Butzi Machlis: Hello. With regards to the first question, we do not see any signs of recession in defense spending; on the contrary, we see growth. We see growth in Europe, we see growth in Asia Pacific, and we see also expect growth in our positions in the U.S. and North America, and also here in Israel. After the election, we hope to see stability which will enable a long term program to be executed, so we anticipate growth in defense spending. We see growing potential for the company, we see more opportunities, we deliver more offers, and the funnel of new positions is increasing, so that’s with regards to the first question. With regards to the second question .
Yossi Gaspar: I think that the best indicator for the future growth in revenues is the backlog. If you look at our press release, we always give the breakdown of the backlog for the rest of the year plus the following year, and the backlog to be sold after the following year. By the end of the third quarter, we had a backlog of $14.7 billion. If you–and we also said that 40% of that backlog is going to be performed during the fourth quarter of ’22 and ’23. Just by making a simple calculation, that gives you about $4.7 billion of revenues that are going to happen in 2023. We usually have a coverage of backlog for approximately 80% for the following year, so just making a simple mathematics, you can find out that we’ll have very nice growth for the top line for next year.
Ilya Fainer: Okay, thank you.
Rami Myerson: Thank you Ilya.
Operator: The next question is a follow-up from Pete Skibitski of Alembic Global. Please go ahead.
Pete Skibitski: Yes, thanks guys. I wanted to ask on the cash flow statement, the contract liabilities line, which I think relates to customer advances, advances were a little soft in the first half of the year but they were very strong here in the third quarter and historically they’ve been very strong in the fourth quarter, so I just wanted to see if maybe some advances were pulled forward from the fourth quarter into the third, or do you expect the fourth quarter to be another good quarter for advances, because typically a good advances quarter for Elbit means a good free cash flow quarter as well. Just wanted to get a sense of that. Thanks.
Butzi Machlis: Hi Pete, it’s Butzi. The answer is no, we didn’t change anything. What you see right now is a reflection of the third quarter only. There is a lot of–we put a lot of emphasis on cash flow in the company these days, and this is also for advances. That’s why you see growth in advances in the company, and we expect it to continue.
Pete Skibitski: Okay, great. Thanks so much.
Butzi Machlis: Thank you.
Operator: If there are any additional questions, please press star, one. If you wish to cancel your request, please press star, two. Please stand by while we poll for more questions. There are no further questions at this time. Before I ask Mr. Machlis to go ahead with his closing statement, I would like to remind participants that a replay of this call will be available two hours after the conference ends. In the U.S., please call 1-888-782-4291. In Israel, please call 03-925-5900, and internationally please call 9723-925-5900. A replay of the call will also be available at the company’s website, www.elbitsystems.com. Mr. Machlis, would you like to make your concluding statement?
Butzi Machlis: Thank you. I would like to thank all of our employees for their continued hard work and contributions to Elbit Systems’ success. To everyone on the call, thank you for joining us today and for your continued support and interest in our company. Have a good day, and goodbye.
Operator: Thank you. This concludes the Elbit Systems Limited third quarter 2022 results conference call. Thank you for your participation. You may go ahead and disconnect.
