Good morning and welcome to the WNS Holdings' fiscal 2025 third quarter earnings conference call. At this time, all participants are in listen-only mode. After management has prepared remarks, we will conduct a question-and-answer session, and instructions for how to ask a question will follow at that time. As a reminder, this call is being recorded for replay purposes. Now I'd like to turn the call over to David Mackey, WNS' Executive Vice President of Finance and Head of Investor Relations. David. Thank you, and welcome to our fiscal 2025 third quarter earnings call. With me today on the call, I have WNS' CEO, Keshav Murugesh, and WNS' CFO, Arijit Sen. A press release detailing our financial results was issued earlier today. The release is also available on the Investor Relations section of our website at www.wns.com. Today's remarks will focus on the results for the fiscal third quarter ended December 31st, 2024. Some of the matters that will be discussed on today's call are forward-looking. Please keep in mind that these forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those factors set forth in the company's Form 20-F. This document is also available on the company website. During this call, management will reference certain non-GAAP financial measures which we believe provide useful information for investors. Reconciliations of these non-GAAP financial measures to GAAP results can be found in the press release issued earlier today. Some of the non-GAAP financial measures management will discuss are defined as follows: Net revenue is defined as revenue less repair payments. Adjusted operating margin is defined as operating margin excluding amortization of intangible assets, share-based compensation, acquisition-related expenses or benefits, and impairment of goodwill and intangible assets. We are also excluding costs related to our ADS program termination and costs associated with the transition to voluntarily reporting on U.S. domestic issuer forms. Adjusted net income, or ANI, is defined as profit excluding amortization of intangible assets, share-based compensation, acquisition-related expenses or benefits, goodwill and intangible asset impairment, ADS program termination costs, the transition to voluntarily reporting on U.S. d omestic issuer forms, and all associated taxes. These terms will be used throughout today's call. I would now like to turn the call over to WNS' CEO, Keshav Murugesh. Keshav. Hey, thank you, David. Good morning, everyone. In fiscal Q3, WNS was able to re-accelerate sequential revenue growth, expand adjusted operating margin, and generate strong cash flow. The company posted net revenue of $319.1 million, representing a year-over-year increase of 1% on a reported basis and flat on a constant currency basis after adjusting for foreign currency. Versus the prior quarter, net revenue increased by 2.7% on a reported basis and 3.2% on a constant currency basis. Sequentially, broad-based demand for digitally-led business transformation, as well as cost reduction initiatives in Q3, more than offset unfavorable currency movements and anticipated reductions in online travel volumes. In the third quarter, WNS added seven new logos and expanded 52 existing relationships. From a pipeline perspective, demand for traditional process management deals remains stable as well as healthy. This pipeline is broad-based across verticals as well as service offerings, growing at a healthy rate, and includes both new client additions and expansions of existing relationships. We are also encouraged that over the past few quarters, we've not only seen any material changes in client decision-making or sales cycles for these traditional deals resulting from macro volatility, the U.S. election, or AI and GenAI. Steady conversion of these opportunities, combined with no unusual headwinds, should enable WNS to return to high single to low double-digit revenue growth in fiscal 2026. In addition, our large deal pipeline remains both robust and healthy, and we continue to be excited about the potential for these transformational opportunities to help accelerate company growth. The large deal pipeline includes several strategic initiatives with captive carve-outs as part of the solution, which have the ability to expand WNS' vertical, horizontal, and geographic capabilities and to ramp revenue much faster than traditional deals. Currently, the large deal pipeline remains healthy, with opportunities spread across all of our key verticals. We continue to work closely with client CEOs, CFOs, and in many cases, board members to ensure their transformational requirements are met. WNS is making good progress moving these deals through the pipeline and remains confident that we are well-positioned for long-term success. As mentioned last quarter, given the strategic complex and disruptive nature of some of these engagements, the timing of deal signings as well as associated revenue contribution remains uncertain. As a result, we continue to exclude any large deal revenue contribution from our guidance until signed. Today, clients and prospects are increasingly looking for partners to deliver the right combination of specialized domain expertise, data management skills, advanced analytics, and digital solutions to address their business requirements. This includes AI and GenAI, where we continue to expand our capabilities and move our innovative solutions into production. To date, WNS has created more than 30 GenAI use cases, which are tested and customer-ready. In addition, we have built 13 unique digital assets leveraging GenAI, which are reusable and configurable across clients. Examples include an automated freight management platform, which leverages GenAI to improve the accuracy of extracting, reading, as well as processing shipping documents, and a GenAI-powered knowledge processing engine, which enables WNS to access, query, and analyze massive amounts of dispersed data to provide instant, tailored customer responses across horizontals as well as verticals. We currently have 13 clients with GenAI solutions in production, with another 20 either underway or committed. This includes a new U.S. insurance client, which is projected to become a top 10 customer for WNS in fiscal 2026. For this client, we have integrated three of our GenAI digital assets into an end-to-end solution to help improve compliance, accuracy, and productivity in their policy administration and broker agent support processes. WNS also continues to invest in the training and upskilling of our employees on AI as well as GenAI. Our role-specific programs combine internal training with external learning programs in partnership with organizations like Carnegie Mellon University, KPMG, LinkedIn Learning, and Oxford University. So far, we have now trained over 22,000 individual employees, with more than 51,000 total training courses completed. In summary, by combining the power of domain, data, as well as digital, WNS is able to deliver impactful business outcomes for our clients by reducing cost, generating actionable insights to improve decision-making, enhancing customer experience, reducing business risk, and enabling innovation and competitive differentiation. With respect to fiscal 2025 guidance, we continue to expect healthy sequential revenue growth and operating margin expansion for the second consecutive quarter in the fourth quarter. Sustaining this revenue momentum into fiscal 2026 should enable WNS to reach high single to low double-digit revenue growth, with any large deal signings providing enhanced visibility and incremental opportunity. The company also remains committed to continuing our investments in domain expertise, data and analytics, and technology-enabled offerings, leveraging AI and GenAI to ensure our ability to deliver long-term profitable growth as well as sustainable stakeholder value. I would now like to turn the call over to our CFO, Arijit Sen, to further discuss our results as well as outlook. Arijit. Thank you, Keshav. In the fiscal third quarter, WNS's net revenue came in at $319.1 million, up 1% from $315.9 million posted in the same quarter of last year, and flat on a constant currency basis. Sequentially, net revenue increased by 2.7% on a reported basis and 3.2% constant currency. The quarter-over-quarter revenue growth was driven by broad-based demand across verticals and services, which more than offset unfavorable currency movements and anticipated volume reductions in online travel. In Q3, WNS recorded $0.2 million of short-term high-margin revenue. Adjusted operating margin in Q3 was 19.3% as compared to 19.7% last year and 18.6% last quarter. Year-over-year, adjusted operating margins decreased as a result of lower employee utilization and increased investments in infrastructure and sales. These headwinds were partially offset by favorable currency movements. Sequentially, margin improvement was driven by operating leverage on higher volumes and favorable currency movements. The company's net other expense was $0.9 million in the third quarter as compared to $0.6 million of net income in Q3 of fiscal 2024 and $1.4 million of net expense last quarter. Year-over-year, the unfavorable variance is the result of higher debt levels and lower cash balances, driven primarily by our share repurchases. Sequentially, the favorable variance is the result of reduced interest expense driven by debt payments, which more than offset lower interest income on decreased cash balances. WNS's effective tax rate for Q3 came in at 22.8% as compared to 6.7% last quarter and 8.5% in the prior quarter. Both year-over-year and sequentially, the higher tax rate. It's primarily the result of non-recurring tax benefits of $9.5 million in Q3 of last year and $8.6 million last quarter, associated with the reversal of deferred tax liabilities on intangibles. Other changes in the effective tax rate were driven by a geographical profit mix and the percentage of work delivered from tax incentive facilities. The company's adjusted net income for Q3 was $47 million compared with $58.5 million the same quarter of fiscal 2024 and $51.5 million last quarter. Adjusted diluted earnings were $1.04 per share in Q3, down from $1.19 in the third quarter of last year and from $1.13 last quarter. As of December 31st, 2024, WNS' balances in cash and investments totaled $231.5 million, and the company had $199.6 million in debt. In the third quarter, WNS generated $88.7 million of cash from operating activities, incurred $12.1 million in capital expenditures, and made debt repayments of $58.4 million. DSO in the third quarter came in at 34 days as compared to 35 days in Q3 of last year and 38 days last quarter. With respect to other key operating metrics, total headcount at the end of third quarter was 63,390, and attrition rate was 32% as compared to 29% reported in Q3 of last year and 34% in the previous quarter. We expect attrition to average in the low to mid 30% range, but the rate could remain volatile quarter to quarter. Billable seat capacity at the end of Q3 increased to 43,550, and WNS averaged 71% work-from-office during the quarter. In our press release issued earlier today, WNS provided a revised full-year guidance for fiscal 2025. Based on the company's current visibility levels, we expect net revenue to be in the range of $1.255 billion-$1.271 billion, representing a year-over-year range of - 2% to - 1% on a reported basis. On a constant currency basis, the guidance ranges from - 3% to - 1%. Our fiscal 2025 guidance assumes no revenue contribution from the large deal pipeline, continued reductions in online travel volumes, and no improvement in discretionary project spend. Top-line projections assume an average British pound to U.S. dollar rate of $1.25 per Q4. Full-year adjusted net income for fiscal 2025 is expected to be in the range of $205 million-$209 million based on an INR 85.5 to U.S. dollar exchange rate for Q4. Our ANI guidance includes a one-time benefit of $12.2 million in the fourth quarter relating to a facility asset sale in India. Based on a diluted share count of approximately 45.9 million shares, adjusted EPS is expected to be in the range of $4.46-$4.55. With respect to capital expenditures, WNS currently expects our requirements for fiscal 2025 to be up to $60 million. We will now open the call for questions, operator. Ladies and gentlemen, if you wish to ask a question at this time, please press star one one on your telephone and wait for your name to be announced. If your question has been answered or you wish to remove yourself from the queue, please press star one one again. In the interest of time and to enable everyone on the call to participate, please limit your queries to one question and one follow-up. Please stand by while we compile the Q&A roster. Our first question comes from the line of Nate Svensson with DB. Your line is open. Hi, guys. Thanks for the question. Good results and nice to hear about the expected revenue acceleration next year. So I know it's early, but I was hoping for a little more color on that fiscal 2026 outlook for a high single to low double-digit growth. I think on prior calls, you've talked about something like 10%-11% in headwinds every time you enter a normal year, and that's a combination of productivity commitments, projects, known rampdowns, etc. So I guess given all the moving pieces that have impacted the business, I was hoping you could give an early read on how each of those headwinds are shaping up for next fiscal year versus maybe a normal year. Sure. Let me take that, Nate. I think, as you rightly mentioned, the typical headwinds that we expect walking into a year are in the 10%-11% range and comprised of not only the productivity commitments that we give back to clients, but also the falloff in project revenue, which is cyclical in nature, as well as the fact that we typically expect some client revenue loss on a year-over-year basis from things like bankruptcy or consolidation or M&A. If you look at currently where we sit relative to fiscal 2026, the only unusual headwinds at this point in time that we have walking into the year are 1% related to the healthcare client, which will anniversary in the fiscal first quarter of next year, and about a 1% year-over-year impact from the annualized effects of the online travel reductions during fiscal 2025. At this point in time, in terms of unusual headwinds walking into next year, we're probably looking at about 2%, which obviously is significantly below the headwinds that we've seen in both fiscal 2024 and 2025. And just to add, if you look at our Q3 growth, we were at 3.2% constant currency. If you look at even our Q2 numbers, if you pare out the impact of the healthcare client and the OTA client, we again grew about 3% sequentially in Q2 as well. And if you look at our guidance, our guidance assumes a 2% sequential growth. So the good part is the run rate sequential growth also puts us in a very good place when we enter FY 2026. So that's another additional comfort that we can provide. I think that's consistent with the message that we've been carrying, right? That if you strip out the idiosyncratic challenges that the business has had over the last couple of years, what you'll see is that true underlying growth rate. This is coming obviously from just the traditional $1 million, $3 million, $5 million types of deals, not the large deal pipeline, that run rate really is sitting at high single low double-digit rates. That's super helpful color. I appreciate the answer. So for the follow-up, I wanted to ask about operating margins. So margins up sequentially, down a little bit year over year. I think on the call last quarter, you had pointed to sort of low 20s adjusted operating margins in 4 Q. So I wanted to see, one, if that still holds. And then two, maybe more importantly, can you talk about how you see the cadence of margins evolving as we move into 2026, particularly in light of this expected revenue recovery? Again, really nice to hear the high single low double-digit, but just wondering about year-over-year margin expansion on a full-year basis and how that cadence looks like moving into next year. Thanks. Yeah, Nate. So if you remember, last quarter, we had mentioned that as we get our revenue growth back due to operating leverage, our margin should improve. So if you see in this quarter, we've actually improved the margin almost sequentially. And the fact is, as I mentioned, as you mentioned last quarter, we have not scaled back our investments, right? Despite our revenue headwinds, we've continued to scale up our investments in sales, in capacity, and that continues as is. So if you ask me, Q4, we are continuing to hold our guidance. We should get closer. We should be in the 20% range in Q4. And going forward, if you look at it from a run rate perspective, we should average around the higher 19s to 20 ranges going forward. Yeah, and I think just to add a little color to that, Nate. The Q4 numbers, we're still holding relative to last year's guidance, as Arijit mentioned, last quarter's guidance, sorry, north of 19% for the full year, which implies that we will probably do closer to 21% in the fiscal fourth quarter. With respect to the cadence next year, we do expect to see some operating margin leverage across the full year. But remember, similar to what we've talked about in prior years, there should be a quarterly cadence where we will see a sequential reduction from Q4 to Q1 that relates to our annual wage increases and relates to the productivity commitments that we give to clients, and that that margin profile should build as we move across the last three quarters of the year. Great. I appreciate that. Thanks, guys. Thanks, Nate. Thank you. Our next question comes from Bryan Bergin with TD Cowen. Your line is open. Hi, guys. Thank you. I'll ask on the large deal. Can you just talk about the progress there that you called out as far as pipeline or progression through the pipeline of the large deals? Do you have any visibility to near-term closures and any learnings for you as they do progress through the pipeline? Sure. So thanks for that question. So first and foremost, headline news is we are super positive about the momentum that we're seeing on the large deal pipeline. And as I mentioned in my prepared remarks, they come across different areas. But I think what is critical and important for us to appreciate is the fact that as a company, we have got positioned in a different stratosphere, I believe, in terms of the interest that a number of companies are taking in us in terms of our core strategic message around helping them with their differentiation, their revenue accretion kind of issues, their cost leadership programs that they want to achieve, and more importantly, their long-term differentiation that they want to bring to the marketplace. The fact that WNS understands the business domains so well and has invested in so many programs across technology and horizontals is resonating very well. More importantly, sometimes these messages have to be delivered at the highest levels on the other side. This is where the uncertainty of timing takes place. I must mention that we are delighted with the progress that we have been making on many of these deals. In fact, at this point in time, we probably have more than 20 of these large deals that are qualified and that are moving through the pipeline. The uncertainty is around the fact that because of these deals being of such scale, size, and impact, and so disruptive in nature for the client, very often not only is the key stakeholder, the CEO and the CFO, but also their risk committees, their board members, and they have to go through some hoops in terms of getting comfort internally before they actually take a final decision. Sometimes they need to bring in an advisor from outside to help them navigate the entire potential of the deal and the contract and things like that. So that's where we are as far as this is concerned. In terms of potential signings, we are confident that over the next one or two quarters, we are in a pole position to probably close something, right? But again, I want to just lay that out there and also say that when we actually close, we will update you. Okay. Good. Appreciate all that detail. My follow-up, I'll maybe double-click on the verticals. Can you comment on how travel performed relative to your forecast? Just anything beyond the normal weak seasonality and the rampdowns you hadn't known about. And then insurance showed nice sequential acceleration. So can you comment on maybe what you're seeing there? Just any change in that large captive client? Sure. Let me take that, Bryan. With respect to travel, I would say that the overall volumes in Q3 and the guidance into Q4 remains consistent with what we talked about last quarter, but that does include reductions in those volumes sequentially, right? So we do have pressure in Q3 relative to Q2. We have big pressure relative to Q4 in. The good news is from a risk perspective, right, the OTAs in Q3, for example, the online travel represented only 3% of company revenue. So we're kind of getting down to that level where the exposure and the potential risk is low, but we think we're kind of bumping along the bottom here in terms of online travel volumes. And hopefully, as these clients make the shift to advanced digitized solutions towards AI and GenAI as opposed to traditional bots and traditional types of solutions, we should be in a very good position to help them with that journey. On the insurance side, good, healthy acceleration in two of our insurance relationships, including one of the large U.S. clients that Keshav spoke about in his prepared remarks in terms of their policy administration journey and a digital policy administration journey leveraging GenAI. But nothing in either the Q3 actuals or the Q4 guidance related to the large insurance captive. So this is actually coming from a completely different client. Okay. Okay. Thank you. Thank you. Our next question comes from Surinder Thind with Jefferies. Your line is open. Thank you. I'd like to start with the commentary around just the sales cycle and the idea that there hasn't been any real material change. Can you perhaps characterize what your view of the sales cycle is on the normal deals at this point? It sounds like it's healthy, but just maybe historical context and how you think you see that evolving over the next quarter or two. So I'll take that and I'll have Dave and Arijit add more color. I think the first thing is that in terms of sales cycle itself for the normal deals, there are two things happening. I think the normal deals, you have to assume the sales cycle is normally six to nine months, right? And particularly with first-time outsourcers, it also means the prospect getting a lot of comfort around the fact that the partner that they're looking to work with actually understands the business domains very well and, more importantly, understands the subdomains, right? One of the things that is starting to help accelerate some of the momentum on these deals is the fact that a lot of new clients in particular, or people who have not dipped their toes in this model, are also concerned that they may be left out in terms of some of the changes that are happening in terms of the macro changes around technology and disruption that the whole world is talking about, whether it's AI, GenAI, or whatever. For people who have not yet dipped their toes in digital and transformation and cost leadership programs, for them to attempt the AI and GenAI journey becomes difficult unless they do the first. That actually is adding momentum to our sales funnel and is actually helping many more deals come through the pipeline. I just want to also underline that with all the changes taking place in the world outside around the macroeconomics as well as the desire to be seen as the smartest companies in the space from a digital as well as a GenAI model point of view, domain specialism continues to be the most important reason for customers wanting to align with a partner first and foremost. And in that area, WNS scores probably the highest from an industry point of view. You know that for years together, we have invested very strongly in end-to-end domain specialism. The second thing that we're seeing is that the use of technology and platforms as well as data analytics has now become par for the course. That is something that WNS has been investing very, very strongly. It's a leader in the space, and that gives a lot of comfort to some of these people who are in the pipeline. And most importantly, in this era of uncertainty, all of them want to work with trusted partners who know their business and can guide them around new models that will help them with their revenue growth, with their cost leadership kind of programs, with their digital transformation initiatives, and a partner that is actually investing in new disruption models. And I can tell you that this is where WNS scores all the time, and that's where the pipeline—that's how the pipeline is being built in a very healthy manner and across all core horizontals, verticals, and geographies. I think, Surinder, if you just kind of look at the history of this space and WNS' track record, when the macro was healthy and obviously companies were doing extremely well prior to the pandemic, what we saw was a good, healthy acceleration in growth rate, right? So our ability to close the traditional $1 million, $3 million, $5 million deals, our ability to expand existing relationships was healthy even in a positive macro environment, which means it wasn't all about cost reduction. It was about customers needing to change their models, needing to change their processes in order to remain competitive. If you fast forward now to some of the challenges that have happened over the last couple of years from a macro perspective, I think if you peel under the covers and get past the idiosyncratic issues that we've had, what you'd see is that our ability to close those deals and move them through the pipeline and those sales cycles haven't fundamentally changed. And in fact, if you look at through the first three quarters of this year, we've signed more new logos, and we've expanded more relationships than we did last year. So there's actually been positive traction, to Keshav's point, in our ability to close deals despite some of the macro challenges in the political environment. That's helpful. And then just following up in terms of just the build-out of new solutions, new capabilities. So when we think about, I think you mentioned maybe 13 unique digital GenAI assets. Any additional color you can provide there in the sense of, are these primarily proprietary models that you guys are building that you can leverage, or is it some combination of solutions where you've integrated with maybe some of the large partners, whether it's an OpenAI or with Gemini or Llama for that matter or something like that? How should we think about that part of the positioning and strategy? Yeah. I think it's a combination, Surinder. At the end of the day, we have developed. The digital assets are proprietary, but there can certainly be components of third-party technology that are part of those integrated solutions, right? So the bottom line is what we're doing is we're using best in class, and whether it's something that we've created or whether it's something that we've partnered, what we've been able to do is take those capabilities, enhance them, put domain specialization in them, and create an asset that is not only reusable across multiple clients, but customizable for those clients. So it's not like we're trying to create an asset that we can then go and sell as a standalone asset. We know that these things need to be modified to a specific customer's requirement, and we have that flexibility in these assets that we've created to be able to do that. So if you were to look at the 13 digital assets, you would see that they cut across both horizontals and verticals and combine both WNS proprietary technology as well as state-of-the-art third-party brand names like some of the ones that you've mentioned. Thank you. Thanks, Surinder. Thank you. Our next question comes from Maggie Nolan with William Blair. Your line is open. Hi. Thank you. So I wanted to ask about your expansion of client relationships. I mean, obviously, there are some idiosyncratic things that you referenced, but overall, it seems like the majority of the client base is healthy, and the number of expansions in the quarter was a bit of an uptick. Can you share any detail on the nature of these expansions, or has anything changed in the business that you think is enabling a higher level of engagement with clients? Maggie, that's a great question. I think the first is philosophically, we went through a perfect storm last year, right? And therefore, I think it's important for us to recognize that and the fact that management of this company actually has spent a lot of time in terms of working on models and relationship kind of metrics that we want to track and we want to go after to make sure that every one of our clients, first and foremost, gets all the required attention that we don't see any surprises at any point in time. We've implemented a lot of that, and I think as a result of that, very, very strong and enhanced engagement across every one of our client models, client relationships really is resulting in a detailed increase in pipeline, growth in the existing processes, but more importantly, allowing WNS people to actually interact across the length and breadth of each of our clients, which over a period of time will lead to new kind of interesting programs. So that is the benefit that we, I think, actually are starting to see, right? And I think as a result of that, our confidence is strong about how it will result in great outcomes for us even next year. I think the other thing that's important, Maggie, is we've always kind of talked about a land and expand model that the goal is to get in there, demonstrate our capability, and then move into other areas. Certainly, obviously, the narrative that we've been dealing with, we dealt with it with RPA. We've been dealing with it here with AI and GenAI, is that productivity commitment that we have to give back to clients because we're automating things that traditionally have been done with labor. I think the other part that we've been very consistent talking about is how the automation actually expands the addressable market within the client environment. And I think that's part of what you're seeing here is that while we've got some of that downward pressure as we automate existing pieces of business, clients are willing to give us new pieces of business, additional pieces of business that allow us to automate and enable them to do things differently that they wouldn't have considered previously. And I think that's part of what you're seeing as you look at that expansion number is that clients are increasingly willing to let us manage things that previously they wouldn't because our technology capabilities and our approach is fundamentally different. Okay. Thank you. That's helpful. And then as you think about the year ahead calendar or fiscal, how are you thinking about your M&A strategy and putting some of that cash to work? Thank you. Thanks, Maggie. I'll take that. So look, Maggie, we have from a M&A perspective, we've always been very clear that we will acquire for capability. So that philosophy continues. There are certain identified areas that we have internally sort of agreed on, and we are evaluating multiple opportunities in those areas. Of course, from a timing perspective, we will, of course, let you know once we have something conclusive. But in a sense, that activity is continuing, and that's in line with our overall capital philosophy where tuck-in acquisitions is one of our strategic goals, sort of imperatives that we have outlined as a company. And that continues. So yeah, so that's where we are. But I think just to add to what Arijit said, the approach has also been that if it's not the right asset at the right price, it's the right fit, we're not going to do it. So I think we want to be impactful. We want to find assets that help improve our capabilities and plug holes in our offerings. But at the end of the day, if it's not the right fit, we're not going to force it. And that remains consistent in terms of philosophy with the company. I'll just mention one thing here, which is that I think all the acquisitions that we have done in the recent past have all been in the higher value-add areas that have helped the company take the messaging to our clients to a different level. We have not wasted the crisis of last year inside the company, and we have done a lot of work inside in order to make sure that first and foremost, our core offerings are seen as strong and consistent. We have added new offerings that have been created organically. Our M&A targets that we acquired over the last few years have all delivered very strongly in this last few quarters. And like Arijit said, we will do whatever is right, essentially to add more capability, but really move up the value chain consistently around the whole data, analytics, AI, GenAI, and potentially one or two very carefully chosen verticals. Thank you. Thanks, Maggie. Thank you. Our next question comes from Puneet Jain with JP Morgan. Your line is open. Hey, thanks for taking my question. Over the last three months, we've been hearing a lot about agentic AI as the next step in evolution of generative AI and AI overall. What does increasing adoption of agentic AI mean for companies like yourself and where clients are in the adoption cycle? Absolutely. So actually, again, like some of these other technologies and movements that this company has been used to navigating across many years, longer term, all of this will be opportunity because these are areas that we are constantly investing in in order to make sure that we become far more efficient as a company. Short term, there will also be a threat as a result of agentic AI. But the reality is we know all of that, and we are investing behind it. And as we talk numbers to you on the street, we bake in some impacts from all of this in our productivity in terms of some of the opportunity losses and then grow beyond that. Long term, I will say that at this point in time, it is still a term being spoken about a lot. I can tell you that inside the company, there's a lot of activity and lots of effort being made in order to test the model and try and bring this model into some of our core operations. It is not that clients have adopted in an aggressive manner at this point in time because there are still lots of hallucinations and other things that have to be navigated. I would expect that over the next three years, this is an area that will create tailwind for the industry and for WNS. And therefore, that's how we are working with it, creating offerings inside the company, building the right relationships with external partners to introduce agentic AI, and constantly using all of this in order to drive our top line. And then second, given all the investments required to get there to be a meaningful participant in this new wave, as well as your transition to GAAP reporting, how should we think about new normal for margins for WNS? I think we covered that. I think we mentioned earlier as well. From a margin perspective, I think we are very comfortable in the high 19%-20% ranges on a run-rate basis. Utilization, where we are in Q3, we are at 90.3%. As they mentioned, the Q4 guidance implies an acceleration on margins driven primarily due to operating leverage as you get growth back. But if you ask us from a run-rate perspective, we'll continue to be in the 19%, 19.5%, 20% ranges going forward. That also bakes in significant investments around capability, including our ability to lead the market from the agentic AI perspective. Yeah. Essentially, no change, Puneet. I think we can make those investments within the construct of how we run the business. To your point, which is correct, that the big difference you see in the margin profile from what people have historically seen, which was kind of that low 20s, is the roughly 120 basis point impact of the transition from IFRS to U.S. GAAP. Got it. Got it. Appreciate it. Thank you. And congrats for GAAP reporting. Thanks, Puneet. Thank you. Our next question comes from David Koning with Baird. Your line is open. Oh, yeah. Hey, guys. Thanks. And nice job. I guess my first question, it looks like the way you're guiding the rest of the year, that fiscal Q4 sequential growth is actually pretty normal. I kind of looked back. It looks like you usually average kind of 3-4% sequentially. That's kind of what you're going to grow, maybe even a little better than that in Q4 sequentially. Are you just back to kind of normalize now that some of these headwinds are in the past and there's really not anything affecting sequentially? Is that kind of the way to think about it? Yeah, I think so, Dave. I mean, I think what you're seeing is on a sequential basis from Q2 to Q3 and from Q3 to Q4, you don't have any of these idiosyncratic issues. So whether it's the majority of the online travel issue, whether it's the healthcare client, whether it's the migration of the large internet client from on-site to offshore, these challenges from a sequential basis are behind us. And for the most part, as I mentioned earlier when we talked about kind of the unusual headwinds walking into next year, which are about 2%, they're behind us on a year-over-year basis. So I think as you move into fiscal Q1, for example, of 2026, what you should start to see is not only that good, healthy sequential number showing up, but you're going to start to see that year-over-year number showing up as well. Yeah. No, that's great, and I guess two questions kind of around the U.S. GAAP accounting. One is, was that any of the reason? I mean, cash flow was super strong in Q3. Was maybe there something different about conversion from U.S. GAAP? And then the other one is, were there any kind of non-recurring type expenses in fiscal 2025 that actually helped margin expansion in 2026 given the cost of all that switching you did in 2025? Yeah. No, I don't think so, Dave. I think in fiscal Q3, we were under U.S. GAAP for the first two quarters of this year. So there's nothing in the numbers this quarter that are unique from a cash perspective. If you want to look at what really drove the healthy cash generation in the quarter, it was the reduction in the DSOs. So good growth on the top line, reduction in the DSOs really helped us drive healthy cash. That being said, sequentially, we've always had improving cash as we move throughout the year, similar to what we've talked about with the margin profile, right? As revenue accelerates, as margins expand, as DSOs come down, those all are helping us drive a healthy cash amount. With respect to kind of the non-recurring issues on the margin side, I think the only non-recurring issue that we had is if you look at what's really dragged margins this year, it will be the SG&A coverage in the first half of the year. We've run roughly 18% SG&A in the first half of the year. We typically run 16%-17% on the SG&A level. And it's because when revenue took the hit, especially with the large healthcare client, we didn't adjust the SG&A level. And now, as we move throughout the year, not only do you have that normal cadence coming back, but you also have expense coverage coming back, which is what Arijit spoke about. Related to next year, we should not have those kinds of challenges. We should be kind of more to a normal cadence and a normal margin profile across the year. On a year-over-year basis, that should allow us to hopefully show some margin improvement in addition to accelerating top-line growth. And I just want to add, while we're excited about all of this, we are more excited about the revenue momentum, the pipeline for growth, the needs of our customers. And as a result of that, our need to keep investing in areas around sales, branding, and marketing, technology, the whole digital stack, analytics. And we're not going to hold back as far as these investments are concerned. So I just want to mention that we have brought in lots of very new, interesting talent into each of these areas. While we expect it will not create a disturbance in terms of margin because we are saving in other areas to invest in these areas, these are the areas that we will invest in in order to demonstrate a much higher quality of revenue and profit momentum for the company long term. Great. Thanks, guys. Thanks, Dave.