Good day, ladies and gentlemen, and welcome to the second quarter 2016 Genpact Limited earnings conference call. My name is Tamara, and I will be your conference moderator for today. At this time, all participants are in a listen-only mode, and we will conduct the question-and-answer session towards the end of this conference. We'll expect the call to conclude in an hour. 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, Tamara. Good afternoon, everybody, and welcome to Genpact's second quarter earnings call to discuss our results for the quarter ended June 30, 2016. 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 is as follows. Tiger will provide a high-level overview of our results as well as update you on some of our strategic initiatives. Ed will then discuss our financial performance in greater detail and provide an updated full-year outlook. Tiger will then come back with some closing comments, and then we will take your questions. And as Tamara just said earlier, 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 than 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 the 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: Thank you, Roger. Good morning, everyone, and thank you for joining us this afternoon for our 2016 second quarter earnings call. Genpact delivered steady results in a macro environment with heightened volatility…

Thank you. And our first question comes from the line of Anil Doradla with William Blair. Your line is now open. Anil Kumar Doradla - William Blair & Co. LLC: Hey, guys, a couple questions. So, Tiger, when you look at the IT part of your business, it sounds like 2016 would be another declining year, which would make it two years in a row. So do you think that when you look at the strategy, overall strategy of IT, is there something fundamental that you have to do to this business? I know it's very tied into your BPO segment. But when you look at it just from a growth point of view, what can you do to reverse growth into this segment? N. V. Tyagarajan - President, Chief Executive Officer & Director: Anil, I think the way I would answer that question is in two aspects. First, let me address what we are already doing. There is a portion of the IT business where it is deeply tied to the domain that we really are experts around. And for example, that would be all the commercial lending and leasing platforms, all the technology that underlies commercial lending and leasing of the banking business, all the technologies that underlie, for example, financial planning and analysis in the F&A space. Those are areas that actually continue to do well across our industry verticals. The problem with the IT business in 2016 is very specific to macro impact in the investment banking vertical, which I don't think is a surprise, given what's been happening to the investment banking space over the last, I would say, two quarters. And the healthcare IT space, given what's happening with the merger activity and lack of discretionary spend decision-making in that vertical. And those are…

Thank you. And our next question comes from the line of Jason Kupferberg with Jefferies. Your line is now open.

Hi, guys. This is Amit Singh for Jason. Thank you for taking our question. I just wanted to dig a little bit deeper into the challenges in the financial or banking and healthcare vertical. So if you could, give a little bit of color. Is this pretty widespread across all the clients in these two verticals, or is it specific to certain clients? And then second, if you compare to where these industries were, let's say last quarter to now, when healthcare was volatile or was facing merger-related uncertainties in the last quarter and the same this quarter, and banking has remained volatile. So if you could, give some color on what materially got worse from the last quarter to now. N. V. Tyagarajan - President, Chief Executive Officer & Director: So great question, Amit. So let me start by first defining banking as it relates to us. The vertical that we are referring to is the investment banking vertical, and that is a specific separate vertical from what we call the banking vertical, which actually is doing well. And the banking vertical is the lending side of the bank, retail banking, commercial lending and leasing, wealth management, and all of that. So that is a separate vertical for us. We run it separately, and it's actually doing very well. The capital markets investment banking vertical is the one that is significantly impacted. And to your question, it's pretty broad-based in that vertical. I don't think there is any specific client-related issue. Everyone is shrinking the pie on discretionary spend. And to get to the second part of your question, the year started with people wondering how the year is going to play out in the investment banking world. If you go back to the early part of January, people were beginning to wonder how capital markets investment banking clients are going to play out and how that industry is going to play out. As the quarter ended and as the second quarter started, people started crunching down on discretionary spend, very specific cuts in spend across the board. I think it just went across the board. And that's what happened in that vertical, and we expect that to play out through the year. Getting to healthcare, I would not say there is any specific difference between one quarter versus another. It just continues to be an area where discretionary spends are getting cut. There is no decision-making that's happening that's material and substantial, particularly as it relates to discretionary spend in IT in the healthcare vertical. And some of that is related to the merger activity that you referred to. We hope at some point decisions will be taken. And once decisions are taken, it hopefully opens up conversations. So it's a little different in the healthcare vertical versus the investment banking vertical.

All right, great, and just one quick question for Ed. As we look at the full-year guidance, of course the revenue guidance has been brought down, but the EPS guidance maintained. Some of that is because of this share count. Is the remaining just – and I believe the FX impact has remained the same too. So if you could, provide the details of what has led to EPS guidance being maintained despite revenue guidance coming down. Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: The impacts from share count is a little more than $0.01, $0.01 to $0.015. and also the gain that we had below the line on balance sheet items on FX is similar, a little bit more than $0.01 to $0.015. So that's about $0.03 that has helped us keep the EPS in the range of $1.40 to $1.42. The top line impact of that is being offset by those two items. As you know, we've kept the operating margin percentage at 15.5% in our guidance.

Right. Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: So we're managing spend appropriately, but also some of the benefit from the two items that I talked about.

All right, great. Thank you very much. N. V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Amit.

Thank you. And our next question comes from the line of George Tong with Piper Jaffray. Your line is now open. George K. F. Tong - Piper Jaffray & Co. (Broker): Hi, thanks for taking my questions. I'd like to dig a bit deeper into the lower short-cycle IT work in investment banking and healthcare. What are the risks that short-cycle IT work continues to slow, and are there potential drivers of improvement you see on the horizon? N. V. Tyagarajan - President, Chief Executive Officer & Director: George, again, great question. I'll start by saying I don't know when that will change. To some extent, I think it's a function of many things. If I were to pick two or three topics, it would be trading volumes, fixed income business. But those are the ones that have impacted a number of the firms in that vertical, M&A activity, pick a number of those topics. When that will change, we don't have a view. What we do know is most of the participants in that vertical have had a significant lens put on discretionary technology spend and are basically looking at what spends are needed, what can be pushed out. They obviously continue to have to find a way to invest in new digital work. But the bulk of the work that they do is on running their core operations and maintaining their core technologies, and those are coming under intense scrutiny of shrinking that pie. When that will change, George, is a question that I don't think we would particularly have a view on. Obviously, our job is to keep watching it, keep talking to our clients, and be ready to move very flexibly and agilely and nimbly when that change happens. George K. F. Tong - Piper Jaffray…

Thank you. And our next question comes from the line of Keith Bachman with Bank of Montreal. Your line is now open.

Hi, Ed. I wanted to ask one for you, if I could. Could you talk a little bit about how you envision cash flow from operations for the year? The cash flow, it was a good quarter, but you were down meaningfully year over year in terms of your cash flow operations, more than 30%. How does that look as you think you get towards the end of the year? Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: Yes, so a couple points there. You're right, year to date we're behind, more because of the problems that we caused in the – or the problems that took place in the first quarter.

First quarter, yes. Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: You have the complex billings and some of the transition work that was higher than you might otherwise expect, and that can happen – that's more lumpy than anything else. So we expect that to be mitigated by the end of the year. We do need to make progress on receivables to get to that, up 6% to 8% I think, is the guidance that we gave on operating cash flow.

Yes. Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: That means we need to get our days down further, closer to 80 days, which is the plan, and that's what we're shooting to get to. So that working capital improvement needs to happen. Net income will be a bit lower, as you would expect, based upon the top line coming down, but that's probably orders of magnitude, $4 million – $5 million. So it's really working capital management. And if we execute on that and keep that in line, we ought to be able to see that uptick in cash flow.

Okay, so it really sounds – but if I was thinking about a distinction between the third and the fourth quarter, should I be thinking about more back-end loaded; that is to say, probably having a big fourth quarter to really get you within that range? Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: I think you should see improvement in the days. I don't know if it would be linear, but we should see improvement. If we're still at 85 days in Q3 on the DSO, on that metric, I won't be happy, because then it's a bigger step function to get closer to 80 days by the end. So you should see some improvement in Q3 as well, Keith, so that it's not all back-end loaded.

Okay. Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: But I suspect that, given that revenues were more that way, you'll see more of that cash in the fourth quarter.

Okay. And just philosophically, I know you're guiding cash flow from ops to be up 6% to 8% this year. Philosophically, given the revenue growth, is that the way to think about the longer-term run rate on the cash flow from operations, as we look out even into the longer period of time of 2017? Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: I think the way we think of it is, the easiest metric that ties out over time is the free cash flow metric to net income, that it should grow largely in line with net income. And that's the way we laid it out this year too. That's the way the math works. So if we're in that place, that's the way you should be modeling it.

Okay. And, Tiger, I'm just going to sneak one in. As you think about GE, it sounds like you have some good opportunities. I know at Analyst Day, I think you were telling us that GE, as we look out, should maybe be a flattish number, plus or minus a few percent, but it's been a little bit better recently. How should we think about that GE number as we exit the year? Can that actually, you think, be a growth trajectory as we look out longer term? N. V. Tyagarajan - President, Chief Executive Officer & Director: I think it is a little too early to deterministically say that. Obviously, I feel good about the first two quarters of the year. I feel good about the trajectory for the balance of the year. Some of that better than expected performance, as we said, was related to GE Capital corporate work, what we expected as a ramp down of some of the corporate work.

Yes. N. V. Tyagarajan - President, Chief Executive Officer & Director: It's taking a little longer to ramp down, which meant that we continued to work a little longer, which we expect to conclude through the balance of the year. And I think we'll have to wait a little bit before we look at next year. We feel good about where that's going. The digital pivot that GE is undertaking, which is a very significant Internet of Things pivot, with Predix as a platform, we are one of the chosen partners for that. We are investing in that space. We are training a bunch of people to actually build applications and analytics solutions for industrial companies, GE and others, using the Predix platform. So those are all good things, and are great green shoots for the future.

Okay, great. That's it for me, gentlemen. Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: Yes, it certainly feels better, Keith, when you look at the last few years, in terms of where the GE numbers were, how we look forward, so.

Yes, it sounds like it. Okay, thanks, gentlemen. Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: Thanks, Keith. N. V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Keith.

Thank you. And our next question comes from the line of Tien-Tsin Huang with JPMorgan. Your line is now open.

Yes, hi. This is Puneet filling in for Tien-Tsin. So, Tiger, on digital assets, seems like nice progress in the quarter, 80% versus target of 100%, and you mentioned 60% of pipeline includes these assets. How should we think about investments required to create these assets, and are such contracts typically on long-term annuity in nature? N. V. Tyagarajan - President, Chief Executive Officer & Director: So, Puneet, the way to think about these assets is that we don't "sell" these assets as independent digital assets. So these are embedded into our solutions. So let's go back to the insurance example that I gave. You probably have two or three digital assets, one that does, for example, financial analysis of the applications coming in that helps underwriting, and another one that actually does mobility capture of information out in the field as someone out in the field is capturing that information from the customer, and those two get embedded in our operations. When we solution that for our client – earlier we would not have that in that operations. As a result, that operation becomes incredibly more – quicker in cycle time. Therefore, that particular client probably is going to move cycle time form days to minutes. It's probably going to capture more value in terms of market share. It's potentially going to be able to charge better pricing and so on and so forth. So that's hugely beneficial for the client. It becomes reasonably sticky for us with our regular annuity BPO business except that it's got digital assets embedded in it. So don't think about these digital assets as separate contracts that we have to think about.

Understood. N. V. Tyagarajan - President, Chief Executive Officer & Director: And to get back to the 80 assets, just to clarify, these 80 assets are a bunch of them that are under development. You have build, deployment, and production, so it's a range of them. And it's a good mix of that range of that 80. And we'll continue to make progress because it goes through proof-of-concept, it goes through validation, and these are digital tools. So therefore, you will have very quick cycle times. These are sprints; these are fast work of development. So we will have five cycles of development in six weeks. Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: I think the last thing I saw was that we were 60% all in based upon the stage of development. N. V. Tyagarajan - President, Chief Executive Officer & Director: Yes. Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: That makes sense, yes.

Understood. And how should we think about the investments required in these assets next year after you hit 100 or the targeted level of these assets? How should we think about the next phase of investments? Which areas are you going to focus on? N. V. Tyagarajan - President, Chief Executive Officer & Director: So great question again, Puneet. I think our investments first of all will get directed as it has been for the last three years, towards the service lines that we've chosen within the industry verticals of our choice, as well as the enterprise service lines such as finance and accounting, procurement, et cetera. And those investments in those service lines within the vertical of the enterprise service line will get directed and have been directed more so in the last 18 months towards building out some of these digital assets that have digital technologies, pretty disruptive digital technologies, take artificial intelligence, cognitive computing, or machine learning, along with analytical tools that build analytical insights. Think about being able to assess the risk of 60,000 suppliers for a Fortune 100 company and assess that risk on a real-time basis. And I'm not talking about financial risk. I'm talking about financial risk and reputation risk and foreign corrupt practices risk, all kinds of risk, all put together. The ability to actually have a digital tool that allows you to do that as part of an end-to-end process on sourcing and procurement is the way to think about this, and the development of that will continue. A lot of our investment dollars in the last 18 months have gotten directed in that direction. That will continue. So as we look into the future, I think we have enough of our R&D budget that will continue to get allocated there.…

Understood, thank you. N. V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Puneet.

Thank you. And our next question comes from the line of Joseph Foresi with Cantor Fitzgerald. Your line is now open.

Hi. I was wondering, Tiger, with the changes in guidance, any changes in the trajectory for 3Q and 4Q, either from a revenue perspective or an EPS perspective, and thoughts on GE in those two quarters? Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: I think, Joe, directionally what I'd tell you is we'd expect Q3 to be better than Q2 and Q4 to be better than Q3. So it will be – again, I don't like to tell you linear. We do expect Q3 to be a better growth rate, and Q4 we're looking more to get to double digits. So you can start from where we are today and estimate.

Okay. And then on the digital assets, obviously they're a portion of your total backlog. Is this increasing or changing your win rates at all? And would you consider any of that to be new work that you weren't privy to before, or is this just a competitive advantage? N. V. Tyagarajan - President, Chief Executive Officer & Director: There's no question, Joe, that it is an incredible competitive advantage. It is, as I described in my remarks, hugely differentiating, and it is differentiated in a manner that is very unique to us, which is why we termed it as Lean Digital because it is not just about these digital assets. It is about what goes into these assets. These are proprietary assets that have benchmarks, that have 15 years of having done insurance claims and therefore understanding what kind of frauds happen and therefore incorporating that into those digital assets. That makes it really valuable. So they clearly are differentiating. They clearly allow us to win more and hold up to the very high win rates we've had in the last few years. And as our business pipeline and inflows keep growing, our attempt here and journey here is to continue to hold on to those win rates, and things like these allow us to hold on those win rates. By the way, it does satisfy an incredible requirement in the marketplace, where people want these digital assets. So while it is clearly differentiating, I think clearly if you don't have it, you are going to be pretty undifferentiated. So the separation of those who have these types of capabilities versus those who don't is going to start playing out pretty dramatically in the marketplace.

Got it, and then just last thing for me. With the changes in healthcare and investment banking on the IT services side, are you going to make some cuts on the head count side to go along with those? How should we think about the head count and the resources in IT services, or do you feel like this is a pause and you're going to hold with the resources you have? Thanks. N. V. Tyagarajan - President, Chief Executive Officer & Director: So our business fortunately has pretty significant capability to handle that kind of variability and flexibility. We've already been on the path through the quarter of making sure that we readjust some of the costs associated with those verticals in order to ensure that we end up with a margin that Ed described at the 15.5% level, while not changing a bunch of the investments that we continue to make. Because those investments we feel very good about, whether it is on the sales and marketing side and the client-facing side and the domain experts, the practice team, which we continue to do, as well as the digital assets and analytical assets and the chief science officers and so on. So we're navigating this I think really well in terms of making sure that the variable costs related to the lower revenues in those verticals mean those costs are taken care of while continuing to invest where we have to invest without changing any of that, and ending up therefore with the margin that we are saying we'll end up with.

Okay. Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: Joe, as you think about these two businesses too, coming into the year, these are businesses that were growing a bit slower than the total company growth rate. N. V. Tyagarajan - President, Chief Executive Officer & Director: Correct. Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: So think about low single-digit types of growth rate as we look at the outlook. And now we're looking at low single-digit decline. So that's for those two businesses, and that's the dynamic. So from a head count perspective, it's extremely manageable. N. V. Tyagarajan - President, Chief Executive Officer & Director: Manageable. Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: And in our control from a short-cycle perspective.

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

Thank you. And our next question comes from the line of Ashwin Shirvaikar with Citigroup. Your line is now open.

Hi, Tiger. Hi, Ed. Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: Hi, Ashwin. N. V. Tyagarajan - President, Chief Executive Officer & Director: Hey, Ashwin. Hi.

Hi. So a couple of years ago, you guys went through a strategic review of the business, which led to a sharper focus through October (53:12) from a few things. Have you considered after looking at the whole thing maybe making sure that the IT side of the business goes or belongs? I'd like to hear from you what it brings to present us (53:30) activities to determine what value does it add from your perspective or the client perspective that's differentiated, if it makes a difference in your win rate because it seems to crop up with reasonable frequency as a reason for revenue shortfalls. N. V. Tyagarajan - President, Chief Executive Officer & Director: So, Ashwin, actually it's a great question and it's actually a very timely question. It was 2.5-plus years back when we completed our strategy exercise. And as we've consistently said since then, as we pivoted the business on that outcome of that blueprint strategy exercise, we feel really good and continue to feel great about the direction that we've taken post that. Eighteen months back, we further enhanced that with our pivot on Lean Digital while continuing to maintain our industry vertical service line and geographic focus that the earlier strategy excise defined. Our business is a long-cycle business. So it does take time for those kind of pivots to play through. I think by the time we get to the end of the year, it is a perfect time for us to naturally go back and refresh some of the learnings we've had as we've gone through the last three years, and that's actually in progress and we continue to do that and we will do that. Coming out of that would clearly be where we double down even more? Where do we…

Got it, that's really useful. The follow-up question is on the GE side. You said obviously signed six contracts with GE buyers, expecting increasing penetration later in the year. So from a modeling perspective, as we start thinking about that, is that something that is from an increasing penetration perspective going to be material to next year? How should we think about that? N. V. Tyagarajan - President, Chief Executive Officer & Director: So, Ashwin, I think it's again very early days. These are people, a range of buyers who have taken on big portfolios from GE Capital. And their first job, as you can imagine, would be to make sure that it integrates well, settles down well. A number of them, for example, have transition services agreements with GE Capital and GE, which will continue to get provided for a certain period of time. We are often at the back end of that, because we provide a number of these services for a number of these businesses that are now in the hands of these new buyers. The early conversations indicate that a number of these new owners of these GE Capital businesses obviously like the service that is being provided. They have great promoters within the businesses that they've acquired. All of that is great foundation for incremental conversations. So having seen these types of relationships build over time, we think those provide great foundations for the future. Again, I want to go back to – these are long-cycle relationships that build over time. I think there will come a time when all of those will actually become real conversations. Whether it actually converts in 2017, I think, is a question that I think is too early to answer because remember, some of them are still in contracting…

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

Thank you. And our next question comes from the line of Frank Atkins with SunTrust. Your line is now open.

Thanks for taking my question. I wanted to ask a little bit just on the pricing environment, any changes you're seeing there, especially on the BPO side? N. V. Tyagarajan - President, Chief Executive Officer & Director: No, actually, Frank, on the BPO side, we are not seeing any material change. Those continue to be stable. It is competitive, as it's always been. The more complex the deal, the more it has Lean Digital and Lean Digital assets and analytics and consulting, and all of that as part of the journey of transformation. The less it is about price, and the more it is about, can you do it and do you have the capability and do you have the global footprint. So those become different conversations. Clearly on the IT side, particularly when you talk about some of the challenged verticals, the healthcare IT and the investment banking vertical, when you have discretionary spend cuts, there is naturally going to be pricing pressure. So that clearly shows up often when you have discretionary spend cuts in those spaces, and we are seeing that in those specific areas.

Okay, great. And could you comment on any wage changes and trends in attrition as you look at the human capital side of the business? N. V. Tyagarajan - President, Chief Executive Officer & Director: Nothing – actually nothing to report, stable attrition. It's in the range that we like it to be. In fact, on a quarter-to-quarter, year-to-year basis it's actually better, and wages stable across our global footprint of delivery, so nothing new to report there.

All right, great. Thank you very much. N. V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Frank. Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: Thanks, Frank.

Thank you. And our next question comes from the line of Bryan Keane with Deutsche Bank. Your line is now open.

Hi, guys, just a couple clarifications. I just want to ask, on the Q2 revenue, the $630.5 million. Was that in line with your guidance expectations, or was that a little light? I know it was light versus Street, but I'm just curious if it was in line with your guidance this month (1:02:30)? Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: No, it was a bit lighter, because the same reason that we talked about. It's a short cycle, so it was certainly lighter. As we looked at it, we certainly expected it to be lower than second half, in line with 2014 growth rates. So I think, based upon that, we're maybe about a percentage point lower, 1.5% lower, than we expected as a result.

Yes, because GE was better than you expected, and then global IT was basically almost the same. It was down 7% this quarter, was down 5% last quarter, so that's not really much of a difference. So I'm just... Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: We started feeling the impact, particularly in capital markets, pretty quickly. Capital markets, both of the IT-related items were hitting us in Q2.

And then so Global Client BPO then went from 12% constant currency in the first quarter to 10%, so it decelerated. Was that in the budget and in the plan? What should we expect? Should that rebound going into the back half? Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: We do expect Global Client growth to improve throughout the balance of the year, in line with – I think in line with the overall total company growth. When you heard me saying we're going to get into double digits in the fourth quarter, at least our outlook is getting double digits by the fourth quarter. That was total company constant currency growth. We do expect the GC growth to grow as well. N. V. Tyagarajan - President, Chief Executive Officer & Director: And, Bryan, particularly in the BPO business, it will be wrong for us to plan quarter by quarter. We actually don't plan that specifically quarter by quarter. It's not a business that lends itself to quarter-by-quarter planning. It's a long-cycle business. These are long transformational deals. So, I wouldn't necessarily assume that there is a specific BPO exact quarter plan, because that's not the way it works.

Yes. So for example, in this quarter, the deceleration to 10% from 12%, that can be explained by just a ramp up of volumes, or something else? N. V. Tyagarajan - President, Chief Executive Officer & Director: It's a combination of all of those. The most material impact on Q2 versus our own expectations is the technology work in capital markets and investment banks, and the technology work in healthcare. We did not expect the extent to which those got impacted. Clearly we did not, and we hadn't planned for that.

Okay, that's all I had. Thanks so much. N. V. Tyagarajan - President, Chief Executive Officer & Director: Thanks, Bryan.

Thank you. And our next question comes from the line of Dave Koning with Robert W. Baird. Your line is now open. David J. Koning - Robert W. Baird & Co., Inc. (Broker): Hey, guys, and basically my question I guess is a lot like Bryan's question, in that it looks like the way that sequential growth has to play out through the rest of the year, you have to average something like $30 million of sequential revenue improvement each of the quarters, which would be about really the best I think you've ever had. And yet that's in the context of some of the – the recent growth has been on the slower side of which you ever had. Does that just mean that the pipeline right now is just incredibly strong and probably lifts the company into next year and years to come? Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: I think it's a combination of – it's contracts that are in-house today that are ramping, that we know will ramp. So we always knew we were going to ramp based upon contracts that we had in place. And then it's a matter of okay, what is the unsold and how does that compare historically to your statistical unsold, and making sure that that lines up. So a large part of the ramp really relates to the contractual ramp that we have in place. The rest of it is aligned with the unsold percentages aligned with what we've seen historically across the short-cycle businesses. N. V. Tyagarajan - President, Chief Executive Officer & Director: And to some extent, we had called out right at the beginning when we launched the year as well as at Investor Day that this year will mirror a little…

Thank you. And the next question comes from the line of Bryan Bergin with Cowen & Company. Your line is now open. Bryan C. Bergin - Cowen & Co. LLC: Hi, thanks for taking my questions. You mentioned the significant uptick in transformative engagements in the pipeline. Are you seeing any changes in the client decision cycles around those? N. V. Tyagarajan - President, Chief Executive Officer & Director: A great question actually, Bryan. The more complex, it does take longer. We've seen that before, and it's been the way it is. There probably are one or two instances where you will find someone in the middle of what does Brexit mean for me question say hey, I'm going to push this out by another 30 days. So one would say episodic complexity-driven scale and size-driven, decision-making, and change management-driven, and sometimes an event like Brexit-driven changes that elongate some of their decision cycles, nothing that is material that actually changes any of our view on the BPO side of the house. Bryan C. Bergin - Cowen & Co. LLC: Okay. And then just on the partnerships that you have, KYC in particular, can you just talk about how the performance on that has compared to your expectations? And how should we be thinking about that business and other partnerships for the balance of this year and the future? Edward J. Fitzpatrick - Chief Financial Officer & Senior Vice President: I'll speak to the financial piece of it, and I'll let Tiger manage the pep (1:09:34) chat on the business end and the progress that we've made. On the financial side, it's largely aligned. We're in investment mode right now in terms of the finance, how it's playing out in our financials is something to the tune of $8 million to $9 million loss is what we had last year and it's what we've forecasted for this year as well. So that's all coming in line with what we expected, no change. N. V. Tyagarajan - President, Chief Executive Officer & Director: On the business side, it continues to be in, as Ed described, investment mode. We have 12 banks that are signed up. We have I think thousands of – what are they called, buy side. Are they called buy side or sell side? The other side of the equation terms. The nature of utility, which is what the solution is, the KYC platform is, means that it is a very slow buy-in and ramp, and that's what we're going through. So, so far so good, all the key players are inside the tent, so to speak. Bryan C. Bergin - Cowen & Co. LLC: All right. Great, thanks, guys. N. V. Tyagarajan - President, Chief Executive Officer & Director: Thank you.

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

Great. Thank you, Tamara, and thanks, everybody, for joining us on the call today, and we look forward to speaking with you again in next quarter.

Ladies and gentlemen, that concludes today's conference. Thank you so much for your participation. You may now disconnect. Have a great day.