Forrester Research Reports 2022 Third-Quarter Financial Results

On 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.

Forrester is providing fourth-quarter and full-year 2022 financial guidance as follows:

Fourth Quarter 2022 (GAAP):

• Total revenues of approximately $134 million to $144 million
• Operating margin of approximately 1.0% to 3.0%
• Interest expense of approximately $0.7 million
• An effective tax rate of approximately 32%
• Earnings per share of approximately $0.03 to $0.13

Fourth Quarter 2022 (Adjusted):

Adjusted financial guidance for the fourth quarter of 2022 excludes stock-based compensation expense of $3.5 million to $3.7 million, amortization of acquisition-related intangible assets of approximately $3.1 million, and any investment gains or losses.

• Adjusted operating margin of approximately 6.0% to 8.0%
• Adjusted effective tax rate of approximately 30%
• Adjusted diluted earnings per share of approximately $0.28 to $0.38

Full Year 2022 (GAAP):

• Total revenues of approximately $535 million to $545 million
• Operating margin of approximately 7.0% to 8.0%
• Interest expense of approximately $2.5 million
• An effective tax rate of approximately 32%
• Earnings per share of approximately $1.25 to $1.35

Full Year 2022 (Adjusted):

Adjusted financial guidance for full-year 2022 excludes stock-based compensation expense of $14.5 million to $14.7 million, amortization of acquisition-related intangible assets of approximately $13.2 million, and any investment gains or losses.

• Adjusted operating margin of approximately 12.0% to 13.0%
• Adjusted effective tax rate of approximately 30%
• Adjusted diluted earnings per share of approximately $2.30 to $2.40

About Forrester

Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We help leaders across technology, marketing, customer experience, digital, product, and sales functions use customer obsession to accelerate growth. Through Forrester's proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work — to navigate change and put their customers at the center of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ evaluations; over 70 million real-time feedback votes; and the shared wisdom of our clients. To learn more, visit Forrester.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, Forrester's financial guidance for the fourth quarter of and full-year 2022 and statements about the performance of Forrester Decisions, Forrester's ability to manage costs, and Forrester's future financial performance and financial condition. These statements are based on Forrester's current plans and expectations and involve risks and uncertainties that could cause actual future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors that could cause actual future activities and results to differ include, among others, Forrester's ability to retain and enrich memberships for its research products and services; Forrester's ability to fulfill existing or generate new consulting engagements and advisory services; technology spending; the risks and challenges inherent in international business activities; the impact of health epidemics, including COVID-19, on Forrester's business; Forrester's ability to offer new products and services; Forrester's dependence on key personnel; Forrester's ability to attract and retain professional staff; Forrester's ability to respond to business and economic conditions and market trends; the impact of Forrester's outstanding debt obligations; competition and industry consolidation; possible variations in Forrester's quarterly operating results; concentration of ownership of Forrester; the possibility of network disruptions and security breaches; any failure to enforce and protect Forrester's intellectual property rights; compliance with privacy laws; taxation risks; any weakness in Forrester's system of internal controls; and the amount and timing of the repurchase of Forrester stock. Forrester undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information, please refer to Forrester's reports and filings with the Securities and Exchange Commission.

The consolidated statements of operations and the table of key financial data are attached.

Contact:

Tyson Seely
Vice President, Investor Relations
Forrester Research, Inc.
+1 617-613-6805
tseely@forrester.com

Shweta Agarwal
Senior Director, Public Relations
Forrester Research, Inc.
+1 617-613-6805
sagarwal@forrester.com

© 2022, Forrester Research, Inc. All rights reserved. Forrester is a trademark of Forrester Research, Inc.

Forrester Research, Inc.
Consolidated Statements of Income
(Unaudited, in thousands, except per share data)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2022		2021		2022		2021
Revenues:
Research		$               87,038		$               79,876		$             262,265		$             235,846
Consulting		37,382		37,393		115,075		116,903
Events		3,259		867		23,556		7,838
Total revenues		127,679		118,136		400,896		360,587
Operating expenses:
Cost of services and fulfillment		52,717		49,836		166,959		149,571
Selling and marketing		44,231		41,340		133,249		123,175
General and administrative		16,448		14,383		47,897		41,895
Depreciation		2,374		2,342		6,992		6,887
Amortization of intangible assets		3,352		3,696		10,068		11,567
Integration costs		—		—		—		334
Total operating expenses		119,122		111,597		365,165		333,429
Income from operations		8,557		6,539		35,731		27,158
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