Business Segment Highlights
Second quarter 2012 revenue was $278.3 million, up 11% compared to second quarter 2011. Excluding the impact of foreign exchange, Research revenue increased approximately 14%. Gross contribution margin improved 1 percentage point, to 68%. Contract value was up 14% on an FX neutral basis at June 30, 2012 compared to June 30, 2011, and 13% as reported. Client and wallet retention rates for second quarter 2012 were 83% and 99%, respectively, compared to 82% and 100% in the second quarter 2011.
ConsultingRevenue for second quarter 2012 was $76.7 million, a decrease of 2% compared to second quarter 2011. Adjusted for the impact of foreign exchange, revenue increased 1%. Gross contribution margin for second quarter 2012 was 36%. Second quarter 2012 utilization was 67%, an increase of 3 points over second quarter 2011. Billable headcount was 481 as of June 30, 2012, and backlog was $93.1 million. Events Revenue for second quarter 2012 was $42.5 million, up 13% compared to second quarter 2011. Excluding the impact of foreign exchange, revenues increased 16%. Gross contribution margin improved by 2 points in second quarter 2012, to 48%. During second quarter 2012, the Company held 21 events with 12,540 attendees, compared to 21 events and 11,295 attendees in second quarter 2011. Cash Flow and Balance Sheet Highlights Gartner generated $99.5 million of operating cash flow during the first half of 2012. Additions to property, equipment and leasehold improvements (“Capital Expenditures”) totaled $20.6 million in the first half of 2012, which includes $7.1 million of Stamford headquarters renovation costs that are reimbursable from the facility landlord. The Company had $150.5 million of cash at June 30, 2012 and almost $362.0 million of borrowing capacity on its revolving credit facility. During the first half of 2012 the Company used $84.7 million of cash to repurchase shares and $9.5 million on a net basis to complete the acquisition of Ideas International.
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