Mike Chang: Yes, we can hear you.
Alexei Gogolev: Great. Thank you. I was wondering if you could provide a bit more detail on the relationship that you have with your suppliers from Taiwan. Maybe give us some details how many there are and if relationships are exclusive, but more importantly, have you considered how you are going to meet customer demand in case of another supply constraint of IoT devices? Should we see geopolitics escalate further in Taiwan?
Sanjit Biswas: So Alexei, I will take that one. This is Sanjit. We work with multiple suppliers. And these are basically large ODM manufacturers that manufacture product for multiple customers. And it’s a thriving ecosystem. So, the good news about that is we have a selection of multiple suppliers and multiple manufacturers we can work with. And we also maintain direct relationships with the key component suppliers, in other words, the key chipset suppliers that we use upstream. So in that sense, we have pretty good visibility. We have very strong relationships. And while there is this geopolitical uncertainty, we are managing through it by relying on these strong relationships that we have. And we have actually seen circumstances improve quite a bit over the last 12 to 18 months.
Alexei Gogolev: Great. Thank you, Sanjit. And could you also provide some thoughts on your productivity per employee? I mean, I completely see that has significantly increased from 3 years ago, but versus last year, based on the figure of 40% growth, it looks like it remained broadly unchanged, that’s ARR per employee. So just wondering, when you think that added sales capacity and improving productivity is going to kick in?
Dominic Phillips: Yes, I will take that. So, yes, ARR per employee was up again 3x over the last 3 years and was up in FY €˜23, over where we ended FY €˜22. We did grow headcount in FY €˜23 by 40% and the sub-component of that, that is sales capacity or that will drive more sales capacity will add more productivity in FY €˜24. I think it’s an interesting proxy that we use to think about our business and really €“ and just are we hiring at the right pace. If that starts to go really negative, I think it makes us question, are we hiring too quickly. But obviously, all headcount cost is not created equal. I think we have started to do a much better job of hiring in lower cost regions and really broadening our aperture of where we are hiring from. And so, not all headcount cost is created equal, but it is just a high level proxy that we use to ensure that we are hiring at an appropriate pace.
Alexei Gogolev: Great. Thank you.
Operator: Alright. Our last question today comes from Dan Jester at BMO. Dan?
Dan Jester: Great. Thanks for taking the question. Just two real quick ones. First, obviously a lot of improvement in profitability and the Rule of 40 metric, which you mentioned, I guess what’s going to get you comfortable with saying that that’s the new framework that we should be thinking about? Is it just scale? Is it macro? Like what needs to get put in place for comfort there? And then secondly, on the sort of the API growth that you mentioned especially along with large customers, is there any similarities in terms of where they are sort of investing most in the ecosystem from an app’s perspective and what are you doing in the year ahead to sort of make sure the ecosystem growth is as strong as possible to keep that dynamic growth going? Thanks.
