Good morning and welcome, everyone, to the Information Services Group First Quarter 2025 Conference Call. This call is being recorded, and a replay will be available on ISG's website within 24 hours. Now, I would like to turn the conference over to Barry Holt for his opening remarks and introduction. Please go ahead. Thank you, operator. Hello, good morning. My name is Barry Holt. I'm a Senior Communications Executive at ISG. I'd like to welcome everyone to ISG's First Quarter Conference Call. I'm joined today by Michael Connors, Chairman and Chief Executive Officer, and Michael Sherrick, Executive Vice President and Chief Financial Officer. Before we begin, I'd like to read a forward-looking statement. It's important to note that this communication may contain forward-looking statements which represent the current expectations and beliefs of the management of ISG concerning future events and their potential effects. These statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. For a more detailed listing of the risks and other factors that could affect future results, please refer to the forward-looking statement contained in our Form 8-K that was furnished last night to the SEC and the Risk Factors section in ISG's Form 10-K covering full-year results. You should also read ISG's Annual Report on Form 10-K and any other relevant documents, including any amendments or supplements to these documents, filed with the SEC. You'll be able to obtain free copies of any of ISG's SEC filings on either ISG's website at www.isg-one.com or the SEC's website at www.sec.gov. ISG undertakes no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances. During this call, we will discuss certain non-GAAP financial measures which ISG believes improves the comparability of the company's financial results between periods and provides for greater transparency of key measures used to evaluate the company's performance. The non-GAAP measures which we will touch on today include adjusted EBITDA, adjusted net income, and the presentation of selected financial data on a constant currency basis. Non-GAAP measures are provided as additional information and should not be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the reconciliation of non-GAAP measures presented to the most closely applicable GAAP measure, please refer to our current report on Form 8-K which was filed last night with the SEC. Now, I'd like to turn the call over to Michael Connors, who will be followed by Michael Sherrick. Mike. Thank you, Barry, and good morning, everyone. Today, we will review our strong Q1 results, including our accelerating margin, our view of the current market, and our outlook for Q2. Our momentum continues. After finishing 2024 with a strong fourth quarter, ISG began this year with an even stronger first quarter. Our execution was superb, and our underlying fundamentals are in great shape. We delivered Q1 revenues of $60 million, up 5%, excluding results from our divested automation unit. Growth was led by our largest revenue region, the Americas, up 17%. This is the largest year-over-year growth quarter in the Americas in the last two years. During our fourth quarter call, I indicated that we expected acceleration in 2025, beginning with the Americas during the first half of the year, followed by Europe and the rest of the world later in the second half. Our results reflect that outlook. For Q1, our adjusted EBITDA was up 68% to $7.4 million, with our adjusted EBITDA margin up more than 550 basis points to 12.4%. Our enhanced profitability is the result of our improved business mix and our disciplined operating approach, including Q1 utilization up 745 basis points year over year. Recurring revenues continue to be an important pillar of our success. In Q1, they reached $26 million, up slightly from Q4, and represented 44% of our overall revenue. AI continues to be at the heart of everything we do, with AI increasingly embedded in all areas of technology and services. We have served more than 200 clients with AI-focused research and advisory services in the trailing 12 months, up from the 150 we noted last quarter. As AI evolves, so do our offerings. For example, last month, ISG Research published a strategic guide to agentic AI for enterprise leaders. With our strong expertise and knowledge of the AI ecosystem, clients continue to look for our advice and support on adopting and scaling AI across their organizations. Our AI-powered platforms also continue to gain traction with clients. For example, more than $9 billion of contract value now flows through ISG Tango, our groundbreaking sourcing platform launched last year. That's up more than 30% from the fourth quarter. Looking at the broader market, we see a growing number of clients accelerating their cloud adoption, modernizing their infrastructure, and leveraging AIOps to improve their IT operating efficiency. This plays right to ISG's strengths in digital transformation and cost optimization powered by AI and sourcing. Today's market landscape presents both challenges and opportunities for organizations to maintain competitive momentum. We are in a great position to turn market disruption into long-term advantage for our clients. By optimizing through AI, future-proofing partner ecosystems, and rigorously tracking ROI, we help our clients achieve cost efficiencies while protecting strategic growth initiatives. With that, let me turn to our regions. As you recall, we divested our automation unit last October. The year-over-year comparisons I cite here exclude automation revenues of about $8 million in last year's first quarter. Our Americas region delivered an excellent quarter with revenues up 17% to $41 million, driven by double-digit growth in our technology advisory business and in our banking, energy, utilities, health sciences, and public sector industry verticals. Key client engagements during the first quarter included Lockheed Martin, Kraft Heinz, and Exxon Mobil. During the quarter, we won a million-dollar-plus engagement with a leading CPG company to support a major sourcing initiative covering application and infrastructure modernization, including leveraging AIOps to enhance security and efficiency. We also won a $1 million engagement with a leading global energy company to support a major infrastructure and application modernization program, extending our work for this long-term client. In our push into the middle market, which we define as companies under $10 billion in revenues, we also won a $2 million-plus engagement with a multinational food processing company that specializes in private label products. We are supporting this first-time outsourcer in developing an operating model and selecting providers for the client's shared services functions and ensuring a seamless transition with our change management services. Our ISG Tango platform, which allows us to provide a level of service attractive to mid-market clients, was instrumental in this win. We also signed a large research subscription with a leading U.S. provider of streaming services, the biggest win ever for our software research business. Turning to Europe, this market is showing early signs of a rebound with growth in our technology advisory business and double-digit growth in our insurance industry vertical. We expect further improvement later in the year as demand continues to pick up. Key client engagements in Europe in the first quarter included INSTAR, Air Liquide, Heineken, and BARMER. During the quarter, we won a new million-dollar-plus engagement with a healthcare client that we have been working with the last 10 years. Our latest work involved supporting the client's business transformation to SAP S/4HANA. We also continued our work to support the IT arm of the Germany Ministry of Defense under a long-term framework contract. With our latest award, we are providing benchmarking services worth more than $1 million annually to lower IT costs, streamline processes, and optimize the organization in support of the German armed forces. Now, turning to Asia-Pacific, our Q1 revenues of $5 million were down $800,000 from last year, primarily due to sluggish Australian government spending ahead of the May elections. With the elections now behind us, we expect government spending to pick up again later this year. For Q1, Asia-Pacific delivered double-digit revenue growth in our banking, manufacturing, energy, and health sciences industry verticals. Key clients in the quarter included IEMO, Standard Chartered, Bank of Queensland, and AGL Energy. During the quarter, we won a new engagement with a large multinational bank in the region to support a major cost optimization program. Now, a few comments on the overall tech services industry. I think we have seen the first-order effects of U.S. tariffs: lots of uncertainty followed by action planning. We will see the second-order effects, the real economic impacts in the quarters to come. Businesses that experience a direct impact from the administration's current policies are pivoting to new supply chains and cost optimization. For others, volatility is acting as a catalyst for technology transformation. Either way, our clients are not standing still. Last week, I spent time in Europe, and the environment is a bit different there, marked by a realization that Europe needs to be more self-sufficient and less reliant on the U.S. That means investment in some industries, think defense and aerospace, for example, and cost optimization in other areas to either reduce costs or shift spending. There is a sentiment, maybe it's a hope, that much of the tariff uncertainty for Europe will be resolved by the end of the summer. For ISG, we have seen no material change in buyer behavior to date. Clients are turning to AI and tech modernization to gain strategic advantage, and this plays to our transformation work. For clients more directly impacted by the tariffs, our cost optimization is the sweet spot. Of course, we will continue to monitor the tariff uncertainty, but for now, we remain optimistic that we have the right portfolio mix to meet client needs in the months ahead. Now, let me turn to guidance. As I mentioned earlier, we are seeing positive signs of strong demand for technology services in the U.S., and that's reflected in our Q1 results. We expect demand to continue in Q2, driven by cloud, AI, data analytics, and infrastructure modernization. Clients are not standing still. They are looking to get ahead of the curve. We like our position to meet that demand, but given the macro uncertainty, we will remain conservative in our outlook. With that said, for the second quarter, we are targeting revenues of between $59.5 million and $60.5 million and adjusted EBITDA between $7 million and $8 million. Now, let me turn the call over to Michael Sherrick, who will summarize our financial results. Michael? Thank you, Mike, and good morning, everyone. As Mike stated earlier, our revenue comparison with the first quarter of 2024 excludes our divested automation unit, which contributed about $8 million a year ago. This provides a more accurate view of our go-forward business. Revenue for the first quarter was $59.6 million, up a solid 5% versus the prior year. For the quarter, currency had a $600,000 negative impact on revenue. Americas revenue was $41 million, up 17%. Europe revenue was $13.8 million, down 13%, and Asia-Pacific revenue was $4.8 million, down 15%. First quarter adjusted EBITDA was $7.4 million, up sharply from $4.4 million in the year-ago period and resulting in an EBITDA margin of 12.4%, up 554 basis points year on year. Driving this solid improvement was consulting utilization of 77.7%, up from 70.2% in the year-ago quarter. For the quarter, ISG delivered operating income of $3.4 million, compared with an operating loss of $2.4 million in the prior year. Our reported net income for the quarter was $1.5 million, or $0.03 per fully diluted share, compared with a net loss of $3.4 million, or $0.07 per fully diluted share in the prior year. First quarter adjusted net income was $3.7 million, or $0.07 per share on a fully diluted basis, compared with adjusted net income of $0.7 million, or $0.01 per fully diluted share in the prior year's first quarter. Our headcount as of March 31, 2025, was 1,320, which was basically flat with for Q24. We ended the quarter with cash of $20.1 million, down from $23.1 million at the end of the fourth quarter. For the quarter, net cash provided by operations was $1 million. During the quarter, we paid dividends of $2.2 million and repurchased $3.3 million of stock. Our next quarterly dividend will be paid June 27 to shareholders of record as of June 6. Fully diluted shares outstanding for the quarter were 50.3 million, down 300,000 from the prior quarter. At the quarter's end, we had approximately $15 million remaining on our share repurchase authorization. Our quarter-end gross debt-to-EBITDA ratio was 2.1 times, at the bottom of our 2-2.5 times target range and down from 2.4 times at December 31, 2024. For the quarter, our average borrowing rate was 6.5%, down from 7% last quarter. Overall, our balance sheet remains solid and continues to offer us the flexibility to support our business over the long term. Mike will now share concluding remarks before we go to Q&A. Mike? Thank you, Michael. To summarize, ISG has momentum. After a strong Q4, we delivered an even stronger Q1. Led by double-digit growth in the Americas, our revenues of $60 million exceeded our expectations, and our adjusted EBITDA was up a robust 68% as our margin expanded more than 550 basis points. Despite the uncertainty around tariffs, and maybe because of it, we see good market demand with a focus on leveraging technology for cost optimization and competitive advantage. That plays right into our sweet spot and bodes well for the success of ISG. As always, we are focused on creating shareholder value for the long term, and we are steadfast in our mission to deliver operational excellence for our clients. Thank you very much for calling in this morning, and now let me turn the session over to the operator for your questions. Thank you. Today's question and answer session will be conducted electronically. If you'd like to ask a question, you can do so by pressing Star and 1 on your telephone keypad. If you find that your question has been answered and you would like to remove yourself from the queue, you may do so by pressing Star 1 again. If you would like to ask a question, you can do so by pressing the Star and 1 on your touch-tone keypad. We'll pause a moment to allow any questions into the queue. We'll take our first question from Dave Storms at Stoneg ate. Good morning. Good morning. Just wanted to start with, maybe starting with the Americas, how would you characterize that pace relative to your expectations? Would you expect a similar jump in growth going into Q2, or were a lot of your expectations for the strong one and a half in Americas already seen in Q1 here? Dave, thanks for the question. First of all, just a little context for my response to that is right now in the U.S., we are seeing some very strong demand, and it's both on the transformation side and on the optimization side. It varies depending on which industry and which industry is a little more impacted by the tariff conversations. We would expect Q2 to be double digits again in the Americas. Understood. That's very helpful. Just looking at Europe, I know you've mentioned a couple of times now that you're expecting a rebound in the second half here. Are there any end markets that you're expecting to lead the charge? Any end markets that you're starting to see green shoots in already? Anything like that would be helpful. Okay. The issue in Europe, and I just came back from there, is still a lot of uncertainty, and their uncertainty is probably captured in threefold. One, clearly tariffs and what does it mean? Not unlike the U.S., but there they also have a lot of geopolitical cloud still, think the Ukraine war, etc. That is difficult. Third, they're just getting through a bit of an election cycle, and that also has uncertainty. Even if you think about what's happened in Germany, we have a new leader there, but we also have a difficulty getting a coalition together. You add all those factors together, I would say there's still a cloud of uncertainty around a lot of the buying behavior. Having said that, what we are seeing in the pipeline is an increase in the pipeline in Europe. We saw it with some of our advisory services, our consulting around cost optimization, around using AI for efficiencies increasing. I think if the tariff situation begins to clear a bit, that is our expectation that some of this pipeline will be released, and that is what gives us our thought process for the back half of the year. Not in Q2, but we would expect to see Q3, Q4. Q2 will be better, but I do not see growth in Q2, but we do see it beginning to ramp starting in Q3 and Q4 then. That is how we see it at the moment, Dave. That's very helpful. Thank you. I'll get back to you. Thank you. We'll move to our next question from Marc Riddick at Sidoti. Hey, good morning. Good morning, Mark. I wanted to touch a little bit on the strong start to the year and the guide of Q2 and sort of how that plays into where you finished with utilization. It seems like the utilization was strong, not only just numerically, but it seems maybe from a seasonal perspective as well, having a number that high in the first quarter. Maybe you could talk a little bit about your comfort levels there and if there's any hiring needs that might come from that. How should we be thinking about that? Hey, Mark, it's Michael. So appreciate the question. I think that a couple of things. Obviously, hats off to all of our resources. It was an extremely strong utilization and everybody really contributing. We're probably at the high end of the range of where we really want to operate on a continual basis. We would not expect any significant improvement or uptick from here. With regard to seasonally, I'm not sure I would say there was anything seasonal in it. I think the seasonal really impacts us more really in Q3 and in Q4, right, as we start to get towards the latter part of the summer and you have the pressure in Europe from vacations and then Q4 just traditional vacations. I think utilization, we're comfortable with where it is. Wouldn't expect to see it go up. Our hiring, again, we're being prudent and disciplined given uncertainty. Our hiring is aligned to the demand and the pipeline that we see. Okay. Great. Maybe you could shift over to use the cash with the leverage now coming down to the lower end of your comfort range. It seemed as though there was a pickup in share repurchase activity in the first quarter. Maybe you could talk a little about that, as well as maybe what you're seeing potentially for acquisition pipeline, availability, and valuation. Yeah. I'll take the first part and then I'll pass the Mike on M&A. You are right. We're at the low end of the range. As you think about our tax allocation opportunities, in terms of buyback, dividend, M&A, and then investment in the business, we have an active process of looking at all four of those and assessing all four of those to see where we can create the most value. We'll continue to look at all four, especially to your point, now that we're at the low end of our range. We expect to continue to see EBITDA improvement on the M&A pipeline and what we're seeing. I'll turn it over to Mike. Yeah. We continue to be active in the market. We are looking for additional recurring revenue streams that we can put into kind of our distribution channels. We're also continuing to look at everything around digital and AI that might accelerate our growth in those areas. We will continue to look. There's always a delta between the ask and what we would like to be able to purchase at. There's always that. That's really no change despite the differences in the markets. We would expect to utilize some of our cash at the M&A level. Keep in mind the way we do most all of our deals is a little bit of cash, a little bit of stock, and a little bit of earnout. That's worked out quite well for us over the years. That's how we would view it, Mark. Great. Last one for me, I just wanted to touch a little bit. I know that your exposure to federal government is pretty much the minimum, if anything. I wanted to talk a little bit about if you've seen much in the way of response on the state and local level. Is it too early to have those conversations? Are you beginning to have conversations with state and local government customers and where they may be looking to move things? Yeah. First of all, in the U.S., on the public sector, we actually had double-digit growth in the first quarter in the U.S. Think about it in the, I'll call it more the red states because there's more receptivity, frankly, in terms of willingness on cost efficiencies. Think about it in terms of kind of the DoD for the State Department, if you will. Our pipeline is also quite solid in the public sector in the U.S. State and local is strong for us. Again, to your point, we do no federal, so we have no exposure to the federal kind of DoD work that's going on in the market. We feel good about the public sector. They're having a good year. Excellent. Thank you very much. Thanks, Mark. We'll move next to Vincent Colicchio at Barrington Research. Yeah. Mike, good morning. Morning. Curious how you're addressing the rapid interest in AI and your rapidly growing needs. Are you hiring aggressively there? Are you able to hire aggressively there? Are you facing high turnover with employees that either develop or currently have AI skills? Yeah. Good question. From an AI standpoint, we are almost in every instance now have an AI component in almost all of our work. The first thing we did is we trained 90% of our client-facing around AI. We have an ongoing, if you will, skill-up program related to that because there is constant changing, of course, in AI. That is one. Two is the surgical hiring that we are doing is around transformation, is around AI, and that is what we bring in. We are also trimming, if you will, skill sets that maybe we do not need as much. When we think about AI, if I think about it from the client standpoint and then kind of reflect it back to us, one is most clients are looking to how to secure funding for AI. They do that by looking at what else they have and what other spending and how can they shift it. One is securing the funding. Two is how can I use AI to increase productivity? Third is how can I then get some scalable kind of cost-effective use of AI in my particular business? They are really looking at, I would call it a wave two scenario, which is how do I accelerate it, whether you are using agentic AI or other areas in addition to kind of gen AI use cases that are sitting out there. As I rethink about how clients are kind of one step at a time looking at it, we are right there with them. We have had 200 clients in the last 12 months, 50 unique new clients in the first quarter. We went from 150 to 200, as we mentioned. This is a very hot area and why we kind of pivoted our firm to say and look at ourselves as more of an AI-centered technology research and advisory firm. That is how we think about it, Vince. Next question, America's strength. You appear to be on quite solid footing right now with what you're delivering in the Americas. I'm curious, your commentary on second half being strong for Europe and APAC, does that assume a slowing in the Americas based on your pipeline, or will that continue to be strong throughout the year? No. I mean, I think we see the U.S. is strong. I mean, I think it's going to be on a percentage growth basis, certainly stronger in the first half than the second half because you can't do 15%-17% a quarter. We do see good, strong double-digit growth there. One way that we look at it is we look at the disruption and we kind of put it into three buckets: the low-impact verticals, industry verticals, kind of the moderate, and then the high-impact. We kind of bucket them. As we think about what they are asking us to do, when those are the kind of lower-impact, the ones that are not affected directly or as much, like public sector, like defense, like healthcare, that is very, very strong in the U.S.. When you look at kind of the moderate, somewhat impacted, you have things like BFSI, you have energy, you have utilities, you have media technology. Then you think about the high-impact, so these are the ones having a really direct hit and really are wanting to move fast on cost optimization because of the high impact they're having. We think about manufacturing, automotive, CPG, retail in that category. We think about it as we go about our work and how we are focusing our work kind of in that low-impact, moderate, and high-impact. In the U.S., because there's a bit of a mix between all of those, that's why I think it's running on all cylinders. If you apply the same model into Europe, the thing with Europe is that the low impact in Europe are not that many kind of industry segments because they also have the geopolitical, the whole kind of macro environment challenges in addition to the tariffs. You do not see as many "low impacts" over there. As this tariff situation clears, and as I said, I just came back from Europe, and some think that this clears by the end of the summer, if true, and if that should happen, then I think that is why we think this will open up Europe a bit more in terms of our offerings and what they would be willing to spend during the latter half of this year, Vince. Thanks for all the color. Appreciate it. We'll move next to Joe Gomes at Noble Capital. Good morning. Morning, Joe. Hey, Joe. I wanted to continue on the AI discussion. You mentioned you gained 50 new clients this quarter. I think the goal that you mentioned in the fourth quarter call was to double that business from 150 to 300 this year. I was wondering maybe if the goal might be a little more ambitious than that now. The second part of the question on AI is, given the high demand for AI, all things AI, are you finding any challenges in adding AI-based consultants and/or if there's any type of wage pressure for the consultants focused on AI? Good question, Joe. First of all, we do not see wage pressure. I think we have a good model of a combination of wage plus stock that helps us both on attraction as well as, importantly, on retention, if you will. In terms of AI, I mean, we said, "Hey, look, let's double our client base there from 150 to 300." Certainly, we're sitting at 200 now at the end of Q1. We're not going to do another number. I would say that as we turn into 2026, I would expect a large majority of our clients all to have an AI component. Now, some will start slower because just like cloud, shockingly, and just like outsourcing, shockingly, there are companies that have not done either one even at this date in 2025. There are always the slower starters, if you will. I can't say at what point all of them would be. We certainly would envision that by the time we get into the middle of 2026, most all of our clients will have an AI component with it. It does gain steam as you go through. Europe, we need Europe to kind of come around and begin spending and utilizing it in a way other than a proof of concept type way and to do it in a real, "Let's begin to scale this way." That will really generate the kind of client increase on AI. We do have good, I'll call it firm pricing on all of our AI work. That helps. As we think about our margin acceleration from, call it 8.5% closing out last year, you're seeing the mix. When we talk about our mix, AI is clearly one of them. Recurring revenues is clearly a second one. You are seeing our margins gradually move up. We are looking again to be a teenager in our margins soon. All of these factors help with that, including things like the platform with Tango. That is how we would think about it, Joe. Okay. On Tango, I mean, you've done a great job in getting the value of contracts under there. I think you mentioned $7 billion now. How should we think about kind of the revenue contribution? Basically, our business has gone from a, we'll call it a standing start to $7 billion. How do we think about how that's adding revenue to the company? I think we're over $9 billion now, by the way. We went from $7 billion in the fourth quarter to over $9 billion now in the first quarter. First of all, the biggest thing it does is it helps us accelerate margins. The reason it helps accelerate margins is that we're able to complete the work much more efficiently. Therefore, from our client standpoint, they are able to achieve value for money faster. If we're able to do something in less time for the same amount of money, if you just look at it as the same amount of money, clearly our margin is going to be enhanced. We are seeing that every day. The second part of it is Tango has enabled us to open up the mid-market for us. Our pricing in the mid-market was more challenged in the past because in terms of what they could afford to do with an outside advisor. Now with Tango, they can get value for money much quicker. They can see the return much faster. I think I gave you a couple of examples, including a major food distributor that we are in. Without Tango, we would not have had that multi-million dollar client. It is a combination of the margin acceleration and the opening up of a new market and kind of the mid-market for us at what Tango is. That is how we look at in terms of our success with Tango. At some point, I will not even report on how much value is going through Tango because we will have almost all of our transactions and value going through Tango sometime by the time we get into 2026. That's how we think about it. That will help us. You're seeing it with acceleration in margins with our sourcing business. That's the beauty of Tango for us. Thanks for that insight. I'll get back in queue. Next, we'll go to Gowshihan at Singular Research. Good morning. Can you hear me? Yes. Good morning. Good morning. Congratulations on your call. My My first question is, given the rapid activity gains in AI and IT services, how are you guys thinking about calibrating your delivery model and pricing strategy to capture both more value and defend your margins since you were saying that the margins have improved? I think thanks for the question. Yeah. I think we have a combination of things around AI. Number one, from a client standpoint, clearly our AI advisory business is humming, especially in the United States. We are using AI in our platforms like Tango, like GovernX in terms of intelligent contracting. The second area is we're doing a lot of work around AI to inform clients using our world-class research and software research capabilities to inform clients. That enables us to expand our recurring revenues in software and in research. Thirdly, ourselves, we are using AI to become more productive, if you will, with our operations. The combination of all three of those will be enhanced margins with our clients and enhanced productivity, which you are seeing with our workforce, if you will. That combination will help us to accelerate our overall margins. Gotcha. In terms with the shift to increased tariffs, what kind of increased activity are you seeing in work with global capability centers? Is that at its early stages from call centers to innovation? What is the real opportunity here? Is it that really at the early stages are multinationals really putting some thought into it? Yeah. GCCs I'll start, and then Michael will jump in here. GCCs are hot. Okay? These are global capability centers. Hot in the sense that what our work is, is around advising clients around GCCs, whether to formulate one, whether to shrink them, or whether to sell them and do something else differently. In fact, in July, I'm holding a CEO conference for half a day with some of the major GCCs globally in Bangalore because of how hot this whole area is. We've had quite a demand for this. We've kind of created an invitation-only event for a few hours in Bangalore to cover this particular topic. Let me ask Michael Sherrick, who's really right on point for us on GCCs, here to comment further. Yeah, Gowshi, I think it's a really good question and a really good point on kind of the evolution of kind of the industry and this piece that AI is driving because it's moving so much beyond the technology component to business function and activity. That's really what's driving this move to GCCs and the desire for the enterprise to control it differently than they would have done with labor arbitrage. I think there's a lot more to come on this. We're very active in this space from an advisory standpoint and helping our customers, our enterprises. As Mike said, we've got a whole bunch of things coming up on the calendar directly aligned to this as we continue to be out in the marketplace. Gotcha. Just my last question. In terms of giving your balance sheet in order to take advantage of all the new developing areas, what kind of investments do you still need to capture the value proposition in? Yeah. I think it's more I wouldn't use the concept of need. It's more staying on top of and relevant. When you think about the tools and platforms that we have, it's ensuring that we are making the proper investments so that we are embedding AI technology into them across the board, whether it's Tango, whether it's how our enterprises and providers use our research, it's maintaining relevancy of the things that we've already built. Those are the areas that we are focused on, not necessarily anything new, but more just the enhancement and upgrading of existing. Thank you, guys. Thank you. As I know further questions, I'll turn the call back to Mike Connors for his closing remarks. Thank you to all our professionals worldwide for our continuing progress and for their collaboration and unwavering dedication to our clients in driving our long-term success. Our people have a passion for delivering the best advice and support to our clients as they continue their AI-powered transformations, and I could not be prouder of them. I want to thank all of you on the call for your continued support and confidence in our firm. Have a great rest of the day. This does conclude today's teleconference. You may disconnect at any time.