Vincent Colicchio: Yes. Jeff, are there any vendor or solution categories that have significantly weakened since last quarter?
Jeffrey Davis: Yes, I wouldn’t say that exactly. There’s no stand out. I think it’s — we saw a kind of slowdown across the board. But — our revenue tends not to be — if each kind of quarter goes on, we’re less and less coupled to specific technology. Certainly, there’s a lot of disruption, I can’t comment, on the software side, but we pivoted around that. But I would say, over the last six months or so, there’s been a major shift with any particular technology or vendor.
Vincent Colicchio: Okay. Thanks. One more for me. Is client consolidation an issue currently given the pressures these companies are under? And if so, is it more of an opportunity or a threat for you?
Jeffrey Davis: It’s proven to be an opportunity. We are — that auto manufacturer that Tom gave a little bit in the prepared statements, long-time client. We’re now one of only six Tier 1 global suppliers with them. And that story is repeated over and over and over. So even when there is a sort of a reconciliation or rationalization, we almost always emerged as a key player.
Operator: Thank you. Our next line comes from the line of Kate Cranston from William Blair. Go ahead, Kate.
Kate Cranston: Hi, everyone. Thanks for taking my question. This is Kate Cranston on for Maggie Nolan. My first question I wanted to touch on was, can you guys provide the exact percent of revenue right now that is offshore based? And then when do you expect you’ll be able to reach that 50-50 revenue mix that you touched on at the beginning of the call?
Jeffrey Davis: So the — I’ll answer the second part of that, and then Paul can address the first part. But our goal would be about three years on that 50-50. That’s what we’re working hard towards. I don’t know if that’s going to be aggressive or not, but if we maintain the pace of growth that we have, I think that’s very doable. And one thing I want to point out is that, we certainly — I do think 50-50 is a really key pivot point for the business. But of course, the whole thesis is linear, right? So as we work towards that 50-50, the headwind that the offshore represents become less and less along the way. So it’s not a stair step function. But I think that will be the critical point where things really shift to a tailwind and accelerate.
Paul Martin: Yes. And Katie, with respect to the percentage of revenues, as I said a little bit before, it was about 13% in the fourth quarter of 2020, and it’s about double that today. And I think it will continue to accelerate into 2023.
Kate Cranston: Great. That’s all very helpful. Thank you. And then one final question for me. Within the 56 deals that are greater than $1 million, are most of these short-term deals? Or are these deals that have the potential to grow as longer-term transformational deals?
Thomas Hogan: Definitely have the ability to continue to grow. As Jeff mentioned, the compression as far as the length of the backlog — it is multiple phases within this work. So it should continue to build upon itself in the coming quarters.
Kate Cranston: Okay. Great. Thank you all.
Jeffrey Davis: Thank you.
Operator: And our next question comes from Divya Goyal from Scotia Bank.
Divya Goyal: Good morning, everyone. Jeff, I had a quick question on the broader technological aspect of the company. So given the competition out there, the pace at which technology is changing, what are some of the things that Perficient is doing in order to stay on top of the pace kind of the competition have more deal wins? And then how is your M&A strategy aligned with this?
