Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 07, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'FORRESTER RESEARCH, INC. | ' |
Entity Central Index Key | '0001023313 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 19,753,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $70,700 | $98,810 |
Marketable investments (Note 2) | 86,961 | 134,876 |
Accounts receivable, net | 37,009 | 74,623 |
Deferred commissions | 8,408 | 9,410 |
Prepaid expenses and other current assets | 18,645 | 18,978 |
Total current assets | 221,723 | 336,697 |
Long-term marketable investments (Note 2) | 9,092 | 8,970 |
Property and equipment, net | 41,058 | 46,300 |
Goodwill | 79,493 | 78,954 |
Intangible assets, net | 6,296 | 7,920 |
Other assets | 11,166 | 8,809 |
Total assets | 368,828 | 487,650 |
Current Liabilities: | ' | ' |
Accounts payable | 918 | 772 |
Accrued expenses and other current liabilities | 25,184 | 30,078 |
Deferred revenue | 125,787 | 150,495 |
Total current liabilities | 151,889 | 181,345 |
Non-current liabilities | 8,972 | 9,433 |
Total liabilities | 160,861 | 190,778 |
Commitments | ' | ' |
Stockholders' Equity (Note 6): | ' | ' |
Preferred stock, $.01 par value Authorized - 500 shares, issued and outstanding - none | ' | ' |
Common stock, $.01 par value Authorized - 125,000 shares Issued - 20,389 and 31,451 as of September 30, 2013 and December 31, 2012, respectively Outstanding - 19,896 and 22,293 as of September 30, 2013 and December 31, 2012, respectively | 204 | 315 |
Additional paid-in capital | 105,396 | 389,362 |
Retained earnings | 118,814 | 117,450 |
Treasury stock - 493 and 9,158 as of September 30, 2013 and December 31, 2012, respectively, at cost | -17,071 | -210,843 |
Accumulated other comprehensive income | 624 | 588 |
Total stockholders' equity | 207,967 | 296,872 |
Total liabilities and stockholders' equity | $368,828 | $487,650 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 500 | 500 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 125,000 | 125,000 |
Common stock, shares issued | 20,389 | 31,451 |
Common stock, shares outstanding | 19,896 | 22,293 |
Treasury stock, shares | 493 | 9,158 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Research services | $49,855 | $50,509 | $151,445 | $151,145 |
Advisory services and other | 19,960 | 18,264 | 68,684 | 66,725 |
Total revenues | 69,815 | 68,773 | 220,129 | 217,870 |
Operating expenses: | ' | ' | ' | ' |
Cost of services and fulfillment | 27,584 | 25,736 | 85,397 | 82,502 |
Selling and marketing | 25,771 | 24,309 | 79,617 | 75,709 |
General and administrative | 9,310 | 8,720 | 27,217 | 27,124 |
Depreciation | 2,292 | 2,262 | 6,954 | 6,510 |
Amortization of intangible assets | 557 | 579 | 1,670 | 1,779 |
Reorganization costs | ' | 37 | 1,905 | 1,431 |
Total operating expenses | 65,514 | 61,643 | 202,760 | 195,055 |
Income from operations | 4,301 | 7,130 | 17,369 | 22,815 |
Other income (expense), net | -71 | 357 | 560 | 896 |
Gains (losses) on investments, net | 18 | 755 | -84 | 898 |
Income before income taxes | 4,248 | 8,242 | 17,845 | 24,609 |
Income tax provision (benefit) | 1,813 | -2,468 | 7,056 | 3,191 |
Net income | $2,435 | $10,710 | $10,789 | $21,418 |
Basic income per common share | $0.12 | $0.48 | $0.51 | $0.95 |
Diluted income per common share | $0.12 | $0.47 | $0.50 | $0.93 |
Basic weighted average common shares outstanding | 20,117 | 22,398 | 21,226 | 22,573 |
Diluted weighted average common shares outstanding | 20,665 | 22,858 | 21,690 | 23,018 |
Cash dividends declared per common share | $0.15 | $0.14 | $0.45 | $0.42 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $2,435 | $10,710 | $10,789 | $21,418 |
Other comprehensive income, net of taxes: | ' | ' | ' | ' |
Cumulative translation adjustments | 1,560 | 7,197 | 221 | 6,865 |
Changes in market value of investments: | ' | ' | ' | ' |
Unrealized gain (loss), net of taxes (benefits) of $143 and $188 for the three months ended September 30, 2013 and 2012, and $(98) and $354 for the nine months ended September 30, 2013 and 2012 | 238 | 291 | -202 | 624 |
Less: reclassification adjustment for net (gains) losses realized in net income, net of taxes of $4 and $2 for the three months ended September 30, 2013 and 2012, and $(11) and $12 for the nine months ended September 30, 2013 and 2012 | -7 | -3 | 17 | -17 |
Net change in market value of investments | 231 | 288 | -185 | 607 |
Other comprehensive income | 1,791 | 7,485 | 36 | 7,472 |
Comprehensive income | $4,226 | $18,195 | $10,825 | $28,890 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Taxes (benefits) on unrealized gain | $143 | $188 | ($98) | $354 |
Taxes on reclassification adjustment | $4 | $2 | ($11) | $12 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $10,789 | $21,418 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 6,954 | 6,510 |
Amortization of intangible assets | 1,670 | 1,779 |
Net (gains) losses from investments | 84 | -898 |
Deferred income taxes | -6,461 | -9,851 |
Stock-based compensation | 4,588 | 3,921 |
Amortization of premium on investments | 1,809 | 2,144 |
Foreign currency losses | 248 | 382 |
Changes in assets and liabilities, net of acquisitions | ' | ' |
Accounts receivable | 37,570 | 37,196 |
Deferred commissions | 1,002 | 4,127 |
Prepaid expenses and other current assets | 3,683 | 3,991 |
Accounts payable | 116 | -318 |
Accrued expenses and other liabilities | -4,698 | -4,327 |
Deferred revenue | -25,002 | -23,308 |
Net cash provided by operating activities | 32,352 | 42,766 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -2,049 | -4,388 |
Purchases of marketable investments | -39,636 | -85,211 |
Proceeds from sales and maturities of marketable investments | 85,398 | 73,055 |
Change in restricted cash | ' | 946 |
Other investing activity | 134 | 66 |
Net cash provided by (used in) investing activities | 43,847 | -15,532 |
Cash flows from financing activities: | ' | ' |
Dividends paid on common stock | -9,425 | -9,481 |
Repurchases of common stock | -109,193 | -26,187 |
Proceeds from issuance of common stock under employee equity incentive plans | 14,506 | 8,538 |
Excess tax benefits from stock-based compensation | 687 | 401 |
Payment of deferred acquisition consideration | -900 | -864 |
Net cash used in financing activities | -104,325 | -27,593 |
Effect of exchange rate changes on cash and cash equivalents | 16 | 212 |
Net decrease in cash and cash equivalents | -28,110 | -147 |
Cash and cash equivalents, beginning of period | 98,810 | 81,047 |
Cash and cash equivalents, end of period | $70,700 | $80,900 |
Interim_Consolidated_Financial
Interim Consolidated Financial Statements | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [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 accounting principles generally accepted 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 accounting principles generally accepted in the United States of America. 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, 2012. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial position, results of operations, and cash flows as of the dates and for the periods presented have been included. The results of operations for the three and nine months ended September 30, 2013 may not be indicative of the results for the year ending December 31, 2013, or any other period. | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||||||||
The carrying amounts reflected in the Consolidated Balance Sheets for cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term maturities. See Note 2 – Marketable Investments for the fair value of the Company’s marketable investments. | |||||||||||||||||||||||||||||||||||||
Revision of Prior Period Financial Statements | |||||||||||||||||||||||||||||||||||||
During the quarter ended September 30, 2013, the Company identified certain prior period errors that affected the interim and annual periods in the years ended December 31, 2012 and 2011, as well as the interim periods in the six months ended June 30, 2013. The Company has reflected in the financial information included in this Note the correction of all identified prior period errors in the periods in which they originated. The prior period errors relate to: | |||||||||||||||||||||||||||||||||||||
• | An adjustment of $0.8 million for the three and six months ended June 30, 2013 to increase the amount of research services revenue related to recognition of revenue for the event ticket included in the Company’s RoleView and Forrester Leadership Board subscription products. Based on the identification of this error, the Company reassessed its historical calculations and identified a required change in its methodology for the accounting for an insignificant amount of contract modifications during this period that resulted in an increase (decrease) to revenue for each of the periods is as follows: ($0.1) million and $0.1 million for the three months ended March 31, 2012 and September 30, 2012, respectively, and $0.1 million for the year ended December 31, 2011. This error has been reflected in deferred revenue in the revised consolidated balance sheet and statement of cash flows presented below. | ||||||||||||||||||||||||||||||||||||
• | Adjustments to the Company’s share of operating results in one of the technology-related investment funds in which the Company holds an interest, which adjustments are principally a result of information received by the Company from the fund after the applicable reporting periods. The Company records a portion of the fund’s operating results, based on the Company’s ownership interest in the fund, as investment gains (losses). The adjustments to the gains (losses) on investments for each period is as follows: ($0.1) million and $0.1 million for the three months ended March 31, 2013 and June 30, 2013, respectively; $0.6 million and ($0.1) million for the three months ended September 30, 2012 and December 31, 2012, respectively; and $0.5 million and ($1.4) million for the years ended December 31, 2012 and 2011, respectively. This error has been reflected in other assets in the revised consolidated balance sheet and in net (gains) losses from investments in the revised statement of cash flows presented below. | ||||||||||||||||||||||||||||||||||||
• | Adjustments to revenue for historical insignificant variances in deferred revenue for reconciling items between the Company’s general ledger and sub-ledger system. The increase (decrease) to revenue for each of the periods is as follows: ($0.1) million for the three months ended March 31, 2013; ($0.2) million, $0.2 million and $0.1 million for the three months ended June 30, 2012, September 30, 2012 and December 31, 2012, respectively; and $0.1 million and ($0.4) million for the years ended December 31, 2012 and 2011, respectively. This error has been reflected in deferred revenue in the revised consolidated balance sheet and statement of cash flows presented below. | ||||||||||||||||||||||||||||||||||||
• | Adjustments within the year ended December 31, 2012 for the improper capitalization of software development costs during the three months ended June 30, 2012 and September 30, 2012. These errors were corrected in the three months ended December 31, 2012 in the previously filed financial statements. The increase (decrease) in general and administrative expense for each of the periods is as follows: $0.2 million, $0.3 million and ($0.5) million for the three months ended June 30, 2012, September 30, 2012 and December 31, 2012, respectively. This error has been reflected in purchases of property and equipment in the revised consolidated statement of cash flows presented below. | ||||||||||||||||||||||||||||||||||||
In evaluating whether the Company’s previously issued consolidated financial statements were materially misstated, the Company considered the guidance in ASC Topic 250, Accounting Changes and Error Corrections, ASC Topic 250-10-S99-1, Assessing Materiality, and ASC Topic 250-10-S99-2, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. The Company concluded that these errors were not material individually or in the aggregate to any of the prior reporting periods, and therefore, amendments of previously filed reports are not required. As such, the revisions for prior period corrections are reflected in the financial information for the applicable prior periods and will be reflected in future filings containing such prior period financial information. | |||||||||||||||||||||||||||||||||||||
The effects of these prior period errors on the consolidated financial statements are as follows (in thousands, except per share amounts): | |||||||||||||||||||||||||||||||||||||
Revised Consolidated Statements of Income | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | As | Adjustments | As | |||||||||||||||||||||||||||||
Previously | Revised | Previously | Revised | Previously | Revised | ||||||||||||||||||||||||||||||||
Reported | Reported | Reported | |||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
Research services | $ | 50,378 | $ | (100 | ) | $ | 50,278 | $ | 50,512 | $ | 800 | $ | 51,312 | $ | 100,890 | $ | 700 | $ | 101,590 | ||||||||||||||||||
Advisory services and other | 21,121 | (38 | ) | 21,083 | 27,652 | (11 | ) | 27,641 | 48,773 | (49 | ) | 48,724 | |||||||||||||||||||||||||
Total revenues | 71,499 | (138 | ) | 71,361 | 78,164 | 789 | 78,953 | 149,663 | 651 | 150,314 | |||||||||||||||||||||||||||
Income from operations | 3,418 | (138 | ) | 3,280 | 8,999 | 789 | 9,788 | 12,417 | 651 | 13,068 | |||||||||||||||||||||||||||
Gains (losses) on investments, net | (51 | ) | (149 | ) | (200 | ) | (51 | ) | 149 | 98 | (102 | ) | — | (102 | ) | ||||||||||||||||||||||
Income before income taxes | 3,743 | (287 | ) | 3,456 | 9,203 | 938 | 10,141 | 12,946 | 651 | 13,597 | |||||||||||||||||||||||||||
Income tax provision | 1,402 | (115 | ) | 1,287 | 3,581 | 375 | 3,956 | 4,983 | 260 | 5,243 | |||||||||||||||||||||||||||
Net income | $ | 2,341 | $ | (172 | ) | $ | 2,169 | $ | 5,622 | $ | 563 | $ | 6,185 | $ | 7,963 | $ | 391 | $ | 8,354 | ||||||||||||||||||
Basic income per common share | $ | 0.1 | $ | — | $ | 0.1 | $ | 0.26 | $ | 0.03 | $ | 0.29 | $ | 0.37 | $ | 0.01 | $ | 0.38 | |||||||||||||||||||
Diluted income per common share | $ | 0.1 | $ | — | $ | 0.1 | $ | 0.26 | $ | 0.02 | $ | 0.28 | $ | 0.36 | $ | 0.02 | $ | 0.38 | |||||||||||||||||||
Nine Months Ended September 30, 2012 | Three Months Ended December 31, 2012 | Full Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | As | Adjustments | As | |||||||||||||||||||||||||||||
Previously | Revised | Previously | Revised | Previously | Revised | ||||||||||||||||||||||||||||||||
Reported | Reported | Reported | |||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
Research services | $ | 151,132 | $ | 13 | $ | 151,145 | $ | 51,866 | $ | 80 | $ | 51,946 | $ | 202,998 | $ | 93 | $ | 203,091 | |||||||||||||||||||
Advisory services and other | 66,732 | (7 | ) | 66,725 | 23,200 | 15 | 23,215 | 89,932 | 8 | 89,940 | |||||||||||||||||||||||||||
Total revenues | 217,864 | 6 | 217,870 | 75,066 | 95 | 75,161 | 292,930 | 101 | 293,031 | ||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||
General and administrative | 26,667 | 457 | 27,124 | 10,199 | (457 | ) | 9,742 | 36,866 | — | 36,866 | |||||||||||||||||||||||||||
Total operating expenses | 194,598 | 457 | 195,055 | 67,673 | (457 | ) | 67,216 | 262,271 | — | 262,271 | |||||||||||||||||||||||||||
Income from operations | 23,266 | (451 | ) | 22,815 | 7,393 | 552 | 7,945 | 30,659 | 101 | 30,760 | |||||||||||||||||||||||||||
Gains (losses) on investments, net | 290 | 608 | 898 | (739 | ) | (65 | ) | (804 | ) | (449 | ) | 543 | 94 | ||||||||||||||||||||||||
Income before income taxes | 24,452 | 157 | 24,609 | 7,058 | 487 | 7,545 | 31,510 | 644 | 32,154 | ||||||||||||||||||||||||||||
Income tax provision | 3,129 | 62 | 3,191 | 2,807 | 195 | 3,002 | 5,936 | 257 | 6,193 | ||||||||||||||||||||||||||||
Net income | $ | 21,323 | $ | 95 | $ | 21,418 | $ | 4,251 | $ | 292 | $ | 4,543 | $ | 25,574 | $ | 387 | $ | 25,961 | |||||||||||||||||||
Basic income per common share | $ | 0.94 | $ | 0.01 | $ | 0.95 | $ | 0.19 | $ | 0.01 | $ | 0.2 | $ | 1.14 | $ | 0.01 | $ | 1.15 | |||||||||||||||||||
Diluted income per common share | $ | 0.93 | $ | — | $ | 0.93 | $ | 0.19 | $ | 0.01 | $ | 0.2 | $ | 1.12 | $ | 0.01 | $ | 1.13 | |||||||||||||||||||
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | As | Adjustments | As | |||||||||||||||||||||||||||||
Previously | Revised | Previously | Revised | Previously | Revised | ||||||||||||||||||||||||||||||||
Reported | Reported | Reported | |||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
Research services | $ | 51,072 | $ | (100 | ) | $ | 50,972 | $ | 100,832 | $ | (196 | ) | $ | 100,636 | $ | 50,300 | $ | 209 | $ | 50,509 | |||||||||||||||||
Advisory services and other | 28,021 | (61 | ) | 27,960 | 48,521 | (60 | ) | 48,461 | 18,211 | 53 | 18,264 | ||||||||||||||||||||||||||
Total revenues | 79,093 | (161 | ) | 78,932 | 149,353 | (256 | ) | 149,097 | 68,511 | 262 | 68,773 | ||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||
General and administrative | 8,645 | 148 | 8,793 | 18,256 | 148 | 18,404 | 8,411 | 309 | 8,720 | ||||||||||||||||||||||||||||
Total operating expenses | 67,632 | 148 | 67,780 | 133,264 | 148 | 133,412 | 61,334 | 309 | 61,643 | ||||||||||||||||||||||||||||
Income from operations | 11,461 | (309 | ) | 11,152 | 16,089 | (404 | ) | 15,685 | 7,177 | (47 | ) | 7,130 | |||||||||||||||||||||||||
Gains (losses) on investments, net | 84 | — | 84 | 143 | — | 143 | 147 | 608 | 755 | ||||||||||||||||||||||||||||
Income before income taxes | 11,675 | (309 | ) | 11,366 | 16,771 | (404 | ) | 16,367 | 7,681 | 561 | 8,242 | ||||||||||||||||||||||||||
Income tax provision | 3,906 | (124 | ) | 3,782 | 5,821 | (162 | ) | 5,659 | (2,692 | ) | 224 | (2,468 | ) | ||||||||||||||||||||||||
Net income | $ | 7,769 | $ | (185 | ) | $ | 7,584 | $ | 10,950 | $ | (242 | ) | $ | 10,708 | $ | 10,373 | $ | 337 | $ | 10,710 | |||||||||||||||||
Basic income per common share | $ | 0.34 | $ | — | $ | 0.34 | $ | 0.48 | $ | (0.01 | ) | $ | 0.47 | $ | 0.46 | $ | 0.02 | $ | 0.48 | ||||||||||||||||||
Diluted income per common share | $ | 0.34 | $ | (0.01 | ) | $ | 0.33 | $ | 0.47 | $ | (0.01 | ) | $ | 0.46 | $ | 0.45 | $ | 0.02 | $ | 0.47 | |||||||||||||||||
Three Months Ended March 31, 2012 | Full Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | ||||||||||||||||||||||||||||||||
Previously | Revised | Previously | Revised | ||||||||||||||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
Research services | $ | 49,760 | $ | (96 | ) | $ | 49,664 | $ | 191,648 | $ | (153 | ) | $ | 191,495 | |||||||||||||||||||||||
Advisory services and other | 20,500 | 1 | 20,501 | 91,968 | (128 | ) | 91,840 | ||||||||||||||||||||||||||||||
Total revenues | 70,260 | (95 | ) | 70,165 | 283,616 | (281 | ) | 283,335 | |||||||||||||||||||||||||||||
Income from operations | 4,628 | (95 | ) | 4,533 | 36,997 | (281 | ) | 36,716 | |||||||||||||||||||||||||||||
Gains (losses) on investments, net | 59 | — | 59 | 1,018 | (1,417 | ) | (399 | ) | |||||||||||||||||||||||||||||
Income before income taxes | 5,096 | (95 | ) | 5,001 | 38,645 | (1,698 | ) | 36,947 | |||||||||||||||||||||||||||||
Income tax provision | 1,915 | (38 | ) | 1,877 | 15,635 | (679 | ) | 14,956 | |||||||||||||||||||||||||||||
Net income | $ | 3,181 | $ | (57 | ) | $ | 3,124 | $ | 23,010 | $ | (1,019 | ) | $ | 21,991 | |||||||||||||||||||||||
Basic income per common share | $ | 0.14 | $ | — | $ | 0.14 | $ | 1.02 | $ | (0.05 | ) | $ | 0.97 | ||||||||||||||||||||||||
Diluted income per common share | $ | 0.14 | $ | (0.01 | ) | $ | 0.13 | $ | 0.99 | $ | (0.04 | ) | $ | 0.95 | |||||||||||||||||||||||
Revised Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||||||||||||||
The consolidated statements of comprehensive income for all periods is impacted by the same amount as net income for the respective period. | |||||||||||||||||||||||||||||||||||||
Revised Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
As | Adjustments | As | |||||||||||||||||||||||||||||||||||
Previously | Revised | ||||||||||||||||||||||||||||||||||||
Reported | |||||||||||||||||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 18,846 | $ | 132 | $ | 18,978 | |||||||||||||||||||||||||||||||
Total current assets | 336,565 | 132 | 336,697 | ||||||||||||||||||||||||||||||||||
Other assets | 9,123 | (314 | ) | 8,809 | |||||||||||||||||||||||||||||||||
Total assets | $ | 487,832 | $ | (182 | ) | $ | 487,650 | ||||||||||||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||||||||||||||||
Deferred revenue | $ | 150,479 | $ | 16 | $ | 150,495 | |||||||||||||||||||||||||||||||
Total current liabilities | 181,329 | 16 | 181,345 | ||||||||||||||||||||||||||||||||||
Total liabilities | 190,762 | 16 | 190,778 | ||||||||||||||||||||||||||||||||||
Retained earnings | 117,648 | (198 | ) | 117,450 | |||||||||||||||||||||||||||||||||
Total stockholders’ equity | 297,070 | (198 | ) | 296,872 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 487,832 | $ | (182 | ) | $ | 487,650 | ||||||||||||||||||||||||||||||
Revised Consolidated Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | ||||||||||||||||||||||||||||||||
Previously | Revised | Previously | Revised | ||||||||||||||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||
Net income | $ | 2,341 | $ | (172 | ) | $ | 2,169 | $ | 7,963 | $ | 391 | $ | 8,354 | ||||||||||||||||||||||||
Net (gains) losses from investments | 51 | 149 | 200 | 102 | — | 102 | |||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 1,271 | (115 | ) | 1,156 | 4,619 | 260 | 4,879 | ||||||||||||||||||||||||||||||
Deferred revenue | 2,709 | 138 | 2,847 | (12,955 | ) | (651 | ) | (13,606 | ) | ||||||||||||||||||||||||||||
Net cash provided by operating activities | 35,453 | — | 35,453 | 37,231 | — | 37,231 | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | As | Adjustments | As | |||||||||||||||||||||||||||||
Previously | Revised | Previously | Revised | Previously | Revised | ||||||||||||||||||||||||||||||||
Reported | Reported | Reported | |||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||
Net income | $ | 21,323 | $ | 95 | $ | 21,418 | $ | 25,574 | $ | 387 | $ | 25,961 | $ | 23,010 | $ | (1,019 | ) | $ | 21,991 | ||||||||||||||||||
Net (gains) losses from investments | (290 | ) | (608 | ) | (898 | ) | 449 | (543 | ) | (94 | ) | (1,018 | ) | 1,417 | 399 | ||||||||||||||||||||||
Prepaid expenses and other current assets | 3,929 | 62 | 3,991 | 6,279 | 257 | 6,536 | (7,805 | ) | (679 | ) | (8,484 | ) | |||||||||||||||||||||||||
Deferred revenue | (23,302 | ) | (6 | ) | (23,308 | ) | 1,807 | (101 | ) | 1,706 | 16,364 | 281 | 16,645 | ||||||||||||||||||||||||
Net cash provided by operating activities | 43,223 | (457 | ) | 42,766 | 53,147 | — | 53,147 | 55,444 | — | 55,444 | |||||||||||||||||||||||||||
Purchases of property and equipment | (4,845 | ) | 457 | (4,388 | ) | (5,103 | ) | — | (5,103 | ) | (39,776 | ) | — | (39,776 | ) | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | (15,989 | ) | 457 | (15,532 | ) | (4,076 | ) | — | (4,076 | ) | (53,036 | ) | — | (53,036 | ) |
Marketable_Investments
Marketable Investments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||
Marketable Investments | ' | ||||||||||||||||||||
Note 2 — Marketable Investments | |||||||||||||||||||||
The following table summarizes the Company’s marketable investments (in thousands): | |||||||||||||||||||||
Amortized | Gross | Gross | Market | ||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||
State and municipal obligations | $ | 9,660 | $ | 5 | $ | — | $ | 9,665 | |||||||||||||
Federal agency and corporate obligations | 77,330 | 131 | (165 | ) | 77,296 | ||||||||||||||||
Total short-term available-for-sale securities | 86,990 | 136 | (165 | ) | 86,961 | ||||||||||||||||
ARS, long-term | 11,000 | — | (1,908 | ) | 9,092 | ||||||||||||||||
Total available-for-sale securities | $ | 97,990 | $ | 136 | $ | (2,073 | ) | $ | 96,053 | ||||||||||||
Amortized | Gross | Gross | Market | ||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||
State and municipal obligations | $ | 18,859 | $ | 27 | $ | (14 | ) | $ | 18,872 | ||||||||||||
Federal agency and corporate obligations | 115,653 | 380 | (29 | ) | 116,004 | ||||||||||||||||
Total short-term available-for-sale securities | 134,512 | 407 | (43 | ) | 134,876 | ||||||||||||||||
ARS, long-term | 11,000 | — | (2,030 | ) | 8,970 | ||||||||||||||||
Total available-for-sale securities | $ | 145,512 | $ | 407 | $ | (2,073 | ) | $ | 143,846 | ||||||||||||
Realized gains and losses on securities are included in earnings and are determined using the specific identification method. Realized gains or losses on the sale of the Company’s federal agency, state, municipal and corporate obligations were not material in the three and nine months ended September 30, 2013 or 2012. | |||||||||||||||||||||
The following table summarizes the maturity periods of the marketable securities in the Company’s portfolio as of September 30, 2013. In February 2008, certain auction rate securities (“ARS”) that Forrester held experienced failed auctions that limited the liquidity of these securities. These auction failures have continued through September 30, 2013. On October 30, 2013 the Company sold the entire portfolio of ARS for net proceeds of $9.1 million. The following table reflects the ARS at their contractual maturity dates of between 2024 and 2034 (in thousands). | |||||||||||||||||||||
FY 2013 | FY2014 | FY2015 | Thereafter | Total | |||||||||||||||||
State and municipal obligations | $ | 2,772 | $ | 4,821 | $ | 2,072 | $ | — | $ | 9,665 | |||||||||||
Federal agency and corporate obligations | 7,385 | 25,035 | 28,919 | 15,957 | 77,296 | ||||||||||||||||
ARS | — | — | — | 9,092 | 9,092 | ||||||||||||||||
Total | $ | 10,157 | $ | 29,856 | $ | 30,991 | $ | 25,049 | $ | 96,053 | |||||||||||
The following table shows the gross unrealized losses and market value of Forrester’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): | |||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||
Market | Unrealized | Market | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||||||
State and municipal bonds | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Federal agency and corporate obligations | 35,843 | 165 | — | — | |||||||||||||||||
ARS | — | — | 9,092 | 1,908 | |||||||||||||||||
Total | $ | 35,843 | $ | 165 | $ | 9,092 | $ | 1,908 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||
Market | Unrealized | Market | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||||||
State and municipal bonds | $ | 9,430 | $ | 14 | $ | — | $ | — | |||||||||||||
Federal agency and corporate obligations | 17,716 | 29 | — | — | |||||||||||||||||
ARS | — | — | 8,970 | 2,030 | |||||||||||||||||
Total | $ | 27,146 | $ | 43 | $ | 8,970 | $ | 2,030 | |||||||||||||
Fair Value | |||||||||||||||||||||
The Company measures certain financial assets at fair value on a recurring basis, including cash equivalents, available-for-sale securities and trading securities. The fair values of these financial assets 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 (cash equivalents and investments) measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Money market funds (1) | $ | 7,111 | $ | — | $ | — | $ | 7,111 | |||||||||||||
State and municipal obligations | — | 9,665 | — | 9,665 | |||||||||||||||||
Federal agency and corporate obligations | — | 77,296 | — | 77,296 | |||||||||||||||||
ARS | — | — | 9,092 | 9,092 | |||||||||||||||||
Total | $ | 7,111 | $ | 86,961 | $ | 9,092 | $ | 103,164 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Money market funds (1) | $ | 815 | $ | — | $ | — | $ | 815 | |||||||||||||
State and municipal obligations | — | 18,872 | — | 18,872 | |||||||||||||||||
Federal agency and corporate obligations (2) | — | 148,117 | — | 148,117 | |||||||||||||||||
ARS | — | — | 8,970 | 8,970 | |||||||||||||||||
Total | $ | 815 | $ | 166,989 | $ | 8,970 | $ | 176,774 | |||||||||||||
-1 | Included in cash and cash equivalents. | ||||||||||||||||||||
-2 | $32.1 million are included in cash and cash equivalents at December 31, 2012 as original maturities at the time of purchase were 90 days or less. | ||||||||||||||||||||
Level 2 assets consist of the Company’s entire portfolio of federal, state, municipal and corporate bonds, excluding those municipal bonds described below with an auction reset feature. Level 2 assets have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, typically 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. | |||||||||||||||||||||
Level 3 assets at September 30, 2013 and December 31, 2012 consist entirely of municipal bonds with an auction reset feature (ARS). Prior to 2008, the fair value of the ARS investments approximated par value due to the frequent resets through the auction process. While the Company continues to receive interest income on its ARS investments at each interest reset date (which occurs at either seven or 35 day intervals for each security), these investments trade infrequently and therefore do not have a readily determinable market value. Interest rates on the securities ranged from 0.1% to 0.4% and 0.1% to 0.5% during the nine months ended September 30, 2013 and 2012, respectively. The Company values the ARS using a discounted cash flow model that includes unobservable inputs including estimates of future interest rates, discount rates and expected holding periods of the securities, which is considered a Level 3 valuation. Unobservable inputs included in the valuation as of September 30, 2013 include a weighted average interest rate of 1.7%, a weighted average discount rate of 4.9%, and a weighted average holding period of 8.7 years. The valuation resulted in an unrealized loss recorded in accumulated other comprehensive income in the Consolidated Balance Sheets of $1.9 million at September 30, 2013 and $2.0 million at December 31, 2012. As of September 30, 2013, the Company classified the loss as temporary due to the strong underlying credit rating of the securities and the fact that the Company, as of September 30, 2013, did not intend to sell the securities and was not likely to be required to sell the securities. The assumptions used in valuing the ARS are volatile and subject to change as the underlying sources of these assumptions and market conditions change. Significant increases or decreases in any of the valuation assumptions in isolation would result in a significant change in the fair value. | |||||||||||||||||||||
On October 22, 2013 the Company made the decision to sell its entire portfolio of ARS. On October 30, 2013 the Company completed the sale of the ARS for net proceeds of $9.1 million, resulting in a realized loss of $1.9 million that will be recognized as an investment loss in the consolidated statement of income for the three months ended December 31, 2013. | |||||||||||||||||||||
The following table provides a summary of changes in fair value of the Company’s Level 3 financial assets for the nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||
ARS | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 9,565 | |||||||||||||||||||
Sales | — | ||||||||||||||||||||
Gains included in other comprehensive income | 224 | ||||||||||||||||||||
Balance at September 30, 2012 | $ | 9,789 | |||||||||||||||||||
ARS | |||||||||||||||||||||
Balance at December 31, 2012 | $ | 8,970 | |||||||||||||||||||
Sales | — | ||||||||||||||||||||
Gains included in other comprehensive income | 122 | ||||||||||||||||||||
Balance at September 30, 2013 | $ | 9,092 | |||||||||||||||||||
NonMarketable_Investments
Non-Marketable Investments | 9 Months Ended |
Sep. 30, 2013 | |
Investments Debt And Equity Securities [Abstract] | ' |
Non-Marketable Investments | ' |
Note 3 — Non-Marketable Investments | |
At September 30, 2013 and December 31, 2012, the carrying value of the Company’s non-marketable investments, which were composed primarily of interests in technology-related private equity funds, was $6.2 million and $6.6 million, respectively, and is included in other assets in the Consolidated Balance Sheets. | |
One of the Company’s investments, with a book value of $0.9 million and $1.2 million at September 30, 2013 and December 31, 2012, respectively, is being accounted for using the cost method and, accordingly, is valued at cost unless an other-than-temporary impairment in its value occurs. The other investments are being accounted for using the equity method as the investments are limited partnerships and the Company has an ownership interest in excess of 5% and, accordingly, the Company records its share of the investee’s operating results each period. The Company recorded a gain (loss) from its non-marketable investments of $(0.1) million during the nine months ended September 30, 2013, and $0.8 million and $0.9 million during the three and nine months ended September 30, 2012, respectively, which is included in gains (losses) on investments, net in the Consolidated Statements of Income. Gains on investments were insignificant during the three months ended September 30, 2013. | |
In May 2013, the Company extended the expiration date of a cash bonus plan, originally adopted in 2000, that would pay a bonus, after the return of invested capital from certain of the Company’s investments, to certain key employees. To date, no bonuses have been paid under the plan. The plan will now automatically expire on June 30, 2015, subject to earlier expiration as provided in the plan in the event that prior to such date there are less than 10 participants in the plan or all of the Company’s invested capital (as defined in the plan) has been returned to the Company. |
Reorganization
Reorganization | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Restructuring And Related Activities [Abstract] | ' | ||||
Reorganization | ' | ||||
Note 4 — Reorganization | |||||
The following table rolls forward the activity in the reorganization accrual for the nine months ended September 30, 2013 (in thousands): | |||||
Workforce | |||||
Reduction | |||||
Accrual at December 31, 2012 | $ | 14 | |||
Additions | 1,905 | ||||
Cash payments | (1,655 | ) | |||
Accrual at September 30, 2013 | $ | 264 | |||
During the nine months ended September 30, 2013 the Company incurred $1.9 million of severance and related costs for the elimination of 31 jobs or approximately 2.5% of its workforce worldwide to streamline its operations. The accrual at September 30, 2013 is expected to be paid by the end of 2013. |
Net_Income_Per_Common_Share
Net Income Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Common Share | ' | ||||||||||||||||
Note 5 — Net Income Per Common Share | |||||||||||||||||
Basic net income per common share is computed by dividing net income by the basic weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income 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 options and vesting of restricted stock units when dilutive. | |||||||||||||||||
Basic and diluted weighted average common shares are as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic weighted average common shares outstanding | 20,117 | 22,398 | 21,226 | 22,573 | |||||||||||||
Weighted average common equivalent shares | 548 | 460 | 464 | 445 | |||||||||||||
Diluted weighted average common shares outstanding | 20,665 | 22,858 | 21,690 | 23,018 | |||||||||||||
Options excluded from diluted weighted average share calculation as effect would have been anti-dilutive | 608 | 967 | 700 | 644 | |||||||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
Note 6 — Stockholders’ Equity | |||||||||||||||||
Equity Plans | |||||||||||||||||
Stock option activity for the nine months ended September 30, 2013 is presented below (in thousands, except per share data): | |||||||||||||||||
Number of | Weighted- | Weighted - | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price Per | Contractual | ||||||||||||||||
Share | Term (in years) | ||||||||||||||||
Outstanding at December 31, 2012 | 1,936 | $ | 29.03 | ||||||||||||||
Granted | 489 | 35.2 | |||||||||||||||
Exercised | (524 | ) | 25.46 | ||||||||||||||
Forfeited | (69 | ) | 32.05 | ||||||||||||||
Outstanding at September 30, 2013 | 1,832 | $ | 31.58 | 7.11 | $ | 9,592 | |||||||||||
Exercisable at September 30, 2013 | 866 | $ | 28.73 | 5.14 | $ | 6,995 | |||||||||||
Restricted stock unit activity for the nine months ended September 30, 2013 is presented below (in thousands, except per share data): | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at December 31, 2012 | 301 | $ | 32.98 | ||||||||||||||
Granted | 207 | 34.58 | |||||||||||||||
Vested or settled | (67 | ) | 32.91 | ||||||||||||||
Forfeited | (56 | ) | 31.02 | ||||||||||||||
Unvested at September 30, 2013 | 385 | $ | 34.14 | ||||||||||||||
Stock-Based Compensation | |||||||||||||||||
Forrester recognizes the fair value of stock-based compensation in net income 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 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Cost of services and fulfillment | $ | 1,061 | $ | 835 | $ | 2,708 | $ | 2,213 | |||||||||
Selling and marketing | 321 | 207 | 893 | 638 | |||||||||||||
General and administrative | 478 | 367 | 987 | 1,070 | |||||||||||||
Total | $ | 1,860 | $ | 1,409 | $ | 4,588 | $ | 3,921 | |||||||||
In 2010, the Company issued to its employees approximately 63,000 performance-based RSUs. The vesting of the RSUs was subject to performance criteria and would vest at 100% or 40% on April 1, 2013, or the RSUs could be forfeited, depending on whether specified revenue growth and certain operating margin targets related to full year 2012 performance were achieved. Based on 2012 financial performance these RSUs were forfeited. Compensation expense through the third quarter of 2011 was recognized based on an estimate of 100% vesting of the RSUs and in the fourth quarter of 2011 the Company modified its assessment of vesting to a zero percent level. The Company continued to utilize a zero percent vesting estimate through March 31, 2013. | |||||||||||||||||
In 2011, the Company issued to its employees approximately 71,000 performance-based RSUs. The vesting of the RSUs is subject to performance criteria and will vest at 100% or 40% on April 1, 2014, or the RSUs could be forfeited, depending on whether specified revenue growth and certain operating margin targets related to full year 2013 performance are achieved. Compensation expense through the third quarter of 2011 was recognized based on an estimate of 100% vesting of the RSUs and in the fourth quarter of 2011 the Company modified its assessment of vesting to a zero percent level. The Company continued to utilize a zero percent vesting estimate through the nine months ended September 30, 2013. | |||||||||||||||||
Forrester utilizes the Black-Scholes valuation model for estimating the fair value of stock options. Options granted under the equity incentive plans and shares subject to purchase under the employee stock purchase plan were valued using the following assumptions: | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||
Equity Incentive | Employee Stock | Equity Incentive | Employee Stock | ||||||||||||||
Plans | Purchase Plan | Plans | Purchase Plan | ||||||||||||||
Average risk-free interest rate | 1.4 | % | 0.08 | % | 0.62 | % | 0.14 | % | |||||||||
Expected dividend yield | 2.1 | % | 2.1 | % | 1.7 | % | 1.7 | % | |||||||||
Expected life | 4.9 Years | 0.5 Years | 4.5 Years | 0.5 Years | |||||||||||||
Expected volatility | 36 | % | 19 | % | 40 | % | 31 | % | |||||||||
Weighted average fair value | $ | 9.94 | $ | 6.02 | $ | 9.42 | $ | 6.89 | |||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||
Equity Incentive | Employee Stock | Equity Incentive | Employee Stock | ||||||||||||||
Plans | Purchase Plan | Plans | Purchase Plan | ||||||||||||||
Average risk-free interest rate | 0.81 | % | 0.08 | % | 0.87 | % | 0.14 | % | |||||||||
Expected dividend yield | 2.1 | % | 2.1 | % | 1.7 | % | 1.7 | % | |||||||||
Expected life | 4.9 Years | 0.5 Years | 4.5 Years | 0.5 Years | |||||||||||||
Expected volatility | 37 | % | 19 | % | 40 | % | 31 | % | |||||||||
Weighted average fair value | $ | 9.15 | $ | 6.02 | $ | 9.81 | $ | 6.87 | |||||||||
Dividends | |||||||||||||||||
In the nine months ended September 30, 2013, the Company declared and paid dividends of $9.4 million consisting of a $0.15 per share dividend in each of the first three quarters of 2013. In the nine months ended September 30, 2012, the Company declared and paid dividends of $9.5 million consisting of a $0.14 per share dividend in each of the first three quarters of 2012. In October 2013, the Company declared a dividend of $0.15 per share payable on December 18, 2013 to shareholders of record as of December 4, 2013. | |||||||||||||||||
Treasury Stock | |||||||||||||||||
Forrester’s Board of Directors has authorized an aggregate $385.0 million, including $25 million authorized in July 2013 and $50 million authorized in February 2013, to purchase common stock under the stock repurchase program. The shares repurchased may be used, among other things, in connection with Forrester’s employee and director equity incentive and purchase plans. In the nine months ended September 30, 2013, the Company repurchased approximately 3.0 million shares of common stock at an aggregate cost of approximately $109.2 million, inclusive of the repurchase of shares pursuant to the “modified Dutch auction” described below. From the inception of the program through September 30, 2013, Forrester repurchased approximately 12.2 million shares of common stock at an aggregate cost of approximately $320.0 million. | |||||||||||||||||
On April 3, 2013 the Company commenced a “modified Dutch auction” self-tender offer to repurchase up to $130 million of its common stock at a price per share within the range of $32.00 to $36.00. A “modified Dutch auction” self-tender offer allows stockholders to indicate how many shares and at what price within the company’s specified range (in increments of $0.25 per share) they wish to tender. When the tender offer expired, based upon the number of shares tendered and the prices specified by the tendering stockholders, the Company determined the purchase price, which was the lowest price per share within the range that enabled the Company to purchase up to $130 million of its common stock. The tender offer expired on May 1, 2013 and the Company purchased 2,054,732 shares of its common stock on May 7, 2013 at a purchase price of $36.00 per share for an aggregate purchase price of $74.0 million, plus approximately $1.1 million of expenses related to the tender offer. | |||||||||||||||||
In the nine months ended September 30, 2013, the Company retired 11.7 million shares of treasury stock. These retired shares are now included in the Company’s pool of authorized but unissued shares. The retired stock had a carrying value of approximately $303.0 million. The Company’s accounting policy upon the formal retirement of treasury stock is to deduct the par value of the retired stock from Common Stock and to reflect the excess of cost over par value as a deduction from Additional Paid-in Capital. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 7 — 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 and tax benefits related to disqualifying dispositions of incentive stock options are treated as discrete items and are recorded in the period in which they arise. | |
Income tax expense for the nine months ended September 30, 2013 was $7.1 million resulting in an effective tax rate of 39.5% for the period. Income tax expense for the nine months ended September 30, 2012 was $3.2 million resulting in an effective tax rate of 13.0% for the period. The increase in the effective tax rate during the nine months ended September 30, 2013 as compared to the prior year is primarily due to the 2012 period including a $5.5 million deferred tax benefit resulting from the settlement of a tax audit at one of the Company’s foreign subsidiaries. In addition, the 2012 period included a reduction in the reserve for uncertain tax positions as well as a credit due to a remeasurement gain of a euro-denominated deferred tax liability. |
Operating_Segments
Operating Segments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Operating Segments | ' | ||||||||||||||||
Note 8 — Operating Segments | |||||||||||||||||
Forrester is organized into two client groups with each client group responsible for writing relevant research for the roles within the client organization on a worldwide basis. The two client groups, which are considered operating segments, are: Business Technology (“BT”) and Marketing and Strategy (“M&S”). In addition, the Company’s Events segment supports both client groups. Each client group generates revenues through sales of research, advisory and other service offerings targeted at specific roles within their targeted clients. Each client group consists of research personnel focused primarily on issues relevant to particular roles and to the day-to-day responsibilities of persons within the roles. Amounts included in the Events segment relate to the operations of the events production department. Revenue reported in the Events segment consists primarily of sponsorships and event tickets to Forrester events. | |||||||||||||||||
Forrester evaluates reportable segment performance and allocates resources based on direct margin. Direct margin, as presented below, is defined as operating income excluding sales expenses, certain marketing and fulfillment expenses, stock-based compensation expense, general and administrative expenses, depreciation expense, amortization of intangible assets and reorganization costs. In the first quarter of 2013, the Company modified segment direct margin for each of the BT and M&S client groups to reflect the transfer of revenue and direct costs related to one product line from BT to M&S and to reallocate certain shared consulting costs between BT & M&S. Accordingly, the 2012 amounts have been reclassified to conform to the current presentation. The accounting policies used by the segments are the same as those used in the consolidated financial statements. | |||||||||||||||||
The following tables present information about reportable segments (in thousands): | |||||||||||||||||
BT | M&S | Events | Consolidated | ||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Revenue | $ | 37,659 | $ | 31,809 | $ | 347 | $ | 69,815 | |||||||||
Direct margin | 24,912 | 20,923 | (656 | ) | 45,179 | ||||||||||||
Selling, marketing, administrative and other expenses | (40,321 | ) | |||||||||||||||
Amortization of intangible assets | (557 | ) | |||||||||||||||
Reorganization costs | — | ||||||||||||||||
Other income (expense) and gains (losses) on investments | (53 | ) | |||||||||||||||
Income before income taxes | $ | 4,248 | |||||||||||||||
BT | M&S | Events | Consolidated | ||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||
Revenue | $ | 37,764 | $ | 30,707 | $ | 302 | $ | 68,773 | |||||||||
Direct margin | 25,966 | 20,203 | (727 | ) | 45,442 | ||||||||||||
Selling, marketing, administrative and other expenses | (37,696 | ) | |||||||||||||||
Amortization of intangible assets | (579 | ) | |||||||||||||||
Reorganization costs | (37 | ) | |||||||||||||||
Other income (expense) and gains (losses) on investments | 1,112 | ||||||||||||||||
Income before income taxes | $ | 8,242 | |||||||||||||||
BT | M&S | Events | Consolidated | ||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Revenue | $ | 115,327 | $ | 95,690 | $ | 9,112 | $ | 220,129 | |||||||||
Direct margin | 78,100 | 62,909 | 3,204 | 144,213 | |||||||||||||
Selling, marketing, administrative and other expenses | (123,269 | ) | |||||||||||||||
Amortization of intangible assets | (1,670 | ) | |||||||||||||||
Reorganization costs | (1,905 | ) | |||||||||||||||
Other income (expense) and gains (losses) on investments | 476 | ||||||||||||||||
Income before income taxes | $ | 17,845 | |||||||||||||||
BT | M&S | Events | Consolidated | ||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||
Revenue | $ | 115,470 | $ | 92,995 | $ | 9,405 | $ | 217,870 | |||||||||
Direct margin | 78,882 | 60,823 | 3,241 | 142,946 | |||||||||||||
Selling, marketing, administrative and other expenses | (116,921 | ) | |||||||||||||||
Amortization of intangible assets | (1,779 | ) | |||||||||||||||
Reorganization costs | (1,431 | ) | |||||||||||||||
Other income (expense) and gains (losses) on investments | 1,794 | ||||||||||||||||
Income before income taxes | $ | 24,609 | |||||||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 9 — Recent Accounting Pronouncements | |
In July 2012, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2012-02, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This accounting standard allows an entity the option to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test for indefinite-lived intangibles other than goodwill. Under that option, an entity would no longer be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on that qualitative assessment, that it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount. This ASU was effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012. As the Company does not have any indefinite-lived intangible assets as of September 30, 2013 other than goodwill, the adoption of this standard on January 1, 2013 did not have an impact on the Company’s consolidated financial results. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income. This accounting standard requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. This ASU is effective for reporting periods beginning after December 15, 2012. Other than requiring additional disclosures, adoption of this ASU did not have a significant impact on the Company’s consolidated financial results. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Intangibles - Goodwill and Other | ' |
In July 2012, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2012-02, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This accounting standard allows an entity the option to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test for indefinite-lived intangibles other than goodwill. Under that option, an entity would no longer be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on that qualitative assessment, that it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount. This ASU was effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012. As the Company does not have any indefinite-lived intangible assets as of September 30, 2013 other than goodwill, the adoption of this standard on January 1, 2013 did not have an impact on the Company’s consolidated financial results. | |
Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income | ' |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income. This accounting standard requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. This ASU is effective for reporting periods beginning after December 15, 2012. Other than requiring additional disclosures, adoption of this ASU did not have a significant impact on the Company’s consolidated financial results. |
Interim_Consolidated_Financial1
Interim Consolidated Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Revised Consolidated Statements of Income | ' | ||||||||||||||||||||||||||||||||||||
The effects of these prior period errors on the consolidated financial statements are as follows (in thousands, except per share amounts): | |||||||||||||||||||||||||||||||||||||
Revised Consolidated Statements of Income | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | As | Adjustments | As | |||||||||||||||||||||||||||||
Previously | Revised | Previously | Revised | Previously | Revised | ||||||||||||||||||||||||||||||||
Reported | Reported | Reported | |||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
Research services | $ | 50,378 | $ | (100 | ) | $ | 50,278 | $ | 50,512 | $ | 800 | $ | 51,312 | $ | 100,890 | $ | 700 | $ | 101,590 | ||||||||||||||||||
Advisory services and other | 21,121 | (38 | ) | 21,083 | 27,652 | (11 | ) | 27,641 | 48,773 | (49 | ) | 48,724 | |||||||||||||||||||||||||
Total revenues | 71,499 | (138 | ) | 71,361 | 78,164 | 789 | 78,953 | 149,663 | 651 | 150,314 | |||||||||||||||||||||||||||
Income from operations | 3,418 | (138 | ) | 3,280 | 8,999 | 789 | 9,788 | 12,417 | 651 | 13,068 | |||||||||||||||||||||||||||
Gains (losses) on investments, net | (51 | ) | (149 | ) | (200 | ) | (51 | ) | 149 | 98 | (102 | ) | — | (102 | ) | ||||||||||||||||||||||
Income before income taxes | 3,743 | (287 | ) | 3,456 | 9,203 | 938 | 10,141 | 12,946 | 651 | 13,597 | |||||||||||||||||||||||||||
Income tax provision | 1,402 | (115 | ) | 1,287 | 3,581 | 375 | 3,956 | 4,983 | 260 | 5,243 | |||||||||||||||||||||||||||
Net income | $ | 2,341 | $ | (172 | ) | $ | 2,169 | $ | 5,622 | $ | 563 | $ | 6,185 | $ | 7,963 | $ | 391 | $ | 8,354 | ||||||||||||||||||
Basic income per common share | $ | 0.1 | $ | — | $ | 0.1 | $ | 0.26 | $ | 0.03 | $ | 0.29 | $ | 0.37 | $ | 0.01 | $ | 0.38 | |||||||||||||||||||
Diluted income per common share | $ | 0.1 | $ | — | $ | 0.1 | $ | 0.26 | $ | 0.02 | $ | 0.28 | $ | 0.36 | $ | 0.02 | $ | 0.38 | |||||||||||||||||||
Nine Months Ended September 30, 2012 | Three Months Ended December 31, 2012 | Full Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | As | Adjustments | As | |||||||||||||||||||||||||||||
Previously | Revised | Previously | Revised | Previously | Revised | ||||||||||||||||||||||||||||||||
Reported | Reported | Reported | |||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
Research services | $ | 151,132 | $ | 13 | $ | 151,145 | $ | 51,866 | $ | 80 | $ | 51,946 | $ | 202,998 | $ | 93 | $ | 203,091 | |||||||||||||||||||
Advisory services and other | 66,732 | (7 | ) | 66,725 | 23,200 | 15 | 23,215 | 89,932 | 8 | 89,940 | |||||||||||||||||||||||||||
Total revenues | 217,864 | 6 | 217,870 | 75,066 | 95 | 75,161 | 292,930 | 101 | 293,031 | ||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||
General and administrative | 26,667 | 457 | 27,124 | 10,199 | (457 | ) | 9,742 | 36,866 | — | 36,866 | |||||||||||||||||||||||||||
Total operating expenses | 194,598 | 457 | 195,055 | 67,673 | (457 | ) | 67,216 | 262,271 | — | 262,271 | |||||||||||||||||||||||||||
Income from operations | 23,266 | (451 | ) | 22,815 | 7,393 | 552 | 7,945 | 30,659 | 101 | 30,760 | |||||||||||||||||||||||||||
Gains (losses) on investments, net | 290 | 608 | 898 | (739 | ) | (65 | ) | (804 | ) | (449 | ) | 543 | 94 | ||||||||||||||||||||||||
Income before income taxes | 24,452 | 157 | 24,609 | 7,058 | 487 | 7,545 | 31,510 | 644 | 32,154 | ||||||||||||||||||||||||||||
Income tax provision | 3,129 | 62 | 3,191 | 2,807 | 195 | 3,002 | 5,936 | 257 | 6,193 | ||||||||||||||||||||||||||||
Net income | $ | 21,323 | $ | 95 | $ | 21,418 | $ | 4,251 | $ | 292 | $ | 4,543 | $ | 25,574 | $ | 387 | $ | 25,961 | |||||||||||||||||||
Basic income per common share | $ | 0.94 | $ | 0.01 | $ | 0.95 | $ | 0.19 | $ | 0.01 | $ | 0.2 | $ | 1.14 | $ | 0.01 | $ | 1.15 | |||||||||||||||||||
Diluted income per common share | $ | 0.93 | $ | — | $ | 0.93 | $ | 0.19 | $ | 0.01 | $ | 0.2 | $ | 1.12 | $ | 0.01 | $ | 1.13 | |||||||||||||||||||
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | As | Adjustments | As | |||||||||||||||||||||||||||||
Previously | Revised | Previously | Revised | Previously | Revised | ||||||||||||||||||||||||||||||||
Reported | Reported | Reported | |||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
Research services | $ | 51,072 | $ | (100 | ) | $ | 50,972 | $ | 100,832 | $ | (196 | ) | $ | 100,636 | $ | 50,300 | $ | 209 | $ | 50,509 | |||||||||||||||||
Advisory services and other | 28,021 | (61 | ) | 27,960 | 48,521 | (60 | ) | 48,461 | 18,211 | 53 | 18,264 | ||||||||||||||||||||||||||
Total revenues | 79,093 | (161 | ) | 78,932 | 149,353 | (256 | ) | 149,097 | 68,511 | 262 | 68,773 | ||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||
General and administrative | 8,645 | 148 | 8,793 | 18,256 | 148 | 18,404 | 8,411 | 309 | 8,720 | ||||||||||||||||||||||||||||
Total operating expenses | 67,632 | 148 | 67,780 | 133,264 | 148 | 133,412 | 61,334 | 309 | 61,643 | ||||||||||||||||||||||||||||
Income from operations | 11,461 | (309 | ) | 11,152 | 16,089 | (404 | ) | 15,685 | 7,177 | (47 | ) | 7,130 | |||||||||||||||||||||||||
Gains (losses) on investments, net | 84 | — | 84 | 143 | — | 143 | 147 | 608 | 755 | ||||||||||||||||||||||||||||
Income before income taxes | 11,675 | (309 | ) | 11,366 | 16,771 | (404 | ) | 16,367 | 7,681 | 561 | 8,242 | ||||||||||||||||||||||||||
Income tax provision | 3,906 | (124 | ) | 3,782 | 5,821 | (162 | ) | 5,659 | (2,692 | ) | 224 | (2,468 | ) | ||||||||||||||||||||||||
Net income | $ | 7,769 | $ | (185 | ) | $ | 7,584 | $ | 10,950 | $ | (242 | ) | $ | 10,708 | $ | 10,373 | $ | 337 | $ | 10,710 | |||||||||||||||||
Basic income per common share | $ | 0.34 | $ | — | $ | 0.34 | $ | 0.48 | $ | (0.01 | ) | $ | 0.47 | $ | 0.46 | $ | 0.02 | $ | 0.48 | ||||||||||||||||||
Diluted income per common share | $ | 0.34 | $ | (0.01 | ) | $ | 0.33 | $ | 0.47 | $ | (0.01 | ) | $ | 0.46 | $ | 0.45 | $ | 0.02 | $ | 0.47 | |||||||||||||||||
Three Months Ended March 31, 2012 | Full Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | ||||||||||||||||||||||||||||||||
Previously | Revised | Previously | Revised | ||||||||||||||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||
Research services | $ | 49,760 | $ | (96 | ) | $ | 49,664 | $ | 191,648 | $ | (153 | ) | $ | 191,495 | |||||||||||||||||||||||
Advisory services and other | 20,500 | 1 | 20,501 | 91,968 | (128 | ) | 91,840 | ||||||||||||||||||||||||||||||
Total revenues | 70,260 | (95 | ) | 70,165 | 283,616 | (281 | ) | 283,335 | |||||||||||||||||||||||||||||
Income from operations | 4,628 | (95 | ) | 4,533 | 36,997 | (281 | ) | 36,716 | |||||||||||||||||||||||||||||
Gains (losses) on investments, net | 59 | — | 59 | 1,018 | (1,417 | ) | (399 | ) | |||||||||||||||||||||||||||||
Income before income taxes | 5,096 | (95 | ) | 5,001 | 38,645 | (1,698 | ) | 36,947 | |||||||||||||||||||||||||||||
Income tax provision | 1,915 | (38 | ) | 1,877 | 15,635 | (679 | ) | 14,956 | |||||||||||||||||||||||||||||
Net income | $ | 3,181 | $ | (57 | ) | $ | 3,124 | $ | 23,010 | $ | (1,019 | ) | $ | 21,991 | |||||||||||||||||||||||
Basic income per common share | $ | 0.14 | $ | — | $ | 0.14 | $ | 1.02 | $ | (0.05 | ) | $ | 0.97 | ||||||||||||||||||||||||
Diluted income per common share | $ | 0.14 | $ | (0.01 | ) | $ | 0.13 | $ | 0.99 | $ | (0.04 | ) | $ | 0.95 | |||||||||||||||||||||||
Revised Consolidated Statements of Comprehensive Income | ' | ||||||||||||||||||||||||||||||||||||
Revised Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||||||||||||||
The consolidated statements of comprehensive income for all periods is impacted by the same amount as net income for the respective period. | |||||||||||||||||||||||||||||||||||||
Revised Consolidated Balance Sheet | ' | ||||||||||||||||||||||||||||||||||||
Revised Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
As | Adjustments | As | |||||||||||||||||||||||||||||||||||
Previously | Revised | ||||||||||||||||||||||||||||||||||||
Reported | |||||||||||||||||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 18,846 | $ | 132 | $ | 18,978 | |||||||||||||||||||||||||||||||
Total current assets | 336,565 | 132 | 336,697 | ||||||||||||||||||||||||||||||||||
Other assets | 9,123 | (314 | ) | 8,809 | |||||||||||||||||||||||||||||||||
Total assets | $ | 487,832 | $ | (182 | ) | $ | 487,650 | ||||||||||||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||||||||||||||||
Deferred revenue | $ | 150,479 | $ | 16 | $ | 150,495 | |||||||||||||||||||||||||||||||
Total current liabilities | 181,329 | 16 | 181,345 | ||||||||||||||||||||||||||||||||||
Total liabilities | 190,762 | 16 | 190,778 | ||||||||||||||||||||||||||||||||||
Retained earnings | 117,648 | (198 | ) | 117,450 | |||||||||||||||||||||||||||||||||
Total stockholders’ equity | 297,070 | (198 | ) | 296,872 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 487,832 | $ | (182 | ) | $ | 487,650 | ||||||||||||||||||||||||||||||
Revised Consolidated Statements of Cash Flows | ' | ||||||||||||||||||||||||||||||||||||
Revised Consolidated Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | ||||||||||||||||||||||||||||||||
Previously | Revised | Previously | Revised | ||||||||||||||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||
Net income | $ | 2,341 | $ | (172 | ) | $ | 2,169 | $ | 7,963 | $ | 391 | $ | 8,354 | ||||||||||||||||||||||||
Net (gains) losses from investments | 51 | 149 | 200 | 102 | — | 102 | |||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 1,271 | (115 | ) | 1,156 | 4,619 | 260 | 4,879 | ||||||||||||||||||||||||||||||
Deferred revenue | 2,709 | 138 | 2,847 | (12,955 | ) | (651 | ) | (13,606 | ) | ||||||||||||||||||||||||||||
Net cash provided by operating activities | 35,453 | — | 35,453 | 37,231 | — | 37,231 | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | As | Adjustments | As | |||||||||||||||||||||||||||||
Previously | Revised | Previously | Revised | Previously | Revised | ||||||||||||||||||||||||||||||||
Reported | Reported | Reported | |||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||
Net income | $ | 21,323 | $ | 95 | $ | 21,418 | $ | 25,574 | $ | 387 | $ | 25,961 | $ | 23,010 | $ | (1,019 | ) | $ | 21,991 | ||||||||||||||||||
Net (gains) losses from investments | (290 | ) | (608 | ) | (898 | ) | 449 | (543 | ) | (94 | ) | (1,018 | ) | 1,417 | 399 | ||||||||||||||||||||||
Prepaid expenses and other current assets | 3,929 | 62 | 3,991 | 6,279 | 257 | 6,536 | (7,805 | ) | (679 | ) | (8,484 | ) | |||||||||||||||||||||||||
Deferred revenue | (23,302 | ) | (6 | ) | (23,308 | ) | 1,807 | (101 | ) | 1,706 | 16,364 | 281 | 16,645 | ||||||||||||||||||||||||
Net cash provided by operating activities | 43,223 | (457 | ) | 42,766 | 53,147 | — | 53,147 | 55,444 | — | 55,444 | |||||||||||||||||||||||||||
Purchases of property and equipment | (4,845 | ) | 457 | (4,388 | ) | (5,103 | ) | — | (5,103 | ) | (39,776 | ) | — | (39,776 | ) | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | (15,989 | ) | 457 | (15,532 | ) | (4,076 | ) | — | (4,076 | ) | (53,036 | ) | — | (53,036 | ) |
Marketable_Investments_Tables
Marketable Investments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||
Summary of Company's Marketable Investments | ' | ||||||||||||||||||||
The following table summarizes the Company’s marketable investments (in thousands): | |||||||||||||||||||||
Amortized | Gross | Gross | Market | ||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||
State and municipal obligations | $ | 9,660 | $ | 5 | $ | — | $ | 9,665 | |||||||||||||
Federal agency and corporate obligations | 77,330 | 131 | (165 | ) | 77,296 | ||||||||||||||||
Total short-term available-for-sale securities | 86,990 | 136 | (165 | ) | 86,961 | ||||||||||||||||
ARS, long-term | 11,000 | — | (1,908 | ) | 9,092 | ||||||||||||||||
Total available-for-sale securities | $ | 97,990 | $ | 136 | $ | (2,073 | ) | $ | 96,053 | ||||||||||||
Amortized | Gross | Gross | Market | ||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||
State and municipal obligations | $ | 18,859 | $ | 27 | $ | (14 | ) | $ | 18,872 | ||||||||||||
Federal agency and corporate obligations | 115,653 | 380 | (29 | ) | 116,004 | ||||||||||||||||
Total short-term available-for-sale securities | 134,512 | 407 | (43 | ) | 134,876 | ||||||||||||||||
ARS, long-term | 11,000 | — | (2,030 | ) | 8,970 | ||||||||||||||||
Total available-for-sale securities | $ | 145,512 | $ | 407 | $ | (2,073 | ) | $ | 143,846 | ||||||||||||
Summary of Maturity Periods of the Marketable Securities | ' | ||||||||||||||||||||
The following table reflects the ARS at their contractual maturity dates of between 2024 and 2034 (in thousands). | |||||||||||||||||||||
FY 2013 | FY2014 | FY2015 | Thereafter | Total | |||||||||||||||||
State and municipal obligations | $ | 2,772 | $ | 4,821 | $ | 2,072 | $ | — | $ | 9,665 | |||||||||||
Federal agency and corporate obligations | 7,385 | 25,035 | 28,919 | 15,957 | 77,296 | ||||||||||||||||
ARS | — | — | — | 9,092 | 9,092 | ||||||||||||||||
Total | $ | 10,157 | $ | 29,856 | $ | 30,991 | $ | 25,049 | $ | 96,053 | |||||||||||
Summary of Gross Unrealized Losses and Market Value of Available-for-Sale Securities with Unrealized Losses | ' | ||||||||||||||||||||
The following table shows the gross unrealized losses and market value of Forrester’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): | |||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||
Market | Unrealized | Market | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||||||
State and municipal bonds | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Federal agency and corporate obligations | 35,843 | 165 | — | — | |||||||||||||||||
ARS | — | — | 9,092 | 1,908 | |||||||||||||||||
Total | $ | 35,843 | $ | 165 | $ | 9,092 | $ | 1,908 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||
Market | Unrealized | Market | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||||||
State and municipal bonds | $ | 9,430 | $ | 14 | $ | — | $ | — | |||||||||||||
Federal agency and corporate obligations | 17,716 | 29 | — | — | |||||||||||||||||
ARS | — | — | 8,970 | 2,030 | |||||||||||||||||
Total | $ | 27,146 | $ | 43 | $ | 8,970 | $ | 2,030 | |||||||||||||
Summary of Company's Fair Value Hierarchy for its Financial Assets | ' | ||||||||||||||||||||
The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Money market funds (1) | $ | 7,111 | $ | — | $ | — | $ | 7,111 | |||||||||||||
State and municipal obligations | — | 9,665 | — | 9,665 | |||||||||||||||||
Federal agency and corporate obligations | — | 77,296 | — | 77,296 | |||||||||||||||||
ARS | — | — | 9,092 | 9,092 | |||||||||||||||||
Total | $ | 7,111 | $ | 86,961 | $ | 9,092 | $ | 103,164 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Money market funds (1) | $ | 815 | $ | — | $ | — | $ | 815 | |||||||||||||
State and municipal obligations | — | 18,872 | — | 18,872 | |||||||||||||||||
Federal agency and corporate obligations (2) | — | 148,117 | — | 148,117 | |||||||||||||||||
ARS | — | — | 8,970 | 8,970 | |||||||||||||||||
Total | $ | 815 | $ | 166,989 | $ | 8,970 | $ | 176,774 | |||||||||||||
-1 | Included in cash and cash equivalents. | ||||||||||||||||||||
-2 | $32.1 million are included in cash and cash equivalents at December 31, 2012 as original maturities at the time of purchase were 90 days or less. | ||||||||||||||||||||
Summary of Changes in Fair Value of Level 3 Financial Assets | ' | ||||||||||||||||||||
The following table provides a summary of changes in fair value of the Company’s Level 3 financial assets for the nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||
ARS | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 9,565 | |||||||||||||||||||
Sales | — | ||||||||||||||||||||
Gains included in other comprehensive income | 224 | ||||||||||||||||||||
Balance at September 30, 2012 | $ | 9,789 | |||||||||||||||||||
ARS | |||||||||||||||||||||
Balance at December 31, 2012 | $ | 8,970 | |||||||||||||||||||
Sales | — | ||||||||||||||||||||
Gains included in other comprehensive income | 122 | ||||||||||||||||||||
Balance at September 30, 2013 | $ | 9,092 | |||||||||||||||||||
Reorganization_Tables
Reorganization (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Restructuring And Related Activities [Abstract] | ' | ||||
Summary of Roll Forward of Activity in Reorganization Accrual | ' | ||||
The following table rolls forward the activity in the reorganization accrual for the nine months ended September 30, 2013 (in thousands): | |||||
Workforce | |||||
Reduction | |||||
Accrual at December 31, 2012 | $ | 14 | |||
Additions | 1,905 | ||||
Cash payments | (1,655 | ) | |||
Accrual at September 30, 2013 | $ | 264 | |||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Summary of Basic and Diluted Weighted Average Common Shares | ' | ||||||||||||||||
Basic and diluted weighted average common shares are as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic weighted average common shares outstanding | 20,117 | 22,398 | 21,226 | 22,573 | |||||||||||||
Weighted average common equivalent shares | 548 | 460 | 464 | 445 | |||||||||||||
Diluted weighted average common shares outstanding | 20,665 | 22,858 | 21,690 | 23,018 | |||||||||||||
Options excluded from diluted weighted average share calculation as effect would have been anti-dilutive | 608 | 967 | 700 | 644 | |||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
Stock option activity for the nine months ended September 30, 2013 is presented below (in thousands, except per share data): | |||||||||||||||||
Number of | Weighted- | Weighted - | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price Per | Contractual | ||||||||||||||||
Share | Term (in years) | ||||||||||||||||
Outstanding at December 31, 2012 | 1,936 | $ | 29.03 | ||||||||||||||
Granted | 489 | 35.2 | |||||||||||||||
Exercised | (524 | ) | 25.46 | ||||||||||||||
Forfeited | (69 | ) | 32.05 | ||||||||||||||
Outstanding at September 30, 2013 | 1,832 | $ | 31.58 | 7.11 | $ | 9,592 | |||||||||||
Exercisable at September 30, 2013 | 866 | $ | 28.73 | 5.14 | $ | 6,995 | |||||||||||
Details of Restricted Stock Unit Activity | ' | ||||||||||||||||
Restricted stock unit activity for the nine months ended September 30, 2013 is presented below (in thousands, except per share data): | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at December 31, 2012 | 301 | $ | 32.98 | ||||||||||||||
Granted | 207 | 34.58 | |||||||||||||||
Vested or settled | (67 | ) | 32.91 | ||||||||||||||
Forfeited | (56 | ) | 31.02 | ||||||||||||||
Unvested at September 30, 2013 | 385 | $ | 34.14 | ||||||||||||||
Summary of Stock-Based Compensation Recorded in Expense Categories | ' | ||||||||||||||||
Stock-based compensation was recorded in the following expense categories (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Cost of services and fulfillment | $ | 1,061 | $ | 835 | $ | 2,708 | $ | 2,213 | |||||||||
Selling and marketing | 321 | 207 | 893 | 638 | |||||||||||||
General and administrative | 478 | 367 | 987 | 1,070 | |||||||||||||
Total | $ | 1,860 | $ | 1,409 | $ | 4,588 | $ | 3,921 | |||||||||
Assumptions for Valuation of Options Granted under Equity Incentive Plans and Shares Subject to Purchase under Employee Stock Purchase Plan | ' | ||||||||||||||||
Options granted under the equity incentive plans and shares subject to purchase under the employee stock purchase plan were valued using the following assumptions: | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||
Equity Incentive | Employee Stock | Equity Incentive | Employee Stock | ||||||||||||||
Plans | Purchase Plan | Plans | Purchase Plan | ||||||||||||||
Average risk-free interest rate | 1.4 | % | 0.08 | % | 0.62 | % | 0.14 | % | |||||||||
Expected dividend yield | 2.1 | % | 2.1 | % | 1.7 | % | 1.7 | % | |||||||||
Expected life | 4.9 Years | 0.5 Years | 4.5 Years | 0.5 Years | |||||||||||||
Expected volatility | 36 | % | 19 | % | 40 | % | 31 | % | |||||||||
Weighted average fair value | $ | 9.94 | $ | 6.02 | $ | 9.42 | $ | 6.89 | |||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||
Equity Incentive | Employee Stock | Equity Incentive | Employee Stock | ||||||||||||||
Plans | Purchase Plan | Plans | Purchase Plan | ||||||||||||||
Average risk-free interest rate | 0.81 | % | 0.08 | % | 0.87 | % | 0.14 | % | |||||||||
Expected dividend yield | 2.1 | % | 2.1 | % | 1.7 | % | 1.7 | % | |||||||||
Expected life | 4.9 Years | 0.5 Years | 4.5 Years | 0.5 Years | |||||||||||||
Expected volatility | 37 | % | 19 | % | 40 | % | 31 | % | |||||||||
Weighted average fair value | $ | 9.15 | $ | 6.02 | $ | 9.81 | $ | 6.87 |
Operating_Segments_Tables
Operating Segments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary of Information about Reportable Segments | ' | ||||||||||||||||
The following tables present information about reportable segments (in thousands): | |||||||||||||||||
BT | M&S | Events | Consolidated | ||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Revenue | $ | 37,659 | $ | 31,809 | $ | 347 | $ | 69,815 | |||||||||
Direct margin | 24,912 | 20,923 | (656 | ) | 45,179 | ||||||||||||
Selling, marketing, administrative and other expenses | (40,321 | ) | |||||||||||||||
Amortization of intangible assets | (557 | ) | |||||||||||||||
Reorganization costs | — | ||||||||||||||||
Other income (expense) and gains (losses) on investments | (53 | ) | |||||||||||||||
Income before income taxes | $ | 4,248 | |||||||||||||||
BT | M&S | Events | Consolidated | ||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||
Revenue | $ | 37,764 | $ | 30,707 | $ | 302 | $ | 68,773 | |||||||||
Direct margin | 25,966 | 20,203 | (727 | ) | 45,442 | ||||||||||||
Selling, marketing, administrative and other expenses | (37,696 | ) | |||||||||||||||
Amortization of intangible assets | (579 | ) | |||||||||||||||
Reorganization costs | (37 | ) | |||||||||||||||
Other income (expense) and gains (losses) on investments | 1,112 | ||||||||||||||||
Income before income taxes | $ | 8,242 | |||||||||||||||
BT | M&S | Events | Consolidated | ||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Revenue | $ | 115,327 | $ | 95,690 | $ | 9,112 | $ | 220,129 | |||||||||
Direct margin | 78,100 | 62,909 | 3,204 | 144,213 | |||||||||||||
Selling, marketing, administrative and other expenses | (123,269 | ) | |||||||||||||||
Amortization of intangible assets | (1,670 | ) | |||||||||||||||
Reorganization costs | (1,905 | ) | |||||||||||||||
Other income (expense) and gains (losses) on investments | 476 | ||||||||||||||||
Income before income taxes | $ | 17,845 | |||||||||||||||
BT | M&S | Events | Consolidated | ||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||
Revenue | $ | 115,470 | $ | 92,995 | $ | 9,405 | $ | 217,870 | |||||||||
Direct margin | 78,882 | 60,823 | 3,241 | 142,946 | |||||||||||||
Selling, marketing, administrative and other expenses | (116,921 | ) | |||||||||||||||
Amortization of intangible assets | (1,779 | ) | |||||||||||||||
Reorganization costs | (1,431 | ) | |||||||||||||||
Other income (expense) and gains (losses) on investments | 1,794 | ||||||||||||||||
Income before income taxes | $ | 24,609 | |||||||||||||||
Interim_Consolidated_Financial2
Interim Consolidated Financial Statements - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2011 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 |
Research Service Revenue [Member] | Research Service Revenue [Member] | Research Service Revenue [Member] | Research Service Revenue [Member] | Research Service Revenue [Member] | Technology Related Investment Funds [Member] | Technology Related Investment Funds [Member] | Technology Related Investment Funds [Member] | Technology Related Investment Funds [Member] | Technology Related Investment Funds [Member] | Technology Related Investment Funds [Member] | Adjustments Related to Insignificant Variances in Deferred Revenue [Member] | Adjustments Related to Insignificant Variances in Deferred Revenue [Member] | Adjustments Related to Insignificant Variances in Deferred Revenue [Member] | Adjustments Related to Insignificant Variances in Deferred Revenue [Member] | Adjustments Related to Insignificant Variances in Deferred Revenue [Member] | Adjustments Related to Insignificant Variances in Deferred Revenue [Member] | Adjustments Related to Insignificant Variances in Deferred Revenue [Member] | Adjustments Related to Improper Capitalization of Software Development Costs [Member] | Adjustments Related to Improper Capitalization of Software Development Costs [Member] | Adjustments Related to Improper Capitalization of Software Development Costs [Member] | |
Adjustments related to prior period errors | $0.80 | $0.10 | ($0.10) | $0.80 | $0.10 | $0.10 | ($0.10) | ($0.10) | $0.60 | $0.50 | ($1.40) | ($0.10) | $0.10 | $0.20 | ($0.20) | ($0.10) | $0.10 | ($0.40) | ($0.50) | $0.30 | $0.20 |
Interim_Consolidated_Financial3
Interim Consolidated Financial Statements - Revised Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | |||||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research services | $49,855 | $50,509 | $151,445 | $151,145 | $50,512 | $50,378 | $51,866 | $50,300 | $51,072 | $49,760 | $100,890 | $100,832 | $151,132 | $202,998 | $191,648 | $800 | ($100) | $80 | $209 | ($100) | ($96) | $700 | ($196) | $13 | $93 | ($153) | $51,312 | $50,278 | $51,946 | $50,509 | $50,972 | $49,664 | $101,590 | $100,636 | $151,145 | $203,091 | $191,495 |
Advisory services and other | 19,960 | 18,264 | 68,684 | 66,725 | 27,652 | 21,121 | 23,200 | 18,211 | 28,021 | 20,500 | 48,773 | 48,521 | 66,732 | 89,932 | 91,968 | -11 | -38 | 15 | 53 | -61 | 1 | -49 | -60 | -7 | 8 | -128 | 27,641 | 21,083 | 23,215 | 18,264 | 27,960 | 20,501 | 48,724 | 48,461 | 66,725 | 89,940 | 91,840 |
Total revenues | 69,815 | 68,773 | 220,129 | 217,870 | 78,164 | 71,499 | 75,066 | 68,511 | 79,093 | 70,260 | 149,663 | 149,353 | 217,864 | 292,930 | 283,616 | 789 | -138 | 95 | 262 | -161 | -95 | 651 | -256 | 6 | 101 | -281 | 78,953 | 71,361 | 75,161 | 68,773 | 78,932 | 70,165 | 150,314 | 149,097 | 217,870 | 293,031 | 283,335 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative | -9,310 | -8,720 | -27,217 | -27,124 | ' | ' | 10,199 | 8,411 | 8,645 | ' | ' | 18,256 | 26,667 | 36,866 | ' | ' | ' | -457 | 309 | 148 | ' | ' | 148 | 457 | ' | ' | ' | ' | 9,742 | 8,720 | 8,793 | ' | ' | 18,404 | 27,124 | 36,866 | ' |
Total operating expenses | 65,514 | 61,643 | 202,760 | 195,055 | ' | ' | 67,673 | 61,334 | 67,632 | ' | ' | 133,264 | 194,598 | 262,271 | ' | ' | ' | -457 | 309 | 148 | ' | ' | 148 | 457 | ' | ' | ' | ' | 67,216 | 61,643 | 67,780 | ' | ' | 133,412 | 195,055 | 262,271 | ' |
Income from operations | 4,301 | 7,130 | 17,369 | 22,815 | 8,999 | 3,418 | 7,393 | 7,177 | 11,461 | 4,628 | 12,417 | 16,089 | 23,266 | 30,659 | 36,997 | 789 | -138 | 552 | -47 | -309 | -95 | 651 | -404 | -451 | 101 | -281 | 9,788 | 3,280 | 7,945 | 7,130 | 11,152 | 4,533 | 13,068 | 15,685 | 22,815 | 30,760 | 36,716 |
Gains (losses) on investments, net | 18 | 755 | -84 | 898 | -51 | -51 | -739 | 147 | 84 | 59 | -102 | 143 | 290 | -449 | 1,018 | 149 | -149 | -65 | 608 | ' | ' | ' | ' | 608 | 543 | -1,417 | 98 | -200 | -804 | 755 | 84 | 59 | -102 | 143 | 898 | 94 | -399 |
Income before income taxes | 4,248 | 8,242 | 17,845 | 24,609 | 9,203 | 3,743 | 7,058 | 7,681 | 11,675 | 5,096 | 12,946 | 16,771 | 24,452 | 31,510 | 38,645 | 938 | -287 | 487 | 561 | -309 | -95 | 651 | -404 | 157 | 644 | -1,698 | 10,141 | 3,456 | 7,545 | 8,242 | 11,366 | 5,001 | 13,597 | 16,367 | 24,609 | 32,154 | 36,947 |
Income tax provision | 1,813 | -2,468 | 7,056 | 3,191 | 3,581 | 1,402 | 2,807 | -2,692 | 3,906 | 1,915 | 4,983 | 5,821 | 3,129 | 5,936 | 15,635 | 375 | -115 | 195 | 224 | -124 | -38 | 260 | -162 | 62 | 257 | -679 | 3,956 | 1,287 | 3,002 | -2,468 | 3,782 | 1,877 | 5,243 | 5,659 | 3,191 | 6,193 | 14,956 |
Net income | $2,435 | $10,710 | $10,789 | $21,418 | $5,622 | $2,341 | $4,251 | $10,373 | $7,769 | $3,181 | $7,963 | $10,950 | $21,323 | $25,574 | $23,010 | $563 | ($172) | $292 | $337 | ($185) | ($57) | $391 | ($242) | $95 | $387 | ($1,019) | $6,185 | $2,169 | $4,543 | $10,710 | $7,584 | $3,124 | $8,354 | $10,708 | $21,418 | $25,961 | $21,991 |
Basic income per common share | $0.12 | $0.48 | $0.51 | $0.95 | $0.26 | $0.10 | $0.19 | $0.46 | $0.34 | $0.14 | $0.37 | $0.48 | $0.94 | $1.14 | $1.02 | $0.03 | ' | $0.01 | $0.02 | ' | ' | $0.01 | ($0.01) | $0.01 | $0.01 | ($0.05) | $0.29 | $0.10 | $0.20 | $0.48 | $0.34 | $0.14 | $0.38 | $0.47 | $0.95 | $1.15 | $0.97 |
Diluted income per common share | $0.12 | $0.47 | $0.50 | $0.93 | $0.26 | $0.10 | $0.19 | $0.45 | $0.34 | $0.14 | $0.36 | $0.47 | $0.93 | $1.12 | $0.99 | $0.02 | ' | $0.01 | $0.02 | ($0.01) | ($0.01) | $0.02 | ($0.01) | ' | $0.01 | ($0.04) | $0.28 | $0.10 | $0.20 | $0.47 | $0.33 | $0.13 | $0.38 | $0.46 | $0.93 | $1.13 | $0.95 |
Interim_Consolidated_Financial4
Interim Consolidated Financial Statements - Revised Consolidated Balance Sheet (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Prepaid expenses and other current assets | $18,645 | $18,978 |
Total current assets | 221,723 | 336,697 |
Other assets | 11,166 | 8,809 |
Total assets | 368,828 | 487,650 |
Current Liabilities: | ' | ' |
Deferred revenue | 125,787 | 150,495 |
Total current liabilities | 151,889 | 181,345 |
Total liabilities | 160,861 | 190,778 |
Retained earnings | 118,814 | 117,450 |
Total stockholders' equity | 207,967 | 296,872 |
Total liabilities and stockholders' equity | 368,828 | 487,650 |
As Previously Reported [Member] | ' | ' |
Current Assets: | ' | ' |
Prepaid expenses and other current assets | ' | 18,846 |
Total current assets | ' | 336,565 |
Other assets | ' | 9,123 |
Total assets | ' | 487,832 |
Current Liabilities: | ' | ' |
Deferred revenue | ' | 150,479 |
Total current liabilities | ' | 181,329 |
Total liabilities | ' | 190,762 |
Retained earnings | ' | 117,648 |
Total stockholders' equity | ' | 297,070 |
Total liabilities and stockholders' equity | ' | 487,832 |
Adjustments [Member] | ' | ' |
Current Assets: | ' | ' |
Prepaid expenses and other current assets | ' | 132 |
Total current assets | ' | 132 |
Other assets | ' | -314 |
Total assets | ' | -182 |
Current Liabilities: | ' | ' |
Deferred revenue | ' | 16 |
Total current liabilities | ' | 16 |
Total liabilities | ' | 16 |
Retained earnings | ' | -198 |
Total stockholders' equity | ' | -198 |
Total liabilities and stockholders' equity | ' | -182 |
As Revised [Member] | ' | ' |
Current Assets: | ' | ' |
Prepaid expenses and other current assets | ' | 18,978 |
Total current assets | ' | 336,697 |
Other assets | ' | 8,809 |
Total assets | ' | 487,650 |
Current Liabilities: | ' | ' |
Deferred revenue | ' | 150,495 |
Total current liabilities | ' | 181,345 |
Total liabilities | ' | 190,778 |
Retained earnings | ' | 117,450 |
Total stockholders' equity | ' | 296,872 |
Total liabilities and stockholders' equity | ' | $487,650 |
Interim_Consolidated_Financial5
Interim Consolidated Financial Statements - Revised Consolidated Statements of Cash Flows (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | Adjustments [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | As Revised [Member] | |||||
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $2,435 | $10,710 | $10,789 | $21,418 | $5,622 | $2,341 | $4,251 | $10,373 | $7,769 | $3,181 | $7,963 | $10,950 | $21,323 | $25,574 | $23,010 | $563 | ($172) | $292 | $337 | ($185) | ($57) | $391 | ($242) | $95 | $387 | ($1,019) | $6,185 | $2,169 | $4,543 | $10,710 | $7,584 | $3,124 | $8,354 | $10,708 | $21,418 | $25,961 | $21,991 |
Net (gains) losses from investments | -18 | -755 | 84 | -898 | 51 | 51 | 739 | -147 | -84 | -59 | 102 | -143 | -290 | 449 | -1,018 | -149 | 149 | 65 | -608 | ' | ' | ' | ' | -608 | -543 | 1,417 | -98 | 200 | 804 | -755 | -84 | -59 | 102 | -143 | -898 | -94 | 399 |
Prepaid expenses and other current assets | ' | ' | 3,683 | 3,991 | ' | 1,271 | ' | ' | ' | ' | 4,619 | ' | 3,929 | 6,279 | -7,805 | ' | -115 | ' | ' | ' | ' | 260 | ' | 62 | 257 | -679 | ' | 1,156 | ' | ' | ' | ' | 4,879 | ' | 3,991 | 6,536 | -8,484 |
Deferred revenue | ' | ' | -25,002 | -23,308 | ' | 2,709 | ' | ' | ' | ' | -12,955 | ' | -23,302 | 1,807 | 16,364 | ' | 138 | ' | ' | ' | ' | -651 | ' | -6 | -101 | 281 | ' | 2,847 | ' | ' | ' | ' | -13,606 | ' | -23,308 | 1,706 | 16,645 |
Net cash provided by operating activities | ' | ' | 32,352 | 42,766 | ' | 35,453 | ' | ' | ' | ' | 37,231 | ' | 43,223 | 53,147 | 55,444 | ' | ' | ' | ' | ' | ' | ' | ' | -457 | ' | ' | ' | 35,453 | ' | ' | ' | ' | 37,231 | ' | 42,766 | 53,147 | 55,444 |
Purchases of property and equipment | ' | ' | 2,049 | 4,388 | ' | ' | ' | ' | ' | ' | ' | ' | -4,845 | -5,103 | -39,776 | ' | ' | ' | ' | ' | ' | ' | ' | 457 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,388 | -5,103 | -39,776 |
Net cash provided by (used in) investing activities | ' | ' | $43,847 | ($15,532) | ' | ' | ' | ' | ' | ' | ' | ' | ($15,989) | ($4,076) | ($53,036) | ' | ' | ' | ' | ' | ' | ' | ' | $457 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($15,532) | ($4,076) | ($53,036) |
Marketable_Investments_Summary
Marketable Investments - Summary of Company's Marketable Investments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $97,990 | $145,512 |
Gross Unrealized Gains | 136 | 407 |
Gross Unrealized Losses | -2,073 | -2,073 |
Total short and long term | 96,053 | 143,846 |
State and Municipal Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 9,660 | 18,859 |
Gross Unrealized Gains | 5 | 27 |
Gross Unrealized Losses | ' | -14 |
Total short and long term | 9,665 | 18,872 |
Federal Agency and Corporate Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 77,330 | 115,653 |
Gross Unrealized Gains | 131 | 380 |
Gross Unrealized Losses | -165 | -29 |
Total short and long term | 77,296 | 116,004 |
Total Short-Term Available-for-Sale Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 86,990 | 134,512 |
Gross Unrealized Gains | 136 | 407 |
Gross Unrealized Losses | -165 | -43 |
Total short and long term | 86,961 | 134,876 |
ARS [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 11,000 | 11,000 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | -1,908 | -2,030 |
Total short and long term | $9,092 | $8,970 |
Marketable_Investments_Summary1
Marketable Investments - Summary of Maturity Periods of the Marketable Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
FY 2013, Total | $10,157 | ' |
FY 2014, Total | 29,856 | ' |
FY 2015, Total | 30,991 | ' |
Thereafter, Total | 25,049 | ' |
Total short and long term | 96,053 | 143,846 |
State and Municipal Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
FY 2013, Total | 2,772 | ' |
FY 2014, Total | 4,821 | ' |
FY 2015, Total | 2,072 | ' |
Thereafter, Total | ' | ' |
Total short and long term | 9,665 | 18,872 |
Federal Agency and Corporate Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
FY 2013, Total | 7,385 | ' |
FY 2014, Total | 25,035 | ' |
FY 2015, Total | 28,919 | ' |
Thereafter, Total | 15,957 | ' |
Total short and long term | 77,296 | 116,004 |
ARS [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
FY 2013, Total | ' | ' |
FY 2014, Total | ' | ' |
FY 2015, Total | ' | ' |
Thereafter, Total | 9,092 | ' |
Total short and long term | $9,092 | $8,970 |
Marketable_Investments_Summary2
Marketable Investments - Summary of Gross Unrealized Losses and Market Value of Available-for-Sale Securities with Unrealized Losses (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities, Less Than 12 Months, Market Value | $35,843 | $27,146 |
Available for sale securities, Less Than 12 Months, Unrealized Losses | 165 | 43 |
Available for sale securities, 12 Months or Greater, Market Value | 9,092 | 8,970 |
Available for sale securities, 12 Months or Greater, Unrealized Losses | 1,908 | 2,030 |
State and Municipal Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities, Less Than 12 Months, Market Value | ' | 9,430 |
Available for sale securities, Less Than 12 Months, Unrealized Losses | ' | 14 |
Available for sale securities, 12 Months or Greater, Market Value | ' | ' |
Available for sale securities, 12 Months or Greater, Unrealized Losses | ' | ' |
Federal Agency and Corporate Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities, Less Than 12 Months, Market Value | 35,843 | 17,716 |
Available for sale securities, Less Than 12 Months, Unrealized Losses | 165 | 29 |
Available for sale securities, 12 Months or Greater, Market Value | ' | ' |
Available for sale securities, 12 Months or Greater, Unrealized Losses | ' | ' |
ARS [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities, Less Than 12 Months, Market Value | ' | ' |
Available for sale securities, Less Than 12 Months, Unrealized Losses | ' | ' |
Available for sale securities, 12 Months or Greater, Market Value | 9,092 | 8,970 |
Available for sale securities, 12 Months or Greater, Unrealized Losses | $1,908 | $2,030 |
Marketable_Investments_Summary3
Marketable Investments - Summary of Company's Fair Value Hierarchy for its Financial Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | $103,164 | $176,774 |
Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 7,111 | 815 |
State and Municipal Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 9,665 | 18,872 |
Federal Agency and Corporate Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 77,296 | 148,117 |
ARS [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 9,092 | 8,970 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 7,111 | 815 |
Level 1 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 7,111 | 815 |
Level 1 [Member] | State and Municipal Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | ' | ' |
Level 1 [Member] | Federal Agency and Corporate Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | ' | ' |
Level 1 [Member] | ARS [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 86,961 | 166,989 |
Level 2 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | ' | ' |
Level 2 [Member] | State and Municipal Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 9,665 | 18,872 |
Level 2 [Member] | Federal Agency and Corporate Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 77,296 | 148,117 |
Level 2 [Member] | ARS [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | ' | ' |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 9,092 | 8,970 |
Level 3 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | ' | ' |
Level 3 [Member] | State and Municipal Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | ' | ' |
Level 3 [Member] | Federal Agency and Corporate Obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | ' | ' |
Level 3 [Member] | ARS [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | $9,092 | $8,970 |
Marketable_Investments_Summary4
Marketable Investments - Summary of Company's Fair Value Hierarchy for its Financial Assets (Parenthetical) (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Federal Agency and Corporate Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | ' | $32.10 |
Original maturities | '90 days | ' |
Marketable_Investments_Additio
Marketable Investments - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ARS [Member] | ARS [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] |
Subsequent Event [Member] | Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Intervals for each security | ' | ' | ' | ' | '7 days | ' | '35 days | ' |
Interest rates on securities ranged | ' | ' | ' | ' | 0.10% | 0.10% | 0.40% | 0.50% |
Weighted average interest rate | ' | ' | ' | 1.70% | ' | ' | ' | ' |
Weighted average discount rate | ' | ' | ' | 4.90% | ' | ' | ' | ' |
Weighted average holding period | ' | ' | ' | '8 years 8 months 12 days | ' | ' | ' | ' |
Unrealized loss recorded in accumulated other comprehensive income | $1.90 | $2 | ' | ' | ' | ' | ' | ' |
Proceeds from sale of ARS | ' | ' | 9.1 | ' | ' | ' | ' | ' |
Loss realized on ARS | ' | ' | $1.90 | ' | ' | ' | ' | ' |
Marketable_Investments_Summary5
Marketable Investments - Summary of Changes in Fair Value of Level 3 Financial Assets (Detail) (ARS [Member], Level 3 [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
ARS [Member] | Level 3 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair value of assets, Beginning Balance | $8,970 | $9,565 |
Sales | ' | ' |
Gains included in other comprehensive income | 122 | 224 |
Fair value of assets, Ending Balance | $9,092 | $9,789 |
NonMarketable_Investments_Addi
Non-Marketable Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Technology Related Private Equity Funds [Member] | Technology Related Private Equity Funds [Member] | Non-marketable Investments [Member] | Non-marketable Investments [Member] | Non-marketable Investments [Member] | Maximum [Member] | Minimum [Member] | ||||
Participant | ||||||||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of the Company's non-marketable investments | ' | ' | ' | $6,200,000 | $6,600,000 | ' | ' | ' | ' | ' |
Ownership interest of company | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% |
Gain (losses) from non-marketable investments | 0 | ' | ' | ' | ' | 800,000 | -100,000 | 900,000 | ' | ' |
Book value of investment | 900,000 | 900,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' |
Bonus paid under cash bonus plan | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash bonus plan expiration date | ' | 30-Jun-15 | ' | ' | ' | ' | ' | ' | ' | ' |
Participant in the cash bonus plan | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' |
Reorganization_Summary_of_Roll
Reorganization - Summary of Roll Forward of Activity in Reorganization Accrual (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Additions | ' | $37 | $1,905 | $1,431 |
Workforce Reduction [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Accrual Beginning Balance | ' | ' | 14 | ' |
Additions | ' | ' | 1,905 | ' |
Cash payments | ' | ' | -1,655 | ' |
Accrual Ending Balance | $264 | ' | $264 | ' |
Reorganization_Additional_Info
Reorganization - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Job | |
Restructuring And Related Activities [Abstract] | ' |
Severance and related costs | $1.90 |
Number of jobs eliminated worldwide | 31 |
Number of jobs eliminated worldwide, percentage | 2.50% |
Net_Income_Per_Common_Share_Su
Net Income Per Common Share - Summary of Basic and Diluted Weighted Average Common Shares (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Basic weighted average common shares outstanding | 20,117 | 22,398 | 21,226 | 22,573 |
Weighted average common equivalent shares | 548 | 460 | 464 | 445 |
Diluted weighted average common shares outstanding | 20,665 | 22,858 | 21,690 | 23,018 |
Options excluded from diluted weighted average share calculation as effect would have been anti-dilutive | 608 | 967 | 700 | 644 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Number of Shares, Outstanding at December 31, 2012 | 1,936 |
Number of Shares, Granted | 489 |
Number of Shares, Exercised | -524 |
Number of Shares, Forfeited | -69 |
Number of Shares, Outstanding at September 30 2013 | 1,832 |
Number of Shares, Exercisable at September 30 2013 | 866 |
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | $29.03 |
Weighted Average Exercise Price Per Share, Granted | $35.20 |
Weighted Average Exercise Price Per Share, Exercised | $25.46 |
Weighted Average Exercise Price Per Share, Forfeited | $32.05 |
Weighted Average Exercise Price Per Share, Outstanding, Ending balance | $31.58 |
Weighted Average Exercise Price Per Share, Exercisable at September 30, 2013 | $28.73 |
Weighted Average Remaining Contractual Term, Outstanding at September 30, 2013 | '7 years 1 month 10 days |
Weighted Average Remaining Contractual Term, Exercisable at September 30, 2013 | '5 years 1 month 21 days |
Aggregate Intrinsic Value, Outstanding at September 30, 2013 | $9,592 |
Aggregate Intrinsic Value, Exercisable at September 30, 2013 | $6,995 |
Stockholders_Equity_Details_of
Stockholders' Equity - Details of Restricted Stock Unit Activity (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Number of Shares, Unvested at December 31, 2012 | 301 |
Number of Shares, Granted | 207 |
Number of Shares, Vested or settled | -67 |
Number of Shares, Forfeited | -56 |
Number of Shares, Unvested at September 30, 2013 | 385 |
Weighted Average Grant Date Fair Value, Unvested, Beginning Balance | $32.98 |
Weighted Average Grant Date Fair Value, Granted | $34.58 |
Weighted Average Grant Date Fair Value, Vested or settled | $32.91 |
Weighted Average Grant Date Fair Value, Forfeited | $31.02 |
Weighted Average Grant Date Fair Value , Unvested, Ending Balance | $34.14 |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Stock-Based Compensation Recorded in Expense Categories (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total allocated share-based compensation expense | $1,860 | $1,409 | $4,588 | $3,921 |
Cost of Services and Fulfillment [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total allocated share-based compensation expense | 1,061 | 835 | 2,708 | 2,213 |
Selling and Marketing [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total allocated share-based compensation expense | 321 | 207 | 893 | 638 |
General and Administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total allocated share-based compensation expense | $478 | $367 | $987 | $1,070 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
In Millions, except Share data, unless otherwise specified | Jul. 31, 2013 | Apr. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Apr. 30, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2010 |
Minimum [Member] | Maximum [Member] | Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSU's issued | ' | ' | ' | 385,000 | ' | ' | ' | ' | ' | 385,000 | ' | 301,000 | ' | ' | ' | ' | 71,000 | 63,000 |
Performance of RSU's Vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '100% or 40% on April 1, 2014 | '100% or 40% on April 1, 2013 |
Compensation expense Estimate vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% |
Modified Estimate vesting of RSU's | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | 0.00% |
Dividend declared and paid per share | ' | ' | ' | $0.15 | $0.15 | $0.15 | $0.14 | $0.14 | $0.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate dividend declared for the year | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.40 | $9.50 | ' | ' | ' | ' | ' | ' | ' |
Dividend declared | ' | ' | ' | $0.15 | ' | ' | $0.14 | ' | ' | $0.45 | $0.42 | ' | ' | ' | $0.15 | ' | ' | ' |
Aggregate cost of repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 320 | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized to Purchase of common stock under the stock repurchase program | 25 | ' | 50 | ' | ' | ' | ' | ' | ' | 385 | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative repurchase of common stock | ' | ' | ' | 12,200,000 | ' | ' | ' | ' | ' | 12,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative aggregate cost of repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109.2 | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of self-tender | ' | 130 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32 | $36 | ' | ' | ' | ' |
Increment in per share value | ' | $0.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of common stock | ' | 2,054,732 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of common stock | ' | $36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate price of stock | ' | 74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses related to tender offer | ' | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock, retired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of retired stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | $303 | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Assumption
Stockholders' Equity - Assumptions for Valuation of Options Granted under Equity Incentive Plans and Shares Subject to Purchase under Employee Stock Purchase Plan (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Equity Incentive Plans [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Average risk-free interest rate | 1.40% | 0.62% | 0.81% | 0.87% |
Expected dividend yield | 2.10% | 1.70% | 2.10% | 1.70% |
Expected life | '4 years 10 months 24 days | '4 years 6 months 0 days | '4 years 10 months 24 days | '4 years 6 months 0 days |
Expected volatility | 36.00% | 40.00% | 37.00% | 40.00% |
Weighted average fair value | $9.94 | $9.42 | $9.15 | $9.81 |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Average risk-free interest rate | 0.08% | 0.14% | 0.08% | 0.14% |
Expected dividend yield | 2.10% | 1.70% | 2.10% | 1.70% |
Expected life | '6 months 0 days | '6 months 0 days | '6 months 0 days | '6 months 0 days |
Expected volatility | 19.00% | 31.00% | 19.00% | 31.00% |
Weighted average fair value | $6.02 | $6.89 | $6.02 | $6.87 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax expense | $1,813,000 | ($2,468,000) | $7,056,000 | $3,191,000 |
Effective tax rate | ' | ' | 39.50% | 13.00% |
Increase in the effective tax | ' | ' | $5,500,000 | ' |
Operating_Segments_Additional_
Operating Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 2 |
Operating_Segments_Summary_of_
Operating Segments - Summary of Information about Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | $69,815 | $68,773 | $220,129 | $217,870 |
Direct margin | 45,179 | 45,442 | 144,213 | 142,946 |
Selling, marketing, administrative and other expenses | -40,321 | -37,696 | -123,269 | -116,921 |
Amortization of intangible assets | -557 | -579 | -1,670 | -1,779 |
Reorganization costs | ' | -37 | -1,905 | -1,431 |
Other income (expense) and gains (losses) on investments | -53 | 1,112 | 476 | 1,794 |
Income before income taxes | 4,248 | 8,242 | 17,845 | 24,609 |
BT [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 37,659 | 37,764 | 115,327 | 115,470 |
Direct margin | 24,912 | 25,966 | 78,100 | 78,882 |
Selling, marketing, administrative and other expenses | ' | ' | ' | ' |
Amortization of intangible assets | ' | ' | ' | ' |
Reorganization costs | ' | ' | ' | ' |
Other income (expense) and gains (losses) on investments | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' |
M&S [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 31,809 | 30,707 | 95,690 | 92,995 |
Direct margin | 20,923 | 20,203 | 62,909 | 60,823 |
Selling, marketing, administrative and other expenses | ' | ' | ' | ' |
Amortization of intangible assets | ' | ' | ' | ' |
Reorganization costs | ' | ' | ' | ' |
Other income (expense) and gains (losses) on investments | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' |
Events [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 347 | 302 | 9,112 | 9,405 |
Direct margin | -656 | -727 | 3,204 | 3,241 |
Selling, marketing, administrative and other expenses | ' | ' | ' | ' |
Amortization of intangible assets | ' | ' | ' | ' |
Reorganization costs | ' | ' | ' | ' |
Other income (expense) and gains (losses) on investments | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' |
Recent_Accounting_Pronouncemen2
Recent Accounting Pronouncements - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Indefinite-lived intangible assets | $0 |