高德納諮詢公司 (IT) 2025 Q3 法說會逐字稿

Good day, and welcome to Gartner's third quarter 2025 earnings conference call. This call may be recorded.

大家好，歡迎參加 Gartner 2025 年第三季財報電話會議。本次通話可能會被錄音。

I would now like to turn the call over to David Cohen, Senior Vice President of Investor Relations. Please go ahead.

現在我將把電話交給投資者關係高級副總裁大衛·科恩。請繼續。

Good morning, everyone. Welcome to Gartner's third quarter 2025 earnings call. I'm David Cohen, SVP of Investor Relations. (Event Instructions) After comments by Gene Hall, Gartner's Chairman and Chief Executive Officer; and Craig Safian, Gartner's Chief Financial Officer, there will be a question-and-answer session. Please be advised that today's conference is being recorded.

各位早安。歡迎參加 Gartner 2025 年第三季財報電話會議。我是投資人關係資深副總裁大衛‧科恩。（活動說明）在 Gartner 董事長兼執行長 Gene Hall 和 Gartner 財務長 Craig Safian 致詞後，將進行問答環節。請注意，今天的會議正在錄影。

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

本次電話會議將討論 2025 年第三季財務業績以及 Gartner 對 2025 年的展望，這些內容已在今天的收益報告和收益補充文件中披露，這兩份文件均已發佈在我們的網站 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. 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.

除非另有說明，否則電話會議中所有提及的 EBITDA 均為調整後的 EBITDA，調整內容已在我們的盈利公告和補充文件中進行了描述。我們討論的所有合約價值和相關成長率均基於 2025 年的外匯匯率。除非另有說明，Gene 評論中的所有成長率均與匯率無關。除非另有說明，否則所有提及的股份數量均為完全稀釋後的加權平均股數。我們所使用的所有非GAAP資料的調節表可在gartner.com網站的投資者關係部分查閱。

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.

正如今天發布的盈利報告中更詳細闡述的那樣，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，並受到許多風險和不確定性的影響，包括公司 2024 年 10-K 表格年度報告和 10-Q 表格季度報告以及向美國證券交易委員會提交的其他文件中所包含的風險和不確定性。我建議大家仔細閱讀這些文件中所列的風險因素。

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

現在，我會把電話交給 Gartner 的董事長兼執行長 Gene Hall。

Good morning, and thanks for joining us today. Gartner's Q3 financial results were ahead of expectations. The macroeconomic environment remains dynamic with DOGE, changes in the federal government and evolving tariff policies. We made operational adaptations that are starting to yield results. We continue to deliver great value to our clients.

早安，感謝您今天收看我們的節目。Gartner第三季財務業績超乎預期。宏觀經濟環境仍充滿變數，受到狗狗幣匯率波動、聯邦政府變動和關稅政策變動的影響。我們所做的營運調整已經開始取得成效。我們持續為客戶創造巨大價值。

Enterprise client retention remains strong and contract renewal rates improved from the second quarter. Finally, we repurchased more than $1 billion of stock in the quarter, reducing share count by 6% year-over-year.

企業客戶留存率依然強勁，合約續約率較第二季有所提升。最後，我們在本季回購了超過 10 億美元的股票，使股票數量比去年同期減少了 6%。

AI will be one of the most innovative and pervasive technologies in history. We're seeing unprecedented demand for help with AI, and we're meeting that demand. We're helping tens of thousands of clients in thousands of enterprises across every function, every size enterprise, every geography and every industry determine how best to use AI.

人工智慧將成為歷史上最具創新性和普及性的技術之一。我們看到對人工智慧方面幫助的需求空前高漲，而我們正在滿足這種需求。我們正在幫助數萬家企業、各個職能部門、各個規模的企業、各個地區和各行業的客戶確定如何最好地使用人工智慧。

We've developed indispensable AI insights that are captured in more than 6,000 documents, and our insights are growing every day. To put this into perspective, if you read 10 documents per day, it would take about two years just to get through our current library.

我們已經開發出不可或缺的人工智慧見解，這些見解記錄在 6000 多份文件中，而且我們的見解每天都在增長。換句話說，如果你每天閱讀 10 份文件，那麼光是讀完我們目前的圖書館藏書就需要大約兩年。

While enterprise leaders are excited about the prospects of AI, they continue to chase returns on those investments. We've cataloged more than 1,000 AI use cases, spanning roles and industries that outline which have the highest ROIs and why. These are indispensable insights.

儘管企業領導者對人工智慧的前景感到興奮，但他們仍在追求這些投資的回報。我們已整理了 1000 多個 AI 應用案例，涵蓋各種角色和行業，並概述了哪些案例的投資回報率最高以及原因。這些都是不可或缺的見解。

In addition, our entire client base has access to our AI-driven tool, AskGartner. AskGartner enables quick access and generates in-depth summaries of our business and technology insights. We continue to accelerate and enhance AskGartner's capabilities at a rapid pace. Our insights are derived from Gartner's vast pool of proprietary data that is unique, highly differentiated and not available in the public domain.

此外，我們所有的客戶都可以使用我們基於人工智慧的工具 AskGartner。AskGartner 可讓您快速存取並產生我們業務和技術洞察的深入摘要。我們將持續快速提升並增強 AskGartner 的各項能力。我們的洞察來自 Gartner 龐大的專有資料池，這些資料獨特且高度差異化，且不在公共領域內可用。

This includes data from Gartner IT Key Metrics, which is the industry's largest key metrics database, our vast online peer network of more than 139,000 unique users, our more than 500,000 one-on-one client discussions annually and our more than 3 million ratings and reviews of technology and software services. All of this and more uniquely positions Gartner as the best source for helping clients determine the right AI tools, applications and benefits.

這包括來自 Gartner IT 關鍵指標的數據（這是業內最大的關鍵指標數據庫）、我們擁有超過 139,000 名獨立用戶的龐大在線同行網絡、我們每年超過 500,000 次的一對一客戶討論以及我們對技術和軟體服務的超過 300 萬條評分和評論。所有這些以及更多優勢，使 Gartner 成為幫助客戶確定合適的 AI 工具、應用程式和收益的最佳資源。

We're also leveraging AI to improve productivity and effectiveness internally. Gartner's data science team is using our sophisticated proprietary AI model to quickly and systematically determine the topics of greatest interest to our clients. We've provided our experts with advanced proprietary AI tools for content production. The amount of content published per analyst is up 31% year-over-year.

我們也正在利用人工智慧來提高內部生產力和效率。Gartner 的資料科學團隊正在使用我們先進的專有 AI 模型，快速且有系統地確定客戶最感興趣的主題。我們為專家們配備了先進的專有AI工具，用於內容製作。每位分析師發布的內容量年增 31%。

Over time, we expect this will have a meaningful impact on retention, and we've reduced our average publishing time by 75% compared to last year. This allows us to respond to changes in the market faster than ever. Our service delivery teams are leveraging our AI tools to be better prepared for client discussions, and our sales teams are using AI to hone their selling skills.

我們預計，隨著時間的推移，這將對用戶留存率產生顯著影響，與去年相比，我們的平均發佈時間減少了 75%。這使我們能夠比以往任何時候都更快地應對市場變化。我們的服務交付團隊正在利用人工智慧工具來更好地為客戶洽談做好準備，而我們的銷售團隊正在使用人工智慧來磨練他們的銷售技巧。

As we continue to navigate the dynamic external environment, our adaptations are beginning to yield results. Client engagement is a leading indicator of future retention. Client engagement was up in the quarter. Client retention is higher than last year. Productivity of our business development executives who sell to new enterprises is strong. And across GTS and GBS, our new business pipeline is up double digits.

隨著我們不斷應對瞬息萬變的外在環境，我們的調整措施開始取得成效。客戶參與度是未來顧客留存率的重要指標。本季客戶參與度有所提升。客戶留存率高於去年。我們負責向新創企業銷售業務的業務拓展主管的表現非常出色。在 GTS 和 GBS 兩大業務板塊，我們的新業務通路實現了兩位數的成長。

Gartner Conferences is also an important indicator of client value. Licensed users who attend our conferences retain at higher rates. Prospects who attend our conferences convert to clients at higher rates. Attendee ratings of our conferences are reaching all-time highs.

Gartner 大會也是衡量顧客價值的重要指標。參加我們會議的授權用戶續訂率更高。參加我們會議的潛在客戶轉化為實際客戶的幾率更高。我們會議的與會者評分達到了歷史新高。

I recently returned from our 35th Annual IT Symposium/Xpo in Orlando, Florida. We hosted more than 7,000 technology leaders over the four-day in-person conference. You can't find this many senior technology executives gathered together anywhere else. Attendance at the conference was up 8% year-over-year, excluding the US federal government in Canada. Attendees gave the conference a very strong Net Promoter Score of 75. About one-third of the nearly 600 sessions on site covered the topic of AI.

我最近剛從佛羅裡達州奧蘭多舉行的第35屆年度IT研討會/展覽會回來。在為期四天的線下會議上，我們接待了超過 7,000 位科技領導者。你在其他任何地方都找不到這麼多資深技術主管聚集在一起。除加拿大的美國聯邦政府外，本次會議的出席人數比去年同期增加了 8%。與會者對本次大會的淨推薦價值 (NPS) 非常高，達到了 75 分。現場近 600 場會議中，約有三分之一涉及人工智慧主題。

Our opening keynote framed the AI journey across two dimensions: AI readiness and human readiness. Gartner analysts discussed how CIOs can navigate vendor choices, reimagine the workforce and redefine organizational identities to be agents of change. It was our highest rated keynote ever. Looking ahead, advanced exhibitor bookings for our 2026 conferences are strong.

我們的開幕主題演講從兩個維度建構了人工智慧發展歷程：人工智慧準備和人類準備。Gartner 分析師探討了資訊長如何應對供應商選擇、重新構想員工團隊以及重新定義組織身份，從而成為變革的推動者。這是我們迄今為止評分最高的主題演講。展望未來，我們 2026 年會議的參展商預訂情況良好。

In summary, while the macroeconomic environment remained dynamic, Gartner's Q3 financial results were ahead of expectations. We made operational adaptations that are starting to yield results. We continue to deliver great value to our clients. Enterprise client retention remains strong and contract renewal rates improved for the second quarter, and we repurchased more than $1 billion of stock in the quarter.

總而言之，儘管宏觀經濟環境依然瞬息萬變，但 Gartner 第三季的財務表現超出了預期。我們所做的營運調整已經開始取得成效。我們持續為客戶創造巨大價值。企業客戶留存率依然強勁，第二季合約續約率有所提高，我們在該季度回購了超過 10 億美元的股票。

AI will be one of the most innovative and pervasive technologies in history. Gartner is the best source for clients to determine the right tools and applications for their environments. And of course, we continue to help in other mission-critical priorities such as cybersecurity. We're also leveraging AI to improve productivity and effectiveness internally. compelling client value, strong demand, operational adaptations and modest normalization of the external environment give us a clear path back to long-term sustained double-digit growth over the medium term.

人工智慧將成為歷史上最具創新性和普及性的技術之一。Gartner 是客戶確定適合其環境的工具和應用程式的最佳資源。當然，我們也會繼續協助處理其他關鍵任務，例如網路安全。我們也正在利用人工智慧來提高內部生產力和效率。極具吸引力的客戶價值、強勁的需求、營運調整以及外部環境的逐步正常化，為我們在中期內恢復長期持續兩位數成長提供了清晰的路徑。

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

接下來，我將把電話交給我們的財務長克雷格·薩菲安。

Thank you, Gene, and good morning. Third quarter contract value, or CV, grew 3% year-over-year. Excluding the US federal government, CV grew 6%. Financial results in the third quarter were better than expected, and we are increasing our guidance for the full year. Our client value proposition is unique and compelling. Our Insights products are subscription-based. They help senior operating executives make better decisions on their journeys to address their strategic priorities.

謝謝你，吉恩，早安。第三季合約價值（CV）年增 3%。除美國聯邦政府外，新冠病毒感染率增加了 6%。第三季財務表現優於預期，我們提高了全年業績預期。我們為客戶提供的價值主張獨特且引人注目。我們的洞察產品採用訂閱模式。它們幫助高階營運主管在實現策略重點的過程中做出更好的決策。

Because we sell to leaders across all major enterprise functions in every geography, industry and company size, we have a long runway for growth in a large addressable market. We see a unique opportunity to create long-term value for our shareholders by repurchasing our stock at an attractive price point. In the third quarter, we bought $1.1 billion of stock. We will generate more free cash flow and have fewer shares outstanding over the course of the next several years. This, coupled with accelerating growth in 2026 and beyond, will create significant value for shareholders.

因為我們的客戶涵蓋各個地區、各個行業、各個規模的公司中所有主要企業職能部門的領導者，所以我們在一個龐大的潛在市場中擁有巨大的成長空間。我們看到了一個獨特的機會，可以透過以有吸引力的價格回購股票，為股東創造長期價值。第三季度，我們買了價值 11 億美元的股票。未來幾年，我們將產生更多自由現金流，並減少流通股數。這一點，再加上2026年及以後的加速成長，將為股東創造巨大的價值。

Third quarter revenue was $1.5 billion, up 3% year-over-year as reported and 1% FX neutral. In addition, total contribution margin was 69%, up 90 basis points from last year. EBITDA was $347 million, up 2% as reported. FX was a 3-point benefit in the quarter. Adjusted EPS was $2.76, up 10% from Q3 of last year. And free cash flow was $269 million as our year-to-date performance remains strong.

第三季營收為 15 億美元，按報告數據計算年增 3%，按匯率中性計算成長 1%。此外，總貢獻毛利率為 69%，比去年提高了 90 個基點。報告顯示，EBITDA為3.47億美元，成長2%。本季外匯交易帶來了3個百分點的收益。調整後每股收益為 2.76 美元，比去年第三季成長 10%。今年迄今的業績依然強勁，自由現金流為 2.69 億美元。

During the quarter, we made a change in our segment reporting structure. Most of the Insights non-subscription revenue is now reported as other revenue in the P&L. Insights, which is almost 100% recurring subscription revenue remains our largest, most profitable operating segment. In the earnings supplement, we provided several quarters of historical data for the new Insights segment.

本季度，我們對業務部門的報告架構進行了調整。Insights 的大部分非訂閱收入現在都作為其他收入計入損益表。Insights 業務幾乎 100% 來自經常性訂閱收入，仍是我們規模最大、獲利能力最強的營運部門。在獲利補充文件中，我們提供了新洞察部門幾個季度的歷史數據。

Insights revenue in the quarter grew 5% year-over-year as reported and 4% FX neutral. Third quarter Insights contribution margin was 77%, up 30 basis points versus last year. Contract value was $5 billion at the end of the third quarter, up 3% versus the prior year. Excluding the US federal government, CV growth was about 270 basis points faster at around 6%. Global NCVI in the quarter, excluding US federal government, was positive $62 million, a sequential increase of $49 million from Q2. This $49 million improvement is larger than the sequential improvement from Q2 to Q3 last year.

本季洞察業務收入按報告計算年增 5%，以固定匯率計算年增 4%。第三季 Insights 業務貢獻毛利率為 77%，比去年同期成長 30 個基點。第三季末合約總額為 50 億美元，比上年同期成長 3%。除美國聯邦政府外，新冠病毒感染率成長速度快了約 270 個基點，達到 6% 左右。本季全球 NCVI（不包括美國聯邦政府）為正 6,200 萬美元，比第二季增加了 4,900 萬美元。這一4900萬美元的成長幅度大於去年第二季到第三季的季增幅度。

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 mid-single-digit rates. Energy, transportation and banking led the growth. CV grew at high single-digit or mid-single-digit rates across all commercial enterprise sizes. We drove double-digit or high single-digit growth in more than half of our top 10 countries.

履歷的成長遍及各個領域、產業、公司規模和地理區域。在我們所有業務領域中，除公共部門外，所有行業的成長率均為個位數中段。能源、交通和銀行業引領了成長。在所有商業企業規模中，CV 均以接近兩位數或接近兩位數的速度成長。我們在排名前十的國家中，超過一半的國家實現了兩位數或接近兩位數的成長。

We had more than $240 million of new business in the quarter, which is down about 4% year-over-year, excluding US Fed. Outside of US Fed contracts, in-quarter renewal rates improved from Q2. This largely reflects benefits from the adaptations we've been making. Nearly all of our US federal contracts will come up for renewal during 2025 with more than 85% having transacted in the first three quarters of the year. Dollar retention year-to-date was around 46%. At September 30, we had approximately $165 million of US federal CV.

本季我們新增業務額超過 2.4 億美元，年減約 4%（不含美國聯邦儲備銀行）。除聯準會合約外，季度內續約率較第二季有所改善。這在很大程度上反映了我們所做的調整所帶來的益處。2025 年，我們幾乎所有的美國聯邦合約都將到期續簽，其中超過 85% 的合約已在今年前三個季度完成交易。今年迄今的美元留存率約為 46%。截至9月30日，我們約有1.65億美元的美國聯邦應收帳款。

Global Technology Sales contract value was $3.8 billion at the end of the third quarter, up 2% versus the prior year. Excluding the US federal government from both periods, GTS CV grew about 300 basis points faster or 5% in the quarter. Tech vendor CV increased mid-single digits with small tech vendor growth continuing to improve. For tech subsectors unaffected by tariffs such as software and services, the CV growth was low double digit or high single digits. Wallet retention for GTS was 98% for the quarter. Excluding the US Federal business, wallet retention was more than 100%.

第三季末，全球技術銷售合約價值為 38 億美元，比上年同期成長 2%。如果將美國聯邦政府從這兩個時期中剔除，GTS CV 在本季成長速度加快了約 300 個基點，即 5%。技術供應商的CV值實現了中等個位數的成長，其中小型技術供應商的成長持續改善。對於軟體和服務等未受關稅影響的技術子產業而言，CV成長率為兩位數低或個位數高。GTS 的錢包留存率在本季為 98%。除美國聯邦政府業務外，錢包留存率超過 100%。

In-quarter contract renewal rates improved from Q2 to Q3. GTS new business was down 12% compared to last year and down about 4%, excluding the US federal government. GTS quota-bearing headcount was up 1% year-over-year as we continue to optimize our territories. Our regular full set of GTS metrics can be found in our earnings supplement.

第三季合約續約率較第二季有所提高。GTS 新業務與去年相比下降了 12%，如果排除美國聯邦政府，則下降了約 4%。隨著我們不斷優化區域佈局，GTS 配額承擔人員數量年增 1%。您可以在我們的收益補充資料中找到我們完整的常規 GTS 指標集。

Global Business Sales contract value was $1.2 billion at the end of the third quarter, up 7% year-over-year. Excluding US federal government, GBS CV grew about 160 basis points faster at around 9%. Half of the major GBS practices grew at double-digit or high single-digit rates. Growth was led by the sales, legal and finance practices. GBS NCVI was positive $17 million in the third quarter. Excluding the US federal government, GBS NCVI was positive $25 million. Wallet retention for GBS was 102% for the quarter.

第三季末，全球業務銷售合約價值為 12 億美元，年增 7%。除美國聯邦政府外，GBS CV 成長速度快了約 160 個基點，達到 9% 左右。一半主要的GBS業務實現了兩位數或接近兩位數的成長。銷售、法律和財務部門引領了成長。GBS NCVI 第三季獲利 1,700 萬美元。除美國聯邦政府外，GBS NCVI 為正 2500 萬美元。GBS 的錢包留存率在本季為 102%。

In-quarter contract renewal rates, excluding the US federal government, improved from Q2 to Q3. GBS new business was down 10% compared to last year. Excluding the US federal government, new business was down about 4%. GBS quota-bearing headcount was up 5% year-over-year. As with GTS, our regular full set of GBS metrics can be found in our earnings supplement.

除美國聯邦政府外，季度內合約續約率從第二季到第三季有所提高。GBS新業務較去年下降10%。除美國聯邦政府外，新業務下降約 4%。GBS 配額員工人數較去年同期成長 5%。與 GTS 一樣，我們的常規完整 GBS 指標集可在我們的收益補充資料中找到。

Conferences revenue for the third quarter was $75 million. On a same conference basis, revenue growth was around 6% FX neutral. Contribution margin was 37%. We held 10 destination conferences in the third quarter as planned. Q3 consulting revenue was $124 million compared with $128 million in the year ago period.

第三季會議收入為 7500 萬美元。以同等規模的會議計算，收入成長約為 6%（按匯率不變）。邊際貢獻率為37%。第三季度，我們按計畫舉辦了10場目的地會議。第三季諮詢收入為 1.24 億美元，去年同期為 1.28 億美元。

FX was a benefit of about 200 basis points in the quarter. Consulting contribution margin was 29% in Q3. Labor-based revenue was $94 million. Backlog at September 30 was $195 million. We had one large project which slipped out of Q3, affecting revenue and backlog.

本季外匯匯率帶來了約 200 個基點的收益。第三季諮詢業務貢獻毛利率為 29%。勞動所得為9400萬美元。截至9月30日，積壓訂單為1.95億美元。我們有一個大項目未能按計劃在第三季度完成，影響了收入和積壓訂單。

In contract optimization, we delivered $30 million of revenue in the quarter, up 12% versus Q3 of last year and 11% FX neutral. Our contract optimization revenue is highly variable. Consolidated cost of services was about flat year-over-year in the third quarter as reported and down 1% FX neutral. SG&A increased 7% year-over-year in the third quarter as reported and about 6% on an FX-neutral basis. SG&A increased in the quarter compared with 2024 as a result of headcount growth and 2025 merit increases.

在合約優化方面，我們本季實現了 3,000 萬美元的收入，比去年第三季增長了 12%，按匯率中性計算增長了 11%。我們的合約優化收入波動很大。第三季綜合服務成本以報告值計算與去年同期基本持平，以匯率中立計算下降 1%。第三季銷售、一般及行政費用年增 7%（按報告資料），以固定匯率計算年增約 6%。由於員工人數增加及 2025 年績效薪資成長，本季銷售、一般及行政費用較 2024 年增加。

EBITDA for the third quarter was $347 million, up 2% from last year's reported. FX contributed almost 3 percentage points. We outperformed in the third quarter through modest revenue upside, effective expense management and a prudent approach to guidance. Depreciation in the quarter of $31 million was up 6% compared to 2024. Net interest expense, excluding deferred financing costs in the quarter was $15 million. This is favorable by $2 million versus the third quarter of 2024 due to lower interest expense and higher interest income on our cash balances.

第三季 EBITDA 為 3.47 億美元，比去年同期成長 2%。外匯因素貢獻了近3個百分點。第三季度，我們憑藉著適度的收入成長、有效的費用控制和審慎的業績指引，取得了超乎預期的成績。本季折舊額為 3,100 萬美元，比 2024 年增長 6%。本季淨利息支出（不含遞延融資成本）為 1,500 萬美元。與 2024 年第三季相比，由於現金餘額的利息支出減少和利息收入增加，這將帶來 200 萬美元的收益。

The Q3 adjusted tax rate, which we use for the calculation of adjusted net income was 23% for the quarter. This compares to last year's rate of 26%. The tax rate for the items used to adjust net income was 14% for the quarter. Adjusted EPS in Q3 was $2.76, up 10% compared to Q3 last year. We had 75 million shares outstanding in the third quarter. This is an improvement of about 3 million shares or approximately 4% year-over-year. We exited the third quarter with 73 million shares on an unweighted basis.

第三季調整後稅率（我們用於計算調整後淨收入）為 23%。這與去年的26%的比例相比有所下降。本季用於調整淨收入的項目的稅率為 14%。第三季調整後每股收益為 2.76 美元，比去年第三季成長 10%。第三季度，我們的流通股數為7,500萬股。這比去年同期增加了約 300 萬股，增幅約為 4%。第三季末，我們持有7,300萬股未加權股票。

Operating cash flow for the quarter was $299 million. This compares with $291 million in Q3 2024, adjusting for last year's $300 million of conference cancellation insurance proceeds. CapEx was $29 million, up about $4 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2.99億美元。相較之下，2024 年第三季為 2.91 億美元，已扣除去年 3 億美元的會議取消保險賠償金。資本支出為 2,900 萬美元，比去年同期增加約 400 萬美元。這主要是由於房地產相關成本造成的，也符合我們的預期。

Third quarter free cash flow was $269 million. This compares with $265 million in Q3 2024, adjusting for last year's insurance proceeds. Free cash flow on a rolling four-quarter basis was 137% of GAAP net income and 76% of EBITDA.

第三季自由現金流為2.69億美元。相比之下，2024 年第三季為 2.65 億美元，已根據去年的保險賠償金進行了調整。過去四個季度的自由現金流佔 GAAP 淨收入的 137%，佔 EBITDA 的 76%。

As we previously noted, there were several items that affect rolling four-quarter net income and free cash flow, including cash taxes on the insurance proceeds in Q4 of 2024, two real estate lease termination payments and tax planning benefits. We also had a noncash goodwill impairment charge in Q3 2025. This relates to the Digital Markets business, which now sits in the Other segment. Adjusting for these items, free cash flow on a rolling four-quarter basis was 20% of revenue, 83% of EBITDA and 154% of GAAP net income.

正如我們之前提到的，有幾個項目會影響滾動四季淨收入和自由現金流，包括 2024 年第四季保險賠償金的現金稅、兩筆房地產租賃終止付款和稅務規劃優惠。我們在 2025 年第三季也提列了一筆非現金商譽減損費用。這與數位市場業務有關，該業務現在歸入「其他」板塊。在調整這些項目後，過去四個季度的滾動自由現金流佔收入的 20%，佔 EBITDA 的 83%，佔 GAAP 淨收入的 154%。

At the end of the third quarter, we had about $1.4 billion of cash. Our September 30 debt balance was about $2.5 billion. Our reported gross debt to trailing 12-month EBITDA was well under 2 times. Our expected free cash flow generation, available revolver and excess cash remaining on the balance sheet provide ample liquidity to deliver on our capital allocation strategy. Our balance sheet is very strong with $2.1 billion of liquidity, low levels of leverage and almost 90% fixed interest rates.

第三季末，我們擁有約 14 億美元的現金。截至9月30日，我們的債務餘額約為25億美元。我們報告的總債務與過去 12 個月 EBITDA 的比率遠低於 2 倍。我們預期的自由現金流、可用循環信貸額度和資產負債表上剩餘的超額現金，為實現我們的資本配置策略提供了充足的流動性。我們的資產負債表非常穩健，擁有 21 億美元的流動資金，槓桿率低，且近 90% 的利率為固定利率。

We repurchased $1.1 billion of stock during the third quarter. Year-to-date through the end of September, we have purchased around $1.5 billion of our stock. Our repurchase authorization is about $1.3 billion. We expect the Board will refresh the authorization as needed. As we continue to repurchase stock, we create value for shareholders through EPS accretion and increasing returns on invested capital.

第三季我們回購了價值 11 億美元的股票。今年截至9月底，我們已經買了約15億美元的股票。我們的回購授權金額約為13億美元。我們預計董事會將根據需要更新授權。隨著我們不斷回購股票，我們透過提高每股盈餘和增加投資資本回報率，為股東創造價值。

We are increasing our full year guidance to reflect recent performance and trends. Based on October FX rates, we expect revenue growth to benefit by about 80 basis points and EBITDA growth to benefit by about 165 basis points for the full year. As a reminder, about one-third of our revenue and operating expenses are denominated in currencies other than US dollar.

我們上調了全年業績預期，以反映近期的業績表現和發展趨勢。根據 10 月的匯率，我們預計全年營收成長將受益約 80 個基點，EBITDA 成長將受益約 165 個基點。提醒各位，我們約有三分之一的收入和營運支出是以美元以外的貨幣計價的。

For Insights revenue in 2025, our guidance reflects Q3 contract value, which provides very high visibility for the fourth quarter. 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 the majority of what we've guided already under contract.

對於 2025 年 Insights 的收入，我們的預測反映了第三季的合約價值，這為第四季度提供了非常高的可見性。對於會議，我們的指導方針是基於我們計劃在 2025 年舉辦的​​ 53 場線下目的地會議。我們對今年的收入有很好的預期，因為我們預測的大部分收入已經簽訂了合約。

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.

對於諮詢業務而言，我們通常可以根據積壓訂單和專案儲備情況，對未來一兩個季度的發展前景有更清晰的了解。合約優化業務近年來發展勢頭強勁，但業務波動性依然很大。

Our updated 2025 guidance is as follows: we expect Insights revenue of at least $5.06 billion, which is an increase from last quarter and is FX-neutral growth of about 4%. We expect Conferences revenue of at least $630 million, which is an increase from last quarter and is FX-neutral growth of about 6%. We expect consulting revenue of at least $575 million, which is growth of about 2% FX neutral. This is unchanged from last quarter. We continue to expect at least $210 million of other revenue. The result is an outlook for consolidated revenue of at least $6.475 billion, which is an increase from last quarter and is FX-neutral growth of 3%.

我們更新後的 2025 年業績指引如下：我們預計 Insights 業務收入至少達到 50.6 億美元，比上一季度有所增長，按匯率中性計算增長約 4%。我們預計會議收入至少為 6.3 億美元，比上一季有所增長，按匯率中性計算增長約 6%。我們預計諮詢收入至少為 5.75 億美元，以固定匯率計算成長約 2%。與上季相比沒有變化。我們仍然預計至少會有 2.1 億美元的其他收入。由此得出的結果是，合併收入預期至少為 64.75 億美元，比上一季有所增長，按匯率中性計算增長 3%。

We now expect full year EBITDA of at least $1.575 billion, up $60 million from our prior guidance. This reflects full year margins of 24.3%, up from last quarter. We expect 2025 adjusted EPS of at least $12.65, an increase 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 165%. Our guidance is based on 76 million fully diluted weighted average shares outstanding, which incorporates the repurchases made through the end of the third quarter. We exited Q3 with about 73 million fully diluted shares. For Q4, we expect adjusted EBITDA of at least $400 million.

我們現在預計全年 EBITDA 至少為 15.75 億美元，比我們之前的預期高出 6000 萬美元。這反映出全年利潤率為 24.3%，高於上一季。我們預計 2025 年調整後每股收益至少為 12.65 美元，比上一季有所成長。我們預計到 2025 年，自由現金流至少為 11.45 億美元。這相當於以 GAAP 計算的淨收入減少了 165%。我們的業績指引基於 7,600 萬股完全稀釋後的加權平均流通股，其中包括截至第三季末的股票回購。第三季末，我們擁有約 7,300 萬股完全稀釋後的股份。我們預計第四季度調整後 EBITDA 至少為 4 億美元。

Our financial results in Q3 were ahead of expectations, and we've increased the guidance for 2025. Contract value, excluding US federal business, grew 6% in the quarter. Third quarter contract renewal rates, excluding the US federal government, improved from Q2, and we saw a year-over-year increase in our sequential NCVI improvement.

我們第三季的財務表現超出預期，因此我們提高了 2025 年的業績預期。不包括美國聯邦政府業務在內的合約價值在本季度增長了 6%。第三季合約續約率（不包括美國聯邦政府）較第二季有所提高，我們的 NCVI 環比改善也實現了同比增長。

We are positioned to accelerate CV growth in 2026 on a path to long-term sustained double-digit growth in 2027 and beyond. We'll also deploy our capital on share repurchases, which will lower the share count over time and on strategic value-enhancing tuck-in M&A.

我們已做好準備，在 2026 年加速 CV 業務成長，並朝著 2027 年及以後的長期持續兩位數成長邁進。我們也將把資金用於股票回購，這將隨著時間的推移減少股票數量，以及用於具有戰略意義的價值提升型併購。

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

那麼，我就把電話轉回給接線生，我們很樂意回答您的問題。操作員？

(Operator Instructions)

（操作說明）

Jeff Mueler, Baird.

Jeff Mueler，貝爾德。

I heard positive callouts, I think, on business development, productivity to new enterprises, in-quarter contract renewal rates and pipeline. Can you just comment, I guess, on upselling and downselling ex federal government trends? And are you starting to see improvement there? Or are there challenges from like elevated seat-based churn as we look to the 2026 expected acceleration in CV?

我認為，我聽到了一些正面的評價，包括業務發展、新企業的生產力、季度合約續約率和業務儲備。您能否談談前聯邦政府部門的追加銷售和降價銷售趨勢？你那邊開始看到改善了嗎？或者，隨著我們展望 2026 年商用車預計加速成長，是否存在諸如座位流失率上升等挑戰？

Jeff, it's Gene. So what I would say is that the selling environment has improved modestly. And you mentioned the areas that I think are the most impacted. So if you look at new sales to new enterprises, those we've been quite -- doing quite well. And there are other parts of the business that are also doing well, as you mentioned.

傑夫，我是吉恩。所以我認為，銷售環境略有改善。你提到的那些地區，我認為正是受影響最嚴重的地區。所以，如果你看看新企業的新銷售額，我們在這方面做得相當不錯。正如您所提到的，公司其他一些業務部門也發展良好。

If you look at our -- a lot of our business comes from upselling existing enterprises. That's the place that we've been hurt the most is where we have existing enterprise instead of getting growth there, maybe we'll lose a seat. But I'd say overall, the selling environment improved as we move to Q3.

如果你看看我們的業務－我們的許多業務都來自向現有企業追加銷售。我們受到的打擊最大的地方在於，如果我們在現有企業中沒有取得成長，我們可能會失去一個席位。但總的來說，我認為隨著我們進入第三季度，銷售環境有所改善。

But are you starting to see any sort of change in some of the leading indicators for upselling to existing?

但是，您是否開始看到一些衡量現有客戶追加銷售的領先指標出現任何變化？

I think the -- we are seeing changes. I'd say, first, as I mentioned on the call, our engagement is going up. So the amount of documents people are reading, the amount of one-on-one conversations with our experts that we're having, conference attendance, conference ratings, we look at all those as being leading indicators of future demand and all those indicators are up significantly, and we're very happy to see that. I think it does bode well for the future.

我認為——我們正在見證改變。首先，正如我在電話會議中提到的，我們的參與度正在提高。因此，人們閱讀的文件數量、我們與專家進行的一對一對話的數量、會議出席率、會議評分，我們都將所有這些視為未來需求的領先指標，而所有這些指標都顯著上升，我們對此感到非常高興。我認為這對未來來說是個好兆頭。

Sorry, Jeff, the one other thing I'd add is the other key indicator that aligns with and correlates to upsell is retention. And as we noted on the call a few times, the in-quarter retention rates improved from Q2 to Q3. And I'll state the obvious, much easier to upsell an account when they're renewing than when they're not. And so I think very positive also that we saw an in-quarter improvement in the renewal rates.

抱歉，傑夫，我還要補充一點，與追加銷售相關且一致的另一個關鍵指標是客戶留存率。正如我們在電話會議上多次提到的，季度內客戶留存率從第二季到第三季有所提高。我還要指出一個顯而易見的事實：在客戶續費時推銷升級服務比在非續費時容易得多。因此，我認為續約率在本季有所提高也是一個非常積極的信號。

Andrew Nicholas, William Blair.

安德魯·尼古拉斯，威廉·布萊爾。

It sounds like the selling environment is a little bit better than last quarter, some positive trends. I think last quarter, you talked about the tariff-impacted industries specifically. Can you give an update on maybe CV growth there relative to the rest of the business?

聽起來銷售環境比上個季度略有好轉，出現了一些正面的趨勢。我認為上個季度您專門談到了受關稅影響的行業。能否介紹一下該公司的履歷成長情況，以及相對於公司其他業務的成長？

Andrew, so the non-tariff affected industries, as we track them, continue to perform about 200 basis points faster from a CV growth perspective than the tariff affected. So maybe a little smidge better than the gap we saw in Q2, but by and large, about the same performance-wise compared to Q2.

Andrew，據我們追踪，不受關稅影響的行業，從 CV 增長的角度來看，其表現繼續比受關稅影響的行業快約 200 個基點。所以，可能比第二季的差距略好一些，但整體而言，與第二季相比，表現大致相同。

Okay. I guess just as a follow-up to that, does that give you any pause in terms of your expectation for improvement next year, I think part of the ramp back up to high single-digit plus in contract value growth in '26 is kind of alleviation of that headwind. Just kind of curious how you're thinking about that or if we should be applying some conservatism to that number given how things have trended over the past couple of months.

好的。我想就此追問一下，這是否讓您對明年的改善預期有所猶豫？我認為，2026 年合約價值成長恢復到個位數高點成長的部分原因在於緩解了這種不利因素。我只是有點好奇你是怎麼看待這個問題的，或者考慮到過去幾個月的趨勢，我們是否應該對這個數字採取一些保守的做法。

So I'd say the selling environment with tariff impacted companies is starting to improve. When there was more -- even more uncertainty with tariffs, if we went back a few months ago, companies were reluctant to make purchase decisions. And what we see now is there's more certainty with regard to tariffs in certain geographies. And because of that now, our clients are starting to make decisions they were unable to make before.

所以我覺得受關稅影響的企業的銷售環境正在開始改善。幾個月前，關稅方面存在更多不確定性，企業不願做出採購決定。我們現在看到的是，某些地區的關稅方面有了更大的確定性。正因為如此，我們的客戶現在開始做出他們以前無法做出的決定。

And so I'd sort of characterize as the tariff impact industries actually, I think next year, I expect we'll be actually doing better because there's more tariff certainty and clients are how do you deal with it? And they still need help with AI, cybersecurity, data analytics, all that kind of stuff. And so I'd say there's a marked improvement in the tariff impacted industry's ability to make decisions to buy.

因此，我認為關稅對各行業的影響實際上會比較大，因為明年關稅的確定性更高，客戶會問：你們如何應對？他們在人工智慧、網路安全、數據分析等方面仍需要協助。因此，我認為受關稅影響的產業在做出採購決策方面的能力有了顯著提高。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

I wanted to follow up on the improvement in the renewal rate. And I'm curious if you think that's just a function of the macro environment? Or is it more a function of if you're selling differently or some of the new sort of strategies or services that you talked about like cost optimization last time. So yes, I would love some additional color around what drove the improvement.

我想跟進一下續約率提升的情況。我很好奇你是否認為這只是宏觀環境的功能？或者，這更取決於你的銷售方式是否不同，或者你是否採用了你上次提到的一些新的策略或服務，比成本優化。所以，是的，我很想了解更多關於促成這項改進的原因。

Yes. I think it's two factors primarily. One is that we have made a lot of adaptations in terms of accelerating the pace of our research, the quantity of our research, et cetera. And so I think a lot of it -- and how we're selling, how we're training our salespeople. So we've made a number of adaptations that I think improve our ability to sell those clients. And then on top of it, as I mentioned, especially in the tariff impacted industries, there's less uncertainty in certain geographies. And so for those geographies now, clients are making decisions about buying from us.

是的。我認為主要有兩個因素。一方面，我們在加快研究速度、增加研究數量等方面做了許多調整。所以我覺得很多因素都跟我們的銷售方式、如何訓練銷售人員有關。因此，我們做出了一些調整，我認為這些調整提高了我們向這些客戶銷售產品的能力。此外，正如我所提到的，尤其是在受關稅影響的行業中，某些地區的不確定性較小。因此，在這些地區，客戶現在正在決定是否向我們購買商品。

Understood. Okay. And then just a follow-up around sort of it sounds like you've had pretty good expense management. So curious if you can talk a bit more about that and sort of how sustainable that is and how you're sort of balancing investments versus cost optimization?

明白了。好的。然後，我想跟進一下，聽起來你們的費用管理做得相當不錯。所以，我很想知道您能否再詳細談談這方面，以及這種做法的可持續性如何，以及您是如何平衡投資與成本優化的？

Faiza, it's Craig. Thanks for that question. So on the expense side, and we've been doing this all year long, just ensuring that we are appropriately balancing both the OpEx in year and also the exit run rate for next year while also making sure that we are investing in core areas that we know are ingredients that support catalyze or lead to double-digit growth in the future. And so I think we've been very disciplined on the expense side. We're looking to drive productivity in lots of areas, automate wherever possible, leverage lower-cost geographies wherever possible.

Faiza，我是Craig。謝謝你的提問。因此，在支出方面，我們全年都在這樣做，以確保我們適當平衡今年的營運支出和明年的退出運行率，同時確保我們投資於我們知道是支持催化或引領未來兩位數成長的關鍵因素的核心領域。所以我認為我們在支出方面一直都非常自律。我們希望在許多方面提高生產力，盡可能實現自動化，盡可能利用成本較低的地區。

All those things are plays that we've been running for a really long time. We've amped those plays up. And again, we've amped it up even -- we've amped it up so that we can afford to make investments in key areas. And so we fully expect next year to accelerate our CV growth, and we fully expect next year also continue to make investments that catalyze that CV growth and sustain that CV growth into the future.

這些都是我們長期以來一直在執行的策略。我們已經加強了這些戰術。而且，我們進一步加大了投入——我們加大了投入，以便我們能夠負擔得起在關鍵領域的投資。因此，我們完全預期明年我們的商用車業務將加速成長，我們也完全預期明年將繼續進行投資，以促進商用車業務的成長，並在未來保持商用車業務的成長。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

I actually wanted to follow up on that last question. Just in light of the environment, what are your expectations for sales headcount growth in '26 for both of the segments, please?

我其實想就最後一個問題再追問一下。鑑於目前環境，請問您對2026年這兩個業務部門的銷售人員數量成長有何預期？

So we're in the midst of hardcore operational planning for next year. There's obviously a wide range of scenarios and outcomes that we are planning around, and we've got a wide range of potential investment scenarios that comes out of that as well. I think the base level assumption, though, should be that we'll grow our headcount 3 to 4 points slower than our expected CV growth.

所以，我們正在緊鑼密鼓地進行明年的營運規劃。顯然，我們正在圍繞各種可能出現的情況和結果進行規劃，由此也產生了各種潛在的投資方案。但我認為最基本的假設應該是，我們的員工人數成長速度會比預期的 CV 成長速度慢 3 到 4 個百分點。

Again, back to that outlook or that algorithm, if you will, going forward so that not only do we fully expect to reaccelerate CV growth based on the people we have in seat today or we exit the year with, the investments we make next year will be to sustain that growth as we roll into '27, '28 and beyond. And so expectation around continuing to invest in the sales force at a rate, call it, 3 to 4 points slower than the expected CV growth rate is what you should expect.

再說一遍，回到先前的展望或演算法，展望未來，我們不僅完全期望根據我們目前在職或年底的人員配置重新加速 CV 增長，而且我們明年的投資也將是為了在進入 2027 年、2028 年及以後保持這種增長。因此，你應該預料到，對銷售團隊的投資速度將繼續比預期的 CV 成長率慢 3 到 4 個百分點。

That's great. And then just as a sort of broader question, in an environment where we're seeing some large headcount reductions at corporations and also AI potentially driving efficiency, so maybe you do need fewer employees, like I think -- like does that sort of change your view on the seat-based model? And would you ever consider going more towards an enterprise-based model? I know that's not been the preference in the past, but just given those dynamics, I just wonder your views on that.

那太棒了。那麼，作為一個更廣泛的問題，在當前企業大幅裁員，以及人工智慧可能提高效率的環境下，或許確實需要更少的員工，例如——這是否會改變你對按席位計費模式的看法？您是否考慮過轉向企業級模式？我知道過去這並非首選，但鑑於目前的情況，我只是想知道您對此有何看法。

Toni, so if you look at who our clients are, first, we sell to the C-level executives that report to the CEO. So the Chief Information Officer, the Chief Financial Officer, the Chief HR Officer, the Head of Supply Chain, the General Counsel and so forth. And then we sell to the people that report to them. And so if you think about like the Head of Data and Analytics and IT department, Head of Cybersecurity or the Head of IT Operations.

Toni，如果你看看我們的客戶是誰，首先，我們向向執行長報告的高階主管銷售產品。因此，就有了資訊長、財務長、人力資源長、供應鏈主管、總法律顧問等等。然後我們再把產品賣給他們的下屬。所以，想想數據與分析主管、IT部門主管、網路安全主管或IT營運主管之類的職位。

And so if you look at those, those are our target client roles. And so as companies have headcount reductions, they still have a CFO. They still have a head of accounting. They still have a CIO. They still have a head of cybersecurity. They have a head of data analytics. They have a head of IT operations.

所以，如果你看一下這些，你會發現這些就是我們的目標客戶角色。因此，即使公司裁員，仍會保留財務長一職。他們仍然保留著會計主管一職。他們仍然保留了首席資訊長（CIO）一職。他們仍然保留著網路安全負責人一職。他們有一位數據分析主管。他們有一位IT營運主管。

And so the staff reductions that clients are taking doesn't directly affect our clients. In fact, many clients want help figuring out how do they get more effectiveness out of technology, which plays right to our strengths in terms of helping to achieve those broader headcount reductions.

因此，客戶進行的人員裁減不會直接影響我們的客戶。事實上，許多客戶希望獲得幫助，並弄清楚如何更有效地利用技術，這正好符合我們的優勢，可以幫助他們實現更廣泛的人員精簡。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

I want to see if you can elaborate on what your expectations are for how the trajectory of CV improves, if you expect essentially a bottoming in the fourth quarter and then the reacceleration across all of 2026 exiting the year in the high single digits. Just some additional color on the trajectory and pacing of improvement would be great.

我想看看您能否詳細說明您對新冠病毒感染率改善軌蹟的預期，您是否預計第四季度基本觸底反彈，然後在 2026 年全年加速增長，並在年底達到接近兩位數的增長。如果能再詳細描述一下進步的軌跡和步伐就更好了。

George, it's Craig. So we'll provide more color on 2026 in February when we do our Q4 earnings and do our initial guide for 2026. You're right from a headline perspective in terms of our expectations, which is to reaccelerate over the course of 2026 into the high single-digit growth rates. And then obviously, our job is not just that one year, but to continue to accelerate the CV beyond that back into double-digit growth and then ultimately into our medium-term objective range.

喬治，我是克雷格。因此，我們將在 2 月發布第四季財報並給出 2026 年初步指引時，對 2026 年的情況提供更多細節。從總體上看，您的說法沒錯，我們的期望是，到 2026 年，經濟成長將重新加速，達到接近兩位數的成長率。顯然，我們的工作不僅僅是那一年，而是繼續加速 CV 的成長，使其恢復到兩位數的成長，並最終達到我們的中期目標範圍。

As we've talked about in the past, the growth can be lumpy, just it's based on math and based on ups and downs in that business that pushes or business that comes in sooner than we expect. Obviously, the compares in the first half of the year are favorable from a CV growth perspective. But we fully expect to accelerate over the course of 2026 into the high single-digit range.

正如我們過去所討論過的，成長可能會出現波動，這是基於數學原理，也基於業務的起伏變化，這些變化會推動業務發展，或者業務會比我們預期的更早到來。顯然，從CV成長的角度來看，今年上半年的比較數據是有利的。但我們完全預計，到 2026 年，成長速度將加速至個位數高點。

Got it. That's helpful. And then sticking with CV, could you give some details on how tech vendors performed?

知道了。那很有幫助。那麼，繼續談到履歷，您能否詳細介紹一下技術供應商的表現？

Yes, George, I'll start. And if Gene has anything to add in, we can throw that in. So we're seeing basically two trends within our tech vendor business. And I alluded to some of this during the prepared remarks. And so if you look at tech vendor broadly, there are subsectors that are not tariff affected like software and services. And there are subsectors that are impacted by tariffs like hardware, semis, et cetera.

好的，喬治，我先來。如果吉恩還有什麼要補充的，我們也可以加上去。因此，我們看到技術供應商業務中基本上存在兩種趨勢。我在事先準備好的發言稿中也提到其中的一些內容。因此，從廣義上看，科技供應商中存在一些不受關稅影響的子行業，例如軟體和服務。還有一些細分產業會受到關稅的影響，例如硬體、半導體等。

And when we look at the tech sector, it's inclusive of all those things. And so what we're seeing is in the software and services side of the house, our CV growth is high single, low double-digit growth rates, and that's been improving. We've seen improvement across that portfolio with a particular improvement in small tech software, which has improved probably the most over the last 12 months.

當我們審視科技產業時，它包含了所有這些面向。因此，我們看到的是，在軟體和服務方面，我們的履歷成長率達到了較高的個位數或較低的兩位數，而且這種情況一直在改善。我們看到該產品組合的各個方面都有所改善，尤其是小型技術軟體，在過去 12 個月中改善最為顯著。

But that is somewhat muted by what we're seeing from the tariff-affected pieces of the tech subsector like hardware and semiconductors.

但從受關稅影響的科技次產業（如硬體和半導體）的情況來看，這種影響在某種程度上被削弱了。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

I'm curious as -- I know it's early, but as your clients start to use AskGartner, I'm curious if that's changing the types of reports that they're consuming. And then do you plan to change how your analysts are writing reports? Are there certain reports that do better and are more suited for an environment where you're seeing more of your customers use AskGartner?

我很好奇——我知道現在說這個還為時過早，但隨著您的客戶開始使用 AskGartner，我很好奇這是否會改變他們正在使用的報告類型。那麼，你們是否計劃改變分析師撰寫報告的方式？是否存在某些報告表現較佳，更適合客戶越來越多使用 AskGartner 的環境？

Yes, Jason, I think that in terms of what AskGartner is doing is not changing what content clients are reading, but it does actually get them to use more content, which we know when they read more content, it actually results in higher retention. And so it's driving not different readership, but more readership.

是的，Jason，我認為 AskGartner 所做的並不是改變客戶閱讀的內容，而是讓他們使用更多的內容，我們知道，當他們閱讀更多內容時，實際上會帶來更高的留存率。因此，它吸引的不是不同的讀者群體，而是更多的讀者。

And the second part in terms of changing sort of how we write, we look at this all the time, which is we look at how do clients want to consume documents, like do they want both the structure of the document, how long it is, et cetera. And so we're always fine-tuning that. And I'd say that it's a continuous thing. So AskGartner will impact that as we look at it. But it's not like we never did that.

至於改變我們寫作方式的第二部分，我們一直在關注，那就是客戶希望如何閱讀文檔，例如他們是否需要文檔的結構、長度等等。因此，我們一直在進行微調。我認為這是一個持續的過程。所以，當我們審視 AskGartner 時，它會對此產生影響。但這並不意味著我們從未這樣做過。

We always look at, say, what link do people want? Do they want a summary upfront and so forth? What topics do they want to cover? What kind of standard document types like Magic Quadrants do they want to have. And that's constantly evolving again, AskGartner will be one more input into that constantly evolving process.

我們總是會考慮，例如，人們想要什麼樣的連結？他們是否需要事先提供摘要之類的？他們想涵蓋哪些主題？他們希望擁有哪些類型的標準文檔，例如魔力像限圖？而且這種情況還在不斷發展，AskGartner 將成為這個不斷發展過程中的另一個輸入因素。

Got it. That makes sense. And then as a follow-up, if you could comment on the nonsubscription business. You mentioned and we've seen in the release that it's been moved to the other segments. So I'm curious how you're thinking strategically about that business. And I know it's been softer recently. So if you could talk about your plans to reaccelerate that, that would be very helpful.

知道了。這很有道理。然後，作為後續問題，您能否談談非訂閱業務？您提到過，我們也從新聞稿中看到，它已被移至其他部分。所以我很想知道你對這項業務的策略性思考是什麼。我知道最近它變得比較軟了。所以，如果您能談談您重新加速這一進程的計劃，那將非常有幫助。

Yeah. So that business helps small businesses identify the right software for their business. There are literally millions of small businesses in the US and then there are many millions more outside, and we serve both of those markets. And you think about things like funeral homes, for example, there's funeral home ERP system, basically management software. And there are obviously a lot of funeral homes around the world, and they -- that software helps to run the business more effectively.

是的。所以這家公司可以幫助小型企業找到適合自己業務的軟體。美國有數百萬家小型企業，而國外還有數百萬家，我們服務這兩個市場。例如，想想殯儀館，就有殯儀館ERP系統，基本上就是管理軟體。顯然，世界各地有許多殯儀館，而這款軟體可以幫助他們更有效地經營業務。

So there's -- but if you're a funeral home manager, you're not a software expert, you're not a technology expert. It would be unusual for you to be. And so they need to help figure out what software they want to have.

所以——但是如果你是殯儀館經理，你不是軟體專家，你也不是技術專家。你這樣做是不尋常的。因此，他們需要協助確定自己想要使用哪些軟體。

Conversely, if you're making software for one of these segments, it's hard to find the clients. And so what we -- the value we provide there is we write all the software and then we figure out we help the end users which software is best suited for their needs. And then we help the vendors actually connect with those people that are the best fits. So it adds value to both the end users and the technology vendors, and that's a lot of value to them. So that's kind of a strategic role of the business.

反之，如果你為這些細分市場之一開發軟體，就很難找到客戶。因此，我們提供的價值在於，我們編寫所有軟體，然後幫助最終用戶確定哪款軟體最適合他們的需求。然後我們幫助供應商與最合適的客戶建立聯繫。因此，它既能為最終用戶，也能為技術供應商創造價值，這對他們來說價值巨大。所以這算是企業的一種策略角色。

Surinder Thind, Jefferies.

蘇林德‧辛德，傑富瑞。

Following up on the earlier question about just the enterprise model and your target clients, what would be the downside of trying to maybe move to an enterprise model where maybe you can get a little bit more penetration or if there's maybe a bit more usage more broadly within the firm that maybe things would be a little bit stickier.

接續上文關於企業模式和目標客戶的問題，如果嘗試轉向企業模式，或許可以獲得更高的市場滲透率，或是在公司內部更廣泛地使用，那麼缺點是什麼？企業模式可能更難被市場接受。

Yes. So the -- as I mentioned before, our target market are the C-level executives that report to the CEO and then their direct reports and in some cases, their direct reports as well. So think about it as a couple of levels down the organization. That's a small group of people. So if you've got an IT department that has 5,000 people, our target audience wouldn't be all 5,000 people. Now that doesn't mean we couldn't, in the future, develop products that are designed for that larger group. And we certainly are considering that because it gives us another avenue of growth.

是的。所以——正如我之前提到的，我們的目標市場是向執行長報告的 C 級主管，以及他們的直接下屬，在某些情況下，還包括他們的直接下屬。所以，你可以把它看作是組織中向下延伸幾個層級的過程。那是一小群人。所以，如果你的IT部門有5000人，我們的目標受眾就不是全部5000人。但這並不意味著我們將來不能開發出專為這個更大群體設計的產品。我們當然會考慮這一點，因為它為我們提供了另一條發展途徑。

But right now, our target clients are more in the senior executives. And so if we get an enterprise license, it doesn't really add to, because our content is targeted at those specific individuals, if you're, for example, an individual developer organization, content on how a CIO organizes their department isn't really useful to you. And so that's kind of why we don't do that today. Again, that's certainly a growth avenue that we're open to in the future.

但目前，我們的目標客戶更多是高階主管。因此，即使我們獲得了企業許可證，也並沒有什麼實際意義，因為我們的內容是針對特定個人的。例如，如果您是一個個人開發者組織，那麼關於 CIO 如何組織其部門的內容對您來說就沒什麼用處。所以，這就是我們現在不這麼做的原因。當然，這絕對是我們未來願意探索的一個發展方向。

That's helpful. And then maybe, Craig, when I think about just kind of the cost management side of the equation, I see a little bit of lower stock-based comp, maybe some more CapEx. How much of that is kind of onetime related to this year? And then how much of that is maybe going to continue on into or benefit 2026?

那很有幫助。然後，克雷格，當我考慮成本管理方面的問題時，我認為股權激勵可能會減少一些，資本支出可能會增加一些。其中有多少是與今年有關的一次性事件？那麼，其中有多少會延續到 2026 年或使 2026 年受益？

Surinder, great question. So in terms of the OpEx management, we've obviously been, as I think I noted earlier, managing the P&L so that we deliver on our commitments for 2025, but we're also very mindful of making sure that as we enter 2026, we've got strong profitability and strong free cash flow set up as well. And so what we've been doing is less about the onetime benefits of things and more about the ongoing benefits of things. Again, the real key for us as we've been managing this is less about what we save in 2025, more about what is our exit run rate for 2025 look like.

蘇林德，問得好。因此，就營運支出管理而言，正如我之前提到的，我們顯然一直在管理損益，以便我們能夠履行 2025 年的承諾，但我們也非常注意確保在進入 2026 年時，我們也能擁有強勁的盈利能力和強勁的自由現金流。因此，我們一直以來關注的不再是事物的一次性利益，而是事物的持續利益。再次強調，在我們管理這項業務的過程中，真正的關鍵不在於我們在 2025 年節省了多少，而在於我們 2025 年的退出運行率會是什麼樣子。

So that, again, we've got the right people in the right places aligned against the right strategic priorities as we roll into 2026, again, with an expectation that CV growth will reaccelerate during 2026. And obviously, the revenue growth will follow that with a slight lag. But overall, it's really more about quote-unquote, permanent savings, so that we can deliver on our profitability and free cash flow targets and goals going forward.

因此，我們再次確保了合適的人員在合適的職位上，並針對正確的策略重點開展工作，以迎接 2026 年的到來，同時預計 2026 年商用車市場的成長將再次加速。顯然，營收成長會稍有滯後地隨之而來。但總的來說，這實際上更多的是關於所謂的“永久性節省”，以便我們能夠實現未來的獲利能力和自由現金流目標。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

My first question, Craig, was it's helpful to -- obviously, you called out the growth in the non-tariff impacted being better than the tariff impacted. Just to frame it, like how much of your, I guess, total business is tariff impacted like the mix? And then within, I guess, tech vendors since you called that out, too?

克雷格，我的第一個問題是——顯然，你指出非關稅影響地區的成長比關稅影響地區的成長更好——這樣做是否有幫助。我只是想問一下，你們的整體業務中，有多少比例的業務受到關稅的影響？然後，我想，既然你也提到了這一點，那麼也要包括科技供應商吧？

Yes, sure. Manav. So on the total business, about 40% of our contract value falls into the intersection that we've identified as tariff effected. So about 40% of the CV. On the tech vendor side, I don't have that number completely handy. It's probably in the 20% to 30% range would be on the tariff affected side. Obviously, several hardware, semi, et cetera, companies are long-standing great clients of ours, but the bulk of the business sits with -- in software and services.

當然可以。馬納夫。因此，就整體業務而言，我們合約價值的約 40% 落在了我們確定的受關稅影響的交叉區域內。所以大約佔 CV 的 40%。關於技術供應商方面，我手邊沒有這個具體數字。受關稅影響的比例可能在 20% 到 30% 之間。顯然，許多硬體、半導體等公司都是我們長期的重要客戶，但大部分業務集中在軟體和服務領域。

Got it. And then just -- and this might just be a definitional clarification, but you guys talked about pipelines up double digits and things looking improving. And then -- but then you had the new business down 4%. So can you just help bridge that gap?

知道了。然後——這可能只是一個定義上的澄清，但你們談到管道輸送量實現了兩位數的增長，情況看起來正在好轉。然後——但是之後你的新業務下滑了 4%。所以，您能幫忙彌補這個差距嗎？

Yeah, sure. So as we talked about, obviously, pipeline is an indication of new business performance, but it's not a guarantee of new business performance. What I'd tell you, which we talked about coming out of last quarter, it's certainly better to be in a position where our new business pipeline is up and up significantly on a year-over-year basis.

當然可以。正如我們之前討論的，很明顯，銷售管道是新業務表現的指標，但它並不能保證新業務一定能取得好成績。我想告訴你們的是，正如我們在上個季度末討論的那樣，我們的新業務管道逐年大幅增長，這當然是件好事。

It does two things for us. One, it reinforces that there continues to be significant demand. And so these are not just random opportunities when we look at the pipeline, it's actually a factored pipeline with named opportunities where a seller has had at least one conversation and usually multiple conversations with the potential end users. And so the demand is still there.

它為我們做了兩件事。第一，這再次顯示市場需求依然旺盛。因此，當我們查看銷售管道時，這些並非隨機的機會，而是一個經過篩選的銷售管道，其中包含已命名的機會，銷售人員至少與潛在最終用戶進行過一次對話，通常是多次對話。所以市場需求依然存在。

Two, it does remain a challenging selling environment, maybe modestly better in third quarter than second quarter, but still pretty darn challenging. And so we're seeing longer sales cycles that has continued. We're seeing things kicked up for higher levels of approval, that has continued. But the good news is if we keep building that pipeline and keep working it, we have a high degree of confidence that a significant portion of it will turn into new business for us.

第二，銷售環境依然充滿挑戰，第三季可能比第二季略有好轉，但仍非常具有挑戰性。因此，我們看到銷售週期持續延長。我們看到審批流程不斷加快，以獲得更高的批准，這種情況一直持續著。但好消息是，如果我們繼續建立並經營這條管道，我們非常有信心其中很大一部分將為我們帶來新的業務。

And then the other thing I'd note, again, this is why the year-over-year compare is really important. Obviously, we're in the midst of our largest conference season, and we leverage those conferences across the board as a retention vehicle, a brand-building vehicle, an awareness vehicle, but also as a new business vehicle for us as well.

還有一點我想再次指出，這就是為什麼同比比較非常重要的原因。顯然，我們正處於規模最大的會議季，我們充分利用這些會議作為客戶留存工具、品牌建立工具、知名度提升工具，同時也將其作為我們拓展新業務的工具。

And so the pipeline being up, especially in a quarter where it's a huge number just because of the volumes we drive in the fourth quarter, and it's in support of our busiest and largest conference season, I think, is very promising for us.

因此，管道數量增加，尤其是在第四季度，由於我們第四季度的銷量巨大，管道數量也相應增加，而且這是為了支持我們最繁忙、規模最大的會議季，我認為這對我們來說是非常有希望的。

Josh Chan, UBS.

瑞銀集團的 Josh Chan。

So jumping off of the last comment that you made, Craig, about Q4, I guess, usually, it is a big selling season for you guys. Could you just kind of compare the environment now to like a normal year or last year? What similarity or differences do you see in the selling environment in this particularly large quarter of selling for you guys?

克雷格，接著你剛才關於第四季的評論，我想，通常來說，第四季是你們的銷售旺季。能否將現在的環境與往年或去年的環境做比較？你們覺得在這個銷售旺季，銷售環境有哪些相似之處或不同之處？

So it's -- some of the things we've talked about in the past, which is, again, there still are challenges in the US federal government. Those challenges have not gone away. There are still challenges with tariff impacted industries. But I'd sort of say, again, as I mentioned earlier, it's better than it was earlier in the year, worse than last year, but better than it was early in the year because now there's some certainty in certain geographies with tariffs, and that's allowing companies to make decisions. So that's a better selling environment for us.

所以，這又回到了我們過去討論過的一些問題上，那就是，美國聯邦政府仍然面臨挑戰。這些挑戰依然存在。受關稅影響的產業仍面臨挑戰。但我還是要說，正如我之前提到的，現在的情況比年初好，比去年差，但比年初好，因為現在某些地區的關稅有了一定的確定性，這使得企業能夠做出決策。所以這對我們來說是一個更好的銷售環境。

And then you have companies that are not impacted by tariffs directly, but they are indirectly impacted because they're often selling to the tariff impacted companies or they have some small amount of materials or tariff impact that impacts them. And so they're being more careful about their spending.

還有一些公司雖然沒有直接受到關稅的影響，但卻間接受到影響，因為它們經常向受關稅影響的公司銷售產品，或者它們有一些少量原材料或關稅影響到它們。因此，他們在消費方面更加謹慎了。

But I sort of say all that put together, it's a better environment than it was earlier in the year, which again why, as Craig said, our pipeline is up double digits. And we're feeling like it's, again, not as good as last year, but better than it was earlier this year.

但總的來說，現在的環境比年初要好，這也是為什麼，正如克雷格所說，我們的專案儲備實現了兩位數的成長。我們感覺今年的情況不如去年，但比今年早些時候好。

And then I would just add to that, Josh. The adaptations we've been making, we feel like will yield benefits as well, have started to yield benefits in Q3 and will yield benefits in Q4. And then also fourth quarter, as you noted and I noted earlier, is by far our largest new business quarter, our largest NCVI quarter. It corresponds with our sales and quota year-end.

然後我還要補充一點，喬希。我們所做的調整，我們感覺也會帶來好處，這些好處在第三季已經開始顯現，並將在第四季顯現。此外，正如你和我之前提到的，第四季度是我們迄今為止最大的新業務季度，也是我們最大的 NCVI 季度。這與我們年底的銷售額和配額相符。

So we have an amazing sales force, and they are all very motivated to finish the year strong, and they have a lot of reasons and incentives to finish the year strong as well. And so that all aligns to what we think should be a strong finish to the year.

所以我們擁有一支非常優秀的銷售團隊，他們都非常有動力在年底前取得佳績，他們也有很多理由和激勵措施來實現這一目標。因此，這一切都與我們認為今年應該取得的強勁收官成績相符。

That's great color on that. And then I guess if you think about the reacceleration in 2026 and the different components that drive that, I know some of it is just math. But for the ones that are not math, which ones are you more or less confident in standing here at this point in driving the acceleration in CV in 2026?

這個顏色真好看。然後我想，如果你想想 2026 年的重新加速以及推動這一進程的不同因素，我知道其中一些只是數學問題。但除了數學之外，在目前這個階段，你對哪些因素能夠推動 2026 年新冠病毒感染病例的加速成長更有信心或更有信心？

Yes, Josh, I think we wouldn't keep banging the drum that we have a high degree of confidence if we didn't have a high degree of confidence in the ones that are more mechanical or math and the ones that are adaptation or market related. And so again, as we look at that reacceleration, it's the same big four categories we talked about last quarter. The good news is on the more speculative ones that we talked about last quarter, which is really the adaptations and things of that nature, we did start to see some benefit in the third quarter. [Brand], it's still challenging selling environment, right?

是的，喬希，我認為如果我們對那些更偏重機械或數學的領域，以及那些與適應性或市場相關的領域沒有高度的信心，我們就不會一直強調我們對其他領域有高度的信心。因此，當我們再次審視這種重新加速發展時，它仍然是我們上個季度討論的四大類別。好消息是，我們在上季討論的那些更具投機性的舉措，例如調整和類似的事情，在第三季確實開始產生一些效果。 [品牌]，銷售環境仍然充滿挑戰，對吧？

So that is still the macro situation or dynamic selling environment. That's the macro situation. But the combination of the mechanical improvements like US Fed, the continued acceleration of our tech vendor business, tariff affected being even modestly better than what we've been dealing with this year and then all the other adaptations that we've already made and will be making is what gives us confidence on that reacceleration next year.

所以，這就是宏觀情勢或動態銷售環境。這是宏觀形勢。但是，聯準會等機構的改善措施、我們技術供應商業務的持續加速發展、關稅影響比我們今年所面臨的情況略有好轉，以及我們已經做出和將要做出的所有其他調整，這些因素結合起來，讓我們對明年的重新加速發展充滿信心。

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO資本市場。

I just was wondering if you can talk about the pricing environment, if you can remind us when you institute pricing increases in terms of expectations of pushback, et cetera.

我只是想問一下您能否談談定價環境，能否提醒我們一下，當您實施價格上漲時，預計會遇到哪些阻力等等。

So our -- the bulk of our price increase globally goes into -- went into effect a couple of days ago on November 1. As we've done historically, our normal price increases -- our normal price increase is around 3% to 4%. We've been over that in some years when inflation was significantly higher, particularly wage inflation, but we're more normalized now. So expectation around 3.5% went into effect earlier this week.

因此，我們全球價格上漲的大部分都投入了產品中，而價格上漲的措施已於幾天前的 11 月 1 日生效。正如我們以往的做法一樣，我們的正常價格上漲——我們正常的價格上漲幅度在 3% 到 4% 左右。過去有些年份，通貨膨脹率，特別是薪資通膨率，確實出現過這種情況，但現在情況已經比較正常了。因此，本週早些時候，市場預期的3.5%左右的漲幅開始生效。

And Jeff, we don't get a lot of pushback on price increase. You think about we've got a client that's spending $200,000 a year with us and you increase prices 3% or 4%, you're talking about $6,000 or $7,000. And so their decision isn't about the $6,000 or $7,000, it's what's the value I'm getting from Gartner.

傑夫，我們提價時並沒有遇到太多阻力。想想看，我們有一個客戶每年在我們這裡消費 20 萬美元，如果你把價格提高 3% 或 4%，那就是 6000 美元或 7000 美元。因此，他們的決定與 6000 美元或 7000 美元無關，而是與我從 Gartner 獲得的價值有關。

Okay. I appreciate that. I know in your prepared remarks, you broke out ex federal government, but we've had a government shutdown in the past month or so. Have things gotten worse and things slowed down because of that?

好的。我很感激。我知道您在準備好的發言稿中提到了前聯邦政府，但過去一個月左右我們經歷了政府停擺。情況是否因此變得更糟，進展是否因此放緩？

Yes. It's a little bit, Jeff. Obviously, we are still conducting business with the federal government, we signed deals during the month of October, while the government was shut down, it sort of requires that the people on the other side be deemed as essential employees and then we can get things done. We're hopeful that this resolves itself.

是的。有點兒，傑夫。顯然，我們仍在與聯邦政府開展業務，我們在十月政府停擺期間簽署了協議，這在某種程度上要求對方人員被視為必要僱員，然後我們才能完成工作。我們希望此事能夠自行解決。

The good news is it's our smallest renewal quarter. We just came off the federal fiscal year-end, which was Q3. So we only have about 15% of the CV we started the year with remaining to go in the fourth quarter. And as I mentioned, we have secured renewals and new business over the course of October, but it is dependent on whether the agency is deemed as essential or the people we're dealing with are deemed as essential and are working. If they are, we get the deal. If they're not, we're waiting for the deal.

好消息是，這是我們續約業務量最小的一個季度。我們剛結束了聯邦財政年度，也就是第三季。因此，到了第四季度，我們只剩下年初時 CV 值的 15%。正如我之前提到的，我們在十月份獲得了續約和新業務，但這取決於該機構是否被視為必不可少，或者我們所打交道的人員是否被視為必不可少且正在工作。如果他們真的同意，我們就成交了。如果他們不這樣做，我們就等著達成協議。

Jasper Bibb, Truist Securities.

Jasper Bibb，Truist Securities。

Hoping to get an update on AskGartner. Can you share some early indications on customer engagement there? And also, I just wanted to confirm whether that's going to be part of normal license access and not a separate charge because I got a few questions on that this morning. So I just wanted to make sure we clarify there.

希望能在 AskGartner 上獲得最新消息。能否分享一下目前客戶參與度方面的一些初步數據？另外，我還想確認一下，這是否會包含在正常的許可證訪問權限中，而不是單獨收費，因為今天早上我收到了一些關於這方面的問題。所以我想確保我們把這一點弄清楚。

Yes. So AskGartner has now been rolled out to all of our licensed users. So 100% of our license users to get it. There is no additional fees included in the base package. And the key impact it's had on our clients is that it's been used by them, and it's increased their overall usage of our content, their overall engagement with us. And so we think it will help with retention as they have more engagements.

是的。現在，AskGartner 已向所有授權用戶推出。所以，我們所有授權使用者都將獲得它。基本套餐不包含任何額外費用。它對我們的客戶產生的關鍵影響是，他們使用了它，並且提高了他們對我們內容的整體使用率，並提高了他們與我們的整體互動。因此我們認為，隨著用戶參與度的提高，這將有助於提高用戶留存率。

Got it. And then the client count ticked down a little bit quarter-over-quarter again. Is that primarily on the small tech vendor piece? And do you expect client count to stabilize or increase in '26 if small tech vendor picks up?

知道了。然後，客戶數量環比再次略有下降。這主要是指小型技術供應商那部分嗎？如果小型科技供應商的業務有所成長，您預計2026年客戶數量會穩定下來還是會增加？

Hey Jasper, it's Craig. So the story on the client count remains small tech vendor churn. That's the bulk of it. We're still adding lots of small tech vendors, but continue to churn through some as well that are either going out of business, losing funding, et cetera. Over the medium term, to get back to double-digit CV growth and ultimately 12% to 16% CV growth, we would expect to see over that period, stabilization and then modest growth in the enterprise count.

嘿，賈斯珀，我是克雷格。所以，客戶數量方面的問題還是小型科技供應商的流失。這就是大部分內容。我們仍在不斷增加許多小型技術供應商，但同時也不斷淘汰一些倒閉、失去資金等供應商。從中長期來看，為了恢復兩位數的商用車成長，並最終達到 12% 至 16% 的商用車成長，我們預計在此期間，企業數量將趨於穩定，然後出現溫和成長。

It's not necessarily required given that we have historically generated huge amounts of growth in new business from existing clients. We could drive a lot of growth that way. But to get us into the 12% to 16% range, we certainly need significant contribution from new logos as well. So we would expect that number to go up over time.

鑑於我們歷來都能從現有客戶那裡獲得大量新業務成長，因此這並非絕對必要。我們可以透過這種方式推動很大的成長。但要達到 12% 到 16% 的目標，我們也需要新 logo 的顯著貢獻。因此，我們預計這個數字會隨著時間的推移而上升。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Just one for me. I just wanted to get a little bit more color on the quota-bearing headcount trends, just seeing kind of the increase quarter-over-quarter in GTS and down quarter-over-quarter in GBS, just given that kind of see GBS as being a kind of stronger growth engine for the business. Just wondering if you can talk about the dynamics going on there.

我只留一個。我只是想更詳細地了解一下有配額的員工人數趨勢，看到 GTS 的人數環比增長，而 GBS 的人數環比下降，因為我認為 GBS 是公司更強勁的增長引擎。想問您能否談談那裡的情況。

Yeah, sure. Scott. So on a quarter-by-quarter basis, I wouldn't read too much into the numbers. It's really dependent on when people leave and when new people come on board to replace them. And so there can be a little choppiness there.

當然可以。斯科特。所以，從季度來看，我不會對這些數字過度解讀。這實際上取決於人員何時離職以及何時有新人加入來接替他們。所以可能會有一些許波動。

I think the two things I would highlight is you're looking at net numbers. And so we, as an example, did recalibrate or resize our US federal sales force and have been continuing to do that to make sure it aligns with the new reality of the business there. And so you're looking at a net number on ex US Fed, obviously, the headcount growth would be a little bit higher.

我認為需要強調的兩點是，你關注的是淨數字。例如，我們重新調整了美國聯邦銷售團隊的規模，並一直在繼續這樣做，以確保它與當地業務的新現實保持一致。因此，如果不計入聯準會的人員，淨人數顯然會更高一些。

And then the second thing I'd say is, as we've talked about in the past, we are always optimizing where that QBH goes. And so whenever we have turnover, we're analyzing the territory that was vacated to determine what the next best action should be with that territory. In some cases, it's a fruitful territory, it's profitable. And so we replace the person who left like-for-like.

其次，正如我們過去討論過的，我們一直在優化四分衛的跑動路線。因此，每當出現人員更替時，我們都會分析空缺的區域，以確定接下來應該對該區域採取的最佳行動是什麼。在某些情況下，這是一個富有成果的領域，有利可圖。因此，我們會用同樣的人員替換離職的人員。

Other times, we are reallocating within our overall portfolio to make sure that we are aligning our assets and sellers to go after the most profitable, most fruitful opportunities. And so within the numbers, just know, it's not a stable -- these people are calling on the same exact accounts as we had a year ago. We're constantly optimizing to make sure that we are optimizing essentially our investment in sales to go after the most profitable long-term opportunities from a growth perspective.

有時，我們會對整體投資組合進行重新配置，以確保我們的資產和賣家能夠抓住最有利可圖、最有成效的機會。所以，從這些數字來看，要知道這並不穩定——這些人聯繫的帳戶和我們一年前的帳戶完全一樣。我們不斷進行最佳化，以確保我們能夠最大限度地利用銷售投資，從成長的角度出發，追求最有利可圖的長期機會。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

Just a broader question. As you've had more conversations with customers and prospects, how often does LLM, if any, comes up in those conversations as an alternative to Gartner?

一個更廣泛的問題。隨著您與客戶和潛在客戶的交流增多，LLM（如果有的話）在這些交流中作為 Gartner 的替代方案出現的頻率如何？

Yeah. So when we talk to clients, the main thing that comes up with regard to AI is helping them with their -- getting value out of AI, getting ROI out of AI. And so that's the main thing that comes up. If you look at like on a deal level, how many deals does a client say, Hey, I'm thinking about using AI instead of using Gartner, it would be extremely small.

是的。所以當我們與客戶交談時，關於人工智慧的主要問題是幫助他們——從人工智慧中獲得價值，並從人工智慧中獲得投資回報。所以，這就是主要問題所在。如果從交易層面來看，有多少客戶會說：「嘿，我正在考慮使用人工智慧而不是使用 Gartner 的服務？」這樣的交易數量會非常少。

We track, as I talked about in the past, in our system, we actually ask our salespeople to track it. We have follow-up calls. We have a lot of interactions. And basically, in terms of when a client actually says, Hey, I'm thinking about using Gartner versus literally AI, that comes up a very, very, very small number of transactions.

正如我之前提到的，我們在系統中會追蹤這些數據，實際上我們要求銷售人員追蹤這些數據。我們會進行後續電話回訪。我們有很多互動。基本上，當客戶真的說「嘿，我正在考慮使用 Gartner 而不是 AI」時，這樣的交易數量非常非常少。

That's great color. And then as we think about the different insight access, reference adviser versus guided, have you seen a difference in retention trend or new business growth across any of those tiers?

顏色真好看。那麼，當我們考慮不同的洞察獲取方式（參考顧問與指導）時，您是否發現這些層級在客戶留存趨勢或新業務成長方面存在差異？

So historically, we've had different levels of retention in reference adviser and guided. Those traditional trends have held. They're very similar. So there's no kind of different than what we've seen historically.

因此，從歷史上看，我們在推薦顧問和指導顧問方面的客戶留存率一直存在差異。這些傳統趨勢依然存在。它們非常相似。所以，這和我們歷史上看到的情況並沒有什麼不同。

There are no further questions at this time. I'd like to turn the call back over to Gene Hall for closing remarks.

目前沒有其他問題了。我謹將電話交還給吉恩·霍爾，請他作總結發言。

Well, here's what I'd like you to take away from today's call. While the macroeconomic environment remained dynamic, our Q3 financial results were ahead of expectations. We made operational adaptations that are starting to yield results. We continue to deliver great value to our clients. Enterprise client retention remains strong and contract renewal rates improved in the second quarter, and we repurchased more than $1 billion of stock in the quarter.

好的，我希望大家從今天的電話會議中記住以下幾點。儘管宏觀經濟環境依然瞬息萬變，但我們第三季的財務表現超出了預期。我們所做的營運調整已經開始取得成效。我們持續為客戶創造巨大價值。企業客戶留存率依然強勁，第二季合約續約率有所提高，我們在該季度回購了超過 10 億美元的股票。

AI will be one of the most innovative and pervasive technologies in history. Gartner is the best source for clients to determine the right AI tools and applications for their environments. And of course, we continue to help on other mission-critical priorities such as cybersecurity. We're also leveraging AI to improve productivity effectiveness internally. Compelling client value, strong demand, operational adaptations and modest normalization of the external environment give us a clear path back to long-term sustained double-digit growth over the medium term.

人工智慧將成為歷史上最具創新性和普及性的技術之一。Gartner 是客戶確定適合其環境的 AI 工具和應用程式的最佳資源。當然，我們也會繼續協助處理其他關鍵任務，例如網路安全。我們也正在利用人工智慧來提高內部生產力效率。極具吸引力的客戶價值、強勁的需求、營運調整以及外部環境的適度正常化，為我們提供了一條清晰的道路，使我們在中期內能夠恢復長期持續的兩位數成長。

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

感謝您今天參加我們的節目，我們期待下個季度再次與您分享最新進展。

Thank you for your participation. You may now disconnect. Everyone, have a great day.

感謝您的參與。您現在可以斷開連線了。祝大家今天過得愉快。