Forrester Research, Inc. (FORR) SEC Filing 10-Q Quarterly Report for the period ending Saturday, September 30, 2023

Exhibit 99.1

FOR IMMEDIATE RELEASE

Forrester Research Reports 2023 Third-Quarter Financial Results

CAMBRIDGE, Mass., October 26, 2023 — Forrester Research, Inc. (Nasdaq: FORR) today announced financial results for the third quarter ended September 30, 2023, with flat contract value (CV) at $349.4 million, compared with the prior year.

“While our contract value remained flat this quarter due to persistent headwinds, we now have approximately $200 million of CV on the Forrester Decisions platform and remain on track to convert two-thirds of our CV to Forrester Decisions by the end of the year,” said CEO and Chairman George F. Colony. “We continue to improve the Forrester Decisions platform. These enhancements include the development of Izola, our generative AI system, and the expansion of client outcomes. Izola will enable clients to find answers faster, and outcomes will better align Forrester’s value with client challenges. We remain resolute in our pursuit of growing CV and accelerating the ongoing journey to create a high-performance sales culture.”

Third-Quarter Consolidated Results

Total revenues for the third quarter of 2023 were $113.4 million, compared with $127.7 million for the comparable quarter in 2022.

On a GAAP basis, net income was $2.5 million, or $0.13 per diluted share, for the third quarter of 2023, compared with a net income of $5.4 million, or $0.28 per diluted share, for the same period in 2022.

On an adjusted basis, net income was $8.6 million, or $0.44 per diluted share, for the third quarter of 2023, reflecting an adjusted effective tax rate of 29%. Adjusted net income excludes stock-based compensation of $4.1 million and amortization of acquisition-related intangible assets of $3.0 million. This compares with an adjusted net income of $10.9 million, or $0.57 per diluted share, for the same period in 2022, which reflects an adjusted tax rate of 30%. Adjusted net income for the third quarter of 2022 excludes stock-based compensation of $3.9 million and amortization of acquisition-related intangible assets of $3.4 million.