Forrester Research Reports 2024 First-Quarter Financial Results

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[{"type":"text","content":" CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nForrester Research, Inc. (Nasdaq: FORR) today announced financial results for the first quarter ended March 31, 2024, with contract value (CV) at $323.1 million, down 4% compared with the prior year.\n\n\n“We are in the final year of our migration journey, and we now have 70% of CV on the Forrester Decisions platform. We saw stabilization in our key CV retention metrics, an uptick in new business, and the rollout of Izola, our generative AI tool, to all Forrester Decisions clients,” said CEO and Chairman George F. Colony. “However, 2024 continues to be a challenging environment, with first-quarter revenue down 12%, largely driven by consulting headwinds. We are maintaining 2024 guidance, and we expect to see Forrester Decisions momentum gather as we progress through the year and into 2025.”\n\n\nFirst-Quarter Consolidated Results\n\n\nTotal revenues for the first quarter of 2024 were $100.1 million, compared with $113.7 million for the comparable quarter in 2023. The company also announced that its board of directors authorized a $25 million increase in the company’s stock repurchase program, bringing the total available repurchase authorization to approximately $89 million.\n\n\nOn a GAAP basis, net loss was $6.7 million, or $0.35 per diluted share, for the first quarter of 2024, compared with a net loss of $4.1 million, or $0.21 per diluted share, for the same period in 2023.\n\n\nOn an adjusted basis, net income was $2.8 million, or $0.14 per diluted share, for the first quarter of 2024, reflecting an adjusted effective tax rate of 29%. Adjusted net income excludes stock-based compensation of $3.6 million, amortization of acquisition-related intangible assets of $2.5 million, and restructuring costs of $6.6 million. This compares with an adjusted net income of $5.1 million, or $0.27 per diluted share, for the same period in 2023, which reflects an adjusted tax rate of 29%. Adjusted net income for the first quarter of 2023 excludes stock-based compensation of $3.2 million, amortization of acquisition-related intangible assets of $3.1 million, restructuring costs of $1.6 million, and a legal settlement of $4.8 million.\n\n\nForrester is providing guidance for 2024 as follows:\n\n\nFull-Year 2024 (GAAP):\n\n\n\nTotal revenues of approximately $430 million to $450 million\n\n\n\nOperating mar...

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