Forrester Research Reports 2023 Second-Quarter Financial Results

About this update from Forrester Research, Inc.

[{"type":"text","content":" CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nForrester Research, Inc. (Nasdaq: FORR) today announced financial results for the second quarter ended June 30, 2023, with flat contract value (CV), at $344.0 million, compared with the prior year.\n\n\n“While the tech recession and uncertain macroeconomic environment continued to have the most significant impact on our non-CV business, we crossed a meaningful milestone this quarter with 51% of CV now on our Forrester Decisions research platform,” said George F. Colony, Forrester’s chairman and chief executive officer. “Given our laser focus on driving CV growth, we remain on track to migrate two-thirds of total CV to Forrester Decisions by the end of the year. Our ongoing enhancements to Forrester Decisions, combined with continued upskilling of our sales force to drive new business growth and sell higher into organizations, positions us well for long-term success.”\n\n\nSecond-Quarter Consolidated Results\n\n\nTotal revenues for the second quarter of 2023 were $135.6 million, compared with $148.2 million for the comparable quarter in 2022.\n\n\nOn a GAAP basis, net income was $5.3 million, or $0.28 per diluted share, for the second quarter of 2023, compared with net income of $13.9 million, or $0.72 per diluted share, for the same period in 2022.\n\n\nOn an adjusted basis, net income was $18.1 million, or $0.94 per diluted share, for the second quarter of 2023, reflecting an adjusted effective tax rate of 29%. Adjusted net income excludes stock-based compensation of $3.9 million, amortization of acquisition-related intangible assets of $3.1 million, and restructuring costs of $10.5 million. This compares with an adjusted net income of $19.2 million, or $1.00 per diluted share, for the same period in 2022, which reflects an adjusted tax rate of 30%. Adjusted net income for the second quarter of 2022 excludes stock-based compensation of $3.8 million and amortization of acquisition-related intangible assets of $3.4 million.\n\n\nForrester is providing updated guidance for 2023 as follows:\n\n\nFull Year 2023 (GAAP):\n\n\n\nTotal revenues of approximately $475 million to $485 million\n\n\n\nOperating margin of approximately 1.2% to 2.2%\n\n\n\nInterest expense of approximately $3.0 million\n\n\n\nAn effective tax rate of approximately 43%\n\n\n\nEarnings per share of approximately $0.10 to $0....

More updates from Forrester Research, Inc.