So, Jeff, we're not going to guide for next year. So, it looks like deceleration because instead of buying another seat or two, they actually stayed flat.

Can you help us think about what determines when you bring the cost back on? Our backlog provides us with about four-and-a-half months of forward revenue coverage. Some of those evacuees found their way to Nacogdoches County, Texas where the local Love INC, agencies, businesses, and churches worked together to care for the needs of their new “residents” And it was the right thing to do. I think what we want to make sure we do is, number one, continue to deliver great value to our clients who do really need us.

All we're saying is, we would expect when there is an economic recovery for our CV to rebound.

So, I think that we're getting – we're at a very good selling environment for that kind of a product. Whereas in past years, that's a significant part of growth. And we know clients rate them very highly. I also wanted to provide you with an update on potential termination or sunk costs on canceled conferences as well as situation with our event cancellation insurance. And so, again, what we're talking about now is not specifically when we pivot and when there is a rebound, but really about making sure that we have ample capacity from a selling perspective, from a servicing perspective, from a research analyst perspective, et cetera, so that when there is a rebound, we are poised to take advantage of it. So, the marketing is something we obviously – we knew about and told everyone as we were exiting 2019 to expect it.

And part of the reason why it's not up necessarily or I would say optically is down is we actually exited 2019 with a pretty significant bench.

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 2019 annual report on Form 10-K and quarterly reports on Form 10-Q as well as in other filings with the SEC. Like, was there just one-time distraction because of it being the April/May time period? Our next question comes from the line of Bill Warmington from Wells Fargo.So, you've mentioned a couple of times the spending to position for a recovery. Please go ahead.Good morning, everyone. I was hoping just to follow-up quickly on the Conferences questioning a bit earlier, specifically as it relates to virtual versus in-person conferences.

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I guess the short version of the question is to quantify modestly better [indiscernible]. And I guess you kind of see it there in terms of what's going on with GBS. And so, we're backfilling those roles, and we're actually making selective growth hires where we think there's a high possibility for return and payback on that and also starting to restore certain expenses. Our next question comes from the line of Andrew Nicholas from William Blair. humbly serve, learn from, and provide leadership to Love INCs that:Copyright © 1997-2020 Love In the Name of Christ / Love INC.

And so, you would expect, at that point, if we continue at current course and speed with sort of – this sort of retention result and this sort of new business pacing that the contract value growth would stabilize.

Before I go through the outlook assumptions for each segment, I'll review the overall approach we've taken to developing the updated outlook for 20201.

Joining me today on the call are Gene Hall, Chief Executive Officer; and Craig Safian, Chief Financial Officer.The call will include a discussion of second quarter 2020 financial results and our updated outlook for 2020 as disclosed in today's earnings release. Our second quarter results reflect our unique value proposition across all major functions of the enterprise.

Are you seeing any variations with lockdowns?

As you get into July, are you seeing customer decision making getting pulled forward due to need for your service or are they still delaying out of caution? CV grew across all sectors except for transportation, which was down modestly.

Amortization was about flat sequentially. We entered this year with a large bench which we have now fully deployed. I wanted to ask, functionally, from a planning standpoint, what's the timing you're assuming for recovery? Going into the current situation, we had already built a plan for 2020 that aligned cost growth with revenue growth. I wouldn't call out any one-time benefits.

If somebody chooses a lower price seat, that's a lower dollar retention. Utilization was 59%.

And Gartner is the best source for the cost effective, relevant insights that empower leaders to succeed amid ongoing uncertainty. Net interest expense, excluding deferred financing costs, in the quarter was $27 million, up from $23 million in the second quarter of 2019. And I ask from this perspective. We had a successful bond offering during the quarter which allowed us to reduce maturity risk without increasing our annual cash interest costs this year. We also held a number of our one-day local conferences with a virtual format.

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The commentary sounds positive, lots of pockets of good growth. Our free cash flow guidance reflects both the P&L outlook we just discussed, strong CapEx management and better-than-previously forecasted collections. And so, we'd expect our year-over-year headcount growth to be down modestly, our year-over-year, as we exit 2020. For the Conferences segment, our guidance is based on not running any conferences for the duration of 2020.

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