Forrester Research Files Q2 2024 10-Q

TL;DR

FORR 10-Q filed: Q2 2024 financials out. Check for revenue, expenses, and outlook.

AI Summary

Forrester Research, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with a detailed look at Forrester's financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details and forward-looking statements within can carry inherent investment risks.

Key Numbers

• Q2 2024 — Reporting Period (The second quarter of 2024 financial results are detailed.)
• 2023-12-31 — Balance Sheet Date (Financial position as of the end of 2023 is referenced for comparative purposes.)

Key Players & Entities

• FORRESTER RESEARCH, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240805 (date) — Filing date
• 60 ACORN PARK DRIVE, CAMBRIDGE, MA 02140 (address) — Company's business and mailing address
• 6176136000 (phone_number) — Company's business phone number

FAQ

Filing Documents

• forr-20240630.htm (10-Q) — 2591KB
• forr-ex31_1.htm (EX-31.1) — 10KB
• forr-ex31_2.htm (EX-31.2) — 10KB
• forr-ex32_1.htm (EX-32.1) — 6KB
• forr-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-090357.txt ( ) — 12312KB
• forr-20240630.xsd (EX-101.SCH) — 1244KB
• forr-20240630_htm.xml (XML) — 3135KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 5 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 32

SIGNATURES

SIGNATURES 33 PART I.

FINANC IAL STATEMENTS

ITEM 1. FINANC IAL STATEMENTS FORRESTER RESEARCH, INC. CONSOLIDATED B ALANCE SHEETS (In thousands, except per share data, unaudited) June 30, December 31, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 58,852 $ 72,909 Marketable investments 51,961 51,580 Accounts receivable, net of allowance for expected credit losses of $ 753 and $ 574 as of June 30, 2024 and December 31, 2023, respectively 47,702 58,999 Deferred commissions 18,159 23,207 Prepaid expenses and other current assets 16,753 9,305 Total current assets 193,427 216,000 Property and equipment, net 16,610 19,401 Operating lease right-of-use assets 32,083 39,722 Goodwill 242,924 244,257 Intangible assets, net 32,562 37,637 Other assets 6,561 7,157 Total assets $ 524,167 $ 564,174 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 2,329 $ 1,796 Accrued expenses and other current liabilities 45,148 81,482 Deferred revenue 164,117 156,798 Total current liabilities 211,594 240,076 Long-term debt 35,000 35,000 Non-current operating lease liabilities 31,338 37,673 Other non-current liabilities 9,181 11,160 Total liabilities 287,113 323,909 Commitments and contingencies (Note 15) Stockholders' Equity: Preferred stock, $ 0.01 par value Authorized - 500 shares; issued and outstanding - none — — Common stock, $ 0.01 par value Authorized - 125,000 shares Issued - 24,897 and 24,684 shares as of June 30, 2024 and December 31, 2023, respectively Outstanding - 19,056 and 19,248 shares as of June 30, 2024 and December 31, 2023, respectively 249 247 Additional paid-in capital 285,395 278,057 Retained earnings 177,300 177,681 Treasury stock - 5,841 and 5,437 shares as of June 30, 2024 and December 31, 2023, respectively ( 219,164 ) ( 211,149 ) Accumulated other comprehensive loss ( 6,7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 — Interim Consolidated Financial Statements Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. It is recommended that these financial statements be read in conjunction with the consolidated financial statements and related notes that appear in the Forrester Research, Inc. ("Forrester") Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the financial position, results of operations, comprehensive income (loss), and cash flows as of the dates and for the periods presented have been included. The results of operations for the three and six months ended June 30, 2024 may not be indicative of the results for the year ending December 31, 2024 , or any other period. Presentation of Restricted Cash The following table summarizes the end-of-period cash and cash equivalents from the Company's Consolidated Balance Sheets and the total cash, cash equivalents and restricted cash as presented on the accompanying Consolidated Statements of Cash Flows (in thousands). Six Months Ended June 30, 2024 2023 Cash and cash equivalents shown in balance sheets $ 58,852 $ 109,951 Restricted cash classified in other assets (1): 2,117 2,120 Cash, cash equivalents and restricted cash show

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View this 10-Q filing on SEC EDGAR