10-Q

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)

Delaware	04-2797789
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
60 Acorn Park Drive Cambridge, Massachusetts	02140 (Zip Code)
(Address of principal executive offices)

(617) 613-6000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $.01 Par Value	FORR	Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 1, 2022, 18,980,000 shares of the registrant’s common stock were outstanding.

FORRESTER RESEARCH, INC.

INDEX TO FORM 10-Q

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021	3
	Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021	4
	Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	31
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	32
Item 1A.	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		34

2

PART I.

ITEM 1. FINANCIAL STATEMENTS

FORRESTER RESEARCH, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data, unaudited)

	June 30,			December 31,
	2022			2021
ASSETS
Current Assets:
Cash and cash equivalents	$	103,225		$	115,769
Marketable investments (Note 2)		19,388			18,509
Accounts receivable, net of allowance for expected credit losses of $593 and $610 as    of June 30, 2022 and December 31, 2021, respectively		59,014			86,965
Deferred commissions		22,570			29,631
Prepaid expenses and other current assets		18,350			18,614
Total current assets		222,547			269,488
Property and equipment, net		26,159			28,245
Operating lease right-of-use assets		58,966			65,009
Goodwill		241,471			244,994
Intangible assets, net		55,904			62,733
Other assets		9,883			9,660
Total assets	$	614,930		$	680,129
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	101		$	840
Accrued expenses and other current liabilities		66,347			97,800
Deferred revenue		210,592			213,696
Total current liabilities		277,040			312,336
Long-term debt		50,000			75,000
Non-current operating lease liabilities		57,517			65,038
Other non-current liabilities		20,274			23,848
Total liabilities		404,831			476,222
Commitments and contingencies (Note 5, 14)
Stockholders' Equity (Note 12):
Preferred stock, $0.01 par value
Authorized - 500 shares; issued and outstanding - none		—			—
Common stock, $0.01 par value
Authorized - 125,000 shares
Issued - 24,159 and 24,085 shares as of June 30, 2022 and December 31, 2021,    respectively
Outstanding - 18,854 and 19,058 shares as of June 30, 2022 and    December 31, 2021, respectively		242			241
Additional paid-in capital		254,937			245,985
Retained earnings		170,847			152,825
Treasury stock - 5,305 and 5,027 shares as of June 30, 2022 and    December 31, 2021, respectively		(207,067	)		(191,955	)
Accumulated other comprehensive loss		(8,860	)		(3,189	)
Total stockholders’ equity		210,099			203,907
Total liabilities and stockholders’ equity	$	614,930		$	680,129

The accompanying notes are an integral part of these consolidated financial statements.

3

FORRESTER RESEARCH, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data, unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Revenues:
Research	$	89,447		$	81,002		$	175,227		$	155,970
Consulting		39,262			40,960			77,693			79,510
Events		19,537			6,708			20,297			6,971
Total revenues		148,246			128,670			273,217			242,451
Operating expenses:
Cost of services and fulfillment		60,991			52,258			114,242			99,735
Selling and marketing		44,974			42,556			89,018			81,835
General and administrative		15,925			14,334			31,449			27,512
Depreciation		2,299			2,255			4,618			4,545
Amortization of intangible assets		3,354			3,968			6,716			7,871
Integration costs		—			216			—			334
Total operating expenses		127,543			115,587			246,043			221,832
Income from operations		20,703			13,083			27,174			20,619
Interest expense		(535	)		(1,066	)		(1,148	)		(2,195	)
Other income (expense), net		103			(201	)		(154	)		(671	)
Gain on investments, net		—			—			426			—
Income before income taxes		20,271			11,816			26,298			17,753
Income tax expense		6,397			3,473			8,276			5,454
Net income	$	13,874		$	8,343		$	18,022		$	12,299
Basic income per common share	$	0.74		$	0.44		$	0.95		$	0.64
Diluted income per common share	$	0.72		$	0.43		$	0.94		$	0.64
Basic weighted average common shares outstanding		18,871			19,126			18,929			19,094
Diluted weighted average common shares outstanding		19,173			19,377			19,218			19,332

The accompanying notes are an integral part of these consolidated financial statements.

4

FORRESTER RESEARCH, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, unaudited)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2022			2021		2022			2021
Net income	$	13,874		$	8,343	$	18,022		$	12,299
Other comprehensive income (loss), net of tax:
Foreign currency translation		(4,528	)		723		(5,842	)		(1,578	)
Net change in market value of investments		(29	)		—		(93	)		—
Net change in market value of interest rate swap		68			139		264			329
Other comprehensive income (loss)		(4,489	)		862		(5,671	)		(1,249	)
Comprehensive income	$	9,385		$	9,205	$	12,351		$	11,050

The accompanying notes are an integral part of these consolidated financial statements.

5

FORRESTER RESEARCH, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

	Six Months Ended
	June 30,
	2022			2021
Cash flows from operating activities:
Net income	$	18,022		$	12,299
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		4,618			4,545
Amortization of intangible assets		6,716			7,871
Net gains from investments		(426	)		—
Deferred income taxes		(3,225	)		(4,620	)
Stock-based compensation		7,131			4,889
Operating lease right-of-use assets amortization		5,384			5,701
Amortization of deferred financing fees		219			467
Amortization of premium on investments		71			—
Foreign currency losses		80			778
Changes in assets and liabilities:
Accounts receivable		26,705			20,468
Deferred commissions		7,062			4,377
Prepaid expenses and other current assets		(326	)		2,371
Accounts payable		(734	)		385
Accrued expenses and other liabilities		(30,680	)		(13,668	)
Deferred revenue		318			29,999
Operating lease liabilities		(6,180	)		(5,769	)
Net cash provided by operating activities		34,755			70,093
Cash flows from investing activities:
Purchases of property and equipment		(2,698	)		(5,243	)
Purchases of marketable investments		(12,028	)		—
Proceeds from maturities of marketable investments		10,955			—
Other investing activity		179			—
Net cash used in investing activities		(3,592	)		(5,243	)
Cash flows from financing activities:
Payments on borrowings		(25,000	)		(6,250	)
Repurchases of common stock		(15,112	)		(2,673	)
Proceeds from issuance of common stock under employee equity incentive plans		2,077			3,065
Taxes paid related to net share settlements of stock-based compensation awards		(255	)		(595	)
Net cash used in financing activities		(38,290	)		(6,453	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(5,645	)		(122	)
Net change in cash, cash equivalents and restricted cash		(12,772	)		58,275
Cash, cash equivalents and restricted cash, beginning of period		118,031			90,652
Cash, cash equivalents and restricted cash, end of period	$	105,259		$	148,927
Supplemental disclosure of cash flow information:
Cash paid for interest	$	938		$	1,732
Cash paid for income taxes	$	4,189		$	5,066

The accompanying notes are an integral part of these consolidated financial statements.

6

FORRESTER RESEARCH, INC.

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, 2021. 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, 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, 2022 may not be indicative of the results for the year ending December 31, 2022, 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,
	2022		2021
Cash and cash equivalents	$	103,225	$	146,387
Restricted cash classified in (1):
Prepaid expenses and other current assets		—		221
Other assets		2,034		2,319
Cash, cash equivalents and restricted cash shown in statement of cash flows	$	105,259	$	148,927

(1)Restricted cash consists of collateral required for leased office space, and for the six months ended June 30, 2021, also included an amount for credit card processing outside of the U.S. The short-term or long-term classification regarding the collateral for the leased office space is determined in accordance with the expiration of the underlying leases.

Adoption of New Accounting Pronouncements

The Company adopted the guidance in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes on January 1, 2021. The standard provides guidance to simplify the accounting for income taxes in certain areas, changes the accounting for select income tax transactions, and makes other minor improvements. The adoption of this standard did not have a material impact on the Company’s financial position or results of operations.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Finance Reporting. The new standard provides optional guidance for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting due to the risk of cessation of the London Interbank Offered Rate (“LIBOR”). The updates apply to contracts, hedging relationships, and other transactions that reference LIBOR, or another reference rate expected to be discontinued because of reference rate reform, and as a result require a modification. An entity may elect to apply the amendments immediately or at any point through December 31, 2022. The adoption of this standard will not have a material impact on the Company’s financial position or results of operations as the Company's only interest rate swap, which is based on LIBOR, will terminate prior to the cessation of LIBOR.

7

Note 2 — Marketable Investments

The following table summarizes the Company’s marketable investments (in thousands):

	As of June 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	19,546	$	1	$	(159	)	$	19,388
Total	$	19,546	$	1	$	(159	)	$	19,388

	As of December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	18,542	$	—	$	(33	)	$	18,509
Total	$	18,542	$	—	$	(33	)	$	18,509

Realized gains and losses on investments are included in earnings and are determined using the specific identification method. There were no realized gains or losses on the sale of the Company’s marketable investments during the three and six months ended June 30, 2022.

The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of June 30, 2022 (in thousands).

	FY 2022		FY 2023		FY 2024		Total
Corporate obligations	$	8,113	$	8,899	$	2,376	$	19,388
Total	$	8,113	$	8,899	$	2,376	$	19,388

The following table shows the gross unrealized losses and market value of the Company’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	As of June 30, 2022
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	18,443	$	159	$	—	$	—
Total	$	18,443	$	159	$	—	$	—

	As of December 31, 2021
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	18,509	$	33	$	—	$	—
Total	$	18,509	$	33	$	—	$	—

Note 3 — Goodwill and Other Intangible Assets

Goodwill

Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair values of the tangible and identifiable intangible net assets acquired. Goodwill is not amortized; however, it is required to be tested for impairment annually, which requires assessment of the potential impairment at the reporting unit level. Reporting units are determined based on the components of the Company's operating segments that constitute a business for which discrete financial information is available and for which operating results are regularly reviewed by segment management. Testing for impairment is also required on an interim basis if an event or circumstance indicates it is more likely than not an impairment loss has been incurred.

8

The Company performed its annual impairment testing as of November 30, 2021 utilizing a qualitative assessment to determine if it was more likely than not that the fair values of each of its reporting units was less than their respective carrying values and concluded that no impairments existed. Subsequent to completing the annual test and through June 30, 2022, there were no events or circumstances that required an interim impairment test. Accordingly, as of June 30, 2022, the Company had no accumulated goodwill impairment losses. Approximately $8.1 million of goodwill is allocated to the Company’s Consulting reporting unit, which had a negative carrying value as of the date of the last test.

The change in the carrying amount of goodwill for the six months ended June 30, 2022 is summarized as follows (in thousands):

	Total
Balance at December 31, 2021	$	244,994
Translation adjustments		(3,523	)
Balance at June 30, 2022	$	241,471

Finite-Lived Intangible Assets

The carrying values of finite-lived intangible assets are as follows (in thousands):

	June 30, 2022
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	78,275	$	30,027	$	48,248
Technology		16,700		13,810		2,890
Trademarks		12,457		7,691		4,766
Total	$	107,432	$	51,528	$	55,904

	December 31, 2021
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	78,364	$	25,805	$	52,559
Technology		16,845		13,073		3,772
Trademarks		12,478		6,076		6,402
Total	$	107,687	$	44,954	$	62,733

Estimated intangible asset amortization expense for each of the five succeeding years is as follows (in thousands):

2022 (remainder)	$	6,446
2023		11,917
2024		9,878
2025		8,869
2026		8,389
Thereafter		10,405
Total	$	55,904

Note 4 — Debt

On December 21, 2021, the Company and certain of its subsidiaries entered into an amendment of its existing credit facility, dated as of January 3, 2019, with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the lenders party thereto (the "Existing Credit Agreement" and the Existing Credit Agreement as amended by the Amendment, the "Amended Credit Agreement").

9

The Existing Credit Agreement was amended to, among other things, (a) increase the aggregate principal amount of revolving credit commitments (the "Revolving Credit Facility") from $75.0 million to $150.0 million and eliminate the existing term loan facility, (b) extend the scheduled maturity date of the revolving credit commitments to December of 2026, (c) reduce the applicable margin with respect to revolving loans to, at Forrester’s option, (i) between 1.25% and 1.75% per annum for loans based on LIBOR and (ii) between 0.25% and 0.75% per annum for loans based on the applicable base rate, in each case, based on Forrester’s consolidated total leverage ratio, (d) reduce the commitment fee applicable to undrawn revolving credit commitments to between 0.30% and 0.20% per annum based on the Company's consolidated total leverage ratio, (e) replace the minimum fixed charge coverage ratio financial covenant under the Existing Credit Agreement with a minimum consolidated interest coverage ratio of 3.50:1.00 and (f) include a covenant limiting the amount of capital expenditures made by the Company in each fiscal year, subject to exceptions for (i) up to $25.0 million with respect to its headquarters property and (ii) an additional general basket of $20.0 million annually.

On December 21, 2021, the Company converted the $100.0 million outstanding term loan amounts under the Existing Credit Agreement to $100.0 million outstanding on the Revolving Credit Facility as the lenders remained the same under both facilities. The Amended Credit Agreement permits the Company to increase commitments under the Revolving Credit Facility in an aggregate principal amount up to $50.0 million, subject to approval by the Administrative Agent and certain customary terms and conditions.

The Company may voluntarily prepay revolving loans under the Amended Credit Agreement at any time and from time to time, without premium or penalty, other than customary breakage reimbursement requirements for LIBOR-based loans. No interim amortization payments are required to be made under the Amended Credit Agreement.

The Amended Credit Agreement provides that once LIBOR ceases to exist in 2023, the benchmark rate for the Revolving Credit Facility will automatically transfer from LIBOR to the Secured Overnight Financing Rate.

Up to $5.0 million of the Revolving Credit Facility is available for the issuance of letters of credit, and any drawings under the letters of credit must be reimbursed within one business day. As of June 30, 2022, $0.8 million in letters of credit were issued under the Revolving Credit Facility.

The Company incurred $0.5 million in costs related to the issuance of the Revolving Credit Facility under the Amended Credit Agreement, which were recorded to other assets on the Consolidated Balance Sheets. These costs are being amortized on a straight-line basis over the five-year term of the Revolving Credit Facility and are included in interest expense in the Consolidated Statements of Income. The Amended Credit Agreement was accounted for as a debt modification and thus no existing debt issuance costs were written off to interest expense as a result of the modification.

Outstanding Borrowings

The following table summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands):

Description:	June 30, 2022		December 31, 2021
Revolving credit facility	$	50,000	$	75,000

10

The contractual annualized interest rate as of June 30, 2022 was 2.9375%, which consisted of LIBOR of 1.6875% plus a margin of 1.25%. However, the Company has an interest rate swap contract that effectively converts the floating LIBOR base rates on a portion of the amounts outstanding to a fixed base rate. Refer to Note 7 – Derivatives and Hedging for further information on the swap.

The Company had $99.2 million of available borrowing capacity on the Revolving Credit Facility (not including the expansion feature) as of June 30, 2022. The weighted average annual effective interest rate for the three and six months ended June 30, 2022, was 2.13% and 1.87%, respectively.

The Amended Credit Agreement contains certain customary restrictive loan covenants, including among others, financial covenants that apply a maximum leverage ratio, minimum interest coverage ratio, and maximum annual capital expenditures. The negative covenants limit, subject to various exceptions, the Company’s ability to incur additional indebtedness, create liens on assets, merge, consolidate, liquidate or dissolve any part of the Company, sell assets, change fiscal year, or enter into certain transactions with affiliates and subsidiaries. The Company was in full compliance with the covenants as of June 30, 2022. The agreement also contains customary events of default, representations, and warranties.

All obligations under the Amended Credit Agreement are unconditionally guaranteed by each of the Company’s existing and future, direct and indirect, material wholly-owned domestic subsidiaries, other than certain excluded subsidiaries, and are collateralized by a first priority lien on substantially all tangible and intangible assets, including intellectual property, and all of the capital stock of the Company's subsidiaries (limited to 65% of the voting equity of certain subsidiaries).

Note 5 — Leases

All of the Company’s leases are operating leases, the majority of which are for office space. Operating lease right-of-use (“ROU”) assets and non-current operating lease liabilities are included as individual line items on the Consolidated Balance Sheets, while short-term operating lease liabilities are recorded within accrued expenses and other current liabilities. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets and are not material.

The components of lease expense were as follows (in thousands):

	For the Three Months Ended June 30,
	2022			2021
Operating lease cost	$	3,600		$	4,062
Short-term lease cost		175			98
Variable lease cost		1,463			1,280
Sublease income		(192	)		(105	)
Total lease cost	$	5,046		$	5,335

	For the Six Months Ended June 30,
	2022			2021
Operating lease cost	$	7,252		$	7,882
Short-term lease cost		312			186
Variable lease cost		3,013			2,715
Sublease income		(383	)		(166	)
Total lease cost	$	10,194		$	10,617

Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):

	For the Six Months Ended June 30,
	2022			2021
Cash paid for amounts included in the measurement of operating    lease liabilities	$	6,180		$	5,769
Operating lease ROU assets obtained in exchange for lease    obligations	$	172		$	7,385
Weighted-average remaining lease term - operating leases (years)		5.5			6.3
Weighted-average discount rate - operating leases		4.3	%		4.4	%

11

Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of June 30, 2022 are as follows (in thousands):

	Operating Lease			Sublease
	Payments			Cash Receipts
2022 (remainder)	$	8,462		$	412
2023		16,446			606
2024		15,993			624
2025		14,059			—
2026		12,095			—
Thereafter		14,280			—
Total lease payments and estimated sublease cash receipts		81,335		$	1,642
Less imputed interest		(10,267	)
Present value of lease liabilities	$	71,068

Lease balances as of June 30, 2022 are as follows (in thousands):

Operating lease ROU assets	$	58,966
Short-term operating lease liabilities (1)	$	13,551
Non-current operating lease liabilities		57,517
Total operating lease liabilities	$	71,068

(1)Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets.

The Company’s leases do not contain residual value guarantees, material restrictions, or covenants.

Note 6 – Revenue and Related Matters

Disaggregated Revenue

The Company disaggregates revenue as set forth in the following tables (in thousands):

Revenue by Geography

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Revenues: (1)	2022		2021		2022		2021
North America	$	124,177	$	105,371	$	226,487	$	196,267
Europe		15,871		15,587		30,343		30,669
Asia Pacific		6,445		6,322		13,118		12,715
Other		1,753		1,390		3,269		2,800
Total	$	148,246	$	128,670	$	273,217	$	242,451

(1)Revenue location is determined based on where the products and services are consumed.

Contract Assets and Contract Liabilities

Accounts Receivable

Accounts receivable includes amounts billed and currently due from customers. Since the only condition for payment of the Company’s invoices is the passage of time, a receivable is recorded on the date an invoice is issued. Also included in accounts receivable are unbilled amounts resulting from revenue exceeding the amount billed to the customer, where the right to payment is unconditional. If the right to payment for services performed was conditional on something other than the passage of time, the unbilled amount would be recorded as a separate contract asset. There were no contract assets as of June 30, 2022 or 2021.

The majority of the Company’s contracts are non-cancelable. However, for contracts that are cancelable by the customer, the Company does not record a receivable when it issues an invoice. The Company records accounts receivable on these contracts only up to the amount of revenue earned but not yet collected.

In addition, since the majority of the Company’s contracts are for a duration of one year and payment is expected within one year from the transfer of products and services, the Company does not adjust its receivables or transaction prices for the effects of a significant financing component.

12

Deferred Revenue

The Company refers to contract liabilities as deferred revenue on the Consolidated Balance Sheets. Payment terms in the Company’s customer contracts vary, but generally require payment in advance of fully satisfying the performance obligation(s). Deferred revenue consists of billings in excess of revenue recognized. Similar to accounts receivable, the Company does not record deferred revenue for unpaid invoices issued on a cancelable contract.

During the three months ended June 30, 2022 and 2021, the Company recognized $58.4 million and $43.6 million of revenue, respectively, related to its deferred revenue balances at the beginning of each such period. During the six months ended June 30, 2022 and 2021, the Company recognized $139.3 million and $115.9 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period.

Approximately $409.7 million of revenue is expected to be recognized during the next 24 months from remaining performance obligations as of June 30, 2022.

Reserves for Credit Losses

The allowance for expected credit losses on accounts receivable for the six months ended June 30, 2022 is summarized as follows (in thousands):

	Total Allowance
Balance at December 31, 2021	$	610
Provision for expected credit losses		359
Write-offs		(376	)
Balance at June 30, 2022	$	593

When evaluating the adequacy of the allowance for expected credit losses, the Company makes judgments regarding the collectability of accounts receivable based, in part, on the Company’s historical loss rate experience, customer concentrations, management’s expectations of future losses as informed by current economic conditions, and changes in customer payment terms. If the expected financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. If the expected financial condition of the Company’s customers were to improve, the allowances may be reduced accordingly.

Cost to Obtain Contracts

The Company capitalizes commissions paid to sales representatives and related fringe benefits costs that are incremental to obtaining customer contracts. These costs are included in deferred commissions on the Consolidated Balance Sheets. The Company accounts for these costs at a portfolio level as the Company’s contracts are similar in nature and the amortization model used closely matches the amortization expense that would be recognized on a contract-by-contract basis. Costs to obtain a contract are amortized to earnings over the initial contract term, which is the same period the related revenue is recognized. Amortization expense related to deferred commissions for the three months ended June 30, 2022 and 2021 was $11.8 million and $10.0 million, respectively. Amortization expense related to deferred commissions for the six months ended June 30, 2022 and 2021 was $21.8 million and $18.9 million, respectively. The Company evaluates the recoverability of deferred commissions at each balance sheet date and there were no impairments recorded during the six months ended June 30, 2022 and 2021.

Note 7 — Derivatives and Hedging

The Company has a derivative contract (an interest rate swap) to mitigate the cash flow risk associated with changes in interest rates on its variable rate debt (refer to Note 4 – Debt). The Company accounts for its derivative contract in accordance with FASB ASC Topic 815 – Derivatives and Hedging (“Topic 815”), which requires all derivatives, including derivatives designated as accounting hedges, to be recorded on the balance sheet at fair value.

Interest Rate Swap

At June 30, 2022, the Company had a single interest rate swap contract, with an initial notional amount of $95.0 million. The notional amount at June 30, 2022 was $17.2 million and the swap terminates on December 31, 2022. The Company pays a base fixed rate of 1.65275% and in return receives the greater of (1) 1-month LIBOR, rounded up to the nearest 1/16 of a percent, or (2) 0.00%. The fair value of the swap on June 30, 2022 was $0.1 million (refer to Note 8 – Fair Value Measurements for information on determining the fair value).

13

The swap has been designated and accounted for as a cash flow hedge of the forecasted interest payments on the Company’s debt. As long as the swap continues to be a highly effective hedge of the designated interest rate risk, changes in the fair value of the swap are recorded in accumulated other comprehensive loss, a component of equity in the Consolidated Balance Sheets. Any ineffective portion of a change in the fair value of a hedge is recorded in earnings.

As required under Topic 815, the swap’s effectiveness is assessed on a quarterly basis. Since its inception, and through June 30, 2022, the interest rate swap was considered highly effective. Accordingly, the entire fair value of the swap has been recorded in accumulated other comprehensive loss. Realized gains or losses related to the interest rate swap are included as operating activities in the Consolidated Statements of Cash Flows.

Foreign Currency Forwards

The Company enters into foreign currency forward exchange contracts to mitigate the effects of adverse fluctuations in foreign currency exchange rates on transactions entered into in the normal course of business that are denominated in foreign currencies that differ from the local functional currency. These contracts generally have short durations and are recorded at fair value with both realized and unrealized gains and losses recorded in other income (expense), net in the Consolidated Statements of Income because the Company does not designate these contracts as hedges for accounting purposes.

During the six months ended June 30, 2022, the Company entered into eight foreign currency forward exchange contracts, all of which settled by June 30, 2022. Accordingly, as of June 30, 2022, there is no amount recorded in the Consolidated Balance Sheets for these contracts. During the six months ended June 30, 2021, the Company entered into one foreign currency forward exchange contract, which settled by June 30, 2021. Accordingly, as of June 30, 2021, there is no amount recorded in the Consolidated Balance Sheets for this contract.

The Company’s derivative counterparties are investment grade financial institutions. The Company does not have any collateral arrangements with these counterparties and the derivative contracts do not contain credit risk related contingent features. The table below provides information regarding amounts recognized in the Consolidated Statements of Income for the derivative contracts for the periods indicated (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Amount recorded in:	2022			2021			2022			2021
Interest expense (1)	$	(50	)	$	(203	)	$	(195	)	$	(462	)
Other income (expense), net (2)		(93	)		(36	)		(176	)		(36	)
Total	$	(143	)	$	(239	)	$	(371	)	$	(498	)

(1)Consists of interest expense from the interest rate swap contract.

(2)Consists of net realized gains and losses on foreign currency forward contracts.

Note 8 — Fair Value Measurements

The carrying amounts reflected on the Consolidated Balance Sheets for cash, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term maturities. The Company’s financial instruments also include its outstanding variable-rate borrowings (refer to Note 4 – Debt). The Company believes that the carrying amount of its variable-rate borrowings reasonably approximate their fair values because the rates of interest on those borrowings reflect current market rates of interest.

Additionally, the Company measures certain financial assets and liabilities at fair value on a recurring basis including cash equivalents, marketable investments, and its derivative contract. The fair values of these financial assets and liabilities have been classified as Level 1, 2, or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements:

Level 1 — Fair value based on quoted prices in active markets for identical assets or liabilities.

Level 2 — Fair value based on inputs other than Level 1 inputs that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 — Fair value based on unobservable inputs that are supported by little or no market activity and such inputs are significant to the fair value of the assets or liabilities.

14

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):

	As of June 30, 2022
	Level 1		Level 2		Total
Assets:
Money market funds (1)	$	5,919	$	—	$	5,919
Marketable investments (2)		—		19,388		19,388
Interest rate swap (3)		—		72		72
Total Assets	$	5,919	$	19,460	$	25,379

	As of December 31, 2021
	Level 1		Level 2			Total
Assets:
Money market funds (1)	$	6,885	$	—		$	6,885
Marketable investments (2)		—		18,509			18,509
Total Assets	$	6,885	$	18,509		$	25,394
Liabilities:
Interest rate swap (3)	$	—	$	(294	)	$	(294	)
Total Liabilities	$	—	$	(294	)	$	(294	)

(1)Included in cash and cash equivalents on the Consolidated Balance Sheets.

(2)Marketable investments have been initially valued at the transaction price and subsequently valued, at the end of the reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation methods, including both income and market-based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events.

(3)The Company has an interest rate swap contract that hedges the risk of variability from interest payments on its borrowings (refer to Note 4 – Debt and Note 7 – Derivatives and Hedging). The fair value of the interest rate swap is based on valuations prepared by a third-party broker. Those valuations are based on observable interest rates and other observable market data, which the Company considers Level 2 inputs.

During the six months ended June 30, 2022, the Company did not transfer assets or liabilities between levels of the fair value hierarchy. Additionally, there have been no changes to the valuation techniques for Level 2 liabilities.

Note 9 — Income Taxes

Forrester provides for income taxes on an interim basis according to management’s estimate of the effective tax rate expected to be applicable for the full fiscal year. Certain items such as changes in tax rates, tax benefits or expense related to settlements of share-based payment awards, and foreign currency gains or losses are treated as discrete items and are recorded in the period in which they arise.

Income tax expense for the six months ended June 30, 2022 was $8.3 million resulting in an effective tax rate of 31.5% for the period. Income tax expense for the six months ended June 30, 2021 was $5.5 million resulting in an effective tax rate of 30.7% for the period.

The Company anticipates that its effective tax rate for the full year 2022 will be approximately 31%.

Note 10 — Accumulated Other Comprehensive Loss (“AOCL”)

The components of accumulated other comprehensive loss are as follows (net of tax, in thousands):

	Marketable			Interest Rate			Translation
	Investments			Swap			Adjustment			Total AOCI/L
Balance at March 31, 2022	$	(89	)	$	(16	)	$	(4,266	)	$	(4,371	)
Foreign currency translation (1)		—			—			(4,528	)		(4,528	)
Unrealized gain (loss) before reclassification, net     of tax of $(1)		(29	)		32			—			3
Reclassification to income, net     of tax of $(14) (2)		—			36			—			36
Balance at June 30, 2022	$	(118	)	$	52		$	(8,794	)	$	(8,860	)

15

	Interest Rate			Translation
	Swap			Adjustment			Total AOCI/L
Balance at March 31, 2021	$	(631	)	$	(2,170	)	$	(2,801	)
Foreign currency translation (1)		—			723			723
Unrealized loss before reclassification, net     of tax of $2		(7	)		—			(7	)
Reclassification to income, net     of tax of $(57) (2)		146			—			146
Balance at June 30, 2021	$	(492	)	$	(1,447	)	$	(1,939	)

	Marketable			Interest Rate			Translation
	Investments			Swap			Adjustment			Total AOCL
Balance at December 31, 2021	$	(25	)	$	(212	)	$	(2,952	)	$	(3,189	)
Foreign currency translation (1)		—			—			(5,842	)		(5,842	)
Unrealized gain (loss) before reclassification, net     of tax of $(16)		(93	)		123			—			30
Reclassification to income, net     of tax of $(54) (2)		—			141			—			141
Balance at June 30, 2022	$	(118	)	$	52		$	(8,794	)	$	(8,860	)

	Interest Rate			Translation
	Swap			Adjustment			Total AOCL
Balance at December 31, 2020	$	(821	)	$	131		$	(690	)
Foreign currency translation (1)		—			(1,578	)		(1,578	)
Unrealized loss before reclassification, net    of tax of $1		(3	)		—			(3	)
Reclassification to income, net    of tax of $(130) (2)		332			—			332
Balance at June 30, 2021	$	(492	)	$	(1,447	)	$	(1,939	)

(1)The Company does not record tax provisions or benefits for the net changes in foreign currency translation adjustments as it intends to permanently reinvest undistributed earnings of its foreign subsidiaries.

(2)Reclassification is related to the Company’s interest rate swap (cash flow hedge) and was recorded in interest expense on the Consolidated Statements of Income. Refer to Note 7 – Derivatives and Hedging.

Note 11 — Net Income Per Common Share

Basic net income per common share is computed by dividing net income by the basic weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the diluted weighted average number of common shares and common equivalent shares outstanding during the period. The weighted average number of common equivalent shares outstanding has been determined in accordance with the treasury-stock method. Common equivalent shares consist of common stock issuable on the exercise of outstanding stock options and the vesting of restricted stock units.

Basic and diluted weighted average common shares are as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Basic weighted average common shares outstanding		18,871		19,126		18,929		19,094
Weighted average common equivalent shares		302		251		289		238
Diluted weighted average common shares outstanding		19,173		19,377		19,218		19,332
Options and restricted stock units excluded from diluted    weighted average share calculation as effect would have    been anti-dilutive		23		9		11		6

16

Note 12 — Stockholders’ Equity

The components of stockholders’ equity are as follows (in thousands):

	Three Months Ended June 30, 2022
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01ParValue		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Equity
Balance at March 31, 2022		24,143	$	241	$	251,001	$	156,973		5,202	$	(201,414	)	$	(4,371	)	$	202,430
Issuance of common stock under    stock plans, including tax effects		16		1		99		—		—		—			—			100
Repurchases of common stock		—		—		—		—		103		(5,653	)		—			(5,653	)
Stock-based compensation expense		—		—		3,837		—		—		—			—			3,837
Net income		—		—		—		13,874		—		—			—			13,874
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			68			68
Net change in marketable investments,    net of tax		—		—		—		—		—		—			(29	)		(29	)
Foreign currency translation		—		—		—		—		—		—			(4,528	)		(4,528	)
Balance at June 30, 2022		24,159	$	242	$	254,937	$	170,847		5,305	$	(207,067	)	$	(8,860	)	$	210,099

	Three Months Ended June 30, 2021
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Equity
Balance at March 31, 2021		23,755	$	238	$	234,752	$	131,937		4,631	$	(171,889	)	$	(2,801	)	$	192,237
Issuance of common stock under    stock plans, including tax effects		25		—		336		—		—		—			—			336
Repurchases of common stock		—		—		—		—		63		(2,673	)		—			(2,673	)
Stock-based compensation expense		—		—		2,397		—		—		—			—			2,397
Net income		—		—		—		8,343		—		—			—			8,343
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			139			139
Foreign currency translation		—		—		—		—		—		—			723			723
Balance at June 30, 2021		23,780	$	238	$	237,485	$	140,280		4,694	$	(174,562	)	$	(1,939	)	$	201,502

	Six Months Ended June 30, 2022
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance at December 31, 2021		24,085	$	241	$	245,985	$	152,825		5,027	$	(191,955	)	$	(3,189	)	$	203,907
Issuance of common stock under    stock plans, including tax effects		74		1		1,821		—		—		—			—			1,822
Repurchases of common stock		—		—		—		—		278		(15,112	)		—			(15,112	)
Stock-based compensation expense		—		—		7,131		—		—		—			—			7,131
Net income		—		—		—		18,022		—		—			—			18,022
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			264			264
Net change in marketable investments,    net of tax		—		—		—		—		—		—			(93	)		(93	)
Foreign currency translation		—		—		—		—		—		—			(5,842	)		(5,842	)
Balance at June 30, 2022		24,159	$	242	$	254,937	$	170,847		5,305	$	(207,067	)	$	(8,860	)	$	210,099

17

	Six Months Ended June 30, 2021
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance at December 31, 2020		23,648	$	236	$	230,128	$	127,981		4,631	$	(171,889	)	$	(690	)	$	185,766
Issuance of common stock under    stock plans, including tax effects		132		2		2,468		—		—		—			—			2,470
Repurchases of common stock		—		—		—		—		63		(2,673	)		—			(2,673	)
Stock-based compensation expense		—		—		4,889		—		—		—			—			4,889
Net income		—		—		—		12,299		—		—			—			12,299
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			329			329
Foreign currency translation		—		—		—		—		—		—			(1,578	)		(1,578	)
Balance at June 30, 2021		23,780	$	238	$	237,485	$	140,280		4,694	$	(174,562	)	$	(1,939	)	$	201,502

Equity Plans

Restricted stock unit activity for the six months ended June 30, 2022 is presented below (in thousands, except per share data):

				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2021		634		$	42.45
Granted		319			50.96
Vested		(25	)		39.72
Forfeited		(26	)		44.31
Unvested at June 30, 2022		902		$	45.48

Stock option activity for the six months ended June 30, 2022 is presented below (in thousands, except per share data and contractual term):

				Weighted -		Weighted -
				Average		Average
				Exercise		Remaining		Aggregate
	Number			Price Per		Contractual		Intrinsic
	of Shares			Share		Term (in years)		Value
Outstanding at December 31, 2021		114		$	35.52
Exercised		(12	)		34.66
Forfeited		(2	)		36.65
Outstanding at June 30, 2022		100		$	35.60		2.38	$	1,222
Vested and Exercisable at June 30, 2022		100		$	35.60		2.38	$	1,222

No stock options were granted during the six months ended June 30, 2022.

In May 2022, stockholders of the Company approved an amendment to the Company’s Second Amended and Restated Employee Stock Purchase Plan, which provided for an additional 600,000 shares of Common Stock, par value $0.01 per share, to be granted under the plan.

Stock-Based Compensation

Forrester recognizes the fair value of stock-based compensation over the requisite service period of the individual grantee, which generally equals the vesting period. Stock-based compensation was recorded in the following expense categories on the Consolidated Statements of Income (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Cost of services and fulfillment	$	2,203	$	1,401	$	4,129	$	2,835
Selling and marketing		752		399		1,385		848
General and administrative		882		597		1,617		1,206
Total	$	3,837	$	2,397	$	7,131	$	4,889

18

Forrester utilizes the Black-Scholes valuation model for estimating the fair value of shares subject to purchase under the employee stock purchase plan, which were valued using the following assumptions:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Average risk-free interest rate		0.86	%		0.05	%		0.86	%		0.05	%
Expected dividend yield		0.0	%		0.0	%		0.0	%		0.0	%
Expected life	0.5 Years			0.5 Years			0.5 Years			0.5 Years
Expected volatility		24	%		35	%		24	%		35	%
Weighted average fair value	$	11.02		$	11.50		$	11.02		$	11.50

Treasury Stock

As of June 30, 2022, Forrester’s Board of Directors had authorized an aggregate $585.0 million to purchase common stock under its stock repurchase program. The shares repurchased may be used, among other things, in connection with Forrester’s equity incentive and purchase plans. During the three and six months ended June 30, 2022, the Company repurchased approximately 0.1 million shares and 0.3 million shares of common stock at an aggregate cost of approximately $5.7 million and $15.1 million, respectively. During the three and six months ended June 30, 2021, the Company repurchased approximately 0.1 million shares of common stock at an aggregate cost of approximately $2.7 million. From the inception of the program through June 30, 2022, the Company repurchased 17.0 million shares of common stock at an aggregate cost of $510.0 million.

Note 13 — Operating Segments

The Company's chief executive officer and the chief financial officer are the chief operating decision-maker (used in determining the Company's segments). The Company operates in three segments: Research, Consulting, and Events. These segments, which are also the Company's reportable segments, are based on the management structure of the Company and how the chief operating decision maker uses financial information to evaluate performance and determine how to allocate resources. The Company’s products and services are delivered through each segment as described below.

The Research segment includes the revenues from all of the Company’s research products as well as consulting revenues from advisory services (such as speeches and advisory days) delivered by the Company’s research organization. Research segment costs include the cost of the organizations responsible for developing and delivering these products in addition to the costs of the product management organization responsible for product pricing and packaging, and the launch of new products.

The Consulting segment includes the revenues and the related costs of the Company’s project consulting organization. The project consulting organization delivers a majority of the Company’s project consulting revenue and certain advisory services.

The Events segment includes the revenues and the costs of the organization responsible for developing and hosting in-person and virtual events. As of January 1, 2022, the Company realigned its events sales costs from selling and marketing expense to the Events segment as they now fall under the Events management structure. The 2021 amounts have been revised to conform to the current presentation.

The Company evaluates reportable segment performance and allocates resources based on segment revenues and expenses. Segment expenses include the direct expenses of each segment organization and exclude selling and marketing expenses, general and administrative expenses, stock-based compensation expense, depreciation expense, adjustments to incentive bonus compensation from target amounts, amortization of intangible assets, interest and other income (expense), and gains on investments. The accounting policies used by the segments are the same as those used in the consolidated financial statements.

19

The Company provides information by reportable segment in the tables below (in thousands):

	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended June 30, 2022
Research revenues	$	89,447		$	—		$	—		$	89,447
Consulting revenues		10,921			28,341			—			39,262
Events revenues		—			—			19,537			19,537
Total segment revenues		100,368			28,341			19,537			148,246
Segment expenses		(32,897	)		(14,059	)		(11,051	)		(58,007	)
Selling, marketing, administrative and other expenses											(66,182	)
Amortization of intangible assets											(3,354	)
Interest expense, other income, and gains on investments											(432	)
Income before income taxes										$	20,271

	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended June 30, 2021
Research revenues	$	81,002		$	—		$	—		$	81,002
Consulting revenues		12,842			28,118			—			40,960
Events revenues		—			—			6,708			6,708
Total segment revenues		93,844			28,118			6,708			128,670
Segment expenses		(29,417	)		(12,851	)		(3,931	)		(46,199	)
Selling, marketing, administrative and other expenses											(65,204	)
Amortization of intangible assets											(3,968	)
Integration costs											(216	)
Interest expense, other expense, and gains on investments											(1,267	)
Income before income taxes										$	11,816

	Research Segment			Consulting Segment			Events Segment			Consolidated
Six Months Ended June 30, 2022
Research revenues	$	175,227		$	—		$	—		$	175,227
Consulting revenues		22,111			55,582			—			77,693
Events revenues		—			—			20,297			20,297
Total segment revenues		197,338			55,582			20,297			273,217
Segment expenses		(67,077	)		(28,376	)		(12,802	)		(108,255	)
Selling, marketing, administrative and other expenses											(131,072	)
Amortization of intangible assets											(6,716	)
Interest expense, other expense, and gains on investments											(876	)
Income before income taxes										$	26,298

	Research Segment			Consulting Segment			Events Segment			Consolidated
Six Months Ended June 30, 2021
Research revenues	$	155,970		$	—		$	—		$	155,970
Consulting revenues		25,573			53,937			—			79,510
Events revenues		—			—			6,971			6,971
Total segment revenues		181,543			53,937			6,971			242,451
Segment expenses		(60,134	)		(25,176	)		(5,495	)		(90,805	)
Selling, marketing, administrative and other expenses											(122,822	)
Amortization of intangible assets											(7,871	)
Integration costs											(334	)
Interest expense, other expense, and gains on investments											(2,866	)
Income before income taxes										$	17,753

20

Note 14 — Contingencies

From time to time, the Company may be subject to legal proceedings and civil and regulatory claims that arise in the ordinary course of its business activities. Regardless of the outcome, litigation can have a material adverse effect on the Company because of defense and settlement costs, diversion of management resources, and other factors.

21

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

This Quarterly Report on Form 10-Q 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, 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 to differ include, among others, our ability to retain and enrich subscriptions to, and licenses of, our Research products and services, our ability to fulfill existing or generate new consulting engagements and advisory services, our ability to generate and increase demand for the Events we host, any adverse economic conditions that result in a reduction in technology spending or demand for our products and services, our ability to mitigate the adverse impact from the widespread outbreak of COVID-19 which could disrupt or restrict our ability to sell or fulfill, or reduce demand for, our products, services, and events, the risks and challenges inherent in international business activities, our ability to offer new products and services, our dependence on key personnel, our ability to attract and retain qualified professional staff, our ability to respond to business and economic conditions and market trends, the impact of our outstanding debt, competition and industry consolidation, possible variations in our quarterly operating results, concentration of our stock ownership, the possibility of network disruptions and security breaches, our ability to enforce and protect our intellectual property rights, compliance with privacy laws, taxation risks, and any weakness identified in our system of internal controls. These risks are described more completely in our Annual Report on Form 10-K for the year ended December 31, 2021. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

The extent to which the COVID-19 pandemic ultimately impacts our business, financial condition, results of operations, cash flows, and liquidity may differ from our current estimates due to inherent uncertainties regarding the duration and further spread of the outbreak, its severity, actions taken to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume. All events during 2021 were held as virtual events, however, we intend to hold our events during 2022 as hybrid events, consisting of both in-person and virtual experiences. All events in the first half of 2022 were held as hybrid events, including two of our flagship events, B2B Summit North America and CX North America.

We derive revenues from subscriptions to our Research products and services, licensing electronic “reprints” of our Research, performing consulting projects and advisory services, and hosting events. We offer contracts for our Research products that are typically renewable annually and payable in advance. Subscription products are recognized as revenue over the term of the contract. Accordingly, a substantial portion of our billings are initially recorded as deferred revenue. Reprints include an obligation to deliver a customer-selected research document and certain usage data provided through an on-line platform, which represents two performance obligations. We recognize revenue for the performance obligation for the data portion of the reprint ratably over the license term. We recognize revenue for the performance obligation for the research document at the time of providing access to the document. Billings for licensing of reprints are initially recorded as deferred revenue. Clients purchase consulting projects and advisory services independently and/or to supplement their access to our subscription-based products. Consulting project revenues, which are based upon fixed-fee agreements, are recognized as the services are provided. Advisory service revenues, such as speeches and advisory days, are recognized when the service is complete or the customer receives the agreed upon deliverable. Billings attributable to consulting projects and advisory services are initially recorded as deferred revenue. Events revenues consist of ticket and sponsorship sales for a Forrester-hosted event. Billings for events are also initially recorded as deferred revenue and are recognized as revenue upon completion of each event.

Our primary operating expenses consist of cost of services and fulfillment, selling and marketing expenses, and general and administrative expenses. Cost of services and fulfillment represents the costs associated with the production and delivery of our products and services, including salaries, bonuses, employee benefits, and stock-based compensation expense for all personnel that produce and deliver our products and services, including all associated editorial, travel, and support services. Selling and marketing expenses include salaries, sales commissions, bonuses, employee benefits, stock-based compensation expense, travel expenses, promotional costs, and other costs incurred in marketing and selling our products and services. General and administrative expenses include the costs of the technology, operations, finance, and human resources groups and our other administrative functions, including salaries, bonuses, employee benefits, and stock-based compensation expense. Overhead costs such as facilities, net of sublease income, and annual fees for cloud-based information technology systems are allocated to these categories according to the number of employees in each group.

22

Our key metrics focus on our contract value ("CV") products. We are focusing on CV products as these products are our most profitable products and historically our contracts for CV products have renewed at high rates (as measured by our client retention and wallet retention metrics). Our CV products make up essentially all of our research revenues.

We calculate CV at the foreign currency rates used for internal planning purposes each year. For comparative purposes, we have recast historical CV at the current year foreign currency rates. We have included the recast CV metric below for the six months ended June 30, 2021, and we have also provided recast CV amounts dating back to the second quarter of 2020, on the investor relations section of our website.

Contract value, client retention, wallet retention, and number of clients are metrics that we believe are important to understanding our research business. We define these metrics as follows:

•Contract value (CV) — is defined as the value attributable to all of our recurring research-related contracts. Contract value is calculated as the annualized value of all contracts in effect at a specific point in time, without regard to how much revenue has already been recognized. Contract value primarily consists of subscription-based products for which revenue is recognized on a ratable basis, except for the entitlements embedded in our subscription products, such as event tickets and advisory sessions, for which the revenue is recognized when the item is utilized. Contract value also includes our reprint products, as these products are used throughout the year by our clients and are typically renewed.

•Client retention — represents the percentage of client companies (defined as all clients that buy a CV product) at the prior year measurement date that have active contracts at the current year measurement date.

•Wallet retention — represents a measure of the CV we have retained with clients over a twelve-month period. Wallet retention is calculated on a percentage basis by dividing the annualized contract value of our current clients, who were also clients a year ago, by the total annualized contract value from a year ago.

•Clients — is calculated at the enterprise level as all clients that have an active CV contract.

Client retention and wallet retention are not necessarily indicative of the rate of future retention of our revenue base. A summary of our key metrics is as follows (dollars in millions):

	As of						Absolute			Percentage
	June 30,						Increase			Increase
	2022			2021			(Decrease)			(Decrease)
Contract value	$	349.4		$	317.7		$	31.7			10	%
Client retention		76	%		77	%		(1	)		(1	%)
Wallet retention		99	%		96	%		3			3	%
Number of clients		2,928			2,940			(12	)		(—	%)

Contract value increased 10% at June 30, 2022 compared to the prior year period. The increase in contract value was primarily due to an increase in contract bookings due to strong demand for our contract value products. Client retention decreased by 1 percentage point and wallet retention increased by 3 percentage points at June 30, 2022 compared to the prior year period. The increase in wallet retention was primarily due to the enrichment of existing clients when they renewed their contracts. Compared to March 31, 2022, wallet retention and client retention decreased by 4 percentage points and 1 percentage point, respectively. The decrease was primarily due to elongated sales cycles, lower conversion rates and sales capacity restraints.

Management’s discussion and analysis of financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including but not limited to, those related to our revenue recognition, goodwill, intangible and other long-lived assets, and income taxes. Management bases its estimates on historical experience, data available at the time the estimates are made, and various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Our critical accounting estimates are described in our Annual Report on Form 10-K for the year ended December 31, 2021.

23

Results of Operations

The following table sets forth our statement of income as a percentage of total revenues for the periods indicated:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Revenues:
Research revenues		60.3	%		63.0	%		64.1	%		64.3	%
Consulting revenues		26.5			31.8			28.4			32.8
Events revenues		13.2			5.2			7.5			2.9
Total revenues		100.0			100.0			100.0			100.0
Operating expenses:
Cost of services and fulfillment		41.1			40.6			41.8			41.1
Selling and marketing		30.3			33.1			32.6			33.8
General and administrative		10.7			11.1			11.5			11.3
Depreciation		1.6			1.8			1.7			2.0
Amortization of intangible assets		2.3			3.1			2.5			3.2
Integration costs		—			0.1			—			0.1
Income from operations		14.0			10.2			9.9			8.5
Interest expense		(0.4	)		(0.8	)		(0.4	)		(0.9	)
Other income (expense), net		0.1			(0.2	)		(0.1	)		(0.3	)
Gain on investments, net		—			—			0.2			—
Income before income taxes		13.7			9.2			9.6			7.3
Income tax expense		4.3			2.7			3.0			2.2
Net income		9.4	%		6.5	%		6.6	%		5.1	%

Three and Six Months Ended June 30, 2022 and 2021

Revenues

	Three Months Ended						Absolute			Percentage
	June 30,						Increase			Increase
	2022			2021			(Decrease)			(Decrease)
	(dollars in millions)
Total revenues	$	148.2		$	128.7		$	19.6			15	%
Research revenues	$	89.4		$	81.0		$	8.4			10	%
Consulting revenues	$	39.3		$	41.0		$	(1.7	)		(4	%)
Events revenues	$	19.5		$	6.7		$	12.8			191	%
Revenues attributable to customers outside of    the U.S.	$	29.8		$	28.0		$	1.8			6	%
Percentage of revenue attributable to customers    outside of the U.S.		20	%		22	%		(2	)		(9	%)

	Six Months Ended						Absolute			Percentage
	June 30,						Increase			Increase
	2022			2021			(Decrease)			(Decrease)
	(dollars in millions)
Total revenues	$	273.2		$	242.5		$	30.8			13	%
Research revenues	$	175.2		$	156.0		$	19.3			12	%
Consulting revenues	$	77.7		$	79.5		$	(1.8	)		(2	%)
Events revenues	$	20.3		$	7.0		$	13.3			191	%
Revenues attributable to customers outside of    the U.S.	$	57.3		$	54.8		$	2.5			5	%
Percentage of revenue attributable to customers    outside of the U.S.		21	%		23	%		(2	)		(9	%)

24

Total revenues increased 15% and 13% during the three and six months ended June 30, 2022, respectively, compared to the prior year periods, and increased by 17% and 14% when excluding the effect of changes in foreign currencies. Revenues from customers outside the U.S. increased 6% and 5% during the three and six months ended June 30, 2022, respectively, due to an increase in revenues in the United Kingdom, Asia Pacific region, and Canada partially offset by a decrease in revenues in Europe. Revenues from customers outside the U.S. increased by approximately 13% and 10% when excluding the effect of changes in foreign currencies.

Research revenues are recognized as revenue primarily on a ratable basis over the term of the contracts, which are generally twelve-month periods. Research revenues increased 10% and 12% during the three and six months ended June 30, 2022, respectively, compared to the prior year periods, and increased by 12% and 13% when excluding the effect of changes in foreign currencies. The increase in revenues was primarily due to increased contract value, which was driven by strong demand for our products and an increase in our wallet retention rate compared to the prior year period.

Consulting revenues decreased 4% and 2% during the three and six months ended June 30, 2022, respectively, compared to the prior year periods, and decreased by 3% and 1% when excluding the effect of changes in foreign currencies. The decrease in revenues during the three and six months ended June 30, 2022 was primarily due to decreased delivery of advisory services by our research analysts as they shifted more of their efforts to developing and delivering our CV products.

Events revenues increased 191% during both the three and six months ended June 30, 2022 compared to the prior year periods. The increase in revenues during the three and six months ended June 30, 2022 was primarily due to an increase in sponsorship revenues, as well as paid ticket attendance, primarily due to the return of in-person attendance at our events.

Refer to the “Segments Results” section below for a discussion of revenues and expenses by segment.

Cost of Services and Fulfillment

	Three Months Ended						Absolute		Percentage
	June 30,						Increase		Increase
	2022			2021			(Decrease)		(Decrease)
Cost of services and fulfillment (dollars in millions)	$	61.0		$	52.3		$	8.7		17	%
Cost of services and fulfillment as a percentage of    total revenues		41.1	%		40.6	%		0.5		1	%
Service and fulfillment employees    (at end of period)		879			764			115		15	%

	Six Months Ended						Absolute		Percentage
	June 30,						Increase		Increase
	2022			2021			(Decrease)		(Decrease)
Cost of services and fulfillment (dollars in millions)	$	114.2		$	99.7		$	14.5		15	%
Cost of services and fulfillment as a percentage of    total revenues		41.8	%		41.1	%		0.7		2	%

Cost of services and fulfillment expenses increased 17% during the three months ended June 30, 2022 compared to the prior year period, and increased by 19% when excluding the effect of changes in foreign currencies. The increase was primarily due to (1) a $6.9 million increase in event expenses due to the return of in-person attendance at our events, (2) a $0.8 million increase in stock compensation expense, (3) a $0.6 million increase in travel and entertainment expenses due to the return of in-person attendance at our events and increased general business travel, and (4) a $0.6 million increase in professional services costs primarily due to increases in contractor costs.

Cost of services and fulfillment expenses increased 15% during the six months ended June 30, 2022 compared to the prior year period, and increased by 16% when excluding the effect of changes in foreign currencies. The increase was primarily due to (1) a $6.9 million increase in event expenses due to the return of in-person attendance at our events,(2) a $3.0 million increase in compensation and benefit costs due to an increase in headcount, benefit costs, and merit increases, which were partially offset by lower incentive bonus costs, (3) a $1.7 million increase in professional services costs primarily due to increases in survey and contractor costs, (4) a $1.3 million increase in stock compensation expense, (5) a $0.8 million increase in computer software costs, and (6) a $0.6 million increase in travel and entertainment expenses due to the return of in-person attendance at our events and increased general business travel.

25

Selling and Marketing

	Three Months Ended						Absolute			Percentage
	June 30,						Increase			Increase
	2022			2021			(Decrease)			(Decrease)
Selling and marketing expenses (dollars in millions)	$	45.0		$	42.6		$	2.4			6	%
Selling and marketing expenses as a percentage of    total revenues		30.3	%		33.1	%		(2.8	)		(8	%)
Selling and marketing employees (at end of period)		780			720			60			8	%

	Six Months Ended						Absolute			Percentage
	June 30,						Increase			Increase
	2022			2021			(Decrease)			(Decrease)
Selling and marketing expenses (dollars in millions)	$	89.0		$	81.8		$	7.2			9	%
Selling and marketing expenses as a percentage of    total revenues		32.6	%		33.8	%		(1.2	)		(4	%)

Selling and marketing expenses increased 6% during the three months ended June 30, 2022 compared to the prior year period, and increased by 7% when excluding the effect of changes in foreign currencies. The increase was primarily due to (1) a $2.4 million increase in compensation and benefit costs due to an increase in headcount, commissions expense, and merit increases.

Selling and marketing expenses increased 9% during the six months ended June 30, 2022 compared to the prior year period, and increased by 10% when excluding the effect of changes in foreign currencies. The increase was primarily due to (1) a $6.0 million increase in compensation and benefit costs due to an increase in headcount, commissions expense, benefit costs, and merit increases and (2) a $0.5 million increase in stock compensation expense.

General and Administrative

	Three Months Ended						Absolute			Percentage
	June 30,						Increase			Increase
	2022			2021			(Decrease)			(Decrease)
General and administrative expenses (dollars in    millions)	$	15.9		$	14.3		$	1.6			11	%
General and administrative expenses as a percentage    of total revenues		10.7	%		11.1	%		(0.4	)		(4	%)
General and administrative employees (at end of    period)		286			235			51			22	%

	Six Months Ended						Absolute		Percentage
	June 30,						Increase		Increase
	2022			2021			(Decrease)		(Decrease)
General and administrative expenses (dollars in    millions)	$	31.4		$	27.5		$	3.9		14	%
General and administrative expenses as a percentage    of total revenues		11.5	%		11.3	%		0.2		2	%

General and administrative expenses increased 11% during the three months ended June 30, 2022 compared to the prior year period, and increased by 13% when excluding the effect of changes in foreign currencies. The increase was primarily due to a $0.8 million increase in compensation and benefit costs due to an increase in headcount and merit increases, which were partially offset by lower incentive bonus costs.

General and administrative expenses increased 14% during the six months ended June 30, 2022 compared to the prior year period, and increased by 16% when excluding the effect of changes in foreign currencies. The increase was primarily due to (1) a $2.2 million increase in compensation and benefit costs due to an increase in headcount and merit increases, which were partially offset by lower incentive bonus costs and (2) a $0.5 million increase in professional services costs.

26

Depreciation

Depreciation expense remained essentially consistent during the three and six months ended June 30, 2022 compared to the prior year periods.

Amortization of Intangible Assets

Amortization expense decreased by $0.6 million and $1.2 million during the three and six months ended June 30, 2022, respectively, compared to the prior year periods primarily due to certain technology intangible assets becoming fully amortized in 2021.

Interest Expense

Interest expense consists of interest on our borrowings and realized gains (losses) on the related interest rate swap. Interest expense decreased by $0.5 million and $1.0 million during the three and six months ended June 30, 2022, respectively, compared to the prior year periods due to lower average outstanding borrowings.

Other Income (Expense), Net

Other income (expense), net primarily consists of gains (losses) on foreign currency, gains (losses) on foreign currency forward contracts, and interest income. Other income, net increased $0.3 million during the three months ended June 30, 2022 compared to the prior year period. Other expense, net decreased $0.5 million during the six months ended June 30, 2022 compared to the prior year period. The decrease for the three and six months ended June 30, 2022 was primarily due to a decrease in foreign currency losses.

Gain on Investments, Net

Gain on investments, net primarily represents our share of equity method investment gains and losses from our technology-related investment funds. Gain on investments, net increased $0.4 million during the six months ended June 30, 2022 compared to the prior year period. The increase was due to an increase in investment gains generated by the underlying funds.

Income Tax Expense

	Three Months Ended						Absolute		Percentage
	June 30,						Increase		Increase
	2022			2021			(Decrease)		(Decrease)
Provision for income taxes (dollars in millions)	$	6.4		$	3.5		$	2.9		84	%
Effective tax rate		31.6	%		29.4	%		2.2		7	%

	Six Months Ended						Absolute		Percentage
	June 30,						Increase		Increase
	2022			2021			(Decrease)		(Decrease)
Provision for income taxes (dollars in millions)	$	8.3		$	5.5		$	2.8		52	%
Effective tax rate		31.5	%		30.7	%		0.8		3	%

Income tax expense increased by $2.8 million during the six months ended June 30, 2022 compared to the prior year period primarily due to the increase in income from operations. For the full year 2022, we anticipate that our effective tax rate will be approximately 31%.

Segment Results

We operate in three segments: Research, Consulting, and Events. These segments, which are also our reportable segments, are based on our management structure and how management uses financial information to evaluate performance and determine how to allocate resources. Our products and services are delivered through each segment as described below.

The Research segment includes the revenues from all of our research products as well as consulting revenues from advisory services (such as speeches and advisory days) delivered by our research organization. Research segment costs include the cost of the organizations responsible for developing and delivering these products in addition to the cost of the product management organization that is responsible for product pricing and packaging and the launch of new products.

The Consulting segment includes the revenues and the related costs of our project consulting organization. The project consulting organization delivers a majority of our project consulting revenue and certain advisory services.

27

The Events segment includes the revenues and the costs of the organization responsible for developing and hosting in-person and virtual events. As of January 1, 2022, we realigned our events sales costs from selling and marketing expense to the Events segment as they now fall under the Events management structure. The 2021 amounts have been revised to conform to the current presentation.

We evaluate reportable segment performance and allocate resources based on segment revenues and expenses. Segment expenses include the direct expenses of each segment organization and exclude selling and marketing expenses, general and administrative expenses, stock-based compensation expense, depreciation expense, adjustments to incentive bonus compensation from target amounts, amortization of intangible assets, interest and other income (expense), and gains on investments. The accounting policies used by the segments are the same as those used in the consolidated financial statements.

	Research Segment			Consulting Segment			Events Segment			Consolidated
	(dollars in thousands)
Three Months Ended June 30, 2022
Research revenues	$	89,447		$	—		$	—		$	89,447
Consulting revenues		10,921			28,341			—			39,262
Events revenues		—			—			19,537			19,537
Total segment revenues		100,368			28,341			19,537			148,246
Segment expenses		(32,897	)		(14,059	)		(11,051	)		(58,007	)
Year over year revenue change		7	%		1	%		191	%		15	%
Year over year expense change		12	%		9	%		181	%		26	%

	Research Segment			Consulting Segment			Events Segment			Consolidated
	(dollars in thousands)
Three Months Ended June 30, 2021
Research revenues	$	81,002		$	—		$	—		$	81,002
Consulting revenues		12,842			28,118			—			40,960
Events revenues		—			—			6,708			6,708
Total segment revenues		93,844			28,118			6,708			128,670
Segment expenses		(29,417	)		(12,851	)		(3,931	)		(46,199	)

	Research Segment			Consulting Segment			Events Segment			Consolidated
	(dollars in thousands)
Six Months Ended June 30, 2022
Research revenues	$	175,227		$	—		$	—		$	175,227
Consulting revenues		22,111			55,582			—			77,693
Events revenues		—			—			20,297			20,297
Total segment revenues		197,338			55,582			20,297			273,217
Segment expenses		(67,077	)		(28,376	)		(12,802	)		(108,255	)
Year over year revenue change		9	%		3	%		191	%		13	%
Year over year expense change		12	%		13	%		133	%		19	%

	Research Segment			Consulting Segment			Events Segment			Consolidated
	(dollars in thousands)
Six Months Ended June 30, 2021
Research revenues	$	155,970		$	—		$	—		$	155,970
Consulting revenues		25,573			53,937			—			79,510
Events revenues		—			—			6,971			6,971
Total segment revenues		181,543			53,937			6,971			242,451
Segment expenses		(60,134	)		(25,176	)		(5,495	)		(90,805	)

28

Research segment revenues increased 7% and 9% during the three and six months ended June 30, 2022, respectively, compared to the prior year periods. For the three and six months ended June 30, 2022, research product revenues within this segment increased 10% and 12%, respectively, which primarily resulted from increased contract value during the period. For the three and six months ended June 30, 2022, consulting product revenues within this segment decreased 15% and 14%, respectively, primarily due to decreased delivery of consulting and advisory services by our research analysts as they shifted more of their efforts to developing and delivering our CV products.

Research segment expenses increased 12% during both the three and six months ended June 30, 2022 compared to the prior year periods. The increase in expenses during the three months ended June 30, 2022 was primarily due to (1) a $2.5 million increase in compensation and benefit costs primarily due to an increase headcount and merit increases and (2) a $0.4 million increase in travel and entertainment expenses. The increase in expenses during the six months ended June 30, 2022 was primarily due to (1) a $4.8 million increase in compensation and benefit costs primarily due to an increase headcount, benefit costs, and merit increases, (2) a $1.2 million increase in professional services costs due to an increase in survey costs and contractor costs, and (3) a $0.5 million increase in travel and entertainment expenses.

Consulting segment revenues increased 1% and 3% during the three and six months ended June 30, 2022, respectively, compared to the prior year periods. The increase in revenues during the three months ended June 30, 2022 was primarily due to demand for our content marketing offering. The increase in revenues during the six months ended June 30, 2022 was primarily due to demand for our content marketing and strategy consulting offerings.

Consulting segment expenses increased 9% and 13% during the three and six months ended June 30, 2022, respectively, compared to the prior year periods. The increase in expenses during the three months ended June 30, 2022 was primarily due to (1) a $0.8 million increase in compensation and benefit costs primarily due to an increase headcount and merit increases and (2) a $0.5 million increase in professional services primarily due to an increase in contractor costs. The increase in expenses during the six months ended June 30, 2022 was primarily due to (1) a $2.1 million increase in compensation and benefit costs primarily due to an increase headcount, benefit costs, and merit increases and (2) a $1.3 million increase in professional services primarily due to an increase in contractor costs.

Event segment revenues increased 191% during the three and six months ended June 30, 2022, respectively, compared to the prior year periods. The increase in revenues was primarily due to an increase in sponsorship revenues, as well as paid ticket attendance, primarily due to the return of in-person events.

Event segment expenses increased 181% and 133% during the three and six months ended June 30, 2022, respectively, compared to the prior year periods. The increase in expenses during the three and six months ended June 30, 2022 was primarily due to a $6.9 million increase in event expenses due to the return of in-person attendance at our events.

Liquidity and Capital Resources

We have historically financed our operations primarily through funds generated from operations. Research revenues, which constituted approximately 64% of our revenues during the six months ended June 30, 2022, are generally renewable annually and are typically payable in advance. We generated cash from operating activities of $34.8 million and $70.1 million during the six months ended June 30, 2022 and 2021, respectively. The $35.3 million decrease in cash provided from operations for the six months ended June 30, 2022 compared to the prior year period was primarily due to 1) a $23.4 million decrease in cash generated from accounts receivable and deferred revenue due to an increase in deferred revenue during the 2021 period from client billings in excess of revenue that did not recur in the 2022 period and 2) a $17.0 million increase in cash used for accrued expenses resulting from the payout of year end incentive compensation.

During the six months ended June 30, 2022, we used cash in investing activities of $3.6 million primarily for $2.7 million of purchases of property and equipment, primarily consisting of computer software and equipment, and $1.1 million in net purchases of marketable investments. During the six months ended June 30, 2021, we used cash in investing activities of $5.2 million for purchases of property and equipment, primarily consisting of computer software, leasehold improvements and equipment.

We used $38.3 million of cash from financing activities during the six months ended June 30, 2022 primarily due to $25.0 million of discretionary repayments of our revolving credit facility and $15.1 million for purchases of our common stock, partially offset by $2.1 million of net proceeds from the issuance of common stock under our stock-based incentive plans. We used $6.5 million of cash in financing activities during the six months ended June 30, 2021 primarily due to $6.3 million of repayments of our term loan and $2.7 million for purchases of our common stock, partially offset by $3.1 million of net proceeds from the issuance of common stock under our stock-based incentive plans. As of June 30, 2022, our remaining stock repurchase authorization was approximately $75.0 million.

29

On December 21, 2021, we and certain of our subsidiaries entered into an amendment of our existing credit facility, dated as of January 3, 2019, with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the lenders party thereto (the “Existing Credit Agreement” and the Existing Credit Agreement as amended by the Amendment, the “Amended Credit Agreement”). The Existing Credit Agreement was amended to, among other things, (a) increase the aggregate principal amount of revolving credit commitments (the "Revolving Credit Facility") from $75.0 million to $150.0 million and eliminate the existing term loan facility, (b) extend the scheduled maturity date of the revolving credit commitments to December of 2026, (c) reduce the applicable margin with respect to revolving loans to, at Forrester’s option, (i) between 1.25% and 1.75% per annum for loans based on LIBOR and (ii) between 0.25% and 0.75% per annum for loans based on the applicable base rate, in each case, based on Forrester’s consolidated total leverage ratio, (d) reduce the commitment fee applicable to undrawn revolving credit commitments to between 0.30% and 0.20% per annum based on our consolidated total leverage ratio, (e) replace the minimum fixed charge coverage ratio financial covenant under the Existing Credit Agreement with a minimum consolidated interest coverage ratio of 3.50:1.00 and (f) include a covenant limiting the amount of capital expenditures in each fiscal year, subject to exceptions for (i) up to $25.0 million annually with respect to our headquarters property and (ii) an additional general basket of $20.0 million annually.

The Amended Credit Agreement permits an increase in commitments under the Revolving Credit Facility in an aggregate principal amount up to $50.0 million, subject to approval by the Administrative Agent and certain customary terms and conditions. Additional information is provided in Note 4 – Debt in the Notes to Consolidated Financial Statements. The Revolving Credit Facility matures on December 21, 2026. There was a balance of $50.0 million outstanding on the facility at June 30, 2022.

The Amended Credit Agreement contains certain customary restrictive loan covenants, including among others, financial covenants that apply a maximum leverage ratio, minimum interest coverage ratio, and maximum annual capital expenditures. The negative covenants limit, subject to various exceptions, the Company’s ability to incur additional indebtedness, create liens on assets, merge, consolidate, liquidate or dissolve any part of the Company, sell assets, change fiscal year, or enter into certain transactions with affiliates and subsidiaries. We were in full compliance with the covenants as of June 30, 2022 and expect to continue to be in compliance through the next 12 months.

Additional future contractual cash obligations extending over the next 12 months and beyond primarily consist of operating lease payments. We lease office space under non-cancelable operating lease agreements (refer to Note 5 – Leases in the Notes to Consolidated Financial Statements for additional information). The remaining duration of non-cancelable office space leases ranges from less than 1 year to 9 years. As of June 30, 2022, remaining non-cancelable lease payments are due as follows: $8.5 million in 2022, $32.4 million within 2023 and 2024, $26.2 million within 2025 and 2026, and $14.3 million beyond 2026.

In addition to the contractual cash commitments included above, we have other payables and liabilities that may be legally enforceable but are not considered contractual commitments.

As of June 30, 2022, we had cash, cash equivalents, and marketable investments of $122.6 million. This balance includes $78.7 million held outside of the U.S. If the cash outside of the U.S. is needed for operations in the U.S., we would be required to accrue and pay U.S. state taxes and may be required to pay withholding taxes to foreign jurisdictions to repatriate these funds. However, our intent is to permanently reinvest these funds outside of the U.S. and our current plans do not demonstrate a need to repatriate these funds for our U.S. operations. We believe that our current cash balance and cash flows from operations will satisfy working capital, financing activities, and capital expenditure requirements for the next twelve months and to meet our known long-term cash requirements.

Recent Accounting Pronouncements

Refer to Note 1 – Interim Consolidated Financial Statements in the Notes to Consolidated Financial Statements for a full description of recent accounting pronouncements including the expected dates of adoption and effects on results of operations and financial condition.

Critical Accounting Policies and Estimates

For information regarding our critical accounting policies and estimates, please refer to Note 1, "Summary of Significant Accounting Policies" and Item 7, “Critical Accounting Estimates” contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. There have been no material changes to the critical accounting policies and estimates previously disclosed in that report.

30

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in our assessment of our sensitivity to market risk since our presentation set forth in Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” in our Annual Report on Form 10-K for the year ended December 31, 2021.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain “disclosure controls and procedures,” as such term is defined under Securities Exchange Act Rule 13a-15(e), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2022. Based upon their evaluation and subject to the foregoing, the principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance as of that date.

Changes in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) of the Exchange Act) that occurred during the quarter ended June 30, 2022, which has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

31

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we may be subject to legal proceedings and civil and regulatory claims that arise in the ordinary course of our business activities. Regardless of the outcome, litigation can have a material adverse effect on us because of defense and settlement costs, diversion of management resources, and other factors.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this Form 10-Q, you should carefully consider the factors discussed in Part I, “Item 1A: Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021, which could materially affect our business, financial condition or future results. The risk factors described in our Annual Report on Form 10-K remain applicable to our business. The risks described in our Annual Report on Form 10-K are not the only risks that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Through June 30, 2022, our Board of Directors authorized an aggregate $585.0 million to purchase common stock under our stock repurchase program. During the quarter ended June 30, 2022, we purchased the following shares of our common stock under the stock repurchase program:

							Maximum Approximate Dollar
					Total Number of Shares		Value of Shares that May
	Total Number of		Average Price		Purchased as Part of Publicly		Yet be Purchased
	Shares Purchased		Paid per Share		Announced Plans or Programs		Under the Plans or Programs
Period	(#)		($)		(#)		(In thousands)
April 1 - April 30		59,513	$	57.16		59,513	$	77,217
May 1 - May 31		39,508	$	53.01		39,508	$	75,122
June 1 - June 30		3,000	$	52.10		3,000	$	74,966
Total for the quarter		102,021				102,021

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Not applicable.

32

ITEM 6. EXHIBITS

3.1	Restated Certificate of Incorporation of Forrester Research, Inc. (see Exhibit 3.1 to Registration Statement on Form S-1A filed on November 5, 1996)
3.2	Certificate of Amendment of the Certificate of Incorporation of Forrester Research, Inc. (see Exhibit 3.1 to Annual Report on Form 10-K for the year ended December 31, 1999)
3.3	Certificate of Amendment to Restated Certificate of Incorporation of Forrester Research, Inc.
3.4	Amended and Restated By-Laws of Forrester Research, Inc.
4.1	Specimen Certificate for shares of Common Stock, $.01 par value, of Forrester Research, Inc. (see Exhibit 4 to Registration Statement on Form S-1A filed on November 5, 1996)
31.1	Certification of the Principal Executive Officer. (filed herewith)
31.2	Certification of the Principal Financial Officer. (filed herewith)
32.1	Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)
32.2	Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (furnished herewith)
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. (filed herewith)
101.SCH	Inline XBRL Taxonomy Extension Schema Document. (filed herewith)
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document. (filed herewith)
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document. (filed herewith)
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document. (filed herewith)
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document. (filed herewith)
104	Cover Page Interactive Data File (embedded within the Inline XBRL Document). (filed herewith)

33

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FORRESTER RESEARCH, INC.
By:	/s/ L. CHRISTIAN FINN
	L. Christian Finn
	Chief Financial Officer (Principal financial officer)

Date: August 5, 2022

34

EX-31.1

Exhibit 31.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

I, George F. Colony, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Forrester Research, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ GEORGE F. COLONY

George F. Colony

Chairman of the Board and Chief Executive Officer

(Principal executive officer)

Date: August 5, 2022

EX-31.2

Exhibit 31.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

I, L. Christian Finn, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Forrester Research, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ L. CHRISTIAN FINN

L. Christian Finn

Chief Financial Officer

(Principal financial officer)

Date: August 5, 2022

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of Forrester Research, Inc. (the “Company”), does hereby certify that to the undersigned’s knowledge:

1) the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as filed with the Securities and Exchange Commission (the “10-Q Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2) the information contained in the 10-Q Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ George F. Colony

George F. Colony

Chairman of the Board and Chief Executive Officer

Dated: August 5, 2022

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of Forrester Research, Inc. (the “Company”), does hereby certify that to the undersigned’s knowledge:

1) the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as filed with the Securities and Exchange Commission (the “10-Q Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2) the information contained in the 10-Q Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ L. CHRISTIAN FINN

L. Christian Finn

Chief Financial Officer

Dated: August 5, 2022

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	FORR
Security Exchange Name	NASDAQ
Entity Registrant Name	FORRESTER RESEARCH, INC.
Entity Central Index Key	0001023313
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		18,980,000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Incorporation, State or Country Code	DE
Entity File Number	000-21433
Entity Tax Identification Number	04-2797789
Entity Address, Address Line One	60 Acorn Park Drive
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02140
City Area Code	617
Local Phone Number	613-6000

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 103,225	$ 115,769
Marketable investments (Note 2)	19,388	18,509
Accounts receivable, net of allowance for expected credit losses of $593 and $610 as of June 30, 2022 and December 31, 2021, respectively	59,014	86,965
Deferred commissions	22,570	29,631
Prepaid expenses and other current assets	18,350	18,614
Total current assets	222,547	269,488
Property and equipment, net	26,159	28,245
Operating lease right-of-use assets	58,966	65,009
Goodwill	241,471	244,994
Intangible assets, net	55,904	62,733
Other assets	9,883	9,660
Total assets	614,930	680,129
Current Liabilities:
Accounts payable	101	840
Accrued expenses and other current liabilities	66,347	97,800
Deferred revenue	210,592	213,696
Total current liabilities	277,040	312,336
Long-term debt	50,000	75,000
Non-current operating lease liabilities	57,517	65,038
Other non-current liabilities	20,274	23,848
Total liabilities	404,831	476,222
Commitments and contingencies (Note 5, 14)
Stockholders' Equity (Note 12):
Preferred stock, $0,01 par value Authorized - 500 shares; issued and outstanding - none	0	0
Common stock, $0.01 par value Authorized - 125,000 shares Issued - 24159 and 24,085 shares as of June 30, 2022 and December 31, 2021, respectively Outstanding - 18854 and 19,058 shares as of June 30, 2022 and December 31, 2021, respectively	242	241
Additional paid-in capital	254,937	245,985
Retained earnings	170,847	152,825
Treasury stock - 5,305 and 5,027 shares as of June 30, 2022 and December 31, 2021, respectively	(207,067)	(191,955)
Accumulated other comprehensive loss	(8,860)	(3,189)
Total stockholders’ equity	210,099	203,907
Total liabilities and stockholders’ equity	$ 614,930	$ 680,129

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for expected credit losses	$ 593	$ 610
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	24,159,000	24,085,000
Common stock, shares outstanding	18,854,000	19,058,000
Treasury stock, shares	5,305,000	5,027,000

XML

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Total revenues	$ 148,246	$ 128,670	$ 273,217	$ 242,451
Operating expenses:
Selling and marketing	44,974	42,556	89,018	81,835
General and administrative	15,925	14,334	31,449	27,512
Depreciation	2,299	2,255	4,618	4,545
Amortization of intangible assets	3,354	3,968	6,716	7,871
Integration costs	0	216	0	334
Total operating expenses	127,543	115,587	246,043	221,832
Income from operations	20,703	13,083	27,174	20,619
Interest expense	(535)	(1,066)	(1,148)	(2,195)
Other income (expense), net	103	(201)	(154)	(671)
Net gains from investments	0	0	426	0
Income before income taxes	20,271	11,816	26,298	17,753
Income tax expense	6,397	3,473	8,276	5,454
Net income	$ 13,874	$ 8,343	$ 18,022	$ 12,299
Basic income per common share	$ 0.74	$ 0.44	$ 0.95	$ 0.64
Diluted income per common share	$ 0.72	$ 0.43	$ 0.94	$ 0.64
Basic weighted average common shares outstanding	18,871	19,126	18,929	19,094
Diluted weighted average common shares outstanding	19,173	19,377	19,218	19,332
Research [Member]
Revenues:
Total revenues	$ 89,447	$ 81,002	$ 175,227	$ 155,970
Consulting [Member]
Revenues:
Total revenues	39,262	40,960	77,693	79,510
Events [Member]
Revenues:
Total revenues	19,537	6,708	20,297	6,971
Cost of Services and Fulfillment [Member]
Operating expenses:
Cost of services and fulfillment	$ 60,991	$ 52,258	$ 114,242	$ 99,735

XML

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 13,874	$ 8,343	$ 18,022	$ 12,299
Other comprehensive Income (loss) net of tax:
Foreign currency translation	(4,528)	723	(5,842)	(1,578)
Net change in market value of investments	(29)	0	(93)	0
Net change in market value of interest rate swap	68	139	264	329
Other comprehensive income (loss)	(4,489)	862	(5,671)	(1,249)
Comprehensive income	$ (9,385)	$ 9,205	$ 12,351	$ 11,050

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 18,022	$ 12,299
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,618	4,545
Amortization of intangible assets	6,716	7,871
Net gains from investments	(426)	0
Deferred income taxes	(3,225)	(4,620)
Stock-based compensation	7,131	4,889
Operating lease right-of-use assets amortization	5,384	5,701
Amortization of deferred financing fees	219	467
Amortization of premium on investments	71	0
Foreign currency losses	80	778
Changes in assets and liabilities:
Accounts receivable	26,705	20,468
Deferred commissions	7,062	4,377
Prepaid expenses and other current assets	(326)	2,371
Accounts payable	(734)	385
Accrued expenses and other liabilities	(30,680)	(13,668)
Deferred revenue	318	29,999
Operating lease liabilities	(6,180)	(5,769)
Net cash provided by operating activities	34,755	70,093
Cash flows from investing activities:
Purchases of property and equipment	(2,698)	(5,243)
Purchases of marketable investments	(12,028)	0
Proceeds from maturities of marketable investments	10,955	0
Other investing activity	179	0
Net cash used in investing activities	(3,592)	(5,243)
Cash flows from financing activities:
Payments on borrowings	(25,000)	(6,250)
Repurchases of common stock	(15,112)	(2,673)
Proceeds from issuance of common stock under employee equity incentive plans	2,077	3,065
Taxes paid related to net share settlements of stock-based compensation awards	(255)	(595)
Net cash used in financing activities	(38,290)	(6,453)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(5,645)	(122)
Net change in cash, cash equivalents and restricted cash	(12,772)	58,275
Cash, cash equivalents and restricted cash, beginning of period	118,031	90,652
Cash, cash equivalents and restricted cash, end of period	105,259	148,927
Supplemental disclosure of cash flow information:
Cash paid for interest	938	1,732
Cash paid for income taxes	$ 4,189	$ 5,066

XML

Interim Consolidated Financial Statements

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Interim Consolidated Financial Statements

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, 2021. 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, 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, 2022 may not be indicative of the results for the year ending December 31, 2022, 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,
	2022		2021
Cash and cash equivalents	$	103,225	$	146,387
Restricted cash classified in (1):
Prepaid expenses and other current assets		—		221
Other assets		2,034		2,319
Cash, cash equivalents and restricted cash shown in statement of cash flows	$	105,259	$	148,927

(1)Restricted cash consists of collateral required for leased office space, and for the six months ended June 30, 2021, also included an amount for credit card processing outside of the U.S. The short-term or long-term classification regarding the collateral for the leased office space is determined in accordance with the expiration of the underlying leases.

Adoption of New Accounting Pronouncements

The Company adopted the guidance in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes on January 1, 2021. The standard provides guidance to simplify the accounting for income taxes in certain areas, changes the accounting for select income tax transactions, and makes other minor improvements. The adoption of this standard did not have a material impact on the Company’s financial position or results of operations.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Finance Reporting. The new standard provides optional guidance for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting due to the risk of cessation of the London Interbank Offered Rate (“LIBOR”). The updates apply to contracts, hedging relationships, and other transactions that reference LIBOR, or another reference rate expected to be discontinued because of reference rate reform, and as a result require a modification. An entity may elect to apply the amendments immediately or at any point through December 31, 2022. The adoption of this standard will not have a material impact on the Company’s financial position or results of operations as the Company's only interest rate swap, which is based on LIBOR, will terminate prior to the cessation of LIBOR.

XML

Marketable Investments

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Investments

Note 2 — Marketable Investments

The following table summarizes the Company’s marketable investments (in thousands):

	As of June 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	19,546	$	1	$	(159	)	$	19,388
Total	$	19,546	$	1	$	(159	)	$	19,388

	As of December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	18,542	$	—	$	(33	)	$	18,509
Total	$	18,542	$	—	$	(33	)	$	18,509

Realized gains and losses on investments are included in earnings and are determined using the specific identification method. There were no realized gains or losses on the sale of the Company’s marketable investments during the three and six months ended June 30, 2022.

The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of June 30, 2022 (in thousands).

	FY 2022		FY 2023		FY 2024		Total
Corporate obligations	$	8,113	$	8,899	$	2,376	$	19,388
Total	$	8,113	$	8,899	$	2,376	$	19,388

The following table shows the gross unrealized losses and market value of the Company’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	As of June 30, 2022
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	18,443	$	159	$	—	$	—
Total	$	18,443	$	159	$	—	$	—

	As of December 31, 2021
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	18,509	$	33	$	—	$	—
Total	$	18,509	$	33	$	—	$	—

XML

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 3 — Goodwill and Other Intangible Assets

Goodwill

Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair values of the tangible and identifiable intangible net assets acquired. Goodwill is not amortized; however, it is required to be tested for impairment annually, which requires assessment of the potential impairment at the reporting unit level. Reporting units are determined based on the components of the Company's operating segments that constitute a business for which discrete financial information is available and for which operating results are regularly reviewed by segment management. Testing for impairment is also required on an interim basis if an event or circumstance indicates it is more likely than not an impairment loss has been incurred.

The Company performed its annual impairment testing as of November 30, 2021 utilizing a qualitative assessment to determine if it was more likely than not that the fair values of each of its reporting units was less than their respective carrying values and concluded that no impairments existed. Subsequent to completing the annual test and through June 30, 2022, there were no events or circumstances that required an interim impairment test. Accordingly, as of June 30, 2022, the Company had no accumulated goodwill impairment losses. Approximately $8.1 million of goodwill is allocated to the Company’s Consulting reporting unit, which had a negative carrying value as of the date of the last test.

The change in the carrying amount of goodwill for the six months ended June 30, 2022 is summarized as follows (in thousands):

	Total
Balance at December 31, 2021	$	244,994
Translation adjustments		(3,523	)
Balance at June 30, 2022	$	241,471

Finite-Lived Intangible Assets

The carrying values of finite-lived intangible assets are as follows (in thousands):

	June 30, 2022
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	78,275	$	30,027	$	48,248
Technology		16,700		13,810		2,890
Trademarks		12,457		7,691		4,766
Total	$	107,432	$	51,528	$	55,904

	December 31, 2021
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	78,364	$	25,805	$	52,559
Technology		16,845		13,073		3,772
Trademarks		12,478		6,076		6,402
Total	$	107,687	$	44,954	$	62,733

Estimated intangible asset amortization expense for each of the five succeeding years is as follows (in thousands):

2022 (remainder)	$	6,446
2023		11,917
2024		9,878
2025		8,869
2026		8,389
Thereafter		10,405
Total	$	55,904

XML

Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Note 4 — Debt

On December 21, 2021, the Company and certain of its subsidiaries entered into an amendment of its existing credit facility, dated as of January 3, 2019, with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the lenders party thereto (the "Existing Credit Agreement" and the Existing Credit Agreement as amended by the Amendment, the "Amended Credit Agreement").

The Existing Credit Agreement was amended to, among other things, (a) increase the aggregate principal amount of revolving credit commitments (the "Revolving Credit Facility") from $75.0 million to $150.0 million and eliminate the existing term loan facility, (b) extend the scheduled maturity date of the revolving credit commitments to December of 2026, (c) reduce the applicable margin with respect to revolving loans to, at Forrester’s option, (i) between 1.25% and 1.75% per annum for loans based on LIBOR and (ii) between 0.25% and 0.75% per annum for loans based on the applicable base rate, in each case, based on Forrester’s consolidated total leverage ratio, (d) reduce the commitment fee applicable to undrawn revolving credit commitments to between 0.30% and 0.20% per annum based on the Company's consolidated total leverage ratio, (e) replace the minimum fixed charge coverage ratio financial covenant under the Existing Credit Agreement with a minimum consolidated interest coverage ratio of 3.50:1.00 and (f) include a covenant limiting the amount of capital expenditures made by the Company in each fiscal year, subject to exceptions for (i) up to $25.0 million with respect to its headquarters property and (ii) an additional general basket of $20.0 million annually.

On December 21, 2021, the Company converted the $100.0 million outstanding term loan amounts under the Existing Credit Agreement to $100.0 million outstanding on the Revolving Credit Facility as the lenders remained the same under both facilities. The Amended Credit Agreement permits the Company to increase commitments under the Revolving Credit Facility in an aggregate principal amount up to $50.0 million, subject to approval by the Administrative Agent and certain customary terms and conditions.

The Company may voluntarily prepay revolving loans under the Amended Credit Agreement at any time and from time to time, without premium or penalty, other than customary breakage reimbursement requirements for LIBOR-based loans. No interim amortization payments are required to be made under the Amended Credit Agreement.

The Amended Credit Agreement provides that once LIBOR ceases to exist in 2023, the benchmark rate for the Revolving Credit Facility will automatically transfer from LIBOR to the Secured Overnight Financing Rate.

Up to $5.0 million of the Revolving Credit Facility is available for the issuance of letters of credit, and any drawings under the letters of credit must be reimbursed within one business day. As of June 30, 2022, $0.8 million in letters of credit were issued under the Revolving Credit Facility.

The Company incurred $0.5 million in costs related to the issuance of the Revolving Credit Facility under the Amended Credit Agreement, which were recorded to other assets on the Consolidated Balance Sheets. These costs are being amortized on a straight-line basis over the five-year term of the Revolving Credit Facility and are included in interest expense in the Consolidated Statements of Income. The Amended Credit Agreement was accounted for as a debt modification and thus no existing debt issuance costs were written off to interest expense as a result of the modification.

Outstanding Borrowings

The following table summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands):

Description:	June 30, 2022		December 31, 2021
Revolving credit facility	$	50,000	$	75,000

The contractual annualized interest rate as of June 30, 2022 was 2.9375%, which consisted of LIBOR of 1.6875% plus a margin of 1.25%. However, the Company has an interest rate swap contract that effectively converts the floating LIBOR base rates on a portion of the amounts outstanding to a fixed base rate. Refer to Note 7 – Derivatives and Hedging for further information on the swap.

The Company had $99.2 million of available borrowing capacity on the Revolving Credit Facility (not including the expansion feature) as of June 30, 2022. The weighted average annual effective interest rate for the three and six months ended June 30, 2022, was 2.13% and 1.87%, respectively.

The Amended Credit Agreement contains certain customary restrictive loan covenants, including among others, financial covenants that apply a maximum leverage ratio, minimum interest coverage ratio, and maximum annual capital expenditures. The negative covenants limit, subject to various exceptions, the Company’s ability to incur additional indebtedness, create liens on assets, merge, consolidate, liquidate or dissolve any part of the Company, sell assets, change fiscal year, or enter into certain transactions with affiliates and subsidiaries. The Company was in full compliance with the covenants as of June 30, 2022. The agreement also contains customary events of default, representations, and warranties.

All obligations under the Amended Credit Agreement are unconditionally guaranteed by each of the Company’s existing and future, direct and indirect, material wholly-owned domestic subsidiaries, other than certain excluded subsidiaries, and are collateralized by a first priority lien on substantially all tangible and intangible assets, including intellectual property, and all of the capital stock of the Company's subsidiaries (limited to 65% of the voting equity of certain subsidiaries).

XML

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Note 5 — Leases

All of the Company’s leases are operating leases, the majority of which are for office space. Operating lease right-of-use (“ROU”) assets and non-current operating lease liabilities are included as individual line items on the Consolidated Balance Sheets, while short-term operating lease liabilities are recorded within accrued expenses and other current liabilities. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets and are not material.

The components of lease expense were as follows (in thousands):

	For the Three Months Ended June 30,
	2022			2021
Operating lease cost	$	3,600		$	4,062
Short-term lease cost		175			98
Variable lease cost		1,463			1,280
Sublease income		(192	)		(105	)
Total lease cost	$	5,046		$	5,335

	For the Six Months Ended June 30,
	2022			2021
Operating lease cost	$	7,252		$	7,882
Short-term lease cost		312			186
Variable lease cost		3,013			2,715
Sublease income		(383	)		(166	)
Total lease cost	$	10,194		$	10,617

Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):

	For the Six Months Ended June 30,
	2022			2021
Cash paid for amounts included in the measurement of operating    lease liabilities	$	6,180		$	5,769
Operating lease ROU assets obtained in exchange for lease    obligations	$	172		$	7,385
Weighted-average remaining lease term - operating leases (years)		5.5			6.3
Weighted-average discount rate - operating leases		4.3	%		4.4	%

Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of June 30, 2022 are as follows (in thousands):

	Operating Lease			Sublease
	Payments			Cash Receipts
2022 (remainder)	$	8,462		$	412
2023		16,446			606
2024		15,993			624
2025		14,059			—
2026		12,095			—
Thereafter		14,280			—
Total lease payments and estimated sublease cash receipts		81,335		$	1,642
Less imputed interest		(10,267	)
Present value of lease liabilities	$	71,068

Lease balances as of June 30, 2022 are as follows (in thousands):

Operating lease ROU assets	$	58,966
Short-term operating lease liabilities (1)	$	13,551
Non-current operating lease liabilities		57,517
Total operating lease liabilities	$	71,068

(1)Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets.

The Company’s leases do not contain residual value guarantees, material restrictions, or covenants.

XML

Revenue and Related Matters

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue and Related Matters

Note 6 – Revenue and Related Matters

Disaggregated Revenue

The Company disaggregates revenue as set forth in the following tables (in thousands):

Revenue by Geography

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Revenues: (1)	2022		2021		2022		2021
North America	$	124,177	$	105,371	$	226,487	$	196,267
Europe		15,871		15,587		30,343		30,669
Asia Pacific		6,445		6,322		13,118		12,715
Other		1,753		1,390		3,269		2,800
Total	$	148,246	$	128,670	$	273,217	$	242,451

(1)Revenue location is determined based on where the products and services are consumed.

Contract Assets and Contract Liabilities

Accounts Receivable

Accounts receivable includes amounts billed and currently due from customers. Since the only condition for payment of the Company’s invoices is the passage of time, a receivable is recorded on the date an invoice is issued. Also included in accounts receivable are unbilled amounts resulting from revenue exceeding the amount billed to the customer, where the right to payment is unconditional. If the right to payment for services performed was conditional on something other than the passage of time, the unbilled amount would be recorded as a separate contract asset. There were no contract assets as of June 30, 2022 or 2021.

The majority of the Company’s contracts are non-cancelable. However, for contracts that are cancelable by the customer, the Company does not record a receivable when it issues an invoice. The Company records accounts receivable on these contracts only up to the amount of revenue earned but not yet collected.

In addition, since the majority of the Company’s contracts are for a duration of one year and payment is expected within one year from the transfer of products and services, the Company does not adjust its receivables or transaction prices for the effects of a significant financing component.

Deferred Revenue

The Company refers to contract liabilities as deferred revenue on the Consolidated Balance Sheets. Payment terms in the Company’s customer contracts vary, but generally require payment in advance of fully satisfying the performance obligation(s). Deferred revenue consists of billings in excess of revenue recognized. Similar to accounts receivable, the Company does not record deferred revenue for unpaid invoices issued on a cancelable contract.

During the three months ended June 30, 2022 and 2021, the Company recognized $58.4 million and $43.6 million of revenue, respectively, related to its deferred revenue balances at the beginning of each such period. During the six months ended June 30, 2022 and 2021, the Company recognized $139.3 million and $115.9 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period.

Approximately $409.7 million of revenue is expected to be recognized during the next 24 months from remaining performance obligations as of June 30, 2022.

Reserves for Credit Losses

The allowance for expected credit losses on accounts receivable for the six months ended June 30, 2022 is summarized as follows (in thousands):

	Total Allowance
Balance at December 31, 2021	$	610
Provision for expected credit losses		359
Write-offs		(376	)
Balance at June 30, 2022	$	593

When evaluating the adequacy of the allowance for expected credit losses, the Company makes judgments regarding the collectability of accounts receivable based, in part, on the Company’s historical loss rate experience, customer concentrations, management’s expectations of future losses as informed by current economic conditions, and changes in customer payment terms. If the expected financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. If the expected financial condition of the Company’s customers were to improve, the allowances may be reduced accordingly.

Cost to Obtain Contracts

The Company capitalizes commissions paid to sales representatives and related fringe benefits costs that are incremental to obtaining customer contracts. These costs are included in deferred commissions on the Consolidated Balance Sheets. The Company accounts for these costs at a portfolio level as the Company’s contracts are similar in nature and the amortization model used closely matches the amortization expense that would be recognized on a contract-by-contract basis. Costs to obtain a contract are amortized to earnings over the initial contract term, which is the same period the related revenue is recognized. Amortization expense related to deferred commissions for the three months ended June 30, 2022 and 2021 was $11.8 million and $10.0 million, respectively. Amortization expense related to deferred commissions for the six months ended June 30, 2022 and 2021 was $21.8 million and $18.9 million, respectively. The Company evaluates the recoverability of deferred commissions at each balance sheet date and there were no impairments recorded during the six months ended June 30, 2022 and 2021.

XML

Derivatives and Hedging

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

Note 7 — Derivatives and Hedging

The Company has a derivative contract (an interest rate swap) to mitigate the cash flow risk associated with changes in interest rates on its variable rate debt (refer to Note 4 – Debt). The Company accounts for its derivative contract in accordance with FASB ASC Topic 815 – Derivatives and Hedging (“Topic 815”), which requires all derivatives, including derivatives designated as accounting hedges, to be recorded on the balance sheet at fair value.

Interest Rate Swap

At June 30, 2022, the Company had a single interest rate swap contract, with an initial notional amount of $95.0 million. The notional amount at June 30, 2022 was $17.2 million and the swap terminates on December 31, 2022. The Company pays a base fixed rate of 1.65275% and in return receives the greater of (1) 1-month LIBOR, rounded up to the nearest 1/16 of a percent, or (2) 0.00%. The fair value of the swap on June 30, 2022 was $0.1 million (refer to Note 8 – Fair Value Measurements for information on determining the fair value).

The swap has been designated and accounted for as a cash flow hedge of the forecasted interest payments on the Company’s debt. As long as the swap continues to be a highly effective hedge of the designated interest rate risk, changes in the fair value of the swap are recorded in accumulated other comprehensive loss, a component of equity in the Consolidated Balance Sheets. Any ineffective portion of a change in the fair value of a hedge is recorded in earnings.

As required under Topic 815, the swap’s effectiveness is assessed on a quarterly basis. Since its inception, and through June 30, 2022, the interest rate swap was considered highly effective. Accordingly, the entire fair value of the swap has been recorded in accumulated other comprehensive loss. Realized gains or losses related to the interest rate swap are included as operating activities in the Consolidated Statements of Cash Flows.

Foreign Currency Forwards

The Company enters into foreign currency forward exchange contracts to mitigate the effects of adverse fluctuations in foreign currency exchange rates on transactions entered into in the normal course of business that are denominated in foreign currencies that differ from the local functional currency. These contracts generally have short durations and are recorded at fair value with both realized and unrealized gains and losses recorded in other income (expense), net in the Consolidated Statements of Income because the Company does not designate these contracts as hedges for accounting purposes.

During the six months ended June 30, 2022, the Company entered into eight foreign currency forward exchange contracts, all of which settled by June 30, 2022. Accordingly, as of June 30, 2022, there is no amount recorded in the Consolidated Balance Sheets for these contracts. During the six months ended June 30, 2021, the Company entered into one foreign currency forward exchange contract, which settled by June 30, 2021. Accordingly, as of June 30, 2021, there is no amount recorded in the Consolidated Balance Sheets for this contract.

The Company’s derivative counterparties are investment grade financial institutions. The Company does not have any collateral arrangements with these counterparties and the derivative contracts do not contain credit risk related contingent features. The table below provides information regarding amounts recognized in the Consolidated Statements of Income for the derivative contracts for the periods indicated (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Amount recorded in:	2022			2021			2022			2021
Interest expense (1)	$	(50	)	$	(203	)	$	(195	)	$	(462	)
Other income (expense), net (2)		(93	)		(36	)		(176	)		(36	)
Total	$	(143	)	$	(239	)	$	(371	)	$	(498	)

(1)Consists of interest expense from the interest rate swap contract.

(2)Consists of net realized gains and losses on foreign currency forward contracts.

XML

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 8 — Fair Value Measurements

The carrying amounts reflected on the Consolidated Balance Sheets for cash, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term maturities. The Company’s financial instruments also include its outstanding variable-rate borrowings (refer to Note 4 – Debt). The Company believes that the carrying amount of its variable-rate borrowings reasonably approximate their fair values because the rates of interest on those borrowings reflect current market rates of interest.

Additionally, the Company measures certain financial assets and liabilities at fair value on a recurring basis including cash equivalents, marketable investments, and its derivative contract. The fair values of these financial assets and liabilities have been classified as Level 1, 2, or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements:

Level 1 — Fair value based on quoted prices in active markets for identical assets or liabilities.

Level 2 — Fair value based on inputs other than Level 1 inputs that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 — Fair value based on unobservable inputs that are supported by little or no market activity and such inputs are significant to the fair value of the assets or liabilities.

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):

	As of June 30, 2022
	Level 1		Level 2		Total
Assets:
Money market funds (1)	$	5,919	$	—	$	5,919
Marketable investments (2)		—		19,388		19,388
Interest rate swap (3)		—		72		72
Total Assets	$	5,919	$	19,460	$	25,379

	As of December 31, 2021
	Level 1		Level 2			Total
Assets:
Money market funds (1)	$	6,885	$	—		$	6,885
Marketable investments (2)		—		18,509			18,509
Total Assets	$	6,885	$	18,509		$	25,394
Liabilities:
Interest rate swap (3)	$	—	$	(294	)	$	(294	)
Total Liabilities	$	—	$	(294	)	$	(294	)

(1)Included in cash and cash equivalents on the Consolidated Balance Sheets.

(2)Marketable investments have been initially valued at the transaction price and subsequently valued, at the end of the reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation methods, including both income and market-based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events.

(3)The Company has an interest rate swap contract that hedges the risk of variability from interest payments on its borrowings (refer to Note 4 – Debt and Note 7 – Derivatives and Hedging). The fair value of the interest rate swap is based on valuations prepared by a third-party broker. Those valuations are based on observable interest rates and other observable market data, which the Company considers Level 2 inputs.

During the six months ended June 30, 2022, the Company did not transfer assets or liabilities between levels of the fair value hierarchy. Additionally, there have been no changes to the valuation techniques for Level 2 liabilities.

XML

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 9 — Income Taxes

Forrester provides for income taxes on an interim basis according to management’s estimate of the effective tax rate expected to be applicable for the full fiscal year. Certain items such as changes in tax rates, tax benefits or expense related to settlements of share-based payment awards, and foreign currency gains or losses are treated as discrete items and are recorded in the period in which they arise.

Income tax expense for the six months ended June 30, 2022 was $8.3 million resulting in an effective tax rate of 31.5% for the period. Income tax expense for the six months ended June 30, 2021 was $5.5 million resulting in an effective tax rate of 30.7% for the period.

The Company anticipates that its effective tax rate for the full year 2022 will be approximately 31%.

XML

Accumulated Other Comprehensive Loss ("AOCL")

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss) ("AOCI/L")

Note 10 — Accumulated Other Comprehensive Loss (“AOCL”)

The components of accumulated other comprehensive loss are as follows (net of tax, in thousands):

	Marketable			Interest Rate			Translation
	Investments			Swap			Adjustment			Total AOCI/L
Balance at March 31, 2022	$	(89	)	$	(16	)	$	(4,266	)	$	(4,371	)
Foreign currency translation (1)		—			—			(4,528	)		(4,528	)
Unrealized gain (loss) before reclassification, net     of tax of $(1)		(29	)		32			—			3
Reclassification to income, net     of tax of $(14) (2)		—			36			—			36
Balance at June 30, 2022	$	(118	)	$	52		$	(8,794	)	$	(8,860	)

	Interest Rate			Translation
	Swap			Adjustment			Total AOCI/L
Balance at March 31, 2021	$	(631	)	$	(2,170	)	$	(2,801	)
Foreign currency translation (1)		—			723			723
Unrealized loss before reclassification, net     of tax of $2		(7	)		—			(7	)
Reclassification to income, net     of tax of $(57) (2)		146			—			146
Balance at June 30, 2021	$	(492	)	$	(1,447	)	$	(1,939	)

	Marketable			Interest Rate			Translation
	Investments			Swap			Adjustment			Total AOCL
Balance at December 31, 2021	$	(25	)	$	(212	)	$	(2,952	)	$	(3,189	)
Foreign currency translation (1)		—			—			(5,842	)		(5,842	)
Unrealized gain (loss) before reclassification, net     of tax of $(16)		(93	)		123			—			30
Reclassification to income, net     of tax of $(54) (2)		—			141			—			141
Balance at June 30, 2022	$	(118	)	$	52		$	(8,794	)	$	(8,860	)

	Interest Rate			Translation
	Swap			Adjustment			Total AOCL
Balance at December 31, 2020	$	(821	)	$	131		$	(690	)
Foreign currency translation (1)		—			(1,578	)		(1,578	)
Unrealized loss before reclassification, net    of tax of $1		(3	)		—			(3	)
Reclassification to income, net    of tax of $(130) (2)		332			—			332
Balance at June 30, 2021	$	(492	)	$	(1,447	)	$	(1,939	)

(1)The Company does not record tax provisions or benefits for the net changes in foreign currency translation adjustments as it intends to permanently reinvest undistributed earnings of its foreign subsidiaries.

(2)Reclassification is related to the Company’s interest rate swap (cash flow hedge) and was recorded in interest expense on the Consolidated Statements of Income. Refer to Note 7 – Derivatives and Hedging.

XML

Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Note 11 — Net Income Per Common Share

Basic net income per common share is computed by dividing net income by the basic weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the diluted weighted average number of common shares and common equivalent shares outstanding during the period. The weighted average number of common equivalent shares outstanding has been determined in accordance with the treasury-stock method. Common equivalent shares consist of common stock issuable on the exercise of outstanding stock options and the vesting of restricted stock units.

Basic and diluted weighted average common shares are as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Basic weighted average common shares outstanding		18,871		19,126		18,929		19,094
Weighted average common equivalent shares		302		251		289		238
Diluted weighted average common shares outstanding		19,173		19,377		19,218		19,332
Options and restricted stock units excluded from diluted    weighted average share calculation as effect would have    been anti-dilutive		23		9		11		6

XML

Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity

Note 12 — Stockholders’ Equity

The components of stockholders’ equity are as follows (in thousands):

	Three Months Ended June 30, 2022
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01ParValue		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Equity
Balance at March 31, 2022		24,143	$	241	$	251,001	$	156,973		5,202	$	(201,414	)	$	(4,371	)	$	202,430
Issuance of common stock under    stock plans, including tax effects		16		1		99		—		—		—			—			100
Repurchases of common stock		—		—		—		—		103		(5,653	)		—			(5,653	)
Stock-based compensation expense		—		—		3,837		—		—		—			—			3,837
Net income		—		—		—		13,874		—		—			—			13,874
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			68			68
Net change in marketable investments,    net of tax		—		—		—		—		—		—			(29	)		(29	)
Foreign currency translation		—		—		—		—		—		—			(4,528	)		(4,528	)
Balance at June 30, 2022		24,159	$	242	$	254,937	$	170,847		5,305	$	(207,067	)	$	(8,860	)	$	210,099

	Three Months Ended June 30, 2021
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Equity
Balance at March 31, 2021		23,755	$	238	$	234,752	$	131,937		4,631	$	(171,889	)	$	(2,801	)	$	192,237
Issuance of common stock under    stock plans, including tax effects		25		—		336		—		—		—			—			336
Repurchases of common stock		—		—		—		—		63		(2,673	)		—			(2,673	)
Stock-based compensation expense		—		—		2,397		—		—		—			—			2,397
Net income		—		—		—		8,343		—		—			—			8,343
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			139			139
Foreign currency translation		—		—		—		—		—		—			723			723
Balance at June 30, 2021		23,780	$	238	$	237,485	$	140,280		4,694	$	(174,562	)	$	(1,939	)	$	201,502

	Six Months Ended June 30, 2022
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance at December 31, 2021		24,085	$	241	$	245,985	$	152,825		5,027	$	(191,955	)	$	(3,189	)	$	203,907
Issuance of common stock under    stock plans, including tax effects		74		1		1,821		—		—		—			—			1,822
Repurchases of common stock		—		—		—		—		278		(15,112	)		—			(15,112	)
Stock-based compensation expense		—		—		7,131		—		—		—			—			7,131
Net income		—		—		—		18,022		—		—			—			18,022
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			264			264
Net change in marketable investments,    net of tax		—		—		—		—		—		—			(93	)		(93	)
Foreign currency translation		—		—		—		—		—		—			(5,842	)		(5,842	)
Balance at June 30, 2022		24,159	$	242	$	254,937	$	170,847		5,305	$	(207,067	)	$	(8,860	)	$	210,099

	Six Months Ended June 30, 2021
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance at December 31, 2020		23,648	$	236	$	230,128	$	127,981		4,631	$	(171,889	)	$	(690	)	$	185,766
Issuance of common stock under    stock plans, including tax effects		132		2		2,468		—		—		—			—			2,470
Repurchases of common stock		—		—		—		—		63		(2,673	)		—			(2,673	)
Stock-based compensation expense		—		—		4,889		—		—		—			—			4,889
Net income		—		—		—		12,299		—		—			—			12,299
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			329			329
Foreign currency translation		—		—		—		—		—		—			(1,578	)		(1,578	)
Balance at June 30, 2021		23,780	$	238	$	237,485	$	140,280		4,694	$	(174,562	)	$	(1,939	)	$	201,502

Equity Plans

Restricted stock unit activity for the six months ended June 30, 2022 is presented below (in thousands, except per share data):

				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2021		634		$	42.45
Granted		319			50.96
Vested		(25	)		39.72
Forfeited		(26	)		44.31
Unvested at June 30, 2022		902		$	45.48

Stock option activity for the six months ended June 30, 2022 is presented below (in thousands, except per share data and contractual term):

				Weighted -		Weighted -
				Average		Average
				Exercise		Remaining		Aggregate
	Number			Price Per		Contractual		Intrinsic
	of Shares			Share		Term (in years)		Value
Outstanding at December 31, 2021		114		$	35.52
Exercised		(12	)		34.66
Forfeited		(2	)		36.65
Outstanding at June 30, 2022		100		$	35.60		2.38	$	1,222
Vested and Exercisable at June 30, 2022		100		$	35.60		2.38	$	1,222

No stock options were granted during the six months ended June 30, 2022.

In May 2022, stockholders of the Company approved an amendment to the Company’s Second Amended and Restated Employee Stock Purchase Plan, which provided for an additional 600,000 shares of Common Stock, par value $0.01 per share, to be granted under the plan.

Stock-Based Compensation

Forrester recognizes the fair value of stock-based compensation over the requisite service period of the individual grantee, which generally equals the vesting period. Stock-based compensation was recorded in the following expense categories on the Consolidated Statements of Income (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Cost of services and fulfillment	$	2,203	$	1,401	$	4,129	$	2,835
Selling and marketing		752		399		1,385		848
General and administrative		882		597		1,617		1,206
Total	$	3,837	$	2,397	$	7,131	$	4,889

Forrester utilizes the Black-Scholes valuation model for estimating the fair value of shares subject to purchase under the employee stock purchase plan, which were valued using the following assumptions:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Average risk-free interest rate		0.86	%		0.05	%		0.86	%		0.05	%
Expected dividend yield		0.0	%		0.0	%		0.0	%		0.0	%
Expected life	0.5 Years			0.5 Years			0.5 Years			0.5 Years
Expected volatility		24	%		35	%		24	%		35	%
Weighted average fair value	$	11.02		$	11.50		$	11.02		$	11.50

Treasury Stock

As of June 30, 2022, Forrester’s Board of Directors had authorized an aggregate $585.0 million to purchase common stock under its stock repurchase program. The shares repurchased may be used, among other things, in connection with Forrester’s equity incentive and purchase plans. During the three and six months ended June 30, 2022, the Company repurchased approximately 0.1 million shares and 0.3 million shares of common stock at an aggregate cost of approximately $5.7 million and $15.1 million, respectively. During the three and six months ended June 30, 2021, the Company repurchased approximately 0.1 million shares of common stock at an aggregate cost of approximately $2.7 million. From the inception of the program through June 30, 2022, the Company repurchased 17.0 million shares of common stock at an aggregate cost of $510.0 million.

XML

Operating Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Operating Segments

Note 13 — Operating Segments

The Company's chief executive officer and the chief financial officer are the chief operating decision-maker (used in determining the Company's segments). The Company operates in three segments: Research, Consulting, and Events. These segments, which are also the Company's reportable segments, are based on the management structure of the Company and how the chief operating decision maker uses financial information to evaluate performance and determine how to allocate resources. The Company’s products and services are delivered through each segment as described below.

The Research segment includes the revenues from all of the Company’s research products as well as consulting revenues from advisory services (such as speeches and advisory days) delivered by the Company’s research organization. Research segment costs include the cost of the organizations responsible for developing and delivering these products in addition to the costs of the product management organization responsible for product pricing and packaging, and the launch of new products.

The Consulting segment includes the revenues and the related costs of the Company’s project consulting organization. The project consulting organization delivers a majority of the Company’s project consulting revenue and certain advisory services.

The Events segment includes the revenues and the costs of the organization responsible for developing and hosting in-person and virtual events. As of January 1, 2022, the Company realigned its events sales costs from selling and marketing expense to the Events segment as they now fall under the Events management structure. The 2021 amounts have been revised to conform to the current presentation.

The Company evaluates reportable segment performance and allocates resources based on segment revenues and expenses. Segment expenses include the direct expenses of each segment organization and exclude selling and marketing expenses, general and administrative expenses, stock-based compensation expense, depreciation expense, adjustments to incentive bonus compensation from target amounts, amortization of intangible assets, interest and other income (expense), and gains on investments. The accounting policies used by the segments are the same as those used in the consolidated financial statements.

The Company provides information by reportable segment in the tables below (in thousands):

	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended June 30, 2022
Research revenues	$	89,447		$	—		$	—		$	89,447
Consulting revenues		10,921			28,341			—			39,262
Events revenues		—			—			19,537			19,537
Total segment revenues		100,368			28,341			19,537			148,246
Segment expenses		(32,897	)		(14,059	)		(11,051	)		(58,007	)
Selling, marketing, administrative and other expenses											(66,182	)
Amortization of intangible assets											(3,354	)
Interest expense, other income, and gains on investments											(432	)
Income before income taxes										$	20,271

	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended June 30, 2021
Research revenues	$	81,002		$	—		$	—		$	81,002
Consulting revenues		12,842			28,118			—			40,960
Events revenues		—			—			6,708			6,708
Total segment revenues		93,844			28,118			6,708			128,670
Segment expenses		(29,417	)		(12,851	)		(3,931	)		(46,199	)
Selling, marketing, administrative and other expenses											(65,204	)
Amortization of intangible assets											(3,968	)
Integration costs											(216	)
Interest expense, other expense, and gains on investments											(1,267	)
Income before income taxes										$	11,816

	Research Segment			Consulting Segment			Events Segment			Consolidated
Six Months Ended June 30, 2022
Research revenues	$	175,227		$	—		$	—		$	175,227
Consulting revenues		22,111			55,582			—			77,693
Events revenues		—			—			20,297			20,297
Total segment revenues		197,338			55,582			20,297			273,217
Segment expenses		(67,077	)		(28,376	)		(12,802	)		(108,255	)
Selling, marketing, administrative and other expenses											(131,072	)
Amortization of intangible assets											(6,716	)
Interest expense, other expense, and gains on investments											(876	)
Income before income taxes										$	26,298

	Research Segment			Consulting Segment			Events Segment			Consolidated
Six Months Ended June 30, 2021
Research revenues	$	155,970		$	—		$	—		$	155,970
Consulting revenues		25,573			53,937			—			79,510
Events revenues		—			—			6,971			6,971
Total segment revenues		181,543			53,937			6,971			242,451
Segment expenses		(60,134	)		(25,176	)		(5,495	)		(90,805	)
Selling, marketing, administrative and other expenses											(122,822	)
Amortization of intangible assets											(7,871	)
Integration costs											(334	)
Interest expense, other expense, and gains on investments											(2,866	)
Income before income taxes										$	17,753

XML

Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Note 14 — Contingencies

From time to time, the Company may be subject to legal proceedings and civil and regulatory claims that arise in the ordinary course of its business activities. Regardless of the outcome, litigation can have a material adverse effect on the Company because of defense and settlement costs, diversion of management resources, and other factors.

XML

Interim Consolidated Financial Statements (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

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, 2021. 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, 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, 2022 may not be indicative of the results for the year ending December 31, 2022, or any other period.

Presentation of Restricted Cash

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,
	2022		2021
Cash and cash equivalents	$	103,225	$	146,387
Restricted cash classified in (1):
Prepaid expenses and other current assets		—		221
Other assets		2,034		2,319
Cash, cash equivalents and restricted cash shown in statement of cash flows	$	105,259	$	148,927

(1)Restricted cash consists of collateral required for leased office space, and for the six months ended June 30, 2021, also included an amount for credit card processing outside of the U.S. The short-term or long-term classification regarding the collateral for the leased office space is determined in accordance with the expiration of the underlying leases.

Adoption of New Accounting Pronouncements

Adoption of New Accounting Pronouncements

The Company adopted the guidance in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes on January 1, 2021. The standard provides guidance to simplify the accounting for income taxes in certain areas, changes the accounting for select income tax transactions, and makes other minor improvements. The adoption of this standard did not have a material impact on the Company’s financial position or results of operations.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Finance Reporting. The new standard provides optional guidance for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting due to the risk of cessation of the London Interbank Offered Rate (“LIBOR”). The updates apply to contracts, hedging relationships, and other transactions that reference LIBOR, or another reference rate expected to be discontinued because of reference rate reform, and as a result require a modification. An entity may elect to apply the amendments immediately or at any point through December 31, 2022. The adoption of this standard will not have a material impact on the Company’s financial position or results of operations as the Company's only interest rate swap, which is based on LIBOR, will terminate prior to the cessation of LIBOR.

XML

Interim Consolidated Financial Statements (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of End-of-period Cash and Cash Equivalents and Cash, Cash Equivalents and Restricted Cash from Financial Statements

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,
	2022		2021
Cash and cash equivalents	$	103,225	$	146,387
Restricted cash classified in (1):
Prepaid expenses and other current assets		—		221
Other assets		2,034		2,319
Cash, cash equivalents and restricted cash shown in statement of cash flows	$	105,259	$	148,927

(1)Restricted cash consists of collateral required for leased office space, and for the six months ended June 30, 2021, also included an amount for credit card processing outside of the U.S. The short-term or long-term classification regarding the collateral for the leased office space is determined in accordance with the expiration of the underlying leases.

XML

Marketable Investments (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Company's marketable investments

The following table summarizes the Company’s marketable investments (in thousands):

	As of June 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	19,546	$	1	$	(159	)	$	19,388
Total	$	19,546	$	1	$	(159	)	$	19,388

	As of December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	18,542	$	—	$	(33	)	$	18,509
Total	$	18,542	$	—	$	(33	)	$	18,509

Summarizes the maturity periods of the marketable investments

The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of June 30, 2022 (in thousands).

	FY 2022		FY 2023		FY 2024		Total
Corporate obligations	$	8,113	$	8,899	$	2,376	$	19,388
Total	$	8,113	$	8,899	$	2,376	$	19,388

Unrealized Losses on Debt Investments

The following table shows the gross unrealized losses and market value of the Company’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	As of June 30, 2022
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	18,443	$	159	$	—	$	—
Total	$	18,443	$	159	$	—	$	—

	As of December 31, 2021
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	18,509	$	33	$	—	$	—
Total	$	18,509	$	33	$	—	$	—

XML

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Change in Carrying Amount of Goodwill

The change in the carrying amount of goodwill for the six months ended June 30, 2022 is summarized as follows (in thousands):

	Total
Balance at December 31, 2021	$	244,994
Translation adjustments		(3,523	)
Balance at June 30, 2022	$	241,471

Summary of Carrying Values of Finite-Lived Intangible Assets

The carrying values of finite-lived intangible assets are as follows (in thousands):

	June 30, 2022
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	78,275	$	30,027	$	48,248
Technology		16,700		13,810		2,890
Trademarks		12,457		7,691		4,766
Total	$	107,432	$	51,528	$	55,904

	December 31, 2021
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	78,364	$	25,805	$	52,559
Technology		16,845		13,073		3,772
Trademarks		12,478		6,076		6,402
Total	$	107,687	$	44,954	$	62,733

Summary of Estimated Intangible Assets Amortization Expense

Estimated intangible asset amortization expense for each of the five succeeding years is as follows (in thousands):

2022 (remainder)	$	6,446
2023		11,917
2024		9,878
2025		8,869
2026		8,389
Thereafter		10,405
Total	$	55,904

XML

Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Summary of Company's Total Outstanding Borrowings

The following table summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands):

Description:	June 30, 2022		December 31, 2021
Revolving credit facility	$	50,000	$	75,000

XML

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Summary of Components of Lease Expense

The components of lease expense were as follows (in thousands):

	For the Three Months Ended June 30,
	2022			2021
Operating lease cost	$	3,600		$	4,062
Short-term lease cost		175			98
Variable lease cost		1,463			1,280
Sublease income		(192	)		(105	)
Total lease cost	$	5,046		$	5,335

	For the Six Months Ended June 30,
	2022			2021
Operating lease cost	$	7,252		$	7,882
Short-term lease cost		312			186
Variable lease cost		3,013			2,715
Sublease income		(383	)		(166	)
Total lease cost	$	10,194		$	10,617

Summary of Additional Lease Information

Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):

	For the Six Months Ended June 30,
	2022			2021
Cash paid for amounts included in the measurement of operating    lease liabilities	$	6,180		$	5,769
Operating lease ROU assets obtained in exchange for lease    obligations	$	172		$	7,385
Weighted-average remaining lease term - operating leases (years)		5.5			6.3
Weighted-average discount rate - operating leases		4.3	%		4.4	%

Summary of Future Minimum Lease Payments and Sublease Cash Receipts Under Non-Cancelable Leases

Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of June 30, 2022 are as follows (in thousands):

	Operating Lease			Sublease
	Payments			Cash Receipts
2022 (remainder)	$	8,462		$	412
2023		16,446			606
2024		15,993			624
2025		14,059			—
2026		12,095			—
Thereafter		14,280			—
Total lease payments and estimated sublease cash receipts		81,335		$	1,642
Less imputed interest		(10,267	)
Present value of lease liabilities	$	71,068

Summary of Lease Balances

Lease balances as of June 30, 2022 are as follows (in thousands):

Operating lease ROU assets	$	58,966
Short-term operating lease liabilities (1)	$	13,551
Non-current operating lease liabilities		57,517
Total operating lease liabilities	$	71,068

(1)Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets.

XML

Revenue and Related Matters (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue by Geography and Recognition Timing

The Company disaggregates revenue as set forth in the following tables (in thousands):

Revenue by Geography

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Revenues: (1)	2022		2021		2022		2021
North America	$	124,177	$	105,371	$	226,487	$	196,267
Europe		15,871		15,587		30,343		30,669
Asia Pacific		6,445		6,322		13,118		12,715
Other		1,753		1,390		3,269		2,800
Total	$	148,246	$	128,670	$	273,217	$	242,451

(1)Revenue location is determined based on where the products and services are consumed.

Summary of Allowance for Expected Credit Losses on Accounts Receivable

The allowance for expected credit losses on accounts receivable for the six months ended June 30, 2022 is summarized as follows (in thousands):

	Total Allowance
Balance at December 31, 2021	$	610
Provision for expected credit losses		359
Write-offs		(376	)
Balance at June 30, 2022	$	593

XML

Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Contract Amounts Recognized in Consolidated Statements of Income

The table below provides information regarding amounts recognized in the Consolidated Statements of Income for the derivative contracts for the periods indicated (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Amount recorded in:	2022			2021			2022			2021
Interest expense (1)	$	(50	)	$	(203	)	$	(195	)	$	(462	)
Other income (expense), net (2)		(93	)		(36	)		(176	)		(36	)
Total	$	(143	)	$	(239	)	$	(371	)	$	(498	)

(1)Consists of interest expense from the interest rate swap contract.

(2)Consists of net realized gains and losses on foreign currency forward contracts.

XML

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Company's Fair Value Hierarchy for its Financial Assets and Liabilities

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):

	As of June 30, 2022
	Level 1		Level 2		Total
Assets:
Money market funds (1)	$	5,919	$	—	$	5,919
Marketable investments (2)		—		19,388		19,388
Interest rate swap (3)		—		72		72
Total Assets	$	5,919	$	19,460	$	25,379

	As of December 31, 2021
	Level 1		Level 2			Total
Assets:
Money market funds (1)	$	6,885	$	—		$	6,885
Marketable investments (2)		—		18,509			18,509
Total Assets	$	6,885	$	18,509		$	25,394
Liabilities:
Interest rate swap (3)	$	—	$	(294	)	$	(294	)
Total Liabilities	$	—	$	(294	)	$	(294	)

(1)Included in cash and cash equivalents on the Consolidated Balance Sheets.

(2)Marketable investments have been initially valued at the transaction price and subsequently valued, at the end of the reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation methods, including both income and market-based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events.

(3)The Company has an interest rate swap contract that hedges the risk of variability from interest payments on its borrowings (refer to Note 4 – Debt and Note 7 – Derivatives and Hedging). The fair value of the interest rate swap is based on valuations prepared by a third-party broker. Those valuations are based on observable interest rates and other observable market data, which the Company considers Level 2 inputs.

XML

Accumulated Other Comprehensive Loss ("AOCL") (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive loss are as follows (net of tax, in thousands):

	Marketable			Interest Rate			Translation
	Investments			Swap			Adjustment			Total AOCI/L
Balance at March 31, 2022	$	(89	)	$	(16	)	$	(4,266	)	$	(4,371	)
Foreign currency translation (1)		—			—			(4,528	)		(4,528	)
Unrealized gain (loss) before reclassification, net     of tax of $(1)		(29	)		32			—			3
Reclassification to income, net     of tax of $(14) (2)		—			36			—			36
Balance at June 30, 2022	$	(118	)	$	52		$	(8,794	)	$	(8,860	)

	Interest Rate			Translation
	Swap			Adjustment			Total AOCI/L
Balance at March 31, 2021	$	(631	)	$	(2,170	)	$	(2,801	)
Foreign currency translation (1)		—			723			723
Unrealized loss before reclassification, net     of tax of $2		(7	)		—			(7	)
Reclassification to income, net     of tax of $(57) (2)		146			—			146
Balance at June 30, 2021	$	(492	)	$	(1,447	)	$	(1,939	)

	Marketable			Interest Rate			Translation
	Investments			Swap			Adjustment			Total AOCL
Balance at December 31, 2021	$	(25	)	$	(212	)	$	(2,952	)	$	(3,189	)
Foreign currency translation (1)		—			—			(5,842	)		(5,842	)
Unrealized gain (loss) before reclassification, net     of tax of $(16)		(93	)		123			—			30
Reclassification to income, net     of tax of $(54) (2)		—			141			—			141
Balance at June 30, 2022	$	(118	)	$	52		$	(8,794	)	$	(8,860	)

	Interest Rate			Translation
	Swap			Adjustment			Total AOCL
Balance at December 31, 2020	$	(821	)	$	131		$	(690	)
Foreign currency translation (1)		—			(1,578	)		(1,578	)
Unrealized loss before reclassification, net    of tax of $1		(3	)		—			(3	)
Reclassification to income, net    of tax of $(130) (2)		332			—			332
Balance at June 30, 2021	$	(492	)	$	(1,447	)	$	(1,939	)

(1)The Company does not record tax provisions or benefits for the net changes in foreign currency translation adjustments as it intends to permanently reinvest undistributed earnings of its foreign subsidiaries.

Reclassification is related to the Company’s interest rate swap (cash flow hedge) and was recorded in interest expense on the Consolidated Statements of Income. Refer to Note 7 – Derivatives and Hedging.

XML

Net Income (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Weighted Average Common Shares

Basic and diluted weighted average common shares are as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Basic weighted average common shares outstanding		18,871		19,126		18,929		19,094
Weighted average common equivalent shares		302		251		289		238
Diluted weighted average common shares outstanding		19,173		19,377		19,218		19,332
Options and restricted stock units excluded from diluted    weighted average share calculation as effect would have    been anti-dilutive		23		9		11		6

XML

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Components of Stockholders' Equity

The components of stockholders’ equity are as follows (in thousands):

	Three Months Ended June 30, 2022
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01ParValue		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Equity
Balance at March 31, 2022		24,143	$	241	$	251,001	$	156,973		5,202	$	(201,414	)	$	(4,371	)	$	202,430
Issuance of common stock under    stock plans, including tax effects		16		1		99		—		—		—			—			100
Repurchases of common stock		—		—		—		—		103		(5,653	)		—			(5,653	)
Stock-based compensation expense		—		—		3,837		—		—		—			—			3,837
Net income		—		—		—		13,874		—		—			—			13,874
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			68			68
Net change in marketable investments,    net of tax		—		—		—		—		—		—			(29	)		(29	)
Foreign currency translation		—		—		—		—		—		—			(4,528	)		(4,528	)
Balance at June 30, 2022		24,159	$	242	$	254,937	$	170,847		5,305	$	(207,067	)	$	(8,860	)	$	210,099

	Three Months Ended June 30, 2021
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Equity
Balance at March 31, 2021		23,755	$	238	$	234,752	$	131,937		4,631	$	(171,889	)	$	(2,801	)	$	192,237
Issuance of common stock under    stock plans, including tax effects		25		—		336		—		—		—			—			336
Repurchases of common stock		—		—		—		—		63		(2,673	)		—			(2,673	)
Stock-based compensation expense		—		—		2,397		—		—		—			—			2,397
Net income		—		—		—		8,343		—		—			—			8,343
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			139			139
Foreign currency translation		—		—		—		—		—		—			723			723
Balance at June 30, 2021		23,780	$	238	$	237,485	$	140,280		4,694	$	(174,562	)	$	(1,939	)	$	201,502

	Six Months Ended June 30, 2022
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance at December 31, 2021		24,085	$	241	$	245,985	$	152,825		5,027	$	(191,955	)	$	(3,189	)	$	203,907
Issuance of common stock under    stock plans, including tax effects		74		1		1,821		—		—		—			—			1,822
Repurchases of common stock		—		—		—		—		278		(15,112	)		—			(15,112	)
Stock-based compensation expense		—		—		7,131		—		—		—			—			7,131
Net income		—		—		—		18,022		—		—			—			18,022
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			264			264
Net change in marketable investments,    net of tax		—		—		—		—		—		—			(93	)		(93	)
Foreign currency translation		—		—		—		—		—		—			(5,842	)		(5,842	)
Balance at June 30, 2022		24,159	$	242	$	254,937	$	170,847		5,305	$	(207,067	)	$	(8,860	)	$	210,099

	Six Months Ended June 30, 2021
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance at December 31, 2020		23,648	$	236	$	230,128	$	127,981		4,631	$	(171,889	)	$	(690	)	$	185,766
Issuance of common stock under    stock plans, including tax effects		132		2		2,468		—		—		—			—			2,470
Repurchases of common stock		—		—		—		—		63		(2,673	)		—			(2,673	)
Stock-based compensation expense		—		—		4,889		—		—		—			—			4,889
Net income		—		—		—		12,299		—		—			—			12,299
Net change in interest rate swap,    net of tax		—		—		—		—		—		—			329			329
Foreign currency translation		—		—		—		—		—		—			(1,578	)		(1,578	)
Balance at June 30, 2021		23,780	$	238	$	237,485	$	140,280		4,694	$	(174,562	)	$	(1,939	)	$	201,502

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the six months ended June 30, 2022 is presented below (in thousands, except per share data):

				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2021		634		$	42.45
Granted		319			50.96
Vested		(25	)		39.72
Forfeited		(26	)		44.31
Unvested at June 30, 2022		902		$	45.48

Schedule of Stock Option Activity

Stock option activity for the six months ended June 30, 2022 is presented below (in thousands, except per share data and contractual term):

				Weighted -		Weighted -
				Average		Average
				Exercise		Remaining		Aggregate
	Number			Price Per		Contractual		Intrinsic
	of Shares			Share		Term (in years)		Value
Outstanding at December 31, 2021		114		$	35.52
Exercised		(12	)		34.66
Forfeited		(2	)		36.65
Outstanding at June 30, 2022		100		$	35.60		2.38	$	1,222
Vested and Exercisable at June 30, 2022		100		$	35.60		2.38	$	1,222

Summary of Stock-Based Compensation Recorded in Expense Categories in Consolidated Statements of Operations

Stock-based compensation was recorded in the following expense categories on the Consolidated Statements of Income (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Cost of services and fulfillment	$	2,203	$	1,401	$	4,129	$	2,835
Selling and marketing		752		399		1,385		848
General and administrative		882		597		1,617		1,206
Total	$	3,837	$	2,397	$	7,131	$	4,889

Shares Subject to Employee Stock Purchase Plan Valuation Assumptions

Forrester utilizes the Black-Scholes valuation model for estimating the fair value of shares subject to purchase under the employee stock purchase plan, which were valued using the following assumptions:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Average risk-free interest rate		0.86	%		0.05	%		0.86	%		0.05	%
Expected dividend yield		0.0	%		0.0	%		0.0	%		0.0	%
Expected life	0.5 Years			0.5 Years			0.5 Years			0.5 Years
Expected volatility		24	%		35	%		24	%		35	%
Weighted average fair value	$	11.02		$	11.50		$	11.02		$	11.50

XML

Operating Segments (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Information by Reportable Segment

The Company provides information by reportable segment in the tables below (in thousands):

	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended June 30, 2022
Research revenues	$	89,447		$	—		$	—		$	89,447
Consulting revenues		10,921			28,341			—			39,262
Events revenues		—			—			19,537			19,537
Total segment revenues		100,368			28,341			19,537			148,246
Segment expenses		(32,897	)		(14,059	)		(11,051	)		(58,007	)
Selling, marketing, administrative and other expenses											(66,182	)
Amortization of intangible assets											(3,354	)
Interest expense, other income, and gains on investments											(432	)
Income before income taxes										$	20,271

	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended June 30, 2021
Research revenues	$	81,002		$	—		$	—		$	81,002
Consulting revenues		12,842			28,118			—			40,960
Events revenues		—			—			6,708			6,708
Total segment revenues		93,844			28,118			6,708			128,670
Segment expenses		(29,417	)		(12,851	)		(3,931	)		(46,199	)
Selling, marketing, administrative and other expenses											(65,204	)
Amortization of intangible assets											(3,968	)
Integration costs											(216	)
Interest expense, other expense, and gains on investments											(1,267	)
Income before income taxes										$	11,816

	Research Segment			Consulting Segment			Events Segment			Consolidated
Six Months Ended June 30, 2022
Research revenues	$	175,227		$	—		$	—		$	175,227
Consulting revenues		22,111			55,582			—			77,693
Events revenues		—			—			20,297			20,297
Total segment revenues		197,338			55,582			20,297			273,217
Segment expenses		(67,077	)		(28,376	)		(12,802	)		(108,255	)
Selling, marketing, administrative and other expenses											(131,072	)
Amortization of intangible assets											(6,716	)
Interest expense, other expense, and gains on investments											(876	)
Income before income taxes										$	26,298

	Research Segment			Consulting Segment			Events Segment			Consolidated
Six Months Ended June 30, 2021
Research revenues	$	155,970		$	—		$	—		$	155,970
Consulting revenues		25,573			53,937			—			79,510
Events revenues		—			—			6,971			6,971
Total segment revenues		181,543			53,937			6,971			242,451
Segment expenses		(60,134	)		(25,176	)		(5,495	)		(90,805	)
Selling, marketing, administrative and other expenses											(122,822	)
Amortization of intangible assets											(7,871	)
Integration costs											(334	)
Interest expense, other expense, and gains on investments											(2,866	)
Income before income taxes										$	17,753

XML

Interim Consolidated Financial Statements - Additional Information (Detail) - ASU No. 2019-12 [Member]	Jun. 30, 2022	Mar. 31, 2022
Summary Of Significant Accounting Policy [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect		true

XML

Interim Consolidated Financial Statements - Summary of End-of-period Cash and Cash Equivalents and Cash, Cash Equivalents and Restricted Cash from Financial Statements (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 103,225	$ 115,769	$ 146,387
Restricted cash, current	$ 0		$ 221
Restricted Cash, Current, Asset, Statement of Financial Position [Extensible List]	us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember		us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember
Restricted cash, non-current	$ 2,034		$ 2,319
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]	Other assets		Other assets
Cash, cash equivalents and restricted cash shown in statement of cash flows	$ 105,259		$ 148,927

XML

Marketable Investments - Summary of Company's marketable investments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 19,546	$ 18,542
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(159)	(33)
Market value	19,388	18,509
Corporate obligations
Debt Securities, Available-for-sale [Line Items]
Amortized cost	19,546	18,542
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(159)	(33)
Market value	$ 19,388	$ 18,509

XML

Marketable Investments - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Realized gains or losses on investments	$ 0

XML

Marketable Investments - Summarizes the maturity periods of the marketable investments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
FY 2021	$ 8,113
FY 2022	8,899
FY 2023	2,376
Market value	19,388	$ 18,509
Corporate obligations
Marketable Securities [Line Items]
FY 2021	8,113
FY 2022	8,899
FY 2023	2,376
Market value	$ 19,388	$ 18,509

XML

Marketable Investments - Unrealized Losses on Debt Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months - Market Value	$ 18,443	$ 18,509
Less than 12 Months - Unrealized Losses	159	33
12 Months or Greater - Market Value	0	0
12 Months or Greater - Unrealized Losses	0	0
Corporate obligations
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months - Market Value	18,443	18,509
Less than 12 Months - Unrealized Losses	159	33
12 Months or Greater - Market Value	0	0
12 Months or Greater - Unrealized Losses	$ 0	$ 0

XML

Goodwill and Other Intangible Assets - Additional Information (Detail) - Consulting [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Line Items]
Accumulated goodwill impairment losses	$ 0
Goodwill impairment charges	0
Goodwill allocated to reporting unit	$ 8,100

XML

Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Beginning Balance	$ 244,994
Translation adjustments	(3,523)
Goodwill, Ending Balance	$ 241,471

XML

Goodwill and Other Intangible Assets - Summary of Carrying Values of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 107,432	$ 107,687
Accumulated Amortization	51,528	44,954
Total	55,904	62,733
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	78,275	78,364
Accumulated Amortization	30,027	25,805
Total	48,248	52,559
Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	16,700	16,845
Accumulated Amortization	13,810	13,073
Total	2,890	3,772
Trademarks [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	12,457	12,478
Accumulated Amortization	7,691	6,076
Total	$ 4,766	$ 6,402

XML

Goodwill and Other Intangible Assets - Summary of Estimated Intangible Assets Amortization Expense (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
2022 (remainder)	$ 6,446
2023	11,917
2024	9,878
2025	8,869
2026	8,389
Thereafter	10,405
Total	$ 55,904	$ 62,733

XML

Debt - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 21, 2021	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Write off of debt issuance cost				$ 0
Basket payment	$ 20,000
Line of credit facility, covenant terms description	replace the minimum fixed charge coverage ratio financial covenant under the Existing Credit Agreement with a minimum consolidated interest coverage ratio of 3.50:1.00
Percentage of voting equity of subsidiaries	65.00%
Weighted average interest rate		2.13%	1.87%
Office Building [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 25,000
Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate	1.75%
Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Interest rate	0.75%
Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate	1.25%
Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Interest rate	0.25%
Secured Debt [Member]
Debt Instrument [Line Items]
Interest rate			1.25%
Secured Debt [Member] | Line Of Credit [Member]
Debt Instrument [Line Items]
Proceeds from Long-Term Lines of Credit	$ 100,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 75,000	$ 50,000	$ 50,000	75,000
Credit facility maturity date	Dec. 31, 2026
Debt instrument interest rate		2.9375%	2.9375%
Line of credit facility, available borrowing capacity		$ 99,200	$ 99,200
Revolving Credit Facility [Member] | Line Of Credit [Member]
Debt Instrument [Line Items]
Proceeds from Long-Term Lines of Credit	$ 100,000
Revolving Credit Facility [Member] | Letters of Credit [Member]
Debt Instrument [Line Items]
Available for issuance of letter of credit	$ 5,000
Debt cost incurred related to revolving credit facility				$ 500
Debt instrument, amortized over the term	5 years
Issuance of letter of credit		$ 800	$ 800
Revolving Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument interest rate		1.6875%	1.6875%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 150,000
Increase (decrease) in line of credit facility	$ 50,000
Percentage of commitment fee on the unused portion of the facility	0.20%
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Percentage of commitment fee on the unused portion of the facility	0.30%

XML

Debt - Summary of Company's Total Outstanding Borrowings (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 21, 2021
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Principal amount outstanding	$ 50,000	$ 75,000	$ 75,000

XML

Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 3,600	$ 4,062	$ 7,252	$ 7,882
Short-term lease cost	175	98	312	186
Variable lease cost	1,463	1,280	3,013	2,715
Sublease income	(192)	(105)	(383)	(166)
Total lease cost	$ 5,046	$ 5,335	$ 10,194	$ 10,617

XML

Leases - Summary of Additional Lease Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ (6,180)	$ (5,769)
Operating lease ROU assets obtained in exchange for lease obligations	$ 172	$ 7,385
Weighted-average remaining lease term - operating leases (years)	5 years 6 months	6 years 3 months 18 days
Weighted-average discount rate - operating leases	4.30%	4.40%

XML

Leases - Summary of Future Minimum Lease Payments and Sublease Cash Receipts Under Non-Cancelable Leases (Detail) $ in Thousands	Jun. 30, 2022 USD ($)
Operating Lease Payments
2022 (remainder)	$ 8,462
2023	16,446
2024	15,993
2025	14,059
2026	12,095
Thereafter	14,280
Total lease payments and estimated sublease cash receipts	81,335
Less imputed interest	(10,267)
Present value of lease liabilities	71,068
Sublease Cash Receipts
2022 (remainder)	412
2023	606
2024	624
2025	0
2026	0
Thereafter	0
Total lease payments and estimated sublease cash receipts	$ 1,642

XML

Leases - Summary of Lease Balances (Detail) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease ROU assets		$ 58,966	$ 65,009
Short-term operating lease liabilities	[1]	$ 13,551
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		Accrued expenses and other current liabilities
Non-current operating lease liabilities		$ 57,517	$ 65,038
Total operating lease liabilities		$ 71,068

[1] Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets.

XML

Revenue and Related Matters - Schedule of Disaggregation of Revenue by Geography and Recognition Timing (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Revenue	$ 148,246	$ 128,670	$ 273,217	$ 242,451
North America [Member]
Disaggregation Of Revenue [Line Items]
Revenue	124,177	105,371	226,487	196,267
Europe [Member]
Disaggregation Of Revenue [Line Items]
Revenue	15,871	15,587	30,343	30,669
Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Revenue	6,445	6,322	13,118	12,715
Other [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 1,753	$ 1,390	$ 3,269	$ 2,800

XML

Revenue and Related Matters - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 0	$ 0	$ 0	$ 0
Contract with customer, contract duration			1 year
Deferred revenue recognized	58,400,000	43,600,000	$ 139,300,000	115,900,000
Revenue expected to be recognized	409,700,000		409,700,000
Amortization expense related to deferred commissions	$ 11,800,000	$ 10,000,000.0	21,800,000	18,900,000
Impairment of deferred commissions			$ 0	$ 0
Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, expected payment term			one year

XML

Revenue and Related Matters - Additional Information1 (Detail)	Jun. 30, 2022
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, revenue expected to be recognized	24 months

XML

Revenue and Related Matters - Summary of Allowance for Expected Credit Losses on Accounts Receivable (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Receivables [Abstract]
Balance at December 31, 2021	$ 610
Provision for expected credit losses	359
Write-offs	(376)
Balance at June 30, 2022	$ 593

XML

Derivatives and Hedging - Additional Information (Detail) - Interest Rate Swap [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Derivative termination date	Dec. 31, 2022
Derivative notional amount	$ 17.2	$ 95.0
Derivative fixed interest rate	1.65275%
Minimum [Member]
Derivatives Fair Value [Line Items]
Derivative receive rate	0.00%
Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of assets	$ 0.1
LIBOR [Member]
Derivatives Fair Value [Line Items]
Derivative basis rate	0.0625%

XML

Derivatives and Hedging - Schedule of Derivative Contract Amounts Recognized in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments Gain Loss [Line Items]
Amount recorded in operations		$ (143)	$ (239)	$ (371)	$ (498)
Interest Expense [Member]
Derivative Instruments Gain Loss [Line Items]
Amount recorded in operations	[1]	(50)	(203)	(195)	(462)
Other Nonoperating Income Expense Member
Derivative Instruments Gain Loss [Line Items]
Amount recorded in operations	[2]	$ (93)	$ (36)	$ (176)	$ (36)

[1] Consists of interest expense from the interest rate swap contract.

[2] onsists of net realized gains and losses on foreign currency forward contracts.

XML

Fair Value Measurements - Summary of Company's Fair Value Hierarchy for its Financial Assets and Liabilities (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Assets:
Fair value of investments		$ 25,379	$ 25,394
Liabilities:
Fair value of liabilities			(294)
Money Market Funds [Member]
Assets:
Fair value of cash equivalents	[1]	5,919	6,885
Interest Rate Swap [Member]
Assets:
Fair value of assets	[2]	72
Liabilities:
Fair value of liabilities	[2]		(294)
Level 1 [Member]
Assets:
Fair value of investments		5,919	6,885
Liabilities:
Fair value of liabilities			0
Level 1 [Member] | Money Market Funds [Member]
Assets:
Fair value of cash equivalents	[1]	5,919	6,885
Level 1 [Member] | Interest Rate Swap [Member]
Assets:
Fair value of assets	[2]	0
Liabilities:
Fair value of liabilities	[2]		0
Level 2 [Member]
Assets:
Fair value of investments		19,460	18,509
Liabilities:
Fair value of liabilities			(294)
Level 2 [Member] | Money Market Funds [Member]
Assets:
Fair value of cash equivalents	[1]	0	0
Level 2 [Member] | Interest Rate Swap [Member]
Assets:
Fair value of assets	[2]	72
Liabilities:
Fair value of liabilities	[2]		(294)
Marketable Investments [Member]
Assets:
Fair value of cash equivalents	[3]	19,388	18,509
Marketable Investments [Member] | Level 1 [Member]
Assets:
Fair value of cash equivalents	[3]	0	0
Marketable Investments [Member] | Level 2 [Member]
Assets:
Fair value of cash equivalents	[3]	$ 19,388	$ 18,509

[1] Included in cash and cash equivalents on the Consolidated Balance Sheets.

[2] The Company has an interest rate swap contract that hedges the risk of variability from interest payments on its borrowings (refer to Note 4 – Debt and Note 7 – Derivatives and Hedging). The fair value of the interest rate swap is based on valuations prepared by a third-party broker. Those valuations are based on observable interest rates and other observable market data, which the Company considers Level 2 inputs.

[3] Marketable investments have been initially valued at the transaction price and subsequently valued, at the end of the reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation methods, including both income and market-based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events.

XML

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2022
Income Taxes [Line Items]
Income tax expense	$ 6,397	$ 3,473	$ 8,276	$ 5,454
Effective income tax rate			31.50%	30.70%
Scenario, Forecast [Member]
Income Taxes [Line Items]
Effective income tax rate					31.00%

XML

Accumulated Other Comprehensive Loss ("AOCL") - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		$ 202,430	$ 192,237	$ 203,907	$ 185,766
Foreign currency translation		(4,528)	723	(5,842)	(1,578)
Reclassification to income, net of tax		(29)	0	(93)	0
Ending Balance		210,099	201,502	210,099	201,502
Marketable Investments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		(89)		(25)
Foreign currency translation	[1]	0		0
Unrealized gain before reclassification, net of tax		(29)		(93)
Reclassification to income, net of tax	[2]	0		0
Ending Balance		(118)		(118)
Interest Rate Swap [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		(16)	(631)	(212)	(821)
Foreign currency translation	[1]	0	0	0	0
Unrealized gain before reclassification, net of tax		32	(7)	123	(3)
Reclassification to income, net of tax	[2]	36	146	141	332
Ending Balance		(52)	(492)	(52)	(492)
Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		(4,266)	(2,170)	(2,952)	(131)
Foreign currency translation	[1]	(4,528)	723	(5,842)	(1,578)
Unrealized gain before reclassification, net of tax		0	0	0	0
Reclassification to income, net of tax	[2]	0	0	0	0
Ending Balance		(8,794)	(1,447)	(8,794)	(1,447)
Total AOCI/L [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		(4,371)	(2,801)	(3,189)	(690)
Foreign currency translation	[1]	(4,528)	723	(5,842)	(1,578)
Unrealized gain before reclassification, net of tax		3	(7)	30	(3)
Reclassification to income, net of tax	[2]	36	146	141	332
Ending Balance		$ (8,860)	$ (1,939)	$ (8,860)	$ (1,939)

[1] The Company does not record tax provisions or benefits for the net changes in foreign currency translation adjustments as it intends to permanently reinvest undistributed earnings of its foreign subsidiaries.

[2] Reclassification is related to the Company’s interest rate swap (cash flow hedge) and was recorded in interest expense on the Consolidated Statements of Income. Refer to Note 7 – Derivatives and Hedging

XML

Accumulated Other Comprehensive Loss ("AOCL") - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Accumulated other comprehensive income (loss), unrealized gain (loss) before reclassification, net of tax	$ (1)	$ 2	$ (16)	$ (1)
Accumulated other comprehensive income (loss), reclassification to income, net of tax	$ (14)	$ 57	$ (54)	$ (130)

XML

Net Income (Loss) Per Common Share - Schedule of Basic and Diluted Weighted Average Common Shares (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	18,871	19,126	18,929	19,094
Weighted average common equivalent shares	302	251	289	238
Diluted weighted average common shares outstanding	19,173	19,377	19,218	19,332
Options and restricted stock units excluded from diluted weighted average share calculation as effect would have been anti-dilutive	23	9	11	6

XML

Stockholders' Equity - Components of Stockholders' Equity (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Beginning Balance		$ 202,430	$ 192,237	$ 203,907	$ 185,766
Issuance of common stock under stock plans, including tax effects		100	336	1,822	2,470
Repurchases of common stock		$ (5,653)	$ (2,673)	$ (15,112)	$ (2,673)
Repurchases of common stock, Shares		100,000	100,000	300,000	100,000
Stock-based compensation expense		$ 3,837	$ 2,397	$ 7,131	$ 4,889
Accounting Standards Update [Extensible List]				us-gaap:AccountingStandardsUpdate201613Member
Net income		13,874	8,343	$ 18,022	12,299
Net change in interest rate swap, net of tax		68	139	264	329
Net change in marketable investments, net of tax		(29)		(93)
Foreign currency translation		(4,528)	723	(5,842)	(1,578)
Ending Balance		210,099	201,502	210,099	201,502
Common Stock [Member]
Beginning Balance		$ 241	$ 238	$ 241	$ 236
Beginning Balance, Shares		24,143,000	23,755,000	24,085,000	23,648,000
Issuance of common stock under stock plans, including tax effects		$ 1		$ 1	$ 2
Issuance of common stock under,stock plans including tax effects, Shares		16,000	25,000	74,000	132,000
Ending Balance		$ 242	$ 238	$ 242	$ 238
Ending Balance, Shares		24,159,000	23,780,000	24,159,000	23,780,000
Additional Paid-in Capital [Member]
Beginning Balance		$ 251,001	$ 234,752	$ 245,985	$ 230,128
Issuance of common stock under stock plans, including tax effects		99	336	1,821	2,468
Stock-based compensation expense		3,837	2,397	7,131	4,889
Ending Balance		254,937	237,485	254,937	237,485
Retained Earnings [Member]
Beginning Balance		156,973	131,937	152,825	127,981
Net income		13,874	8,343	18,022	12,299
Ending Balance		170,847	140,280	170,847	140,280
Treasury Stock [Member]
Beginning Balance		$ (201,414)	$ (171,889)	$ (191,955)	$ (171,889)
Beginning Balance, Shares		5,202,000	4,631,000	5,027,000	4,631,000
Repurchases of common stock		$ (5,653)	$ (2,673)	$ (15,112)	$ (2,673)
Repurchases of common stock, Shares		103,000	63,000	278,000	63,000
Ending Balance		$ (207,067)	$ (174,562)	$ (207,067)	$ (174,562)
Ending Balance, Shares		5,305,000	4,694,000	5,305,000	4,694,000
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance		$ (4,371)	$ (2,801)	$ (3,189)	$ (690)
Net change in interest rate swap, net of tax		68	139	264	329
Net change in marketable investments, net of tax		(29)		(93)
Foreign currency translation	[1]	(4,528)	723	(5,842)	(1,578)
Ending Balance		$ (8,860)	$ (1,939)	$ (8,860)	$ (1,939)

[1] The Company does not record tax provisions or benefits for the net changes in foreign currency translation adjustments as it intends to permanently reinvest undistributed earnings of its foreign subsidiaries.

XML

Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested, Beginning Balance | shares	634
Number of Shares, Granted | shares	319
Number of Shares, Vested | shares	(25)
Number of Shares, Forfeited | shares	(26)
Number of Shares, Unvested, Ending Balance | shares	902
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ / shares	$ 42.45
Weighted-Average Grant Date Fair Value, Granted | $ / shares	50.96
Weighted-Average Grant Date Fair Value, Vested | $ / shares	39.72
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares	44.31
Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares	$ 45.48

XML

Stockholders' Equity - Schedule of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Shares, Outstanding, Beginning Balance | shares	114
Number of Shares, Exercised | shares	(12)
Number of Shares, forfeited | shares	(2)
Number of Shares, Outstanding, Ending Balance | shares	100
Number of Shares, Vested and Exercisable at june 30,2022 | shares	100
Weighted - Average Exercise Price Per Share, Outstanding, Beginning balance | $ / shares	$ 35.52
Weighted - Average Exercise Price Per Share, Exercised | $ / shares	34.66
Weighted - Average Exercise Price Per Share, Forfeited | $ / shares	36.65
Weighted - Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares	35.60
Weighted - Average Exercise Price Per Share, Vested and Exercisable at June 30, 2022 | $ / shares	$ 35.60
Weighted - Average Remaining Contractual Term, Outstanding at June 30, 2022	2 years 4 months 17 days
Weighted - Average Remaining Contractual Term, Vested and Exercisable at June 30, 2022	2 years 4 months 17 days
Aggregate Intrinsic Value, Outstanding at June 30, 2022 | $	$ 1,222
Aggregate Intrinsic Value, Vested and Exercisable at June 30, 2022 | $	$ 1,222

XML

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock options granted				0
Authorized to purchase of common stock under the stock repurchase program		$ 585,000,000.0		$ 585,000,000.0
Common stock, par value		$ 0.01		$ 0.01		$ 0.01
Repurchase of common stock		100,000	100,000	300,000	100,000
Repurchase of common stock, Value		$ 5,653,000	$ 2,673,000	$ 15,112,000	$ 2,673,000
Cumulative repurchase of common stock		17,000,000.0		17,000,000.0
Aggregate cost of repurchase of common stock				$ 510,000,000.0
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional shares of common stock	600,000,000
Common stock, par value	$ 0.01

XML

Stockholders' Equity - Summary of Stock-Based Compensation Recorded in Expense Categories in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	$ 3,837	$ 2,397	$ 7,131	$ 4,889
Cost of Services and Fulfillment [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	2,203	1,401	4,129	2,835
Selling and Marketing [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	752	399	1,385	848
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	$ 882	$ 597	$ 1,617	$ 1,206

XML

Stockholders' Equity - Shares Subject to Employee Stock Purchase Plan Valuation Assumptions (Detail) - Employee Stock Purchase Plan [Member] - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	0.86%	0.05%	0.86%	0.05%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected life	6 months	6 months	6 months	6 months
Expected volatility	24.00%	35.00%	24.00%	35.00%
Weighted average fair value	$ 11.02	$ 11.50	$ 11.02	$ 11.50

XML

Operating Segments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022 Segment
Segment Reporting [Abstract]
Number of operating segments	3

XML

Operating Segments - Schedule of Information by Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 148,246	$ 128,670	$ 273,217	$ 242,451
Segment expenses	(58,007)	(46,199)	(108,255)	(90,805)
Selling, marketing, administrative and other expenses	(66,182)	(65,204)	(131,072)	(122,822)
Amortization of intangible assets	(3,354)	(3,968)	(6,716)	(7,871)
Integration costs	0	(216)	0	(334)
Interest expense, other income, and gains on investments	(432)	(1,267)	(876)	(2,866)
Income before income taxes	20,271	11,816	26,298	17,753
Research Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	100,368	93,844	197,338	181,543
Segment expenses	(32,897)	(29,417)	(67,077)	(60,134)
Consulting Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	28,341	28,118	55,582	53,937
Segment expenses	(14,059)	(12,851)	(28,376)	(25,176)
Events Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	19,537	6,708	20,297	6,971
Segment expenses	(11,051)	(3,931)	(12,802)	(5,495)
Research [Member]
Segment Reporting Information [Line Items]
Total revenues	89,447	81,002	175,227	155,970
Research [Member] | Research Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	89,447	81,002	175,227	155,970
Research [Member] | Consulting Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Research [Member] | Events Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Consulting [Member]
Segment Reporting Information [Line Items]
Total revenues	39,262	40,960	77,693	79,510
Consulting [Member] | Research Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	10,921	12,842	22,111	25,573
Consulting [Member] | Consulting Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	28,341	28,118	55,582	53,937
Consulting [Member] | Events Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Events [Member]
Segment Reporting Information [Line Items]
Total revenues	19,537	6,708	20,297	6,971
Events [Member] | Research Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Events [Member] | Consulting Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Events [Member] | Events Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 19,537	$ 6,708	$ 20,297	$ 6,971