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 March 31, 2024

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 check mark 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 April 29, 2024, 19,107,000 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 March 31, 2024 and December 31, 2023	3
	Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023	4
	Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	27
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 3.	Defaults Upon Senior Securities	28
Item 4.	Mine Safety Disclosures	28
Item 5.	Other Information	28
Item 6.	Exhibits	29
SIGNATURES		30

PART I.

ITEM 1. FINANCIAL STATEMENTS

FORRESTER RESEARCH, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data, unaudited)

	March 31,			December 31,
	2024			2023
ASSETS
Current Assets:
Cash and cash equivalents	$	61,379		$	72,909
Marketable investments		57,095			51,580
Accounts receivable, net of allowance for expected credit losses of $764 and $574 as    of March 31, 2024 and December 31, 2023, respectively		54,717			58,999
Deferred commissions		21,498			23,207
Prepaid expenses and other current assets		23,892			9,305
Total current assets		218,581			216,000
Property and equipment, net		17,787			19,401
Operating lease right-of-use assets		34,380			39,722
Goodwill		243,028			244,257
Intangible assets, net		35,073			37,637
Other assets		6,821			7,157
Total assets	$	555,670		$	564,174
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	2,749		$	1,796
Accrued expenses and other current liabilities		44,698			81,482
Deferred revenue		193,664			156,798
Total current liabilities		241,111			240,076
Long-term debt		35,000			35,000
Non-current operating lease liabilities		34,472			37,673
Other non-current liabilities		14,156			11,160
Total liabilities		324,739			323,909
Commitments and contingencies (Note 15)
Stockholders' Equity:
Preferred stock, $0.01 par value
Authorized - 500 shares; issued and outstanding - none		—			—
Common stock, $0.01 par value
Authorized - 125,000 shares
Issued - 24,881 and 24,684 shares as of March 31, 2024 and December 31, 2023,    respectively
Outstanding - 19,242 and 19,248 shares as of March 31, 2024 and    December 31, 2023, respectively		249			247
Additional paid-in capital		281,453			278,057
Retained earnings		171,008			177,681
Treasury stock - 5,639 and 5,437 shares as of March 31, 2024 and December 31, 2023, respectively		(215,246	)		(211,149	)
Accumulated other comprehensive loss		(6,533	)		(4,571	)
Total stockholders’ equity		230,931			240,265
Total liabilities and stockholders’ equity	$	555,670		$	564,174

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

3

FORRESTER RESEARCH, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data, unaudited)

	Three Months Ended
	March 31,
	2024			2023
Revenues:
Research	$	76,581		$	80,906
Consulting		23,141			31,750
Events		355			1,014
Total revenues		100,077			113,670
Operating expenses:
Cost of services and fulfillment		44,690			49,292
Selling and marketing		39,422			41,532
General and administrative		14,059			21,227
Depreciation		2,060			2,104
Amortization of intangible assets		2,514			3,066
Restructuring costs		6,624			1,589
Total operating expenses		109,369			118,810
Loss from operations		(9,292	)		(5,140	)
Interest expense		(762	)		(793	)
Other income, net		1,274			550
Loss before income taxes		(8,780	)		(5,383	)
Income tax benefit		(2,107	)		(1,308	)
Net loss	$	(6,673	)	$	(4,075	)
Basic loss per common share	$	(0.35	)	$	(0.21	)
Diluted loss per common share	$	(0.35	)	$	(0.21	)
Basic weighted average common shares outstanding		19,285			19,108
Diluted weighted average common shares outstanding		19,285			19,108

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

4

FORRESTER RESEARCH, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands, unaudited)

	Three Months Ended
	March 31,
	2024			2023
Net loss	$	(6,673	)	$	(4,075	)
Other comprehensive income (loss), net of tax:
Foreign currency translation		(1,968	)		1,206
Net change in market value of investments		6			33
Other comprehensive income (loss)		(1,962	)		1,239
Comprehensive loss	$	(8,635	)	$	(2,836	)

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

5

FORRESTER RESEARCH, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

	Three Months Ended
	March 31,
	2024			2023
Cash flows from operating activities:
Net loss	$	(6,673	)	$	(4,075	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		2,060			2,104
Impairment of property and equipment		646			—
Amortization of intangible assets		2,514			3,066
Deferred income taxes		3,485			1,926
Stock-based compensation		3,574			3,165
Operating lease right-of-use assets amortization and impairments		5,679			2,886
Amortization of deferred financing fees		113			109
Amortization of discount on investments		(172	)		(63	)
Foreign currency losses		72			20
Changes in assets and liabilities:
Accounts receivable		3,885			14,691
Deferred commissions		1,709			1,957
Prepaid expenses and other current assets		(14,617	)		(8,819	)
Accounts payable		970			64
Accrued expenses and other liabilities		(36,002	)		(37,416	)
Deferred revenue		36,998			36,041
Operating lease liabilities		(3,630	)		(3,374	)
Net cash provided by operating activities		611			12,282
Cash flows from investing activities:
Purchases of property and equipment		(1,426	)		(1,632	)
Purchases of marketable investments		(32,745	)		(964	)
Proceeds from maturities of marketable investments		23,900			4,000
Proceeds from sales of marketable investments		3,021			—
Other investing activity		14			(62	)
Net cash provided by (used in) investing activities		(7,236	)		1,342
Cash flows from financing activities:
Payments on borrowings		—			(15,000	)
Repurchases of common stock		(4,097	)		—
Proceeds from issuance of common stock under employee equity incentive plans		1,253			1,840
Taxes paid related to net share settlements of stock-based compensation awards		(1,429	)		(1,079	)
Net cash used in financing activities		(4,273	)		(14,239	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(652	)		1,249
Net change in cash, cash equivalents and restricted cash		(11,550	)		634
Cash, cash equivalents and restricted cash, beginning of period		75,042			105,654
Cash, cash equivalents and restricted cash, end of period	$	63,492		$	106,288
Supplemental disclosure of cash flow information:
Cash paid for interest	$	646		$	742
Cash paid for income taxes	$	3,195		$	1,620

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, 2023. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the financial position, results of operations, comprehensive loss, and cash flows as of the dates and for the periods presented have been included. The results of operations for the three months ended March 31, 2024 may not be indicative of the results for the year ending December 31, 2024, or any other period.

Presentation of Restricted Cash

The following table summarizes the end-of-period cash and cash equivalents from the Company's Consolidated Balance Sheets and the total cash, cash equivalents and restricted cash as presented on the accompanying Consolidated Statements of Cash Flows (in thousands).

	Three Months Ended March 31,
	2024		2023
Cash and cash equivalents shown in balance sheets	$	61,379	$	104,217
Restricted cash classified in other assets (1):		2,113		2,071
Cash, cash equivalents and restricted cash shown in statement of cash flows	$	63,492	$	106,288

(1)Restricted cash consists of collateral required for leased office space. 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.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The new standard enhances the disclosures of reportable segment information, primarily in regards to significant segment expenses. The new standard will be effective for the Company for the annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adoption of the standard on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The new standard enhances income tax disclosure requirements by requiring specified categories and greater disaggregation within the rate reconciliation table, disclosure of income taxes paid by jurisdiction, and providing clarification on uncertain tax positions and related financial statement impacts. The new standard will be effective for the Company on January 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of adoption of the standard on its consolidated financial statements.

7

Note 2 — Marketable Investments

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

	As of March 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	21,989	$	—	$	(66	)	$	21,923
Federal agency obligations		2,000		—		(4	)		1,996
Money market funds		33,176		—		—			33,176
Total	$	57,165	$	—	$	(70	)	$	57,095

	As of December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	18,049	$	—	$	(72	)	$	17,977
Federal agency obligations		2,000		—		(7	)		1,993
Money market funds		31,610		—		—			31,610
Total	$	51,659	$	—	$	(79	)	$	51,580

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 marketable investments during the three months ended March 31, 2024 and 2023.

The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of March 31, 2024 (in thousands).

	FY 2024		FY 2025		Total
Corporate obligations	$	19,475	$	2,448	$	21,923
Federal agency obligations		1,996		—		1,996
Money market funds		33,176		—		33,176
Total	$	54,647	$	2,448	$	57,095

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 March 31, 2024
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	17,026	$	16	$	4,897	$	50
Federal agency obligations		—		—		1,996		4
Total	$	17,026	$	16	$	6,893	$	54

	As of December 31, 2023
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	13,098	$	8	$	4,879	$	64
Federal agency obligations		—		—		1,993		7
Total	$	13,098	$	8	$	6,872	$	71

8

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, 2023 utilizing a quantitative assessment to determine if 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 March 31, 2024, there were no events or circumstances that required an interim impairment test. Accordingly, as of March 31, 2024, the Company had no accumulated goodwill impairment losses. Approximately $8.2 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 three months ended March 31, 2024 is summarized as follows (in thousands):

	Total
Balance at December 31, 2023	$	244,257
Translation adjustments		(1,229	)
Balance at March 31, 2024	$	243,028

Finite-Lived Intangible Assets

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

	March 31, 2024
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	77,626	$	44,183	$	33,443
Technology		16,290		15,881		409
Trademarks		12,484		11,263		1,221
Total	$	106,400	$	71,327	$	35,073

	December 31, 2023
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	77,640	$	42,091	$	35,549
Technology		16,524		15,950		574
Trademarks		12,519		11,005		1,514
Total	$	106,683	$	69,046	$	37,637

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

2024 (remainder)	$	7,401
2025		8,875
2026		8,392
2027		8,324
2028		2,081
Total	$	35,073

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Note 4 — Debt

The Company has a credit facility that provides up to $150.0 million of revolving credit commitments and matures in December of 2026. The credit facility includes an expansion feature that permits the Company to increase the revolving credit commitments in an aggregate principal amount up to $50.0 million, subject to approval by the administrative agent and certain customary terms and conditions.

The credit facility 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 March 31, 2024.

The Company may voluntarily prepay revolving loans under the credit facility at any time and from time to time, without premium or penalty. No interim amortization payments are required to be made under the credit facility.

The credit facility provided that once LIBOR ceased to exist in 2023, the benchmark rate for the loans outstanding automatically transferred from LIBOR to the Secured Overnight Financing Rate (SOFR). In April 2023, the Company executed a second amendment to the credit facility to facilitate the conversion from LIBOR to SOFR and to set the base interest rate at SOFR plus 10 basis points.

Up to $5.0 million of the 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 March 31, 2024, $0.6 million in letters of credit were issued under the credit facility.

Outstanding Borrowings

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

Description:	March 31, 2024		December 31, 2023
Credit facility	$	35,000	$	35,000

The contractual annualized interest rate as of March 31, 2024 was 6.68%.

The Company had $114.4 million of available borrowing capacity on the credit facility (not including the expansion feature) as of March 31, 2024. The weighted average annual effective interest rate for the three months ended March 31, 2024, was 6.6883%.

All obligations under the credit facility 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 in 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 in the Consolidated Balance Sheets and are not material.

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

	For the Three Months Ended March 31,
	2024			2023
Operating lease cost	$	3,094		$	3,314
Short-term lease cost		214			261
Variable lease cost		1,230			785
Sublease income		(130	)		(131	)
Total lease cost	$	4,408		$	4,229

10

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

	For the Three Months Ended March 31,
	2024			2023
Cash paid for amounts included in the measurement of operating    lease liabilities	$	3,630		$	3,374
Operating lease ROU assets obtained in exchange for lease    obligations	$	408		$	1,323
Weighted-average remaining lease term - operating leases (years)		4.1			4.9
Weighted-average discount rate - operating leases		4.2	%		4.3	%

Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of March 31, 2024 are as follows (in thousands):

	Operating Lease			Sublease
	Payments			Cash Receipts
2024 (remainder)	$	12,209		$	471
2025		13,933			—
2026		12,325			—
2027		5,707			—
2028		2,875			—
Thereafter		6,024			—
Total lease payments and estimated sublease cash receipts		53,073		$	471
Less imputed interest		(4,515	)
Present value of lease liabilities	$	48,558

Lease balances as of March 31, 2024 are as follows (in thousands):

Operating lease ROU assets	$	34,380
Short-term operating lease liabilities (1)	$	14,086
Non-current operating lease liabilities		34,472
Total operating lease liabilities	$	48,558

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

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

During the three months ended March 31, 2024, the Company recorded a $3.2 million ROU asset impairment and $0.6 million of leasehold improvements impairments related to closing the 11th floor of its offices located at 150 Spear Street, San Francisco, California. During the three months ended March 31, 2023, the Company recorded a $0.4 million ROU asset impairment related to closing the 10th floor of its offices located at 150 Spear Street, San Francisco, California. The impairments are included in restructuring and related costs in the Consolidated Statements of Operations. As a result of the impairments, the ROU assets were required to be recorded at their estimated fair values as Level 3 non-financial assets. The fair values of the asset groups were determined using a discounted cash flow model, which required the use of estimates, including projected cash flows for the related assets, the selection of a discount rate used in the model, and regional real estate industry data.

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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 March 31,
Revenues: (1)	2024		2023
North America	$	79,629	$	92,671
Europe		13,437		13,712
Asia Pacific		4,891		5,382
Other		2,120		1,905
Total	$	100,077	$	113,670

(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 March 31, 2024 or 2023.

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 invoiced for annual periods, 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 in 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 March 31, 2024 and 2023, the Company recognized $62.5 million and $72.9 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period.

Approximately $378.4 million of revenue is expected to be recognized during the next 24 months from remaining performance obligations as of March 31, 2024.

Reserves for Credit Losses

The allowance for expected credit losses on accounts receivable for the three months ended March 31, 2024 is summarized as follows (in thousands):

	Total Allowance
Balance at December 31, 2023	$	574
Provision for expected credit losses		223
Write-offs		(33	)
Balance at March 31, 2024	$	764

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

12

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 in 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 March 31, 2024 and 2023 was $7.9 million and $8.6 million, respectively. The Company evaluates the recoverability of deferred commissions at each balance sheet date and there were no impairments recorded during the three months ended March 31, 2024 and 2023.

Note 7 — Derivatives and Hedging

The Company enters into a limited number of 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, net in the Consolidated Statements of Operations because the Company does not designate these contracts as hedges for accounting purposes.

During the three months ended March 31, 2024, the Company entered into three foreign currency forward exchange contracts, all of which settled by March 31, 2024. Accordingly, as of March 31, 2024, there is no amount recorded in the Consolidated Balance Sheets for these contracts. During the three months ended March 31, 2023, the Company entered into three foreign currency forward exchange contracts, all of which settled by March 31, 2023. Accordingly, as of March 31, 2023, there is no amount recorded in the Consolidated Balance Sheets for these contracts.

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 Operations for the derivative contracts for the periods indicated (in thousands):

	Three Months Ended
	March 31,
Amount recorded in:	2024			2023
Other income, net	$	(14	)	$	62

Note 8 — Fair Value Measurements

The carrying amounts reflected in 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 and marketable investments. 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.

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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 March 31, 2024
	Level 1		Level 2		Total
Assets:
Money market funds (1)	$	43,726	$	—	$	43,726
Marketable investments (3)		—		23,919		23,919
Total Assets	$	43,726	$	23,919	$	67,645

	As of December 31, 2023
	Level 1		Level 2		Total
Assets:
Money market funds (2)	$	55,128	$	—	$	55,128
Marketable investments (3)		—		19,970		19,970
Total Assets	$	55,128	$	19,970	$	75,098

(1)U.S. based funds of $10.5 million are included in cash and cash equivalents and non-U.S. based funds of $33.2 million are included in marketable investments in the Consolidated Balance Sheets.

(2)U.S. based funds of $23.5 million are included in cash and cash equivalents and non-U.S. based funds of $31.6 million are included in marketable investments in the Consolidated Balance Sheets.

(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.

During the three months ended March 31, 2024, 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 assets and 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 awards, and foreign currency gains or losses are treated as discrete items and are recorded in the period in which they arise.

Income tax benefit for the three months ended March 31, 2024 was $2.1 million resulting in an effective tax rate of 24.0% for the period. Income tax benefit for the three months ended March 31, 2023 was $1.3 million resulting in an effective tax rate of 24.3% for the period.

The Company anticipates that its effective tax rate for the full year 2024 will be approximately 50%.

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

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

	Marketable			Translation
	Investments			Adjustment			Total AOCL
Balance at December 31, 2023	$	(60	)	$	(4,511	)	$	(4,571	)
Foreign currency translation (1)		—			(1,968	)		(1,968	)
Unrealized gain, net of tax of $(2)		6			—			6
Balance at March 31, 2024	$	(54	)	$	(6,479	)	$	(6,533	)

	Marketable			Translation
	Investments			Adjustment			Total AOCL
Balance at December 31, 2022	$	(159	)	$	(7,759	)	$	(7,918	)
Foreign currency translation (1)		—			1,206			1,206
Unrealized gain, net of tax of $(11)		33			—			33
Balance at March 31, 2023	$	(126	)	$	(6,553	)	$	(6,679	)

(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.

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Note 11 — Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the basic weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss 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
	March 31,
	2024		2023
Basic weighted average common shares outstanding		19,285		19,108
Weighted average common equivalent shares		—		—
Diluted weighted average common shares outstanding		19,285		19,108
Options and restricted stock units excluded from diluted    weighted average share calculation as effect would have    been anti-dilutive		1,082		703

Note 12 — Stockholders’ Equity

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

	Three Months Ended March 31, 2024
	Common Stock										Treasury Stock					Accumulated
	Number of Shares		$0.01ParValue		Additional Paid-in Capital			Retained Earnings			Number of Shares		Cost			Other Comprehensive Loss			Total Stockholders' Equity
Balance at December 31, 2023		24,684	$	247	$	278,057		$	177,681			5,437	$	(211,149	)	$	(4,571	)	$	240,265
Issuance of common stock under    stock plans, including tax effects		197		2		(178	)		—			—		—			—			(176	)
Repurchases of common stock		—		—		—			—			202		(4,097	)		—			(4,097	)
Stock-based compensation expense		—		—		3,574			—			—		—			—			3,574
Net loss		—		—		—			(6,673	)		—		—			—			(6,673	)
Net change in marketable investments,    net of tax		—		—		—			—			—		—			6			6
Foreign currency translation		—		—		—			—			—		—			(1,968	)		(1,968	)
Balance at March 31, 2024		24,881	$	249	$	281,453		$	171,008			5,639	$	(215,246	)	$	(6,533	)	$	230,931

	Three Months Ended March 31, 2023
	Common Stock									Treasury Stock					Accumulated
	Number of Shares		$0.01ParValue		Additional Paid-in Capital		Retained Earnings			Number of Shares		Cost			Other Comprehensive Loss			Total Stockholders' Equity
Balance at December 31, 2022		24,367	$	244	$	261,766	$	174,631			5,305	$	(207,067	)	$	(7,918	)	$	221,656
Issuance of common stock under    stock plans, including tax effects		128		1		760		—			—		—			—			761
Stock-based compensation expense		—		—		3,165		—			—		—			—			3,165
Net loss		—		—		—		(4,075	)		—		—			—			(4,075	)
Net change in marketable investments,    net of tax		—		—		—		—			—		—			33			33
Foreign currency translation		—		—		—		—			—		—			1,206			1,206
Balance at March 31, 2023		24,495	$	245	$	265,691	$	170,556			5,305	$	(207,067	)	$	(6,679	)	$	222,746

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Equity Plans

Restricted stock unit activity for the three months ended March 31, 2024 is presented below (in thousands, except per share data):

				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2023		999		$	37.66
Granted		163			25.34
Vested		(185	)		40.55
Forfeited		(37	)		37.64
Unvested at March 31, 2024		940		$	34.97

Stock option activity for the three months ended March 31, 2024 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, 2023		201		$	33.93
Forfeited		(12	)		36.92
Outstanding at March 31, 2024		189		$	33.74		6.44	$	—
Exercisable at March 31, 2024		93		$	34.47		3.86	$	—
Vested and expected to vest at March 31, 2024		189		$	33.74		6.44	$	—

No stock options were granted or exercised during the three months ended March 31, 2024.

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 in the Consolidated Statements of Operations (in thousands):

	Three Months Ended
	March 31,
	2024		2023
Cost of services and fulfillment	$	2,122	$	1,847
Selling and marketing		599		497
General and administrative		853		821
Total	$	3,574	$	3,165

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

	Three Months Ended
	March 31,
	2024			2023
	Employee Stock Purchase Plan			Equity Incentive Plans			Employee Stock Purchase Plan
Average risk-free interest rate		5.36	%		4.27	%		5.00	%
Expected dividend yield		0.0	%		0.0	%		0.0	%
Expected life	0.5 Years			4.75 Years			0.5 Years
Expected volatility		39	%		43	%		46	%
Weighted average fair value	$	5.46		$	14.24		$	9.47

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Treasury Stock

As of March 31, 2024, 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 months ended March 31, 2024, the Company repurchased approximately 0.2 million shares of common stock at an aggregate cost of approximately $4.1 million. During the three months ended March 31, 2023, the Company did not repurchase any shares of common stock. From the inception of the program through March 31, 2024, the Company repurchased 17.3 million shares of common stock at an aggregate cost of $518.2 million.

Note 13 — Restructuring and Related Costs

In January 2023, the Company implemented a reduction in its workforce of approximately 4% across various geographies and functions to streamline operations. The Company recorded $4.3 million of severance and related costs for this action during the fourth quarter of 2022, and $0.6 million during the first quarter of 2023. The Company also recorded a restructuring charge of $5.0 million during the fourth quarter of 2022 related to closing one floor of its offices located at 150 Spear Street, San Francisco, California, of which $3.7 million related to an impairment of a right-of-use asset and $1.3 million related to an impairment of leasehold improvements. In the first quarter of 2023, the Company recorded an incremental $0.4 million impairment to its California office and a $0.6 million charge for the write-off of a previously capitalized software project.

The following table rolls forward the activity in the restructuring accrual for the January 2023 action for the three months ended March 31, 2024 (in thousands):

Accrual at December 31, 2023	$	48
Additional restructuring and related costs		14
Cash payments		(62	)
Accrual at March 31, 2024	$	—

In May 2023, the Company implemented a reduction in its workforce of approximately 8% across various geographies and functions to better align its cost structure and to streamline its sales and consulting organizations. The Company recorded $7.5 million of severance and related costs for this action during the second quarter of 2023. In addition, the Company closed certain of its smaller offices both inside and outside the U.S. in order to reduce facility costs and better match its facilities to its hybrid work strategy. As a result of closing the offices, the Company recorded restructuring costs of $2.3 million, which included $1.3 million related to right-of-use asset impairments and accelerated amortization and $0.6 million related to impairments of leasehold improvements. In addition, the Company incurred $0.7 million in contract termination costs. The accrued restructuring and related costs as of March 31, 2024 will be fully paid by the end of 2024.

The following table rolls forward the activity in the restructuring accrual for the May 2023 action for the three months ended March 31, 2024 (in thousands):

Accrual at December 31, 2023	$	1,282
Additional restructuring and related costs		39
Cash payments		(820	)
Accrual at March 31, 2024	$	501

In February 2024, the Company implemented a reduction in force of approximately 3% of its workforce across various geographies and functions to better align its cost structure with the revenue outlook for the year. The Company recorded $0.7 million of severance and related costs for this action during the fourth quarter of 2023, and $2.8 million during the first quarter of 2024. The Company also recorded a restructuring charge of $3.8 million during the first quarter of 2024 related to closing one floor of its offices located at 150 Spear Street, San Francisco, California, of which $3.2 million related to an impairment of a right-of-use asset and $0.6 million related to an impairment of leasehold improvements. The accrued restructuring and related costs as of March 31, 2024 will be fully paid by the end of 2024.

The following table rolls forward the activity in the restructuring accrual for the February 2024 action for the three months ended March 31, 2024 (in thousands):

Accrual at December 31, 2023	$	732
Additional restructuring and related costs		6,571
Non-cash charge (included above)		(3,806	)
Cash payments		(1,256	)
Accrual at March 31, 2024	$	2,241

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Note 14 — Operating Segments

The Company's chief operating decision-maker (used in determining the Company's segments) is the chief executive officer and the chief financial officer. 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.

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, restructuring and related costs, interest expense, and other income. 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 March 31, 2024
Research revenues	$	76,581		$	—		$	—		$	76,581
Consulting revenues		4,643			18,498			—			23,141
Events revenues		—			—			355			355
Total segment revenues		81,224			18,498			355			100,077
Segment expenses		(33,514	)		(10,097	)		(1,486	)		(45,097	)
Selling, marketing, administrative and other expenses											(55,134	)
Amortization of intangible assets											(2,514	)
Restructuring costs											(6,624	)
Interest expense and other income											512
Loss before income taxes										$	(8,780	)

	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended March 31, 2023
Research revenues	$	80,906		$	—		$	—		$	80,906
Consulting revenues		7,919			23,831			—			31,750
Events revenues		—			—			1,014			1,014
Total segment revenues		88,825			23,831			1,014			113,670
Segment expenses		(35,507	)		(12,353	)		(1,631	)		(49,491	)
Selling, marketing, administrative and other expenses											(64,664	)
Amortization of intangible assets											(3,066	)
Restructuring costs											(1,589	)
Interest expense and other income											(243	)
Loss before income taxes										$	(5,383	)

Note 15 — 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, legal proceedings and claims can have a material adverse effect on the Company because of defense and settlement costs, diversion of management resources, and other factors. It is the Company's policy to record accruals for legal contingencies to the extent that it has concluded that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated, and to expense costs associated with loss contingencies, including any related legal

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fees, as they are incurred. The Company reviews its loss contingencies at least quarterly and adjusts its accruals and/or disclosures to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, or other new information, as deemed necessary. Once established, a provision may change in the future due to new developments or changes in circumstances and could increase or decrease the Company’s earnings in the period that the changes are made. Following an April 2023 mediation in a wage-related matter that resulted in a settlement agreement, the Company accrued $4.8 million of expense in the quarter ended March 31, 2023 that is classified in general and administrative expense in the Consolidated Statement of Operations. This claim was fully paid in the first quarter of 2024.

Note 16 — Subsequent Events

On April 30, 2024, the Company announced that its Board of Directors has authorized a $25.0 million increase in the Company’s stock repurchase program, bringing the total available authorization to approximately $89.0 million as of April 30, 2024. The shares may be purchased in the open market or privately negotiated transactions.

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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, migration of our clients into our Forrester Decisions products, product development, holding hybrid events, possible acquisitions, future dividends, future share repurchases, future growth rates, operating income and cash from operations, future deferred revenue, future compliance with financial covenants under our credit facility, future interest expense, anticipated increases in, and productivity of, our sales force and headcount, the adequacy of our cash, and cash flows to satisfy our working capital and capital expenditures, and the anticipated impact of accounting standards. These statements are based on our current plans and expectations and involve risks and uncertainties. Important factors that could cause actual future activities and results 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 international operations expose us to a variety of operational risks which could negatively impact us, our ability to offer new products and services, the use of Generative AI in our business and by our clients and competitors, 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, 2023. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

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 as either multi-year contracts or annual contracts, which are typically payable in advance on an annual basis. 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.

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).

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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 and using the updated methodology as described on the investor relations section of our website. We have included the recast CV metric below for the three months ended March 31, 2023, and we have also provided recast CV amounts dating back to the first quarter of 2022, 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 delivered. 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, including increases or decreases in retained client CV during the 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
	March 31,						Increase			Increase
	2024			2023			(Decrease)			(Decrease)
Contract value	$	323.1		$	337.9		$	(14.8	)		(4	%)
Client retention		72	%		74	%	(2) points
Wallet retention		88	%		90	%	(2) points
Number of clients		2,308			2,678			(370	)		(14	%)

Contract value at March 31, 2024 decreased by 4% compared to the prior year period due to lower enrichment of retained customers and a decrease in the number of clients. Client retention and wallet retention decreased by 2 percentage points, respectively, at March 31, 2024 compared to the prior year period. However, wallet retention increased by 1 percentage point compared to the prior quarter and client retention was consistent compared to the prior quarter. The decrease in our retention rates and number of clients from the prior year period is primarily attributable to 1) macroeconomic conditions affecting our client base including a) funding and budget pressure on our smaller technology clients and the technology industry in general, and b) the uncertain economic conditions caused by inflation, increased interest rates, and geopolitical turbulence, and 2) the ongoing transition of our client base to our Forrester Decisions product platform that was launched in August 2021. As of March 31, 2024, approximately 70% of our overall CV was in our Forrester Decisions product platform. In the longer term, we anticipate that approximately 80% of our CV will be in our Forrester Decisions product platform. The remaining approximate 20% of CV represents non-Forrester Decisions CV products, primarily reprints. The ongoing macroeconomic conditions and product transition are anticipated to pressure our key metrics through 2024.

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, 2023.

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Results of Operations

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

	Three Months Ended
	March 31,
	2024			2023
Revenues:
Research revenues		76.5	%		71.2	%
Consulting revenues		23.1			27.9
Events revenues		0.4			0.9
Total revenues		100.0			100.0
Operating expenses:
Cost of services and fulfillment		44.7			43.4
Selling and marketing		39.4			36.5
General and administrative		14.0			18.7
Depreciation		2.1			1.9
Amortization of intangible assets		2.5			2.7
Restructuring costs		6.6			1.3
Loss from operations		(9.3	)		(4.5	)
Interest expense		(0.8	)		(0.7	)
Other income, net		1.3			0.5
Loss before income taxes		(8.8	)		(4.7	)
Income tax benefit		(2.1	)		(1.1	)
Net loss		(6.7	%)		(3.6	%)

Three Months Ended March 31, 2024 and 2023

Revenues

	Three Months Ended						Absolute			Percentage
	March 31,						Increase			Increase
	2024			2023			(Decrease)			(Decrease)
	(dollars in millions)
Total revenues	$	100.1		$	113.7		$	(13.6	)		(12	%)
Research revenues	$	76.6		$	80.9		$	(4.3	)		(5	%)
Consulting revenues	$	23.1		$	31.8		$	(8.6	)		(27	%)
Events revenues	$	0.4		$	1.0		$	(0.7	)		(65	%)
Revenues attributable to customers outside of    the U.S.	$	23.5		$	25.2		$	(1.7	)		(7	%)
Percentage of revenue attributable to customers    outside of the U.S.		23	%		22	%	1 point

Research revenues are recognized as revenue primarily on a ratable basis over the term of the contracts, which are generally 12 or 24-month periods. Research revenues decreased 5% during the three months ended March 31, 2024 compared to the prior year period primarily due to the decrease in CV, as discussed above. From a product perspective, the decrease in revenues was primarily due to a decline in revenue from our reprint product and our other smaller and discontinued products. In addition, revenue from our subscription research products declined 3%.

Consulting revenues decreased 27% during the three months ended March 31, 2024 compared to the prior year period. The decrease in revenues was due to a decrease in delivery of both advisory and consulting services due to lower client bookings.

Events revenues were insignificant during the three months ended March 31, 2024 and 2023 as no events were held during either period.

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

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Cost of Services and Fulfillment

	Three Months Ended						Absolute			Percentage
	March 31,						Increase			Increase
	2024			2023			(Decrease)			(Decrease)
Cost of services and fulfillment (dollars in millions)	$	44.7		$	49.3		$	(4.6	)		(9	%)
Cost of services and fulfillment as a percentage of    total revenues		45	%		43	%	2 points
Service and fulfillment employees    (at end of period)		747			873			(126	)		(14	%)

Cost of services and fulfillment expenses decreased 9% during the three months ended March 31, 2024 compared to the prior year period. The decrease was primarily due to (1) a $4.1 million decrease in compensation and benefit costs due to a decrease in headcount and incentive bonus costs, partially offset by an increase in benefit costs (due to a benefit during 2023 resulting from the introduction of the flexible vacation and personal paid time off policy in the United States) and (2) a $0.6 million decrease in professional services costs primarily due to a decrease in contractor costs.

Selling and Marketing

	Three Months Ended						Absolute			Percentage
	March 31,						Increase			Increase
	2024			2023			(Decrease)			(Decrease)
Selling and marketing expenses (dollars in millions)	$	39.4		$	41.5		$	(2.1	)		(5	%)
Selling and marketing expenses as a percentage of    total revenues		39	%		37	%	2 points
Selling and marketing employees (at end of period)		679			788			(109	)		(14	%)

Selling and marketing expenses decreased 5% during the three months ended March 31, 2024 compared to the prior year period. The decrease was primarily due to a $2.4 million decrease in compensation and benefit costs due to a decrease in headcount, commissions expense, and incentive bonus costs, partially offset by an increase in benefit costs (due to a benefit during 2023 resulting from the introduction of the flexible vacation and personal paid time off policy in the United States). This decrease was partially offset by a $0.5 million increase in professional services costs primarily due to an increase in consulting fees.

General and Administrative

	Three Months Ended						Absolute			Percentage
	March 31,						Increase			Increase
	2024			2023			(Decrease)			(Decrease)
General and administrative expenses (dollars in    millions)	$	14.1		$	21.2		$	(7.2	)		(34	%)
General and administrative expenses as a percentage    of total revenues		14	%		19	%	(5) points
General and administrative employees (at end of    period)		264			304			(40	)		(13	%)

General and administrative expenses decreased 34% during the three months ended March 31, 2024 compared to the prior year period. The decrease was primarily due to (1) a $5.5 million decrease in legal costs, due primarily to a $4.8 million provision for a legal settlement recorded in 2023 for a wage-related matter and related legal services and (2) a $1.6 million decrease in compensation and benefit costs due to a decrease in headcount and incentive bonus costs, partially offset by an increase in benefit costs (due to a benefit during 2023 resulting from the introduction of the flexible vacation and personal paid time off policy in the United States).

Depreciation

The fluctuation for depreciation expense was immaterial during the three months ended March 31, 2024 compared to the prior year period.

Amortization of Intangible Assets

Amortization expense decreased by $0.6 million during the three months ended March 31, 2024 compared to the prior year period due to a decrease in the amortization of trademark and technology intangible assets.

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Restructuring and Related Costs

In January 2023, we implemented a reduction in our workforce of approximately 4% across various geographies and functions to streamline operations. We recorded $4.3 million of severance and related costs for this action during the fourth quarter of 2022, and $0.6 million during the first quarter of 2023. We recorded a restructuring charge of $5.0 million during the fourth quarter of 2022 related to closing one floor of our offices in California, of which $3.7 million related to an impairment of a right-of-use asset and $1.3 million related to an impairment of leasehold improvements. During the first quarter of 2023, we recorded an incremental $0.4 million impairment to our California office. We also recorded a $0.6 million charge during the first quarter of 2023 for the write-off of a previously capitalized software project. Essentially all of the severance and related costs for this plan were paid during 2023.

In May 2023, we implemented a reduction in our workforce of approximately 8% across various geographies and functions to better align our cost structure with our revised revenue outlook for the year, and to streamline our sales and consulting organizations to more efficiently go to market in support of driving contract value growth in the future. We recorded $7.5 million of severance and related costs for this action during the second quarter of 2023. In addition, we closed certain of our smaller offices both inside and outside the U.S. in order to reduce facility costs and better match our facilities to our hybrid work strategy. As a result of closing the offices, we recorded restructuring costs of $2.3 million, which included $1.3 million related to right-of-use asset impairments and accelerated amortization and $0.6 million related to impairments of leasehold improvements. We also incurred $0.7 million in contract termination costs. The remaining $0.5 million of the severance and related costs for this plan, as of March 31, 2024, will be paid during 2024.

In February 2024, we implemented a reduction in our workforce of approximately 3% across various geographies and functions to better align our cost structure with the revenue outlook for the year. We recorded $0.7 million of severance and related costs for this action during the fourth quarter of 2023, and $2.8 million during the first quarter of 2024. We recorded a restructuring charge of $3.8 million during the first quarter of 2024 related to closing one floor of our offices in California, of which $3.2 million related to an impairment of a right-of-use asset and $0.6 million related to an impairment of leasehold improvements. We expect all of the severance and related costs for this plan to be paid during 2024.

Interest Expense

Interest expense consists of interest on our borrowings. The fluctuation for interest expense was immaterial during the three months ended March 31, 2024 compared to the prior year period.

Other Income, Net

Other income, net primarily consists of interest income, gains and losses on foreign currency, and gains and losses on foreign currency forward contracts. Other income, net increased $0.7 million during the three months ended March 31, 2024 compared to the prior year period primarily due to an increase in interest income.

Income Tax Benefit

	Three Months Ended						Absolute		Percentage
	March 31,						Increase		Increase
	2024			2023			(Decrease)		(Decrease)
Benefit from income taxes (dollars in millions)	$	(2.1	)	$	(1.3	)	$	0.8		61	%
Effective tax rate		24	%		24	%		—

Income tax benefit increased by $0.8 million during the three months ended March 31, 2024 compared to the prior year period primarily due to the increase in loss from operations. For the full year 2024, we anticipate that our effective tax rate will be approximately 50%.

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.

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The Events segment includes the revenues and the costs of the organization responsible for developing and hosting in-person and virtual events.

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, restructuring and related costs, interest expense, and other income. 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 March 31, 2024
Research revenues	$	76,581		$	—		$	—		$	76,581
Consulting revenues		4,643			18,498			—			23,141
Events revenues		—			—			355			355
Total segment revenues		81,224			18,498			355			100,077
Segment expenses		(33,514	)		(10,097	)		(1,486	)		(45,097	)
Year over year revenue change		(9	%)		(22	%)		(65	%)		(12	%)
Year over year expense change		(6	%)		(18	%)		(9	%)		(9	%)

	Research Segment			Consulting Segment			Events Segment			Consolidated
	(dollars in thousands)
Three Months Ended March 31, 2023
Research revenues	$	80,906		$	—		$	—		$	80,906
Consulting revenues		7,919			23,831			—			31,750
Events revenues		—			—			1,014			1,014
Total segment revenues		88,825			23,831			1,014			113,670
Segment expenses		(35,507	)		(12,353	)		(1,631	)		(49,491	)

Research segment revenues decreased 9% during the three months ended March 31, 2024 compared to the prior year period. Research product revenues within this segment decreased 5% primarily due to the decrease in CV, as discussed above. From a product perspective, the decrease in revenue was primarily due to a decline in revenue from our reprint product and our other smaller and discontinued products. In addition, revenue from our subscription research products declined 3%. Consulting product revenues within this segment decreased 41% primarily due to decreased delivery of consulting and advisory services by our research analysts due primarily to lower client bookings for these services.

Research segment expenses decreased 6% during the three months ended March 31, 2024 compared to the prior year period. The decrease in expenses during the three months ended March 31, 2024 was primarily due to a $1.8 million decrease in compensation and benefit costs primarily due to a decrease in headcount.

Consulting segment revenues decreased 22% during the three months ended March 31, 2024 compared to the prior year period. The decrease in revenues during the three months ended March 31, 2024 was primarily due to a decrease in delivery of consulting services due to lower client bookings.

Consulting segment expenses decreased 18% during the three months ended March 31, 2024 compared to the prior year period. The decrease in expenses during the three months ended March 31, 2024 was primarily due to (1) a $1.8 million decrease in compensation and benefit costs primarily due to a decrease in headcount and (2) a $0.4 million decrease in professional services primarily due to a decrease in contractor costs.

Event segment revenues and expenses were insignificant during the three months ended March 31, 2024 and 2023 as no events were held during either period.

Liquidity and Capital Resources

We have historically financed our operations primarily through funds generated from operations. Research revenues, which constituted approximately 77% of our revenues during the three months ended March 31, 2024, are generally renewable and are typically payable in advance. We generated cash from operating activities of $0.6 million and $12.3 million during the three months ended March 31, 2024 and 2023, respectively. The $11.7 million decrease in cash provided from operations for the three months ended March 31, 2024 compared to the prior year period was primarily due to a $9.8 million decrease in cash generated from accounts receivable and deferred revenue due to a decrease in contract bookings and a $5.8 million increase in prepaid expenses and other current assets, which was primarily due to the timing of payments in each period.

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During the three months ended March 31, 2024, we used cash in investing activities of $7.2 million primarily from $5.8 million in net purchases of marketable investments and $1.4 million of purchases of property and equipment, primarily consisting of computer software. During the three months ended March 31, 2023, we generated cash from investing activities of $1.3 million primarily from $3.0 million in net maturities of marketable investments partially offset by $1.6 million of purchases of property and equipment, primarily consisting of computer software.

We used $4.3 million of cash from financing activities during the three months ended March 31, 2024 primarily due to $4.1 million for purchases of our common stock and $1.4 million in taxes paid related to net share settlements of restricted stock units, partially offset by $1.3 million of net proceeds from the issuance of common stock under our stock-based incentive plans. We used $14.2 million of cash in financing activities during the three months ended March 31, 2023 primarily due to $15.0 million of discretionary repayments of our revolving credit facility, as well as $1.1 million in taxes paid related to net share settlements of restricted stock units, partially offset by $1.8 million of net proceeds from the issuance of common stock under our stock-based incentive plans. As of March 31, 2024, our remaining stock repurchase authorization was approximately $66.8 million.

The Company has a credit facility that provides up to $150.0 million of revolving credit commitments. The credit facility has a balance of $35.0 million at March 31, 2024 and matures in December of 2026. The credit facility permits the Company to increase the revolving credit commitments in an aggregate principal amount up to $50.0 million, subject to approval by the administrative agent and certain customary terms and conditions.

The credit facility 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, our 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 March 31, 2024 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 7 years. As of March 31, 2024, remaining non-cancelable lease payments are due as follows: $12.2 million in 2024, $26.3 million within 2025 and 2026, $8.6 million within 2027 and 2028, and $6.0 million beyond 2028.

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 March 31, 2024, we had cash, cash equivalents, and marketable investments of $118.5 million. This balance includes $77.8 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, 2023. There have been no material changes to the critical accounting policies and estimates previously disclosed in that report.

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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, 2023.

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 March 31, 2024. 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 March 31, 2024, which has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

27

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information set forth in the "Note 15 - Contingencies", in Part I, Item 1 of this Quarterly Report is incorporated herein by reference.

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, 2023, 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 March 31, 2024, our Board of Directors authorized an aggregate $585.0 million to purchase common stock under our stock repurchase program. In April 2024, our Board of Directors increased our stock repurchase authorization by an additional $25.0 million. During the quarter ended March 31, 2024, 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)
Jan 1 - Jan 31		—	$	—		—	$	70,885
Feb 1 - Feb 29		30,000	$	20.14		30,000	$	70,280
Mar 1 - Mar 31		172,000	$	20.31		172,000	$	66,787
Total for the quarter		202,000				202,000

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the three months ended March 31, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

28

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. (see Exhibit 3.1 to Form 8-K filed on May 25, 2017)
3.4	Amended and Restated By-Laws of Forrester Research, Inc. (see Exhibit 3.4 to Annual Report on Form 10-K for the year ended December 31, 2022)
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 With Embedded Linkbase Documents. (filed herewith)
104	Cover Page Interactive Data File (embedded within the Inline XBRL Document). (filed herewith)

29

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: May 3, 2024

30

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: May 3, 2024

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: May 3, 2024

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 March 31, 2024, 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: May 3, 2024

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 March 31, 2024, 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: May 3, 2024

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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		19,107,000
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	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 61,379	$ 72,909
Marketable investments	57,095	51,580
Accounts receivable, net of allowance for expected credit losses of $764 and $574 as of March 31, 2024 and December 31, 2023, respectively	54,717	58,999
Deferred commissions	21,498	23,207
Prepaid expenses and other current assets	23,892	9,305
Total current assets	218,581	216,000
Property and equipment, net	17,787	19,401
Operating lease right-of-use assets	34,380	39,722
Goodwill	243,028	244,257
Intangible assets, net	35,073	37,637
Other assets	6,821	7,157
Total assets	555,670	564,174
Current Liabilities:
Accounts payable	2,749	1,796
Accrued expenses and other current liabilities	44,698	81,482
Deferred revenue	193,664	156,798
Total current liabilities	241,111	240,076
Long-term debt	35,000	35,000
Non-current operating lease liabilities	34,472	37,673
Other non-current liabilities	14,156	11,160
Total liabilities	324,739	323,909
Commitments and contingencies (Note 15)
Stockholders' Equity :
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 - 24,881 and 24,684 shares as of March 31, 2024 and December 31, 2023, respectively Outstanding - 19,242 and 19,248 shares as of March 31, 2024 and December 31, 2023, respectively	249	247
Additional paid-in capital	281,453	278,057
Retained earnings	171,008	177,681
Treasury stock - 5,639 and 5,437 shares as of March 31, 2024 and December 31, 2023, respectively	(215,246)	(211,149)
Accumulated other comprehensive loss	(6,533)	(4,571)
Total stockholders’ equity	230,931	240,265
Total liabilities and stockholders’ equity	$ 555,670	$ 564,174

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for expected credit losses	$ 764	$ 574
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	24,881,000	24,684,000
Common stock, shares outstanding	19,242,000	19,248,000
Treasury stock, shares	5,639,000	5,437,000

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 100,077,000	$ 113,670,000
Operating expenses:
Cost of services and fulfillment	44,690,000	49,292,000
Selling and marketing	39,422,000	41,532,000
General and administrative	14,059,000	21,227,000
Depreciation	2,060,000	2,104,000
Amortization of intangible assets	2,514,000	3,066,000
Restructuring costs	6,624,000	1,589,000
Total operating expenses	109,369,000	118,810,000
Loss from operations	(9,292,000)	(5,140,000)
Interest expense	(762,000)	(793,000)
Other income, net	1,274,000	550,000
Loss before income taxes	(8,780,000)	(5,383,000)
Income tax benefit	(2,107,000)	(1,308,000)
Net loss	$ (6,673,000)	$ (4,075,000)
Basic loss per common share	$ (0.35)	$ (0.21)
Diluted loss per common share	$ (0.35)	$ (0.21)
Basic weighted average common shares outstanding	19,285	19,108
Diluted weighted average common shares outstanding	19,285	19,108
Research [Member]
Revenues:
Total revenues	$ 76,581,000	$ 80,906,000
Consulting [Member]
Revenues:
Total revenues	23,141,000	31,750,000
Events [Member]
Revenues:
Total revenues	$ 355,000	$ 1,014,000

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (6,673,000)	$ (4,075,000)
Other comprehensive income (loss), net of tax:
Foreign currency translation	(1,968,000)	1,206,000
Net change in market value of investments	6,000	33,000
Other comprehensive income (loss)	(1,962,000)	1,239,000
Comprehensive loss	$ (8,635,000)	$ (2,836,000)

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (6,673)	$ (4,075)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	2,060	2,104
Impairment of property and equipment	646	0	$ 1,300
Amortization of intangible assets	2,514	3,066
Deferred income taxes	3,485	1,926
Stock-based compensation	3,574	3,165
Operating lease right-of-use assets amortization and impairments	5,679	2,886
Amortization of deferred financing fees	113	109
Amortization of discount on investments	(172)	(63)
Foreign currency losses	72	20
Changes in assets and liabilities:
Accounts receivable	3,885	14,691
Deferred commissions	1,709	1,957
Prepaid expenses and other current assets	(14,617)	(8,819)
Accounts payable	970	64
Accrued expenses and other liabilities	(36,002)	(37,416)
Deferred revenue	36,998	36,041
Operating lease liabilities	(3,630)	(3,374)
Net cash provided by operating activities	611	12,282
Cash flows from investing activities:
Purchases of property and equipment	(1,426)	(1,632)
Purchases of marketable investments	(32,745)	(964)
Proceeds from maturities of marketable investments	23,900	4,000
Proceeds from sales of marketable investments	3,021	0
Other investing activity	14	(62)
Net cash provided by (used in) investing activities	(7,236)	1,342
Cash flows from financing activities:
Payments on borrowings	0	(15,000)
Repurchases of common stock	(4,097)	0
Proceeds from issuance of common stock under employee equity incentive plans	1,253	1,840
Taxes paid related to net share settlements of stock-based compensation awards	(1,429)	(1,079)
Net cash used in financing activities	(4,273)	(14,239)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(652)	1,249
Net change in cash, cash equivalents and restricted cash	(11,550)	634
Cash, cash equivalents and restricted cash, beginning of period	75,042	105,654
Cash, cash equivalents and restricted cash, end of period	63,492	106,288	$ 105,654
Supplemental disclosure of cash flow information:
Cash paid for interest	646	742
Cash paid for income taxes	$ 3,195	$ 1,620

XML

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,673,000)	$ (4,075,000)

XML

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

Interim Consolidated Financial Statements

3 Months Ended

Mar. 31, 2024

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, 2023. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the financial position, results of operations, comprehensive loss, and cash flows as of the dates and for the periods presented have been included. The results of operations for the three months ended March 31, 2024 may not be indicative of the results for the year ending December 31, 2024, or any other period.

Presentation of Restricted Cash

The following table summarizes the end-of-period cash and cash equivalents from the Company's Consolidated Balance Sheets and the total cash, cash equivalents and restricted cash as presented on the accompanying Consolidated Statements of Cash Flows (in thousands).

	Three Months Ended March 31,
	2024		2023
Cash and cash equivalents shown in balance sheets	$	61,379	$	104,217
Restricted cash classified in other assets (1):		2,113		2,071
Cash, cash equivalents and restricted cash shown in statement of cash flows	$	63,492	$	106,288

(1)Restricted cash consists of collateral required for leased office space. 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.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The new standard enhances the disclosures of reportable segment information, primarily in regards to significant segment expenses. The new standard will be effective for the Company for the annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adoption of the standard on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The new standard enhances income tax disclosure requirements by requiring specified categories and greater disaggregation within the rate reconciliation table, disclosure of income taxes paid by jurisdiction, and providing clarification on uncertain tax positions and related financial statement impacts. The new standard will be effective for the Company on January 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of adoption of the standard on its consolidated financial statements.

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Marketable Investments

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	21,989	$	—	$	(66	)	$	21,923
Federal agency obligations		2,000		—		(4	)		1,996
Money market funds		33,176		—		—			33,176
Total	$	57,165	$	—	$	(70	)	$	57,095

	As of December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	18,049	$	—	$	(72	)	$	17,977
Federal agency obligations		2,000		—		(7	)		1,993
Money market funds		31,610		—		—			31,610
Total	$	51,659	$	—	$	(79	)	$	51,580

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 marketable investments during the three months ended March 31, 2024 and 2023.

The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of March 31, 2024 (in thousands).

	FY 2024		FY 2025		Total
Corporate obligations	$	19,475	$	2,448	$	21,923
Federal agency obligations		1,996		—		1,996
Money market funds		33,176		—		33,176
Total	$	54,647	$	2,448	$	57,095

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 March 31, 2024
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	17,026	$	16	$	4,897	$	50
Federal agency obligations		—		—		1,996		4
Total	$	17,026	$	16	$	6,893	$	54

	As of December 31, 2023
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	13,098	$	8	$	4,879	$	64
Federal agency obligations		—		—		1,993		7
Total	$	13,098	$	8	$	6,872	$	71

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Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

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, 2023 utilizing a quantitative assessment to determine if 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 March 31, 2024, there were no events or circumstances that required an interim impairment test. Accordingly, as of March 31, 2024, the Company had no accumulated goodwill impairment losses. Approximately $8.2 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 three months ended March 31, 2024 is summarized as follows (in thousands):

	Total
Balance at December 31, 2023	$	244,257
Translation adjustments		(1,229	)
Balance at March 31, 2024	$	243,028

Finite-Lived Intangible Assets

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

	March 31, 2024
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	77,626	$	44,183	$	33,443
Technology		16,290		15,881		409
Trademarks		12,484		11,263		1,221
Total	$	106,400	$	71,327	$	35,073

	December 31, 2023
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	77,640	$	42,091	$	35,549
Technology		16,524		15,950		574
Trademarks		12,519		11,005		1,514
Total	$	106,683	$	69,046	$	37,637

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

2024 (remainder)	$	7,401
2025		8,875
2026		8,392
2027		8,324
2028		2,081
Total	$	35,073

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Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Note 4 — Debt

The Company has a credit facility that provides up to $150.0 million of revolving credit commitments and matures in December of 2026. The credit facility includes an expansion feature that permits the Company to increase the revolving credit commitments in an aggregate principal amount up to $50.0 million, subject to approval by the administrative agent and certain customary terms and conditions.

The credit facility 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 March 31, 2024.

The Company may voluntarily prepay revolving loans under the credit facility at any time and from time to time, without premium or penalty. No interim amortization payments are required to be made under the credit facility.

The credit facility provided that once LIBOR ceased to exist in 2023, the benchmark rate for the loans outstanding automatically transferred from LIBOR to the Secured Overnight Financing Rate (SOFR). In April 2023, the Company executed a second amendment to the credit facility to facilitate the conversion from LIBOR to SOFR and to set the base interest rate at SOFR plus 10 basis points.

Up to $5.0 million of the 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 March 31, 2024, $0.6 million in letters of credit were issued under the credit facility.

Outstanding Borrowings

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

Description:	March 31, 2024		December 31, 2023
Credit facility	$	35,000	$	35,000

The contractual annualized interest rate as of March 31, 2024 was 6.68%.

The Company had $114.4 million of available borrowing capacity on the credit facility (not including the expansion feature) as of March 31, 2024. The weighted average annual effective interest rate for the three months ended March 31, 2024, was 6.6883%.

All obligations under the credit facility 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).

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Leases

3 Months Ended

Mar. 31, 2024

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 in 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 in the Consolidated Balance Sheets and are not material.

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

	For the Three Months Ended March 31,
	2024			2023
Operating lease cost	$	3,094		$	3,314
Short-term lease cost		214			261
Variable lease cost		1,230			785
Sublease income		(130	)		(131	)
Total lease cost	$	4,408		$	4,229

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

	For the Three Months Ended March 31,
	2024			2023
Cash paid for amounts included in the measurement of operating    lease liabilities	$	3,630		$	3,374
Operating lease ROU assets obtained in exchange for lease    obligations	$	408		$	1,323
Weighted-average remaining lease term - operating leases (years)		4.1			4.9
Weighted-average discount rate - operating leases		4.2	%		4.3	%

Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of March 31, 2024 are as follows (in thousands):

	Operating Lease			Sublease
	Payments			Cash Receipts
2024 (remainder)	$	12,209		$	471
2025		13,933			—
2026		12,325			—
2027		5,707			—
2028		2,875			—
Thereafter		6,024			—
Total lease payments and estimated sublease cash receipts		53,073		$	471
Less imputed interest		(4,515	)
Present value of lease liabilities	$	48,558

Lease balances as of March 31, 2024 are as follows (in thousands):

Operating lease ROU assets	$	34,380
Short-term operating lease liabilities (1)	$	14,086
Non-current operating lease liabilities		34,472
Total operating lease liabilities	$	48,558

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

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

During the three months ended March 31, 2024, the Company recorded a $3.2 million ROU asset impairment and $0.6 million of leasehold improvements impairments related to closing the 11th floor of its offices located at 150 Spear Street, San Francisco, California. During the three months ended March 31, 2023, the Company recorded a $0.4 million ROU asset impairment related to closing the 10th floor of its offices located at 150 Spear Street, San Francisco, California. The impairments are included in restructuring and related costs in the Consolidated Statements of Operations. As a result of the impairments, the ROU assets were required to be recorded at their estimated fair values as Level 3 non-financial assets. The fair values of the asset groups were determined using a discounted cash flow model, which required the use of estimates, including projected cash flows for the related assets, the selection of a discount rate used in the model, and regional real estate industry data.

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Revenue and Related Matters

3 Months Ended

Mar. 31, 2024

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 March 31,
Revenues: (1)	2024		2023
North America	$	79,629	$	92,671
Europe		13,437		13,712
Asia Pacific		4,891		5,382
Other		2,120		1,905
Total	$	100,077	$	113,670

(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 March 31, 2024 or 2023.

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 invoiced for annual periods, 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 in 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 March 31, 2024 and 2023, the Company recognized $62.5 million and $72.9 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period.

Approximately $378.4 million of revenue is expected to be recognized during the next 24 months from remaining performance obligations as of March 31, 2024.

Reserves for Credit Losses

The allowance for expected credit losses on accounts receivable for the three months ended March 31, 2024 is summarized as follows (in thousands):

	Total Allowance
Balance at December 31, 2023	$	574
Provision for expected credit losses		223
Write-offs		(33	)
Balance at March 31, 2024	$	764

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 in 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 March 31, 2024 and 2023 was $7.9 million and $8.6 million, respectively. The Company evaluates the recoverability of deferred commissions at each balance sheet date and there were no impairments recorded during the three months ended March 31, 2024 and 2023.

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Derivatives and Hedging

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

Note 7 — Derivatives and Hedging

The Company enters into a limited number of 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, net in the Consolidated Statements of Operations because the Company does not designate these contracts as hedges for accounting purposes.

During the three months ended March 31, 2024, the Company entered into three foreign currency forward exchange contracts, all of which settled by March 31, 2024. Accordingly, as of March 31, 2024, there is no amount recorded in the Consolidated Balance Sheets for these contracts. During the three months ended March 31, 2023, the Company entered into three foreign currency forward exchange contracts, all of which settled by March 31, 2023. Accordingly, as of March 31, 2023, there is no amount recorded in the Consolidated Balance Sheets for these contracts.

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 Operations for the derivative contracts for the periods indicated (in thousands):

	Three Months Ended
	March 31,
Amount recorded in:	2024			2023
Other income, net	$	(14	)	$	62

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Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 8 — Fair Value Measurements

The carrying amounts reflected in 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 and marketable investments. 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 March 31, 2024
	Level 1		Level 2		Total
Assets:
Money market funds (1)	$	43,726	$	—	$	43,726
Marketable investments (3)		—		23,919		23,919
Total Assets	$	43,726	$	23,919	$	67,645

	As of December 31, 2023
	Level 1		Level 2		Total
Assets:
Money market funds (2)	$	55,128	$	—	$	55,128
Marketable investments (3)		—		19,970		19,970
Total Assets	$	55,128	$	19,970	$	75,098

(1)U.S. based funds of $10.5 million are included in cash and cash equivalents and non-U.S. based funds of $33.2 million are included in marketable investments in the Consolidated Balance Sheets.

(2)U.S. based funds of $23.5 million are included in cash and cash equivalents and non-U.S. based funds of $31.6 million are included in marketable investments in the Consolidated Balance Sheets.

(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.

During the three months ended March 31, 2024, 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 assets and liabilities.

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Income Taxes

3 Months Ended

Mar. 31, 2024

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 awards, and foreign currency gains or losses are treated as discrete items and are recorded in the period in which they arise.

Income tax benefit for the three months ended March 31, 2024 was $2.1 million resulting in an effective tax rate of 24.0% for the period. Income tax benefit for the three months ended March 31, 2023 was $1.3 million resulting in an effective tax rate of 24.3% for the period.

The Company anticipates that its effective tax rate for the full year 2024 will be approximately 50%.

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Accumulated Other Comprehensive Loss ("AOCL")

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss ("AOCL")

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

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

	Marketable			Translation
	Investments			Adjustment			Total AOCL
Balance at December 31, 2023	$	(60	)	$	(4,511	)	$	(4,571	)
Foreign currency translation (1)		—			(1,968	)		(1,968	)
Unrealized gain, net of tax of $(2)		6			—			6
Balance at March 31, 2024	$	(54	)	$	(6,479	)	$	(6,533	)

	Marketable			Translation
	Investments			Adjustment			Total AOCL
Balance at December 31, 2022	$	(159	)	$	(7,759	)	$	(7,918	)
Foreign currency translation (1)		—			1,206			1,206
Unrealized gain, net of tax of $(11)		33			—			33
Balance at March 31, 2023	$	(126	)	$	(6,553	)	$	(6,679	)

(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.

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Net Loss Per Common Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Common Share

Note 11 — Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the basic weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss 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
	March 31,
	2024		2023
Basic weighted average common shares outstanding		19,285		19,108
Weighted average common equivalent shares		—		—
Diluted weighted average common shares outstanding		19,285		19,108
Options and restricted stock units excluded from diluted    weighted average share calculation as effect would have    been anti-dilutive		1,082		703

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Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

Note 12 — Stockholders’ Equity

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

	Three Months Ended March 31, 2024
	Common Stock										Treasury Stock					Accumulated
	Number of Shares		$0.01ParValue		Additional Paid-in Capital			Retained Earnings			Number of Shares		Cost			Other Comprehensive Loss			Total Stockholders' Equity
Balance at December 31, 2023		24,684	$	247	$	278,057		$	177,681			5,437	$	(211,149	)	$	(4,571	)	$	240,265
Issuance of common stock under    stock plans, including tax effects		197		2		(178	)		—			—		—			—			(176	)
Repurchases of common stock		—		—		—			—			202		(4,097	)		—			(4,097	)
Stock-based compensation expense		—		—		3,574			—			—		—			—			3,574
Net loss		—		—		—			(6,673	)		—		—			—			(6,673	)
Net change in marketable investments,    net of tax		—		—		—			—			—		—			6			6
Foreign currency translation		—		—		—			—			—		—			(1,968	)		(1,968	)
Balance at March 31, 2024		24,881	$	249	$	281,453		$	171,008			5,639	$	(215,246	)	$	(6,533	)	$	230,931

	Three Months Ended March 31, 2023
	Common Stock									Treasury Stock					Accumulated
	Number of Shares		$0.01ParValue		Additional Paid-in Capital		Retained Earnings			Number of Shares		Cost			Other Comprehensive Loss			Total Stockholders' Equity
Balance at December 31, 2022		24,367	$	244	$	261,766	$	174,631			5,305	$	(207,067	)	$	(7,918	)	$	221,656
Issuance of common stock under    stock plans, including tax effects		128		1		760		—			—		—			—			761
Stock-based compensation expense		—		—		3,165		—			—		—			—			3,165
Net loss		—		—		—		(4,075	)		—		—			—			(4,075	)
Net change in marketable investments,    net of tax		—		—		—		—			—		—			33			33
Foreign currency translation		—		—		—		—			—		—			1,206			1,206
Balance at March 31, 2023		24,495	$	245	$	265,691	$	170,556			5,305	$	(207,067	)	$	(6,679	)	$	222,746

Equity Plans

Restricted stock unit activity for the three months ended March 31, 2024 is presented below (in thousands, except per share data):

				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2023		999		$	37.66
Granted		163			25.34
Vested		(185	)		40.55
Forfeited		(37	)		37.64
Unvested at March 31, 2024		940		$	34.97

Stock option activity for the three months ended March 31, 2024 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, 2023		201		$	33.93
Forfeited		(12	)		36.92
Outstanding at March 31, 2024		189		$	33.74		6.44	$	—
Exercisable at March 31, 2024		93		$	34.47		3.86	$	—
Vested and expected to vest at March 31, 2024		189		$	33.74		6.44	$	—

No stock options were granted or exercised during the three months ended March 31, 2024.

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 in the Consolidated Statements of Operations (in thousands):

	Three Months Ended
	March 31,
	2024		2023
Cost of services and fulfillment	$	2,122	$	1,847
Selling and marketing		599		497
General and administrative		853		821
Total	$	3,574	$	3,165

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

	Three Months Ended
	March 31,
	2024			2023
	Employee Stock Purchase Plan			Equity Incentive Plans			Employee Stock Purchase Plan
Average risk-free interest rate		5.36	%		4.27	%		5.00	%
Expected dividend yield		0.0	%		0.0	%		0.0	%
Expected life	0.5 Years			4.75 Years			0.5 Years
Expected volatility		39	%		43	%		46	%
Weighted average fair value	$	5.46		$	14.24		$	9.47

Treasury Stock

As of March 31, 2024, 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 months ended March 31, 2024, the Company repurchased approximately 0.2 million shares of common stock at an aggregate cost of approximately $4.1 million. During the three months ended March 31, 2023, the Company did not repurchase any shares of common stock. From the inception of the program through March 31, 2024, the Company repurchased 17.3 million shares of common stock at an aggregate cost of $518.2 million.

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Restructuring and Related Costs

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

Note 13 — Restructuring and Related Costs

In January 2023, the Company implemented a reduction in its workforce of approximately 4% across various geographies and functions to streamline operations. The Company recorded $4.3 million of severance and related costs for this action during the fourth quarter of 2022, and $0.6 million during the first quarter of 2023. The Company also recorded a restructuring charge of $5.0 million during the fourth quarter of 2022 related to closing one floor of its offices located at 150 Spear Street, San Francisco, California, of which $3.7 million related to an impairment of a right-of-use asset and $1.3 million related to an impairment of leasehold improvements. In the first quarter of 2023, the Company recorded an incremental $0.4 million impairment to its California office and a $0.6 million charge for the write-off of a previously capitalized software project.

The following table rolls forward the activity in the restructuring accrual for the January 2023 action for the three months ended March 31, 2024 (in thousands):

Accrual at December 31, 2023	$	48
Additional restructuring and related costs		14
Cash payments		(62	)
Accrual at March 31, 2024	$	—

In May 2023, the Company implemented a reduction in its workforce of approximately 8% across various geographies and functions to better align its cost structure and to streamline its sales and consulting organizations. The Company recorded $7.5 million of severance and related costs for this action during the second quarter of 2023. In addition, the Company closed certain of its smaller offices both inside and outside the U.S. in order to reduce facility costs and better match its facilities to its hybrid work strategy. As a result of closing the offices, the Company recorded restructuring costs of $2.3 million, which included $1.3 million related to right-of-use asset impairments and accelerated amortization and $0.6 million related to impairments of leasehold improvements. In addition, the Company incurred $0.7 million in contract termination costs. The accrued restructuring and related costs as of March 31, 2024 will be fully paid by the end of 2024.

The following table rolls forward the activity in the restructuring accrual for the May 2023 action for the three months ended March 31, 2024 (in thousands):

Accrual at December 31, 2023	$	1,282
Additional restructuring and related costs		39
Cash payments		(820	)
Accrual at March 31, 2024	$	501

In February 2024, the Company implemented a reduction in force of approximately 3% of its workforce across various geographies and functions to better align its cost structure with the revenue outlook for the year. The Company recorded $0.7 million of severance and related costs for this action during the fourth quarter of 2023, and $2.8 million during the first quarter of 2024. The Company also recorded a restructuring charge of $3.8 million during the first quarter of 2024 related to closing one floor of its offices located at 150 Spear Street, San Francisco, California, of which $3.2 million related to an impairment of a right-of-use asset and $0.6 million related to an impairment of leasehold improvements. The accrued restructuring and related costs as of March 31, 2024 will be fully paid by the end of 2024.

The following table rolls forward the activity in the restructuring accrual for the February 2024 action for the three months ended March 31, 2024 (in thousands):

Accrual at December 31, 2023	$	732
Additional restructuring and related costs		6,571
Non-cash charge (included above)		(3,806	)
Cash payments		(1,256	)
Accrual at March 31, 2024	$	2,241

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Operating Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Operating Segments

Note 14 — Operating Segments

The Company's chief operating decision-maker (used in determining the Company's segments) is the chief executive officer and the chief financial officer. 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.

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, restructuring and related costs, interest expense, and other income. 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 March 31, 2024
Research revenues	$	76,581		$	—		$	—		$	76,581
Consulting revenues		4,643			18,498			—			23,141
Events revenues		—			—			355			355
Total segment revenues		81,224			18,498			355			100,077
Segment expenses		(33,514	)		(10,097	)		(1,486	)		(45,097	)
Selling, marketing, administrative and other expenses											(55,134	)
Amortization of intangible assets											(2,514	)
Restructuring costs											(6,624	)
Interest expense and other income											512
Loss before income taxes										$	(8,780	)

	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended March 31, 2023
Research revenues	$	80,906		$	—		$	—		$	80,906
Consulting revenues		7,919			23,831			—			31,750
Events revenues		—			—			1,014			1,014
Total segment revenues		88,825			23,831			1,014			113,670
Segment expenses		(35,507	)		(12,353	)		(1,631	)		(49,491	)
Selling, marketing, administrative and other expenses											(64,664	)
Amortization of intangible assets											(3,066	)
Restructuring costs											(1,589	)
Interest expense and other income											(243	)
Loss before income taxes										$	(5,383	)

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Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Note 15 — 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, legal proceedings and claims can have a material adverse effect on the Company because of defense and settlement costs, diversion of management resources, and other factors. It is the Company's policy to record accruals for legal contingencies to the extent that it has concluded that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated, and to expense costs associated with loss contingencies, including any related legal

fees, as they are incurred. The Company reviews its loss contingencies at least quarterly and adjusts its accruals and/or disclosures to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, or other new information, as deemed necessary. Once established, a provision may change in the future due to new developments or changes in circumstances and could increase or decrease the Company’s earnings in the period that the changes are made. Following an April 2023 mediation in a wage-related matter that resulted in a settlement agreement, the Company accrued $4.8 million of expense in the quarter ended March 31, 2023 that is classified in general and administrative expense in the Consolidated Statement of Operations. This claim was fully paid in the first quarter of 2024.

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Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 16 — Subsequent Events

On April 30, 2024, the Company announced that its Board of Directors has authorized a $25.0 million increase in the Company’s stock repurchase program, bringing the total available authorization to approximately $89.0 million as of April 30, 2024. The shares may be purchased in the open market or privately negotiated transactions.

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Interim Consolidated Financial Statements (Policies)

3 Months Ended

Mar. 31, 2024

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, 2023. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the financial position, results of operations, comprehensive loss, and cash flows as of the dates and for the periods presented have been included. The results of operations for the three months ended March 31, 2024 may not be indicative of the results for the year ending December 31, 2024, 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).

	Three Months Ended March 31,
	2024		2023
Cash and cash equivalents shown in balance sheets	$	61,379	$	104,217
Restricted cash classified in other assets (1):		2,113		2,071
Cash, cash equivalents and restricted cash shown in statement of cash flows	$	63,492	$	106,288

(1)Restricted cash consists of collateral required for leased office space. 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.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The new standard enhances the disclosures of reportable segment information, primarily in regards to significant segment expenses. The new standard will be effective for the Company for the annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adoption of the standard on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The new standard enhances income tax disclosure requirements by requiring specified categories and greater disaggregation within the rate reconciliation table, disclosure of income taxes paid by jurisdiction, and providing clarification on uncertain tax positions and related financial statement impacts. The new standard will be effective for the Company on January 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of adoption of the standard on its consolidated financial statements.

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Interim Consolidated Financial Statements (Tables)

3 Months Ended

Mar. 31, 2024

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).

	Three Months Ended March 31,
	2024		2023
Cash and cash equivalents shown in balance sheets	$	61,379	$	104,217
Restricted cash classified in other assets (1):		2,113		2,071
Cash, cash equivalents and restricted cash shown in statement of cash flows	$	63,492	$	106,288

(1)Restricted cash consists of collateral required for leased office space. 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.

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Marketable Investments (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	21,989	$	—	$	(66	)	$	21,923
Federal agency obligations		2,000		—		(4	)		1,996
Money market funds		33,176		—		—			33,176
Total	$	57,165	$	—	$	(70	)	$	57,095

	As of December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Corporate obligations	$	18,049	$	—	$	(72	)	$	17,977
Federal agency obligations		2,000		—		(7	)		1,993
Money market funds		31,610		—		—			31,610
Total	$	51,659	$	—	$	(79	)	$	51,580

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 March 31, 2024 (in thousands).

	FY 2024		FY 2025		Total
Corporate obligations	$	19,475	$	2,448	$	21,923
Federal agency obligations		1,996		—		1,996
Money market funds		33,176		—		33,176
Total	$	54,647	$	2,448	$	57,095

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 March 31, 2024
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	17,026	$	16	$	4,897	$	50
Federal agency obligations		—		—		1,996		4
Total	$	17,026	$	16	$	6,893	$	54

	As of December 31, 2023
	Less Than 12 Months				12 Months or Greater
	Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses
Corporate obligations	$	13,098	$	8	$	4,879	$	64
Federal agency obligations		—		—		1,993		7
Total	$	13,098	$	8	$	6,872	$	71

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Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Change in Carrying Amount of Goodwill

The change in the carrying amount of goodwill for the three months ended March 31, 2024 is summarized as follows (in thousands):

	Total
Balance at December 31, 2023	$	244,257
Translation adjustments		(1,229	)
Balance at March 31, 2024	$	243,028

Summary of Carrying Values of Finite-Lived Intangible Assets

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

	March 31, 2024
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	77,626	$	44,183	$	33,443
Technology		16,290		15,881		409
Trademarks		12,484		11,263		1,221
Total	$	106,400	$	71,327	$	35,073

	December 31, 2023
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	77,640	$	42,091	$	35,549
Technology		16,524		15,950		574
Trademarks		12,519		11,005		1,514
Total	$	106,683	$	69,046	$	37,637

Summary of Estimated Intangible Assets Amortization Expense

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

2024 (remainder)	$	7,401
2025		8,875
2026		8,392
2027		8,324
2028		2,081
Total	$	35,073

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Debt (Tables)

3 Months Ended

Mar. 31, 2024

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:	March 31, 2024		December 31, 2023
Credit facility	$	35,000	$	35,000

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Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Summary of Components of Lease Expense

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

	For the Three Months Ended March 31,
	2024			2023
Operating lease cost	$	3,094		$	3,314
Short-term lease cost		214			261
Variable lease cost		1,230			785
Sublease income		(130	)		(131	)
Total lease cost	$	4,408		$	4,229

Summary of Additional Lease Information

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

	For the Three Months Ended March 31,
	2024			2023
Cash paid for amounts included in the measurement of operating    lease liabilities	$	3,630		$	3,374
Operating lease ROU assets obtained in exchange for lease    obligations	$	408		$	1,323
Weighted-average remaining lease term - operating leases (years)		4.1			4.9
Weighted-average discount rate - operating leases		4.2	%		4.3	%

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 March 31, 2024 are as follows (in thousands):

	Operating Lease			Sublease
	Payments			Cash Receipts
2024 (remainder)	$	12,209		$	471
2025		13,933			—
2026		12,325			—
2027		5,707			—
2028		2,875			—
Thereafter		6,024			—
Total lease payments and estimated sublease cash receipts		53,073		$	471
Less imputed interest		(4,515	)
Present value of lease liabilities	$	48,558

Summary of Lease Balances

Lease balances as of March 31, 2024 are as follows (in thousands):

Operating lease ROU assets	$	34,380
Short-term operating lease liabilities (1)	$	14,086
Non-current operating lease liabilities		34,472
Total operating lease liabilities	$	48,558

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

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Revenue and Related Matters (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
Revenues: (1)	2024		2023
North America	$	79,629	$	92,671
Europe		13,437		13,712
Asia Pacific		4,891		5,382
Other		2,120		1,905
Total	$	100,077	$	113,670

(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 three months ended March 31, 2024 is summarized as follows (in thousands):

	Total Allowance
Balance at December 31, 2023	$	574
Provision for expected credit losses		223
Write-offs		(33	)
Balance at March 31, 2024	$	764

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Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2024

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 Operations for the derivative contracts for the periods indicated (in thousands):

	Three Months Ended
	March 31,
Amount recorded in:	2024			2023
Other income, net	$	(14	)	$	62

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
	Level 1		Level 2		Total
Assets:
Money market funds (1)	$	43,726	$	—	$	43,726
Marketable investments (3)		—		23,919		23,919
Total Assets	$	43,726	$	23,919	$	67,645

	As of December 31, 2023
	Level 1		Level 2		Total
Assets:
Money market funds (2)	$	55,128	$	—	$	55,128
Marketable investments (3)		—		19,970		19,970
Total Assets	$	55,128	$	19,970	$	75,098

(1)U.S. based funds of $10.5 million are included in cash and cash equivalents and non-U.S. based funds of $33.2 million are included in marketable investments in the Consolidated Balance Sheets.

(2)U.S. based funds of $23.5 million are included in cash and cash equivalents and non-U.S. based funds of $31.6 million are included in marketable investments in the Consolidated Balance Sheets.

(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.

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

3 Months Ended

Mar. 31, 2024

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			Translation
	Investments			Adjustment			Total AOCL
Balance at December 31, 2023	$	(60	)	$	(4,511	)	$	(4,571	)
Foreign currency translation (1)		—			(1,968	)		(1,968	)
Unrealized gain, net of tax of $(2)		6			—			6
Balance at March 31, 2024	$	(54	)	$	(6,479	)	$	(6,533	)

	Marketable			Translation
	Investments			Adjustment			Total AOCL
Balance at December 31, 2022	$	(159	)	$	(7,759	)	$	(7,918	)
Foreign currency translation (1)		—			1,206			1,206
Unrealized gain, net of tax of $(11)		33			—			33
Balance at March 31, 2023	$	(126	)	$	(6,553	)	$	(6,679	)

(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.

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Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2024

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
	March 31,
	2024		2023
Basic weighted average common shares outstanding		19,285		19,108
Weighted average common equivalent shares		—		—
Diluted weighted average common shares outstanding		19,285		19,108
Options and restricted stock units excluded from diluted    weighted average share calculation as effect would have    been anti-dilutive		1,082		703

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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Components of Stockholders' Equity

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

	Three Months Ended March 31, 2024
	Common Stock										Treasury Stock					Accumulated
	Number of Shares		$0.01ParValue		Additional Paid-in Capital			Retained Earnings			Number of Shares		Cost			Other Comprehensive Loss			Total Stockholders' Equity
Balance at December 31, 2023		24,684	$	247	$	278,057		$	177,681			5,437	$	(211,149	)	$	(4,571	)	$	240,265
Issuance of common stock under    stock plans, including tax effects		197		2		(178	)		—			—		—			—			(176	)
Repurchases of common stock		—		—		—			—			202		(4,097	)		—			(4,097	)
Stock-based compensation expense		—		—		3,574			—			—		—			—			3,574
Net loss		—		—		—			(6,673	)		—		—			—			(6,673	)
Net change in marketable investments,    net of tax		—		—		—			—			—		—			6			6
Foreign currency translation		—		—		—			—			—		—			(1,968	)		(1,968	)
Balance at March 31, 2024		24,881	$	249	$	281,453		$	171,008			5,639	$	(215,246	)	$	(6,533	)	$	230,931

	Three Months Ended March 31, 2023
	Common Stock									Treasury Stock					Accumulated
	Number of Shares		$0.01ParValue		Additional Paid-in Capital		Retained Earnings			Number of Shares		Cost			Other Comprehensive Loss			Total Stockholders' Equity
Balance at December 31, 2022		24,367	$	244	$	261,766	$	174,631			5,305	$	(207,067	)	$	(7,918	)	$	221,656
Issuance of common stock under    stock plans, including tax effects		128		1		760		—			—		—			—			761
Stock-based compensation expense		—		—		3,165		—			—		—			—			3,165
Net loss		—		—		—		(4,075	)		—		—			—			(4,075	)
Net change in marketable investments,    net of tax		—		—		—		—			—		—			33			33
Foreign currency translation		—		—		—		—			—		—			1,206			1,206
Balance at March 31, 2023		24,495	$	245	$	265,691	$	170,556			5,305	$	(207,067	)	$	(6,679	)	$	222,746

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the three months ended March 31, 2024 is presented below (in thousands, except per share data):

				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2023		999		$	37.66
Granted		163			25.34
Vested		(185	)		40.55
Forfeited		(37	)		37.64
Unvested at March 31, 2024		940		$	34.97

Schedule of Stock Option Activity

Stock option activity for the three months ended March 31, 2024 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, 2023		201		$	33.93
Forfeited		(12	)		36.92
Outstanding at March 31, 2024		189		$	33.74		6.44	$	—
Exercisable at March 31, 2024		93		$	34.47		3.86	$	—
Vested and expected to vest at March 31, 2024		189		$	33.74		6.44	$	—

No stock options were granted or exercised during the three months ended March 31, 2024.

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

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

	Three Months Ended
	March 31,
	2024		2023
Cost of services and fulfillment	$	2,122	$	1,847
Selling and marketing		599		497
General and administrative		853		821
Total	$	3,574	$	3,165

Fair Value of Options Granted Under Equity Incentive Plan and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions

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

	Three Months Ended
	March 31,
	2024			2023
	Employee Stock Purchase Plan			Equity Incentive Plans			Employee Stock Purchase Plan
Average risk-free interest rate		5.36	%		4.27	%		5.00	%
Expected dividend yield		0.0	%		0.0	%		0.0	%
Expected life	0.5 Years			4.75 Years			0.5 Years
Expected volatility		39	%		43	%		46	%
Weighted average fair value	$	5.46		$	14.24		$	9.47

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Restructuring and Related Costs (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Activity in Restructuring Accrual

The following table rolls forward the activity in the restructuring accrual for the January 2023 action for the three months ended March 31, 2024 (in thousands):

Accrual at December 31, 2023	$	48
Additional restructuring and related costs		14
Cash payments		(62	)
Accrual at March 31, 2024	$	—

The following table rolls forward the activity in the restructuring accrual for the May 2023 action for the three months ended March 31, 2024 (in thousands):

Accrual at December 31, 2023	$	1,282
Additional restructuring and related costs		39
Cash payments		(820	)
Accrual at March 31, 2024	$	501

The following table rolls forward the activity in the restructuring accrual for the February 2024 action for the three months ended March 31, 2024 (in thousands):

Accrual at December 31, 2023	$	732
Additional restructuring and related costs		6,571
Non-cash charge (included above)		(3,806	)
Cash payments		(1,256	)
Accrual at March 31, 2024	$	2,241

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Operating Segments (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Information about Reportable Segments, Disaggregation of Revenue by Product

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

	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended March 31, 2024
Research revenues	$	76,581		$	—		$	—		$	76,581
Consulting revenues		4,643			18,498			—			23,141
Events revenues		—			—			355			355
Total segment revenues		81,224			18,498			355			100,077
Segment expenses		(33,514	)		(10,097	)		(1,486	)		(45,097	)
Selling, marketing, administrative and other expenses											(55,134	)
Amortization of intangible assets											(2,514	)
Restructuring costs											(6,624	)
Interest expense and other income											512
Loss before income taxes										$	(8,780	)

	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended March 31, 2023
Research revenues	$	80,906		$	—		$	—		$	80,906
Consulting revenues		7,919			23,831			—			31,750
Events revenues		—			—			1,014			1,014
Total segment revenues		88,825			23,831			1,014			113,670
Segment expenses		(35,507	)		(12,353	)		(1,631	)		(49,491	)
Selling, marketing, administrative and other expenses											(64,664	)
Amortization of intangible assets											(3,066	)
Restructuring costs											(1,589	)
Interest expense and other income											(243	)
Loss before income taxes										$	(5,383	)

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Interim Consolidated Financial Statements - Additional Information (Detail)	Mar. 31, 2024
ASU No. 2019-12 [Member]
Summary Of Significant Accounting Policy [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true
ASU No. 2021-01 [Member]
Summary Of Significant Accounting Policy [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true
ASU No. 2023-07 [Member]
Summary Of Significant Accounting Policy [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true

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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	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents shown in balance sheets	$ 61,379	$ 72,909	$ 104,217
Restricted cash classified in other assets	$ 2,113		$ 2,071
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	$ 63,492		$ 106,288

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Marketable Investments - Summary of Company's marketable investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 57,165	$ 51,659
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(70)	(79)
Market value	57,095	51,580
Corporate obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,989	18,049
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(66)	(72)
Market value	21,923	17,977
Federal agency obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,000	2,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(4)	(7)
Market value	1,996	1,993
Money Market Funds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	33,176	31,610
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Market value	$ 33,176	$ 31,610

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Marketable Investments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Realized gains or losses on investments	$ 0	$ 0

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Marketable Investments - Summarizes the maturity periods of the marketable investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
FY 2024	$ 54,647
FY 2025	2,448
Market value	57,095	$ 51,580
Corporate obligations [Member]
Marketable Securities [Line Items]
FY 2024	19,475
FY 2025	2,448
Market value	21,923	17,977
Federal agency obligations [Member]
Marketable Securities [Line Items]
FY 2024	1,996
FY 2025	0
Market value	1,996	1,993
Money Market Funds [Member]
Marketable Securities [Line Items]
FY 2024	33,176
FY 2025	0
Market value	$ 33,176	$ 31,610

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Marketable Investments - Unrealized Losses on Debt Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months - Market Value	$ 17,026	$ 13,098
Less than 12 Months - Unrealized Losses	16	8
12 Months or Greater - Market Value	6,893	6,872
12 Months or Greater - Unrealized Losses	54	71
Corporate obligations [Member]
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months - Market Value	17,026	13,098
Less than 12 Months - Unrealized Losses	16	8
12 Months or Greater - Market Value	4,897	4,879
12 Months or Greater - Unrealized Losses	50	64
Federal agency obligations [Member]
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months - Market Value	0	0
Less than 12 Months - Unrealized Losses	0	0
12 Months or Greater - Market Value	1,996	1,993
12 Months or Greater - Unrealized Losses	$ 4	$ 7

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Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Line Items]
Accumulated goodwill impairment losses	$ 0
Consulting [Member]
Goodwill [Line Items]
Goodwill impairment charges	0
Goodwill allocated to reporting unit	$ 8,200

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Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Beginning Balance	$ 244,257
Translation adjustments	(1,229)
Goodwill, Ending Balance	$ 243,028

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Goodwill and Other Intangible Assets - Summary of Carrying Values of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 106,400	$ 106,683
Accumulated Amortization	71,327	69,046
Total	35,073	37,637
Customer Relationships Member
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	77,626	77,640
Accumulated Amortization	44,183	42,091
Total	33,443	35,549
Technology Member
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	16,290	16,524
Accumulated Amortization	15,881	15,950
Total	409	574
Trademarks Member
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	12,484	12,519
Accumulated Amortization	11,263	11,005
Total	$ 1,221	$ 1,514

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Goodwill and Other Intangible Assets - Summary of Estimated Intangible Assets Amortization Expense (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
2024 (remainder)	$ 7,401
2025	8,875
2026	8,392
2027	8,324
2028	2,081
Total	$ 35,073	$ 37,637

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Debt - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2026
Debt Instrument [Line Items]
Percentage of voting equity of subsidiaries	65.00%
Debt instrument interest rate	6.68%
Line of credit facility, available borrowing capacity	$ 114.4
Weighted average interest rate	6.6883%
Letters of Credit [Member]
Debt Instrument [Line Items]
Available for issuance of letter of credit	$ 5.0
Issuance of letter of credit	$ 0.6
Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maturity date	Dec. 31, 2026
Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 150.0
Increase (decrease) in line of credit facility	$ 50.0

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Debt - Summary of Company's Total Outstanding Borrowings (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal amount outstanding	$ 35,000	$ 35,000

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Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 3,094	$ 3,314
Short-term lease cost	214	261
Variable lease cost	1,230	785
Sublease income	(130)	(131)
Total lease cost	$ 4,408	$ 4,229

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Leases - Summary of Additional Lease Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,630	$ 3,374
Operating lease ROU assets obtained in exchange for lease obligations	$ 408	$ 1,323
Weighted-average remaining lease term - operating leases (years)	4 years 1 month 6 days	4 years 10 months 24 days
Weighted-average discount rate - operating leases	4.20%	4.30%

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Leases - Summary of Future Minimum Lease Payments and Sublease Cash Receipts Under Non-Cancelable Leases (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Operating Lease Payments
2024 (remainder)	$ 12,209
2025	13,933
2026	12,325
2027	5,707
2028	2,875
Thereafter	6,024
Total lease payments and estimated sublease cash receipts	53,073
Less imputed interest	(4,515)
Present value of lease liabilities	48,558
Sublease Cash Receipts
2024 (remainder)	471
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total lease payments and estimated sublease cash receipts	$ 471

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Leases - Summary of Lease Balances (Detail) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease ROU assets		$ 34,380	$ 39,722
Short-term operating lease liabilities	[1]	$ 14,086
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		Accrued expenses and other current liabilities
Non-current operating lease liabilities		$ 34,472	$ 37,673
Total operating lease liabilities		$ 48,558

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

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Leases - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Right-of-use asset impairments	$ 1,300	$ 3,200		$ 3,700
Leasehold impairments	$ 600	646	$ 0	$ 1,300
California [Member]
Lessee, Lease, Description [Line Items]
Right-of-use asset impairments			$ 400
California [Member] | Lease hold Improvements Member
Lessee, Lease, Description [Line Items]
Leasehold impairments		$ 600

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Revenue and Related Matters - Schedule of Disaggregation of Revenue by Geography and Recognition Timing (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Revenue	$ 100,077	$ 113,670
North America [Member]
Disaggregation Of Revenue [Line Items]
Revenue	79,629	92,671
Europe [Member]
Disaggregation Of Revenue [Line Items]
Revenue	13,437	13,712
Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Revenue	4,891	5,382
Other [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 2,120	$ 1,905

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Revenue and Related Matters - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 0	$ 0
Deferred revenue recognized	62,500,000	72,900,000
Revenue expected to be recognized	378,400,000
Amortization expense related to deferred commissions	7,900,000	8,600,000
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

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Revenue and Related Matters - Additional Information1 (Detail)	Mar. 31, 2024
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

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Revenue and Related Matters - Summary of Allowance for Expected Credit Losses on Accounts Receivable (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Receivables [Abstract]
Balance at December 31, 2023	$ 574
Provision for expected credit losses	223
Write-offs	(33)
Balance at March 31, 2024	$ 764

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Derivatives and Hedging - Schedule of Derivative Contract Amounts Recognized in Consolidated Statements of Income (Detail) - Other Income, Net [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments Gain Loss [Line Items]
Amount recorded in operations	$ (14)	$ 62
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)

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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		Mar. 31, 2024		Dec. 31, 2023
Assets:
Fair value of investments		$ 67,645		$ 75,098
Money Market Funds [Member]
Assets:
Fair value of cash equivalents		43,726	[1]	55,128	[2]
Marketable Investments [Member]
Assets:
Fair value of investments	[3]	23,919		19,970
Level 1 [Member]
Assets:
Fair value of investments		43,726		55,128
Level 1 [Member] | Money Market Funds [Member]
Assets:
Fair value of cash equivalents		43,726	[1]	55,128	[2]
Level 1 [Member] | Marketable Investments [Member]
Assets:
Fair value of investments	[3]	0		0
Level 2 [Member]
Assets:
Fair value of investments		23,919		19,970
Level 2 [Member] | Money Market Funds [Member]
Assets:
Fair value of cash equivalents		0	[1]	0	[2]
Level 2 [Member] | Marketable Investments [Member]
Assets:
Fair value of investments	[3]	$ 23,919		$ 19,970

[1] U.S. based funds of $10.5 million are included in cash and cash equivalents and non-U.S. based funds of $33.2 million are included in marketable investments in the Consolidated Balance Sheets.

[2] U.S. based funds of $23.5 million are included in cash and cash equivalents and non-U.S. based funds of $31.6 million are included in marketable investments in the Consolidated Balance Sheets.

[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.

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Fair Value Measurements - Summary of Company's Fair Value Hierarchy for its Financial Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
cash and cash equivalent [Member] | Private Equity Funds, US [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of cash equivalents	$ 10.5	$ 23.5
Marketable investment [Member] | Private Equity Funds, Non-US [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	$ 33.2	$ 31.6

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Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2024
Income Taxes [Line Items]
Income tax benefit	$ (2,107)	$ (1,308)
Effective income tax rate	24.00%	24.30%
Scenario, Forecast [Member]
Income Taxes [Line Items]
Effective income tax rate			50.00%

XML

Accumulated Other Comprehensive Loss ("AOCL") - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		$ 240,265	$ 221,656
Foreign currency translation		(1,968)	1,206
Unrealized gain (loss), net of tax		(2)	(11)
Ending Balance		230,931	222,746
Marketable Investments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		(60)	(159)
Foreign currency translation	[1]	0	0
Unrealized gain (loss), net of tax		6	33
Ending Balance		(54)	(126)
Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		(4,511)	(7,759)
Foreign currency translation	[1]	(1,968)	1,206
Unrealized gain (loss), net of tax		0	0
Ending Balance		(6,479)	(6,553)
Total AOCL [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		(4,571)	(7,918)
Foreign currency translation	[1]	(1,968)	1,206
Unrealized gain (loss), net of tax		6	33
Ending Balance		$ (6,533)	$ (6,679)

[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.

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Accumulated Other Comprehensive Loss ("AOCL") - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Unrealized gain (loss), net of tax	$ (2)	$ (11)

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Net Loss Per Common Share - Schedule of Basic and Diluted Weighted Average Common Shares (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	19,285	19,108
Weighted average common equivalent shares	0	0
Diluted weighted average common shares outstanding	19,285	19,108
Options and restricted stock units excluded from diluted weighted average share calculation as effect would have been anti-dilutive	1,082	703

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Stockholders' Equity - Components of Stockholders' Equity (Detail) - USD ($)		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Beginning Balance		$ 240,265,000	$ 221,656,000
Issuance of common stock under stock plans, including tax effects		$ (176,000)	$ 761,000
Repurchases of common stock, Shares		200,000	0
Repurchases of common stock		$ (4,097,000)
Stock-based compensation expense		$ 3,574,000	$ 3,165,000
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member
Net loss		$ (6,673,000)	(4,075,000)
Net change in marketable investments, net of tax		6,000	33,000
Foreign currency translation		(1,968,000)	1,206,000
Ending Balance		230,931,000	222,746,000
Common Stock [Member]
Beginning Balance		$ 247,000	$ 244,000
Beginning Balance, Shares		24,684,000	24,367,000
Issuance of common stock under stock plans, including tax effects		$ 2,000	$ 1,000
Issuance of common stock under,stock plans including tax effects, Shares		197,000	128,000
Ending Balance		$ 249,000	$ 245,000
Ending Balance, Shares		24,881,000	24,495,000
Additional Paid-in Capital [Member]
Beginning Balance		$ 278,057,000	$ 261,766,000
Issuance of common stock under stock plans, including tax effects		(178,000)	760,000
Stock-based compensation expense		3,574,000	3,165,000
Ending Balance		281,453,000	265,691,000
Retained Earnings [Member]
Beginning Balance		177,681,000	174,631,000
Net loss		(6,673,000)	(4,075,000)
Ending Balance		171,008,000	170,556,000
Treasury Stock [Member]
Beginning Balance		$ (211,149,000)	$ (207,067,000)
Beginning Balance, Shares		5,437,000	5,305,000
Repurchases of common stock, Shares		202,000
Repurchases of common stock		$ (4,097,000)
Ending Balance		$ (215,246,000)	$ (207,067,000)
Ending Balance, Shares		5,639,000	5,305,000
Accumulated Other Comprehensive Loss [Member]
Beginning Balance		$ (4,571,000)	$ (7,918,000)
Net change in marketable investments, net of tax		6,000	33,000
Foreign currency translation	[1]	(1,968,000)	1,206,000
Ending Balance		$ (6,533,000)	$ (6,679,000)

[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.

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Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested, Beginning Balance | shares	999
Number of Shares, Granted | shares	163
Number of Shares, Vested | shares	(185)
Number of Shares, Forfeited | shares	(37)
Number of Shares, Unvested, Ending Balance | shares	940
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ / shares	$ 37.66
Weighted-Average Grant Date Fair Value, Granted | $ / shares	25.34
Weighted-Average Grant Date Fair Value, Vested | $ / shares	40.55
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares	37.64
Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares	$ 34.97

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Stockholders' Equity - Schedule of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Shares, Outstanding, Beginning Balance | shares	201
Number of Shares, Forfeited | shares	(12)
Number of Shares, Outstanding, Ending Balance | shares	189
Number of Shares, Exercisable at March 31, 2024 | shares	93
Number of Shares, Vested and expected to vest at March 31, 2024 | shares	189
Weighted - Average Exercise Price Per Share, Outstanding, Beginning balance | $ / shares	$ 33.93
Weighted - Average Exercise Price Per Share, Forfeited | $ / shares	36.92
Weighted - Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares	33.74
Weighted - Average Exercise Price Per Share, Exercisable at March 31, 2024 | $ / shares	34.47
Weighted - Average Exercise Price Per Share, Vested and expected to vest at March 31, 2024 | $ / shares	$ 33.74
Weighted - Average Remaining Contractual Term, Outstanding at March 31, 2024	6 years 5 months 8 days
Weighted - Average Remaining Contractual Term, Exercisable at March 31, 2024	3 years 10 months 9 days
Weighted - Average Remaining Contractual Term, Vested and expected to vest at March 31, 2024	6 years 5 months 8 days
Aggregate Intrinsic Value, Outstanding at March 31, 2024 | $	$ 0
Aggregate Intrinsic Value, Exercisable at March 31, 2024 | $	0
Aggregate Intrinsic Value, Vested and expected to vest at March 31, 2024 | $	$ 0

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Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized to purchase of common stock under the stock repurchase program	$ 585,000
Number of stock options granted	0
Number of Shares, Exercised	0
Repurchase of common stock	200,000	0
Repurchase of common stock, Value	$ 4,097
Cumulative repurchase of common stock	17,300,000
Aggregate cost of repurchase of common stock	$ 518,200

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Stockholders' Equity - Summary of Stock-Based Compensation Recorded in Expense Categories in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	$ 3,574	$ 3,165
Cost of Services and Fulfillment [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	2,122	1,847
Selling and Marketing [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	599	497
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	$ 853	$ 821

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Stockholders' Equity - Fair Value of Options Granted Under Equity Incentive Plan and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	5.36%	5.00%
Expected dividend yield	0.00%	0.00%
Expected life	6 months	6 months
Expected volatility	39.00%	46.00%
Weighted average fair value	$ 5.46	$ 9.47
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate		4.27%
Expected dividend yield		0.00%
Expected life		4 years 9 months
Expected volatility		43.00%
Weighted average fair value		$ 14.24

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Restructuring and Related Costs - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Feb. 29, 2024	May 31, 2023	Jan. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Severance and related costs				$ 2,800	$ 700	$ 7,500	$ 600	$ 4,300
Restructuring Charges		$ 2,300		3,800				5,000
Right-of-use asset impairments		1,300		3,200				3,700
Leasehold impairments		600		$ 646			0	$ 1,300
Contract termination cost		$ 700
Reduction of Workforce Period Percent	3.00%	8.00%	4.00%
California [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges							400
Capitalized software project writeoff value							600
Right-of-use asset impairments							$ 400

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Restructuring and Related Costs - Schedule of Activity in Restructuring Accrual (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Workforce reduction in january two thousand twenty three
Restructuring Cost and Reserve [Line Items]
Accrual at December 31, 2023	$ 48
Additional restructuring and related costs	14
Cash payments	(62)
Accrual at March 31, 2024	0
Workforce reduction in may two thousand twenty three
Restructuring Cost and Reserve [Line Items]
Accrual at December 31, 2023	1,282
Additional restructuring and related costs	39
Cash payments	(820)
Accrual at March 31, 2024	501
Workforce reduction in february two thousand twenty four
Restructuring Cost and Reserve [Line Items]
Accrual at December 31, 2023	732
Additional restructuring and related costs	6,571
Non-cash charge (included above)	(3,806)
Cash payments	(1,256)
Accrual at March 31, 2024	$ 2,241

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Operating Segments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 Segment
Segment Reporting [Abstract]
Number of operating segments	3

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Operating Segments - Schedule of Information by Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 100,077	$ 113,670
Segment expenses	(45,097)	(49,491)
Selling, marketing, administrative and other expenses	(55,134)	(64,664)
Amortization of intangible assets	(2,514)	(3,066)
Restructuring costs	(6,624)	(1,589)
Interest expense and other income	512	(243)
Loss before income taxes	(8,780)	(5,383)
Research Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	81,224	88,825
Segment expenses	(33,514)	(35,507)
Consulting Segment Member
Segment Reporting Information [Line Items]
Total revenues	18,498	23,831
Segment expenses	(10,097)	(12,353)
Events Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	355	1,014
Segment expenses	(1,486)	(1,631)
Research [Member]
Segment Reporting Information [Line Items]
Total revenues	76,581	80,906
Research [Member] | Research Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	76,581	80,906
Research [Member] | Consulting Segment Member
Segment Reporting Information [Line Items]
Total revenues	0	0
Research [Member] | Events Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0
Consulting [Member]
Segment Reporting Information [Line Items]
Total revenues	23,141	31,750
Consulting [Member] | Research Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	4,643	7,919
Consulting [Member] | Consulting Segment Member
Segment Reporting Information [Line Items]
Total revenues	18,498	23,831
Consulting [Member] | Events Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0
Events [Member]
Segment Reporting Information [Line Items]
Total revenues	355	1,014
Events [Member] | Research Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0
Events [Member] | Consulting Segment Member
Segment Reporting Information [Line Items]
Total revenues	0	0
Events [Member] | Events Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 355	$ 1,014

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Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended
	Jan. 31, 2023 USD ($)
General and Administrative Expense [Member]
Loss Contingencies [Line Items]
Expense related to litigation	$ 4.8

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Subsequent Events - Additional Information (Details) - Subsequent Event [Member] $ in Millions	Apr. 30, 2024 USD ($)
Subsequent Event [Line Items]
Additional authorized amount	$ 25.0
Stock Repurchase Program, Authorized Amount	$ 89.0