Joe Vruwink: Okay. Thank you very much.
Brent Bowman: Thanks Joe.
Operator: Our next question is Ken Wong, Oppenheimer.
Ken Wong: Great. Thanks for taking my question. This is for, I guess, it could be Peter or Paul — but back to the CRM, the transition. Just wondering with this demo that you guys are going to have in May, how should we think about what this new CRM looks like? Is it really just sort of a lift and shift of what you’ve got today on sales force? Or is there going to be a bit of a reimagination to optimize for the evolved AWS back end?
Paul Shawah: Yes, hey Ken, this is Paul. So yes, good question. The way to think about it is — it’s primarily a lift and shift. So we’re moving the apps that the vast majority of our end users touch every single day remain the same. And those apps today point to sales force and in the future will point to Vault. So that’s the simple way of thinking about it. And we’re — that’s a design decision by us. Now why are we doing it that way? One, because it’s a market-leading CRM, the CRM works. And it works really well for our customers, and it’s going to make the move much easier for our customers to get there. So that’s how we’re thinking about it, and that will be — that will play out just really easy for the end users. Like everything stays the same.
One day, it’s pointing the sales force, and the next day, it’s pointing the Vault. So there’s a lot of engineering work to make that happen. So we’ll start to showcase some of that starting at our summit and then more and more as we — as time goes on.
Ken Wong: Got it. Great. Thanks a lot, Paul. And then for Brent, just a quick clarification on ’25. I know it’s super early, but just the margin goals would suggest kind of in that 35-ish range, I guess, 35.5, give or take. Should we think of that as more of a generic plug similar to what you previously mentioned in the long-term target, so kind of just mirroring that? Or is that a reasonable expectation for how you’re envisioning the margin expansion from ’24 to — from ’24 to ’25?
Brent Bowman: All right, Ken. So what we said is at least $1 billion in operating income. So we’re two years out, and that’s above our long-term target of 35% plus. And we’re going to continue balancing growing revenue as well as the investments required around that. So it’s early. We feel good about how we’re executing, and we’re going to deliver at least $1 billion of op income.
Ken Wong: Got it. All right. Fantastic guys. Thank you.
Brent Bowman: Yes, thank you.
Operator: The next question is Anne Samuel, JPMorgan.
Anne Samuel: Hi. Thanks so much for taking the question. I was hoping maybe you could walk us through what headwinds and tailwinds you incorporated within the 2024 revenue guidance. And to the top end of your revenue range imply any improvement in the macro backdrop?
Brent Bowman: Yes, I’ll take that. So what we’ve assumed in our guide for the year is really the continuation of what we started to see in June from a macro perspective. So we haven’t assumed any improvement nor worsening in the macro that we continue to see June through the balance of the year, and that’s some items like Peter mentioned the advertising spend, a little bit headwind in Crossix. We assume that into our guidance as well as some of the SMB capital conservation that we saw in the back half of the year. So that’s what’s informed into our guide as you look out to fiscal year ’24. I think you had a second question, if you wanted to repeat it.
