I expect that next year at a certain point we’ll be able to point on it. But I was clear as the year went by, we said, the number one revenue generator for a company has been the higher touch, larger enterprise deals. And in between the different verticals, between enterprise education, media and telecom, it had been enterprise. And in a year like this, where everybody is required to focus more and not less, this is the number one place that we put most of our effort to complete this significant expansion into real-time conferencing and into the new products being the event platform, the webinars for larger companies, and the virtual classroom as well as the move to a new buyer from a CIO into a CMO for smaller companies, from very large into a bit lower touch into SMBs, and even applying more distribution channels, as I mentioned, are working on.
So that took a first step more so than doing the complete self-serve credit card, small, small company type of sales. But we are advancing and we are seeing better and better results, and I do expect that the cavalry will arrive and that will become an increasing part of our revenue in the years to come. It’s just not an immediate impact, and it was never forecasted to be, even before things turn around a bit for the year.
George Iwanyc: All right, thank you for that. And then, Yaron, maybe just a question for you. With the stability that you saw in the net expansion rate this quarter, what are your assumptions and guidance? What type of visibility do you have into the early part of next year from an expansion perspective?
Yaron Garmazi: Yes, as Ron and myself mentioned before, we do see a very solid scenario that the trend of decline revenue in Q4 is not going to go with us into next year. It’s too early to see what’s going to be the trend in terms of getting back to re-acceleration, but it’s definitely based on the deal that you already closed in the last three quarters in the beginning of Q4. We see that the trend of declining revenue in Q4, which by the way we focused it from the beginning of the year almost when we get the guidance, is not going to continue into next year. It’s too early to say when it’s going to re-bump back and start to re-accelerate again. We have to close the quarter to get a better visibility in terms of the booking, and hopefully we’ll be able to deliver better numbers going into next year.
Ron Yekutiel: Let me add a comment about NDR for a second. This quarter we’re still lined with the general direction that we set it for the year, and we still forecast the year to be at around 100% NDR for the year, which is well throughout the year we kind of said it’s going to be. It could, given what we just said about gross retention and where they are in the last couple quarters, is expected to dip a bit for Q4 before graduates starting to turn back again. It’s not going to be lower than earlier numbers posted by us, so there’s nothing extra dramatic in the dip. But given the gross retention situation this year, which I mentioned earlier, it will dip a bit lower, but we made it at 100% for the year, and we expect it to be 100% and hopefully plus for next year.
George Iwanyc: Thank you.
Operator: Thank you. [Operator Instructions] And the next question comes from Matthew Niknam with Deutsche Bank.
Matthew Niknam: Hey guys, thank you for taking the question. Just one for me, on the competitive backdrop, can you just talk about what you’re seeing there, whether there’s been any change in dynamics over the last quarter, and if that’s a factor that may be weighing in addition to macro on some of the bookings of gross retention trends? Thanks.
Ron Yekutiel: Yes, thanks for the good question. The answer is no, it’s not weighing because our wind rate does not come down, and it’s a very high number, but that’s higher than last year and higher than most years. So it’s not that we’re losing accounts to our competitors more so than ever before, and we’re not seeing any player that’s coming in and taking significant deals from us. And even from the gross retention statement that I said earlier, by and large, most of them are reductions, as I said earlier, as opposed to full-on departures. And when they are a reduction, it’s just because they have less money and/or are pressuring to have a bit lower price. On the contrary, what we’re seeing is takeaways from competitors. As I mentioned earlier, one of the big financial services is yet another big takeaway from a competitor around the webinar/external/marketing use case that as far back as a year ago, we weren’t able to do at all.
This is an expansion for our product and we’re able now to take away. It adds up to a few other big customers that we’ve taken from that particular competitor. Because again, we’re just entering the pearly gates of being able to do that that we weren’t able to do before. So no, we’re not seeing any of the competitors out there win more business compared to us. We’re just seeing a general pressures of the industry that are causing everybody to be a bit slower. That’s all.
Matthew Niknam: Very helpful. Thanks, Ron.
Ron Yekutiel: Thank you.
Operator: Thank you. And this concludes the question and answer session. I will turn it over to Ron Yekutiel for any closing comments.
