Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Components of Stockholders' Equity

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

	Three Months Ended June 30, 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 March 31, 2024		24,881	$	249	$	281,453		$	171,008		5,639	$	(215,246	)	$	(6,533	)	$	230,931
Issuance of common stock under    stock plans, including tax effects		16		—		(83	)		—		—		—			—			(83	)
Repurchases of common stock		—		—		—			—		202		(3,918	)		—			(3,918	)
Stock-based compensation expense		—		—		4,025			—		—		—			—			4,025
Net income		—		—		—			6,292		—		—			—			6,292
Net change in marketable investments,    net of tax		—		—		—			—		—		—			18			18
Foreign currency translation		—		—		—			—		—		—			(211	)		(211	)
Balance at June 30, 2024		24,897	$	249	$	285,395		$	177,300		5,841	$	(219,164	)	$	(6,726	)	$	237,054

	Three Months Ended June 30, 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 March 31, 2023		24,495	$	245	$	265,691		$	170,556		5,305	$	(207,067	)	$	(6,679	)	$	222,746
Issuance of common stock under    stock plans, including tax effects		17		—		(180	)		—		—		—			—			(180	)
Repurchases of common stock		—		—		—			—		27		(820	)		—			(820	)
Stock-based compensation expense		—		—		3,860			—		—		—			—			3,860
Net income		—		—		—			5,304		—		—			—			5,304
Net change in marketable investments,    net of tax		—		—		—			—		—		—			(11	)		(11	)
Foreign currency translation		—		—		—			—		—		—			746			746
Balance at June 30, 2023		24,512	$	245	$	269,371		$	175,860		5,332	$	(207,887	)	$	(5,944	)	$	231,645

	Six Months Ended June 30, 2024
	Common Stock										Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital			Retained Earnings			Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance at December 31, 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		213		2		(261	)		—			—		—			—			(259	)
Repurchases of common stock		—		—		—			—			404		(8,015	)		—			(8,015	)
Stock-based compensation expense		—		—		7,599			—			—		—			—			7,599
Net loss		—		—		—			(381	)		—		—			—			(381	)
Net change in marketable investments,    net of tax		—		—		—			—			—		—			24			24
Foreign currency translation		—		—		—			—			—		—			(2,179	)		(2,179	)
Balance at June 30, 2024		24,897	$	249	$	285,395		$	177,300			5,841	$	(219,164	)	$	(6,726	)	$	237,054

	Six Months Ended June 30, 2023
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance at December 31, 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		145		1		580		—		—		—			—			581
Repurchases of common stock		—		—		—		—		27		(820	)		—			(820	)
Stock-based compensation expense		—		—		7,025		—		—		—			—			7,025
Net income		—		—		—		1,229		—		—			—			1,229
Net change in marketable investments,    net of tax		—		—		—		—		—		—			22			22
Foreign currency translation		—		—		—		—		—		—			1,952			1,952
Balance at June 30, 2023		24,512	$	245	$	269,371	$	175,860		5,332	$	(207,887	)	$	(5,944	)	$	231,645

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the six months ended June 30, 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		860			21.43
Vested		(206	)		40.32
Forfeited		(73	)		33.94
Unvested at June 30, 2024		1,580		$	38.65

Schedule of Stock Option Activity

Stock option activity for the six months ended June 30, 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		(18	)		37.06
Outstanding at June 30, 2024		183		$	33.62		6.39	$	—
Exercisable at June 30, 2024		87		$	34.27		3.86	$	—
Vested and expected to vest at June 30, 2024		183		$	33.62		6.39	$	—

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				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Cost of services and fulfillment	$	2,513	$	2,209	$	4,635	$	4,056
Selling and marketing		559		807		1,158		1,304
General and administrative		953		844		1,806		1,665
Total	$	4,025	$	3,860	$	7,599	$	7,025

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									Six Months Ended
	June 30,									June 30,
	2024			2023						2024			2023
	Employee Stock Purchase Plan			Equity Incentive Plans			Employee Stock Purchase Plan			Employee Stock Purchase Plan			Equity Incentive Plans			Employee Stock Purchase Plan
Average risk-free interest rate		5.36	%		4.27	%		5.00	%		5.36	%		4.27	%		5.00	%
Expected dividend yield		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Expected life	0.5 Years			4.75 Years			0.5 Years			0.5 Years			4.75 Years			0.5 Years
Expected volatility		39	%		43	%		46	%		39	%		43	%		46	%
Weighted average fair value	$	5.46		$	14.24		$	9.47		$	5.46		$	14.24		$	9.47