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Forrester Research Reports 2022 Third-Quarter Financial Results
Year-over-year total contract value increased by 7% to $353 million Company raises guidance for balance of year CAMBRIDGE, Mass., Nov. 2, 2022 /PRNewswire/ --
About this update from Forrester Research, Inc.
[{"type":"text","content":"Year-over-year total contract value increased by 7% to $353 million\nCompany raises guidance for balance of year\nCAMBRIDGE, Mass., Nov. 2, 2022 /PRNewswire/ -- Forrester Research, Inc. (Nasdaq: FORR) today announced financial results for the third quarter ended September 30, 2022, and raised its guidance for the balance of the year. Results were driven by contract value (CV) growth of 7% and revenue growth of 8%. On a GAAP basis, earnings per share (EPS) was $0.28, and on an adjusted basis, EPS was $0.57.\nCommenting on the announcement, CEO and Chairman George Colony stated, \"We delivered solid financial results in the third quarter. We are on track to have one-third of our CV in the Forrester Decisions platform by year-end, and we remain focused on creating shareholder value for the long term. With today's announcement, we are raising our guidance for the balance of the year, given the results we have posted today and our ongoing ability to manage costs. With that said, we continue to monitor the evolving macro environment and remain focused on our key metrics, which may continue to show volatility in the coming quarters, given our accelerated approach to convert clients to Forrester Decisions.\"\nThird-Quarter Consolidated Results\nTotal revenues for the third quarter of 2022 were $127.7 million, compared with $118.1 million for the comparable quarter in 2021.\nOn a GAAP basis, net income was $5.4 million, or $0.28 per diluted share, for the third quarter of 2022, compared with $4.5 million, or $0.23 per diluted share, for the same period in 2021.\nOn an adjusted basis, net income was $10.9 million, or $0.57 per diluted share, for the third quarter of 2022, reflecting an adjusted effective tax rate of 30%. Adjusted net income excludes stock-based compensation of $3.9 million and amortization of acquisition-related intangible assets of $3.4 million. This compares with an adjusted net income of $7.9 million, or $0.41 per diluted share, for the same period in 2021, which reflects an adjusted tax rate of 31%. Adjusted net income for the third quarter of 2021 excludes stock-based compensation of $2.5 million and amortization of acquisition-related intangible assets of $3.7 million.\nForrester is providing fourth-quarter and full-year 2022 financial guidance as follows:\nFourth Quarter 2022 (GAAP):\nTotal revenues of approximatel...