Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, $.01 Par Value | |
Trading Symbol | FORR | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | FORRESTER RESEARCH, INC. | |
Entity Central Index Key | 0001023313 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 19,171,000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 000-21433 | |
Entity Tax Identification Number | 04-2797789 | |
Entity Address, Address Line One | 60 Acorn Park Drive | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02140 | |
City Area Code | 617 | |
Local Phone Number | 613-6000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 129,332 | $ 90,257 |
Marketable investments | 17,018 | 0 |
Accounts receivable, net of allowance for expected credit losses of $1 and $708 as of September 30, 2021 and December 31, 2020, respectively | 52,317 | 84,695 |
Deferred commissions | 18,059 | 23,620 |
Prepaid expenses and other current assets | 21,393 | 18,588 |
Total current assets | 238,119 | 217,160 |
Property and equipment, net | 29,743 | 27,032 |
Operating lease right-of-use assets | 67,630 | 69,296 |
Goodwill | 245,212 | 247,211 |
Intangible assets, net | 66,260 | 77,995 |
Other assets | 7,828 | 5,524 |
Total assets | 654,792 | 644,218 |
Current Liabilities: | ||
Accounts payable | 700 | 657 |
Accrued expenses and other current liabilities | 69,483 | 76,620 |
Current portion of long-term debt | 12,500 | 12,500 |
Deferred revenue | 194,164 | 179,968 |
Total current liabilities | 276,847 | 269,745 |
Long-term debt, net of deferred financing fees | 86,364 | 95,299 |
Non-current operating lease liabilities | 68,395 | 70,323 |
Other non-current liabilities | 22,034 | 23,085 |
Total liabilities | 453,640 | 458,452 |
Commitments and contingencies (Note 4, 13) | 0 | 0 |
Stockholders' Equity (Note 11): | ||
Preferred stock, $0,01 par value Authorized - 500 shares; issued and outstanding - none | ||
Common stock, $0.01 par value Authorized - 125,000 shares Issued - 1 and 23,648 shares as of September 30, 2021 and December 31, 2020, respectively Outstanding - 1 and 19,017 shares as of September 30, 2021 and December 31, 2020, respectively | 240 | 236 |
Additional paid-in capital | 241,968 | 230,128 |
Retained earnings | 144,802 | 127,981 |
Treasury stock - 1 and 4,631 shares as of September 30, 2021 and December 31, 2020 respectively | (182,535) | (171,889) |
Accumulated other comprehensive loss | (3,323) | (690) |
Total stockholders’ equity | 201,152 | 185,766 |
Total liabilities and stockholders’ equity | $ 654,792 | $ 644,218 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for expected credit losses | $ 672 | $ 708 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 24,042,000 | 23,648,000 |
Common stock, shares outstanding | 19,178,000 | 19,017,000 |
Treasury stock, shares | 4,864,000 | 4,631,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Total revenues | $ 118,136 | $ 108,577 | $ 360,587 | $ 328,463 |
Operating expenses: | ||||
Selling and marketing | 41,340 | 42,209 | 123,175 | 121,599 |
General and administrative | 14,383 | 12,475 | 41,895 | 35,936 |
Depreciation | 2,342 | 2,544 | 6,887 | 7,398 |
Amortization of intangible assets | 3,696 | 4,722 | 11,567 | 14,147 |
Integration costs | 0 | 328 | 334 | 3,815 |
Total operating expenses | 111,597 | 108,403 | 333,429 | 316,337 |
Income from operations | 6,539 | 174 | 27,158 | 12,126 |
Interest expense | (1,056) | (1,259) | (3,251) | (4,104) |
Other expense, net | (195) | (274) | (866) | (165) |
Gain on investments, net | 0 | 0 | 0 | 2,365 |
Income (loss) before income taxes | 5,288 | (1,359) | 23,041 | 10,222 |
Income tax expense | 766 | 2,401 | 6,220 | 2,658 |
Net income (loss) | $ 4,522 | $ (3,760) | $ 16,821 | $ 7,564 |
Basic income (loss) per common share | $ 0.24 | $ (0.20) | $ 0.88 | $ 0.40 |
Diluted income (loss) per common share | $ 0.23 | $ (0.20) | $ 0.87 | $ 0.40 |
Basic weighted average common shares outstanding | 19,134 | 18,872 | 19,107 | 18,779 |
Diluted weighted average common shares outstanding | 19,388 | 18,872 | 19,351 | 18,873 |
Research [Member] | ||||
Revenues: | ||||
Total revenues | $ 79,876 | $ 74,445 | $ 235,846 | $ 223,746 |
Consulting [Member] | ||||
Revenues: | ||||
Total revenues | 37,393 | 33,001 | 116,903 | 98,464 |
Events [Member] | ||||
Revenues: | ||||
Total revenues | 867 | 1,131 | 7,838 | 6,253 |
Cost of Services and Fulfillment [Member] | ||||
Operating expenses: | ||||
Cost of services and fulfillment | $ 49,836 | $ 46,125 | $ 149,571 | $ 133,442 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 4,522 | $ (3,760) | $ 16,821 | $ 7,564 |
Other comprehensive Income (loss) net of tax: | ||||
Foreign currency translation | (1,508) | 2,577 | (3,086) | 1,542 |
Net change in market value of investments | (4) | 0 | (4) | 0 |
Net change in market value of interest rate swap | 128 | 205 | 457 | (931) |
Other comprehensive Income (loss) | (1,384) | 2,782 | (2,633) | 611 |
Comprehensive income (loss) | $ 3,138 | $ (978) | $ 14,188 | $ 8,175 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 16,821 | $ 7,564 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 6,887 | 7,398 |
Impairment of property and equipment | 0 | 626 |
Amortization of intangible assets | 11,567 | 14,147 |
Net gains from investments | 0 | (2,365) |
Deferred income taxes | (2,157) | (1,600) |
Stock-based compensation | 7,351 | 7,964 |
Operating lease right-of-use assets, amortization, and impairments | 8,742 | 10,525 |
Amortization of deferred financing fees | 703 | 736 |
Amortization of premium on investments | 25 | 0 |
Foreign currency losses | 1,033 | 277 |
Changes in assets and liabilities: | ||
Accounts receivable | 31,052 | 30,226 |
Deferred commissions | 5,562 | 5,916 |
Prepaid expenses and other current assets | (3,394) | 1,693 |
Accounts payable | 64 | 1,183 |
Accrued expenses and other liabilities | (6,870) | (22,481) |
Deferred revenue | 16,132 | (23,554) |
Operating lease liabilities | (8,526) | (9,056) |
Net cash provided by operating activities | 84,992 | 29,199 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (9,845) | (7,279) |
Purchases of marketable investments | (18,549) | 0 |
Proceeds from maturities of marketable investments | 1,500 | |
Other investing activity | 44 | 4,335 |
Net cash used in investing activities | (26,850) | (2,944) |
Cash flows from financing activities: | ||
Payments on borrowings | (9,375) | (21,031) |
Repurchases of common stock | (10,646) | |
Deferred acquisition payments | (1,064) | |
Proceeds from issuance of common stock under employee equity incentive plans | 7,840 | 3,514 |
Taxes paid related to net share settlements of stock-based compensation awards | (3,347) | (2,876) |
Net cash used in financing activities | (15,528) | (21,457) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,464) | (580) |
Net change in cash, cash equivalents and restricted cash | 41,150 | 4,218 |
Cash, cash equivalents and restricted cash, beginning of period | 90,652 | 69,192 |
Cash, cash equivalents and restricted cash, end of period | 131,802 | 73,410 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 2,532 | 3,385 |
Cash paid for income taxes | $ 7,366 | $ 2,338 |
Interim Consolidated Financial
Interim Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Interim Consolidated Financial Statements | Note 1 — Interim Consolidated Financial Statements Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. It is recommended that these financial statements be read in conjunction with the consolidated financial statements and related notes that appear in the Forrester Research, Inc. (“Forrester”) Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the financial position, results of operations, comprehensive income (loss), and cash flows as of the dates and for the periods presented have been included. The results of operations for the three and nine months ended September 30, 2021 may not be indicative of the results for the year ending December 31, 2021 , or any other period. Reclassification Effective for the first quarter of 2021, the Company modified its key metrics, as further described in Item 2. Management’s Discussions and Analysis of Financial Condition and Results of Operations. As part of these changes, beginning January 1, 2021, the Company is classifying all components of its subscription research products within the Research revenues financial statement line on the Consolidated Statements of Operations. In prior periods, the separate advisory session performance obligations included in any of the Company’s subscription research products were classified within the Consulting revenues financial statement line. Prior periods have been reclassified to conform to the current presentation which resulted in approximately $ 1.6 million and $ 4.5 million of revenue being reclassified from Consulting revenues to Research revenues during the three and nine months ended September 30, 2020 , respectively. This reclassification had no impact on the amount of total revenues previously reported. Presentation of Restricted Cash The following table summarizes the end-of-period cash and cash equivalents from the Company's Consolidated Balance Sheets and the total cash, cash equivalents and restricted cash as presented on the accompanying Consolidated Statements of Cash Flows (in thousands). Nine Months Ended September 30, 2021 2020 Cash and cash equivalents $ 129,332 $ 73,027 Restricted cash classified in (1): Prepaid expenses and other current assets 215 345 Other assets 2,255 38 Cash, cash equivalents and restricted cash shown in statement of cash flows $ 131,802 $ 73,410 (1) Restricted cash consists of collateral required for leased office space and credit card processing outside of the U.S. The short-term or long-term classification regarding the collateral for the leased office space is determined in accordance with the expiration of the underlying leases. Adoption of New Accounting Pronouncements The Company adopted the guidance in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes on January 1, 2021 . The standard provides guidance to simplify the accounting for income taxes in certain areas, changes the accounting for select income tax transactions, and makes other minor improvements. The adoption of this standard did not have a material impact on the Company’s financial position or results of operations. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“Topic 326”). The standard amends the existing financial instrument incurred loss impairment model by requiring entities to use a forward-looking approach based on expected losses and to consider a broader range of reasonable and supportable information to estimate credit losses on certain types of financial instruments, including trade receivables. On January 1, 2020 , the Company adopted the standard using the modified retrospective method in which prior periods are not adjusted, and recorded a cumulative effect adjustment of $ 0.2 million to decrease retained earnings. The Company adopted the guidance in ASU No. 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment on January 1, 2020 . The new standard simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test and requires that instead, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The adoption of this standard did not impact the Company’s financial position or results of operations. The Company adopted the guidance in ASU No. 2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement on January 1, 2020 . The new standard modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement , including changes to fair value transfers and Level 3 fair value measurements. Changes required upon adoption of this standard are included in Note 8 – Fair Value Measurements and did not impact the Company’s financial position or results of operations. The Company adopted the guidance in ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract on January 1, 2020 . The new standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The adoption of this standard did not have a material impact on the Company’s financial position or results of operations. Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Finance Reporting . The new standard provides optional guidance for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting due to the risk of cessation of the London Interbank Offered Rate (“LIBOR”). The updates apply to contracts, hedging relationships, and other transactions that reference LIBOR, or another reference rate expected to be discontinued because of reference rate reform, and as a result require a modification. An entity may elect to apply the amendments immediately or at any point through December 31, 2022. The adoption of this standard will not have a material impact on the Company’s financial position or results of operations as the Company's only interest rate swap, which is based on LIBOR, will terminate prior to the cessation of LIBOR. |
Marketable Investments
Marketable Investments | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Investments | Note 2 — Marketable Investments The following table summarizes the Company’s marketable investments (in thousands): As of September 30, 2021 Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value Corporate obligations $ 17,024 $ — $ ( 6 ) $ 17,018 Total $ 17,024 $ — $ ( 6 ) $ 17,018 Realized gains and losses on investments are included in earnings and are determined using the specific identification method. There were no realized gains or losses on the sale of the Company’s marketable investments during the three and nine months ended September 30, 2021. The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of September 30, 2021 (in thousands). FY 2021 FY 2022 FY 2023 Total Corporate obligations $ 1,500 $ 11,471 $ 4,047 $ 17,018 Total $ 1,500 $ 11,471 $ 4,047 $ 17,018 The following table shows the gross unrealized losses and market value of the Company’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): As of September 30, 2021 Less Than 12 Months 12 Months or Greater Market Unrealized Market Unrealized Value Losses Value Losses Corporate obligations $ 15,640 $ 6 $ — $ — Total $ 15,640 $ 6 $ — $ — |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 3 — Goodwill and Other Intangible Assets Goodwill Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair values of the tangible and identifiable intangible net assets acquired. Goodwill is not amortized; however, it is required to be tested for impairment annually, which requires assessment of the potential impairment at the reporting unit level. Testing for impairment is also required on an interim basis if an event or circumstance indicates it is more likely than not an impairment loss has been incurred. The Company performed its annual impairment testing as of November 30, 2020 utilizing a qualitative assessment to determine if it was more likely than not that the fair values of each of its reporting units was less than their respective carrying values and concluded that no impairments existed. Subsequent to completing the annual test and through September 30, 2021, there were no events or circumstances that required an interim impairment test. Accordingly, as of September 30, 2021 , the Company had no accumulated goodwill impairment losses. Approximately $ 8.2 million of goodwill is allocated to the Company’s Consulting reporting unit, which had a negative carrying value as of the date of the last test. The change in the carrying amount of goodwill for the nine months ended September 30, 2021 is summarized as follows (in thousands): Total Balance at December 31, 2020 $ 247,211 Translation adjustments ( 1,999 ) Balance at September 30, 2021 $ 245,212 Finite-Lived Intangible Assets The carrying values of finite-lived intangible assets are as follows (in thousands): September 30, 2021 Gross Net Carrying Accumulated Carrying Amount Amortization Amount Amortizable intangible assets: Customer relationships $ 78,371 $ 23,665 $ 54,706 Technology 16,772 12,426 4,346 Trademarks 12,467 5,259 7,208 Total $ 107,610 $ 41,350 $ 66,260 December 31, 2020 Gross Net Carrying Accumulated Carrying Amount Amortization Amount Amortizable intangible assets: Customer relationships $ 78,450 $ 17,277 $ 61,173 Technology 16,956 10,197 6,759 Trademarks 12,495 2,432 10,063 Total $ 107,901 $ 29,906 $ 77,995 Estimated intangible asset amortization expense for each of the five succeeding years is as follows (in thousands): 2021 (remainder) $ 3,560 2022 13,184 2023 11,942 2024 9,899 2025 8,879 Thereafter 18,796 Total $ 66,260 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 4 — Debt On January 3, 2019, the Company entered into a $ 200.0 million credit agreement (the “Credit Agreement”). The Credit Agreement provides for: (1) senior secured term loans in an aggregate principal amount of $ 125.0 million (the “ Term Loans ”) and (2) a senior secured revolving credit facility in an aggregate principal amount of $ 75.0 million (the “ Revolving Credit Facility ”). The Credit Agreement is scheduled to mature on January 3, 2024 . The Credit Agreement permits the Company to borrow incremental term loans and/or increase commitments under the Revolving Credit Facility in an aggregate principal amount up to $ 50.0 million, subject to approval by the administrative agent and certain customary terms and conditions. The Term Loans and Revolving Credit Facility can be repaid early, in part or in whole, at any time and from time to time, without premium or penalty, other than customary breakage reimbursement requirements for LIBOR based loans. The Term Loans must be prepaid with net cash proceeds of (i) certain debt incurred or issued by Forrester and its restricted subsidiaries and (ii) certain asset sales and condemnation or casualty events, subject to certain reinvestment rights. Amounts borrowed under the Credit Agreement bear interest, at Forrester’s option, at a rate per annum equal to either (i) LIBOR for the applicable interest period plus a margin that is between 1.75 % and 2.50 % based on Forrester’s consolidated total leverage ratio, or (ii) the alternate base rate plus a margin that is between 0.75 % and 1.50 % based on Forrester’s consolidated total leverage ratio. In addition, the Company pays a commitment fee that is between 0.25 % and 0.35 % per annum, based on Forrester’s consolidated total leverage ratio, on the average daily unused portion of the Revolving Credit Facility, payable quarterly, in arrears. The Term Loans require repayment of the outstanding principal balance in quarterly installments each year, with the balance repayable on the maturity date, subject to customary exceptions. As of September 30, 2021, the amount payable in each year is set forth in the table below (in thousands): 2021 (remainder) 3,125 2022 12,500 2023 15,625 2024 68,750 Total remaining principal payments $ 100,000 The Revolving Credit Facility does not require repayment prior to maturity, subject to customary exceptions. The Company has $ 74.1 million of available borrowing capacity on the Revolving Credit Facility (not including the expansion feature) as of September 30, 2021 . Proceeds from the Revolving Credit Facility can be used towards working capital and general corporate purposes. Up to $ 5.0 million of the Revolving Credit Facility is available for the issuance of letters of credit, and any drawings under the letters of credit must be reimbursed within one business day. As of September 30, 2021 , $ 0.9 million in letters of credit were issued under the Revolving Credit Facility. Forrester incurred $ 1.8 million in costs related to the Revolving Credit Facility, which are recorded in other assets on the Consolidated Balance Sheets. These costs are being amortized as interest expense on the Consolidated Statements of Operations on a straight-line basis over the five-year term of the Revolving Credit Facility. Forrester incurred $ 2.8 million in costs related to the Term Loans, which are recorded as a reduction to the face value of long-term debt on the Consolidated Balance Sheets. These costs are being amortized as interest expense on the Consolidated Statements of Operations utilizing the effective interest rate method. Outstanding Borrowings The following table summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands): Description: September 30, 2021 December 31, 2020 Principal amount outstanding (1) (2) $ 100,000 $ 109,375 Less: Deferred financing fees ( 1,136 ) ( 1,576 ) Net carrying amount $ 98,864 $ 107,799 (1) This amount consists entirely of the outstanding Term Loan balance. (2) The contractual annualized interest rate as of September 30, 2021 on the Term loan facility was 2.125 %, which consisted of LIBOR of 0.125 % plus a margin of 2.000 %. However, the Company has an interest rate swap that effectively converts the floating LIBOR base rates on a portion of the amounts outstanding to a fixed base rate. Refer to Note 7 – Derivatives and Hedging for further information on the swap. The weighted average annual effective rate on the Company's total debt outstanding for the three and nine months ended September 30, 2021 , was 2.125 % and 2.132 %, respectively. The Credit Agreement contains certain customary restrictive loan covenants, including among others, financial covenants that apply a maximum leverage ratio and minimum fixed charge coverage ratio. The maximum leverage ratio is based on total debt outstanding at the measurement date divided by EBITDA (as defined in the Credit Agreement) and the fixed charge coverage ratio is based upon EBITDA (as defined in the Credit Agreement), less capital expenditures, as a ratio to certain fixed charges, including Term Loan amortization, cash interest expense and cash taxes. The negative covenants limit, subject to various exceptions, the Company’s ability to incur additional indebtedness, create liens on assets, merge, consolidate, liquidate or dissolve any part of the Company, sell assets, pay dividends or other payments in respect to capital stock, change fiscal year, or enter into certain transactions with affiliates and subsidiaries. The Credit Agreement also contains customary events of default, representations, and warranties. As of September 30, 2021, the Company is in compliance with its financial covenants under the Credit Agreement. The Company currently forecasts that it will be in compliance with its financial covenants for at least one year from the issuance of these interim financial statements. All obligations under the Credit Agreement are unconditionally guaranteed by each of the Company’s existing and future, direct and indirect material wholly-owned domestic subsidiaries, other than certain excluded subsidiaries, and are collateralized by a first priority lien on substantially all tangible and intangible assets including intellectual property and all of the capital stock of the Company and its subsidiaries (limited to 65 % of the voting equity of certain subsidiaries). |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 5 — Leases All of the Company’s leases are operating leases, the majority of which are for office space. Operating lease right-of-use (“ROU”) assets and non-current operating lease liabilities are included as individual line items on the Consolidated Balance Sheets, while short-term operating lease liabilities are recorded within accrued expenses and other current liabilities. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets and are not material. The components of lease expense were as follows (in thousands): For the Three Months Ended September 30, 2021 2020 Operating lease cost $ 3,999 $ 4,114 Short-term lease cost 120 81 Variable lease cost 1,472 1,539 Sublease income ( 192 ) ( 65 ) Total lease cost $ 5,399 $ 5,669 For the Nine Months Ended September 30, 2021 2020 Operating lease cost $ 11,881 $ 12,049 Short-term lease cost 306 245 Variable lease cost 4,187 4,555 Sublease income ( 358 ) ( 190 ) Total lease cost $ 16,016 $ 16,659 Additional lease information is summarized in the following table (in thousands, except lease term and discount rate): For the Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of operating $ 8,526 $ 9,056 Operating lease ROU assets obtained in exchange for lease $ 7,505 $ 16,117 Weighted-average remaining lease term - operating leases (years) 6.1 6.6 Weighted-average discount rate - operating leases 4.3 % 4.6 % Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of September 30, 2021 are as follows (in thousands): Operating Lease Sublease Payments Cash Receipts 2021 (remainder) $ 3,829 $ 67 2022 16,581 839 2023 16,534 606 2024 16,176 625 2025 14,228 — Thereafter 26,963 — Total lease payments and estimated sublease cash receipts 94,311 $ 2,137 Less imputed interest ( 13,493 ) Present value of lease liabilities $ 80,818 Lease balances as of September 30, 2021 are as follows (in thousands): Operating lease ROU assets $ 67,630 Short-term operating lease liabilities (1) $ 12,423 Non-current operating lease liabilities 68,395 Total operating lease liabilities $ 80,818 (1) Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets. The Company’s leases do not contain residual value guarantees, material restrictions or covenants. During the nine months ended September 30, 2021, the Company subleased one of its facilities in San Francisco, California. The sublease agreement expires in 2024 and (i) does not include renewal and termination options, (ii) provides for customary escalations of lease payments in the normal course of business, and (iii) grants the subtenant certain allowances, such as free rent. The Company incurred $1.4 million of ROU asset impairments during the nine months ended September 30, 2020 related to facility leases from the SiriusDecisions, Inc. acquisition that the Company no longer used as a result of the integration of SiriusDecisions. These impairments are recorded in integration costs on the Consolidated Statements of Operations. |
Revenue and Related Matters
Revenue and Related Matters | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Related Matters | Note 6 – Revenue and Related Matters Disaggregated Revenue The Company disaggregates revenue as set forth in the following tables (in thousands): Revenue by Geography For the Three Months Ended September 30, For the Nine Months Ended September 30, Revenues: (1) 2021 2020 2021 2020 North America $ 94,700 $ 89,478 $ 290,967 $ 272,657 Europe 15,102 11,861 45,771 35,436 Asia Pacific 6,721 6,015 19,435 16,793 Other 1,613 1,223 4,414 3,577 Total $ 118,136 $ 108,577 $ 360,587 $ 328,463 (1) Revenue location is determined based on where the products and services are consumed. Contract Assets and Contract Liabilities Accounts Receivable Accounts receivable includes amounts billed and currently due from customers. Since the only condition for payment of the Company’s invoices is the passage of time, a receivable is recorded on the date an invoice is issued. Also included in accounts receivable are unbilled amounts resulting from revenue exceeding the amount billed to the customer, where the right to payment is unconditional. If the right to payment for services performed was conditional on something other than the passage of time, the unbilled amount would be recorded as a separate contract asset. There were no contract assets as of September 30, 2021 or 2020. The majority of the Company’s contracts are non-cancelable. However, for contracts that are cancelable by the customer, the Company does not record a receivable when it issues an invoice. The Company records accounts receivable on these contracts only up to the amount of revenue earned but not yet collected. In addition, since the majority of the Company’s contracts are for a duration of one year and payment is expected within one year from the transfer of products and services, the Company does not adjust its receivables or transaction prices for the effects of a significant financing component. Deferred Revenue The Company refers to contract liabilities as deferred revenue on the Consolidated Balance Sheets. Payment terms in the Company’s customer contracts vary, but generally require payment in advance of fully satisfying the performance obligation(s). Deferred revenue consists of billings in excess of revenue recognized. Similar to accounts receivable, the Company does not record deferred revenue for unpaid invoices issued on a cancelable contract. During the three months ended September 30, 2021 and 2020 , the Company recognized $ 25.0 million and $ 25.5 million of revenue, respectively, related to its deferred revenue balances at the beginning of each such period. During the nine months ended September 30, 2021 and 2020 , the Company recognized $ 140.9 million and $ 138.6 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period. Approximately $ 370.4 million of revenue is expected to be recognized during the next 24 months from remaining performance obligations as of September 30, 2021. Reserves for Credit Losses The allowance for expected credit losses on accounts receivable for the nine months ended September 30, 2021 is summarized as follows (in thousands): Total Balance at December 31, 2020 $ 708 Provision for expected credit losses 347 Write-offs ( 383 ) Balance at September 30, 2021 $ 672 When evaluating the adequacy of the allowance for expected credit losses, the Company makes judgments regarding the collectability of accounts receivable based, in part, on the Company’s historical loss rate experience, customer concentrations, management’s expectations of future losses as informed by current economic conditions, and changes in customer payment terms. If the expected financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. If the expected financial condition of the Company’s customers were to improve, the allowances may be reduced accordingly. Cost to Obtain Contracts The Company capitalizes commissions paid to sales representatives and related fringe benefits costs that are incremental to obtaining customer contracts. These costs are included in deferred commissions on the Consolidated Balance Sheets. The Company accounts for these costs at a portfolio level as the Company’s contracts are similar in nature and the amortization model used closely matches the amortization expense that would be recognized on a contract-by-contract basis. Costs to obtain a contract are amortized to earnings over the initial contract term, which is the same period the related revenue is recognized. Amortization expense related to deferred commissions for the three months ended September 30, 2021 and 2020 was $ 10.0 million and $ 9.9 million, respectively. Amortization expense related to deferred commissions for the nine months ended September 30, 2021 and 2020 was $ 28.9 million and $ 27.1 million, respectively. The Company evaluates the recoverability of deferred commissions at each balance sheet date and there were no impairments recorded during the nine months ended September 30, 2021 and 2020 . |
Derivatives and Hedging
Derivatives and Hedging | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Note 7 — Derivatives and Hedging The Company has a derivative contract (an interest rate swap) to mitigate the cash flow risk associated with changes in interest rates on its variable rate debt (refer to Note 4 – Debt ). The Company accounts for its derivative contract in accordance with FASB ASC Topic 815 – Derivatives and Hedging (“Topic 815”) , which requires all derivatives, including derivatives designated as accounting hedges, to be recorded on the balance sheet at fair value. Interest Rate Swap At September 30, 2021 , the Company had a single interest rate swap contract that matures in 2022 , with an initial notional amount of $ 95.0 million. The notional amount at September 30, 2021 was $ 41.3 million. The Company pays a base fixed rate of 1.65275 % and in return receives the greater of (1) 1-month LIBOR, rounded up to the nearest 1/ 16 of a percent, or (2) 0.00 %. The fair value of the swap on September 30, 2021 was a liability of $ 0.5 million (refer to Note 8 – Fair Value Measurements for information on determining the fair value). The liability is included in other non-current liabilities on the Consolidated Balance Sheets. The swap has been designated and accounted for as a cash flow hedge of the forecasted interest payments on the Company’s debt. As long as the swap continues to be a highly effective hedge of the designated interest rate risk, changes in the fair value of the swap are recorded in accumulated other comprehensive income (loss), a component of equity in the Consolidated Balance Sheets. Any ineffective portion of a change in the fair value of a hedge is recorded in earnings. As required under Topic 815, the swap’s effectiveness is assessed on a quarterly basis. Since its inception, and through September 30, 2021, the interest rate swap was considered highly effective. Accordingly, the entire negative fair value as of September 30, 2021 of $ 0.4 million, net of taxes, is recorded in accumulated other comprehensive income (loss). The Company expects $ 0.3 million of this loss, net of taxes, to be reclassified into earnings within the next 12 months. Realized gains or losses related to the interest rate swap are included as operating activities in the Consolidated Statements of Cash Flows. Foreign Currency Forwards The Company enters into foreign currency forward exchange contracts to mitigate the effects of adverse fluctuations in foreign currency exchange rates on transactions entered into in the normal course of business that are denominated in foreign currencies that differ from the local functional currency. These contracts generally have short durations and are recorded at fair value with both realized and unrealized gains and losses recorded in other expense, net in the Consolidated Statements of Operations because the Company does not designate these contracts as hedges for accounting purposes. During the nine months ended September 30, 2021, the Company entered into four foreign currency forward exchange contracts, all of which settled by September 30, 2021. Accordingly, as of September 30, 2021, there is no amount recorded in the Consolidated Balance Sheets for these contracts. During the nine months ended September 30, 2020, the Company entered into three foreign currency forward exchange contracts, all of which settled by September 30, 2020. Accordingly, as of September 30, 2020, there were no amounts recorded in the Consolidated Balance Sheets for these contracts. The Company’s derivative counterparties are investment grade financial institutions. The Company does not have any collateral arrangements with these counterparties and the derivative contracts do not contain credit risk related contingent features. The table below provides information regarding amounts recognized in the Consolidated Statements of Operations for the derivative contracts for the periods indicated (in thousands): Three Months Ended Nine Months Ended September 30, September 30, Amount recorded in: 2021 2020 2021 2020 Interest expense (1) $ ( 183 ) $ ( 318 ) $ ( 646 ) $ ( 556 ) Other expense, net (2) ( 43 ) — ( 79 ) ( 157 ) Total $ ( 226 ) $ ( 318 ) $ ( 725 ) $ ( 713 ) (1) Consists of interest expense from the interest rate swap contract. (2) Consists of net realized gains and losses on foreign currency forward contracts . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8 — Fair Value Measurements The carrying amounts reflected on the Consolidated Balance Sheets for cash, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term maturities. The Company’s financial instruments also include its outstanding variable-rate borrowings (refer to Note 4 – Debt ). The Company believes that the carrying amount of its variable-rate borrowings reasonably approximate their fair values because the rates of interest on those borrowings reflect current market rates of interest. Additionally, the Company measures certain financial assets and liabilities at fair value on a recurring basis including cash equivalents and its derivative contract. The fair values of these financial assets and liabilities have been classified as Level 1, 2, or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements: Level 1 — Fair value based on quoted prices in active markets for identical assets or liabilities. Level 2 — Fair value based on inputs other than Level 1 inputs that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Fair value based on unobservable inputs that are supported by little or no market activity and such inputs are significant to the fair value of the assets or liabilities. The following table represents the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis (in thousands): As of September 30, 2021 Level 1 Level 2 Total Assets: Money market funds (1) $ 6,462 $ — $ 6,462 Marketable investments (2) — 17,018 17,018 Total Assets $ 6,462 $ 17,018 $ 23,480 Liabilities: Interest rate swap (3) $ — $ ( 508 ) $ ( 508 ) Total Liabilities $ — $ ( 508 ) $ ( 508 ) As of December 31, 2020 Level 1 Level 2 Total Assets: Money market funds (1) $ 503 $ — $ 503 Total Assets $ 503 $ — $ 503 Liabilities: Interest rate swap (3) $ — $ ( 1,144 ) $ ( 1,144 ) Total Liabilities $ — $ ( 1,144 ) $ ( 1,144 ) (1) Included in cash and cash equivalents on the Consolidated Balance Sheets. (2) Marketable investments have been initially valued at the transaction price and subsequently valued, at the end of the reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation methods, including both income and market based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events. (3) The Company has an interest rate swap contract that hedges the risk of variability from interest payments on its borrowings (refer to Note 4 – Debt and Note 7 – Derivatives and Hedging ). The fair value of the interest rate swap is based on valuations prepared by a third-party broker. Those valuations are based on observable interest rates and other observable market data, which the Company considers Level 2 inputs. During the nine months ended September 30, 2021 , the Company did not transfer assets or liabilities between levels of the fair value hierarchy. Additionally, there have been no changes to the valuation techniques for Level 2 liabilities. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 — Income Taxes Forrester provides for income taxes on an interim basis according to management’s estimate of the effective tax rate expected to be applicable for the full fiscal year. Certain items such as changes in tax rates, tax benefits or expense related to settlements of share-based payment awards, and foreign currency gains or losses are treated as discrete items and are recorded in the period in which they arise. Income tax expense for the nine months ended September 30, 2021 was $ 6.2 million resulting in an effective tax rate of 27.0 % for the period. Income tax expense for the nine months ended September 30, 2020 was $ 2.7 million resulting in an effective tax rate of 26.0 % for the period. The increase in income tax expense during the 2021 period was primarily due to the increase in overall U.S. profitability. The Company anticipates that its effective tax rate for the full year 2021 will be approximately 27 %. On March 27, 2020, Congress enacted the Coronavirus Aid, Relief and Economic Security ("CARES") Act to provide certain relief as a result of the COVID-19 outbreak. The Company evaluated the impact of the CARES Act and determined it was not material to its financial position or results of operations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) ("AOCI/L") | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) ("AOCI/L") | Note 10 — Accumulated Other Comprehensive Income (Loss) (“AOCI/L”) The components of accumulated other comprehensive income (loss) are as follows (net of tax, in thousands): Marketable Interest Rate Translation Investments Swap Adjustment Total AOCI/L Balance at June 30, 2021 $ — $ ( 492 ) $ ( 1,447 ) $ ( 1,939 ) Foreign currency translation (1) — — ( 1,508 ) ( 1,508 ) Unrealized loss before reclassification, net 4 ( 4 ) ( 3 ) — ( 7 ) Reclassification of AOCI/L to income, net 52 ) (2) — 131 — 131 Balance at September 30, 2021 $ ( 4 ) $ ( 364 ) $ ( 2,955 ) $ ( 3,323 ) Interest Rate Translation Swap Adjustment Total AOCI/L Balance at June 30, 2020 $ ( 1,240 ) $ ( 5,788 ) $ ( 7,028 ) Foreign currency translation (1) — 2,577 2,577 Unrealized loss before reclassification, net 12 ( 23 ) — ( 23 ) Reclassification of AOCI/L to income, net 90 ) (2) 228 — 228 Balance at September 30, 2020 $ ( 1,035 ) $ ( 3,211 ) $ ( 4,246 ) Marketable Interest Rate Translation Investments Swap Adjustment Total AOCI/L Balance at December 31, 2020 $ — $ ( 821 ) $ 131 $ ( 690 ) Foreign currency translation (1) — — ( 3,086 ) ( 3,086 ) Unrealized loss before reclassification, net 5 ( 4 ) ( 7 ) — ( 11 ) Reclassification of AOCI/L to income, net 182 ) (2) — 464 — 464 Balance at September 30, 2021 $ ( 4 ) $ ( 364 ) $ ( 2,955 ) $ ( 3,323 ) Interest Rate Translation Swap Adjustment Total AOCI/L Balance at December 31, 2019 $ ( 104 ) $ ( 4,753 ) $ ( 4,857 ) Foreign currency translation (1) — 1,542 1,542 Unrealized loss before reclassification, net 523 ( 1,330 ) — ( 1,330 ) Reclassification of AOCI/L to income, net 157 ) (2) 399 — 399 Balance at September 30, 2020 $ ( 1,035 ) $ ( 3,211 ) $ ( 4,246 ) (1) The Company does not record tax provisions or benefits for the net changes in foreign currency translation adjustments as it intends to permanently reinvest undistributed earnings of its foreign subsidiaries. (2) Reclassification is related to the Company’s interest rate swap (cash flow hedge) and was recorded in interest expense on the Consolidated Statements of Operations. Refer to Note 7 – Derivatives and Hedging . |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | Note 11 — Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) by the basic weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the diluted weighted average number of common shares and common equivalent shares outstanding during the period. The weighted average number of common equivalent shares outstanding has been determined in accordance with the treasury-stock method. Common equivalent shares consist of common stock issuable on the exercise of outstanding stock options and the vesting of restricted stock units. Basic and diluted weighted average common shares are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Basic weighted average common shares outstanding 19,134 18,872 19,107 18,779 Weighted average common equivalent shares 254 — 244 94 Diluted weighted average common shares outstanding 19,388 18,872 19,351 18,873 Options and restricted stock units excluded from diluted — 790 4 427 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Note 12 — Stockholders’ Equity The components of stockholders’ equity are as follows (in thousands): Three Months Ended September 30, 2021 Common Stock Treasury Stock Accumulated Number $0.01ParValue Additional Retained Number Cost Other Total Balance at June 30, 2021 23,780 $ 238 $ 237,485 $ 140,280 4,694 $ ( 174,562 ) $ ( 1,939 ) $ 201,502 Issuance of common stock under 262 2 2,021 — — — — 2,023 Repurchases of common stock — — — — 170 ( 7,973 ) — ( 7,973 ) Stock-based compensation expense — — 2,462 — — — — 2,462 Net income — — — 4,522 — — — 4,522 Net change in interest rate swap, — — — — — — 128 128 Net change in marketable investments, — — — — — — ( 4 ) ( 4 ) Foreign currency translation — — — — — — ( 1,508 ) ( 1,508 ) Balance at September 30, 2021 24,042 $ 240 $ 241,968 $ 144,802 4,864 $ ( 182,535 ) $ ( 3,323 ) $ 201,152 Three Months Ended September 30, 2020 Common Stock Treasury Stock Accumulated Number $0.01 Additional Retained Number Cost Other Total Balance at June 30, 2020 23,401 $ 234 $ 222,778 $ 129,314 4,631 $ ( 171,889 ) $ ( 7,028 ) $ 173,409 Issuance of common stock under 178 2 ( 422 ) — — — — ( 420 ) Stock-based compensation expense — — 2,697 — — — — 2,697 Net loss — — — ( 3,760 ) — — — ( 3,760 ) Net change in interest rate swap, — — — — — — 205 205 Foreign currency translation — — — — — — 2,577 2,577 Balance at September 30, 2020 23,579 $ 236 $ 225,053 $ 125,554 4,631 $ ( 171,889 ) $ ( 4,246 ) $ 174,708 Nine Months Ended September 30, 2021 Common Stock Treasury Stock Accumulated Number $0.01 Additional Retained Number Cost Other Total Balance at December 31, 2020 23,648 $ 236 $ 230,128 $ 127,981 4,631 $ ( 171,889 ) $ ( 690 ) $ 185,766 Issuance of common stock under 394 4 4,489 — — — — 4,493 Repurchases of common stock — — — — 233 ( 10,646 ) — ( 10,646 ) Stock-based compensation expense — — 7,351 — — — — 7,351 Net income — — — 16,821 — — — 16,821 Net change in interest rate swap, — — — — — — 457 457 Net change in marketable investments, — — — — — — ( 4 ) ( 4 ) Foreign currency translation — — — — — — ( 3,086 ) ( 3,086 ) Balance at September 30, 2021 24,042 $ 240 $ 241,968 $ 144,802 4,864 $ ( 182,535 ) $ ( 3,323 ) $ 201,152 Nine Months Ended September 30, 2020 Common Stock Treasury Stock Accumulated Number $0.01 Additional Retained Number Cost Other Total Balance at December 31, 2019 23,275 $ 233 $ 216,454 $ 118,147 4,631 $ ( 171,889 ) $ ( 4,857 ) $ 158,088 Issuance of common stock under 304 3 635 — — — — 638 Stock-based compensation expense — — 7,964 — — — — 7,964 Cumulative effect adjustment due — — — ( 157 ) — — — ( 157 ) Net income — — — 7,564 — — — 7,564 Net change in interest rate swap, — — — — — — ( 931 ) ( 931 ) Foreign currency translation — — — — — — 1,542 1,542 Balance at September 30, 2020 23,579 $ 236 $ 225,053 $ 125,554 4,631 $ ( 171,889 ) $ ( 4,246 ) $ 174,708 Equity Plans Restricted stock unit activity for the nine months ended September 30, 2021 is presented below (in thousands, except per share data): Weighted- Average Number of Grant Date Shares Fair Value Unvested at December 31, 2020 642 $ 38.99 Granted 268 45.23 Vested ( 242 ) 39.91 Forfeited ( 61 ) 39.57 Unvested at September 30, 2021 607 $ 41.33 Stock option activity for the nine months ended September 30, 2021 is presented below (in thousands, except per share data and contractual term): Weighted - Weighted - Average Average Exercise Remaining Aggregate Number Price Per Contractual Intrinsic of Shares Share Term (in years) Value Outstanding at December 31, 2020 292 $ 35.46 Exercised ( 135 ) 35.40 Outstanding at September 30, 2021 157 $ 35.52 2.71 $ 2,163 Vested and Exercisable at September 30, 2021 157 $ 35.52 2.71 $ 2,163 No stock options were granted or forfeited during the nine months ended September 30, 2021. Stock-Based Compensation Forrester recognizes the fair value of stock-based compensation over the requisite service period of the individual grantee, which generally equals the vesting period. Stock-based compensation was recorded in the following expense categories on the Consolidated Statements of Operations (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cost of services and fulfillment $ 1,554 $ 1,638 $ 4,389 $ 4,463 Selling and marketing 372 446 1,220 1,231 General and administrative 536 613 1,742 2,270 Total $ 2,462 $ 2,697 $ 7,351 $ 7,964 Forrester utilizes the Black-Scholes valuation model for estimating the fair value of shares subject to purchase under the employee stock purchase plan, which were valued using the following assumptions: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Average risk-free interest rate 0.05 % 0.12 % 0.05 % 0.12 % Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Expected life 0.5 Years 0.5 Years 0.5 Years 0.5 Years Expected volatility 30 % 93 % 30 % 93 % Weighted average fair value $ 11.20 $ 14.57 $ 11.20 $ 14.57 Treasury Stock As of September 30, 2021, Forrester’s B oard of Directors had authorized an aggregate $ 535.0 million to purchase common stock under its stock repurchase program. In October 2021, Forrester's Board of Directors increased the stock repurchase authorization by an additional $ 50.0 million . The shares repurchased may be used, among other things, in connection with Forrester’s equity incentive and purchase plans. During the three and nine months ended September 30, 2021 , the Company repurchased approximately 0.2 million shares of common stock at an aggregate cost of approximately $ 8.0 million and $ 10.6 million, respectively. During the three and nine months ended September 30, 2020 , the Company did no t repurchase any shares of common stock. From the inception of the program through September 30, 2021 , the Company repurchased 16.5 million shares of common stock at an aggregate cost of $ 485.5 million. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Operating Segments | Note 13 — Operating Segments The Company’s operations are grouped into three segments: Research, Consulting, and Events. These segments are based on the management structure of the Company and how management uses financial information to evaluate performance and determine how to allocate resources. The Company’s products and services are delivered through each segment as described below. Additionally, the tables below include the reclassification of revenues for the components of the Company’s CV subscription research products, as described further in Note 1: Interim Consolidated Financial Statements . The Research segment includes the revenues from all of the Company’s research products as well as consulting revenues from advisory services (such as speeches and advisory days) delivered by the Company’s research organization. Research segment costs include the cost of the organizations responsible for developing and delivering these products in addition to the costs of the product management organization responsible for product pricing and packaging, and the launch of new products. In May 2021, the Company announced the launch of a new research portfolio called Forrester Decisions, which became available in August 2021. This new portfolio of products helps executives, functional leaders, and their teams, across technology, marketing, customer experience, sales, and product management, plan and pursue initiatives for driving growth. The Forrester Decisions product combines the research, frameworks, models, and methodologies of the Company’s Forrester Research and SiriusDecisions Research product offerings, as well as features of the Company’s Connect and Analytics products. In connection with the launch of Forrester Decisions, the Company no longer provides disaggregation of revenue by its research products in the segment tables below (refer to Note 6 – Revenue and Related Matters for disclosure of disaggregated revenue). The Consulting segment includes the revenues and the related costs of the Company’s project consulting organization. The project consulting organization delivers a majority of the Company’s project consulting revenue and certain advisory services. The Events segment includes the revenues and the costs of the organization responsible for developing and hosting in-person and virtual events. We evaluate reportable segment performance and allocate resources based on segment revenues and expenses. Segment expenses include the direct expenses of each segment organization and exclude selling and marketing expenses, general and administrative expenses, stock-based compensation expense, depreciation expense, adjustments to incentive bonus compensation from target amounts, amortization of intangible assets, interest and other expense, and gains on investments. The accounting policies used by the segments are the same as those used in the consolidated financial statements. The Company provides information by reportable segment in the tables below (in thousands): Research Segment Consulting Segment Events Segment Consolidated Three Months Ended September 30, 2021 Research revenues $ 79,876 $ — $ — $ 79,876 Consulting revenues 10,587 26,806 — 37,393 Events revenues — — 867 867 Total segment revenues 90,463 26,806 867 118,136 Segment expenses ( 28,657 ) ( 13,061 ) ( 1,966 ) ( 43,684 ) Selling, marketing, administrative and other expenses ( 64,217 ) Amortization of intangible assets ( 3,696 ) Interest expense, other expense, and gains on investments ( 1,251 ) Income before income taxes $ 5,288 Research Segment Consulting Segment Events Segment Consolidated Three Months Ended September 30, 2020 Research revenues $ 74,445 $ — $ — $ 74,445 Consulting revenues 11,878 21,123 — 33,001 Events revenues — — 1,131 1,131 Total segment revenues 86,323 21,123 1,131 108,577 Segment expenses ( 28,645 ) ( 9,646 ) ( 1,284 ) ( 39,575 ) Selling, marketing, administrative and other expenses ( 63,778 ) Amortization of intangible assets ( 4,722 ) Integration costs ( 328 ) Interest expense, other expense, and gains on investments ( 1,533 ) Loss before income taxes $ ( 1,359 ) Research Segment Consulting Segment Events Segment Consolidated Nine Months Ended September 30, 2021 Research revenues $ 235,846 $ — $ — $ 235,846 Consulting revenues 36,160 80,743 — 116,903 Events revenues — — 7,838 7,838 Total segment revenues 272,006 80,743 7,838 360,587 Segment expenses ( 88,791 ) ( 38,237 ) ( 5,712 ) ( 132,740 ) Selling, marketing, administrative and other expenses ( 188,788 ) Amortization of intangible assets ( 11,567 ) Integration costs ( 334 ) Interest expense, other expense, and gains on investments ( 4,117 ) Income before income taxes $ 23,041 Research Segment Consulting Segment Events Segment Consolidated Nine Months Ended September 30, 2020 Research revenues $ 223,746 $ — $ — $ 223,746 Consulting revenues 36,388 62,076 — 98,464 Events revenues — — 6,253 6,253 Total segment revenues 260,134 62,076 6,253 328,463 Segment expenses ( 81,979 ) ( 29,766 ) ( 5,167 ) ( 116,912 ) Selling, marketing, administrative and other expenses ( 181,463 ) Amortization of intangible assets ( 14,147 ) Integration costs ( 3,815 ) Interest expense, other expense, and gains on investments ( 1,904 ) Income before income taxes $ 10,222 |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 14 — Contingencies From time to time, the Company may be subject to legal proceedings and civil and regulatory claims that arise in the ordinary course of its business activities. Regardless of the outcome, litigation can have a material adverse effect on the Company because of defense and settlement costs, diversion of management resources, and other factors. |
Interim Consolidated Financia_2
Interim Consolidated Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. It is recommended that these financial statements be read in conjunction with the consolidated financial statements and related notes that appear in the Forrester Research, Inc. (“Forrester”) Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the financial position, results of operations, comprehensive income (loss), and cash flows as of the dates and for the periods presented have been included. The results of operations for the three and nine months ended September 30, 2021 may not be indicative of the results for the year ending December 31, 2021 , or any other period. |
Reclassification | Reclassification Effective for the first quarter of 2021, the Company modified its key metrics, as further described in Item 2. Management’s Discussions and Analysis of Financial Condition and Results of Operations. As part of these changes, beginning January 1, 2021, the Company is classifying all components of its subscription research products within the Research revenues financial statement line on the Consolidated Statements of Operations. In prior periods, the separate advisory session performance obligations included in any of the Company’s subscription research products were classified within the Consulting revenues financial statement line. Prior periods have been reclassified to conform to the current presentation which resulted in approximately $ 1.6 million and $ 4.5 million of revenue being reclassified from Consulting revenues to Research revenues during the three and nine months ended September 30, 2020 , respectively. This reclassification had no impact on the amount of total revenues previously reported. |
Presentation of Restricted Cash | Presentation of Restricted Cash The following table summarizes the end-of-period cash and cash equivalents from the Company's Consolidated Balance Sheets and the total cash, cash equivalents and restricted cash as presented on the accompanying Consolidated Statements of Cash Flows (in thousands). Nine Months Ended September 30, 2021 2020 Cash and cash equivalents $ 129,332 $ 73,027 Restricted cash classified in (1): Prepaid expenses and other current assets 215 345 Other assets 2,255 38 Cash, cash equivalents and restricted cash shown in statement of cash flows $ 131,802 $ 73,410 (1) Restricted cash consists of collateral required for leased office space and credit card processing outside of the U.S. The short-term or long-term classification regarding the collateral for the leased office space is determined in accordance with the expiration of the underlying leases. |
Adoption of New Accounting Pronouncements | Adoption of New Accounting Pronouncements The Company adopted the guidance in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes on January 1, 2021 . The standard provides guidance to simplify the accounting for income taxes in certain areas, changes the accounting for select income tax transactions, and makes other minor improvements. The adoption of this standard did not have a material impact on the Company’s financial position or results of operations. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“Topic 326”). The standard amends the existing financial instrument incurred loss impairment model by requiring entities to use a forward-looking approach based on expected losses and to consider a broader range of reasonable and supportable information to estimate credit losses on certain types of financial instruments, including trade receivables. On January 1, 2020 , the Company adopted the standard using the modified retrospective method in which prior periods are not adjusted, and recorded a cumulative effect adjustment of $ 0.2 million to decrease retained earnings. The Company adopted the guidance in ASU No. 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment on January 1, 2020 . The new standard simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test and requires that instead, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The adoption of this standard did not impact the Company’s financial position or results of operations. The Company adopted the guidance in ASU No. 2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement on January 1, 2020 . The new standard modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement , including changes to fair value transfers and Level 3 fair value measurements. Changes required upon adoption of this standard are included in Note 8 – Fair Value Measurements and did not impact the Company’s financial position or results of operations. The Company adopted the guidance in ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract on January 1, 2020 . The new standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The adoption of this standard did not have a material impact on the Company’s financial position or results of operations. Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Finance Reporting . The new standard provides optional guidance for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting due to the risk of cessation of the London Interbank Offered Rate (“LIBOR”). The updates apply to contracts, hedging relationships, and other transactions that reference LIBOR, or another reference rate expected to be discontinued because of reference rate reform, and as a result require a modification. An entity may elect to apply the amendments immediately or at any point through December 31, 2022. The adoption of this standard will not have a material impact on the Company’s financial position or results of operations as the Company's only interest rate swap, which is based on LIBOR, will terminate prior to the cessation of LIBOR. |
Interim Consolidated Financia_3
Interim Consolidated Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of End-of-period Cash and Cash Equivalents and Cash, Cash Equivalents and Restricted Cash from Financial Statements | The following table summarizes the end-of-period cash and cash equivalents from the Company's Consolidated Balance Sheets and the total cash, cash equivalents and restricted cash as presented on the accompanying Consolidated Statements of Cash Flows (in thousands). Nine Months Ended September 30, 2021 2020 Cash and cash equivalents $ 129,332 $ 73,027 Restricted cash classified in (1): Prepaid expenses and other current assets 215 345 Other assets 2,255 38 Cash, cash equivalents and restricted cash shown in statement of cash flows $ 131,802 $ 73,410 (1) Restricted cash consists of collateral required for leased office space and credit card processing outside of the U.S. The short-term or long-term classification regarding the collateral for the leased office space is determined in accordance with the expiration of the underlying leases. |
Marketable Investments (Tables)
Marketable Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Company's marketable investments | The following table summarizes the Company’s marketable investments (in thousands): As of September 30, 2021 Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value Corporate obligations $ 17,024 $ — $ ( 6 ) $ 17,018 Total $ 17,024 $ — $ ( 6 ) $ 17,018 |
Summarizes the maturity periods of the marketable investments | The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of September 30, 2021 (in thousands). FY 2021 FY 2022 FY 2023 Total Corporate obligations $ 1,500 $ 11,471 $ 4,047 $ 17,018 Total $ 1,500 $ 11,471 $ 4,047 $ 17,018 |
Unrealized Losses on Debt Investments | The following table shows the gross unrealized losses and market value of the Company’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): As of September 30, 2021 Less Than 12 Months 12 Months or Greater Market Unrealized Market Unrealized Value Losses Value Losses Corporate obligations $ 15,640 $ 6 $ — $ — Total $ 15,640 $ 6 $ — $ — |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Change in Carrying Amount of Goodwill | The change in the carrying amount of goodwill for the nine months ended September 30, 2021 is summarized as follows (in thousands): Total Balance at December 31, 2020 $ 247,211 Translation adjustments ( 1,999 ) Balance at September 30, 2021 $ 245,212 |
Summary of Carrying Values of Finite-Lived Intangible Assets | The carrying values of finite-lived intangible assets are as follows (in thousands): September 30, 2021 Gross Net Carrying Accumulated Carrying Amount Amortization Amount Amortizable intangible assets: Customer relationships $ 78,371 $ 23,665 $ 54,706 Technology 16,772 12,426 4,346 Trademarks 12,467 5,259 7,208 Total $ 107,610 $ 41,350 $ 66,260 December 31, 2020 Gross Net Carrying Accumulated Carrying Amount Amortization Amount Amortizable intangible assets: Customer relationships $ 78,450 $ 17,277 $ 61,173 Technology 16,956 10,197 6,759 Trademarks 12,495 2,432 10,063 Total $ 107,901 $ 29,906 $ 77,995 |
Summary of Estimated Intangible Assets Amortization Expense | Estimated intangible asset amortization expense for each of the five succeeding years is as follows (in thousands): 2021 (remainder) $ 3,560 2022 13,184 2023 11,942 2024 9,899 2025 8,879 Thereafter 18,796 Total $ 66,260 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | As of September 30, 2021, the amount payable in each year is set forth in the table below (in thousands): 2021 (remainder) 3,125 2022 12,500 2023 15,625 2024 68,750 Total remaining principal payments $ 100,000 |
Summary of Company's Total Outstanding Borrowings | The following table summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands): Description: September 30, 2021 December 31, 2020 Principal amount outstanding (1) (2) $ 100,000 $ 109,375 Less: Deferred financing fees ( 1,136 ) ( 1,576 ) Net carrying amount $ 98,864 $ 107,799 (1) This amount consists entirely of the outstanding Term Loan balance. (2) The contractual annualized interest rate as of September 30, 2021 on the Term loan facility was 2.125 %, which consisted of LIBOR of 0.125 % plus a margin of 2.000 %. However, the Company has an interest rate swap that effectively converts the floating LIBOR base rates on a portion of the amounts outstanding to a fixed base rate. Refer to Note 7 – Derivatives and Hedging for further information on the swap. The weighted average annual effective rate on the Company's total debt outstanding for the three and nine months ended September 30, 2021 , was 2.125 % and 2.132 %, respectively. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Summary of Components of Lease Expense | The components of lease expense were as follows (in thousands): For the Three Months Ended September 30, 2021 2020 Operating lease cost $ 3,999 $ 4,114 Short-term lease cost 120 81 Variable lease cost 1,472 1,539 Sublease income ( 192 ) ( 65 ) Total lease cost $ 5,399 $ 5,669 For the Nine Months Ended September 30, 2021 2020 Operating lease cost $ 11,881 $ 12,049 Short-term lease cost 306 245 Variable lease cost 4,187 4,555 Sublease income ( 358 ) ( 190 ) Total lease cost $ 16,016 $ 16,659 |
Summary of Additional Lease Information | Additional lease information is summarized in the following table (in thousands, except lease term and discount rate): For the Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of operating $ 8,526 $ 9,056 Operating lease ROU assets obtained in exchange for lease $ 7,505 $ 16,117 Weighted-average remaining lease term - operating leases (years) 6.1 6.6 Weighted-average discount rate - operating leases 4.3 % 4.6 % |
Summary of Future Minimum Lease Payments and Sublease Cash Receipts Under Non-Cancelable Leases | Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of September 30, 2021 are as follows (in thousands): Operating Lease Sublease Payments Cash Receipts 2021 (remainder) $ 3,829 $ 67 2022 16,581 839 2023 16,534 606 2024 16,176 625 2025 14,228 — Thereafter 26,963 — Total lease payments and estimated sublease cash receipts 94,311 $ 2,137 Less imputed interest ( 13,493 ) Present value of lease liabilities $ 80,818 |
Summary of Lease Balances | Lease balances as of September 30, 2021 are as follows (in thousands): Operating lease ROU assets $ 67,630 Short-term operating lease liabilities (1) $ 12,423 Non-current operating lease liabilities 68,395 Total operating lease liabilities $ 80,818 (1) Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets. |
Revenue and Related Matters (Ta
Revenue and Related Matters (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Geography and Recognition Timing | The Company disaggregates revenue as set forth in the following tables (in thousands): Revenue by Geography For the Three Months Ended September 30, For the Nine Months Ended September 30, Revenues: (1) 2021 2020 2021 2020 North America $ 94,700 $ 89,478 $ 290,967 $ 272,657 Europe 15,102 11,861 45,771 35,436 Asia Pacific 6,721 6,015 19,435 16,793 Other 1,613 1,223 4,414 3,577 Total $ 118,136 $ 108,577 $ 360,587 $ 328,463 (1) Revenue location is determined based on where the products and services are consumed. |
Summary of Allowance for Expected Credit Losses on Accounts Receivable | The allowance for expected credit losses on accounts receivable for the nine months ended September 30, 2021 is summarized as follows (in thousands): Total Balance at December 31, 2020 $ 708 Provision for expected credit losses 347 Write-offs ( 383 ) Balance at September 30, 2021 $ 672 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Contract Amounts Recognized in Consolidated Statements of Income | The table below provides information regarding amounts recognized in the Consolidated Statements of Operations for the derivative contracts for the periods indicated (in thousands): Three Months Ended Nine Months Ended September 30, September 30, Amount recorded in: 2021 2020 2021 2020 Interest expense (1) $ ( 183 ) $ ( 318 ) $ ( 646 ) $ ( 556 ) Other expense, net (2) ( 43 ) — ( 79 ) ( 157 ) Total $ ( 226 ) $ ( 318 ) $ ( 725 ) $ ( 713 ) (1) Consists of interest expense from the interest rate swap contract. (2) Consists of net realized gains and losses on foreign currency forward contracts . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Company's Fair Value Hierarchy for its Financial Assets and Liabilities | The following table represents the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis (in thousands): As of September 30, 2021 Level 1 Level 2 Total Assets: Money market funds (1) $ 6,462 $ — $ 6,462 Marketable investments (2) — 17,018 17,018 Total Assets $ 6,462 $ 17,018 $ 23,480 Liabilities: Interest rate swap (3) $ — $ ( 508 ) $ ( 508 ) Total Liabilities $ — $ ( 508 ) $ ( 508 ) As of December 31, 2020 Level 1 Level 2 Total Assets: Money market funds (1) $ 503 $ — $ 503 Total Assets $ 503 $ — $ 503 Liabilities: Interest rate swap (3) $ — $ ( 1,144 ) $ ( 1,144 ) Total Liabilities $ — $ ( 1,144 ) $ ( 1,144 ) (1) Included in cash and cash equivalents on the Consolidated Balance Sheets. (2) Marketable investments have been initially valued at the transaction price and subsequently valued, at the end of the reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation methods, including both income and market based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events. (3) The Company has an interest rate swap contract that hedges the risk of variability from interest payments on its borrowings (refer to Note 4 – Debt and Note 7 – Derivatives and Hedging ). The fair value of the interest rate swap is based on valuations prepared by a third-party broker. Those valuations are based on observable interest rates and other observable market data, which the Company considers Level 2 inputs. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) ("AOCI/L") (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) are as follows (net of tax, in thousands): Marketable Interest Rate Translation Investments Swap Adjustment Total AOCI/L Balance at June 30, 2021 $ — $ ( 492 ) $ ( 1,447 ) $ ( 1,939 ) Foreign currency translation (1) — — ( 1,508 ) ( 1,508 ) Unrealized loss before reclassification, net 4 ( 4 ) ( 3 ) — ( 7 ) Reclassification of AOCI/L to income, net 52 ) (2) — 131 — 131 Balance at September 30, 2021 $ ( 4 ) $ ( 364 ) $ ( 2,955 ) $ ( 3,323 ) Interest Rate Translation Swap Adjustment Total AOCI/L Balance at June 30, 2020 $ ( 1,240 ) $ ( 5,788 ) $ ( 7,028 ) Foreign currency translation (1) — 2,577 2,577 Unrealized loss before reclassification, net 12 ( 23 ) — ( 23 ) Reclassification of AOCI/L to income, net 90 ) (2) 228 — 228 Balance at September 30, 2020 $ ( 1,035 ) $ ( 3,211 ) $ ( 4,246 ) Marketable Interest Rate Translation Investments Swap Adjustment Total AOCI/L Balance at December 31, 2020 $ — $ ( 821 ) $ 131 $ ( 690 ) Foreign currency translation (1) — — ( 3,086 ) ( 3,086 ) Unrealized loss before reclassification, net 5 ( 4 ) ( 7 ) — ( 11 ) Reclassification of AOCI/L to income, net 182 ) (2) — 464 — 464 Balance at September 30, 2021 $ ( 4 ) $ ( 364 ) $ ( 2,955 ) $ ( 3,323 ) Interest Rate Translation Swap Adjustment Total AOCI/L Balance at December 31, 2019 $ ( 104 ) $ ( 4,753 ) $ ( 4,857 ) Foreign currency translation (1) — 1,542 1,542 Unrealized loss before reclassification, net 523 ( 1,330 ) — ( 1,330 ) Reclassification of AOCI/L to income, net 157 ) (2) 399 — 399 Balance at September 30, 2020 $ ( 1,035 ) $ ( 3,211 ) $ ( 4,246 ) (1) The Company does not record tax provisions or benefits for the net changes in foreign currency translation adjustments as it intends to permanently reinvest undistributed earnings of its foreign subsidiaries. (2) Reclassification is related to the Company’s interest rate swap (cash flow hedge) and was recorded in interest expense on the Consolidated Statements of Operations. Refer to Note 7 – Derivatives and Hedging . |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Weighted Average Common Shares | Basic and diluted weighted average common shares are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Basic weighted average common shares outstanding 19,134 18,872 19,107 18,779 Weighted average common equivalent shares 254 — 244 94 Diluted weighted average common shares outstanding 19,388 18,872 19,351 18,873 Options and restricted stock units excluded from diluted — 790 4 427 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Components of Stockholders' Equity | The components of stockholders’ equity are as follows (in thousands): Three Months Ended September 30, 2021 Common Stock Treasury Stock Accumulated Number $0.01ParValue Additional Retained Number Cost Other Total Balance at June 30, 2021 23,780 $ 238 $ 237,485 $ 140,280 4,694 $ ( 174,562 ) $ ( 1,939 ) $ 201,502 Issuance of common stock under 262 2 2,021 — — — — 2,023 Repurchases of common stock — — — — 170 ( 7,973 ) — ( 7,973 ) Stock-based compensation expense — — 2,462 — — — — 2,462 Net income — — — 4,522 — — — 4,522 Net change in interest rate swap, — — — — — — 128 128 Net change in marketable investments, — — — — — — ( 4 ) ( 4 ) Foreign currency translation — — — — — — ( 1,508 ) ( 1,508 ) Balance at September 30, 2021 24,042 $ 240 $ 241,968 $ 144,802 4,864 $ ( 182,535 ) $ ( 3,323 ) $ 201,152 Three Months Ended September 30, 2020 Common Stock Treasury Stock Accumulated Number $0.01 Additional Retained Number Cost Other Total Balance at June 30, 2020 23,401 $ 234 $ 222,778 $ 129,314 4,631 $ ( 171,889 ) $ ( 7,028 ) $ 173,409 Issuance of common stock under 178 2 ( 422 ) — — — — ( 420 ) Stock-based compensation expense — — 2,697 — — — — 2,697 Net loss — — — ( 3,760 ) — — — ( 3,760 ) Net change in interest rate swap, — — — — — — 205 205 Foreign currency translation — — — — — — 2,577 2,577 Balance at September 30, 2020 23,579 $ 236 $ 225,053 $ 125,554 4,631 $ ( 171,889 ) $ ( 4,246 ) $ 174,708 Nine Months Ended September 30, 2021 Common Stock Treasury Stock Accumulated Number $0.01 Additional Retained Number Cost Other Total Balance at December 31, 2020 23,648 $ 236 $ 230,128 $ 127,981 4,631 $ ( 171,889 ) $ ( 690 ) $ 185,766 Issuance of common stock under 394 4 4,489 — — — — 4,493 Repurchases of common stock — — — — 233 ( 10,646 ) — ( 10,646 ) Stock-based compensation expense — — 7,351 — — — — 7,351 Net income — — — 16,821 — — — 16,821 Net change in interest rate swap, — — — — — — 457 457 Net change in marketable investments, — — — — — — ( 4 ) ( 4 ) Foreign currency translation — — — — — — ( 3,086 ) ( 3,086 ) Balance at September 30, 2021 24,042 $ 240 $ 241,968 $ 144,802 4,864 $ ( 182,535 ) $ ( 3,323 ) $ 201,152 Nine Months Ended September 30, 2020 Common Stock Treasury Stock Accumulated Number $0.01 Additional Retained Number Cost Other Total Balance at December 31, 2019 23,275 $ 233 $ 216,454 $ 118,147 4,631 $ ( 171,889 ) $ ( 4,857 ) $ 158,088 Issuance of common stock under 304 3 635 — — — — 638 Stock-based compensation expense — — 7,964 — — — — 7,964 Cumulative effect adjustment due — — — ( 157 ) — — — ( 157 ) Net income — — — 7,564 — — — 7,564 Net change in interest rate swap, — — — — — — ( 931 ) ( 931 ) Foreign currency translation — — — — — — 1,542 1,542 Balance at September 30, 2020 23,579 $ 236 $ 225,053 $ 125,554 4,631 $ ( 171,889 ) $ ( 4,246 ) $ 174,708 |
Schedule of Restricted Stock Unit Activity | Restricted stock unit activity for the nine months ended September 30, 2021 is presented below (in thousands, except per share data): Weighted- Average Number of Grant Date Shares Fair Value Unvested at December 31, 2020 642 $ 38.99 Granted 268 45.23 Vested ( 242 ) 39.91 Forfeited ( 61 ) 39.57 Unvested at September 30, 2021 607 $ 41.33 |
Schedule of Stock Option Activity | Stock option activity for the nine months ended September 30, 2021 is presented below (in thousands, except per share data and contractual term): Weighted - Weighted - Average Average Exercise Remaining Aggregate Number Price Per Contractual Intrinsic of Shares Share Term (in years) Value Outstanding at December 31, 2020 292 $ 35.46 Exercised ( 135 ) 35.40 Outstanding at September 30, 2021 157 $ 35.52 2.71 $ 2,163 Vested and Exercisable at September 30, 2021 157 $ 35.52 2.71 $ 2,163 |
Summary of Stock-Based Compensation Recorded in Expense Categories in Consolidated Statements of Operations | Forrester recognizes the fair value of stock-based compensation over the requisite service period of the individual grantee, which generally equals the vesting period. Stock-based compensation was recorded in the following expense categories on the Consolidated Statements of Operations (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cost of services and fulfillment $ 1,554 $ 1,638 $ 4,389 $ 4,463 Selling and marketing 372 446 1,220 1,231 General and administrative 536 613 1,742 2,270 Total $ 2,462 $ 2,697 $ 7,351 $ 7,964 |
Shares Subject to Employee Stock Purchase Plan Valuation Assumptions | Forrester utilizes the Black-Scholes valuation model for estimating the fair value of shares subject to purchase under the employee stock purchase plan, which were valued using the following assumptions: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Average risk-free interest rate 0.05 % 0.12 % 0.05 % 0.12 % Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Expected life 0.5 Years 0.5 Years 0.5 Years 0.5 Years Expected volatility 30 % 93 % 30 % 93 % Weighted average fair value $ 11.20 $ 14.57 $ 11.20 $ 14.57 |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Information by Reportable Segment | The Company provides information by reportable segment in the tables below (in thousands): Research Segment Consulting Segment Events Segment Consolidated Three Months Ended September 30, 2021 Research revenues $ 79,876 $ — $ — $ 79,876 Consulting revenues 10,587 26,806 — 37,393 Events revenues — — 867 867 Total segment revenues 90,463 26,806 867 118,136 Segment expenses ( 28,657 ) ( 13,061 ) ( 1,966 ) ( 43,684 ) Selling, marketing, administrative and other expenses ( 64,217 ) Amortization of intangible assets ( 3,696 ) Interest expense, other expense, and gains on investments ( 1,251 ) Income before income taxes $ 5,288 Research Segment Consulting Segment Events Segment Consolidated Three Months Ended September 30, 2020 Research revenues $ 74,445 $ — $ — $ 74,445 Consulting revenues 11,878 21,123 — 33,001 Events revenues — — 1,131 1,131 Total segment revenues 86,323 21,123 1,131 108,577 Segment expenses ( 28,645 ) ( 9,646 ) ( 1,284 ) ( 39,575 ) Selling, marketing, administrative and other expenses ( 63,778 ) Amortization of intangible assets ( 4,722 ) Integration costs ( 328 ) Interest expense, other expense, and gains on investments ( 1,533 ) Loss before income taxes $ ( 1,359 ) Research Segment Consulting Segment Events Segment Consolidated Nine Months Ended September 30, 2021 Research revenues $ 235,846 $ — $ — $ 235,846 Consulting revenues 36,160 80,743 — 116,903 Events revenues — — 7,838 7,838 Total segment revenues 272,006 80,743 7,838 360,587 Segment expenses ( 88,791 ) ( 38,237 ) ( 5,712 ) ( 132,740 ) Selling, marketing, administrative and other expenses ( 188,788 ) Amortization of intangible assets ( 11,567 ) Integration costs ( 334 ) Interest expense, other expense, and gains on investments ( 4,117 ) Income before income taxes $ 23,041 Research Segment Consulting Segment Events Segment Consolidated Nine Months Ended September 30, 2020 Research revenues $ 223,746 $ — $ — $ 223,746 Consulting revenues 36,388 62,076 — 98,464 Events revenues — — 6,253 6,253 Total segment revenues 260,134 62,076 6,253 328,463 Segment expenses ( 81,979 ) ( 29,766 ) ( 5,167 ) ( 116,912 ) Selling, marketing, administrative and other expenses ( 181,463 ) Amortization of intangible assets ( 14,147 ) Integration costs ( 3,815 ) Interest expense, other expense, and gains on investments ( 1,904 ) Income before income taxes $ 10,222 |
Interim Consolidated Financia_4
Interim Consolidated Financial Statements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Jan. 01, 2020 | |
Summary Of Significant Accounting Policy [Line Items] | ||||||
Total revenues | $ 118,136,000 | $ 108,577,000 | $ 360,587,000 | $ 328,463,000 | ||
Decrease in retained earnings | $ 144,802,000 | $ 144,802,000 | $ 127,981,000 | |||
ASU No. 2016-13 [Member] | ||||||
Summary Of Significant Accounting Policy [Line Items] | ||||||
Change in accounting principle, accounting standards update, adopted | true | true | ||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | Jan. 1, 2020 | ||||
ASU No. 2019-12 [Member] | ||||||
Summary Of Significant Accounting Policy [Line Items] | ||||||
Change in accounting principle, accounting standards update, adopted | true | true | ||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 | Jan. 1, 2021 | ||||
Change in accounting principle, accounting standards update, immaterial effect | true | true | ||||
ASU No. 2017-04 [Member] | ||||||
Summary Of Significant Accounting Policy [Line Items] | ||||||
Change in accounting principle, accounting standards update, adopted | true | true | ||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | Jan. 1, 2020 | ||||
Change in accounting principle, accounting standards update, immaterial effect | true | true | ||||
ASU No. 2018-13 [Member] | ||||||
Summary Of Significant Accounting Policy [Line Items] | ||||||
Change in accounting principle, accounting standards update, adopted | true | true | ||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | Jan. 1, 2020 | ||||
Change in accounting principle, accounting standards update, immaterial effect | true | true | ||||
ASU No. 2018-15 [Member] | ||||||
Summary Of Significant Accounting Policy [Line Items] | ||||||
Change in accounting principle, accounting standards update, adopted | true | true | ||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | Jan. 1, 2020 | ||||
Change in accounting principle, accounting standards update, immaterial effect | true | true | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU No. 2016-13 [Member] | ||||||
Summary Of Significant Accounting Policy [Line Items] | ||||||
Decrease in retained earnings | $ 200,000 | |||||
Consulting [Member] | ||||||
Summary Of Significant Accounting Policy [Line Items] | ||||||
Total revenues | $ 37,393,000 | 33,001,000 | $ 116,903,000 | 98,464,000 | ||
Research [Member] | ||||||
Summary Of Significant Accounting Policy [Line Items] | ||||||
Total revenues | $ 79,876,000 | 74,445,000 | 235,846,000 | 223,746,000 | ||
Reclassification Adjustment [Member] | ||||||
Summary Of Significant Accounting Policy [Line Items] | ||||||
Total revenues | $ 0 | |||||
Reclassification Adjustment [Member] | Consulting [Member] | ||||||
Summary Of Significant Accounting Policy [Line Items] | ||||||
Total revenues | $ 4,500,000 | |||||
Reclassification Adjustment [Member] | Research [Member] | ||||||
Summary Of Significant Accounting Policy [Line Items] | ||||||
Total revenues | $ 1,600,000 |
Interim Consolidated Financia_5
Interim Consolidated Financial Statements - Summary of End-of-period Cash and Cash Equivalents and Cash, Cash Equivalents and Restricted Cash from Financial Statements (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Cash and Cash Equivalents [Abstract] | |||
Cash and cash equivalents | $ 129,332 | $ 90,257 | $ 73,027 |
Restricted cash, current | $ 215 | $ 345 | |
Restricted Cash, Current, Asset, Statement of Financial Position [Extensible List] | us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember | us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember | |
Restricted cash, non-current | $ 2,255 | $ 38 | |
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets | |
Cash, cash equivalents and restricted cash shown in statement of cash flows | $ 131,802 | $ 73,410 |
Marketable Investments - Summar
Marketable Investments - Summary of Company's marketable investments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | $ 17,024 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (6) |
Market value | 17,018 |
Corporate obligations | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost | 17,024 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | (6) |
Market value | $ 17,018 |
Marketable Investments - Additi
Marketable Investments - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Realized gains or losses on investments | $ 0 | $ 0 |
Marketable Investments - Summ_2
Marketable Investments - Summarizes the maturity periods of the marketable investments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Marketable Securities [Line Items] | |
FY 2021 | $ 1,500 |
FY 2022 | 11,471 |
FY 2023 | 4,047 |
Market value | 17,018 |
Corporate obligations | |
Marketable Securities [Line Items] | |
FY 2021 | 1,500 |
FY 2022 | 11,471 |
FY 2023 | 4,047 |
Market value | $ 17,018 |
Marketable Investments - Unreal
Marketable Investments - Unrealized Losses on Debt Investments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Less than 12 Months - Market Value | $ 15,640 |
Less than 12 Months - Unrealized Losses | 6 |
12 Months or Greater - Market Value | 0 |
12 Months or Greater - Unrealized Losses | 0 |
Corporate obligations | |
Debt Securities, Available-for-sale [Line Items] | |
Less than 12 Months - Market Value | 15,640 |
Less than 12 Months - Unrealized Losses | 6 |
12 Months or Greater - Market Value | 0 |
12 Months or Greater - Unrealized Losses | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - Consulting [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Line Items] | |
Accumulated goodwill impairment losses | $ 0 |
Goodwill impairment charges | 0 |
Goodwill allocated to reporting unit | $ 8,200 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Beginning Balance | $ 247,211 |
Translation adjustments | (1,999) |
Goodwill, Ending Balance | $ 245,212 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Carrying Values of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 107,610 | $ 107,901 |
Accumulated Amortization | 41,350 | 29,906 |
Total | 66,260 | 77,995 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 78,371 | 78,450 |
Accumulated Amortization | 23,665 | 17,277 |
Total | 54,706 | 61,173 |
Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,772 | 16,956 |
Accumulated Amortization | 12,426 | 10,197 |
Total | 4,346 | 6,759 |
Trademarks [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,467 | 12,495 |
Accumulated Amortization | 5,259 | 2,432 |
Total | $ 7,208 | $ 10,063 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Estimated Intangible Assets Amortization Expense (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
2021 (remainder) | $ 3,560 | |
2022 | 13,184 | |
2023 | 11,942 | |
2024 | 9,899 | |
2025 | 8,879 | |
Thereafter | 18,796 | |
Total | $ 66,260 | $ 77,995 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Jan. 03, 2019 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity amount | $ 200,000,000 | ||
Aggregate principal amount | $ 100,000,000 | $ 109,375,000 | |
Percentage of voting equity of subsidiaries | 65.00% | ||
Maximum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.50% | ||
Maximum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 1.50% | ||
Minimum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 1.75% | ||
Minimum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0.75% | ||
Term Loans [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 125,000,000 | $ 100,000,000 | |
Debt instrument maturity date | Jan. 3, 2024 | ||
Interest rate | 2.00% | ||
Debt cost incurred related to term loans | $ 2,800,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 75,000,000 | ||
Credit facility maturity date | Jan. 3, 2024 | ||
Line of credit facility, available borrowing capacity | $ 74,100,000 | ||
Revolving Credit Facility [Member] | Letters of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Available for issuance of letter of credit | $ 5,000,000 | ||
Debt cost incurred related to revolving credit facility | $ 1,800,000 | ||
Debt instrument, amortized over the term | 5 years | ||
Issuance of letter of credit | $ 900,000 | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Increase (decrease) in line of credit facility | $ 50,000,000 | ||
Percentage of commitment fee on the unused portion of the facility | 0.35% | ||
Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of commitment fee on the unused portion of the facility | 0.25% |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Jan. 03, 2019 |
Debt Instrument [Line Items] | |||
Total remaining principal payments | $ 100,000 | $ 109,375 | |
Term Loans [Member] | |||
Debt Instrument [Line Items] | |||
2021 (remainder) | 3,125 | ||
2022 | 12,500 | ||
2023 | 15,625 | ||
2024 | 68,750 | ||
Total remaining principal payments | $ 100,000 | $ 125,000 |
Debt - Summary of Company's Tot
Debt - Summary of Company's Total Outstanding Borrowings (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Principal amount outstanding | $ 100,000 | $ 109,375 |
Less: Deferred financing fees | (1,136) | (1,576) |
Net carrying amount | $ 98,864 | $ 107,799 |
Debt - Summary of Company's T_2
Debt - Summary of Company's Total Outstanding Borrowings (Parenthetical) (Detail) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | |
Debt Instrument [Line Items] | ||
Weighted average interest rate | 2.125% | 2.132% |
Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.125% | 2.125% |
Debt instrument margin rate | 2.00% | |
Term Loans [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 0.125% | 0.125% |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, available borrowing capacity | $ 74.1 | $ 74.1 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 3,999 | $ 4,114 | $ 11,881 | $ 12,049 |
Short-term lease cost | 120 | 81 | 306 | 245 |
Variable lease cost | 1,472 | 1,539 | 4,187 | 4,555 |
Sublease income | (192) | (65) | (358) | (190) |
Total lease cost | $ 5,399 | $ 5,669 | $ 16,016 | $ 16,659 |
Leases - Summary of Additional
Leases - Summary of Additional Lease Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 8,526 | $ 9,056 |
Operating lease ROU assets obtained in exchange for lease obligations | $ 7,505 | $ 16,117 |
Weighted-average remaining lease term - operating leases (years) | 6 years 1 month 6 days | 6 years 7 months 6 days |
Weighted-average discount rate - operating leases | 4.30% | 4.60% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments and Sublease Cash Receipts Under Non-Cancelable Leases (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Operating Lease Payments | |
2021 (remainder) | $ 3,829 |
2022 | 16,581 |
2023 | 16,534 |
2024 | 16,176 |
2025 | 14,228 |
Thereafter | 26,963 |
Total lease payments | 94,311 |
Less imputed interest | (13,493) |
Present value of lease liabilities | 80,818 |
Sublease Cash Receipts | |
2021 (remainder) | 67 |
2022 | 839 |
2023 | 606 |
2024 | 625 |
2025 | 0 |
Thereafter | 0 |
Total sublease cash receipts | $ 2,137 |
Leases - Summary of Lease Balan
Leases - Summary of Lease Balances (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease ROU assets | $ 67,630 | $ 69,296 |
Short-term operating lease liabilities | $ 12,423 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other current liabilities | |
Non-current operating lease liabilities | $ 68,395 | $ 70,323 |
Total operating lease liabilities | $ 80,818 |
Revenue and Related Matters - S
Revenue and Related Matters - Schedule of Disaggregation of Revenue by Geography and Recognition Timing (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 118,136 | $ 108,577 | $ 360,587 | $ 328,463 |
North America [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 94,700 | 89,478 | 290,967 | 272,657 |
Europe [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 15,102 | 11,861 | 45,771 | 35,436 |
Asia Pacific [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | 6,721 | 6,015 | 19,435 | 16,793 |
'Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue | $ 1,613 | $ 1,223 | $ 4,414 | $ 3,577 |
Revenue and Related Matters - A
Revenue and Related Matters - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract assets | $ 0 | $ 0 | $ 0 | $ 0 |
Contract with customer, contract duration | 1 year | |||
Deferred revenue recognized | 25,000,000 | 25,500,000 | $ 140,900,000 | 138,600,000 |
Revenue expected to be recognized | 370,400,000 | 370,400,000 | ||
Amortization expense related to deferred commissions | $ 10,000,000 | $ 9,900,000 | 28,900,000 | 27,100,000 |
Impairment of deferred commissions | $ 0 | $ 0 | ||
Maximum [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Contract with customer, expected payment term | one year |
Revenue and Related Matters -_2
Revenue and Related Matters - Additional Information1 (Detail) | Sep. 30, 2021 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, revenue expected to be recognized | 24 months |
Revenue and Related Matters -_3
Revenue and Related Matters - Summary of Allowance for Expected Credit Losses on Accounts Receivable (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Receivables [Abstract] | |
Balance at December 31, 2020 | $ 708 |
Provision for expected credit losses | 347 |
Write-offs | (383) |
Balance at September 30, 2021 | $ 672 |
Derivatives and Hedging - Addit
Derivatives and Hedging - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Derivatives Fair Value [Line Items] | ||
Derivative maturity year | 2022 | |
Interest Rate Swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative notional amount | $ 41,300,000 | $ 95,000,000 |
Derivative fixed interest rate | 1.65275% | |
Negative fair value of derivative | $ 400,000 | |
Other comprehensive loss, net of taxes, to be reclassified into earnings within the next 12 months | $ 300,000 | |
Interest Rate Swap [Member] | Minimum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative receive rate | 0.00% | |
Interest Rate Swap [Member] | Other Non Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value of liabilities | $ 500,000 | |
Interest Rate Swap [Member] | LIBOR [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative basis rate | 6.25% |
Derivatives and Hedging - Sched
Derivatives and Hedging - Schedule of Derivative Contract Amounts Recognized in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Amount recorded in operations | $ (226) | $ (318) | $ (725) | $ (713) |
Interest Expense [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount recorded in operations | (183) | (318) | (646) | (556) |
Other Expense [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount recorded in operations | $ (43) | $ 0 | $ (79) | $ (157) |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Company's Fair Value Hierarchy for its Financial Assets and Liabilities (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Fair value of investments | $ 23,480 | $ 503 |
Liabilities: | ||
Fair value of liabilities | (508) | (1,144) |
Money Market Funds [Member] | ||
Assets: | ||
Fair value of cash equivalents | 6,462 | 503 |
Interest Rate Swap [Member] | ||
Liabilities: | ||
Fair value of liabilities | (508) | (1,144) |
Level 1 [Member] | ||
Assets: | ||
Fair value of investments | 6,462 | 503 |
Liabilities: | ||
Fair value of liabilities | 0 | 0 |
Level 1 [Member] | Money Market Funds [Member] | ||
Assets: | ||
Fair value of cash equivalents | 6,462 | 503 |
Level 1 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Fair value of liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Fair value of investments | 17,018 | 0 |
Liabilities: | ||
Fair value of liabilities | (508) | (1,144) |
Level 2 [Member] | Money Market Funds [Member] | ||
Assets: | ||
Fair value of cash equivalents | 0 | 0 |
Level 2 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Fair value of liabilities | (508) | $ (1,144) |
Marketable Investments [Member] | ||
Assets: | ||
Fair value of cash equivalents | 17,018 | |
Marketable Investments [Member] | Level 1 [Member] | ||
Assets: | ||
Fair value of cash equivalents | 0 | |
Marketable Investments [Member] | Level 2 [Member] | ||
Assets: | ||
Fair value of cash equivalents | $ 17,018 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||||
Income tax expense | $ 766 | $ 2,401 | $ 6,220 | $ 2,658 | |
Effective income tax rate | 27.00% | 26.00% | |||
Scenario, Forecast [Member] | |||||
Income Taxes [Line Items] | |||||
Effective income tax rate | 27.00% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) ("AOCI/L") - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | $ 201,502 | $ 173,409 | $ 185,766 | $ 158,088 |
Foreign currency translation | (1,508) | 2,577 | (3,086) | 1,542 |
Reclassification of AOCI/L to income, net of tax | (4) | 0 | (4) | 0 |
Ending Balance | 201,152 | 174,708 | 201,152 | 174,708 |
Marketable Investments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | 0 | 0 | ||
Foreign currency translation | 0 | 0 | ||
Unrealized loss before reclassification, net of tax | (4) | (4) | ||
Reclassification of AOCI/L to income, net of tax | 0 | 0 | ||
Ending Balance | (4) | (4) | ||
Interest Rate Swap [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | (492) | (1,240) | (821) | (104) |
Foreign currency translation | 0 | 0 | 0 | 0 |
Unrealized loss before reclassification, net of tax | (3) | (23) | (7) | (1,330) |
Reclassification of AOCI/L to income, net of tax | 131 | 228 | 464 | 399 |
Ending Balance | (364) | (1,035) | (364) | (1,035) |
Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | (1,447) | (5,788) | 131 | (4,753) |
Foreign currency translation | (1,508) | 2,577 | (3,086) | 1,542 |
Unrealized loss before reclassification, net of tax | 0 | 0 | 0 | 0 |
Reclassification of AOCI/L to income, net of tax | 0 | 0 | 0 | 0 |
Ending Balance | (2,955) | (3,211) | (2,955) | (3,211) |
Total AOCI/L [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | (1,939) | (7,028) | (690) | (4,857) |
Foreign currency translation | (1,508) | 2,577 | (3,086) | 1,542 |
Unrealized loss before reclassification, net of tax | (7) | (23) | (11) | (1,330) |
Unrealized loss before reclassification, net of tax | (7) | (23) | (11) | (1,330) |
Reclassification of AOCI/L to income, net of tax | 131 | 228 | 464 | 399 |
Ending Balance | $ (3,323) | $ (4,246) | $ (3,323) | $ (4,246) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) ("AOCI/L") - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||||
Accumulated other comprehensive income (loss), unrealized gain (loss) before reclassification, net of tax | $ 4 | $ 12 | $ 5 | $ 523 |
Accumulated other comprehensive income (loss), reclassification of AOCI/L to income, net of tax | $ (52) | $ (90) | $ (182) | $ (157) |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share - Schedule of Basic and Diluted Weighted Average Common Shares (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average common shares outstanding | 19,134 | 18,872 | 19,107 | 18,779 |
Weighted average common equivalent shares | 254 | 0 | 244 | 94 |
Diluted weighted average common shares outstanding | 19,388 | 18,872 | 19,351 | 18,873 |
Options and restricted stock units excluded from diluted weighted average share calculation as effect would have been anti-dilutive | 0 | 790 | 4 | 427 |
Stockholders' Equity - Componen
Stockholders' Equity - Components of Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Beginning Balance | $ 201,502 | $ 173,409 | $ 185,766 | $ 158,088 |
Issuance of common stock under stock plans, including tax effects | 2,023 | $ 420 | 4,493 | $ 638 |
Repurchases of common stock | $ (7,973) | (10,646) | ||
Repurchases of common stock, Shares | (200,000) | 0 | 0 | |
Stock-based compensation expense | $ 2,462 | $ 2,697 | 7,351 | $ 7,964 |
Accounting Standards Update [Extensible List] | ASU No. 2016-13 [Member] | |||
Net income | 4,522 | (3,760) | 16,821 | $ 7,564 |
Net change in interest rate swap, net of tax | 128 | 205 | 457 | (931) |
Net change in marketable investments, net of tax | (4) | (4) | ||
Foreign currency translation | (1,508) | 2,577 | (3,086) | 1,542 |
Ending Balance | 201,152 | 174,708 | 201,152 | 174,708 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning Balance | (157) | |||
Common Stock [Member] | ||||
Beginning Balance | $ 238 | $ 234 | $ 236 | $ 233 |
Beginning Balance, Shares | 23,780,000 | 23,401,000 | 23,648,000 | 23,275,000 |
Issuance of common stock under stock plans, including tax effects | $ 2 | $ 4 | $ 3 | |
Issuance of common stock under,stock plans including tax effects, Shares | 262,000 | 178,000 | 394,000 | 304,000 |
Ending Balance | $ 240 | $ 236 | $ 240 | $ 236 |
Ending Balance, Shares | 24,042,000 | 23,579,000 | 24,042,000 | 23,579,000 |
Additional Paid-in Capital [Member] | ||||
Beginning Balance | $ 237,485 | $ 222,778 | $ 230,128 | $ 216,454 |
Issuance of common stock under stock plans, including tax effects | 2,021 | 422 | 4,489 | 635 |
Stock-based compensation expense | 2,462 | 2,697 | 7,351 | 7,964 |
Ending Balance | 241,968 | 225,053 | 241,968 | 225,053 |
Retained Earnings [Member] | ||||
Beginning Balance | 140,280 | 129,314 | 127,981 | 118,147 |
Net income | 4,522 | (3,760) | 16,821 | 7,564 |
Ending Balance | 144,802 | 125,554 | 144,802 | 125,554 |
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Beginning Balance | (157) | |||
Treasury Stock [Member] | ||||
Beginning Balance | $ (174,562) | $ (171,889) | $ (171,889) | $ (171,889) |
Beginning Balance, Shares | 4,694,000 | 4,631,000 | 4,631,000 | 4,631,000 |
Repurchases of common stock | $ (7,973) | $ (10,646) | ||
Repurchases of common stock, Shares | (170,000) | (233,000) | ||
Ending Balance | $ (182,535) | $ (171,889) | $ (182,535) | $ (171,889) |
Ending Balance, Shares | 4,864,000 | 4,631,000 | 4,864,000 | 4,631,000 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Beginning Balance | $ (1,939) | $ (7,028) | $ (690) | $ (4,857) |
Net change in interest rate swap, net of tax | 128 | 205 | 457 | (931) |
Net change in marketable investments, net of tax | (4) | (4) | ||
Foreign currency translation | (1,508) | 2,577 | (3,086) | 1,542 |
Ending Balance | $ (3,323) | $ (4,246) | $ (3,323) | $ (4,246) |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Unvested, Beginning Balance | shares | 642 |
Number of Shares, Granted | shares | 268 |
Number of Shares, Vested | shares | (242) |
Number of Shares, Forfeited | shares | (61) |
Number of Shares, Unvested, Ending Balance | shares | 607 |
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ / shares | $ 38.99 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 45.23 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 39.91 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 39.57 |
Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares | $ 41.33 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Number of Shares, Outstanding, Beginning Balance | shares | 292 |
Number of Shares, Exercised | shares | (135) |
Number of Shares, Outstanding, Ending Balance | shares | 157 |
Number of Shares, Vested and Exercisable at September 30, 2021 | shares | 157 |
Weighted - Average Exercise Price Per Share, Outstanding, Beginning balance | $ / shares | $ 35.46 |
Weighted - Average Exercise Price Per Share, Exercised | $ / shares | 35.40 |
Weighted - Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares | 35.52 |
Weighted - Average Exercise Price Per Share, Vested and Exercisable at September 30, 2021 | $ / shares | $ 35.52 |
Weighted - Average Remaining Contractual Term, Outstanding at September 30, 2021 | 2 years 8 months 15 days |
Weighted - Average Remaining Contractual Term, Vested and Exercisable at September 30, 2021 | 2 years 8 months 15 days |
Aggregate Intrinsic Value, Outstanding at September 30, 2021 | $ | $ 2,163 |
Aggregate Intrinsic Value, Vested and Exercisable at September 30, 2021 | $ | $ 2,163 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Oct. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |||||
Number of stock options granted | 0 | ||||
Number of stock options forfeited | 0 | ||||
Authorized to purchase of common stock under the stock repurchase program | $ 535,000,000 | $ 535,000,000 | |||
Stock repurchase program, increased authorized repurchase amount | $ 50,000 | ||||
Repurchase of common stock | 200,000 | 0 | 0 | ||
Repurchase of common stock, Value | $ 7,973,000 | $ 10,646,000 | |||
Cumulative repurchase of common stock | 16,500,000 | 16,500,000 | |||
Aggregate cost of repurchase of common stock | $ 485,500,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock-Based Compensation Recorded in Expense Categories in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total allocated share-based compensation expense | $ 2,462 | $ 2,697 | $ 7,351 | $ 7,964 |
Cost of Services and Fulfillment [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total allocated share-based compensation expense | 1,554 | 1,638 | 4,389 | 4,463 |
Selling and Marketing [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total allocated share-based compensation expense | 372 | 446 | 1,220 | 1,231 |
General and Administrative [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total allocated share-based compensation expense | $ 536 | $ 613 | $ 1,742 | $ 2,270 |
Stockholders' Equity - Shares S
Stockholders' Equity - Shares Subject to Employee Stock Purchase Plan Valuation Assumptions (Detail) - Employee Stock Purchase Plan [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Average risk-free interest rate | 0.05% | 0.12% | 0.05% | 0.12% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected life | 6 months | 6 months | 6 months | 6 months |
Expected volatility | 30.00% | 93.00% | 30.00% | 93.00% |
Weighted average fair value | $ 11.20 | $ 14.57 | $ 11.20 | $ 14.57 |
Operating Segments - Additional
Operating Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Operating Segments - Schedule o
Operating Segments - Schedule of Information by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 118,136 | $ 108,577 | $ 360,587 | $ 328,463 |
Segment expenses | (43,684) | (39,575) | (132,740) | (116,912) |
Selling, marketing, administrative and other expenses | (64,217) | (63,778) | (188,788) | (181,463) |
Amortization of intangible assets | (3,696) | (4,722) | (11,567) | (14,147) |
Integration costs | 0 | (328) | (334) | (3,815) |
Interest expense, other income (expense) and gains (losses) on investments | (1,251) | 1,533 | (4,117) | (1,904) |
Income (loss) before income taxes | 5,288 | (1,359) | 23,041 | 10,222 |
Research Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 90,463 | 86,323 | 272,006 | 260,134 |
Segment expenses | (28,657) | (28,645) | (88,791) | (81,979) |
Consulting Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 26,806 | 21,123 | 80,743 | 62,076 |
Segment expenses | (13,061) | (9,646) | (38,237) | (29,766) |
Events Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 867 | 1,131 | 7,838 | 6,253 |
Segment expenses | (1,966) | (1,284) | (5,712) | (5,167) |
Research [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 79,876 | 74,445 | 235,846 | 223,746 |
Research [Member] | Research Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 79,876 | 74,445 | 235,846 | 223,746 |
Research [Member] | Consulting Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Research [Member] | Events Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Consulting [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 37,393 | 33,001 | 116,903 | 98,464 |
Consulting [Member] | Research Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 10,587 | 11,878 | 36,160 | 36,388 |
Consulting [Member] | Consulting Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 26,806 | 21,123 | 80,743 | 62,076 |
Consulting [Member] | Events Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Events [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 867 | 1,131 | 7,838 | 6,253 |
Events [Member] | Research Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Events [Member] | Consulting Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Events [Member] | Events Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 867 | $ 1,131 | $ 7,838 | $ 6,253 |