Repeat pull from proven relationships plus room left

Backblaze, Inc. (BLZE) — this company's answers

The model's full reasoning — Q3 2022 call → NOWe need to determine if management describes existing customers/partners taking more on their own initiative, and that these relationships remain lightly penetrated. Looking at the transcript: Gleb mentions B2 Reserve, partner program, developer customers. He says "nine of our top-20 accounts now being developers and the data stored by developers with us growing by 80% over the course of the prior year." That's growth, but is it expansion from existing? Possibly. He also mentions "B2 Reserve show a nice initial ramp in demand with revenue increasing each month of Q3." That's new product adoption, but is it from existing customers? He says "Channel partners have shown enthusiasm for our new platform offering B2 Reserve" - that's partners, but not necessarily existing customers expanding. He also mentions "MSP360 customers can now protect their backup data with Backblaze B2 Object Lock" - that's a feature addition, but not necessarily expansion. The question asks: Does management describe that counterparties the company has ALREADY SERVED AND PROVEN ITSELF WITH — existing customers, accounts, partners, members, or programs — are CURRENTLY, ON THEIR OWN INITIATIVE, TAKING OR COMMITTING TO MEANINGFULLY MORE from the company than they previously did? And does management convey that these same relationships remain LIGHTLY PENETRATED? We need both halves. Management talks about growth in B2, but attributes it to new customers? Actually, they say "B2 Cloud Storage business grew 48%" and "B2 now represents 40% of total revenue." But they don't explicitly say that existing customers are expanding their usage. They mention "data stored by developers with us growing by 80% over the course of the prior year" - that could be from existing developers adding more data, but it could also be from new developers. They don't specify. They also mention "B2 Reserve" as a new offering, and that it's ramping. But is that from existing customers? They say "Channel partners have shown enthusiasm" - that's partners, not necessarily existing customers. They also mention "we are pleased to see B2 Reserve show a nice initial ramp in demand with revenue increasing each month of Q3." That's a new product, but not necessarily existing customers expanding. The question specifically asks about existing relationships deepening.

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