Allan Thygesen: Yes. So I’ll go first. We really did see strength across the board. So our cost segments, Blake highlighted that we had progress both on the enterprise side and the SMB side. From a geography perspective, yes, we grew faster internationally, but we did grow everywhere. And on the industry side, we did see a broad-based strength there as well some recovery effects, those mortgages, but we sell to customers in all industries. I highlighted during the full, new significant deals with in manufacturing, in energy and health and so on. There’s hardly an industry that doesn’t rely on agreements and that therefore, it doesn’t represent an opportunity for us. So there really isn’t much there. At an overall macro sentiment, I would say, marginally improved from my standpoint.
We’re not projecting anything more than that looking ahead. As always, we base our plan on current macro conditions. But I think there was a little bit of help across the breadth of our business, but we’re almost an index just given the breadth of verticals, segments and countries that we have.
Blake Grayson: And then to follow up on the second question about free cash flow and how we utilize it. We’re in a great spot. We ended the quarter of the year with cash and investments of $1.2 billion. No debt now on the balance sheet. This last — and also, obviously, we have a foundational business now that generates considerable amount of free cash flow, we use some of that deployed some of that this year for — like you talked about stock buybacks, but we also use it to retire debt. There’s obviously M&A opportunities for us. And we’re likely more active than you think we are about looking around what opportunities are available for us. And then there’s — we can invest in the business or you have options for dividends, things like that down the road.
I would say that with that kind of stabilizing results and the operating efficiency improvements we feel we can increase our ability to opportunistically return capital to shareholders while still investing in the business. And it’s just — we’re committed to increasing the rate with which we return excess capital opportunistically to shareholders, and we’ll see how that develops out over the year.
Operator: Our next question comes from the line of Rishi Jaluria with RBC Capital Markets. Please proceed with your question.
Christopher Fountain: Hi. This is Chris Fountain on for Rishi Jaluria. Thanks for taking my question. I wanted to first ask about the large customer cohort strength that you saw in the quarter. Is that like better volume and consumption trends? Or is CLM capabilities kind of starting to push some customers over that $300,000 ACV cohort. And then also, I was wondering if you could just dig in a little bit more to the R&D investment priorities you mentioned for the coming year? Thanks.
Blake Grayson: I’ll take the —
Allan Thygesen: You take the first one and I’ll take the other one.
Blake Grayson: So, yes, I would say definitely saw improvement in enterprise customers, again, the $300,000 accounts growing sequentially quarter-over-quarter. I’ll say that from a renewal rate perspective, enterprise still has room to improve. But I will say that our renewal rates improved sequentially Q3 to Q4 in the enterprise space, more than any other kind of large customer segment that we had, but still room to improve there admittedly. And so we’re excited about the opportunities and mostly in R&D, right, that give us those opportunities to provide additional solutions and products to customers. Then I’ll let Allan.
Allan Thygesen: Yes. On the R&D investment front, I’d say we’ve long felt there was an opportunity to reimagine the agreement journey for companies large and small. And we’ve add solutions for — at various stages of that journey in the past, obviously, most exemplified by our signature products. In about a month, we will release a broader suite of solutions there, and that there’s been a significant investment in that effort during the course of the last fiscal year. And that will continue because we feel we have a multiyear road map of value creation ahead of us there. So that is the biggest investment area. In addition to that, one other area that’s getting a meaningful amount of investment is we are moving our platforms to the public cloud, Microsoft Azure, it’s underway, and that’s a significant effort as well from an infrastructure perspective. Those are the two things I’d highlight.
Operator: Our next question comes from the line of Brad Sills with Bank of America. Please proceed with your question.
Adam Bergere: Hey, this is Adam Bergere on for Brad. I guess I’d like to start, what are some of the initiatives you are making in terms of like the product-led growth or self-serve missions? And what changes have you made so far there? And what changes do you still want to make?
Allan Thygesen: Yes. Let me take that one. So I think during the course of the fiscal year that we just finished here, a lot of our effort was on making the process of buying DocuSign directly from DocuSign, and on our website and in our products much more seamless. And we made substantial improvements there. So much better flows to allow you to easily upgrade solutions to focus on — put better use of a variety of payment solutions, et cetera. I’d say this year, that will expand beyond the core e-signature products to some of the newer products that we’ll be launching and to supporting other channels. Those notably our direct sales channel, we want to offer those customers the ability to self-serve to the greatest extent possible and there will be significant capabilities added there throughout the year.
And also for our partners where we have I think, opportunities for meaningful improvement and how easy it is to do business with us. And that’s another area we’re investing in. So this is across every pillar of our go-to-market effort that has already borne fruit, as you’ve seen in our digital sales growth, and it will really impact across the business, I think, this year. So very excited about that.
