Forrester Research (FORR) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	FORR
Entity Registrant Name	FORRESTER RESEARCH, INC.
Entity Central Index Key	1,023,313
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		17,827,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 78,654	$ 53,331
Marketable investments (Note 3)	41,356	47,775
Accounts receivable, net	49,351	67,355
Deferred commissions	13,316	13,529
Prepaid expenses and other current assets	18,713	15,737
Total current assets	201,390	197,727
Property and equipment, net	26,946	27,569
Goodwill	74,992	74,071
Intangible assets, net	2,165	2,334
Other assets	17,426	17,290
Total assets	322,919	318,991
Current Liabilities:
Accounts payable	1,289	525
Accrued expenses and other current liabilities	27,371	41,252
Deferred revenue	154,805	140,676
Total current liabilities	183,465	182,453
Non-current liabilities	9,254	9,236
Total liabilities	$ 192,719	$ 191,689
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 - 21,112 and 21,063 shares as of March 31, 2016 and December 31, 2015, respectively Outstanding 17,801 and 17,752 shares as of March 31, 2016 and December 31, 2015, respectively	$ 211	$ 211
Additional paid-in capital	138,180	134,967
Retained earnings	115,222	117,135
Treasury stock - 3,311 shares as of March 31, 2016 and December 31, 2015, at cost	(120,185)	(120,185)
Accumulated other comprehensive loss	(3,228)	(4,826)
Total stockholders’ equity	130,200	127,302
Total liabilities and stockholders’ equity	$ 322,919	$ 318,991

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	21,112,000	21,063,000
Common stock, shares outstanding	17,801,000	17,752,000
Treasury stock, shares	3,311,000	3,311,000

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Research services	$ 53,248	$ 51,858
Advisory services and events	24,153	23,329
Total revenues	77,401	75,187
Operating expenses:
Cost of services and fulfillment	31,123	30,761
Selling and marketing	30,404	29,631
General and administrative	9,973	9,758
Depreciation	1,965	2,107
Amortization of intangible assets	209	221
Reorganization costs	1,015	3,424
Total operating expenses	74,689	75,902
Income (loss) from operations	2,712	(715)
Other income (expense), net	(328)	282
Losses on investments, net		(19)
Income (loss) before income taxes	2,384	(452)
Income tax provision (benefit)	1,095	(228)
Net income (loss)	$ 1,289	$ (224)
Basic income (loss) per common share	$ 0.07	$ (0.01)
Diluted income (loss) per common share	$ 0.07	$ (0.01)
Basic weighted average common shares outstanding	17,762	18,058
Diluted weighted average common shares outstanding	17,925	18,058
Cash dividends declared per common share	$ 0.18	$ 0.17

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 1,289	$ (224)
Other comprehensive income (loss), net of taxes:
Foreign currency translation	1,481	(3,000)
Net change in market value of investments	117	98
Other comprehensive income (loss)	1,598	(2,902)
Comprehensive income (loss)	$ 2,887	$ (3,126)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 1,289	$ (224)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	1,965	2,107
Amortization of intangible assets	209	221
Net losses from investments		19
Deferred income taxes	(177)	109
Stock-based compensation	2,135	2,186
Amortization of premium on investments	107	187
Foreign currency (gains) losses	464	(166)
Changes in assets and liabilities
Accounts receivable	18,138	16,802
Deferred commissions	213	785
Prepaid expenses and other current assets	(3,001)	(5,449)
Accounts payable	763	(13)
Accrued expenses and other liabilities	(14,150)	(7,984)
Deferred revenue	13,582	7,702
Net cash provided by operating activities	21,537	16,282
Cash flows from investing activities:
Purchases of property and equipment	(1,144)	(948)
Purchases of marketable investments	(2,206)	(14,552)
Proceeds from sales and maturities of marketable investments	8,710	8,578
Other investing activity	(20)	204
Net cash provided by (used in) investing activities	5,340	(6,718)
Cash flows from financing activities:
Dividends paid on common stock	(3,201)	(3,069)
Repurchases of common stock		(5,723)
Proceeds from issuance of common stock under employee equity incentive plans	1,182	1,349
Excess tax benefits from stock-based compensation	14	20
Net cash used in financing activities	(2,005)	(7,423)
Effect of exchange rate changes on cash and cash equivalents	451	(1,623)
Net increase in cash and cash equivalents	25,323	518
Cash and cash equivalents, beginning of period	53,331	49,650
Cash and cash equivalents, end of period	$ 78,654	$ 50,168

Interim Consolidated Financial

Interim Consolidated Financial Statements	3 Months Ended
	Mar. 31, 2016
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, 2015. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the financial position, results of operations, comprehensive income (loss) and cash flows as of the dates and for the periods presented have been included. The results of operations for the three months ended March 31, 2016 may not be indicative of the results for the year ending December 31, 2016, 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 Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2016
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): Total Net Unrealized Gain Cumulative Accumulated (Loss) on Marketable Translation Other Comprehensive Investments Adjustment Income (Loss) Balance at January 1, 2016 $ (100 ) $ (4,726 ) $ (4,826 ) Foreign currency translation — 1,481 1,481 Unrealized gain on investments, net of tax of $76 117 — 117 Balance at March 31, 2016 $ 17 $ (3,245 ) $ (3,228 ) Total Net Unrealized Gain Cumulative Accumulated (Loss) on Marketable Translation Other Comprehensive Investments Adjustment Income (Loss) Balance at January 1, 2015 $ (74 ) $ (1,539 ) $ (1,613 ) Foreign currency translation — (3,000 ) (3,000 ) Unrealized gain on investments, net of tax of $62 98 — 98 Balance at March 31, 2015 $ 24 $ (4,539 ) $ (4,515 )

Marketable Investments

Marketable Investments	3 Months Ended
	Mar. 31, 2016
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, 2016 Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value Corporate obligations $ 41,328 $ 34 $ (6 ) $ 41,356 As of December 31, 2015 Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value Corporate obligations $ 47,939 $ - $ (164 ) $ 47,775 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, 2016 or 2015. The following table summarizes the maturity periods of the marketable securities in the Company’s portfolio as of March 31, 2016 (in thousands). FY 2016 FY 2017 FY 2018 Total Corporate obligations $ 10,591 $ 25,738 $ 5,027 $ 41,356 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, 2016 Less Than 12 Months 12 Months or Greater Market Unrealized Market Unrealized Value Losses Value Losses Corporate obligations $ 11,763 $ 5 $ 3,026 $ 1 As of December 31, 2015 Less Than 12 Months 12 Months or Greater Market Unrealized Market Unrealized Value Losses Value Losses Corporate obligations $ 45,748 $ 158 $ 2,027 $ 6 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 (in thousands): As of March 31, 2016 Level 1 Level 2 Level 3 Total Money market funds (1) $ 7,124 $ — $ — $ 7,124 Corporate obligations — 41,356 — 41,356 Total $ 7,124 $ 41,356 $ — $ 48,480 As of December 31, 2015 Level 1 Level 2 Level 3 Total Money market funds (1) $ 325 $ — $ — $ 325 Corporate obligations — 47,775 — 47,775 Total $ 325 $ 47,775 $ — $ 48,100 (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.

Non-Marketable Investments

Non-Marketable Investments	3 Months Ended
	Mar. 31, 2016
Investments Debt And Equity Securities [Abstract]
Non-Marketable Investments	Note 4 — Non-Marketable Investments At March 31, 2016 and December 31, 2015, the carrying value of the Company’s non-marketable investments, which were composed primarily of interests in technology-related private equity funds, was $3.6 million and is included in other assets in the Consolidated Balance Sheets. One of the Company’s investments, with a book value of $0.4 million at March 31, 2016 and December 31, 2015, 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, 2016 and 2015, and are included in losses on investments, net in the Consolidated Statements of Income (Loss). During the three months ended March 31, 2016 no distributions were received from the funds. During the three months ended March 31, 2015, gross distributions of $0.1 million were received from the funds.

Reorganization

Reorganization	3 Months Ended
	Mar. 31, 2016
Restructuring And Related Activities [Abstract]
Reorganization	Note 5 — Reorganization In the first quarter of 2016, the Company implemented a reduction in its workforce of approximately 2% of its employees across various geographies and functions. The Company recorded $1.0 million of severance and related costs for this action during the three months ended March 31, 2016 and expects to incur an additional $0.1 million during the three months ended June 30, 2016. All costs under this plan are expected to be paid during 2016. 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. The Company recorded $3.4 million of severance and related costs for this action during the three months ended March 31, 2015. The following table rolls forward the activity in the reorganization accrual for the three months ended March 31, 2016 (in thousands): Workforce Subsidiary Products Reduction Liquidation Reorganization Total Accrual at December 31, 2015 41 7 433 481 Additions 1,011 - 4 1,015 Cash payments (164 ) (7 ) (436 ) (607 ) Accrual at March 31, 2016 $ 888 $ - $ 1 $ 889

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Note 6 — Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) by the basic weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the diluted weighted average number of common shares and common equivalent shares outstanding during the period. The weighted average number of common equivalent shares outstanding has been determined in accordance with the treasury-stock method. Common equivalent shares consist of common stock issuable on the exercise of outstanding 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, 2016 2015 Basic weighted average common shares outstanding 17,762 18,058 Weighted average common equivalent shares 163 - Diluted weighted average common shares outstanding 17,925 18,058 Options excluded from diluted weighted average share calculation as effect would have been anti-dilutive 1,736 2,052

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Stockholders' Equity	Note 7 — Stockholders’ Equity Equity Plans Stock option activity for the three months ended March 31, 2016 is presented below (in thousands, except per share data and contractual term): Weighted - Weighted - Average Average Exercise Remaining Aggregate Number Price Per Contractual Intrinsic of Shares Share Term (in years) Value Outstanding at December 31, 2015 2,171 $ 33.84 Granted 30 31.81 Exercised (19 ) 26.34 Forfeited (109 ) 36.02 Outstanding at March 31, 2016 2,073 $ 33.77 6.40 $ 3,148 Exercisable at March 31, 2016 1,110 $ 32.44 4.61 $ 2,763 Vested and expected to vest at March 31, 2016 1,968 $ 33.70 6.27 $ 3,102 Restricted stock unit activity for the three months ended March 31, 2016 is presented below (in thousands, except per share data): Weighted- Average Number of Grant Date Shares Fair Value Unvested at December 31, 2015 504 $ 33.67 Granted 5 30.03 Vested (2 ) 36.43 Forfeited (24 ) 34.30 Unvested at March 31, 2016 483 $ 33.59 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, 2016 2015 Cost of services and fulfillment $ 1,194 $ 1,237 Selling and marketing 314 334 General and administrative 627 615 Total $ 2,135 $ 2,186 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, 2016 March 31, 2015 Equity Incentive Employee Stock Equity Incentive Employee Stock Plans Purchase Plan Plans Purchase Plan Average risk-free interest rate 1.52 % 0.47 % 1.37 % 0.11 % Expected dividend yield 2.3 % 2.3 % 1.8 % 1.8 % Expected life 5.0 Years 0.5 Years 5.1 Years 0.5 Years Expected volatility 24 % 27 % 25 % 22 % Weighted average fair value $ 5.53 $ 7.06 $ 7.48 $ 7.93 Dividends In the three months ended March 31, 2016, the Company declared and paid a dividend of $0.18 per share or $3.2 million in the aggregate. 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 April 2016, the Company declared a dividend of $0.18 per share payable on June 22, 2016 to shareholders of record as of June 8, 2016. Treasury Stock As of March 31, 2016 Forrester’s Board of Directors had authorized an aggregate $460.0 million to purchase common stock under its stock repurchase program. The shares repurchased may be used, among other things, in connection with Forrester’s employee and director equity incentive and purchase plans. The Company did not repurchase shares of common stock in the three months ended March 31, 2016. In the three months ended March 31, 2015, the Company repurchased 0.2 million shares of common stock at an aggregate cost of $5.7 million. From the inception of the program through March 31, 2016, Forrester repurchased 15.0 million shares of common stock at an aggregate cost of $423.1 million.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 was $1.1 million resulting in an effective tax rate of 46% for the period. Income tax benefit for the three months ended March 31, 2015 was $0.2 million resulting from losses of $0.5 million in the period. Income tax expense increased by $1.3 million during the three months ended March 31, 2016 compared to the prior year period due primarily to a $2.8 million increase in income before taxes during the current year period. Due to the low amount of income before taxes during the three months ended March 31, 2016, the effective tax rate is not considered meaningful or representative of the full year effective tax rate. For the full year 2016 the Company anticipates that its effective tax rate will be approximately 40%.

Operating Segments

Operating Segments	3 Months Ended
	Mar. 31, 2016
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 Research and Connect products. 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. 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, Connect and Events organizations. Revenue in this segment includes all revenue for the Company (including Research and Connect) 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 majority of the Company’s project consulting services. 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 (expense), 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 March 31, 2016 Research services revenues $ 53,248 $ — $ — $ 53,248 Advisory services and events revenues 2,701 10,586 10,866 24,153 Total segment revenues 55,949 10,586 10,866 77,401 Segment expenses 8,878 13,337 6,780 28,995 Contribution margin (loss) 47,071 (2,751 ) 4,086 48,406 Selling, marketing, administrative and other expenses (44,470 ) Amortization of intangible assets (209 ) Reorganization costs (1,015 ) Other income (expense) and losses on investments (328 ) Income (loss) before income taxes $ 2,384 Project Products Research Consulting Consolidated 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 (expense) and losses on investments 263 Income (loss) before income taxes $ (452 )

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements And Changes In Accounting Principles [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 with early adoption permitted for the first interim period within annual reporting periods beginning after December 15, 2016. In February 2016 the FASB issued ASU No. 2016-02, Leases In March 2016 the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting

Interim Consolidated Financia17

Interim Consolidated Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2016
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, 2015. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the financial position, results of operations, comprehensive income (loss) and cash flows as of the dates and for the periods presented have been included. The results of operations for the three months ended March 31, 2016 may not be indicative of the results for the year ending December 31, 2016, 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.

Accumulated Other Comprehensi18

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income (loss) are as follows (in thousands): Total Net Unrealized Gain Cumulative Accumulated (Loss) on Marketable Translation Other Comprehensive Investments Adjustment Income (Loss) Balance at January 1, 2016 $ (100 ) $ (4,726 ) $ (4,826 ) Foreign currency translation — 1,481 1,481 Unrealized gain on investments, net of tax of $76 117 — 117 Balance at March 31, 2016 $ 17 $ (3,245 ) $ (3,228 ) Total Net Unrealized Gain Cumulative Accumulated (Loss) on Marketable Translation Other Comprehensive Investments Adjustment Income (Loss) Balance at January 1, 2015 $ (74 ) $ (1,539 ) $ (1,613 ) Foreign currency translation — (3,000 ) (3,000 ) Unrealized gain on investments, net of tax of $62 98 — 98 Balance at March 31, 2015 $ 24 $ (4,539 ) $ (4,515 )

Marketable Investments (Tables)

Marketable Investments (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2016 Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value Corporate obligations $ 41,328 $ 34 $ (6 ) $ 41,356 As of December 31, 2015 Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value Corporate obligations $ 47,939 $ - $ (164 ) $ 47,775
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, 2016 (in thousands). FY 2016 FY 2017 FY 2018 Total Corporate obligations $ 10,591 $ 25,738 $ 5,027 $ 41,356
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, 2016 Less Than 12 Months 12 Months or Greater Market Unrealized Market Unrealized Value Losses Value Losses Corporate obligations $ 11,763 $ 5 $ 3,026 $ 1 As of December 31, 2015 Less Than 12 Months 12 Months or Greater Market Unrealized Market Unrealized Value Losses Value Losses Corporate obligations $ 45,748 $ 158 $ 2,027 $ 6
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 (in thousands): As of March 31, 2016 Level 1 Level 2 Level 3 Total Money market funds (1) $ 7,124 $ — $ — $ 7,124 Corporate obligations — 41,356 — 41,356 Total $ 7,124 $ 41,356 $ — $ 48,480 As of December 31, 2015 Level 1 Level 2 Level 3 Total Money market funds (1) $ 325 $ — $ — $ 325 Corporate obligations — 47,775 — 47,775 Total $ 325 $ 47,775 $ — $ 48,100 (1) Included in cash and cash equivalents.

Reorganization (Tables)

Reorganization (Tables)	3 Months Ended
	Mar. 31, 2016
Restructuring And Related Activities [Abstract]
Schedule 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, 2016 (in thousands): Workforce Subsidiary Products Reduction Liquidation Reorganization Total Accrual at December 31, 2015 41 7 433 481 Additions 1,011 - 4 1,015 Cash payments (164 ) (7 ) (436 ) (607 ) Accrual at March 31, 2016 $ 888 $ - $ 1 $ 889

Net Income (Loss) Per Common 21

Net Income (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Weighted Average Common Shares	Basic and diluted weighted average common shares are as follows (in thousands): Three Months Ended March 31, 2016 2015 Basic weighted average common shares outstanding 17,762 18,058 Weighted average common equivalent shares 163 - Diluted weighted average common shares outstanding 17,925 18,058 Options excluded from diluted weighted average share calculation as effect would have been anti-dilutive 1,736 2,052

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of Stock Option Activity	Stock option activity for the three months ended March 31, 2016 is presented below (in thousands, except per share data and contractual term): Weighted - Weighted - Average Average Exercise Remaining Aggregate Number Price Per Contractual Intrinsic of Shares Share Term (in years) Value Outstanding at December 31, 2015 2,171 $ 33.84 Granted 30 31.81 Exercised (19 ) 26.34 Forfeited (109 ) 36.02 Outstanding at March 31, 2016 2,073 $ 33.77 6.40 $ 3,148 Exercisable at March 31, 2016 1,110 $ 32.44 4.61 $ 2,763 Vested and expected to vest at March 31, 2016 1,968 $ 33.70 6.27 $ 3,102
Schedule of Restricted Stock Unit Activity	Restricted stock unit activity for the three months ended March 31, 2016 is presented below (in thousands, except per share data): Weighted- Average Number of Grant Date Shares Fair Value Unvested at December 31, 2015 504 $ 33.67 Granted 5 30.03 Vested (2 ) 36.43 Forfeited (24 ) 34.30 Unvested at March 31, 2016 483 $ 33.59
Summary of Stock-Based Compensation Expense Recorded in Expense Categories	Stock-based compensation was recorded in the following expense categories (in thousands): Three Months Ended March 31, 2016 2015 Cost of services and fulfillment $ 1,194 $ 1,237 Selling and marketing 314 334 General and administrative 627 615 Total $ 2,135 $ 2,186
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, 2016 March 31, 2015 Equity Incentive Employee Stock Equity Incentive Employee Stock Plans Purchase Plan Plans Purchase Plan Average risk-free interest rate 1.52 % 0.47 % 1.37 % 0.11 % Expected dividend yield 2.3 % 2.3 % 1.8 % 1.8 % Expected life 5.0 Years 0.5 Years 5.1 Years 0.5 Years Expected volatility 24 % 27 % 25 % 22 % Weighted average fair value $ 5.53 $ 7.06 $ 7.48 $ 7.93

Operating Segments (Tables)

Operating Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Information about Reportable Segments	Project Products Research Consulting Consolidated Three Months Ended March 31, 2016 Research services revenues $ 53,248 $ — $ — $ 53,248 Advisory services and events revenues 2,701 10,586 10,866 24,153 Total segment revenues 55,949 10,586 10,866 77,401 Segment expenses 8,878 13,337 6,780 28,995 Contribution margin (loss) 47,071 (2,751 ) 4,086 48,406 Selling, marketing, administrative and other expenses (44,470 ) Amortization of intangible assets (209 ) Reorganization costs (1,015 ) Other income (expense) and losses on investments (328 ) Income (loss) before income taxes $ 2,384 Project Products Research Consulting Consolidated 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 (expense) and losses on investments 263 Income (loss) before income taxes $ (452 )

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Income (Loss) - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ (4,826)	$ (1,613)
Foreign currency translation	1,481	(3,000)
Unrealized gain on investments, net of tax	117	98
Ending Balance	(3,228)	(4,515)
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(100)	(74)
Unrealized gain on investments, net of tax	117	98
Ending Balance	17	24
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(4,726)	(1,539)
Foreign currency translation	1,481	(3,000)
Ending Balance	$ (3,245)	$ (4,539)

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Income (Loss) - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other Comprehensive Income Loss Tax Parenthetical Disclosures [Abstract]
Tax on Unrealized gain on investments	$ 76	$ 62

Marketable Investments - Summar

Marketable Investments - Summary of Company's Marketable Investments (Detail) - Corporate Obligations [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 41,328	$ 47,939
Gross Unrealized Gains	34
Gross Unrealized Losses	(6)	(164)
Market Value	$ 41,356	$ 47,775

Marketable Investments - Summ27

Marketable Investments - Summary of Maturity Periods of the Marketable Securities (Detail) - Corporate Obligations [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
FY 2,016	$ 10,591
FY 2,017	25,738
FY 2,018	5,027
Total	$ 41,356	$ 47,775

Marketable Investments - Summ28

Marketable Investments - Summary of Gross Unrealized Losses and Market Value of Available-for-Sale Securities with Unrealized Losses (Detail) - Corporate Obligations [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less Than 12 Months, Market Value	$ 11,763	$ 45,748
Available for sale securities, Less Than 12 Months, Unrealized Losses	5	158
Available for sale securities, 12 Months or Greater, Market Value	3,026	2,027
Available for sale securities, 12 Months or Greater, Unrealized Losses	$ 1	$ 6

Marketable Investments - Summ29

Marketable Investments - Summary of Company's Fair Value Hierarchy for its Financial Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	$ 48,480	$ 48,100
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	7,124	325
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	41,356	47,775
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	7,124	325
Money Market Funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	7,124	325
Corporate Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	41,356	47,775
Corporate Obligations [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	$ 41,356	$ 47,775

Non-Marketable Investments - Ad

Non-Marketable Investments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Carrying value of the Company's non-marketable investments	$ 3,600,000		$ 3,600,000
Book value of investment	400,000		$ 400,000
Gross distributions received from funds	$ 0	$ 100,000
Limited Partnerships Investments [Member] | Minimum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Ownership interest of Company	5.00%

Reorganization - Additional Inf

Reorganization - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Mar. 31, 2015
Restructuring Cost And Reserve [Line Items]
Percentage of workforce reduction		2.00%	4.00%
Severance costs		$ 1	$ 3.4
Scenario Forecast [Member]
Restructuring Cost And Reserve [Line Items]
Severance costs	$ 0.1

Reorganization - Schedule of Ro

Reorganization - Schedule of Rolls Forward of Activity in Reorganization Accrual (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Cost And Reserve [Line Items]
Accrual Beginning Balance	$ 481
Additions	1,015	$ 3,424
Cash payments	(607)
Accrual Ending Balance	889
Workforce Reduction [Member]
Restructuring Cost And Reserve [Line Items]
Accrual Beginning Balance	41
Additions	1,011
Cash payments	(164)
Accrual Ending Balance	888
Subsidiary Liquidation [Member]
Restructuring Cost And Reserve [Line Items]
Accrual Beginning Balance	7
Cash payments	(7)
Products Group Reorganization [Member]
Restructuring Cost And Reserve [Line Items]
Accrual Beginning Balance	433
Additions	4
Cash payments	(436)
Accrual Ending Balance	$ 1

Net Income (Loss) Per Common 33

Net Income (Loss) Per Common Share - Schedule of Basic and Diluted Weighted Average Common Shares (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	17,762	18,058
Weighted average common equivalent shares	163
Diluted weighted average common shares outstanding	17,925	18,058
Options excluded from diluted weighted average share calculation as effect would have been anti-dilutive	1,736	2,052

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Outstanding at December 31, 2015 | shares	2,171
Number of Shares, Granted | shares	30
Number of Shares, Exercised | shares	(19)
Number of Shares, Forfeited | shares	(109)
Number of Shares, Outstanding at March 31, 2016 | shares	2,073
Number of Shares, Exercisable at March 31, 2016 | shares	1,110
Number of Shares, Vested and expected to vest at March 31, 2016 | shares	1,968
Weighted - Average Exercise Price Per Share, Outstanding, Beginning balance | $ / shares	$ 33.84
Weighted - Average Exercise Price Per Share, Granted | $ / shares	31.81
Weighted - Average Exercise Price Per Share, Exercised | $ / shares	26.34
Weighted - Average Exercise Price Per Share, Forfeited | $ / shares	36.02
Weighted - Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares	33.77
Weighted - Average Exercise Price Per Share, Exercisable at March 31, 2016 | $ / shares	32.44
Weighted Average Exercise Price Per Share, Vested and expected to vest at March 31, 2016 | $ / shares	$ 33.70
Weighted - Average Remaining Contractual Term, Outstanding at March 31, 2016	6 years 4 months 24 days
Weighted - Average Remaining Contractual Term, Exercisable at March 31, 2016	4 years 7 months 10 days
Weighted - Average Remaining Contractual Term, Vested and expected to vest at March 31, 2016	6 years 3 months 7 days
Aggregate Intrinsic Value, Outstanding at March 31, 2016 | $	$ 3,148
Aggregate Intrinsic Value, Exercisable at March 31, 2016 | $	2,763
Aggregate Intrinsic Value, Vested and expected to vest at March 31, 2016 | $	$ 3,102

Stockholders' Equity - Schedu35

Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested at December 31, 2015 | shares	504
Number of Shares, Granted | shares	5
Number of Shares, Vested | shares	(2)
Number of Shares, Forfeited | shares	(24)
Number of Shares, Unvested at March 31, 2016 | shares	483
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ / shares	$ 33.67
Weighted-Average Grant Date Fair Value, Granted | $ / shares	30.03
Weighted-Average Grant Date Fair Value, Vested or settled | $ / shares	36.43
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares	34.30
Weighted-Average Grant Date Fair Value , Unvested, Ending Balance | $ / shares	$ 33.59

Stockholders' Equity - Schedu36

Stockholders' Equity - Schedule of Stock-Based Compensation Recorded in Expense Categories (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	$ 2,135	$ 2,186
Cost of Services and Fulfillment [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	1,194	1,237
Selling and Marketing [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	314	334
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	$ 627	$ 615

Stockholders' Equity - Options

Stockholders' Equity - Options Granted Under Equity Incentive Plans and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity Incentive Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	1.52%	1.37%
Expected dividend yield	2.30%	1.80%
Expected life	5 years	5 years 1 month 6 days
Expected volatility	24.00%	25.00%
Weighted average fair value	$ 5.53	$ 7.48
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	0.47%	0.11%
Expected dividend yield	2.30%	1.80%
Expected life	6 months	6 months
Expected volatility	27.00%	22.00%
Weighted average fair value	$ 7.06	$ 7.93

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2016	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend declared and paid per share		$ 0.18	$ 0.17
Aggregate dividend declared for the year		$ 3,200,000	$ 3,100,000
Dividend declared per share		$ 0.18	$ 0.17
Authorized to purchase of common stock under the stock repurchase program		$ 460,000,000
Repurchase of common Stock		0	200,000
Cumulative aggregate cost of repurchase of common stock			$ 5,700,000
Cumulative repurchase of common stock		15,000,000
Aggregate cost of repurchase of common stock		$ 423,100,000
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend declared per share	$ 0.18
Dividend payable, date declared	Jun. 22, 2016
Dividend payable, record date	Jun. 8, 2016

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2016
Income Tax [Line Items]
Income tax expense (benefit)	$ 1,095	$ (228)
Effective income tax rate	46.00%
Loss before income taxes	$ 2,384	$ (452)
Increase in income taxes	1,300
Increase in income before taxes	$ 2,800
Anticipated [Member]
Income Tax [Line Items]
Effective income tax rate			40.00%

Operating Segments - Schedule o

Operating Segments - Schedule of Information about Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Research services revenues	$ 53,248	$ 51,858
Advisory services and events revenues	24,153	23,329
Total revenues	77,401	75,187
Segment expenses	28,995	28,257
Contribution margin (loss)	48,406	46,930
Selling, marketing, administrative and other expenses	(44,470)	(44,000)
Amortization of intangible assets	(209)	(221)
Reorganization costs	(1,015)	(3,424)
Other income (expense) and losses on investments	(328)	263
Income (loss) before income taxes	2,384	(452)
Products Segment [Member]
Segment Reporting Information [Line Items]
Research services revenues	53,248	51,858
Advisory services and events revenues	2,701	2,467
Total revenues	55,949	54,325
Segment expenses	8,878	8,349
Contribution margin (loss)	47,071	45,976
Research Segment [Member]
Segment Reporting Information [Line Items]
Advisory services and events revenues	10,586	10,327
Total revenues	10,586	10,327
Segment expenses	13,337	12,948
Contribution margin (loss)	(2,751)	(2,621)
Project Consulting [Member]
Segment Reporting Information [Line Items]
Advisory services and events revenues	10,866	10,535
Total revenues	10,866	10,535
Segment expenses	6,780	6,960
Contribution margin (loss)	$ 4,086	$ 3,575