Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $111.7 million, a decrease of 8% compared to $121.8 million in Q2 2024 [22] - Research revenue was $77.9 million, down 7% year-over-year, while consulting revenue was $23.4 million, also down 5% [22][23] - Net income decreased by 24% to $9.8 million, with earnings per share at $0.51 compared to $0.68 in the prior year [27][28] - Operating income decreased by 24% to $13.7 million, representing 12.2% of revenue [26] Business Line Data and Key Metrics Changes - Research and consulting revenues improved from Q1, with declines of 5% compared to 11% in Q1 [20][21] - Events revenue was $10.2 million, a decrease of 23% year-over-year, despite increased attendance and satisfaction scores [25][26] - Client retention increased to 74%, up one point from the previous quarter [23] Market Data and Key Metrics Changes - CV (contract value) declined by 7%, mirroring Q1 performance [21] - The government sector showed building momentum, with significant contracts booked with U.S. state and local governments and European federal agencies [8][9] Company Strategy and Development Direction - The company is focusing on enhancing its sales organization and improving the sales pipeline, with a 15% increase in the total sales pipeline from Q1 [10][46] - New research frameworks, such as Buying Networks and Total Experience Score, were introduced to strengthen market position [12][32] - The events business is being restructured to align with marketing efforts to drive contract value expansion [16][20] Management's Comments on Operating Environment and Future Outlook - The management expressed uncertainty in the economic outlook for the second half of the year but maintained margin and EPS guidance [8][30] - The company anticipates improved performance in the government sector and from its Forrester Decisions product portfolio [21][30] Other Important Information - The generative AI tool, iZOLA, has seen a 22% increase in clients using it, with prompts up 44% [18] - The company plans to reinstate its stock repurchase program in the second half of the year [28] Q&A Session Summary Question: What initiatives are being taken to improve the event business and sponsorships? - The company is modernizing sponsorship offerings and ensuring sales teams are skilled in selling outcome-based experiences [35][36] Question: How is the trend for multiyear deals? - There is a positive trend in multiyear contracts, with 72% of contract value now in multiyear agreements, up eight points year-over-year [38][39] Question: Is the sales force fully ramped? - The sales force is still being built out, with 75% having over 25 months of experience, and attrition is in line with expectations [41][42] Question: How is the sales pipeline performing? - The sales pipeline increased by 15% quarter-over-quarter, but conversion rates need improvement [46][47] Question: What is being done to improve conversion rates? - The focus is on early involvement in the sales process and ensuring that potential buyers are committed to the purchasing process [53][55]