Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome and thank you for joining the TDCX Q2 2022 results conference call. Throughout today's recorded presentation, all participants will be in a listen-only mode. The presentation will be followed by a question-and-answer session. If you would like to ask a question, you may press star followed by one on your touchtone telephone. Press the star key followed by zero for operator assistance. It's my pleasure, and I would now like to turn the conference over to the management. Please go ahead. Hello, everyone, and welcome to TDCX Q2 2022 Earnings Conference Call. I'm Jason Lim, the Head of Investor Relations. Allow me to introduce management on the call. We have our Executive Chairman, Founder, and CEO, Mr. Laurent Junique, our CFO, Mr. Chin Tze Neng, and our EVP of Corporate Development, Mr. Edward Goh. Before we continue, I would like to remind you that we will make forward-looking statements which are subject to risks and uncertainties and may not be realized in the future. You should not place any reliance on any forward-looking statements. Also, this call includes the discussion of certain non-IFRS financial measures, such as adjusted EBITDA, adjusted EBITDA margins, adjusted net income, and adjusted net income margins. For reconciliation of the non-IFRS measures to the closest IFRS measures, please refer to our press release on the Form 6-K which are available on our website. We have provided a convenient translation for the translation of Singapore dollar to U.S. dollar. This was done at the rate of $1 to 1.3918 SGD. This should not be construed as representation that any Singapore dollar amount can be converted into USD at this or any other rate. Our management will now share updates on the operating and financial performance. With that, let me hand over the call to Laurent. Laurent, please. Hello, everyone, and welcome to our results briefing for Q2 of 2022. We're happy to deliver another strong set of quarterly results. Once again, the people of TDCX have put together another outstanding performance and have navigated through the market's overall macroeconomic challenges. I am so proud of their determination, resolve, and I think truly appreciate their tremendous efforts. The TDCX emphasis on competency and building a wonderful working environment for all has paid off. I would also like to thank all our clients for their support and putting their faith in us. I'm also happy to report that during the quarter, we had our carbon footprint reporting certified by British Standards Institution, ISO 14064-1. For our corporate social responsibility initiative, we just incorporated the TDCX Foundation. Our focus here is on building long-term partnerships to uplift communities in Asia through digital empowerment, specifically the three key themes of digital access, digital literacy, and capability in terms of readiness for digital work and small business support. Let me next cover some highlights of our financial performance. We delivered robust revenue growth in Q2 2022 as revenue was 23.3% to $170 million or SGD 162 million. This was driven by strong contributions from clients across key verticals, including digital advertising and media and travel and hospitality, and especially from our top five clients who are growing at the fastest pace in history, at twice the pace of our group revenue growth in Q2 2022. Now, in terms of revenue contribution from verticals of travel and hospitality, including our airline clients, continues its recovery trajectory and was up 25% compared to Q2 2021. While revenue from travel and hospitality is now higher compared to Q2 2021, we're still some 16% below our peak quarter in this space in 2019. There's still some room for us to grow, and this will be dependent on the outlook of global and especially Asian travel. The prospect of North Asia travel reopening is an exciting one, of course, but this is not confirmed yet as I speak. On the fintech side, we continue to rise at high percentages year-on-year and it remains our third largest vertical. To recap, we serve payment gateways, crypto exchanges, and other fintech companies. As shared before, we have always taken a careful approach to crypto. While we're happy with our progress in this space, the revenue contribution is around 1%. We feel the risks are manageable. We are looking to add more fintech clients and also to continue to bring in a variety of clients across different verticals, such as e-commerce, to grow the business. On the digital advertising and media vertical, we continue to deliver double-digit% growth year-on-year, powered by our strength in the sales and digital marketing service and the acquisition of new clients. We have onboarded the leading short-form video social media platform, and this started to contribute in Q2. As shared before, it will take time for any new clients to start contributing meaningfully in terms of group revenue, but we are happy with the progress we've made here. On our earnings and quality growth, even as we pressed on with our business expansion, we maintain our focus on quality growth. Adjusted net income, which strips out the Performance Share Plan costs for a like-for-like basis comparison, rose 35.5% year-on-year to $22 million or SGD 30 million. We continue to deliver our industry-leading profitability with Adjusted EBITDA margin of 31% in Q2 2022. I want to take this opportunity to thank our CFO, Mr. Chin, and his team of incredible professionals for the continuous effort in cost control and efficiency. The quality of our earnings growth is also shown in the strong cash flow conversion. Q2 2022 net cash from operating activities was $76 million, almost doubling year-on-year. Our CFO will share more detail on the numbers in the later sections. From a business segment point of view from Q2 2022, we have renamed our content monitoring and moderation services as content trust and safety services. The change reflects the industry's broader view that content moderation services are part of a larger group of services that include other trust and safety related services and helps enhance our ability to track our performance. The content trust and safety service comprises content moderation and monitoring, trust and safety services such as those to ensure authenticity and accuracy of listings, as well as data annotation services for machine learning. Our total revenue from Southeast Asia stood at 91% of H1 of 2022 revenues. In the latest edition of the Internet Economy Research program by Google, Temasek, Bain, Southeast Asia now has a total of 440 million internet users, while the Southeast Asian internet economy is expected to reach $360 billion by 2025, powered by e-commerce, food delivery and digital financial services. With our unique footprint, TDCX provides investors with strong exposure to Southeast Asia's fast-growing digital transformation. Our plans to roll out Indonesia and Vietnam are on track, and we aim to launch operations there before the end of the year. The new markets add further flexibility to offer key Southeast Asia languages in a multilingual centralized model as well as a decentralized model. In addition, North Asia is gaining momentum with a contribution of 7% of revenue. Our expansion in Asia Pacific, Europe and Latin America was strategically planned with the objective of positioning ourselves well to be much stronger amid the changes in the CX outsourcing space. This is even more timely now with the rapid changes in the business environment, and I'm confident our footprint will provide us with a competitive edge going forward. Now on client wins, we have continued our business development momentum, signing up a total of 25 logos for the H1 of 2022, more than triple the eight we signed in the H1 of 2021. This includes two Southeast Asian market leaders added in Q2, a leading regional airline and one of the largest integrated car e-commerce platforms. This demonstrates our strength once again in the travel and e-commerce verticals and confirms our leadership in these sectors. Our launch client count now stands at 16 as of June 1, 2022, up 40% compared to 43 a year ago. Revenue from new economy clients stood at 93% for the H1 of 2022. We put in efforts to reduce our client concentration and our top clients now represent 67% of Q2 2022 revenue, compared to 63% in Q2 2021. Now I'll hand over to Mr. Chin to cover the financials in detail as well as an update on the guidance. Thank you, Laurent. Let me first share some details on our Q2 2022 financial performance. Revenue rose 23.3% to $117 million, driven by growth across the omnichannel CX and sales and digital marketing business segments. Adjusted EBITDA, which excludes share-based expense for a like-for-like comparison, rose 23% to $36 million, while margins remained largely stable at 31%. Adjusted net income, which similarly excludes share-based expense, rose 25.5% to $20 million. Net profits for the period rose at a lower 19.6% on a reported basis, due largely to the implementation of the Performance Share Plan, which did not exist in the same period last year, as well as higher income tax expense. Next, we share more details on our Q2 revenue performance by the services type that we offer. Revenue from omnichannel CX solutions rose 19% to $16 million, due mainly to higher business volumes driven by the expansion of existing campaigns in the fintech and technology verticals. In addition, business volumes for our key travel and hospitality clients have benefited from the gradual recovery from the impact of the COVID-19 pandemic. Although the recovery has yet to reach pre-pandemic levels. Revenues from sales and digital marketing services increased by 64% to $20 million, with the continuing volume expansion of existing campaigns by key digital advertising and media clients. Commencing from Q2 2022, content monitoring and moderation service has been renamed as content trust and safety. Revenue for trust and safety-related services that were previously classified under omni-channel sales solutions and other service fees, which can currently be reasonably identified and quantified, will now be reported as content trust and safety services. In Q2 2022, revenue from content trust and safety services rose by 6% to $19 million, primarily due to an increase in business volume from a client in the travel and hospitality vertical. In Q2 2022, omnichannel CX makes up 59% of our business, while sales and digital marketing is at 24% and content trust and safety 70% respectively. Let me next share some details on our expenses. For Q2 2022, operating costs as a percentage of revenue stood at 77.5%. Excluding PSC costs on a like-for-like basis, this stood at 75.3%, lower than 77.3% for the same period last year, largely due to lower depreciation expenses. Employee benefit expenses remain the largest portion of our total operating cost base. Our employee benefit expenses increased by 21% to $76 million for Q2. Excluding PSC costs for a like-for-like basis, employee benefit expense would have increased by 20%, higher than revenue growth of 23%, pursuant to higher wage cost of our staff cost and the increased competition for talent in the respective markets that we operate in. Our depreciation expense declined by 8%, largely due to certain office renovation efforts in Singapore, Thailand, and Philippines being fully depreciated during the period, with no big ticket capital expenditure incurred. All other expenses, which include items such as recruitment, transport, and telecommunication expenses, rose 1% for Q2 2022, lower than our revenue growth, which demonstrates continued focus on prudent cost management. Next, let me share some details of our H1 2022 financial performance. Revenue rose 25.1% to $276 million, similarly driven by growth in the omnichannel CX and sales and digital marketing business segments. Adjusted EBITDA rose 25.2% to $70 million, with margins stable at 31.1%. Adjusted Net Income, which excludes the impact of share-based expense, rose by 25.2% to $43 million. Net profit for the period rose at a lower 9.5% on a reported basis, due largely to the implementation of the Performance Share Plan, which did not appear in the same period last year. In terms of performance by services we offer, revenue for omnichannel CX solutions rose 10.1% to $133 million, due mainly to higher business volume driven by the expansion of existing campaigns. Revenue from sales and digital marketing services increased by 57% to $54 million, with the expansion of existing campaigns from key clients in the digital advertising and media vertical. Revenue from content trust and safety services rose by 6% to $38 million, primarily due to an increase in business volumes from a client in the travel and hospitality vertical. In H1 2022, omnichannel CX makes up 59% of our business, while sales and digital marketing is at 24% and content trust and safety 70% respectively. Let me next share some details on our H1 expenses. The trends are largely similar to what I shared earlier for Q2 2022. For H1 2022, operating costs as a percentage of revenue stood at 79.3%. Excluding PSC costs, this stood at 75.7%, lower than 77.9% for the same period of 2021, due to lower depreciation expense. Employee benefit expense increased by 25% to $160 million for H1, and would have increased by 27% excluding PSC costs due to higher wage costs and increased competitive dynamics of the talent market conditions. Our depreciation expenses declined by 5%, largely due to certain renovation efforts being fully depreciated. All other expenses rose by 4% for H1 2022, lower than our revenue growth, which illustrates our continued prudent attention to cost management. Lastly, let me provide an update on our full year 2022 outlook. We are reiterating the fiscal year 2022 outlook which we issued during our Q1 results announcement. Our full year 2022 revenue guidance remains unchanged at SGD 650 million-SGD 675 million. This represents revenue growth range of 20.1%-21.6% compared to FY 2021. The company's financial information is stated in Singapore dollars. However, we provide a convenient translation to help readers who are not familiar with the Singapore dollar currency, along with the approximate conversion and context of the numbers in U.S. dollars. At the approximate rate in effect as of June 30, 2022 of $1 to 1.3918 SGD, which represents around $457 million-$455 million. Previously, at the approximate rate in effect on March 30, 2022 of $1 to 1.3534 SGD, which represented around $480 million-$499 million. Do note that there is no change to our guidance in Singapore dollar terms. With a continued focus on cost management and employee productivity, we maintain our full year 2022 Adjusted EBITDA margin to be approximately 13%-32%. With that, let me hand over back to Jason. Thank you, Mr. Chin, for bringing us through the results presentation. We are now ready for Q&A. Before we start, can I just make a request that you keep your questions to three at the maximum? Thank you. Operator, Q&A please. Ladies and gentlemen, at this time, we will begin the question-and-answer session. Anyone who wishes to ask a question may press star followed by one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star followed by two. Anyone who has a question may press star followed by one at this time. One moment for the first question, please. We got the first question from Pang from Goldman Sachs. Please go ahead. Thank you so much for the opportunity. Three question from me, please. Firstly, on the guidance, can you give a frame why are you reiterating the current guidance? What is the basic assumption for this? What's the confidence level that you can achieve? In particular, what do you expect the H2 growth to decelerate sharply from H1 level despite the return in travel investments? Have you also factored in any of the impact on inflation to margin guidance as well? That's question number one. Question number two, we noted a strong logo addition in the quarter. Any colors you can provide around this, who are the sectors, in what countries you are representing them, and what kind of opportunity and what kind of like, product and services you are serving? Furthermore, can you also provide any additional colors around how much of the growth that we are seeing now is coming in from new logo versus existing customers? That's question number two. Last question, what is the management current view around the global slowdown in the tech, global tech space and their comments around cutting costs, especially for your top social media clients? Any further color you can provide? Thank you. Hi, Pang. Thank you very much for the question. Laurent Junique here. So yes, on the guidance, very clearly, we've reiterated our guidance for the full year as we had already revised it at the last quarter. In retrospect, we were one of the first to go out there and revise guidance on new information we were having and the really quickly transforming macroeconomic and geopolitical landscape at the time, which obviously has not improved much. Rather what was expected at the time has been confirmed. Now, why did we reiterate our guidance? First of all, the first strong half that we have is already H1 of the year is recovered. A decent results of 25.1% growth in our revenue in the H1. I would want to commend my team for doing a fantastic job here at operations. They've done very well throughout the summer as well. They really delivered the results for us. We see the efficiency of our operations and our management and our business development. We mentioned about bringing new logos. In H1, we brought in three times of new logos than we did last year with 25 new logos. That's helping us to obviously bring some more growth to the business. We're getting a bit closer every day to the end of the year. We hence have a bit more visibility, although visibility can come with a number of possible challenges around attrition, challenges around inflation, challenges around the variability, seasonality. We're never completely shielded or protected from what may happen before the end of the year. Nonetheless, we have enough confidence at this moment to stick to our guidance. That's important to reiterate. The new logo wins, which was your second question. A bit more color here. We have 15 new logos in the Q2, sorry, 25 in total for the H1. You remember that in the Q1, we won this short form video platform. On the Q2, we brought in a regional airline from Asia, an e-commerce car platform that is very exciting, a regional player. We brought three fintech companies, one insurance client. A variety of clients in different sectors, not just new economy as well, in the nutrition space. Our business development team has worked very well and has really performed above target here. The confidence is really building in our ability to bring new business. The engine is working. We said it from the beginning. We came into this thing with an objective to drive organic growth as our first entry point and we are delivering on that front. So our new logos are actually accelerating and the growth from these logos is really starting to pay off. I'd like to point as well that there are now 60 clients that have been launched. But there are still 10 in that group that have not been launched yet. There's some upside moving forward in the coming quarters. That's for the logo news. Now your question relating to tech and how is that impacting us. We're looking not so much at the tech sector, more at really the businesses that are, or the big sectors that are, impacting us or driving us. As you know, we have a fair bit of business in the digital advertising space, and we understand that the digital advertising space is going through a bit of pressure right now. What we think is gonna happen is possibly depending on the types of product lines that we work in, like omnichannel CX solutions, could be under a bit of pressure for the digital advertising sector. The reverse is true of the sales and digital marketing, whereas the industry is getting more and more competitive, we think there's gonna be more need for us in digital marketing services and we're seeing that in our numbers. It's growing at the fastest pace once again for TDCX. That's one area that we're watching the impact. Travel and hospitality are sectors that are ticking up quite significantly as we speak. I think there's also a potential upside here with travel that has not recovered in North Asia, in Japan, and not that much in Asia, in China. When that comes, and I don't know when that is happening, we'll see how it impacts us, but it will impact us favorably. That's how we're watching the space. Not every client is equal in the face of economic slowdown. Some are more impacted than others and some are benefiting. I don't want to generalize. I don't want to stereotype and land everybody in one bag. When we do our forecast and our plans, we take that into account and adjust accordingly. That's what I could share. I hope that answers your question, Pang. Thank you. Mm-hmm. The next question is from Varun Ahuja from Credit Suisse. Please go ahead. Yeah. Hi. Thanks for the opportunity. Got three questions. First, Laurent, if you comment on the business per se and in terms of when you talk to clients, you've got three months visibility, six months visibility. Compared to six months ago, nine months ago, do you think that has reduced? Would love to hear how much comfort you have in the next three to six months in terms of growth and the revenue. If you can, in the same light, comment upon your views on 2023. I know it's too early, but how do you see it progressing given 2022 is almost there and we're into H2 now. I think market would like to know how you see 2023 as of now. Number two, if you can, I know you talked about a new client addition, which is 25. But if I look at your number of clients is 60, and in December it was around 52. There is again a significant churn. My understanding is you have completed that restructuring phase where you had let go of unprofitable accounts. It looks very high given you added 25 and there's a churn of 17 also. Is there anything we are missing here? What's happening on that dynamics with that tool here on that front? Third, if you can comment a little bit on the M&A side, given how you're looking at it, the cash flow remains healthy and M&A is part of your growth strategy. Even in this environment, the valuations of a lot of companies may have come down, especially on the private side. How are you looking at that space? That would be helpful. Lastly, just one housekeeping question. Tax rate has moved up this quarter. Mr. Chin, if you can comment on how we should think about it? What has happened in this quarter, and how should we think about it over the next few years? Thank you. Varun, thank you very much for the question. Regarding the visibility side, if I understand correctly on your question. Look, it's a bit early for us to you know, to tell for the visibility in terms of duration. We used to have maybe six-nine months of visibility. We've cut that to three-six months. We're still in this kind of a range of vision, I would say, in terms of where our clients are budgeting. I mean, a few reasons. One of the uncertainty that the clients are facing in planning and budgeting and having to adapt in some occasions. The market volatility as well doesn't help very much. We're entering the budgeting process right now in the month of October with a number of our clients. Post that moment, I think we'll have a clearer view as to what 2023 is looking at. It's not unusual. It's quite common at this period of the year that clients are thinking, strategizing, and we get involved in these discussions. We're thinking of ideas and how we're gonna make the year next year and what kind of projects we're gonna be working on and what kind of bright ideas can we propose to them. This is beginning to happen as we speak, as we enter September any time soon. Visibility will hopefully expand next year as things get a little bit better economically. For now, that's where we are, I would say. On the client side that you asked, I think the... Maybe Jason later can talk maybe of some of the very detailed numbers, but I think it's a question of calculations here. You did mention there was a high churn. I want to confirm that there isn't. It's very low. Churn has not really evolved in any way adverse to us. On the contrary, we've got a very high revenue retention and client retention as usual, and we're adding clients. It's just that in the numbers we've provided, we just mentioned clients that were launched. We signed those that we've announced. We haven't launched them yet. That's what I was saying earlier on, that we have enough size in this. Maybe Jason, if you wanna provide a bit more color here. Yeah. In addition, I think, Varun, you mentioned 52 clients as at December. Although we added 25 for the half year, it doesn't add up into the total. We landed at 60 because there's still sort of over 10 clients that are not launched yet. The active client launch client count is actually different from the logos that we have signed. I hope that helps. I think the big question you have is on capital management, right? Cash flow and capital management. Is Is that correct? Yeah. It's more on the M&A side, what you would continue doing almost six months since, you know. Yeah. Yes, absolutely. I can touch on M&A, and then maybe later down the road we can talk about capital management, but M&A, we've worked very hard on that front. Edward Goh and his team have reviewed about close to 100 targets, if not more. Interesting situations here, some opportunities. Once again, I just want to reiterate that we're looking for quality targets. Obviously out of the 100, there were a number of those that didn't meet the criteria. We've studied from day one. Once again, we're looking for targets. We know that we can leverage our organic growth to be a bit picky and choosy. We absolutely are following this direction. We have a nice pipeline, a nice portfolio. As you know, Varun, it takes a bit of time to conclude, but we're quite set on a number of targets here that I hope we'll bring to your attention soon, and that will be interesting. It takes time. Obviously we have some cash in the bank that we want to put to good use, and that would be very useful. We have big growth targets. We want to accelerate our strategy. That's definitely working well for us at this stage. Looking forward to telling you more about it. Thank you. I think the last question was on the tax side. If that's okay. Thanks. Tax. Mr. Chin, what was the question on tax, if may you repeat please? This quarter, the effective tax rate looks like around 29%. I think that earlier discussion suggests that should be closer to 20%-23% full year. Anything which is happening there and how should we think about the tax rate? Yeah. Okay. The tax situation for the Malaysian tax that is driven by two main factors. One is the Malaysian Prosperity Tax that was implemented by the government of Malaysia of last year's announcement of the budget. For quarter two, we have the Philippines business unit that used to enjoy the income tax rate for quite a while. We will have their tax holiday suspended due to the implementation of the return to office status that implemented on all the BPO players in the Philippines to compel the certain number of workers to be working in the office as opposed to the work from home situation. Because the Philippines unit were unable to meet the target, they have to still get these dedicated employees to come back to office. We had to incur the standard tax exposure for the Philippines unit effective from Q2 that was announced by the Philippines government. These are the two main factors to the higher tax expense for the group. Okay. Thank you. Thank you very much. Hi. Sorry. Before we sort of go to the other question on the line, I think we have a couple of questions on the webcast asking us to clarify some data points during the call because I think the presentation was a bit marked by difference of voice. Just to clear up the questions, the top two customer concentration now is 57% as of Q2 2022, versus 63% Q2 last year. In terms of the travel and hospitality space, it grew at 25% versus Q2 last year. This is still some 16% of the highest ever peak quarter that we had in 2019. Those are some of the data points that we are clearing up. Operator, please, next question on the line. The next question is from Han Pan from HSBC. Hey. Hey, guys. Congratulations. My first question is, I noticed that you have been winning a lot of contracts with traditional non-tech companies. How do you think about these contracts from a margin or growth perspective? Do you expect these new accounts to be dilutive in terms of margins? Oh, yes. Thank you for the question. I mean, we have a number of clients. The majority still remain very much in the new economy sector. We have a good range of clients. Most of the range of our clients are in Asia Pacific, so in the fast growth region as well. Although these are more traditional economy companies, we believe that they have a sort of a nice growth potential due to the fact that we're coming in early in the relationship as well as they are in a fast-growing region. Going back, considering that still 93% of our business is new economy and 91% of it is in Asia, it's not really material at this point. We've also said that for quite some time as well. We are absolutely interested in the non-new economy sector as well. It's good brands and good deals that we can sign with them where they have a need. After all, we have a large pool of potential as well, where we can gain market share. Thank you. I was also wondering if you could share if you're seeing any delays in any projects. Do you feel like you have sufficiently de-risked your revenue guidance? If there is macro slowdown in the Q3, would that impact you negatively? Yes. I mean, if there's some further slowdowns, we may be impacted. We have revised our guidance in Q1 on the back of delays as well as lower visibility for some projects. Yes, some projects have been delayed for us in the past. We see still some slow implementation and that's something we factored into the reiteration of our guidance at this point. We're just watchful and watching the space all the time to see whether this is gonna continue. Is it gonna accelerate or reduce? We don't have control, unfortunately, over clients' decisions to either accelerate or slow down. It depends on the sector as well. I mean, if you look at the travel right now is the opposite of slowdown. It's really accelerating, and it's nice to watch. Okay. Thank you. I think my final question is on vendor consolidation. How much of that are you seeing, and might this be a tailwind for growth, maybe for the H2 of the next year? Yeah, you're talking about our competitors consolidating, right? Yes. Are you winning market share from your competitors? I mean, we've seen some mergers and we hear of maybe potential further mergers in the sector. The business is becoming very scale-focused. This is something that we had anticipated. That's very much why we're going through the journey we're going through. The first one is expanding globally and having a global footprint is super important to us to remain competitive in the face of growing larger scale competition, combined with clients who are getting bigger and more global, who want to contract with bigger global players. TDCX is racing to reach that goal through two ways, organic growth, geographical expansion. The second one is the important M&As we are pursuing right now to accelerate that objective. Yeah, it's on our list of important strategic items that we want to progress as quickly as possible. You guys are helpful. Thanks very much. Thank you. The next question is from Jonathan Woo. Please go ahead. For Eking Management. Thanks for taking my question. I have two. The first, I noticed there was almost a $10 million benefit from exchange differences from foreign ops. Maybe could you elaborate a little bit on that and whether you expect this kind of benefit to continue moving into the H2 of the year? The second question is on share repurchasing. I noticed that you've done about $10 million in share repurchases while you've got about $20 million in terms of allocation to go. Maybe give us a little bit of color on that. You know, how can we expect share repurchasing to continue moving forward for the rest of the year, given that there's only about slightly more than a quarter left? Thanks. Jonathan, we are not sure where you got the $10 million FX benefit. I don't think we have that in our P&L. Maybe tell us, may I know which line, which specific line you are looking at? It's the line right above comprehensive income. Other comprehensive income. Oh, other comprehensive income. Yeah. Okay. Yeah. Yeah. That actually the translation effects of the foreign subsidiaries net assets due to the movement of the currency gains and current assets, which are not relating to our business or not relating to the transactional event or above the profit before tax. That is a translation effect due to the currency translation of our net assets of our foreign subsidiary in all the countries that we operate. It comes from mainly the Philippines, Malaysia, the large units, if I may recall correctly. The bigger amount come from those larger units as opposed to the smaller units as what the amount suggested. That has got nothing to do with the FX impact of our transactional level. Okay, great. Thanks for clarifying. Hey, Jonathan, Ed here. On the question around share buyback, indeed for sort of the last five months since we started the share buyback program, you know, we've been guided by two key principles. First one is sort of valuations and how, you know, we stack up against the peers in the broader market. Mindful also on sort of the impact around liquidity and float. The management will continue to monitor based on these two guidelines. If need to, we'll continue to implement this share buyback program, given that we've announced a $30 million program, and we've deployed around $10 million to date. Thank you. Thank you. There are no further questions at this time, and I hand back to the manager for closing comments. I think, Francine, that was a bit premature because I see there's Casey on the line from CIMB, and I have three questions. One coming in. Yes. Give him three. Casey, the line is open. Hi, thanks for taking my question. I think just now you mentioned that most of your recent logo wins are from APAC. Just wondering if we could also be seeing, you know, potentially some logo wins from the Western countries or potentially bigger campaigns, given that some of your peers are mentioning about some offshoring trend in the BPO space. Yeah, that's my question. Thanks. Sorry, Casey, can you repeat the last line? Just the very last line. Yeah, just wondering if management is seeing some offshoring trends, for example, potentially from international internet firms or companies from the Western countries, potentially offshoring their BPO services to APAC. Yes, I think, depending on how you look at offshore, we work for a number, and we've onboarded a number of those clients. Those clients are quite a lot of Western companies in addition to Asia originated companies who work on an offshore basis by doing a centralized operation, for example, in Malaysia or trying to cover multiple countries into one location as opposed to have a decentralized model per country. Then we have a number of clients that we've won that are more domestic. For example, in Japan, we have one insurance client that is gonna be joining us that's purely domestic. The other one is another luxury client as well in Japan, domestic. It's a variety. There's a travel client that is based in the U.S. to offshore in Colombia, for example. Yes, the airline, the regional airline is the one central location in Asia where we are covering all the languages, for example. Offshore is still really at the center stage of what we do for the large majority of the work we do, if I got the question correctly. Got it. Thank you. Thanks, Casey. Let me just read out a couple of questions that we have from the webcast. For the new customer additions that we are getting, are they at the same margin profile or a different margin profile from existing customers? Yeah. Thank you for that question. They are a variety of margin profiles. We have a very strict bar that we apply depending on the strategy that we pursue. But in general, the mix of clients that we've brought on board are meeting our criteria and our financial criteria absolutely, as our CFO is quite picky about that. Thank you. Next question from Benjamin Ng. Can you share more about wage inflation, some color, and how are we managing wage inflation? Do you wanna cover it or I can cover it. Okay. Yeah, Mr. Chin. Yes. Yes, wage inflation is a factor that is impacting our operations as well. On the flip side, I think we are also operating our you know, our resources more efficiently than ever before. I think in case of cost exploration, efficient resources utilization enhanced productivity on our revenue is still crucial to help buffer against all these cost inflation, inflationary factors. On the flip side, on the non-wage overheads, as you can see, we are also keeping some of our overheads as possible in the H1 year, especially on our capacity side of things. As depreciation is lower, to you know, help address and buffer against all this wage pressure. In a nutshell, I think this is, you know, these several moving parts kind of help to you know, address our wage inflation adverse issues. Thanks, Mr. Chin. Next question from Jin Long. The growth of your top two customers seem to have slowed down. Any color on that, please? The top two clients are, as you know, quite important to us. Our concentration has come down, which is also a good thing. It's a mixed bag actually of situations. We think that one of the environments that is kind of challenging in the digital advertising could very well impact us. But it's also mitigated by the fact that we are quite strong in sales and digital marketing. We think, like I said, I think earlier on, that as the digital advertising market has become more and more competitive, our clients have got an appetite for engaging us to do sales and digital marketing. We see that growing quite significantly. I couldn't possibly call that a slowdown, rather a significant increase. It's probably more of a rebalancing of the nature of the work we do for those clients that is important. I'm talking about the digital advertising space in general. As you know, we've brought in additional clients in the short-form video space. They've been implemented. They're starting to really show up on our P&L, so that's good. The travel and hospitality sector, which is another big sector for TDCX, is actually not slowing down, the opposite. We've had the worst years behind us now. It grew 25% year-on-year versus 22% in Q2 2020. It's still behind actually the 2019 numbers. It's probably 16% behind what it used to be at its highest. There is room for growth. Taking into account again that Asia has not reopened yet, and we could be benefiting from that possibility. We just don't know when. Again, the two clients that we have is saying that we have a whole cohort of large clients that are becoming quite mature and yielding quite a lot of revenue for us. A group of new logos that are bringing accelerated growth into the mix. The blend of it all is turning out quite nicely for us. Thank you, Laurent. Next question again from the webcast from Wilson Wong. Any update on the Airbnb warrants? Hey, Wilson. Ed here. Let me take this one. The discussions are still ongoing, and we feel really good about where we're going with this. We hope to be able to share some further information with you as soon as possible. Obviously, I think, as Laurent just mentioned, on the back of that travel rebound, very timely, we are able to further deepen that ties with this strategic client of ours. Still working on it. Just a very large event. Hope to be able to share something with you soon. Thanks, Ed. I think we have time for just one last question. Last question on the line. Two people asking the same questions actually. Have we been able or are we able to build wage inflation into our new contracts? Yes, actually, we are able to do this, and we have some clients who have a cost of living adjustment, but not all. We cannot every time pass on that cost of living adjustment, but we've been successful in quite a number of situation and the suggestion that you're having is actually maybe to take the opportunity of really this crisis to go back again to our clients in a very systematic manner and really ask for this to happen as a matter of protecting their interests, not just ours as well, to retain the employees that they so value. Thank you for the suggestion, but we have a number of clients who have the clause in the contract. Some don't, and we are able to renegotiate when we're able to, and in some cases we're successful, sometimes we're not. Thanks, Laurent. I think, you know, that's all the time we have on the call today. Thank you for spending time with us, for joining us. If you have any follow-on questions, you know, you can reach out to us. Reach out to me after this. You know, I'd just like to, on behalf of management, thank you for your time, and we are signing off. Thank you, everyone. Thank you. Cheers. Bye.