Sanjit Biswas: Yes, Alex. Happy to chat about that. So insurance is an exciting area for us because we are so closely aligned with these insurers. Our products are helping these physical operations customers reduce risk out in the field. And in the case of exoneration, it helps resolve claims much more quickly. So, we have a number of large insurers that have signed up with us. The logos are available in the Samsara App Marketplace if you want to take a look. And to kind of get to your question, it is absolutely an important area that we are investing in from a channel and partnerships perspective. Typically speaking, insurers don’t sell this kind of technology or resell the technology. So today, they are mostly referral partners of ours.
But the partnerships are going really well. We are getting introduced to both large and midsize fleet customers and other types of customers through that. So I think it’s an area we are going to continue to invest in, because there is so much value in value alignment.
Alex Zukin: Perfect. And then, Dom, on the bottom line, you guys continue to find efficiencies in the business for multiple quarters now, the incremental margins continue to look solid, maybe just lean in a little bit about your expectations for sales hiring and quota carrying capacity for the coming year. And also maybe just remind us at least from, I know, it’s for illustrative purposes, but if you exclude the hardware cost associated with the business, what would kind of the adjusted free cash flow margin be in that case and how to think about that metric over the core €“ even exiting next year?
Dominic Phillips: Sure. So I think we made a lot of investments in overall headcount in FY €˜23 growing 40% year-over-year while being able to improve our overall ARR per employee. As I look into FY €˜24, we continue to hire we have more than 200 or around 200 open wrecks on our website right now. And so I expect the overall headcount growth to still be going into the next year and a subcomponent of that will obviously be sales capacity. We really look at productivity metrics to really drive our investment decisions. If we see productivity net new ACV programs to rep improving that gives us confidence that we can continue to hire, if we see it go down, then that means we probably need to pull back and we are cutting territories and accounts too quickly.
So we will really continue to use that data to monitor how we are going to hire into next year. But I do expect that we will continue to build more capacity that won’t necessarily help us in FY €˜24but more so in FY €˜25 given the four quarterish ramp for new sales reps. On your second question, so about 21% of our revenue in Q4 was spent on inventory, on our IoT devices and on inventory. And so with a minus 3% free cash flow margin, our free cash flow margin sans dollars going out the door for inventory would have been positive 18%. So, we recognize that obviously a significant component of our service or IoT devices, but I think that, that goes to show investors just the overall kind of leverage in this business longer term in the efficiency in which we are operating.
Alex Zukin: Perfect. Thank you, guys. Congrats again.
Dominic Phillips: Thank you.
Mike Chang: Let’s go back to Matt Pfau at William Blair followed by Derrick Wood at TD Cowen.
Matt Pfau: Hey, thanks. I wanted to ask about being used more and more as a system of record with your customers, as customers use more APIs incorporate view more on your workflows. I assume that makes them stickier. But what are you seeing in terms of potential monetization opportunities as that happens?
