But that’s not a dead end. We largely see that investment in data center as a further commitment into Atlassian. And we’ve proven again and again that we can move data center customers to the cloud with half of our migrated seats coming from data center customers. So it’s once again, we provide the optionality for the customers throughout if they choose data center, that’s great. We’ll continue to work with them, moving them to cloud and getting the most value from Atlassian long term. Mike, you got anything to add?
Mike Cannon-Brookes: Nothing, Cameron. I think you now that just reemphasizing that the half migrated seats coming from data center is a really important milestone for us as we continue this long-term journey.
Operator: Your next question comes from Alex Zukin from Wolf Research. Please go ahead.
Alex Zukin: Hey, guys. Thanks for taking the question. Maybe just first, if we look at the cloud revenue growth number, and we look at — we try to decompose net new ARR into net new versus migration versus expansion. You’ve talked a little bit about the migration dynamic. But how much — like if we look at the — if we just ask you like a cloud NRR metric and how much is coming from expansion. It would be great to understand that, particularly as we’re getting into the later innings of the migration? And then maybe just as a follow-up, to, you talked about healthy top line growth for fiscal ’25. You gave the 25% to 30% growth range for ’24, which we really appreciate, by the way. Is that a durable kind of growth rate? It’s obviously a wider range given the macro uncertainty. But is that growth rate likely to stay durable particularly as maybe the migration tailwinds start to ebb a little bit as we get past the server end of life?
Joe Binz: Yes. Thanks for the question, Alex. I’d say, starting with your last question. In terms of FY ’25, we’re obviously not giving any guidance on that. To your broader question, I do believe it’s durable. The value that we’re adding to the products that cloud brings that’s very specific, the value it delivers to customers, I think there’s a lot of opportunity for tailwind in that business. And so directionally speaking, we should continue to see very healthy growth, as I mentioned, for FY ’25. That will be driven primarily by cloud as the server revenue base goes away and increasingly, data center customers migrate to the cloud. In terms of your first question on net retention rates, I would just say paid seat expansion and free-to-paid conversions continue to be impacted by the macroeconomic headwinds that we’ve seen.
That would impact that area of the business. In terms of a specific expansion rate, as you know, we don’t quarterly retention and expansion rates. Having said that we talked about the macroeconomic pressures. And the underlying fundamentals in our business outside of that remain very strong, however, and we see no change to our structural competitive position. So we do expect those retention rates to improve once the macro picture stabilizes and begins to improve. And then as you talked about earlier, I’d also highlight other aspects of key aspects of our business like migrations and cross sell and up sell and monthly active usage. Those all remain very healthy and speak to the highly valuable and mission critical nature of our product and those will also feed future expansion rate improvements.
So our outlook is very positive on that going forward.
Operator: Your next question comes from Fred Havemeyer from Macquarie. Please go ahead.
