FORR - Earnings call 4 2023 | Forrester Research, Inc.

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Operator

Good afternoon, and thank you for standing by. Welcome to Forrester's Fourth Quarter and Full Year 2023 Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Vice President of Corporate Development and Investor Relations, Ed Bryce Morris. ahead. go Please

Edward Morris

hello, this and the for today's joining quarter Thank we everybody. issued Earlier XXXX. afternoon, full for our call. and you, year Thanks press fourth release

find you one Investors If copy, a you section. on website in need our the can

us Chris our results the today Chief Officer. Johnson, Finn, Chief Chief Colony, are Chief Swan, Product discuss the Chairman; call. of also section our for and Financial Q&A Officer Nate to with Officer, Sales with George Forrester's Here Executive Officer; us is and Carrie

Before activities call those statements intended we anticipates, believes, Securities Words within identify to based of begin, that I'd XXXX. uncertainties are like result to and of risks, statements. the future company's events are on new expects, publicly differ be in Private Exchange to and results to in that will cause are forward-looking company the operations statements. Factors and any whether intends, filings forth these information, remind forward-looking you current plans, the discussed Litigation statements, to this of as plans otherwise. statements Securities that Reform the no estimates our forward-looking undertakes actual set cause Commission, Act contain and a the update could could obligation reports different or or expectations involve These from forward-looking results such expressions meanings and with future as materially and the of similar

unadjusted with comparability. which affecting will discussing excludes consistent be our performance Lastly, previous basis, on an calls, our we today, items

reporting discussion. with basis numbers and accordance not provides an our that appropriate an on believe meaningful reporting unadjusted basis on While is we comparison in basis this for adjusted GAAP,

excluded it list to in George. find of adjusted hand And release. from will results You over with that, I'll detailed these a press our items

George Colony

you call. Forrester's full joining QX year Thank for and earnings

Sales Officer, and Forrester's are our Finn. Nate Financial Officer, Joining Chris me Swan; today Chief Chief

number and the two, the like QX was product we we key year financial the progress XXXX managed. and decisions road and technology unevenness themes: In entered our and will for remarks, XXXX a cover penultimate our X Nate coupled in financial market Forrester provide a performance; and that environment updates. XXXX my but product sales in XXXX; transition. the Chris fiscal our made remarks, ahead. We one, XXXX technology four, finally to This macroeconomic major milestone and one navigated I'd year and guidance contributed Following with and year to company, having achieved change, of my the three, number uncertain challenging transition. enhancements;

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Nate Swan

around minutes contract and build share C-level and you, to two, a a outlining Forrester model profile; are what's the organizations expand joined to like foundation sales I growth. I'd everyone. and ideal one, in I'd and decision-makers retention a Thank customer widening a NCVI, our in drive client high-performance team; within engagement the spend months Forrester ahead. drive as X last improve to in few since We value to four, to strong the increase, progress standardizing growth. leadership rallying prospect building made motion and XX put the to net culture our continuous reach good on renewals; and George, areas: selling to three, sales afternoon, like

of within Going deeper organization and Customer new structure, last VP on addition new key business, of Success, a North Account include changes and to the Throughout enablement, efficiency, new and new leadership. improve VP of a my first year, American Operations execution SVP the new Sales sales These point I of accountability. revamped lastly, of functions sales of Management. VP

of this the bring With strong new reports and XXXX. team. building one of of direct by service They leadership I'm sales from every organizations, excited proven all leadership, and energy the experience, international exception caliber and my is high-performance

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teams stay focused ensure standardizing Thirdly, These of customer delivering to with critical that meetings The our and with cadence parties on experience. business approach valuable engagement clients. research is across and are outcomes all high-value customer Forrester maturing most mutually includes support initiatives. both clients' ongoing sales, world-class and retention aligned delivering we help and success products client

decisions XXXX, will continue is realize within land-and-expand focused enrichment. growth on client to sales we Forrester deeper and functions. Finally, the cross-selling promise and In multiple relationships of by expanding to teams

department the million IT frameworks demonstrate our great renewed local size and the right FD on wins across Forrester the is a with with global contract teams. renewed leader U.S. insurer a to the function to not in in their all million with across of we're track with built U.S. the which executives AI had at of its with as seen million, Gen $X.X $X.X for that strides have and the of who $X.X decisions I'll their but growth. with into in CIOs geographies, with help IT each. Forrester. last consultancy you strategies research, functions. We Our the new Forrester side and of building and strategies doubled strategic been CX need hand that winning relationship their lots decisions We've of Forrester's contract we only in And at renewal function, organization, An has large in are align tools contract very government year I And $XXX,XXX foundational that much. particular high-performance XXXX. their its secured of long-time in large that, some of city Forrester A relationships look to growth. In align help call the growing QX well over valued at relationship Chris. CISOs multiple with now over Forrester A a sales over the sales strategy in the several landscape have immensely increase forward new I'm tech executing on to house, an and supporting we business with navigating XX%. the made summary, proud high-performance Thank the as momentum value. business

Chris Finn

afternoon, good everyone. and Nate, Thanks,

fourth our challenging. outlined, results quarter George As were

of sales am Forrester Izola platform along organization made achievement on Forrester I of decisions migration with goal the made launch the the tool, XX% of continual AI Nate to However, of a fronts, that the including outlined, we number the happy our in X. January the with of our the and of the Decision progress as that improvements company of evolution CV

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at CV in entitlements in available change X view a during revenue. trends of As while approximately the the total Forrester create This representing than contract in included makeup larger been the impacting as XX% multiyear we subscription subscription will complete migration calculations, have driving entitlements our of of subscriptions have all CV the an greater the precise the calculation entitlement of historical annual use been year. value are annualized, revised our for the for period. The the and the decisions, methodology. the contracts products annualizes in change contract bookings ratable more of the is included In portion

metric we of made typically this update year's FX to our rates, website. Please the Investor that change for prior although Relations order we year change current deck metrics CV first our seen quarter the can in the update avoid have to be the recast a the second we on on investor quarter In in planned in addition, to information revised quarter. and reflect quarters the further note, metric next this

our a For came revenue business at Overall million business in of $XXX.X QX largely primarily reprint XXXX. The revenues declines million, the declines quarter, million. in our full declines revenue consulting year for revenue overall an our year and million the by representing the was fourth the for legacy $XXX.X in and research and both decline research XX% from XX% were in from $XXX.X from decline we generated representing 'XX $XXX.X products. driven quarter

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buyback structure. of outstanding investments had authorization million of approximately $X.X million of the us quarter this exited from cash and debt fourth million There capital and Year-to-date we debt million operating with million stock $XX flow Looking quarter. and intact. cash were $XX.X expenditure we was stock repurchase payments our $XXX.X as was $XX our capital activities at or and leaving no

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line. Turning to top the with starting guidance,

Research the million in guidance low decline decline a consulting For mid- $XXX million to mid-teens versus $XXX XXXX. the XXXX, mid-single decline for high outlook we the our in expect to to X% assumes business in a to events to down revenue single-digit the XX% business be year. be or This and a to business in for our digits the

our of the and on XX.X% we X.X% year would this XXXX. A range actions have from taken the for cost of control margins we savings costs, in our be operating portion costs, the ongoing Given are nonheadcount-related to focus to expect reductions. coming to

range expense Interest pause related a continue migration we example, marks of final tax full the million to our in be year, to transition believe this into the Forrester components. for go-to-market a the challenging variable For and are guiding we all year. In be we summary, and on account, expected to year will would $X EPS of $X.XX is another Decisions refinement. Taking rate non-sales to for compensation it year $X.XX to expect the XX%. the that be as in full XXXX

We with actions the all target and into in will in And success time are hand believe the improvements pay will and you through and as with taking Thank these decisions' George. today. life on As Forrester progress retention call to model, outlined, dividends retention XXXX. we for engagement I that, XXXX the investments Nate the cycle laser-focused sales. we back customer

George Colony

internal Thank our a challenging with performance. To you, XXXX summarize, external impacting and financial Chris. was factors year

take sales inflection of disruption. We technology of market a to for XXXX hand and market addressable questions. a Forrester an will will product, Forrester. substantial the Decisions AI us research evolution will going back growing impact now to the of share as The by beyond. our and into foundational in believe we be driven opportunity our I'm we total the However, year the capture work generative enable organization, the in high-performance to and massive XXXX believe call remembered the operator, point

Operator

I [Operator show line the question And first Instructions]. comes our from from Anja Sidoti. of Soderstrom

Anja Soderstrom

initiatives for sales the the serious environment you sort -- curious much is of softness and due in and to cycles this switching much just year, to clients I'm how decision macro decline for attribute internal just of to this XXXX terms maybe being and general do longer? how of new

Chris Finn

Thanks, Anja. Chris. This Yes. is

the last We've FTE August product. So the this us. is been transformation launched really this 'XX, on phase the in when year of for we since journey last

And term. hurt, knew we've decisions would benefit term. the this that us short obviously, frankly, it time, along some we way during the the made we long would in feel so And in

the large couple And tech that serious so past combine both layoffs, had lot with of years that with and here we've the vendors companies, fact a users. tech of a recession over

I we've so an percentages. a made is of things kind hard think elongated going And the that this would areas today we're and it the been smaller to final I FD, really that we're very has approximately confident And frankly. get and we year. lot external that, think confident this that, We ourselves -- CV environmentally I based XX% to at the to are am know frankly, on that reprint. remaining driven, it's nonsubscription where done by end transformation -- of have to I'd through. With peg of say of that really said, the that but really in with look, on of decisions the And we're XX% the a this going at part is around point. do be CV that really this our of year transformation going be is percentage

with beginning get feel to but we go through little as at to probably and here. the decline of going a we're and this So do confident more growth going we're about 'XX around direction we're of bit year, turn some going a see that we confident that feel edge in, starting the CV we to

George Colony

here. -- I is Anja, George think this

surprises has tech It's And in been of vendors. years. us the it's -- with the biggest small the last with think over the also -- biggest us I vendors. that impacted large impacted surprise X weakness one

interest I Venture smaller many actually. of think just cut and it's rate they've these up, driven been are and people. vendors cut -- budgets very has dried

And here. it so major the is factors one -- definitely that of is

Chris Finn

Anja, made spend gone I'd constraints have they've as to some literally well. and well. Yes, migration small as with say And side, They've just churn some the lot [indiscernible]. so the overall budget away. Yes, but of they is as on larger I the over unlike companies mean, side vendor us, those of their a FD had it's not the reduced they've much it of as have vendors. not churned out small vendor

George Colony

Yes.

One of that very, from selective will the we've who very group. we're vendor this as developed disciplines through take we is -- small period being

generally, are vendors size. turning million $XX we away from under So in

Anja Soderstrom

out? over been more the environment move those to of a the do from right? company you've anyway, strategic something year, you It's weeding macroeconomic that sort that's But It's been intended that's not doing and right? just

George Colony

Yes.

Anja Soderstrom

that's is terms in resources? you be and now research that driving and up much sort your like it to on of AI, fire generative going do pick of seems And growth, think, of how your

George Colony

And you. going a now approximately pretty it's I Directors. the of are -- of of of analysts of that to users, in it's XX deal I'll to XX% whether all on estimate be in There more get in of higher organizations, almost about vendors, Yes. Boards -- here this, the I'll [ our Generative area of ] but go the take us. talked our minds time AI are close it I'll the in research the -- And all is on questions XXX XX% magnitude who Generative for greater they're focused in spending reports. clients, great AI you XXXX.

in this are So need the to -- vision to when said is change, They contact, built do. technology what this my they as remarks, was future. I is need decision-making. Forrester need what big there's clients

And us. a so great this is opportunity for

Anja Soderstrom

terms to landscape, in Okay. there the changing? of is out competitive that's there been And call anything

George Colony

here, I'm at looking Nate but.

Nate Swan

very we think value landscape, we've I I mean, our competitive a feel research no, confident -- got our in From proposition. and

clients obsession different reacting well all and view makes it really customer IT. We different. us across Our our are to plays think -- really functions. how high-performance of

there. So there are out are providers great that

clients unique perspective and We have our our perspective. a to seem like

And confident we that. very so feel in

don't less been. competition I has is than ever think any more it or So

Chris Finn

Yes.

generating I think from towards kind there are leads for companies the change of some away are smaller biggest below is here, us, Anja, turning vendors. that who research

they're -- and that's essentially a further step We business outside of we research that from like So taking because away that. the us. like

Anja Soderstrom

in there And to region of out terms Okay. any anything call is better global, worse? or did that

George Colony

a did the sector. delivered We did pretty We QX start a had saw new and off that new in our well of the user some good international is groups. in good shoots well group really performing for We've got actually in focus an in that to Yes. on -- team. leader QX been really business team standpoint, from marketplace. and one best as And some great there. in government really well. pretty We've growing well QX that And in green

tougher are be will big hard. going focus high-tech is I really working and expect consistency. really -- is us. We North leader We've to of some teams lots a structure the house. us, bringing a to North side really the of markets the for Patrick So All great that. organization, in to got discipline America the react American and And for just team well

Anja Soderstrom

last one, I one just And if may. Okay.

are cutting? of the quarters. quality cut? for where you do how been terms In head you more that now count of [indiscernible] to without And jeopardizing room X%, you the a Is you've And headcount, can there couple of -- expect work? the your

Chris Finn

to this which we're expect those at through the organization Yes, disproportionately for the That's line labor there this last we of really point, were some some our the impacted in feel consulting the Yes. reductions, 'XX. know resources to are like the good bring a question. was RIF year. where expectations challenges into consulting We and do year, continue with we there on business necessary

resources so we company And to get later were to the X% head of well for growth the other count, preserve average business units of below as really percentage most this a to on the really back year. as intend

Operator

actually, Research. the line our from next from Colicchio question Barrington Vincent of And comes

Vincent Colicchio

A Nate. question Yes. for

at So like the of seatholders sounds sorry? XX% director and -- above level

George Colony

Yes. Go ahead.

Sorry, Vince.

Vincent Colicchio

I'm data mention if like Did sounds I -- a hear is point. sure that It that? not objective? with Did pretty good in your I line heard, you

George Colony

with It we are is line going. in where

at be -- X So a Chief roles that enter the function, generally at at the as VPs directors. at company. certainly below. to our type managers to head look We is look our set a into and Generally, the We we going function we look can in. we grow Digital to of [ ] target and Officer, team role. really we are CMO, roles want that CPO, CSO with opportunities at be We have

as want So team-based what goals. win capture Vince, we're underneath we the to them. a in looking the function leader a to work want Organizations do teams and to their we is then to strategy, accomplish

is thing the we Forrester the I as we alignment how and think decisions great company are the about across a aligned create organization.

So the can or we to over to the be with all with CX We to step organizations organization, next at the get once. if work marketing happen IT be might organization the in organization. those

relationship. understanding feel being delivering opportunity, you expanding by time, to functions deals when you way comfortable tend And their you clients growing initiatives. capture level the grow don't at that, You opportunities by at all most initiatives and grow the capture very one and do senior and the into those. But those those the are against what

align excited in seen which got So going methodology doing about We've organization some excited to that are The for sales really for organization, work. and trying new good us, understand in we're a the on that. about process is our that's that. success we've are very to is clients how sales out and do of rolling we what doing

Vincent Colicchio

began you the journey, know at if at content that you I be at be to above were of when this time, assume So seat level point you'd with in level this you'd holders that. or this direct

George Colony

might the be to which the higher, highest I you want deliver offering, -- level get a right? our If will guess. function, We to Well, can word, value most always don't the organization. sell senior sell good to I you content most

and the try level that happens. it's can to can the where really they're where going the where want and on. top happens the to get all initiatives their revenue top to think they So It's of help clients on successful be salespeople I organization. most Working most. impact it's they where of It's those our

paying are to attention we So it.

capturing we are and as we calling to at that more senior see going, where We can levels. are people data improving are on

we'll continue that. do So to

that on over multiyear call multiple we go more we initiatives when We are able years. contracts sell know senior levels, because to also

really it really drive which sell Forrester we've that really much well want try multiyear. been and more trying up We we it's as So to with number decisions, aligns can. as to

Chris Finn

legacy. point I'd important that with even good, the is level did selling to at higher higher levels. Yes. here we think good, not there. but the I feeling decisions than say we're we Vince, a That's word we're the -- need with content. wrong get Forrester are at use to but we That's

Vincent Colicchio

Yes.

mean, shouldn't good I too me be think go. sounded excited. more maybe a I to a ways maybe I'm exciting but progress, than -- I to bit

George Colony

Yes. Yes, exactly.

Vincent Colicchio

how On we where the total a may what your the stabilization also there -- up small currently? side, portion are client client many some be losses? of And in clients nearing small make point

Chris Finn

Yes, CV a is get going XX% we're we're in this I from Yes, year, like certainly, the of general that our legacy CV through that point. Chris. mean, churn to feel we most -- going in down base at from that below Vince, this perspective perspective, be to is expectation a

We give of kind really XX%, the is. just of of being I the number. think on what on And gave it majority below a get you and that small metric portion But so through don't you that's think a we're that. it guidance sense I based the we of CV

George Colony

decisions weeding Vince, bit Forrester -- I weeding think a little here has been a a built it's it's expensive. had larger said I effect organizations. And more And it's -- also, because for

vendors So that -- smaller of the smaller out helped also mix. the take has specialty

Vincent Colicchio

larger the product. spending think this vagaries I it's on a most better expecting year IT I year how new do square later that ] just And versus CV year? enterprises. yourselves, What missing? the of are I your until up am doesn't pick you're in year suppose a executing I targeting than [ better just organizations, -- of you and a including spending sort expectation IT last year

Chris Finn

Yes. No, that's I think Vince. right,

and here bit just came think conservative into we're we a with QX. because probably what little being going of I QX of out

too certainly. some yet. want seeing are spots, get bright But I don't We to excited

But We momentum execute. can have the interest continued see we're on growth FD around seeing we on rates. that to moves obviously show and to love certainly, the really important, is certainly And that. some I'd

vendor much But on a spend contracts, budgets reduced to we're is here, big having some -- having which over up think migration side actually the back the too. even they're now is clients see still FD, and very during think that about spot. having conversations bright green tech with larger and may opening help, starting but shoots discussions around I coming at recession have the conversations. We're I will

it as -- we're our conservative and a start definitely But to back see is little first start that some to to bit the bit. exit So seeing during growth half especially half, a we little open that up get being in expectation the year. of the expect

Operator

I'm the in I turn At to further to closing for call would CFO, questions the Mr. showing remarks. back queue. Finn, like time, this Chris no

Chris Finn

for Yes. it. the today. everyone, call joining appreciate really We Thanks,

myself. have Thank or you contact any please Ed follow-up, If or questions you.

George Colony

you. Thank

Operator

today's concludes call. for attending. you Thank This conference

You disconnect. may all

Forrester Research (FORR) 8 Feb 242023 Q4 Earnings call transcript