Dominic Phillips: And maybe I’ll just add a little more. Just our overall go to market motion in a way that we kind of incentivize the sales reps is really just commission rate tied to overall net new ACV. So, whether that’s a new logo or an expansion to an existing customer, you know, they’re incentivized to go out and get as much net new ACV as possible. And we’re seeing really good balance right now as we mentioned, 55% of our net new ACV in Q3 were tied to expansions to existing customers. And so, really good balance between, kind of net new ACV coming from new logos, as well as existing customers.
Peter Burkly: Awesome. That’s really helpful color. Maybe just a quick follow-up if I could. You know, international still represents a pretty nice area for potential expansion when taking, sort of a longer term view. Just curious, you know, if you’re looking at Western Europe or elsewhere, what are the key barriers to adoption in those other regions versus what you’re seeing domestically, if any? You know, is it just a matter of getting more reps on the ground over there or just curious about the dynamics there?
Sanjit Biswas: So, the used cases are remarkably similar to what we have here in the U.S. and in North America. So, in Western Europe, the customers are still focused on safety, efficiency, and sustainability. There are some region specific features, some language changes that we have to make. There’s some different regulatory compliance domains for our workflows. But I would say, you know, 80%, 85% of the product is very similar. And now we’re beginning that invest of getting more quota-carrying capacity on the ground and also increasing our base of reference customers. So, I think with time, you’ll see us grow into that TAM, but we’re kind of taking it slow and we’re also focusing on our efficiency as we grow.
Peter Burkly: Great. Thank you both for your color.
Mike Chang: Our next question comes from Derrick Wood at Cowen followed up by Matt Swanson at RBC.
Derrick Wood: Great. Thanks guys and congrats on a solid quarter. It does feel like the broader supply chain conditions have eased a bit. It sounds like you guys are seeing that with your operations as well. Just curious as companies don’t have to deal with the supply chain disruptions, seen over the last couple of years, and maybe as they’re kind of recouping some better cash flow and market visibility, how is that impacting, kind of better customer conversations and willingness to do more digital transformation, kind of initiatives?
Sanjit Biswas: So, the customer view on this is, supply chain has been an area of focus, mainly because they’re trying to get better visibility, but in terms of the value that our platform offers, a lot of it is tied to labor. So, if you think about these industries, whether it’s construction or oil and gas or field services, they’re people intensive as much as they are asset intensive. And what we’re able to do is, help them go find 10%, 15% operating efficiencies out in the field. We’re able to help them save money on fuel, which is when they’re operating those assets, and then also around things like carbon reporting. So, those are all unrelated to supply chain constraints. So, I would say there’s multiple sources of value on our platform, while getting better asset utilization has been one of the many pillars or prongs in terms of the Samsara platform.
It’s not the only one. So, we still have a very broad-based appeal, and we’re able to drive very fast time to ROIs we talked about earlier, across more than just visibility and supply chain.
Derrick Wood: Great. And, Dom, maybe one for you. I mean, really great to see that the net revenue retention rate on 100K customers is stable over 125%, I mean anything €“ how do you feel about the durability of this number? Anything to be aware of, of tougher comps or given the macro, do you feel that this is a pretty good sustainable level from here going forward?
Dominic Phillips: We do. Yes, we feel confident in being over 115 for core customers and 125 plus for, you know, for our large customers. And again, we were just seeing a really good balance of net fee coming from new logos, but also more than half of it again in Q3 coming from our existing customers. And you know, and we’re seeing a lot of the large customers continue to come back. And once they’ve realized ROI on one used case or one product continue to add, you know, more products and used cases and find additional ways to save money. And so, more and more of our business is coming from 100,000 plus customers, 47% of our overall ARR is driven from that that customer cohort now, and you can see how that’s increased over the last, you know, couple of years.
Derrick Wood: Great. Well done. Thanks.
Mike Chang: Our last question today comes from Matt Swanson at RBC.
