Forrester Research, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Forrester Research, Inc. has filed its 2023 10-K annual report detailing financial performance and business operations.</b>

AI Summary

FORRESTER RESEARCH, INC. (FORR) filed a Annual Report (10-K) with the SEC on March 8, 2024. Forrester Research, Inc. filed its 10-K annual report for the fiscal year ending December 31, 2023. The filing covers financial data and business operations for the period. Key financial statement items such as revenue, net income, and assets are detailed. Information regarding executive compensation and risk factors is included. The report provides a comprehensive overview of the company's financial health and strategic position.

Why It Matters

For investors and stakeholders tracking FORRESTER RESEARCH, INC., this filing contains several important signals. This 10-K filing provides investors and stakeholders with the latest official financial statements and disclosures for Forrester Research, Inc. Understanding the details within this report is crucial for assessing the company's performance, risks, and future outlook.

Risk Assessment

Risk Level: medium — FORRESTER RESEARCH, INC. shows moderate risk based on this filing. The company's financial performance and future prospects are subject to various market and operational risks detailed in the filing, including potential impacts on revenue and profitability.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Forrester's current financial health and strategic challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-08 — Filing Date (Date of submission)
• 000-21433 — SEC File Number (SEC registration number)
• DE — State of Incorporation (Legal domicile)

Key Players & Entities

• FORRESTER RESEARCH, INC. (company) — Filer name
• FORR (company) — Ticker symbol
• 10-K (document) — Filing type
• 20231231 (date) — Fiscal year end
• 20240308 (date) — Filing date
• 60 ACORN PARK DRIVE (address) — Business address
• CAMBRIDGE (location) — Business address city
• MA (location) — Business address state

FAQ

Industry Context

Forrester Research operates in the market research and advisory services industry, providing insights and guidance to business and technology leaders.

Regulatory Implications

The filing adheres to SEC regulations for annual reports (Form 10-K) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the company's financial statements for revenue trends, profitability, and balance sheet health.
2. Review the 'Risk Factors' section to understand potential challenges and threats to the business.
3. Examine executive compensation details to assess management incentives and alignment with shareholder interests.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-08: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual update for the fiscal year 2023, providing the latest financial and operational disclosures compared to previous periods.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 Par Value FORR Nasdaq Global Select
• $332.1 million — ognized. Contract value decreased 4% to $332.1 million at December 31, 2023 from $345.4 millio
• $345.4 million — 332.1 million at December 31, 2023 from $345.4 million at December 31, 2022. Competition W

Filing Documents

• forr-20231231.htm (10-K) — 2990KB
• forr-ex21.htm (EX-21) — 16KB
• forr-ex23_1.htm (EX-23.1) — 3KB
• forr-ex31_1.htm (EX-31.1) — 9KB
• forr-ex31_2.htm (EX-31.2) — 9KB
• forr-ex32_1.htm (EX-32.1) — 5KB
• forr-ex32_2.htm (EX-32.2) — 5KB
• forr-ex97_1.htm (EX-97.1) — 47KB
• img36482626_0.jpg (GRAPHIC) — 240KB
• 0000950170-24-028381.txt (&nbsp;) — 15322KB
• forr-20231231.xsd (EX-101.SCH) — 1964KB
• forr-20231231_htm.xml (XML) — 3292KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 9 Item 1C. Cybersecurity 10 Item 2.

Properties

Properties 10 Item 3.

Legal Proceedings

Legal Proceedings 11 Item 4. Mine Safety Disclosures 11 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 12 Item 6. [Reserved] 13 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 8. Consolidated Financial Statements and Supplementary Data 24 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 55 Item 9A.

Controls and Procedures

Controls and Procedures 55 Item 9B. Other Information 55 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 55 PART III Item 10. Directors, Executive Officers, and Corporate Governance 56 Item 11.

Executive Compensation

Executive Compensation 57 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 57 Item 13. Certain Relationships and Related Transactions, and Director Independence 57 Item 14. Principal Accountant Fees and Services 57 PART IV Item 15. Exhibits and Financial Statement Schedules 58 Item 16 Form 10-K Summary 58

SIGNATURES

SIGNATURES 61 2 This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "intends," "plans," "estimates," or similar expressions are intended to identify these forward-looking statements. Reference is made in particular to our statements about changing stakeholder expectations, migration of our clients into our Forrester Decisions products, product development, holding hybrid events, possible acquisitions, future dividends, future share repurchases, future growth rates, operating income and cash from operations, future deferred revenue, future compliance with financial covenants under our credit facility, future interest expense, anticipated increases in, and productivity of, our sales force and headcount, the adequacy of our cash, and cash flows to satisfy our working capital and capital expenditures, and the anticipated impact of accounting standards. These statements are based on our current plans and expectations and involve risks and uncertainties. Important factors that could cause actual future activities and results of operations to be materially different from those set forth in the forward-looking statements are discussed below under "Risk Factors." We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. PART I

Busi ness

Item 1. Busi ness General Forrester Research, Inc. is a global independent research and advisory firm. We help leaders across technology, customer experience, marketing, sales and product functions use customer obsession to accelerate growth. Through Forrester's proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work, navigate change, and put their customers at the center of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide, rigorous and objective research methodologies, over 100 million real-time feedback votes, and the shared wisdom of our clients. Our common stock is listed on Nasdaq Global Select Market under the symbol "FORR". Market Overview We believe that market dynamics — from empowered customers to the emergence of generative AI — have fundamentally changed business and technology. These dynamics continue to change stakeholder expectations. Consumers and buyers have new demands and requirements. To win, serve, and retain customers in this environment, we believe that companies require a higher level of customer obsession. Customer obsessed firms put their customers at the center of their leadership, strategy, and operations. Our research has shown that customer-obsessed firms grow faster and are more profitable. Organizations and leaders require a continuous stream of guidance and analysis to adapt to these ever-changing behaviors and realities. We believe that there is an increasing need for objective external sources of this guidance and analysis, fueling what we call the "golden age of research." Forrester's Strategy and Business Model The foundation of our business model is our ability to help business and technology leaders tackle their most pressing priorities and drive growth through customer obsession. Forrester helps clients solve problems, make decisi

Ri sk Factors

Item 1A. Ri sk Factors We operate in a rapidly changing and competitive environment that involves risks and uncertainties, certain of which are beyond our control. These risks and uncertainties could have a material adverse effect on our business and our results of operations and financial condition. These risks and uncertainties include, but are not limited to: Risk Factors Specific to our Business A Decline in Renewals or Demand for Our Subscription-Based Research Services. Our success depends in large part upon retaining (on both a client company and dollar basis) and enriching existing subscriptions for our Research products and services, including the migration of our existing clients from our legacy Forrester Research and SiriusDecisions products into our Forrester Decisions portfolio of services. Future declines in client retention and wallet retention, or failure to generate demand for and new sales of our subscription-based products and services, including Forrester Decisions, due to competition, changes in our offerings, or otherwise, could have an adverse effect on our results of operations and financial condition. Demand for Our Consulting Services. Consulting revenues comprised 25% of our total revenues in 2023 and 28% of our total revenues in 2022. Consulting engagements generally are project-based and non-recurring. A decline in our ability to fulfill existing or generate new consulting engagements could have an adverse effect on our results of operations and financial condition. Our Business May be Adversely Affected by the Economic Environment. Our business is in part dependent on technology spending and is impacted by economic conditions such as inflation, slowing growth, rising interest rates, threat of recession and supply chain issues that may impact us and our customers. The economic environment may materially and adversely affect demand for our products and services. If conditions in the United States and the global economy were to l

View Full Filing

View this 10-K filing on SEC EDGAR