高德納諮詢公司 (IT) 2023 Q4 法說會逐字稿

Good morning, everyone. Welcome to Gartner's Fourth 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 年第四季財報電話會議。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 fourth quarter 2023 financial results and Gartner's outlook for 2024 as disclosed in today's earnings release and earnings supplement, both posted to our website, investor.gartner.com. 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. All 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. All 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.

本次電話會議將討論 2023 年第四季的財務表現以及 Gartner 對 2024 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。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。我們討論的所有合約價值和相關成長率均基於 2023 年外匯匯率，不包括與第一季剝離和 2022 年俄羅斯退出相關的貢獻。除非另有說明，Gene 評論中的所有成長率均不受匯率影響。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 constitute 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構成前瞻性陳述。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 表格年度報告和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 will 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 the fourth quarter. We delivered high single-digit growth in contract value. Revenue, EBITDA, adjusted EPS and free cash flow came in above expectations.

早安，感謝您今天加入我們。 Gartner 在第四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、調整後每股盈餘和自由現金流均高於預期。

Gartner delivers incredible client value in any macroeconomic environment. In 2023, the world experienced multiple disruptions. They impacted enterprises in dramatically different ways. For example, high interest rates affected capital-intensive industries and financial institutions such as regional banks. High inflation rates had an outsized effect on industries such as health care. Geopolitical polarization and conflict drove increases in military and defense spending while affecting supply chains. More shifts in how and where people work affected real estate, live events and entertainment and other industries. Cybersecurity attacks became even more frequent, were getting stronger and more disruptive. And we saw a significant leap in the capabilities of artificial intelligence, or AI, which fueled even more complexity.

Gartner 在任何宏觀經濟環境中都能提供令人難以置信的客戶價值。 2023 年，世界經歷了多重顛覆。它們以截然不同的方式影響企業。例如，高利率影響了資本密集產業和地區銀行等金融機構。高通膨率對醫療保健等行業產生了巨大影響。地緣政治兩極化和衝突推動了軍事和國防支出的增加，同時影響了供應鏈。人們工作方式和地點的更多變化影響了房地產、現場活動和娛樂等行業。網路安全攻擊變得更加頻繁、更加強烈、更具破壞性。我們看到人工智慧（AI）能力的顯著飛躍，這加劇了複雜性。

We serve leaders in every enterprise, across every industry and every geography. They know they need help, and they know Gartner is the best source for the help they need. Gartner delivers actionable objective insight that drive smarter decisions and stronger performance on an organization's mission-critical priorities. We guide the leaders who shape the world. Our insights often make the difference between success and failure, the leaders we work with and the enterprises they serve.

我們為每個企業、每個產業、每個地區的領導者提供服務。他們知道自己需要幫助，並且知道 Gartner 是獲得所需幫助的最佳來源。 Gartner 提供可操作的客觀洞察力，推動組織在關鍵任務優先事項上做出更明智的決策並提高績效。我們為塑造世界的領導者提供指導。我們的洞察力往往決定著成功與失敗、與我們合作的領導者以及他們所服務的企業。

As we move into 2024, our ability to execute operational best practices consistently is the strongest it's ever been. We have the lowest proportion of open positions ever. Our recruiting capability and capacity are world-class. We have a strong associate value proposition. And our teams have higher tenure than in 2023, which will allow us to drive strong performance well into the future.

進入 2024 年，我們持續執行最佳營運實務的能力達到了前所未有的最強。我們的未平倉部位比例是有史以來最低的。我們的招募能力和能力是世界一流的。我們擁有強大的員工價值主張。我們的團隊任期比 2023 年更長，這將使我們能夠在未來保持強勁的業績。

Research continues to be our largest and most profitable segment. Our market opportunity is vast across all sectors, sizes and geographies. Our business remains resilient in a complex external environment. Through relentless execution of proven practices, we're able to deliver unparalleled value to our clients. In the fourth quarter, we helped clients with a wide range of topics, including cybersecurity, data analytics, artificial intelligence, remote work, cost optimization and more.

研究仍然是我們最大、最賺錢的部門。我們的市場機會在所有行業、規模和地區都是巨大的。我們的業務在複雜的外部環境中保持彈性。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。在第四季度，我們為客戶提供了廣泛的幫助，包括網路安全、數據分析、人工智慧、遠端工作、成本優化等。

Research revenue grew 5% in Q4. Subscription revenue represented more than 75% of our consolidated global revenue in 2023. We delivered subscription revenue growth of 8% on an organic basis in the fourth quarter. Total contract value growth was 8%. Across GTS and GBS, contract value from enterprise function leaders grew at double-digit rates. New business with enterprise function leaders also grew at double-digit rates.

第四季研究收入成長 5%。 2023 年，訂閱收入占我們全球綜合收入的 75% 以上。第四季度，我們的訂閱收入有機成長了 8%。合約總價值成長8%。在 GTS 和 GBS 中，企業職能領導者的合約價值以兩位數的速度成長。與企業職能領導者的新業務也以兩位數的速度成長。

Gartner serves 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 6%, led by growth with IT and enterprise function leaders.

Gartner 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。在 IT 和企業職能領導者的成長帶動下，GTS 合約價值成長了 6%。

GTS sales to leaders and technology vendors continued to be affected by technology sector dynamics. Exiting the year, we began to see some improvement. New business with tech vendors were at high single digits. We expect new business to lead retention and contract value growth.

GTS 對領導者和技術供應商的銷售持續受到技術產業動態的影響。結束這一年，我們開始看到一些改善。與技術供應商的新業務處於高個位數。我們預計新業務將引領保留率和合約價值成長。

Global Business Sales, or GBS, serves leaders and their teams beyond IT. This includes HR, supply chain, finance, marketing, legal, sales and more. GBS contract value grew 13%. GBS new business was up double digits.

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、法律、銷售等。 GBS 合約價值成長 13%。 GBS 新業務成長兩位數。

Gartner Conferences deliver extraordinarily valuable insights to an engaged and qualified audience. 2023 was the first full year of in-person conferences since 2019. We had a great year, and we drove a strong finish in the fourth quarter. In Q4, we held some of our largest destination conferences, including IT Symposium in Orlando and Barcelona, and ReimagineHR in Orlando. These conferences were spectacular. Across all our destination conferences, attendance was up year-over-year, with many at or near capacity. Looking ahead to 2024, advanced bookings continue to be very strong and feedback continues to be excellent.

Gartner 會議為參與其中的合格觀眾提供極其有價值的見解。 2023 年是自 2019 年以來第一個全年舉行面對面會議的一年。我們度過了美好的一年，並在第四季度取得了強勁的成績。第四季度，我們舉辦了一些最大的目的地會議，包括在奧蘭多和巴塞隆納舉行的 IT 研討會以及在奧蘭多舉行的 ReimagineHR。這些會議非常精彩。在我們所有的目的地會議中，出席人數逐年增加，其中許多人達到或接近滿員。展望 2024 年，提前預訂仍然非常強勁，反饋也仍然非常出色。

Gartner Consulting is an extension of Gartner Research. Consulting helps clients execute their most strategic initiatives through deeper, extended project-based work. Consulting is an important complement to our IT research business. Consulting revenue grew 8% for the full year. We saw growth in labor-based consulting and record results in contract optimization for the full year.

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。諮詢收入全年成長 8%。我們看到全年基於勞動力的諮詢業務的成長和合約優化的創紀錄成果。

We are introducing 2024 guidance which we view as achievable across a wide range of economic and geopolitical scenarios with opportunity for upside.

我們正在推出 2024 年指導方針，我們認為該指導方針在各種經濟和地緣政治情景下都是可以實現的，並且有上升的機會。

In closing, Gartner achieved another strong quarter of growth. We deliver incredible client value whether our clients are struggling, thriving 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. Looking ahead, we're well positioned to continue our sustained record of success far into the future.

最後，Gartner 又實現了強勁的季度成長。無論我們的客戶處於困境、繁榮還是介於兩者之間，我們都能為客戶提供令人難以置信的價值。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。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。

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. 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。當我們為未來成長進行投資時，我們將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. Fourth quarter revenue, EBITDA, adjusted EPS and free cash flow were better than expected as we continue to execute very well in a complex environment.

謝謝你，吉恩，早安。第四季營收、EBITDA、調整後每股盈餘和自由現金流均優於預期，因為我們在複雜的環境中繼續表現出色。

Our financial performance for the full year 2023 included global contract value and consolidated revenue growth of 8%, EBITDA of $1.5 billion, diluted adjusted EPS of $11.33 and free cash flow of $1.1 billion. We are introducing 2024 guidance which we view as achievable across a wide range of economic and geopolitical scenarios, with opportunity for upside.

我們 2023 年全年的財務表現包括全球合約價值和綜合收入成長 8%、EBITDA 15 億美元、稀釋調整後每股收益 11.33 美元以及自由現金流 11 億美元。我們正在推出 2024 年指導方針，我們認為該指導方針在各種經濟和地緣政治情景下都是可以實現的，並且有上升的機會。

Fourth quarter revenue was $1.6 billion, up 5% year-over-year as reported and 4% FX-neutral. In addition, total contribution margin was 67%. EBITDA was $386 million, ahead of our guidance primarily as a result of disciplined cost management. Adjusted EPS was $3.04 and free cash flow was $196 million.

第四季營收為 16 億美元，較去年同期成長 5%，剔除匯率影響後成長 4%。此外，總邊際貢獻率為67%。 EBITDA 為 3.86 億美元，高於我們的指引，主要是因為嚴格的成本管理。調整後每股收益為 3.04 美元，自由現金流為 1.96 億美元。

We finished the quarter with 20,237 associates, up 5% excluding the 2023 divestiture and about the same as Q3. We have a great team across Gartner, driven by a very compelling associate value proposition. Moving into 2024, we are in an excellent position from a talent and tenure perspective.

本季結束時，我們擁有 20,237 名員工，不包括 2023 年剝離的情況，成長了 5%，與第三季大致相同。我們在 Gartner 擁有一支優秀的團隊，由非常引人注目的員工價值主張所驅動。進入 2024 年，從人才和任期的角度來看，我們處於有利地位。

Research revenue in the fourth quarter grew 6% year-over-year as reported and 5% FX-neutral. Subscription revenue grew 8% on an organic FX-neutral basis. Non-subscription revenue performance in the quarter reflects a shift to higher-quality traffic. While this action has a short-term effect on revenue, we expect it will drive higher prices and increase revenue over time.

據報道，第四季的研究收入年增 6%，剔除匯率影響後成長 5%。在剔除外匯中性因素的基礎上，訂閱收入成長了 8%。本季的非訂閱營收表現反映出向更高品質流量的轉變。雖然這項行動對收入有短期影響，但我們預計隨著時間的推移，它將推高價格並增加收入。

Fourth quarter Research contribution margin was 74%, consistent with the prior year period as we have caught up on hiring and returned to the new expected levels of travel. For the full year 2023, Research revenues increased by 6%, both as-reported and FX-neutral. The gross contribution margin for the year was 74%.

第四季研究貢獻率為 74%，與去年同期一致，因為我們已經趕上了招募並恢復到了新的預期差旅水準。 2023 年全年，研究收入成長了 6%，無論是報告收入還是匯率中性因素。本年度毛利率為74%。

Contract value, or CV, was $4.8 billion at the end of the fourth quarter, up 8% versus the prior year. CV growth is FX-neutral and excludes the first quarter 2023 divestiture. We expect new business to be a leading indicator for retention and, in turn, contract value growth. We had the highest 1 month of new business dollars ever in December 2023.

截至第四季末，合約價值 (CV) 為 48 億美元，比去年同期成長 8%。 CV 成長不受匯率影響，且不包括 2023 年第一季的資產剝離。我們預期新業務將成為留存率以及合約價值成長的領先指標。 2023 年 12 月，我們的 1 個月新業務收入達到歷史最高水準。

For the fourth quarter, 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 about flat versus the prior year and up sequentially. Tech vendor CV continued the quarterly improvement we saw in Q3. Tech vendor new business was up high single digits in Q4, marking the first year-over-year increase in 2023. Quarterly net contract value increase, or NCVI, was $180 million. As we've discussed in the past, there is notable seasonality in this metric.

第四季度，GTS 和 GBS 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。技術供應商的履歷與前一年持平，但環比有所上升。技術供應商 CV 繼續我們在第三季看到的季度改善。科技供應商新業務在第四季度出現高個位數成長，標誌著 2023 年首次同比增長。季度淨合約價值成長 (NCVI) 為 1.8 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 or high single-digit rates, led by the energy, manufacturing and public sectors. We had high single-digit growth across almost all of our enterprise-size categories. The small category, which has the largest tech vendor mix, grew modestly. 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或高個位數成長率成長，其中以能源、製造業和公共部門為首。我們幾乎所有企業規模類別都實現了高個位數成長。擁有最大技術供應商組合的小類別成長溫和。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 $3.7 billion at the end of the fourth quarter, up 6% versus the prior year. GTS CV increased $134 million from the third quarter. Wallet retention for GTS was 101% the quarter, reflecting net growth even before the addition of new clients. In the fourth quarter, IT enterprise function leaders' wallet retention was consistent with historical GTS levels. GTS new business increased 12% versus last year. New business with IT enterprise function leaders increased mid-teens compared to 2022. New business with tech vendors increased high single digits in the quarter.

截至第四季末，全球技術銷售合約價值為 37 億美元，比去年同期成長 6%。 GTS CV 較第三季增加 1.34 億美元。本季 GTS 的錢包保留率為 101%，反映了即使在新增客戶之前的淨成長。第四季度，IT 企業職能領導者的錢包保留率與歷史 GTS 水準一致。 GTS新業務較去年成長12%。與 2022 年相比，與 IT 企業職能領導者的新業務成長了 15%。本季與技術供應商的新業務成長了高個位數。

GTS quota-bearing headcount was about flat 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. Operationally, we are continuously allocating resources to the best near-term opportunities even as we ensure we are well positioned to capture the large addressable market opportunity over time. Our regular full set of GTS metrics can be found in the earnings supplement.

GTS 配額員工人數與去年同期基本持平。透過我們幾年前推出的動態區域規劃、去年的追趕式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。在營運上，我們不斷向即使我們確保我們處於有利位置，隨著時間的推移，可以抓住巨大的潛在市場機會，也能獲得最佳的近期機會。我們常規的全套 GTS 指標可以在收益補充中找到。

Global Business Sales contract value was $1.1 billion at the end of the fourth quarter, up 13% year-over-year. The majority of our GBS practices grew at double-digit rates. Growth was led by supply chain, legal and HR. GBS CV increased $46 million from the third quarter. Wallet retention for GBS was 107% for the quarter, reflecting strong net growth with our existing clients. GBS new business was up 13% compared to last year. GBS quota-bearing headcount was up 8% versus the fourth quarter of 2022. This excludes headcount associated with the Q1 divestiture.

截至第四季末，全球業務銷售合約價值為 11 億美元，年增 13%。我們的大部分 GBS 業務都以兩位數的速度成長。成長由供應鏈、法律和人力資源帶動。 GBS CV 較第三季增加 4,600 萬美元。本季 GBS 的錢包保留率為 107%，反映出我們現有客戶的強勁淨成長。 GBS新業務較去年成長13%。與 2022 年第四季相比，GBS 配額員工人數增加了 8%。這不包括與第一季剝離相關的員工人數。

As with GTS, a regular full set of GBS metrics can be found in the earnings supplement. As we do each year at this time, we've provided 2 years of quarterly historical contract value data updated to 2024 FX rates in the appendix of the earnings supplement.

與 GTS 一樣，可以在收益補充中找到常規的全套 GBS 指標。正如我們每年這個時候所做的那樣，我們在收益補充附錄中提供了更新至 2024 年外匯匯率的 2 年季度歷史合約價值數據。

Conferences revenue for the fourth quarter was $214 million, up 14% year-over-year. Contribution margin in the quarter was 50%, consistent with typical seasonality. We held 11 destination conferences in the quarter, all in-person. For the full year 2023, we delivered an all-time high revenue of $505 million, which was an increase of 30% on a reported basis and 29% FX-neutral. Gross contribution margin was 50%.

第四季會議營收為 2.14 億美元，年增 14%。本季的邊際貢獻率為 50%，與典型的季節性相符。本季我們舉辦了 11 場目的地會議，全部都是面對面的。 2023 年全年，我們實現了 5.05 億美元的歷史最高收入，按報告計算增長了 30%，剔除匯率影響後增長了 29%。毛利率為50%。

Fourth quarter Consulting revenues were $128 million compared with $138 million in 2022, when we saw a record performance in the contract optimization business. Consulting contribution margin was 27% in the fourth quarter, affected by revenue mix and growth hiring. Labor-based revenues were $99 million, up 3% versus Q4 of last year as-reported and on an FX-neutral basis.

第四季顧問收入為 1.28 億美元，而 2022 年為 1.38 億美元，當時我們看到合約優化業務創下了創紀錄的業績。受收入結構和招聘成長的影響，第四季諮詢貢獻率為 27%。基於勞動力的收入為 9,900 萬美元，比去年第四季報告的成長 3%（在匯率中立的基礎上）。

Backlog at December 31 was $162 million, increasing 21% year-over-year on an FX-neutral basis with continued booking strength. We delivered $29 million of contract optimization revenue in the quarter. This part of our business is highly variable. For the second half of 2023, revenues were $62 million, up from the second half of 2022, when we delivered our largest-ever quarter in Q4. Full year Consulting revenue was up 7% on a reported basis and 8% FX-neutral. Gross contribution margin was 35% compared to 39% in 2022.

截至 12 月 31 日，積壓訂單為 1.62 億美元，在匯率中性的基礎上年增 21%，預訂量持續強勁。本季我們實現了 2900 萬美元的合約優化收入。我們這部分業務變化很大。 2023 年下半年，營收為 6,200 萬美元，高於 2022 年下半年，當時我們在第四季實現了有史以來最大的季度收入。據報告，全年諮詢收入成長了 7%，剔除匯率影響後成長了 8%。毛利率為 35%，而 2022 年為 39%。

Consolidated cost of services increased 11% year-over-year in the fourth quarter as reported and 10% on an FX-neutral basis. The biggest driver of the increase was higher headcount to support our future growth. SG&A increased 9% year-over-year in the fourth quarter as reported and 8% FX-neutral basis. SG&A increased in the quarter as a result of headcount growth.

據報告，第四季綜合服務成本年增 11%，在匯率中立的基礎上成長 10%。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，第四季銷售管理及行政費用年增 9%，在匯率中立基礎上成長 8%。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 fourth quarter was $386 million compared to $421 million last year. Fourth quarter EBITDA upside to our guidance primarily reflected disciplined expense management. EBITDA for the full year was almost $1.5 billion, a 1% increase over 2022 on a reported basis and up 2% FX-neutral. Depreciation in the quarter of $26 million was up modestly compared to 2022.

第四季 EBITDA 為 3.86 億美元，去年同期為 4.21 億美元。第四季 EBITDA 較我們指引的上升主要反映了嚴格的費用管理。全年 EBITDA 接近 15 億美元，以報告數據計算，較 2022 年成長 1%，扣除外匯中性因素後成長 2%。與 2022 年相比，本季折舊額為 2,600 萬美元，略有上升。

Net interest expense, excluding deferred financing costs in the quarter, was $19 million. This was down $9 million versus the fourth quarter of 2022 due to higher interest income on our cash balances. The modest floating rate debt we have is fully hedged through maturity.

該季度的淨利息支出（不包括遞延融資成本）為 1,900 萬美元。由於我們現金餘額的利息收入增加，與 2022 年第四季相比減少了 900 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 Q4 adjusted tax rate, which we use for the calculation of adjusted net income, was 24% for the quarter. The tax rate for the items used to adjust that income was 15% for the quarter. The full year tax rate for the calculation of adjusted net income was 22%.

我們用於計算調整後淨利的第四季調整後稅率為 24%。本季用於調整收入的項目的稅率為 15%。計算調整後淨利的全年稅率為22%。

Adjusted EPS in Q4 was $3.04 compared with $3.70 last year. We had 79 million shares outstanding in the fourth quarter. This is a reduction of about 1 million shares or about 1% year-over-year. We exited the fourth quarter with about 79 million shares on an unweighted basis. For the full year, adjusted EPS was $11.33, up modestly from 2022.

第四季調整後每股收益為 3.04 美元，去年為 3.70 美元。第四季我們有 7900 萬股流通股。這意味著減少了約100萬股，年減約1%。在第四季結束時，我們持有約 7,900 萬股未加權股票。全年調整後每股收益為 11.33 美元，較 2022 年小幅上漲。

Operating cash flow for the quarter was $224 million, up 10% compared to last year. CapEx for the quarter was $28 million, down $4 million, as a result of catch-up spend on technology investments in 2022 which normalize this year.

該季度營運現金流為 2.24 億美元，比去年增長 10%。該季度的資本支出為 2,800 萬美元，減少了 400 萬美元，原因是 2022 年科技投資的追趕支出已在今年正常化。

Free cash flow for the quarter was $196 million, up 19% compared to last year. Free cash flow for the full year was almost $1.1 billion, a 6% increase versus $2.2 million. Free cash flow on a rolling 4-quarter basis was 18% of revenue and 71% of EBITDA. Adjusting for the Q1 divestiture, the full year free cash flow conversion from GAAP net income would have been 138%. Our free cash flow conversion is generally higher when CV growth is accelerating.

該季度自由現金流為 1.96 億美元，比去年增長 19%。全年自由現金流接近 11 億美元，比 220 萬美元成長 6%。連續 4 個季度的自由現金流佔營收的 18%，佔 EBITDA 的 71%。在第一季資產剝離進行調整後，根據 GAAP 淨利潤轉換的全年自由現金流將為 138%。當履歷成長加速時，我們的自由現金流轉換通常會更高。

We have a new slide in the earnings supplement which shows the conversion from both EBITDA and GAAP net income to free cash flow on a rolling 4-quarter basis. The past 2 years have had some unusual items affecting the conversion, including insurance proceeds related to pandemic conference cancellations and the 2023 divestiture. We expect about a 4- to 6-point difference between EBITDA margin and free cash flow margins in a typical year. The normal free cash flow conversion from GAAP net income is 140% to 160%.

我們在收益補充中添加了一張新幻燈片，顯示了 EBITDA 和 GAAP 淨利潤在滾動的 4 季度基礎上向自由現金流的轉換。過去兩年有一些不尋常的項目影響了轉換，包括與大流行病會議取消和 2023 年剝離相關的保險收益。我們預計，典型年份的 EBITDA 利潤率和自由現金流利潤率之間大約有 4 到 6 個百分點的差異。根據 GAAP 淨利換算的正常自由現金流為 140% 至 160%。

At the end of the fourth quarter, we had about $1.3 billion of cash. Our December 31 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 of share repurchases and strategic tuck-in M&A. Our balance sheet is very strong with $2.3 billion of liquidity, low levels of leverage and effectively fixed interest rates.

截至第四季末，我們擁有約 13 億美元的現金。截至 12 月 31 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，以實現我們的股票回購和策略性併購的資本配置策略。我們的資產負債表非常強勁，擁有 23 億美元的流動性、低槓桿水準和有效的固定利率。

We repurchased $158 million of stock during the fourth quarter and more than $600 million for the full year. At the end of December, we had about $1 billion of authorization for repurchases remaining, and we expect the Board will continue to refresh the repurchase authorization going forward. 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.

我們在第四季回購了 1.58 億美元的股票，全年回購了 6 億多美元的股票。截至12月底，我們還有約10億美元的回購授權剩餘，我們預計董事會將繼續刷新回購授權。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，並與不斷增長的利潤相結合，也帶來不斷增加的投資資本回報。

Before providing the 2024 guidance details, I want to discuss our base level assumptions and planning philosophy for 2024.

在提供 2024 年指導細節之前，我想先討論我們對 2024 年的基本假設和規劃理念。

For Research, we continue to innovate and provide a very compelling value proposition for clients and prospects. Executives and their teams face uncertainty and challenges, and they recognize how Gartner can help regardless of the economic environment. The outlook for 2024 Research revenue growth is a function of 3 primary factors: First, 2023 ending contract value; second, the timing of growth bottoming and the slope of the reacceleration; and third, the performance of non-subscription revenue.

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。高階主管及其團隊面臨不確定性和挑戰，他們意識到無論經濟環境如何，Gartner 都能提供協助。 2024 年研究收入成長的前景取決於 3 個主要因素：首先，2023 年期末合約價值；其次，成長觸底的時機和重新加速的斜率；第三，非訂閱收入的表現。

Starting with the Research subscription revenue, which was 76% of 2023 consolidated revenue. Our guidance reflects CV bottoming and reaccelerating during 2024. First quarter and first half NCVI are important inputs to calendar 2024 revenue growth. We have taken a prudent view of NCVI phasing because Q1 is a seasonally important quarter for tech vendor renewals.

首先是研究訂閱收入，佔 2023 年合併收入的 76%。我們的指引反映了 2024 年 CV 觸底並重新加速。第一季和上半年 NCVI 是 2024 年營收成長的重要投入。我們對 NCVI 的階段性持謹慎態度，因為第一季是技術供應商續約的季節性重要季度。

With the majority of our contracts being multiyear, some haven't come up for renewal during the tech sector's recalibration, and Research subscription revenue will likely bottom about 1 quarter after the contract value growth bottoms. If new business continues to perform well and retention is better than we've incorporated into the plan, there would be upside to our guidance.

由於我們的大多數合約都是多年期合約，有些在科技業重新調整期間尚未續約，研究訂閱收入可能會在合約價值增長觸底後約 1 個季度觸底。如果新業務繼續表現良好，並且保留率比我們納入計劃的要好，那麼我們的指導將會有上行空間。

The non-subscription revenue was about 6% of consolidated revenue in 2023. In this part of the business, we help small business buyers find the best software for their needs and help sellers find customers. This adds a lot of tangible value for both groups. The outlook built into the 2024 guidance reflects a shift to higher-quality traffic sources. As I mentioned, this affects revenue in the short term, but we expect it to drive higher prices and increased revenue over time.

2023年非訂閱收入約佔合併收入的6%。在這部分業務中，我們幫助小型企業買家找到最適合他們需求的軟體，並幫助賣家找到客戶。這為兩個群體都增加了許多有形的價值。 2024 年指南中的展望反映了向更高品質流量來源的轉變。正如我所提到的，這會在短期內影響收入，但我們預計它會隨著時間的推移推高價格並增加收入。

For Conferences, which is about 9% of 2023 revenue, we are basing our guidance on the 51 in-person destination conferences we have planned for 2024. We expect similar seasonality to what we saw in 2023, with Q4 the largest quarter, followed by Q2. We have very good visibility into 2024 revenue, with the majority of what we've guided already under contract. This is consistent with last year and ahead of historical levels.

對於約佔 2023 年收入的 9% 的會議，我們的指導是基於我們計劃在 2024 年舉辦的​​ 51 個現場目的地會議。我們預計季節性與 2023 年類似，其中第四季度是最大的季度，其次是Q2。我們對 2024 年的收入有很好的了解，我們指導的大部分內容已經簽訂了合約。這與去年一致，且高於歷史水準。

For Consulting, which was also about 9% of 2023 revenue, we have more visibility into the first half based on the composition of our backlog and pipeline, as usual. Contract optimization has had several very strong years. It's also seasonally slower in the first quarter and remains highly variable. We've incorporated a prudent outlook for this part of the segment. We remain focused on aligning expense growth with CV growth. This is the best way for us to balance short-term margins while investing for long-term sustained double-digit growth.

對於諮詢業務，該業務也佔 2023 年收入的 9% 左右，與往常一樣，我們根據積壓訂單和管道的組成對上半年有更多的了解。合約優化已經經歷了好幾年非常強勁的時期。第一季的季節性成長也較慢，並且仍然存在很大的變化。我們對該細分市場的這一部分採取了審慎的展望。我們仍然專注於使費用增長與履歷增長保持一致。這是我們平衡短期利潤同時投資長期持續兩位數成長的最佳方式。

Our base level assumptions for consolidated expenses reflect a more typical cadence than we've seen in a while. We are investing for future growth even as we have taken a prudent view of the timing of revenue flowing into the P&L. We recommend thinking about expenses sequentially, with notable seasonality driven by the Conferences calendar and merit increases.

我們對綜合費用的基本水平假設反映了比我們一段時間以來所看到的更典型的節奏。儘管我們對收入流入損益表的時間持謹慎態度，但我們仍在為未來成長進行投資。我們建議按順序考慮費用，會議日曆和績效成長推動了顯著的季節性。

Our plan for mid- to high single-digit sales headcount growth for 2024 reflects our commitment to invest for future growth while delivering on our margin targets. We have the recruiting capacity to go faster, depending on how the year plays out; and we have other levers, like increased tenure, to support CV growth in 2024. At current rates, FX will be approximately neutral to growth for the full year.

我們計劃在 2024 年實現中高個位數的銷售人員成長，這反映了我們在實現利潤目標的同時為未來成長進行投資的承諾。我們有能力加快招募速度，具體取決於今年的進展；我們還有其他槓桿，例如增加任期，來支持 2024 年 CV 成長。按照目前的匯率，全年外匯成長將大致呈中性。

Our guidance for 2024 is as follows. We expect Research revenue of at least $5.15 billion, which is FX-neutral growth of about 5%. The Research revenue guidance reflects a prudent plan for NCVI performance and the recalibration of non-subscription part of the business. The guidance reflects subscription revenue growth in the high single digits. We expect Conferences revenue of at least $560 million, which is FX-neutral growth of about 10%. We expect Consulting revenue of at least $530 million, which is growth of about 3% FX-neutral. The result is an outlook for consolidated revenue of at least $6.24 billion, which is FX-neutral growth of 5%.

我們對 2024 年的指導如下。我們預計研究收入至少為 51.5 億美元，匯率中性因素下的成長率約為 5%。研究收入指引反映了 NCVI 績效的審慎計劃以及業務非訂閱部分的重新調整。該指導反映了訂閱收入的高個位數成長。我們預計會議收入至少為 5.6 億美元，在匯率中立的情況下成長約 10%。我們預計諮詢收入至少為 5.3 億美元，在匯率中立的情況下成長約 3%。結果是，綜合收入前景至少為 62.4 億美元，在匯率中立的情況下成長 5%。

We expect full year EBITDA of at least $1.435 billion, which results in an EBITDA margin of at least 23%. We expect 2024 adjusted EPS of at least $10.55 per share. For 2024, we expect free cash flow of at least $1.065 billion. This reflects a conversion from GAAP net income of above 140%. Our guidance is based on 79 million shares, which only assumes repurchases to offset dilution. Finally, for the first quarter of 2024, we expect to deliver EBITDA of at least $335 million.

我們預計全年 EBITDA 至少為 14.35 億美元，這意味著 EBITDA 利潤率至少為 23%。我們預計 2024 年調整後每股盈餘至少為 10.55 美元。 2024 年，我們預計自由現金流至少為 10.65 億美元。這反映了 GAAP 淨利潤超過 140% 的轉換。我們的指導基於 7900 萬股，僅假設回購以抵消稀釋。最後，我們預計 2024 年第一季的 EBITDA 至少為 3.35 億美元。

We performed well this year despite continuing global macro uncertainty and a dynamic tech vendor market. Global CV grew high single digits in the quarter, with enterprise function leaders CV growing double digits. Revenue, EBITDA and EPS performance exceeded our expectations, and we introduced achievable guidance with opportunity for upside.

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，但我們今年表現良好。本季全球 CV 出現高個位數成長，企業職能領導者 CV 出現兩位數成長。營收、EBITDA 和每股盈餘的表現超出了我們的預期，我們推出了可實現的指導，並有一個上升的機會。

We repurchased more than $600 million in stock during 2023 and more than $3 billion in the past 3 years. We remain eager to return excess capital to our shareholders. We will continue to be price-sensitive, opportunistic and disciplined.

我們在 2023 年回購了超過 6 億美元的股票，過去 3 年回購了超過 30 億美元的股票。我們仍然渴望將多餘的資本回饋給股東。我們將繼續保持價格敏感、機會主義和紀律。

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 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 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，我們的現金流量成長速度至少可以與 EBITDA 一樣快。我們將繼續將資金用於股票回購（隨著時間的推移，股票數量會減少）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 first question comes from the line of Jeff Meuler with Baird.

（操作員說明）我們的第一個問題來自 Jeff Meuler 和 Baird 的對話。

Just want to dig in first. I know it's not a huge business, but on the Research non-subscription headwinds and need for recalibration. I know it's been weak all year, but I was interpreting that previously more as like cyclical headwinds. And now it seems like you're responding more operationally to drive higher-quality traffic. So just I guess, I don't know if there was like a business review or, I guess, the why now in terms of cyclicality of the business versus where there's an opportunity for operational improvement.

只是想先挖一下。我知道這不是一項巨大的業務，但考慮到研究非訂閱的逆風和重新調整的需要。我知道這一年一直疲軟，但我之前將其解釋為週期性逆風。現在看來，您正在採取更具操作性的回應來推動更高品質的流量。所以我想，我不知道是否有類似的業務審查，或者我想，為什麼現在就業務的周期性與營運改進的機會而言。

Jeff, thanks for the question. I'll give it a start, and then Gene will chime in as well. I think -- just starting with the facts, the non-subscription part of the business was about 6% of 2023 revenue. Obviously, we have had tech market pressure for the full year. And the way that mostly manifested itself through our results was real pressure on pricing throughout the full year. And we saw that. We adjusted coming out of Q2 earnings.

傑夫，謝謝你的提問。我先開始，然後吉恩也會插話。我認為——從事實開始，該業務的非訂閱部分約佔 2023 年收入的 6%。顯然，我們全年都面臨科技市場的壓力。我們的業績最能反映出全年定價的真正壓力。我們看到了這一點。我們根據第二季的收益進行了調整。

And the good news is pricing has been roughly stable since we made that adjustment. In Q4 though, one of the things we're always focused on is making sure that we are providing the highest value to both sides of the equation. And with these offerings, we are essentially -- small business buyers are coming to our sites to learn more about what software to buy, and we actually help them with reviews and ratings and written research and things of that nature, and then we're matching them to the sellers. And again, so tangible value, as we mentioned, on both sides of the equation.

好消息是，自從我們進行調整以來，定價一直大致穩定。不過，在第四季度，我們始終關注的事情之一是確保我們為等式兩邊提供最高價值。透過這些產品，我們本質上是 - 小型企業買家來到我們的網站，了解有關購買哪些軟體的更多信息，我們實際上幫助他們進行評論和評級以及書面研究和類似性質的事情，然後我們將他們與賣家進行配對。正如我們所提到的，等式兩邊都有如此有形的價值。

We're always focused on driving even more value for our clients. And so one of the things we've done is really shift our focus and prioritization to higher-quality forms of traffic. And again, short-term impact on revenues. But over the long term, we think this is good for clients on both sides of the equation, will drive higher pricing over time, which will drive higher revenue, which is good for everybody.

我們始終致力於為客戶創造更多價值。因此，我們所做的事情之一就是將我們的重點和優先順序真正轉移到更高品質的流量形式。再次，對收入的短期影響。但從長遠來看，我們認為這對雙方的客戶都有好處，隨著時間的推移將推動更高的定價，從而帶來更高的收入，這對每個人都有好處。

But one thing I would say just about the guidance is we've modeled in the real focus on higher-quality traffic. We have not modeled in any real uptick in the pricing. Again, over the long term, we expect that to happen. We did not want to model that in as we actually see that manifesting itself in reality.

但關於指導，我要說的一件事是，我們的模型真正關注的是更高品質的流量。我們還沒有對價格的任何實際上漲進行建模。同樣，從長遠來看，我們預計這種情況會發生。我們不想像我們在現實中實際看到的那樣對其進行建模。

Okay. And then I hear you loud and clear on the better tech vendor new business sold trends. Maybe talk through more on the retention for tech vendor. Just like how you're thinking about the tail that has not yet renewed in a more difficult environment. Or just what's the typical lag time from when you've seen prior inflections in new business? Like how long it kind of takes for the retention trend to similarly improve?

好的。然後我聽到您大聲而清晰地講述更好的技術供應商新業務銷售趨勢。也許可以更多地討論技術供應商的保留問題。就像你在更困難的環境中思考尚未更新的尾巴一樣。或者，與您之前看到新業務的變化相比，典型的延遲時間是多少？例如留存趨勢需要多長時間才能得到類似的改善？

Jeff, it's Gene. So one -- the biggest issue we have is in the small tech vendors, and a lot of small tech vendors are in markets that have changed and they have difficulty getting funding now. And for those vendors, if they signed a 2- or 3-year multiyear a year or 2 ago, when that comes up for renewal, they don't have any funding. In fact, in many cases, out of business. And so what's happening there is that, that's our biggest drag in the tech sector in terms of retention.

傑夫，我是吉恩。因此，我們面臨的最大問題是小型技術供應商，許多小型技術供應商所處的市場已經發生了變化，他們現在很難獲得資金。對於這些供應商來說，如果他們在一兩年前簽署了一份為期兩年或三年的多年期合同，那麼當需要續約時，他們就沒有任何資金。事實上，在很多情況下，企業都倒閉了。因此，就保留率而言，這是我們在科技業面臨的最大拖累。

The larger companies, as you've seen, are still laying off tens of thousands of people, and so they haven't finished restructuring. As we mentioned, overall new business is up in the tech sector mid-single digits. And so we're thinking that's a leading indicator that retention will follow once we work our way through these -- particularly these companies that have gone out of business since they signed the agreement and -- today.

正如你所看到的，較大的公司仍在裁員數萬人，因此他們還沒有完成重組。正如我們所提到的，科技業的整體新業務成長了中個位數。因此，我們認為這是一個領先指標，一旦我們解決這些問題，特別是那些自簽署協議以來就已經關閉的公司，以及今天，保留率將會隨之而來。

And by the way, it's a very -- still a very robust business. It's just a different side of companies now that are getting funding. Think AI.

順便說一句，這是一個非常——仍然非常強勁的業務。這只是現在獲得融資的公司的另一面。想想人工智慧。

Our next question comes from the line of Toni Kaplan with Morgan Stanley.

我們的下一個問題來自托尼卡普蘭 (Toni Kaplan) 與摩根士丹利 (Morgan Stanley) 的對話。

Actually, maybe following on a similar line to the last question. The commentary around new business in the prepared remarks. And this is beyond tech vendors, so just in general, the enterprise new business sounded very good. Even the tech vendor improvement in new business sounded good.

實際上，也許與上一個問題類似。準備好的評論中圍繞新業務的評論。這超出了技術供應商的範圍，所以總的來說，企業新業務聽起來非常好。就連技術供應商在新業務方面的改進聽起來也不錯。

Just wanted to understand if there was anything that could -- that is a risk to that sort of starting to flow through contract value in the next few quarters. And how quickly you could expect to see sort of that shift in contract value. I know you mentioned in the prepared remarks that you're expecting an inflection this year.

只是想了解是否有什麼可以——這就是未來幾季合約價值開始流動的風險。以及合約價值發生這種變化的速度有多快。我知道您在準備好的發言中提到您預計今年會出現變化。

Toni, thanks for the question. Just to lay out the facts. So to your point, GTS, the [AC] vendor part of the business, new business grew at high single-digit rates. The end user or enterprise function leader part of GTS grew, new business, mid-teens year-over-year. And GBS was up 13% over prior year on new business. So we actually saw a pretty strong new business results across all of the markets we sell into in the fourth quarter.

東尼，謝謝你的提問。只是為了擺明事實。因此，就您而言，GTS（業務的 [AC] 供應商部分）新業務以高個位數成長率成長。 GTS 的最終用戶或企業職能領導部分的新業務年增了 15%。 GBS 的新業務比上年成長了 13%。因此，我們實際上在第四季度在我們銷售的所有市場上都看到了相當強勁的新業務業績。

And as we mentioned, we view new business as a real leading indicator for what's happening in the market in the moment, so to speak. And so again, we saw a modest improvement in new business from Q2 to Q3. That continued from Q3 to Q4 with tech vendor actually growing for the first time in 2023 in the fourth quarter.

正如我們所提到的，可以說，我們將新業務視為當前市場正在發生的事情的真正領先指標。同樣，我們再次看到第二季到第三季新業務略有改善。這種情況從第三季度持續到第四季度，技術供應商實際上在第四季度實現了 2023 年的首次成長。

As you know, NCVI and CV growth are a function of the combination of new business and retention. And as we talked about in our prepared remarks and also in response to Jeff's question, there's still a lot of pressure, and Gene alluded to this as well, still a lot of pressure on retention in the small tech vendor part of the market. And we still have a lot of renewals that haven't been touched -- or coming renewals that haven't been touched since the tech sector really started to recalibrate, call it, third, fourth quarter of 2022.

如您所知，NCVI 和 CV 成長是新業務和保留率相結合的函數。正如我們在準備好的發言中以及在回答傑夫的問題時談到的那樣，仍然存在很大的壓力，吉恩也提到了這一點，市場中的小型技術供應商部分的保留仍然存在很大的壓力。我們還有很多尚未觸及的更新，或者自科技業真正開始重新調整（稱為 2022 年第三、第四季）以來尚未觸及的即將到來的更新。

So still a little bit of retention pressure. However, new business, we definitely view as a leading indicator. And again, that's part of what gives us confidence to say that we expect CV to bottom during 2024 and start to reaccelerate during 2024 as well.

所以還是有一點保留壓力。然而，我們絕對將新業務視為領先指標。再說一次，這讓我們有信心地說，我們預計 CV 將在 2024 年觸底，並在 2024 年開始重新加速。

Makes a lot of sense. And then just for a follow-up, I wanted to ask about headcount. The -- I guess, what are your expectations for headcount growth in '24? And just wanted to understand a little bit more about -- it seems like headcount growth has been slowing the last 2 quarters to like below normal levels. I know there was a catch-up in sort of the prior year and earlier in '23.

很有道理。然後為了跟進，我想詢問員工人數。我想，您對 24 年員工人數成長的預期是多少？只是想了解更多——過去兩季員工人數成長似乎一直在放緩，低於正常水平。我知道前一年和 23 年早些時候出現了某種追趕。

So I guess is the slower headcount sort of helping manage margin? Or is it, I guess, an indicator that there's -- I don't think you're saying there's less opportunity. But just wanted to understand the sort of below-normal headcount growth levels that we're seeing now.

所以我想員工人數減少有助於管理利潤？或者，我猜，這是一個跡象——我不認為你是在說機會減少了。但只是想了解我們現在看到的低於正常的員工成長水準。

So Toni, really look at it as there's a very enormous market opportunity. We intend to capture that market opportunity over the next many years. Part of our core strategy projected at that opportunity is growing our headcount to capture it. That headcount growth, it can be faster or slower depending on the actual kind of selling capacity of the team we have. And right now, we believe we have a lot of selling capacity embedded actually in the capacity we have today. Over time though, that's going to grow as we grow our business.

所以托尼，認真看待它，因為這是一個非常巨大的市場機會。我們打算在未來幾年把握這個市場機會。我們針對這個機會制定的核心策略的一部分是增加我們的員工人數以抓住這個機會。員工人數的成長可能會更快或更慢，這取決於我們團隊的實際銷售能力。現在，我們相信我們擁有大量的銷售能力，實際上已經嵌入到我們今天所擁有的能力中。但隨著時間的推移，隨著我們業務的發展，這個數字將會成長。

And as we mentioned during our prepared remarks, we've actually got dialed into our plan, combination GTS/GBS quota-bearing headcount growth of mid- to high single digits. And as always, we're prepared to go faster. As both Gene and I mentioned, we have recruitment capacity go faster if we want to. And so we've got dialed in mid- to high single-digit growth in GTS and GBS quota-bearing headcount, and we can go faster if we see that rebound coming faster as well.

正如我們在準備好的發言中提到的，我們實際上已經開始實施我們的計劃，GTS/GBS 配額的總人數增長為中高個位數。一如既往，我們準備走得更快。正如吉恩和我所提到的，如果我們願意的話，我們的招募能力可以加快。因此，我們已經在 GTS 和 GBS 配額人數中實現中高個位數成長，如果我們看到反彈來得更快，我們就可以加快步伐。

Our next question comes from the line of Heather Balsky with Bank of America.

我們的下一個問題來自希瑟·巴爾斯基 (Heather Balsky) 與美國銀行的電話。

I was muted. Sorry about that. I wanted to go back to the renewals on the tech vendor side and just ask you, are there any -- I mean, obviously, if companies are going under, there's nothing you can control there, but what you can do on that front. And can you help us in perspective how material the wave of renewals are? I know that's something investors have been curious about.

我被靜音了。對於那個很抱歉。我想回到技術供應商方面的續訂，只是問你，是否有任何更新 - 我的意思是，顯然，如果公司正在破產，你無法控制那裡，但你可以在這方面做些什麼。您能否幫助我們了解更新浪潮的重要性？我知道這是投資人一直好奇的事情。

Again, if you look at the larger companies in the market, renewals are going kind of normally. It's a little slower than usual because, again, they're laying off tens of thousands of people. We expect that will change. There's plenty of demand. Again, we expect global IT spend in this year to grow by 7% to almost $5 trillion. So plenty of demand there. We expect over time, that will normalize.

同樣，如果你觀察市場上較大的公司，續約的情況也很正常。這比平常要慢一些，因為他們再次解雇了數萬人。我們預計這種情況將會改變。需求量很大。我們再次預期今年全球 IT 支出將成長 7%，達到近 5 兆美元。那裡的需求很大。我們預計隨著時間的推移，這種情況將會正常化。

And so the real issue on retention is these very small tech vendors, which are over time a great market for us. But there's a shift going on now from what used get funding, through now, what does funding is, as I mentioned, there's a real focus on AI. And so those companies that are in less-popular segments for funding these days can't get funding. And if they haven't been as successful commercially, the either get acquired or go out of business. In which case, our retention -- it affects our retention.

因此，保留的真正問題是這些非常小的技術供應商，隨著時間的推移，它們對我們來說是一個巨大的市場。但現在正在轉變，從過去的融資方式到現在，融資是什麼，正如我所提到的，真正關注的是人工智慧。因此，目前不太受歡迎的融資領域的公司無法獲得融資。如果他們在商業上不那麼成功，要么被收購，要么倒閉。在這種情況下，我們的保留率會影響我們的保留率。

And the other thing I'd add, Heather, just on the larger tech clients, typically, what we see is a combination of maybe modestly less growth than we would normally buy or normally see through renewal cycles or modest cuts or reduction to spend. But they maintain a pretty significant Gartner presence always.

我要補充的另一件事是，希瑟，就大型科技客戶而言，通常情況下，我們看到的成長可能會比我們通常購買的或通常透過更新週期看到的成長略低，或者適度削減或減少支出。但他們始終在 Gartner 中佔有相當重要的地位。

And what we then do is make sure that we are there to win back that business, and it actually does help drive the growth coming out of tougher macro environment. And that's sort of what we've always seen in tough macro environments, tech vendor or otherwise, where we'll take some nicks from a retention perspective, but stay embedded, still delivering huge value to our clients, and then win back and grow that business over the long term.

然後我們要做的就是確保我們能夠贏回該業務，這實際上確實有助於推動更嚴峻的宏觀環境中的成長。這就是我們在艱難的宏觀環境、技術供應商或其他方面經常看到的情況，我們將從保留的角度採取一些措施，但保持嵌入，仍然為我們的客戶提供巨大的價值，然後贏回並成長從長遠來看，這項業務。

And then just kind of asking another version of probably something you've already said in the same question, but you were talking about CV on the tech vendor side normalizing. Last quarter, you talked about normalizing over 12 to 18 months. Is that still your outlook? Based on what you saw in the fourth quarter, how are you thinking about that?

然後只是問你可能已經在同一問題中說過的話的另一個版本，但你正在談論技術供應商方面的簡歷標準化。上個季度，您談到了 12 至 18 個月的正常化。這仍然是你的觀點嗎？根據您在第四季度看到的情況，您對此有何看法？

So our long-term view on this segment of the business is unchanged. We believe it can grow in line with our medium-term objectives. We still believe that we are going to see reacceleration of this business over time. Whether it's 9 to 15 months or 12 to 18 or 24, it will be in that range that we actually see that reacceleration.

因此，我們對該業務領域的長期看法並沒有改變。我們相信它的成長可以符合我們的中期目標。我們仍然相信，隨著時間的推移，我們將看到這項業務的重新加速。無論是 9 到 15 個月，還是 12 到 18 個月或 24 個月，我們實際上都會在這個範圍內看到重新加速。

But we -- the market here is still really strong. Our offerings still drive really huge value for our clients in this segment. And over the medium term, there's no reason why this can't get back to 12% to 16% growth, consistent with our medium-term objective for this part of the business.

但我們這裡的市場仍然非常強勁。我們的產品仍然為該領域的客戶帶來巨大的價值。從中期來看，沒有理由不能恢復 12% 至 16% 的成長，這與我們這部分業務的中期目標一致。

Our next question comes from the line of Seth Weber with Wells Fargo.

我們的下一個問題來自富國銀行的賽斯‧韋伯 (Seth Weber)。

I think maybe first, just a clarification. When you talk about your research revenue guide, I think backing into it, it kind of implies a non-subscription revenue growth of down -- like down low double digits. Is that the right way to think about what's baked into your model?

我想也許首先需要澄清一下。當你談論你的研究收入指南時，我認為回到它，這有點意味著非訂閱收入的下降——例如低兩位數的下降。這是思考模型中的內容的正確方法嗎？

Yes, that is the correct math, Seth. You got it.

是的，這是正確的數學，賽斯。你說對了。

Okay. And then just on the strong new business wins, can you just frame that a little bit? I mean, is that a function of comps are easier, productivity is better? Or are you actually seeing or hearing better sentiment from your customers? Is -- are the sales cycles getting shorter? It just seems like the new business wins are just really strong, and I'm just trying to tie all these things together with your guidance.

好的。然後，關於強勁的新業務勝利，您能簡單介紹一下嗎？我的意思是，比較的功能是否更容易，生產力更好？或者您實際上是否看到或聽到了客戶的更好情緒？銷售週期是否變得越來越短？看起來新業務的勝利真的非常強大，我只是試圖將所有這些事情與您的指導聯繫起來。

Yes. So first I'd say is we have a strong value proposition. And so when clients see the value they get from our offerings, they want to buy. So that's what -- that's fundamentally what's driving demand. And on top of that, we're always focused on things that impact sales productivity. And there's things that -- and there's things like the tools that we have done, the process we have. And then as Craig mentioned in his remarks, tenure can affect as well. We're having modest improvement in tenure as well. And so -- but the fundamental thing that's driving it is really intrinsic demand from clients because they have to need for our services to get on the value of them.

是的。首先我要說的是我們有一個強大的價值主張。因此，當客戶看到他們從我們的產品中獲得的價值時，他們就會想要購買。這就是推動需求的根本原因。最重要的是，我們始終專注於影響銷售效率的事情。還有一些事情——比如我們已經完成的工具，我們擁有的流程。正如克雷格在演講中提到的，任期也會產生影響。我們的任期也略有改善。因此，推動這一趨勢的根本因素是客戶的內在需求，因為他們必須需要我們的服務才能實現其價值。

Right. But has sentiment -- has customer sentiment changed at all over the last quarter? Has it gotten better? Or have the sales cycles changed? Or anything you'd call out for the acceleration of new business wins here?

正確的。但上個季度客戶情緒有變化嗎？情況好轉了嗎？還是銷售週期改變了？或者您對這裡加速新業務勝利有何呼籲？

I'd say the sort of selling environment modestly improved throughout 2023.

我想說，這種銷售環境在 2023 年全年略有改善。

Our next question comes from the line of Andrew Nicholas with William Blair.

我們的下一個問題來自安德魯·尼古拉斯和威廉·布萊爾的對話。

I wanted to touch on artificial intelligence as a driver of new business. I realize it was one of the topics, Gene, that you outlined at the front. Just kind of curious, is there any way to kind of quantify or maybe even subjectively talk about AI as the driver of new business, cross-sell, new conversations with clients? I understand it's part of an ever-evolving tech landscape, but I'm just wondering if there's been any boost or notable boost from that topic specifically as it relates to new client wins and new business.

我想談談人工智慧作為新業務的驅動力。我意識到這是你在前面概述的主題之一，吉恩。只是有點好奇，有沒有什麼方法可以量化，甚至主觀地談論人工智慧作為新業務、交叉銷售、與客戶的新對話的驅動力？我知道這是不斷發展的技術領域的一部分，但我只是想知道該主題是否有任何推動或顯著的推動，特別是因為它與贏得新客戶和新業務有關。

Andrew, our -- we serve clients with a wide variety of areas, as you know, and they get value with all those areas. AI has had a lot of publicity over the last year. And so there is -- throughout the media, et cetera. And so the -- there is an unusually high level of interest understanding what AI is and how it could affect our clients' businesses.

安德魯，我們的—如您所知，我們為各個領域的客戶提供服務，他們從所有這些領域中獲得價值。去年，人工智慧得到了廣泛的宣傳。整個媒體等等都是如此。因此，人們對了解人工智慧是什麼以及它如何影響我們客戶的業務有著異常高的興趣。

I'd say it's just like the other things that we help our clients with. It's not something that's causing like an extra 20% of demand or something. It's an area that is one of the things we cover that clients have interest in. Just clients that have cost problems, they're interested on cost optimization as opposed to AI. So it kind of depends on the situation of the individual client, but it's certainly an area of robust demand.

我想說這就像我們幫助客戶做的其他事情一樣。這並不是導致需求額外增加 20% 之類的原因。這是我們所涵蓋的客戶感興趣的領域之一。只有存在成本問題的客戶，他們對成本優化而不是人工智慧感興趣。因此，這在某種程度上取決於個人客戶的情況，但這肯定是一個需求強勁的領域。

Great. And then for my follow-up, I just wanted to hone in on the CV growth bottoming part of your guidance. I recognize that first quarter and first half NCVI are important inputs, and you've been conservative. Gene, I think in the press release, you said that you had an opportunity for upside and that guidance was achievable across a wide range of economic scenarios.

偉大的。然後，對於我的後續行動，我只想磨練您指導中的履歷成長觸底部分。我認識到第一季和上半年的 NCVI 是重要的投入，而你們一直很保守。吉恩，我認為在新聞稿中，您說過您有上漲的機會，並且在各種經濟情景中都可以實現指導。

So just trying to putting all these pieces together. Is it fair for us to assume that CV growth is bottoming in the second half in your guidance? And then upside would be from that happening earlier? Or is there some other way for us to think about the underlying assumptions there?

所以只是試圖將所有這些部分放在一起。根據您的指導，我們假設履歷成長在下半年觸底是否公平？那麼早些時候發生的事情會帶來好處嗎？或者我們有其他方法來思考那裡的基本假設嗎？

I think the way to think about the CV and the revenue, and obviously, our revenue guide for the Research segment and the subscription revenue piece, the revenue is always going to lag the contract value recovery. And on top of that, as you know, first half changes to NCVI are going to have a bigger impact on the 2024 revenue run-out than big step-ups in Q3 or Q4, which are great and drive great cash flow and will drive future revenue, but have minimal impact on 2024 revenue.

我認為考慮履歷和收入的方式，顯然，我們研究部門和訂閱收入部分的收入指南，收入總是會落後於合約價值的恢復。最重要的是，如您所知，NCVI 上半年的變化將對2024 年的收入耗盡產生比第三季或第四季的大幅提升更大的影響，這非常好，會帶來巨大的現金流，並將推動未來的收入，但對 2024 年收入的影響很小。

So we're not guiding to a revenue or CV number for the year, nor are we pointing to specifically where the bottom is, but we have baked into our outlook a bottoming of that CV and a reacceleration of that CV over the course of 2024.

因此，我們不會指導今年的收入或 CV 數字，也不會具體指出底部在哪裡，但我們已經將 CV 觸底和 CV 在 2024 年期間重新加速的前景納入我們的預期。

Our next question comes from the line of Manav Patnaik with Barclays.

我們的下一個問題來自巴克萊銀行的馬納夫·帕特奈克 (Manav Patnaik)。

This is Brendan on for Manav. I just want to ask how you guys think about getting back to double-digit CV growth. Obviously, if your QBH is mid- to high single digit, your new business is still pretty strong. So it seems like really it's just like a wallet retention, higher cancellation issue for now. Is it just that, that kind of goes away over time? Or do you actually expect even more kind of new business productivity, if you will, from QBH? Or I guess, how do you guys think about that?

我是馬納夫的布倫丹。我只是想問你們如何看待恢復兩位數的履歷成長。顯然，如果您的 QBH 為中高個位數，則您的新業務仍然相當強勁。因此，目前看來這實際上就像錢包保留、更高的取消問題。難道只是這樣，隨著時間的推移，這種感覺就會消失嗎？或者，如果您願意的話，您實際上是否期望 QBH 帶來更多新的業務生產力？或者我猜，你們對此有何看法？

Brendan, I mean, the biggest thing impacting contract value and contract value growth right now is the tech vendor part of the business. And so as we mentioned, the enterprise function leader part of our business grew at double-digit growth rates in the fourth quarter and actually has been a consistent double-digit grower through the course of 2023. And so if you look at that 7.7% overall contract value growth, the reality is the enterprise function leader portion of the business, which is more than 75% of total CV, is growing at double-digit growth rates.

布倫丹，我的意思是，目前影響合約價值和合約價值成長的最大因素是業務的技術供應商部分。正如我們所提到的，我們業務的企業職能領導部分在第四季度以兩位數的增長率增長，實際上到 2023 年一直保持兩位數的增長。所以如果你看一下 7.7%整體合約價值成長，實際情況是企業職能部門的領導部分（佔總合約價值的75% 以上）正在以兩位數的成長率成長。

And the tech vendor portion of the business, as we mentioned in our prepared remarks, was essentially flat for the year. And so as we start to see a reacceleration of the tech vendor business, which again, is a little less than 25% of total CV, that obviously has an impact on the overall CV growth.

正如我們在準備好的評論中提到的，該業務的技術供應商部分今年基本上持平。因此，當我們開始看到技術供應商業務重新加速時（同樣，略低於總 CV 的 25%），這顯然對整體 CV 成長產生了影響。

The other piece that I think is obviously super important is we caught up on our hiring quite a bit over the course of 2022. And so what that meant is, over the course of 2023, we had a lot of people very early in their Gartner sales careers. And as you know, as people come up with tenure curve, their productivity increases.

我認為顯然非常重要的另一件事是，我們在 2022 年期間相當多地趕上了招聘工作。因此，這意味著，在 2023 年期間，我們有很多人很早就進入了 Gartner銷售職業。如您所知，當人們提出任期曲線時，他們的生產力就會提高。

And so we feel confident that we've got enough capacity from a selling perspective heading into 2024 given the combination of tech sector rebound, and probably more importantly, our salespeople coming up the tenure curve. That should provide the right amount of fuel, if you will, to drive contract value growth in 2024. And we're growing our GTS, GBS headcount, mid- to high single digits during 2024, and that's really about accelerating and sustaining that growth as we roll into 2025 and 2026.

因此，考慮到科技業的反彈，以及可能更重要的是我們的銷售人員的任期曲線的上升，我們相信，從銷售角度來看，進入 2024 年，我們擁有足夠的能力。如果你願意的話，這應該會提供適量的燃料來推動2024 年合約價值的成長。我們正在以中高個位數的速度增加GTS、GBS 員工人數，並在2024 年實現中高個位數增長，這實際上上是為了加速和維持這種增長當我們進入 2025 年和 2026 年。

Okay. And then just any call-outs or growth rates you can give us within GBS? Obviously, it's still performing pretty well. So just anything -- any other color you can give us.

好的。然後您可以在 GBS 內向我們提供任何呼籲或成長率嗎？顯然，它的表現仍然相當不錯。所以任何東西——您可以給我們的任何其他顏色。

Yes. I mean, it's still 12.9% or 13% year-over-year growth on a bigger base, and so getting bigger and bigger and sustaining growth within our medium-term objective for the segment. As I mentioned in my prepared remarks, supply chain, legal and HR are the 3 fastest-growing pieces of the segment. But obviously, all pieces have to be growing nicely for us to register a 13% year-over-year CV growth.

是的。我的意思是，在更大的基礎上，它仍然是 12.9% 或 13% 的同比增長，因此在我們該領域的中期目標範圍內變得越來越大並保持增長。正如我在準備好的演講中所提到的，供應鏈、法律和人力資源是該領域成長最快的三個部分。但顯然，所有部分都必須良好成長，我們的 CV 才能達到 13% 的年成長。

Our next question comes from the line of Josh Chan with UBS.

我們的下一個問題來自瑞銀集團的 Josh Chan。

I know that you don't guide to CV trajectory or NCVI. But I guess it sounds like you are emphasizing more the tech vendor renewal dynamic here. So I guess, are we to interpret that as there being more of an impact of that on Q1 than normal? Could you just kind of explain the rationale behind calling that specific dynamic out the way you did?

我知道你不引導 CV 軌跡或 NCVI。但我想聽起來您在這裡更多地強調了技術供應商的更新動態。所以我想，我們是否可以將其解釋為對第一季的影響比正常情況更大？您能否解釋一下以您的方式呼叫該特定動態背後的基本原理？

Yes, great question. So we're always looking at the skew of contract end dates and contract value associated with that. And as we've talked about in the past, generally speaking, we're pretty evenly skewed across the year. This year, we actually have a little bit of a bubble, not a huge one, but just a little bit more than average in -- with our tech vendor clients in the first quarter.

是的，很好的問題。因此，我們一直在關注合約結束日期和與之相關的合約價值的偏差。正如我們過去談到的，一般來說，我們全年的分佈相當均勻。今年，我們第一季的技術供應商客戶實際上出現了一點泡沫，不是很大，但只是比平均水平高一點。

And so you may have heard us use the word prudent several times during our prepared remarks. We just want to make sure that our guidance reflects our most recent performance and what we know about the next couple of quarters coming up. And so we've taken a prudent view on our first half NCVI to take that into account.

因此，您可能已經聽到我們在準備好的發言中多次使用“謹慎”這個詞。我們只是想確保我們的指導反映了我們最近的業績以及我們對未來幾季的了解。因此，我們對上半場 NCVI 採取了謹慎的態度，將這一點考慮在內。

That said, again, I'll reiterate, we do expect CV growth overall to bottom during 2024 and begin to reaccelerate with -- even with that first quarter focus on tech vendor renewals.

也就是說，我再次重申，我們確實預計 CV 成長總體將在 2024 年觸底，並開始重新加速——即使第一季的重點是技術供應商更新。

Okay. I appreciate the color there. That's really helpful. And if I can shift over to margins. Could you talk about the different drivers of margin year-over-year? I mean, you have positive revenue growth, you have reaccelerating CV, the cost structure seems to be in a good spot. So are there more margin pluses than minuses? And how does that reconcile with the guidance?

好的。我很欣賞那裡的顏色。這真的很有幫助。如果我可以轉向邊緣。能談談利潤同比的不同驅動因素嗎？我的意思是，你有積極的收入成長，你有重新加速的履歷，成本結構似乎處於一個很好的位置。那麼利潤率的優點多於缺點嗎？這與指導如何協調？

Sure, Josh. The simplest way to think about it is that, with our targeted headcount growth in GTS and GBS of mid- to high single digits and think about that, not the only place that we're actually growing but growing a little bit elsewhere, combined with normal merit and wage inflation combined with a growing Conferences business, if you look at the implied operating expense in the guidance, it's up about 8% or 9% year-over-year, which aligns with the headcount growth and the conference growth that we've got dialed into the guidance.

當然，喬許。最簡單的思考方式是，我們的 GTS 和 GBS 目標員工人數成長為中高個位數，考慮一下，這不是我們實際成長的唯一地方，而是在其他地方有所成長，結合正常的績效和薪資通膨加上不斷增長的會議業務，如果您查看指南中的隱含營運費用，您會發現它同比增長約8% 或9%，這與我們預計的員工人數增長和會議增長相一致。已撥入指南。

And so as we mentioned, a much more "normal" cadence of operating expense in 2024 as compared to prior years, where we fell behind and then we're catching up, et cetera, et cetera. So a much more normal quarter-to-quarter build of our operating expense.

正如我們所提到的，與前幾年相比，2024 年的營運支出節奏要「正常」得多，我們先是落後，然後再追趕，等等。因此，我們的營運費用按季度計算更加正常。

We are -- the biggest thing that drives our revenue for 2024 is the ending contract value for 2023. And obviously, as we talked about on Andrew's question, the revenue will lag the recovery in contract value. And so the reality is -- and again, we've been not guiding, but pointing this way for the last several quarters, that this was going to be the reality for 2024, which is we're going to get back on our normal cadence of investing for the future and growing our sales force and growing other areas.

我們 - 推動 2024 年收入的最大因素是 2023 年的期末合約價值。顯然，正如我們在安德魯的問題上談到的那樣，收入將滯後於合約價值的恢復。所以現實是——再說一次，我們一直沒有提供指導，而是在過去幾個季度中指出了這一點，這將成為 2024 年的現實，即我們將恢復正常狀態投資未來、發展我們的銷售隊伍以及發展其他領域的節奏。

We are dealing with the CV deceleration through 2023. And obviously, that has an impact on 2024 for revenues. Obviously, the non-subscription revenue performance also mutes the overall revenue as well; as does the Consulting growth rate, which while still within our medium-term guidance, given we had such a strong year in contract optimization, we're being thoughtful about the growth rates there.

我們正在應對 2023 年商用車減速的問題。顯然，這會對 2024 年的收入產生影響。顯然，非訂閱收入表現也削弱了整體收入；諮詢成長率也是如此，雖然仍在我們的中期指導範圍內，但考慮到我們在合約優化方面表現強勁，我們正在考慮那裡的成長率。

And so it's a little bit of all of those factors impacting the top line with what I would consider "normal" operating expense growth baked into the 2024 guide.

因此，所有這些因素都會影響收入，我認為「正常」的營運費用成長已納入 2024 年指南中。

Our next question comes from the line of Surinder Thind with Jefferies LLC.

我們的下一個問題來自 Surinder Thind 與 Jefferies LLC 的連結。

Just taking a step back, if we look at the big picture and what I would call the relative strength of the economy, why do you think the clients on the tech side aren't spending more at this point? And I guess in your conversations, what would get them to commit? Like what are they looking for at this point?

退一步來說，如果我們著眼於大局以及我所說的經濟相對實力，您認為為什麼科技方面的客戶目前沒有增加支出？我想在你們的談話中，什麼會讓他們做出承諾？他們此時正在尋找什麼？

So Surinder, on the tech side, I think it's really the -- so it's a combination of the recalibration of that market and also -- when I say recalibration, down to the things Gene was talking about, where we actually have a really healthy business on the small end of tech and there is funding flowing, but it's not flowing to the same places that it may have been a year or 2 or 3 ago. And so we're just dealing with that.

所以蘇林德，在技術方面，我認為這確實是——所以這是市場重新校準的結合——當我說重新校準時，具體到吉恩正在談論的事情，我們實際上擁有一個非常健康的市場科技領域的小型業務有資金流動，但資金流向的地方與一年前、兩三年前不同。所以我們正在處理這個問題。

And again, we're going after the opportunities where the money is or we're fishing where the fish are. But as you've seen, there are still large tech sector layoffs happening a year or almost even 15 months since they began. And selling into that environment when they're in the process of cutting tens of thousands of jobs is a little more challenging than it would be if they completely recalibrated.

再說一次，我們在有錢的地方尋找機會，或是在有魚的地方釣魚。但正如您所看到的，自開始以來一年甚至近 15 個月後，科技業仍然發生大規模裁員。當他們正在裁員數以萬計的過程中，在這種環境下進行銷售比完全重新調整時更具挑戰性。

So I think we're still in. We're still driving huge value for those clients. They're still very important clients for us. We're going to be there to help them as they rebound and come through the recalibration. It's just going to take a little bit of time. But we're confident in the value we provide. We're confident, as I mentioned earlier, in the long-term or medium-term growth prospects for this part of the business. But the fact is they are still significantly recalibrating and we are along for that ride, so to speak.

所以我認為我們仍然在。我們仍在為這些客戶帶來巨大的價值。他們對我們來說仍然是非常重要的客戶。當他們反彈並完成重新調整時，我們將在那裡幫助他們。只是需要一點時間。但我們對我們所提供的價值充滿信心。正如我之前提到的，我們對這部分業務的長期或中期成長前景充滿信心。但事實是，他們仍在進行重大的重新調整，可以說，我們正在一路同行。

Just to add a little bit. When you're selling into a company that is actively making layoffs, the attention of people's focus is on who they're going to lay off or whether, in fact, they're going to get laid off. And so it takes a little while -- that's a much tougher -- that's kind of the toughest selling environment. They'll get through that and will return to normal. That's the larger end. And on the small end, Craig described very well.

只是補充一點。當你向一家正在積極裁員的公司銷售產品時，人們的注意力集中在他們將要裁員的人，或者他們實際上是否會被解僱。所以這需要一段時間——這要困難得多——這是最艱難的銷售環境。他們會度過難關並恢復正常。那是更大的結局。在小方面，克雷格描述得很好。

Got it. And then I guess if we think about that or advance that line of thinking, so as you kind of more broadly think about the business and all of these clients that you serve, so is there arguably more, I guess, cyclicality or potential volatility today in your business than maybe in prior cycles? Would maybe the reason being there's more PE/VC-backed firms now, that they're just got a larger part of the ecosystem, so they're just more willing to make quicker strategic pivots or spending decision changes or other things? Is there something structural perhaps that we should be aware of or at least we should be thinking about?

知道了。然後我想，如果我們考慮這一點或推進這種思路，那麼當你更廣泛地思考業務和你服務的所有這些客戶時，我想，今天是否會有更多的周期性或潛在的波動性您的業務比以前的周期可能更好嗎？也許原因是現在有更多的私募股權/創投支持的公司，他們只是獲得了生態系統的更大一部分，所以他們更願意更快地進行策略調整或支出決策改變或其他事情？是否有一些結構性的東西我們應該意識到或至少我們應該思考？

So our perspective is there's nothing structural about it. What happened was, during the pandemic, there was a pull-forward of tech spending. The tech -- many of the tech companies, probably most of them, assumed that was going to last forever, it turned out it was just a pull forward. Now they're just adjusting to getting back to normal. And it's as simple as that. So unless pandemics become cyclical, I think we're in pretty good shape.

所以我們的觀點是它沒有什麼結構性的。發生的情況是，在疫情期間，科技支出出現了提前。科技—許多科技公司，可能是大多數科技公司，都認為這種情況會永遠持續下去，但事實證明這只是一種推動。現在他們只是在調整以恢復正常。就這麼簡單。因此，除非流行病成為週期性的，否則我認為我們的狀況相當好。

Yes. I also think, Surinder, just to sort of underscore that point. When we talk about the overall business or market opportunity, I'll focus on the market opportunity. So roughly $200 billion market opportunity, $190 billion of that is outside of the tech vendor opportunity. So we remain very focused on that big prize of $190-plus billion market opportunity serving enterprise function leaders across GTS and GBS. And again, we're confident that the tech vendor market is a really strong market, but the reality is $190 billion out of that $200 billion market opportunity is the enterprise function leader opportunity.

是的。蘇林德，我也認為這只是為了強調這一點。當我們談論整體業務或市場機會時，我將專注於市場機會。因此，大約有 2000 億美元的市場機會，其中 1900 億美元不屬於技術供應商機會。因此，我們仍然非常專注於為 GTS 和 GBS 的企業職能領導者提供價值 190 多億美元的市場機會。再說一次，我們相信科技供應商市場是一個非常強大的市場，但現實是 2,000 億美元的市場機會中有 1,900 億美元是企業職能領導者的機會。

Our next question comes from the line of Jeff Silber with BMO Capital Markets.

我們的下一個問題來自蒙特利爾銀行資本市場部的 Jeff Silber。

I know it's late. I'll just ask one, though it's multi-part. Can we talk about the pricing environment, can you just remind us what price increases you put in for this year? Are you getting any pushback? And others in the space have been providing some breaks for extending the length of the term, is that something you're doing as well?

我知道已經太晚了。我只問一個，儘管它是由多個部分組成的。我們可以談談定價環境嗎？您能提醒我們今年的價格上漲幅度是多少嗎？你有任何阻力嗎？該領域的其他人一直在提供一些休息時間來延長任期，您也是這樣做的嗎？

Jeff, thanks for a quick question. On the pricing side, we're a little over 4%. We did our price increase in November of this year, which is when we typically do it. A little bit lower than what we did in '21 and '22, largely because we've seen inflation come down a little bit, most importantly wage inflation come down a little bit. And so we're in that around 4%, a little bit more than 4%.

傑夫，謝謝你提出一個簡短的問題。在定價方面，我們的價格略高於 4%。我們在今年 11 月進行了提價，這是我們通常這樣做的時間。比我們在 21 年和 22 年所做的要低一點，主要是因為我們看到通膨有所下降，最重要的是薪資通膨有所下降。所以我們的比例約為 4%，略高於 4%。

I think clients, by and large, are not pushing back on it. Again, remember, the average spend per client is, order of magnitude, $250,000. So the difference between a 3% or a 4% increase is pretty de minimis.

我認為，總的來說，客戶並沒有拒絕這樣做。再次提醒您，每位客戶的平均支出為 250,000 美元。因此，3% 或 4% 的成長之間的差異是微不足道的。

And again -- and we're very focused on making sure that our products and services have incremental value each and every year. And we're continuing to sell with our upfront invoicing and a real focus on that. We're continuing to sell more and more multiyear contracts with our focus on that.

再說一次，我們非常注重確保我們的產品和服務每年都有增量價值。我們將繼續以預付發票的方式進行銷售，並真正關注這一點。我們將繼續銷售越來越多的多年期合同，並將重點放在這一點上。

And so I'd say, yes, the environment has been a little tougher, but we've been managing to stick to our guns on the things that we know drive huge economic value for the business, which is sticking to our pricing guns, not discounting, selling multiyear contracts and making sure we get the invoicing done upfront. And I think our teams have done a phenomenal job of sticking to our core knitting there.

所以我想說，是的，環境有點艱難，但我們一直在努力堅持我們知道能為企業帶來巨大經濟價值的事情，這就是堅持我們的定價槍，不打折，銷售多年合同並確保我們提前開具發票。我認為我們的團隊在堅持我們的核心編織方面做得非常出色。

Our next question comes from the line of George Tong with Goldman Sachs.

我們的下一個問題來自高盛的喬治唐（George Tong）。

You mentioned 1Q tech vendor renewals are especially important because of a little bubble there. Can you help quantify that? How much concentration is there compared to other quarters in the year?

您提到第一季技術供應商續約尤其重要，因為那裡存在一些泡沫。你能幫忙量化一下嗎？與年內其他季度相比，集中度如何？

Yes. I think -- I mean, again, remember, our tech vendor CV is a little less than 25% of total CV. Normally, Q1 represents a little bit more than 25% of total renewals on the overall franchise. This year, with tech vendors, it's in the low to mid-30% of overall CV. So it's not a huge bubble, it's just a little bit of an overweighting, more than normal, in the first quarter.

是的。我想——我的意思是，再次記住，我們的技術供應商簡歷略低於總簡歷的 25%。通常情況下，第一季佔整個特許經營總續約量的 25% 以上。今年，對於技術供應商來說，它佔整體 CV 的中低端到 30%。因此，這並不是一個巨大的泡沫，只是第一季的配重比正常情況有一點偏高。

Got it. That's helpful. And then you're guiding to EBITDA margins of 23% for the year. What do you see as the major driver of potential upside to that target?

知道了。這很有幫助。然後，您預計今年的 EBITDA 利潤率為 23%。您認為該目標潛在上行的主要驅動力是什麼？

I think at this point, George, it's revenue upside will drive the biggest potential for margin upside from that 23%. As we've talked about -- I can't remember whose question it was, I think it was Josh's question. The OpEx is -- again, forgive me for using this term, more normal than it has been for the last few years. We're back on our territory growth planning. We're back on our more normal merit increases kicking in on April 1. And so I feel really -- we feel really good about the OpEx plan we've got. And so I think revenue upside across the various business lines would be the place that could potentially unlock a little bit of margin upside.

喬治，我認為在這一點上，收入成長將推動利潤率從 23% 上升到最大潛力。正如我們討論過的——我不記得是誰的問題了，我認為這是喬許的問題。再次請原諒我使用這個術語，營運支出比過去幾年更正常。我們重新制定了領土增長計劃。我們從 4 月 1 日開始恢復更正常的績效成長。所以我真的感覺——我們對我們的營運支出計劃感覺非常好。因此，我認為各個業務線的收入上升將有可能釋放一點利潤上升空間。

That said, if we are doing better from a revenue perspective, and again, Gene and I both alluded to this, we've got recruitment capacity to go faster. And so we want to make sure that not only are we doing well in 2024, that we are setting ourselves up to continue to perform really strongly in '25 and '26. And so if we have the opportunity to go a little bit faster on GTS and GBS headcount growth, we're going to take that opportunity for sure.

也就是說，如果我們從收入角度做得更好，吉恩和我都提到這一點，我們就有更快的招募能力。因此，我們希望確保我們不僅在 2024 年表現出色，而且在 25 年和 26 年繼續表現強勁。因此，如果我們有機會加快 GTS 和 GBS 員工人數的成長速度，我們一定會抓住這個機會。

Thank you. And I'm showing no further questions at this time. I'd like to hand the call back over to Gene Hall for closing remarks.

謝謝。目前我不會再提出任何問題。我想將電話轉回給吉恩·霍爾做總結發言。

So here are the takeaways for today's call. Gartner drove another strong performance in Q4. We deliver incredible value whether our clients are struggling, thriving 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.

以下是今天電話會議的要點。 Gartner 在第四季再次取得強勁業績。無論我們的客戶處於掙扎、繁榮還是介於兩者之間，我們都能提供令人難以置信的價值。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 for into the future. 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. 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.

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收入成長。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。當我們為未來成長進行投資時，我們將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。

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。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。