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Jun 30, 2023
Forrester Q2 2023 Earnings Report
Forrester's Q2 2023 earnings were reported with a decrease in revenue but an increase in adjusted EPS.
Key Takeaways
Forrester Research reported a decrease in revenue for Q2 2023, with total revenues of $135.6 million compared to $148.2 million in Q2 2022. Net income also decreased to $5.3 million, or $0.28 per diluted share, from $13.9 million, or $0.72 per diluted share, in the prior year. However, adjusted net income was $18.1 million, or $0.94 per diluted share, compared to $19.2 million, or $1.00 per diluted share, for the same period in 2022. Contract value remained flat year-over-year at $344.0 million.
Total revenue decreased to $135.6 million compared to $148.2 million in the same quarter of the previous year.
GAAP net income declined to $5.3 million, or $0.28 per diluted share, from $13.9 million, or $0.72 per diluted share, in the prior year.
Adjusted net income was $18.1 million, or $0.94 per diluted share, compared to $19.2 million, or $1.00 per diluted share, in the same period last year.
Contract value remained flat year-over-year at $344.0 million.
Revenue by Segment
Forward Guidance
Forrester is providing updated guidance for 2023. Total revenues of approximately $475 million to $485 million. Adjusted diluted earnings per share of approximately $1.80 to $2.00.
Positive Outlook
- Total revenues of approximately $475 million to $485 million
- Operating margin of approximately 1.2% to 2.2%
- Interest expense of approximately $3.0 million
- An effective tax rate of approximately 43%
- Earnings per share of approximately $0.10 to $0.30
Challenges Ahead
- Stock-based compensation expense of $15.0 million to $16.0 million
- Amortization of acquisition-related intangible assets of approximately $12.0 million
- Restructuring costs of approximately $12.5 million
- A legal settlement of $4.8 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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