Mo Katibeh: Very good. So, I’ll start with the Mitel, Atos one and then turn it over to Sonalee. Mitel is an important partner. They contributed solidly in 2022 sequential seat growth every quarter. As you stated, Mitel and Atos are currently in discussions. Nothing is final as far as we know. If they do combine, it doesn’t change the fact that there are millions of on-prem seats for them to convert, and our agreement will continue to be in place to be Mitel’s exclusive UCaaS provider, and then time will tell. We’ll see what happens there.
Sonalee Parekh: So just to answer your question on the convert, obviously, our current convert is paying interest at 0%. So it really comes down to market conditions and looking at the trade-off between that 0% facility versus the discount that our converts are currently trading on. And that’s something that we, as the management team, will continue to evaluate. We obviously don’t feel any pressing need to go and do anything immediately, and the great thing about the financing that we have structured is that we have this delayed draw aspect to it. So, we feel like we have a lot of optionality and flexibility there. And as we grow our EBITDA significantly over the next couple of quarters, optionality only increases from there.
Operator: The next question is from Michael Turrin with Wells Fargo Securities. Please go ahead.
Michael Turrin: Hey, thanks, appreciate you fitting me in. The margin guide for at least 18%. Sonalee, it’s a big step up from the more than 350 basis points you’re talking about last quarter. It does have an 18% or higher attached to it. So can you just speak to what would drive that number higher? How much of it is tied to how growth ends up versus additional optimizations you’re seeing on the cost side?
Sonalee Parekh: Yes. So look, I would say if growth ends up being better, then that would be incremental to where we’re guiding. So the guide on the margin is consistent with the revenue guide that we gave today. And as we said, the guide does not embed or incorporate any improvement in the macro or any deterioration for that matter. In terms of the drivers, labor savings, as you know, given the actions we took last year, that’s about three points of the margin expansion. And then the remainder will come from optimizing spend in customer acquisition and then third-party spend, and that’s rationalization of suppliers. We have a very big procurement project going on at the moment. But ultimately, we expect operating profit dollars to be up around 60%, 2023 over 2022 and that’s on top of the 50% year-over-year increase in operating profit dollars that we achieved for this year.
And then I’ll just once again reiterate that we do expect 4Q operating margin to be at least 20%. So that’s 600 basis points above where we ended Q4 this year.
Operator: This concludes our question-and-answer session, and the conference is also now concluded. Thank you for attending today’s presentation. You may now disconnect.
