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Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Components of Stockholders' Equity

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

 

Three Months Ended March 31, 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 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

 

143

 

 

 

2

 

 

 

233

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

235

 

Stock-based compensation expense

 

—

 

 

 

—

 

 

 

2,472

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,472

 

Net loss

 

—

 

 

 

—

 

 

 

—

 

 

 

(87,272

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(87,272

)

Net change in marketable investments,
   net of tax

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

4

 

Foreign currency translation

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,458

 

 

 

2,458

 

Balance at March 31, 2025

 

25,262

 

 

$

253

 

 

$

294,922

 

 

$

84,662

 

 

 

6,282

 

 

$

(227,119

)

 

$

(5,284

)

 

$

147,434

 

 

 

Three Months Ended March 31, 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 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

 

197

 

 

 

2

 

 

 

(178

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(176

)

Repurchases of common stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

202

 

 

 

(4,097

)

 

 

—

 

 

 

(4,097

)

Stock-based compensation expense

 

—

 

 

 

—

 

 

 

3,574

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,574

 

Net loss

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,673

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,673

)

Net change in marketable investments,
   net of tax

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6

 

 

 

6

 

Foreign currency translation

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,968

)

 

 

(1,968

)

Balance at March 31, 2024

 

24,881

 

 

$

249

 

 

$

281,453

 

 

$

171,008

 

 

 

5,639

 

 

$

(215,246

)

 

$

(6,533

)

 

$

230,931

 
Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the three months ended March 31, 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

 

 

18

 

 

 

10.79

 

Vested

 

 

(106

)

 

 

35.03

 

Forfeited

 

 

(103

)

 

 

27.82

 

Unvested at March 31, 2025

 

 

1,062

 

 

$

26.33

 
Schedule of Stock Option Activity

Stock option activity for the three months ended March 31, 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

 

 

 

 

 

 

 

Forfeited

 

 

(15

)

 

 

33.42

 

 

 

 

 

 

 

Outstanding at March 31, 2025

 

 

152

 

 

$

33.28

 

 

 

6.04

 

 

$

—

 

Exercisable at March 31, 2025

 

 

96

 

 

$

33.42

 

 

 

4.92

 

 

$

—

 

Vested and expected to vest at March 31, 2025

 

 

152

 

 

$

33.28

 

 

 

6.04

 

 

$

—

 
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

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Cost of services and fulfillment

 

$

1,718

 

 

$

2,122

 

Selling and marketing

 

 

8

 

 

 

599

 

General and administrative

 

 

746

 

 

 

853

 

Total

 

$

2,472

 

 

$

3,574

 
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

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

 

 

Employee Stock Purchase Plan

 

 

Employee Stock Purchase Plan

 

Average risk-free interest rate

 

 

4.27

%

 

 

5.36

%

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

Expected life

 

0.5 Years

 

 

0.5 Years

 

Expected volatility

 

 

38

%

 

 

39

%

Weighted average fair value

 

$

2.86

 

 

$

5.46