CAMBRIDGE, Mass., April 2, 2020 /PRNewswire/ --
Forrester (NASDAQ: FORR) today announced an update to its
events lineup scheduled for the second quarter of 2020. Forrester
previously announced that its SiriusDecisions Summit will be
delivered as a virtual event. Today, the company announced that its
CX Sydney and CX North America events will also be held
virtually. Additionally, Forrester is canceling its Technology
& Innovation conferences in Europe and Asia
Pacific.
The company made these decisions after careful consideration, in
light of the escalating global COVID-19 pandemic and continued
travel restrictions. The health and well-being of its employees,
partners, customers, and vendors remains Forrester's top priority.
The ongoing impact of COVID-19 on Forrester's business remains
difficult to project. The company is monitoring the rapidly
evolving situation closely and will continue to make adjustments
accordingly.
Forrester estimates that holding its second-quarter events
virtually or canceling them as described above will result in a
reduction in revenues of $16 million
to $19 million and a reduction in
operating income of $11 million to
$14 million. This is Forrester's
current estimate as of the date of this announcement, and the
ultimate financial impact may be affected by a number of factors,
including the number of attendees and sponsors and the company's
ability to recoup certain costs for the events.
Forrester is implementing several cost-reduction measures that,
if kept in place through the end of 2020, are expected to yield
expense savings of at least $35 million. The programs include
reductions to travel, new hiring, and employee incentive
compensation programs. The company expects to update its outlook
for the full year 2020 to reflect the above financial impact and
the other estimated effects of COVID-19 on Forrester's financial
results during its first-quarter earnings call in early May
2020.
The company currently expects to hold all third-quarter and
fourth-quarter 2020 events as planned. Please refer to the
Forrester Events website for the latest status.
About Forrester
Forrester (NASDAQ: FORR) is one of the most influential research
and advisory firms in the world. We work with business and
technology leaders to drive customer-obsessed vision, strategy, and
execution that accelerate growth. Forrester's unique insights are
grounded in annual surveys of more than 690,000 consumers and
business leaders worldwide, rigorous and objective methodologies,
and the shared wisdom of our most innovative clients. Through
proprietary research, data and analytics, custom consulting,
exclusive peer groups, certifications, and events, we are
revolutionizing how businesses grow in the age of the customer;
learn more at forrester.com.
Forward-Looking Statements
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, the
estimated revenue and operating income impact of canceling or
holding certain events as virtual conferences, the estimated
expense savings from planned cost-reduction measures, the
expectation that all third-quarter and fourth-quarter events will
be held as planned, and the planned update on the first-quarter
earnings call. 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, the number
of attendees and sponsors at the virtual events and Forrester's
ability to recoup certain costs for those and the canceled events;
the impact of health epidemics, including COVID-19, on Forrester's
business; Forrester's ability to retain and enrich memberships for
its research products and services; technology spending;
Forrester's ability to respond to business and economic conditions
and market trends; the risks and challenges inherent in
international business activities; competition and industry
consolidation; the ability to attract and retain professional
staff; Forrester's dependence on key personnel; Forrester's ability
to successfully integrate businesses that it acquires; the impact
of Forrester's outstanding debt obligations; the possibility of
network disruptions and security breaches; and possible variations
in Forrester's quarterly operating results. 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.
Contact:
Michael Doyle
Chief Financial Officer
Forrester Research, Inc.
+1 617-613-6000
mdoyle@forrester.com
Shweta Agarwal
Public Relations
Forrester Research, Inc.
+1 617-613-6805
sagarwal@forrester.com
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SOURCE Forrester