$FORR
FORRESTER RESEARCH, INC.

2021 Q1 Form 10-Q Financial Statement

#000156459021024560 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $113.8M $106.3M
YoY Change 6.99% 5.66%
Cost Of Revenue $44.61M $38.16M
YoY Change 16.89% -5.41%
Gross Profit $69.18M $68.18M
YoY Change 1.45% 15.5%
Gross Profit Margin 60.8% 64.11%
Selling, General & Admin $57.62M $59.88M
YoY Change -3.77% -3.44%
% of Gross Profit 83.29% 87.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.290M $2.406M
YoY Change -4.82% 18.93%
% of Gross Profit 3.31% 3.53%
Operating Expenses $57.62M $59.88M
YoY Change -3.77% -3.44%
Operating Profit $7.536M $721.0K
YoY Change 945.21% -106.62%
Interest Expense $1.129M $1.538M
YoY Change -26.59% -34.61%
% of Operating Profit 14.98% 213.31%
Other Income/Expense, Net -$470.0K $310.0K
YoY Change -251.61% -214.81%
Pretax Income $5.937M -$494.0K
YoY Change -1301.82% -96.35%
Income Tax $2.000M $19.00K
% Of Pretax Income 33.69%
Net Earnings $3.956M -$513.0K
YoY Change -871.15% -96.15%
Net Earnings / Revenue 3.48% -0.48%
Basic Earnings Per Share $0.21 -$0.03
Diluted Earnings Per Share $0.21 -$0.03
COMMON SHARES
Basic Shares Outstanding 19.06M 18.71M
Diluted Shares Outstanding 19.29M 18.71M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $125.6M $69.80M
YoY Change 79.94% -6.93%
Cash & Equivalents $125.6M $69.82M
Short-Term Investments
Other Short-Term Assets $41.80M $43.60M
YoY Change -4.13% 29.76%
Inventory
Prepaid Expenses
Receivables $68.80M $59.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $236.3M $172.9M
YoY Change 36.67% -2.7%
LONG-TERM ASSETS
Property, Plant & Equipment $100.3M $93.00M
YoY Change 7.85% -5.01%
Goodwill $245.7M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.500M $7.100M
YoY Change 5.63% -6.58%
Total Long-Term Assets $427.4M $435.4M
YoY Change -1.84% -5.9%
TOTAL ASSETS
Total Short-Term Assets $236.3M $172.9M
Total Long-Term Assets $427.4M $435.4M
Total Assets $663.7M $608.3M
YoY Change 9.11% -5.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $400.0K $400.0K
YoY Change 0.0% -66.67%
Accrued Expenses $54.70M $51.50M
YoY Change 6.21% -26.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.50M $10.20M
YoY Change 22.55% 45.07%
Total Short-Term Liabilities $284.1M $257.4M
YoY Change 10.37% -4.6%
LONG-TERM LIABILITIES
Long-Term Debt $92.30M $104.2M
YoY Change -11.42% -27.5%
Other Long-Term Liabilities $95.00M $88.60M
YoY Change 7.22% 361.58%
Total Long-Term Liabilities $187.3M $192.8M
YoY Change -2.85% 18.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $284.1M $257.4M
Total Long-Term Liabilities $187.3M $192.8M
Total Liabilities $471.5M $450.1M
YoY Change 4.75% -9.36%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $192.2M $158.2M
YoY Change
Total Liabilities & Shareholders Equity $663.7M $608.3M
YoY Change 9.11% -5.01%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $3.956M -$513.0K
YoY Change -871.15% -96.15%
Depreciation, Depletion And Amortization $2.290M $2.406M
YoY Change -4.82% 18.93%
Cash From Operating Activities $40.55M $21.82M
YoY Change 85.82% -16.03%
INVESTING ACTIVITIES
Capital Expenditures $1.468M $2.401M
YoY Change -38.86% -13.38%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.468M -$2.401M
YoY Change -38.86% -99.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -991.0K -15.29M
YoY Change -93.52% -110.1%
NET CHANGE
Cash From Operating Activities 40.55M 21.82M
Cash From Investing Activities -1.468M -2.401M
Cash From Financing Activities -991.0K -15.29M
Net Change In Cash 37.61M 1.448M
YoY Change 2497.65% -102.27%
FREE CASH FLOW
Cash From Operating Activities $40.55M $21.82M
Capital Expenditures $1.468M $2.401M
Free Cash Flow $39.08M $19.42M
YoY Change 101.23% -16.34%

Facts In Submission

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<p style="margin-top:12pt;margin-bottom:0pt;margin-left:2.27%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Reclassification</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Effective for the first quarter of 2021, the Company modified its key metrics, as further described in Item 2. Management’s Discussions and Analysis of Financial Condition and Results of Operations. </span><span style="color:#000000;">As part of these changes, beginning January 1, 2021, the Company is classifying all components of its subscription research products within the Research revenues financial statement line on the Consolidated Statements of Operations. In prior periods, the separate advisory session performance obligations included in any of the Company’s subscription research products were classified within the Consulting revenues financial statement line. Prior periods have been reclassified to conform to the current presentation which resulted in approximately $1.4 million of revenue being reclassified from Consulting revenues to Research revenues during the three months ended March 31, 2020. This reclassification had no impact on the amount of total revenues previously reported.</span></p>
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CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
16623000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
16582000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
16208000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
14233000
CY2021Q1 forr Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
27076000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
102364000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
15623000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
86741000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
73810000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
12174000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
74567000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
86741000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
113781000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
106345000
CY2021Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2020Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2021Q1 forr Contract With Customer Contract Period
ContractWithCustomerContractPeriod
P1Y
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
72300000
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
69900000
CY2020Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1920000
CY2020Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax
462000
CY2020Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-1181000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
489000000.0
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
708000
CY2021Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
86000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
63000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
731000
CY2021Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
8800000
CY2020Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
8100000
CY2021Q1 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2020Q1 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2021Q1 forr Derivative Maturity Year
DerivativeMaturityYear
2022
CY2021Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-259000
CY2020Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
13000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000000.0
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19000
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.038
CY2021Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2301000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax
-1000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
4000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax
-73000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
186000
CY2021Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
58468000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19061000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18705000
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
227000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19288000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18705000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
980000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
185766000
CY2021Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2134000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2492000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
3956000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
190000
CY2021Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2301000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
192237000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
158088000
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1053000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2802000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-513000
CY2020Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-1181000
CY2020Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1920000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
158172000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
292000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
35.46
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
30000
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
36.04
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
262000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
35.40
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1859000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
262000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
35.40
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1859000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2492000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2802000
CY2021Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
535000000.0
CY2021Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2020Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2021Q1 forr Cumulative Repurchase Of Common Stock
CumulativeRepurchaseOfCommonStock
16300000
CY2021Q1 forr Cumulative Common Stock Purchased Program Life To Date Value
CumulativeCommonStockPurchasedProgramLifeToDateValue
474900000
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
113781000
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3903000
CY2021Q1 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
118000
CY2021Q1 forr Interest Expense Other Income Expense And Gains Losses On Investments
InterestExpenseOtherIncomeExpenseAndGainsLossesOnInvestments
-1599000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5937000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
106345000
CY2020Q1 us-gaap Cost Of Revenue
CostOfRevenue
38162000
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
59875000
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4712000
CY2020Q1 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
2875000
CY2020Q1 forr Interest Expense Other Income Expense And Gains Losses On Investments
InterestExpenseOtherIncomeExpenseAndGainsLossesOnInvestments
-1215000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-494000

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