Eliran Glazer: I will address your question on — with regards to MDR. So as we said, we continue to expect moderate pressure on MDR throughout the remainder of the year. And by the way, we took it into account in our guidance — and we assume full year net MDR to be slightly below 110%. To your question, when we expect it to stabilize, though, already going into July, we see signs of stabilization, and we expect it to level off by the end of the year. Just as a reminder, because it’s a waited four quarters average, then there is a lagging effect. Maybe just also worth mentioning that the gross retention on the same kind of — on the same level remain stable. And even though we saw some MDR decline, it was offset by strong customer acquisition.
Operator: Our next question comes from Pinjalim Bora with JPMorgan. Your line is open.
Pinjalim Bora: I wanted to ask you about the platform itself as you were talking in the previous question. mainly about the marketplace. It seems like the percentage of apps that are being monetized are kind of going up steadily. I see it about 45%. You recently launched the API version. One of your partners said it could accelerate third-party development. You are exposing the AI layer as well as the workflow engine seems like to the partners. Do you think marketplace starts emerging as a material growth driver in 2024?
Roy Mann: Pinjalim, it’s Roy. It’s hard to say how much material it will be because we have our core product, the CRM that does the work management, which is the main growth driver. We do believe that the marketplace will help us close larger deals. There’s a lot of, like you mentioned, partners are working on it and making each of those products, more complete, more suited for long-term solutions. And so we put a lot of emphasis on the marketplace and a lot of investment and in the ecosystem. And I think it’s a very it’s a longer-term play rather than just like making the numbers for next year.
Pinjalim Bora: Just one follow-up on the macro environment. It seems like that 110% earlier on you’re expecting it to stabilize at about 110% seems like it’s a little bit of a tick down. You’re now saying slightly below. What are you seeing in the macro? Has that changed a bit? You also said that it’s stabilized? I’m a little bit confused on maybe what are you seeing in the macro environment, help us tease through that? And maybe if you can talk about the top of the funnel in July and August? That will help.
Eliran Glazer: So demand development hasn’t really changed to what we said Pinjalim in the prior quarter. We still see some pressure with the new customers’ expansion, with mostly expansion with regards to decision makers are brought to the table and longer sales cycles. So there wasn’t really a big change and the pressure on net dollar retention, we also called it out in power quarters and now said that it’s going to be slightly below 110%. But we did see some stabilization with the net dollar retention going into July as kind of it’s getting flat. So by the end of the year, because of the lagging effect of the 4 trailing quarters it’s going to continue, but then we believe that it’s going to pretty much flatten by then. And then hopefully, next year, we’re going to see a change in the trend.
Pinjalim Bora: Any comments on the top of the funnel demand at this point in July and August?
Eliran Glazer: Top funnel activity remain healthy. We still see a very healthy stream of new customers that joining Monday, also having in mind the fact that we now have CRM and Monday Dev is out of beta, it definitely contributes to the fact that we are bringing a healthy stream of customers.
Operator: Next question comes from Jackson Ader with MoffettNathanson.
