Information Services Group (III) – Record Fourth Quarter and Full Year Results

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Friday, March 10, 2023

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q22 Results. ISG reported record fourth quarter revenue of $74.2 million, up from $69.6 million in the year ago period. FX negatively impacted revenue by $3.2 million. We had estimated $71 million. Fourth quarter net income was $4.3 million, GAAP EPS was $0.09, and adjusted EPS was $0.13. Adjusted EBITDA was $11.1 million, a 9% increase year-over-year. We forecasted net income of $4.45 million, EPS of $0.09, adjusted EPS of $0.13, and adjusted EBITDA of $10.6 million.

Segment Results. Reported revenues were $43.6 million in the Americas, up 12%; $23.9 million in Europe, up 1% on a reported basis and up 12% in constant currency; and $6.7 million in Asia Pacific, down 4% on a reported basis and up 5% in constant currency, all versus the prior year.

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