Gartner Inc. (NYSE:IT) Q4 2017 Earnings Conference Call - Final Transcript

Feb 06, 2018 • 08:00 am ET

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Gartner Inc. (NYSE:IT) Q4 2017 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, everyone, and welcome to Gartner's Fourth Quarter 2017 Earnings Conference Call. [Operator Instructions]

At this time, for opening remarks and introduction, I will turn the call over to Gartner's GVP of Investor Relations, David Cohen. Mr. Cohen, please go ahead.

Executive
David Cohen

Thank you, Mark, and good morning, everyone. We appreciate you joining us today for Gartner's fourth quarter 2017 earnings call. With me today are Gene Hall, Chief Executive Officer; and Craig Safian, Chief Financial Officer. This call will include a discussion of fourth quarter and full year 2017 financial results and our outlook for 2018 as disclosed in today's press release. Following comments by Gene and Craig, we will open up the call for your questions.

In addition to today's press release, we have provided an accompanying presentation as a reference for investors and analysts, which we will reference during our prepared remarks. Both the press release and the presentation are available on our website, investor.gartner.com.

On the call, unless stated otherwise, all references to revenue and contribution margin are for adjusted revenue and adjusted contribution margin, which exclude the deferred revenue purchase accounting adjustment. All references to EBITDA are for adjusted EBITDA, with the adjustments as described in our earnings release. 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 vary materially from actual results and are subject to a number of risks and uncertainties, including those contained in the company's 2016 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.

Executive
Eugene A. Hall

Welcome to our quarterly earnings call. Thanks for joining us. 2017 was a great year for Gartner. We had strong operating results. We closed and largely integrated CEB, we acquired L2, and we took steps to support future growth. I continue to be excited about our business, our prospects for growth, and our strategy to create value for our shareholders over the long-term.

I'll begin with an update on the CEB acquisition which has gone extraordinarily well. We announced our acquisition of CEB in January 2017. There's uncertainty as to the time required for due diligence, arranging financing and the required regulatory approvals. Based on typical timelines, we laid out a plan for closing the acquisition. We satisfied all the requirements and closed the CEB acquisition in early April, much faster than typical for this size deal. There's also uncertainty as to how fast we could proceed with integrating CEB into Gartner. For due diligence, we determined that we would be able to pursue an extremely aggressive timeline for integrating CEB and preparing for accelerated growth.

Once the acquisition is closed, we pursued this aggressive integration.