The following is a summary of the Forrester Research, Inc. (FORR) Q3 2024 Earnings Call Transcript:
Financial Performance:
Forrester's Q3 2024 revenue decreased by 10% with contract value declining by 5%.
Interest expense remained stable at $0.8 million, matching Q3 of the previous year.
Net income and earnings per share dropped by 35% and 34% respectively, with earnings per share at $0.29.
Business Progress:
Forrester continues to progress with its Forrester Decisions (FD) migration, aiming to complete it within the year with over 80% of contract value in FD.
Launched the FD service for data, AI, and analytics leaders and other enhancements to Izola, an AI research tool, which is showing increased usage.
Divested the FeedbackNow product line to focus more on growth through the FD platform; related financial transactions included receiving $6 million in cash and a $9 million note.
Opportunities:
Opportunities for growth identified in the tech budget increases projected for 2025, particularly impacting technology executives and lifting Forrester's strategic positioning.
Risks:
Flat to marginally declining contract value forecast for the year-end indicates ongoing challenges amid uncertain economic conditions.
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