On the conferences side, again, we had a great year of returning to in-person conferences in 2022 and the team has done a fantastic job of driving forward, what we call, forward bookings, but basically locking up the revenue from the exhibitor side into 2023, and so as Gene mentioned, we’ve got significantly more than 50% of our pre bookings already under contract. As we head into 2023, and so feel very, very good about the conferences business as well. On the research side, again, our enterprise function leader business is performing very well and we expect that to continue to perform well. We do have — continue to have tough compares there, but we do — we’re driving great value for our clients and we expect that to continue. We have been thoughtful and prudent about our experience in the fourth quarter with our tech vendor clients and making sure that we don’t assume just some magical return to high-teens growth right out of the gate.
And so we’re trying to be prudent by making sure we use our most recent experience, enrolling that through the four quarters from a research perspective. But again, end user enterprise function leader business again performing very strong, nice double-digit growth rates. The tech vendor business still at high-single-digits. Just down from where we were a year ago.
Heather Balsky: Thank you. And as a follow-up question, sort of, a follow-up on the last — the earlier question with regards to the new associates and the hiring you’ve done, you’re going into a potentially tougher environment in 2023. And you have a kind of a relatively young sales force. How are you preparing your teams for this environment and thoughts around ability to attract new customers in this environment with sort of associates who are, say, one-year in?
Gene Hall : Hey, Heather, it’s Gene. So we always train our associates on what are the most important mission critical priorities with our clients and prospects today. One of the issues that’s going to be on people’s minds in some industries is going to be cost reduction. And so we train our salespeople on, among other things how to help clients with cost reduction. We’re a very small proportion of cost for any client. They can’t — they’re not going to save a lot of money by cutting our services. On the other hand, we can help them save a whole number of multiples of what they pay for us in their actual ongoing business. In addition to that, as I mentioned earlier, most companies, even in a tough environment they want to invest in technology and it’s on things, like automation that helps with their own labor situation, their own labor costs, other kinds of costs.
And again, the continuing transition to more and more digital services that are often in just about every single industry. So we train our new salespeople on both how to sell to clients that value proposition, which is the continuing transition to digital, but also how to save money on their IT purchases, so that they actually get — they could be more efficient over time. So the combination of those things, and of course, our traditional selling skills where we — I think, are quite good at training new salespeople in terms of how to sell effectively, you put those things together and it lets new salespeople — they’re not as productive as experienced salespeople, but they’re actually quite good in the broad context.
Heather Balsky: Alright. Thank you for the help.
Operato: Thank you. Our next question comes from Toni Kaplan from Morgan Stanley. Your line is open.
Toni Kaplan: Thanks, so much. Wanted to start out on the margins. Margins in the quarter, really exceptionally strong again. And obviously, the guide being 21.5% next year. You’ve had about 2.5 quarters, let’s say, of this sort of higher sales headcount level. I guess, are you fully back on T&E? What’s really going to drive the margins to that sort of low 20s level?
