Forrester Research, Inc.
Annual Report 2024

2024 
AL REPORT
A
ANNUA
UAL R


To shareholders and members of the Forrester community,
2024 marked the completion of Forrester’s multi-year journey to transform our research product
into a simple, powerful, customer-led platform, Forrester Decisions. Throughout the year, we
remained laser-focused on migrating our research contract value (CV) to the new product. I am
pleased to report that we reached that goal, with 80% of CV now in Forrester Decisions, 5% in
legacy research, and the remaining 15% in reprints.
Our metrics stabilized during the year, with several showing improvement. Wallet retention rose by
two points, while contract value per client increased by 10%, from $143,000 at year-end 2023 to
$158,000 at year-end 2024. The percentage of CV that is in multi-year contracts continues to grow
— moving from 62% at the end of 2023 to 69% at year-end 2024.
Despite achieving our CV migration goal, Forrester did not meet its financial plan for the year.
Revenue declined by 10%, adjusted EPS decreased from $1.90 to $1.47, and adjusted operating
margin declined from 10.9% to 8.9%. Also, due primarily to a one-time payment settling a 2023
action, cash flow was negative. Nonetheless, the impact was minimized by our continued
management of expenses.
Why did we embark on this transition?
Our results are likely to prompt investors to ask the question, “If this transformation has been so
difficult, why did we do it?”
We have to go back in time to answer that question. From the 2008 financial crisis until 2018,
Forrester typically grew in the mid to low single digits. We were de-leveraging the business, shifting
more of our business from recurring subscription products like research to one-time products like
consulting. At the end of 2018, our revenue was approximately 60% research contracts and 40%
consulting and events. Because non-CV products have lower gross margins, we had limited
options to expand operating margins.
Our business mix challenged us in three ways: 1) restricted operating margin and cash flow; 2)
attenuated growth, because our base of renewable business (from which organic growth primarily
derives) was shrinking; and 3) challenged comparative market capitalization, as investors do not
put high value on non-CV revenue.
The board believed that we had to change the trajectory of the company. That effort began in 2019.
Here are the steps we took:
1)
Acquisition. In January of that year, Forrester acquired SiriusDecisions, a research firm
which specialized in guiding marketing, sales, and product executives in B2B companies.
The focus of SiriusDecisions’ research was highly aligned to Forrester’s mission of helping
its clients use technology to win, serve, and retain customers.
2)
Focus on CV growth. The acquisition of SiriusDecisions expanded Forrester’s contract
value. We renewed our commitment to expand CV and to change our mix of CV/non-CV
from 60/40 to 70/30, with a long-term goal of 75% in CV.

3)
Serving user companies. We believed that our sales force should be primarily devoted to
selling to user companies (firms like banks) while secondarily selling to technology
vendors. User companies vastly outnumber technology vendors and have more potential to
buy multiple Forrester services.
4)
Shedding small tech clients. Vendors with under $50 million in revenue constituted a
meaningful portion of Forrester’s client base. These companies would roll in on the tide of
good economic times and roll out when their markets were challenged. Their long-term
value as clients was the lowest in our portfolio. We decided that when we sold to vendors,
we would focus on companies with more than $50 million in revenue.
5)
Product integration. In 2019, we operated the Forrester and the SiriusDecisions platforms
as separate products. Clients from both portfolios overwhelmingly called for Forrester to
integrate the two products into one platform. In 2020, we began the journey to combine the
best of Forrester with the best of SiriusDecisions, and we introduced Forrester Decisions in
August of 2021.
6)
A multi-year transition. We decided to run a phased, three-year change process, with
clients moving off their legacy research contracts into Forrester Decisions over time.
What happened?
2021, the first year of transition, gave us a glimpse into how powerful our new model could be. In
that year, we grew contract value by 15%, adjusted operating margin increased to 13%, revenue
growth was 10%, and we flowed free cash of approximately $96 million dollars. In retrospect, the
second year of the pandemic was an anomalous economic moment driven by government
spending support and a quickly rising stock market.
In 2022, everything got harder. We found ourselves in a complex product transition against the
backdrop of inflation, rising interest rates, and a technology recession. It became clear that our
sales force would have to pivot their approach to drive sales of the new product — many clients
were clinging to the legacy research product and had to be completely re-sold the new value
proposition.
In early 2023, Nate Swan joined the company as the new Chief Sales Officer. He began the work of
building a new sales process, methodology, compensation, and culture that matched Forrester
Decisions. That year was the most challenging year of the transition, with non-renewals increasing,
driven by clients who opted out of buying the new product. The good news was that Forrester
Decisions was renewing at higher rates than the legacy products. By year-end 2023, over 60% of
our contract value had moved over to the new platform.
The difficult transition continued into 2024, but we were not standing still. In response to client
feedback, we added new features to enable clients to derive more value from Forrester Decisions,
including an expansion of research that we call Expanded Access, a new service called Forrester
Decisions for Data, AI & Analytics, and the addition of Izola, our proprietary generative AI tool that
allows clients to get answers faster. We also rolled out the retention lifecycle initiative, a cadence

for continually checking in with Forrester Decisions clients to ensure that they’re realizing value
and staying engaged. The transition was essentially complete at year-end.
What is Forrester now?
The company emerged from the transformation looking quite different than when it embarked on
this journey:
1)
Simplified: We have folded smaller products (e.g., data and certification) into Forrester
Decisions. This has streamlined the product portfolio for our sales force and made it easier
for our clients to buy.
2)
Higher recurring revenue: Our business is now nearly three-quarters CV.
3)
More attractive to large user companies: Forrester Decisions was designed specifically to
solve the problems of those organizations.
4)
More differentiated: Forrester is now unique in three ways: 1) We analyze business and
technology together, not separately; 2) Forrester Decisions offers companies continuous
guidance (via prepared sessions with analysts) in addition to research; and 3) We help
companies win, serve, and retain their customers — in the B2B and B2C environments.
5)
The AI Research Company: We offer deep research on how companies can leverage AI to
decrease cost and better serve their customers — in addition to serving our clients using AI
via Izola.
2025: Executing in the new model
When this voyage began, I described what we were building to our investors — a “CV Growth
Engine.” This engine invests cash in three areas: 1) expanding our sales force and improving our go-
to-market processes; 2) continually enhancing our research product to deliver increased value to
our clients; and 3) acquiring other companies with CV businesses. Successfully performing this
work enables the company to generate even more cash, and the investment cycle repeats.
Perfecting and driving the CV Growth Engine is now our key focus. Of our three investment areas,
sales is our primary focus in 2025: completing the buildout of a go-to-market plan that can
consistently deliver double-digit research contract value growth while selling primarily to user
companies.
Sales is not alone in this endeavor. Our 2025 Theme is: “One Team, One Mission.” All Forresterites
are contributing and dedicated to the effort of expanding CV — this is our collective job one.
Accordingly, Forrester is focused on three key initiatives in 2025:
1.
Improving retention through consistently driving client value and earning renewals
2.
Widening our reach within client and prospect organizations to drive growth

3.
Supercharging Forrester events to be a more potent catalyst of retention and CV growth
Our 2025 growth plan includes investments to boost sales productivity, training, and execution,
including the hiring of new quota-bearing headcount and account development representatives.
Our four sales imperatives — calling high, maintaining activities, running our sales methodology,
and running our retention lifecycle — will become second nature by the end of the year.
Conclusion
I want to thank our investors for their patience as the company has moved through these past three
years. While this journey has certainly been challenging, I am confident that the new and enhanced
Forrester will be a winning investment going forward. We continue to work diligently and with great
passion and focus to ensure that we deliver that better future.
Thank you,
George F. Colony
CEO and fellow investor

Form 10-K
2024

DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s Proxy Statement related to its 2025 Annual Stockholders’ Meeting to be filed subsequently are incorporated by reference into Part
III of this Form 10-K.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM
TO
Commission File Number 000-21433
Forrester Research, Inc.
(Exact name of Registrant as specified in its Charter)
Delaware
04-2797789
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
60 Acorn Park Drive
Cambridge, Massachusetts
02140
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (617) 613-6000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 Par Value
FORR
Nasdaq Global Select Market
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☐NO ☒
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES ☐NO ☒
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days. YES ☒NO ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). YES ☒NO ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth
company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the
Exchange Act.
Large accelerated filer
☐
Accelerated filer
☒
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over
financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the
correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the
registrant’s executive ocers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐NO ☒
The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing price of the shares of common
stock on The NASDAQ Stock Market on June 30, 2024, was approximately $197,000,000.
The number of shares of Registrant’s Common Stock outstanding as of March 3, 2025 was 18,981,000.

2
FORRESTER RESEARCH, INC.
INDEX TO FORM 10-K
Page
PART I
Item 1.
Business
3
Item 1A.
Risk Factors
7
Item 1B.
Unresolved Staff Comments
10
Item 1C.
Cybersecurity
10
Item 2.
Properties
11
Item 3.
Legal Proceedings
11
Item 4.
Mine Safety Disclosures
11
PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity
Securities
12
Item 6.
[Reserved]
13
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
14
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
23
Item 8.
Consolidated Financial Statements and Supplementary Data
24
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
57
Item 9A.
Controls and Procedures
57
Item 9B.
Other Information
57
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
57
PART III
Item 10.
Directors, Executive Officers, and Corporate Governance
58
Item 11.
Executive Compensation
59
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
59
Item 13.
Certain Relationships and Related Transactions, and Director Independence
59
Item 14.
Principal Accountant Fees and Services
59
PART IV
Item 15.
Exhibits and Financial Statement Schedules
60
Item 16
Form 10-K Summary
60
SIGNATURES
63

3
This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “intends,” “plans,” “estimates,” or similar expressions are
intended to identify these forward-looking statements. Reference is made in particular to our statements about changing stakeholder
expectations, product development, possible acquisitions, future dividends, future share repurchases, future growth rates, operating
income and cash from operations, future deferred revenue, future compliance with financial covenants under our credit facility, future
interest expense, anticipated increases in, and productivity of, our sales force and headcount, the adequacy of our cash, and cash
flows to satisfy our working capital and capital expenditures, and the anticipated impact of accounting standards. These statements
are based on our current plans and expectations and involve risks and uncertainties. Important factors that could cause actual future
activities and results of operations to be materially different from those set forth in the forward-looking statements are discussed
below under “Risk Factors.” We undertake no obligation to update publicly any forward-looking statements, whether as a result of
new information, future events, or otherwise.
PART I
Item 1. Business
General
Forrester Research, Inc. is a global independent research and advisory firm. We empower leaders in technology, customer
experience, digital, marketing, sales, and product functions to be bold at work and accelerate growth through customer obsession.
Forrester’s proprietary research, consulting and continuance guidance model, and events help executives and their teams achieve their
initiatives and outcomes faster and with confidence. Our unique insights are grounded in annual surveys of more than 700,000
consumers, business leaders, and technology leaders worldwide, rigorous and objective research methodologies, and the shared
wisdom of our clients.
Our common stock is listed on Nasdaq Global Select Market under the symbol "FORR".
Market Overview
We believe that market dynamics — from empowered customers to the emergence of new technologies like generative AI —
have fundamentally changed business and technology. These dynamics continue to change stakeholder expectations.
Consumers and business buyers have new demands and requirements. To win, serve, and retain customers in this environment,
we believe that companies require a higher level of customer obsession. Customer obsessed firms put their customers at the center of
their leadership, strategy, and operations. Our research has shown that customer-obsessed firms grow faster and are more profitable.
Organizations and leaders require a continuous stream of guidance and analysis to adapt to these ever-changing behaviors and
realities. We believe that there is an increasing need for objective external sources of this guidance and analysis, fueling what we call
the “golden age of research.”
Forrester’s Strategy and Business Model
The foundation of our business model is our ability to help business and technology leaders and their teams tackle their most
pressing priorities and drive growth through customer obsession. Forrester helps clients solve problems, make decisions, and take
action to deliver results. With our proprietary research, consulting, and events, our business model provides multiple sources of value
to our clients and creates a system to expand contract value ("CV"), which we view as our most significant business metric.
Generally speaking, we define CV products as those services that our clients use over a year’s time and that are renewable
periodically, usually on an annual basis. Our CV products primarily consist of our subscription research products, while our non-CV
businesses, consulting and events, play critical complementary roles in driving our CV growth.
With respect to our clients, we believe that it has become difficult for large companies to run multi-year strategy and change
management projects on their own as customers are changing faster and competitors are increasingly aggressive. Multi-year CV
product relationships enable us to help our clients formulate their vision for the future and then translate those plans into
implementation and outcomes over time. For our investors, we believe that CV growth will result in predictable and profitable revenue
streams.
Our business model is built on the premise that an increase in CV generates more cash which can then be invested in improving
our go-to-market structure (activities including sales, product, marketing and acquisitions) and creating CV products that clients renew
year after year—repeating the cycle and driving the model forward. We refer to this model as our "CV growth engine."

4
Our Products and Services
We strive to be an indispensable source that business and technology leaders and their teams across functions, including
technology, customer experience, digital, marketing, sales, and product, worldwide turn to for ongoing guidance to plan and operate
more effectively.
We deliver our products and services globally through three business segments – Research, Consulting and Events.
Research
For more than 40 years, Forrester has been providing objective, independent and data-driven research insights utilizing both
qualitative and quantitative data. We adhere to rigorous, unbiased research methodologies that are transparent and publicly available
to ensure consistent research quality across markets, technologies, and geographies.
Our primary subscription research service is Forrester Decisions. This portfolio of research services is designed to provide
business and technology leaders with a proven path to growth through customer obsession. Key content available via online access
includes:
•
future trends, predictions, and market forecasts;
•
deep consumer and business buyer data and insights;
•
curated best practice models and tools to run business functions;
•
operational and performance benchmarking data; and
•
technology and service market landscapes and vendor evaluations.
Our research services also include on-going support from, and time with, Forrester analysts who provide guidance on how to
apply Forrester research insights, best practices, tools, frameworks and data to advance key business initiatives.
As of December 31, 2024, approximately 80% of our CV was composed of Forrester Decisions products.
Consulting
Our Consulting business includes consulting projects and advisory services. We deliver focused insights and recommendations
to assist clients in developing and executing their technology and business strategies. Our consulting projects help clients with
challenges addressed in our published research. Applying Forrester’s customer-obsessed business and technology research, rich
insights, and proven frameworks, our consultants work with leaders to design and implement strategies that drive growth, increase
performance, and optimize costs. Our consulting projects include conducting maturity assessments, prioritizing best practices,
developing strategies, building business cases, selecting technology vendors, structuring organizations, and developing content
marketing strategies and collateral, and sales tools. Consulting plays an important role in supporting our CV growth, as we have found
that clients that purchase consulting projects from us renew their CV contracts at higher rates compared to clients that do not purchase
consulting.
Events
We host multiple events across North America, Europe, and the Asia-Pacific region throughout the year. Forrester Events are
thoughtfully designed and curated experiences to provide clients with insights and actionable advice to achieve accelerated business
growth. Forrester Events focus on business imperatives of significant interest to clients, including business-to-business marketing,
sales and product leadership, customer experience, security and risk, and technology and innovation. One of the primary purposes of
our Events business is to help drive our CV growth, and we have found that clients that have attended one of our events renew their
contracts with us at higher rates compared to those that have not attended an event.
Sales and Marketing
We believe we have a strong alignment across our sales, marketing and product functions.
We sell our products and services through our direct sales force in various locations in North America, Europe and the Asia
Pacific region. Our sales organization is organized into groups based on client size, geography, and market potential. Our Premier
groups focus on our largest vendor and end user clients across the globe while our Emerging and Mid-Size Tech group focuses on
small to mid-sized vendor clients. Our European and Asia Pacific groups focus on both end user and vendor clients in their respective
geographies. Our International Business Development group sells our products and services through independent sales representatives
in select international locations. We also have teams focused on new business, revenue development, and event sales.

5
We employed 580 sales personnel as of December 31, 2024 compared to 601 sales personnel employed as of December 31,
2023.
We also sell select Research products directly online through our website.
Our marketing activities are designed to elevate the Forrester brand, differentiate and promote Forrester’s products and services,
improve the client experience, and drive growth. We achieve these outcomes by combining the value of reputation, demand
generation, customer engagement, and sales and customer success enablement programs to deliver multichannel campaigns and high-
quality digital experiences. Our customer success organization conducts post-sale engagement activities that are designed to align to
client outcomes, accelerate time to value, and drive higher retention.
As of December 31, 2024, our products and services were delivered to more than 1,900 client companies. No single client
company accounted for more than 3% of our 2024 revenues.
Pricing and Contracts
We report our revenue from client contracts in three categories of revenue: (1) research, (2) consulting, and (3) events. We
classify revenue from subscriptions to, and licenses of, our research products and services as research revenue. We classify revenue
from our consulting projects and standalone advisory services as consulting revenue. We classify revenue from tickets to, and
sponsorships of, events as events revenue.
Contract pricing for annual subscription-based products is principally a function of the number of licensed users at the client.
Pricing of contracts is a fixed fee for the consulting project or shorter-term advisory service. We periodically review and increase the
list prices for our products and services.
We track contract value as a significant business indicator. Contract value is defined as the value attributable to all of our
recurring research-related contracts. Contract value is calculated as the annualized value of all contracts in effect at a specific point in
time, without regard to how much revenue has already been recognized. Contract value decreased 5% to $307.6 million at
December 31, 2024 from $323.6 million at December 31, 2023.
Competition
We believe our focus on helping business and technology leaders use customer obsession to drive growth sets us apart from our
competition. In addition, we believe we compete favorably due to:
•
our ability to offer forward-looking research, tools and frameworks as well as hands-on guidance;
•
our focus on providing teams within our clients' organizations with the confidence to execute effectively with end-to-end
guidance, valuable knowledge, know-how, and a shared vocabulary;
•
our use of rigorous research methodologies to offer objective insights; and
•
our brand promise to be “on your side and by your side,” meaning that we strive to be obsessed about our clients' needs
and priorities and aligned to their strategies.
Our principal direct competitors include other independent providers of research and advisory services, such as Gartner, as well
as marketing agencies, general business consulting firms, and survey-based general market research firms. In addition, our indirect
competitors include the internal planning and marketing staffs of our current and prospective clients, as well as other information
providers such as electronic and print publishing companies. We also face competition from free sources of information available on
the Internet, such as Google and artificial intelligence services. Our indirect competitors could choose to compete directly against us in
the future. In addition, there are relatively few barriers to entry into certain segments of our market, and new competitors could readily
seek to compete against us in one or more of these market segments. Increased competition could adversely affect our operating
results through pricing pressure and loss of market share. There can be no assurance that we will be able to continue to compete
successfully against existing or new competitors.
Intellectual Property
Our proprietary research, methodologies and other intellectual property play a significant role in the success of our business. We
rely on a combination of copyright, trademark, trade secret, confidentiality, and other contractual provisions to protect our intellectual
property. We actively monitor compliance by our employees, clients and third parties with our policies and agreements relating to
confidentiality, ownership, and the use and protection of Forrester’s intellectual property.

6
Employees
Attracting, retaining, and developing the best and brightest talent around the globe is critical to the ongoing success of our
company. As of December 31, 2024, we employed a total of 1,571 persons. Of these employees, 1,122 were in the United States and
Canada; 249 in Europe, Middle East and Africa (“EMEA”); and 200 in the Asia Pacific region.
Our culture emphasizes certain key values — including client, courage, collaboration, integrity, and quality — that we believe
are critical to deliver Forrester’s unique value proposition of helping business and technology leaders use customer obsession to drive
growth. In addition, we seek to foster a culture where employees can be creative, feel supported and empowered, and are encouraged
to think boldly about new ideas.
We focus on attracting and the hiring of all backgrounds and perspectives, with the goals of improving employee retention and
engagement, strengthening the quality of our research, and improving client retention and customer experience. We field regular all-
employee surveys to measure our progress against our goals. We have a robust learning and development program and celebrate and
enrich the Forrester culture through frequent recognition of achievements.
Available Information
Forrester Research Inc. was incorporated in Massachusetts on July 7, 1983 and reincorporated in Delaware on February 16,
1996. Forrester’s corporate offices are located in Cambridge, Massachusetts.
Our Internet address is www.forrester.com. We make available free of charge, on or through the investor information section of
our website, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those
reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable
after we electronically file such material with, or furnish it to, the SEC. The SEC maintains an internet site (http://www.sec.gov) that
contains reports, proxy and information statements and other information regarding issuers that file documents electronically.

7
Item 1A. Risk Factors
We operate in a rapidly changing and competitive environment that involves risks and uncertainties, certain of which are beyond
our control. These risks and uncertainties could have a material adverse effect on our business and our results of operations and
financial condition. These risks and uncertainties include, but are not limited to:
Risk Factors Specific to our Business
A Decline in Renewals or Demand for Our Subscription-Based Research Services.
Our success depends in large part upon
retaining (on both a client company and contract value basis) existing subscriptions for our Research products and services, and
increasing the contract value of subscriptions for our Research products and services from both existing and new clients. This success
depends on a variety of factors, including our ability to continue to provide credible and reliable information and insight that is useful
to our clients. Regardless of cause, our results of operations and financial condition would be adversely impacted if we are not able to
retain existing subscriptions or generate demand for and new sales of our subscription-based products and services.
Demand for Our Consulting Services.
Consulting revenues comprised 23% of our total revenues in 2024 and 25% of our total
revenues in 2023. Consulting engagements generally are project-based and non-recurring. A decline in our ability to fulfill existing or
generate new consulting engagements to replace expiring consulting agreements could have an adverse effect on our results of
operations and financial condition.
Our Business May be Adversely Affected by the Economic Environment.
Our business is in part dependent on technology
spending and is impacted by economic conditions such as inflation, slowing growth, rising interest rates, trade policies and tariffs,
threat of recession and supply chain issues that may impact us and our customers. The economic environment may materially and
adversely affect demand for our products and services. If conditions in the United States and the global economy were to lead to a
decrease in technology spending, or in demand for our products and services, this could have an adverse effect on our results of
operations and financial condition. Although we do not have any employees or material client relationships in Russia or Ukraine and
only a limited presence in the Middle East, the conflict between Russia and Ukraine and between Israel and Gaza may cause negative
effects on both the United States and the global economy that could materially and adversely affect our business.
Our International Operations Expose Us to a Variety of Operational Risks which Could Negatively Impact Our Results of
Operations.
As of December 31, 2024, we have clients in approximately 73 countries and approximately 23% of our revenues come
from international sales. Our operating results are subject to the risks inherent in international business activities, including general
political and economic conditions in each country, challenges in staffing and managing foreign operations, changes in regulatory
requirements, compliance with numerous foreign laws and regulations, differences between U.S. and foreign tax rates and laws, trade
policies and tariffs, fluctuations in currency exchange rates, difficulty of enforcing client agreements, collecting accounts receivable
and protecting intellectual property rights in international jurisdictions, and potential disruptions caused by foreign wars and conflicts.
Furthermore, we rely on local independent sales representatives in some international locations. If any of these arrangements are
terminated by our representatives or us, we may not be able to replace the arrangement on beneficial terms or on a timely basis, or
clients sourced by the local sales representative may not want to continue to do business with us or our new representative.
Ability to Develop and Offer New Products and Services.
Our future success will depend in part on our ability to offer new
products and services. These new products and services must successfully gain market acceptance by anticipating and identifying
changes in client requirements and changes in the technology industry and by addressing specific industry and business organization
sectors. The process of internally researching, developing, launching, and gaining client acceptance of a new product or service, or
assimilating and marketing an acquired product or service, is risky and costly. We may not be able to introduce new, or assimilate
acquired, products or services successfully. Our failure to do so would adversely affect our ability to maintain a competitive position
in our market and continue to grow our business.
The Use of Generative AI in our Business and by Our Clients and Competitors Could Negatively Affect our Business and
Reputation. In October of 2023, we introduced Izola, a generative AI tool that allows our clients to query our research database. We
are also in the process of implementing various other generative AI initiatives within our company. While we believe that generative
AI technologies offer significant opportunities, they are rapidly evolving and the integration of generative AI technologies into our
and our vendors’ systems (potentially without the vendor disclosing such use to us) poses novel risks that could result in negative
consequences to our business, reputation and financial results. These risks include the potential for factual errors or inaccuracies,
unintentional distribution of confidential information, ethical concerns, data privacy or security risks, and risks related to intellectual
property rights. In addition, third parties may be able to use generative AI to compete with and reduce demand for our products and
services or may load our proprietary research into large language models in violation of our terms of use, which could reduce the
value of our services and our ability to protect our intellectual property.
Loss of Key Management.
Our future success will depend in large part upon the continued services of a number of our key
management employees. The loss of any one of them, in particular George F. Colony, our founder, Chairman of the Board and Chief
Executive Officer, could adversely affect our business.

8
The Ability to Attract and Retain Qualified Professional Staff.
Our future success will depend in large measure upon the
continued contributions of our senior management team, research professionals, consultants, and experienced sales and marketing
personnel. Thus, our future operating results will be largely dependent upon our ability to retain the services of these individuals and
to attract additional professionals from a limited pool of qualified candidates. This need is accentuated by actions we have taken to
reduce our overall employee population, as announced in January and May 2023, February 2024 and January 2025. Our future success
will also depend in part upon the effectiveness of our sales leadership in hiring and retaining sales personnel and in improving sales
productivity. We experience competition in hiring and retaining professionals from developers of Internet and emerging-technology
products, other research firms, management consulting firms, print and electronic publishing companies, and financial services
companies, many of which have substantially greater ability, either through cash or equity, to attract and compensate professionals. If
we lose professionals or are unable to attract new talent, we will not be able to maintain our position in the market or grow our
business.
Failure to Anticipate and Respond to Market Trends.
Our success depends in part upon our ability to anticipate rapidly
changing technologies and market trends and to adapt our research and consulting services, and other related products and services to
meet the changing needs of our clients. The technology and commerce sectors that we analyze undergo frequent and often dramatic
changes. The environment of rapid and continuous change presents significant challenges to our ability to provide our clients with
current and timely analysis, strategies, and advice on issues of importance to them. Meeting these challenges requires the commitment
of substantial resources. Any failure to continue to provide insightful and timely analysis of developments, technologies, and trends in
a manner that meets market needs could have an adverse effect on our market position and results of operations.
Our Business With the U.S. Government is Subject to Government Contracting Risks. Our business with government agencies,
including sales to prime contractors that supply these agencies, is subject to government contracting risks. U.S. government contracts
are subject to the approval of appropriations by the U.S. Congress to fund the agencies contracting for our services and are subject to
termination by the government, either for the convenience of the government or for default as a result of our failure to perform under
the applicable contract. In addition, if we were charged with wrongdoing with respect to a U.S. government contract, the U.S.
government could suspend us from bidding on or receiving awards of new government contracts pending the completion of legal
proceedings, and if we are found liable, we could subject us to fines, penalties, repayments and treble and other damages, and/or
debarment from bidding on or receiving new awards of U.S. government contracts. Should appropriations for the various agencies that
contract with us be curtailed, or should our government contracts be terminated for convenience or otherwise, we may experience a
significant loss of revenues.
We Have Outstanding Debt Which Could Materially Restrict our Business and Adversely Affect our Financial Condition,
Liquidity, and Results of Operations.
In December of 2021, we entered into an amendment of our existing credit agreement to
eliminate our term loan facility, increase the available amount of our revolving credit facility to $150.0 million, and extend the
maturity date to December 2026 (as so amended, “the Facility”). As of December 31, 2024, we had outstanding debt of $35.0 million
under the Facility (refer to Note 5 – Debt in the Notes to Consolidated Financial Statements for further information). The obligations
incurred under this Facility could impair our future financial condition and operating results. In addition, the affirmative, negative, and
financial covenants of the Facility could limit our future financial flexibility. A failure to comply with these covenants could result in
acceleration of all amounts outstanding, which could materially impact our financial condition unless accommodations could be
negotiated with our lenders. No assurance can be given that we would be successful in doing so, or that any accommodations that we
were able to negotiate would be on terms as favorable as those currently. The outstanding debt may limit the amount of cash or
additional credit available to us, which could restrain our ability to expand or enhance products and services, respond to competitive
pressures or pursue future business opportunities requiring substantial investments of additional capital.
Competition.
We compete principally in the market for research and advisory services, with an emphasis on customer behavior
and customer experience, and the impact of technology on our clients’ business and service models. Our principal direct competitors
include other independent providers of research and advisory services, such as Gartner, as well as marketing agencies, general
business consulting firms, and survey-based general market research firms. Some of our competitors have substantially greater
financial and marketing resources than we do. In addition, our indirect competitors include the internal planning and marketing staffs
of our current and prospective clients, as well as other information providers such as electronic and print publishing companies. We
also face competition from free sources of information available on the Internet, such as Google and artificial intelligence services.
Our indirect competitors could choose to compete directly against us in the future. In addition, there are relatively few barriers to entry
into certain segments of our market, and new competitors could readily seek to compete against us in one or more of these market
segments. Increased competition could adversely affect our operating results through pricing pressure and loss of market share. There
can be no assurance that we will be able to continue to compete successfully against existing or new competitors.
Fluctuations in Our Operating Results.
Our revenues and earnings may fluctuate from quarter to quarter based on a variety of
factors, many of which are beyond our control, and which may affect our stock price. These factors include, but are not limited to:
•
Trends in technology and research and advisory services spending in the marketplace and general economic conditions.
•
The timing and size of new and renewal subscriptions for our products and services from clients.

9
•
The utilization of our advisory services by our clients.
•
The timing of revenue-generating events sponsored by us.
•
The introduction and marketing of new products and services by us and our competitors.
•
The hiring and training of new research professionals, consultants, and sales personnel.
•
Changes in demand for our research and advisory services.
•
Fluctuations in currency exchange rates.
•
An increase in the interest rates applicable to our outstanding debt obligations.
As a result, our operating results in future quarters may be below the expectations of securities analysts and investors, which
could have an adverse effect on the market price for our common stock. Factors such as announcements of new products, services,
offices, acquisitions or strategic alliances by us, our competitors, or in the research and professional services industries generally, may
have a significant impact on the market price of our common stock. The market price for our common stock may also be affected by
movements in prices of stocks in general.
Concentration of Ownership.
Our largest stockholder is our Chairman and CEO, George F. Colony, who owns approximately
39% of our outstanding stock. This concentration of ownership enables Mr. Colony to strongly influence or effectively control matters
requiring stockholder approval, including the election of directors, amendment of our certificate of incorporation, adoption or
amendment of equity plans, and approval of significant transactions such as mergers, acquisitions, consolidations, and sales or
purchases of assets. This concentration of ownership may also limit the liquidity of our stock. As a result, efforts by stockholders to
change the direction, management, or ownership of Forrester may be unsuccessful, and stockholders may not be able to freely
purchase and sell shares of our stock.
General Risk Factors
We Face Risks from Network Disruptions or Security Breaches that Could Damage Our Reputation and Harm Our Business
and Operating Results.
We face risks from network disruptions or security breaches caused by computer viruses, illegal break-ins or
hacking, sabotage, acts of vandalism by third parties, or terrorism. To date, none have resulted in any material adverse impact to our
business, operations, products, services or customers. However, our security measures or those of our third-party service providers
may not detect or prevent such security breaches. Any such compromise of our information security could result in the unauthorized
publication of our confidential business or proprietary information, cause an interruption in our operations, result in the unauthorized
release of customer or employee data, result in a violation of privacy or other laws, expose us to a risk of litigation, or damage our
reputation, which could harm our business and operating results.
Failure to Enforce and Protect our Intellectual Property Rights.
We rely on a combination of copyright, trademark, trade
secret, confidentiality, and other contractual provisions to protect our intellectual property. Unauthorized third parties may obtain or
use our proprietary information despite our efforts to protect it. The laws of certain countries do not protect our intellectual property to
the same extent as the laws of the United States and accordingly we may not be able to protect our intellectual property against
unauthorized use or distribution, which could adversely affect our business.
Privacy and Other Laws.
Privacy laws and regulations, and the interpretation and application of these laws and regulations, in
the U.S, Europe and other countries around the world where we conduct business are sometimes inconsistent and frequently changing.
This includes, but is not limited to, the European Union General Data Protection Regulation (GDPR), the California Consumer
Privacy Act (as amended by the California Privacy Rights Act (the "CCPA")) and other similar laws in a number of U.S. states which
require, among other things, covered companies to provide disclosure to consumers about such companies’ data collection, use and
sharing practices, provide such consumers ways to make requests about their personal information, including requests to delete their
personal information, to know what information a company has about the consumer, and to opt-out of certain sales, transfers, or
sharing of personal information. Some U.S. state data privacy laws, including the CCPA, also provide consumers with additional
causes of action. In 2023, Europe finalized the first-ever comprehensive legal framework for governance of the development and use
of artificial intelligence, the European Union Artificial Intelligence Act, with rolling effective dates beginning in 2025, and is moving
forward with finalizing applicable regulations. Many jurisdictions in the U.S. are considering or have passed laws governing the
development or use of Artificial Intelligence. Similarly, Europe has enacted laws governing cyber resilience, and we expect more laws
will be considered and passed on this issue. Compliance with these laws, or changing interpretations and application of these laws,
could cause us to incur substantial costs or require us to take action in a manner that would be adverse to our business.
Taxation Risks.
We operate in numerous jurisdictions around the world. A portion of our income is generated outside of the
United States and is taxed at lower rates than rates applicable to income generated in the U.S. or in other jurisdictions in which we do
business. Our effective tax rate in the future, and accordingly our results of operations and financial position, could be adversely
affected by changes in applicable tax law or if more of our income becomes taxable in jurisdictions with higher tax rates.

10
Any Weakness Identified in Our System of Internal Controls by Us and Our Independent Registered Public Accounting Firm
Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 Could Have an Adverse Effect on Our Business.
Section 404 of the
Sarbanes-Oxley Act of 2002 requires that companies evaluate and report on their systems of internal control over financial reporting.
In addition, our independent registered public accounting firm must report on its evaluation of those controls. There can be no
assurance that no weakness in our internal control over financial reporting will occur in future periods, or that any such weakness will
not have a material adverse effect on our business or financial results, including our ability to report our financial results in a timely
manner.
Item 1B. Unresolved Staff Comments
We have not received written comments from the Securities and Exchange Commission that remain unresolved.
Item 1C. Cybersecurity
We recognize the importance to our business and reputation of the continuous availability of our internal and client-facing
information technology systems, as well as our ability to protect both the confidential information of our clients and our own
intellectual property and business information. We are committed to protecting our client and business data and information
technology assets and have implemented a cybersecurity program with policies, standards, processes and practices governing the
protection and control of information during its lifecycle of creation, usage, transmission, storage and disposal.
Cyber Risk Management and Strategy
We have implemented and maintain a risk management program that includes processes for the identification, assessment,
management and mitigation of cybersecurity risks. This program utilizes numerous technological and human security controls,
processes, and procedures to address risks including, but not limited to, those identified by threat intelligence providers, internal
stakeholders, and security management programs. Our cybersecurity program is generally aligned with the National Institute of
Standards and Technology (NIST) Cybersecurity Framework.
Our risk management program is documented in our written Information Security Policy. We periodically update our
Information Security Policy, along with other policies and procedures, to adapt to evolving business conditions and threats.
Included in our Information Security Policy is a documented incident response plan to identify, assess, manage and mitigate
cybersecurity incidents. As part of our risk management program, we maintain a technology management security team, led by our
Information Security Officer (ISO). Among their responsibilities, our technology management security team is responsible for
conducting due diligence on software, hardware or services vendors where access to systems or data of Forrester or our clients is
contemplated. The security team assesses whether these vendors have appropriate privacy and security controls and whether there are
adequate contractual protections in place. We also engage external security assessment vendors from time to time to conduct
penetration testing and vulnerability assessments and to report findings to management.
All new Forrester employees and contractors receive a copy of the Information Security Policy and are required to undergo
information security and privacy training both as part of their onboarding and on an annual basis. We currently also maintain
cybersecurity insurance covering the company and its subsidiaries.
While to date we are not aware of having experienced any material cybersecurity threats or incidents, and we do not believe that
risks from such threats or incidents are reasonably likely to materially affect us, our business strategy, results of operations or financial
condition, there can be no guarantee that we will not experience a successful material threat or incident. Additional information on
cybersecurity risks we face can be found in “Item 1A, Risk Factors” under the heading “We face risks from network disruptions or
security breaches that could damage our reputation and harm our business and operating results.”

11
Governance Related to Cybersecurity Risks
Our board has final oversight responsibility over cybersecurity-related matters. Our Chief Technology Officer (CTO) leads the
full board in interactive sessions dedicated to cybersecurity risks at least once a year. These sessions address a range of cybersecurity-
related topics, such as recent developments in the threat environment, the status of ongoing information security program initiatives,
and cybersecurity strategy. In addition, the audit committee assists the board in fulfilling its oversight responsibilities with respect to
policies relating to risk assessment and management, including the management of risks arising from cybersecurity threats. The audit
committee is responsible for reporting findings related to its review of these matters to the board.
With respect to management, our CTO, who reports directly to our chief executive officer, has over 12 years of experience with
our company, including more than 6 years serving in technology-based leadership roles. Our VP, Infrastructure, Operations &
Security, who reports directly to the CTO, serves as our ISO and has extensive cybersecurity experience gained from over 20 years
serving in security-related roles for the Company. Our ISO, together with our technology management security team, is responsible
for developing, maintaining and enhancing systems and processes necessary to protect confidential information from loss, theft, and
unauthorized access or use. This team also monitors the systems and networks to detect unauthorized activity or access, responding to
any such unauthorized attempts to mitigate loss or to ensure the cessation of all unauthorized access to data. If an incident is identified,
this team reports such events to the CTO, who will then, as appropriate, advise the chief executive officer, chief legal officer and other
management, as well as others, potentially including law enforcement or clients. We have also established a Risk Committee
consisting of members of our finance, legal and technology management departments whose duties include assessing the materiality of
any identified incidents to help ensure compliance with the SEC's cybersecurity incident disclosure rules.
Item 2. Properties
Our corporate headquarters building is comprised of approximately 190,000 square feet of office space in Cambridge,
Massachusetts, substantially all of which is currently occupied by the Company. This facility accommodates research, marketing,
sales, consulting, technology, and operations personnel. The lease term of this facility expires February 28, 2027.
We also rent office space in New York City, Norwalk (CT), London, New Delhi, Singapore, and Sydney. In addition, we lease
office space on a relatively short-term basis in various other locations in North America, Europe, and Asia.
We believe that our existing facilities are adequate for our current needs and that additional facilities are available for lease to
meet future needs.
Item 3. Legal Proceedings
From time to time, we may be subject to legal proceedings and civil and regulatory claims that arise in the ordinary course of
our business activities. It is our policy to record accruals for legal contingencies to the extent that we have concluded that it is probable
that a liability has been incurred and the amount of the loss can be reasonably estimated, and to expense costs associated with loss
contingencies, including any related legal fees, as they are incurred.
We believe that we have meritorious defenses in connection with our current lawsuits and material claims and disputes and
intend to vigorously contest each of them. Regardless of the outcome, litigation can have a material adverse effect on us because of
defense and settlement costs, diversion of management resources, and other factors.
In our opinion based upon information currently available to us, while the outcome of these legal proceedings and claims is
uncertain, the likely results of these lawsuits, claims and disputes are not expected, either individually or in the aggregate, to have a
material adverse effect on our financial position, results of operations or cash flows, although the effect could be material to our
consolidated results of operations or consolidated cash flows for any interim reporting period.
Item 4. Mine Safety Disclosures
Not applicable.

12
PART II
Item 5. Market For Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
Our common stock is listed on the Nasdaq Global Select Market under the symbol “FORR”. We did not declare or pay any
dividends during the years ended December 31, 2023 and 2024. The actual declaration of any potential future dividends, and the
establishment of the per share amount and payment dates for any such future dividends, are subject to the discretion of the Board of
Directors.
As of March 3, 2025 there were approximately 24 stockholders of record of our common stock. On March 3, 2025 the closing
price of our common stock was $10.79 per share.
As of December 31, 2024, our Board of Directors has authorized an aggregate $610.0 million to purchase common stock under
the Company’s stock repurchase program, which includes an additional $25.0 million authorized in April 2024. As of December 31,
2024, we had repurchased approximately 18.0 million shares of common stock at an aggregate cost of $530.0 million.
During the quarter ended December 31, 2024, we repurchased the following shares of our common stock under the stock
repurchase program:
Maximum
Approximate
Dollar
Total Number of
Shares
Value of Shares
that May
Total Number of
Average Price
Purchased as Part
of Publicly
Yet be Purchased
Shares Purchased
Paid per Share
Announced Plans
or Programs
Under the Plans or
Programs
Period
(#)
($)
(#)
(In thousands)
October 1 - October 31
—
$
—
—
$
82,901
November 1 - November 30
82,500
$
16.96
82,500
$
81,501
December 1 - December 31
90,483
$
16.99
90,483
$
79,964
Total for the quarter
172,983
172,983
See “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” for
information on our equity compensation plans.
The following graph contains the cumulative stockholder return on our common stock during the period from December 31,
2019 through December 31, 2024 with the cumulative return during the same period for the Russell 2000 and the S&P 600 Small Cap
Information Technology Index, and assumes that the dividends, if any, were reinvested.

13
Item 6. [Reserved]

14
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
We derive revenues from subscriptions to our Research products and services, subscriptions to, and individual licenses of,
electronic “reprints” of our Research, performing consulting projects and advisory services, and hosting events. We offer contracts for
our products as either multi-year contracts or annual contracts, which are typically payable in advance on an annual basis. For certain
contracts, we offer to invoice the contract price in multiple invoices throughout the year. Billings in excess of revenue recognized are
recorded as deferred revenue. Subscription products are recognized as revenue over the term of the contract. Individual reprint licenses
include an obligation to deliver a customer-selected research document and certain usage data provided through our platform, which
represents two performance obligations. We recognize revenue for the performance obligation for the data portion of the reprint
ratably over the license term. We recognize revenue for the performance obligation for the research document at the time of providing
access to the document. Clients purchase consulting projects and advisory services independently and/or to supplement their access to
our subscription-based products. Consulting project revenues, which are based upon fixed-fee agreements, are recognized as the
services are provided. Advisory service revenues, such as speeches and advisory days, are recognized when the service is complete.
Events revenues consist of ticket and sponsorship sales for a Forrester-hosted event, and revenue is recognized upon completion of
each event.
Our primary operating expenses consist of cost of services and fulfillment, selling and marketing expenses, and general and
administrative expenses. Cost of services and fulfillment represents the costs associated with the production and delivery of our
products and services, including salaries, bonuses, employee benefits, and stock-based compensation expense for all personnel that
produce and deliver our products and services, including all associated editorial, travel, and support services. Selling and marketing
expenses include salaries, sales commissions, bonuses, employee benefits, stock-based compensation expense, travel expenses,
promotional costs, and other costs incurred in marketing and selling our products and services. General and administrative expenses
include the costs of the technology, operations, finance, and human resources groups and our other administrative functions, including
salaries, bonuses, employee benefits, and stock-based compensation expense. Overhead costs such as facilities, net of sublease
income, and annual fees for cloud-based information technology systems are allocated to these categories according to the number of
employees in each group.
Our key metrics focus on our contract value ("CV") products. We are focusing on CV products as these products are our most
profitable products and historically our contracts for CV products have renewed at high rates (as measured by our client retention and
wallet retention metrics). Our CV products make up essentially all of our research revenues, and research revenues as a percentage of
total revenues increased from approximately 70% in 2023 to approximately 73% in 2024.
We calculate CV at the foreign currency rates used for internal planning purposes each year. For comparative purposes, we have
recast historical CV and wallet retention at the planned 2025 foreign currency rates. In addition, due to the divestiture of the
FeedbackNow product line in the third quarter of 2024, we have recast our historical metrics to exclude FeedbackNow products and
clients. In addition, the recast metrics reflect the correction of an insignificant error. We have included the recast metrics below for the
period ended December 31, 2023, and we have also provided recast metrics dating back to the fourth quarter of 2022, on the investor
relations section of our website.
Contract value, client retention, wallet retention, and number of clients are metrics that we believe are important to
understanding our research business. We define these metrics as follows:
•
Contract value (CV) — is defined as the value attributable to all of our recurring research-related contracts. Contract value
is calculated as the annualized value of all contracts in effect at a specific point in time, without regard to how much
revenue has already been recognized. Contract value primarily consists of subscription-based products for which revenue
is recognized on a ratable basis, except for the entitlements embedded in our subscription products, such as event tickets
and advisory sessions, for which the revenue is recognized when the item is delivered. Contract value also includes our
reprint products, as these products are used throughout the year by our clients and are typically renewed.
•
Client retention — represents the percentage of client companies (defined as all clients that buy a CV product) at the prior
year measurement date that have active contracts at the current year measurement date.
•
Wallet retention — represents a measure of the CV we have retained with clients over a twelve-month period, including
increases or decreases in retained client CV during the period. Wallet retention is calculated on a percentage basis by
dividing the annualized contract value of our current clients, who were also clients a year ago, by the total annualized
contract value from a year ago.
•
Clients — is calculated at the enterprise level as all clients that have an active CV contract.

15
Client retention and wallet retention are not necessarily indicative of the rate of future retention of our revenue base. A summary
of our key metrics is as follows (dollars in millions):
As of
Absolute
Percentage
December 31,
Increase
Increase
2024
2023
(Decrease)
(Decrease)
Contract value
$
307.6
$
323.6
$
(16.0)
(5%)
Client retention
73%
73%
—
Wallet retention
89%
87%
2 points
Number of clients
1,942
2,257
(315)
(14%)
Contract value during 2024 decreased by 5% compared to 2023 due to wallet retention being at 89% for the period (representing
retention and enrichment of the prior year CV base) and new client acquisition not fully offsetting the net retention loss. Client
retention was flat compared to the prior year period, however wallet retention improved by 2 percentage points. The decrease in the
number of clients from the prior year period is primarily attributable to 1) macroeconomic conditions affecting our client base
including a) funding and budget pressure on our smaller technology clients and the technology industry in general, and b) the
uncertain economic conditions during the past year caused by inflation, high interest rates, and geopolitical turbulence, and 2) the
transition of our client base to our Forrester Decisions product platform that was launched in August 2021. As of December 31, 2024,
approximately 80% of our overall CV was in our Forrester Decisions product platform compared to 62% at December 31, 2023. The
remaining CV at December 31, 2024 represents our reprints products at approximately 12% of CV, and our heritage research products
at approximately 8% of CV.
Critical Accounting Estimates
Management’s discussion and analysis of financial condition and results of operations are based upon our consolidated financial
statements, which have been prepared in accordance with generally accepted accounting principles in the United States of America
(“GAAP”). The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts
of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we
evaluate our estimates, including but not limited to, those related to our revenue recognition, goodwill, intangible and other long-lived
assets, and income taxes. Management bases its estimates on historical experience, data available at the time the estimates are made,
and various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making
judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ
from these estimates under different assumptions or conditions.
We consider the following accounting estimates to be those that require the most subjective judgment or that involve uncertainty
that could have a material impact on our financial statements. If actual results differ significantly from management’s estimates and
projections, there could be a material effect on our financial statements.
•
Revenue Recognition.
We generate revenues from subscriptions to our Research products and services, subscriptions to,
and individual licenses of, electronic reprints of our Research, performing consulting projects and advisory services, and
hosting events. We execute contracts that govern the terms and conditions of each arrangement. Revenues are recognized
when an approved contract with a customer exists, the fees, payment terms, and rights regarding the products or services
to be transferred can be identified, it is probable we will collect substantially all of the consideration for the products and
services expected to be provided, and we have transferred control of the products and services to the customer. We
continually evaluate customers’ ability and intention to pay by reviewing factors including the customer’s payment
history, our ability to mitigate credit risk, and experience selling to similarly situated customers. Although write-offs of
customer receivables have not been significant during the last three years ($0.7 million each year during 2024, 2023, and
2022), if our customers' financial condition were to deteriorate unexpectedly, we could experience a significant increase in
our expense.
Our contracts may include either a single promise (referred to as a performance obligation) to transfer a product or service
or a combination of multiple promises to transfer products or services. We evaluate the existence of multiple performance
obligations within our products and services by using judgment to determine if: (1) the customer can benefit from each
contractual promise on its own or together with other readily available resources; and (2) the transfer of each contractual
promise is separately identifiable from other promises in a contract. When both criteria are met, each promise is accounted
for as a separate performance obligation. Revenues from contracts that contain multiple products or services are allocated
among the separate performance obligations on a relative basis according to their standalone selling prices. We obtain the
standalone selling prices of our products and services based upon an analysis of standalone sales of these products and
services. When there is an insufficient history of standalone sales, we use judgment to estimate the standalone selling
price, taking into consideration available market conditions, factors used to set list prices, pricing of similar products, and

16
internal pricing objectives. Standalone selling prices are typically analyzed and updated on an annual basis, or as business
conditions change.
Consulting project revenues are recognized over time as the services are provided, based on an input method that
calculates the total hours expended compared to the estimated hours required to satisfy the performance obligation. This
method requires the use of judgement in determining the required number of hours to complete the project.
We are required to estimate the amount of prepaid performance obligations that will expire unused and recognize revenue
for that estimate over the same period the related rights are exercised by our customers. This assessment requires
judgment, including estimating the percentage of prepaid rights that will go unexercised and anticipating the impact that
future changes to products, pricing, and customer engagement will have on actual expirations. We update the estimates
used to recognize unexercised rights on a quarterly basis.
•
Goodwill, Intangible Assets, and Other Long-Lived Assets.
As of December 31, 2024, we had $255.4 million of
goodwill and intangible assets with finite lives recorded in our Consolidated Balance Sheets.
When acquiring a business, as of the acquisition date, we determine the estimated fair values of the assets acquired and
liabilities assumed, which may include a significant amount of intangible assets and goodwill. Goodwill is required to be
assessed for impairment at least annually or whenever events or circumstances indicate that there may be an impairment.
An impairment assessment requires evaluating the potential impairment at the reporting unit level using either a
qualitative assessment, to determine if it is more likely than not that the fair value of any reporting unit is less than its
carrying amount, or a quantitative analysis, to determine and compare the fair value of each reporting unit to its carrying
value, or a combination of both. Judgment is required in determining the use of a qualitative or quantitative assessment, as
well as in determining each reporting unit’s estimated fair value as it requires us to make estimates of market conditions
and operational performance, including projected financial results, discount rates, control premium, and valuation
multiples for key financial metrics.
Absent an event that indicates a specific impairment may exist, we have selected November 30th as the date to perform
the annual goodwill impairment test. We completed the annual goodwill impairment testing as of November 30, 2024
utilizing a qualitative assessment to determine if the fair values of each of our reporting units was less than their
respective carrying values. We considered a variety of factors including the impacts of the uncertain economic conditions
and the transition of our client base to our Forrester Decisions product platform on our long-term forecast and stock price.
Based on those assessments, we concluded that no impairments existed. We will continue to monitor these factors and
other future events, and will perform interim impairments tests, if necessary. Any resulting impairment loss could have a
material adverse impact on our results of operations.
During February 2025 and into early March 2025, we did observe a substantial decline in the price of our stock. If our
stock price remains at the current level for a sustained period, and after considering other qualitative factors, there may be
a triggering event indicating goodwill may be impaired in our Research reporting unit. Accordingly, management may
need to perform a quantitative impairment test during our interim period ended March 31, 2025. Any resulting impairment
loss could have a material adverse impact on our results of operations.
Intangible assets with finite lives as of December 31, 2024 consist of acquired customer relationships, acquired
technology, and acquired trademarks and were valued using the future cash flows they were estimated to produce or the
estimated costs to replace the assets. These assigned values are amortized on a basis which best matches the periods in
which the economic benefits are expected to be realized. Tangible assets with finite lives consist of property and
equipment, which are depreciated over their estimated useful lives. Other long-lived assets consist primarily of operating
lease right-of-use assets as described under Leases in the critical accounting policies and estimates footnote found in Note
1 - Summary of Significant Accounting Policies.
We continually evaluate whether events or circumstances have occurred that indicate the estimated remaining useful life
of any of our intangible assets, tangible assets, or operating lease right-of-use assets may warrant revision, or that the
carrying value of these assets may be impaired. To compute whether these assets have been impaired, we estimate the
undiscounted future cash flows for the estimated remaining useful life of the assets and compare that to the carrying value.
To the extent that the future cash flows are less than the carrying value, the assets are written down to their estimated fair
value.
During 2024, we recorded $3.6 million of right-of-use asset impairments and $1.0 million of leasehold improvement
impairments related to the closure of the 10th and 11th floors of our offices located in San Francisco, California. During
2023, we recorded $1.9 million of right-of-use asset impairments and accelerated amortization and $0.7 million of
leasehold improvement impairments related to closing various offices. During 2022, we recorded $3.7 million of right-of-
use asset impairments and $1.3 million of leasehold improvement impairments related to closing the 10th floor of our
offices located in San Francisco, California.

17
•
Income Taxes.
We recognize deferred tax assets and liabilities using enacted tax rates for the effect of temporary
differences between book and tax bases of assets and liabilities, operating loss carryforwards (from acquisitions) and U.S.
capital losses (through December 31, 2021). Such amounts are adjusted as appropriate to reflect changes in the tax rates
expected to be in effect when the temporary differences reverse. We record a valuation allowance to reduce our deferred
taxes to an amount we believe is more likely than not to be realized. We consider all available evidence, both positive and
negative, to determine whether, based on the weight of that evidence, a valuation allowance is needed for some portion or
all of a net deferred income tax asset. Judgment is required in considering the relative impact of negative and positive
evidence. In arriving at these judgments, the weight given to the potential effect of negative and positive evidence is
commensurate with the extent to which it can be objectively verified. As of December 31, 2024 and 2023, we maintained
a valuation allowance of $1.1 million, primarily relating to foreign net operating loss carryforwards from an acquisition.
Results of Operations for the years ended December 31, 2024 and 2023
The following table sets forth our Consolidated Statements of Operations as a percentage of total revenues for the years noted.
Years Ended
December 31,
2024
2023
Revenues:
Research revenues
73.2%
69.6%
Consulting revenues
22.5
24.6
Events revenues
4.3
5.8
Total revenues
100.0
100.0
Operating expenses:
Cost of services and fulfillment
42.2
42.5
Selling and marketing
36.9
34.8
General and administrative
13.6
14.2
Depreciation
1.8
1.8
Amortization of intangible assets
2.2
2.5
Restructuring costs
2.7
2.8
Loss from sale of divested operation
0.4
—
Income from operations
0.2
1.4
Interest expense
(0.7)
(0.6)
Other income, net
0.9
0.5
Gains on investments, net
0.2
—
Income before income taxes
0.6
1.3
Income tax expense
1.9
0.7
Net income (loss)
(1.3%)
0.6%
2024 compared to 2023
Revenues
Absolute
Percentage
Increase
Increase
2024
2023
(Decrease)
(Decrease)
(dollars in millions)
Total revenues
$
432.5
$
480.8
$
(48.3)
(10%)
Research revenues
$
316.7
$
334.4
$
(17.7)
(5%)
Consulting revenues
$
97.3
$
118.2
$
(21.0)
(18%)
Events revenues
$
18.5
$
28.2
$
(9.7)
(34%)
Revenues attributable to customers outside of the U.S.
$
98.4
$
107.3
$
(8.9)
(8%)
Percentage of revenue attributable to customers
outside of the U.S.
23%
22%
1 point
Research revenues are recognized as revenue primarily on a ratable basis over the term of the contracts, which are generally 12
or 24-month periods. Research revenues decreased 5% during 2024 compared to 2023 primarily due to the decrease in CV, as
discussed above. From a product perspective, the decrease in revenues was primarily due to a decline in revenue from our reprint
product and our other smaller and discontinued products. In addition, revenue from our subscription research products declined 1%

18
during 2024 compared to 2023, as revenue growth from our Forrester Decisions products was offset by revenue declines from our
heritage research products.
Consulting revenues decreased 18% during 2024 compared to 2023. The decrease in revenues was due to a decrease in delivery
of consulting services due to lower client bookings.
Events revenues decreased 34% during 2024 compared to 2023. The decrease in revenues was due to decreases in both
sponsorship revenues and event ticket revenues.
Refer to the “Segment Results” section below for a discussion of revenue and expenses by segment.
Cost of Services and Fulfillment
Absolute
Percentage
Increase
Increase
2024
2023
(Decrease)
(Decrease)
Cost of services and fulfillment (dollars in millions)
$
182.5
$
204.5
$
(22.0)
(11%)
Cost of services and fulfillment as a percentage of
total revenues
42%
43%
(1) point
Service and fulfillment employees (at end of period)
680
781
(101)
(13%)
Cost of services and fulfillment expenses decreased 11% in 2024 compared to 2023. The decrease was primarily due to (1) a
$18.1 million decrease in compensation and benefit costs due to a decrease in headcount and incentive bonus costs, partially offset by
an increase in benefit costs (mainly due to a benefit during 2023 resulting from the introduction of the flexible vacation and personal
paid time off policy in the United States), (2) a $1.6 million decrease in professional services costs primarily due to a decrease in
survey costs and contractor costs, (3) a $1.0 million decrease in facilities costs, and (4) a $0.8 million decrease in event expenses.
Selling and Marketing
Absolute
Percentage
Increase
Increase
2024
2023
(Decrease)
(Decrease)
Selling and marketing expenses (dollars in millions)
$
159.6
$
167.4
$
(7.7)
(5%)
Selling and marketing expenses as a percentage of
total revenues
37%
35%
2 points
Selling and marketing employees (at end of period)
638
682
(44)
(6%)
Selling and marketing expenses decreased 5% in 2024 compared to 2023. The decrease was primarily due to (1) a $8.1 million
decrease in compensation and benefit costs due to a decrease in headcount, commissions expense, and incentive bonus costs, partially
offset by an increase in benefit costs (mainly due to a benefit during 2023 resulting from the introduction of the flexible vacation and
personal paid time off policy in the United States) and (2) a $0.8 million decrease in stock compensation expense. These decreases
were partially offset by a $1.4 million increase in professional services costs primarily due to an increase in consulting fees, partially
offset by a decrease in advertising costs.
General and Administrative
Absolute
Percentage
Increase
Increase
2024
2023
(Decrease)
(Decrease)
General and administrative expenses (dollars in
millions)
$
58.8
$
68.5
$
(9.7)
(14%)
General and administrative expenses as a percentage
of total revenues
14%
14%
—
General and administrative employees (at end
of period)
253
281
(28)
(10%)
General and administrative expenses decreased 14% in 2024 compared to 2023. The decrease was primarily due to (1) a $5.6
million decrease in legal costs, due primarily to a $4.8 million provision for a legal settlement recorded in 2023 for a wage-related
matter and (2) a $3.8 million decrease in compensation and benefit costs due to a decrease in headcount and incentive bonus costs,
partially offset by an increase in benefit costs (mainly due to a benefit during 2023 resulting from the introduction of the flexible
vacation and personal paid time off policy in the United States).

19
Depreciation
Depreciation expense decreased by $0.9 million in 2024 compared to 2023 primarily due to certain software assets becoming
fully depreciated.
Amortization of Intangible Assets
Amortization expense decreased by $2.3 million in 2024 compared to 2023 primarily due to a decrease in the amortization of
trademark and technology intangible assets. We expect amortization expense related to our intangible assets to be approximately $8.7
million for the year ending December 31, 2025.
Restructuring
In January 2023, we implemented a reduction in our workforce of approximately 4% across various geographies and functions
to streamline operations. We recorded $4.3 million of severance and related costs for this action during the fourth quarter of 2022, and
$0.6 million during the first quarter of 2023. We recorded a restructuring charge of $5.0 million during the fourth quarter of 2022
related to closing one floor of our offices in California. During the first quarter of 2023, we recorded an incremental $0.4 million
impairment to our California office. We also recorded a $0.6 million charge during the first quarter of 2023 for the write-off of a
previously capitalized software project. In the fourth quarter of 2023, we recorded an additional impairment of $0.4 million to our
California office.
In May 2023, we implemented a reduction in our workforce of approximately 8% across various geographies and functions to
better align our cost structure with our revised revenue outlook for the year, and to streamline our sales and consulting organizations to
more efficiently go to market in support of driving contract value growth in the future. We recorded $7.5 million of severance and
related costs for this action during the second quarter of 2023. In addition, we closed certain of our smaller offices both inside and
outside the U.S. in order to reduce facility costs and better match our facilities to our hybrid work strategy. As a result of closing the
offices, we recorded restructuring costs of $2.3 million. We also incurred $0.7 million in contract termination costs.
In February 2024, we implemented a reduction in our workforce of approximately 3% across various geographies and functions
to better align our cost structure with the revenue outlook for the year. We recorded $0.7 million of severance and related costs for this
action during the fourth quarter of 2023, and $2.8 million during the first quarter of 2024. We recorded a restructuring charge of $3.8
million during the first quarter of 2024 related to closing one floor of our offices in California. All of the severance and related costs
for this plan were paid during 2024.
During the third quarter of 2024, we recorded an additional restructuring charge of $0.7 million related to the closure of our
offices in California, of which $0.4 million related to an impairment of the right-of-use assets and $0.3 million related to an
impairment of leasehold improvements. Also, during the third quarter of 2024, we recognized $0.2 million of expense from the write-
off of foreign currency translation adjustments related to the liquidation of a small foreign operation.
In January 2025, we implemented a reduction in force of approximately 6% of our workforce across various geographies and
functions to better align our cost structure with our revenue outlook for 2025. Approximately $4.2 million of severance and related
costs for this action were recorded during the fourth quarter of 2024. We expect a majority of the severance and related costs for this
plan to be paid during 2025. See Note 17 - Subsequent Events, for additional details of this action.
Loss From Sale of Divested Operation
Loss from sale of divested operation of $1.8 million was attributable to the sale of our FeedbackNow product line in August
2024.
Interest Expense
Interest expense consists of interest on our borrowings. The fluctuation for interest expense was immaterial in 2024 compared to
2023.
Other Income, Net
Other income, net primarily consists of interest income, gains and losses on foreign currency, and gains and losses on foreign
currency forward contracts. Other income, net increased by $1.7 million in 2024 compared to 2023 primarily due to a $2.1 million
increase in interest income, partially offset by a $0.5 million increase in foreign currency exchange losses.

20
Gains on Investments, Net
Gains on investments, net primarily represents our share of equity method investment gains and losses from our technology-
related investment funds. Gain on investments, net increased by $0.6 million in 2024 compared to 2023 due to an increase in
investment gains generated by the underlying funds.
Income Tax Expense
Absolute
Percentage
Increase
Increase
2024
2023
(Decrease)
(Decrease)
Provision for income taxes (dollars in millions)
$
8.4
$
3.2
$
5.1
159%
Effective tax rate
318%
51%
267 points
The significant items impacting the effective tax rate during 2024 as compared to 2023 are primarily due to 1) tax expense from
the non-deductible goodwill related to the sale of the FeedbackNow product line of $2.5 million, 2) tax expense from the settlement of
share-based awards of $1.8 million, 3) foreign withholding taxes of $0.8 million, and 4) state tax expense of $0.6 million related to the
write-off of non-realizable state NOL carryforwards due to the dissolution of a domestic subsidiary.
Segment Results
We operate in three segments: Research, Consulting, and Events. These segments, which are also our reportable segments, are
based on our management structure and how management uses financial information to evaluate performance and determine how to
allocate resources. Our products and services are delivered through each segment as described below.
The Research segment includes the revenues from all of our research products as well as consulting revenues from advisory
services (such as speeches and advisory days) delivered by our research organization. Research segment costs include the cost of the
organizations responsible for developing and delivering these products in addition to the cost of the product management organization
that is responsible for product pricing and packaging and the launch of new products. During the third quarter of 2024, we realigned
our technology teams and as such certain technology costs are no longer reported within the Research segment, and are now reported
within the line selling, marketing, administrative and other expenses. Prior period amounts have been recast to conform to the current
presentation.
The Consulting segment includes the revenues and the related costs of our project consulting organization. The project
consulting organization delivers a majority of our project consulting revenue.
The Events segment includes the revenues and the costs of the organization responsible for developing and hosting in-person
and virtual events.
We evaluate reportable segment performance and allocate resources based on segment operating income (loss). Segment
expenses include the direct expenses of each segment organization and exclude selling and marketing expenses, general and
administrative expenses, stock-based compensation expense, depreciation expense, adjustments to incentive bonus compensation from
target amounts, amortization of intangible assets, restructuring costs, loss from sale of divested operation, interest expense, other
income, and gains on investments. The accounting policies used by the segments are the same as those used in the consolidated
financial statements. We do not review or evaluate assets as part of segment performance. Accordingly, we do not identify or allocate
assets by reportable segment.
Research
Segment
Consulting
Segment
Events
Segment
Consolidated
Year Ended December 31, 2024
(In thousands, except percentages)
Research revenues
$
316,739
$
—
$
—
$
316,739
Consulting revenues
21,095
76,159
—
97,254
Events revenues
—
—
18,477
18,477
Total segment revenues
337,834
76,159
18,477
432,470
Segment expenses
(115,651)
(37,828)
(19,250)
(172,729)
Segment operating income (loss)
222,183
38,331
(773)
259,741
Year over year revenue change
(7%)
(15%)
(34%)
(10%)
Year over year expense change
(8%)
(16%)
(6%)
(10%)

21
Research
Segment
Consulting
Segment
Events
Segment
Consolidated
Year Ended December 31, 2023
(In thousands)
Research revenues
$
334,396
$
—
$
—
$
334,396
Consulting revenues
28,826
89,402
—
118,228
Events revenues
—
—
28,155
28,155
Total segment revenues
363,222
89,402
28,155
480,779
Segment expenses
(125,392)
(45,028)
(20,557)
(190,977)
Segment operating income
237,830
44,374
7,598
289,802
Research segment revenues decreased 7% during 2024 compared to 2023. Research product revenues within this segment
decreased 5% primarily due to the decrease in CV, as discussed above. Consulting product revenues within this segment decreased
27% primarily due to decreased delivery of consulting and advisory services by our research analysts due primarily to lower client
bookings for these services.
Research segment expenses decreased 8% during 2024 compared to 2023. The decrease in expenses was primarily due to (1) an
$8.4 million decrease in compensation and benefit costs primarily due to a decrease in headcount and (2) a $1.0 million decrease in
professional services primarily due to a decrease in survey costs.
Consulting segment revenues decreased 15% during 2024 compared to 2023. The decrease in revenues was due to a decrease in
delivery of consulting services due to lower client bookings.
Consulting segment expenses decreased 16% during 2024 compared to 2023. The decrease in expenses was primarily due to (1)
a $6.5 million decrease in compensation and benefit costs primarily due to a decrease in headcount and (2) a $0.5 million decrease in
professional services primarily due to a decrease in contractor costs.
Event segment revenues decreased 34% during 2024 compared to 2023. The decrease in revenues was due to a decrease in both
sponsorship revenues and event ticket revenues.
Event segment expenses decreased 6% during 2024 compared to 2023. The decrease in expenses was primarily due to (1) a $0.9
million decrease in event costs and (2) a $0.5 million decrease in compensation and benefit costs primarily due to a decrease in
headcount.
A detailed description and analysis of the fiscal year 2022 year-over-year changes can be found in Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended
December 31, 2023.
Liquidity and Capital Resources
We have historically financed our operations primarily through funds generated from operations. Research revenues, which
constituted 73% of our revenues during 2024, are generally renewable and are typically payable in advance. We used $3.9 million of
cash in operating activities during the year ended December 31, 2024 and generated $21.7 million of cash from operating activities
during the year ended December 31, 2023. The $25.5 million decrease in cash from operations during 2024 was primarily due to a
$21.1 million increase in cash used for working capital and a $8.8 million decrease in net income, partially offset by the changes in
non-cash items affecting net income.
During 2024, we generated cash from investing activities of $5.0 million primarily from $6.0 million in proceeds from the sale
of the FeedbackNow product line and $2.5 million in net maturities and sales of marketable investments, partially offset by $3.4
million of purchases of property and equipment, primarily consisting of computer software. During 2023, we used cash in investing
activities of $36.8 million, which consisted of $31.3 million in net purchases of marketable investments and $5.5 million of purchases
of property and equipment, primarily consisting of computer software.
During 2024, we used $16.1 million of cash from financing activities primarily due $15.9 million for purchases of our common
stock and $2.6 million in taxes paid related to net share settlements of restricted stock units, partially offset by $2.4 million of net
proceeds from the issuance of common stock under our stock-based incentive plans. During 2023, we used $18.3 million of cash from
financing activities primarily due to $15.0 million of discretionary repayments of our revolving credit facility, $4.1 million for
purchases of our common stock, and $2.7 million in taxes paid related to net share settlements of restricted stock units, partially offset
by $3.5 million of net proceeds from the issuance of common stock under our stock-based incentive plans. As of December 31, 2024,
our remaining stock repurchase authorization was approximately $80.0 million.
The Company has a credit facility that provides up to $150.0 million of revolving credit commitments. The amount outstanding
under the credit facility was $35.0 million at December 31, 2024 and the facility expires in December of 2026. The credit facility

22
permits the Company to increase the revolving credit commitments in an aggregate principal amount up to $50.0 million, subject to
approval by the administrative agent and certain customary terms and conditions.
The credit facility contains certain customary restrictive loan covenants, including among others, financial covenants that apply
a maximum leverage ratio, minimum interest coverage ratio, and maximum annual capital expenditures. The negative covenants limit,
subject to various exceptions, our ability to incur additional indebtedness, create liens on assets, merge, consolidate, liquidate or
dissolve any part of the company, sell assets, change fiscal year, or enter into certain transactions with affiliates and subsidiaries. We
were in full compliance with the covenants as of December 31, 2024 and expect to continue to be in compliance through the next 12
months.
Additional future contractual cash obligations extending over the next 12 months and beyond primarily consist of operating
lease payments. We lease office space under non-cancelable operating lease agreements (refer to Note 6 – Leases in the Notes to
Consolidated Financial Statements for additional information). The remaining duration of non-cancelable office space leases ranges
from less than 1 year to 7 years. Remaining lease payments within one year, within two to three years, within four to five years, and
after five years from December 31, 2024 are $13.9 million, $18.0 million, $5.7 million, and $3.2 million, respectively.
In addition to the contractual cash commitments included above, we have other payables and liabilities that may be legally
enforceable but are not considered contractual commitments. See Note 15 – Certain Balance Sheet Accounts in the Notes to
Consolidated Financial Statements for more information on our payables and liabilities.
As of December 31, 2024, we had cash, cash equivalents, and marketable investments of $104.7 million. This balance includes
$70.7 million held outside of the U.S. If the cash outside of the U.S. is needed for operations in the U.S., we would be required to
accrue and pay U.S. state taxes and may be required to pay withholding taxes to foreign jurisdictions to repatriate these funds.
However, our intent is to permanently reinvest these funds outside of the U.S. and our current plans do not demonstrate a need to
repatriate these funds for our U.S. operations. We believe that our current cash balance and cash flows from operations will satisfy
working capital, financing activities, and capital expenditure requirements for the next twelve months and to meet our known long-
term cash requirements.
As of December 31, 2024, we did not have any significant unrecognized tax benefits for uncertain tax positions.
Recent Accounting Pronouncements
See Note 1 – Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements for a full
description of recent accounting pronouncements, including the expected dates of adoption and effects on results of operations and
financial condition.

23
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
The following discussion about our market risk disclosures involves forward-looking statements. Actual results could differ
materially from those projected in the forward-looking statements. We are exposed to market risk related to changes in foreign
currency exchange rates and changes in interest rates on our variable-rate debt.
Foreign Currency Exchange.
On a global level, we face exposure to movements in foreign currency exchange rates as we
enter into normal business transactions that may be in currencies other than the local currency of our subsidiaries, including the Euro,
British Pound, and other foreign currencies. During 2024, we entered into several foreign currency forward contracts to mitigate the
effects of adverse fluctuations in foreign currency exchange rates and we may continue to enter into hedging agreements in the future.
In addition, transactions and account balances between our U.S. and foreign subsidiaries expose us to currency exchange risk. This
exposure may change over time as business practices evolve and could have a material adverse effect on our results of operations.
We incurred foreign currency exchange losses of $0.8 million, $0.3 million, and $0.2 million during the years ended
December 31, 2024, 2023, and 2022, respectively.
Interest Rate Risk.
As of December 31, 2024, we had $35.0 million in total debt principal outstanding. See Note 5 — Debt in
the Notes to Consolidated Financial Statements for additional information regarding our outstanding debt obligations.
All of our debt outstanding as of December 31, 2024 was based on a floating base rate of interest, which exposes us to increases
in interest rates. As an indication of our potential exposure to changes in interest rates, a hypothetical 25 basis point increase or
decrease in interest rates on our debt could change our annual pretax interest expense for the following 12-month period by
approximately $0.1 million.
The primary objective of our investment activities is to preserve principal and maintain liquidity while at the same time
maximizing the income we receive from our investments without significantly increasing risk. To achieve this objective, we maintain
our portfolio of cash equivalents and marketable investments in a variety of securities during the course of the year, which may
include U.S. government agencies, municipal notes and bonds, corporate notes and bonds, commercial paper, and money market
funds. The securities, other than U.S. money market funds, are classified as available-for-sale and consequently are recorded in the
Consolidated Balance Sheets at fair value with unrealized gains or losses reported as a component of accumulated other
comprehensive loss in the Consolidated Balance Sheets. If interest rates rise, the market value of our investments may decline, which
could result in a realized loss if we are forced to sell an investment before its scheduled maturity. We have the ability to hold our fixed
income investments until maturity (without giving effect to any future acquisitions or mergers). Therefore, we would not expect our
operating results or cash flows to be affected to any significant degree by a sudden change in market interest rates on our securities
portfolio. In addition, given the short maturities and investment grade quality of the portfolio holdings at December 31, 2024, a
hypothetical 10% change in interest rates would not materially affect the fair value of our cash equivalents and investments.
The following table provides information about our investment portfolio, excluding our money market funds, for which all of
the securities are denominated in U.S. dollars. For investment securities, the table presents principal cash flows and related weighted-
average interest rates by maturity date (dollars in thousands):
Years Ended December 31,
2025
2026
2027
Corporate obligations
$
6,083
$
4,688
$
1,409
Weighted average interest rates
3.28%
4.67%
5.19%

24
Item 8. Consolidated Financial Statements and Supplementary Data
The financial statements listed in the following Index to Financial Statements are filed as a part of this 2024 Annual Report on
Form 10-K.
FORRESTER RESEARCH, INC.
INDEX TO FINANCIAL STATEMENTS
Page
Report of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm (PCAOB ID 238) ...............................
25
Consolidated Balance Sheets..............................................................................................................................................................
27
Consolidated Statements of Operations..............................................................................................................................................
28
Consolidated Statements of Comprehensive Income (Loss)..............................................................................................................
29
Consolidated Statements of Stockholders’ Equity .............................................................................................................................
30
Consolidated Statements of Cash Flows.............................................................................................................................................
31
Notes to Consolidated Financial Statements ......................................................................................................................................
32

25
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of Forrester Research, Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Forrester Research, Inc. and its subsidiaries (the "Company") as of
December 31, 2024 and 2023, and the related consolidated statements of operations, of comprehensive income (loss), of stockholders’
equity and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively
referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as
of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of
the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the
period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. Also in
our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of
December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over
financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s
Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the
Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to
error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the
consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well
as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting
included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included
performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable
basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect
on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.

26
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements
that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are
material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The
communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a
whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or
on the accounts or disclosures to which it relates.
Revenue Recognition – Identification of Distinct Performance Obligations
As described in Note 1 to the consolidated financial statements, the Company generates all of its revenues from contracts with
customers, which totaled $432.5 million for the year ended December 31, 2024. Performance obligations within a contract are
identified based on the products and services promised to be transferred in the contract. When a contract includes more than one
promised product or service, management must apply judgment to determine whether the promises represent multiple performance
obligations or a single, combined performance obligation. This evaluation requires management to determine if the promises are both
capable of being distinct, where the customer can benefit from the product or service on its own or together with other resources
readily available, and are distinct within the context of the contract, where the transfer of products or services is separately identifiable
from other promises in the contract. When both criteria are met, each promised product or service is accounted for as a separate
performance obligation.
The principal considerations for our determination that performing procedures relating to revenue recognition, specifically the
identification of distinct performance obligations, is a critical audit matter is a high degree of auditor effort in performing procedures
and evaluating evidence related to management’s identification of the distinct performance obligations.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion
on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue
recognition process, including controls over the identification of performance obligations. These procedures also included, among
others, testing management’s process for identifying distinct performance obligations within contracts with customers and evaluating
the revenue recognition impact of contractual terms and conditions by examining contracts on a test basis.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
March 7, 2025
We have served as the Company’s auditor since 2010.

27
FORRESTER RESEARCH, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
December 31,
December 31,
2024
2023
ASSETS
Current Assets:
Cash and cash equivalents
$
56,087
$
72,909
Marketable investments (Note 3)
48,582
51,580
Accounts receivable, net of allowance for expected credit losses of $434 and $574 as
of December 31, 2024 and 2023, respectively (Note 1, 15)
55,490
58,999
Deferred commissions
22,942
23,207
Prepaid expenses and other current assets
18,263
9,305
Total current assets
201,364
216,000
Property and equipment, net
11,699
19,401
Operating lease right-of-use assets
27,049
39,722
Goodwill
227,959
244,257
Intangible assets, net
27,475
37,637
Other assets
8,316
7,157
Total assets
$
503,862
$
564,174
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable
$
965
$
1,796
Accrued expenses and other current liabilities
57,602
81,482
Deferred revenue
145,404
156,798
Total current liabilities
203,971
240,076
Long-term debt
35,000
35,000
Non-current operating lease liabilities
24,809
37,673
Other non-current liabilities (Note 15)
10,545
11,160
Total liabilities
274,325
323,909
Commitments and contingencies (Note 16)
Stockholders' Equity:
Preferred stock, $0.01 par value
Authorized - 500 shares; issued and outstanding - none
—
—
Common stock, $0.01 par value
Authorized - 125,000 shares
Issued - 25,119 and 24,684 shares as of December 31, 2024 and 2023, respectively
Outstanding - 18,838 and 19,248 shares as of December 31, 2024 and
2023, respectively
251
247
Additional paid-in capital
292,217
278,057
Retained earnings
171,934
177,681
Treasury stock - 6,282 and 5,437 shares as of December 31, 2024 and 2023, respectively
(227,119)
(211,149)
Accumulated other comprehensive loss
(7,746)
(4,571)
Total stockholders’ equity
229,537
240,265
Total liabilities and stockholders’ equity
$
503,862
$
564,174
The accompanying notes are an integral part of these consolidated financial statements.

28
FORRESTER RESEARCH, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Years Ended December 31,
2024
2023
2022
Revenues:
Research
$
316,739
$
334,396
$
354,453
Consulting
97,254
118,228
152,587
Events
18,477
28,155
30,747
Total revenues
432,470
480,779
537,787
Operating expenses:
Cost of services and fulfillment
182,534
204,484
223,773
Selling and marketing
159,621
167,352
181,940
General and administrative
58,818
68,497
67,655
Depreciation
7,561
8,452
9,269
Amortization of intangible assets
9,648
11,956
13,161
Restructuring costs
11,773
13,272
9,335
Loss from sale of divested operation
1,775
—
—
Total operating expenses
431,730
474,013
505,133
Income from operations
740
6,766
32,654
Interest expense
(3,011)
(3,060)
(2,461)
Other income, net
4,094
2,371
222
Gains on investments, net
814
208
309
Income before income taxes
2,637
6,285
30,724
Income tax expense
8,384
3,235
8,918
Net income (loss)
$
(5,747)
$
3,050
$
21,806
Basic income (loss) per common share
$
(0.30)
$
0.16
$
1.15
Diluted income (loss) per common share
$
(0.30)
$
0.16
$
1.14
Basic weighted average common shares outstanding
19,094
19,183
18,967
Diluted weighted average common shares outstanding
19,094
19,258
19,172
The accompanying notes are an integral part of these consolidated financial statements.

29
FORRESTER RESEARCH, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
Years Ended December 31,
2024
2023
2022
Net income (loss)
$
(5,747)
$
3,050
$
21,806
Other comprehensive income (loss), net of tax:
Foreign currency translation
(3,264)
3,248
(4,807)
Net change in market value of interest rate swap
—
—
212
Net change in market value of investments
89
99
(134)
Other comprehensive income (loss)
(3,175)
3,347
(4,729)
Comprehensive income (loss)
$
(8,922)
$
6,397
$
17,077
The accompanying notes are an integral part of these consolidated financial statements.

30
FORRESTER RESEARCH, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
Accumulated
Common Stock
Additional
Treasury Stock
Other
Total
Number of
$0.01 Par
Paid-in
Retained
Number of
Comprehensive
Stockholders'
Shares
Value
Capital
Earnings
Shares
Cost
Loss
Equity
Balance at December 31, 2021
24,085
$
241
$
245,985
$
152,825
5,027
$
(191,955)
$
(3,189)
$
203,907
Issuance of common stock under stock
plans, including tax effects
282
3
1,238
—
—
—
—
1,241
Repurchases of common stock
—
—
—
—
278
(15,112)
—
(15,112)
Stock-based compensation expense
—
—
14,543
—
—
—
—
14,543
Net income
—
—
—
21,806
—
—
—
21,806
Net change in interest rate swap, net of tax
—
—
—
—
—
—
212
212
Net change in marketable investments, net
of tax
—
—
—
—
—
—
(134)
(134)
Foreign currency translation
—
—
—
—
—
—
(4,807)
(4,807)
Balance at December 31, 2022
24,367
244
261,766
174,631
5,305
(207,067)
(7,918)
221,656
Issuance of common stock under
stock plans, including tax effects
317
3
805
—
—
—
—
808
Repurchases of common stock
—
—
—
—
132
(4,082)
—
(4,082)
Stock-based compensation expense
—
—
15,486
—
—
—
—
15,486
Net income
—
—
—
3,050
—
—
—
3,050
Net change in marketable investments, net
of tax
—
—
—
—
—
—
99
99
Foreign currency translation
—
—
—
—
—
—
3,248
3,248
Balance at December 31, 2023
24,684
247
278,057
177,681
5,437
(211,149)
(4,571)
240,265
Issuance of common stock under
stock plans, including tax effects
435
4
(183)
—
—
—
—
(179)
Repurchases of common stock
—
—
—
—
845
(15,970)
—
(15,970)
Stock-based compensation expense
—
—
14,343
—
—
—
—
14,343
Net loss
—
—
—
(5,747)
—
—
—
(5,747)
Net change in marketable investments, net
of tax
—
—
—
—
—
—
89
89
Foreign currency translation
—
—
—
—
—
—
(3,264)
(3,264)
Balance at December 31, 2024
25,119
$
251
$
292,217
$
171,934
6,282
$
(227,119)
$
(7,746)
$
229,537
The accompanying notes are an integral part of these consolidated financial statements.

31
FORRESTER RESEARCH, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years Ended December 31,
2024
2023
2022
Cash flows from operating activities:
Net income (loss)
$
(5,747)
$
3,050
$
21,806
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Depreciation
7,561
8,452
9,269
Impairment of property and equipment
967
726
1,296
Amortization of intangible assets
9,648
11,956
13,161
Deferred income taxes
(58)
(5,461)
(6,652)
Stock-based compensation
14,343
15,486
14,543
Operating lease right-of-use assets amortization and impairments
12,974
11,658
14,511
Loss from sale of divested operation
1,775
—
—
Other, net
174
192
370
Changes in assets and liabilities
Accounts receivable
(9)
14,715
12,835
Deferred commissions
63
1,352
5,070
Prepaid expenses and other current assets
(197)
6,020
4,374
Accounts payable
(814)
1,428
(461)
Accrued expenses and other liabilities
(20,866)
(10,644)
(6,102)
Deferred revenue
(9,105)
(23,279)
(31,656)
Operating lease liabilities
(14,570)
(13,978)
(12,939)
Net cash provided by (used in) operating activities
(3,861)
21,673
39,425
Cash flows from investing activities:
Purchases of property and equipment
(3,400)
(5,495)
(5,663)
Purchases of marketable investments
(59,365)
(61,068)
(28,683)
Proceeds from maturities of marketable investments
51,735
28,338
27,331
Proceeds from sales of marketable investments
10,111
1,453
—
Proceeds from sale of divested operation
6,000
—
—
Other investing activity
(62)
13
201
Net cash provided by (used in) investing activities
5,019
(36,759)
(6,814)
Cash flows from financing activities:
Payments on borrowings
—
(15,000)
(25,000)
Payment of debt issuance costs
—
(25)
—
Repurchases of common stock
(15,920)
(4,082)
(15,112)
Proceeds from issuance of common stock under employee equity
incentive plans
2,426
3,489
4,352
Taxes paid for net share settlements of stock-based compensation awards
(2,605)
(2,681)
(3,111)
Net cash used in financing activities
(16,099)
(18,299)
(38,871)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1,914)
2,773
(6,117)
Net decrease in cash, cash equivalents and restricted cash
(16,855)
(30,612)
(12,377)
Cash, cash equivalents and restricted cash, beginning of year
75,042
105,654
118,031
Cash, cash equivalents and restricted cash, end of year
$
58,187
$
75,042
$
105,654
Supplemental disclosure of cash flow information:
Cash paid for interest
$
2,562
$
2,596
$
2,015
Cash paid for income taxes
$
9,277
$
10,643
$
8,901
The accompanying notes are an integral part of these consolidated financial statements.

32
FORRESTER RESEARCH, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2024
Note 1 – Summary of Significant Accounting Policies
Basis of Presentation
Forrester Research, Inc. is a global independent research and advisory firm. The Company empower leaders in technology,
customer experience, digital, marketing, sales, and product functions to be bold at work and accelerate growth through customer
obsession. Forrester’s proprietary research, consulting and continuance guidance model, and events help executives and their teams
achieve their initiatives and outcomes faster and with confidence. The Company's unique insights are grounded in annual surveys of
more than 700,000 consumers, business leaders, and technology leaders worldwide, rigorous and objective research methodologies,
and the shared wisdom of its clients.
The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting
principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange
Commission (“SEC”) for reporting on Form 10-K. The Company’s fiscal year is the twelve months from January 1 through December
31 and all references to 2024, 2023, and 2022 refer to the fiscal year unless otherwise noted.
Principles of Consolidations
The accompanying consolidated financial statements include the accounts of Forrester and its wholly-owned subsidiaries. All
intercompany transactions and balances have been eliminated in consolidation.
Management Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting period. Forrester considers the more significant of
these estimates to be revenue recognition, ongoing impairment reviews of goodwill, intangible and other long-lived assets, and income
taxes. On an ongoing basis, management evaluates its estimates. Actual results could differ from these estimates.
Adoption of New Accounting Pronouncements
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of
Reference Rate Reform on Finance Reporting. The new standard provides optional guidance for a limited period of time to ease the
potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting due to the risk of
cessation of the London Interbank Offered Rate (“LIBOR”). The updates apply to contracts, hedging relationships, and other
transactions that reference LIBOR, or another reference rate expected to be discontinued because of reference rate reform, and as a
result require a modification. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of
the Sunset Date of Topic 848. The amendments in this update defer the sunset date of Topic 848 from December 31, 2022, to
December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments in this update
apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference
LIBOR or another reference rate expected to be discontinued because of reference rate reform. The adoption of this standard did not
impact the Company’s financial position or results of operations, and will not have an impact in the future as the Company no longer
has any financial instruments that reference LIBOR.
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment
Disclosures. The new standard enhances the disclosures of reportable segment information, primarily in regards to significant segment
expenses. The new standard was effective for the Company for the annual periods beginning January 1, 2024, and for interim periods
beginning January 1, 2025, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior
periods presented in the financial statements. The adoption of this standard as of December 31, 2024 did not have a material impact on
the Company’s financial position or results of operations.
Fair Value Measurements
The carrying amounts reflected in the Consolidated Balance Sheets for cash, certain cash equivalents, accounts receivable, note
receivable, accounts payable, and accrued expenses approximate fair value due to their short-term maturities. The Company’s
financial instruments also include its outstanding variable-rate borrowings (refer to Note 5 – Debt). The Company believes that the

33
carrying amount of its variable-rate borrowings reasonably approximate their fair values because the rates of interest on those
borrowings reflect current market rates of interest.
Additionally, the Company has certain financial assets and liabilities recorded at fair value at each balance sheet date, including
cash equivalents and marketable investments, in accordance with the accounting standards for fair value measurements. Refer to Note
8 – Fair Value Measurements for the Company’s fair value disclosures.
Cash, Cash Equivalents, and Marketable Investments
Forrester considers all short-term, highly liquid investments with original maturities at the time of purchase of 90 days or less to
be cash equivalents, inclusive of the Company's U.S. based money market funds.
The Company’s portfolio of investments may at any time include securities of U.S. government agencies, municipal notes and
bonds, corporate notes and bonds, commercial paper, and money market funds based outside of the U.S. Marketable investments are
classified as current assets as they are available for use in current operations. Forrester accounts for all marketable investments as
available-for-sale securities and as such, the marketable investments are carried at fair value with unrealized gains and losses (not
related to credit losses) recorded in accumulated other comprehensive loss in the Consolidated Balance Sheets. Realized gains and
losses on securities are included in earnings and are determined using the specific identification method. The Company conducts
periodic reviews to identify and evaluate each investment that has an unrealized loss, in accordance with the meaning of other-than-
temporary impairment and its application to certain investments, as required under the accounting standards. Unrealized losses on
available-for-sale securities that are determined to be temporary, and not related to credit loss, are recorded, net of tax, in accumulated
other comprehensive loss. During the years ended December 31, 2024, 2023, and 2022, the Company did not record any other-than-
temporary impairment losses on its available-for-sale securities.
The Company did not realize any gains or losses from the Company's available-for-sale securities during the years ended
December 31, 2024, 2023, and 2022.
Presentation of Restricted Cash
The following table summarizes the end-of-period cash and cash equivalents from the Company's Consolidated Balance Sheets
and the total cash, cash equivalents and restricted cash as presented in the accompanying Consolidated Statements of Cash Flows (in
thousands).
For the Year Ended December 31,
2024
2023
Cash and cash equivalents shown in balance sheets
$
56,087
$
72,909
Restricted cash classified in other assets (1):
2,100
2,133
Cash, cash equivalents and restricted cash shown in statement of cash flows
$
58,187
$
75,042
(1) Restricted cash consists of collateral required for leased office space. The short-term or long-term classification regarding the
collateral for the leased office space is determined in accordance with the expiration of the underlying leases.
Concentrations of Credit Risk
Financial instruments that potentially subject Forrester to concentrations of credit risk are principally cash, cash equivalents,
marketable investments, accounts receivable, and foreign currency forward exchange contracts. The Company limits its risk exposure
by having its cash, cash equivalents, and foreign currency forward exchange contracts with large commercial banks and by
diversifying counterparties. No single customer accounted for greater than 3% of revenues or 2% of accounts receivable in any of the
periods presented.
Forrester does not have any off-balance sheet arrangements.
Goodwill
Goodwill represents the excess of the purchase price of acquired businesses over the estimated fair values of the tangible and
identifiable intangible net assets acquired. Goodwill is not amortized; however, it is required to be tested for impairment annually,
which requires assessment of the potential impairment at the reporting unit level. Reporting units are determined based on the
components of the Company's operating segments that constitute a business for which financial information is available and for which
operating results are regularly reviewed by segment management. Testing for impairment is also required on an interim basis if an
event or circumstance indicates it is more likely than not an impairment loss has been incurred. When performing an impairment
assessment, the Company either uses a qualitative assessment, to determine if it is more likely than not that the estimated fair value of

34
any reporting unit is less than its carrying amount, or a quantitative analysis, to determine and compare the fair value of each reporting
unit to its carrying value, or a combination of both. An impairment of goodwill is recognized to the extent that the carrying amount of
a reporting unit exceeds its estimated fair value. Absent an event that indicates a specific impairment may exist, the Company has
selected November 30th as the date for performing the annual goodwill impairment test. Goodwill impairment charges have not been
required for the years ended December 31, 2024, 2023 and 2022.
Impairment of Other Long-Lived Tangible and Intangible Assets
Other long-lived assets primarily consist of property and equipment, operating lease right-of-use assets, and intangible assets.
The Company periodically evaluates the recoverability of other long-lived assets whenever events and changes in circumstances
indicate that the carrying amount of an asset may not be fully recoverable. When indicators of impairment are present, the carrying
values of the asset group are evaluated in relation to the future undiscounted cash flows of the underlying business. The net book value
of the underlying asset is adjusted to fair value if the sum of the expected discounted cash flows is less than book value. Fair values
are based on estimates of market prices and assumptions concerning the amount and timing of estimated future cash flows and
assumed discount rates, reflecting varying degrees of perceived risk. The Company recorded $4.6 million, $2.6 million, and $5.0
million of long-lived asset impairment charges during 2024, 2023 and 2022, respectively (refer to Note 6 – Leases).
Non-Current Liabilities
The Company records deferred tax liabilities and other liabilities that are expected to be settled over a period that exceeds one
year as non-current liabilities.
Foreign Currency
The functional currency of Forrester’s wholly-owned subsidiaries is their respective local currency. These subsidiary financial
statements are translated to U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates during
the corresponding period for revenues and expenses, with translation gains and losses recorded as a component of accumulated other
comprehensive loss in the Consolidated Balance Sheets. Gains and losses related to the remeasurement of monetary assets and
liabilities denominated in a currency other than an entity’s functional currency are included in other income, net in the Consolidated
Statements of Operations. Forrester recorded $0.8 million, $0.3 million, and $0.2 million of foreign exchange losses during 2024,
2023, and 2022, respectively.
Revenue
The Company generates all of its revenues from contracts with customers, which totaled $432.5 million for the year ended
December 31, 2024.
The Company recognizes revenue when a customer obtains control of promised products or services, in an amount that reflects
the consideration expected to be received in exchange for those products or services. The Company follows the five-step model
prescribed under Topic 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii)
determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize
revenue when (or as) the Company satisfies each performance obligation. Revenues are presented net of any sales or value added
taxes collected from customers and remitted to the government.
The Company accounts for a contract when it has approval and commitment from both parties, the fees, payment terms and
rights of the parties regarding the products or services to be transferred are identified, the contract has commercial substance, and it is
probable that substantially all of the consideration for the products and services expected to be transferred is collectible. The Company
applies judgment in determining the customer’s ability and intention to pay for services expected to be transferred, which is based on
factors including the customer’s payment history, management’s ability to mitigate exposure to credit risk (for example, requiring
payment in advance of the transfer of products or services, or the ability to stop transferring promised products or services in the event
a customer fails to pay consideration when due), and experience selling to similarly situated customers. Since the transaction price is
fixed and defined as part of entering into a contract, and generally does not change, variable consideration is insignificant.
Performance obligations within a contract are identified based on the products and services promised to be transferred in the
contract. When a contract includes more than one promised product or service, the Company must apply judgment to determine
whether the promises represent multiple performance obligations or a single, combined performance obligation. This evaluation
requires the Company to determine if the promises are both capable of being distinct, where the customer can benefit from the product
or service on its own or together with other resources readily available, and are distinct within the context of the contract, where the
transfer of products or services is separately identifiable from other promises in the contract. When both criteria are met, each
promised product or service is accounted for as a separate performance obligation. In cases where the promises are distinct, the

35
Company is further required to evaluate if the promises are a series of products and services that are substantially the same and have
the same pattern of transfer to the customer (referred to as the “series” guidance). When the Company determines that promises meet
the series guidance, they are accounted for as a single, combined performance obligation.
Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance
obligation on a relative basis according to their standalone selling prices. The Company determines standalone selling price based on
the price at which the performance obligation is sold separately. If the Company does not have a history of selling a performance
obligation, management applies judgment to estimate the standalone selling price, taking into consideration available information,
including market conditions, factors considered to set list prices, pricing of similar products, and internal pricing objectives. The
corresponding allocated revenues are recognized when (or as) the performance obligations are satisfied, as discussed further below.
Research revenues
The majority of research revenues are subscriptions to our research, including access to a designated portion of our research and,
depending on the type of license, unlimited analyst inquiry or guidance sessions, an executive coach or advisor, peer offerings, and
unlimited participation in Forrester webinars, all of which are delivered throughout the contract period. The Company has concluded
that these promises represent a stand ready obligation to provide a daily information service, in which the services are the same each
day, every day is distinct, and the customer simultaneously receives and consumes the benefits as the Company transfers control
throughout the contract period. Accordingly, these subscriptions meet the requirements of the series guidance and are each accounted
for as a single performance obligation. The Company recognizes revenue ratably over the contract term, using an output measure of
time elapsed. Certain of the research products include advisory services and/or an event ticket, which are accounted for as a separate
performance obligation and are recognized at the point in time the service is completed, the final deliverable is transferred to the
customer, or the event occurs. Research revenues also include subscriptions to, and individual licenses of electronic reprints, which are
written research documents prepared by Forrester’s analysts and hosted via our on-line platform. Individual licenses of reprints
include a promise to deliver a customer-selected research document and certain usage data provided through the on-line platform,
which represents two performance obligations. The Company satisfies the performance obligation for the research document by
providing access to the electronic reprint and accordingly recognizes revenue at that point in time. The Company satisfies the
performance obligation for the data portion of the reprint on a daily basis and accordingly recognizes revenue over time. For reprint
subscriptions, which allow the customer to utilize different reprints throughout the subscription period, the Company recognizes
revenue ratably over the contract term.
Consulting revenues
Consulting revenues consist of consulting projects and advisory services. Consulting project revenues consist of the delivery of
focused insights and recommendations to assist clients in developing and executing their technology and business strategies. Projects
are fixed-fee arrangements that are generally completed over two weeks to three months. The Company has concluded that each
project represents a single performance obligation as each is a single promise to deliver a customized engagement and deliverable. For
the majority of these services, either practically or contractually, the work performed and delivered to the customer has no alternative
use to the Company. Additionally, Forrester maintains an enforceable right to payment at all times throughout the contract. The
Company utilizes an input method and recognizes revenue over time, based on hours expended relative to the total estimated hours
required to satisfy the performance obligation. The input method closely aligns with how control of interim deliverables is transferred
to the customer throughout the engagement and is also the method used internally to price the project and assess operational
performance. If the Company were to enter into an agreement where it does not have an enforceable right to payment at all times,
revenue would be recognized at the point in time the project is completed. Certain of our content marketing consulting projects
contain a second performance obligation for access to interactive tools over a specified license period, typically 12 or 24 months. The
Company recognizes revenue for this performance obligation ratably over the license period.
Advisory services revenues are short-term presentations or knowledge sharing sessions (which can range from one hour to two
days), such as speeches and advisory days. Each is a promise for a Forrester analyst to deliver a deeper understanding of Forrester’s
published research and represents a single performance obligation. Revenue is recognized at the point in time the service is completed,
which is when the customer has received the benefit(s) of the service.
Events revenues
Events revenues consist of either ticket or sponsorship sales for Forrester-hosted events. Each is a single promise that either
allows entry to, or grants the right to promote a product or service at, a specific event. The Company concluded that each of these
represents a single performance obligation. The Company recognizes revenue at the completion of the event, which is the point in time
when the customer has received the benefit(s) from attending or sponsoring the event.

36
Prepaid performance obligations
Prepaid performance obligations (including event tickets, reprints, consulting projects, and advisory services) on non-cancelable
contracts, for which the Company estimates will expire unused, are recognized in proportion to the pattern of related rights exercised
by the customer. This assessment requires judgment, including estimating the percentage of prepaid rights that will go unexercised and
anticipating the impact that future changes to products, pricing, and customer engagement will have on actual expirations. The
Company updates estimates used to recognize unexercised rights on a quarterly basis.
Contract modifications
Consulting contracts are occasionally modified to update the scope of the services purchased. Since a consulting project is a
single performance obligation that is only partially satisfied at the modification date, the updated project requirements are not distinct
and the modification is accounted for as part of the existing contract. The effect of the modification on the transaction price and the
Company’s measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue (either an
increase or decrease) on a cumulative catch-up basis. For the year ended December 31, 2024, the Company recorded an immaterial
amount of cumulative catch-up adjustments.
Refer to Note 14 – Operating Segment and Enterprise Wide Reporting for a summary of disaggregated revenue by geographic
region.
Contract Assets and Liabilities
Accounts receivable
Accounts receivable includes amounts billed and currently due from customers. Since the only condition for payment of the
Company's invoices is the passage of time, the Company records a receivable on the date the invoice is issued. Also included in
accounts receivable are unbilled amounts resulting from revenue exceeding the amount billed to the customer, where the right to
payment is unconditional. If the right to payment for services performed was conditional on something other than the passage of time,
the unbilled amount would be recorded as a separate contract asset. There were no contract assets as of December 31, 2024.
The majority of the Company’s contracts are non-cancelable. However, for contracts that are cancelable by the customer, the
Company does not record a receivable when it issues an invoice. The Company records accounts receivable on these contracts only up
to the amount of revenue earned but not yet collected.
In addition, since the majority of the Company’s contracts are invoiced for annual periods, and payment is expected within one
year from the transfer of products and services, the Company does not adjust its receivables or transaction price for the effects of a
significant financing component.
Deferred revenue
The Company refers to contract liabilities as deferred revenue in the Consolidated Balance Sheets. Payment terms in the
Company’s customer contracts vary, but generally require payment in advance of fully satisfying the performance obligation(s).
Deferred revenue consists of billings in excess of revenue recognized. Similar to accounts receivable, the Company does not record
deferred revenue for unpaid invoices issued on a cancelable contract.
During the years ended December 31, 2024 and 2023, the Company recognized approximately $141.8 million and $166.3
million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period.
Approximately $371.0 million of revenue is expected to be recognized during the next 36 months from remaining performance
obligations as of December 31, 2024.
Cost to Obtain Contracts
The Company capitalizes commissions paid to sales representatives and related fringe benefits costs that are incremental to
obtaining customer contracts. These costs are included in deferred commissions in the Consolidated Balance Sheets. The Company
elected the practical expedient to account for these costs at a portfolio level as the Company’s contracts are similar in nature and the
amortization model used closely matches the amortization expense that would be recognized on a contract-by-contract basis. Costs to
obtain a contract are amortized to earnings over the initial contract term, which is the same period the related revenue is recognized.
Amortization of the expense related to deferred commissions was $37.2 million, $39.8 million, and $45.9 million for the years
ended December 31, 2024, 2023, and 2022, respectively, and is recorded in selling and marketing expenses in the Consolidated
Statements of Operations. The Company evaluates the recoverability of deferred commissions at each balance sheet date and there
were no impairments recorded during 2024, 2023, or 2022.

37
Leases
The Company determines whether an arrangement is a lease at inception of the arrangement. The Company accounts for a lease
when it has the right to control the leased asset for a period of time while obtaining substantially all of the asset's economic benefits.
All of the Company’s leases are operating leases, the majority of which are for office space. Operating lease right-of-use ("ROU")
assets and non-current operating lease liabilities are included as individual line items in the Consolidated Balance Sheets, while short-
term operating lease liabilities are recorded within accrued expenses and other current liabilities.
Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum
lease payments over the lease term at commencement date. The discount rate used to determine the present value of the lease
payments is the Company’s incremental borrowing rate based on the information available at lease inception, as generally an implicit
rate in the lease is not readily determinable. An operating lease ROU asset includes all lease payments, lease incentives and initial
direct costs incurred. Some of the Company’s leases include options to extend or terminate the lease. When determining the lease
term, these options are included in the measurement and recognition of the Company’s ROU assets and lease liabilities when it is
reasonably certain that the Company will exercise the option(s). The Company considers various economic factors when making this
determination, including, but not limited to, the significance of leasehold improvements incurred in the office space, the difficulty in
replacing the asset, underlying contractual obligations, and specific characteristics unique to a particular lease.
Subsequent to entering into a lease arrangement, the Company reassesses the certainty of exercising options to extend or
terminate a lease. When it becomes reasonably certain that the Company will exercise an option that was not included in the lease
term, the Company accounts for the change in circumstances as a lease modification, which results in the remeasurement of the ROU
asset and lease liability as of the modification date.
Lease expense for operating leases is recognized on a straight-line basis over the lease term based on the total lease payments
(which include initial direct costs and lease incentives). The expense is included in operating expenses in the Consolidated Statements
of Operations.
The Company’s lease agreements generally contain lease and non-lease components. Non-lease components are fixed charges
stated in an agreement and primarily include payments for parking at the leased office facilities. The Company accounts for the lease
and fixed payments for non-lease components as a single lease component under Topic 842, which increases the amount of the ROU
assets and lease liabilities. Most of the Company’s lease agreements also contain variable payments, primarily maintenance-related
costs, which are expensed as incurred and not included in the measurement of the ROU assets and lease liabilities.
Leases with an initial term of twelve months or less are not recorded in the Consolidated Balance Sheets and are not material.
Advertising Costs
The Company expenses advertising costs as incurred. Advertising expense for the years ended December 31, 2024, 2023, and
2022 was $0.9 million, $1.7 million, and $2.3 million, respectively. These expenses consisted primarily of online marketing and are
included in selling and marketing expense in the Consolidated Statements of Operations.
Stock-Based Compensation
The Company recognizes the fair value of stock-based compensation expense over the requisite service period of the individual
grantee, which generally equals the vesting period. Forfeitures are recognized as they occur and all income tax effects related to
settlements of share-based payment awards are reported in earnings as an increase or decrease to income tax expense. All income tax-
related cash flows resulting from share-based payments are reported as operating activities in the Consolidated Statements of Cash
Flows and cash paid by directly withholding shares for tax withholding purposes is classified as a financing activity.
Stock-based compensation expense was recorded in the following expense categories (in thousands):
Years Ended December 31,
2024
2023
2022
Cost of services and fulfillment
$
8,700
$
9,068
$
8,435
Selling and marketing
2,164
2,943
2,774
General and administrative
3,479
3,475
3,334
Total
$
14,343
$
15,486
$
14,543

38
The options granted under the equity incentive plan and shares subject to the employee stock purchase plan were valued
utilizing the Black-Scholes model using the following assumptions and had the following fair values (no options were granted in 2024
or 2022):
2024
2023
2022
Employee
Stock
Purchase
Plan
Equity
Incentive
Plans
Employee
Stock
Purchase
Plan
Employee
Stock
Purchase
Plan
Average risk-free interest rate
4.55%
4.27%
5.51%
3.71%
Expected dividend yield
0.0%
0.0%
0.0%
0.0%
Expected life
0.5 Years
4.75 Years
0.5 Years
0.5 Years
Expected volatility
38%
43%
35%
33%
Weighted average fair value
$
4.86
$
14.24
$
7.90
$
10.22
Expected volatility is based on the historical volatility of Forrester’s common stock as well as management’s expectations of
future volatility over the expected term of the awards granted. The risk-free interest rate is based on the U.S. Treasury Constant
Maturity rate with an equivalent remaining term. The expected term calculation is based upon the option period of the employee stock
purchase plan, and for options, it is based upon Forrester's historical experience of exercise patterns.
The unamortized fair value of stock-based awards as of December 31, 2024 was $26.7 million with a weighted average
remaining recognition period of 2.7 years.
Depreciation and Amortization
Forrester provides for depreciation and amortization of property and equipment, computed using the straight-line method, over
their estimated useful lives of its assets as follows:
Estimated
Useful Life
Computers and equipment
3 to 10 Years
Computer software
3 to 5 Years
Furniture and fixtures
7 Years
Leasehold improvements
Shorter of asset life or lease term
Forrester provides for amortization of intangible assets, computed using an accelerated method according to the expected cash
flows to be received from the underlying assets, over their estimated useful lives as follows:
Estimated
Useful Life
Customer relationships
5 to 9 Years
Technology
1 to 8 Years
Trademarks
6 to 8 Years
Income Taxes
Forrester recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences
between the financial statements and tax basis of assets and liabilities as well as operating loss carryforwards.
Forrester’s provision for income taxes is composed of a current and a deferred provision for federal, state, and foreign
jurisdictions. The current provision is calculated as the estimated taxes payable or refundable on tax returns for the current year. The
deferred provision is calculated as the net change during the year in deferred tax assets and liabilities. Valuation allowances are
provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax asset will not be
realized.
Forrester accounts for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain
tax positions. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the
measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new
audit activity, and changes in facts or circumstances related to a tax position. The Company evaluates these tax positions on a
quarterly basis. The Company also accrues for potential interest and penalties related to unrecognized tax benefits in income tax
expense.

39
Net Income (Loss) Per Common Share
Basic net income (loss) per common share is computed by dividing net income (loss) by the basic weighted average number of
common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss)
by the diluted weighted average number of common shares and common equivalent shares outstanding during the period. The
weighted average number of common equivalent shares outstanding has been determined in accordance with the treasury-stock
method. Common stock equivalents consist of common stock issuable upon the exercise of outstanding stock options and the vesting
of restricted stock units.
Basic and diluted weighted average common shares are as follows (in thousands):
Years Ended December 31,
2024
2023
2022
Basic weighted average common shares outstanding
19,094
19,183
18,967
Weighted average common equivalent shares
—
75
205
Diluted weighted average common shares outstanding
19,094
19,258
19,172
Options and restricted stock units excluded from diluted weighted
average share calculation as effect would have been anti-dilutive
1,307
730
210
Recent Accounting Pronouncements
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.
The new standard enhances income tax disclosure requirements by requiring specified categories and greater disaggregation within the
rate reconciliation table, disclosure of income taxes paid by jurisdiction, and providing clarification on uncertain tax positions and
related financial statement impacts. The new standard will be effective for the Company on January 1, 2025, with early adoption
permitted. The adoption of the standard will result in additional disclosures in the Company's income tax footnote as described above.
In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. The new standard
requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as
well as disclosures about selling expenses. The new standard will be effective for the Company on January 1, 2027, with early
adoption permitted. The Company anticipates adopting this standard on January 1, 2027, which will result in additional disclosures of
expenses in the footnotes to its financial statements.
Note 2 - Divestiture
In August 2024, the Company completed the sale of a non-core product line, FeedbackNow, for approximately $17.6 million.
The Company received $6.0 million in cash from the sale, along with a note receivable of $9.0 million that is payable in 2025, and a
non-marketable equity investment in the acquirer valued at $2.6 million, which is accounted for under the cost method. The Company
recorded a pre-tax loss of $1.8 million on the sale of FeedbackNow, which is included in Loss from sale of divested operation in the
Consolidated Statements of Operations. The FeedbackNow product line was included in the Company’s Research segment. The
principal components of the assets divested included goodwill, property and equipment, and accounts receivable, with carrying
amounts of $14.8 million, $2.2 million, and $2.4 million, respectively, while the liabilities transferred with the sale primarily consisted
of deferred revenue with a carrying amount of $1.8 million.
As of December 31, 2024, the balance of the note receivable inclusive of interest is $9.2 million and is recorded within Prepaid
expenses and other current assets in the Consolidated Balance Sheets. The stated interest rate on the note receivable is 8% and is due
upon maturity. The Company measures the note receivable on an amortized cost basis and records the estimate of any expected credit
losses on the note receivable as an allowance for credit losses. Any allowance for credit losses would be reported as a valuation
account on the balance sheet that is deducted from the note receivable’s amortized cost basis. Any changes in the allowance for credit
losses would be reported outside of operations in the Consolidated Statement of Operations. If any amount of the note is determined
by the Company to be uncollectible, for example, due to the borrower’s failure to meet repayment terms or due to the borrower's
deteriorating financial condition, the write-off amount, reduced by any previously recorded allowances, would also be recorded
outside of operations in the Consolidated Statement of Operations. During the year ended December 31, 2024, no material allowance
or write-off amounts were recorded.

40
Note 3 – Marketable Investments
The following table summarizes the Company’s marketable investments (in thousands):
As of December 31, 2024
Gross
Gross
Amortized
Unrealized
Unrealized
Market
Cost
Gains
Losses
Value
Corporate obligations
$
12,140
$
46
$
(6)
$
12,180
Money market funds
36,402
—
—
36,402
Total
$
48,542
$
46
$
(6)
$
48,582
As of December 31, 2023
Gross
Gross
Amortized
Unrealized
Unrealized
Market
Cost
Gains
Losses
Value
Corporate obligations
$
18,049
$
—
$
(72)
$
17,977
Federal agency obligations
2,000
—
(7)
1,993
Money market funds
31,610
—
—
31,610
Total
$
51,659
$
—
$
(79)
$
51,580
Realized gains and losses on investments are included in earnings and are determined using the specific identification method.
Sales of marketable investments during 2024 primarily represent redemptions from non-U.S. based money market funds, and there
were no realized gains or losses on marketable investments during the years ended December 31, 2024, 2023, and 2022.
The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of
December 31, 2024 (in thousands):
2025
2026
2027
Total
Corporate obligations
$
6,083
$
4,688
$
1,409
$
12,180
Money market funds
36,402
—
—
36,402
Total
$
42,485
$
4,688
$
1,409
$
48,582
The following table shows the gross unrealized losses and market value of the Company’s available-for-sale securities with
unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that
individual securities have been in a continuous unrealized loss position (in thousands):
As of December 31, 2024
Less Than 12 Months
12 Months or Greater
Market
Unrealized
Market
Unrealized
Value
Losses
Value
Losses
Corporate obligations
$
803
$
4
$
997
$
2
Total
$
803
$
4
$
997
$
2
As of December 31, 2023
Less Than 12 Months
12 Months or Greater
Market
Unrealized
Market
Unrealized
Value
Losses
Value
Losses
Corporate obligations
$
13,098
$
8
$
4,879
$
64
Federal agency obligations
—
—
1,993
7
Total
$
13,098
$
8
$
6,872
$
71

41
Note 4 – Goodwill and Other Intangible Assets
A summary of goodwill by segment and the changes in the carrying amount of goodwill is shown in the following table (in
thousands):
Research
Segment
Consulting
Segment
Total
Balance at December 31, 2022
$
234,020
$
8,129
$
242,149
Foreign currency translation adjustments
2,038
70
2,108
Balance at December 31, 2023
236,058
8,199
244,257
Disposition (1)
(14,795)
—
(14,795)
Foreign currency translation adjustments
(1,449)
(54)
(1,503)
Balance at December 31, 2024
$
219,814
$
8,145
$
227,959
(1) See Note 2 - Divestiture for additional information. The amount of goodwill allocated to the divestiture was determined using a
relative fair value approach.
The Company performed its annual impairment test as of November 30, 2024 utilizing a qualitative assessment to determine if
the fair values of each of its reporting units was less than their respective carrying values. The Company considered a variety of
factors including the impacts of the uncertain economic conditions and the transition of its client base to the Forrester Decisions
product platform on the Company's long-term forecast and stock price. Based upon those assessments, the Company concluded that
there were no events or circumstances that had occurred that would more likely than not reduce the fair value of its reporting units
below their carrying values. The Company will continue to monitor these factors and other future events, and the Company will
perform interim impairment tests, if necessary.
As of December 31, 2024, the Company had no accumulated goodwill impairment losses and the Consulting reporting unit had
a negative carrying value.
A summary of Forrester’s intangible assets is as follows (in thousands):
December 31, 2024
Gross
Net
Carrying
Accumulated
Carrying
Amount
Amortization
Amount
Amortizable intangible assets:
Customer relationships
$
77,000
$
49,946
$
27,054
Technology
13,000
12,978
22
Trademarks
12,000
11,601
399
Total
$
102,000
$
74,525
$
27,475
December 31, 2023
Gross
Net
Carrying
Accumulated
Carrying
Amount
Amortization
Amount
Amortizable intangible assets:
Customer relationships
$
77,640
$
42,091
$
35,549
Technology
16,524
15,950
574
Trademarks
12,519
11,005
1,514
Total
$
106,683
$
69,046
$
37,637
Amortization expense related to intangible assets was approximately $9.6 million, $12.0 million, and $13.2 million during the
years ended December 31, 2024, 2023, and 2022, respectively. Estimated intangible asset amortization expense for each of the four
succeeding years is as follows (in thousands):
2025
$
8,734
2026
8,335
2027
8,324
2028
2,082
Total
$
27,475

42
Note 5 – Debt
The Company and certain of its subsidiaries are parties to a credit facility, dated as of January 3, 2019 and amended in
December 2021 and April 2023, with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the
lenders party thereto (the "Credit Agreement").
The Credit Agreement matures in December 2026 and includes the following provisions: (a) an aggregate principal amount of
revolving credit commitments (the "Revolving Credit Facility") of $150.0 million, (b) margin, at Forrester’s option, (i) between 1.25%
and 1.75% per annum for loans based on LIBOR and (ii) between 0.25% and 0.75% per annum for loans based on the applicable base
rate, in each case, based on Forrester’s consolidated total leverage ratio, and (c) a commitment fee applicable to undrawn revolving
credit commitments between 0.30% and 0.20% per annum based on the Company's consolidated total leverage ratio.
The Credit Agreement permits the Company to increase commitments under the Revolving Credit Facility in an aggregate
principal amount up to $50.0 million, subject to approval by the Administrative Agent and certain customary terms and conditions.
The Company may voluntarily prepay revolving loans under the credit facility at any time and from time to time, without
premium or penalty. No interim amortization payments are required to be made under the credit facility.
In April 2023, the Company executed a second amendment to the credit facility to facilitate the conversion from LIBOR to
SOFR and to set the base interest rate at SOFR plus 10 basis points.
Up to $5.0 million of the Revolving Credit Facility is available for the issuance of letters of credit, and any drawings under the
letters of credit must be reimbursed within one business day. As of December 31, 2024, $0.6 million in letters of credit were issued
under the Revolving Credit Facility.
Outstanding Borrowings
The following table summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands):
Description:
December 31, 2024
December 31, 2023
Revolving credit facility (1) (2) (3)
$
35,000
$
35,000
(1) The contractual annualized interest rate as of December 31, 2024 on the Revolving Credit Facility was 5.695%.
(2) The Company had $114.4 million of available borrowing capacity on the Revolving Credit Facility (not including the expansion
feature) as of December 31, 2024.
(3) The weighted average annual effective rate on the Company's total debt outstanding for the years ended December 31, 2024 and
2023 was 6.5% and 6.3%, respectively.
The Credit Agreement contains certain customary restrictive loan covenants, including among others, financial covenants that
apply a maximum leverage ratio, minimum interest coverage ratio, and maximum annual capital expenditures. The negative covenants
limit, subject to various exceptions, the Company’s ability to incur additional indebtedness, create liens on assets, merge, consolidate,
liquidate or dissolve any part of the Company, sell assets, change fiscal year, or enter into certain transactions with affiliates and
subsidiaries. The Company was in full compliance with the covenants as of December 31, 2024. The Facility also contains customary
events of default, representations, and warranties.
All obligations under the Credit Agreement are unconditionally guaranteed by each of the Company’s existing and future, direct
and indirect, material wholly-owned domestic subsidiaries, other than certain excluded subsidiaries, and are collateralized by a first
priority lien on substantially all tangible and intangible assets, including intellectual property, and all of the capital stock of the
Company and its subsidiaries (limited to 65% of the voting equity of certain subsidiaries).
Note 6 – Leases
The components of lease expense were as follows (in thousands):
Years Ended December 31,
2024
2023
2022
Operating lease cost
$
11,542
$
12,671
$
14,284
Short-term lease cost
1,095
981
754
Variable lease cost
4,817
4,394
5,416
Sublease income
(524)
(521)
(746)
Total lease cost
$
16,930
$
17,525
$
19,708

43
Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):
Years Ended December 31,
2024
2023
Cash paid for amounts included in the measurement of
operating lease liabilities
$
14,570
$
13,839
Operating ROU assets obtained in exchange for
lease obligations
$
408
$
1,110
Weighted-average remaining lease term - operating
leases (years)
3.7
4.3
Weighted-average discount rate - operating leases
4.1%
4.3%
Future minimum lease payments under non-cancelable leases as of December 31, 2024 are as follows (in thousands):
Operating Lease
Payments
2025
$
13,898
2026
12,302
2027
5,694
2028
2,865
2029
2,838
Thereafter
3,169
Total lease payments
40,766
Less imputed interest
(3,199)
Present value of lease liabilities
$
37,567
Lease balances are as follows (in thousands):
As of
December 31, 2024
Operating lease ROU assets
$
27,049
Short-term operating lease liabilities (1)
$
12,758
Non-current operating lease liabilities
24,809
Total operating lease liabilities
$
37,567
(1) Included in accrued expenses and other current liabilities in the Consolidated Balance Sheets.
The Company’s leases do not contain residual value guarantees, material restrictions or covenants.
During the year ended December 31, 2024, the Company recorded $3.6 million of ROU asset impairments and $1.0 million of
leasehold improvements impairments related to closure of the 10th and 11th floors of its offices located in San Francisco, California.
During the year ended December 31, 2023, the Company recorded $1.9 million of ROU asset impairments and accelerated
amortization and $0.7 million of leasehold improvements impairments related to closing various offices. During the year ended
December 31, 2022, the Company recorded $3.7 million of ROU asset impairments and $1.3 million of leasehold improvement
impairments related to closing the 10th floor of its offices located in San Francisco, California. The space had been vacant prior to the
Company electing to permanently reduce its office space. The impairments and accelerated amortization are included in restructuring
costs in the Consolidated Statements of Operations. The leasehold improvements were originally recorded in property and equipment,
net in the Consolidated Balance Sheets. As a result of the impairments, the ROU asset and leasehold improvements were required to
be recorded at their estimated fair value as Level 3 non-financial assets. The fair value of the asset group was determined using a
discounted cash flow model, which required the use of estimates, including projected cash flows for the related assets, the selection of
a discount rate used in the model, and regional real estate industry data. The fair value of the asset group was allocated to the ROU
asset and leasehold improvements based on their relative carrying values.

44
Note 7 – Derivatives and Hedging
The Company enters into derivative contracts (an interest rate swap and foreign currency forwards) to mitigate the cash flow
risk associated with changes in interest rates on its variable rate debt (refer to Note 5 – Debt) and changes in foreign exchange rates on
forecasted foreign currency transactions. The Company accounts for its derivative contracts in accordance with FASB ASC Topic 815
– Derivatives and Hedging (“Topic 815”), which requires all derivatives, including derivatives designated as accounting hedges, to be
recorded on the balance sheet at fair value.
Interest Rate Swap
During 2019, the Company entered into a single interest rate swap contract that matured on December 31, 2022, with an initial
notional amount of $95.0 million. The Company paid a base fixed rate of 1.65275% and in return received the greater of: (1) 1-month
LIBOR, rounded up to the nearest 1/16 of a percent, or (2) 0.00%.
The swap had been designated and accounted for as a cash flow hedge of the forecasted interest payments on the Company’s
debt. The swap was considered to be a highly effective hedge of the designated interest rate risk for the entire contract period and
changes in the fair value of the swap were recorded in accumulated other comprehensive loss, a component of equity in the
Consolidated Balance Sheets.
Foreign Currency Forwards
The Company enters into a limited number of foreign currency forward exchange contracts to mitigate the effects of adverse
fluctuations in foreign currency exchange rates on transactions entered into in the normal course of business that are denominated in
foreign currencies that differ from the local functional currency. These contracts generally have short durations and are recorded at fair
value with both realized and unrealized gains and losses recorded in other income, net in the Consolidated Statements of Operations
because the Company does not designate these contracts as hedges for accounting purposes.
During 2024, the Company entered into eleven foreign currency forward exchange contracts, all of which settled by
December 31, 2024. Accordingly, as of December 31, 2024, there are no amounts recorded in the Consolidated Balance Sheets.
During 2023, the Company entered into twelve foreign currency forward exchange contracts, all of which settled by December 31,
2023. Accordingly, as of December 31, 2023, there are no amounts recorded in the Consolidated Balance Sheets. During 2022, the
Company entered into ten foreign currency forward exchange contracts, all of which settled by December 31, 2022.
The Company’s derivative counterparties are investment grade financial institutions. The Company does not have any collateral
arrangements with its derivative counterparties and the derivative contracts do not contain credit risk related contingent features. The
table below provides information regarding amounts recognized in the Consolidated Statements of Operations for derivative contracts
for the periods indicated (in thousands):
For the Year Ended December 31,
Amount recorded in:
2024
2023
2022
Interest expense (1)
$
—
$
—
$
(103)
Other income, net (2)
81
(13)
(194)
Total
$
81
$
(13)
$
(297)
(1) Consists of interest expense from the interest rate swap contract.
(2) Consists of net realized gains (losses) on foreign currency forward contracts.
Note 8 – Fair Value Measurements
The Company has certain financial assets and liabilities which have been classified as either Level 1, 2, or 3 within the fair value
hierarchy as described below.
Level 1 — Fair value based on quoted prices in active markets for identical assets or liabilities.
Level 2 — Fair value based on inputs other than Level 1 inputs that are observable, either directly or indirectly, such as quoted
prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be
corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 — Fair value based on unobservable inputs that are supported by little or no market activity and such inputs are
significant to the fair value of the assets or liabilities.

45
The following table represents the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair
value on a recurring basis (in thousands):
As of December 31, 2024
Level 1
Level 2
Total
Assets:
Money market funds (1)
$
52,395
$
—
$
52,395
Marketable investments (3)
—
12,180
12,180
Total Assets
$
52,395
$
12,180
$
64,575
As of December 31, 2023
Level 1
Level 2
Total
Assets:
Money market funds (2)
$
55,128
$
—
$
55,128
Marketable investments (3)
—
19,970
19,970
Total Assets
$
55,128
$
19,970
$
75,098
(1) U.S. based funds of $16.0 million are included in cash and cash equivalents and non-U.S. based funds of $36.4 million are
included in marketable investments in the Consolidated Balance Sheets.
(2) U.S. based funds of $23.5 million are included in cash and cash equivalents and non-U.S. based funds of $31.6 million are
included in marketable investments in the Consolidated Balance Sheets.
(3) Marketable investments have been initially valued at the transaction price and subsequently valued, at the end of the reporting
period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard
valuation methods, including both income and market based approaches and observable market inputs to determine value. These
observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current
spot rates and other industry and economic events.
During the years ended December 31, 2024 and 2023, the Company did not transfer assets or liabilities between levels of the
fair value hierarchy. Additionally, there have been no changes to the valuation techniques for Level 2 assets and liabilities.
Note 9 – Non-Marketable Investments
At December 31, 2024 and 2023, the carrying value of the Company’s non-marketable investments, which were composed of
interests in technology-related private equity funds and an interest in a standalone real-time feedback company (see Note 2 -
Divestiture), was $3.2 million and $1.2 million, respectively, and are included in other assets in the Consolidated Balance Sheets.
One of the Company’s investments, with a book value of $2.6 million at December 31, 2024 is being accounted for using the
cost method and, accordingly, is valued at cost less impairments, if any. The Company’s other investment is accounted for using the
equity method. Accordingly, the Company records its share of the investee’s operating results each period, which are included in gains
on investments, net in the Consolidated Statement of Operations. The Company recorded $0.8 million, $0.2 million and $0.3 million
in gains from its non-marketable investments for the years ended December 31, 2024, 2023 and 2022, respectively.
The Company uses the cumulative earnings approach to classify distributions received from equity method investments. During
the years ended December 31, 2024, 2023 and 2022, no distributions were received from the funds.
Note 10 – Income Taxes
Income before income taxes consists of the following (in thousands):
Years Ended December 31,
2024
2023
2022
Domestic
$
(1,775) $
(4,058) $
16,552
Foreign
4,412
10,343
14,172
Total
$
2,637
$
6,285
$
30,724

46
The components of the income tax expense are as follows (in thousands):
Years Ended December 31,
2024
2023
2022
Current:
Federal
$
2,874
$
3,867
$
9,349
State
613
1,922
3,819
Foreign
4,955
2,907
2,402
Total current
8,442
8,696
15,570
Deferred:
Federal
(636)
(3,872)
(5,513)
State
763
(1,597)
(1,788)
Foreign
(185)
8
649
Total deferred
(58)
(5,461)
(6,652)
Income tax expense
$
8,384
$
3,235
$
8,918
A reconciliation of the federal statutory rate to Forrester’s effective tax rate is as follows:
Years Ended December 31,
2024
2023
2022
Income tax provision at federal statutory rate
21.0 %
21.0 %
21.0 %
Increase (decrease) in tax resulting from:
State tax provision, net of federal benefit
40.6
8.1
5.2
Foreign tax rate differential
37.7
2.7
(0.5)
Stock compensation
66.6
17.5
0.9
Withholding taxes
31.7
6.2
1.7
Non-deductible expenses
23.1
8.1
1.5
Goodwill related to sale of FeedbackNow
93.9
—
—
Permanent differences
(0.1)
(1.7)
(0.3)
Change in valuation allowance
0.4
0.5
1.0
Foreign subsidiary income subject to U.S. tax
(1.6)
1.2
1.3
Foreign-derived intangible income benefit
1.1
(3.8)
(0.7)
Change in tax legislation
—
(8.1)
(1.6)
Foreign exchange gain (loss) on previously taxed earnings
and profits
(0.5)
1.6
—
Currency translation gain (loss)
3.6
0.7
(0.1)
Other, net
0.4
(2.5)
(0.4)
Effective tax rate
317.9 %
51.5 %
29.0 %
The significant items impacting the effective tax rate during 2024 as compared to 2023 are primarily due to 1) tax expense from
the non-deductible goodwill related to the sale of the FeedbackNow product line of $2.5 million, 2) tax expense from the settlement of
share-based awards of $1.8 million, 3) foreign withholding taxes of $0.8 million, and 4) state tax expense of $0.6 million related to the
write-off of non-realizable state NOL carryforwards due to the dissolution of a domestic subsidiary.

47
The components of deferred income taxes are as follows (in thousands):
As of December 31,
2024
2023
Non-deductible reserves and accruals
$
1,776
$
3,077
Net operating loss and other carryforwards
5,525
6,262
Stock compensation
2,085
2,676
Depreciation and amortization
3,485
435
Lease liability
8,562
12,276
Gross deferred tax asset
21,433
24,726
Less - valuation allowance
(1,055)
(1,065)
Sub-total
20,378
23,661
Other liabilities
(2,553)
(733)
Goodwill and intangible assets
(13,837)
(15,181)
Operating lease right-of-use assets
(5,822)
(9,163)
Deferred commissions
(6,071)
(6,545)
Net deferred tax liability
$
(7,905) $
(7,961)
As of December 31, 2024 and 2023, long-term net deferred tax assets were $0.8 million and $0.7 million, respectively, and are
included in other assets in the Consolidated Balance Sheets. Long-term net deferred tax liabilities were $8.7 million at December 31,
2024 and 2023, and are included in non-current liabilities in the Consolidated Balance Sheets.
As of December 31, 2024, the Company has fully utilized its U.S. federal net operating loss carryforwards. In addition, the
Company has no U.S. federal or state capital loss carryforwards.
The Company has foreign net operating loss carryforwards of approximately $17.4 million, which can be carried forward
indefinitely. Approximately $3.2 million of the foreign net operating loss carryforwards relate to a prior acquisition, the utilization of
which is subject to limitation under the tax law of the United Kingdom.
The Company considers all available evidence, both positive and negative, to determine whether, based on the weight of that
evidence, a valuation allowance is needed for some portion or all of a net deferred income tax asset. Judgment is required in
considering the relative impact of negative and positive evidence. In arriving at these judgments, the weight given to the potential
effect of negative and positive evidence is commensurate with the extent to which it can be objectively verified. Although realization
is not assured, based upon the Company’s historical taxable income and projections of the Company’s future taxable income over the
periods during which the deferred tax assets are deductible and the carryforwards expire, management believes it is more likely than
not that the Company will realize the benefits of these deductible differences, net of the existing valuation allowances, as discussed
below.
As of December 31, 2024 and 2023, the Company maintained a valuation allowance of approximately $1.1 million, primarily
relating to foreign net operating loss carryforwards from an acquisition, and as of December 31, 2022, also from U.S. capital losses
from the Company’s investment in technology-related private equity funds.
The following table provides a summary of the changes in the deferred tax valuation allowance for the years ended
December 31, 2024, 2023, and 2022 (in thousands):
2024
2023
2022
Deferred tax valuation allowance at January 1
$
1,065
$
989
$
1,114
Additions
19
39
106
Deductions
(8)
—
(336)
Change in tax legislation
—
(4)
186
Translation adjustments
(21)
41
(81)
Deferred tax valuation allowance at December 31
$
1,055
$
1,065
$
989
The Company will generally be free of additional U.S. federal tax consequences on additional unremitted foreign earnings that
have been subject to U.S. tax or would be eligible for a dividends received deduction for earnings distributed after January 1, 2018.
Notwithstanding the U.S. taxation of these amounts, the Company intends to continue to invest all of its unremitted earnings of $38.3
million, as well as the capital in these subsidiaries, indefinitely outside of the U.S. unless there are opportunities in the future to
repatriate in a tax efficient manner. The Company does not expect to incur any material, additional taxes related to such amounts.

48
The Company utilizes a two-step process for the measurement of uncertain tax positions that have been taken or are expected to
be taken on a tax return. The first step is a determination of whether the tax position should be recognized in the financial statements.
The second step determines the measurement of the tax position. A reconciliation of the beginning and ending amount of
unrecognized tax benefits is summarized as follows for the years ended December 31, 2024, 2023, and 2022 (in thousands):
2024
2023
2022
Unrecognized tax benefits at January 1
$
—
$
—
$
5
Reductions for tax positions of prior years
—
—
(4)
Translation adjustments
—
—
(1)
Unrecognized tax benefits at December 31
$
—
$
—
$
—
The Company files income tax returns in the U.S. and in foreign jurisdictions. Generally, the Company is no longer subject to
U.S., state, local, and foreign income tax examinations by tax authorities in its major jurisdictions for years before 2017, except to the
extent of net operating loss and tax credit carryforwards from those years. Major taxing jurisdictions include the U.S., the Netherlands,
the United Kingdom, Germany, and Switzerland. As of December 31, 2024, the Company has no jurisdictions under audit.
Note 11 – Stockholders’ Equity
Preferred Stock
Forrester has authorized 500,000 shares of $0.01 par value preferred stock. The Board of Directors has full authority to issue
this stock and to fix the voting powers, preferences, rights, qualifications, limitations, or restrictions thereof, including dividend rights,
conversion rights, redemption privileges, liquidation preferences, and the number of shares constituting any series or designation of
such series.
Treasury Stock
As of December 31, 2024, Forrester’s Board of Directors has authorized an aggregate $610.0 million to purchase common stock
under the Company’s stock repurchase program, which includes an additional $25.0 million authorized in April 2024. The shares
repurchased may be used, among other things, in connection with Forrester’s equity incentive and purchase plans. As of December 31,
2024, the Company had repurchased approximately 18.0 million shares of common stock at an aggregate cost of $530.0 million.
Dividends
The Company does not currently pay cash dividends on its common stock.
Equity Plans
The Company maintains the Forrester Research, Inc. Amended and Restated Equity Incentive Plan (the “Equity Incentive
Plan”), as most recently amended and restated by our stockholders in May 2023. The amendment and restatement resulted in (1)
extending the term of the plan for an additional 10 years until May 2033, (2) increasing the number of shares issuable under the plan
by 3,500,000 shares, and (3) establishing a maximum amount of awards issuable under the plan to the Company’s non-employee
directors.
The Equity Incentive Plan provides for the issuance of stock-based awards, including incentive stock options (“ISOs”), non-
qualified stock options (“NSOs”), and restricted stock units (“RSUs”) to purchase up to 9,930,000 shares authorized in the plan plus
the number of unused shares from prior plan (not to exceed 2,500,000 shares). Under the terms of the Equity Incentive Plan, ISOs may
not be granted at less than fair market value on the date of grant (and in no event less than par value). Options and RSUs generally
vest annually over four years and options expire after 10 years. No future awards can be granted or issued under prior plans and there
is a maximum amount of awards issuable under the plan to the Company’s non-employee Directors. RSUs granted to non-employee
directors vest quarterly over one year. Options and RSUs granted under the Equity Incentive Plan immediately vest upon certain
events, as described in the plan. As of December 31, 2024, approximately 3.6 million shares were available for future grant of awards
under the Equity Incentive Plan.
As of December 31, 2024, no options remain outstanding under prior plans.

49
Restricted Stock Units
Restricted stock units represent the right to receive one share of Forrester common stock when the restrictions lapse and the
vesting conditions are met. RSUs are valued on the date of grant based upon the value of the Company’s stock on the date of grant less
the present value of dividends expected to be paid during the requisite service period, if any. Shares of Forrester’s common stock are
delivered to the grantee upon vesting, subject to a reduction of shares for payment of withholding taxes. The weighted average grant
date fair value for RSUs granted in 2024, 2023, and 2022 was $21.29, $32.82, and $50.37, respectively. The value of RSUs vested and
converted to common stock, based on the value of Forrester’s common stock on the date of vesting, was $8.6 million, $8.8 million,
and $10.8 million during 2024, 2023, and 2022, respectively.
RSU activity for the year ended December 31, 2024 is presented below (in thousands, except per share data):
Weighted-
Average
Number of
Grant Date
Shares
Fair Value
Unvested at December 31, 2023
999
$
37.66
Granted
891
21.29
Vested
(415)
37.30
Forfeited
(222)
30.48
Unvested at December 31, 2024
1,253
$
27.42
Stock Options
Stock option activity for the year ended December 31, 2024 is presented below (in thousands, except per share data and
contractual term):
Weighted -
Weighted -
Average
Average
Exercise
Remaining
Aggregate
Number
Price Per
Contractual
Intrinsic
of Shares
Share
Term (in years)
Value
Outstanding at December 31, 2023
201
$
33.93
Forfeited
(34)
37.01
Outstanding at December 31, 2024
167
$
33.29
6.54
$
—
Exercisable at December 31, 2024
70
$
33.64
4.27
$
—
Vested and expected to vest at December 31, 2024
167
$
33.29
6.48
$
—
No stock options were granted or exercised during 2024. The total intrinsic value of options exercised during 2023 and 2022
was $6 thousand and $0.3 million, respectively.
Employee Stock Purchase Plan
In May 2022, stockholders of the Company approved an amendment to the Company’s Second Amended and Restated
Employee Stock Purchase Plan, which provided for an additional 600,000 shares of common stock, par value $0.01 per share, to be
granted under the plan. The Company's Third Amended and Restated Employee Stock Purchase Plan (the "Stock Purchase Plan"),
provides for the issuance of up to 0.8 million shares of common stock and as of December 31, 2024, approximately 0.5 million shares
remain available for issuance. With certain limited exceptions, all employees of Forrester whose customary employment is more than
20 hours per week, including officers and directors who are employees, are eligible to participate in the Stock Purchase Plan. Purchase
periods under the Stock Purchase Plan are six months in length and commence on each successive March 1 and September 1. Stock
purchased under the Stock Purchase Plan is required to be held for one year before it is able to be sold. During each purchase period
the maximum number of shares of common stock that may be purchased by an employee is limited to the number of shares equal to
$12,500 divided by the fair market value of a share of common stock on the first day of the purchase period. An employee may elect
to have up to 10% deducted from his or her compensation for the purpose of purchasing shares under the Stock Purchase Plan. The
price at which the employee’s shares are purchased is the lower of: (1) 85% of the closing price of the common stock on the day that
the purchase period commences, or (2) 85% of the closing price of the common stock on the day that the purchase period terminates.

50
Shares purchased by employees under the Stock Purchase Plan are as follows (in thousands, except per share data):
Shares
Purchase
Purchase Period Ended
Purchased
Price
February 29, 2024
73
$
17.14
August 31, 2024
72
$
16.30
February 28, 2023
63
$
27.96
August 31, 2023
63
$
26.04
Accumulated Other Comprehensive Loss (“AOCL”)
The components of accumulated other comprehensive loss are as follows (in thousands):
Marketable
Investments
Interest Rate
Swap
Translation
Adjustment
Total AOCL
Balance at December 31, 2021
$
(25) $
(212) $
(2,952) $
(3,189)
Foreign currency translation (1)
—
—
(4,807)
(4,807)
Unrealized gain (loss) before reclassification, net
of tax of $(10)
(134)
137
—
3
Reclassification to income, net
of tax of $(28) (2)
—
75
—
75
Balance at December 31, 2022
(159)
—
(7,759)
(7,918)
Foreign currency translation (1)
—
—
3,248
3,248
Unrealized gain, net of tax of $(33)
99
—
—
99
Balance at December 31, 2023
(60)
—
(4,511)
(4,571)
Foreign currency translation (1)
—
—
(3,496)
(3,496)
Reclassification adjustment for write-off of foreign currency
translation loss (3)
—
—
232
232
Unrealized gain, net of tax of $(30)
89
—
—
89
Balance at December 31, 2024
$
29
$
—
$
(7,775) $
(7,746)
(1) The Company does not record tax provisions or benefits for the net changes in foreign currency translation adjustments as it
intends to permanently reinvest undistributed earnings of its foreign subsidiaries.
(2) Reclassification is related to the Company’s interest rate swap (cash flow hedge) and was recorded in interest expense in the
Consolidated Statements of Operations. Refer to Note 7 – Derivatives and Hedging.
(3) The reclassification adjustment for the write-off of a foreign currency translation loss relates to the liquidation of a non-U.S.
subsidiary during 2024 and is reported in restructuring costs in the Consolidated Statements of Operations.
Note 12 – Employee Pension Plans
Forrester sponsors several defined contribution plans for eligible employees. Generally, the defined contribution plans have
funding provisions which, in certain situations, require contributions based upon formulas relating to employee wages or the level of
elective participant contributions, as well as allow for additional discretionary contributions. Further, certain plans contain vesting
provisions. Forrester’s contributions to these plans totaled approximately $7.2 million, $7.8 million, $8.2 million for the years ended
December 31, 2024, 2023, and 2022, respectively.
Note 13 – Restructuring
In January 2023, the Company implemented a reduction in its workforce of approximately 4% across various geographies and
functions to streamline operations. The Company recorded $4.3 million of severance and related costs for this action during the fourth
quarter of 2022, and $0.6 million during the first quarter of 2023. The Company also recorded a restructuring charge of $5.0 million
during the fourth quarter of 2022 related to closing one floor of its offices located in San Francisco, California, of which $3.7 million
related to an impairment of a right-of-use asset and $1.3 million related to an impairment of leasehold improvements. During 2023,
the Company recorded an incremental $0.9 million impairment to its California office and a $0.6 million charge for the write-off of a
previously capitalized software project. During the third quarter of 2024, the Company recorded an incremental $0.5 million
impairment to its California office.

51
The following table rolls forward the activity in the restructuring accrual for the January 2023 action for the year ended
December 31, 2024 (in thousands):
Accrual at December 31, 2023
$
48
Additional restructuring and related costs
506
Non-cash charge (included above)
(492)
Cash payments
(62)
Accrual at December 31, 2024
$
—
In May 2023, the Company implemented a reduction in its workforce of approximately 8% across various geographies and
functions to better align its cost structure and to streamline its sales and consulting organizations. The Company recorded $7.5 million
of severance and related costs for this action during the second quarter of 2023. In addition, the Company closed certain of its smaller
offices both inside and outside the U.S. in order to reduce facility costs and better match its facilities to its hybrid work strategy. As a
result of closing the offices, the Company recorded restructuring costs of $2.3 million, which included $1.3 million related to right-of-
use asset impairments and accelerated amortization and $0.6 million related to impairments of leasehold improvements. In addition,
the Company incurred $0.7 million in contract termination costs. During the third quarter of 2024, the Company recognized $0.2
million of expense from the write-off of foreign currency translation adjustments related to the liquidation of a small foreign
operation.
The following table rolls forward the activity in the restructuring accrual for the May 2023 action for the year ended
December 31, 2024 (in thousands):
Accrual at December 31, 2023
$
1,282
Additional restructuring and related costs
262
Non-cash charge (included above)
(232)
Cash payments
(943)
Accrual at December 31, 2024
$
369
In February 2024, the Company implemented a reduction in its workforce of approximately 3% across various geographies and
functions to better align its cost structure with the revenue outlook for the year. The Company recorded $0.7 million of severance and
related costs for this action during the fourth quarter of 2023, and $2.8 million during the first quarter of 2024. The Company also
recorded a restructuring charge of $3.8 million during the first quarter of 2024 related to closing one floor of its offices located in San
Francisco, California, of which $3.2 million related to an impairment of a right-of-use asset and $0.6 million related to an impairment
of leasehold improvements. During the third quarter of 2024, the Company recorded an incremental $0.2 million impairment to its
California office.
The following table rolls forward the activity in the restructuring accrual for the February 2024 action for the year ended
December 31, 2024 (in thousands):
Accrual at December 31, 2023
$
732
Additional restructuring and related costs
6,850
Non-cash charge (included above)
(4,036)
Cash payments
(3,546)
Accrual at December 31, 2024
$
—
In January 2025, the Company implemented a reduction in its workforce of approximately 6% across various geographies and
functions to better align its cost structure with the revenue outlook for the year. Approximately $4.2 million of severance and related
costs for this action were recorded during the fourth quarter of 2024. See Note 17 - Subsequent Events, for additional details of this
action.
Note 14 – Operating Segment and Enterprise Wide Reporting
The Company’s chief operating decision-maker is the chief executive officer and the chief financial officer. The Company
operates in three segments: Research, Consulting, and Events. These segments, which are also the Company's reportable segments, are
based on the management structure of the Company and how the chief operating decision maker uses financial information to evaluate
performance and determine how to allocate resources. The Company’s products and services are delivered through each segment as
described below.
The Research segment includes the revenues from all of the Company’s research products as well as consulting revenues from
advisory services (such as speeches and advisory days) delivered by the Company’s research organization. Research segment costs
include the cost of the organizations responsible for developing and delivering these products in addition to the costs of the product
management organization responsible for product pricing and packaging, and the launch of new products. During the third quarter of

52
2024, the Company realigned its technology teams and as such certain technology costs are no longer reported within the Research
segment, and are now reported within the line selling, marketing, administrative and other expenses. Prior period amounts have been
recast to conform to the current presentation.
The Consulting segment includes the revenues and the related costs of the Company’s project consulting organization. The
project consulting organization delivers a majority of the Company’s project consulting revenue.
The Events segment includes the revenues and the costs of the organization responsible for developing and hosting in-person
and virtual events.
The Company evaluates reportable segment performance and allocates resources based on segment operating income (loss).
Segment expenses include the direct expenses of each segment organization and exclude selling and marketing expenses, general and
administrative expenses, stock-based compensation expense, depreciation expense, adjustments to incentive bonus compensation from
target amounts, amortization of intangible assets, restructuring costs, loss from sale of divested operation, interest expense, other
income, and gains on investments. The accounting policies used by the segments are the same as those used in the consolidated
financial statements. The Company does not review or evaluate assets as part of segment performance. Accordingly, the Company
does not identify or allocate assets by reportable segment.
The Company provides information by reportable segment in the tables below (in thousands):
Research
Segment
Consulting
Segment
Events
Segment
Consolidated
Year Ended December 31, 2024
Research revenues
$
316,739
$
—
$
—
$
316,739
Consulting revenues
21,095
76,159
—
97,254
Events revenues
—
—
18,477
18,477
Total segment revenues
337,834
76,159
18,477
432,470
Segment expenses (1):
Compensation, benefits and related costs
(100,620)
(27,782)
(5,567)
(133,969)
Direct costs of Events
—
—
(13,429)
(13,429)
Professional services
(10,864)
(1,735)
(108)
(12,707)
Billable expenses
(548)
(7,926)
—
(8,474)
Travel and entertainment
(1,895)
(358)
(104)
(2,357)
Software
(1,278)
(8)
(5)
(1,291)
Other segment expenses (2)
(446)
(19)
(37)
(502)
Total segment expenses
(115,651)
(37,828)
(19,250)
(172,729)
Segment operating income (loss)
222,183
38,331
(773)
259,741
Selling, marketing, administrative and other expenses
(235,805)
Amortization of intangible assets
(9,648)
Restructuring costs
(11,773)
Loss from sale of divested operation
(1,775)
Interest expense, other income, and gains on investments
1,897
Income before income taxes
$
2,637
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief
operating decision maker.
(2) Other segment expenses for each reportable segment includes office supplies, maintenance, and certain overhead expenses.

53
Research
Segment
Consulting
Segment
Events
Segment
Consolidated
Year Ended December 31, 2023
Research revenues
$
334,396
$
—
$
—
$
334,396
Consulting revenues
28,826
89,402
—
118,228
Events revenues
—
—
28,155
28,155
Total segment revenues
363,222
89,402
28,155
480,779
Segment expenses (1):
Compensation, benefits and related costs
(109,025)
(34,324)
(6,049)
(149,398)
Direct costs of Events
—
—
(14,293)
(14,293)
Professional services
(11,861)
(2,272)
(60)
(14,193)
Billable expenses
(595)
(8,113)
—
(8,708)
Travel and entertainment
(1,690)
(297)
(124)
(2,111)
Software
(1,729)
(11)
(14)
(1,754)
Other segment expenses (2)
(492)
(11)
(17)
(520)
Total segment expenses
(125,392)
(45,028)
(20,557)
(190,977)
Segment operating income
237,830
44,374
7,598
289,802
Selling, marketing, administrative and other expenses
(257,808)
Amortization of intangible assets
(11,956)
Restructuring costs
(13,272)
Interest expense, other income, and gains on investments
(481)
Income before income taxes
$
6,285
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief
operating decision maker.
(2) Other segment expenses for each reportable segment includes office supplies, maintenance, and certain overhead expenses.
Research
Segment
Consulting
Segment
Events
Segment
Consolidated
Year Ended December 31, 2022
Research revenues
$
354,453
$
—
$
—
$
354,453
Consulting revenues
41,559
111,028
—
152,587
Events revenues
—
—
30,747
30,747
Total segment revenues
396,012
111,028
30,747
537,787
Segment expenses (1):
Compensation, benefits and related costs
(107,870)
(37,625)
(7,187)
(152,682)
Direct costs of Events
—
—
(14,373)
(14,373)
Professional services
(13,441)
(8,063)
(62)
(21,566)
Billable expenses
(740)
(10,712)
—
(11,452)
Travel and entertainment
(1,414)
(357)
(123)
(1,894)
Software
(1,488)
(103)
(1)
(1,592)
Other segment expenses (2)
(476)
(29)
(55)
(560)
Total segment expenses
(125,429)
(56,889)
(21,801)
(204,119)
Segment operating income
270,583
54,139
8,946
333,668
Selling, marketing, administrative and other expenses
(278,518)
Amortization of intangible assets
(13,161)
Restructuring costs
(9,335)
Interest expense, other income, and gains on investments
(1,930)
Income before income taxes
$
30,724
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief
operating decision maker.
(2) Other segment expenses for each reportable segment includes office supplies, maintenance, and certain overhead expenses.

54
Net long-lived tangible assets by location as of December 31, 2024 and 2023 are as follows (in thousands):
2024
2023
United States
$
30,307
$
48,001
United Kingdom
7,043
8,194
Europe (excluding United Kingdom)
191
186
Asia Pacific
1,207
2,742
Total
$
38,748
$
59,123
Revenues by geographic destination, based on the location products and services are consumed, and as a percentage of total
revenues for the years ended December 31, 2024, 2023, and 2022 are as follows (dollars in thousands):
2024
2023
2022
United States
$
334,095
$
373,483
$
426,041
Europe (excluding United Kingdom)
37,698
37,912
36,664
United Kingdom
18,934
21,311
20,079
Canada
12,221
16,416
20,759
Asia Pacific
20,778
23,604
26,548
Other
8,744
8,053
7,696
Total
$
432,470
$
480,779
$
537,787
2024
2023
2022
United States
77 %
78 %
77 %
Europe (excluding United Kingdom)
9
8
9
United Kingdom
4
4
5
Canada
3
3
3
Asia Pacific
5
5
5
Other
2
2
1
Total
100 %
100 %
100 %
Note 15 – Certain Balance Sheet Accounts
Property and Equipment:
Property and equipment as of December 31, 2024 and 2023 is recorded at cost less accumulated depreciation and consists of the
following (in thousands):
2024
2023
Computers and equipment
$
8,615
$
10,128
Computer software
32,120
34,641
Furniture and fixtures
7,393
9,188
Leasehold improvements
25,423
29,506
Total property and equipment
73,551
83,463
Less accumulated depreciation
(61,852)
(64,062)
Total property and equipment, net
$
11,699
$
19,401
The Company incurs costs to develop or obtain internal use computer software used for its operations, and certain of these costs
meeting the criteria in ASC 350 – Internal Use Software are capitalized and amortized over their useful lives. The entire balance in the
computer software category above consists of these costs. Amortization of capitalized internal-use software costs totaled $4.3 million,
$4.7 million, and $4.8 million for the years ended December 31, 2024, 2023, and 2022, respectively, and is included in depreciation
expense in the Consolidated Statements of Operations.

55
Accrued Expenses and Other Current Liabilities:
Accrued expenses and other current liabilities as of December 31, 2024 and 2023 consist of the following (in thousands):
2024
2023
Payroll and related benefits
$
30,879
$
43,426
Taxes
2,142
4,680
Lease liability
12,758
14,181
Other
11,823
19,195
Total
$
57,602
$
81,482
Non-Current Liabilities:
Non-current liabilities as of December 31, 2024 and 2023 consist of the following (in thousands):
2024
2023
Deferred tax liability
$
8,705
$
8,679
Other
1,840
2,481
Total
$
10,545
$
11,160
Allowance for Doubtful Accounts:
A rollforward of the allowance for doubtful accounts as of and for the years ended December 31, 2024, 2023, and 2022 is as
follows (in thousands):
2024
2023
2022
Balance, beginning of year
$
574
$
560
$
610
Provision for doubtful accounts
547
701
638
Write-offs
(697)
(692)
(669)
Translation adjustments
10
5
(19)
Balance, end of year
$
434
$
574
$
560
When evaluating the adequacy of the allowance for expected credit losses, the Company makes judgments regarding the
collectability of accounts receivable based, in part, on the Company’s historical loss rate experience, customer concentrations,
management’s expectations of future losses as informed by current economic conditions, and changes in customer payment terms. If
the expected financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make
payments, additional allowances may be required. If the expected financial condition of the Company’s customers were to improve,
the allowances may be reduced accordingly.
Note 16 – Contingencies
From time to time, the Company may be subject to legal proceedings and civil and regulatory claims that arise in the ordinary
course of its business activities. Regardless of the outcome, legal proceedings and claims can have a material adverse effect on the
Company because of defense and settlement costs, diversion of management resources, and other factors. It is the Company's policy to
record accruals for legal contingencies to the extent that it has concluded that it is probable that a liability has been incurred and the
amount of the loss can be reasonably estimated, and to expense costs associated with loss contingencies, including any related legal
fees, as they are incurred. The Company reviews its loss contingencies at least quarterly and adjusts its accruals and/or disclosures to
reflect the impact of negotiations, settlements, rulings, advice of legal counsel, or other new information, as deemed necessary. Once
established, a provision may change in the future due to new developments or changes in circumstances and could increase or
decrease the Company’s earnings in the period that the changes are made. Following an April 2023 mediation in a wage-related matter
that resulted in a settlement agreement, the Company accrued $4.8 million of expense in the quarter ended March 31, 2023 that is
classified in general and administrative expense in the Consolidated Statement of Operations. This claim was fully paid in the first
quarter of 2024.

56
Note 17 – Subsequent Events
In January 2025, the Company implemented a reduction in force of approximately 6% of its workforce across various
geographies and functions to better align its cost structure with the revenue outlook for the year. The Company also plans to close one
of its smaller offices in the United States. The Company anticipates total costs for this action to be in a range of $5.6 million to $5.8
million related principally to cash severance and related benefit costs for terminated employees, with the majority of the cash costs to
be expended in 2025.

57
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness
of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) as of the end of the period covered by this report. Based on the evaluation, our Chief Executive Officer and Chief
Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2024.
Management’s Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule
13a-15(f) and 15d-15(f) under the Exchange Act. Internal control over financial reporting is designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles in the United States (“GAAP”). Internal control over financial reporting includes those
policies and procedures that: 1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the Company, 2) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the Company are being
made only in accordance with authorizations of management and directors of the Company, and 3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a
material effect on the financial statements.
Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024. In
making its assessment, management used the criteria set forth in Internal Control — Integrated Framework (2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in 2013. Based on this assessment, management
concluded that as of December 31, 2024, the Company’s internal control over financial reporting was effective.
The effectiveness of our internal control over financial reporting as of December 31, 2024 has been audited by
PricewaterhouseCoopers LLP, our independent registered public accounting firm, as stated in their report which appears herein.
Changes in Internal Control Over Financial Reporting
There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) of the Exchange Act) that
occurred during the quarter ended December 31, 2024, which has materially affected, or is reasonably likely to materially affect, our
internal control over financial reporting.
Item 9B. Other Information
During the three months ended December 31, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1
trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections
Not applicable

58
PART III
Item 10. Directors, Executive Officers, and Corporate Governance
Executive Officers
The following table sets forth information about our executive officers as of March 7, 2025.
Name
Age
Position
George F. Colony
71
Chairman of the Board, Chief Executive Officer
Ryan Darrah
53
Chief Legal Officer and Secretary
Michael Facemire
49
Chief Technology Officer
L. Christian Finn
54
Chief Financial Officer
Jobina Gonsalves
46
Chief People Officer
Carrie Johnson
49
Chief Product Officer
Sharyn Leaver
50
Chief Research Officer
Nate Swan
57
Chief Sales Officer
George F. Colony, Forrester’s founder, has served as Chairman of the Board of Directors and Chief Executive Officer since the
Company’s inception in July 1983, and as President since September 2001 and from 1983-2000.
Ryan Darrah began serving as Chief Legal Officer and Secretary in March 2017. Previously, he was the Assistant General
Counsel and Assistant Secretary of the Company. Prior to joining the Company in 2007, Mr. Darrah served as General Counsel and
Secretary of Sports Loyalty Systems, Inc. and ProfitLogic, Inc.
Michael Facemire began serving as Chief Technology Officer in July 2024. Previously, he served as Vice President of Product
Technology from July 2018 to July 2024, and Vice President, Principal Analyst, from October 2016 to July 2018. Mr. Facemire joined
Forrester in 2012.
L. Christian Finn became the Company’s Chief Financial Officer in September 2021. Prior to joining Forrester, he was Vice
President FP&A and Global Procurement of LogMeIn, Inc., a software as a service company focused on unified communications and
collaboration, from September 2015 to September 2021. Prior to joining LogMeIn, from 2011 to 2015 Mr. Finn was with Nuance
Communications, Inc., most recently serving as the Chief Financial Officer of its Healthcare division.
Jobina Gonsalves became the Company's Chief People Officer in May 2024. Prior to joining Forrester, she was the Senior Vice
President HR for TUV SUD America, a quality, safety, and sustainability solutions provider, where she held a number of roles since
2012.
Carrie Johnson became Forrester’s Chief Product Officer in January 2022. Previously, she served as Chief Research Officer
from November 2018 until January 2022, Senior Vice President, Research from August 2015 to November 2018, and Vice President,
Group Director from October 2013 to August 2015. Ms. Johnson joined Forrester in 1998.
Sharyn Leaver began serving as the Company's Chief Research Officer in January 2022. Previously she served as Senior Vice
President, Research, from November 2018 to January 2022, and Vice President and Group Research Director from October 2013 to
November 2018. Ms. Leaver joined Forrester in 2001.
Nate Swan became Forrester’s Chief Sales Officer in January 2023. Prior to joining Forrester, he was Vice President of Sales at
OneTrust LLC, a software as a service company focused on privacy management software platforms, from January to December
2022. Prior to joining OneTrust, from June to September 2021, Mr. Swan was Chief Sales Officer of Ideal Image, and from 1997 until
June of 2021, he was with Gartner, Inc., most recently as Senior Vice President, Sales Learning and Development.
Our Code of Business Conduct and Ethics covers all employees, officers and directors, including our principal executive,
financial and accounting officers. A copy of our Code of Business Conduct and Ethics can be found on our web site,
www.forrester.com.
We intend to satisfy the disclosure requirements under Item 5.05 of Form 8-K regarding an amendment to, or waiver from, a
provision of the Company’s Code of Business Conduct and Ethics, that relates to a substantive amendment or material departure from
a provision of the Code, by posting such information on our Internet website at www.forrester.com. We also intend to satisfy the
disclosure requirements of the Nasdaq Stock Market regarding waivers of the Code of Business Conduct and Ethics by posting such
information on our Internet website at www.forrester.com.
The remainder of the response to this item is contained in our Proxy Statement for our 2025 Annual Meeting of Stockholders
(the “2025 Proxy Statement”) under the captions “Election of Directors”, “Section 16(a) Beneficial Ownership Reporting
Compliance” and "Insider Trading Policies and Procedures", all of which is incorporated herein by reference.

59
Item 11. Executive Compensation
The response to this item is contained in the 2025 Proxy Statement under the captions “Director Compensation” and “Executive
Compensation” and is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The response to this item is contained in the 2025 Proxy Statement under the caption “Security Ownership of Certain Beneficial
Owners and Management” and is incorporated herein by reference.
The following table summarizes, as of December 31, 2024, the number of options issued under our equity incentive plans and
the number of shares available for future issuance under these plans:
(a)
(b)
(c)
Plan Category
Number of
Securities
to be Issued Upon
Exercise
of Outstanding
Options,
Warrants and
Rights
Weighted
Average
Exercise
Price of
Outstanding
Options,
Warrants
and Rights
Number of Securities
Remaining
Available for Future
Issuance Under
Equity Compensation
Plans (Excluding
Securities Reflected
in Column (a)(1)
Equity compensation plans
approved by stockholders
1,420,195 (1)$
33.29
4,028,580 (2)
Equity compensation plans not
approved by stockholders
N/A
N/A
N/A
Total
1,420,195
$
33.29
4,028,580
(1) Includes 1,253,476 restricted stock units that are not included in the calculation of the weighted average exercise price.
(2) Includes, as of December 31, 2024, 3,576,647 shares available for issuance under our Equity Incentive Plan and 451,933 shares
that are available for issuance under our Stock Purchase Plan.
The shares available under our Equity Incentive Plan are available to be awarded as restricted or unrestricted stock or stock
units.
Item 13. Certain Relationships and Related Transactions, and Director Independence
The response to this item is contained in the Company’s 2025 Proxy Statement under the captions “Information with Respect to
Board of Directors”, “Certain Relationships and Related Transactions”, and “Related Person Transactions” and is incorporated herein
by reference.
Item 14. Principal Accountant Fees and Services
The response to this item is contained in the Company’s 2025 Proxy Statement under the caption “Independent Auditors’ Fees
and Other Matters” and is incorporated herein by reference.

60
PART IV
Item 15. Exhibits and Financial Statement Schedules.
a. Financial Statements. See Index to Financial Statement herein.
b. Financial Statement Schedules. None.
c. Exhibits. A complete listing of exhibits required is given in the Exhibit Index herein, which precedes the exhibits filed with
this report.
Item 16. Form 10-K Summary.
Not applicable.

61
EXHIBIT INDEX
Exhibit No.
Description
3.1
Restated Certificate of Incorporation of Forrester Research, Inc. (see Exhibit 3.1 to Registration Statement on Form S-
1A filed on November 5, 1996)
3.2
Certificate of Amendment of the Certificate of Incorporation of Forrester Research, Inc. (see Exhibit 3.1 to Annual
Report on Form 10-K for the year ended December 31, 1999)
3.3
Certificate of Amendment to Restated Certificate of Incorporation of Forrester Research, Inc.
3.5
Amended and Restated By-Laws of Forrester Research, Inc.
4.1
Specimen Certificate for Shares of Common Stock, $.01 par value, of Forrester Research, Inc. (see Exhibit 4 to
Registration Statement on Form S-1A filed on November 5, 1996)
4.2
Description of Common Stock
10.01+
Registration Rights and Non-Competition Agreement (see Exhibit 10.1 to Registration Statement on Form S-1 filed on
September 26, 1996)
10.02+
Amended and Restated Employee Stock Purchase Plan
10.03+
Amended and Restated Equity Incentive Plan
10.04+
Form of Incentive Stock Option Certificate (Amended and Restated Equity Incentive Plan)
10.05+
Form of Non-Qualified Stock Option Certificate (Amended and Restated Equity Incentive Plan)
10.06+
Form of Performance-Based Stock Option Certificate (Amended and Restated Equity Incentive Plan)
10.07+
Form of Performance-Based Restricted Stock Unit Award Agreement (Amended and Restated Equity Incentive Plan)
10.08+
Form of Restricted Stock Unit Award Agreement (Amended and Restated Equity Incentive Plan)
10.09+
Form of Restricted Stock Unit Award Agreement for Directors with One-Year Vesting (Amended and Restated Equity
Incentive Plan)
10.10+
Form of Stock Option Certificate with Non-Solicitation Covenant (Amended and Restated Equity Incentive Plan)
10.11+
Form of Stock Option Certificate with Non-Solicitation and Non-Competition Covenant (Amended and Restated
Equity Incentive Plan)
10.12+
Form of Restricted Stock Unit Award Agreement with Non-Solicitation Covenant (Amended and Restated Equity
Incentive Plan)
10.13+
Form of Restricted Stock Unit Award Agreement with Non-Solicitation and Non-Competition Covenant (Amended and
Restated Equity Incentive Plan)
10.14+
Amended and Restated Executive Cash Incentive Plan
10.15+
Executive Severance Plan
10.16
Lease of Premises at Cambridge Discovery Park, Cambridge, Massachusetts dated as of September 29, 2009 from
BHX, LLC, as Trustee of Acorn Park I Realty Trust to the Company
10.17
First Amendment of Lease dated as of December 21, 2009 by 200 Discovery Park, LLC, successor to BHX, LLC, as
Trustee of Acorn Park I Realty Trust, and the Company
10.18
Agreement Regarding Project Rights dated as of September 29, 2009, by BHX, LLC, a Massachusetts limited liability
company, as Trustee of Acorn Park I Realty Trust, a Massachusetts nominee trust, and the Company
10.19
Second Amendment of Lease dated as of February 8, 2012 by 200 Discovery Park, LLC and the Company
10.20
Credit Agreement, dated as of January 3, 2019, among the Company, as borrower, JPMorgan Chase Bank, N.A., as
administrative agent, and the lenders from time to time party thereto.

62
10.21
First Amendment to Credit Agreement, dated December 21, 2021, among the Company, as borrower, SiriusDecisions,
Inc. and Whitcomb Investments, Inc., each as subsidiary guarantors, JPMorgan Chase Bank, N.A., as administrative
agent, and the lenders party thereto.
10.22
Second Amendment to Credit Agreement, dated as of April 25, 2023, among the Company, as borrower, JPMorgan
Chase Bank, N.A., as administrative agent, and the other parties set forth on the signature pages thereto
19.1(1)
Forrester Research, Inc. Insider Trading Policy
21(1)
Subsidiaries of the Registrant
23.1(1)
Consent of PricewaterhouseCoopers LLP
31.1(1)
Certification of the Principal Executive Officer
31.2(1)
Certification of the Principal Financial Officer
32.1(2)
Certification of the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2(2)
Certification of the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97.1+
Compensation Recovery Policy
101.INS(1)
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL
tags are embedded within the Inline XBRL document
101.SCH(1)
Inline XBRL Taxonomy Extension Schema Document With Embedded Linkbase Documents
104(1)
Cover Page Interactive Data File (embedded within the Inline XBRL document)
(1) Filed herewith.
(2) Furnished herewith.
+ Denotes management contract or compensation arrangements.

63
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
FORRESTER RESEARCH, INC.
By:
/s/
GEORGE F. COLONY
George F. Colony
Chairman of the Board and Chief Executive
Officer
Date: March 7, 2025
Pursuant to the requirement of the Securities Exchange Act of 1934, this report has been signed by the following persons on
behalf of the registrant in the capacities and on the dates indicated.
Signature
Capacity In Which Signed
Date
/s/
GEORGE F. COLONY
George F. Colony
Chairman of the Board and Chief Executive Officer
(Principal Executive Officer)
March 7, 2025
/s/
L. CHRISTIAN FINN
L. Christian Finn
Chief Financial Officer
(Principal Financial Officer)
March 7, 2025
/s/
SCOTT R. CHOUINARD
Scott R. Chouinard
Chief Accounting Officer and Treasurer
(Principal Accounting Officer)
March 7, 2025
/s/
YVONNE L. WASSENAAR
Yvonne L. Wassenaar
Member of the Board of Directors
March 7, 2025
/s/
ROBERT M. GALFORD
Robert M. Galford
Member of the Board of Directors
March 7, 2025
/s/
ROBERT P. BENNETT
Robert Bennett
Member of the Board of Directors
March 7, 2025
/s/
DAVID J. BOYCE
David J. Boyce
Member of the Board of Directors
March 7, 2025
/s/
ANTHONY J. FRISCIA
Anthony J. Friscia
Member of the Board of Directors
March 7, 2025
/s/
NEIL BRADFORD
Neil Bradford
Member of the Board of Directors
March 7, 2025
/s/
CORINNE MUNCHBACH
Member of the Board of Directors
March 7, 2025
Corinne Munchbach
/s/
WARREN ROMINE
Warren Romine
Member of the Board of Directors
March 7, 2025

Notice Of 2025 Annual Meeting Of Stockholders
And Proxy Statement

Forrester Research, Inc.
60 Acorn Park Drive
Cambridge, Massachusetts 02140
George F. Colony
Chairman of the Board
and Chief Executive Officer
April 1, 2025
To Our Stockholders:
You are cordially invited to attend the 2025 Annual Meeting of Stockholders of Forrester Research, Inc., which will be held on
Tuesday, May 13, 2025 at 10:00 a.m. Eastern Daylight Time. The Annual Meeting will be a virtual stockholder meeting, conducted via
live audio webcast, through which you can submit questions and vote online. You may attend the meeting by visiting
www.virtualshareholdermeeting.com/FORR2025 and entering your 16-digit control number included with these proxy materials.
On the following pages, you will find the formal notice of the Annual Meeting and our proxy statement. At the Annual Meeting
you are being asked to elect six Directors, to ratify the selection of PricewaterhouseCoopers LLP as our independent registered public
accounting firm for the fiscal year ending December 31, 2025, and to approve by non-binding vote our executive compensation.
We hope that many of you will be able to attend. Thank you for your continued support and investment in Forrester.
Sincerely yours,
GEORGE F. COLONY
Chairman of the Board
and Chief Executive Officer

Forrester Research, Inc.
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
May 13, 2025
Notice is hereby given that the 2025 Annual Meeting of Stockholders of Forrester Research, Inc. will be held at 10:00 a.m. Eastern
Daylight Time on Tuesday, May 13, 2025. The annual meeting will be a virtual stockholder meeting, conducted via live audio webcast,
through
which
you
can
submit
questions
and
vote
online.
You
may
attend
the
meeting
by
visiting
www.virtualshareholdermeeting.com/FORR2025 and entering your 16-digit control number included with these proxy materials. The
purpose of the annual meeting will be the following:
1.
To elect the six directors named in the accompanying proxy statement to serve until the 2026 Annual Meeting of
Stockholders;
2.
To ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the
fiscal year ending December 31, 2025; and
3.
To approve by non-binding vote our executive compensation.
The foregoing items of business are more fully described in the proxy statement accompanying this notice.
Stockholders of record at the close of business on March 17, 2025 are entitled to notice of and to vote at the meeting. A list of
stockholders entitled to vote at the meeting will be open to examination by any stockholder, for any purpose germane to the meeting,
during normal business hours for a period of ten days before the meeting at our corporate offices at 60 Acorn Park Drive, Cambridge,
Massachusetts 02140, and online during the meeting accessible at www.virtualshareholdermeeting.com/FORR2025.
If you are unable to participate in the annual meeting online, please vote your shares as provided in this proxy statement.
By Order of the Board of Directors
RYAN D. DARRAH
Secretary
Cambridge, Massachusetts
April 1, 2025
IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE MEETING. PLEASE
VOTE YOUR SHARES OVER THE INTERNET OR BY TELEPHONE IN ACCORDANCE WITH
THE INSTRUCTIONS SET FORTH ON THE PROXY CARD, OR COMPLETE, SIGN AND RETURN
THE ENCLOSED PROXY CARD AS PROMPTLY AS POSSIBLE WHETHER OR
NOT YOU PLAN TO PARTICIPATE IN THE MEETING ONLINE.

FORRESTER RESEARCH, INC.
Annual Meeting of Stockholders
May 13, 2025
PROXY STATEMENT
The Board of Directors of Forrester Research, Inc., a Delaware corporation, is soliciting proxies from our stockholders. The proxy
will be used at our 2025 Annual Meeting of Stockholders and at any adjournments thereof. You are invited to attend the meeting to be
held at 10:00 a.m. Eastern Daylight Time on Tuesday, May 13, 2025. The annual meeting will be held virtually, conducted via live
audio webcast, through which you can submit questions and vote online. You may attend the meeting by visiting
www.virtualshareholdermeeting.com/FORR2025. Be sure to have your 16-digit control number included with these proxy materials in
order to access the annual meeting. This proxy statement was first made available to stockholders on or about April 1, 2025.
This proxy statement contains important information regarding our annual meeting. Specifically, it identifies the proposals upon
which you are being asked to vote, provides information that you may find useful in determining how to vote, and describes voting
procedures.
We use several abbreviations in this proxy statement. We call our Board of Directors the “Board”, refer to our fiscal year which
began on January 1, 2024 and ended on December 31, 2024 as “fiscal 2024,” and refer to our fiscal year ending December 31, 2025 as
“fiscal 2025”. We also refer to ourselves as “Forrester” or the “Company.”
Who May Attend and Vote?
Stockholders who owned our common stock at the close of business on March 17, 2025 are entitled to notice of and to vote at the
annual meeting. We refer to this date in this proxy statement as the “record date.” As of the record date, we had 18,980,952 shares of
common stock issued and outstanding. Each share of common stock is entitled to one vote on each matter to come before the meeting.
How Do I Vote?
If you are a stockholder of record of our common stock:
1.
You may vote over the internet.
If you have internet access, you may vote your shares from any location in the world by
following the "Vote by Internet" instructions on the enclosed proxy card. In addition, you may attend the annual meeting
via the internet and vote during the annual meeting. Please have your 16-digit control number included with these proxy
materials in order to access the annual meeting.
2.
You may vote by telephone.
You may vote your shares by following the “Vote by Phone” instructions on the enclosed
proxy card.
3.
You may vote by mail.
If you choose to vote by mail, simply mark your proxy card, date and sign it, and return it in the
postage-paid envelope provided.
By voting over the internet or by telephone, or by signing and returning the proxy card according to the enclosed instructions, you
are enabling the individuals named on the proxy card (known as “proxies”) to vote your shares at the meeting in the manner you indicate.
We encourage you to vote in advance even if you plan to attend the meeting. In this way, your shares will be voted even if you are
unable to attend the meeting. Your shares will be voted in accordance with your instructions. If a proxy card is signed and received by
our Secretary, but no instructions are indicated, then the proxy will be voted “FOR” the election of the nominees for directors, “FOR”
ratifying the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for fiscal 2025, and
“FOR” approval of the non-binding vote on our executive compensation.
How Do I Vote if My Shares are Held in Street Name?
If you hold shares in “street name” (that is, through a bank, broker, or other nominee), the bank, broker, or other nominee, as the
record holder of your shares, is required to vote your shares according to your instructions. In order to vote your shares, you will need
to follow the directions your brokerage firm provides you. Many brokers also offer the option of voting over the internet or by telephone,
instructions for which would be provided by your brokerage firm on your voting instruction form. Please follow the instructions on that
form to make sure your shares are properly voted. If you hold shares in “street name” and would like to attend the annual meeting and
vote online, you must contact the person in whose name your shares are registered and follow directions provided to obtain a proxy card
from that person and have it available for the annual meeting.

2
What Does the Board of Directors Recommend?
The Board recommends that you vote FOR the election of nominees for directors identified in Proposal One, FOR ratifying the
appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm as described in Proposal Two, and
FOR approval by non-binding vote of our executive compensation as provided in Proposal Three.
If you are a record holder and submit the proxy card but do not indicate your voting instructions, the persons named as proxies on
your proxy card will vote in accordance with the recommendations of the Board of Directors. If you hold your shares in “street name”,
and you do not indicate how you wish to have your shares voted, your nominee has discretion to instruct the proxies to vote on Proposal
Two but does not have the authority, without your specific instructions, to vote on the election of directors or on Proposal Three, and
those votes will be counted as “broker non-votes”.
What Vote is Required for Each Proposal?
A majority of the shares entitled to vote on a particular matter, present in person or represented by proxy, constitutes a quorum as
to any proposal. The nominees for election of the directors at the meeting (Proposal One) who receive the greatest number of votes
properly cast for the election of directors will be elected. As a result, shares that withhold authority as to the nominees recommended by
the Board will have no effect on the outcome. The affirmative vote of the holders of a majority of the shares of common stock present
in person or represented by proxy and voting is required to ratify the appointment of PricewaterhouseCoopers LLP as our independent
registered public accounting firm (Proposal Two), and to approve the non-binding vote on our executive compensation (Proposal Three).
Shares represented by proxies that indicate an abstention or a “broker non-vote” (that is, shares represented at the annual meeting
held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or persons entitled to vote
and (ii) the broker or nominee does not have discretionary voting power on a particular matter) will be counted as shares that are present
and entitled to vote on the matter for purposes of determining the presence of a quorum, but are not considered to have been voted, and
have the practical effect of reducing the number of affirmative votes required to achieve a majority for those matters requiring the
affirmative vote of the holders of a majority of the shares present or represented by proxy and voting (Proposals Two and Three) by
reducing the total number of shares from which the majority is calculated. However, because directors are elected by a plurality vote,
abstentions and broker non-votes will have no effect on the outcome on Proposal One.
May I Change or Revoke My Vote After I Return My Proxy Card or After I Have Voted My Shares over the Internet or by
Telephone?
Yes. If you are a stockholder of record, you may change or revoke a proxy any time before it is voted by:
•
returning to us a newly signed proxy bearing a later date;
•
delivering a written instrument to our Secretary revoking the proxy; or
•
attending the annual meeting via the internet and voting online. Simply attending the annual meeting will not, by itself,
revoke your proxy.
If you hold shares in “street name”, you should follow the procedure in the instructions that your nominee has provided to you.
Who Will Bear the Cost of Proxy Solicitation?
We will bear the expense of soliciting proxies. Our officers and regular employees (who will receive no compensation in addition
to their regular salaries) may solicit proxies. In addition to soliciting proxies through the mail, our officers and regular employees may
solicit proxies personally, as well as by mail, telephone, and electronically from brokerage houses and other stockholders. We will
reimburse brokers and other persons for reasonable charges and expenses incurred in forwarding soliciting materials to their clients.
Important Notice Regarding the Availability of Proxy Materials for the Stockholder Meeting To Be Held on May 13, 2025
This proxy statement and our Annual Report to Stockholders are available on-line at www.proxyvote.com. These materials will
be mailed to stockholders who request them.
How Can I Obtain an Annual Report on Form 10-K?
Our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 is available on our website at
www.forrester.com/aboutus. If you would like a copy of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024
we will send you one without charge. Please contact Investor Relations, Forrester Research, Inc., 60 Acorn Park Drive, Cambridge, MA
02140, Tel: (617) 613-6000.

3
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table and notes provide information about the beneficial ownership of our outstanding common stock as of March
17, 2025 (except as otherwise noted) by:
(i)
each person who we know beneficially owns more than 5% of our common stock;
(ii)
each of the executive officers named below in the Summary Compensation Table;
(iii)
each member of our Board of Directors; and
(iv)
our directors and executive officers as a group.
Except as otherwise indicated, each of the stockholders named in the table below has sole voting and investment power with
respect to the shares of our common stock beneficially owned. Beneficial ownership is determined in accordance with the rules of the
Securities and Exchange Commission (“SEC”) and includes voting or investment power with respect to the shares. Shares subject to
exercisable options and vesting restricted stock units include options that are currently exercisable or exercisable within 60 days of
March 17, 2025 and shares underlying restricted stock units scheduled to vest within 60 days of March 17, 2025.
Common Stock Beneficially Owned
Shares
Subject
to Exercisable
Options and
Shares
Vesting
Percentage of
Beneficially
Restricted
Outstanding
Name of Beneficial Owner
Owned
Stock Units
Shares
George F. Colony
7,380,411
—
38.9%
c/o Forrester Research, Inc.
60 Acorn Park Drive
Cambridge, MA 02140(1)
Royce & Associates, LP
2,476,720
—
13.0%
745 Fifth Avenue
New York, NY 10151(2)
BlackRock, Inc.
946,241
—
5.0%
50 Hudson Yards
New York, NY 10001(3)
Robert Bennett
5,728
—
*
David Boyce
18,677
—
*
Neil Bradford
29,040
—
*
Anthony Friscia
24,253
—
*
Robert Galford
25,541
—
*
Corinne Munchbach
5,052
—
*
Warren Romine
12,017
—
*
Yvonne Wassenaar
24,738
—
*
L. Christian Finn
19,931
21,134
*
Carrie Johnson
21,213
21,134
*
Sharyn Leaver
15,024
15,550
*
Nate Swan
6,349
21,134
*
Directors, named executive officers, and other executive
officers as a group (16 persons)(1)
7,613,699
84,839
40.4%
(1)
Consists of: (1) 43,218 shares held by The George F. Colony 2023 Grantor Retained Annuity Trust No. 44 of which Mr. Colony
is a trustee and has sole dispositive power and shares voting power with the 3 other trustees; (2) 15,935 shares held by The George
F. Colony 2024 Grantor Retained Annuity Trust No. 45 of which Mr. Colony is a trustee and has sole dispositive power and shares
voting power with the 3 other trustees; (3) 250,000 shares held by The George F. Colony 2024 Grantor Retained Annuity Trust
No. 46 of which Mr. Colony is a trustee and has sole dispositive power and shares voting power with the 3 other trustees; (4)
250,000 shares held by The George F. Colony 2024 Grantor Retained Annuity Trust No. 47 of which Mr. Colony is a trustee and
has sole dispositive power and shares voting power with the 3 other trustees; (5) 500,000 shares held by The George F. Colony
2025 Grantor Retained Annuity Trust No. 48 of which Mr. Colony is a trustee and has sole dispositive power and shares voting

4
power with the 3 other trustees; (6) 1,580 shares owned by Mr. Colony’s wife; and (7) 6,319,678 shares held by Mr. Colony,
individually.
(2)
Beneficial ownership as of September 30, 2024, as reported in a Schedule 13G filed with the SEC on October 15, 2024, stating
that Royce & Associates, LP has sole voting and dispositive power with respect to 2,476,720 shares.
(3)
Beneficial ownership as of December 31, 2024, as reported in a Schedule 13G filed with the SEC on February 5, 2025, stating
that BlackRock, Inc. has sole voting power with respect to 929,929 shares and sole dispositive power with respect to 946,241
shares.
* Less than 1%
PROPOSAL ONE:
ELECTION OF DIRECTORS
Our directors are elected annually by the stockholders. The Board has nominated Robert Bennett, Neil Bradford, George F.
Colony, Anthony Friscia, Corinne Munchbach, and Warren Romine to serve one-year terms that will expire at the 2026 Annual Meeting
of Stockholders. These individuals all currently serve on our Board.
Three of our current directors, David Boyce, Robert Galford, and Yvonne Wassenaar, will be retiring from the Board effective
May 13, 2025, and are not nominees for election at the forthcoming annual meeting. Mr. Boyce has served as a member of the Board
and the Compensation and Nominating Committee for over 8 years. Mr. Galford has served as a member of the Board and as Chair of
the Compensation and Nominating Committee for over 28 years, and has served as Lead Independent Director since 2017. Ms.
Wassenaar has served as a member of the Board for over 8 years and has served on both the Audit Committee and the Compensation
and Nominating Committee. We gratefully acknowledge their dedicated service and numerous contributions to Forrester.
The proxies intend to vote each share for which a proper proxy card has been returned or voting instructions received and not
revoked in favor of the nominees named above. If you wish to withhold the authority to vote for the election of any of the nominees,
your voting instructions must so indicate or your returned proxy card must be marked to that effect.
It is expected that each of the nominees will be able to serve, but if any of them is unable to serve, the proxies reserve discretion
to vote, or refrain from voting, for a substitute nominee or nominees.
The following section provides information about each nominee, including information provided by each nominee about his or
her principal occupation and business experience for the past five years and the names of other publicly-traded companies, if any, for
which he or she currently serves as a director or has served as a director during the past five years. In addition to the information
presented with respect to each nominee’s experience, qualifications and skills that led our Board to conclude that he or she should serve
as a director, we also believe that each of the nominees has demonstrated business acumen and a significant commitment to our company,
and has a reputation for integrity and adherence to high ethical standards.
NOMINEES FOR ELECTION
Robert Bennett, 68, became a director of Forrester in July 2024. Mr. Bennett currently also serves as an independent board member
of InvoiceCloud, Inc. and SimplePractice, LLC. In 2020, Mr. Bennett founded EngageSmart, Inc., a provider of vertically tailored
customer engagement software and integrated payments solutions that went public in 2021, and served as its Chief Executive Officer
until it was acquired in January 2024. We believe Mr. Bennett’s qualifications to serve on our Board of Directors include his extensive
experience in leading profitable high-growth technology companies and his expertise as a sales, marketing, and go-to-market executive.
Neil Bradford, age 52, became a director of Forrester in February 2018. Mr. Bradford is the founder and Chief Executive Officer
of General Index Limited, a tech-led provider of energy and commodity benchmarks. From 2017 to March 2019, Mr. Bradford served
as the Chief Executive Officer of Financial Express, Ltd., an investment ratings and fund research agency based in the United Kingdom.
Prior to joining FE, Mr. Bradford was the Chief Executive Officer of Argus Media, a provider of price assessments, business intelligence
and market data for the global energy and commodities markets. In 1997, Mr. Bradford co-founded Fletcher Research Limited, a UK-
based technology research firm that was acquired by Forrester in 1999. Mr. Bradford served in executive roles with Forrester until
2006. We believe Mr. Bradford’s qualifications to serve on our Board of Directors include his years of experience in the research and
advisory business, having both founded and led companies in the industry, his prior experience as an executive officer of Forrester, and
his perspective on European business as a UK citizen having worked for firms headquartered in London.
George F. Colony, age 71, is the founder of Forrester and since 1983, he has served as Chairman of the Board and Chief Executive
Officer. He also has served as Forrester’s President since September 2001, and he previously was Forrester’s President from 1983 to

5
2000. We believe Mr. Colony’s qualifications to serve on our Board of Directors and as its Chairman include his extensive experience
in the research industry, including more than 40 years as our chief executive officer, and his significant ownership stake in the Company.
Anthony Friscia, age 69, became a director of Forrester in June 2017. Mr. Friscia is currently an independent business consultant.
From 2014 to 2016, Mr. Friscia was the President and Chief Executive Officer of Eduventures, Inc., a research and advisory firm that
provides proprietary research and strategic advice to higher education leaders. Previously, from 2011 to 2014, Mr. Friscia served as a
consultant and special advisor to the President of the New School, a private university in New York City. In 1986, Mr. Friscia founded
AMR Research, a provider of research and advice on global supply chain and enterprise technology to operations and IT executives,
and served as its President and Chief Executive Officer until 2010. We believe Mr. Friscia’s qualifications to serve on our Board of
Directors include his years of experience in business leadership and providing strategic advice to senior leaders, including extensive
experience as a chief executive officer in the research and advisory business.
Corinne Munchbach, age 37, became a director of Forrester in June 2024. Ms. Munchbach was the Chief Executive Officer of
BlueConic, Inc., a SaaS company in the marketing technology space, from January 2023 to February 2025. Previously, she held various
roles at BlueConic after joining in 2015, most recently as President and Chief Operating Officer. From 2010 through 2014, Ms.
Munchbach served in a variety of roles at Forrester, including as an analyst covering business and consumer technology trends and the
marketing tech landscape. We believe Ms. Munchbach’s qualifications to serve on our Board of Directors include her thought leadership
in the areas of customer data, customer experience, and marketing technology, and her operational experience as a chief executive
officer.
Warren Romine, age 54, became a director of Forrester in March 2022. Mr. Romine is the founder and managing director of
Orchard Knob Capital LLC, an independent financial advisory and investment firm focused on the aerospace, defense and government
services markets. Mr. Romine served as a Senior Lecturer at Harvard Business School in the finance department from October 2022 to
June 2023. From 2017 to January 2022, Mr. Romine was a Managing Director and co-head of the Aerospace and Defense group at
KippsDeSanto & Co., an investment bank focused on growth-oriented aerospace, defense and technology companies. Previously, from
2013 to 2017, Mr. Romine was a Managing Director and head of the Aerospace, Defense and Government Services group at FBR &
Co., an investment banking and brokerage firm. From 2006 to 2014, Mr. Romine also served as chair of the audit committee of the
board of directors of RELM Wireless Corporation (now known as BK Technologies), a publicly-traded manufacturer of
telecommunications products. We believe that Mr. Romine's qualifications to serve on our Board of Directors include his extensive
finance and management experience in the investment banking business, his expertise regarding mergers and acquisitions, and his prior
experience as a public company board member.
OUR BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE FOR THE ELECTION OF THE NOMINEES
NAMED ABOVE.
Corporate Governance
We believe that good corporate governance is important to ensure that Forrester is managed for the long-term benefit of its
stockholders. Based on our continuing review of the provisions of the Sarbanes-Oxley Act of 2002, rules of the Securities and Exchange
Commission and the listing standards of The NASDAQ Stock Market, our Board of Directors has adopted Corporate Governance
Guidelines, an amended and restated charter for the Audit Committee of the Board of Directors, and a charter for the Compensation and
Nominating Committee of the Board.
Stock Retention Guidelines: Our Corporate Governance Guidelines include stock retention guidelines applicable to executive
officers and directors. The guidelines, which are described in more detail below in the Compensation Discussion and Analysis section,
require all directors and executive officers to hold a targeted value of our common stock within specified time frames, and include
restrictions on sales of our common stock by such directors and executive officers until the guidelines have been met. These guidelines
may be waived, at the discretion of the Compensation and Nominating Committee of the Board of Directors, if compliance with the
guidelines would create severe hardship or prevent an executive officer or director from complying with a court order.
Insider Trading Policy and Procedures: We have adopted an Insider Trading Policy that governs the purchase, sale, or other
dispositions of our securities by our directors, officers and employees. We believe our Insider Trading Policy is reasonably designed to
promote compliance with insider trading laws, rules and regulations. A copy of our Insider Trading Policy was filed as Exhibit 19.1 to
our 2024 Annual Report on Form 10-K .We currently do not have a policy regarding hedging.
Code of Business Conduct and Ethics: We also have a written code of business conduct and ethics that applies to all of our
officers, directors and employees, including our principal executive officer, principal financial officer, principal accounting officer, and
persons performing similar functions. You can access our Code of Business Conduct and Ethics, Corporate Governance Guidelines and
our current committee charters on our website, at www.forrester.com/aboutus.

6
Clawback Policy: Our Board of Directors has adopted a Compensation Recovery Policy (“Clawback Policy”) to comply with the
final clawback rules adopted by the SEC under Rule 10D-1 and the listing standards of The NASDAQ Stock Market. The Clawback
Policy provides for the mandatory recovery of erroneously awarded incentive-based compensation received by covered officers if we
are required to prepare a financial restatement. Under the Clawback Policy, the Board may recoup from the covered officers erroneously
awarded incentive compensation received on or after October 2, 2023 within a lookback period of the three completed fiscal years
preceding the date on which we are required to prepare an accounting restatement.
Information With Respect to Board of Directors
Board Meetings and Committees
Our Board of Directors has determined that each of the current directors, with the exception of Mr. Colony, our Chairman and
Chief Executive Officer, is independent under applicable NASDAQ standards as currently in effect.
Our Board of Directors held six meetings during fiscal 2024. Each director attended at least 75 percent of the aggregate of the
meetings of the Board of Directors and of each committee of which he or she is a member. Forrester does not require directors to attend
the annual meeting of stockholders. Mr. Colony, who presided at the meeting, attended the 2024 annual meeting of stockholders, as did
Mr. Galford. Historically, very few stockholders have attended our annual meeting and we have not found it to be a particularly useful
forum for communicating with our stockholders. The Board of Directors currently has two standing committees, the Audit Committee
and the Compensation and Nominating Committee, whose members consist solely of independent directors.
Our Audit Committee consists of four members: Warren Romine, Chair, Neil Bradford, Anthony Friscia, and Corinne Munchbach,
each of whom, in addition to satisfying the NASDAQ independence standards, also satisfies the Sarbanes-Oxley independence
requirements for audit committee membership. In addition, the Board has determined that Mr. Romine is an “audit committee financial
expert” under applicable rules of the Securities and Exchange Commission, and all of the members of the Audit Committee satisfy the
financial literacy standards of NASDAQ. The Audit Committee held five meetings during fiscal 2024. The responsibilities of our Audit
Committee and its activities during fiscal 2024 are described in the committee’s amended and restated charter, which is available on our
website at www.forrester.com/aboutus. The charter will also be made available without charge to any stockholder who requests it by
writing to Forrester Research, Inc., Attn: Chief Legal Officer and Secretary, 60 Acorn Park Drive, Cambridge, MA 02140.
Our Compensation and Nominating Committee consists of four members: Robert M. Galford, Chair, Robert Bennett, David
Boyce, and Yvonne Wassenaar. The Compensation and Nominating Committee held seven meetings during fiscal 2024. The
Compensation and Nominating Committee has authority, as specified in the committee’s charter, to, among other things, evaluate and
approve the compensation of our Chief Executive Officer, review and approve the compensation of our other executive officers,
administer our stock plans, and oversee the development of executive succession plans for the CEO and other executive officers. The
committee also has the authority to identify and recommend to the Board qualified candidates for director. The Compensation and
Nominating Committee charter is available on our website at www.forrester.com/aboutus. The charter will also be made available
without charge to any stockholder who requests it by writing to Forrester Research, Inc., Attn: Chief Legal Officer and Secretary, 60
Acorn Park Drive, Cambridge, MA 02140.
Compensation Committee Interlocks and Insider Participation
No person who served during the past fiscal year as a member of our Compensation and Nominating Committee is or was an
officer or employee of Forrester, or had any relationship with Forrester requiring disclosure in this proxy statement. During the past
fiscal year, none of our executive officers served as a member of the board of directors of another entity, any of whose executive officers
served as one of our directors.
Board Leadership Structure
At the present time, Mr. Colony serves as both Chairman of the Board and Chief Executive Officer. Mr. Colony is a significant
stakeholder in Forrester, beneficially owning approximately 39% of our outstanding common stock. As such, we believe it is appropriate
that he set the agenda for the Board of Directors in addition to serving as the Chief Executive Officer. We also do not believe that the
size of the Company warrants the division of these responsibilities.
In 2017, the Board of Directors selected Robert Galford to act as lead independent director. In this role, Mr. Galford presides at
executive sessions of the independent directors and will bear such further responsibilities as the Board as a whole may designate from
time to time.

7
The Board’s Role in Risk Oversight; Risk Considerations in our Compensation Programs
The Board’s role in the Company’s risk oversight process includes receiving regular reports from members of management on
areas of material risk to the Company, including financial, strategic, operational, cybersecurity, ESG, legal and regulatory risks. The full
Board (or the appropriate Committee in the case of risks that are under the purview of a particular Committee) receives these reports
from the appropriate manager within the Company. When a committee receives such a report, the Chair of the relevant Committee
reports on the discussion to the full Board during the Committee reports portion of the next Board meeting, enabling the full Board to
coordinate the risk oversight role, particularly with respect to risk interrelationships.
Our Compensation and Nominating Committee does not believe that our compensation programs encourage excessive or
inappropriate risk taking. We structure our pay programs to consist of both fixed and variable compensation, with the fixed base salary
portion providing steady income regardless of our stock price performance. The variable components, consisting of cash bonus and
stock-based awards, are designed to reward both short and long-term performance. Targets under our bonus plans are typically a function
of contract value (CV) bookings and modified operating income (described in greater detail in the Compensation Discussion and
Analysis below), important financial metrics for our business. For long-term performance, we generally have awarded restricted stock
units vesting over four years and, commencing in 2023, have also periodically awarded stock options and performance-based restricted
stock units. We believe that the variable elements of compensation are a sufficient percentage of overall compensation to motivate
executives to produce excellent short and long-term results for the Company, while fixed base salary is also sufficiently high such that
the executives are not encouraged to take unnecessary or excessive risks. In addition, our bonus plan funding metrics apply company-
wide, regardless of function or client group, which we believe encourages relatively consistent behavior across the organization. We cap
our executive bonuses at 1.56 times target company performance. Therefore, even if Company performance dramatically exceeds target
performance, bonus payouts are limited. Conversely, we have a minimum threshold on Company performance under our executive
bonus plan approved by the Compensation and Nominating Committee so that the bonus plan is not funded at performance below a
certain level. We also believe that our Executive Severance Plan described in detail below, which provides severance compensation in
the event of involuntary termination of employment without cause and in connection with a change in control, promotes stability and
continuity of operations.
Director Candidates
As noted above, the Compensation and Nominating Committee has responsibility for recommending nominees for election as
directors of Forrester. Our stockholders may recommend individuals for this committee to consider as potential director candidates by
submitting their names and background to the “Forrester Research Compensation and Nominating Committee”, c/o Chief Legal Officer
and Secretary, 60 Acorn Park Drive, Cambridge, MA 02140. The Compensation and Nominating Committee will consider a
recommended candidate for the next annual meeting of stockholders only if biographical information and background material are
provided no later than the date specified below under “Stockholder Proposals” for receipt of director nominations.
The process that the Compensation and Nominating Committee will follow to identify and evaluate candidates includes requests
to Board members and others for recommendations, meetings from time to time to evaluate biographical information and background
material relating to potential candidates, and interviews of selected candidates by members of the Compensation and Nominating
Committee. Assuming that biographical and background material is provided for candidates recommended by the stockholders, the
Compensation and Nominating Committee will evaluate those candidates by following substantially the same process, and applying
substantially the same criteria, as for candidates submitted by Board members.
In considering whether to recommend any candidate for inclusion in the Board’s slate of recommended director nominees,
including candidates recommended by stockholders, the Compensation and Nominating Committee will apply the criteria set forth in
the committee’s charter and in the Corporate Governance Guidelines. These criteria include, among others, the candidate’s integrity,
age, experience, commitment, diligence, conflicts of interest, and the ability to act in the interests of all stockholders. The Compensation
and Nominating Committee does not assign specific weights to particular criteria and no particular criterion is necessarily applicable to
all prospective nominees. We believe that the backgrounds and qualifications of the directors, considered as a group, should provide a
composite mix of experience, knowledge and abilities, including direct operating experience, that will allow the Board to fulfill its
responsibilities.
In addition, our by-laws permit stockholders to nominate directors for election at an annual meeting of stockholders, other than as
part of the Board’s slate. To nominate a director, in addition to providing certain information about the nominee and the nominating
stockholder, the stockholder must give timely notice to Forrester, which, under our advance notice by-law, requires that the notice be
received by us no less than 90 nor more than 120 days prior to the anniversary date of the preceding annual meeting of stockholders. In
addition, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than
the company’s nominees must also comply with the additional requirements of Rule 14a-19 under the Securities Exchange Act of 1934.
In accordance with our by-laws, the 2026 Annual Meeting will be held on May 12, 2026.

8
Communications from Stockholders
The Board will give appropriate attention to communications on issues that are submitted by stockholders, and will respond if and
as appropriate. Absent unusual circumstances or as contemplated by committee charters, the Compensation and Nominating Committee,
with the assistance of the Chief Legal Officer and Secretary, will be primarily responsible for monitoring communications from
stockholders and will provide copies of summaries of such communications to the other directors as deemed appropriate.
Stockholders who wish to send communications on any topic to the Board should address such communications to the Forrester
Research Compensation and Nominating Committee, c/o Chief Legal Officer and Secretary, Forrester Research, Inc., 60 Acorn Park
Drive, Cambridge, MA 02140.
Corporate Responsibility
Forrester recognizes the importance of being accountable not only to our stockholders, but also to a broader range of stakeholders,
including our customers, employees and the public in general. Our goal is to effect positive change in society and for our planet through
our research, data, and expertise.
Our culture emphasizes certain key values — including client, courage, collaboration, integrity, and quality — that we believe are
critical to deliver Forrester’s unique value proposition of helping business and technology leaders use customer obsession to drive
growth. In addition, we seek to foster a culture where employees can be creative, feel supported and empowered, and are encouraged to
think boldly about new ideas.
Attracting, retaining, and developing the best and brightest talent around the globe is critical to the ongoing success of our
company. To this end, we focus on attracting and the hiring of all backgrounds and perspectives, with the goals of improving employee
retention and engagement, strengthening the quality of our research, and improving client retention and customer experience. We field
regular all-employee surveys to measure our progress against our goals.
We have a robust learning and development program and celebrate and enrich the Forrester culture through frequent recognition
of achievements. To keep employees and teams connected and inspired to do their best work, we have enhanced the learning and
development opportunities for our employees across a broad range of initiatives including new hire and onboarding and leadership
training. We also support our employees’ efforts to serve in their local communities by offering each employee the opportunity to take
paid volunteer days each calendar year. In addition, we and our employees frequently contribute funds or goods to support philanthropic
and community giving efforts. In 2024, our employees dedicated more than 1,000 hours to serving their local communities.
Past initiatives have included employee participation in sponsored charitable events and distribution of goods through select disaster
relief organizations.
Forrester also recognizes a shared responsibility to respect and protect the environment. Although our facilities and operations
have a small ecological footprint, we reduce the environmental impact of our business through various waste reduction practices,
including WELL and LEED certified/eco-friendly buildings, recycling, and battery disposal. In addition, we have invested in multiple
technologies to facilitate remote work that can in many cases reduce the need for travel and the related environmental impacts, and our
hybrid work policy has significantly reduced the time spent commuting to most of our major offices.
Our clients trust us with some of their most sensitive confidential information, and we take our obligation to secure it seriously.
We have implemented appropriate technical and organizational measures to ensure a level of security appropriate to the risk of disclosure
of this information, and we attempt to minimize the amount of personally identifiable information regarding third parties in our
possession. When the processing of personally identifiable information is unavoidable, we strive to comply with all applicable laws and
regulations, including the European Union General Data Protection Regulation (GDPR), the California Consumer Privacy Act (as
amended by the California Privacy Rights Act), and similar data privacy laws of other U.S. states. We have also implemented a Privacy
Impact Assessment process to be used before we contract with new vendors of products or services that may have access to confidential
and/or personal information.

9
EXECUTIVE COMPENSATION
Compensation Discussion and Analysis
Executive Summary
We have implemented an executive compensation program that rewards performance. Our executive compensation program is
designed to attract, retain and motivate the key individuals who are most capable of contributing to the success of our Company and
building long-term value for our stockholders. The elements of our executives’ total compensation are base salary, cash incentive awards,
equity incentive awards and other employee benefits. We have designed a compensation program that makes a substantial portion of
executive pay variable, subject to increase when performance targets are exceeded, and subject to reduction when performance targets
are not achieved.
2024 Business Results
In 2024, we fell short of the financial goals we had set at the beginning of the year, with revenues decreasing by 10.0% to $432.5
million. Despite this, the Company met its final revenue, adjusted operating margin and adjusted earnings per share guidance for the
year.
Compensation for Performance
A substantial amount of the total compensation of our executive officers is linked to our performance, both through short-term
cash incentive compensation and long-term equity incentive compensation. We believe this aligns our executives’ incentives with our
objective of enhancing stockholder value over the longer term.
Cash Compensation.
A significant portion of the current cash compensation opportunity for our executive officers is typically
achieved through our Amended and Restated Executive Cash Incentive Plan (the “Executive Cash Incentive Plan”). As described in
more detail below, payments under the plan are based on company financial performance metrics (for recent years prior to 2024, the
booked sales accounts for the Company's CV products, or “CV bookings”, and modified operating income). By design, our plan pays
more when we perform well and less, or nothing, when we do not.
Equity Awards.
Another key component of compensation for our executive officers consists of long-term equity incentives, both
in the form of restricted stock units (RSUs) and, in some cases, stock options. In 2024, all RSUs granted to executive officers vest over
time, with 25% to vest annually over four years. We believe these awards have retention value and reflect a balance between short-term
financial performance and long-term stockholder return, supporting our performance-based compensation. Consistent with past years,
we did not grant equity awards in 2024 to George Colony, our Chairman and Chief Executive Officer, who is the beneficial owner of
approximately 39% of our common stock.
Compensation Program Changes in 2024
Base Salary and Short-Term Cash Incentive Compensation.
Based on a review of market data, and taking into account the
contributions of the named executive officers and our financial performance in 2023, during its annual executive compensation review
our Compensation and Nominating Committee (the “Committee”) left unchanged the base salaries and target cash incentive bonus
amounts of the named executive officers, as discussed further below. In addition, the Committee approved, and Mr. Colony agreed to,
the continued reduction in his base salary to $1.00 on an annualized basis for 2024.
Executive Cash Incentive Plan. In 2024, in light of the Company's financial performance in 2023 and its projected results for
2024, the Committee suspended the bonus program under the Executive Cash Incentive Plan for 2024 and did not set performance
metrics for the year.
Long-Term Equity Incentive Compensation. In 2024, the Committee approved annual equity awards to our executive officers
consisting solely of time-based RSUs. This contrasted to 2023, when the Committee determined that the equity awards to our named
executive officers, other than Mr. Colony, would consist of a combination of time-based and performance-based RSUs and stock options.
Stock Retention Guidelines. As a result of its annual review of the Company's stock retention guidelines described in more detail
below, the Committee decided to update the retention targets for all executive officers and directors effective April 1, 2024 to align the
targets with changes in annual compensation and stock market fluctuations.

10
Say on Pay Stockholder Vote. As we have done each year since 2011, in 2024 we submitted our executive compensation program
to an advisory vote of our stockholders and, consistent with the results of our previous say on pay votes, it received the support of 99%
of the total votes cast at our annual meeting. We pay careful attention to any feedback we receive from our stockholders about our
executive compensation program, including the say on pay vote. The Committee considered this feedback when setting our executive
cash compensation program and granting equity awards to executives in 2024 and will continue to consider stockholder feedback in its
subsequent executive compensation decision making.
Compensation Objectives and Strategy
The primary purpose of our executive compensation program is to attract, retain and motivate the key individuals who are most
capable of contributing to the success of our Company and building long-term value for our stockholders. Our principal objectives and
strategy concerning our executive compensation program are as follows:
•
encourage achievement of key Company values — including client service, quality, collaboration, courage and integrity —
that we believe are critical to our continued growth;
•
base cash compensation on individual attainment of goals and responsibility, teamwork, and our short-term financial
performance;
•
align employees’ incentives with our objective of enhancing stockholder value over the longer term through long-term
incentives, principally in the form of stock options and RSUs vesting over time and RSUs subject to performance conditions;
and
•
emphasize individual excellence and encourage employees at all levels, as well as executive officers, to take initiative and
lead individual projects that enhance our performance.
These objectives and strategy are reviewed each year by the Committee, which oversees our executive compensation program. In
furtherance of these objectives, the Committee takes the following actions each year:
•
reviews the performance of George Colony, our Chairman and Chief Executive Officer, including his demonstration of
leadership and his overall contribution to the financial performance of the Company;
•
reviews the assessment by Mr. Colony of the performance of the other executive officers against their individual and team
goals;
•
reviews the company-wide financial goals that are used in the calculation of the cash incentive compensation for our
executives;
•
reviews all components of compensation for each executive officer: base salary, short-term cash incentive compensation,
and long-term equity incentive compensation;
•
assesses relevant market data; and
•
holds executive sessions (without our management present) as appropriate to accomplish the above actions.
Mr. Colony also plays a substantial role in the compensation process for the other executive officers, primarily by recommending
annual goals for the executives reporting directly to him, evaluating their performance against those goals, and providing
recommendations on their compensation to the Committee.
The Committee did not engage an independent compensation consultant in 2024 for its general executive compensation analysis
because the members were comfortable relying on their independent review of the market data, surveys and other supporting information
provided by management, taking into account that the Company does not offer special perquisites, deferred compensation plans, or other
special executive compensation arrangements. The Committee believes it is adequately experienced to address relevant issues and
discharge its responsibilities consistent with the Company’s compensation objectives and philosophy.
The Committee has not historically used formal benchmarking data to establish compensation levels but has relied instead on
relevant market data and surveys to design compensation packages that it believes are competitive with other similarly situated
companies or those with whom we compete for talent. While compensation surveys provide useful data for comparative purposes, the
Committee believes that successful compensation programs also require the application of sound judgment and subjective
determinations of individual and Company performance.

11
The Committee believes it is helpful to utilize data compiled from a wide array of companies and believes it important to consider
comparative data from companies of comparable size and revenue, operating within a comparable industry, and located or operating
within our principal geographic markets. In setting executive compensation for 2024, the Committee primarily considered data from the
Radford Global Compensation Database, which included companies with annual revenues from $200 million to $1 billion, as well as
comparable companies in the industries and geographies applicable to our executives. For each of the Company’s executive officers,
the data the Committee reviewed included comparative market percentiles for base salary, total annual cash compensation opportunity
(or “on-target earnings”), and total direct compensation (on-target earnings plus equity incentives). The Committee determined that each
of the compensation components of the named executive officers, other than Mr. Colony, were aligned with the comparative market
data considering experience, role criticality, and performance and, accordingly, made its decisions regarding 2024 executive
compensation with the goal of maintaining that status.
Since Mr. Colony owns such a substantial percentage of our common stock, the Committee references the available market data
on chief executive officer compensation for comparison purposes put does not place substantial weight on that data when setting his
executive compensation.
Elements of Compensation
Compensation for our named executive officers consists of the following principal components:
•
base salary;
•
short-term cash incentive compensation;
•
long-term equity incentive compensation, principally in the form of stock options and RSUs;
•
severance and change-of-control benefits; and
•
other benefits available generally to all full-time employees.
We do not have an express policy for weighting different elements of compensation or for allocating between long-term and short-
term compensation, but we do attempt to maintain compensation packages that will advance our overall compensation objectives. In
reviewing and setting the compensation of each executive officer, we consider the individual’s position with the Company and his or
her ability to contribute to achievement of strategic and financial objectives. In 2024, as discussed below, along with various cost-saving
measures undertaken by the Company, we suspended the short-term cash incentive compensation plan for our executive officers.
Base Salary.
The Committee approves the base salaries of our named executive officers annually by evaluating the
responsibilities of their position, the experience and performance of the individual, and as necessary or appropriate, survey and market
data. The base salary of a named executive officer is also considered together with the other components of his or her compensation to
ensure that both the executive’s total cash compensation opportunity (or “on-target earnings”) and the allocation between base salary
and variable compensation for the executive are in line with our overall compensation philosophy and business strategy. Additionally,
the Committee may adjust base salary more frequently than annually to address retention issues or to reflect promotions or other changes
in the scope or breadth of an executive’s role or responsibilities.
Our goal is to pay base salaries to our named executive officers that are competitive with the base salaries of companies that are
similarly situated or with which we compete to attract and retain executives, while taking into account total on-target earnings, and
remaining consistent with our overall compensation objectives with respect to variable compensation. In February 2024, taking into
account our financial performance in 2023, the Committee decided to leave the base salaries of the named executive officers unchanged
from 2023. In addition, as part of various cost reduction activities undertaken by the Company, the Committee approved, and Mr. Colony
agreed to, the continued reduction in Mr. Colony’s base salary to $1.00 on an annualized basis for 2024.
Short-Term Cash Incentive Compensation.
A significant portion of each of our named executive officers’ total annual cash
compensation is typically dependent on our achievement of annual financial objectives set forth under our Executive Cash Incentive
Plan. Payouts under the plan are made annually in arrears.
An individual named executive officer’s annual bonus payout under the Executive Cash Incentive Plan is based on the following
factors, which are discussed in more detail below:
•
the named executive officer’s target award;
•
the Company’s financial performance; and
•
if applicable, the named executive officer’s individual and/or team performance.

12
In February 2024, taking into account our financial performance in 2023 and projected financial results for 2024, and as part of
various cost reduction activities undertaken by the Company, the Committee elected to suspend the bonus program under the Executive
Cash Incentive Plan for 2024 and did not set Company performance metrics under the Plan for the year. At the same time, the Committee
decided to leave the target cash incentive bonus amounts of the named executive officers unchanged from the previous year for other
purposes such as calculation of stock ownership guidelines, described in more detail below in "Stock Retention Guidelines". As was the
case in 2023, the average annual target cash incentive bonus amount for our named executive officers, other than Mr. Colony, was
approximately 72.5% of that person’s base salary.
In February 2025, the Committee considered the contributions of our named executive officers to expense management and
evaluated the Company’s performance during a difficult 2024, driven by the continuing product transition to our Forrester Decisions
platform amid challenging macroeconomic conditions. Based on that evaluation, the Committee determined to award each of the named
executive officers a discretionary cash bonus equal to 27% of such officer’s target award under the Executive Cash Incentive Plan as of
December 31, 2024, as is set forth in the Summary Compensation Table under the heading “Bonus.” The Committee similarly approved
discretionary 27% cash bonuses for all other employees of the Company whose bonuses were suspended in 2024 under applicable cash
incentive plans.
Long-term Equity Incentive Compensation.
Our annual equity awards to executive officers historically have consisted of time-
based RSUs and, in some years like 2023, performance-based RSUs and time-based stock options granted under our equity incentive
plan. The number of RSUs and stock options awarded are calculated with reference to a specific compensation value divided by the
share price of our common stock on the award date.
All stock-based compensation awards granted to our executive officers are granted by the Committee. We believe that stock-based
awards help to motivate and retain executives and also align management’s incentives with long-term stock price appreciation. In
general, we believe that time-based equity-based awards serve to encourage retention while further aligning the interests of executives
and stockholders, as the awards have value only if the recipient continues to provide service to the Company through the vesting date,
and, while the RSUs have immediate compensatory value to the recipient upon vesting, increases in our share price provide significant
additional compensatory value to the recipient, and decreases in the share price reduce the original compensation value of the award.
Neither the Company nor our board of directors, including the Committee, has any plan, program or practice of timing equity incentive
awards in coordination with the release or withholding of material non-public information.
In determining the size and nature of stock-based awards for 2024, the Committee considered the aggregate number of stock-
based awards outstanding relative to the Company’s total shares outstanding, the retentive value of outstanding stock-based awards
(including the performance-based RSUs and stock options awarded in 2023), the average aggregate size of stock-based awards made to
executive officers of companies that are similarly situated or with which we compete to attract and retain executives, and the individuals
that they believed were most likely to contribute to or influence a return to the Company’s historical growth levels and improvement in
the Company’s operating margin. On March 27, 2024, the Committee reviewed and approved the grant of time-based RSUs to each of
L. Christian Finn, our Chief Financial Officer, Carrie Johnson, our Chief Product Officer, Sharyn Leaver, our Chief Research Officer,
and Nate Swan, our Chief Sales Officer, effective April 1, 2024. Mr. Finn was granted 24,003 RSUs; Ms. Johnson was granted 24,003
RSUs; Ms. Leaver was granted 16,802 RSUs; and Mr. Swan was granted 24,003 RSUs. The Committee determined that the RSUs would
vest 25% annually over four years.
Beginning in 2023, the Committee revised our equity program for executive officers to include awards of performance-based
RSUs (or "PSUs"), which would vest only upon the satisfaction of predetermined performance targets. While it was intended that PSUs
with updated three-year performance periods would be issued annually thereafter, the Committee elected not to issue PSUs in 2024 in
light of the Company's financial performance in 2023 and projected financial results for 2024.
Each PSU granted to the named executive officers in 2023 entitles the applicable officer to receive on or after March 1, 2026,
prior to deducting the applicable number of shares necessary to satisfy withholding tax obligations, one share of the Company's common
stock, if each of the two performance levels described below are met and the officer remains employed by the Company. The first
performance metric is the Company's CV as of December 31, 2025 (referred to as Measurement Year CV), as reported along with the
release of our consolidated financial results for the fiscal year ending December 31, 2025, and as adjusted to reflect the foreign currency
rates used to calculate the Company's CV reported for the year ended December 31, 2022. The second performance metric is the
Company's Adjusted EBITDA margin for the year ending December 31, 2025 (referred to as Measurement Year Adjusted EBITDA
Margin), defined as our consolidated adjusted income from operations plus depreciation, divided by total revenues, as reported along
with the release of our consolidated financial results for the year ending December 31, 2025. If both target performance levels are exactly
met, the PSUs will vest at 100%. Failure to achieve the minimum performance threshold for CV will result in forfeiture of all of the
PSUs. If the Company achieves the minimum performance level for CV, a number of PSUs equal to 75% of the total PSUs (referred to
as the "CV Growth PSUs") will vest as follows. The aggregate number of CV Growth PSUs that will vest will be equal to the CV
Growth PSUs multiplied by the applicable percentage set forth in the table below. If Measurement Year CV falls between two of the
percentiles below, the applicable percentage will be interpolated on a straight-line basis.

13
Applicable Percentage
Measurement Year CV
of CV Growth PSUs
90% of CV Growth Target (Minimum CV Growth Threshold)
30%
95% of CV Growth Target
50%
CV Growth Target
100%
105% of CV Growth Target
150%
If the Company achieves the minimum performance levels for both CV and Adjusted EBITDA Margin, a number of PSUs equal
to 25% of the total PSUs (referred to as the "Adjusted EBITDA Margin PSUs") will vest as follows. The aggregate number of Adjusted
EBITDA Margin PSUs that will vest will be equal to the Adjusted EBITDA Margin PSUs multiplied by the applicable percentage set
forth in the table below. If Measurement Year Adjusted EBITDA Margin falls between two of the percentiles below, the applicable
percentage will be interpolated on a straight-line basis.
Measurement Year
Applicable Percentage of
Adjusted EBITDA Margin
Adjusted EBITDA Margin PSUs
One % point below Adjusted EBITDA Margin Target (Minimum Adjusted EBITDA
Margin Threshold)
30%
Adjusted EBITDA Margin Target
100%
One % point above Adjusted EBITDA Margin Target
150%
The maximum number of shares that can vest under each PSU award is 150% of the original grant amount. The Committee
decided that using scaled metrics was appropriate to achieve the objectives of longer-term strategic thinking and retention of key talent,
taking into account planned investments to support growth in the business and the overall business environment. The Committee may
appropriately adjust any evaluation of performance to the extent deemed necessary to take into account non-recurring items including,
but not limited to, acquisitions, divestitures or significant restructuring charges.
Given Mr. Colony’s significant ownership of our common stock, the Committee did not grant stock options or RSUs to Mr.
Colony in 2023.
Severance and Change in Control Agreements.
Effective May 15, 2014, we adopted the Forrester Research, Inc. Executive
Severance Plan (the “Severance Plan”), applicable to all of our executive officers, including the named executive officers. Similar to
plans maintained by many other companies, our Severance Plan provides for payments and benefits to our executive officers upon a
qualifying termination of employment, including in connection with a change in control. Further detail on the Severance Plan is
contained below under the heading “Severance and Change-of-Control Benefits.” We believe that the Severance Plan functions as a
retention tool for our executive officers to remain with the Company and enable the executive officers to focus on the continuing business
operations and, as applicable, the success of a potential business combination that the Board of Directors has determined to be in the
best interests of the stockholders. We believe this results in stability and continuity of operations.
Other Benefits
As employees of our Company, our executive officers are eligible to participate in all Company-sponsored benefit programs on
the same basis as other full-time employees, including health and dental insurance and life and disability insurance. In addition, our
executive officers are eligible to receive the same employer match under our 401(k) plan as is applicable for all participating employees
and to participate in our employee stock purchase plan, pursuant to which participants may elect to purchase shares of our stock on a
semi-annual basis at a 15% discount based on the lower of the price of our stock at the beginning and end of each period. We do not
offer any supplemental executive health and welfare or retirement programs, or provide any other supplemental benefits or perquisites,
to our executives.
Stock Retention Guidelines
Our Corporate Governance Guidelines include stock retention guidelines to further align the interests of our directors and
executive officers with those of our stockholders. Members of our executive team and Board of Directors are subject to these stock
retention guidelines for so long as they remain an executive officer, or serve as a director, of the Company.
The guidelines require directors of the Company to acquire and hold during their service as a Forrester Board member shares of
Forrester’s common stock (“Common Stock”) equal in value to at least two times their total annual compensation from Forrester
(including cash retainer and grant date value of equity grants) as in effect on April 1, 2024 (or, if later, the date of commencement of
Board service or such other date as the Committee shall designate). Directors have five years from the date of commencement of their
Board service to meet the target stock ownership guideline.

14
Executive officers of the Company are required to acquire and hold during their service as a Forrester executive team member
shares of Common Stock equal in value to at least one times their total annual on-target earnings (defined as base salary plus total annual
cash compensation opportunity) as in effect on April 1, 2024 (or, if later, the date of commencement of executive team service or such
other date as the Committee shall designate). Executive officers have five years from the date of commencement of executive team
service to meet the target stock ownership guideline.
In April of 2024 the Committee determined that the retention targets for all executive officers and directors would be adjusted,
effective immediately, using the 200 day moving average closing stock price of the Company as of April 1, 2024 and the on-target
earnings (for executive officers) and total compensation (for directors) as of April 1, 2024 for purposes of calculating such targets.
Until such time as a director or officer reaches his or her share ownership guideline, the director or officer may sell shares of
Common Stock only to the extent that, subsequent to such sale, such director or officer continues to hold more shares than he or she
held as of December 31 of the preceding year. In addition, if a director or officer has not reached his or her share ownership guideline
within the required accumulation period, he or she will be required to retain 100% of the net shares of Forrester common stock delivered
to him or her upon the exercise or vesting of stock awards held by him or her until such guideline is reached. Net shares are the number
of shares remaining after shares are sold or netted to pay the exercise price of stock options and withholding taxes. For directors, the
applicable withholding taxes will be presumed to be the minimum withholding tax applicable to an employee. All directors and executive
officers are expected to continuously own sufficient shares to meet the guideline once it has been reached. Unexercised stock options
and unvested restricted stock units will not count toward meeting the stock ownership guidelines.
These guidelines may be waived, at the discretion of the Committee, if compliance with the guidelines would create severe
hardship or prevent an executive officer or director from complying with a court order. The Committee will reassess these guidelines
on an annual basis, taking into account factors such as compensation and stock price changes. Our directors and executive officers have
complied in full with these guidelines since their initial adoption.
Impact of Tax and Accounting on Compensation Decisions
As a result of federal tax legislation enacted in December 2017, compensation paid to certain of our executive officers in excess
of $1 million per person per year will not be deductible unless it qualifies for transition relief applicable to certain compensation
arrangements in place as of November 2, 2017 and not later materially modified.
The Committee believes that the interests of our stockholders are best served if the Committee continues to retain flexibility and
discretion to approve and amend compensation plans, agreements and arrangements to support our corporate objectives, even if a plan,
agreement or arrangement does not qualify for full or partial tax deductibility and even if an amendment results in a loss or limitation
of tax deductibility. Despite the changes as a result of the 2017 tax legislation, the Committee currently expects (consistent with its
executive compensation philosophy) to structure executive compensation programs such that a significant portion of executive
compensation is linked to our performance.
The Committee also takes into consideration the accounting treatment of the different forms of awards it may grant to executive
officers.
Compensation Committee Report
The Compensation and Nominating Committee of the Board of Directors has reviewed and discussed the Compensation
Discussion and Analysis included in this proxy statement with management and, based on this review and discussion, recommended to
the Board of Directors that the Compensation Discussion and Analysis be included in this proxy statement.
Compensation and Nominating Committee
Robert M. Galford, Chair
Robert Bennett
David Boyce
Yvonne Wassenaar
The information contained in the report above shall not be deemed to be “soliciting material” or to be “filed” with the SEC, nor
shall such information be incorporated by reference into any future filing under the Securities Act of 1933, as amended, or the Securities
Exchange Act of 1934, as amended, except to the extent that we specifically incorporate it by reference in any such filing.

15
SUMMARY COMPENSATION TABLE
The following table shows the compensation earned by our Chief Executive Officer, our Chief Financial Officer, and each of our
three other most highly compensated executive officers as of December 31, 2024. We refer to these officers as the “named executive
officers.”
Non-Equity
Stock
Option
Incentive Plan
All Other
Salary
Bonus
Awards
Awards
Compensation
Compensation
Total
Name and Principal Position
Year
($)
($)(1)
($)(2)
($)(2)
($)
($)(3)
($)
George F. Colony
2024
51
182,250
—
—
—
32,992
215,293
Chairman of the Board and
2023
207,993
—
—
—
—
36,928
244,921
Chief Executive Officer
2022
597,896
—
—
—
371,250
23,484
992,630
L. Christian Finn
2024
420,025
85,045
499,982
—
—
18,811
1,023,864
Chief Financial Officer
2023
420,275
125,993
746,862
430,930
—
19,894
1,743,954
2022
420,083
—
499,978
—
145,736
11,320
1,077,117
Carrie Johnson
2024
425,050
86,063
499,982
—
—
19,169
1,030,264
Chief Product Officer
2023
425,300
127,500
746,862
430,930
—
17,820
1,748,412
2022
428,750
—
449,950
—
175,313
11,766
1,065,779
Sharyn Leaver
2024
375,600
60,750
349,986
—
—
14,032
800,368
Chief Research Officer
2023
375,600
90,000
485,449
323,191
—
8,742
1,282,982
2022
374,556
—
324,981
—
123,750
10,400
833,687
Nate Swan
2024
420,600
90,720
499,982
—
—
17,416
1,028,719
Chief Sales Officer
2023
410,858
234,400
746,845
430,930
1,000
21,257
1,845,290
(1)
Amounts for 2024 represent discretionary bonuses approved by the Committee.
(2)
These amounts represent the aggregate grant date fair value of time-based and performance-based restricted stock unit and time-
based option awards. Assumptions used in the calculation of option awards are included in footnote 1 to the Company’s
consolidated financial statements included in our 2024 Annual Report on Form 10-K. The grant date fair value of restricted stock
units is based upon the closing price of the Company’s common stock on the date of grant. The amounts set forth may be more or
less than the value ultimately realized by the named executive officer based upon, among other things, the value of the Company’s
common stock at the time of exercise of the options or vesting of the restricted stock units and whether such options or restricted
stock units actually vest.
(3)
2024 amounts include the following amounts of Company matching contributions under our 401(k) plan: Mr. Finn, $10,350; Ms.
Johnson, $10,350; Ms. Leaver, $6,976; and Mr. Swan, $10,350. Other amounts consist of group term life insurance premiums and
miscellaneous other items.

16
GRANTS OF PLAN-BASED AWARDS FOR 2024
The following table sets forth information with respect to plan-based awards granted to named executive officers in 2024.
Grant
All Other
Date
All Other
Option
Fair
Stock
Awards:
Exercise
Value of
Estimated Possible Payouts Under
Estimated Future Payouts Under
Awards:
Number of
or Base
Stock
Non-Equity Incentive Plan
Equity Incentive Plan
Number of
Securities
Price of
and
Committee
Awards
Awards
Shares of
Underlying
Option
Option
Grant
Approval
Threshold
Target
Maximum
Threshold
Target
Maximum
Stock
Options
Awards
Awards
Name
Date
Date
($)
($)
($)
(#)
(#)
(#)
(#)
(#)
($/Sh)
($)(1)
George F. Colony
—
—
—
—
—
—
—
—
—
—
—
—
L. Christian Finn
04/01/24
03/27/24
—
—
—
—
—
—
24,003
—
—
499,982
Carrie Johnson
04/01/24
03/27/24
—
—
—
—
—
—
24,003
—
—
499,982
Sharyn Leaver
04/01/24
03/27/24
—
—
—
—
—
—
16,802
—
—
349,986
Nate Swan
04/01/24
03/27/24
—
—
—
—
—
—
24,003
—
—
499,982
(1)
See footnote 2 to the Summary Compensation Table.

17
OUTSTANDING EQUITY AWARDS AT 2024 FISCAL YEAR-END
The following table sets forth information for the named executive officers regarding outstanding option awards and stock awards
held as of December 31, 2024.
Option Awards
Stock Awards
Equity Incentive
Equity Incentive
Plan
Plan
Awards:
Awards: Market or
Number of
Number of
Number of
Payout Value of
Securities
Securities
Unearned Shares,
Unearned Shares,
Underlying
Underlying
Units
Units
Unexercised
Unexercised
Option
or Other
or Other
Options
Options
Exercise
Option
Rights That
Rights That
(#)
(#)
Price
Expiration
Have Not Vested
Have Not Vested
Name
Exercisable
Unexercisable
($)
Date
(#)
($)(1)
George F. Colony
—
—
—
—
—
—
L. Christian Finn
—
—
—
—
5,040(2)
78,977
—
—
—
—
4,966(3)
77,817
—
—
—
—
11,350(4)
177,855
—
—
—
—
24,003(5)
376,127
—
—
—
—
7,566(6)
26,676
7,567
22,699(7)
33.04
2/28/2033
—
—
Carrie Johnson
—
—
—
—
2,203(8)
34,521
—
—
—
—
4,470(3)
70,045
—
—
—
—
11,350(4)
177,855
—
—
—
—
24,003(5)
376,127
—
—
—
—
7,566(6)
26,676
7,567
22,699(7)
33.04
2/28/2033
—
—
Sharyn Leaver
—
—
—
—
826(8)
12,943
—
—
—
—
3,228(3)
50,583
—
—
—
—
7,377(4)
115,598
—
—
—
—
16,802(5)
263,287
—
—
—
—
4,918(6)
17,340
5,675
17,024(7)
33.04
2/28/2033
—
—
Nate Swan
—
—
—
—
9,899(9)
155,117
—
—
—
—
24,003(5)
376,127
—
—
—
—
7,566(6)
26,676
7,567
22,699(7)
33.04
2/28/2033
—
—
(1)
The market value was calculated based on $15.67, the closing price per share of our common stock on December 31, 2024. With respect
to performance-based restricted stock units, the stated value equals the product of $15.67 multiplied by the number of shares issuable
upon achievement of threshold performance goals. However, we have recorded a zero value for these awards in our financial statements
for the year ended December 31, 2024.
(2)
Consists of time-based restricted stock units that vest on October 1, 2025.
(3)
Consists of time-based restricted stock units that vest as to 50% of the shares subject to the award on each of March 1, 2025 and March
1, 2026.
(4)
Consists of time-based restricted stock units that vest as to one third of the shares subject to the award on each of March 1, 2025, March
1, 2026, and March 1, 2027.
(5)
Consists of time-based restricted stock units that vest as to 25% of the shares subject to the award on each of April 1, 2025, April 1,
2026, April 1, 2027, and April 1, 2028.
(6)
Consists of performance-based restricted stock units granted pursuant to our Equity Incentive Plan. The vesting of these restricted stock
units is conditioned upon achievement of defined performance objectives relating to contract value (CV) growth and Adjusted
EBITDA margin in 2025. The restricted stock units can vest on March 1, 2026 as to between 22.5% and 150% of the total number
of shares subject to the award, depending on performance, or the restricted stock units can be forfeited if the defined performance
objectives are not met.
(7)
Stock options become exercisable as to one third of the shares subject to the award on each of March 1, 2025, March 1, 2026, and March
1, 2027.
(8)
Consists of time-based restricted stock units that vest on August 1, 2025.
(9)
Consists of time-based restricted stock units that vest as to one third of the shares subject to the award on each of February 1, 2025,
February 1, 2026, and February 1, 2027.

18
OPTION EXERCISES AND STOCK VESTED TABLE FOR 2024
The following table sets forth information for the named executive officers regarding the value realized during 2024 by the
executives pursuant to option exercises and the vesting of RSUs.
Option Awards
Stock Awards
Number of
Number of
Shares
Value
Shares
Value
Acquired
Realized
Acquired on
Realized
on Exercise
on Exercise
Vesting
on Vesting
Name
(#)
($)
(#)
($)
George F. Colony
—
—
—
—
L. Christian Finn
—
—
11,307
213,174
Carrie Johnson
—
—
10,652
210,952
Sharyn Leaver
—
—
5,593
112,015
Nate Swan
—
—
3,300
85,140
Pension Benefits
We have no defined benefit pension plans or long-term incentive plans applicable to the named executive officers.
Nonqualified Deferred Compensation
We have no nonqualified defined contribution or deferred compensation plans.
Severance and Change-of-Control Benefits
Effective May 15, 2014, our Board of Directors adopted and approved the Forrester Research, Inc. Executive Severance Plan (the
“Severance Plan”), which is applicable to all of the Company’s executive officers, including the named executive officers. The Severance
Plan provides for the payment of severance and other benefits to each executive officer in the event of a termination of employment
with the Company without cause and also, in the case of a change in control, by an executive officer for good reason, each as defined in
the Severance Plan (each, a “Qualifying Termination”). In the event of a Qualifying Termination and subject to the executive’s execution
of a general release of claims against the Company, in addition to any accrued obligations such as unpaid base salary, vacation and
earned bonuses, the Severance Plan provides for the following severance payments and benefits:
•
In the event of a Qualifying Termination other than following a change in control:
•
continued payment of the executive officer’s base salary in installments for one year, or in the case of Mr. Colony (or
any successor CEO), for 18 months, after the Qualifying Termination;
•
payment in a lump sum of an amount equal to the lesser of the executive officer’s (x) annual target bonus and, if
applicable, sales commissions, as in effect on the date of the Qualifying Termination, or (y) the average of the actual
bonus and, if applicable, sales commissions, earned by the executive officer under the applicable plans for the two
fiscal years preceding the year of the Qualifying Termination (or for such shorter period that the executive officer was
employed by the Company); or in the case of the chief executive officer, payment in a lump sum of an amount equal
to one and one-half times the lesser of the chief executive officer’s (x) annual target bonus and, if applicable, sales
commissions, as in effect on the date of the Qualifying Termination, or (y) the average of the actual bonus and, if
applicable, sales commissions earned by the chief executive officer under the applicable plans for the two fiscal years
preceding the year of the Qualifying Termination;
•
payment in cash during the 12-month period following a Qualifying Termination for executive officers other than the
chief executive officer, and during the 18-month period following a Qualifying Termination for the chief executive
officer, of an amount equal to the Company’s portion of the cost for medical and dental coverage under applicable
Company plans; and
•
6 months of outplacement assistance, subject to extension for an additional 6 months upon request of the executive
officer and at the discretion of the Company.

19
•
In the event of a Qualifying Termination during the 18-month period following a change in control (as defined in the
Severance Plan):
•
payment in a lump sum of the executive officer’s annual base salary, or in the case of the chief executive officer, two
times annual base salary;
•
payment in a lump sum of an amount equal to the excess, if any, of (x) the executive officer’s annual target bonus
amount and/or annual target sales commission amount pro-rated as of the Qualifying Termination, over (y) the amount
paid or payable for the actual bonus and/or sales commissions earned through the Qualifying Termination;
•
payment of the higher of the executive officer’s (x) target annual incentive opportunity, including target bonus
opportunity and, if applicable, target sales commissions, or (y) the average of the actual bonus and, if applicable, sales
commissions, earned by the executive under the applicable plans for the two fiscal years preceding the year of the
Qualifying Termination (or such shorter period that the executive officer was employed by the Company); or in the
case of the chief executive officer, the higher of two times his or her (x) target annual incentive opportunity, including
target bonus opportunity and, if applicable, target sales commissions, or (y) the average of the actual bonus and, if
applicable, sales commissions, earned by the chief executive officer under applicable plans for the two fiscal years
preceding the year of the Qualifying Termination;
•
payment in cash in a lump sum of an amount equal to 12 months for executive officers other than the chief executive
officer, and 24 months for the chief executive officer, of the Company’s portion of the cost for medical and dental
coverage under applicable Company plans;
•
12 months of outplacement assistance; and
•
without limiting an executive officer’s rights under any equity plans or agreements, accelerated vesting of, or
cancellation and payment of merger consideration for (net of exercise price, if any), all unvested equity and equity-
based awards, with performance-based awards, if any, vesting at target level of performance.
The Severance Plan shall also reimburse each executive officer whose termination of employment results from a change of control
all reasonable legal fees and expenses incurred to obtain or enforce rights or benefits under the Severance Plan if the executive officer
prevails in substantial part on the material issues of the proceeding.
The Severance Plan does not provide for a gross-up payment to any of the executive officers to offset any excise taxes that may
be imposed on excess parachute payments under Section 4999 (“Excise Tax”) of the Internal Revenue Code of 1986, as amended.
Instead, the Severance Plan provides that in the event that the severance payments and benefits described above, and any other parachute
payments, would, if paid, be subject to the Excise Tax, then the severance payments and benefits under the Severance Plan will be
reduced to the extent necessary so that no portion of the payments or benefits under the Severance Plan are subject to the Excise Tax,
provided that there shall be no such reduction if the net amount of the payments received by the executive officer after giving effect to
all applicable taxes is greater than the net amount of the payments received by the executive officer after giving effect to the reduction.
We have not entered into agreements providing for severance benefits with any of the named executive officers. Each of our
named executive officers other than Mr. Colony has entered into stock option and restricted stock unit grant agreements that provide for
full acceleration of vesting upon a change of control of the Company, unless there is an assumption, substitution or cash-out of the
options or restricted stock units in connection with the change of control.

20
The following table provides the details of payments that would have been paid to, or value that would have been received by, the
named executive officers in connection with either a change of control, a termination of employment without cause or for good reason
in connection with a change of control, or a termination of employment without cause in the absence of a change of control, in each case
effective as of December 31, 2024.
Payment in
Value of
Annual
Lieu of
Accelerated
Salary
Incentive
Medical and
Outplacement
Unvested
Continuation
Compensation
Dental
Assistance
Equity
Total
Name
Event (1)
($)
($)
($)
($)(2)
($)(3)
($)
George F. Colony
Change in Control
—
—
—
—
—
—
Termination Upon
Change in Control
1,200,000
1,842,750
31,535
20,000
—
3,094,285
Not for Cause
Termination
900,000
278,438
23,651
10,000
—
1,212,088
L. Christian Finn
Change in Control
—
—
—
—
829,335
829,335
Termination Upon
Change in Control
420,000
544,918
25,402
20,000
829,335
1,839,654
Not for Cause
Termination
420,000
135,865
25,402
10,000
—
591,267
Carrie Johnson
Change in Control
—
—
—
—
777,107
777,107
Termination Upon
Change in Control
425,000
551,437
23,336
20,000
777,107
1,796,880
Not for Cause
Termination
425,000
151,407
23,336
10,000
—
609,743
Sharyn Leaver
Change in Control
—
—
—
—
519,476
519,476
Termination Upon
Change in Control
375,000
389,250
25,402
20,000
519,476
1,329,128
Not for Cause
Termination
375,000
106,875
25,402
10,000
—
517,277
Nate Swan
Change in Control
—
—
—
—
649,804
649,804
Termination Upon
Change in Control
420,000
581,280
25,402
20,000
649,804
1,696,485
Not for Cause
Termination
420,000
134,400
25,402
10,000
—
589,802
(1)
None of the named executive officers has an agreement to receive any salary continuation, variable cash compensation, benefits
continuation, acceleration of equity or gross-up in the event such named executive officer dies, becomes disabled, voluntarily
terminates his or her employment with Forrester without “Good Reason” or if that named executive officer is terminated by
Forrester for cause.
(2)
Estimated cost of 12 months of outplacement service in the event of a change in control and 6 months of outplacement service in
the event of termination without a change in control.
(3)
Calculated using $15.67, the closing price per share of our common stock on December 31, 2024. In the case of unvested options,
calculated using the difference between $15.67 and the exercise price of the applicable option, multiplied by the number of
unvested shares. In the case of unvested restricted stock units (RSUs), calculated using $15.67 multiplied by the number of shares
underlying such unvested RSU (at target in the case of performance-based RSUs).

21
Director Compensation
DIRECTOR COMPENSATION TABLE FOR 2024
The following table shows the compensation that we paid during the year ended December 31, 2024 to each of our directors, other
than Mr. Colony, who was not paid additional compensation for his service as a director and whose compensation is reflected in
“Executive Compensation” above.
Fees Earned
or Paid in
Stock
Cash
Awards
Total
Name
($)
($)(1)(2)(3)
($)
Robert Bennett(4)
25,000
119,984
144,984
David Boyce
35,000
119,986
154,986
Neil Bradford
35,000
119,986
154,986
Anthony Friscia
35,000
119,986
154,986
Robert M. Galford
50,000
119,986
169,986
Corinne Munchbach(4)
25,000
119,986
144,986
Warren Romine
43,000
119,986
162,986
Gretchen Teichgraeber(4)
8,750
—
8,750
Yvonne Wassenaar
35,000
119,986
154,986
(1)
The amounts in this column reflect the aggregate grant date fair value of restricted stock unit awards for 2024. The grant date fair
value of restricted stock units is based upon the closing price of the Company’s common stock on the date of grant. The amounts
set forth may be more or less than the value ultimately realized by the named director based upon, among other things, the value
of the Company’s Common Stock at the time of vesting of the restricted stock units and whether such restricted stock units actually
vest.
(2)
On June 3, 2024, each of the directors then in office, other than Mr. Colony, received 6,737 restricted stock units. On August 1,
2024, Mr. Bennett received 6,305 restricted stock units.
(3)
At December 31, 2024, the non-employee directors held options to purchase, and restricted stock units for, the number of shares
listed next to their names below:
Number of Shares
Name
Options
RSUs
Robert Bennett
—
3,153
David Boyce
—
3,369
Neil Bradford
—
3,369
Anthony Friscia
—
3,369
Robert M. Galford
—
3,369
Corinne Munchbach
—
3,369
Warren Romine
—
3,369
Yvonne Wassenaar
—
3,369
(4)
Ms. Teichgraeber retired from the Board of Directors effective May 14, 2024. Ms. Munchbach and Mr. Bennett joined the Board
on June 1, 2024 and July 22, 2024, respectively.
Our non-employee directors receive an annual retainer of $30,000 and members of each Board committee receive an additional
annual retainer of $5,000 for each committee on which they serve, with the Chairman of the Audit Committee receiving an additional
$8,000 per year and the Chairman of the Compensation and Nominating Committee receiving an additional $5,000 per year. Our lead
independent director receives an additional $10,000 annual retainer. Each of these annual fees is payable quarterly in arrears. Members
of our Board of Directors are reimbursed for their expenses incurred in connection with attending any meeting.
The Compensation and Nominating Committee of the Board of Directors has the authority under the Forrester Research, Inc.
Amended and Restated Equity Incentive Plan (“Equity Incentive Plan”) to grant stock options and RSUs to non-employee directors in
such amounts and on such terms as it shall determine at the time of grant. On June 3, 2024, our seven non-employee directors at that
time each received 6,737 restricted stock units, which equals the number of whole shares calculated by dividing $120,000 by $17.81,
the closing price of the Company’s common stock on the date of award. On August 1, 2024, Mr. Bennett received 6,305 restricted stock
units, which equals the number of whole shares calculated by dividing $120,000 by $19.03, the closing price of the Company’s common
stock on the date of award. These RSUs vest in four equal quarterly installments over a one-year period. RSUs granted under the Equity
Incentive Plan become vested in full upon a change of control of the Company, unless there is an assumption, substitution or cash-out
of such RSUs in connection with the change of control.

22
CEO PAY RATIO
Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires most companies with
publicly traded stock in the United States to identify the median annual total compensation of their worldwide employee population
(other than the chief executive officer) and to compare that amount with the annual total compensation of their chief executive officer.
The pay ratio information included below is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-
K.
We identified our median employee using our total employee population as of October 1, 2024 by applying a consistently applied
compensation measure across our global employee population. For our consistently applied compensation measure, we used cash
compensation (base salary plus bonuses and commissions) paid in the nine months ending September 30, 2024. We used cash
compensation as our consistently applied compensation measure as we believe that this measure provides a reasonably accurate depiction
of total earnings for the purpose of identifying our median employee. We then calculated the median employee’s total annual
compensation in accordance with the requirements of the Summary Compensation Table. Earnings of our employees outside the U.S.
were converted to U.S. dollars using the currency exchange rates used for organizational planning purposes, which consider historical
and forecasted rates as well as other factors. We did not use any other material estimates, assumptions, adjustments or statistical
sampling to determine the worldwide median employee.
Our median employee’s total 2024 compensation (other than the CEO) was $123,939. Our Chief Executive Officer’s total 2024
compensation was $215,293, as reported in the Summary Compensation Table. Accordingly, our 2024 CEO to Median Employee Pay
Ratio was 1.74 to 1.
Please keep in mind that under the SEC’s rules and guidance, there are numerous ways to determine the compensation of a
company’s median employee, including the employee population sampled, the elements of pay and benefits used, any assumptions made
and the use of statistical sampling. In addition, no two companies have identical employee populations or compensation programs, and
pay, benefits and retirement plans differ by country even within the same company. As such, our pay ratio may not be comparable to
the pay ratio reported by other companies.

23
PAY VERSUS PERFORMANCE
As described in greater detail in “Executive Compensation – Compensation Discussion and Analysis,” our executive compensation
program reflects a variable pay-for-performance philosophy. The following table and related disclosures provide further “pay versus
performance” disclosure with respect to our chief executive officer, also referred to as our principal executive officer (PEO), and our
other named executive officers (NEOs), as contemplated by Item 402(v) of Regulation S-K.
Year
Summary
Compensation
Table Total to
PEO1
Compensation
Actually Paid to
PEO2
Average Summary
Compensation
Table Total For
Non-PEO NEOs3
Average
Compensation
Actually Paid to
Non-PEO NEOs4
Value of Initial Fixed $100
Investment Based On:
Net Income
(millions)7
Year-Over-
Year CV
Bookings
Growth8
Company
TSR5
Peer Group
TSR6
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
2024
$
215,293 $
215,293 $
970,804 $
432,335 $
38 $
151 $
-5.7
-5.3%
2023
$
244,921 $
244,921 $
1,655,159 $
1,073,951 $
64 $
152 $
3.1
-7.7%
2022
$
992,630 $
992,630 $
978,306 $
449,918 $
86 $
126 $
21.8
0.8%
2021
$
1,552,268 $
1,552,268 $
1,134,598 $
1,324,876 $
141 $
162 $
24.8
16.0%
2020
$
681,843 $
681,843 $
860,550 $
873,033 $
100 $
128 $
10.0
-3.5%
(1)
The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Colony (our Chief Executive
Officer or PEO) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive
Compensation –Summary Compensation Table.”
(2)
The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. Colony, as computed in
accordance with Item 402(v) of Regulation S-K. Because Mr. Colony did not receive or hold any equity awards during the years
reflected in the table and we do not maintain a pension in which Mr. Colony participates, no additions or deductions from Summary
Compensation Table (SCT) total compensation for our PEO are needed to determine the amount of “compensation actually paid”
in accordance with Item 402(v) of Regulation S-K.
(3)
The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s named executive
officers (NEOs) as a group (excluding Mr. Colony, who has served as our CEO in each of the covered years) in the “Total” column
of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Colony) included
for purposes of calculating the average amounts in each applicable year are as follow: (i) for 2023 and 2024, L. Christian Finn,
Carrie Johnson, Sharyn Leaver, and Nate Swan; (ii) for 2022, L. Christian Finn, Kelley Hippler, Carrie Johnson, Sharyn Leaver,
and Sarah Le Roy; (iii) for 2021, Scott Chouinard, Ryan Darrah, Michael Doyle, L. Christian Finn, Kelley Hippler, and Carrie
Johnson; and (iv) for 2020, Michael Doyle, Kelley Hippler, Carrie Johnson, and Steve Peltzman.
(4)
The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” (CAP) to the NEOs as
a group (excluding Mr. Colony), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not
reflect the average amount of compensation earned by or paid to the NEOs as a group (excluding Mr. Colony) during the applicable
year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the average
compensation for the NEOs as a group (excluding Mr. Colony) for each year to determine the compensation actually paid:
Average Non-PEO NEOs SCT Total to CAP Reconciliation:
Year
Salary
Bonus and Non-
Equity Incentive
Compensation
Other
Compensation
SCT Total
Reported Value of
Equity Awards
Equity Award
Adjustments
CAP
(i)
(ii)
(iii)
2024
$
410,319 $
80,645 $
17,357 $
970,804 $
(462,483)$
(75,986)$
432,335
2023
$
408,008 $
144,723 $
16,928 $
1,655,159 $
(1,085,500)$
504,291 $
1,073,951
2022
$
355,306 $
149,711 $
8,317 $
978,306 $
(464,972)$
(63,417)$
449,918
2021
$
290,528 $
376,641 $
104,942 $
1,134,598 $
(362,487)$
552,765 $
1,324,876
2020
$
369,916 $
141,109 $
12,038 $
860,550 $
(337,488)$
349,971 $
873,033
(i)
Reflects "all other compensation" reported in the SCT for each year shown.
(ii)
Represents the grant date fair value of equity-based awards granted each year as reported in the “Stock Awards” and "Option
Awards" columns in the Summary Compensation Table for the applicable year. Because we do not maintain a pension in

24
which any NEO participates, no adjustments from the SCT total related to pension value are needed to calculate
“compensation actually paid” in accordance with Item 402(v) of Regulation S-K.
(iii)
The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following:
(i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the
end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair
value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for
awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in
prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior
fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting
conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year;
and (vi) the dollar value of any dividends or other earnings paid on awards in the applicable year prior to the vesting date
that are not otherwise reflected in the fair value of such award or included in any other component of total compensation
for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed
at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:
Average Non-PEO NEOs Equity Award Adjustments:
2020
Average
2021
Average
2022
Average
2023
Average
2024
Average
Plus: Fair Value for Stock Awards Granted in the Covered Year that
are Unvested at End of Year
$392,907 $450,772 $ 257,486 $610,348 $ 347,917
Change in Fair Value of Outstanding Unvested Stock Awards from
Prior Year
$
2,451 $121,557 $(152,787)$ (85,607)$(334,414)
Change in Fair Value of Stock Awards from Prior Years that Vested in
the Covered Year
$ (45,387)$ 27,727 $ (71,058)$ (20,451)$ (89,489)
Less: Fair Value of Stock Awards Forfeited during the Covered Year
- $ (47,291)$ (97,057)
-
-
Total Adjustment
$349,971 $552,765 $ (63,417)$504,291 $ (75,986)
(5)
Company TSR is calculated to show the cumulative stockholder return on our common stock during the covered period. We did
not pay any dividends in the covered years.
(6)
Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the
beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry
index: S&P Small Cap 600 Information Technology.
(7)
The dollar amounts reported represent the amount of net income reflected in our audited financial statements for the applicable
year.
(8)
Year-over-year CV bookings growth is the percentage increase in bookings of our CV products with respect to a given covered
year compared to the prior covered year. For purposes of calculating the 2024 amount, we have excluded CV bookings attributable
to our former FeedbackNow business that was divested in August 2024.
Financial Performance Measures
As described in greater detail in “Executive Compensation – Compensation Discussion and Analysis,” our executive compensation
program reflects a variable pay-for-performance philosophy. The most important financial performance measures we used to link
executive compensation actually paid to our NEOs, for the most recently completed fiscal year, to our performance are as follows:
•
CV Bookings
•
Modified Operating Income
•
Year-Over-Year CV Bookings Growth
Analysis of the Information Presented in the Pay versus Performance Table
While we utilize several performance measures to align executive compensation with our performance, all of these measures are
not presented in the above Pay versus Performance Table. Moreover, we generally seek to incentivize long-term performance, and
therefore do not specifically align our performance measures with compensation that is actually paid (as computed in accordance with
Item 402(v) of Regulation S-K) for a particular year. In accordance with Item 402(v) of Regulation S-K, we are providing the following
descriptions of the relationships between information presented in the Pay versus Performance Table.

25
CAP versus TSR
As shown in the chart below, the PEO's and, with the exception of 2023, the other NEOs’ CAP amounts are aligned with the
Company’s TSR. This is due primarily to the Company’s use of equity incentives, which are tied directly to stock price in addition to
the company’s financial performance. The increase in the other NEO's CAP amounts for 2023 is due primarily to the issuance of stock
options, which have value only the extent that our stock price increases over the grant date stock price.
CAP versus Net Income
As shown in the chart below, while the variations in the Company’s net income and the PEO and other NEOs’ CAP have been
directionally consistent most years, the decrease in the CAP amounts for the other NEOs was proportionately greater than the decrease
in net income in 2022. This is due in large part to the significant emphasis the Company places on equity incentives, which are sensitive
to changes in stock price. The increase in the other NEO's CAP amounts for 2023 is due to the reasons stated above in "CAP versus
TSR." In addition, the Company does not use net income to determine compensation levels or incentive plan payouts.

26
CAP versus Company-Selected Measure (CSM)
The chart below compares the PEO and other NEOs’ CAP to our CSM, year-over-year CV bookings growth, which indicates
there is a very strong relationship between this CSM and CAP in most years. The increase in the other NEO's CAP amounts for 2023 is
due to the reasons stated above in "CAP versus TSR."
The Company's amount of CV bookings is one of the two metrics used in determining the level of payout under our Executive
Cash Incentive Plan, with the target level of CV bookings being derived from the targeted year-over-year CV bookings growth
percentage reflected in the annual operating plan approved by the Board of Directors. In addition, we believe there is a strong correlation
between our CV bookings growth and our stock price, which in turn leads to fluctuations in the CAP to our non-PEO NEOs, who receive
equity incentives as part of their compensation.

27
TSR: Company versus Peer Group
As shown in the chart below, the Company's 5-year cumulative TSR is less than the companies included in our industry index,
the S&P Small Cap 600 Information Technology. For more information regarding the Company’s performance and the companies that
the Compensation Committee considers when determining compensation, refer to “Executive Compensation – Compensation
Discussion and Analysis.”
The information contained above under the heading “Pay Versus Performance” shall not be incorporated by reference into any
future filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent
that we specifically incorporate it by reference in any such filing.

28
REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS
The Board of Directors has appointed an Audit Committee composed of four non-employee directors: Mr. Romine (Chair), Mr.
Bradford, Mr. Friscia, and Ms. Munchbach. Each of the members of the Audit Committee is “independent” as defined under the
NASDAQ Stock Market listing standards. The Board has determined that Mr. Romine is an “audit committee financial expert” under
applicable rules of the Securities and Exchange Commission (“SEC”), and the members of the Audit Committee satisfy the NASDAQ
financial literacy standards.
The Audit Committee is responsible for providing independent oversight of Forrester’s accounting functions and internal controls.
The Audit Committee oversees Forrester’s financial reporting process on behalf of the Board of Directors, reviews financial disclosures,
and meets privately, outside of the presence of management, with Forrester’s internal auditor and with representatives of the independent
registered public accounting firm. The Audit Committee also selects and appoints the independent registered public accounting firm,
reviews the performance of the independent registered public accounting firm, and reviews the independent registered public accounting
firm’s fees. The Audit Committee operates under a written charter adopted by the Board of Directors.
In fulfilling its oversight responsibilities, the Audit Committee reviewed and discussed Forrester’s audited financial statements
for
the
fiscal
year
ended
December
31,
2024
with
Forrester’s
management
and
with
PricewaterhouseCoopers
LLP
(“PricewaterhouseCoopers”), Forrester’s independent registered public accounting firm. The Audit Committee also reviewed the report
of management contained in Forrester’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC, as well
as PricewaterhouseCoopers’ report included in Forrester’s Annual Report on Form 10-K related to its audit of (i) the consolidated
financial statements and (ii) the effectiveness of internal control over financial reporting.
The Audit Committee has discussed with PricewaterhouseCoopers the matters required to be discussed under the rules adopted
by the Public Company Accounting Oversight Board (“PCAOB”). The Audit Committee has received the written disclosures and the
letter from PricewaterhouseCoopers required by the PCAOB regarding PricewaterhouseCoopers’ communications with the Audit
Committee concerning independence and has discussed with PricewaterhouseCoopers their independence.
Based on the Audit Committee’s review and discussions noted above, the Audit Committee recommended to the Board of
Directors, and the Board of Directors approved, the inclusion of the audited financial statements in our Annual Report on Form 10-K
for the fiscal year ended December 31, 2024 for filing with the SEC.
AUDIT COMMITTEE OF THE BOARD OF
DIRECTORS
Warren Romine, Chair
Neil Bradford
Anthony Friscia
Corinne Munchbach
The information contained in the report above shall not be deemed to be “soliciting material” or to be “filed” with the SEC, nor
shall such information be incorporated by reference into any future filing under the Securities Act of 1933, as amended, or the Securities
Exchange Act of 1934, as amended, except to the extent that we specifically incorporate it by reference in any such filing.

29
OTHER INFORMATION
Delinquent Section 16(a) Reports
Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our officers and directors, and persons who own more
than 10% of our common stock to file reports of ownership and changes in ownership on Forms 3, 4 and 5 with the Securities and
Exchange Commission (“SEC”). Officers, directors and greater than 10% beneficial stockholders are required by SEC regulation to
furnish to us copies of all Forms 3, 4 and 5 they file. Based solely on our review of copies of such forms which we received, we believe
that all of our officers, directors, and greater than 10% beneficial owners complied on a timely basis with all filing requirements with
respect to transactions during 2024.
Certain Relationships and Related Transactions
Registration Rights and Non-Competition Agreement.
At the time of our initial public offering, we entered into a registration
rights and non-competition agreement with Mr. Colony which provides that if Mr. Colony’s employment with us is terminated he will
not compete with us for the one year period after the date of such termination. The agreement also provides that in the event we propose
to file a registration statement under the Securities Act of 1933, as amended, with respect to an offering by us for our own account or
the account of another person, or both, Mr. Colony shall be entitled to include shares held by him in such a registration, subject to the
right of the managing underwriter of any such offering to exclude some or all of such shares from such registration if and to the extent
the inclusion of the shares would adversely affect the marketing of the shares to be sold by us. The agreement also provides that Mr.
Colony may require us to register shares under the Securities Act with a fair market value of at least $5 million, except that we are not
required to effect such registration more than twice or at certain times described in the agreement. The agreement also provides that we
will pay all expenses incurred in connection with such registration.
Related Person Transactions
Pursuant to its amended and restated charter, our Audit Committee has responsibility for the review and approval of all transactions
between the Company and any related parties or affiliates of the Company, its officers, and directors.
Related persons can include any of our directors or executive officers, certain of our stockholders, and any of their immediate
family members. In evaluating related person transactions, the committee members apply the same standards they apply to their general
responsibilities as members of a committee of the board of directors and as individual directors. The committee will approve a related
person transaction when, in its good faith judgment, the transaction is in the best interest of the Company. To identify related person
transactions, each year we require our directors and officers to complete a questionnaire identifying any transactions with the Company
in which the officer or director or their family members have an interest. In addition, our Code of Business Conduct and Ethics includes
our expectation that all directors, officers and employees who may have a potential or apparent conflict of interest will notify our legal
department.

30
PROPOSAL TWO:
RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP
AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
FOR THE FISCAL YEAR ENDING DECEMBER 31, 2025
PricewaterhouseCoopers LLP audited our financial statements for the fiscal year ended December 31, 2024. Our Audit Committee
has selected PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending December 31,
2025. Although stockholder approval of the selection of PricewaterhouseCoopers LLP is not required by law, our Board of Directors
believes that it is advisable to give stockholders an opportunity to ratify this selection.
If stockholders do not approve this proposal at the 2025 annual meeting, our Audit Committee will reconsider its selection of
PricewaterhouseCoopers LLP. If stockholders do ratify this appointment, the Audit Committee, which has direct authority to engage
our independent registered public accounting firm, may appoint a different independent registered public accounting firm at any time
during the year if it determines that the change would be in the best interests of Forrester and our stockholders.
The Audit Committee has approved all services provided to Forrester by PricewaterhouseCoopers LLP during 2024.
Representatives of PricewaterhouseCoopers LLP are expected to be present at the 2025 annual meeting. They will have the opportunity
to make a statement if they desire to do so and will also be available to respond to appropriate questions from stockholders.
Independent Auditors’ Fees and Other Matters
The following table presents the aggregate fees billed or expected to be billed by PricewaterhouseCoopers LLP (“PwC”) and its
affiliates for fiscal 2024 and fiscal 2023.
Fiscal 2024
Fiscal 2023
Audit Fees(1)
$ 1,760,696
$
1,671,900
Audit-Related Fees(2)
—
—
Tax Fees(3)
19,946
29,240
All Other Fees(4)
2,125
31,165
Total Fees
$ 1,782,767
$
1,732,305
(1)
Audit fees are fees related to professional services rendered by PwC and its affiliates in connection with the audit of our financial
statements and our internal controls over financial reporting, the reviews of our interim financial statements included in each of
our quarterly reports on Form 10-Q, international statutory audits, and review of other SEC filings.
(2)
There were no audit-related fees in fiscal 2024 or fiscal 2023.
(3)
Tax fees are fees billed for professional services related to tax compliance and tax consulting services.
(4)
All other fees include licenses to web-based accounting and finance reference materials and, in 2023, services related to two
Registration Statement on Form S-8 filings.
Audit Committee’s Pre-Approval Policy and Procedures
The Audit Committee approves the engagement of our independent registered public accounting firm to render any audit or non-
audit services. At a regularly scheduled Audit Committee meeting, management or a representative of the Company’s independent
registered public accounting firm summarizes the services to be provided by the firm and the fees that will be charged for the services.
Thereafter, if new services or dollar amounts in excess of those pre-approved at the meeting are proposed, they are either presented for
pre-approval at the next meeting of the Audit Committee or approved by the Chair of the Audit Committee pursuant to delegated
authority. At subsequent meetings, the Audit Committee is provided a listing of any newly pre-approved services since the last meeting,
and an updated projection for the current year of the estimated annual fees to be paid to the firm for all pre-approved audit and permissible
non-audit services.
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT
THE STOCKHOLDERS VOTE FOR RATIFICATION OF THE APPOINTMENT OF
PRICEWATERHOUSECOOPERS LLP AS OUR INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2025.

31
PROPOSAL THREE:
NON-BINDING VOTE ON EXECUTIVE COMPENSATION
We have implemented an executive compensation program that rewards performance. Our executive compensation program is
designed to attract, retain and motivate the key individuals who are most capable of contributing to the success of our Company and
building long-term value for our stockholders. The elements of our executives’ total compensation are base salary, cash incentive awards,
equity incentive awards, severance and change of control benefits, and other employee benefits. We have designed a compensation
program that makes a substantial portion of executive pay variable, subject to increase when performance targets are exceeded, and
subject to reduction when performance targets are not achieved.
We believe our executive compensation program strikes the appropriate balance between utilizing responsible, measured pay
practices and providing incentives to our executives to create value for our stockholders. We believe this is evidenced by the following:
•
The mix of compensation among base salary and cash incentives.
•
Generally our compensation policies and practices are uniform across each of our business units and geographic regions.
•
Our bonus plan for executive officers provides for multiple payout levels based on targets established and approved by our
Compensation and Nominating Committee during the first quarter of the applicable plan year.
•
We require that minimum threshold performance targets be achieved before any bonuses under our executive cash incentive
plan are paid, and bonus payouts under our executive cash incentive plan are capped.
•
We use multiple performance measures under our executive cash incentive plan, including CV bookings and modified
operating income.
•
We currently grant equity-based awards to executives under our equity incentive plan subject to multi-year or performance-
based vesting criteria, and require that the executive remain employed through the vesting date or when performance criteria
are measured to realize the value of these awards.
The Board endorses the Company’s executive compensation program and recommends that stockholders vote in favor of the
following resolution:
RESOLVED, that the stockholders approve the compensation of the Company’s named executive officers as described in this
proxy statement under “Executive Compensation”, including the Compensation Discussion and Analysis and the tabular and narrative
disclosure contained in this proxy statement.
Because the vote is non-binding, neither the Board of Directors nor the Compensation and Nominating Committee of the Board
will be required to take any action as a result of the outcome of the vote on this proposal. The Compensation and Nominating Committee
will carefully consider the outcome of the vote when evaluating future executive compensation arrangements.
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE FOR THE APPROVAL OF THE
COMPANY’S EXECUTIVE COMPENSATION.

32
STOCKHOLDER PROPOSALS
Stockholder proposals to be considered at the Annual Meeting of Stockholders in 2026 must be received by December 2, 2025 to
be considered for inclusion in our proxy materials for that meeting.
Stockholders who wish to make a proposal at the 2026 annual meeting, other than proposals included in our proxy materials, or
who wish to nominate individuals for election as directors, must notify us between January 13, 2026 and February 12, 2026 in a manner
that satisfies the requirements specified in our by-laws. If the stockholder does not notify us by February 12, 2026 or the notice is not in
accordance with the requirements specified in our by-laws, the proxies will have discretionary authority to vote on a stockholder’s
proposal brought before the meeting. In addition, to comply with the universal proxy rules, stockholders who intend to solicit proxies in
support of director nominees other than the Company’s nominees must also comply with the additional requirements of Rule 14a-19
under the Securities Exchange Act of 1934.
OTHER BUSINESS
The Board of Directors has no knowledge of any other matter that may come before the annual meeting and does not, itself,
currently intend to present any other such matter.
FORM 10-K
A copy of our annual report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange
Commission will be sent to stockholders without charge by writing to Forrester Research, Inc., Investor Relations, 60 Acorn Park Drive,
Cambridge, Massachusetts 02140.

COMPANY INFORMATION
Board Of Directors
George F. Colony
Chairman of the Board and
Chief Executive Officer
Robert Bennett
Founder and Former Chief Executive Officer,
EngageSmart, Inc.
David Boyce
Executive Chairperson and EVP Product,
Winning by Design
Neil Bradford
Chief Executive Officer,
General Index Limited
Anthony Friscia
Founder and Former President and CEO,
AMR Research, Inc.
Robert M. Galford
Managing Partner, Center for
Leading Organizations
Corinne Munchbach
Former Chief Executive Officer,
BlueConic, Inc.
Warren Romine
Founder and Managing Director,
Orchard Knob Capital LLC
Yvonne Wassenaar
Former Chief Executive Officer,
Puppet, Inc.
Executive Officers
George F. Colony
Chairman of the Board and
Chief Executive Officer
Ryan D. Darrah
Chief Legal Officer and Secretary
Michael Facemire
Chief Technology Officer
L. Christian Finn
Chief Financial Officer
Jobina Gonsalves
Chief People Officer
Carrie Johnson
Chief Product Officer
Sharyn Leaver
Chief Research Officer
Nate Swan
Chief Sales Officer
Annual Meeting
Forrester’s annual meeting of stockholders
will be held at 10 a.m. EDT on May 13,
2025, online at virtualshareholdermeeting.com/FORR2025.
Investor Relations
Requests for financial information should
be sent to:
Investor Relations
Forrester Research, Inc.
60 Acorn Park Drive
Cambridge, MA 02140
USA
Tel: +1 617.613.6000
Fax: +1 617.613.5000
Email: investor@forrester.com
Transfer Agent
Computershare Investor Services
P.O. Box 30170
College Station, TX 77842-3170
www.computershare.com/investor
Independent Registered
Public Accounting Firm
PricewaterhouseCoopers LLP
Boston, MA
Legal Counsel
Choate Hall & Stewart LLP
Boston, MA
Stock Listing And Trading Symbol
Forrester’s common stock is listed on the
Nasdaq Global Select Market under the
trading symbol “FORR.”
Corporate Headquarters
Forrester Research, Inc.
60 Acorn Park Drive
Cambridge, MA 02140
USA
Tel: +1 617.613.6000
Fax: +1 617.613.5000
www.forrester.com
©2025 Forrester Research, Inc. All rights reserved.
Reproduction in any form without prior written
permission is forbidden.


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