Financial Data and Key Metrics Changes - Stockholders elected all 11 nominees to the board with more than 80% of votes cast in favor [11] - The executive compensation proposal received over 90% approval from stockholders [11] - The appointment of KPMG LLP as the independent registered public accounting firm for the 2025 fiscal year was ratified with over 90% of votes cast in favor [12] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed in the meeting Market Data and Key Metrics Changes - No specific market data or key metrics were discussed in the meeting Company Strategy and Development Direction and Industry Competition - The board unanimously recommended the election of nominees and the approval of executive compensation, indicating a stable governance structure [7][8] - The company continues to engage with KPMG for independent auditing, reflecting a commitment to transparency and compliance [9] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting Other Important Information - The meeting had a quorum of over 90% of outstanding shares, allowing for the proceedings to continue [4] - The exact voting results for all proposals will be included in the company's current report on Form 8-K to be filed with the SEC [12] Q&A Session Summary - No applicable questions were submitted during the meeting, indicating a lack of engagement from stockholders in this session [7][8][10]

Financial Data and Key Metrics Changes - Gartner has demonstrated a long-term experience of delivering double-digit top-line growth with a contract value CAGR of 14% over ten years and free cash flow CAGR of 16% [4][29] - The company expects EBITDA margins to be at least 23.5% for the year, with structural improvements leading to margins running in the mid to low 20% range [23][28] Business Line Data and Key Metrics Changes - The Research segment is the largest and most profitable, with contribution margins in the low to mid 70% [12][13] - The Conferences segment provides a platform for client engagement with around 50% gross margins [21] - The Consulting segment focuses on high-level IT labor-based strategy and project management services, contributing to overall revenue [22] Market Data and Key Metrics Changes - Gartner's contract value is approximately $5.1 billion, with an identified addressable market of around $200 billion [20] - About two-thirds of contract value is generated in North America, with growth opportunities identified both domestically and internationally [41] Company Strategy and Development Direction - The company aims to expand its sales force and penetrate new territories to capture more of the addressable market [41][42] - Gartner's strategy includes leveraging AI to enhance efficiency within its research organization and services team [36] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that while the company is resilient to macroeconomic challenges, it is not completely immune to a difficult selling environment [42] - The focus remains on generating valuable insights and productizing them to deliver ongoing value to clients [41] Other Important Information - Gartner's business model is characterized by strong free cash flow generation, with annual free cash flow expected to exceed $1 billion [29] - The company has a strong balance sheet with excess cash of about $2.1 billion, targeting a gross debt to EBITDA ratio of about 2 to 2.1 times [30][31] Q&A Session Summary Question: How does AI affect Gartner's business? - Gartner is leveraging AI to help clients with strategy and challenges while also using it internally to improve efficiency in research and sales training [35][36] Question: What is the percentage of clients on each subscription tier? - The most commonly purchased product is the advisor product, priced around $45,000 to $50,000, with reference products at about $20,000 and higher-end services ranging from $75,000 to $80,000 [38][39] Question: What are the key drivers for growth? - Growth drivers include generating valuable insights, expanding sales territories, and hiring sellers, with a focus on execution and resilience in challenging macro environments [41][42]

Group 1 - The article discusses the investment approach focused on fundamentals, emphasizing the importance of long-term durability and affordability in stock selection [1] - It challenges the misconception that low multiple stocks are inherently cheap, advocating for a focus on companies with steady long-term growth and strong balance sheets [1] - The author acknowledges the risks associated with investing in successful companies, particularly the potential to overpay, highlighting the significance of valuation [1] Group 2 - The article expresses confidence in the continued growth strength of Gartner, Inc. (NYSE: IT), which was previously recommended as a buy [1]

AI Agent 喧闹背后，真正做出成果的很少，对于甲方来说还远谈不上成功。 如何定义 AI Agent？如何看待 AI Agent 领域存在的过度炒作现象？如何找到 AI Agent的最佳切入点？哪些关键 KPI 可以验证 AI Agent 项目的实际业务价 值？ 在崔牛会策划的"DeepTalk｜DeepSeek猜想系列"对话中，由崔牛会创始人&CEO 崔强主持，邀请了Gartner 公司副总裁孙鑫（Julian Sun），围绕"真假 AI Agent：贴牌陷阱vs技术泡沫"的主题，展开了深入探讨。 孙鑫提到，目前国内的AI Agent正处于一个顶峰点，未来两到五年，AI Agent可能进入生产的成熟期，但目前企业对于AI Agent 的探索还应保持相对谨慎 的态度，技术瓶颈、可靠性、成本、场景适用性仍是重要的制约；Deep Seek 拉平了很多企业在应用大模型技术上的差距，但企业更应考虑的是让自身数 据与大模型产生协同效应，让大模型为自己所用；在谈及如何衡量 AI 投入的 ROI 时，孙鑫提到了效率、质量、财务和安全四个维度。 "Agent Washing" ：热闹背后的理性思考 崔强：今天聊一个大家比 ...

Gartner, Inc. (NYSE: IT ) reported a mixed Q1 in my opinion. I wanted to go through the numbers and give some comments on the next few quarters regarding the company’s outlook and why I am still hesitant currently.MSc in Finance. Long-term horizon investor mostly with 5-10 year horizon. I like to keep investing simple. I believe a portfolio should consist of a mix of growth, value, and dividend-paying stocks but usually end up looking for value more than anything. I also sell options from time to time.Analy ...

Core Insights - Gartner, Inc. reported first-quarter 2025 results with adjusted earnings per share of $2.98, surpassing the Zacks Consensus Estimate by 9.6% and increasing 1.7% year-over-year. Revenues of $1.5 billion met the consensus estimate and improved 4.2% year-over-year [1] Revenue Segments - Research segment revenues were $1.3 billion, up 4.2% year-over-year on a reported basis and 5.8% on a foreign-currency-neutral basis, with a gross contribution margin of 74.5%, resulting in a gross contribution of $985 million [2] - Consulting segment revenues reached $140 million, growing 3.7% year-over-year on a reported basis and 5.3% on a foreign-currency-neutral basis, with a gross contribution margin of 38.2%, leading to a gross contribution of $53 million [3] - Conferences' revenues totaled $73 million, gaining 3.6% year-over-year on a reported basis and 5.4% on a foreign-currency-neutral basis, with a gross contribution margin of 37.7%, resulting in a gross contribution of $27 million [3] Operating Performance - Adjusted EBITDA for the quarter was $385 million, showing a marginal increase from the year-ago quarter on a reported basis and a 2.9% increase on a foreign-currency-neutral basis [4] Balance Sheet & Cash Flow - At the end of the quarter, Gartner had $2 billion in cash and cash equivalents, up from $1.9 billion in the previous quarter. Long-term debt remained flat at $2.5 billion. Operating cash flow was $313.5 million, with free cash flow utilized at $288 million and capital expenditure totaling $26 million [5] 2025 Outlook - For 2025, Gartner has lowered its total revenue guidance to at least $6.54 billion from the previous estimate of $6.56 billion, which is still above the Zacks Consensus Estimate of $6.51 billion. The adjusted earnings per share guidance was raised to at least $11.70 from $11.45, but remains below the Zacks Consensus Estimate of $12.18 [6] - The adjusted EBITDA guidance has been increased to at least $1.53 billion from $1.51 billion, and free cash flow guidance has been raised to at least $1.15 billion from $1.14 billion [7]

Core Insights - Gartner reported revenue of $1.53 billion for the quarter ended March 2025, reflecting a 4.2% increase year-over-year, with EPS at $2.98 compared to $2.93 in the same quarter last year [1] - The reported revenue met the Zacks Consensus Estimate, while the EPS exceeded the consensus estimate by 9.56% [1] Financial Performance Metrics - Revenue from Research was $1.32 billion, slightly below the estimated $1.33 billion [4] - Revenue from Conferences was $73 million, significantly lower than the estimated $92.79 million [4] - Revenue from Consulting was $140 million, surpassing the estimated $113.05 million [4] Stock Performance - Gartner's shares have returned +11.6% over the past month, slightly outperforming the Zacks S&P 500 composite's +11.5% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Gartner reported quarterly earnings of $2.98 per share, exceeding the Zacks Consensus Estimate of $2.72 per share, and showing a year-over-year increase from $2.93 per share [1] - The company has consistently surpassed consensus EPS estimates over the last four quarters [2] Financial Performance - Gartner's revenues for the quarter ended March 2025 were $1.53 billion, matching the Zacks Consensus Estimate and reflecting a year-over-year increase from $1.47 billion [2] - The company has also exceeded consensus revenue estimates in the last four quarters [2] Stock Performance and Outlook - Gartner shares have declined approximately 11.9% since the beginning of the year, compared to a 3.9% decline in the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $3.28, with expected revenues of $1.66 billion, and for the current fiscal year, the estimate is $12.18 on revenues of $6.51 billion [7] Industry Context - The Consulting Services industry, to which Gartner belongs, is currently ranked in the top 30% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Gartner's stock performance [5]

Financial Data and Key Metrics Changes - In Q1 2025, contract value grew by 7% year-over-year, with revenue of $1.5 billion, up 4% year-over-year and 6% FX neutral [6][22][23] - Adjusted EBITDA was $385 million, up 1% as reported and 3% FX neutral compared to Q1 2024 [24][35] - Adjusted EPS was $2.98, an increase of 2% from the previous year, with free cash flow reaching $288 million, up 73% year-over-year [24][38] Business Line Data and Key Metrics Changes - Research segment contract value grew by 7%, with subscription revenue increasing by 8% FX neutral [7][24] - Global Technology Sales (GTS) contract value increased by 6%, while Global Business Sales (GBS) saw an 11% rise [8][30] - Consulting revenue grew by 5% FX neutral, with contract optimization revenue up 38% [10][33] Market Data and Key Metrics Changes - The US Federal Government represented approximately 4% of total contract value, with a challenging renewal environment expected in 2025 [18][19] - Contract value growth was broad-based across various sectors, with high single-digit growth in energy, healthcare, and manufacturing [26] - Canada faced a more challenging selling environment, while the majority of top 10 countries experienced double-digit or high single-digit growth [27] Company Strategy and Development Direction - The company aims for sustained double-digit growth by targeting investments and maintaining disciplined cost management [6][17] - Continuous improvement and innovation are core elements of the strategy, with plans to grow sales headcount in the mid-single digits [16][46] - The company is focused on providing value in areas like AI, cybersecurity, and cost optimization, which are critical for clients [13][68] Management's Comments on Operating Environment and Future Outlook - Management noted a high level of macroeconomic uncertainty affecting decision-making processes, particularly in the federal sector [12][77] - The company expects to reaccelerate contract value growth to 12% to 16% when the macroeconomic environment stabilizes [17][49] - The updated guidance reflects a cautious outlook, incorporating recent performance and macroeconomic trends [40][43] Other Important Information - The company repurchased $163 million of stock in Q1, maintaining a strong balance sheet with $2.1 billion in cash [20][39] - The expected free cash flow for 2025 is at least $1.145 billion, reflecting a conversion from GAAP net income of 137% [48][90] - The company plans to maintain a disciplined approach to capital allocation, focusing on share repurchases and strategic acquisitions [89][90] Q&A Session Summary Question: What percentage of the contract value base are you following in directly impacted areas? - Management indicated that the largest impacted area is the US Federal Government, with plans to control headcount carefully in that sector while growing in non-impacted areas [53][55] Question: Can you elaborate on the guidance and how it reflects recent trends? - The guidance incorporates Q1 performance and reflects a more cautious outlook due to changes in the selling environment, particularly in March [64][71] Question: How are you managing the cost structure in light of lower revenue expectations? - The company is taking a prudent approach to managing operating expenses while ensuring investments in growth areas continue [79][110] Question: What is the outlook for federal contract renewals? - The largest renewals are expected in Q3, with nearly half of the dollar retention modeled forward from Q1 [106][108] Question: How is the company leveraging AI for client interactions? - The company is piloting an AI application internally and plans to roll it out to clients once it is fully tested and reliable [99][100]

Financial Data and Key Metrics Changes - In Q1 2025, contract value grew by 7% year-over-year, with revenue at $1.5 billion, up 4% year-over-year and 6% FX neutral [21][22][23] - Adjusted EBITDA was $385 million, up 1% as reported and 3% FX neutral compared to Q1 2024 [23][33] - Adjusted EPS increased to $2.98, a 2% rise from the previous year, with free cash flow reaching $288 million, up 73% year-over-year [36][45] Business Line Data and Key Metrics Changes - Research segment contract value grew by 7%, with subscription revenue increasing by 8% FX neutral [6][23] - Global Technology Sales (GTS) contract value rose by 6%, while Global Business Sales (GBS) saw an 11% increase [7][28] - Consulting revenue grew by 5%, with contract optimization revenue significantly up by 38% [9][31] Market Data and Key Metrics Changes - The US Federal Government represented approximately 4% of total contract value, with a challenging renewal environment impacting results [17][26] - Contract value growth was broad-based across various sectors, with high single-digit growth in energy, healthcare, and manufacturing [25] - Canada faced a more challenging selling environment, impacting overall performance [26] Company Strategy and Development Direction - The company aims for sustained double-digit growth, focusing on agility and targeted investments [5][16] - Continuous improvement and innovation are core elements of the strategy, with plans to grow sales headcount in the mid-single digits [15][44] - The company is committed to disciplined cost management while investing for future growth and returning capital to shareholders through share repurchase programs [10][20] Management's Comments on Operating Environment and Future Outlook - Management highlighted the high level of macroeconomic uncertainty affecting decision-making processes [11][12] - The company expects to reaccelerate contract value growth to 12% to 16% when the macroeconomic environment stabilizes [16][48] - The updated guidance reflects a cautious outlook, incorporating recent performance and macroeconomic trends [41][46] Other Important Information - The company repurchased $163 million of stock in Q1, maintaining a strong liquidity position with $2.1 billion in cash [38][37] - The expected free cash flow for 2025 is at least $1.145 billion, reflecting a conversion from GAAP net income of 137% [46][91] Q&A Session Summary Question: What percentage of the contract value base is impacted by directly affected areas? - The primary impacted area is the US Federal Government, with plans to control headcount carefully in that segment while growing in non-impacted areas [51][53] Question: What is the revenue recognition treatment for early cancellations among US federal contracts? - Approximately $30 million worth of termination notices have been received, which remains in contract value as revenue continues to be recognized [59][61] Question: Can you elaborate on the guidance changes and the impact of federal contract renewals? - The guidance reflects a combination of Q1 performance, federal contract insights, and macroeconomic conditions, with federal government impacts being the most significant [71][72] Question: How is the selling environment outside of federal government? - The selling environment is not uniform, with some companies experiencing slower decision-making due to tariffs, while others continue business as usual [78] Question: What is the company's approach to capital allocation and share buybacks? - The company remains committed to a disciplined approach to share repurchases, balancing between buybacks and strategic acquisitions [90][92]