Research contract value increased to $5.051 billion, a 7% increase YoY excluding currency impacts. Global Technology Sales contract value increased by 6%, driven by new business from existing clients.

Consulting backlog increased by 16% YoY to $213.5 million, excluding currency impacts. This indicates strong demand for consulting services and provides a solid foundation for future revenue growth in this segment.

Research contract value with the US federal government was approximately $225.0 million at March 31, 2025, as compared to approximately $275.0 million at December 31, 2024. Slightly less than half of the US federal government contract value that was eligible for renewal in the first quarter of 2025 was retained.

The number of quota-bearing sales associates in Global Technology Sales increased by 3% to 3,707 and in Global Business Sales, increased by 9% to 1,331 compared to March 31, 2024. This demonstrates management's commitment to expanding the sales force to drive revenue growth.

Consultant utilization rate decreased to 64% from 66% in Q1 2024. This suggests potential inefficiencies in consultant deployment or lower demand for consulting services during the quarter.

As a result and in consideration of the changing nature of the Company's use of office space, the Company continues to evaluate its existing real estate lease portfolio. This indicates proactive management of real estate costs and adaptation to changing work patterns.

As the current geopolitical environment remains unpredictable, we continue to monitor and evaluate the impact, both direct and indirect, of government actions that could adversely impact our business operations and financial performance. This highlights the ongoing uncertainty and potential risks associated with global events.

The Company mentions the impact of changes in tax policy (including global minimum tax legislation) and heightened scrutiny from various taxing authorities globally. This indicates potential changes to tax expenses and financial planning.

The Company mentions its ability to keep pace with technological developments in artificial intelligence (“AI”) and comply with evolving AI regulations. This highlights the importance of innovation and regulatory compliance in the rapidly evolving AI landscape.

GTS client retention was 84% and 83% as of March 31, 2025 and 2024, respectively while wallet retention was 101% for both periods. This indicates a strong competitive position and customer loyalty.

GBS wallet retention was 105% and 107%, respectively. The decrease in GBS wallet retention was largely due to lower levels of spending by existing clients compared to the same period in 2024. This could indicate increased competition or changing customer needs.

Our ability to attract and retain a professional staff of research analysts and consultants as well as experienced sales personnel upon whom we are dependent, especially in light of labor competition. This indicates increased competition for skilled employees.

Selling, general and administrative (“SG&A”) expense was $730.3 million during the three months ended March 31, 2025, an increase of $40.5 million compared to the same period in 2024, or 6% and on a reported basis. The increase in SG&A expense during the three months ended March 31, 2025 was primarily a result of a $40.8 million increase in personnel expenses due to increased headcount.

Cash flow generation has also benefited from our ongoing efforts to improve the operating efficiencies of our businesses as well as a focus on the optimal management of our working capital as we increase sales. This indicates a focus on cost management and process optimization.

Depreciation increased by 10% during the three months ended March 31, 2025, compared to the same periods in 2024. The increase for the three months ended March 31, 2025 was primarily due to increased software additions during the last twelve months.

Our ability to keep pace with technological developments in artificial intelligence (“AI”) and comply with evolving AI regulations. This highlights the importance of innovation in the rapidly evolving AI landscape.

We used $162.7 million and $225.1 million of cash for share repurchases during the three months ended March 31, 2025 and 2024. This demonstrates a commitment to returning capital to shareholders.

At March 31, 2025, we had $2.1 billion of cash and cash equivalents and approximately $0.7 billion of available borrowing capacity on the revolving credit facility under our 2024 Credit Agreement. This provides financial flexibility for future investments and acquisitions.

Our ability to meet sustainability commitments and comply with applicable regulatory requirements, as well as potential reactions by customers to these commitments. This indicates a focus on environmental and social responsibility.

The impact of global economic and geopolitical conditions, including inflation, and recession. This highlights the sensitivity of the business to macroeconomic factors.