Coming to the balance sheet; on September 30, 2023, our cash and cash equivalents totaled $253.7 million, up from $246.2 million in the second quarter of 2023. Coming to the fourth quarter guidance. We expect revenues to be in the range of $76 million to $78 million. We expect non-GAAP EBITDA in the fourth quarter to be in the range of $10 million to $11 million. For the fourth quarter, we expect our basic share count to be in the range of 76 million to 77 million shares and diluted share count to be in the range of 78 million to 79 million. That concludes my prepared remarks. Bin, we’re ready to take your questions.
A – Bin Jiang: Thank you, Anil. At this moment, once we start the Q&A session, I will first announce your name. And please unmute yourself and turn on the camera. Our first question comes from the line of Mayank Tandon from Needham. Please go ahead.
Mayank Tandon: Thanks, Bin. Good evening, Leonard and Anil. Good job on the quarter. Let me start with just the guidance and then any framework for how to think about fiscal 2024. I imagine you have maybe a few less billing days in 4Q. So that will suggest clearly stability from 3Q to 4Q. But then as you look ahead into the early part of 2024, I imagine 1Q has higher billing days. So trying to get a better read on what you expect in terms of recovery as we go into 2024?
Anil Doradla: So Mayank, thanks for your question. You’re right with your observation on Q4 versus Q3. And if you look at Leonard’s comments about billable headcount, which is a steady increase, our flattish outlook suggests or you can extrapolate from that is that we expect these trends to play out. So if you look at the foundations of our business core enterprise business, we’re seeing across the board stabilization. We’re seeing increased headcount. So right now, when we look at it, we’re incrementally bullish. Now as you know, Mayank, we do one quarter at a time. So let’s come back in 3.5 months and give a lot of incremental color on Q1. So for now, let’s just deal with Q4.
Mayank Tandon: Got it. Okay. I’ll save my Gen AI questions for the Analyst Day, so I won’t go there. My next question…
Leonard Livschitz: Feel free to ask if you want. Feel free to ask.
Mayank Tandon: I’ll save them for that. I focus more on just some of the financials. So Anil, kind of related and maybe Leonard too, just on the – both revenue and then, of course, the FX profitability, too, is where is the utilization today? And how much gas do you have left in the tank to expand utilization before you really have to crank up hiring when demand does come back to, hopefully, credit levels sometime in 2024?
Anil Doradla: So Mayank in terms of utilization, we’ve done a good job in general. So utilization numbers obviously have held up within our range. And it hasn’t changed from quarter-to-quarter. As you know, we’ve seen we put in place a little bit more disciplined approach towards we have – we look at our engineering headcount as well as non-engineering headcount. Now you’re right. It’s a very good question. As some of the demand trends unfold, and we’ll, of course, see how it plays out. The hiring, the acquisition of talent, these are important elements. And yes, we are looking at that. But again, we’re – it’s one quarter at a time, right? We have to plan on that. We have, in all these countries, we’re now, we’ve got teams and we are constantly focused on some of these movements and depending upon that we will act upon. So – but yes, this is something we’re discussing.
Mayank Tandon: Got it. Well, thank you so much. See you in a few weeks.
Leonard Livschitz: Thank you, Mayank.
Anil Doradla: Thank you.
Bin Jiang: Mayank, thanks for your question. Next question comes from the line of Josh Siegler from Cantor Fitzgerald. Please go ahead.
