Forrester Research (FORR) 30 Apr 242024 Q1 Earnings call transcript

Good afternoon, and thank you for standing by. Welcome to Forrester's First Quarter 2024 Conference Call. [Operator Instructions]. 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. ahead. go Please

hello, this and the for today's joining quarter Thank we everyone. issued Earlier afternoon, XXXX. for our call. of you, Thanks press first release

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

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

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

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everyone. and good afternoon, George, Thanks,

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our structure. capital at Looking

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did the in repurchase approximately we period. $X.X However, worth shares million of

In program, unchanged. $XX authorization addition, approved XXXX to for a the just Guidance to increase $XX repurchase million remains Board remaining the bringing the million.

provide to continuing let the Taking some So this rate to approximately comments is be assumes mid- to million in Operating into the of for to be a business our year, $X.XX in Interest mid-single-digit expected to $X decline, share outlook guidance our all and business the $X.XX. business million year. me the range is to for Research high year approximately a the per digits full a are additional be to maintaining for of events year. be the expected guide This of in to in a are tax in consulting of range the in for high expected still expense decline the earnings X.X% outlook single to decline in to margins teens we the we on are Revenue range still XX.X%. $XXX the the million. $XXX XX%. and account,

see a As into year team. Forrester gather and expected, start be the go-to-market through year Decisions XXXX. XXXX our we we the will believe as of complete evolution we progress the will and continue to We migration challenging as momentum

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is see needed of more AI in to Forrester's from been expanded quarter consulting believe headwinds Gen marketplace. our We non-CV specifically rollout in relevant our to expect the ongoing Thank Despite trends. to taking Izola testament challenges, George. these Furthermore, has stay for the today. businesses, this we The these tool our technology business. call back will never or And demand the a believe time the I the to will disruptions we you at future be for our fuel ability products. drive forefront the of technology to that, with all research hand

Thank you, Chris.

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Yes.

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And Okay. share one about then there. your have my expansion buybacks, I question

now you're think or your and a Given where you what's do this aggressive be post trading you're going being transition, to buybacks? more

Yes.

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Exactly.

comes line from the Vincent And Research. next Barrington and last of Colicchio question from

the Yes. Curious, in quarter? sequential business characterize from you change last pipeline CV how the would

pipeline growing. CV is

the on call it, at look So that that senior we can so executives in put really process. the a upscaling focus priorities for that we're [indiscernible] we major big the of are on us those sales organization, middle now more

more We make executives. to people level to higher are expecting calls

So we we organization. pipeline generate forward?And to more in How believe growth They're it. is more can opportunity. sales much driving well. a about build much have Sales they have? The very They excited pipeline. game, you really are is responding on retention sales you going math to focused do so, that the start game therefore, expect how organization

that we growth that And will pipeline believe the we're a basis. so and on weekly measuring continue,

to your people senior selling more towards progress the is Nate, And expectations? meeting

Yes, I so. think

I really leaned sales the think organization is in.

gone where enterprise We're from about rollout midst that moving this That's change They're community now. excited be. time. their to. want embraced to are our spends They've that. that Decisions. analyst the where the we've really right Forrester of That's they in We methodology access to

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weak perhaps pockets AI board? Generative across the of such consulting strength, any projects? as there are was Or And

in We I call would do times, they're to as we're strategic example, as of come TEI. projects what of did types where interest that. and call Gen Carrie. type say, a portfolio looking we as space And there's these Generative see mix heavily those an We consulting optimization right, our things also some what did. consulting AI. at do like then demand like of of cost some legacy we tech their, Vince, We like can high-tech weaknesses of work just in the some clients you we it's business work on course, our demand mix us dependent products. saw imagine, And IT that the some Gen is do in area, that's to where in

And on is QX good strong different we've wondering the if in of we and year. Chris, the pattern trends cadence usually any balance But past? quarter. past should revenue a seen of help see any earnings the through the seasonal the just from in

declines year perspective, as Vince, revenue talked from expect a we to perspective. top this to think, I see about do Look, from Yes. continue a we line

abate. up ending the by we year, the QX. as stabilizes of expect I I and to that the services on think do the Certainly, slightly see think CV flat line, start end to that should slight and you we year, get research through

slow. So, that you'll decline start to to start see

to probably same declines see slower the research we're think of those should the the as consulting And we the for year. story the to say business I end start it's going that through then abate rest get there and challenged year. remain of I think the start on events, as to side, get and better the line I'd on

Thank Finn, for turn Chris back call Mr. concludes you. At time, remarks. session. to closing like the That Q&A CFO, our to I'd this

the just call was everyone. to Yes. everybody, talking It for joining Thanks, today.

If you. you any or questions, please up Ed. Thank with myself have follow

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