Forrester Research Inc

NASDAQ:FORRUnited States

Nov 5, 2024

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• -- Earnings Flash (FORR) FORRESTER RESEARCH Reports Q3 Revenue $102.5M, from 4:05PM ET on Tuesday Nov 05, 2024 by MT Newswires

  4:05PM ET on Tuesday Nov 05, 2024 by MT Newswires
  Companies Mentioned: FORR
  04:05 PM EST, 11/05/2024 (MT Newswires) -- ...

• -- Earnings Flash (FORR) FORRESTER RESEARCH Posts Q3 EPS $0.29, from 4:05PM ET on Tuesday Nov 05, 2024 by MT Newswires

  4:05PM ET on Tuesday Nov 05, 2024 by MT Newswires
  Companies Mentioned: FORR
  04:05 PM EST, 11/05/2024 (MT Newswires) -- ...

• *DJ Forrester Research 3Q Loss/Shr 30c >FORR, from 4:05PM ET on Tuesday Nov 05, 2024 by Dow Jones

  4:05PM ET on Tuesday Nov 05, 2024 by Dow Jones
  Companies Mentioned: FORR

• Forrester Research Reports 2024 Third-Quarter Financial Results, from 4:05PM ET on Tuesday Nov 05, 2024 by Dow Jones

  4:05PM ET on Tuesday Nov 05, 2024 by Dow Jones
  Companies Mentioned: FORR
  following expense categories: Cost of services and fulfillment 2,142 2,449 6,777 6,505 Selling and marketing 528 790 1,685 2,094 General and administrative 933 905 2,740 2,570 ------- ------- ------- ------- Adjusted income from operations $ 8,207 $ 12,260 $ 29,561 $ 45,488 ======= ======= ======= ======= Three Months Ended Nine Months Ended September 30, September 30, ------------------------------------ -------------------------------------- 2024 2023 2024 2023 ----------------- ----------------- ----------------- ------------------- Per Per Per Amount Share Amount Share Amount Share Amount Per Share -------- ------- -------- ------- -------- ------- -------- --------- Net income (loss) - GAAP $(5,798) $(0.30) $ 2,484 $ 0.13 $(6,179) $(0.32) $ 3,713 $ 0.19 Amortization of intangible assets 2,404 0.13 3,041 0.16 7,431 0.39 9,175 0.47 Restructuring costs 937 0.05 19 -- 7,643 0.40 12,140 0.63 Loss from sale of divested operation and transaction costs 1,994 0.10 -- -- 1,994 0.10 -- -- Legal settlement -- -- -- -- -- -- 4,800 0.25 Stock-based compensation 3,603 0.19 4,144 0.21 11,202 0.58 11,169 0.58 Tax effects of items above (2) 2,167 0.11 (1,542) (0.08) (1,667) (0.09) (9,117) (0.47) Adjustment to tax expense for adjusted tax rate (3) 277 0.01 420 0.02 863 0.05 (48) -- ------ ----- ------ ----- ------ ----- ------ ----- Adjusted net income $ 5,584 0.29 $ 8,566 $ 0.44 $21,287 1.11 $31,832 $ 1.65 ====== ===== ====== ===== ====== ===== ====== ===== Diluted weighted average shares outstanding 19,089 19,289 19,184 19,239 ====== ====== ====== ====== (1) Forrester believes that adjusted financial results provide investors with consistent and comparable information to aid in the understanding of Forrester's ongoing business, and they are also used by Forrester in making compensation decisions. Our adjusted presentation excludes amortization of acquisition-related intangible assets, stock-based compensation, restructuring costs, a loss from the sale of a divested operation and related transaction costs, a legal settlement, and net gains or losses from investments, as well as their related tax effects. We also utilized an assumed tax rate of 29% in 2024 and 2023, which excludes items such as the settlement of prior-year tax audits and the effect of any adjustments related to the filing of prior-year tax returns. The adjusted data does not purport to be prepared in accordance with Generally Accepted Accounting Principles in the United States. (2) The tax effect of adjusting items is based on the accounting treatment and rate for the jurisdiction of each item. (3) To compute adjusted net income, we apply an adjusted effective tax rate of 29% in 2024 and 2023. Forrester Research, Inc. Key Financial Data -------------------------------- --------- -------- (Unaudited, dollars in thousands) September 30, December 31, 2024 2023 --------- -------- Balance sheet data: Cash, cash equivalents and marketable investments $ 114,932 $ 124,489 Accounts receivable, net $ 39,165 $ 58,999 Deferred revenue $ 153,155 $ 156,798 Debt outstanding $ 35,000 $ 35,000 September 30, ----------------------------------- 2024 2023 --------- -------- Cash flow data: Net cash provided by (used in) operating activities $ (2,031) $ 9,791 Purchases of property and equipment $ (2,743) $ (3,903) Repayments of debt $ -- $ (15,000) Repurchases of common stock $ (12,984) $ (4,082) As of September 30, ----------------------------------- 2024 2023 --------- -------- Metrics: Contract value $ 315,200 $ 331,200 (a) Client retention 73% 73% (a) Wallet retention 89% 89% (a) Number of clients 2,002 2,338 (a) As of September 30, ----------------------------------- 2024 2023 --------- -------- Headcount: Total headcount 1,608 1,750 Sales force 597 599 (a) September 30, 2023 amounts have been recast based on 2024 foreign currency rates, the divestiture of an operation in Q3 2024, and an updated methodology as described on the investor relations section of our website.