I think outside the U.S., they’re a lot less friendly to new innovations. It’s not clear how they’ll react to AI, although we can do AI in the context of data protection. You just have a lack of resistivity in parts of Europe to new technology. So the over-under is, the 61% of our business that is strong is growing and will be a larger part of our business. I suspect the macro environment is largely driven by adversarial nations to America will help us. And then international government, I think that’s very likely over time to be very strong because the MetaConstellation product looks like the most cost-effective way to defend your country in the world. And our Ukrainian allies are willing to talk about it and see its value. So I see a lot of — and we’re already seeing countries that are on the border of adversaries, being very, very interested in this product.
So, the way I would think about this is think of the U.S. — I think of the U.S. as being strong. International government as being a real possibility and a drag is just the economic and cultural events in Europe, which is still a significant part of our business. So that’s the over and under.
Ana Soro: Thanks, Alex. Our last question is from Gabriela with Goldman Sachs. Gabriela, please turn on your camera and then you’ll receive a prompt to unmute your line.
Gabriela Borges: Great. A couple of follow-ups on your commercial business. Firstly, could you give us a little detail on how the large deal pipeline is evolving? And as the macro impacting our ability to close any of the deals in the U.S. on large deals specifically? And then secondly, as you think about the mix between large deals and small deals, are you seeing engagement to date from your U.S. customers that are landing potentially smaller quota in the half a million dollar kind of range, are you seeing engagement to date that suggests the path towards your classic kind of $3 million to $5 million opportunity?
Ryan Taylor: Great. So I think on the first question, one, we’re obviously seeing our largest customers are growing. If you look at the top 20 customers we have, we’re seeing growth there. As you see the average customer size is decreasing, and that’s in part because of the volume of customers that we’re bringing on to the customers into our space. And so, I think we’re seeing both growth in large customers and a broader set of customers, which — but at the same time, I think in Q4, we saw a number of those smaller customers come on, convert into larger deals within the quarter, particularly in the commercial space. And we’re seeing a number of these smaller customers convert longer-term enterprise deals, and we’re seeing the momentum there. I also think, at the same time, we’re seeing a lot of the ability to sell across a broader set of customers in a smaller price range in a way that we can get started at a smaller price point, but then grow from there as well.
Alex Karp: 53% of our business are large deals, and that’s almost $50 million. So that — some people love that. Some people don’t. I loved it because it means we’re a little more recession-proof. So then you have a tale of two stories, tale of two cities. The small — the average revenue size went from 6.5 to just over $5 million. So it’s decreasing. It’s decreasing for exactly the reason Ryan says. It’s decreasing because we’re doing well in the U.S. Most U.S. commercial customers don’t buy $50 million contracts. They buy $2 million, $3 million contracts. I think we’re going to see a lot more of that. What I see on the ground there are a lot of people wanting to use our software. We believe in our software. So we’re open to a lower price point.
