Over the five years that does kind of reverse course but that will continue to present some headwind to ’24 and beyond kind of near-term free cash flow. If I think about kind of a walk on the free cash flow and the free cash flow conversion for 2023, if deconversion revenue were about the same as ’22, that’s about, call it, roughly $20 million. There is asset sales and then the $90 million of taxes, you get to – closer to like a $280 million to $290 million of free cash, which would have been more of a round free cash flow conversion of about 85% versus the reported 55%.
Rayna Kumar: Understood. Thank you.
Mimi Carsley: Very welcome.
Operator: Our next question will come from Dan Perlin with RBC Capital. You may now go ahead.
Dan Perlin: Thanks. Good morning. And Dave, I just wanted to revisit the – you know the sales pipeline and demand environment in aggregate I mean you set records in three quarters or four quarters this year, which is pretty amazing, especially considering the backdrop. So some of that obviously is coming from movement over to the cloud, but, a lot of that also is coming from just competitive dynamics. And so I wonder if you could just speak to what you’re seeing in the market today? How you guys think you’re positioned relative to peers, because the commentary clearly coming from others is a very different narrative. So if you could just put a finer point on that, I’d appreciate it.
David Foss: Thanks, Dan. It is – that’s an interesting time in our environment and I know many of you follow the segment very closely. As far as Jack Henry has positioned or how we’re positioned today, we’re well-known as being very focused in our space and I think that’s getting us – that’s getting us a lot of attention right now. And when I say focused on our space, I mean, being a well-rounded technology provider to financial institutions in the United States and we’re not in the merchant acquiring business. We’re not doing other things. We are focused on the needs of those customers that we have served traditionally and we continue to serve the community and regional banks, credit unions that you all know. And so, if you put that together with the customer service reputation that we have at Jack Henry and the innovative things that we’re doing now, I just talked about in the script, the new products that we’re rolling out here that we’ve – couple of them now the summer and a couple more yet to come this year.
The settling-in of the technology modernization story I started talking about that in February of last year. But over the course of the year, people have really had a chance to absorb that and understand how differentiated it is what Jack Henry is doing as compared to anybody else in our space has differentiated that solution will be and we’re not fully in market yet, but I think when you roll all those things together, Jack Henry has this positioning now, that is – that’s really credible as far as our potential customers and existing customers are concerned. Now it is still – for banks and credit unions, making a major change in technology is still a very hard decision. So it’s not like people are rushing to our doors and ready to sign-up with Jack Henry, but there’s kind of this really nice slow steady movement towards Jack Henry because of all of those things and I think they have all really helped draw a bright line between what Jack Henry is doing and what anybody else in our space is doing and people are recognizing that.
