Good day and welcome to the Globant's Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Juan Urthiague, Globant's Head of IR. Please go ahead.

Thank you, operator and thank you all for joining us today on our call to review our 2015 third quarter financial results. By now you should have received a copy of the earnings release, if you have not, a copy is available on our website, investors.globant.com. Our speakers today are Martín Migoya, Globant's CEO and Alejandro Scannapieco, Globant's CFO. Before we begin, I would like to remind you that some of the comments on our call today may be deemed forward-looking statements. This includes our business and financial outlook and the answers to some of your questions. Such statements are subject to the risks and uncertainties as described in the company's earnings release and other filings with the SEC. Please note that we follow IFRS accounting rules in our financial statements. During our call today, we will report non-IFRS or adjusted measures, which is how we track performance internally and the easiest way to compare Globant to our peers in the industry. You will find a reconciliation of IFRS and non-IFRS measures at the end of the press release we published in our Investor website announcing this quarter's results. I would like now to turn the call over to Martín Migoya, our CEO. Martín Migoya: So thank you, Juan. Good afternoon everyone and thanks for joining us today. I'm happy to be here to share with you some important highlights that happened during the third quarter of 2015. We had another great period, as in the last quarter both our revenues and EPS came above the upper value of our guidance from the last earnings call. Our Q3 revenues were $67.1 million the highest quarterly revenue in the history of Globant and a solid 29.2% year-over-year growth. At the same time, the adjusted EPS for the quarter was $0.26. This…

Thanks, Martin. Good afternoon, everyone. I'm going to spend a few minutes taking you through the third quarter results and summarizing the nine months year-to-date as well. Then, I'll discuss our Q4 and full year outlook. As detailed in the press release, we both did a solid third quarter in terms of financial results. With revenues, at a record level of $67.1 million implying a 29.2% year-over-year growth and $0.26 adjusted diluted EPS compared to $0.25 for the third quarter of 2014. This strong revenue growth was primarily driven by deeper penetration in our top accounts and healthy growth in some high potential non-top 10 accounts. Our largest customers grew is planning 96.5% compared to Q3, 2014. We can clearly see a turn where many corporations in a wide variety of industries are deciding to digitalize their businesses following the increasing demand from their consumers, so that they engage with them through new digital channels. We believe, Globant is in a great situation to tap into this opportunity as our company has been at the forefront of all this emerging technologies. Additionally, during Q3 we added a number of strategic accounts to the portfolio including one of the largest market research companies in the world and one of the most important banks in Canada among others. Finally, once again the vast maturity of our third quarter revenue was generated from customers that were already working with us in the prior year. For the third quarter of 2015, our top one customer represented 13.4% of total revenue, top five customers represented 33.2% and top 10 customers represented 45.9% of revenues compared to 8.8%, 29.2% and 46.2% of revenues respectively for the third quarter of 2014. Our top one account Disney continues to deliver remarkable growth as we're now working on new…

[Operator Instructions] and our first question comes from Tien-tsin Huang from JPMorgan. Please go ahead.

I - really surprised and or pleasantly surprised to say, by the top customer growth. So I'll ask the - how that came in versus planned, how sustainable is it, can it still growth sequentially although, not the normal questions you might get on. It seems such a big growth from one customer.

Thank you, Tien-tsin and this is Ajejandro. Let me take the first one. We're seeing great traction, with our largest customer that as you know is Disney. I think we're now also expanding into new divisions within Disney, you know that we started with the WD product division and we're now working on several other divisions. I think that, the first project that we run with them was extremely successful, they're expanding that same project. But we're also penetrating other divisions. I would say clearly that, we see that the level of penetration, the level of revenue that we have with Disney and the level of growth that we have with the largest customers sustainable. But having said that, I think for this quarter. We have also seen a very nice growth of the non-top customers. If you take customers 11 to end, those customers are growing 30% in the quarter. So I think, it's a combination of the great traction of our largest customer. But also, we're executing on the strategy of diversifying the customer portfolio and having that prioritization and allocation of people and the most qualified resources that we have into some of the add a key strategic accounts and that's fading away, that's fading off.

Okay, now that's great to hear and then just. I think on the pricing side, I think I heard you mentioned that, you made some positive adjustments there. What's going on with pricing and bill rates in general?

They're increasing a little bit. In general, we went through from $62,000 to $63,000 year. So that's good sign too. We have been sustaining and maintaining that increase in a pretty sustained way, during the last year. So as I'm pointing this quarter. Maybe you go down a little bit and it went down when we acquired Clarice Media. But now we're stuck again into $63,000, so we're in good shape there. Martín Migoya: I think, Tien-tsin, if I may add. It's easier for us to get better rates, when we get into new businesses and some of this difficult journeys that were building up to our customers. Also in some of the cases, it's also the maturity of the cost that allow us to charge higher rates. When you start moving from level one to level two and further to level three, we get increasing the rate so. So despite of the fact that, that it still supports are not massive, they're growing. So that's definitely a tailwind in terms of pricing.

And the other thing is, the services of platform strategy has not kicked in again right now, but it will in the future. So we have another very nice way to try to increase that revenue per head not from anything about, not from in the next couple of quarters. But we think that, that we're also have a push in our revenue per head because that growth totally been coupled from revenue headcount.

Yes. Now that's a healthy trend. So maybe, I'll just ask one more and then just on the services of our platforms commentary, Martin. Just on the pricing of it, just generally speaking how do you approach setting price or benchmarking price with something like, you call the digital journey but just over several platforms in general. Thank you. Martín Migoya: Well, in general if you're talking about a program of several projects that include a digital journey, one with our traditional pricing and we got with a fourth model and the traditional pricing. Sometimes within those journeys, we use some elements that are connected to our platforms. All right. In those cases on top of the traditional revenue that we charge for our reports. We're charging a cost per user, per month. And normally, what we do is, we charge the first year in advance for example and then, what we do is, we need to do some customizations from top of their original platform, we increase the value of revenue that we get per month, per user. Let's say instead of being X, it's X plus 30%, 40%, 50% or 100% depending on the customizations we need to do. So that's a component of services or the platform. It doesn't mean that we will do, all the digital journeys with their service over platform strategy. I mean, there is a platform would be just a part or portion, hopefully we'll be increasing quarter-after-quarter. But the core model of revenues that are generated are on cost, will be continue happening.

Okay. Interesting. Martín Migoya: Is that clear?

It is. Interesting. Thank you. Appreciate the update. Martín Migoya: Yes, one more thing, that I [indiscernible] to clarify. This services our platform strategy is fitted in the middle of the two worlds, of the software as a service and the traditional customized services. That's why, we believe that we're creating like a new category of services provision. We're using the platforms but we're also taking care of the customization with our services arm that needs to be on top of that. And then we charge the whole thing on with the same way software as a service does. So I think that's a brand new thing, we're bringing into the market and it's important to remark that.

And our next question comes from Ashwin Shirvaikar from Citi. Please go ahead.

I just wanted to ask, if follow-up question on this service or platform because it sounds very interesting. But I was a little confused as to whether this is a new way of provisioning and pricing existing services or is there also underlying technology change and then maybe you could provide an example of specifically what digital journey mobile implies to make that clear?

Sure. No, it implies a strong technology in the back end. It's not just pricing this in a different way, we have built that mobile digital journey platform and now, that platform have almost 2 million that are using that platform here in different places in Latin America and we're expanding that business into the US, with many different customers. So it's not something, if we're announcing it, it's because it means something that is really concrete. It has technology on the back and that technology is being charged in a different way, than what we were doing before. That doesn't mean that we're becoming a separate service company. No way, all right. We're still a services organization and we want to be that. The only thing we want - it's not written anywhere, how you provide those services. So we believe that every day, there is more and more platforms and things that can be deliver in a smart way leveraging technologies that we already have and charging them in a different way. So that's the opportunity we're seeing to combine the world of services industry, with a world of software as a services company. I don't know if that explains your question, but let me know, please?

It does, it certainly helps clarify one of the points that I was looking for. Now that's very interesting. The follow-up becomes, it's existing. It has a lot of users in Latin America, when you bring it to new geography say in the US. What sort of investment do you have to make to make that the reality here?

No, we don't think it's very different. I mean, what we built here in Latin America it's a platform which is absolutely manageable, absolutely adaptable to the needs of our customers. So we don't expect a huge investment on that specific platform. It's a very small group of people with very high yield. So what we think is, this is a disruptive technology what we're bringing to a table in a disruptive mode. So now we need to expand it into the US, investments yes on the sales side to be able to sell it into more customers there, but not big changes in terms of the technology underlying that.

Absolutely, can I ask headcount question? The last quarter and this quarter. There has been a very high growth in your headcount and I'm just kind of wondering, as we look into 2016, is that just basically a lag before that sort of headcount growth translate to revenue growth or is this a mix issue where, the headcount is increasing at a faster pace, but it's just placed in different geographies, where that kind of growth may not follow?

No, definitely this is the consequence of ours. I mean, there are couple of factors, there Ashwin. First, we acquired Clarice in India in Q2, so definitely that's one of the factors. And India is growing nicely, that's first factor. The second factor is, definitely this is the effect of our decentralization strategy as you know. We have been playing globally over the, probably the last couple of years but very intensively and very aggressively this year. So we're growing in places like Mexico, Colombia, Brazil, Peru and US very, very aggressively. So I think the fact that we're also decentralizing Argentina. Argentina, it's now 59% of our cash cost. Used to be three years ago, 90% of our cash count is six months ago. It was more than 68% of our cash count. So definitely the strategy behind sourcing in different places, where we can find that the talent that we need, train that talent and put that talent up to speed into the studios, that's also costing us to be very aggressive in terms of hiring the candidate. We have the demand, the pipeline is very strong. We have the opportunities. So definitely it is pretty much about hiring, training, the talent, sourcing the talent and keeping up with the growth.

Okay, that's great and the last question is, just an update and we've talked about this in the past, but I just want to make sure nothing has changed with regards to post-election in Argentina, how we should look at the export settlement line going forward?

You know that elections went into ballot box. There is going to be a ballot box between the former Governor of the Province of Buenos Aires, he's running for the Scioli [indiscernible] and Mayor of the City of Buenos Aires. They're running as opposition. The result in the first round came as a surprise everyone was expecting especially Scioli probably to take a bigger lead. So now they're kind of heading into a tough competition, the ballot box is in two weeks. But anyway, we think they completely understand and they need to take some measures to normalize economy to open up the economy and to fix some of the restrictions that are in the country. We're not fortune tellers, it has to tell where they're going to be measures, either way we think we're going to be in a very good position there. Again we have our revenue stream in US Dollar, our cost stream in local currency there is a lot of fracture in the official exchange rate in the country. So either way there is going to be likely an assessment on the official exchange rate and probably that diminishing the stretch on between the official exchange rate and the market rate or if they take a more gravel approach, I think the spread between those two rates, it's going to play there. But it's going to put more pressure on the candidate that takes the President, but we will see very soon.

Okay, good. This is good job guys. Thank you.

And the next question comes from Anil Doradla from William Blair

Hi, guys. This is Maggie Nolan in for Anil Doradla. I had a question about your total client count. It looks like, it just decreased but one from last quarter. So I'm wondering, how many customers you added and then how many lost? And then is this reflective of your strategy of identifying some more high potential clients and then focusing in on those, any additional color around this would be great?

Hey, Maggie, how are you? It's 100% related to that. We're definitely shifting our strategy in terms of focusing into the customer's with the largest potential. We think we have, a big chunk of customers. We think, we need to have more of a qualitative approach to our customer list. I think it's smart in terms of aligning up our resources in terms of dedicating the best of our studios to the customers that represent the highest potential for Globant. So definitely and as we said, couple of times. If you expect our total number of customers to take flat or even to go a little bit downward because of this strategy. We're very happy with some of the new logos that we're adding and also, with the growth that we see in some of the key accounts and the name accounts that have a great potential for Globant. I mean, we have roughly 40 Fortune 500 companies in our customer portfolio. So definitely there is plenty of room to grow in those, customers. We need to conscious and responsive in the way that, we assign our resources and our best people within the studios. So the number of the customer, the total number of customer consequence of that.

Okay, great and then a follow-up question. I'm wondering, how we should think about margins over the long-term it looks like they were little compression, the first half of the year and then expanded some of this quarters. I'm wondering, what the trajectory for that is over the long-term.

I think margins are going to be within their historical ranges. We have been running between 38% and 40% last year, it was higher with 41%. I would say, we're going to be within the historical ranges this year, as we said. There were some effects headwinds coming from Argentina because of the official exchange rate being essentially flat, where our rate inflation was at the higher take. But on the contrary, they were positive signs from the other Latin America countries, where effects was a tailwind for us. Also we added India that kind of blended the average cost per [indiscernible] for the company. So I would say that, in the long run we're going to keep up with the historical ranges. Definitely there are opportunities with the studios and some of the developments on the digital that we can charge better. At the same time, we'll keep investing in our studios. We'll keep investing in our capacity. We're in the strictest part of the demand and now also, we're going nicely. So we want to stop investing that's a very important milestone, but having said that, we'll try to manifest we have done historically the margins between those ranges that I already mentioned.

Okay, great. Thanks for taking my questions.

And the next question comes from Avishai Kantor from Cowen & Company. Please go ahead

First question, is the growth in Disney driven by market share gains or growing as rest of the market or is it the combination of both?

Hi, Avishai, this is Alejandro. I think it's a combination, but we have won a privilege position in that account. I think we said that, they decided to narrow down the list of vendors that they have, we're in the selective list of vendor that remains and then we started funding into some other divisions. So we're gaining share, we're the largest vendor in terms of mobile and digital. I think it's a combination, but definitely it's having reinforced, our position having gained the trust of Disney overtime and we're growing nicely with some other division with Disney because of the work that, we did originally with WD product.

And then the revenue mix from Europe was down obviously because of Disney, can you contemplate a bit about this prospects going forward especially following the Clarice acquisition?

Yes and that's a fair question. I think, Europe that as you said probably from the mass perspective. The dilution is pretty much related to the traction of the largest customers. But we have been revamping, the whole business unit for Europe, we have set up a new team. And we're very confident that team is going to bring more opportunities in Europe. Europe remains as a challenge for Globant, but now we plan to leverage not only on these new team seeking for opportunities and enhancing for new customers in Europe but also to leverage on the delivery center that we have in India. So we already have a number of opportunities that are raising and are growing in the pipeline. So we're confident that Europe, it's going to become a larger part of our revenue stream in the upcoming quarters.

And the last question. I mean, I know we don't know because we don't know obviously the outcome of the elections and what the candidates are going to do, but assuming not devaluation should we assume that the gains on transactions on bonds transactions will remain about the same rate?

Yes, the answer to that is, yes. If the new government decides not to devalue, that I think it's a tough call because of their lack of central bank reserves. They decide not to devalue, they will need to either keep restricting their flow of funds into country and that's making the economy into a bigger recession or otherwise big for funding. So nothing, if happens definitely the spread is going to stay there.

Thank you very much.

And our next question comes from Jason Kupferberg from Jefferies. Please go ahead

Hi, guys this is Amit Singh for Jason. Just wanted to get a little bit more clarity on the penetration level in the top five clients. Your top five clients represented around 25% showed your revenues back in 2013 and now they're above 33%. Just talk about a little bit, how much penetration potential is remaining in these clients because obviously the last two years, a lot of the top line growth has been driven as you've penetrated along these clients. So just wanted to check, whether you can continue growing the revenue that this client, at the rate that you have in the past few years.

All those five top customers are big companies, with big investments in technologies in many different parts. So, I would say, that we're just scratching the surface of the growth that we can have within those accounts, if we do the right thing. I think as time passes and we get the confidence of those customers. We're engaging more and more prospects, some of the developments that we have done for those customers keep evolving and that's a big and a massive opportunity for us in terms of keeping up with the growth. So and sometimes, it's also being able to penetrate further with the value proposition that we have with different studios. So sometimes and let me provide you with some examples. One of the top five is a probably one of the largest airlines in Latin America. And we just, [indiscernible] simply by working on their crew management system and some work that we have done in terms of the online ticketing. But we're now working in five different divisions within the same company, five different projects within the same company and some of those projects are once a year projects, massive project. So I would say that the nature of our Globant desk [ph] keeps penetrating the customers, its' usually revenue related or customer related so that's a good benefit. I mean, many companies decide to sometimes accommodate batches and shifts batches from the traditional teams to these new bucket and that's definitely the cheapest for us because we can clearly see that the companies are now cutting the spending. Sometimes they're reallocating batches from one place to another. We see a very, very nice and a strong demand on those top five customers and definitely the room to grow there is massive.

Great and it's just great that the top five clients are, the revenue and the penetration is increasing, but like you said you recognized that increases your client concentration and maybe add some risk and then you talked about, trying to penetrate more in the clients outside of top 10. But that strategy of client broaden your reach, will that change anything in what you're doing in your sales and marketing effort, would you have to make any additional investments over the next few years or is there anything changing in your strategy over there?

No, it's a fair question and definitely we're making kind of a strategic investment in our salesforce, we're kind of splitting the salesforce on working on the quality of the salesforce to attack both fronts. In the case of the customers that are already penetrated. I would say it's pretty much about having more people on-site, having more [indiscernible], that we created this all of, that we call [indiscernible] that our people that are pretty much working together with the customer and with the salesforce and with the client account partners, that are working directly with the customers. I would say that part of the salesforce is more inside the customer and working on forming the relationship with the customer and that weight, we penetrate further and we grow those customers. On the other side, we've also framed a number of accounts within the top 50 accounts that we want to grow. And for that definitely the sales approach is little bit different. We're kind of mixing, different strategies there. We're also sourcing sales people from the armlet some of those people coming from very well-known companies on the IT sector, that feel attracted by the value proposition that Globant has. So that's, another good news on that front, we have incorporated only in this last quarter, six people in sales and we reach 50 people in the sales organization. So I think it's a combination of both things, but as you said. It requires a slightly different approach, but I think we're very well diversifying in terms of revenue. We're very well diversifying in terms of the opportunism that we have in within the top 50 accounts. So you should expect that mix to change a little bit, but of course we'll keep up with the traction among the largest customers.

Great and then just last one. I mean you've done some tuck-in acquisitions in the past, but going forward. Do you see any need for boosting any specializations within your core offerings, any geography that you want to go after that you think could benefit from any other tuck-in acquisition feature?

We're constantly looking into that. Into those type of acquisitions that may have some new technology for us, that would allow us to penetrate further into these services over platform strategy that we have just developed. So I think, we don't foresee large acquisition, we're growing nicely, organically. I think large acquisitions sometimes are tough in terms of integration. So definitely, we're looking into those type of acquisitions where we can add more technologies or we can initially attract some of these new technology or platforms into what we've already built. So you suspect that to keep into that line going forward for acquisitions.

Great, thank you very much guys.

And our next question comes from Joseph [indiscernible] from Cantor Fitzgerald. Please go ahead.

Hi, I was wondering, could you talk a little bit about the competition at this point? Have you seen any changes in the players that you see on particular engagements and win rates?

Sure. I think, in terms of competition. We have in the past and continuous in the past and we don't get in our piece in many of our relationships. We usually compete face-to-face sometimes with some small [indiscernible]. In some accounts, we see some of the big players, it's not usual for us to face that traditional IT player. We do some of the big players there, that are trying to shift into this digital area and sometimes, we compete with them. And I mentioned the narrow list of vendors within our largest account there, we compete with some of the largest players in the IT sector, while we have the big chunk of the digital and mobile part, that we haven't seen a change on that. I think, we still get most of our customers because word of mouth and sometimes, we're selected because of the work that we've done for some other companies. I don't know Martin, if you want to add something to that. Okay.

Okay, I'll go with my next question. So I wondered, if you can talk a little bit about the labor environment, any thoughts about any changes. Particularly, domestically in light of the elections and then, are you finding it more difficult to skill or define the skill set that you're looking for just given the growth rates and the present nutrition rates?

That's a fair question. So, we don't see significant in the labor market in Argentina. Of course there is lot of that expectation in the country about the Presidential election and how that can change some of the things in the economy and in the way that, the country that's been behaving over the last 12 years. So, but on the labor market. I mean, the IT market here is very competitive especially in the City of Buenos Aires, in Argentina. But we've been able to source the talent in many different places. I think the fact that we decided to be more and more global and to source our talent in many different places, I think that has been the key for us in terms of growing and not being exposed to just one single country and the tough competition that we can face in Argentina. So we don't expect that to be an issue in the near future. I would say probably that, if after a new government takes power, they can control inflation. Definitely that's going to be a flat. Inflation is the big factor behind attrition because as you know, many people want to protect their acquisition power, so they decide sometimes to shift shops and definitely that's a boost on attrition, but having said that, with the definition [indiscernible] strategy. Attrition has been stable even 200 basis points below from last year. But I think so far, so good. We expect good things to happen, after a new government takes place in Argentina, but we need to wait.

Okay and then just last question for me. As you think over the long-term, how do you view the balance between growth and margins. It sounds like you're still focused in the short-term and right before selling the growth side of it, but when do you think you might make the turn to balance the two probably a little bit more evenly. I just want to get a sense of, where you feel like you're in the growth stages and when if, you think you might be looking to expand margins at all.

I think you should expect that to gain operating leverage, year-after-year. Definitely as I said, I mean we see gross margin as stable. There are a number of pulling forces there, definitely we're going to have more on-site people that might be a slightly decreasing trend in the margins. At the same time, we're decentralizing in many different places. India is also factor to offset of increase of the headcount in US, in terms of sensitivity of gross margin, but having said that we'll keep diluting SG&A. We have been nicely diluting SG&A if you see quarter-after-quarter 30 basis, 60 basis points if you compared to Q2, 140 basis points if you compared to the last quarter of last year. So I think probably going forward, you should see as diluting and diluting after year SG&A with the same level of investment, so that we keep up with the historical levels of gross margins. But that should be the story in the upcoming years. We may have some tailwinds coming from some of this strategy that we have to de-couple that revenue growth from the headcount growth and sometimes, that would be studios' value proposition, we're being able to charge higher rates at the same time. With their set off [ph] when we get into more mature levels, which are higher rates. I would say on and on and then there is, that comes into historical range for probably gross margins. But definitely opportunities to gain operating leverage in terms of operating margins.

Thank you.

And our last question comes from Arvind Ramnani from Gordon Haskett. Please go ahead

My question is on digital, so when you think of digital, sort of multiple kind of work streams. The first layer is sort of a customer layer, which requires technology and creative working closely with each other and that's something you'll do really well and then there is always sort of another layer, which requires integrating customer layer to core system of records and ensuring that these back into some work. The second layer probably has a little bit of significant spend, but probably the nature of the work is more traditional. So how do you'll approach sort of this second layer, which is a little bit more, if you were like a little bit more boring but also has a good revenue opportunity?

I think and that's a very good question. I think it's, we approach that from the perspective of providing, the most compelling digital experience to our customers. And if that requires, then we need to work on certain back end processes, we do it. It's clear that, we don't ambition and it's not part of our business work to on BPO's [ph] activities and some of those legacy systems. Sometimes we need to adapt some of the interfaces and some of the applications we build, with some of the legacy system. Sometimes the back end systems we have been doing on creative on digital platform, where we need to flag different and isolated applications that we're running in the back end of the system for the customer and flag that into some of this cool and classy interfaces and user experiences and we do that with no problem. We understand that some companies might have a troublesome, might be more troublesome to range from those legacy applications into this new digital applications. But definitely it's part of our work as well. We definitely seen that, companies are shifting into the other side. It's clear to us and are comfortable with that.

That's really helpful. just kind of second question, clearly, you're focused sort of on the US customer base, but kind of non-US customer base whether it's kind of Europe, is most of the revenue driven from referrals from a US customer base or you have kind of boots on the ground from a sales perspective, where you're proactively trying to expand your European business.

Yes, only a few opportunities in Europe are coming from reference from US customers. I would say US. Everything in Europe has been built up by Globant and the salesforce that we have in Europe. Again, as we said several times I think we're, that remains as a challenge and an opportunity for us. We think that, we have a bigger opportunity in front of that to develop the European market. We haven't been doing that successfully in the past but definitely it’s part of our priorities going forward.

Great and just last question on. If you think of your last year the same times versus this year the same time are your top clients is the and it's very early in the budgetary cycle. But are you feeling like slightly better or the same or slightly worse compared to last year, the same time when you start thinking about the next year?

No, I think we're in a better shape but from different perspectives, let me complement that answer. I think we're more penetrated in our largest customers. So that allow us to have better visibility of the project. Some of the projects are multi-year projects. So perhaps the feature to predict, what we might develop and the size of the business that we might get for those large customers, that's on one side. On the other side also the pipeline, it's very strong and very well diversified. We have built up very good relationships and added very nice logos into the portfolio. So definitely those are going to be driving the growth for 2016. So we're very comfortable, the way we're seeing the 2016 is going to be laying out. So we're very confident about next year as well.

And this concludes our question-and-answer session. I would now like to turn the conference back over to Alejandro Scannapieco for any closing remarks.