So, I’m really encouraged by what we see in Asia and some early signs from Europe as well. So, I think we’re encouraged both by the regions and the non-tech sectors that we’ve gained foothold in.
Taylor McGinnis: Perfect. And then, my second question is going off of Alex’s question that he asked earlier. So, if you look at billings and bookings growth the last like two quarters, I think it’s been in the low teens. So, how should we think about those metrics being leading indicators as we think about growth going forward? And then, as we look into 4Q and 1Q, is there any additional color you can provide on what the renewal bases look like in those quarters? And if there’s anything to keep in mind from one to the next and how that might compare to what we’ve seen more recently?
Tim Wan: Yeah, I mean, I think at this point we’re not giving fiscal year ’25 guidance, but what I would encourage you all to think about is just like we want to be stay as conservative as possible until we have more line of sight into the new year and how the year will shape up. So — but we’ll provide an update on our Q4 earnings call.
Taylor McGinnis: Thank you.
Operator: Thank you. Our next question comes from the line of Pat Walravens of JMP Securities. Your question, please, Pat.
Pat Walravens: Oh, great. Thank you very much. Dustin, I’m going to go really big picture here. Do you think the changes in the governance of OpenAI is bad for the future of humanity?
Dustin Moskovitz: Yeah, that is really big picture.
Pat Walravens: I know. I have one for him after, but I’m going to start with that.
Dustin Moskovitz: I mean, honestly, I sort of don’t feel like we know what the changes to the governance of OpenAI are. My understanding is they have a temporary Board whose goal is to create a new governance structure and elect a new Board. And I think we’ll have to judge it based on that. I do want to maybe just echo some of the comments I’ve seen from smarter pundits though of like, I don’t think I ever really thought that trying to govern the private companies to act differently was going to be the thing that that most de-risked problems with AI. And so I really think it just underscores the need to solve it with higher level regulation rather than government structures.
Pat Walravens: Yeah, agreed. And then, Tim, much more practically, in your script you commented that some of the underlying drivers were not as strong as we’d hoped. I mean, I think you’ve touched on some of that. But can you just sort of summarize what you were referring to there?
Tim Wan: Yeah, I would say two things. I think we’re still seeing pressure on renewals. So, I think there is compression kind of in our net expansion rates, that’s one. And I do think we’ll lap those by the end of Q1, primarily because we do — like if you kind of look back at layoffs in tech, there were a number of large companies that were still doing layoffs at the beginning of Q1. And I think once we kind of get through that period, I think we’ll have some more tailwinds in our NRR. The other piece, obviously, is I think like the regions that I spoke about that are performing, EMEA and APAC, those have been nice surprises, but I think we still have more work to do in Americas.
Dustin Moskovitz: I just want to add too, since layoffs have been in the news again recently, but just by the numbers, I think it’s just important to put them in context of the proportion. So, like the cycle we’re seeing now from some of the recent announcements, if you just add it up, all up, it’s about one-tenth or less than what we saw a year ago. So, those are still headwinds with those specific customers, but it’s not nearly the same as what we’re sort of trying to lap and cycle out of the numbers.
Pat Walravens: Okay, great. Thank you.
Operator: Thank you. Our next question comes from the line of George Kurosawa of Citi. Please go ahead, George.
George Kurosawa: Thanks for taking the question. I’m on for Steve. You talked about stabilization in new business. I’m wondering if you could just double-click a little bit into what you’re seeing there? Any color on what metrics seem to be improving?
Tim Wan: Yeah. Just in terms of new bookings that we’re seeing and the consistency that we’ve seen over the last two, three quarters, I feel like, especially in some of the geographies that I mentioned, both from a predictable standpoint, from a pipeline standpoint, and from a closed standpoint, I think those have been really encouraging. I would say if we were sitting here last year, we were seeing deceleration in bookings, but sitting here today, it’s much more stable, and I think that’s a sign, and that we’re optimistic that we build our bookings business — our new bookings up from this level.
George Kurosawa: Got it. Super helpful. And I think during the Analyst Day, Ed talked a lot about some of the execution improvements in EMEA and then trying to replicate that success in the U.S. Sounds like EMEA is still doing pretty well, but maybe just an update on how those changes to the U.S. go-to-market organization are going and when you expect to see some improvements? Thank you.
Anne Raimondi: Yeah, George, it’s Anne. I’ll answer that. It’s been great to have Ed on board a full quarter. Things that we’re seeing him do both in America and around the world are continuing to create a really strong culture of winning, especially upmarket, driving a lot of operational rigor across the team. He’s also been instilling a culture and a discipline of building strong executive relationships with customers. So that’s been great to see. And then, just a tight partnership with our global marketing organization, so the executive events we mentioned, getting our customers together with one another to share innovative work management practices, all of that, I think, is improving performance, and we’ll see that pay off in the coming quarters. But it’s been — and then we’ll have more to share, but as he’s been working really close with the AMER team, I think we’re also seeing some great momentum there.
