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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
---------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 6, 2007
---------------------------
GARTNER, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-14443 04-3099750
-------- ------- ----------
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
P.O. Box 10212
56 Top Gallant Road
Stamford, CT 06902-7747
(Address of Principal Executive Offices, including Zip Code)
(203) 316-1111
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
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ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On February 6, 2007, Gartner, Inc. (the "Company") announced financial results
for the quarter and twelve months ended December 31, 2006. A copy of the
Company's press release is furnished as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information in this
Item 2.02 and in Exhibit 99.1 of this Current Report on Form 8-K shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability
of that section, and shall not be incorporated by reference into any
registration statement or other document filed under the Securities Act of 1933,
as amended, or the Exchange Act, except as shall be expressly set forth by
specific reference in such filing.
ITEM 8.01. OTHER EVENTS.
On February 1, 2007, the Company's board of directors authorized up to $200
million for the repurchase of Gartner common stock. The program will replace the
prior $100 million share repurchase program previously authorized. Repurchases
will be made from time-to-time through open market purchases. Repurchases are
subject to the availability of stock, prevailing market conditions, the trading
price of the stock, the Company's financial performance and other conditions.
Repurchases will be funded from cash flow from operations and possible
borrowings under the Company's credit facility.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
EXHIBIT NO. DESCRIPTION
- ------------ -------------------------------------------------------------
99.1 Press Release issued February 6, 2007 with respect to financial
results for Gartner, Inc. for the quarter and twelve months
ended December 31, 2006.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Gartner, Inc.
Date: February 6, 2007 By: /s/ Christopher Lafond
----------------------------
Christopher Lafond
Executive Vice President,
Chief Financial Officer
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
- ------------ ----------------------------------------------------------------
99.1 Press Release issued February 6, 2007 with respect to financial
results for Gartner, Inc. for the quarter and twelve months
ended December 31, 2006.
Exhibit 99.1
Gartner Reports Fourth Quarter and Full Year 2006 Results
Record Contract Value of $640 Million
Expects 2007 Revenue to Increase between 8 and 11%
STAMFORD, Conn.--(BUSINESS WIRE)--Feb. 6, 2007--Gartner, Inc.
(NYSE: IT), the leading provider of research and analysis on the
global information technology industry, today reported results for the
fourth quarter and year ended December 31, 2006.
Fourth Quarter 2006 Results
Total revenue for the 2006 fourth quarter increased 5% to $304
million. Research contract value ended the quarter at $640 million, an
increase of 8% over the same quarter last year. Normalized EBITDA was
$52 million. GAAP EPS was $0.20 and normalized EPS was $0.22 for the
2006 fourth quarter. Normalized EPS excludes the following pre-tax
items: a $4.9 million non-cash charge related to stock-based
compensation under SFAS123(R); and a $0.4 million non-cash charge for
the amortization of intangible assets acquired in the META
acquisition. See "Non-GAAP Financial Measures" for a further
discussion of normalized EBITDA and normalized EPS.
Excluding the effect of foreign currency, total revenue and
research contract value for the 2006 fourth quarter increased
approximately 3% and 11%, respectively, over the same quarter last
year.
Full Year 2006 Results
Total revenue for 2006 increased 7% to $1,060 million. Normalized
EBITDA was $156 million, up 48% from last year. GAAP EPS was $0.50 and
normalized EPS was $0.67 for the year. Normalized EPS excludes the
following pre-tax items: $16.7 million non-cash charge related to
stock-based compensation under SFAS123(R); $1.5 million charge related
to the integration activities associated with the Company's acquisition
of META; and $10.6 million non-cash charge for the amortization of
intangible assets acquired in the META acquisition. See "Non-GAAP
Financial Measures" below for a further discussion of normalized EBITDA
and normalized EPS.
Business Segment Highlights
Research. Research revenue was $152 million for the 2006 fourth
quarter and $571 million for the year, increases of 16% and 9%,
respectively, as compared to the same periods in 2005. At December 31,
2006, Research contract value was $640 million, up from $593 million
at December 31, 2005. This represents the highest reported contract
value in the Company's history. Client and wallet retention rates for
the 2006 fourth quarter were 81% and 96%, respectively.
Consulting. Consulting revenue was $76 million for the 2006 fourth
quarter and $305 million for the year as compared to $85 million and
$301 million for the same periods a year ago. Utilization averaged 61%
during the fourth quarter and 64% for the year. The average annualized
revenue per billable headcount is approximately $370,000. Billable
headcount was 518 as of December 31, 2006, a slight decline from 525
at the end of 2005. Consulting backlog was $110 million at December
31, 2006.
Events. Events revenue was $72 million for the fourth quarter of
2006 and $169 million for the year, up 4% and 12% from the same
periods in 2005. The Company held 74 events in 2006 as compared to 70
in 2005, with over 41,000 worldwide attendees in 2006, a 16% increase
compared to 2005.
Gene Hall, Gartner's chief executive officer, said, "Our results
for 2006 reflect the continued successful execution of our strategy to
grow the research business and improve margins, with revenue and
contract value finishing at all time highs The company has now
delivered 12 consecutive quarters of contract value growth. Our
normalized EBITDA increased almost 50% over 2005. We will further
increase our momentum in 2007 with the continued enhancement of our
products, improvements in client service, and continued growth of our
sales organization."
Share Repurchase Program
During the fourth quarter in 2006, Gartner repurchased 885,900
shares of its common stock at a cost of $17.2 million. As of December
31, 2006, the Company has repurchased a total of 5.4 million shares at
an aggregate cost of $80.3 million under the $100 million share
repurchase program authorized in October 2005. In addition, Gartner
purchased 10.4 million shares directly from Silver Lake Partners in
December at a total cost of $200 million.
Gartner also announced that its board of directors has authorized
up to $200 million for the repurchase of Company stock. This program
will replace the prior $100 million share repurchase program
previously authorized. Repurchases will be made from time-to-time
through open market purchases and are subject to the availability of
stock, prevailing market conditions, the trading price of the stock,
the Company's financial performance and other conditions. The program
will be funded from cash flow from operations and possible borrowings
under the Company's existing credit facility.
Cash Flow and Capital Expenditures
Net cash from operations for the fourth quarter of 2006 totaled
$31 million, compared to $0 a year ago. For the full year, net cash
from operations totaled $106 million, compared to $27 million in 2005.
Capital expenditures were $8 million in the quarter and $21 million
for the full year. In 2006 free cash flow was $85 million compared to
$5 million in 2005.
Business Outlook
Gartner also provided its outlook for 2007. For the full year, the
Company is targeting total revenue of approximately $1,150 to $1,177
million. By segment, for the full year 2007 the Company is targeting
Research revenue of approximately $635 million to $645 million,
Consulting revenue of approximately $317 million to $327 million,
Events revenue of approximately $188 million to $193 million, and
other revenue of approximately $10 million to $12 million.
Based on above revenue outlook, the Company is targeting
normalized EBITDA for the full year 2007 of $189 to $199 million, or
an increase of 21 to 28 percent. In 2007, the Company is projecting
$24- $26 million of pre-tax expense related to SFAS 123(R). Gartner is
projecting GAAP EPS of $0.68 to $0.75. The Company expects cash flow
from operations of $135 to $150 million.
Conference Call and Investor Day Information
Gartner has scheduled a conference call at 10 a.m. ET today,
Tuesday, February 6, 2007, to discuss the Company's financial results.
The conference call will be available via the Internet by accessing
the Company's web site at http://investor.gartner.com. A replay of the
webcast will be available for 30 days following the call.
The Company will also host an Investor Day conference on Thursday,
March 8, 2007 at Cipriani in New York City. The conference will begin
at 8:30 a.m EST and will conclude at approximately 1:00 p.m. EST.
Registration is required. Please contact Germaine Scott at
203-316-3411 for further information.
About Gartner
Gartner, Inc. (NYSE: IT) delivers the technology-related insight
necessary for our clients to make the right decisions, every day.
Gartner serves 10,000 organizations, including chief information
officers and other senior IT executives in corporations and government
agencies, as well as technology companies and the investment
community. The Company consists of Gartner Research, Gartner Executive
Programs, Gartner Consulting and Gartner Events. Founded in 1979,
Gartner is headquartered in Stamford, Connecticut, U.S.A., and has
3,700 associates, including 1,200 research analysts and consultants in
75 countries worldwide. For more information, visit gartner.com.
Non-GAAP Financial Measures
Investors are cautioned that normalized EBITDA and normalized EPS
information contained in this press release are not financial measures
under generally accepted accounting principles (GAAP). In addition,
they should not be construed as alternatives to any other measures of
performance determined in accordance with GAAP. These non-GAAP
financial measures are provided to enhance the user's overall
understanding of the Company's current financial performance and the
Company's prospects for the future. We believe normalized EBITDA and
normalized EPS are important measures of our recurring operations as
they exclude items that may not be indicative of our core operating
results and calculate earnings per share in a manner consistent with
prior periods. Normalized EBITDA is based on operating income,
excluding impact of SFAS 123(R), depreciation and amortization,
goodwill impairments, and other charges. Normalized EPS is based on
net income (loss) excluding other charges, impact of SFAS 123(R),
non-cash charges, goodwill impairments, amortization of acquired
intangible assets, and gains and losses on investments. See
"Supplemental Information" at the end of this release for
reconciliation of GAAP EBITDA and EPS to normalized EBITDA and EPS.
Safe Harbor Statement
Statements contained in this press release regarding the growth
and prospects of the business, the Company's full year 2007 financial
results, future restructuring charges, acquisition of META Group, Inc.
and all other statements in this release other than recitation of
historical facts are forward-looking statements (as defined in the
Private Securities Litigation Reform Act of 1995). Such
forward-looking statements include risks and uncertainties;
consequently, actual results may differ materially from those
expressed or implied thereby. Factors that could cause actual results
to differ materially include, but are not limited to: the Company's
ability to expand or even retain the Company's customer base; the
Company's ability to grow or even sustain revenue from individual
customers; the Company's ability to attract and retain professional
staff of research analysts and consultants upon whom the Company is
dependent; ability to achieve and effectively manage growth; the
Company's ability to pay the Company's debt obligations; the Company's
ability to achieve continued customer renewals and achieve new
contract value, backlog and deferred revenue growth in light of
competitive pressures; the Company's ability to carry out the
Company's strategic initiatives and manage associated costs;
substantial competition from existing competitors and potential new
competitors; additional risks associated with international operations
including foreign currency fluctuations; the impact of restructuring
and other charges on the Company's businesses and operations; and
other risks listed from time to time in the Company's reports filed
with the Securities and Exchange Commission. These filings can be
found on Gartner's Web site at www.investor.gartner.com and the SEC's
Web site at www.sec.gov. Forward-looking statements included herein
speak only as of the date hereof and the Company disclaims any
obligation to revise or update such statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events or circumstances.
GARTNER, INC.
Condensed Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
2006 2005 2006 2005
--------- --------- ----------- ---------
Revenues:
Research $151,678 $131,015 16% $ 571,217 $523,033 9%
Consulting 76,173 85,225 -11% 305,231 301,074 1%
Events 72,229 69,136 4% 169,434 151,339 12%
Other 3,859 3,924 -2% 14,439 13,558 6%
--------- --------- ----------- ---------
Total revenues 303,939 289,300 5% 1,060,321 989,004 7%
Costs and expenses:
Cost of services
and product
development (1) 146,439 138,712 6% 505,330 486,611 4%
Selling, general
and
administrative
(1) 110,112 108,649 1% 416,094 397,252 5%
Depreciation 5,846 6,786 -14% 23,444 25,502 -8%
Amortization of
intangibles 470 3,377 -86% 10,753 10,226 U
META integration
charges - 1,337 F 1,450 14,956 F
Other charges - 697 F - 29,177 F
--------- --------- ----------- ---------
Total costs and
expenses 262,867 259,558 1% 957,071 963,724 -1%
--------- --------- ----------- ---------
Operating income 41,072 29,742 F 103,250 25,280 F
Loss from
investments, net - (502) F - (5,841) F
Interest expense,
net (3,891) (3,289)-18% (16,581) (11,072)-50%
Other income
(expense), net 265 (398) F (797) (2,929) 73%
--------- --------- ----------- ---------
Income before
income taxes 37,446 25,553 47% 85,872 5,438 F
Provision for
income taxes 14,873 10,743 38% 27,677 7,875 U
--------- --------- ----------- ---------
Net income (loss) $ 22,573 $ 14,810 52% $ 58,195 $ (2,437) F
========= ========= =========== =========
Income (loss) per
common share:
Basic $ 0.20 $ 0.13 54% $ 0.51 $ (0.02) F
Diluted $ 0.20 $ 0.13 54% $ 0.50 $ (0.02) F
Weighted average
shares
outstanding:
Basic 111,498 113,266 -2% 113,071 112,253 1%
Diluted 115,693 115,564 0% 116,203 112,253 4%
SUPPLEMENTAL
INFORMATION
- --------------------
Normalized EPS (2) $ 0.22 $ 0.16 38% $ 0.67 $ 0.36 86%
(1) On January 1, 2006, we adopted Statement of Financial Accounting
Standards No. 123R, "Share-Based Payments" ("SFAS No. 123(R)") under
the modified prospective method of adoption. Accordingly, the three
and twelve months ended December 31, 2005 exclude stock-based
compensation expense calculated under SFAS No. 123(R).
(2) Normalized net income & EPS is based on net income (loss),
excluding normalizing adjustments, which includes other charges, non-
cash charges, META integration and amortization charges, goodwill
impairments, gains and losses from investments and charges for stock-
based compensation under SFAS No. 123(R). We believe normalized EPS
is an important measure of our recurring operations.
See "Supplemental Information" at the end of this release for a
reconciliation from GAAP net income (loss) and EPS to Normalized net
income and EPS and a discussion of the reconciling items.
BUSINESS SEGMENT DATA
(Dollars in thousands)
Direct Gross Contrib.
Revenue Expense Contribution Margin
----------- --------- ------------ --------
Three Months Ended
12/31/06
Research $ 151,678 $ 64,392 $ 87,286 58%
Consulting 76,173 52,015 24,158 32%
Events 72,229 31,001 41,228 57%
Other 3,859 719 3,140 81%
----------- --------- ------------
TOTAL $ 303,939 $148,127 $ 155,812 51%
=========== ========= ============
Three Months Ended
12/31/05
Research $ 131,015 $ 57,628 $ 73,387 56%
Consulting 85,225 44,115 41,110 48%
Events 69,136 29,612 39,524 57%
Other 3,924 307 3,617 92%
----------- --------- ------------
TOTAL $ 289,300 $131,662 $ 157,638 54%
=========== ========= ============
Twelve Months Ended
12/31/06
Research $ 571,217 $225,696 $ 345,521 60%
Consulting 305,231 184,571 120,660 40%
Events 169,434 85,745 83,689 49%
Other 14,439 2,714 11,725 81%
----------- --------- ------------
TOTAL $1,060,321 $498,726 $ 561,595 53%
=========== ========= ============
Twelve Months Ended
12/31/05
Research $ 523,033 $213,025 $ 310,008 59%
Consulting 301,074 175,396 125,678 42%
Events 151,339 75,204 76,135 50%
Other 13,558 1,374 12,184 90%
----------- --------- ------------
TOTAL $ 989,004 $464,999 $ 524,005 53%
=========== ========= ============
Excluding SFAS No. 123(R) (1)
Gross Contrib.
Contribution Margin
-------------------- --------
Three Months Ended 12/31/06
Research $ 88,696 58%
Consulting 24,633 32%
Events 41,336 57%
Other 3,140 81%
--------------------
TOTAL $ 157,805 52%
====================
Three Months Ended 12/31/05
Research
Consulting
Events
Other
TOTAL
Twelve Months Ended 12/31/06
Research $ 351,482 62%
Consulting 122,450 40%
Events 84,040 50%
Other 11,725 81%
--------------------
TOTAL $ 569,697 54%
====================
Twelve Months Ended 12/31/05
Research
Consulting
Events
Other
TOTAL
(1) Excludes pre-tax stock compensation expense calculated under SFAS
No. 123(R) of approximately $2.0 million and $8.1 million for the
three and twelve month periods ended December 31, 2006, respectively,
in order for the results to be comparative.
Gartner adopted SFAS No. 123(R) under the modified prospective method
of adoption on January 1, 2006. Accordingly, segment data for the
three and twelve month periods ended December 31, 2005 excludes stock
compensation expense determined in accordance with SFAS No. 123(R)
since the Company did not restate prior periods.
SELECTED STATISTICAL DATA
December 31, December 31,
2006 2005
------------- -------------
Research contract value $ 640,294 (1) $ 592,636 (1)
Research client retention 81% 81%
Research wallet retention 96% 93%
Research client organizations 9,470 9,315
Consulting backlog $ 109,600 (1) $ 119,903 (1)
Consulting--quarterly utilization 61% 64%
Consulting billable headcount 518 525
Consulting--average annualized
revenue per billable headcount $ 370,000 (1) $ 390,000 (1)
Events--number of events for the
quarter 18 18
Events--attendees for the quarter 16,375 14,248
(1) Dollars in thousands.
SUPPLEMENTAL INFORMATION
GAAP to Normalized Reconciliations
(in thousands, except per share data)
Reconciliation - GAAP to Normalized EBITDA (1):
Three Months Ended
December 31,
------------------
2006 2005
--------- --------
Net income $ 22,573 $14,810
Interest expense, net 3,891 3,289
Other (income) expense, net (265) 398
Loss from investments, net - 502
Tax provision 14,873 10,743
--------- --------
Operating income $ 41,072 $29,742
Depreciation and amortization 6,316 10,163
Normalizing adjustments:
Other charges (2) - 697
META integration charges (3) - 1,337
SFAS No. 123(R) stock compensation expense (4) 4,930 -
--------- --------
Normalized EBITDA $ 52,318 $41,939
========= ========
Reconciliation - GAAP to Normalized Net Income and EPS (1):
Three Months Ended December 31,
-------------------------------------------------
2006 2005
------------------------ ------------------------
After- After-
Tax Tax
Income Shares EPS Income Shares EPS
-------- -------- ------ -------- -------- ------
GAAP Basic EPS $22,573 111,498 $0.20 $14,810 113,266 $0.13
Share equivalents
from stock-based
compensation shares - 4,195 - - 2,298 -
-------- -------- ------ -------- -------- ------
GAAP Diluted EPS $22,573 115,693 $0.20 $14,810 115,564 $0.13
Other charges (2) - - - 377 - -
META integration
charges (3) - - - 894 - 0.01
SFAS No. 123(R)
stock compensation
expense (4) 3,171 - 0.02 - - -
Amortization of META
intangibles (5) 272 - 0.00 2,133 - 0.02
-------- -------- ------ -------- -------- ------
Normalized net
income & EPS (7) $26,016 115,693 $0.22 $18,214 115,564 $0.16
======== ======== ====== ======== ======== ======
SUPPLEMENTAL INFORMATION
GAAP to Normalized Reconciliations
(in thousands, except per share data)
Reconciliation - GAAP to Normalized EBITDA (1):
Twelve Months Ended
December 31,
-------------------
2006 2005
--------- ---------
Net income (loss) $ 58,195 $ (2,437)
Interest expense, net 16,581 11,072
Other expense, net 797 2,929
Loss from investments, net - 5,841
Tax provision 27,677 7,875
--------- ---------
Operating income $103,250 $ 25,280
Depreciation and amortization 34,197 35,728
Normalizing adjustments:
Other charges (2) - 29,177
META integration charges (3) 1,450 14,956
SFAS No. 123(R) stock compensation expense (4) 16,670 -
--------- ---------
Normalized EBITDA $155,567 $105,141
========= =========
Reconciliation - GAAP to Normalized Net Income and EPS (1):
Twelve Months Ended December 31,
--------------------------------------------------
2006 2005
------------------------ -------------------------
After- After-
Tax Tax
Income Shares EPS Income Shares EPS
-------- -------- ------ -------- -------- -------
GAAP Basic EPS $58,195 113,071 $0.51 $(2,437) 112,253 $(0.02)
Share equivalents
from stock-based
compensation
shares - 3,132 - - 1,340 -
-------- -------- ------ -------- -------- -------
GAAP Diluted EPS $58,195 116,203 $0.50 $(2,437) 113,593 $(0.02)
Other charges (2) - - - 20,515 - 0.18
META integration
charges (3) 1,049 - 0.01 10,672 - 0.09
SFAS No. 123(R)
stock compensation
expense (4) 10,787 - 0.10 - - -
Amortization of
META intangibles
(5) 7,407 - 0.06 7,105 - 0.06
Loss from
investments (6) - - - 5,377 - 0.05
-------- -------- ------ -------- -------- -------
Normalized net
income & EPS (7) $77,439 116,203 $0.67 $41,232 113,593 $ 0.36
======== ======== ====== ======== ======== =======
Footnotes
(1) Normalized EBITDA is based on operating income (loss) before
interest, taxes, depreciation amortization, and certain
normalizing adjustments.
Normalized net income & EPS is based on net income (loss),
excluding normalizing adjustments which includes other charges,
non-cash charges, META integration and amortization charges,
goodwill impairments, gains and losses on investments, and charges
for stock-based compensation under SFAS No. 123(R) (see Footnote
4 below).
Normalized EBITDA, as well as normalized net income and EPS, are
not measurements of operating performance calculated in accordance
with generally accepted accounting principles (GAAP) and should
not be considered substitutes for operating income (loss) and net
income (loss) in accordance with GAAP. In addition, because these
measurements may not be defined consistently by other companies,
these measurements may not be comparable to similarly titled
measures of other companies.
However, we believe these indicators are relevant and useful to
investors because they provide alternative measures that take into
account certain adjustments that are viewed by our management as
being non-cash items or charges.
(2) Other charges during 2005 included first quarter pre-tax charges
of $10.6 related to a reduction in workforce and $3.7 million
primarily for restructuring within the Company's international
operations, a second quarter pre-tax charge of $8.2 million,
primarily related to a reduction in facilities, a third quarter
pre-tax charge of $6.0 related to an option buyback, and a fourth
quarter charge of $0.7 million related to a reduction in
workforce.
(3) The META integration charges are related to our acquisition of the
META Group, Inc. These costs were primarily for severance, and for
consulting, accounting, and tax services.
(4) The stock compensation charge represents the cost of stock-based
compensation awarded by the Company to its employees under
Statement of Financial Accounting Standards No. 123(R),
"Share-Based Payments" ("SFAS No. 123R"). The Company adopted SFAS
No. 123(R) on January 1, 2006, under the modified propective
method of adoption.
(5) The amortization of META intangibles represents the non-cash
amortization charges related to the other intangible assets
recorded as a result of the META acquisition.
(6) The loss on investments relate to impairment losses on
investments. These charges are recorded in "Loss from investments,
net."
(7) The normalized effective tax rates were 32.6% and 37% for 2006 and
2005, respectively.
CONTACT: Gartner, Inc.
Investors:
Lisa Nadler, 203-316-6537
Lisa.Nadler@gartner.com