Kelly Steckelberg : Thank you, Michael. I don’t think there is any argument against deploying our cash, certainly to continue to advance our technology, advance our customer base. As I said, we are constantly looking for opportunities. And as I’ve mentioned in the past, we have kind of 3 main criteria, of course, we look at. We look at the technology as we want to make sure that we would be providing our customers something that works as well as the core of Zoom does today the core Zoom platform. We look at the culture to make sure that the organizations could come together very, very well. As you know, we take culture so seriously here. And Eric and the whole executive team have spent a lot of time focusing on building that.
And then last but certainly not least, is valuation. And that has been tricky in the past. We’ve seen great assets that we love. We just couldn’t get there as, unfortunately, all of you know. And so we now see that becoming easier and easier. So I will tell you that Sanjay and his team have been very busy continuing to look for targets for us, and it certainly is a part of our strategy that we’re considering for FY ’24.
Michael Funk : And Kelly, while I have you, back to the earlier question about the delta and operating income, fiscal ’23 to fiscal ’24. We estimated about a $260 million benefit from the RIF. Is there an issue with my math around that?
Kelly Steckelberg : We’re not going to get into the specifics around the reduction. I will tell you, it was pretty consistently applied across the company, the 15% that Eric mentioned, across the organizations as well as U.S. and some of our other locations outside of the U.S. So you can take that into consideration as you’re calculating what you think the savings are.
Kelcey McKinley: We will now move on to Meta Marshall with Morgan Stanley.
Meta Marshall : Great. Maybe, Kelly, just for you to start with, maybe versus where we were 90 days ago when you were kind of talking about low to mid-single-digit potential for fiscal ’24. Just trying to get a sense of is kind of the incremental conservatism? Is that more around the enterprise or the online business, particularly given that you did see some kind of stabilization in the online business in the quarter?
Kelly Steckelberg : Yes. I guess, I don’t know that I would say — I mean, remember on the Q3 call, we weren’t specifically giving guidance. We were trying to help sort of give, I think, a little bit of visibility, but we were still right in the midst of doing our FY ’24 planning. So as we continue to work on that with all of the go-to-market teams and also made this decision around the team and the reduction, putting all of that together came up with what we’ve now guided to. And we do continue to see headwinds that we spoke about. Of course, currency is still a challenge, and we’re going to see some — as compared to year-over-year, we’re going to see some impact in Q1 because remember, the dollar really started to strengthen the back half of Q1 last year.
So you should expect to see some year-over-year impact there as well as just these changes in — especially the go-to-market teams right now, making sure that we get everybody lined up and looking at where that is. But all of that was considered as we set the FY ’24 guidance.
Meta Marshall : Got it. And then maybe, Eric, in the past, you guys have wanted to have kind of this singular Zoom platform and let the third-party apps be where you would kind of do the departmental or industry use cases. And sounded like there was some departure from that. So I guess I just wanted to get a sense of are there going to be different Zoom additions for kind of some of these different verticals? Or will it still kind of be largely third-party driven?
