Bryce Maddock: Yes, thanks Puneet. I’ll take the first question and I’ll let Balaji answer the second. So clearly the biggest headwinds to our business in 2022 and 2023 have come from the impacts we’ve seen in our U.S. delivery. As we’ve discussed before, this was driven by the large volume reductions at our large crypto and equity trading clients, as well as the shift offshore at our largest client. In addition to these impacts, we have seen some smaller movements of teams offshore that which have created additional headwinds that we need to outgrow. Besides this in dollar terms, if we compare our annual U.S. revenue run rate from Q1 of 2021 to Q1 of 2023 the forecast we have for the U.S., we’ve lost approximately $130 million of annual revenue from U.S. delivery.
Given these trends, before we provided our guidance we did a detailed review of our entire U.S. business and we struck a cautious tone in today’s guidance, taking the percentage of revenues coming from U.S. delivery in the back half of 2023, down to 15% of total revenues at the midpoint. At that stage, the majority of the work that remains in the U.S. must stay in the U.S. for regulatory reasons and process compliance. Additionally, we continue to win exciting new clients for our U.S. operations, just like the two healthcare firms that I mentioned earlier who rely on us for sensitive and regulated operational processes. So with all that said, the U.S. is absolutely a key geography for us and will continue to play a vital role in our global delivery model.
Balaji Sekar: And Puneet, I’ll touch upon your second question quickly. So from €“ so offshore revenues generates the lower revenues per head when compared to onshore. So it’s let’s say about 30% to 40% of onshore revenues, but from a margin perspective, it does tend to say higher so which means about 70% to 80% higher margin. So while the profit dollars that you get offshore may not be flat in terms of what you’re losing, but we do generate higher margin percentage. So that is going to be accretive to the model, especially as we start growing offshore in the second half of the year, so that is going to be helping us from a margin acquisition perspective getting to about 23% EBITDA for the full year.
Puneet Jain: Got it. Thank you.
Operator: Thank you. Our next question is from Ryan Potter with Citi. Please proceed with your question.
Ryan Potter: Hey, thanks for taking my question. On the call, you mentioned that some clients were turning you to €“ for support following headcount reductions on their side. So I was just wondering if this is a trend you’re seeing in multiple instances, and I guess could you remind us as clients kind of pivot and shift their focus more to costs whether the typical actions do they take like they immediately certain do you help on the cost side or is there usually kind of a leg where they kind of think through their actions?
Bryce Maddock: Yes. Thank you for the question, Ryan. So we’re seeing this across industries and across geographies. I believe on our last call I talked about both a gaming customer who shifted a large portion of their European support to our operations in Greece and a large e-commerce customer that shifted a large portion of their global support to our operations in the Philippines and India. And that that trend continued into Q4 across clients in the social media, FinTech, and gaming spaces. And sorry, the second question was?
Ryan Potter: Just typical actions clients take as they kind of pivot to cost?
Bryce Maddock: Yes. I think what we’re seeing is really a consultative led approach here. So our client service teams are having strategic conversations with our clients as they’re contemplating these shifts. Those shifts has been factored into the 2023 budget conversations that we talked about earlier. And we do see that as a continued driver of growth this year.
