Core Insights - Emerald Holding, Inc. reported solid financial results for the fourth quarter and full year 2025, meeting full-year objectives and demonstrating strong operating momentum supported by healthy customer demand and rebooking activity [1][2][3] Full Year 2025 Financial Highlights - Revenues reached $463.4 million, an increase of $64.6 million or 16.2% compared to the prior year, driven by acquisitions and higher organic revenues [1][2] - Organic revenues amounted to $397.0 million, reflecting a $4.4 million increase or 1.1% from the previous year [1][2] - Adjusted EBITDA was $127.1 million, a 25.0% increase from $101.7 million in the prior year [1][2] - The company expects 2026 revenues to be between $490 million and $495 million, with adjusted EBITDA projected between $137.5 million and $142.5 million [1][2] Fourth Quarter 2025 Financial Highlights - Revenues for Q4 2025 were $132.7 million, up $25.9 million or 24.3% from Q4 2024, primarily due to acquisitions and higher organic revenues [1][2] - Organic revenues for Q4 were $105.0 million, a slight increase of $0.3 million or 0.3% from the previous year [1][2] - Adjusted EBITDA for Q4 was $36.3 million, compared to $33.1 million in Q4 2024, marking a 9.7% increase [2][3] Operational and Capital Structure Updates - The company initiated a review of potential strategic options following inquiries regarding a possible acquisition [3][7] - A dividend of $0.015 per share was declared for the quarter ending March 31, 2026 [3] - Emerald repurchased 282,386 shares for $1.3 million in Q4 2025, and a total of 4.1 million shares for $17.5 million throughout 2025 [3][7] Management Commentary - The President and CEO highlighted 2025 as a pivotal year marked by disciplined execution and purposeful growth through targeted acquisitions, resulting in a resilient and dynamic portfolio [1][2] - The CFO noted that the revenue increase and adjusted EBITDA growth were supported by consistent operating performance across the business, with current sales trends indicating continued growth into 2026 [1][2]

Core Viewpoint - Gartner's fourth-quarter 2025 earnings and revenues exceeded expectations, but there are concerns about future performance as estimates have been trending downward [2][8]. Financial Performance - Adjusted earnings per share for Q4 2025 were $3.94, surpassing the Zacks Consensus Estimate by 12.6%, but down 27.7% year-over-year [2]. - Revenues reached $1.8 billion, slightly beating consensus estimates and showing a 2.2% year-over-year improvement [2]. Revenue Segments - Insights segment revenues were $1.3 billion, up 3% year-over-year, with a gross contribution margin of 77%, contributing $989 million [3]. - Conferences segment revenues increased to $286 million, a 14% rise year-over-year, with a gross contribution margin of 51%, contributing $147 million [4]. - Consulting revenues fell to $134 million, down 13% year-over-year, with a gross contribution margin of 27%, contributing $36 million [4]. Operating Performance - Adjusted EBITDA for the quarter was $436 million, reflecting a 5% increase year-over-year [5]. Balance Sheet & Cash Flow - At the end of Q4, Gartner had $1.7 billion in cash and cash equivalents, up from $1.4 billion in the previous quarter [6]. - Long-term debt increased to $3 billion from $2.5 billion in the third quarter of 2025 [6]. - Operating cash flow was $294.5 million, while free cash flow utilized was $311 million [6]. 2026 Outlook - For 2026, Gartner projects revenues of $6.46 billion and adjusted earnings per share of $12.3 [7]. - Adjusted EBITDA guidance is set at $1.52 billion, with free cash flow guidance at $1.14 billion [7]. Estimates Movement - There has been a downward trend in estimates revisions over the past month, indicating a potential shift in investor sentiment [8][11]. VGM Scores - Gartner currently holds a subpar Growth Score of D and a Momentum Score of F, but has an A grade for value, placing it in the top 20% for value investors [10]. - The aggregate VGM Score is C, which is relevant for investors not focused on a single strategy [10]. Overall Outlook - Estimates for Gartner have been trending downward, and the stock holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [11].

Core Insights - Gartner, Inc. reported fourth-quarter 2025 results with earnings and revenues exceeding the Zacks Consensus Estimate, adjusted earnings per share were $3.94, beating estimates by 12.6% but down 27.7% year-over-year, while revenues reached $1.8 billion, slightly surpassing consensus and improving 2.2% year-over-year [1][9] Revenue Breakdown - Insights segment revenues were $1.3 billion, a 3% increase year-over-year, meeting the Zacks Consensus Estimate, with a gross contribution margin of 77%, resulting in a gross contribution of $989 million [3] - Conferences segment revenues amounted to $286 million, a 14% increase year-over-year, surpassing the consensus mark of $271.4 million, with a gross contribution margin of 51%, leading to a gross contribution of $147 million [4] - Consulting revenues were $134 million, a decline of 13% year-over-year, missing the consensus estimate of $156.7 million, with a gross contribution margin of 27%, resulting in a gross contribution of $36 million [5] Operating Performance - Adjusted EBITDA for the quarter was $436 million, reflecting a 5% increase year-over-year [6] Balance Sheet & Cash Flow - At the end of Q4, Gartner had $1.7 billion in cash and cash equivalents, up from $1.4 billion in the previous quarter, with long-term debt increasing to $3 billion from $2.5 billion [7] - Operating cash flow totaled $294.5 million, while free cash flow utilized was $311 million, with capital expenditure at $23.8 million [7] 2026 Outlook - For 2026, Gartner expects revenues of $6.46 billion, lower than the Zacks Consensus Estimate of $6.7 billion, with adjusted earnings per share guidance at $12.3, below the consensus estimate of $13.63, and adjusted EBITDA guidance at $1.52 billion [8][9]

Group 1: Fund Performance - Artisan Mid Cap Value Fund's Investor Class returned 0.97%, Advisor Class returned 0.98%, and Institutional Class returned 0.97% in Q3 2025, compared to a 6.18% return for the Russell Midcap Value Index [1] - The equity markets continued to rally in Q3 2025, driven by strong corporate earnings, rising AI capital expenditures, and expectations for economic support from US fiscal policy and lower interest rates [1] Group 2: Gartner, Inc. Overview - Gartner, Inc. (NYSE:IT) is a research and advisory company that operates through research, conferences, and consulting segments, with a market capitalization of $17.952 billion as of January 2, 2026 [2] - Gartner's one-month return was 4.29%, but its shares lost 51.80% of their value over the last 52 weeks [2] Group 3: Investment Insights on Gartner, Inc. - Artisan Mid Cap Value Fund initiated new positions in Gartner, Inc. and noted that the company helps corporate executives make better strategic decisions [3] - Gartner's research business has faced cyclical headwinds, including issues from the US federal government and tariffs, but the long-term threat from AI is not fully discounted [3] - Gartner consistently generates free cash flow and has a clean balance sheet, with a reasonable valuation reflecting an 8% free cash flow yield, the highest since 2009 [3] Group 4: Hedge Fund Interest and Revenue - Gartner, Inc. was held by 42 hedge fund portfolios at the end of Q3 2025, down from 45 in the previous quarter [4] - The company reported revenue of $1.5 billion in Q3 2025, reflecting a 3% year-over-year increase [4]

Group 1 - SGA's U.S. Large Cap Growth Strategy reported a portfolio return of -1.3% (Gross) and -1.4% (Net) in Q3, underperforming the Russell 1000 Growth Index which returned 10.5% and the S&P 500 Index which returned 8.1% [1] - The investment objective of SGA is to focus on high-quality growth businesses expected to achieve consistent mid-teens earnings growth, stable revenue, and cash flow [1] - In Q3, lower-quality stocks and cyclical industries outperformed, adversely affecting SGA's investment style [1] Group 2 - Gartner, Inc. (NYSE:IT) was highlighted in SGA's third-quarter investor letter, with a one-month return of 8.69% and a 52-week loss of 47.80% [2] - As of December 31, 2025, Gartner, Inc. had a stock price of $252.28 and a market capitalization of $19.107 billion [2] - Gartner's contract value growth slowed to 5% from 7% in Q1, leading to a reduction in revenue growth guidance for the year [3] - The slowdown in growth was attributed to the impact of DOGE on U.S. federal government customers and tariff uncertainties affecting decision-making and budget pressures [3] - A new market narrative suggested that Gartner's value proposition could be disrupted by generative AI, further impacting its stock performance [3]

Core Insights - Gartner (IT) shares have increased by 9.5% over the past month, outperforming the industry growth of 5.9% [1] - The company has a Growth Score of A, indicating strong financial metrics and sustainable growth, with revenue growth projected at 3.5% in 2025 and 3.3% in 2026 [1] Revenue Growth Drivers - IT's revenue growth is significantly supported by its technologically advanced research segment, which offers essential insights and decision-support solutions [2] - The acquisition of CEB Inc. in 2017 has strengthened Gartner's market position by enhancing its research and advisory services [2] Competitive Advantages - The company is advancing its AI-driven tool, AskGartner, which provides quick access to in-depth business and technology insights, leveraging a vast proprietary data pool [3] - IT creates substantial client value through its Conferences, such as the recent 35th Annual IT Symposium/Xpo, which attracted over 7,000 technology leaders [4] Shareholder Value Enhancement - The company has consistently engaged in share buybacks, repurchasing 7.3 million shares for $1.7 billion in 2021, 3.8 million shares for $1 billion in 2022, 3.9 million shares for $600 million in 2023, and 1.6 million shares for $700 million in 2024 [5] Current Financial Position - IT's current ratio stands at 0.88, which is below the industry average of 1.19, indicating potential challenges in meeting short-term obligations [6]

Core Insights - TCW Concentrated Large Cap Growth Fund reported a return of +4.11% in Q3 2025, underperforming the Russell 1000 Growth Index which returned +10.51% [1] Company Overview - Gartner, Inc. (NYSE:IT) is a research and advisory company established in 1979, operating through research, conferences, and consulting segments [2] - As of December 24, 2025, Gartner's stock closed at $251.18 per share, with a market capitalization of $19.023 billion [2] Financial Performance - Gartner reported revenue of $1.5 billion in Q3 2025, reflecting a year-over-year increase of 3% as reported and 1% on a foreign exchange neutral basis [4] Investment Analysis - Gartner's shares dropped following disappointing quarterly results, despite exceeding consensus estimates; growth excluding U.S. Federal business decelerated, and management lowered forward guidance [3] - Forward guidance now anticipates Contract Value (CV) growth to decelerate from mid-single-digit to low single-digit growth [3] - Approximately 35% to 40% of Gartner's research contract value is in tariff-impacted industries, which are implementing cost-cutting measures and experiencing delayed sales cycles [3] - The rise of AI is disrupting many end markets, impacting Gartner's Business Model Advantage (BMA) and potentially shrinking its Total Addressable Market (TAM) [3] - Due to these factors, the fund decided to completely exit its position in Gartner [3] Hedge Fund Interest - Gartner, Inc. was held by 42 hedge fund portfolios at the end of Q3 2025, a decrease from 45 in the previous quarter [4] - The company is not listed among the 30 Most Popular Stocks Among Hedge Funds [4]

Company Overview - AS Ekspress Grupp is the leading Baltic media group, involved in web media content production, publishing newspapers, magazines, and books, as well as operating an electronic ticket sales platform in Latvia and Estonia [7] - The group also organizes conferences, training, and events primarily in Estonia and Lithuania, and employs approximately 1,000 people [7] Takeover Bid Details - HHL Rühm Osaühing made a voluntary takeover bid for all shares of Ekspress Grupp not already owned by the Bidder, with a purchase price of EUR 1.25 per share [1][2] - The Estonian Financial Supervision and Resolution Authority approved the bid on 24 November 2025, with the bid period running from 25 November 2025 to 22 December 2025 [2] Shareholder Participation - Shareholders participating in the bid decided to sell a total of 6,982,181 shares, representing approximately 22.55% of all shares [3] - After the bid, the Bidder will own a total of 29,757,623 shares, amounting to 96.12% of all shares of Ekspress Grupp [5] Settlement and Future Actions - Payment for the shares and transfer to the Bidder will occur by 31 December 2025 [4] - The Bidder plans to prepare a takeover report to justify the transfer of shares held by minority shareholders and will request a general meeting to decide on the takeover and termination of trading on Nasdaq Tallinn Stock Exchange [6]

Group 1: Investment Performance - TimesSquare Capital's U.S. Focus Growth Strategy achieved a gross return of 4.00% and a net return of 3.78% in Q3 2025, outperforming the Russell Midcap Growth Index which returned 2.78% [1] - All major asset classes posted positive returns in Q3 2025, except for fixed income assets outside the US [1] Group 2: Gartner, Inc. Overview - Gartner, Inc. (NYSE:IT) reported a revenue of $1.5 billion in Q3 2025, reflecting a year-over-year increase of 3% and a 1% increase on a foreign exchange neutral basis [4] - The stock of Gartner, Inc. closed at $233.89 per share on December 12, 2025, with a market capitalization of $17.714 billion [2] Group 3: Investment Strategy and Positioning - TimesSquare Capital prefers critical system providers and specialized component designers within the Information Technology sector, focusing on companies that improve productivity and efficiency [3] - Despite Gartner, Inc. reporting revenue and earnings above estimates, a key contract value metric fell short, leading to an 18% decline in its stock price, prompting TimesSquare to liquidate its position [3] - The number of hedge funds holding Gartner, Inc. decreased from 45 to 42 in Q3 2025, indicating a decline in popularity among institutional investors [4]

Q3 2025 Financial Performance - Global Contract Value (CV) increased by 30% to $50 billion[13] - Consolidated Revenues grew by 27% to $15 billion[13] Foreign Exchange (FX) neutral growth was 12%[13] Contribution Margin was 689%[13] - Insights Revenues increased by 51% to $13 billion[13] FX Neutral growth was 36%[13] Contribution Margin reached 767%[13] - Conference Revenues decreased by 16% to $75 million[13] FX Neutral decrease was 41%[13] Contribution Margin was 366%[13] - Consulting Revenues decreased by 32% to $124 million[13] FX Neutral decrease was 48%[13] Contribution Margin was 285%[13] - Adjusted EBITDA increased by 19% to $347 million[13] FX Neutral growth was -08%[13] Adjusted EBITDA Margin was 228%[13] - Adjusted EPS grew by 104% to $276[13] - Free Cash Flow was $269 million[13] Updated 2025 Guidance - Consolidated Revenues are projected to be at least $6475 billion[13] - Adjusted EBITDA is expected to be at least $1575 billion[13] - Adjusted EPS is projected to be at least $1265[13] - Free Cash Flow is expected to be at least $1145 billion[13] Capital Allocation - Share repurchases amounted to $11 billion[13] - Approximately $13 billion remains authorized for repurchase as of September 30, 2025[39]