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Stockholders' Equity (Tables)

9 Months Ended

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 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