Good day, ladies and gentlemen, and welcome to the Third Quarter 2015 Genpact Limited Earnings Conference Call. My name is Irene and I will be your conference moderator for today. At this time, all participants are in a listen-only mode. We will conduct the question-and-answer session towards the end of this conference. We will expect the call to conclude in an hour. As a reminder, this call is being recorded for replay purposes. I will now would like to turn the call over to Roger Sachs, Head of Investor Relations at Genpact. Please proceed, sir.

Thank you, Irene, and good afternoon, everyone, and welcome to Genpact's third quarter earnings call to discuss our results for the quarter ended September 30, 2015. We hope you had a chance to review our earnings release, which was posted to 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 will be as follows: Tiger will provide a high level overview of our third quarter results as well as an update you on some of our strategic initiatives. Ed will then discuss our third quarter financial performance in greater detail. Tiger will then come back with some 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. In addition, 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 our business. You can find a reconciliation of these measures to GAAP in our earnings release in the IR section of our website. And with that, let me turn the call over to Tiger. N.V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Roger. Good afternoon, everyone, and thank you for joining us for our third quarter 2015 earnings call today. Overall, Genpact delivered another solid quarter, driven by 14% constant currency growth in our Global Client BPO business.…

And your first question comes from the line of Ashwin Shirvaikar with Citi.

Thank you. Good afternoon guys. I guess the first question is with regards to the delays that you're seeing. So, $15 million of debt guide (25:06) to the lower end of the range is currency. How significant is the other portion and more from a forward-looking standpoint, you mentioned licensing requirements, what's the new estimate for timeline to get there and is it demand at the end of that journey? Does it demand to justify developing the utility and so on? N.V. Tyagarajan - President, Chief Executive Officer & Director: Ashwin, thanks for the question. So, let me answer two or three questions embedded in your question. The specific licensing requirements were in the UK. It took us longer than we would have liked, but it's done and we actually signed the contract. We just signed the contract later than we would have liked to sign it. So, it's behind us. And therefore, while it obviously impacts revenue for the quarter and for the year, it did not and does that impact revenue going forward. And to your other question around total value versus the $15 million, I would say less than the $15 million is the total impact of delay in contract signing of win that we've had, primarily driven by the licensing requirement that I talked about.

Okay. So just to be clear, there aren't material other delays? N.V. Tyagarajan - President, Chief Executive Officer & Director: No. No, not at all, Ashwin.

Okay, got it. N.V. Tyagarajan - President, Chief Executive Officer & Director: Yes. No, no.

The other question I had was with regards to the traditional IT breakout that you did, which was unusual and I'm kind of wondering partly the rationale for breaking it out like that, but you did not provide a sizing, if you could provide a sizing of traditional IT versus what you're doing with digital and the pace of decline of traditional? N.V. Tyagarajan - President, Chief Executive Officer & Director: Yeah. So, Ashwin, the traditional IT business broadly is the business that we report as IT because that is specifically IT. It's about those technology work that we do. It's not that different from what normally one would have called technology work that is done in the legacy space. It also includes that particular reporting of IT as a business, also includes the work that we do in the capital markets vertical. The digital world is a lot of embedded technologies. So let me give you two or three examples. The embedding of cognitive tools, the embedding of dynamic workflows, the embedding of big data analytical tools in a customer service operation, all of those are bundled offerings are solutions that are completely bundled and are bought in a bundled way. So we actually do not report that separately as IT. It is actually part of our overall BPO solutions. It gets, therefore, reported as part of our BPO offerings. The UK wealth management big deal example that I provided as one of our big deal wins of the quarter is a classic example where we have a new age digital technology platform that does a lot of the processing and services in that asset management space. And we get paid on a per transaction basis. It's a combination of the digital technology, plus the services we offer as well as the analytics that we provide. So our view is that segregating that out and calling that out separately is not something that we are at the moment doing, and we would like to do. What we are driving hard is making sure that every one of our solutions has consulting, design, analytics and digital technologies embedded in those solutions.

Got it. And when you do digital work, it sounds – I mean, to me all work should be digital and it's kind of odd we live in 2015 here, but the thing is when you do more "digital", how does that exactly affect revenue per transaction, margins per transaction? N.V. Tyagarajan - President, Chief Executive Officer & Director: The way I would describe that first is from a client perspective. It has a dramatic impact on value to the client, and I would actually not start with the cost because cost is the smallest of the impact. The bigger impact is often higher growth, more cross-sell, lower losses, lesser fraud, winning more market share because you're able to give an answer to your clients faster, such as the underwriting example in insurance that I talked about, where you can give a price on the spot. That's the value. Of course, you also have lower cost, because you have lesser work and lesser people. That's the value to the client. The translation to us therefore becomes higher value of work, potentially therefore longer-term, higher-margin and also much more outcome and transaction-based pricing than the classic model that as an industry we've been in, which is FTE driven model.

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

Your next question comes from the line of Joe Foresi with Cantor Fitzgerald. Joseph Dean Foresi - Cantor Fitzgerald & Co.: Hi. So I just wanted to... N.V. Tyagarajan - President, Chief Executive Officer & Director: Hi, Joe. Joseph Dean Foresi - Cantor Fitzgerald & Co.: Hi. How are you? I just wanted to close the kind of conversation about the delay. It sounded like it was just one project. Yet it seems to have affected your guidance. So, I'm wondering if – I assume that this – your guidance doesn't normally get impacted by just one large contract, and I assume you kind of build up a pipeline that creates some level of cushion. So is there anything else in the demand environment that you would point to that would contribute to anything outside of FX in the guidance revision? Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: Joe, this is Ed. What I'll tell you is, we called out that one item, there were a few items, but what I would say is the reason we felt obligated to call that out was because at the end of last quarter, if you recall, we didn't call out – kind of we did in low end of (31:28) the range, because we thought that some of these contracts on the timing side would come through and offset some of that foreign currency impact. If you take into account the foreign currency impact and it add to the $2.46 billion, we're kind of right in the middle of the range where we guided at the beginning of the year. If you recall, Tiger or I mentioned on the last call that even with the FX impact, we thought we might be able to cover that and still…

Your next question comes from the line of Tien-tsin Huang with JPMorgan.

Thanks. Good afternoon. I know we're going to get bookings, I think, next quarter, but how are bookings tracking versus plan? I heard the three wins, obviously, but can you just give us an update on that, if possible? N.V. Tyagarajan - President, Chief Executive Officer & Director: So, Tien-tsin, we will give the exact numbers next quarter. You're absolutely right. All I can say is, it's tracking exactly as we had expected. The direction it's tracking in allows us to say that we feel very good about getting into 2016, and we think our global client growth rate getting into 2016 should look better than 2015.

Got you. That's good. And then, just as a follow-up to – the prior questions. I guess, for the third quarter, FX aside, how did that come in versus planned on the revenues front? And it sounded like GE was in line. Any other callouts? N.V. Tyagarajan - President, Chief Executive Officer & Director: Yeah. So I would say – as you know, clearly, FX was the biggest needle mover. We clearly had the impact in the banking space as it relates to the wealth management deal, the UK deal we talked about, where the contract got pushed out. And finally, we did sign it, which is why we reported it as a big deal, because the contract is signed. On GE, the expectation that one would have had as we began the year would have been to continue to grow, for example, the reporting and regulatory group that we had nicely started building out, given the amount of work that needs to be done by every financial institution in the world. That, obviously, tapered off and actually got cut, as GE Capital divestiture got announced towards the end of the first quarter, and then as that progressed. Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: And I'll tell you, just on – as we look at what was expected by some of the analysts out there, as we looked at it, we don't really guide to quarters, as you know. We look at the full year. But there was a much bigger disconnect in Q3 than Q4 as we looked at it, for whatever reason. But that's because we don't give a lot of clarity on Q3 versus Q4. So now there's only one quarter left, so you get an idea where we're looking.

Okay. That's helpful. Thank you. N.V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Tien-tsin.

Your next question comes from the line of Dave Koning with Robert W. Baird. David J. Koning - Robert W. Baird & Co., Inc. (Broker): Yeah. Hey, guys. Nice job, and just a couple quick ones. One is, did FX get worse since last call, or are you just isolating the impact now in the context of some other things, jamming it all together and putting it towards the low end of the range? Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: Yeah. FX did get worse by approximately $6 million for the balance of the year, versus where we were before. So we're now – we said $35 million at the beginning of the year. Each quarter it's gotten worse by about $5 million Q1, Q2 then Q3, so we're actually $16 million worse than beginning, so it's actually $51 million that we are – total impact for the year, if you want to calculate constant currency impact. N.V. Tyagarajan - President, Chief Executive Officer & Director: And, Dave, just – so first of all, thanks for your compliments. The good news about our business is that we actually have a pretty globally diversified client group. Obviously, the U.S. is the largest set of clients we have. Europe is important for us. Japan is important for us, and Australia is important for us. And as we look at our currency and the impact that the currencies have had as we've gone through the year, those are the currencies, not just the euro and the British pound, but the yen and Australian dollar as well, that have had an impact on the top-line. We still, obviously, feel really good that we have a diversified global business, because it's always good to have that in the long run.…

Your next question comes from the line of George Tong with Piper Jaffray. George K. F. Tong - Piper Jaffray & Co (Broker): Hi, thanks. Good afternoon. In the past, you've indicated goals of reaching mid-teens revenue growth in your Global Client business by the end of 2016. How much additional improvement in the pipeline and win rates would you need to see to achieve this target? N.V. Tyagarajan - President, Chief Executive Officer & Director: George, that's a complex question, and it's a complex formula. But suffice to say that if you look at Global Client growth rate for 2015, that we have now provided as our outlook, that's 13% Global Client growth rate, up from 11% last year. Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: Yeah. N.V. Tyagarajan - President, Chief Executive Officer & Director: And we think that's a good trajectory. I also commented on pipeline inflows, win rates and bookings. And I said that that provides us the view that 2016 will continue to show growth versus 2015. So, as you can see, I mean, that clearly takes us in the right direction to the question you're asking. George K. F. Tong - Piper Jaffray & Co (Broker): Got it. And you indicated the overall pipeline is healthy and inflows are up. Can you discuss how the pipeline for large deals specifically is developing? N.V. Tyagarajan - President, Chief Executive Officer & Director: I would say that we've had a period in the past, over the last couple of years, let's go back to 2013 and probably the first half or so of 2014, where we had a significant surge, and an increase in the proportion of big deals in our total pipeline. That's now, I would say, holding steady, and we…

Your next question comes from the line of Anil Doradla with William Blair. Anil Kumar Doradla - William Blair & Co. LLC: Hey, guys, thanks for my question. Tiger, I just wanted to dig a little bit deeper into this whole issue, transformation efforts that you're talking of. It sounds like a lot of effort is being put in. I want to understand, I expect obviously your existing clients to seek some of this expertise. But can you kind of segment the client base from some of these emerging new business models like the Internet based companies that provide services that need some back-end initiatives, then reaching out to you versus a traditional business that you've engaged for over several years, then reaching out to you. Where do you think the demand is coming from and when you look at the trajectories of growth (47:08), where do you see more bullish on? N.V. Tyagarajan - President, Chief Executive Officer & Director: So, Anil, actually it's certainly a (47:12) great question. I don't think that is that much of a distinction on the specific topic you're asking between a new age digital new business model company and for the sake of this discussion, let's just take Uber as an example versus a more traditional legacy business in the CPG world and the life sciences and pharma world and the banking world, I don't think there is a difference in either one of those saying it's time for me to break in new thinking, new design, new digital to disrupt the industry I'm in, to become more competitively disruptive in order to change the way business gets done. So, we see both playing out. The difference, of course, is in the former. You have companies that look smaller today, but on a…

Your next question comes from the line of Keith Bachman with BMO.

Hi, thanks. Two if I could. You mentioned that IT was down, and it sounded to me like it actually – the tone was that it's gotten more competitive, not less. And while I understand your comments surrounding that your IT business is strongly in support of your aggregate efforts, but given that it is still a line item, should that be contracting as we look out over the next 12 months? N.V. Tyagarajan - President, Chief Executive Officer & Director: I would start by saying that if you look at any of our clients, any of the global corporations across the world, you will find that the amount of money that they are spending in maintaining and building on that legacy side is constantly being reduced. That's the role that most CIOs are approaching their role with, because they want to take that and reinvest it back pretty dramatically on the digital side. So what you are seeing as contraction is, first of all, a contraction in the client's budget on the legacy side that's allocated to legacy, and they're trying to drive productivity there, they're trying to do more with less, and so on and so forth. And therefore, to that extent the fact that we have a business and parts of our IT business that actually does that work, that will contract. So it's a little less about competitive, it's more about what our clients are actually spending money on. Second, I would then touch upon another part of our IT business, which is the capital markets vertical, and we all know some of the challenges that investment banks have had in the recent quarter, and therefore, some the project work that we typically would find in that space anyhow tends to drop off as you go through quarter four with a little bit of furloughs here and there, we think that's a little bit more this year than it was in the last year or in the previous couple of years, driven by what investment banks are going through.

So just to be clear... N.V. Tyagarajan - President, Chief Executive Officer & Director: Where we are seeing that played differently for us is the way people are spending money on digital and where that comes into our business is in the way it gets integrated with all our other services and gets offered as a total combined solution. So, you want won't find as a separate IT line.

Okay. But just so I'm clear, when you talk about Global Clients growing 13% and maybe at exit next year growing at 15%, that includes the impact of that stand-alone IT business, correct? N.V. Tyagarajan - President, Chief Executive Officer & Director: Absolutely, yes, yes.

Okay, good. So, I want to transition to one comment. You mentioned that you took a write-off on a platform business this quarter and that was adjusted out of the non-GAAP numbers. If you could just describe a little bit what that was and how much was it? I'm just trying to understand the impact this quarter of that adjustment in particular. Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: Sure. So, the actual charge was actually included in the adjusted operating income. So, it was a $10.7 million charge related to the mortgage platform that really was, as we've looked at the business, again, we do believe it's an attractive business for us (55:35)...

Right. Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: But as we've looked at the revenue profile and the future cash flows, it's just been – the ramp of the revenues is lower than we had anticipated.

Okay. Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: As a result (55:45), we did the necessary calculations and determined that a charge was indicated. I will say that it was partially offset by – this business relates to a business that we acquired a few years back, that also had an earn-out component associated with it. So that $10.7 million was offset by approximately $4 million reduction in the earn-out associated with that business. So...

Okay. But both of those were in the non-GAAP number? Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: Yeah, they're both included in the adjusted operating income, that's right.

Okay, my mistake. Thank you for the clarification. Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: Yeah, very good. N.V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Keith.

Your next question comes from the line of Bryan Keane with Deutsche Bank.

Hi, guys. Just wanted to figure out, I think (56:28) Global BPO client growth was 18% last quarter year-over-year, it looks like that slowed to 10% this quarter. What are the factors causing that slowdown? N.V. Tyagarajan - President, Chief Executive Officer & Director: Bryan, actually, it's 14% constant currency. Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: Yeah. N.V. Tyagarajan - President, Chief Executive Officer & Director: And as we've always said during this call, currency has had a huge impact on our top-line growth. That currency impact actually interestingly is most significant – of all the various ways we cut the business is most significant in Global Client BPO because that's the one that's most globally spread into the markets we talked about Europe, Japan and Australia. So it's 14%. And first of all, it's a quarter-by-quarter; we don't run our business by quarters as we've always said. This is a long cycle business. So our trajectory going into the future, we think, is exactly the way we had laid out on Global BPO, as part of overall Global Client growth.

Yeah. So what... Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: Two things to add. One, a bit lower than it was in the first – or second quarter or first half as we – kind of as we expected because the first half year-over-year compare as you heard us talk about on the last quarter call is harder, that's a part of it. So I'd say that's the big chunk of it. And just to add to Tiger's comment, if you heard us talk about the IT growth and the GE pieces of it, we didn't talk about the impact of constant currency because it was negligible. So that (57:57) kind of supports Tiger's point about GC, particularly BPO being the largest impacted by the foreign currency movements.

Yeah. So it was 14%, I guess, on a constant currency basis, what was it last quarter on 2Q with Global BPO? Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: I'll have to look at it. You had mentioned 18%, I will have to go back and see if that was constant currency and we'll have to look at it. But, again, it is lumpy and it's impacted by the year-over-year.

Yeah, because what I'm trying to figure out is, on a constant currency basis, I think you guys did a 7% versus 11% last quarter on a constant currency basis. In the contract UK wasn't in either quarter. So I'm just trying to figure out if there were some run off. It sounds like tough comps, but is there some run off of some BPO contracts as well? Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: No, it really is more the year-over-year comps. And again, FX is the biggest impactor versus kind of where we expected coming into the year. And the only reason we talked about the better (58:52) contract is because we thought we might be able to cover a big portion of that when we were kind of giving the readout at the end of the second quarter, so as a result of some of these contracts, signings getting delayed – that cover kind of went away, if you will.

Yeah, that makes sense. And then how big is this UK contract that's starting to ramp up that's ramping in the fourth quarter? N.V. Tyagarajan - President, Chief Executive Officer & Director: It qualifies, Bryan, for what we classify as big deals and our classification is $50 million total contract value. So it is material. It is significant. And one way to think about that significance is we've done seven of these big deals this year, 13 of them in the last seven quarters, so it is a material significant. And more importantly, strategically very, very important because it's one of our key chosen service lines for the U.S. and UK in the banking vertical. We think it's a significantly growing market space that we have a very nice capability in.

Okay. And then the common question I often get is with these large deals, can you still ramp and accelerate operating margins given the amount of large deals you're signing? N.V. Tyagarajan - President, Chief Executive Officer & Director: Yeah. I would say, Bryan, the answer is yes. You get a variety of ways that help you ramp margins over time. And those are around scale. They are around the size of the relationship with the client. As that relationship grows, you get an opportunity to move your margin up. You also have maturity of relationships. As the client relationship matures, you have an opportunity to move that; and most importantly, the value of the work you do. As we move to higher value added work and we called out of the three deals we signed, two of them have a material connection to outcomes and being paid for outcomes and transactions. Those are very nice contracts to have, because it motivates everyone to drive better outcomes, and we have a high degree of confidence, historically, in driving better outcomes.

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

Your next question comes from the line of Tyler Scott with Wells Fargo.

Hi, there. Thanks for taking my question; obviously on for Ed Caso here. So earlier, you talked a little bit about client's bundling some IT and BPO projects, and I think we've heard some others talk about some vendor consolidations. So, have you guys seen any change in the competitive landscape, both on the BPO and the ITO side? N.V. Tyagarajan - President, Chief Executive Officer & Director: So I'll distinguish, Tyler, between the two statements: one is vendor consolidation and the second one is bundling. Let me talk about vendor consolidation. Vendor consolidation is around specific areas of doing the same work. An example would be, how many technology vendors does a bank have? And clearly, in the world of regulators, in the world of risk and regulations, a lot of the banks are looking at their vendor list and saying, we need to have lesser vendors that we have deeper partnerships with, that we have good oversight with, and good governance structures with. So there is a vendor consolidation effort that's been going on for some time, that brings 25 IT players down to 15. And in some cases, obviously, we get impacted positively and in some cases, we would get impacted negatively, depending on the size and scale and the nature of our relationship. That is very different from bringing process and technology and all of that together into a bundled offering. What we are finding is that there is not enough any change in bundling of legacy and process and BPO and analytics-type work. There is still a clear distinction in most cases – there'll always be exceptions – where legacy is dealt with separately, legacy technology arena is dealt with separately. And then there is the whole BPO and analytics arenas. Where there is clear desire and opportunity to bring new technologies in is in the area of digital technology that you bring in into the domain and into the process and analytic solutions that you're providing, and then bundle them together. Clients expect it. It is capable to be done. It's actually possible, with new technologies, to do it. It's all in the cloud. And we are on a good path to do that, both by building a number of these solutions ourselves, but more importantly, bringing solutions from the outside world in.

Okay. That kind of leads into my follow-up, just on the capital deployment, more specifically the M&A pipeline, sort of the buy versus build strategy for kind of embracing this digital world? Thank you. N.V. Tyagarajan - President, Chief Executive Officer & Director: It will be buy, build, and partner – all three of them, Tyler, and that's exactly how we are approaching it. And one would approach it very similar to an objective assessment of, is this one of those that we can actually build, both in terms of time, effort, et cetera, is it actually available out in the marketplace that we can bring in and embed into our solutions by establishing clear relationships with people? Is it one of those, like in the case of Endeavour that we acquired, where we bring in – add to our team where we think the team that's come in as the leadership team of Endeavour actually really brings new capabilities to our team – not just a solution, but they themselves, that actually turbo charges. And it's an area that cuts across almost all our verticals, a bunch of our service lines, it's mobility. So it's very core to our offerings. So I think, depending on which space they're looking at, it would be one of the three build by our partner. And therefore, going back to your M&A question, we do have a significant material number of conversations that our teams are engaged in around a number of the potential players in the acquire space in a bunch of new technology areas.

Great. Thank you very much. N.V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Tyler.

Your next question comes from the line of S.K. Prasad with Goldman Sachs.

Thanks for taking my question. A couple if I may. Probably just to start off, Tiger, you commented about investment banks and some slowdown in the spending there. What's the general observations, from a vertical point of view, also related to financials, healthcare, and some of the key verticals, as you see for fourth quarter? N.V. Tyagarajan - President, Chief Executive Officer & Director: So, one, both for the first three quarters of the year as well as for the full year, banking and financial services, as we called out, is one of our growth verticals, doing really well. If you look at the banking vertical and if you look at some of the consumer financing space and you look at some the commercial lending and leasing space, with the economy doing what it's doing in the U.S., which is nice steady growth, and with the investment cycles coming back in many of those cases, including consumers probably spending a little better, I think all of that is great for the consumer banking and the commercial lending spaces. So, we are finding nice growth there, with a number of our clients, both dealing with regulators as well as finding a way to change the way they run the business, and big transformation journeys, that we are very deeply embedded in, given our domain and understanding of the consumer and commercial lending spaces. Contrast that with one more side of the banking space, which is the investment banking capital market space, which has had a challenging third quarter, driven by a bunch of things including, for example, fixed income trading, and so on. And that has created a pause in some spend in some specific niche area in those spaces for, I would suspect, some time. Typically, those tend to happen towards the end of the year. We think it's just happening a little bit more than normal in a number of the investment banking spaces. But, overall, we are very, very positive on the banking vertical, and we've seen that in our results as well. Healthcare, I would call out healthcare as a vertical where there has been a lot of consolidation announcements, those announcements have to fully play out in terms of approvals, as well as actual closing and integration. Normally, those environments where that is happening, and there are large enterprises coming together, tend to create a pause. We are small as a vertical in the healthcare space as compared to, for example, banking or life sciences or CPG. So the impact on us is limited. Having said that, normally these play out in the longer term as positive, because these consolidating enterprises then need to transform, and that creates opportunities for a number of partners. So, I would say it plays out differently in the healthcare space.

Okay. And then, probably a second question, more on the fourth quarter margins, you're expecting a decrease in the margin profile compared to the first nine months. What portion of that is related to incremental spending around domain expertise and any of the new investments you have thought of? And what portion of that is related to just ramping up of some of the larger deals, probably in this case the UK asset management deal? Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: It's really mostly the former. I don't expect a big move in gross margins for the quarter for Q4. It's mostly the spend that we're expecting in capability ramp.

Probably just the last question. In terms of how the clients perceive now Genpact as (1:08:50), it's traditionally a BPO company with GE legacy. Would you say that the last two years to three years of investments have significantly changed the way customers perceive you now and to see you as a broad technology provider, or would you say BPO still remains the first entry point and then you probably follow up that with more digital offerings? N.V. Tyagarajan - President, Chief Executive Officer & Director: So I would say, Prasad, that I don't think we've been perceived as GE and legacy for many years now, not just the last two years. Obviously, that changes continuously over time with the investment (01:09:30) we've been making. And the direction it's going in is not to be perceived as a broad technology player. That is not what we'd like to be perceived as. And I don't think we are perceived as a broad technology player. We would like to be perceived and we are being perceived as very deep in our chosen areas, very clear in those chosen areas with domain expertise and we are now clearly perceived as someone who brings new technologies, new thinking not only in the way you bring these technologies in, but how do step back and reorganize yourself as a company? And we've seen many of these play out, where large enterprises are splitting into two companies. We are in the middle of those conversation and helping them split. We have many situations where companies are merging together. We are helping companies figure out how to merge and that includes design. It includes organization structure; its deep change management, its consulting, its target operating models and then followed up with technology, which is digital, new tech not broad tech, domain expertise, data and analytics. So it's very sharply defined rather than broad definition.

That's great. Thank you. Edward J. Fitzpatrick - Senior Vice President & Chief Financial Officer: Thanks, S.K.

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

So thanks, everybody, for joining us on our call today, and we look forward to speaking with you next quarter. Thanks.