FORR - Earnings call transcript Q4 2020 | 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; Mike Doyle, Forrester’s Chief Financial Officer; and Scott Chouinard, Forrester’s Chief Accounting Officer. George will open the call, Kelley will follow George to discuss sales, then Mike and Scott will discuss our financials.

We will then open the call to Q&A. call be available or accessed this XXXX, March XXX-XXX-XXXX. of can and by replay will until be XX, A dialing XXX-XXX-XXXX Please ID conference reference XXXXXXX. the

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

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

George Colony

for for and and will you full-year. Mike sales Forrester’s summarize CSO, our joining QX XXXX. results Forrester’s Chief QX Chouinard, Kelley Scott conclude After financial the guidance will for overview, will Thank my CFO, review in-depth with give Hippler, the an Doyle, of progress. call. and Officer, Accounting full-year

We will then questions. take

in will the one, sections. our two I Our And value. XXXX; Number in ahead XXXX. contract expansion will particular, remarks to two, are summarize plan for of I look

million and beat we fourth $X.X to EPS by Turning the first XXXX. guidance quarter, In by $X.XX. revenue

QX, December. up count increased quarter-over-quarter. increased the quarter. increased Client finish very was quarter velocity strong a sequentially value with Our Enrichment agreement in third in fourth QX the and from and bookings in

happy, been not results told we would would on pandemic. have with but it the of had these end Now the the I you uncertainties that given me had early XX year quite that for, if planned March we was

our themselves us shift how customers and and how to for like is be companies post-pandemic highlights efforts, fully on given turned times pandemic ground adapt value research our investors, digital the company quickly XX-minute to areas and and technology X%. its conducted for And business: to X pandemic, events. these the as Fortunately world. challenged up would in new I active the and demand accelerate the virtual productive meetings a the crisis. that year-over-year. companies to retain client for for their during consulting prepare to research gained virtual new win was and XX- business I how a called facts workforces attendance to to customer In client the readership to up of research, during were world. Forrester is struggle a as are times to research, increased these age the to golden across XX%. Challenging research, clients their few our behavior, analysts, by give stimulate had of now inquiries, Analyst the that Webinar

a research. in So good year

balance XXXX, consulting Our consulting year-over-year XX% fourth capacity grew XX% QX. portfolio The in during and and The to all, business growth quarter. in compared grew teams our consulting geographies Over economic highlighting products by ability of performed in across XXXX. the economic revenue well uncertainty. deliver consulting grew impact in total entire XX% XXXX the portfolio to

at for than streamed physical and This history. highest number cancel was historically portfolio sessions. there for the enter year, outpaced over XX% XX is the with Forrester positive our know, our virtually. our year reps and year business of events. a views of scores sales events our in As global scheduled we events, forums did XXXX was low in We the XXXX of were full events attrition as attendance feedback our events levels. in-person delivered delivered the was it ramped XXX,XXX we at In and and Employee summits. consultants any you signal were analysts XXXX in higher all in tenured Paid and not virtual

will the four, clients placed Best I research large will follow value, U.S. XXXX, the these periodically to ending focus XX referred want the clients. investors with we we XXXX. in value products as renewed as growth, our company’s companies on four increase. CV. streams. now our enrichment. a predictable turn starting talent syndicated and yearly sold contract or current to revenue are and attractive and concept have expanding CV to be adding Forrester that Forrester’s Forrester The value components acquisition client spaces. CV SaaS is to consistent are by and as to contract is here value are Forrester. net CV high score rates. and double-digit delta between coming levels. forms at time And example help we revenue year’s investors, number Retention in contracts renew The CV to years, The Three, latest a familiar services what SiriusDecisions. companies, change on laser on to other bookings the agreement use terminology a the the expansion and it among grow revenue planning tracked is Two, those of define additional acquires CV value The results who services sign-on investors; There is to And portfolio. biggest new course list, to is being We more year. In over CV by growth. efforts for to Work annual formerly replaced research. Glassdoor’s for conventional simpler base existing past In Places recurring that of is for contract our from the of This and basis. annual profitable One, contracts are growth. of year the CV the

the Forrester shareholder As of CV grows, cash will value? drive will and prospects and how CV increase. earnings long-term free growth Now improve

two, the sales A this We increased products; the specific invest CV to of products in, cash acquired will Forrester One, three, cycle. XXXX, grow generating more CV at then will new This with reinvest, year. research be we and is time at engine; contracts investors. a active point enable which coupled powerful will cash one, rates, compared acquisitions. faster growth. we continuing CV engine, marketing value will subscription-based for enhanced and contracts, In introducing the sales three and year-over-year in the to prior metrics all

clients current a year ago contract were Two, by number clients this reporting from clients who CV a will the to on clients a the the We be number growth. of who number year. quarterly. divided total contract prior client CV divided of retention, actions the value the wallet number finally, total year company CV clients of in will of total XXXX, three, And by In retention, were ago drive value year. take the the current prior CV

will in During a XXXX developing, we out service the product we updating new will on calls. that research CV and this spent investors be future roll year, I much of

existing new digital research addition, will and products value new features. In be with we enhancing

development digital our now two CV Forrester outsourced creating and products. internal dedicated and groups has six to enhancing

SiriusDecisions between and retention. intensify Forrester wallet the bases, client will the accelerating cross-sell We the

sales and XXXX. growth achieve as and product in in The focused reps marketing, Our between and goal of Sales was double-digit have and compensation, of we vision CV number to sales cross-sell tenured force management CV bookings large show skilled company the research at execution contracts. incentives research targets, rebounded of the XXXX Sirius. full able now who and are achieving are SiriusDecisions a the half of strategy is placing the awards and Forrester and of the research structured increased ramped on force product for second BXB sales synergy to the

Kelley to is Our rates, strong, customer in is gives retention leverage color us more success going her organization, give remarks. XXX which increase to and now

customer CV a finally, rates XX% to at average. consulting Forrester’s grow rates companies services venture And forum contract Clients poised at its improve renew a higher higher their Forrester’s are on in leveraging use in attend CV that is to average consulting or convert and client. than experience their that CV businesses XX% summit the enable to than to events CV activities growth. XXXX. Forrester measure and increase Prospects to FeedbackNow, focused real-time,

year the the the paying pandemic expect cash give million over sheet more this growth agency. deliver just a to ever, Because a in prepared from year. final CV. low developed these by will signed devices. have large of CV sold contract for boxes abate challenges new note government ramp with smiley The FeedbackNow when largest posed less a over, multimillion-dollar We for touch post-pandemic on and We the of we and out real-time, have quickly world, customer is the cleanliness is we by In million, will regime and not we our $XX XXXX. and lost wanted we and will to strong replace $XX on to cash, the financial that detail us XXXX. their increase generated Forrester’s of generate down remarks. summarizing currently And as debt. high continue of to of cash flow I balance end allowing from to by we million $XX operations, while in position. over over $XX We cash were contracts move XXXX, Scott million in Mike driving demand are And pandemic to the through and XXXX, which feedback, in of have deal

way its the pandemic managed XXXX. So to Forrester in through conclude, successfully

We that we products. XXXX, by the are and sales In laser-focused and on into and value offense improved bookings CV-tuned engine new double-digits in XXXX. stayed on CV a through contract growing continues XXXX mindset in short,

yet economy not global is over, and the remains pandemic the Now uneven.

world accelerate said, we voyage to remain So will in post-pandemic fiscally position, will of we helping and business The resume financial growth. a revenue. and billion be our is technology proposition value $X Forrester to more ready our strong customer to obsession vigilant. in favoring use leaders are digital, That

to And staying that that your the you are over Kelley now pass Officer. Kelley. going hope I I’m Sales So to families Forrester’s call are safe. well Chief all Hippler, and

Kelley Hippler

to efforts we Thank global I reiterate team of the our to clients appreciate Forrester you, focus first. our much how want George. on

and by helping grow our side, their innovate the throughout on We have pandemic. them change, COVID-XX been and navigate clients’ side

As number and strong proud minutes value contract to strategic be ever, bookings focus their spend need now a in want things: number partner. more I few Forrester’s close; and George laser said, our our XXXX growth than Today, double-digit on trusted driving X are insights honored our one, XXXX. two, discussing and clients we to

strong the culminated XX-month bookings The including showed This over the value, Forrester agreement number prior Several rep Several performance contracts sales X% growth close. for tremendous value of QX versus year. wins resilience clients our ramped of few key average throughout and renewals. XXXX quarter, disciplines. worth QX So team I count rolling highlights prior client XXXX. renewed million, in productivity. over multiple and $X across examples strong of a user highlight need a one, our research and indicators enrichment, which Forrester’s improved will performance end

long-term One been with We U.S. company renewal to also its to X-year, transformation. who $X.X research Forrester’s million example secure is financial a continue digital has guide a services help contracts. large leveraging

strong CV, was performance care closed QX, contracts. over under deals, lines. New to XX%, including in of sells deal we a they value, IT software of including also provider increased our organization and by companies high-tech longstanding with saw to our business of SiriusDecisions or strong sales worth contract X-year product over one sales ramped, the new $XXX,XXX, grew both force health With six-figure the as We by joint across a our which department several the We business $XXX,XXX. fully $X billion. clients Forrester number of

up pipeline from conversion in our prior than XXXX. our success quota higher year, number focus driving on Which for XXXX me levels, halved we value on our carriers points addition, bookings in to XXXX. to was attrition double-digit rate contract us set X.X growth two, laser In brings and

that contract entire drive success, and the imperatives we improved journeys. operate. lever clients As changes retention look multiyear requires contract some Number to customer growth. to is to That client And value discussed, to single client mission. Forrester how The improving The aligning guide are is greatest our transformations within are help accelerate sales drive rates. one, value growth specifically, to George CV Forrester we organization retention. X to prioritizing our

standard model We will continue our engagement. to deals position as for multiyear

can been so on-boarding life also automate with to cycle number two, the in increased we Forrester. of customer sooner Number have acquisition. client value journeys client expedite a We working process the to deliver our

key to sales with We customer technology, generation marketing functions. across and are partnering on marketing, product aligned demand buying centers experience,

selling client targeted increasing and Our engagement. enhanced back our that will coupled a audience-centered count. during approach, value by with the lost win drive program contract to three, is Number digital pandemic, clients

We prospects. with to success across continue sales to leverage our tech and and engage stack customer clients effectively

And important on evolve our to help As clients’ continue support results we number drive success. level personal and four, to to engage outreach, business most our alignment. ecosystem their finally, a more we initiatives personal drive

Our end, defines and lead we marketing that of the process Waterfall to and our SiriusDecisions measure and the and marketing that This The health model, activities a with marketing shows between business-related demand sales alignment of across that marketing lead is XX% the help profitable. the framework internally. management SiriusDecisions faster management product To efficiency, in improve campaigns of insight velocity measures sales and demand research SiriusDecisions activities. throughput analysis is and view waterfall are new leveraged leads. XX% processes. strategic waterfall and companies have shared sales, grow a more implemented and

we value on growth, of growth. helping As value and technology that we double-digit proposition customer-obsessed drive contract deliver organizations business will leaders core focus our on create

Our and continue customer to our call strategies execute to customer to experience With differentiation turn clients that, key brands experience. will programs post-pandemic will over the and I their build Doyle. we that Mike shows is own based research on the to helping differentiate success,

Mike Doyle

and the then now review I’m Forrester’s metrics. XXXX. balance Scott to our mentioned statement the this results financial Kelley. provide our call financial non-GAAP a And outlook quarter including will for those Please press look fourth review figures results, we our items to which at note quarter quarter Chouinard of XXXX, XX, the performance at refer fourth we release the exclude for and adjusted in are sheet first Thanks, results, today. December that going on as the full-year income

the our to fourth prior continued increasing guidance and with versus adjusted accelerate, levels year. margin end fourth exceeded high-single-digit and bookings quarter, has upper the For in Forrester business revenue delivered momentum per earnings operating met of guidance. that which share quarter to growth The

the had we prior achieved by led of increase rebound net marketing regions and for their at As from double-digit the target performance reprints a Kelley XXXX. discussed, fourth grown we the count excellent our versus which sales business saw was quarter client offerings, and new all quarter Revenue in for performance have rates sales organizations, as quarter, in content resulting quarter. every

Our Expenses did savings employee compensation exceeded prior entertainment. Forrester and consulting by to core were up service the as performed With slightly strong to and of North on Programs guidance. better than continued levels targeted and in strategy year performance Research offset upper business. revenue our Executive higher continued due levels, travel check end American EPS costs, expenses,

As second was prior bookings versus we the the look in back at low year. quarter point activity, declining the significantly full-year, our

improvement down While the since a we the and for bookings acceleration the were versus seen business second XXXX, our have steady of end full-year quarter. in

revised and revenue that top Forrester our EPS finished revised with the that guidance of XXXX end our exceeded met guidance.

earnings production last fourth XX%. our quarter early Now costs million reduced in quarter $X.XX million fourth X%, in compared restrictions quarter review $XX.X the were decreased driven let income increases was quarter of higher $X.X to Compared events of year, and compared million, per of of and services. fourth XX% of consulting for by the the fourth the expenses partially quarter for compared and per higher more X%. to of $XX.X to Operating travel XXXX of bonuses travel expense up to declined the was events by the and to $XX.X Ended XX% was These quarter revenue, or to due due fourth compared rates and X%, revenue, $X.X debt by average fourth the me merit lower a move detailed revenue XXXX. income in Net revenue quarter to by materially that by virtual as lower quarter quarter XXXX. of XXXX. and increases million by our in quarter. that research Operating interest only year, decreased were the in by to quarter net increased share expenses fourth increased revenue with Interest Fourth million, and offset of XXXX, earnings headcount entertainment turn income was were for of a headcount to in results. was X.X% or and due higher million, the revenue the share restored issued $X.X events. nominally $X.XX, professional

business’ Our improvement in agreement reflect quarter, key metrics as value, improved and some third the the client quarter. count fourth all to compared enrichment

indicators levels, how XXXX to returned yet with not these pleased trending. are have We we are but

provided have details today’s We release. in earnings

Now I review sheet. would like to balance the

from is of million million to quarter, last was for end compared Our at fourth the $XX.X operations XXXX. was XXXX, of as in $XX.X increase $X.X an Cash million XX, the of year. million, which $XX.X the from cash December quarter

pay days $X.X collections last full-year, XX, XXXX, were flat from difficult includes December Debt for XXXX, $X.X which million the year, December For prior essentially December the economic with quarter million compared a down credit. flow XX, pleased we $XXX Accounts to as with economic in as a is receivable million, $XX.X at XXXX. environment. XXXX, remarkable at XX, the This XX, receivable million X% at the XX, revenue from accounts XXXX, of performance from and December for environment, this the and $XX.X Deferred $X.X are was line $XX.X of million, of December to XXXX. we to in compared of fourth was X% cash which over year. at we XX payments $XX payments it operations, cash million Property the quarter generated million is quarter, down during $XX.X in purchases for our generated of X% just to million fully and million the of compared were equipment strong year.

in experienced in placed the the May on pandemic to summary, front for quarters. fourth the the at from services. our demand the The our acceleration third improvement increased back and increasing office, demands we and strong end bookings point digital for and of steady platforms products and have both clients So in low our has

Our quarter. ended we debt Cash end the flow at financial start exceeding guidance results that the finished less year. the and revenue issued reflect improvement, more we at had than and our the revised third and EPS of with cash of the sheet strong, with balance

were our In most to we start low organization, More made importantly, We necessary people, sales believe headcount year the plan. paid decision growth, particular, with so year for people bookings asset, we our attrition. with XXXX which our in our has retain off. important with ended a with we conscious our early the the to pandemic staffed deliver we

the first bookings for the turn While have positioned address, shortfall we Scott on XXXX. successful the I impact half to a in half of which now will over call the an the first will of year XXXX, very in revenue well XXXX will end Scott.

Scott Chouinard

Mike. Thanks,

we that I get XXXX, the I want reporting beginning discuss Before our guidance metrics be earnings our with will release. into first to quarter for

XXXX, metrics involve a be we This will contract few As will George accordingly. growing be we mentioned, on updating will laser-focused value our changes. and in

will metric value value. contract our will measure with recurring The metric contract First, research value current we agreement our value replacing be the of products. annualized

will business. of you speaking first And publish called period. that to the the historical We that part to of metrics mentioned measure metric retention and bookings XX-month amount on our negative quarter able will year. shortfall be the to will retained will CV CV new early a will in which a the trends the a in measure metric We CV effect to trends, during in that XXXX the activity retention we client the only, so over modify Mike wallet and growth plan have the introduce enriched is client and retention, also CV see

in single-digits. second bookings our we this year, with CV with in the growth meaningful double-digit focus high should of However, half CV see year, growth rates the in on the

and a on regarding operating guidance, we about will small in currency projecting lift effect income are Now XXXX, our both XXXX foreign have negative on revenue from a margins. X-point rates which and expenses

in-person economy year, lastly, in on We second a the a XXXX. are for of of for virtual half I half comment experiences. be wanted experience the which the to recovery and results are expecting will event a the And hybrid trending in second and of expected mix our planning financial

the XXXX. a revenue, decline will recover revenues subscription subscription in bookings you first and first As middle the with the margins This than we be will last of during cost of in faster business, year to in the impacted bookings as especially XXXX year. half know, XXXX, the by compress our during had since cuts of first the EPS and compared of significant half half

and would into continue should expect However, improved and XXXX half in second margins we that the generate XXXX. operating EPS year-over-year trend of to

and we adjusted GAAP basis Now have excluded guidance guidance the today. items provided our our press on release from listed a in filed and X-K

follows: earnings X% share an of million revenues first Our on tax is X%; effective of XX%; of $XXX of margin million; quarter guidance per XXXX an and basis adjusted to to operating as diluted rate $X.XX. $XXX to $X.XX

tax XXXX to the full-year of XX%; the and to rate effective operating on call. adjusted $X.XX. diluted portion basis XX% much, turn Q&A million the very XX%; Operator I call will guidance follows: is share the and $XXX $X.XX an per of revenues of Our for $XXX earnings of you Thank now over to of margin as an to million;

Operator

with Our Instructions] question Andrew from comes William Nicholas, [Operator first you. Blair. Thank

You may with question. your proceed

Andrew Nicholas

kind but guidance. just sounds sure operating a revenue outlook like bit of to is then little it to just now of about the in the guidance way of those dynamics there the puts from question, cost on margin margin headwind. of relative term much are are, is make touched long year But briefly, how and the XXXX on up you savings travel kind Scott takes and I first How dig to I last update any tied this to back maybe I online? there? temporary are that year. to wanted entertainment medium wanted coming the margins wrap in year different out in in And understand to the to last half one, on It the thinking

Scott Chouinard

is will take Scott. Sure. I that. This

couple call, things. margins in said half by first of we as a the affected on were the So

First, then, the first of full the from effect our decline revenue XXXX. the of of cost half shortfall half And had we in first bookings XXXX, cuts.

noted, some them them permanent. temporary, some you As more of of

first restored That to versus XXXX been affected that. by first be half big is comparison. for XXXX So margins have Certainly, of going really XXXX. a bonuses half

calls, mentioned a As second restored in we those have on lot of half we earlier would cuts the XXXX. of

So we gets story XXXX better to the as margin move progressively compared through XXXX.

comparative in we improve second and get we to hit would see on of XXXX, margins expect So to And to on XXX we a ballpark. likely bookings significant our margins like to basis. hit, half be question, expect growth we your from then perspective, EPS to if expect the second part XXXX basis in the certainly to CV XXX a would then

Mike Doyle

be think have is Andrew, this operating minimum the contract should before, running of with this XX% outlook and for in heard quick as the I on margin too, I Mike, terms business to double-digit at you growth a a reminder, our side. of medium-term this value view George XX% say business is

So how you when that level. the about medium-term us is get to you should think

there we So that I XXXX, all headway. making now, think march we Scott’s obviously our current don’t to towards get in start you the and I in point, And are right think but we a trends. like real way

Andrew Nicholas

change of that the how you on there sensitivity if think of goes back Any half or long the scenarios then you the bigger on How year virtual balance the Got remarks a would assumption as hybrid? helpful. you helpful. business, we than any it. around of the business And my that think kind is to Got term, there prepared about that the in business, year. conferences whether is that kind for of looking the are that conference is half your various can follow-up, kind That and sensitivity in of give mentioned full-year should is hybrid or it at to be not I events part it. too, an

Scott Chouinard

Sure. Scott. I is that. will This take

sensitive are our in we not based during progression XXXX. the the So upon overly year, events of

events, X half North America, Our biggest CX America are North BXB Summit the events. and first

So those as events. are planned just virtual

smaller the second the our of year. of lot a in So are events half

million that. So we impact $X revenue $X million maybe are from expecting to

that decision maybe expect So if top an timing standpoint. half revenue from a be And there those it go full of be the that if that the but I standpoint, on were would to of expense kind from expense virtual, we really virtual, impact depends would completely were line to of go to effect.

Andrew Nicholas

Great. Thank you.

Operator

next from Our comes with Sidoti. question Anja,

proceed question. with your may You

Anja Soderstrom

Yes, hi. Thank for taking question. you my

of the quarter First all, it if cadence how I’m first the about up, and, the builds quarter? momentum into curious continues the through

Kelley Hippler

is Hi, the you it question. for Kelley Hippler. Anja, Thank

are cautiously say of that terms carry starting I steady was saw finish in year in November actually December. with there around of lot that October. we to of optimistic the due in time a strong very we would I will the We of momentum, that a election was had a to the a the resurgence And start over U.S., sluggish; In COVID. XXXX. QX strong uncertainty a into uptick throughout think But had acceleration quarter. little the

Anja Soderstrom

attend curious, how the this when was second kind events small helpful That you just Okay. color. broadly? And people many events half, in the of talk I’m about

George Colony

What the George was question? Anja, here.

Anja Soderstrom

events how are So you second that the are specifically, of you half of those many the to that kind events? size you in have planning at having normally attendees this have physical, do

George Colony

be So will about for is one-third half. in the of full-year the the I would second say attendees it

So the are Summit again, CX and world. as in Scott X largest events had the forum said,

We in we to not going XXXX, from the to the to back willing to be way, go call. to out in said our probably. the this the at of recently half but about they midyear, and year, surveyed attendees willing. question, vaccines. XX% of would second low are are it make Andrew’s to them the by just physical point Get with half at that a event And So the where thousands, is find go we are

will frame quite the financially. make are in June for Anja, one as we also time conservatively planning last call for So the the said, had events May, for we sometime Scott those half. thing, And second

we hedged So there. are pretty well

Anja Soderstrom

do What potentially. acquisition, environment? you by growth to alluded you see And Understand. that in Okay.

George Colony

IPO high, are primarily we moves seen. the Prices have that of because

remain say high. somewhat chest prices is I growing. war But would our So

dry We going first cash have lot of are second in flow the a quarters. and powder and to we now, good

would looking. are say I So we

are We company, history still way. it you do Mike, up, but something want add of put in that SiriusDecisions, acquisition to the are was of course the let’s which there? digesting largest warming we the

Mike Doyle

George. I would say that I’m with

likelihood come something If in a is that do anything we the would hopper. because just the something position we of along, quickly. point, half are don’t first have in very relatively think in I interest of slim, currently to we anything the could George’s

George: think likelihood and we be a half in how agree going of right come we And the there typically market. XXXX, the rhythm. how have stuff out then that We been greater given approached not just tend M&A the pretty I about second overpriced is to now. at I looking lot is to into the with everything are is pricing. And more disciplined

George Colony

the of are data really space. opportunities most Anja, the in

Anja Soderstrom

Okay. Got it.

George Colony

Thank you. good questions.

Anja Soderstrom

you. Thank

Operator

with next Vincent Our comes question Barrington Research. from Colicchio,

with proceed may your You questions.

Vincent Colicchio

when of us color ones released? the when year in give will be some products the of and maybe will be of important terms give cadence the you cadence could released new sense more of the the George, for during some a us

George Colony

you, no. have for I Vince: a answer one-word

the watch space. Just

of looking this As the everything proud before, year. offense stayed really I’m introduce XXXX. we have and developed XXXX in I said in we on in to

on moment. So More keep call. detail April the fuzzy it I for will the

more be to not Sorry specific.

Vincent Colicchio

us this sense a right the better was it And time pipeline for Is quarter? Kelley, maybe that of you markedly That could now than is research give opportunity? fine. last

Kelley Hippler

Vince. Thanks,

did really we point, job this pipeline. at converting our QX a nice So

are in a pipeline-rebuild So we mode.

QX. higher X% actually, in conversion So our than was year rate prior

we have things less at we that would to what and But So are building cadence seeing that we see the will that normal year the have out this we of contract walking good into bookings of quarter. be downside confidence get to are gates. we the expect targets on means growth based to our a pipeline able value

Vincent Colicchio

give year to increase this you Did can or then do any on And you color Okay. plan prices? increase prices guys you pricing?

Kelley Hippler

So we increase the price did January. do our start at of annual

effective that January off in Xst. market given it And put had in we did market hold done historically, XXXX, July. and conditions we into So the

bump the increase. expecting we see So research price to are in our sales, a given

Vincent Colicchio

will consulting give George, of was year? strong some then, so could you color through next first me the in why on And follow that and half

George Colony

it the think surprise was for I big year. a

You rooms boardrooms. virtual conference you and get airplanes be in on consultants and figure and go can’t

it, we really our clients Vince. and adjusted the adjusted quickly you know companies, are staff worried about So But quickly.

I think of those “hey, pandemic, a big great we was that, So lot it projects the can to do from of going one it of are is one little the able lessons weaker Asia. take all in virtually.” good bit And way, the the will of little to a in surprises stronger And a network do in that stronger forward, and U.S., continue being virtually. the year. by Europe, those you

Mike Doyle

you think consulting, The in because so became content highlighted I a well people on was our reprints which out it absolutely teams couldn’t marketing you the important other where as it the George, research item, get in road. is when opened, virtual as environment

really way. So meaningful I consulting think in accelerated our those performance a really things

Vincent Colicchio

will follow strength reprint I assume through the half? in the And first

Mike Doyle

that right. think is I Yes,

stepped I continues it the the The be - market. been accelerated great a have think us, clearly business and pandemic, to way out don’t opportunity has business in as environment there. period. was good up as reprint a to But the it for where to people long look,

expecting I that we So will the half. think it continue are in first

Vincent Colicchio

guys. Thanks

George Colony

Thanks Vince.

Operator

questions time. over the turn to further Thank you. this like Mike I to showing would not any I’m at call remarks. for And now Doyle any back further

Mike Doyle

appreciate you Great. joining Thanks, the everybody. call. Listen, we

the virtually to quarter. be first We in out are investors going to with be visiting

the going Sidoti also making to at We conference, available. be are we dates are and

all a So shortly. looking forward manner you in investors with to virtual of seeing

Operator

and conference call. today’s this for you gentlemen, participating. concludes Ladies Thank you. Thank

disconnect. may You now

Forrester Research (FORR) 12 Feb 212020 Q4 Earnings call transcript