Ladies and gentlemen, welcome to the Cognizant Technology Solutions Second Quarter 2015 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Now, I would like to turn the conference over to David Nelson, Vice President, Investor Relations and Treasurer of Cognizant. Please go ahead, sir. David Nelson - Vice President-Investor Relations & Treasurer: Thank you, operator, and good morning, everyone. By now you should have received a copy of the earnings release for the company's second quarter 2015 results. If you have not, a copy is available on our website, cognizant.com. The speakers we have on today's call are Francisco D'Souza, Chief Executive Officer; Gordon Coburn, President; and Karen McLoughlin, Chief Financial Officer. Before we begin, I would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are subject to the risks and uncertainties as described in the company's earnings release and other filings with the SEC. I would now like to turn the call over to Francisco D'Souza. Please go ahead, Francisco. Francisco D'Souza - Chief Executive Officer & Director: Thank you, David, and good morning, everyone. Thank you for joining us today. This was a tremendous quarter. In fact, in dollar terms we have the strongest sequential revenue growth in our history, exceeding both our expectations and our guidance. This comes on the heels of strong performance in Q1. We have got a great portfolio of offerings, and as a result, we're seeing robust demand for services, a trend that has continued to accelerate from the first quarter. Our Q2 revenue was $3.09 billion, up 6% or $174 million over Q1. Non-GAAP operating margin…

Thank you, Francisco. We're very pleased with our performance for the first half of 2015. As Francisco said, we have been well-positioned to take advantage of a strong underlying demand environment. The mix of services and capabilities within our portfolio enable us to benefit from the current shifts in clients' spending priorities. As noted previously, clients are focused on driving efficiency of operations and on driving down their cost of operations, in order to remain competitive and to fund their digital transformations. Let me now provide some more context on performance within our individual industry practices. Our Banking and Financial Services segment grew 7.7% sequentially, and 18.1% year-over-year, driven by strength in both banking and insurance. Within banking, growth was broad-based across our clients, who remain focused on cost optimization, vendor consolidation, regulatory compliance, and cyber security. In addition, there is an increased focus on automation and digital, particularly in areas that improve customer experience and customer self-service. Within insurance, we continue to see strong demand for solutions which help transform both the claims and underwriting processes, delivering both greater efficiencies and improved customer service. For example, during Q2, Cognizant helped a leading U.K. bank to conceptualize, design, and build an innovative new solution for its mortgage business. This engagement involved creating new digital channels for mortgage processing by intermediaries. The end result was a significant increase in the volume of business from brokers, and as much as a 75% reduction in the time it takes for new broker on-boarding. Our healthcare segment, which consists of payer, provider, pharmaceutical, biotech, and medical device clients, grew 2.1% sequentially and 39% year-over-year. The year-over-year increase includes the impact of TriZetto. As the healthcare landscape is changing rapidly, we continue to see our payer clients take a cautious approach to spending. An increased…

Thank you, Gordon, and good morning, everyone. Second quarter revenue of $3.09 billion represented growth of 6% sequentially and 22.6% year-over-year. While currencies were relatively stable on a sequential basis, on a year-over-year basis, we had a $75 million, or 300-basis-point negative impact to revenue growth due to currency. Non-GAAP operating margin, which excludes stock-based compensation expense and acquisition related expenses, was 20.2%, slightly above our target range of 19% to 20%. This positions us well to absorb wage inflation and promotions that take effect in Q3 while still being able to continue to invest in the business. Non-GAAP EPS of $0.79 exceeded guidance by $0.07. The Q2 tax rate was lower than anticipated due to the favorable settlement of a discrete tax item during the quarter. Consulting and technology services and outsourcing services represented 57% and 43% of revenue respectively for the quarter. Consulting and technology services increased 8% sequentially and 35% year-over-year. Outsourcing services were up 3% sequentially and grew 9% from Q2 a year ago. During Q2, we saw continuation of the trends that we have seen in recent quarters whereby clients are shifting spend from legacy application maintenance towards discretionary spending, including digital and other transformational projects. During the second quarter, 35% of our revenue came from fixed price contracts and as expected, overall pricing was stable. We added seven strategic customers in the quarter defined as clients that have the potential to generate at least $5 million to $50 million or more in annual revenue, bringing our total number of strategic clients to 285. During the second quarter, we repurchased 2.4 million shares for a total cost of approximately $153 million. To date, we have repurchased approximately 38 million shares for a total cost of approximately $1.4 billion under our stock repurchase authorization of $2…

Thank you. Our first question is coming from the line of Darrin Peller with Barclays. Please proceed with your question.

Thanks, guys. Nice job on the quarter. Just want to touch first on the overall upside to guidance in the quarter. Obviously, it was pretty strong. The guidance raise came despite Health Net again. So just when we look at the overall guidance, can you walk through some of the drivers and strengths specifically what actually drove the beat for the quarter? And I understand, Karen, you mentioned second half a little bit slower trend, but are there actually any deals you see happening besides Health Net that would impact that?

Hi, Darrin. This is Gordon. So for the quarter, the upside was very broad-based. It wasn't one customer, it wasn't one industry. The common theme, it was more on the discretionary and innovation and digital side, so if you think about our traditional outsourcing business versus our consulting technology business, it's clearly more on the innovation side. When we look at the rest of the year, obviously, we had the headwind of – we were expecting an additional $100 million of revenue from Health Net and that was baked into our pipeline plan. Even without that, we raised guidance $20 million beyond the Q2 beat. Nothing specific that concerns us for the second half of the year, however, obviously, there's a lot of M&A activity going on right now. So we certainly want to have an abundance of caution in case we get surprised by something as the year goes on. At this point, there's nothing that we know of that will surprise us, but it's one of these things you certainly want to be cautious of in this environment.

Okay. Could you just quickly mention what the constant currency growth rate is embedded in your guidance? And I'll turn it back in the queue, guys. Thanks again.

So with – the guidance assumes that rates are essentially where they were yesterday, so no fluctuation of rates and they've moved a little bit since July, obviously, the euro and the pound, but that's not very significant for Q2. The constant currency growth was overall about 6% and on a year-over-year basis was 25.5%.

Okay. Got it. Thanks again.

Thank you. Our next question is coming from the line of Ashwin Shirvaikar with Citi. Please proceed with your question.

Thank you and let me add my congratulations for the very strong quarter. Frank, I want to take you up on the digital transformation at scale comment. And the question is this, can the mainstreaming of digital services and sort of the demand profile that comes with it, is that enough of an offset to be sort of the lower growth and possibly even shrinkage of your traditional services? So how are you thinking about that? Francisco D'Souza - Chief Executive Officer & Director: Yeah, Ashwin, it's a good question. I would start by – at the very 50,000 foot level and say, look, there's clearly a trend around the world across businesses and governments to become more technology intensive, not less technology intensive. So if you think about that as sort of the big proxy for demand, then I would say that, to the extent that we are enablers of helping our clients be more technology intensive, the demand environment is strong at the 50,000 foot level. When I look at the more micro level perhaps, what I would say, Ashwin, is that there are a couple of different things which I think are driving demand in digital, which I think are instructive to answer your question. The first is that, as I said before, it's less now about helping a client with a point digital solution and much more about helping clients innovate at scale and sort of adopt continuous innovation. So that sort of creates for us an opportunity, and we're doing this with some clients around building an operating model around continuous innovation. So there's a revenue stream there, if you will, that we think we can leverage on a much more continuous basis. So that's point number one I'd make. The point number two, which is I think very important is that, whenever we've seen these big technology shifts, whether it's the digital shift we're seeing now, the Internet shift that we saw about a decade ago, the client service shifts that we saw a decade before that, there is always a big imperative that clients have around integrating the new technology capability, digital in this case, with the legacy, and that means a lot of work around legacy modernization, a lot of work around new architectures, a lot of work around wrapping the legacy with the components that are necessary to support digital business. And so net-net, I do think that there's plenty of demand here, and the opportunity for us to offset the efficiencies that we're seeing in the traditional business with discretionary and new digital projects is definitely there.

Got it. That's very helpful. Can I ask with regards to Health Net, you lose an anchor client opportunity? Can you talk about the pipeline in terms of the ability to replace that, and when can we return to a more normalized sequential growth expectation?

Ashwin, it's Gordon. When we look at the healthcare business, obviously, growth was a bit slow in the second quarter. There's a lot of change going on in that industry, whether it's M&A or regulatory change, consumerization, all that. When we look at our positioning in the market, we feel very good about that. We look at who our clients are, how our clients look to us for, not just execution but advice on how to both run their business better and for innovation. We feel very good about that. And equally importantly, the change in the Health Net acquisition does not in any way impact our strategy of – our belief that the industry, or portions of it, will move to end-to-end solutions, so the type of deal that we did with Health Net, we think those deals are still out there. We're actively talking to clients about that. So certainly the Health Net change – restructuring was a little bit of a setback for us, but in no way changes our strategy, and everything we're seeing in the market, everything that's happening with the TriZetto integration, makes us feel that we are absolutely making the right decisions on our strategy, and the payer side is a little soft right now, for external reasons. But that's a cycle, and that's the reason we have a portfolio of businesses. So as one is a little softer, another is a little stronger, but long-term, we think healthcare is a terrific place to be in. We think we're better positioned than anyone else in the industry.

Great. Thank you. Congratulations.

Thank you. Our next question is coming from the line of Joseph Foresi with Janney. Please proceed with your question.

Hi. So I was hoping we could get maybe a little bit more granular on healthcare. Is there any way to quantify the cross-sell opportunities at TriZetto, and maybe even the impact in that business from recent acquisitions? Anything on the outlook going forward?

Sure. So the healthcare – the TriZetto integration is right on track. We're feeling very good about it. The motivation levels within the TriZetto business are great, we've retained all the senior management, we still feel very good and confident about the $1.5 billion of synergy revenue we expect from the deal. As we mentioned on last quarter's call, we're already – that's already measured in hundreds of millions of dollars. We're now actively talking to clients about, as I mentioned, the end-to-end solutions, leveraging the TriZetto platform. So I think things are right on track there. It's also reinforcing a product culture within Cognizant, so we're getting the strategic benefits of that. So we're moving ahead exactly as planned and the receptivity we're seeing from the industry, both for the traditional TriZetto business and the extra investment we've made, both in development as well as the capabilities Cognizant brings to the table in terms of hosting and BPO, clients are saying this is great, and we're winning deals.

Okay. And then just along that line, we've seen some healthcare acquisitions outside of just the TriZetto side of things. What's your thought of the impact on that business, the healthcare business in total for you, and any thoughts on the growth of that business going forward? Can we expect it to be above the aggregate growth rates, or anything that you can give us as we look towards next year?

Sure. So, clearly, the payer side of healthcare is going through a consolidation period. We've seen this in the past in other industries, banking is probably the best example. As that happened, we did very well in the banking consolidation. As we're looking at the healthcare consolidation, some of the deals that have been announced, those are our customers, and we expect those customers to look to us both to help with the integration work and also to help them think about how do they fundamentally transform their businesses. There's going to be a lot of pressure on the cost side, which we think will serve to our favor, but I think that pressure will manifest itself and look at how do you change processes, how do you change the way you do business and because of our consulting capability, we'll be very well-positioned for that. So what we don't know, obviously, is there's some short-term freezes in decision-making. At this point, we've not seen any of that, but as I mentioned earlier, clearly we baked that into our guidance, so we have that cushion in case some of that happens. But if history is any indicator based on what consolidation in other industries, I think long-term, we'll be well-positioned particularly since these are the buyers that have been announced so far are customers with whom we have deep relationships and also with the target companies we do work. So we know those systems, we know those processes. So we'll stay close to our customers. But at this point, we think we're quite well-positioned to help them through the transition.

Thank you.

Thank you. The next question is coming from the line of Edward Caso with Wells Fargo Advisors. Please proceed with your question.

Hi. Good morning. Let me add my congratulations. I was just curious earlier I think Francisco made a comment about helping clients with their legacy integration during this major shift to digital. One of your major competitors seems to be very active in buying front end digital agency capabilities, and I'm sort of curious as you're (38:16) playing as well in the digital agency part of the digital world or are you more focused in the middle and back office? Thanks. Francisco D'Souza - Chief Executive Officer & Director: Ed, it's Frank. As I said, we've developed the Cognizant Digital Works methodology, which is really focused on taking a client from the very front end of ideation around digital all the way through the middle and back office of prototyping and then taking the solutions to scale through the legacy integration. So we're very much playing start to finish, if you will. And we believe that this approach that we have of integrating strategy, design, technology, altogether under the umbrella of the Cognizant Digital Works methodology is unique and differentiated. So we will continue to look to beef up our capabilities across the spectrum, but particularly in the front end design and strategy pieces, because that process is working quite well for us.

My other question is comparing Europe, Continental Europe to the U.S., its focused on sort of run (39:38) the business work versus sort of the new digital work. Is there a different sort of feel into how the interest, demand in Continental versus the U.S.? Thanks. Francisco D'Souza - Chief Executive Officer & Director: I think you have to separate it out a little bit. If you look at the continent, I'm going to exclude the U.K. for a minute here, but if we look at the continent, I think there's still a very healthy pipeline of what we think of as run better kind of work. And that's, frankly, because the businesses in Europe, as you know, continue to face slow economic growth – macroeconomic growth environments. And so there is continued pressure there. And of course, as we've said in the past, Ed, the businesses on the continent, if I could make a generalization, haven't outsourced the run the business kinds of things as much as the counterparts in, say, the U.K. or in the U.S. So there's upside there. Having said that, I would say that many of the countries in Europe are very digital, digitally aware, digitally savvy, and if you include the U.K., the penetrations of digital technologies like mobile and so and so forth in many of these countries and some of these countries are deeper than they are in the U.S. So there is a strong demand for digital in Europe as well. So we're really seeing in the continent this dual mandate of run better and run different playing out, and the demand there, I would say, is quite evenly based.

Thank you.

Thank you. Our next question is coming from the line of Brian Essex with Morgan Stanley. Please proceed with your question. Brian L. Essex - Morgan Stanley & Co. LLC: Good morning and congratulations again on the quarter. I was wondering from a higher level of guidance perspective if you can give us a little bit of color on expected seasonality. It looks like historically the third quarter has been a much stronger quarter, but last year, you kind of accelerated in the fourth quarter off with (41:45) some pressure in the third quarter. It looks like this year you've got a little bit softer expectations for the second half. I guess question number one, is that more discretionary in nature and more caution on recent discretionary spending trend? And I guess the second question would be do you anticipate returning to more of a stronger 3Q seasonality eventually or is this a new trend in the back half? Francisco D'Souza - Chief Executive Officer & Director: Hey, Brian. It's Frank. I'll just give you sort of comments at the high level, then I'll ask Karen to give specific comments on the guidance. In general, if you look at our demand patterns, Q2 tends to be the strongest quarter. If you go back historically, and the reason for that is that our clients are by and large on a calendar budget cycle and clients tend to have their budgets finalized some time during the first quarter. So the second quarter is the quarter where you get essentially the full quarter impact of discretionary spending based on budgets that have been approved by the client. So generally speaking, Q2 tends to be the strongest quarter. Q3 is a good – historically has been – is a good quarter but not quite as strong as the second quarter and then Q4 tapers off as the year winds down. So that's been our historical demand pattern. Last year was a little different because of the impact of the acquisition of TriZetto in the third quarter and fourth quarter, as you saw, some of that. So you have to strip that out from the numbers and I think if you strip out the TriZetto acquisition, you generally get the same kind of a demand pattern.

Yes. So I think I would just echo what Frank said, Brian, about historical seasonality being – Q2 being the strongest, Q3 tends to slow down a little bit, then Q4 being the slowest. Last year, we had two things. So in Q3, as you remember, is when we had to adjust our guidance and we had some one-time customer hits in Q3 of last year and so Q4 was a little bit of an anomaly. And then also we had the TriZetto acquisition which kicked in the – around November 20, so that was about $80 million of growth in Q4 of last year sequentially. So this year we would expect a much more traditional pattern with Q2 being the strongest, Q3 a little bit slower, and then Q4 will be a little bit different than our historical pattern. Historically, our core business slows down quite significantly in Q4, but we will have TriZetto. Obviously, Q4 is their strongest quarter typically given the nature of their business. So it will be a little bit more balanced this year than it would have been historically for us. Brian L. Essex - Morgan Stanley & Co. LLC: Got it. And then on a discretionary side, any caution around spend or thoughts on customer budgets as we go into the back half of the year?

I think really other than the conversation we had around M&A earlier and just being cautious around whether there's any slowdown as customers go through some of that transition in the next few months, there's nothing other than that that we see on the horizon right now. Brian L. Essex - Morgan Stanley & Co. LLC: Helpful. Thank you.

Thank you. Our next question is coming from the line of Bryan Keane with Deutsche Bank. Please proceed with your question.

Hi, guys. So just wanted to ask about the head count growth, I know it was flat. So for us, looking at the model, it won't have an impact on 2015 head count growth as utilization increases, but just trying to figure out if the slowdown in head count growth will impact future growth rates outside of 2015 as we get beyond 2015. Thanks.

Hey, Bryan. It's Gordon. The answer is no, it doesn't. Let me explain why. First of all, with utilization, and let me just talk about blended utilization combined on-site and offshore, we're still two points below where we were at the beginning of 2014. From the beginning of 2014, we dropped about five points and that was a very conscious decision. And now as we had to shift our workforce and re-skill our workforce, we've now taken it back up but we still have some more room to take it up. So even when you think about the rest of this year, you'll still see some increasing utilization. We're doing our college hiring just as we normally would. So the college kids that come on board now through the end of the year, those people will be available for billing next year, and then obviously for lateral hiring, that's really just-in-time hiring, so we turn that on and off as we need. The key is having that pipeline of the college kids, because it's a long training period. So we'll be in good shape to support next year's growth.

Okay. And then just quickly, I might have missed this, but just what's the pipeline look like for tuck-in acquisitions or anything out there that could be more sizable? Thanks so much. Congrats. Francisco D'Souza - Chief Executive Officer & Director: Let me talk about it. We continue to actively look at acquisitions, and I think we've got a series of – as we always do, the pipeline of small tuck-in acquisitions continues to be strong. The screen is very much the same as it historically has been. I would say that when we look at technologies, new technologies, new solutions, the pipeline might be a little bit more weighted towards digital and looking at digital capabilities in different parts of the world, in particular, to give us footprint in those areas. We're also looking for acquisitions just in general to get us into certain parts of the world where we don't have as strong a footprint as we would like. I would probably single out or point to Asia as being one area where you'll see us potentially do some acquisitions to strengthen our position in key markets in Asia. We've already done, as you know, the acquisition of Odecee in Australia, which was both a digital acquisition and also helps us strengthen our presence in Australia. So that's the – I would say that's sort of the color that I can provide on the pipeline and of course we continue to be active and keeping our eyes open as assets become available. And as with TriZetto, we don't expect to do another large-scale acquisition until we feel that the TriZetto integration is well on track, which as Gordon said, we feel good about at the moment. But we're always looking in the market and seeing what's available out there.

Okay. Thanks for the color.

Thank you. Our next question is coming from the line of Lisa Ellis with AllianceBernstein. Please proceed with your question. Lisa D. Ellis - Sanford C. Bernstein & Co. LLC: Hey, guys. Good morning. Can you talk more broadly about how your talent and labor strategy is evolving, both as you scale the business and then also as you're meeting the shift in demand and need a more diverse set of skills?

Sure, Lisa. It's Gordon. I think you hit the key thing, as we need a more diverse set of skills. We do a wide range of businesses across multiple geographies. So first, from a sourcing standpoint, we now have college recruiting across the world, and here in the U.S., we recruit at close to 20 universities, plus another 10 or 15 business schools. We've dramatically expanded our European college programs and are moving it into Asia as well. From a lateral hiring standpoint, just as our scale and brand has changed dramatically over the last five years, people view us as an incredibly dynamic and attractive place to work. So when I look at all of our statistics in terms of quality of hire, yield rates on lateral hires, that all looks good. Now, what we need to do, though, is in how we manage the people, since it's no longer one-size-fits-all. So we're very much, and we're well into it, making sure that people understand what the different roles are, what it takes to move up in the organization, so people can manage their careers. And we have a very transparent policy and program, so people from – everything from performance management to promotions, we call this Cognizant Career Architecture. So I think we're actually in quite good shape on this. This is not a place where we put our head in the sand, but we're being proactive, thinking about what's our workforce going to evolve to over time, how do we constantly re-skill people, how do we motivate millennials? Attrition was obviously up a little bit in this quarter, but when I look at the things we're doing, we're convinced we're doing the right stuff and it just takes a little time to kick in. Lisa D. Ellis…

Thank you. The next question is coming from the line of Sara Gubins with Bank of America Merrill Lynch. Please proceed with your question.

Hi. Thanks. Good morning. Given the Health Net/Centene deal, could you help us think about the potential timeline for building the BPO as a service healthcare platform with TriZetto and some Health Net capabilities, and maybe when you might be able to bring on a new client? Francisco D'Souza - Chief Executive Officer & Director: It's Frank. Let me try and address that, and Gordon jump in as well. We have a good pipeline of those types of deals at the moment. Now, let me also caveat that by saying that our pipeline of deals tend to be – are smaller than the Health Net deals. The Health Net was a very, very large deal, but we have a good set of clients that we're talking to around the similar model as Health Net. And the pipeline, I think, of those deals is good. I would remind you that, in our mind, really any client that is running the TriZetto platform is a potential candidate for this kind of model. So we think that, when you look at the value proposition from a client standpoint, and you say, what's the value proposition? We think that our ability to run the software, host the software, run the business process, given our deep domain expertise in healthcare, plus the knowledge of the TriZetto platform, really is very, very compelling to clients. So I don't want to really venture a guess as to when we will be able to talk to you about another similar kind of deal, but my hope would be that, let's say, in the next four quarters, we'd be able to come and talk to you about a similar kind of deal structure, with a client similar to Health Net. But I want to be clear. I don't think we have anything of the size and scale of Health Net right now that we're discussing.

Great. Thanks. And then, just on the wage increases for the third quarter, does the jump in attrition change anything about your plans for wage increases? And could you talk about magnitude of them? Thanks.

Sure Sara, (54:25) yeah, as we've said, for the last six months, and as we've practiced in prior years, we pegged our wage increases right in line with the industry and this year, that translates into high single digits offshore, low single digits on-site. The attrition doesn't necessarily change the magnitude of the wage increases, because people stay for – obviously, compensation is important, but it's also career development, it's the opportunities to move up on the organization to be empowered to take opportunities, the excitement and how dynamic is the organization. So it's a combination of compensation, but also a broad range of employee engagement programs and very importantly, the career architecture work that I mentioned earlier. So people understand our growth rate provides unparalleled opportunities for their long-term career growth.

Thank you.

Thank you. Our final question of the day is coming from the line of Tien-tsin Huang with JPMorgan. Please proceed with your question.

Great. Thanks. Great results all around. Just wanted to ask also on margins. Just – I know there's a lot of chatter in the press around Cognizant managing costs clearly wasn't demand driven. So I'm curious are you taking a different approach to cost and margins?

So the big thing obviously we did is we took utilization up. We slowed down hiring. I view that as that's good operational discipline. And what we want to make sure is that we have the dollars available to make the long-term investments rather than not having operational excellence. So clearly, we slowed down hiring. That's good for employees, because our bench is getting a little big. I think some employees were saying, hey, where's the learning if I'm sitting on the bench? So we've taken our bench down substantially, which I think is very good for employees. The other things such as travel, well, we need to walk the talk. We talk to our clients about being digital, being virtual. Our use of whether it's videoconferencing or other collaboration tools create great opportunities for people not to be on airplanes all the time. It's interesting. As we slowed down travel, our video usage went up 40%. That's great. We're interacting with clients on that. So part of that, it's not – yes, it's great to save the money so we can invest in the future, but it's also important that we're walking the talk on what the future work looks like.

Yeah, it makes a lot of sense. And then I'm just curious, just on the outlook on outsourcing versus the consulting tech piece, is this the new normal for now? I'm just curious if outsourcing can potentially accelerate given what you see in the backlog and pipeline. Thanks. Francisco D'Souza - Chief Executive Officer & Director: I think it's – Tien-tsin, honestly, it's hard to make a forward projection on this one. I think outsourcing will continue to be healthy. If you look at the sort of dynamics of outsourcing, you have a few things going on. You have parts of the world, like I said earlier, like Continental Europe that are still first-time outsourcer, so that's one, I would say, on the positive side. The second positive driver is that you've got parts of outsourcing like Business Process Services and Infrastructure Services where penetration rates are still relatively low. So that's another positive driver of demand. So those are the positives. Then you look at what's offsetting that and you say, clearly clients are shifting budgets from lights on maintenance over to digital. And so that pulls demand down on the outsourcing side. But as long as you're well-positioned to pick it up on the digital side, which we feel like we're very strongly positioned, you pick up those dollars and potentially you pick up more because it's not always a dollar for dollar swap that happens there. So net-net, how does that all net out in terms of the trend line over the next few quarters? It's very hard to make a prediction but I think the message you should take away is that the outsourcing service line is still fundamentally solid. There's still a very strong value proposition there. There are segments of that space that are still underpenetrated, and that will continue to drive demand and then we'll just see how it – where it nets out in terms of the trend line over the coming quarters.

Understood. Congrats on the results. Francisco D'Souza - Chief Executive Officer & Director: All right. Thanks very much. Francisco D'Souza - Chief Executive Officer & Director: And with that, I want to thank everybody for joining us today and thank you for your questions and we look forward to speaking with you again next quarter.

Thank you. Ladies and gentlemen, this does conclude today's Cognizant Technology Solutions second quarter 2015 earnings conference call. You may now disconnect.