Forrester Research, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The report was filed on November 8, 2024
Forrester Research, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $102.5 million from $113.4 million in the same quarter the previous year. The decrease is attributed to declines in research, consulting, and events revenues.
Research revenues decreased to $77.1 million from $80.6 million, primarily due to a decline in contract value and lower client bookings.
Consulting revenues fell to $23.4 million from $28.2 million, driven by decreased delivery of consulting services.
Events revenues decreased to $2.1 million from $4.6 million, due to lower sponsorship and ticket sales.
Cost of services and fulfillment was $42.2 million, representing 41.1% of total revenues, compared to 42.3% in the same quarter of the previous year.
Selling and marketing expenses decreased to $38.3 million from $40.0 million, primarily due to reduced compensation and benefit costs.
General and administrative expenses increased slightly to $15.7 million from $15.1 million.
Depreciation and amortization expenses decreased to $1.9 million and $2.3 million, respectively.
The company recorded a loss from the sale of a divested operation, FeedbackNow, amounting to $1.8 million.
Net loss for the quarter was $5.8 million, compared to a net income of $2.5 million in the previous year.
Forrester reported a cash balance of $64.996 million at the end of the period, with a net decrease in cash of $10.046 million during the quarter.
The company repurchased approximately 0.3 million shares of common stock during the quarter at an aggregate cost of $5.0 million.
Forrester's credit facility remains at $35.0 million with a maturity date in December 2026, and the company was in full compliance with its covenants.
The filing also details changes in segment reporting, restructuring costs, and updates on legal proceedings and contingencies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Forrester Research Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].
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