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Forrester Research Reports 2022 Fourth-Quarter And Full-Year Financial Results
Transition to the new Forrester Decisions platform on track CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Forrester Research, Inc. (Nasdaq: FORR) today announced its
About this update from Forrester Research, Inc.
[{"type":"text","content":"\nTransition to the new Forrester Decisions platform on track\n\n CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nForrester Research, Inc. (Nasdaq: FORR) today announced its 2022 fourth-quarter and full-year financial results.\n\nCommenting on the results, George F. Colony, Forrester’s CEO and chairman stated, “In 2022, we posted strong growth on both the top and bottom lines, with revenue increasing 9% and adjusted EPS increasing 18%. We are also pleased to report that Forrester Decisions now constitutes approximately one-third of our contract value. Forrester Decisions’ fast growth and strong client and wallet retention established the product as the research power platform that can lead the company’s effort to double CV in the next five years.\n\n“That said, our product transition remains complex, as evidenced in our 2022 results and in our 2023 guidance. Our key metrics, including both overall client and wallet retention, will remain under pressure in the coming quarters given the churn in our legacy business as well as the uncertainty posed by the macroeconomic environment. We finished the year with CV increasing 3% and both client and wallet retention down from the previous quarter. These metrics are likely to remain under pressure in the coming quarters, specifically in the first half of 2023.\n\n“To summarize, while we anticipate continued headwinds in the first half of 2023, we have the right team in place to lead us through this pivotal moment and create a platform from which we can accelerate growth in 2024 and beyond.”\n\nFourth-Quarter Financial Performance\n\nTotal revenues were $136.9 million for the fourth quarter of 2022, compared with $133.7 million for the fourth quarter of 2021.\n\nOn a GAAP basis, net loss was $1.6 million, or $0.09 per diluted share, for the fourth quarter of 2022, compared with net income of $8.0 million, or $0.41 per diluted share, for the same period in 2021.\n\nOn an adjusted basis, net income was $8.5 million, or $0.45 per diluted share, for the fourth quarter of 2022, which reflects an adjusted effective tax rate of 30%. Adjusted net income excludes stock-based compensation of $3.5 million, amortization of acquisition-related intangible assets of $3.1 million, restructuring costs of $9.3 million, and losses on investments of $0.1 million. This compares with an adjusted net income of $11.3 millio...