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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
 
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
Commission File Number 1-14443
Gartner, Inc.
(Exact name of Registrant as specified in its charter)
Delaware04-3099750
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification Number)
  
P.O. Box 1021206902-7700
56 Top Gallant Road(Zip Code)
Stamford, 
Connecticut
(Address of principal executive offices) 
Registrant’s telephone number, including area code: (203) 316-1111
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $.0005 par value per shareITNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filerNon-accelerated filer
Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
As of October 29, 2021, 82,239,010 shares of the registrant’s common shares were outstanding.
1


Table of Contents

 Page
 
 
PART II. OTHER INFORMATION
 

2


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

GARTNER, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited; in thousands, except share data)
 September 30,December 31,
20212020
Assets  
Current assets:  
Cash and cash equivalents$765,530 $712,583 
Fees receivable, net of allowances of $6,000 and $10,000, respectively
969,966 1,241,508 
Deferred commissions250,409 259,755 
Prepaid expenses and other current assets122,943 109,212 
Total current assets2,108,848 2,323,058 
Property, equipment and leasehold improvements, net297,020 336,765 
Operating lease right-of-use assets616,317 647,283 
Goodwill2,952,927 2,945,547 
Intangible assets, net743,950 806,998 
Other assets275,577 256,316 
Total Assets$6,994,639 $7,315,967 
Liabilities and Stockholders’ Equity   
Current liabilities:  
Accounts payable and accrued liabilities$870,310 $952,431 
Deferred revenues2,028,908 1,974,548 
Current portion of long-term debt5,326 20,515 
Total current liabilities2,904,544 2,947,494 
Long-term debt, net of deferred financing fees 2,457,643 1,958,286 
Operating lease liabilities740,088 780,166 
Other liabilities557,857 539,593 
Total Liabilities6,660,132 6,225,539 
Stockholders’ Equity   
Preferred stock, $0.01 par value, 5,000,000 shares authorized; 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 capital2,054,563 1,968,930 
Accumulated other comprehensive loss, net(83,837)(99,228)
Accumulated earnings2,839,668 2,255,467 
Treasury stock, at cost, 80,666,111 and 74,759,985 common shares, respectively
(4,475,969)(3,034,823)
Total Stockholders’ Equity 334,507 1,090,428 
Total Liabilities and Stockholders’ Equity $6,994,639 $7,315,967 
 

See the accompanying notes to Condensed Consolidated Financial Statements.
3


GARTNER, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited; in thousands, except per share data)
Three Months EndedNine Months Ended
 September 30,September 30,
 2021202020212020
Revenues:
Research$1,037,124 $892,719 $3,020,094 $2,677,339 
Conferences24,415 12,738 107,396 26,925 
Consulting94,743 89,161 300,149 282,380 
Total revenues1,156,282 994,618 3,427,639 2,986,644 
Costs and expenses:
Cost of services and product development359,237 329,767 1,044,506 993,596 
Selling, general and administrative512,573 521,508 1,488,324 1,512,987 
Depreciation25,371 22,743 76,972 67,988 
Amortization of intangibles27,109 31,228 83,777 94,615 
Acquisition and integration charges1,771 1,722 3,713 5,438 
Total costs and expenses926,061 906,968 2,697,292 2,674,624 
Operating income 230,221 87,650 730,347 312,020 
Interest expense, net(31,599)(30,538)(85,138)(87,182)
Gain on event cancellation insurance claims  135,545  
Loss on extinguishment of debt (44,814) (44,814)
Other income (expense), net211 1,869 12,019 (10,046)
Income before income taxes198,833 14,167 792,773 169,978 
Provision (benefit) for income taxes49,968 (2,797)208,572 22,840 
Net income $148,865 $16,964 $584,201 $147,138 
Net income per share: 
Basic$1.78 $0.19 $6.80 $1.65 
Diluted$1.76 $0.19 $6.72 $1.63 
Weighted average shares outstanding:
Basic83,566 89,378 85,877 89,307 
Diluted84,766 89,955 86,925 90,002 

See the accompanying notes to Condensed Consolidated Financial Statements.
4


GARTNER, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(Unaudited; in thousands)
Three Months EndedNine Months Ended
 September 30,September 30,
 2021202020212020
Net income $148,865 $16,964 $584,201 $147,138 
Other comprehensive (loss) income, net of tax: 
Foreign currency translation adjustments(6,488)7,498 (1,172)(15,066)
Interest rate swaps – net change in deferred gain or loss5,529 4,379 16,256 (37,453)
Pension plans – net change in deferred actuarial loss100 85 307 244 
Other comprehensive (loss) income, net of tax(859)11,962 15,391 (52,275)
Comprehensive income$148,006 $28,926 $599,592 $94,863 

See the accompanying notes to Condensed Consolidated Financial Statements.
5


GARTNER, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited; in thousands)


Three and Nine Months Ended September 30, 2021
Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Loss, NetAccumulated EarningsTreasury StockTotal
Balance at December 31, 2020$82 $1,968,930 $(99,228)$2,255,467 $(3,034,823)$1,090,428 
Net income— — — 164,100 — 164,100 
Other comprehensive income— — 6,050 — — 6,050 
Issuances under stock plans— (1,543)— — 6,923 5,380 
Common share repurchases— — — — (410,450)(410,450)
Stock-based compensation expense — 36,086 — — — 36,086 
Balance at March 31, 2021$82 $2,003,473 $(93,178)$2,419,567 $(3,438,350)$891,594 
Net income— — — 271,236 — 271,236 
Other comprehensive income— — 10,200 — — 10,200 
Issuances under stock plans— 2,063 — — 2,017 4,080 
Common share repurchases— — — — (675,662)(675,662)
Stock-based compensation expense— 26,190 — — — 26,190 
Balance at June 30, 2021$82 $2,031,726 $(82,978)$2,690,803 $(4,111,995)$527,638 
Net income— — — 148,865 — 148,865 
Other comprehensive loss— — (859)— — (859)
Issuances under stock plans— 3,411 — — 720 4,131 
Common share repurchases— — — — (364,694)(364,694)
Stock-based compensation expense— 19,426 — — — 19,426 
Balance at September 30, 2021$82 $2,054,563 $(83,837)$2,839,668 $(4,475,969)$334,507 

6


GARTNER, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited; in thousands)


Three and Nine Months Ended September 30, 2020
Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Loss, NetAccumulated EarningsTreasury StockTotal
Balance at December 31, 2019$82 $1,899,273 $(77,938)$1,988,722 $(2,871,546)$938,593 
Net income— — — 75,097 — 75,097 
Other comprehensive loss— — (91,034)— — (91,034)
Issuances under stock plans— (1,794)— — 7,448 5,654 
Common share repurchases— — — — (63,164)(63,164)
Stock-based compensation expense — 25,129 — — — 25,129 
Balance at March 31, 2020$82 $1,922,608 $(168,972)$2,063,819 $(2,927,262)$890,275 
Net income— — — 55,077 — 55,077 
Other comprehensive income— — 26,797 — — 26,797 
Issuances under stock plans— 3,223 — — 867 4,090 
Common share repurchases— — — — (698)(698)
Stock-based compensation expense— 15,678 — — — 15,678 
Balance at June 30, 2020$82 $1,941,509 $(142,175)$2,118,896 $(2,927,093)$991,219 
Net income— — — 16,964 — 16,964 
Other comprehensive income— — 11,962 — — 11,962 
Issuances under stock plans— 3,133 — — 979 4,112 
Common share repurchases— — — — (2,255)(2,255)
Stock-based compensation expense— 15,501 — — — 15,501 
Balance at September 30, 2020$82 $1,960,143 $(130,213)$2,135,860 $(2,928,369)$1,037,503 
7


GARTNER, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited; in thousands)
Nine Months Ended
 September 30,
 20212020
Operating activities:  
Net income $584,201 $147,138 
Adjustments to reconcile net income to cash provided by operating activities:  
Depreciation and amortization 160,749 162,603 
Stock-based compensation expense81,702 56,308 
Deferred taxes449 (6,548)
Loss on extinguishment of debt 44,814 
Reduction in the carrying amount of operating lease right-of-use assets56,162 62,876 
Amortization and write-off of deferred financing fees3,036 7,487 
Amortization of deferred swap losses from de-designation 10,320 
(Gain) loss on de-designated swaps(12,149)476 
Changes in assets and liabilities:  
Fees receivable, net257,541 369,119 
Deferred commissions6,783 56,094 
Prepaid expenses and other current assets(18,418)(9,104)
Other assets(23,979)(3,509)
Deferred revenues103,565 (210,170)
Accounts payable and accrued and other liabilities(121,958)(45,074)
Cash provided by operating activities1,077,684 642,830 
Investing activities:  
Additions to property, equipment and leasehold improvements(38,670)(60,845)
Acquisitions - cash paid (net of cash acquired)(23,030) 
Cash used in investing activities(61,700)(60,845)
Financing activities:  
Proceeds from employee stock purchase plan13,527 13,813 
Proceeds from borrowings 600,000 2,000,000 
Early redemption premium payment (30,752)
Payments of deferred financing fees(7,320)(23,627)
Proceeds from revolving credit facility 327,000 
Payments on revolving credit facility(5,000)(475,000)
Payments on borrowings(106,585)(2,053,342)
Purchases of treasury stock(1,438,808)(76,117)
Cash used in financing activities(944,186)(318,025)
Net increase in cash and cash equivalents and restricted cash71,798 263,960 
Effects of exchange rates on cash and cash equivalents (14,651)8,919 
Cash and cash equivalents, beginning of period 712,583 280,836 
Cash and cash equivalents and restricted cash, end of period $769,730 $553,715 

See the accompanying notes to Condensed Consolidated Financial Statements.
8


GARTNER, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
 
Note 1 — Business and Basis of Presentation

Business. Gartner (NYSE: IT) delivers actionable, objective insight to executives and their teams. Our expert guidance and tools enable faster, smarter decisions and stronger performance on an organization’s most critical priorities.

Segments. Gartner delivers its products and services globally through three business segments: Research, Conferences and Consulting. Revenues and other financial information for our segments are discussed in Note 7 — Segment Information.

Basis of presentation. The accompanying interim Condensed 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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 270 for interim financial information and with the applicable instructions of U.S. Securities and Exchange Commission (“SEC”) Rule 10-01 of Regulation S-X on Form 10-Q, and should be read in conjunction with the consolidated financial statements and related notes of the Company in its Annual Report on Form 10-K for the year ended December 31, 2020.

The fiscal year of Gartner is the twelve-month period from January 1 through December 31. In the opinion of management, all normal recurring accruals and adjustments considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented herein have been included. The results of operations for the three and nine months ended September 30, 2021 may not be indicative of the results of operations for the remainder of 2021 or beyond. 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 interim Condensed 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 interim Condensed Consolidated Financial Statements requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of fees receivable, goodwill, intangible assets and other long-lived assets, as well as tax accruals and other liabilities. In addition, estimates are used in revenue recognition, income tax expense or benefit, performance-based compensation charges, depreciation and amortization. Management believes its use of estimates in these interim Condensed 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 estimates and actual results could be material and would be reflected in the Company’s consolidated financial statements in future periods.

Cash and cash equivalents and restricted cash. For the nine months ended September 30, 2021, the end of period cash and cash equivalents and restricted cash balance of $769.7 million in the accompanying Condensed Consolidated Statements of Cash Flows consisted of $765.5 million of cash and cash equivalents and $4.2 million of restricted cash. The restricted cash was classified in Prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2021.

Revenue recognition. Revenue is recognized in accordance with the requirements of FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”). Revenue is only recognized when all of the required criteria for revenue recognition have been met. The accompanying Condensed Consolidated Statements of Operations present revenue net of any sales or value-added taxes that we collect from customers and remit to government authorities. ASC Topic 270 requires certain disclosures in interim financial statements around the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Note 4 — Revenue and Related Matters provides additional information regarding the Company’s revenues.

9


Gain on event cancellation insurance claims. In May 2021, the Company received $150.0 million of proceeds related to 2020 event cancellation insurance claims, and recorded a pre-tax gain of $135.5 million. 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 standards. The Company adopted the accounting standard described below during the nine months ended September 30, 2021.

Simplifying the Accounting for Income Taxes — In December 2019, the FASB issued ASU No. 2019-12, Income Taxes—Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”). ASU No. 2019-12 provides new guidance to simplify the accounting for income taxes in certain areas, changes the accounting for select income tax transactions and makes minor ASC improvements. Gartner adopted ASU No. 2019-12 on January 1, 2021. The adoption of ASU No. 2019-12 did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

Accounting standards issued but not yet adopted. The FASB has issued accounting standards that have not yet become effective and may impact the Company’s consolidated financial statements or related disclosures in future periods. Those standards and their potential impact are discussed below.

Accounting standard effective immediately upon voluntary election by Gartner

Reference Rate Reform — In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”). ASU No. 2020-04 provides that an entity can elect not to apply certain required modification accounting in U.S. GAAP to contracts where all changes to the critical terms relate to reference rate reform (e.g., the expected discontinuance of LIBOR and the transition to an alternative reference interest rate, etc.). In addition, the rule provides optional expedients and exceptions that enable entities to continue to apply hedge accounting for hedging relationships where one or more of the critical terms change due to reference rate reform. The rule became effective for all entities as of March 12, 2020 and will generally no longer be available to apply after December 31, 2022. The Company is currently evaluating the potential impact of ASU No. 2020-04 on its consolidated financial statements, including the rule’s potential impact on any debt modifications or other contractual changes in the future that may result from reference rate reform.

Note 2 — Acquisition

On June 17, 2021, the Company acquired 100% of the outstanding capital stock of Pulse Q&A Inc. (“Pulse”), a privately-held company based in San Francisco, California, for an aggregate purchase price of $29.1 million. Pulse is a technology-enabled community platform.

For cash flow reporting purposes, the Company paid $23.0 million in cash for Pulse after considering the cash acquired with the business, amounts held in escrow and certain other purchase price adjustments at closing. In addition to the purchase price, the Company may also be required to pay up to $4.5 million in cash in the future based on the continuing employment of certain key employees. Such amount will be recognized as compensation expense over three years and reported in Acquisition and integration charges in the Condensed Consolidated Statements of Operations.

The Company recorded $30.5 million of goodwill and finite-lived intangible assets for Pulse and $1.4 million of liabilities on a net basis. The Company believes that the recorded goodwill is supported by the anticipated synergies resulting from the acquisition. None of the recorded goodwill will be deductible for tax purposes. The fair value measurement of the finite-lived intangible assets was based primarily on an incremental profits valuation methodology, which included significant unobservable inputs and thus represented a Level 3 measurement as defined in FASB ASC Topic 820. The allocation of the purchase price is preliminary with respect to certain tax matters and the finalization of the valuation of finite-lived intangible assets.

The operating results of the acquired Pulse business and the related goodwill are being reported as part of the Company’s Research segment. The operating results of Pulse have been included in the Company’s consolidated financial statements since the date of acquisition; however, such operating results were not material to the Company’s consolidated operating results and segment results. Had the Company acquired Pulse in prior periods, the impact on the Company’s operating results would not have been material and, as a result, pro forma financial information for prior periods has not been presented herein.

Note 3 — Goodwill and Intangible Assets

10


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 a quantitative impairment test is performed. Evaluating the recoverability of goodwill requires judgments and assumptions regarding future trends and events. As a result, both the precision and reliability of the 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, 2021 that indicated no impairment. Subsequent to completing the 2021 annual impairment test, there were no events or changes in circumstances noted that required an interim impairment test.

The table below presents changes to the carrying amount of goodwill by segment during the nine months ended September 30, 2021 (in thousands).
 ResearchConferencesConsultingTotal
Balance at December 31, 2020 (1)$2,664,732 $184,091 $96,724 $2,945,547 
Additions due to an acquisition (2)11,045   11,045 
Foreign currency translation impact (3,510)(44)(111)(3,665)
Balance at September 30, 2021 (1)$2,672,267 $184,047 $96,613 $2,952,927 
(1)The Company does not have any accumulated goodwill impairment losses.
(2)The additions were due to the acquisition of Pulse on June 17, 2021. See Note 2 — Acquisition for additional information.

Finite-Lived Intangible Assets

The tables below present reconciliations of the carrying amounts of the Company’s finite-lived intangible assets as of the dates indicated (in thousands).
September 30, 2021Customer
Relationships
SoftwareContentOtherTotal
Gross cost at December 31, 2020$1,154,210 $110,597 $3,965 $10,614 $1,279,386 
Additions due to an acquisition (1)7,980 11,200  320 19,500 
Intangible assets fully amortized(24,603)(60,631)(3,965)(320)(89,519)
Foreign currency translation impact 1,271 130   1,401 
Gross cost1,138,858 61,296  10,614 1,210,768 
Accumulated amortization (2)(429,234)(33,058) (4,526)(466,818)
Balance at September 30, 2021$709,624 $28,238 $ $6,088 $743,950 
December 31, 2020Customer
Relationships
SoftwareContentOther Total
Gross cost $1,154,210 $110,597 $3,965 $10,614 $1,279,386 
Accumulated amortization (2)(381,776)(83,320)(3,595)(3,697)(472,388)
Balance at December 31, 2020$772,434 $27,277 $370 $6,917 $806,998 
(1) The additions were due to the acquisition of Pulse on June 17, 2021. See Note 2 — Acquisition 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; Software—3 to 7 years; Content—2 to 3 years; and Other—2 to 11 years.
11



Amortization expense related to finite-lived intangible assets was $27.1 million and $31.2 million during the three months ended September 30, 2021 and 2020, respectively, and $83.8 million and $94.6 million during the nine months ended September 30, 2021 and 2020. The estimated future amortization expense by year for finite-lived intangible assets is presented in the table below (in thousands).

2021 (remaining three months)$25,311 
2022101,244 
2023101,229 
202494,027 
202583,491 
Thereafter338,648 
$743,950 

Note 4 — Revenue and Related Matters

Disaggregated Revenue — The Company’s disaggregated revenue by reportable segment is presented in the tables below for the periods indicated (in thousands).

By Primary Geographic Market (1)

Three Months Ended September 30, 2021
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$671,517 $14,171 $56,715 $742,403 
Europe, Middle East and Africa242,273 7,975 26,707 276,955 
Other International123,334 2,269 11,321 136,924 
Total revenues $1,037,124 $24,415 $94,743 $1,156,282 

Three Months Ended September 30, 2020
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$574,203 $10,669 $55,389 $640,261 
Europe, Middle East and Africa210,152 2,064 23,495 235,711 
Other International108,364 5 10,277 118,646 
Total revenues $892,719 $12,738 $89,161 $994,618 

Nine Months Ended September 30, 2021
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$1,949,282 $74,098 $173,806 $2,197,186 
Europe, Middle East and Africa709,230 25,156 92,528 $826,914 
Other International361,582 8,142 33,815 $403,539 
Total revenues $3,020,094 $107,396 $300,149 $3,427,639 

Nine Months Ended September 30, 2020
Primary Geographic MarketResearchConferencesConsultingTotal
United States and Canada$1,737,603 $16,966 $167,570 $1,922,139 
Europe, Middle East and Africa612,946 4,211 83,691 700,848 
Other International326,790 5,748 31,119 363,657 
Total revenues $2,677,339 $26,925 $282,380 $2,986,644 
12


(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 the 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

Three Months Ended September 30, 2021
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$944,206 $ $77,538 $1,021,744 
Transferred at a point in time (2)92,918 24,415 17,205 134,538 
Total revenues $1,037,124 $24,415 $94,743 $1,156,282 

Three Months Ended September 30, 2020
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$823,658 $ $73,989 $897,647 
Transferred at a point in time (2)69,061 12,738 15,172 96,971 
Total revenues $892,719 $12,738 $89,161 $994,618 

Nine Months Ended September 30, 2021
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$2,755,047 $ $247,869 $3,002,916 
Transferred at a point in time (2)265,047 107,396 52,280 424,723 
Total revenues $3,020,094 $107,396 $300,149 $3,427,639 

Nine Months Ended September 30, 2020
Timing of Revenue RecognitionResearchConferencesConsultingTotal
Transferred over time (1)$2,463,434 $