Seth Weber: Hey guys. Good morning. I think maybe first, just a clarification. When you talk about your research revenue guide, I think backing into it, it kind of implies a nonsubscription revenue growth of down – like down low double digits. Is that the right way to think about what’s baked into your model?
Gene Hall: Yes, that is the correct math, Seth. You got it.
Seth Weber: Okay. Thank you. And then just on the strong new business wins, can you just frame that a little bit? I mean, is that a function of comps are easier productivity is better? Or are you actually seeing or hearing better sentiment from your customers? Is – are the sales cycles getting shorter? It just seems like the new business wins are just really strong, and I’m just trying to tie all these things together with your guidance. Thanks.
Gene Hall: Yes. So first I’d say is we have a strong value proposition. And so when clients see the value they get from our offerings, they want to buy it. So that’s fundamentally what’s driving demand. And on top of that, we’re always focused on things that impact sales productivity. And there’s things that – and it’s things like the tools that we give them, the process we have. And then as Craig mentioned in his remarks, tenure can affect you as well, we’re having modest improvements in tenure as well. And so – but the fundamental thing that’s driving it is really intrinsic demand for clients because they have the need for our services to get a lot of value out of them.
Seth Weber: Right. But has sentiment – has customer sentiment changed at all over the last quarter? Has it gotten better? Or have the sales cycles changed? Or anything you’d call out for the acceleration of new business wins here?
Gene Hall: I’d say the sort of selling environment modestly improved throughout 2023.
Seth Weber: Okay. All right. Thank you, guys. I’ll pass it on.
Operator: Thank you. Our next question comes from the line of Andrew Nicholas with William Blair. Your line is now open.
Andrew Nicholas: Hi, good morning. Thanks for taking my question. I wanted to touch on artificial intelligence as a driver of new business. I realize it was one of the topics Gene that you outlined at the front. Just kind of curious, is there any way to kind of quantify or maybe even subjectively talk about AI as a driver of new business, cross-sell, new conversations with clients. I understand it’s part of an ever-evolving tech landscape, but I’m just wondering if there’s been any boost or notable boost from that topic specifically as it relates to new client wins or new business?
Craig Safian: Yes. So Andrew, our – we serve clients in a wide variety of areas, as you know, and they get value of all those areas. AI has had a lot of publicity over the last year. And so there is – throughout the media, et cetera. And so the – there is an unusually high level of interest in understanding what AI is and how it could affect our clients’ businesses. I’d say it’s just like the other things that we help our clients with. It’s not something that’s causing like an extra 20% of demand or something. It’s an area that is one of the things we cover that clients have interest in, just clients that have cost problems, maybe have some cost optimization as opposed to AI. So it kind of depends on the situation of individual clients, but it’s certainly an area of robust demand.
Andrew Nicholas: Great. And then for my follow-up, I just wanted to hone in on the CV growth bottoming part of your guidance. I recognize that first quarter and first half NCVI are important inputs and you’ve been conservative. Gene, I think in the press release, you said that you had an opportunity for upside and that guidance was achievable across a wide range of economic scenarios. So just trying to putting all these pieces together, is it fair for us to assume that CV growth is bottoming in the second half in your guidance? And then upside would be from that happening earlier? Or is there some other way for us to think about the underlying assumptions there? Thank you.
Gene Hall: Yes. Good morning, Andrew. I think the way to think about the CV and the revenue, and obviously, our revenue guide for the research segment and the subscription revenue piece. The revenue is always going to lag the contract value recovery. And on top of that, as you know, first half changes to NCVI are going to have a bigger impact on the 2024 revenue runout than big step-ups in Q3 or Q4, which are great and drive great cash flow and will drive future revenue but have minimal impacts on 2024 revenue. So we’re not guiding to a revenue – our CV number for the year nor are we pointing to specifically where the bottom is, but we have baked into our outlook, a bottoming of that CV and a reacceleration of that CV over the course of – over the course of 2024.
Andrew Nicholas: Understood. Thank you.
Operator: Thank you. Our next question comes from the line of Manav Patnaik with Barclays. Your line is now open.
Unidentified Analyst: Hi. This is Brendan on for Manav. I just want to ask how you guys think about getting back to double-digit CV growth. Obviously, if your – your QBH is mid to high single digit. Your new business is still pretty strong. So it seems like really it’s just like a wallet retention, higher cancellation issue for now. Is it just that, that kind of goes away over time? Or do you actually expect even more kind of new business productivity, if you will, from QBH or I guess, how do you guys think about that?
