Chris Reimer : And just if you could touch on you mentioned that the transition for your current customers would take years. I was just wondering what were the contributing factors to that? Is it a matter of time or is it internal decisions or are there some technical challenges?
Roni Giladi: Hi, this is Roni. There aren’t any technical issues, is a matter of investment from the customer and obviously from Sapiens doing this transition to them. They are not technically, we did almost across all the product this transition and we’ll continue with the pace of the customer.
Operator: The next question is from Alexei Gogolev of JPMorgan. Please go ahead.
Unidentified Analyst: Hi. This is [indiscernible] on for Alexei Gogolev. My first question was, I saw you broke out organic constant currency growth for total revenue. Did you happen to break that out for European revenue as well?
Roni Giladi: Obviously, the impact on the European the entire impact is coming to the European as North America do not have impact on currency headwind. I would like to reiterate what I mentioned earlier that in Q1 of 2023, we had catch up revenue in European market. We said it in Q1 2023 in the conference call and even right now. And if we eliminate this catch up, the company would grow almost high-single-digits. So, the entire impact of currency this quarter was on the European market, but without the catch up that I mentioned, European market will grow high-single-digits.
Unidentified Analyst: Goy it. Thank you. And then my other question is why was the cash conversion in this quarter worse than we saw last year because typically we see 2Q and 3Q at weaker collection quarters here?
Roni Giladi: Yes. Overall, the cash collection was with our range between 80% to 85% of non-GAAP net income. This is an overall perspective. If you compare Q1 to Q1, what we saw in Q4 of 2023, we have very significant cash collection that obviously have impact on the Q1 and also different approach in Q4 of 2023. So, as you know cash is almost balanced, it’s not P&L. This is the main impact between the two. So, we are without range and Q4 of 2023 was much higher than Q4 of 2022.
Unidentified Analyst: Got it. Thank you, so much.
Operator: you. There are no further questions at this time. Before I ask Ms. Yaffa Cohen to go ahead with her closing statement, I would like to remind all participants that a replay of this call will be scheduled is scheduled to begin in two hours. In the U.S. please call 1888-269-0005. In Israel, please 03-9255-938. And internationally, please call 9723-9255-938. Ms. Yaffa, would you like to go ahead with your concluding statement?
Yaffa Cohen-Ifrah: Yes. Thank you. Thank you for joining the call today. Please note that Sapiens will be participating in three upcoming conferences: First, the Needham Technology, Media & Consumer Conference next week in New York, May 14 and May 15. We will also be at the Jefferies Software Conference on May 29 and May 30 and the William Blair Growth Conference on June 5. We’ll be happy to meet with you if you attend. We are always happy to answer follow-up questions, so feel free to contact us after this call. Thank you.
Operator: Thank you. This concludes the Sapiens International Corporation first quarter 2024 results conference call. Thank you for your participation. You may now go ahead and disconnect.
