高德納諮詢公司 (IT) 2024 Q1 法說會逐字稿

Good morning, everyone. Welcome to Gartner's First Quarter 2024 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 2024 年第一季財報電話會議。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 first quarter 2024 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.

本次電話會議將包括討論 2024 年第一季財務業績以及 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。

On the call, unless stated otherwise, all references to EBITDA or 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 2024 foreign exchange rates, while 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.

在電話會議上，除非另有說明，否則所有提及EBITDA 或調整後EBITDA 的內容均按照我們的收益發布和補充中所述進行調整，而我們討論的合約價值和相關增長率均基於2024 年外匯匯率，而成長率則基於2024 年外匯匯率。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。

Reconciliations for all non-GAAP numbers we use are available in the Investor Relations section of the gartner.com website.

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 2023 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2023 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。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 remains resilient in a complex environment. In Q1, contract value grew high single digits. Natural results for the quarter were ahead of expectations. We delivered strong profitability and free cash flow, and we increased our guidance for 2024 on an FX neutral basis.

早安，感謝您今天加入我們。 Gartner 在複雜的環境中保持彈性。第一季度，合約價值出現高個位數成長。該季度的自然結果超出了預期。我們實現了強勁的獲利能力和自由現金流，並在外匯中性的基礎上提高了 2024 年的指導。

The world continues to experience broad geopolitical and economic uncertainty. Higher interest rates and uncertain outlook continue to affect banks. Federal and local governments are struggling to shifting priorities. Inflation remains challenging for companies in many sectors, such as health care. Supply chains continue to be strained.

世界繼續經歷廣泛的地緣政治和經濟不確定性。較高的利率和不確定的前景繼續影響銀行。聯邦和地方政府正在努力改變優先事項。對於醫療保健等許多行業的公司來說，通貨膨脹仍然是一個挑戰。供應鏈繼續緊張。

We continue to see big shifts in where people work, which is affecting the real estate sector. Cybersecurity continues to be a global and universal threat. And enterprise leaders are just beginning to understand how to leverage artificial intelligence in their organizations.

我們繼續看到人們工作地點的巨大變化，這正在影響房地產行業。網路安全仍然是全球性的普遍威脅。企業領導者才剛開始了解如何在其組織中利用人工智慧。

Enterprise leaders and their teams know they need help, and they know Gartner is the best source for that help. We provide the insights, tools and advice to drive smart decisions and achieve stronger performance on their mission-critical priorities. Our insights often make the difference between success and failure for the leaders we work with and the enterprises they serve. Gartner guides the leaders who shape the world.

企業領導者及其團隊知道他們需要幫助，他們知道 Gartner 是獲得這種幫助的最佳來源。我們提供見解、工具和建議，以推動明智的決策並在關鍵任務優先事項上取得更好的績效。我們的洞察力常常決定與我們合作的領導者及其所服務的企業的成功與失敗。 Gartner 為塑造世界的領導者提供指導。

Research continues to be our largest and most profitable segment. Our Research business serves enterprises across all major functions in every industry and every geography. Our market opportunity is vast. We deliver unparalleled value to our clients, whether they're thriving, struggling or anywhere in between.

研究仍然是我們最大、最賺錢的部門。我們的研究業務為各行業和各個地區的所有主要職能部門的企業提供服務。我們的市場機會是巨大的。我們為客戶提供無與倫比的價值，無論他們是在蓬勃發展、陷入困境或兩者之間。

In Q1, our clients experienced more challenging macroeconomic conditions, which led to a tougher selling environment. Because of the incredible value we deliver, contract value in our enterprise functional leader business grew 10%.

第一季度，我們的客戶經歷了更具挑戰性的宏觀經濟條件，導致銷售環境更加艱難。由於我們提供了令人難以置信的價值，我們的企業職能領導者業務的合約價值增加了 10%。

Our tech vendor clients continue to be affected by sizable layoffs as well as reductions and shifts in venture capital investments. In addition, we had higher than normal levels of tech vendor contracts up for renewal in Q1, as expected.

我們的技術供應商客戶繼續受到大規模裁員以及風險資本投資減少和轉移的影響。此外，正如預期的那樣，第一季需要續約的技術供應商合約水準高於正常水準。

We guided clients through a wide range of challenging topics, including cybersecurity, supply chain optimization, data analytics, leader and manager development, managing emerging risks, cost optimization and more. Artificial intelligence was a topic with a high level of interest across every business function we serve.

我們指導客戶解決一系列具有挑戰性的主題，包括網路安全、供應鏈優化、數據分析、領導者和經理人發展、管理新興風險、成本優化等。人工智慧是我們所服務的每個業務職能部門都高度關注的議題。

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 5%. GTS contract value with enterprise function leaders grew at high single digits.

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。 GTS 合約價值成長了 5%。與企業職能領導者的 GTS 合約價值以高個位數成長。

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 12%.

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 12%。

Gartner Conferences deliver valuable insights to a highly engaged audience. We had a great start to the year, including the launch of two new Conferences. The outlook for Conferences remains strong.

Gartner 會議為高度參與的觀眾提供了寶貴的見解。我們今年有一個好的開端，包括啟動了兩個新的會議。會議前景依然強勁。

Gartner Consulting is the extension of Gartner Research. Consulting helps clients execute their most strategic initiatives through deeper project-based work. Consulting is an important complement to our IT Research business. Consulting revenue grew 7%. Labor-based revenue was up 13%. We drove a strong performance in contract optimization against a tough compare.

Gartner 諮詢是 Gartner 研究的延伸。諮詢幫助客戶透過更深入的基於專案的工作執行最具策略意義的計劃。諮詢是我們 IT 研究業務的重要補充。諮詢收入增長 7%。基於勞動力的收入成長了 13%。在艱難的比較中，我們在合約優化方面取得了強勁的表現。

People are at the heart of our business. I just returned from our sales recognition events where I spent time with some of our top performers. Our sales teams are enthusiastic about our prospects for growth in 2024. They love Gartner's strategy, culture and ability to innovate. Gartner is a place where our associates build lifelong careers in sales and beyond.

人是我們業務的核心。我剛從我們的銷售表彰活動中回來，在那裡我與一些表現出色的員工共度了時光。我們的銷售團隊對 2024 年的成長前景充滿熱情。 Gartner 是我們員工在銷售及其他領域建立終身職涯的地方。

Looking ahead, we updated our guidance for the stronger dollar and increased revenue, EBITDA, EPS and free cash flow on a FX-neutral basis.

展望未來，我們更新了對美元走強以及在外匯中性基礎上增加收入、EBITDA、每股收益和自由現金流的指導。

In closing, Gartner delivered financial results ahead of expectations and 10% contract value growth with enterprise function leaders. Gartner is well positioned for contract value growth to accelerate as we move through the year. Our client value proposition and addressable market opportunity will allow us to drive long-term sustained double-digit revenue growth.

最後，Gartner 交付了超出預期的財務業績，並與企業職能領導者簽訂了 10% 的合約價值成長。 Gartner 已做好充分準備，合約價值將在今年加速成長。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。

We will continue to create value for our shareholders by providing actionable objective insight to our clients, prudently investing for future growth and returning capital to our shareholders through our share repurchase program.

我們將繼續為我們的股東創造價值，為我們的客戶提供可行的客觀洞察，審慎投資以實現未來成長，並透過我們的股票回購計劃向股東返還資本。

We expect margins will expand modestly over time, and we'll continue to generate significant free cash flow well in excess of net income. All of this and more positions us to continue our sustained record of success are into the future.

我們預計利潤率將隨著時間的推移而適度擴大，並且我們將繼續產生遠遠超過淨利潤的大量自由現金流。所有這些以及更多的因素使我們能夠在未來繼續保持我們持續的成功記錄。

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. First quarter financial results were better than planned with particular strength in profitability and free cash flow. We remain well positioned for the global CV growth rate to accelerate from the first or second quarter of this year. We are increasing our revenue, profit and free cash flow guidance on an operating basis and updating for the stronger U.S. dollar. We have a lot of capacity for share repurchases and remain eager to buy back stock opportunistically.

謝謝你，吉恩，早安。第一季的財務表現優於計劃，尤其是在獲利能力和自由現金流方面表現強勁。我們仍然認為全球履歷成長率將從今年第一季或第二季開始加速。我們正在提高營運基礎上的收入、利潤和自由現金流指引，並根據美元走強進行更新。我們有很大的股票回購能力，並且仍然渴望機會性地回購股票。

First quarter revenue was $1.5 billion, up 5% year-over-year as reported and FX neutral. In addition, total contribution margin was 69%, about in line with last year. EBITDA was $382 million, ahead of our guidance and up modestly from first quarter 2023. Adjusted EPS was $2.93, up 2% from Q1 of last year, and free cash flow was $166 million.

據報道，第一季營收為 15 億美元，年增 5%，且匯率中立。此外，總邊際貢獻率為69%，與去年基本持平。 EBITDA 為 3.82 億美元，高於我們的指引，且較 2023 年第一季小幅成長。

Research revenue in the first quarter grew 4% year-over-year as reported and on an FX-neutral basis. Subscription revenue grew 6% FX-neutral. Non-subscription revenue was similar to Q4 2023 following changes we made during the fourth quarter, which we discussed in February. First quarter Research contribution margin was 74%, consistent with last year.

據報告，在匯率中立的基礎上，第一季的研究收入年增 4%。扣除匯率影響，訂閱收入成長了 6%。經過我們在 2 月討論的第四季所做的調整後，非訂閱收入與 2023 年第四季相似。第一季研究貢獻率為 74%，與去年一致。

Contract value, or CV, was $4.9 billion at the end of the first quarter, up 7% versus the prior year and down about $10 million from the fourth quarter 2023. The NCVI results reflect the higher-than-normal level of tech vendor contracts up for renewal, which we discussed in February. In addition, Q1 is our seasonally smallest quarter for new business.

第一季末的合約價值 (CV) 為 49 億美元，比上一年增長 7%，比 2023 年第四季減少約 1000 萬美元。續訂，我們在二月討論過。此外，第一季是我們新業務季節性最少的季度。

CV from enterprise function leaders across GTS and GBS grew 10%. CV growth is FX neutral. CV growth outside of our tech vendor client base 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.

GTS 和 GBS 的企業職能領導者的履歷增加了 10%。 CV 成長對匯率呈中立。我們的技術供應商客戶群以外的履歷成長廣泛涉及實踐、行業領域、公司規模和地理區域。在我們的綜合實踐中，大多數行業部門以兩位數或高個位數成長率成長，其中能源、製造業和公共部門為首。

CV grew double-digit or high single-digit rates across all enterprise sizes except small, which was about flat and has the largest tech vendor mix. We also drove double-digit or high single-digit growth in the majority of our top 10 countries.

除小型企業外，所有規模的企業的 CV 成長率均呈現兩位數或高個位數成長，小型企業基本上持平，且擁有最大的技術供應商組合。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 $3.8 billion at the end of the first quarter, up 5% versus the prior year. GTS enterprise leader CV increased high single digits. Tech vendor CV was down slightly year-over-year. GTS CV was $22 million lower than the fourth quarter.

第一季末全球技術銷售合約價值為 38 億美元，比上年增長 5%。 GTS企業領導者履歷表成長高個位數。技術供應商的履歷較去年同期略有下降。 GTS CV 比第四季減少了 2,200 萬美元。

Wallet retention for GTS was 101% for the quarter, which compares to 104% in the prior year. Enterprise leader wallet retention was consistent with historical levels. As expected, tech vendors were the key driver of the change year-over-year.

本季 GTS 的錢包保留率為 101%，而上一年為 104%。企業領導者錢包保留率與歷史水準一致。正如預期的那樣，技術供應商是同比變化的主要驅動力。

GTS new business was 1% lower than last year, even as enterprise leader new business increased year-over-year. GTS quota-bearing headcount was down 2% year-over-year. We continue to expect mid-single-digit QBH growth by the end of the year. The near-term hiring focus is in the enterprise leader portion of the business. Our regular full set of GTS metrics can be found in our earnings supplement.

儘管企業龍頭新業務年增，但GTS新業務較去年下降1%。 GTS 配額員工人數較去年同期下降 2%。我們繼續預計到今年年底 QBH 將實現中個位數成長。近期招募重點是該業務的企業領導者部分。我們的常規全套 GTS 指標可以在我們的收益補充中找到。

Global Business Sales contract value was $1.1 billion at the end of the first quarter, up 12% 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 led by finance, legal and supply chain.

第一季末全球業務銷售合約價值為 11 億美元，年增 12%。除了銷售額實​​現中個位數成長外，我們所有 GBS 業務均以兩位數或高個位數成長率成長。成長由金融、法律和供應鏈帶動。

GBS CV increased $12 million from the fourth quarter, while retention for GBS was 107% for the quarter, which compares to 110% in the prior year. GBS new business was up 7% compared to last year. GBS quota-bearing headcount was also up 7% year-over-year. As with GTS, our regular full set of GBS metrics can be found in our earnings supplement.

GBS CV 較第四季增加了 1,200 萬美元，而本季度 GBS 的保留率為 107%，而去年同期為 110%。 GBS新業務較去年成長7%。 GBS 配額員工人數也較去年同期成長 7%。與 GTS 一樣，我們的常規全套 GBS 指標可以在我們的收益補充中找到。

Conferences revenue for the first quarter was $70 million, modestly ahead of our expectations during a seasonally small period. We had two successful launches in the quarter: our CFO and Finance Executive Conference in Australia; and our Data & Analytics Summit in Brazil. Contribution margin in the quarter was 33%, consistent with typical seasonality and reflecting investments for future growth. We held 12 destination conferences in the quarter.

第一季的會議收入為 7000 萬美元，略高於我們在季節性較小時期的預期。本季度我們成功舉辦了兩場會議：在澳洲舉行的財務長和財務執行會議；以及我們在巴西舉行的數據與分析高峰會。本季的邊際貢獻率為 33%，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 12 場目的地會議。

First quarter Consulting revenues increased by 6% year-over-year to $135 million. On an FX-neutral basis, revenues were up 7%. Consulting contribution margin was 40% in the first quarter. Labor-based revenues were $109 million, up 12% versus Q1 of last year's reported and 13% on an FX-neutral basis. Backlog at March 31 was $188 million, increasing 17% year-over-year on an FX-neutral basis with continued booking strength.

第一季諮詢營收年增 6%，達到 1.35 億美元。在匯率中立的基礎上，營收成長了 7%。第一季諮詢貢獻率為40%。基於勞動力的收入為 1.09 億美元，比去年報告的第一季成長 12%，在匯率中立的基礎上成長 13%。截至 3 月 31 日，積壓訂單為 1.88 億美元，在匯率中性的基礎上年增 17%，預訂量持續強勁。

Our contract optimization business is highly variable. We delivered $26 million of revenue in the quarter against a tough prior year compare. Consolidated cost of services increased 6% year-over-year in the first quarter as reported and 5% on an FX-neutral basis. The biggest driver of the increase was higher compensation costs.

我們的合約優化業務變化很大。我們本季實現了 2,600 萬美元的收入，而去年同期的收入卻很艱難。據報告，第一季綜合服務成本年增 6%，在匯率中立的基礎上成長 5%。成長的最大推動因素是補償成本上升。

SG&A increased 5% year-over-year in the first quarter as reported and on an FX-neutral basis. SG&A increased in the quarter as a result of headcount growth and higher compensation costs.

據報告，在匯率中立的基礎上，第一季的銷售、管理及行政費用年增 5%。由於員工人數成長及薪資成本上升，本季的銷售、管理及行政費用增加。

EBITDA for the first quarter was $382 million, up modestly from last year. First quarter strength compared to our guidance reflected modest revenue upside, effective expense management and a prudent approach to our initial guidance. Depreciation in the quarter of $26 million was up about 10% compared to 2023.

第一季 EBITDA 為 3.82 億美元，比去年小幅成長。與我們的指導相比，第一季的實力反映出適度的收入成長、有效的費用管理以及我​​們對初始指導的審慎態度。本季折舊額為 2,600 萬美元，較 2023 年增加約 10%。

Net interest expense, exclusive deferred financing costs in the quarter, was $18 million. This is favorable by $9 million versus the first quarter of 2023 due to higher interest income on our cash balances. The modest floating rate debt we have is fully hedged through the third quarter of 2025.

本季淨利息支出（不含遞延融資成本）為 1,800 萬美元。由於我們現金餘額的利息收入增加，這比 2023 年第一季增加了 900 萬美元。我們擁有的適度浮動利率債務將在 2025 年第三季得到充分對沖。

The Q1 adjusted tax rate, which we use for the calculation of adjusted net income was 20% for the quarter. The tax rate for the items used to adjust net income was 25% for the quarter.

我們用於計算該季度調整後淨利潤的第一季調整後稅率為 20%。本季用於調整淨利潤的項目稅率為25%。

Adjusted EPS in Q1 was $2.93, up 2% compared with last year. We had 79 million shares outstanding in the first quarter. This is a reduction of close to 1 million shares or about 2% year-over-year. We exited the first quarter with about 79 million shares on an unweighted basis.

第一季調整後每股收益為 2.93 美元，比去年增長 2%。第一季我們有 7900 萬股流通股。這意味著減少了近 100 萬股，年減約 2%。第一季結束時，我們持有約 7,900 萬股未加權股票。

Operating cash flow for the quarter was $189 million, up 15% compared to last year. CapEx for the quarter was $23 million, up modestly year-over-year.

該季度營運現金流為 1.89 億美元，較去年增長 15%。本季資本支出為 2,300 萬美元，年比小幅成長。

Free cash flow for the quarter was $166 million. Free cash flow as a percent of revenue on a rolling 4-quarter basis was 18% of revenue and 72% of EBITDA. Free cash flow conversion from GAAP net income was 135%. Our free cash flow conversion is generally higher when CV growth is accelerating.

該季度的自由現金流為 1.66 億美元。連續 4 個季度的自由現金流佔收入的百分比分別為收入的 18% 和 EBITDA 的 72%。依 GAAP 淨利換算的自由現金流為 135%。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 first quarter, we had about $1.2 billion of cash. Our March 31 debt balance was about $2.5 billion. During the quarter, we closed on a new 5-year $1 billion unsecured revolving credit facility. Outstanding borrowings from the existing credit agreement were rolled over into the new unsecured revolver. The amount drawn remains fully hedged. Our capital structure is now 100% unsecured. After Moody's upgraded our credit in April, we now have three investment grade ratings from Fitch, S&P and Moody's.

第一季末，我們擁有約 12 億美元的現金。截至 3 月 31 日，我們的債務餘額約為 25 億美元。本季度，我們完成了一項新的 5 年期 10 億美元無擔保循環信貸安排。現有信貸協議中的未償還借款已轉入新的無擔保循環貸款。提取的金額仍然完全對沖。我們的資本結構現在100%無擔保。在穆迪四月升級了我們的信用評級後，我們現在獲得了惠譽、標準普爾和穆迪的三個投資級評級。

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 $1.9 billion of liquidity, low levels of leverage and effectively fixed interest rates.

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 19 億美元的流動性、低槓桿水準和有效的固定利率。

We repurchased $225 million of our stock during the first quarter. We expect the Board will continue to refresh the repurchase authorization as needed going forward. At the end of March, we had about $830 million authorized 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.

我們在第一季回購了價值 2.25 億美元的股票。我們預計董事會將繼續根據需要更新回購授權。截至 3 月底，我們已授權回購約 8.3 億美元。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。

We are raising our full year guidance on an FX-neutral basis to reflect Q1 performance. The dollar has gotten stronger since we reported in February, which is also incorporated into the guidance.

我們將在匯率中性的基礎上上調全年指引，以反映第一季的表現。自從我們二月的報告以來，美元已經走強，這也被納入了指導中。

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.

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。

For Research revenue, based on Q1 results and our outlook for the balance of the year, our guidance on an FX-neutral basis is unchanged. The guidance also reflects the CV growth rate reaccelerating this year. New business strength and improvements in retention would lead to upside to our guidance. And Research subscription revenue growth will likely lag CV growth reacceleration by about a quarter or 2 on an FX-neutral basis.

對於研究收入，根據第一季的業績和我們對今年剩餘時間的展望，我們在外匯中性基礎上的指導保持不變。該指引也反映出今年CV成長率重新加速。新的業務實力和保留率的提高將為我們的指導帶來好處。在匯率中立的基礎上，研究訂閱收入的成長可能會落後於 CV 成長重新加速約四分之一或兩季。

The nonsubscription revenue outlook continues to reflect the shift to higher-quality traffic sources we discussed last quarter. We saw pricing stabilizing over the past few months. An improvement in pricing would represent upside to the guidance.

非訂閱收入前景繼續反映出我們上季度討論的向更高品質流量來源的轉變。過去幾個月我們看到價格趨於穩定。定價的改善將代表此指導意見的上行空間。

The first quarter for Conferences is seasonally small. We continue to expect strong performance for the full year. We expect similar seasonality to what we saw in 2023 with Q4 the largest quarter, followed by Q2.

會議的第一季季節性較小。我們持續預計全年表現強勁。我們預計季節性與 2023 年類似，其中第四季度是最大的季度，其次是第二季度。

For Consulting, we continue to see demand on our labor-based services in areas like digital transformation and cost optimization. Contract optimization has had several very strong years and is highly variable. We've incorporated a prudent outlook for this part of the segment.

對於諮詢而言，我們繼續看到數位轉型和成本優化等領域對我們基於勞動力的服務的需求。合約優化已經經歷了好幾年非常強勁的時期，而且變化很大。我們對該細分市場的這一部分採取了審慎的展望。

For consolidated expenses, we are investing for future growth, even as we have taken a balanced 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.

對於合併費用，我們正在為未來的成長進行投資，儘管我們對收入流入損益表的時間持平衡態度。我們建議按順序考慮費用，並考慮由會議日曆和績效成長驅動的顯著季節性。

As a reminder, about 1/3 of our revenue and operating expenses are denominated in currencies other than the U.S. dollar. With the strengthening dollar, we now expect FX-neutral growth to be higher than reported growth by about 0.5 point for revenue and around a full point for EBITDA for the full year.

提醒一下，我們約 1/3 的收入和營運支出以美元以外的貨幣計價。隨著美元走強，我們現在預計全年的收入成長將比報告的成長高出約 0.5 個百分點，而 EBITDA 則將高出約一個百分點。

Our updated 2024 guidance is as follows. We expect Research revenue of at least $5.115 billion, which is FX-neutral growth of about 5%. First quarter results were about in line with our expectations. We updated for the stronger dollar.

我們更新的 2024 年指引如下。我們預計研究收入至少為 51.15 億美元，匯率中性因素下成長約 5%。第一季業績基本上符合我們的預期。我們更新了美元走強的情況。

We expect Conferences revenue of at least $560 million, which is FX-neutral growth of about 11%. We expect Consulting revenue of at least $525 million, which is growth of about 3% FX neutral. The result is an outlook for consolidated revenue of at least $6.2 billion, which is FX-neutral growth of 5%.

我們預計會議收入至少為 5.6 億美元，剔除匯率因素後將成長約 11%。我們預計諮詢收入至少為 5.25 億美元，匯率中立成長約 3%。結果是，綜合收入前景至少為 62 億美元，在匯率中立的情況下成長 5%。

We now expect full year EBITDA of at least $1.455 billion, up $35 million from our prior guidance before the effect of a stronger dollar. We expect typical operating expense seasonality to continue through the rest of the year. We now expect 2024 adjusted EPS of at least $10.90.

我們現在預計全年 EBITDA 至少為 14.55 億美元，比我們之前受美元走強影響之前的指導增加 3500 萬美元。我們預計典型的營運費用季節性將持續到今年剩餘時間。我們現在預計 2024 年調整後每股盈餘至少為 10.90 美元。

For 2024, we now expect free cash flow of at least $1.08 billion, up $15 million from our prior guidance. The higher free cash flow reflects a conversion from GAAP net income of 139%. Our guidance is based on 79 million fully diluted weighted average shares outstanding, which reflects the repurchases made through the end of March. And finally, for the second quarter, we expect adjusted EBITDA of at least $390 million.

目前，我們預計 2024 年自由現金流至少為 10.8 億美元，比先前的指導增加 1,500 萬美元。較高的自由現金流反映了 139% 的 GAAP 淨利潤轉換。我們的指引基於 7,900 萬股完全稀釋加權平均流通股，反映了截至 3 月底的回購情況。最後，我們預計第二季調整後 EBITDA 至少為 3.9 億美元。

Our financial performance started the year ahead of our plan, despite continuing global macro uncertainty and a dynamic tech vendor market. CV grew high single digits in the quarter, and we expect CV growth to reaccelerate from the first or second quarter of this 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，但我們的財務表現比計劃提前一年開始。本季 CV 出現高個位數成長，我們預計 CV 成長將從今年第一季或第二季開始重新加速。

Revenue and EBITDA performance exceeded our expectations, we increased our operating guidance and incorporated the stronger U.S. dollar into the outlook.

收入和 EBITDA 表現超出了我們的預期，我們提高了營運指導並將美元走強納入展望。

Free cash flow was strong in the quarter, and we increased the guidance for the full year. We repurchased about $225 million in stock year-to-date through March and remain eager to return excess capital to our shareholders. We will continue to be price sensitive, opportunistic and disciplined.

本季自由現金流強勁，我們提高了全年指引。年初至今，截至 3 月份，我們回購了約 2.25 億美元的股票，並仍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.

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。

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.

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，並用於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) And our first question will come from Jeff Meuler from Baird.

（操作員說明）我們的第一個問題將來自 Baird 的 Jeff Meuler。

Hello? Can you hear me?

你好？你聽得到我嗎？

Yes, sir, we can hear you now.

是的，先生，我們現在可以聽到您的聲音。

Yes. Sorry about that. Was hoping you could give more perspective on GTS new business sold trends, and I'm obviously keying in on the year-over-year being a bit weaker this quarter than last.

是的。對於那個很抱歉。希望您能夠對 GTS 新業務銷售趨勢提供更多看法，我顯然強調本季的同比情況比上一季稍弱。

And I think that was one of the factors that you were pointing to for confidence in the CV reacceleration during 2024. So just any perspective? Did it soften at all later in the quarter? Was it consistent with your plan?

我認為這是您所指出的 2024 年 CV 重新加速充滿信心的因素之一。本季稍後情況是否有所軟化？符合你的計畫嗎？

Jeff, it's Craig. Thank you for the question. On the new business side, again, you need to really differentiate between what we're seeing from a tech vendor perspective and what we're seeing on the enterprise function leader portion of the GTS business.

傑夫，我是克雷格。感謝你的提問。在新業務方面，您再次需要真正區分我們從技術供應商角度看到的內容和我們從 GTS 業務的企業職能領導者部分看到的內容。

And what we saw was GTS new business for enterprise function leaders was up low single digits year-over-year in the quarter and it was down a little bit year-over-year on the tech vendor side. And so those two dynamics are really what hit us in the first quarter.

我們看到的是，本季企業職能領導者的 GTS 新業務年增了低個位數，而技術供應商方面則較去年同期略有下降。因此，這兩種動態確實是第一季對我們造成的打擊。

I would say just on the tech vendor side, and I'm sure we'll talk about this quite a bit as we work through the questions, that we highlighted in February that we had a larger-than-normal amount of contracts coming up for renewal on the tech vendor side. Those were typically 2- or 3-year deals, and so they hadn't been touched in a few years. And obviously, the tech market is very different today than it was a few years ago.

我想說的是，僅在技術供應商方面，我確信我們在解決問題時會對此進行大量討論，我們在二月份強調了我們即將簽訂的合約數量超出正常水平用於技術供應商方面的續訂。這些交易通常為期兩年或三年，因此幾年內都沒有被觸及。顯然，今天的科技市場與幾年前有很大不同。

And generally, what we're seeing, particularly with our medium to larger-sized tech clients, is they are staying with us, but there is some -- still some recalibration. And what that means is there's less new business than normal on those renewals.

總的來說，我們看到，特別是我們的中型到大型科技客戶，他們會留在我們身邊，但有一些——仍然有一些重新調整。這意味著這些續訂的新業務比正常情況要少。

Out over the medium term and long term, we expect our tech vendor business to be a 12% to 16% grower, but we're still, and again, you guys can often read the headlines as well as we can, we're still in a pretty challenging tech vendor end market.

從中期和長期來看，我們預計我們的技術供應商業務將成長 12% 至 16%，但我們仍然如此，再說一次，你們可以經常閱讀頭條新聞，我們可以，我們仍然處於一個相當具有挑戰性的技術供應商終端市場。

Gene, I don't know if you want to add.

吉恩，我不知道你是否要補充。

The only thing to add is that our sales to new logos in tech vendors has been strong. And so what Craig reflected is that it's not the new logos that's actually been strong. It's when we have a renewal, how much of -- how many digital seats they buy.

唯一需要補充的是，我們對技術供應商新標誌的銷售一直很強勁。因此，克雷格反映的是，實際上並不是新徽標很強大。當我們進行續訂時，他們會購買多少數位席位。

Okay. And then just on retention, obviously, we have your publicly reported metrics, and just want to recognize that you had previously called out the outsized renewals for tech vendor this quarter.

好的。然後，就保留率而言，顯然，我們有您公開報告的指標，並且只想認識到您之前曾呼籲本季度技術供應商進行大規模續訂。

So the question, I guess, is if I -- if you isolate just the business that comes up for renewal in a period, is the -- are the renewal rates now largely stable kind of quarter-to-quarter at this point that you just needed to get through the tail of those renewals? I'm just trying to, I guess, just figure out how stable it is on what's coming up for renewal.

因此，我想，問題是，如果您僅隔離一段時間內需要續訂的業務，那麼目前的續訂率是否基本上按季度穩定，您認為只是需要完成這些續訂的尾部？我想，我只是想弄清楚它對於即將更新的內容有多穩定。

Yes. I think, Jeff, it's a great question. We have seen some stability in the retention rates. And generally, if you look at our NCVI in any given quarter, it's a combination of what did we renew and how much new business we sold.

是的。我認為，傑夫，這是一個很好的問題。我們看到保留率有一定的穩定性。一般來說，如果你查看任何特定季度的 NCVI，你會發現它綜合了我們更新的業務和銷售的新業務量。

And with Q1 being a seasonally very small new business quarter, historically, it's always been that way, coupled with the disproportionate amount of tech vendor contracts we had coming up for renewal, the reason we highlighted that in February is because that makes for a tough math, if you will, on NCVI in a given quarter.

由於第一季是一個季節性非常小的新業務季度，從歷史上看，情況一直如此，再加上我們即將續籤的技術供應商合約數量不成比例，我們在2 月強調這一點的原因是因為這使得我們的業務變得艱難。

We are seeing retention rates stabilize. We do see a strong pipeline across the board in both GTS and GBS. And so again, we firmly believe that contract value growth is going to reaccelerate this year, as we indicated in our prepared remarks. And stable retention rates will certainly be an ingredient in that reacceleration.

我們看到保留率趨於穩定。我們確實在 GTS 和 GBS 領域看到了全面的強大管道。因此，正如我們在準備好的評論中指出的那樣，我們堅信今年合約價值成長將重新加速。穩定的保留率肯定會成為重新加速的因素。

And our next question will come from Toni Kaplan from Morgan Stanley.

我們的下一個問題將來自摩根士丹利的東尼卡普蘭。

I was hoping you could just comment on the first part of the last question, the recalibration and seats as contracts come up for renewal. Are you seeing the large enterprise clients reducing seats? Or was that more of a comment around the tech vendor?

我希望你能對最後一個問題的第一部分發表評論，即合約到期時的重新調整和席位。您是否看到大型企業客戶減少席次？或者這更多的是圍繞技術供應商的評論？

And basically, if you could give sort of an outlook on how you think the tech vendor trends go from here and what percent of business is related to tech vendor at this point. You probably gave it. I just missed it.

基本上，您是否可以對技術供應商趨勢如何發展以及目前與技術供應商相關的業務百分比給予某種展望。可能是你給的。我只是錯過了。

Toni, it's Gene. There's a couple of things going on. One is in the small end of the market, the companies that got funding 2 or 3 years ago that are now coming up for renewal, many of those companies are having difficulty getting funding for two reasons.

東尼，我是吉恩。有幾件事正在發生。一類是小端市場，即兩、三年前獲得融資的公司現在即將續約，其中許多公司因兩個原因而難以獲得融資。

One is that the interest rates are higher. The second is there's been a big shift to where venture capitalist want to fund AI. Not surprised that AI start-ups compared to the software start-ups they were funding 2 years ago. And so we're seeing kind of as those come up for renewal, the ones that aren't getting funding don't do as well. And that's why new logos are doing well through selling to the AI start-ups.

一是利率較高。第二個是創投家為人工智慧提供資金的方向發生了巨大轉變。與兩年前資助的軟體新創公司相比，人工智慧新創公司並不令人驚訝。因此，我們看到，那些需要更新的項目，那些沒有獲得資金的項目表現不佳。這就是為什麼新標誌透過向人工智慧新創公司銷售而表現良好。

And then you have the large end of the market, where we have different front going, where they're laying off tens of thousand people. And so they're -- it's a tougher selling environment than it has been in the past.

然後是大型市場，我們有不同的前沿方向，他們正在裁員數萬人。因此，現在的銷售環境比過去更艱難。

As Craig mentioned, Q1 is our worst quarter in terms of just look at the SKU of renewals in terms of the most -- the largest number of those renewals coming up, and so we expect to get better through the year.

正如克雷格所提到的，第一季是我們最糟糕的季度，僅從續訂的 SKU 來看，續訂的數量最多，因此我們預計今年會有所改善。

And then, Toni, just for context, the tech vendor CV is a little less than 25% of total CV, which is pretty consistent with where we've been over the last several quarters.

然後，Toni，僅供參考，技術供應商 CV 略低於總 CV 的 25%，這與我們過去幾季的情況非常一致。

Yes. Okay. Great. And then wanted to ask on AI. You've said in the past that it hasn't generated extra demand, and that it's just sort of another topic that clients are interested in. I guess, why shouldn't you see increased demand for additional seats across both GTS and GBS?

是的。好的。偉大的。然後想問AI方面的問題。您過去曾說過，它並沒有產生額外的需求，這只是客戶感興趣的另一個主題。

It seems like it's a topic that more people within the organization would probably need to learn more about. And so -- and then maybe any ways you've been able to utilize AI for efficiency or selling purposes?

似乎組織內更多的人可能需要更多地了解這個主題。那麼，也許您可以透過任何方式利用人工智慧來提高效率或銷售目的？

So Toni, there's a broad level of interest in AI across each of our functional areas. So whether it's IT, marketing, sales, finance, legal, every single function has a very high interest in AI, and we have a large research team that is focused on making sure we understand the applications in AI in each of those functional areas. And so we have a large installed base of existing clients. Most of those clients are -- the existing clients are looking at our AI research and using it.

托尼，我們的每個職能領域都對人工智慧有著廣泛的興趣。因此，無論是 IT、行銷、銷售、財務、法律，每個職能部門都對人工智慧非常感興趣，我們擁有龐大的研究團隊，專注於確保我們了解人工智慧在每個職能領域的應用。因此，我們擁有大量現有客戶。這些客戶中的大多數——現有客戶正在研究我們的人工智慧研究並使用它。

When we sell to new client, they also -- that's a very hot topic they want to talk to us about it, and it is a good reason to close a sale. If I contrast it though, like 2 years ago, about even cloud computing, that was -- AI wasn't the hot topic, cloud computing was.

當我們向新客戶銷售產品時，他們也會——這是一個非常熱門的話題，他們想與我們談論這個話題，這是完成銷售的一個很好的理由。如果我對比一下，就像兩年前一樣，即使是雲端運算，那就是──人工智慧不是熱門話題，雲端運算才是。

And so the topic has shifted, and it's a very high level of interest, just as cloud computing was 2 or 3 years ago. And so it's not like that we didn't have demand, just all of a sudden increased demand. It kind -- has kind of taken the place of things that were in the past.

所以話題就轉移了，人們的興趣非常高，就像兩三年前的雲端運算一樣。所以我們並不是沒有需求，只是需求突然增加了。它已經取代了過去的事物。

And again, as we -- and the other thing I'd say is companies are now just kind of trying to figure out whether it's relevant, what the trade-offs are, what the cost is. And I think that this could gather momentum over time as they sort these kinds of things out.

再說一遍，我想說的另一件事是，公司現在只是想弄清楚它是否相關、權衡是什麼、成本是什麼。我認為隨著時間的推移，當他們解決這些問題時，這可能會積聚動力。

It's good for us no matter how you look at it. But it's not like we had no business, and this is going to lead to a step change. It's more like it's substituted other things that we're helping with. Again, if you think about the margin over time, it will be a net plus.

不管你怎麼看，這對我們都有好處。但這並不是說我們沒有生意，這將導致一個步驟的改變。它更像是取代了我們正在幫助的其他事情。再說一遍，如果你考慮一段時間後的利潤，這將是淨利。

And with regard to internal usage, we have a number of internal uses that we are using mainly with data analytics, having very sophisticated machine learning algorithms and neural networks in terms of understanding our business. That's one of the big applications we have for it.

至於內部使用，我們有許多內部用途，主要用於數據分析，在理解我們的業務方面擁有非常複雜的機器學習演算法和神經網路。這是我們的重要應用之一。

Our next question comes from Heather Balsky from Bank of America.

我們的下一個問題來自美國銀行的希瑟‧巴爾斯基。

I'd love to touch on your, I guess, I'll call it guidance that you still think CV should start to accelerate, either after this quarter or after next quarter. It sounds like the selling environment got tougher. We're still seeing layoffs in the tech industry. I'm just curious what you're seeing right now that still gives you confidence that this is the year we see the inflection?

我想談談您的指導，我想，我認為您仍然認為 CV 應該在本季度之後或下季度之後開始加速。聽起來銷售環境變得更加艱難。我們仍然看到科技業裁員。我只是好奇你現在看到的是什麼仍然讓你相信今年是我們看到轉折點的一年？

And also just kind of -- was there anything in the first quarter that kind of was a positive sign in your view, realizing that 1Q is kind of a lighter quarter generally in your business? But just help us get the conviction you have in the inflection.

而且，在您看來，第一季是否有任何積極跡象，意識到第一季在您的業務中總體上是一個比較清淡的季度？但請幫助我們確定您對變形的信念。

Heather, let me start. So our -- Q1, our enterprise function leaders CV grew 10%, so it was a little tougher economic environment. Decisions got pushed. We still grew 10% in that kind of environment.

希瑟，讓我開始吧。所以我們的——第一季度，我們的企業職能領導者履歷增加了 10%，所以這是一個更嚴峻的經濟環境。決定被推動。在那種環境下我們仍然成長了10%。

The second thing is we talked about the tech sector, we had a -- particularly, we had a lot more renewals from 2 or 3 years ago that's coming up and finishes later in the year.

第二件事是我們談論了科技業，特別是，我們在兩三年前進行了更多的更新，這些更新將在今年稍後完成。

And the third thing is if we look at our go-forward sales pipeline, our go-forward sales pipeline is very robust. And so those are the kinds of things that give us confidence that the outlook that we gave is very accurate.

第三件事是，如果我們看看我們的未來銷售管道，我們的未來銷售管道非常強勁。因此，這些事情讓我們相信我們給出的前景是非常準確的。

Well, I think -- and just to add to that, Heather, our sales force continues to come up the 10-year curve. And so every day, they're a little bit more experienced and a little bit more tenured. And that gives us confidence around the reacceleration.

嗯，我認為 - 希瑟，補充一點，我們的銷售隊伍在 10 年曲線上繼續上升。因此，每一天，他們的經驗都變得更加豐富，任期也更長久。這讓我們對重新加速充滿信心。

And I think also, we are a learning company that are very agile. And even in a tougher environment, we are always working for ways to perform better in that tougher environment. And we learned a lot from prior dislocations. We've learned a lot even from the last couple of quarters, and we were applying those things. And we believe that actually will have a positive impact and help fuel that reacceleration as well.

我也認為，我們是一家非常敏捷的學習型公司。即使在更艱難的環境中，我們也始終致力於尋找在更艱難的環境中表現更好的方法。我們從之前的混亂中學到了很多。即使從過去幾個季度我們也學到了很多東西，並且我們正在應用這些東西。我們相信，這實際上會產生積極影響，並有助於推動經濟重新加速。

And another question we got. You talked about the heavy renewals in the quarter, and you've warned us about that. As you think about the renewals coming from the, I guess, sort of peak period for the tech vendor space, how does the rest of the year look in terms of the renewals coming up?

我們還得到了另一個問題。您談到了本季度的大量續訂，並且您已經警告過我們這一點。當您考慮來自技術供應商領域的高峰期的續約時，今年剩餘時間的續約情況如何？

Yes. I mean, it's -- so obviously, it's got to add up to 100% over the course of the year. And so we were a little overweighted in the first quarter on those tech vendor renewals, and it's much more even over the balance of the year. And again, it's another reason that gives us confidence.

是的。我的意思是，很明顯，這一年的成長率必須達到 100%。因此，我們在第一季對這些技術供應商續約的重視程度有些偏高，而在今年的剩餘時間裡，情況更加嚴重。這也是給我們信心的另一個原因。

So if you look at the way the renewals work and the way our new business ramps over the course of the year, that's what gives us confidence that either coming off of Q1 or Q2, you will see the reacceleration in the total contract value growth rate.

因此，如果你看看一年中續約的工作方式以及我們新業務的成長方式，這讓我們有信心，無論是第一季度還是第二季度，你都會看到合約總價值成長率重新加速。

And our next question will come from Andrew Nicholas from William Blair.

我們的下一個問題將來自威廉布萊爾的安德魯尼古拉斯。

I wanted to first ask on operating expenses. Pretty significant upside to your adjusted EBITDA outlook on Q1. Just wondering where the major drivers were relative to your expectations in terms of spend. Any areas in particular where you're getting a bit more efficiency than you had expected and maybe what that means for operating expenses going through the rest of this year?

我想先問一下營運費用。第一季調整後的 EBITDA 前景有相當大的上升空間。只是想知道主要驅動因素與您的支出預期之間的關係。在哪些領域，您的效率比您預期的要高一些，這對今年剩餘時間的營運支出意味著什麼？

Andrew, I'd say the OpEx favorability was pretty broad based. It wasn't any one particular area where we harvested significant savings. I would say the FX rate actually helped a little bit there, too. It obviously hurts on revenue, but helps on expenses.

安德魯，我想說的是，營運支出的受歡迎程度是相當廣泛的。我們並不是在某一特定領域獲得了大量節省。我想說的是，匯率其實也起了一點幫助。這顯然會損害收入，但有助於支出。

And so we have dialed in the savings in the areas that we saw in Q1. Some of that is timing. Some of that, we're going to catch up on. And some of that is real savings. And so the new guidance reflects what we learned from Q1 from an OpEx perspective.

因此，我們在第一季看到的領域進行了節省。其中一些是時機。其中一些，我們將趕上。其中一些是真正的節省。因此，新的指導方針反映了我們從營運支出角度從第一季學到的經驗。

But don't overlook the foreign exchange. As we talked about, the dollar has strengthened quite a bit. And about 1/3 of our operating expenses are denominated in currencies outside of the U.S. dollar. And so those pretty large movements can actually impact the reported OpEx and revenue pretty significantly, but again all reflected now in the new guide.

但不要忽視外匯。正如我們所說，美元已經大幅走強。我們約 1/3 的營運費用以美元以外的貨幣計價。因此，這些相當大的變動實際上會對報告的營運支出和收入產生相當大的影響，但現在所有這些都再次反映在新指南中。

Got it. That's helpful. And then I wanted to ask about Conferences. I think you said you added two new Conferences in the first quarter. Can you just kind of talk about where you sit in terms of your plans on the Conference build out front?

知道了。這很有幫助。然後我想詢問有關會議的問題。我想您說過您在第一季新增了兩個新會議。您能談談您對會議前期建設的計劃嗎？

I know you had hoped to have, at some point in the future, a conference in every single region for every single kind of GBS and GTS seat. So if you could just kind of update us on that progress and the momentum in building out that plan.

我知道您希望在未來的某個時候，在每個地區針對每種 GBS 和 GTS 席位召開一次會議。因此，您能否向我們介紹最新進展以及製定該計劃的勢頭。

Yes. And so that is still the plan, right? Strategy is for us to have destination conference for every major constituency that we serve, role that we serve on every major region or geography in which we operate. And I think the two launches in the first quarter, while small, are indicative of that.

是的。所以這仍然是計劃，對吧？我們的策略是為我們服務的每個主要選區、我們在我們開展業務的每個主要地區或地理區域所扮演的角色召開目的地會議。我認為第一季的兩次發布雖然規模較小，但卻表明了這一點。

And so we've expanded our finance, our CFO conferences to Australia in the first quarter, again, sort of building out that portfolio. And we brought back a Data & Analytics Summit in Brazil, again, because we've got a large business in Brazil, and there's demand for data and analytics.

因此，我們在第一季將我們的財務和首席財務官會議擴大到了澳大利亞，再次建立了該投資組合。我們再次在巴西舉辦了數據與分析高峰會，因為我們在巴西擁有龐大的業務，並且對數據和分析有需求。

This year, 2024, we're going from 47 conferences last year to 51 in 2024. I would expect us to have a similar sort of build over the next several years as we continue to build out the Conferences portfolio to support the Research business.

今年，也就是 2024 年，我們的會議數量將從去年的 47 場增加到 2024 年的 51 場。 我預計，隨著我們繼續建立會議組合以支持研究業務，未來幾年我們將擁有類似的建設。

The other thing we're doing to Andrew, too, is for some of these existing conferences, we're moving to larger venues, so that we actually can accommodate the incremental demand that we're seeing, which is substantial.

我們對安德魯所做的另一件事是，對於一些現有的會議，我們正在搬到更大的場地，這樣我們實際上就可以滿足我們所看到的增量需求，這是巨大的。

And our next question will come from Josh Chan from UBS.

我們的下一個問題將來自瑞銀集團的 Josh Chan。

Is there a way to estimate how much the elevated renewals in Q1 impacted your CV growth? And I guess, relatedly, absent this elevated renewal impact in Q2, how should we think about the NCVI in Q2 as compared to last year, which should theoretically be a pretty easy comparison, I think?

有沒有辦法估計第一季續訂量的增加對您的履歷成長產生了多大影響？我想，與此相關的是，如果沒有第二季更新影響的增加，我們應該如何看待第二季的 NCVI 與去年相比，我認為理論上這應該是一個非常簡單的比較？

Thanks. Josh, so again, I think the combination, as we talked about, of more than normal contracts coming up for renewal against our smallest new business quarter is really -- and the continued tech vendor challenges is really the story around the Q1 NCVI and the Q1 CV growth.

謝謝。喬什，所以，我再次認為，正如我們所討論的，在我們最小的新業務季度中需要續籤的合同數量確實超過了正常的合同，而技術供應商持續面臨的挑戰實際上是圍繞第一季度NCVI 和第一季履歷增長。

As you think about moving through the year, the simple way that I think about whether CV growth accelerates or not is just comparing an expectation to your point on what the quarter NCVI is going to be in this year compared to what the NCVI was last year. And so roughly speaking, last year, in the second quarter, we did around $40 million worth of NCVI across GTS and GBS.

當你考慮今年的情況時，我思考 CV 成長是否加速的簡單方法就是將今年季度 NCVI 的預期與去年 NCVI 的情況進行比較。粗略地說，去年第二季度，我們在 GTS 和 GBS 上進行了價值約 4000 萬美元的 NCVI。

For the contract value growth to reaccelerate in Q2, we have to do modestly more than that on a dollar basis year-over-year. Again, if you look at the same number for Q3 where I think Q3 of last year, we did order of magnitude around $100 million of NCVI in the third quarter, we have to do modestly more than that in the third quarter of 2024 to continue the reacceleration.

為了使合約價值在第二季度重新加速成長，我們必須比去年同期以美元計算的基礎上做更多的努力。同樣，如果你看第三季度的相同數字，我認為去年第三季度我們在第三季度的 NCVI 的數量級約為 1 億美元，我們必須比 2024 年第三季度做得更多才能繼續重新加速。

And so, again, as we've talked about sort of when we think the reacceleration is going to happen, clearly, the renewal mix -- or the contracts coming up for renewal mix, coupled with our new business, normal expectations, coupled with looking at our pipeline, looking at conversion rates, looking at pipeline velocity, et cetera, that's what gives us confidence that we will see a reacceleration coming off of either the Q1 or the Q2 number.

因此，再次，正如我們所討論的，當我們認為重新加速將會發生時，很明顯，續約組合——或者即將進行續約組合的合同，加上我們的新業務、正常預期，加上看看看我們的管道、轉換率、管道速度等等，這讓我們有信心看到第一季或第二季的數字重新加速。

Great. I guess, on my follow-up on your sales force tenure, how do you think about the idea of the tenure improving into a time when the environment is not yet fully robust? Do you have to work harder on retaining, so that you can fully take advantage of the sales force when the environment does cooperate? How do you think about that?

偉大的。我想，在我對您的銷售人員任期的追蹤中，您如何看待在環境尚未完全健全的情況下改進任期的想法？您是否必須更努力地留住銷售人員，以便在環境配合的情況下充分利用銷售團隊？您對此有何看法？

Yes, it's a great question. So obviously, when we talk about average productivity and what we've seen historically, those are generally measured in more "normal" operating environment. And so clearly, when it's more challenging from an operating environment perspective, we can see some of the productivity measures or at least the final output productivity measures a little more muted.

是的，這是一個很好的問題。顯然，當我們談論平均生產率和我們歷史上看到的情況時，這些通常是在更「正常」的操作環境中測量的。很明顯，當從營運環境的角度來看更具挑戰性時，我們可以看到一些生產力指標或至少最終的產出生產力指標會更加溫和。

We also measure the inputs that go into sales. And so how many opportunities are being added? How quickly are those things advancing through the pipeline? How often are salespeople and service people interacting with their clients? How many prospects are we getting to webinars or the conferences and things like that?

我們也衡量銷售的投入。那麼增加了多少機會呢？這些事情的進展速度有多快？銷售人員和服務人員與顧客互動的頻率如何？我們有多少潛在客戶參加網路研討會或會議之類的活動？

So there are other measures beyond just the pure NCVI measure, which is sort of the ultimate measure, but there are other measures that we can look at that give us confidence that our sellers are getting more at that and more experience and are coming up the tenure curve. And then when the economy does stabilize or perhaps even improve, we should be able to see the benefits from that.

因此，除了純粹的NCVI 衡量標準之外，還有其他衡量標準（這是最終的衡量標準），但我們可以考慮其他一些衡量標準，這些衡量標準讓我們相信我們的賣家在這方面獲得了更多的經驗，並且正在不斷進步。然後當經濟確實穩定甚至改善時，我們應該能夠看到從中帶來的好處。

Our next question comes from Manav Patnaik from Barclays.

我們的下一個問題來自巴克萊銀行的馬納夫帕特奈克。

Craig, in your prepared remarks, you made a comment around pricing stabilized, that it could be upside to guidance if it improves. So I was just hoping you could just give a little bit more detail on what the pricing, I guess, year-over-year growth is today versus historical. And were you implying that you guys might be raising prices here again?

克雷格，在您準備好的演講中，您對價格穩定發表了評論，如果價格改善，可能會對指導產生積極影響。所以我只是希望你能提供更多關於定價的細節，我猜，今天的同比增長與歷史相比是多少。你們是在暗示你們可能會再次提高這裡的價格嗎？

Manav, just for clarity's sake, the pricing stabilization comment was really specifically about the nonsubscription part of our Research business. And so as you recall, coming out of last year, on our February call, we talked a lot about focusing on higher-quality traffic. And by doing that over the medium to long term, we would expect to see improvements in pricing.

馬納夫，為了清楚起見，定價穩定評論實際上是專門針對我們研究業務的非訂閱部分的。正如您所記得的那樣，去年，在我們二月份的電話會議上，我們談論了很多關於關注更高品質的流量的問題。透過中長期這樣做，我們預計會看到定價的改善。

And so what we saw in the first quarter is some stabilization to pricing, which, again, we view as positive. And as we continue to focus on that higher-quality traffic, if it does convert into better pricing there, that would reflect upside to the existing guidance.

因此，我們在第一季看到定價有所穩定，我們再次認為這是積極的。隨著我們繼續關注更高品質的流量，如果它確實轉化為更好的定價，這將反映出現有指導的上行空間。

And Manav, the pricing in our subscription business has been completely stable, so there's been no issue there.

馬納夫，我們訂閱業務的定價已經完全穩定，所以沒有任何問題。

Okay. Got it. And then just one quick one. I think the enterprise count is down about 4% year-over-year. I'm guessing a lot of that was the tech vendor challenges you talked about. But just in context of your CV acceleration you're expecting, can you just remind us again of your hiring plans for the quota-bearing sales force?

好的。知道了。然後只是一個快速的。我認為企業數量比去年同期下降了約4%。我猜其中很大一部分是你提到的技術供應商面臨的挑戰。但就您所期望的履歷加速而言，您能否再次提醒我們您對配額銷售人員的招募計畫？

Yes. Sure, Manav. Happy to provide that color. So on the enterprise count, your hypothesis is spot on. It's more -- and Gene alluded to this earlier in our prepared remarks. It's just more churn in the small tech space. And again, to Gene's point, we are adding new logos in the small tech space, and we're actually doing pretty well there and holding up pretty well, but it's not offsetting the losses.

是的。當然，馬納夫。很高興提供這種顏色。因此，就企業數量而言，您的假設是正確的。更重要的是——吉恩早些時候在我們準備好的發言中提到了這一點。只是在小型科技領域出現了更多的混亂。再說一遍，吉恩的觀點是，我們正在小型科技領域添加新徽標，實際上我們在那裡做得很好並且保持得很好，但這並不能抵消損失。

And again, as Gene laid out, the challenges that a lot of these clients had where they had funding 2 years ago, when they sign the contract and obviously may not today. And so that's really the prime story on the enterprise count.

正如吉恩所指出的，許多客戶在兩年前簽署合約時擁有資金，但現在顯然可能不會遇到挑戰。所以這確實是企業計數的主要故事。

On headcount growth, we continue to target mid- to high single-digit QBH growth by the end of this year. And again, the combination of the size of the army we had entering the year, people coming up the tenure curve and that mid- to high single-digit growth in QBH should set us up -- or will set us up to continue to accelerate contract value growth rolling into 2025.

在員工人數成長方面，我們繼續目標是到今年年底實現中高個位數的 QBH 成長。再說一遍，我們今年的軍隊規模、任期曲線上的人員以及 QBH 的中高個位數增長應該會讓我們做好準備，或者讓我們繼續加速合約價值增長將持續到 2025 年。

And our next question comes from Surinder Thind from Jefferies.

我們的下一個問題來自 Jefferies 的 Surinder Thind。

Just following up on some of the tech vendor questions here. On an absolute dollar basis for CV for tech vendor, is the idea that we're close to stabilizing at this point? Or how should we think about the trajectory over the course of the year as you think about CV growth reaccelerate? So is the primary determinant of that where CV for tech vendor ends up? Or how should we think about that?

只是在這裡跟進一些技術供應商的問題。以技術供應商的履歷的絕對美元為基礎，我們現在是否已經接近穩定？或者，當您考慮履歷成長重新加速時，我們應該如何看待這一年的軌跡？那麼，技術供應商的履歷最終的主要決定因素是什麼？或者說我們該如何思考這個問題？

Surinder, I think it's a combination across the portfolio that will fuel the reacceleration for CV. I mean, clearly, tech vendor needs to be a piece of that. It's about 25% of total CV.

Surinder，我認為整個投資組合的結合將推動 CV 的重新加速。我的意思是，顯然，技術供應商需要成為其中的一部分。約佔總簡歷的25%。

But we also see opportunity for acceleration across the enterprise function leader portion of our business as well. As Gene highlighted, that continues to grow at around 10% combined, so pretty strong growth in a challenging environment.

但我們也看到了我們業務的企業職能領導部分加速發展的機會。正如 Gene 所強調的那樣，這一數字繼續以 10% 左右的速度增長，在充滿挑戰的環境中增長相當強勁。

But essentially, I think we believe the -- well, I shouldn't say the tide will lift all three businesses, but all three portions of the CV base should see improvement that lead to the reacceleration of growth.

但從本質上講，我認為我們相信——嗯，我不應該說這股浪潮將提振所有三項業務，但履歷基礎的所有三個部分都應該看到改善，從而重新加速成長。

Got it. But as a clarification, is CV for tech vendor assume to inflect positive at any point in your guidance at this point?

知道了。但需要澄清的是，技術供應商的履歷是否會在您的指導中的任何一點上產生積極的影響？

Surinder, we generally don't guide around contract value. And so, yes, I can't answer that specifically. All I would say is from either the Q1 or Q2 point, we expect total CV to begin to reaccelerate. And certainly, tech vendor CV will contribute there.

Surinder，我們通常不會圍繞合約價值進行指導。所以，是的，我無法具體回答這個問題。我想說的是，從第一季或第二季開始，我們預計總CV將開始重新加速。當然，技術供應商 CV 也會在那裡做出貢獻。

Got it. And then just a quick follow-up on the nonsubscription pricing stabilization. It sounds like it stabilized fairly quickly or in the last few months. Is that a fair characterization? And then could the opposite also happen is how quickly could you potentially see improvement? Is that something that we could start to see in the back half of the year? Or how should we think about the potential for when pricing may reaccelerate or normalize?

知道了。然後是對非訂閱定價穩定的快速跟進。聽起來它很快或在過去幾個月就穩定下來了。這是一個公平的描述嗎？那麼相反的情況是否也會發生，即您能多快看到改進？這是我們可以在今年下半年開始看到的事情嗎？或者我們應該如何考慮定價可能重新加速或正常化的潛力？

Yes. Surinder, great question. So the pricing is based on the -- what we're calling the quality of the leads, which is basically the proportion of leads that we send that turn into actual clients. And so -- and analyzing it, we've determined that increasing that proportion actually increases prices. But what happens is you send the vendor the lead, they have to actually close the deals. And so there's a lag time between when you send a better lead and when the pricing goes up.

是的。蘇林德，好問題。因此，定價是基於我們所說的潛在客戶的質量，這基本上是我們發送的潛在客戶轉化為實際客戶的比例。因此，經過分析，我們確定增加這一比例實際上會提高價格。但發生的情況是，你向供應商發送了線索，他們必須真正完成交易。因此，在您發送更好的潛在客戶和定價上漲之間存在一段時間延遲。

And so we certainly -- we believe the pricing will go up as we increase quality leads. Exactly when that happens is hard to predict because of the dynamic I just talked about. The companies actually have to get the leads, close them, realize that they got that business and then reflect that in their pricing.

因此，我們當然相信，隨著品質線索的增加，定價將會上漲。由於我剛才談到的動態，很難預測這種情況何時發生。這些公司實際上必須獲得潛在客戶，關閉它們，意識到他們獲得了該業務，然後將其反映在定價中。

Our next question will come from George Tong from Goldman Sachs.

我們的下一個問題將來自高盛的喬治唐。

Can you discuss how tech vendor trends performed moving through the quarter in the month of April? Are trends still trying to find the bottom? Have you seen any stabilization? Or are you seeing early signs of a positive inflection?

您能否討論一下 4 月份該季度技術供應商趨勢的表現如何？趨勢還在尋找底部嗎？有看到穩定的情況嗎？或者您看到了積極變化的早期跡象？

George, I don't think there's anything really to call out month-to-month. I mean, our business, as you know, tends to be very heavily weighted towards the last month of the quarter. And so it's hard to draw inferences or conclusions from Jan to Feb to March, et cetera.

喬治，我不認為每個月都有什麼值得特別注意的。我的意思是，正如您所知，我們的業務往往在本季的最後一個月佔據很大的比重。因此，從一月到二月到三月等等，很難得出推論或結論。

I guess, all I'd say is we expect that total CV will reaccelerate coming off of either Q1 or Q2. And again, as we just discussed with Surinder, tech vendor will be a piece of that reacceleration.

我想，我想說的是，我們預計總 CV 將在第一季或第二季重新加速。正如我們剛剛與 Surinder 討論的那樣，技術供應商將成為重新加速的一部分。

Okay. Got it. And then with respect to margins, you raised your EBITDA margin outlook for the year from 23% to 23.5%. Typically, revenue upside is what drives the margin upside, and expenses are stable at this point. So what's driving your improved margin outlook? And what are your latest thoughts on what normalized EBITDA margin should be?

好的。知道了。然後就利潤率而言，您將今年的 EBITDA 利潤率預期從 23% 上調至 23.5%。通常情況下，收入的成長是推動利潤率成長的因素，而此時的支出是穩定的。那麼是什麼推動您的利潤率前景改善呢？您對標準化 EBITDA 利潤率應該是多少的最新想法是什麼？

Yes. George, great question. So spot on, on your assessment. I guess, I would say a couple of things. So one is that, clearly, our margins are structurally higher today than they were in 2016 or 2019. As you know, there are a lot of factors that can influence margins on a quarter-to-quarter basis or over the course of the year.

是的。喬治，好問題。所以，根據你的評估。我想，我會說幾件事。因此，很明顯，我們今天的利潤率在結構上高於 2016 年或 2019 年。

As it stands right now with coming out of Q1, sort of putting aside foreign exchange for a little bit, we modestly outperformed our expectations or our operating plan on revenue and then had modest upside from an OpEx perspective as well. We have flowed that through the balance of the year, and what you see is a guidance that implies a 23.5% EBITDA margin for the year -- for 2024.

從第一季的情況來看，暫時擱置外匯，我們的收入略高於我們的預期或營運計劃，從營運支出的角度來看，也有適度的上漲。我們已經將這一點貫穿了今年的剩餘時間，您看到的是一個指導，意味著 2024 年的 EBITDA 利潤率為 23.5%。

In terms of how to think about future years, we're only 1 quarter into 2024. We'll give 2025 guidance in February of 2025. But again, a framework or a way to sort of think about it is with the QBH growth that were -- we've got baked into the 2024 plan, we're growing our expenses in high single digits. And that's obviously consistent with our medium-term framework on how we want to run this over the long term to drive long-term sustained double-digit top line growth.

就如何思考未來幾年而言，我們距離 2024 年只有 1 個季度了。 2024 年計劃，我們的支出以高個位數成長。這顯然符合我們的中期框架，即我們希望如何長期運作該框架，以推動長期持續的兩位數收入成長。

Obviously, today, with decelerating CV, that puts a little bit of pressure on the margins as the revenue growth is not as great as the expense growth. That said, we're really disciplined around where we're spending and how we manage our expenses. And we're finding that balance between delivering on our margin expectations and making sure that we are investing appropriately to drive future growth.

顯然，如今，隨著CV減速，這對利潤率造成了一些壓力，因為收入成長不如費用成長那麼大。也就是說，我們在支出地點和費用管理方式方面確實非常嚴格。我們正在實現利潤率預期和確保我們進行適當投資以推動未來成長之間找到平衡。

And then the last thing I'd say is over the medium to long term, there is operating leverage in the business, and we expect to modestly expand our margins each and every year over the medium to long term.

我要說的最後一件事是，從中長期來看，業務中存在營運槓桿，我們預計在中長期內每年都會適度擴大我們的利潤率。

And we will take our last question from Jeff Silber from BMO Capital Markets.

我們將回答 BMO 資本市場的 Jeff Silber 提出的最後一個問題。

This is Ryan on for Jeff. On the renewal activity over the past couple of quarters, can you compare the terms of those renewals to all the new business you signed 2, 3 years ago? In particular, are you seeing greater preference for longer contracts? And then what sort of price escalators are typically embedded in there, if anything worth calling out?

這是瑞恩替傑夫發言。關於過去幾季的續約活動，您能否將這些續約條款與您 2、3 年前簽署的所有新業務進行比較？特別是，您是否發現人們更傾向於長期合約？那麼，如果有什麼值得一提的話，通常會嵌入什麼樣的價格自動扶梯呢？

Ryan, I'd say it's been pretty stable and normal. So our standard contract is essentially a 2-year contract. I think somewhere around 70% of our contract value are multiyear contracts, 2 or 3 years, but the bulk of them are actually 2-year.

瑞安，我想說這是相當穩定且正常的。所以我們的標準合約本質上是一份為期2年的合約。我認為我們合約價值的 70% 左右是多年期合同，即 2 或 3 年，但其中大部分實際上是 2 年期。

To your point, we do build price escalators into those multiyear contracts and sort of aligns with what our pricing expectation is when we sign the contract. So think an escalator of between 3% and 5% on the anniversary of those contracts.

就您的觀點而言，我們確實在這些多年合約中建立了價格自動扶梯，並且與我們簽署合約時的定價預期保持一致。因此，在這些合約週年紀念日，可以考慮 3% 到 5% 之間的自動扶梯。

And I'd say in this environment, we're selling roughly same amount of multiyear contracts that we sold 12 months ago or 18 months ago. The team is very focused on continuing to improve that number. It's just -- it's great for our economics, and it's actually great for our clients as well because their challenges are not bounded by a 12-month time frame.

我想說，在這種環境下，我們出售的多年期合約數量與 12 個月前或 18 個月前出售的數量大致相同。團隊非常專注於繼續提高這個數字。這對我們的經濟有好處，實際上對我們的客戶也有好處，因為他們面臨的挑戰不受 12 個月時間範圍的限制。

They're bigger than that. So signing 24-month contracts or 36-month contracts makes sense both from our business model perspective, but almost as importantly, or more importantly, from a client perspective, and that hasn't really changed.

它們比那更大。因此，從我們的商業模式角度來看，簽訂24 個月的合約或36 個月的合約都是有意義的，但從客戶的角度來看，幾乎同樣重要，或更重要的是，這一點並沒有真正改變。

Got it. And then just on the quarterly cadence, what are the meaningful hiring quarters this year? And then just more broadly, how is the hiring market currently for tech talent?

知道了。然後就季度節奏而言，今年有意義的招募季度是什麼？更廣泛地說，目前技術人才的招募市場如何？

So let me start with the tech talent market. So our turnover is very, very low. It's near record lows. And so that's really good for us because it helped increase tenure. On the hiring side, we have a great associate value proposition and a great recruiting team that does an incredible job communicating that value proposition.

讓我從技術人才市場開始。所以我們的營業額非常非常低。它接近歷史低點。這對我們來說確實有好處，因為它有助於增加任期。在招募方面，我們擁有優秀的員工價值主張和優秀的招募團隊，在傳達該價值主張方面做得非常好。

And so we get a lot of demand. Just in the prior report, we get approximately 200 applicants for every single job. And if you benchmark that, that is way off the charts. And so we're a very, very attractive employer. And that looks -- this combination of being a very attractive employer lets us hire great people. And then once we're here, we retain them, which is why we have such low turnover.

所以我們得到了很多需求。就在先前的報告中，我們每項工作都會收到約 200 名申請人。如果你對它進行基準測試，那就遠遠超出了圖表。所以我們是一個非常非常有魅力的雇主。看起來，作為一個非常有吸引力的雇主，我們可以僱用優秀的人才。一旦我們來到這裡，我們就會留住他們，這就是我們人員流動率如此之低的原因。

And we work this issue on both the recruiting side and the retention side of our associates. And so that keeps getting better and better over time, which is one of the things that's driving associate tenure up which, in turn, over time, drives productivity up.

我們在員工招募和留任方面都致力於解決這個問題。隨著時間的推移，這種情況會變得越來越好，這是推動員工任期延長的因素之一，反過來，隨著時間的推移，也會提高生產力。

And then, Ryan, on the timing of the phasing, hiring dates can be -- they can happen on June 29, and they're in the second quarter number or they could happen on July 1 and then they're in the third quarter number. We're very focused on making sure that we hire the right amount of people over the course of this year, so that we enter 2025 with the right number of sellers ready to go.

然後，Ryan，關於分階段的時間安排，招聘日期可以是——它們可以發生在6 月29 日，它們在第二季度的數字中，或者它們可能發生在7 月1 日，然後它們在第三季度數字。我們非常注重確保今年僱用適量的員工，以便在進入 2025 年時擁有適量的賣家。

And so when we talk about the mid- to high single-digit year-over-year growth in quota-bearing hires across GTS and GBS, that's really a December to December measure. But that's really the most important measure because the people we hire over the course of 2024 don't have a huge impact on 2024.

因此，當我們談論 GTS 和 GBS 的配額僱用人員同比中高個位數成長時，這實際上是 12 月至 12 月的衡量標準。但這確實是最重要的衡量標準，因為我們在 2024 年僱用的人員不會對 2024 年產生巨大影響。

But if we have them in seat and trained, with a little bit of experience rolling into 2025, they can actually have a meaningful impact on 2025 and 2026 and beyond. So as you think about the QBH growth of mid- to high single digits, that's really where we want to end the year 2024, so that we're very well positioned as we start 2025.

但如果我們讓他們就職並接受培訓，並在 2025 年累積一點經驗，他們實際上可以對 2025 年、2026 年及以後產生有意義的影響。因此，當你考慮 QBH 中高個位數的成長時，這確實是我們希望在 2024 年結束時達到的水平，這樣我們在 2025 年開始時就處於有利位置。

And that does conclude our question-and-answer session for today's conference. I'll now turn the call back over to Gene Hall for any closing remarks.

今天會議的問答環節到此結束。現在，我將把電話轉回給吉恩·霍爾，聽取結束語。

Well, here's what I'd like you to take away from today's call. Gartner delivered financial results ahead of expectations and 10% contract value growth with enterprise function leaders. We have a vast addressable market opportunity. We have a strong value proposition.

好吧，這就是我希望您從今天的電話會議中得到的信息。 Gartner 交付的財務表現超出預期，與企業職能領導者的合約價值成長了 10%。我們擁有廣闊的潛在市場機會。我們有強大的價值主張。

Looking ahead, we're well positioned to continue our sustained record of success far into the future. We'll continue to create value for our shareholders by providing actual objective insights to our clients, prudently investing for future growth, generating free cash flow well in excess of net income and returning capital to our shareholders through our repurchase program.

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。我們將繼續為我們的股東創造價值，為我們的客戶提供實際客觀的見解，審慎地投資於未來的成長，產生遠遠超過淨利潤的自由現金流，並透過我們的回購計劃將資本返還給我們的股東。

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. Everyone, have a wonderful day.

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。祝大家有美好的一天。