Eliran Glazer: Yes. So I would say that with regards to guidance, we always report what we know when we do the guidance. So we take into account the later trend that we are seeing. And they are not – they haven’t really changed much over the year. As I said earlier, we still have a challenging macroeconomic conditions with some moderate pressure on NDR. And as we mentioned, we continue to expect full year NDR to be slightly below 10%. But we do expect it to level off at the end of this year. With regards to the top of funnel demand on new customer growth, it’s to offset some of the trends that we are seeing. And I believe this is taking into account the fact that we introduced first mondayDB as well as the CRM and then other multiple use cases. So while there is – to summarize, well, there is some pressure coming from the macro economy, it is definitely offset by the top of funnel strong demand that we are seeing from new customers.
Taylor McGinnis: Great. Thanks so much.
Operator: Our next question comes from the line of Jason Celino with KeyBanc Capital Markets. Please go ahead.
Jason Celino: Hi. Thanks for taking my question. I’ll start with maybe a philosophical question. Roy, I know you said that it’s too early and no one really knows yet, but a lot of software companies, including your content collaborative work management peers are rolling out these AI features and bundling them in the core products. But it seems like AI might become table stakes. If this is the case, how do you think AI can still be a differentiator?
Roy Mann: I appreciate the philosophical question. So I’ll tell you what, like the AI, we can divide into two areas. One is the table stakes area, right, like making AI improve the software itself and its usability. And I think that less monetizable, but like improved performance overall of everything. And the other part is adding more productivity components with AI that customers will pay for. And I think there is a good upside. We’re looking at what everyone is doing across the field, not only in productivity in AI, and we’re putting a lot of emphasis on it. We have a strong team working on it. And I feel we have a lot to say because monday is a true platform. And we are able to take and like make AI very accessible for the customers that come to us and want to build workflows, improve their business we’re really able to take that power and give it to them, but that’s like a work in progress. And I think that will not be table stakes.
Jason Celino: Great. And then, Eliran, you mentioned having a lot of cash, crossing the $1 billion mark, and you’re generating more. Maybe can you speak to some of your capital deployment strategy?
Eliran Glazer: Yes. So with regards to cash, obviously, it’s going to be used for corporate initiative. We’re going to continue to invest in investing in the business, bringing and hiring people, expanding the leadership team, the management team as well as thinking about nonorganic growth opportunities, we are going to look potentially next year at companies thinking about M&A. Again, mostly tuck-in, equity hiring, complementary products, but this is something that we definitely started to think about and to deploy it potentially in the next 12 to 18 months.
Jason Celino: Excellent. Thank you.
Operator: Our next question comes from the line of Robert Simmons with D.A. Davidson. Please go ahead.
Robert Simmons: Hi. Thanks for taking the question. So it’s great to see the app, CRM and in app scaling so well. I’m wondering where are you seeing the most kind of uptake for those by vertical or by geography?
Eliran Glazer: Yes, Robert, this is Eliran. So you asking where do we see the most -what do you mean like uptake, just.
Robert Simmons: Like where are you seeing the strongest adoption by customers for sales and debt?
Eliran Glazer: In terms of vertical, like we see adoption across all verticals and also across different sizes. I would say in terms of company sizes, we don’t see large enterprise kind of be adopting monday sales CRM or mondayDB, but definitely, we see the bar rising. It started with small teams and expanding into hundreds of people and will continue to grow as we add more features and more complexity. In terms of industry, it’s really across the industry, both tech companies and nontech, obviously, that is more focused on tech. But in terms of sales CRM, we really see a wide variety of verticals and different kinds of companies that adopt the products pretty similar to what we saw in monday work management product. Yes, this is the color we have right now.
Robert Simmons: Okay. Got it. And then two other apps you launched at the same time, how are those performing overall?
Roy Mann: Can you repeat the question for me? How’s what?
Robert Simmons: You had two other apps you launched at the same time as those two. How are those performance so far? I was starting to ramp to your expectations? Or is there a little bit earlier, but yes.
Eliran Glazer: Yes. Well, we have a bunch of products that we launched. We had monday WorkForms and monday WorkCanvas that we launched as part of that. We really have – we had an initial product called monday marketing, but we kind of discontinued that and merge that into monday work management. And in terms of the other products WorkCanvas and WorkForms, they’re still kind of in their initial phase. We see nice momentum there, but it’s still kind of in a small scale compared to the other products that we have.
Robert Simmons: Great. Thanks.
Operator: [Operator Instructions] There are no further questions at this time. I would like to thank our speakers for today’s presentation, and thank you all for joining us. This now concludes today’s call, and you may now disconnect.
