Scott Farquhar: Thanks, Peter, It’s Scott here. Look, I think we have a huge opportunity for durable growth over such along a period of time. We operate in very large markets and take them one by one. You talked about Jira Service Management and ITSM. The opportunity there is we’re the challenger in that particular market. And there’s plenty of large incumbents there and putting it on happy customers in those large incumbents. And so there’s just massive opportunities for us to take market share in that particular space. In our migrations, we say, let me talk about wealth management for all. So there’s just a huge opportunity there. That’s a very large market. And if you look at the stronghold we have around developers and around development teams.
And when I talk to CEOs these days around the world, like the biggest — one of the biggest thing issues is how do they make the development teams productive, how do they get more out of the development teams. And when we look at customers consolidating around work management for all items, they can throw out other vendors, but they can’t get rid of the tools, the power of their engineering teams. And so we have a huge opportunity for consolidation in our work management for all markets. And then if I look at the innovations that we’re bringing to our traditional Agile and DevOps market, we’re a large player there, but there’s just so many different customer problems that we can be solving for them. And you saw us launch Jira Product Discovery to target product managers.
So if we start tackling more and more personas across there, there’s just so much customer value that we can produce. And so I see huge opportunities in every market that we have at the moment. And so I don’t really see any limit there. Migration of our customers from to cloud is just a stepping stone for us to be able to keep delivering huge value and increased cloud revenue.
Cameron Deatsch: And, it’s Cameron. I’ll follow-up just speaking with customers as well. The IT service fans, as we mentioned, 80% growth in our largest enterprise customers with Jira Service Management last year, which shows that, hey, we struck a vein here with the customers where if you look at the trends in the market, customers are trying to consolidate vendors and save money, Jira Service Management for existing Atlassian customers is a great opportunity. Customers also want their development teams and IT teams to come closer together to work on a common platform. Jira Service Management provides that absolute capability and customers want more flexibility, quicker time to value of their investments. They don’t want to spend six to 12 months rolling out these tools.
They want to be able to purchase software, get it running and start delivering valor to their end users in days, weeks at most and Jira Service Management once again delivers value here. So in the IT Service Management market broadly, I think we have a very unique offering with a very unique value prop at a very unique price point. And all 3 of those reasons are the reasons why customers continue to look to us and invest in Jira Service Management.
Operator: Your next question comes from Derrick Wood from TD Cowen. Please go ahead.
Derrick Wood: Oh, great. Thanks. I guess, Joe, this is for you. I wanted to ask about like some of the expansion headwinds being felt upmarket. I think with your smaller customers, I know a lot are on monthly contracts. So perhaps net expansion rates normalize quicker. But within your enterprise customers, you often have multiyear contracts. Customers would historically buy seats for growth to take advantage of pricing and we’ve heard from other seat-based models that as growth in the tech world has slowed, expansions on renewals can be a lot more challenging. So just curious, is that something you’re seeing and do you think we still need some time quarters ahead to fully cycle through this with kind of longer enterprise contracts?
