Greg Brown: So let me make sure that, and I want to answer the question in two parts of it. But make sure you understand that our pipeline, on the enterprise side, is actually very strong, right? We feel very good about the pipeline. We feel good about the pipeline in Q4, what we saw was some of these opportunities slide into Q1, and we feel very good about the strength of our pipeline in Q1 as well as what we’re seeing for Q2. That being said, yes, the decisions that organizations we’re making in Q4 to hold on buying decisions while they better understood the macro as it related to their business and carrying that forward a bit into Q1 before they were able to lock their budgets in 2023 is not unlike anything that we’re not — we’re doing the same thing.
And I think as I’ve spoken with a lot of CLOs within our larger organizations that that same motion is happening across the landscape. And so what we’re not seeing is we’re not seeing anything different that we didn’t see in Q4. And to your question around geography and segments. Our EMEA business, I know a lot of organizations have talked about softening with respect to the geopolitical issues that EMEA face as well as the macroeconomic conditions. Our EMEA business and our team, I can’t say enough about our team over there, and our business continues to remain very strong, vibrant and healthy in EMEA, as it does in Asia Pacific and Latin America and around the world. So no, we’re not seeing any one segment or any one region more negatively impacted than another.
I would say our most mature business is North America on the enterprise side. So if anything, we’re seeing a little bit of that slowness and hesitation on the tech side of the enterprise customers, as we talked about earlier, in North America. And as Sarah just mentioned, we are starting to see real positive signs of some of that loosening up and decisions being made and deals getting done. So encouraged by that early move in Q1. It’s all to say, no geographic call out and feel very good about our enterprise business as we move into the year.
Tom Singlehurst: And the second question is around the cash balance, and I suppose, use of capital. I mean, you guys obviously have a lot of flexibility there. I presume sort of private multiples are coming down. I’m just interested in whether there’s any appetite on your behalf to be more active with regard to M&A and maybe try and take advantage of the current environment, maybe add a little bit of inorganic growth to what you’re doing organically?
Greg Brown: We do expect there to be further consolidation in the category as well as we are looking at opportunities to do exactly, as you mentioned, potentially layer in some technology. Our capability that we believe would give us leverage. And there’s a few different areas that we’re looking at right now, not at liberty to go into those specific areas. But without question we’re going to be opportunistic as we progress throughout the year and expect there to be opportunities for us to do just that. Sarah, I don’t know if there’s anything you’d like to add?
Sarah Blanchard: Yes, I think that’s exactly right. And I would say some of — the multiples have come down some, they’re maybe not quite where we want them to be yet, but we think that, that’s going to continue. And so we’re actively looking at different opportunities that might make sense for us but we’re not quite there yet.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Coccari for any closing remarks.
Gregg Coccari: I want to thank everyone for joining today. It’s been a pleasure getting to know all of you. We thank you for your continued support of the company. I hope our paths cross again some time. Have a good afternoon.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
