FORRESTER RESEARCH, INC.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent $17.7m $15.1m $15.4m ($9.6m) $10.0m $24.8m $21.8m $3.0m ($5.7m) ($119.4m)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $15.4m ($9.6m) $10.0m $24.8m $21.8m $3.0m ($5.7m) ($119.4m)
Amortization of Debt Issuance Costs $968k $981k $920k $443k $446k $0 $0
Amortization of Intangible Assets $831k $781k $1.2m $22.6m $19.7m $15.1m $13.2m $12.0m $9.6m $8.7m
Capitalized Computer Software, Amortization $4.2m $5.1m $4.9m $5k $4.8m $4.7m $4.3m $3.2m
Depreciation $7.8m $6.6m $8.0m $8.6m $9.9m $9.4m $9.3m $8.5m $7.6m $6.0m
Deferred Income Tax Expense (Benefit) $2.6m $6.4m $2.9m ($4.0m) ($1.7m) ($275k) ($6.7m) ($5.5m) ($58k) ($3.9m)
Share-based Payment Arrangement, Noncash Expense $8.0m $8.5m $8.3m $11.7m $10.9m $10.1m $14.5m $15.5m $14.3m $12.3m
Payment, Tax Withholding, Share-based Payment Arrangement $2.5m $2.5m $2.3m $2.9m $3.4m $3.1m $2.7m $2.6m $1.3m
Share-based Payment Arrangement, Expense $8.0m $8.5m $8.3m $11.7m $10.9m $10.1m $14.5m $15.5m $14.3m $12.3m
Goodwill, Impairment Loss $0 $0 $0 $0 $0 $0 $0 $0 $0 $110.7m
Operating Lease, Impairment Loss $2.3m
Restructuring Costs and Asset Impairment Charges $9.3m $13.3m $11.8m $11.7m
Gain (Loss) on Disposition of Business ($1.8m) $0
Income Tax Expense (Benefit) $13.1m $12.2m $8.1m ($29k) $2.9m $8.3m $8.9m $3.2m $8.4m ($49k)
Other Nonoperating Income (Expense) $740k $301k $674k ($515k) ($374k) ($1.2m) $222k $2.4m $4.1m $3.8m
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Accounts Receivable ($8.0m) $10.3m ($2.6m) ($3.7m) ($234k) ($3.9m) ($12.8m) ($14.7m) $9k ($4.8m)
Increase (Decrease) in Accounts Payable $1.3m ($1.6m) $172k $278k $109k $201k ($461k) $1.4m ($814k) ($144k)
Debt Securities, Available-for-sale, Realized Gain (Loss) $0 $0 $0 $0 $0
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal ($1.8m) $0
Foreign Currency Transaction Gain (Loss), before Tax $81k ($632k) ($603k) ($933k) ($582k) $1.5m ($200k) ($300k) ($800k) ($700k)
Foreign Currency Transaction Gain (Loss), Realized $100k ($600k)
Gain (Loss) on Investments ($805k) $426k $45k $2.5m $0 $309k $208k $814k $2k
General and Administrative Expense $40.6m $41.9m $43.9m $53.0m $50.4m $58.1m $67.7m $68.5m $58.8m $52.7m
Goodwill $73.2m $76.2m $85.2m $243.9m $247.2m $245.0m $242.1m $244.3m $228.0m $120.4m
Financing Receivable, Credit Loss, Expense (Reversal) $7.3m
Realized Investment Gains (Losses) ($800k) ($500k) $600k $2.5m $300k
Derivative, Gain (Loss) on Derivative, Net ($1.0m) ($897k) ($297k) ($13k) $81k $261k
Net Cash Provided by (Used in) Operating Activities $41.9m $37.5m $38.4m $48.4m $47.8m $107.1m $39.4m $21.7m ($3.9m) $21.1m
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment $4.1m $7.9m $5.0m $11.9m $8.9m $10.7m $5.7m $5.5m $3.4m $3.0m
Payments to Acquire Businesses, Net of Cash Acquired $9.2m $237.7m $0
Payments for (Proceeds from) Other Investing Activities $48k ($343k) ($29k) ($4.3m) ($56k) ($201k) ($13k) $62k ($1.6m)
Net Cash Provided by (Used in) Investing Activities ($17.9m) ($970k) $40.1m ($249.5m) ($4.6m) ($29.3m) ($6.8m) ($36.8m) $5.0m ($14.1m)
Cash flows from financing activities:
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale $63.6m $2.0m $27.3m $28.3m $51.7m $15.2m
Payments for Repurchase of Common Stock $1.8m $40.0m $9.9m $20.1m $15.1m $4.1m $15.9m $2.5m
Payments of Ordinary Dividends, Common Stock $13.0m $13.6m $14.5m
Net Cash Provided by (Used in) Financing Activities $2.5m ($37.6m) ($14.0m) $129.4m ($23.7m) ($49.1m) ($38.9m) ($18.3m) ($16.1m) ($2.6m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect $3.9m $60.5m ($71.1m) $21.5m $27.4m ($12.4m) ($30.6m) ($16.9m) $7.4m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $3.9m ($4.0m) $69.2m $90.7m $118.0m $105.7m $75.0m $58.2m $65.6m
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities $7.0m $4.4m $3.3m $2.0m $2.6m $2.6m $2.2m
Income Taxes Paid, Net $8.5m $10.4m $4.2m $4.4m $3.2m $9.8m $8.9m $10.6m $9.3m $7.2m