“On a constant currency basis, the midpoint of our guidance shows expansion of approximately 120 basis points year-over-year.”

In context

“.5% for 2020. The 800 basis point improvement validates the leverage in our model that we have talked about throughout the transition. We continue to be thoughtful with our ongoing investments that capitalize on the long-term opportunity generated by the trends that Yaki discussed and accelerated by the digital transformation. Before I move to guidance, I want to note that as our SaaS offering continues to increase in the years ahead, ARR will become even more important as a leading indicator for our business, given the ratable revenue recognition of SaaS. Additionally, some color on our 2022 guidance. I want to remind everyone that our 2022 full year operating margin guidance reflects a 200 basis point headwind related to our hedging program for our FX exposure to the new Israeli shekel. On a constant currency basis, the midpoint of our guidance shows expansion of approximately 120 basis points year-over-year. In the first quarter of 2022, the impact is more pronounced with a 350 basis point headwind. And on a constant currency basis, the midpoint shows expansion of approximately 140 basis points year-over-year. These rates were in retrospect as good as we could get for 2022. And just to remind you, these headwinds follow the 100 basis points of tailwind we benefited from in 2021 as we took advantage of COVID-related volatility in early 2020 to lock favorable rates for the year. In general, we try to minimize volatility through our hedging program with our larger focus on margin improvements where we have control. Lastly, we expect that CapEx for 2022 will be in the range of $12 million to $14 million. Moving to our guidance; for the first quarter of 2022, we expect total revenues of $94.5 mill”