Technology
Couchbase Announces Fourth Quarter and Fiscal 2024 Financial Results
Published
2 years agoon
By
SANTA CLARA, Calif., March 5, 2024 /PRNewswire/ — Couchbase, Inc. (NASDAQ: BASE), the cloud database platform company, today announced financial results for its fourth quarter and fiscal year ended January 31, 2024.
“We finished fiscal 2024 on a strong note, highlighted by 25% ARR growth, and marking a historical year for Couchbase,” said Matt Cain, Chair, President and CEO of Couchbase. “In addition to delivering results that exceeded the high end of our guidance range on all metrics, we achieved an important milestone with Capella, which now represents 11% of our ARR and over 25% of our customer base. As we look ahead towards fiscal 2025, I’m confident that we have the differentiated platform and operational rigor to achieve our next phase of growth.”
Fourth Quarter Fiscal 2024 Financial Highlights
Revenue: Total revenue for the quarter was $50.1 million, an increase of 20% year-over-year. Subscription revenue for the quarter was $48.1 million, an increase of 26% year-over-year.Annual recurring revenue (ARR): Total ARR as of January 31, 2024 was $204.2 million, an increase of 25% year-over-year as reported and on a constant currency basis. See the section titled “Key Business Metrics” below for details.Gross margin: Gross margin for the quarter was 89.7%, compared to 85.7% for the fourth quarter of fiscal 2023. Non-GAAP gross margin for the quarter was 90.4%, compared to 86.3% for the fourth quarter of fiscal 2023. 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 $22.6 million, compared to $18.5 million for the fourth quarter of fiscal 2023. Non-GAAP operating loss for the quarter was $4.1 million, compared to $9.9 million for the fourth quarter of fiscal 2023.Cash flow: Cash flow used in operating activities for the quarter was $6.5 million, compared to $10.2 million in the fourth quarter of fiscal 2023. Capital expenditures were $1.3 million during the quarter, leading to negative free cash flow of $7.7 million, compared to negative free cash flow of $11.8 million in the fourth quarter of fiscal 2023.Remaining performance obligations (RPO): RPO as of January 31, 2024 was $241.8 million, an increase of 46% year-over-year.
Full Year Fiscal 2024 Financial Highlights
Revenue: Total revenue for the year was $180.0 million, an increase of 16% year-over-year. Subscription revenue for the year was $171.6 million, an increase of 20% year-over-year.Gross margin: Gross margin for the year was 87.7%, compared to 86.9% for fiscal 2023. Non-GAAP gross margin for the year was 88.5%, compared to 87.6% for fiscal 2023.Loss from operations: Loss from operations for the year was $84.5 million, compared to $69.3 million for fiscal 2023. Non-GAAP operating loss for the year was $31.3 million, compared to $41.3 million for fiscal 2023.Cash flow: Cash flows used in operating activities for the year were $26.9 million, compared to $41.2 million in fiscal 2023. Capital expenditures were $4.7 million during the year, leading to negative free cash flow of $31.6 million, compared to negative free cash flow of $46.8 million in fiscal 2023.
Recent Business Highlights
Announced vector search as a new feature in Couchbase Capella™ and Couchbase Server to help businesses bring to market a new class of AI-powered adaptive applications that engage users in a hyper-personalized and contextualized way. Couchbase is the first database company to announce it will offer vector search optimized for running onsite, across clouds and to mobile and IoT devices at the edge, paving the way for organizations to run adaptive applications anywhere, including offline.Announced it is extending its AI partner ecosystem with LangChain and LlamaIndex support to further boost developer productivity. The integration with LangChain enables a common API interface to converse with a broad library of large language models (LLMs). Similarly, the integration with LlamaIndex will provide developers with even more choices for LLMs when building adaptive applications. These ecosystem integrations will accelerate query prompt assembly, improve response validation and facilitate retrieval-augmented generation (RAG) applications.Announced new enterprise features, including new file-based index rebalancing, reducing times by up to 80%, one-step upgrade from Couchstore to Magma storage engine without stopping the front-end workloads, faster failover times and query simplification. Couchbase continues to invest at a rapid pace to enhance its platform with new enterprise and developer features.Announced the general availability of Capella iQ, a co-pilot for coding. Capella iQ allows developers to interact with Couchbase Capella using natural language conversation, making database interactions more intuitive, efficient and accessible.Couchbase Capella was named Best Cloud Data Management Solution at the 2023-2024 Cloud Awards for its performance, versatility and community.
Financial Outlook
For the first quarter and full year of fiscal 2025, Couchbase expects:
Q1 FY2025 Outlook
FY2025 Outlook
Total Revenue
$48.1-48.9 million
$203.0-207.0 million
Total ARR
$206.5-209.5 million
$235.5-240.5 million
Non-GAAP Operating Loss
$8.5-7.5 million
$27.5-22.5 million
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 first 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 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Tuesday, March 5, 2024, to discuss its financial results and business highlights. The conference call can be accessed by dialing 877-407-8029 from the United States, or +1 201-689-8029 from international locations. The live webcast and a webcast replay can be accessed from the investor relations page of Couchbase’s website at investors.couchbase.com.
About Couchbase
Modern customer experiences need a flexible database platform that can power applications spanning from cloud to edge and everything in between. Couchbase’s mission is to simplify how developers and architects develop, deploy and run modern applications wherever they are. We have reimagined the database with our fast, flexible and affordable cloud database platform Couchbase Capella, allowing organizations to quickly build applications that deliver premium experiences to their customers – all with best-in-class price performance. More than 30% of the Fortune 100 trust Couchbase to power their modern applications. For more information, visit www.couchbase.com and follow us on X (formerly Twitter) @couchbase.
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.
Beginning with the fourth quarter of fiscal 2024, we have 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 relates 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 automatically renewed at the same levels unless we receive notification of non-renewal and are no longer in negotiations prior to the measurement date. ARR also includes revenue from consumption-based cloud credits of Couchbase Capella products. ARR for Couchbase Capella products in a customer’s initial year is calculated as described above; after a customer’s initial year it is calculated by annualizing the prior 90 days of actual consumption, assuming no increases or reductions in usage. ARR excludes revenue derived from the use of cloud products only based on on-demand arrangements and services revenue. 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 and expand within our existing customers. We believe that our ARR is an important indicator of the growth and performance of our business.
We also attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates within the current period. We calculate constant currency growth rates by applying the applicable prior period exchange rates to current period results.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, quotations of management, the section titled “Financial Outlook” above and statements about Couchbase’s market position, strategies and potential market opportunities. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “continue,” “could,” “potential,” “remain,” “may,” “might,” “will,” “would” or similar expressions and the negatives of those terms. However, not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including factors beyond our control, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to: our history of net losses and ability to achieve or maintain profitability in the future; our ability to continue to grow on pace with historical rates; our ability to manage our growth effectively; intense competition and our ability to compete effectively; cost-effectively acquiring new customers or obtaining renewals, upgrades or expansions from our existing customers; the market for our products and services being relatively new 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 Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2023. Additional information will be made available in our Annual Report on Form 10-K for the year ended January 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.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Revenue:
License
$ 7,196
$ 4,977
$ 21,514
$ 19,885
Support and other
40,865
33,158
150,040
123,010
Total subscription revenue
48,061
38,135
171,554
142,895
Services
2,028
3,488
8,483
11,929
Total revenue
50,089
41,623
180,037
154,824
Cost of revenue:
Subscription(1)
3,580
3,214
14,647
10,762
Services(1)
1,560
2,738
7,435
9,497
Total cost of revenue
5,140
5,952
22,082
20,259
Gross profit
44,949
35,671
157,955
134,565
Operating expenses:
Research and development(1)
16,491
15,000
64,069
57,760
Sales and marketing(1)
34,055
29,303
130,558
111,067
General and administrative(1)
11,840
8,207
42,663
33,390
Impairment of capitalized internal-use software
5,156
—
5,156
—
Restructuring(1)
—
1,663
46
1,663
Total operating expenses
67,542
54,173
242,492
203,880
Loss from operations
(22,593)
(18,502)
(84,537)
(69,315)
Interest expense
—
(25)
(43)
(101)
Other income (expense), net
1,766
1,938
5,752
1,960
Loss before income taxes
(20,827)
(16,589)
(78,828)
(67,456)
Provision for income taxes
575
25
1,355
1,038
Net loss
$ (21,402)
$ (16,614)
$ (80,183)
$ (68,494)
Net loss per share, basic and diluted
$ (0.44)
$ (0.37)
$ (1.70)
$ (1.53)
Weighted-average shares used in computing net loss per share, basic and diluted
48,513
45,281
47,175
44,787
_______________________________
(1)
Includes stock-based compensation expense as follows:
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Cost of revenue—subscription
$ 148
$ 144
$ 707
$ 535
Cost of revenue—services
116
116
529
433
Research and development
3,422
2,046
12,920
7,937
Sales and marketing
4,310
2,563
15,771
9,426
General and administrative
4,630
1,922
15,846
7,390
Restructuring
—
65
1
65
Total stock-based compensation expense
$ 12,626
$ 6,856
$ 45,774
$ 25,786
Couchbase, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
As of January
31, 2024
As of January
31, 2023
Assets
Current assets
Cash and cash equivalents
$ 41,351
$ 40,446
Short-term investments
112,281
127,856
Accounts receivable, net
44,848
39,847
Deferred commissions
15,421
13,096
Prepaid expenses and other current assets
10,385
8,234
Total current assets
224,286
229,479
Property and equipment, net
5,327
7,430
Operating lease right-of-use assets
4,848
6,940
Deferred commissions, noncurrent
11,400
7,524
Other assets
1,891
1,666
Total assets
$ 247,752
$ 253,039
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$ 4,865
$ 1,407
Accrued compensation and benefits
18,116
12,641
Other accrued expenses
4,581
6,076
Operating lease liabilities
3,208
3,117
Deferred revenue
81,736
71,716
Total current liabilities
112,506
94,957
Operating lease liabilities, noncurrent
2,078
4,543
Deferred revenue, noncurrent
2,747
3,275
Total liabilities
117,331
102,775
Stockholders’ equity
Preferred stock
—
—
Common stock
—
—
Additional paid-in capital
621,024
561,547
Accumulated other comprehensive loss
56
(807)
Accumulated deficit
(490,659)
(410,476)
Total stockholders’ equity
130,421
150,264
Total liabilities and stockholders’ equity
$ 247,752
$ 253,039
Couchbase, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended
January 31,
Year Ended January 31,
2024
2023
2024
2023
Cash flows from operating activities
Net loss
$ (21,402)
$ (16,614)
$ (80,183)
$ (68,494)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization
390
867
2,424
3,171
Stock-based compensation, net of amounts capitalized
12,626
6,856
45,774
25,786
Amortization of deferred commissions
4,886
4,447
18,628
16,996
Non-cash lease expense
762
757
3,075
2,909
Impairment of capitalized internal-use software
5,156
—
5,156
—
Foreign currency transaction (gains) losses
116
(774)
765
524
Other
(973)
(593)
(3,553)
(416)
Changes in operating assets and liabilities
Accounts receivable
(14,496)
(16,941)
(5,382)
(3,537)
Deferred commissions
(10,937)
(5,321)
(24,829)
(17,590)
Prepaid expenses and other assets
(3,111)
(850)
(2,274)
(159)
Accounts payable
1,712
(1,971)
3,447
(495)
Accrued compensation and benefits
8,989
3,579
5,472
(3,497)
Other accrued expenses
1,481
2,803
(1,516)
3,103
Operating lease liabilities
(828)
(824)
(3,389)
(2,754)
Deferred revenue
9,179
14,376
9,492
3,268
Net cash used in operating activities
(6,450)
(10,203)
(26,893)
(41,185)
Cash flows from investing activities
Purchases of short-term investments
(40,704)
(33,976)
(131,160)
(144,613)
Maturities of short-term investments
39,322
45,750
151,296
126,893
Additions to property and equipment
(1,285)
(1,553)
(4,710)
(5,646)
Net cash provided by (used in) investing activities
(2,667)
10,221
15,426
(23,366)
Cash flows from financing activities
Proceeds from exercise of stock options
3,580
1,189
10,933
5,222
Proceeds from issuance of common stock under ESPP
—
—
2,000
4,484
Net cash provided by financing activities
3,580
1,189
12,933
9,706
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(19)
458
(561)
(397)
Net increase (decrease) in cash, cash equivalents and restricted cash
(5,556)
1,665
905
(55,242)
Cash, cash equivalents, and restricted cash at beginning of period
47,450
39,324
40,989
96,231
Cash, cash equivalents, and restricted cash at end of period
$ 41,894
$ 40,989
$ 41,894
$ 40,989
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown above:
Cash and cash equivalents
$ 41,351
$ 40,446
$ 41,351
$ 40,446
Restricted cash included in other assets
543
543
543
543
Total cash, cash equivalents and restricted cash
$ 41,894
$ 40,989
$ 41,894
$ 40,989
Couchbase, Inc.
Reconciliation of GAAP to Non-GAAP Results
(in thousands, except per share data)
(unaudited)
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Reconciliation of GAAP gross profit to non-GAAP gross profit:
Total revenue
$ 50,089
$ 41,623
$ 180,037
$ 154,824
Gross profit
$ 44,949
$ 35,671
$ 157,955
$ 134,565
Add: Stock-based compensation expense
264
260
1,236
968
Add: Employer taxes on employee stock transactions
61
5
147
41
Non-GAAP gross profit
$ 45,274
$ 35,936
$ 159,338
$ 135,574
Gross margin
89.7 %
85.7 %
87.7 %
86.9 %
Non-GAAP gross margin
90.4 %
86.3 %
88.5 %
87.6 %
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Reconciliation of GAAP operating expenses to non-GAAP operating expenses:
GAAP research and development
$ 16,491
$ 15,000
$ 64,069
$ 57,760
Less: Stock-based compensation expense
(3,422)
(2,046)
(12,920)
(7,937)
Less: Employer taxes on employee stock transactions
(181)
(27)
(611)
(165)
Non-GAAP research and development
$ 12,888
$ 12,927
$ 50,538
$ 49,658
GAAP sales and marketing
$ 34,055
$ 29,303
$ 130,558
$ 111,067
Less: Stock-based compensation expense
(4,310)
(2,563)
(15,771)
(9,426)
Less: Employer taxes on employee stock transactions
(377)
(76)
(1,154)
(294)
Non-GAAP sales and marketing
$ 29,368
$ 26,664
$ 113,633
$ 101,347
GAAP general and administrative
$ 11,840
$ 8,207
$ 42,663
$ 33,390
Less: Stock-based compensation expense
(4,630)
(1,922)
(15,846)
(7,390)
Less: Employer taxes on employee stock transactions
(77)
(8)
(341)
(106)
Non-GAAP general and administrative
$ 7,133
$ 6,277
$ 26,476
$ 25,894
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Reconciliation of GAAP operating loss to non-GAAP operating loss:
Total revenue
$ 50,089
$ 41,623
$ 180,037
$ 154,824
Loss from operations
$ (22,593)
$ (18,502)
$ (84,537)
$ (69,315)
Add: Stock-based compensation expense
12,626
6,791
45,773
25,721
Add: Employer taxes on employee stock transactions
696
116
2,253
606
Add: Impairment of capitalized internal-use software
5,156
—
5,156
—
Add: Restructuring(2)
—
1,663
46
1,663
Non-GAAP operating loss
$ (4,115)
$ (9,932)
$ (31,309)
$ (41,325)
Operating margin
(45) %
(44) %
(47) %
(45) %
Non-GAAP operating margin
(8) %
(24) %
(17) %
(27) %
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Reconciliation of GAAP net loss to non-GAAP net loss:
Net loss
$ (21,402)
$ (16,614)
$ (80,183)
$ (68,494)
Add: Stock-based compensation expense
12,626
6,791
45,773
25,721
Add: Employer taxes on employee stock transactions
696
116
2,253
606
Add: Impairment of capitalized internal-use software
5,156
—
5,156
—
Add: Restructuring(2)
—
1,663
46
1,663
Non-GAAP net loss
$ (2,924)
$ (8,044)
$ (26,955)
$ (40,504)
GAAP net loss per share
$ (0.44)
$ (0.37)
$ (1.70)
$ (1.53)
Non-GAAP net loss per share
$ (0.06)
$ (0.18)
$ (0.57)
$ (0.90)
Weighted average shares outstanding, basic and diluted
48,513
45,281
47,175
44,787
_______________________________
(2)
For the twelve months ended January 31, 2024 and the three and twelve months ended January 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 used in operating activities, the most directly comparable GAAP measure, for each of the periods indicated (in thousands, unaudited):
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Net cash used in operating activities
$ (6,450)
$ (10,203)
$ (26,893)
$ (41,185)
Less: Additions to property and equipment
(1,285)
(1,553)
(4,710)
(5,646)
Free cash flow
$ (7,735)
$ (11,756)
$ (31,603)
$ (46,831)
Net cash provided by (used in) investing activities
$ (2,667)
$ 10,221
$ 15,426
$ (23,366)
Net cash provided by financing activities
$ 3,580
$ 1,189
$ 12,933
$ 9,706
Couchbase, Inc.
Key Business Metrics
(in millions)
(unaudited)
As of
April 30,
July 31,
Oct. 31,
Jan. 31,
April 30,
July 31,
Oct. 31,
Jan. 31,
2022
2022
2022
2023
2023
2023
2023
2024
Annual Recurring Revenue
$ 139.7
$ 145.2
$ 151.7
$ 163.7
$ 172.2
$ 180.7
$ 188.7
$ 204.2
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SOURCE Couchbase, Inc.
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4 hours agoon
July 18, 2026By
Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda
BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.
Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.
Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.
VOICES FROM THE SUMMIT
“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei
“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand
“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA
“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF
“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)
“We fixed it before you feel it! AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS
“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia
“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia
“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom
“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei
“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU
“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)
“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA
“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G
“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA
“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International
“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT
“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART
“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei
A CONVERGING VIEW
Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.
WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.
In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ai-powered-connectivity-apac-charts-a-path-to-a-smarter-digital-future-302829032.html
SOURCE HUAWEI
Technology
Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer
Published
5 hours agoon
July 18, 2026By
Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.
NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.
The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.
Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”
Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.
The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.
The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.
For more information on Laifen, please visit LaifenTech.com.
About Laifen:
Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.
Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.
View original content to download multimedia:https://www.prnewswire.com/news-releases/laifen-expands-us-retail-footprint-with-costco-launch-of-best-selling-se-hair-dryer-302828573.html
SOURCE Laifen
NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.
For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html.
View original content to download multimedia:https://www.prnewswire.com/news-releases/pillsbury-notice-of-data-breach-302828892.html
SOURCE Pillsbury Winthrop Shaw Pittman LLP
AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future
Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer
Pillsbury Notice of Data Breach
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