FORR - Earnings call transcript Q3 2021 | 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 Chris Finn, Forrester's new Chief Financial Officer. George will open the call. Kelley will follow George to provide a sales update, then Chris will discuss our financials. call the open then to Q&A. We'll Chief Officer and Johnson, portion the Research for Officer; Accounting Chief of Chouinard, Scott call. Treasurer, Q&A and the Carrie will us join this by dialing or December of A available XXX-XXX-XXXX will can accessed and XXX-XXX-XXXX. until replay be Xrd, call XXXX, be Please reference ID conference the meeting XXXXXXX.

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

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

George Colony

but talent a him a and He to in Thanks understanding to highly worked a its who of want with you recurring help I Scott. stay need at build CV growth excited revenue Kelley, current has global moments, team. assignments, He investors what story. Chris, in good teams. finance perfect and optimize building world-class Forrester's to expert an after investor with I'll himself very for Carrie previous he say Forrester optimizing our models, experience to him we're will have and let fit call, Forrester's his engine. has I companies has making is QX scaling want He joining few sought a and XXXX that and to welcome on Chris deep is introduce

So welcome, Chris.

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Kelley Hippler

Thank George. you,

product. companies, centers targeting another laser quarter client focus delivered very and on strong technology, customer Forrester buying through sales marketing, our five experience, key at

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month XX%, wallet improved continuing also relationships. XX trailing our and build client We're retention client has XX%. to long-term retention to reached rate Our

of premier X clients an average Our have years. tenure

organization XX that we've made the customer In are our over addition, in months investments off. paying last success

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frameworks, view renewed to and service. on tools, Experience client benchmarks, on elevate each Customer with mentioned, guidance these more organically the a addressing and George saw our share customer solve is part upgraded the set our data They around financial the be helped the sessions office a also research, because to with work. of service and to As certifications, VP priorities help In hands-on Strategy The priority sessions experts built approach of US client, of key outcomes. conversation priorities. offer seven point appreciated the renewal deep on services focus as data, how of will with us the to VP Chairman, leveraged process can the of to their one of how this guide five They to Decisions progress experience. guidance more of time Forrester

us their company the following displaced the helped technology signed consulting IT computing competitor Forrester annually architectures. teams a of embed a into high-performing a focus we a also and Decisions' and After utility a to focus modernize US cloud multiyear organization, on priorities, a company. of two projects, on over single-seat delivery and multiyear in the privacy with outcomes arm with $XXX,XXX worth enrich help win research successful and cybersecurity deliver relationship new contract

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existing were relationship Moving we to customer consolidate and solution needed new design, technology client new experience product revisit support to acquisitions, the able sales perfect the an for services vision decisions additional bring and Decisions the execution operations, Building sales to to cross-sell was CMO, key to with for marketing. Forrester offerings them on organizational market. make and enablement,

CMO the selling to addition, the giving sales her include full Forrester marketing conversations. Decisions expanded team bring renewal making initial suite to our Decisions into it's Forrester These In services. is contract them excited confidence of and months

our not Unified than platform of products. easier As benefits to focus but it in is proposition clear sell. rather for The portfolio and simplifies a value on clients to only job organization smaller selling teams George mentioned, the the sales multiple sale our makes

of their sales to invest carriers Looking high as for expand ahead to to in to teams, Strategically, QX customer single productivity. grow as We're our tools by we XXXX. number success quota and XXXX. training continue looking digits our increase in well and

support are to We XXXX growth. future in headcount aggressively QX ramping

Forrester attract culture. known strong long We've continues been talent. to outstanding for our

Glassdoor Financial pay, workplace. Officer, Forrester will and destination XXXX. With opportunities, I Forrester growth that, turn focus CEO to over a And to is a a call work Top and Work, competitive Chris Glassdoor flex Best was ESG, Finn. as Place Chief our diversity in and George on recognized the is career with inclusion, Forrester's

Chris Finn

Kelley. Thanks,

our market detail, Decisions, the join just for five to background, Forrester which introduction. made reasons. of focus the CV a of attractive to review and a I in I truly was transformational successful in business, to is attracted transformation what three, say growth. Decisions. opportunity, Forrester's technology to I finally, believe on launch revenue our thank the the you Number the I'm product Coming strategic SaaS five, number Before on from team one, possible focused and financial SiriusDecisions, recurring want history excited key platform, growth, resulted company, the performance Forrester a a and George the acquisition double-digit period development for great by massive of number number two, and during new in development incredibly I of Forrester number revenue four, the leadership Forrester

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will momentum. review level, as execution a third guidance adjusted goals critical refer against to my quarterly part that and Please are Forrester's executing for full we for quarter fourth metrics our quarter, now call our we on role the focused of keep results. I'll us our this results, operational income on be a at to financial year non-GAAP and continuing and We which statement our are performance review the XXXX. the figures and high note

today. of our We we release provided results our adjusted have that GAAP results reconciliation a our in press to issued

and of margin of achieving mentioned, George revenue, goal our and that XX% by CV earnings delivered business increased which driven plan. product, was Forrester compared in guidance ahead of Moreover, quarter growth to our CV last basis we the share operating we and internal per we year in healthy flagship fact X% our of our Overall XX%, revenues and a Decisions, grew had consulting. quarter, year-to-date on exceeded launch growth our new range. by that double-digit great by research, headlined the As third another the

growth in $XX see continue CV with business to cash flow consulting with our operating And significant to research outperform expectations. XXXX. momentum revenues to of showing months of X million the for services demand continue We our flow generate approximately and first for we in the cash continuing

million stock authorized an completed repurchases, has Board authorization also our within and We close million. an quarter, additional $XX of repurchases $XXX $X to million in the repurchase the additional bringing

We and of year. business for results are performance our confident our to remainder the fundamental our strength in indicate that the continue in

We are, for will operating therefore, guidance detail raising more shortly. in margin and describe I which revenue, EPS,

current XXXX. the of quarter $X.X third due to first Net of Cash million of in the quarter the million $X.X quarter or of the $X.X increase expense million million the current flow the quarter net of cash in of wallet quarter compared upward the ended quarters CV, of last CV Interest to the The improved were larger third $XX declined for along growth quarter earnings has for in we in experienced at XX% with lower X% expenses the balance strategy $X.XX compared of of by of months, results the that XX% increased QX earnings headcount debt compared higher $XX.X coming net the seen count to fourth quarter about increased and with event prior the year. in investments the and percentage quarter XXXX, earnings merit operating X period. of a our low X.X% quarter to was third CV. down XXXX increased per X% income client place Turning summary, million strength and of revenue was million share third third quarter point services, of XXX% and last of Ending for our to in from X and QX $XX.X shifting five up professional compared XX% and both a prior and $X.X our quarter. smaller to to primarily sheet. $XXX and a XX.X% quarter. driven retention to in XXXX. compared we the reduced XXXX. for was revenues growth exceeded was year revenue with CapEx marketing income have to had Research the quarter million QX was promotion for in third revenue compared as third increased million XXXX. X% expectations. quarter with flow due year, activities partially quarter a and compared the million compared the Similar by for months we EPS third of from have client growth for were increased trend revenue represents of which sequential of prior revenue headcount. and Operating compared CV continued steadily sequential from by to bonuses, and to and quarter $X.X the share to the over income the for or and $X.X by by In XXXX. XX% the great XX% in Operating in increased to event of offset last growth per million double-digit its Event at by we a holding and an to million into in XXXX QX compared income overall million X on the both with with of Consulting year. from $X.X year, offerings. Currency content and the levels. quarter straight $XX cash revenue rates $X.XX and

at and record our continue was upwards, level. Our retention a client trend to cash count and metrics flow

to buyback continue In addition, quarter we our stock program and buy accelerated opportunistically. this plan to

Forrester will momentum Our engagement a sustain Decisions and resonating products business with clients. with this model the increase to fast to and clients. are in with allow our start, our engagement And our us off

a year quarter broader margin a fourth our continued quarter guidance fourth in outlook. and year building business. we to and to is our the full EPS. turning events having revenue, This have updated see in ranges raised virtual result full hold format, the on our Despite of XXXX momentum Now we

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

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

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

operating our on the XX% XX% outlook margin for note of to year. a Just full

top very double-digit call and it to look the could while not aggressively have to as much the operator still employees, analysts be having turn have will on our growth I and beginning today. with for and the XXX the we we and by year. marketing, conclusion, managing of for product driving our due operating with Forrester, investing this travel I the business expect line planned areas. continue in scale working business along areas as We're as exciting over call. in company margins continue the positioning XXXX over focused We headcount, raised costs joining the investors investing portion year. the momentum joined an the points long-term you growth. spend will In to And technology past new to CV for forward to in be Thank We the to margin sustained and guidance Q&A than year-over-year clients, inflationary basis better lower sustain our great increases in cost growth. sales, challenges us facilities of since time and There face remain path across our now across such realized environment, a to

Operator

with And William Andrew Instructions] our Blair. you. [Operator question of Thank comes Nicholas line first from the

ahead. is Your go line open. Please

Andrew Nicholas

taking Hi, my good thank And for questions. you afternoon.

basis up margin follow or Chris, had looks one it your out next you wondering just could to comments, year, flesh was for around about last you those recognize year, The points there put items on Is we but as could numbers think it's the us you XXX about pressures higher coming to comment. some T&E back regarding if this or that give headcount, some any have first one or just number I trajectory I and of for some investment online quantify next initiatives. like expansion, maybe so help year? ballpark

Chris Finn

Yeah, thanks. a good It's question.

IT, to start sales, So yeah, investments look, made the QX know, for we've drive marketing, as you product across next and and strong achieve a year.

Some make of our and areas to investments to like for that and QX, data over sure roll you'll definitely the into to procurement, modernize we go-to-market, see infrastructure management, enablement. continue cloud in channels in further product. IR, Forrester, expect invest digital We'll

As about raised margin from XXX noted operating original by in guidance guidance of points my the our I year. remarks, basis the we

year And facility to and some T&E than lower stronger reduced this is planned that due virtually due of revenue, headcount, costs. to costs some no from lower

we're going margin note and through I be you next year. we line. So noted, committed the pressure as as - going to but definitely as plan, working there's in the that investing develop growing definitely we're top to And

investing or know business, for leverage definitely we're So flattish we there's as we decline the slightly to move term. - expect of sort term. long near growth the for we in and the stay margins but And forward operating in

go we to at as levels ramp to back it go likely pre-pandemic. going forward. the on going that think T&E front, we not this into the T&E year. had I We're to were zero relatively We're

the So or of going T&E ramp were XX% I - pre-pandemic, the and be expect where to kind to we it's in through but somewhere range year.

Andrew Nicholas

mind. you follow-up, if for for Chris, Thank question another Great. my then you. actually you, don't And

the the brought for Just maybe curious curious, you. to of role. weeks part Forrester, bigger that kind have plus to six list from new or the yourself was set you first of all you I'm similar Thank in just any you of organization, some hear. that helpful organization and the job? bullets reasons mentioned learnings picture, different in And being kind major if the priorities in a your the investing over new in of a

Chris Finn

From Yeah. From organization we're to I certainly, number not a a need on systems the we the right And obviously, the a well, the you. I in missing but business, we're process, business in investments to - to areas and areas. momentum execution. out standpoint, And think too. we're broader procurement internally looking operational business, really on the that about one. that's make. people focus across mean, continue I the talked the thank like standpoint, helping from want make in as that really we I investing especially said, it's have I at sure prioritization that looking today across the finance,

And And so of detail getting growth. really priority the to around process, into order that's the can as in part been planning we're drive of we definitely where invest kind big a me. for

George Colony

six lot weeks a Andrew, a lot is - first the modernized. that uses in used Chris a word has

Chris Finn

Yes.

George Colony

word. Good Yes.

Andrew Nicholas

lot. Great. Thanks a

George Colony

Thank you.

Chris Finn

you. Thank

Operator

our Colicchio Barrington Research. Vincent And line next the question you. Thank from of with comes

open. go is line ahead. Please Your

Vincent Colicchio

Yeah, George, experience and Forrester Decisions. areas I think were you mentioned for BXB customer the most that popular

or of pipeline, is in interest? is that there the curious Just the case a still broadening

Carrie Johnson

board Vince, strong across obsession revenue have and around for specifically strong incredibly indicated unique nice also George the There's And the did They customer Johnson. answer differentiation CX think, it's as in that. I'll offering BXB. those propositions, come services, the demand have, actually spaces, strong. very value and have XX and in Carrie I we out a engine.

interest areas right the rise we're services. the of is now seeing tech in One

across board. say, As unilaterally, there George a that demand would the in pretty is disruption lot I of there's But field. mentioned,

Vincent Colicchio

going was, discounting the with that know don't expectations in into quarter? who but no it that Was I line product. you about on there said And was Decisions the Forrester

Kelley Hippler

we be to that all from the the onset also of Forrester this enhancements offering is getting Unified see the Yes. Absolutely, That's value UX. we were new with part right been the of the clear clients. discounting news added allowing clearly all not that into force on data, the good this migrating the Hi, is resonating very it value we're going Kelley. set. it our product made given not clients presenting from is reason particular are certifications, we why and Decisions, the They and the into that's now,

issue for for So sellers has has really because it made an our is been clear it not great value. to our value clients, to prop able the explain which the be

Vincent Colicchio

around an turnover Decisions? the sales from you on Have impact seen excitement Forrester force

Kelley Hippler

So of focus due a I Forrester pivot this turnover, a change very across that And a by decided little say but hiring what call on as here, we seen the recently. our also value in our there rejoined were strong what aggressively make had mentioned, the would we've we've sales and contract wasn't folks bit Decisions, not some, we with are But George did a for board them. is limited spike boomerangs, some year. force now, number we same of have that, folks token, that right who and to

So The in. excited sales are that folks here the are expand force. to leaning

for force sales double existing reps last Our over digits productivity year. our ramped the improved has

So XXXX. really the capacity Decisions, the to need actively and excited of we news the and about good for get is in reps our hiring are leaning bulk Forrester we're

Vincent Colicchio

you. quarter. nice A Thank Okay.

George Colony

appreciate And Thanks, it. Vince.

Operator

Soderstrom question from Thank you. Sidoti. with line Anja next And the our comes of

open. line is Please Your go ahead.

Anja Soderstrom

on my And Hi. the questions. Thank you congratulations good for taking quarter.

Forrester XXX the about they from Decision. new achieved Or Forrester? had the just Are conversion you clients? who I'm First, for are said those legacy you clients curious

Kelley Hippler

mix, that healthy in a number are are renewals Those significant of but a that number.

new front uptake product we've quite So them. we of existing a large in put of when clients seen the

George Colony

clients, XX% you uptick. in so a it's if and CVI really those Anja, And of cut nice the

Anja Soderstrom

pandemic. to is That that that that the Okay. that think during on that I also Thank - I clients good. along? spring, the back you think, you Kelley, the then you. off list wanted said within of you had targeted list get How coming from you fell a done And sounds

Kelley Hippler

you. Yes, Anja. Thank

space, core organization. both our team, So had concerted we've well we in our as they premier within had premier user year. win-back doubled as programs this actually And goal for the the set that

win the side this a Forrester the that us is number offering and clients share we've backs, of new to of which also in had where proposition Decisions has that pandemic been Decision some back Forrester is strong a to the go exciting. and the the really So during helped value we place the really have with wins lost

Anja Soderstrom

I think Thank progress this you. numbers. out-years of up making good of in And How really then growth? nice you're terms should the and up putting pace the mean keeping saying about you're we there,

George Colony

That's why focusing Chris on he's execution. said

have We and the improving We do products and force. have to enlarging exactly Anja. what a in driving our know sales great strategy, we

very Chris. So we think I is this - different that a it's long-term. view, the sustainable know if in have you don't

Chris Finn

it. well. actually about in versus as 'XX. that's sustainable we're growth to George's in But it's And from we I to seeing slightly, around business where starting aligned discussed. organization we've to engine as great driving alignment got period were now, think momentum the do point up only and around so We're revenue X% board. No, our the marketing hiring attrition, aggressively across get so. the in around product right we're now sales some engine business Look, headcount sequential talent same across the last CV in in the momentum we've completely growth quarter, in the We're hiring really great double-digit the investing with Yeah. order acquisition

not around continue And And we're well. productivity just it's going for increasing but organization, capacity as drive increasing obviously, sales so the to also to that.

George Colony

And than XX it's the - and Anja, just I and the more last years. the were will exogenous technology, change factors be the economy technology next in five it's in there talked there - about in years

an just it's intensification. So

they the we sure and and the moment that don't we're is activity clients. see die. digital or them, a our in IPO see with make going die for definitely challenges It You to

Anja Soderstrom

just good. one do you sounds then out That last anything And geographically? me, for have call Okay. to one

Kelley Hippler

would I What good sales of our performance is regions all Kelley. we've motion. across It's and say solid sales seen Hi.

uniform to in getting of our the So growth. double-digit much board desired across the terms CV pretty have been results

been American pleased we've with So North both well markets. international the as really as our

George Colony

And Anja, we're now Beijing, open London, Singapore Paris, and in Amsterdam.

we're opening and in up faster We're Europe So in US. the operating slowly up. than Asia

Anja Soderstrom

all from great. you. Thank Okay, me. That was

George Colony

Anja. Thanks,

Operator

Finn, Thank for And questions remarks. further conference over would you. I'm the any showing further And this to CFO, Chris no to time. turn I at the like

Chris Finn

you. for Thank Yeah. today. Thanks call on the being

joining look continue with interactions As We're overall the here during today. of of excited us Relations Investor investors for process forward again prepared a to Head and be working quality the noted you improving of and all. to analysts. with my our remarks, this I and our to in Thanks hiring I'm process

George Colony

Thank you.

Operator

participating. This concludes today's you conference. Thank for

You may now disconnect. Everyone, have a great day.

Forrester Research (FORR) 6 Nov 212021 Q3 Earnings call transcript