高德納諮詢公司 (IT) 2024 Q4 法說會逐字稿

Good morning everyone.

大家早安。

Welcome to Gartner's fourth-quarter 2024 earnings call.

歡迎參加 Gartner 2024 年第四季財報電話會議。

I'm David Cohen, SVP of Investor Relations.

我是投資者關係資深副總裁 David Cohen。

(Event Instructions) After comments by Eugene Hall, Gartner's Chairman and Chief Executive Officer; and Craig Safian, Gartner's Chief Financial Officer.

(活動說明) 在 Gartner 董事長兼執行長 Eugene Hall 發表評論之後；以及 Gartner 財務長 Craig Safian。

There will be a question-and-answer session.

將會有一個問答環節。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

This call will included a discussion of fourth-quarter 2024 financial results and Gartner's outlook for 2025, that disclosed in today's earnings release and earnings supplement, both posted to our website investor.gartner.com.

本次電話會議將討論 2024 年第四季的財務表現和 Gartner 對 2025 年的展望，這些內容在今天的收益報告和收益補充中披露，均發佈在我們的網站 investor.gartner.com 上。

On the call, unless stated otherwise, all references to EBITDA are for adjusted EBITDA with the adjustments as described in our earnings release and supplement.

在電話會議上，除非另有說明，所有對 EBITDA 的引用均為調整後的 EBITDA，其調整內容如我們的收益報告和補充文件中所述。

All contract values and associated growth rates we discussed are based on 2024 foreign exchange rates.

我們討論的所有合約價值和相關成長率均基於 2024 年外匯匯率。

All growth rates in Gene's comments are FX neutral unless stated otherwise.

除非另有說明，Gene 評論中的所有成長率都是外匯中性的。

All references to share counts are for fully diluted weighted average share counts unless stated otherwise.

除非另有說明，否則所有提及的股票數量均為完全稀釋的加權平均股票數量。

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 資料對帳表均可在 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.

正如今天的收益報告中所詳細闡述的那樣，本次電話會議上所作的某些陳述可能構成前瞻性陳述。

Forward-looking statements can vary maturely 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.

前瞻性陳述可能與實際結果有很大差異，並受多種風險和不確定性的影響，包括公司 2023 年 10-K 表年度報告和 10-Q 表季度報告以及向美國證券交易委員會提交的其他文件中包含的風險和不確定性。

I encourage all of you to review the risk factors listed in these documents.

我鼓勵大家審查一下這些文件中列出的風險因素。

Now, I will 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.

早安，感謝您今天加入我們。

Gartner continues to remain resilient in a complex environment.

Gartner 在複雜的環境中持續保持韌性。

In Q4, contract value grew 8%.

第四季度，合約價值成長8%。

Fourth quarter revenue, EBITDA, EPS and free cash flow were ahead of expectations.

第四季營收、EBITDA、EPS和自由現金流均超出預期。

We delivered 6% headcount growth across our sales organizations, and will continue to accelerate growth in 2025.

我們銷售機構的員工數量增加了 6%，並將在 2025 年繼續加速成長。

In 2024, geopolitical polarization and conflict was the worst in decades.

2024年，地緣政治兩極化和衝突達到數十年來最嚴重的程度。

Supply chains continued to experience major disruptions.

供應鏈繼續遭遇嚴重中斷。

Cybersecurity attacks escalated becoming even more sophisticated.

網路安全攻擊不斷升級，變得更加複雜。

Enterprises remain challenged by how to leverage artificial intelligence while mitigating risk and more.

企業仍面臨如何利用人工智慧同時降低風險等挑戰。

Executives across the enterprise are facing greater uncertainty than ever before, and the rate of change continues to accelerate.

整個企業的高階主管面臨比以往更大的不確定性，而且變化的速度不斷加快。

Leaders know they need help and they know Gartner is the best source for the insight, guidance and tools they need to succeed.

領導者知道他們需要幫助，他們知道 Gartner 是他們成功所需的洞察力、指導和工具的最佳來源。

We help our clients make smarter decisions that address their mission-critical priorities while managing risk, saving time, saving money and building confidence.

我們幫助客戶做出更明智的決策，解決他們的關鍵任務優先事項，同時管理風險、節省時間、節省金錢並建立信心。

Gartner guides leaders across every size enterprise in all major geographies and in every major industry.

Gartner 為各主要地區、各主要產業中各種規模的企業領導者提供指導。

This includes governments.

其中包括政府。

There is no organization that knows more about how to help governments than Gartner.

沒有哪一個組織比 Gartner 更了解如何幫助政府。

We support public sector leaders in 74 countries, including the 30 largest economies, except Russia.

我們為 74 個國家的公共部門領導人提供支持，其中包括俄羅斯以外的 30 個最大經濟體。

And of course, we know more than anybody in the world about how to leverage technology in the private sector.

當然，我們比世界上任何人都更了解如何在私營部門利用科技。

In the US, there's a focus on leveraging technology to improve the efficiency and effective (inaudible) governance.

在美國，人們專注於利用科技來提高效率和有效的（聽不清楚）治理。

We'll apply our insights and best practices to help the US achieve these objectives.

我們將運用我們的見解和最佳實踐來幫助美國實現這些目標。

One topic that continues to challenge leaders across the enterprise is how to harness AI innovation in their environment.

持續挑戰企業領導者的一個主題是如何在他們的環境中利用人工智慧創新。

In the world of artificial intelligence, the pace of innovation is almost impossible to keep up with.

在人工智慧的世界裡，創新的步伐幾乎讓人無法跟上。

During our 2024 IT symposium conference series, Gartner analysts discussed ways leaders could successfully pivot from learning AI to scaling AI and pursuing what's next.

在我們的 2024 年 IT 研討會系列會議期間，Gartner 分析師討論了領導者如何成功地從學習 AI 轉向擴展 AI 並追求下一步發展。

We are helping tens of thousands of executives determine how best to leverage AI in their enterprises.

我們正在幫助成千上萬的高階主管確定如何在企業中最好地利用人工智慧。

Research continues to be our largest and most profitable segment.

研究仍然是我們規模最大、利潤最高的部門。

Within our research segment, we serve executives and their teams through distinct sales channels.

在我們的研究領域內，我們透過不同的銷售管道為高階主管及其團隊提供服務。

Global Technology Sales, or GTS, serves leaders and their teams within IT.

全球技術銷售 (GTS) 為 IT 領域的領導者及其團隊提供服務。

GTS new business grew 13%, with double-digit growth in both enterprise leaders and tech vendors.

GTS 新業務成長 13%，企業領導者和技術供應商均達到兩位數成長。

GTS contract value accelerated to 7% and contract value with tech vendor clients improved for the third consecutive quarter.

GTS 合約價值加速成長 7%，與技術供應商客戶的合約價值連續第三個季度提高。

Global Business Sales, or GBS, serves leaders and their teams beyond IT.

全球業務銷售 (GBS) 為 IT 以外的領導者及其團隊提供服務。

This includes HR, supply chain, finance, marketing, legal, sales and more.

其中包括人力資源、供應鏈、財務、行銷、法律、銷售等。

GBS contract value accelerated to 12% with strong new business growth of 15%.

GBS 合約價值加速成長 12%，新業務強勁成長 15%。

Gartner conferences deliver extraordinarily valuable insights to an engaged and qualified audience.

Gartner 會議為積極參與且合格的聽眾提供了極其寶貴的見解。

Conferences revenue grew 17% in the fourth quarter, and our plan and advanced bookings for 2025 are strong.

第四季會議營收成長了 17%，我們的 2025 年計畫和預訂量強勁。

Gartner consulting is an extension of Gartner research.

Gartner 諮詢是 Gartner 研究的延伸。

Consulting helps clients execute their most strategic initiatives through deeper project-based work.

諮詢服務幫助客戶透過更深入的基於專案的工作來執行其最具策略性的計劃。

Consulting is an important complement to our IT research business.

諮詢業務是我們IT研究業務的重要補充。

Labor-based consulting revenue grew 4%.

勞動力諮詢收入成長了4%。

Contract optimization revenue was $50 million, which exceeded expectations.

合約優化收入為5000萬美元，超出預期。

Three foundational elements of our long-term success are first, an unrelenting focus on globally consistent execution of Gartner best practices; second, a company-wide commitment to continuous improvement and innovation; and third, our vibrant culture, which inspires associates to operate and win as a global team.

我們長期成功的三個基礎要素是：首先，堅持不懈地專注於在全球範圍內一致執行 Gartner 最佳實踐；第二，全公司致力於持續改善和創新；第三，我們充滿活力的文化，激勵員工作為一個全球團隊開展工作並取得勝利。

In closing, Gartner delivered financial results ahead of expectations.

最後，Gartner 的財務表現超出了預期。

Tech (inaudible) CV growth continued to accelerate.

技術（聽不清楚）CV 成長持續加速。

We have a powerful client value proposition and a vast addressable market opportunity.

我們擁有強大的客戶價值主張和廣泛的潛在市場機會。

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

我們將繼續為股東創造價值，為客戶提供可行的客觀見解、指導和工具，審慎投資未來成長，並透過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 net income.

我們預計隨著時間的推移，利潤率將適度擴大，並將繼續產生遠超淨收入的大量自由現金流。

All of this and more positions us to drive long-term double-digit revenue growth and sustain our track record of success far into the future.

所有這些，以及其他因素，都使我們能夠實現長期兩位數的收入成長，並在未來很長一段時間內保持我們的成功記錄。

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

說完這些，我將把電話交給我們的財務長 Craig Safian。

Thank you, Gene, and good morning.

謝謝你，吉恩，早安。

Fourth quarter contract value growth accelerated to almost 8%.

第四季合約價值增速加速至近8%。

Revenue, EBITDA, adjusted EPS and free cash were better than expected as we continue to execute well in a complex environment.

由於我們在複雜的環境中繼續表現良好，因此收入、EBITDA、調整後每股盈餘和自由現金都優於預期。

Our financial performance for the full-year 2024 included global contract value growth of 8%, consolidated revenue growth of 6%, EBITDA of $1.6 billion, diluted adjusted EPS of $14.09 and free cash flow of $1.4 billion.

我們 2024 年全年的財務表現包括全球合約價值成長 8%、綜合營收成長 6%、EBITDA 為 16 億美元、稀釋調整後每股收益為 14.09 美元、自由現金流為 14 億美元。

We repurchased more than $735 million of stock through December and remain eager to repurchase shares opportunistically.

截至 12 月，我們已回購了價值超過 7.35 億美元的股票，並且仍然渴望抓住機會回購股票。

We are introducing 2025 guidance, which we view as achievable with opportunity for upside.

我們正在推出 2025 年指導方針，我們認為該指導方針是可以實現的，而且還有上升機會。

Fourth-quarter revenue was $1.7 billion, up 8% year over year as reported and FX neutral.

第四季營收為 17 億美元，年增 8%，且匯率中立。

In addition, total contribution margin was 66%.

此外，總貢獻利潤率為66%。

EBITDA was $417 million, up 8% as reported and 9% FX neutral.

EBITDA 為 4.17 億美元，報告成長 8%，匯率中立成長 9%。

Adjusted EPS was $5.45, up 79% versus Q4 2023.

調整後每股收益為 5.45 美元，較 2023 年第四季成長 79%。

This includes a benefit in the quarter from our tax planning initiatives.

這包括本季我們的稅務規劃措施帶來的效益。

And free cash flow was $311 million, a very strong finish to the year.

自由現金流為 3.11 億美元，為今年畫上了非常強勁的句點。

We ended the quarter with 21,044 associates, up 4% year-over-year.

截至本季末，我們共有 21,044 名員工，年增 4%。

We have a great team across Gartner driven by a very compelling associate value proposition.

我們在 Gartner 擁有一支優秀的團隊，他們以極具吸引力的員工價值主張為驅動力。

Moving into 2025, we are in an excellent position from a talent and tenure perspective with a strong hiring plan for the coming year.

邁向 2025 年，從人才和任期角度來看，我們處於有利地位，並且為來年制定了強有力的招募計畫。

Research revenue in the fourth quarter grew 5% year over year, as reported, and 6% FX neutral.

據報道，第四季研究營收年增 5%，匯率中立成長 6%。

Subscription revenue grew 8% on an FX-neutral basis.

剔除匯率因素，訂閱收入成長了 8%。

Non-subscription revenue was in line with our expectations and guidance.

非訂閱收入符合我們的預期和指導。

Fourth-quarter research contribution margin was 74%, consistent with the prior-year period.

第四季研究貢獻利潤率為74%，與去年同期持平。

For the full-year 2024, research revenue increased by 5% as reported and FX neutral.

就 2024 年全年而言，研究收入成長了 5%，且外匯收入為中性。

The gross contribution margin for the year was 74%.

本年度毛貢獻利率為74%。

Contract Value, or CV was $5.3 billion at the end of the fourth quarter, up 8% versus the prior year.

第四季末的合約價值（CV）為 53 億美元，比上年增長 8%。

Quarterly net contract value increase, or NCVI, was $220 million.

季度淨合約價值增加價值（NCVI）為 2.2 億美元。

As we've discussed in the past, there is notable seasonality in this metric.

正如我們過去討論過的，這個指標有明顯的季節性。

For the fourth quarter, CV from enterprise function leaders across GTS and GBS grew 9%.

第四季度，GTS 和 GBS 企業職能領導的履歷增加了 9%。

CV from tech vendors accelerated for the third consecutive quarter.

來自技術供應商的 CV 連續第三個季度加速。

CV growth was broad-based across practices, industry sectors, company sizes and geographic regions.

CV 成長廣泛涉及實務、產業部門、公司規模和地理區域。

Across our combined practices, the majority of the industry sectors grew at double-digit or high single-digit rates led by the health care, manufacturing and public sectors.

在我們的綜合業務範圍內，大多數行業都以兩位數或高個位數的速度成長，其中由醫療保健、製造業和公共部門最為突出。

We had high single-digit growth across almost all of our enterprise size categories.

我們幾乎所有的企業規模類別都實現了高個位數成長。

The small category, which has the largest tech vendor mix, grew mid-single digits.

擁有最多技術供應商組合的小型類別，成長率達到中個位數。

We also drove double-digit or high single-digit growth in the majority of our TOP10 countries.

我們在大多數 TOP10 國家也實現了兩位數或高個位數的成長。

Global Technology sales contract value was $4 billion at the end of the fourth quarter, up 7% versus the prior year.

第四季末，全球技術銷售合約價值為 40 億美元，年增 7%。

GTS CV increased $165 million from the third quarter.

GTS CV較第三季增加了1.65億美元。

Wallet retention for GTS was 102% for the quarter, reflecting net growth even before the addition of new clients.

本季 GTS 的錢包保留率為 102%，反映出在增加新客戶之前就已經實現淨成長。

GTS new business increased 13% versus last year with double-digit growth with both enterprise leaders and tech vendors.

GTS 新業務較去年同期成長 13%，企業領導和技術供應商均達到兩位數成長。

GTS quota-bearing headcount increased 4% year over year, consistent with our plan.

GTS 配額員工數量年增 4%，與我們的計劃一致。

We added 138 net new sellers in the quarter, the largest sequential increase since Q4 of 2022.

本季我們新增了 138 名淨賣家，這是自 2022 年第四季以來的最大連續增幅。

We are planning mid-single-digit QBH growth for GTS in 2025.

我們計劃在 2025 年實現 GTS 的 QBH 中等個位數成長。

Our regular full set of GTS metrics can be found in the earnings supplement.

我們的常規全套 GTS 指標可在收益補充中找到。

Global Business Sales contract value was $1.2 billion at the end of the fourth quarter, up 12% year over year.

第四季末全球業務銷售合約價值為12億美元，較去年同期成長12%。

The majority of our GBS practices grew at double-digit rates.

我們的大部分 GBS 業務都以兩位數的速度成長。

Growth was led by finance, sales and legal.

成長主要由財務、銷售和法律推動。

GBS CV increased $55 million from the third quarter.

GBS CV 較第三季增加了 5,500 萬美元。

While retention for GBS was 106% for the quarter, reflecting strong net growth with our existing clients.

本季 GBS 的保留率為 106%，反映出我們現有客戶的強勁淨成長。

GBS new business was up 15% compared to last year.

GBS新業務比去年同期成長了15%。

GBS quota-bearing headcount was up 9% versus the fourth quarter of 2023.

與 2023 年第四季相比，GBS 配額員工人數增加了 9%。

We are planning double-digit QBH growth for GBS in 2025.

我們計劃到 2025 年，GBS 的 QBH 會達到兩位數成長。

As with GTS, our regular full set of GBS metrics can be found in our earnings supplement.

與 GTS 一樣，我們的常規全套 GBS 指標可在我們的收益補充中找到。

As we do each year at this time, we've provided quarterly historical contract value data updated to 2025 FX rates in the appendix of the earnings supplement.

與每年此時一樣，我們在收益補充報告的附錄中提供了更新至 2025 年外匯匯率的季度歷史合約價值數據。

The dollar strengthened significantly during 2024 against our major currencies.

2024 年，美元兌我們的主要貨幣大幅走強。

This resulted in a larger-than-normal revaluation.

這導致了比正常水平更大的重估。

As you build your 2025 models, please remember to use the updated data as the baseline for your forecasting.

在建立 2025 模型時，請記住使用更新的資料作為預測的基準。

Conferences revenue for the fourth quarter was $251 million, up 17% year over year.

第四季會議營收為 2.51 億美元，年增 17%。

Contribution margin in the quarter was 48%, consistent with typical seasonality.

本季的貢獻利潤率為48%，與典型的季節性一致。

We held 13 destination conferences in the quarter, all in person.

本季度，我們舉辦了 13 場目的地會議，全部為面對面會議。

For the full-year 2024, we delivered revenue of $583 million, which was an increase of 15% on a reported and FX-neutral basis.

2024 年全年，我們營收 5.83 億美元，按報告和外匯中性基礎計算成長 15%。

Full-year gross contribution margin was 48%.

全年毛貢獻利率為48%。

We made investments during the year for conference launches and the expansion of existing conferences.

我們在這一年中對會議的啟動和現有會議的擴展進行了投資。

Fourth-quarter consulting revenue of $153 million increased 19% compared with the fourth quarter of 2023.

第四季諮詢收入為 1.53 億美元，與 2023 年第四季相比成長 19%。

Consulting contribution margin was 35% in the fourth quarter.

第四季諮詢貢獻利潤率為35%。

Labor-based revenue was $104 million, up 4% versus Q4 of last year as reported and on an FX-neutral basis.

基於勞動力的收入為 1.04 億美元，較去年第四季成長 4%，且不考慮外匯影響。

Backlog at December 31, was $192 million, increasing 17% year over year on an FX-neutral basis on strength in multiyear contracts.

截至 12 月 31 日的積壓訂單為 1.92 億美元，由於多年期合約的強勁增長，按外匯中性基礎計算，同比增長 17%。

We delivered $50 million of contract optimization revenue in Q4.

我們在第四季度實現了 5000 萬美元的合約優化收入。

The quarter was very strong, with more and larger deals compared with last year.

本季表現非常強勁，與去年同期相比，交易數量更多、規模更大。

About $8 million were pulled forward from the first quarter of 2025.

從 2025 年第一季開始，約有 800 萬美元被提前。

Our contract optimization revenue is highly variable.

我們的合約優化收入變化很大。

Full-year consulting revenue was up 9% on a reported and FX-neutral basis.

按報告和外匯中性計算，全年諮詢收入增加了 9%。

Gross contribution margin was 36% compared to 35% in 2023.

毛貢獻利潤率為 36%，而 2023 年為 35%。

Consolidated cost of services increased 9% year over year in the fourth quarter as reported and 8% on an FX-neutral basis.

據報道，第四季綜合服務成本年增 9%，不考慮匯率因素，則成長 8%。

The biggest driver of the increase was higher headcount to support our future growth.

成長的最大驅動力是增加員工人數以支持我們未來的成長。

SG&A increased 10% year over year in the fourth quarter as reported and on an FX-neutral basis.

據報道，剔除匯率因素，第四季銷售、一般及行政開支年增 10%。

SG&A increased in the quarter as a result of headcount growth, mostly in sales.

由於員工人數增加（主要是銷售人員增加），導致本季銷售、一般及行政開支增加。

EBITDA for the fourth quarter was $417 million, an increase of 8% as reported and 9% on an FX-neutral basis.

第四季的 EBITDA 為 4.17 億美元，報告成長 8%，剔除匯率因素，成長 9%。

Fourth-quarter EBITDA upside to our guidance primarily reflected stronger-than-expected revenue performance.

第四季 EBITDA 超越我們的預期主要反映了強於預期的營收表現。

EBITDA for the full year was almost $1.6 billion, a 5% increase over 2023 on a reported basis and up 6% FX neutral.

全年 EBITDA 接近 16 億美元，按報告基礎計算較 2023 年增長 5%，按外匯中性計算增長 6%。

Depreciation in the quarter of $29 million was up 10% compared to 2023 and similar to Q3.

本季折舊額為 2,900 萬美元，與 2023 年相比成長了 10%，與第三季相似。

Net interest expense, excluding deferred financing costs in the quarter, was $11 million.

本季不包括遞延融資成本的淨利息支出為 1,100 萬美元。

This was an improvement of $8 million versus the fourth quarter of 2023 due to higher interest income on our cash balances.

由於我們的現金餘額的利息收入增加，與 2023 年第四季相比，這一數字增加了 800 萬美元。

The Q4 adjusted tax rate, which we use for the calculation of adjusted net income, was a benefit of 25% for the quarter as a result of favorable tax planning which took place during the quarter.

我們用於計算調整後淨收入的第四季度調整後稅率為 25%，這是由於本季實施了有利的稅務規劃。

The tax rate for the items used to adjust net income was 32% in Q4.

第四季用於調整淨收入項目的稅率為 32%。

The full-year tax rate for the calculation of adjusted net income was 10%, again, as a result of the favorable tax planning in the fourth quarter.

計算調整後淨收入的全年稅率為 10%，這同樣是由於第四季有利的稅務規劃。

Adjusted EPS in Q4 was $5.45, up 79% versus Q4 2023.

第四季調整後每股收益為 5.45 美元，較 2023 年第四季成長 79%。

If the adjusted tax rate had been 23%, adjusted EPS in the quarter would have been $3.37. We had 78 million shares outstanding in the fourth quarter.

如果調整後的稅率為 23%，則本季調整後的每股盈餘將為 3.37 美元。我們第四季的流通股為 7,800 萬股。

This is a reduction of about 1 million shares or about 1% year over year.

與去年同期相比，減少了約 100 萬股，約 1%。

We exited the fourth quarter with just under 78 million shares on an unweighted basis.

截至第四季末，我們的未加權股票數量略低於 7,800 萬股。

For the full year, adjusted EPS was $14.09, up 24% for 2023.

全年調整後每股收益為 14.09 美元，預計 2023 年將成長 24%。

If the adjusted tax rate had been 23%, adjusted EPS for the year would have been $11.99.

如果調整後的稅率為 23%，則全年調整後的每股盈餘將為 11.99 美元。

Operating cash flow for the quarter was $335 million, up 50% compared to last year with a working capital timing benefit in the quarter.

本季營運現金流為 3.35 億美元，較去年同期成長 50%，且本季具有營運資本定時效益。

CapEx for Q4 was $24 million, about $4 million less than the prior year.

第四季的資本支出為 2,400 萬美元，比上年減少約 400 萬美元。

Free cash flow for the quarter was $311 million, up 59% compared to last year.

本季自由現金流為3.11億美元，較去年同期成長59%。

Free cash flow for the full year was almost $1.4 billion, a 31% increase versus 2023.

全年自由現金流接近 14 億美元，較 2023 年成長 31%。

There were several items affecting net income and free cash flow during 2024, including after-tax insurance proceeds, a real estate lease termination payment and tax planning benefits.

2024 年有幾個項目影響淨收入和自由現金流，包括稅後保險收益、房地產租賃終止付款和稅務規劃福利。

Adjusting for these items, free cash flow for 2024 was 18% of revenue, 74% of EBITDA and 140% of GAAP net income.

調整這些項目後，2024 年的自由現金流佔收入的 18%、EBITDA 的 74% 和 GAAP 淨收入的 140%。

Our free cash flow conversion is generally higher when CV growth is accelerating.

當 CV 成長加速時，我們的自由現金流轉換率通常會更高。

At the end of the fourth quarter, we had about $1.9 billion of cash.

截至第四季末，我們擁有約19億美元現金。

Our December 31 debt balance was about $2.5 billion.

我們的 12 月 31 日債務餘額約為 25 億美元。

Our reported gross debt to trailing 12-month EBITDA was under 2 times.

我們報告的總債務與過去 12 個月的 EBITDA 比率不到 2 倍。

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.

我們預期的自由現金流產生、可用的循環信貸和資產負債表上剩餘的過剩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補充併購的資本配置策略。

Our balance sheet is very strong with $2.6 billion of liquidity, low levels of leverage and effectively fixed interest rates.

我們的資產負債表非常強勁，擁有 26 億美元的流動性、低槓桿率和有效固定的利率。

We repurchased $102 million of stock during the fourth quarter and more than $735 million for the full year.

我們在第四季回購了價值 1.02 億美元的股票，全年回購了超過 7.35 億美元的股票。

At the end of December, we had more than $900 million of authorization for repurchases remaining, and we expect the Board will continue to refresh through repurchase authorization going forward.

截至 12 月底，我們剩餘的回購授權金額超過 9 億美元，我們預期董事會將在未來繼續更新回購授權。

As we continue to repurchase shares, our capital base will shrink.

隨著我們繼續回購股票，我們的資本基礎將會縮減。

Over time, this is accretive to earnings per share and combined with growing profits, also delivers increasing returns on invested capital.

隨著時間的推移，這將增加每股收益，並結合不斷增長的利潤，從而為投資資本帶來不斷增長的回報。

Before providing the 2025 guidance details, I want to discuss our base level assumptions and planning philosophy for 2025.

在提供 2025 年指導細節之前，我想先討論我們對 2025 年的基本假設和規劃理念。

As you know, the US dollar has strengthened significantly.

大家知道，美元已大幅走強。

We expect FX will be around a 2 percentage point headwind to revenue and EBITDA growth for the full year.

我們預計外匯將對全年收入和 EBITDA 成長造成約 2 個百分點的阻力。

For research, we continue to innovate and provide a very compelling value proposition for clients and prospects.

對於研究，我們不斷創新並為客戶和潛在客戶提供非常引人注目的價值主張。

The outlook for 2025 research revenue growth is a function of three primary factors: first, 2024 ending contract value; second, the timing and slope of the continued CV acceleration; and third, the performance of non subscription revenue.

2025 年研究收入成長前景取決於三個主要因素：首先，2024 年終止合約價值；第二，持續CV加速的時間和斜率；第三，非訂閱收入的表現。

Starting with research subscription revenue, which was 77% of 2024 consolidated revenue.

從研究訂閱收入開始，該收入佔 2024 年合併收入的 77%。

Our guidance reflects CV continuing to accelerate during 2025.

我們的指導反映了 CV 在 2025 年繼續加速發展。

First quarter and first half NCVI are important inputs to calendar 2025 revenue growth.

第一季和上半年的 NCVI 是 2025 年營收成長的重要輸入。

We have taken a prudent view of NCVI phasing because Q1 is a seasonally important quarter for renewals.

我們對 NCVI 的分階段實施持審慎態度，因為第一季是續約的重要季節。

With the US Federal Government, we ended 2024 with around $270 million of CV, which is 5% of the total.

與美國聯邦政府合作，到 2024 年底我們的 CV 約為 2.7 億美元，佔總數的 5%。

Our contracts are spread widely across agencies and departments.

我們的合約廣泛分佈於各個機構和部門。

Around 85% of US Federal CV is in GTS.

約 85% 的美國聯邦 CV 位於 GTS 中。

Almost all the US federal contracts are for one year with renewal spread across the year.

幾乎所有的美國聯邦合約都是一年期的，並且會在全年內進行續約。

We offer a very compelling value proposition for our public sector clients.

我們為公共部門客戶提供極具吸引力的價值主張。

As Gene discussed, we help government function leaders address their mission-critical priorities.

正如吉恩所討論的，我們幫助政府職能領導者解決他們的關鍵任務優先事項。

Potential government changes may affect our business in the short term.

潛在的政府變化可能會在短期內影響我們的業務。

We will continue to provide great sales, service and research levels to our clients.

我們將繼續為客戶提供卓越的銷售、服務和研究水平。

This will position us to drive strong growth over time.

這將使我們能夠長期實現強勁成長。

The non-subscription part of the research segment was about 5% of consolidated revenue in 2024.

研究部門的非訂閱部分約佔 2024 年合併收入的 5%。

We built into the guidance a continuation of second half traffic trends.

我們在指引中考慮了下半年客流量趨勢的延續。

If the underlying fundamentals of this portion of the segment improve, we'll be able to increase the full-year outlook.

如果該部分業務的基本面有所改善，我們將能夠上調全年預期。

For conferences, which was about 9% of 2024 revenue, we are basing our guidance on the 53 in-person destination conferences we have planned for 2025.

對於會議而言，其約佔 2024 年收入的 9%，我們的指導是基於我們計劃於 2025 年舉辦的​​ 53 場現場目的地會議。

We expect similar seasonality to what we saw in 2024 with Q4 the largest quarter, followed by Q2.

我們預期季節性與 2024 年類似，第四季是成長最快的季度，其次是第二季度。

We expect gross margins in the second quarter to be the highest of the year for the conferences segment.

我們預計第二季會議部門的毛利率將是今年最高的。

We have very good visibility into 2025 revenue with the majority of what we've guided already under contract.

我們對 2025 年的收入有很好的預期，其中大部分收入已在合約中列出。

This is consistent with last year.

這與去年一致。

For consulting, which was also about 9% of 2024 revenue, we have more visibility into the first half based on the composition of our backlog and pipeline as usual.

對於諮詢業務（約佔 2024 年收入的 9%），與往常一樣，我們可以基於積壓訂單和管道的構成情況，對上半年的情況有更多的了解。

Contract optimization has had several very strong years.

合約優化已經歷了幾年非常強勁的發展。

It's seasonally slower in the first quarter.

第一季受到季節性因素影響，成長較為緩慢。

We pulled forward about $8 million into Q4, and the business remains highly variable.

我們在第四季投入了約 800 萬美元，但業務仍有很大變數。

We've incorporated a prudent outlook for this part of the segment.

我們對該部分業務持審慎態度。

Our base level assumptions for consolidated expenses reflect the run rate from the second-half 2024 hiring and the growth hiring we have planned for 2025.

我們對合併費用的基本假設反映了 2024 年下半年招募的運作率以及我們計劃的 2025 年成長招募。

Beyond the hiring factors, we recommend thinking about expenses sequentially with notable seasonality driven by the conferences calendar and annual merit increases.

除了招募因素之外，我們建議按順序考慮費用，並考慮會議日程和年度薪資成長帶來的明顯季節性。

Our plan for mid-to high single-digit sales headcount growth for 2025 reflects our commitment to invest for future growth while delivering strong margins and free cash flow.

我們計劃在 2025 年實現中高個位數的銷售人員數量成長，這反映了我們致力於投資未來成長，同時實現強勁的利潤率和自由現金流。

For GTS, we expect mid-single-digit QBH growth again in 2025.

對於 GTS，我們預計 2025 年 QBH 將再次實現中等個位數成長。

We have the capacity we need for the tech vendor part of the business for now, and we're going to be thoughtful about our public sector hiring in the short term.

目前，我們擁有業務中技術供應商部分所需的能力，我們將在短期內認真考慮公共部門的招募。

For GBS, we plan to grow QBH double digits this year.

對於 GBS，我們計劃今年將 QBH 成長兩位數。

We have the recruiting capacity to go faster depending on how the year plays out.

根據今年的進展情況，我們有能力加快招募速度。

The most important way we invest for long-term sustained double-digit growth is by increasing our sales headcount.

我們為長期持續兩位數成長而進行投資的最重要方式是增加銷售人員數量。

This is an essential part of our 2025 operating plan.

這是我們2025年營運計畫的重要組成部分。

Our guidance for 2025 is as follows: We expect research revenue of at least $5.365 billion, which is FX-neutral growth of about 6%.

我們對 2025 年的指導如下：我們預計研究收入至少為 53.65 億美元，扣除匯率因素，成長率約為 6%。

The guidance reflects FX-neutral research subscription revenue growth near 8%, consistent with 2024 CV growth.

此指引反映外匯中性研究訂閱收入成長接近 8%，與 2024 年 CV 成長一致。

We expect conferences revenue of at least $625 million, which is FX-neutral growth of about 10%.

我們預計會議收入至少為 6.25 億美元，扣除匯率因素，成長約 10%。

We expect consulting revenue of at least $565 million, which is FX-neutral growth of about 2%.

我們預計諮詢收入至少為 5.65 億美元，扣除匯率因素，成長約 2%。

The result is an outlook for consolidated revenue of at least $6.555 billion, which is FX-neutral growth of 6%.

預計合併收入將至少達到 65.55 億美元，扣除匯率因素，成長率為 6%。

We expect full-year EBITDA of at least $1.51 billion.

我們預計全年 EBITDA 至少為 15.1 億美元。

On a reported basis, we expect an EBITDA margin of at least 23%.

根據報告，我們預計 EBITDA 利潤率至少為 23%。

Compared with 2024 margins, this factors in FX, 2024 headcount additions, 2025 growth hiring and a prudent approach to the plan.

與 2024 年的利潤率相比，該數字考慮了外匯、2024 年員工人數增加、2025 年增長招聘以及審慎的計劃方法。

We expect 2025 adjusted EPS of at least $11.45 per share.

我們預計 2025 年調整後每股盈餘至少為 11.45 美元。

For 2025, we expect free cash flow of at least $1.14 billion, this reflects a conversion from GAAP net income of about 140%.

到 2025 年，我們預計自由現金流至少為 11.4 億美元，這反映了約 140% 的 GAAP 淨收入轉換。

Our guidance is based on 78 million shares, which only assumes repurchases to offset dilution.

我們的指導基於 7800 萬股，僅假設回購可以抵消稀釋。

Finally, for the first quarter of 2025, we expect to deliver EBITDA of at least $345 million.

最後，我們預計 2025 年第一季的 EBITDA 至少將達到 3.45 億美元。

We performed well in 2024 despite continuing global macro uncertainty and a dynamic tech vendor market.

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，但我們在 2024 年的表現仍然良好。

We finished the year with high single-digit CV growth.

我們以高個位數的 CV 成長結束了這一年。

Revenue, EBITDA, EPS and free cash flow performance exceeded our expectations and the guidance we set a year ago.

收入、EBITDA、EPS 和自由現金流表現超出了我們的預期和一年前設定的指引。

We repurchased about $735 million in stock during 2024 and more than $4 billion over the past four years.

我們在 2024 年回購了價值約 7.35 億美元的股票，在過去四年中回購了超過 40 億美元的股票。

We remain eager to return excess capital to our shareholders.

我們仍然渴望向股東返還多餘的資本。

We will continue to be price sensitive, opportunistic and disciplined.

我們將繼續保持價格敏感度、把握機會和嚴守紀律。

Looking out over the medium term, our financial model and expectations are unchanged.

展望中期，我們的財務模型和預期保持不變。

With 12% to 16% research CV growth, we will deliver double-digit revenue growth.

隨著研究簡歷成長率達到12%至16%，我們將達到兩位數的收入成長。

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.

隨著毛利率的擴大、銷售成本與 CV 成長以及 G&A 槓桿的同步成長，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.

由於我們的資本支出需求適中，且客戶可預先付款，因此我們的自由現金流成長速度至少可與 EBITDA 成長速度相同。

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.

我們將繼續將資本用於股票回購，這將隨著時間的推移降低股票數量，並用於策略性增值附加併購。

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

說完這些，我會把電話轉回給接線生，我們很樂意回答您的問題。

Operator?

操作員？

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Jeff Meuler, Robert W. Baird.

傑夫‧穆勒 (Jeff Meuler)、羅伯特‧W‧貝爾德 (Robert W. Baird)。

Yeah, thank you.

是的，謝謝。

Good morning.

早安.

You gave us a lot of perspective, but I'm still trying to tie some of the things you gave us together.

你給了我們很多觀點，但我仍在嘗試將你給我們的一些東西聯繫在一起。

A 7.8% Q4 CV exit rate with research, subscription, constant currency growth only landing near 8%, especially when you have an easier comp to begin the year, and that flows through all the revenue of CV does well then.

第四季 CV 的退出率為 7.8%，其中研究、訂閱、固定匯率成長率僅接近 8%，尤其是當你在年初有更容易的補償時，這會影響到 CV 的所有收入。

Just are you seeing anything from the renewal risk heat map perspective or are you hearing things from the US Federal Government sales people or seeing something in those renewal trends on the ground yet or just anything you're trying to signal beyond the prudence in the guidance assumptions to tie those figures together?

您是否從更新風險熱圖的角度看到了什麼，或者您是否從美國聯邦政府銷售人員那裡聽到了一些消息，或者您是否在實地看到了這些更新趨勢中的一些東西，或者您只是試圖發出任何超出指導假設中的審慎性的信號以將這些數字聯繫在一起？

Hey, good morning, Jeff.

嘿，早安，傑夫。

So the biggest driver of forward year subscription revenue growth is going to be the end of year -- prior year CV growth.

因此，未來一年訂閱收入成長的最大驅動力將是年底——去年的 CV 成長。

And that sort of determines, call it, 80% to 85% of how much revenue actually flows through into the following year.

這決定了下一年實際流入收入的 80% 到 85%。

The other important part, which we talked about a little bit during the prepared remarks, is the phasing of our NCVI quarter to quarter to quarter.

另一個重要部分，我們在準備好的發言中談到了一些，是我們按季度分階段實施 NCVI 的。

And as we mentioned, we -- Q1 is a heavy renewal quarter or a little bit heavier than average, and it is our lowest new business quarter.

正如我們所提到的，第一季是續約業務繁忙的季度，或者說比平均更繁忙一些，也是我們新業務量最低的季度。

And so we generally take a pretty prudent approach to how we plan for Q1 and Q2 in CVI.

因此，我們通常對 CVI 中第一季和第二季的規劃採取非常謹慎的態度。

And those -- Q1 and Q2 are the quarters that can materially move the revenue up or down depending on the performance.

而且，第一季和第二季是可以根據業績表現大幅提高或降低收入的季度。

And so what you're looking at is sort of I would characterize as sort of a normal flow of ending contract value growth flowing into 2025 and then our (inaudible) normal expectations for first half NCVI rolling into that around 8% constant currency subscription revenue growth for 2025.

因此，您看到的是我將其描述為 2025 年合約期末價值增長的正常流動，然後我們對上半年 NCVI 的正常預期是，到 2025 年，訂閱收入將以恆定貨幣計算增長 8% 左右。

Okay.

好的。

And then on 2025 margin guidance I hear you on opportunity for upside.

然後，關於 2025 年的利潤率指導，我聽說您談到了上漲的機會。

But should we be thinking that wherever 2025 margin lands will be the fully re-based year to expand modestly from over time consistent with the medium term framework and I ask because it sounds like you're still re accelerating sales head count, still reimplementing growth investment, and you're not going to be fully back to the medium term growth framework for GTS, quarter bearing headcount in terms of the growth rate yet in 2025.

但是，我們是否應該認為，無論 2025 年利潤率如何，都將是完全重新確定的一年，以便隨著時間的推移與中期框架保持一致，並適度擴張？ 我之所以問這個問題，是因為這聽起來像您仍在加速銷售人員數量，仍在重新實施增長投資，而且您還不會完全回到 GTS 的中期增長框架，即增長 2025 年在 2025 年實現季度員工的季度。

So are we still likely going to be talking about, I guess, needing to annualize that spend a year from now or is 2025 kind of the final margin reset?

那麼，我們是否仍有可能討論從現在起一年後需要將支出年度化，或者 2025 年是否是最終的利潤重置？

Thank you.

謝謝。

Thanks, Jeff.

謝謝，傑夫。

So I'd like to say yes, I don't know what the year has in store for us in terms of the dynamism of the environment that we're operating in.

所以我想說，是的，我不知道從我們所處的營運環境的活力來看，今年會為我們帶來什麼。

But one way to sort of step back and think about it is the implied operating expense growth that we have baked into our 2025 plan and guide is around 9% year over year operating expense growth.

但退一步思考這個問題的一種方法是，我們在 2025 年計畫和指南中考慮到的隱含營運費用成長率是同比營運費用成長約 9%。

And that encompasses, the growth we brought on board in 2024, particularly from a QBH perspective, but across the company and the growth we have planned for 2025 with more normal phasing of that hiring and so if revenue, and again, and we have modeled in our CV growth rate accelerating over the course of 2025 and so if 2025 ends up being a more quote unquote again normal year, yes, I would say 2025 could be the new baseline, but again given the dynamic world in which we operate, it's hard to call that right this moment.

這包括我們在 2024 年實現的成長，特別是從 QBH 的角度來看，但在整個公司範圍內，我們計劃在 2025 年實現的成長，特別是從 QBH 的角度來看，但在整個公司範圍內，我們計劃在 2025 年實現的成長，特別是從 QBH 的角度來看，但在整個公司範圍內，我們計劃在 2025 年實現的成長，特別是從 QBH 的角度來看，但在整個公司範圍內，我們計劃在 2025 年實現成長，招募將更加正常，收入也將更加成長，而且我們已經模擬了 CV 成長率在 2025 年加速的情況，所以如果 2025 年最終成為一個更正常的基準，但現在的營運

Fair enough.

很公平。

Thank you.

謝謝。

Thank you.

謝謝。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

Thanks so much.

非常感謝。

I caught the part in the prepared remarks where tech vendor growth continued to accelerate in the quarter.

我在準備好的發言中看到了這樣一點，即本季技術供應商的成長繼續加速。

I know last year we had that first quarter dynamic, but wanted to understand, are we in a place where a tech vendor is a non-issue now for this year and should we expect to see accelerating growth throughout the year?

我知道去年第一季就有這樣的動態，但我想了解的是，今年我們是否已經不再考慮科技供應商了，我們是否應該期待全年加速成長？

So, hi, Toni.

嗨，托尼。

The, tech vendor market, has recovered nicely and we are as well as we expect it to return to a more normal-like state over the next several quarters.

技術供應商市場已經良好復甦，我們預計它將在接下來的幾個季度內恢復到更正常的狀態。

And so I think it's, we expect to continue to accelerate through the year.

因此我認為，我們預計這一趨勢今年將繼續加速。

Great, and then I think one of the questions that people have been asking recently is on the buyback.

太好了，我認為人們最近一直在問的一個問題是關於回購。

So Craig, could you just remind us what goes into your decision making process on that and any thoughts about I know you mentioned in the guide you're only really, contemplating buying back for dilution, but to the extent that you have a lot of you know excess cash on the balance sheet, your leverage levels below where your target is.

那麼 Craig，你能否提醒我們一下你在決策過程中考慮了哪些因素，以及你對此有何想法？

Just want to understand whether we could see upside to that buyback guide?

只是想了解我們是否可以看到該回購指南的上升空間？

Thanks.

謝謝。

Thank you, Toni.

謝謝你，托尼。

So I'll start.

那我就開始了。

Philosophically, we want to make sure that we deploy our capital on shareholder value-enhancing initiatives one of those initiatives that we know delivers great returns over the long term is returning capital to our shareholders through our buyback programs.

從哲學上講，我們希望確保將我們的資本部署在提高股東價值的舉措上，我們知道從長遠來看能夠帶來豐厚回報的舉措之一就是透過回購計畫向我們的股東返還資本。

And we remain committed to deploying our capital in smart ways, whether it be through the buyback program or through strategic value-enhancing tuck-in M&A.

我們仍然致力於以明智的方式部署我們的資本，無論是透過回購計畫還是透過策略性增值型合併與收購。

On the buyback side, again, just zooming back for a moment, we bought back north of $700 million in 2024, over the past four years, it's been over $4 billion.

在回購方面，我們再回顧一下，我們在 2024 年回購了超過 7 億美元，在過去四年中，已經超過 40 億美元。

And so I think we've proven that, yes, we are more than willing to put our money to work and capital to work and free cash flow to work on behalf of our shareholders.

所以我認為我們已經證明，是的，我們非常願意為股東投入資金、資本和自由現金流。

That said, we don't want to just be in the market buying blindly.

儘管如此，我們不想只是在市場上盲目購買。

We have a philosophy of being price-sensitive, opportunistic and disciplined.

我們的經營理念是：注重價格、掌握機會、嚴守紀律。

And when we see an opportunity to go big when there is a disruption either in the market or in the share price or in the sector or whatever it may be, we are ready to go big.

當我們看到大舉進取的機會時，無論是市場、股價、產業或其他什麼方面出現混亂時，我們都準備大舉進取。

We were able to repurchase over $700 million of stock last year at attractive prices because we follow that philosophy.

由於我們遵循這一理念，我們去年能夠以有吸引力的價格回購超過 7 億美元的股票。

And so going forward, as I mentioned on Jeff's question, the world is a pretty dynamic place and volatile place and so that should give us opportunities to get into the market and be more aggressive, but we're not going to deviate from our overall philosophy of being price-sensitive, opportunistic and discipline.

因此，展望未來，正如我在回答傑夫的問題時提到的那樣，世界是一個相當動態和動蕩的地方，因此這應該給我們機會進入市場並採取更積極的態度，但我們不會偏離我們對價格敏感、機會主義和紀律的總體理念。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

Yes, hi, thank you.

是的，你好，謝謝你。

Good morning.

早安.

First I wanted to ask about, the public sector.

首先我想問一下公共部門的狀況。

You said that you are going to be thoughtful about public sector hiring in the short term.

您說過您將在短期內認真考慮公共部門的招募問題。

And I know you've talked about, the value proposition for the public sector.

我知道您已經談論過公共部門的價值主張。

Obviously there's been a lot in the news.

顯然，新聞裡已經有很多這樣的報道。

Just give us a bit more color and thank you for, the quantification there, but give us a bit more color about, how you're tactically approaching the public sector just in light of the dynamic environment there?

請給我們多提供一些細節，感謝您提供的量化信息，但請給我們多提供一些細節，考慮到那裡的動態環境，您如何在策略上接近公共部門？

So let me start.

那麼就讓我開始吧。

First -- for the public sector for us, encompasses federal governments, state governments, local governments in 74 countries around the world.

首先，對我們來說，公共部門包括全球 74 個國家的聯邦政府、州政府和地方政府。

So when it comes to public sector, we're actually incredibly diversified in terms of where public sector comes from.

因此，當談到公共部門時，我們的公共部門的來源實際上極其多樣化。

And we help among the most advanced governments in the world with their service, delivering better services to their citizens, and we're an essential service for them.

我們為世界上最先進的政府提供服務，為他們的公民提供更好的服務，我們對他們來說是不可或缺的服務。

And so we're going to continue doing that.

我們將繼續這樣做。

And so as we look at the public sector, if you think about it as being not just like US Government, but being actually 74 countries and federal, state, local, all of whom technology is just as important as for the commercial sector.

因此，當我們審視公共部門時，如果您認為它不僅僅像美國政府，而是實際上包括 74 個國家、聯邦、州和地方，所有這些部門的技術都與商業部門同樣重要。

And so we see it as a very vibrant sector for us overall that we expect to continue to do very well with us.

因此，我們認為這對我們來說總體上是一個非常有活力的行業，我們預計它將繼續為我們帶來良好的業績。

Okay.

好的。

Understood.

明白了。

And then you talked about 1Q being, like a higher renewal quarter for you.

然後您談到第一季對您來說是一個更新率較高的季度。

Give us some perspective on, how much is that across the board?

請您給我們看一下，整體來說這個數字是多少？

Is that -- were you talking specifically about, tech lenders or GTS or, is it across the board?

您是專門談論技術貸款人還是 GTS，還是全面的？

Yeah, Faiza.

是的，Faiza。

Hi, it's Craig.

你好，我是克雷格。

So our renewals are phased pretty evenly throughout the year, but it's not [25, 25, 25, 25] And so Q1 happens to be a little bit higher than the 25% mark.

因此，我們的續約在全年中分階段進行，但並非 [25, 25, 25, 25]，因此第一季的續約率恰好略高於 25% 的標準。

And as I mentioned earlier, it's our lowest new business quarter.

正如我之前提到的，這是我們新業務表現最低的季度。

Fourth quarter is our largest new business quarter, we have our most conferences, we build the most pipeline and we sell the most new business.

第四季是我們新業務成長最快的季度，我們舉辦了最多的會議，建立了最多的管道，銷售了最多的新業務。

And as we roll into Q1, it tends to be our lightest new business quarter.

隨著我們進入第一季度，這往往是我們新業務表現最淡的季度。

So it's really the dynamic of slightly higher-than-average amount of renewals in the quarter, and seasonally our lowest new business quarter that causes us to make sure that we're thoughtful about the Q1 NCVI that we build into our revenue plan.

因此，本季的續約量實際上略高於平均水平，而且本季的新業務量最低，這促使我們確保在收入計劃中認真考慮第一季的 NCVI。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

Andrew Nicholas, William Blair.

安德魯·尼古拉斯，威廉·布萊爾。

Hi, good morning.

嗨，早安。

First question, I just kind of wanted to circle back on the government piece.

第一個問題，我只是想回到政府部分。

I understand it's not a massive part of the business and you're optimistic about the opportunity medium and long term, but can you just clarify like, are you already getting feedback from that part of your business that the renewal cycle will be.

我知道這不是業務的重心，而且您對中長期的機會持樂觀態度，但您能否澄清一下，您是否已經從業務的該部分獲得了有關更新周期的反饋。

Choppy, I think you mentioned.

Choppy，我想你有提到過。

Those are generally one year contracts or is it just kind of reacting to news flow and being a bit more cautious, just not sure, if it's tangible to this point or goes back to a typically conservative approach.

這些通常是一年期的合同，或者只是對新聞流做出反應並更加謹慎，只是不確定，到目前為止它是否切實可行，還是回到典型的保守方法。

So if I look again, if I look at our total business, the 74 countries in federal, state, local, we're highly diversified, no change there.

所以如果我再看一下，如果我看看我們的整體業務，在聯邦、州和地方的 74 個國家/地區，我們高度多樣化，沒有變化。

If I zoom in just on the US, public sector, I'd say it's, we're seeing the same, the trends we're seeing now are the same trends we saw in Q4.

如果我只放大美國公共部門，我會說，我們看到的是相同的，我們現在看到的趨勢與我們在第四季度看到的趨勢相同。

There's no change, and that could change in the future, but, as we sit here today, there's no trends, no difference from what we saw in Q4.

沒有變化，而且將來可能會改變，但是，就我們今天所處的情況而言，沒有趨勢，與我們在第四季度看到的沒有區別。

Great, thank you.

太好了，謝謝。

And then for my follow up I just wanted to ask about generative AI broadly.

然後，作為我的後續問題，我只想廣泛地詢問有關生成式人工智慧的問題。

It seems like every day we get a new release from one of the major players there, in terms of new models, new capabilities, any update to how you're thinking about your ability to leverage that technology within your business, become more efficient, generate more content, whatever it may be, any updated thought there would be great.

似乎每天我們都會從主要參與者那裡得到新發布的內容，包括新模型、新功能、關於如何在您的業務中利用該技術、提高效率、生成更多內容的能力的任何更新，無論是什麼，任何更新的想法都會很棒。

Thank you.

謝謝。

So, AI is fantastic for us.

所以，人工智慧對於我們來說非常棒。

If I start with our clients, and I'll come back to us, but if I start with our clients, it's the -- it's one of the biggest areas of uncertainty.

如果我從我們的客戶開始，然後我會回到我們身邊，但如果我從我們的客戶開始，這是 - 這是最大的不確定性領域之一。

There's a lot of expectation.

人們對此抱持著很大的期待。

It can provide a lot of productivity growth, the future for our clients, and we're the best position in the world to help our clients sort this out, both on the enterprise function leader side as well as on the tech vendor side.

它可以為我們的客戶提供大量的生產力成長和未來，我們是世界上最有能力幫助我們的客戶解決這個問題，無論是在企業職能領導者方面，還是在技術供應商方面。

Within Gartner in particular, we have in the range of tens of different kinds of initiatives where we're applying AI -- generative AI but other kinds of AI as well, and it ranges from advanced statistical techniques, with some types of AI to using generative AI for, things like training as well as in some of our client facing, doing things like translations and, things like that.

特別是在 Gartner 內部，我們有數十種不同類型的計劃應用人工智慧——生成式人工智慧，但也應用其他類型的人工智慧，範圍從高級統計技術，某些類型的人工智慧到使用生成式人工智慧，例如用於培訓，以及面向客戶的翻譯等工作。

And so we've got like many, as I said, tens of applications we use it.

正如我所說，我們使用了數十種應用程式。

No single application is going to be like improved productivity 50%.

沒有任何單一應用能夠將生產力提高 50%。

Each of these are going to be like small little things.

這些都像是小事一樣。

Some will work out and be great -- maybe great, meaning like they'll give us a 5% productivity improvement, and some will try and we'll find actually if they don't have a big impact, and we'll move on to the next one.

有些方法會有效，而且效果很好——可能非常好，這意味著它們可以為我們帶來 5% 的生產率提高，而有些方法則會嘗試，如果它們實際上沒有產生很大的影響，我們就會轉向下一個方法。

And so we're seeing it as in you know sort of we have a strategy of continuous improvement, continuous innovation.

因此，我們認為我們有一個持續改進、持續創新的策略。

AI and generative AI, both are just another piece of our continuous innovation, continuous improvement, strategy.

人工智慧和產生人工智慧都是我們持續創新、持續改善策略的一部分。

So again, it'll be -- we'll be transformational, but it'll help us continue to improve our effectiveness over time both with clients.

所以，再說一次，這將是——我們將會發生變革，但它將幫助我們隨著時間的推移繼續提高與客戶的效率。

But the big advantage for us is not on the -- in that internal side.

但對我們來說，最大的優勢並不在內部方面。

It's really about helping clients how to use in their business, which is, the rate of change is so high that -- there's there are a few things that have been in business history that so much uncertainty, which is great for us.

這實際上是為了幫助客戶如何在他們的業務中使用它，也就是說，變化率如此之高 - 商業歷史上存在一些充滿不確定性的事情，這對我們來說非常好。

Thank you.

謝謝。

Thank you.

謝謝。

Manav Patnaik, Barclays.

巴克萊銀行的 Manav Patnaik。

Thank you.

謝謝。

Good morning, Gene.

早安，吉恩。

I was just wondering in terms of GTS, right?

我只是對 GTS 的情況感到疑惑，對嗎？

I think you talked about in your prepared remarks how sales growth is very important to your long term double digit growth, and you know you're doing that in GTS.

我想您在準備好的發言中談到了銷售成長對於長期兩位數成長非常重要，而且您知道您在 GTS 中正在做到這一點。

I was just wondering in GTS, why only mid-single digits?

我只是想知道在 GTS 為什麼只有中等個位數？

What kind of environment or what does it take for you to get back to the double digit salesforce growth on the GTS side?

什麼樣的環境或需要做些什麼才能讓 GTS 方面的銷售人員重新達到兩位數的成長？

So the -- if I look at GTS, we believe that there is room to improve productivity in GTS in addition to growing headcount.

所以——如果我看一下 GTS，我們相信除了增加員工數量之外，GTS 的生產力還有提高空間。

And so the reason we're growing GTS headcount modestly slower than we wanted to over the medium term is that we believe we can get growth out of productivity, particularly on the tech vendor side of our business. (multiple speakers) we think we can do both improved productivity and grow headcount.

因此，我們中期 GTS 員工人數成長速度略低於我們的預期，因為我們相信我們可以透過生產力來成長，特別是在我們業務的技術供應商方面。 （多位發言者）我們認為我們既可以提高生產力，又可以增加員工人數。

Okay, fair enough.

好吧，夠公平。

And then Craig, just in terms of, being opportunistic on the buybacks, is it really just the, I guess your interpretation of the -- if the stock is cheap or not, but, just out besides that, is there any, deal pipeline or anything of that nature that might be part of why you're holding back as well?

然後 Craig，就回購的機會主義而言，這真的只是，我猜你的解釋是 - 如果股票便宜與否，但是，除此之外，是否有任何交易渠道或任何類似的東西可能也是你猶豫不決的原因之一？

We're in a position where because of our excess cash we have on the balance sheet, balance sheet flexibility and the $1 billion-plus of free cash flow that we generate each year, it's an and question not an or question for us in terms of buybacks or M&A.

我們目前所處的境地是，由於我們資產負債表上擁有過剩現金、資產負債表靈活性以及每年產生的10多億美元自由現金流，因此，對於我們來說，回購或併購是一個“與”問題，而不是“或”問題。

So I would not read anything into our opportunism and discipline around our buyback program and M&A pipeline.

因此，我不會對我們的回購計劃和併購管道的機會主義和紀律做出任何解釋。

Again, and I think the other thing I would just highlight is the bulk or virtually all of our M&A targets, I would characterize a small to medium kind of tuck-in acquisitions, nothing big transformational like we did eight years ago.

再次，我想強調的另一件事是，我們的大部分或幾乎所有的併購目標，我都將其描述為中小型的補充收購，並不像我們八年前那樣具有重大的轉型意義。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

Surinder Thind, Jeffreys LLC.

Surinder Thind，Jeffreys LLC。

Thank you.

謝謝。

Gene, just a big picture question here is, if you think about tech vendor and maybe the cyclicality in that part of the business.

吉恩，這裡的一個大問題是，如果你考慮技術供應商以及業務該部分的周期性。

How do you think about that on a go forward basis in the sense of how unusual do you think this cycle has been?

從未來角度來看，您如何看待這個問題？

And if I interpret your comments correctly, it sounds like tech vendors should be back to normalized growth by the end of 2025 and if so, what does normalized growth for that business look like?

如果我正確理解了您的評論，聽起來技術供應商應該在 2025 年底恢復正常成長，如果是這樣，那麼該業務的正常成長是什麼樣的？

So I think the period that we've been through over the last three or four years has been pretty extraordinary in the tech sector.

所以我認為，過去三、四年我們所經歷的時期對於科技業來說是相當不尋常的。

There was a -- if you look at venture capital funding, during that time period, it went up a whole number of multiples, I think 3 to 4 times.

如果你看看創投基金，你會發現在那段時間裡，它成長了好幾倍，我想是 3 到 4 倍。

And so there was a -- in my view, an unusually large, I'll call it, bubble, of venture capital spending, which then drove kind of (inaudible) all of those tech companies.

因此，在我看來，創投支出出現了異常大的泡沫，我稱之為泡沫，這推動了（聽不清楚）所有這些科技公司的發展。

I can't recall that happening and I don't see that happening again.

我不記得發生過這樣的事情，也不希望看到這樣的事情再次發生。

Anything could happen, but I do think that was very unusual.

任何事情都有可能發生，但我確實認為那非常不尋常。

If you look at the 20 years prior to that, we didn't see that.

如果回顧之前的 20 年，我們並沒有看到這種情況。

We saw ups and downs, but not anything like that.

我們見證過起起落落，卻沒有經歷過那樣的事情。

And so I would expect it to be anywhere near as cyclical as it has been.

因此我預期它的周期性將持續下去。

The other thing that happened then to us, it wasn't just cyclical.

當時發生在我們身上的另一件事不僅僅是周期性的。

There was a shift in what the venture capital firms were investing in that happen simultaneously.

創投公司的投資方向同時發生了轉變。

So a lot of the investments that they were not in AI, and now there's a big focus in venture capital in AI.

因此，他們的許多投資都不是在人工智慧領域，而現在創投的重點是人工智慧領域。

And so there's a big shift going on from companies that used to get funding four years ago or three years ago that today can't get funding a different set of company as that are getting this funding.

因此，正在發生巨大的轉變，那些四年前或三年前能夠獲得融資的公司如今無法獲得融資，而是變成了另一個獲得這些融資的公司。

That's all, I think, a very -- that's not a usual event if you look back over the last 20-plus years.

我認為這就是全部，如果回顧過去 20 多年，這並不是什麼常見事件。

And two other thoughts there, Surinder.

還有另外兩個想法，Surinder。

So one, when we think about our medium-term objective for research and CV growth, it's 12% to 16%, and that's across the entire GTS and GBS portfolio, inclusive of tech vendor.

因此，當我們考慮研究和 CV 成長的中期目標時，它是 12% 到 16%，這涵蓋了整個 GTS 和 GBS 產品組合，包括技術供應商。

And if you go back historically, tech vendor has grown in that range year after year after year after year.

如果回顧歷史，就會發現技術供應商年復一年地在這個範圍內成長。

And so I do think the most recent cycle has been abnormal or atypical.

因此我確實認為最近的周期是不正常的或非典型的。

The other thing, just to clarify, I think what Gene said is returning to normal growth over the next several quarters.

另一件事，只是為了澄清一下，我認為吉恩所說的是接下來的幾季恢復正常成長。

He wasn't taking end of year or anything like that.

他沒有慶祝年底或諸如此類的事情。

And so we expect our tech vendor CV to continue to accelerate.

因此，我們預計我們的技術供應商 CV 將繼續加速成長。

It has accelerated these past three quarters, and we'll continue to accelerate into '26 and beyond.

過去三個季度，這一成長速度不斷加快，並且還將持續加速至 26 年及以後。

That's helpful.

這很有幫助。

And then maybe just on the non-subscription legion part of the business.

然後也許只涉及非訂閱軍團業務部分。

Can you maybe talk about where you believe you are in that part of the strategic shift, maybe how demand pricing has evolved versus the expectations of the last year and where you think it's going to head to or what's in the assumptions for 2025?

您能否談談您認為自己處於策略轉變的哪個階段，需求定價與去年的預期相比如何演變，您認為它將會走向何處，或者對 2025 年的假設是什麼？

So I'll start with kind of where the business is.

因此，我將先介紹一下業務現況。

So the business went through -- in fact, it was impacted by the same things we just like earlier this I will call tech bubble, and we're kind of, I think, getting -- working our way through all of those.

因此，我們的業務經歷了——事實上，它受到了我們之前稱之為技術泡沫的同樣的影響，我認為，我們正在努力解決所有這些問題。

And I think the business will be normalized and be back to a level where both traffic -- conversion traffic and pricing then stabilizes again over the next few quarters.

我認為業務將會正常化，並在接下來的幾個季度內回到流量（轉換流量）和定價都穩定的水平。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

Josh Chan, UBS.

瑞銀的 Josh Chan。

Hi, good morning, Gene and Craig.

嗨，早上好，吉恩和克雷格。

I was wondering, if you could talk about the selling environment.

我想知道您是否可以談談銷售環境。

I noticed that the GTS wallet retention improved nicely this quarter.

我注意到本季 GTS 錢包保留率有了很大的提高。

So I wonder if any change you've noticed there in terms of, selling and renewals.

所以我想知道您是否注意到銷售和續約方面有什麼變化。

Thank you.

謝謝。

So I would say the selling environment is unchanged, but our level of execution continues to improve.

所以我想說銷售環境沒有改變，但我們的執行水準不斷提高。

So I think that the improvement you're seeing across the business is due to improved execution on our part.

所以我認為，您看到的整個業務的改善是由於我們執行力的提高。

Okay.

好的。

That's great.

那太棒了。

Thank you.

謝謝。

And then on your comments about the Q1, renewal prudence, I think last year you had slightly negative NCVI in Q1, but that was because tech vendors were in a much tougher spot.

然後關於您對第一季更新審慎的評論，我認為去年第一季的 NCVI 略有下降，但那是因為技術供應商的處境更加艱難。

And so, I guess with tech vendors seemingly getting better this year, can we roll out negative NCVI in Q1?

因此，我猜想隨著技術供應商今年似乎有所好轉，我們可以在第一季推出負 NCVI 嗎？

I guess, would you care to comment on that?

我想，您願意對此發表評論嗎？

Yeah.

是的。

It's we're -- we don't guide on CV, and we're not going to guide on Q1, and we're only one month into the cycle, I would just emphasize that the world is a very dynamic place.

我們不會對 CV 進行指導，我們也不會對 Q1 進行指導，而且我們才剛剛進入這個週期一個月，我只想強調，世界是一個非常動態的地方。

We have planned what we consider to be appropriately and prudently for Q1 NCVI, and we are fighting for every new business win in every renewal rate, like we always do.

我們已經為第一季的 NCVI 制定了我們認為適當且審慎的計劃，並且我們正在像往常一樣，為每一次續約率中的每一項新業務勝利而奮鬥。

We are executing better, as Gene mentioned, then we had four quarters ago, six quarters ago, eight quarters ago, and we'll continue to do that.

正如吉恩所提到的，我們的執行情況比四個季度前、六個季度前、八個季度前更好，我們會繼續這樣做。

We'll update you on Q1 in April or early May.

我們將在四月或五月初向您更新第一季的情況。

Great.

偉大的。

Thank you and good luck in Q1.

謝謝您，祝您第一季好運。

Thank you.

謝謝。

Thank you.

謝謝。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi, thanks.

嗨，謝謝。

Good morning.

早安.

This sort of built on the prior question, but you talked about taking a prudent view of NCVI phasing, since (inaudible) is a heavier renewal quarter and lower new business quarter.

這有點建立在前一個問題的基礎上，但您談到了對 NCVI 分階段採取審慎看法，因為（聽不清楚）是續約季度較多而新業務季度較少。

Can you talk about some of the top internal or external swing factors that you're watching that could affect how NCVI comes in?

您能否談談您所關注的可能影響 NCVI 表現的一些主要內部或外部波動因素？

It's the normal stuff, George.

這很正常，喬治。

So obviously, we have a global business that operates with the largest companies in the world down to smaller companies.

顯然，我們的業務遍佈全球，與全球各地的大公司乃至小公司都有合作。

We've got small tech vendor baked in there.

我們在那裡有一個小型技術供應商。

We obviously have our public sector business and some level of US Fed renewals in the first quarter.

顯然，我們在第一季有公共部門業務和一定程度的聯準會續約。

So there's always large swing factors.

因此總是存在著很大的波動因素。

Last year was a bit unique in that we had several very large tech vendor renewals where we knew the situations were going to be challenging.

去年比較特殊，我們與幾家非常大的技術供應商續約，我們知道情況將會非常具有挑戰性。

So they're either like large M&A closing and us having to deal with the ramifications of that or large layoffs announced in the throes of us going through the renewal process.

因此，它們要么像大型併購交易一樣結束，而我們必須處理其後果，要么在我們經歷續約過程的陣痛中宣布大規模裁員。

So we don't have that to the same extent that we did last year.

因此，我們的情況不如去年那麼嚴重。

But we're talking about thousands and thousands of deals that our teams are working both from a research perspective, a service perspective, a renewal perspective and a growth perspective over the course of the quarter.

但我們正在談論我們的團隊在本季度從研究角度、服務角度、更新角度和成長角度開展的成千上萬筆交易。

And so any of those underneath the covers can drive the overall NCVI and CV growth up or down a little bit.

因此，任何一個隱藏的因素都可能導致整體 NCVI 和 CV 的成長略有上升或下降。

Got it.

知道了。

That's helpful context.

這是很有幫助的背景資訊。

And then you're planning to increase sales head count the single digits and GTS and double digits in GBS this year.

然後您計劃今年將銷售人數增加個位數，將 GTS 和 GBS 人數增加兩位數。

Can you talk about the phasing of this hiring if it's going to be front end loaded or back end loaded or perhaps evenly distributed across the year?

您能否談談這次招聘的階段性安排？

Yeah, it's a great question, George.

是的，喬治，這是一個很好的問題。

So I think in 2024, almost all of our growth hiring or the net increase in quota-bearing headcount was back-end loaded.

因此，我認為到 2024 年，我們幾乎所有的成長招募或配額員工數量的淨增加都是後端加載的。

In 2025, current plan is for it to be more evenly spread throughout the year.

到 2025 年，目前的計劃是讓它更均勻地分佈在全年。

The one thing I would note, though, is the number can bounce around a little bit quarter to quarter.

不過，我要指出的一點是，這個數字每季都會有小幅波動。

We're not necessarily hiring to a deadline of we must have you on board by midnight on March 31, so we can hit our numbers.

我們不一定會在截止日期前招聘，但我們必須在 3 月 31 日午夜之前讓您加入，這樣我們才能達到目標。

We are much more pragmatic about how we run the business.

我們對如何經營業務更加務實。

So there can be a little bit of noise in the numbers from quarter to quarter.

因此，各季度的數字可能會有一些噪音。

The other thing I'd say is Q1 can often be a lighter net growth quarter, not hiring quarter, but net growth quarter because that's when we do all our promotions and then we backfill them.

我想說的另一件事是，第一季通常是淨成長較為清淡的一個季度，不是招募季度，而是淨成長季度，因為那時我們會進行所有的晉升，然後再進行補充。

We often backfill a lot of them in advance in the fourth quarter.

我們常常在第四季提前填補很多空缺。

We often tend to see a little bit higher turnover in the first quarter because if people didn't earn money in 2024, they often opt out and leave and look for greener pass-through somewhere else in the first quarter.

我們往往在第一季看到更高的營業額，因為如果人們在 2024 年沒有賺到錢，他們通常會選擇退出並離開，並在第一季在其他地方尋找更環保的管道。

So there can be a little bit of volatility in the numbers for all those reasons, but we would anticipate not being nearly as back-end loaded in 2025 as we were in 2024.

因此，由於所有這些原因，數字可能會出現一點波動，但我們預計 2025 年的後端負載不會像 2024 年那麼高。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

Thanks so much for squeezing me in.

非常感謝您抽空接待我。

I wanted to ask about pricing.

我想要詢問價格。

If I remember correctly, you take price increases in the beginning of November, and I think you said it was roughly 4%.

如果我沒記錯的話，11月初價格上漲了，我記得你說的大約是4%左右。

Is that, across the board?

都是這樣的嗎？

Is it different by product and geography?

產品和地理是否有所不同？

And I'm just wondering, did you get any pushback this year greater than normal?

我只是想知道，今年您是否遇到比平常更大的阻力？

Hey Jeff, good morning.

嘿，傑夫，早安。

So the price increase for the most part goes into effect, as you said, on November 1.

因此，正如您所說，價格上漲大部分將於 11 月 1 日生效。

On average, it was a little bit below 4%.

平均而言，略低於4%。

But we don't paint it with a broad paid brush.

但我們不會以一概而論。

We actually look at it specifically by product and by geography.

實際上，我們是按照產品和地理位置來具體研究這個問題的。

And so in markets that are more inflationary, we will be more aggressive on pricing.

因此，在通膨更為嚴重的市場中，我們的定價將會更加積極。

And again, one of the key inputs that we look at is wage inflation in the given markets as well because as we've talked about, philosophically, we want to make sure that our pricing at least offsets what our expectation is from a wage inflation perspective.

再次強調，我們關注的關鍵輸入因素之一是特定市場的薪資通膨，因為正如我們所討論的，從哲學上講，我們希望確保我們的定價至少能夠抵消我們對薪資通膨的預期。

So it is not a broad paint brush, we're actually very laser-focused on making sure that we're taking the pricing up the right amount, in the right places, in the right currencies.

因此，我們並不是以太泛泛而談，實際上，我們非常專注於確保在正確的地方、以正確的貨幣將價格提高到正確的水平。

And then in terms of pushback, it's been the standard price increase, so nothing of note related to pushback.

然後在抵制方面，這一直是標準的價格上漲，因此沒有什麼與抵制相關的值得注意的事情。

I think we're very focused on making sure that we are constantly improving our delivery and our products, and that justifies the very modest price increase that we put on top for our clients each year.

我認為我們非常注重確保不斷改進我們的交付和產品，這也解釋了我們每年為客戶提供的適度價格上漲是合理的。

Alright.

好吧。

That's really helpful.

這真的很有幫助。

If I could shift gears, maybe just talk about some, different geographies.

如果我可以換個話題，也許只談一些不同的地理位置。

I think you said that the growth was broad-based, but I'm really curious specifically in Europe and China, what the trends were there.

我認為您說過成長是廣泛的，但我真的很好奇歐洲和中國的具體成長趨勢是什麼。

Thanks.

謝謝。

Yeah, so, it -- it's Europe, the selling environment in Europe is basically been pretty consistent from what we saw in the second half of 2024.

是的，所以，歐洲的銷售環境與我們在 2024 年下半年看到的情況基本一致。

So nothing or no news to report there.

因此，沒有什麼新聞可報道。

On the China side, has been pretty challenging, especially with larger clients there in China.

在中國方面，挑戰相當大，尤其是對中國較大的客戶而言。

What I would say is we we've had some success and seen some improvement, in selling to, like a tier below that, over the second half of the year, but it's been largely consistent, our performance over the course of 2024.

我想說的是，我們取得了一些成功，也看到了一些進步，例如在下半年向低於這一水平的層級銷售，但我們在 2024 年的表現基本上保持了穩定。

Alright.

好吧。

Thanks so much for the color.

非常感謝這個顏色。

Thank you.

謝謝。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

Hi, good morning, and thanks for taking my questions.

大家早安，感謝您回答我的問題。

I saw the GTS productivity improved, from 3Q to 4Q despite the fact that you increased, head count, which can be difficult to drive.

我看到 GTS 生產力從第 3 季到第 4 季有所提高，儘管員工人數增加，但這可能很難實現。

And then you made some comments earlier about, better execution.

然後您之前對更好的執行發表了一些評論。

So I was curious if you provide some more color on that in terms of, what changes you've made and how you've been able to drive that?

所以我很好奇，您是否能就此提供更多細節，例如您做了哪些改變，以及您如何推動這些改變？

Thank you.

謝謝。

So it's basically the normal stuff which is we're very focused on making sure we hire the right people and when we get the right people then we give them the right training and so we're constantly proving our recruiting processes.

所以這基本上是正常的事情，我們非常注重確保我們僱用合適的人才，當我們找到合適的人才時，我們會給他們正確的培訓，因此我們不斷證明我們的招募流程。

We also are constantly improving our training we have a big focus on training and then again if I look at like the tools we provide our sales force, we're always innovating those tools and those are always taken to another level, literally quarter by quarter and so it's basically who we recruit, how we train them, and the tools we give our sales people.

我們也在不斷改進我們的培訓，我們非常重視培訓，然後如果我再看看我們為銷售人員提供的工具，我們總是在創新這些工具，並且這些工具總是被提升到另一個層次，實際上是逐季度提升，所以基本上就是我們招募誰，我們如何培訓他們，以及我們為銷售人員提供工具。

Got it.

知道了。

That, that's helpful.

那，那很有幫助。

And then there's also a comment earlier about an expectation.

然後之前還有一個關於期望的評論。

I know you don't guide to CV, but there's a comment about CV growth would continue to accelerate.

我知道您沒有指導 CV，但有一條評論說 CV 成長將繼續加速。

So hoping you can sort of finer point on that, are you saying that the 7.8% that you reported in 4Q is that expected to be the bottom here and each quarter should be above that or could it potentially be a more sort of rough here?

因此，希望您能夠更詳細地說明這一點，您是說，您在第四季度報告的 7.8% 預計是這裡的最低值，並且每個季度都應該高於這個數字，還是可能會出現更粗略的情況？

Yeah.

是的。

Hi, Jason, I think the comment is more that over the course of 2025 and when we exit 2025, we would expect to be higher than 7.8%.

嗨，Jason，我認為更多的評論是在 2025 年期間以及當我們退出 2025 年時，我們預計該比例將高於 7.8%。

As we've talked about in the past, the CV growth rate may not go up in a precisely straight line or that the slope may not be precisely straight, more so that the trend will be that it will exit 2025 higher than 7.8%.

正如我們過去所談論的，CV 成長率可能不會沿著一條精確的直線上升，或者斜率可能不是精確的直線，更可能的是，到 2025 年，CV 成長率將高於 7.8%。

And again, and with a goal towards continuing to accelerate to first double digit and then to our medium-term objective of 12% to 16%.

我們的目標是繼續加速至第一個兩位數，然後達到我們的中期目標 12% 至 16%。

Got it.

知道了。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

And I am showing no further questions from our phone lines, and I like to turn the call back over to Gene Hall for any closing remarks.

我現在不想再透過電話提問了，我想將電話轉回給吉恩·霍爾 (Gene Hall)，讓他做最後總結。

So here's what I'd like you to take away from today's call.

以下是我希望大家從今天的電話會議中了解到的內容。

Gartner delivered financial results ahead of expectations.

Gartner 的財務表現超乎預期。

Tech vendor CV growth continues to accelerate.

技術供應商 CV 成長持續加速。

We have a vast addressable market opportunity.

我們擁有巨大的潛在市場機會。

We have a strong and compelling value proposition.

我們有一個強大且令人信服的價值主張。

Looking ahead, we're well positioned to drive sustained double-digit revenue growth over the long term.

展望未來，我們已做好準備，實現長期持續兩位數的營收成長。

We'll continue to create value for our shareholders by providing actual objective insight guidance and tools 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.

我們將繼續為股東創造價值，為客戶提供實際客觀的洞察指導和工具，審慎投資未來成長，產生遠超淨收入的自由現金流，並透過回購計畫向股東返還資本。

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

感謝您今天的加入我們，我們期待下個季度再次為您更新。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。

Everyone, have a wonderful day.

祝大家有美好的一天。