2022 Corporate Responsibility Report
Non-GAAP Reconciliations
$ millions
Reconciliation- Net Income to Adjusted EBITDA:
Net Income
1Q23
2Q23
295.8
Interest expense, net
27.4
3Q23 4Q23 1Q24
198.0 180.0 208.6 210.5
24.6 21.8 20.5 19.2
Gain on event cancellation insurance claims (a)
(3.1)
Other (income) expense, net
2.4
(5.6)
(1.9) 3.7
(4.9)
Tax provision
85.5
66.1
44.5
68.6
49.0
Operating income
408.0
283.1
244.4
301.4 273.9
Adjustments:
Stock-based compensation expense
(b)
45.0
32.2
27.0
25.5
50.5
Depreciation, accretion, and amortization
(c)
46.9
46.8
48.8
49.6
49.6
Loss on impairment of lease related assets
(d)
8.7
10.0
0.3
1.3
0.5
Acquisition and integration charges and other nonrecurring items (e)
Gain from sale of divested operation (f)
9.7
8.3
12.8
8.6
7.6
(139.3)
3.9
-
Adjusted EBITDA
379.0
384.4 333.4 386.4 382.1
$ millions
Reconciliation - Cash Provided by Operating Activities to Free Cash Flow:
Cash provided by operating activities
(g)
Less: cash paid for capital expenditures
Free Cash Flow (g)
(a) Consists of the gain on event cancellation
insurance claims for events cancelled in
2020.
(b) Consists of charges for stock-based
compensation.
(c) Includes depreciation expense,
amortization of intangibles, and accretion
on asset retirement obligations.
(d) Includes impairment loss for lease related
assets.
(e) Consists of incremental and directly-
(f)
related charges related to acquisitions and
divestitures, facility-related exit costs, and
other non-recurring items, if applicable.
Consists of the gain on our February 2023
divestiture, as finalized in 2Q23
(g) Cash provided by operating activities and
Free Cash Flow in 2021 included ~$167
million of proceeds related to 2020 event
cancellation insurance claims.
2015
345.6
2013 2014
315.7 346.8
(36.5) (38.5) (46.1)
279.2 308.3 299.4
2016 2017 2018 2019
365.6 254.5 471.2 565.4
(49.9) (110.8) (126.9) (149.0)
315.8 143.8 344.3 416.4
2020 2021 2022
903.2 1,312.5 1,101.4
(83.8) (59.8) (108.1)
819.3 1,252.7 993.2
$ millions
Reconciliation - Cash Provided by Operating Activities to Free Cash Flow:
Cash provided by operating activities
Less: cash paid for capital expenditures
Free Cash Flow
1Q23 2Q23 3Q23
164.7 435.8 330.9
(21.1) (25.6) (28.5)
143.6 410.2 302.5
32
32
2024 Gartner, Inc. and/or its affiliates. All rights reserved.
4Q23 1Q24
224.3 188.8
(28.0) (22.7)
196.4 166.2
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