Gartner Inc. (IT) is scheduled to release its fourth-quarter 2023 results on Feb 6, before market open.IT has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the four trailing quarters, with an average surprise of 34.4%.Q4 ExpectationsThe Zacks Consensus Estimate for the top line is currently pegged at $1.59 billion, up 5.4% from the year-ago actual figure. The improvement in segmental performance is likely to have been responsible for the increase in revenu ...

Analysts on Wall Street project that Gartner (IT) will announce quarterly earnings of $2.78 per share in its forthcoming report, representing a decline of 24.9% year over year. Revenues are projected to reach $1.59 billion, increasing 5.4% from the same quarter last year.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a company reveals its earnings ...

STAMFORD, Conn.--(BUSINESS WIRE)--Gartner, Inc. (NYSE: IT): What: Gartner Tech Growth & Innovation Conference When: March 20-21, 2024 Where: Grapevine, Texas Members of the media can register for the conference by contacting Matt.LoDolce@Gartner.com. Details: GenAI, economic uncertainty and evolving B2B customer demands remain the macro trends of 2024, but with an accelerated pace. With these trends, growth engines are the main focus of any enterprise business, as leaders look to retain customers, at ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Gartner (IT) , which belongs to the Zacks Consulting Services industry, could be a great candidate to consider.This technology information and analysis company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 26.28%.For the l ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even though momentum is a popular stock char ...

Gartner (IT) has had an impressive run over the past year-to-date period, gaining 35.2% compared with its industry’s 27.1% growth.Reasons Why IT is an Attractive Pick NowSolid Rank: IT currently sports a Zacks Rank #1 (Strong Buy). Our research shows that stocks with a Zacks Rank #1 or 2 (Buy) offer attractive investment opportunities. Thus, the company appears to be a compelling investment proposition at the moment.Positive Earning Trend Revision: The Zacks Consensus Estimate for Gartner’s fourth-quarter e ...

PART I. FINANCIAL INFORMATION [ITEM 1. FINANCIAL STATEMENTS (Unaudited)](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(Unaudited)) This section presents Gartner's unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, with key financial highlights for the period ended September 30, 2023 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Gartner's balance sheet as of September 30, 2023, reflects a slight decrease in total assets, a significant increase in cash, and a substantial rise in stockholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,249,355 | $697,999 | | Goodwill | $2,933,266 | $2,930,211 | | **Total Assets** | **$7,244,404** | **$7,299,736** | | **Liabilities & Equity** | | | | Deferred revenues | $2,394,556 | $2,443,762 | | Long-term debt, net | $2,449,913 | $2,453,607 | | **Total Liabilities** | **$6,677,766** | **$7,071,938** | | **Total Stockholders' Equity** | **$566,638** | **$227,798** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Gartner's Q3 2023 revenues increased **6%** to **$1.41 billion**, while nine-month revenues grew **9%** to **$4.32 billion**, with net income significantly boosted by a divestiture gain Q3 2023 vs Q3 2022 Performance (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $1,408,784 | $1,331,868 | 5.8% | | Operating Income | $244,417 | $253,418 | -3.6% | | Net Income | $180,009 | $173,545 | 3.7% | | Diluted EPS | $2.26 | $2.17 | 4.1% | Nine Months 2023 vs 2022 Performance (in thousands, except per share data) | Metric | Nine Months 2023 | Nine Months 2022 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $4,320,838 | $3,971,129 | 8.8% | | Operating Income | $935,481 | $767,787 | 21.8% | | Net Income | $673,835 | $550,985 | 22.3% | | Diluted EPS | $8.44 | $6.77 | 24.7% | - A pre-tax gain of **$135.4 million** from the sale of a divested operation significantly boosted operating and net income for the nine months ended September 30, 2023[9](index=9&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash provided by operating activities increased to **$931.4 million** for the nine months ended September 30, 2023, with investing activities providing cash primarily from a divestiture, while financing activities focused on share repurchases Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Operating Activities** | **$931,407** | **$898,313** | | **Investing Activities** | **$77,112** | **($74,570)** | | _Proceeds from sale of divested operation_ | _$156,057_ | _$—_ | | **Financing Activities** | **($434,024)** | **($1,013,430)** | | _Purchases of treasury stock_ | _($447,739)_ | _($1,026,414)_ | | **Net Change in Cash** | **$574,495** | **($189,687)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes disclose the **$161.1 million** divestiture of TalentNeuron, the company's **$2.48 billion** debt, **$447.7 million** in share repurchases, and a reduced effective tax rate for Q3 2023 - In February 2023, the company completed the sale of its non-core business, TalentNeuron, for approximately **$161.1 million**, recognizing a pre-tax gain of **$135.4 million**[32](index=32&type=chunk) - Total outstanding debt principal was **$2.48 billion** as of September 30, 2023, composed of a term loan facility and several series of senior notes[65](index=65&type=chunk) - The company repurchased **1.4 million shares** for **$447.7 million** in the nine months ended September 30, 2023. As of this date, **$610.8 million** remained available under the share repurchase program[82](index=82&type=chunk)[84](index=84&type=chunk) - The effective income tax rate for Q3 2023 was **19.8%**, a decrease from **25.2%** in Q3 2022, primarily due to a favorable foreign tax credit notice and the expiration of statutes for uncertain tax positions[92](index=92&type=chunk) [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=29&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses Q3 2023 financial performance, highlighting **6% revenue growth** driven by Research and Consulting segments, a decline in operating income due to higher costs, and a strong liquidity position [Consolidated Results](index=33&type=section&id=Consolidated%20Results) Q3 2023 consolidated revenues increased **6%** to **$1.4 billion**, but operating income declined **4%** due to higher costs, while nine-month operating income rose **22%** aided by a divestiture gain Q3 2023 vs Q3 2022 Consolidated Results (in thousands) | Line Item | Q3 2023 | Q3 2022 | % Change | | :--- | :--- | :--- | :--- | | Total revenues | $1,408,784 | $1,331,868 | 6% | | Cost of services | $450,841 | $416,837 | 8% | | SG&A | $660,527 | $613,031 | 8% | | Operating income | $244,417 | $253,418 | -4% | - The increase in Cost of Services and SG&A expenses was primarily driven by increased compensation costs resulting from higher headcount[142](index=142&type=chunk)[143](index=143&type=chunk) [Segment Results](index=35&type=section&id=Segment%20Results) Research segment revenues grew **6%** with **8%** contract value growth, Conferences revenue declined **26%** due to event timing, and Consulting revenue surged **24%** driven by contract optimization Q3 2023 Revenue by Segment (in thousands) | Segment | Q3 2023 Revenue | Q3 2022 Revenue | % Change | | :--- | :--- | :--- | :--- | | Research | $1,218,739 | $1,147,823 | 6% | | Conferences | $57,200 | $77,031 | -26% | | Consulting | $132,845 | $107,014 | 24% | - Research contract value grew to **$4.7 billion** at September 30, 2023, an **8%** increase year-over-year on an FX-neutral basis[160](index=160&type=chunk) - The decrease in Conferences revenue for Q3 was due to holding fewer in-person destination conferences than in Q3 2022, as several events were held earlier in 2023[164](index=164&type=chunk) - Consulting revenue growth was significantly boosted by a **98%** increase in contract optimization revenue[168](index=168&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) Gartner maintains a strong liquidity position with **$1.2 billion** in cash and **$1.0 billion** available credit, supported by **$931.4 million** in operating cash flow, with share repurchases as a primary cash use - As of September 30, 2023, the company had **$1.2 billion** in cash and cash equivalents and approximately **$1.0 billion** of available borrowing capacity[172](index=172&type=chunk) - Cash provided by operating activities increased to **$931.4 million** for the nine months ended September 30, 2023, up from **$898.3 million** in the prior year[177](index=177&type=chunk) - During the first nine months of 2023, the company used **$447.7 million** of cash for share repurchases[179](index=179&type=chunk) [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=41&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages market risks including interest rate, foreign currency, and credit risk, with interest rate swaps and forward contracts mitigating exposure, and limited credit risk due to a diverse customer base - Interest rate risk on variable-rate debt is managed through an interest rate swap contract that effectively converts floating rates to fixed rates[184](index=184&type=chunk) - The company is exposed to foreign currency translation risk. A **10%** change in foreign exchange rates against the U.S. dollar could have increased or decreased reported cash and cash equivalents by approximately **$77.1 million** as of September 30, 2023[186](index=186&type=chunk) - Foreign currency transaction risk is partially mitigated through the use of foreign currency forward exchange contracts[187](index=187&type=chunk) [CONTROLS AND PROCEDURES](index=42&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) As of September 30, 2023, the company's disclosure controls and procedures were deemed effective by management, with no material changes to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that as of September 30, 2023, the company's disclosure controls and procedures were effective[191](index=191&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[192](index=192&type=chunk) PART II. OTHER INFORMATION [LEGAL PROCEEDINGS](index=43&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in ordinary course legal proceedings, which are not expected to materially impact its financial position, cash flows, or results of operations - The company does not expect ongoing legal proceedings to have a material impact on its financial condition or results[193](index=193&type=chunk) [RISK FACTORS](index=43&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to the company's risk factors were reported for the period, consistent with disclosures in the prior Annual Report on Form 10-K - No material changes to the company's risk factors were reported for the period[194](index=194&type=chunk) [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=43&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During Q3 2023, Gartner repurchased **648,616 shares** at an average price of **$341.11**, with **$610.8 million** remaining for future repurchases and an additional **$500 million** authorized post-quarter end Issuer Purchases of Equity Securities (Q3 2023) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | July 2023 | 28,977 | $347.83 | | August 2023 | 449,932 | $337.73 | | September 2023 | 169,707 | $348.93 | | **Total for Quarter** | **648,616** | **$341.11** | - On October 31, 2023, the Board of Directors authorized an incremental **$500.0 million** for the company's share repurchase program[196](index=196&type=chunk) [EXHIBITS](index=44&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and required CEO/CFO certifications - The exhibits filed with this report include required CEO/CFO certifications under Sarbanes-Oxley and interactive data files in Inline XBRL format[204](index=204&type=chunk)

Gartner, Inc. (NYSE:IT) Q2 2023 Results Earnings Conference Call August 1, 2023 8:00 AM ET Company Participants David Cohen - Senior Vice President-Investor Relations Gene Hall - Chief Executive Officer Craig Safian - Chief Financial Officer Conference Call Participants Jeffrey Meuler - Robert W. Baird & Co. Heather Balsky - Band of America Global Research Toni Kaplan - Morgan Stanley & Co. Seth Weber - Wells Fargo Securities Manav Patnaik - Barclays Capital Joshua Chan - UBS Securities Stephanie Moore - Je ...

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(Unaudited)) Unaudited financials show total assets at **$7.36 billion**, equity at **$586.5 million**, and Q2 revenues up 9% to **$1.50 billion** [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $1,172,828 | $697,999 | +68.0% | | Fees receivable, net | $1,271,792 | $1,556,786 | -18.3% | | Total Assets | $7,355,933 | $7,299,736 | +0.8% | | **Liabilities & Equity** | | | | | Total Liabilities | $6,769,427 | $7,071,938 | -4.3% | | Total Stockholders' Equity | $586,506 | $227,798 | +157.5% | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2023 vs Q2 2022 Performance (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | Change | | :--- | :--- | :--- | :--- | | Total revenues | $1,503,185 | $1,376,521 | +9.2% | | Operating income | $283,107 | $297,122 | -4.7% | | Net income | $198,043 | $204,925 | -3.4% | | Diluted EPS | $2.48 | $2.53 | -2.0% | Six Months 2023 vs 2022 Performance (in thousands, except per share data) | Metric | H1 2023 | H1 2022 | Change | | :--- | :--- | :--- | :--- | | Total revenues | $2,912,054 | $2,639,261 | +10.3% | | Operating income | $691,064 | $514,369 | +34.4% | | Net income | $493,826 | $377,440 | +30.8% | | Diluted EPS | $6.17 | $4.60 | +34.1% | - A pre-tax gain of **$135.4 million** was recorded in the first six months of 2023 from the sale of a divested operation (TalentNeuron), significantly boosting operating and net income for the period[9](index=9&type=chunk)[31](index=31&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Six Months Ended June 30 Cash Flow Summary (in thousands) | Activity | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Cash provided by operating activities | $600,461 | $583,392 | +2.9% | | Cash provided by (used in) investing activities | $109,363 | $(38,385) | N/A | | Cash used in financing activities | $(228,732) | $(920,548) | -75.2% | - Investing activities were positive in H1 2023 due to **$156.1 million** in cash proceeds from the sale of the TalentNeuron business[15](index=15&type=chunk)[31](index=31&type=chunk) - Financing activities in H1 2023 included **$238.4 million** for treasury stock purchases, a significant reduction from the **$929.9 million** used for repurchases in H1 2022[15](index=15&type=chunk)[180](index=180&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - In February 2023, the company sold its TalentNeuron business for approximately **$161.1 million**, recognizing a pre-tax gain of **$135.4 million**[31](index=31&type=chunk) - As of June 30, 2023, the company had total outstanding debt principal of **$2.48 billion**; in May 2023, the interest rate benchmark for the 2020 Credit Agreement was amended from LIBOR to SOFR[65](index=65&type=chunk)[78](index=78&type=chunk) - The company repurchased **751,513 shares** for **$238.4 million** in the first six months of 2023; as of June 30, 2023, **$827.9 million** remained available under the share repurchase authorization[82](index=82&type=chunk)[84](index=84&type=chunk) - Impairment charges of **$10.0 million** and **$18.7 million** were recorded on right-of-use assets and other long-lived assets for the three and six months ended June 30, 2023, respectively, related to office leases the company will no longer use[108](index=108&type=chunk)[109](index=109&type=chunk) [Management's Discussion and Analysis (MD&A)](index=25&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management reports Q2 2023 revenue up 9% to **$1.5 billion**, driven by strong segment performance, and maintains strong liquidity with **$1.2 billion** cash [Consolidated Results of Operations](index=30&type=section&id=Consolidated%20Results%20of%20Operations) Q2 2023 vs Q2 2022 Consolidated Results (in thousands) | Line Item | Q2 2023 | Q2 2022 | % Change (Reported) | % Change (FX-Neutral) | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $1,503,185 | $1,376,521 | 9% | 10% | | Cost of services | $487,418 | $424,535 | 15% | 15% | | SG&A | $680,168 | $604,911 | 12% | 14% | | Operating income | $283,107 | $297,122 | -5% | N/A | - The increase in Cost of Services and SG&A expenses was primarily driven by higher compensation costs from increased headcount; the number of quota-bearing sales associates increased by **14% year-over-year**[144](index=144&type=chunk)[145](index=145&type=chunk) [Segment Results](index=32&type=section&id=Segment%20Results) Q2 2023 Segment Performance vs Q2 2022 (in thousands) | Segment | Q2 2023 Revenue | Q2 2022 Revenue | % Change | Q2 2023 Gross Contribution | Q2 2022 Gross Contribution | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Research | $1,207,885 | $1,142,329 | +6% | $885,282 | $843,965 | +5% | | Conferences | $168,897 | $113,525 | +49% | $98,450 | $73,526 | +34% | | Consulting | $126,403 | $120,667 | +5% | $47,321 | $50,223 | -6% | - **Research:** Total contract value grew to **$4.6 billion**, up **9% year-over-year** on an **FX-neutral** basis; Global Technology Sales (GTS) CV grew **7%** and Global Business Sales (GBS) CV grew **15%**[162](index=162&type=chunk) - **Conferences:** Revenue growth was driven by the return to in-person destination conferences; the company held 17 in-person conferences in Q2 2023 compared to 6 in-person and 8 virtual conferences in Q2 2022[166](index=166&type=chunk) - **Consulting:** Revenue increased 5% (6% **FX-neutral**), while gross contribution margin decreased from **42%** to **37%** due to higher personnel costs; backlog increased **17% FX-neutral** to **$171.6 million**[167](index=167&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2023, the company had **$1.2 billion** in cash and cash equivalents and approximately **$1.0 billion** of available borrowing capacity under its revolving credit facility[173](index=173&type=chunk) - Cash from operations for the first six months of 2023 was **$600.5 million**, a slight increase from $583.4 million in the prior-year period[178](index=178&type=chunk) - **50%** of cash and cash equivalents were held outside the U.S. as of June 30, 2023[175](index=175&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company faces market risks from interest rates on **$278.6 million** floating-rate debt and foreign currency fluctuations, with a **10%** adverse change potentially impacting **$67.0 million** of cash - Interest rate risk on **$278.6 million** of variable-rate debt is managed through an interest rate swap contract that effectively converts it to a fixed rate[186](index=186&type=chunk) - The company is exposed to foreign currency risk, with **50%** of its **$1.2 billion** cash held outside the U.S.; a **10%** adverse change in all relevant foreign exchange rates would impact cash by approximately **$67.0 million**[175](index=175&type=chunk)[188](index=188&type=chunk) - Transaction risk from foreign currency is partially mitigated using foreign currency forward exchange contracts[189](index=189&type=chunk) [Controls and Procedures](index=38&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2023[193](index=193&type=chunk) - No material changes were made to the internal control over financial reporting during the second quarter of 2023[194](index=194&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=39&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in ordinary course legal proceedings, but does not expect any material financial impact on its operations or position - The company states that ongoing legal proceedings are not expected to have a material financial impact[195](index=195&type=chunk) [Risk Factors](index=39&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to risk factors were reported from the prior Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes to risk factors were reported for the quarter[196](index=196&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company had no unregistered equity sales, repurchased **423,833 shares** for **$132.7 million** in Q2 2023, with **$827.9 million** remaining available for future repurchases Issuer Purchases of Equity Securities (Q2 2023) | Period | Total Shares Purchased | Average Price Paid | Total Cost (approx. in millions) | | :--- | :--- | :--- | :--- | | April 2023 | 144,649 | $306.73 | $44.4 | | May 2023 | 234,758 | $311.24 | $73.0 | | June 2023 | 44,426 | $342.18 | $15.2 | | **Total Q2** | **423,833** | **$312.95** | **$132.7** | - In February 2023, the Board authorized an additional **$0.4 billion** for the share repurchase program; as of quarter-end, **$827.9 million** was available for future repurchases[198](index=198&type=chunk)[199](index=199&type=chunk) [Exhibits](index=40&type=section&id=ITEM%206.%20EXHIBITS) This section lists filed exhibits, including CEO/CFO certifications, credit agreement amendments, and the amended Long-Term Incentive Plan - Exhibits filed include an amendment to the credit agreement, the amended Long-Term Incentive Plan, and required CEO/CFO certifications[201](index=201&type=chunk)

Financial Data and Key Metrics Changes - First quarter revenue was $1.4 billion, up 12% year-over-year as reported and 14% FX neutral [103] - EBITDA for the first quarter was $379 million, up 15% year-over-year on a reported basis and up 19% FX neutral [128] - Adjusted EPS was $2.88, up 24% year-over-year [123] - Free cash flow for the quarter was $144 million, representing 18% of revenue and 65% of EBITDA [110] Business Line Data and Key Metrics Changes - Research revenue grew 7% year-over-year as reported and 9% FX-neutral [105] - Consulting revenues increased by 10% year-over-year to $127 million, with a 14% increase on an FX-neutral basis [127] - Contract value (CV) was $4.5 billion at the end of the first quarter, up 10% versus the prior year [106] - Global Technology Sales (GTS) contract value grew 9% year-over-year, while Global Business Sales (GBS) contract value grew 16% year-over-year [119] Market Data and Key Metrics Changes - CV from enterprise function leaders across GTS and GBS grew at double-digit rates, while CV from tech vendors grew mid-single digits [106] - GBS practices, excluding sales and marketing, grew at double-digit rates, with supply chain and HR growing faster than 20% [107] - Retention for GBS was 110% for the quarter, compared to 115% in the prior year [107] Company Strategy and Development Direction - The company is focused on delivering value to clients through research and consulting, addressing mission-critical priorities [78][99] - The strategy includes a capital allocation plan emphasizing share repurchases and strategic tuck-in M&A [15][113] - The company expects to continue its sustained record of success, with modest margin increases over time [121] Management's Comments on Operating Environment and Future Outlook - Management noted that the tech sector is adjusting to post-pandemic demand and that the banking industry is facing challenges due to rising interest rates [118] - The company has taken a prudent approach to planning for 2023, expecting full-year EBITDA of at least $1.33 billion [17] - There is a higher-than-normal level of uncertainty in the world, but the company remains well-positioned to drive growth [101] Other Important Information - The company repurchased more than $100 million of stock during the first quarter, with about $950 million remaining on its share repurchase authorization [46] - The overall multiyear contracts as a percent of the research business is around 70%, providing resilience [73] - The company expects free cash flow of at least $920 million for 2023 [132] Q&A Session Summary Question: What are the challenges in the tech vendor channel? - Management acknowledged that the tech vendor channel is facing challenges, impacting new business and retention metrics [54][126] Question: How is the company leveraging generative AI? - Management highlighted that generative AI is improving internal efficiencies and client interactions, enhancing overall productivity [21][51] Question: What is the outlook for contract value growth? - Management indicated that contract value growth is expected to remain strong, despite tough comparisons in the upcoming quarters [54][114] Question: How is the company managing expenses? - Management stated that they are managing expenses prudently while supporting future growth, with a focus on maintaining strong margins [112][148] Question: What is the company's approach to pricing and contract renewals? - Management confirmed that they are holding strong on pricing and not offering discounts, maintaining their pricing structure [39][153]