Gartner Registers 16.4% Revenue Growth In Q1 Led By Contract Value; Boosts Buyback

Gartner, Inc IT reported first-quarter FY22 revenue growth of 16.4% year-on-year on an FX-neutral basis to $1.26 billion, beating the consensus of $1.24 billion.
Revenues from Research rose 16% Y/Y to $1.14 billion, and Conferences were $10.4 million, down 58.1% Y/Y. Consulting revenue grew 16.6% Y/Y to $116 million.
Global Technology Sales Contract Value rose 14.3% Y/Y FX neutral to $3.3 billion. Global Business Sales Contract Value increased 24.4% Y/Y to $0.9 billion.
Adjusted EPS of $2.33 beat the consensus of $1.75.
Gartner generated $168 million in operating cash flow.
Share Buyback: The board raised the share buyback authorization by $500 million in April 2022.
CEO Gene Hall commented, "Gartner had a strong start to the year, led by contract value growth of 16%, and we are raising our 2022 outlook for Revenue, EBITDA, and Free Cash Flow."
Price Action: IT shares closed lower by 0.18% at $290.04 on Monday.

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