Forrester Research, Inc. (NASDAQ:FORR) Q4 2021 Earnings Conference Call February 10, 2022 4:30 PM ET Company Participants George Colony – Founder, Chairman, CEO & President Chris Finn – Chief Financial Officer Kelley Hippler – Chief Sales Officer Carrie Johnson – Chief Research Officer Conference Call Participants Trevor Romeo – William Blair Vincent Colicchio – Barrington Research Anja Soderstrom – Sidoti Operator Good afternoon. Thank you for joining today's call. With me today are George Colony, Forreste ...

Forrester Research, Inc. (NASDAQ:FORR) Q3 2021 Results Earnings Conference Call November 3, 2021 4:30 PM ET Company Participants George Colony - Founder, Chairman, CEO & President Kelley Hippler - Chief Sales Officer Chris Finn - CFO Carrie Johnson - Chief Research Officer Scott Chouinard - Chief Accounting Officer and Treasurer Conference Call Participants Andrew Nicholas - William Blair Vincent Colicchio - Barrington Research Anja Soderstrom - Sidoti Operator Good afternoon. Thank you for joining today's ...

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited statements show increased assets and equity, with net income rising to $16.8 million [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $129,332 | $90,257 | | Total current assets | $238,119 | $217,160 | | Goodwill | $245,212 | $247,211 | | Total assets | $654,792 | $644,218 | | **Liabilities & Equity** | | | | Deferred revenue | $194,164 | $179,968 | | Total current liabilities | $276,847 | $269,745 | | Long-term debt, net | $86,364 | $95,299 | | Total liabilities | $453,640 | $458,452 | | Total stockholders' equity | $201,152 | $185,766 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Q3 2021 | Q3 2020 | 9 Months 2021 | 9 Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $118,136 | $108,577 | $360,587 | $328,463 | | Income from operations | $6,539 | $174 | $27,158 | $12,126 | | Net income (loss) | $4,522 | $(3,760) | $16,821 | $7,564 | | Diluted EPS | $0.23 | $(0.20) | $0.87 | $0.40 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Cash Flow Highlights for Nine Months Ended Sep 30 (in thousands) | Cash Flow Category | 2021 | 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $84,992 | $29,199 | | Net cash used in investing activities | $(26,850) | $(2,944) | | Net cash used in financing activities | $(15,528) | $(21,457) | | Net change in cash, cash equivalents and restricted cash | $41,150 | $4,218 | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail revenue reclassification, debt facilities, lease obligations, and stock repurchases - Effective Q1 2021, the company reclassified **$4.5 million** in advisory revenues from the Consulting segment to the Research segment with no impact on total revenues[22](index=22&type=chunk) - The company has a **$200.0 million** credit agreement from 2019, including a **$125.0 million** term loan and a **$75.0 million** revolving credit facility, both maturing in January 2024[41](index=41&type=chunk)[45](index=45&type=chunk) - As of September 30, 2021, the company had future minimum lease payments under non-cancelable operating leases totaling **$94.3 million**[53](index=53&type=chunk) - The company expects to recognize approximately **$370.4 million** of revenue over the next 24 months from remaining performance obligations[63](index=63&type=chunk) - During the nine months ended September 30, 2021, the company repurchased approximately **0.2 million shares** of common stock for **$10.6 million**[95](index=95&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a rebound in contract bookings, revenue growth, and improved key business metrics [Overview and Key Metrics](index=29&type=section&id=Overview%20and%20Key%20Metrics) - The company experienced a rebound in contract bookings through Q3 2021, though the events business remains affected by the pandemic with all 2021 events held virtually[104](index=104&type=chunk) Key Business Metrics as of September 30 | Metric | 2021 | 2020 | % Increase | | :--- | :--- | :--- | :--- | | Contract value (in millions) | $331.0 | $295.6 | 12% | | Client retention | 78% | 71% | 10% | | Wallet retention | 99% | 86% | 15% | | Number of clients | 2,964 | 2,750 | 8% | [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Total revenues increased 10% for the nine-month period, driven by strong growth in Consulting and Research Revenue Performance (Nine Months Ended Sep 30) | Revenue Stream | 2021 (in millions) | 2020 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Research | $235.8 | $223.7 | 5% | | Consulting | $116.9 | $98.5 | 19% | | Events | $7.8 | $6.3 | 25% | | **Total Revenues** | **$360.6** | **$328.5** | **10%** | - Cost of services and fulfillment for the nine months of 2021 increased by **$16.1 million (12%)** due to reinstated incentive programs and higher professional services costs[120](index=120&type=chunk) - General and administrative expenses for the nine months of 2021 increased by **$6.0 million (17%)**, mainly from higher compensation and professional services costs[125](index=125&type=chunk) - Integration costs decreased by **$3.5 million** as the integration of SiriusDecisions was substantially completed in 2020[129](index=129&type=chunk) [Segment Results](index=37&type=section&id=Segment%20Results) All segments reported revenue growth, with the Consulting segment showing a robust 30% increase Segment Performance (Nine Months Ended Sep 30, 2021 vs 2020) | Segment | Total Revenue Change | Expense Change | | :--- | :--- | :--- | | Research | +5% | +8% | | Consulting | +30% | +28% | | Events | +25% | +11% | - Consulting segment revenue growth of **30%** for the nine months was driven by strong demand for content marketing and strategy consulting offerings[143](index=143&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity strengthened significantly, with cash from operations increasing to $85.0 million - Cash from operating activities increased by **$55.8 million** to **$85.0 million** for the nine months ended Sep 30, 2021, due to increased contract bookings and strong collections[147](index=147&type=chunk) - During the first nine months of 2021, the company used cash for **$10.6 million** in common stock repurchases and **$9.4 million** in term loan repayments[149](index=149&type=chunk) - As of September 30, 2021, the company had cash and cash equivalents of **$129.3 million**, of which **$65.7 million** was held outside the U.S[155](index=155&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in its market risk assessment since year-end 2020 - There were **no material changes** in the company's market risk disclosures from the year-end 2020 Form 10-K[158](index=158&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2021 - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2021[159](index=159&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter ended September 30, 2021[160](index=160&type=chunk) [PART II OTHER INFORMATION](index=42&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company may be subject to legal proceedings and claims in the ordinary course of business - The company may be subject to legal proceedings and claims arising in the **ordinary course of business**[163](index=163&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) Risk factors previously disclosed in the Annual Report on Form 10-K remain applicable - The risk factors described in the Annual Report on Form 10-K for the year ended December 31, 2020 **remain applicable** to the business[164](index=164&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 171,005 shares in Q3 2021 and increased its repurchase authorization Common Stock Repurchases (Quarter Ended Sep 30, 2021) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 2021 | 50,420 | $46.14 | | August 2021 | 81,000 | $46.25 | | September 2021 | 39,585 | $47.99 | | **Total** | **171,005** | | - In October 2021, the Board of Directors increased the stock repurchase authorization by an additional **$50.0 million**[165](index=165&type=chunk) [Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including officer certifications and XBRL data - The report includes standard exhibits such as officer certifications (31.1, 31.2, 32.1, 32.2) and **Inline XBRL documents**[171](index=171&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. FOR THE QUARTERLY PERIOD ENDED June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. COMMISSION FILE NUMBER: 000-21433 FORRESTER RESEARCH, INC. (Exact name of registrant as specified in its charter) | 04-2797789 | | --- | | DELAWARE | (State or other jurisdiction of incorp ...

Financial Data and Key Metrics Changes - Forrester's contract value grew by $26 million to $320 million, representing a 9% year-over-year growth rate [5] - Revenue increased by 30% to $128.7 million, exceeding the top end of guidance [5] - Net income rose by 4% to $12.7 million, with earnings per share at $0.66, up from $0.65 in the same quarter last year [47] - Operating cash flow reached $29.5 million for the quarter and $70.1 million for the first half of 2021, marking a 180% increase from the prior period [48] Business Line Data and Key Metrics Changes - Research revenues increased by 8% compared to Q2 of 2020 [44] - Consulting revenue grew by 22% year-over-year, marking three consecutive quarters of double-digit growth [45] - Event revenue surged by 33% compared to Q2 of 2020, driven by increased sponsorship revenue [46] Market Data and Key Metrics Changes - Client retention rates improved to 77%, marking the third consecutive quarter of increase [8] - Wallet retention increased to 96%, up 7 points from Q1 of this year [8] - The client count rose to 2,940, an increase of 280 clients year-over-year [8] Company Strategy and Development Direction - Forrester is focused on increasing contract value, generating more cash, and investing in sales, product development, and acquisitions [7] - The launch of Forrester Decisions aims to unify research services and enhance client engagement, expected to drive double-digit contract value growth [30][31] - The company is actively pursuing acquisitions to enhance contract value products and geographical coverage [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2021 goals despite headwinds from the pandemic and a challenging hiring environment [51] - The company raised its full-year revenue guidance by $12 million and EPS guidance by $0.17 [52][53] - Management highlighted the importance of adapting to a flexible work environment to attract talent [71] Other Important Information - Forrester's consulting organization posted exceptional growth, with international markets achieving their highest bookings quarter ever [18] - The company is committed to advancing its environmental, social, and governance goals, focusing on diversity and inclusion initiatives [21][23] Q&A Session Summary Question: What areas within consulting showed strength in Q2? - Management noted strength in both content marketing and strategy consulting offerings, with good performance across geographic regions [57] Question: What are the expectations for consulting and events in Q3? - Management indicated that Q3 is typically a lighter quarter for events and consulting, with potential revenue step-downs expected [59] Question: Can you provide details on capital allocation plans and share repurchase activity? - The company repurchased $2.7 million in shares during the quarter and plans to be opportunistic with future buybacks [61] Question: How did client growth break down between returning clients and new clients? - Management indicated a balanced split between returning clients and new clients, with significant wins from larger retailers and automotive companies [66] Question: How is the tight labor market impacting hiring goals? - Management acknowledged challenges in talent acquisition but remains committed to aggressive hiring to meet 2022 targets [69]

Forrester Research, Inc. (NASDAQ:FORR) Q1 2021 Earnings Conference Call May 5, 2021 4:30 PM ET Company Participants George Colony - Chairman of the Board and CEO Kelley Hippler - Chief Sales Officer Scott Chouinard - Interim CFO and Treasurer Conference Call Participants Andrew Nicholas - William Blair Vincent Colicchio - Barrington Research Anja Soderstrom - Sidoti Operator Good afternoon. Thank you for joining today's call. With me today is, George Colony, Forrester's Chairman of the Board and CEO; Kelley ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. FOR THE QUARTERLY PERIOD ENDED March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. COMMISSION FILE NUMBER: 000-21433 FORRESTER RESEARCH, INC. (Exact name of registrant as specified in its charter) | Large accelerated filer | ☐ | Accelerated filer | ☒ | | --- | --- | --- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 000-21433 Forrester Research, Inc. (Exact name of Registrant as specified in its Charter) (State or other jurisdiction of incorporation o ...

Forrester Research, Inc. (NASDAQ:FORR) Q4 2020 Results Conference Call February 11, 2021 4:30 PM ET Company Participants George Colony - President and Chief Executive Officer Mike Doyle - Chief Financial Officer Kelley Hippler - Chief Sales Officer Scott Chouinard - Chief Accounting Officer Conference Call Participants Andrew Nicholas - William Blair & Company Anja Soderstrom - Sidoti & Company Vincent Colicchio - Barrington Research Operator Good afternoon. Thank you for joining today’s call. With me today ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. FOR THE QUARTERLY PERIOD ENDED September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. COMMISSION FILE NUMBER: 000-21433 FORRESTER RESEARCH, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 60 Aco ...