Koji Ikeda: I kind of wanted to go back to the fiscal 2024 guide and dig in a little bit deeper there. Because when I look at the fourth quarter guide, it really kind of assumes a 1 percent-ish sequential growth rate, and the mid-teens growth for 2024 is quite a bit higher than a 1% sequential growth rate to get there. And I appreciate all the color that you guys gave, some of the things that you’re seeing from a consumption patterns and bookings perspective and usage perspective. But I guess the question here is this guide for 2024, this early look, does it mean that the macro gets better from here? Or does it — the patterns that you’re seeing within the business now and the macro stays the same can get to that mid-teens target?
Janesh Moorjani : Koji, I’ll take that. So maybe just to clarify on the Q4 guide. Just as a reminder, Q4 has 89 days, and every other quarter has 92 days this fiscal year. So that represents about a 3 percentage point sequential growth headwind in Q4. And so that’s just something that you need to factor in, and we obviously had that last year as well. So it does not affect the year-over-year growth rates, but it does affect the sequential growth rates as you build that out. And so if you think about our year-over-year growth rate guide for Q4, that’s 18% in constant currency terms, and so the FY ’24 growth rate is really consistent with that. And obviously, we’ve provided an initial outlook. We will formalize this as guidance later, but in that mid- to high teens range.
So within that, we’re not assuming anything significantly different about the macro. It’s still very early. We’re not predicating this on some thesis of macro improvement. We certainly are not in a position to predict that. We provided the outlook based on the current state of what we know and what we see out there today. And then as I said earlier, within that, we obviously have some degree of ability to absorb some further variability on that in any of the direction really. So that’s the way we’re thinking about fiscal ’24 at this stage.
Operator: Your next question comes from Ittai Kidron with Oppenheimer.
Ittai Kidron : Two things I want to dig in. First of all, the optimization process that you’re seeing with customers. Can you give us examples of what are the exact actions? Sometimes they take in order to optimize their deployments, number one. And number two, why wouldn’t one think that when a customer takes an optimization activity, why is this is something that’s done very quickly and then moving on? Like why does optimization processes, why can they linger over multiple quarters rather than be executed fairly quickly?
Ash Kulkarni: Yes, Ittai, I’ll take this. Thanks for the question. So optimization can take several forms, right? So for example, customers can temporarily choose to store less data. That’s just one example. In some cases, they can accelerate their plans to maybe shift more of their workloads to less performant storage like our frozen tier at a lower price point. They could choose to optimize how they ingest data. For example, they might do some amount of sampling. And in some cases, it might just be that they are starting their expansion a little slower just because they are trying to think about the costs involved, et cetera. I think the important takeaway in many of these optimizations is that some of these optimizations are temporary.
