高德納諮詢公司 (IT) 2024 Q2 法說會逐字稿

Welcome to Gartner's second quarter 2024 earnings call. I'm David Cohen, SVP of Investor Relations. (Operator Instructions) After comments by Gene Hall, Gartner's Chairman and 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.

歡迎參加 Gartner 2024 年第二季財報電話會議。我是投資人關係資深副總裁大衛‧科恩。 （操作員指示）在 Gartner 董事長兼執行長 Gene Hall 發表評論後；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 second quarter 2024 financial results, and Gartner's outlook for 2024 is disclosed in today's earnings release and earnings supplement, both posted to our website, investor.gartner.com.

這場電話會議將包括對 2024 年第二季財務業績的討論，Gartner 對 2024 年的展望將在今天的收益發布和收益補充中披露，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 for adjusted EBITDA, with the adjustments as described in our earnings release and supplement. Our contract values and associated growth rates we discuss are based on 2024 foreign exchange rates. All growth rates in Gene's comments are FX neutral, unless stated otherwise.

除非另有說明，在電話會議上，所有提及調整後 EBITDA 的 EBITDA 以及我們的收益發布和補充中所述的調整。我們討論的合約價值和相關成長率是基於 2024 年外匯匯率。除非另有說明，Gene 評論中的所有成長率均對匯率保持中立。

All references to share counts are for fully diluted weighted average share counts unless stated otherwise. Reconciliations for our non-GAAP numbers we use are available in the investor relations section, the gartner.com website.

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, on 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、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與美國證券交易委員會。我鼓勵大家查看這些文件中列出的風險因素。

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

現在我將電話轉交給 Gartner 董事長兼執行長 Gene Hall。

Good morning, and thanks for joining us today. Gartner remains resilient in a complex environment. In Q2, contract value grew high single digits. Financial results for the second quarter were ahead of expectations. And we delivered strong profitability and free cash flow.

早安，感謝您今天加入我們。 Gartner 在複雜的環境中保持彈性。第二季度，合約價值出現高個位數成長。第二季財務業績超乎預期。我們實現了強勁的獲利能力和自由現金流。

The external environment remains volatile, uncertain, complex and ambiguous. Leaders across every enterprise faced more simultaneous challenges than ever before. For example, small technology companies continue to face funding challenges. Supply chain shifts are impacting many industries.

外在環境仍然不穩定、不確定、複雜、模糊。每個企業的領導者同時面臨比以往更多的挑戰。例如，小型科技公司繼續面臨資金挑戰。供應鏈轉移正在影響許多產業。

The banking industry continues to deal with higher interest rates. There are budget challenges in the public sector, persistent cyber security threats, the potential impacts of generative AI. The list goes on.

銀行業繼續應對更高的利率。公共部門面臨預算挑戰、持續的網路安全威脅、產生人工智慧的潛在影響。這樣的例子還在繼續。

Enterprise leaders and their teams know they need help, and they know Gartner is the best source for the actionable objective insight they need to drive smarter decisions and achieve stronger performance on their mission critical priorities. Our value proposition helps our clients save time, save money, gain confidence, manage risk, develop leadership skills, enhance their teams, and achieve success.

企業領導者及其團隊知道他們需要幫助，並且他們知道 Gartner 是他們所需的可操作的客觀見解的最佳來源，以推動更明智的決策並在關鍵任務優先事項上實現更強勁的績效。我們的價值主張幫助我們的客戶節省時間、省錢、獲得信心、管理風險、培養領導技能、增強團隊並取得成功。

Research continues to be our largest and most profitable segment. Our research business serves leaders across all major enterprise functions in every industry, and in every geography. Our market opportunity is vast. Within our research business, contract value with enterprise function leaders grew 10% and our tech vendor clients return to growth.

研究仍然是我們最大、最賺錢的部門。我們的研究業務為每個產業、每個地區的所有主要企業職能部門的領導者提供服務。我們的市場機會是巨大的。在我們的研究業務中，與企業職能領導者的合約價值成長了 10%，我們的技術供應商客戶恢復成長。

We continue to guide clients through a wide range of topics, including generative AI, supply chain optimization, leader and manager development, cost optimization, cybersecurity, and the recent CrowdStrike outage. Through relentless execution of proven practices, we deliver unparalleled value whether our clients are thriving, struggling, or anywhere in between.

我們繼續引導客戶了解廣泛的主題，包括生成式人工智慧、供應鏈優化、領導者和經理發展、成本優化、網路安全以及最近的 CrowdStrike 中斷。透過堅持不懈地執行經過驗證的實踐，無論我們的客戶是在蓬勃發展、陷入困境還是介於兩者之間，我們都能提供無與倫比的價值。

Our research business serves executives and their teams through distinct sales channels. Global technology sales or GTS serves leaders and their teams within IT. GTS new business grew 8%, contract value grew 6%. Contract value with GTS enterprise function leaders grew high single digits.

我們的研究業務透過不同的銷售管道為高階主管及其團隊提供服務。全球技術銷售或 GTS 為 IT 領域的領導者及其團隊提供服務。 GTS新業務成長8%，合約成長6%。與 GTS 企業職能領導者的合約價值成長了高個位數。

Global business sales or GBS serves leaders and their teams beyond IT. This includes HR, supply chain, finance, marketing, legal, sales and more. GBS new business grew 16%. GBS contract value grew 12%.

全球業務銷售或 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新業務成長16%。 GBS 合約價值成長 12%。

Gartner conferences deliver extraordinarily valuable insights to an engaged and qualified audience. Revenue grew 11% in the second quarter, and the outlook for conferences remains strong. Gartner Consulting is an 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 15%.

Gartner 會議為參與其中的合格觀眾提供極其有價值的見解。第二季營收成長 11%，會議前景依然強勁。 Gartner 諮詢是 Gartner 研究的延伸。諮詢透過更深入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。諮詢收入成長 15%。

People are the heart of everything we do. We get better, faster, stronger every year because we work effectively as one team to deliver unparalleled value to our clients. And our teams are committed to driving relentless execution of the best practices, that will fuel long term sustained double digit growth.

人是我們所做一切的核心。我們每年都變得更好、更快、更強，因為我們作為一個團隊有效地工作，為客戶提供無與倫比的價值。我們的團隊致力於推動最佳實踐的不懈執行，這將推動長期持續的兩位數成長。

In closing, Gartner delivered financial results ahead of expectations. We delivered 10% contract value growth with enterprise function leaders. Our client value proposition and addressable market opportunity will allow us to drive long term sustained double-digit revenue growth.

最後，Gartner 公佈的財務業績超出了預期。我們與企業職能領導者的合約價值成長了 10%。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'll 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見解，為未來成長審慎投資，並透過我們的股票回購計畫向股東返還資本。

We expect to deliver modest margin expansion over time, and we'll continue to generate significant free cash flow well in excess of that income. All of this and more, positions us to continue our sustained track record of success far into the future.

我們預計隨著時間的推移，利潤率將實現適度增長，並且我們將繼續產生遠遠超過收入的大量自由現金流。所有這些以及其他因素使我們能夠在未來繼續保持成功的記錄。

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. Second quarter contract value grew 7% year over year, accelerating about 50 basis points from Q1. We believe the first quarter marked the bottom for CV growth this cycle, barring a meaningful shift in the macro or geopolitical environment. Growth may vary from quarter to quarter, but we expect the overall trend will be higher from the 6.9% we delivered in the first quarter.

謝謝你，吉恩，早安。第二季合約價值年增 7%，較第一季成長約 50 個基點。我們認為，除非宏觀或地緣政治環境發生有意義的變化，否則第一季標誌著本週期CV成長的底部。每個季度的成長可能有所不同，但我們預計整體趨勢將高於第一季的 6.9%。

Over the medium term, we expect both GTS and GBS to grow 12% to 16%. Second quarter revenue, EBITDA, and EPS all came in ahead of our expectations. We are updating our guidance based on the Q2 results, FX, and a change in non-subscription research revenue. We have repurchased $565 million of stock through June and remain eager to buy back stock opportunistically.

從中期來看，我們預計 GTS 和 GBS 都將成長 12% 至 16%。第二季營收、息稅折舊攤提前利潤 (EBITDA) 和每股盈餘 (EPS) 均超出我們的預期。我們正在根據第二季度的業績、外匯和非訂閱研究收入的變化來更新我們的指導。截至 6 月份，我們已回購了 5.65 億美元的股票，並且仍然渴望機會性地回購股票。

Second quarter revenue was $1.6 billion, up 6% year over year as reported and 7% FX neutral. In addition, total contribution margin was 68%, about in line with last year. EBITDA was $416 million, up 8% as reported and 10% FX neutral versus second quarter 2023. Adjusted EPS was $3.22, up 13% from Q2 of last year, and free cash flow was $341 million.

第二季營收為 16 億美元，年增 6%，匯率中性因素為 7%。此外，總邊際貢獻率為68%，與去年基本持平。 EBITDA 為 4.16 億美元，按報告增長 8%，與 2023 年第二季度相比增長 10% 調整後每股收益為 3.22 美元，比去年第二季度增長 13%，自由現金流為 3.41 億美元。

Research revenue in the second quarter grew 5% year over year as reported and 6% on an FX neutral basis. Subscription revenue grew 7% FX neutral. The year-over-year change in non-subscription revenue was similar to Q1 2024. Second quarter research contribution margin was 74%, consistent with last year. Contract value was $4.9 billion at the end of the second quarter, up 7% versus the prior year and up about $67 million from the first quarter.

據報道，第二季研究營收年增 5%，在匯率中立的基礎上成長 6%。訂閱收入成長 7%（匯率中立）。非訂閱收入的年比變化與 2024 年第一季相似。第二季末合約價值為 49 億美元，比去年同期成長 7%，比第一季增加約 6,700 萬美元。

CV from enterprise function leaders across GTS and GBS grew 10%. Contract value and CV growth are FX neutral. CV growth was broad based across practices, industry sectors, company sizes, and geographic regions. Across our combined practices, the majority of 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%。合約價值和履歷成長不受匯率影響。履歷表成長廣泛涉及實踐、行業領域、公司規模和地理區域。在我們的綜合實踐中，大多數工業部門都以兩位數或高個位數的速度成長，其中以能源、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 has the largest tech vendor mix. We also drove double digit or high single digit growth in the majority of our top 10 countries.

在所有規模的企業中，CV 均以兩位數或高個位數的速度成長，但小型企業除外，因為小型企業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 second quarter, up 6% versus the prior year. GTS enterprise leader CV increased high single digits. Tech vendor CV returned to growth in the quarter. GTS CV increased $40 million from the first quarter.

截至第二季末，全球技術銷售合約價值為 38 億美元，年增 6%。 GTS企業領導者履歷表成長高個位數。技術供應商 CV 在本季恢復成長。 GTS CV 較第一季增加了 4,000 萬美元。

While retention for GTS was 101% for the quarter, up from Q1, enterprise leader wallet retention was consistent with historical levels. GTS new business was up 8% compared to last year. GTS quota bearing headcount was down 2% year over year as we manage tech vendor focused sales territories in response to near term industry dynamics.

雖然本季 GTS 的留存率為 101%，高於第一季度，但企業領導者的錢包留存率與歷史水準一致。 GTS新業務較去年成長8%。 GTS 配額員工人數較去年同期下降 2%，因為我們管理以技術供應商為中心的銷售區域，以應對近期的行業動態。

Across GTS, we continue to aggressively optimize our territories to align with where we have the best growth opportunities, and we are investing for future growth. We continue to expect mid-single digit QBH growth by the end of the year. We have the headcount we need to meet our commitments for this year. Our regular full set of GTS metrics can be found in our earnings supplement.

在 GTS 中，我們繼續積極優化我們的領域，以適應我們擁有最佳成長機會的地區，並且我們正在為未來的成長進行投資。我們繼續預計到今年年底 QBH 將實現中個位數成長。我們有足夠的人員來履行今年的承諾。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 second quarter, up 12% year over year. All of our GBS practices grew at double digit or high single digit rates other than marketing, which grew mid-single digits. Growth was led by the finance, legal, and supply chain practices. GBS CV increased $27 million from the first quarter.

截至第二季末，全球業務銷售合約價值為11億美元，年增12%。我們所有的 GBS 業務都以兩位數或高個位數的速度成長，行銷除外，行銷以中個位數的速度成長。成長由金融、法律和供應鏈實務帶動。 GBS CV 較第一季增加 2,700 萬美元。

Wallet retention for GBS was 106% for the quarter, which compares to 109% in the prior year. GBS new business was up 16% compared to last year. GBS quota bearing headcount was up 6% year over year, and we continue to target high single digit growth for 2024. As with GTS, our regular full set of GBS metrics can be found in our earnings supplement.

本季 GBS 的錢包保留率為 106%，而前一年為 109%。 GBS新業務較去年成長16%。 GBS 配額員工人數年增 6%，我們繼續以 2024 年高個位數成長為目標。

Conferences revenue for the second quarter was $186 million, increasing 10% as reported and 11% FX neutral compared to Q2 of 2023. Adjusting for the movement of conferences across the year, revenue increased about 15% in the quarter. Contribution margin was 58%. Q2 is our seasonally strongest margin quarter of the year. We held 16 destination conferences.

第二季的會議營收為1.86 億美元，與2023 年第二季相比成長了10%，匯率中立時成長了11%。 %。邊際貢獻率為58%。第二季是我們今年季節性利潤率最高的季度。舉辦目的地會議16場。

Second quarter consulting revenue increased by 13% year over year to $143 million. On an FX neutral basis, revenue was up 15%. Consulting contribution margin was 38% in the second quarter. Labor based revenue was $107 million, up 3% versus Q2 of last year as reported and 5% on an FX neutral basis. Backlog at June 30 was $199 million, increasing 16% year over year on an FX neutral basis, with continued booking strength.

第二季諮詢營收年增 13%，達到 1.43 億美元。在匯率中立的基礎上，營收成長了 15%。第二季諮詢貢獻率為 38%。基於勞動力的收入為 1.07 億美元，比去年第二季報告成長 3%，在匯率中立的基礎上成長 5%。截至 6 月 30 日，積壓訂單為 1.99 億美元，在匯率中性的基礎上年增 16%，預訂量持續強勁。

In contract optimization, we delivered $36 million of revenue in the quarter, up 62% versus the prior year. Our contract optimization business is highly variable. Consolidated cost of services increased 5% year over year in the second quarter as reported and 6% on an FX neutral basis. The biggest driver of the increase was higher compensation costs.

在合約優化方面，我們本季實現了 3,600 萬美元的收入，比上年增長 62%。我們的合約優化業務變化很大。據報告，第二季綜合服務成本年增 5%，在匯率中立的基礎上成長 6%。成長的最大推動因素是補償成本上漲。

SG&A increased 5% year over year in the second quarter as reported and on an FX neutral basis. SG&A increased in the quarter as a result of headcount growth, which contributed to higher compensation costs. EBITDA for the second quarter was $416 million, up 8% from last year's reported and up 10% FX neutral. We outperformed in the second quarter through effective expense management and a prudent approach to guidance.

據報告，在匯率中立的基礎上，第二季的銷售、管理及行政費用較去年同期成長 5%。由於員工人數成長，本季的銷售、管理費用 (SG&A) 有所增加，導致薪酬成本上升。第二季 EBITDA 為 4.16 億美元，比去年報告成長 8%，匯率中立成長 10%。透過有效的費用管理和審慎的指導方法，我們在第二季度表現出色。

Depreciation in the quarter of $28 million was up 16% compared to 2023. Net interest expense, excluding deferred financing costs in the quarter was $19 million. This is favorable by $4 million versus second quarter of 2023 due to higher interest income on our cash balances. The modest floating rate that we have is fully hedged through third quarter of 2025.

本季的折舊為 2,800 萬美元，與 2023 年相比成長了 16%。由於我們現金餘額的利息收入增加，這比 2023 年第二季增加了 400 萬美元。我們的適度浮動利率在 2025 年第三季之前已充分對沖。

The Q2 adjusted tax rate which we used for the calculation of adjusted net income was 24% for the quarter. The tax rate for the items used to adjusted net income was 25% for the quarter. Adjusted EPS in Q2 was $3.22, up 13% compared with last year. We had 78 million shares outstanding in the second quarter. This is a reduction of more than 1.5 million shares or about 2% year over year. We exited the second quarter with about 78 million shares on an unweighted basis.

我們用於計算該季度調整後淨利潤的第二季調整後稅率為 24%。本季用於調整後淨利潤的項目稅率為 25%。第二季調整後每股盈餘為 3.22 美元，較去年成長 13%。第二季我們有 7800 萬股流通股。年比減少超過150萬股，即約2%。第二季結束時，我們持有約 7,800 萬股未加權股票。

Operating cash flow for the quarter was $370 million compared with $436 million in Q2 of 2023. The change reflects working capital timing, which we expect to reverse in the second half. CapEx for the quarter was $29 million in line with our expectations.

本季的營運現金流為 3.7 億美元，而 2023 年第二季為 4.36 億美元。本季資本支出為 2900 萬美元，符合我們的預期。

Free cash flow for the quarter was $341 million. Free cash flow on a rolling four-quarter basis was 17% of revenue and 66% of EBITDA. Free cash flow conversion from GAAP net income was 121%. Our free cash flow conversion is generally higher when CV growth is accelerating.

該季度的自由現金流為 3.41 億美元。連續四個季度的自由現金流佔營收的 17%，佔 EBITDA 的 66%。依 GAAP 淨利換算的自由現金流為 121%。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 second quarter, we had about $1.2 billion of cash. Our June 30 debt balance was about $2.5 billion. Our reported gross debt to trailing 12-month EBITDA was under 2 times. 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.

第二季末，我們擁有約 12 億美元的現金。截至 6 月 30 日，我們的債務餘額約為 25 億美元。我們報告的總債務與過去 12 個月的 EBITDA 相比不到 2 倍。我們預期的自由現金流產生、可用循環資金以及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。

Our balance sheet is very strong, with $1.9 billion of liquidity, low levels of leverage, and effectively fixed interest rates. We repurchased $340 million of our stock during the second quarter. We have more than $1 billion of repurchase capacity after the Board recently increased our share buyback authorization by $600 million.

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。我們在第二季回購了價值 3.4 億美元的股票。在董事會最近將我們的股票回購授權增加了 6 億美元後，我們擁有超過 10 億美元的回購能力。

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.

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，加上不斷增長的利潤，也帶來了投資資本回報的增加。

We are updating our full year guidance to reflect recent performance and trends. The outlook for subscription research is higher based on the latest FX rates. We increased the outlook for conferences and consulting. And our EBITDA guidance primarily reflects Q2 upside, partially offset by our updated non-subscription research outlook.

我們正在更新全年指導，以反映最近的表現和趨勢。根據最新的外匯匯率，訂閱研究的前景較高。我們提高了會議和諮詢的前景。我們的 EBITDA 指引主要反映了第二季的成長，但部分被我們更新的非訂閱研究前景所抵銷。

For subscription research, which was about 76% of revenue in 2023, 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.

對於訂閱研究（2023 年約佔收入的 76%），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 subscription research revenue based on Q2 results and our outlook for the balance of the year, our FX neutral guidance is unchanged. We have very high visibility into the subscription research revenue at this point in the year.

對於基於第二季業績和我們對今年剩餘時間的展望的訂閱研究收入，我們的外匯中性指引保持不變。今年此時我們對訂閱研究收入的了解非常高。

For non-subscription research, which was about 6% of 2023 revenue, we help small businesses find the right software. We've updated our outlook for this portion of the segment given the most recent trends. We now expect non-subscription revenue of about $305 million for 2024.

對於非訂閱研究（約佔 2023 年收入的 6%），我們幫助小型企業找到合適的軟體。鑑於最新趨勢，我們更新了對該細分市場這一部分的展望。我們現在預計 2024 年非訂閱收入約為 3.05 億美元。

As a reminder, about one-third of our revenue and operating expenses are denominated in currencies other than US dollar. Based on recent FX rates, we expect currency to be roughly neutral in the back half of the year with a modest benefit in Q4.

提醒一下，我們約三分之一的收入和營運支出以美元以外的貨幣計價。根據最近的匯率，我們預計今年下半年貨幣將大致保持中性，第四季將適度受益。

Our updated 2024 guidance is as follows. We expect research revenue of at least $5.105 billion, which is FX neutral growth of about 5%. This reflects subscription research revenue growth of about 7%. We expect conferences revenue of at least $565 million, which is FX neutral growth of about 12%.

我們更新的 2024 年指引如下。我們預計研究收入至少為 51.05 億美元，匯率中性成長約為 5%。這反映出訂閱研究收入成長約 7%。我們預計會議收入至少為 5.65 億美元，在匯率中立的情況下成長約 12%。

We expect consulting revenue of at least $530 million, which is growth of about 4% FX neutral. The result is an outlook for consolidated revenue of at least $6.2 billion, which is FX neutral growth of 5%. We now expect full year EBITDA of at least $1.460 billion, up $5 million from our prior guidance.

我們預計諮詢收入至少為 5.3 億美元，匯率中立成長約 4%。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%。我們現在預計全年 EBITDA 至少為 14.6 億美元，比我們之前的指導增加 500 萬美元。

We expect 2024 adjusted EPS of at least $11.05. For 2024, we expect free cash flow of at least $1.08 billion, consistent with our prior guidance. This reflects the conversion from GAAP net income of 138%. After the second quarter ended, we reached a settlement related to pandemic or event cancellation insurance.

我們預計 2024 年調整後每股盈餘至少為 11.05 美元。 2024 年，我們預計自由現金流至少為 10.8 億美元，與我們先前的指導一致。這反映了 138% 的 GAAP 淨利潤轉換。第二季結束後，我們就流行病或活動取消保險達成了和解。

We expect pre-tax proceeds of $300 million during the third quarter. This is not yet included in the cash flow or GAAP EPS guidance. Our guidance is based on 78 million fully diluted weighted average shares outstanding, which reflects the repurchases made through the end of June.

我們預計第三季稅前收益為 3 億美元。這尚未包含在現金流量或 GAAP 每股盈餘指引中。我們的指引基於 7,800 萬股完全稀釋加權平均流通股，反映了截至 6 月底的回購情況。

And finally, for the third quarter, we expect adjusted EBITDA of at least $295 million. Our financial results through the first half have been ahead of our plan despite continuing global macro uncertainty. CV grew high single digits in the quarter, and we believe Q1 was the bottom for CV growth in this cycle.

最後，我們預計第三季調整後 EBITDA 至少為 2.95 億美元。儘管全球宏觀經濟持續存在不確定性，但我們上半年的財務表現仍超出了我們的計劃。本季 CV 出現高個位數成長，我們認為第一季是本週期 CV 成長的底部。

We repurchased $565 million in stock year to date through June and remain eager to return excess capital to our shareholders. We will continue to be price sensitive, opportunistic and disciplined.

截至今年 6 月，我們已回購了 5.65 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've delivered double digit revenue growth. With gross margin expansion, sales cost growing about in line with CV growth, and G&A leverage, we will deliver modest EBITDA margin expansion over time.

展望中期，我們的財務模式和預期保持不變。隨著 12% 到 16% 的研究履歷成長，我們實現了兩位數的收入成長。隨著毛利率的擴張、銷售成本的成長與 CV 的成長大致一致，以及 G&A 槓桿，我們將隨著時間的推移實現適度的 EBITDA 利潤率擴張。

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 purchases, 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購買，這將隨著時間的推移減少股票數量，並用於增強策略價值的併購。

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) Jeff Meuler, Baird.

（操作員說明）Jeff Meuler，Baird。

Yeah, thank you. Good morning. When you kind of reiterated that you think Q1 marked the bottom for CV growth with the macro and geopolitical caveats, you said growth may vary quarter to quarter, just want to, I guess, zooming on what you're trying to signal there.

是的，謝謝。早安.當你重申你認為第一季標誌著宏觀和地緣政治警告的CV成長觸底時，你說成長可能會因季度而異，我想只是想放大你試圖在那裡發出的信號。

Is that just a acknowledgment of, I guess, the volatile end market environment or you expecting that you expect deceleration at some point in the near future because of a like a known year-over-year comp issue or anything else that you're seeing?

我想，這只是承認終端市場環境不穩定，還是您預計在不久的將來某個時候會出現減速，因為已知的逐年比較問題或您看到的任何其他問題？

Hey, good morning, Jeff. So I'd say it's definitely more about the fact that we're operating in a very volatile operating environment and 10 basis points up or down is a relatively small amount of CV in any given quarter.

嘿，早安，傑夫。所以我想說，這絕對更多是因為我們在一個非常不穩定的運營環境中運營，並且在任何特定季度，10 個基點的上漲或下跌對於 CV 來說都是相對較小的數額。

I think the core messages, 6.9% marks the bottom, and we should be above that in every quarter moving forward. It could bounce around a little bit. And then ultimately, our medium term objective is to get both GTS and GBS back to 12% to 16% annual growth rates.

我認為核心訊息是，6.9% 標誌著底部，我們應該在未來的每個季度都高於這個水平。它可能會稍微反彈。最終，我們的中期目標是讓 GTS 和 GBS 的年增長率恢復到 12% 至 16%。

Got it. And then on the building sales headcount from here, I guess the tech vendor territory, I don't know exactly the phrase you use, but I don't know if it's just dynamic territory planning, but was that something that you recently kind of like kicked into gear, or was that a ongoing dynamic?

知道了。然後，關於這裡的建築銷售人員數量，我猜是技術供應商領域，我不太清楚您使用的確切短語，但我不知道這是否只是動態領域規劃，但這是否是您最近所做的事情就像啟動了一樣，或者這是一個持續的動態？

Just not sure what you're trying to signal there. And is it reassigning salespeople or just managing those territories through attrition.

只是不確定你想在那裡發出什麼訊號。是重新分配銷售人員還是只是透過自然減員來管理這些區域。

Hey Jeff, it's Gene. So we do what we call dynamic territory planning, which is we look at every territory literally every territory each week to see what the productivity is been and what the kind of trend is. And then what we do is as we have turnover as one sales person leaves and of course, we'll turn off where we do have people leave every quarter. We look at where is the most productive place with those territories.

嘿，傑夫，我是吉恩。因此，我們進行所謂的動態區域規劃，即每週檢查每個區域，看看生產力如何以及趨勢如何。然後我們所做的是，當一名銷售人員離開時，我們就會發生人員流動，當然，我們會關閉每個季度確實有人離開的地方。我們會研究這些地區中生產力最高的地方。

So I'll give you just an extreme example. We used to have salespeople in Russia. We decided, obviously we weren't going to sell in Russia back when the invasion happened. So we don't fill those territories anymore, but we have other territories that are most productive.

所以我給你舉一個極端的例子。我們曾經在俄羅斯有銷售人員。我們決定，當入侵發生時，我們顯然不會在俄羅斯銷售。因此，我們不再填充這些區域，但我們還有其他生產力最高的區域。

In a more recent example, if you look at the small tech vendor market, there are sets of small tech vendors that used to be able to get funding than today's environment can't get funding versus others like for especially those in AI that can.

在最近的一個例子中，如果你看看小型技術供應商市場，你會發現有一些小型技術供應商過去能夠獲得資金，但在今天的環境中卻無法獲得資金，而其他供應商（尤其是人工智慧領域的供應商）則可以獲得資金。

And so what we do is literally on a weekly basis, say okay, but if you believe that we're selling to tech companies that are not going to get funding, let's take those territories and move them over to places where in fact had like AI based where they are getting funding.

所以我們所做的實際上是每週一次，好吧，但如果你認為我們正在向不會獲得資金的科技公司出售產品，那麼讓我們佔領這些地區並將它們轉移到實際上有類似情況的地方人工智慧是基於他們獲得資金的地方。

So we're doing this on a constant basis to make sure our salespeople are always deployed in the most productive territories. We do it with turnover. And again, we have cases where it's clear that they're not going to recover in the short term, we'll do it more proactively than that too. We'll say, we'll actually close those territories down and move either those people or that headcount to more productive areas.

因此，我們持續這樣做，以確保我們的銷售人員始終部署在生產力最高的地區。我們透過營業額來做到這一點。再說一次，我們有一些案例，很明顯他們不會在短期內恢復，我們也會比這更積極地採取行動。我們會說，我們實際上會關閉這些地區，並將這些人員或人員轉移到生產力更高的地區。

And then just sort of pulling the thread all the way through, we are targeting even with all that dynamic territory planning mid-single digit QBH growth for GTS by the end of the year and high single digit QBH growth for GBS by the end of the year.

然後，我們的目標是，即使在所有動態領土規劃的情況下，GTS 的 QBH 到年底實現中個位數的 QBH 增長，GBS 的 QBH 到年底實現高個位數的增長年。

And again, implicit in all that are all the things that Gene talked about, that's been our normal operating procedure for the last four, five years now. In innovation we put in place in 2019. And again, it doesn't allow us to perfectly match, but it gives us a better chance of making sure that the resources that we're investing in are actually going against the best near short term, medium term, and long term opportunities.

再說一次，吉恩談到的所有這些都隱含著，這是我們過去四、五年來的正常操作程序。在我們於 2019 年實施的創新方面。

Got it. Thank you.

知道了。謝謝。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Thank you. Wanted to focus on the research revenue guide. It seems like you lowered it because of the non-subs business. I know tech vendor actually return to growth on the subscription side. But in non-subs piece, I think still seems to be declining.

謝謝。希望專注於研究收入指南。看起來你因為非訂閱業務而降低了它。我知道技術供應商實際上在訂閱方面恢復了成長。但在非替補部分，我認為似乎仍在下降。

And I guess, was it because your guide down was it because non-subs was worse than you originally thought or and is just the trajectory not going to be as quick as you are thinking. Just maybe help us through the trajectory on the non-subs piece. Thanks.

我想，是因為你的指南是因為非替補比你最初想像的更糟糕，或者只是軌跡不會像你想像的那麼快。也許只是幫助我們完成非替補部分的軌跡。謝謝。

Yeah, sure, Toni. I mean, the first thing I'd say is that the entire operational change relates to the non-sub piece. The subscription revenue piece of the overall research revenue, I mean, it's up a little bit from foreign exchange.

是的，當然，托尼。我的意思是，我要說的第一件事是整個營運變化與非子部分有關。我的意思是，總體研究收入中的訂閱收入部分，由於外匯交易而略有增加。

But from an operational perspective, the guidance is essentially unchanged from last quarter. And again, yes, as we talked about last quarter, we believe that the bottom was going to be either Q1 or Q2. And so we had a strong solid Q2 of NCVI and CV growth dialed into our outlook. And so everything -- all the change relates to non-subscription business.

但從營運角度來看，該指引與上季基本沒有變化。再說一次，是的，正如我們上個季度談到的那樣，我們相信底部將是第一季或第二季。因此，第二季 NCVI 和 CV 的強勁成長符合我們的前景。所以一切——所有的變化都與非訂閱業務有關。

Great. And then the cash balance is pretty high or below leverage, you added capacity to the buyback program. Maybe just give us an update on like what conditions could we look for the sort of for you to be buying back more stock? I know you already do, but just sort of elevate that level. Thanks.

偉大的。然後現金餘額相當高或低於槓桿，你增加了回購計畫的能力。也許只是向我們提供最新情況，例如我們可以尋找什麼條件讓您回購更多股票？我知道你已經這樣做了，但只是提升這個水平。謝謝。

Yeah, sure. So our basic philosophy on buybacks is to be price sensitive, opportunistic, and disciplined. And, you know, I'd underscore each of those (technical difficulty) they are all sort of important in influencing our philosophy on buybacks.

好，當然。因此，我們回購的基本理念是對價格敏感、機會主義和紀律。而且，你知道，我會強調每一個（技術難度），它們對於影響我們的回購理念都很重要。

What I'd also say, obviously, you know this and most people on the call know this, we've returned a lot of capital since 2021 back to our shareholders. We're close to what we did full year '23 through the first half of '24. And in fact, our free cash flow or operating cash flow and buybacks are pretty, pretty close on top of each other through the first six months of the year.

我還要說的是，顯然，你知道這一點，大多數參加電話會議的人都知道這一點，自 2021 年以來，我們已將大量資本返還給股東。我們已經接近 23 年全年到 24 年上半年的表現了。事實上，今年前六個月，我們的自由現金流或經營現金流和回購非常非常接近。

And so we're going to continue to be price sensitive, opportunistic, and disciplined, but we want to make sure that we are driving incremental shareholder value by leveraging our free cash flow and our balance sheet.

因此，我們將繼續保持價格敏感、機會主義和紀律性，但我們希望確保透過利用我們的自由現金流和資產負債表來推動股東價值的增量。

And so we look at strategic value enhancing tuck-in M&A. And in absence of that buybacks, the bias over the last several years has been buybacks. And I would presume that moving forward, we would be more focused on buybacks going forward.

因此，我們著眼於增強策略價值的併購。在沒有回購的情況下，過去幾年的偏見一直是回購。我認為展望未來，我們將更加關注未來的回購。

So you're right, we have cash. We have capacity. We did a pretty good job through the first six months of the year, and we'll continue to make sure that we're driving incremental shareholder value by leveraging our balance sheet and free cash flow.

所以你是對的，我們有現金。我們有能力。今年前六個月我們的工作做得相當不錯，我們將繼續確保透過利用我們的資產負債表和自由現金流來推動股東價值的增量。

Thank you.

謝謝。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

Hi, good morning. Thank you for taking my questions. I wanted to first focus on new business growth seemingly stepped up pretty nicely relative to the first quarter. Can you unpack that a little bit? I know at least in GTS, some of that might be some easier comps, but are you seeing better productivity from your sales forces? Is there any change to the selling environment? Any color there would be great.

早安.感謝您回答我的問題。我想先專注於新業務的成長，與第一季相比，新業務的成長似乎相當不錯。你能稍微解開一下嗎？我知道至少在 GTS 中，其中一些可能是一些更容易的比較，但是您是否看到銷售人員的生產力更高了？銷售環境是否有變化？任何顏色都會很棒。

Hi Andrew, it's Gene. So what I'd say is that the selling environment remains pretty much the same. But I do think we focused on improving the productivity of our teams. And as you know, we're always taking actions to be (inaudible) respond to changes in the world. I think that's really the impact we see. It's not that the environment got better in any way, really.

嗨安德魯，我是吉恩。所以我想說的是，銷售環境幾乎保持不變。但我確實認為我們專注於提高團隊的生產力。如您所知，我們始終採取行動（聽不清楚）來應對世界的變化。我認為這確實是我們看到的影響。事實上，這並不是說環境有任何改善。

Understood. And then I'm looking at the contract value per client enterprise and it continues to tick up nicely. Just wanted to confirm my hunch that that's the result of maybe losing some smaller tech vendor clients more so than tying a bunch more seats into the larger enterprises. But any confirmation there, color on that metric and how you'd expect it to evolve as you have now seen the trough of CV growth. Thank you.

明白了。然後我查看了每個客戶企業的合約價值，它繼續良好地成長。只是想證實我的預感，這可能是失去一些小型技術供應商客戶的結果，而不是在大型企業中獲得更多席位。但是，如果您已經看到了 CV 成長的低谷，那麼任何確認都會對該指標進行​​著色，以及您期望它如何發展。謝謝。

So Andrew, I'll get started and Craig to finish. Basically the -- our basic strategy with clients is when we sell a client, that's not the end, there's plenty of opportunity to sell more seats to those clients over time. It's a one core part of our selling strategy is to keep selling additional business, additional licensed users to clients to sell them.

安德魯，我開始，克雷格完成。基本上，我們與客戶的基本策略是，當我們出售客戶時，這還不是結束，隨著時間的推移，有很多機會向這些客戶出售更多席位。我們銷售策略的核心部分是不斷向客戶出售額外的業務、額外的授權用戶來出售它們。

The other part of our strategy is of course to sell new logos as well. And so that's one factor that you see there is that actually -- we've always had this as our strategy, which is always keep growing existing clients as well as new clients.

我們策略的另一部分當然也是銷售新商標。所以，你看到的一個因素實際上是——我們一直以此作為我們的策略，即始終不斷增加現有客戶和新客戶。

And Andrew, I would just add. If you look at wallet retention being over 100%, yeah, that is baked in what Gene just talked about in terms of once we have a client, we then expand our relationship with them each and every year, and we've been doing that for years, and we intend to continue to do that going forward.

安德魯，我想補充一下。如果你看到錢包保留率超過 100%，是的，這就是吉恩剛才談到的，一旦我們有了客戶，我們就會每年擴大與他們的關係，我們一直在這樣做多年來，我們打算繼續這樣做。

And there is a little bit of a increased churn on the small end that you highlighted, which is also helping modestly, but helping that overall CV for enterprise figure as well.

您強調的小端客戶流失率增加，這也有一定幫助，但也對企業的整體履歷有所幫助。

Thank you.

謝謝。

Heather Balsky, Bank of America Securities.

希瑟‧巴爾斯基，美國銀行證券公司。

Hi, thank you very much. I was hoping to talk about your medium term outlook in your getting back to that low teens growth number. In the context of the environment right now, the selling environment, you -- how are you thinking about the time it could take you to get back there?

你好，非常感謝你。我希望能談談你們在恢復青少年低成長數字方面的中期前景。在目前的環境、銷售環境中，您如何考慮回到那裡可能需要的時間？

And also going back to your comments on the third quarter call '23, where you expected tech vendors to return to normal growth in 12 to 18 months, is that still on the table right now? Or do you think things have changed?

回到您對第三季 '23 電話會議的評論，您預計技術供應商將在 12 至 18 個月內恢復正常成長，現在這仍然在討論中嗎？還是你認為事情已經改變了？

Hi. Good morning, Heather. Thank you. In terms of the medium term outlook, it is our goal and again, we do need a stable, I won't say great operating environment, but a stable operating environment. I'd argue we're doing really well in a very volatile operating environment globally, probably more volatile than that.

你好。早安，希瑟。謝謝。就中期前景而言，這是我們的目標，而且我們確實需要一個穩定的，我不會說良好的營運環境，而是穩定的營運環境。我認為，我們在全球非常不穩定的營運環境中表現得非常好，甚至可能比這更不穩定。

We'd all like to see, quite honestly, but we're continuing to do well. GBS is growing in that medium term guidance range today. The end user portion or the enterprise leader portion of GTS is growing at high single digit growth rates. And obviously we want to get that back up into the 12% to 16% range.

老實說，我們都希望看到這一點，但我們將繼續做得很好。如今，GBS 正在中期指導範圍內成長。 GTS 的最終用戶部分或企業領導者部分正在以高單位數成長率成長。顯然我們希望將其恢復到 12% 到 16% 的範圍內。

And then on the tech vendor side, what I would say is small tech continues to be a super challenging operating environment. We were pleased to see the overall tech vendor business returned to growth in this quarter from last quarter, but it is still super challenging, particularly on the lower end of the tech vendor market.

然後在技術供應商方面，我想說的是小型技術仍然是一個極具挑戰性的營運環境。我們很高興看到本季整體技術供應商業務較上季恢復成長，但仍面臨巨大挑戰，特別是在低階技術供應商市場。

Okay, it's helpful. And as a follow up, the business tends to see consistent sequential trends in terms of CVs. If you look back historically, when you think about the back half of the year, is there any reason that you would deviate in any way from that sort of sequential cadence that you typically see, generally, not like the exact number, but the trend?

好的，很有幫助。作為後續行動，企業往往在履歷方面看到一致的連續趨勢。如果你回顧歷史，當你思考下半年時，是否有任何理由會偏離你通常看到的那種順序節奏，通常不是確切的數字，而是趨勢？

Generally no. So our selling motion, our conference calendar, things like that, which are a big piece of what drives the typical phasing are pretty stable. So no, I would expect us to follow the similar trends to what we've seen. Obviously, we called out Q1 of this year earlier because it was a little off trend. But I think back half of the year should look like a normal back half of the year for us from that perspective.

一般不會。因此，我們的銷售動議、我們的會議日曆等等，這些是推動典型階段的重要因素，都非常穩定。所以不，我希望我們能夠遵循與我們所看到的類似的趨勢。顯然，我們早些時候提到了今年第一季度，因為它有點偏離趨勢。但我認為從這個角度來看，今年下半年對我們來說應該看起來像是正常的下半年。

Thank you.

謝謝。

Josh Chan, UBS.

喬許陳，瑞銀。

Hi, good morning, Gene and Craig. Thanks for taking my questions. If I look at the CV growth, so GTS, obviously reaccelerated nicely as you had predicted. How do you think about the shape of GBS as that's been kind of moderating slowly perhaps because of the macro? How do you envision GBS trending from here?

嗨，早上好，吉恩和克雷格。感謝您回答我的問題。如果我看一下 CV 的成長，那麼 GTS 顯然會像您預測的那樣很好地重新加速。您如何看待 GBS 的形狀，因為這可能是由於宏觀因素而緩慢緩和的？您如何看待 GBS 的未來趨勢？

So GBS first, we grew 12% in the quarter, which we think is really good. The second thing is GBS has tremendous market opportunity. We are aligned to go capture that opportunity over time. CV is going bounce around a little bit quarter to quarter. But the huge market opportunities there and we're prepared to go get it.

首先，GBS，我們在本季成長了 12%，我們認為這非常好。其次，GBS擁有龐大的市場機會。隨著時間的推移，我們將齊心協力抓住這項機會。履歷表每個季度都會略有反彈。但那裡有巨大的市場機會，我們已經準備好去抓住它。

And again, the medium-term objective for that business is 12% to 16% growth. And we continue to believe the GBS business and the GTS business can both deliver 12% to 16% CV growth.

同樣，該業務的中期目標是成長 12% 至 16%。我們仍然相信 GBS 業務和 GTS 業務都能帶來 12% 至 16% 的 CV 成長。

Okay. Great. Thank you. And then if I can ask a question on margin. I guess the ingredients that led to the slight year-over-year EBITDA margin expansion in Q2, is there any reason that those ingredients wouldn't also hold into the second half. And thanks for your time.

好的。偉大的。謝謝。然後我是否可以問一個關於保證金的問題。我猜想，導致第二季 EBITDA 利潤率同比小幅擴張的因素，是否有任何理由導致這些因素在下半年不會持續存在。感謝您抽出時間。

Thank you, Josh. Great question. So the way to think about the second half, again, is sort of back to Heather's question a little bit to normal phasing from both a revenue perspective and from an operating expense perspective, coupled with continuing to make sure that we are investing for future growth.

謝謝你，喬許。很好的問題。因此，考慮下半年的方式，再次回到希瑟的問題，從收入角度和營運費用角度來看，有點回歸正常階段，同時繼續確保我們為未來成長進行投資。

And again, we talked about mid-single digit QBH growth for GTS and high single digit QBH growth for GBS. So making sure that those investments are dialed into the second half operating expense, forecasts, and plans.

我們再次討論了 GTS 的中個位數 QBH 成長和 GBS 的高個位數 QBH 成長。因此，請確保將這些投資納入下半年的營運費用、預測和計畫。

The other thing I would note is that Q2 is our highest margin quarter for conferences. So despite Q4 being the largest revenue quarter, Q2 is actually the highest margin quarter, which drives some of that benefit that you saw in the second quarter.

我要指出的另一件事是，第二季是我們會議利潤率最高的季度。因此，儘管第四季度是收入最大的季度，但第二季度實際上是利潤率最高的季度，這推動了您在第二季度看到的一些收益。

But if you kind of you run the math on revenue, normal OpEx, phasing given our conference calendar and also dialing in that incremental investment for the QBH growth, which again, as you know, doesn't really benefit the results or top line results this year. Those are really investments for the future. That's how you can sort of reconcile from the Q2 EBITDA margins down to the second half EBITDA margins, which then give you that full year outlook of around 23.5%.

但如果你對收入、正常營運支出、根據我們的會議日曆進行分階段進行數學計算，並為 QBH 增長撥入增量投資，正如你所知，這並沒有真正有利於結果或頂線結果今年。這些確實是對未來的投資。透過這種方式，您可以將第二季 EBITDA 利潤率調低至下半年 EBITDA 利潤率，從而獲得 23.5% 左右的全年前景。

Great. Thank you for the color and the time.

偉大的。謝謝你的顏色和時間。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Hey, this is [Brendan] on for Manav. Just want to ask there's been some, I guess, just reports on companies facing kind of like a GenAI tax on their IT budgets, just with the expense of some of the new technology. I was just curious if -- what you guys have seen related to that and kind of what your customers are saying? And if there's any impacts from that, obviously, it's also an opportunity as well, but just what you're seeing near term?

嘿，這是馬納夫的[布倫丹]。我只是想問一下，我想，有一些關於公司面臨類似 GenAI 稅的 IT 預算的報告，只是以一些新技術為代價。我只是好奇——你們看到了什麼與此相關的內容以及您的客戶在說什麼？如果這有任何影響，顯然，這也是一個機會，但你近期看到了什麼？

Yeah. It's a great question, Brendan. So GenAI continues to be a topic of very, very high interest of all of our clients. If you look at kind of our enterprise function leaders as well as the tech companies, they're easing into the investments.

是的。這是一個很好的問題，布倫丹。因此，GenAI 仍然是我們所有客戶非常非常感興趣的話題。如果你看看我們的企業職能領導者以及科技公司，你會發現他們正在放鬆投資。

The tech companies are investing heavily. The enterprise function leader businesses are basically starting to invest and looking for the best use cases where they can get the highest return on GenAI. I think people are still wrestling with what the right formula is there. And it's great for us because we're -- it's a topic of very high interest. They're spending money on it, and it's important to them. And so it's a place where we can really add a lot of value.

科技公司正在大力投資。企業職能領導者企業基本上開始投資並尋找可以在 GenAI 上獲得最高回報的最佳用例。我認為人們仍在努力尋找正確的公式。這對我們來說很棒，因為我們對此非常感興趣。他們在這上面花錢，這對他們來說很重要。因此，這是一個我們真正可以增加很多價值的地方。

Okay. And then just following up. With the cash and leverage, you mentioned -- you always mentioned tuck-in M&A as a possibility. Just kind of give us an idea of what I guess what kinds of tuck-in M&A you would consider?

好的。然後就跟進。您提到，有了現金和槓桿，您總是提到進行併購是一種可能性。請告訴我們您會考慮哪種類型的併購？

Yeah. Hi, Brendan. It's Craig. So generally, we think about M&A from kind of three angles. One would be enhancing our research coverage in some area. So it could be or we need more in marketing or anymore in finance or something like that. So that would be one flavor of acquisition looking for assets that could enhance the insights to which we provide the operating executives that are a target audience.

是的。嗨，布倫丹。這是克雷格。一般來說，我們從三個角度來考慮併購。其中之一是擴大我們在某些​​領域的研究覆蓋範圍。所以可能是這樣，或者我們需要更多的行銷或金融或類似的東西。因此，這將是尋找資產的收購方式，這些資產可以增強我們為目標受眾的營運主管提供的洞察力。

Second would be sort of a geographic fill-in, so sort of the same tone and tenor there but going after geographies where we're not as strong or don't have as much critical mass.

其次是地理上的補充，所以那裡的基調和基調是相同的，但要追求我們不那麼強大或沒有那麼多臨界質量的地理區域。

And then third and perhaps fourth would be sort of assets or technology type acquisitions that would help us catalyze getting to market faster or buying some capability that is really valuable to us that we can then leverage across the enterprise.

然後第三個，也許第四個將是某種資產或技術類型的收購，這將幫助我們更快地進入市場或購買一些對我們真正有價值的能力，然後我們可以在整個企業中利用這些能力。

And again if you look at the -- there's a handful of small acquisitions we've done over the last five, six years. We kind of have at least one in each of those categories. And that's sort of what the M&A radar screen looks like today.

再一次，如果你看一下——我們在過去五、六年裡進行了一些小型收購。我們在每個類別中至少有一個。這就是今天的併購雷達螢幕的樣子。

Thank you.

謝謝。

Surinder Thind, Jefferies.

蘇林德·辛德，傑弗里斯。

Thank you. Can you maybe talk about just the thought behind the cadence for your hiring plans at this point. It sounds like it's going to be quite back half loaded. Is that just looking for additional data points? Any color there would be helpful.

謝謝。您能否談談目前招募計畫節奏背後的想法？聽起來好像它會被加載一半。這只是尋找額外的數據點嗎？任何顏色都會有幫助。

Please stand by Surinder.

請支持蘇林德。

Surinder, sorry. So if you look at our pace of our hiring, if you look at the market overall, it's been very, I'd say, uneven over the last few years. There was a pandemic where we slowed down our hiring dramatically. There was the tech bubble afterwards where it was hard to even hire people because the tech companies were so aggressively hiring. In the year after that, the tech hubs were laying people off so it was very easy to hire people.

蘇林德，對不起。因此，如果你看看我們的招募速度，如果你看看整個市場，我會說，過去幾年非常不平衡。由於一場大流行，我們大幅放慢了招募速度。後來出現了科技泡沫，甚至很難僱用員工，因為科技公司如此積極地招募。在那之後的一年裡，技術中心開始裁員，因此招募人員非常容易。

And so we've stepped up a couple of years ago, very well, and we had a lot of junior people. And so we want to make sure that those people mature, we got full productivity out of them. And also to see kind of what the macroeconomic, and geopolitical world looks like.

因此，幾年前我們已經取得了很大的進展，而且我們有很多初級人員。因此，我們希望確保這些人成熟，我們可以充分發揮他們的生產力。也要看看宏觀經濟和地緣政治世界是什麼樣子。

That seems to be more stable now. And we feel like that the tenure of that group would hire two years ago now is at a stable point. And so it makes sense to ramp our hiring up and people who hire, getting them second half year are going to position us for '25, '26, '27, because their productivity improve over the first three years we've hired them.

現在看來更加穩定了。我們認為兩年前聘用的該團隊的任期現在處於穩定狀態。因此，增加我們的招募是有意義的，下半年招募的人將使我們在 25 年、26 年、27 年處於有利地位，因為他們的生產力在我們僱用他們的前三年中有所提高。

And so this additional hiring we are planning to do in the second half is really getting back to what we've done traditionally before the rockiness of the last few roads -- I mean, the last few years, and we would expect that kind of hiring trend to continue (inaudible) more even going to have going forward. And this is again, just getting back to strategy after the last few years of a lot of (inaudible)

因此，我們計劃在下半年進行的額外招聘實際上是回到了我們在過去幾條道路崎嶇不平之前所做的傳統做法——我的意思是，過去幾年，我們預計會出現這種情況招聘趨勢將繼續（聽不清楚），甚至會繼續發展。這又是一次，在過去幾年發生了很多（聽不清楚）之後，我們又回到了策略上

And Surinder, the other (inaudible) I'd just add there is from where we are today, it's another few hundred net people staff by the end of the year. So it may sound like a big sort of move. It's actually not, given the trending. And so we target that mid-single digit QBH growth for GTS and high single digit for GBS, you know, it's a few hundred more people between net, between now and the end of the year.

蘇林德（Surinder），我想補充的另一個（聽不清楚），從我們今天的情況來看，到今年年底，將有另外幾百名淨員工。所以這聽起來像是個重大舉措。考慮到趨勢，實際上並非如此。因此，我們的目標是 GTS 的 QBH 成長率為中個位數，GBS 的成長率為高個位數，您知道，從現在到年底，淨人數將增加數百人。

That's helpful. And then you mentioned CrowdStrike in that prepared remarks, how does something like that impact the business? Is it just more engagement with existing clients just wanting to access more resources? Or does this drive incremental demand at the top of the funnel that maybe you can convert in the back half of this year?

這很有幫助。然後您在準備好的演講中提到了 CrowdStrike，類似的事情對業務有何影響？是否只是與現有客戶有更多接觸，只是想獲得更多資源？或者這是否會推動漏斗頂部的增量需求，也許您可以在今年下半年轉換？

So our whole strategy is to help our clients with their most important priorities. CrowdStrike on that Friday was certainly one of a big priority. And so we did see a big uptick in demand for our clients. It helps with engagement.

因此，我們的整體策略是幫助客戶解決最重要的優先事項。那個星期五的 CrowdStrike 無疑是一個重要的優先事項之一。因此，我們確實看到客戶的需求大幅上升。它有助於提高參與度。

We did a bunch of things immediate to help them. We had a panel webinar that day. We had a document that we published that dat. We had a webinar live stream. We did a whole series of things like that to help our clients, and sort of really we're helping them with (inaudible) need, which is great for our demand.

我們立即做了很多事情來幫助他們。那天我們舉行了一場小組網路研討會。我們有一份文件發布了該數據。我們舉行了網路研討會直播。我們做了一系列類似的事情來幫助我們的客戶，實際上我們是在幫助他們滿足（聽不清楚）的需求，這對我們的需求來說非常好。

(inaudible) clients. But for new clients, it gives us a reason why they should buy. So CrowdStrike (inaudible) CrowdStrike or why we exist is, is to help our clients at these difficult times.

（聽不清楚）客戶。但對於新客戶來說，它給了我們一個他們應該購買的理由。因此，CrowdStrike（聽不清楚）CrowdStrike 或我們存在的原因是，在這些困難時期為我們的客戶提供協助。

Thank you.

謝謝。

George Tong, Goldman Sachs.

喬治唐，高盛。

Hi. Thanks. Good morning. Enterprise functional leader CV growth was 10% in the quarter, which is pretty similar compared to 1Q. Can you elaborate about some of the trends you're seeing here and if the momentum exiting the quarter was stable or improved?

你好。謝謝。早安.本季企業職能領導者履歷成長率為 10%，與第一季相當。您能否詳細說明您在這裡看到的一些趨勢以及本季度退出的勢頭是否穩定或有所改善？

So I would say the selling environment was pretty consistent between Q1 and Q2. There's not a lot of change there. I just think our execution was better, which is why we had a little bit of pickup in parts of our business. But the overall macroeconomic and geopolitical environment didn't change much between Q1 and Q2.

所以我想說第一季和第二季的銷售環境非常一致。那裡沒有太多變化。我只是認為我們的執行力更好，這就是為什麼我們的部分業務有所回升。但整體宏觀經濟和地緣政治環境在一季和第二季之間沒有太大變化。

Okay. Got it. That's helpful. And then research subscription revenue growth outperformed in the quarter, but you're holding your outlook for research subscription revenue unchanged for the full year. What factors are holding you back from raising your research subscription outlook for the full year.

好的。知道了。這很有幫助。然後，本季的研究訂閱收入成長表現優於大盤，但您對全年研究訂閱收入的預期保持不變。哪些因素阻礙您提高全年的研究訂閱前景。

Hey, George, good morning. The way I would characterize it is -- we came in roughly where we thought we were going to land from a research subscription revenue perspective in the second quarter. CV growth did accelerate 50 basis points from Q1 to Q2, that was pretty much baked into our full year outlook. And so from where we stand today, we feel really good about the research subscription revenue line, as we mentioned in the prepared remarks, that's obviously the revenue line that we have the greatest visibility on.

嘿，喬治，早安。我的描述方式是——從第二季的研究訂閱收入角度來看，我們大致達到了我們認為的目標水準。從第一季到第二季度，CV 成長確實加速了 50 個基點，幾乎融入了我們的全年展望。因此，從我們今天的立場來看，我們對研究訂閱收入線感覺非常好，正如我們在準備好的評論中提到的那樣，這顯然是我們能見度最高的收入線。

But it's also, you know, modest changes in CV don't have a huge impact from now until the end of the year. It's really the CV growth we deliver for this year will really determine 2025 revenue. So I think our perspective is sort of on target or on expectation for Q2, no change to the research subscription revenue line for the balance of the year, other than the modest uptick that we dialed in for foreign exchange.

但你也知道，從現在到年底，履歷的微小變化不會產生巨大影響。事實上，我們今年實現的 CV 成長將真正決定 2025 年的收入。因此，我認為我們的觀點是對第二季度的目標或預期，除了我們在外匯方面的小幅增長之外，今年剩餘時間的研究訂閱收入線沒有變化。

Got it. Very helpful. Thank you.

知道了。很有幫助。謝謝。

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO 資本市場。

Thanks so much. Wanted to focus on retention. The retention metrics still going down, I know the decline seem to be getting less worse, which is good to see. But what do you think it will take to get the retention metrics starting to move in a positive direction again, is there anything you can do from your end?

非常感謝。希望專注於保留。留存率指標仍在下降，我知道下降幅度似乎沒那麼嚴重，這是很好的結果。但您認為如何讓保留指標再次開始朝著正面的方向發展，您可以做些什麼嗎？

Hi, Jeff. Good morning. So I'd say on focusing on GTS first. So while retention, as I think I mentioned in the prepared remarks for the enterprise function leader part of business is at historical levels and continues to be pretty strong there.

嗨，傑夫。早安.所以我想說先關注GTS。因此，正如我在為企業職能領導者準備的發言中提到的那樣，保留率已達到歷史水平，並且仍然相當強勁。

And so I think what all you're seeing is the continued tech vendor challenging market. And again, in particular, the small tech vendor part of the market diluting the retention metrics a little bit. We will eventually wash through this, it will take some time because it's not as simple as thinking about, well, business you sold, you know, 24 months ago, you're already through that now, so there are no more issues.

因此，我認為您所看到的是技術供應商持續挑戰市場。特別是，市場中的小型技術供應商部分削弱了保留指標。我們最終會解決這個問題，這需要一些時間，因為這並不像思考你在 24 個月前出售的業務那麼簡單，你現在已經解決了這個問題，所以不再有問題了。

It's really client-specific in terms of when they got funding, when their funding runs out, when they have cash flow problems, et cetera. And so I think what you're still seeing is just the drag down from, in particular, small technology companies, that is driving the retention stuff.

這實際上是針對特定客戶的，例如他們何時獲得資金、何時資金用完、何時遇到現金流問題等等。因此，我認為您仍然看到的只是小型科技公司的拖累，這正在推動保留工作。

On the GBS side, I think we had really strong wallet retention there, particularly coming out of the pandemic. While retention numbers are still significantly higher than what we report on the GTS side. And so I'd argue the GBS while retention metrics and in client retention metrics are, you know, are relatively strong as well.

在GBS方面，我認為我們在那裡的錢包保留率非常高，特別是在疫情結束後。雖然保留數字仍然明顯高於我們在 GTS 方面報告的數字。因此，我認為 GBS 的保留指標和客戶保留指標也相對較強。

Okay, great. And if I could shift over to the contract length for research. If I remember correctly, at one point in time, you were selling more three year contracts. I might be wrong, but I think more recently probably shifting a little bit more towards two years. If you could just remind me if that's correct and a lot of those two year terms coming up for renewal over the next few months or so?

好的，太好了。如果我可以轉到合約期限進行研究。如果我沒記錯的話，在某個時間點，您出售了更多的三年合約。我可能是錯的，但我認為最近可能會向兩年傾斜一些。您能否提醒我這是否正確，並且許多兩年條款將在接下來的幾個月左右續訂？

Yeah, hey Jeff. Our standard contract length, I would say is 24 months. We do write some that are 12 month and we do write some that are 36 month but the vast majority are 24 month. And so we always have a significant amount of contracts coming up for renewal and basically every quarter, every quarter because our sellers and our clients consume predominantly 24 month contracts.

是的，嘿傑夫。我想說，我們的標準合約期限是 24 個月。我們確實寫了一些 12 個月的，也寫了一些 36 個月的，但絕大多數是 24 個月的。因此，我們基本上每個季度都會有大量合約需要續約，因為我們的賣家和客戶主要消耗 24 個月的合約。

I think our average contract length is somewhere in the 1.7 year to 1.8 year range, more than 70% of our contract value is multiyear in nature. And so again, we're always going to have two year deals and three year deals coming up for renewal pretty consistently quarter to quarter, to quarter to quarter.

我認為我們的平均合約期限在 1.7 年到 1.8 年之間，超過 70% 的合約價值是多年期的。同樣，我們總是會逐季、逐季地持續有兩年期合約和三年期合約需要續約。

All right. Appreciate the color. Thanks.

好的。欣賞顏色。謝謝。

Thank you. And as I see no further questions in the queue, I will pass the call back to the Chairman and CEO, Gene Hall for his final comments.

謝謝。由於我在隊列中沒有看到更多問題，因此我會將電話轉給董事長兼首席執行官吉恩·霍爾 (Gene Hall)，徵求他的最終意見。

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

以下是我希望您從今天的電話會議中得到的資訊。 Gartner 公佈的財務表現超乎預期。我們與該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和強大且引人注目的客戶價值主張。

Looking ahead, we are well positioned to drive sustained double digit revenue growth over the long term. We will continue to create value for our shareholders by providing actionable objective insight 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 share repurchase program.

展望未來，我們有能力推動長期持續兩位數的營收成長。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，為未來成長審慎投資，產生遠遠超過淨利潤的自由現金流，並透過我們的股票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。

And thank you all for participating in today's conference. And you may now disconnect.

感謝大家參加今天的會議。您現在可以斷開連線。