Rob Enslin: Yeah. And I would just add, we feel, Bryan, that we’re also benefiting globally now in Asia Pacific and in Europe from the activity we implemented as well. We can see it coming through. And then one last item on that is more and more differential partners are actually speaking to us, partners that typically would not — not in the [SI] (ph) space, not in the existing space that are trying to understand how they can utilize the UiPath platform in their business. So we feel really strong about all the activity.
Bryan Bergin: Okay. Appreciate that. And then just as it relates to pricing dynamics, can you just talk about what you’re seeing in market pricing over the last several quarters really as it relates to competitive deals as well as what you’re seeing on average across renewals?
Ashim Gupta: Yeah. We see it relatively stable. There’s nothing — people see the value and the ROIs that we provide. You can see that in many of the case studies and the stories and even in some of the demos, Brian, and I think that ROI has given us a good moat around pricing. And so really price is not as much of a factor as deals for us, especially with competition. People will try to undercut it, but they can’t deliver the ROI that our platform delivers. And that’s really why we’ve been able to maintain a pretty steady pricing and discounting set of metrics here, regardless of the economic conditions and competitive environment.
Bryan Bergin: Very good. Thank you.
Operator: Thank you. And our next question comes from Keith Weiss with Morgan Stanley. Please state your question.
Keith Weiss: Thank you guys for taking the question. A little bit on sort of the competitive environment around Generative AI. All of us are going around and listening to a lot of companies talk to us about trying to infuse Generative AIs to their portfolios and it seems like a big benefit they expect to accrue is automation and a lot more automation within their solutions. Does that muddy the waters for you guys at all? And is there anything you have to do in your messaging to sort of help customers understand what they’re going to get from a UiPath versus application vendors saying, “Hey, Generative AI is going to help take care of all these road casts and do all these automations for you?” Like how do you make sure that you ensure that clarity in the marketplace?
Daniel Dines: Well, first of all, I would like to make clear that we believe Generative AI doesn’t change the competitive dynamic when it comes to automation platform. In the end, most of the use cases for Generative AI are in the creator space. So you use Generative AI to create artifacts that are deployed on the platform. I think that plays into our advantage. I think there is no secret for everyone that we have the best automation platform, most complete the enterprise-grade platform that offer governance and security to our customers. Generative AI helps us to even increase the adoption because it can appeal to a broader audience, less technical people can create better automation. But our platform runs both automation much more reliable, much more secure than any other platform.
So clearly, to me, that’s an advantage. And I want to also point out that there is no company that has an exclusivity to a particular GenAI technology. We are using, for instance, Open AI, Google Vertex, Amazon Lambda, everything that is in the market. So I think that long term — mid- to long term, the creator GenAI will be basically commoditized. And the essence would be that the best platform is going to win even with better chances in the market because the adoption will be also democratized.
Rob Enslin: I’ll tell you, Keith, this is from my side. I think it’s given us an incredible amount of tailwind to articulate, first, our AI story at UiPath and give us a platform to showcase where we are with AI and how far we’ve come. And I think that’s really surprised a lot of customers in space. In the last — since we announced the summit year, I think it was March, we announced the Summit AI in New York City, we had 16 events in Asia Pacific, and they were standing room only. And I can tell you from those discussions, and I’ve spoken to a number of C-level executives that actually attended in person. And the comment back was, we are so surprised at how far you are. We’re super excited about the opportunity that automation can bring and how far you can take it.
So from a go-to-market perspective, from our team’s perspective, I think it’s been an incredible opportunity to showcase UiPath, the platform and the decisions we made in September of last year to bring it out. And I think people will be very excited at Forward VI to see how far we’ve come as well.
Keith Weiss: Excellent. Thank you, guys.
Operator: Our next question comes from Matt Hedberg with RBC Capital Markets. Please state your question.
Matt Hedberg: Great. Thanks for taking my questions guys. Congrats as well. Maybe just continuing the GenAI kind of questioning. Yeah, a lot of good content today. And I’m curious, Rob, how do you expect to articulate success monetarily? Do you think in a couple of quarters or a year, you’re going to be able to specifically call out the actual tailwind or benefit to growth from GenAI?
Rob Enslin: I think we will be able to say — look, I think our strategy that we’ll continue to execute again. We’ll continue to drive that. We’ll continue to look at how we benefit from GenAI. And I believe we are already showcasing how it’s impacting our results as part of our strategy. And I think that will continue as we continue to drive NorthStar and the value creation that customers are receiving as we get more and more reference customers you think we’ll scale as we speak more in the boardroom and we bring the ASIs to the floor, all of those will be in our favor. And honestly, when you look at communication, mining, document understanding of what we’re doing in that space, these are game changers for customers and the value they receive. And that’s what’s going to showcase and that’s what we’ll showcase in terms of the return that we will get in the next quarters and the next years.
Matt Hedberg: Got it. Thank you. Maybe just a quick one for Ashim. Realizing that NRR is more of a trailing metric. It did tick down a little bit here sequentially. Do you think we’re closer to a bottom in that number as we sort of think towards the second half of this year?
Ashim Gupta: Yeah. I mean the way that I look at this is I feel really good about the progress that we’ve made on the go-to-market changes that we’ve articulated earlier this year and last year. And I think as those continue to pay dividends, our expansion rate is the area that you’re going to see benefit, you’ll see benefit come through in that area. So we still are navigating a variable environment, but the changes that we made, we just — we’re two quarters from having done it, one quarter from stabilization. So I really look forward to seeing the benefits of that come through our metrics here as we continue to execute.
Matt Hedberg: Got it. Appreciate the color. Thanks, guys.
Daniel Dines: Thanks, Matt.
Operator: Our next question comes from Brad Sills with Bank of America. Please state your question.
Brad Sills: Great. Thank you so much. I wanted to ask about the verticals. It sounds like you’re seeing some strength here in banking, manufacturing, tech. Any color as to where you’re seeing that strength? Are there certain solutions that customers are expanding with more use cases? Is it new business that you’re seeing strong in those verticals? And then any commentary on perhaps a vertical with this new pivot towards solution selling that we might start to see on that list in the coming quarters?
