Good morning. Welcome to the Kyndryl Fiscal Third Quarter 2023 Earnings Conference Call. Currently, all callers have been placed in a listen-only mode, and following management's prepared remarks, the call will be open for your questions. If you would like. These statements speak only to our expectations as of today. For more details on some of these risks, please see the Risk Factors section of our annual report on Form 10-K for the year ended December 31, 2021. Kyndryl does not update forward-looking statements and disclaims any obligation to do so. In today's remarks, we'll also refer to certain non-GAAP financial measures. Corresponding GAAP measures and a reconciliation of non-GAAP measures to GAAP measures for historical periods are provided in the presentation materials for today's event, which are available on our website at investors.kyndryl.com. With me here today are Kyndryl's Chairman and Chief Executive Officer, Martin Schroeter, and Kyndryl's Chief Financial Officer, David Wyshner. Following our prepared remarks, we'll hold a Q&A session. I'd like to now turn the call over to Martin. Martin? Thank you, Lori, and thanks to each of you for joining us today. Kyndryl is continuing to drive progress, both as the world's leading provider of IT infrastructure services and as an independent public company. On today's call, I'll update you on our strategy and the meaningful progress we've made on our Three A's initiatives, Alliances, Advanced Delivery, and Accounts. David will then provide you with a more detailed review of our financial results and discuss our full year 2023 outlook. Our transformation is well underway, and I'm proud of what our teams have accomplished. The essential non-discretionary nature of our business provides our revenue streams with some natural insulation to macro factors. As a result, demand for our services remains stable across the markets we serve. Equally important, and independent of the broader economy, our continued execution on our Three A's is delivering the benefits we need to strengthen our overall business performance and drive us to profitable growth. Our continued progress, combined with the nature of our business, should ultimately allow us to regularly return capital to shareholders. I'll circle back on this topic in a few minutes. It's been about 15 months since we became an independent company and the world's largest pure-play IT infrastructure services provider. We employ nearly 90,000 people. We operate in over 60 countries, and we serve thousands of customers. We address a large and growing market through our array of practices and services offerings. With 30 years of mission-critical experience, we have unmatched technical expertise in managing complex hybrid IT environments for large organizations. In our business, scale matters. It gives us the ability to invest in leading technology, advanced delivery, and automation, enabling us to expand our competitive advantage as well as our comparative advantage over insourced infrastructure management. In this environment, we've been successfully executing on our Three A's initiatives to drive business performance, and we're on track to deliver on our fiscal 2023 milestones. As a reminder, we provided targets of a billion dollar in signings tied to hyperscaler alliances this fiscal year, $200 million in annualized cost savings from advanced delivery by fiscal year-end, and $200 million of annualized pre-tax benefit from our accounts initiative. Our transformation work will not be done after this fiscal year. Over the next few years, we expect these initiatives to generate $1.6 billion in annual benefits. In the first nine months of this fiscal year, we generated $750 million of hyperscaler signings, putting us right on track to achieve our billion-dollar year-one target for our Alliances initiative. The number of customer contracts that now include a hyperscaler-related component has tripled since the start of our fiscal year. We've also continued to increase our hyperscaler certifications on top of our existing IBM Cloud certifications to nearly 32,000, a 98% increase from a year ago. Our Advanced Delivery initiative has freed up over 4,500 delivery professionals this year to backfill attrition or address new revenue opportunities. At the same time, it's generating annualized savings of more than $225 million, surpassing already our $200 million fiscal 2023 year-end objective. In our Accounts initiative, we're addressing elements of our business with substandard margins. In many cases, we're driving margin growth by expanding the scope of work and optimizing our cost base through automation and greater standardization. We're now realizing pre-tax benefits of more than $130 million a year and progressing toward our $200 million a year year-end run rate goal. Similar to last quarter, I'm going to share some customer success stories that demonstrate our team's execution on our Three A's. The underlying theme among these examples is that the combination of our broader ecosystem and expanded capabilities is resonating with our customers and providing Kyndryl with new revenue streams and higher margin opportunities. Through our alliances initiative, we won a new relationship valued at $170 million to provide Kyndryl Consult services and migrate workloads to a modern hybrid cloud infrastructure for a company in the services industry. Additionally, with an insurance company who's been a long-term customer of ours, we've expanded our scope of work to include cloud migration and hyperscaler services in order to accelerate their digital transformation and drive efficiencies. For an industrial manufacturer, we're integrating our customer's IT operations into a hyperscaler ecosystem. In Advanced Delivery, we've increased resiliency by more than 75% for a global consumer products company, enhancing system stability and availability. For an industrial company, we've created an opportunity to generate approximately $15 million in incremental annual revenue by expanding the scope of work to include network and edge automation. For a global energy company, we reduced our staffing by 24% and increased system stability through automation and new ways of working. In accounts for a large transportation company, we're increasing our gross margin by 50 percentage points by re-scoping our contract to those areas that make economic sense for us. This new contract will add $14 million in gross profit over the next 5 years. With a leading manufacturer, we extended our contract with a 25 percentage point increase in gross margin through delivery efficiencies, automation, and changes in scope. For a major technology company, we renegotiated specific elements of our contract prior to expiration to bring more flexibility to both our customer and Kyndryl. In the process, we're realizing an increase in gross profit of more than $25 million over the life of the previous contract. Many of us at Kyndryl regularly engage with CEOs and CIOs of large organizations, which gives us insight into the technology challenges they face and the opportunities they see. This helps shape our view of the market and how we can evolve to meet our customers' needs and objectives. Here's what we're hearing. From financial institutions to manufacturers to transportation providers, virtually all firms operating at scale also need to be technology-driven companies, relying on IT infrastructure to operate and go to market. Hybrid IT environments will continue to be the norm for most large organizations, and putting the right workload on the right platform will provide ongoing opportunities for cloud migration and optimization. While enterprises are continuing to modernize their IT estates, many have already tackled the simplest transitions as it relates to cloud migration. As a result, their progress increasingly relies on complex optimization work in order to advance enterprise innovation. Cyber threats are proliferating, and cyber hygiene and resiliency are as important as ever to companies and their boards. 5G, AI, and data optimization are evolving in ways that will likely drive technological development and investment for the remainder of this decade. This includes both the machine learning associated with managed infrastructure services and companies' operational and go-to-market use of AI. Organizations are looking to better tailor their employees' tech experiences in order to drive productivity and engagement. Lastly, companies are optimizing, automating, and engaging with service providers to save money in today's more restrained economic environment. Each of these trends plays to our strengths. They present Kyndryl with opportunities in both managed services and advisory work and position us for sustainable, profitable growth. We are working with our customers around the world to address these macro trends through our practices, through our scale and established presence in lower cost markets, through innovation driven by Kyndryl Bridge, Kyndryl Vital, and Kyndryl Consult, and through our global alliances with leading technology companies. We are very excited about how technology is evolving and the role Kyndryl is playing in that evolution. As I mentioned, our alliances are an important element of our business transformation. With our freedom of action as an independent company, we've built an ecosystem that is more relevant to our customers and allows us to provide higher value services that we weren't able to provide before. So are our significantly expanded top-tier alliances with Microsoft, AWS, Google, Cisco, Dell, Oracle, Red Hat, SAP, VMware, and many others. We're building on these relationships and seizing new growth opportunities, often with our existing customers. Over the last year, we've co-created and launched new capabilities with our alliance partners and doubled our hyperscaler-related deal pipeline. In November, we hosted our first ever Alliance Leadership Summit, where our senior leaders and our alliance partners engaged in collaborative discussions to accelerate joint go-to-market strategies and joint business outcomes. Our customer base and our credibility with our customers make us a highly sought-after partner, and we've chosen our technology alliances intentionally. This past quarter, we expanded our relationship with AWS to support their new security solution tailored for industry and company-specific needs. To accelerate cloud transformation projects, we're helping our customers leverage our relationship with Microsoft and Dell to implement and manage integrated hybrid cloud solutions. We've been collaborating with Intel to design and implement private 5G networks for joint customers. In recent months, we've also given our customers and our alliance partners more clarity on how we'll collaborate and surface innovation. We branded these efforts Kyndryl Bridge, Kyndryl Vital, and Kyndryl Consult. Kyndryl Bridge, our open integration platform, is at the core of our technology strategy and transforming the way that we deliver our services. It enables us to scale modern systems management capabilities, integrating operational data, our intellectual property, our solution and partner offerings, and insights through integrated AIOps. As a result, Kyndryl Bridge is how we help our customers manage modernization across their complex global IT estates. Since their launch in late September, we've already onboarded nearly 500 customer accounts to integrated AIOps that are at the core of Kyndryl Bridge. Kyndryl Vital redefines how we engage with customers and co-create innovative solutions through a design-led approach. Our ability to be an objective expert across an array of technologies allows us to advise and collaborate with customers in ways we could not when we were an IBM captive. Our Vital methodology provides the foundation for a personalized, result-oriented environment to solve and create solutions in an easy-to-consume way. Kyndryl Consult ties it all together, using Bridge and Vital to highlight our capabilities and our differentiation as we provide our customers with ways to handle their most vexing technology challenges and make it easier for them to do business with us. Year to date, Kyndryl Consult signings have increased 32% in constant currency compared to the prior year period, and they now account for approximately 12% of our revenue. With Bridge, Vital, and Consult, customers are telling us that Kyndryl is showing up differently for them. This is creating opportunities for us to capture some of the larger addressable market now available to us and to grow our share of wallet with our customers. When I look back on Kyndryl's transformation to date, 2022 was a period of transition and building as we began to rewire our new firm. With that strong foundation, our progress continues. We're building a purpose-driven company and committed to being a strong corporate citizen. In December, we announced our long-term target to reduce our overall carbon emissions to net zero by 2040 and committed to at least a 50% reduction by 2030 following science-based frameworks. Our decarbonization plan aligns with our business strategies because we see opportunities to consolidate our legacy real estate and data center footprint, as well as our supply chain, to more sustainable infrastructures. 2023 will be a year of acceleration. We will continue to execute our strategy to drive profitable growth. We expect to make significant progress on our Three A's initiatives as this is our fastest path to growing our business and delivering more value to our customers, employees, and shareholders. We will lean into the opportunities associated with a tougher macroclimate and companies' enhanced focus on managing costs, which aligns with what we do. We'll continue to operate with our new mission, serving our customers in what we call the Kyndryl Way, being restless, empathetic, and devoted in our pursuit of operational, strategic, and financial progress. Looking beyond 2023 when most, if not all, of our separation-related expenses and costs are behind us, we'll be driving our business towards sustainable revenue growth, significant margin expansion, and meaningful cash flow growth. We are committed to maintaining a strong investment-grade balance sheet, and we'll seek opportunities to further strengthen our credit profile. Given the nature of our business, and once we've made clear progress in strengthening our margins, we'd expect to be in a position to ask our board to evaluate returning capital to shareholders. We have the right strategy in place to do this, and I'm confident we have the right leadership, talent, know-how, and partnerships to execute and transform our business. Now with that, I'll hand over to David and to take you through our results and our outlook. Thanks, Martin. Hello, everyone. Today, I'd like to discuss our quarterly results, our balance sheet and liquidity, the importance of our Three A's initiatives, and our outlook. Our financial results for the quarter ended December 31, our fiscal third quarter, reflect progress on our top-line growth efforts, external factors such as currency movements, and sequential margin expansion. In the quarter, we generated revenue of $4.3 billion, which represents a 2% increase in constant currency from our pro forma results a year ago, led by 19% growth in Kyndryl Consult and increased seasonal factors this year, including amounts related to customer contracts with minimum annual revenue commitments and seasonal variances in volumes. Demand for our services has remained resilient amid increased global macro uncertainty. Kyndryl Consult signings and revenue were both at record levels, with Consult representing 20% of our total signings and 12% of our total revenue. Consult signings translate into revenue at a faster pace given that they're more in-year project-based work compared to our longer-term managed services activities. Adjusted EBITDA in the quarter was $580 million. This represents an adjusted EBITDA margin of 13.5%. The year-over-year decline in our adjusted EBITDA margin compared to pro forma 2021 results was primarily due to currency, partially offset by higher revenue and benefits from our Three A's. adjusted pre-tax loss was $4 million. Currency movements had a negative year-over-year impact of $90 million on adjusted pre-tax income. As we've mentioned before, currency is having a significant impact on us because we have dollar-denominated costs in our global operations in addition to having international earnings. Our currency hedges and various contractual protections haven't fully offset the effects of the unprecedented dollar strengthening that occurred in 2022. Higher revenue and progress on our three A's helped to offset currency impacts and inflationary cost pressures. Among our geographic segments, we delivered year-over-year constant currency pro forma revenue growth in three of our four segments, and our strongest margins were again in Japan and the United States. Changes in exchange rates and how various IBM-related costs are impacting each of our segments under our commercial agreement with IBM complicate year-over-year margin comparisons by segment. We address our customers' needs not only through our geographic operating segments, but also through our six global practices: Cloud, Applications, Data, and AI, Security & Resiliency, Network & Edge, Digital Workplace, and Core Enterprise. Our business mix continues to evolve to reflect demand with most of our signings, including Kyndryl Consult signings, coming from Cloud, Applications, Data, and AI, Security & Resiliency, and other growth areas. In short, if it weren't for currency movements this quarter, we'd be reporting year-over-year revenue growth and positive pre-tax margins. On a reported basis, however, currency is masking the operational progress we're making. As I mentioned, while there's still significant macro uncertainty, we continue to see broad-based demand for digital transformation and infrastructure services. Turning to our cash flow and balance sheet, we generated adjusted free cash flow of $407 million in the nine months ended December 31. We've provided a bridge from our adjusted pre-tax loss to our free cash flow so far this year. Our gross capital expenditures have been $711 million year to date. We've received $20 million of proceeds from asset dispositions. Our CapEx has been somewhat front-loaded this fiscal year. Working capital is contributing to cash flow as we've stepped up our management of both receivables and payables globally. Our financial position remains strong. Our cash balance at December 31 was $2 billion. This is above the September 30 level, despite our anticipated but significant use of cash for transaction-related payments in the quarter. Our cash balance, combined with available debt capacity under committed borrowing facilities, gave us more than $5 billion of liquidity at quarter end. Our debt maturities are well-laddered from late 2024- 2041. We had no borrowings outstanding under our revolving credit facility, and our net debt at quarter end was $1.2 billion. As a result, our net leverage sits well within our target range. We are rated investment grade by Moody's, Fitch, and S&P, and we're happy to have the overhang associated with IBM's sale of its retained stake in Kyndryl behind us. On the topic of capital allocation, our top priorities are to maintain strong liquidity, remain investment grade, and reinvest in our business. As we've said before, we view being investment grade as a commercial imperative given the importance of this to our customers, many of whom operate in regulated industries. We're using the free cash flow we're generating this year to fund spin-related cash outlays, including required systems migrations. As Martin indicated, Kyndryl's business characteristics, combined with the contributions that we expect from our Three A initiatives over the medium term, should allow us to expand our margins, and that ultimately should allow us and our board to consider regularly returning capital to shareholders, all while remaining investment grade. For fiscal year 2023, we're raising our revenue outlook and reaffirming our margin outlook from what we provided last quarter. We're increasing our constant currency revenue growth outlook by 0.5 points to reflect the strength we saw in the third quarter and growth in Kyndryl Consult. We're increasing our reported revenue outlook to also reflect currency movements. On a reported basis, currency is impacting our top line by more than seven points year-over-year. We're now projecting fiscal 2023 revenue of $16.8 billion-$17 billion, which compares to our previous guidance of $16.3 billion-$16.5 billion. Currency movements have impacted our projected adjusted pre-tax margin by roughly 150 basis points year-over-year. As we head into our fiscal fourth quarter, we're driving operational progress to mitigate external headwinds. On the positive side, importantly, we continue to grow the P&L benefits that our Three A's initiatives are providing. We're managing costs carefully. On the flip side, currency and energy cost pressures remain. The seasonal uplift in revenue we had in Q3 won't repeat in Q4. Our IBM software costs increase with the start of the new calendar year. In aggregate, these items point us toward the midpoint of our full year guidance. Our focus is on delivering the benefits we anticipated from our Three A's while we invest to drive innovation and future growth. From a cash flow perspective, we're now projecting roughly $800 million of gross capital expenditures in fiscal 2023 compared to about $900 million of depreciation expense. For us, the March quarter is a seasonally soft period for cash flow, driven by the combination of earnings seasonality and required annual software licenses and other prepayments. Looking ahead, we plan to provide full-year fiscal 2024 earnings guidance when we announce our full-year fiscal 2023 results in May. Over the medium term, we remain committed to returning to sustained revenue growth by calendar 2025, delivering significant margin expansion and driving free cash flow growth. We also expect to mitigate the effects of recent currency movements over time, even if exchange rates don't revert back toward historical norms. We have a solid game plan to drive our strategic progress. This game plan starts with the steps we've already taken to expand our technology partnerships and with the meaningful initiatives we're implementing this year. As Martin mentioned, we continue to progress on our Three A's initiatives. Our momentum supports our expectation that our Alliances initiative will drive signings, revenue, and over time, roughly $200 million in annual pre-tax income. Our Advanced Delivery initiative will drive cost savings equating over time to roughly $600 million in annual pre-tax income. Our Accounts initiative will drive annual pre-tax income of $800 million. We're also driving growth in Kyndryl Consult and among our global practices, which is incremental to the benefits coming from our Three A's initiatives, and we see opportunities to control expenses throughout our business. We expect that these efforts over time will contribute roughly $400 million in annual pre-tax income. As part of these efforts, and with the restrictions in the employee matters agreement related to our spin having expired, we can and will look at potential actions to reduce our expense base and foster increased productivity. In total, the magnitude of the earnings growth opportunity we're tackling is tremendous relative to our current margins. Progress on our Three A's will therefore be a central source of value creation for Kyndryl. For any investors who have been following the Kyndryl story, I've included an updated version of a slide we first published in May. It's a slide that provides a breakdown between our margin-challenged focus accounts and the rest of our business. As you'll recall, our aggregate results obscure the fact that within Kyndryl, we started with a strong $10 billion business, which we refer to as a blueprint for how we want to operate. This blueprint consists of accounts that represent about 60% of our revenue, generate average gross margins north of 20%, and reflect our ability to get paid appropriately for the mission-critical services we provide. Our other roughly $8 billion of focus accounts revenue generates virtually no gross margin, and after SG&A expenses is losing money. Our accounts initiative is all about the opportunity to make our focus accounts look more like the majority blueprint of our business over time by addressing elements of our customer relationships that generate substandard margins. Over time, if we close even half of the gross margin gap between our focus accounts and our blueprint accounts, we'll generate the $800 million in incremental earnings that we've targeted from these accounts. That's why our accounts initiative is a major priority and a major opportunity for us. To realize this opportunity, we're paying close attention to the margins on signings for both our focus accounts and our blueprint accounts. Since the beginning of our fiscal year, the overall expected gross margin on our signings has been in the low to mid-twenties, which means that the pre-tax margin has been in the mid to high single digits. The December quarter was a continuation of that favorable trend. We're achieving this exactly as we've intended and as you'd probably expect. In our blueprint accounts, we're delivering increases in expected margins of a point or two. In our focus accounts signings, we're dramatically changing our margin profile with the average gross margin moving to the low to mid-20s, which is within a few points of where blueprint accounts operate. In short, our strategy is driving the results we've targeted. What that also means is that if our P&L for the next few quarters reflected only our recently signed deals, we'd be operating at mid to high single-digit adjusted pre-tax margins. Because of the prevalence of multiyear contracts in our business, most of our revenue is still coming from lower-margin pre-spin legacy signings. As a result, in our aggregate numbers, you can't immediately see the benefits of the higher margins at which we're now pricing contracts. That will change with time as our business mix increasingly tilts toward more post-spin contracts. In closing, as an independent company, we're solidifying our position as a cost-effective gold standard provider of essential IT services. We're signing new contracts at higher projected margins, and we're executing on the strategies and initiatives that will drive longer-term progress, future growth, and stronger earnings in our business. With that, Martin and I would be pleased to take your questions. At this time, if you would like to ask a question, please press star one on your telephone keypad. You may remove yourself from the queue by pressing star two. We'll take our first question from Tien-Tsin Huang with JPMorgan. Your line is now open. Hey, thanks so much. Good morning. I want to ask on the signings front. David, you were just commenting on that. The signings were ahead of our expectations here. Can you maybe just elaborate on the better margin? Yeah. The other thing, Tien-Tsin, and thanks for joining this morning. I'd add to David's at a high level. I think what to me is particularly encouraging, and I've been very impressed with how much this team has gotten done in a short period of time. W e have brought high value offerings to market that really reflect where our customers want to take us, where they want us to help them. What you're seeing here is a lot of momentum on the signings line because of the role we play in these environments, combined with the combined with the work this team has done in creating high value offerings in the practices that we're taking to market. This, as David said, well, these show up in the P&L over time, but this momentum is continuing to build as we get ready to get back to consistent revenue growth. As David pointed out, if we just had in the P&L what we signed now, we'd already be at what we have recently signed, we'd already be at a really good profit margin relative to today. A lot of what you're seeing is the result of a team working very quickly, given the role we play in our customers' environments, very quickly to retool, bring to market higher value offerings that make us a solid part of our customer's future. That momentum, I expect, will continue. That's great to hear. Thank you. Thanks, Tien-Tsin. Operator, do we have another question in the queue, please? We will take our next question from Jamie Friedman with Susquehanna. Your line is now open. Hi. good morning. Nice results here. Martin, in your prepared remarks at the beginning, you had said something in the effect of the business being naturally insulated to macro factors. being a macro is so topical, Martin, I was hoping you could elaborate on that comment. Sure. Sure, Jamie. Look the role we play in our customers' environments, running mission-critical systems, does naturally insulate us from sort of the highs and lows, if you will, of a lot of economic activity. At the end of the day, a business, and remember, we serve the most important companies on their most important mission-critical processes. These businesses have to stay and run their infrastructure seven days a week, 24 hours a day. That's the nature of what we do. While customers may have a different view of their economic situation going forward, they still have to run their infrastructure. In fact, as the economy's volatility, as our customers start to plan for that volatility, we sit right at the sort of the heart and the center of how they can be helped most because they look to us to help them become more efficient. They look to us to help them optimize, all of which helps them deal with the economic realities of their customers, their end users, or the markets, in which they operate. We have a natural insulation because of what we do. In a really, I think, a really positive way for us, we tend to thrive in environments where they get really focused on optimizing. They get really focused on productivity because that's what we do for a living. This is a good environment, a good demand environment for us. Stable because of what we do today, but, a set of capabilities and offerings that can help them navigate what could be a more volatile economic environment. Got it. Then for my follow-up, David, this slide 18 is really quite innovative, and it's really a good practice. This is one where you're talking about the blueprints versus the focus accounts. I apologize, I don't know this if you disclosed it, but what percentage now of the focus accounts have you remediated, tried to reprice? Or if you have not disclosed it, is it possible through the disclosures you have to back into it in some way? Thank you. Sure. Thanks for the comments on slide 18. I think it's a really important one, and what we really wanted to highlight, one of the things we really wanted to highlight on this call was the real progress we're making in signing or extending focus accounts, amending those relationships in a way that is substantially changing the profitability of focus accounts and will substantially change it going forward. I think it's a really important proof point of execution by our team on the strategy we laid out. The way I would think about focus accounts is that a lot of these are multi-year managed services relationships, and working through the portfolio of most of the focus accounts is gonna be a four-year exercise, I think with maybe a little bit of a tail of a few longer term accounts that are on there. We're nine months into that four-year, four-year exercise. That would, the math associated with that would be 20%. I think there are two additional things going on. First, the first few months of that it's a ramp-up period associated with it. As a result, we may not have had a full nine months of progress there. On the flip side, we are finding opportunities to make progress on focus accounts even before they come up for renewal by adding scope, by adding consult business in there. That's gonna be helpful to us. I think that puts us in a position where over the next 12 months, the opportunity in front of us is to make a, ideally an outsized amount of progress relative to the overall four-year play that we're going to have. Got it. Thank you. I'll drop back in the queue. Thanks, Jamie. Operator, do we have another question in the queue, please? We do have one final question from Divya Goyal with Scotiabank. Your line is open. Good morning, guys. Great quarter. Just talking about the focus accounts and the blueprint accounts, I actually was wondering if you could give some color on the specific markets, if that is one of the areas you could talk about, where the focus accounts are? Somewhat like where they're kind of growing because when I look at your EBITDA margin, U.S. is in a good shape. It's the Principal Markets that need a little bit of margin expansion. Would your focus accounts be in those markets, or would that be a thing for later? Yeah. Hi, Divya. Thanks for calling. Look, the focus accounts are kind of spread around the world. There's not one location where I'd say we have the most or the fewest. It is pretty well spread. We have opportunity in each of the markets to improve to improve our margin profile. Now, having said that, with them spread, we do have a slightly disproportionate share in Europe, which is what you know, which was a big part of what sits in those primary markets. Slightly more, but nothing that says we don't have opportunity everywhere. As for sort of the other view of markets, there's obviously a geographic view, right, the country view. The other side of this, and David had talked about this, I thought, quite well. T he offerings we're bringing in are reflective now of the value we're creating in spaces like cloud management, in spaces like Security & Resiliency, in spaces like Data, Applications, and AI. The country's pretty spread, slightly disproportionately heavier in Europe than other places. But what we're bringing into these relationships in this, in a hybrid cloud world is around the places our customers are going. Now we're getting paid quite well for the value we're creating in again, Data and AI, Security & Resiliency, et cetera, et cetera, et cetera. Hopefully that helps that adds a little color for you. That's helpful. We look forward to the progress. If I can shift some gears here and ask a question on your overall debt profile and your expected leverage level, that would be helpful, sir. Sure. Our net debt right now is around $1.2 billion, a combination of $3.2 billion of debt, - $2 billion of cash on the balance sheet. As we think about it, what we'd like to keep our net leverage in a range of 0x-1x EBITDA. We're well within that range right now, and we think that's appropriate for the business, particularly now where our during a period of time, while our margins are still a bit challenged and where we need to make progress. We've been targeting 0x-1x leverage and remaining investment grade and continuing to improve our credit profile over time is very important to us. That's great color, David and Martin. Thanks a lot. Thanks, Divya. All right. Well, let me sorry, operator. Let me just thank everybody for joining us today. As you can tell, I hope from our prepared remarks as well as from the Q&A, we've made an enormous amount of progress in a relatively short period of time, both with the Three A's initiative as well as what we've talked about as well for the last year, the plus plus, which is getting our consulting business to grow much, much faster, which is being successful, and focusing obviously on expense management, as we retool how we do our work and put contemporary systems and contemporary tools in place. I feel as confident as I ever have given all the progress we've made. We are all excited about the opportunity we see ahead. The role we play in the world in serving our customers' mission-critical systems is one that regardless of the economic environment, is one that's going to need Kyndryl. We're excited about the future. Again, thanks for calling. Operator, I'll turn it back to you. This concludes today's Kyndryl third quarter 2023 earnings call and webcast. You may disconnect your line at this time, and have a wonderful day.