Dave Gennarelli: Let’s go to Gray Powell at BTIG.
Gray Powell: Okay, great. Thanks for taking the question. Yes. So, I just wanted to follow up on Matt’s question and just drill into the revenue guidance more. So I mean, I guess, this 16% to 17% growth seems really conservative. I definitely appreciate there’s a lot of uncertainty out there and that you guys are giving us visibility pretty — a lot earlier than most companies will. So I mean, can you maybe just talk more about how derisked do you think that number is? And then, within the context of that guidance, how should we think about growth between Workforce and Customer Identity? Thanks.
Todd McKinnon: Hey Gray, I think this is a good time to be very, very cautious, in my opinion. And you heard Brett’s comments about the conservatism and the pragmatic approach we’ve taken to the forward outlook. There’s something else that he didn’t mention directly, which I think is important, which is, like every other company in the world, we are looking at our investments, particularly the investments around growth and really stack ranking them and saying, what are the most likely to have high ROI? And what should we double down on that we think is going to be the most productive? And some of the things that maybe in years past, we would have embarked upon that the likelihood of a higher ROI isn’t as high, we’re not going to do those things. So, you’re also seeing a focusing and prioritizing of the initiatives of the company and that means on margins less investment and also less opportunity for growth.
Gray Powell: Got it. Okay. Thank you very much.
Todd McKinnon: And about Customer Identity and Workforce Identity, I remember that was part of your question, too. When we think about macro and we think about the situation worsening and our outlook of it getting worse before it gets better, it’s pretty balanced across both of those business lines, both customer and workforce in terms of the impact. We did see more impact in the SMB segment across both of those business lines. And there’s kind of puts and takes we’re seeing across both in terms of — we’ve seen cases where the economic environment is leading to people really scrutinizing budgets and not moving forward with projects. But we’ve also seen cases where companies really want to consolidate and invest more aggressively because of the more focus on expense control and consolidating on one vendor.
So it’s a little bit hard. It’s definitely not specific to any particular one of our products. And in terms — it’s a little bit hard to predict because we see conservative economic conditions or recessionary conditions, helping in some cases and hurting in other cases. So, it’s a little bit hard to predict, which is why we think it’s really prudent to be super cautious in the outlook.
Brett Tighe: Yes. I would add to that. I think from a macro perspective, like you heard me say a couple of minutes ago, I would probably be less focused on Customer Identity versus Workforce Identity. It’d probably be more along the lines of which segments they’re in, right? We saw that softening of demand kind of in the small and medium-sized businesses in North America. On the flip side, you saw some really large customer wins in the quarter, actually a fair amount of them. We saw the greater than 100,000 number grow at a very healthy clip. So, it’s kind of a tale of two worlds right now in terms of segments. That’s probably where we’re seeing the biggest differentiation rather than by product.
