Gartner Reports $1.5 Billion Q1 Revenue, 29% Net Income Drop

Gartner, Inc. has recently released its 10-Q report, providing a detailed insight into the company's financial performance and operations for the first quarter of 2024. Gartner operates as a research and advisory company, delivering its products and services globally through three business segments: Research, Conferences, and Consulting.

In the first quarter of 2024, Gartner reported total revenues of $1.5 billion, marking a 5% increase compared to the same period in 2023. The breakdown of revenues by segment showed a 4% increase in Research revenues, an 8% increase in Conferences revenues, and a 6% increase in Consulting revenues, all compared to the first quarter of 2023.

The company's net income for the first quarter of 2024 was $210.5 million, a decrease of 29% compared to the first quarter of 2023. Additionally, Gartner reported cash provided by operating activities of $188.8 million during the first quarter of 2024, compared to $164.7 million during the same period in 2023. As of March 31, 2024, Gartner had $1.2 billion of cash and cash equivalents and approximately $0.7 billion of available borrowing capacity on its revolving credit facility.

Gartner also provided insights into its critical accounting policies and estimates, highlighting that there have been no material changes to the critical accounting policies previously disclosed. The company also discussed the impact of recently issued accounting standards that may affect its consolidated financial statements or disclosures in future periods.

In addition to the financial results, Gartner outlined key business measurements for its segments, including contract value, client retention rate, wallet retention rate, number of destination conferences, number of destination conferences attendees, consulting backlog, and utilization rate.

The 10-Q report provides a comprehensive overview of Gartner's performance and strategic initiatives, offering investors and stakeholders valuable insights into the company's financial condition and results of operations for the first quarter of 2024. Following these announcements, the company's shares moved -5.3%, and are now trading at a price of $424.75. For more information, read the company's full 10-Q submission here.

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