Philippe Krakowsky: Look, I think that’s really — I mean it’s very apt observation, right? I can definitely speak to RafterOne and what it is about them and why, right? So to our mind, a very strong asset in a very specific space that is growing very fast, right? So obviously, Salesforce as a platform means a lot more to more of our clients. So they’re ascendant. And then for the dollars that go into a major sales force implementation, there’s a multiple, there’s that goes to the service providers. So that’s a — there’s a large service economy around that, and we’re very strong in Adobe. And to us, we were building that Salesforce capability, started working with this company as a partner got to know them. And it was actually preemptive on our part because I don’t know that their ownership was — their owners were necessarily thinking that this was a moment in time at which they would trade the asset.
But from where we sit, tech implementation, direct-to-consumer work, the internal platform services group that we’ve created so that we are bringing kind of bigger presence into those kinds of engagements. So I think Salesforce — I mean, RafterOne is 500 experts, I think 800 or 900 certifications and both B2B and B2C expertise. But I think what you said that’s very accurate is that we’re a bigger company by a fair bit as of the last 3 years. So you used to think of us as doing tuck-ins, and they were quite small, and they were much more sort of agency like. And to our mind, I think we want to concentrate that buying power and then focus on these areas where what you’ve got is sort of a hybrid of marketing expertise, some measure of creativity against an emerging channel and then some piece of what they do, which brings some technology expertise.
So I think you probably will see us do fewer and scale-wise, they’ll have gotten bigger. What tuck-in means will be, I think, more like this.
Ellen Johnson: And with regards to FX, ’22 was a larger impact than what we typically see. It was negative 3% on revenue growth and actually 20 basis points on margin. For the most part, our revenue expenses if you historically are pretty well matched. And so going forward, we’re expecting based on what the rates are today, a flat impact on revenue and a de minimis impact on margin.
Michael Nathanson: Ellen, can I follow up? I remember asking you when you started about that question about margin. Why was your drag on margin from that tax this year? I think you answered previously, what was a much difference. So what happened this year on margin that didn’t happen in the past?
Ellen Johnson: It was more an impact of what happened in the currency markets, right? If you look at ’22, the currency markets moved more than they historically do. But for the very vast majority of our businesses, revenue and expenses are matched by currency and we — that was probably the largest impact we’ve seen in a very long time, and we do not expect that type of impact at all going forward.
Michael Nathanson: Okay. Thanks.
Operator: Thank you. Our next question is from Tim Nollen with Macquarie. You may go ahead.
