Craig Safian: Yeah, I think there’s a few things in there. One is the seasonality with our Conferences business. We are performing really, really well in Conferences. And Q4 is by far our largest Conference quarter. And that means you generally see expenses up in the fourth quarter just to deliver those conferences. And then because it’s the fourth quarter, because we have so many conferences, there’s a lot of additional travel and marketing activity that spikes in the fourth quarter as well, which, again, is sort of back to our typical seasonality that we had from an OpEx perspective pre-pandemic. So if you think about OpEx, it’s relatively flattish from 2Q to Q3. A little bit of step down because it’s a lighter conferences quarter and then a pretty big step up in OpEx from Q3 to Q4, driven by the conferences calendar, significant travel to support our conferences calendar, and marketing to support the conferences calendar and the close of our year as well.
We are running a number of scenarios and we are planning in a very agile way in terms of the headcount that we plan to add between now and the end of this year. And there’s a wide range of scenarios. And we’ve got a wide range of recruiting scenarios as well. One of the things that we’ve been very careful about is making sure that we maintain our recruitment capacity, so that when supercharged growth returns, we are more than ready to turn that dial from a recruitment perspective. So we’re maintaining our recruitment capacity, and we’re ready to tune those dials up or down, depending on what the second half of the year looks like, predominantly from a contract value growth perspective.
Operator: And our next question coming from the line of Josh Chan with UBS.
Joshua Chan: I guess on GTS, obviously, the wallet retention is impacted by the overall environment. I was just wondering what you think the trajectory of the GTS wallet retention will be over the coming quarters? Would it surprise you if it went below 100% or is that too drastic of a scenario?
Craig Safian: I think important to disaggregate the enterprise function leader portion of GTS and the tech vendor portion of GTS. So, overall, we are still well over 100% on wallet retention, and that’s with the enterprise function portion of our GTS wallet retention being above historical averages. And so, we expect that to continue. The tech vendor side, wallet retention is a rolling four quarter metric. And so, we’ll have these more challenging quarters in the number for a little while. But I would say we don’t forecast wallet retention. I shouldn’t say we don’t forecast it, we don’t guide wallet retention or contract value. But given that the enterprise function leader part of the GTS business is the predominant part of it, call it 70-ish percent of the business, that continues to be very strong, and that should drive the wallet retention over the coming quarters.
Joshua Chan: On your comments about headcount, I guess, what indicators are you looking for in order to kind of toggle up or toggle down the recruitment in the second half?
Gene Hall: The main thing we look at is what our CV growth is. So, we look at what our bookings are and how sales are going because we want to make sure we match our headcount growth to the amount of bookings that we have, and that kind of helps ensure that our focus of business going forward in the right space from both a growth viewpoint as well as margin viewpoint.
Operator: And our next question coming from the line pf Stephanie Moore with Jefferies.
Stephanie Moore: I wanted to touch on the Research pricing environment. I believe you tend to increase those in the fall of the year. So just wanted to get an update on how you’re thinking about price increases for this year into next?