Greg Bentley: Yes, let me start with the EPCs, the big global firms who primarily do engineer, procure, construct for industrial CapEx. Of course, their business went way down in the pandemic, and they have worked at diversifying now into renewables and energy transition, which was a great choice for them to focus on. And I don’t think their growth rate is distinguishable from the green color of tone of business in industrial and resources generally now. But it’s a good question, and I’m not sure whether they are back. I would guess they are not quite back to where they were pandemic, but that’s not an informed, quantitative view at the moment. We had stopped separating them because they look like everyone else is being fully occupied at the moment, although their companies did shrink. And then on mining and resources, Nicholas, maybe with Seequent if you could comment on the pace of growth in mining and resources.
Nicholas Cumins: Yes. So, mining is still in a super cycle. The early stage drilling, which we look as an early indicator is up, and it’s at its highest level since 2014. So, there is a lot of activity going on. I think there is a clear realization that a lot of mining is needed in order to support the world electrification. We see also a lot of activities with the large mining companies who are full of cash because they benefited from sustained price increase, they also benefited from the strength of the U.S. dollar, which is the currency that they use for their business. And we are seeing them acquiring a lot of smaller mining companies. So in fact, in 2022 €“ the first half of 2022, we saw 50% more M&A activity than in the previous year. So there is a lot of investment going on into mining. And of course, Seequent is extremely well positioned to benefit from that one. Yes.
Greg Bentley: Sorry, back to you, Nicholas.
Nicholas Cumins: I just want to say that when it comes to EPCs contractors and industrial, those were actually among the two growth drivers that we’ve seen in both Europe and India, in Q4. So we’ve definitely seen a regain of strength there. Now Seequent, when it comes to energy it’s going to be used more for geothermal or even for wind €“ offshore wind platforms rather than oil and gas traditionally, right? So it’s focused more on renewable sort of energy.
Joe Vruwink: Thanks guys.
Nicholas Cumins: Thank you.
Eric Boyer: Next, we’ll move to Matt Hedberg from RBC.
Matt Hedberg: Great. Thanks for taking my questions guys. Nicholas, the European strength really stood out to me. Can you double click on maybe where you saw that strength? And just how sustainable you think that is into 2023?
Nicholas Cumins: Yes. We €“ I mean, I mentioned already in the prepared remarks, we saw as growth drivers public works and contractors in industrial sectors, so EPCs, as growth drivers. We also see a net acceleration of conversions to the E365 program, and consumption with E365; but there’s something else that I didn’t say in the prepared remarks that is going on in Europe, which is a very large infrastructure investment plans. The first one, which is really impacting us, it’s called the next-generation EU plan. It started to be active in 2021. About almost 20% of the funding for that plan is already being distributed across the different countries. And we can point to a number of projects that are being funded by that plan where our software is being used, like multiple high-speed well products in Italy.
