$IT
GARTNER INC

2012 Q2 Form 10-Q Financial Statement

#000093041312004293 Filed on August 03, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q4 2011 Q2
Revenue $397.5M $427.7M $365.5M
YoY Change 8.74% 11.88% 16.34%
Cost Of Revenue $161.2M $180.3M $152.5M
YoY Change 5.76% 9.27% 10.24%
Gross Profit $237.8M $247.4M $214.5M
YoY Change 10.85% 13.85% 21.94%
Gross Profit Margin 59.82% 57.84% 58.68%
Selling, General & Admin $165.2M $170.8M $152.8M
YoY Change 8.16% 10.34% 17.24%
% of Gross Profit 69.49% 69.04% 71.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.182M $7.200M $6.234M
YoY Change -0.83% -17.24% -30.73%
% of Gross Profit 2.6% 2.91% 2.91%
Operating Expenses $175.0M $177.9M $162.9M
YoY Change 7.44% 8.87% 16.88%
Operating Profit $62.72M $69.50M $51.57M
YoY Change 21.63% 28.94% 41.28%
Interest Expense $2.153M -$2.100M $2.797M
YoY Change -23.02% -65.0% -187.41%
% of Operating Profit 3.43% -3.02% 5.42%
Other Income/Expense, Net -$76.00K -$400.0K -$571.0K
YoY Change -86.69% 33.33% -4.83%
Pretax Income $60.49M $66.90M $48.20M
YoY Change 25.5% 43.25% 58.55%
Income Tax $19.01M $21.90M $15.98M
% Of Pretax Income 31.42% 32.74% 33.15%
Net Earnings $41.48M $45.00M $32.22M
YoY Change 28.74% 22.62% 60.31%
Net Earnings / Revenue 10.44% 10.52% 8.82%
Basic Earnings Per Share $0.44 $0.33
Diluted Earnings Per Share $0.43 $463.9K $0.32
COMMON SHARES
Basic Shares Outstanding 93.35M shares 96.89M shares
Diluted Shares Outstanding 95.42M shares 99.34M shares

Balance Sheet

Concept 2012 Q2 2011 Q4 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.5M $142.7M $125.3M
YoY Change 20.11% 18.72% 2.37%
Cash & Equivalents $150.5M $142.7M $125.3M
Short-Term Investments
Other Short-Term Assets $146.4M $142.0M $139.7M
YoY Change 4.8% 4.34% 25.29%
Inventory
Prepaid Expenses
Receivables $389.4M $421.0M $360.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $686.4M $705.8M $625.6M
YoY Change 9.71% 13.63% 20.77%
LONG-TERM ASSETS
Property, Plant & Equipment $77.80M $68.13M $52.90M
YoY Change 47.06% 43.13% 17.04%
Goodwill $515.0M $508.6M $516.0M
YoY Change -0.2% -0.34%
Intangibles $14.05M $7.060M
YoY Change
Long-Term Investments
YoY Change
Other Assets $86.92M $90.35M $92.90M
YoY Change -6.44% -2.96% 4.85%
Total Long-Term Assets $693.8M $119.6M $670.4M
YoY Change 3.49% 23.07% 2.15%
TOTAL ASSETS
Total Short-Term Assets $686.4M $705.8M $625.6M
Total Long-Term Assets $693.8M $119.6M $670.4M
Total Assets $1.380B $1.380B $1.296B
YoY Change 6.49% 7.32% 10.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $178.5M $259.5M $172.3M
YoY Change 3.6% 4.76% 5.97%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $88.00K $0.00 $0.00
YoY Change
Long-Term Debt Due $70.09M $50.00M $55.00M
YoY Change 27.43% 24.38% -80.34%
Total Short-Term Liabilities $908.4M $921.1M $799.4M
YoY Change 13.63% 13.55% -10.43%
LONG-TERM LIABILITIES
Long-Term Debt $130.0M $150.0M $165.0M
YoY Change -21.21% -16.67% 113.45%
Other Long-Term Liabilities $126.8M $127.0M $115.8M
YoY Change 9.47% 18.09% 18.77%
Total Long-Term Liabilities $256.8M $277.0M $280.8M
YoY Change -8.56% -3.67% 60.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $908.4M $921.1M $799.4M
Total Long-Term Liabilities $256.8M $277.0M $280.8M
Total Liabilities $1.165B $1.198B $1.080B
YoY Change 7.86% 9.06% 1.21%
SHAREHOLDERS EQUITY
Retained Earnings $818.3M $742.6M
YoY Change
Common Stock $78.00K $78.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.268B $1.213B
YoY Change
Treasury Stock Shares 62.82M shares 62.89M shares
Shareholders Equity $215.0M $181.8M $215.8M
YoY Change
Total Liabilities & Shareholders Equity $1.380B $1.380B $1.296B
YoY Change 6.49% 7.32% 10.36%

Cashflow Statement

Concept 2012 Q2 2011 Q4 2011 Q2
OPERATING ACTIVITIES
Net Income $41.48M $45.00M $32.22M
YoY Change 28.74% 22.62% 60.31%
Depreciation, Depletion And Amortization $6.182M $7.200M $6.234M
YoY Change -0.83% -17.24% -30.73%
Cash From Operating Activities $80.80M $79.10M $88.60M
YoY Change -8.8% 0.0% 27.3%
INVESTING ACTIVITIES
Capital Expenditures -$13.50M -$18.30M -$5.800M
YoY Change 132.76% 92.63% 34.88%
Acquisitions
YoY Change
Other Investing Activities -$9.500M $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$23.10M -$18.30M -$5.800M
YoY Change 298.28% 94.68% 23.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -41.50M -75.50M -67.50M
YoY Change -38.52% -23.04% 56.98%
NET CHANGE
Cash From Operating Activities 80.80M 79.10M 88.60M
Cash From Investing Activities -23.10M -18.30M -5.800M
Cash From Financing Activities -41.50M -75.50M -67.50M
Net Change In Cash 16.20M -14.70M 15.30M
YoY Change 5.88% -48.24% -30.14%
FREE CASH FLOW
Cash From Operating Activities $80.80M $79.10M $88.60M
Capital Expenditures -$13.50M -$18.30M -$5.800M
Free Cash Flow $94.30M $97.40M $94.40M
YoY Change -0.11% 9.93% 27.74%

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dei Trading Symbol
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dei Entity Registrant Name
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GARTNER INC
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EntityFilerCategory
Large Accelerated Filer
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0000749251
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
us-gaap Costs And Expenses
CostsAndExpenses
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us-gaap Goodwill Allocation Adjustment
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106000
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1300000
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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BusinessCombinationAcquisitionRelatedCosts
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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EarningsPerShareBasic
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CostOfServices
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us-gaap Number Of Reportable Segments
NumberOfReportableSegments
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y5M23D
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Revenues
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us-gaap Depreciation
Depreciation
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IncreaseDecreaseInDeferredCharges
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GrossProfit
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DeferredIncomeTaxExpenseBenefit
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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PaymentsForCapitalImprovements
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NetIncomeLoss
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ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
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SellingGeneralAndAdministrativeExpense
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IncomeTaxExpenseBenefit
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EffectOfExchangeRateOnCashAndCashEquivalents
-2401000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p align="justify"><font size="2"><i>Use of estimates</i>. 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 accounts 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. Management believes its use of estimates in these interim condensed consolidated financial statements is reasonable.</font></p> <p align="justify"><font size="2">Management continuously evaluates and revises its estimates using historical experience and other factors, including the general economic environment and actions it may take in the future. Such estimates are adjusted 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&#x2019;s best judgment at a point in time. As a result, differences between such estimates and actual results could be material and would be reflected in the Company&#x2019;s consolidated financial statements in future periods.</font></p> </div>
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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us-gaap Goodwill Translation And Purchase Accounting Adjustments
GoodwillTranslationAndPurchaseAccountingAdjustments
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us-gaap Interest Expense
InterestExpense
4348000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodWeightedAverageRemainingContractualTerm
1.4 Year
it Unrecognized Tax Benefits Reductions Resulting From Settlements With Taxing Authorities And Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromSettlementsWithTaxingAuthoritiesAndLapseOfApplicableStatuteOfLimitations
3400000
it Derivative Maturity Month And Year
DerivativeMaturityMonthAndYear
2015-09
it Treasury Stock Average Price Paid Per Share
TreasuryStockAveragePricePaidPerShare
39.12
CY2010Q4 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
either (i) the greatest of: the administrative agent’s prime rate; the average rate on overnight federal funds plus 1/2 of 1%; and the eurodollar rate (adjusted for statutory reserves) plus 1%, in each case plus a margin equal to between 0.50% and 1.25% depending on the Company’s leverage ratio as of the end of the four consecutive fiscal quarters most recently ended, or (ii) the eurodollar rate (adjusted for statutory reserves) plus a margin equal to between 1.50% and 2.25%
CY2010Q4 it Debt Instruments Maturity Duration
DebtInstrumentsMaturityDuration
P5Y
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DebtInstrumentInterestAdditionalInterestAboveEurodollarRate
0.01 pure
CY2010Q4 it Debt Instrument Interest Additional Interest Above Federal Fund Rate
DebtInstrumentInterestAdditionalInterestAboveFederalFundRate
0.01 pure
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DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y5M19D
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CostsAndExpenses
313975000
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OtherComprehensiveIncomeLossAmortizationPensionAndOtherPostretirementBenefitPlansNetPriorServiceCostRecognizedInNetPeriodicBenefitCostBeforeTax
34000
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DerivativeInstrumentsGainLossRecognizedInIncomeNet
1716000
CY2011Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
600000
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OperatingIncomeLoss
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OtherComprehensiveIncomeLossBeforeTax
-3634000
CY2011Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-1709000
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OtherNonoperatingIncomeExpense
-571000
CY2011Q2 us-gaap Admissions Revenue
AdmissionsRevenue
37566000
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ContractsRevenue
77962000
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ComprehensiveIncomeNetOfTax
30298000
CY2011Q2 us-gaap Share Based Compensation
ShareBasedCompensation
7800000
CY2011Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
CY2011Q2 us-gaap Subscription Revenue
SubscriptionRevenue
250015000
CY2011Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2454000 shares
CY2011Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.331 pure
CY2011Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
35964000
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
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CY2011Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
932624 shares
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99340000 shares
CY2011Q2 us-gaap Sales Revenue Net
SalesRevenueNet
365543000
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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OtherComprehensiveIncomeLossNetOfTax
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CY2011Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
672000
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OperatingExpenses
162924000
CY2011Q2 us-gaap Cost Of Services
CostOfServices
152461000
CY2011Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96886000 shares
CY2011Q2 us-gaap Revenues
Revenues
365543000
CY2011Q2 us-gaap Depreciation
Depreciation
6234000
CY2011Q2 us-gaap Gross Profit
GrossProfit
214492000
CY2011Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
800000 shares
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
32223000
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IncomeTaxExpenseBenefit
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AmortizationOfIntangibleAssets
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InterestExpense
2797000
CY2011Q2 it Treasury Stock Average Price Paid Per Share
TreasuryStockAveragePricePaidPerShare
38.56
CY2012Q2 us-gaap Costs And Expenses
CostsAndExpenses
334760000
CY2012Q2 us-gaap Other Comprehensive Income Loss Amortization Pension And Other Postretirement Benefit Plans Net Prior Service Cost Recognized In Net Periodic Benefit Cost Before Tax
OtherComprehensiveIncomeLossAmortizationPensionAndOtherPostretirementBenefitPlansNetPriorServiceCostRecognizedInNetPeriodicBenefitCostBeforeTax
52000
CY2012Q2 us-gaap Derivative Instruments Gain Loss Recognized In Income Net
DerivativeInstrumentsGainLossRecognizedInIncomeNet
550000
CY2012Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
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CY2012Q2 us-gaap Share Based Compensation
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CY2012Q2 us-gaap Earnings Per Share Diluted
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278302000
CY2012Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2073000 shares
CY2012Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.314 pure
CY2012Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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TreasuryStockValueAcquiredCostMethod
7517000
CY2012Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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CY2012Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
95423000 shares
CY2012Q2 us-gaap Sales Revenue Net
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397482000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
60493000
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OtherComprehensiveIncomeLossNetOfTax
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CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.44
CY2012Q2 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
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CY2012Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
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CY2012Q2 us-gaap Cost Of Services
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CY2012Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
231000000
CY2012Q2 us-gaap Revenues
Revenues
397482000
CY2012Q2 us-gaap Depreciation
Depreciation
6182000
CY2012Q2 us-gaap Gross Profit
GrossProfit
237771000
CY2012Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000 shares
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
41484000
CY2012Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
165221000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19009000
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
928000
CY2012Q2 us-gaap Interest Expense
InterestExpense
2153000
CY2012Q2 it Treasury Stock Average Price Paid Per Share
TreasuryStockAveragePricePaidPerShare
40.67

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