Brad Sills: Good. Great. And good luck, Cynthia. It’s been great working with you. I wanted to ask a question around Agreement Cloud. I know it’s still early here. But where is the focus there? There are some components that I believe are already — you’re already well positioned for upsell on to the base like eNotary and Analyzer. So, just curious if that’s an area of focus increasingly from here. Thank you.
Allan Thygesen: Yes. So, we are focused on delivering a full suite of workflow tools across the agreement journey, and then an intelligence layer that for — that can assist really at every stage. I think we’ve shipped components of that in the past, but I think we’re really looking to bring all of that together and fully fill out that suite, if you will. We’ll do a lot of that work this year. Some of the releases that you saw in Q1, very much emblematic of that. I’d add to that I think the biggest change in our roadmap beyond that clear focus and articulation on agreement workflow is really the advent of generative AI. We’ve been working on AI for several years. As you know, we have products like Insights that leverage earlier generations of AI models.
But given the enormous change there, that’s a fantastic opportunity to really unlock the category. And so, we’re investing very heavily there. We released some new products, and we’ll release more next week at Momentum, but I’m sure we’ll talk more about AI during the call. So, I’ll stop there.
Brad Sills: Sounds exciting. Thank you, Allan.
Operator: Thank you. Our next question comes from Mark Murphy with JPMorgan. Please proceed with your question.
Mark Murphy: Thank you very much. Cynthia, could you just remind us what is it mechanically that causes subscription revenue to decline a little sequentially in Q1 and then returning to some amount of sequential growth in Q2? I know there was an element of — similar to that last year, but I’m just wondering if there is anything anomalous in Q1, or is that a pattern that would recur seasonally as we get into Q1 of next year?
Cynthia Gaylor: Yes. So, Q1, a good observation, it’s mainly due to the number of days. There’s fewer days in the quarter in Q1. So, this Q1 had a few less days than other quarters. And so, that’s the main factor there. I think the revenue per day is up, but the function of days in the quarter impacts that for this particular Q1.
Mark Murphy: Okay. And just as a quick follow-up, how is the behavior if you drill down into the real estate verticals? And if you think about it across residential — both residential and commercial, is there any sign there that might cause you to think there could be some firming up as — perhaps as interest rates stabilize or just having better performance in the equity markets? Is there any signaling there that is creating a sense of stability or optimism maybe as you get closer to the second half?
Cynthia Gaylor: Yes. I mean, it’s a good question and we’re certainly not economists. But I would say in general, in our prepared remarks, we covered this, but they are macro. We are seeing kind of customer sentiment across the base. I think, for DocuSign, we have a diversified customer base, which really helps us in up and down markets. I would say, real estate and pockets of financial services continue to be softer than some of the other verticals like manufacturing or business services, which were stronger. So, I would just say, I don’t know that we can prognosticate like what the future holds there, but we do have a diversified customer base that does help insulate our business given the long tail there. But real estate definitely is continuing to show softness along with other sectors or sub-sectors that have interest rates or mortgage exposure in this environment.
