高德納諮詢公司 (IT) 2025 Q1 法說會逐字稿

Good morning, everyone. Welcome to Gartner's first-quarter 2025 earnings call. I'm David Cohen, SVP of Investor Relations.

大家早安。歡迎參加 Gartner 2025 年第一季財報電話會議。我是投資者關係資深副總裁 David Cohen。

(Operator Instructions) After comments by Gene Hall, Gartner's Chairman and Chief Executive Officer and Craig Safian, Gartner's Chief Financial Officer, there'll be a question-and-answer session. Please be advised that today's conference is being recorded.

（操作員指示）在 Gartner 董事長兼執行長 Gene Hall 和 Gartner 財務長 Craig Safian 發表評論後，將進行問答環節。請注意，今天的會議正在錄音。

This call will include a discussion of first-quarter 2025 financial results and Gartner's outlook for 2025 is 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 2025 年第一季的財務業績，Gartner 對 2025 年的展望將在今天的收益報告和收益補充中披露，這兩份報告均發佈在我們的網站 investor.gartner.com 上。

On the call, unless stated otherwise, all references to EBITDA or for adjusted EBITDA with the adjustments as described in our earnings release and supplement. All contract values and associated growth rates we discuss are based on 2025 foreign exchange rates. All growth rates in Gene's comments are FX neutral unless stated otherwise. All references to share counts are for fully diluted weighted average share counts unless stated otherwise. Reconciliations for all non-GAAP numbers we use are available in the Investor Relations section of the gartner.com website.

在電話會議上，除非另有說明，所有參考 EBITDA 或調整後的 EBITDA 均按照我們的收益報告和補充中所述的調整進行。我們討論的所有合約價值和相關成長率均基於 2025 年外匯匯率。除非另有說明，Gene 評論中的所有成長率都是外匯中性的。除非另有說明，否則所有提及的股份數量均為完全稀釋的加權平均股數。我們使用的所有非 GAAP 資料的對帳表均可在 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. 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 2024 annual report on Form 10-K and quarterly reports on Form 10-Q as well as on other filings with the SEC. I encourage all of you to review the risk factors listed in these documents.

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。前瞻性陳述可能與實際結果有重大差異，並受多種風險和不確定因素的影響，包括公司 2024 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因素。我鼓勵大家查看這些文件中列出的風險因素。

Now I will turn the call over to Gartner's 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 remains resilient in a complex environment. In Q1, contract value grew 7%, first-quarter revenue EBITDA, EPS, and free cash flow were ahead of our expectations. We increased headcount across our sales organizations by 4%. As we navigate another year of volatility, uncertainty, complexity, and ambiguity; we'll continue to be agile and we'll target our investments to support long-term sustained double-digit growth. Research continues to be our largest and most profitable segment.

Gartner 在複雜的環境中仍保持著韌性。第一季度，合約價值成長了7%，第一季營收EBITDA、EPS和自由現金流均超出我們的預期。我們將銷售部門的員工數量增加了 4%。當我們度過又一個充滿波動、不確定性、複雜性和模糊性的一年；我們將繼續保持敏捷，並將我們的投資目標定位於支持長期持續的兩位數成長。研究仍然是我們最大、最賺錢的部門。

Research contract value grew 7%. Excluding the US federal business, contract value grew 8%. Within research, we serve executives and their teams through distinct sales channels. Global Technology Sales or GTS serves leaders in their teams within IT. GTS contract value grew 6%. Excluding the US federal business, contract value grew 7%. Contract value with tech vendor clients improved for the fourth consecutive quarter.

研究合約價值成長了7%。不包括美國聯邦業務，合約價值成長了8%。在研究範圍內，我們透過不同的銷售管道為高階主管及其團隊提供服務。全球技術銷售或 GTS 為 IT 團隊的領導提供服務。GTS合約價值成長6%。不包括美國聯邦業務，合約價值成長了7%。與技術供應商客戶的合約價值連續第四個季度提高。

Global Business sales or GBS source leaders and their teams beyond IT. This includes HR, supply chain, finance, marketing, legal, sales, and more. GBS contract value increased 11%.

全球業務銷售或 GBS 來源領導者及其 IT 以外的團隊。其中包括人力資源、供應鏈、財務、行銷、法律、銷售等。GBS合約價值成長了11%。

Gartner conferences deliver extraordinarily valuable insights to an engaged and qualified audience. On a same conference basis, revenue grew 12%. 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 5% against a strong compare from Q1 2024. Revenue from contract optimization grew robust 38% and consulting backlog grew 16%. Overall, our Q1 financial results were ahead of expectations.

Gartner 會議為積極參與且合格的觀眾提供了極其寶貴的見解。在同樣的會議基礎上，收入增加了12％。Gartner Consulting 是 Gartner Research 的延伸。諮詢服務透過更深入的基於專案的工作幫助客戶執行其最具策略性的計劃。諮詢業務是我們IT研究業務的重要補充。與 2024 年第一季相比，諮詢收入成長了 5%。合約優化收入強勁成長 38%，諮詢積壓訂單成長 16%。整體而言，我們的第一季財務業績超出預期。

Gartner has a unique client value proposition. We deliver actionable objective insight, guidance, and tools that help our clients succeed with their mission-critical priorities. We practice disciplined cost management while remaining agile and prudently investing for future growth. We generate free cash flow well in excess of net income. And we return capital to our shareholders through our repurchase program.

Gartner 擁有獨特的顧客價值主張。我們提供可操作的客觀見解、指導和工具，幫助我們的客戶成功完成其關鍵任務。我們實行嚴格的成本管理，同時保持靈活並審慎地投資以實現未來成長。我們產生的自由現金流遠遠超過淨收入。我們透過回購計劃向股東返還資本。

Over the past five years, we've seen persistent elevated levels of volatility in the macroeconomic environment. The COVID-19 pandemic, the bursting of a tech spending bubble, the highest inflation in 40 years, a sharp rise in interest rates, the first ground war in Europe in 80 years.

過去五年來，宏觀經濟環境的波動性持續上升。新冠疫情、科技支出泡沫破裂、40 年來最高通膨、利率急遽上升、歐洲 80 年來首次地面戰爭。

Now government policy and tariff changes are affecting enterprises across the US and around the world in different and complex ways. There's a high level of macroeconomic uncertainty. Executives know they need help. Gartner is the best, most cost-effective source for the insight, guidance, and tools they need to succeed.

目前，政府政策和關稅變化正以不同且複雜的方式影響美國乃至世界各地的企業。宏觀經濟不確定性很高。高階主管知道他們需要幫助。Gartner 是他們獲得成功所需的洞察力、指導和工具的最佳、最具成本效益的來源。

We help our clients make smarter decisions that address mission-critical priorities such as cost optimization, managing through public policy changes, leveraging AI innovation, cybersecurity, and more. And we do this while helping them manage risk, save time, save money, and build confidence. Gartner helps senior executives make smarter decisions to achieve their mission-critical priorities.

我們幫助客戶做出更明智的決策，解決關鍵任務優先事項，例如成本優化、透過公共政策變化進行管理、利用人工智慧創新、網路安全等。我們在這樣做的同時，也幫助他們管理風險、節省時間、節省金錢並建立信心。Gartner 協助高階主管做出更明智的決策以實現其關鍵任務重點。

Today, one urgent priority for the majority of our clients is harnessing the potential of artificial intelligence. Of course, Gartner is one of the world's leading experts in AI. We helped thousands of end-user enterprises determine the best uses and business cases for AI. With our in-depth understanding of end-user business cases, we also advise thousands of technology vendors on how to compete in the AI marketplace.

今天，我們大多數客戶的當務之急是利用人工智慧的潛力。當然，Gartner 是全球領先的人工智慧專家之一。我們幫助數千家最終用戶企業確定人工智慧的最佳用途和商業案例。憑藉對最終用戶業務案例的深入了解，我們也為數千家技術供應商提供如何在人工智慧市場上競爭的建議。

And finally, we use AI internally to support our business. We develop proprietary insight, guidance, and tools to help senior executives make smarter decisions on their mission-critical priorities. Our 2,500 experts developed these proprietary insights, guidance, and tools by analyzing our more than 500,000 one-on-one conversations that we hold with clients every year.

最後，我們在內部使用人工智慧來支援我們的業務。我們開發專有的見解、指導和工具，幫助高階主管就其關鍵任務優先事項做出更明智的決策。我們的 2,500 名專家透過分析我們每年與客戶進行的 500,000 多次一對一對話，開發了這些專有的見解、指導和工具。

In addition, we conduct proprietary primary research which is only available through Gartner to supplement these conversations. All of this creates a valuable data set that is massive, proprietary, and constantly updated.

此外，我們還進行了專有的、僅透過 Gartner 提供的初步研究，以補充這些對話。所有這些都創建了一個龐大、專有且不斷更新的寶貴資料集。

Finally, we incorporate publicly available data where helpful, often using AI. The combination of our 2,500 experts, hundreds of thousands of conversations with end-users and technology vendors, and proprietary data methodologies and process makes our insights, guidance, and tools highly valuable, highly unique, and highly differentiated from any other source. A core element of our strategy is continuous improvement and innovation, which we will apply to further increase our value and differentiation over time. Our powerful client value proposition gives us a vast untapped market opportunity. And we know the right things to do to capture that opportunity.

最後，我們會將有用的公開資料納入其中，通常使用人工智慧。我們擁有 2,500 名專家，與最終用戶和技術供應商進行了數十萬次對話，並擁有專有數據方法和流程，這使得我們的見解、指導和工具具有極高的價值、獨特的特點，並且與任何其他來源都有很大的區別。我們策略的核心要素是持續改進和創新，我們將運用這些要素來進一步提高我們的價值和差異化。我們強大的客戶價值主張為我們提供了巨大的尚未開發的市場機會。我們知道如何做才能抓住這個機會。

Gartner has proven best practices that address how we serve our clients; recruit, hire, train, and deploy our salespeople; create our insights, guidance, and tools; hosts attendees at our conferences; and support our largest technology clients through consulting. We also have best practices that address how we approach expense management to optimize flexibility while increasing selling capacity. For the remainder of 2025, we plan to grow sales headcount in the mid-single digits, excluding directly impacted areas. This reflects our commitment to invest for future growth while delivering strong margins and free cash flow.

Gartner 已證明最佳實踐能夠解決我們如何為客戶提供服務的問題；招募、僱用、培訓和部署我們的銷售人員；創造我們的見解、指導和工具；接待我們會議的與會者；並透過諮詢為我們最大的技術客戶提供支援。我們也提供最佳實踐，解決如何進行費用管理以優化靈活性同時提高銷售能力的問題。對於 2025 年剩餘時間，我們計劃將銷售人員數量增加中位數個位數（不包括直接受影響的地區）。這體現了我們致力於投資未來成長，同時實現強勁利潤率和自由現金流。

Our plan is to exit the current environment better, faster, and stronger than before with continued sales headcount growth and a return to historically strong productivity. We're well positioned to accelerate growth as the external environment evolves. We expect to re-accelerate CV growth to our target of 12% to 16% when the macroeconomic environment returns to normal. And we expect EBITDA margins to expand through the natural operating leverage in the business.

我們的計劃是比以前更好、更快、更強地擺脫當前環境，同時持續增加銷售人員數量並恢復到歷史上強勁的生產力。隨著外部環境的變化，我們已準備好加速成長。當宏觀經濟環境恢復正常時，我們預期 CV 成長將重新加速至 12% 至 16% 的目標。我們預計 EBITDA 利潤率將透過業務中的自然營運槓桿擴大。

Gertner has a highly diversified client base. The US federal government represents approximately 4% of our total contract value. Our US federal business has been impacted by the recent policy changes. Nearly all of our US federal contracts are up for renewal in 2025. Roughly 40% of these were transaction in Q1, the largest quarter of the year, and we renewed roughly half that business. We remain laser focused on creating and delivering value for our US federal clients. As the US federal government modifies and refines their priorities, we believe that we will be a core part of helping them achieve critical priorities such as cybersecurity, cost optimization, digital transformation, and more.

Gertner 擁有高度多樣化的客戶群。美國聯邦政府約占我們合約總價值的4%。我們的美國聯邦業務受到了最近政策變化的影響。我們幾乎所有的美國聯邦合約都將於 2025 年續約。其中約 40% 是第一季（今年最大的季度）的交易，我們續約了約一半的業務。我們始終專注於為美國聯邦客戶創造和提供價值。隨著美國聯邦政府修改和完善其優先事項，我們相信我們將成為幫助他們實現網路安全、成本優化、數位轉型等關鍵優先事項的核心部分。

Stock buybacks are an important way we return value to shareholders. We remain eager to repurchase shares aggressively. Our approach is designed to optimize returns by being price sensitive, opportunistic, and disciplined.

股票回購是我們向股東回報價值的重要方式。我們仍然渴望積極回購股票。我們的方法是透過價格敏感、機會主義和紀律來優化回報。

In closing, Gartner delivered financial results ahead of expectations. Tech vendor CV growth continued to accelerate. We have a powerful client value proposition and a vast addressable market opportunity. 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; remaining agile and disciplined in our approach to expenses; and returning capital to our shareholders through our share repurchase program, we expect to deliver modest margin expansion over time alongside double-digit top-line growth. And will continue to generate significant free cash flow well in excess of net income. All of this and more positions us to drive long-term, double-digit growth, and sustain our track record of success far into the future.

最後，Gartner 的財務表現超出了預期。技術供應商 CV 成長持續加速。我們擁有強大的客戶價值主張和廣泛的可尋址市場機會。我們將繼續為客戶提供可操作的客觀見解、指導和工具，為股東創造價值；審慎投資未來成長；在處理開支方面保持靈活和嚴謹；並透過股票回購計畫向股東返還資本，我們預計隨著時間的推移，利潤率將適度擴大，同時實現兩位數的營收成長。並將繼續產生遠超淨收入的大量自由現金流。所有這些以及更多因素使我們能夠推動長期的兩位數成長，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。

First-quarter contract value or CV grew 7% year over year. Revenue, EBITDA, adjusted EPS, and free cash flow were better than expected as we continued to execute well in an increasingly complex environment. We were resilient in a quarter affected by macro factors.

第一季合約價值或CV年增7%。由於我們在日益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流都優於預期。在受到宏觀因素影響的一個季度中，我們展現了韌性。

Since we reported Q4 2024 results in early February, there were notable changes in the US federal government and market. The broader selling environment also shifted during the quarter as many company decision makers started to adjust to the evolving global macroeconomy. We are updating our guidance to reflect Q1 performance, the new macro landscape, the benefit from the move in FX rates, and our own expense agility. We repurchased $163 million of stock in the quarter, maintaining flexibility as the market digests the changes in the macro landscape. We remain eager to repurchase shares, which we will do opportunistically.

自從我們在 2 月初報告 2024 年第四季業績以來，美國聯邦政府和市場發生了顯著變化。隨著許多公司決策者開始適應不斷變化的全球宏觀經濟，本季更廣泛的銷售環境也發生了變化。我們正在更新我們的指導，以反映第一季的業績、新的宏觀形勢、外匯匯率變動帶來的好處以及我們自身的費用彈性。我們在本季回購了價值 1.63 億美元的股票，在市場消化宏觀格局變化的同時保持了彈性。我們仍然渴望回購股票，並且會抓住機會去做。

First-quarter revenue was $1.5 billion, up 4% year over year as reported and 6% FX neutral. In addition, total contribution margin was 69%, up 20 basis points from last year. EBITDA was $385 million, up 1% as reported and 3% FX neutral versus the first quarter of 2024. Adjusted EPS was $2.98, up 2% from Q1 of last year. And free cash flow was $288 million, a very strong performance for our first quarter.

第一季營收為 15 億美元，年增 4%，不計匯率影響，成長 6%。此外，總貢獻利潤率為69%，比去年同期上升了20個基點。EBITDA 為 3.85 億美元，與 2024 年第一季相比成長 1%，不計匯率影響，成長 3%。調整後每股收益為 2.98 美元，較去年第一季成長 2%。自由現金流為 2.88 億美元，這是我們第一季非常強勁的表現。

Research revenue in the quarter grew 4% year over year as reported and 6% FX neutral. Subscription revenue grew 8% FX neutral. Non-subscription research revenue was in line with our expectations. First quarter research contribution margin was 74% consistent with last year. Contract value was $5.1 billion at the end of the first quarter, up 7% versus the prior year. Contract value and CV growth are FX neutral.

據報道，本季研究營收年增 4%，且匯率中立成長 6%。訂閱收入成長 8%，與匯率無關。非訂閱研究收入符合我們的預期。第一季研究貢獻利潤率為74%，與去年同期持平。第一季末合約價值為51億美元，比上年增長7%。合約價值和 CV 成長對外匯沒有影響。

Excluding the US federal government, CV grew 8%. Contract value growth with tech vendors continued to improve. Global CV was $63 million lower than Q4 2024 with around 80% of the change attributable to the US federal government and market.

不包括美國聯邦政府，CV 成長了 8%。與技術供應商的合約價值成長持續改善。全球 CV 比 2024 年第四季低 6,300 萬美元，其中約 80% 的變化歸因於美國聯邦政府和市場。

CV growth was broad based across practices, industry sectors, company sizes, and geographic regions. Across our combined practices, all of the industry sectors except two grew at high-single digit rates, led by the energy, healthcare, and manufacturing sectors. CV grew at high-single digit rates across all enterprise sizes except small, which grew low-single digits.

CV 的成長廣泛存在於各個實踐、產業部門、公司規模和地理區域。在我們的綜合業務中，除兩個行業外，所有行業都實現了高個位數成長，其中能源、醫療保健和製造業領域最為突出。除小型企業外，所有企業規模的 CV 均以高個位數成長率成長，小型企業的 CV 成長率為低個位數。

We also drove double-digit or high-single digit growth in the majority of our top 10 countries. Canada, which represents about 3% of total CV, had a more challenging selling environment in the quarter. Nearly all of our US federal contracts will come up for renewal during 2025 with about 40% having transacted in Q1, the largest quarter of this calendar year. In the first quarter, the dollar retention was almost 50%. At March 31, we had $225 million of US federal CV.

我們在前十大國家中的大多數國家也實現了兩位數或高個位數的成長。加拿大約佔 CV 總量的 3%，本季的銷售環境更具挑戰性。我們幾乎所有的美國聯邦合約都將在 2025 年續簽，其中約 40% 已在第一季（今年最大的季度）完成交易。第一季度，美元留存率接近50%。截至 3 月 31 日，我們擁有 2.25 億美元的美國聯邦 CV。

Global Technology Sales contract value was $3.9 billion at the end of the first quarter, up 6% versus the prior year. Excluding the US federal government from both periods, GTSCV grew 7% in the quarter as the tech vendor market continued to improve.

第一季末全球技術銷售合約價值為 39 億美元，比上年增長 6%。如果將兩個時期內的美國聯邦政府排除在外，由於技術供應商市場持續改善，GTSCV 本季成長了 7%。

$44 million of the $58 million change in GTSCV from Q4 was due to the US federal government. While retention for GTS was 101% for the quarter, GTS new business was down 4% compared to last year. GTS quota bearing headcount was up 3% year over year. Our regular full set of GTS metrics can be found in our earnings supplement.

與第四季度相比，GTSCV 發生了 5,800 萬美元的變化，其中 4,400 萬美元是由於美國聯邦政府造成的。雖然本季 GTS 的保留率為 101%，但 GTS 的新業務與去年相比下降了 4%。GTS 配額持有員工數量較去年同期成長 3%。我們的常規全套 GTS 指標可在我們的收益補充資料中找到。

Global business sales contract value was $1.2 billion at the end of the first quarter, up 11% year every year. All of our major GBS practices grew at double-digit or high-single digit rates. Growth was led by the sales, finance, and legal practices. GBS CV was $5 million below the fourth quarter. Excluding the US federal government, GBS CV was largely unchanged from Q4.

一季末全球業務銷售合約金額12億美元，年增11%。我們所有主要的 GBS 業務都以兩位數或高個位數的速度成長。成長主要由銷售、財務和法律業務推動。GBS CV 比第四季低 500 萬美元。不包括美國聯邦政府，GBS CV 與第四季相比基本上沒有變化。

While retention for GBS was 105% for the quarter, GBS new business was down 3% compared to last year. GBS quota bearing headcount was up 9% year over year. As with GTS, a regular full set of GBS metrics can be found in our earnings supplement.

雖然本季 GBS 的保留率為 105%，但 GBS 的新業務與去年相比下降了 3%。GBS 配額持有員工數量較去年同期成長 9%。與 GTS 一樣，您可以在我們的收益補充中找到一套完整的常規 GBS 指標。

Conference's revenue for the first quarter was $73 million, increasing 4% as reported and 5% FX neutral compared to Q1 of 2024. Adjusting for the two conferences we moved to Q2 this year, revenue increased around 12% FX neutral. Contribution margin was 38%, consistent with typical Q1 seasonality. We held 10 destination conferences in the first quarter as planned.

會議第一季的營收為 7,300 萬美元，與 2024 年第一季相比成長 4%，且匯率中立成長 5%。考慮到我們今年第二季轉移至的兩次會議，營收成長了約 12%，且不影響匯率。貢獻利潤率為 38%，與典型的第一季季節性一致。一季度我們按計劃舉辦了10場目的地會議。

Q1 consulting revenue was $140 million compared with $135 million in the year ago period of about 4% as reported and 5% FX neutral. Consulting contribution margin was 38% in the first quarter.

第一季諮詢收入為 1.4 億美元，而去年同期為 1.35 億美元，據報告增長約 4%，匯率中性增長 5%。第一季諮詢貢獻利潤率為38%。

Labor-based revenue was $104 million. This part of the segment was down 4% versus Q1 of last year's reported and 2% FX neutral against the tough compare. Backlog at March 31 was $214 million, increasing 16% year over year FX neutral. This was driven by strength in multi-year contracts. In contract optimization, we delivered $36 million of revenue in the quarter, up 36% versus Q1 of last year and 38% FX neutral. The quarter was ahead of our expectations. Our contract optimization revenue is highly variable.

勞動力收入為 1.04 億美元。該部分業務與去年第一季報告相比下降了 4%，與去年同期相比下降了 2%。截至 3 月 31 日的積壓訂單為 2.14 億美元，年增 16%（不計匯率變動）。這是由多年期合約的優勢所推動的。在合約優化方面，我們本季實現了 3,600 萬美元的收入，比去年第一季成長 36%，匯率中立成長 38%。本季的表現超出了我們的預期。我們的合約優化收入變化很大。

Consolidated cost of services increased 3% year over year in the first quarter as reported, and 4% FX neutral. The biggest driver of the increase was higher compensation costs. SG&A increased 6% year over year in the first quarter as reported and about 7% on an FX neutral basis. SG&A increased in the quarter as a result of headcount growth.

據報道，第一季綜合服務成本年增 3%，匯率中立成長 4%。薪酬成本上漲是推動這一成長的最大因素。據報道，第一季銷售、一般及行政費用年增 6%，以匯率中立計算則成長約 7%。由於員工人數增加，本季銷售、一般及行政開支增加。

EBITDA for the first quarter was $385 million, up 1% from last year's reported and up 3% FX neutral. We outperformed in the first quarter through modest revenue upside, effective expense management, and a prudent approach to guidance. Depreciation in the quarter of $29 million was up 10% compared to 2024.

第一季的 EBITDA 為 3.85 億美元，較去年同期成長 1%，不考慮匯率因素則成長 3%。我們在第一季憑藉適度的收入成長、有效的費用管理和審慎的指導方針取得了優異的業績。本季折舊額為 2,900 萬美元，與 2024 年相比成長了 10%。

Net interest expense excluding deferred financing costs in the quarter was $12 million. This is favorable by $5 million versus the first quarter of 2024 due to higher interest income on our cash balances. The modest floating rate debt we have is fully hedged through the third quarter of 2025.

本季扣除遞延融資成本的淨利息支出為 1,200 萬美元。由於我們的現金餘額的利息收入增加，這比 2024 年第一季增加了 500 萬美元。到 2025 年第三季度，我們的適度浮動利率債務已完全對沖。

The Q1 adjusted tax rate, which we use for the calculation of adjusted net income, was 21% for the quarter.

我們用於計算調整後淨收入的第一季調整後稅率為 21%。

This compares to last year's rate of 19%. The tax rate for the items used to adjust net income was 26% for the quarter.

相比之下，去年的失業率是 19%。本季用於調整淨收入的項目的稅率為 26%。

Adjusted EPS in Q1 was $2.98, up 2% compared to Q1 last year. We had 78 million shares outstanding in the first quarter. This is an improvement of over 1 million shares or about 1% year over year. We exited the first quarter with just under 78 million shares on an unweighted basis.

第一季調整後每股收益為 2.98 美元，較去年第一季成長 2%。第一季我們有 7800 萬股流通股。與去年同期相比，這一數字增加了 100 多萬股，增幅約為 1%。第一季結束時，我們的未加權股票數量略低於 7,800 萬股。

Operating cash flow for the quarter was $314 million, up 66% compared with last year. CapEx was $26 million, up about $3 million year over year. This was primarily due to real estate related costs and in line with our expectations.

本季經營現金流為3.14億美元，較去年同期成長66%。資本支出為 2,600 萬美元，年增約 300 萬美元。這主要是由於房地產相關成本，符合我們的預期。

First-quarter free cash flow was $288 million, up 73% compared with Q1 in 2024. Free cash flow on a rolling four-quarter basis was 120% of GAAP net income and 97% of EBITDA. As we noted last quarter, there were several items in 2024 that affect rolling four-quarter net income and free cash flow, including after-tax insurance proceeds, a real estate lease termination payment, and tax planning benefits. Adjusting for these items, free cash flow on a rolling four-quarter basis was 20% of revenue, 82% of EBITDA, and 155% of GAAP net income.

第一季自由現金流為 2.88 億美元，較 2024 年第一季成長 73%。連續四個季度的自由現金流佔 GAAP 淨收入的 120% 和 EBITDA 的 97%。正如我們上個季度所指出的，2024 年有幾個因素會影響滾動四個季度的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。調整這些項目後，連續四個季度的自由現金流佔收入的 20%、EBITDA 的 82% 和 GAAP 淨收入的 155%。

At the end of the first quarter, we had about $2.1 billion of cash. Our March 31 debt balance was about $2.5 billion. Our reported gross debt to trailing 12-month EBITDA was well under two 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 disciplined share purchases and strategic tuck-in M&A. Our balance sheet is very strong with $2.8 billion of liquidity, low levels of leverage, and effectively fixed interest rates.

截至第一季末，我們擁有約 21 億美元現金。我們的 3 月 31 日債務餘額約為 25 億美元。我們報告的總債務與過去 12 個月的 EBITDA 比率遠低於兩倍。我們預期的自由現金流產生、可用的循環信貸額度以及資產負債表上剩餘的超額現金提供了充足的流動性，以實現我們嚴格的股票購買和策略性補充併購的資本配置策略。我們的資產負債表非常強勁，擁有 28 億美元的流動性、低槓桿率和有效固定的利率。

We repurchased $163 million of stock during the first quarter. At the end of Q1, our share repurchase authorization was approximately $870 million. 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. We are updating our full-year guidance to reflect recent performance and trends.

我們在第一季回購了價值 1.63 億美元的股票。第一季末，我們的股票回購授權金額約為 8.7 億美元。隨著我們繼續回購股票，我們的資本基礎將會縮減。隨著時間的推移，這將增加每股收益，並且與不斷增長的利潤相結合，也能帶來投資資本的不斷增長的回報。我們正在更新全年指導以反映最近的表現和趨勢。

Since we reported Q4 results in early February, the world has become significantly more dynamic. We are applying all the lessons we've learned from prior challenging environments. We are shifting our focus to the things our clients need the most in an extraordinarily uncertain operating environment. We're also remaining agile in managing our cost structure while also investing for future growth. In particular, we are preserving and growing our selling capacity outside of directly impacted areas, which is a key input into our algorithm for future sustained double-digit growth.

自從我們在二月初公佈第四季業績以來，世界已經變得更加活躍。我們正在運用從之前的充滿挑戰的環境中學到的所有經驗教訓。在極度不確定的營運環境中，我們正將重點轉移到客戶最需要的東西上。我們在管理成本結構方面也保持靈活性，同時也為未來的成長進行投資。特別是，我們正在直接受影響地區之外保持並擴大銷售能力，這是我們未來持續兩位數成長演算法的關鍵輸入。

The US dollar weakened significantly during Q1. We now expect FX to benefit revenue growth by about 50 basis points and an EBITDA growth by about 130 basis points in 2025. We've provided both the FX driven and operational changes to guidance in our earnings supplement. As a reminder, about one-third of our revenue and operating expenses are denominated in currencies other than the US dollar.

第一季美元大幅走弱。我們現在預計，到 2025 年，FX 的營收將成長約 50 個基點，EBITDA 將成長約 130 個基點。我們在收益補充報告中提供了外匯驅動和營運變化的指導。提醒一下，我們的約三分之一收入和營運費用是以美元以外的貨幣計價的。

For research subscription revenue in 2025, our guidance reflects an expectation that Q1 trends for new business and retention continue for the balance of the year. We've also incorporated the information we have about US federal spending decisions to date. In addition, we've taken a prudent view of the outlook as the current environment remains very dynamic. For the non-subscription part of the research segment, we've built a continuation of recent traffic and pricing trends into the guidance.

對於 2025 年的研究訂閱收入，我們的指導反映了這樣的預期：第一季的新業務和保留趨勢將在今年剩餘時間內持續下去。我們也整合了迄今為止所掌握的有關美國聯邦支出決策的資訊。此外，由於當前環境仍然非常活躍，我們對前景持謹慎態度。對於研究部分的非訂閱部分，我們在指導中加入了近期流量和定價趨勢的延續。

For conferences, we are basing our guidance on the 53 in-person destination conferences we have planned for 2025. We have good visibility into current year revenue with a majority of what we've guided already under contract.

對於會議，我們的指導是基於我們計劃於 2025 年舉辦的​​ 53 場面對面目的地會議。我們對本年度的收入有很好的了解，其中大部分收入已經按照合約進行了指導。

For consulting, we have more visibility into the next quarter or two based on the composition of our backlog and pipeline as usual. Given the shifts in the macro environment, we've been thoughtful about the outlook for the labor-based part of the business.

對於諮詢而言，我們像往常一樣根據積壓訂單和管道的組成情況，對下一兩季有更清晰的了解。鑑於宏觀環境的變化，我們一直在認真考慮勞動力業務部分的前景。

Contract optimization has had several very strong years, and the business remains highly variable. We've incorporated a prudent outlook for this part of the segment. Our base level assumptions for consolidated expenses have changed to reflect the revenue outlook. We have demonstrated our ability to manage costs prudently in any market environment, and we will remain agile.

合約優化已經歷了幾年的強勁成長，但業務仍然變化很大。我們對該部分業務持審慎態度。我們對合併費用的基本假設已經發生了變化，以反映收入前景。我們已經證明了我們在任何市場環境下審慎管理成本的能力，並且我們將保持敏捷。

We will do this while also investing for future growth. Our plan is to exit the current environment better, faster, and stronger than before. We can both deliver on our EBITDA margin commitments for this year while investing for future growth. Our plan for both GTS and GBS is for mid-single digit sales headcount growth outside of directly impacted areas. This reflects our commitment to invest for future growth while delivering strong margins and free cash flow. We're maintaining recruiting capacity and are prepared to go faster on the hiring based on the macro-driven demand. And as the selling environment gets back to normal, we expect significant benefits from QBH productivity.

我們將在實現這一目標的同時為未來的成長進行投資。我們的計劃是比以前更好、更快、更強地退出當前環境。我們既可以兌現今年的 EBITDA 利潤率承諾，又可以投資未來的成長。我們對 GTS 和 GBS 的計劃是，在直接受影響區域以外實現中等個位數的銷售人員成長。這體現了我們致力於投資未來成長，同時實現強勁利潤率和自由現金流。我們正在保持招募能力，並準備根據宏觀需求加快招募速度。隨著銷售環境恢復正常，我們預期 QBH 生產力將帶來顯著的效益。

Our updated 2025 guidance is as follows. We expect research revenue of at least $5.34 billion which is FX neutral growth of about 4%. This reflects subscription research revenue growth of about 5%. We expect conference's revenue of at least $625 million which is FX neutral growth of about 6%. We expect consulting revenue of at least $575 million which is growth of about 2% FX neutral. The result is an outlook for consolidated revenue of at least $6.535 billion which is FX neutral growth of 4%.

我們更新的 2025 年指引如下。我們預計研究收入至少為 53.4 億美元，即外匯中立成長約 4%。這反映出訂閱研究收入成長了約 5%。我們預計會議收入至少為 6.25 億美元，即外匯中立成長約 6%。我們預計諮詢收入至少為 5.75 億美元，即成長約 2%（匯率中立）。預計合併收入至少為 65.35 億美元，即外匯中性成長 4%。

We now expect full-year EBITDA of at least $1.535 billion, up $25 million from our prior guidance. We expect 2025 adjusted EPS of at least $11.70, up about $0.25 from last quarter. For 2025, we expect free cash flow of at least $1.145 billion. This reflects a conversion from GAAP net income of 137%.

我們現在預計全年 EBITDA 至少為 15.35 億美元，比之前的預期高出 2500 萬美元。我們預計 2025 年調整後每股收益至少為 11.70 美元，比上一季上漲約 0.25 美元。到 2025 年，我們預計自由現金流至少為 11.45 億美元。這反映了 GAAP 淨收入的 137% 轉換。

Our guidance is based on 78 million fully diluted weighted average shares outstanding, which reflects the repurchases made through the end of the first quarter. For Q2, we expect adjusted EBITDA of at least $400 million. Our financial results through March were ahead of expectations, underscoring the resilience of our business model. While we updated the revenue guidance to reflect the macro landscape, we will also benefit from the latest FX rates. Our EBITDA margin outlook is now higher than it was in February.

我們的指引基於 7,800 萬股完全稀釋加權平均流通股，這反映了截至第一季末的回購情況。對於第二季度，我們預計調整後的 EBITDA 至少為 4 億美元。截至三月份，我們的財務表現超乎預期，凸顯了我們商業模式的彈性。雖然我們更新了收入預期以反映宏觀形勢，但我們也將受益於最新的外匯匯率。我們對 EBITDA 利潤率的預期目前高於 2 月的水平。

We have successfully navigated challenging macro environments before and know the right things to do. We are running our operational best practices, including delivering exceptional value for our clients, running our sales and services best practices playbooks, investing in sales capacity, which is a key ingredient for future sustained double-digit, top-line growth; managing our expenses aggressively and thoughtfully to protect profitability and cash flow; and using our strong balance sheet and cash flow to buy our stock and for tuck-in M&A.

我們之前已經成功應對了充滿挑戰的宏觀環境，並且知道正確的做法。我們正在實施最佳營運實踐，包括為客戶提供卓越的價值、運行我們的銷售和服務最佳實踐手冊、投資銷售能力，這是未來持續兩位數營收成長的關鍵因素；積極、周到地管理我們的開支，以保護盈利能力和現金流；並利用我們強大的資產負債表和現金流來購買我們的股票和現金流來補充併購。

Looking out over the medium term in a normal macro environment, our financial model and expectations are unchanged. With 12% to 16% research CV growth, we will deliver double-digit revenue growth. There is operating leverage in the business which allows us to expand margins. With gross margin expansion, sales costs growing about in line with CV growth and G&A leverage, we will deliver modest EBITDA margin expansion.

從中期來看，在正常的宏觀環境下，我們的財務模型和預期保持不變。隨著研究履歷成長12%至16%，我們將實現兩位數的收入成長。業務中存在經營槓桿，這使我們能夠擴大利潤率。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 front, 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.

由於我們的資本支出需求適中，且客戶預先付款為我們帶來好處，我們可以使自由現金流至少以與 EBITDA 一樣快的速度增長，並且我們將繼續將資本用於股票購買，這將隨著時間的推移降低股票數量，並用於提高戰略價值的補充性併購。

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

說完，我會將電話轉回給接線生，我們很樂意回答您的問題。操作員？

(Operator Instructions)

（操作員指示）

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

So what percentage of the contracts value base are you following the directly impacted areas and how are you managing sales headcount I guess for US federal government, agency, prospects or the more meaningfully other directly impacted areas in terms of are you (inaudible) are you kind of preserving some of that capacity, including to position for like win back opportunities.

那麼，您在直接受影響的地區關注的合約價值基數佔比是多少？您如何管理銷售人員？我想對於美國聯邦政府、機構、潛在客戶或更有意義的其他直接受影響的地區而言，您是否（聽不清楚）保留了部分產能，包括為贏回機會做好準備。

Hey Jeff, good morning, thanks for the question. I'll start and then then Gene will finish up on your question.

嘿，傑夫，早安，謝謝你的提問。我先開始回答，然後 Gene 會結束你的問題。

So from a directly impacted area perspective, it is largely US federal that we're talking about now, and so obviously we're not looking to grow our QBH there but we wanted to make sure it was really clear that outside of that directly impacted area, we were actually targeting to continue to grow the number of headcount, the number of territories for both GTS and GBS in the mid-single digits.

因此，從直接受影響區域的角度來看，我們現在談論的主​​要是美聯邦，因此顯然我們不打算在那裡擴大我們的 QBH，但我們想確保非常清楚，在直接受影響區域之外，我們實際上的目標是繼續增加員工數量，GTS 和 GBS 的地區數量保持在中等個位數。

Yeah, and basically, Jeff, as Craig said, the largest impacted area is by far the US federal government and there what we're planning to do is we're not backfilling and we're basically making sure we're controlling headcount there very carefully. The rest of the business, the non-impact area, as I said, we're continue to grow in mid-single digits this year.

是的，基本上，傑夫，正如克雷格所說，受影響最大的地區是美國聯邦政府，我們計劃要做的是不進行回填，我們基本上確保非常謹慎地控制那裡的員工人數。正如我所說，其餘業務，即非影響領域，今年我們將繼續保持中等個位數的成長。

But you're not reassigning the US federal government headcount, you're keeping them there for now.

但你並沒有重新分配美國聯邦政府的職員人數，而是暫時保留他們的人數。

Yeah, great question. So basically, we have some very strong public sector salespeople. We want to make sure we retain them and those really strong salespeople where we can reassign them we are absolutely reassigned because we have plenty of sales opportunities. In some cases, it makes sense; in other cases, it doesn't, but wherever we can, we of course are retaining our great salespeople.

是的，很好的問題。所以基本上，我們有一些非常強大的公共部門銷售人員。我們希望確保留住他們，而那些真正強大的銷售人員，我們可以重新分配他們，我們絕對會重新分配，因為我們有很多銷售機會。在某些情況下，這是有道理的；在其他情況下則不然，但只要我們能夠，我們當然會留住優秀的銷售人員。

Got it. And then what is -- where there's early cancels for convenience among US federal government agency contracts? What is the RevRec treatment and what is the contract value treatment and can you just give us any sense of if that's a meaningful percentage of the attrition versus just non-renewal as a contract naturally comes due?

知道了。那麼，美國聯邦政府機構合約中是否存在為了方便而提前取消的情況？什麼是 RevRec 處理？什麼是合約價值處理？您能否告訴我們，這是否是員工流失的有意義百分比，還是只是合約自然到期而不續約？

Yeah Jeff, it's a great question. So actually we've got details on that in the queue, but let me just summarize for the benefit of everyone on the call. So as it stands right now, we've got about $30 million worth of termination notices related to contracts that are set to expire later in the year. One way to think about it is it's just normal course. We've just been notified ahead that those things will not be renewing or we have the termination notice in hand.

是的，傑夫，這是一個很好的問題。實際上，我們已經在隊列中獲得了有關該問題的詳細信息，但為了讓電話會議中的每個人都能受益，請允許我進行總結。因此，就目前情況而言，我們收到了價值約 3000 萬美元的與將於今年稍後到期的合約相關的終止通知。一種思考方式是，這只是正常過程。我們剛剛提前收到通知，這些事情將不會續簽，或者我們手上已經收到了終止通知。

That $30 million remains in contract value because we are continuing to recognize the revenue on it, but in the grand scheme of not only the US federal business but actually on total CV, it's a relatively small amount, but that's how we're handling it and there's a little bit more detail in the queue I think on page 25, if you want to search it out.

這 3000 萬美元仍屬於合約價值，因為我們將繼續確認其收入，但從不僅美國聯邦業務而且實際上整個 CV 的總體情況來看，這都是一個相對較小的數額，但這就是我們的處理方式，如果您想查找的話，我想在第 25 頁的隊列中可以找到更多詳細信息。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

I was hoping to get just maybe a little bit more color on the guidance. I know you talked about on the slide and in the remarks that the guidance reflects 1Q new business and retention trends. I know you mentioned that there was a little bit of a change during the quarter maybe a slower like back half of the quarter, so wanted to understand does the guidance reflect like the complete 1Q which was maybe a little bit better or more weighted towards like the more recent like slower experience that you've seen.

我希望能得到更多有關指導的詳細資訊。我知道您在投影片和評論中談到，該指引反映了第一季的新業務和保留趨勢。我知道您提到本季度發生了一些變化，可能是本季度後半段的增長速度較慢，因此想了解指導意見是否反映了整個第一季度的情況，第一季的增長速度可能稍微好一些，或者更傾向於最近您所看到的較慢的體驗。

Yeah Toni, it's great question.

是的，托尼，這是個很好的問題。

So when we were together in early February talking about Q4, our commentary at that point through the month of January is we hadn't really seen a change in the selling environment and that was the case. Clearly things started to change mid-February into early March. I would say from a metric perspective though, since we are so dominated by the third month of every quarter, what we saw in back at February and March and in particular in March is reflective of the quarter and again we've taken that experience and rolled it forward across Q2, Q3, and Q4 to drive that update on the revenue guidance. So while January was normal, it's really small and the bulk of the volume in Q1 actually happened during the month of March.

因此，當我們在二月初一起討論第四季時，我們對當時到一月份的評論是，我們並沒有真正看到銷售環境的變化，事實就是如此。顯然，情況在二月中旬至三月初開始改變。不過，我想從指標角度來看，由於我們每個季度都受第三個月的影響，所以我們在 2 月和 3 月（尤其是 3 月）看到的情況反映了該季度的情況，我們再次吸取了這一經驗，並將其推廣到第二季度、第三季度和第四季度，以推動收入指引的更新。因此，雖然一月份的情況正常，但交易量確實很小，第一季的大部分交易實際上發生在三月。

Got it. And then I wanted to ask I know US federal government was the big impact for what has changed on the government side. Wanted to though broaden it out to -- are you seeing anything at the state and local level or international government level that is similar to US federal and also maybe just opportunity for win back would be as Jeff alluded to as well is there an opportunity there this year, too.

知道了。然後我想問一下，我知道美國聯邦政府對政府方面的改變產生了很大的影響。但想將其擴大到——您是否看到州和地方層面或國際政府層面有任何與美國聯邦政府類似的情況，也許只是贏回的機會，正如傑夫所暗示的那樣，今年是否也有機會。

So Toni, first on the win back side, so we believe we provide a lot of value to our clients, including our US federal government clients. On helping, we help them things like having strong cybersecurity capabilities, cost optimization, use of AI, which are priorities for every enterprise, including public sector enterprises. And so we believe we provide a lot of value there and will over time continue to provide a lot of value to the federal government.

東尼，首先從贏回客戶的角度來說，我們相信我們為我們的客戶，包括美國聯邦政府客戶提供了很多價值。在提供協助方面，我們幫助他們擁有強大的網路安全能力、成本優化、人工智慧的使用，這些都是每個企業（包括公共部門企業）的優先事項。因此，我們相信我們在那裡提供了很大的價值，並且隨著時間的推移將繼續為聯邦政府提供很大的價值。

If you look at the state and local governments in the United States, there wasn't much change in Q1 compared to what we've seen in previous quarters. The same is true for governments around the world outside of the US whether it's at the federal level or at the provincial or state and local government level.

如果你看看美國的州和地方政府，你會發現第一季與前幾季相比並沒有太大變化。美國以外的世界各國政府，無論是聯邦政府、省級、州級或地方政府，都是如此。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Your business outlook for 2025 research revenue was downwardly revised by $135 million. Can you elaborate on how much of this reflects updated views on federal contract renewals versus updated views on other customer segments like tech vendors and enterprise functional leaders?

您對 2025 年研究收入的業務展望下調了 1.35 億美元。您能否詳細說明一下，這在多大程度上反映了對聯邦合約續約的最新觀點，以及對技術供應商和企業職能領導等其他客戶群的最新觀點？

Yeah, George, good morning.

是的，喬治，早安。

I would say that the guide is reflective of everything we've seen and everything we know and so obviously, the biggest thing or the largest impact that we saw that was off trend in Q1 was related to the US federal government which we just talked about with Jeff and Toni, but in terms of what we're seeing more broadly macroeconomically, that has been factored into the update guide.

我想說的是，該指南反映了我們所看到的一切以及我們所知道的一切，因此顯然，我們看到的第一季度偏離趨勢的最大因素或最大影響與美國聯邦政府有關，我們剛剛與傑夫和托尼談到了這一點，但就我們更廣泛地從宏觀經濟角度所看到的情況而言，這些因素已被納入更新指南中。

So I think what I'd say is from an update on the guidance perspective, and this applies to all the revenue lines, but research in particular is we took our Q1 experience and we flowed that through across our contract expirations for the balance of the year. We took what we knew specifically about US federal government. We modeled in the new FX rates and as always we try and take a prudent approach to how we approach our guidance for the full year. So I'd say those are the four things that factored into the update of all the guidance lines and the research line in particular.

因此，我認為我要說的是從指導角度的更新，這適用於所有收入線，但具體研究是我們借鑒了第一季的經驗，並將其貫穿到今年剩餘時間的合約到期日。我們利用了我們對美國聯邦政府的具體了解。我們根據新的外匯匯率進行了建模，並一如既往地嘗試採取審慎的方式來製定全年的指導。所以我想說，這些是影響所有指導方針和研究方針更新的四個因素。

And can you talk a little bit more about what you're seeing with tech vendors and enterprise functional leaders? Would you say that those trends are holding up better than what you're seeing with federal contract renewals?

您能否進一步談談您對技術供應商和企業職能領導的看法？您是否認為這些趨勢比聯邦合約續約的趨勢更好？

So what I say is with tech vendors, the market continues to improve. Our business there is accelerating, particularly the larger vendors. The smaller vendors are accelerating just at a slower pace than the larger vendors that businesses, I think, quite healthy. With enterprise functional leaders, again, you can separate it into the federal government, which we talked about and then all the other enterprise functional [leader business that we have which I think is more in trend with] (technical difficulty).

所以我想說的是，對於技術供應商來說，市場正在持續改善。我們在那裡的業務正在加速發展，特別是大型供應商。小型供應商的成長速度比大型供應商慢，但我認為，這些企業還是比較健康的。對於企業職能領導者，你可以將其分為聯邦政府，這是我們討論過的，然後是所有其他企業職能[我認為我們所擁有的領先業務更符合趨勢]（技術難度）。

Josh Chan, UBS.

瑞銀的 Josh Chan。

I was wondering if you could talk about the selling environment outside of federal. It seems like you're saying that the environment became more volatile, but I guess if I add back your NICV impact that you gave for the federal government, it seems like the CVX federal was fairly similar to what you had in Q4. So I'm just trying to triangulate the comment about volatility and then the relatively good ex-federal CV (inaudible).

我想知道您是否可以談談聯邦以外的銷售環境。您似乎在說環境變得更加不穩定，但我想如果我加上您為聯邦政府提供的 NICV 影響，那麼 CVX 聯邦似乎與您在第四季度所遇到的情況非常相似。因此，我只是試圖對有關波動性的評論和相對較好的前聯邦簡歷（聽不清楚）進行三角測量。

Josh, so the selling environment for the federal government we talked about and that was the main thing that impacted our results in Q1. Outside of federal government, it's not completely uniform in terms of the impact. So there are some companies that are more impacted, for example, by tariffs than others by the way, both US as well as non-US companies.

喬希，我們談論了聯邦政府的銷售環境，這是影響我們第一季業績的主要因素。在聯邦政府之外，其影響並不完全一致。順便說一下，有些公司受到關稅的影響比其他公司更大，包括美國公司和非美國公司。

And so, the companies that don't have a lot of tariff impact or other kinds of impact for policy changes, it's kind of business as usual in terms of decision making. The ones that are more directly impacted, decision making has slowed. They're still buying, they're still renewing, but decision cycles have extended compared to what they were say before last year. So still see the value, our pipeline is actually very robust, but decisions are taking longer to get than they did in Q4 (technical difficulty) of last year, basically.

因此，對於那些不受關稅或其他政策變化影響的公司來說，在決策方面一切照常。受到更直接影響的是，決策速度已經放緩。他們仍在購買，仍在更新，但與去年相比，決策週期已延長。因此仍然看到價值，我們的管道實際上非常強大，但決策所需的時間比去年第四季（技術難度）還要長。

Okay. That's great color. Yeah. Thank you for that.

好的。顏色真棒。是的。謝謝你。

And then I guess, how are you thinking about your cost structure going forward? Because you clearly raised the guidance despite lowering the revenue. So could you kind of talk to I guess how the lower revenue but then offset by your more prudent cost management is factoring into your increased margin guidance for the year.

那我想問一下，您如何考慮未來的成本結構？因為儘管降低了收入，但你顯然提高了指導。那麼，您能否談談，較低的收入是如何被更審慎的成本管理所抵消的，這對您今年的利潤率預期是否有所提高？

Yeah Josh, so I mean the way to think about that is we've proven over the last several years given all the things Gene outlined in his prepared remarks about the craziness and the macro and geopolitical environment and just how challenging it has been that we've been very agile in managing our expenses and what I'd say now is given the US Fed results and the impact that's having on the contract value growth and then some of the things Gene just outlined as well in terms of longer selling cycles and things like that we're taking the opportunity to make sure that we are managing our operating expense based super prudently and super carefully but also making sure that we're investing in areas that we know support and drive future growth.

是的，喬希，所以我的意思是，考慮到吉恩在他準備好的發言中概述的關於瘋狂、宏觀和地緣政治環境以及我們在管理費用方面有多麼具有挑戰性的所有事情，我們在過去幾年中已經證明這一點，而且我現在要說的是，鑑於美聯儲的結果及其對合約價值成長的影響，以及吉恩剛才概述的一些事情，例如更長的銷售週期等，我們正在藉此機會確保我們以非常謹慎和非常謹慎的方式管理我們的營運費用，同時也確保我們投資於我們知道支持和推動未來成長的領域。

We're in a period right now where our CV is growing call it mid-to-high-single digits. Obviously, we firmly believe that we can be a 12% to 16% grower on the research business and a double-digit grower on the overall top line and we want to make sure that we don't do anything that damages or impedes our ability to get back there when the economic situation is more quote-unquote, normal.

我們現在正處於履歷成長的時期，我們可以稱之為中高個位數。顯然，我們堅信，我們可以在研究業務上實現 12% 到 16% 的增長，在整體營收上實現兩位數的增長，我們希望確保我們不會做任何損害或阻礙我們在經濟形勢更加正常時恢復正常的能力的事情。

And so what we're doing is, I call it like a slight belt tightening across the board as we're seeing a little bit of pressure in some areas but also making sure that we're growing our selling capacity because we know that's a key ingredient going forward. So we're not chopping anything, we're not slamming on the brakes on anything. We're just being thoughtful and prudent and careful and also making sure that we're investing in areas that we know drive and support future growth.

因此，我們正在做的是，我稱之為在各個方面稍微勒緊褲腰帶，因為我們在某些​​領域看到了一些壓力，但同時也確保我們提高銷售能力，因為我們知道這是未來發展的關鍵因素。所以我們不會削減任何東西，也不會對任何東西踩剎車。我們只是深思熟慮、謹慎小心，同時確保我們投資於我們知道能夠推動和支持未來成長的領域。

That makes a lot of sense. Thank you both for the time and the color.

這很有道理。謝謝你們付出的時間和色彩。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

I wanted to talk about the clients that you mentioned are anticipated or impacted by tariffs, for example, where you've seen slower decision making. How have you seen that play out historically because I was saying that as you mentioned in your script like these clients can certainly benefit from Gartner insights during this time. And so is there this initial period where folks are evaluating the situation and are you leaning in harder with these clients to explain your value proposition and so how should we think about those clients going forward?

我想談談您提到的那些預計會受到關稅影響的客戶，例如，您發現他們的決策速度變慢了。從歷史上看，您如何看待這種情況，因為我說過，正如您在腳本中提到的那樣，這些客戶在此期間肯定可以從 Gartner 的見解中受益。那麼，在最初的階段，人們是否會評估情況，您是否會更努力地向這些客戶解釋您的價值主張，那麼我們應該如何看待這些客戶的未來？

Hi, Faiza. Great question.

嗨，法伊扎。好問題。

So basically, what we've seen historically is when there's a lot of uncertainty, clients slow their decision making and then after a few months, they then say, well, we're in this world, we have to decide what to do Gartner's a big help, and then we actually have a burst of business from that. We continue to maintain relationships, continue to build pipeline, and clients know the value but when there's this kind of shock of uncertainty, the first reaction from some companies is to say, let's slow or stop decision making for a period of time. And then -- but that period of time goes by and then they know they need to get -- they need help with cybersecurity, they need help with AI. They need help with cost optimization. All the things that are software selection. So all those things that are sweet spots are things that they know they need and so there's a slowdown that picks up over time -- the historical pattern.

所以基本上，我們從歷史上看到的情況是，當存在很多不確定性時，客戶會放慢他們的決策速度，然後幾個月後，他們會說，好吧，我們身處這個世界，我們必須決定做什麼，Gartner 會提供很大的幫助，然後我們實際上會因此而獲得一波業務熱潮。我們繼續維持關係，繼續建立管道，客戶也知道其價值，但是當出現這種不確定性的衝擊時，一些公司的第一個反應是說，讓我們在一段時間內放慢或停止決策。然後——但那段時間過去了，他們知道他們需要得到——他們需要網路安全的幫助，他們需要人工智慧的幫助。他們需要成本優化的幫助。所有的東西都是軟體選擇。因此，所有這些最佳點都是他們知道自己需要的東西，因此隨著時間的推移，經濟會放緩——這是歷史模式。

Understood.

明白了。

And then just on capital allocation and share buyback, I know you mentioned your eagerness to buy back shares a couple times. Is there any other perspective around that just given what's happened with the stock and the market overall? How are you viewing the opportunity to buy back stock and could we expect a more elevated level of share repurchases this year just given the amount of cash that you have on the balance sheet?

然後，關於資本配置和股票回購，我知道您曾經幾次提到您渴望回購股票。考慮到股票和整個市場的情況，還有其他觀點嗎？您如何看待回購股票的機會？考慮到您資產負債表上的現金量，我們是否可以預期今年的股票回購水準會更高？

Yeah, good morning, Faiza.

是的，早安，Faiza。

I think our long-term capital allocation strategy is using our balance sheet, our cash flow and excess cash to return capital to shareholders through our buyback programs and also to look for strategic value enhancing tuck-in M&A. We continue to believe that we can do both those things with our balance sheet and our capital allocation.

我認為我們的長期資本配置策略是利用我們的資產負債表、現金流量和過剩現金透過回購計畫向股東返還資本，並尋求提升策略價值的補充性併購。我們仍然相信，我們可以透過資產負債表和資本配置來實現這兩點。

From a buyback perspective as we've talked about historically, our strategy is to be price sensitive, opportunistic, and disciplined, and we're looking to optimize returns on our buybacks, not in a quarter or two, but over the long term. And so we are always looking at combinations of what's happening with the price of the stock, what's happening with overall multiples, what's happening with the market, what's happening with our stock individually, what is intrinsic value? All of those things are inputs into how we look to be price sensitive, opportunistic, and disciplined.

從回購的角度來看，正如我們過去所討論的，我們的策略是價格敏感、機會主義和紀律嚴明，我們希望優化回購的回報，不是在一兩個季度內，而是在長期內。因此，我們總是關注股票價格的變化、整體本益比的變化、市場的變化、我們股票的個體變化、內在價值是多少？所有這些都影響著我們如何對價格保持敏感、把握機會、遵守紀律。

You rightly point out that we have $2.1 billion of cash on our balance sheet. We expect to generate another order of magnitude $800 billion of free cash flow over the course of this year, and then, we expect to generate well over $1 billion of free cash flow each and every year. So what that means is we have a lot of capital that we can put to use on behalf of our shareholders behind either buybacks or strategic tuck-in M&A and we continue to monitor the situation very closely but we're going to stick to our guns and our approach of being price sensitive, opportunistic, and disciplined with a real focus on optimizing returns over the long term.

您正確地指出，我們的資產負債表上有 21 億美元現金。我們預計今年的自由現金流將再增加 8,000 億美元，然後，我們預計每年的自由現金流將超過 10 億美元。這意味著我們擁有大量資本，可以代表股東用於回購或策略性收購，我們將繼續密切關注形勢，但我們將堅持我們的立場和方法，即對價格敏感、抓住機會、嚴守紀律，並真正專注於優化長期回報。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

I believe previously you were guiding the GBS quota bearing headcount to grow double digits this year and I believe you said that you're not expecting it to grow mid-single digits. Can you just talk about what's the reason for the reduction in that segment specifically?

我相信您之前曾指導 GBS 配額承擔人數今年增長兩位數，並且我相信您說過您並不期望它增長中等個位數。您能否具體談談該部分減少的原因是什麼？

Yeah, I think it's part of our normal agile planning around the business. Obviously, we do have US federal footprint with our GBS business as well and that has been impacted in the first quarter as we described on our prepared remarks. We're also dealing with a more challenging macro environment Gene reference [longer] sale cycles things of that nature and so we're always tweaking what we want and expect from a quota bearing headcount growth perspective over the course of the year.

是的，我認為這是我們圍繞業務的正常敏捷規劃的一部分。顯然，我們的 GBS 業務也與美國聯邦政府有關係，正如我們在準備好的評論中所描述的那樣，這在第一季受到了影響。我們也面臨著更具挑戰性的宏觀環境，例如更長的銷售週期等，因此，我們始終在根據配額員工成長的角度調整我們想要的和期望的一年。

What I would say is what we've got dialed into our outlook right now is mid-single digit growth in both GTS and GBS, but if the end market improves, or the demand environment improves, our sales cycles reduce; we have plenty of recruiting capacity to be able to go faster, if we want to but essentially right now it's just a reflection of what we're seeing in the market and modest tapping of the brakes there just to make sure that we keep our cost structure in line with CV growth expectations and our revenue in CV growth expectations rolling forward in '26 and '27.

我想說的是，我們目前的預期是 GTS 和 GBS 都將實現中等個位數增長，但如果終端市場改善，或者需求環境改善，我們的銷售週期就會縮短；如果我們願意的話，我們有足夠的招聘能力來加快速度，但從本質上講，現在這只是我們在市場上看到 CV的情況的反映，並且在 26 年踩剎車只是為了確保我們的收入結構一致， CV年繼續增長。

Got it. Thank you. That's helpful.

知道了。謝謝。這很有幫助。

And then as a follow-up I appreciate the commentary on how you're leveraging AI. I'm curious if you put any thought to rolling out any sort of -- like chat functionality driven by AI if that's something that your customers are asking for or if there's any potential to use that to maybe make it a little bit easier for your customers to access and utilize all the primary insights from your research.

然後作為後續，我很欣賞您對如何利用人工智慧的評論。我很好奇，您是否考慮過推出任何類型的——例如由人工智慧驅動的聊天功能，如果這是您的客戶所要求的，或者是否有可能使用它來讓您的客戶更容易訪問和利用您研究中的所有主要見解。

Hey, Jason.

嘿，傑森。

As I mentioned my remarks, we're really experts on AI. We know it really well. We use AI internally, so we have an application much like you described where internally our associates can use AI to help them navigate through our very large content base. We're planning to release that to clients but because of the problems like hallucinations and things like that, we want to make sure that we get the [bugs worked out] because like our clients -- you count on us not to have any hallucinations and things like that that can happen with AI.

正如我在我的評論中提到的，我們確實是人工智慧專家。我們非常了解這一點。我們在內部使用人工智慧，因此我們有一個非常類似於您描述的應用程序，我們的內部員工可以使用人工智慧來幫助他們瀏覽我們非常龐大的內容庫。我們計劃將其發布給客戶，但由於存在幻覺等問題，我們希望確保能夠解決這些問題，因為就像我們的客戶一樣——您指望我們不會出現任何幻覺以及人工智慧可能出現的問題。

So we've developed it, we're using it internally. You can think about it as piloting it, but it's very broad on thousands of our associates and it's working very well, but we want to make sure that it is bulletproof before we roll it out to clients and our clients understand that. They know we understand that they want it bulletproof.

我們已經開發了它，並且在內部使用它。你可以把它看作是試點項目，但它在我們數千名員工中應用非常廣泛，而且運作良好，但我們希望在向客戶推出之前確保它是萬無一失的，我們的客戶也明白這一點。他們知道我們明白他們想要的是堅不可摧的。

Andrew Nicholas, William Blair.

安德魯尼古拉斯、威廉布萊爾。

First, on the government side, just curious if you could provide any additional color on the timing of renewals throughout the remainder of this year. I believe I caught 40% in the first quarter, but just curious if there's anything unique about kind of the cadence throughout the rest of the year and relatedly, I think you said half or roughly half of those contracts were renewed. Is there any reason for us to think that renewal rates will get better or worse from that level as the year goes on maybe as you get more comfortable selling back into that group or anything like that that I'm not thinking of.

首先，就政府方面而言，我很好奇您是否可以提供更多有關今年剩餘時間內續約時間的資訊。我相信我在第一季就抓住了 40% 的機會，但我只是好奇今年剩餘時間的節奏是否有什麼獨特之處，與此相關的是，我認為您說過大約一半或一半的合約都已續簽。我們是否有理由認為，隨著時間的推移，續約率會從該水平變得更好或更差，也許是因為您更願意將產品賣回給該集團或諸如此類的事情，而我沒有想到。

Yeah, Andrew, thanks.

是的，安德魯，謝謝。

So over the next three quarters, Q1 was the largest as we mentioned, and you referenced. Q2 is less than half of what we saw in Q1 and Q3, which aligns with the US fed fiscal is our next largest quarter, but it's probably three quarter the size of what we saw in Q1 and so and then Q4 is really small in terms of the expirations there. So bulk is actually in Q3, which again aligns with the US federal fiscal.

因此，在接下來的三個季度中，正如我們所提到的，第一季是最大的。第二季的規模還不到第一季和第三季的一半，這與聯準會財政刺激計畫相一致，這是我們下一個最大的季度，但它的規模可能是第一季的四分之三，因此，就第四季的到期規模而言，第四季的規模確實很小。因此，大部分實際上是在第三季度，這再次與美國聯邦財政一致。

In terms of what we've modeled in is what you highlighted. Essentially, what we experienced during the first quarter which is nearly $0.5 attention around 50%, we've modeled that forward. I do think and Gene made this point earlier as well, we're intent on making sure and really helping our US federal clients achieve their most important mission-critical priorities and so we're not just abandoning our clients if the contract doesn't renew, we are there and we want to make sure that we're there when they are ready to buy again which we have a high degree of confidence that if they are still there, they will want to buy our services because we provide so much value.

就我們所建模的內容而言，這就是您所強調的。基本上，我們在第一季經歷的情況是，關注度接近 0.5 美元，約為 50%，我們已經對此進行了建模。我確實認為，而且 Gene 之前也提到了這一點，我們致力於確保並真正幫助我們的美國聯邦客戶實現他們最重要的關鍵任務優先事項，因此，如果合同不續簽，我們不會拋棄我們的客戶，我們會一直陪伴著他們，我們希望確保當他們準備再次購買時，我們會一直購買陪​​伴著他們，我們非常有信心，如果他們仍然在購買我們的價值。

That's not baked in because again we haven't seen it yet and so our philosophy generally is not to build forecasts, plans, and outlooks based on what we hope is going to happen but more along what we've seen but that is certainly a possibility. And again we're organizing our teams to make sure we take advantage of that probably more of a '26 and '27 dynamic than a '25 dynamic but if we are able to get people back and turned on during 2025, great, and that would be that upside to what we're looking at.

這還沒有確定，因為我們還沒有看到它，所以我們的理念通常不是根據我們希望發生的事情來建立預測、計劃和展望，而是更多地根據我們已經看到的事情來建立預測、計劃和展望，但這肯定是有可能的。我們正在再次組織我們的團隊，以確保我們能夠充分利用 2026 年和 2027 年的動態，而不是 2025 年的動態，但如果我們能夠在 2025 年期間讓人們回來並開始工作，那就太好了，這將是我們正在關注的優勢。

Understood. Thank you.

明白了。謝謝。

And then kind of changing gears for my follow-up. Just wanted to ask about the conservatism of the OpEx guide. I understand, and you gave some great reminders on the flexibility of the cost base and how you're thinking about the cost structure, but you've also over the past several years given a pretty prudent outlook in terms of spend. So just hope -- wondering if some of the cost actions that you've started to take and tightening of the belt over the past month-plus maybe lower some of the conservatism on that front or if we should think about it being relatively consistent with previous approaches.

然後我就開始改變我的後續行動。只是想問一下 OpEx 指南的保守性。我明白，您對成本基礎的靈活性以及您對成本結構的看法給出了一些很好的提醒，但在過去幾年中，您在支出方面也給出了相當謹慎的展望。所以只是希望——想知道您在過去一個多月裡開始採取的一些成本行動和勒緊褲腰帶的舉措是否會降低這方面的一些保守主義，或者我們是否應該考慮它與以前的方法相對一致。

Yeah, it's a great question.

是的，這是一個很好的問題。

I mean the environment is dynamic as we discussed and so we are rolling with that dynamism and attempting to have as much agility around our operating expense space as possible. The reality is we're obviously managing the '25 P&L to make sure that we're investing for the future and protecting profitability and free cash flow, but in reality as you know, we run this business for the long term and we're making sure that our OpEx space is right size for '26 that we're investing in the right areas during 2025 so that we can reaccelerate CV into the future.

我的意思是，正如我們所討論的，環境是動態的，因此我們正在順應這種動態，並嘗試盡可能靈活地調整我們的營運費用空間。現實情況是，我們顯然在管理 25 年損益表，以確保我們為未來進行投資並保護盈利能力和自由現金流，但實際上，如您所知，我們是長期經營這項業務，並確保我們的營運支出空間適合 26 年，我們在 2025 年投資於正確的 CV領域，以便我們能夠重新加速 CV 走向未來。

And so I wouldn't characterize the guidance as or the OpEx guidance as any more prudent or conservative than normal. I would say it's our normal approach to how we build our outlook and how we build our guidance and as you mentioned earlier, we're prepared to invest more if we see positive changes in the environment and we're prepared to tighten the belt maybe one more notch if we have to as well and so we're very focused on making sure we're doing the right things for the business over the long term but we're also going to make the right decisions in the short term as well to make sure that we are again making the right investments but also protecting profitability and free cash flow.

因此，我不會將該指南或 OpEx 指南描述為比正常情況更為謹慎或保守。我想說，這是我們建立前景和指導的正常方法，正如您之前提到的，如果我們看到環境出現積極變化，我們準備投入更多資金，如果有必要，我們也準備再勒緊褲腰帶一次，所以我們非常注重確保我們在長期內為企業做正確的事情，但我們也將在短期內做出正確的決策，以確保我們再次進行正確盈利的投資，同時也能保持正確的現金流。

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

I just wanted to go back to some of the mechanics regarding a cancellation of contract. I know on the federal government side, most of your contracts, if not all of them are one year, but I think you have a number of multi-year contracts outside of that. Can a client, if let's say I have a two-year contract, can we as a client cancel ahead of that? How much notice do I have to give you? Does it have to be around the anniversary date? Some of the specifics around that if you can provide would be great.

我只是想回顧一下有關取消合約的一些機制。我知道在聯邦政府方面，你們的大多數合約（如果不是全部的話）都是一年期的，但我認為除此之外你們還有很多多年期合約。假設我有一份兩年的合同，我們作為客戶可以提前取消嗎？我需要提前多久通知您？一定要在周年紀念日左右嗎？如果您能提供一些相關細節就太好了。

Yeah, generally, Jeff, a multi-year contract is a multi-year commitment with no out clauses or term for convenience rights within that contract. And so our multi-year contracts are true multi-year contracts. They can be two, three, four, even five years at some points, but the bulk of them are actually two-year contracts. And so when a client -- and again your point is right, the US federal contracts are almost exclusively one-year contract. But our multi-year contracts are multi-year with no true out clauses in them.

是的，傑夫，一般來說，多年期合約就是多年期承諾，合約中沒有任何退出條款或便利權利條款。因此，我們的多年期合約是真正的多年期合約。有時合約期限為兩年、三年、四年，甚至五年，但大多數合約實際上都是兩年期合約。因此，當客戶——你的觀點是正確的——美國聯邦合約幾乎都是一年合約。但我們的多年合約是多年期的，其中沒有真正的退出條款。

And again we've been very focused on continuing to increase the proportion of multi-year contracts in our contract value base, specifically for challenging macroeconomic times and again that's part of the resilience we've baked into our business or engineered into our business so that short-term challenges from a macro perspective have a more muted impact on our overall results because of a focus on operational best practices like selling multi-year contracts.

我們再次非常注重繼續增加多年期合約在合約價值基礎中的比例，特別是在充滿挑戰的宏觀經濟時期，這也是我們融入業務或設計到業務中的彈性的一部分，以便從宏觀角度來看，短期挑戰對我們的整體業績的影響更為溫和，因為我們專注於銷售多年期合約等最佳營運實踐。

Okay, that's helpful.

好的，這很有幫助。

And then you were kind enough to give us kind of the finality on renewals for the federal government. Can we get some similarity for the non-federal government contracts? I know they vary, but any help would be great.

然後您非常友善地為我們提供了聯邦政府續約的最終決定。我們能否找到非聯邦政府合約的一些相似之處？我知道它們有所不同，但任何幫助都將非常有幫助。

So I'd say again you can kind of see this in the external metrics as well, so client retention is holding up really well, and looks pretty good and would look even better or modestly better if we excluded US federal from it. So retention rates, broadly continued to look pretty good. I think that the challenge and Gene alluded to this earlier is our sales cycles from both A, new logo perspective and also from an upsell perspective have lengthened and that impacts a lot retention numbers and so you're seeing a little bit of that new business velocity impacting the retention numbers, but overall the retention numbers are holding up pretty well, and again you can see that in both the GTS and GBS client and while retention numbers.

因此我想再說一遍，您也可以在外部指標中看到這一點，客戶保留率保持得非常好，看起來相當不錯，如果我們將美國聯邦政府排除在外，情況會更好或略好一些。因此，總體而言，保留率仍然看起來相當不錯。我認為挑戰和 Gene 之前提到的一樣，在於我們的銷售週期從新標識角度和追加銷售角度都延長了，這對保留數字產生了很大的影響，因此您會看到新業務速度對保留數字產生了一點影響，但總體而言，保留數字保持得相當好，您可以再次在 GTS 和 GBS 客戶端以及保留數字中看到這一點。

And is there a specific quarter where most of these contracts renew?

大多數合約續約的具體季度是哪個？

Our two biggest quarters are Q1 and Q4 from an exploration perspective, Q2 and Q3 tend to be lighter quarters, but one of our practices is to when we have the opportunity to early renew things and so that can move things around, but if you just look at the pure contract term dates or end dates, overweighted to Q1 and Q4 think like 26% or 27% and then a little underweighted in Q2 and Q3 thinking that 22% to 23% of total range.

從探索角度來看，我們最大的兩個季度是第一季度和第四季度，第二季度和第三季度往往比較清淡，但我們的做法之一是，當我們有機會提前續約時，可以調整一下合同，但如果你只看純合同期限日期或結束日期，第一季度和第四季度的權重會高出 26% 或 27%，而第二季度和第三季度的權重會略低到 2%，佔 2% 2%。

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

謝謝，目前我沒有其他問題。我想將電話轉回給吉恩·霍爾 (Gene Hall) 做最後發言。

Well, here's what -- takeaway from today's call. Gartner has delivered financial results ahead of expectations. Our tech vendor CV growth continues to accelerate. We have a vast addressable market opportunity. We have a strong and compelling client value proposition. Looking ahead, we're well positioned to drive sustained double-digit revenue growth over the long term. We'll continue to create value for our shareholders by providing actual objective insight, guidance, and tools to our clients by prudently investing for future growth, by generating free cash flow well in access to net income, and by returning capital to our shareholders through our repurchase program.

好吧，這就是今天電話會議的要點。Gartner 的財務表現超乎預期。我們的技術供應商 CV 成長持續加速。我們擁有巨大的潛在市場機會。我們擁有強大且令人信服的客戶價值主張。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。我們將繼續為股東創造價值，為客戶提供實際客觀的見解、指導和工具，為未來成長進行審慎投資，在獲得淨收入的同時產生自由現金流，並透過回購計畫向股東返還資本。

Thanks for joining us today. We look forward to update you again next quarter.

感謝您今天加入我們。我們期待下個季度再次向您更新資訊。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。