FORR - Earnings call transcript Q4 2018 | Forrester Research, Inc.

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Operator

Good afternoon. Thank you for joining today's call. With me today are George Colony, Forrester's Chairman of the Board and CEO; Kelley Hippler, Forrester's Chief Sales Officer; and Mike Doyle, Forrester's Chief Financial Officer. George will open the call, Kelley will follow George to discuss sales, and Mike Doyle will discuss our financials. We'll then open the call to Q&A. call be available or accessed dialing this XXXX March internationally of X-XXX-XXX-XXXX. can and by replay will until be XX, by A dialing X-XXX-XXX-XXXX or followed the the code reference XXXXXXX Please pound pass symbol hash key. by

intends, we expressions based XXXX. that call are uncertainties you expects, Words the of such will to statements Litigation the are Securities These future statements. those forward-looking these in anticipates, forward-looking and within this to and identify the statements plans as set current risks I Private activities operations like the expectations from plans, forward-looking statements. that on Reform Before and similar begin, materially of to company's meaning cause remind different intended be estimates forth and would or contain involve Act believes, results could of

the differ to result any with The information, Some now events update obligation actual that and are Mr. future of Securities to discussed factors hand company and will of otherwise. cause filings as George our or over a Exchange statements, Commission. to whether call reports no Colony. the could results the I new important undertakes forward-looking in publicly

George Colony

XXXX for much you Call. Thank very QX Investor joining Forrester's

will I Following my Hippler, to over Sales Kelley the remarks, hand Officer. call Chief

agreement number XX%, moved fourth pro exceeded was the XXXX Following take will end factors quarter-by-quarter, the QX Kelley, and the and model I the year its continued company's we planned a forma for revenue Customer quarter Mike guidance began quarter call the focus of booking launch vertical full per will into markets, selling and increased strong give slow XXXX. guidance the the Doyle, in for continued exceed give two, model, enrichment share The the specific in of the the then for our guidance on QX, In company's earnings in Kelley, for positive After QX enabling quarter, and review at the He model of three, a our financial We CFO, XXX%, and to will a Forrester strength also the resulting accounted products, year. questions. for selling engagement four, XXXX. from transition to year. company. new one, quarter. the momentum our Mike to for accelerated what we Four results: Age and start customer the the of a top of QX, of year new value strategy.

are in particularly on launch and drive talked we with clients partners also Customer successfully in products, was customers third engagement the logistics, XXXX. the to managers As acutely. segments about experience products The it's Forrester effects core, and verticals increased accelerates energized XXXX technology, Age efforts, these rates renewal these premier company previous challenges with completed CEO feeling transport generation. customer marketing in average sales calls, clients lead match communications, the success customer services. success which solution leisure, into bifurcates of we with client XXXX XX vertical services, increase financial focused markets. business consumer, model our enrichment. healthcare, Centering research was the of high These specifically in In automotive, relevancy certification. and the industries media travel and new has And our are on most and A and utilities, government, our factor of and

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We are the now of times you as turn to known in customer company disruption.

to U.S to to and was automotive in company's As only she the turn plans the to company wanted I for me executive dealer recently that that customer she be when Forrester. improve there one network, her to experience turn said want now to XXXX. would knew

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Kelley Hippler

engagement the capped the or George. for Great. customer Thank to Forrester international our good off We completed into the you, CEM, strategy. model sales market organization. teams year of a go QX our standup

receive Forrester. about model transition clients to feedback continue who they're the from positive into receiving value the We from additional

to working value agreement grown we're our them multi-product enrichment has ramp XX% provide help over like versus eighth also clients our address percent result, their with and our quarter digital to over increasing customer year year. a prior year As the has solutions prior been increased marked productivity. steadily and Trust. transformation consecutive experience, of the improved transformations rep have Zero These QX metrics as last

to As helping and our time continue in to our success build free teams departments solution carriers are business up evolve, to relationships additional customer unit. other and they partner quota other for

team increase quota us saw In To a access of decrease senior carrying rep enables we an in results our our Based upon our the to headcount to getting and percentage in team digit. key the team reps addition, by premier we sales these will our sales are increase sales results low initiatives. with favorable support XXXX, continued we a leader their in in to the plan engage to continue in sellers offering as QX, to adjust attrition to CEM. which looking ensure leverage single and

across solutions in products. we solutions teams resources market align to our to industries position We continuing research our develop out ideal profile are the are work. product development identified sales, client building and that marketing to And versus

efforts. is team the potential in introduced awareness look process consistent as success segment. to designed Concurrently, spearheading risk more of new to to to retention to to in we within success sales organization, core of product The as non-renewals that invest packaging create operationalizing we as across and training organization rates. was a and sales, QX enablement our customer well Our analytics, ability results way helped a increase and broader respond continue customer our drive in the positive our and pricing that client

for our service. territories We ensure while our we planning of sellers, our territory sale improving have cost balanced automated to and establish that

our and the financial and benefit clients time leaders CEM to It on on would our QX over call to With As with to many created risk that, benefit platform the of testament has the is XXXX us like to changes year Mike successfully making associated full to to a Doyle as know, to to the to sales across that look beyond. results. sales financial. the powerful the we a turn leaders I model Forrester have growth it. executed we our has This and review to and

Michael Doyle

quarter and first stock net Please the the and of Thanks numbers from based and quarter at very my acquisition amortization begin financial much look at metrics Forrester’s including year quarter full of XX, I'm items, a gains statement and are balance full pro expense, Kelley. costs and exclude and note for income fourth compensation and financial year reporting our XXXX, sheet XXXX. performance intangibles, review the I’ll that fourth investments. now the for the results, outlook our integration the forma December losses following

of forma XX% pro XXXX rate we're for effective utilizing tax For purposes. an

revenue strong research delivery. For quarter.’ share in upper the Research at revenue Forrester business, driven We services, advisory the delivered that for aided by performance and and revenue guidance. of events by upper is earnings quarter, consulting end while advisory services our per for quarter reprint the the experienced in end a growth strong both the exceeded guidance was performance fourth healthy of our

expectations. Additionally operating were expenses with margin and line in

to our the five continue selling hold. improvement We agreement over with to quarters see made taking value changes the firmly consistent model we enrichment in last

Forrester year. a to had finish a good strong

growth revenue acquisitions. opportunistic these a mentioned, operating leveraging accelerate significant profit last few years. sheet believe George the months three make to our way next XX As balance in over were and will we the over acquisitions strategic We

detailed Now review quarter more our let a turn of me results. to fourth

of to from total XX% Research starting by quarter revenues total XX% mix on and reported revenue $XX.X $XX.X represented to quarter the basis. constant million $XX.X basis. fourth revenue advisory a activity down X currency quarter and the constant was currency million and events Fourth XXXX to services million for a by research services increased by Forrester's X% on quarter increased XX% reported services both XX% represented with as to revenue point million the International from adjusted by a quarter as million in as $XX.X the Fourth $XX.X by fourth reported XX% $XX.X Research. behind our neutral of revenue on million quarter. from increased XXXX fourth XX% in of Forrester and X% currency as like take revenue the quarter I’d with currency. XX%, and by for product and from of in now reported through you revenues, quarter. XXXX X% the of fourth

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X% XXXX, of increased to X,XXX and executive a December by revenue XXXX, As of quarter had XX of members, Connect prior compared total to to Forrester up compared X% offerings. Connect fourth quarter our the prior the driven program compared year.

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driven by FeedbackNow. the of fourth quarter X% acquisition our by increased revenue For

decreased and products strong and driven the offset Excluding revenue customer partially growth and our in acquisition, Business Consumer products. Technographics by by our data index Technographics customer decline by in X%

consulting year for Forrester advisory total increased and our advisory prior Consulting fourth to driven and includes by X% growth revenue which in partially quarter XX% slower services, offset by our the increase the revenue. compared a in consulting delivery

year. headcount merit by marketing constant of of event. to by the in Strategy services TD of Strategy flat & fulfillment the related compared and tradeshows increases, to with X% currency million Cost now expenses quarter, staff increased year Forum. events of overall adjusted we $XX.X total of higher force X% increased year-over-year million X% expenses of Selling increased $XX.X compared and products the XXX. held XXX currency higher sales Forrester of the million fourth as and will including XXXX. income compared for of expenses services decreased and advisory Insights fourth X% to portions weighted fourth quarter due was predominately third had by with flat increased earnings the in XX.X% XXXX. compared the the costs the services quarter the reported diluted share The driven X% by of on a as five quarter $X.XX highlight as prior was total the on $X.X QX outstanding a Data to of quarter average the by sequentially. X% and headcount and by X% million million revenue and XXXX. XX.X reported and was and & fourth net reported sequentially. and increased earnings XXXX. increased a Data Operating and I and by the $XXX,XXX the to quarter quarter higher Insights advisory shares on increased X% X,XXX, to on basis X% for launch basis, of fourth for staff shares reported outstanding driven million by and XX.X% by of in headcount the increased in million in XXXX. currency, $X.X average higher increased was income were total $X.XX compared statement. quarter $X.X X% and income headcount T&E. quarter and income and administrative expense share per and on to and of same essentially the of was XXXX X% X% but quarter $XX.X million of end year-over-year General fourth compared Products event prior Other of sales income diluted Net and Overall, of and currency were merit income force constant the or per XX% $XX,XXX weighted a increases. commissions with the and as Operating constant X% and compared revenue or At Revenue to fourth basis XX.X the driven

to Now metrics more FeedbackNow quarter for results on the impact GlimpzIt metrics and of I'll acquisitions. operating the provide exclude fourth our perspective review Forrester's the These quarter.

for we report recognized. metrics already been value services the the represents forward Agreement of that this has total without all in Going acquisitions. regard to place amount contracts our inclusive value, plan to and of revenue advisory research of

a currency the constant was December XX% up XXXX, quarter up X% $XXX.X basis. on value fourth million, agreement of XXXX of As from and XXst,

retention quarter. unlike December XXst, the a enrichment and at point-in-time the X% our last client XXXX, total for to year each of down last companies flat of to was is our As essentially X,XXX, quarter. count metrics metric Client end and compared

down year. of for was last points companies to December quarter as flat XXXX, to and X Forrester's last retention XXst, rate client XX%

last and rate Our year. was compared dollar compared XX%, retention to flat to last quarter

enrichment was retention methodology with X We basis the captures between to the for quarter. points dollar a rolling XXXX, XX-month quarters and compared appropriate to information. the close Our December quarter XX-month can year. and that calculate rates XX, rolling X rate and deals which slip last The into XXX% due or to the enrichment on trend point period rates ending up client last compared fluctuations, early occur next

I'd sheet. Now balance review like to the

of in was cash cash an fourth quarter $X.X from total $XXX.X quarter, a was last per as compared quarter. compared XX, securities our which we as repurchase and Our from any million compared paid $X to last of $XXX.X dividend XXXX. million $XX in year. the XXXX of during $XX.X quarter is and year. million receivable fourth $X.XX increase as $X.X was marketable share the did December received million, XXXX quarter of $X.X stock million not operations XX, in at Cash to year-end million during the December options at to million quarter from million of in exercised the $X.X We We Accounts the or XXXX. at for million the fourth XX, of December $XXX,XXX

at XX, X% XXXX compared a days days of December XXXX. XXXX compared XX, Our was over million, XXXX to revenue December was XXXX. was to sales receivable outstanding XX, XXXX. XX XX, Deferred XX days X% at decrease $XXX.X December at XX, accounts at And both XX days December and December

adjusting for revenue deferred point the revenue would effect of However, foreign approximately new rules X%. increased currency, the have and of

XXXX revenue guidance upper a ahead per in strong guidance. we good at closing, our end a of finish the share and and So as of to finished quarter earnings

and see operations. the value to into healthy selling new completely enrichment growth our improvement continue We as model is integrated agreement in

keeping Our to restrained and levels. targeted from segments performed standpoint advisory, income operational event well executed expenses consulting operating XXXX. an during We achieve well

build complete by More as three more SiriusDecisions' growth forward. a accelerate in importantly, FeedbackNow we operational companies acquisition the guidance critical months. George as Experience and SiriusDecisions, These that making Cloud GlimpzIt provide supplementing Forrester's Customer discussed and are our to going look important with we to expanded tools. while decision performance XX to solution and out earlier. Forrester's our strategic we research Forrester are delivered support this last CMOs for acquiring largest offerings elements the acquisitions

last performance and energy the a of from months. leverage XXXX, investments we we into XX we As look made over we as high strong XXXX carry the strategic level to momentum move

let quarter and of year take Now you me the for full the through first guidance our specifics XXXX.

provided. broader we Our This guidance in of Forrester size post historically increased is ranges to have due part acquisitions. reflects the than

we addition, integrating completing still acquired are new just targets. processes working and we In and recently on plan SiriusDecisions

will continue we forward. move as guidance We to the tighten and refine

fair for the losses. for and the to excludes be the full million acquisition million and $XX million first million to the $X amortization $X full for the year $X revenue adjustment for $XX and gains million million $XX for following, million the of to of million costs $X.X million and quarter million acquired investment quarter XXXX, the which deferred of quarter to value million to expense to $X.X guidance Our year of from first $X stock-based full Sirius integration first assets, XXXX, and quarter any $X.X million $X acquisition million $XX year the and the of intangible for $X XXXX. $XX compensation $X million million to XXXX, we and $XX million to expect of full the to for first year the to for

breakeven revenues guidance X.X%, XX%, to of from ranging pro quarter Forrester of X.X% million share. pro effective follows, forma and share approximately tax per forma pro XXXX providing of per first forma $X.XX is $XXX a to loss operating margin forma approximately $XXX as earnings million, to pro financial rate of

to the tax and per to pro and to We to release million X-K XXXX XX%, provided going filed effective $X.XX turn GAAP approximately call operating press million, portion forma Our operator approximately Q&A guidance approximately the $XXX is $X.XX. our year of on basis the very year share to over rate of of and first XX% of forma I'm today. forma and quarter of the margin pro of pro full Thanks forma pro for a diluted guidance XXXX the XX%, follows, earnings $XXX as much full call. in for revenues now

Operator

The [Operator is [William the first sir. proceed. question Timothy & you, line in Please open. Company] queue Your Instructions] Blair McHugh from comes Thank

Timothy McHugh

you. thank Yeah. Hi,

the you revenue ask, us just margin you terms numbers? one XXXX help First full think year want impact can guidance we I the Sirius from when forma and assuming of what the to impact in in about are pro

Michael Doyle

we're on, $XXX is The way probably Tim, this we're at assuming approximately end, approximately year in low Mike, on you the probably revenue $X.XX for SiriusDecisions looking it on figure EPS. about and million

Timothy McHugh

pro And that's forma EPS? Okay.

Michael Doyle

the the call. have. it But be with in Tim. is we midst Yes, bring our We’ll all probably we're right of we still digesting when - April refining now, what that out

And again so as will refine go. we that

Timothy McHugh

So I particular, I about guess part is, In force a the the get am the separate impact. acquisition of trying you of why of to to here view kind asking again. trends for I'm margin outlook underlying from I talked starting think grow sales

to So faster about than sales saw couple basis, we underlying last on and next how XXXX force the an starting pace margins at here? about maybe can year? a you for the talk the In of of guess grow years thinking maybe you're particular I in context the

Michael Doyle

this that get further as again go the XXXX we Couple say, I we year we get, margin in as this accelerating is realistically about Yeah, will if we business. a - intent, that and as in to into point year with our happen. Tim, would try say things would leverage I think

be as I XXXX, - the in will We of baking we revenue-synergy help more. opportunities we think SiriusDecisions into us will and go really business that annualization also with George that even will leverage hinted

has we're XX% into that. And the that XXX accelerating sales our numbers I then We're out margins to that model double XXX, another got of getting Kelley more have demonstrated got of XXXX, but us line to to give digits increase model ideally her expanding need do color, are and with we growing in growth, we're do don't I'll growth, headcount let think for we We think a getting get productivity. what as look that's points you productivity is think meaning XXXX. same and approach ideally top doable I to XX% basis to go with in you a headcount. existing to SiriusDecisions. revenue the starting So into even I the we're because the

Kelley Hippler

Mike. Thanks, Sure.

to the can is to driving of and solutions on that, add day-to-day drive partners on just the that the really the help transaction up focusing engagement rep that's a by customer beauty having who So enrichment. where having on productivity engagement, the focusing been model we've size our average CSM

more at we our still growing of some within able heads. a of sales the with to continue Our we George growth have, are allowed they to opportunity productivity sellers clip that we're us accounts about assets plenty And that keep now territory the outpace to with up talked without headcount enhance think to today having the to cover have that. especially new faster than which

Timothy McHugh

That's Okay. helpful.

agreement I me so ask, would a there growth relative I currency for a to - is let organic touch the of - that? it basis, constant like on than in it X% less the XXXX kind of seem value or guess guess just assumption And imply

Michael Doyle

Right.

Timothy McHugh

value that to about revenue I guess pace? extrapolate the anything there Is expect agreement growth why rate to makes grow that we do or that - you when hesitant at

Michael Doyle

Yeah, no it's Tim, on. good spot and, your question is and one,

that include what solutions seeing in we when more - solution with think sell bundling are that partners and we we're is I to advisory in clients, seeing Kelley the which what is we're goodness consulting. mentioned, more the and

syndicated now our than business. right seeing we faster at So are grow that rates

next So - - so push we're that not into that's larger as we would syndicated having what impacted like. year

we are a in how There's that and story faster intent into is of that that we've things So to retention? to and continue do got right you're sell leverage to to is what sort more at of Kelley the And a of cross a syndicated we Clearly as highly on numbers. as there, grow is highly we’re new of well reflected do and some products that number more nature. Sirius, number looking improve which coming out – in to products comes syndicated seeing than existing client lot product a that looking accelerate our now. more enhancements revenue syndicated have

Timothy McHugh

products rough so point this on that the of you're up for can seeing? rate what kind at would agreement syndicated that, Following I be of value ask growth that for the type

Michael Doyle

say, would say, - all minus, X% I bundle were together. or in, it's year range Tim, net and I this it the, in probably this is past would I all, plus say them growth includes would if I all

Timothy McHugh

Okay…

Michael Doyle

aspire you've expected syndicated that's And – should working talk be that's double I we're we where before, and the growing internal digits that's what yeah, business toward, we that’s, obviously to George target. mean, heard be. all not our

Timothy McHugh

Thank you. great. Okay,

Michael Doyle

Tim. Thanks,

Operator

in And [Barrington from the is Your queue our comes proceed. line open. Colicchio Research] Vincent Please question next

Vincent Colicchio

Hi. I'm new model the the that curious, performance Kelley, look are you like? place, seeing in which in relationship longest have what's the of the best tenure regions,

Kelley Hippler

all from were segments I Vince. question, in this have especially that of model, pleased year will seem absolutely Great the very be a things across is in an strong all past regions. that teams But the they geographic enrichment perspective. been one to longer saw Sure. doing, we the performance sales we about better the say

are this is opportunities a diagnose the that the accelerate in come think growth with the quarter we think longer. good into within I able stronger continue to little to have drive within in pretty end an That a on are been CSM finding as coupled verticals that move that's from take additional are focus we XXXX. everybody I longer The to year what news least all from quickly, engagement at and a point for the within will going bit that in help it is teams does forward. seeing our two. will where accounts part looking model increased teams for perspective the been it enrichment is the The have and engagement users at Forrester or start to

Vincent Colicchio

as said expect but year when occur much XXXX, how to cross-selling you year piece? expect may - do this model you this this, And you you from SiriusDecisions the do Mike have for for

Michael Doyle

really I is And for would XX. reason March their the know, that minimus, ends is say fiscal year Vince. that year expectation you the de this that

we So remember, their of year. to think if you of as integrating at opportunity. I working fertile began ground plans we call, when a And George George build I companies, that's last then spoke develop and and amount the think them finish through about tremendous the letting for cross-sell because we'll us out the there's and process talked the

activity bookings into won't see translate said, much in flow see will you latter numbers. of in more year, the XXXX. of part revenue think P&L I that think I this into So the we'll That probably huge

George Colony

XXXX that. up us setting do for Yes, to

will be incentives right? there Although do to sales this,

Kelley Hippler

that's street month places into the X part are programs for today, opportunistic, the planning will we on to what SiriusDecisions get feet all but our collaboration Forrester Yes, does. out we'll plan be of team. And those under kick absolutely. drive right Vince, some as now way are look ready may the to a off where field already help be collaboration launched where then We've there not to SiriusDecisions and have

Vincent Colicchio

need And significantly Customer or do Cloud forward, other we product the real-time see will George, that? improvement of in product acquisitions –to the Experience to significant outside make you there a the move

George Colony

great - I say have add we four no, or definitely five are necessary I'd that is answer be about targets add. think, not to there to but are Vince. would the But

up to some the primary of I and trained. engine the picture fully year think digital - machine be learning analytics effort the no to for and the in people cloud here. Remember, to the to there's build really is side there's is the AI;

other all we make place or be forward, - we if So five for it successful do, Go targets launch we looking elements four again cloud the acquire. have we I'd have I in to successful going it's have I a say to think at will mean year. this to think does, the

Vincent Colicchio

Okay. That’s Nice quarter, me. it guys. from

George Colony

Thanks, Vince.

Kelley Hippler

Vince. you, Thank

Operator

time. sir. There no you, Thank at further questions are this

So for remarks. I'll Mike turn any the call back closing over Doyle to

Michael Doyle

us, out the front. to on of road folks forward on very Great. the we'll look more that Thanks much. behind the IR got be a active acquisition number we've now seeing We

So we be investors. plan be with meeting to at and both out conferences

you to soon. very forward So you Thank seeing much. I look

Operator

for this teleconference. you and Thank concludes today's Ladies participating. gentlemen,

disconnect. now may You

Forrester Research (FORR) 13 Feb 192018 Q4 Earnings call transcript