Couchbase Announces Third Quarter Fiscal 2025 Financial Results
Couchbase (NASDAQ: BASE) reported Q3 fiscal 2025 results with total revenue of $51.6 million, up 13% year-over-year. Subscription revenue reached $49.3 million, increasing 12% YoY. The company's Annual Recurring Revenue (ARR) grew to $220.3 million, a 17% increase YoY.
Capella now represents 15.1% of ARR and one-third of the customer base. The company reported a non-GAAP operating loss of $3.5 million, improved from $5.0 million in Q3 fiscal 2024. For Q4 FY2025, Couchbase expects revenue between $52.7-53.5 million and total ARR of $236.5-239.5 million.
Couchbase (NASDAQ: BASE) ha riportato i risultati del terzo trimestre fiscale 2025 con un fatturato totale di 51,6 milioni di dollari, in aumento del 13% rispetto all'anno precedente. I ricavi da abbonamento hanno raggiunto 49,3 milioni di dollari, con un incremento del 12% su base annua. L'Annual Recurring Revenue (ARR) dell'azienda è cresciuto fino a 220,3 milioni di dollari, con un aumento del 17% rispetto all'anno scorso.
Capella rappresenta ora il 15,1% dell'ARR e un terzo della base di clienti. L'azienda ha riportato una perdita operativa non-GAAP di 3,5 milioni di dollari, migliorata rispetto ai 5,0 milioni di dollari del terzo trimestre fiscale 2024. Per il quarto trimestre dell'anno fiscale 2025, Couchbase prevede ricavi tra 52,7 e 53,5 milioni di dollari e un ARR totale tra 236,5 e 239,5 milioni di dollari.
Couchbase (NASDAQ: BASE) informó resultados del tercer trimestre fiscal 2025 con ingresos totales de 51,6 millones de dólares, un aumento del 13% interanual. Los ingresos por suscripciones alcanzaron 49,3 millones de dólares, incrementándose un 12% respecto al año anterior. El Ingreso Anual Recurrente (ARR) de la compañía creció hasta 220,3 millones de dólares, un aumento del 17% interanual.
Capella representa ahora el 15,1% del ARR y un tercio de la base de clientes. La empresa reportó una pérdida operativa no-GAAP de 3,5 millones de dólares, mejorando desde los 5,0 millones de dólares en el tercer trimestre fiscal 2024. Para el cuarto trimestre del año fiscal 2025, Couchbase espera ingresos entre 52,7 y 53,5 millones de dólares y un ARR total de entre 236,5 y 239,5 millones de dólares.
Couchbase (NASDAQ: BASE)는 2025 회계연도 3분기 결과를 보고했으며, 총 수익은 5,160만 달러로 전년 대비 13% 증가했습니다. 구독 수익은 4,930만 달러에 달하며, 전년 대비 12% 증가했습니다. 연간 반복 수익 (ARR)은 2억 2,030만 달러로 전년 대비 17% 증가했습니다.
Capella는 현재 ARR의 15.1%와 고객 기반의 3분의 1을 차지하고 있습니다. 회사는 2024 회계연도 3분기에서 500만 달러의 비 GAAP 운영 손실을 보고했으며, 이는 350만 달러로 개선되었습니다. 2025 회계연도 4분기에는 수익이 5,270만~5,350만 달러와 총 ARR이 2억 3,650만~2억 3,950만 달러 사이가 될 것으로 예상하고 있습니다.
Couchbase (NASDAQ: BASE) a annoncé les résultats du troisième trimestre de l'exercice 2025 avec un chiffre d'affaires total de 51,6 millions de dollars, en hausse de 13 % par rapport à l'année précédente. Les revenus d'abonnement ont atteint 49,3 millions de dollars, soit une augmentation de 12 % par rapport à l'an dernier. Le Revenu Annuel Récurrent (ARR) de l'entreprise a augmenté pour atteindre 220,3 millions de dollars, soit une hausse de 17 % par rapport à l'année précédente.
Capella représente désormais 15,1 % de l'ARR et un tiers de la base de clients. L'entreprise a annoncé une perte d'exploitation non-GAAP de 3,5 millions de dollars, s'améliorant par rapport à 5,0 millions de dollars au troisième trimestre de l'exercice 2024. Pour le quatrième trimestre de l'exercice 2025, Couchbase prévoit des revenus compris entre 52,7 et 53,5 millions de dollars, et un ARR total compris entre 236,5 et 239,5 millions de dollars.
Couchbase (NASDAQ: BASE) berichtete über die Ergebnisse des 3. Quartals des Geschäftsjahres 2025 mit einem Gesamterlös von 51,6 Millionen Dollar, was einem Anstieg von 13 % im Vergleich zum Vorjahr entspricht. Die Abonnementerlöse erreichten 49,3 Millionen Dollar und stiegen um 12 % im Jahresvergleich. Der Annual Recurring Revenue (ARR) des Unternehmens wuchs auf 220,3 Millionen Dollar, ein Anstieg um 17 % im Jahresvergleich.
Capella macht jetzt 15,1 % des ARR und ein Drittel der Kundenbasis aus. Das Unternehmen berichtete von einem nicht-GAAP operativen Verlust von 3,5 Millionen Dollar, der sich gegenüber 5,0 Millionen Dollar im 3. Quartal des Geschäftsjahres 2024 verbessert hat. Für das 4. Quartal FY2025 erwartet Couchbase Einnahmen zwischen 52,7 und 53,5 Millionen Dollar sowie einen Gesamt-ARR zwischen 236,5 und 239,5 Millionen Dollar.
- Revenue growth of 13% YoY to $51.6 million
- ARR increased 17% YoY to $220.3 million
- Capella adoption reached 15.1% of ARR
- Non-GAAP operating loss improved to $3.5M from $5.0M YoY
- RPO grew 29% YoY to $211.3 million
- Operating loss increased to $19.2M from $17.5M YoY
- Gross margin declined to 87.3% from 88.8% YoY
- Negative free cash flow worsened to $17.5M from $13.8M YoY
Insights
Couchbase delivered a mixed quarter with notable strengths and challenges.
However, margins are showing pressure with non-GAAP gross margin declining to
The Q4 guidance of
Couchbase's strategic pivot toward AI capabilities marks a significant evolution in its product strategy. The launch of Capella AI Services, including model hosting and vectorization features, positions the company well in the rapidly growing AI infrastructure market. The integration partnerships with major players like Amazon Bedrock, Azure OpenAI and Google Vertex AI demonstrate strong ecosystem development.
The introduction of Capella Columnar for real-time analytics and Mobile with vector search shows commitment to innovation in critical areas. The new Free Tier workspace strategy could accelerate developer adoption. The customer success story highlighting handling of thousands of transactions per second validates the platform's enterprise-grade capabilities.
"I'm pleased with the continued operational progress of the entire Couchbase team," said Matt Cain, Chair, President and CEO of Couchbase. "We delivered top- and bottom-line results that exceeded our outlook, and we achieved another significant milestone with Capella, which now represents
Third Quarter Fiscal 2025 Financial Highlights
- Revenue: Total revenue for the quarter was
$51.6 million 13% year-over-year. Subscription revenue for the quarter was$49.3 million 12% year-over-year. - Annual recurring revenue (ARR): Total ARR as of October 31, 2024 was
$220.3 million 17% year-over-year, or16% on a constant currency basis. See the section titled "Key Business Metrics" below for details. - Gross margin: Gross margin for the quarter was
87.3% , compared to88.8% for the third quarter of fiscal 2024. Non-GAAP gross margin for the quarter was88.2% , compared to89.5% for the third 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
$19.2 million $17.5 million $3.5 million $5.0 million - Cash flow: Cash flow used in operating activities for the quarter was
$16.9 million $12.7 million $0.6 million $17.5 million $13.8 million - Remaining performance obligations (RPO): RPO as of October 31, 2024 was
$211.3 million 29% year-over-year.
Recent Business Highlights
- Announced Capella AI Services to provide the critical capabilities and tools required for our customers to streamline the development of agentic AI applications. The new AI Services include model hosting, automated vectorization, unstructured data preprocessing and AI agent catalog services, allowing organizations to prototype, build, test and deploy AI agents while keeping models and data close together on one unified platform. Couchbase's innovation and newest features with AI Services are on display at AWS re:Invent this week.
- Continued to advance the Couchbase platform with three major releases: Capella Columnar which converges operational and real-time analytics; 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; and Capella Free Tier, a workspace which empowers developers to work faster.
- Expanded Couchbase's AI partner ecosystem through new and recently introduced integrations with industry leaders including Amazon Bedrock, Azure OpenAI, Google Vertex AI, Haystack, LangChain, LlamaIndex, NVIDIA NIM/NeMo, Unstructured.io, Vectorize and others. These integrations help empower our customers to more easily develop enterprise-class, RAG-based solutions and meet their specific deployment needs.
- Recognized innovative Couchbase customer achievements through the 2024 Customer Impact Awards, demonstrating how leading companies are leveraging Couchbase's technology to transform their operations. For one of the award recipients – a leading software and technology company that powers the global travel industry serving a wide range of travel companies including airlines, hoteliers, travel agencies and other suppliers – Couchbase will enable a distributed, always-on transactional system. Couchbase handles hundreds of thousands of read transactions and more than 1,000 updates per second for this customer.
Financial Outlook
For the fourth quarter and full year of fiscal 2025, Couchbase expects:
Q4 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 fourth 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 Tuesday, December 3, 2024, to discuss its financial results and business highlights. The conference call can be accessed by dialing 877-407-8029 from
About Couchbase
As industries race to embrace AI, traditional database solutions fall short of rising demands for versatility, performance and affordability. Couchbase is seizing the opportunity to lead with Capella, the developer data platform for critical applications in our AI world. By uniting transactional, analytical, mobile and AI workloads into a seamless, fully-managed solution, Couchbase empowers developers and enterprises to build and scale applications with complete flexibility – delivering exceptional performance, scalability and cost-efficiency from cloud to edge and everything in between. Trusted by over
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 the expected client demand for and benefits of our offerings, the impact of our recently-released and planned products and services and our 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 October 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 October 31, | Nine Months Ended October 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenue: | |||||||
License | $ 4,343 | $ 4,577 | $ 16,444 | $ 14,318 | |||
Support and other | 44,955 | 39,420 | 131,185 | 109,175 | |||
Total subscription revenue | 49,298 | 43,997 | 147,629 | 123,493 | |||
Services | 2,330 | 1,816 | 6,915 | 6,455 | |||
Total revenue | 51,628 | 45,813 | 154,544 | 129,948 | |||
Cost of revenue: | |||||||
Subscription(1) | 4,866 | 3,549 | 13,278 | 11,067 | |||
Services(1) | 1,690 | 1,562 | 5,423 | 5,875 | |||
Total cost of revenue | 6,556 | 5,111 | 18,701 | 16,942 | |||
Gross profit | 45,072 | 40,702 | 135,843 | 113,006 | |||
Operating expenses: | |||||||
Research and development(1) | 17,486 | 15,903 | 52,703 | 47,578 | |||
Sales and marketing(1) | 34,196 | 31,602 | 108,119 | 96,503 | |||
General and administrative(1) | 12,624 | 10,739 | 37,843 | 30,823 | |||
Restructuring(1) | — | — | — | 46 | |||
Total operating expenses | 64,306 | 58,244 | 198,665 | 174,950 | |||
Loss from operations | (19,234) | (17,542) | (62,822) | (61,944) | |||
Interest expense | (17) | — | (46) | (43) | |||
Other income, net | 1,790 | 1,298 | 5,062 | 3,986 | |||
Loss before income taxes | (17,461) | (16,244) | (57,806) | (58,001) | |||
Provision for income taxes | 691 | 11 | 1,236 | 780 | |||
Net loss | $ (18,152) | $ (16,255) | $ (59,042) | $ (58,781) | |||
Net loss per share, basic and diluted | $ (0.35) | $ (0.34) | $ (1.16) | $ (1.26) | |||
Weighted-average shares used in computing net loss per share, basic and diluted | 51,831 | 47,586 | 50,821 | 46,724 | |||
(1) | Includes stock-based compensation expense as follows: |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Cost of revenue—subscription | $ 318 | $ 130 | $ 885 | $ 559 | |||
Cost of revenue—services | 104 | 119 | 354 | 413 | |||
Research and development | 4,497 | 3,116 | 12,704 | 9,498 | |||
Sales and marketing | 5,242 | 4,188 | 16,627 | 11,461 | |||
General and administrative | 5,127 | 4,202 | 15,501 | 11,216 | |||
Restructuring | — | — | — | 1 | |||
Total stock-based compensation expense | $ 15,288 | $ 11,755 | $ 46,071 | $ 33,148 | |||
Couchbase, Inc. | |||
As of October | As of January | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 33,031 | $ 41,351 | |
Short-term investments | 108,908 | 112,281 | |
Accounts receivable, net | 28,514 | 44,848 | |
Deferred commissions | 13,297 | 15,421 | |
Prepaid expenses and other current assets | 10,551 | 10,385 | |
Total current assets | 194,301 | 224,286 | |
Property and equipment, net | 7,000 | 5,327 | |
Operating lease right-of-use assets | 5,497 | 4,848 | |
Deferred commissions, noncurrent | 14,485 | 11,400 | |
Other assets | 1,176 | 1,891 | |
Total assets | $ 222,459 | $ 247,752 | |
Liabilities and Stockholders' Equity | |||
Current liabilities | |||
Accounts payable | $ 4,724 | $ 4,865 | |
Accrued compensation and benefits | 12,323 | 18,116 | |
Other accrued expenses | 3,981 | 4,581 | |
Operating lease liabilities | 2,150 | 3,208 | |
Deferred revenue | 67,996 | 81,736 | |
Total current liabilities | 91,174 | 112,506 | |
Operating lease liabilities, noncurrent | 3,678 | 2,078 | |
Deferred revenue, noncurrent | 829 | 2,747 | |
Total liabilities | 95,681 | 117,331 | |
Stockholders' equity | |||
Preferred stock | — | — | |
Common stock | — | — | |
Additional paid-in capital | 676,360 | 621,024 | |
Accumulated other comprehensive income | 119 | 56 | |
Accumulated deficit | (549,701) | (490,659) | |
Total stockholders' equity | 126,778 | 130,421 | |
Total liabilities and stockholders' equity | $ 222,459 | $ 247,752 | |
Couchbase, Inc. | |||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Cash flows from operating activities | |||||||
Net loss | $ (18,152) | $ (16,255) | $ (59,042) | $ (58,781) | |||
Adjustments to reconcile net loss to net cash used in operating activities | |||||||
Depreciation and amortization | 757 | 399 | 1,520 | 2,034 | |||
Stock-based compensation, net of amounts capitalized | 15,288 | 11,755 | 46,071 | 33,148 | |||
Amortization of deferred commissions | 4,375 | 4,500 | 12,655 | 13,742 | |||
Non-cash lease expense | 863 | 765 | 2,393 | 2,313 | |||
Foreign currency transaction losses (gains) | (60) | 484 | 231 | 649 | |||
Other | (456) | (804) | (1,869) | (2,580) | |||
Changes in operating assets and liabilities | |||||||
Accounts receivable | 2,912 | 1,577 | 16,207 | 9,114 | |||
Deferred commissions | (5,367) | (4,746) | (13,616) | (13,892) | |||
Prepaid expenses and other assets | (606) | 955 | (163) | 837 | |||
Accounts payable | (295) | (10) | (149) | 1,735 | |||
Accrued compensation and benefits | (1,799) | (1,763) | (5,790) | (3,517) | |||
Other Accrued Expenses | 632 | (1,126) | (475) | (2,997) | |||
Operating lease liabilities | (876) | (838) | (2,501) | (2,561) | |||
Deferred revenue | (14,111) | (7,636) | (15,658) | 313 | |||
Net cash used in operating activities | (16,895) | (12,743) | (20,186) | (20,443) | |||
Cash flows from investing activities | |||||||
Purchases of short-term investments | (37,809) | (26,141) | (75,614) | (90,456) | |||
Maturities of short-term investments | 23,000 | 41,854 | 81,144 | 111,974 | |||
Additions to property and equipment | (583) | (1,066) | (2,645) | (3,425) | |||
Net cash (used in) provided by investing activities | (15,392) | 14,647 | 2,885 | 18,093 | |||
Cash flows from financing activities | |||||||
Proceeds from exercise of stock options | 1,115 | 2,703 | 5,251 | 7,353 | |||
Proceeds from issuance of common stock under ESPP | 1,720 | 1,153 | 3,515 | 2,000 | |||
Net cash provided by financing activities | 2,835 | 3,856 | 8,766 | 9,353 | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (124) | (290) | (328) | (542) | |||
Net (decrease) increase in cash, cash equivalents and restricted cash | (29,576) | 5,470 | (8,863) | 6,461 | |||
Cash, cash equivalents, and restricted cash at beginning of period | 62,607 | 41,980 | 41,894 | 40,989 | |||
Cash, cash equivalents, and restricted cash at end of period | $ 33,031 | $ 47,450 | $ 33,031 | $ 47,450 | |||
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown above: | |||||||
Cash and cash equivalents | $ 33,031 | $ 46,907 | $ 33,031 | $ 46,907 | |||
Restricted cash included in other assets | — | 543 | — | 543 | |||
Total cash, cash equivalents and restricted cash | $ 33,031 | $ 47,450 | $ 33,031 | $ 47,450 | |||
Couchbase, Inc. | |||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of GAAP gross profit to | |||||||
Total revenue | $ 51,628 | $ 45,813 | $ 154,544 | $ 129,948 | |||
Gross profit | $ 45,072 | $ 40,702 | $ 135,843 | $ 113,006 | |||
Add: Stock-based compensation expense | 422 | 249 | 1,239 | 972 | |||
Add: Employer taxes on employee stock transactions | 22 | 55 | 120 | 86 | |||
Non-GAAP gross profit | $ 45,516 | $ 41,006 | $ 137,202 | $ 114,064 | |||
Gross margin | 87.3 % | 88.8 % | 87.9 % | 87.0 % | |||
Non-GAAP gross margin | 88.2 % | 89.5 % | 88.8 % | 87.8 % | |||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of GAAP operating | |||||||
GAAP research and development | $ 17,486 | $ 15,903 | $ 52,703 | $ 47,578 | |||
Less: Stock-based compensation expense | (4,497) | (3,116) | (12,704) | (9,498) | |||
Less: Employer taxes on employee stock transactions | (106) | (199) | (585) | (430) | |||
Non-GAAP research and development | $ 12,883 | $ 12,588 | $ 39,414 | $ 37,650 | |||
GAAP sales and marketing | $ 34,196 | $ 31,602 | $ 108,119 | $ 96,503 | |||
Less: Stock-based compensation expense | (5,242) | (4,188) | (16,627) | (11,461) | |||
Less: Employer taxes on employee stock transactions | (275) | (327) | (1,378) | (777) | |||
Non-GAAP sales and marketing | $ 28,679 | $ 27,087 | $ 90,114 | $ 84,265 | |||
GAAP general and administrative | $ 12,624 | $ 10,739 | $ 37,843 | $ 30,823 | |||
Less: Stock-based compensation expense | (5,127) | (4,202) | (15,501) | (11,216) | |||
Less: Employer taxes on employee stock transactions | (64) | (176) | (391) | (264) | |||
Non-GAAP general and administrative | $ 7,433 | $ 6,361 | $ 21,951 | $ 19,343 | |||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of GAAP operating loss to | |||||||
Total revenue | $ 51,628 | $ 45,813 | $ 154,544 | $ 129,948 | |||
Loss from operations | $ (19,234) | $ (17,542) | $ (62,822) | $ (61,944) | |||
Add: Stock-based compensation expense | 15,288 | 11,755 | 46,071 | 33,147 | |||
Add: Employer taxes on employee stock transactions | 467 | 757 | 2,474 | 1,557 | |||
Add: Restructuring(2) | — | — | — | 46 | |||
Non-GAAP operating loss | $ (3,479) | $ (5,030) | $ (14,277) | $ (27,194) | |||
Operating margin | (37) % | (38) % | (41) % | (48) % | |||
Non-GAAP operating margin | (7) % | (11) % | (9) % | (21) % | |||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Reconciliation of GAAP net loss to | |||||||
Net loss | $ (18,152) | $ (16,255) | $ (59,042) | $ (58,781) | |||
Add: Stock-based compensation expense | 15,288 | 11,755 | 46,071 | 33,147 | |||
Add: Employer taxes on employee stock transactions | 467 | 757 | 2,474 | 1,557 | |||
Add: Restructuring(2) | — | — | — | 46 | |||
Non-GAAP net loss | $ (2,397) | $ (3,743) | $ (10,497) | $ (24,031) | |||
GAAP net loss per share | $ (0.35) | $ (0.34) | $ (1.16) | $ (1.26) | |||
Non-GAAP net loss per share | $ (0.05) | $ (0.08) | $ (0.21) | $ (0.51) | |||
Weighted average shares outstanding, basic and diluted | 51,831 | 47,586 | 50,821 | 46,724 | |||
(2) | For the nine months ended October 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 October 31, | Nine Months Ended October 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net cash used in operating activities | $ (16,895) | $ (12,743) | $ (20,186) | $ (20,443) | |||
Less: Additions to property and equipment | (583) | (1,066) | (2,645) | (3,425) | |||
Free cash flow | $ (17,478) | $ (13,809) | $ (22,831) | $ (23,868) | |||
Net cash (used in) provided by investing activities | $ (15,392) | $ 14,647 | $ 2,885 | $ 18,093 | |||
Net cash provided by financing activities | $ 2,835 | $ 3,856 | $ 8,766 | $ 9,353 | |||
Couchbase, Inc. | ||||||||||||||||
As of | ||||||||||||||||
Jan. 31, | April 30, | July 31, | Oct. 31, | Jan. 31, | April 30, | July 31, | Oct. 31, | |||||||||
2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | |||||||||
Annual Recurring Revenue | $ 163.7 | $ 172.2 | $ 180.7 | $ 188.7 | $ 204.2 | $ 207.7 | $ 214.0 | $ 220.3 | ||||||||
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SOURCE Couchbase, Inc.
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