Guy Melamed : Matt, and just to touch on the actual percentages, EMEA revenue was at 1% in Q4. And yes, as you mentioned, when we factor in the FX, the effect of the FX and the exit of the Russia business, when you kind of look at it on a constant currency basis, excluding Russia, we were at 16%. With that said, we definitely saw kind of the macroeconomic environment in Europe with longer sales cycles and more deal scrutiny, and we definitely saw that in Q4 as well as in Q3. And when we look at the 2023 guidance, we baked in kind of continued deterioration from this point kind of for the rest of the year. And the fact that we’re ramping up kind of the SaaS transition and taking that into consideration as well.
Operator: And the next question comes from the line of Saket Kalia with Barclays. Please proceed with your question.
Saket Kalia : Okay. Great. Hey, guys. Thanks for taking my question here. Yaki, maybe I’ll direct it to you. So a lot of fun stuff here with SaaS just in the early days, but I was wondering if you could just share some of the early customer feedback that you’ve gotten? You went through some of them, but I’m curious — our customer is buying this because it’s easier to support, right, because Varonis is hosting it, or is it because Varonis Cloud maybe covers more applications or something else? And again, understanding that it’s still very early. What do you think the main selling points have been early on from a customer perspective?
Yaki Faitelson : The main selling part without a doubt are the outcomes. It’s a complete game changer regarding the outcomes. We have — when we built it, we had a rule and we said 10% of the effort, 10 time more value. And we managed to fulfill the vision end-to-end. When you are coming, it’s very easy to install. But then the ability to classify data automatically and understand what data is critical and overexposed. And now with 365 the Varonis robot is doing the right sizing of the permissions completely automatically that we see all the abnormal behavior in our cloud. And proactively, we are doing it for the customers. Customers, Saket, can realize massive value we’re doing nothing. It’s completely, completely automatic.
Having said that, also the overall time to value, you are coming no hardware requirements. So yes, there is a lot of data on-prem and it’s going to just — you need a collector. So this setup is a fraction of the time and everything that’s related to our ability to also to find attacks that are closer to the data set early in the Quarter chain works extremely well. So just we’re able to fulfill that vision. We are very, very excited from everything we’ve seen on the outcomes, the automation, the stability, our ability to serve problems definitely so far many very encouraging signs.
Operator: Thank you. Our next question comes from the line of Fatima Boolani with Citi. Please proceed with your question.
Fatima Boolani : Hi, good evening. Thank you for taking my questions. Guy, this one is for you. You talked about introducing a new compensation program and sales incentives to drive selling behavior around the SaaS platform. I’m curious, does that mean that you’ve completely deemphasized and more or less created these incentives around selling term business? I mean are you sunsetting that entire program entirely to shift 100% to SaaS selling. Any clarification there would be great. I’d appreciate it. Thank you.
