IT - Gartner Inc. (IT) Q1 2024 Earnings Call Transcript
2024-04-30 12:45:29 ET
Gartner, Inc. (IT)
Q1 2024 Earnings Conference Call
April 30, 2024 08:00 AM ET
Company Participants
David Cohen - Senior Vice President, Investor Relations
Gene Hall - Chief Executive Officer
Craig Safian - Chief Financial Officer
Conference Call Participants
Jeff Meuler - Baird
Toni Kaplan - Morgan Stanley
Heather Balsky - Bank of America
Andrew Nicholas - William Blair
Josh Chan - UBS
Manav Patnaik - Barclays
Surinder Thind - Jefferies
George Tong - Goldman Sachs
Presentation
David Cohen
Good morning, everyone. Welcome to Gartner's First Quarter 2024 Earnings Call. I'm David Cohen, SVP of Investor Relations. At this time, all participants are in a listen-only mode. After comments by Gene Hall, Gartner's Chief Executive Officer; and Craig Safian, Gartner's Chief Financial Officer, there will be a question-and-answer session. Please be advised that today's conference is being recorded.
This call will include a discussion of first quarter 2024 financial results and Gartner's outlook for 2024 as disclosed in today's earnings release and earnings supplement both posted to our website investor.gartner.com.
On the call, unless stated otherwise, all references to EBITDA are for adjusted EBITDA, with the adjustments as described in our earnings release and supplement, our contract values and associated growth rates we discuss are based on 2024 foreign exchange rates. All growth rates in Gene's comments are FX neutral, unless stated otherwise. All references to share counts are for fully diluted weighted average share counts unless stated otherwise. Reconciliations for all non-GAAP numbers we use are available in the Investor Relations section of the gartner.com website.
As set forth in more detail in today's earnings release, certain statements made on this call may constitute forward-looking statements. Forward-looking statements can drive materially from actual results and are subject to a number of risks and uncertainties, including those contained in the company's 2023 annual report on Form 10-K and quarterly reports on Form 10-Q as well as in other filings with the SEC. I encourage all of you to review the risk factors listed in these documents.
Now I will turn the call over to Gartner's Chief Executive Officer, Gene Hall.
Gene Hall
Good morning and thanks for joining us today. Gartner remains resilient in a complex environment. In Q1, contract value grew high single digits. Natural results for the quarter were ahead of expectations. We delivered strong profitability and free cash flow and we increased our guidance for 2024 on an FX neutral basis.
The world continues to experience broad geopolitical and economic uncertainty. Higher interest rates and uncertain outlook continue to affect banks. Federal and local governments are struggling to shifting priorities. Inflation remains challenging for companies in many sectors such as healthcare. Supply chains continue to be strained.
We continue to see big shifts in where people work, which is affecting the real estate sector. Cybersecurity continues to be a global and universal threat. And enterprise leaders are just beginning to understand how to leverage artificial intelligence in their organizations....
Gartner, Inc. (IT) Q1 2024 Earnings Call Transcript