“although the new business continues to be challenging, and we expect that to continue throughout 2025, we do see some upside when it comes to expand with our existing customers.”

In context

“Joo Mi Kim (CFO): Yes. And from our perspective in Q2, we did see a slight improvement in the net dollar expansion rate, moving up to 104%. We've been at 103% for several quarters in a row, and our low was at 102% a year ago. And so we are optimistic that we were able to make an improvement from both the gross retention as well as upsell perspective this quarter, which kind of indicates that the market and the selling environment is actually not worsening. We see an opportunity to upsell more of our newer products, have more conversations with our customers. And although the new business continues to be challenging, and we expect that to continue throughout 2025, we do see some upside when it comes to expand with our existing customers.”