Good morning, ladies and gentlemen, and welcome to the Gartner's Earnings Conference Call for Second Quarter 2017. A replay of this call will be available through September 7, 2017. The replay can be accessed by dialing 888-286-8010 for domestic calls and 617-801-6888 for international calls by entering the pass code 50953420. 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, Jasmine, and good morning, everyone. Welcome to Gartner's second quarter 2017 earnings call. I'm Sherief Bakr, Head of Investor Relations at Gartner. With me today in Stanford is our Chief Executive Officer, Gene Hall; and our Chief Financial Officer, Craig Safian. This call would include a discussion of Q2 2017 financial results as disclosed in today's press release, as well as our updated outlook for 2017. After our prepared remarks, you'll have an opportunity to ask questions. In addition to today's press release, we have provided an accompanying presentation as a reference point for investors and analysts. Both the press release and the presentation are available on our website, investor.gartner.com. Now before we begin, I'd like to remind you that certain statements made on 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 2016 Annual Report on Form 10-K and quarterly reports on Form 10-Q, as well as other filings with the SEC. I would encourage all of you to review these risk factors listed in these documents. With that, I would like to hand the call over to Gartner's Chief Executive Officer, Gene Hall. Gene?

Good morning and welcome to our Q2 earnings call. We delivered another great quarter of double-digit growth in the second quarter of 2017. I continue to be extremely excited about our business, our prospects for growth and our strategy to provide value to our investors over the long term. Let me begin by reiterating where the combination of Gartner and CEB will create tremendous value. First, our clients need to make critical decisions in a very volatile environment. There is slow macroeconomic growth, volatile commodity prices and exchange rates, political uncertainties such as Brexit. Enterprises around the world address these critical issues with cross-functional teams. The combination of CEB and Gartner lets us help clients address these issues with every function in the business. In addition, virtually every company in the world is facing technology based disruption. No CEO can be competent without understanding how this impacts their company and their industry. The combination of Gartner's technology expertise plus CEB's business expertise gives us an unprecedented ability to help clients navigate these rapids. Beyond the impact on whole industries, technology is becoming critical in every function of the business. HR can't hire the best people, if they don't use analytics, customer service is negatively impacted if a company doesn't use artificial intelligence, and so on for every function in the business and the pace of technology-driven change is only accelerating. The combination of Gartner plus CEB allows us to help clients fully use technology in every business function. Finally, Gartner, CEB both had best practices in running their businesses. By combining the best of both operational practices, we will be better than either company was alone. The combination of Gartner plus CEB will provide a quantum leap in our own ability to help clients and in our operational practices. The…

Thank you, Gene, and good morning, everyone. In addition to discussing our quarterly performance and updated annual outlook, I'll spend some time this morning walking you through our new reportable segments and other disclosure highlights as a result of the CEB acquisition. Starting with our reporting segments; as you've all seen from today's press release, we now have four reportable segments, Research, Consulting, Events, as well as Talent Assessment & Other. Starting with Research. Research continues to be our largest and most profitable segment, representing approximately 72% of our combined full year 2016 company revenues and approximately 80% of total gross contribution. Research comprises the previously-disclosed Gartner Research segment with two additions. First, approximately 80% of the revenues of what was reported as the CEB segment, these revenues relate to core CEB subscription-based research products and services, which we'll refer to primarily as BPDS. The other and significantly smaller change – change to the Research segment is that we have also included results related to strategic advisory services or SaaS. These revenues make up about 1% of Research revenues, but were previously included in our Consulting segment. SaaS revenues are principally generated from one- or two-day research analyst engagements requested by our largest clients, for which they pay an additional amount relative to their subscription service. Correspondingly, Consulting, which represents slightly more than 9% of our full year 2016 combined company revenues and 4% of total gross contribution, now no longer include the SaaS revenues that I just mentioned. Moving to Events, where we've added CEB's Events business to the Gartner Events business. CEB's Events revenues were predominately comprised of the Evanta asset that was acquired in May 2016. On a full year 2016 basis, Events represented approximately 9% of our combined revenues and 8% of total gross contribution. Finally,…

And our first question comes from the line of Jeff Meuler with Baird. Please proceed. Jeff P. Meuler - Robert W. Baird & Co., Inc.: Yes, thank you. Sounds like a lot of good things going on and a lot of positives from the CEB. So I guess the one negative surprise was the Evanta and Talent Assessment business, but it's nothing to do with the value prop of the business relative to expectations, it's just like some other things at CEB, how it was operated in execution, and you've identified that and are making the changes?

Hey, Jeff, it's Gene. Yeah. So, that's a very fair characterization. Both businesses are terrific, I'll take Evanta first. Evanta is a business that we do very well. In fact, when CEB bought it, we would have liked to have bought it and so it's a terrific business, very complementary. CEB did not have – we have probably the world's leading Events business, CEB was not really in the Events business and didn't run it as effectively as it could have we think. And so in any event, we've got a great leader for the business, we've made a bunch of operational changes and we think that's going to be a great source of future growth. But again, it's a business we do very well anyway, so we're excited about that. Talent Assessment is a similar story, which is as I said in my remarks, Talent Assessment is an area that we think to look out over the next decade and beyond, it's a huge growth area because every company is going to be using analytics to hire. And our Talent Assessment business is the market leader in that space and there are some businesses that should be integrated with Research and some that'll be separate. CEB had made the decision to try and integrate it and we don't think it worked that great. We've set up a standalone business, got a great leader for it and in fact as I mentioned, the bookings actually is on a good track, so the revenues were a little disappointing, but that's obviously for bookings in the past. The bookings, actually, we're on a good track and we're quite optimistic about the business. Just another example there is there are a lot of open sales territories, which obviously you don't sell as much in open sales territories, we'll fix those kinds of problems. Jeff P. Meuler - Robert W. Baird & Co., Inc.: Okay. And then on the – I guess you're ahead of plan for the integration, so you have the footing in place to start to accelerate the investments and especially the sales force growth sooner than expected at CEB, so that's the other I guess change if I'm characterizing that correctly, and can you give us any sense I think you said exit with 10% growth at the CEB sales force head count. Was there any prior expectation just in terms of sizing up how much you're accelerating things?

So, the – overall integration of CEB is going extraordinarily well. It's going – when you plan these things before the deal, you plan a certain way; things have gone very well. So, as I mentioned, organizationally we're essentially 100% integrated, and the most important, the biggest opportunity is we've already introduced new integrated products, which we're quite excited about and the sales force is quite excited about. We've gotten sales force turnover and the CEB sales force is down already, because they're excited about being part of the sales-driven company and also the new offerings, et cetera. And in addition to that, we've started ramping up hiring of salespeople at a faster rate than we might have thought beforehand, just because things have gone quite well. And so, what I said in my remarks is that we expect to enter 2018 with double-digit growth in the CEB traditional sales force area.

And Jeff, it's Craig. The additional color I'd add is we always contemplated in our longer term – mid-term and longer term business case, absolutely growing the CEB sales force over time, given the size of the market opportunity. I think given everything we've seen in the first 120 days, it gave us the confidence to actually pull that forward, because as Gene mentioned, the integration was going exceptionally well. We were able to actually get new products out in market sooner than we thought. And so, given all of that, we decided to pull forward essentially the investment in growing that CEB sales force. Jeff P. Meuler - Robert W. Baird & Co., Inc.: Okay, that all makes a lot of sense. And then are you willing to start providing any sense of how you're thinking about the TAM for the CEB business at this point?

So, we're not going to put any quantification on it yet, we'll do – we'll probably do that at Investor Day early next year. But the way – one way to think about it is we believe that – so if you look at the functions in a typical enterprise, things like IT, HR, sales, et cetera. There are some functions that are comparable sized in terms of number of people, budget in the organization as IT or maybe even bigger. So like in a lot of companies, the sales force and the sales spending could be as big or bigger than the IT budget. HR is often is comparable to the IT budget. And so as we look at it, a lot of the new functions that we're getting with CEB have the potential to be as big or even bigger than the IT market; other functions are smaller. So legal for example, wouldn't have as many people or as big a budget, so it would definitely it will be smaller. So I think there are number of functions which we think have very huge opportunity – actually all of them have huge opportunities. Some are typical IT or even bigger, and some of will be a little bit smaller, again we'll size that more precisely next year at Investor Day is kind of our intention. Jeff P. Meuler - Robert W. Baird & Co., Inc.: Okay. Thank you.

And our next question comes from the line of Gary Bisbee with RBC. Please proceed.

Hey, guys. Good morning. Craig, I guess the first question, so the Q3 guidance is quite a bit below what we were expecting. Can you give us any incremental color on the cadence of spending or other factors that would be impacting the level of profitability next quarter?

Yeah. Good morning, Gary. I think it's actually really a seasonality thing in terms of the calendar of the events schedule. So if you think about our business, spending is pretty consistent on a quarter-over-quarter basis, given the bulk of our spending relates to people on board. We've always had a skew that showed Q1 and Q3 as our lightest profit quarters and that's really driven by our events calendar with Q2 and Q4 being bigger event revenue quarters. We've only compounded that with the CEB acquisition, where the Evanta business is predominantly a Q2 and Q4 revenue generator. And in Q1 and Q3, there's essentially no revenues but we are carrying cost related to the team that delivers those events. And so I think, essentially it's just we are now just a little bit more heavily weighted in Q4 given the Evanta business. And the other thing I'd mention is last year's Q4, we did not perform as we wanted to on the Events business. As I mentioned in my prepared remarks, we're actually back on track on our Events business. So, we actually expect to deliver nice growth in Events contribution in Q4 as well. So, it's really those two factors.

Okay, great. And then, Gene, you acknowledged the potential for some, I think, you called them speed bumps within the CEB segment as you push through all these positive changes. Is that – can you give us a sense as to – is that largely sales related and will that impact Research or could – where would that come and how – any way to size what would be I guess is what I'm getting at. Thanks.

So, as you mentioned, we're making a lot of operational changes, which are really proven practices that we've done at Gartner and have really been key to the great double-digit growth we've had over such a long period of time. So, we want to implement those things at CEB, we expect that it's going to have the same results with CEB. It will get us that kind of double-digit growth rate. As you mentioned, I said there might be – so far we've not hit speed bumps, but it's certainly prudent to believe that as you make these changes that there could be some speed bumps that you hit along the way. It could be anywhere in the business, but I think the one that would be most likely would be in sales where again the sales people have to develop new skills along the lines in particular in two areas. One is, Gartner sells seat-based products, by the way, we went through this transition when we first went Gartner was enterprise agreements and we – so we know how to transition from enterprise to seat-based, but it does require different skills in terms of how you talk to clients and explain the value. And then secondly, the whole discounting where we've established a policy our clients understand, we don't discount, let's focus on the value that you're getting from the product, but that's how most companies operate, including the way CEB did, and so I think those two areas could impact sales, haven't seen anything yet, but we think it certainly could happen.

And Gary, specifically it would be an impact probably most acutely on new business. From a retention perspective, we're working with our clients, we're making sure they're engaged and getting value and we'll continue to renew them, and as you saw, we actually saw a modest uptick in the wallet retention rate for CEB. So, the speed bump potential, again these aren't huge speed bumps, these are probably smaller speed bumps, but is really on the new business side. We're in...

Okay. And then...

I other thing I'd say, Gary, in terms of the risk is the sales force the CEB sales force, we've taken these changes, they totally understand why we wanted these changes, why it gives them more better market opportunity and are I think quite enthusiastic about the changes, and so, but we do think despite all the things sort of looking very positive, we do think it's prudent that something we could have some speed bumps. (50:40) also on retention, we're quite optimistic.

That makes sense. And then just one last quick one on that retention point, I think you've highlighted this from the beginning as one of the biggest opportunities, have you put in your "model" or is that something that we should think takes longer to really begin to – I realize it'll take a while to show up in the numbers, but is that one of the things you've been able to do quickly? Thank you.

We've started putting them on and we've also discovered some great news with it, which is when CEB clients have the same level of engagements as Gartner clients, they have the same retention rates. And so we have a lot of confidence that as we put these programs in place that there is no reason CEB retention shouldn't be as good as Gartner retention. We've already started doing those and again as you can tell we've started seeing those results. We're not done, there's still a lot of work to be done, but we're well on the path.

Thank you.

And our next question comes from the line of Tim McHugh with William Blair. Please proceed. Tim J. McHugh - William Blair & Co. LLC: Yes, thanks. I was wondering, you mentioned some of the change to the outlook for guidance, it was kind of two dimensions, a little bit of it was Evanta and SHL and some of the, I forget how you phrased it, but changes you made there. I guess, can you quantify that aspect of it versus the other part, how much of the change in outlook is from each?

Yeah, sure. Hey, good morning, Tim. The way to think about it is, I think the majority of the change relates to us accelerating investments that we believe will drive great long-term value. So, think in the 60%, 70% of the change, balance related to some softness on TA and Evanta revenues. And also, quite frankly, investing with the right leadership and filling out the team so that we can actually deliver over the long-term in those two businesses as well, but think roughly 60%, 70% on the acceleration investment, balance on fortifying the TA and Evanta businesses. Tim J. McHugh - William Blair & Co. LLC: Okay. And the accelerated investments, I know you – it's early to think about 2018 at this point, I guess, but is this is a pull forward in spending from 2017 or from 2018 to 2017 or is this a pull forward, I guess, in the context of a kind of a medium-term increase investment outlook? Just trying to think of, do we get back some of the spending we're looking at here in 2018 or is this a couple of years now before we kind of recoup and get back to maybe the margin levels that you otherwise would have expected?

So, Tim, I think that the way to think about it is the acceleration on the investment are some of the things that Gene mentioned in his prepared remarks, so probably the biggest one related to actually starting to grow the sales force, again where CEB Research sales had been flattish, the number of head count over the last several years. And so, again we always contemplated as a part of our business case that because of that market opportunity, we talked about it a little bit earlier that we would be consistently growing the CEB sales force over time. The reason why we've pulled forward the investment or actually the better way to articulate it is, we started the investment a little bit earlier than we had originally contemplated is that number one, integration was going really, really well and we saw the opportunity to do that. Number two, if we get them onboard and trained over the course of 2017, while there'll still be new sales people, who inherently have lower productivity, they will actually yield some benefit in 2018. But again, you know the cycle of how, when we hire new sales people in year one, they're less productive, in year two they're a little bit more productive and then by the year three they typically look like a fully-tenured sales person. So in essence, we pulled forward the training and the hire – recruiting and training so that we can start the journey a little bit sooner than we had originally contemplated. Tim J. McHugh - William Blair & Co. LLC: Okay. And then just one last one if I could, from an operating metric standpoint, I just want to, I guess, understand what you're saying, Craig, are you going to give us at least for a little while here the CEB versus the Gartner – legacy Gartner contributions to these new segments or is this kind of the last quarter where we see that? And then what should we expect from the kind of the operating metrics standpoint? Are we going to get sales head count and so forth separately for Gartner versus CEB and same thing with wallet retention and so forth?

Yeah. It's a great question, Tim. The – what I can tell you is, through the end of 2017, we will breakout contract value growth and wallet retention for the traditional Gartner business and the traditional CEB business. It's harder to do the breakouts on revenues, segment expense and contribution margin. So we'll try and focus on the key operating measures so that we can show you progress both on the traditional Gartner side and on the traditional CEB side. As Gene mentioned, we all are fully integrating across the board, and that makes pulling and parsing some of this a little bit more difficult. As we head into 2018, there are some shifts in terms of CEB had a technology business selling to CIOs and technology professionals. We've already integrated that into the Gartner technology sales force. And we had a supply chain and marketing sales organization, and we're integrating that into the what was the traditional CEB sales force. So, the fidelity gets a little hard to track. That said, we'll figure out the right way to provide transparency and progress on was the traditional Gartner business maybe with a few tweaks based on those integration adjustments I mentioned and on the traditional CEB business, again with a couple of tweaks to reflect how we've actually integrated and are running the business. Tim J. McHugh - William Blair & Co. LLC: Okay. Thank you.

And our next question comes from the line of Manav Patnaik with Barclays. Please proceed.

Yeah. Thank you. Good morning, gentlemen. Gene, the first question I had, you've always been positive and bullish about these deals. But I guess, some of the choice of words today were pretty forceful in terms of tremendous value, quantum leap, aggressive approach, et cetera, et cetera. So, I was just wondering this early into the integration, was it just that you found a lot of the easy loopholes that you didn't think you would find to fix CEB or broadly maybe you can just help understand those choice of voice?

Yeah, great question. So, CEB before we bought them was a public company. And as such didn't give us a lot of access to their people or their internal information. We essentially had no access until after we closed, which was again four months ago, so it wasn't that long ago. And we did a lot of work beforehand actually as you know over a decade with customer research, research you can get on the outside, but having done it you don't know until after the acquisition how enthusiastic associates are going to be, you don't know kind of the internal data like we talked about how we calculate client retention versus how they calculate is a little bit different. And so while beforehand, we were quite enthusiastic and obviously believe to create a tremendous amount of value, what we found – as we closed the deal and gotten access to the inside information and I actually talked to the associates, we found that it's actually even better than we thought it was going to be. And so that's why you – and the second thing, because of that is, that we're going faster than we had laid out originally before we had all the inside information that we have now. It's the combination of things like the sales forces' enthusiasm for the new products and for being a part of Gartner and the operational improvements from combining the research advisory organizations between Gartner and CEB and the fact that things like I mentioned a moment ago, that all the facts, the internal facts that we now have that we didn't have (59:46) say, if we do the same retention programs with CEB clients, we should get the same results in retention, the same high, great results for retention as we've gotten with Gartner. And so we didn't have all the data beforehand and while the indicators were very positive, we found in this particular case that things were even better than we thought. We've also developed specific operational plans, I'm going to give an example, we want to grow the sales force, one of the things to growing the sales force is we had to make sure there was manager capacity in order to actually have higher growth. We didn't know that before we bought CEB. Now, we actually understood where there's manager capacity and have identified as I mentioned earlier that we believe we can get double-digit growth from the sales force, enter 2018 with double-digit growth in sales force we know we're going to put the sales people, but who is going to manage them, where we're going to get the hiring from, that's stuff that we just couldn't know ahead of time, and so we had to be more – take a more cautious approach before we actually had the internal facts.

Okay. Fine. That makes sense. And then just on the Talent Assessment or TA side of the stuff, I think since CEB acquired it, it's sort of been disappointing for us to see that performance not get any better. I mean you talked about HR analytics being something over the next decade that – you have a lot of other stuff going on in there. So – I mean in your company rather. So, I mean maybe what can you do with TA, is that going to be a focus area, maybe just some more color there?

So, where we start from is the TA business, the market itself is a great place to be because again, in fact, we use analytics extensively internally at Gartner, we do this really well. And we believe, as I said over the next decade, every company will be using analytics to hire, and CEB, our Talent Assessment business is that market leader and so sort of intrinsic there are really well. There were a number of internal operational problems that they had. So for example, open sales territories. That was one problem, obviously we don't sell much in open sales territories. The other one is, significantly delayed, I think, years of new products introductions that now have been introduced. Client retention programs, really the same kind of retention programs, you're going to do same thing at Talent Assessment as we have in our Research business. And so there are a number of operational improvements that we see that we believe this business over time will be a great business. And in fact, I'm encouraged by the fact that our bookings actually, I wouldn't call 1% growth of booking is good, but it's better than what they had had previously and I'm quite optimistic as we fill territories, as we introduce new products, as we put retention programs in place, this business has great potential.

Okay. And then just last question maybe new products and stuff that you mentioned around CEB. I mean are those being marketed just to the traditional CEB customers or could we see some of these products being highlighted at your symposiums or whatever in terms of the cross-sell?

So, it's both. So we have already introduced these, these are in the market today. So I'll use IT for example. So CEB had a set of – had research and a research and advisory team that focused on only CIOs and obviously Gartner did as well. When we look at it, the specific offerings, this is another area that we've been very pleased is that the specific offerings even in area like IT are highly complementary where CEB had many more things like case studies and user-generated benchmarks that actually Gartner client has been asking us for, for years and so we've actually put all of the CEB Research and advisory resources together with the Gartner and created new product that has a separate brand and in fact will be offered to all of our – we're going to go back and try to upgrade all our existing Gartner clients and of course it'll be for sale to all the new Gartner clients. That's on the IT side. If you then go to places like HR, we've taken CEB's great research, which say – in HR, which is it's the world – just like we are in IT, they are in HR, but they weren't as good as the technology. Well, Gartner had a much of technology research that relates to HR people, things like should you use Workday, how do you implement it things like – Workday is an HR tool for companies to use that's typically chosen and run by the HR department. So, in any event, so obviously Gartner had a lot more expertise in the technology side in HR, CEB had the world's best business expertise in HR. We've actually put all that together in a combined offering that's better than either company had before, that's in the market today. So, the IT product I mentioned before is in the market today, so is the HR product and we've done the same thing for finance and other areas of the business, the areas I mentioned earlier. And so, these products are actually – they are seat-based and they actually have research, all of them have research from both companies, so it's better than anything that was available previously.

Got it. Thanks a lot guys. Appreciate the time and details.

And our next question comes from the line of Anj Singh with Credit Suisse. Please proceed. Anjaneya K. Singh - Credit Suisse Securities (USA) LLC: Hi. Good morning. Thanks for taking my questions. First off, I was hoping you could share some thoughts on the improvement you guys have shown in the early days on CEB CV growth and wallet retention. It seems like there is some stabilization that's going on maybe that re-tooling of contract structure and even sales force is driving this. But is there any noise that we should be aware of around this improvement in the early days? Just trying to get a sense of whether this trajectory is somewhat permanent in your view or could the speed bumps referenced cause them to worsen again in the early days?

So, I guess – Anj, this is Gene, the way I would characterize it is that the changes we're making on things like the – the best products, the best of both products I just mentioned, improved retention programs, the way we manage the sales force. Those are all things that are like proven practices that they're going to work over time. They're going to drive double-digit growth in CEB's business. And it's going to have great margins, just like Gartner does. Getting from here to there, all I'm saying is, it's possible that it'll take like, as an example, maybe we'll have to – we'll train the CEB sales teams on certain aspects and we'll have to go back and re-train them again or something like that. So, to me there's no doubt that actually we'll get to a great place. But having not done it yet and having a lot of change simultaneously, we're certainly prudent in thinking that there could be some things that we have to – that we'll figure out, and by the way we do this all the time; we find problems, we go address them, fix it and get on with it.

And Anj, it's Craig. I think the way to think about the potential trajectory around wallet retention, they're really two primary drivers there. Number one is what you typically think about around retention, which is making sure the clients are getting consistent value over the life of the contract and renewing year after year after year after year, and again we have best practices around how to do that and we're already as we mentioned earlier rolling out portions or all of those best practices across the way we service the CEB Research clients. The other way we drive wallet retention at Gartner is by further penetrating existing buying centers and existing enterprises, and with an enterprise-type licensing model, that's difficult to do. And that's also one of the reasons why it's so important that we're shifting to seat-based because over the long-term that will allow us to actually further penetrate organizations as well and that will flow through into the wallet retention metric over time. Again that's not going to happen overnight, but if you think about those two levers are the way that we can get wallet retention looking and feeling like the Gartner wallet retention over time. Anjaneya K. Singh - Credit Suisse Securities (USA) LLC: Okay. Got it. That's helpful. And then for the second question, I was wondering if you can speak to sales force productivity x-L2, that's – it's really strong improvement year-over-year, so any further elaboration on which training programs are driving this. Is there any benefit from lapping some of the energy and utilities-related drag you guys had referenced last year. And perhaps any thoughts on how you see sales force productivity being reported as you integrate CEB? Thanks.

So, the sales force productivity is being driven by the things you mentioned which is, we track the quality of – the three categories, broadly, probably as you know are recruiting, training and tools. We track the quality of people we're hiring and if we look at metrics like time to first sale, how much people sell in their first year, things like that, as well as the metrics when we're in the hiring process that are predictive, all those things tell us that we're actually hiring better people now than we were a year ago, and a year ago we were hiring better people than we were two years ago. And so the fact that we're hiring people that are a better fit with what we do is actually one of the things driving it. On top of that, we've continued to enhance our training program as we learn more about how to help new people become productive very quickly. We've enhanced training and focused on those things with training and coaching, and then as I mentioned, we have these quite advanced artificial intelligence-based tools that help sales people prioritize what they should be doing every single day. All three of those are actually working the way that we have designed them and expected them to work and that's the primary thing that is driving our improvement in sales productivity. Having said that, to your point, we are lapping some problems from last year in terms of certain segments weren't doing as well. But I can assure you that today's environment, not every segment is doing great. We have – we, what I characterize as normal environment is you have some things that are doing great, some things are doing okay and some things that you've got to work on. We're in that environment today and so the while studies show 80% of it is probably – just qualitatively 80% is kind of due to all the changes and then 20% is some of the industries that were in bad shape a year ago are not quite as bad now. Although there still some bad industries.

And the other I'd mentioned Anj and I think you know this from conversations with us over the years is there's no finish line for us in terms of productivity. We are pleased that we've seen some improvement. We're not done, we're going to keep trying to hire better people and improve that year-over-year-over-year and get them trained up better and improve the tools and improve the products and improve the research that impact retention as well. And so we're moving in the right direction and we're going to keep driving it. Because we know that ultimately improving our sales productivity will accelerate our contract value and research revenue growth.

Yeah. We have initiatives underway today in all four of those areas, recruiting, training, tools and retention to take the next leap over the – next year. Anjaneya K. Singh - Credit Suisse Securities (USA) LLC: Super helpful. Thanks a lot.

And our final question comes from the line of Jeff Silber with BMO. Please proceed.

Hey. Good morning. It's Henry Chien for Jeff. Thanks for taking the question. I was wondering if you guys would be able to share any updated thoughts on in terms of the margin structure of the combined company, now that you've had a few months to integrate the company, whether it's a timeline or any potential synergies that you're seeing there or the more focus on growth and product development at this point.

Good morning, Andrew (sic) [Henry]. It's Craig. On the margin side, if you think about from a business perspective, if you go segment-by-segment, our view is that the CEB Research products will run at roughly the same gross margin and incremental gross margin targets that we run the traditional Gartner business at. So, think in the 70% range. I think same thing on the Events side. We haven't really changed the margin profile all that much, and again we're trying to drive significant growth in both of those businesses and so I'd expect margins maybe on research to improve a little bit as we're tracking a little bit behind the 70% over time, but essentially kind of tracking where we are. The one thing I would say though on the gross margin is as we continue to shift the mix, so as research continues to be our largest by far and fastest-growing segment, we do get some gross margin leverage from continuing to have a bigger and bigger piece of the – research being a bigger and bigger piece of the pie over time. On SG&A, obviously on the G&A side, we're focused on harvesting cost synergies from the deal. And as Gene and I both mentioned, we are aggressively going after those. And some of them will be able to flow through in 2018; some of them will take a little bit longer just given timing of systems integrations and platform integrations and things like that. But on the sales side and given the size of the market opportunity, we expect to continue to invest in growing the CEB sales force to drive accelerated contract value growth on the traditional CEB business. And as we've seen on the traditional Gartner business, that is an investment upfront as first year productivity is low as we talked about earlier, second year productivity a little bit better, third year productivity starting to look like a fully tenured sales person. So, we're going to utilize the gross margin leverage we talked about earlier to continue to fund growth in both the Gartner sales force, again given the size of the market opportunity and the traditional CEB sales force to go capture that market opportunity over the long-term.

Got it. Okay. That's helpful. And just in terms of the timeline for the shift over to the seat-based pricing model and in general the release of the new product. So, I was wondering if you had a timeline there for the CEB side.

So, it's Gene. So, basically in the areas that I mentioned, we've already introduced new seat-based products. And other than things – deals that were already in the pipeline, all new sales will be on those seat-based products. So you can think about – so new sales in the areas that I mentioned before, HR, finance et cetera are going to be seat based. Existing clients, we will let renew whatever the agreements they have, enterprise agreements, discounted, whatever it is, so long as they keep paying us, we're going to be keep taking their money, and so we'll keep renewing those. And so you think about it as – that there is two pieces of our business, the legacy business, where for happy clients that want to renew, we're going to keep letting them do that, we're happy to do that with them. That has great – that business has great margins and we're really happy with that, the clients are happy. New products will be for new sales, could be to – and upgrades. So clients may choose to upgrade as well. But we're not going to force anybody to upgrade. And so we'll have – I expect we'll actually have some of the legacy products for a long period of time, just because some clients like that and will be happy with it, and we're not going to force them away. On the other hand, you can expect very quickly all the new sales will be on the seat-based products.

The one other thing I'd add that is the – as Gene mentioned, the new seat-based products include the best of both, so in his example on HR, it's the great core CEB Research and deliverables and assets combined with the relevant Gartner technology. Research, that's really valuable to HR professionals. The legacy products won't have that, they'll be the legacy products. And so, as we continue to innovate and improve those seat-based products, I think over time, and this is what we saw on the Gartner journey from over a decade ago, clients will over time migrate over, upgrade over to the new products, because they're better. And they have more value and they'll get more value out of them. That said, we still have clients who are on legacy stuff. And again, as Gene mentioned, if they're happy and they want to keep renewing and keep paying us, we're happy to let them keep doing that.

Got it. Okay. Great. Thanks so much, guys.

And I'll now turn the call over to Gene Hall for closing remarks.

So to summarize the key points from today's call, first, the combination of CEB and Gartner creates a quantum leap in capability and sustained extraordinary growth over the long-term. We'll be able to address the mission critical priorities for every function across the enterprise, with leading insights and the best of both of the two organizations. During Q2, the performance of traditional Gartner business continued to accelerate, CEB growth accelerated, retention strengthened and sales productivity improved at double-digit rates. In addition, the traditional CEB business saw modest improvements. We developed a very aggressive integration plan and it's going great. We've already integrated our organizations, launched new products, introduced new commercial terms, accelerate sales force hiring, and set up the Talent Assessment as a standalone business and that's just in the first 120 days. We're doing great as a combined company 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, that concludes today's conference. Thank you for your participation. You may now disconnect. So you all have a great day.