Gartner, Inc. (NYSE: IT), the world’s leading research and advisory company, today announced that in consideration of guidelines and travel restrictions implemented by governments around the world due to the novel coronavirus (COVID-19), it has cancelled or postponed all conferences scheduled for April through August 2020.
Since the onset of the COVID-19 outbreak, our teams have been closely monitoring the rapidly evolving situation. Gartner’s highest priority is the health and safety of our associates, clients, vendors, partners, and other stakeholders.
Gartner estimates the financial impact from not operating these conferences through August 2020 would be approximately $158 million of Revenue and $97 million of Adjusted EBITDA in second quarter 2020 and $22 million of Revenue and $12 million of Adjusted EBITDA in third quarter 2020. This is Gartner’s current estimate as of the date of this announcement, and the ultimate adverse financial impact from these cancellations or postponements may be affected by a number of factors, including, among others, our ability to reschedule these conferences later in the year, our ability to recoup certain costs already expended on these conferences, and our ability to obtain reimbursement under our insurance policies. Additionally, the ongoing impact of COVID-19 on Gartner’s business remains difficult to project given uncertainty related to its magnitude, duration, geographic reach and impact on the global economy.
Conferences scheduled beyond August 2020 currently are expected to proceed as planned. The Company will continue to monitor the rapidly evolving situation and will be making determinations for future conferences on a case-by-case basis, with Gartner’s highest priority being the health and safety of all those involved.
Gartner is implementing several cost-reduction programs which, if kept in place through the end of 2020, are expected to yield expense savings versus the original 2020 operating plan of at least $200 million. The programs being implemented include reductions to travel, new hiring, and capital expenditures. Gartner is continuing to evaluate other potential cost saving measures. The Company will provide further information and expects to update its outlook for full year 2020 on its first quarter earnings call in early May 2020.