George Wang: Okay. I have to create a follow-up. Just in terms of the AHV kind of your own hypervisor this quarter is 63% mix, up 2 points sequentially. Can you give some color just on the traction of your own sort of hypervisor? And how are you seeing in terms of the migration kind of customer reception?
Rajiv Ramaswami: Absolutely. And I would say, it’s becoming more and more important now in the context of the whole VMware-Broadcom acquisition as well. Now for us, it’s always been a blend. We would like to see, of course, more customers using AHV, okay? On the one side, which, of course, will mean that our AHV as a percentage of our workload keeps going up. But at the same time, we see there’s a huge opportunity in terms of us inserting into other hypervisor footprints. And in fact, that’s the default. It used to be — if you go back many years ago, that was our default. We would insert it into somebody else’s hypervisor environment, like a hypervisor. So we want to continue that because there’s still a huge opportunity there.
So the model with customers has been, in some cases, we will go and start on top of a third-party hypervisor with the rest of our solution stack. So our software-defined storage, for example. And then over time, they will choose to migrate some of that to AHV. We also have a dynamic where in many new customers, they go all in with AHV from day one as well. So we have both those dynamics, and we want to maintain a balance of both because we do want to, of course, have customers on our own hypervisor and sell them the full stack solution. But at the same time, we want to be able to go after those customers that have other hypervisors and be able to insert into their environment as well. So I’d say — so that’s the blend that we’re trying to get comfortable with, but overall, it continues to mature.
More and more customers using it. Ecosystem is being becoming broader and broader. We have third-party certifications like Red Hat and others on it now. So it’s becoming, let’s call it, ready for all mission-critical workloads at this point.
Operator: Due to the interest of time, our final question comes from the line of Thomas Blakey with KeyBanc.
Thomas Blakey: Nice quarter. I just wanted to maybe just simplify a lot of the questions that were asked about renewal trends. I mean it’s very important for hitting some longer-term free cash flow targets. Could you just speak to the trend? No numbers in fiscal ’22, fiscal ’23. What you’re seeing from a renewal opportunity in fiscal ’24 to fiscal ’25 to hit those targets? Is the trend moving in the right direction? And just start there.
Rukmini Sivaraman: Tom, thanks for the question. So look, I think we’ve emphasized a few times and I’m happy to, I think, clarify I think for you, Tom. It’s a good question on just the overall renewals work stream. We’ve talked about how it’s a driver both of our growth and efficiency, and it continues to perform well. And yes, we do believe it’s going in the right direction, not just for fiscal year ’23, as we talked about in majority of growth coming in, in ’23, but also more generally, right? And that’s why we did mention that we reiterate our sort of $300 million-plus free cash flow number for ’25, and so we continue to believe that, that thesis still holds.
Thomas Blakey: And given the commentary around the macro, maybe a downtick in my opinion from what I’m hearing from the last couple of quarter calls here and combined with the solid results. Can we get some feedback in terms of what maybe the higher kind of net dollar retention rate was on some of these renewals? What are — where are those numbers up? And what was driving that?
