Saket Kalia: Okay. Great. Hey, thanks for taking my questions here. Paul, maybe for you, just a little bit off that last line of questioning. I was wondering if you could talk about what you’re hearing from customers on just overall pharma sales reps plans — pharma sales rep plans for this year, calendar ’23. I think it was said in the prepared remarks that Veeva actually saw CRM — Veeva CRM sees flat year-over-year. How do you think about that for next year?
Paul Shawah: Yes, so this calendar year, I expect it to be roughly flat also. But I’ll take a little bit of a step back and just to paint the overall picture for you and for others that may not have been following us closely. So we’ve always talked about roughly a 10% reduction through the last fiscal year, we’ve seen the majority of that play out. This year, we expect we’ll see some additional reductions play out. But I think it’s going to stabilize, the market is going to hit and operate at this new steady state. And I think will actually end up slightly less than the 10% that we predicted. So we’re seeing signs that the market is stabilizing. But I think this year, we’ll have some gains in CRM in the CRM suite, but we’ll also see a slight reduction in the market, so you can think of it as relatively flat.
Saket Kalia: Got it. That’s very helpful. Brent, maybe for my follow-up for you. For TFC, I think going back to the Analyst Day, we’re expecting about a $60 million impact. I think that’s a little bit higher now as we look at the ’24 guide. Can you just talk about some of the mechanics there? What changed and also just remind us whether the TFC is going to have any impact on billings or cash flow?
Brent Bowman: Yes, hi Saket. Yes, so in the Q3 time frame, we quoted a $60 million termination convenience impact and that was from existing deals in place at that time. You fast forward, we had a very successful Q4 quarter. We closed three large CMS deals. And with that, we added another $15 million of revenue pull forward. So that’s $60 million to $75 million. And then in addition to that, there’s about $20 million of anticipated deals that we expect to close in fiscal year ’24 that would have pulled forward revenue. So when you add the 75 and the 20, you get to 95, and I think that’s very prudent to consider when you’re looking at the growth rates year-on-year. So that’s how to think about it.
Saket Kalia: Got it. And just to clarify, no real impact to billings or cash flow. This is really an accounting point for rev rec, correct?
Brent Bowman: Yes. And really — yes, to follow up. So there’s no impact in the total revenue value of these contracts. It is purely timing. And to your point, there is no impact to billings and no impact to OCF.
Saket Kalia: Very helpful, thanks guys.
Operator: We will take a question next from Dylan Becker, William Blair.
Dylan Becker: Hey guys. Congratulations in the quarter. Appreciate you for taking the questions. Maybe following up on the TFC piece and understand kind of some of the near-term accounting dynamics. But how are you guys thinking about that incremental multiyear kind of willingness and adoption maybe for Peter as validation of kind of that long-term strategy you guys have kind of called out and maybe as for Brent as well as kind of giving you some of that initial confidence and outlook as we think about giving guidance for fiscal 2025?
