Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 02, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, $.01 Par Value | |
Trading Symbol | FORR | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | FORRESTER RESEARCH, INC. | |
Entity Central Index Key | 0001023313 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 19,200,000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 000-21433 | |
Entity Tax Identification Number | 04-2797789 | |
Entity Address, Address Line One | 60 Acorn Park Drive | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02140 | |
City Area Code | 617 | |
Local Phone Number | 613-6000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 104,217 | $ 103,629 |
Marketable investments (Note 2) | 16,759 | 19,688 |
Accounts receivable, net of allowance for expected credit losses of $636 and $560 as of March 31, 2023 and December 31, 2022, respectively | 58,915 | 73,345 |
Deferred commissions | 22,602 | 24,559 |
Prepaid expenses and other current assets | 23,351 | 14,069 |
Total current assets | 225,844 | 235,290 |
Property and equipment, net | 22,420 | 23,208 |
Operating lease right-of-use assets | 48,565 | 49,970 |
Goodwill | 242,852 | 242,149 |
Intangible assets, net | 46,453 | 49,504 |
Other assets | 7,754 | 8,317 |
Total assets | 593,888 | 608,438 |
Current Liabilities: | ||
Accounts payable | 425 | 361 |
Accrued expenses and other current liabilities | 53,787 | 91,007 |
Deferred revenue | 215,093 | 178,021 |
Total current liabilities | 269,305 | 269,389 |
Long-term debt | 35,000 | 50,000 |
Non-current operating lease liabilities | 48,521 | 50,751 |
Other non-current liabilities | 18,316 | 16,642 |
Total liabilities | 371,142 | 386,782 |
Commitments and contingencies (Note 5, 15) | ||
Stockholders' Equity (Note 12): | ||
Preferred stock, $0,01 par value Authorized - 500 shares; issued and outstanding - none | 0 | 0 |
Common stock, $0.01 par value Authorized - 125,000 shares Issued - 24,495 and 24,367 shares as of March 31, 2023 and December 31, 2022, respectively Outstanding - 19,191 and 19,062 shares as of March 31, 2023 and December 31, 2022, respectively | 245 | 244 |
Additional paid-in capital | 265,691 | 261,766 |
Retained earnings | 170,556 | 174,631 |
Treasury stock - 5,305 shares as of March 31, 2023 and December 31, 2022, respectively | (207,067) | (207,067) |
Accumulated other comprehensive loss | (6,679) | (7,918) |
Total stockholders’ equity | 222,746 | 221,656 |
Total liabilities and stockholders’ equity | $ 593,888 | $ 608,438 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for expected credit losses | $ 636 | $ 560 |
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 | 24,495,000 | 24,367,000 |
Common stock, shares outstanding | 19,191,000 | 19,062,000 |
Treasury stock, shares | 5,305,000 | 5,305,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | ||
Total revenues | $ 113,670 | $ 124,971 |
Operating expenses: | ||
Selling and marketing | 41,532 | 44,044 |
General and administrative | 21,227 | 15,524 |
Depreciation | 2,104 | 2,319 |
Amortization of intangible assets | 3,066 | 3,362 |
Restructuring costs | 1,589 | 0 |
Total operating expenses | 118,810 | 118,500 |
Income (loss) from operations | (5,140) | 6,471 |
Interest expense | (793) | (613) |
Other income (expense), net | 550 | (257) |
Gain on investments, net | 0 | 426 |
Income (Loss) before income taxes | (5,383) | 6,027 |
Income tax expense (benefit) | (1,308) | 1,879 |
Net income (loss) | $ (4,075) | $ 4,148 |
Basic income (loss) per common share | $ (0.21) | $ 0.22 |
Diluted income (loss) per common share | $ (0.21) | $ 0.22 |
Basic weighted average common shares outstanding | 19,108 | 18,988 |
Diluted weighted average common shares outstanding | 19,108 | 19,264 |
Research [Member] | ||
Revenues: | ||
Total revenues | $ 80,906 | $ 85,780 |
Consulting [Member] | ||
Revenues: | ||
Total revenues | 31,750 | 38,431 |
Events [Member] | ||
Revenues: | ||
Total revenues | 1,014 | 760 |
Cost of Services and Fulfillment [Member] | ||
Operating expenses: | ||
Cost of services and fulfillment | $ 49,292 | $ 53,251 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (4,075) | $ 4,148 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation | 1,206 | (1,314) |
Net change in market value of investments | 33 | (64) |
Net change in market value of interest rate swap | 0 | 196 |
Other comprehensive income (loss) | 1,239 | (1,182) |
Comprehensive income (loss) | $ (2,836) | $ 2,966 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (4,075) | $ 4,148 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 2,104 | 2,319 |
Amortization of intangible assets | 3,066 | 3,362 |
Net gains from investments | 0 | (426) |
Deferred income taxes | 1,926 | (1,012) |
Stock-based compensation | 3,165 | 3,294 |
Operating lease right-of-use assets, amortization, and impairments | 2,886 | 2,690 |
Amortization of deferred financing fees | 109 | 109 |
Amortization of (discount) premium on investments | (63) | 43 |
Foreign currency losses | 20 | 216 |
Changes in assets and liabilities: | ||
Accounts receivable | 14,691 | 16,239 |
Deferred commissions | 1,957 | 2,402 |
Prepaid expenses and other current assets | (8,819) | (1,696) |
Accounts payable | 64 | 50 |
Accrued expenses and other liabilities | (37,416) | (41,120) |
Deferred revenue | 36,041 | 34,909 |
Operating lease liabilities | (3,374) | (2,861) |
Net cash provided by operating activities | 12,282 | 22,666 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,632) | (1,262) |
Purchases of marketable investments | (964) | (3,190) |
Proceeds from maturities of marketable investments | 4,000 | 2,455 |
Other investing activity | (62) | 85 |
Net cash provided by (used in) investing activities | 1,342 | (1,912) |
Cash flows from financing activities: | ||
Payments on borrowings | (15,000) | (15,000) |
Repurchases of common stock | 0 | (9,459) |
Proceeds from issuance of common stock under employee equity incentive plans | 1,840 | 1,861 |
Taxes paid related to net share settlements of stock-based compensation awards | (1,079) | (139) |
Net cash used in financing activities | (14,239) | (22,737) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,249 | (1,353) |
Net change in cash, cash equivalents and restricted cash | 634 | (3,336) |
Cash, cash equivalents and restricted cash, beginning of period | 105,654 | 118,031 |
Cash, cash equivalents and restricted cash, end of period | 106,288 | 114,695 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 742 | 516 |
Cash paid for income taxes | $ 1,620 | $ 1,155 |
Interim Consolidated Financial
Interim Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022. 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 months ended March 31, 2023 may not be indicative of the results for the year ending December 31, 2023 , or any other period. 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). Three Months Ended March 31, 2023 2022 Cash and cash equivalents $ 104,217 $ 112,496 Restricted cash classified in other assets (1): 2,071 2,199 Cash, cash equivalents and restricted cash shown in statement of cash flows $ 106,288 $ 114,695 (1) Restricted cash consists of collateral required for leased office space. 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. R ecent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 . The amendments in this update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments in this update apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. It is anticipated the standard will have no impact on the Company’s financial position or results of operations. |
Marketable Investments
Marketable Investments | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value Corporate obligations $ 14,925 $ 3 $ ( 158 ) $ 14,770 Federal agency obligations 1,999 — ( 10 ) 1,989 Total $ 16,924 $ 3 $ ( 168 ) $ 16,759 As of December 31, 2022 Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value Corporate obligations $ 17,900 $ 8 $ ( 205 ) $ 17,703 Federal agency obligations 1,999 — ( 14 ) 1,985 Total $ 19,899 $ 8 $ ( 219 ) $ 19,688 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 marketable investments during the three months ended March 31, 2023 and 2022. The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of March 31, 2023 (in thousands). FY 2023 FY 2024 FY 2025 Total Corporate obligations $ 9,018 $ 3,846 $ 1,906 $ 14,770 Federal agency obligations — 1,989 — $ 1,989 Total $ 9,018 $ 5,835 $ 1,906 $ 16,759 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 March 31, 2023 Less Than 12 Months 12 Months or Greater Market Unrealized Market Unrealized Value Losses Value Losses Corporate obligations $ 10,328 $ 94 $ 3,450 $ 64 Federal agency obligations 1,989 10 — — Total $ 12,317 $ 104 $ 3,450 $ 64 As of December 31, 2022 Less Than 12 Months 12 Months or Greater Market Unrealized Market Unrealized Value Losses Value Losses Corporate obligations $ 9,619 $ 139 $ 8,084 $ 66 Federal agency obligations 1,985 14 — — Total $ 11,604 $ 153 $ 8,084 $ 66 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
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. Reporting units are determined based on the components of the Company's operating segments that constitute a business for which discrete financial information is available and for which operating results are regularly reviewed by segment management. 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, 2022 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 March 31, 2023, there were no events or circumstances that required an interim impairment test. Accordingly, as of March 31, 2023 , the Company had no accumulated goodwill impairment losses. Approximate ly $ 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 three months ended March 31, 2023 is summarized as follows (in thousands): Total Balance at December 31, 2022 $ 242,149 Translation adjustments 703 Balance at March 31, 2023 $ 242,852 Finite-Lived Intangible Assets The carrying values of finite-lived intangible assets are as follows (in thousands): March 31, 2023 Gross Net Carrying Accumulated Carrying Amount Amortization Amount Amortizable intangible assets: Customer relationships $ 77,798 $ 35,922 $ 41,876 Technology 16,838 15,133 1,705 Trademarks 12,477 9,605 2,872 Total $ 107,113 $ 60,660 $ 46,453 December 31, 2022 Gross Net Carrying Accumulated Carrying Amount Amortization Amount Amortizable intangible assets: Customer relationships $ 77,786 $ 33,805 $ 43,981 Technology 16,803 14,696 2,107 Trademarks 12,472 9,056 3,416 Total $ 107,061 $ 57,557 $ 49,504 Estimated intangible asset amortization expense for each of the five succeeding years is as follows (in thousands): 2023 (remainder) $ 8,878 2024 9,905 2025 8,874 2026 8,391 2027 8,324 Thereafter 2,081 Total $ 46,453 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 4 — Debt The Company has a credit facility that provides up to $ 150.0 million of revolving credit commitments and matures in December of 2026. The credit facility includes an expansion feature that permits the Company to increase the revolving credit commitments in an aggregate principal amount up to $ 50.0 million, subject to approval by the administrative agent and certain customary terms and conditions. The credit facility contains certain customary restrictive loan covenants, including among others, financial covenants that apply a maximum leverage ratio, minimum interest coverage ratio, and maximum annual capital expenditures. 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, change fiscal year, or enter into certain transactions with affiliates and subsidiaries. The Company was in full compliance with the covenants as of March 31, 2023. The Company may voluntarily prepay revolving loans under the credit facility at any time and from time to time, without premium or penalty. No interim amortization payments are required to be made under the credit facility. The credit facility provides that once LIBOR ceases to exist in 2023, the benchmark rate for the loans outstanding will automatically transfer from LIBOR to the Secured Overnight Financing Rate (SOFR). In April 2023, the Company executed a second amendment to the credit facility to facilitate the conversion from LIBOR to SOFR and to set the interest rate at SOFR plus 10 basis points. Up to $ 5.0 million of the 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 March 31, 2023 , $ 0.6 million in letters of credit were issued under the credit facility. Outstanding Borrowings The following table summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands): Description: March 31, 2023 December 31, 2022 Credit facility $ 35,000 $ 50,000 The contractual annualized interest rate as of March 31, 2023 was 6.125 %, which consisted of LIBOR of 4.875 % plus a margin of 1.25 %. The Company had $ 114.4 million of available borrowing capacity on the credit facility (not including the expansion feature) as of March 31, 2023. The weighted average annual effective interest rate for the three months ended March 31, 2023 w as 5.82 %. All obligations under the credit facility 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's subsidiaries (limited to 65 % of the voting equity of certain subsidiaries). |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 Operating lease cost $ 3,314 $ 3,652 Short-term lease cost 261 137 Variable lease cost 785 1,550 Sublease income ( 131 ) ( 192 ) Total lease cost $ 4,229 $ 5,147 Additional lease information is summarized in the following table (in thousands, except lease term and discount rate): For the Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of operating $ 3,374 $ 2,861 Operating lease ROU assets obtained in exchange for lease $ 1,323 $ — Weighted-average remaining lease term - operating leases (years) 4.9 5.7 Weighted-average discount rate - operating leases 4.3 % 4.3 % Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of March 31, 2023 are as follows (in thousands): Operating Lease Sublease Payments Cash Receipts 2023 (remainder) $ 12,532 $ 457 2024 16,563 625 2025 14,485 — 2026 12,474 — 2027 5,680 — Thereafter 8,817 — Total lease payments and estimated sublease cash receipts 70,551 $ 1,082 Less imputed interest ( 8,045 ) Present value of lease liabilities $ 62,506 Lease balances as of March 31, 2023 are as follows (in thousands): Operating lease ROU assets $ 48,565 Short-term operating lease liabilities (1) $ 13,985 Non-current operating lease liabilities 48,521 Total operating lease liabilities $ 62,506 (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 three months ended March 31, 2023 , the Company recorded a $ 0.4 million ROU asset impairment related to closing one floor of its offices located at 150 Spear Street, San Francisco, California. The impairment is included in restructuring costs in the Consolidated Statements of Operations. As a result of the impairment, the ROU asset was required to be recorded at its estimated fair value as a Level 3 non-financial asset. The fair value of the asset group was determined using a discounted cash flow model, which required the use of estimates, including projected cash flows for the related asset, the selection of a discount rate used in the model, and regional real estate industry data. |
Revenue and Related Matters
Revenue and Related Matters | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, Revenues: (1) 2023 2022 North America $ 92,671 $ 102,310 Europe 13,712 14,472 Asia Pacific 5,382 6,673 Other 1,905 1,516 Total $ 113,670 $ 124,971 (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 March 31, 2023 or 2022. 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 March 31, 2023 and 2022 , the Company recognized $ 72.9 million and $ 80.8 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period. Approximate ly $ 404.8 million of revenue is expected to be recognized during the next 24 months from remaining performance obligations as of March 31, 2023. Reserves for Credit Losses The allowance for expected credit losses on accounts receivable for the three months ended March 31, 2023 is summarized as follows (in thousands): Total Balance at December 31, 2022 $ 560 Provision for expected credit losses 170 Write-offs ( 94 ) Balance at March 31, 2023 $ 636 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 March 31, 2023 and 2022 w as $ 8.6 million and $ 10.0 million, re spectively. The Company evaluates the recoverability of deferred commissions at each balance sheet date and there were no impairments recorded during the three months ended March 31, 2023 and 2022 . |
Derivatives and Hedging
Derivatives and Hedging | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Note 7 — Derivatives and Hedging Interest Rate Swap During 2019, the Company entered into a single interest rate swap contract that matured on December 31, 2022 , with an initial notional amount of $ 95.0 million. The Company paid a base fixed rate of 1.65275 % and in return received the greater of: (1) 1-month LIBOR, rounded up to the nearest 1/16 of a percent, or (2) 0.00 %. The swap was used to mitigate the cash flow risk associated with changes in interest rates on the Company’s variable rate debt (refer to Note 4 – Debt ). The Company accounted for this 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. The swap had been designated and accounted for as a cash flow hedge of the forecasted interest payments on the Company’s debt. The swap was considered to be a highly effective hedge of the designated interest rate risk for the entire contract period and changes in the fair value of the swap were recorded in accumulated other comprehensive loss, a component of equity in the Consolidated Balance Sheets. Foreign Currency Forwards The Company enters into a limited number of 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 income (expense), net in the Consolidated Statements of Operations because the Company does not designate these contracts as hedges for accounting purposes. During the three months ended March 31, 2023, the Company entered into three foreign currency forward exchange contracts, all of which settled by March 31, 2023. Accordingly, as of March 31, 2023, there is no amount recorded in the Consolidated Balance Sheets for these contracts. During the three months ended March 31, 2022, the Company entered into five foreign currency forward exchange contracts, all of which settled by March 31, 2022. Accordingly, as of March 31, 2022, there is no amount 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 March 31, Amount recorded in: 2023 2022 Interest expense (1) $ — $ ( 145 ) Other income (expense) , net (2) 62 ( 85 ) Total $ 62 $ ( 230 ) (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 | 3 Months Ended |
Mar. 31, 2023 | |
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 marketable investments. 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 March 31, 2023 Level 1 Level 2 Total Assets: Money market funds (1) $ 3,968 $ — $ 3,968 Marketable investments (2) — 16,759 16,759 Total Assets $ 3,968 $ 16,759 $ 20,727 As of December 31, 2022 Level 1 Level 2 Total Assets: Money market funds (1) $ 5,800 $ — $ 5,800 Marketable investments (2) — 19,688 19,688 Total Assets $ 5,800 $ 19,688 $ 25,488 (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. During the three months ended March 31, 2023 , 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 assets and liabilities. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
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 benefit for the three months ended March 31, 2023 wa s $ 1.3 million resulting in an effective tax rate of 24.3 % fo r the period. Income tax expense for the three months ended March 31, 2022 was $ 1.9 million resulting in an effective tax rate of 31.2 % for the period. The Company anticipates that its effective tax rate for the full year 2023 will be approxima tely 38 %. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss ("AOCL") | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss ("AOCL") | Note 10 — Accumulated Other Comprehensive Loss (“AOCL”) The components of accumulated other comprehensive loss are as follows (net of tax, in thousands): Marketable Translation Investments Adjustment Total AOCL Balance at December 31, 2022 $ ( 159 ) $ ( 7,759 ) $ ( 7,918 ) Foreign currency translation (1) — 1,206 1,206 Unrealized gain, net of tax of $( 11 ) 33 — 33 Balance at March 31, 2023 $ ( 126 ) $ ( 6,553 ) $ ( 6,679 ) Marketable Interest Rate Translation Investments Swap Adjustment Total AOCL Balance at December 31, 2021 $ ( 25 ) $ ( 212 ) $ ( 2,952 ) $ ( 3,189 ) Foreign currency translation (1) — — ( 1,314 ) ( 1,314 ) Unrealized gain (loss) before reclassification, net 15 ) ( 64 ) 91 — 27 Reclassification to income, net 40 ) (2) — 105 — 105 Balance at March 31, 2022 $ ( 89 ) $ ( 16 ) $ ( 4,266 ) $ ( 4,371 ) (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 | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 Basic weighted average common shares outstanding 19,108 18,988 Weighted average common equivalent shares — 276 Diluted weighted average common shares outstanding 19,108 19,264 Options and restricted stock units excluded from diluted 703 — |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Note 12 — Stockholders’ Equity The components of stockholders’ equity are as follows (in thousands): Three Months Ended March 31, 2023 Common Stock Treasury Stock Accumulated Number $0.01ParValue Additional Retained Number Cost Other Total Balance at December 31, 2022 24,367 $ 244 $ 261,766 $ 174,631 5,305 $ ( 207,067 ) $ ( 7,918 ) $ 221,656 Issuance of common stock under 128 1 760 — — — — 761 Stock-based compensation expense — — 3,165 — — — — 3,165 Net loss — — — ( 4,075 ) — — — ( 4,075 ) Net change in marketable investments, — — — — — — 33 33 Foreign currency translation — — — — — — 1,206 1,206 Balance at March 31, 2023 24,495 $ 245 $ 265,691 $ 170,556 5,305 $ ( 207,067 ) $ ( 6,679 ) $ 222,746 Three Months Ended March 31, 2022 Common Stock Treasury Stock Accumulated Number $0.01 Additional Retained Number Cost Other Total Balance at December 31, 2021 24,085 $ 241 $ 245,985 $ 152,825 5,027 $ ( 191,955 ) $ ( 3,189 ) $ 203,907 Issuance of common stock under 58 — 1,722 — — — — 1,722 Repurchases of common stock — — — — 175 ( 9,459 ) — ( 9,459 ) Stock-based compensation expense — — 3,294 — — — — 3,294 Net income — — — 4,148 — — — 4,148 Net change in interest rate swap, — — — — — — 196 196 Net change in marketable investments, — — — — — — ( 64 ) ( 64 ) Foreign currency translation — — — — — — ( 1,314 ) ( 1,314 ) Balance at March 31, 2022 24,143 $ 241 $ 251,001 $ 156,973 5,202 $ ( 201,414 ) $ ( 4,371 ) $ 202,430 Equity Plans Restricted stock unit activity for the three months ended March 31, 2023 is presented below (in thousands, except per share data): Weighted- Average Number of Grant Date Shares Fair Value Unvested at December 31, 2022 682 $ 46.28 Granted 258 35.38 Vested ( 95 ) 51.44 Forfeited ( 43 ) 44.94 Unvested at March 31, 2023 802 $ 42.24 Stock option activity for the three months ended March 31, 2023 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, 2022 89 $ 35.58 Granted 144 33.04 Exercised ( 2 ) 34.37 Forfeited ( 1 ) 28.04 Outstanding at March 31, 2023 230 $ 34.01 6.90 $ 5 Exercisable at March 31, 2023 86 $ 35.64 1.86 $ 5 Vested and expected to vest at March 31, 2023 230 $ 34.01 6.90 $ 5 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 March 31, 2023 2022 Cost of services and fulfillment $ 1,847 $ 1,926 Selling and marketing 497 633 General and administrative 821 735 Total $ 3,165 $ 3,294 Forrester utilizes the Black-Scholes valuation model for estimating the fair value of options granted under the equity incentive plans and shares subject to purchase under the employee stock purchase plan, which were valued using the following assumptions: Three Months Ended March 31, 2023 2022 Equity Incentive Plans Employee Stock Purchase Plan Employee Stock Purchase Plan Average risk-free interest rate 4.27 % 5.00 % 0.86 % Expected dividend yield 0.0 % 0.0 % 0.0 % Expected life 4.75 Years 0.5 Years 0.5 Years Expected volatility 43 % 46 % 24 % Weighted average fair value $ 14.24 $ 9.47 $ 11.02 Treasury Stock As of March 31, 2023, Forrester’s B oard of Directors had authorized an aggregate $ 585.0 million to purchase common stock under its stock repurchase program. The shares repurchased may be used, among other things, in connection with Forrester’s equity incentive and purchase plans. During the three months ended March 31, 2023, the Company did no t repurchase any shares of common stock. During the three months ended March 31, 2022 the Company repurchased approximately 0.2 million shares of common stock at an aggregate cost of approximately $ 9.5 million. From the inception of the program through March 31, 2023, the Company repu rchased 17.0 million shares of common stock at an aggregate cost of $ 510.0 million. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Note 13 — Restructuring In January 2023, the Company implemented a reduction in its workforce of approximately 4 % of its employees across various geographies and functions to streamline operations. The Company record ed $ 4.3 millio n of severance and related costs for this action during the fourth quarter of 2022, and $ 0.6 million during the first quarter of 2023. The Company also recorded a restructuring charge of $ 5.0 milli on during the fourth quarter of 2022 related to closing one floor of its offices located at 150 Spear Street, San Francisco, California, of which $ 3.7 million related to an impairment of a right-of-use asset and $ 1.3 million related to an impairment of leasehold improvements. The Company expects the accrued restructuring costs as of March 31, 2023 to be fully paid by the end of 2023. The following table rolls forward the activity in the restructuring accrual for the three months ended March 31, 2023 (in thousands): Accrual at December 31, 2022 $ 4,360 Additional restructuring costs 1,589 Non-cash charge (included above) ( 1,002 ) Cash payments ( 2,609 ) Accrual at March 31, 2023 $ 2,338 |
Operating Segments
Operating Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Operating Segments | Note 14 — Operating Segments The Company's chief operating decision-maker (used in determining the Company's segments) is the chief executive officer and the chief financial officer. The Company operates in three segments: Research, Consulting, and Events. These segments, which are also the Company's reportable segments, are based on the management structure of the Company and how the chief operating decision maker 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. 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. 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. The Company evaluates reportable segment performance and allocates 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, restructuring costs, interest and other income (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 March 31, 2023 Research revenues $ 80,906 $ — $ — $ 80,906 Consulting revenues 7,919 23,831 — 31,750 Events revenues — — 1,014 1,014 Total segment revenues 88,825 23,831 1,014 113,670 Segment expenses ( 35,507 ) ( 12,353 ) ( 1,631 ) ( 49,491 ) Selling, marketing, administrative and other expenses ( 64,664 ) Amortization of intangible assets ( 3,066 ) Restructuring costs ( 1,589 ) Interest expense, other income, and gains on investments ( 243 ) Loss before income taxes $ ( 5,383 ) Research Segment Consulting Segment Events Segment Consolidated Three Months Ended March 31, 2022 Research revenues $ 85,780 $ — $ — $ 85,780 Consulting revenues 11,190 27,241 — 38,431 Events revenues — — 760 760 Total segment revenues 96,970 27,241 760 124,971 Segment expenses ( 34,180 ) ( 14,317 ) ( 1,751 ) ( 50,248 ) Selling, marketing, administrative and other expenses ( 64,890 ) Amortization of intangible assets ( 3,362 ) Interest expense, other expense, and gains on investments ( 444 ) Income before income taxes $ 6,027 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 15 — 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. It is the Company's policy to record accruals for legal contingencies to the extent that it has concluded that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated, and to expense costs associated with loss contingencies, including any related legal fees, as they are incurred. The Company reviews its loss contingencies at least quarterly and adjusts its accruals and/or disclosures to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, or other new information, as deemed necessary. Once established, a provision may change in the future due to new developments or changes in circumstances and could increase or decrease the Company’s earnings in the period that the changes are made. Following an April 2023 mediation in a wage-related matter that resulted in an agreement in principle , the Company accrued $ 4.8 million of expense in the quarter ended March 31, 2023 that is classified in general and administrative expense in the Consolidated Statement of Operations. The Company believes that it has meritorious defenses in connection with its current legal proceedings and claims and intends to vigorously contest each of them. Regardless of the outcome, legal proceedings and claims can have a material adverse effect on the Company because of defense and settlement costs, diversion of management resources, and other factors. In the opinion of the Company's management, based upon information currently available to the Company, while the outcome of these legal proceedings and claims is uncertain, the likely results of these legal proceedings and claims are not expected, either individually or in the aggregate, to have a material adverse effect on the Company's financial position, results of operations or cash flows, although the effect could be material to the Company's consolidated results of operations or consolidated cash flows for any interim reporting period. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16 — Subsequent Events In May 2023, the Company implemented a reduction of approximately 8 % of its workforce across various geographies and functions to better align its cost structure with its revised revenue outlook for the year, and to streamline its sales and consulting organizations to more efficiently go to market in support of driving contract value growth in the future. In addition, the Company will close certain of its smaller offices both inside and outside the U.S. in order to reduce facility costs and better match its facilities to its hybrid work strategy. The Company anticipates total costs for this action to be in a range of $ 10.0 million to $ 11.0 million, inclusive of non-cash lease impairment costs of approximately $ 2.0 million, with the majority of the cash costs to be expended during 2023. |
Interim Consolidated Financia_2
Interim Consolidated Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022. 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 months ended March 31, 2023 may not be indicative of the results for the year ending December 31, 2023 , or any other period. |
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). Three Months Ended March 31, 2023 2022 Cash and cash equivalents $ 104,217 $ 112,496 Restricted cash classified in other assets (1): 2,071 2,199 Cash, cash equivalents and restricted cash shown in statement of cash flows $ 106,288 $ 114,695 (1) Restricted cash consists of collateral required for leased office space. 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 | R ecent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 . The amendments in this update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments in this update apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. It is anticipated the standard will have no impact on the Company’s financial position or results of operations. |
Interim Consolidated Financia_3
Interim Consolidated Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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). Three Months Ended March 31, 2023 2022 Cash and cash equivalents $ 104,217 $ 112,496 Restricted cash classified in other assets (1): 2,071 2,199 Cash, cash equivalents and restricted cash shown in statement of cash flows $ 106,288 $ 114,695 (1) Restricted cash consists of collateral required for leased office space. 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) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value Corporate obligations $ 14,925 $ 3 $ ( 158 ) $ 14,770 Federal agency obligations 1,999 — ( 10 ) 1,989 Total $ 16,924 $ 3 $ ( 168 ) $ 16,759 As of December 31, 2022 Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value Corporate obligations $ 17,900 $ 8 $ ( 205 ) $ 17,703 Federal agency obligations 1,999 — ( 14 ) 1,985 Total $ 19,899 $ 8 $ ( 219 ) $ 19,688 |
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 March 31, 2023 (in thousands). FY 2023 FY 2024 FY 2025 Total Corporate obligations $ 9,018 $ 3,846 $ 1,906 $ 14,770 Federal agency obligations — 1,989 — $ 1,989 Total $ 9,018 $ 5,835 $ 1,906 $ 16,759 |
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 March 31, 2023 Less Than 12 Months 12 Months or Greater Market Unrealized Market Unrealized Value Losses Value Losses Corporate obligations $ 10,328 $ 94 $ 3,450 $ 64 Federal agency obligations 1,989 10 — — Total $ 12,317 $ 104 $ 3,450 $ 64 As of December 31, 2022 Less Than 12 Months 12 Months or Greater Market Unrealized Market Unrealized Value Losses Value Losses Corporate obligations $ 9,619 $ 139 $ 8,084 $ 66 Federal agency obligations 1,985 14 — — Total $ 11,604 $ 153 $ 8,084 $ 66 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Change in Carrying Amount of Goodwill | The change in the carrying amount of goodwill for the three months ended March 31, 2023 is summarized as follows (in thousands): Total Balance at December 31, 2022 $ 242,149 Translation adjustments 703 Balance at March 31, 2023 $ 242,852 |
Summary of Carrying Values of Finite-Lived Intangible Assets | The carrying values of finite-lived intangible assets are as follows (in thousands): March 31, 2023 Gross Net Carrying Accumulated Carrying Amount Amortization Amount Amortizable intangible assets: Customer relationships $ 77,798 $ 35,922 $ 41,876 Technology 16,838 15,133 1,705 Trademarks 12,477 9,605 2,872 Total $ 107,113 $ 60,660 $ 46,453 December 31, 2022 Gross Net Carrying Accumulated Carrying Amount Amortization Amount Amortizable intangible assets: Customer relationships $ 77,786 $ 33,805 $ 43,981 Technology 16,803 14,696 2,107 Trademarks 12,472 9,056 3,416 Total $ 107,061 $ 57,557 $ 49,504 |
Summary of Estimated Intangible Assets Amortization Expense | Estimated intangible asset amortization expense for each of the five succeeding years is as follows (in thousands): 2023 (remainder) $ 8,878 2024 9,905 2025 8,874 2026 8,391 2027 8,324 Thereafter 2,081 Total $ 46,453 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
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: March 31, 2023 December 31, 2022 Credit facility $ 35,000 $ 50,000 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Summary of Components of Lease Expense | The components of lease expense were as follows (in thousands): For the Three Months Ended March 31, 2023 2022 Operating lease cost $ 3,314 $ 3,652 Short-term lease cost 261 137 Variable lease cost 785 1,550 Sublease income ( 131 ) ( 192 ) Total lease cost $ 4,229 $ 5,147 |
Summary of Additional Lease Information | Additional lease information is summarized in the following table (in thousands, except lease term and discount rate): For the Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of operating $ 3,374 $ 2,861 Operating lease ROU assets obtained in exchange for lease $ 1,323 $ — Weighted-average remaining lease term - operating leases (years) 4.9 5.7 Weighted-average discount rate - operating leases 4.3 % 4.3 % |
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 March 31, 2023 are as follows (in thousands): Operating Lease Sublease Payments Cash Receipts 2023 (remainder) $ 12,532 $ 457 2024 16,563 625 2025 14,485 — 2026 12,474 — 2027 5,680 — Thereafter 8,817 — Total lease payments and estimated sublease cash receipts 70,551 $ 1,082 Less imputed interest ( 8,045 ) Present value of lease liabilities $ 62,506 |
Summary of Lease Balances | Lease balances as of March 31, 2023 are as follows (in thousands): Operating lease ROU assets $ 48,565 Short-term operating lease liabilities (1) $ 13,985 Non-current operating lease liabilities 48,521 Total operating lease liabilities $ 62,506 (1) Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets. |
Revenue and Related Matters (Ta
Revenue and Related Matters (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, Revenues: (1) 2023 2022 North America $ 92,671 $ 102,310 Europe 13,712 14,472 Asia Pacific 5,382 6,673 Other 1,905 1,516 Total $ 113,670 $ 124,971 (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 three months ended March 31, 2023 is summarized as follows (in thousands): Total Balance at December 31, 2022 $ 560 Provision for expected credit losses 170 Write-offs ( 94 ) Balance at March 31, 2023 $ 636 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, Amount recorded in: 2023 2022 Interest expense (1) $ — $ ( 145 ) Other income (expense) , net (2) 62 ( 85 ) Total $ 62 $ ( 230 ) (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) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 Level 1 Level 2 Total Assets: Money market funds (1) $ 3,968 $ — $ 3,968 Marketable investments (2) — 16,759 16,759 Total Assets $ 3,968 $ 16,759 $ 20,727 As of December 31, 2022 Level 1 Level 2 Total Assets: Money market funds (1) $ 5,800 $ — $ 5,800 Marketable investments (2) — 19,688 19,688 Total Assets $ 5,800 $ 19,688 $ 25,488 (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. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss ("AOCL") (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss are as follows (net of tax, in thousands): Marketable Translation Investments Adjustment Total AOCL Balance at December 31, 2022 $ ( 159 ) $ ( 7,759 ) $ ( 7,918 ) Foreign currency translation (1) — 1,206 1,206 Unrealized gain, net of tax of $( 11 ) 33 — 33 Balance at March 31, 2023 $ ( 126 ) $ ( 6,553 ) $ ( 6,679 ) Marketable Interest Rate Translation Investments Swap Adjustment Total AOCL Balance at December 31, 2021 $ ( 25 ) $ ( 212 ) $ ( 2,952 ) $ ( 3,189 ) Foreign currency translation (1) — — ( 1,314 ) ( 1,314 ) Unrealized gain (loss) before reclassification, net 15 ) ( 64 ) 91 — 27 Reclassification to income, net 40 ) (2) — 105 — 105 Balance at March 31, 2022 $ ( 89 ) $ ( 16 ) $ ( 4,266 ) $ ( 4,371 ) (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) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 Basic weighted average common shares outstanding 19,108 18,988 Weighted average common equivalent shares — 276 Diluted weighted average common shares outstanding 19,108 19,264 Options and restricted stock units excluded from diluted 703 — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Components of Stockholders' Equity | The components of stockholders’ equity are as follows (in thousands): Three Months Ended March 31, 2023 Common Stock Treasury Stock Accumulated Number $0.01ParValue Additional Retained Number Cost Other Total Balance at December 31, 2022 24,367 $ 244 $ 261,766 $ 174,631 5,305 $ ( 207,067 ) $ ( 7,918 ) $ 221,656 Issuance of common stock under 128 1 760 — — — — 761 Stock-based compensation expense — — 3,165 — — — — 3,165 Net loss — — — ( 4,075 ) — — — ( 4,075 ) Net change in marketable investments, — — — — — — 33 33 Foreign currency translation — — — — — — 1,206 1,206 Balance at March 31, 2023 24,495 $ 245 $ 265,691 $ 170,556 5,305 $ ( 207,067 ) $ ( 6,679 ) $ 222,746 Three Months Ended March 31, 2022 Common Stock Treasury Stock Accumulated Number $0.01 Additional Retained Number Cost Other Total Balance at December 31, 2021 24,085 $ 241 $ 245,985 $ 152,825 5,027 $ ( 191,955 ) $ ( 3,189 ) $ 203,907 Issuance of common stock under 58 — 1,722 — — — — 1,722 Repurchases of common stock — — — — 175 ( 9,459 ) — ( 9,459 ) Stock-based compensation expense — — 3,294 — — — — 3,294 Net income — — — 4,148 — — — 4,148 Net change in interest rate swap, — — — — — — 196 196 Net change in marketable investments, — — — — — — ( 64 ) ( 64 ) Foreign currency translation — — — — — — ( 1,314 ) ( 1,314 ) Balance at March 31, 2022 24,143 $ 241 $ 251,001 $ 156,973 5,202 $ ( 201,414 ) $ ( 4,371 ) $ 202,430 |
Schedule of Restricted Stock Unit Activity | Restricted stock unit activity for the three months ended March 31, 2023 is presented below (in thousands, except per share data): Weighted- Average Number of Grant Date Shares Fair Value Unvested at December 31, 2022 682 $ 46.28 Granted 258 35.38 Vested ( 95 ) 51.44 Forfeited ( 43 ) 44.94 Unvested at March 31, 2023 802 $ 42.24 |
Schedule of Stock Option Activity | Stock option activity for the three months ended March 31, 2023 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, 2022 89 $ 35.58 Granted 144 33.04 Exercised ( 2 ) 34.37 Forfeited ( 1 ) 28.04 Outstanding at March 31, 2023 230 $ 34.01 6.90 $ 5 Exercisable at March 31, 2023 86 $ 35.64 1.86 $ 5 Vested and expected to vest at March 31, 2023 230 $ 34.01 6.90 $ 5 |
Summary of Stock-Based Compensation Recorded in Expense Categories in Consolidated Statements of Operations | Stock-based compensation was recorded in the following expense categories on the Consolidated Statements of Operations (in thousands): Three Months Ended March 31, 2023 2022 Cost of services and fulfillment $ 1,847 $ 1,926 Selling and marketing 497 633 General and administrative 821 735 Total $ 3,165 $ 3,294 |
Fair Value of Options Granted Under Equity Incentive Plan and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions | Forrester utilizes the Black-Scholes valuation model for estimating the fair value of options granted under the equity incentive plans and shares subject to purchase under the employee stock purchase plan, which were valued using the following assumptions: Three Months Ended March 31, 2023 2022 Equity Incentive Plans Employee Stock Purchase Plan Employee Stock Purchase Plan Average risk-free interest rate 4.27 % 5.00 % 0.86 % Expected dividend yield 0.0 % 0.0 % 0.0 % Expected life 4.75 Years 0.5 Years 0.5 Years Expected volatility 43 % 46 % 24 % Weighted average fair value $ 14.24 $ 9.47 $ 11.02 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Activity in Restructuring Accrual | The following table rolls forward the activity in the restructuring accrual for the three months ended March 31, 2023 (in thousands): Accrual at December 31, 2022 $ 4,360 Additional restructuring costs 1,589 Non-cash charge (included above) ( 1,002 ) Cash payments ( 2,609 ) Accrual at March 31, 2023 $ 2,338 |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Information about Reportable Segments, Disaggregation of Revenue by Product | The Company provides information by reportable segment in the tables below (in thousands): Research Segment Consulting Segment Events Segment Consolidated Three Months Ended March 31, 2023 Research revenues $ 80,906 $ — $ — $ 80,906 Consulting revenues 7,919 23,831 — 31,750 Events revenues — — 1,014 1,014 Total segment revenues 88,825 23,831 1,014 113,670 Segment expenses ( 35,507 ) ( 12,353 ) ( 1,631 ) ( 49,491 ) Selling, marketing, administrative and other expenses ( 64,664 ) Amortization of intangible assets ( 3,066 ) Restructuring costs ( 1,589 ) Interest expense, other income, and gains on investments ( 243 ) Loss before income taxes $ ( 5,383 ) Research Segment Consulting Segment Events Segment Consolidated Three Months Ended March 31, 2022 Research revenues $ 85,780 $ — $ — $ 85,780 Consulting revenues 11,190 27,241 — 38,431 Events revenues — — 760 760 Total segment revenues 96,970 27,241 760 124,971 Segment expenses ( 34,180 ) ( 14,317 ) ( 1,751 ) ( 50,248 ) Selling, marketing, administrative and other expenses ( 64,890 ) Amortization of intangible assets ( 3,362 ) Interest expense, other expense, and gains on investments ( 444 ) Income before income taxes $ 6,027 |
Interim Consolidated Financia_4
Interim Consolidated Financial Statements - Additional Information (Detail) - ASU No. 2019-12 [Member] | Mar. 31, 2023 |
Summary Of Significant Accounting Policy [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, immaterial effect | true |
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 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Cash and Cash Equivalents [Abstract] | |||
Cash and cash equivalents | $ 104,217 | $ 103,629 | $ 112,496 |
Restricted cash classified in other assets | $ 2,071 | $ 2,199 | |
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 | $ 106,288 | $ 114,695 |
Marketable Investments - Summar
Marketable Investments - Summary of Company's marketable investments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 16,924 | $ 19,899 |
Gross Unrealized Gains | 3 | 8 |
Gross Unrealized Losses | (168) | (219) |
Market value | 16,759 | 19,688 |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 14,925 | 17,900 |
Gross Unrealized Gains | 3 | 8 |
Gross Unrealized Losses | (158) | (205) |
Market value | 14,770 | 17,703 |
Federal agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,999 | 1,999 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (10) | (14) |
Market value | $ 1,989 | $ 1,985 |
Marketable Investments - Additi
Marketable Investments - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
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) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
FY 2023 | $ 9,018 | |
FY 2024 | 5,835 | |
FY 2025 | 1,906 | |
Market value | 16,759 | $ 19,688 |
Corporate obligations | ||
Marketable Securities [Line Items] | ||
FY 2023 | 9,018 | |
FY 2024 | 3,846 | |
FY 2025 | 1,906 | |
Market value | 14,770 | 17,703 |
Federal agency obligations | ||
Marketable Securities [Line Items] | ||
FY 2023 | 0 | |
FY 2024 | 1,989 | |
FY 2025 | 0 | |
Market value | $ 1,989 | $ 1,985 |
Marketable Investments - Unreal
Marketable Investments - Unrealized Losses on Debt Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Less than 12 Months - Market Value | $ 12,317 | $ 11,604 |
Less than 12 Months - Unrealized Losses | 104 | 153 |
12 Months or Greater - Market Value | 3,450 | 8,084 |
12 Months or Greater - Unrealized Losses | 64 | 66 |
Corporate obligations | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Less than 12 Months - Market Value | 10,328 | 9,619 |
Less than 12 Months - Unrealized Losses | 94 | 139 |
12 Months or Greater - Market Value | 3,450 | 8,084 |
12 Months or Greater - Unrealized Losses | 64 | 66 |
Federal agency obligations | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Less than 12 Months - Market Value | 1,989 | 1,985 |
Less than 12 Months - Unrealized Losses | 10 | 14 |
12 Months or Greater - Market Value | 0 | 0 |
12 Months or Greater - Unrealized Losses | $ 0 | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - Consulting [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
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 | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Beginning Balance | $ 242,149 |
Translation adjustments | 703 |
Goodwill, Ending Balance | $ 242,852 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Carrying Values of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 107,113 | $ 107,061 |
Accumulated Amortization | 60,660 | 57,557 |
Total | 46,453 | 49,504 |
Customer Relationships Member | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 77,798 | 77,786 |
Accumulated Amortization | 35,922 | 33,805 |
Total | 41,876 | 43,981 |
Technology Member | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,838 | 16,803 |
Accumulated Amortization | 15,133 | 14,696 |
Total | 1,705 | 2,107 |
Trademarks Member | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,477 | 12,472 |
Accumulated Amortization | 9,605 | 9,056 |
Total | $ 2,872 | $ 3,416 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Estimated Intangible Assets Amortization Expense (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
2023 (remainder) | $ 8,878 | |
2024 | 9,905 | |
2025 | 8,874 | |
2026 | 8,391 | |
2027 | 8,324 | |
Thereafter | 2,081 | |
Total | $ 46,453 | $ 49,504 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2026 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 35,000 | $ 50,000 | |
Percentage of voting equity of subsidiaries | 65% | ||
Debt instrument interest rate | 6.125% | ||
Line of credit facility, available borrowing capacity | $ 114,400 | ||
Weighted average interest rate | 5.82% | ||
Letters of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Available for issuance of letter of credit | $ 5,000 | ||
Issuance of letter of credit | $ 600 | ||
LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.875% | ||
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 1.25% | ||
Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 150,000 | ||
Increase (decrease) in line of credit facility | $ 50,000 |
Debt - Summary of Company's Tot
Debt - Summary of Company's Total Outstanding Borrowings (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Principal amount outstanding | $ 35,000 | $ 50,000 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 3,314 | $ 3,652 |
Short-term lease cost | 261 | 137 |
Variable lease cost | 785 | 1,550 |
Sublease income | (131) | (192) |
Total lease cost | $ 4,229 | $ 5,147 |
Leases - Summary of Additional
Leases - Summary of Additional Lease Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 3,374 | $ 2,861 |
Operating lease ROU assets obtained in exchange for lease obligations | $ 1,323 | $ 0 |
Weighted-average remaining lease term - operating leases (years) | 4 years 10 months 24 days | 5 years 8 months 12 days |
Weighted-average discount rate - operating leases | 4.30% | 4.30% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments and Sublease Cash Receipts Under Non-Cancelable Leases (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Operating Lease Payments | |
2023 (remainder) | $ 12,532 |
2024 | 16,563 |
2025 | 14,485 |
2026 | 12,474 |
2027 | 5,680 |
Thereafter | 8,817 |
Total lease payments and estimated sublease cash receipts | 70,551 |
Less imputed interest | (8,045) |
Present value of lease liabilities | 62,506 |
Sublease Cash Receipts | |
2023 (remainder) | 457 |
2024 | 625 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Total lease payments and estimated sublease cash receipts | $ 1,082 |
Leases - Summary of Lease Balan
Leases - Summary of Lease Balances (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | |||
Operating lease ROU assets | $ 48,565 | $ 49,970 | |
Short-term operating lease liabilities | [1] | $ 13,985 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other current liabilities | ||
Non-current operating lease liabilities | $ 48,521 | $ 50,751 | |
Total operating lease liabilities | $ 62,506 | ||
[1] Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets. |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset impairments | $ 3.7 | |
CA | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset impairments | $ 0.4 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Revenue | $ 113,670 | $ 124,971 |
North America Member | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | 92,671 | 102,310 |
Europe Member | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | 13,712 | 14,472 |
Asia Pacific Member | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | 5,382 | 6,673 |
Other Member | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | $ 1,905 | $ 1,516 |
Revenue and Related Matters - A
Revenue and Related Matters - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Contract assets | $ 0 | $ 0 |
Contract with customer, contract duration | 1 year | |
Deferred revenue recognized | $ 72,900,000 | 80,800,000 |
Revenue expected to be recognized | 404,800,000 | |
Amortization expense related to deferred commissions | 8,600,000 | 10,000,000 |
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) | Mar. 31, 2023 |
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 | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Receivables [Abstract] | |
Balance at December 31, 2022 | $ 560 |
Provision for expected credit losses | 170 |
Write-offs | (94) |
Balance at March 31, 2023 | $ 636 |
Derivatives and Hedging - Addit
Derivatives and Hedging - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019 USD ($) | |
Derivatives Fair Value [Line Items] | |
Derivative maturity year | 2022 |
Interest Rate Swap [Member] | |
Derivatives Fair Value [Line Items] | |
Derivative notional amount | $ 95 |
Derivative fixed interest rate | 1.65275% |
Interest Rate Swap [Member] | Minimum [Member] | |
Derivatives Fair Value [Line Items] | |
Derivative receive rate | 0% |
Interest Rate Swap [Member] | LIBOR [Member] | |
Derivatives Fair Value [Line Items] | |
Derivative basis rate | 0.0625% |
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 | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Derivative Instruments Gain Loss [Line Items] | |||
Amount recorded in operations | $ 62 | $ (230) | |
Interest Expense [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount recorded in operations | [1] | $ 0 | $ (145) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Income (Expense), Net | Interest Income (Expense), Net | |
Other Income (Expense), Net [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount recorded in operations | [2] | $ 62 | $ (85) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | |
[1] Consists of interest expense from the interest rate swap contract. Consists of net realized gains and losses on foreign currency forward contracts . |
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 | Mar. 31, 2023 | Mar. 31, 2022 | |
Assets: | |||
Fair value of investments | $ 20,727 | $ 25,488 | |
Money Market Funds [Member] | |||
Assets: | |||
Fair value of cash equivalents | [1] | 3,968 | 5,800 |
Level 1 [Member] | |||
Assets: | |||
Fair value of investments | 3,968 | 5,800 | |
Level 1 [Member] | Money Market Funds [Member] | |||
Assets: | |||
Fair value of cash equivalents | [1] | 3,968 | 5,800 |
Level 2 [Member] | |||
Assets: | |||
Fair value of investments | 16,759 | 19,688 | |
Level 2 [Member] | Money Market Funds [Member] | |||
Assets: | |||
Fair value of cash equivalents | [1] | 0 | 0 |
Marketable Investments [Member] | |||
Assets: | |||
Fair value of cash equivalents | [2] | 16,759 | 19,688 |
Marketable Investments [Member] | Level 1 [Member] | |||
Assets: | |||
Fair value of cash equivalents | [2] | 0 | 0 |
Marketable Investments [Member] | Level 2 [Member] | |||
Assets: | |||
Fair value of cash equivalents | [2] | $ 16,759 | $ 19,688 |
[1] Included in cash and cash equivalents on the Consolidated Balance Sheets. 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. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | |
Income Taxes [Line Items] | |||
Income tax expense benefit | $ (1,308) | $ 1,879 | |
Effective income tax rate | 24.30% | 31.20% | |
Scenario, Forecast [Member] | |||
Income Taxes [Line Items] | |||
Effective income tax rate | 38% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss ("AOCL") - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | $ 221,656 | $ 203,907 | |
Foreign currency translation | 1,206 | (1,314) | |
Reclassification to income, net of tax | 33 | (64) | |
Ending Balance | 222,746 | 202,430 | |
Marketable Investments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (159) | (25) | |
Foreign currency translation | [1] | 0 | 0 |
Unrealized gain, net of tax | 33 | (64) | |
Reclassification to income, net of tax | [2] | 0 | |
Ending Balance | (126) | (89) | |
Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (212) | ||
Foreign currency translation | [1] | 0 | |
Unrealized gain, net of tax | 91 | ||
Reclassification to income, net of tax | [2] | 105 | |
Ending Balance | (16) | ||
Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (7,759) | (2,952) | |
Foreign currency translation | [1] | 1,206 | (1,314) |
Unrealized gain, net of tax | 0 | 0 | |
Reclassification to income, net of tax | [2] | 0 | |
Ending Balance | (6,553) | (4,266) | |
Total AOCI/L [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (7,918) | (3,189) | |
Foreign currency translation | [1] | 1,206 | (1,314) |
Unrealized gain, net of tax | 33 | 27 | |
Reclassification to income, net of tax | [2] | 105 | |
Ending Balance | $ (6,679) | $ (4,371) | |
[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. 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 . |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss ("AOCL") - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Accumulated other comprehensive income (loss), unrealized gain, net of tax | $ (11) | $ (15) |
Accumulated other comprehensive income (loss), reclassification to income, net of tax | $ (40) |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Basic weighted average common shares outstanding | 19,108 | 18,988 |
Weighted average common equivalent shares | 0 | 276 |
Diluted weighted average common shares outstanding | 19,108 | 19,264 |
Options and restricted stock units excluded from diluted weighted average share calculation as effect would have been anti-dilutive | 703 | 0 |
Stockholders' Equity - Componen
Stockholders' Equity - Components of Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Beginning Balance | $ 221,656 | $ 203,907 | |
Issuance of common stock under stock plans, including tax effects | $ 761 | 1,722 | |
Repurchases of common stock | $ (9,459) | ||
Repurchases of common stock, Shares | 0 | 200,000 | |
Stock-based compensation expense | $ 3,165 | $ 3,294 | |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||
Net income (loss) | $ (4,075) | 4,148 | |
Net change in interest rate swap, net of tax | 196 | ||
Net change in marketable investments, net of tax | 33 | (64) | |
Foreign currency translation | 1,206 | (1,314) | |
Ending Balance | 222,746 | 202,430 | |
Common Stock Member | |||
Beginning Balance | $ 244 | $ 241 | |
Beginning Balance, Shares | 24,367,000 | 24,085,000 | |
Issuance of common stock under stock plans, including tax effects | $ 1 | ||
Issuance of common stock under,stock plans including tax effects, Shares | 128,000 | 58,000 | |
Ending Balance | $ 245 | $ 241 | |
Ending Balance, Shares | 24,495,000 | 24,143,000 | |
Additional Paid-in Capital Member | |||
Beginning Balance | $ 261,766 | $ 245,985 | |
Issuance of common stock under stock plans, including tax effects | 760 | 1,722 | |
Stock-based compensation expense | 3,165 | 3,294 | |
Ending Balance | 265,691 | 251,001 | |
Retained Earnings Member | |||
Beginning Balance | 174,631 | 152,825 | |
Net income (loss) | (4,075) | 4,148 | |
Ending Balance | 170,556 | 156,973 | |
Treasury Stock Member | |||
Beginning Balance | $ (207,067) | $ (191,955) | |
Beginning Balance, Shares | 5,305,000 | 5,027,000 | |
Repurchases of common stock | $ (9,459) | ||
Repurchases of common stock, Shares | 175,000 | ||
Ending Balance | $ (207,067) | $ (201,414) | |
Ending Balance, Shares | 5,305,000 | 5,202,000 | |
Accumulated Other Comprehensive Income (Loss) Member | |||
Beginning Balance | $ (7,918) | $ (3,189) | |
Net change in interest rate swap, net of tax | 196 | ||
Net change in marketable investments, net of tax | 33 | (64) | |
Foreign currency translation | [1] | 1,206 | (1,314) |
Ending Balance | $ (6,679) | $ (4,371) | |
[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. |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Unvested, Beginning Balance | shares | 682 |
Number of Shares, Granted | shares | 258 |
Number of Shares, Vested | shares | (95) |
Number of Shares, Forfeited | shares | (43) |
Number of Shares, Unvested, Ending Balance | shares | 802 |
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ / shares | $ 46.28 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 35.38 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 51.44 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 44.94 |
Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares | $ 42.24 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Number of Shares, Outstanding, Beginning Balance | shares | 89 |
Number of Shares, Granted | shares | 144 |
Number of Shares, Exercised | shares | (2) |
Number of Shares, Forfeited | shares | (1) |
Number of Shares, Outstanding, Ending Balance | shares | 230 |
Number of Shares, Exercisable at March 31, 2023 | shares | 86 |
Number of Shares, Vested and expected to vest at March 31, 2023 | shares | 230 |
Weighted - Average Exercise Price Per Share, Outstanding, Beginning balance | $ / shares | $ 35.58 |
Weighted - Average Exercise Price Per Share, Granted | $ / shares | 33.04 |
Weighted - Average Exercise Price Per Share, Exercised | $ / shares | 34.37 |
Weighted - Average Exercise Price Per Share, Forfeited | $ / shares | 28.04 |
Weighted - Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares | 34.01 |
Weighted - Average Exercise Price Per Share, Exercisable at March 31, 2023 | $ / shares | 35.64 |
Weighted - Average Exercise Price Per Share, Vested and expected to vest at March 31, 2023 | $ / shares | $ 34.01 |
Weighted - Average Remaining Contractual Term, Outstanding at March 31, 2023 | 6 years 10 months 24 days |
Weighted - Average Remaining Contractual Term, Exercisable at March 31, 2023 | 1 year 10 months 9 days |
Weighted - Average Remaining Contractual Term, Vested and expected to vest at March 31, 2023 | 6 years 10 months 24 days |
Aggregate Intrinsic Value, Outstanding at March 31, 2023 | $ | $ 5 |
Aggregate Intrinsic Value, Exercisable at March 31, 2023 | $ | 5 |
Aggregate Intrinsic Value, Vested and expected to vest at March 31, 2023 | $ | $ 5 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Authorized to purchase of common stock under the stock repurchase program | $ 585,000,000 | ||
Common stock, par value | $ 0.01 | $ 0.01 | |
Repurchase of common stock | 0 | 0.2 | |
Repurchase of common stock, Value | $ 9,459,000 | ||
Cumulative repurchase of common stock | 17 | ||
Aggregate cost of repurchase of common stock | $ 510,000,000 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total allocated share-based compensation expense | $ 3,165 | $ 3,294 |
Cost of Services and Fulfillment Member | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total allocated share-based compensation expense | 1,847 | 1,926 |
Selling and Marketing Member | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total allocated share-based compensation expense | 497 | 633 |
General and Administrative Member | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total allocated share-based compensation expense | $ 821 | $ 735 |
Stockholders' Equity - Fair Val
Stockholders' Equity - Fair Value of Options Granted Under Equity Incentive Plan and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Average risk-free interest rate | 5% | 0.86% |
Expected dividend yield | 0% | 0% |
Expected life | 6 months | 6 months |
Expected volatility | 46% | 24% |
Weighted average fair value | $ 9.47 | $ 11.02 |
Equity Incentive Plans | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Average risk-free interest rate | 4.27% | |
Expected dividend yield | 0% | |
Expected life | 4 years 9 months | |
Expected volatility | 43% | |
Weighted average fair value | $ 14.24 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||
Severance And Related Costs | $ 0.6 | $ 4.3 | |
Restructuring Charges | 5 | ||
Right-of-use asset impairments | 3.7 | ||
Leasehold impairments | $ 1.3 | ||
Reduction of Workforce Period Percent | 4% |
Restructuring - Schedule of Act
Restructuring - Schedule of Activity in Restructuring Accrual (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Restructuring and Related Activities [Abstract] | |
Accrual at December 31, 2022 | $ 4,360 |
Additional restructuring costs | 1,589 |
Non-cash charge | 1,002 |
Cash payments | 2,609 |
Accrual at March 31, 2023 | $ 2,338 |
Operating Segments - Additional
Operating Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 Segment | |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 113,670 | $ 124,971 |
Segment expenses | 49,491 | 50,248 |
Selling, marketing, administrative and other expenses | (64,664) | (64,890) |
Amortization of intangible assets | (3,066) | (3,362) |
Restructuring costs | (1,589) | 0 |
Interest expense, other income (expense), and gains on investments | 243 | (444) |
Income (Loss) before income taxes | (5,383) | 6,027 |
Research Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 88,825 | 96,970 |
Segment expenses | 35,507 | 34,180 |
Consulting Segment Member | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 23,831 | 27,241 |
Segment expenses | 12,353 | 14,317 |
Events Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 1,014 | 760 |
Segment expenses | 1,631 | 1,751 |
Research [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 80,906 | 85,780 |
Research [Member] | Research Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 80,906 | 85,780 |
Research [Member] | Consulting Segment Member | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 0 | 0 |
Research [Member] | Events Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 0 | 0 |
Consulting [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 31,750 | 38,431 |
Consulting [Member] | Research Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 7,919 | 11,190 |
Consulting [Member] | Consulting Segment Member | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 23,831 | 27,241 |
Consulting [Member] | Events Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 0 | 0 |
Events [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 1,014 | 760 |
Events [Member] | Research Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 0 | 0 |
Events [Member] | Consulting Segment Member | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 0 | 0 |
Events [Member] | Events Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 1,014 | $ 760 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
General and Administrative Expense [Member] | |
Loss Contingencies [Line Items] | |
Expense related to litigation | $ 4.8 |
Subsequent Events (Additional I
Subsequent Events (Additional Information) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
May 31, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | |||
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | 4% | ||
Non-Cash Lease Impairment Costs | $ 5 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | 8% | ||
Non-Cash Lease Impairment Costs | $ 2 | ||
Subsequent Event [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Anticipates Total Costs | 11 | ||
Subsequent Event [Member] | Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Anticipates Total Costs | $ 10 |