UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
For the quarterly period ended September 30, 2002
or
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o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
Commission File Number: 000-21433
FORRESTER RESEARCH, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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04-2797789 |
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(State
or other jurisdiction of |
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(I.R.S.
Employer |
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400 Technology Square |
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02139 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code: (617) 613 - 6000 |
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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 ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
As of November 12, 2002, 23,055,333 shares of the registrant’s common stock were outstanding.
FORRESTER RESEARCH, INC.
INDEX TO FORM 10-Q
2
FORRESTER RESEARCH, INC.
(In thousands, except per share data)
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SEPTEMBER 30, |
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DECEMBER 31, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
19,213 |
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$ |
17,747 |
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Marketable securities |
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178,194 |
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187,435 |
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Accounts receivable, net |
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10,859 |
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24,498 |
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Deferred commissions |
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2,802 |
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4,444 |
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Prepaid income taxes |
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3,961 |
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559 |
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Prepaid expenses and other current assets |
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4,183 |
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5,483 |
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Total current assets |
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219,212 |
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240,166 |
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Long-term assets: |
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Property and equipment, net |
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12,718 |
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21,258 |
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Goodwill, net |
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13,244 |
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13,244 |
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Intangible assets, net |
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842 |
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1,089 |
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Deferred income taxes |
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18,950 |
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19,387 |
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Non-marketable investments and other assets |
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9,826 |
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10,008 |
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Total long-term assets |
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55,580 |
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64,986 |
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Total assets |
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$ |
274,792 |
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$ |
305,152 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
1,988 |
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$ |
2,667 |
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Customer deposits |
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463 |
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498 |
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Accrued expenses |
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17,832 |
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17,938 |
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Accrued income taxes |
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2,037 |
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3,721 |
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Deferred revenue |
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39,555 |
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59,930 |
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Total current liabilities |
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61,875 |
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84,754 |
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Stockholders’ equity: |
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Preferred stock, $.01 par value |
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Common stock, $.01 par value |
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Issued — 23,867 and 23,052 shares as of September 30, 2002 and December 31, 2001, respectively |
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239 |
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230 |
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Additional paid-in capital |
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165,528 |
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156,043 |
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Retained earnings |
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61,290 |
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64,165 |
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Treasury stock, at cost — 850 shares and no shares as of September 30, 2002 and December 31, 2001, respectively |
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(14,830 |
) |
— |
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Accumulated other comprehensive income (loss) |
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690 |
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(40 |
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Total stockholders’ equity |
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212,917 |
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220,398 |
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Total liabilities and stockholders’ equity |
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$ |
274,792 |
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$ |
305,152 |
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The accompanying notes are an integral part of these consolidated financial statements.
3
FORRESTER RESEARCH, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
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THREE MONTHS ENDED |
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NINE MONTHS ENDED |
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2002 |
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2001 |
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2002 |
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2001 |
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(unaudited) |
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Revenues: |
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Core research |
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$ |
15,958 |
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$ |
29,546 |
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$ |
52,465 |
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$ |
97,861 |
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Advisory services and other |
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5,980 |
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4,864 |
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20,962 |
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26,608 |
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Total revenues |
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21,938 |
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34,410 |
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$ |
73,427 |
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$ |
124,469 |
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Operating expenses: |
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