Forrester Research (FORR) 4 May 232023 Q1 Earnings call transcript

Good afternoon, and thank you for standing by. Welcome to Forrester's First Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Please be advised today's conference is being recorded.

to Investor conference Relations, like Vice to now of President Tyson would turn over the the I Seely. Please go ahead.

Thank joining today's everyone. Thanks hello, you, call. and for

release of Earlier the our we this press afternoon, first XXXX. quarter issued for

If our section. in on find website a you the copy, need can one you Investors

Officer, George our Chief Chris also Here Financial Finn, of is with are Officer; us Chief Sales Executive for Chief and section discuss to Forrester's today Swan, Officer. Chief Johnson, Carrie Officer Product results Nate us Q&A with our Colony, and here Chairman; the call. the

cause undertakes operations in otherwise. future a I'd uncertainties to to statements with Reform intends, could and expectations are information, intended involve or current similar publicly of result begin, those the and actual the we or could These and as of that forward-looking to that Before meaning plans company's our discussed activities any forth and reports forward-looking whether to company results plans, estimates Exchange from different cause identify statements, Litigation in Securities Factors and Securities such like anticipates, Act events this that contain call the as believes, are will statements. Private the and filings based expressions set differ XXXX. be you no are statements. materially forward-looking within obligation and future the results to update Commission, the of these statements forward-looking on Words new remind expects, risks of

items an today performance affecting adjusted excludes we which Lastly, will consistent be on calls, with comparability. our our basis, previous discussing

believe reporting appropriate adjusted on a the comparison basis with our is GAAP, an basis While reporting numbers adjusted on not for and that meaningful discussion. provides we basis in an accordance

items these of from You results press our list excluded adjusted release. in a detailed can find

over to with hand And George. I'll it that,

I first Forrester's Tyson. quarter welcome to would you, investor call. Thank like everyone to

will through are two XXXX business expect two economy, QX and impact is transition These downsize today by year we our guidance presentation, higher-than-expected for that challenges, potentially a technology, headcount we and X% of product will in are in restructuring Chris moments. that the announced navigating through Accordingly, for our the factors uncertain through the our issuing particularly having will persist and into company which we they remainder Decisions. noted a I XXXX, take the and you the few new As in XXXX. an Forrester to

these in is remain challenges, confident Forrester where going. we Despite

customer is to strategy and Our drive resonant leaders obsessed for growth with clients. technology business

new companies value delivers a that the high product proven to large have We we serve.

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call since we Given And two out. natural has will question our is, results, what are factors the changed that there last reported?

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give hand then a call I financial Over like following will and over would remarks, you, the Sales And Officer. to Nate's Chief update, take now Finn Nate. Chris questions. Forrester's will we to Swan, Nate

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in of the Forrester have With all company out, we setting continuing thoughts a you to by with the in the meet place ahead. for in end full the of positions forward I CV in building have look to years we the are sharing strong Decisions my two-thirds on progress. year, and up confidence and team of the growth I achieving

our over me Let go Chris? it now to hand over Chris to financials.

good Thanks everyone. and Nate, afternoon,

the you great and have first of covered Nate we that detailed additional provide I'd results, and already. overview on our a George details our announced to guidance. like a Today, today reductions quarter with cost updated deal

during transition product major a through going is Forrester economic times. difficult

creating announced are a performance what this facing. fell based that, aligns has we not revenue With in expected and financial we we his our for better revised quarter earlier go-to-market on QX Nate increasingly difficult macroeconomic while our structure restructuring today margin outlook and cost performance more our the foundation only Our the as short with softened organization efficiently remarks, to that in our for and of expansion but by our future. aligns growth outlook, plan environment year noted that CV a

quarter for me retention flat was Total Let million, last year, get our the of quarter overview in of a to XX%. $XXX.X X% million, results. now representing and quarter into Revenue contract points value first the to a year-over-year. wallet first decline $XXX was declined quarter-over-quarter X detailed

Forrester Decisions, was quarter, portfolio quarter in both came prior Regarding from metrics. but wallet XX% the outperforming still client and the XX% retention retention down for at overall

migration. once XXX% to product have continue a our last be bit as quarter, be through efforts, As we wallet fully discussed but overall ultimately the to above migration retention consistently lumpy we expect we

Decisions on reported. exiting quarter, total from when at first up points We continue progress XX make with migration of XX% last we efforts, the our to Forrester now our CV

Now at with growth discontinued in revenue came smaller for products CV to by XXXX. X%, X% our offset a by from decline products. line. deeper Research the period product revenue reprint million flat the in our and $XX.X in a growing This dive performance decrease and research for subscription other impacted compared was quarter, revenue our same by in of

new to QX by decline count both were decrease lower retention, in dollar CV our performance was affected a as metrics growth. last numbers year-over-year, down portfolio continue above mentioned on XX primarily and that reporting. however, a was which year, due I as from also which Decisions the client and both our the previously, was are perform declined retention Our retention points enrichment we to in overall Forrester steady, business Client wallet

we've during were this environment the Our quarter, declines macro consulting impacts timeframe. previously, a ongoing driven focus These by the business $XX.X everything coupled decline million posted of CV mentioned with revenue XX%. first in largely given on

alongside are shifting exclusively selling, part consulting specifically custom Decisions, be restructuring, As existing consulting. can to custom our offerings sold we our pre-packaged developing away Forrester from that with

We Forrester improved retention of client expect to engagement this change lead Decisions. performance, product and to

them. take serve what to and to action clients better to continue need our We around organize

had And events minimal in the hold finally, of our terms not the quarter we in events any revenue did we during business, as first period.

lower by the compared first an decreased the driven from compared billable to down the adjusted XX.X% basis. or $X.X the first rent. expenses million higher first quarter, $XX.X in in Operating driven Let compensation services, XXXX. the million XXXX. million quarter and revenue as by in of $X.X X.X% me on of lower continue of the expense for to X%, or was of P&L fees quarter operating for million the at growth by current Interest minimally income revenue the $X.X costs, professional XX% Largely top-line, declined by quarter to quarter

XX% per XX% decreased the income share net $X.X Earnings the in Finally, decreased to period. $X.XX in year's year-ago to compared $X.XX to to quarter. $X.X previous million million compared

hand. million the us quarter paid We our of outstanding repurchase million activities investments capital down operating on authorization Looking any not of we us million cash was from with with quarter, of $XX million. leaving capital $XX.X cash repurchase in with $X.X debt. flow quarter quarter, leaving the the was approximately our expenditure We and shares $XXX at structure, $XX debt of our exited stock and $XX intact. did And during million million first

better more today, our drive to our cost actions refine efficiently CV have discussed revenue organization to structure and taken we've our forecast with As growth we to effectively. align and

high vertical Cambridge improve in on world-class with a earlier, to to business selling out noted new and organization sales and changes our the of building that made our at along growth focus enable sales As markets, excellence will our was center selling we've train headquarters force.

details additional I'll some now provide restructuring. the regarding

We work, age will by of In have collaboration, closing for along an in-person U.S. lease workforce location. our footprint hybrid toward our office approximately that reducing our be reduced and larger international client and with moving work. hubs centers by one training X we're X%

costs actions, to net approximately approximately reinvestment, of cost approximately million $XX these to non-cash be we structural $XX $X expect expect of including savings, of $XX incur And charges. million on annualized an our for million We basis. million to

digit full XXXX, million cost guidance essentially Operating now to reduction to is terms range in the digit in to the assumes all rate $XXX tax This our expected guidance the Revenue for to $X the margin be events year. us expected is and is expansion mid- margins In in Interest XX%. high-teens, be of to year consulting a XX.X%. And $XXX the margin while expected us we million to in continuing at the maintain expense range of for in year, decline be same per are range business, guide $X.XX the to in decline the our high-single to for in share of for growth of full range business setting year. time low-single to decline a revenue expected to of research once now be allows the in account, business into million. our a are approximately for this the returns. $X.XX. XX.X% up earnings for of a approximately Taking now

have We the place. we right in firmly believe strategy

to steps with George actions and You've in heard heard his our better last myself our align expectations. structure from Nate, the you've has taken over who months days, the first regarding and we've cost large taken XXX from two

a Decisions focus albeit we're against transition our Forrester our progress making with goals. macroeconomic but we've our As on continues, backdrop, outlined, on to CV challenging and

key ahead. our taken we've past in client portfolio feedback few We've improve performance retention a Forrester metrics better and overall grow strong. be percentage than what's difficult but months, prepare in continue remains better to Decisions those metrics Forrester the actions importantly, made the an effort decisions CV, and our to to most of continues as for

Thank time taking you today. the all for

to hand some Let over for get before into it George Q&A. we now me concluding remarks

Thank you, Chris.

While to taken growth. the than the have played first position had actions quarter to we out return expected, we company to differently

clients aligns expenses transition to with good to forward power restructuring Nate's research Our Decisions. Under continue sales we expected Forrester our push we leadership, from our great. to And revenue. taking platform are to

Through as in In those value. Forrester's challenging resume business, number from has years to and of economies move will stronger a Forrester's company. weathered we changes. technology moments and research We all agility of forward XX creativity growing emerged people, a of it the contract

With that, I'm the to operator take hand back to questions. going we call the and will

Thank Instructions] comes Our Andrew [Operator Blair. you. from with question first Nicholas William

Your line is open.

mentioned things Hi, you prepared for back? I gotten transition wanted environment. your laid ask quarter, worse versus have is questions. seems out It kind to by about taking of year. maybe my Thanks this good the remarks, you two I on couple the reach like a where think last months two-thirds of since CV in major afternoon. FD totally understand end George, expectation of But still growth macro areas your changed of the to what's the

there it Is taking attrition than the than longer So just more is legacy expected business. expected? you had on

more of -- Just piece on what's what changed. trying to bit get on a color little that

it is not will work And to new that's good just is not help. lumpiness But team as results factor easily going But quickly it's lumpy And just what's Decisions's that's Forrester quarter-to-quarter, a renewing very this moving this your flow the business again, going look, of here. et cetera. business transition It quarter-by-quarter to results, predictable happening. to a be were also not mean, on lot and was. I this. good, predictable. And to Andrew. at I Yes, in doing think still new going rebuild be is business. We're are early rates, higher Nate's results here way with as a

the And ticket budget just do then is price anything have with Understood. about general? freezes Or higher you more it? to FD on think like in do it

consulting XX% -- definitely it is not this legacy is this is to from not look, products. compared a product, the contracts, think, high-priced up large I but

model on holding product. SiriusDecisions And move of the of new them So a them it's the clinging time there's clients much to way, understand higher new legacy even is product old legacy the the to new those value there. taking But help on little Forrester By a it's the and primarily to products. than model to, to either two the bit hesitancy the model. old, just

that's other here, this? any So, on Carrie, -- insight

you think right. I it No, said

a the turning terms of excited the to business about this would George can do the In new I more new that buyer, toward our the price year. different with a team get what for know point, proposition, say. this like we're we'll and At value new than of Forrester, end sure, by even said, goals so

you. Thank Okay.

market them there's really Andrew, of ways, tech so are them which them the et a with with is think, large is to ways. two little -- for CMO, Decisions help CIO, going But go-to-market. -- we is I this FMI bit their the never in Sales, in helping with worked we companies, now Forrester the cetera new to before. of Head

new motion this taking that's to to understand time and and that it's a them and understand is -- accept -- that. a with the to So vendors

So that's slowing bit. us also little a down

my to all And Got it. side. No, very wanted for follow-up the ask on question, I then that's consulting helpful.

more And you more from revenue that mentioned you. in it little in about time doing terms bit expectation consulting, think of consulting. that I Can Thank away spend packaged you shift? the primary macro or related? talking a little lower the of is bit is custom driver shifting a consulting,

it's I Carrie. is This Sure. would say two-fold.

and have, packaged the businesses, We few our in last to strategy content and is first Chris into both marketing compare way separate our XXXX mentioned, half of XXXX. the of slowing a that and quarters, this the tough even by demand, in the move in consulting seen consulting

Decisions talked rightsizing restructuring macroeconomic on part critical frankly business, believe force largely of that's consulting as tied our while these growing this that our as consulting laser-focused And our but we a And is the sales really that to today CV. forward, moving and really So more relates consulting business of we profitably. that's the about plus both outcomes think will to business clients conditions. well, a really is it that more of our the Forrester some pre-packaged part the that, help drives of and as of to move we CV consulting

you. Thank

moment question. our One for next

Our next Sidoti. comes with question from Anja Soderstrom

open. is line Your

questions. you thank my taking for Yeah,

do headwinds how are internal these just think compared to you So, environment transition due Forrester macro much to Decisions? the the to

question all A time I'd in it's ask that ourselves actually. say we the XX-XX range.

around room heads are It's half half environment. probably us, the nodding. the Looking here, the

-- how changing you you just in-depth on reaching you And you're can Okay. talk the a sales are little bit and other how with have? go-to-market this how C-suite more force the

Yes, absolutely. Great question.

So, I & I Operations brought the Head recently in excited a joining recently really her the and is in -- brought this team. about of new speaking, by Enablement, Nate way.

there's us speaking sales engagements, that force. for was because a where on to. Traditionally very higher We where only this with is the FD we that additional seats product with the to for is, that did follow and will a We our that pre-packaged more enabling be to it's whether Carrie get not you then in not additional the the have going or to team opportunities that is value level, engagements our C-suite. on to the believe other expand of are legacy once team to engagements lot value seats you organization. products, transition consulting That's money really get call focused and need to where

to job conversations. them those better a of to have so, need we enabling And do

to low-cost really have are up over that C-level to two walk in our outcome they What work say, them? actually for? to used we our my going does looking will line initiative to need quarters in don't the to working a have next we for can is I've enabling of because you're business on? What's to those people they expecting do And that conversations they're buy they that be step have into to we A have a convinced. sales I'm And conviction conversations. confident executive? impact are organization What "We and buy being your the game a they about and on what convinced, impact C-suite mean them is it investment able career So that." because able

lot to we'll see of we're team the start that throughout on that able QX leadership plan to probably in rest having QX, a some working in my QX, with roll be on into on later expect I working that impact QX and progress of out, the So hopefully We've and to that. and year, on that be the got timeframe.

some from expecting So change perspective. that

then And where are the the in terms done? being the of of cuts Okay. headcounts, most

it's good Yeah, question. Chris. is a This

So, of was is consulting. research. for A small the lesser cost our to it and areas degree a certain though, against [indiscernible]. with well-resourced clients. better number mentioned, the are align regard needs and reduction G&A about our Especially to research as of We're X% certainly and to committed balance materially overall with across you the outlook structure sales the the really of year. Impacted

So, we we unchanged as a coverage have areas go and the agenda remain forward research didn't robust here.

it, break restructuring As about by half the you sales. was don't out functional numbers the se, area of really per in

of and that at beginning last sales the time. just part organization affected plan. the from year the had as for January restructuring recall the so really might with back Nate you started in we the As of wasn't did

ramp So we wanted time and give thorough investment. to him some up really to a do

So in those be pre-package with the of we reflected on in focused consulting selling alongside The to restructuring will realignment consulting rest largely changes offering that's here said restructuring as now. what's restructuring really location in about the rest then our the and of And quarters was of some U.S. was business. content it perspective, marketing a then from three the streamlining FD and of internationally. the

start? you're annual expecting, to the when is Okay. that cost $XX savings that is million going to And going in in regards to --

it Yes, immediately. starts pretty much

majority and buckets. smaller rent then our labor. of the other As It's from million million. you of And it a coming then of is few coming out the about can savings $XX imagine, rest $XX the of are

you. Thank was me. That all Okay. for

you much. very Thank

you. Thank

our One moment next for question.

Our next Colicchio with question comes from Vincent Barrington Research.

line Your open. is

George. what the buying not that vision? are of are curious, FD do client you think I'm losses into Yes, portion clients

year. this can this Carrie. renew Vince, product Clients old is still the

think to talked clients don't earlier still challenges new They more the some necessarily option business our do that's I have old. opting of So renew We on the side. the out.

an is commonality? I you lost. I And any more small some that losses, had last as question that are enterprise think the well? are And the on another verticals case? quarter Is know Or still it sort company you that there client there especially of clients lot is a of issue?

Vince, currently they're and it roll those tide, on continuing rolling again, roll vendors, the on small with out. Yes, small out vendors tide the

Decisions those user it's Forrester and and about -- and users enterprises. look Forrester -- enterprises. we're Nate, for calling more our players we're more about is if really So and And expensive designed -- user you really higher bit go-forward, about is more for it's CV a at large

So answer it's small vendors. questions, again, mainly your -- to

what the the stock thoughts expect repurchasing are ahead? given weakness company's And on

Yes.

it's question, Vince. good So, a

to of keeping business, Our in the we value just reinvest same opportunistic, paying as Right comes priorities and much M&A at being opportunities go remain when dry pretty allocations, we conservative here. being creating down forward are around, the and it looking and use cash powder debt. capital now,

stock repurchases purchase So, still place, are any but we have we that this moment. is approximately $XX in at still on authorization stock not million contemplating very much

know the morale Has there, How I Nate. but for would involuntary tough voluntary attrition curious. picked one sales force? the say up? a out sorry, is -- And you just as in it's environment

attrition pretty stayed has the good. Actually,

figure can be to be be think able more sales successful. how the to to they looking force and successful I out is hungry really

to I more. the think opportunity they're excited about learn

we that is one build a things the skills. At Forrester, of really to learning strikes looking think is culture. me are I everybody

sales that And and successful And learn, be make And so bring more love they grow. to develop going more should and grow, culture the we're and as they money. develop people learn organization. into to

we money. They very and want they to And know to coin-operated more successful. I all salespeople make think are want be

So be in I going on they're think to all that.

While they it perfectly able bright week was have and to have the coming of coming ahead this roads out I to a be should more week, us they there honest. than successful. this to be into organization impact and suite, tough successful think be opportunity are were to And for higher for call this this, be very

the should the side. this, money salespeople day earn difficult very coming other a more of it's of some out While this on on

Thank Okay. you.

much. very thanks Vince,

Thanks.

at to to for [Operator I'm closing call remarks. I'd over further back showing not any questions Instructions] And this the like turn time. any management

this like conversations have evening. would the have if you you Thank a weeks any I And hope to days for team, joining reach is and Tyson. follow-up Please us you. This ahead. you IR to all in out weekend. Thank nice all

Thank you.

presentation. Ladies this today's and concludes gentlemen,

now have may a and disconnect, wonderful day. You