So, growth rate should tick back up over time, given consistent historical €“ given patterns consistent with our historical patterns. But again, remember the constant currency has just been a zinger that’s going to impact growth rates for quite a while here. So €“ but it is an important metric for us, and we monitor it closely.
Tyler Radke: Thank you.
Operator: Thank you. Our next question comes from the line of Jason Celino of Key. Your line is open.
Jason Celino: Hi. Thanks for taking me in. Just two quick ones. So, when we look at the fourth quarter guidance, it looks like you will exit the year at 8% growth at the midpoint, pretty big decel from third quarter. I guess what is the FX headwind built into here? And are there any other factors that we should think about for Q4?
Debbie Clifford: Yes. So, Jason, the biggest impact is currency. We have seen a growing currency headwind during the year, and that’s gradually showing up in the growth rates as the year progresses. It’s about a 3-point headwind in Q4. It was a 1-point headwind in Q3 and was neutral in the tailwind at the beginning of the year. So, you can see that it’s gradually having a significant impact on our growth rate. That’s the biggest driver of the implied growth rate that you are talking about. Also, to a lesser extent €“ but Andrew did mention that we saw a modest deceleration in our new business, particularly in Europe during Q3, that does have a slight follow-on impact to revenue in Q4.
Jason Celino: Okay. Great. Thank you. And then the last multiyear appetite, it sounds like, to some extent, some of this is macro related. I guess where do you see that dynamic most prevalent? Was it with your larger customers, your smaller customers, international versus domestic? Just trying to understand kind of the puts and takes. Thanks.
Debbie Clifford: Yes. It tends to be larger deal sizes, not surprisingly. I think that when our customers start to exhibit cash conservation behavior, that behavior does tend to be more prevalent with some of the larger deal sizes. And remember, they are still signing multiyear contracts, they are just signing multiyear contracts and asking for annual billings, which for those larger deals, we are willing to accommodate while we continue to invest in the back-office infrastructure to be able to handle the totality of the multiyear base with annual billings at scale.
Jason Celino: Okay, perfect. Thank you.
Operator: Thank you. Our next question comes from the line of Keith Weiss of Morgan Stanley. Your line is open.
Keith Weiss: Hi, thank you so much. The comments on the stable renewal rates, and I’d just like to dig into the expansion motion and it’s not like never tension stayed within the historical range, but curious if you are seeing any changes on just the expansion behavior with the shift in macro and should we expect a similar range into 2024? Is there any risk that we could fall outside of those ranges just given the broader macro headwinds? Thank you.
Andrew Anagnost: So with regards to retention rates, look, retention rates continue to be strong and maintain steadiness. I think we are going to continue to see that steadiness into next year. The one area where we expect to see softness with macro headwinds is at the low end of our market. So the low end of the market is low ASPs, but high volume. So, the retention rates can move around on a volume basis when there is headwinds like this. But generally speaking, broadly across our business, we see retention rates holding up. Our products are mission-critical to what our customers do. They need them. But at the low end of our business, we will probably see some headwinds there, but they won’t be material to the larger business.
