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    Theo Thun

    Vice President in Software Equity Research at Morgan Stanley

    Theo Thun is a Vice President in Software Equity Research at Morgan Stanley, specializing in in-depth analysis of public software companies with a focus on high-growth and cloud-based firms. He covers companies such as Couchbase, participating in earnings calls and providing forward-looking insights to institutional investors, and has contributed to Morgan Stanley’s Global Best Business Models framework, which has delivered a 37% unaudited cumulative return over recent iterations. Thun joined Morgan Stanley as an equity research analyst several years ago after gaining prior experience in the financial sector, and his professional credentials include active registration with FINRA, holding Series 7 and Series 63 licenses. He is recognized for his quantitative approach and industry expertise, supporting the investment community with research that has driven outperformance against relevant benchmarks.

    Theo Thun's questions to Couchbase (BASE) leadership

    Theo Thun's questions to Couchbase (BASE) leadership • Q1 2026

    Question

    Representing Sanjit Singh, Theo Thun asked for clarification on the delta between strong ARR growth and softer revenue results, and also inquired about the current traction of AI agent workloads and the potential timeline for them to contribute to revenue.

    Answer

    Interim CFO Bill Carey explained that migrations from enterprise contracts to usage-based Capella create a temporary revenue headwind due to different recognition patterns, causing a lag. CEO Matt Cain added that ARR is the best indicator of business health and that these metrics will converge over time. Regarding AI, Cain stated that Couchbase is positioned as a strategic platform for 'AgenTeq' applications, which is already influencing customer conversations and wins, with more to come.

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