And again, that’s sort of getting back to Heather’s question. Gene, around, do we have enough capacity, et cetera, we have enough capacity and the tenuring will look more quote unquote normal as we roll into 2024, but significantly better than what we experienced or more tenured than we experienced over the course of 2023.
Toni Kaplan: Yes. That makes sense. I wanted to ask about client retention. Sort of a step down in both GTS and GPS, the levels I think are still pretty within historical range, but like, I guess, is there anything you’re doing to put in place initiatives to address retention? Or do you feel like you’re at sort of more normal levels and I guess what’s driving that? And any concern to call out?
Craig Safian: No. So, on the GTS side, while we’re still at or above historical levels, it’s really tech vendor drag and it’s really small tech vendor drag there. If you actually broke apart our enterprise function leader in GTS, those client retention rates are at or above your historical levels for GTS. And so, it’s really just the tech vendor market impacting that client retention rate. On the GBS side, it’s down a little, but it’s still 400 basis points or 500 basis points higher than GTS, and so we feel really good about that. That said, we’re never done on retention. And so, I’ll let Gene talk a little bit about that.
Gene Hall : As Craig said, even with the rates we have now, we are never satisfied. And so, we have a whole set of programs designed to improve those retention rates over time. And it includes things like how we use our conferences, the as the tools, the support tools we give to our service delivery associates as well as the training we have when people first come on board, and then the current trains throughout their careers, et cetera. So, we are never satisfied with the matter no matter how good it is, we always want to be better.
Operator: Our next question comes from the line of Seth Weber with Wells Fargo. Please proceed.
Seth Weber : Good morning. I wanted to go back to the expense question just for a second. I mean, your margin guidance for this year is pretty well ahead of the initial framework that you guys were talking about earlier in the year or last year. And I’m just trying to think through, are there any big cost buckets that could come back next year? I think, Craig, you mentioned travel is kind of back T&E. So, I’m just trying to think through the margin leverage going forward in higher revenue, in a revenue growth rate environment. If there’s anything we should be considering.
Craig Safian: Good morning, Seth. great question. So, I think, there’s a couple things, going on within your question. So, from an operating expense perspective, we are I guess relatively back to sort of normalized level of expenses, there are obviously always going to be puts and takes, but a relatively normalized level of expenses. I would note, and this is obviously embedded in the guidance, that there’s a pretty significant step up in OpEx sequentially from Q3 to Q4 just given our conference schedule our travel related to conferences in the fourth quarter, and other client activity marketing related to conferences and Q1 activity, et cetera. So, it reflects sort of a normal Q3 to Q4 step up, but just make sure you kind of bake that into the OpEx. I think the only thing just to keep in mind is that obviously, our largest revenue line is our research.
And there is a lag between when contract value does start accelerating, and when the revenue flows through. And so, we are just very mindful of watching that, and that can have a pretty significant impact on margins, on both a sequential and year-over-year basis.
Seth Weber : Okay. That’s helpful. Thanks. And then it just falling on that, is there any reason to think that pricing would be softer next year than it was in 2023?
Gene Hall: It’s Gene. It says what we are seeing in the marketplace is, clients value our products greatly. We expect pricing, the pricing environment will be the same next year as it is this year.
Seth Weber : Perfect. Okay. Thank you, guys.
Operator: [Operator Instructions]. Comes from the line of Jeff — from Wells Fargo. Please proceed. Jeff?
Unidentified Analyst: Hello?
Operator: Your line is open. Please proceed.
Unidentified Analyst: Can you hear me now?
Operator: Yes.
