Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required to be furnished pursuant to this item is incorporated by reference from the information set forth under the caption “Proposal Three: Ratification of Appointment of Independent Registered Public Accounting Firm” in the Company’s 2025 Proxy Statement.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

(a) 1. and 2. Financial Statements and Schedules

The reports of our independent registered public accounting firm and financial statements listed in the Index to Consolidated Financial Statements herein are filed as part of this report.

All financial statement schedules not listed in the Index have been omitted because the information required is not applicable or is shown in the consolidated financial statements or notes thereto.

3. Exhibits

EXHIBIT NUMBER						DESCRIPTION OF DOCUMENT
3.1(1)						Restated Certificate of Incorporation of the Company.
3.2(16)						By-laws of Gartner, Inc. (as amended and restated through October 31, 2024).
4.1(3)						Indenture (including form of Notes), dated as of June 22, 2020, among Gartner, Inc., the guarantors named therein and U.S. Bank National Association, as a trustee, relating to the $800,000,000 aggregate principal amount of 4.500% Senior Notes due 2028.
4.2(4)						Indenture (including form of Notes), dated as of September 28, 2020, among Gartner, Inc., the guarantors named therein and U.S. Bank National Association, as a trustee, relating to the $800,000,000 aggregate principal amount of 3.750% Senior Notes due 2030.
4.3(5)						Indenture (including form of Notes), dated as of June 18, 2021, among Gartner, Inc., the guarantors named therein and U.S. Bank National Association, as a trustee, relating to the $600,000,000 aggregate principal amount of 3.625% Senior Notes due 2029.
4.4(6)+						Description of Gartner, Inc.’s Common Stock.
10.1(13)						Credit Amendment, dated as of March 26, 2024, among Gartner, Inc., the lender party thereto and JPMorgan Chase Bank, N.A., as administrative agent.
10.2(12)						Executive Performance Bonus Plan, effective January 1, 2024.
10.3(14)+						2011 Employee Stock Purchase Plan, as amended and restated, as of May 1, 2024.
10.4(10)+						Long-Term Incentive Plan, June 1, 2023 Amendment and Restatement.
10.5(7)+						Second Amended and Restated Employment Agreement between Eugene A. Hall and the Company dated as of February 14, 2019.
10.6(2)+						Amendment to Employment Agreement between Eugene A. Hall and the Company dated as of April 29, 2021.
10.7(17)+						Second Amendment to Employment Agreement between Eugene A. Hall and the Corporation effective as of July 1, 2024.
10.8(8)+						Company Deferred Compensation Plan, effective January 1, 2009.
10.9(6)+						Form of 2022 Stock Appreciation Right Agreement for executive officers.
10.10(6)+						Form of 2022 Performance Stock Unit Agreement for executive officers.
10.11(11)+						Form of 2023 Stock Appreciation Right Agreement for executive officers.
10.12(11)+						Form of 2023 Performance Stock Unit Agreement for executive officers.
10.13(15)+						Form of 2024 Stock Appreciation Right Agreement for executive officers.
10.14(15)+						Form of 2024 Performance Stock Unit Agreement for executive officers.
10.15(15)+						Form of Restricted Stock Unit Agreement for executive officers.
10.16+*						Form of 2025 Stock Appreciation Right Agreement for executive officers.
10.17+*						Form of 2025 Performance Stock Unit Agreement for executive officers.

10.18(9)+						Form of Restricted Stock Unit Agreement for non-employee directors.
10.19(15)+						Enhanced Executive Rewards Policy.
19.1*						Insider Trading Policy.
21.1*						Subsidiaries of Registrant.
23.1*						Consent of Independent Registered Public Accounting Firm.
24.1*						Power of Attorney (see Signature Page).
31.1*						Certification of chief executive officer under Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*						Certification of chief financial officer under Section 302 of the Sarbanes-Oxley Act of 2002.
32*						Certification under Section 906 of the Sarbanes-Oxley Act of 2002.
97(15)+						Gartner, Inc. Compensation Recoupment (Clawback) Policy.
101.INS*						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*						XBRL Taxonomy Extension Schema Document.
101.CAL*						XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB*						XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*						XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF*						XBRL Taxonomy Extension Definition Linkbase Document.
104*						Cover Page Interactive Data File, formatted in Inline XBRL (included as Exhibit 101).

*			Filed with this document.
+			Management compensation plan or arrangement.
(1)			Incorporated by reference from the Company’s Current Report on Form 8-K filed on July 6, 2005.
(2)			Incorporated by reference from the Company’s Current Report on Form 8-K filed on May 5, 2021.
(3)			Incorporated by reference from the Company’s Current Report on Form 8-K filed on June 23, 2020.
(4)			Incorporated by reference from the Company’s Current Report on Form 8-K filed on September 28, 2020.
(5)			Incorporated by reference from the Company’s Current Report on Form 8-K filed on June 21, 2021.
(6)			Incorporated by reference from the Company’s Annual Report on Form 10-K filed on February 23, 2022.
(7)			Incorporated by reference from the Company’s Annual Report on Form 10-K filed on February 22, 2019.
(8)			Incorporated by reference from the Company’s Annual Report on Form 10-K filed on February 20, 2009.
(9)			Incorporated by reference from the Company’s Quarterly Report on Form 10-Q filed on August 1, 2018.
(10)			Incorporated by reference from the Company’s Proxy Statement (Schedule 14A) filed on April 17, 2023.
(11)			Incorporated by reference from the Company’s Annual Report on Form 10-K filed on February 16, 2023.
(12)			Incorporated by reference from the Company’s Quarterly Report on Form 10-Q filed on August 1, 2023.
(13)			Incorporated by reference from the Company’s Current Report on Form 8-K filed on April 1, 2024.
(14)			Incorporated by reference from the Company’s Quarterly Report on Form 10-Q filed on April 30, 2024.
(15)			Incorporated by reference from the Company’s Annual Report on Form 10-K filed on February 15, 2024.
(16)			Incorporated by reference from the Company’s Quarterly Report on Form 10-Q filed on November 5, 2024.
(17)			Incorporated by reference from the Company’s Current Report on Form 8-K filed on July 1, 2024.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

GARTNER, INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm (KPMG LLP, New York, NY, Auditor Firm ID: 185)			36
Report of Independent Registered Public Accounting Firm			38
Consolidated Balance Sheets as of December 31, 2024 and 2023			39
Consolidated Statements of Operations for the Three-Year Period Ended December 31, 2024			40
Consolidated Statements of Comprehensive Income for the Three-Year Period Ended December 31, 2024			41
Consolidated Statements of Stockholders’ Equity for the Three-Year Period Ended December 31, 2024			42
Consolidated Statements of Cash Flows for the Three-Year Period Ended December 31, 2024			43
Notes to Consolidated Financial Statements			44

All financial statement schedules have been omitted because the information required is not applicable or is shown in the Consolidated Financial Statements or notes thereto.

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Gartner, Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Gartner, Inc. and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 13, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Assessment of tax benefits on intercompany transfer of intellectual property

As discussed in Note 1 to the consolidated financial statements, the Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained based on the technical merits of the position. Recognized tax positions are measured at the largest amount of benefit with greater than a 50 percent likelihood of being realized. As discussed in Note 12, in December 2024, the Company completed an intercompany transfer of certain intellectual property. As a result, the Company recorded a deferred tax asset of approximately $163.2 million. The deferred tax asset represents the value of future tax deductions for amortization of the assets in the acquiring jurisdiction. These amounts have been reduced for associated unrecognized tax benefits.

We identified the assessment of tax benefits related to the December 2024 intercompany transfer of intellectual property as a critical audit matter. Subjective and complex auditor judgment was required in evaluating the tax position in accordance with tax laws and the valuation and measurement of the uncertain tax position based on the tax benefits more likely than

not to be realized. The future revenue forecasts and the discount rate used by the Company to estimate the fair value of the intellectual property and to measure the uncertain tax position involved significant judgments that could have a material effect on the value of the deferred tax asset recognized. Specialized skills and knowledge were required to evaluate the tax position in accordance with tax laws, as well as the reasonableness of the discount rate and measurement of the uncertain tax position.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s process for recognizing tax benefits. This included controls related to the evaluation of the tax position in accordance with tax laws, and the selection of the future revenue forecasts and the discount rate used in the valuation and measurement of the uncertain tax position. We evaluated the Company’s future revenue forecast assumptions by comparing the assumptions to the entity’s historical revenue growth rates, to third-party analyst projections for the Company, and to third-party projected industry-wide revenue growth rates. We compared the Company’s historical revenue forecasts to actual results to assess the Company’s ability to accurately forecast. We involved tax and transfer pricing professionals with specialized skills and knowledge, who assisted in evaluating the tax position in accordance with tax laws and the measurement of the uncertain tax position by evaluating the Company’s assessment of the technical tax merits applicable to the transaction, the more-likely-than-not recognition and measurement thresholds, and the Company’s application of the relevant tax laws. We involved transfer pricing and valuation professionals with specialized skills and knowledge, who assisted in evaluating the reasonableness of the discount rate, and the valuation and measurement of the uncertain tax position by:

• comparing the discount rate to a range of discount rates that was independently developed using publicly available market data.

• developing an independent estimate of value of the uncertain tax position using the Company’s forecasts and the independently developed range of discount rates and comparing it to the uncertain tax position recognized by the Company.

/s/ KPMG LLP

We have served as the Company’s auditor since 1996.

New York, New York

February 13, 2025

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Gartner, Inc.:

Opinion on Internal Control Over Financial Reporting

We have audited Gartner, Inc. and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements), and our report dated February 13, 2025 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

New York, New York

February 13, 2025

GARTNER, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE DATA)

			December 31,
			2024						2023
ASSETS
Current assets:
Cash and cash equivalents			$	1,933,147					$	1,318,999
Fees receivable, net of allowances of $8,500 and $9,000, respectively			1,696,225						1,601,228
Deferred commissions			413,914						380,479
Prepaid expenses and other current assets			153,245						127,180
Total current assets			4,196,531						3,427,886
Property, equipment and leasehold improvements, net			242,968						262,718
Operating lease right-of-use assets			257,419						366,809
Goodwill			2,930,205						2,937,260
Intangible assets, net			409,689						501,958
Other assets			497,859						339,288
Total Assets			$	8,534,671					$	7,835,919
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities			$	1,206,089					$	1,127,604
Deferred revenues			2,762,927						2,640,515
Current portion of long-term debt			—						9,600
Total current liabilities			3,969,016						3,777,719
Long-term debt, net of deferred financing fees			2,459,915						2,448,696
Operating lease liabilities			339,779						513,406
Other liabilities			406,792						415,464
Total Liabilities			7,175,502						7,155,285
Stockholders’ Equity:
Preferred stock:
$0.01 par value, authorized 5,000,000 shares; none issued or outstanding			—						—
Common stock:
$0.0005 par value, 250,000,000 shares authorized; 163,602,067 shares issued for both periods			82						82
Additional paid-in capital			2,497,130						2,320,289
Accumulated other comprehensive loss, net			(88,333)						(76,331)
Accumulated earnings			5,993,007						4,739,292
Treasury stock, at cost, 86,222,214 and 85,264,526 common shares, respectively			(7,042,717)						(6,302,698)
Total Stockholders’ Equity			1,359,169						680,634
Total Liabilities and Stockholders’ Equity			$	8,534,671					$	7,835,919

See Notes to Consolidated Financial Statements.

GARTNER, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS, EXCEPT PER SHARE DATA)

			Year Ended December 31,
			2024						2023						2022
Revenues:
Research			$	5,125,650					$	4,887,046					$	4,604,791
Conferences			583,224						505,164						389,273
Consulting			558,537						514,746						481,782
Total revenues			6,267,411						5,906,956						5,475,846
Costs and expenses:
Cost of services and product development			2,023,022						1,903,240						1,693,771
Selling, general and administrative			2,884,814						2,701,542						2,480,944
Depreciation			112,083						98,645						93,410
Amortization of intangibles			90,232						92,458						98,536
Acquisition and integration charges			973						9,587						9,079
Gain from sale of divested operation			—						(135,410)						—
Total costs and expenses			5,111,124						4,670,062						4,375,740
Operating income			1,156,287						1,236,894						1,100,106
Interest income			61,558						38,526						4,880
Interest expense			(131,046)						(132,772)						(126,203)
Gain on event cancellation insurance claims			300,000						3,077						—
Other income, net			575						1,404						48,412
Income before income taxes			1,387,374						1,147,129						1,027,195
Provision for income taxes			133,659						264,663						219,396
Net income			$	1,253,715					$	882,466					$	807,799
Net income per share:
Basic			$	16.12					$	11.17					$	10.08
Diluted			$	16.00					$	11.08					$	9.96
Weighted average shares outstanding:
Basic			77,785						79,004						80,178
Diluted			78,338						79,680						81,067

See Notes to Consolidated Financial Statements.

GARTNER, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(IN THOUSANDS)

			Year Ended December 31,
			2024						2023						2022
Net income			$	1,253,715					$	882,466					$	807,799
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments			(26,881)						11,677						(39,679)
Interest rate swaps - net change in deferred gain or loss			14,362						15,086						17,075
Pension plans - net change in deferred actuarial gain or loss			517						(1,484)						2,425
Other comprehensive income (loss), net of tax			(12,002)						25,279						(20,179)
Comprehensive income			$	1,241,713					$	907,745					$	787,620

See Notes to Consolidated Financial Statements.

GARTNER, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(IN THOUSANDS)

			Common Stock						Additional Paid-In Capital						Accumulated Other Comprehensive Loss, Net						Accumulated Earnings						Treasury Stock						Total Stockholders’ Equity
Balance at December 31, 2021			$	82					$	2,074,896					$	(81,431)					$	3,049,027					$	(4,671,516)					$	371,058
Net income			—						—						—						807,799						—						807,799
Other comprehensive loss			—						—						(20,179)						—						—						(20,179)
Issuances under stock plans			—						14,142						—						—						8,154						22,296
Common share repurchases			—						—						—						—						(1,043,742)						(1,043,742)
Stock-based compensation expense			—						90,566						—						—						—						90,566
Balance at December 31, 2022			82						2,179,604						(101,610)						3,856,826						(5,707,104)						227,798
Net income			—						—						—						882,466						—						882,466
Other comprehensive income			—						—						25,279						—						—						25,279
Issuances under stock plans			—						10,844						—						—						14,368						25,212
Common share repurchases (including excise tax)			—						—						—						—						(609,962)						(609,962)
Stock-based compensation expense			—						129,841						—						—						—						129,841
Balance at December 31, 2023			82						2,320,289						(76,331)						4,739,292						(6,302,698)						680,634
Net income			—						—						—						1,253,715						—						1,253,715
Other comprehensive loss			—						—						(12,002)						—						—						(12,002)
Issuances under stock plans			—						22,057						—						—						6,227						28,284
Common share repurchases (including excise tax)			—						—						—						—						(746,246)						(746,246)
Stock-based compensation expense			—						154,784						—						—						—						154,784
Balance at December 31, 2024			$	82					$	2,497,130					$	(88,333)					$	5,993,007					$	(7,042,717)					$	1,359,169

See Notes to Consolidated Financial Statements.

GARTNER, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

			Year Ended December 31,
			2024						2023						2022
Operating activities:
Net income			$	1,253,715					$	882,466					$	807,799
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			202,315						191,103						191,946
Stock-based compensation expense			154,784						129,841						90,566
Deferred taxes			(162,081)						(64,173)						(30,702)
Gain from sale of divested operation			—						(135,410)						—
Loss on impairment of lease related assets, net			10,909						20,368						53,970
Reduction in the carrying amount of operating lease right-of-use assets			65,742						70,207						70,086
Amortization and write-off of deferred financing fees			4,591						4,689						4,574
Gain on de-designated swaps			(3,870)						(3,925)						(52,308)
Changes in assets and liabilities, net of acquisitions and divestitures:
Fees receivable, net			(137,768)						(24,662)						(240,696)
Deferred commissions			(41,555)						(13,716)						5,574
Prepaid expenses and other current assets			(28,933)						(7,893)						(3,039)
Other assets			(43,503)						(34,528)						8,440
Deferred revenues			181,180						169,917						297,124
Accounts payable and accrued and other liabilities			29,396						(28,547)						(101,912)
Cash provided by operating activities			1,484,922						1,155,737						1,101,422
Investing activities:
Additions to property, equipment and leasehold improvements			(101,737)						(103,124)						(108,050)
Acquisitions - cash paid (net of cash acquired)			(2,000)						(3,800)						(9,508)
Proceeds from sale of divested operation			—						161,081						—
Cash (used in) provided by investing activities			(103,737)						54,157						(117,558)
Financing activities:
Proceeds from employee stock purchase plan			28,187						25,107						22,231
Payments for deferred financing fees			(2,972)						—						—
Proceeds from revolving credit facility			274,400						—						—
Payments on borrowings			(274,400)						(7,800)						(5,931)
Purchases of treasury stock			(735,358)						(606,188)						(1,043,742)
Cash used in financing activities			(710,143)						(588,881)						(1,027,442)
Net increase (decrease) in cash and cash equivalents and restricted cash			671,042						621,013						(43,578)
Effects of exchange rates on cash and cash equivalents and restricted cash			(57,494)						(13)						(18,425)
Cash and cash equivalents and restricted cash, beginning of year			1,319,599						698,599						760,602
Cash and cash equivalents and restricted cash, end of year			$	1,933,147					$	1,319,599					$	698,599
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest			$	100,085					$	119,038					$	112,825
Income taxes, net of refunds received			$	312,894					$	306,682					$	174,802

See Notes to Consolidated Financial Statements.

GARTNER, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 — Business and Significant Accounting Policies

Business. Gartner, Inc. (NYSE: IT) delivers actionable, objective insight that drives smarter decisions and stronger performance on an organization’s mission-critical priorities.

We are a trusted advisor and an objective resource for nearly 14,000 enterprises in approximately 90 countries and territories — across all major functions, in every industry and enterprise size.

Segments. Gartner delivers its products and services globally through three business segments – Research, Conferences and Consulting. Note 9 — Revenue and Related Matters and Note 16 — Segment Information describe the products and services offered by each of our segments and provide additional financial information for those segments.

Basis of presentation. The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), as defined in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for financial information and with the applicable instructions of U.S. Securities and Exchange Commission (“SEC”) Regulation S-X.

The fiscal year of Gartner is the twelve-month period from January 1 through December 31. All references to 2024, 2023 and 2022 herein refer to the fiscal year unless otherwise indicated. When used in these notes, the terms “Gartner,” the “Company,” “we,” “us” or “our” refer to Gartner, Inc. and its consolidated subsidiaries.

Principles of consolidation. The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated.

Use of estimates. The preparation of the accompanying 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, deferred tax 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 or benefit, performance-based compensation charges, depreciation and amortization. Management believes its use of estimates in the accompanying Consolidated Financial Statements to be reasonable.

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’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’s Consolidated Financial Statements in future periods.

Business acquisitions. The Company accounts for business acquisitions in accordance with the acquisition method of accounting as prescribed by FASB ASC Topic 805, Business Combinations. The acquisition method of accounting requires the Company to record the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with certain exceptions. Any excess of the consideration transferred over the estimated fair value of the net assets acquired, including identifiable intangible assets, is recorded as goodwill. Under the acquisition method, the operating results of acquired companies are included in the Company’s Consolidated Financial Statements beginning on the date of acquisition. The Company completed business acquisitions in 2023 and 2022. Note 2 — Acquisitions and Divestiture provides additional information regarding those business acquisitions.

The determination of the fair values of intangible and other assets acquired in an acquisition requires management judgment and the consideration of a number of factors, including the historical financial performance of acquired businesses and their projected future performance, and estimates surrounding customer turnover, as well as assumptions regarding the level of competition and the costs necessary to reproduce certain assets. Establishing the useful lives of intangible assets also requires management judgment and the evaluation of a number of factors, including the expected use of an asset, historical client retention rates, consumer awareness and trade name history, as well as any contractual provisions that could limit or extend an asset’s useful life.

Charges that are directly related to the Company’s acquisitions are expensed as incurred and classified as Acquisition and integration charges in the Consolidated Statements of Operations. Note 2 — Acquisitions and Divestiture provides additional information regarding the Company’s Acquisition and integration charges.

Revenue recognition. The Company’s revenue by significant source is accounted for as follows:

• Research revenues are mainly derived from subscription contracts for research products. The related revenues are deferred and recognized ratably over the applicable contract term. Fees derived from assisting organizations in selecting the right business software for their needs are recognized when the leads are provided to vendors.

• Conferences revenues are deferred and recognized upon the completion of the related conference or meeting.

• Consulting revenues are principally generated from fixed fee or time and materials engagements. Revenues from fixed fee contracts are recognized as the Company works to satisfy its performance obligations. Revenues from time and materials engagements are recognized as work is delivered and/or services are provided. Revenues related to contract optimization engagements are contingent in nature and are only recognized upon satisfaction of all conditions related to their payment.

The majority of the Company’s Research contracts are billable upon signing, absent special terms granted on a limited basis from time to time. Research contracts are generally non-cancellable and non-refundable, except for government contracts that may have cancellation or fiscal funding clauses. The Company generally records the amount of a subscription contract that is billable as a fee receivable at the time the contract is signed with a corresponding amount as deferred revenue because the contract represents a legally enforceable claim. Note 9 — Revenue and Related Matters provides additional information regarding the Company’s business and revenues.

Allowance for losses. The Company estimates uncollectible amounts on its fees receivable using a historical loss rate method.

Cost of services and product development (“COS”). COS expense includes the direct costs incurred in the creation and delivery of the Company’s products and services. These costs primarily relate to personnel.

Selling, general and administrative (“SG&A”). SG&A expense includes direct and indirect selling costs, general and administrative costs, facility costs and bad debt expense.

Commission expense. The Company records deferred commissions upon the recognition of commission liabilities, which is generally aligned with the obtaining of a customer contract or the commencement of subsequent terms in the case of multi-year contracts. The deferred amount is amortized over a period that aligns with the transfer to the customer of the services to which the commissions relate. Note 9 — Revenue and Related Matters provides additional information regarding deferred commissions and the amortization of such costs.

Stock-based compensation expense. The Company accounts for stock-based compensation awards in accordance with FASB ASC Topics 505 and 718 and SEC Staff Accounting Bulletins No. 107 and No. 110. Stock-based compensation expense for equity awards is based on the fair value of the award on the date of grant. The Company recognizes stock-based compensation expense over the period that the related service is performed, which is generally the same as the vesting period of the underlying award. Forfeitures are recognized as they occur. A change in any of the terms or conditions of stock-based compensation awards is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, as measured on the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Company recognizes any incremental compensation expense at the modification date or ratably over the requisite remaining service period, as appropriate. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original award. Note 10 — Stock-Based Compensation provides additional information regarding the Company’s stock-based compensation activity.

Income taxes. The Company uses the asset and liability method of accounting for income taxes. The Company estimates its income taxes in each of the jurisdictions where it operates. This process involves estimating the Company’s current tax expense or benefit together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in the Consolidated Balance Sheets. When assessing the realizability of deferred tax assets, the Company considers if it is more likely than not that some or all of the deferred tax assets will not be realized. In making this assessment, the Company considers the availability of loss carryforwards, projected reversals of deferred tax liabilities, projected future taxable income, and ongoing prudent and feasible

tax planning strategies. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained based on the technical merits of the position. Recognized tax positions are measured at the largest amount of benefit with greater than a 50% likelihood of being realized. The Company uses estimates in determining the amount of unrecognized tax benefits associated with uncertain tax positions. Significant judgment is required in evaluating tax law and measuring the benefits likely to be realized. Uncertain tax positions are periodically re-evaluated and adjusted as more information about their ultimate realization becomes available. Note 12 — Income Taxes provides additional information regarding the Company’s income taxes.

Cash and cash equivalents and restricted cash. Cash and cash equivalents includes cash and all highly liquid investments with original maturities of three months or less, which are considered to be cash equivalents. The carrying value of cash equivalents approximates fair value due to the short-term maturity of such instruments. Investments with maturities of more than three months are classified as marketable securities. Interest earned is recorded in Interest income in the Consolidated Statements of Operations.

U.S. GAAP requires that amounts generally described as restricted cash and restricted cash equivalents be presented with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on an entity’s statement of cash flows. Below is a table presenting the beginning-of-period and end-of-period cash amounts from the Company’s Consolidated Balance Sheets and the total cash amounts presented in the Consolidated Statements of Cash Flows (in thousands).

						December 31,
						2024						2023						2022						2021
Cash and cash equivalents						$	1,933,147					$	1,318,999					$	697,999					$	756,493
Restricted cash classified in (1):
Prepaid expenses and other current assets						—						600						—						4,109
Other assets						—						—						600						—
Cash and cash equivalents and restricted cash per the Consolidated Statements of Cash Flows						$	1,933,147					$	1,319,599					$	698,599					$	760,602

(1)Restricted cash consisted of an escrow account established in connection with one of the Company’s business acquisitions. Generally, such cash is restricted to use due to provisions contained in the underlying acquisition agreement. During the year ended December 31, 2024, the Company paid $0.6 million of restricted cash for deferred consideration related to a 2022 acquisition.

Leases. ASC 842 requires accounting for leases under a right-of-use model whereby a lessee must record a right-of-use asset and a related lease liability on its balance sheet for most of its leases. Under ASC 842, leases are classified as either operating or finance arrangements, with such classification affecting the pattern of expense recognition in an entity’s income statement. For operating leases, ASC 842 requires recognition in an entity’s income statement of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. During the years ended December 31, 2024, 2023 and 2022, as a result and in consideration of the changing nature of the Company’s use of office space for its workforce and the transitioning to a hybrid work environment, the Company evaluated its existing real estate lease portfolio. As a result of the evaluation, the Company recognized impairment losses of $10.9 million, $20.4 million, and $54.0 million during the years ended December 31, 2024, 2023 and 2022, respectively. Note 7 — Leases provides additional information regarding the Company’s leases.

Property, equipment and leasehold improvements. Equipment, leasehold improvements and other fixed assets owned by the Company are recorded at cost less accumulated depreciation and amortization. Fixed assets, other than leasehold improvements, are depreciated using the straight-line method over the estimated useful life of the underlying asset. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the improvement or the remaining term of the related lease. Depreciation and amortization expense for fixed assets was $112.1 million, $98.6 million and $93.4 million in 2024, 2023 and 2022, respectively. Property, equipment and leasehold improvements, net are presented in the table below (in thousands).

						Useful Life						December 31,
Category						(Years)						2024						2023
Computer equipment and software						2 - 7						$	387,362					$	320,136
Furniture and equipment						3 - 8						71,026						83,551
Leasehold improvements						2 - 15						190,451						213,205
Total cost												648,839						616,892
Less — accumulated depreciation and amortization												(405,871)						(354,174)
Property, equipment and leasehold improvements, net												$	242,968					$	262,718

The Company incurs costs to develop internal-use software used in its operations. Certain of those costs that meet the criteria in FASB ASC Topic 350, Intangibles - Goodwill and Other are capitalized and amortized over future periods. Net capitalized internal-use software development costs were $122.0 million and $105.2 million at December 31, 2024 and 2023, respectively, and are included in Computer equipment and software in the table above. Amortization expense for capitalized internal-use software development costs, which is included with Depreciation in the Consolidated Statements of Operations, totaled $60.1 million, $47.8 million and $39.6 million in 2024, 2023 and 2022, respectively.

Goodwill. Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair values of the tangible and identifiable intangible net assets acquired. Evaluations of the recoverability of goodwill are performed in accordance with FASB ASC Topic 350, which requires an annual assessment of potential goodwill impairment at the reporting unit level and whenever events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable.

When performing the annual assessment of the recoverability of goodwill, the Company initially performs a qualitative analysis evaluating whether any events or circumstances occurred or exist that provide evidence that it is more likely than not that the fair value of any of the Company’s reporting units is less than the related carrying amount. If the Company does not believe that it is more likely than not that the fair value of any of the Company’s reporting units is less than the related carrying amount, then no quantitative impairment test is performed. However, if the results of the qualitative assessment indicate that it is more likely than not that the fair value of a reporting unit is less than its respective carrying amount, then the Company performs a quantitative impairment test. Evaluating the recoverability of goodwill requires judgments and assumptions regarding future trends and events. As a result, both the precision and reliability of management estimates are subject to uncertainty.

The Company’s most recent annual impairment test of goodwill was a qualitative analysis conducted during the quarter ended September 30, 2024 that indicated no impairment. Subsequent to completing the 2024 annual impairment test, no events or changes in circumstances were noted that required an interim goodwill impairment test. Note 3 — Goodwill and Intangible Assets provides additional information regarding the Company’s goodwill.

Finite-lived intangible assets. The Company has finite-lived intangible assets that are amortized using the straight-line method over the expected useful life of the underlying asset. Note 3 — Goodwill and Intangible Assets provides additional information regarding the Company’s finite-lived intangible assets.

Impairment of long-lived assets. The Company’s long-lived assets primarily consist of intangible assets other than goodwill, right-of-use assets and property, equipment and leasehold improvements. The Company reviews its long-lived asset groups for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or an asset group may not be recoverable. Such evaluation may be based on a number of factors, including current and projected operating results and cash flows, and changes in management’s strategic direction as well as external economic and market factors. The Company evaluates the recoverability of assets and asset groups by determining whether their carrying values can be recovered through undiscounted future operating cash flows. If events or circumstances indicate that the carrying values might not be recoverable based on undiscounted future operating cash flows, an impairment loss may be recognized. The amount of impairment is measured based on the difference between the projected discounted future operating cash flows, using a discount rate reflecting the Company’s average cost of funds, and the carrying value of the asset or asset group.

Debt. The Company presents amounts borrowed in the Consolidated Balance Sheets, net of deferred financing fees. Interest accrued on amounts borrowed is recorded as Interest expense in the Consolidated Statements of Operations. Note 6 — Debt provides additional information regarding the Company’s debt arrangements.

Foreign currency exposure. The functional currency of the Company’s foreign subsidiaries is typically the local currency. All assets and liabilities of foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items are translated at average exchange rates throughout the year. The resulting translation adjustments are recorded as foreign currency translation adjustments, a component of Accumulated other comprehensive loss, net within Stockholders’ Equity on the Consolidated Balance Sheets.

Currency transaction gains or losses arising from transactions denominated in currencies other than the functional currency of a subsidiary are recognized in results of operations as part of Other income, net in the Consolidated Statements of Operations. The Company had net currency transaction (losses) / gains of $(6.9) million, $(6.0) million and $25.6 million in 2024, 2023 and 2022, respectively. The Company enters into foreign currency forward exchange contracts to mitigate the effects of adverse fluctuations in foreign currency exchange rates on certain transactions. Those contracts generally have short durations and are recorded at fair value with both realized and unrealized gains and losses recorded in Other income, net. The net gain / (loss) from foreign currency forward exchange contracts was $2.5 million, $1.9 million and $(31.9) million in 2024, 2023 and 2022, respectively. Note 13 — Derivatives and Hedging provides additional information regarding the Company’s foreign currency forward exchange contracts.

Fair value disclosures. The Company has a limited number of assets and liabilities that are adjusted to fair value at each balance sheet date. The Company’s required fair value disclosures are provided at Note 14 — Fair Value Disclosures.

Concentrations of credit risk. Assets that may subject the Company to concentration of credit risk consist primarily of short-term, highly liquid investments classified as cash equivalents, fees receivable, contract assets, interest rate swaps and a pension reinsurance asset. The majority of the Company’s cash equivalent investments and its interest rate swap contracts are with investment grade commercial banks. Fees receivable and contract asset balances deemed to be collectible from customers have limited concentration of credit risk due to the Company’s diverse customer base and geographic dispersion. The Company’s pension reinsurance asset (see Note 15 — Employee Benefits) is maintained with a large international insurance company that was rated investment grade as of December 31, 2024 and 2023.

Stock repurchase programs. The Company records the cost to repurchase shares of its own common stock as treasury stock. Shares repurchased by the Company are added to treasury shares and are not retired. Note 8 — Stockholders’ Equity provides additional information regarding the Company’s common stock repurchase activity.

Gain on event cancellation insurance claims. During the year ended December 31, 2024, the Company received $300.0 million in proceeds from a settlement agreement to resolve litigation concerning the Company's event cancellation insurance for 2020 and 2021. The settlement resolved all remaining 2020 and 2021 event cancellation insurance claims. The Company received $3.1 million in proceeds during the year ended December 31, 2023 related to 2020 conference cancellation insurance claims. The Company does not record any gain on insurance claims in excess of expenses incurred until the receipt of the insurance proceeds is deemed to be realizable.

Adoption of new accounting standard. The Company adopted the accounting standard described below during 2024.

Segment Reporting— In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements in Reportable Segment Disclosures (“ASU No. 2023-07”). The amendments in the ASU are expected to improve disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. ASU 2023-07 requires public companies to disclose, on an annual and interim basis, significant expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit and loss. The amendments in the ASU require that a public company provide all annual disclosures about a reportable segment’s profit or loss and assets currently required under ASC 280 in interim periods. The amendments in the ASU also require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss. The amendments in the ASU, among other items, also requires that a public company disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU applies to all public entities that are required to report segment information in accordance with Topic 280. All public entities will be required to report segment information in accordance with the new guidance starting in annual periods beginning after December 15, 2023. The Company adopted ASU 2023-07 effective with the 2024 10-K and the adoption only impacted its disclosures with no impacts to the Company's results of operations, cash flows, or financial condition.

Accounting standards issued but not yet adopted. The FASB has issued accounting standards that have not yet become effective as of December 31, 2024 and may impact the Company’s Consolidated Financial Statements or related disclosures in future periods. The standards and their potential impacts are discussed below.

Income Taxes— In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU No. 2023-09”). The amendments in this ASU are expected to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires entities to enhance income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Companies will need to disaggregate the disclosure of income taxes paid (net of refunds received) by federal, state, and foreign taxes on an annual basis. Additionally, on an annual basis, companies would disclose income taxes paid disaggregated by individual jurisdiction using a quantitative threshold of 5% of total income taxes paid. Public business entities would also be required to provide, on an annual basis, rate reconciliation information by specific categories, including state and local income tax, the effect of cross-border tax laws, foreign tax effects, changes in prior year unrecognized tax benefits, and tax credits, among others. Additionally, some categories would then require disaggregation based on a quantitative threshold of 5%. The foreign tax effect category requires disaggregation by both jurisdiction and nature. The ASU also requires additional qualitative disclosures. All public entities will be required to report income tax information in accordance with the new guidance starting in annual periods beginning after December 15, 2024. The Company expects this ASU to only impact its disclosures with no impacts to the Company's results of operations, cash flows, or financial condition.

Income Statement— In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures (“ASU No. 2024-03”). The amendments in this ASU are expected to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including employee compensation, depreciation and amortization) in commonly presented expense captions (such as cost of sales, SG&A and research and development). ASU 2024-03 will require a quantitative disclosure of the components of each income statement line item (e.g., cost of services and product development and selling, general and administrative expenses). It will also require entities to disclose the total amount of selling expenses, and, on an annual basis, an entity’s definition of selling expenses. The amendments are effective for annual periods with fiscal years beginning after December 15, 2026, and interim periods in fiscal years beginning after December 15, 2027. The Company expects this ASU to only impact its disclosures with no impacts to the Company's results of operations, cash flows, or financial condition.

Note 2 — Acquisitions and Divestiture

Acquisitions

Year Ended December 31, 2023

In September 2023, the Company acquired 100% of a formerly independent sales agent of Gartner research products in the Czech Republic for an aggregate purchase price of $7.9 million, including cash acquired and deferred consideration. During the year ended December 31, 2024, the Company paid $2.0 million of deferred consideration.

Year Ended December 31, 2022

In October 2022, the Company acquired 100% of the outstanding capital stock of UpCity, Inc. (“UpCity”), a privately-held company based in Chicago, Illinois, for an aggregate purchase price of $6.4 million. UpCity’s online marketplace helps small businesses by connecting them to ratings and reviews of more than 50,000 B2B service providers.

Divestiture

In February 2023, the Company completed the sale of a non-core business, TalentNeuron, for approximately $161.1 million after consideration of post-close adjustments. The Company recorded a pre-tax gain of $135.4 million on the sale of TalentNeuron, which is included in Gain from sale of divested operation in the Consolidated Statement of Operations for the year ended December 31, 2023. TalentNeuron was included in the Company’s Research segment.

Acquisition and Integration Charges

The Company recognized $1.0 million, $9.6 million and $9.1 million of Acquisition and integration charges during 2024, 2023 and 2022, respectively. Acquisition and integration charges reflect additional costs and expenses resulting from the Company’s acquisitions and divestitures and include, among other items, professional fees and personnel related expenses.

Note 3 — Goodwill and Intangible Assets

Goodwill. The table below presents changes to the carrying amount of goodwill by segment during the two-year period ended December 31, 2024 (in thousands).

			Research						Conferences						Consulting						Total
Balance at December 31, 2022 (1)			$	2,651,193					$	183,951					$	95,067					$	2,930,211
Additions due to an acquisition (2)			4,176						—						—						4,176
Foreign currency translation impact			2,180						46						647						2,873
Balance at December 31, 2023 (1)			2,657,549						183,997						95,714						2,937,260
Foreign currency translation impact			(6,568)						(77)						(410)						(7,055)
Balance at December 31, 2024 (1)			$	2,650,981					$	183,920					$	95,304					$	2,930,205

(1)The Company does not have any accumulated goodwill impairment losses.

(2)The additions were due to the acquisition of an independent sales agent in September 2023. See Note 2 — Acquisitions and Divestiture for additional information.

Finite-lived intangible assets. Changes in finite-lived intangible assets during the two-year period ended December 31, 2024 are presented in the tables below (in thousands).

December 31, 2024						Customer Relationships						Technology-related						Other						Total
Gross cost at December 31, 2023						1,077,183						11,200						10,200						$	1,098,583
Intangible assets fully amortized						—						(11,200)						—						(11,200)
Foreign currency translation impact						(5,266)						—						—						(5,266)
Gross cost						1,071,917						—						10,200						1,082,117
Accumulated amortization (2)						(665,131)						—						(7,297)						(672,428)
Balance at December 31, 2024						$	406,786					$	—					$	2,903					$	409,689

December 31, 2023						Customer Relationships						Technology-related						Other						Total
Gross cost at December 31, 2022						$	1,060,541					$	11,200					$	10,436					$	1,082,177
Additions due to an acquisition (1)						990						—						—						990
Intangible assets fully amortized						(987)						(39)						(236)						(1,262)
Foreign currency translation impact						16,639						39						—						16,678
Gross cost						1,077,183						11,200						10,200						1,098,583
Accumulated amortization (2)						(580,937)						(9,333)						(6,355)						(596,625)
Balance at December 31, 2023						$	496,246					$	1,867					$	3,845					$	501,958

(1)The additions were due to the acquisition of an independent sales agent in September 2023. See Note 2 — Acquisitions and Divestiture for additional information.

(2)Finite-lived intangible assets are amortized using the straight-line method over the following periods: Customer relationships—6 to 13 years; Technology-related—3 to 7 years; and Other —4 to 11 years.

Amortization expense related to finite-lived intangible assets was $90.2 million, $92.5 million and $98.5 million in 2024, 2023 and 2022, respectively. The estimated future amortization expense by year for finite-lived intangible assets is presented in the table below (in thousands).

2025			$	81,066
2026			78,391
2027			77,783
2028			76,311
2029			76,233
2030			19,905
			$	409,689

Note 4 — Other Assets

The Company’s other assets are summarized in the table below (in thousands).

			December 31,
			2024						2023
Benefit plan-related assets			$	155,998					$	124,298
Non-current deferred tax assets			262,757						144,714
Other			79,104						70,276
Total other assets			$	497,859					$	339,288

Note 5 — Accounts Payable and Accrued and Other Liabilities

The Company’s Accounts payable and accrued liabilities are summarized in the table below (in thousands).

			December 31,
			2024						2023
Accounts payable			$	55,793					$	63,139
Payroll and employee benefits payable			247,043						243,338
Bonus payable			291,484						279,482
Commissions payable			184,861						165,898
Income tax payable			38,690						72,181
VAT payable			64,501						60,709
Current portion of operating lease liabilities			100,312						98,493
Other accrued liabilities			223,405						144,364
Total accounts payable and accrued liabilities			$	1,206,089					$	1,127,604

The Company’s Other liabilities are summarized in the table below (in thousands).

			December 31,
			2024						2023
Non-current deferred revenues			$	27,389					$	33,490
Long-term taxes payable			122,126						114,467
Benefit plan-related liabilities			183,720						157,033
Non-current deferred tax liabilities			48,742						86,550
Other			24,815						23,924
Total other liabilities			$	406,792					$	415,464

Note 6 — Debt

The Company’s total outstanding borrowings are summarized in the table below (in thousands).

						December 31,
Description						2024						2023
2024 Credit Agreement - Revolving credit facility (1), (2)						$	274,400					$	—
2020 Credit Agreement -Term loan facility												274,400
2020 Credit Agreement - Revolving credit facility						—						—
4.50% Senior Notes due 2028 (“2028 Notes”)						800,000						800,000
3.625% Senior Notes due 2029 (“2029 Notes”)						600,000						600,000
3.75% Senior Notes due 2030 (“2030 Notes”)						800,000						800,000
Other (3)						5,000						5,000
Principal amount outstanding (4)						2,479,400						2,479,400
Less: deferred financing fees (5)						(19,485)						(21,104)
Net balance sheet carrying amount						$	2,459,915					$	2,458,296

(1)The contractual annualized interest rate as of December 31, 2024 on the 2024 Credit Agreement was 5.73%, which consisted of Term Secured Overnight Financing Rate (“SOFR”) of 4.375% plus a margin of 1.350%. However, the Company has an interest rate swap contracts that effectively converts the floating SOFR on outstanding amounts to a fixed base rate.

(2)The Company had approximately $0.7 billion of available borrowing capacity on the 2024 Credit Agreement revolver (not including the expansion feature) as of December 31, 2024.

(3)Consists of a State of Connecticut economic development loan originated in 2019 with a 10-year maturity and bears interest at a fixed rate of 1.75%. This loan may be repaid at any time by the Company without penalty.

(4)The weighted average annual effective rate on the Company’s outstanding debt for 2024, including the effects of its interest rate swaps discussed below, was 4.97%.

(5)Deferred financing fees are being amortized to Interest expense over the term of the related debt obligation.

2024 Credit Agreement

On March 26, 2024, the Company entered into a Credit Agreement (the “2024 Credit Agreement”) among the Company, as borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”).

The 2024 Credit Agreement provides for a $1.0 billion senior unsecured five-year revolving facility. The facility may be increased, at the Company’s option and under certain conditions, by up to an additional $750 million in the aggregate. The facility may be used for revolving loans, and up to $75.0 million may be used for letters of credit. The revolving loans may be borrowed, repaid and re-borrowed until March 26, 2029, at which time all amounts borrowed must be repaid, subject to customary extension mechanics.

On March 26, 2024, the Company borrowed $274.4 million under the 2024 Credit Agreement. The initial borrowing was used to repay the outstanding amounts under the 2020 Credit Agreement. Additional amounts borrowed under the 2024 Credit Agreement will be used for working capital needs and general corporate purposes of the Company and its subsidiaries, including the funding of acquisitions and investments, payment of capital expenditures and the repurchase of shares.

Interest under the revolving facility accrues, at a variable rate, based on, at our option, (i) the Secured Overnight Funding Rate (“SOFR”) plus a credit spread adjustment of 0.10% or (ii) an alternate base rate (“Base Rate”) plus, in each case, an applicable margin, and is payable monthly. The applicable margin ranges between 1.125% and 1.75%, depending on the lower rate determined by either the Company’s leverage ratio or the credit rating of the Company’s senior unsecured debt. At December 31, 2024, the applicable all-in margin on the revolving facility was 1.350% (including the credit spread adjustment). The commitment fee payable on the unused portion of the facility is equal to between 0.125% and 0.25% based on utilization of the facility. The Company has also agreed to pay customary letter of credit fees.

The 2024 Credit Agreement contains certain customary restrictive loan covenants, including, among others, a financial covenant requiring a maximum leverage ratio and covenants limiting the Company’s ability to grant liens, make acquisitions, be acquired and the ability of the Company’s subsidiaries to incur indebtedness. Subsidiaries of the Company are not required to guarantee obligations under the facility, unless such subsidiaries guarantee indebtedness in excess of a threshold set out in the 2024 Credit Agreement, subject to certain limitations and exceptions.

The 2024 Credit Agreement contains customary events of default that include, among others, non-payment of principal, interest or fees, material inaccuracy of representations and warranties, violation of covenants, cross defaults to certain other indebtedness, bankruptcy and insolvency events, ERISA defaults, material judgments, and events constituting a change of control. The occurrence of an event of default allows the lenders to terminate their obligations to lend under the 2024 Credit Agreement and could result in the acceleration of the Company’s obligations under the facility.

2029 Notes

On June 18, 2021, the Company issued $600.0 million aggregate principal amount of 3.625% Senior Notes due 2029. The 2029 Notes were issued pursuant to an indenture, dated as of June 18, 2021 (the “2029 Note Indenture”), among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee.

The 2029 Notes were issued at an issue price of 100.0% and bear interest at a rate of 3.625% per annum. Interest on the 2029 Notes is payable on June 15 and December 15 of each year, beginning on December 15, 2021. The 2029 Notes will mature on June 15, 2029. The Company may redeem some or all of the 2029 Notes at any time on or after June 15, 2024 for cash at the redemption prices set forth in the 2029 Note Indenture, plus accrued and unpaid interest to, but excluding, the redemption date.

2030 Notes

On September 28, 2020, the Company issued $800.0 million aggregate principal amount of 3.75% Senior Notes due 2030. The 2030 Notes were issued pursuant to an indenture, dated as of September 28, 2020 (the “2030 Note Indenture”), among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee.

The 2030 Notes were issued at an issue price of 100.0% and bear interest at a rate of 3.75% per annum. Interest on the 2030 Notes is payable on April 1 and October 1 of each year, beginning on April 1, 2021. The 2030 Notes will mature on October 1, 2030.

The Company may redeem some or all of the 2030 Notes at any time on or after October 1, 2025 for cash at the redemption prices set forth in the 2030 Note Indenture, plus accrued and unpaid interest to, but excluding, the redemption date. Prior to October 1, 2025, the Company may redeem up to 40% of the aggregate principal amount of the 2030 Notes in connection with certain equity offerings, or some or all of the 2030 Notes with a “make-whole” premium, in each case subject to the terms set forth in the 2030 Note Indenture.

2028 Notes

On June 22, 2020, the Company issued $800.0 million aggregate principal amount of 4.50% Senior Notes due 2028. The 2028 Notes were issued pursuant to an indenture, dated as of June 22, 2020 (the “2028 Note Indenture”), among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee.

The 2028 Notes were issued at an issue price of 100.0% and bear interest at a rate of 4.50% per annum. Interest on the 2028 Notes is payable on January 1 and July 1 of each year, beginning on January 1, 2021. The 2028 Notes will mature on July 1, 2028.

The Company may redeem some or all of the 2028 Notes at any time on or after July 1, 2023 for cash at the redemption prices set forth in the 2028 Note Indenture, plus accrued and unpaid interest to, but excluding, the redemption date.

2020 Credit Agreement

Prior to entering into the 2024 Credit Agreement, the Company had a credit facility that provided for a $400.0 million Term loan facility and a $1.0 billion Revolving credit facility (the “2020 Credit Agreement”). The 2020 Credit Agreement contained certain customary restrictive loan covenants, including, among others, financial covenants that applied a maximum consolidated leverage ratio and a minimum consolidated interest expense coverage ratio. On March 26, 2024, concurrently with the Company’s entry into the 2024 Credit Agreement, the Company terminated the 2020 Credit Agreement and repaid all amounts outstanding.

Interest Rate Swaps

As of December 31, 2024, the Company had one fixed-for-floating interest rate swap contract with a total notional value of $350.0 million that matures in 2025. Under the amended agreement, the Company pays a base fixed rate of 2.98% and in return receives a floating Term SOFR base rate on 30-day notional borrowings.

Effective June 30, 2020, the Company de-designated all of its interest rate swaps and discontinued hedge accounting. Accordingly, subsequent changes to the fair value of the interest rate swaps are recorded in Other income, net. The amounts previously recorded in Accumulated other comprehensive loss are amortized into Interest expense over the terms of the hedged forecasted interest payments. As of December 31, 2024, $13.2 million is remaining in Accumulated other comprehensive loss, net. See Note 13 — Derivatives and Hedging for the amounts remaining in Accumulated other comprehensive loss, net of tax effect, at December 31, 2024 and December 31, 2023.See Note 14 — Fair Value Disclosures for the determination of the fair values of Company’s interest rate swaps.

Note 7 — Leases

The Company’s leasing activities are primarily for facilities under cancelable and non-cancelable lease agreements expiring during 2025 and through 2038. These facilities support the Company’s executive and administrative activities, research and consulting, sales, systems support, operations, and other functions. The Company also has leases for office equipment and other assets, which are not significant. Certain of the Company’s lease agreements include (i) renewal options to extend the lease term for up to ten years and/or (ii) options to terminate the agreement within one year. Additionally, certain of the Company’s lease agreements provide standard recurring escalations of lease payments for, among other things, increases in a lessor’s maintenance costs and taxes. Under some lease agreements, the Company may be entitled to allowances, free rent, lessor-financed tenant improvements and other incentives. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company subleases certain office space that it does not intend to occupy. Such sublease arrangements expire during 2025 and through 2032 and primarily relate to facilities in Arlington, Virginia. Certain of the Company’s sublease agreements: (i) include renewal and termination options; (ii) provide for customary escalations of lease payments in the normal course of business; and (iii) grant the subtenant certain allowances, free rent, Gartner-financed tenant improvements and other incentives.

Lease Accounting under ASC 842

Under ASC 842, a lease is a contract or an agreement, or a part of another arrangement, between two or more parties that, at its inception, creates enforceable rights and obligations that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration.

Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. Right-of-use assets and lease liabilities are initially recognized on the lease commencement date based on the present value of the lease payments over the lease term. For all of the Company’s facilities leases, the Company accounts for both lease components and nonlease components (e.g., common area maintenance charges, etc.) as a single lease component when determining the present value of the Company’s lease payments. Variable lease payments that are not dependent on an index or a rate are excluded from the determination of right-of-use assets and lease liabilities and such payments are recognized as expense in the period when the related obligation is incurred.

The Company’s lease agreements do not provide implicit interest rates. Instead, the Company uses an incremental borrowing rate determined on the lease commencement date to calculate the present value of future lease payments. The incremental borrowing rate is calculated for each individual lease and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis (in the currency that the lease is denominated) over a similar term an amount equal to the lease payments in a similar economic environment. Right-of-use assets also include initial direct costs incurred by the Company and lease payments made to a lessor on or before the related lease commencement date, less any lease incentives received directly from the lessor.

Certain of the Company’s facility lease agreements include options to extend or terminate the lease. When it is reasonably certain that the Company will exercise a renewal or termination option, the present value of the lease payments for the affected lease is adjusted accordingly. Leases with a term of twelve months or less are accounted for in the same manner as long-term lease arrangements, including any related disclosures. Lease expense for operating leases is generally recognized on a straight-line basis over the lease term, unless the related right-of-use asset was previously impaired.

All of the Company’s existing sublease arrangements have been classified as operating leases with sublease income recognized on a straight-line basis over the term of the sublease arrangement. To measure the Company’s periodic sublease income, the Company elected to use a practical expedient under ASC 842 to aggregate nonlease components with the related lease components when (i) the timing and pattern of transfer for the nonlease components and the related lease components are the same and (ii) the lease components, if accounted for separately, would be classified as an operating lease. This practical expedient applies to all of the Company’s existing sublease arrangements.

When the projected lease cost for the term of a sublease exceeds the anticipated sublease income for that same period, the Company treats that circumstance as an indicator that the carrying amount of the related right-of-use asset may not be fully recoverable. In those situations, the Company performs an impairment analysis and, if indicated, the Company records a charge against earnings to reduce the right-of-use asset to the amount deemed to be recoverable in the future.

On the Consolidated Balance Sheet, right-of-use assets are classified and reported in Operating lease right-of-use assets, and the related lease liabilities are included in Accounts payable and accrued liabilities (current) and Operating lease liabilities (long-term). On the Consolidated Statement of Cash Flows, the reduction in the carrying amount of right-of-use assets is presented separately and the change in operating lease liabilities is included under Accounts payable and accrued and other liabilities in the reconciliation of net income to cash provided by operating activities.

All of the Company’s leasing and subleasing activities are recognized in Selling, general and administrative expense in the Consolidated Statements of Operations. The table below presents the Company’s net lease cost and certain other information related to the Company’s leasing activities as of and for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands).

						Year Ended December 31,
Description						2024						2023						2022
Operating lease cost (1)						$	101,897					$	112,948					$	117,750
Variable lease cost (2)						23,996						22,254						15,209
Sublease income						(48,698)						(53,377)						(46,698)
Total lease cost, net (3) (4)						$	77,195					$	81,825					$	86,261
Cash paid for amounts included in the measurement of operating lease liabilities						$	147,672					$	145,226					$	137,399
Cash receipts from sublease arrangements						$	46,245					$	51,968					$	46,159
Right-of-use assets obtained in exchange for new operating lease liabilities						$	28,291					$	12,715					$	20,597
As of December 31,						2024						2023						2022
Weighted average remaining lease term for operating leases (in years)						6.6						7.3						7.9
Weighted average discount rate for operating leases						6.4		%				6.6		%				6.6		%

(1)Included in operating lease cost was $36.4 million, $43.1 million and $41.9 million of costs for subleasing activities during 2024, 2023, and 2022 respectively.

(2)These amounts are primarily variable lease and nonlease costs that were not fixed at the lease commencement date or are dependent on something other than an index or a rate.

(3)The Company did not capitalize any initial direct costs for operating leases during 2024, 2023, or 2022.

(4)Amount excludes impairment charges of $10.9 million, $20.4 million, and $54.0 million for the years ended December 31, 2024, 2023, and 2022 respectively, as discussed below.

As of December 31, 2024, the (i) maturities of operating lease liabilities under non-cancelable arrangements and (ii) estimated future sublease cash receipts from non-cancelable arrangements were as follows (in thousands):

						Operating						Sublease
						Lease						Cash
Period ending December 31,						Payments						Receipts
2025						$	117,130					$	44,405
2026						100,775						44,237
2027						94,468						45,110
2028						46,836						5,314
2029						37,904						2,048
Thereafter						130,261						4,344
Total future minimum operating lease payments and estimated sublease cash receipts (1)						527,374						$	145,458
Imputed interest						(87,283)
Total operating lease liabilities per the Consolidated Balance Sheet						$	440,091

(1)Approximately 77% of the operating lease payments pertain to properties in the United States.

The table below indicates where the discounted operating lease payments from the above table are classified in the Consolidated Balance Sheet (in thousands).

						December 31,
Description						2024						2023
Accounts payable and accrued liabilities						$	100,312					$	98,493
Operating lease liabilities						339,779						513,406
Total operating lease liabilities per the Consolidated Balance Sheet						$	440,091					$	611,899

As of December 31, 2024, the Company had additional operating leases for facilities that have not yet commenced. These operating leases, which aggregated $1.3 million of undiscounted lease payments, are scheduled to commence during 2025 with lease terms of up to 5 years.

As a result and in consideration of the changing nature of the Company’s use of office space, the Company continues to evaluate its existing real estate lease portfolio. In connection with this evaluation, the Company reviewed certain of its right-of-use assets and related other long-lived assets for impairment under ASC 360.

As a result of the evaluation, the Company recognized impairment losses of $10.9 million, $20.4 million and $54.0 million during the years ended December 31, 2024, 2023, and 2022, respectively, which are included as a component of Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. The impairment loss for the year ended December 31, 2024 includes $10.3 million related to other long-lived assets, primarily leasehold improvements, as well as $56.7 million related to right-of-use assets partially offset by a $56.1 million reduction in lease liabilities. During the fourth quarter of 2024, the Company entered into an amended lease agreement to significantly reduce the square footage and reduce future lease payments at one of its leased locations. The Company made an installment payment of $24.0 million during the fourth quarter of 2024, and will make an equal installment payment during the second quarter of 2025 in consideration for the lease amendment.

The impairment loss for the year ended December 31, 2023 includes $14.7 million related to right-of-use assets and $5.7 million related to other long-lived assets, primarily leasehold improvements. The impairment loss for the year ended December 31, 2022 includes $40.7 million related to right-of-use assets and $13.3 million related to other long-lived assets, primarily leasehold improvements.

The fair values for the asset groups relating to the impaired long-lived assets were estimated primarily using discounted cash flow models (income approach) with Level 3 inputs. The significant assumptions used in estimating fair value include the expected downtime prior to the commencement of future subleases, projected sublease income over the remaining lease periods and discount rates that reflect the level of risk associated with receiving future cash flows.

Note 8 — Stockholders’ Equity

Common stock. Holders of Gartner’s common stock, par value $0.0005 per share, are entitled to one vote per share on all matters to be voted by stockholders. The Company does not currently pay cash dividends on its common stock. Also, the 2024

Credit Agreement contains a negative covenant that may limit the Company’s ability to pay dividends. The table below summarizes transactions relating to the Company’s common stock for the three years ended December 31, 2024.

			Issued Shares						Treasury Stock Shares
Balance at December 31, 2021			163,602,067						81,205,504
Issuances under stock plans			—						(599,081)
Purchases for treasury (1)			—						3,822,090
Balance at December 31, 2022			163,602,067						84,428,513
Issuances under stock plans			—						(975,745)
Purchases for treasury (1)			—						1,811,758
Balance at December 31, 2023			163,602,067						85,264,526
Issuances under stock plans			—						(666,193)
Purchases for treasury (1)			—						1,623,881
Balance at December 31, 2024			163,602,067						86,222,214

(1)The Company used a total of $735.4 million, $606.2 million and $1.0 billion in cash for share repurchases during 2024, 2023 and 2022, respectively.

Share repurchase authorization. In 2015, the Company’s Board of Directors (the “Board”) authorized a share repurchase program to repurchase up to $1.2 billion of the Company’s common stock. From February 2021 to July 2024, the Board authorized incremental share repurchases of up to an aggregate additional $4.1 billion of the Company’s common stock. $953.8 million remained available as of December 31, 2024. The Company may repurchase its common stock from time-to-time in amounts, at prices and in the manner that the Company deems appropriate, subject to the availability of stock, prevailing market conditions, the trading price of the stock, the Company’s financial performance and other conditions. Repurchases may be made through open market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended), accelerated share repurchases, private transactions or other transactions and will be funded by cash on hand and borrowings. Repurchases may also be made from time-to-time in connection with the settlement of the Company’s stock-based compensation awards.

Accumulated Other Comprehensive Income (Loss), net (“AOCI/L”)

The tables below provide information about the changes in AOCI/L by component and the related amounts reclassified out of AOCI/L to income during the years indicated (net of tax, in thousands) (1).

Year Ended December 31, 2024

			Interest Rate Swaps						Defined Benefit Pension Plans						Foreign Currency Translation Adjustments						Total
Balance - December 31, 2023			$	(24,162)					$	(5,731)					$	(46,438)					$	(76,331)
Other comprehensive income (loss) activity during the year:
Change in AOCI/L before reclassifications to income			—						315						(26,881)						(26,566)
Reclassifications from AOCI/L to income (2), (3)			14,362						202						—						14,564
Other comprehensive income (loss), net for the year			14,362						517						(26,881)						(12,002)
Balance - December 31, 2024			$	(9,800)					$	(5,214)					$	(73,319)					$	(88,333)

Year Ended December 31, 2023

			Interest Rate Swaps						Defined Benefit Pension Plans						Foreign Currency Translation Adjustments						Total
Balance - December 31, 2022			$	(39,248)					$	(4,247)					$	(58,115)					$	(101,610)
Other comprehensive income (loss) activity during the year:
Change in AOCI/L before reclassifications to income			—						(1,616)						11,677						10,061
Reclassifications from AOCI/L to income (2), (3)			15,086						132						—						15,218
Other comprehensive income (loss), net for the year			15,086						(1,484)						11,677						25,279
Balance - December 31, 2023			$	(24,162)					$	(5,731)					$	(46,438)					$	(76,331)

(1)Amounts in parentheses represent debits (deferred losses).

(2)$19.1 million and $20.1 million of the reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense for the year ended December 31, 2024 and 2023, respectively. See Note 6 — Debt and Note 13 — Derivatives and Hedging for information regarding the cash flow hedges.

(3)The reclassifications related to defined benefit pension plans were primarily recorded in Selling, general and administrative expense, net of tax effect. See Note 15 — Employee Benefits for information regarding the Company’s defined benefit pension plans.

The estimated net amount of the existing losses on the Company’s interest rate swaps that are reported in Accumulated other comprehensive loss, net at December 31, 2024 that is expected to be reclassified into earnings within the next 12 months is $9.8 million.

Note 9 — Revenue and Related Matters

Our Business and Revenues

Gartner delivers its products and services globally through three business segments – Research, Conferences and Consulting, as described below.

Research

Research equips executives and their teams from every function and across all industries with actionable, objective insight, guidance and tools. Our experienced experts deliver all this value informed by a combination of practitioner-sourced and data-driven research to help our clients address their mission critical priorities.

Research revenues are mainly derived from subscription contracts for research products, representing approximately 94% of the segment’s revenue. The related revenues are deferred and recognized ratably over the applicable contract term (i.e., as services are provided over the contract period). Fees derived from assisting organizations in selecting the right business software for their needs are recognized at a point in time (i.e., when the lead is provided to the vendor).

The Company enters into subscription contracts for research products that generally are for twelve-month periods or longer. Approximately 80% to 85% of the Company’s annual and multi-year Research subscription contracts provide for billing of the first full service period upon signing. In subsequent years, multi-year subscription contracts are normally billed prior to the contract’s anniversary date. Other Research subscription contracts are usually invoiced in advance, commencing with the contract signing, on (i) a quarterly, monthly or other recurring basis or (ii) in accordance with a customized invoicing schedule. Research contracts are generally non-cancelable and non-refundable, except for government contracts that may have cancellation or fiscal funding clauses, which have not historically resulted in material cancellations. It is the Company’s policy to record the amount of a subscription contract that is billable as a fee receivable at the time the contract is signed with a corresponding amount as deferred revenue because the contract represents a legally enforceable claim.

Conferences

Conferences provides executives and teams across an organization the opportunity to learn, share and network. From our Gartner Symposium/Xpo series, to industry-leading conferences focused on specific business roles and topics, to peer-driven sessions, our offerings enable attendees to experience the best of Gartner insight and guidance.

The Company earns revenues from both the attendees and exhibitors at Gartner conferences and meetings. Attendees are generally invoiced for the full attendance fee upon their completion of an online registration form or their signing of a contract, while exhibitors typically make several individual payments commencing with the signing of a contract. Almost all of the invoiced amounts are collected in advance of the related activity, resulting in the recording of deferred revenue. Both the attendee and exhibitor revenues are recognized as the related performance obligations are satisfied (i.e., when the related conference is held).

The Company defers certain costs directly related to specific conferences and meetings and expenses those costs in the period during which the related activity occurs. The Company’s policy is to defer only those costs that are incremental and directly attributable to a specific activity, primarily prepaid site and production services costs. Other costs of organizing and producing conference activities, primarily Company personnel and non-conference specific expenses, are expensed in the period incurred.

Consulting

Consulting serves senior executives leading technology-driven strategic initiatives leveraging the power of Gartner’s actionable, objective insight. Through custom analysis and on-the-ground support we enable optimized technology investments and stronger performance on our clients’ mission critical priorities.

Consulting revenues, primarily derived from custom consulting and measurement services, are principally generated from fixed fee or time and materials engagements. Revenues from fixed fee engagements are recognized as the Company works to satisfy its performance obligations, while revenues from time and materials engagements are recognized as work is delivered and/or services are provided. In both of these circumstances, performance obligations are satisfied and control of the services is passed to customers over time (i.e., during the duration of the contract or consulting engagement). On a contract-by-contract basis, the Company typically uses actual labor hours incurred compared to total expected labor hours to measure the Company’s performance in respect of fixed fee engagements. If labor and other costs on an individual contract are expected to exceed the total contract value or the contract’s funded ceiling amount, the Company reflects an adjustment to the contract’s overall profitability in the period determined. Revenues related to contract optimization engagements are contingent in nature and are only recognized at the point in time when all of the conditions related to their payment have been satisfied.

Consulting customers are invoiced based on the specific terms and conditions in their underlying contracts. They are typically invoiced after the Company has satisfied some or all of the related performance obligations and the related revenue has been recognized. The Company records fees receivable for amounts that are billed or billable. Contract assets are also recorded representing amounts for which the Company has recognized revenue but lacks the unconditional right to payment as of the balance sheet date due to the required continued performance under the relevant contract, progress billing milestones or other billing-related restrictions.

Disaggregated Revenue

Disaggregated revenue by reportable segment is presented in the tables below for the years indicated (in thousands).

By Primary Geographic Market (1)

Year Ended December 31, 2024

Primary Geographic Market			Research			Conferences			Consulting			Total
United States and Canada			$	3,319,879		$	354,011		$	343,840		$	4,017,730
Europe, Middle East and Africa			1,209,660			165,306			142,849			1,517,815
Other International			596,111			63,907			71,848			731,866
Total revenues			$	5,125,650		$	583,224		$	558,537		$	6,267,411

Year Ended December 31, 2023

Primary Geographic Market			Research			Conferences			Consulting			Total
United States and Canada			$	3,275,866		$	317,531		$	317,645		$	3,911,042
Europe, Middle East and Africa			1,060,959			140,640			130,471			1,332,070
Other International			550,221			46,993			66,630			663,844
Total revenues			$	4,887,046		$	505,164		$	514,746		$	5,906,956

Year Ended December 31, 2022

Primary Geographic Market			Research			Conferences			Consulting			Total
United States and Canada			$	3,056,096		$	263,165		$	300,121		$	3,619,382
Europe, Middle East and Africa			1,017,860			88,979			127,820			1,234,659
Other International			530,835			37,129			53,841			621,805
Total revenues			$	4,604,791		$	389,273		$	481,782		$	5,475,846

(1)Revenue is reported based on where the sale is fulfilled.

The Company’s revenue is generated primarily through direct sales to clients by domestic and international sales forces and a network of independent international sales agents. Most of the Company’s products and services are provided on an integrated worldwide basis and, because of this integrated delivery approach, it is not practical to precisely separate Company’s revenue by geographic location. Accordingly, revenue information presented in the above tables is based on internal allocations, which involve certain management estimates and judgments.

By Timing of Revenue Recognition

Year Ended December 31, 2024

Timing of Revenue Recognition			Research			Conferences			Consulting			Total
Transferred over time (1)			$	4,820,943		$	—		$	420,160		$	5,241,103
Transferred at a point in time (2)			304,707			583,224			138,377			1,026,308
Total revenues			$	5,125,650		$	583,224		$	558,537		$	6,267,411

Year Ended December 31, 2023

Timing of Revenue Recognition			Research			Conferences			Consulting			Total
Transferred over time (1)			$	4,506,621		$	—		$	400,171		$	4,906,792
Transferred at a point in time (2)			380,425			505,164			114,575			1,000,164
Total revenues			$	4,887,046		$	505,164		$	514,746		$	5,906,956

Year Ended December 31, 2022

Timing of Revenue Recognition			Research			Conferences			Consulting			Total
Transferred over time (1)			$	4,182,747		$	—		$	378,062		$	4,560,809
Transferred at a point in time (2)			422,044			389,273			103,720			915,037
Total revenues			$	4,604,791		$	389,273		$	481,782		$	5,475,846

(1)Research revenues were recognized in connection with performance obligations that were satisfied over time using a time-elapsed output method to measure progress. Consulting revenues were recognized over time using labor hours as an input measurement basis.

(2)The revenues in this category were recognized in connection with performance obligations that were satisfied at the point in time that the contractual deliverables were provided to the customer.

Determining a measure of progress for performance obligations that are satisfied over time and when control transfers for performance obligations that are satisfied at a point in time requires management to make judgments that affect the timing of revenue recognition. A key factor in this determination is when the customer can direct the use of, and can obtain substantially all of the benefits from, the deliverable.

For performance obligations recognized in accordance with a time-elapsed output method, the Company’s efforts are expended consistently throughout the contractual period and the Company transfers control evenly by providing stand-ready services. For performance obligations satisfied under Consulting fixed fee or time and materials engagements, the Company believes that labor hours are the best measure of depicting the Company’s progress because labor output corresponds directly to the value of the Company’s performance to date as control is transferred.

For customer contracts that are greater than one year in duration, the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2024 was approximately $6.4 billion. The Company expects to recognize $3.7 billion, $2.1 billion and $600.0 million of this revenue (most of which pertains to Research) during the year ending December 31, 2025, the year ending December 31, 2026 and thereafter, respectively. The Company applies a practical expedient allowed in ASC 606 and, accordingly, it does not disclose such performance obligation information for customer contracts that have original durations of one year or less. The Company’s performance obligations for contracts meeting this ASC 606 disclosure exclusion primarily include: (i) stand-ready services under Research subscription contracts; (ii) holding conferences and meetings where attendees and exhibitors can participate; and (iii) providing customized Consulting solutions for clients under fixed fee or time and materials engagements. The remaining duration of these performance obligations is generally less than one year, which aligns with the period that the parties have enforceable rights and obligations under the affected contracts.

Customer Contract Assets and Liabilities

The payment terms and conditions in the Company’s customer contracts vary. In some cases, customers prepay and, in other cases, after the Company conducts a credit evaluation, payment may be due in arrears. Because the timing of the Company’s service delivery typically differs from the timing of customer payments, the Company recognizes either a contract asset (the Company performs either fully or partially under the contract but a contingency remains) or a contract liability (upfront customer payments precede the Company’s performance, resulting in deferred revenue). Amounts recorded as contract assets are reclassified to fees receivable when all of the outstanding conditions have been resolved and the Company’s right to payment becomes unconditional. Contracts with payments due in arrears are also recognized as fees receivable. As contractual performance obligations are satisfied, the Company correspondingly relieves its contract liabilities and records the associated revenue.

The table below provides information regarding certain of the Company’s balance sheet accounts that pertain to its contracts with customers (in thousands).

			December 31,
			2024						2023
Assets:
Fees receivable, gross (1)			$	1,704,725					$	1,610,228
Contract assets recorded in Prepaid expenses and other current assets (2)			$	31,056					$	28,791
Contract liabilities:
Deferred revenues (current liability) (3)			$	2,762,927					$	2,640,515
Non-current deferred revenues recorded in Other liabilities (3)			27,389						33,490
Total contract liabilities			$	2,790,316					$	2,674,005

(1)Fees receivable represent an unconditional right of payment from the Company’s customers and include both billed and unbilled amounts.

(2)Contract assets represent recognized revenue for which the Company does not have an unconditional right to payment as of the balance sheet date because the project may be subject to a progress billing milestone or some other billing restriction.

(3)Deferred revenues represent amounts (i) for which the Company has received an upfront customer payment or (ii) that pertain to recognized fees receivable. Both situations occur before the completion of the Company’s performance obligation(s).

The Company recognized revenue of $2.3 billion, $2.0 billion and $1.9 billion during 2024, 2023 and 2022 respectively, which was attributable to deferred revenues that were recorded at the beginning of each such year. Those amounts primarily consisted of (i) Research revenues and (ii) Conferences revenues pertaining to conferences and meetings that occurred during the reporting periods. During 2024, 2023 and 2022, the Company did not record any material impairments related to its contract assets.

Costs of Obtaining and Fulfilling a Customer Contract

When the Company concludes that a liability should be recognized for the costs of obtaining a customer contract and determines how such liability should be measured, certain commissions are capitalized as a recoverable direct incremental cost of obtaining the underlying contract. No other amounts are capitalized as a cost of obtaining or fulfilling a customer contract because no expenditures have been identified that meet the requisite capitalization criteria. For Research and Consulting, the Company amortizes deferred commissions on a systematic basis that aligns with the transfer to customers of the services to which the commissions relate. For Conferences, deferred commissions are expensed during the period when the related conference or meeting occurs.

During 2024, 2023 and 2022, deferred commission amortization expense was $574.3 million, $550.5 million and $562.1 million, respectively, and was included in Selling, general and administrative expense in the Consolidated Statements of Operations. The Company classifies Deferred commissions as a current asset on the Consolidated Balance Sheets at both December 31, 2024 and 2023 because those costs were, or will be, amortized over the twelve months following the respective balance sheet dates.

Note 10 — Stock-Based Compensation

The Company grants stock-based compensation awards as an incentive for employees and directors to contribute to the Company’s long-term success. The Company currently awards stock-settled stock appreciation rights, service-based and performance-based restricted stock units, and common stock equivalents. As of December 31, 2024, the Company had 5.6 million shares of its common stock, par value $0.0005 per share, (the “Common Stock”) available for stock-based compensation awards under its Long-Term Incentive Plan as amended and restated in June 2023 (the “Plan”). Currently, the Company issues treasury shares upon the exercise, release or settlement of stock-based compensation awards.

Determining the appropriate fair value model and calculating the fair value of stock-based compensation awards requires the use of certain subjective assumptions, including the expected life of a stock-based compensation award and Common Stock price volatility. In addition, determining the appropriate periodic stock-based compensation expense requires management to estimate the likelihood of the achievement of certain performance targets. The assumptions used in calculating the fair values of stock-based compensation awards and the related periodic expense represent management’s best estimates, which involve inherent uncertainties and the application of judgment. As a result, if circumstances change and the Company deems it necessary in the future to modify the assumptions it made or to use different assumptions, or if the quantity and nature of the Company’s stock-based compensation awards changes, then the amount of expense may need to be adjusted and future stock-based compensation expense could be materially different from what has been recorded in the current year.

Stock-Based Compensation Expense

The tables below summarize the Company’s stock-based compensation expense by award type and expense category line item during the years ended December 31 (in millions).

Award type						2024						2023						2022
Stock appreciation rights						$	13.5					$	10.5					$	8.8
Restricted stock units (1)						140.2						118.2						81.0
Common stock equivalents						1.1						1.1						0.8
Total (1)						$	154.8					$	129.8					$	90.6

Expense category line item						2024						2023						2022
Cost of services and product development						$	61.8					$	53.3					$	32.7
Selling, general and administrative						93.0						76.5						57.9
Total (1)						$	154.8					$	129.8					$	90.6

(1)The Company changed its retirement eligibility provisions for certain stock-based compensation awards in 2023. Includes charges of $71.4 million, $55.5 million and $32.2 million during 2024, 2023 and 2022, respectively, for awards to retirement-eligible employees. Those awards vest on an accelerated basis.

As of December 31, 2024, the Company had $154.8 million of total unrecognized stock-based compensation cost, which is expected to be expensed over the remaining weighted average service period of approximately 1.6 years.

Stock-Based Compensation Awards

The disclosures presented below provide information regarding the Company’s stock-based compensation awards, all of which have been classified as equity awards in accordance with FASB ASC Topic 505.

Stock Appreciation Rights

Stock-settled stock appreciation rights (“SARs”) permit the holder to participate in the appreciation of the value of the Common Stock. After the applicable vesting criteria have been satisfied, SARs are settled in shares of Common Stock upon exercise by the employee. SARs vest ratably over a four-year service period and expire seven years from the date of grant. The fair value of a SARs award is recognized as compensation expense on a straight-line basis over four years. SARs have only been awarded to the Company’s executive officers.

When SARs are exercised, the number of shares of Common Stock issued is calculated as follows: (1) the total proceeds from the exercise of the SARs award (calculated as the closing price of the Common Stock as reported on the New York Stock Exchange on the date of exercise less the exercise price of the SARs award, multiplied by the number of SARs exercised) is divided by (2) the closing price of the Common Stock on the date of exercise. Upon exercise, the Company withholds a portion of the shares of the Common Stock to satisfy statutory tax withholding requirements. SARs recipients do not have any stockholder rights until the shares of Common Stock are issued in respect of the award, which is subject to the prior satisfaction of the vesting and other criteria relating to such grants.

The table below summarizes changes in SARs outstanding during the year ended December 31, 2024.

			Units of SARs (in millions)						Per Share Weighted Average Exercise Price						Per Share Weighted Average Grant Date Fair Value						Weighted Average Remaining Contractual Term (Years)
Outstanding at December 31, 2023			0.6						$	216.40					$	62.85					3.92
Granted			0.1						456.18						167.91						6.11
Exercised			(0.3)						158.63						38.24						n/a
Outstanding at December 31, 2024 (1) (2)			0.4						$	293.38					$	96.17					4.21
Vested and exercisable at December 31, 2024 (2)			2.0						$	225.24					$	65.66					3.32

n/a = not applicable

(1)As of December 31, 2024, 0.2 million of the total SARs outstanding were unvested. The Company expects that substantially all of those unvested awards will vest in future periods.

(2)As of December 31, 2024, the total SARs outstanding had an intrinsic value of $80.1 million. On such date, SARs vested and exercisable had an intrinsic value of $48.0 million.

The fair value of a SARs award is determined on the date of grant using the Black-Scholes-Merton valuation model with the following weighted average assumptions for the years ended December 31:

			2024						2023						2022
Expected dividend yield (1)			—		%				—		%				—		%
Expected stock price volatility (2)			36		%				35		%				33		%
Risk-free interest rate (3)			4.1		%				3.9		%				1.8		%
Expected life in years (4)			4.67						4.71						4.59

(1)The expected dividend yield assumption was based on both the Company’s historical and anticipated dividend payouts. Historically, the Company has not paid cash dividends on its Common Stock.

(2)The determination of expected stock price volatility was based on both historical Common Stock prices and implied volatility from publicly traded options in the Common Stock.

(3)The risk-free interest rate was based on the yield of a U.S. Treasury security with a maturity similar to the expected life of the award.

(4)The expected life represents the Company’s estimate of the weighted average period of time the SARs are expected to be outstanding (that is, the period between the service inception date and the expected exercise date).

Restricted Stock Units

Restricted stock units (“RSUs”) give the awardee the right to receive shares of Common Stock when the vesting conditions are met and certain restrictions lapse. Each RSU that vests entitles the awardee to one share of Common Stock. RSU awardees do not have any of the rights of a Gartner stockholder, including voting rights and the right to receive dividends and distributions, until the shares are released. The fair value of an RSU award is determined on the date of grant based on the closing price of the Common Stock as reported on the New York Stock Exchange on that date. Service-based RSUs vest ratably over four years and are expensed on a straight-line basis over the vesting period. Performance-based RSUs are subject to the satisfaction of both performance and service conditions, vest ratably over four years and are expensed on an accelerated basis over the vesting period.

The table below summarizes the changes in RSUs outstanding during the year ended December 31, 2024.

			Units of RSUs (in millions)						Per Share Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023			1.0						$	275.81
Granted (1)			0.4						452.75
Vested and released			(0.5)						246.43
Outstanding at December 31, 2024 (2) (3)			0.9						$	352.89

(1)The 0.4 million of RSUs granted during 2024 consisted of 0.1 million of performance-based RSUs awarded to executives and 0.3 million of service-based RSUs awarded to non-executive employees and non-management board members. The performance-based awards include RSUs in final adjustments of 2023 grants and approximately 0.1 million of RSUs representing the target amount of the grant for 2024 that is tied to an increase in Gartner’s contract value for such year. The number of performance-based RSUs for 2024 that holders could receive ranges from 0% to 200% of the target amount based on the extent to which the corresponding performance goals have been achieved and subject to certain other conditions. Any adjustments in the number of performance-based RSUs under the 2024 grant will be made in 2025.

(2)The Company expects that substantially all of the RSUs outstanding will vest in future periods.

(3)As of December 31, 2024, the weighted average remaining contractual term of the RSUs outstanding was approximately 1.1 years.

Common Stock Equivalents

Common stock equivalents (“CSEs”) are convertible into Common Stock. Each CSE entitles the holder to one share of Common Stock. Members of the Company’s Board of Directors receive their directors’ fees in CSEs unless they opt to receive up to 50% of those fees in cash. Generally, CSEs have no defined term and are converted into shares of Common Stock when service as a director terminates unless the director has elected an accelerated release. The fair value of a CSE award is determined on the date of grant based on the closing price of the Common Stock as reported on the New York Stock Exchange on that date. CSEs vest immediately and, as a result, they are recorded as expense on the date of grant.

The table below summarizes the changes in CSEs outstanding during the year ended December 31, 2024.

			Units of CSEs						Per Share Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023			106,350						$	35.45
Granted			2,262						473.53
Converted to shares of Common Stock upon grant and termination			(1,563)						461.41
Outstanding at December 31, 2024			107,049						$	38.48

Employee Stock Purchase Plan

The Company has an employee stock purchase plan (the “ESP Plan”) wherein eligible employees are permitted to purchase shares of Common Stock through payroll deductions, which may not exceed 10% of an employee’s compensation, or $23,750 in any calendar year, at a price equal to 95% of the closing price of the Common Stock as reported on the New York Stock Exchange at the end of each offering period. As of December 31, 2024, the Company had 3.1 million shares available for purchase under the ESP Plan. The ESP Plan is considered non-compensatory under FASB ASC Topic 718 and, as a result, the Company does not record stock-based compensation expense for employee share purchases. The Company received $28.2 million, $25.1 million and $22.2 million in cash from employee share purchases under the ESP Plan during 2024, 2023 and 2022, respectively.

Note 11 — Computation of Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of shares of Common Stock outstanding during the period. Diluted EPS reflects the potential dilution of securities that could share in earnings. Potential shares of common stock are excluded from the computation of diluted earnings per share when their effect would be anti-dilutive.

The table below sets forth the calculation of basic and diluted income per share for the years ended December 31 (in thousands, except per share data).

			2024						2023						2022
Numerator:
Net income used for calculating basic and diluted income per share			$	1,253,715					$	882,466					$	807,799
Denominator:
Weighted average common shares used in the calculation of basic income per share			77,785						79,004						80,178
Dilutive effect of outstanding awards associated with stock-based compensation plans			553						676						889
Shares used in the calculation of diluted income per share			78,338						79,680						81,067
Income per share (1):
Basic			$	16.12					$	11.17					$	10.08
Diluted			$	16.00					$	11.08					$	9.96

(1)Both basic and diluted income per share for 2024 included a tax benefit of approximately $2.08 per share related to intercompany sales of certain intellectual property (see Note 12 — Income Taxes).

The table below presents the number of outstanding awards associated with stock-based compensation plans that were not included in the computations of diluted income per share in the above table because the effect would have been anti-dilutive. During years with net income, the outstanding awards were anti-dilutive because their exercise prices were greater than the average market price per share of Common Stock during such year.

			Year Ended December 31,
			2024						2023						2022
Anti-dilutive outstanding awards associated with stock-based compensation plans (in millions)			0.1						0.1						0.1
Average market price per share of Common Stock during the year			$	475.66					$	351.31					$	289.73

Note 12 — Income Taxes

Below is a summary of the components of the Company’s income before income taxes for the years ended December 31 (in thousands).

			2024						2023						2022
U.S.			$	629,656					$	574,458					$	560,193
Non-U.S.			757,718						572,671						467,002
Income before income taxes			$	1,387,374					$	1,147,129					$	1,027,195

The components of the expense (benefit) for income taxes on the above income are summarized in the table below (in thousands).

			2024						2023						2022
Current tax expense:
U.S. federal			$	161,155					$	171,917					$	122,191
State and local			48,084						51,441						48,482
Foreign			88,318						107,421						91,596
Total current			297,557						330,779						262,269
Deferred tax (benefit) expense:
U.S. federal			(31,708)						(35,457)						(21,337)
State and local			963						(13,475)						(10,108)
Foreign			(128,291)						(12,845)						(4,232)
Total deferred			(159,036)						(61,777)						(35,677)
Total current and deferred			138,521						269,002						226,592
Expense relating to interest rate swaps used to increase equity			(4,695)						(4,976)						(5,569)
Benefit from stock transactions with employees used to increase equity			97						105						66
Benefit (expense) relating to defined-benefit pension adjustments used to increase equity			(264)						532						(1,693)
Total tax expense			$	133,659					$	264,663					$	219,396

The components of long-term deferred tax assets (liabilities) are summarized in the table below (in thousands).

			December 31,
			2024						2023
Accrued liabilities			$	86,831					$	85,328
Operating leases			41,777						59,160
Intangible assets			132,292						92,612
Property, equipment and leasehold improvements			11,592						9,631
Loss and credit carryforwards			61,313						31,454
Assets relating to equity compensation			37,247						29,128
Other assets			16,870						13,126
Gross deferred tax assets			387,922						320,439
Valuation allowance			(76,285)						(177,132)
Net deferred tax assets			311,637						143,307
Prepaid expenses			(79,559)						(69,556)
Other liabilities			(18,063)						(15,587)
Gross deferred tax liabilities			(97,622)						(85,143)
Net deferred tax assets (liabilities)			$	214,015					$	58,164

Net deferred tax assets and net deferred tax liabilities were $262.8 million and $48.7 million as of December 31, 2024, respectively, and $144.7 million and $86.6 million as of December 31, 2023, respectively. These amounts are reported in Other assets and Other liabilities in the Consolidated Balance Sheets. Management has concluded it is more likely than not that the reversal of deferred tax liabilities and results of future operations will generate sufficient taxable income to realize the deferred tax assets, net of the valuation allowance at December 31, 2024.

In January 2024, the Company completed an intercompany transfer of certain intellectual property. Prior to the sale, the Company had a $103.1 million deferred tax asset for tax basis in the related IP and a full valuation allowance due to no expected local tax benefit of the asset. As a result of this IP transfer, the deferred tax asset and related valuation allowance were written off with no impact to tax expense.

In December 2024, the Company completed an additional intercompany transfer of certain intellectual property. As a result, the Company recorded a deferred tax asset of approximately $163.2 million. The deferred tax asset represents the value of future tax deductions for amortization of the assets in the acquiring jurisdiction. A portion of the tax amortization was recognized in 2024. The deferred tax asset for intangible assets was reduced for the impact of the 2024 amortization, with the offset reflected as an increase in the deferred tax asset for loss carryforwards. These amounts have been reduced for associated unrecognized tax benefits, consistent with ASC 740, Income Taxes. The fair value of the intellectual property was determined using an income approach based on unobservable inputs and involves significant judgments such as, but not limited to, future cash flows and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.

The valuation allowances of $76.3 million and $177.1 million as of December 31, 2024 and 2023, respectively, primarily related to tax basis in certain intangible assets and loss and credit carryovers that are not likely to be realized.

As of December 31, 2024, the Company had state and local tax net operating loss carryforwards of $8.7 million, of which $4.0 million expires within six to fifteen years and $4.7 million expires within sixteen years to twenty years. The Company also had state tax credits of $6.2 million, a majority of which will expire in five to six years. As of December 31, 2024, the Company had non-U.S. net operating loss carryforwards of $10.5 million, of which $0.2 million expires over the next 20 years and $10.3 million can be carried forward indefinitely. In addition, the Company also had foreign tax credit carryforwards of $24.9 million, all of which will expire between 2029 and 2034. These amounts have been reduced for associated unrecognized tax benefits, consistent with ASC 740, Income Taxes.

The items comprising the differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate on income before income taxes for the years ended December 31 are summarized in the table below.

			2024						2023						2022
Statutory tax rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit			2.2						2.1						2.4
Effect of non-U.S. operations			(3.0)						(0.4)						(2.0)
Intercompany sale of intellectual property			(11.8)						—						—
Net activity in unrecognized tax benefits			2.0						1.3						(1.1)
Stock-based compensation expense			(3.3)						(3.1)						(2.0)
Limitation on executive compensation			2.4						2.3						1.4
Global intangible low-taxed income, net of foreign tax credits			1.1						1.2						1.9
Foreign-derived intangible income			—						(0.3)						(0.4)
Change in the valuation allowance			(0.1)						(1.2)						0.3
Other items, net			(0.9)						0.2						(0.1)
Effective tax rate			9.6		%				23.1		%				21.4		%

As noted above, in December 2024, the Company completed an additional intercompany transfer of certain intellectual property. As a result, the Company recorded net tax benefits of approximately $161.9 million. The benefit represents the value of future tax deductions for amortization of the assets in the acquiring jurisdiction, net of any tax recognized by the selling jurisdiction. The Company’s intellectual property footprint continues to evolve and may result in tax rate volatility in the future.

The change in valuation allowance in 2024 was largely related to the January transfer of intellectual property noted above. Because both the asset and the related valuation allowance were written off, there is no net income tax expense from the change in valuation allowance. Therefore, no tax expense amount is reflected in the table above.

As of December 31, 2024 and 2023, the Company had gross unrecognized tax benefits of $257.5 million and $148.4 million, respectively. The increase is primarily due to positions taken with respect to certain intercompany transactions. The gross unrecognized tax benefits at December 31, 2024 related primarily to transfer pricing on intercompany transactions, the exclusion of stock-based compensation expense from the Company’s cost sharing agreement, and the ability to realize certain refund claims. It is reasonably possible that gross unrecognized tax benefits will decrease by approximately $11.0 million within the next twelve months due to the anticipated closure of audits and the expiration of certain statutes of limitation.

Included in the balance of gross unrecognized tax benefits at December 31, 2024 are potential benefits of $246.5 million that, if recognized, would reduce our effective tax rate on income from continuing operations. Also included in the balance of gross unrecognized tax benefits at December 31, 2024 are potential benefits of $11.1 million that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes.

The table below is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31 (in thousands).

			2024						2023
Beginning balance			$	148,390					$	137,227
Additions based on tax positions related to the current year			116,373						22,822
Additions for tax positions of prior years			7,925						4,361
Reductions for tax positions of prior years			(888)						(14)
Reductions for expiration of statutes			(10,573)						(15,625)
Settlements			—						(441)
Change in foreign currency exchange rates			(3,694)						60
Ending balance			$	257,533					$	148,390

The Company accrues interest and penalties related to gross unrecognized tax benefits in its income tax provision. As of December 31, 2024 and 2023, the Company had $21.1 million and $17.4 million, respectively, of accrued interest and penalties related to gross unrecognized tax benefits. These amounts are in addition to the gross unrecognized tax benefits disclosed above. The total amount of interest and penalties recognized in the income tax provision during 2024 and 2023 was $5.0 million and $1.8 million, respectively.

The number of years with open statutes of limitation varies depending on the tax jurisdiction. The Company’s statutes are open with respect to the U.S. federal jurisdiction for 2021 and forward, India for 2006 and forward, and Ireland for 2020 and forward. For other major taxing jurisdictions, including U.S. states, the United Kingdom, Canada, Japan, Malta, Cyprus, France, Germany, and Saudi Arabia, the Company’s statutes vary and are open as far back as 2015.

The Organization for Economic Co-operation and Development (“the OECD”) has issued various proposals that would change long-standing global tax principles. These proposals include a two-pillar approach to global taxation, focusing on global profit allocation and a 15% global corporate minimum tax rate.

Several countries in which Gartner does business have proposed or enacted new laws or are actively considering changes to their tax laws to align with OECD proposals. Significant details around the provisions are still uncertain as the OECD and participating countries continue to work on defining the underlying rules and administrative procedures. Enactment of this and similar legislation could significantly increase our tax obligations in countries where we do business. We will continue to monitor and reflect the impact of such legislative changes in future financial statements as appropriate.

Under U.S. GAAP, no provision for income taxes that may result from the remittance of earnings held overseas is required if the Company has the ability and intent to indefinitely reinvest such funds overseas. The Company intends to distribute a portion of the accumulated undistributed earnings of non-U.S. subsidiaries as of December 31, 2024 in conjunction with global restructuring activity. The Company has recorded an income tax expense of approximately $2.6 million during 2024 for the anticipated tax impact of such distribution. The Company continues to assert its intention to reinvest all remaining accumulated undistributed foreign earnings in its non-U.S. operations, except in instances where the repatriation of those earnings would result in minimal additional tax. Consequently, except as noted above, the Company has not recognized income tax expense that would result from the remittance of those earnings. The accumulated undistributed earnings of non-U.S. subsidiaries that have not been previously taxed were approximately $118.1 million as of December 31, 2024.

Note 13 — Derivatives and Hedging

The Company enters into a limited number of derivative contracts to mitigate the cash flow risk associated with changes in interest rates on variable-rate debt and changes in foreign exchange rates on forecasted foreign currency transactions. The Company accounts for its outstanding derivative contracts in accordance with FASB ASC Topic 815, which requires all derivatives, including derivatives designated as accounting hedges, to be recorded on the balance sheet at fair value. The tables below provide information regarding the Company’s outstanding derivative contracts as of the dates indicated (in thousands, except for number of contracts).

December 31, 2024

Derivative Contract Type						Number of Contracts						Notional Amounts						Fair Value Asset (Liability), Net (3)						Balance Sheet Line Item						Unrealized Loss Recorded in AOCI/L
Interest rate swap (1)						1						$	350,000					$	3,095					Other current assets						$	(9,800)
Foreign currency forwards (2)						119						656,904						(16)						Other current liabilities						—
Total						120						$	1,006,904					$	3,079											$	(9,800)

December 31, 2023

Derivative Contract Type						Number of Contracts						Notional Amounts						Fair Value Asset (Liability), Net (3)						Balance Sheet Line Item						Unrealized Loss Recorded in AOCI/L
Interest rate swaps (1)						1						$	350,000					$	1,097					Other assets						$	(24,162)
																		5,962						Other current assets
Foreign currency forwards (2)						111						525,719						180						Other current assets						—
Total						112						$	875,719					$	7,239											$	(24,162)

(1)As a result of the payment under the then outstanding 2016 Credit Agreement term loan and revolving credit facility, the Company de-designated all of its interest rate swaps effective June 30, 2020. Accordingly, hedge accounting is not applicable, and subsequent changes to fair value of the interest rate swaps are recorded in Other income, net. The amounts previously recorded in Accumulated other comprehensive loss are amortized into Interest expense over the terms of the hedged forecasted interest payments. Note 6 — Debt provides additional information regarding the Company’s interest rate swap contracts.

(2)The Company has foreign exchange transaction risk because it typically enters into transactions in the normal course of business that are denominated in foreign currencies that differ from the local functional currency. The Company enters into short-term foreign currency forward exchange contracts to mitigate the cash flow risk associated with changes in foreign currency rates on forecasted foreign currency transactions. These contracts are accounted for at fair value with realized and unrealized gains and losses recognized in Other income, net because the Company does not designate these contracts as hedges for accounting purposes. All of the outstanding foreign currency forward exchange contracts at December 31, 2024 matured before February 5, 2025.

(3)See Note 14 — Fair Value Disclosures for the determination of the fair values of these instruments.

At December 31, 2024, all of the Company’s derivative counterparties were investment grade financial institutions. The Company did not have any collateral arrangements with its derivative counterparties and none of the derivative contracts contained credit-risk related contingent features. The table below provides information regarding amounts recognized in the Consolidated Statements of Operations for derivative contracts for the years ended December 31 (in thousands).

Amount Recorded In						2024						2023						2022
Interest expense (1)						$	19,056					$	20,062					$	22,643
Other income, net (2)						(6,380)						(5,836)						(20,397)
Total expense, net						$	12,676					$	14,226					$	2,246

(1)Consists of interest expense from interest rate swap contracts.

(2)Consists of net realized and unrealized gains and losses on foreign currency forward contracts, gains and losses on de-designated interest rate swaps.

.

Note 14 — Fair Value Disclosures

The Company’s financial instruments include cash equivalents, fees receivable from customers, accounts payable and accrued liabilities, all of which are normally short-term in nature. The Company believes that the carrying amounts of these financial instruments reasonably approximate their fair values due to their short-term nature. The Company’s financial instruments also include its outstanding variable-rate borrowings under the 2024 Credit Agreement. The Company believes that the carrying amounts of its variable-rate borrowings reasonably approximate their fair values because the rates of interest on those borrowings reflect current market rates of interest for similar instruments with comparable maturities.

The Company enters into a limited number of derivatives transactions but does not enter into repurchase agreements, securities lending transactions or master netting arrangements. Receivables or payables that result from derivatives transactions are recorded gross in the Consolidated Balance Sheets.

FASB ASC Topic 820 provides a framework for the measurement of fair value and a valuation hierarchy based on the transparency of inputs used in the valuation of assets and liabilities. Classification within the valuation hierarchy is based on the lowest level of input that is significant to the resulting fair value measurement. The valuation hierarchy contains three levels. Level 1 measurements consist of quoted prices in active markets for identical assets or liabilities. Level 2 measurements include significant other observable inputs such as quoted prices for similar assets or liabilities in active markets; identical assets or liabilities in inactive markets; observable inputs such as interest rates and yield curves; and other market-corroborated inputs. Level 3 measurements include significant unobservable inputs such as internally-created valuation models. Generally, the Company does not utilize Level 3 valuation inputs to remeasure any of its assets or liabilities. However, Level 3 inputs may be used by the Company when certain long-lived assets, including identifiable intangible assets, goodwill, and right-of-use assets are measured at fair value on a nonrecurring basis when there are indicators of impairment. Additionally, Level 3 inputs may be used by the Company in its required annual impairment review of goodwill. Information regarding the periodic assessment of the Company’s goodwill is included in Note 1 — Business and Significant Accounting Policies. The Company does not typically transfer assets or liabilities between different levels of the valuation hierarchy.

The table below presents the fair value of certain financial assets and liabilities that are recorded at fair value and measured on a recurring basis in the Company’s Consolidated Balance Sheets (in thousands).

						December 31,
Description						2024						2023
Assets:
Values based on Level 1 inputs:
Deferred compensation plan assets (1)						$	18,089					$	10,290
Total Level 1 inputs						18,089						10,290
Values based on Level 2 inputs:
Deferred compensation plan assets (1)						128,670						104,555
Foreign currency forward contracts (2)						1,852						1,646
Interest rate swap contract (3)						3,095						7,059
Total Level 2 inputs						133,617						113,260
Total Assets						$	151,706					$	123,550
Liabilities:
Values based on Level 2 inputs:
Deferred compensation plan liabilities (1)						$	148,564					$	121,708
Foreign currency forward contracts (2)						1,868						1,466
Total Level 2 inputs						150,432						123,174
Total Liabilities						$	150,432					$	123,174

(1)The Company has a deferred compensation plan for the benefit of certain highly compensated officers, managers and other key employees (see Note 15 — Employee Benefits). The assets consist of investments in money market funds, mutual

funds and company-owned life insurance contracts. The money market funds consist of cash equivalents while the mutual fund investments consist of publicly-traded and quoted equity shares. The Company considers the fair values of these assets to be based on Level 1 inputs, and such assets had fair values of $18.1 million and $10.3 million as of December 31, 2024 and 2023, respectively. The carrying amounts of the life insurance contracts equal their cash surrender values. Cash surrender value represents the estimated amount that the Company would receive upon termination of a contract, which approximates fair value. The Company considers life insurance contracts to be valued based on Level 2 inputs, and such assets had fair values of $128.7 million and $104.6 million at December 31, 2024 and 2023, respectively. The related deferred compensation plan liabilities are recorded at fair value, or the estimated amount needed to settle the liability, which the Company considers to be a Level 2 input.

(2)The Company enters into foreign currency forward exchange contracts to hedge the effects of adverse fluctuations in foreign currency exchange rates (see Note 13 — Derivatives and Hedging). Valuation of these contracts is based on observable foreign currency exchange rates in active markets, which the Company considers to be a Level 2 input.

(3)The Company has interest rate swap contracts that hedge the risk of variability from interest payments on its borrowings (see Note 6 — Debt). The fair values of interest rate swaps are based on mark-to-market valuations prepared by a third-party broker. Those valuations are based on observable interest rates from recently executed market transactions and other observable market data, which the Company considers to be Level 2 inputs. The Company independently corroborates the reasonableness of the valuations prepared by the third-party broker by using an electronic quotation service.

The table below presents the carrying amounts (net of deferred financing costs) and fair values of financial instruments that are not recorded at fair value in the Company’s Consolidated Balance Sheets (in thousands). The estimated fair value of the financial instruments was derived from quoted market prices provided by an independent dealer, which the Company considers to be a Level 2 input.

						Carrying Amount												Fair Value
						December 31,												December 31,
Description						2024						2023						2024						2023
2028 Notes						$	795,296					$	794,088					$	780,544					$	759,040
2029 Notes						595,669						594,794						558,840						543,408
2030 Notes						794,089						793,189						732,200						709,600
Total						$	2,185,054					$	2,182,071					$	2,071,584					$	2,012,048

Assets Measured at Fair Value on a Nonrecurring Basis

The Company’s certain long-lived assets, including identifiable intangible assets, goodwill, and right-of-use assets assets are measured at fair value on a nonrecurring basis when there are indicators of impairment. During the years ended December 31, 2024, 2023 and 2022, the Company recorded impairment charges of $10.9 million, $20.4 million, and $54.0 million, respectively, on right-of-use assets and other long-lived assets primarily related to certain office leases that the Company determined will no longer be used, net of a reduction in the related lease liabilities. The impairments were derived by comparing the fair value of the impacted assets to the carrying value of those assets as of the impairment measurement date, as required under ASC Topic 360 using Level 3 inputs. See Note 7 — Leases for additional discussion related to these impairment charges.

Additionally, see Note 2 — Acquisitions and Divestiture for fair value measurements of certain assets and liabilities acquired in business combinations that are recorded at fair value on a nonrecurring basis.

Note 15 — Employee Benefits

Defined contribution plans. The Company has savings and investment plans (the “401(k) Plans”) covering substantially all U.S. employees. Company contributions are based on the level of employee contributions, up to a maximum of 4% of an employee’s eligible salary, subject to an annual maximum. For 2024, the maximum Company match was $7,200. Amounts expensed in connection with the 401(k) Plans totaled $57.5 million, $56.0 million and $50.4 million in 2024, 2023 and 2022, respectively.

Deferred compensation plans. The Company has supplemental deferred compensation plans for the benefit of certain highly compensated officers, managers and other key employees. The plans’ investment assets are recorded at fair value in Other assets on the Consolidated Balance Sheets. The value of those assets was $146.8 million and $114.8 million at December 31, 2024 and 2023, respectively (see Note 14 — Fair Value Disclosures for fair value information). The related deferred

compensation plan liabilities, which were $148.6 million and $121.7 million at December 31, 2024 and 2023, respectively, are carried at fair value and are adjusted with a corresponding charge or credit to compensation expense to reflect the fair value of the amount owed to the employees. Deferred compensation plan liabilities are recorded in Other liabilities on the Consolidated Balance Sheets. Compensation expense recognized for all of the Company’s deferred compensation plans was $2.3 million, $2.8 million and $0.4 million in 2024, 2023 and 2022, respectively.

Defined benefit pension plans. The Company has defined benefit pension plans at several of its international locations. Benefits earned and paid under those plans are generally based on years of service and level of employee compensation. The Company’s vested benefit obligation is the actuarial present value of the vested benefits to which an employee is entitled based on the employee’s expected date of separation or retirement. The Company’s defined benefit pension plans are accounted for in accordance with FASB ASC Topics 715 and 960. The table below presents the components of the Company’s defined benefit pension plan expense for the years ended December 31 (in thousands). The components of pension expense, other than service cost, are recorded in Other income, net in the Consolidated Statements of Operations.

			2024						2023						2022
Service cost			$	6,765					$	5,363					$	4,173
Interest cost			2,520						2,173						709
Expected return on plan assets			(1,213)						(1,132)						(459)
Recognition of actuarial loss			262						171						264
Other			—						(638)						501
Total defined benefit pension plan expense			$	8,334					$	5,937					$	5,188

The table below presents the key assumptions used in the computation of pension expense for the years ended December 31.

			2024						2023						2022
Weighted average discount rate (1)			3.48		%				3.67		%				1.24		%
Expected return on plan assets			3.59		%				3.90		%				1.58		%
Average compensation increase			3.29		%				3.37		%				2.57		%
Cash balance interest credit rate			3.10		%				3.60		%				1.20		%

(1)Discount rates are typically determined by using the yields on long-term corporate or government bonds in the relevant country with a duration consistent with the expected term of the underlying pension obligations.

The table below provides information regarding changes in the projected benefit obligation of the Company’s defined benefit pension plans for the years ended December 31 (in thousands).

			2024						2023						2022
Projected benefit obligation at beginning of year			$	68,403					$	55,311					$	57,973
Service cost			6,765						5,363						4,173
Interest cost			2,520						2,173						709
Actuarial (gain) loss due to assumption changes and plan experience (1)			(772)						2,527						(7,318)
Benefits payments (2)			(2,838)						(1,974)						(1,225)
Acquisition/Business Combination/Divestiture			—						(268)						—
Other			—						4,628						5,685
Foreign currency impact			(4,368)						643						(4,686)
Projected benefit obligation at end of year (3)			$	69,710					$	68,403					$	55,311

The table below presents the key assumptions used in determining the projected benefit obligations at December 31.

			2024						2023						2022
Weighted average discount rate (4)			3.94		%				3.48		%				3.67		%
Average compensation increase			3.51		%				3.29		%				3.37		%
Cash balance interest credit rate			3.50		%				3.10		%				3.60		%

(1)The actuarial (gain) losses were primarily due to changes in the weighted average discount rate assumption.

(2)The Company projects benefit payments will be made in future years directly to plan participants as follows: $4.0 million in 2025; $4.1 million in 2026; $4.8 million in 2027; $5.9 million in 2028; $6.2 million in 2029; and $35.4 million in total in the five years thereafter.

(3)Measured as of December 31.

(4)Discount rates are typically determined by using the yields on long-term corporate or government bonds in the relevant country with a duration consistent with the expected term of the underlying pension obligations.

The tables below provide information regarding the funded status of the Company’s defined benefit pension plans and the related amounts recorded in the Consolidated Balance Sheets as of December 31 (in thousands).

Funded status of the plans			2024						2023						2022
Projected benefit obligation			$	69,710					$	68,403					$	55,311
Pension plan assets at fair value (1)			(34,931)						(33,034)						(27,798)
Funded status – shortfall (2)			$	34,779					$	35,369					$	27,513
Accumulated benefit obligation			$	62,481					$	61,713					$	50,335
Amounts recorded in the Consolidated Balance Sheets for the plans
Other liabilities – accrued pension obligation (2)			$	34,779					$	35,369					$	27,513
Stockholders’ equity – deferred actuarial loss (3)			$	(5,214)					$	(5,731)					$	(4,247)

(1)The pension plan assets are held by third-party trustees and are invested in a diversified portfolio of equities, high-quality government and corporate bonds, and other investments. The assets are primarily valued based on Level 1 and Level 2 inputs under the fair value hierarchy in FASB ASC Topic 820, with the majority of the invested assets considered to be of low-to-medium investment risk. The Company projects a future long-term rate of return on these plan assets of 3.79%, which it believes is reasonable based on the composition of the assets and both current and projected market conditions. Additional information regarding pension plan asset activity is provided below.

(2)Funded status – shortfall represents the amount of the projected benefit obligation that the Company has not funded with a third-party trustee. These liabilities of the Company are recorded in Other liabilities on the Consolidated Balance Sheets. The level of future contributions by the Company will vary and is dependent on a number of factors including investment returns, interest rate fluctuations, plan demographics, funding regulations and the results of the final actuarial valuation.

(3)The deferred actuarial loss as of December 31, 2024 is recorded in AOCI/L and will be reclassified out of AOCI/L and recognized as pension expense over approximately 9 years, subject to certain limitations set forth in FASB ASC Topic 715.

The table below provides a rollforward of the Company’s defined benefit pension plans assets for the years ended December 31 (in thousands).

			2024						2023						2022
Pension plan assets at the beginning of the year			$	33,034					$	27,798					$	29,737
Company contributions			6,170						5,022						4,450
Benefit payments			(2,838)						(1,974)						(1,225)
Actual return on plan assets			1,021						1,516						(3,072)
Foreign currency impact			(2,456)						672						(2,092)
Pension plan assets at the end of the year			$	34,931					$	33,034					$	27,798

The Company also has a reinsurance asset arrangement with a large international insurance company that is intended to fund benefit payments for one of its plans. The reinsurance asset is not a pension plan asset but is an asset of the Company. At December 31, 2024 and 2023, the reinsurance asset was recorded at its cash surrender value of $8.8 million and $9.5 million, respectively, and recorded in Other assets on the Consolidated Balance Sheets. The Company believes that cash surrender value approximates fair value and is equivalent to a Level 2 input under the FASB’s fair value hierarchy in FASB ASC Topic 820.

Note 16 — Segment Information

The Company’s products and services are delivered through three business segments – Research, Conferences and Consulting, as described below.

• Research equips executives and their teams from every function and across all industries with actionable, objective insight, guidance and tools. Our experienced experts deliver all this value informed by a combination of practitioner-sourced and data-driven research to help our clients address their mission critical priorities.

• Conferences provides executives and teams across an organization the opportunity to learn, share and network. From our Gartner Symposium/Xpo series, to industry-leading conferences focused on specific business roles and topics, to peer-driven sessions, our offerings enable attendees to experience the best of Gartner insight and guidance.

• Consulting serves senior executives leading technology-driven strategic initiatives leveraging the power of Gartner’s actionable, objective insight. Through custom analysis and on-the-ground support we enable optimized technology investments and stronger performance on our clients’ mission critical priorities.

The Company's Chief Executive Officer is its chief operating decision maker (CODM). The CODM evaluates segment performance and allocates resources based on gross contribution. Gross contribution, as presented in the table below, is defined as operating income or loss excluding certain Cost of services and product development expenses, Selling, general and administrative expenses, Depreciation, Amortization of intangibles, and Acquisition and integration charges. Certain bonus and fringe benefit costs included in consolidated Cost of services and product development are not allocated to segment expense. The accounting policies used by the reportable segments are the same as those used by the Company. There are no intersegment revenues. The Company does not identify or allocate tangible assets, including capital expenditures, by reportable segment. Accordingly, tangible assets are not reported by segment because the information is not available by segment and is not reviewed in the evaluation of segment performance or in making decisions regarding the allocation of resources.

The Company earns revenue from clients in many countries. Other than the United States, there is no individual country where revenues from external clients represent 10% or more of the Company’s consolidated revenues. Additionally, no single client accounted for 10% or more of the Company’s consolidated revenues and the loss of a single client, in management’s opinion, would not have a material adverse effect on revenues.

The tables below present information about the Company’s reportable segments for the years ended December 31 (in thousands).

2024
			Research			Conferences			Consulting			Consolidated
Revenues			$	5,125,650		$	583,224		$	558,537		$	6,267,411
Less:
Personnel expenses			1,125,694			67,326			324,890			1,517,910
Product and content delivery expenses			179,784			215,664			14,775			410,223
Other (1)			27,329			18,825			15,580			61,734
Gross contribution			3,792,843			281,409			203,292			4,277,544
Cost of services and product development - unallocated (2)												33,155
Selling, general and administrative												2,884,814
Depreciation and amortization												202,315
Acquisition and integration charges												973
Interest expenses and other, net												68,913
Gain on event cancellation insurance claims												(300,000)
Income before income taxes												$	1,387,374

2023
			Research			Conferences			Consulting			Consolidated
Revenues			$	4,887,046		$	505,164		$	514,746		$	5,906,956
Less:
Personnel expenses			1,071,315			56,708			308,580			1,436,603
Product and content delivery expenses			193,234			178,675			8,978			380,887
Other (1)			22,354			16,042			15,687			54,083
Gross contribution			3,600,143			253,739			181,501			4,035,383
Cost of services and product development - unallocated (2)												31,667
Selling, general and administrative												2,701,542
Depreciation and amortization												191,103
Acquisition and integration charges												9,587
Gain from sale of divested operation												(135,410)
Interest expenses and other, net												92,842
Gain on event cancellation insurance claims												(3,077)
Income before income taxes												$	1,147,129

2022
			Research			Conferences			Consulting			Consolidated
Revenues			$	4,604,791		$	389,273		$	481,782		$	5,475,846
Less:
Personnel expenses			963,437			43,176			270,769			1,277,382
Product and content delivery expenses			212,143			125,528			10,504			348,175
Other (1)			14,637			9,843			10,675			35,155
Gross contribution			3,414,574			210,726			189,834			3,815,134
Cost of services and product development - unallocated (2)												33,059
Selling, general and administrative												2,480,944
Depreciation and amortization												191,946
Acquisition and integration charges												9,079
Interest expenses and other, net												72,911
Income before income taxes												$	1,027,195

(1)Other consists primarily of travel and entertainment and workplace expenses.

(2)The unallocated amounts consist of certain bonus and fringe costs recorded in consolidated Cost of services and product development that are not allocated to segment expense. The Company’s policy is to allocate bonuses to segments at 100% of a segment employee’s target bonus. Amounts above or below 100% are absorbed by corporate.

Disaggregated revenue information by reportable segment for the three years ended December 31, 2024 is presented in Note 9 — Revenue and Related Matters. Long-lived asset information by geographic location as of December 31 is summarized in the table below (in thousands).

			2024						2023
Long-lived assets (1):
United States and Canada			$	574,559					$	625,269
Europe, Middle East and Africa			326,196						233,272
Other International			97,491						110,274
Total long-lived assets			$	998,246					$	968,815

(1)Excludes goodwill and intangible assets for all dates.

Note 17 — Contingencies

Legal Matters. The Company is involved in legal proceedings, claims and compliance matters arising in the ordinary course of business. The Company records a provision in its consolidated financial statements when it is determined that an unfavorable outcome in one of these matters is probable and the amount of the loss can be reasonably estimated. The Company believes that the potential liability, if any, in excess of amounts already accrued for these contingencies will not have a material effect on its financial position, cash flows or results of operations when resolved in a future period.

Indemnifications. The Company has various agreements that may obligate it to indemnify the other party with respect to certain matters. Generally, these indemnification clauses are included in contracts arising in the normal course of business under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations related to matters such as title to assets sold and licensed or certain intellectual property rights. It is not possible to predict the maximum potential amount of future payments under these indemnification agreements due to the conditional nature of the Company’s obligations and the unique facts of each particular agreement. Historically, payments made by the Company under these agreements have not been material. As of December 31, 2024, the Company did not have any material payment obligations under any such indemnification agreements.

Note 18 — Valuation and Qualifying Accounts

The Company maintains an allowance for bad debt. The table below summarizes the activity in the Company’s allowance for losses for the years ended December 31 (in thousands).

			Balance at Beginning of Year						Additions Charged to Expense						Deductions from the Reserve						Balance at End of Year
2024			$	9,000					$	5,000					$	(5,500)					$	8,500
2023			$	9,000					$	7,200					$	(7,200)					$	9,000
2022			$	6,500					$	7,800					$	(5,300)					$	9,000