Ladies and gentlemen, good day. Welcome to Hexaware Technologies Limited conference call for the Q2 CY 2026 earnings call. We'll begin today's session with a presentation from the Hexaware management team, followed by a Q&A segment. I'll now hand the conference over to Mr. Niraj Khemka, Head of Investor Relations. Thank you. Over to you, Mr. Niraj. Thank you. Hello, everyone. Welcome to Hexaware Technologies Q2 CY 2026 earnings call. In the call today, we have with us Mr. R. Srik rishna, CEO, and Mr. Vikash Jain, CFO. In the course of this call, we make certain statements which are forward-looking and may involve a number of risks and uncertainties. All forward-looking statements made herein are based on information presently available to the management, and the company does not undertake to update any forward-looking statement that may be made in the course of this call. In this regard, there's a full disclosure, which has been included in the investor presentation and the press release. We consider that as read. With this, I'll hand over the call to Keech. Over to you, Keech. Thanks, Niraj. If you'd go to the next slide, please. The next one. Hi, everyone. Good to talk to you. At the highest level, I would say that I think the adoption of AI and where it works and where it doesn't work, especially in IT, I think is settling down. Again, I believe that the level of compression that we have in the worst-case scenarios thought about, I don't think are going to happen. Let me give you maybe two examples to bring out how this is settling, right? Just yesterday, we had this client for whom five, six applications had to be rebuilt to build a portal which went live in production in under three months from ideation. That's a great example of the use of AI, in this case, the customer and the business is ready with what to do next once this program is done. Yet we have another larger enterprise customer where we finished what has to be done in eight weeks in less than four weeks. When we went back to the business for the next set of requirements, they said, "Hey, you want to come back in eight weeks? We're not ready, and we don't need this velocity. We're not quite ready, in fact, thinking about what we want next." What this means is that adoption is not definitely about just technology, but it's not even about change management just in the tech teams, them coming up to speed and knowing how to deliver, but it is a larger change across enterprises, especially in the business side, which I think is going to slow things down in several scenarios. On the other hand, I think, whenever Glasswing and Mythos gets out of stealth, or even before that, when the lesser models which are now available, people start discovering vulnerabilities at machine speed, I think it's going to unleash a massive amount of need for tech modernization. What we already know is that the vulnerabilities are coming from older systems. Open source, especially, is a known area. Our belief is that it'll become a critical imperative to fix everything that is old. There's no way to manage the velocity and volume of vulnerabilities that will get discovered, and get organizations to a safe place without modernizing all their systems. We think that'll be a massive set of opportunities that is around the corner. During all this, we continue our pivot to AI, every day, every week. A few highlights now. I'm going to keep this light because we are doing an AI day in our Chennai campus on 21st. We had earlier planned for it to be shortly after today, but we just wanted the cycle to get over and all of you to be fully free. It's on 21st August in Chennai, and we will go into more details on several facets. I wanted to give you a few highlights. We continue to launch one new service per month, and that's one of the core principles we defined last July, that we will launch one new service every month and also knock on 100 customers 90 days after launch for every new service. Now, we are well on target for the first one. We are getting close to meeting the second goal of 100 customers in 90 days, for the second. We're not just launching, we are scaling what we launch across all of our customers. We form these champion squads for each business- In our case, the range is between 30 for the smallest unit to 75 AI champions for the largest units, who then are ensuring that we are executing proactively in all customers, the things that we're bringing to market. Zero License, which we launched earlier this year, is seeing outstanding traction, first, in terms of conversation. Last quarter I said AI and SDLC is the biggest driver of conversations and deals. That's still true for deals, but conversation, actually, Zero License is rapidly getting to the same spot as AI and SDLC. We've closed the first few deals, and I'm going to give an example or two later today, but we have quite a large number in the pipeline. We've built by this time, and this number is going up on a weekly basis, 65 parsers in our platform for Zero License. What these parsers do is the 65 different SaaS platforms, we can discover the business logic underlying the SaaS platform. We published earlier in Q2 our first AI Impact Series. It's a book of case studies. There are dozens of case studies covering every vertical, every service line, showing the impact to clients. In fact, we will have our second book when you come and visit us in Campus. We've been talking about tokenomics, not using that word, but we've been talking about AI economics to our clients since April last year. It has suddenly become center stage for clients over the last three months. Not only is the cost of tokens being center stage, it is also, I think in some ways, at the center of battle for IT budgets. How much will go to labor, how much will go to tokens? I'm going to talk a little more on this as well. I think you would've seen last quarter we announced, or late Q1, we announced that Shantanu is taking over additional role as U.S. hunting head, North America hunting head, apart from his role as H&I vertical head. Few weeks ago, we announced that Param Iyer and Vijay will respectively take over our Europe and Asia geographies. All three of them are in what I will call a phase II transformation of our hunting team. Our phase I happened over the last year or so, where we redid our hunting team to regain momentum, and that has paid results. I think there is more work to do. Really three focus areas: Large and proactive deal creation, significant expansion of team, and extensive use of AI in the sales process. That's again, been there for a while, but really democratizing it, making sure every single salesperson across the world is able to use AI in every stage of the sales process effectively. Those are the three focus areas for transformation. We continue to add headcount. This is the third quarter of addition in IT, and our overall headcount addition was 708 for the quarter. It's about 179 in IT. Our attrition is very good, and our utilization rate has ticked up to what we think is a good spot for us to be in. We added a new center in GIFT City, and we added a new center in Bogota, in Colombia during the last quarter. On financials, I think we had a solid quarter in a difficult environment, across revenue and profitability. You will hear more on it from Vikash. Our EPS, the underlying EPS's growth is solid, but there are some hedge and translation losses that led to a compression in EPS. Those will recede shortly. Again, you will hear more details from Vikash. As always, we have a solid cash position. The highlight for us this quarter on numbers was something at the back. We've had, I don't know, three years long ERP program. We cut over finally and fully. We've been going live with modules, all modules, the last one being our financial modules, went live in the course of the quarter that just ended. This is the first set of reporting that we're doing all from the new system completely without a hitch. Next slide, please. I said I'm going to talk a little bit about tokenomics. What we're doing is experimenting with a lot of different models, and I've hidden out some here because of confidentiality reasons. We are experimenting with different models with two objectives. One, how do you maximize value for clients? We don't want to be in the side where, hey, we'll keep pushing token usage up for you, and yet find a way to participate in the tokenomics. With those dual set of objectives, we are experimenting with eight or 10 different pricing models for customers, input, which is the majority of the traditional model, output, but also outcomes, which are different. Output is, hey, I will build something for a fixed price, but outcome is that'll drive X amount of revenue. We are experimenting with all of them. Actually, before that, the key difference in approach, the most fundamental difference in approach is what you see in the two columns here. The historic our proposals included human cost. Occasionally, they'll include the licenses, the hardware, the cloud usage, occasionally. The big shift now is that our proposals are also providing options for including token costs, but in a way that brings value to clients. Now, let me give you an example of the value. If somebody's using Claude, we built a harness in Claude that has nine different ways in which token consumption can be optimized within Claude by using different models of Anthropic. This is at early stage, but I think what the impact for us will be twofold. First, it will allow us to participate in what is going to be a significant portion of clients' budgets, which is tokens. Second, it will improve our profitability over time. So those are the two impacts, but they are in early days of experimentation with these models. Next slide, please. The second topic that I want to talk about in AI today is partnerships. I wanted to highlight the philosophy more than the specifics today. The philosophy is this, that we believe at some time, and that is kind of happening even now, that the functionality and capability of LLMs will converge. So the differentiation is not going to come from there for our customers or for us. The differentiation will come from what sits above them, the vertical depth and the client-specific context. So we are forming three lanes of partnership. The first, the bottom lane is the foundational example, Anthropic LLM layer. But the differentiation is going to come from the layers above it. Domain models, whether it's SLMs or fine-tuned LLMs, which bring the domain context semantic into an organization, processes, and IT. The layer above is, it's not just about the domain, but we also need to have a deep understanding of how you work on a daily basis. That's the third layer of partnerships. All of this will still be underneath the platforms and what we take to market, which historically has been service line-focused, Kenzie for ITO, RapidX for SDLC, and AMAs for data transformation. What you will also see from us very quickly is an increasing range of vertical products and platforms. In the platforms, horizontal platforms, I forgot to mention Agentverse, which we launched in the course of this quarter. Next slide, please. We continue to have solid momentum in deals. As always, there's a mix of very cool transformation work, outsourcing, and consolidation. Let me pick a few examples here. The first one is a, I would say, a storied German biotech firm. This is a two-year program which we're doing for them. In the first phase, we're consolidating all the vendors that are doing clinical data right now. Shortly after, we're going to start transforming how the clinical data environment is built and convert that to an agentic platform. Second example is a large capital markets firm. They have a product which they feed securities to, and they get cash flows. What is happening is that for years, data is given, but all they get is a PDF as an output. There's nothing more they can do with the data they have given to this platform. This is, I think, a key archetype for Zero License. You're giving your data and renting intelligence back from the platform. We have a program which will happen in just a few months to exit them completely from this very core platform into a modern core that we're building using AI and agents. Another large capital markets firm, AI-led middle office transformation in cash and settlements. I'm going to talk about a couple of modernization deals. One of the things, and I will talk a little more about this, is that scale modernization deals are more and more in our pipeline and deals. This is a client which is an interesting business model. You go to a restaurant, you hear music, somebody gets paid a bit of money for it, and that whole thing is managed by an organization. In this client, two years ago, we had lost an outsourcing deal because the client is very wary of handing over a legacy system from their incumbent. What we're doing now is to completely exit them out of this legacy system, and this is a north of $10 million deal, double-digit million modernization deal. I'll just stick to the modernization theme. If you look right below there, leading CRO, CRM transformation, again, double-digit million modernization deal. We have three outsourcing deals, but one of them also has some other interesting things. Let me speak about each of them. A large university based in London. There are three parts to the program. There's outsourcing all their tech work and BPO work. There's transformation. The third part is the most interesting, which is that universities in many parts of the world are under stress because of political issues. Enrollment from foreign students is going down, which puts the stress on their numbers and their enrollment and fees. We are creating a shared service tech and BPO organization for the entire industry, which will be a joint effort between this one leading university and Hexaware. The second one is a reflection of our increasing momentum in APAC, large financial services firm in ANZ, a digital IPO. The third is again in APAC, a fintech payments firm where we're doing outsourcing and transformation of their entire payment systems. That's some of the deals that closed in the quarter. With that, I'm going to hand over to Vikash. Thanks, Keech. Can we move to the next page, please? As Keech mentioned, we are now live on the new ERP system, this was our first quarter of financial reporting from the new platform. This transition required significant cross-functional effort, I want to acknowledge the strong execution from various teams that enabled us to complete the quarter close and reporting cycle successfully. In terms of the financial highlights, revenue for the quarter was $405 million, reflecting a 4.4% sequential growth. The sequential growth was primarily volume-led, supported by a higher number of billable days during the quarter. In dollar terms, approximately $9 million of the sequential growth came from volume and around $5 million came from calendar benefit. Volume growth was supported by net headcount additions that you heard Keech speak about. The full quarter impact of the hires we made in the previous quarter and an improved utilization. On margins, reported EBIT for the quarter is 13.6%, up about 60 basis points sequentially. If you look into the various puts and takes, the sequential EBIT movement was driven by 160 basis points of tailwind, which was from a combination of FX and calendar. We had an operational improvement of close to 30 basis points, primarily driven by utilization. These tailwinds were partially offset by Q2 seasonality and investments what we made of close to 70 basis points and higher people investments of close to 50 basis points. When I speak about the seasonal expenses, those are primarily our annual planning event that we do, I've also clubbed one of the M&A-related diligence expenses as part of this and higher CSR. Moving on to the next one. Some color on the unit level performance. Growth was broad-based. Five out of the seven verticals delivered both sequential and year-on-year growth. Year-on-year growth was led by Healthcare & Insurance, M&C, and Banking. Sequential growth was led by Healthcare & Insurance, M&C, PS, and Banking. Sequential softness in GTT reflects a tighter external environment, particularly in the Middle East. If you go a bit on the unit level, Financial Services continued to deliver both sequential and year-on-year growth. Revenue from the GSC client remains stable, and we expect healthy volume growth in Financial Services over the coming quarters. Healthcare & Insurance, strong sequential and year-on-year growth driven by the large deal ramp-ups and broad-based growth across Europe. In our prior earnings call, we had indicated that H&I would grow faster than the company average, and this has been playing out consistently quarter after quarter. M&C. Deal closes are now converting into revenue, with growth coming from both existing accounts and new logos. M&C, if you recall, early part of last year, because of tariffs and everything, was facing a lot of headwinds, and we started seeing some green shoots in terms of the demand and getting converted into revenue. M&C has delivered year-on-year growth since H2 of last year. We expect M&C to be a full year growth contributor. Professional Services. What you see on a sequential basis, it reflects a bit of a seasonality. The largest client in this vertical follows a July to June calendar, and the year-end cycle typically drives higher budget utilization and revenue tailwinds. Banking delivered strong sequential and year-on-year growth. The vertical has shown consistent momentum in the last few quarters, and we expect it to remain strong throughout CY 2026. Travel and transportation, as I spoke about earlier, remain impacted by macro conditions, particularly in the Middle East. On geos, the good news is every single geography delivered sequential and year-on-year growth. Europe returned to strong growth and is expected to lead full year growth, driven by account ramp-ups and new logos. APAC delivered a strong sequential and year-on-year growth despite a challenging external environment in the Middle East. It is driven by the other sub-geographies, which continued to perform well. More commentary on the full-year outlook will be provided by Keech later during the call. Let's move to the next page. We continue to add meaningful clients to our client base. One of the ways we track the broad-based growth is by looking at number of clients which are contributing more than $ 10 million in annual revenue. We now have 34 clients contributing more than $ 10 million annual revenues, an increase of three clients on a year-on-year basis. Let's move to the next one. This slide summarizes key operating metrics for the quarter. In terms of our revenue mix, onsite mix moved up slightly during the quarter, driven by rebadge deals. On a year-on-year basis, the offshore mix, if you look into it, has improved very meaningfully. Headcount during the quarter. The net headcount addition was 708, with close to 180 additions in IT and close to 530 additions in BPS. This marks the 12th consecutive quarter of IT headcount addition. BPS headcount addition is in anticipation of seasonal volumes increase in H2, with revenue realization expected in H2. Attrition remains stable at around 11%. Utilization closed at 84.8%, up 20 basis points sequentially. Starting this quarter, we have made change in the utilization reporting methodology to exclude employees working on platforms. This improved utilization by about 80 basis points, and prior periods have not been restated. However, even excluding this change, the utilization remained very healthy, upwards of 84%. We expect utilization to remain broadly range-bound in the 83%-84% range going forward. Let's move to the next page. Closing cash balance. Keech spoke about was close to $ 176 million. As you are aware, during this quarter, we went with ERP transition. In the period of ERP transition, as would be expected, there is a blackout period when there are data transitions taking place from one system to the other. That did have an impact at the early part of the quarter in terms of the invoicing. However, the account teams worked proactively with the clients to support the cash conversion. Quarter-on-quarter, you see a cash balance reduction of $ 45 million, but that's after making close to $ 105 million of payout, $ 55 million in dividend, $ 27 million towards acquisitions, and close to $ 24 million towards incentives pertaining to CY 2025. The DSO for the quarter is a bit elevated, but it's in line with what we had expected given the ERP transition. We expect DSO to normalize to the 70-75 days range by the year end. Cash conversion, despite all of this, remains very strong, and our LTM OCF to PAT was close to 125%. ATR for the quarter was at 25.1. We reiterate our full year ATR expectations to be between 25-26. On EPS, we delivered strong operational performance for the quarter and EBIT margin expanded by 60 basis points. This was not fully reflected in EPS because the quarter had material hedge and translation losses of approximately $8 million. These were driven by the forwards which were taken in line with our hedge policy. One call-out from a future perspective. Based on the current hedge book and the June-end exchange rates, we expect these losses to reduce over the next two quarters with approximately $5 million in the next quarter and $3 million from a Q4 perspective. Those were the financial highlights. With that, I'll hand it over back to Keech. Let's go to the next page. Thank you, Vikash. We feel very good. I feel very good about where we are as a business, and we will continue growth momentum. Yet we are reducing our guidance for the calendar year primarily because of a narrow runway left. I'll talk more on that. Deals, like I said, we feel very good about where we are. Outstanding pipeline, outstanding wins, and continued every month. I've spoken about some of the deals that closed, but I'll speak about some of the patterns here. We are seeing increased momentum in legacy modernization deals greater than $10 million. In the past, I spoke, hey, we've got lots of deals in the one to $2 million kind of. Some of these will get to larger ones. We have begun to see both in closures and pipeline that we're seeing more deals in the greater than $10 million legacy modernization. We won a consolidation deal, another top 15 client. We are now down to three strategic vendors in this client. There is a new category of deals that have begun to emerge. There is this, I would say, a handful of RFPs that started in Q2. These are very quick. The ones that we've seen so far are quick decision cycles. We've already won two. I expect this pattern to go up. The pattern is that customers are doing an RFP to pick a strategic AI partner. This is decoupled from people that may be doing other work. The first one we won, for example, they said, "Hey, here are kind of three use cases or four use cases, basis which we will evaluate the capabilities, but who we pick basis this is essentially going to be our strategic AI partner." In this example, we won it. The first four use cases I think will get delivered in two months. These are small currently, but we expect that we will spread our wings substantially across the enterprise, not just in IT, but also in the business as. We think there'll be more archetypes of these deals. I gave one example of a win in Zero License and one archetype. There are three archetypes that we are currently seeing with traction. I won't talk to three archetypes, but we're seeing three specific archetypes where there's solid traction. Many of these deals are currently small, again, we expect that most enterprises are picking one or two to prove value, but we think they will scale across the enterprise as we deliver on proof of value for the current cases. Revenue outlook, like I said, we feel very good about where we are on deals, but our pathway to 7.6% is narrow. Specifically, I will say two things. One. Deals that we won earlier in the year, there is a ramp delay. Okay. In some cases, due to the Middle East situation, other reasons in other cases, there's a delay in ramp. Much of that ramp-up is going to happen late Q3 through Q4, of course, a worsening macro. You saw our GTT numbers, right? It is materially worse than what we thought it will be. That's the place where potentially macro has the biggest impact. Given this, we are reducing our guidance to a range of 6%-7%, including 50 basis points from the CP rebadging deal that we announced earlier. Quick point about that. We announced it as an M&A deal. That is how the deal was done. However, it was done in that way for tax structuring reasons. It's a single client where we took over a contract and rebadged the people associated with that contract or set of contracts, and took over the people associated with that set of contracts. The new guidance implies at midpoint a 2.7 CQGR from this point, which we're very confident of delivering. You heard detailed commentary on verticals from Vikash. To summarize, and this is actually the same set we put even last time. H&I, banking, and M&C are expected to lead growth. The only change is H&I was second on the list. We will now put it on first in the list. PS and FS will follow, travel will lag materially due to macro. On margin, we are reiterating the margin guidance of an EBIT margin of 13%-14%. With that, we will pause and do questions. Thank you very much. We'll now begin the question and answer segment. To ask a question, please click on the raise hand button at the bottom of your Zoom interface to enter the queue. Once announced, kindly unmute yourself, state your name and organization, and proceed with your question. If your query is addressed before your turn, you may press the lower hand button to exit the queue. We'll pause briefly to allow the team to assemble the list of participants. Our first question comes from Vibhor Singhal from Nirvana Equities. Yeah. Hi, this is Vibhor here from Nirvana Equities. Thanks for taking my questions. Keech, a couple of questions from my side. Interesting that you mentioned that what clients are interested today is an application layer which sits on top of the various LLM models, which provides them the flexibility to switch from one model to the other model. There's also this angle of toolbox optimization that you bring in. In terms of those, just wanted to check, are these conversations more at the superficial level itself at this point of time, or are we seeing these conversations kind of culminating to some deals also? When do you think these could actually translate into real large deals? The kind of transition that we probably saw in 2018, when we had similar deals which started coming through for the cloud adoption, which had multiple facets of technology that we were taking care for the client. Do you think there's a similarity between what happened then and what is happening now? When could we see anything, let's say material, which could basically give growth or boost on that part? Any color on that would be really helpful, and then I'll have a follow-up. I'll say kind of two or three quick things, right? First is, harness, which sits on top of or scaffolding that sits on top of model or models, is the term that is for what you just said, right? Picking the right models. We built as have many companies, but even labs themselves have built harnesses. They need not necessarily be only for picking across providers, but they could also be for picking within, say, Anthropic has many models. OpenAI has many models. You could use a harness to pick different models for different types of use cases. I don't know that this will translate in of itself to large deals by itself. Okay? I think deals could come from different patterns, but I don't see this particular harness leading to large deals in of itself. Got it. You also mentioned a part in which a very interesting kind of deals have evolved, in which the clients are asking you to basically develop a use case and then basically deciding on the basis of that. What are the kind of selection parameters which the clients are looking at? Is it the usual that how many people do you have certified on Anthropic or other platforms, if those certifications are available as yet? Or is it how robust the use case solutions that you've provided is amongst the service vendors? How does the competitive intensity here, or let's say, how does the competitive differentiation work here, for us service vendors? I will tell you what we are doing, okay? I spoke about use of AI in our sales process. This we've been doing for, I'll say a year and a half, maybe two, but we are now kind of scaling it, okay. Our preferred model of selling is no presentations, no proposals for transformation programs. We build a POV or some small version of what the customer ultimately wants built through the selection process, and we show it to them. This is how our sales process works today. It's not about how many certifications you have and whatever else. We are saying, "Hey, there are four use cases the client defined to pick." We build solutions for the four use cases and take it for our solution defense. That's through show and tell of that, and of course, these demos use synthetic data. We say to them, "Hey, if you kind of give me real data, and if I can integrate with XYZ systems of yours, we can get this in production pretty quickly." This is a model for how we are selling. Of course, right now, this way of selling is, I'll say like with some percentage of the company, we want to make that with 100% of the company. Got it. Just one last question from my side. On the guidance part, the narrowing, basically a part of the guidance which we've done, from let's say 7.5% earlier to now the midpoint being at 6.5%. Is it mainly driven by some of the deals which we expected to ramp up and they have kind of maybe there's a delay in ramp-up of those deals? Or is it also driven by the fact that the overall macro has kind of either remained the same or worsened, some of the deals which we might have expected have also not come through? It is both. The second macro, I would say, is largely restricted to Travel & Transportation. It's not that deals haven't come through. Customers have cut. Existing clients have cut in the airlines business, their spends, their budgets. You saw that GTTs shrunk 18% year-over-year. The deals are, I would say, not even delayed decision-making, but there were some delayed ramps. There are three, four deals for us that we expected will start ramping in Q2, which are now starting to ramp in mid to late Q3. We don't have the runway left to make up for it, we've called, hence the narrowed guidance. Got it. Thank you so much for taking my questions, Keech, and wish you all the best. Thank you. Our next question goes to Aditi Patil. Thank you for the opportunity. I have three questions. My first question is on, I wanted to understand how much of our business has already gone through a cycle of AI-led deflation during renewals, and could there be multiple cycles of AI compression as the technology advances? My second question is, the delays which we are facing in deal ramp-ups, they are in which verticals? And my third question is on the deal sizes in the new AI-led demand areas, such as Zero License and the new emerging areas which you mentioned about strategic AI partner-related deals. What are the deal sizes in this area? On the first one, right, I will say two different things. First, we have, I think, gone through an intense phase, which is 4x normal of consolidation in our top 20 client base. 13 of our top 20 clients have gone through a consolidation in the last five quarters. That is, I would say, four to five times the usual what you will see in this period. That is not to say that this accounts for all of AI, but one of the big drivers for doing that is AI. What I said was that there was a scenario in which we could have grown substantially. That is not the scenario. There was a negative scenario in which we could have lost. That is also not a scenario. But we are kind of in a neutral scenario where there'll be stability first, and probably growth opportunities later. We are in that phase right now of stability. Frankly, what they set out to do and how they're executing, as often in these kind of deals, is quite different. Right now, it's still on a wait-and-watch mode in that client. The wait and watch is not negative. There's some modest growth, and there is stability. Which is great for us. Through the last two years, we've gone from, I do not know, I won't put a number. We've lost an enormous amount of business, so stability is actually very good for us. Understood. Just one last one is that we have indicated that there has been some delays in the ramp schedule, and it has been shifted towards Q3 and Q4. Will this time we will have a different sort of growth levels how we typically have in our fourth quarter, where fourth quarter can also see relatively higher growth versus the usual? We put a CQGR of 2.7. I think don't expect that all of it'll happen in Q3. That's for sure. There'll be something in Q4. I would also say this, that I think we've been First two quarters this year, we've increased our Y-o-Y rates. I think we will exit the year in double-digit or more Y-o-Y growth. That's what it is. More specific, what we expect in Q4, we will provide next year. At the highest level, I'll say it's not like all the growth has to happen in Q3. There will be growth in Q4, too. Thanks. Understood. Thanks. Thank you, ladies and gentlemen. That brings our Q&A session to a close. I will now hand the conference over to management for closing comments. Over to you. Hey, thank you all, and look forward to seeing all of you on 21st.