Operator: Your next question is from the line of Rishi Jaluria with RBC Capital Markets. Your line is open.
Rishi Jaluria: Wonderful. Thanks so much for taking my question. First, I wanted to maybe hit a little bit on the macro side and what sort of impact have you seen from your existing customer base and what do you kind of contemplating from the seat count reductions or I guess the layoffs you have been seeing across the board, and what that means on the seat count side? I know you’re very well-diversified, but we’ve seen a lot of layoffs and tax. So maybe you can talk through what you’ve seen so far? What you’re modeling and anything — any tools you’ve kind of had in your arsenal to be able to counteract that or maybe slightly offset? Then I got a quick follow-up.
Pete Godbole: Yes, so the first major element of what we’re seeing is, I mean, if you think of the expansion, it’s really on the gross expansion side of it. We’re not seeing anything more than the normal historical movement on what we would consider a reduction. And to parse that even further, we are seeing sort of what I call some feature but that’s not unusually different from the capabilities churn we see. So it’s sort of aligned and moving in lockstep together. Some part of that obviously comes down to what we’re doing. So what we’re doing is, we don’t have an ELA type model. What we had the earned enterprise, which means we don’t sell seats as their usage. People are using them. They leverage them. It is the same concept we use for connected users.
You’re not paying for users, you don’t need. That really helps keep people on the side of the ledger, where they’re staying with what they have. And then the question really becomes one-off, what are you adding to the list? How much are you going to add and when are you going to add?
Rishi Jaluria: Got it. That’s helpful. And then the other kind of macro-related question, I wanted to better understand. Pete, when you were talking about the impacts that your modeling, as you are seeing lower close rates, you’re assuming that’d be grow further which makes a lot of sense. Have you also seen deal compression as well in terms of — you thought a deal would be call it $1 million in ARR and ends up coming at less than $800 million or whatever be the case. And what are you modeling in terms of deal compression going forward? Is that embedded in guidance? Thanks.
Pete Godbole: Yes, so, Rishi, we’ve modeled the trends we’ve seen. And so what we have modeled is, some degradation to close rate. We’ve modeled some elongation in the sales cycles and the deal compression that happens typically as people deciding not to buy, is not the issue, thereby buying the things a la carte in smaller pieces. So it’s still a healthy expansion rate, which is what. I was looking at. I’m looking at — our expansion rate is healthy and even the one we’ve guided to is a healthy expansion. It’s just a matter of moderation in the macroeconomic phase that exist.
Mark Mader: Rishi, I think one thing is also that has been helpful is, there are some of the transactions this last quarter, I would class as compliance based licensing. So we have an agreement with you, you use the product extensively, you have always connected users and that discussion happens around, okay, here’s the new level at which you are engaging with the platform, if not, you’re making a choice over, oh, I think this would be interesting. I can get value. It’s a decision you made quarters ago that you’re now clicking into. And those discussions usually much more high velocity because it’s really maintaining compliance, then it is making new business decisioning.
Rishi Jaluria: All right. Perfect, thank you so much, guys.
Pete Godbole: Thanks, Rishi.
Operator: Your next question is from the line of Jackson Ader with MoffettNathanson. Your line is open.
