Dominic Phillips: Sure. Yes. So look –and we need to get through Q4 obviously before we finalize our plan for FY2025. But I’d say that based on our current outlook, I think the initial FY2025 revenue dollar range that we provide will be higher than the current consensus number, given that we just beat Q3 and we raised Q4. And I would also frame that as de-risked.
Matthew Hedberg: Thanks a lot guys.
Dominic Phillips: Thanks.
Mike Chang: Our next question comes from Keith Weiss at Morgan Stanley, followed by Kash Rangan at Goldman Sachs.
Chris Quintero: Hey guys. This is Chris Quintero on for Keith. Thanks for taking our questions. And I’ll add my congrats too on the quarter. Really exciting to see Mobile Experience Management already cross $1 million ARR given it’s a new product. So what do you think that says about your ability to launch and scale new products? And does this change how you view the opportunity with new products like connected forms on a go-forward basis?
Sanjit Biswas: Yes. I’ll take that one. We are very pleased to see MEM startup line so quickly. I think we have a large base to work with, and that’s where we get a lot of our ideas and our product feedback from. We’re excited to be launching more products into our markets over time. But this was the strategy was to build out a platform, build deep customer relationships and then continue to scale with multiple products over time.
Chris Quintero: Got it. That’s very helpful. And then Dominic, revenue growth of 40% was really strong. But I think net new ARR growth of 20% year-over-year and down sequentially is a bit lower than the historical seasonality that you’ve seen in Q3. So just curious if there’s anything I call out there?
Dominic Phillips: Yes. I mean, I would just – I’d say it’s important to remember that net new ARR is seasonal. So I would probably look at year-over-year comparison as probably more indicative of the performance in the quarter than quarter-over-quarter. But maybe just even as a reminder on the seasonality, normally Q1 is generally our seasonally weakest quarter, and then Q2 generally steps up from Q1 because we’ve got a bunch of sales reps that are on semi-annual quotas, so we see a bump up from Q1. Q3 tends to be flat – flattish to Q2. And actually, if you look back, three of the last four non-COVID years, Q3 net new ARR has been within a $1 million of Q2. And then Q4 tends to step up and be our seasonally strongest quarter because all of our sales reps have a quota period that ends in Q4. So I would just point back to Q3 net new ARR flattish to Q2. It also accelerated for the third consecutive quarter and Q4 is off to a good start.
Chris Quintero: Excellent. Thank you.
Mike Chang: Our next question comes from Kash at Goldman Sachs, followed by Derrick Wood at TD Cowen.
Kasthuri Rangan: Okay, great. That’s an unbelievable benchmark you’ve reached. Very few companies have been able to grow at that pace and hit a $1 billion in revenue and keep the momentum growing. My question for you, maybe it’s more appropriate for Sanjit. The non-transportation mix of net new ARR is very high. Clearly, the end markets are diversifying and opening up in ways that at least I had not thought about. What does that tell you about the TAM for the company? Because it’s no longer just the fleet management, telematics type opportunities, something much bigger than that. Can you tell us how you think about the product strategy, go-to-market strategy as a time really becomes something different and bigger than what at least I thought it was, which was going to be more telematics and vehicle-related? But seems like your process workflow automation for many kinds of business processes that are outside of the core domain. Thank you so much.
Sanjit Biswas: Sure. So Kash, I think you’re making a really important point, which is, we are selling to the broader world of physical operations. They happen to have many fleet vehicles, and so it’s been our kind of entry point or foothold. But we now work across companies in the world of construction, energy utilities as I mentioned some local governments. So it’s way beyond kind of the typical or the fleet market that people tend to imagine. So that’s been part of the strategy from the beginning, which is to build out this broad platform. We do see an opportunity to continue expanding with lines like connected equipment, which is now over a $100 million in annual recurring revenue. As you said, non-fleet products are now over 17% of our mix, so we would expect to see continued strength and growth there.
But we are thinking much more broadly. We’re thinking about workflows, we’re thinking about Mobile Experience Management, and we’re kind of trying to find new ways to really connect our customers’ operations across more than just their fleet vehicles.
Kasthuri Rangan: Fantastic. Congratulations. Thank you so much.
Mike Chang: Our next question comes from Derrick Wood at TD Cowen, followed by Alex Zukin at Wolfe.
Derrick Wood: Sorry, I was on mute. Thanks, and congrats on another great quarter. Sanjit, you guys have 6 trillion data points running through your platform, I think I saw. Anything to update on what kinds of potential there is to train large language models with this data, create new kinds of generative AI applications, and how should we be thinking about the potential value for copilots?
Sanjit Biswas: So it’s an area we’re investing in, as you mentioned 6 trillion data points. On the video side, we also see 44 billion minutes of video footage recorded by these dash cameras. And then we have now third-party ecosystem integrations as well. So there’s frankly a lot of data to train on. We’ve seen great results training on some of that video footage for our AI-based safety. And now we’re taking in that kind of broader moralistic set of data to train generative AI models. The way we think about it is, again, through the lens of the customer, what’s going to be practically useful for them out in the field? Can we speed up some of their workflows? Can we help them with things like dispatch and their customer activities?
So we’re going to be continuing to train models the way we have for the last several years with this increasing data asset that we’re building. But we’re going to be looking at it through a customer lens to say, what else can we do for them and not just the technology lens of generative AI.
Derrick Wood: Okay. Great. And Dom, so I mean, you guys have I mean, just one of the highest growth rates in all of software, really impressive. And I think of kind of the algorithm underneath this is kind of a P x Q model, sales capacity and sales productivity. You had a lot of sales hiring last year and those new reps ramped quite a bit through this year. You’ve moderated your growth this year, and that would insinuate that maybe you’ve got some slower growth and productive sales capacity next year. I guess, how do you think about this growth algorithm for next year? And now that you’re generating cash and continue to see such good demand, are you thinking about kind of pressing the gas a little bit more on hiring going into next year?
