Helen Shan: Hey George, it’s Helen. Yes, let me get to that. So I would say it depends, right? So I think when you’re talking about some of the smaller deals, maybe in PVC and in some cases, in banking, it might be a little bit more competitive. I think some of the competitors sometimes leverage like we do on some of their stronger enterprise deals if they’re able to do so. I think we’re seeing benefit actually in places like in asset owners where our packages from a value perspective are really resonating. So I do think it depends. We’re not seeing again any huge differences as much as everyone is just fighting hard for trying to get that new logo.
Operator: Thank you. One moment for our next question. Our next question comes from Shlomo Rosenbaum with Stifel. Shlomo, your line is open.
Shlomo Rosenbaum: Hi. Thank you very much. Linda, I just want to focus a little bit more on the expense control. You’ve gotten nicely ahead of things. So even though revenues coming in softer, you’re still going to hit the EPS range likely at the high end of that. I was just wondering if this environment continues for longer than you expected and let’s say we’re still sitting here in this few quarters and saying, are we there yet, you’ve done a lot of real estate. There’s squeeze down on the bonus pool. But what — operationally, what are the next steps that you take to kind of continue to move the margin up and invest in the generative AI and frankly, the product development that you’re going to need to drive the top line? Like what do you focus on after this?
Linda Huber: Yes. Shlomo, it’s a great question and one that we discussed with our Board of Directors earlier this week. I think we’ve done a pretty good job on all the cost buckets. You’re right, we wanted to plan to take these charges at midyear. So we adjust our expense rate in some areas down as we go through the rest of the year. So over the past few years, unfortunately, we’ve had to take three sort of different rounds of personnel actions, and we want very much for those to be done. We consider those to be done with the possible exception of a huge geopolitical event that we haven’t planned. So we want to think that we have the cost cuts well in hand. And I think what we’re looking for as we move into FY ’25 is we have to look at closer to flat personnel growth.
So we’re going to try to ensure that we’ve got that model right. I think we’ve got our offshore balance about correct, which is about 68% right now. But we did want to get the expenses right for the rest of the year in keeping with the lower end of the range on the top line so everything comes out well. From here, I think we’re in a pretty good place. I think we’ve done what we need to do. And we’re hoping that are we there yet that we do get there soon enough that we can see some help from the top line. But we’ve got the costs well in hand, and I think we’ve thought it through and executed pretty well. So thank you for that, Shlomo. That’s great.
Operator: And I’m not showing any further questions at this time. I’d like to turn the call back over to Phil Snow for any closing remarks.
Philip Snow: Thanks, operator. So in closing, while results this quarter were mixed, actions taken this quarter position us well to capitalize on market shifts. Our focus at FactSet is on innovating for our clients’ long-term efficiency, and that’s the reason we really remain an anchor partner for them. And I’m confident in our ability to execute on the opportunities we talked about in the pipeline for the second-half. Operator, that ends today’s call.
Operator: Thank you. Ladies and gentlemen, this does conclude today’s presentation. You may now disconnect, and have a wonderful day.
