Positioned by Gartner as a Leader in its most recent report based on Completeness of Vision and Ability to Execute TINTON FALLS, N.J., Aug. 7, 2024 /PRNewswire/ -- Commvault, a provider of cyber resilience and data protection solutions for the hybrid cloud, today announced that the company has been positioned by Gartner as a Leader in the 2024 Magic Quadrant for Enterprise Backup and Recovery Software Solutions1. Commvault's evaluation was based on specific criteria that analyzed the company's overall Compl ...

Gartner, Inc IT reported a second-quarter earnings beat and raised its FY24 guidance on Tuesday. Gartner reported second-quarter FY24 sales growth of 6.1% year-on-year to $1.595 billion, marginally above the analyst consensus estimate of $1.585 billion. Adjusted EPS of $3.22 beat the analyst consensus estimate of $3.02. Gene Hall, Gartner's Chief Executive Officer, commented, "Revenue, Adjusted EBITDA, and Adjusted EPS were ahead of expectations. We remain well-positioned to drive long-term, sustained, doub ...

Luis Alvarez Summary Following my coverage on Gartner, Inc. (NYSE:IT) in May '23, which I recommended a buy rating as I thought the share price decline was overdone and that there was enough evidence that showed research contract value [RCV] can accelerate sequentially, this post is to provide an update on my thoughts on the business and stock. IT continues to be one of my bullish longs (buy-rated) as growth is accelerating as expected. Underlying demand has apparently improved, and management is capitalizi ...

Waste Management Inc. (WM) reported second-quarter 2024 results. WM's adjusted earnings per share were $1.8, which increased 20.5% on a year-over-year basis. Total revenues of $5.4 billion missed the consensus estimate by a slight margin but increased 5.5% from the year-ago quarter. Gartner, Inc. (IT) has reported better-than-expected second-quarter 2024 results. The company's adjusted earnings (excluding 28 cents from non-recurring items) per share of $3.22 beat the Zacks Consensus Estimate by 6.3% and inc ...

Financial Data and Key Metrics - Q2 revenue was $1.6 billion, up 6% YoY as reported and 7% FX neutral [9] - EBITDA was $416 million, up 8% as reported and 10% FX neutral [9] - Adjusted EPS was $3.22, up 13% YoY [9] - Free cash flow was $341 million, with a rolling four-quarter free cash flow conversion of 121% from GAAP net income [35] - Contract value (CV) grew 7% YoY to $4.9 billion, with enterprise function leaders CV growing 10% [10][12] - Research revenue grew 5% YoY as reported and 6% FX neutral, with subscription revenue up 7% FX neutral [9][10] Business Line Performance - **Global Technology Sales (GTS):** CV grew 6% YoY to $3.8 billion, with new business up 8% and enterprise leader CV growing high single digits [12][13] - **Global Business Sales (GBS):** CV grew 12% YoY to $1.1 billion, with new business up 16% and double-digit growth in finance, legal, and supply chain practices [15][16] - **Conferences:** Revenue grew 11% YoY to $186 million, with a strong outlook for the segment [2][17] - **Consulting:** Revenue grew 15% YoY to $143 million, with a contribution margin of 38% [3][18] Market Performance - CV growth was broad-based across practices, industries, company sizes, and geographic regions, with double-digit or high single-digit growth in most sectors [11] - Majority of top 10 countries saw double-digit or high single-digit CV growth [11] - Tech vendor CV returned to growth in Q2, though small tech vendors remain challenged [12][89] Strategic Direction and Industry Competition - The company aims for long-term sustained double-digit revenue growth, driven by its client value proposition and addressable market opportunity [5][32] - Investments in sales territories and headcount optimization are ongoing, with mid-single-digit quota-bearing headcount (QBH) growth expected for GTS and high single-digit for GBS by year-end [14][16] - The company is focused on strategic tuck-in M&A and share repurchases to drive shareholder value [61][82] Management Commentary on Operating Environment and Outlook - The external environment remains volatile, with challenges in small tech vendor funding, supply chain shifts, and higher interest rates [43][44] - Management expects modest margin expansion over time and significant free cash flow generation [6][32] - Full-year 2024 guidance includes research revenue of at least $5.105 billion (5% FX-neutral growth), conferences revenue of $565 million (12% growth), and consulting revenue of $530 million (4% growth) [50][51] Other Key Information - The company repurchased $565 million of stock through June and has over $1 billion of repurchase capacity [8][47] - A $300 million pretax settlement related to pandemic insurance is expected in Q3, not yet included in guidance [53] - The company has $1.2 billion in cash and $2.5 billion in debt, with a strong balance sheet and low leverage [39] Q&A Summary Question: Retention metrics and small tech vendor challenges [28] - Retention metrics are declining, particularly in the small tech vendor segment, due to funding challenges and client-specific issues [28] - The company expects to "wash through" these challenges over time as contracts renew [28] Question: Contract length and renewal dynamics [30] - Standard contract length is 24 months, with some 12- and 36-month contracts, leading to significant renewals every quarter [30] Question: Medium-term CV growth outlook [64] - Q1 marked the bottom for CV growth, with expectations for growth to trend higher, targeting 12%-16% for GTS and GBS [64] Question: Non-subscription research revenue trajectory [69] - The decline in non-subscription research revenue was worse than expected, leading to a downward revision in guidance [69][71] Question: Share repurchase strategy [72] - The company remains price-sensitive, opportunistic, and disciplined in its share repurchase strategy, with a focus on driving shareholder value [72][82] Question: Hiring plans and productivity [107] - Hiring plans are back-half loaded, with a focus on improving productivity and aligning resources with growth opportunities [107][110] Question: Impact of generative AI on IT budgets [104] - Generative AI is a high-interest topic for clients, with enterprise leaders easing into investments while tech companies are more aggressive [116] Question: M&A strategy [117] - The company considers M&A in three areas: enhancing research coverage, geographic fill-ins, and technology acquisitions to accelerate market entry [117][118]

Gartner (IT) came out with quarterly earnings of $3.22 per share, beating the Zacks Consensus Estimate of $3.03 per share. This compares to earnings of $2.85 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 6.27%. A quarter ago, it was expected that this technology information and analysis company would post earnings of $2.52 per share when it actually produced earnings of $2.93, delivering a surprise of 16.27%. Over the last f ...

Form 10-Q | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------------------------------------| | Title of each class | Trading Symbol | Name of each exchange on which registered | | Common Stock, $.0005 par value per share | IT | New York Stock Exchange | Table of Contents See the accompanying notes to Condensed Consolidated Financial Statements. | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------- ...

Q2 Expectations Block (SQ) : The Zacks Consensus Estimate for the company's second-quarter 2024 revenues is pegged at $6.2 billion, indicating year-over-year growth of 12.3%. For earnings, the consensus mark is pegged at 76 cents per share, suggesting a 94.9% rise from the year-ago quarter's actual. The company beat the consensus estimate in three of the past four quarters and missed in one, with an average surprise of 12.8%. Gartner Inc. (IT) is scheduled to release its second-quarter 2024 results on Jul 3 ...

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