Nicholas Cumins: Yes. Well, OpenFlows was actually a €“ which is our brand for our applications for the water infrastructure was a highlight in Q4. We did see notable growth in €“ around the world. We did sign our largest deal in India in the last 10 years, which was actually directly related to the major infrastructure plan in India, which had some provisions in order to upgrade the water infrastructure and make sure that tap water is available to everyone in the rural parts of India. So we are benefiting from more investments in water infrastructure that we’re seeing in India, but we also see as more and more infrastructure owners €“ water infrastructure owners, who are looking into creating digital twins of their water infrastructure as the way to get more efficiency, more effectiveness in their processes. I’ll just mention finally that using power, for instance is very important in greening water infrastructure and energy resilience and transition.
Eric Boyer: Next question from Kash Rangan from Goldman Sachs.
Unidentified Analyst: This is Matt on for Kash. Nice for taking my question. Greg, Bentley’s performance down market has been very solid with Virtuosity, another quarter of 600 new logos. I think you made a comment last quarter that you’re really surprised that there are so many logos to go after in any given quarter. Perhaps if you could characterize how you view the opportunity for SMB heading into 2023? And really just any change to the competitive landscape? Thank you.
Greg Bentley: I’m going to ask Nicholas because we just had the whole sales group together and the Virtuosity leadership and team are €“ when I say exponential growth, that’s their plan for 2023 as well. They don’t €“ they’re not at diminishing returns in terms of competitive opportunity. A lot of our digital experience investment is self-service, e-commerce and automated renewals and so forth so that the same team can get even more done. But Nicholas, how would you summarize that?
Nicholas Cumins: Yes. Virtuosity is going to be a big growth priority for 2023 and beyond. We see still an important market for us to go after to convert accounts to Bentley Software. It can be the most, let’s say, fundamental software we have like MicroStation, or more sophisticated solutions like the one I just talked about, which is OpenFlows. Now we also see an important growth opportunities with new logos in the enterprise space, especially when it comes to construction and in Heavy Civil. And we’ve had some interesting wins in Q4 to confirm this and of course with infrastructure owners, operators, right? So there is also a sizable growth opportunity for us to win new logos in the enterprise space, not just SMB?
Eric Boyer: All right. I think the last question we’ll take today is from Jason Celino from KeyBanc.
Jason Celino: Great. Sorry, there we go. Great. Thanks for fitting me in. Maybe on the ARR guidance, a lot of moving parts, but just for the benefit of everyone, I just want to clarify that PLS is not included in the 11.5% to 13% guide. Is that correct?
Greg Bentley: No, PLS is included. What was never included for PLS was the €“ was what we onboarded. But then after we onboard an acquisition, we move everything onto our paper and it’s impossible to parse it out after that. I know, Werner, you were going to comment regarding ARR growth to help those who may be thinking about modeling that for 2023 because we provide only annual guidance. We’re prepared to go back to 2022 and answer questions that you, Jason and others asked about the constant currency sequential ARR growth. Maybe you could cover that, Werner?
Werner Andre: Yes. So from Q1 to Q4 in 2022, sequentially on constant currency basis like ARR grew 2% in Q1; 3.1% in Q2; 3.3% in Q3; and 3.3% in Q4. And that expense business performance that does not include the onboarding of Power Line Systems, as Greg has mentioned.
Jason Celino: Okay. And then…
