Mark Barrenechea: 7% to 9% organic cloud revenue growth in F 2026. That’s a big number, very important number, a strategic set of initiatives for us. So you can see that R&D percent up 15% plus cloud bookings growth, and 7% to 9% organic cloud revenue growth as we approach at 26%. So where is that investment going to go? It’s going to go right to where I highlight it in my script today. I won’t repeat it, but we’ll go back to the transcript I outlined quite precisely where the priority is going to be.
Madhu Ranganathan: And Mark, I was just going to add and certainly amplify definitely the global footprint of R&D, new professionals we at acquiring to add to the OpenText team is quite incredible. Then it’s going to be somewhere to 8,000 people. We have a huge concentration in India now and including Canada, Germany, et cetera. So I mean I was just going to add the quality and caliber of the skill sets of the R&D professionals I mean, it’s really going to be very strong.
Stephanie Price: Great. Thank you very much.
Madhu Ranganathan: Thank you.
Operator: The next question comes from Thanos Moschopoulos of BMO Capital Markets. Please go ahead.
Thanos Moschopoulos : Hi. Good afternoon. Madhu, can you clarify the difference between IFRS US GAAP that you referenced on the licenses? Is it that they were booking upfront license on multiyear terms and you’re going to recognize it ratably or what’s the dynamic there as you go from Micro scale?
Madhu Ranganathan: Yes, of course, happy to. I specifically mentioned the license renewals, which means the IFRS allows you to take it upon signing of a renewal contract, whether it’s in the U.S. GAAP, you start to take revenue obviously on a ratable basis upon the official date of the renewal when you start delivering the services, so that’s the big difference. And the other two pieces, as I mentioned, IFRS allows a higher rate of R&D capitalization than US GAAP does and lease accounting in US GAAP is treated as rent, so it goes into the operating expense model, as a full appreciation.
Thanos Moschopoulos : Great. And then just to clarify since it’s hard for us to do an apples-to-apples comparison, if we look at your FY 2023 revenue contribution from Micro Focus, apples-to-apples, does that sort of imply a single-digit type of organic decline or might it be larger than that initially because of some of the near-term integration?
Madhu Ranganathan: Yes. Is that question, Thanos to Micro Focus? Because if you look at our target model, OpenText, the organic growth is still making 1% to 2%, was your question specific to Micro Focus.
Thanos Moschopoulos : Specific to the Micro Focus contribution implied in the fiscal 2023 guidance, is that assume sort of apples-to-apples, yes?
Madhu Ranganathan: Yes. Yes, I would say the best reference for the Micro Focus contribution is what we shared in 870 to 920 and then calling the baseline at 2.3 billion for fiscal 2024, sort of taking the negative out of like how much is it over or under, and this is our completely educated estimate of 870 to 920 for the year — for the partial year and then 2.3 billion baseline for revenues for fiscal 2024.
