Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | FORR | |
Entity Registrant Name | FORRESTER RESEARCH, INC. | |
Entity Central Index Key | 1023313 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,028,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $50,168 | $49,650 |
Marketable investments (Note 3) | 60,832 | 54,885 |
Accounts receivable, net | 50,000 | 67,429 |
Deferred commissions | 12,969 | 13,754 |
Prepaid expenses and other current assets | 27,495 | 22,277 |
Total current assets | 201,464 | 207,995 |
Property and equipment, net | 30,571 | 32,174 |
Goodwill | 74,037 | 76,683 |
Intangible assets, net | 2,995 | 3,382 |
Other assets | 11,993 | 12,473 |
Total assets | 321,060 | 332,707 |
Current Liabilities: | ||
Accounts payable | 857 | 912 |
Accrued expenses and other current liabilities | 27,174 | 36,217 |
Deferred revenue | 150,417 | 144,568 |
Total current liabilities | 178,448 | 181,697 |
Non-current liabilities | 9,391 | 9,408 |
Total liabilities | 187,839 | 191,105 |
Commitments | ||
Stockholders' Equity (Note 7): | ||
Preferred stock, $0.01 par value Authorized - 500 shares, issued and outstanding - none | ||
Common stock, $0.01 par value Authorized - 125,000 shares Issued - 20,901 and 20,856 as of March 31, 2015 and December 31, 2014, respectively Outstanding 18,047 and 18,153 as of March 31, 2015 and December 31, 2014, respectively | 209 | 209 |
Additional paid-in capital | 128,479 | 124,942 |
Retained earnings | 114,025 | 117,318 |
Treasury stock - 2,854 and 2,703 as of March 31, 2015 and December 31, 2014, respectively, at cost | -104,977 | -99,254 |
Accumulated other comprehensive loss | -4,515 | -1,613 |
Total stockholders' equity | 133,221 | 141,602 |
Total liabilities and stockholders' equity | $321,060 | $332,707 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 20,901,000 | 20,856,000 |
Common stock, shares outstanding | 18,047,000 | 18,153,000 |
Treasury stock, shares | 2,854,000 | 2,703,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Research services | $51,858 | $50,793 |
Advisory services and events | 23,329 | 22,278 |
Total revenues | 75,187 | 73,071 |
Operating expenses: | ||
Cost of services and fulfillment | 30,761 | 29,480 |
Selling and marketing | 29,631 | 29,883 |
General and administrative | 9,758 | 9,527 |
Depreciation | 2,107 | 2,773 |
Amortization of intangible assets | 221 | 539 |
Reorganization costs | 3,424 | 849 |
Total operating expenses | 75,902 | 73,051 |
Income (loss) from operations | -715 | 20 |
Other income (expense), net | 282 | -64 |
Gains (losses) on investments, net | -19 | 37 |
Loss before income taxes | -452 | -7 |
Income tax provision (benefit) | -228 | 59 |
Net loss | ($224) | ($66) |
Basic loss per common share | ($0.01) | |
Diluted loss per common share | ($0.01) | |
Basic weighted average common shares outstanding | 18,058 | 19,613 |
Diluted weighted average common shares outstanding | 18,058 | 19,613 |
Cash dividends declared per common share | $0.17 | $0.16 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net loss | ($224) | ($66) |
Other comprehensive income (loss), net of taxes: | ||
Foreign currency translation | -3,000 | 45 |
Net change in market value of investments | 98 | 11 |
Other comprehensive income (loss) | -2,902 | 56 |
Comprehensive loss | ($3,126) | ($10) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net loss | ($224) | ($66) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 2,107 | 2,773 |
Amortization of intangible assets | 221 | 539 |
Net (gains) losses from investments | 19 | -37 |
Deferred income taxes | 109 | -132 |
Stock-based compensation | 2,186 | 1,947 |
Amortization of premium on investments | 187 | 391 |
Foreign currency (gains) losses | -166 | 245 |
Changes in assets and liabilities | ||
Accounts receivable | 16,802 | 28,310 |
Deferred commissions | 785 | -72 |
Prepaid expenses and other current assets | -5,449 | -2,934 |
Accounts payable | -13 | 137 |
Accrued expenses and other liabilities | -7,984 | -4,871 |
Deferred revenue | 7,702 | 6,774 |
Net cash provided by operating activities | 16,282 | 33,004 |
Cash flows from investing activities: | ||
Purchases of property and equipment | -948 | -680 |
Purchases of marketable investments | -14,552 | -20,046 |
Proceeds from sales and maturities of marketable investments | 8,578 | 23,934 |
Other investing activity | 204 | 1,391 |
Net cash provided by (used in) investing activities | -6,718 | 4,599 |
Cash flows from financing activities: | ||
Dividends paid on common stock | -3,069 | -3,135 |
Repurchases of common stock | -5,723 | -29,712 |
Proceeds from issuance of common stock under employee equity incentive plans | 1,349 | 1,556 |
Excess tax benefits from stock-based compensation | 20 | 22 |
Net cash used in financing activities | -7,423 | -31,269 |
Effect of exchange rate changes on cash and cash equivalents | -1,623 | 35 |
Net increase in cash and cash equivalents | 518 | 6,369 |
Cash and cash equivalents, beginning of period | 49,650 | 74,132 |
Cash and cash equivalents, end of period | $50,168 | $80,501 |
Interim_Consolidated_Financial
Interim Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2015 | |
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, 2014. 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, comprehensive loss and cash flows as of the dates and for the periods presented have been included. The results of operations for the three months ended March 31, 2015 may not be indicative of the results for the year ending December 31, 2015, 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 3 – Marketable Investments for the fair value of the Company’s marketable investments. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | Note 2 — Accumulated Other Comprehensive Income (Loss) | ||||||||||||
The components of accumulated other comprehensive income (loss) 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, 2015 | $ | (74 | ) | $ | (1,539 | ) | $ | (1,613 | ) | ||||
Foreign currency translation | — | (3,000 | ) | (3,000 | ) | ||||||||
Unrealized loss on investments, net of tax of $62 | 98 | — | 98 | ||||||||||
Balance at March 31, 2015 | $ | 24 | $ | (4,539 | ) | $ | (4,515 | ) | |||||
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 | — | 45 | 45 | ||||||||||
Unrealized gain on investments before reclassification, net of tax of $0 | 6 | — | 6 | ||||||||||
Reclassification adjustment for net loss realized in net loss, net of tax of $0 | 5 | — | 5 | ||||||||||
Balance at March 31, 2014 | $ | 27 | $ | 2,483 | $ | 2,510 | |||||||
Reclassification adjustments for net gains (losses) are reported in gains (losses) on investments, net in the Consolidated Statements of Income (Loss). |
Marketable_Investments
Marketable Investments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||
Marketable Investments | Note 3 — Marketable Investments | ||||||||||||||||||||
The following table summarizes the Company’s marketable investments (in thousands): | |||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Amortized | Gross | Gross | Market | ||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
Corporate obligations | $ | 60,792 | $ | 56 | $ | (16 | ) | $ | 60,832 | ||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Amortized | Gross | Gross | Market | ||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
Corporate obligations | $ | 55,005 | $ | 13 | $ | (133 | ) | $ | 54,885 | ||||||||||||
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 corporate obligations were not material in the three months ended March 31, 2015 or 2014. | |||||||||||||||||||||
The following table summarizes the maturity periods of the marketable securities in the Company’s portfolio as of March 31, 2015 (in thousands). | |||||||||||||||||||||
FY 2015 | FY 2016 | FY 2017 | Thereafter | Total | |||||||||||||||||
Corporate obligations | $ | 12,432 | $ | 24,575 | $ | 22,819 | $ | 1,006 | $ | 60,832 | |||||||||||
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 March 31, 2015 | |||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||
Market | Unrealized | Market | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||||||
Corporate obligations | $ | 15,235 | $ | 12 | $ | 2,053 | $ | 4 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||
Market | Unrealized | Market | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||||||
Corporate obligations | $ | 38,175 | $ | 133 | $ | — | $ | — | |||||||||||||
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 March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Money market funds (1) | $ | 845 | $ | — | $ | — | $ | 845 | |||||||||||||
Corporate obligations | — | 60,832 | — | 60,832 | |||||||||||||||||
Total | $ | 845 | $ | 60,832 | $ | — | $ | 61,677 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Money market funds (1) | $ | 1,794 | $ | — | $ | — | $ | 1,794 | |||||||||||||
Corporate obligations | — | 54,885 | — | 54,885 | |||||||||||||||||
Total | $ | 1,794 | $ | 54,885 | $ | — | $ | 56,679 | |||||||||||||
-1 | Included in cash and cash equivalents. | ||||||||||||||||||||
Level 2 assets consist of the Company’s entire portfolio of 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 | 3 Months Ended |
Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Non-Marketable Investments | Note 4 — Non-Marketable Investments |
At March 31, 2015 and December 31, 2014, the carrying value of the Company’s non-marketable investments, which were composed primarily of interests in technology-related private equity funds, was $3.7 million and $3.8 million, respectively, and is included in other assets in the Consolidated Balance Sheets. | |
One of the Company’s investments, with a book value of $0.6 million and $0.7 million at March 31, 2015 and December 31, 2014, 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 months ended March 31, 2015 and 2014, and are included in gains (losses) on investments, net in the Consolidated Statements of Income (Loss). During the three months ended March 31, 2015 and 2014, gross distributions of $0.1 million and $1.4 million, respectively, were received from the funds. |
Reorganization
Reorganization | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Restructuring and Related Activities [Abstract] | |||||
Reorganization | Note 5 — Reorganization | ||||
In the first quarter of 2015, the Company implemented a reduction in its workforce of approximately 4% of its employees across various geographies and functions, in order to reallocate investment in 2015 to planned sales expansion and to delivery areas seeing the greatest client demand. Overall the Company expects to increase its headcount by 7% at the end of 2015 compared to 2014 levels. The Company incurred $3.4 million of severance and related costs for this action during the three months ended March 31, 2015 and expects to incur an additional $0.3 million to $0.5 million during the three months ended June 30, 2015 primarily for a non-cash charge for the liquidation of a small non-U.S. subsidiary. The costs under this plan are expected to be substantially paid by the end of 2015. | |||||
During 2014 the Company incurred $1.8 million of severance and related costs for the termination of approximately 1% of its employees across various geographies and functions primarily to realign resources due to the Company’s new organizational structure put in place in late 2013. Approximately $0.8 million of the costs were recognized in the three months ended March 31, 2014 and approximately $1.0 million were recognized in the three months ended June 30, 2014. | |||||
The following table rolls forward the activity in the reorganization accrual for the three months ended March 31, 2015 (in thousands): | |||||
Workforce | |||||
Reduction | |||||
Accrual at December 31, 2014 | $ | 118 | |||
Additions | 3,424 | ||||
Cash payments | (1,046 | ) | |||
Accrual at March 31, 2015 | $ | 2,496 | |||
Net_Loss_Per_Common_Share
Net Loss Per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Loss Per Common Share | Note 6 — Net Loss Per Common Share | ||||||||
Basic net loss per common share is computed by dividing net loss by the basic weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the diluted weighted average number of common shares and common equivalent shares outstanding during the period. The weighted average number of common equivalent shares outstanding has been determined in accordance with the treasury-stock method. Common equivalent shares consist of common stock issuable on the exercise of outstanding options and vesting of restricted stock units when dilutive. | |||||||||
Basic and diluted weighted average common shares are as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Basic weighted average common shares outstanding | 18,058 | 19,613 | |||||||
Weighted average common equivalent shares | — | — | |||||||
Diluted weighted average common shares outstanding | 18,058 | 19,613 | |||||||
Options excluded from diluted weighted average share calculation as effect would have been anti-dilutive | 2,052 | 2,080 | |||||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Stockholders' Equity | Note 7 — Stockholders’ Equity | ||||||||||||||||
Equity Plans | |||||||||||||||||
Stock option activity for the three months ended March 31, 2015 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, 2014 | 1,954 | $ | 33.81 | ||||||||||||||
Granted | 44 | 38.64 | |||||||||||||||
Exercised | (20 | ) | 28.58 | ||||||||||||||
Forfeited | (55 | ) | 36.46 | ||||||||||||||
Outstanding at March 31, 2015 | 1,923 | $ | 33.9 | 6.88 | $ | 6,536 | |||||||||||
Exercisable at March 31, 2015 | 875 | $ | 30.66 | 4.9 | $ | 5,452 | |||||||||||
Vested and expected to vest at March 31, 2015 | 1,822 | $ | 33.72 | 6.77 | $ | 6,466 | |||||||||||
Restricted stock unit activity for the three months ended March 31, 2015 is presented below (in thousands, except per share data): | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at December 31, 2014 | 433 | $ | 35.64 | ||||||||||||||
Granted | 5 | 36.43 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | (21 | ) | 35.61 | ||||||||||||||
Unvested at March 31, 2015 | 417 | $ | 35.65 | ||||||||||||||
Stock-Based Compensation | |||||||||||||||||
Forrester recognizes the fair value of stock-based compensation in net income (loss) 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 | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Cost of services and fulfillment | $ | 1,237 | $ | 1,073 | |||||||||||||
Selling and marketing | 334 | 338 | |||||||||||||||
General and administrative | 615 | 536 | |||||||||||||||
Total | $ | 2,186 | $ | 1,947 | |||||||||||||
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 | ||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||
Equity Incentive | Employee Stock | Equity Incentive | Employee Stock | ||||||||||||||
Plans | Purchase Plan | Plans | Purchase Plan | ||||||||||||||
Average risk-free interest rate | 1.37 | % | 0.11 | % | 1.65 | % | 0.08 | % | |||||||||
Expected dividend yield | 1.8 | % | 1.8 | % | 1.8 | % | 1.8 | % | |||||||||
Expected life | 5.1 Years | 0.5 Years | 5.1 Years | 0.5 Years | |||||||||||||
Expected volatility | 25 | % | 22 | % | 30 | % | 25 | % | |||||||||
Weighted average fair value | $ | 7.48 | $ | 7.93 | $ | 8.79 | $ | 7.81 | |||||||||
Dividends | |||||||||||||||||
In the three months ended March 31, 2015, the Company declared and paid a dividend of $0.17 per share or $3.1 million in the aggregate. In the three months ended March 31, 2014, the Company declared and paid a dividend of $0.16 per share or $3.1 million in the aggregate. In April 2015, the Company declared a dividend of $0.17 per share payable on June 24, 2015 to shareholders of record as of June 10, 2015. | |||||||||||||||||
Treasury Stock | |||||||||||||||||
Forrester’s Board of Directors has authorized an aggregate $435.0 million to purchase common stock under its stock repurchase program, including $25.0 million authorized in February 2015. The shares repurchased may be used, among other things, in connection with Forrester’s employee and director equity incentive and purchase plans. In the three months ended March 31, 2015 and 2014, the Company repurchased approximately 0.2 million shares and 0.8 million shares, respectively, of common stock at an aggregate cost of approximately $5.7 million and $29.7 million, respectively. From the inception of the program through March 31, 2015, Forrester repurchased approximately 14.5 million shares of common stock at an aggregate cost of approximately $407.9 million. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
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 (benefit) for the three months ended March 31, 2015 was $(0.2) million resulting from a loss before income taxes of $0.5 million for the period. Income tax expense (benefit) for the three months ended March 31, 2014 was insignificant as the loss before income taxes was only $(7,000) for the period. |
Operating_Segments
Operating Segments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Operating Segments | Note 9 — Operating Segments | ||||||||||||||||
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 transition was essentially complete at the end of 2014 such that the vast majority of 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 product pricing and 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. | |||||||||||||||||
Products | Research | Project | Consolidated | ||||||||||||||
Consulting | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
Research services revenues | $ | 51,858 | $ | — | $ | — | $ | 51,858 | |||||||||
Advisory services and events revenues | 2,467 | 10,327 | 10,535 | 23,329 | |||||||||||||
Total segment revenues | 54,325 | 10,327 | 10,535 | 75,187 | |||||||||||||
Segment expenses | 8,349 | 12,948 | 6,960 | 28,257 | |||||||||||||
Contribution margin (loss) | 45,976 | (2,621 | ) | 3,575 | 46,930 | ||||||||||||
Selling, marketing, administrative and other expenses | (44,000 | ) | |||||||||||||||
Amortization of intangible assets | (221 | ) | |||||||||||||||
Reorganization costs | (3,424 | ) | |||||||||||||||
Other income and gains (losses) on investments | 263 | ||||||||||||||||
Loss before income taxes | $ | (452 | ) | ||||||||||||||
Products | Research | Project | Consolidated | ||||||||||||||
Consulting | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Research services revenues | $ | 50,793 | $ | — | $ | — | $ | 50,793 | |||||||||
Advisory services and events revenues | 2,857 | 13,976 | 5,445 | 22,278 | |||||||||||||
Total segment revenues | 53,650 | 13,976 | 5,445 | 73,071 | |||||||||||||
Segment expenses | 8,351 | 13,975 | 5,677 | 28,003 | |||||||||||||
Contribution margin (loss) | 45,299 | 1 | (232 | ) | 45,068 | ||||||||||||
Selling, marketing, administrative and other expenses | (43,660 | ) | |||||||||||||||
Amortization of intangible assets | (539 | ) | |||||||||||||||
Reorganization costs | (849 | ) | |||||||||||||||
Other income and gains (losses) on investments | (27 | ) | |||||||||||||||
Loss before income taxes | $ | (7 | ) | ||||||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 10 — Recent Accounting Pronouncements |
In May, 2014, the Financial Accounting Standards Board (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. However, the FASB is contemplating changes to the new standard and its effective date, which could impact the Company’s evaluation. |
Interim_Consolidated_Financial1
Interim Consolidated Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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, 2014. 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, comprehensive loss and cash flows as of the dates and for the periods presented have been included. The results of operations for the three months ended March 31, 2015 may not be indicative of the results for the year ending December 31, 2015, or any other period. | |
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 Financial Accounting Standards Board (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. However, the FASB is contemplating changes to the new standard and its effective date, which could impact the Company’s evaluation. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) 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, 2015 | $ | (74 | ) | $ | (1,539 | ) | $ | (1,613 | ) | ||||
Foreign currency translation | — | (3,000 | ) | (3,000 | ) | ||||||||
Unrealized loss on investments, net of tax of $62 | 98 | — | 98 | ||||||||||
Balance at March 31, 2015 | $ | 24 | $ | (4,539 | ) | $ | (4,515 | ) | |||||
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 | — | 45 | 45 | ||||||||||
Unrealized gain on investments before reclassification, net of tax of $0 | 6 | — | 6 | ||||||||||
Reclassification adjustment for net loss realized in net loss, net of tax of $0 | 5 | — | 5 | ||||||||||
Balance at March 31, 2014 | $ | 27 | $ | 2,483 | $ | 2,510 | |||||||
Marketable_Investments_Tables
Marketable Investments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||
Summary of Company's Marketable Investments | The following table summarizes the Company’s marketable investments (in thousands): | ||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Amortized | Gross | Gross | Market | ||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
Corporate obligations | $ | 60,792 | $ | 56 | $ | (16 | ) | $ | 60,832 | ||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Amortized | Gross | Gross | Market | ||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||
Gains | Losses | ||||||||||||||||||||
Corporate obligations | $ | 55,005 | $ | 13 | $ | (133 | ) | $ | 54,885 | ||||||||||||
Summary of Maturity Periods of Marketable Securities | The following table summarizes the maturity periods of the marketable securities in the Company’s portfolio as of March 31, 2015 (in thousands). | ||||||||||||||||||||
FY 2015 | FY 2016 | FY 2017 | Thereafter | Total | |||||||||||||||||
Corporate obligations | $ | 12,432 | $ | 24,575 | $ | 22,819 | $ | 1,006 | $ | 60,832 | |||||||||||
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 March 31, 2015 | |||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||
Market | Unrealized | Market | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||||||
Corporate obligations | $ | 15,235 | $ | 12 | $ | 2,053 | $ | 4 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||
Market | Unrealized | Market | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||||||
Corporate obligations | $ | 38,175 | $ | 133 | $ | — | $ | — | |||||||||||||
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 March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Money market funds (1) | $ | 845 | $ | — | $ | — | $ | 845 | |||||||||||||
Corporate obligations | — | 60,832 | — | 60,832 | |||||||||||||||||
Total | $ | 845 | $ | 60,832 | $ | — | $ | 61,677 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Money market funds (1) | $ | 1,794 | $ | — | $ | — | $ | 1,794 | |||||||||||||
Corporate obligations | — | 54,885 | — | 54,885 | |||||||||||||||||
Total | $ | 1,794 | $ | 54,885 | $ | — | $ | 56,679 | |||||||||||||
-1 | Included in cash and cash equivalents. |
Reorganization_Tables
Reorganization (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
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 three months ended March 31, 2015 (in thousands): | ||||
Workforce | |||||
Reduction | |||||
Accrual at December 31, 2014 | $ | 118 | |||
Additions | 3,424 | ||||
Cash payments | (1,046 | ) | |||
Accrual at March 31, 2015 | $ | 2,496 | |||
Net_Loss_Per_Common_Share_Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Basic weighted average common shares outstanding | 18,058 | 19,613 | |||||||
Weighted average common equivalent shares | — | — | |||||||
Diluted weighted average common shares outstanding | 18,058 | 19,613 | |||||||
Options excluded from diluted weighted average share calculation as effect would have been anti-dilutive | 2,052 | 2,080 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Summary of Stock Option Activity | Stock option activity for the three months ended March 31, 2015 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, 2014 | 1,954 | $ | 33.81 | ||||||||||||||
Granted | 44 | 38.64 | |||||||||||||||
Exercised | (20 | ) | 28.58 | ||||||||||||||
Forfeited | (55 | ) | 36.46 | ||||||||||||||
Outstanding at March 31, 2015 | 1,923 | $ | 33.9 | 6.88 | $ | 6,536 | |||||||||||
Exercisable at March 31, 2015 | 875 | $ | 30.66 | 4.9 | $ | 5,452 | |||||||||||
Vested and expected to vest at March 31, 2015 | 1,822 | $ | 33.72 | 6.77 | $ | 6,466 | |||||||||||
Details of Restricted Stock Unit Activity | Restricted stock unit activity for the three months ended March 31, 2015 is presented below (in thousands, except per share data): | ||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at December 31, 2014 | 433 | $ | 35.64 | ||||||||||||||
Granted | 5 | 36.43 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | (21 | ) | 35.61 | ||||||||||||||
Unvested at March 31, 2015 | 417 | $ | 35.65 | ||||||||||||||
Summary of Stock-Based Compensation Recorded in Expense Categories | Stock-based compensation was recorded in the following expense categories (in thousands): | ||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Cost of services and fulfillment | $ | 1,237 | $ | 1,073 | |||||||||||||
Selling and marketing | 334 | 338 | |||||||||||||||
General and administrative | 615 | 536 | |||||||||||||||
Total | $ | 2,186 | $ | 1,947 | |||||||||||||
Options Granted Under Equity Incentive Plans and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions | 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 | ||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||
Equity Incentive | Employee Stock | Equity Incentive | Employee Stock | ||||||||||||||
Plans | Purchase Plan | Plans | Purchase Plan | ||||||||||||||
Average risk-free interest rate | 1.37 | % | 0.11 | % | 1.65 | % | 0.08 | % | |||||||||
Expected dividend yield | 1.8 | % | 1.8 | % | 1.8 | % | 1.8 | % | |||||||||
Expected life | 5.1 Years | 0.5 Years | 5.1 Years | 0.5 Years | |||||||||||||
Expected volatility | 25 | % | 22 | % | 30 | % | 25 | % | |||||||||
Weighted average fair value | $ | 7.48 | $ | 7.93 | $ | 8.79 | $ | 7.81 |
Operating_Segments_Tables
Operating Segments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Summary of Information about Reportable Segments | |||||||||||||||||
Products | Research | Project | Consolidated | ||||||||||||||
Consulting | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
Research services revenues | $ | 51,858 | $ | — | $ | — | $ | 51,858 | |||||||||
Advisory services and events revenues | 2,467 | 10,327 | 10,535 | 23,329 | |||||||||||||
Total segment revenues | 54,325 | 10,327 | 10,535 | 75,187 | |||||||||||||
Segment expenses | 8,349 | 12,948 | 6,960 | 28,257 | |||||||||||||
Contribution margin (loss) | 45,976 | (2,621 | ) | 3,575 | 46,930 | ||||||||||||
Selling, marketing, administrative and other expenses | (44,000 | ) | |||||||||||||||
Amortization of intangible assets | (221 | ) | |||||||||||||||
Reorganization costs | (3,424 | ) | |||||||||||||||
Other income and gains (losses) on investments | 263 | ||||||||||||||||
Loss before income taxes | $ | (452 | ) | ||||||||||||||
Products | Research | Project | Consolidated | ||||||||||||||
Consulting | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Research services revenues | $ | 50,793 | $ | — | $ | — | $ | 50,793 | |||||||||
Advisory services and events revenues | 2,857 | 13,976 | 5,445 | 22,278 | |||||||||||||
Total segment revenues | 53,650 | 13,976 | 5,445 | 73,071 | |||||||||||||
Segment expenses | 8,351 | 13,975 | 5,677 | 28,003 | |||||||||||||
Contribution margin (loss) | 45,299 | 1 | (232 | ) | 45,068 | ||||||||||||
Selling, marketing, administrative and other expenses | (43,660 | ) | |||||||||||||||
Amortization of intangible assets | (539 | ) | |||||||||||||||
Reorganization costs | (849 | ) | |||||||||||||||
Other income and gains (losses) on investments | (27 | ) | |||||||||||||||
Loss before income taxes | $ | (7 | ) | ||||||||||||||
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | ($1,613) | $2,454 |
Foreign currency translation | -3,000 | 45 |
Unrealized gain on investments before reclassification, net of tax | 98 | 6 |
Reclassification adjustment for net loss realized in net loss, net of tax | 5 | |
Ending Balance | -4,515 | 2,510 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | -74 | 16 |
Unrealized gain on investments before reclassification, net of tax | 98 | 6 |
Reclassification adjustment for net loss realized in net loss, net of tax | 5 | |
Ending Balance | 24 | 27 |
Accumulated Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | -1,539 | 2,438 |
Foreign currency translation | -3,000 | 45 |
Ending Balance | ($4,539) | $2,483 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | ||
Tax on Unrealized gain (loss) on investments before reclassification | $62 | $0 |
Tax on reclassification adjustment for net loss realized in net loss | $0 |
Marketable_Investments_Summary
Marketable Investments - Summary of Company's Marketable Investments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | $60,832 | $54,885 |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 60,792 | 55,005 |
Gross Unrealized Gains | 56 | 13 |
Gross Unrealized Losses | -16 | -133 |
Market Value | $60,832 | $54,885 |
Marketable_Investments_Summary1
Marketable Investments - Summary of Maturity Periods of the Marketable Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Total | $60,832 | $54,885 |
Corporate Obligations [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
FY 2015 | 12,432 | |
FY 2016 | 24,575 | |
FY 2017 | 22,819 | |
Thereafter | 1,006 | |
Total | $60,832 | $54,885 |
Marketable_Investments_Summary2
Marketable Investments - Summary of Gross Unrealized Losses and Market Value of Available-for-Sale Securities with Unrealized Losses (Detail) (Corporate Obligations [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Less Than 12 Months, Market Value | $15,235 | $38,175 |
Available for sale securities, Less Than 12 Months, Unrealized Losses | 12 | 133 |
Available for sale securities, 12 Months or Greater, Market Value | 2,053 | |
Available for sale securities, 12 Months or Greater, Unrealized Losses | $4 |
Marketable_Investments_Summary3
Marketable Investments - Summary of Company's Fair Value Hierarchy for its Financial Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | $61,677 | $56,679 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 845 | 1,794 |
Corporate Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 60,832 | 54,885 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 845 | 1,794 |
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 | 845 | 1,794 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 60,832 | 54,885 |
Level 2 [Member] | Corporate Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | $60,832 | $54,885 |
NonMarketable_Investments_Addi
Non-Marketable Investments - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Carrying value of the Company's non-marketable investments | $3.70 | $3.80 | |
Book value of investment | 0.6 | 0.7 | |
Gross distributions received from funds | $0.10 | $1.40 | |
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 | 12 Months Ended | 3 Months Ended | ||
Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||
Percentage of workforce reduction | 4.00% | 1.00% | |||
Severance costs | $3,400,000 | $1,000,000 | $800,000 | $1,800,000 | |
Forecast [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected increase in the workforce | 7.00% | ||||
Forecast [Member] | Minimum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance costs | 300,000 | ||||
Forecast [Member] | Maximum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance costs | $500,000 |
Reorganization_Summary_of_Roll
Reorganization - Summary of Rolls Forward of Activity in Reorganization Accrual (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Additions | $3,424 | $849 |
Workforce Reduction [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrual Beginning Balance | 118 | |
Additions | 3,424 | |
Cash payments | -1,046 | |
Accrual Ending Balance | $2,496 |
Net_Loss_Per_Common_Share_Summ
Net Loss Per Common Share - Summary of Basic and Diluted Weighted Average Common Shares (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Basic weighted average common shares outstanding | 18,058 | 19,613 |
Weighted average common equivalent shares | 0 | 0 |
Diluted weighted average common shares outstanding | 18,058 | 19,613 |
Options excluded from diluted weighted average share calculation as effect would have been anti-dilutive | 2,052 | 2,080 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Stock Option Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Shares, Outstanding at December 31, 2014 | 1,954 |
Number of Shares, Granted | 44 |
Number of Shares, Exercised | -20 |
Number of Shares, Forfeited | -55 |
Number of Shares, Outstanding at March 31, 2015 | 1,923 |
Number of Shares, Exercisable at March 31, 2015 | 875 |
Number of Shares, Vested and expected to vest at March 31, 2015 | 1,822 |
Weighted - Average Exercise Price Per Share, Outstanding, Beginning balance | $33.81 |
Weighted - Average Exercise Price Per Share, Granted | $38.64 |
Weighted - Average Exercise Price Per Share, Exercised | $28.58 |
Weighted - Average Exercise Price Per Share, Forfeited | $36.46 |
Weighted - Average Exercise Price Per Share, Outstanding, Ending balance | $33.90 |
Weighted - Average Exercise Price Per Share, Exercisable at March 31, 2015 | $30.66 |
Weighted Average Exercise Price Per Share, Vested and expected to vest at March 31, 2015 | $33.72 |
Weighted - Average Remaining Contractual Term, Outstanding at March 31, 2015 | 6 years 10 months 17 days |
Weighted - Average Remaining Contractual Term, Exercisable at March 31, 2015 | 4 years 10 months 24 days |
Weighted - Average Remaining Contractual Term, Vested and expected to vest at March 31, 2015 | 6 years 9 months 7 days |
Aggregate Intrinsic Value, Outstanding at March 31, 2015 | $6,536 |
Aggregate Intrinsic Value, Exercisable at March 31, 2015 | 5,452 |
Aggregate Intrinsic Value, Vested and expected to vest at March 31, 2015 | $6,466 |
Stockholders_Equity_Details_of
Stockholders' Equity - Details of Restricted Stock Unit Activity (Detail) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Restricted Stock Units (RSUs) [Member] | |
Schedule Of Summary Of Restricted Stock Unit Activity [Line Items] | |
Number of Shares, Unvested at December 31, 2014 | 433 |
Number of Shares, Granted | 5 |
Number of Shares, Vested | 0 |
Number of Shares, Forfeited | -21 |
Number of Shares, Unvested at March 31, 2015 | 417 |
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $35.64 |
Weighted-Average Grant Date Fair Value, Granted | $36.43 |
Weighted-Average Grant Date Fair Value, Vested or settled | $0 |
Weighted-Average Grant Date Fair Value, Forfeited | $35.61 |
Weighted-Average Grant Date Fair Value , Unvested, Ending Balance | $35.65 |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Stock-Based Compensation Recorded in Expense Categories (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total allocated share-based compensation expense | $2,186 | $1,947 |
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 | 1,237 | 1,073 |
Selling and Marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total allocated share-based compensation expense | 334 | 338 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total allocated share-based compensation expense | $615 | $536 |
Stockholders_Equity_Options_Gr
Stockholders' Equity - Options Granted Under Equity Incentive Plans and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Equity Incentive Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Average risk-free interest rate | 1.37% | 1.65% |
Expected dividend yield | 1.80% | 1.80% |
Expected life | 5 years 1 month 6 days | 5 years 1 month 6 days |
Expected volatility | 25.00% | 30.00% |
Weighted average fair value | $7.48 | $8.79 |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Average risk-free interest rate | 0.11% | 0.08% |
Expected dividend yield | 1.80% | 1.80% |
Expected life | 6 months | 6 months |
Expected volatility | 22.00% | 25.00% |
Weighted average fair value | $7.93 | $7.81 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 30, 2015 | Feb. 28, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend paid per share | $0.17 | $0.16 | ||
Aggregate dividend declared for the year | $3,100,000 | $3,100,000 | ||
Cash dividends declared per common share | $0.17 | $0.16 | ||
Authorized to purchase of common stock under the stock repurchase program | 435,000,000 | 25,000,000 | ||
Repurchase of common Stock | 0.2 | 0.8 | ||
Cumulative aggregate cost of repurchase of common stock | 5,700,000 | 29,700,000 | ||
Cumulative repurchase of common stock | 14.5 | |||
Aggregate cost of repurchase of common stock | $407,900,000 | |||
Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash dividends declared per common share | $0.17 | |||
Dividend payable date | 24-Jun-15 | |||
Dividend payable record date | 10-Jun-15 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | ($228) | $59 |
Loss before taxes | ($452) | ($7) |
Operating_Segment_and_Enterpri
Operating Segment and Enterprise Wide Reporting - Summary of Information about Reportable Segments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Research services revenues | $51,858 | $50,793 |
Advisory services and events revenues | 23,329 | 22,278 |
Total segment revenues | 75,187 | 73,071 |
Segment expenses | 28,257 | 28,003 |
Contribution margin (loss) | 46,930 | 45,068 |
Selling, marketing, administrative and other expenses | -44,000 | -43,660 |
Amortization of intangible assets | -221 | -539 |
Reorganization costs | -3,424 | -849 |
Other income and gains (losses) on investments | 263 | -27 |
Loss before income taxes | -452 | -7 |
Products Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Research services revenues | 51,858 | 50,793 |
Advisory services and events revenues | 2,467 | 2,857 |
Total segment revenues | 54,325 | 53,650 |
Segment expenses | 8,349 | 8,351 |
Contribution margin (loss) | 45,976 | 45,299 |
Research Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Advisory services and events revenues | 10,327 | 13,976 |
Total segment revenues | 10,327 | 13,976 |
Segment expenses | 12,948 | 13,975 |
Contribution margin (loss) | -2,621 | 1 |
Project Consulting [Member] | ||
Segment Reporting Information [Line Items] | ||
Advisory services and events revenues | 10,535 | 5,445 |
Total segment revenues | 10,535 | 5,445 |
Segment expenses | 6,960 | 5,677 |
Contribution margin (loss) | $3,575 | ($232) |