Chris Reimer: Got it. Thank you. That’s some great color. That’s it for me.
Roni Al-Dor: Thank you.
Alex Zukerman: Thank you.
Operator: The next question is from Omri Lapidot of Leumi Partners. Please go ahead.
Omri Lapidot: Hey, congratulations on the results [indiscernible] from the new partners here. Can you comment on the operating cash flow, which was approximately $4 million? Is the third quarter usually a weak quarter? We also saw it the previous year. Did something change in the consumer side payment terms or something like that? And one more thing, just making sure I heard right, the 2024 mid range conservative forecast is about $550 million.
Roni Giladi: Hi Omri, this is Roni G. I will answer both of your questions regarding the first question in collection some of the time, yes, Q3 is slightly lower. We do not expect this to continue. There is no issue with our customers. There is no any accrual that we need for the outsole accounts. Customer are good relationship only amount of collection. So we do not expect this to have in Q4 and we’ll catch up with this difference. So this is on the collection point. Again, no change in the contract care perspective, not also change in customer relationship with Sapiens at all. Regarding the point of 2024, because of the situation, because investor approach us, we thought that this is right to put something in place in Q3 instead of Q4 to see the stability that we have in Sapiens company.
As we mentioned in the call, about 67% of our revenue is recurring in nature. We have a significant customer. We are implementing core system to them. So we feel very strong about the ability to continue to grow. Regarding the number, this number reflect the existing customer that we have in additional potential prospect that we have in place that we need to convert into revenue. Obviously this need to be done. So this is why we mentioned the $550 to make sure that we continue to grow as we continue in the past. If we need to change it upward or slightly lower, this will be in Q4. But right now we feel very comfortable with this number.
Omri Lapidot: Okay, great. Thanks.
Operator: [Operator Instructions] This concludes the question-and-answer session. Before I ask Mr. Al-Dor to go ahead with his closing statement, I would like to remind participants that a replay of this call is scheduled to begin in two hours. In the U.S., please call 1-888-269-0005 in Israel, please call 03-9255-938 and internationally, please call (972) 3-9255-938. Mr. Al-Dor, would you like to make your concluding statement?
Roni Al-Dor: Yes. Hey, thank you. In conclusion, I want to emphasize our dedication. To delivering our promises. And to continue to achieve our profitability growth. We look forward to continue this journey with all of you. Thank you for trust and support in Sapiens. Thank you for joining the call today. And we look forward to speaking with you in our next earning calls. Thanks.
Operator: Thank you. This concludes the Sapiens International Corporation, Third quarter, 2023 results conference Call. Thank you for your participation. You may go ahead and disconnect.
