Hayden Brown: I mean, — like I said, I mean, I would say that we’re not seeing any notable changes. I think just — I think as we’re all observing sort of environment of uncertainty is affecting all types of businesses spend in this environment. Maybe I can give you a little color on some of the underlying trends in the platform. One example we’re seeing is that new clients coming onto the platform. We have seen good growth like we said after clients growing, more and more growth coming in enterprise side. But one thing we’re seeing is that new clients are ramping spend a bit more slowly than what we saw a couple of years ago. We do think that that clearly speaks to just some of the macro impacts. Another thing is that we’re seeing some bright spots also kind of hours per contract are up slightly quarter-over-quarter.
And actually when we look at even the year-over two-year trends, hours per contract are up about 10%. So I think that shows that there is good strong robust growth happening on the platform.
John Byun: Okay. Great. That’s a helpful color. Maybe — and then on the — in the AI skillset and so on, I think you shared one metric. Is there anything else to share in terms of how that’s ramping in terms of projects and talent putting out skills, and — I mean, I guess, the average rate always a much high as well, but anything else you could add there’ll be great. Thank you.
Hayden Brown: Thank you, John. So in terms of how project and talent skills are trending, I think we’re seeing just a lot of positives in terms of what the overall impact of AI is to the platform right now. I think that’s really the headline. So we’re seeing growth in categories like AI machine learning, which is up 62% year-on-year. Data science and analytics is another big growth category for us, up 30% in job posts. And so I think the thing to understand is, even though we are measuring like every single thing in the business around some of these AI-specific impacts, it’s also important to understand the AI positive growth we’re seeing is in both categories that are specifically AI and generative AI type categories as well as a growth in demand for talent across categories of work where people want — content writers who are using AI in their work or translator who are using AI in their work and so we’re actually seeing that shift as well.
And in those cases, what we’re seeing is talent who are using these new tools are actually commanding premiums in terms of their wages, which is extremely positive as we see kind of a mix shift around that work actually evolving and things that talent themselves upskilling and again adding tool for their toolkit which again goes back to the strategy you see us deploying around sort of the partnership. So we’re seeing the growth in specific categories as well as talent across category is really evolving, how they’re working and getting the benefits of these new tools as we go.
John Byun: Very helpful. Thank you.
Operator: Thank you. One moment for our next question. Next question comes from the line of Rohit Kulkarni of Roth MKM. Your line is now open.
Rohit Kulkarni: Hey. Thank you. A couple of questions. One on Enterprise net adds. Anything you had flagged that leads you to believe that this kind of inflection of uptick that we’re seeing in new client additions is — this trend is sustainable perhaps due to the team productivity of reps or maybe it is macro that you think you are now in a new sustainable cadence of growing net adds in enterprise. And then a quick clarification on Erica’s comments. I guess regarding ’24, were you trying to say that you are committed to improving revenue growth rate which means accelerating growth rate from ’23 to ’24? Just want to clarify that.
Hayden Brown: Yeah, Rohit. So on the enterprise side, the continued improvement we are seeing and adding new logos to the portfolio is definitely a testament to the hard work we’ve been doing to increase the land team productivity. And that started back in Q1 and has been kind of a steady margin. It’s certainly continuing under Zoe’s leadership of the enterprise business unit. I think it also speaks to the value of our products despite the macro backdrop which is certainly challenging I think for many and most businesses in this environment. So we continue to execute there and feel good that that is going to be a sustaining trend. It may not be perfectly even quarter-to-quarter, but certainly, the demand is there and we’re getting more and more efficient and can bring that demand.
Erica Gessert: Yeah. And on the question on 2024, really appreciate the clarifying question to make sure everyone understands it. And what we’ve committed to its year-over-year from 2023 and 2024 to have our growth rate increase on revenue. Similarly, year-over-year from 2023 to 2024, our EBITDA margin is also expected to increase. That’s what we talked about last quarter that remains consistent and obviously, we — like I say, we will give more detailed guidance on 2024 in the Q4 call. But it’s really on a full-year versus full-year growth rate and margin that we are making the comparison.
Rohit Kulkarni: Great. Thanks, Erica. If I could add one more on GSV. What could it take for the GSV to kind of start to grow beyond the zip code that it has been in the last, call it, three quarters, four quarters? I know, pricing has changed a lot and that may be weighing on the GSV. But just overall, how should we think about GSV as in your algorithm into revenue growth as such?
Erica Gessert: Yeah. We’re not guiding to GSV right now, nor have we traditionally done so. And look, I would say that there is really no doubt that GSV is being affected by the macro environment. Like I’ve said to some of the earlier questions, there really isn’t a lot of uncertainty and uncertainty still out there and trends in sentiment can kind of change month to month these days. And what we’re seeing is that, that translates to some general hesitation for all types of businesses to spend into this environment. Like I said, there are some really nice bright spots under the covers kind of I referenced to kind of sequential increase on hours per contract. We do see some very good dynamics there on kind of a year-over two year basis.
And so I think that we do expect that also some of the investments that we’re making on the platform into new innovative AI experiences, other things like that will continue to help us on the GSV front as well. But we’ll give more of an update on that as we approach 2024.
Rohit Kulkarni: Okay. Thanks, Erica. Thanks, Hayden.
Operator: Thank you. One moment for our next question. The next question comes from the line of Andrew Boone of JMP Securities. Your line is now open.
Andrew Boone: Good afternoon, and thanks for taking my questions. I wanted to go back to sales and marketing. Erica, is the framework that you have or that we should be thinking about as we think about maybe demand coming back and macro improving and what that would mean to sales and marketing at large? Meaning is it artificially low right now, but there will be a period which expands? Or do you have a framework in which we should apply?
