Matt Cain: Again, I think it’s less about the use case and more about the pace of adoption. We talked about, one of the new logos in the prepared remarks. We had another company that you know well multinational cyber security company chose us for price performance on an app that certifies all of the connectors to their platform and doing security health checks on behalf of their customers. That’s aligned with an application that we would have serviced before, but not until we had Capella did we break through with that price performance, usability, time to value. We had another new logo, Swarm engineer, AI/ML based supply chain optimization platform and they chose us because it literally freed up developer time and resources with the managed service against other solutions that they were evaluating.
Now if we were to go through the specific use cases in these verticals, we have comparisons and it’s not like we couldn’t get at that with Couchbase, but it’s the incremental value proposition and ease of use and all the things that we’ve built into Capella that are getting those deals over the line. And if I were to take you through migrations and new applications inside customers, it’s more of that value proposition coming to fruition. We have a very broad based platform and we continue to add to it with additional services. Customers have always valued that. We’re now marrying up the consumption, the way they want to consume the technology with all those capabilities which we believe are differentiated and industry leading in our single cloud edge platform.
So it’s that combination that’s providing the uplift, not necessarily an ability to get at new use cases because we work so hard to have those capabilities in place.
Operator: Our next question comes from the line of Matt Hedberg with RBC Capital Markets. Please proceed with your question.
Matt Hedberg: Thanks, guys. Congrats from me as well. Matt, the accelerating net adds were great to see. I think you gave some statistics on first half or even Q2. Was there anything unique with this quarter’s adds? Anything pull in for instance? I know you just talked about a large renewal cohort, but I guess I’m wondering in Q4, but I guess I’m wondering on the new business. Could this be a new run rate for kind of quarterly net adds?
Matt Cain: Look, Matt, we’ve said quite transparently that this was an area that we need to improve in. And we’re certainly pleased with the results and I think it shows that the first half was an anomaly. We still have ways to go. I will tell you it was the highest gross adds that we’ve ever had as a company and it was driven by the highest gross adds of Capella. Now, we’ve expected that and it’s not just the Capella value proposition, it’s also operational rigor and the things that we’ve been focused on, on a go-to-market, expanding our partnerships. So, there’s a lot of what I like to say lines in the water to drive the proven there and there’s no bigger focus area that we have as a company. And I think this is much more indicative of what we can and will be delivering on a go forward basis.
Matt Hedberg: And maybe, Greg, this might be a topic of Analyst Day. But as we’re thinking about our models next year, you didn’t obviously guide us for fiscal ’25. Are there any guideposts that you give us on sort of growth or margins, in sort of, we’ve known your philosophy on sort of like trying to focus on growth but also expand margins as well. Then any sort of commentary that you provide us with tonight on how we should think about next year?
Greg Henry: Yes, hey, Matt, good to hear from you. Look, there’ll be a lot more obviously next week. We are not going to be giving specific fiscal ’25 guidance until we get to our Q4 earnings. So 90 days from now, but we will obviously provide some sort of long-term view of how we’re thinking about it. That said, we are extremely mindful of profitability, free cash flow, op income and we are working to create a more efficient model, get more leverage out of the model. And again, I think you saw some of that continue to come through this quarter and all year and we’re just committed to continue to improve our margin profile and move our way to profitability.
Operator: Our next question comes from the line of Jason Ader with William Blair. Please proceed with your question.
Jason Ader: Just wanted to ask first for you, Greg, Q1, I know you’re not giving specific guidance, but if I look at the last to Q1s, it was down a little bit sequentially from Q4 to Q1. So just remind us on the seasonality and any other kind of puts and takes as Q4 turns into Q1?
Greg Henry: Yes, I’ll give you some sort of how general is as I was alluding before, Q4 is typically our largest quarter of the year and Q1 is typically our smallest quarter of the year depending on the year of course. So I think the seasonality you’ve seen historically is reasonable to think about. But again, we’re not guiding yet. As I mentioned, we’ve got a couple large deals that could fall in Q4 or Q1, Which would change sort of that dynamic. So that’s why we’re not ready to sort of come out with guidance because we just really need to see how that’s going to play out timing wise. They’re going to happen. It’s just a matter of, when not if. But I think again seasonality wise, we’ve seen historically our Q4 to Q1 is typically it’s not nearly as big as the renewal pool, just not as robust.
Jason Ader: And then for you, Matt, you talked about the columnar analytics feature. I don’t know, it’s just a big deal. Every company introduces features and talks about how great they are, but how important is this? Maybe talk about some use cases where this might be used? Just try to get a greater sense on the importance of this new capability?
