Dominic Phillips: Yeah, I mean, just — and to add on that, obviously, we accelerated the year-over-year growth for $1 million-plus customers, this is the fourth consecutive quarter that we had a quarterly record for $100,000-plus customer additions, and then obviously, we signed our largest net new ACV deal ever with USIC. And so, we’re seeing a lot of momentum with large customers.
Matt Hedberg: Exciting stuff. Dom, one for you. You don’t guide to ARR, but I’m wondering if you could help us with any sort of guidepost or guardrails to think about ARR growth, some of the building blocks maybe relative to your adjusted revenue growth target, I think it was 29% to 30% for the year.
Dominic Phillips: Sure. I mean, I would just say, first, obviously, we came off a really strong year. In FY ’24, we added $307 million of incremental ARR, grew at 30% year-over-year, that’s an acceleration from 9% net new ARR growth in FY ’23, and obviously had a much larger scale. As I said in my prepared remarks also, Q4 was the highest net new ARR growth that we’ve seen in the last 10 quarters. And as we pointed this out in our modeling notes that we think that we can at least match that amount of net new ARR in FY ’25. We’re obviously still monitoring macro uncertainty and we are adding a lot of sales capacity, and so, monitoring the sales rep productivity. But if those headwinds don’t come to fruition, we like the capacity that we’ve added and we’re going to continue to add more. So, I think I’d say that’s how we’re thinking about it to start out the year and we’ll have better visibility as we make our way through FY ’25.
Matt Hedberg: Thanks a lot, guys.
Mike Chang: The next question comes from Alex Zukin with Wolfe, followed by Michael Turrin with Wells Fargo.
Alex Zukin: Hey, guys, congrats on a truly remarkable quarter. I guess you had a kind of a trifecta largest net new deal, largest amount of $100,000 adds, and also what seems to be accelerating sales cycles, meaning your newest products are getting more traction, faster than even your previous cohort of products. So, maybe just help us understand on either of those dimensions, what’s the incremental significance to the future growth, meaning the largest land ever, is that kind of continuing to — will that be a reference customer and you see a continual cohort of potentially larger lands now that you’re selling a lot more comprehensive of a platform package at like basically from the start, and therefore, I don’t know, it’s driving meaningfully higher productivity of reps, or how are all three of those things kind of playing together?
Dominic Phillips: Hey, Alex, it’s Dominic. I would say that — I think it’s just important also to know that the ARR — the year-over-year ARR growth for our core products Telematics and Safety accelerated, the overall ARR accelerated sequentially. So, it was a very strong Telematics and Safety quarter. But we are starting to see some of these emerging products be attached and many of the deals, specifically, new customers, I call out that all 10 of our top 10 new customers were multi-product transactions. And so, I think it just gives us more opportunities to create more value for customers, whether it’s a new customer or expanding into an existing customer and a lot of the new products that we’re adding, scaling Equipment Monitoring and Mobile Experience Management, Connected Forms are just opportunities for us to expand the deal sizes.
Alex Zukin: Perfect. And then, Sanjit, maybe one for you. You referenced some potential exciting new products coming later this year in June. And I guess on the backdrop of your platform has a ridiculous amount of kind of great data for your customers. It would — I guess, is there anything exciting to think about with the potential to layer on any kind of AI or generative AI use cases on that corpus of data to be further monetized in the platform?
Sanjit Biswas: Absolutely. And Alex, I’m going to have to use that “ridiculous amount of good data” line, that’s fantastic. We absolutely are planning to leverage the platform, that’s what the customers come to us for. They like that all of these applications running on the same platform, sharing data with each other. Some of the newer applications we released like Connected Forms in MEM and even Equipment Monitoring, they leverage that. And just to give you a sense of how we can use generative AI in the operations use case, if you think about Connected Forms, it basically is digitizing paperwork. And we have a lot of operational context. We know where the user is. We know what the asset is that they are maybe maintaining or monitoring.
And we can fill out a lot of these form fields automatically and speed up their workflow. We can also understand sort of what the next step should be, that sort of thing. So, that’s a little bit of a preview, but I would encourage you all to come to Beyond and hear about the new products in June.
Alex Zukin: Will do. Thank you, guys.
Mike Chang: The next question comes from Michael Turrin with Wells Fargo, followed by Derrick Wood with TD Cowen.
Michael Turrin: Hey, great, thanks. I appreciate you taking the questions. Dominic, in the letter and remarks, you mentioned less conservativism in the guide. It sounds like it’s just continued progress relative to what we saw at the start of last year. But can you just walk us through the rationale and the factors you’re considering there alongside what’s providing the better visibility over time?
