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Jun 30, 2024
Forrester Q2 2024 Earnings Report
Forrester's second quarter results for 2024 were announced, revealing a decrease in contract value and challenges in consulting and events businesses, leading to lowered guidance.
Key Takeaways
Forrester Research reported a revenue of $121.8 million for Q2 2024, compared to $135.6 million in the same quarter of the previous year. Net income increased to $6.3 million, or $0.33 per diluted share, from $5.3 million, or $0.28 per diluted share, in Q2 2023. The company's contract value (CV) stood at $323.0 million, a 3% decrease year-over-year. Challenges in consulting and events businesses led to a lowered 2024 guidance.
Total revenues for the second quarter of 2024 were $121.8 million, down from $135.6 million in Q2 2023.
GAAP net income for Q2 2024 was $6.3 million, or $0.33 per diluted share, compared to $5.3 million, or $0.28 per diluted share, in Q2 2023.
Adjusted net income for Q2 2024 was $12.9 million, or $0.68 per diluted share.
Contract value (CV) decreased to $323.0 million, a 3% decrease compared to the prior year.
Revenue by Segment
Forward Guidance
Forrester is providing guidance for 2024. Total revenues of approximately $425 million to $435 million. Earnings per share of approximately $0.06 to $0.19. Adjusted diluted earnings per share of approximately $1.37 to $1.57.
Positive Outlook
- Total revenues of approximately $425 million to $435 million
- Operating margin of approximately 1.2% to 2.2%
- Adjusted operating margin of approximately 8.5% to 9.5%
- Adjusted effective tax rate of approximately 29%
- Adjusted diluted earnings per share of approximately $1.37 to $1.57
Challenges Ahead
- Interest expense of approximately $3.0 million
- An effective tax rate of approximately 65% to 80%
- Earnings per share of approximately $0.06 to $0.19
- Stock-based compensation expense of $14.5 million to $15.0 million
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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