Forrester Research Inc (FORR) 2023 Q4 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to Forrester's fourth-quarter and full-year 2023 conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

下午好，感謝您的耐心等待。歡迎參加 Forrester 2023 年第四季和全年電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to turn the conference over to Vice President of Corporate Development and Investor Relations, Ed Bryce Morris. Please go ahead.

現在我想將會議交給企業發展和投資者關係副總裁 Ed Bryce Morris。請繼續。

Thank you, and hello, everybody. Thanks for joining today's call. Early in this afternoon, we issued our press release for the fourth-quarter and full-year 2023. If you need a copy, you can find one on our website in the Investors section. Here with us today to discuss our results are George Colony, Forrester's Chief Executive Officer and Chairman; Nate Swan, Chief Sales Officer; and Chris Finn, Chief Financial Officer. Carrie Johnson, our Chief Product Officer, is also with us for the Q&A section of the call.

謝謝大家，大家好。感謝您參加今天的電話會議。今天下午早些時候，我們發布了 2023 年第四季和全年的新聞稿。如果您需要一份副本，您可以在我們網站的投資者部分找到一份。今天與我們一起討論我們結果的是 Forrester 執行長兼董事長 George Colony；內特·斯旺，首席銷售官；和財務長克里斯·芬恩。我們的首席產品長 Carrie Johnson 也參加了電話會議的問答部分。

Before we begin, I'd like to remind you that this call will contain forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995. Words such as expects, believes, anticipates, intends, plans, estimates or similar expressions are intended to identify these forward-looking statements. These statements are based on the company's current plans and expectations and involve risks, uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements. Factors that could cause actual results to differ are discussed in our reports and filings with the Securities and Exchange Commission, and the company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

在我們開始之前，我想提醒您，本次電話會議將包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。期望、相信、預期、打算、計劃、估計或類似表達等詞語旨在識別這些前瞻性陳述。這些陳述基於公司目前的計劃和預期，涉及風險和不確定性，可能導致未來的活動和營運結果與前瞻性陳述中所述的存在重大差異。我們的報告和向美國證券交易委員會提交的文件中討論了可能導致實際結果有所不同的因素，並且公司沒有義務公開更新任何前瞻性陳述，無論是由於新資訊、未來事件還是其他原因。

Lastly, consistent with our previous calls, today will we be discussing our performance on an unadjusted basis, which excludes items affecting comparability. While reporting on an unadjusted basis is not in accordance with GAAP, we believe that reporting numbers on this adjusted basis provides meaningful comparison and an appropriate basis for our discussion. You will find a detailed list of items excluded from these adjusted results in our press release.

最後，與我們先前的呼籲一致，今天我們將在未經調整的基礎上討論我們的業績，其中不包括影響可比性的項目。雖然未經調整的基礎上的報告不符合公認會計原則，但我們相信，在此調整後的基礎上報告的數字為我們的討論提供了有意義的比較和適當的基礎。您可以在我們的新聞稿中找到排除在這些調整結果之外的項目的詳細清單。

And with that, I'll hand it over to George.

這樣，我就把它交給喬治了。

Thank you for joining Forrester's Q4 and full-year earnings call. Joining me today are Forrester's Chief Sales Officer, Nate Swan; and our Chief Financial Officer, Chris Finn. Following my remarks, Nate and Chris will provide sales and financial updates.

感謝您參加 Forrester 第四季和全年財報電話會議。今天加入我的是 Forrester 的首席銷售長 Nate Swan；和我們的財務長克里斯·芬恩。在我發言之後，內特和克里斯將提供銷售和財務最新資訊。

2023 was the penultimate year of our Forrester Decisions transition. This change, coupled with the uncertain macroeconomic environment and technology market unevenness, contributed to a challenging year for the company, but one that we navigated and managed. In my remarks, I'd like to cover four key themes: number one, the progress we made in 2023; two, our Q4 and 2023 fiscal year financial performance; three, product and technology enhancements; and finally, number four, 2024 guidance and the road ahead.

2023 年是 Forrester Decisions 過渡的倒數第二年。這項變化，加上不確定的宏觀經濟環境和技術市場的不平衡，為公司帶來了充滿挑戰的一年，但我們順利度過了這一年。在我的發言中，我想討論四個關鍵主題：第一，我們在 2023 年取得的進展；二、我們第四季及2023財年的財務表現；三、產品和技術的增強；最後，第四點，2024 年指導與未來的道路。

We entered 2024 having achieved a major milestone in our product transition. As I've stated in previous calls, our North Star for 2023 was migrating two thirds of our contract value, or CV, into the Forrester Decisions platform. I'm happy to report that as of January 1, 2024, we have hit that goal. While our short-term performance has certainly been impacted by this journey, we are progressing on our long-term goal of consistent contract value growth based on the Forrester Decisions platform. With the exception of a small number of accounts, we will complete the final transitionary phase of this change in 2024.

進入 2024 年，我們在產品轉型方面實現了一個重要里程碑。正如我在先前的電話會議中所說，我們 2023 年的北極星目標是將三分之二的合約價值 (CV) 遷移到 Forrester Decisions 平台。我很高興地向大家報告，截至 2024 年 1 月 1 日，我們已經實現了這一目標。雖然我們的短期業績肯定受到了這一歷程的影響，但我們正在基於 Forrester Decisions 平台實現合約價值持續增長的長期目標。除少數帳戶外，我們將在 2024 年完成此變更的最後過渡階段。

In 2023, we made two other strategic moves that are difficult in the short term, but will serve us well in future years. First was sharpening the target audience for Forrester Decisions. The product was built to primarily serve C-level executives and their teams in large user organizations. And our sales force is successfully pivoting to these targets. Selling higher and focusing on user companies with more than $1 billion of revenue allows us to land and expand across functions, ultimately making our business more resilient and scalable.

2023 年，我們還採取了另外兩項策略舉措，這些舉措在短期內比較困難，但在未來幾年對我們很有幫助。首先是明確 Forrester Decisions 的目標受眾。該產品主要為大型使用者組織中的 C 級管理人員及其團隊服務。我們的銷售團隊正在成功地轉向這些目標。更高的銷售量和專注於收入超過 10 億美元的用戶公司使我們能夠跨職能落地和擴展，最終使我們的業務更具彈性和可擴展性。

The second move was the refocusing of consulting and events to help drive contract value. These non-CV businesses are becoming a smaller fraction of our overall revenue mix. In 2023, 70% of total revenue was in research services, and we expect this share to increase in future years. Our contract value portfolio is more predictable, scalable, and profitable. So over time, the changing mix will improve the overall quality of our business.

第二個舉措是重新調整諮詢和活動的重點，以幫助推動合約價值。這些非簡歷業務在我們的整體收入組合中所佔的比例越來越小。到 2023 年，總收入的 70% 來自研究服務，我們預計這一份額在未來幾年將會增加。我們的合約價值組合更具可預測性、可擴展性和盈利性。因此，隨著時間的推移，不斷變化的組合將提高我們業務的整體品質。

Turning now to our fourth-quarter and full-year performance, CV declined 4% in 2023. While we are not pleased with our CV growth, we did exceed consensus estimates on revenue for both Q4 and the full year, and we hit the full-year consensus for operating margin and EPS. In another bright spot, Q4 demonstrated the ongoing stabilization of our non-CV businesses led by content marketing. Our events business saw an annual growth in attendance, with a record number of C-level executives attending our Q4 events.

現在轉向我們第四季和全年的業績，CV 在 2023 年下降了 4%。雖然我們對 CV 成長不滿意，但我們確實超越了對第四季度和全年收入的共識預期，並且我們在營業利潤率和每股收益方面達到了全年共識。第四季的另一個亮點是，以內容行銷為主導的非履歷業務持續穩定。我們的活動業務出席人數逐年成長，參加第四季活動的 C 級主管人數創歷史新高。

In research, we saw Forrester Decisions' wallet retention dip slightly in Q4, down to 87%. Expanding wallet retention is one of our top priorities in 2024; Nate and Chris will provide more detail on the plans to increase renewals enrichment in the year.

在研究中，我們發現 Forrester Decisions 的錢包保留率在第四季度略有下降，降至 87%。擴大錢包保留率是我們 2024 年的首要任務之一；內特和克里斯將提供有關今年增加續訂豐富計劃的更多細節。

We continue to enhance and improve our research power platform, Forrester Decisions. To reiterate my remarks in previous calls, the product is successfully delivering on its value proposition of enabling business and technology executives to align, plan, and execute their most pressing initiatives to accelerate growth. And as an example, I was in Amsterdam in December, visiting with the Chief Marketing Officer of a major European B2B healthcare company and he recounted how he has used our research to build the demand marketing engine of his company. He and team have used our demand marketing waterfall model to increase generated leads, convert leads to sales opportunities, and ultimately convert opportunities into closed one business. In addition, he has used our B2B marketing models and frameworks to structure the company's marketing group and align it more closely with the sales and product organizations.

我們繼續增強和改進我們的研究力量平台 Forrester Decisions。重申我在先前電話會議中的言論，該產品成功地實現了其價值主張，使業務和技術高管能夠協調、規劃和執行他們最緊迫的舉措以加速成長。舉個例子，我去年 12 月在阿姆斯特丹拜訪了歐洲一家大型 B2B 醫療保健公司的首席行銷官，他講述了他如何利用我們的研究來建立他公司的需求行銷引擎。他和團隊使用我們的需求行銷瀑布模型來增加潛在客戶，將潛在客戶轉化為銷售機會，並最終將機會轉化為封閉的業務。此外，他還使用我們的 B2B 行銷模式和框架來建立公司的行銷團隊，並將其與銷售和產品組織更加緊密地結合。

We remain on our client side and by their side. In 2023 alone, we conducted approximately 15,000 guidance sessions with clients. These sessions are now more precisely focused as we debuted what we call client initiatives and outcomes in 2023. When a Forrester Decisions client onboards, we document their critical priorities and what business objectives they are seeking to achieve from those priorities. These initiatives and outcomes become the fulcrum of the Forrester relationship, laser-focusing our customer success managers, analysts, and consultants on what our clients are trying to get done. Over 85% of our Forrester Decisions clients now work with us this way; our goal is to reach 95% by year end.

我們仍然站在我們的客戶這邊，站在他們這邊。光是 2023 年，我們就為客戶舉辦了約 15,000 場指導會議。隨著我們在 2023 年首次推出所謂的客戶計畫和成果，這些會議的重點現在更加明確。當 Forrester Decisions 客戶加入時，我們會記錄他們的關鍵優先事項以及他們希望透過這些優先事項實現哪些業務目標。這些措施和成果成為 Forrester 關係的支點，讓我們的客戶成功經理、分析師和顧問專注於客戶想要完成的任務。現在，超過 85% 的 Forrester Decisions 客戶都以這種方式與我們合作；我們的目標是到年底達到 95%。

Improvements to our research platform are driven by our Voice of the Client program. Its systematic means of testing proposed product changes with our customers. In 2023, this effort yielded 6,500 client inputs, originating from survey data, user testing studies, and qualitative interviews. Two prominent new product features that derive from the system were our weekly client-only Forrester takes and the rollout of a new research team focused on high-performance IT. This idea helps technology leaders better match their information technology with their business goals.

我們的研究平台的改進是由我們的客戶之聲計畫所推動的。它與我們的客戶一起測試建議的產品變更的系統方法。2023 年，這項工作收到了 6,500 份客戶意見，這些意見來自調查資料、使用者測試研究和定性訪談。該系統帶來的兩個突出的新產品功能是我們每週僅向客戶提供的 Forrester 數據以及推出專注於高效能 IT 的新研究團隊。這個想法可以幫助技術領導者更好地將他們的資訊科技與他們的業務目標相匹配。

Now unsurprisingly, gen AI was a major focus of our research in 2023 as we published more than 80 reports on the topic. Our analysts continue to look past the hype and noise in the market, providing clients with practical gen AI guidance. In 2024, we will launch new Forrester Waves focused in the generative AI market. As I stated on the Q3 conference call, Forrester's client-facing generative AI tool, Izola, represents the most significant step forward in delivering content to our clients since we launched our website 30 years ago.

毫不奇怪，新一代人工智慧是我們 2023 年研究的主要焦點，我們發布了 80 多份關於這個主題的報告。我們的分析師持續關注市場上的炒作和噪音，為客戶提供實用的新一代人工智慧指導。2024 年，我們將推出專注於產生人工智慧市場的新 Forrester Waves。正如我在第三季電話會議上所說，自 30 年前推出網站以來，Forrester 面向客戶的生成式人工智慧工具 Izola 代表了在向客戶提供內容方面邁出的最重要一步。

We expanded the scope of our client beta in Q4 and plan a general release in Q1 for all Forrester Decisions' clients. Clients described Izola as useful and fast, and appreciate the tools' direct link to relevant research. While Izola is focused on our clients, we are developing five other gen AI tools that are built to improve internal efficiency.

我們在第四季度擴大了客戶端測試版的範圍，並計劃在第一季向所有 Forrester Decisions 的客戶發布全面版本。客戶將 Izola 描述為有用且快速，並讚賞該工具與相關研究的直接聯繫。雖然 Izola 專注於我們的客戶，但我們正在開發其他五種旨在提高內部效率的人工智慧工具。

I'd now like to turn to our 2024 guidance. Given the bookings challenges we encountered in 2023, we anticipate declining revenue in the upcoming year. We will continue to be diligent in controlling costs to maintain margins, laying a foundation for sustainable growth in 2025. Accordingly, the company reduced its workforce today by 3%, a move that we do not take lightly, but which is necessary to keep expenses aligned with revenue. Chris will provide more details on 2024 guidance in his remarks.

我現在想談談我們 2024 年的指導。鑑於我們在 2023 年遇到的預訂挑戰，我們預計來年的​​收入將會下降。我們將繼續努力控製成本以維持利潤率，為2025年的永續成長奠定基礎。因此，該公司今天將員工人數減少了 3%，這一舉措我們不會掉以輕心，但為了保持支出與收入保持一致，這是必要的。Chris 將在演講中提供有關 2024 年指導的更多詳細資訊。

So to summarize, I believe that 2024 will be remembered as an inflection point for Forrester as we complete our product migration and our go-to-market strategy overhaul. Technology has never been more challenging for large companies to manage and a new tech area is daunting driven by generative artificial intelligence. Forrester was built for just these types of moments. When new technology arrives, our clients look to us to help them understand the future, make complex decisions, operate efficiently, and win and serve their customers in new ways.

總而言之，我相信 2024 年將成為 Forrester 的轉捩點，因為我們將完成產品遷移和上市策略改革。對於大公司來說，管理技術從未如此具有挑戰性，而由生成人工智慧驅動的新技術領域令人望而生畏。Forrester 就是為這類時刻而打造的。當新技術到來時，我們的客戶希望我們幫助他們了解未來，做出複雜的決策，高效運營，並以新的方式贏得和服務客戶。

I will now turn the call over to Nate Swan, our Chief Sales Officer. Nate?

我現在將把電話轉給我們的首席銷售官 Nate Swan。內特？

Thank you, George, and good afternoon, everyone. I'd like to spend a few minutes outlining the progress made in the last 12 months since I joined Forrester and share what's ahead. We put in the foundation to build a high-performance sales culture and are rallying around NCVI, net contract value increase, as a continuous motion to improve retention and growth.

謝謝喬治，大家下午好。我想花幾分鐘概述一下自加入 Forrester 以來過去 12 個月中取得的進展，並分享未來的發展。我們為建立高績效銷售文化奠定了基礎，並圍繞 NCVI（淨合約價值增加）團結起來，作為提高保留率和成長的持續舉措。

I'd like to expand on four areas: one, building a strong sales leadership team; two, selling to C-level decision-makers in our ideal customer profile; three, standardizing the Forrester engagement model to drive renewals; and four, widening our reach within client and prospect organizations to drive growth.

我想在四個方面進行拓展：一是建立強大的銷售領導團隊；二、向C級決策者銷售我們理想的客戶檔案；三、標準化 Forrester 參與模式以推動更新；第四，擴大我們在客戶和潛在客戶組織中的影響力以推動成長。

Going deeper on my first point of sales, leadership. Throughout last year, I revamped key functions within the sales organization to improve structure, efficiency, execution, and accountability. These changes include the addition of a new VP of Sales Operations and Enablement, new VP of Customer Success, new VP of new business, and lastly, a new SVP of North American account management. With the exception of international leadership, every one of my direct reports is new from 2023. They all bring proven experience, building high-performance sales and service organizations, and I'm excited by the strong caliber and energy of this leadership team.

更深入探討我的第一個銷售點：領導力。去年全年，我對銷售組織內的關鍵職能進行了改進，以改善結構、效率、執行力和問責制。這些變化包括增加新的銷售營運和支援副總裁、新的客戶成功副總裁、新業務副總裁，最後是新的北美客戶管理高級副總裁。自 2023 年起，除了國際領導階層外，我的每一位直接下屬都是新上任的。他們都帶來了建立高績效銷售和服務組織的成熟經驗，我對這個領導團隊的強大能力和活力感到興奮。

Secondly, we are focused on selling higher into the C-suite at client and prospect organizations. This is where our customer-obsessed decisions are made, this is where Forrester's research has the biggest impact on clients. We help business and technology leaders align and grow their businesses, and we've made good progress this year with coaching, training, and enablement support of our salespeople calling on more senior executives. Approximately 70% of Forrester Decisions' seat holders are at the director level and above, which is significantly higher than our heritage products.

其次，我們專注於向客戶和潛在客戶組織的最高管理層進行更高的銷售。這是我們做出以客戶為中心的決策的地方，也是 Forrester 的研究對客戶影響最大的地方。我們幫助業務和技術領導者調整和發展他們的業務，今年我們透過對銷售人員的輔導、培訓和支持支持，呼籲更多高階主管取得了良好進展。Forrester Decisions 大約 70% 的席位持有者為總監及以上級別，這明顯高於我們的傳統產品。

Thirdly, we are maturing and standardizing our approach to retention across all products and delivering world-class customer experience. The ongoing client engagement with sales, customer success, and research teams includes mutually valuable cadence of meetings with clients. These help both parties stay align and ensure Forrester is focused on delivering high-value outcomes that support clients' most critical business initiatives.

第三，我們正在完善和標準化所有產品的保留方法，並提供世界一流的客戶體驗。客戶與銷售、客戶成功和研究團隊的持續互動包括與客戶舉行互惠互利的會議節奏。這些有助於雙方保持一致，並確保 Forrester 專注於提供高價值成果，以支援客戶最關鍵的業務計劃。

Finally, sales is focused on growth and client enrichment. In 2024, we will continue to realize the land and expand promise of Forrester Decisions by expanding relationships deeper within teams and cross-selling into multiple functions. Our research, tools, and frameworks are built to not only help executives align with their function, but across all strategic functions. We had some great wins in Q4 that demonstrate we're on the right track with our strategy of winning the leader and their teams.

最後，銷售的重點是成長和客戶豐富。2024 年，我們將透過加深團隊內部的關係以及跨多個職能部門的交叉銷售，繼續實現 Forrester Decisions 的目標並擴大其承諾。我們的研究、工具和框架不僅可以幫助高階主管與其職能保持一致，而且可以幫助所有策略職能保持一致。我們在第四季度取得了一些偉大的勝利，這表明我們在贏得領導者及其團隊的策略方面走在正確的軌道上。

An IT department with a large local city government in the US doubled the size of their FD renewal, which is now valued at over $1.2 million of contract value. A CX function at a large US insurer renewed its long-time relationship with Forrester into a $1.2 million contract with lots of growth. A global consultancy renewed its relationship with Forrester across multiple geographies, growing the Forrester Decisions contract to $1.4 million, an increase of 40%.

美國某大型地方政府的 IT 部門將 FD 續約規模擴大了一倍，目前合約價值超過 120 萬美元。美國一家大型保險公司的 CX 職能部門與 Forrester 續簽了長期合作關係，簽訂了價值 120 萬美元的合同，且合約金額大幅增長。一家全球顧問公司在多個地區與 Forrester 續約了合作關係，將 Forrester Decisions 合約增加至 140 萬美元，成長了 40%。

And on the new business side of the house, we have secured several new Forrester Decisions relationships, over $300,000 each. We've seen momentum, in particular with CIOs and CSOs who need Forrester's help in navigating the gen AI landscape as well as supporting high performance IT strategies that align with their tech and business strategies for growth.

在新的業務方面，我們已經建立了幾個新的 Forrester Decisions 關係，每個關係超過 30 萬美元。我們已經看到了這種勢頭，特別是 CIO 和 CSO，他們需要 Forrester 的幫助來駕馭新一代人工智慧領域，並支援與其技術和業務成長策略一致的高性能 IT 策略。

In summary, the last year has been foundational in building high-performance sales at Forrester. I'm immensely proud of the strides that we have made in the sales organization and I look forward to executing in 2024.

總而言之，去年為 Forrester 建立高績效銷售奠定了基礎。我對我們在銷售組織中取得的進步感到非常自豪，並期待在 2024 年取得進展。

Thank you very much. And with that, I'll hand the call over to Chris.

非常感謝。這樣，我會將電話轉交給克里斯。

Thanks, Nate, and good afternoon, everyone. As George outlined, our fourth-quarter results were challenging. However, I'm happy with the progress the company made on a number of fronts, including the evolution of the sales organization that Nate outlined, the continual improvements that we made to the Forrester Decisions platform, and the launch of our AI tool, Izola, along with the achievement of our migration goal of 66% of CV in Forrester Decisions as of January 1. In addition, our financial results were in line with the midpoint of our guidance and consensus estimates. At the same time, we continue to see some of our key metrics negatively impacted by the ongoing migration and the uncertain underlying business environment.

謝謝內特，大家下午好。正如喬治所概述的，我們第四季的業績充滿挑戰。不過，我對公司在多個方面取得的進展感到滿意，包括 Nate 概述的銷售組織的發展、我們對 Forrester Decisions 平台的持續改進以及我們的 AI 工具 Izola 的推出以及截至1 月1 日我們實現了66 % CV 遷移到Forrester Decisions 的目標。此外，我們的財務表現符合我們的指導和共識估計的中點。同時，我們繼續看到我們的一些關鍵指標受到正在進行的遷移和不確定的基礎業務環境的負面影響。

On the topic of metrics, we want to highlight a small modification to the calculation methodology of our CV metric. This change is driven by desire to better align contract value with trends in the business. As we complete the migration of Forrester Decisions, the larger makeup of multiyear contracts is driving the change in methodology. In our historical calculations, while the ratable portion of our subscription products have been annualized, the entitlements included in the subscriptions, representing approximately 10% of the subscription, have been included in CV at a total value as all entitlements in the contract are available for use during an annual period.

關於指標，我們想強調對 CV 指標計算方法的一個小修改。這一變化是為了更好地使合約價值與業務趨勢保持一致的願望所驅動的。當我們完成 Forrester Decisions 的遷移時，多年期合約的更大組成正在推動方法的變化。在我們的歷史計算中，雖然我們的認購產品的可分攤部分已按年計算，但認購中包含的權利（約佔認購的10%）已按總價值計入CV 中，因為合約中的所有權利均可用於每年期間使用。

The revised calculation annualizes the entitlement for contracts greater than one year. This change will create a more precise view of the trends impacting CV, bookings, and revenue. In addition, although we typically update our CV metrics in the first quarter of the year for the current year's planned FX rates, we made that update this quarter in order to avoid a second change in the metric next quarter. Please note we have recast prior quarters to reflect this revised metric, and further information on the change can be seen in the investor deck on our Investor Relations website.

修訂後的計算方法將一年以上的合約權利按年計算。這項變更將更準確地了解影響履歷、預訂和收入的趨勢。此外，儘管我們通常會在今年第一季更新本年度計劃匯率的 CV 指標，但我們在本季度進行了更新，以避免下季度指標發生第二次變化。請注意，我們已經重新調整了前幾季以反映此修訂後的指標，有關變更的更多資訊可以在我們的投資者關係網站的投資者平台上查看。

For the quarter, overall revenue was $118.1 million, representing a 14% decline from Q4 '22 revenues of $136.9 million. Overall revenue for the year came in at $480.7 million, representing an 11% decline from the $537.8 million we generated in 2022. The revenue declines for both the fourth quarter and full year were primarily driven by declines in our consulting business and declines in our research business, largely from our legacy research and reprint products.

本季總營收為 1.181 億美元，比 22 年第四季的 1.369 億美元營收下降 14%。今年的總收入為 4.807 億美元，比 2022 年的 5.378 億美元下降了 11%。第四季和全年收入下降的主要原因是我們的諮詢業務和研究業務的下降，而研究業務的下降主要來自我們的遺留研究和重印產品。

In terms of segment results for the quarter, for the research segment, CV came in at $332.1 million at December 31, 2023, and this is a 4% decline from December 2022. The decrease in CV was largely due to a combination of lower enrichment of retained accounts, along with additional churn in our vendor base. We continue to analyze why certain buyers are new and enrich at lower-than-expected rates, and this is tied to a combination of the ongoing migration, the current buyer profile, and the ongoing tech recession. As Nate mentioned in his remarks, the sales organization is very focused on expanding our reach within client organizations, and I'm confident in the team and processes that he has put in place.

就本季的部門表現而言，截至 2023 年 12 月 31 日，研究部門的 CV 收入為 3.321 億美元，較 2022 年 12 月下降了 4%。CV 的下降主要是由於保留帳戶的豐富度較低以及我們的供應商基礎的額外流失所致。我們繼續分析為什麼某些買​​家是新買家，並且以低於預期的速度致富，這與持續的遷移、當前的買家概況和持續的科技衰退有關。正如內特在演講中提到的，銷售組織非常注重擴大我們在客戶組織中的影響力，我對他所建立的團隊和流程充滿信心。

However, we expect both CV and wallet retention to be under pressure in 2024 as we work through the final year of the product transition in what is still a difficult economic and technology environment. We expect CV trends to turn flat to positive as we exit 2024. And although overall client count is down from the prior quarter, Forrester Decisions' client count continues to grow and Forrester Decisions' client retention remains well above overall client retention by approximately 10 points. We also achieved our migration goal as we had $215 million or 66% of CV contracts on the Forrester Decisions platform as of January 1, 2024.

然而，我們預計 2024 年，履歷和錢包保留率都將面臨壓力，因為我們在仍然困難的經濟和技術環境中度過了產品轉型的最後一年。我們預期 2024 年結束時，CV 趨勢將由平轉為正。儘管整體客戶數量較上一季有所下降，但 Forrester Decisions 的客戶數量仍在繼續增長，並且 Forrester Decisions 的客戶保留率仍遠高於整體客戶保留率約 10 個百分點。我們還實現了遷移目標，截至 2024 年 1 月 1 日，我們在 Forrester Decisions 平台上擁有價值 2.15 億美元的簡歷合同，即 66%。

From a revenue standpoint, research revenues decreased 8% in the fourth quarter and 6% for the full year. For the full year, revenue from our subscription research products was down approximately 1% as growth in Forrester Decisions was offset by declines in our legacy research products. In addition, we experienced declines in reprints and our other smaller and discontinued products.

從收入來看，第四季研究收入下降8%，全年下降6%。全年來看，我們訂閱研究產品的收入下降了約 1%，因為 Forrester Decisions 的成長被我們傳統研究產品的下降所抵消。此外，我們的重印品以及其他較小且停產的產品也出現了下降。

Our consulting business posted revenues of $28.3 million for the fourth quarter and $118.2 million for the full year, representing declines of 25% and 23%, respectively, versus the prior year periods. These declines were driven by similar factors we have seen all year: one, the external environment in which discretionary spending on consulting projects is meaningfully curtailed; and two, our internal decision, except in limited circumstances, to only sell consulting to customers who have a CV relationship with Forrester.

我們的諮詢業務第四季營收為 2,830 萬美元，全年營收為 1.182 億美元，分別比去年同期下降 25% 和 23%。這些下降是由我們全年看到的類似因素造成的：一是諮詢項目的可自由支配支出大幅減少的外部環境；第二，我們的內部決定，除有限情況外，僅向與 Forrester 有履歷關係的客戶銷售諮詢服務。

And finally, our events business posted revenues of $4.6 million, representing a decline of 36% compared to the fourth quarter of 2022. This decrease was driven by a shift in event timing. In Q4 of this year, Forrester hosted four events compared to five events in the prior year quarter. For the full year, the segment declined by 8% to $28.2 million, driven by lower sponsorship revenue.

最後，我們的活動業務收入為 460 萬美元，與 2022 年第四季相比下降了 36%。這一下降是由於事件時間的變化所造成的。今年第四季度，Forrester 舉辦了四場活動，而去年同期舉辦了五場活動。由於贊助收入下降，該部門全年下降 8%，至 2,820 萬美元。

Continuing down our P&L on an adjusted basis, operating expenses for the fourth quarter decreased by 10%, primarily driven by the restructuring plan we announced during our Q1 call. Specifically on headcount, for the fourth quarter, we were down 14% compared to the same period in 2022. On a full-year basis, operating expenses decreased by 8%, also largely driven by labor reductions, with additional savings from other categories, including facilities and professional services fees.

調整後的損益表繼續下降，第四季度的營運費用下降了 10%，這主要是受到我們在第一季電話會議中宣布的重組計劃的推動。具體來說，第四季的員工人數與 2022 年同期相比下降了 14%。全年營運費用下降了 8%，這主要是由於勞動力減少，以及其他類別的額外節省，包括設施和專業服務費用。

Operating income decreased by 47% to $6.8 million, or 5.8% of revenue in the current quarter, compared to $12.9 million or 9.4% of revenue in the fourth quarter of 2022. On a full-year basis, operating income decreased by 25% to $52.3 million or 10.9% of revenue compared with $69.7 million or 13% of revenue in 2022. We continued to be committed to aligning our cost structure with our revenue outlook.

營業收入下降 47%，至 680 萬美元，佔本季營收的 5.8%，而 2022 年第四季營業收入為 1,290 萬美元，佔營收的 9.4%。全年營業收入下降 25%，至 5,230 萬美元，佔收入的 10.9%，而 2022 年營業收入為 6,970 萬美元，佔收入的 13%。我們繼續致力於使我們的成本結構與我們的收入前景保持一致。

Interest expense for the quarter was $0.8 million as compared to $0.7 million in the fourth quarter of 2022. On a full-year basis, interest expense was $3.1 million compared to $2.5 million in 2022. This increase was driven by higher interest rates compared to a year ago.

本季利息支出為 80 萬美元，而 2022 年第四季為 70 萬美元。全年利息支出為 310 萬美元，而 2022 年為 250 萬美元。與一年前相比，這一增長是由利率上升所推動的。

Finally, net income and earnings per share decreased 44% compared to Q4 of last year, with net income at $4.8 million and earnings per share at $0.25 for the current quarter compared with net income of $8.5 million and earnings per share of $0.45 in the fourth quarter of 2022. On a full-year basis, net income decreased 22% to $36.6 million and EPS decreased 23% to $1.90.

最後，淨利潤和每股收益與去年第四季相比下降了44%，本季淨利潤為480 萬美元，每股收益為0.25 美元，而第四季淨利潤為850 萬美元，每股收益為0.45 美元2022 年第四季。全年淨利潤下降 22% 至 3,660 萬美元，每股收益下降 23% 至 1.90 美元。

Looking at our capital structure, year-to-date cash flow from operating activities was $21.7 million, and capital expenditure was $5.5 million, and we had $124.5 million of cash and investments as we exited the fourth quarter. There were no debt payments or stock buybacks this quarter, leaving us with $35 million of outstanding debt and approximately $71 million of our stock repurchase authorization intact. As we've outlined today, we have taken actions to better align our cost structure with the ongoing declines in our revenue forecast.

從我們的資本結構來看，年初至今的營運活動現金流量為 2,170 萬美元，資本支出為 550 萬美元，第四季結束時我們擁有 1.245 億美元的現金和投資。本季沒有債務支付或股票回購，因此我們有 3,500 萬美元的未償債務和約 7,100 萬美元的股票回購授權完好無損。正如我們今天所概述的，我們已採取行動，使我們的成本結構更好地適應收入預測的持續下降。

I'll now provide some additional details regarding the restructuring. We have reduced our workforce by approximately 3%, and we expect to incur approximately $7.3 million to $7.7 million of cost for these actions, including $700,000 that was recognized during the fourth quarter. Approximately $3.8 million of the charge is non-cash, and we plan to use a portion of the cost savings to fund focused investments across sales and customer success.

我現在將提供有關重組的一些其他細節。我們已裁減了約 3% 的員工，預計這些行動將產生約 730 萬至 770 萬美元的成本，其中包括第四季度確認的 70 萬美元。其中約 380 萬美元的費用是非現金費用，我們計劃將節省的部分成本用於資助銷售和客戶成功的重點投資。

Turning to guidance, starting with the top line, for 2024, we expect revenue to be $430 million to $450 million or down 6% to 11% versus 2023. This guidance assumes the outlook for the research business to be a mid to high single-digit decline, a decline in our consulting business in the low to mid teens, and a decline in our events business in the mid-single digits for the year. Given the actions we have taken to control costs and our ongoing focus on costs, we would expect our operating margins to be in the range of 9.5% to 10.5% for 2024.

談到指導，從營收開始，我們預計 2024 年的收入將為 4.3 億至 4.5 億美元，或比 2023 年下降 6% 至 11%。本指引假設研究業務的前景為中個位數下降，諮詢業務的下降為中個位數，活動業務的下降為中個位數。鑑於我們為控製成本而採取的行動以及對成本的持續關注，我們預計 2024 年的營業利潤率將在 9.5% 至 10.5% 之間。

A portion of the cost savings this year are coming from non-headcount related reductions, for example, a pause on non-sales related variable compensation components. Interest expense is expected to be $3 million for the year, and we are guiding to a full-year tax rate of 29%. Taking all this into account, we would expect EPS to be in the range of $1.50 to $1.70 for the full year.

今年節省的部分成本來自非人員相關的削減，例如暫停非銷售相關的可變薪酬部分。今年利息支出預計為 300 萬美元，我們指導全年稅率為 29%。考慮到所有這些，我們預計全年每股收益將在 1.50 美元至 1.70 美元之間。

In summary, we continue to believe that 2024 will be another challenging year as it marks the final transition in the Forrester Decisions migration and our go-to-market refinement. As Nate outlined, we are laser-focused on Forrester Decisions' retention with improvements in the engagement model, the retention lifecycle, and targeted investments in customer success and sales. We believe these actions will pay dividends as we progress through 2024 and into 2025.

總之，我們仍然相信 2024 年將是另一個充滿挑戰的一年，因為它標誌著 Forrester Decisions 遷移和我們的上市改進的最終過渡。正如 Nate 所概述的，我們透過改進參與模型、保留生命週期以及對客戶成功和銷售的有針對性的投資，重點關注 Forrester Decisions 的保留。我們相信，隨著 2024 年和 2025 年的進展，這些行動將帶來回報。

Thank you all for taking the time today. And with that, I'll hand the call back to George.

感謝大家今天抽出時間。說完，我會把電話轉回給喬治。

Thank you, Chris. To summarize, 2023 was a challenging year, with internal and external factors impacting our financial performance. However, we believe in the Forrester Decisions product, our evolution into a high-performance sales organization, the impact of generative AI, and the research market opportunity driven by massive technology disruption. We believe 2024 will be remembered as an inflection point for Forrester. The foundational work of the year will enable us to capture a growing share of our substantial total addressable market in 2025 and beyond.

謝謝你，克里斯。總而言之，2023 年是充滿挑戰的一年，內部和外部因素影響著我們的財務表現。然而，我們相信 Forrester Decisions 產品、我們向高性能銷售組織的演變、生成式人工智慧的影響以及大規模技術顛覆帶來的研究市場機會。我們相信 2024 年將作為 Forrester 的轉捩點被銘記。今年的基礎工作將使我們能夠在 2025 年及以後在龐大的總目標市場中佔據越來越大的份額。

I'm going to hand the call back to the operator, and we will now take questions.

我將把電話轉給接線員，我們現在將回答問題。

(Operator Instructions) Anja Soderstrom, Sidoti.

（操作員說明）Anja Soderstrom，Sidoti。

Hi, thank you for taking my questions. I'm just curious: how much of this sort of decline for this year, the softness for 2024, do you attribute to just internal initiatives in terms of switching to [sales] decision and new clients, and how much is due to the general macro environment and maybe sales cycles being longer?

你好，謝謝你回答我的問題。我只是好奇：今年的這種下降、2024 年的疲軟，在多大程度上歸因於轉向[銷售]決策和新客戶方面的內部舉措，以及有多少歸因於一般情況宏觀環境和銷售週期是否更長？

Yes. Thanks, Anja. This is Chris. So this is the last phase and last year of the FTE transformation for us. We've been on this journey since, really, August of '21 when we launched the product. And so during this time, obviously, we've made some decisions along the way that we feel would benefit us in the long term, and we knew would hurt, frankly, in the short term. And so combine that with the fact that we've had a serious tech recession here over the past couple of years with a lot of layoffs at large tech companies, both vendors and users. And so, I think it's hard to really pay the percentages.

是的。謝謝，安雅。這是克里斯。因此，這是我們 FTE 轉型的最後階段和最後一年。實際上，自 21 年 8 月推出該產品以來，我們就一直在踏上這段旅程。因此，顯然，在這段時間裡，我們做出了一些決定，我們認為這些決定從長遠來看對我們有利，但坦白說，我們知道短期內會有害。因此，結合過去幾年我們這裡經歷了嚴重的科技衰退這一事實，大型科技公司（包括供應商和用戶）進行了大量裁員。因此，我認為很難真正支付百分比。

I would think that -- look, a lot of this has been kind of external environmentally driven, frankly. But I'd say a smaller percentage of it really is things that we've made decisions on ourselves and that frankly have elongated the transformation that we're going through.

我認為——坦白說，其中許多都是由外部環境驅動的。但我想說，其中一小部分確實是我們自己做出的決定，坦白說，這延長了我們正在經歷的轉型。

With that said, I am very confident that this is the final year. We do know that based on where we are today, at 66% of CV and FTE, we're confident that we're going to get to approximately 80% by the end of the year and really be done with this transformation at this point. And the remaining part of CV is really going to be in our non-subscription areas around reprint. So we feel confident about the direction that we're going in and we do feel confident that we're going to see probably a little bit more of a decline as we go through the beginning of this year, but we're going to exit '24 with CV starting to turn around and get some growth here.

話雖如此，我非常有信心這是最後一年。我們確實知道，根據我們目前的情況，CV 和 FTE 為 66%，我們有信心到今年年底將達到約 80%，並在此時真正完成這一轉變。簡歷的其餘部分實際上將在我們的非訂閱區域中重印。因此，我們對前進的方向充滿信心，並且我們確實有信心，隨著今年年初，我們可能會看到更多的下降，但我們將退出24 年，簡歷開始好轉並在這裡獲得一些增長。

Anya, George here. I think the biggest surprise -- one of the biggest surprise has been the weakness in tech over the last two years, and that -- it's impacted us with small vendors, it's also impacted us with large vendors. I think it's been very interest-rate-driven, actually. Ventures dried up, and many of these smaller vendors are -- they've just cut budgets and cut people. And so that is definitely -- it is one of the major factors here.

安雅，喬治在這裡。我認為最大的驚喜 - 最大的驚喜之一是過去兩年技術的弱點 - 它影響了我們的小型供應商，也影響了我們的大型供應商。我認為實際上這是非常受利率驅動的。創投枯竭，許多規模較小的供應商剛剛削減了預算並裁員。所以這絕對是——它是這裡的主要因素之一。

Yes, and I'd even say on the small vendor side too. Yes, Anja, the small vendor side as well. I mean, a lot of those companies have literally just gone away. And I'd say on the larger vendor side, it's not so much churn as it is as they've made the migration over to FTE and they've had budget constraints as well. They've reduced some of their overall spend with us, but they have not churned out unlike some of the small vendors.

是的，我甚至會說在小型供應商方面也是如此。是的，Anja，還有小供應商方面。我的意思是，很多這樣的公司其實已經消失了。我想說的是，在較大的供應商方面，與其說是客戶流失，不如說是他們已經遷移到 FTE，而且他們也有預算限制。他們減少了我們的一些總體支出，但與一些小供應商不同，他們並沒有大量生產。

Yes, one of the disciplines we've developed through this period is we're being very, very selective as who we will take from that small vendor group. So generally, we are turning away from vendors under $50 million in size.

是的，我們在這段時期制定的紀律之一是我們非常非常挑剔地選擇從這個小供應商群體中挑選誰。因此，一般來說，我們會拒絕規模低於 5,000 萬美元的供應商。

But that's something you've been doing over the year, right? It's been more strategic and move from the company that you intended to do anyway, right? It's not just the macroeconomic environment that's sort of weeding those out?

但這是你這一年來一直在做的事情，對嗎？這是更具策略性的，並且是從你原本打算做的公司轉移過來的，對嗎？不只是宏觀經濟環境在某種程度上淘汰了這些？

Yes.

是的。

And then in terms of generative AI, it seems like that's on fire now. How much of that is going to be driving your growth, you think, and take up your research resources?

然後就生成人工智慧而言，現在似乎很火爆。您認為其中有多少會推動您的成長並佔用您的研究資源？

Yes. There are approximately almost 100 analysts now who are spending a great deal of their time in generative AI for us. I talked about 80 reports. I'll estimate this, but I bet I'll get pretty close: it's going to be in the area of 15% to 20% of our research focused in generative AI in 2024. And it's on the minds of all of our clients whether they're vendors, users, Boards of Directors. And the higher you go in the organizations, the the greater magnitude of questions here, Anja. As I said in my remarks, this is what Forrester was built to do: when there's big technology change, clients need decision-making, they need context, they need vision to the future. And so this is a great opportunity for us.

是的。現在大約有近 100 名分析師花費大量時間為我們研究產生人工智慧。我談到了80份報告。我會對此進行估計，但我打賭我會非常接近：到 2024 年，它將占到我們專注於生成式 AI 的研究的 15% 到 20%。我們所有的客戶都關心這一點，無論他們是供應商、使用者還是董事會。安雅，你在組織中的地位越高，這裡的問題就越大。正如我在演講中所說，這就是 Forrester 成立的目的：當重大技術變革時，客戶需要決策、需要背景、需要對未來的願景。所以這對我們來說是一個很好的機會。

Okay, thank you. And in terms of the competitive landscape, is there anything to call out there that's been changing?

好的謝謝。就競爭格局而言，有什麼值得指出的地方正在改變嗎？

I'm looking at Nate here, but --

我正在看著內特，但是--

From a competitive landscape, no. I mean, I think we feel very confident in our research and our value proposition. Our clients are really reacting well to high-performance IT. We think our view of customer obsession and how it plays across all different functions really makes us different. So there are great providers that are out there. We have a unique perspective, and our clients seem to like our perspective, and so we feel very confident in that. So I don't think competition is any more or less than it ever has been.

從競爭格局來看，沒有。我的意思是，我認為我們對我們的研究和價值主張非常有信心。我們的客戶對高效能 IT 的反應非常好。我們認為我們對客戶痴迷的看法以及它如何在所有不同的職能中發揮作用確實使我們與眾不同。因此，有很多很棒的提供者。我們有獨特的視角，我們的客戶似乎喜歡我們的視角，所以我們對此非常有信心。所以我不認為競爭比以往任何時候都多或少。

Yes, I think the biggest change here, Anja, is that below us, there are some smaller companies who are kind of turning away from research toward generating leads for vendors. So we like that because they're essentially taking a step outside of the research business and further away from us. We like that.

是的，安雅，我認為這裡最大的變化是，在我們下面，有一些較小的公司正在從研究轉向為供應商創造潛在客戶。所以我們喜歡這一點，因為他們本質上是在研究業務之外邁出了一步，離我們更遠了。我們喜歡這樣。

And in terms of global, is there anything to call out? Any region that did better or worse?

就全球而言，有什麼值得稱讚的嗎？有哪個地區做得更好或更差？

Yes, we did really well on -- from an international standpoint, one of our best-performing groups. We did well in the government sector. We've been growing pretty well in that marketplace and saw some really good green shoots in Q4 for the user new business team. We've got a new leader in that group and had some great focus there. And that team really delivered in Q4 and is off to a pretty good start actually in Q1 as well.

是的，我們做得非常好——從國際角度來看，我們是表現最好的團隊之一。我們在政府部門做得很好。我們在該市場中發展得相當不錯，並在第四季度為用戶新業務團隊看到了一些非常好的萌芽。我們在該小組中有一位新的領導者，並且在那裡有一些重點。該團隊在第四季度確實交付了成果，並且實際上在第一季也取得了不錯的開局。

So lots of consistency. All teams are working really hard. We've just got some tougher markets in the high tech side of the house. And North America is a big focus for us. Patrick is going to be a great leader for us, really bringing structure and discipline to the organization, and I expect the North American team will really react well to that.

所以有很多一致性。所有團隊都非常努力。我們剛剛在高科技領域遇到了一些更嚴峻的市場。北美是我們的重點。派崔克將成為我們的一位偉大領導者，真正為組織帶來結構和紀律，我希望北美團隊對此反應良好。

Okay. Thank you. And just one last one, if I may. In terms of the headcount, the 3%, do you expect -- you've been cutting headcount now for a couple of quarters. Is there more room to cut? And where are you cutting? And how can you do that without jeopardizing the quality of your work?

好的。謝謝。如果可以的話，就只有最後一件事。就員工人數而言，您期望的是 3%嗎？還有更大的削減空間嗎？你在哪裡切割？如何才能在不影響工作品質的情況下做到這一點？

Yes. That's a good question, Anja. We feel like at this point, we're through the labor reductions. I mean, the RIF disproportionately impacted our consulting organization, which really was necessary to bring the resources in line with where the expectations are on the consulting business for '24. We know there were some challenges there last year, and we do expect some of those to continue into this year. And so as a percentage of headcount, most of the other business units were really well below the 3% average for the company as we really intend to preserve resources to get back to growth later on this year.

是的。這是個好問題，安雅。我們覺得此時此刻，我們已經完成了裁員。我的意思是，RIF 對我們的諮詢組織產生了不成比例的影響，這對於使資源符合 24 世紀諮詢業務的期望確實是必要的。我們知道去年存在一些挑戰，我們確實預計其中一些挑戰將持續到今年。因此，就員工人數百分比而言，大多數其他業務部門確實遠低於公司 3% 的平均水平，因為我們確實打算保留資源，以便在今年稍後恢復成長。

Okay. Thank you. That was all for me. Appreciate your time.

好的。謝謝。這就是我的全部。珍惜您的時間。

Thanks, Anja.

謝謝，安雅。

Vincent Colicchio, Barrington Research.

文森特·科利奇奧，巴靈頓研究中心。

Yes, a question for Nate. So the 7% of seat holders at director level and above sounds like a pretty good data point. Is that in-line with your objective? Did you mention that?

是的，有個問題想問內特。因此，7%的董事及以上級別的席位聽起來是一個相當不錯的數據點。這符合您的目標嗎？你有提到嗎？

It is in line with where we are going. So we look at, really, three roles as our target roles to enter into a company. We want to be at the head of function, generally at a CMO, CPO, Chief Digital Officer, CSO type of role. We look at the VPs and we look at the directors. We certainly have opportunities with managers and below. Generally, that is going to be our team seat function that we can grow in. So what we're looking to do as a strategy, Vince, is we want to win the leader and then we want to capture the teams underneath them.

這與我們要去的地方一致。因此，我們實際上將三個角色視為我們進入公司的目標角色。我們希望成為職能部門的領導者，通常是 CMO、CPO、首席數位長、CSO 類型的角色。我們關注副總裁和董事。我們當然有與經理及以下人員合作的機會。一般來說，這將是我們可以成長的團隊席位功能。因此，文斯，我們想要做的策略是，我們想要贏得領導者，然後我們想要佔領他們下面的團隊。

Organizations work in a team-based function to accomplish their goals. And I think the great thing about Forrester Decisions and how we are aligned as a company is the alignment we create across the organization. So if we happen to be in with the IT organization, the next step might be to get over to the CX organization or the marketing organization. We can work with all those organizations at once. You don't tend to capture those deals all at one time; you grow into those.

組織透過基於團隊的職能來實現其目標。我認為 Forrester Decisions 以及我們作為一家公司如何保持一致的偉大之處在於我們在整個組織中建立的一致性。因此，如果我們碰巧與 IT 組織合作，下一步可能是轉向 CX 組織或行銷組織。我們可以同時與所有這些組織合作。您不會傾向於一次捕獲所有這些交易；而是一次捕獲所有交易。你成長為那些。

But the way you capture opportunity, grow the opportunity is by being at the most senior-level functions and by understanding what their initiatives are and delivering against those initiatives. And when you do that, clients feel very comfortable expanding and growing the relationship. So we've seen some good success in doing that. The sales organization is very excited about doing that. We've got a new sales methodology that we are in process of rolling out for the organization. And we're excited about what that's going to do for us, which is really understand and align on how our clients are trying to work.

但抓住機會、增加機會的方法是站在最高層的職能部門，了解他們的舉措是什麼，並根據這些舉措實施。當你這樣做時，客戶會感到非常輕鬆地擴展和發展關係。因此，我們在這方面取得了一些成功。銷售組織對此感到非常興奮。我們正在為組織推出一種新的銷售方法。我們對這將為我們帶來的好處感到興奮，這真正理解並與我們的客戶如何努力保持一致。

So when you began this journey, if you were to know that you'd be at this level of seat holders at the director level or above at this point in time, I assume you'd be content with that?

因此，當您開始這趟旅程時，如果您知道此時您將處於總監級或以上級別的席位，我想您會對此感到滿意嗎？

Well, I don't -- content might be a good word, I guess. We always want to get higher, right? If you sell to the senior-most function, you can sell our highest level offering, which will deliver the most value to the organization. So I think all of our salespeople want to try to get to the top level of the organization. It's where impact happens, it's where the revenue happens, and it's where they can be most successful, and it's where they can help their clients the most working on those really top initiatives that they're going on.

嗯，我不認為——我想「內容」可能是個好詞。我們總是想變得更高，對嗎？如果您向最高層級的職能部門銷售產品，您就可以銷售我們最高層級的產品，這將為組織帶來最大的價值。所以我認為我們所有的銷售人員都想努力達到組織的最高層。這是影響發生的地方，這是收入發生的地方，這是他們能夠取得最大成功的地方，也是他們可以幫助客戶最大程度地致力於他們正在進行的那些真正頂級計劃的地方。

So we are paying attention to it. We are capturing data as to where people are going, and we can see that we are improving at calling on more senior levels. So we'll continue to do that. We also know that when we call on more senior levels, we are able to sell multiyear contracts because initiatives go over multiple years. And so it aligns really well with Forrester Decisions, which we've been trying to sell more multiyear. We want to really try and drive that number up as much as we can.

所以我們正在關注它。我們正在收集有關人們去往何處的數據，並且我們可以看到我們在呼叫更高級別方面正在進步。所以我們將繼續這樣做。我們也知道，當我們召集更高級別的人員時，我們能夠出售多年期合同，因為計劃會持續多年。因此，它與 Forrester Decisions 非常吻合，我們多年來一直在努力銷售更多產品。我們希望真正嘗試盡可能地提高這個數字。

Vince, I think the important point here is that we are selling at a higher level with Forrester Decisions than we did with legacy. That's good, but we need to get at even higher levels. So I'd say we're feeling good, but we're not content. That's the wrong word to use there.

Vince，我認為這裡重要的一點是，我們使用 Forrester Decisions 的銷售水平比使用傳統產品的銷售水平更高。這很好，但我們需要達到更高的水平。所以我想說我們感覺很好，但我們不滿足。那是錯誤的字。

Yes. I think maybe I'm -- sounded a bit more exciting to me than maybe I shouldn't be too excited. I mean, good progress but a ways to go. On the small client side, are we nearing a point where there may be some stabilization in the client losses? Also, what portion of small clients make up your total currently?

是的。我想也許我——聽起來比我不應該太興奮更令人興奮。我的意思是，進展良好，但還有很長的路要走。在小型客戶方面，我們是否已經接近客戶損失可能趨於穩定的地步？另外，目前小客戶佔你們總數的比例是多少？

Yes, Vince, this is Chris. Yes, we feel like -- I mean, certainly this year, we're going to be through most of that churn in the base from a CV perspective. Our expectation in general is that we're going to get CV from a legacy perspective down below 10% at that point, and so that's a small portion. We think we're through the majority of that. We don't really give guidance on the number, but I think based on the CV metric that I just gave you of it being below 10%, you get a sense of kind of where it is.

是的，文斯，這是克里斯。是的，我們感覺——我的意思是，今年，從履歷的角度來看，我們肯定會經歷基地的大部分變動。我們的整體預期是，屆時我們將從遺留角度獲得的 CV 會降至 10% 以下，因此這只是一小部分。我們認為我們已經完成了大部分工作。我們並沒有真正給出這個數字的指導，但我認為根據我剛剛給你的 CV 指標，它低於 10%，你可以感覺到它在哪裡。

And also, Vince, I think Forrester Decisions has been a weeding -- had a weeding effect here because it's built for larger organizations and it's a little bit more expensive so that has also helped take the smaller specialty vendors out of the mix.

另外，Vince，我認為 Forrester Decisions 起到了除草作用，因為它是為大型組織構建的，而且價格稍貴一些，因此也有助於將較小的專業供應商排除在外。

And I think most organizations, including yourselves, are expecting a better IT spending year this year than last year, and you're targeting larger enterprises. Just how do you square sort of your expectation if CV doesn't pick up till later in the year versus a better IT spending year? I suppose it's just the vagaries of executing on a new product. What am I missing?

我認為大多數組織，包括你們自己，都期望今年的 IT 支出比去年更好，你們的目標是更大的企業。如果 CV 直到今年稍後才有所回升，與 IT 支出有所改善的年份相比，您如何調整您的期望？我想這只是執行新產品時的變幻莫測。我缺什麼？

Yes. No, I think that's right, Vince. I think we're probably being a little bit conservative here just because of what we came out of Q4 with and going into Q1. We are seeing some bright spots, certainly, but I don't want to get too excited yet. We have to show that we can execute. But certainly, the continued momentum around the growth on FTE was certainly really important, and we're seeing that. And I'd love to see some moves obviously on interest rates. I think that will help too. But I think the tech recession is still very much here, but we're starting to see some green shoots around budgets opening up and having conversations.

是的。不，我認為是對的，文斯。我認為我們可能有點保守，只是因為我們從第四季到第一季的表現。當然，我們看到了一些亮點，但我還不想太興奮。我們必須證明我們可以執行。但當然，圍繞 FTE 成長的持續勢頭確實非常重要，我們也看到了這一點。我希望看到利率方面出現一些明顯的變化。我認為這也會有所幫助。但我認為科技衰退仍然存在，但我們開始看到圍繞預算的一些萌芽和對話。

We're even having conversations with clients that -- on the big vendor side, may have reduced spend during the migration over FTE. They're actually coming back now and having discussions about larger contracts, which is a bright spot. So we're definitely seeing it start to open up a little bit, but our expectation is that being a little bit conservative in the first half and expect to get -- start to see some of that growth during the back half, especially as we exit the year.

我們甚至正在與客戶進行對話，在大型供應商方面，客戶可能會減少 FTE 遷移過程中的支出。他們現在實際上正在回來討論更大的合同，這是一個亮點。因此，我們肯定會看到它開始有所開放，但我們的期望是，在上半年有點保守，並期望在下半年開始看到一些增長，特別是當我們退出這一年。

Okay. Thanks, guys.

好的。多謝你們。

Thanks, Vince. Appreciate it.

謝謝，文斯。欣賞它。

Thank you. I'm showing no further questions in the queue. At this time, I'd like to turn the call back to Mr. Chris Finn, CFO, for closing remarks.

謝謝。我在隊列中沒有顯示任何其他問題。現在，我想將電話轉回給財務長 Chris Finn 先生，讓其致閉幕詞。

Yes. Thanks, everyone, for joining the call today. We really appreciate it. If you have any questions or follow-up, please contact Ed or myself. Thank you.

是的。感謝大家今天加入電話會議。我們真的很感激。如果您有任何疑問或後續事宜，請聯絡 Ed 或我本人。謝謝。

Thank you.

謝謝。

This concludes today's conference call. Thank you for attending. You may all disconnect.

今天的電話會議到此結束。感謝您的出席。你們都可以斷開連線。