$IT
GARTNER INC

2015 Q1 Form 10-Q Financial Statement

#000074925115000016 Filed on May 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $471.2M $446.7M
YoY Change 5.48% 9.82%
Cost Of Revenue $177.8M $170.8M
YoY Change 4.06% 4.33%
Gross Profit $295.8M $279.4M
YoY Change 5.88% 14.11%
Gross Profit Margin 62.78% 62.55%
Selling, General & Admin $229.5M $204.6M
YoY Change 12.17% 13.38%
% of Gross Profit 77.58% 73.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.989M $7.459M
YoY Change 7.11% 5.06%
% of Gross Profit 2.7% 2.67%
Operating Expenses $247.2M $220.2M
YoY Change 12.22% 15.39%
Operating Profit $48.68M $59.17M
YoY Change -17.73% 9.56%
Interest Expense $3.480M $2.250M
YoY Change 54.67% -7.64%
% of Operating Profit 7.15% 3.8%
Other Income/Expense, Net -$962.0K -$229.0K
YoY Change 320.09% -208.53%
Pretax Income $44.24M $56.69M
YoY Change -21.96% 9.48%
Income Tax $15.89M $18.96M
% Of Pretax Income 35.92% 33.44%
Net Earnings $28.35M $37.74M
YoY Change -24.87% 2.89%
Net Earnings / Revenue 6.02% 8.45%
Basic Earnings Per Share $0.33 $0.41
Diluted Earnings Per Share $0.32 $0.40
COMMON SHARES
Basic Shares Outstanding 86.54M shares 91.67M shares
Diluted Shares Outstanding 87.77M shares 93.21M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $281.7M $283.3M
YoY Change -0.56% 5.28%
Cash & Equivalents $281.7M $283.3M
Short-Term Investments
Other Short-Term Assets $192.6M $165.4M
YoY Change 16.44% 0.55%
Inventory
Prepaid Expenses
Receivables $526.4M $497.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.001B $945.7M
YoY Change 5.81% 8.08%
LONG-TERM ASSETS
Property, Plant & Equipment $104.4M $94.21M
YoY Change 10.79% 6.45%
Goodwill $579.9M $589.8M
YoY Change -1.67%
Intangibles $28.46M $34.54M
YoY Change -17.61%
Long-Term Investments
YoY Change
Other Assets $75.98M $93.51M
YoY Change -18.75% 21.76%
Total Long-Term Assets $788.7M $812.0M
YoY Change -2.87% 17.28%
TOTAL ASSETS
Total Short-Term Assets $1.001B $945.7M
Total Long-Term Assets $788.7M $812.0M
Total Assets $1.789B $1.758B
YoY Change 1.8% 12.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $240.3M $211.6M
YoY Change 13.56% 16.97%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $285.0M $222.5M
YoY Change 28.09% 286.96%
Total Short-Term Liabilities $1.421B $1.267B
YoY Change 12.17% 29.9%
LONG-TERM LIABILITIES
Long-Term Debt $380.0M $132.5M
YoY Change 186.79% -10.17%
Other Long-Term Liabilities $128.2M $121.9M
YoY Change 5.16% -2.97%
Total Long-Term Liabilities $508.2M $254.4M
YoY Change 99.77% -6.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.421B $1.267B
Total Long-Term Liabilities $508.2M $254.4M
Total Liabilities $1.929B $1.521B
YoY Change 26.82% 21.85%
SHAREHOLDERS EQUITY
Retained Earnings $1.303B $1.129B
YoY Change 15.45%
Common Stock $78.00K $78.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.183B $1.634B
YoY Change 33.57%
Treasury Stock Shares 72.14M shares 66.01M shares
Shareholders Equity -$139.5M $236.7M
YoY Change
Total Liabilities & Shareholders Equity $1.789B $1.758B
YoY Change 1.8% 12.14%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $28.35M $37.74M
YoY Change -24.87% 2.89%
Depreciation, Depletion And Amortization $7.989M $7.459M
YoY Change 7.11% 5.06%
Cash From Operating Activities $5.663M $16.47M
YoY Change -65.62% -16.37%
INVESTING ACTIVITIES
Capital Expenditures -$11.60M -$9.200M
YoY Change 26.09% -4.17%
Acquisitions $0.00 $101.8M
YoY Change -100.0%
Other Investing Activities $0.00 -$115.3M
YoY Change -100.0%
Cash From Investing Activities -$11.63M -$124.5M
YoY Change -90.65% 1189.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $324.0M $195.9M
YoY Change 65.45% 303.59%
Debt Paid & Issued, Net $5.000M $1.875M
YoY Change 166.67% -99.06%
Cash From Financing Activities -$54.41M -$32.28M
YoY Change 68.58% -12.55%
NET CHANGE
Cash From Operating Activities $5.663M $16.47M
Cash From Investing Activities -$11.63M -$124.5M
Cash From Financing Activities -$54.41M -$32.28M
Net Change In Cash -$60.38M -$140.3M
YoY Change -56.95% 422.17%
FREE CASH FLOW
Cash From Operating Activities $5.663M $16.47M
Capital Expenditures -$11.60M -$9.200M
Free Cash Flow $17.26M $25.67M
YoY Change -32.75% -12.37%

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OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-410000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-21964000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
470000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-1104000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-278000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-20107000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
207000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-21158000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-15000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-53000 USD
CY2014Q4 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
115381000 USD
CY2015Q1 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
104405000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
142962000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
128152000 USD
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-229000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-962000 USD
CY2014Q1 us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
13500000 USD
CY2015Q1 us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
0 USD
CY2014Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
9185000 USD
CY2015Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
11632000 USD
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
195850000 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
324042000 USD
CY2014Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
101770000 USD
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
63868000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
88206000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
151875000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
265000000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2428000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2076000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
97990000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
104374000 USD
CY2014Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-617000 USD
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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-806000 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1875000 USD
CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5000000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1275049000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1303401000 USD
CY2014Q1 us-gaap Revenues
Revenues
446702000 USD
CY2015Q1 us-gaap Revenues
Revenues
471186000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
446702000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
471186000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
204617000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
229522000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
13752000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
16729000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
7070000 shares
CY2015Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
4600000 USD
CY2015Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
800000000.0 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
161171000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
-139513000 USD
CY2014Q1 us-gaap Subscription Revenue
SubscriptionRevenue
348114000 USD
CY2015Q1 us-gaap Subscription Revenue
SubscriptionRevenue
381090000 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
68713890 shares
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
72139134 shares
CY2014Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2699714 shares
CY2015Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
4084590 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1857219000 USD
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
2182598000 USD
CY2014Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
195850000 USD
CY2015Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
324042000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
20600000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
21700000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
93209000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
87773000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91669000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86539000 shares
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of estimates</font><font style="font-family:inherit;font-size:10pt;">. The preparation of the accompanying interim condensed consolidated financial statements requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of fees receivable, goodwill, intangible assets, and other long-lived assets, as well as tax accruals and other liabilities. In addition, estimates are used in revenue recognition, income tax expense, performance-based compensation charges, depreciation and amortization, and the allowance for losses on fees receivable. Management believes its use of estimates in these interim condensed consolidated financial statements to be reasonable.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management continually evaluates and revises its estimates using historical experience and other factors, including the general economic environment and actions it may take in the future. Management adjusts these estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management&#8217;s best judgment at a point in time. As a result, differences between our estimates and actual results could be material and would be reflected in the Company&#8217;s financial statements in future periods.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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