Dominic Phillips: Yeah. I would just, again, stress, this is the same commentary, same guidance framework that we provided on the Q4 call last year, same playbook. It’s just we’re entering our third year as a public company. We have more forecast predictability, and therefore, we need less conservatism in our guide than we needed during our second year, where we needed less at that time than during our first year post-IPO. And so, that is really what’s driving the comment. At the same time, I would just want to reiterate that we do recognize that there is macro uncertainty that could have an impact on future demand. We’re not seeing yet, and we’ve run a number of different downside scenarios on our operating plan as well and we’re confident that we can hit this initial guidance regardless of what happens, and that is the derisk commentary as well.
If we don’t see the macro headwinds, we obviously have opportunity to raise our guidance throughout the year. It just won’t be at the same rate that it has been in previous years and we just want to make sure that investors appreciate that going into FY ’25.
Michael Turrin: All makes sense. The letter also mentioned your expansion targets are unchanged, even at increasing scale, about 115% and 120% target. So, can you just spend some time with us on the drivers of durable expansion within the model, and how we should think about just underlying expansion with the core products versus the evolution of cross-sell into that emerging products bucket over time, and what keeps those expansion rates holding relatively consistent here? Thank you.
Dominic Phillips: Yeah, thanks. We just had a really consistent balanced mix within our net new ACV of new logos and expansions. In this quarter, 53% of net new ACV came from expansions, 47% from new logos. So, that’s been very consistent. And then, within the expansions, there was a really healthy mix of both upsells to existing customers where they’re doing a phased rollout of existing products across a broader set of assets or employees as well as cross-sells into new products. And so, I think many of our customers, our larger customers, will rollout overtime and that allows us to have confidence in durable upsell growth. And then, obviously, as we increase our product velocity, we’re seeing more and more attach of new products, and that gives us the confidence.
Michael Turrin: Thanks very much.
Mike Chang: The next question comes from Derrick Wood with TD Cowen, followed by Matt Pfau with William Blair.
Derrick Wood: Hey guys, thanks. Congrats on just an amazing quarter and an amazing year. Sanjit, I’ll start with you. Interesting to hear about that vendor consolidation taking place with the roofing products company. And one of those points of consolidation you mentioned was a displacement of an enterprise mobility management solution. That’s a pretty sizable software category in of itself with a different set of vendors that I think you’ve historically competed with against. Can you talk about kind of what the value pitch is to get customers to displace existing solutions there? And then, just talk about what the landscape looks like around that enterprise mobility management market? Is it like the Telematics market with a bunch of older legacy vendors, or what does that look like today?
Sanjit Biswas: Sure. So, in terms of what’s in it for the customer, it’s really that connectivity with the rest of the data on our platform. The way that our Mobile Experience Management solution works is it’s able to lock a tablet if it’s in a vehicle that is moving more than 30 miles an hour, you can set the threshold. So, that’s an example of something that we can do that our existing legacy MEM player can’t. We can also customize the screen, we can integrate with its workflows. So, there’s a lot there for the customer. And most importantly, it’s targeted to the operations user and the operations buyer as opposed to needing to be something that IT needs to take on as a project. So, it’s really we’re there with the buyer who is in operations, we’re solving some very real-world problems, and they’re coming to us saying, we wish we had a way that we can manage these devices where they can only use a couple of apps that they need to, to be on the job, they’re not distracted on the road, it helps improve their safety.
So, I think we’re at the right place at the right time with the buyer. In terms of that landscape, I would say, generally speaking, it’s also fragmented. Like you said, there are different players, but we’re very unique in our offering in that it’s connected into the rest of our Connected Operations platform.
Derrick Wood: Got it. That is helpful. I don’t know whether for you or Dom, but I wanted to ask about the construction vertical. It seems like that’s coming quite nicely for you guys, now two quarters in a row. What makes this vertical stand out above and beyond the others right now? And I guess how are you feeling about momentum in selling video, not into vehicles but video in the site locations?
Dominic Phillips: Yeah. I think the point of the kind of emerging products commentary every quarter just to make the point that, we’re really selling into a broad set of industry verticals, physical operations making up 40% of global GDP. And we don’t have one industry vertical of customers that makes up the majority of our ARR. And we’ve had some success in industries like public sector this year that we’ve called out. And over the last two quarters, construction has been stronger, and we’re seeing all of our products within that sector, Safety and Telematics, a lot of equipment, and then some of these newer products MEM and Connected Forms. And so, the customer that I mentioned on the call, they did their 20th upsell since 2018, that is now our largest customers in the construction vertical. And so, when you get some kind of chunky expansion deals like that in the quarter, that definitely helps that overall net new ACV mix.
