Jake Roberge: Great. Thanks for taking my questions.
Operator: Thank you. Our next question comes from Michael Turrin with Wells Fargo Securities. Please proceed with your question.
Michael Turrin: Hey, thanks. Appreciate you fitting me in. Just one for me, maybe on expansion rates. We’re hearing some software companies started to comment around when they’ll hit a 12-month period and start to lap some of those impacts. Is there any sense you have at this point in time around where or when the expansion headwinds start to settle, assuming we remain in a similar environment? And our gross retention rates, I know you had a comment last quarter on those, are those still holding consistent here? Just any additional context is helpful. Thanks.
Cynthia Gaylor: Yes, for sure. Thanks for the question, Michael. So I think expansion rates — our dollar net retention rate came in at 105%. And for Q2, we’d expect that to continue to come down. Overall across the business, when you look at the different metrics, pressure on expansion rates is the largest contributor to the pressure we’re seeing on the top line metrics. And so, we would expect that to continue just based on what we’re seeing and what we’re expecting in Q2 on dollar net retention. And again, that has been really attributable, if you think about why is it compressing things around customer buying behaviors, scrutinizing budgets more generally, some of the tea leaves around the macro factors. You have to remember, we’re a land-and-expand model.
And so, within that, as companies land, the rate of them expanding is coming down, and you see that even this quarter in some of the customer metrics. So I think those few — those handful of things are really driving kind of that expansion rate. And you see it more backward looking in dollar net retention, but you see it in some of the other metrics on a real-time basis as we move through the quarters.
Michael Turrin: And then, gross retention rates, I know you mentioned partial churn. Are gross retention rates consistent still?
Cynthia Gaylor: We don’t disclose gross retention, but I think when we look at various things like the expansion rates — and we do internally look at churn rates, expansion rate is really driving kind of the compression that we’re seeing more than — and then some of the other pieces.
Michael Turrin: Thanks, Cynthia. Best of luck to you. Thanks.
Cynthia Gaylor: Thank you.
Operator: Thank you. Our next question comes from George Iwanyc with Oppenheimer. Please proceed with your question.
George Iwanyc: Thank you for taking my question. Allan, maybe can you expand a little bit on what you’re seeing in international markets and how you’re leveraging partners and ecosystem expansion there?
Allan Thygesen: Yes. I mean, overall, I think we’re seeing some softness, right, across the business. International is not an exception, but on a relative basis, I think it’s a less meaningful factor. It is growing faster than our domestic business. It is the largest part of our addressable market, and we’re still only 25% of our revenue. So, we have a huge untapped opportunity. Most of the international markets are at an earlier adoption phase. I think a lot of that is due to regulatory history and cultural habits, but we see that really starting to change now. And so, it’s one of the reasons that give us confidence to invest. As I mentioned, we’re particularly beyond the major English-speaking markets and a few existing large European markets like France.
