Sridhar has shared the difficult decision we have taken to skip appraisals this year, given the rising costs and uncertain outlook for the software industry. Every software business will be having this discussion and making difficult choices. These are real-world situations where there is no single right answer. The decision depends on what we choose to prioritise. These are also decisions AI cannot make for us. During COVID, we made a similar decision. We offered free licences to customers, even though it meant losing revenue. This time, we had to deal with the sharp increase in server costs. We discussed these options internally. Lay off employees. While layoffs are common across businesses, we felt it wasn't the right choice when our business is still growing. We have over a million customers to support and products to keep improving. Cutting jobs could affect both employees & customers. Instead, we want to reduce costs by focusing on R&D to make our products and infrastructure more efficient. Reduce other expenses. We have decided to cut our marketing spend and are looking at ways to improve efficiency across the business. Increase prices. Customers are already dealing with rising costs and geopolitical uncertainty. So we don't want to add to their burden. We want to first do what is in our control before doing this. Skip appraisal. This was a difficult decision, but we wanted to avoid layoffs and price increases. So we made this tough decision. As a private company, we have to take care of our customers and employees. Publicly listed companies also have shareholder expectations to consider. There is no one right decision in these situations. Ultimately, it comes down to what we choose to prioritise and how we balance the needs of our customers, employees and business for the long term.