If we look at specific clients, at our largest client we continue to have a very strategic relationship. Given our large offshore footprint, we do expect to see significant opportunities to help them save costs in 2023. As I said on the call in 2022, our headcount supporting this client grew 29% year-over-year. With that being said our largest client is very cost focused this year, and that has meant they have looked for additional areas to cut costs in Q1. As an example in addition to the reductions and on offshore shifts that we discussed last quarter, this client has eliminated a line of business that we had expected to remain permanently in the U.S. during the first quarter, and this will have an impact on our year-over-year growth rates.
As a result, the midpoint of our guidance contemplates a small year-on-year revenue decline, while our volumes increase modestly at this client. Given our offshore footprint and the strong client relationship, we believed we’re well positioned to continue to take share from our competitors and grow here over time. In terms of the crypto space, our guidance contemplates a slight reduction in run rate annual revenues from Q4. We continue to support the largest players in both the crypto and equity trading spaces, and I believe we’re actually the largest provider for many of our clients in this space. But the volumes that some of these clients have been reduced by up to 95% given the ongoing crypto winter that’s being experienced.
Kathy Cheng: Got it. Super helpful. And then just a follow up, so, you guys obviously gave a guidance range for revenues, but gave a more of a specific number for margins for that 23%. At the low end of the revenue range how should we think about how much flexibility you have in terms of achieving that margin outlook?
Balaji Sekar: Yes. So, Kathy, in terms of the guidance we provided 23% guidance at the Bitcoin. And in terms of the low end of the range, we have demonstrated that in 2022 that we’ve been able to react to changes in revenues by adjusting our cost base and maintaining our EBITDA margins. So we beat our initial guidance that we provided for EBITDA and for free cash flows in 2022, despite some of the headwinds that we had from a revenue perspective. And also on the call I spoke about an efficiency program that we kick started in 2022 and we’ll continue through that in 2023, which will deliver full year savings of about $20 million. So we’ll size this program appropriately based on our forecast and performance throughout the year. And also we’ll be very thoughtful in this exercise to make sure that we continue to invest in all the appropriate areas that’s required in the business to grow double-digit and continue to invest in sales and technology.
Kathy Cheng: Thanks guys.
Operator: Thank you. Our next question is from Dan Perlin with RBC Capital Markets. Please proceed with your question.
Dan Perlin: Thanks. Good evening. I just wanted to follow up a little bit on the question around AI. I mean, it’s obviously super topical. You guys are kind of talking about it like it’s going to be a potentially large opportunity, transformational, I think just the way you described it with your clients, but I also want to understand maybe the flip side of that. I mean, do you see maybe the balance between the positive out €“ attributes and new client wins for you, but what about potential headwinds or risks that you foresee to your businesses, maybe some of the things you’ve done in the past get a little bit more cannibalized if possible. Thanks.
