EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Forrester Research Reports 2023 Fourth-Quarter And Full-Year Financial Results
CAMBRIDGE, Mass., February 8, 2024 Forrester Research, Inc. (Nasdaq: FORR) today announced fourth-quarter and full-year
financial results for 2023, with contract value (CV) down by 4%, at $332.1 million, compared with the prior year.
Commenting on the results,
George F. Colony, Forresters CEO and chairman, stated, 2023 was a challenging year, with revenue down 11% and CV down by 4%. However, we made steady progress in 2023 on multiple fronts, including improving the Forrester Decisions
platform, upskilling the sales organization, and readying our genAI tool, Izola, for general release. Furthermore, we achieved our goal of migrating two-thirds of our contract value into our new research
platform, Forrester Decisions.
We see 2024 as the final transition year in the Forrester Decisions migration, and this is reflected in our 2024
guidance. We expect pressures throughout the year on CV, key retention metrics, and revenue. However, we have built the product, go-to-market, and organizational
foundations to enable the company to return to CV growth in 2025.
Fourth-Quarter Consolidated Results
Total revenues for the fourth quarter of 2023 were $118.1 million, compared with $136.9 million for the comparable quarter in 2022.
On a GAAP basis, net loss was $0.7 million, or $0.03 per diluted share, for the fourth quarter of 2023, compared with a net loss of $1.6 million, or
$0.09 per diluted share, for the same period in 2022.
On an adjusted basis, net income was $4.8 million, or $0.25 per diluted share, for the
fourth quarter of 2023, reflecting an adjusted effective tax rate of 29%. Adjusted net income excludes stock-based compensation of $4.3 million, amortization of acquisition-related intangible assets of $2.8 million, restructuring
costs of $1.1 million, and investment gains of $0.2 million. This compares with adjusted net income of $8.5 million, or $0.45 per diluted share, for the same period in 2022, which reflects an adjusted tax rate of 30%. Adjusted net
income for the fourth quarter of 2022 excludes stock-based compensation of $3.5 million, amortization of acquisition-related intangible assets of $3.1 million, restructuring costs of $9.3 million, and investment losses of
$0.1 million.
Year Ended December 31, 2023, Financial Performance
Total revenues were $480.8 million, compared with $537.8 million for the same period in 2022.