2024-02-06 13:03:15 ET
Gartner, Inc. (IT)
Q4 2023 Earnings Conference Call
February 06, 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
Seth Weber - Wells Fargo
Andrew Nicholas - William Blair
Josh Chan - UBS
Surinder Thind - Jefferies LLC
Jeff Silber - BMO Capital Markets
George Tong - Goldman Sachs
Presentation
David Cohen
Good morning, everyone. Welcome to Gartner's Fourth Quarter 2023 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 fourth quarter 2023 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 2023 foreign exchange rates and exclude contributions related to the first quarter divestiture and the 2022 Russia exit. 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 2022 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 drove another strong performance in the fourth quarter. We delivered high single-digit growth in contract value, revenue, EBITDA, adjusted EPS and free cash flow came in above expectations.
Gartner delivers incredible client value in any macroeconomic environment. In 2023, the world experienced multiple disruptions. They impacted enterprises in dramatically different ways. For example, high interest rates affected capital-intensive industries and financial institutions such as regional banks, high inflation rates had an outsized effect on industries such as health care.
Geopolitical polarization and conflict drove increases in military and defense spending while affecting supply chains, more shifts in how and where people work affected real estate, live events and entertainment and other industries.
Cybersecurity attacks became even more frequent while getting stronger and more disruptive. And we saw a significant leap in the capabilities of artificial intelligence, or AI, which fueled even more complexity....
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Gartner, Inc. (IT) Q4 2023 Earnings Call Transcript