Couchbase, Inc. (BASE): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of how Couchbase, Inc. actually makes money and sustains its growth as of late 2025, and honestly, the structure is compelling. This isn't just another database company; they're pushing a unified platform for transactional, analytical, and AI workloads, with their fully managed Capella DBaaS driving consumption. Here's the quick math: they closed out the fiscal year with $209.5 million in total revenue, anchored by a massive subscription base, and kept customers happy enough to boast a dollar-based net retention rate over 115%. If you want to see exactly how their $237.9 million ARR base, strategic cloud partnerships, and focus on agentic AI development fit into the nine building blocks, dive into the canvas breakdown below; it shows a clear path from proprietary IP to over 900 paying customers.

Couchbase, Inc. (BASE) - Canvas Business Model: Key Partnerships

You're looking at the structure of Couchbase, Inc. after the major shift to private ownership in late 2025. The strength of the platform, especially Capella, is now heavily reliant on its ecosystem of partners. Here's the quick math on the key relationships that define their go-to-market and technology stack.

Haveli Investments, following the $1.5 billion acquisition in June 2025

The most significant partnership, or rather, ownership change, was the definitive agreement in June 2025 for Haveli Investments to acquire Couchbase, Inc. This transaction was valued at approximately $1.5 billion in an all-cash deal. Stockholders received $24.50 per share, which represented a 29% premium to the closing stock price on June 18, 2025. The acquisition officially closed on September 24, 2025, taking Couchbase private. Haveli Investments, an Austin-based private equity firm, stated its intent to use its expertise to scale the enterprise software organization, affirming the market position of the developer data platform.

Strategic technology partners such as NVIDIA AI for agentic application development

The push into AI-driven applications is cemented by deep technical alliances. The integration with NVIDIA is a prime example of this focus, directly impacting the Capella offering. This partnership, announced in March 2025, involved integrating NVIDIA NIM microservices into Capella AI Model Services. This move is designed to accelerate the development and deployment of agentic AI applications, allowing enterprises to run generative AI models securely. Couchbase even showcased this at NVIDIA GTC 2025 as a silver sponsor. This strategic alignment is critical as the company reported total revenue of $209.5 million for fiscal 2025, with a clear emphasis on AI-ready solutions.

Key technology integrations supporting the platform include:

• Integration of NVIDIA NIM microservices into Capella AI Model Services.
• Leveraging NVIDIA AI Enterprise for enterprise-grade security and RAG capabilities.
• Focus on enabling customers to deploy AI models securely within their own infrastructure.

Cloud Service Providers (CSPs) like AWS and Google Cloud for Capella hosting

Couchbase Capella is architected as a cloud-native database, meaning its success is intrinsically tied to major CSPs. While specific revenue splits aren't public, the platform's growth is evident in the overall financial performance. As of April 30, 2025, Annual Recurring Revenue (ARR) stood at $252.1 million, up 21% year-over-year, driven by Capella uptake. The platform supports deployments across cloud, on-premises, and edge environments, making seamless integration with hyperscalers like AWS and Google Cloud essential for scale and reach. The broader industry context shows CSPs like AWS making major infrastructure moves, such as deploying 16,384 NVIDIA GH200 Superchips for their Project Ceiba supercomputer, which benefits the ecosystem Couchbase operates within.

Global Systems Integrators (SIs) and resellers for expanded market reach

Expanding market reach beyond the direct sales force relies on a strong channel. Couchbase reinforced this commitment at its APAC Partner Connect 2025 event in Bali, Indonesia, where they were joined by more than 55 strategic partners from over 40 organizations in the region alone. This indicates a significant investment in the reseller and SI channel to drive adoption across diverse international markets. The company's overall customer count as of January 31, 2025, was 947 worldwide, a base that SIs help to service and expand.

Independent Software Vendors (ISVs) for integrated solutions

The value proposition of Couchbase is enhanced when ISVs build integrated solutions on top of its unified platform. This creates stickiness and broadens the use cases beyond core database functions. The focus on unifying transactional, analytical, mobile, and AI workloads means ISVs can build complex, high-performance applications without managing multiple specialized databases. The dollar-based net retention rate exceeding 115% for six of the last eight quarters suggests existing customers are expanding their use, often through integrated third-party solutions.

Here is a snapshot of the financial context surrounding these partnerships as of the end of the fiscal year:

Metric	Value (FY 2025 End)	Comparison/Note
Total Revenue (FY 2025)	$209.5 million	16% increase year-over-year.
Total ARR (as of Jan 31, 2025)	$237.9 million	17% increase year-over-year.
Q1 FY 2025 Total Revenue	$56.5 million	10% increase year-over-year.
Q1 FY 2025 ARR (as of Apr 30, 2025)	$252.1 million	21% increase year-over-year.
Acquisition Valuation	$1.5 billion	All-cash transaction by Haveli Investments.
Acquisition Price Per Share	$24.50	Represents a 29% premium over the June 18, 2025 close.

Finance: draft 13-week cash view by Friday.

Couchbase, Inc. (BASE) - Canvas Business Model: Key Activities

Research and Development (R&D) for the Capella DBaaS and AI features

• Research and development expense for the three months ended October 31, 2024: $17,486 thousand
• Research and development expense for the nine months ended October 31, 2024: $52,703 thousand
• Capella Free Tier introduced in September 2024 to empower developer evaluation.
• Capella expanded to include columnar analytics support of JSON data in August 2024.

Global sales and marketing to drive enterprise and Capella adoption

Metric	Amount/Value	Date/Period
Sales and marketing expense	$34,196 thousand	Three Months Ended October 31, 2024
Total Annual Recurring Revenue (ARR)	$237.9 million	As of January 31, 2025
Total ARR growth year-over-year	17%	As of January 31, 2025
Capella portion of ARR	15.1%	As of October 31, 2024
Total paying customers	Over 900	As of January 2025
Fortune 100 customers	One-third	As of January 2025

Core platform engineering and open-source community management

• Percentage of enterprises citing reducing cost as top reason for choosing OSS in 2025: 53%
• Percentage of organizations contributing to open source projects or foundations: 38%
• Percentage of customers trusting Couchbase: More than 30% of the Fortune 100
• Capella adoption rate among customers: More that a third of Couchbase customers

Managing cloud infrastructure and ensuring high service availability

• Total Revenue for Fiscal Year 2025: $209.5 million
• Subscription Revenue for Fiscal Year 2025: $200.4 million
• Free Cash Flow for Fiscal Year 2025: Negative $18.8 million
• Free Cash Flow for the Fourth Quarter of Fiscal 2025: $4.0 million
• Remaining Performance Obligations (RPO) as of January 31, 2025: $251.1 million

Couchbase, Inc. (BASE) - Canvas Business Model: Key Resources

You're looking at the core assets that power Couchbase, Inc. (BASE) right now, the things they own or control that are essential to delivering their value proposition. These aren't just nice-to-haves; they are the foundational elements of their business engine as of late 2025.

The most tangible financial resource you need to track is the Annual Recurring Revenue (ARR) base. As of January 31, 2025, Couchbase, Inc. reported a total ARR of $237.9 million, which represented a 17% year-over-year increase. To give you a more current picture, by July 31, 2025, that figure had grown to $260.5 million. This recurring revenue stream is a key indicator of customer commitment and the predictability of future income. Furthermore, the Dollar-based Net Retention Rate (NRR) for the second quarter of fiscal 2026 returned to greater than 115%, showing existing customers are expanding their usage.

The proprietary NoSQL database technology and Intellectual Property are central. Couchbase Server is a distributed multi-model NoSQL document-oriented database software package. It operates on a memory-first architecture for speed and scale. Developers use SQL++ as the query language, which maps familiar relational concepts to their JSON data model. For analytics, they added a columnar side-car in 2023. Critically for the current market, the technology embraces AI with features like Hyperscale Vector Indexes.

Couchbase Capella, their fully managed Database-as-a-Service (DBaaS), is a major resource for driving adoption. It automates setup and ongoing operations, which helps reduce database administration for customers. As of January 31, 2025, Capella ARR stood at $38.5 million, marking a massive 76% year-over-year increase. This meant Capella represented 16.2% of the total ARR at that point. Pricing models for Capella include a pay-as-you-go structure, with one example suggesting a cost around $0.32 per hour per node.

The talent pool focused on distributed systems and AI is another critical, though less tangible, resource. The company's R&D organization is focused on tackling hard problems driven by customer outcomes. Their platform is explicitly architected for critical applications in the AI world, unifying transactional, analytical, mobile, and AI Services. This talent is key to developing features like vector search and Capella IQ, which are central to their current value proposition. Honestly, without this specialized engineering focus, their platform wouldn't be positioned to capture the AI workload shift.

Here's a quick look at the key financial metrics we just discussed:

Metric	Value (As of Jan 31, 2025)	Value (As of July 31, 2025)	Context/Growth
Total Annual Recurring Revenue (ARR)	$237.9 million	$260.5 million	Total ARR up 17% YoY as of Jan 31, 2025
Capella ARR	$38.5 million	N/A	Up 76% year over year as of Jan 31, 2025
Capella ARR as % of Total ARR	16.2%	N/A	Indicates strong DBaaS adoption
Dollar-based Net Retention Rate (NRR)	greater than 114% (Q4 FY25)	greater than 115% (Q2 FY26)	Indicates expansion within the existing customer base

The technology itself is a resource defined by its capabilities, which you can see mapped out here:

• Distributed multi-model NoSQL database architecture
• Memory-first architecture for speed
• Support for SQL++ query language
• Native JSON data model flexibility
• AI-enabling features like Vector Search
• Columnar side-car for analytics performance

Finance: draft 13-week cash view by Friday.

Couchbase, Inc. (BASE) - Canvas Business Model: Value Propositions

You're looking at a platform that aims to simplify a complex, multi-database environment. Honestly, the value Couchbase, Inc. is selling is consolidation and speed for mission-critical systems.

Unified platform for transactional, analytical, mobile, and AI workloads

The core pitch here is that you don't need separate systems for every data job. Couchbase, Inc. combines the capabilities you need into one place. For instance, a leading global financial firm is consolidating platforms, replacing both legacy relational and competitive NoSQL technology to unify data across applications using Couchbase's multimodal features. This unification is key, especially as you look at the broader market. The global big data market size is projected to grow from $224.46 billion in 2025 to $573.47 billion by 2033. You need a platform that can handle this scale without fragmentation.

The platform supports diverse needs, which you can see reflected in their customer base:

• Over 900 paying customers trust Couchbase, Inc.
• Over 30% of the Fortune 100 rely on the platform.
• Couchbase Server merges relational SQL capabilities with JSON flexibility.

Exceptional performance and scalability for mission-critical applications

When you're running critical applications, latency matters more than almost anything else. Couchbase, Inc. customers report getting consistent sub-millisecond response times. This is achieved through an architecture built to move data faster, combining an integrated cache, multi-dimensional scaling, and an in-memory database. The platform is designed to scale horizontally, maintaining minimal latency as data volumes grow. You can scale services independently using multi-dimensional scaling for optimal performance.

Here's a snapshot of the recent financial health that underpins this platform's growth:

Metric	Value (as of July 31, 2025)	Year-over-Year Change
Total Annual Recurring Revenue (ARR)	$260.5 million	22% increase
Total Quarterly Revenue (Q2 FY2026)	$57.6 million	12% increase
Dollar-based Net Retention Rate (NRR)	Greater than 115%	Returned to this level

Capella: fully managed DBaaS that reduces database management overhead

Capella is the fully managed Database-as-a-Service (DBaaS) offering, and it's clearly driving adoption. As of late 2025, more than a third of Couchbase, Inc.'s customers are using Capella. This shows a strong shift to the cloud offering, which naturally reduces your overhead. In Q2 FY2025, net new ARR specifically for Capella more than doubled sequentially. Capella customers represented 31 percent of the installed base in Q2 FY2025, and the service accounted for 13.5 percent of total ARR. This managed service lets you focus on building, not patching.

The platform's maturity in mobile is also a differentiator. Couchbase Mobile has over 10+ years of sync maturity, which contrasts with competitors like MongoDB Atlas Device Sync, which has been sunsetted.

Built-in vector search and AI services for real-time, intelligent applications

You're seeing a push to integrate AI capabilities directly into the database layer. Couchbase, Inc. is expanding Capella to be a full-fledged data and AI platform. They rolled out columnar analytics support for JSON data on Capella in August 2024, which helps structure data for analytics. Furthermore, they have built-in vector search available, which is crucial for Retrieval-Augmented Generation (RAG) scenarios in AI. This capability helps minimize sourcing data from multiple external systems for your AI pipelines.

Cost-efficiency compared to fragmented, multi-database solutions

The financial argument for consolidation is strong. When you replace several specialized databases with one unified platform, you cut down on licensing, maintenance, and operational complexity. You see this in action when a major customer expands with Couchbase, Inc. as part of a broader database vendor consolidation initiative. While direct cost savings percentages against every competitor aren't always public, the architectural efficiency is noted. For example, a comparable in-memory solution, Dragonfly, shows that optimized architecture can achieve 25 times more throughput and reduce latency by 12 times compared to older solutions like Redis, potentially cutting infrastructure expenses by up to 80%. You're buying into a platform that is engineered for efficiency, as evidenced by the company's full-year FY2025 Non-GAAP operating loss narrowing to $14.4 million from $31.3 million the prior year.

Finance: draft 13-week cash view by Friday.

Couchbase, Inc. (BASE) - Canvas Business Model: Customer Relationships

You're looking at how Couchbase, Inc. manages its connections with customers, which clearly splits between high-touch enterprise deals and self-service cloud adoption. This dual approach is key to their growth strategy.

Couchbase, Inc. maintains a dedicated direct sales force focused on large enterprise accounts, which supports their "sell-to" go-to-market motion. This team is structured to understand the strategic needs of these major organizations, often involving complex, multi-year agreements.

For the cloud offering, Couchbase, Inc. pushes a "buy-from" motion, heavily reliant on self-service and low-touch digital channels to drive adoption of Couchbase Capella. This targets the application developer community directly. For instance, a major gas station chain with over 1,000 locations selected Capella for its in-store mobile kiosk needs, showing the reach of this model.

The company supports complex deployments through professional services and premium support tiers. This is essential for customers migrating large, critical workloads or integrating advanced features like vector search for AI applications.

Retention is a strong point for Couchbase, Inc. The dollar-based net retention rate (NRR) is a critical indicator here, showing how much more or less existing customers spend year-over-year. For the second quarter of fiscal year 2026, ending July 31, 2025, the dollar-based NRR returned to greater than 115%. This suggests existing customers are significantly increasing their consumption and spend with Couchbase, Inc.

Here's a quick look at some of the customer-related financial and operational metrics we have for the fiscal year 2025 period:

Metric	Value	Date/Period	Citation Context
Dollar-based Net Retention Rate (NRR)	greater than 115%	Q2 Fiscal 2026 (ending July 31, 2025)
Total Customers	947	As of January 31, 2025 (Q4 FY2025)
Net New Logos Added	44	Q4 Fiscal 2025 (ending January 31, 2025)
Capella Contribution to Total ARR	16.2%	As of January 31, 2025 (Q4 FY2025)

The customer relationship strategy is clearly designed to capture value at both ends of the spectrum. You see large, strategic deals being landed through the direct sales team, which often result in massive expansions, like the one with a leading global financial firm that was among the largest in Couchbase, Inc. history, involving vendor consolidation.

The self-service path is also driving significant growth, particularly with Capella. This cloud offering is seeing expansions from existing users, such as a leading mobile game developer using Capella to manage gamer data, improving latency and throughput.

The focus on developer adoption through free tiers and Capella is intended to feed the land-and-expand model. The company believes these initial developer touchpoints lead to future, larger paid product purchases.

• Dedicated sales force for large enterprise accounts.
• Self-service/low-touch digital channels for Capella adoption.
• Professional services for complex, mission-critical deployments.
• Strong existing customer expansion, evidenced by NRR greater than 115%.

Finance: draft 13-week cash view by Friday.

Couchbase, Inc. (BASE) - Canvas Business Model: Channels

You're looking at how Couchbase, Inc. gets its product-the developer data platform, including Couchbase Capella-into the hands of customers as of late 2025. The channel strategy balances direct enterprise selling with cloud-native distribution and a growing partner network.

Direct sales team focused on Fortune 100 and large enterprises

Couchbase, Inc. maintains a direct sales force to target the largest, most complex deals. This team focuses on securing high-value, strategic accounts where deep technical engagement and custom negotiation are required. The company has established trust within this segment.

• Trusted by more than 30% of the Fortune 100 to power mission-critical applications.
• The direct sales motion is key to driving large expansions and migrations, as seen in the robust net new ARR results.

Cloud provider marketplaces (e.g., AWS, Google Cloud) for Capella

The Couchbase Capella cloud-native offering is a significant growth driver, increasingly sold through hyperscaler marketplaces. This channel simplifies procurement for cloud-native customers and aligns with their existing cloud spend commitments. The focus here is on accelerating Capella uptake.

Here's a look at the Capella cloud channel's financial impact as of the end of Fiscal Year 2025 (January 31, 2025):

Metric	Value (as of Jan 31, 2025)	Context/Growth
Total Annual Recurring Revenue (ARR)	$237.9 million	Up 17% year-over-year
Capella ARR	$38.5 million	Up 76% year-over-year
Capella ARR as Percentage of Total ARR	16.2%	Reflecting increasing mix shift to cloud

Couchbase, Inc. has actively expanded its cloud footprint, for example, by introducing the availability of Capella Analytics Services on Google Cloud. Furthermore, the company demonstrated its commitment to the AWS channel by participating in 18 AWS Summits across the globe in 2025.

Global partner ecosystem of resellers and systems integrators

The partner ecosystem is essential for extending reach beyond the direct sales team's capacity, focusing on ISVs (Independent Software Vendors), cloud service providers, and systems integrators. This channel is a strategic priority for Couchbase, Inc. to extend its market reach.

• Couchbase, Inc. held its APAC Partner Connect 2025 event in Bali, where global executives were joined by more than 55 strategic partners representing over 40 organizations in the region.
• The company explicitly plans to grow this ecosystem to extend its reach.

Developer relations and open-source community engagement

Engaging the developer community is a key channel for driving mindshare and bottom-up adoption, often leading to eventual Capella migrations. The developer-focused offerings, like the Couchbase Server Community Edition and Capella Free Tier, serve as the top-of-funnel entry point.

• Couchbase, Inc. invests in growing its developer community to increase mindshare among an influential audience.
• The platform supports self-managed options, including the Community Edition.
• A guide was provided in May 2025 for users to upgrade from the Capella Free Tier to a Paid Account, showing a clear path from community engagement to revenue.

Finance: review the Q3 2025 pipeline conversion rates for partner-sourced versus direct-sourced deals by end of month.

Couchbase, Inc. (BASE) - Canvas Business Model: Customer Segments

You're looking at the core users Couchbase, Inc. (BASE) is targeting with its developer data platform. This isn't a one-size-fits-all approach; it's segmented by the scale and criticality of the data workload.

The primary segments are large enterprises that need performance where downtime isn't an option. These include major players across several key verticals. Specifically, Couchbase drives strong customer adoption across industries such as finance, healthcare, retail, and telecommunications. They also serve customers in gaming and the Internet of Things (IoT).

A second, crucial segment is the technical user: developers. Couchbase is positioning itself as the premier AI-enabling database platform, so the focus here is on developers building next-generation applications. This means those creating:

• Real-time personalization engines.
• Mission-critical applications.
• Agentic AI applications, often using Capella AI Services.
• Applications requiring low-latency data access at massive scale.

The platform is designed for organizations that cannot afford latency, supporting workloads like session stores and caching layers. It's about empowering enterprises to build and scale high-performance, mission-critical applications with speed and flexibility across cloud, on-premises, and edge environments.

The customer base size shows tangible growth. As of April 30, 2025, Couchbase reported having 937 customers. To give you a sense of the enterprise penetration, over 30% of the Fortune 100 trust Couchbase to power their modern applications. Furthermore, the existing customer relationships are sticky, with the Dollar-based Net Retention Rate (NRR) returning to greater than 115% for the quarter ended July 31, 2025. This metric, which exceeded 115% for six of the last eight quarters as of Q1 2025, shows strong expansion within the current base.

Here's a quick look at the key customer metrics as of the latest reported dates:

Metric	Value	Date of Record
Total Paying Customers	937	April 30, 2025
Fortune 100 Penetration	Over 30%	Recent
Dollar-based NRR (Q2 FY26)	Greater than 115%	July 31, 2025
Dollar-based NRR (Q1 FY26)	Exceeded 115% (6 of last 8 quarters)	April 30, 2025

The focus on high-value, mission-critical use cases is reflected in the revenue mix, where Subscription Revenue accounted for 97% of total revenue in Q1 2025. This tells you the customer segment is committed to long-term, predictable platform consumption.

Finance: draft the next step for the enterprise sales team to target the remaining Fortune 100 companies by Friday.

Couchbase, Inc. (BASE) - Canvas Business Model: Cost Structure

The Cost Structure for Couchbase, Inc. is heavily weighted toward scaling the business, particularly in engineering talent and market penetration for its cloud offering, Capella DBaaS. You're looking at a company prioritizing market share and platform maturity over immediate profitability, which is typical for high-growth database providers.

Significant investment in Research and Development (R&D) and Sales and Marketing (S&M) are the primary cost drivers. The company's commitment to innovation, including advancements in AI capabilities and the Couchbase Edge Server, necessitates a large, skilled engineering workforce. This investment is reflected in the high operating expenses relative to revenue in recent quarters.

For the quarter ended April 30, 2025 (Q1 Fiscal 2026), the total Operating Expenses were high at $68.5 million. This figure signals the ongoing burn rate required to support global expansion and product development. By the quarter ended July 31, 2025 (Q2 Fiscal 2026), total Operating Expenses had increased to $75.6 million.

The overall financial picture for the full fiscal year 2025 showed total Operating Expenses reaching $263.16 million against a Total Gross Profit of $184.51 million. This sustained high expense level is directly tied to the S&M push and R&D efforts.

You can see the trend in the quarterly operating loss figures:

Period End Date	GAAP Loss from Operations (USD Millions)	Non-GAAP Operating Loss (USD Millions)
January 31, 2025 (Q4 FY2025)	$15.8	$0.1
April 30, 2025 (Q1 FY2026)	$18.8	$4.2
July 31, 2025 (Q2 FY2026)	$25.4	$2.6

High Sales and Marketing (S&M) expenses for global expansion are a necessary cost to drive Annual Recurring Revenue (ARR), which stood at $252.1 million as of April 30, 2025. This expense category covers the teams needed to secure new logos and expand existing accounts, especially for the Capella platform.

Cloud infrastructure costs for operating the Capella DBaaS platform are embedded within the Cost of Revenue and operating expenses. While a direct dollar figure for Capella infrastructure alone isn't broken out in the high-level summaries, the company noted strong growth in Capella consumption in Q1 Fiscal 2026, implying that these variable cloud costs are scaling alongside revenue.

Personnel costs for skilled engineers and sales teams represent the largest component of the operating expenses. The company's non-GAAP reporting explicitly excludes items like stock-based compensation expense and employer payroll taxes on employee stock transactions, which clearly indicates that compensation for its technical and go-to-market staff forms a substantial, recurring fixed cost base.

Key cost components driving the overall spend include:

• Salaries and Wages: For engineering, product, and sales personnel.
• Stock-Based Compensation: A significant non-cash expense excluded from non-GAAP metrics.
• Cloud Hosting/Compute: Direct costs associated with running the Capella DBaaS.
• Sales Commissions: Tied directly to achieving subscription revenue targets.

Finance: draft 13-week cash view by Friday.

Couchbase, Inc. (BASE) - Canvas Business Model: Revenue Streams

You're looking at the core money-makers for Couchbase, Inc. as of the close of fiscal year 2025. The revenue structure is heavily weighted toward recurring commitments, which is what you'd expect from an enterprise software provider.

The primary revenue streams for Couchbase, Inc. center on two main areas:

• Subscription revenue from term-based software licenses and support (PCS).
• Consumption-based revenue from the Capella DBaaS offering.

Here's the quick math on the top-line performance for the full fiscal year 2025, which ended January 31, 2025.

Metric	Amount (FY 2025)
Total revenue for fiscal year 2025	$209.5 million
Subscription revenue for FY 2025	$200.4 million
Year-over-year Total Revenue Growth	16%
Year-over-year Subscription Revenue Growth	17%

Subscription revenue accounted for $200.4 million of the FY 2025 total revenue of $209.5 million. This means the remaining portion, which includes the consumption-based Capella DBaaS, was approximately $9.1 million for the full year.

Also, looking at the forward-looking metric, Annual Recurring Revenue (ARR) provides a solid view of the committed revenue base as of the end of that fiscal year:

• Total ARR as of January 31, 2025, was $237.9 million.
• This represented a 17% year-over-year increase for ARR.
• The company noted making further progress with Capella uptake during the period.

Finance: draft 13-week cash view by Friday.