Good morning, ladies and gentlemen, and welcome to Gartner's Earnings Conference Call for the Second Quarter of 2016. A replay of this call will be available through September 4, 2016. The replay can be accessed by dialing 888-286-8010 for domestic calls and 617-801-6888 for international calls and by entering passcode 21946131. This call is being simultaneously webcast, and will be archived on Gartner's website at www.gartner.com for approximately 30 days. I will now turn the conference over to Sherief Bakr, Gartner's Group Vice President of Investor Relations, for opening remarks and introductions. Please go ahead, sir.

Thank you, Sue, and good morning everyone. Welcome to Gartner's second quarter 2016 earnings conference call. With me today in Stanford is our Chief Executive Officer, Gene Hall; and our Chief Financial Officer, Craig Safian. This call includes a discussion of Q2 2016 financial results as disclosed in today's press release, as well as our outlook for 2016. After our prepared remarks, you'll have an opportunity to ask questions. I'd like to remind everyone that the press release is available on our website, investor.gartner.com. Before we begin, I'd like to remind you that certain statements made in this call may constitute forward-looking statements. Forward-looking statements can vary materially from actual results and are subject to a number of risks and uncertainties, including those contained in the company's 2015 Annual Report on Form 10-K and 2016 Quarterly Report on Form 10-Q, as well as in other filings with the SEC. I'd encourage all of you to review the risk factors listed in these documents. With that, I'd like to hand the call over to Gartner's Chief Executive Officer, Gene Hall. Eugene A. Hall - Chief Executive Officer & Director: Good morning, everyone, and welcome to our quarterly earnings call. Q2 was a robust quarter with strong performances across our business. As on prior calls, I'll review our key operating metrics on an FX neutral basis. We do business in more than 90 countries around the world. And with ongoing currency fluctuations, that's the best way to understand the underlying health of our business. For the second quarter of 2016, total company revenues grew 12% and we continue to see robust demand for our products and services. Research, which is our largest and most profitable segment, achieved 17% revenue growth over the same quarter last year. These results were driven by double-digit…

Thank you. And your first question comes from the line of Timothy McHugh from William Blair. Please proceed. Timothy J. McHugh - William Blair & Co. LLC: Thank you. I guess, first, just wanted to ask on your comment about the little bit longer sales cycle. I guess, it's understandable in this environment, but can you maybe elaborate, I guess, I know you grew double digits in every kind of region and client size, but were there areas of the world where you saw this more and less, and I guess was it any more pronounced later in the quarter surrounding Brexit and some of that volatility than, I guess, earlier in the quarter? Eugene A. Hall - Chief Executive Officer & Director: Right. Hey, Tim. It's Gene. So, to get to the last part first, we didn't see in the quarter anything we could directly trace to Brexit on anything. So, within Q2, I'd say, we couldn't pick up any direct impact of Brexit. With regard to sort of elaborate a little, if you think about selling – I'll use Brazil as an example. If you're selling to an enterprise in Brazil, whether it's public sector or private sector, the economy is just terrible. It's shrinking. They have a lot of problems. And they still buy. We're actually growing in Brazil still, but it's a lot lower than it was before. And so, what happens is, client may want to take – this happens in public sector frequently, client will want to renew because the government revenues are down so much, there's a lot of scrutiny and sometimes that renewal will extend for, call it, three months longer than we would have normally had wherever it is right on time. That's an example of what the kind of things…

Thank you. And your next question comes from the line of Jeff Meuler from Baird. Please proceed. Jeff P. Meuler - Robert W. Baird & Co., Inc. (Broker): Yeah. Thank you. Good morning. I guess, just given that you cite a lot of the research metrics on a rolling LTM basis, but given all of the commentary in the prepared remarks, just to confirm, it does sound like if you just look at the quarterly metrics, things are trending, I guess, a little bit worse or a little bit slower growth in Q2 just on a quarterly metric basis than they were three quarters, four quarters ago. Is that an accurate interpretation? Craig W. Safian - Chief Financial Officer & Senior Vice President: Yeah, Jeff. That's 100% accurate. And, again, I think a lot of it relates to what Gene just described both in his prepared remarks and in the Q&A, as the sales cycles lengthen and things crossover quarters, as I've described. We will often take down business that will impact the renewal rate. We stay in touch with the client. The client still really needs our value. We win back that business over subsequent months and quarters, but your assertion is correct that Q2 you would see a slowdown in the contract value growth rate as well as the retention measures. Jeff P. Meuler - Robert W. Baird & Co., Inc. (Broker): Okay. Eugene A. Hall - Chief Executive Officer & Director: Yeah. Jeff P. Meuler - Robert W. Baird & Co., Inc. (Broker): Good ahead, Gene. Eugene A. Hall - Chief Executive Officer & Director: I'm sorry. Go ahead, Jeff. Jeff P. Meuler - Robert W. Baird & Co., Inc. (Broker): No. Please add what you were going to. Eugene A. Hall - Chief Executive Officer &…

Thank you. And your next question comes from the line of Gary Bisbee from RBC Capital Markets. Please proceed.

Hey, guys. Good morning. This is Gunnar Hansen in for Gary. Gene, you mentioned just some in the post Brexit comment that 2Q wasn't impacted. Now that we're kind of a month, little over a month beyond the vote, has there been any incremental kind of headwind or slowness there in that region that you want to mention? Eugene A. Hall - Chief Executive Officer & Director: Well, I'd say, it's too early to tell. So, again, it's too early to tell.

Okay. Fair enough. And I guess, Craig, just with the sales force hiring, and obviously, you said that there is a big class, I guess, toward the end of the month in June. Is it still the expectations, I guess, any updated commentary on the guidance for the sales head count for the year? It seems like that it is likely to be a touch below kind of the 15% that you guys were guiding for earlier on. Is that fair? Craig W. Safian - Chief Financial Officer & Senior Vice President: Yeah. Hey, Gunnar. Good morning. We're still targeting in that 15% range, give or take. As I mentioned, if you normalize for the timing of that class, we're at 14%. We were at 16% in Q1 and 16% for full year last year. So, based on everything we're looking at, and again, as I mentioned, we are looking at the growth at a team by team level, but based on everything we're looking at now, we would expect to be in that 15% range.

Okay. And then just last one, on a positive note, I'll move away from some of the other challenged sectors, but any regions or sectors or industries that you guys want to highlight that had particular strength in the quarter? Maybe something along the lines of productivity has improved and where you are making incremental additions to the sales force there? Eugene A. Hall - Chief Executive Officer & Director: So, it's Gene. Yeah, we have lots of areas that are doing well. First, if you look at like Asia is doing well, very well for us sort of – not every country in Asia, but Asia overall is doing very well for us. A lot of the emerging markets are doing very well for us. If you look within the U.S., there're certain industries that are doing very well. I won't break it out, but there're certain industries that are doing very well. In Europe, again, there're certain countries that are doing well.

Okay. Fair enough. Thanks.

Thank you. And your next question comes from the line of Manav Patnaik from Barclays. Please go ahead.

Thank you. Good morning, gentlemen. So, I think, obviously, the deceleration in some of the markets and so forth is probably not surprising given the macro challenges out there. But I guess going forward, is the way we should think about it is, given all the positive commentary you had to say, Gene, and the hiring is still on track for 15% that, irrespective of the deceleration, you guys will still just power on with the 15% sales head count growth even if that impacts productivity? Eugene A. Hall - Chief Executive Officer & Director: So, where we start from is this. As you know, we have this incredibly large untapped market opportunity. And we approach our businesses long-term, which is, we want to make sure we continue to capture that market opportunity and position ourselves well for double-digit growth every single year. Having said that, as you know, we also then take that and we look at each individual sales team, we go down to an individual manager level and say, based on the macroeconomic environment they're facing, (39:17) – based on the industry specifics they're facing and based on the bandwidth of that particular manager, can we add capacity there. So, again, if I looked at – again I'll go back to Brazil, most of our managers in Brazil, we are not adding head count to because they have their hands full dealing with the economic issues there. Again, we're still growing in Brazil. So, I want to make sure I reinforce that. And so, we'd be adding a lot less head count there. It'd be unusual to add a lot in someplace like Brazil. On the other hand, we do have areas that are growing very rapidly like Asia, where we might be growing our head count by as much as 25% on those teams. And so the 15% is not kind of a 15% target at a kind of macro level. We look at individual teams and say, based on the market condition that team is facing, and based on the capability that manager to take on additional headcounts and additional opportunity, how does that work out? Historically that's worked out kind of around the 15% – between probably 13% to 17% range. And going forward, we're going to do exact same thing. And so, if for some reason we see more teams that are challenged, you might see that toward the lower end of that range and if you see fewer teams toward the higher end of that range, but it's not to set at a macro level, it's set based on bottoms up level that gets us that.

Okay. Fair enough. Thanks for that color. And then, Craig, did you say that 27% of your revenues is UK or is that Europe as well, because I guess, I think in the past you guys has said all your country exposures mirror GDP and that seemed a little outside. So, maybe you can just help us there? Eugene A. Hall - Chief Executive Officer & Director: Yeah. I'm sorry, Manav. I said 7%. Nothing in front of the 7%, so, yeah, just 7% of our revenue is in the UK.

Got it. And then just, since guys are calling out Brazil and oil and gas, any sense of what those exposures are? Craig W. Safian - Chief Financial Officer & Senior Vice President: Yeah. We've talked about them in the past. I think both are well below 5% of total contract value or total revenue. So, they still represent very small exposures for us. Like I said, they were – before they had those macro challenges, were two very fast-growing areas for us. A little bit of an overlap with oil and gas in Brazil, but they had been very fast growing. And as Gene mentioned, they are continuing to grow, just not at the same rate, but they're growing as previously.

Got it. Fair enough. Thanks a lot, guys.

Thank you. And your next question comes from the line of Toni Kaplan, Morgan Stanley. Please proceed. Toni M. Kaplan - Morgan Stanley & Co. LLC: Good morning. Thanks for taking my questions. Just regarding elongated sales cycle, I just want to make sure I understand correctly, it's just taking a little bit longer to close the sales, but you are still closing the deals, meaning the pipeline isn't dramatically reduced, it's just that it's taking longer to actually close the sales. Is that correct? Eugene A. Hall - Chief Executive Officer & Director: So, the most of our clients are doing fine. And our sales cycle has not extended or anything. It's just normal business. There are a few areas, like, I picked on Brazil, but like, Brazil oil and gas, where they're under stress. They're looking at every expense, and it does take a little longer. We do, actually, it's very unusual. Even if it's takes longer, we do get the sale. So, yeah, your question is right. We actually do get the sale, but that's just for the – this piece of our business that's under more distress, which isn't most of our business. And then our pipeline, actually, is way up compared to this time last year. It's way higher than our growth rate. And then, it's purposeful. We purposely have built a very strong pipeline. And so, our pipeline is very, very robust. Toni M. Kaplan - Morgan Stanley & Co. LLC: Okay. Great. And then, I think you mentioned sort of adjusting head count in different areas when you are seeing either really strong growth or really weak growth, adjusting it up and down. And so, are you doing that continuously? Do you do it sort of once a quarter? How quickly sort of…

Thank you. And your next question comes from the line of Anj Singh from Credit Suisse. Please go ahead. Anjaneya K. Singh - Credit Suisse Securities (USA) LLC (Broker): Hey. Good morning. Thanks for taking my questions. Gene, first off, I wanted to touch on your commentary that a larger portion of your client base is having problems versus a few years ago. So, in broad strokes, would you be able to characterize what that proportion looks like today versus a few years ago? And would you characterize the pressure you're seeing being higher on the new sales front, or is it more on the retention end? It seems your new business growth continues to be steady in the quarter despite the tough comp from a year ago. So, just wanted to get a better sense of where the pressure may be. Thanks. Eugene A. Hall - Chief Executive Officer & Director: So, in terms of proportion, I'm not going to break it out in terms of 8%, because it's really a spectrum. It's not kind of they're either in trouble or not. My point is, just, if you look at things like oil and gas or Brazil or the major commodity producers, for example, they're under more stress they were in the past. And that's a different selling environment. Yeah, we do well there, but it's just a different selling environment. In terms of new versus renewal, the same thing is true, which is, we have a very large market opportunity. We are making sales in all kinds of industries. We already have sales teams, for example, in Brazil. We want them to sell new business. That new business in Brazil is harder just like renewals are harder. If I looked at some of the industries that are not…

Thank you. And your next question comes from the line of Joseph Foresi from Cantor Fitzgerald. Please proceed.

Hi. I was hoping you could help us kind of reconcile some of the metrics around the sales per enterprise. It looks like that number has been moving up pretty consistently, but the number of enterprises that you're adding is kind of decelerating. And, maybe you could just help us understand how you're able to kind of cross-sell into those areas, because it seems it's going actually pretty well and that versus the commentary about the elongated sales cycles. Craig W. Safian - Chief Financial Officer & Senior Vice President: Yeah, Joe. Good morning. It's, Craig. So, I think, when we think about our market opportunity, we think about it, it really is in two primary places. One is, obviously, those 100,000 enterprises in our market space that we're currently not doing any business with, and we've made really good progress over the last several years of going from probably 6,000 enterprises to almost or over 10,000 enterprises today. On top of that, when you look at the average contract value per enterprise, even today at a $167,000 per enterprise that is really low penetration. And as we look across our client base, we know that there are opportunities to drive significantly greater penetration within each of those existing enterprises. And we do that in a variety of ways. We have a tier of services. So, we can upgrade clients once we're in there. We find additional users within the clients and buying centers that we're doing business with, and then we find new buying centers as well within the clients. On top of that, our supply chain business and our marketing business allows us to even further penetrate those clients. So, again, when we think about that market opportunity, it is the combination of further penetration of existing enterprises, which we think that is an enormous opportunity, plus all that greenfield opportunity with the enterprises we currently don't do business with.

Okay. But do you feel like that's going to be more difficult in the present environment, given the sales cycle elongation? Or do you expect that trend to continue? Have you see any disruption there? Eugene A. Hall - Chief Executive Officer & Director: So, I don't see it as being more difficult at all. Again, think about our clients in different segments, which is, we have clients that are doing just great, that are, figuratively speaking, not in Brazil. And it's kind of (52:37) and then we have clients that are, figuratively speaking, in Brazil, which are a little tougher. And so I think you wouldn't want to characterize the sales cycle all over are worse. That's not right. There are specific segments in the global economy that are having trouble. We still are growing them, but just not as rapidly as the others. And so, in terms of continuing to sell more to our existing clients, we're going to do that. We have a lot of that. Typically, it's been two-thirds of our growth actually. It's part of our product strategy. We have products, and we have products for multiple people in an organization. We keep adding more of those products so our salespeople have more to sell, which is why it's typically been two-thirds of our contract value growth.

Got it. And maybe – forgive me if I missed this maybe in the opening remarks, but can you give us some idea of what the impact from currency is? And is there any update for that for given kind of Brexit and some of the recent movements? Eugene A. Hall - Chief Executive Officer & Director: Sure, Joe. We talked about our results, and what's happening from a foreign exchange perspective is -- and you probably see this in most global companies, we're starting to lap the major strengthening of the U.S. dollar that we saw from back half of 2014 into the first half of 2015. That's why in the quarter you don't see that much of a difference between our reported results and our FX-neutral results. They're pretty tight. As we look out for the balance of the year, our outlook reflects where exchange rates are as of earlier this week. And as you know, some are going one way and some are going the other way. And so, when we look at where we are with our major exchange rates compared to where we were when we started the year, when we did our initial outlook, and then where we were back in May when we updated our outlook, yeah, the pound is weaker, maybe the yen is a little bit stronger, but at the same time, there are other currencies that are going in both ways. So, the way we look at it right now is we expect back half of the year to look a lot like what we experienced in Q2 from an FX exposure perspective.

Okay. And then a last one for me, and I think just to get away from Brexit for a little bit, sales productivity. Maybe you can just give us an update on your latest thoughts there. And any way we should start thinking about that within an elongated sales cycle over, I guess, the next couple of quarters? Thanks. Eugene A. Hall - Chief Executive Officer & Director: Sales productivity is one of our top focus areas. We spend a lot of time and effort on it. The things that we're doing, I think, are getting better all the time. And it falls into three main categories: recruiting, which is making sure we hire people that are the best possible fit for Gartner, where we're really focused on having the right analytics to help us make sure we get the right people in the right process. The second category is in training, where we have, I think, what is one of the best training programs for salespeople in the industry. We continue to improve that training all the time and modify it. It's not static. As an example, one of the things are trained our salespeople on in areas that are a little distressed is how do you deal with those and be very successful in an environment like that, which we know how to do. And then the last one is in tools where we're very focused on productivity enhancing tools for our salesforce. Technology is changing everything. Technology will allow us to access tools to help our salespeople be more productive as well. So, we got investments in all three of those areas focused on improving sales productivity, and we feel really good that those are all, over time, are going to have a great impact on our sales productivity.

Thanks.

Thank you. And your last question comes from the line of Jeff Silber from BMO. Please proceed.

Hey. Good morning. It's Henry Chien for Jeff. Just a quick one for me, thanks. Just looking at your Consulting revenues, can you just talk about what's driving some of these quarter-to-quarter shifts? It looks like backlog has been pretty strong over the past few quarters. I'm just wondering what's driving some of the deceleration in 2Q. Thanks. Craig W. Safian - Chief Financial Officer & Senior Vice President: Yeah, Henry. Good morning. It's, Craig. I think there's two things going on. So, one is the labor-based business, again, which makes up the bulk of the Consulting revenue, we've seen pretty consistent performance there. And we had strong bookings and strong backlog coming out of Q4. That translated into a strong labor-based revenue quarter in Q1. We also replenished that backlog and entered Q2 with a strong backlog position. I think that led to the strong labor-based growth which I talked about earlier. We were up 10% on our labor-based revenue in Q2 on an FX-neutral basis. I think some of the volatility still comes from the contract optimization business. As I mentioned in my prepared remarks, in Q2 we were actually down on a year-over-year basis in contract optimization. In Q1, we were up a little bit. On a year-to-date basis, we're up modestly on that business, but that's the place that consistently causes some of that volatility. I think if you peel the onion back a little bit, you'll see our labor-based business has been performing really nicely and really consistently. And again, that goes back to a lot of the investments we've made around managing partners and a lot of the things that the Consulting leadership team has done to make that business more predictable with people, relationships, et cetera. And so, I think, you're starting to see that – or not starting to. You're seeing that flow through in our results. And again, it gives us confidence around Q3 and Q4 given the backlog position we have entering Q3.

Okay. Fair enough. Thank you.

Ladies and gentlemen, thank you for your question. So, I'd now like to turn the call over to Gene Hall for closing remarks. Eugene A. Hall - Chief Executive Officer & Director: So, I'd like to summarize the key points of today's call. So, first, we're doing great as a company. We see robust demand for our services and our sales pipeline is incredibly strong. We've a huge untapped market opportunity. We attract the best talent in the industry. We continue to invest in improved recruiting capability training tools to drive sales productivity. We continue to invest in innovations in our content, products, hiring, training and tools to drive continuing improvements in our operational effectiveness. We're committed to enhancing shareholder value through investing in our business, strategic acquisitions and share repurchases. We're well on track to deliver another year of double-digit growth in contract value, revenue and earnings coupled with strong cash flow conversion. And our long-term outlook remains equally strong. Thanks for joining us today, and we look forward to updating you again next quarter.

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Thank you for joining and have a very good day.