Jim Scapa: I do think the demand environment is improving for us. I don’t know if it’s a macro improvement or just a micro for Altair, but – but we do see the demand environment getting stronger. So we’re feeling positive about that. We’re conservative, but positive.
Joshua Tilton: We like that, super helpful.
Operator: And one moment for our next question. And our next question will be coming from Blair Abernethy of Rosenblatt Securities. Your line is open.
Blair Abernethy: Thanks very much. Matt, just wonder if you go back to the duration comment on your RPO. Just wondering if you could sort of remind us your largest or let’s say your more seasoned customers as they’re coming back to you now. What’s their average contract term looking like? Is it changing at all in this environment?
Matt Brown: So generally speaking, we are still signing up for annual lease subscriptions, but we do occasionally have deals in which it makes sense to sign-up for a longer duration contract, and duration has gotten some somewhat longer that’s embedded in that RPO number, because in some cases it makes a lot of sense to have that customer signed up for a multi-year duration that frees up sales capacity than to go work on other transactions. But importantly, we are generally billing that either upfront or in some cases annually, but always licensing annually. And so you end up with a more predictable and smoother revenue recognition. So in other words, you’re not recognizing a multiyear transaction from a revenue perspective upfront because we’re still licensing annually. So there’s a little bit of duration in that number. But we don’t disclose specifics around duration. You can just see sort of percentage of next 12 months that we do disclose in our 10-Q.
Blair Abernethy: Got it. Thank you. And then just shifting over to the go-to-market at your Investor Day back in mid-March, you talked about sort of expanding the stakeholders focused sales team approach into some new verticals go, again just tells where you are at with that?
Jim Scapa: Sure. Well, this year we added a couple new verticals, the heavy industry and healthcare life science. And we brought somebody in on the defense side in aerospace and defense, and we shifted someone who ran half of the Americas over to do consumer electronics and technology. So we’re just continuing to bring these up and along and we are seeing a lot of traction in healthcare life science. For example, in heavy industry and in the consumer electronics space. So it is taking hold. We’re seeing good activity in the older verticals, if you will. Aerospace and defense, very, very strong for us right now, and that probably is a macro effect. But I think it’s also that we’re putting that kind of focus there now. So yes, I think it’s working quite well.
Blair Abernethy: Great. Thank you.
Jim Scapa: Sure.
Operator: And one moment for our next question. And our next question will be coming from Matthew Hedberg of RBC Capital Markets. Your line is open.
Matthew Hedberg: Great. Hey guys, thanks for my questions. Jim, we’re a couple months into the Synopsys, Ansys deal and I’m curious, I think last quarter you said no, you haven’t really seen anything. I’m wondering if you’ve seen anything change there as that deal continues to progress. And I mean, how do you think that could improve your selling opportunity even more so?
Jim Scapa: It’s really, really hard for me to comment on that, Matt, but I mean, I think there’s a little bit of distraction, I’m sure related to it and I think customers are also uncertain about where that’s all going. And I do think in general it’s probably advantageous for me and maybe some of the other companies that might compete. So we’re just doing the best that we can to take advantage of opportunities that we see.
Matthew Hedberg: That’s great to hear. And then on the call you talked about two new leaders, one in the healthcare space and one in federal, I guess what are some of the key initiatives that they’re going to be focused on. Are there other things that you’re doing in some of these higher growth verticals?
Jim Scapa: Are there things that we’re doing in the higher growth verticals? I mean we’re just very, very active, to be honest with you. So we’re just getting out in front of customers as much as we can, and we seem to be having a very, very good reception from customers, and we’re trying to get more executive connect with all the key customers.
Matthew Hedberg: Got it. Thanks a lot, guys.
Jim Scapa: Sure.
Operator: And I would now like to hand the call back to Jim for closing remarks.
Jim Scapa: Well, thank you. I appreciate everyone joining the call and for your interest in Altair, and look forward to meeting many of you as we travel and go to investor conferences. So thanks, everyone.
Operator: And this concludes today’s conference call. Thank you for participating. You may now disconnect.
