dollar und einen Gesamt-ARR von 235,5 bis 240,5 Millionen Dollar.
- Total revenue increased by 20% year-over-year to $51.6 million
- Subscription revenue grew by 20% year-over-year to $49.3 million
- Annual Recurring Revenue (ARR) rose by 18% to $214.0 million
- Non-GAAP gross margin improved to 88.3% from 87.2% in Q2 FY2024
- Non-GAAP operating loss decreased to $4.1 million from $9.2 million in Q2 FY2024
- Remaining Performance Obligations (RPO) increased by 27% year-over-year to $215.8 million
- GAAP loss from operations was $21.0 million
- Negative free cash flow of $5.9 million, compared to negative $1.6 million in Q2 FY2024
- Cash flow used in operating activities increased to $4.9 million from $0.5 million in Q2 FY2024
Insights
Couchbase's Q2 FY2025 results showcase robust growth, with total revenue up
The strong performance in new business and logos, coupled with a significant increase in Capella mix, suggests growing market adoption. However, the negative free cash flow of
Couchbase's recent product launches demonstrate a strategic focus on enhancing its cloud database platform. The general availability of Capella Columnar is a significant milestone, enabling real-time data analysis alongside operational workloads. This feature positions Couchbase competitively in the adaptive applications market.
The introduction of vector search capabilities in Couchbase Mobile expands the company's edge computing offerings, catering to the growing demand for AI-driven similarity searches. The launch of Capella Free Tier is a smart move to attract developers and potentially convert them into paying customers. These innovations could drive adoption and help Couchbase capture a larger share of the cloud database market.
Couchbase's
However, the company still faces challenges in achieving profitability, as evidenced by the ongoing operating losses. The competitive landscape in the cloud database sector remains intense and Couchbase will need to continue innovating and expanding its market share to justify its growth trajectory. The positive outlook for FY2025 indicates management's confidence, but execution will be key in this rapidly evolving market.
"I'm pleased with our hard work and execution in the quarter," said Matt Cain, Chair, President and CEO of Couchbase. "We delivered revenue and operating loss results that exceeded the high end of our outlook, generated strong new business and new logos, and saw a meaningful increase in our Capella mix. I remain highly confident in our outlook and ability to achieve our objectives in fiscal 2025."
Second Quarter Fiscal 2025 Financial Highlights
- Revenue: Total revenue for the quarter was
$51.6 million 20% year-over-year. Subscription revenue for the quarter was$49.3 million 20% year-over-year. - Annual recurring revenue (ARR): Total ARR as of July 31, 2024 was
$214.0 million 18% year-over-year, or19% on a constant currency basis. See the section titled "Key Business Metrics" below for details. - Gross margin: Gross margin for the quarter was
87.5% , compared to86.3% for the second quarter of fiscal 2024. Non-GAAP gross margin for the quarter was88.3% , compared to87.2% for the second quarter of fiscal 2024. See the section titled "Use of Non-GAAP Financial Measures" and the tables titled "Reconciliation of GAAP to Non-GAAP Results" below for details. - Loss from operations: Loss from operations for the quarter was
$21.0 million $21.9 million $4.1 million $9.2 million - Cash flow: Cash flow used in operating activities for the quarter was
$4.9 million $0.5 million $1.0 million $5.9 million $1.6 million - Remaining performance obligations (RPO): RPO as of July 31, 2024 was
$215.8 million 27% year-over-year.
Recent Business Highlights
- Announced the general availability of Capella Columnar, an exciting milestone for Couchbase with strong uptake and positive feedback from early adopters across various industries. Columnar helps organizations streamline the development of adaptive applications by enabling real-time data analysis alongside operational workloads within a single database platform.
- Announced the general availability of Couchbase Mobile with vector search, which makes it possible for businesses to offer similarity and hybrid search in their applications on mobile and at the edge. With Capella Columnar and vector search capabilities in one cloud database platform, Couchbase helps businesses reduce cost and simplify operations, while enabling developers to create trustworthy adaptive applications.
- Introduced Capella Free Tier, a workspace which empowers developers to work faster by enabling the development of next generation, production-ready applications on Couchbase. Developers now have the access and convenience they need to build on applications without worrying about an end date.
- Announced the appointment of Josh Harbert as senior vice president and chief marketing officer. In this role, Harbert will lead all marketing and sales development efforts, driving brand momentum, demand creation, market leadership and growth initiatives. He brings over 20 years' experience in the enterprise software industry and a proven track record of accelerating growth and achieving strategic outcomes in both private and public companies.
Financial Outlook
For the third quarter and full year of fiscal 2025, Couchbase expects:
Q3 FY2025 Outlook | FY2025 Outlook | |||
Total Revenue | ||||
Total ARR | ||||
Non-GAAP Operating Loss |
The guidance provided above is based on several assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.
Couchbase is not able, at this time, to provide GAAP targets for operating loss for the third quarter or full year of fiscal 2025 because of the difficulty of estimating certain items excluded from non-GAAP operating loss that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.
Conference Call Information
Couchbase will host a live webcast at 1:30 p.m. Pacific Time (or 4:30 p.m. Eastern Time) on Wednesday, September 4, 2024, to discuss its financial results and business highlights. The conference call can be accessed by dialing 877-407-8029 from
About Couchbase
Modern customer experiences need a flexible database platform that can power applications spanning from cloud to edge and everything in between. Couchbase's mission is to simplify how developers and architects develop, deploy and run modern applications wherever they are. We have reimagined the database with our fast, flexible and affordable cloud database platform Couchbase Capella, allowing organizations to quickly build applications that deliver premium experiences to their customers – all with best-in-class price performance.
Couchbase has used, and intends to continue using, its investor relations website and the corporate blog at blog.couchbase.com to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the corporate blog in addition to following our press releases, SEC filings and public conference calls and webcasts.
Use of Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, we believe certain non-GAAP financial measures are useful to investors in evaluating our operating performance. We use certain non-GAAP financial measures, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, may be helpful to investors because they provide consistency and comparability with past financial performance and meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. Non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP financial measures used by other companies. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures (provided in the financial statement tables included in this press release), and not to rely on any single financial measure to evaluate our business.
Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss and non-GAAP net loss per share: We define these non-GAAP financial measures as their respective GAAP measures, excluding expenses related to stock-based compensation expense, employer payroll taxes on employee stock transactions, restructuring charges and impairment of capitalized internal-use software. We use these non-GAAP financial measures in conjunction with GAAP measures to assess our performance, including in the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance.
For the fourth quarter of fiscal 2024, we excluded the impairment of capitalized internal-use software, a non-cash operating expense, from our non-GAAP results as it is not reflective of ongoing operating results. This impairment charge related to certain previously capitalized internal-use software that we determined would no longer be placed into service. Prior period non-GAAP financial measures have not been adjusted to reflect this change as we did not incur impairment of capitalized internal-use software in any prior period presented.
Free cash flow: We define free cash flow as cash used in operating activities less additions to property and equipment, which includes capitalized internal-use software costs. We believe free cash flow is a useful indicator of liquidity that provides our management, board of directors and investors with information about our future ability to generate or use cash to enhance the strength of our balance sheet and further invest in our business and pursue potential strategic initiatives.
Please see the reconciliation tables at the end of this press release for the reconciliation of GAAP and non-GAAP results.
Key Business Metrics
We review a number of operating and financial metrics, including ARR, to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions.
We define ARR as of a given date as the annualized recurring revenue that we would contractually receive from our customers in the month ending 12 months following such date. Based on historical experience with customers, we assume all contracts will be renewed at the same levels unless we receive notification of non-renewal and are no longer in negotiations prior to the measurement date. For Capella products, ARR in a customer's initial year is calculated as the greater of: (i) initial year contract revenue as described above or (ii) annualized prior 90 days of actual consumption; and ARR for subsequent years is calculated with method (ii). ARR excludes services revenue.
Prior to fiscal 2025, ARR excluded on-demand revenue and, for Capella products in a customer's initial year, ARR was calculated solely on the basis of initial year contract revenue. The reason for these changes is to better reflect ARR where usage rates or timing of purchases may be uneven and to better align with how ARR is used to measure the performance of the business. ARR for prior periods has not been adjusted to reflect this change as it is not material to any period previously presented.
ARR should be viewed independently of revenue, and does not represent our revenue under GAAP on an annualized basis, as it is an operating metric that can be impacted by contract start and end dates and renewal dates. ARR is not intended to be a replacement for forecasts of revenue. Although we seek to increase ARR as part of our strategy of targeting large enterprise customers, this metric may fluctuate from period to period based on our ability to acquire new customers, expand within our existing customers and consumption dynamics. We believe that ARR is an important indicator of the growth and performance of our business.
We also attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates within the current period. We calculate constant currency growth rates by applying the applicable prior period exchange rates to current period results.
Forward-Looking Statements
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, quotations of management, the section titled "Financial Outlook" above and statements about Couchbase's market position, strategies and potential market opportunities. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as "anticipate," "expect," "intend," "plan," "believe," "continue," "could," "potential," "remain," "may," "might," "will," "would" or similar expressions and the negatives of those terms. However, not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including factors beyond our control, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to: our history of net losses and ability to achieve or maintain profitability in the future; our ability to continue to grow on pace with historical rates; our ability to manage our growth effectively; intense competition and our ability to compete effectively; cost-effectively acquiring new customers or obtaining renewals, upgrades or expansions from our existing customers; the market for our products and services being highly competitive and evolving, and our future success depending on the growth and expansion of this market; our ability to innovate in response to changing customer needs, new technologies or other market requirements, including new capabilities, programs and partnerships and their impact on our customers and our business; our limited operating history, which makes it difficult to predict our future results of operations; the significant fluctuation of our future results of operations and ability to meet the expectations of analysts or investors; our significant reliance on revenue from subscriptions, which may decline and, the recognition of a significant portion of revenue from subscriptions over the term of the relevant subscription period, which means downturns or upturns in sales are not immediately reflected in full in our results of operations; and the impact of geopolitical and macroeconomic factors. Further information on risks that could cause actual results to differ materially from forecasted results are included in our filings with the Securities and Exchange Commission that we may file from time to time, including those more fully described in our Annual Report on Form 10-K for the fiscal year ended January 31, 2024. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended July 31, 2024 that will be filed with the Securities and Exchange Commission, which should be read in conjunction with this press release and the financial results included herein. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Couchbase, Inc. | |||||||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenue: | |||||||
License | $ 5,242 | $ 4,798 | $ 12,101 | $ 9,741 | |||
Support and other | 44,051 | 36,156 | 86,230 | 69,755 | |||
Total subscription revenue | 49,293 | 40,954 | 98,331 | 79,496 | |||
Services | 2,296 | 2,185 | 4,585 | 4,639 | |||
Total revenue | 51,589 | 43,139 | 102,916 | 84,135 | |||
Cost of revenue: | |||||||
Subscription(1) | 4,455 | 3,845 | 8,412 | 7,518 | |||
Services(1) | 2,008 | 2,064 | 3,733 | 4,313 | |||
Total cost of revenue | 6,463 | 5,909 | 12,145 | 11,831 | |||
Gross profit | 45,126 | 37,230 | 90,771 | 72,304 | |||
Operating expenses: | |||||||
Research and development(1) | 17,370 | 16,292 | 35,217 | 31,675 | |||
Sales and marketing(1) | 36,168 | 32,348 | 73,923 | 64,901 | |||
General and administrative(1) | 12,636 | 10,459 | 25,219 | 20,084 | |||
Restructuring(1) | — | — | — | 46 | |||
Total operating expenses | 66,174 | 59,099 | 134,359 | 116,706 | |||
Loss from operations | (21,048) | (21,869) | (43,588) | (44,402) | |||
Interest expense | (29) | (18) | (29) | (43) | |||
Other income, net | 1,741 | 1,255 | 3,272 | 2,688 | |||
Loss before income taxes | (19,336) | (20,632) | (40,345) | (41,757) | |||
Provision for income taxes | 559 | 19 | 545 | 769 | |||
Net loss | $ (19,895) | $ (20,651) | $ (40,890) | $ (42,526) | |||
Net loss per share, basic and diluted | $ (0.39) | $ (0.44) | $ (0.81) | $ (0.92) | |||
Weighted-average shares used in computing | 50,822 | 46,714 | 50,311 | 46,285 | |||
_______________________________ | |
(1) | Includes stock-based compensation expense as follows: |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Cost of revenue—subscription | $ 301 | $ 236 | $ 567 | $ 429 | |||
Cost of revenue—services | 109 | 149 | 250 | 294 | |||
Research and development | 4,214 | 3,614 | 8,207 | 6,382 | |||
Sales and marketing | 6,162 | 4,032 | 11,385 | 7,273 | |||
General and administrative | 5,370 | 4,086 | 10,374 | 7,014 | |||
Restructuring | — | — | — | 1 | |||
Total stock-based compensation expense | $ 16,156 | $ 12,117 | $ 30,783 | $ 21,393 | |||
Couchbase, Inc. | |||
As of July 31, | As of January 31, | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 62,607 | $ 41,351 | |
Short-term investments | 93,526 | 112,281 | |
Accounts receivable, net | 31,263 | 44,848 | |
Deferred commissions | 13,187 | 15,421 | |
Prepaid expenses and other current assets | 10,092 | 10,385 | |
Total current assets | 210,675 | 224,286 | |
Property and equipment, net | 7,053 | 5,327 | |
Operating lease right-of-use assets | 3,497 | 4,848 | |
Deferred commissions, noncurrent | 13,603 | 11,400 | |
Other assets | 1,119 | 1,891 | |
Total assets | $ 235,947 | $ 247,752 | |
Liabilities and Stockholders' Equity | |||
Current liabilities | |||
Accounts payable | $ 5,031 | $ 4,865 | |
Accrued compensation and benefits | 14,123 | 18,116 | |
Other accrued expenses | 3,373 | 4,581 | |
Operating lease liabilities | 2,670 | 3,208 | |
Deferred revenue | 81,906 | 81,736 | |
Total current liabilities | 107,103 | 112,506 | |
Operating lease liabilities, noncurrent | 1,170 | 2,078 | |
Deferred revenue, noncurrent | 1,031 | 2,747 | |
Total liabilities | 109,304 | 117,331 | |
Stockholders' equity | |||
Preferred stock | — | — | |
Common stock | — | — | |
Additional paid-in capital | 658,165 | 621,024 | |
Accumulated other comprehensive income | 27 | 56 | |
Accumulated deficit | (531,549) | (490,659) | |
Total stockholders' equity | 126,643 | 130,421 | |
Total liabilities and stockholders' equity | $ 235,947 | $ 247,752 | |
Couchbase, Inc. | |||||||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Cash flows from operating activities | |||||||
Net loss | $ (19,895) | $ (20,651) | $ (40,890) | $ (42,526) | |||
Adjustments to reconcile net loss to net cash used | |||||||
Depreciation and amortization | 363 | 745 | 763 | 1,635 | |||
Stock-based compensation, net of amounts | 16,156 | 12,117 | 30,783 | 21,393 | |||
Amortization of deferred commissions | 4,184 | 4,702 | 8,280 | 9,242 | |||
Non-cash lease expense | 765 | 776 | 1,530 | 1,548 | |||
Foreign currency transaction losses (gains) | 8 | 249 | 291 | 165 | |||
Other | (589) | (1,030) | (1,413) | (1,776) | |||
Changes in operating assets and liabilities | |||||||
Accounts receivable | 3,130 | 9,811 | 13,295 | 7,537 | |||
Deferred commissions | (5,179) | (4,322) | (8,249) | (9,146) | |||
Prepaid expenses and other assets | 412 | (1,523) | 443 | (118) | |||
Accounts payable | 938 | (3,713) | 146 | 1,745 | |||
Accrued compensation and benefits | 5,188 | 2,306 | (3,991) | (1,754) | |||
Other Accrued Expenses | (294) | (615) | (1,107) | (1,871) | |||
Operating lease liabilities | (782) | (897) | (1,625) | (1,723) | |||
Deferred revenue | (9,255) | 1,526 | (1,547) | 7,949 | |||
Net cash used in operating activities | (4,850) | (519) | (3,291) | (7,700) | |||
Cash flows from investing activities | |||||||
Purchases of short-term investments | (18,351) | (56,494) | (37,805) | (64,315) | |||
Maturities of short-term investments | 34,000 | 50,697 | 58,144 | 70,120 | |||
Additions to property and equipment | (1,067) | (1,071) | (2,062) | (2,359) | |||
Net cash provided by (used in) investing | 14,582 | (6,868) | 18,277 | 3,446 | |||
Cash flows from financing activities | |||||||
Proceeds from exercise of stock options | 842 | 2,733 | 4,136 | 4,650 | |||
Proceeds from issuance of common stock under | — | — | 1,795 | 847 | |||
Net cash provided by financing activities | 842 | 2,733 | 5,931 | 5,497 | |||
Effect of exchange rate changes on cash, | 58 | (149) | (204) | (252) | |||
Net increase in cash, cash equivalents and | 10,632 | (4,803) | 20,713 | 991 | |||
Cash, cash equivalents, and restricted cash at | 51,975 | 46,783 | 41,894 | 40,989 | |||
Cash, cash equivalents, and restricted cash at end | $ 62,607 | $ 41,980 | $ 62,607 | $ 41,980 | |||
Reconciliation of cash, cash equivalents, and | |||||||
Cash and cash equivalents | $ 62,607 | $ 41,437 | $ 62,607 | $ 41,437 | |||
Restricted cash included in other assets | — | 543 | — | 543 | |||
Total cash, cash equivalents and restricted cash | $ 62,607 | $ 41,980 | $ 62,607 | $ 41,980 | |||
Couchbase, Inc. | |||||||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of GAAP gross profit to | |||||||
Total revenue | $ 51,589 | $ 43,139 | $ 102,916 | $ 84,135 | |||
Gross profit | $ 45,126 | $ 37,230 | $ 90,771 | $ 72,304 | |||
Add: Stock-based compensation expense | 410 | 385 | 817 | 723 | |||
Add: Employer taxes on employee stock | 28 | 21 | 98 | 31 | |||
Non-GAAP gross profit | $ 45,564 | $ 37,636 | $ 91,686 | $ 73,058 | |||
Gross margin | 87.5 % | 86.3 % | 88.2 % | 85.9 % | |||
Non-GAAP gross margin | 88.3 % | 87.2 % | 89.1 % | 86.8 % | |||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of GAAP operating | |||||||
GAAP research and development | $ 17,370 | $ 16,292 | $ 35,217 | $ 31,675 | |||
Less: Stock-based compensation expense | (4,214) | (3,614) | (8,207) | (6,382) | |||
Less: Employer taxes on employee stock | (170) | (123) | (479) | (231) | |||
Non-GAAP research and development | $ 12,986 | $ 12,555 | $ 26,531 | $ 25,062 | |||
GAAP sales and marketing | $ 36,168 | $ 32,348 | $ 73,923 | $ 64,901 | |||
Less: Stock-based compensation expense | (6,162) | (4,032) | (11,385) | (7,273) | |||
Less: Employer taxes on employee stock | (421) | (330) | (1,103) | (450) | |||
Non-GAAP sales and marketing | $ 29,585 | $ 27,986 | $ 61,435 | $ 57,178 | |||
GAAP general and administrative | $ 12,636 | $ 10,459 | $ 25,219 | $ 20,084 | |||
Less: Stock-based compensation expense | (5,370) | (4,086) | (10,374) | (7,014) | |||
Less: Employer taxes on employee stock | (172) | (59) | (327) | (88) | |||
Non-GAAP general and administrative | $ 7,094 | $ 6,314 | $ 14,518 | $ 12,982 | |||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of GAAP operating loss to | |||||||
Total revenue | $ 51,589 | $ 43,139 | $ 102,916 | $ 84,135 | |||
Loss from operations | $ (21,048) | $ (21,869) | $ (43,588) | $ (44,402) | |||
Add: Stock-based compensation expense | 16,156 | 12,117 | 30,783 | 21,392 | |||
Add: Employer taxes on employee stock | 791 | 533 | 2,007 | 800 | |||
Add: Restructuring(2) | — | — | — | 46 | |||
Non-GAAP operating loss | $ (4,101) | $ (9,219) | $ (10,798) | $ (22,164) | |||
Operating margin | (41) % | (51) % | (42) % | (53) % | |||
Non-GAAP operating margin | (8) % | (21) % | (10) % | (26) % | |||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of GAAP net loss to non- | |||||||
Net loss | $ (19,895) | $ (20,651) | $ (40,890) | $ (42,526) | |||
Add: Stock-based compensation expense | 16,156 | 12,117 | 30,783 | 21,392 | |||
Add: Employer taxes on employee stock | 791 | 533 | 2,007 | 800 | |||
Add: Restructuring(2) | — | — | — | 46 | |||
Non-GAAP net loss | $ (2,948) | $ (8,001) | $ (8,100) | $ (20,288) | |||
GAAP net loss per share | $ (0.39) | $ (0.44) | $ (0.81) | $ (0.92) | |||
Non-GAAP net loss per share | $ (0.06) | $ (0.17) | $ (0.16) | $ (0.44) | |||
Weighted average shares outstanding, basic | 50,822 | 46,714 | 50,311 | 46,285 | |||
_______________________________ | |
(2) | For the six months ended July 31, 2023, an immaterial amount of stock-based compensation expense related to restructuring charges was included in the restructuring expense line. |
The following table presents a reconciliation of free cash flow to net cash provided by (used in) operating activities, the most directly comparable GAAP measure, for each of the periods indicated (in thousands, unaudited):
Three Months Ended July 31, | Six Months Ended July 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net cash used in operating activities | $ (4,850) | $ (519) | $ (3,291) | $ (7,700) | |||
Less: Additions to property and equipment | (1,067) | (1,071) | (2,062) | (2,359) | |||
Free cash flow | $ (5,917) | $ (1,590) | $ (5,353) | $ (10,059) | |||
Net cash provided by (used in) investing | $ 14,582 | $ (6,868) | $ 18,277 | $ 3,446 | |||
Net cash provided by financing activities | $ 842 | $ 2,733 | $ 5,931 | $ 5,497 | |||
Couchbase, Inc. | ||||||||||||||||
As of | ||||||||||||||||
Oct. 31, | Jan. 31, | April 30, | July 31, | Oct. 31, | Jan. 31, | April 30, | July 31, | |||||||||
2022 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | |||||||||
Annual Recurring | $ 151.7 | $ 163.7 | $ 172.2 | $ 180.7 | $ 188.7 | $ 204.2 | $ 207.7 | $ 214.0 | ||||||||
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SOURCE Couchbase, Inc.
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