Thank you for standing by and welcome to the Amdocs Second Quarter 2026 Earnings Conference Call. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Matt Smith, Head of Investor Relations. Please go ahead, sir.

Thank you, John. Before we begin, I need to call your attention to our disclaimer statement on Slide 2 of the presentation. It notes that some of our comments today may be forward-looking statements and are subject to risks, uncertainties and other important factors, including as described in Amdocs' SEC filings and that we will discuss certain financial information that is not prepared in accordance with GAAP. For more information regarding our use of non-GAAP financial measures, including reconciliations of these measures, we refer you to today's earnings release, which will also be furnished with the SEC on Form 6-K. Participating on the call with me today are Shimie Hortig, President and Chief Executive Officer of Amdocs Management Limited; and Tamar Rapaport-Dagim, Chief Financial and Operating Officer. To support today's earnings call, we are providing a presentation, which can be found on the Investor Relations section of our website. And as always, a copy of today's prepared remarks will also be posted immediately following the conclusion of this call. On today's agenda, Shimie will recap our business and financial achievements for the second fiscal quarter 2026 and he'll also present his vision as Amdocs' new CEO for the agentic era. Shimie will finish by addressing our financial and business outlook, after which Tamar will provide additional details on our second quarter financial performance and guidance for the full fiscal year 2026. So with that, I'll turn it over to Shimie.

Thank you, Matt and good afternoon to everyone joining us today for Amdocs Fiscal Second Quarter 2026 Earnings Call. I'm pleased to join you today live from our Amdocs' New Jersey offices. When I spoke to you in February, I talked about my excitement to lead Amdocs in its next chapter. Several weeks into the CEO role and after spending more time with our customers, partners and global teams, I'm even more excited and convinced about the opportunity ahead of us. As laid out on Slide 6, today, I will divide my comments into 2 parts. First, I will begin by laying out some initial thoughts on the future vision for Amdocs where we plan to become the primary partner of choice to our customers in their agentic journey, leveraging our unique domain expertise and deep industry knowledge. From there, I will highlight the company's solid second quarter performance, including new deals we have won and the operational milestones achieved for our customers that reflect the strength and discipline of our global teams. To begin on Slide 8, I want to spend a few minutes sharing my initial view on how I'm thinking about Amdocs in the agentic era. What is changing in our industry? What I believe Amdocs is uniquely positioned to do and my vision on how we plan to turn this opportunity into meaningful outcomes for our customers. The agentic era is an exciting opportunity for our industry and for our customers. For communication service providers globally, the agentic revolution is a unique moment in time to fundamentally transform their IT and network ecosystems in a nonlinear fashion, simplifying complexity, rethinking critical workflows end-to-end and unlocking the ability to accelerate the launch of new offerings. I strongly believe that Amdocs is in the best position to lead our customers and turn this agentic opportunity into reality. Let me break down the reasons why. First, we have in Amdocs decades of deep industry knowledge and domain expertise. We have an industry context based on our telco taxonomy, ontology and the core business workflows that will power the agentic era. This is our native language. Second, Amdocs has strong engineering pedigree, a commitment to innovation and a long history of leading our customers through major technological shifts. Third, we understand what it takes to design, build, deliver and operate mission-critical systems. And we are, therefore, best placed to lead our customers through the complex agentic transformation. Fourth, we have always been and will continue to be an outcome-based company. Amdocs has long supported customers under long-term engagement committed to predefined KPIs and this remains highly relevant as our customers look for measurable GenAI-driven outcomes. To support this vision, our focus will be on the following areas highlighted on Slide 9. We will evolve our product portfolio to be agentic and automated. Our portfolio is already moving in this direction with Amdocs aOS, our agentic operating system for telco. We will partner with each customer to design a tailored agentic roadmap. We recognize that every service provider has a unique baseline and we will guide each to a fully agentic operation that unlocks meaningful value. We will also continue to work closely with leading AI and cloud partners to accelerate this vision, taking a strategic ecosystems approach in support of our customers' agentic journey. And we will accelerate our internal transformation to become a GenAI-native organization. We are leading by example and deploying agentic technologies and capabilities across our own engineering, delivery and operations. We will adjust our way of working and become a more agile organization. This vision sets the foundation for a stronger future at Amdocs in the agentic era, one defined by a sharper technology focus and greater agility. It positions Amdocs to expand our addressable market in telco. It also presents a potential opportunity to extend our reach into a new industry. With that said, we are still in the process of refining our strategy and we'll continue to update you as things progress over the next couple of quarters. I also realize that this is going to be a journey. But in this context, I'm glad to report that we have already made initial progress. I will explain more on Slide 10. At Mobile World Congress last quarter, we officially launched aOS, Amdocs agentic operating system purpose-built for telco. So far, we have received excellent feedback from the market and I'm happy to share that we already have several initial commercial agreements with customers to launch and to implement aOS. This includes the following customers: Cricket, Lumen, Bell Canada, EchoStar and PLDT. In PLDT, we can already report early signs of business success where more than 90% of customer requests are now resolved through the aOS platform, enabling faster handling times and higher productivity in the retail stores. Now let me turn to Part 2 and address the key financial highlights, significant deals and operational milestones we achieved for the second fiscal quarter. Starting with Slide 12. Our second quarter results were solid with revenue of $1.17 billion and non-GAAP diluted earnings per share of $1.78, both above the midpoint of our guidance. Our results included year-over-year revenue growth in North America as well as record revenue in Europe and a strong revenue performance in rest of the world. Non-GAAP operating margin improved by 20 basis points from a year ago as we continue to balance our investments for growth with a focus on operational excellence. Overall, we closed the quarter with 12 months backlog of $4.28 billion, up $30 million sequentially and 2.6% from a year ago. Beyond the already mentioned aOS wins this quarter, we secured several significant deals, which demonstrate wide-ranging demand for our products and services and the confidence customers have in Amdocs. Slide 13 highlights many of these deal wins but here are a few examples. In AT&T Cricket Wireless, we signed an expanded multiyear extension of our managed services agreement, including dealer onboarding modernization to enhance partner experience and drive faster market expansion. In Vodafone Spain, we secured a 5-year agreement covering CRM and OSS modernization alongside long-term support and enhancement services. And in South Korea, KT has extended its multiyear agreement with Amdocs to upgrade, modernize and operate its charging system, empowering faster service rollout and advanced 5G monetization. Our cloud-based platform solution also generated significant customers momentum in Q2. ConnectX added multiple new names, including Vanta Wireless, which will launch a unique mobile service with AT&T using AI-driven connectivity. Que Tal Movil, a U.S.-based MVNO servicing Hispanic communities; and in Singapore, a leading operator went live with the platform to accelerate digital modernization. Additionally, Amdocs eSIM was chosen by Cielo in Brazil to support payment terminal connectivity and by Mobifone in Vietnam for seamless zero-touch customer activation. Amdocs project execution was another highlight for the company in Q2. We achieved a high number of project milestones across different programs for flagship customers such as AT&T, Optimum, Vodafone Germany, Elisa and PLDT. To highlight a few of them. In AT&T, Amdocs is now servicing significant part of AT&T's 5G SA subscribers in our next-gen charging platform and we played a key role in the recent launch of AT&T new OneConnect plan. In Vodafone Germany, we marked a pivotal milestone in our journey as we reached commercial launch. At Elisa in Finland, we delivered a key milestone in support of its mainframe to Google Cloud migration. I'm also pleased to share that Brightspeed, a U.S.-based fiber broadband and telecommunication provider has gone live with Amdocs Resource Manager. This smooth deployment enables Brightspeed to strengthen its network inventory management and streamline operational processes. Now moving back to the outlook on Slide 15. We are reiterating the midpoint of our revenue growth guidance of 3% in constant currency for the full year fiscal 2026, which is within tightened range of 2% to 4%. Likewise, we are reiterating the midpoint of our guidance for non-GAAP diluted earnings per share growth of roughly 6% in fiscal 2026, which is within a tightened range of 5% to 7%. That said, we are, of course, closely monitoring customer demand and spending behavior within the current global macroeconomic climate. To wrap it up, we believe Amdocs is best positioned to turn agentic vision into reality for our customers. We are shaping our strategy direction based on the vision and direction I discussed with you today and we will continue to share more over the next couple of quarters. We know this is going to be a journey for us and for our customers. But in this context, we already have initial commercial engagement on aOS. We are building our strategy on strong business foundations, demonstrated by our solid Q2 results and we are on track to hit our full financial targets while monitoring our customer spending behavior within the current macroeconomic climate. Before we move to the financial overview, I would like to spend a few minutes talking about the CFO transition. First and foremost, I would like to thank Tamar for her remarkable contribution to Amdocs over the last 19 years as CFO, including the past 8 years serving as both CFO and COO and 22 years overall with the company. I have known her for a long time and I can say that she has been an exceptional business partner and a personal friend. Tamar played an instrumental role in the evolution of Amdocs and I know she will be missed by the entire Amdocs family. On behalf of all of us, Tamar, please accept our sincere appreciation for your endless dedication and service to Amdocs through the years and we wish you nothing but the best on your well-deserved retirement. I'm excited to introduce to you to Tal Rosenfeld and welcome him as Amdocs next CFO. Tal has played a major part of Amdocs finance organization over his impressive 20 years career with us, during which he has acquired extensive experience across senior and management roles in accounting and finance. Tal is also a proven business performer. He has served as a division business leader for APAC and is currently General Manager, Head of Finance, where he has responsibility for managing the entire finance organization, reporting directly to Tamar. I have known Tal for his entire career in Amdocs and having worked closely with him on many occasions, I'm well aware of his great leadership qualities. I strongly believe he is the best fit for this role. Congratulations, Tal and welcome to my leadership team. I look forward to working together to take Amdocs to the next chapter. Tal will say a few words in a moment but first, let me hand the floor to Tamar.

Thank you, Shimie, for your kind words and hello to everybody on the call today. Amdocs indeed has been a family to me but as Shimie said, I've decided to retire and finally take some time for myself. As you can appreciate, making this decision was neither quick nor easy. But after almost 20 years as CFO, I felt that now was the appropriate time for me to retire. My decision was made easier by how seamlessly Shimie has transitioned into the CEO position over the past few months and by the strong team he has built around him. This includes Tal, of whom I could not be prouder. I personally recruited Tal to Amdocs finance 20 years ago and I've been preparing him for CFO as part of an internal succession plan for some time. I believe he's undoubtedly the best person for this role. Congratulations on your appointment, Tal.

Shimie and Tamar, thank you both for your kind words. Tamar, I want to thank you personally for your mentorship, guidance and partnership over the years. Your leadership and friendship have meant a great deal to me and I wish you only the best. Shimie, I'm very excited by the opportunity to step into the CFO role. I'm looking forward to building on Amdocs' strong foundation and supporting you and the leadership team as we lead the company forward.

Thank you, Tal. Now let's get back to business. Tamar, would you like to take us through the quarterly financial summary, please?

Yes, of course. Thanks, Shimie. Q2 revenue of approximately $1.172 billion was up 3.9% year-over-year as reported. Revenue was above the midpoint of our guidance, including a positive impact from foreign currency movements of approximately $2 million compared to our guidance assumptions. In constant currency, our revenue was up 2.2% from 1 year ago. On a regional basis, North America revenue of $754 million was up more than 2% from 1 year ago but was slightly lower on a sequential basis due to normal fluctuations in customer activity. Outside North America, our international growth continued. Europe delivered record quarter revenue of $192 million, up more than 6% year-over-year on a mix of organic growth and the impact of the MATRIXX acquisition. Rest of the World revenue grew by 8% year-over-year to $226 million, the highest since fiscal Q3 2024. Rest of the World remains on track to grow in fiscal 2026, driven by the strong sales momentum of recent quarters. As a reminder, quarterly trends in both Europe and Rest of the World may fluctuate given project orientation of our customer activities in these regions. Shifting down the income statement. Non-GAAP operating margin of 21.5% was up by 20 basis points from 1 year ago, reflecting internal cost and efficiency gains resulting from focus on operational excellence, automation and the deployment of AI-based tools, balanced against long-term growth investments, including the development and go-to-market costs of our next-generation aOS platform. On a sequential basis, non-GAAP operating margin declined by 10 basis points. As a reminder, our non-GAAP operating margin may fluctuate slightly on a quarter-to-quarter basis. Interest and other expenses amounted to roughly $14 million in Q2, which included a few million dollars for the accounting of net losses of equity-related investment activities in the quarter. On the bottom line, non-GAAP diluted EPS of $1.78 was $0.02 above the guidance midpoint, primarily due to items below the operating line and a lower share count. Diluted GAAP EPS of $1.28 exceeded the guidance midpoint, also due to items below operating line and lower share count. Diluted GAAP EPS included a restructuring charge of nearly $0.10 per share, which was not included in our guidance for the quarter and the positive impact of realized and unrealized gains from equity investments, among other. Turning to Slide 20. Managed services revenue of $759 million was up 1.6% from the prior year in the second fiscal quarter. As a share of total revenue, managed services accounted for roughly 65%, consistent with the last several quarters. Renewal rates remained typically high during Q2, underpinning our business resiliency as we signed expanded multiyear engagements with multiple customers. In North America, for instance, we expanded and extended our managed services contract with Cricket Wireless for BSS and OSS services, including aOS capabilities, driving faster time to market and improved customer experience. Moving to the balance sheet and cash flow highlights on Slide 21. DSO of 73 days decreased by 4 days from 1 year ago and 3 days sequentially. Unbilled receivables, net of deferred revenue decreased by $42 million versus 1 year ago and by $2 million sequentially in Q2, aggregating the short- and the long-term balances. As a reminder, the net difference between unbilled receivables and deferred revenue fluctuates from quarter-to-quarter in line with normal business activities as well as our progress on multiyear engagements. Free cash flow before restructuring payments was $97 million in Q2. This includes the seasonal timing of bonus payments for the prior fiscal year, which typically occurs in the second fiscal quarter. Highlighting strong free cash flow for the year so far, we've already achieved nearly 50% of our fiscal 2026 target. Including the restructuring payments of $17 million, reported free cash flow was $80 million in the quarter. As a further update, in fiscal Q2, we established a U.S. commercial paper program of up to $800 million to further enhance our financial flexibility and optimize Amdocs short-term funding mix. Proceeds from issuance under the program will be used for general corporate purposes. We also upsized our revolving credit facility from $500 million to $800 million, which supports the commercial paper program and further enhances our overall funding flexibility. Overall, we ended Q2 with a healthy cash balance of approximately $214 million and aggregate borrowings of roughly $900 million, including our $650 million senior notes maturing in June 2030 and short-term financing arrangements of $250 million. As of March 31, 2026, there was no outstanding borrowing amount under the commercial paper program and $630 million remains available on the revolving credit facility. Overall, we have ample liquidity to support our ongoing business needs while retaining the capacity to fund our future strategic growth. Switching to capital allocation on Slide 22. This quarter, we repurchased $138 million of our shares, leaving us with up to $702 million of remaining repurchase authority as of March 31, 2026. We paid cash dividends of $57 million in the second fiscal quarter. In the last week of fiscal Q2, we acquired the business of Connect44, a European-based provider of end-to-end network planning, building and management solutions for approximately $21 million net in cash at closing plus future potential contingent consideration. Looking to fiscal 2026, we are on track to generate free cash flow of between $710 million to $730 million, not including payments we expect to make under our current restructuring program. Our free cash flow outlook equates to conversion rate of roughly 90% relative to expected non-GAAP net income and translates to a healthy free cash flow yield of roughly 10% relative to Amdocs' current market capitalization. Regarding our capital allocations for the coming year, we expect to return the majority of our free cash flow to shareholders. Moving to Slide 23. 12-month backlog was $4.28 billion at the end of Q2, up $30 million sequentially and 2.6% from 1 year ago. We believe 12-month backlog remains a good leading indicator of our business and forward visibility. Now turning to our revenue outlook on Slide 24. We are continuing to closely monitor the prevailing level of macroeconomic, geopolitical, business and operational uncertainty, including our customer spending behavior in the current business environment. The third quarter and full fiscal year 2026 financial guidance reflects what we consider to be the most likely outcomes based on the information we have today but we cannot predict all possible scenarios. For the full fiscal year 2026, we have tightened our revenue growth outlook to between 2.6% and 4.6% as reported, the midpoint of which is 10 basis points better than our prior outlook of 1.5% to 5.5%, due to foreign currency tailwinds, which are now expected to benefit by roughly 0.6% this year as compared to 0.5% previously. Consistent with our prior guidance, we expect that roughly half of the expected growth in fiscal 2026 will be inorganic in nature. On a consistent currency basis, we are reiterating the 3% midpoint of our revenue growth outlook, which we have tightened to a new range of between 2% to 4% for the full fiscal year as compared to prior outlook of 1% to 5%. As for the third fiscal quarter, we expect revenue of between $1.155 billion to $1.195 billion. Moving down the income statement. As we anticipated in the beginning of the fiscal year, we are now on track to deliver non-GAAP operating margins within our target range of 21.3% to 21.9% in the fiscal 2026, the midpoint of which is roughly 20 basis points higher than prior fiscal year of 21.4%. Our profitability outlook reflects an intentional decision to accelerate our investment in GenAI and our next-generation agentic operating system, including R&D, sales and marketing, while balancing this with our focus on operational excellence and initiatives to drive efficiencies. Below the operating line, we expect non-GAAP net interest and other expenses to be impacted by higher financing costs this year, resulting from a reduced cash balance and short-term borrowing to fund working capital. As anticipated in the beginning of the year, we expect our non-GAAP effective tax rate to be within an annual target range of 16% to 19% for the full fiscal year 2026. As summarized on Slide 26, we are reiterating the midpoint of our guidance for non-GAAP diluted earnings per share growth of roughly 6% in fiscal 2026 which is within a tightened range of 5% to 7% as compared to 4% to 8% previously. With that, back to you, Shimie.

Thank you, Tamar. Thank you for everything. And again, best of luck in your future retirement. With that, we are happy to take your questions. Operator?

And our first question for today comes from the line of Tal Liani from Bank of America.

I want to ask you a few things. First, when I collectively look at your space without the details of where you're playing and etc., but collectively look at your space, there is tremendous investment in data centers and companies are even buying more now because they're buying ahead of demand because of supply constraints. So Cisco just reported 19% order growth outside of AI. And the environment is not that good. Some of it has to be some forward ordering. And the question is, when I look at your revenues, I see some acceleration of growth, a little bit of acceleration of growth. But the question is, do you have a way to participate in this massive growth we're seeing, whether it's through neo clouds or cloud or whether it's through service providers, your traditional customers, who are also taking some of this traffic and they also have to build data centers. So can you talk about your ability to play and benefit from the current cycle? Maybe we'll start with that. I have another question but I'll take it one by one.

All right. It's Shimie and thank you for the question. Maybe to try to explain what I was trying to paint in the vision that I described at the beginning of the call, we see the agentic revolution that is happening right now as an amazing opportunity for Amdocs. We believe that we are the right partner for our customers to help them transform from where they are today to the future agentic and leveraging all the great capabilities that this technology can bring. And as you know, as of today, there's a major gap between the technology and the potential and the actual adoption that we see among our customers in general, in enterprise software and customers around the world. So we believe that Amdocs with our deep knowledge on this industry, with our capability to transform organization to move through technological shift, position us as the best partner that can take them to this future. So definitely a major opportunity for us going forward.

Got it. Shimie, what changes are you bringing to the company? You've been there less than 100 days. What are your focus areas for growth acceleration and pursuing new opportunities, and how long do you think it will take to show an impact on growth?

Yes. And again, as I mentioned, we are trying to accelerate everything we do in the company to help our customers transform in this technological shift happening worldwide. The things I want to focus on are the following. First, we want to evolve our portfolio to be agentic and automated. This is an effort we have already started and will continue to focus on as we provide customers the right solutions. Second, we want to engage with customers by tailoring a specific roadmap for each one, taking them from where they are today to a future agentic end state so they can enjoy all the benefits of this technology. Third, we will partner strategically with the ecosystem, working with leading AI and cloud partners to help us and our customers transform the industry. Finally, and importantly, we want to accelerate internal transformation to ensure Amdocs is a GenAI-native organization, which means changing how we operate, implementing an agentic SDLC across the company, restructuring teams, becoming much more agile, and leading by example on this journey.

Got it. Last question. Tamar is leaving the CFO position after a long tenure. The CFO role is extremely important because of the timing of revenue recognition, the timing of expense recognition, managing operating margins, and so on. Can you share a bit of detail on the succession plan? I know you've nominated someone with a great first name to succeed Tamar. Could you give us some more information? You have good taste, I have to say.

Regarding the first name being Tal, which is a great name. So first of all, I fully agree with you. I think that Tal's experience is very deep, not only professionally: he is a CPA and was an expert in revenue recognition early in his career at Amdocs. He handled SEC filings and has all the core skills you expect from a strong finance professional. He has also held different roles including field support and business support, and spent several years on my management team leading all of the finance for the business. He has been a strong bridge between the professional finance domain and driving the company's business, structuring deals correctly and recognizing revenue appropriately. As a leader, he has built strong teams and is able to attract and develop the right talent and create a sense of purpose; I have seen him do this again and again in an amazing way. In some years, I loaned Tal to the business side to lead the APAC division. I've been talking about APAC growth for some time; now you know who is behind it. Tal did an amazing job leading the business there. When he returned to finance to lead under me, that became a big part of our succession planning. While I'm sorry, Tal, that I need to say goodbye as I'm retiring, and of course we can stay in touch beyond Amdocs, I feel very comfortable that we have the best person for the job; it has been a very thorough succession process overall. You're in good hands.

And our next question comes from the line of Timothy Horan from Oppenheimer.

Would like to focus on the agentic business a little bit more. Can you give us any color on the deals and what the pipeline is looking like? Also, maybe where is kind of the low-hanging fruit for customers to adopt aOS? And when do you think it starts to move the needle on revenue growth?

Yes. Look, as we started to see, we're quite happy with the initial reaction from the market on our aOS launch. We just launched it in Mobile World Congress. And since then, we have quite a lot of engagement with customers. Some of them already translate into concrete opportunities or concrete deals that we are actually implementing right now with our customer base. Those opportunities are starting small but we know that over time, they will grow. So if you ask if we embedded anything right now in this fiscal year, not yet. It's not so meaningful right now but it's definitely going to grow over time. And as I mentioned before, we are starting to have detailed discussion with each and every one of our customers on their journey, how we take them from where they are today into the future. And here, we're evolving with a lot of interesting discussions based on aOS. Now some of our customers would like to collaborate with us and to do things together and to implement our tools. Some of them are even discussing with us broader responsibility to move to Amdocs and to help them to transform the organization and to deliver the business benefits and the savings that they are looking for forward. So I hope that in the next few quarters, we can share more about those discussions but we are having some meaningful discussions with customers these days.

I mean, the U.S. telcos seem to be, or at least they're saying they are, adopting AI much more rapidly than you describe. I think they're talking about slashing expenses and improving services. Are they doing this in-house, using other AI companies, using competitors of yours, or using you? The commentary they're presenting is that they're adopting AI now and cutting expenses as a result.

Yes. It is true that they are implementing AI. I think in our domain, in the area that you need to deal with mission-critical systems and to transform them into the future to become agentic and autonomous and everything that we want to achieve together with them, we are the best partner to do them. They're not using it with competitors. They're having those discussions with us. Our claim for fame was always to help our customer to transform them. In the past, it was the cloud that we moved them and we're still moving them from on-prem to cloud. Now obviously, the opportunity around agentic is front and center. But they understand that in order to do it in mission-critical systems and the complexity of what we do for them, they want to partner with us. And these are exactly the discussions that we are having right now.

Operator Instructions: our next question comes from the line of George Notter from Wolfe Research.

This is Taran Katta on for George Notter. Congrats Tamar on the retirement. I just wanted to ask if you could talk a little more about how you expect to progress on implementing AI internally to get efficiencies going forward. Are there any incremental new areas where you're finding use cases? And then as a follow-up, can you give more detail in terms of how customer conversations are progressing as you drive those gains internally?

Yes. Internally, it's an ongoing process we've been working on for quite some time. My goal and the team's goal is to accelerate everything. We've finished pilots and experiments and are moving to full implementation across the company. This includes changing how we operate, implementing an agentic SDLC, updating our systems, and leveraging agentic tools. We're pushing this internal transformation to become a more agile organization. Our customer conversations follow the same approach: we're discussing how we can help them apply these changes in their organizations. Everyone recognizes that the best way to help is to address flows end to end. When you look at business flows from requirements through provisioning, you get the best results from agentic implementations when there is an end-to-end workflow. Customers are engaging us to expand the footprint of what we do into areas Amdocs hasn't historically covered because they see that to achieve the benefits, it's better for us to be involved in the full end-to-end processes. Those discussions and our end-to-end transformation responsibilities are evolving, and I hope we can share more updates over the next couple of quarters.

Just want to add on that, to remind you, we've been a company pushing for an outcome-based business model forever. Likely, that was a way of showing confidence to our customers that we believe that we can bring them the right innovative engineering solutions as well as a commitment to deliver on certain KPIs and outcomes. So we want to take conceptually the same idea and build based on what Shimie mentioned, this end-to-end ability to take business processes and push it forward with the customers to show accountability, to bring the results that they need to see. Practically, what is it that they consider success and how do we design it into the deals we are going to sign.

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Matt Smith for any further remarks.

All right, John, thanks very much and thanks, everyone, for joining the call tonight. If you do have any other questions, please give us a call here in the IR group. And with that, have a great evening.

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.