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Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders' Equity

Note 14 — 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

 

Equity Plans

 

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

 

 

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

 

No stock options were exercised during the three and nine months ended September 30, 2025.

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,

 

 

 

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

 

 

 

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,

 

 

 

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

 

Liability-Classified Awards

During 2025, the Company granted stock awards that are being accounted for as liability awards, such that the fair value of the awards are determined on a quarterly basis beginning at the grant date until final vesting. Changes in the fair value of liability-classified awards do not result in an impact to the Company’s stockholders’ equity balance. During the nine months ended September 30, 2025, the Company recorded $0.3 million of stock-based compensation expense related to these awards.

Treasury Stock

As of September 30, 2025, Forrester’s Board of Directors had authorized an aggregate $610.0 million to purchase common stock under its stock repurchase program. 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, 2025, the Company repurchased approximately 0.2 million shares of common stock at an aggregate cost of approximately $2.5 million and the Company paid $44 thousand of excise taxes related to its 2024 purchases during the nine months ended September 30, 2025. During the three and nine months ended September 30, 2024, the Company repurchased approximately 0.3 million shares and 0.7 million shares of common stock at an aggregate cost of approximately $5.0 million and $13.0 million, respectively. From the inception of the program through September 30, 2025, the Company repurchased 18.2 million shares of common stock at an aggregate cost of $532.5 million.