“That's exactly right. We expect it to anniversary at the end of Q3.”

In context

“this kind of continuing to develop as we have over the last several years, where managed services have become very strategic. They're not just a cost play. The more we can save them money in the way that we deliver, using advanced AI, that allows them to then reinvest into the business. Very similar patterns, managed services really for the last five or six years have become a very important part to the strategy of companies and how to use advanced technology, now it's advanced AI, faster. Dave Koning: Great. No, that's super helpful. Maybe just quick follow-up. Are you expecting a similar Q4 headwind through the first three quarters of this year and then anniversary it in Q4, and then going forward, maybe not having much impact at all? Is that kind of how you're modeling it? Angie Park: That's exactly right. We expect it to anniversary at the end of Q3. Dave Koning: Awesome. Thanks, guys. Nice job. Angie Park: Thanks. Operator: Thank you. Our next question today comes from James Faucette with Morgan Stanley. Please go ahead. James Faucette: Thank you very much. Appreciate all the incremental color and detail here from everybody. I wanted to ask, we see, at least in the forecast, a little bit of increase in CapEx, et cetera. I'm wondering if you can give us a little bit of detail where that investment is going and how we should expect that to play out further. Angie Park: Sure. On our CapEx, we expect about $1 billion this year, which is about $400 million more than FY2025. This is really about us expanding our real estate and leasehold improvements in certain geographies, certain major markets for us. Julie Sweet: Because we're bringing”