Peter Levine: Perfect. Thank you for the color guys.
Operator: I’m sorry. [Operator Instructions] Our next question will come from Shaul Eyal of TD Cowen. Your line is open.
Shaul Eyal: Thank you. Hi, good morning, good afternoon guys. Of the three contracts that you’ve mentioned during your presentation, are these all existing clients or are these also new clients? Any displacement opportunities that you’re seeing out there?
Elad Sharon: Yes. So, the examples that I used this quarter are existing clients. It’s upgrades of capacity and functionality. We did have also new logos there in the quarter, and we did give few examples large deals coming from new customers in previous quarters. So, timing is changing from time-to-time whether it comes from existing or new customers, but those examples are with existing customers. And the reason they upgrade is that they have the solution, they have the value that they need. And the drivers for expansions and upgrades are either functionality, adding more analytics, more AI in order for them to be able to accelerate what they need to do or they’re dealing with more data. So, those are the drivers and we see it more and more with large customers that are expanding given further as the value is greater now with analytics.
Shaul Eyal: Got it. Thank you for that. Maybe I want to maybe double-click on [indiscernible] prior reply to Peter, was alluding to the fact when growth returns. What internal steps have you taken to be ready for what might be the next cycle not seeing the stability and maybe even reacceleration? What steps have you taken internally?
Elad Sharon: So, given the situation, the macro environment last year, we took several steps. The first one was to focus on where the highest opportunities are in terms of market conditions, going to countries and to organizations that have more pressing needs, but also have the budget. This is one second. We restructured organization and adjusted the operating expenses to where it should be. And David mentioned that actually we balanced it in a way that in one hand, we are able to overcome this macro environment, the conditions of the temporary disruption, but on the other hand, continuing to innovate in order for us to be able to capture the growth when market is recovering and that’s what [indiscernible] now. We flattened the organization.
We actually slowed down a roadmap that was more to modernize infrastructure and focusing more on value to customers and more analytics and actually focuses and realign the sales force to countries where we see more opportunities. So, we in one hand focused on the market. If I have to summarize, we focus on markets and countries where we see the potential that is higher and they have budgets, one hand. On the other hand, adjusting the OpEx and prioritizing the activities to increase customer value versus modernizing their platforms. Those were the highlights for last year. And I see now that I think we took the right decision. I see now that this is actually working for us.
Shaul Eyal: Thank you. Appreciate the color.
Elad Sharon: Thank you, Shaul. And I would now like to turn the call back to Dean Ridlon for closing remarks.
Dean Ridlon: Thank you, operator, and thank you everyone for joining us on today’s call. Should you have any additional questions, please feel free to reach out to me and we look forward to speaking with you again next quarter. Thank you.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
