Vlad Shmunis: Sure. Sure. Well, to be clear, I don’t know prior to 1999, but we are — some prior to 1999. Look, my general belief and understanding is that cycles come and go, seasons come and go, and eventually, synergy prevails. We are obviously in a very different macro. RingCentral, was a sizable player in a large market and we are obviously not immune, okay? Having said that, we have a very strong core belief that what we do matters, we are solving a real need for many, many hundreds of thousands of businesses and many millions of end users. I believe we have shared our end user count of over $5 million. That is the largest pure play in the industry, okay? And shares at approximately 2x of actually paying users. So that’s a major asset, okay?
Not anyone else can really build that in our space. So what are our priorities, is, firstly, to make sure that our user base continues to enjoy our services, including our absolutely unrivaled reliability, Five9 reliability, unrivaled security. And, of course, our differentiated feature set where we simply check more boxes for more people than anyone else in our space. That’s our number one priority. Secondly, we believe that again, this cycle will also end. There will be another expansion. We want to be set up well for the goodness that will undoubtedly come ahead — come to be at some point in time, okay? And we can discuss if it’s next year or a year after, but life will go on. So what does this mean with respect to your question? We are absolutely going to continue our innovation strategy and innovative efforts.
The cutback that we have announced has largely spared our R&D force, okay? And the areas that are interesting over and above what I just mentioned, which is keeping the life on basically, but there is a lot happening in AI. There is a lot happening in analytics. There is a lot happening in our platform. If you look through the prepared remarks, I think we specifically called out our largest UCaaS developer ecosystem, okay, which is both in terms of a number of software engineers who have used our API, which is in the — what did you say about 75,000 of them, as well as many hundreds of actually prepackaged apps and integrations sitting in our App Gallery. Those are all differentiators, those are all strengths and we will be redoubling on those, okay?
And so that’s on the R&D side. I think I already mentioned, if not, I will repeat. Deeper, better UCaaS, CCaaS or cloud phone system, cloud contact center integration, okay? That’s definitely an area of emphasis for us. And look, on GTM, you know what, life goes on, okay? We just announced a very, very major relationship with Charter Communications. Charter is obviously one of the U.S. leading MSPs cable service providers. We could not be happier or more proud with this. We hope there is more to come for now — up until now. We have been quite successful, I would say, uniquely successful with global service providers, but that’s basically your telcos, AT&T, BT, Vodafone like that. Here, it’s a major win in what is really next adjacent market.
So we will continue those efforts. We will continue onboarding and enabling new resellers, as well as we will continue in addressing the — what is still the juiciest market to yet go through digital transformation, which is 400, sorry, 400 million on-prem PBX seats that are still sitting there on-prem and with overall cloud market penetration in the 5% range, about $20 million. So we will have our hands full. And I tell you what, it’s great that where the scale work for us $2 billion, growing profitable, turning to be — to much more serious profitability effective immediately, certainly in 2023 and beyond, we will be fine. We will provide this one, come out stronger.
Operator: Our next question will come from Michael Funk with Bank of America. Please go ahead.
