Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'FORR | ' |
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 | ' | 18,205,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $56,932 | $74,132 |
Marketable investments (Note 3) | 55,497 | 81,013 |
Accounts receivable, net | 39,041 | 77,543 |
Deferred commissions | 9,709 | 12,939 |
Prepaid expenses and other current assets | 23,207 | 20,762 |
Total current assets | 184,386 | 266,389 |
Property and equipment, net | 33,863 | 39,868 |
Goodwill | 77,793 | 80,001 |
Intangible assets, net | 4,019 | 5,777 |
Other assets | 10,828 | 10,167 |
Total assets | 310,889 | 402,202 |
Current Liabilities: | ' | ' |
Accounts payable | 1,035 | 1,024 |
Accrued expenses and other current liabilities | 26,516 | 33,471 |
Deferred revenue | 129,390 | 152,903 |
Total current liabilities | 156,941 | 187,398 |
Non-current liabilities | 9,305 | 10,142 |
Total liabilities | 166,246 | 197,540 |
Commitments | ' | ' |
Stockholders' Equity (Note 7): | ' | ' |
Preferred stock, $.01 par value Authorized-500 shares, issued and outstanding-none | 0 | 0 |
Common stock, $.01 par value Authorized-125,000 shares Issued-20,781 and 20,491 as of September 30, 2014 and December 31, 2013, respectively Outstanding- 18,247 and 19,756 as of September 30, 2014 and December 31, 2013, respectively | 208 | 205 |
Additional paid-in capital | 120,415 | 109,676 |
Retained earnings | 116,628 | 118,415 |
Treasury stock- 2,534 and 735 as of September 30, 2014 and December 31, 2013, respectively, at cost | -92,645 | -26,088 |
Accumulated other comprehensive income | 37 | 2,454 |
Total stockholders' equity | 144,643 | 204,662 |
Total liabilities and stockholders' equity | $310,889 | $402,202 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 20,781,000 | 20,491,000 |
Common stock, shares outstanding | 18,247,000 | 19,756,000 |
Treasury stock, shares | 2,534,000 | 735,000 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Research services | $50,622 | $49,855 | $153,737 | $151,445 |
Advisory services and events | 24,741 | 19,960 | 77,644 | 68,684 |
Total revenues | 75,363 | 69,815 | 231,381 | 220,129 |
Operating expenses: | ' | ' | ' | ' |
Cost of services and fulfillment | 30,105 | 27,584 | 93,143 | 85,397 |
Selling and marketing | 27,677 | 25,771 | 86,190 | 79,617 |
General and administrative | 10,023 | 9,310 | 29,365 | 27,217 |
Depreciation | 2,174 | 2,292 | 7,236 | 6,954 |
Amortization of intangible assets | 530 | 557 | 1,605 | 1,670 |
Reorganization costs (credits) | -71 | ' | 1,817 | 1,905 |
Total operating expenses | 70,438 | 65,514 | 219,356 | 202,760 |
Income from operations | 4,925 | 4,301 | 12,025 | 17,369 |
Other income (expense), net | 232 | -71 | 247 | 560 |
Gains (losses) on investments, net | -105 | 18 | -25 | -84 |
Income before income taxes | 5,052 | 4,248 | 12,247 | 17,845 |
Income tax provision | 2,009 | 1,739 | 4,981 | 6,982 |
Net income | $3,043 | $2,509 | $7,266 | $10,863 |
Basic income per common share | $0.17 | $0.12 | $0.38 | $0.51 |
Diluted income per common share | $0.16 | $0.12 | $0.38 | $0.50 |
Basic weighted average common shares outstanding | 18,287 | 20,117 | 18,886 | 21,226 |
Diluted weighted average common shares outstanding | 18,549 | 20,665 | 19,169 | 21,690 |
Cash dividends declared per common share | $0.16 | $0.15 | $0.48 | $0.45 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $3,043 | $2,509 | $7,266 | $10,863 |
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' |
Foreign currency translation | -2,333 | 1,560 | -2,394 | 221 |
Net change in market value of investments | -59 | 231 | -23 | -185 |
Other comprehensive income (loss) | -2,392 | 1,791 | -2,417 | 36 |
Comprehensive income | $651 | $4,300 | $4,849 | $10,899 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $7,266 | $10,863 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 7,236 | 6,954 |
Amortization of intangible assets | 1,605 | 1,670 |
Net losses from investments | 25 | 84 |
Deferred income taxes | -5,406 | -6,461 |
Stock-based compensation | 5,148 | 4,588 |
Amortization of premium on investments | 1,048 | 1,809 |
Foreign currency losses | 234 | 248 |
Changes in assets and liabilities | ' | ' |
Accounts receivable | 37,921 | 37,570 |
Deferred commissions | 3,230 | 1,002 |
Prepaid expenses and other current assets | -255 | 3,609 |
Accounts payable | 18 | 116 |
Accrued expenses and other liabilities | -7,924 | -4,698 |
Deferred revenue | -22,295 | -25,002 |
Net cash provided by operating activities | 27,851 | 32,352 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -1,110 | -2,049 |
Purchases of marketable investments | -27,165 | -39,636 |
Proceeds from sales and maturities of marketable investments | 51,610 | 85,398 |
Other investing activity | 1,471 | 134 |
Net cash provided by investing activities | 24,806 | 43,847 |
Cash flows from financing activities: | ' | ' |
Dividends paid on common stock | -9,053 | -9,425 |
Repurchases of common stock | -66,557 | -109,193 |
Proceeds from issuance of common stock under employee equity incentive plans | 6,781 | 14,506 |
Excess tax benefits from stock-based compensation | 157 | 687 |
Payment of deferred acquisition consideration | ' | -900 |
Net cash used in financing activities | -68,672 | -104,325 |
Effect of exchange rate changes on cash and cash equivalents | -1,185 | 16 |
Net decrease in cash and cash equivalents | -17,200 | -28,110 |
Cash and cash equivalents, beginning of period | 74,132 | 98,810 |
Cash and cash equivalents, end of period | $56,932 | $70,700 |
Interim_Consolidated_Financial
Interim Consolidated Financial Statements | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Interim Consolidated Financial Statements | ' | ||||||||||||||||||||||||
Note 1 — Interim Consolidated Financial Statements | |||||||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||||||
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with 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, 2013. 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, of comprehensive income and of 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, 2014 may not be indicative of the results for the year ending December 31, 2014, or any other period. | |||||||||||||||||||||||||
During the quarter ended March 31, 2014, the Company recorded $0.5 million of expenses for out-of-period corrections, of which $0.4 million related to depreciation and $0.1 million related to other immaterial amounts that related to prior periods. The Company has concluded that these errors are immaterial to all prior period financial statements. | |||||||||||||||||||||||||
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 3 – Marketable Investments for the fair value of the Company’s marketable investments. | |||||||||||||||||||||||||
Revision of quarterly financial statements | |||||||||||||||||||||||||
During the quarter ended December 31, 2013, the Company identified an immaterial prior period error of $0.1 million that had the effect of decreasing income tax expense for the three and nine months ended September 30, 2013. The Company has reflected in the financial information included in this Note the correction of this error in the period in which it originated (in thousands except per share amounts). | |||||||||||||||||||||||||
Revised Consolidated Statements of Income | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | ||||||||||||||||||||
Previously | Revised | Previously | Revised | ||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||
Income tax provision | 1,813 | (74 | ) | 1,739 | 7,056 | (74 | ) | 6,982 | |||||||||||||||||
Net income | $ | 2,435 | $ | 74 | $ | 2,509 | $ | 10,789 | $ | 74 | $ | 10,863 | |||||||||||||
Basic income per common share | $ | 0.12 | $ | — | $ | 0.12 | $ | 0.51 | $ | — | $ | 0.51 | |||||||||||||
Diluted income per common share | $ | 0.12 | $ | — | $ | 0.12 | $ | 0.5 | $ | — | $ | 0.5 | |||||||||||||
Revised Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
The consolidated statement of comprehensive income for the three and nine months ended September 30, 2013 is impacted by the same amount as net income for the period. | |||||||||||||||||||||||||
Revised Consolidated Statement of Cash Flows | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
As | |||||||||||||||||||||||||
Previously | As | ||||||||||||||||||||||||
Reported | Adjustments | Revised | |||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net income | $ | 10,789 | $ | 74 | $ | 10,863 | |||||||||||||||||||
Prepaid expenses and other current assets | 3,683 | (74 | ) | 3,609 | |||||||||||||||||||||
Net cash provided by operating activities | 32,352 | — | 32,352 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||
Note 2 — Accumulated Other Comprehensive Income | |||||||||||||
The components of accumulated other comprehensive income are as follows (in thousands): | |||||||||||||
Net Unrealized Gain | Cumulative | Total | |||||||||||
(Loss) on Marketable | Translation | Accumulated | |||||||||||
Investments | Adjustment | Other Comprehensive | |||||||||||
Income (Loss) | |||||||||||||
Balance at January 1, 2014 | $ | 16 | $ | 2,438 | $ | 2,454 | |||||||
Foreign currency translation | — | (2,394 | ) | (2,394 | ) | ||||||||
Unrealized loss on investments before reclassification, net of tax of $6 | (18 | ) | — | (18 | ) | ||||||||
Reclassification adjustment for net gains realized in net income, net of tax of $7 | (5 | ) | — | (5 | ) | ||||||||
Balance at September 30, 2014 | $ | (7 | ) | $ | 44 | $ | 37 | ||||||
Net Unrealized Gain | Cumulative | Total | |||||||||||
(Loss) on Marketable | Translation | Accumulated | |||||||||||
Investments | Adjustment | Other Comprehensive | |||||||||||
Income (Loss) | |||||||||||||
Balance at July 1, 2014 | $ | 52 | $ | 2,377 | $ | 2,429 | |||||||
Foreign currency translation | — | (2,333 | ) | (2,333 | ) | ||||||||
Unrealized loss on investments before reclassification, net of tax of $33 | (51 | ) | — | (51 | ) | ||||||||
Reclassification adjustment for net gains realized in net income, net of tax of $5 | (8 | ) | — | (8 | ) | ||||||||
Balance at September 30, 2014 | $ | (7 | ) | $ | 44 | $ | 37 | ||||||
Net Unrealized Gain | Cumulative | Total | |||||||||||
(Loss) on Marketable | Translation | Accumulated | |||||||||||
Investments | Adjustment | Other Comprehensive | |||||||||||
Income (Loss) | |||||||||||||
Balance at January 1, 2013 | $ | (1,024 | ) | $ | 1,612 | $ | 588 | ||||||
Foreign currency translation | — | 221 | 221 | ||||||||||
Unrealized loss on investments before reclassification, net of tax of $98 | (202 | ) | — | (202 | ) | ||||||||
Reclassification adjustments for net losses realized in net income, net of tax of $11 | 17 | — | 17 | ||||||||||
Balance at September 30, 2013 | $ | (1,209 | ) | $ | 1,833 | $ | 624 | ||||||
Net Unrealized Gain | Cumulative | Total | |||||||||||
(Loss) on Marketable | Translation | Accumulated | |||||||||||
Investments | Adjustment | Other Comprehensive | |||||||||||
Income (Loss) | |||||||||||||
Balance at July 1, 2013 | $ | (1,440 | ) | $ | 273 | $ | (1,167 | ) | |||||
Foreign currency translation | — | 1,560 | 1,560 | ||||||||||
Unrealized gain on investments before reclassification, net of tax of $143 | 238 | — | 238 | ||||||||||
Reclassification adjustments for net gains realized in net income, net of tax of $4 | (7 | ) | — | (7 | ) | ||||||||
Balance at September 30, 2013 | $ | (1,209 | ) | $ | 1,833 | $ | 624 | ||||||
Reclassification adjustments for net gains (losses) are reported in gains (losses) on investments, net in the Consolidated Statements of Income. |
Marketable_Investments
Marketable Investments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||
Marketable Investments | ' | ||||||||||||||||||||
Note 3 — 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, 2014 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||
State and municipal obligations | $ | 1,980 | $ | 2 | $ | — | $ | 1,982 | |||||||||||||
Federal agency and corporate obligations | 53,528 | 52 | (65 | ) | 53,515 | ||||||||||||||||
Total | $ | 55,508 | $ | 54 | $ | (65 | ) | $ | 55,497 | ||||||||||||
Amortized | Gross | Gross | Market | ||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||
State and municipal obligations | $ | 6,809 | $ | 5 | $ | — | $ | 6,814 | |||||||||||||
Federal agency and corporate obligations | 74,179 | 112 | (92 | ) | 74,199 | ||||||||||||||||
Total | $ | 80,988 | $ | 117 | $ | (92 | ) | $ | 81,013 | ||||||||||||
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, 2014 or 2013. | |||||||||||||||||||||
The following table summarizes the maturity periods of the marketable securities in the Company’s portfolio as of September 30, 2014 (in thousands). | |||||||||||||||||||||
FY 2014 | FY 2015 | FY 2016 | Thereafter | Total | |||||||||||||||||
State and municipal obligations | $ | — | $ | 1,982 | $ | — | $ | — | $ | 1,982 | |||||||||||
Federal agency and corporate obligations | 3,531 | 24,219 | 16,192 | 9,573 | 53,515 | ||||||||||||||||
Total | $ | 3,531 | $ | 26,201 | $ | 16,192 | $ | 9,573 | $ | 55,497 | |||||||||||
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, 2014 | |||||||||||||||||||||
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 | 16,102 | 65 | — | — | |||||||||||||||||
Total | $ | 16,102 | $ | 65 | $ | — | $ | — | |||||||||||||
As of December 31, 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 | 30,645 | 92 | — | — | |||||||||||||||||
Total | $ | 30,645 | $ | 92 | $ | — | $ | — | |||||||||||||
Fair Value | |||||||||||||||||||||
The Company measures certain financial assets at fair value on a recurring basis, including cash equivalents and available-for-sale 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, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Money market funds (1) | $ | 931 | $ | — | $ | — | $ | 931 | |||||||||||||
State and municipal obligations | — | 1,982 | — | 1,982 | |||||||||||||||||
Federal agency and corporate obligations | — | 53,515 | — | 53,515 | |||||||||||||||||
Total | $ | 931 | $ | 55,497 | $ | — | $ | 56,428 | |||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Money market funds (1) | $ | 6,897 | $ | — | $ | — | $ | 6,897 | |||||||||||||
State and municipal obligations | — | 6,814 | — | 6,814 | |||||||||||||||||
Federal agency and corporate obligations (2) | — | 80,449 | — | 80,449 | |||||||||||||||||
Total | $ | 6,897 | $ | 87,263 | $ | — | $ | 94,160 | |||||||||||||
-1 | Included in cash and cash equivalents. | ||||||||||||||||||||
-2 | $6.2 million are included in cash and cash equivalents at December 31, 2013 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. 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. |
NonMarketable_Investments
Non-Marketable Investments | 9 Months Ended |
Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ' |
Non-Marketable Investments | ' |
Note 4 — Non-Marketable Investments | |
At September 30, 2014 and December 31, 2013, the carrying value of the Company’s non-marketable investments, which were composed primarily of interests in technology-related private equity funds, was $4.1 million and $5.7 million, respectively, and is included in other assets in the Consolidated Balance Sheets. | |
One of the Company’s investments, with a book value of $0.8 million and $0.9 million at September 30, 2014 and December 31, 2013, 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. Gains and losses from non-marketable investments were insignificant during the three and nine months ended September 30, 2014 and 2013, and are included in gains (losses) on investments, net in the Consolidated Statements of Income. During the nine months ended September 30, 2014 and 2013, gross distributions of $1.5 million and $0.3 million, respectively, were received from the funds. |
Reorganization
Reorganization | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Reorganization | ' | ||||
Note 5 — Reorganization | |||||
In the first quarter of 2014 the Company terminated approximately 1% of its employees across various geographies and functions primarily to realign resources due to the Company’s new organizational structure implemented in late 2013. The Company incurred $1.8 million of severance and related costs in the nine months ended September 30, 2014 related to this action. The costs under this plan are expected to be substantially paid by the end of 2014. | |||||
During 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 in an effort to streamline its operations. | |||||
The following table rolls forward the activity in the reorganization accrual for the nine months ended September 30, 2014 (in thousands): | |||||
Workforce | |||||
Reduction | |||||
Accrual at December 31, 2013 | $ | 121 | |||
Additions | 1,817 | ||||
Cash payments | (1,509 | ) | |||
Accrual at September 30, 2014 | $ | 429 |
Net_Income_Per_Common_Share
Net Income Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Common Share | ' | ||||||||||||||||
Note 6 — 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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic weighted average common shares outstanding | 18,287 | 20,117 | 18,886 | 21,226 | |||||||||||||
Weighted average common equivalent shares | 262 | 548 | 283 | 464 | |||||||||||||
Diluted weighted average common shares outstanding | 18,549 | 20,665 | 19,169 | 21,690 | |||||||||||||
Equity instruments excluded from diluted weighted average share calculation as effect would have been anti-dilutive | 610 | 608 | 591 | 700 |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
Note 7 — Stockholders’ Equity | |||||||||||||||||
Equity Plans | |||||||||||||||||
Stock option activity for the nine months ended September 30, 2014 is presented below (in thousands, except per share data): | |||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||||||
of Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price Per | Contractual | ||||||||||||||||
Share | Term (in years) | ||||||||||||||||
Outstanding at December 31, 2013 | 1,734 | $ | 31.85 | ||||||||||||||
Granted | 532 | 38.12 | |||||||||||||||
Exercised | (182 | ) | 29.89 | ||||||||||||||
Forfeited | (65 | ) | 34.69 | ||||||||||||||
Outstanding at September 30, 2014 | 2,019 | $ | 33.59 | 7.23 | $ | 7,452 | |||||||||||
Exercisable at September 30, 2014 | 898 | $ | 30.29 | 5.12 | $ | 5,977 | |||||||||||
Restricted stock unit activity for the nine months ended September 30, 2014 is presented below (in thousands, except per share data): | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at December 31, 2013 | 372 | $ | 34.14 | ||||||||||||||
Granted | 235 | 36.67 | |||||||||||||||
Vested or settled | (96 | ) | 33.99 | ||||||||||||||
Forfeited | (74 | ) | 33.55 | ||||||||||||||
Unvested at September 30, 2014 | 437 | $ | 35.63 | ||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of services and fulfillment | $ | 1,134 | $ | 1,061 | $ | 3,005 | $ | 2,708 | |||||||||
Selling and marketing | 302 | 321 | 767 | 893 | |||||||||||||
General and administrative | 547 | 478 | 1,376 | 987 | |||||||||||||
Total | $ | 1,983 | $ | 1,860 | $ | 5,148 | $ | 4,588 | |||||||||
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, 2014 | September 30, 2013 | ||||||||||||||||
Equity Incentive | Employee Stock | Equity Incentive | Employee Stock | ||||||||||||||
Plans | Purchase Plan | Plans | Purchase Plan | ||||||||||||||
Average risk-free interest rate | 1.7 | % | 0.06 | % | 1.4 | % | 0.08 | % | |||||||||
Expected dividend yield | 1.8 | % | 1.8 | % | 2.1 | % | 2.1 | % | |||||||||
Expected life | 5.1 Years | 0.5 Years | 4.9 Years | 0.5 Years | |||||||||||||
Expected volatility | 25 | % | 23 | % | 36 | % | 19 | % | |||||||||
Weighted average fair value | $ | 7.68 | $ | 8 | $ | 9.94 | $ | 6.02 | |||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||
Equity Incentive | Employee Stock | Equity Incentive | Employee Stock | ||||||||||||||
Plans | Purchase Plan | Plans | Purchase Plan | ||||||||||||||
Average risk-free interest rate | 1.69 | % | 0.06 | % | 0.81 | % | 0.08 | % | |||||||||
Expected dividend yield | 1.8 | % | 1.8 | % | 2.1 | % | 2.1 | % | |||||||||
Expected life | 5.1 Years | 0.5 Years | 4.9 Years | 0.5 Years | |||||||||||||
Expected volatility | 26 | % | 23 | % | 37 | % | 19 | % | |||||||||
Weighted average fair value | $ | 7.91 | $ | 8 | $ | 9.15 | $ | 6.02 | |||||||||
Dividends | |||||||||||||||||
In the nine months ended September 30, 2014, the Company declared and paid dividends of $9.1 million consisting of a $0.16 per share dividend in each of the first three quarters of 2014. 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 October 2014 the Company declared a dividend of $0.16 per share payable on December 17, 2014 to shareholders of record as of December 3, 2014. | |||||||||||||||||
Treasury Stock | |||||||||||||||||
Forrester’s Board of Directors has authorized an aggregate $410.0 million to purchase common stock under its stock repurchase program, including $25.0 million authorized in April 2014. 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, 2014, the Company repurchased approximately 1.8 million shares of common stock at an aggregate cost of approximately $66.6 million. From the inception of the program through September 30, 2014, Forrester repurchased approximately 14.2 million shares of common stock at an aggregate cost of approximately $395.6 million. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 8 — 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, 2014 was $5.0 million resulting in an effective tax rate of 40.7% for the period. Income tax expense for the nine months ended September 30, 2013 was $7.0 million resulting in an effective tax rate of 39.1% for the period. The increase in the effective tax rate during the nine months ended September 30, 2014 as compared to the prior year was primarily due to the recognition of $0.2 million in the nine months ended September 30, 2014 for potential additional tax expense resulting from an on-going U.S. state audit. |
Operating_Segments
Operating Segments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Operating Segments | ' | ||||||||||||||||
Note 9 — Operating Segments | |||||||||||||||||
At the end of 2013 the Company reorganized its fulfillment organization into a single global research organization and a single global product organization to better support its client base by facilitating better research collaboration and quality, promoting a more uniform client experience and improved customer satisfaction, and encouraging innovation. During 2013 the Company also established a dedicated consulting organization to provide research-based project consulting services to its clients, allowing the Company’s research personnel to spend additional time on writing research and providing shorter-term advisory services. As of January 1, 2014 the Company conformed its internal reporting to match the new organizational structure and as such is reporting segment information for the newly formed Research, Product and Project Consulting organizations. The 2013 segment amounts have been reclassified to conform to the current presentation. | |||||||||||||||||
The Research segment includes the costs of the Company’s research personnel who are responsible for writing the research and performing the webinars and inquiries for the Company’s RoleView product. In addition, the research personnel deliver advisory services (such as workshops, speeches and advisory days) and a portion of the Company’s project consulting services. Revenue in this segment includes only revenue from advisory services and project consulting services that are delivered by the research personnel in this segment. During 2013, the Company began to transition the delivery of project consulting to a dedicated project consulting organization. The Company anticipates that the transition will be complete by the end of 2014 such that essentially all project consulting will be delivered by the project consulting organization in 2015. | |||||||||||||||||
The Product segment includes the costs of the product management organization that is responsible for pricing, packaging and the launch of new products. In addition, this segment includes the costs of the Company’s data, Forrester Leadership Boards and events organizations. Revenue in this segment includes all revenue for the Company (including RoleView) except for revenue from advisory services and project consulting services that are delivered by personnel in the Research and Project Consulting segments. | |||||||||||||||||
The Project Consulting segment includes the costs of the consultants that deliver the Company’s project consulting services. During 2013 the Company began to hire dedicated consultants to transition the delivery of project consulting services from research personnel (included in the Research segment) to the new Project Consulting segment. Revenue in this segment includes the project consulting revenue delivered by the consultants in this segment. | |||||||||||||||||
The Company evaluates reportable segment performance and allocates resources based on segment revenues and expenses. Segment expenses include the direct expenses of each segment organization and exclude selling and marketing expenses, general and administrative expenses, stock-based compensation expense, depreciation expense, adjustments to incentive bonus compensation from target amounts, amortization of intangible assets, reorganization costs, other income and gains (losses) on investments. The accounting policies used by the segments are the same as those used in the consolidated financial statements. | |||||||||||||||||
Project | |||||||||||||||||
Products | Research | Consulting | Consolidated | ||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||
Research services revenues | $ | 50,622 | $ | — | $ | — | $ | 50,622 | |||||||||
Advisory services and events revenues | 2,310 | 10,925 | 11,506 | 24,741 | |||||||||||||
Total segment revenues | 52,932 | 10,925 | 11,506 | 75,363 | |||||||||||||
Segment expenses | 8,298 | 13,012 | 7,590 | 28,900 | |||||||||||||
Contribution margin (loss) | 44,634 | (2,087 | ) | 3,916 | 46,463 | ||||||||||||
Selling, marketing, administrative and other expenses | (41,079 | ) | |||||||||||||||
Amortization of intangible assets | (530 | ) | |||||||||||||||
Reorganization credits | 71 | ||||||||||||||||
Other income and gains (losses) on investments | 127 | ||||||||||||||||
Income before income taxes | $ | 5,052 | |||||||||||||||
Project | |||||||||||||||||
Products | Research | Consulting | Consolidated | ||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Research services revenues | $ | 49,855 | $ | — | $ | — | $ | 49,855 | |||||||||
Advisory services and events revenues | 2,167 | 12,781 | 5,012 | 19,960 | |||||||||||||
Total segment revenues | 52,022 | 12,781 | 5,012 | 69,815 | |||||||||||||
Segment expenses | 7,408 | 14,420 | 4,196 | 26,024 | |||||||||||||
Contribution margin (loss) | 44,614 | (1,639 | ) | 816 | 43,791 | ||||||||||||
Selling, marketing, administrative and other expenses | (38,933 | ) | |||||||||||||||
Amortization of intangible assets | (557 | ) | |||||||||||||||
Reorganization costs | — | ||||||||||||||||
Other income and gains (losses) on investments | (53 | ) | |||||||||||||||
Income before income taxes | $ | 4,248 | |||||||||||||||
Project | |||||||||||||||||
Products | Research | Consulting | Consolidated | ||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||
Research services revenues | $ | 153,737 | $ | — | $ | — | $ | 153,737 | |||||||||
Advisory services and events revenues | 15,161 | 37,573 | 24,910 | 77,644 | |||||||||||||
Total segment revenues | 168,898 | 37,573 | 24,910 | 231,381 | |||||||||||||
Segment expenses | 28,543 | 40,386 | 19,705 | 88,634 | |||||||||||||
Contribution margin (loss) | 140,355 | (2,813 | ) | 5,205 | 142,747 | ||||||||||||
Selling, marketing, administrative and other expenses | (127,300 | ) | |||||||||||||||
Amortization of intangible assets | (1,605 | ) | |||||||||||||||
Reorganization costs | (1,817 | ) | |||||||||||||||
Other income and gains (losses) on investments | 222 | ||||||||||||||||
Income before income taxes | $ | 12,247 | |||||||||||||||
Project | |||||||||||||||||
Products | Research | Consulting | Consolidated | ||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Research services revenues | $ | 151,445 | $ | — | $ | — | $ | 151,445 | |||||||||
Advisory services and events revenues | 13,868 | 42,531 | 12,285 | 68,684 | |||||||||||||
Total segment revenues | 165,313 | 42,531 | 12,285 | 220,129 | |||||||||||||
Segment expenses | 25,902 | 43,006 | 11,169 | 80,077 | |||||||||||||
Contribution margin (loss) | 139,411 | (475 | ) | 1,116 | 140,052 | ||||||||||||
Selling, marketing, administrative and other expenses | (119,108 | ) | |||||||||||||||
Amortization of intangible assets | (1,670 | ) | |||||||||||||||
Reorganization costs | (1,905 | ) | |||||||||||||||
Other income and gains (losses) on investments | 476 | ||||||||||||||||
Income before income taxes | $ | 17,845 | |||||||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 10 — Recent Accounting Pronouncements | |
In May, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. The new standard will be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. For Forrester, the standard will be effective in the first quarter of 2017. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The Company has not yet selected a transition method. The Company is currently evaluating the potential changes from this ASU to its future financial reporting and disclosures. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The standard addresses the balance sheet presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The standard requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The adoption of this ASU as of January 1, 2014 did not have a material effect on the Company’s financial position. |
Interim_Consolidated_Financial1
Interim Consolidated Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
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, 2013. 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, of comprehensive income and of 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, 2014 may not be indicative of the results for the year ending December 31, 2014, or any other period. | |
During the quarter ended March 31, 2014, the Company recorded $0.5 million of expenses for out-of-period corrections, of which $0.4 million related to depreciation and $0.1 million related to other immaterial amounts that related to prior periods. | |
Fair Value Measurements | ' |
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 3 – Marketable Investments for the fair value of the Company’s marketable investments. | |
Revenue Recognition | ' |
In May, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. The new standard will be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. For Forrester, the standard will be effective in the first quarter of 2017. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. The Company has not yet selected a transition method. The Company is currently evaluating the potential changes from this ASU to its future financial reporting and disclosures. |
Interim_Consolidated_Financial2
Interim Consolidated Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Statements of Income [Member] | ' | ||||||||||||||||||||||||
Revised Consolidated Financial Statements | ' | ||||||||||||||||||||||||
Revised Consolidated Statements of Income | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | ||||||||||||||||||||
Previously | Revised | Previously | Revised | ||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||
Income tax provision | 1,813 | (74 | ) | 1,739 | 7,056 | (74 | ) | 6,982 | |||||||||||||||||
Net income | $ | 2,435 | $ | 74 | $ | 2,509 | $ | 10,789 | $ | 74 | $ | 10,863 | |||||||||||||
Basic income per common share | $ | 0.12 | $ | — | $ | 0.12 | $ | 0.51 | $ | — | $ | 0.51 | |||||||||||||
Diluted income per common share | $ | 0.12 | $ | — | $ | 0.12 | $ | 0.5 | $ | — | $ | 0.5 | |||||||||||||
Statements of Cash Flows [Member] | ' | ||||||||||||||||||||||||
Revised Consolidated Financial Statements | ' | ||||||||||||||||||||||||
Revised Consolidated Statement of Cash Flows | |||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
As | |||||||||||||||||||||||||
Previously | As | ||||||||||||||||||||||||
Reported | Adjustments | Revised | |||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net income | $ | 10,789 | $ | 74 | $ | 10,863 | |||||||||||||||||||
Prepaid expenses and other current assets | 3,683 | (74 | ) | 3,609 | |||||||||||||||||||||
Net cash provided by operating activities | 32,352 | — | 32,352 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||
The components of accumulated other comprehensive income are as follows (in thousands): | |||||||||||||
Net Unrealized Gain | Cumulative | Total | |||||||||||
(Loss) on Marketable | Translation | Accumulated | |||||||||||
Investments | Adjustment | Other Comprehensive | |||||||||||
Income (Loss) | |||||||||||||
Balance at January 1, 2014 | $ | 16 | $ | 2,438 | $ | 2,454 | |||||||
Foreign currency translation | — | (2,394 | ) | (2,394 | ) | ||||||||
Unrealized loss on investments before reclassification, net of tax of $6 | (18 | ) | — | (18 | ) | ||||||||
Reclassification adjustment for net gains realized in net income, net of tax of $7 | (5 | ) | — | (5 | ) | ||||||||
Balance at September 30, 2014 | $ | (7 | ) | $ | 44 | $ | 37 | ||||||
Net Unrealized Gain | Cumulative | Total | |||||||||||
(Loss) on Marketable | Translation | Accumulated | |||||||||||
Investments | Adjustment | Other Comprehensive | |||||||||||
Income (Loss) | |||||||||||||
Balance at July 1, 2014 | $ | 52 | $ | 2,377 | $ | 2,429 | |||||||
Foreign currency translation | — | (2,333 | ) | (2,333 | ) | ||||||||
Unrealized loss on investments before reclassification, net of tax of $33 | (51 | ) | — | (51 | ) | ||||||||
Reclassification adjustment for net gains realized in net income, net of tax of $5 | (8 | ) | — | (8 | ) | ||||||||
Balance at September 30, 2014 | $ | (7 | ) | $ | 44 | $ | 37 | ||||||
Net Unrealized Gain | Cumulative | Total | |||||||||||
(Loss) on Marketable | Translation | Accumulated | |||||||||||
Investments | Adjustment | Other Comprehensive | |||||||||||
Income (Loss) | |||||||||||||
Balance at January 1, 2013 | $ | (1,024 | ) | $ | 1,612 | $ | 588 | ||||||
Foreign currency translation | — | 221 | 221 | ||||||||||
Unrealized loss on investments before reclassification, net of tax of $98 | (202 | ) | — | (202 | ) | ||||||||
Reclassification adjustments for net losses realized in net income, net of tax of $11 | 17 | — | 17 | ||||||||||
Balance at September 30, 2013 | $ | (1,209 | ) | $ | 1,833 | $ | 624 | ||||||
Net Unrealized Gain | Cumulative | Total | |||||||||||
(Loss) on Marketable | Translation | Accumulated | |||||||||||
Investments | Adjustment | Other Comprehensive | |||||||||||
Income (Loss) | |||||||||||||
Balance at July 1, 2013 | $ | (1,440 | ) | $ | 273 | $ | (1,167 | ) | |||||
Foreign currency translation | — | 1,560 | 1,560 | ||||||||||
Unrealized gain on investments before reclassification, net of tax of $143 | 238 | — | 238 | ||||||||||
Reclassification adjustments for net gains realized in net income, net of tax of $4 | (7 | ) | — | (7 | ) | ||||||||
Balance at September 30, 2013 | $ | (1,209 | ) | $ | 1,833 | $ | 624 |
Marketable_Investments_Tables
Marketable Investments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
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, 2014 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||
State and municipal obligations | $ | 1,980 | $ | 2 | $ | — | $ | 1,982 | |||||||||||||
Federal agency and corporate obligations | 53,528 | 52 | (65 | ) | 53,515 | ||||||||||||||||
Total | $ | 55,508 | $ | 54 | $ | (65 | ) | $ | 55,497 | ||||||||||||
Amortized | Gross | Gross | Market | ||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||
State and municipal obligations | $ | 6,809 | $ | 5 | $ | — | $ | 6,814 | |||||||||||||
Federal agency and corporate obligations | 74,179 | 112 | (92 | ) | 74,199 | ||||||||||||||||
Total | $ | 80,988 | $ | 117 | $ | (92 | ) | $ | 81,013 | ||||||||||||
Summary of Maturity Periods of the Marketable Securities | ' | ||||||||||||||||||||
The following table summarizes the maturity periods of the marketable securities in the Company’s portfolio as of September 30, 2014 (in thousands). | |||||||||||||||||||||
FY 2014 | FY 2015 | FY 2016 | Thereafter | Total | |||||||||||||||||
State and municipal obligations | $ | — | $ | 1,982 | $ | — | $ | — | $ | 1,982 | |||||||||||
Federal agency and corporate obligations | 3,531 | 24,219 | 16,192 | 9,573 | 53,515 | ||||||||||||||||
Total | $ | 3,531 | $ | 26,201 | $ | 16,192 | $ | 9,573 | $ | 55,497 | |||||||||||
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, 2014 | |||||||||||||||||||||
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 | 16,102 | 65 | — | — | |||||||||||||||||
Total | $ | 16,102 | $ | 65 | $ | — | $ | — | |||||||||||||
As of December 31, 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 | 30,645 | 92 | — | — | |||||||||||||||||
Total | $ | 30,645 | $ | 92 | $ | — | $ | — | |||||||||||||
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, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Money market funds (1) | $ | 931 | $ | — | $ | — | $ | 931 | |||||||||||||
State and municipal obligations | — | 1,982 | — | 1,982 | |||||||||||||||||
Federal agency and corporate obligations | — | 53,515 | — | 53,515 | |||||||||||||||||
Total | $ | 931 | $ | 55,497 | $ | — | $ | 56,428 | |||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Money market funds (1) | $ | 6,897 | $ | — | $ | — | $ | 6,897 | |||||||||||||
State and municipal obligations | — | 6,814 | — | 6,814 | |||||||||||||||||
Federal agency and corporate obligations (2) | — | 80,449 | — | 80,449 | |||||||||||||||||
Total | $ | 6,897 | $ | 87,263 | $ | — | $ | 94,160 | |||||||||||||
-1 | Included in cash and cash equivalents. | ||||||||||||||||||||
-2 | $6.2 million are included in cash and cash equivalents at December 31, 2013 as original maturities at the time of purchase were 90 days or less. |
Reorganization_Tables
Reorganization (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Summary of Rolls Forward of Activity in Reorganization Accrual | ' | ||||
The following table rolls forward the activity in the reorganization accrual for the nine months ended September 30, 2014 (in thousands): | |||||
Workforce | |||||
Reduction | |||||
Accrual at December 31, 2013 | $ | 121 | |||
Additions | 1,817 | ||||
Cash payments | (1,509 | ) | |||
Accrual at September 30, 2014 | $ | 429 | |||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic weighted average common shares outstanding | 18,287 | 20,117 | 18,886 | 21,226 | |||||||||||||
Weighted average common equivalent shares | 262 | 548 | 283 | 464 | |||||||||||||
Diluted weighted average common shares outstanding | 18,549 | 20,665 | 19,169 | 21,690 | |||||||||||||
Equity instruments excluded from diluted weighted average share calculation as effect would have been anti-dilutive | 610 | 608 | 591 | 700 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
Stock option activity for the nine months ended September 30, 2014 is presented below (in thousands, except per share data): | |||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||||||
of Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price Per | Contractual | ||||||||||||||||
Share | Term (in years) | ||||||||||||||||
Outstanding at December 31, 2013 | 1,734 | $ | 31.85 | ||||||||||||||
Granted | 532 | 38.12 | |||||||||||||||
Exercised | (182 | ) | 29.89 | ||||||||||||||
Forfeited | (65 | ) | 34.69 | ||||||||||||||
Outstanding at September 30, 2014 | 2,019 | $ | 33.59 | 7.23 | $ | 7,452 | |||||||||||
Exercisable at September 30, 2014 | 898 | $ | 30.29 | 5.12 | $ | 5,977 | |||||||||||
Details of Restricted Stock Unit Activity | ' | ||||||||||||||||
Restricted stock unit activity for the nine months ended September 30, 2014 is presented below (in thousands, except per share data): | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at December 31, 2013 | 372 | $ | 34.14 | ||||||||||||||
Granted | 235 | 36.67 | |||||||||||||||
Vested or settled | (96 | ) | 33.99 | ||||||||||||||
Forfeited | (74 | ) | 33.55 | ||||||||||||||
Unvested at September 30, 2014 | 437 | $ | 35.63 | ||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of services and fulfillment | $ | 1,134 | $ | 1,061 | $ | 3,005 | $ | 2,708 | |||||||||
Selling and marketing | 302 | 321 | 767 | 893 | |||||||||||||
General and administrative | 547 | 478 | 1,376 | 987 | |||||||||||||
Total | $ | 1,983 | $ | 1,860 | $ | 5,148 | $ | 4,588 | |||||||||
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, 2014 | September 30, 2013 | ||||||||||||||||
Equity Incentive | Employee Stock | Equity Incentive | Employee Stock | ||||||||||||||
Plans | Purchase Plan | Plans | Purchase Plan | ||||||||||||||
Average risk-free interest rate | 1.7 | % | 0.06 | % | 1.4 | % | 0.08 | % | |||||||||
Expected dividend yield | 1.8 | % | 1.8 | % | 2.1 | % | 2.1 | % | |||||||||
Expected life | 5.1 Years | 0.5 Years | 4.9 Years | 0.5 Years | |||||||||||||
Expected volatility | 25 | % | 23 | % | 36 | % | 19 | % | |||||||||
Weighted average fair value | $ | 7.68 | $ | 8 | $ | 9.94 | $ | 6.02 | |||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||
Equity Incentive | Employee Stock | Equity Incentive | Employee Stock | ||||||||||||||
Plans | Purchase Plan | Plans | Purchase Plan | ||||||||||||||
Average risk-free interest rate | 1.69 | % | 0.06 | % | 0.81 | % | 0.08 | % | |||||||||
Expected dividend yield | 1.8 | % | 1.8 | % | 2.1 | % | 2.1 | % | |||||||||
Expected life | 5.1 Years | 0.5 Years | 4.9 Years | 0.5 Years | |||||||||||||
Expected volatility | 26 | % | 23 | % | 37 | % | 19 | % | |||||||||
Weighted average fair value | $ | 7.91 | $ | 8 | $ | 9.15 | $ | 6.02 |
Operating_Segments_Tables
Operating Segments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary of Information about Reportable Segments | ' | ||||||||||||||||
Project | |||||||||||||||||
Products | Research | Consulting | Consolidated | ||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||
Research services revenues | $ | 50,622 | $ | — | $ | — | $ | 50,622 | |||||||||
Advisory services and events revenues | 2,310 | 10,925 | 11,506 | 24,741 | |||||||||||||
Total segment revenues | 52,932 | 10,925 | 11,506 | 75,363 | |||||||||||||
Segment expenses | 8,298 | 13,012 | 7,590 | 28,900 | |||||||||||||
Contribution margin (loss) | 44,634 | (2,087 | ) | 3,916 | 46,463 | ||||||||||||
Selling, marketing, administrative and other expenses | (41,079 | ) | |||||||||||||||
Amortization of intangible assets | (530 | ) | |||||||||||||||
Reorganization credits | 71 | ||||||||||||||||
Other income and gains (losses) on investments | 127 | ||||||||||||||||
Income before income taxes | $ | 5,052 | |||||||||||||||
Project | |||||||||||||||||
Products | Research | Consulting | Consolidated | ||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Research services revenues | $ | 49,855 | $ | — | $ | — | $ | 49,855 | |||||||||
Advisory services and events revenues | 2,167 | 12,781 | 5,012 | 19,960 | |||||||||||||
Total segment revenues | 52,022 | 12,781 | 5,012 | 69,815 | |||||||||||||
Segment expenses | 7,408 | 14,420 | 4,196 | 26,024 | |||||||||||||
Contribution margin (loss) | 44,614 | (1,639 | ) | 816 | 43,791 | ||||||||||||
Selling, marketing, administrative and other expenses | (38,933 | ) | |||||||||||||||
Amortization of intangible assets | (557 | ) | |||||||||||||||
Reorganization costs | — | ||||||||||||||||
Other income and gains (losses) on investments | (53 | ) | |||||||||||||||
Income before income taxes | $ | 4,248 | |||||||||||||||
Project | |||||||||||||||||
Products | Research | Consulting | Consolidated | ||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||
Research services revenues | $ | 153,737 | $ | — | $ | — | $ | 153,737 | |||||||||
Advisory services and events revenues | 15,161 | 37,573 | 24,910 | 77,644 | |||||||||||||
Total segment revenues | 168,898 | 37,573 | 24,910 | 231,381 | |||||||||||||
Segment expenses | 28,543 | 40,386 | 19,705 | 88,634 | |||||||||||||
Contribution margin (loss) | 140,355 | (2,813 | ) | 5,205 | 142,747 | ||||||||||||
Selling, marketing, administrative and other expenses | (127,300 | ) | |||||||||||||||
Amortization of intangible assets | (1,605 | ) | |||||||||||||||
Reorganization costs | (1,817 | ) | |||||||||||||||
Other income and gains (losses) on investments | 222 | ||||||||||||||||
Income before income taxes | $ | 12,247 | |||||||||||||||
Project | |||||||||||||||||
Products | Research | Consulting | Consolidated | ||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Research services revenues | $ | 151,445 | $ | — | $ | — | $ | 151,445 | |||||||||
Advisory services and events revenues | 13,868 | 42,531 | 12,285 | 68,684 | |||||||||||||
Total segment revenues | 165,313 | 42,531 | 12,285 | 220,129 | |||||||||||||
Segment expenses | 25,902 | 43,006 | 11,169 | 80,077 | |||||||||||||
Contribution margin (loss) | 139,411 | (475 | ) | 1,116 | 140,052 | ||||||||||||
Selling, marketing, administrative and other expenses | (119,108 | ) | |||||||||||||||
Amortization of intangible assets | (1,670 | ) | |||||||||||||||
Reorganization costs | (1,905 | ) | |||||||||||||||
Other income and gains (losses) on investments | 476 | ||||||||||||||||
Income before income taxes | $ | 17,845 | |||||||||||||||
Interim_Consolidated_Financial3
Interim Consolidated Financial Statements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2014 |
Out-of-period corrections | $0.50 | ' |
Revised consolidated statements of comprehensive income description | ' | 'The consolidated statement of comprehensive income for the three and nine months ended September 30, 2013 is impacted by the same amount as net income for the period. |
Depreciation Expenses [Member] | ' | ' |
Out-of-period corrections | 0.4 | ' |
Other Immaterial Expenses [Member] | ' | ' |
Out-of-period corrections | $0.10 | ' |
Interim_Consolidated_Financial4
Interim Consolidated Financial Statements - Revised Consolidated Financial Statements (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' | ' | ' |
Net income | $3,043 | $2,509 | $7,266 | $10,863 |
Prepaid expenses and other current assets | ' | ' | -255 | 3,609 |
Net cash provided by operating activities | ' | ' | 27,851 | 32,352 |
Income tax provision | 2,009 | 1,739 | 4,981 | 6,982 |
Net income | 3,043 | 2,509 | 7,266 | 10,863 |
Basic income per common share | $0.17 | $0.12 | $0.38 | $0.51 |
Diluted income per common share | $0.16 | $0.12 | $0.38 | $0.50 |
As Previously Reported [Member] | ' | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' | ' |
Net income | ' | 2,435 | ' | 10,789 |
Prepaid expenses and other current assets | ' | ' | ' | 3,683 |
Net cash provided by operating activities | ' | ' | ' | 32,352 |
Income tax provision | ' | 1,813 | ' | 7,056 |
Net income | ' | 2,435 | ' | 10,789 |
Basic income per common share | ' | $0.12 | ' | $0.51 |
Diluted income per common share | ' | $0.12 | ' | $0.50 |
Adjustments [Member] | ' | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' | ' |
Net income | ' | 74 | ' | 74 |
Prepaid expenses and other current assets | ' | ' | ' | -74 |
Income tax provision | ' | -74 | ' | -74 |
Net income | ' | $74 | ' | $74 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | $2,429 | ($1,167) | $2,454 | $588 |
Foreign currency translation | -2,333 | 1,560 | -2,394 | 221 |
Unrealized gain (loss) on investments before reclassification, net of tax | -51 | 238 | -18 | -202 |
Reclassification adjustment for net gain (losses) realized in net income, net of tax | -8 | -7 | -5 | 17 |
Ending Balance | 37 | 624 | 37 | 624 |
Net Unrealized Gain (Loss) on Marketable Investments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | 52 | -1,440 | 16 | -1,024 |
Unrealized gain (loss) on investments before reclassification, net of tax | -51 | 238 | -18 | -202 |
Reclassification adjustment for net gain (losses) realized in net income, net of tax | -8 | -7 | -5 | 17 |
Ending Balance | -7 | -1,209 | -7 | -1,209 |
Cumulative Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | 2,377 | 273 | 2,438 | 1,612 |
Foreign currency translation | -2,333 | 1,560 | -2,394 | 221 |
Ending Balance | $44 | $1,833 | $44 | $1,833 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | ' | ' | ' | ' |
Tax on Unrealized gain (loss) on investments before reclassification | $33 | $143 | $6 | $98 |
Tax on Reclassification adjustment for net gain (losses) realized in net income | $5 | $4 | $7 | $11 |
Marketable_Investments_Summary
Marketable Investments - Summary of Company's Marketable Investments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $55,508 | $80,988 |
Gross Unrealized Gains | 54 | 117 |
Gross Unrealized Losses | -65 | -92 |
Total | 55,497 | 81,013 |
State and Municipal Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,980 | 6,809 |
Gross Unrealized Gains | 2 | 5 |
Gross Unrealized Losses | ' | ' |
Total | 1,982 | 6,814 |
Federal Agency and Corporate Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 53,528 | 74,179 |
Gross Unrealized Gains | 52 | 112 |
Gross Unrealized Losses | -65 | -92 |
Total | $53,515 | $74,199 |
Marketable_Investments_Summary1
Marketable Investments - Summary of Maturity Periods of the Marketable Securities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
FY 2014 | $3,531 | ' |
FY 2015 | 26,201 | ' |
FY 2016 | 16,192 | ' |
Thereafter | 9,573 | ' |
Total | 55,497 | 81,013 |
State and Municipal Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
FY 2015 | 1,982 | ' |
Total | 1,982 | 6,814 |
Federal Agency and Corporate Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
FY 2014 | 3,531 | ' |
FY 2015 | 24,219 | ' |
FY 2016 | 16,192 | ' |
Thereafter | 9,573 | ' |
Total | $53,515 | $74,199 |
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, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale securities, Less Than 12 Months, Market Value | $16,102 | $30,645 |
Available for sale securities, Less Than 12 Months, Unrealized Losses | 65 | 92 |
Available for sale securities, 12 Months or Greater, Market Value | ' | ' |
Available for sale securities, 12 Months or Greater, Unrealized Losses | ' | ' |
State and Municipal Obligations [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 | ' | ' |
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 | 16,102 | 30,645 |
Available for sale securities, Less Than 12 Months, Unrealized Losses | 65 | 92 |
Available for sale securities, 12 Months or Greater, Market Value | ' | ' |
Available for sale securities, 12 Months or Greater, Unrealized Losses | ' | ' |
Marketable_Investments_Summary3
Marketable Investments - Summary of Company's Fair Value Hierarchy for its Financial Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
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 | $56,428 | $94,160 |
Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 931 | 6,897 |
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 | 1,982 | 6,814 |
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 | 53,515 | 80,449 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 931 | 6,897 |
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 | 931 | 6,897 |
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 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 55,497 | 87,263 |
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 | 1,982 | 6,814 |
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 | 53,515 | 80,449 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | ' | ' |
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 | ' | ' |
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, 2014 | Dec. 31, 2013 |
Federal Agency and Corporate Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | ' | $6.20 |
Original maturities | '90 days | ' |
NonMarketable_Investments_Addi
Non-Marketable Investments - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ' |
Carrying value of the Company's non-marketable investments | $4.10 | ' | $5.70 |
Gross distributions received from funds | '1.5 | '0.3 | ' |
Book value of investment | $0.80 | ' | $0.90 |
Minimum [Member] | ' | ' | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ' |
Ownership interest of Company | 5.00% | ' | ' |
Reorganization_Additional_Info
Reorganization - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Employee | |||
Restructuring and Related Activities [Abstract] | ' | ' | ' |
Severance and related costs | ' | $1.80 | $1.90 |
Percentage of workforce reduction | 1.00% | ' | 2.50% |
Number of additional employees terminated related to sales reorganization and other cost reduction initiatives | ' | ' | 31 |
Reorganization_Summary_of_Roll
Reorganization - Summary of Rolls Forward of Activity in Reorganization Accrual (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Additions | ($71) | $1,817 | $1,905 |
Workforce Reduction [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Accrual Beginning Balance | ' | 121 | ' |
Additions | ' | 1,817 | ' |
Cash payments | ' | -1,509 | ' |
Accrual Ending Balance | $429 | $429 | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Basic weighted average common shares outstanding | 18,287 | 20,117 | 18,886 | 21,226 |
Weighted average common equivalent shares | 262 | 548 | 283 | 464 |
Diluted weighted average common shares outstanding | 18,549 | 20,665 | 19,169 | 21,690 |
Equity instruments excluded from diluted weighted average share calculation as effect would have been anti-dilutive | 610 | 608 | 591 | 700 |
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, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Number of Shares, Outstanding at December 31, 2013 | 1,734 |
Number of Shares, Granted | 532 |
Number of Shares, Exercised | -182 |
Number of Shares, Forfeited | -65 |
Number of Shares, Outstanding at September 30, 2014 | 2,019 |
Number of Shares, Exercisable at September 30, 2014 | 898 |
Weighted - Average Exercise Price Per Share, Outstanding, Beginning balance | $31.85 |
Weighted - Average Exercise Price Per Share, Granted | $38.12 |
Weighted - Average Exercise Price Per Share, Exercised | $29.89 |
Weighted - Average Exercise Price Per Share, Forfeited | $34.69 |
Weighted - Average Exercise Price Per Share, Outstanding, Ending balance | $33.59 |
Weighted - Average Exercise Price Per Share, Exercisable at September, 2014 | $30.29 |
Weighted - Average Remaining Contractual Term, Outstanding at September 30, 2014 | '7 years 2 months 23 days |
Weighted - Average Remaining Contractual Term, Exercisable at September 30, 2014 | '5 years 1 month 13 days |
Aggregate Intrinsic Value, Outstanding at September 30, 2014 | $7,452 |
Aggregate Intrinsic Value, Exercisable at September 30, 2014 | $5,977 |
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, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Number of Shares, Unvested at December 31, 2013 | 372 |
Number of Shares, Granted | 235 |
Number of Shares, Vested or settled | -96 |
Number of Shares, Forfeited | -74 |
Number of Shares, Unvested at September 30, 2014 | 437 |
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $34.14 |
Weighted-Average Grant Date Fair Value, Granted | $36.67 |
Weighted-Average Grant Date Fair Value, Vested or settled | $33.99 |
Weighted-Average Grant Date Fair Value, Forfeited | $33.55 |
Weighted-Average Grant Date Fair Value , Unvested, Ending Balance | $35.63 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total allocated share-based compensation expense | $1,983 | $1,860 | $5,148 | $4,588 |
Cost of Services and Fulfillment [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total allocated share-based compensation expense | 1,134 | 1,061 | 3,005 | 2,708 |
Selling and Marketing [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total allocated share-based compensation expense | 302 | 321 | 767 | 893 |
General and Administrative [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total allocated share-based compensation expense | $547 | $478 | $1,376 | $987 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Equity Incentive Plans [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Average risk-free interest rate | 1.70% | 1.40% | 1.69% | 0.81% |
Expected dividend yield | 1.80% | 2.10% | 1.80% | 2.10% |
Expected life | '5 years 1 month 6 days | '4 years 10 months 24 days | '5 years 1 month 6 days | '4 years 10 months 24 days |
Expected volatility | 25.00% | 36.00% | 26.00% | 37.00% |
Weighted average fair value | $7.68 | $9.94 | $7.91 | $9.15 |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Average risk-free interest rate | 0.06% | 0.08% | 0.06% | 0.08% |
Expected dividend yield | 1.80% | 2.10% | 1.80% | 2.10% |
Expected life | '6 months | '6 months | '6 months | '6 months |
Expected volatility | 23.00% | 19.00% | 23.00% | 19.00% |
Weighted average fair value | $8 | $6.02 | $8 | $6.02 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Apr. 30, 2014 | Oct. 31, 2014 |
Subsequent Event [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend declared and paid per share | $0.16 | $0.16 | $0.16 | $0.15 | $0.15 | $0.15 | ' | ' | ' | ' |
Aggregate dividend declared for the year | ' | ' | ' | ' | ' | ' | $9,100,000 | $9,400,000 | ' | ' |
Dividend declared per share | $0.16 | ' | ' | $0.15 | ' | ' | $0.48 | $0.45 | ' | $0.16 |
Dividend payable date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17-Dec-14 |
Dividend payable record date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3-Dec-14 |
Authorized to purchase of common stock under the stock repurchase program | 410,000,000 | ' | ' | ' | ' | ' | 410,000,000 | ' | 25,000,000 | ' |
Repurchase of common Stock | ' | ' | ' | ' | ' | ' | 1.8 | ' | ' | ' |
Cumulative aggregate cost of repurchase of common stock | ' | ' | ' | ' | ' | ' | 66,600,000 | ' | ' | ' |
Cumulative repurchase of common stock | 14.2 | ' | ' | ' | ' | ' | 14.2 | ' | ' | ' |
Aggregate cost of repurchase of common stock | ' | ' | ' | ' | ' | ' | $395,600,000 | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax expense | $2,009,000 | $1,739,000 | $4,981,000 | $6,982,000 |
Effective income tax rate | ' | ' | 40.70% | 39.10% |
Increase in the effective tax | ' | ' | $200,000 | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Research services revenues | $50,622 | $49,855 | $153,737 | $151,445 |
Advisory services and events revenues | 24,741 | 19,960 | 77,644 | 68,684 |
Total segment revenues | 75,363 | 69,815 | 231,381 | 220,129 |
Segment expenses | 28,900 | 26,024 | 88,634 | 80,077 |
Contribution margin (loss) | 46,463 | 43,791 | 142,747 | 140,052 |
Selling, marketing, administrative and other expenses | -41,079 | -38,933 | -127,300 | -119,108 |
Amortization of intangible assets | -530 | -557 | -1,605 | -1,670 |
Reorganization costs/credits | 71 | ' | -1,817 | -1,905 |
Other income and gains (losses) on investments | 127 | -53 | 222 | 476 |
Income before income taxes | 5,052 | 4,248 | 12,247 | 17,845 |
Products Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Research services revenues | 50,622 | 49,855 | 153,737 | 151,445 |
Advisory services and events revenues | 2,310 | 2,167 | 15,161 | 13,868 |
Total segment revenues | 52,932 | 52,022 | 168,898 | 165,313 |
Segment expenses | 8,298 | 7,408 | 28,543 | 25,902 |
Contribution margin (loss) | 44,634 | 44,614 | 140,355 | 139,411 |
Selling, marketing, administrative and other expenses | ' | ' | 0 | ' |
Amortization of intangible assets | ' | ' | 0 | ' |
Reorganization costs/credits | ' | ' | 0 | ' |
Other income and gains (losses) on investments | ' | ' | 0 | ' |
Income before income taxes | ' | ' | 0 | ' |
Research Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Research services revenues | ' | ' | 0 | ' |
Advisory services and events revenues | 10,925 | 12,781 | 37,573 | 42,531 |
Total segment revenues | 10,925 | 12,781 | 37,573 | 42,531 |
Segment expenses | 13,012 | 14,420 | 40,386 | 43,006 |
Contribution margin (loss) | -2,087 | -1,639 | -2,813 | -475 |
Selling, marketing, administrative and other expenses | ' | ' | 0 | ' |
Amortization of intangible assets | ' | ' | 0 | ' |
Reorganization costs/credits | ' | ' | 0 | ' |
Other income and gains (losses) on investments | ' | ' | 0 | ' |
Income before income taxes | ' | ' | 0 | ' |
Project Consulting [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Research services revenues | ' | ' | 0 | ' |
Advisory services and events revenues | 11,506 | 5,012 | 24,910 | 12,285 |
Total segment revenues | 11,506 | 5,012 | 24,910 | 12,285 |
Segment expenses | 7,590 | 4,196 | 19,705 | 11,169 |
Contribution margin (loss) | 3,916 | 816 | 5,205 | 1,116 |
Selling, marketing, administrative and other expenses | ' | ' | 0 | ' |
Amortization of intangible assets | ' | ' | 0 | ' |
Reorganization costs/credits | ' | ' | 0 | ' |
Other income and gains (losses) on investments | ' | ' | 0 | ' |
Income before income taxes | ' | ' | $0 | ' |