Forrester Research Reports 2024 Second-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 second quarter ended June 30, 2024, with contract value (CV) at $323.0 million, down 3% compared with the prior year.\n\n\n“We are pleased with the progress we made this quarter with our product migration, and we are on track to hit our target of 80% of CV on the Forrester Decisions platform by year-end. CV metrics continue to stabilize, we have added significant enhancements to the platform, and retention shows improvement from the prior quarter,” said CEO and Chairman George F. Colony. “That said, our non-CV businesses, consulting and events, had a challenging quarter, which caused us to lower 2024 guidance. We are focused on stabilizing those businesses and are increasingly confident of returning to CV growth by the end of the year.”\n\n\nSecond-Quarter Consolidated Results\n\n\nTotal revenues for the second quarter of 2024 were $121.8 million, compared with $135.6 million for the comparable quarter in 2023.\n\n\nOn a GAAP basis, net income was $6.3 million, or $0.33 per diluted share, for the second quarter of 2024, compared with net income of $5.3 million, or $0.28 per diluted share, for the same period in 2023.\n\n\nOn an adjusted basis, net income was $12.9 million, or $0.68 per diluted share, for the second quarter of 2024, reflecting an adjusted effective tax rate of 29%. Adjusted net income excludes stock-based compensation of $4.0 million, amortization of acquisition-related intangible assets of $2.5 million, and restructuring costs of $0.1 million. This compares with adjusted net income of $18.1 million, or $0.94 per diluted share, for the same period in 2023, which reflects an adjusted tax rate of 29%. Adjusted net income for the second quarter of 2023 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.\n\n\nForrester is providing guidance for 2024 as follows:\n\n\nFull-Year 2024 (GAAP):\n\n\n\nTotal revenues of approximately $425 million to $435 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 65% to 80%\n\n\n\nEarnings per share of approximately $0.06 to $0.19\n\n\n\nFull-Yea...

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