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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Components of Stockholders' Equity | The components of stockholders’ equity are as follows (in thousands):
| Three Months Ended September 30, 2025 |
| 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, 2025 |  | 25,361 |  |  | $ | 254 |  |  | $ | 298,129 |  |  | $ | 88,575 |  |  |  | 6,282 |  |  | $ | (227,119 | ) |  | $ | (300 | ) |  | $ | 159,539 |
Issuance of common stock under stock plans, including tax effects |  | 150 |  |  |  | 1 |  |  |  | 238 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 239 |
Repurchases of common stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 240 |  |  |  | (2,496 | ) |  |  | — |  |  |  | (2,496 | )
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 3,388 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,388 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,126 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,126 | )
Net change in marketable investments, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21 |  |  |  | 21 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (893 | ) |  |  | (893 | )
Balance at September 30, 2025 |  | 25,511 |  |  | $ | 255 |  |  | $ | 301,755 |  |  | $ | 86,449 |  |  |  | 6,522 |  |  | $ | (229,615 | ) |  | $ | (1,172 | ) |  | $ | 157,672 |
| 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 |
| Nine Months Ended September 30, 2025 |
| 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, 2024 |  | 25,119 |  |  | $ | 251 |  |  | $ | 292,217 |  |  | $ | 171,934 |  |  |  | 6,282 |  |  | $ | (227,119 | ) |  | $ | (7,746 | ) |  | $ | 229,537 |
Issuance of common stock under stock plans, including tax effects |  | 392 |  |  |  | 4 |  |  |  | 29 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 33 |
Repurchases of common stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 240 |  |  |  | (2,496 | ) |  |  | — |  |  |  | (2,496 | )
Stock-based compensation expense |  | — |  |  |  | — |  |  |  | 9,509 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,509 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (85,485 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (85,485 | )
Net change in marketable investments, net of tax |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29 |  |  |  | 29 |
Foreign currency translation |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,545 |  |  |  | 6,545 |
Balance at September 30, 2025 |  | 25,511 |  |  | $ | 255 |  |  | $ | 301,755 |  |  | $ | 86,449 |  |  |  | 6,522 |  |  | $ | (229,615 | ) |  | $ | (1,172 | ) |  | $ | 157,672 |
| 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 |
Schedule of Restricted Stock Unit Activity | Restricted stock unit activity for the nine months ended September 30, 2025 is presented below (in thousands, except per share data):
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Unvested at December 31, 2024 |  |  | 1,253 |  |  | $ | 27.42 |
Granted |  |  | 1,306 |  |  |  | 9.43 |
Vested |  |  | (362 | ) |  |  | 29.11 |
Forfeited |  |  | (150 | ) |  |  | 24.69 |
Unvested at September 30, 2025 |  |  | 2,047 |  |  | $ | 15.84 |
Schedule of Stock Option Activity | Stock option activity for the nine months ended September 30, 2025 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, 2024 |  |  | 167 |  |  | $ | 33.29 |  |  |  |  |  |  |
Granted |  |  | 303 |  |  |  | 9.36 |  |  |  |  |  |  |
Forfeited |  |  | (38 | ) |  |  | 33.53 |  |  |  |  |  |  |
Outstanding at September 30, 2025 |  |  | 432 |  |  | $ | 16.48 |  |  |  | 8.63 |  |  | $ | 376 |
Exercisable at September 30, 2025 |  |  | 72 |  |  | $ | 33.37 |  |  |  | 5.93 |  |  | $ | — |
Vested and expected to vest at September 30, 2025 |  |  | 432 |  |  | $ | 16.48 |  |  |  | 8.63 |  |  | $ | 376 |
Summary of Stock-Based Compensation Recorded in Expense Categories in Consolidated Statements of Operations | 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, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Cost of services and fulfillment |  | $ | 2,220 |  |  | $ | 2,142 |  |  | $ | 6,398 |  |  | $ | 6,777 |
Selling and marketing |  |  | 414 |  |  |  | 528 |  |  |  | 913 |  |  |  | 1,685 |
General and administrative |  |  | 739 |  |  |  | 933 |  |  |  | 2,520 |  |  |  | 2,740 |
Total |  | $ | 3,373 |  |  | $ | 3,603 |  |  | $ | 9,831 |  |  | $ | 11,202 |
Fair Value of Options Granted Under Equity Incentive Plan and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions | Forrester utilizes the Black-Scholes valuation mod el 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, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Employee Stock Purchase Plan |  |  | Employee Stock Purchase Plan |  |  | Employee Stock Purchase Plan |  |  | Equity Incentive Plans |  |  | Employee Stock Purchase Plan |
Average risk-free interest rate |  |  | 3.84 | % |  |  | 4.55 | % |  |  | 3.84 | % |  |  | 3.91 | % |  |  | 4.55 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected life |  | 0.5 Years |  |  | 0.5 Years |  |  | 0.5 Years |  |  | 4.50 Years |  |  | 0.5 Years |
Expected volatility |  |  | 52 | % |  |  | 38 | % |  |  | 52 | % |  |  | 36 | % |  |  | 38 | %
Weighted average fair value |  | $ | 2.90 |  |  | $ | 4.86 |  |  | $ | 2.90 |  |  | $ | 3.38 |  |  | $ | 4.86 |

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