And so what we’re not seeing is the shift away from F5 from an architecture perspective, we’re seeing just financial decisions and pressure. So we’re very confident that the drivers of long-term software growth for F5, security, modern applications and multi-cloud environment are going to be there and drive the 20% plus growth that we’ve talked about in the long term — in the shorter term. Yes, we have said it’s less likely that we will be in the 15% to 20% range we’ve mentioned. There is a path to get there. It’s a narrower path than it was a quarter ago because it would imply a change in the second half in terms of the demand patterns that we have seen on software. And so whether things would rebound this quickly for us to be able to see that.
That’s unclear, and that’s why we’re saying that it’s less likely that we would deliver 15% to 20% growth. You will note, however, Amit, that the — I mentioned our business and operating model earlier. Part of the benefit of the balanced model that we have built is you’re seeing the improvements we’ve made on supply chain allow us to have perhaps upside on the hardware revenue and also upside on the services revenue. So on balance, we feel our 9% to 11% revenue range is still achievable.
Operator: Our next question is from Meta Marshall with Morgan Stanley.
Meta Marshall : Maybe two questions for me. One, if you could just kind of lay out maybe most often what some of these larger new software deals are associated with, are they tied to kind of cloud migrations or security upgrades or kind of thinking about hybrid architectures, that would just be helpful to kind of figure out what other indicators we could be looking at when thinking about the software — new software growth coming back? And then maybe just on the second question. Product gross margins are staying depressed for a little bit longer. Just how are you guys thinking about kind of the progression of getting rid of some of these supply chain costs or broker fees throughout the year just to the time that it might take to get back to some of the product gross margins we’ve seen in the past?
François Locoh-Donou: Thanks, Meta. I’ll take the first one. Frank will take the second one on gross margins. The — so the large software projects that are tied to all of the factors you mentioned, but typically infrastructure modernization or application modernization. So these would be companies that are — that have had, say, our hardware in their environment, and they’re deciding to move in a partially or wholly to a software-first environment. This could be a private cloud or it could be a public cloud implementation with lift and shift. More often than not, they are actually setting up the software environment whilst keeping part of their application estates on hardware. So they will pick a set of applications that we really want to modernize and move to an environment that’s more automated, whether it’s in a public cloud or even in their own private cloud whether it’s higher levels of the automation that gives them faster time to market, better deployment time frames and cetera, et cetera.
