FORRESTER RESEARCH, INC. (FORR): restructuring charge — Forrester Q4 revenue down 13.7%; full-year revenue down 11%; CV down 4%; 2024 guide weak

FORRESTER RESEARCH, INC.

2023-FY EPS reported $0.16 revenue$480,779,000

Q4 revenue $118.1M (down 13.7% YoY); GAAP EPS -$0.03, adjusted EPS $0.25 (down from $0.45).
Full-year 2023 revenue $480.8M (down 10.6% YoY); GAAP EPS $0.16, adjusted EPS $1.90 (down from $2.46).
Contract value (CV) down 4% to $332.1M; expects return to CV growth in 2025.
Workforce reduction of ~3% ($3.5M-$3.9M charges); SF office closure ($3.8M impairment).
2024 guidance: revenue $430M-$450M (decline 6-11%); adjusted EPS $1.50-$1.70.

item 2.02 item 2.05 item 2.06 item 5.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FORRESTER RESEARCH, INC. reported the quarter and year ended December 31, 2023 results: revenue $118.1 million, net income net loss was $0.7 million, or $0.03 per diluted share.

Period: the quarter and year ended December 31, 2023
Revenue: $118.1 million
Net income: net loss was $0.7 million, or $0.03 per diluted share
Result: reported results

Exact text from the filing

and organizational foundations to enable the company to return to CV growth in 2025.” Fourth-Quarter Consolidated Results Total revenues for the fourth quarter of 2023 were $118.1 million, compared with $136.9 million for the comparable quarter in 2022. On a GAAP basis, net loss was $0.7 million, or $0.03 per diluted share, for the fourth quarter of 2023, compared

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

FORRESTER RESEARCH, INC. announced a restructuring with charges of approximately $3.5 million to $3.9 million affecting various geographies and functions (approximately 3% of its employees).

Type: restructuring
Charge: approximately $3.5 million to $3.9 million
Affected area: various geographies and functions
Headcount: approximately 3% of its employees

Exact text from the filing

On February 8, 2024, the Company announced a reduction in its workforce of approximately 3% of its employees across various geographies and functions. Notification to affected persons commenced December 20, 2023 and is expected to be completed by February 29, 2024. The Company expects to incur pre-tax expenses of approximately $3.5 million to $3.9 million in the fourth quarter of 2023 and the first quarter of 2024 related principally to cash severance and related benefit costs for terminated employees.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

FORRESTER RESEARCH, INC. announced a impairment with charges of approximately $3.8 million affecting 150 Spear Street, San Francisco, California.

Type: impairment
Charge: approximately $3.8 million
Affected area: 150 Spear Street, San Francisco, California

Exact text from the filing

The Company anticipates incurring a non-cash asset impairment charge of approximately $3.8 million in the first quarter of 2024 in connection with this reduction in space.

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FORRESTER RESEARCH, INC. filing history →

Source: SEC EDGAR

accession 0001193125-24-028351

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