“And then I would expect to see similar to '22, but I would also expect to see incremental growth as we continue to move through the year.”

In context

“n terms of our guidance on ARR, including that 20% growth is already factoring in as we look at the runoff of those contracts, we've already baked in the FX adjustment, assuming that the rates as of the end of December '22 would have held. So we're already adjusting for that in our guidance for the 20% growth. Nehal Chokshi: And how would you expect the incremental ARR through the quarters of calendar '23 flow? Similar to the proportionality you saw during calendar '22 or any sort of material differences that you'd like to call out here? James Caci: Yes. I think we'd see similar. The one call out would be, obviously, Q3 of '22, we had the acquisition of tyGraph. So that had an artificial bump in terms of if you're trying to project now '22 to '23 ARR growth. So I would just call that out. And then I would expect to see similar to '22, but I would also expect to see incremental growth as we continue to move through the year. But I would say, similar to '22, yes. Operator: [Operator Instructions]. Our next question comes from Brett Knoblauch from Cantor Fitzgerald. Brett Knoblauch: I guess the last 3 quarters, we've kind of seen SaaS gross margins decline are actually, yes, I guess, much every quarter this year, they've deteriorated. How should we expect that trend going forward? And I guess, was that decline mainly FX driven? Or just help us -- help me walk through that. James Caci: Sure. Brett, so great question. So I think about it in 2 different ways, right? So FX, yes, had an impact. So that's a way to think about it because one of our predominant costs would be our storage costs as it relates to SaaS. And that is all in USD. That's not in -- so we don't get the benefit of the FX headwind that we had on t”