Forrester Research (FORR) 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 03, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		17,975,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 79,960	$ 76,958
Marketable investments (Note 3)	54,019	61,147
Accounts receivable, net	39,481	58,812
Deferred commissions	9,146	12,052
Prepaid expenses and other current assets	15,817	14,467
Total current assets	198,423	223,436
Property and equipment, net	26,128	23,894
Goodwill	75,815	73,193
Intangible assets, net	927	1,464
Other assets	13,095	13,798
Total assets	314,388	335,785
Current Liabilities:
Accounts payable	613	1,806
Accrued expenses and other current liabilities	36,838	41,403
Deferred revenue	132,929	134,265
Total current liabilities	170,380	177,474
Non-current liabilities	8,788	8,275
Total liabilities	179,168	185,749
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 - 22,293 and 21,719 shares as of September 30, 2017 and December 31, 2016, respectively Outstanding - 17,902 and 18,361 shares as of September 30, 2017 and December 31, 2016, respectively	223	217
Additional paid-in capital	175,218	157,569
Retained earnings	124,343	121,799
Treasury stock - 4,391 and 3,358 shares as of September 30, 2017 and December 31, 2016, respectively, at cost	(161,943)	(121,976)
Accumulated other comprehensive loss	(2,621)	(7,573)
Total stockholders’ equity	135,220	150,036
Total liabilities and stockholders’ equity	$ 314,388	$ 335,785

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
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	22,293,000	21,719,000
Common stock, shares outstanding	17,902,000	18,361,000
Treasury stock, shares	4,391,000	3,358,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Research services	$ 54,235	$ 52,727	$ 160,553	$ 160,998
Advisory services and events	26,134	24,700	86,743	81,651
Total revenues	80,369	77,427	247,296	242,649
Operating expenses:
Cost of services and fulfillment	32,508	29,889	100,814	95,429
Selling and marketing	29,225	27,751	90,355	87,490
General and administrative	10,083	10,086	30,672	30,359
Depreciation	1,607	1,941	4,775	5,982
Amortization of intangible assets	197	208	582	627
Reorganization costs				1,026
Total operating expenses	73,620	69,875	227,198	220,913
Income from operations	6,749	7,552	20,098	21,736
Other income, net	146	229	248	374
Losses on investments, net	(772)	(1,085)	(997)	(1,139)
Income before income taxes	6,123	6,696	19,349	20,971
Income tax provision	2,170	3,584	6,302	9,110
Net income	$ 3,953	$ 3,112	$ 13,047	$ 11,861
Basic income per common share	$ 0.22	$ 0.17	$ 0.73	$ 0.66
Diluted income per common share	$ 0.22	$ 0.17	$ 0.72	$ 0.65
Basic weighted average common shares outstanding	17,747	18,062	17,897	17,896
Diluted weighted average common shares outstanding	18,051	18,435	18,212	18,168
Cash dividends declared per common share	$ 0.19	$ 0.18	$ 0.57	$ 0.54

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 3,953	$ 3,112	$ 13,047	$ 11,861
Other comprehensive income (loss), net of taxes:
Foreign currency translation	1,601	(120)	4,905	(68)
Net change in market value of investments	23	(48)	47	72
Other comprehensive income (loss)	1,624	(168)	4,952	4
Comprehensive income	$ 5,577	$ 2,944	$ 17,999	$ 11,865

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 13,047	$ 11,861
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,775	5,982
Amortization of intangible assets	582	627
Net losses from investments	997	1,139
Deferred income taxes	(921)	(413)
Stock-based compensation	6,423	5,731
Amortization of premium on investments	171	267
Foreign currency losses	444	98
Changes in assets and liabilities
Accounts receivable	20,140	31,078
Deferred commissions	2,906	3,890
Prepaid expenses and other current assets	(979)	2,322
Accounts payable	(1,208)	133
Accrued expenses and other liabilities	(6,041)	(10,101)
Deferred revenue	(3,473)	(14,309)
Net cash provided by operating activities	36,863	38,305
Cash flows from investing activities:
Purchases of property and equipment	(5,806)	(3,334)
Purchases of marketable investments	(27,430)	(35,555)
Proceeds from sales and maturities of marketable investments	34,458	20,086
Other investing activity	200	(49)
Net cash provided by (used in) investing activities	1,422	(18,852)
Cash flows from financing activities:
Dividends paid on common stock	(10,205)	(9,696)
Repurchases of common stock	(39,967)
Proceeds from issuance of common stock under employee equity incentive plans	13,866	9,987
Taxes paid related to net share settlements of stock-based compensation awards	(2,511)	(2,069)
Net cash used in financing activities	(38,817)	(1,778)
Effect of exchange rate changes on cash and cash equivalents	3,534	(870)
Net increase in cash and cash equivalents	3,002	16,805
Cash and cash equivalents, beginning of period	76,958	53,331
Cash and cash equivalents, end of period	$ 79,960	$ 70,136

Interim Consolidated Financial

Interim Consolidated Financial Statements	9 Months Ended
	Sep. 30, 2017
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, 2016. 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 and cash flows as of the dates and for the periods presented have been included. The results of operations for the three and nine months ended September 30, 2017 may not be indicative of the results for the year ending December 31, 2017, 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. Adoption of New Accounting Pronouncements The Company adopted the guidance in Accounting Standards Update ("ASU") No. 2016-09, Compensation - Stock Compensation Improvements to Employee Share-Based Payment Accounting Additionally, ASU No. 2016-09 requires that all income tax effects related to settlements of share-based payment awards be reported in earnings as an increase or decrease to income tax expense. Previously, income tax effects at settlement of an award were reported as an increase (or decrease) to additional paid-in capital to the extent that those benefits were greater than (or less than) the income tax effects reported in earnings during the award's vesting period. The requirement to report those income tax effects in earnings has been applied on a prospective basis to settlements occurring on or after January 1, 2017, and the impact of applying this guidance resulted in a $0.3 million tax benefit for the three and nine months ended September 30, 2017. Application of this guidance may result in fluctuations in the Company’s effective tax rate depending on how many options are exercised, how many restricted stock units vest and the volatility of the Company’s stock price. ASU 2016-09 also requires that all income tax-related cash flows resulting from share-based payments be reported as operating activities in the statement of cash flows. Previously, income tax benefits at settlement of an award were reported as a reduction to operating cash flows and an increase to financing cash flows to the extent that those benefits exceeded the income tax benefits reported in earnings during the award's vesting period. In addition, the standard requires that cash paid by directly withholding shares for tax withholding purposes be classified as a financing activity in the statement of cash flows. For the nine months ended September 30, 2017, the Company reflected $2.5 million of tax withholding in financing activities. resulting in an increase in operating cash flows, with a corresponding decrease in financing cash flows, of $2.4 million for the nine months ended September 30, 2016, The Company elected to early adopt the guidance in ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2017
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 Cumulative Accumulated (Loss) on Marketable Translation Other Comprehensive Investments Adjustment Income (Loss) Balance at January 1, 2017 $ (83 ) $ (7,490 ) $ (7,573 ) Foreign currency translation — 4,905 4,905 Unrealized gain on investments, net of tax of $29 47 — 47 Balance at September 30, 2017 $ (36 ) $ (2,585 ) $ (2,621 ) Total Net Unrealized Gain Cumulative Accumulated (Loss) on Marketable Translation Other Comprehensive Investments Adjustment Income (Loss) Balance at July 1, 2017 $ (59 ) $ (4,186 ) $ (4,245 ) Foreign currency translation — 1,601 1,601 Unrealized gain on investments, net of tax of $14 23 — 23 Balance at September 30, 2017 $ (36 ) $ (2,585 ) $ (2,621 ) 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 — (68 ) (68 ) Unrealized gain on investments, net of tax of $46 72 — 72 Balance at September 30, 2016 $ (28 ) $ (4,794 ) $ (4,822 ) Total Net Unrealized Gain Cumulative Accumulated (Loss) on Marketable Translation Other Comprehensive Investments Adjustment Income (Loss) Balance at July 1, 2016 $ 20 $ (4,674 ) $ (4,654 ) Foreign currency translation — (120 ) (120 ) Unrealized loss on investments, net of tax of $(33) (48 ) — (48 ) Balance at September 30, 2016 $ (28 ) $ (4,794 ) $ (4,822 )

Marketable Investments

Marketable Investments	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value Federal agency obligations $ 1,800 $ — $ (4 ) $ 1,796 Corporate obligations 52,277 7 (61 ) 52,223 Total $ 54,077 $ 7 $ (65 ) $ 54,019 As of December 31, 2016 Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value Federal agency obligations $ 1,800 $ — $ (7 ) $ 1,793 Corporate obligations 59,481 2 (129 ) 59,354 Total $ 61,281 $ 2 $ (136 ) $ 61,147 Realized gains and losses on investments are included in earnings and are determined using the specific identification method. Realized gains or losses on the sale of the Company’s marketable investments were not material in the three and nine months ended September 30, 2017 and 2016. The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of September 30, 2017 (in thousands). FY 2017 FY 2018 FY 2019 Total Federal agency obligations $ — $ 1,796 $ — $ 1,796 Corporate obligations 4,000 28,559 19,664 52,223 Total $ 4,000 $ 30,355 $ 19,664 $ 54,019 The following table shows the gross unrealized losses and market value of the Company’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): As of September 30, 2017 Less Than 12 Months 12 Months or Greater Market Unrealized Market Unrealized Value Losses Value Losses Federal agency obligations $ - $ — $ 1,796 $ 4 Corporate obligations 25,039 30 17,640 31 Total $ 25,039 $ 30 $ 19,436 $ 35 As of December 31, 2016 Less Than 12 Months 12 Months or Greater Market Unrealized Market Unrealized Value Losses Value Losses Federal agency obligations $ 1,793 $ 7 $ — $ — Corporate obligations 53,647 129 — — Total $ 55,440 $ 136 $ — $ — 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 September 30, 2017 Level 1 Level 2 Level 3 Total Money market funds (1) $ 763 $ — $ — $ 763 Federal agency obligations — 1,796 — 1,796 Corporate obligations — 52,223 — 52,223 Total $ 763 $ 54,019 $ — $ 54,782 As of December 31, 2016 Level 1 Level 2 Level 3 Total Money market funds (1) $ 2,522 $ — $ — $ 2,522 Federal agency obligations — 1,793 — 1,793 Corporate obligations — 59,354 — 59,354 Total $ 2,522 $ 61,147 $ — $ 63,669 (1) Included in cash and cash equivalents. Level 2 assets consist of the Company’s entire portfolio of marketable investments. 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	9 Months Ended
	Sep. 30, 2017
Investments Debt And Equity Securities [Abstract]
Non-Marketable Investments	Note 4 — Non-Marketable Investments At September 30, 2017 and December 31, 2016, the carrying value of the Company’s non-marketable investments, which were composed primarily of interests in technology-related private equity funds, was $1.5 million and $2.8 million, respectively, and is included in other assets in the Consolidated Balance Sheets. The Company’s investments at September 30, 2017 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. Losses from non-marketable investments were $0.8 million and $1.0 million during the three and nine months ended September 30, 2017. Losses from non-marketable investments were $1.1 million and $1.2 million during the three and nine months ended September 30, 2016. Losses are included in Losses on investments, net in the Consolidated Statements of Income. At December 31, 2016, the Company’s investments also included an investment with a book value of $0.4 million, which was accounted for using the cost method. This investment was fully liquidated during the three months ended March 31, 2017. During the three months ended September 30, 2017, no distributions were received from the funds. During the nine months ended September 30, 2017, distributions of $0.4 million were received from the funds. During the nine months ended September 30, 2016, no distributions were received from the funds.

Reorganization

Reorganization	9 Months Ended
	Sep. 30, 2017
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. All costs under this plan were paid during 2016.

Net Income Per Common Share

Net Income Per Common Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Net Income Per Common Share	Note 6 — Net Income Per Common Share Basic net income per common share is computed by dividing net income by the basic weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the diluted weighted average number of common shares and common equivalent shares outstanding during the period. The weighted average number of common equivalent shares outstanding has been determined in accordance with the treasury-stock method. Common equivalent shares consist of common stock issuable on the exercise of outstanding options and vesting of restricted stock units when dilutive. Basic and diluted weighted average common shares are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Basic weighted average common shares outstanding 17,747 18,062 17,897 17,896 Weighted average common equivalent shares 304 373 315 272 Diluted weighted average common shares outstanding 18,051 18,435 18,212 18,168 Share based awards excluded from diluted weighted average share calculation as effect would have been anti-dilutive 27 82 177 910

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Stockholders' Equity	Note 7 — Stockholders’ Equity Equity Plans Stock option activity for the nine months ended September 30, 2017 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, 2016 1,540 $ 34.35 Granted — — Exercised (385 ) 32.32 Forfeited (73 ) 34.44 Outstanding at September 30, 2017 1,082 $ 35.07 6.01 $ 7,332 Exercisable at September 30, 2017 771 $ 34.92 5.36 $ 5,340 Vested and expected to vest at September 30, 2017 1,082 $ 35.07 6.01 $ 7,332 Restricted stock unit activity for the nine months ended September 30, 2017 is presented below (in thousands, except per share data): Weighted- Average Number of Grant Date Shares Fair Value Unvested at December 31, 2016 539 $ 35.50 Granted 241 39.58 Vested (205 ) 35.28 Forfeited (51 ) 36.01 Unvested at September 30, 2017 524 $ 37.42 Stock-Based Compensation Forrester recognizes the fair value of stock-based compensation in net income over the requisite service period of the individual grantee, which generally equals the vesting period. Stock-based compensation was recorded in the following expense categories (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Cost of services and fulfillment $ 1,088 $ 1,077 $ 3,387 $ 3,141 Selling and marketing 170 272 535 695 General and administrative 920 622 2,501 1,895 Total $ 2,178 $ 1,971 $ 6,423 $ 5,731 Forrester utilizes the Black-Scholes valuation model for estimating the fair value of shares subject to purchase under the employee stock purchase plan, which were valued using the following assumptions: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Average risk-free interest rate 0.96 % 0.47 % 0.81 % 0.47 % Expected dividend yield 1.9 % 2.0 % 1.9 % 2.0 % Expected life 0.5 Years 0.5 Years 0.5 Years 0.5 Years Expected volatility 26 % 26 % 24 % 25 % Weighted average fair value $ 8.50 $ 7.52 $ 8.32 $ 7.75 Dividends In the nine months ended September 30, 2017, the Company declared and paid dividends of $10.2 million consisting of a $0.19 per share dividend in each of the first three quarters of 2017. In the nine months ended September 30, 2016, the Company declared and paid dividends of $9.7 million consisting of a $0.18 per share dividend in each of the first three quarters of 2016. In October 2017, the Company declared a dividend of $0.19 per share payable on December 20, 2017 to shareholders of record as of December 6, 2017. Treasury Stock As of September 30, 2017, Forrester’s Board of Directors had authorized an aggregate $485.0 million to purchase common stock under its stock repurchase program. The shares repurchased may be used, among other things, in connection with Forrester’s equity incentive and purchase plans. In the three and nine months ended September 30, 2017, the Company repurchased approximately 0.1 and 1.1 million shares, respectively, of common stock at an aggregate cost of approximately $3.5 million and $40.0 million, respectively. The Company did not repurchase shares of common stock in the nine months ended September 30, 2016. From the inception of the program through September 30, 2017, Forrester repurchased 16.1 million shares of common stock at an aggregate cost of $464.9 million.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
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 or expense related to settlements of share-based payment awards are treated as discrete items and are recorded in the period in which they arise. Income tax expense for the nine months ended September 30, 2017 was $6.3 million resulting in an effective tax rate of 32.6% for the period. Income tax expense for the nine months ended September 30, 2016 was $9.1 million resulting in an effective tax rate of 43.4% for the period. The decrease in the effective tax rate during the nine months ended September 30, 2017 compared to the prior year period was primarily due to the recognition of a $1.3 million benefit from the settlement of a tax audit in the first quarter of 2017 and the recognition of approximately $0.3 million of windfall tax benefits from the settlement of options and restricted stock units during the third quarter of 2017. In addition, in 2016 an additional $0.6 million of tax expense was incurred due to a valuation allowance on a capital loss generated from one of the Company’s investments. For the full year 2017, the Company anticipates that its effective tax rate will be approximately 35%.

Operating Segments

Operating Segments	9 Months Ended
	Sep. 30, 2017
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, certain client support 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 losses on investments. The accounting policies used by the segments are the same as those used in the consolidated financial statements. In the first quarter of 2017, the Company modified its internal reporting for the Research and Project Consulting segments to reflect the transfer of revenue and direct costs related to a small consulting team in Asia Pacific from Research to Project Consulting, and to remove from both Research and Project Consulting certain client support activities that are now included within selling, marketing, administrative and other expenses in the table below. Accordingly, the 2016 amounts have been reclassified to conform to the current presentation. Project Product Research Consulting Consolidated Three Months Ended September 30, 2017 Research services revenues $ 54,235 $ — $ — $ 54,235 Advisory services and events revenues 3,353 10,379 12,402 26,134 Total segment revenues 57,588 10,379 12,402 80,369 Segment expenses 9,764 11,953 6,443 28,160 Contribution margin (loss) 47,824 (1,574 ) 5,959 52,209 Selling, marketing, administrative and other expenses (45,263 ) Amortization of intangible assets (197 ) Reorganization costs — Other income and losses on investments (626 ) Income before income taxes $ 6,123 Project Product Research Consulting Consolidated Three Months Ended September 30, 2016 Research services revenues $ 52,727 $ — $ — $ 52,727 Advisory services and events revenues 2,333 10,330 12,037 24,700 Total segment revenues 55,060 10,330 12,037 77,427 Segment expenses 8,884 11,586 5,522 25,992 Contribution margin (loss) 46,176 (1,256 ) 6,515 51,435 Selling, marketing, administrative and other expenses (43,675 ) Amortization of intangible assets (208 ) Reorganization costs — Other income and losses on investments (856 ) Income before income taxes $ 6,696 Project Product Research Consulting Consolidated Nine Months Ended September 30, 2017 Research services revenues $ 160,553 $ — $ — $ 160,553 Advisory services and events revenues 15,714 32,279 38,750 86,743 Total segment revenues 176,267 32,279 38,750 247,296 Segment expenses 32,788 36,510 18,886 88,184 Contribution margin (loss) 143,479 (4,231 ) 19,864 159,112 Selling, marketing, administrative and other expenses (138,432 ) Amortization of intangible assets (582 ) Reorganization costs — Other income and losses on investments (749 ) Income before income taxes $ 19,349 Project Product Research Consulting Consolidated Nine Months Ended September 30, 2016 Research services revenues $ 160,998 $ — $ — $ 160,998 Advisory services and events revenues 14,191 33,244 34,216 81,651 Total segment revenues 175,189 33,244 34,216 242,649 Segment expenses 30,306 36,026 17,465 83,797 Contribution margin (loss) 144,883 (2,782 ) 16,751 158,852 Selling, marketing, administrative and other expenses (135,463 ) Amortization of intangible assets (627 ) Reorganization costs (1,026 ) Other income and losses on investments (765 ) Income before income taxes $ 20,971

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2017
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 Revenue from Contracts with Customers: Principal versus Agent Considerations Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing , Revenue from Contracts with Customers: Narrow Scope Improvements and Practical Expedients Technical Corrections and Improvements: Revenue from Contracts with Customers The new standard will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. 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 determined that it will adopt the standard utilizing the modified retrospective method. In 2016, Forrester established a formal program and cross-functional implementation team to identify, design and implement changes to its accounting systems and policies, business processes and internal controls to support recognition and disclosures under the new standard. The Company believes that it has essentially completed its assessment of how the new standard will affect the Company’s revenue recognition for all of its products and services, and will complete its accounting system and business process changes by the end of 2017. The Company does not anticipate that the standard will have a material impact on its results of operations. The number of performance obligations in the Company’s arrangements will not be different under the new standard than under current guidance. Determining standalone selling prices and allocating contract consideration on multiple element arrangements will follow a similar process as the Company’s current methodologies of establishing fair value / estimated selling price for our goods and services or allocating total contract consideration under the relative selling price method. Additionally, the timing of revenue recognition will remain substantially unchanged for most products. Subscription based research services revenues will continue to be recognized over time, using the new standard’s output method of time elapsed, as Forrester’s clients receive and consume the benefits of our services as we transfer control throughout the contract period. Advisory, reprint and events revenues will continue to be recognized at the point in time as control is transferred to the customer, which will generally be when the client has physical possession of the good(s) or upon completion of the service(s). The Company expects that most of its consulting contracts will continue to be recognized over time, while some contracts may be required to be recognized at a point in time upon completion of the project. The following changes are anticipated under the new standard: • The Company will no longer record accounts receivable and deferred revenue on its balance sheet when it issues an invoice to a customer for a contract that is cancellable by the customer. For contracts that are cancellable, the Company will only record accounts receivable up to the amount of revenue earned but not yet collected. This change will have the effect of reducing the amount of accounts receivable and deferred revenue on the balance sheet compared to amounts recorded based on current accounting standards. The majority of the Company’s contracts are non-cancellable; however, the Company has not yet determined the effect of this change on its balance sheet. • The timing of revenue recognition for prepaid performance obligations that are expected to expire unused, which may include event tickets, reprints and advisory hours, will change from recognition at the time of expiration under the current standard to recognition in proportion to the pattern of related rights exercised by the customer. The Company currently expects this change to primarily affect the timing of revenue within the quarters of 2018 but does not expect it to have a material effect on the Company’s results of operations for the full year of 2018. Key areas still in process include the evaluation of costs to fulfill contracts and completion and testing of new functionality of the Company’s existing software systems that is being implemented as part of this project. The adoption program and all remaining activities, including updates to the Company’s systems, processes, policies and controls, are expected to be completed by the end of 2017. In addition, report development and testing for disclosure requirements in 2018 will be completed in the first quarter of 2018. In February 2016, the FASB issued ASU No. 2016-02, Leases In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment

Interim Consolidated Financia17

Interim Consolidated Financial Statements (Policies)	9 Months Ended
	Sep. 30, 2017
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, 2016. 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 and cash flows as of the dates and for the periods presented have been included. The results of operations for the three and nine months ended September 30, 2017 may not be indicative of the results for the year ending December 31, 2017, 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.
Adoption of New Accounting Pronouncements	Adoption of New Accounting Pronouncements The Company adopted the guidance in Accounting Standards Update ("ASU") No. 2016-09, Compensation - Stock Compensation Improvements to Employee Share-Based Payment Accounting Additionally, ASU No. 2016-09 requires that all income tax effects related to settlements of share-based payment awards be reported in earnings as an increase or decrease to income tax expense. Previously, income tax effects at settlement of an award were reported as an increase (or decrease) to additional paid-in capital to the extent that those benefits were greater than (or less than) the income tax effects reported in earnings during the award's vesting period. The requirement to report those income tax effects in earnings has been applied on a prospective basis to settlements occurring on or after January 1, 2017, and the impact of applying this guidance resulted in a $0.3 million tax benefit for the three and nine months ended September 30, 2017. Application of this guidance may result in fluctuations in the Company’s effective tax rate depending on how many options are exercised, how many restricted stock units vest and the volatility of the Company’s stock price. ASU 2016-09 also requires that all income tax-related cash flows resulting from share-based payments be reported as operating activities in the statement of cash flows. Previously, income tax benefits at settlement of an award were reported as a reduction to operating cash flows and an increase to financing cash flows to the extent that those benefits exceeded the income tax benefits reported in earnings during the award's vesting period. In addition, the standard requires that cash paid by directly withholding shares for tax withholding purposes be classified as a financing activity in the statement of cash flows. For the nine months ended September 30, 2017, the Company reflected $2.5 million of tax withholding in financing activities. resulting in an increase in operating cash flows, with a corresponding decrease in financing cash flows, of $2.4 million for the nine months ended September 30, 2016, The Company elected to early adopt the guidance in ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory

Accumulated Other Comprehensi18

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2017
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 Cumulative Accumulated (Loss) on Marketable Translation Other Comprehensive Investments Adjustment Income (Loss) Balance at January 1, 2017 $ (83 ) $ (7,490 ) $ (7,573 ) Foreign currency translation — 4,905 4,905 Unrealized gain on investments, net of tax of $29 47 — 47 Balance at September 30, 2017 $ (36 ) $ (2,585 ) $ (2,621 ) Total Net Unrealized Gain Cumulative Accumulated (Loss) on Marketable Translation Other Comprehensive Investments Adjustment Income (Loss) Balance at July 1, 2017 $ (59 ) $ (4,186 ) $ (4,245 ) Foreign currency translation — 1,601 1,601 Unrealized gain on investments, net of tax of $14 23 — 23 Balance at September 30, 2017 $ (36 ) $ (2,585 ) $ (2,621 ) 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 — (68 ) (68 ) Unrealized gain on investments, net of tax of $46 72 — 72 Balance at September 30, 2016 $ (28 ) $ (4,794 ) $ (4,822 ) Total Net Unrealized Gain Cumulative Accumulated (Loss) on Marketable Translation Other Comprehensive Investments Adjustment Income (Loss) Balance at July 1, 2016 $ 20 $ (4,674 ) $ (4,654 ) Foreign currency translation — (120 ) (120 ) Unrealized loss on investments, net of tax of $(33) (48 ) — (48 ) Balance at September 30, 2016 $ (28 ) $ (4,794 ) $ (4,822 )

Marketable Investments (Tables)

Marketable Investments (Tables)	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value Federal agency obligations $ 1,800 $ — $ (4 ) $ 1,796 Corporate obligations 52,277 7 (61 ) 52,223 Total $ 54,077 $ 7 $ (65 ) $ 54,019 As of December 31, 2016 Gross Gross Amortized Unrealized Unrealized Market Cost Gains Losses Value Federal agency obligations $ 1,800 $ — $ (7 ) $ 1,793 Corporate obligations 59,481 2 (129 ) 59,354 Total $ 61,281 $ 2 $ (136 ) $ 61,147
Summary of Maturity Periods of Marketable Investments	The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of September 30, 2017 (in thousands). FY 2017 FY 2018 FY 2019 Total Federal agency obligations $ — $ 1,796 $ — $ 1,796 Corporate obligations 4,000 28,559 19,664 52,223 Total $ 4,000 $ 30,355 $ 19,664 $ 54,019
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 the Company’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): As of September 30, 2017 Less Than 12 Months 12 Months or Greater Market Unrealized Market Unrealized Value Losses Value Losses Federal agency obligations $ - $ — $ 1,796 $ 4 Corporate obligations 25,039 30 17,640 31 Total $ 25,039 $ 30 $ 19,436 $ 35 As of December 31, 2016 Less Than 12 Months 12 Months or Greater Market Unrealized Market Unrealized Value Losses Value Losses Federal agency obligations $ 1,793 $ 7 $ — $ — Corporate obligations 53,647 129 — — Total $ 55,440 $ 136 $ — $ —
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 September 30, 2017 Level 1 Level 2 Level 3 Total Money market funds (1) $ 763 $ — $ — $ 763 Federal agency obligations — 1,796 — 1,796 Corporate obligations — 52,223 — 52,223 Total $ 763 $ 54,019 $ — $ 54,782 As of December 31, 2016 Level 1 Level 2 Level 3 Total Money market funds (1) $ 2,522 $ — $ — $ 2,522 Federal agency obligations — 1,793 — 1,793 Corporate obligations — 59,354 — 59,354 Total $ 2,522 $ 61,147 $ — $ 63,669 (1) Included in cash and cash equivalents.

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2017
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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Basic weighted average common shares outstanding 17,747 18,062 17,897 17,896 Weighted average common equivalent shares 304 373 315 272 Diluted weighted average common shares outstanding 18,051 18,435 18,212 18,168 Share based awards excluded from diluted weighted average share calculation as effect would have been anti-dilutive 27 82 177 910

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Schedule of Stock Option Activity	Stock option activity for the nine months ended September 30, 2017 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, 2016 1,540 $ 34.35 Granted — — Exercised (385 ) 32.32 Forfeited (73 ) 34.44 Outstanding at September 30, 2017 1,082 $ 35.07 6.01 $ 7,332 Exercisable at September 30, 2017 771 $ 34.92 5.36 $ 5,340 Vested and expected to vest at September 30, 2017 1,082 $ 35.07 6.01 $ 7,332
Schedule of Restricted Stock Unit Activity	Restricted stock unit activity for the nine months ended September 30, 2017 is presented below (in thousands, except per share data): Weighted- Average Number of Grant Date Shares Fair Value Unvested at December 31, 2016 539 $ 35.50 Granted 241 39.58 Vested (205 ) 35.28 Forfeited (51 ) 36.01 Unvested at September 30, 2017 524 $ 37.42
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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Cost of services and fulfillment $ 1,088 $ 1,077 $ 3,387 $ 3,141 Selling and marketing 170 272 535 695 General and administrative 920 622 2,501 1,895 Total $ 2,178 $ 1,971 $ 6,423 $ 5,731
Shares Subject to Employee Stock Purchase Plan Valuation Assumptions	Forrester utilizes the Black-Scholes valuation model for estimating the fair value of shares subject to purchase under the employee stock purchase plan, which were valued using the following assumptions: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Average risk-free interest rate 0.96 % 0.47 % 0.81 % 0.47 % Expected dividend yield 1.9 % 2.0 % 1.9 % 2.0 % Expected life 0.5 Years 0.5 Years 0.5 Years 0.5 Years Expected volatility 26 % 26 % 24 % 25 % Weighted average fair value $ 8.50 $ 7.52 $ 8.32 $ 7.75

Operating Segments (Tables)

Operating Segments (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Schedule of Information about Reportable Segments	Project Product Research Consulting Consolidated Three Months Ended September 30, 2017 Research services revenues $ 54,235 $ — $ — $ 54,235 Advisory services and events revenues 3,353 10,379 12,402 26,134 Total segment revenues 57,588 10,379 12,402 80,369 Segment expenses 9,764 11,953 6,443 28,160 Contribution margin (loss) 47,824 (1,574 ) 5,959 52,209 Selling, marketing, administrative and other expenses (45,263 ) Amortization of intangible assets (197 ) Reorganization costs — Other income and losses on investments (626 ) Income before income taxes $ 6,123 Project Product Research Consulting Consolidated Three Months Ended September 30, 2016 Research services revenues $ 52,727 $ — $ — $ 52,727 Advisory services and events revenues 2,333 10,330 12,037 24,700 Total segment revenues 55,060 10,330 12,037 77,427 Segment expenses 8,884 11,586 5,522 25,992 Contribution margin (loss) 46,176 (1,256 ) 6,515 51,435 Selling, marketing, administrative and other expenses (43,675 ) Amortization of intangible assets (208 ) Reorganization costs — Other income and losses on investments (856 ) Income before income taxes $ 6,696 Project Product Research Consulting Consolidated Nine Months Ended September 30, 2017 Research services revenues $ 160,553 $ — $ — $ 160,553 Advisory services and events revenues 15,714 32,279 38,750 86,743 Total segment revenues 176,267 32,279 38,750 247,296 Segment expenses 32,788 36,510 18,886 88,184 Contribution margin (loss) 143,479 (4,231 ) 19,864 159,112 Selling, marketing, administrative and other expenses (138,432 ) Amortization of intangible assets (582 ) Reorganization costs — Other income and losses on investments (749 ) Income before income taxes $ 19,349 Project Product Research Consulting Consolidated Nine Months Ended September 30, 2016 Research services revenues $ 160,998 $ — $ — $ 160,998 Advisory services and events revenues 14,191 33,244 34,216 81,651 Total segment revenues 175,189 33,244 34,216 242,649 Segment expenses 30,306 36,026 17,465 83,797 Contribution margin (loss) 144,883 (2,782 ) 16,751 158,852 Selling, marketing, administrative and other expenses (135,463 ) Amortization of intangible assets (627 ) Reorganization costs (1,026 ) Other income and losses on investments (765 ) Income before income taxes $ 20,971

Interim Consolidated Financia23

Interim Consolidated Financial Statements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Summary Of Significant Accounting Policy [Line Items]
Tax withholding in financing activities		$ 2,511	$ 2,069
ASU No. 2016-09 [Member]
Summary Of Significant Accounting Policy [Line Items]
Cumulative effect adjustment to increase or (reduce) retained earnings				$ 200
Tax benefit recognized	$ 300	300
Tax withholding in financing activities		$ 2,500
Change in reclassification of tax withholding			$ 2,400
Early Adoption of ASU No. 2016-16 [Member]
Summary Of Significant Accounting Policy [Line Items]
Cumulative effect adjustment to increase or (reduce) retained earnings				$ (500)

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Income (Loss) - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			$ (7,573)
Foreign currency translation	$ 1,601	$ (120)	4,905	$ (68)
Unrealized gain (loss) on investments, net of tax	23	(48)	47	72
Ending Balance	(2,621)		(2,621)
Beginning Balance			150,036
Ending Balance	135,220		135,220
Net Unrealized Gain (Loss) on Marketable Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(59)	20	(83)	(100)
Unrealized gain (loss) on investments, net of tax	23	(48)	47	72
Ending Balance	(36)	(28)	(36)	(28)
Cumulative Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(4,186)	(4,674)	(7,490)	(4,726)
Foreign currency translation	1,601	(120)	4,905	(68)
Ending Balance	(2,585)	(4,794)	(2,585)	(4,794)
Total Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(4,245)	(4,654)	(7,573)	(4,826)
Ending Balance	$ (2,621)	$ (4,822)	$ (2,621)	$ (4,822)

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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Other Comprehensive Income Loss Tax Parenthetical Disclosures [Abstract]
Tax expense (benefit) on unrealized gain (loss) on investments	$ 14	$ (33)	$ 29	$ 46

Marketable Investments - Summar

Marketable Investments - Summary of Company's Marketable Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 54,077	$ 61,281
Gross Unrealized Gains	7	2
Gross Unrealized Losses	(65)	(136)
Market Value	54,019	61,147
Federal Agency Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,800	1,800
Gross Unrealized Losses	(4)	(7)
Market Value	1,796	1,793
Corporate Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	52,277	59,481
Gross Unrealized Gains	7	2
Gross Unrealized Losses	(61)	(129)
Market Value	$ 52,223	$ 59,354

Marketable Investments - Summ27

Marketable Investments - Summary of Maturity Periods of the Marketable Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
FY 2,017	$ 4,000
FY 2,018	30,355
FY 2,019	19,664
Total	54,019	$ 61,147
Federal Agency Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
FY 2,018	1,796
Total	1,796	1,793
Corporate Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
FY 2,017	4,000
FY 2,018	28,559
FY 2,019	19,664
Total	$ 52,223	$ 59,354

Marketable Investments - Summ28

Marketable Investments - Summary of Gross Unrealized Losses and Market Value of Available-for-Sale Securities with Unrealized Losses (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less Than 12 Months, Market Value	$ 25,039	$ 55,440
Available for sale securities, Less Than 12 Months, Unrealized Losses	30	136
Available for sale securities, 12 Months or Greater, Market Value	19,436
Available for sale securities, 12 Months or Greater, Unrealized Losses	35
Federal Agency Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less Than 12 Months, Market Value		1,793
Available for sale securities, Less Than 12 Months, Unrealized Losses		7
Available for sale securities, 12 Months or Greater, Market Value	1,796
Available for sale securities, 12 Months or Greater, Unrealized Losses	4
Corporate Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Less Than 12 Months, Market Value	25,039	53,647
Available for sale securities, Less Than 12 Months, Unrealized Losses	30	$ 129
Available for sale securities, 12 Months or Greater, Market Value	17,640
Available for sale securities, 12 Months or Greater, Unrealized Losses	$ 31

Marketable Investments - Summ29

Marketable Investments - Summary of Company's Fair Value Hierarchy for its Financial Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	$ 54,782	$ 63,669
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	763	2,522
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	763	2,522
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	763	2,522
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	54,019	61,147
Federal Agency Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	1,796	1,793
Federal Agency 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	1,796	1,793
Corporate Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on recurring basis	52,223	59,354
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	$ 52,223	$ 59,354

Non-Marketable Investments - Ad

Non-Marketable Investments - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Carrying value of the Company's non-marketable investments	$ 1,500,000		$ 1,500,000		$ 2,800,000
Losses from non-marketable investments	800,000	$ 1,100,000	1,000,000	$ 1,200,000
Book value of investment					$ 400,000
Distributions received from funds	$ 0		$ 400,000	$ 0
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) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Restructuring And Related Activities [Abstract]
Percentage of workforce reduction	2.00%
Severance costs	$ 1

Net Income Per Common Share - S

Net Income Per Common Share - Schedule of Basic and Diluted Weighted Average Common Shares (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	17,747	18,062	17,897	17,896
Weighted average common equivalent shares	304	373	315	272
Diluted weighted average common shares outstanding	18,051	18,435	18,212	18,168
Share based awards excluded from diluted weighted average share calculation as effect would have been anti-dilutive	27	82	177	910

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Outstanding at December 31, 2016 | shares	1,540
Number of Shares, Exercised | shares	(385)
Number of Shares, Forfeited | shares	(73)
Number of Shares, Outstanding at September 30, 2017 | shares	1,082
Number of Shares, Exercisable at September 30, 2017 | shares	771
Number of Shares, Vested and expected to vest at September 30, 2017 | shares	1,082
Weighted - Average Exercise Price Per Share, Outstanding, Beginning balance | $ / shares	$ 34.35
Weighted - Average Exercise Price Per Share, Exercised | $ / shares	32.32
Weighted - Average Exercise Price Per Share, Forfeited | $ / shares	34.44
Weighted - Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares	35.07
Weighted - Average Exercise Price Per Share, Exercisable at September 30, 2017 | $ / shares	34.92
Weighted - Average Exercise Price Per Share, Vested and expected to vest at September 30, 2017 | $ / shares	$ 35.07
Weighted - Average Remaining Contractual Term, Outstanding at September 30, 2017	6 years 4 days
Weighted - Average Remaining Contractual Term, Exercisable at September 30, 2017	5 years 4 months 10 days
Weighted - Average Remaining Contractual Term, Vested and expected to vest at September 30, 2017	6 years 4 days
Aggregate Intrinsic Value, Outstanding at September 30, 2017 | $	$ 7,332
Aggregate Intrinsic Value, Exercisable at September 30, 2017 | $	5,340
Aggregate Intrinsic Value, Vested and expected to vest at September 30, 2017 | $	$ 7,332

Stockholders' Equity - Schedu34

Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested at December 31, 2016 | shares	539
Number of Shares, Granted | shares	241
Number of Shares, Vested | shares	(205)
Number of Shares, Forfeited | shares	(51)
Number of Shares, Unvested at September 30, 2017 | shares	524
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance | $ / shares	$ 35.50
Weighted-Average Grant Date Fair Value, Granted | $ / shares	39.58
Weighted-Average Grant Date Fair Value, Vested | $ / shares	35.28
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares	36.01
Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares	$ 37.42

Stockholders' Equity - Schedu35

Stockholders' Equity - Schedule of Stock-Based Compensation Recorded in Expense Categories (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	$ 2,178	$ 1,971	$ 6,423	$ 5,731
Cost of Services and Fulfillment [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	1,088	1,077	3,387	3,141
Selling and Marketing [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	170	272	535	695
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	$ 920	$ 622	$ 2,501	$ 1,895

Stockholders' Equity - Shares S

Stockholders' Equity - Shares Subject to Employee Stock Purchase Plan Valuation Assumptions (Detail) - Employee Stock Purchase Plan [Member] - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	0.96%	0.47%	0.81%	0.47%
Expected dividend yield	1.90%	2.00%	1.90%	2.00%
Expected life	6 months	6 months	6 months	6 months
Expected volatility	26.00%	26.00%	24.00%	25.00%
Weighted average fair value	$ 8.50	$ 7.52	$ 8.32	$ 7.75

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended						9 Months Ended
	Oct. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend declared and paid per share		$ 0.19	$ 0.19	$ 0.19	$ 0.18	$ 0.18	$ 0.18
Aggregate dividend declared for the year								$ 10,200,000	$ 9,700,000
Dividend declared per share		$ 0.19			$ 0.18			$ 0.57	$ 0.54
Authorized to purchase of common stock under the stock repurchase program		$ 485,000,000						$ 485,000,000
Repurchase of common Stock		100,000						1,100,000	0
Cumulative aggregate cost of repurchase of common stock		$ 3,500,000						$ 40,000,000
Cumulative repurchase of common stock		16,100,000						16,100,000
Aggregate cost of repurchase of common stock								$ 464,900,000
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend declared per share	$ 0.19
Dividend payable, date declared	Dec. 20, 2017
Dividend payable, record date	Dec. 6, 2017

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Line Items]
Income tax expense (benefit)	$ 2,170		$ 3,584	$ 6,302	$ 9,110
Effective income tax rate				32.60%	43.40%
Tax expense due to valuation allowance on capital loss generated from investments							$ 600
Settlement of Options and Restricted Stock Units [Member]
Income Taxes [Line Items]
Tax benefit recognized				$ 300
Settlement from Tax Audit [Member]
Income Taxes [Line Items]
Tax benefit recognized		$ (1,300)
Anticipated [Member]
Income Taxes [Line Items]
Effective income tax rate						35.00%

Operating Segments - Schedule o

Operating Segments - Schedule of Information about Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting Information [Line Items]
Research services revenues	$ 54,235	$ 52,727	$ 160,553	$ 160,998
Advisory services and events revenues	26,134	24,700	86,743	81,651
Total revenues	80,369	77,427	247,296	242,649
Segment expenses	28,160	25,992	88,184	83,797
Contribution margin (loss)	52,209	51,435	159,112	158,852
Selling, marketing, administrative and other expenses	(45,263)	(43,675)	(138,432)	(135,463)
Amortization of intangible assets	(197)	(208)	(582)	(627)
Reorganization costs				(1,026)
Other income and losses on investments	(626)	(856)	(749)	(765)
Income before income taxes	6,123	6,696	19,349	20,971
Product Segment [Member]
Segment Reporting Information [Line Items]
Research services revenues	54,235	52,727	160,553	160,998
Advisory services and events revenues	3,353	2,333	15,714	14,191
Total revenues	57,588	55,060	176,267	175,189
Segment expenses	9,764	8,884	32,788	30,306
Contribution margin (loss)	47,824	46,176	143,479	144,883
Research Segment [Member]
Segment Reporting Information [Line Items]
Advisory services and events revenues	10,379	10,330	32,279	33,244
Total revenues	10,379	10,330	32,279	33,244
Segment expenses	11,953	11,586	36,510	36,026
Contribution margin (loss)	(1,574)	(1,256)	(4,231)	(2,782)
Project Consulting [Member]
Segment Reporting Information [Line Items]
Advisory services and events revenues	12,402	12,037	38,750	34,216
Total revenues	12,402	12,037	38,750	34,216
Segment expenses	6,443	5,522	18,886	17,465
Contribution margin (loss)	$ 5,959	$ 6,515	$ 19,864	$ 16,751