Good day, ladies and gentlemen, and welcome to the Second Quarter 2015 Genpact Limited Earnings Conference Call. My name is Steve and I will be your conference moderator for today. At this time, all participants are in a listen only mode. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Roger Sachs, Head of Investor Relations at Genpact. Please proceed, sir.

Thank you, Steve. Good afternoon, everyone, and welcome to Genpact's earnings call to discuss our results for the second quarter ended June 30, 2015. We hope you had a chance to review our earnings release, which you will also find in the IR section of our website, genpact.com. With me in New York today are Tiger Tyagarajan, our President and Chief Executive Officer, and Ed Fitzpatrick, our Chief Financial Officer. Our agenda today is as follows. Tiger will provide a high level overview of our second quarter results as well as an update on some of our strategic initiatives. Ed will follow and will discuss our financial performance in greater detail. Tiger will then provide closing comments and then we will take your questions. We expect the call to last about an hour. Some of the matters we will discuss in today's call are forward-looking. These forward-looking statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those in such forward-looking statements. Such risks and uncertainties are set forth in our press release. During our call today, we will refer to certain non-GAAP financial measures, which we believe provide additional information for investors and better reflect the way management views the operating performance of the business. You will find a reconciliation of these measures to GAAP in our earnings release in the IR section of our website. With that, let me turn the call over to Tiger. N.V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Roger, and welcome aboard. For those of you who have not yet spoken with or met Roger, he recently joined us as our new Head of Investor Relations with Bharani Bobba transitioning to a critical client-facing role in the company. I want to thank…

Standby for your first question, which comes from the line of Ashwin Shirvaikar from Citi. Please go ahead. Ashwin, your line is open, you may be on mute.

Sorry about that. Hi, Tiger. Hi, Ed. N.V. Tyagarajan - President, Chief Executive Officer & Director: Hi, Ashwin.

So, I guess, my first question is with regards to the metrics that you provide on those various thresholds for how many incremental clients you have in each threshold over $1 million, over $10 million and so on and so forth. The question is, what's the penetration level or is there a way to think about a penetration level with regards to what the potential is from those clients? N.V. Tyagarajan - President, Chief Executive Officer & Director: Ashwin, actually it's a great question. And it's actually one of the most important things that a typical client partner, a sales relationship manager, my global sales leader and a business leader would do for every one of these clients. They create an account plan. They look at the entire range of services that potentially could be offered to that client. What that potential could be in terms of total scope and size of that addressable market, what potential penetration that could reach in the most penetrated account and then where is it today? And that creates the roadmap to try to get there. Obviously, it's going to be different by customer, by industry, by service line. So there is no standard answer. But here's one way I will tell you the answer. 80%, 90%, pick a number, of the clients that we serve are probably penetrated broadly 25%, 30% at the outer limit of what potentially one could penetrate. That is probably the best way to describe what I just said, which is why, we have found over the last couple of years, as we've invested, both in capabilities and in the front-end team serving these clients and having the right conversation at the right level, a number our large relationships become even larger. So over the next few years, we would expect that penetration of these larger clients to increase even more.

That makes sense. Where I was going with the question was that this has been, obviously, a key part of a broader BPO and BPM investment thesis, this lack of penetration. So, the question is, in terms of the investments you've made, both in the sales force, in product and capabilities and so one, which of those are having the most traction, that you can kind of say that there is going to be a material difference to your growth rate, a material upward difference, obviously, in the coming couple of years? And I'm not looking for a broad answer like how it's going to be digital, but more specific, what should we hope for in the next 12 to 18 months? N.V. Tyagarajan - President, Chief Executive Officer & Director: So Ashwin, the first answer to your – which of those have had a bigger impact? I think the best way to think about it is that one without the other is not going to work. The two go hand-in-hand, the two investments that we've done go hand-in-hand. It's absolutely essential to continue to sharpen the capabilities, the solutions we have in order to make it more cutting-edge, to bring thought leadership and that's the journey we've been on and we keep finding new opportunities to be able to do that, either new solutions, new ways of integrating those solutions, new technologies to bring in, in order to integrate those solutions including digital, et cetera. But in order to identify the opportunities, to create the value proposition, to actually make the customer come up with the real problem statement, which also they actually don't know what they don't know, requires senior leaders with deep domain understanding right at the front-end talking to the C-suite. The combination of those two is what creates the attraction that then generates the long-term growth. One of the answers to your question also is the fact that while all of that is what we can do, the reality is that in our business it's a very big change for our clients. So, there is a cadence to that change, there is a rhythm to that change and there is a time at which a particular client is ready for that change. Our job is to constantly explore opportunities, as to constantly explore the different journeys clients are on and insert ourselves into those conversations that make sense for that client in that situation. And sometimes for two years nothing may happen. And then one fine day the client says, now I'm ready, and it's a question of when the client is ready for a specific change, which is one of the reasons why this journey takes a long time to penetrate and it's a long-term penetration journey, because each of these is a big change event for our clients.

Absolutely. Last quick question on IT, those metrics continue to slide. Is there a point, at which you kind of say, we're really a BPM company, IT, we should just monetize the best we can and may be get out of that particular set of capabilities, or is there something core about those IT capabilities that you absolutely need to have? N.V. Tyagarajan - President, Chief Executive Officer & Director: So, the straight, simple answer to that question is never ever will we not do IT as part of our core offerings. I think it always will be part of our core offerings. I think the key question that I'd like to answer is, so what is our IT business? And our IT business, I would characterize in three or four buckets. Bucket one is the old original GE IT business, which is a lot of the original IT business that we came out of GE with. And that's undergoing change driven by some of the divestment activities that GE is undergoing, some of the rationalization activities, they are undergoing and, as a result, some of the project work that we are doing for them that shrunk in the second quarter, and we expect that to continue as we go through the balance of the year. The second part of the IT business is what I would call "legacy IT services" for a number of our global clients. And by definition, as I said, a number of our global clients are transferring spend from those legacy areas to new digital areas. And as that happens, some of the work that we are doing shrinks. The third is capital markets as a vertical. And actually, that particular vertical continues to do well for us. Of specific importance is the KYC JV…

Okay. Thank you for the detail. Thanks. N.V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Ashwin.

The next question comes from the line of Joseph Foresi of Montgomery Scott. Please go ahead.

Hi. So, you talked about in your opening remarks that you've signed, I guess, 10 large deals over – and two transformational deals this quarter. Both yourselves and you're competitors have talked about sort of the return to large deals. I know that you mentioned digital, but maybe you could give us a better understanding of what's happening in the market that these large deals have come back over, let's call it a six – last six to 12 months and what you expect from the pipeline going forward? N.V. Tyagarajan - President, Chief Executive Officer & Director: So, Joe, thanks for the question and a great question. I would say, I don't think it's the last six months. We've talked about large deals actually now for more than 18 months, actually close to 24 months now. And we started talking about the wins in large deals about 18 months back, which is why we're not counting them as 10 large deal wins in the last 18 months, and we saw that happening a couple of years back. And I think I would point out three or four drivers of that, some of them I already talked about in our macro trends. The fact that the world is what I called a two-speed world. There are a set of clients and set of industries that are undergoing pretty significant transformation driven by volatility, driven by – in the case of life sciences, the patent cliff; in the case of banking and insurance world, regulatory oversight; in the case of healthcare in the U.S., driven by significant changes in the way the healthcare industry is functioning today and will function tomorrow. So, a number of those are making clients revisit their business models. When that happens, they take a complete look…

Okay. And then on the margin profile, obviously, they ticked up this quarter and for the year, but there's maybe some one-times. You talked about, at the Investor Day, that the margin profile is going to get better over the long term. And maybe you can help us understand that versus the large deals, because I know traditionally in BPO, you have to hire for the large deals. We saw some head count move up this quarter. How do you balance those two to continue to get margin expansion as we go forward here? Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: So, I'll take the first crack and Tiger and I'll tag team on this. I think, on the large deals, we have talked about typically, large deals come in at lower margin, but then over time, we do ratchet those up. So to the extent that your pace of large deals is accelerating, that might put some pressure on gross margins but, with that said, not necessarily on operating margins, because the rest of the firm would be able to leverage. So I think that does have a phenomenon impacting it. Shorter-term, you talked about the operating margins, and I'll give a little clarity on the current quarter of 16.5%. We did talk about there being about 100 basis points of – somewhat of an unusual and non-recurring in nature. Foreign currency was a part of that. That benefited the quarter to the tune of $2 million to $3 million, and then other non-recurring items to the tune of $2 million to $3 million as well, caused that to be higher. So that, over the rest of the year, the 15% that we talked about – approximately 15% for the second half, really does reflect…

Got it. And lastly, real quickly on the GE side, has your outlook for that business changed at all since the last time you gave some color around what it looks like going forward? N.V. Tyagarajan - President, Chief Executive Officer & Director: Not at all, Joe. We continue to maintain the outlook for the year, which is down 2% to 4% for the entire GE business. And we continue to see the GE Capital divestiture, in the medium term, as a nice balance of risk and opportunities. As I said, we are engaged with every one of the divestitures that GE Capital and GE have so far announced, for us to engage with the new buyers in order to be able to both continue the services we offer, as well as find opportunities to expand and grow those services. And we still feel very good about that balance right now.

Got it. Thank you. N.V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Joe.

Your next question is from the line of Tien-tsin Huang from JPMorgan. Please go ahead.

Thank you. Just a couple of follow-ups to Joe's question there, just on the GE divestiture side, when do you think you'll get better visibility on that piece? It sounds like it's more of a 2016 event at the earliest. N.V. Tyagarajan - President, Chief Executive Officer & Director: Yeah. So, Tien-tsin, great question. Yeah, I'd love to have visibility today, just as you would too. To some extent, obviously, it's the pace of divestiture of GE of its different GE Capital businesses. And as each of these get divested, we get engaged in each one of them, and each one of them is independent of the other, because they're different buyers, and each of them have their rhythm. So you're really talking about, all of a sudden us, having 10 new deals in the funnel, which is actually, by the way, a good opportunity for us, if you just think about that. So it's going to play its course. If I were to pick a date, then I would say, by the time we get to the end of 2016, I think we will have pretty good visibility to a range of these conversations, assuming that GE Capital continues to – GE continues to divest, as it has announced out to the Street.

Right, okay. So there is some time here. So just – also then to clarify on the margin question just, so what exactly is driving the margin guide up here? Obviously, you had a couple of transformation deals. You mentioned the gross margin impact on that, but you're still taking the number up a little bit. So, what's driving it exactly? Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: It's really just a combination of feeling good about productivity that we're delivering on the productivity organization, and foreign currency also had a bit of a benefit in the quarter that we expect to flow through to the full year. N.V. Tyagarajan - President, Chief Executive Officer & Director: Yeah and Tien-tsin, actually, I don't know if necessarily one would characterize it as margin up in terms of guide. We had said at the beginning of the year, approximately 15%. We're just giving it a more narrower and a more pointed direction of that approximately 15%. I'm saying it's 15% to 15.2%, that's all. It's not that much a change, and a guide up in our margin for the year. Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: Given that we're halfway through the year, and given that the items that I just talked about just gives us a little more confidence, and that's why we gave a little more precision there.

Understood. Forgive me for being the nerd and going out so many decimal points. I think I'm all set. Thank you. Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: All right, thanks. N.V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Tien-tsin.

Your next question is from the line of Edward Caso from Wells Fargo. Please go ahead.

Hi. Good afternoon. Congratulations on the quarter. N.V. Tyagarajan - President, Chief Executive Officer & Director: Thank you, Ed. Thank you.

On the two large deals were they with existing clients or with new ones? And if they're existing, were either one of them with GE or the new GE children? N.V. Tyagarajan - President, Chief Executive Officer & Director: No. One of them was an existing client, which is the insurance client we talked about. It's a global insurance major. In fact, we started that journey, I think about – just over a year and half, two years back, with a broad finance and accounting, particularly high-end finance and accounting. And now, we've added much more of clearing the books and higher end FP&A and analytics and predictive analytics and so on. Global insurance major, it had nothing to do with GE, because GE is no longer in the insurance business. And the second one was a financial services major in the mortgage space and it was more mortgage originations right up to underwriting and loan processing. And that was a new client, so one of them an existing client, one of them a new client. The existing client, as you would expect, much more of a sole source situation given the "excellence of our delivery" and the relationship we built and the promises we've kept and the journey we've undertaken on transformation of the client. The mortgage one much more around the vision of SEP, the end-to-end transformation agenda that the client hand and our domain understanding of the mortgage space and the underwriting in the mortgage space and the technology and digital interventions that we have built over many years actually in the mortgage space that we are bringing to the table.

You seem to be talking a lot more about digital on this call then you have recently. Now, you reset your sales force focus about a year or so ago. And sort of before you started talking digital and my impression of Genpact is it's always been process excellence and digital works with that but it's a new cut on it. So my question is, is the sales group that you're bringing in, are they in line with where you're strategic thinking is evolving to? In other words, are they front-end or high enough up in the client here to sort of have impact for where you want to go? Thanks. N.V. Tyagarajan - President, Chief Executive Officer & Director: So Ed, actually, it's a great question and it's exactly the journey we undertook. The biggest – the two big parts of the front-end journey or, I would say, three big parts of the front-end journey that we have undertaken and it's still not over, because we continue to actually add to the front-end team, has been around size and scale of that team, so just sheer numbers and, therefore, coverage. Second, the caliber, experience, seniority and the ability to have C-suite conversations in our clients, both existing clients and new clients, so that's the experience and that level and the third is the domain understanding that they bring to those conversations. So someone who talks to the pharma client with a pretty significant understanding of how regulatory affairs and pharma clients are dealing with the fact that there's a pattern cliff and what does R&D cycle collapsing to a much shorter cycle and no more blockbuster drugs, what does that mean for different parts of the pharma business? And the same applies to various other industry verticals. So those…

Great. Thank you. N.V. Tyagarajan - President, Chief Executive Officer & Director: Thank you, Ed.

The next question comes from the line of Anil Doradla from William Blair. Please go ahead. Anil K. Doradla - William Blair & Co. LLC: Clarifications, on the new client trend, Tiger, the $5 million to $15 million clients are one of the highest that we've seen in recent times. The trend – the movement and the trend is very intuitive and jives well with whatever you talked about, about clients getting in with small accounts and building up. But when I switch to the greater than $25 million clients, the trend has been positive too. So, can you try to explain the – when you get a much larger new client engagement versus the smaller engagement, why do some of the larger new client engagements occur whereas as you pointed out, people really like to start with smaller ones. What is the difference there? And as you string this out over the next couple of years, do you think this greater than $25 million client engagements, that trend would continue inching upwards? N.V. Tyagarajan - President, Chief Executive Officer & Director: So, Anil, the simple answer to your question is, it depends on the client. If you have a client who has just run into a significant earnings issue, cost issue, pick your poison, and declares – and the CEO and the CFO declare that they want to take $2 billion of cost out and they will do it in 24 months, then they have to get their act together to do it and they will do a bunch of things. One of them is find a partner like us to actually undertake a big journey. And when they do that, they do that with a degree of speed, with a degree of, I want to get this done,…

Your next question comes from the line of Keith Bachman with Bank of Montreal. Please go head.

Hi. Thank you very much. I wanted to ask about the margin profile, again, on the large deals. And you've got a number of deals now in-house. You do have lower margins at the outset, which you know. Do you have enough experience to – on the larger deals to really make that thesis that you expect margins to go up over time? Again, you're incurring the cost now. You hope that margins go up. What's your experience curve say thus far? Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: I think that's what we've been able to do overtime, where it's all part of the way we run the business is that we take cost out over time, make it more efficient, as a result, kind of by design our margins should improve, the client cost structure should continue to improve over time and that's kind of the way we build it out. But when we do the deal – go ahead.

Just to be clear, I know Tiger said, you talked about big deals in the last 18 months and, therefore, been implementing those series of wins now double digits. But in those series of wins which involve more value-added services like analytics, have you gotten the results even over that short period of time that suggest you can grow margins over time? N.V. Tyagarajan - President, Chief Executive Officer & Director: So, Keith, let me take that one. So, first of all, it's not the first time we are doing it in the last 18 months. We've actually done large deals as well as large deals with analytics embedded in it and of the size and scale we talked about over our history of 17 years. The difference is that in the last 18 months, there have been more of those as a proportion of the total pipeline, there been more of those as a proportion of all the bookings we've done and so on and for the variety of reasons we talked about. So, therefore, our history of the cycle that a typical deal follows, we know that really, really well, almost pat (55:07). And given the fact that now even, these new cohort of large deals, and it's only a cohort of large deals, there are older large deals; the new cohort of large deals, some of them are actually 18-plus months old, they are following the same pattern.

Okay. That's really what I was asking, Tiger. (55:23) N.V. Tyagarajan - President, Chief Executive Officer & Director: So very confident that the profile of the way this will work out – and it's actually pretty simple. It's upfront investment in a leadership team. Upfront investment in transition resources, upfront investment in all the connectivity and the platforms and the technology and the solution and the solution team and the domain experts and all of that, that upfront investment comes before revenue comes. Over time, revenue goes up. That upfront investment therefore gets absorbed. And by the way, over time, that upfront investment actually reduces. And then other things play out. As you get more clear as to how the operations run and it stabilizes, you find opportunities to drive productivity. Some of that productivity, as part of the contract, is gain share with the client. You drive new technologies. So, a bunch of actions which we exactly know how to do, that actually creates that trajectory of long-term margin profile. The one other statement I would make in that journey is that, as we mature the older big deals, we sign up newer big deals. So, as long as there is a steady state of continuously signing new deals that are big deals, and continuously maturing older big deals, it reaches a point when some of them are maturing to better margin while you're taking on new deals with a dilutive margin and they over time match themselves out. Its only when you undergo a shift of a higher number of big deals, which we went through over the last couple of years, is when you see a margin shift for a short of time. Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: And Keith, just the number that would bear that out, too, over the last year, two years, margin profile has not come down at all really, in total, as a result of that. It's really been the investments that we've made in marketing and selling capabilities that has caused the dip in the operating margins. So, gross margin has actually held steady and actually gone up and we track – every new deal that we get, we add it to our – the booking deals that we have, we look at it and see the impact on future margins. We have pretty good visibility into that moving forward.

Okay. Yeah. Fair enough, Ed. My second question or follow-on, if I could, to go to GE, if GE is 19% of the revenues and you have GE Cap, I know you mentioned some of those GE Cap, they're equally balanced on an opportunity as well as a risk. But of that 19%, how much would fall into that category that you're looking at pretty comfortably (57:48), is it 500 basis points, 1,000 basis points – just any kind of quantification of what percent of that 19% that you're closely evaluating here with the transition of GE Cap? N.V. Tyagarajan - President, Chief Executive Officer & Director: Yeah. So, the rough numbers, Keith, and I think we talked about it the last earnings call, I think I would say about 4% to 5% of that 19%, so, the 400 basis points to 500 basis points of revenue, of that 19% of revenue, is what is under "will be under evaluation over time" to the earlier question. Not all of it is right now under evaluation, because unless GE Capital announces a specific divestiture of a specific portfolio, it doesn't come up for evaluation. So, I would say the announcement that they intend to make of the total portfolio, in terms of what has been announced as a divestiture over time, would impact total revenue of about 4% to 5% of our revenue. So, another way to think about it is that, over time, as these play out, GE revenue, nothing else changing, will naturally become 15% – sub 15% of our total revenue, and that's without assuming any further growth in global clients, which obviously is not right. So, our global client growth, that is further ratcheted down.

Yeah. Fair enough. Okay. Many thanks, guys. Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: Thanks Keith. N.V. Tyagarajan - President, Chief Executive Officer & Director: Thanks Keith.

Your next question comes from the line of George Tong from Piper Jaffray. Please go ahead. George K. F. Tong - Piper Jaffray & Co (Broker): Hi, good afternoon. Tiger, can you discuss the competitive landscape for digital design and transformative work? Have you seen competitors increasingly enter the space and how, if at all, this changes your growth outlook? N.V. Tyagarajan - President, Chief Executive Officer & Director: So, George, it's a great question. And the reality is that the world is trying to absorb digital, right? It applies to us as a company. We're actually trying to apply digital to our own business, the way we run our own internal operations, which is the right thing to do. Every business is doing it. So by definition, everyone in the competitive landscape is bringing in digital in order to be able to serve their clients because their clients are demanding it. The question to ask, that I think is important for us, and we debated it and we came to a conclusion, is, depending on each company's strength, they bring in digital in different areas, and they bring that to the client in different areas. Now, we came to the conclusion that, given our history of working across a range of industries and a range of services in what one would call the middle and back office. That is going to be our focus. So that's the first conclusion we came to. And that's different from some of our competitors who are actually building out capabilities at the front-end, and that could be digital design, designing websites, designing creative, designing consumer access, that's not what we're focused on. Our belief is that a number of our clients in different industries are trying to digitize the front-end. Our belief is…

Your next question comes from the line of Bryan Keane from Deutsche Bank. Please go ahead.

I just want to ask about the guidance, looking at the revenue guidance range for the year. What gets you to the low-end of the range and then what gets you to the high-end? N.V. Tyagarajan - President, Chief Executive Officer & Director: Let's talk about the high-end first, Bryan. Obviously, as we've always said, we are a long cycle business with lots of puts and takes. And if you look at our constant currency growth, then but for foreign exchange, we would actually be very close to the higher end of what we originally thought the year would be as we look at the balance of the year. Unfortunately, FX had its impact on the top line and, therefore, we are where we are and we are still in the range that we guided the year to. The world is volatile, the world is uncertain; any of those kind of events could move that number towards the higher or lower end. Obviously, if we win a couple of big deals that have significant very quick ramp-up, which is not often that happens in our business, because in our business it's normally a slow ramp, then that number could move up to the higher end of that range. So, a number of puts and takes that could move in that direction, at the end of the day, you're talking about $20 million, $30 million on a $2.5 billion revenue number.

Do you see a rebound in the IT revenue anytime soon or would that continue to probably be soft given the market environment? Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: I'd say a little worse this quarter. As you remember, we talked about Q2 last year, the GE IT revenues were a bit higher, so that spike. So, I'd say the percentage should be a little tempered as we move forward. But really, the same trend is consistent, as Tiger said. It's really a migration from the supporting of legacy technology and IT into the BPO with the new digital technologies that we're supporting.

Okay. Just two more for me. Attrition ticked up in the quarter, anything you guys need to do about that or higher salaries or bonuses? And then on tax rate, I think on the effective tax rate, we're at a little bit below 20%. But I think you're talking about 22% to 23%. Any reason why the tax rate would go up in the back half? Thanks so much. N.V. Tyagarajan - President, Chief Executive Officer & Director: So, let me take the attrition question and then Ed will address the tax question. Attrition, I would say, no cause for concerned. We are not concerned at all. A quarter's attrition is not something we look at that closely. A quarter doesn't make that much difference because you have things moving around in a quarter. We have productivity that we drive significantly for our clients these days. It's always been the case. But even more significantly in some cases now with things like robotic automation, digital technologies that actually drive more automation and, therefore, more productivity for our clients, all of which is very good for our clients and for us. And that means some people and some locations and some services with some skill set may become redundant. That's part of our business. The second is when clients move work and we move work for our clients from one city to another, from one continent to another, Europe to India, for example, all of those changes impact a quarter. I would call out one macro trend as something that we all need to be cognizant of, which is the fact that India as an economy is actually doing well. And when India as an economy and as a macro-economy does well, attrition does tick up across the economy, it doesn't matter which industry, because the economy is doing well. And we are beginning to see the kind of attrition numbers that we used to see towards the beginning of the global financial crisis. It's beginning to get to those levels. We know how to run this business with these attrition levels, so we are fine. Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: On the tax rate, there are a few discrete items and actions that we have in the plan that would cause that rate to come up closer to the 22% to 23% guidance that we gave for the full year. So its specific items that we expect to happen in the second half.

Okay. Thanks for the color. Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: Thanks, Bryan. N.V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Bryan

The next question is from Dave Koning from Baird. Please go ahead. David J. Koning - Robert W. Baird & Co., Inc. (Broker): Yeah. Hey, guys. Thanks for taking my call. Nice job. And just two quick ones, first of all, the Americas delivery revenue was up significantly, sequentially up almost 20%. It was a big driver, I think, of sequential growth. I'm just wondering, why so much revenue growth came from that delivery area? N.V. Tyagarajan - President, Chief Executive Officer & Director: So, Dave, thanks for the compliment. I don't think – we'll get back to you with the answer. The interesting thing is we don't look at delivery revenue as anything of relevance and significance, which is why we're not able to answer the question off the top. So, we'll come back with the answer. We actually look at industry verticals, client services. Those are the things that we focus our energies around. But we owe you an answer, we'll come back to you. David J. Koning - Robert W. Baird & Co., Inc. (Broker): Okay. And the other one is just a quick math question. There was the $16 million or $16.5 million of interest or other income that I think included $10 million of loan fees. Later in the supplement, you give a $31 million to $33 million interest range for the year, that's excluding the $10 million. Is that right? Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: I'll have to look at what the totals are. But the $10 million that was included in the quarter relates to the write-off of the unamortized debt issuance cost from our prior financing that was obviously written off when we refinanced this quarter. And the range for the full year, I'll have to look at what it is – what the current and the prior. If it moved by $10 million up, you could say that was a change. I'd have to look at it. We'll have to look at it and come to you on the total. David J. Koning - Robert W. Baird & Co., Inc. (Broker): All right. Sounds great. Thank you. N.V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Dave.

We have no further questions at this time. I will now turn the call back over to Mr. Sachs for any closing remarks.

Thank you, everybody, for joining us on the call today and we look forward to speaking with you all next quarter. Thanks much.