Kelly Steckelberg : In terms of when it’s going to become 10%, it’s sometime — September early this year in FY ’24 and we are very excited about the momentum. We had a 100% year-over-year growth in the product. And you get it’s back to — even in this economy and especially in this economy, companies looking for opportunities to standardize on 1 vendor and also because there is a lot of value to be gained by getting rid of those on-prem servers as well as the very disruptive price point that we have, all the way around, it’s just proving to be very, very attractive. And as Eric mentioned, there’s still a lot of opportunity in market available. So we expect that to continue. I don’t know it’s going to expect — just to remind everybody, Q2 and Q4 tend to be our really peak quarters in terms of Zoom Phone adds.
So while we had an amazing number of additions in Q4, I don’t expect that necessarily to be the new bar. We expect to be seasonally down in Q1, but still very excited, but the momentum continues to be up and to the right.
Kelcey McKinley: JMP Securities’ Patrick Walravens has the next question.
Patrick Walravens : Great. I have a really fun question for Eric. So Eric, in 2021, you guys invested in Cvent, before their deal you also invested in Monday. So how do you feel about those two spaces today? How do you feel about the VET technology? And how do you feel about collaborative work management.
Eric Yuan : So given this is the Phone question, maybe I should launch the ChatGPT, let it answer to your questions, it’s better. So I might give you a fun answer. Well, anyway, I think monday.com interesting, right? Because the reason why I invest in — a lot of our customers, they also — especially in Europe, right, also deploy the service, they would like them to integrate with us and also they’re also Zoom customers as well. I think as far as I know. And I think it’s more like from a customer perspective, right, the one — also working together, right, to integrate with them, that’s reason why I invest in them, right? Cvent, for example, during COVID, right, and a lot of customers deployed our Zoom and more Webinars and Zoom Events.
And especially for those hybrid events, right, in-person events, we are more like a pure technology platform, right? We’re also in some other components to help to make sure we have streamlined your events management. That’s why we partnered with Cvent, right? We see the opportunity to further solidify our leadership, why not to invest in them. I think given now it’s more a company we support hybrid work, I think Cvent — I think they will do well. That’s another reason why we invested in them, yes. So that’s pretty much. Maybe my answer not as fun as the ChatGPT, but that’s pretty much I can do.
Kelcey McKinley: We do have time for one additional question that will come from Ryan MacWilliams with Barclays.
Ryan MacWilliams : My question is kind of in the same spirit as Pat’s question. But Kelly, let’s like you filled the remaining amount of your share repurchase authorization this quarter? I guess, how are you thinking about a new authorization for a buyback. And in terms of M&A, would Zoom potentially look at acquisitions where you already have a competing product today? Or are you generally looking at adjacent solutions?
