PART I FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited financial statements for Q3 and nine months ended September 30, 2022, show revenue and net income growth, with decreased operating cash flow and total assets [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) - As of September 30, 2022, total assets decreased to **$585.2 million** from **$680.1 million** at year-end 2021, primarily due to reductions in accounts receivable, deferred commissions, and goodwill. Total liabilities also decreased to **$371.4 million** from **$476.2 million**, driven by lower deferred revenue and long-term debt. Stockholders' equity increased to **$213.9 million**[11](index=11&type=chunk) Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$585,240** | **$680,129** | | Total Current Assets | $204,284 | $269,488 | | Goodwill | $238,949 | $244,994 | | **Total Liabilities** | **$371,351** | **$476,222** | | Deferred Revenue | $180,758 | $213,696 | | Long-term Debt | $50,000 | $75,000 | | **Total Stockholders' Equity** | **$213,889** | **$203,907** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) - For the third quarter of 2022, total revenues grew to **$127.7 million** from **$118.1 million** in Q3 2021, with net income increasing to **$5.4 million** from **$4.5 million**. For the nine-month period, revenues rose to **$400.9 million** from **$360.6 million**, and net income grew to **$23.4 million** from **$16.8 million** year-over-year[14](index=14&type=chunk) Financial Performance Summary (in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | 9 Months 2022 | 9 Months 2021 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$127,679** | **$118,136** | **$400,896** | **$360,587** | | Research | $87,038 | $79,876 | $262,265 | $235,846 | | Consulting | $37,382 | $37,393 | $115,075 | $116,903 | | Events | $3,259 | $867 | $23,556 | $7,838 | | **Income from Operations** | **$8,557** | **$6,539** | **$35,731** | **$27,158** | | **Net Income** | **$5,414** | **$4,522** | **$23,436** | **$16,821** | | **Diluted EPS** | **$0.28** | **$0.23** | **$1.22** | **$0.87** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) - For the nine months ended September 30, 2022, net cash provided by operating activities was **$37.8 million**, a significant decrease from **$85.0 million** in the prior-year period. Net cash used in investing activities was **$5.7 million**, while financing activities used **$38.8 million**, primarily for debt repayment and stock repurchases[20](index=20&type=chunk) Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $37,803 | $84,992 | | Net cash used in investing activities | ($5,719) | ($26,850) | | Net cash used in financing activities | ($38,789) | ($15,528) | | **Net change in cash, cash equivalents and restricted cash** | **($17,432)** | **$41,150** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes 11% revenue growth to Research and Events segments, despite slight declines in client retention, with increased operating expenses and solid liquidity [Key Metrics](index=22&type=section&id=Key%20Metrics) - Contract Value (CV) increased by **7%** to **$353.0 million** as of September 30, 2022, driven by increased contract bookings. However, client retention and wallet retention decreased by **3** and **2 percentage points**, respectively, attributed to higher turnover in smaller clients amid macroeconomic conditions and a product platform transition[104](index=104&type=chunk) Key Business Metrics as of September 30 | Metric | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | Contract value | $353.0 M | $328.6 M | +7% | | Client retention | 75% | 78% | (3) points | | Wallet retention | 97% | 99% | (2) points | | Number of clients | 2,875 | 2,964 | (3%) | [Results of Operations](index=23&type=section&id=Results%20of%20Operations) - Total revenues for Q3 2022 increased **8%** (**10% constant currency**) YoY, driven by **9%** growth in Research revenues and **276%** growth in Events revenues. For the nine-month period, total revenues grew **11%** (**13% constant currency**)[108](index=108&type=chunk)[109](index=109&type=chunk) - Operating expenses rose across all categories for both the three and nine-month periods. The increases were primarily due to higher compensation and benefits from increased headcount, higher travel expenses related to the return of in-person events, and increased professional services costs[113](index=113&type=chunk)[115](index=115&type=chunk)[117](index=117&type=chunk) - Interest expense decreased for the three and nine-month periods due to lower average outstanding borrowings, despite a rise in the effective interest rate[121](index=121&type=chunk) [Segment Results](index=26&type=section&id=Segment%20Results) - **Research Segment:** Revenues grew **6%** in Q3 and **8%** in the nine-month period, driven by increased contract value. Expenses rose **15%** and **13%** respectively, due to higher compensation costs from increased headcount[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) - **Consulting Segment:** Revenues increased **6%** in Q3 and **4%** in the nine-month period, led by demand for content marketing and strategy consulting. Expenses for this segment grew **13%** in both periods, mainly from higher compensation and contractor costs[130](index=130&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk) - **Events Segment:** Revenues saw a significant increase of **276%** in Q3 and **201%** in the nine-month period, reflecting the return to in-person events. Expenses also rose sharply, up **93%** for the nine-month period, due to costs associated with hosting these events[130](index=130&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) - Cash from operations decreased to **$37.8 million** for the nine months ended Sep 30, 2022, from **$85.0 million** in the prior year period, primarily due to changes in deferred revenue and accrued expenses[137](index=137&type=chunk) - The company amended its credit facility in December 2021, increasing its revolving credit facility to **$150.0 million** and extending the maturity to 2026. As of September 30, 2022, **$50.0 million** was outstanding[140](index=140&type=chunk)[141](index=141&type=chunk) - During the first nine months of 2022, the company repurchased approximately **0.3 million shares** for **$15.1 million**. The remaining stock repurchase authorization was approximately **$75.0 million** as of September 30, 2022[89](index=89&type=chunk)[139](index=139&type=chunk) - As of September 30, 2022, the company held **$118.7 million** in cash, cash equivalents, and marketable investments, with **$77.5 million** held outside the U.S. Management believes current cash and operational cash flows are sufficient to meet requirements for the next twelve months[145](index=145&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes in the company's assessment of market risk sensitivity since its 2021 Annual Report on Form 10-K - There have been no material changes in the company's market risk exposure since its 2021 year-end report[149](index=149&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2022, with no material changes to internal control over financial reporting - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2022[150](index=150&type=chunk) - No material changes to the company's internal control over financial reporting were identified during the third quarter of 2022[151](index=151&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course legal proceedings and claims, which could materially impact operations due to costs and management resource diversion - The company is subject to legal proceedings from time to time in the ordinary course of business[153](index=153&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the 2021 Annual Report on Form 10-K have occurred, and prior risks remain applicable - The risk factors described in the Annual Report on Form 10-K for the year ended December 31, 2021, remain applicable to the business[154](index=154&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any common stock under its authorized program during the quarter ended September 30, 2022 - No shares of common stock were repurchased during the third quarter of 2022[155](index=155&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including officer certifications and XBRL data files - The report includes a list of exhibits filed, such as officer certifications and Inline XBRL documents[162](index=162&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, 2022 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 Acorn Pa ...

Financial Data and Key Metrics Changes - In Q2 2022, the company achieved revenue growth of 15%, reaching $148.2 million compared to $128.7 million in the prior year period, exceeding guidance [7][21] - Operating margin was 19%, surpassing guidance, and net income increased by 51% to $19.2 million, with earnings per share (EPS) rising by 52% to $1 [7][28] - Contract value (CV) growth dropped to 10% in Q2 from 15% in the previous quarter, attributed to higher sales attrition and lower conversion rates [8][21] Business Line Data and Key Metrics Changes - Research revenues increased by 10% year-over-year, driven by double-digit CV growth, although client retention and wallet retention were down [22] - Consulting business revenues decreased by 4% to $39.3 million due to analysts focusing on CV business and client project delays [24] - Events business revenues surged by 191% to $19.5 million, driven by the return to in-person events [25] Market Data and Key Metrics Changes - The company noted that client decision-making delays were prevalent, particularly in Europe, due to macroeconomic headwinds [23][46] - The strengthening dollar is expected to continue impacting top-line results, with FX headwinds estimated at 1% to 2% for the year [30][35] Company Strategy and Development Direction - The company aims to continue growing its Forrester Decisions platform, which has seen strong market reception and pricing [19][20] - Plans to ramp up sales headcount in the second half of the year to support double-digit CV growth [9][33] - The company is focused on managing economic and product transition headwinds while maintaining a strong pipeline for future growth [6][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year guidance for CV growth, EPS, and profit margin despite macroeconomic challenges [9][19] - The company remains cautiously optimistic about the future, acknowledging ongoing geopolitical and economic headwinds [42] Other Important Information - The company is committed to reducing carbon emissions by 50% by 2025 and is assessing travel policies to support this goal [18] - The events business is expected to continue thriving, with successful hybrid events held thus far [38] Q&A Session Summary Question: Can you elaborate on the macro uncertainty and its impact on client behavior? - Management noted that softness is more concentrated in Europe, with longer sales cycles but confidence in winning business throughout the year [46] Question: What factors contributed to the deceleration in CV growth? - The primary challenge was the number of ramp sales representatives in the field, impacting performance metrics [48] Question: How does the current CV pipeline compare to last quarter? - The pipeline for Q3 is in a better position than Q2, with a strategy to sign multiyear deals contributing positively [53] Question: Are you on track for your sales growth goals? - Management confirmed they are on pace to meet original targets for 2022 and are proactively hiring for 2023 [56] Question: What is the distribution of attrition among senior staff? - Attrition was noted to be higher among senior representatives, but new hires are aligned with the company's strategic focus [57]

Forrester Research, Inc. (NASDAQ:FORR) Q1 2022 Earnings Conference Call May 5, 2022 4:30 PM ET Company Participants Chris Finn - Chief Financial Officer Tyson Seely - Vice President-Investor Relations George Colony - Chairman of the Board & Chief Executive Officer Carrie Johnson - Chief Product Officer Conference Call Participants Andrew Nicholas - William Blair Vincent Colicchio – Barrington Research Anja Soderstrom - Sidoti Operator Good day, ladies and gentlemen, and thank you for standing by. Welcome t ...

Forrester Investor Summary May 5, 2022 Safe Harbor This presentation may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. These projections or statements are only predictions. Actual events or results may differ materially from those in the projections or other forward-looking statements. Please see the Company's Annual Report to shareholders and its filings with the SEC, including its recent filings on Forms 10-K and 10-Q, f ...

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, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934. (State or other jurisdiction of incorporation or organization) 60 Acorn Park Drive CAMBRIDGE, MASSACHUSETTS (Address of principal executive offices) DELAWARE 04-2797789 (I.R.S. Employer I ...

PART I [Business](index=3&type=section&id=Item%201.%20Business) Forrester Research is a global independent research and advisory firm that helps business and technology leaders accelerate growth through a focus on 'customer obsession' via its research, consulting, and events segments - Forrester is a global research and advisory firm helping leaders use customer obsession to accelerate growth through its proprietary research, consulting, and events[12](index=12&type=chunk) - The company's strategy is built around a 'CV growth engine,' which focuses on increasing contract value (CV) from recurring, renewable research products to generate predictable and profitable revenue streams[16](index=16&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) - In 2021, Forrester launched 'Forrester Decisions,' a new portfolio of 15 standardized research services that is expected to become the company's flagship research product[23](index=23&type=chunk) Key Business Metrics (as of Dec 31, 2021) | Metric | 2021 | 2020 | % Change | | :--- | :--- | :--- | :--- | | Contract Value (CV) | $345.8 million | $301.3 million | +15% | | Client Companies | >3,000 | - | - | - The company's main competitors include other independent research firms like Gartner, consulting firms, marketing agencies, and free online information sources[34](index=34&type=chunk) - As of December 31, 2021, the company employed 1,781 people, with 1,316 in the United States and Canada, 267 in EMEA, and 198 in the Asia Pacific region[36](index=36&type=chunk) [Risk Factors](index=7&type=section&id=Item%201A.%20Risk%20Factors) The company faces various business, operational, and general risks, including dependency on subscriptions, competition, and impacts from economic downturns or health epidemics - The COVID-19 pandemic significantly impacted the Events business, causing revenues to fall from **$27.0 million** in 2019 to **$12.9 million** in 2021 as events shifted from in-person to virtual formats[47](index=47&type=chunk) - As of December 31, 2021, the company had **$75.0 million** in outstanding debt under its revolving credit facility, which could restrict business operations and affect financial condition[52](index=52&type=chunk) - A significant concentration of ownership exists, with founder, Chairman, and CEO George F. Colony owning approximately **40%** of the company's outstanding stock, enabling him to strongly influence or control matters requiring stockholder approval[56](index=56&type=chunk) - The company faces competition from direct competitors like Gartner and indirect competitors such as internal client staff and free online information sources like Google[53](index=53&type=chunk) [Unresolved Staff Comments](index=9&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has not received any written comments from the Securities and Exchange Commission that remain unresolved [Properties](index=10&type=section&id=Item%202.%20Properties) Forrester's corporate headquarters is a leased 190,000 square foot office in Cambridge, Massachusetts, supplemented by other leased offices globally, which management deems adequate - The corporate headquarters is located in a leased facility of approximately **190,000 square feet** in Cambridge, Massachusetts, with the lease expiring on February 28, 2027[63](index=63&type=chunk) [Legal Proceedings](index=10&type=section&id=Item%203.%20Legal%20Proceedings) The company may be subject to legal proceedings and claims that arise in the ordinary course of business, which could have a material adverse effect due to defense costs and diversion of management resources [Mine Safety Disclosures](index=10&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company PART II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=11&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Forrester's common stock trades on Nasdaq under 'FORR', with its dividend program suspended since 2019 and approximately **$90.1 million** remaining authorized for stock repurchases as of December 31, 2021 - The company's quarterly dividend program has been indefinitely suspended since the beginning of 2019[69](index=69&type=chunk) - As of December 31, 2021, the Board had authorized **$585.0 million** for stock repurchases, with **$494.9 million** used to repurchase **16.7 million shares**, leaving approximately **$90.1 million** available[71](index=71&type=chunk)[122](index=122&type=chunk) Share Repurchases (Q4 2021) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Oct 1 - Oct 31 | 13,116 | $49.53 | | Nov 1 - Nov 30 | 107,900 | $58.79 | | Dec 1 - Dec 31 | 42,000 | $57.78 | | **Total for Quarter** | **163,016** | **-** | [Reserved](index=12&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=13&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section reviews the company's financial performance, noting a **10% revenue increase** to **$494.3 million** in 2021, **15% CV growth**, increased operating expenses, and a strong liquidity position with **$115.8 million** in cash [Overview and Key Metrics](index=13&type=section&id=Overview%20and%20Key%20Metrics) The company's revenue streams include Research, Consulting, and Events, with contract value (CV) as a primary metric, which increased **15%** in 2021 alongside improved client and wallet retention Key Performance Metrics (as of Dec 31) | Metric | 2021 | 2020 | % Increase | | :--- | :--- | :--- | :--- | | Contract value | $345.8 M | $301.3 M | 15% | | Client retention | 78% | 72% | 8% | | Wallet retention | 102% | 86% | 19% | | Number of clients | 3,005 | 2,808 | 7% | [Results of Operations](index=16&type=section&id=Results%20of%20Operations) Total revenues increased **10%** to **$494.3 million** in 2021 across all segments, with operating expenses rising due to reinstated incentive programs, significantly boosting income from operations and net income Revenue Performance (2021 vs. 2020) | Revenue Category | 2021 (in millions) | 2020 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Research | $325.3 | $301.5 | 8% | | Consulting | $156.1 | $137.3 | 14% | | Events | $12.9 | $10.1 | 27% | | **Total Revenues** | **$494.3** | **$449.0** | **10%** | - Cost of services and fulfillment increased **12%** in 2021, primarily due to a **$10.4 million** increase in compensation from reinstated incentive programs and a **$9.5 million** increase in professional services costs[97](index=97&type=chunk) - Selling and marketing expenses increased **3%** in 2021, driven by higher compensation and commissions, as well as increased advertising and marketing expenses[98](index=98&type=chunk) - Acquisition and integration costs decreased by **$5.4 million** in 2021 as the integration of SiriusDecisions was substantially completed in 2020[103](index=103&type=chunk) Income Tax Summary (2021 vs. 2020) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Provision for income taxes | $8.3 M | $2.9 M | | Effective tax rate | 25.1% | 22.8% | [Segment Results](index=19&type=section&id=Segment%20Results) All three operating segments reported revenue growth in 2021, with Research up **6%** to **$372.6 million**, Consulting up **25%** to **$108.9 million**, and Events up **27%** to **$12.9 million** Segment Revenue and Expense Changes (2021 vs. 2020) | Segment | Revenue Change | Expense Change | | :--- | :--- | :--- | | Research | +6% | +7% | | Consulting | +25% | +29% | | Events | +27% | +3% | - Consulting segment revenue increased **25%** due to continued strong demand for content marketing and strategy consulting offerings[114](index=114&type=chunk) [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity, with cash from operating activities increasing to **$107.1 million** in 2021, **$115.8 million** in cash and equivalents, and an amended **$150.0 million** revolving credit facility with **$75.0 million** outstanding - Cash from operating activities increased by **$59.3 million** to **$107.1 million** in 2021, primarily due to increased contract bookings, strong collections, and a reduction in cash used for working capital[119](index=119&type=chunk)[120](index=120&type=chunk) - In December 2021, the company amended its credit agreement to increase its revolving credit facility to **$150.0 million** and eliminate the existing term loan. As of December 31, 2021, **$75.0 million** was outstanding on the facility[123](index=123&type=chunk)[124](index=124&type=chunk) - As of December 31, 2021, the company held **$115.8 million** in cash and cash equivalents, of which **$69.1 million** was held outside the U.S. and is intended to be permanently reinvested abroad[128](index=128&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=23&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency exchange rates, resulting in a **$1.5 million** loss in 2021, and interest rates on its **$75.0 million** floating-rate debt, where a **25 basis point** change impacts pre-tax interest expense by approximately **$0.1 million** - The company faces exposure to foreign currency exchange rate movements and incurred losses of **$1.5 million**, **$0.6 million**, and **$0.9 million** in 2021, 2020, and 2019, respectively[133](index=133&type=chunk)[134](index=134&type=chunk) - As of December 31, 2021, the company had **$75.0 million** in floating-rate debt. An interest rate swap hedges a portion of this debt. A hypothetical **25 basis point** change in interest rates on the unhedged balance of approximately **$35.9 million** would change annual pretax interest expense by about **$0.1 million**[134](index=134&type=chunk)[135](index=135&type=chunk) [Consolidated Financial Statements and Supplementary Data](index=24&type=section&id=Item%208.%20Consolidated%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for fiscal year 2021, along with the independent auditor's report and detailed notes on financial position, operations, and cash flows [Report of Independent Registered Public Accounting Firm](index=25&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) PricewaterhouseCoopers LLP issued an unqualified opinion on the consolidated financial statements and internal controls, identifying 'Revenue Recognition – Identification of Distinct Performance Obligations' as a critical audit matter - The auditor, PricewaterhouseCoopers LLP, issued an unqualified (clean) opinion on the financial statements and the effectiveness of internal controls over financial reporting[144](index=144&type=chunk) - A Critical Audit Matter was identified related to Revenue Recognition, specifically the significant management judgment involved in identifying distinct performance obligations within customer contracts[151](index=151&type=chunk)[152](index=152&type=chunk) [Consolidated Financial Statements](index=27&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show total assets increased to **$680.1 million** in 2021, with total liabilities at **$476.2 million**, stockholders' equity at **$203.9 million**, and net income significantly improved to **$24.8 million** Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Cash and cash equivalents | $115,769 | $90,257 | | Goodwill | $244,994 | $247,211 | | Total Assets | $680,129 | $644,218 | | Deferred revenue | $213,696 | $179,968 | | Long-term debt, net | $75,000 | $95,299 | | Total Liabilities | $476,222 | $458,452 | | Total Stockholders' Equity | $203,907 | $185,766 | Consolidated Statement of Operations Highlights (in thousands) | Account | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Total revenues | $494,315 | $448,984 | $461,697 | | Income (loss) from operations | $38,642 | $16,175 | $(1,075) | | Net income (loss) | $24,844 | $9,990 | $(9,570) | | Diluted EPS | $1.28 | $0.53 | $(0.52) | [Notes to Consolidated Financial Statements](index=32&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies and financial items, including the SiriusDecisions acquisition, goodwill, credit facility, leases, income taxes, and segment data, with a reclassification of certain revenues from Consulting to Research - Effective January 1, 2021, the company reclassified revenue from advisory sessions included in subscription research products from Consulting revenues to Research revenues. Prior periods were reclassified, moving **$7.1 million** for 2020 and **$5.1 million** for 2019[174](index=174&type=chunk) - The 2019 acquisition of SiriusDecisions had a total consideration of **$245.5 million**, resulting in **$158.6 million** of goodwill and **$115.0 million** of identifiable intangible assets[244](index=244&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk) - As of December 31, 2021, the company had **$245.0 million** in goodwill and **$62.7 million** in net intangible assets. The annual impairment test concluded that no impairments existed[253](index=253&type=chunk)[254](index=254&type=chunk) - The company's stock repurchase program has an aggregate authorization of **$585.0 million**, with **$494.9 million** used as of December 31, 2021[299](index=299&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=58&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This item is not applicable [Controls and Procedures](index=58&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2021, a conclusion also supported by the independent auditor's unqualified opinion - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2021[329](index=329&type=chunk) - Based on the COSO framework, management concluded that the company's internal control over financial reporting was effective as of December 31, 2021[331](index=331&type=chunk) [Other Information](index=58&type=section&id=Item%209B.%20Other%20Information) This item is not applicable [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=58&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable PART III [Directors, Executive Officers, and Corporate Governance](index=59&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) This section lists executive officers as of March 10, 2022, including George F. Colony (Chairman & CEO), with further director and corporate governance information incorporated by reference from the 2022 Proxy Statement Executive Officers (as of March 10, 2022) | Name | Age | Position | | :--- | :--- | :--- | | George F. Colony | 68 | Chairman of the Board, Chief Executive Officer | | Ryan D. Darrah | 50 | Chief Legal Officer and Secretary | | L. Christian Finn | 51 | Chief Financial Officer | | Kelley Hippler | 53 | Chief Sales Officer | | Carrie Johnson | 46 | Chief Product Officer | [Executive Compensation](index=60&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive and director compensation is incorporated by reference from the company's 2022 Annual Meeting Proxy Statement under the captions 'Director Compensation' and 'Executive Compensation' [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=60&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details equity compensation plans as of December 31, 2021, showing **748,933** securities to be issued at a weighted average exercise price of **$35.52**, and **1,906,052** securities available for future issuance Equity Compensation Plan Information (as of Dec 31, 2021) | Category | Securities to be Issued Upon Exercise | Weighted Avg. Exercise Price | Securities Remaining for Future Issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by stockholders | 748,933 | $35.52 | 1,906,052 | [Certain Relationships and Related Transactions, and Director Independence](index=60&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding certain relationships, related party transactions, and director independence is incorporated by reference from the company's 2022 Annual Meeting Proxy Statement [Principal Accountant Fees and Services](index=60&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's 2022 Annual Meeting Proxy Statement under the caption 'Independent Auditors' Fees and Other Matters' PART IV [Exhibits and Financial Statement Schedules](index=61&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section confirms financial statements are indexed within the report, with no financial statement schedules filed, and a complete listing of exhibits provided in the Exhibit Index [Form 10-K Summary](index=61&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable

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)