Bhavin Shah: Got it. Super helpful. Just a quick clarification. That 50%, that’s an annual number. Any way to think about just what that trajectory looked like in 4Q or even what you’re seeing in January?
Michael Cotoia: We report it year-over-year. So that 50% was up from last Q1 in 2022, which, I mean, still some positive trends.
Operator: Our next question is from Jason Kreyer from Craig-Hallum.
Jason Kreyer: Just wondering, any comments on churn related to long-term contracts? I’m just — I’m curious to what degree those are being paused or if there’s any instances where those are just being outright canceled.
Michael Cotoia: Yes. Jason, some are being delayed. We have some are being canceled with the beginning of the year with the budget cuts that we’re seeing. We’re seeing some of them getting reallocated to other products. And then we’re also seeing that . I mean there are people that are still buying the long-term contracts. But I just think it goes back to this whole uncertainty over the last 45 days. And you can correct me if I’m wrong, it’s been a long time, if ever, that I’ve seen a period so many times in 45 days in the enterprise tech business versus more of a forecasted and more predictable reduction. So that’s what we’re seeing in terms of the churn on the long-term contracts as it relates to Priority Engine.
Jason Kreyer: And then in past recoveries, I know you guys have been really successful gaining share. It sounds like you’re leaning into that opportunity now. Just curious what specifically you can do or what are the key areas of investment that you think position you for more share gain on the other end of this kind of macro uncertainty.
Michael Cotoia: Yes. You know what? I think there’s 3 areas that we’re really laser-focused on. Number one is the Content Enablement business and making sure that we’re investing in the right resources and the functionality to help with our customers who need purpose-built, relevant and impactful content. Because without the content, we’re not going to be able to engage with buyers. These are really savvy enterprise tech buyers. As I mentioned earlier, I mentioned in the past couple of earnings calls, close to 50% of those buyers want a rep-less experience. They don’t want to be dealing with vendors’ sales teams out of the gate. They want information and they need relevant information. It’s got to be pretty deep, rich, relevant, technical ROI, TCO type of information.
And that’s what we see, the metrics over the long term. And those demographics and those buyers are not changed, and they’re not going back to the old days. So we’re going to continue to invest in that. We’ve reallocated teams, technology process towards the Content Enablement business. They’re a really good opportunity with our Priority Engine platform in terms of — we’ve talked about this in terms of having tight integrations into our customers’ workflow. We have increased our resources in the development team by 40%-plus over the last 7 months in really the better integration, automation, visualization and really about attribution by marrying our first-party data with our customers’ first-party data to help them out and identify clearly at the account, at the prospect level.
But not only showing that but also highlighting that in our ROI Dashboards and visual capabilities. And that’s really important, and we’re working on that. And you’re going to see some announcements coming out later in the first half of 2023. We’ve also put a lot of work into the enhancements around our BrightTALK channel platform. Our customers are coming to us today and they’re saying, gosh, we need to have — we need to stay close to our existing customers, customer retention. We need to find that net new deal. And there’s a way to effectively stay part of your customers through episodic content through a webinar platform. And what we’ve built and what we’ll release will show a big focus on engagement and conversions so that they can stay in front of their customers, get better conversion, leverage that information, integrate it also into our overall platform capabilities to help them.
So those are 3 key areas that we’re really focused on in terms of gaining market share. And again, you’ve covered us for a long time. And when we’ve seen a dip, and it’s been quick, we typically do the right things, stay opportunistic, manage our cost structure and gain market share and come out strong on the other end.
Operator: Our final question comes from Eric Martinuzzi from Lake Street.
Eric Martinuzzi: I wanted to get a little bit of greater detail on the geographic commentary. You talked about in Q4, EU up 9%; U.S., up 3%. Just as we look at Q1 and your guidance for a revenue decline of about 16%, how is that weighted between the geographies?
Michael Cotoia: We don’t disclose how that’s weighted, but I would tell you, Eric, that the international markets are a little worse shape than North America. So we’ve seen that. You’ve watched all the news in EMEA over the last couple of quarters. You saw it coming. And they’re getting hit a little bit more. So I think that North America will hold up a little bit more than the international markets, but it’s going to be fairly consistent in terms of the ratio.
Eric Martinuzzi: Okay. And then the same issues in both geographies, the elongated sales cycles, budget cuts, freezes?
