“We do expect that to hover at the mid-teens level, call it 114 to 116 through the year.”

In context

“Rick McConnell (CEO): Yes, so it's a very good question. So we had shared in our guide last quarter that we thought dollar-based net retention would be in the mid-teens. And so I still expect that. So Q1 came in roughly in line with what we had thought. Very, very strong new logo quarter for Q1. I think you saw that we had a 15% growth in new logos which was actually a pretty good land size of roughly $130,000. So really strong on the new logo front. And dollar-based net retention in line with our expectations. We do expect that to hover at the mid-teens level, call it 114 to 116 through the year. And what's going to cause an acceleration, I think, one, we're being a bit cautious, given we have seen longer buying cycles and we've seen expansions as they've gone through the funnel, shrink in size as customers may be split expansions over multiple periods, whereas they used to give us large expansions at once. So some of the budgetary environment has caused maybe less expansions in the near term. I'll tell you on the positive side, there's a lot more to sell with logs on Grail and other opportunities that we have in the business from a product perspective. So I think near-term, we're dealing with some budgetary headwinds. I do think that the portfolio continues to grow. I think the market opportunity continues to grow. So we're quite optimistic that you're going to see a reacceleration dollar-based net retention. I think we're just being cautious here over the next year.”