Alex Zukin: Hey, guys. Thanks for taking the question. Congrats on good execution in the quarter. Maybe just the first one, Allan, you kind of teased on wanting to talk a little bit more about AI. So, I’ll kind of zoom out a little bit and just ask, if you think about the priority list for the company to reinvigorate the growth engine, stack rank in your mind, like is it new products? Is it AI monetization? Is it the PLV opening up kind of the umbrella? Like, stack rank, if you would, your strategic thought process on how to kind of reaccelerate growth for the business? And then, I’ve just got a quick follow-up.
Allan Thygesen: Yes, it’s a good question. I mean, I think these things all impact us in different timeframes, right? So, I think we — overall, I would say, product innovation is going to be the biggest driver and unlocker of our medium- to long-term growth. We do believe that we have very credible low-hanging fruit from better execution on our self-serve and product-led growth motion, and so that’s a top priority to drive greater efficiency in the near to medium term. I think the AI impact is perhaps the biggest in the long term. And we are starting to ship products, as I alluded to, and we’ll announce more next week. But in terms of its overall impact on the business, I think it’s still behind the other two in the near to medium term.
But in terms of the long-term potential of our category of agreement workflow, I think it’s a massive unlock and a fantastic opportunity for DocuSign. I think we’re exceptionally well positioned. So, maybe one other comment about that, if you think about the — lots of companies talk about AI. And there are commercial AI models available at the consumer level and so really any enterprise will pay the fee. We believe that our opportunity is both category specifically just lends itself to AI, and we — at every stage. But then if you look at DocuSign, we have deep experience built over multiple years of building agreement-specific models. It’s not the same as drafting a high school essay. And we have a deep expertise and the level of accuracy that’s required there.
We also have the largest data set of agreements of any company, I think, on earth, which puts us in a position to help our clients extract more value out of AI models. And then, lastly, we are, of course, executing very deliberately and intentionally on partnerships with the leading cloud vendors and taking full advantage of the innovation that they’re powering. So — to our work with Microsoft, and we are, of course, talking to the others as well. So…
Alex Zukin: Super clear answer and very interesting. Maybe just as a follow-up. Cynthia, it’s a bit unusual to hear about outperformance on billings driven by in-line renewal trends. We’ve heard it before on early renewals, but it implies that a year ago, your renewal trends were either below seasonal average or that your guidance was kind of [intenting] (ph) on below plan renewal. So maybe can you just help us understand how do you set that plan? And for the rest of the year, are you assuming that renewals come in at the rate they came in, in Q1, or are you assuming a bit worse? Just help us kind of understand that dynamic for the rest of the year.
