Q3 2024 Forrester Research Inc Earnings Call Transcript
Key Points
- Forrester Research Inc (FORR) is ahead of schedule on the Forrester Decisions (FD) migration, with 78% of contract value now in FD, and expects to finish the year with over 80%.
- The company saw strong performance in premier high-tech international and government sectors, including a significant $2.5 million deal with a multinational tech company in Asia Pacific.
- Forrester Decisions' unique continuous guidance model is gaining traction, with the Isola AI research portal becoming the third most used feature on the platform.
- The company divested its non-core FeedbackNow product line, receiving $6 million in cash and a $9 million note, allowing a sharper focus on the Forrester Decisions platform.
- Retention metrics are stabilizing, with client retention slightly up and Forrester Decisions-specific client retention remaining well above overall client retention.
- Forrester Research Inc (FORR) experienced a 10% decline in revenue for the quarter, with contract value declining by 5%.
- The consulting business saw a 17% decrease in revenue, and the events business experienced a 54% decline compared to the previous year.
- Operating income decreased by 33% due to revenue declines in consulting and events, impacting overall profitability.
- Net income and earnings per share decreased by 35% and 34% respectively, compared to the same quarter last year.
- The company is navigating through a challenging macroeconomic environment, which has impacted CV bookings and overall financial performance.
Good afternoon and thank you for standing by. Welcome to Forresters third quarter, 2024 conference call at this time. All participants are in a listen-only mode after the speaker's presentation, there will be a question and answer session.
Please be advised that today's conference is being recorded.
I would now like to turn the conference over to Vice President of corporate development and investor relations. Ed Bryce Morris. Please go ahead.
Thank you and hello everyone. Thanks for joining today's call. Earlier this afternoon, we issued our press release for the third quarter, 2024. If you need a copy, you can find one on our website in the investors section here with us today to discuss. Our results are George Colony, Forrester's Chief Executive Officer and Chairman and Chris Finn, Chief Financial Officer, Carrie Johnson, our Chief Product Officer and Nate Swan, Chief Sales Officer are also here for the Q&A section of the call before we begin. I'd
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