Operator: Thank you. Our next question comes from Ruplu Bhattacharya with Bank of America. You may proceed.
Ruplu Bhattacharya: Hi. Thanks for taking my questions. Chris, revenues in fiscal 2Q grew 1.6% in constant currency, whereas you had expected it to grow 3% to 5%. You are guiding 3Q to 2% constant currency growth, you’re taking down the full year from 5% to 2.5%. I guess my question would be, what is the market growing at based on your estimate? And what gives you confidence that revenues can’t be weaker? I mean, why is 2.5% the right number? And what is giving you confidence in that?
Christopher Caldwell: So Ruplu, a couple of different things. I’m not sure we are hearing different market growth numbers, frankly, and it’s more based on region and by industry. And so for instance, we see Europe growing faster. We are experiencing that ourselves. Clearly, other public companies who have large European exposures are seeing that versus what sort of North America is growing. And similar, we’re seeing some good growth in Asia Pac and some public companies that are exposed to that are seeing the same things. So it’s a bit of a mixed bag. What will tell you is, we feel that — and what we’re hearing from our clients is, we’re keeping, if not growing our share across the categories that we’re in and competing in and the business that we’re competing in.
So we feel good about that. That’s probably the big takeaway from all of it. In terms of how we’ve looked at the back half of the year, when we looked at our Q1, we came in at the higher midpoint of the guidance. And we said within Q1 that we had some clients who were forecasting lower and delivered way more. We had some clients who were forecasting more and delivered less. And we’ve had that similar experience in Q2. The difference is that, we’re seeing some of the clients that Andre pointed out, sort of retool their infrastructure for lack of a better term, in terms of what they’re actually outputting into the marketplace. And when we see that, we tend to kind of feel like they’ve reached the position of stability in terms of what their expectations are, and it’s muted from what we originally anticipated.
And so, as we’ve gone through and looked at our Q3 numbers and expectations for full year, we’ve effectively had many, many conversations with clients in regards to what they’re seeing from a capacity perspective, what they’re tooling to, what their share is, where we will take share, where we will hold share. And then put it through our own sort of calculations in regards to who is generally overpromised and underdelivered and vice versa to come up with where we see the numbers. And I think that gives us as confident as we can be on where we see Q3 and Q4. And as we’ve tried to kind of point out, very identifiable chunks of business that we have seen very different expectations than what clients had forecasted, where the rest we have seen good growth and good performance.
I think through this, the takeaway, though, Ruplu is that we’re very focused on margin preservation, margin growth and also cash flow growth. And despite coming in less than what we had hoped for and we were disappointed in Q2, the reality is that, the team adjusted very, very quickly to make sure that we delivered on our cash flow and margin performance goals, and that’s certainly what our goals are as we go into Q3 and Q4, as well as obviously hitting our guidance that we’ve laid out.
Ruplu Bhattacharya: Okay. For my next question, let me ask you about the new economy clients. I mean, this set of clients was growing 47% year-on-year three, four quarters ago. I think you said they grew 2% year-on-year this quarter. So what are you hearing from them? Any idea when this set of clients can turn around? Do you think this is like is another one to two quarters so weakness? Or what is your take on when this set of clients can see stronger growth?
