Juan Urthiague: Maybe if I can add there, Ashwin, when we started our Brazilian operation, probably 90% of the team was working for local customers. Today — 10% maybe was working for the U.S. and other markets. Today, as Martin said, we are getting very close to the 50%, half of the team working for local customers the other half fully integrated into the into the Globant studios and working for offshore customers. So that has been changing. We now have over 1,200 employees in Brazil. And the management team for the LATAM operation is based out of Sao Paulo.
Ashwin Shirvaikar: Got it. Thank you, guys.
Patricia Pomies: Thank you.
Arturo Langa: Thank you, Ashwin. Our next question comes from Jason Kupferberg from BofA. Jason, your line is open. Please go ahead.
Jason Kupferberg: Hey, guys. Thanks for taking the question. So, I know you’re maintaining the revenue and the EPS outlook here. I think maybe the latter could sound like you did a little bit better on tax than you expected. I know that the margin expectations are coming down a little bit. So, I’m not sure if that’s just FX. Maybe you can comment on that. And just in general, as we think about the general margin range going forward, I think you typically target 15% to 17%. This year, we’re kind of in the lower half of that. But just more forward looking, can we still think about the upper half as being plausible, or are there other things that have changed in the business?
Juan Urthiague: Yeah, I’ll take that one. So, a couple of comments. And thank you, Jason, for the question, and also for being a new analyst covering our company. In terms of full year numbers, we guided about 18% year-over-year growth — 16.6%, sorry. 18% is the fourth quarter. As we know, that is 3 times, 4 times, 5 times the average of the industry. So, we’re really, really happy with that level of growth. When we go and look into margins, as you pointed out, we are now in the lower end of our historical 15% to 17%, actually more like in the 15% to 16%. We definitely see the opportunity to scale and to get back, not just to 17%, but over time, even above that number, but in the short term, given all the pressure that we have been receiving from the FX plus some of our competitors and some of the competition being very aggressive on the pricing front, and we have to compete of course and keep on winning deals as we have been doing.
In the very short term, we think we’re going to stay in the 15% to 16%, but of course, definitely there is a lot of room to grow again our gross margin eventually, but it’s even more clear at the SG&A level, we can definitely run this company as we keep on getting scale with lower SG&A. So the answer — the short answer is yes, we do see the 15% to 17%, as a mid and long term, very clear and very achievable target.
Jason Kupferberg: And just as a follow up, your qualitative commentary around — does sound encouraging. Sounds like there’s been an uptick here since last quarter. I know you won’t guide 2024 until the fourth quarter call, but just as we think about Q1 modeling, is there any type of range of quarter-over-quarter growth on the revenue side we should be thinking about for Q1, just based on what you’re seeing in the pipeline and the backlog and what you’re hearing from clients? Thank you.
Juan Urthiague: Yeah. We have some positive one-offs in the fourth quarter. So, we do see — we definitely see a strong 2024. Q1 will probably be a little bit below what we are showing in Q4. And then, we do definitely see a higher growth in the second quarter and going forward. But I think it’s still early to put a number out there. But we are optimistic about next year. The conversations with customers are solid. We are having some large deals starting in the four regions where we operate. So, we are very optimistic. But again, it’s still early and even though we are going to end the year with a — we are ending the year on a high note, I do see some things that are kind of positive one-offs in the fourth quarter, which are not going to happen in Q1, but Q1 will still be — we are going to see growth and we are going to see more growth in the second quarter and forward and onwards.
Jason Kupferberg: Thank you.
Patricia Pomies: You’re welcome.
Arturo Langa: Thank you, Jason. So, our next questions come from Moshe Katri from Wedbush. Moshe, please go ahead. Your line is open.
Moshe Katri: Hey, thanks. Very impressive set of numbers. So, the first one is actually on eWave. That was acquired, I believe, in November of 2022. The intention here was to focus more aggressively on APAC, Australia. Maybe you can talk a bit about the integration and some of the traction that you’re getting in your pipeline from that specific region?
