Jim Fish: Thanks. Great quarter, guys.
Operator: Thank you. Our next question comes from the line of Meta Marshall with Morgan Stanley. Your line is open.
Meta Marshall: Great. Thanks. Maybe I just wanted to see if you could give more color on just kind of the macro impact that you’re seeing. Clearly, you talked about not impacting the renewal business, but just are there regions or customer types €“ or just any other color as far as kind of the second set of eyes that are maybe needed to get a deal across the line. And then maybe just as a second question for me, just kind of given M&A within this space? How are you maybe taking advantage of the acquisition of €“ or pending acquisitions of competitors? Thanks.
Rajiv Ramaswami: Yes. I think two good questions there, Meta. And on the first one, there is multiple portions to this. As you said, the renewals business is largely a steady state, not impacted by the uncertain macro. Now in terms of the uncertain macro, we’ve taken some of that into our account €“ into account when we give you a conservative forecast. To your point, we have seen anecdotal evidence of greater inspection of deals by some customers. And what that also means is that potentially there could be an increase in sales cycles. We haven’t quite seen that as much yet happening, but this is an indication of what might be coming. And we have factored those in, in terms of our guidance per se. Now, Rukmini you may want to comment on the foreign FX impact as well here in terms of the macro.
Rukmini Sivaraman: Yes. Well I will do that and then I can hand it back to you on the more broader question on M&A. So, obviously, the dollar has strengthened. I think as we all know, our sales contracts are all denominated in U.S. dollars. And so that relative strengthening has effectively made our products more expensive to customers in some international markets. And so anecdotally, and this is not something we have seen systemically, but we have seen it sort of put pressure on some price negotiations and some transactions. And we don’t believe that, that’s causing us to lose deals. But anecdotally, we have seen it show up in some transactions.
Rajiv Ramaswami: Yes. And Meta, on the other question around how other M&A activity is potentially impacting us, yes, we have all €“ we are all reading the news around Broadcom acquiring VMware. And what we have seen as a result of that is a significantly higher level of engagement from prospective customers. These customers are looking to explore their options looking at managing potential risks related to the transaction. Now as you know, our sales cycles, especially for larger deals tend to be 9 months to 12 months. So, we are not assuming any significant benefit from that in our fiscal €˜23 outlook. But I can certainly tell you that the volume of conversations with these customers and prospective customers around this topic has increased, and we are a good alternative provider.
Meta Marshall: Great. Thanks so much.
Operator: Thank you. Please standby for our next question. Our next question comes from the line of Pinjalim Bora with JPMorgan. Your line is open.
Unidentified Analyst: Hi. Thank you for taking my questions. This is for Pinjalim. So, my first question is, what are you hearing from customers with respect to new IT transformation projects in the current macro environment? Like do you think that it might take a backseat and people might move back towards the third tier architecture temporarily?
