高德納諮詢公司 (IT) 2025 Q2 法說會逐字稿

Good morning, everyone. Welcome to Gartner's Second Quarter 2025 Earnings Call. I'm David Cohen, SVP of Investor Relations. (Operator Instructions)

大家早安。歡迎參加 Gartner 2025 年第二季財報電話會議。我是投資者關係資深副總裁 David Cohen。（操作員指示）

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

在 Gartner 董事長兼執行長 Gene Hall 和 Gartner 財務長 Craig Safian 發表演講後，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 second 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 年第二季的財務業績，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 are for adjusted EBITDA with the adjustments as described in our earnings release and supplement. Our contract values and associated growth rates we discuss are based on 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。我們討論的合約價值和相關成長率是基於 2025 年的外匯匯率。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 in other filings with the SEC. I encourage all of you to review the risk factors listed in these documents.

正如今天的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. There are 2 things I'd like you to take away from today's discussion. First, AI is an important opportunity for Gartner across several dimensions. And second, we're making adaptations that give us a clear path back to double-digit growth. AI is one of the most pervasive changes happening around the world. It was the single largest demand area across all the topics we cover for virtually every role. Clients see large potential in AI, and they need help in determining the best way to capture that potential. Across functions, geographies and industries, clients are looking to Gartner to provide that help, and we're the best solution to support clients' AI journeys.

早安，感謝您今天加入我們。我希望大家從今天的討論中得到兩點啟示。首先，AI對於Gartner來說是一個跨多個維度的重要機會。其次，我們正在做出調整，為我們重回兩位數成長指明了清晰的方向。人工智慧是全球正在發生的最普遍的變化之一。它是我們涵蓋的幾乎所有角色的所有主題中最大的單一需求領域。客戶看到了人工智慧的巨大潛力，他們需要幫助來確定抓住這一潛力的最佳方式。跨職能、跨地域、跨產業的客戶都希望 Gartner 能夠提供協助，而我們是支援客戶 AI 之旅的最佳解決方案。

While AI was the largest single topic, there were others that were mission critical to clients, including cybersecurity, cost optimization, data governance and management, IT strategy and digital transformation, risk management, finance transformation, HR talent planning and more.

雖然人工智慧是最大的單一主題，但其他主題對客戶也至關重要，包括網路安全、成本優化、資料治理和管理、IT 策略和數位轉型、風險管理、財務轉型、人力資源人才規劃等。

We also experienced some headwinds during Q2. Measures of CEO confidence fell to recessionary levels, among the fastest drops ever recorded. And in a Gartner survey, 78% of CEOs indicated they're implementing cost-cutting measures to safeguard performance. We have a high degree of confidence in what caused these headwinds because we track the reason for every loss for both renewals and potential new business.

我們在第二季也遇到了一些阻力。執行長信心指數跌至衰退水平，為有史以來最快的跌幅之一。Gartner 的一項調查顯示，78% 的執行長表示他們正在實施削減成本的措施來保障業績。我們對造成這些不利因素的原因非常有信心，因為我們追蹤了續約和潛在新業務的每一次損失的原因。

The largest headwind in Q2 was with the US federal government. Initiatives from the Department of Government Efficiency, or DOGE, made it more challenging for clients to purchase or renew many of our products. In addition, there were impacts from tariff policies.

第二季最大的阻力來自美國聯邦政府。政府效率部（DOGE）的舉措使得客戶購買或續訂我們的許多產品變得更具挑戰性。此外，還有關稅政策的影響。

With the prospect of higher tariffs, many companies implemented strong cost-saving measures. Even companies not directly impacted by tariffs began implementing these measures. Purchase decisions that were previously made by functional leaders are now being escalated to the CFO or even the CEO. These changes occurred at a record pace, impacting our performance during Q2.

隨著關稅上調的前景，許多公司實施了強而有力的成本節約措施。即使沒有受到關稅直接影響的公司也開始實施這些措施。以前由職能領導者做出的採購決策現在被上報給財務長甚至執行長。這些變化以創紀錄的速度發生，影響了我們第二季的業績。

One of Gartner's core strengths is agility in responding to change. So we're making adaptations to accelerate our performance going forward. With the US federal government, we're ensuring we stay aligned to the changing priorities, especially improving efficiency. Of course, we'll also continue to support critical issues such as cybersecurity, and we're working with our clients to adjust to new procurement processes. We're also adapting to industries impacted by changing tariffs. A portion of our clients are always interested in cost optimization. We have great expertise in helping clients on this topic. Clients highly value our guidance because it results in quantifiable cost savings.

Gartner 的核心優點之一是能夠靈活應對變化。因此，我們正在做出調整，以加快我們未來的表現。與美國聯邦政府合作，我們確保與不斷變化的優先事項保持一致，特別是提高效率。當然，我們也將繼續支持網路安全等關鍵問題，並且我們正在與客戶合作以適應新的採購流程。我們也在適應受到關稅變化影響的產業。我們的部分客戶始終對成本優化感興趣。我們在幫助客戶解決此問題方面擁有豐富的專業知識。客戶高度重視我們的指導，因為它可以帶來可量化的成本節約。

Now with tariff changes, the number of clients interested in cost optimization has increased dramatically. So we've expanded our capabilities, including certifying our client-facing associates on delivering these services. We're also helping clients determine how to optimally reconfigure supply chains for tariff changes. Even industries not directly impacted by tariffs will get strong value from enhanced cost optimization capabilities.

現在隨著關稅的變化，對成本優化感興趣的客戶數量急劇增加。因此，我們擴展了我們的能力，包括認證我們面向客戶的同事提供這些服務。我們也幫助客戶確定如何針對關稅變化最佳地重新配置供應鏈。即使不受關稅直接影響的產業也將從增強的成本優化能力中獲得巨大的價值。

We're making several other changes to reaccelerate growth. In research, we redesigned our insight processes to ensure we create content relevant to the broadest possible audience and that delivers the biggest impact. We're also incorporating additional proprietary data to enhance the value clients receive from our insights. We've begun rolling out Ask Gartner, an AI-powered tool for our clients to access trusted insights from Gartner.

我們正在進行其他幾項變革以重新加速成長。在研究中，我們重新設計了洞察流程，以確保我們創建與盡可能廣泛的受眾相關並產生最大影響的內容。我們還整合了額外的專有數據，以增強客戶從我們的見解中獲得的價值。我們已經開始推出 Ask Gartner，這是一款由人工智慧驅動的工具，可以幫助我們的客戶獲得來自 Gartner 的可信見解。

Ask Gartner has been in development for almost 2 years to ensure clients get the high-quality results they expect from Gartner. It's based on best-in-class large language models. Ask Gartner quickly breaks down a client's question into topic and intent and provide structured answers through natural language processing. Answers contain direct references to our distinctive insights.

Ask Gartner 已開發近 2 年，旨在確保客戶獲得他們期望從 Gartner 獲得的高品質成果。它是基於一流的大型語言模型。Ask Gartner 可以快速將客戶的問題分解為主題和意圖，並透過自然語言處理提供結構化的答案。答案直接引用了我們獨特的見解。

Unlike other AI tools, which provide answers based on public information from the Internet, Ask Gartner's responses are fully grounded in our world-class proprietary independent and objective insights. Ask Gartner also provides users with relevant images and recommends follow-up questions, making our insights more discoverable and fully immersing clients in the Gartner platform.

與其他基於網路公開資訊提供答案的人工智慧工具不同，Ask Gartner 的回答完全基於我們世界一流的專有獨立客觀見解。Ask Gartner 也為用戶提供相關圖片並推薦後續問題，讓我們的見解更容易被發現，並讓客戶完全沉浸在 Gartner 平台中。

Ask Gartner is unique because it marries the power of Gartner insights with AI, and our teams are focused on making sure it gets better and better. We've been testing it with internal teams and a pilot group of clients. One client referred to Ask Gartner as, "a game changer for Gartner." Some mentioned time savings of up to 75% on the platform.

Ask Gartner 的獨特之處在於它將 Gartner 洞察力與人工智慧結合在一起，而我們的團隊致力於確保它變得越來越好。我們已經與內部團隊和一組試點客戶進行了測試。一位客戶將 Ask Gartner 稱為「Gartner 的遊戲規則改變者」。有些人提到，該平台可節省高達 75% 的時間。

We're also leveraging AI internally. We've introduced more than 50 applications that use AI to improve associate productivity and effectiveness.

我們也在內部利用人工智慧。我們推出了 50 多個使用人工智慧來提高員工生產力和效率的應用程式。

Finally, we appointed a strong tenured Gartner leader to head up our research organization. We're also making adaptations in sales and services to accelerate growth. We recently launched a new program to better equip client-facing associates with comprehensive knowledge on hot topics, including AI and cost optimization, and we're certifying our associates on these critical topics to ensure a high level of capability. Not all of our clients are aware of the full suite of high-value capabilities they're entitled to. So we're training our teams to ensure clients benefit from the full range of services.

最後，我們任命了一位經驗豐富的 Gartner 領導人來領導我們的研究機構。我們也在銷售和服務方面做出調整以加速成長。我們最近啟動了一項新計劃，以便讓面向客戶的員工更好地掌握熱門話題（包括人工智慧和成本優化）的全面知識，並且我們正在就這些關鍵主題對我們的員工進行認證，以確保其高水平的能力。並非所有客戶都了解他們有權享有的全套高價值功能。因此，我們正在培訓我們的團隊，以確保客戶能夠從全方位的服務中受益。

We're also expanding and refining our sales development program, which we've discussed before. This is an apprentice type program that pairs early career talent with experienced sales professionals. Program graduates then take on their own sales territories and have higher productivity than those hired directly into role. We expect these and other adaptations will get us back to double-digit growth.

我們也正在擴大和改善我們之前討論過的銷售發展計劃。這是一個學徒類型的計劃，將早期職業人才與經驗豐富的銷售專業人員配對。計畫畢業生隨後會在自己的銷售區域內工作，其生產效率比直接受僱的銷售人員更高。我們預計這些以及其他調整將使我們恢復兩位數的成長。

Gartner's strategy and the foundation of our business is to guide executives on their journeys to achieve their mission-critical priorities. Addressing these priorities usually requires long complex journeys. Through our high-value proprietary business and technology insights, we got our clients at every stage of their journeys.

Gartner 的策略和我們業務的基礎是引導高階主管實現關鍵任務重點。解決這些優先事項通常需要漫長而複雜的歷程。透過我們高價值的專有業務和技術洞察，我們可以在客戶旅程的每個階段為他們提供支援。

Gartner Insights are derived from a vast pool of highly proprietary data. Every year, we hold more than 500,000 2-way conversations with more than 80,000 executives across every major function and in every industry. We learn what they care about most, what's working and what isn't. All of this amounts to several hundred terabytes of highly proprietary data.

Gartner Insights 源自大量高度專有的資料。每年，我們與各主要職能部門和各行各業的 80,000 多名高階主管進行超過 50 萬次雙向對話。我們了解他們最關心什麼、什麼有效、什麼無效。所有這些總計達數百 TB 的高度專有數據。

We also conducted more than 27,000 briefings annually with technology provider executives. This gives us unique insights into the technology industry that no one else has. We supplement this data with additional terabytes of information from proprietary surveys, tools, models, benchmarks and more. Our data is real time and continuously updated, reflecting the latest information and challenges our clients are experiencing.

我們也每年與技術供應商高階主管進行超過 27,000 次簡報會。這使我們對科技產業有了別人所沒有的獨特見解。我們利用專有調查、工具、模型、基準等的額外大量資訊來補充這些數據。我們的數據是即時的並且不斷更新，反映了客戶所遇到的最新資訊和挑戰。

Our more than 2,500 world-class experts use this vast proprietary data in highly developed processes to create unique and valuable insights. These insights aren't available anywhere else. We know we need to get better every year. So we continually develop new proprietary data sources and constantly innovate our processes. The segment that develops these insights has historically been called Research. To better describe the value we deliver, we're changing the name of the segment. Going forward, our Research business will now be called Business and Technology Insights, or Insights for short.

我們擁有超過 2,500 名世界一流的專家，他們透過高度發展的流程使用這些龐大的專有數據來創造獨特而有價值的見解。這些見解在其他任何地方都無法獲得。我們知道我們需要每年都進步。因此，我們不斷開發新的專有資料來源並不斷創新我們的流程。發展這些見解的部分在歷史上被稱為研究。為了更好地描述我們提供的價值，我們正在更改該部分的名稱。展望未來，我們的研究業務將更名為“商業與技術洞察”，或簡稱“洞察”。

Summarizing, there are two things I'd like you to take away from today's discussion. First, AI is an important opportunity for Gartner across several dimensions. It's the highest demand topic that we're helping our clients with today. We will ask Gartner to provide faster, easier access to your insights, and we're improving internal efficiency with AI tools. And second, we're making adaptations that will give us a clear path back to double-digit growth.

總而言之，我希望大家從今天的討論中得到兩點啟示。首先，AI對於Gartner來說是一個跨多個維度的重要機會。這是我們今天幫助客戶解決的需求最高的主題。我們將要求 Gartner 提供更快、更輕鬆地存取您的見解，並且我們正在使用 AI 工具來提高內部效率。其次，我們正在做出調整，以便明確地實現兩位數成長。

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. Second quarter contract value or CV grew 5% year-over-year. Revenue, EBITDA, adjusted EPS and free cash flow were better than expected. We remain highly focused on delivering extraordinary value to our clients. The challenging Q1 selling environment, which was affected by DOGE and tariff-affected industry spending changes continued through the second quarter. We are updating our guidance to reflect the Q2 results and the outlook for the balance of the year. With our disciplined expense management, we will continue to deliver strong profitability and free cash flow.

謝謝你，吉恩，早安。第二季合約價值或CV年增5%。營收、EBITDA、調整後每股盈餘和自由現金流均優於預期。我們始終高度致力於為客戶提供非凡的價值。受到 DOGE 和關稅影響的行業支出變化的影響，第一季的銷售環境充滿挑戰，這種狀況持續到了第二季。我們正在更新我們的指導以反映第二季度的業績和今年剩餘時間的前景。透過嚴格的費用管理，我們將繼續實現強勁的獲利能力和自由現金流。

Since the end of the first quarter, we increased the pace of share repurchases. We bought $274 million in Q2 and an additional $282 million since the end of the second quarter. This brings the year-to-date repurchase total to approximately $720 million. We will generate more free cash flow and have fewer shares outstanding over the course of the next several years. This, coupled with return to double-digit growth, will create significant value for shareholders.

自第一季末以來，我們加大了股票回購的步伐。我們在第二季購買了 2.74 億美元，自第二季末以來又買了 2.82 億美元。這使得今年迄今的回購總額達到約 7.2 億美元。未來幾年，我們將產生更多的自由現金流，並減少流通股數。再加上恢復兩位數成長，這將為股東創造巨大價值。

After reviewing the results for the second quarter and updating the guidance, I will take you through some of the numbers related to our path back to double-digit CV growth that Gene highlighted. Second quarter revenue was $1.7 billion, up 6% year-over-year as reported and 5% FX neutral. In addition, total contribution margin was 68%, up 70 basis points from last year. EBITDA was $443 million, up 7% as reported and 5% FX neutral versus the second quarter of 2024. Adjusted EPS was $3.53, up 10% from Q2 of last year. And free cash flow was $347 million, another strong performance.

在回顧第二季的業績並更新指引後，我將向您介紹 Gene 強調的與我們重返兩位數 CV 成長之路相關的一些數字。第二季營收為 17 億美元，年增 6%，不計匯率影響，成長 5%。此外，總貢獻利潤率為68%，比去年同期上升了70個基點。EBITDA 為 4.43 億美元，與 2024 年第二季相比成長 7%，匯率中立成長 5%。調整後每股收益為 3.53 美元，較去年第二季成長 10%。自由現金流為 3.47 億美元，再次表現出色。

As Gene just highlighted, we renamed the Research segment to Business and Technology Insights or Insights to reflect the nature of the value we provide to clients. Insights revenue in the quarter grew 4% year-over-year as reported and 3% FX neutral. Subscription revenue grew 5% FX-neutral. Nonsubscription Insights revenue continues to be affected by shifts in traffic volumes. Second quarter Insights contribution margin was 74%, up 20 basis points versus last year.

正如 Gene 剛才所強調的那樣，我們將研究部分重新命名為商業和技術洞察或洞察，以反映我們為客戶提供的價值的本質。據報道，本季 Insights 營收年增 4%，且匯率中性成長 3%。訂閱收入成長 5%，不計匯率影響。非訂閱洞察收入持續受到流量變化的影響。第二季 Insights 貢獻利潤率為 74%，較去年同期上升 20 個基點。

Contract value was $5 billion at the end of the second quarter, up 5% versus the prior year. Contract value and CV growth are FX-neutral. Excluding the US federal government, CV growth was about 150 basis points faster at around 6%. The Global NCVI in the quarter, excluding the US federal government, was positive $13 million.

第二季末的合約價值為50億美元，比上年成長5%。合約價值和 CV 成長對外匯無影響。若不包括美國聯邦政府，CV 成長率將快 150 個基點，達到 6% 左右。本季度，不包括美國聯邦政府的全球 NCVI 為正 1300 萬美元。

CV growth was broad-based across practices, industry sectors, company sizes and geographic regions. Across our combined practices, all the industries except public sector grew at high single or mid-single digit rates. Energy, banking, transportation and health care led the growth. CV grew at mid-single or high single-digit rates across all commercial enterprise sizes.

履歷成長範圍廣泛，涵蓋各個業務領域、各個行業、各個公司規模和各個地理區域。在我們的綜合業務中，除公共部門外，所有行業都以高個位數或中等個位數的速度成長。能源、銀行、交通運輸和醫療保健引領了成長。所有規模的商業企業 CV 均以中等個位數或高個位數的速度成長。

We drove double-digit growth in half of our top 10 countries. CV declined on a year-over-year basis in Canada and Australia, which combined represents around 6% of global contract value. Nearly all of our US federal contracts will come up for renewal during 2025 with over 60% having transacted in the first half of the year. Dollar retention year-to-date was around 47%. At June 30, we had approximately $200 million of US Federal CV.

我們在前十大國家中的一半實現了兩位數的成長。加拿大和澳洲的合約價值年減，合計約佔全球合約價值的 6%。我們幾乎所有的美國聯邦合約都將在 2025 年續簽，其中超過 60% 的合約是在上半年完成交易的。今年迄今的美元保留率約為 47%。截至 6 月 30 日，我們擁有約 2 億美元的美國聯邦 CV。

Global Technology Sales contract value was $3.8 billion at the end of the second quarter, up 4% versus the prior year. Excluding the US federal government for both periods, GTS CV grew about 180 basis points faster or 5% in the quarter. The US Federal business NCVI was negative $26 million. While retention for GTS was 99% for the quarter, excluding the US federal business, while retention was over 100%. GTS new business was down 8% compared to last year. GTS quota-bearing head count was up 3% year-over-year. Our regular full set of GTS metrics can be found in our earnings supplement.

第二季末全球技術銷售合約價值為 38 億美元，比上年增長 4%。如果將兩個時期的美國聯邦政府排除在外，GTS CV 本季的成長速度將快約 180 個基點，即 5%。美國聯邦企業NCVI為負2600萬美元。本季 GTS 的保留率為 99%，不包括美國聯邦業務，保留率超過 100%。GTS新業務較去年同期下降了8%。GTS 配額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 second quarter, up 9% year-over-year. Excluding the US federal government, GBS CV grew about 60 basis points faster at around 10%. 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 NCVI was positive $14 million in the second quarter. Excluding the US federal government, GBS and CVI was positive $18 million. Wallet retention for GBS was 104% for the quarter. GBS new business was down 3% compared to last year. GBS quarter-bearing head count was up 10% year-over-year. As with GTS, our regular full set of GBS metrics can be found in our earnings supplement.

第二季末全球業務銷售合約價值為12億美元，較去年同期成長9%。不包括美國聯邦政府，GBS CV 成長速度快了約 60 個基點，約 10%。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 NCVI 第二季為正 1,400 萬美元。不包括美國聯邦政府，GBS 和 CVI 為正 1800 萬美元。本季 GBS 的錢包保留率為 104%。GBS新業務與去年相比下降了3%。GBS 季度員工數量較去年同期成長 10%。與 GTS 一樣，我們的常規全套 GBS 指標可以在我們的收益補充中找到。

Conferences revenue for the second quarter was $211 million, increasing 14% as reported and 12% FX neutral compared to Q2 of 2024. Adjusting for the 3 conferences, which moved from Q1 or Q3 last year to Q2 this year, revenue growth was around 6% FX neutral. Contribution margin was 57%, consistent with typical Q2 seasonality. We held 19 destination conferences in the second quarter as planned. Q2 consulting revenue was $156 million compared with $143 million in the year ago period, up about 9% as reported and 6% FX neutral. Consulting contribution margin was 40% in the second quarter.

第二季會議營收為 2.11 億美元，與 2024 年第二季相比成長 14%，匯率中立成長 12%。針對去年第一季或第三季移至今年第二季的 3 場會議進行調整，營收成長率約為 6%，且不影響匯率。貢獻利潤率為 57%，與典型的第二季季節性一致。我們第二季按計畫舉辦了19場目的地會議。第二季顧問收入為 1.56 億美元，去年同期為 1.43 億美元，據報導成長約 9%，匯率中立成長 6%。第二季諮詢貢獻利潤率為40%。

Labor-based revenue was $110 million. This part of the segment was up 3% versus Q2 of last year's reported and about flat FX neutral. Backlog at June 30 was $191 million, down about 2% year-over-year FX neutral.

勞動力收入為 1.1 億美元。該部分業務較去年第二季報告成長 3%，且與外匯持平。截至 6 月 30 日的積壓訂單為 1.91 億美元，年減約 2%，不計匯率影響。

In contract optimization, we delivered $46 million of revenue in the quarter, up 26% versus Q2 of last year and 24% FX neutral. The quarter was ahead of our expectations. Our contract optimization revenue is highly variable.

在合約優化方面，我們本季實現了 4,600 萬美元的收入，比去年第二季增長 26%，匯率中性增長 24%。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 4% year-over-year in the second quarter as reported and 2% FX neutral. The biggest driver of the increase was higher compensation costs. SG&A increased 9% year-over-year in the second quarter as reported and about 8% on an FX-neutral basis. SG&A increased in the quarter as a result of head count growth.

據報道，第二季綜合服務成本年增 4%，匯率中立成長 2%。薪酬成本上漲是推動這一成長的最大因素。據報道，第二季銷售、一般及行政費用年增 9%，剔除匯率因素，成長約 8%。由於員工人數增加，本季銷售、一般及行政開支增加。

EBITDA for the second quarter was $443 million, up 7% from last year's reported and up 5% FX neutral. We outperformed in the second quarter through modest revenue upside, effective expense management and a prudent approach to guidance. Depreciation in the quarter of $31 million was up 11% compared to 2024. Net interest expense, excluding deferred financing costs in the quarter was $11 million. This is favorable by $8 million versus second 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.

第二季的 EBITDA 為 4.43 億美元，較去年同期成長 7%，不計匯率因素則成長 5%。透過適度的收入成長、有效的費用管理和審慎的指導方針，我們在第二季度表現出色。本季折舊額為 3,100 萬美元，與 2024 年相比成長了 11%。本季扣除遞延融資成本後的淨利息支出為 1,100 萬美元。由於我們的現金餘額的利息收入增加，這比 2024 年第二季增加了 800 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 Q2 adjusted tax rate, which we use for the calculation of adjusted net income was 24% for the quarter. This compares to last year's rate of 23%. The tax rate for the items used to adjust net income was 25% for the quarter. Adjusted EPS in Q2 was $3.53, up 10% compared to Q2 last year. We had 77 million shares outstanding in the second quarter. This is an improvement of about 1 million shares or approximately 1% year-over-year. We exited the second quarter with just under 77 million shares on an unweighted basis.

我們用於計算調整後淨收入的第二季調整後稅率為 24%。相比之下，去年的失業率是 23%。本季用於調整淨收入的項目的稅率為 25%。第二季調整後每股收益為 3.53 美元，較去年第二季成長 10%。我們第二季的流通股數為 7,700 萬股。與去年同期相比，這一數字增加了約 100 萬股，增幅約為 1%。截至第二季末，我們未加權持股略低於 7,700 萬股。

Operating cash flow for the quarter was $384 million, up 4% compared with last year. CapEx was $36 million, up about $7 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3.84億美元，較去年同期成長4%。資本支出為 3,600 萬美元，比去年同期增加約 700 萬美元。這主要是由於房地產相關成本，符合我們的預期。

Second quarter free cash flow was $347 million, up 2% compared with Q2 in 2024. Free cash flow on a rolling 4-quarter basis was 119% of GAAP net income and 95% of EBITDA. As we noted previously, there were several items that affect rolling fourth quarter net income and free cash flow, including after-tax insurance proceeds in 2024, two real estate lease termination payments and tax planning benefits last year. Adjusting for these items, free cash flow on a rolling 4-quarter basis was 20% of revenue, 83% of EBITDA and 157% of GAAP net income.

第二季自由現金流為 3.47 億美元，較 2024 年第二季成長 2%。連續 4 季的自由現金流量佔 GAAP 淨收入的 119% 和 EBITDA 的 95%。正如我們之前提到的，有幾個項目影響第四季度的滾動淨收入和自由現金流，包括 2024 年的稅後保險收益、兩筆房地產租賃終止付款以及去年的稅務規劃福利。調整這些項目後，連續 4 個季度的自由現金流佔收入的 20%、EBITDA 的 83% 和 GAAP 淨收入的 157%。

At the end of the second quarter, we had about $2.2 billion of cash. Our June 30 debt balance was about $2.5 billion. Our reported gross debt to trailing 12-month EBITDA was well under 2x. Our expected free cash flow generation, available revolver and excess cash remaining on the balance sheet provide ample liquidity to deliver on our capital allocation strategy of disciplined share repurchases and strategic tuck-in M&A. Our balance sheet is very strong with $2.9 billion of liquidity, low levels of leverage and effectively fixed interest rates.

截至第二季末，我們擁有約 22 億美元現金。我們的 6 月 30 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 2 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回購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 29 億美元的流動性、低槓桿率和有效固定的利率。

We repurchased $274 million of stock during the second quarter. Since the end of June, we have bought back an additional $282 million worth of shares, bringing us to about $720 million year-to-date. Last week, the board increased the repurchase authorization to about $1 billion. We expect they will refresh the authorization as needed. As we continue to repurchase stock, we create value for our shareholders through EPS accretion and increasing returns on invested capital.

我們在第二季回購了價值 2.74 億美元的股票。自 6 月底以來，我們又回購了價值 2.82 億美元的股票，年初至今我們的價值已達到約 7.2 億美元。上週，董事會將回購授權增加至約 10 億美元。我們預計他們會根據需要更新授權。隨著我們不斷回購股票，我們透過每股盈餘成長和增加投資資本回報率為股東創造價值。

We are updating our full year guidance to reflect recent performance and trends. We are remaining agile in managing our cost structure while also ensuring we have enough selling capacity now and in the future. This includes QBH and other sales-related roles, which are key inputs into our algorithm for future sustained double-digit growth.

我們正在更新全年指導以反映最近的表現和趨勢。我們在管理成本結構方面保持靈活性，同時確保我們現在和將來擁有足夠的銷售能力。這包括 QBH 和其他銷售相關角色，它們是我們未來持續兩位數成長演算法的關鍵輸入。

Based on July FX rates, we expect revenue growth to benefit by about 95 basis points and EBITDA growth to benefit by about 190 basis points for the full year. As a reminder, about one-third of our revenue and operating expenses are dominated in currencies other than the US dollar.

根據 7 月的匯率，我們預計全年營收成長將受益約 95 個基點，EBITDA 成長將受益約 190 個基點。提醒一下，我們的收入和營運支出的約三分之一是以美元以外的貨幣計價的。

For the Insight subscription revenue in 2025, our guidance reflects an expectation that Q2 trends for new business and retention continue through the second half. At this point in the year, we have very high visibility into the Insight subscription revenue for calendar 2025. 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.

對於 2025 年 Insight 訂閱收入，我們的指導反映了這樣的預期：第二季的新業務和保留趨勢將持續到下半年。截至目前，我們對 2025 年 Insight 訂閱收入的預期已經非常清晰。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，我們對前景持謹慎態度。

While the selling environment remains challenging, and we've seen longer sales cycles, we entered Q3 with double-digit year-over-year growth in both GTS and GBS new business pipelines.

儘管銷售環境依然充滿挑戰，而且銷售週期也變得更長，但進入第三季度，GTS 和 GBS 新業務管道均實現了兩位數的同比增長。

For the nonsubscription part of the Insight segment, we've built a continuation of recent traffic and pricing trends into the guidance.

對於 Insight 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 at the current year revenue with the 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。我們對今年的收入有很好的了解，其中大部分收入已簽訂了合約。

For consulting, we have more visibility into the next quarter or two based on the composition of our backlog and pipeline as usual. Contract optimization has had several very strong years and the business remains highly variable.

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。合約優化已經歷了幾年的強勁成長，但業務仍然變化很大。

Our updated 2025 guidance is as follows. We expect Insights revenue of at least $5.255 billion, which is FX-neutral growth of about 2%. This reflects subscription Insights revenue growth of about 4%. We expect around $210 million of non-subscription revenue. We expect conferences revenue of at least $625 million, which is FX-neutral growth of about 5%. This is unchanged from last quarter. We expect consulting revenue of at least $575 million, which is growth of about 1% FX neutral. This is also unchanged from last quarter. The result is an outlook for consolidated revenue of at least $6.455 billion, which is FX-neutral growth of 2%.

我們更新的 2025 年指引如下。我們預計 Insights 的營收至少為 52.55 億美元，扣除匯率因素，成長約 2%。這反映了訂閱洞察收入成長約 4%。我們預計非訂閱收入約為 2.1 億美元。我們預計會議收入至少為 6.25 億美元，扣除匯率因素，成長率約 5%。這與上一季相比沒有變化。我們預計諮詢收入至少為 5.75 億美元，即匯率中立成長約 1%。這與上一季相比也沒有變化。預計合併收入至少為 64.55 億美元，扣除匯率因素，成長率為 2%。

We now expect full year EBITDA of at least $1.515 billion, down $20 million from our prior guidance. This reflects margins of 23.5%, consistent with last quarter's outlook despite the lower revenue guidance. We expect 2025 adjusted EPS of at least $11.75, an increase from last quarter.

我們現在預計全年 EBITDA 至少為 15.15 億美元，比之前的預期下降 2000 萬美元。這反映出利潤率為 23.5%，儘管收入預期較低，但與上一季的預期一致。我們預計 2025 年調整後每股收益至少為 11.75 美元，較上一季有所成長。

For 2025, we expect free cash flow of at least $1.145 billion. This is unchanged from our prior guidance and reflects a conversion from GAAP net income of 141%. Our guidance is based on 77 million fully diluted weighted average shares outstanding, which incorporates the repurchases made through the end of the second quarter. For Q3, we expect adjusted EBITDA of at least $300 million.

到 2025 年，我們預計自由現金流至少為 11.45 億美元。這與我們先前的指導相比沒有變化，反映了 GAAP 淨收入的 141% 轉換。我們的指引基於 7,700 萬股完全稀釋加權平均流通股，其中包括截至第二季末進行的回購。對於第三季度，我們預計調整後的 EBITDA 至少為 3 億美元。

Our financial results through June were modestly ahead of expectations, underscoring the resilience of our business model. We've updated the revenue guidance to reflect continued challenges in the selling environment. Our EBITDA margin outlook remains higher than it was at the start of the year. We have successfully navigated challenging environments before and know the right things to do. We are adapting by making operational changes and renewing focus on leveraging our proven sales best practices. This will drive the return to historical levels of productivity. Some of the headwinds are related to temporary external factors, including the US federal government and tariff affected industries. As productivity gets back to historical levels, we will accelerate QBH to capture the very large addressable market opportunity we have.

截至六月，我們的財務表現略高於預期，凸顯了我們商業模式的彈性。我們已更新收入預期，以反映銷售環境中持續存在的挑戰。我們的 EBITDA 利潤率預期仍高於年初水準。我們之前曾成功應對過充滿挑戰的環境，並且知道正確的做法。我們正在進行營運變革並重新專注於利用我們經過驗證的最佳銷售實踐來適應。這將推動生產力恢復到歷史水平。一些不利因素與暫時的外部因素有關，包括美國聯邦政府和受關稅影響的產業。隨著生產力恢復到歷史水平，我們將加速 QBH 以抓住我們擁有的巨大潛在市場機會。

Before we go to questions, I will take you through some of the numbers related to our path back to double-digit CV growth. If recent retention and new business trends continue in the second half, we would exit this year with CV growth in the low to mid-single digits. This reflects DOGE, tariff-affected industry dynamics and tech vendors only part of the way back to normal spending. There are 4 primary categories, which will drive the return to double-digit growth.

在我們回答問題之前，我將向大家介紹一些與我們重返兩位數 CV 成長之路相關的數字。如果近期的保留和新業務趨勢在下半年繼續下去，那麼今年我們的 CV 成長率將達到低至中等個位數。這反映出 DOGE、受關稅影響的產業動態以及技術供應商的支出僅恢復正常。主要有4個類別，將推動恢復兩位數成長。

First, most of our US federal contracts will have come up for renewal this year. Removing the DOGE headwinds with no assumption for net growth next year will add back around 200 basis points of CV growth in 2026.

首先，我們與美國的大部分聯邦合約今年都將續約。消除 DOGE 阻力，且不假設明年淨成長，將在 2026 年增加約 200 個基點的 CV 成長。

Second, as companies and tariff-affected industries get more clarity around trade policies, we expect them to get back to normal course planning and spending. This should add at least 100 basis points to growth.

其次，隨著企業和受關稅影響的產業對貿易政策的了解越來越清晰，我們預期它們將恢復正常的規劃和支出。這應該會使經濟成長增加至少 100 個基點。

Third, tech vendor remains on a path back to double digits. We are encouraged, in particular, with the improvement in the small tech vendor part of the business.

第三，技術供應商仍在恢復兩位數的成長。我們尤其對小型技術供應商業務的改善感到鼓舞。

Within large tech vendors, the overall trend remains positive. The second quarter was affected by the timing of a few larger deals getting delayed and tariffs affecting some parts of the hardware subsegment. Continued reacceleration of tech vendor CV would add back another 100 basis points to growth.

在大型技術供應商中，整體趨勢仍然是正面的。第二季度受到一些較大交易時間延遲以及關稅影響部分硬體細分市場的影響。技術供應商 CV 的持續加速將為成長率再增加 100 個基點。

Finally, we are focused on improving our operations to drive faster growth, even in challenging selling environments. This includes more focus on cost optimization insights, the continued rollout of Ask Gartner, the initiatives Gene discussed and more. We expect to add as much as 100 to 200 basis points to growth from these initiatives and better overall execution. All these factors would get us to at least high single-digit growth in 2026, well on our way back to double-digit growth in 2027 and beyond.

最後，我們專注於改善運營，以推動更快的成長，即使在充滿挑戰的銷售環境中也是如此。這包括更專注於成本優化洞察、繼續推出 Ask Gartner、Gene 討論的舉措等等。我們預計這些措施和更好的整體執行將使經濟成長增加 100 到 200 個基點。所有這些因素將使我們在 2026 年實現至少高個位數成長，並在 2027 年及以後恢復兩位數成長。

Another take on the opportunity is to recognize that as the sales teams return towards historical levels of productivity, we will return to double-digit CV growth. With around 5,000 sellers, we can generate enough NCVI to grow high single to low double digits next year. This is the case with outgrowing QBH and even at productivity levels lower than the historical $110,000 to $120,000 per seller. We are implementing programs to support the sales teams to drive client and prospect engagement and to grow our sales and sales support teams outside of direct frontline quota-bearing headcount.

另一個看待這一機會的方法是認識到，隨著銷售團隊恢復到歷史生產力水平，我們的 CV 成長也將恢復兩位數。有了大約 5,000 名賣家，我們可以產生足夠的 NCVI，從而實現明年的高個位數至低兩位數的成長。這是 QBH 不斷發展壯大，甚至在生產力水平低於歷史上每位賣家 110,000 至 120,000 美元的情況下的情況。我們正在實施計劃來支持銷售團隊推動客戶和潛在客戶的參與，並在直接一線配額員工數量之外擴大我們的銷售和銷售支援團隊。

Based on recent trends, as I mentioned, CV growth this year will be in the low to mid-single digits. With the adaptations we are making and with the stabilization of our most acutely impacted end markets, we expect growth to accelerate next year and again in 2027. Based on this outlook, our overall medium-term growth algorithm, including double-digit revenue growth and modest margin expansion remains unchanged. We'll also 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.

根據最近的趨勢，正如我所提到的，今年的 CV 成長率將處於低至中等個位數。隨著我們正在進行的調整以及受影響最嚴重的終端市場的穩定，我們預計明年和 2027 年的成長將會加速。基於這項展望，我們的整體中期成長演算法（包括兩位數的營收成長和適度的利潤率擴張）保持不變。我們也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，並用於策略性增值型併購。

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

說完這些，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）

Andrew Nicholas with William Blair

安德魯·尼古拉斯與威廉·布萊爾

Hi, good morning. Thanks for taking my questions. Appreciate the build on the return to high single-digit or even double-digit CV growth. I wanted to ask specifically on the tariff-impacted industry piece. Is there anything you can do to kind of size what you've determined to be the tariff affected industries? How much that represents in terms of CV? I think you said 100 basis points improvement next year from kind of some normalization there. Any more color or quantification on that front would be helpful.

嗨，早安。感謝您回答我的問題。讚賞 CV 成長恢復到高個位數甚至兩位數的成長動能。我想具體詢問一下受關稅影響的產業問題。您能做些什麼來大致確定哪些產業受到關稅影響？就 CV 而言這代表了多少？我認為您說的是明年從某種程度上實現正常化後會提高 100 個基點。在這方面提供更多的細節或量化資訊將會很有幫助。

Yes. Andrew, thank you for the question. The way we've defined tariff impact in industries is not perfect, I will tell you. We've looked at industries that rely heavily on importing and exporting and we've looked at really ones focused here in the US and those where the US is a major trade partner. When we rolled that up around 35% to 40% of our CV fell into that category across both GTS and GBS.

是的。安德魯，謝謝你的提問。我告訴你，我們對關稅對產業影響的定義方式並不完美。我們研究了嚴重依賴進出口的行業，也研究了真正專注於美國的行業以及美國是主要貿易夥伴的行業。當我們將其匯總起來時，我們的履歷中約有 35% 到 40% 屬於 GTS 和 GBS 的這一類別。

Okay. And then on the AI topic, I want to maybe focus on the operational efficiency piece. Again, just asking, is there anything you can do to kind of quantify that? I understand that improving the product was one part of the top line growth acceleration. But if we think about later this year or into '26 and '27, is there anything that you can say about what those internal efficiencies might do for the cost structure or margin profile broadly?

好的。然後關於人工智慧主題，我可能想專注於營運效率部分。再次詢問，您能做些什麼來量化這一點嗎？我明白改進產品是加速營收成長的一部分。但是，如果我們考慮今年稍後或 26 年和 27 年的情況，您能否說說這些內部效率可能會對成本結構或利潤率狀況產生什麼影響？

Andrew, it's Gene. So we've implemented about 50 internal applications where we're using AI. Most of those are custom applications, I mean it's not just using a commercial tool. We make that available as well, but we have a bunch of -- majority of this application would be custom AI applications. And while the -- I'd say there are some of those applications that have promising early results, it's too early to say that they're going to have -- what impact they're going to have over the long term on our cost structure.

安德魯，我是吉恩。因此，我們已經實施了大約 50 個使用 AI 的內部應用程式。其中大多數都是定制應用程序，我的意思是它不僅僅是使用商業工具。我們也提供此功能，但我們有很多 - 該應用程式的大部分都是定制的 AI 應用程式。雖然我認為其中一些應用的早期結果很有希望，但現在說它們對我們的成本結構會產生什麼長期影響還為時過早。

Toni Kaplan with Morgan Stanley.

摩根士丹利的托尼卡普蘭 (Toni Kaplan)。

Thank you for the comments on Ask Gartner in the prepared remarks. And also the clarification on sort of the proprietary data and processes that you have. I was hoping -- I know AI has been a topic that has been most frequent for you coming in from customers. Just what are the most common questions or topics that clients come to you for understanding, just better and how you help them like that? And I think my main purpose in asking the question is trying to figure out what is it that can't be addressed by sort of deep research AI tools that you're able to help with that clients are seeing the value in?

感謝您在準備好的評論中對 Ask Gartner 的評論。並澄清您所擁有的專有數據和流程。我希望——我知道人工智慧是客戶最常談論的話題。客戶最常向您詢問的問題或主題是什麼，您如何更好地幫助他們？我認為我提出這個問題的主要目的是試圖弄清楚哪些問題是您能夠幫助客戶看到其價值的深度研究人工智慧工具無法解決的？

Toni, so if you look at Gartner, let me just start with the -- what's differentiated for us, which it sounds like is that a [part] of your question. Is that right?

東尼，如果你看一下 Gartner，讓我先從我們的差異化開始，這聽起來像是你問題的一部分。是嗎？

Yes, thank you.

是的，謝謝。

Okay. Yes. So the first thing is that we help clients with what we call mission-critical priorities, which are things like building the cybersecurity capability, how to fully leverage AI within their organizations. You'll leverage technology for a finance transformation. These kinds of initiatives, what we call mission-critical priorities, are things that take a lot of effort, a lot of investment typically over a period of years. Those are the things that we're helping our clients with.

好的。是的。因此，我們首先要幫助客戶實現所謂的關鍵任務優先事項，例如建立網路安全能力，如何在組織內充分利用人工智慧。您將利用科技實現財務轉型。這類舉措，也就是我們所謂的關鍵任務優先事項，通常需要花費數年時間付出大量努力和投資。這些就是我們正在幫助客戶的事情。

So the first thing to understand is we're not kind of just answering a simple question. We're actually helping clients on a journey to accomplish these high leverage, high-impact initiatives. And we're joined with the senior roles, executives in the company. So think about it, again, Chief Information Officer, Chief HR Officer or Chief Financial Officer. And so they're relying on us to help them take -- set them through those journeys and make sure they're successful with these relatively large complex projects.

因此首先要明白的是，我們不只是在回答一個簡單的問題。我們實際上是在幫助客戶實現這些高槓桿、高影響力的計畫。我們與公司的高階主管聯手。所以，再想想吧，資訊長、人力資源長或財務長。因此，他們依靠我們來幫助他們完成這些旅程，並確保他們成功完成這些相對較大的複雜專案。

And so again, we're not answering a simple question. We're actually helping them with these complex journeys. And then the way we do that is actually by several terabytes of proprietary data. And what we have is we have, as we mentioned in the past, something like 500,000 one-on-one conversations between our analysts and clients each year, those conversations cover things like what are their mission ciritical priorities?

所以，我們再說一遍，我們回答的並不是一個簡單的問題。我們實際上正在幫助他們完成這些複雜的旅程。我們這樣做實際上是透過幾 TB 的專有資料。正如我們過去提到的那樣，我們的分析師和客戶每年進行大約 50 萬次一對一對話，這些對話涵蓋諸如他們的任務關鍵優先事項是什麼之類的內容？

What are the challenges? What's working? What's not working? And in addition to then, we have -- when it comes to software, which is a big part of a lot of solutions, we have 27,000 briefings from technology vendors where typically senior leaders of those technology vendors will brief our analysts on what the strategy of the company is, how they're trying to compete, et cetera.

有哪些挑戰？什麼在起作用？什麼不起作用？除此之外，當涉及軟體時，它是許多解決方案的重要組成部分，我們有 27,000 份來自技術供應商的簡報，通常這些技術供應商的高級領導會向我們的分析師介紹公司的策略是什麼，他們如何競爭，等等。

We then combine that with proprietary research that we do, things like surveys of our clients, things like peer actions, things like that. But again, isn't public available, but it's helpful in solving these kinds of problems. And we have world-class experts that take all that information and synthesize it and then come out with how do clients -- what's the best way for clients to go on these journeys to solve these very difficult mission-critical priorities.

然後，我們將其與我們所做的專有研究結合，例如對客戶的調查、同行的行動等。但同樣，它不是公開的，但它有助於解決這類問題。我們擁有世界一流的專家，他們收集並綜合所有這些信息，然後為客戶提供解決方案——客戶如何以最佳方式完成這些旅程，以解決這些非常困難的關鍵任務優先事項。

And so when you think about it, we're -- and then on top of that, of course, we're unbiased, independent objective, et cetera. And so those are the key elements about the kind of problems we have our clients with and how it's differentiated from other alternatives.

所以當你考慮這一點時，我們——當然，最重要的是，我們是公正的、獨立的、客觀的，等等。這些就是我們為客戶面臨的問題類型以及它與其他替代方案的差異的關鍵要素。

That's very helpful. And then I wanted to ask if you're getting any different feedback from clients in terms of either why they are -- like I assume when a client is at renewal period, if there's any sort of difference in trend, like if there's clients that are cutting seats because of either the macro or other things? And how much insight you get from them in terms of the reasons why if they are happening to cut a seat or two or something like that? Do they give you reasons in terms of why they're doing that? And if you've seen any change?

這非常有幫助。然後我想問一下，您是否從客戶那裡得到了不同的回饋，例如為什麼他們會這樣——比如我假設當客戶處於續約期時，趨勢是否存在任何差異，例如是否有客戶因為宏觀或其他原因而削減席位？如果他們碰巧削減了一兩個席位或類似情況，您能從他們那裡得到多少關於原因的見解？他們有沒有告訴你他們這樣做的原因？您看到任何變化了嗎？

Yes, Toni. So we're in contact with our clients every single day. And we track -- we have done this for years. We track every single deal at the deal level. And so if we win a deal, we ask the client, we ask the salesperson, why did we win? If we lose a deal, we do the same thing. And again, this is not just for renewals, it's for new business as well.

是的，托尼。因此我們每天都與客戶保持聯繫。而我們進行追蹤——我們已經這樣做了很多年。我們在交易層面追蹤每一筆交易。因此，如果我們贏了一筆交易，我們會問客戶，問銷售人員，我們為什麼會贏？如果我們失去一筆交易，我們也會做同樣的事情。再次強調，這不僅適用於續約，也適用於新業務。

And one of the things that we've seen this year, particularly in Q2 is with client -- I'm sorry, with tariff impact industries that purchase decisions were getting escalated. Normally a Chief HR Officer or Chief Information Officer can make a decision to buy an additional license with Gartner or a couple of extra license with Gartner. That's what their purchase authority.

我們今年看到的一件事，特別是在第二季度，是客戶——抱歉，由於關稅影響，行業的購買決策正在升級。通常，人力資源長或資訊長可以決定購買 Gartner 的額外許可證或 Gartner 的幾個額外許可證。這就是他們的購買權。

One of the things that we saw was a dramatic change in Q2 is that got escalated to the CFO or even the CEO. That tends -- and the reason the client tell us was because they're worried -- especially the tariff impacted industries, they're worried the tariffs are going to lower their profitability, they won't be able to pass on all the cost to their clients. And so they have massive cost cutting initiatives across the enterprise, which is why you see decisions even small purchases getting escalated to the CFO or the CEO. This is behavior that we've seen in every recession.

我們在第二季度看到的一個巨大變化是，這個問題已經升級到了財務長甚至執行長的層面。這種趨勢——客戶告訴我們的原因是他們擔心——特別是受關稅影響的行業，他們擔心關稅會降低他們的獲利能力，他們將無法將所有成本轉嫁給他們的客戶。因此，他們在整個企業範圍內採取了大規模的成本削減舉措，這就是為什麼你會看到即使是小額採購的決策也會上報給首席財務官或首席執行官。我們在每次經濟衰退中都會看到這種行為。

So we saw the exact same behavior in the pandemic back in 2021. We saw this in behavior back in 2009 during the Great Recession. Whenever companies are under cost stress, one way they control those costs is they put more friction of the process by making if you escalate it to the CFO or CEO. The implication for us is it stretches out selling cycles. So selling cycles went up substantially in terms of the amount of time it takes a close deal because of having this additional room we do.

因此，我們在 2021 年的疫情中也看到了完全相同的行為。我們在 2009 年經濟大衰退期間就曾經看過這種行為。每當公司面臨成本壓力時，他們控製成本的一種方法就是透過向財務長或執行長上報來增加流程的摩擦。對我們來說，這意味著它延長了銷售週期。因此，由於我們有了額外的空間，銷售週期（即達成交易所需的時間）大幅增加。

At the end of the day, it doesn't necessarily change our close rate, but it does make it so that we have to do more work and it takes more time to get the deals closed. So the biggest single change we saw in Q2 outside of the public sector was this escalation.

歸根結底，這並不一定會改變我們的成交率，但它確實使得我們必須做更多的工作，並且需要更多的時間來完成交易。因此，我們在第二季度看到公共部門以外最大的變化就是這種升級。

The other thing is on Q2 is, and we didn't see this in Q1 is for companies that weren't impacted by tariffs, many of their clients are companies that aren't impacted by tariffs. And so they started this as well. And our growth rate was higher with companies that were not impacted by tariffs. We saw the beginnings of the same kind of escalation that we're seeing in tariff impact on histories.

另一件事是在第二季度，我們在第一季沒有看到這種情況，對於那些未受關稅影響的公司來說，他們的許多客戶都是未受關稅影響的公司。所以他們也開始這麼做了。而那些未受關稅影響的公司，其成長率更高。我們看到了關稅對歷史影響的同類升級的開始。

And then lastly, as we talked about there's the impact in the US federal government with DOGE, Department of Government Efficiency, where, again, the changes they made to improve government efficiency made it much harder for our clients to buy from us. We still have strong demand, but we're having to work our way with our clients through showing the value that we have. And we're confident in the long term, we'll be able to do that. There's just more scrutiny than there was a year or two ago.

最後，正如我們所談到的，美國聯邦政府對政府效率部 (DOGE) 的影響，他們為提高政府效率而做出的改變，使得我們的客戶更難以從我們這裡購買產品。我們仍然有強勁的需求，但我們必須透過展示我們的價值來與客戶合作。我們有信心，從長遠來看，我們一定能夠做到這一點。與一兩年前相比，現在的審查更加嚴格了。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi, thanks. Good morning. You provided very helpful renewal metrics on federal government clients in the quarter. Can you talk a little bit more about how new purchases among these government clients are performing? Have they come to a full standstill? Or are you seeing some trickle in?

你好，謝謝。早安.您提供了本季聯邦政府客戶的非常有用的續約指標。您能否再多談談這些政府客戶的新採購表現如何？他們已經完全停滯了嗎？還是你看到一些涓涓細流流入？

George, yes, we mentioned the dollar retention rate that we've been achieving, which is just a shade under 50% on a year-to-date basis, pretty consistent both Q1 and Q2. We actually are writing some new business, but I would underscore what Gene just highlighted about the contracting process is not simple or easy, but we are writing new business.

喬治，是的，我們提到了我們已經實現的美元保留率，從年初至今，這一數字略低於 50%，與第一季和第二季相比相當一致。我們實際上正在進行一些新業務，但我要強調的是，吉恩剛才強調的簽約過程並不簡單或容易，但我們正在進行新業務。

And again, I think we talked about on the call last quarter, our clients really do value everything they get from Gartner and they want to keep us. In some cases, they are unable to do that because of dictates from above or just really challenging hurdles that you have to go through from a contracting perspective.

再次，我想我們在上個季度的電話會議上談過，我們的客戶確實重視從 Gartner 獲得的一切，他們希望留住我們。在某些情況下，他們無法做到這一點，因為上級有指示，或者從承包角度來看必須克服真正具有挑戰性的障礙。

In the clients where we are retaining but not driving new business, we are staying close to them. so that when things do stabilize, we will be able to win back business that we may have lost. And then also, we continue to work with all our clients.

對於我們保留但未拓展新業務的客戶，我們會與他們保持密切聯繫。這樣，當情況穩定時，我們將能夠贏回可能已經失​​去的業務。此外，我們也會繼續與所有客戶合作。

A lot of our value proposition is very well aligned with driving efficiency. Our cost optimization assets are our first rate and 100% aligned with government efficiencies. So while the dollar retention rate has been just below 50%, we are writing some levels of new business. It's obviously weigh down on a year-over-year basis, as you'd expect, but we are writing some levels of new business.

我們的許多價值主張與提高效率非常契合。我們的成本優化資產是一流的，並且 100% 符合政府效率。因此，雖然美元保留率略低於 50%，但我們仍在創造一些新業務。正如您所預料的，這顯然與去年同期相比有所下降，但我們正在進行一些新業務。

Got it. That's helpful. And then with respect to tariff industries, you mentioned it represents about 35% to 40% of CV spread across both GTS and GBS. Is there any way you can provide some sort of spread between how much of that impact is in GTS? How much of that impact is in GBS? So that it's possible to ascertain how much headwind across both of those segments one should expect from tariffs?

知道了。這很有幫助。然後關於關稅行業，您提到它佔 GTS 和 GBS 中 CV 的約 35% 至 40%。您能否提供一些關於 GTS 中這種影響程度的分佈？GBS 的影響有多大？那麼，是否可以確定關稅將對這兩個領域帶來多大的阻力？

Yes. It's a really good question. I think in GBS because supply chain is, if not our largest practice, top 2 in terms of size, that's going to be much more concentrated with "tariff affected industries." I don't think it changes the distribution wildly, but GBS is probably a little bit more reliant on or has a little higher proportion of tariff affected clients in CV than GTS.

是的。這確實是一個好問題。我認為在 GBS 中，因為供應鏈即使不是我們最大的業務，也是規模排名前二的，所以它將更加集中於「受關稅影響的行業」。我認為它不會大幅改變分佈，但 GBS 可能比 GTS 更依賴 CV，或者 CV 中受關稅影響的客戶比例更高。

Very helpful. Thank you.

非常有幫助。謝謝。

Manav Patnaik with Barclays.

巴克萊銀行的 Manav Patnaik。

This is Brendan on for Manav. I just want to ask on the tariff commentary. I mean we've had a lot of companies report and it seemed like the view was that confidence that kind of returned by the end of the quarter, even though there was definitely some concerns earlier in the quarter and not necessarily huge strategy changes outside maybe a couple of industries. So just in like kind of what's different about your business in this environment right now?

這是 Brendan 代替 Manav 上場。我只是想問一下有關關稅的評論。我的意思是，我們已經收到了很多公司的報告，似乎人們的觀點是，到本季度末，信心已經恢復，儘管本季度早些時候肯定存在一些擔憂，而且除了幾個行業之外，不一定會發生巨大的戰略變化。那麼，在目前的環境下，您的業務有何不同？

I guess what I'd say is that we saw with our clients is what I described earlier. And this didn't change at the end of the quarter, which is that companies worried about -- even with 15% -- on the low end of tariffs, a 15% increase in tariffs that they do not believe they could necessarily pass all that on to their clients. And so we wanted to cut costs so that they could help maintain both the client pricing as well as their margins. And so we saw clients very widely basically saying, look, we need to cut costs so that we can maintain our revenues and our margin structure. And again, that didn't change through the quarter.

我想說的是，我們在客戶身上看到的就是我之前描述的。到本季末，這種情況仍沒有改變，即企業擔心，即使關稅下限為 15%，如果關稅增加 15%，他們也不認為能夠將全部成本轉嫁給客戶。因此，我們希望削減成本，以便能夠幫助維持客戶定價及其利潤。因此，我們看到客戶普遍在說，看，我們需要削減成本，以便我們能夠維持我們的收入和利潤結構。而且，整個季度的情況都沒有改變。

Okay. And then on the new business pipelines, I guess what's driving that? Is it new logo, upsell, cross-sell or seats or some mix of all?

好的。那麼，關於新的業務管道，我猜是什麼推動了它的發展？是新標誌、追加銷售、交叉銷售、座位還是以上各項的混合？

So as Craig mentioned in his remarks, our new business was up at very solid double-digit rates for both GTS and GBS. It was the pipeline, yes, pipeline. Pipeline was up at very good double-digit rate for GTS and GBS. And we basically see that as, again, there's demand for -- high demand for our services. The biggest single area is in helping clients figure out how to use AI, but also other traditional things as well like cybersecurity and things like that. And so our pipeline is up because there's strong demand out there for our services.

正如 Craig 在演講中提到的那樣，我們的新業務對於 GTS 和 GBS 來說都實現了非常穩健的兩位數成長。是的，這是管道。GTS 和 GBS 的管道均以非常好的兩位數速度成長。我們基本上認為，對我們服務的需求很高。最大的單一領域是幫助客戶弄清楚如何使用人工智慧，但也包括其他傳統事物，例如網路安全等。由於市場對我們服務的需求強勁，所以我們的管道不斷增加。

And Brendan, it's balanced across additional licenses with existing clients, new logos, et cetera.

布倫丹，它在現有客戶的附加許可、新標誌等之間保持平衡。

Josh Chan, UBS.

瑞銀的 Josh Chan。

Hi, good morning, Gene and Craig. I guess, considering the magnitude of the slowdown in the expat business, I guess, what's your level of conviction that this is really tariff-related versus clients just pulling back and blaming tariffs because I can't imagine the existence of tariffs is that much of a surprise in Q2 versus Q1? So I guess what's your confidence about tariffs being the precise driver there?

嗨，早上好，吉恩和克雷格。我想，考慮到外籍人士業務放緩的程度，我想，您在多大程度上確信這確實與關稅有關，還是客戶只是退縮並歸咎於關稅，因為我無法想像第二季度與第一季相比關稅的存在會如此令人驚訝？那麼，我猜您對關稅是造成這現象的確切原因有何信心？

Again, we track every single deal. And again, we have a well-developed system. We've done this for a long period of time, where we track every single deal, and we ask the clients, we ask our salespeople kind of what was the reason we won or what was the reason we lost. We get quite good detail. And so that's why we have confidence that what's driving this is and the tariff are real focused on reducing costs because that's what our clients are telling us.

再次強調，我們會追蹤每一筆交易。而且，我們擁有完善的系統。我們這樣做已經很長一段時間了，我們追蹤每一筆交易，我們詢問客戶，我們詢問銷售人員我們成功的原因是什麼或我們失敗的原因是什麼。我們得到了相當詳細的資訊。因此，我們有信心推動這一進程，關稅真正專注於降低成本，因為這是我們的客戶告訴我們的。

And we also track escalations. And again, as I mentioned, whenever people focus on costs, one of the first things they do is make clients escalate things from the functional leaders, the CHRO, the CFO, CIO to the CEO or the CFO, and that's exactly what we're seeing. We just -- again, we've seen that, as I mentioned before, in both the pandemic and the recession in 2009, that's what we're seeing right now.

我們還會追蹤事態升級。正如我所提到的，每當人們關注成本時，他們做的第一件事就是讓客戶將問題從職能領導、首席人力資源官、首席財務官、首席資訊長上報到首席執行官或首席財務官，而這正是我們所看到的。我們只是——再說一次，正如我之前提到的，我們已經看到，無論是在 2009 年的疫情還是經濟衰退中，這就是我們現在所看到的。

And sorry. And Josh, one other just add-on thing. As we're talking about the dynamics of the business, I wouldn't characterize us saying the slowdown was completely attributable to tariffs and to affected industries. We're just trying to provide incremental color around what we're seeing in the business and because a large part of the economy and a large part of our client base are impacted by tariffs. We wanted to make sure we provide that incremental color around the business.

我很抱歉。喬希，還有另外一件附加的事情。當我們談論業務動態時，我不會說經濟放緩完全歸因於關稅和受影響的行業。我們只是想就我們在業務中看到的情況提供一些漸進的信息，因為很大一部分經濟和很大一部分客戶群都受到關稅的影響。我們希望確保為整個業務提供這種增量色彩。

And again, due to the performance of the tariff affected industries, it's much worse than the nontariff affected industries.

再一次，受關稅影響的行業的表現比未受關稅影響的行業要差得多。

That's helpful. That makes a lot of sense. And then maybe my follow-up question. I'm sure you're aware of the narrative that AI could be having some sort of impact on the demand of your services. I was just wondering how you would respond to that and how you would kind of ring fence any impact on the negative side from AI?

這很有幫助。這很有道理。然後也許還有我的後續問題。我相信你已經意識到人工智慧可能會對你們的服務需求產生某種影響。我只是想知道您會如何回應這個問題，以及您將如何防範人工智慧帶來的負面影響？

Thank you.

謝謝。

Ladies and gentlemen, please standby. Our speakers are having technical issues.

女士們、先生們，請稍候。我們的揚聲器出現了技術問題。

No, we're good. Did you not get that response?

不，我們很好。您沒有收到回覆嗎？

Jeff Silber, BMO Capital Markets.

傑夫·西爾伯（Jeff Silber），BMO 資本市場。

Gene, we did not get the response, and I think a lot of us have a similar question. So yes, if you could try to ring-fence the AI risk, including from my perspective, just what you're hearing on pipeline conversion and if that's coming up as an issue at all for those that may not understand the richness of the Gartner value proposition as well.

吉恩，我們沒有得到回复，我想我們很多人都有類似的疑問。所以是的，如果你可以嘗試隔離人工智慧風險，包括從我的角度來看，就像你所聽到的有關管道轉換的內容，以及這對於那些可能不了解 Gartner 價值主張的豐富性的人來說是否會成為一個問題。

Jeff, sorry, you didn't get that response. So basically, first, our pipeline, as I mentioned, is up at robust double-digit rates for both GTS and GBS. I mean that's the best indicator of kind of what demand is like. And what we're seeing with the pipeline is that we track the number of days from one, when the deal enters [a five] the number of days it closed. The time required to close deals down has gone up. And the reason it's gone up is that it takes more time --

傑夫，很抱歉，你沒有收到回覆。因此，基本上，首先，正如我所提到的，我們的 GTS 和 GBS 管道都以強勁的兩位數速度成長。我的意思是，這是反映需求狀況的最佳指標。我們在頻道中看到的是，我們追蹤從一開始的天數，當交易進入[五]天數時，它就完成了。完成交易所需的時間已經增加。而它上漲的原因是需要更多時間--

I mentioned earlier that a lot of deals will be escalated from the functional leader like a CIO or CHRO up to the CFO or CEO. It takes more time in the selling process because there are (inaudible) estimated business case that it just takes time organizationally to get that done. And so what I say we're seeing is there's not reduced demand, but closing deals takes longer because the purchasing processes have been stretched out. And that's pretty pervasive in what we see in recessions in the past.

我之前提到過，許多交易將從 CIO 或 CHRO 等職能領導上報至 CFO 或 CEO。銷售過程需要更多時間，因為有（聽不清楚）估計的商業案例表明，從組織上來說，完成這個過程需要時間。所以我說我們看到的是需求並沒有減少，但由於採購流程被延長，達成交易所需的時間更長。在過去的經濟衰退中，我們看到相當普遍的情況。

And I think, Jeff, the other thing I would just add and just sort of harking back to Gene's prepared remarks where he talked at length about the different types of incremental value that you get from Gartner, all of the proprietary insights that we have behind our firewalls that are completely independent objective and proprietary to us. And then I think perhaps most importantly, the fact that we're helping our clients with our complex multi-quarter, often multiyear journeys on their most important mission-critical priorities.

傑夫，我想補充的另一件事是回顧吉恩準備好的發言，他詳細討論了從 Gartner 獲得的不同類型的增量價值，以及我們在防火牆後面擁有的所有專有見解，這些見解對我們來說是完全獨立客觀且專有的。然後我認為也許最重要的是，我們正在幫助我們的客戶完成他們最重要的關鍵任務優先事項，這需要跨越多個季度，甚至多年的時間。

And I think there is a -- sometimes a misconception around what the value is of Gartner for our clients in both GTS and GBS. But fundamentally, it's helping our executive clients solve their complex multi-quarter, multiyear mission-critical priority journeys.

我認為，有時人們對 Gartner 對於 GTS 和 GBS 客戶的價值有誤解。但從根本上來說，它正在幫助我們的高階主管客戶解決他們複雜的、跨季度、跨年的關鍵任務優先旅程。

And we believe, and I think as Gene just highlighted, our pipeline reflects we are the best, most value-oriented solution to be able to help our clients accomplish those types of things. And we're going to keep improving what we do and keep growing the number of terabytes of data and eventually, [petabytes] of data that we have behind our firewalls that inform the insights that help our clients with their mission-critical priorities, and we're going to keep improving our products.

我們相信，而且我認為正如 Gene 剛才所強調的那樣，我們的管道反映出我們是最好的、最有價值的解決方案，能夠幫助我們的客戶完成這些事情。我們將繼續改進我們的工作，不斷增加防火牆後面的資料量，最終達到 [PB] 級，這些資料將為我們提供幫助客戶完成關鍵任務優先事項的見解，我們也將繼續改進我們的產品。

As Gene highlighted, the rollout of our Gen AI tools as Gartner is a step high in that direction. That's not the only thing we've done from a product innovation perspective, but it's certainly one worth highlighting.

正如 Gene 所強調的，我們作為 Gartner 推出的 Gen AI 工具朝著這個方向邁出了一大步。從產品創新角度來看，這並不是我們所做的唯一的事情，但絕對是值得強調的。

And so we're going to continue to bang away at those things to make sure that we are the best, most cost-effective way to help our executive clients accomplish their mission-critical priorities.

因此，我們將繼續努力，確保以最佳、最具成本效益的方式幫助我們的高階主管客戶完成其關鍵任務。

Jeff, the other thing I'd add is we are training all of our sales and service delivery people on how to -- if the client has a question like that on how to answer that question directly and the way Craig just described so that prospect or a client understands kind of what we're used for and why it's so valuable.

傑夫，我想補充的另一件事是，我們正在對所有銷售和服務人員進行培訓，如果客戶有這樣的問題，如何直接回答這個問題，就像克雷格剛才描述的那樣，這樣潛在客戶或客戶就能明白我們的用途以及為什麼它如此有價值。

Got it. And then just for Ask Gartner, can you help us better understand like what service tiers it's going to be available in? And just what exactly is the rollout process or time?

知道了。然後僅針對詢問 Gartner，您能否幫助我們更好地了解它將在哪些服務層級中可用？那麼推出的具體流程和時間是怎麼樣的呢？

Yes. So Ask Gartner is a Gen AI tool that clients can use to get access to our research. Again, it uses our research only. And so it's a great reflection of helping clients on their mission-critical priorities, like I talked about. Yes. And to any event, so we've -- as I mentioned on my prepared remarks, we've had it in trial for some period of time. We want to make sure it was great. Clients love it, the clients have been using it. So we're rolling out as fast as we can.

是的。因此，Ask Gartner 是一個 Gen AI 工具，客戶可以使用它來存取我們的研究。再次強調，它只使用我們的研究。因此，正如我所說的，這很好地體現了幫助客戶完成其關鍵任務的優先事項。是的。無論如何，正如我在準備好的演講中提到的那樣，我們已經試驗了一段時間了。我們希望確保它很棒。客戶很喜歡它，客戶一直在使用它。因此，我們正在盡快推出。

And you can think about it being rolling out at several thousand clients per month until we get all of our clients on, which we expect will be by the end of the year. By the way, the client sort of says, Hey, it's important to me to have it. We'll move in to the top of the queue and get them in there, even they work slated to a later point in time.

你可以想像一下，我們每個月都會推出數千個客戶，直到我們所有的客戶都加入進來，我們預計這將在今年年底實現。順便說一句，客戶會說，嘿，它對我很重要。我們將把他們排在隊列的最前面，即使他們的工作安排在稍後的時間。

But I guess what I'm wondering, is it available for like the read-only Gartner digital subscribers? Or is it only available for the higher service tiers where they have access to live engagement with analysts?

但我想知道的是，它是否可供只讀 Gartner 數位訂閱者使用？或者它只適用於可以與分析師進行即時互動的較高服務層級？

So it's available to all of our licensed users. Again, they have been -- we rolled it out to named license users. Again, there are some product carve-outs where it won't be enabled, but that's a small fraction of our contract value. So by the end of the year, our goal is to have all of the licensed users that we want enabled with Ask Gartner.

因此我們所有的授權使用者都可以使用它。再次，他們已經 - 我們將其推廣給指定許可用戶。再次，有些產品豁免無法啟用，但這只是我們合約價值的一小部分。因此，到今年年底，我們的目標是讓所有授權使用者都能使用 Ask Gartner。

Surinder Thind with Jefferies.

Surinder Thind 與 Jefferies 合作。

Just following up on the idea of the behavior of clients around tariffs. Just any color around any differences that you might have seen between perhaps your US versus your international clients? I noticed you specifically called out Canada and Australia.

只是跟進客戶在關稅方面的行為的想法。您是否發現美國客戶和國際客戶之間有任何差異？我注意到您特別提到了加拿大和澳大利亞。

So the -- I'd say in terms of companies impacted by tariffs, there's no difference between whether they're an automotive company in Europe or Japan or in the US They're basically all of that in the same way which we described earlier. There's a second of things going on, which is Craig mentioned Canada and Australia. In Canada, what's going on is there's been a -- first, things changed the procurement processes some time ago to make it more difficult to buy. We're working our way through with clients there. And there's -- we're working with the clients on that. There has been, in some cases, particularly in the public sector, a reaction against some of the US policies and reactions that maybe we shouldn't buy from American companies.

所以，我想說，就受關稅影響的公司而言，無論是歐洲、日本還是美國的汽車公司，都沒有區別，它們基本上都和我們之前描述的一樣。發生了第二件事，克雷格提到了加拿大和澳洲。在加拿大，目前的情況是——首先，一段時間前採購流程發生了變化，使得採購變得更加困難。我們正在與那裡的客戶合作。我們正在與客戶就此展開合作。在某些情況下，特別是在公共部門，人們對美國的一些政策產生了反應，認為我們不應該購買美國公司的產品。

In the case of Australia, there's an election recently in May. And whenever there's election in Australia, it is often that there are a lot of changes in the government. And so purchases and renewals stop for a few months while they get the new -- they call it the [Machinery of Government] in Australia, while they get the new Machinery of Government in place. So it's kind of different issues that are largely unrelated to the tariffs.

就澳洲而言，五月將舉行選舉。每當澳洲舉行選舉時，政府往往都會發生很大變動。因此，購買和續訂會停止幾個月，以便他們獲得新的——在澳大利亞，他們稱之為[政府機器]，以便他們建立新的政府機器。所以這是與關稅基本無關的不同問題。

That's helpful. And then when we think about just headcount, head count expectations, any incremental color there? It sounds like you're at a good head count perspective. But there was anticipation of maybe growth later in the year. How should we think about that in light of just current trends continuing through the end of the year?

這很有幫助。然後，當我們考慮員工人數、員工人數預期時，有任何增量顏色嗎？聽起來你對人數的看法很好。但人們預計今年晚些時候可能會出現成長。鑑於目前的趨勢將持續到今年年底，我們該如何看待這個問題？

Surinder, it's Craig. From a QBH perspective, which I assume when you're saying headcount, you're focused QBH. We have invested a lot in growing the capacity of our QBH over the last several years and last decades actually, if you go back. And we're at a point now where we've got over 5,000 frontline QBH in both GTS and GBS. And we fundamentally believe that there is a lot of productivity upside across both GTS and GBS that will be part of that pathway back to double-digit growth in CV that both Gene and I highlighted.

Surinder，我是 Craig。從 QBH 的角度來看，我認為當您說到人數時，您關注的是 QBH。事實上，如果回顧一下，過去幾年乃至幾十年來，我們在擴大 QBH 產能方面投入了大量資金。現在，我們在 GTS 和 GBS 中都擁有超過 5,000 名一線 QBH。我們從根本上相信，GTS 和 GBS 的生產率都有很大提升空間，這將成為 Gene 和我都強調的 CV 重回兩位數成長之路的一部分。

We are, of course, remaining very agile in our planning around where we invest and where we do contract. As you'd imagine, we have reduced the number of sales territories in the US Fed just because there's less business there now. But we're keeping our best people and keeping them fully engaged and they're still working with their clients and prospects across US Fed, but we've taken the territories down there in line with the declines that we've seen in that business.

當然，我們在投資和簽約方面的規劃上仍然非常靈活。正如您所想像的，我們減少了美國聯邦儲備委員會的銷售區域數量，只是因為現在那裡的業務減少了。但我們仍保留著最優秀的人才，讓他們全心投入工作，他們仍在與美國聯邦儲備委員會的客戶和潛在客戶合作，但我們已經根據該業務的下滑情況將業務範圍縮小。

Across the rest of the portfolio, we have a practice, which we call territory optimization, which is every time we see turnover, we take a look to see if there's a better investment for us to make. And so we are very focused on doing that with the thinking being that trading out core performing territories or less profitable territories for territories with more opportunity activity in the short, medium and long term is a no brainer to do.

在其他投資組合中，我們有一種做法，我們稱之為區域優化，即每次我們看到營業額時，我們都會看看是否有更好的投資可供我們進行。因此，我們非常專注於這樣做，因為我們的想法是，用表現核心的地區或利潤較低的地區換取短期、中期和長期內機會活動更多的地區是明智之舉。

And so while it may appear head count or territories are flat, know that under the covers, we are always doing this optimization of shutting down lower-performing and less profitable territories and reinvesting in what we believe to be higher opportunity and higher profitability territories.

因此，儘管看起來員工數量或地區數量沒有變化，但要知道，在幕後，我們一直在進行這種優化，關閉績效較低、利潤較低的地區，並重新投資於我們認為機會更多、利潤更高的地區。

That all said, our expectation for this year is to end the year roughly flattish from a QBH perspective. And then as we start to reaccelerate across 2026 and into 2027, we will then turned back on the QBH growth that we know is an important input into driving sustained double-digit growth in 2027, 2028 and beyond.

綜上所述，從 QBH 的角度來看，我們對今年的預期是到年底業績將大致持平。然後，隨著我們在 2026 年和 2027 年開始重新加速，我們將重新轉向 QBH 成長，我們知道這是推動 2027 年、2028 年及以後持續兩位數成長的重要投入。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

Hey, good morning and thanks for taking my question. There were some comments in the prepared remarks about focusing the sales force to ensure that your customers are getting the full value of the Gartner subscription. Is there any way to dimensionalize like what percentage of your customers do you see now is not getting the full value of the Gartner subscription?

嘿，早上好，感謝您回答我的問題。在準備好的評論中有一些關於集中銷售人員的意見，以確保您的客戶獲得 Gartner 訂閱的全部價值。有沒有什麼方法可以量化，例如您現在看到有多少比例的客戶沒有獲得 Gartner 訂閱的全部價值？

Thank you.

謝謝。

Jason, when you subscribe to Gartner, you get access to our content. You get also access to our experts. You can call the experts. We also -- in many of our products, you get a ticket for a conference. You have the ability to do meet peers, both in person as well as electronically. We have a thing called contract reviews, which basically allow a client who's there buying something to say, am I getting the right terms, do I have the right bill of materials, all those kinds of things. And then we have some tools that are very helpful at maturity models.

傑森，當您訂閱 Gartner 時，您就可以存取我們的內容。您也可以聯絡我們的專家。您可以致電專家。我們也—在我們的許多產品中，您可以獲得一張會議門票。您能夠與同行見面，既可以面對面，也可以透過電子方式。我們有一種稱為合約審查的東西，它基本上允許購買東西的客戶說，我是否得到了正確的條款，我是否有正確的物料清單，諸如此類的事情。然後我們有一些對成熟度模型非常有用的工具。

Those are examples because we have quite a suite of services. And not all of our clients use all of those services, even though many of them are very high value. And so one of the things we're doing now is to make sure that our sales and service delivery people know the full suite, even if they were new to Gartner, they've been here three months whatever that we train them effective on that. And if they can go out and talk to clients, especially the ones that may not be using all those extra services.

這些都是例子，因為我們有相當多的服務。儘管其中許多服務的價值非常高，但並非所有客戶都會使用所有這些服務。因此，我們現在正在做的事情之一就是確保我們的銷售和服務交付人員了解全套產品，即使他們是 Gartner 的新人，無論他們來這裡只有三個月，我們都會對他們進行有效的培訓。如果他們可以出去與客戶交談，特別是那些可能不會使用所有這些額外服務的客戶。

A good example actually is in peer where we have tens of thousands of clients that use our peer interactions. They value incredibly highly. And again, you can do it electronically or in person. And what we have tens of thousands use it, we have to thousands that could use it and aren't yet generally because they just haven't been made aware of it. And so we're trying to make sure clients to have all these sources of value, of which a lot of them are very high, even though they're not using it today.

實際上，一個很好的例子就是在同行中，我們有成千上萬的客戶使用我們的同行互動。他們的評價非常高。再次強調，您可以透過電子方式或親自進行。我們有數以萬計的人使用它，我們有數千人可以使用它，但一般來說，他們還沒有使用它，因為他們還沒有意識到這一點。因此，我們試圖確保客戶擁有所有這些價值來源，其中許多都很高，即使他們今天沒有使用它。

Got it. That's very helpful. And then as a follow-up question, just came up a few times. You talked about the fact that every time you have a cancellation, you'll find out what the reason why was. Are you able to give us any sense what percentage of folks are citing usage of like a publicly available large language model and therefore not continuing theit Gartner subscription? Is that coming up at all? What percentage is that?

知道了。這非常有幫助。然後作為後續問題，剛剛出現了幾次。您談到這樣一個事實：每次取消時，您都會找出原因。您能否告訴我們，有多少比例的人提到使用公開可用的大型語言模型，因此不再繼續訂閱 Gartner？這會發生嗎？那比例是多少？

Yes. That's one of the options, and it's not material. It's basically -- it's essentially unmeasurable.

是的。這是其中一個選擇，但並不重要。它基本上是——它本質上是無法衡量的。

Okay, that's very helpful.

好的，這非常有幫助。

Thank you.

謝謝。

Jeff Silber with BMO Capital Markets.

BMO 資本市場的 Jeff Silber。

Thanks so much. I know it's late. I'll just ask one. I wanted to focus on the number of client enterprises. It's been going down at least in GTS for the past couple of years and now we're seeing it in GBS. Is it just that clients are maybe centralizing the decision-making process and buying as one entity as opposed to multiple entities. I know there's probably some federal government impact this past quarter, but it's been going down for a while. So any color would be great.

非常感謝。我知道已經太晚了。我只問一個。我想關注客戶企業的數量。過去幾年，至少在 GTS 中這種情況一直在下降，現在我們在 GBS 中也看到了這種情況。是不是客戶可能只是將決策過程集中起來，並作為一個實體而不是多個實體進行購買。我知道上個季度聯邦政府可能會產生一些影響，但這種影響已經下降了一段時間。所以任何顏色都可以。

Jeff, it's Craig. The biggest driver that we've seen on the enterprise count has been small tech vendor. And while small tech vendor, our small tech vendor business is improving and accelerating, there's still higher than average churn amongst that client base. As you know with enterprises, every one counts as one regardless of spending. And so we just see very high churn amongst our small tech vendors. That's the biggest thing driving that enterprise count that you're looking at.

傑夫，我是克雷格。我們看到，企業數量的最大驅動力是小型技術供應商。儘管小型技術供應商，我們的小型技術供應商業務正在改善和加速，但客戶群的流失率仍然高於平均值。大家知道，對企業來說，無論花費多少，每個人都算是企業。因此，我們看到小型技術供應商的流失率非常高。這是推動您所關注的企業數量的最重要因素。

All right, I appreciate the call. Thanks.

好的，感謝您的來電。謝謝。

And I'm showing there are no further questions in queue. I will turn the call back over to Gene Hall for any closing remarks.

並且顯示隊列中沒有其他問題。我將把電話轉回給吉恩·霍爾 (Gene Hall) 來做最後發言。

So summarizing, there are two things I'd like to take away from today's discussion. First, AI is an important opportunity for Gartner across several dimensions. It's the highest demand topic that we're helping our clients with today, who will ask Gartner to provide faster, easier access to our insights, and we're improving internal efficiency with AI tools. Second, we're making adaptations that will give us a clear path back to double-digit growth. Thank you for joining us today, and I look forward to updating you again next quarter.

總而言之，我想從今天的討論中得出兩點結論。首先，AI對於Gartner來說是一個跨多個維度的重要機會。這是我們目前幫助客戶解決的需求最高的主題，他們會要求 Gartner 提供更快、更輕鬆地存取我們的見解，而我們正在利用 AI 工具來提高內部效率。其次，我們正在做出調整，以便明確地實現兩位數成長。感謝您今天加入我們，我期待下個季度再次向您更新最新情況。

This concludes today's conference. Thank you for your participation, and you may now disconnect.

今天的會議到此結束。感謝您的參與，您現在可以斷開連接。