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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Stockholders' Equity | Note 13 — Stockholders’ Equity The components of stockholders’ equity are as follows (in thousands):
| Three Months Ended September 30, 2024 |
| Common Stock |  |  |  |  |  |  |  |  | Treasury Stock |  |  | Accumulated |  |  |  |
| Number of Shares |  |  | $0.01ParValue |  |  | Additional Paid-in Capital |  |  | Retained Earnings |  |  | Number of Shares |  |  | Cost |  |  | Other Comprehensive Loss |  |  | Total Stockholders' Equity |
Balance at June 30, 2024 |  | 24,897 |  |  | $ | 249 |  |  | $ | 285,395 |  |  | $ | 177,300 |  |  |  | 5,841 |  |  | $ | (219,164 | ) |  | $ | (6,726 | ) |  | $ | 237,054 |
Issuance of common stock under stock plans, including tax effects |  | 195 |  |  |  | 2 |  |  |  | 193 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 195 |
Repurchases of common stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 268 |  |  |  | (4,969 | ) |  |  | — |  |  |  | (4,969 | )
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 3,603 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,603 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,798 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,798 | )
Net change in marketable investments, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 107 |  |  |  | 107 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,142 |  |  |  | 4,142 |
Balance at September 30, 2024 |  | 25,092 |  |  | $ | 251 |  |  | $ | 289,191 |  |  | $ | 171,502 |  |  |  | 6,109 |  |  | $ | (224,133 | ) |  | $ | (2,477 | ) |  | $ | 234,334 |
| Three Months Ended September 30, 2023 |
| Common Stock |  |  |  |  |  |  |  |  | Treasury Stock |  |  | Accumulated |  |  |  |
| Number of Shares |  |  | $0.01ParValue |  |  | Additional Paid-in Capital |  |  | Retained Earnings |  |  | Number of Shares |  |  | Cost |  |  | Other Comprehensive Loss |  |  | Total Stockholders' Equity |
Balance at June 30, 2023 |  | 24,512 |  |  | $ | 245 |  |  | $ | 269,371 |  |  | $ | 175,860 |  |  |  | 5,332 |  |  | $ | (207,887 | ) |  | $ | (5,944 | ) |  | $ | 231,645 |
Issuance of common stock under stock plans, including tax effects |  | 160 |  |  |  | 2 |  |  |  | 282 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 284 |
Repurchases of common stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 105 |  |  |  | (3,262 | ) |  |  | — |  |  |  | (3,262 | )
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 4,144 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,144 |
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,484 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,484 |
Net change in marketable investments, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 30 |  |  |  | 30 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,435 | ) |  |  | (2,435 | )
Balance at September 30, 2023 |  | 24,672 |  |  | $ | 247 |  |  | $ | 273,797 |  |  | $ | 178,344 |  |  |  | 5,437 |  |  | $ | (211,149 | ) |  | $ | (8,349 | ) |  | $ | 232,890 |
| Nine Months Ended September 30, 2024 |
| Common Stock |  |  |  |  |  |  |  |  | Treasury Stock |  |  | Accumulated |  |  |  |
| Number of Shares |  |  | $0.01 Par Value |  |  | Additional Paid-in Capital |  |  | Retained Earnings |  |  | Number of Shares |  |  | Cost |  |  | Other Comprehensive Loss |  |  | Total Stockholders' Equity |
Balance at December 31, 2023 |  | 24,684 |  |  | $ | 247 |  |  | $ | 278,057 |  |  | $ | 177,681 |  |  |  | 5,437 |  |  | $ | (211,149 | ) |  | $ | (4,571 | ) |  | $ | 240,265 |
Issuance of common stock under stock plans, including tax effects |  | 408 |  |  |  | 4 |  |  |  | (68 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (64 | )
Repurchases of common stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 672 |  |  |  | (12,984 | ) |  |  | — |  |  |  | (12,984 | )
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 11,202 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,202 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,179 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,179 | )
Net change in marketable investments, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 131 |  |  |  | 131 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,963 |  |  |  | 1,963 |
Balance at September 30, 2024 |  | 25,092 |  |  | $ | 251 |  |  | $ | 289,191 |  |  | $ | 171,502 |  |  |  | 6,109 |  |  | $ | (224,133 | ) |  | $ | (2,477 | ) |  | $ | 234,334 |
| Nine Months Ended September 30, 2023 |
| Common Stock |  |  |  |  |  |  |  |  | Treasury Stock |  |  | Accumulated |  |  |  |
| Number of Shares |  |  | $0.01 Par Value |  |  | Additional Paid-in Capital |  |  | Retained Earnings |  |  | Number of Shares |  |  | Cost |  |  | Other Comprehensive Loss |  |  | Total Stockholders' Equity |
Balance at December 31, 2022 |  | 24,367 |  |  | $ | 244 |  |  | $ | 261,766 |  |  | $ | 174,631 |  |  |  | 5,305 |  |  | $ | (207,067 | ) |  | $ | (7,918 | ) |  | $ | 221,656 |
Issuance of common stock under stock plans, including tax effects |  | 305 |  |  |  | 3 |  |  |  | 862 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 865 |
Repurchases of common stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 132 |  |  |  | (4,082 | ) |  |  | — |  |  |  | (4,082 | )
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 11,169 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,169 |
Net income |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,713 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,713 |
Net change in marketable investments, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 52 |  |  |  | 52 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (483 | ) |  |  | (483 | )
Balance at September 30, 2023 |  | 24,672 |  |  | $ | 247 |  |  | $ | 273,797 |  |  | $ | 178,344 |  |  |  | 5,437 |  |  | $ | (211,149 | ) |  | $ | (8,349 | ) |  | $ | 232,890 |
Equity Plans Restricted stock unit activity for the nine months ended September 30, 2024 is presented below (in thousands, except per share data):
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Unvested at December 31, 2023 |  |  | 999 |  |  | $ | 37.66 |
Granted |  |  | 876 |  |  |  | 21.38 |
Vested |  |  | (380 | ) |  |  | 38.15 |
Forfeited |  |  | (146 | ) |  |  | 31.52 |
Unvested at September 30, 2024 |  |  | 1,349 |  |  | $ | 27.61 |
Stock option activity for the nine months ended September 30, 2024 is presented below (in thousands, except per share data and contractual term):
|  |  |  |  | Weighted - |  |  | Weighted - |  |  |  |
|  |  |  |  | Average |  |  | Average |  |  |  |
|  |  |  |  | Exercise |  |  | Remaining |  |  | Aggregate |
|  | Number |  |  | Price Per |  |  | Contractual |  |  | Intrinsic |
|  | of Shares |  |  | Share |  |  | Term (in years) |  |  | Value |
Outstanding at December 31, 2023 |  |  | 201 |  |  | $ | 33.93 |  |  |  |  |  |  |
Forfeited |  |  | (31 | ) |  |  | 37.46 |  |  |  |  |  |  |
Outstanding at September 30, 2024 |  |  | 170 |  |  | $ | 33.29 |  |  |  | 6.59 |  |  | $ | — |
Exercisable at September 30, 2024 |  |  | 74 |  |  | $ | 33.62 |  |  |  | 4.22 |  |  | $ | — |
Vested and expected to vest at September 30, 2024 |  |  | 170 |  |  | $ | 33.29 |  |  |  | 6.59 |  |  | $ | — |
No stock options were grant ed or exercised during the three and nine months ended September 30, 2024. Stock-Based Compensation Forrester recognizes the fair value of stock-based compensation over the requisite service period of the individual grantee, which generally equals the vesting period. Stock-based compensation was recorded in the following expense categories in the Consolidated Statements of Operations (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cost of services and fulfillment |  | $ | 2,142 |  |  | $ | 2,449 |  |  | $ | 6,777 |  |  | $ | 6,505 |
Selling and marketing |  |  | 528 |  |  |  | 790 |  |  |  | 1,685 |  |  |  | 2,094 |
General and administrative |  |  | 933 |  |  |  | 905 |  |  |  | 2,740 |  |  |  | 2,570 |
Total |  | $ | 3,603 |  |  | $ | 4,144 |  |  | $ | 11,202 |  |  | $ | 11,169 |
Forrester utilizes the Black-Scholes valuation model for estimating the fair value of options granted under the equity incentive plans and shares subject to purchase under the employee stock purchase plan, which were valued using the following assumptions:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | Employee Stock Purchase Plan |  |  | Equity Incentive Plans |  |  | Employee Stock Purchase Plan |  |  | Employee Stock Purchase Plan |  |  | Equity Incentive Plans |  |  | Employee Stock Purchase Plan |
Average risk-free interest rate |  |  | 4.55 | % |  |  | 4.27 | % |  |  | 5.51 | % |  |  | 4.55 | % |  |  | 4.27 | % |  |  | 5.51 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected life |  | 0.5 Years |  |  | 4.75 Years |  |  | 0.5 Years |  |  | 0.5 Years |  |  | 4.75 Years |  |  | 0.5 Years |
Expected volatility |  |  | 38 | % |  |  | 43 | % |  |  | 35 | % |  |  | 38 | % |  |  | 43 | % |  |  | 35 | %
Weighted average fair value |  | $ | 4.86 |  |  | $ | 14.24 |  |  | $ | 7.90 |  |  | $ | 4.86 |  |  | $ | 14.24 |  |  | $ | 7.90 |
Treasury Stock As of September 30, 2024, Forrester’s B oard of Directors had authorized an aggregate $610.0 million to purchase common stock under its stock repurchase program, which includes an additional $25.0 million authorized in April 2024. The shares repurchased may be used, among other things, in connection with Forrester’s equity incentive and purchase plans. During the three and nine months ended September 30, 2024, the Company repurchased approximate ly 0.3 million shares and 0.7 mill ion shares of common stock at an aggregate cost of approxima tely $5.0 million and $13.0 m illion, respectively. During each of the three and nine months ended September 30, 2023, the Company repurchased approximately 0.1 million shares of common stock at an aggregate cost of approximately $3.3 and $4.1 million, respectively. From the inception of the program through September 30, 2024, the Company repurcha sed 17.8 million shares of common stock at an aggregate cost of $527.1 milli on.

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