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Gartner Reports Financial Results for Fourth Quarter and Full Year 2012

Gartner, Inc. (NYSE: IT), the leading provider of research and analysis on the global information technology industry, today reported results for fourth quarter and full year 2012 and provided its preliminary financial outlook for 2013.

For fourth quarter 2012, total revenue was $474.7 million, an increase of 11% year-over-year, or 12% excluding the foreign exchange impact. Fourth quarter 2012 net income was $58.8 million, an increase of 31%, while Normalized EBITDA was $97.0 million, an increase of 14%. Diluted income per share was $0.61 compared to $0.46 in fourth quarter 2011. Diluted Income Per Share Excluding Acquisition Adjustments, which excludes the impact of acquisition-related adjustments, was $0.63 per share for fourth quarter 2012 and $0.47 per share for fourth quarter 2011 (See "Non-GAAP Financial Measures" below for a discussion of Normalized EBITDA and Diluted Income Per Share Excluding Acquisition Adjustments).

For full year 2012, total revenue was $1,615.8 million, an increase of 10% over 2011, or 12% excluding the foreign exchange impact. Net income was $165.9 million in 2012, an increase of 21%. Normalized EBITDA was $315.2 million in 2012, an increase of 13% over 2011. Diluted income per share was $1.73 in 2012 compared to $1.39 in 2011, an increase of 24%. Diluted Income Per Share Excluding Acquisition Adjustments was $1.78 in 2012 and $1.43 in 2011.

Gene Hall, Gartner's chief executive officer, commented, “Our 2012 results continued our trend of consistent, outstanding performance. Contract value growth has exceeded 14% for the last nine consecutive quarters and we continue to deliver double-digit growth across all of our key metrics. This occurred in a difficult global macro-economic environment.”

Business Segment Highlights

Research

Revenue for fourth quarter 2012 was $300.2 million, up 14% compared to fourth quarter 2011 and 15% excluding foreign exchange impact. The quarterly gross contribution margin was 68% in 2012 and 67% in 2011. Contract value at December 31, 2012 increased 14% on an FX neutral basis compared to year end 2011, and 13% as reported. Client and wallet retention rates for fourth quarter 2012 were 83% and 99%, respectively, compared to 82% and 99% in the fourth quarter of 2011.

Consulting

Revenue for fourth quarter 2012 was $81.9 million, a decrease of 8% compared to fourth quarter 2011 and a decrease of 7% when adjusted for the impact of foreign exchange. Gross contribution margin for fourth quarter 2012 was 36% compared to 41% in the prior year quarter. Both revenues and contribution margin were adversely impacted by lower than expected revenues from our Contract Optimization business. The balance of our Consulting businesses contributed solid growth in the quarter and for the full year 2012. Fourth quarter 2012 utilization was 67% compared to 68% in the fourth quarter of 2011. As of December 31, 2012, billable headcount was 503 and backlog was $102.7 million.

Events

Revenue for fourth quarter 2012 was $92.6 million, an increase of 21% compared to fourth quarter 2011. Excluding the foreign exchange impact, Events segment revenues increased 24%. Gross contribution margin was 51% in fourth quarter 2012 compared to 49% in the prior year quarter. The Company held 14 events with 22,548 attendees in the fourth quarter 2012, compared to 12 events and 20,500 attendees in fourth quarter 2011.

Cash Flow and Balance Sheet Highlights

The Company generated $280 million of operating cash flow in the full year 2012, an increase of 9% compared to 2011. Additions to property, equipment and leasehold improvements (“Capital Expenditures”) totaled $44 million in 2012, which included $17 million of Stamford headquarters renovation expenditures that are reimbursable by the facility landlord. Free Cash Flow for the full year 2012 was $237 million, an increase of 11% over 2011 (See “Non-GAAP Financial Measures” below for a discussion of Free Cash Flow).

At December 31, 2012, the Company had almost $300 million of cash and $347 million of borrowing capacity on its revolving credit facility. During 2012, the Company used $111 million of cash to repurchase shares and $10 million of cash on a net basis to complete the Ideas International Limited acquisition.

Financial Outlook for 2013

The Company also provided its preliminary financial outlook for 2013:

 

Projected Revenue

($ in millions)       2013 Projected       % Change
Research       $

1,280 – 1,300

      13% – 14%
Consulting 310 – 325 2% – 7%
Events   185 – 195 6% – 12%
Total Revenue $

1,775 – 1,820

10% – 13%
 
           

Projected Earnings and Cash Flow

($ in millions, except per share data)       2013 Projected       % Change
Diluted Earnings Per Share

$1.96 – $2.10

13% – 21%

Normalized EBITDA (1)

$350 – $370

11% – 17%
 
Operating Cash Flow

$296 – 316

6% – 13%
Capital Expenditures (37) – (38)

Free Cash Flow (1)

$259 – 278

10% – 17%
(1) See “Non-GAAP Financial Measures” below for a discussion of Normalized EBITDA and Free Cash Flow.
 

Conference Call Information

Gartner has scheduled a conference call at 8:30 a.m. eastern time on Thursday, February 7, 2013 to discuss the Company's financial results. The conference call will be available via the Internet by accessing the Company's website at http://investor.gartner.com or by dial-in. The U.S. dial-in number is 888-713-4218 and the international dial-in number is 617-213-4870 and the participant passcode is 65782692. The question and answer session of the conference call will be open to investors and analysts only. A replay of the webcast will be available for approximately 90 days following the call.

Annual Meeting of Stockholders

Gartner will hold its 2013 Annual Meeting of Stockholders at 10:00 a.m. eastern time on Thursday, May 30, 2013 at the Company’s offices in Stamford, Connecticut.

About Gartner

Gartner, Inc. (NYSE: IT) is the world’s leading information technology research and advisory company. Gartner delivers the technology-related insight necessary for its clients to make the right decisions, every day. From CIOs and senior IT leaders in corporations and government agencies, to business leaders in high-tech and telecom enterprises and professional services firms, to technology investors, Gartner is a valuable partner to clients in over 13,300 distinct organizations. Through the resources of Gartner Research, Gartner Consulting and Gartner Events, Gartner works with every client to research, analyze and interpret the business of IT within the context of their individual role. Founded in 1979, Gartner is headquartered in Stamford, Connecticut, U.S.A., and has 5,468 associates, including 1,405 research analysts and consultants, and clients in 85 countries. For more information, visit www.gartner.com.

Non-GAAP Financial Measures

Normalized EBITDA: Represents operating income excluding depreciation, accretion on obligations related to excess facilities, amortization, stock-based compensation expense, and acquisition related adjustments. We believe Normalized EBITDA is an important measure of our recurring operations as it excludes items that may not be indicative of our core operating results. Investors are cautioned that Normalized EBITDA is not a financial measure defined under generally accepted accounting principles and as a result is considered a non-GAAP financial measure. We provide this measure to enhance the user's overall understanding of the Company's current financial performance and the Company's prospects for the future. It should not be construed as an alternative to any other measure of performance determined in accordance with generally accepted accounting principles.

Diluted Income Per Share Excluding Acquisition Adjustments: Represents diluted income per share excluding certain adjustments directly related to acquisitions, which consists of amortization of identifiable intangibles, non-recurring acquisition and integration charges such as legal, consulting, severance and other costs, and non-cash fair value adjustments on pre-acquisition deferred revenues. We believe Diluted Income Per Share Excluding Acquisition Adjustments is an important measure of our recurring operations as it excludes items that may not be indicative of our core operating results.

Free Cash Flow: Represents cash provided by operating activities plus cash acquisition and integration payments less additions to property, equipment and leasehold improvements (“Capital Expenditures”). We believe that Free Cash Flow is an important measure of the recurring cash generated by the Company’s core operations that is available to be used to repurchase stock, repay debt obligations and invest in future growth through new business development activities or acquisitions.

Safe Harbor Statement

Statements contained in this press release regarding the Company’s growth and prospects, projected 2012 financial results and all other statements in this release other than recitation of historical facts are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different. Such factors include, but are not limited to, the following: our ability to maintain and expand our products and services; our ability to expand or retain our customer base; our ability to grow or sustain revenue from individual customers; our ability to attract and retain a professional staff of research analysts and consultants as well as experienced sales personnel upon whom we are dependent; our ability to achieve and effectively manage growth, including our ability to integrate acquisitions and consummate future acquisitions; our ability to pay our debt; our ability to achieve continued customer renewals and achieve new contract value, backlog and deferred revenue growth in light of competitive pressures; our ability to carry out our strategic initiatives and manage associated costs; our ability to successfully compete with existing competitors and potential new competitors; our ability to enforce or protect our intellectual property rights; additional risks associated with international operations including foreign currency fluctuations; the impact of restructuring and other charges on our businesses and operations; general economic conditions; risks associated with the creditworthiness and budget cuts of governments and agencies; and other factors described under “Risk Factors” contained in our Annual Report on Form 10-K for the year ended December 31, 2011 which can be found on Gartner's website at www.investor.gartner.com and the SEC's website at www.sec.gov. Forward-looking statements included herein speak only as of the date hereof and Gartner disclaims any obligation to revise or update such statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances.

 
GARTNER, INC.
Condensed Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
                               
 

Three Months Ended

Twelve Months Ended

December 31, December 31,
2012 2011 2012 2011
Revenues:
Research $   300,177 $   262,633 14% $ 1,137,147 $ 1,012,062 12%
Consulting 81,923 88,640 -8% 304,893 308,047 -1%
Events     92,649     76,421 21%   173,768   148,479 17%
Total revenues 474,749 427,694 11% 1,615,808 1,468,588 10%
Costs and expenses:
Cost of services and product development 200,214 180,282 11% 659,067 608,755 8%
Selling, general and administrative 186,216 170,816 9% 678,843 613,707 11%
Depreciation 6,991 6,396 9% 25,369 25,539 -1%
Amortization of intangibles 1,373 737 86% 4,402 6,525 -33%
Acquisition and integration charges     294     - 100%   2,420   - 100%
Total costs and expenses     395,088     358,231 10%   1,370,101   1,254,526 9%
Operating income 79,661 69,463 15% 245,707 214,062 15%
Interest expense, net (2,302) (2,104) 9% (8,859) (9,967) -11%
Other income (expense), net     550     (417) >100%   (1,252)   (1,911) -34%
Income before income taxes 77,909 66,942 16% 235,596 202,184 17%
Provision for income taxes     19,086     21,918 -13%   69,693   65,282 7%
Net income $   58,823 $   45,024 31% $ 165,903 $ 136,902 21%
 
Income per common share:
Basic $ 0.63 $ 0.48 31% $ 1.78 $ 1.43 24%
Diluted $ 0.61 $ 0.46 33% $ 1.73 $ 1.39 24%
 
Weighted average shares outstanding:
Basic 93,488 94,691 -1% 93,444 96,019 -3%
Diluted 95,716 97,037 -1% 95,842 98,846 -3%
 
                 
BUSINESS SEGMENT DATA
(Unaudited; in thousands)
 
Direct Gross Contribution
Revenue Expense Contribution Margin
 
Three Months Ended 12/31/12
Research $ 300,177 $   97,381 $ 202,796 68%
Consulting 81,923 52,556 29,367 36%
Events   92,649     45,397   47,252 51%
TOTAL $ 474,749 $   195,334 $ 279,415 59%
 
Three Months Ended 12/31/11
Research $ 262,633 $ 86,917 $ 175,716 67%
Consulting 88,640 52,623 36,017 41%
Events   76,421     38,689   37,732 49%
TOTAL $ 427,694 $   178,229 $ 249,465 58%
 
Twelve Months Ended 12/31/12
Research $ 1,137,147 $ 362,805 $ 774,342 68%
Consulting 304,893 195,640 109,253 36%
Events   173,768     93,649   80,119 46%
TOTAL $ 1,615,808 $   652,094 $ 963,714 60%
 
Twelve Months Ended 12/31/11
Research $ 1,012,062 $ 329,926 $ 682,136 67%
Consulting 308,047 193,209 114,838 37%
Events   148,479     82,214   66,265 45%
TOTAL $ 1,468,588 $   605,349 $ 863,239 59%
 
     
SELECTED STATISTICAL DATA
 
 
December 31, December 31,
2012 2011
Research contract value $ 1,262,865 (a) $ 1,115,801 (a)
Research client retention 83% 82%
Research wallet retention 99% 99%
Research client organizations 13,305 12,427
Consulting backlog $ 102,718 (a) $ 100,564 (a)
Consulting--quarterly utilization 67% 68%
Consulting billable headcount 503 481
Consulting--average annualized revenue
per billable headcount $ 445 (a) $ 454 (a)
Events--number of events for the quarter 14 12
Events--attendees for the quarter 22,548 20,500
 
(a) Dollars in thousands.
 
 
SUPPLEMENTAL INFORMATION (in thousands, except per share amounts)
                 
Reconciliation - Operating income to Normalized EBITDA (a):
 
Three Months Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
Net income $ 58,823 $ 45,024 $ 165,903 $ 136,902
Interest expense, net 2,302 2,104 8,859 9,967
Other (income) expense, net (550) 417 1,252 1,911
Tax provision   19,086   21,918   69,693   65,282
Operating income $ 79,661 $ 69,463 $ 245,707 $ 214,062
 
Normalizing adjustments:
Stock-based compensation expense (b) 8,357 8,114 36,378 32,864
Depreciation, accretion, and amortization (c) 8,413 7,235 29,982 32,522
Acquisition and integration adjustments (d)   584   -   3,167   -
Normalized EBITDA $ 97,015 $ 84,812 $ 315,234 $ 279,448
 
(a) Normalized EBITDA is based on GAAP operating income adjusted for certain normalizing adjustments.
 
(b) Consists of charges for stock-based compensation awards.
 
(c) Includes depreciation expense, accretion on excess facilities accruals, and amortization of intangibles.
 
(d) Includes charges and adjustments related to the acquisition of Ideas International. The charges consist of
directly-related expenses for legal, consulting, and severance. Also included are non-cash fair value adjustments
on pre-acquisition deferred revenues, which are being amortized ratably over the remaining life of the underlying
contracts.
                           
 
Reconciliation - Diluted income per share to Diluted income per share excluding
acquisition adjustments (a):
Three Months Ended December 31,
2012 2011
After-tax After-tax
Amount EPS Amount EPS
Diluted income per share $ 58,823 $ 0.61 $ 45,024 $ 0.46
Acquisition adjustments, net of tax effect (b):
Amortization of intangibles (c) 877 0.01 472 0.01
Acquisition and integration adjustments (d)   400   0.01   -   -
Diluted income per share excluding acquisition adjustments (e) $ 60,100 $ 0.63 $ 45,496 $ 0.47
 
Twelve Months Ended December 31,
2012 2011
After-tax After-tax
Amount EPS Amount EPS
Diluted income per share $ 165,903 $ 1.73 $ 136,902 $ 1.39
Acquisition adjustments, net of tax effect (b):
Amortization of intangibles (c) 2,775 0.03 4,049 0.04
Acquisition and integration adjustments (d)   2,169   0.02   -   -
Diluted income per share excluding acquisition adjustments (f) $ 170,847 $ 1.78 $ 140,951 $ 1.43
 
(a) Diluted income per share excluding acquisition adjustments is based on GAAP diluted income per share adjusted
for the per share impact of acquisition adjustments, net of tax effect.
 
(b) The effective tax rates on the acquisition adjustments were 34.5% and 34.6% for the three and twelve months ended
December 31, 2012, respectively, and 39.5% for both the three and twelve months ended December 31, 2011.
 
(c) Consists of non-cash amortization charges related to acquired intangibles.
 
(d) Includes charges and adjustments related to the acquisition of Ideas International. The charges consist
of directly-related expenses for legal, consulting, and severance. Also included are non-cash fair value

adjustments on pre-acquisition deferred revenues, which are being amortized ratably over the remaining

life of the underlying contracts.
 
(e) Based on fully diluted shares of 95.7 million and 97.0 million for the three months ended December 31, 2012 and 2011, respectively.
 

(f) Based on fully diluted shares of 95.8 million and 98.8 million for the twelve months ended December 31, 2012 and 2011, respectively.

 
 
SUPPLEMENTAL INFORMATION continued (in thousands)
     
Selected Balance Sheet Data
(unaudited )
 
December 31,
2012 2011
 
Cash and cash equivalents $ 299,852 $ 142,739
Fees receivable, net 463,968 421,033
Total assets 1,621,277 1,379,872
Deferred revenues 692,237 611,647
Total current and long-term debt 205,000 200,000
Total liabilities 1,314,604 1,198,088
Total stockholders' equity 306,673 181,784
                 
 
Selected Cash Flow Data
(unaudited)
 
Twelve Months Ended
December 31,
2012 2011
 
Cash provided by operating activities $ 279,814 $ 255,566
Cash paid for capital expenditures 44,337 (a) 41,954 (a)
Cash paid for treasury stock 111,306 211,986
Cash paid for acquisitions, net 10,336 -
Cash receipts (payments) on debt, net 5,000 (20,156)
 
(a) Includes expenditures related to the renovation of our Stamford headquarters facility.
These amounts are reimbursable by our landlord.
                 
 
Reconciliation - Cash Provided by Operating Activities to Free Cash Flow (a):
(unaudited)
Twelve Months Ended
December 31,
2012 2011
Cash provided by operating activities $ 279,814 $ 255,566
 
Adjustments:
Cash acquisition and integration payments 1,437 -
Cash paid for capital expenditures   (44,337)   (41,954)
Free Cash Flow $ 236,914 $ 213,612
 
(a) Free cash flow is based on cash provided by operating activities determined in accordance with
GAAP plus cash acquisition and integration payments less additions to capital expenditures.
 

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