高德納諮詢公司 (IT) 2023 Q3 法說會逐字稿

Good morning, everyone. Welcome to Gartner's Third Quarter 2023 Earnings Call. I'm David Cohen, SVP of Investor Relations. (Operator Instructions) After comments by Gene Hall, Gartner's Chief Executive Officer; and Craig Safian, Gartner's Chief Financial Officer, there will be a question-and-answer session. Please be advised that today's conference is being recorded.

大家，早安。歡迎參加 Gartner 2023 年第三季財報電話會議。我是投資人關係資深副總裁大衛‧科恩。 （操作員指示）根據 Gartner 執行長 Gene Hall 的評論；和 Gartner 財務長 Craig Safian 將舉行問答環節。請注意，今天的會議正在錄製中。

This call will include a discussion of third quarter 2023 financial results and Gartner's outlook for 2023 as disclosed in today's earnings release and earnings supplement, both posted to our website, investor.gartner.com.

本次電話會議將討論 2023 年第三季財務業績以及 Gartner 對 2023 年的展望，如今天的收益發布和收益補充報告中所披露，兩者均發佈在我們的網站 Investor.gartner.com 上。

On the call, unless stated otherwise, all references to EBITDA are for adjusted EBITDA, with the adjustments as described in our earnings release and supplement, while contract values and associated growth rates we discuss are based on 2023 foreign exchange rates and exclude contributions related to the first quarter divestiture and the 2022 Russia exit. Our growth rates in Gene's comments are FX-neutral unless stated otherwise. All references to share counts are for fully diluted weighted average share counts unless stated otherwise. Reconciliations for all non-GAAP numbers we use are available in the Investor Relations section of the gartner.com website.

在電話會議上，除非另有說明，所有提及的EBITDA 均指調整後的EBITDA，調整情況如我們的收益發布和補充中所述，而我們討論的合同價值和相關增長率基於2023 年外匯匯率，不包括與第一季資產剝離和 2022 年俄羅斯退出。除非另有說明，我們在吉恩評論中的成長率是外匯中性的。除非另有說明，否則所有提及的股份數量均指完全稀釋的加權平均股數。我們使用的所有非 GAAP 資料的調整可在 gartner.com 網站的投資者關係部分找到。

As set forth in more detail in today's earnings release, certain statements made on this call may issue forward-looking statements. Forward-looking statements can vary materially from actual results and are subject to a number of risks and uncertainties, including those contained in the company's 2022 annual report on Form 10-K and quarterly reports on Form 10-Q as well as in other filings with the SEC. I encourage all of you to review the risk factors listed in these documents.

正如今天的財報中更詳細地闡述的那樣，本次電話會議中所做的某些陳述可能會發布前瞻性陳述。前瞻性陳述可能與實際結果有重大差異，並受到許多風險和不確定性的影響，包括公司2022 年10-K 表格年度報告、10-Q 表格季度報告以及其他文件中包含的風險和不確定性。美國證券交易委員會。我鼓勵大家查看這些文件中列出的風險因素。

Now I'll turn the call over to Gartner's Chief Executive Officer, Gene Hall.

現在我會把電話轉給 Gartner 執行長 Gene Hall。

Good morning, and thanks for joining us today. Gartner drove another strong performance in Q3. We delivered high single-digit growth in contract value. Revenue, EBITDA and adjusted EPS came in above expectations. Free cash flow in the quarter was excellent.

早安，感謝您今天加入我們。 Gartner 在第三季再次取得強勁業績。我們實現了合約價值的高個位數成長。營收、EBITDA 和調整後每股盈餘均高於預期。本季的自由現金流非常好。

The external environment remains volatile and uncertain. The tech sector is still adjusting to post-pandemic demand. The banking industry continues to grapple with rising interest rates. Supply chain challenges are still in many industries. There's heightened geopolitical volatility, and more. Leaders know they need help, and they know Gartner is the best source for that help.

外在環境仍然不穩定、不確定。科技業仍在適應疫情後的需求。銀行業繼續應對不斷上升的利率。許多產業仍面臨供應鏈挑戰。地緣政治波動加劇等等。領導者知道他們需要幫助，而且他們知道 Gartner 是獲得這種幫助的最佳來源。

Gartner delivers actionable, objective insight to drive smarter decisions and stronger performance on our clients' mission-critical priorities. Whether they're thriving, struggling or anywhere in between, our insights, tools and advice often mean the different success and failure for leaders and the enterprises they serve.

Gartner 提供可操作、客觀的見解，以推動更明智的決策並在客戶的關鍵任務優先事項上實現更出色的績效。無論他們是在蓬勃發展、陷入困境還是介於兩者之間，我們的見解、工具和建議通常對領導者及其所服務的企業意味著不同的成功和失敗。

We continue to be agile and adapted to the changing environment. Research continues to be our largest and most profitable segment. We got leaders across all major enterprise functions in every industry around the world. Our market opportunity is vast across all sectors, sizes and geographies. We estimate our opportunity at around $200 billion.

我們繼續保持敏捷並適應不斷變化的環境。研究仍然是我們最大、最賺錢的部門。我們擁有遍佈全球各產業的所有主要企業職能部門的領導者。我們的市場機會在所有行業、規模和地區都是巨大的。我們估計我們的機會約為 2000 億美元。

In the third quarter, we continue to help clients with a wide range of topics, such as cybersecurity, data analytics, artificial intelligence, remote work, cost optimization and more. In the third quarter, Research revenue grew 5%. Subscription revenue grew 8% on an organic basis. Total contract value growth was 8%. Contract value for enterprise function leaders continued to grow at double-digit rates.

第三季度，我們持續為客戶提供廣泛的協助，例如網路安全、數據分析、人工智慧、遠距工作、成本優化等。第三季度，研究收入成長了 5%。訂閱收入有機成長 8%。合約總價值成長8%。企業職能領導者的合約價值持續以兩位數的速度成長。

We serve executives and their teams through distinct sales channels. Global Technology Sales, or GTS, serves leaders and their teams within IT. GTS also serves leaders at technology vendors, including CEOs, Chief Marketing officers and senior product leaders. GTS contract value grew 7%. GTS sales to enterprise function leaders performed well in the quarter. GTS sales to leaders at technology vendors were affected by technology sector dynamics and tough year-over-year comparisons. We expect sales to technology vendors will return to normal growth rates over the next 12 to 18 months.

我們透過不同的銷售管道為高階主管及其團隊提供服務。全球技術銷售 (GTS) 為 IT 領域的領導者及其團隊提供服務。 GTS 也為技術供應商的領導者提供服務，包括執行長、行銷長和高級產品領導者。 GTS 合約價值成長 7%。本季針對企業職能領導者的 GTS 銷售表現良好。技術供應商領導者的 GTS 銷售受到技術行業動態和艱難的同比比較的影響。我們預計對技術供應商的銷售額將在未來 12 至 18 個月內恢復正常成長率。

Global Business Sales, or GBS, serves leaders and their teams beyond IT. This includes HR, supply chain, finance, marketing, sales, legal and more. GBS contract value grew 14%.

全球業務銷售 (GBS) 為 IT 以外的領導者及其團隊提供服務。這包括人力資源、供應鏈、財務、行銷、銷售、法律等。 GBS 合約價值成長 14%。

Through a relentless execution of proven practices, we're able to deliver unparalleled value to our clients. Our business remains resilient despite a persistent, complicated, external environment and top compares for the technology vendor market.

透過不懈地執行經過驗證的實踐，我們能夠為客戶提供無與倫比的價值。儘管外部環境持續複雜，且技術供應商市場處於領先地位，但我們的業務仍保持彈性。

Gartner Conferences deliver extraordinarily valuable insights to an engaged and qualified audience. This will be the first full year of in-person conferences since 2019. We're having a great year. In-person attendance and advanced bookings are at record levels. The fourth quarter is off to a great start, and our outlook for the year remains strong.

Gartner 會議為參與其中的合格觀眾提供極其有價值的見解。這將是自 2019 年以來的第一個全年面對面會議。我們度過了美好的一年。現場出席率和提前預訂量均創歷史新高。第四季有一個良好的開端，我們對今年的前景仍然強勁。

IT Symposium/Xpo is our flagship conference in series. I recently attended this conference in Orlando. Attendance was strong. Our sales teams were highly engaged with clients and prospects, and feedback from the conference continues to be excellent.

IT Symposium/Xpo 是我們系列旗艦會議。我最近參加了在奧蘭多舉行的這次會議。出席人數眾多。我們的銷售團隊與客戶和潛在客戶進行了高度互動，會議的回饋仍然非常出色。

Gartner Consulting is an extension of Gartner Research. Consulting helps clients execute their most strategic initiatives through a deeper extended project-based work. Consulting is an important complement to our IT research business. Consulting revenue grew 23% of the quarter, with record results in contract optimization.

Gartner 諮詢是 Gartner 研究的延伸。諮詢服務透過更深入、擴展的以專案為基礎的工作，幫助客戶執行最具策略意義的措施。諮詢是我們 IT 研究業務的重要補充。本季諮詢收入成長 23%，合約優化取得創紀錄的成果。

Given the strong performance across business, we've increased our 2023 guidance for revenue, EBITDA and free cash flow. Craig will take you to the details. We're well positioned to strong close to the year and get off to a fast start in 2024.

鑑於整個業務的強勁表現，我們提高了 2023 年收入、EBITDA 和自由現金流的指引。克雷格將帶您了解詳細資訊。我們已做好充分準備，在接近年底時表現強勁，並在 2024 年快速起步。

In closing, Gartner achieved another strong growth. We deliver unparalleled value to enterprise leaders and their teams across every major function, whether they're thriving, struggling or anywhere in between. We're exceptionally agile and continuously adapt to the changing world. We know the right things to do to be successful in any environment. Looking ahead, we are well positioned to continue our strong record of success far into the future.

最後，Gartner 再次實現強勁成長。我們為每個主要職能部門的企業領導者及其團隊提供無與倫比的價值，無論他們是在蓬勃發展、陷入困境還是介於兩者之間。我們異常敏捷並且不斷適應不斷變化的世界。我們知道要在任何環境下取得成功，應該採取正確的行動。展望未來，我們已做好充分準備，在未來繼續保持強勁的成功記錄。

Our client value proposition and addressable market opportunity will allow us to drive long-term, sustained double-digit revenue growth. We expect margins will expand modestly over time, and we generate significant free cash flow well in excess of net income. Even as we invest for future growth, we'll return significant levels of excess capital to our shareholders. This reduces shares outstanding and increases returns over time.

我們的客戶價值主張和潛在的市場機會將使我們能夠推動長期、持續的兩位數收入成長。我們預計利潤率將隨著時間的推移而小幅增長，我們產生的自由現金流將遠遠超過淨利潤。即使我們為未來成長進行投資，我們也會向股東返還大量超額資本。隨著時間的推移，這會減少流通股並增加回報。

With that, I'll hand the call over to our Chief Financial Officer, Craig Safian.

接下來，我會將電話轉交給我們的財務長 Craig Safian。

Thank you, Gene, and good morning. Third quarter results were strong with high single-digit growth in contract value. Revenue, EBITDA, adjusted EPS and free cash flow were better than expected with outstanding performance in consulting and disciplined cost management. With strong results in the quarter and good visibility into Q4, we are increasing our 2023 guidance. Third quarter revenue was $1.4 billion, up 6% year-over-year as reported and 5% FX-neutral.

謝謝你，吉恩，早安。第三季業績強勁，合約價值實現高個位數成長。營收、EBITDA、調整後每股盈餘和自由現金流均優於預期，在諮詢和嚴格的成本管理方面表現出色。憑藉本季度的強勁業績和第四季度的良好可見性，我們正在提高 2023 年的指導。第三季營收為 14 億美元，較去年同期成長 6%，剔除匯率影響後成長 5%。

In addition, total contribution margin was 68% compared to 69% in the prior year as the 2022 hiring catch-up continued to flow through the P&L as expected. EBITDA was $333 million, ahead of our guidance and about in line with last year. Adjusted EPS was $2.56, up 6% from Q3 of last year. And free cash flow was $302 million.

此外，由於 2022 年的招聘追趕繼續按預期計入損益表，總邊際貢獻率為 68%，而前一年為 69%。 EBITDA 為 3.33 億美元，高於我們的指引，與去年基本持平。調整後每股收益為 2.56 美元，比去年第三季成長 6%。自由現金流為 3.02 億美元。

We finished the quarter with 20,253 associates, up 6% from the prior year and 1% from the end of the second quarter. We remain well positioned from a talent perspective as our associates continue to move up the 10-year curve.

本季結束時，我們擁有 20,253 名員工，比上年成長 6%，比第二季末成長 1%。隨著我們的員工在 10 年曲線上不斷攀升，從人才角度來看，我們仍然處於有利地位。

Research revenue in the third quarter grew 6% year-over-year as reported and 5% on an FX-neutral basis. Subscription revenue grew 8% on an organic FX-neutral basis. Non-subscription revenue performance was similar to Q2. Third quarter Research contribution was 73% compared to 74% in the prior year period as we have caught up on hiring and returned to the new expected levels of travel.

據報道，第三季研究營收年增 6%，在匯率中立的基礎上成長 5%。在剔除外匯中性因素的基礎上，訂閱收入成長了 8%。非訂閱營收表現與第二季相似。第三季的研究貢獻率為 73%，而去年同期為 74%，因為我們已經趕上了招募並恢復到了新的預期旅行水準。

Contract value, or CV, was $4.7 billion at the end of the third quarter, up 8% versus the prior year. The third quarter last year was a very strong research quarter with outstanding performance across most key metrics. CV growth is FX-neutral and excludes the first quarter 2023 divestiture.

截至第三季末，合約價值 (CV) 為 47 億美元，比去年同期成長 8%。去年第三季度是一個非常強勁的研究季度，在大多數關鍵指標上都表現出色。 CV 成長不受匯率影響，且不包括 2023 年第一季的資產剝離。

CV from enterprise function leaders across GTS and GBS grew at double-digit rates. New business with enterprise function leaders increased double digits as well. CV from tech vendors grew low single digits compared to mid-teens growth in the third quarter of 2022. Quarterly net contract value increase, or NCVI, was $101 million. As we've discussed in the past, there is notable seasonality in this metric.

GTS 和 GBS 的企業職能領導者的履歷以兩位數的速度成長。與企業職能領導者的新業務也成長了兩位數。與 2022 年第三季的中位數成長相比，技術供應商的履歷成長幅度較低。季度淨合約價值成長 (NCVI) 為 1.01 億美元。正如我們過去討論過的，該指標存在明顯的季節性。

CV growth was broad-based across practices, industry sectors, company sizes and geographic regions. Across our combined practices, the majority of the industry sectors grew at double-digit rates, led by the transportation, services and public sectors. We had high single-digit growth across all of our enterprise size categories other than the small category, which has the largest tech vendor mix, and grew low single digits. We also drove double-digit or high single-digit growth in the majority of our top 10 countries.

履歷的成長涉及各個實踐、行業領域、公司規模和地理區域。在我們的綜合實踐中，大多數行業部門都以兩位數的速度成長，其中交通、服務和公共部門處於領先地位。除了擁有最大技術供應商組合的小型類別之外，我們所有企業規模類別均實現了高個位數成長，且成長幅度較低。我們還在大多數排名前 10 的國家/地區實現了兩位數或高單位數成長。

Global Technology Sales contract value was $3.6 billion at the end of the third quarter, up 7% versus the prior year. GTS CV $65 million from the second quarter. While retention for GTS was 102% for the quarter, which compares to 107% in the prior year, when we saw a near-record high for this metric. IT enterprise function leaders wallet retention remained above historical GTS levels during the third quarter.

截至第三季末，全球技術銷售合約價值為 36 億美元，比去年同期成長 7%。第二季 GTS CV 為 6,500 萬美元。本季 GTS 的留存率為 102%，而去年該指標的留存率為 107%，我們看到該指標接近歷史新高。第三季度，IT 企業職能領導者的錢包留存率仍高於歷史 GTS 水準。

GTS new business was up 7% versus last year. New business with IT enterprise function leaders increased mid-teens compared to the prior year. GTS quota-bearing headcount was up 5% year-over-year. With the dynamic territory planning we introduced a few years ago, the catch-up hiring we did last year and our teams moving up the tenure curve, we're well positioned for growth moving into 2024. Our regular full set of GTS metrics can be found in the appendix of our earnings supplement.

GTS 新業務較去年成長 7%。與前一年相比，與 IT 企業職能領導者的新業務成長了 15%左右。 GTS 配額員工人數較去年同期成長 5%。透過我們幾年前推出的動態區域規劃、去年的追趕性招募以及我們的團隊在任期曲線上的提升，我們為進入 2024 年的成長做好了充分準備。我們常規的全套 GTS 指標可以是可以在在我們的收入補充附錄中找到。

Global Business Sales contract value was $1 billion at the end of the third quarter, up 14% year-over-year. All of our GBS practices grew at double-digit or high single-digit rates, other than sales, which grew mid-single digits. Growth was again led by supply chain and HR. GBS CV increased $36 million from the second quarter.

截至第三季末，全球業務銷售合約價值為 10 億美元，年增 14%。我們所有的 GBS 業務均以兩位數或高個位數成長率成長，但銷售額除外，銷售額以中個位數成長。成長再次由供應鏈和人力資源引領。 GBS CV 較第二季增加了 3,600 萬美元。

While retention for GBS was 108% for the quarter, which compares to 114% in the prior year when we saw one of the highest-ever results for this metric. GBS new business was up 10% compared to last year. GBS quota-bearing headcount was up 10% year-over-year. This excludes headcount associated with the Q1 divestiture. As with GTS, our regular full set of GBS metrics can be found in the appendix of our earnings supplement.

本季 GBS 的保留率為 108%，而去年我們看到了該指標有史以來最高的結果之一，為 114%。 GBS新業務較去年成長10%。 GBS 配額員工人數較去年同期成長 10%。這不包括與第一季剝離相關的員工人數。與 GTS 一樣，我們常規的全套 GBS 指標可以在我們的收益補充附錄中找到。

Conferences revenue for the third quarter was $57 million, ahead of our expectations during a seasonally small period. We delivered strong growth for the conferences we held in Q3 compared to the same conferences in 2022. The calendar shifted significantly from 2022 to 2023 with the return to in-person. Contribution margin in the quarter was 36%, consistent with typical seasonality and reflecting investments for future growth. We held 9 destination conferences in the quarter, all in-person.

第三季會議收入為 5700 萬美元，超出了我們對季節性小時期的預期。與 2022 年的同類會議相比，我們在第三季度舉辦的會議實現了強勁增長。日曆從 2022 年到 2023 年發生了重大變化，恢復了面對面會議。本季貢獻利潤率為 36%，與典型的季節性相符，反映了對未來成長的投資。本季我們舉辦了 9 場目的地會議，全部都是面對面的。

Third quarter Consulting revenues increased by 24% year-over-year to $133 million. On an FX-neutral basis, revenues were up 23%. Consulting contribution margin was 37% in the third quarter. Labor-based revenues were $100 million, up 10% versus Q3 of last year as reported and on an FX-neutral basis. Backlog at June 30 was $180 million, increasing 15% year-over-year on an FX-neutral basis with continued booking strength. Our contract optimization business is highly variable. We delivered $33 million of revenue in the quarter with some of the revenue pulled forward from the fourth quarter relative to our prior outlook.

第三季諮詢營收年增 24% 至 1.33 億美元。在匯率中立的基礎上，營收成長了 23%。第三季諮詢貢獻率為 37%。根據報告，在匯率中立的基礎上，基於勞動力的收入為 1 億美元，比去年第三季成長 10%。截至 6 月 30 日，積壓訂單為 1.8 億美元，在匯率中性的基礎上年增 15%，預訂量持續強勁。我們的合約優化業務變化很大。我們本季實現了 3,300 萬美元的收入，其中部分收入比我們先前的預期從第四季度向前推進。

Consolidated cost of services increased 8% year-over-year in the third quarter as reported and 7% on an FX-neutral basis. The biggest driver of the increase was higher headcount to support our future growth. SG&A increased 8% year-over-year in the third quarter as reported and 7% on an FX-neutral basis. SG&A increased in the quarter as a result of headcount growth.

據報告，第三季綜合服務成本年增 8%，在匯率中立的基礎上成長 7%。成長的最大推動力是員工數量的增加，以支持我們未來的成長。據報告，第三季銷售、管理及行政費用年增 8%，在匯率中立的基礎上成長 7%。由於員工人數成長，本季的銷售、管理及行政費用 (SG&A) 有所增加。

EBITDA for the third quarter was $333 million, about in line with last year. Third quarter EBITDA upside to our guidance primarily reflected revenue exceeding our expectations in consulting and prudent expense management.

第三季 EBITDA 為 3.33 億美元，與去年同期基本持平。第三季 EBITDA 較我們指引的上升主要反映了諮詢和審慎費用管理的收入超出了我們的預期。

Depreciation in the quarter of $25 million was up modestly compared to 2022. Net interest expense excluding deferred financing costs in the quarter was $21 million. This was down $8 million versus the third quarter of 2022 due to higher interest income on our cash balances. The modest floating rate debt we have is fully hedged through maturity.

與 2022 年相比，本季折舊額為 2,500 萬美元，略有上升。本季不包括遞延融資成本的淨利息支出為 2,100 萬美元。由於我們現金餘額的利息收入增加，與 2022 年第三季相比減少了 800 萬美元。我們擁有的適度浮動利率債務在到期時得到了充分對沖。

The Q3 adjusted tax rate, which we use for the calculation of adjusted net income, was 22% for the quarter. The tax rate for the items used to adjust net income was 35% for the quarter.

我們用於計算調整後淨利的第三季調整後稅率為 22%。本季用於調整淨利潤的項目稅率為 35%。

Adjusted EPS in Q3 was $2.56, up 6% compared with last year. We had 80 million shares outstanding in the third quarter. This is a reduction of close to 1 million shares or about 1% year-over-year. We exited the third quarter with about 79 million shares on an unweighted basis.

第三季調整後每股盈餘為 2.56 美元，較去年成長 6%。第三季我們有 8 千萬股流通股。這意味著減少了近100萬股，年減約1%。第三季結束時，我們持有約 7,900 萬股未加權股票。

Operating cash flow for the quarter was $331 million, up 5% compared to last year. CapEx for the quarter was $28 million, down 11% year-over-year as a result of catch-up spend on technology investments in 2022 which normalize this year. Free cash flow for the quarter was $302 million. Free cash flow as a percent of revenue on a rolling 4-quarter basis was 18% of revenue and 67% of EBITDA, adjusted for the after-tax impact of the Q1 divestiture, free cash flow conversion from GAAP net income was 122%. Our free cash flow conversion is generally higher when CV growth is accelerating.

該季度營運現金流為 3.31 億美元，比去年增長 5%。該季度的資本支出為 2,800 萬美元，年減 11%，原因是 2022 年科技投資的追趕支出今年已正常化。該季度的自由現金流為 3.02 億美元。自由現金流佔第四季度滾動營收的百分比為營收的18%，EBITDA 的67%（根據第一季資產剝離的稅後影響進行調整），根據GAAP 淨利潤換算的自由現金流為122% 。當履歷成長加速時，我們的自由現金流轉換通常會更高。

At the end of the third quarter, we had about $1.2 billion of cash. Our September 30 debt balance was about $2.5 billion. Our reported gross debt to trailing 12-month EBITDA was under 2x. Our expected free cash flow generation, available revolver and excess cash remaining on the balance sheet provide ample liquidity to deliver on our capital allocation strategy, our share repurchases and strategic tuck-in M&A. Our balance sheet is very strong with $2.2 billion of liquidity, low levels of leverage and effectively fixed interest rates.

截至第三季末，我們擁有約 12 億美元的現金。截至 9 月 30 日，我們的債務餘額約為 25 億美元。我們報告的總債務與過去 12 個月的 EBITDA 相比低於 2 倍。我們預期的自由現金流產生、可用循環資金和資產負債表上剩餘的多餘現金提供了充足的流動性，以實現我們的資本配置策略、股票回購和策略性併購。我們的資產負債表非常強勁，擁有 22 億美元的流動性、低槓桿水準和有效的固定利率。

We repurchased $209 million of stock during the third quarter and about $100 million in October. The Board increased authorization by $500 million earlier this week, and we expect they will continue to refresh the repurchase authorization as needed going forward. At the end of October, following the increased authorization, we had about $1 billion available for repurchases. As we continue to repurchase shares, our capital base will shrink. Over time, this is accretive to earnings per share, and combined with growing profits, also delivers increasing returns on invested capital.

我們在第三季回購了 2.09 億美元的股票，並在 10 月回購了約 1 億美元的股票。董事會本週稍早將授權增加了 5 億美元，我們預計他們將繼續根據需要更新回購授權。截至 10 月底，在增加授權後，我們有約 10 億美元可用於回購。隨著我們繼續回購股票，我們的資本基礎將會縮小。隨著時間的推移，這會增加每股收益，再加上不斷增長的利潤，也會帶來不斷增加的投資資本回報。

We are raising our full year guidance to reflect the better-than-expected Q3 performance and good visibility into the fourth quarter.

我們正在上調全年指引，以反映好於預期的第三季業績以及對第四季的良好預見性。

For Research, we continue to innovate and provide a very compelling value proposition for clients and prospects. Subscription research growth will reflect recent trends in contract value. We continue to expect stronger growth in the subscription business than in the non-subscription part of the segment, consistent with the third quarter.

在研究方面，我們不斷創新，為客戶和潛在客戶提供非常引人注目的價值主張。訂閱研究的成長將反映合約價值的最新趨勢。我們繼續預期訂閱業務的成長將強於該領域的非訂閱部分，與第三季一致。

For Conferences, we still expect Q4 to be the largest quarter of the year. For Consulting revenues, the labor business continues to perform well. We have very tough contract optimization compares in Q4 and pulled some revenue into Q3 relative to our prior expectations. We will continue both to manage expenses prudently to support future growth and deliver strong margins.

對於會議而言，我們仍然預計第四季將是今年最大的季度。就諮詢收入而言，勞務業務持續表現良好。與我們之前的預期相比，我們在第四季度進行了非常艱難的合約優化，並在第三季增加了一些收入。我們將繼續謹慎管理開支，以支持未來的成長並實現強勁的利潤率。

Our updated 2023 guidance is as follows: We expect research revenue of at least $4.875 billion, which is FX-neutral growth of about 6%, or 7% excluding the Q1 divestiture. The update to the Research revenue guidance reflects better-than-planned NCVI performance in Q3. With continued stability in the non-subscription part of the business, there is modest incremental upside relative to the expectations we built into the guidance last quarter.

我們更新後的 2023 年指引如下：我們預期研究收入至少為 48.75 億美元，匯率中性因素下成長約 6%，不包括第一季資產剝離則成長 7%。研究收入指引的更新反映了 NCVI 第三季的表現優於計畫。由於非訂閱業務部分持續穩定，相對於我們上季指引中的預期，存在適度的增量上升空間。

We expect Conferences revenue of at least $500 million, which is FX-neutral growth of about 27%. We have increased our outlook for Conferences by $10 million to reflect a good start to the fourth quarter.

我們預計會議收入至少為 5 億美元，剔除匯率因素後將成長約 27%。我們將會議展望上調了 1000 萬美元，以反映第四季度的良好開局。

We expect Consulting revenue of at least $515 million, which is growth of about 8% FX-neutral, reflecting the very strong performance in Q3 and timing in the contract optimization business.

我們預計諮詢收入至少為 5.15 億美元，匯率中性後成長約 8%，反映出第三季非常強勁的業績以及合約優化業務的時機。

The result is an outlook for consolidated revenue of at least $5.89 billion, which is FX-neutral growth of 8%. We now expect full year EBITDA of at least $1.44 billion, up $80 million from our prior guidance. With the strong performance in Q3, we have increased confidence in the margin forecast for the fourth quarter. We expect typical operating expense seasonality from Q3 to Q4. We now expect 2023 adjusted EPS of at least $10.90 per share.

結果是，綜合收入前景至少為 58.9 億美元，在匯率中立的情況下成長 8%。我們現在預計全年 EBITDA 至少為 14.4 億美元，比我們之前的指導增加 8000 萬美元。隨著第三季的強勁表現，我們對第四季的利潤率預測更有信心。我們預計第三季至第四季的典型營運費用季節性。我們現在預計 2023 年調整後每股盈餘至少為 10.90 美元。

For 2023, we now expect free cash flow of at least $1.025 billion, up $50 million from our prior guidance. Higher free cash flow reflects a conversion from GAAP net income of 136%, excluding the after-tax divestiture proceeds. Our guidance is based on 80 million fully diluted weighted average shares outstanding, which reflects the repurchases made through the end of October.

目前，我們預計 2023 年自由現金流至少為 10.25 億美元，比先前的指導增加 5,000 萬美元。較高的自由現金流反映了 136% 的 GAAP 淨利潤（不包括稅後剝離收益）的轉換。我們的指引基於 8,000 萬股完全稀釋加權平均流通股，反映了截至 10 月底的回購情況。

We are performing well this year despite continuing global macro uncertainty and a dynamic tech vendor market. CV grew high single digits in the quarter. Revenue and EBITDA performance exceeded our expectations, and we increased our guidance. Free cash flow was strong in the quarter, and we increased the guidance for the full year.

儘管全球宏觀不確定性持續存在且技術供應商市場充滿活力，但我們今年的表現仍然良好。 CV 在本季度實現了高個位數成長。收入和 EBITDA 表現超出了我們的預期，因此我們提高了指導價值。本季自由現金流強勁，我們提高了全年指引。

We repurchased about $550 million of stock year-to-date through October and remain eager to return excess capital to our shareholders. We will continue to be disciplined, opportunistic and price-sensitive.

年初至今，截至 10 月份，我們回購了約 5.5 億美元的股票，並且仍然渴望將多餘的資本回饋給股東。我們將繼續保持紀律、機會主義和價格敏感。

Looking out over the medium term, our financial model and expectations are unchanged. With 12% to 16% Research CV growth, we will deliver double-digit revenue growth. With gross margin expansion, sales costs growing about in line with CV growth and G&A leverage, we will expand EBITDA margins modestly over time. We can grow free cash flow at least as fast as EBITDA because of our modest CapEx needs and the benefits of our clients paying us upfront. And we'll continue to deploy our capital on share repurchases which will lower the share count over time and on strategic value-enhancing tuck-in M&A.

展望中期，我們的財務模式和預期保持不變。隨著 12% 至 16% 研究履歷的成長，我們將實現兩位數的收入成長。隨著毛利率的擴張、銷售成本的成長與CV成長和一般行政費用槓桿大致一致，我們將隨著時間的推移適度擴大EBITDA利潤率。由於我們適度的資本支出需求以及客戶預先向我們付款的好處，我們的自由現金流增長速度至少可以與 EBITDA 一樣快。我們將繼續將資金用於股票回購（這將隨著時間的推移減少股票數量）以及策略價值提升的併購。

With that, I'll turn the call back over to the operator, and we'll be happy to take your questions. Operator?

這樣，我會將電話轉回給接線員，我們將很樂意回答您的問題。操作員？

(Operator Instructions) Our question is from Jeff Mueller with Baird.

（操作員說明）我們的問題來自 Jeff Mueller 和 Baird。

Sir, can we continue with the next question? (Operator Instructions) Next question is from Heather Balsky with Bank of America.

先生，我們可以繼續下一個問題嗎？ （操作員說明）下一個問題來自美國銀行的 Heather Balsky。

I was hoping to ask a question about expense management. As you look into next year, you -- assuming that tech vendor spending potentially starts to lap with easier comparisons, there's an opportunity to win back those sales. Do you think you need to invest behind that? Or do you think you have an opportunity with your existing sales force? And then also just your thoughts around expense management as you head into 2024 more broadly.

我想問一個關於費用管理的問題。當你展望明年時，假設技術供應商的支出可能開始與更容易的比較一致，那麼就有機會贏回這些銷售。您認為您需要在這背後進行投資嗎？或者您認為現有的銷售人員有機會嗎？然後，當您更廣泛地進入 2024 年時，還有您對費用管理的想法。

Heather, it's Gene. So as we look at our market opportunity, as you know, our market opportunity is very vast. Over time, we intend to grow our sales force in line with capturing that market opportunity. Over the last couple of years, we've grown our sales group dramatically, and we feel like we're in a really good position as we go into the end of '23 and '24 with the capacity we have. Again, over time, we will continue to grow that capacity.

希瑟，我是吉恩。因此，當我們審視我們的市場機會時，如您所知，我們的市場機會非常廣泛。隨著時間的推移，我們打算擴大我們的銷售隊伍，以抓住市場機會。在過去的幾年裡，我們的銷售團隊急劇壯大，隨著我們現有的產能進入 23 和 24 年底，我們感覺自己處於非常有利的位置。同樣，隨著時間的推移，我們將繼續提高這項能力。

And so -- just to clarify then. When you think about the tech vendor opportunity, do you think you can win back those sales with the sales force you have? That's the fair assumption?

所以——只是為了澄清一下。當您考慮技術供應商的機會時，您認為您可以利用您擁有的銷售團隊贏回這些銷售嗎？這是公平的假設嗎？

Yes. Over time, Heather, we think that the tech vendor market will return to the kind of growth we've seen historically. Again, as we -- our perspective on it, there's a lot of the business they had was pulled forward, their own sales, as a result -- they kind of overhired and have been having some retrenchment which is impacting our business. we think, again, that the tech business is going to grow over time. Their revenues will grow, and our business will get back to normal growth over time as well.

是的。希瑟，隨著時間的推移，我們認為技術供應商市場將恢復到我們歷史上看到的那種成長狀態。再說一遍，正如我們的觀點一樣，他們的許多業務都被提前了，他們自己的銷售也因此而被過度僱用​​，並且一直在進行一些裁員，這正在影響我們的業務。我們再次認為，科技業務將會隨著時間的推移而成長。他們的收入將會成長，我們的業務也將隨著時間的推移恢復正常成長。

And Heather, it's Craig. The other thing I would add is, as our tech business, as the contract value accelerated over the last 2 years, we also increased the number of territories we have serving that market. And so we did a lot of hiring across all of both GTS and GBS, as Gene mentioned, over the last couple of years, tech vendor market included.

希瑟，我是克雷格。我要補充的另一件事是，作為我們的科技業務，隨著合約價值在過去兩年中加速成長，我們也增加了為該市場提供服務的地區數量。因此，正如 Gene 所提到的，在過去幾年中，我們在 GTS 和 GBS 都進行了大量招聘，包括技術供應商市場。

And so a lot of new people joined the company in 2022 in selling positions and they are coming up for tenure curve. And so as we think about our territory coverage, if you will, heading into 2024 and beyond as well as the maturation of our sales force heading into 2024, we feel like we're in a really good position to return to the kind of target growth that we want to over the medium term.

因此，許多新人在 2022 年加入公司擔任銷售職位，他們正在走上任期曲線。因此，當我們考慮我們的領土覆蓋範圍時，如果你願意的話，進入 2024 年及以後，以及我們的銷售隊伍進入 2024 年的成熟度，我們覺得我們處於非常有利的位置，可以回到那種目標我們希望在中期實現成長。

(Operator Instructions) Next question comes from the line of Toni Kaplan.

（操作員說明）下一個問題來自 Toni Kaplan。

I was hoping you could give us some metrics around the current average tenure of your salespeople compared to sort of a reference point, maybe it's year-over-year or pre-pandemic or versus a historical average. Just want to get a sense of where we are now versus some historical point.

我希望您能為我們提供一些有關銷售人員當前平均任期的指標，與某種參考點進行比較，也許是同比、大流行前或歷史平均水平。只是想了解我們現在所處的位置以及某個歷史點。

Toni, thanks for the question. So the way to think about it is, if you look at all of the net and gross adds we did in 2022, effectively, when we entered this year, we had the least tenured or least experienced sales force that we've ever had. Sort of order of magnitude, we're typically -- Gene and I have both talked about this in the past. Like in normal times, call it, 35% to 40% of our sales force is on the new-ish side. We were in the 50-plus percent range being brand new to Gartner.

東尼，謝謝你的提問。因此，思考這個問題的方法是，如果你看看我們在 2022 年所做的所有淨增長和總增長，實際上，當我們進入今年時，我們擁有有史以來任期最短或經驗最淺的銷售隊伍。在某種程度上，我們通常——吉恩和我過去都討論過這個問題。就像正常時期一樣，我們 35% 到 40% 的銷售人員都是新人。對 Gartner 來說，我們的 50% 以上是全新的。

As we've made our way through this year, obviously, all those people we hired in 2022 have gained experience and tenure. We did -- we were very back-end loaded last year in terms of the hiring. And so those people we hired in the third and fourth quarter of last year are now approaching or have just crossed over their 1-year anniversary.

顯然，隨著我們今年的進展，我們在 2022 年僱用的所有人員都獲得了經驗和任期。我們做到了——去年我們在招募方面的後端負荷非常大。因此，我們去年第三季和第四季聘用的人現在已經接近或剛度過他們的一周年紀念日。

And again, that's sort of getting back to Heather's question, Gene, around do we have enough capacity, et cetera. We have enough capacity, and the tenuring will look more "normal" as we roll into 2024, but significantly better than what we experienced -- or more tenured than we experienced over the course of 2023.

再說一次，這又回到了希瑟的問題，吉恩，我們是否有足夠的能力，等等​​。我們有足夠的容量，隨著我們進入 2024 年，任期將看起來更加“正常”，但比我們經歷的要好得多，或者比我們在 2023 年經歷的任期更長。

Yes. That makes sense. I wanted to ask about client retention, sort of a step down in both GTS and GBS. The levels, I think, are still pretty within historical range. But like, I guess, is there anything you're doing to put in place initiatives to address retention? Or do you feel like you're at sort of more normal levels? And I guess, what's driving that? And any concern to call out?

是的。這就說得通了。我想問一下客戶保留率，這在 GTS 和 GBS 中都是一種下降。我認為，這些水平仍然在歷史範圍內。但我想，您是否正在採取任何措施來採取措施來解決保留問題？或者你覺得自己處於更正常的水平嗎？我想，是什麼推動了這一點？還有什麼需要注意的嗎？

No. So on the GBS side, while we're still at or above historical levels, it's really tech vendor drag, and it's really small tech vendor drag there. If you actually broke apart our enterprise function leader in GTS, those client retention rates are at or above historical levels for GTS. And so it's really just the tech vendor market impacting that client retention rate.

不。所以在 GBS 方面，雖然我們仍處於或高於歷史水平，但這確實是技術供應商的拖累，而且技術供應商的拖累確實很小。如果您實際上將我們的 GTS 企業職能領導者分開，您會發現這些客戶保留率等於或高於 GTS 的歷史水平。因此，影響客戶保留率的其實只是技術供應商市場。

On the GBS side, yes, it's down a little, but it's still 400, 500 basis points higher than GTS. And so we feel really good about that. That said, we're never done on retention. So I'll let Gene talk a little bit about that.

在GBS方面，是的，它下降了一點，但仍然比GTS高400、500個基點。所以我們對此感覺非常好。也就是說，我們在保留方面永遠不會停止。所以我會讓吉恩談談這個問題。

Yes. Toni, as Craig said, even with the rates we have now, we are never satisfied. And so have a whole set of programs designed to improve those retention rates over time. And it includes things like how we use our conferences, the ads, the tools, the support tools we give to our service delivery associates, as well as the training we have with people first come on board and then current training throughout their careers, et cetera. So we are never satisfied with the -- no matter how good it is, we always want to be better.

是的。東尼，正如克雷格所說，即使以我們現在的價格，我們也永遠不會滿意。因此，有一整套旨在隨著時間的推移提高這些保留率的計劃。它包括我們如何使用我們的會議、廣告、工具、我們為服務交付人員提供的支援工具，以及我們對剛入職的人員進行的培訓，以及他們整個職業生涯中的當前培訓等。等等。所以我們永遠不會滿足——無論它有多好，我們總是希望變得更好。

(Operator Instructions) Next question comes from the line of Seth Weber with Wells Fargo.

（操作員說明）下一個問題來自富國銀行的 Seth Weber 線路。

I wanted to go back to the expense question just for a second. I mean, your margin guidance for this year is pretty well ahead of the initial framework that you guys were talking about earlier in the year or last year. I'm just trying to think through, are there any big cost buckets that could come back next year? I think, Craig, you mentioned travel is kind of back, T&E. So I'm just trying to think through the margin leverage going forward in a higher revenue -- in a revenue growth rate environment, if there's anything we should be considering.

我想暫時回到費用問題。我的意思是，你們今年的利潤指導遠遠領先於你們今年早些時候或去年談論的初始框架。我只是想思考一下，明年是否有任何大的成本可能會回來？我想，克雷格，你提到旅行是一種回歸，T&E。因此，我只是試著思考在收入成長率較高的環境中未來的利潤率槓桿，是否有什麼我們應該考慮的。

Seth, great question. So I think there's a couple of things going on within your question. So from an operating expense perspective, we are, I guess, relatively back to sort of normalized level of expenses. There are obviously always going to be puts and takes, but a relatively normalized level of expenses.

賽斯，好問題。所以我認為你的問題中有幾件事。因此，從營運費用的角度來看，我想我們相對回到了正常化的費用水準。顯然總是會有一些變動，但支出水準相對正常。

I would note, and this is obviously embedded in the guidance, that there's a pretty significant step-up in OpEx sequentially from Q3 to Q4 just given our conference schedule, our travel related to conferences, in the fourth quarter and other client activity, marketing related to conferences and Q4 activity, et cetera. So it reflects sort of normal Q3 to Q4 step-up, but just make sure you kind of bake that into the OpEx.

我要指出的是，這顯然已包含在指南中，鑑於我們的會議安排、與會議相關的旅行、第四季度以及其他客戶活動、營銷，運營支出從第三季度到第四季度連續出現了相當顯著的提升與會議和第四季活動等相關。因此，它反映了第三季到第四季的正常成長，但請確保將其納入營運支出。

I think the only thing just to keep in mind is that, obviously, our largest revenue line is our Research, and there is a lag between when contract value does start accelerating and then the revenue flows through. And so we're just mindful of watching that, and that can have a pretty significant impact on margins on both a sequential and year-over-year basis.

我認為唯一要記住的是，顯然，我們最大的收入線是我們的研究，合約價值開始加速和收入流入之間存在一個滯後。因此，我們只是注意觀察這一點，這可能會對連續和同比的利潤率產生相當大的影響。

Okay. That's helpful. And then just following on that. Is there any reason to think that pricing would be softer next year than it was in 2023?

好的。這很有幫助。然後就繼續這樣做。有沒有理由認為明年的定價會比 2023 年更疲軟？

Seth, it's Gene. What I'd say we're seeing in the marketplace is clients value our products greatly, and we expect pricing, the pricing environment will be the same next year as it is this year.

賽斯，我是吉恩。我想說的是，我們在市場上看到的是客戶非常看重我們的產品，我們預計定價，明年的定價環境將與今年相同。

(Operator Instructions) Next question, please, comes from the line of Jeffrey Meuler with [Wells Fargo].

（操作員說明）下一個問題來自 [Wells Fargo] 的 Jeffrey Meuler。

Can you hear me now?

你聽得到我嗎？

Yes.

是的。

Okay. Sorry to drag you back to it. I know you said you have sufficient sales capacity. I just want to make sure I'm understanding the management of sales headcount appropriately. So is this that you've already seen a slowing environment and you've already rebuilt your sales capacity. So with those dynamics, you're well calibrated? Or should we be reading into it that there's any sort of like incremental weakening you're seeing? Because we're not seeing that in any of your externally reported metrics.

好的。抱歉把你拉回來了。我知道你說你有足夠的銷售能力。我只是想確保我正確理解銷售人員的管理。這是否意味著您已經看到了放緩的環境，並且您已經重建了銷售能力。那麼有了這些動態，你就已經做好校準了嗎？或者我們應該深入了解您所看到的任何類似的漸進式削弱？因為我們在您的任何外部報告指標中都沒有看到這一點。

Yes, Jeff. So you should not read into it in any way that we're seeing any kind of weakening. It's what we talked about earlier, which is that we expanded our sales force a lot over the last 2 years. For GTS, it's up about 18% since the end of 2021. That's a lot of capacity. So we've added a lot of capacity. On top of that, as Craig mentioned, A lot of those people now coming into tenure.

是的，傑夫。因此，您不應該以任何方式解讀我們看到的任何削弱。這就是我們之前談到的，即我們在過去兩年中大幅擴大了銷售團隊。對於 GTS 來說，自 2021 年底以來增長了約 18%。這是一個很大的容量。所以我們增加了很多容量。最重要的是，正如克雷格所提到的，許多人現在都獲得了終身職位。

And so as we look, especially for '24, we feel like we're really well situated in terms of actual capacity between the large number of additions we've made in the last 2 years and the fact that those people we got up the tenure curve and kind of being at the really -- a really good spot at the tenure growth during '24, and by the way, in '25 as well.

因此，當我們觀察時，尤其是 24 年，我們覺得就實際容量而言，我們在過去 2 年中增加的大量人員和我們增加的人員這一事實之間處於非常有利的位置。任期曲線，並且處於真正的——24 年任期增長的一個非常好的位置，順便說一句，在25 年也是如此。

Okay. And then, Craig, you just alluded to this, but I guess I was surprised to see subscription revenue perform as well as it did in Research. And I'm not sure if there's some FX impact or divestiture impact or something. But to see it on Slide 7 actually accelerate while CVs still been decelerating, if you can just address why Research subscription revenue would be accelerating with those dynamics.

好的。然後，克雷格，你剛剛提到了這一點，但我想我很驚訝地看到訂閱收入的表現與研究部門的表現一樣好。我不確定是否存在一些外匯影響或資產剝離影響或其他影響。但從幻燈片 7 上看，它實際上正在加速，而簡歷仍在減速，如果你能解釋為什麼研究訂閱收入會隨著這些動態而加速。

Yes, Jeff. So I think there's a little bit of FX in there. Obviously, I do think over the course of Q3, and this is part of the reason why we're able to increase the Research guide a little bit, too, is NCVI or growth came in earlier in the quarter than we had originally anticipated.

是的，傑夫。所以我認為裡面有一點外匯。顯然，我確實認為在第三季的過程中，這也是我們能夠稍微增加研究指南的部分原因，NCVI 或成長在本季比我們最初預期的更早出現。

And so again, the combination of -- if it books in July, we get to take 2 months of it. If it books at the end of September, it's all in Q4. And so we got a little bit of that benefit flowing through into Q3. And then obviously, we were able to raise the full year guide for the Research segment as well because of the -- beating our expectations for the third quarter in NCVI.

再說一次，如果它在 7 月預訂，我們可以預訂 2 個月。如果9月底預訂的話，就全部在Q4了。因此，我們在第三季獲得了一些好處。顯然，我們也能夠提高研究部門的全年指南，因為 NCVI 的第三季超出了我們的預期。

(Operator Instructions) Comes from the line of Andrew Nicholas with William Blair.

（操作員說明）來自安德魯·尼古拉斯和威廉·布萊爾的血統。

I wanted to again, ask on the headcount question and maybe ask it a different way, which is, given where you feel you are with headcount and territory coverage and the ramp for what was previously a lower-tenured sales force. Is it fair for us to expect, next year, for a bigger gap between CV growth and headcount growth? And maybe the 4% to 5% that you've talked about historically as all those dynamics going to come together?

我想再次詢問人員數量問題，也許可以用不同的方式提出，也就是說，考慮到您認為自己的人員數量和區域覆蓋範圍以及以前任期較低的銷售人員的增長情況。我們預計明年履歷表成長與員工人數成長之間的差距會更大，這公平嗎？也許您在歷史上談論過 4% 到 5%，因為所有這些動力都會匯集在一起？

Andrew, it's Craig. I think the way we're thinking about it, again, we'll provide full guidance in February. But we're -- as we've mentioned throughout the course of this year, we are constantly recalibrating based on the external situation and how our business is performing.

安德魯，我是克雷格。我認為，按照我們的思考方式，我們將在二月提供完整的指導。但正如我們在今年全年所提到的，我們正在根據外部情況和我們的業務表現不斷進行重新調整。

Looking at the headcount sort of quarter-to-quarter, there can obviously be a little bit of noise in those numbers. And so as Gene and I both alluded to, there's really nothing to see there. And as we roll into next year and beyond, the algorithm that we continue to think about is we're going to grow our territories and our headcount in that kind of within 4 points -- 4 or 5 points of contract value growth. And the 4 to 5 points is really dependent on what we're seeing from a wage inflation perspective. And so wage of inflation is abating a little bit, we'll be closer to CV minus 4. If wage inflation is higher, it will be CV minus 5 or whatever. But that's the algorithm over the long term or medium term.

從季度到季度的員工人數來看，這些數字顯然可能會有一些噪音。正如吉恩和我都提到的那樣，那裡真的沒什麼好看的。當我們進入明年及以後時，我們繼續考慮的演算法是，我們將在合約價值增加 4 個百分點（4 或 5 個百分點）的範圍內擴大我們的領土和員工數量。 4 到 5 個點實際上取決於我們從薪資通膨的角度看到的情況。因此，薪資通膨正在減弱，我們將更接近 CV 負 4。如果薪資通膨更高，則將是 CV 負 5 或其他。但這是長期或中期的演算法。

Quarter-to-quarter, it may shift a little bit just given what's going on. But over the long term, given the huge addressable market opportunity, that's the algorithm we're going to go after.

考慮到正在發生的情況，每個季度的情況可能會發生一些變化。但從長遠來看，考慮到巨大的潛在市場機會，這就是我們要追求的演算法。

Makes sense. And then for my follow-up, I just wanted to (technical difficulty) curious how the last year or so, given all the macro uncertainty, geopolitical dynamics, tech vendor weakness, all these different kind of noisy items, that performance and that growth has remained very strong and within your medium-term target.

說得通。然後對於我的後續行動，我只是想（技術難度）好奇過去一年左右的時間，考慮到所有宏觀不確定性、地緣政治動態、技術供應商的弱點，所有這些不同種類的噪音項目，表現和成長如何仍然非常強勁並且在您的中期目標之內。

So I'm just wondering if, having been through that in the past couple of years, if you have any kind of updated views on kind of the cyclicality of that business specifically. Because it does seem to have been more resilient than I would have expected, particularly off difficult comps last year.

所以我只是想知道，在經歷了過去幾年的經歷後，您是否對該業務的周期性有任何更新的看法。因為它似乎確實比我預期的更有彈性，特別是在去年困難的比賽中。

Andrew, sorry, you cut out the beginning. Are you talking about consulting?

安德魯，抱歉，你刪掉了開頭。你說的是諮商嗎？

Sorry. No, I was asking about GBS CV growth, just kind of the resilience of the CV growth there.

對不起。不，我問的是 GBS CV 成長情況，只是 CV 成長的彈性。

Yes. I mean, I think it's just consistent with the story and the facts we've been telling for a while, which is business leaders outside of IT and HR and finance and legal and sales on their mission-critical priorities, and we have great products that offer tremendous value in that space. That's really the headline there.

是的。我的意思是，我認為這與我們一段時間以來所講述的故事和事實是一致的，即IT、人力資源、財務、法律和銷售之外的業務領導者致力於他們的關鍵任務優先事項，而且我們擁有出色的產品在該領域提供巨大的價值。這確實是那裡的標題。

We've gotten better at the insights we create. We've gotten better with our selling motions. We've gotten better in everything we do. But the net of it is, is that business leaders have problems, and we have great products to help them solve those problems. And again, we believe that, that won't change moving forward.

我們在創造見解方面做得更好了。我們的銷售動作變得更好了。我們所做的一切都變得更好了。但最終的結果是，企業領導者有問題，而我們有很棒的產品來幫助他們解決這些問題。我們再次相信，這一點不會改變。

Does that answer your question, Andrew?

這能回答你的問題嗎，安德魯？

Yes.

是的。

(Operator Instructions) From the line of Josh Chan with UBS.

（操作員說明）來自 UBS 的 Josh Chan。

You mentioned that NCVI was better this quarter than you expected. So is there any themes in terms of types of clients to call out? And do you think that the strength is more a function of the market turning? Or is it your sales force gaining traction there?

您提到 NCVI 本季比您預期的要好。那麼，在客戶類型方面有什麼主題值得指出嗎？您認為強勢較多的是市場轉向的函數嗎？還是你的銷售隊伍在那裡獲得了吸引力？

Yes. I guess, Josh, I'd say that we saw a pretty consistent market environment between Q2, Q3. If we get something that Craig said a minute ago, which is that our experts look at what are the most important issues facing executives in each of their functional areas? And we have -- we give them advice on how to address those things. That's through all kind of environments, whether it's a really robust or not as robust for the individual enterprise. And so I think what you see is just that clients get a lot of value out of our research, and it's true over time.

是的。喬什，我想我會說我們在第二季和第三季之間看到了非常一致的市場環境。如果我們得到克雷格一分鐘前所說的話，那就是我們的專家會研究高階主管在每個職能領域面臨的最重要的問題是什麼？我們為他們提供如何解決這些問題的建議。這是透過各種環境實現的，無論它對單一企業來說是否真正強大。所以我認為你看到的是客戶從我們的研究中獲得了很多價值，隨著時間的推移，這是事實。

Right. Okay. And I guess on the consulting side, I appreciate that you mentioned there was some timing pull-forward there. But do you think the contract optimization strength, is it's more a function of where we are in the cycle and clients looking to, I guess, optimize their spend? Or is that more of a kind of a onetime type of event for you? Do you expect kind of sustained strength in the contract optimization business for the next couple of quarters, I guess?

正確的。好的。我想在諮詢方面，我很欣賞你提到那裡有一些時間提前。但您認為合約優化強度是否更取決於我們所處的周期以及客戶希望優化他們的支出？或者這對你來說更像是一次性的活動？我猜您預計未來幾季合約優化業務會持續強勁嗎？

Yes. The contract optimization business, we've talked about in the past, is a very lumpy business. And so you can't really take one quarter and sort of say -- and extrapolate, is something different in the market? Whatever. It's really just a matter of when deals happen to come in and what clients happen to be looking for at that point of time. And so the other way we're looking at that business is kind of like over a year-long period or something. From quarter to quarter, you can't really draw any conclusions.

是的。我們過去討論過的合約優化業務是一項非常不穩定的業務。所以你不能真正拿一個季度的數據來推斷——市場上有什麼不同嗎？任何。這實際上只是交易何時到來以及客戶當時正在尋找什麼的問題。因此，我們看待這項業務的另一種方式是一年之內的時間。從一個季度到另一個季度，你無法真正得出任何結論。

I do think, Josh, the one other thing I'd add is that clients like saving money in any operating environment. So again, I think it's obviously a really strong value proposition, even in a not-choppy economic environment.

喬什，我確實認為，我要補充的另一件事是客戶喜歡在任何操作環境中省錢。再說一次，我認為這顯然是一個非常強大的價值主張，即使在不動盪的經濟環境中也是如此。

(Operator Instructions) From the line of Manav Patnaik with Barclays.

（操作員說明）來自 Manav Patnaik 和巴克萊銀行的血統。

Craig, just to ask the expense question a little differently. I mean, obviously, there's the seasonal tick up going into 4Q. But if you look at the full year thus far, like has that expense base being more normal? Or are there any other puts and takes we need to consider as we go into next year?

克雷格，只是想以稍微不同的方式提出費用問題。我的意思是，顯然，第四季會出現季節性上漲。但如果你看看迄今為止的全年情況，你會發現這種支出基礎是否更正常？或者在進入明年時我們還需要考慮其他看跌期權和看跌期權嗎？

I think it's -- I would characterize it as roughly normal. I do think that as we pivot into next year, we are likely to get back to a little bit faster headcount and territory growth, and so we need to model that in. But that's probably the biggest lever on that operating expense base other than timing of conferences and things like that.

我認為這是——我將其描述為大致正常。我確實認為，當我們進入明年時，我們可能會恢復到更快的員工數量和領土增長，因此我們需要對此進行建模。但這可能是除時間之外運營費用基礎上最大的槓桿會議和類似的事情。

It's just -- as Gene mentioned earlier, we grew a lot, particularly in 2022. And so this year, we have been sort of operationalizing, maturing and digesting a lot of that growth. And so there was -- there has not been a huge amount of net headcount growth baked into the 2023 numbers. There is some, but not as much as we've had historically. I think we get back to a more normal level of that next year. So that would have to be modeled in, our normal wage inflation and merit increase and things like that. But that -- the other stuff is generally normal course.

正如吉恩之前提到的，我們成長了很多，特別是在 2022 年。因此，今年，我們已經開始實施、成熟並消化了大部分成長。因此，2023 年的數據中並沒有大量的淨員工人數成長。有一些，但沒有歷史上那麼多。我認為明年我們會恢復到更正常的水平。因此，這必須以我們正常的薪資通膨和績效成長等為模型。但其他的事情通常都是正常的。

Got it. Okay. And then my second question was just around the new sales environment. Obviously, fourth quarter is big quarter. Any color on that? Plus, just I think the new sales numbers you gave with GTS and GBS were positive mid- to high single digits. Like how much of that was comps versus any -- just talk about the momentum there, I guess.

知道了。好的。然後我的第二個問題是關於新的銷售環境。顯然，第四季是重要的季度。那上面有什麼顏色嗎？另外，我認為您給出的 GTS 和 GBS 的新銷售數字是正的中高個位數。就像其中有多少是比較與其他相比——我想只是談談那裡的勢頭。

So in terms of the selling environment, again, I think it's unchanged. We see the same selling environment sort of Q2, Q3, and we're expecting the same environment in Q4.

因此，就銷售環境而言，我認為它沒有改變。我們看到第二季、第三季的銷售環境與第四季相同。

In terms of the comp, I'll let Craig...

就比賽而言，我會讓克雷格...

Yes, I mean I think for instance the headcount numbers. And so yes, I mean, GBS Headcount was up 10% year-over-year. GTS up 4.5%. Again, we are constantly, as we've talked about, you're probably tired of hearing me say it, recalibrating those numbers around a variety of different scenarios for the end of the year. Obviously, there's only another 2 months that's in the year.

是的，我的意思是我認為例如員工人數。所以，是的，我的意思是，GBS 員工人數年增了 10%。 GTS上漲4.5%。再說一遍，正如我們所討論的，您可能厭倦了聽我這麼說，在年底圍繞各種不同的情況重新校準這些數字。顯然，一年只剩下兩個月了。

But yes, we expect to end the year sort of aligned from a headcount perspective and CV perspective so that we roll into next year with the right size sales force. And then we'll continue to grow that sales force moving forward to go after that huge market opportunity.

但是，是的，我們預計今年年底從員工數量和履歷的角度來看會保持一致，以便我們以適當規模的銷售團隊進入明年。然後我們將繼續擴大銷售隊伍，以抓住這個巨大的市場機會。

Apologies, Craig. I was referring to the new business number, but I appreciate the headcount color as well.

抱歉，克雷格。我指的是新的業務號碼，但我也很欣賞員工人數的顏色。

Yes. So -- okay, great. Sorry about that. So yes, on the new business side, I think it's a combination of a little bit easier comps and the maturation of the sales force coming up the tenure curve.

是的。所以——好吧，太好了。對於那個很抱歉。所以，是的，在新業務方面，我認為這是更容易的競爭和銷售團隊在任期曲線上的成熟的結合。

(Operator Instructions) Comes from the line of George Tong with Goldman Sachs.

（操作員說明）來自高盛 (Goldman Sachs) 的喬治唐 (George Tong) 家族。

Going back to tech vendor trends, you mentioned that Research non-subscription revenues were similar in terms of performance to 2Q and tech vendor CV growth was in the low single digits. Can you elaborate a little bit more on what you're seeing with tech vendors? And if your updated 2023 guide assume stabilization or improvement in performance?

回到技術供應商趨勢，您提到研究非訂閱收入在業績方面與第二季度相似，而技術供應商 CV 成長處於較低的個位數。能否詳細說明一下您對技術供應商的看法？如果您更新的 2023 年指南假設效能穩定或改善？

So I'd say for Q3, we didn't see any change in the tech vendor environment, just the same as we've seen in Q2.

因此，我想說，在第三季度，我們沒有看到技術供應商環境發生任何變化，就像我們在第二季度看到的那樣。

In terms of the guidance, I'll let Craig...

在指導方面，我會讓克雷格......

Yes. I mean, I think it's stabilization, George. So we haven't yet seen signs that, that market has shifted yet. We do believe, again, over the medium term or the next year, 1.5 years, that we will get back to more normal growth trends there. But I'd say what we saw in Q3 and what's embedded in the guidance.

是的。我的意思是，我認為這是穩定，喬治。因此，我們還沒有看到市場發生變化的跡象。我們再次相信，從中期或明年（1.5 年）來看，我們將恢復到更正常的成長趨勢。但我想說的是我們在第三季看到的內容以及指南中包含的內容。

And again, I mean, the reality, just also remember that contract value or growth we sell in Q4 really has almost a de minimis impact on the full year Research revenue numbers from a subscription revenue perspective. And so stabilization baked in there. And similarly, on the non-sub line, we have not assumed any crazy rebound. Sort of what we're seeing is stabilization, and that's what we've modeled into the guidance.

再說一次，我的意思是，現實情況是，從訂閱收入的角度來看，我們在第四季度銷售的合約價值或成長確實對全年研究收入數據幾乎產生了微乎其微的影響。因此穩定在那裡。同樣，在非子線上，我們也沒有假設出現任何瘋狂的反彈。我們看到的是穩定，這就是我們在指南中建模的內容。

Got it. That's helpful. And then perhaps to ask the margin question a little bit differently. You raised your full year guidance for EBITDA margins once again this quarter. Can you provide your latest views on what structural EBITDA margins are? And if the factors that led to your improved full year outlook for EBITDA margins can also lead to an improved view on structural margins?

知道了。這很有幫助。然後也許會以稍微不同的方式提出保證金問題。本季您再次提高了 EBITDA 利潤率的全年指引。您能否提供您對結構性 EBITDA 利潤率的最新看法？導致您全年 EBITDA 利潤率前景改善的因素是否也能改善您對結構性利潤率的看法？

Sure. Happy to. So I think the view is really not changed from prior quarters and prior discussions. So what I'd say is our view on our margin profile today is that the base or foundational margins are in the low 20s. Obviously, that is significantly higher than they were before the pandemic and before the CEB acquisition.

當然。高興。所以我認為這種觀點與之前幾季和之前的討論相比確實沒有改變。因此，我想說的是，我們今天對利潤狀況的看法是，基本利潤率或基礎利潤率在 20 左右。顯然，這明顯高於疫情之前和 CEB 收購之前的水平。

In addition to that, as always, we believe there is operating leverage in the business and that our margins will go higher over time. We'll give guidance in February as we always do. As we talked about on some of the other OpEx questions, this year's operating expense is a reasonable starting point to think about the margins and the overall P&L for next year.

除此之外，一如既往，我們相信業務中存在營運槓桿，隨著時間的推移，我們的利潤率將會更高。我們將像往常一樣在二月提供指導。正如我們討論的其他一些營運支出問題一樣，今年的營運支出是考慮明年利潤率和整體損益的合理起點。

But just, obviously, keep in mind that there are other things beyond just the OpEx level and the level of investment we've put into the business next year that will impact the margins, most notably, where we end this year from a contract value perspective. Because as we've talked about, there is a lag in terms of the revenue and the CV relationship, both when CV is decelerating but also when CV begins to accelerate as well. So it does take a quarter or 2 for -- lag for the sub revenue to kind of catch up the CV. And so again, just be mindful of that as you think about of 2024 as well. We'll provide all those details in February when we come out with our initial guidance [for 2024].

但顯然，請記住，除了營運支出水準和我們明年投入業務的投資水準之外，還有其他因素會影響利潤率，最值得注意的是，我們今年的合約價值看法。因為正如我們所討論的，無論是當 CV 減速時還是當 CV 開始加速時，收入和 CV 關係都存在滯後。因此，子收入確實需要四分之一或兩個滯後時間才能趕上履歷。再說一次，當你思考 2024 年時，請記住這一點。我們將在 2 月發布 [2024 年] 初步指導意見時提供所有這些詳細資訊。

(Operator Instructions) From the line of Jeffrey Silber with BMO Capital Markets.

（操作員說明） BMO 資本市場的 Jeffrey Silber。

I'm not going to ask a margin question. Actually, I wanted to talk about pricing. If I remember correctly, this is the time of the year where you start instituting price increases. And I'm just wondering, how has that been? If you've seen any pushback in terms of client may be pushing back on what they're buying.

我不會問保證金問題。其實我想談談定價的問題。如果我沒記錯的話，每年這個時候就是你開始漲價的時候。我只是想知道，情況如何？如果您發現客戶有任何抵制，那麼他們可能會抵制他們購買的產品。

Jeff, I'll get started, which is, as I mentioned earlier, we haven't seen -- it is the time we increase prices. It rolls through, obviously, as clients renew. And I'd say it's a normal environment, we haven't seen any pushback.

傑夫，我要開始了，正如我之前提到的，我們還沒有看到——現在是我們提高價格的時候了。顯然，隨著客戶更新，它就會滾動。我想說這是一個正常的環境，我們沒有看到任何阻力。

Yes. I mean, Jeff, so the major price increase for us goes -- it went into place 2 days ago on November 1. So we're obviously very, very, very early in that cycle.

是的。傑夫，我的意思是，我們的主要價格上漲是在兩天前的 11 月 1 日開始的。所以我們顯然處於這個週期的非常非常早期。

But again, if you think about it, the average client is spending, order of magnitude, $250,000 or $260,000 a year with us. So the difference between 4% and 5% is not a lot of money in the grand scheme of things. And again, we're very focused on making sure that we're delivering value well in excess of that $250,000 or $260,000. So we're generally able to sell the price increase, again, sort of as a normal course of business for us.

但是，如果您仔細想想，平均客戶每年在我們這裡花費的金額為 250,000 美元或 260,000 美元。因此，從長遠來看，4% 和 5% 之間的差異並不是很多錢。再說一次，我們非常注重確保我們提供的價值遠遠超過 250,000 美元或 260,000 美元。因此，我們通常能夠再次提價出售，這對我們來說是一種正常的業務流程。

Okay. That's helpful. I appreciate it. Let me shift over to Conferences. I know the numbers have been strong. But typically, when we're in an environment of economic uncertainty, that area of the business might tend to be a little bit weaker. Do you think we're just seeing kind of a bounce-back from the pandemic and the fact that nobody was traveling and nobody was mangling? And maybe as we go into next year, you might see some softness in that business?

好的。這很有幫助。我很感激。讓我轉向會議。我知道這些數字一直很強。但通常情況下，當我們處於經濟不確定的環境時，該業務領域可能會趨於弱勢。您是否認為我們只是看到了從大流行中恢復過來的情況，以及沒有人旅行、沒有人受傷的事實？也許當我們進入明年時，您可能會看到該業務出現一些疲軟？

So Jeff, I think the key thing driving the business is that our clients, our enterprise functional leaders, have a lot of challenges and we've done a good job at laying out what those challenges are and how they should address them. As we market our conferences to potential attendees, we focused on, here are the issues you're facing, here's how we're going to help you with that in the conference. .

所以傑夫，我認為推動業務發展的關鍵是我們的客戶、我們的企業職能領導者面臨著許多挑戰，而我們在闡明這些挑戰是什麼以及他們應該如何應對這些挑戰方面做得很好。當我們向潛在與會者推銷我們的會議時，我們將重點放在以下是您面臨的問題，以下是我們將如何在會議中幫助您解決這些問題。 。

And so I think the biggest single thing that's driving our Conferences performance is that we're on the issues people care -- our attendees have a lot of issues, and we are on the -- our experts have a lot of solutions to those issues that they get a lot of value for it. I think that's kind of the biggest thing.

因此，我認為推動我們會議表現的最大因素是我們關注人們關心的問題——我們的與會者有很多問題，而我們的專家對這些問題有很多解決方案他們從中獲得了很多價值。我認為這是最重要的事情。

In addition to that, obviously, we've been adding conferences back. And so we're getting, I think, some people that couldn't go to conference in the past now can go. And so you sort of see that in terms of comparison points. But it's really having to do more about the value, I think, most of all.

除此之外，顯然我們一直在增加會議。因此，我認為，一些過去無法參加會議的人現在可以參加了。所以你可以從比較點的角度來看看這一點。但我認為，最重要的是，它確實必須在價值方面做更多的事情。

Thank you. And this concludes the Q&A session. I would like to turn the call over to Eugene Hall for his closing comments.

謝謝。問答環節到此結束。我想將電話轉給尤金·霍爾，請他發表結束語。

Well, here what I'd like you to take away from today's call. Gartner drove another strong performance in Q3. We deliver unparalleled value to enterprise leaders and their teams across every major function, whether they're thriving, struggling or anywhere in between. We're exceptionally agile and continuously adapt to the changing world, and we know the right things to do to be successful in any environment.

好吧，這就是我希望您從今天的電話會議中獲得的資訊。 Gartner 在第三季再次取得強勁業績。我們為每個主要職能部門的企業領導者及其團隊提供無與倫比的價值，無論他們是在蓬勃發展、陷入困境還是介於兩者之間。我們異常敏捷並不斷適應不斷變化的世界，我們知道在任何環境中取得成功的正確做法。

Looking ahead, we're well positioned to continue our sustained record of success far into the future. Our client value proposition and addressable market opportunity will allow us to drive long-term sustained double-digit growth. We expect margins will expand modestly over time. We generate significant free cash flow well in excess of net income. Even as we invest for future growth, we'll return significant levels of excess capital to our shareholders. This reduces shares outstanding and increases the returns over time.

展望未來，我們處於有利位置，可以在未來繼續保持我們持續的成功記錄。我們的客戶價值主張和潛在的市場機會將使我們能夠推動長期持續的兩位數成長。我們預計利潤率將隨著時間的推移而適度擴大。我們產生的自由現金流遠超過淨利。即使我們為未來成長進行投資，我們也會向股東返還大量超額資本。這會減少流通股並隨著時間的推移增加回報。

Thanks for joining us today, and we look forward to updating you again next quarter.

感謝您今天加入我們，我們期待下個季度再次為您提供最新消息。

And thank you all for participating, and you may now disconnect.

感謝大家的參與，現在您可以斷開連線了。