Matt Calkins : All right. Now let me just speak based on what I know of this, which is not everything. I understand us to be doing well with regards to new opportunities, Stage 1 leads and a lot of that comes from events like Appian World, but not exclusively Appian World. We’re seeing strength in that broad category. And Appian World is just one of the sources. It’s true that Appian World is well attended. It’s true we got more prospects than we typically get. Those are great signs Appian World is like a showcase for what people can do with our software and the strength of the community and the enthusiasm around our users. I mean, 98% gross renewal rate is a number until you show up at Appian World and then it’s an experience.
And those people are it’s contagious, right, the excitement. So I think it’s great to get our prospects there. I believe that, that led to a set of quantifiable leads, but I don’t have the numbers that show that that’s where the leads came from. So I don’t want to be too definitive about it. I just expect that, that was a great experience, and we exposed a lot of prospects to it. So good things are going to happen.
Andrew Sherman: Great. Thanks guys.
Operator: Thank you. One moment for our next question. Our next question comes from the line of Jake Roberge from William Blair.
Jake Roberge : Hi. Thanks for taking my questions. Data Fabric vision definitely on very interesting. I’m just I’m curious, when we think about your core products within low-code RPA and process mining, do you think any of these products will see outsized benefits or headwinds from generative AI? And then how do you think AI impacts existing productized solutions within maybe your KYC or the GAM suite? And could it impact kind of the future solutions road map from here?
Matt Calkins : It can definitely impact the future solutions road map. It’s a terrific way to enhance the value of our application in all contexts. It enhances it in a solution, it enhances it, as a platform build. AI is one — is like a star addition to the team. AI is more powerful than it’s ever been. It’s more popular than it’s ever been. It’s more likely to be adopted than ever. And it’s part of a great suite of automation tools that can do work. So this is an efficiency boost for all of our applications and all of our clients. As soon as we can get them to make proper use of it, I — yeah, so I see it as a lift across the board. We’re the disruptor here. We use AI to create the value that we create. When customers buy Appian platform or solutions, they’re counting on efficiency gains; we deliver some of that with AI.
We’re going to make the most effective use of AI technology toward efficiency gains. That’s exactly what we’re focused on. It’s finding a way to get practical value out of this terrific new area of technology. We will be the vehicle, whereby, our customers achieve their AI efficiency gains.
Jake Roberge: Very helpful. And then, Mark, when we think about the numbers, when do you think AI could start showing up on the revenue side of the house? Is that — do you think that’s more of a Q4 story or more of a 2024 dynamic? And then on the margin side, are there any AI investments that we should be cognizant of?
Mark Matheos: Yeah. On the first part, AI, in my view, is a pretty big sea change in a long-term opportunity for us. And it’s not necessarily something that will discuss in the short-term on a revenue basis. We certainly do dovetail on the second part of your question, we are making appropriate investments as part of our overall R&D strategy. We have had investments in the past for years. It’s not like we’re waking up and say we should look at AI, it’s part of our blueprint for a long time, and we’re certainly going to keep that investment in view we move forward to two, three years out, I think we’ll still be talking about AI.
Matt Calkins: Yes. Look, there’s definitely a reallocation of resources internally. With the takeoff of large language models, we definitely want to put a lot of focus behind the proper utilization of that form of AI, and so we’re shuffling investments internally. But what we’re not doing is bolting on a big new investment. We already have expertise. We’re just reallocating internally in order to match the explosion in customer interest and the power of these products. Like Mark, I don’t want to make a prediction for when it will show up in revenue though.
Jake Roberge: Great. Thanks for taking my questions.
Operator: Thank you. At this time, I would now like to turn the conference back over to Sri Anantha for closing remarks.
Sri Anantha: Great. Thank you very much, Gigi, and thank you all for joining us tonight. We look forward to catching up with you on our next earnings call. Talk to you soon.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
