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Forrester Research Reports 2022 First-Quarter Financial Results
Year-over-year total contract value increased by 15% to $351.4 million CAMBRIDGE, Mass., May 5, 2022 /PRNewswire/ -- Forrester Research, Inc. (Nasdaq: FORR)
About this update from Forrester Research, Inc.
[{"type":"text","content":"Year-over-year total contract value increased by 15% to $351.4 million\nCAMBRIDGE, Mass., May 5, 2022 /PRNewswire/ -- Forrester Research, Inc. (Nasdaq: FORR) today announced strong results for the first quarter ended March 31, 2022, headlined by contract value growth of 15% with revenue growth of 10%. On a GAAP basis, earnings per share (EPS) was $0.22, and on an adjusted basis, EPS was $0.45. The company also reaffirmed its guidance for the full year.\nCommenting on the results, Forrester Chairman and CEO George Colony stated, \"We started 2022 off on a strong note and are encouraged by the momentum of our Forrester Decisions platform. Despite economic and macro headwinds, we delivered our third consecutive quarter of double-digit contract value growth, growing at 15% in the first quarter, and we also delivered our second consecutive quarter of double-digit growth in research revenue. This performance drove overall revenue growth of 10%, resulting in adjusted EPS that exceeded our guidance in the first quarter. We also drove strong cash flow as we continued to invest funds into our people, marketing, and technologies. While the external challenges facing us and the broader economy remain, we are confident in our ability to deliver on our outlook for the balance of the year. I remain grateful to our employees for their hard work.\"\nFirst-Quarter Consolidated Results\nTotal revenues for the first quarter of 2022 were $125.0 million, compared with $113.8 million for the comparable quarter in 2021.\nOn a GAAP basis, net income was $4.1 million, or $0.22 per diluted share, for the first quarter of 2022, compared with $4.0 million, or $0.21 per diluted share, for the same period in 2021.\nOn an adjusted basis, net income was $8.6 million, or $0.45 per diluted share, for the first quarter of 2022, reflecting an adjusted effective tax rate of 30%. Adjusted net income excludes stock-based compensation of $3.3 million, amortization of acquisition-related intangible assets of $3.4 million, and investment gains of $0.4 million. This compares with an adjusted net income of $8.6 million, or $0.45 per diluted share, for the same period in 2021, which reflects an adjusted tax rate of 31%.\nForrester is providing second-quarter and full-year 2022 financial guidance as follows:\nSecond-Quarter 2022 (GAAP):\nTotal revenues of approximately $144 ...