Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2025

The components of stockholders’ equity are as follows (in thousands):


	Three Months Ended June 30, 2025
	Common Stock									Treasury Stock					Accumulated
	Number of Shares		$0.01ParValue		Additional Paid-in Capital			Retained Earnings		Number of Shares		Cost			Other Comprehensive Loss			Total Stockholders' Equity
Balance at March 31, 2025		25,262	$	253	$	294,922		$	84,662		6,282	$	(227,119	)	$	(5,284	)	$	147,434
Issuance of common stock under stock plans, including tax effects		99		1		(442	)		—		—		—			—			(441	)
Stock-based compensation expense		—		—		3,649			—		—		—			—			3,649
Net income		—		—		—			3,913		—		—			—			3,913
Net change in marketable investments, net of tax		—		—		—			—		—		—			4			4
Foreign currency translation		—		—		—			—		—		—			4,980			4,980
Balance at June 30, 2025		25,361	$	254	$	298,129		$	88,575		6,282	$	(227,119	)	$	(300	)	$	159,539


	Three Months Ended June 30, 2024
	Common Stock									Treasury Stock					Accumulated
	Number of Shares		$0.01ParValue		Additional Paid-in Capital			Retained Earnings		Number of Shares		Cost			Other Comprehensive Loss			Total Stockholders' Equity
Balance at March 31, 2024		24,881	$	249	$	281,453		$	171,008		5,639	$	(215,246	)	$	(6,533	)	$	230,931
Issuance of common stock under stock plans, including tax effects		16		—		(83	)		—		—		—			—			(83	)
Repurchases of common stock		—		—		—			—		202		(3,918	)		—			(3,918	)
Stock-based compensation expense		—		—		4,025			—		—		—			—			4,025
Net income		—		—		—			6,292		—		—			—			6,292
Net change in marketable investments, net of tax		—		—		—			—		—		—			18			18
Foreign currency translation		—		—		—			—		—		—			(211	)		(211	)
Balance at June 30, 2024		24,897	$	249	$	285,395		$	177,300		5,841	$	(219,164	)	$	(6,726	)	$	237,054


	Six Months Ended June 30, 2025
	Common Stock										Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital			Retained Earnings			Number of Shares		Cost			Other Comprehensive Loss			Total Stockholders' Equity
Balance at December 31, 2024		25,119	$	251	$	292,217		$	171,934			6,282	$	(227,119	)	$	(7,746	)	$	229,537
Issuance of common stock under stock plans, including tax effects		242		3		(209	)		—			—		—			—			(206	)
Stock-based compensation expense		—		—		6,121			—			—		—			—			6,121
Net loss		—		—		—			(83,359	)		—		—			—			(83,359	)
Net change in marketable investments, net of tax		—		—		—			—			—		—			8			8
Foreign currency translation		—		—		—			—			—		—			7,438			7,438
Balance at June 30, 2025		25,361	$	254	$	298,129		$	88,575			6,282	$	(227,119	)	$	(300	)	$	159,539


	Six Months Ended June 30, 2024
	Common Stock										Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital			Retained Earnings			Number of Shares		Cost			Other Comprehensive Loss			Total Stockholders' Equity
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		213		2		(261	)		—			—		—			—			(259	)
Repurchases of common stock		—		—		—			—			404		(8,015	)		—			(8,015	)
Stock-based compensation expense		—		—		7,599			—			—		—			—			7,599
Net loss		—		—		—			(381	)		—		—			—			(381	)
Net change in marketable investments, net of tax		—		—		—			—			—		—			24			24
Foreign currency translation		—		—		—			—			—		—			(2,179	)		(2,179	)
Balance at June 30, 2024		24,897	$	249	$	285,395		$	177,300			5,841	$	(219,164	)	$	(6,726	)	$	237,054

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the six months ended June 30, 2025 is presented below (in thousands, except per share data):


				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2024		1,253		$	27.42
Granted		1,296			9.42
Vested		(252	)		26.87
Forfeited		(119	)		26.88
Unvested at June 30, 2025		2,178		$	16.80

Schedule of Stock Option Activity

Stock option activity for the six months ended June 30, 2025 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, 2024		167		$	33.29
Granted		303			9.36
Forfeited		(25	)		33.71
Outstanding at June 30, 2025		445		$	16.95		8.63	$	164
Exercisable at June 30, 2025		85		$	33.34		5.29	$	—
Vested and expected to vest at June 30, 2025		445		$	16.95		8.63	$	164

Summary of Stock-Based Compensation Recorded in Expense Categories in Consolidated Statements of Operations

Stock-based compensation was recorded in the following expense categories in the Consolidated Statements of Operations (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Cost of services and fulfillment	$	2,460	$	2,513	$	4,178	$	4,635
Selling and marketing		491		559		499		1,158
General and administrative		1,035		953		1,781		1,806
Total	$	3,986	$	4,025	$	6,458	$	7,599

Fair Value of Options Granted Under Equity Incentive Plan and Shares Subject to Employee Stock Purchase Plan Valuation Assumptions

Forrester utilizes the Black-Scholes valuation model for estimating the fair value of options granted under the equity incentive plans and shares subject to purchase under the employee stock purchase plan, which were valued using the following assumptions:


	Three Months Ended									Six Months Ended
	June 30,									June 30,
	2025						2024			2025						2024
	Employee Stock Purchase Plan			Equity Incentive Plans			Employee Stock Purchase Plan			Employee Stock Purchase Plan			Equity Incentive Plans			Employee Stock Purchase Plan
Average risk-free interest rate		4.27	%		3.91	%		5.36	%		4.27	%		3.91	%		5.36	%
Expected dividend yield		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Expected life	0.5 Years			4.50 Years			0.5 Years			0.5 Years			4.50 Years			0.5 Years
Expected volatility		38	%		36	%		39	%		38	%		36	%		39	%
Weighted average fair value	$	2.86		$	3.38		$	5.46		$	2.86		$	3.38		$	5.46

FORRESTER RESEARCH, INC. 10-Q