Michael Rollins: Just a couple of expense questions and then a revenue question. So on the expenses, as you close the books on 2022, if I’m looking at the slides, it looks like there was some impact both to revenue and EBITDA or expenses from the power pass-throughs you previously have discussed, Singapore. Can you share the funnel dollar amounts of impact that we should just be bouncing off of for 2023? And then as you look at 2023, are there incremental sales or product investments that we should be mindful of as we think about the types of opportunities, Charles, that you were discussing in the priorities to enrich the platform? And then I get to the final question of just, what are some of those examples maybe specifically on how you’re trying to enrich the platform for 2023 and beyond?
Charles Meyers: You want to take the first one on the PPI from ’22?
Keith Taylor: So Singapore, let me step back first. And when I talk — when we think about Q4, which obviously is the most current guide, you see that we did slightly better than we guided to despite some of the movements. And as we sort of mentioned in the last call, we normally accelerate some costs into fourth quarter, largely for repairs and maintenance and some outside consulting work. And we expect it, our utility costs, to go up largely because of the seasonal aspect, less about the Singapore PPIs but the seasonal aspect. And part of the reason that we did a little bit better was those utility rates didn’t go up as much as we anticipated. And then we’ve seen some moderation in price. Price and power is still inflated but moderated relative to some of our assumptions.
So when you look at the fourth quarter, I would say that it performed exactly as we anticipated with a little bit of benefit attributed to power savings and really with the operating performance and then better revenues. Specifically to Singapore though, when we look at the sort of the net hit for Singapore last year, think of it in the order of magnitude of $50 million to $60 million. The reason I’m giving you a range is there was a substantial increase or a weakening of the U.S. dollar relative to the Singapore dollar. And so when you look at the net impact, it had a little bit of a knock-on effect on our results because obviously, you’re absorbing a cost at a higher exchange rate. And so that would — that gives you a sense of where we are in Singapore.
As you then sort of fast forward to 2023, one of the things that we had mentioned in 2022 for the costs that we do not recover from Singapore in 2022 because we were out of market, market has moved to Equinix and part of the recovery that you’re seeing and it’s embedded in that $350 million is basically recovering cost that — the cost increase in Singapore that we didn’t recover in 2022. So it gives you a sense, there’s think of, again, in the order of magnitude of $50 million to $60 million, is that number that you should be thinking about.
Charles Meyers: And of course, the overall quantum in 2023 is much larger, as I described earlier. And so — but that’s — but I think we’re clear on that in terms of how that affects both revenue and margins.
Keith Taylor: Does that answer your question, Mike? I want to make sure that we — because you’re asking about the P&L. I want to make sure that we hit that question for you.
