Forward-looking statements are based on information available at the time those statements are made and on management's good faith beliefs and assumptions as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation may not o ...

Company Overview - Couchbase provides a cloud database platform designed for modern applications, including Couchbase Capella, Couchbase Server, and Couchbase Mobile, focusing on high performance and scalability for mission-critical applications [1] - Couchbase Capella is a fully managed database-as-a-service, while Couchbase Server is a multi-service NoSQL database with SQL-compatible query language SQL++ [1] - Couchbase Mobile is an embedded NoSQL database for mobile and edge devices, ensuring high data availability [1] Market Position - Couchbase operates in the document database space, alongside MongoDB, with few direct competitors, establishing a solid business model used in various applications [4] - Since its IPO on February 22, 2021, Couchbase's shares have declined over 20%, indicating challenges in the public market [4] Financial Performance - Revenue has increased annually by an average of 19.39% since the IPO, with gross margins consistently between 87% and 89% [5] - Selling, general, and administrative (SG&A) expenses were 91.94% of revenue in 2024, slightly above the average of 91.25% since the IPO, compared to MongoDB's 54.34% [5] - Couchbase has overhired sales personnel, leading to lower attainment rates of 40% to 50% compared to peers achieving 70% to 80% [5] Activist Involvement - Irenic Capital has taken a significant stake in Couchbase, making it one of its five largest positions, focusing on operational restructuring or a potential sale of the company [6][7] - The activist's approach may involve optimizing management and salesforce, improving operating margins while maintaining organic growth [6] Potential Outcomes - A sale to a larger strategic or financial acquirer could allow Couchbase to restructure costs and pursue margin-friendly growth away from public market pressures [7] - Haveli Investments, the largest shareholder with approximately 9.8% ownership, may seek to take Couchbase private, viewing it as undervalued [8] - Comparable transactions in the tech space suggest Couchbase could be valued around 5.2 times revenue, potentially offering a 20% premium to shareholders [8]