Forrester Research Q3 2024 Update

TL;DR

**FORR Q3 2024 10-Q FILED: Financials show accumulated gains and employee stock details.**

AI Summary

Forrester Research, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and includes information on assets, liabilities, and equity. Specific figures for accumulated net unrealized investment gains and losses, as well as details on employee stock options, are provided for the periods ending December 31, 2023, and September 30, 2023.

Why It Matters

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

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the specific details of financial instruments and employee stock plans can introduce moderate risk.

Key Numbers

• 2023-12-31 — Reporting Date (Key date for financial data comparison)
• 2023-09-30 — Reporting Date (Key date for financial data comparison)
• 2022-12-31 — Reporting Date (Key date for financial data comparison)

Key Players & Entities

• FORRESTER RESEARCH, INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of reporting period
• 20241108 (date) — Filing date
• 60 ACORN PARK DRIVE (address) — Company's business and mailing address
• CAMBRIDGE, MA (location) — Company's city and state
• 02140 (zip_code) — Company's zip code
• 6176136000 (phone_number) — Company's business phone number

FAQ

Filing Documents

• forr-20240930.htm (10-Q) — 2662KB
• 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
• 0000950170-24-123723.txt ( ) — 12686KB
• forr-20240930.xsd (EX-101.SCH) — 1322KB
• forr-20240930_htm.xml (XML) — 3200KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Cash Flows for the nine months ended September 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 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33

SIGNATURES

SIGNATURES 34 PART I.

FINANC IAL STATEMENTS

ITEM 1. FINANC IAL STATEMENTS FORRESTER RESEARCH, INC. CONSOLIDATED B ALANCE SHEETS (In thousands, except per share data, unaudited) September 30, December 31, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 62,754 $ 72,909 Marketable investments 52,178 51,580 Accounts receivable, net of allowance for expected credit losses of $ 578 and $ 574 as of September 30, 2024 and December 31, 2023, respectively 39,165 58,999 Deferred commissions 16,196 23,207 Prepaid expenses and other current assets 23,574 9,305 Total current assets 193,867 216,000 Property and equipment, net 12,686 19,401 Operating lease right-of-use assets 29,671 39,722 Goodwill 230,247 244,257 Intangible assets, net 29,691 37,637 Other assets 9,097 7,157 Total assets $ 505,259 $ 564,174 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 1,575 $ 1,796 Accrued expenses and other current liabilities 43,270 81,482 Deferred revenue 153,155 156,798 Total current liabilities 198,000 240,076 Long-term debt 35,000 35,000 Non-current operating lease liabilities 28,422 37,673 Other non-current liabilities 9,503 11,160 Total liabilities 270,925 323,909 Commitments and contingencies (Note 16) 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 - 25,092 and 24,684 shares as of September 30, 2024 and December 31, 2023, respectively Outstanding - 18,983 and 19,248 shares as of September 30, 2024 and December 31, 2023, respectively 251 247 Additional paid-in capital 289,191 278,057 Retained earnings 171,502 177,681 Treasury stock - 6,109 and 5,437 shares as of September 30, 2024 and December 31, 2023, respectively ( 224,133 ) ( 211,149 ) Accumulated other co

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 nine months ended September 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). Nine Months Ended September 30, 2024 2023 Cash and cash equivalents shown in balance sheets $ 62,754 $ 101,706 Restricted cash classified in other assets (1): 2,242 2,043 Cash, cash equivalents and restrict

View Full Filing

View this 10-Q filing on SEC EDGAR