CAMBRIDGE, Mass.--(BUSINESS WIRE)--Forrester (Nasdaq: FORR) today announced that BNP Paribas Bank Polska has been named a 2025 recipient of its Security & Risk Enterprise Leadership Award. BNP Paribas Bank Polska will be recognized at Forrester's Security & Risk Summit, taking place in Austin, Texas, and digitally, on November 5–7, 2025. This year's Summit will empower chief information security officers and privacy and risk leaders with actionable guidance to help them master risk and. ...

Core Insights - Forrester announced the winners of its 2025 Technology Awards for North America, recognizing the United States Department of the Navy, Takeda Pharmaceuticals, and Bank of America for their innovative technology strategies that drive business growth [1][2]. Group 1: Technology Strategy Impact Award - The United States Department of the Navy was awarded for its strategic alignment in deploying secure technologies, shifting from compliance-driven IT to mission-focused outcomes, and reducing delivery cycles from months to weeks through initiatives like the Innovation Adoption Kit and generative AI assistant DON GPT [3]. - Finalists for this award included CBRE and Verizon, highlighting the competitive landscape in technology strategy [3]. Group 2: Enterprise Architecture Award - Takeda Pharmaceuticals received recognition for its innovative Business Architecture Framework (BAF), which integrates various methodologies to drive transformation across its global operations, enhancing real-time governance and alignment with business strategy [4]. - The award also acknowledged Takeda's launch of an enterprise GenAI hub and the deployment of over 60 generative AI solutions, showcasing its commitment to digital transformation [4][5]. Group 3: Data & AI Impact Award - Bank of America was honored for its enterprise-wide AI strategy, which includes the in-house developed AI assistant Erica, achieving a 50% reduction in IT service desk calls and 90% internal adoption [6]. - The bank holds over 1,500 AI and machine learning patents, demonstrating its leadership in innovation and responsible AI practices [6]. Group 4: Event Information - The award recipients will share their success stories at the Technology & Innovation Summit North America, scheduled for November 2–5, 2025, in Austin, Texas [7].

Core Points - Forrester Research, Inc. will host its third-quarter earnings conference call on October 30, 2025, at 4:30 p.m. ET [1] - The earnings call will be accessible via Forrester.com, and investors are encouraged to log on at least 15 minutes prior to the start [1] - Participants have the option to pre-register for the call, with instructions provided for necessary audio applications [1]

Core Insights - European firms are focusing on reducing dependence on global resources and achieving sovereignty over their technology stack and digital platforms [1] - Despite these efforts, no European enterprise is expected to completely shift away from US hyperscalers by 2026 [1] - Geopolitical tensions, ongoing volatility, and new legislative acts are influencing these dynamics [1]

Group 1 - Forrester announced mBank and Philip Morris International as the 2025 winners of its Technology Strategy Impact and Enterprise Architecture Awards for the EMEA region [1] - The awards recognize organizations for maximizing the value of their technology investments to drive tangible business results [1] - The presentation of the awards will take place at Forrester's Technology & Innovation Summit EMEA [1]

Core Insights - Singapore is experiencing a shift in financial behavior, with rising costs and a focus on experiences leading to decreased long-term financial planning [1][5][11] Economic Context - 60% of Singaporean workers were living paycheck to paycheck in 2024, significantly higher than regional averages [3] - Real median employment income fell by 0.4% annually from 2019 to 2024, reversing previous growth trends [8] - The cost of living index in Singapore rose 11% year-over-year, ranking fifth globally and first in the region [6] Consumer Behavior - Young Singaporeans are increasingly spending beyond their means, with fewer making retirement plans compared to previous years [4][5] - A survey indicated that 72% of Singaporeans view the cost of living as their top concern, outpacing other issues like healthcare [7] - The rise of "buy now, pay later" schemes has contributed to a culture of immediate gratification, with BNPL transactions reaching SG$440 million in 2021 [12] Housing Market - Resale prices of public apartments rose 9.6% in 2024, exacerbating financial pressures on residents [9] - High property prices are attributed to limited land and reliance on imports, which also affects inflation [10] Generational Differences - Younger generations exhibit less urgency in saving compared to their parents, influenced by marketing and lifestyle aspirations [14][15] - The current generation prioritizes experiences over savings, with many feeling financially secure due to living arrangements and lack of immediate financial burdens [17][18]

Group 1 - Forrester Research, Inc. (FORR) is experiencing significant activity in the options market, particularly with the Sept. 19, 2025 $5 Put showing high implied volatility, indicating potential for a major price movement [1] - Implied volatility reflects market expectations for future stock movement, suggesting that investors anticipate a significant event that could lead to a rally or sell-off [2] - Forrester holds a Zacks Rank 3 (Hold) in the Computer – Services industry, which is in the top 40% of the Zacks Industry Rank, with recent earnings estimates showing a slight decrease from 32 cents to 31 cents per share [3] Group 2 - The high implied volatility for Forrester may indicate a developing trading opportunity, as options traders often seek to sell premium on such options to capture decay [4]

Group 1 - The core stance on Forrester Research (NASDAQ: FORR) stock is cautious due to ongoing revenue and earnings decline, with a need for clear signs of revenue stabilization before considering investment [1] - Q2 results for Forrester Research continued to show declining revenue and earnings, indicating potential challenges ahead [1] Group 2 - The individual investor focuses on undercovered companies, particularly in technology, software, electronics, and energy transition sectors, with a watchlist of up to 100 companies [1] - The investor has over 7 years of personal capital investment experience across a broad range of global companies, emphasizing a diligent study of small to mid-cap companies [1] - The goal of the analysis is to identify asymmetric investment opportunities to achieve market-beating returns [1]

PART I FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited consolidated financial statements for the six months ended June 30, 2025, show a significant decline in total assets, primarily due to a goodwill impairment of $83.9 million. Total revenues decreased by 9% year-over-year to $201.5 million, leading to a net loss of $83.4 million for the six-month period, compared to a net loss of $0.4 million in the prior year. Despite the net loss, cash flow from operations improved significantly to $23.1 million from a use of $2.3 million in the same period of 2024 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $436.0 million, a decrease from $503.9 million at year-end 2024, largely driven by a significant reduction in goodwill from $228.0 million to $147.4 million. Total liabilities remained relatively stable at $276.5 million, while total stockholders' equity decreased substantially to $159.5 million from $229.5 million, reflecting the net loss and goodwill impairment Balance Sheet Items | Balance Sheet Items (In thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $67,767 | $56,087 | | Goodwill | $147,376 | $227,959 | | Total assets | $436,038 | $503,862 | | **Liabilities & Equity** | | | | Deferred revenue | $154,502 | $145,404 | | Total liabilities | $276,499 | $274,325 | | Retained earnings | $88,575 | $171,934 | | Total stockholders' equity | $159,539 | $229,537 | - Goodwill decreased by **$80.6 million** from December 31, 2024, to June 30, 2025, primarily due to an impairment charge[10](index=10&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2025, the company reported a net loss of $83.4 million, a stark contrast to the $0.4 million net loss in the same period of 2024. This was primarily driven by an $83.9 million goodwill impairment charge. Total revenues declined by 9.2% year-over-year to $201.5 million, with decreases across all segments: Research, Consulting, and Events Statement of Operations | Statement of Operations (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenues | $201,535 | $221,902 | | Goodwill impairment | $83,895 | $0 | | Income (loss) from operations | $(80,635) | $2,022 | | Net income (loss) | $(83,359) | $(381) | | Diluted income (loss) per common share | $(4.39) | $(0.02) | - For the second quarter of 2025, net income was **$3.9 million**, down from **$6.3 million** in Q2 2024, as revenues declined **8.3%** to **$111.7 million**[12](index=12&type=chunk) [Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) For the six months ended June 30, 2025, the company reported a comprehensive loss of $75.9 million. This includes the net loss of $83.4 million, partially offset by a $7.4 million positive foreign currency translation adjustment Comprehensive Income (Loss) | Comprehensive Income (Loss) (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income (loss) | $(83,359) | $(381) | | Other comprehensive income (loss) | $7,446 | $(2,155) | | Comprehensive income (loss) | $(75,913) | $(2,536) | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was $23.1 million, a significant improvement from the $2.3 million used in the prior-year period. Investing activities used $14.7 million, primarily for purchases of marketable investments. Financing activities used a minimal $0.3 million, compared to $8.3 million in 2024 which included significant stock repurchases Cash Flows | Cash Flows (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $23,096 | $(2,295) | | Net cash used in investing activities | $(14,749) | $(2,676) | | Net cash used in financing activities | $(250) | $(8,274) | | Net change in cash, cash equivalents and restricted cash | $11,877 | $(14,073) | [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide critical details on key financial events, including a $83.9 million goodwill impairment charge in the Research segment, restructuring activities involving workforce reductions in January 2025 and February 2024, and the divestiture of the FeedbackNow product line in August 2024. The company also maintains a $150 million credit facility with $35 million drawn as of June 30, 2025, and is in compliance with all covenants - **Goodwill Impairment:** A goodwill impairment charge of **$83.9 million** was recorded for the Research reporting unit during the period ended March 31, 2025, triggered by a sustained decline in the company's stock price and market capitalization[34](index=34&type=chunk) - **Restructuring:** The company implemented a **6% workforce reduction** in January 2025, recording **$1.9 million** in related costs during the first half of 2025. This followed a **3% reduction** in February 2024[88](index=88&type=chunk)[87](index=87&type=chunk) - **Divestiture:** The non-core product line, FeedbackNow, was sold in August 2024 for approximately **$17.6 million**, consisting of cash, a note receivable, and an equity investment[27](index=27&type=chunk) - **Debt:** As of June 30, 2025, the company had **$35.0 million** in outstanding borrowings under its credit facility and was in full compliance with all covenants[41](index=41&type=chunk)[43](index=43&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 9% year-over-year revenue decline for the first six months of 2025 to challenging macroeconomic conditions impacting client bookings and contract values. Key metrics show a 7% decrease in Contract Value (CV) to $288.7 million, and a 12% drop in the number of clients. Despite lower revenues, operating expenses also decreased due to cost control measures, including workforce reductions. The company recorded a significant $83.9 million goodwill impairment charge in Q1 2025. Liquidity remains strong, with cash from operations increasing to $23.1 million Key Metrics | Key Metrics | As of June 30, 2025 | As of June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | Contract value | $288.7 million | $311.9 million | (7%) | | Client retention | 74% | 72% | +2 pts | | Wallet retention | 85% | 88% | (3) pts | | Number of clients | 1,805 | 2,052 | (12%) | - The decline in wallet retention to **85%** was primarily due to lower enrichment of contracts as they renewed, indicating clients are spending less on average[111](index=111&type=chunk) - A goodwill impairment charge of **$83.9 million** was recorded for the Research reporting unit as of March 31, 2025, due to a sustained decline in stock price and market capitalization, macroeconomic conditions, and a larger than expected decline in contract bookings[129](index=129&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2025, total revenues fell 9% to $201.5 million. Research revenues decreased 9%, Consulting revenues fell 6%, and Events revenues dropped 25%. Operating expenses decreased across the board, with Cost of Services down 7%, Selling and Marketing down 8%, and G&A down 7%, reflecting lower headcount and cost management. However, these savings were overshadowed by the $83.9 million goodwill impairment, resulting in an operating loss of $80.6 million Revenue Breakdown | Revenue Breakdown (Six Months Ended June 30) | 2025 (in millions) | 2024 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Research revenues | $146.3 | $160.2 | (9%) | | Consulting revenues | $44.9 | $48.0 | (6%) | | Events revenues | $10.3 | $13.7 | (25%) | | **Total revenues** | **$201.5** | **$221.9** | **(9%)** | - The decrease in Research revenues was primarily due to the decline in Contract Value (CV) and the divestiture of the FeedbackNow product line in Q3 2024[116](index=116&type=chunk) - The decrease in Events revenues was primarily due to a decline in sponsorship revenues[118](index=118&type=chunk) [Segment Results](index=36&type=section&id=Segment%20Results) For the six months ended June 30, 2025, all three operating segments experienced revenue declines. Research segment revenue fell 8% to $157.2 million, Consulting segment revenue dropped 10% to $34.1 million, and Events segment revenue decreased 25% to $10.3 million. Research segment expenses decreased 16% due to lower headcount and professional services costs. The Events segment reported a small operating loss of $0.4 million for the period Segment Revenue | Segment Revenue (Six Months Ended June 30, 2025) | Revenue (in thousands) | YoY Change | | :--- | :--- | :--- | | Research Segment | $157,187 | (8%) | | Consulting Segment | $34,082 | (10%) | | Events Segment | $10,266 | (25%) | Segment Operating Income | Segment Operating Income (Six Months Ended June 30, 2025) | Operating Income (in thousands) | | :--- | :--- | | Research Segment | $104,869 | | Consulting Segment | $15,027 | | Events Segment | $(437) | [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity position remains solid, with $135.0 million in cash, cash equivalents, and marketable investments as of June 30, 2025. Cash from operations for the first six months of 2025 was $23.1 million, a $25.4 million increase from the prior year, mainly due to lower payments for incentive compensation. The company has $35.0 million outstanding on its credit facility and believes its current cash and operational cash flow are sufficient to meet its needs for the next twelve months - Cash from operating activities increased by **$25.4 million** for the six months ended June 30, 2025, compared to the prior year period[151](index=151&type=chunk) - As of June 30, 2025, the company had cash, cash equivalents, and marketable investments of **$135.0 million**, with **$88.0 million** held outside the U.S[158](index=158&type=chunk) - The remaining stock repurchase authorization was approximately **$80.0 million** as of June 30, 2025[153](index=153&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes in its assessment of sensitivity to market risk since its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes in the company's assessment of its sensitivity to market risk from what was disclosed in the 2024 Form 10-K[162](index=162&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the principal executive and financial officers, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025. There were no material changes to the company's internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[163](index=163&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[164](index=164&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it currently has no material pending litigation. It may be subject to various legal proceedings in the ordinary course of business, but none are currently considered material - The company currently has no material pending litigation[105](index=105&type=chunk)[167](index=167&type=chunk) [Item 1A. Risk Factors](index=41&type=page&id=Item%201A.%20Risk%20Factors) A new risk factor has been added to supplement the disclosures in the 2024 Form 10-K. This new risk highlights the substantial goodwill impairment charge of $83.9 million recorded in Q1 2025 and warns that future impairments of goodwill or other long-lived assets could negatively impact profitability and financial results - A new risk factor was added concerning the potential for future asset impairments following the **$83.9 million** goodwill impairment charge recorded for the Research segment in the first quarter of 2025[169](index=169&type=chunk) - The triggering event for the impairment was a sustained decline in share price, macroeconomic conditions, and a larger than expected decline in contract bookings[169](index=169&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any shares of its common stock under its authorized stock repurchase program during the quarter ended June 30, 2025 - No shares of common stock were repurchased during the quarter ended June 30, 2025[170](index=170&type=chunk) [Item 6. Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer, and XBRL data files - Exhibits filed include officer certifications (31.1, 31.2, 32.1, 32.2) and Inline XBRL documents (101.INS, 101.SCH, 104)[176](index=176&type=chunk)

Core Insights - Forrester Research reported a revenue of $111.66 million for the quarter ended June 2025, reflecting a year-over-year decline of 8.3% and an EPS of $0.51 compared to $0.68 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $109.95 million by 1.55%, while the EPS surpassed the consensus estimate of $0.50 by 2% [1] Revenue Breakdown - Research revenue was $77.93 million, exceeding the average estimate of $75.29 million by three analysts, but showing a year-over-year decline of 6.9% [4] - Consulting revenue reached $23.49 million, surpassing the average estimate of $22.16 million, with a year-over-year decrease of 5.3% [4] - Event revenue was reported at $10.24 million, falling short of the average estimate of $12.51 million and reflecting a significant year-over-year decline of 23.3% [4] Stock Performance - Forrester Research shares have returned -4.7% over the past month, contrasting with the Zacks S&P 500 composite's increase of 2.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]