Thank you to Mr. Greg Henry for joining us, CFO from Couchbase. We have a fireside scheduled here for the next 30-some-odd minutes. Drafted questions on my side, but if you guys have questions, please just lob them in while we have Greg here. We'll do our best to make sure we're getting to them. Having said that. Thank you for having me again. Thank you for joining. Thank you, thank you. It's mid-January, and October feels like a lifetime ago, but just super high level. Can we just start reviewing some of the highlights from the October quarter print? Yeah, I think we felt like we had a good quarter. We did our largest single Capella migration in company history. A multi million dollar enterprise customer came over to Capella, which was great, which added some nice growth into the Capella ARR. And this is a customer that will continue to grow with us over the next couple of years as they do their full migration. So we're excited about that. I think we continued to build on some of the momentum for the first half. We got, I think now, up to almost a third of our customers are using Capella. So I think between that kind of customer penetration, the migrations we're seeing, we feel pretty good about things. Obviously, as most of you know or see, we're set up for what we hope is a big Q4, just based on when a lot of the renewal activity happens this year and working our way through it right now. Awesome. And I know one of the things this year you're already touching on, that renewal activity in Q4. Can you talk about general shape of renewal cohorts? I know this year we were, this past year we were looking at a smaller renewal cohort year on year. I believe you guys have alluded to next year being a larger renewal cohort year on year. So how does that play out? Yeah, it's all about the timing of when the contracts come up for renewal, and you can have a customer that is on a three-year cadence that then next time they say, particularly with what's gone on in the macro over the last few years, I can tell you for Couchbase as a buyer of software, we've gone away from doing three-year deals to shorter one and two year deals. So I think some of the customers, so some of it's just timing purely of when that happens. You also have to remember too that our fiscal 2025, which we're in right now, we early renewed and upsold one of our largest customers in Q4 of last year. So that effectively got pulled forward, which is part of the reason. Now we still get the benefit of the ARR, but look, some of it's just timing. And so next year our renewal pool goes up versus this year. It may actually be bigger than it was in fiscal 2024. We'll have to see. I got to wait till the year ends. And we tend to do our best work, meaning either upselling or migrating at the point of renewal. And so it just gives us more opportunity as we go into next year. The other thing is we always knew that this year was going to be in balance with the large majority of the renewals happening in the second half, particularly Q4. Next year is much, much more balanced between first half, second half. Fair to think that this renewal cohort dynamic is probably starting to recede to a certain extent just because the Capella base is becoming a more significant part of the overall business? Or not necessarily? No, not necessarily. I mean, again, it's always tough to look out too far, but I do see that the renewal opportunities for us not only will be bigger in fiscal 2026, I think there's opportunities for it to continue to be bigger and even the years as we go forward too. What about customer conversations? I think a lot of people are trying to get a better sense. New year, what's the demand environment? How are budgets looking? I guess what's the tone of customer conversations you're having right now? Yeah, it still remains positive. Look, we can continue to generate very healthy pipeline. We got to work on getting better conversion, more consistent conversion, similar to what we did last year versus this year. The conversations are good. I've been characterizing as they're at least as good as they were in 2024, but it's still so early in 2025 that it's hard for me to quite comment, and as you can imagine, with the biggest month of the year, we're in the biggest month of the year in terms of our bookings with a few weeks to go. There's still a lot of business to do, so I got to wait till I get through there and sort of see how that shakes out, but it's at least as good, and we do think it could be leaning positive for this upcoming year. And you guys have obviously made a number of different announcements around Capella features, capabilities. Are there any of these that while early seem to be garnering more customer interest or seeing more significant traction than maybe expected? Yeah, I think the Capella Columnar, which is sort of our real-time runtime analytics, is getting pretty good traction. I think the vector search will get more traction. Today, the feedback we've gotten, and it's not just us, it's everybody. Vectoring is expensive because the vectoring today wants to look at the whole data set, right? And so one of the things we announced in some of the AI services that we talked about on the last earnings call was one of the things is to create some. You're going to be able to create some sub-LLMs, private LLMs for yourself and vector off of those, which will become more cost efficient. So I think that will help pick up the pace of vector usage as well. For building out those LLMs, is that still something that we need to look forward to or that's already in motion at this time? It's in motion. But obviously the customers are going to have to make a bit of investment to do that, but it's absolutely in motion because they know that they can get a new beneficial capability to them, but they're going to have to make some investment to ultimately get there. The AI services that we're going to bring to market will help a lot with that, right? So there's going to be agentic capabilities that will allow them to take advantage of the building of these new models that they're going to use. Just coming back to vector for a second, because I feel like the last two years it was like a rage as far as there's vector database, then there was the whole debate of pure play versus feature, right? I think it feels like the market is kind of deciding, hey, this is probably better served as a feature rather than a pure play. There's less database rule. I don't need to go out and put a new tool in my developer's hands. Again, early, but with vector, those efficiencies that we're talking to, hopefully that ends up shaping up for you guys. We agree. And we said that even a year ago, and it just needed to work itself out. But you need the full database platform capability to ultimately take full advantage of the vector search capabilities. So I think I agree. I think we're moving past that, and we don't get that sort of question nearly as often as we used to. What about the columnar that you're talking about too? So like newer piece of the puzzle, great to hear about the interest. Is that something that builds on your part? Was that something that customers were pulling you in that direction already? So this was somewhat expected to a certain extent, or how would you frame that? We always had some level of analytical capabilities within our platform. Now, again, in the market, there's a big operational database and analytical. We are not trying to encroach on that $60 billion analytical TAM and compete with Snowflake and Databricks. That's not what we're going after. But there is need for real-time runtime analytics. And so there is a part of these two markets that overlap. We call it translytical, right? And so there will be some TAM within the middle there that you will start seeing us try to go after as they're running operational database activities, but want analytical capabilities. So the example, one of the examples, there's a customer of ours, they do pizzas, and they'll go and they'll look at, I want to run a promotion if this hockey match goes into overtime, right? But I know I need to get that out immediately because I'm going to try to tell them that they're going to have their pizza before the overtime period either begins or right after it, right? But I have to take in a bunch of other considerations like what's the weather, what are the road conditions, what's the traffic, what are all these other things? Because if it's snowing and there's traffic, I can't make a commitment and try to tell people I'm going to get them a pizza here in 20 or 30 minutes when I know it's not going to be capable. But you need to know that immediately, right? You can't send that to a batch offline, data warehouse, and then have it come back. It'll be over. So that's some of the examples where some of our customers want the capabilities to have run the operational database and also look at all these other different pieces and return it immediately. Segmenting now between server versus Capella or Couchbase Core being 85%-ish of ARR today, what% of those customers are multi-year? What is average contract duration on that side of the business today? On the Capella side? This is on. On enterprise? Yeah. Enterprise, we typically run, we typically do most often one and three year deals, so ultimately it comes down to like sort of somewhere in the high teens in terms of months, and it really is in a fairly narrow band around that, so it's pretty consistent around that year and a half mark. Okay. Okay. That's a dollar-weighted version. If you have a multi-year contract, are there annual price escalators built into the contract structure? Some companies base their lift on GDP or CPI, right? Do you guys include anything like that as well, or? Yeah, we rarely do a multi-year deal where there isn't some level of increase, whether it's for volume of usage or nodes, new applications, and price. Okay. So, if somebody wants to buy three years and they have the same node volume, there typically is a price escalator in there over that three years, so we could have some level of built-in growth because we know at the end of the contract, the cost is going to be more. Okay. And the reason I'm starting to think about that is like I know with the Q4 guide, you had spoken to there's a degree of it was either pre-contracted or scheduled ARR build, right? So is it just unique and that's why we called it out this quarter, or is it fair to think like a certain percentage of that each quarter is benefiting the ARR in some way? Yeah, so this pre-contracted revenue is derived from the deals we did Q4 last year, and they're multi-year deals with built-in growth. So we're just getting to that next year of the contract. And the reason why we call it out is because Q4 last year, we did our single largest customer deal in company history and another top five or ten, and they did multi-year. So this quarter, it's two X the size of probably the next highest quarter that we've seen, right? So that's why we want to call it out. And we knew that the guide at the midpoint of 18 million of net new ARR was probably going to be a little tough for some people given that we did 16 million in the first three quarters. So we wanted to make sure people understood that there was a several million dollars of pre-contracted. When you sort of peel that off, the amount of net new ARR we need to deliver based on in-quarter bookings is in a reasonable balance. But there isn't necessarily pre-contracted ARR recorded. So I've been trying to tell people like Q1 and Q3 of this year had zero. Q2 had some, but it's all, there's no seasonality to it and there's no way to sort of know other than what's done a year ahead. So we'll know going into fiscal 2026, when we get to the end of this month, we'll know how much is pre-contracted for next year. But I'm guessing we will probably not be calling it out because it'll probably be back into the sort of the normal levels. Similar to what we did with some of the churn and downsell we saw in Q2, which we also felt was anomalous. When we see that, we want to make sure people understand. Can you talk about sales cycles for Couchbase Enterprise? What is average sales cycles? Have those remained stable for the most part on a sequential basis? How does that compare to a sales cycle for Capella? Yeah, sales cycle in enterprise can be anywhere from literally six months to two years, right? Because of the nature, particularly if you're looking at trying to displace either a legacy or competing database technology. Sales cycles for Capella can be days and weeks in some cases based on people being able to come in, use the perpetual free tier, use it in a marketplace, and then ultimately go in and sign a contract with Couchbase. So we've seen things as short as like a week where they come into Couchbase from a sales cycle because in some cases, there really isn't a sales cycle. They're already doing it. It's almost like the way I think about it is before the internet, we all had to go down to car dealerships and look at the cars and talk about them. Today, we do all that before we even go in. We know exactly what we want. We're talking about like just finding the specifications we want. It's the same thing. They can all try it, then they can just come in and buy it without even having any interaction around legal contracting, speaking to a salesperson, etc. This is the buy from self-serve motion. Got it. And I guess with migrations, what does that journey look like for a customer who had been on Couchbase Enterprise and they're moving over to Capella? Yeah, so typically when that happens, they'll typically do a two-ish year deal, right? Because they're going to make the commitment. And the migration period can last anywhere from three months to nine months, depending on what they're trying to migrate over. And we give customers effectively what we call dual use rights where they can continue to use their enterprise licenses for that period effectively for free while they move into the Capella consumption model. And so after that call of three to nine month migration, now you're fully on Capella. Does it take that customer a while to ramp into that to be at a similar spend level than they had been on enterprise or no? They're already there if they've boarded everything over. Yeah, because if they come over, the dollar that they were paying us for enterprise is $1.50 to $2. So you don't even have to get to that full sort of consumption level before you reach that. So they're somewhere probably between six to nine months. And by the time you're at a year, you've fully, fully realized that if not, maybe some more than they might have committed to upfront. Okay. So within, again, just playing this out, like nine months to migrate, even if I'm not at that full $1.50 or $2 ASP uplift, net it's probably revenue neutral over the course of that timeframe. And then within six months to 12 months, I'm at that $1.50 to $2. I would say it's probably closer to nine months on the revenue side. I was thinking just from like consumption, but probably on the revenue side because they're just with ASC 606 on the subscription enterprise side, there's just so much upfront. And if you think about a migration, they start from zero and they have to ramp up. So it does take probably nine-ish months or so before we get sort of revenue equal. And where are we in going out and engaging that existing customer base today? Like obviously there are some customers that may just have the preference, they just want to be enterprise. And you won't be able to force them, but have most of the customers been flagged at this point? Are you touching all of them? Are they aware of the Capella offering? We've touched every one of them and we've got them in three different buckets. We've got them the hey, I'm never going to do it, hey, I'd like to think about it over time, and hey, I'm considering it now, and we've got them all bucketized, but I will tell you that they'll move buckets, and if anything, they're going from the never and maybe later to closer to now. I've used this example a bunch, but the customer I referenced from Q4 last year, our single largest customer deal in company history, we tried seeding the account. We tried giving them pricing quotes for Capella because they were all enterprise, and they're like, nope, not interested. Sure enough, middle of this past year, they came back and said, hey, we'd like to have more meaningful discussion about this. Now we've got an opportunity on the table with them to make a meaningful incremental investment into their Capella journey. To move that workload from enterprise to Capella, are they refactoring the code in any way? Like again, I think about what might be required on the engineer's part to bring that workload over to Capella. There's some work, but we've put in place a couple of things. One is depending on the volume of purchase, we will offer services and capabilities that we will provide to help that migration up into like, I think our biggest one is you can get up to almost $250,000 of services depending on your deal size to help that migration. Because our view is the faster we can get customers migrated and get them consuming, the better it's going to be not only for them, but for us as well. So we are absolutely helping with that, but there is work to do. Look, we had a customer that was a $1 million plus customer on Enterprise. They did a full migration and it took them nine months; they were consuming at the level they had purchased at. So they were basically there and then some consuming after about nine months just to give you a sense of how long it could take on a scaled migration. What's the outlook for new logos to Couchbase who are coming on Capella? Do they tend to be smaller just because of the spend rate or just because Capella is more affordable to a larger audience? Yeah, they tend to be smaller. This is customers who are saying, I'm going to maybe try it for the first time. And again, because of the nature of Capella where people can go and try it in perpetuity, they're very familiar with it. And so they can come in and start small and then grow from there. So we have been preaching to the sales force that don't try to go sell a six-figure Capella deal. That's not the motion. The motion is sell a smaller thing. We have these things called starter packs where you get discounted credits and bundled services to help get them going. And then they will come and buy more. This isn't the motion of whatever you sell now, you're not going to get another crack at for another year. You start them now and when they run out of credits, they rebuy. But it's not at a year point. It's whenever they run out, which could be at any point in time. So we want them to start small and grow from there. What's the mix of those Capella customers as far as contracted versus on-demand? Oh, the largest predominant is contracted. We have some on-demand customers, but it's a small portion of the Capella pool. Do you have customers that may be on both Couchbase Enterprise and Capella for the foreseeable future that just seems to work for their environment? Yep. Yes. And again, this other customer I talked about from Q4 of last year, this big customer, they're not probably going to go all in on Capella, most likely. They're going to start and then build from there. And maybe somewhere down the road, they get to where everything is Capella, but that's not their plan right now. So we expect to have a number of customers using both of them for the foreseeable future. What is the sales rep incentive for Capella versus enterprise? So we've sort of highly over-incentivized them to sell Capella, both in the commission rate plus getting a little kicker for either a new logo or a migration. So we want people to sell Capella. You can't ultimately force it on the customer. The customer has to make that decision. But Capella is our growth engine, our future of how we're going to run the business. And so we are all in on Capella and we want the field to be with us as well. Would it ever make sense to bifurcate the team between you guys sell Capella and you guys sell enterprise? Not really because the dialogue you're having is a lot of times with the same person. So we don't want to have multiple people coming after one buyer. What we did do this year though is we did bifurcate for the first time and created a strategic account team where we took 25 to 30 of our largest accounts and gave it to a small sales team where they have no new logo quota. They are only renewing, upselling, and migrating those customers, which frees up the rest of the salesforce to then go after more on new logos, and they're less encumbered by these large customers, which do take a considerable amount of time, and so what we're seeing is previously reps could go do a deal with a large customer and sort of get home on their quote and their comp plan and not do any new logos. And we can't have that. So we've done that. The strategic account team has done great this year and we're probably going to expand that next year and move beyond top 25 or 30 and go up to, I don't know, top 75 and really sort of create more of that hunter farmer model. Again, just because Capella is touching smaller companies or they might start with a smaller volume spend, are you actually tapping into a different persona who's making that purchasing decision then? Sometimes. Sometimes yes. I mean, all the different environments have different setups where there could be sort of one centralized database team versus some companies let their divisions sort of make their own decisions as long as they are under the umbrella, if you will, of, hey, Couchbase is on the standards list. You can go do deals with them freely. Then we can go sell into a bunch of different buying groups. So it differs between which customer you're dealing with. Again, I imagine that the simplicity of Capella. There's probably less sales engineers or sales architects required behind that sales process versus something like Enterprise. Yes, but it still is a technical sale. The beauty is that they can all go use it and try it and buy it on a small scale. You can't really do that with the enterprise version. We do have obviously a free community version, but you have to go download it, procure your infrastructure, get it up and running. And you can't really go and buy, I want to buy three nodes for a year from Couchbase. That's not really efficient from an enterprise perspective. So this is a better way to seed accounts and to ultimately go sell into accounts. If that's the case, then shouldn't it just be more efficient for you guys of thinking about the long-term model and margin levers and whatnot? Yes. Sales and marketing will continue to get more efficient. I promise you that. There you go. One of the things I'm trying to think through as well is when these workloads are first being built or conceived of, I think part of this sometimes is just making sure that you're around that customer to be able to capture that, right? So what's the playbook to ensure that you are giving that customer the 360 should that next workload fit Couchbase's architecture? Yeah. So this is the other thing that we've been sort of preaching with the sales team is you can't just show up at the point of renewal. You always have to be in there selling, right? And you have to, we call it app to app selling. So once you win this app, you got to go find and win another app. So you always have to be hunting for that next application because you can never ultimately grow an account as much as we like to by just doing price increases or little things to this application. You have to sell more and more apps. So you win the first application, then you win the second, then you might win eight or 10, and eventually you take them on this journey where you become the source of truth and then ultimately the system of record when you're using 20, 30, 100 apps on Couchbase. So app to app selling is the way we do it. I should have started with this earlier, but one of the things that we'll hear from clients sometimes is like, all right, I think I have a feel for what a pure play vector database might be or a pure play time series database. Then the question becomes, all right, it's general purpose, NoSQL database. How does Couchbase differentiate versus other vendors out there? Oh, us versus other vendors? Well, first of all, it was ultimately two companies that came together. And so we have core to our bases, we have a key value caching capability and the JSON document store. There's not many others that have this. And then the way we architected this all was to be highly performant and highly scalable for mission-critical applications. And that's been our bread and butter. So you can look at our ARR per customer as a measure of almost being $250,000 per customer at our scale, having 46 customers over $1 million, I think shows also. And we've also said we've got our first eight-figure ARR customer as well. We think that this is going to really play towards us as more of this AI application builds out because the need for scale and performance with these applications is going to be greater than we've ever seen before. I know we've already spoken to Capella Columnar vector. Can we talk about Capella AI Services for a second and some of the, I guess, what are some of the features and capabilities that you guys announced in this past year? While early, how are, what's customer feedback been? Yeah, it's been really good. So we've only announced it. It'll actually go GA in the first half of next year. So it's not sort of wide usage yet. But again, it's around the capabilities to create these private smaller LLMs to allow vectorization in a much more effective and efficient way is a big one. Agentic capabilities is another big one because there's a lot of things within the database we believe that agents will be able to perform and not need ultimately human intervention for as we talk about it. So those are some of the big ones that we really have heard good feedback on so far. But again, we'll get more into that next year as we go GA and launch it more broadly. Now that you guys have the perpetual free tier of Capella as well, how's that flywheel building? Very good. So no, because the history was when we came out with Capella, we had a free trial, but it would only last 30 days. And so we could just see that after the 30 days, it was just atrophy because they fell off. And we ultimately said we want people to continue to use it as long as they want. Now it's at a fairly low level, but we didn't want to have the thing of a developer going, yeah, I can start this, but in 30 days it's going to go away. It precluded them from maybe wanting to do it. Whereas now they can start it, they can leave for 30 days, come back, get back on it. So we think it's been fantastic and we always intended to be there and we're glad we're having that capability for other developers to continue to use on a free perpetual basis. Is there any evidence yet of customers or I guess those leads migrating up to a paid tier with Capella once they've started with that free tier? We have seen that. We've seen several sort of free perpetual tier users go into actually on-demand first and then potentially come over to be a contracted customer. But we're trying to get quite honestly as many people as we can get on the free tier because that's where, look, we said we're scale and performant, which works really well in large enterprise. We've always said we want to be more developer relevant and this is how we can do that by allowing more people to use and get access to Couchbase. I know on the go-to-market earlier, we were also talking about making sure we're executing through conversion of pipeline, right? You guys have had some solid pipeline build and we're working on that conversion. What processes or rigor are you guys implementing to ensure that that conversion comes through? Yeah, we've just been going through things with the sales team in terms of going back to MEDDIC selling, right? Which is, do you have the economic buyer? Is everything lined up? Do you know who needs to get signature just from that execution standpoint? And we feel like we're making progress there. The other thing is we hired Josh Harbert, who's a new CMO this year to work on marketing. And he's just going to take a very different approach. So he's a math major, but he was a developer early in his career. So he's got this developer mindset and he's already changing some things with field marketing where we're going out and doing CIO dinners, which is great, but that wasn't generating any buying activity, right? They were coming out for a dinner. They wanted to hear a little bit about it. He's just changing and he's only six months in, but he's changing how we think about going to reach the market, right? This is going to be much more developer focused. We're not going to ignore the C-suite or the architects, but just having a better balance of how we're going after it, particularly with the developers. Got it. Okay. Have more questions on my side, but want to make sure I'm being true to my word. Any questions out there right now? Otherwise, happy to keep going. Yes, please. The real-time analytics that overlap, how big is that? We haven't necessarily quantified it, but given that there's sort of like $130 billion between these two big buckets, my guess is there could be a couple billion of TAM there, if you will, in overlap, and we do think that the analytical folks will dip their toes in there as well. We don't expect them to come over to the operational side just as we are not going fully analytical, but there is that sort of overlap there, but that's just my best guess. There is nothing from like IDC or something that says this, but we do know that there is this overlap. Anything else? Anyone else? Please. Yeah. You know, the database market is extremely brutally competitive, and you've got two publicly traded NoSQL guys, yourself and the other big players, and over the last year, you've seen growth slow quite a bit for both publicly traded players. I'm just curious, what are the headwinds in the NoSQL database market these days that account for this slowing growth? And what's been turning around? I mean, if you're a growth investor, why play in this market if the biggest publicly traded guys are driving it? Yeah. It's a good question. I'm only going to comment about Couchbase and not our other competitor because that's not necessarily my business per se. What I can tell you is, look, we laid out an investor day a year ago that we thought we could grow 20% plus over this next several year period. I think a couple of things happened this year. One, which we knew of, was lower renewal pool. And then two is we took a little bit more loss and downsell in Q2 than we had anticipated based on some other factors. And we talked about it on the earnings calls. I think apps and all that, I think we would have seen around a 20% growth rate for the year. I think what's going to happen for us that's going to get us back into a 20-plus% growth cadence is with the renewal pool getting larger and furthering our migration discussions with our customers because we just get such a meaningful uplift by bringing them into Capella, that that's where I think has the opportunity for us at least to see re-acceleration going into next year. I saw what you mentioned downsells. Can you elaborate on what broke those downsells? Yeah, it was more on the lost customer side. So we took two sort of meaningful losses in Q2. One was known. It was a company that had been a Couchbase customer for years. One of the hyperscalers bought them, ran it for three years and declared it was a failed acquisition and shut them down. And there was another one where, as I mentioned earlier, we're caching and JSON document store. The caching was where we started because we'd layer in front of the relational database. We've moved most of that into the document store, but there's a couple caching customers. This was our last large one. And they've been a customer for six or seven years. We were in discussions to renew, upsell, and they came basically with a week to go in the quarter and said, actually, we've moved off our technology. They used an open source technology, not ours, not the bigger other caching technology, and basically, I understand what they did. They effectively deceived us because had we known it was our last year, because we've done this before, that the vendor can sort of jack you knowing it's your last year and be like, you just pay list price, take it or leave it, so that's what happened with that one. Those were the couple anomalies. Our loss and downsell stays in a pretty narrow range. That was 50% higher than we've ever seen in company history, so we called it out. So, Capella plus any go-to-market focused on developers, you're saying your strategy is that's going to get you above 20? A bigger renewal pool, first of all. If you think about, and again, these aren't the exact numbers, but if you upsell at a 30% rate on your renewals and you get 20 or 30 million more renewal opportunities, you get 6 to 10 more million of net new ARR right there. Capella migrations have a huge uplift. We think we're further progressed there. Those are the two big drivers for us that we think looking at fiscal 2026. Thank you. Anything else? Anyone else? All right. Competition. I guess, have you seen increased activity coming from other competitors, whether they're publicly traded? I know for a while last year, Postgres was coming up very frequently. That was coming up frequently. Let me actually ask you while we have you here, was that actually playing out? It still comes up frequently, actually. I'd say three-quarters of my meetings today, we talk about Postgres. There you go. So I would say the competitive landscape, other than what we talked about on the pure play vector companies, hasn't really changed dramatically. Mongo obviously announced they were deprecating their mobile offering. So that was good for us because we're one of the only other companies in the market with a mobile offering. The rest hasn't really, I would say, changed too much. On the Postgres side, yeah, we started hearing this about a year ago. I'm on sales forecast calls once a week and deal reviews, and Postgres is not a name that comes up within the Couchbase walls. So I know they're there. They have good capabilities. They have a piece of the market, which makes sense. We haven't seen it be impactful for Couchbase. So I can't tell if it's targeted towards another competitor specifically, but I haven't heard that. I do hear competitors' names come up in these conversations because, hey, we're pricing against Mongo or we're pricing against so-and-so. Postgres is not a name I hear. I don't mean to completely poo-poo it, but it just hasn't been a thing that's bothered us or we've talked about much. Got it. So for the most part then, competition relatively unchanged then? Correct. And if that's the case, borrowing those two customers that we spoke about in Q2, win rates, have they changed in any way? Again, I think they're about consistent. I think we're starting to see some improvement. We're in a couple deal processes now where we're potentially going to be displacing some of our competitors. And I don't mean just the relational, I mean some of the non-relational as well. So we feel pretty good about our ability to go head to head with almost anyone in the market right now. Excellent, and then last question here, but I know that you guys have the longer-term targets as far as getting to free cash flow positive in fiscal 2026, non-GAAP operating profitability in fiscal 2027. Just from where we sit today, what gives management that confidence? How is it you guys are looking at this market and being able to execute against that? Yeah, so we're still committed to those, and I think when you ultimately, I mean, you've seen the results this year, and I think when you ultimately see Q4, I think you'll see that from when we said it last year to this year to the target. You'll see kind of a nice glide path there, if you will. Look, we're just getting more mature. We're getting better efficiency from Capella. We're really pushing on sales and marketing, and so I think that's what gives us the ability to do that, and we think it's actually healthy for us as a company in terms of do more with less type of attitude, and we've seen people really sort of embrace that, and we're going for it. Excellent.