0000950170-21-000983 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 02, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	FORR
Security Exchange Name	NASDAQ
Entity Registrant Name	FORRESTER RESEARCH, INC.
Entity Central Index Key	0001023313
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		19,168,000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Incorporation, State or Country Code	DE
Entity File Number	000-21433
Entity Tax Identification Number	04-2797789
Entity Address, Address Line One	60 Acorn Park Drive
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02140
City Area Code	617
Local Phone Number	613-6000

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 146,387	$ 90,257
Accounts receivable, net of allowance for expected credit losses of $792 and $708 as of June 30, 2021 and December 31, 2020, respectively	63,397	84,695
Deferred commissions	19,244	23,620
Prepaid expenses and other current assets	15,923	18,588
Total current assets	244,951	217,160
Property and equipment, net	28,645	27,032
Operating lease right-of-use assets	70,756	69,296
Goodwill	246,235	247,211
Intangible assets, net	69,990	77,995
Other assets	7,873	5,524
Total assets	668,450	644,218
Current Liabilities:
Accounts payable	1,037	657
Accrued expenses and other current liabilities	63,735	76,620
Current portion of long-term debt	12,500	12,500
Deferred revenue	210,288	179,968
Total current liabilities	287,560	269,745
Long-term debt, net of deferred financing fees	89,342	95,299
Non-current operating lease liabilities	71,577	70,323
Other non-current liabilities	18,469	23,085
Total liabilities	466,948	458,452
Commitments and contingencies (Note 4, 13)
Stockholders' Equity (Note 11):
Preferred stock, $0,01 par value Authorized - 500 shares; issued and outstanding - none	0	0
Common stock, $0.01 par value Authorized - 125,000 shares Issued - 23,780 and 23,648 shares as of June 30, 2021 and December 31, 2020, respectively Outstanding - 19,086 and 19,017 shares as of June 30, 2021 and December 31, 2020, respectively	238	236
Additional paid-in capital	237,485	230,128
Retained earnings	140,280	127,981
Treasury stock - 4,694 and 4,631 shares as of June 30, 2021 and December 31, 2020 respectively	(174,562)	(171,889)
Accumulated other comprehensive loss	(1,939)	(690)
Total stockholders’ equity	201,502	185,766
Total liabilities and stockholders’ equity	$ 668,450	$ 644,218

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for expected credit losses	$ 792	$ 708
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	23,780,000	23,648,000
Common stock, shares outstanding	19,086,000	19,017,000
Treasury stock, shares	4,694,000	4,631,000

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Total revenues	$ 128,670	$ 113,541	$ 242,451	$ 219,886
Operating expenses:
Selling and marketing	42,556	39,117	81,835	79,390
General and administrative	14,334	11,456	27,512	23,461
Depreciation	2,255	2,448	4,545	4,854
Amortization of intangible assets	3,968	4,713	7,871	9,425
Integration costs	216	612	334	3,487
Total operating expenses	115,587	102,310	221,832	207,934
Income from operations	(13,083)	11,231	20,619	11,952
Interest expense	(1,066)	(1,307)	(2,195)	(2,845)
Other income (expense), net	(201)	(201)	(671)	109
Gain on investments, net	0	2,352	0	2,365
Income before income taxes	11,816	12,075	17,753	11,581
Income tax expense	3,473	238	5,454	257
Net income	$ 8,343	$ 11,837	$ 12,299	$ 11,324
Basic income per common share	$ (0.44)	$ 0.63	$ 0.64	$ 0.60
Diluted income per common share	$ (0.43)	$ 0.63	$ 0.64	$ 0.60
Basic weighted average common shares outstanding	19,126	18,759	19,094	18,732
Diluted weighted average common shares outstanding	19,377	18,831	19,332	18,828
Research [Member]
Revenues:
Total revenues	$ 81,002	$ 75,034	$ 155,970	$ 149,301
Consulting [Member]
Revenues:
Total revenues	40,960	33,475	79,510	65,463
Events [Member]
Revenues:
Total revenues	6,708	5,032	6,971	5,122
Cost of Services and Fulfillment [Member]
Operating expenses:
Cost of services and fulfillment	$ 52,258	$ 43,964	$ 99,735	$ 87,317

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 8,343	$ 11,837	$ 12,299	$ 11,324
Other comprehensive Income (loss) net of tax:
Foreign currency translation	723	885	(1,578)	(1,035)
Net change in market value of interest rate swap	139	45	329	(1,136)
Other comprehensive Income (loss)	862	930	1,249	(2,171)
Comprehensive income	$ 9,205	$ 12,767	$ 11,050	$ 9,153

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 12,299	$ 11,324
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,545	4,854
Impairment of property and equipment	0	626
Amortization of intangible assets	7,871	9,425
Net gains from investments	0	(2,365)
Deferred income taxes	(4,620)	(1,737)
Stock-based compensation	4,889	5,266
Operating lease right-of-use assets, amortization, and impairments	5,701	7,417
Amortization of deferred financing fees	467	490
Foreign currency (gains) losses	778	(2)
Changes in assets and liabilities:
Accounts receivable	20,468	29,955
Deferred commissions	4,377	5,295
Prepaid expenses and other current assets	2,371	404
Accounts payable	385	704
Accrued expenses and other liabilities	13,668	(33,548)
Deferred revenue	29,999	(6,902)
Operating lease liabilities	5,769	(6,204)
Net cash provided by operating activities	70,093	25,002
Cash flows from investing activities:
Purchases of property and equipment	(5,243)	(5,110)
Net cash used in investing activities	(5,243)	(5,110)
Cash flows from financing activities:
Payments on borrowings	(6,250)	(18,688)
Repurchases of common stock	(2,673)	0
Proceeds from issuance of common stock under employee equity incentive plans	3,065	2,010
Taxes paid related to net share settlements of stock-based compensation awards	(595)	(951)
Net cash used in financing activities	(6,453)	(17,629)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(122)	(2,254)
Net change in cash, cash equivalents and restricted cash	58,275	9
Cash, cash equivalents and restricted cash, beginning of period	90,652	69,192
Cash, cash equivalents and restricted cash, end of period	148,927	69,201
Supplemental disclosure of cash flow information:
Cash paid for interest	1,732	2,368
Cash paid (received) for income taxes	$ 5,066	$ (273)

Interim Consolidated Financial Statements

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Interim Consolidated Financial Statements

Note 1 — Interim Consolidated Financial Statements

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. It is recommended that these financial statements be read in conjunction with the consolidated financial statements and related notes that appear in the Forrester Research, Inc. (“Forrester”) Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the financial position, results of operations, comprehensive income, and cash flows as of the dates and for the periods presented have been included. The results of operations for the three and six months ended June 30, 2021 may not be indicative of the results for the year ending December 31, 2021, or any other period.

Reclassification

Effective for the first quarter of 2021, the Company modified its key metrics, as further described in Item 2. Management’s Discussions and Analysis of Financial Condition and Results of Operations. As part of these changes, beginning January 1, 2021, the Company is classifying all components of its subscription research products within the Research revenues financial statement line on the Consolidated Statements of Income. In prior periods, the separate advisory session performance obligations included in any of the Company’s subscription research products were classified within the Consulting revenues financial statement line. Prior periods have been reclassified to conform to the current presentation which resulted in approximately $1.4 million and $2.9 million of revenue being reclassified from Consulting revenues to Research revenues during the three and six months ended June 30, 2020, respectively. This reclassification had no impact on the amount of total revenues previously reported.

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 on the accompanying Consolidated Statements of Cash Flows (in thousands).


	Six Months Ended June 30,
	2021		2020
Cash and cash equivalents	$	146,387	$	68,377
Restricted cash classified in (1):
Prepaid expenses and other current assets		221		787
Other assets		2,319		37
Cash, cash equivalents and restricted cash shown in statement of cash flows	$	148,927	$	69,201

(1)

Restricted cash consists of collateral required for leased office space and credit card processing outside of the U.S. 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.

Adoption of New Accounting Pronouncements

The Company adopted the guidance in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes on January 1, 2021. The standard provides guidance to simplify the accounting for income taxes in certain areas, changes the accounting for select income tax transactions, and makes other minor improvements. The adoption of this standard did not have a material impact on the Company’s financial position or results of operations.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“Topic 326”). The standard amends the existing financial instrument incurred loss impairment model by requiring entities to use a forward-looking approach based on expected losses and to consider a broader range of reasonable and

supportable information to estimate credit losses on certain types of financial instruments, including trade receivables. On January 1, 2020, the Company adopted the standard using the modified retrospective method in which prior periods are not adjusted and recorded a cumulative effect adjustment of $0.2 million to decrease retained earnings.

The Company adopted the guidance in ASU No. 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment on January 1, 2020. The new standard simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test and requires that instead, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The adoption of this standard did not impact the Company’s financial position or results of operations.

The Company adopted the guidance in ASU No. 2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement on January 1, 2020. The new standard modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, including changes to fair value transfers and Level 3 fair value measurements. Changes required upon adoption of this standard are included in Note 7 – Fair Value Measurements and did not impact the Company’s financial position or results of operations.

The Company adopted the guidance in ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract on January 1, 2020. The new standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The adoption of this standard did not have a material impact on the Company’s financial position or results of operations.

Recent 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. An entity may elect to apply the amendments immediately or at any point through December 31, 2022. The Company is currently evaluating the potential impact that this standard may have on its financial position and results of operations, including the standard’s potential impact on any contractual changes in the future that may result from reference rate reform.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 2 — Goodwill and Other Intangible Assets

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. 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.

The Company performed its annual impairment testing as of November 30, 2020 utilizing a qualitative assessment to determine if it was more likely than not that the fair values of each of its reporting units was less than their respective carrying values and concluded that no impairments existed. Subsequent to completing the annual test and through June 30, 2021, there were no events or circumstances that required an interim impairment test. Accordingly, as of June 30, 2021, the Company had no accumulated goodwill impairment losses. Approximately $8.3 million of goodwill is allocated to the Company’s Consulting reporting unit, which has a negative carrying value as of the date of the last test.

The change in the carrying amount of goodwill for the six months ended June 30, 2021 is summarized as follows (in thousands):


	Total
Balance at December 31, 2020	$	247,211
Translation adjustments		(976	)
Balance at June 30, 2021	$	246,235

Finite-Lived Intangible Assets

The carrying values of finite-lived intangible assets are as follows (in thousands):


	June 30, 2021
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	78,398	$	21,537	$	56,861
Technology		16,807		11,834		4,973
Trademarks		12,472		4,316		8,156
Total	$	107,677	$	37,687	$	69,990


	December 31, 2020
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	78,450	$	17,277	$	61,173
Technology		16,956		10,197		6,759
Trademarks		12,495		2,432		10,063
Total	$	107,901	$	29,906	$	77,995

Estimated intangible asset amortization expense for each of the five succeeding years is as follows (in thousands):


2021 (remainder)	$	7,259
2022		13,195
2023		11,951
2024		9,908
2025		8,882
Thereafter		18,795
Total	$	69,990

Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

Note 3 — Debt

On January 3, 2019, the Company entered into a $200.0 million credit agreement (the “Credit Agreement”). The Credit Agreement provides for: (1) senior secured term loans in an aggregate principal amount of $125.0 million (the “Term Loans”) and (2) a senior secured revolving credit facility in an aggregate principal amount of $75.0 million (the “Revolving Credit Facility”). The Credit Agreement is scheduled to mature on January 3, 2024.

The Credit Agreement permits the Company to borrow incremental term loans and/or 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 Term Loans and Revolving Credit Facility can be repaid early, in part or in whole, at any time and from time to time, without premium or penalty, other than customary breakage reimbursement requirements for LIBOR based loans. The Term Loans must be prepaid with net cash proceeds of (i) certain debt incurred or issued by Forrester and its restricted subsidiaries and (ii) certain asset sales and condemnation or casualty events, subject to certain reinvestment rights.

Amounts borrowed under the Credit Agreement bear interest, at Forrester’s option, at a rate per annum equal to either (i) LIBOR for the applicable interest period plus a margin that is between 1.75% and 2.50% based on Forrester’s consolidated total leverage ratio, or (ii) the alternate base rate plus a margin that is between 0.75% and 1.50% based on Forrester’s consolidated total leverage ratio. In addition, the Company pays a commitment fee that is between 0.25% and 0.35% per annum, based on Forrester’s consolidated total leverage ratio, on the average daily unused portion of the Revolving Credit Facility, payable quarterly, in arrears.

The Term Loans require repayment of the outstanding principal balance in quarterly installments each year, with the balance repayable on the maturity date, subject to customary exceptions. As of June 30, 2021, the amount payable in each year is set forth in the table below (in thousands):


2021 (remainder)		6,250
2022		12,500
2023		15,625
2024		68,750
Total remaining principal payments	$	103,125

The Revolving Credit Facility does not require repayment prior to maturity, subject to customary exceptions. The Company has $74.1 million of available borrowing capacity on the revolver (not including the expansion feature) as of June 30, 2021. Proceeds from the Revolving Credit Facility can be used towards working capital and general corporate purposes. 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 June 30, 2021, $0.9 million in letters of credit were issued under the Revolving Credit Facility.

Forrester incurred $1.8 million in costs related to the Revolving Credit Facility, which are recorded in other assets on the Consolidated Balance Sheets. These costs are being amortized as interest expense on the Consolidated Statements of Income on a straight-line basis over the five-year term of the Revolving Credit Facility. Forrester incurred $2.8 million in costs related to the Term Loans, which are recorded as a reduction to the face value of long-term debt on the Consolidated Balance Sheets. These costs are being amortized as interest expense on the Consolidated Statements of Income utilizing the effective interest rate method.

Outstanding Borrowings

The following table summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands):


Description:	June 30, 2021			December 31, 2020
Principal amount outstanding (1) (2)	$	103,125		$	109,375
Less: Deferred financing fees		(1,283	)		(1,576	)
Net carrying amount	$	101,842		$	107,799

(1)

This amount consists entirely of the outstanding Term Loan balance.

(2)

The contractual annualized interest rate as of June 30, 2021 on the Term loan facility was 2.125%, which consisted of LIBOR of 0.125% plus a margin of 2.000%. However, the Company has an interest rate swap that effectively converts the floating LIBOR base rates on a portion of the amounts outstanding to a fixed base rate. Refer to Note 6 – Derivatives and Hedging for further information on the swap. The weighted average annual effective rate on the Company's total debt outstanding for the three and six months ended June 30, 2021, was 2.125% and 2.136%, respectively.

The Credit Agreement contains certain customary restrictive loan covenants, including among others, financial covenants that apply a maximum leverage ratio and minimum fixed charge coverage ratio. The maximum leverage ratio is based on total debt outstanding at the measurement date divided by EBITDA (as defined in the Credit Agreement) and the fixed charge coverage ratio is based upon EBITDA (as defined in the Credit Agreement), less capital expenditures, as a ratio to certain fixed charges, including Term Loan amortization, cash interest expense and cash taxes. 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, pay dividends or other payments in respect to capital stock, change fiscal year, or enter into certain transactions with affiliates and subsidiaries. The Credit Agreement also contains customary events of default, representations, and warranties.

As of June 30, 2021, the Company is in compliance with its financial covenants under the Credit Agreement. The Company currently forecasts that it will be in compliance with its financial covenants for at least one year from the issuance of these interim financial statements.

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).

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

Note 4 — Leases

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 on the Consolidated Balance Sheets, while short-term operating lease liabilities are recorded within accrued expenses and other current liabilities. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets and are not material.

The components of lease expense were as follows (in thousands):


	For the Three Months Ended June 30,
	2021			2020
Operating lease cost	$	4,062		$	3,944
Short-term lease cost		98			81
Variable lease cost		1,280			1,660
Sublease income		(105	)		(63	)
Total lease cost	$	5,335		$	5,622


	For the Six Months Ended June 30,
	2021			2020
Operating lease cost	$	7,882		$	7,935
Short-term lease cost		186			163
Variable lease cost		2,715			3,016
Sublease income		(166	)		(124	)
Total lease cost	$	10,617		$	10,990

Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):


	For the Six Months Ended June 30,
	2021			2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	5,769		$	6,204
Operating lease ROU assets obtained in exchange for lease obligations	$	7,385		$	3,898
Weighted-average remaining lease term - operating leases (years)		6.3			6.1
Weighted-average discount rate - operating leases		4.4	%		5.0	%

Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of June 30, 2021 are as follows (in thousands):


	Operating Lease			Sublease
	Payments			Cash Receipts
2021 (remainder)	$	7,564		$	182
2022		16,606			839
2023		16,564			606
2024		16,193			625
2025		14,236			—
Thereafter		27,102			—
Total lease payments and estimated sublease cash receipts		98,265		$	2,252
Less imputed interest		(14,589	)
Present value of lease liabilities	$	83,676

Lease balances as of June 30, 2021 are as follows (in thousands):


Operating lease ROU assets	$	70,756

Short-term operating lease liabilities (1)	$	12,099
Non-current operating lease liabilities		71,577
Total operating lease liabilities	$	83,676

(1)

Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets.

The Company’s leases do not contain residual value guarantees, material restrictions or covenants. During the three months ended June 30, 2021, the Company subleased one of its facilities in San Francisco, California. The sublease agreement expires in 2024 and (i) does not include renewal and termination options, (ii) provides for customary escalations of lease payments in the normal course of business, and (iii) grants the subtenant certain allowances, such as free rent.

The Company incurred $1.4 million of ROU asset impairments during the six months ended June 30, 2020 related to facility leases from the SiriusDecisions, Inc. acquisition that the Company no longer used as a result of the integration of SiriusDecisions. These impairments are recorded in integration costs on the Consolidated Statements of Income.

Revenue and Related Matters

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue and Related Matters

Note 5 – Revenue and Related Matters

Disaggregated Revenue

The Company disaggregates revenue as set forth in the following tables (in thousands):

Revenue by Geography


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Revenues: (1)	2021		2020		2021		2020
North America	$	105,371	$	94,770	$	196,267	$	183,179
Europe		15,587		11,788		30,669		23,575
Asia Pacific		6,322		5,727		12,715		10,778
Other		1,390		1,256		2,800		2,354
Total	$	128,670	$	113,541	$	242,451	$	219,886

(1)

Revenue location is determined based on where the products and services are consumed.

Contract Assets and Contract 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, a receivable is recorded on the date an 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 June 30, 2021 or 2020.

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 for a duration of one year and payment is expected within one year from the transfer of products and services, the Company does not adjust its receivables or transaction prices for the effects of a significant financing component.

Deferred Revenue

The Company refers to contract liabilities as deferred revenue on 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 three months ended June 30, 2021 and 2020, the Company recognized $43.6 million and $43.2 million of revenue, respectively, related to its deferred revenue balances at the beginning of each such period. During the six months ended June 30, 2021 and 2020, the Company recognized $115.9 million and $113.1 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period. To determine revenue recognized in each period from deferred revenue at the beginning of each period, the Company first allocates revenue to the individual deferred revenue balance outstanding at the beginning of each period, until the revenue equals that balance.

Approximately $372.0 million of revenue is expected to be recognized during the next 24 months from remaining performance obligations as of June 30, 2021.

Reserves for Credit Losses

The allowance for expected credit losses on accounts receivable for the six months ended June 30, 2021 is summarized as follows (in thousands):


	Total Allowance
Balance at December 31, 2020	$	708
Provision for expected credit losses		211
Write-offs		(127	)
Balance at June 30, 2021	$	792

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.

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 on the Consolidated Balance Sheets. The Company accounts 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 expense related to deferred commissions for the three months ended June 30, 2021 and 2020 was $10.0 million and $9.0 million, respectively. Amortization expense related to deferred commissions for the six months ended June 30, 2021 and 2020 was $18.9 million and $17.2 million, respectively. The Company evaluates the recoverability of deferred commissions at each balance sheet date and there were no impairments recorded during the six months ended June 30, 2021 and 2020.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Derivatives and Hedging

6 Months Ended

Jun. 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

Note 6 — Derivatives and Hedging

The Company has a derivative contract (an interest rate swap) to mitigate the cash flow risk associated with changes in interest rates on its variable rate debt (refer to Note 3 – Debt). The Company accounts for its derivative contract 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

At June 30, 2021, the Company had a single interest rate swap contract that matures in 2022, with an initial notional amount of $95.0 million. The notional amount at June 30, 2021 was $47.0 million. The Company pays a base fixed rate of 1.65275% and in return receives the greater of (1) 1-month LIBOR, rounded up to the nearest 1/16 of a percent, or (2) 0.00%. The fair value of the swap on June 30, 2021 was a liability of $0.7 million (refer to Note 7 – Fair Value Measurements for information on determining the fair value). The liability is included in other non-current liabilities on the Consolidated Balance Sheets.

The swap has been designated and accounted for as a cash flow hedge of the forecasted interest payments on the Company’s debt. As long as the swap continues to be a highly effective hedge of the designated interest rate risk, changes in the fair value of the swap are recorded in accumulated other comprehensive income (loss), a component of equity in the Consolidated Balance Sheets. Any ineffective portion of a change in the fair value of a hedge is recorded in earnings.

As required under Topic 815, the swap’s effectiveness is assessed on a quarterly basis. Since its inception, and through June 30, 2021, the interest rate swap was considered highly effective. Accordingly, the entire negative fair value as of June 30, 2021 of $0.5 million, net of taxes, is recorded in accumulated other comprehensive income (loss). The Company expects $0.4 million of this loss, net of taxes, to be reclassified into earnings within the next 12 months. Realized gains or losses related to the interest rate swap are included as operating activities in the Consolidated Statements of Cash Flows.

Foreign Currency Forwards

The Company enters into 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 (expense), net in the Consolidated Statements of Income because the Company does not designate these contracts as hedges for accounting purposes.

During the three months ended June 30, 2021, the Company entered into one foreign currency forward exchange contract, which settled by June 30, 2021. Accordingly, as of June 30, 2021, there is no amount recorded in the Consolidated Balance Sheets for this contract. During the three months ended June 30, 2020, the Company entered into three foreign currency forward exchange contracts, all of which settled by June 30, 2020. Accordingly, as of June 30, 2020, there were no amounts recorded in the Consolidated Balance Sheets for these contracts.

The Company’s derivative counterparties are investment grade financial institutions. The Company does not have any collateral arrangements with these 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 Income for the derivative contracts for the periods indicated (in thousands):


	Three Months Ended						Six Months Ended
	June 30,						June 30,
Amount recorded in:	2021			2020			2021			2020
Interest expense (1)	$	(203	)	$	(252	)	$	(462	)	$	(239	)
Other expense, net (2)		(36	)		(157	)		(36	)		(157	)
Total	$	(239	)	$	(409	)	$	(498	)	$	(396	)

(1)

Consists of interest expense from the interest rate swap contract.

(2)

Consists of net realized gains and losses on foreign currency forward contracts.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 7 — Fair Value Measurements

The carrying amounts reflected on the Consolidated Balance Sheets for cash, accounts 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 3 – Debt). The Company believes that the 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 measures certain financial assets and liabilities at fair value on a recurring basis including cash equivalents and its derivative contract. The fair values of these financial assets and liabilities have been classified as Level 1, 2, or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements:

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.

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 June 30, 2021
	Level 1		Level 2			Total
Assets:
Money market funds (1)	$	3,814	$	—		$	3,814
Total Assets	$	3,814	$	—		$	3,814

Liabilities:
Interest rate swap (2)		—	$	(686	)	$	(686	)
Total Liabilities	$	—	$	(686	)	$	(686	)


	As of December 31, 2020
	Level 1		Level 2			Total
Assets:
Money market funds (1)	$	503	$	—		$	503
Total Assets	$	503	$	—		$	503

Liabilities:
Interest rate swap (2)		—	$	(1,144	)	$	(1,144	)
Total Liabilities	$	—	$	(1,144	)	$	(1,144	)

(1)

Included in cash and cash equivalents on the Consolidated Balance Sheets.

(2)

The Company has an interest rate swap contract that hedges the risk of variability from interest payments on its borrowings (refer to Note 3 – Debt and Note 6 – Derivatives and Hedging). The fair value of the interest rate swap is based on valuations prepared by a third-party broker. Those valuations are based on observable interest rates and other observable market data, which the Company considers Level 2 inputs.

During the six months ended June 30, 2021, 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 liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 8 — Income Taxes

Forrester provides for income taxes on an interim basis according to management’s estimate of the effective tax rate expected to be applicable for the full fiscal year. Certain items such as changes in tax rates, tax benefits or expense related to settlements of share-based payment awards, and foreign currency gains or losses are treated as discrete items and are recorded in the period in which they arise.

Income tax expense for the six months ended June 30, 2021 was $5.5 million resulting in an effective tax rate of 30.7% for the period. Income tax expense for the six months ended June 30, 2020 was $0.3 million resulting in an effective tax rate of 2.2% for the period. The increase in income tax expense during the 2021 period was primarily due to the increase in overall U.S. profitability.

The Company anticipates that its effective tax rate for the full year 2021 will be approximately 31%.

On March 27, 2020, Congress enacted the Coronavirus Aid, Relief and Economic Security ("CARES") Act to provide certain relief as a result of the COVID-19 outbreak. The Company evaluated the impact of the CARES Act and determined it was not material to its financial position or results of operations.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Accumulated Other Comprehensive Income (Loss) ("AOCI/L")

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss) ("AOCI/L")

Note 9 — Accumulated Other Comprehensive Income (Loss) (“AOCI/L”)

The components of accumulated other comprehensive income (loss) are as follows (net of tax, in thousands):


	Interest Rate			Translation
	Swap			Adjustment			Total AOCI/L
Balance at March 31, 2021	$	(631	)	$	(2,170	)	$	(2,801	)
Foreign currency translation (1)		—			723			723
Unrealized loss before reclassification, net of tax of $2		(7	)		—			(7	)
Reclassification of AOCI/L to income, net of tax of $(57) (2)		146			—			146
Balance at June 30, 2021	$	(492	)	$	(1,447	)	$	(1,939	)


	Interest Rate			Translation
	Swap			Adjustment			Total AOCI/L
Balance at March 31, 2020	$	(1,285	)	$	(6,673	)	$	(7,958	)
Foreign currency translation (1)		—			885			885
Unrealized loss before reclassification, net of tax of $53		(136	)		—			(136	)
Reclassification of AOCI/L to income, net of tax of $(71) (2)		181			—			181
Balance at June 30, 2020	$	(1,240	)	$	(5,788	)	$	(7,028	)


	Interest Rate			Translation
	Swap			Adjustment			Total AOCI/L
Balance at December 31, 2020	$	(821	)	$	131		$	(690	)
Foreign currency translation (1)		—			(1,578	)		(1,578	)
Unrealized loss before reclassification, net of tax of $1		(3	)		—			(3	)
Reclassification of AOCI/L to income, net of tax of $(130) (2)		332			—			332
Balance at June 30, 2021	$	(492	)	$	(1,447	)	$	(1,939	)


	Interest Rate			Translation
	Swap			Adjustment			Total AOCI/L
Balance at December 31, 2019	$	(104	)	$	(4,753	)	$	(4,857	)
Foreign currency translation (1)		—			(1,035	)		(1,035	)
Unrealized loss before reclassification, net of tax of $511		(1,308	)		—			(1,308	)
Reclassification of AOCI/L to income, net of tax of $(67) (2)		172			—			172
Balance at June 30, 2020	$	(1,240	)	$	(5,788	)	$	(7,028	)

(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 on the Consolidated Statements of Income. Refer to Note 6 – Derivatives and Hedging.

Net Income Per Common Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Income Per Common Share

Note 10 — Net Income Per Common Share

Basic net income per common share is computed by dividing net income by the basic weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income 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 equivalent shares consist of common stock issuable on 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):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Basic weighted average common shares outstanding		19,126		18,759		19,094		18,732
Weighted average common equivalent shares		251		72		238		96
Diluted weighted average common shares outstanding		19,377		18,831		19,332		18,828
Options and restricted stock units excluded from diluted weighted average share calculation as effect would have been anti-dilutive		9		733		6		441

Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders' Equity

Note 11 — Stockholders’ Equity

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


	Three Months Ended June 30, 2021
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01ParValue		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Equity
Balance at March 31, 2021		23,755	$	238	$	234,752	$	131,937		4,631	$	(171,889	)	$	(2,801	)	$	192,237
Issuance of common stock under stock plans, including tax effects		25		—		336		—		—		—			—			336
Repurchases of common stock		—		—		—		—		63		(2,673	)		—			(2,673	)
Stock-based compensation expense		—		—		2,397		—		—		—			—			2,397
Net income		—		—		—		8,343		—		—			—			8,343
Net change in interest rate swap, net of tax		—		—		—		—		—		—			139			139
Foreign currency translation		—		—		—		—		—		—			723			723
Balance at June 30, 2021		23,780	$	238	$	237,485	$	140,280		4,694	$	(174,562	)	$	(1,939	)	$	201,502


	Three Months Ended June 30, 2020
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Equity
Balance at March 31, 2020		23,389	$	234	$	220,308	$	117,477		4,631	$	(171,889	)	$	(7,958	)	$	158,172
Issuance of common stock under stock plans, including tax effects		12		—		6		—		—		—			—			6
Stock-based compensation expense		—		—		2,464		—		—		—			—			2,464
Net income		—		—		—		11,837		—		—			—			11,837
Net change in interest rate swap, net of tax		—		—		—		—		—		—			45			45
Foreign currency translation		—		—		—		—		—		—			885			885
Balance at June 30, 2020		23,401	$	234	$	222,778	$	129,314		4,631	$	(171,889	)	$	(7,028	)	$	173,409


	Six Months Ended June 30, 2021
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance at December 31, 2020		23,648	$	236	$	230,128	$	127,981		4,631	$	(171,889	)	$	(690	)	$	185,766
Issuance of common stock under stock plans, including tax effects		132		2		2,468		—		—		—			—			2,470
Repurchases of common stock		—		—		—		—		63		(2,673	)		—			(2,673	)
Stock-based compensation expense		—		—		4,889		—		—		—			—			4,889
Net income		—		—		—		12,299		—		—			—			12,299
Net change in interest rate swap, net of tax		—		—		—		—		—		—			329			329
Foreign currency translation		—		—		—		—		—		—			(1,578	)		(1,578	)
Balance at June 30, 2021		23,780	$	238	$	237,485	$	140,280		4,694	$	(174,562	)	$	(1,939	)	$	201,502


	Six Months Ended June 30, 2020
	Common Stock									Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings			Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance at December 31, 2019		23,275	$	233	$	216,454	$	118,147			4,631	$	(171,889	)	$	(4,857	)	$	158,088
Issuance of common stock under stock plans, including tax effects		126		1		1,058		—			—		—			—			1,059
Stock-based compensation expense		—		—		5,266		—			—		—			—			5,266
Cumulative effect adjustment due to adoption of new accounting pronouncement, net of tax		—		—		—		(157	)		—		—			—			(157	)
Net income		—		—		—		11,324			—		—			—			11,324
Net change in interest rate swap, net of tax		—		—		—		—			—		—			(1,136	)		(1,136	)
Foreign currency translation		—		—		—		—			—		—			(1,035	)		(1,035	)
Balance at June 30, 2020		23,401	$	234	$	222,778	$	129,314			4,631	$	(171,889	)	$	(7,028	)	$	173,409

Equity Plans

Restricted stock unit activity for the six months ended June 30, 2021 is presented below (in thousands, except per share data):


				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2020		642		$	38.99
Granted		28			44.00
Vested		(52	)		38.77
Forfeited		(25	)		39.32
Unvested at June 30, 2021		593		$	39.24

Stock option activity for the six months ended June 30, 2021 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, 2020		292		$	35.46
Exercised		(43	)		35.78
Outstanding at June 30, 2021		249		$	35.41		2.97	$	2,583
Vested and Exercisable at June 30, 2021		249		$	35.41		2.97	$	2,583

No stock options were granted or forfeited during the six months ended June 30, 2021.

Stock-Based Compensation

Forrester recognizes the fair value of stock-based compensation over the requisite service period of the individual grantee, which generally equals the vesting period. Stock-based compensation was recorded in the following expense categories on the Consolidated Statements of Income (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Cost of services and fulfillment	$	1,401	$	1,232	$	2,835	$	2,825
Selling and marketing		399		423		848		785
General and administrative		597		809		1,206		1,656
Total	$	2,397	$	2,464	$	4,889	$	5,266

Forrester utilizes the Black-Scholes valuation model for estimating the fair value of 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,
	2021			2020			2021			2020
Average risk-free interest rate		0.05	%		0.30	%		0.05	%		0.30	%
Expected dividend yield		0.0	%		0.0	%		0.0	%		0.0	%
Expected life	0.5 Years			0.5 Years			0.5 Years			0.5 Years
Expected volatility		35	%		26	%		35	%		26	%
Weighted average fair value	$	11.50		$	8.10		$	11.50		$	8.10

Treasury Stock

As of June 30, 2021, Forrester’s Board of Directors had authorized an aggregate $535.0 million to purchase common stock under its stock repurchase program. The shares repurchased may be used, among other things, in connection with Forrester’s equity incentive and purchase plans. During the three and six months ended June 30, 2021, the Company repurchased approximately 0.1 million shares of common stock at an aggregate cost of approximately $2.7 million. During the three and six months ended June 30, 2020, the Company did not repurchase any shares of common stock. From the inception of the program through June 30, 2021, the Company repurchased 16.4 million shares of common stock at an aggregate cost of $477.5 million.

Operating Segments

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Operating Segments

Note 12 — Operating Segments

The Company’s operations are grouped into three segments: Research, Consulting, and Events. These segments are based on the management structure of the Company and how management 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. Additionally, the tables below include the reclassification of revenues for the components of the Company’s CV subscription research products, as described further in Note 1: Interim Consolidated Financial Statements.

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. In May 2021, the Company announced the launch of a new research portfolio called Forrester Decisions, which will be available in August 2021. This new portfolio of products will help executives, functional leaders, and their teams, across technology, marketing, customer experience, sales, and product management, plan and pursue initiatives for driving growth. The Forrester Decisions product combines the research, frameworks, models, and methodologies of the Company’s Forrester Research and SiriusDecisions Research product offerings, as well as features of the Company’s Connect and Analytics products. In connection with the launch of Forrester Decisions, the Company will no longer provide disaggregation of revenue by its research products in the segment tables below (refer to Note 5 – Revenue and Related Matters for disclosure of disaggregated revenue).

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 and certain advisory services.

The Events segment includes the revenues and the costs of the organization responsible for developing and hosting in-person and virtual events.

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, interest and other expense, and gains on investments. The accounting policies used by the segments are the same as those used in the consolidated financial statements.

The Company provides information by reportable segment in the tables below (in thousands):


	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended June 30, 2021
Research revenues	$	81,002		$	—		$	—		$	81,002
Consulting revenues		12,842			28,118			—			40,960
Events revenues		—			—			6,708			6,708
Total segment revenues		93,844			28,118			6,708			128,670
Segment expenses		(29,417	)		(12,851	)		(3,032	)		(45,300	)
Selling, marketing, administrative and other expenses											(66,103	)
Amortization of intangible assets											(3,968	)
Integration costs											(216	)
Interest expense, other expense, and gains on investments											(1,267	)
Income before income taxes										$	11,816


	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended June 30, 2020
Research revenues	$	75,034		$	—		$	—		$	75,034
Consulting revenues		11,928			21,547			—			33,475
Events revenues		—			—			5,032			5,032
Total segment revenues		86,962			21,547			5,032			113,541
Segment expenses		(25,870	)		(10,099	)		(3,206	)		(39,175	)
Selling, marketing, administrative and other expenses											(57,810	)
Amortization of intangible assets											(4,713	)
Integration costs											(612	)
Interest expense, other expense, and gains on investments											844
Income before income taxes										$	12,075


	Research Segment			Consulting Segment			Events Segment			Consolidated
Six Months Ended June 30, 2021
Research revenues	$	155,970		$	—		$	—		$	155,970
Consulting revenues		25,573			53,937			—			79,510
Events revenues		—			—			6,971			6,971
Total segment revenues		181,543			53,937			6,971			242,451
Segment expenses		(60,134	)		(25,176	)		(3,746	)		(89,056	)
Selling, marketing, administrative and other expenses											(124,571	)
Amortization of intangible assets											(7,871	)
Integration costs											(334	)
Interest expense, other expense and gains on investments											(2,866	)
Income before income taxes										$	17,753


	Research Segment			Consulting Segment			Events Segment			Consolidated
Six Months Ended June 30, 2020
Research revenues	$	149,301		$	—		$	—		$	149,301
Consulting revenues		24,510			40,953			—			65,463
Events revenues		—			—			5,122			5,122
Total segment revenues		173,811			40,953			5,122			219,886
Segment expenses		(53,334	)		(20,120	)		(3,883	)		(77,337	)
Selling, marketing, administrative and other expenses											(117,685	)
Amortization of intangible assets											(9,425	)
Integration costs											(3,487	)
Interest expense, other income, and gains on investments											(371	)
Income before income taxes										$	11,581

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Contingencies

Note 13 — 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, litigation can have a material adverse effect on the Company because of defense and settlement costs, diversion of management resources, and other factors.

Interim Consolidated Financial Statements (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

Reclassification

Presentation of Restricted Cash


	Six Months Ended June 30,
	2021		2020
Cash and cash equivalents	$	146,387	$	68,377
Restricted cash classified in (1):
Prepaid expenses and other current assets		221		787
Other assets		2,319		37
Cash, cash equivalents and restricted cash shown in statement of cash flows	$	148,927	$	69,201

(1)

Adoption of New Accounting Pronouncements

Recent Accounting Pronouncements

Interim Consolidated Financial Statements (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of End-of-period Cash and Cash Equivalents and Cash, Cash Equivalents and Restricted Cash from Financial Statements


	Six Months Ended June 30,
	2021		2020
Cash and cash equivalents	$	146,387	$	68,377
Restricted cash classified in (1):
Prepaid expenses and other current assets		221		787
Other assets		2,319		37
Cash, cash equivalents and restricted cash shown in statement of cash flows	$	148,927	$	69,201

(1)

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Change in Carrying Amount of Goodwill

The change in the carrying amount of goodwill for the six months ended June 30, 2021 is summarized as follows (in thousands):


	Total
Balance at December 31, 2020	$	247,211
Translation adjustments		(976	)
Balance at June 30, 2021	$	246,235

Summary of Carrying Values of Finite-Lived Intangible Assets

The carrying values of finite-lived intangible assets are as follows (in thousands):


	June 30, 2021
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	78,398	$	21,537	$	56,861
Technology		16,807		11,834		4,973
Trademarks		12,472		4,316		8,156
Total	$	107,677	$	37,687	$	69,990


	December 31, 2020
	Gross				Net
	Carrying		Accumulated		Carrying
	Amount		Amortization		Amount
Amortizable intangible assets:
Customer relationships	$	78,450	$	17,277	$	61,173
Technology		16,956		10,197		6,759
Trademarks		12,495		2,432		10,063
Total	$	107,901	$	29,906	$	77,995

Summary of Estimated Intangible Assets Amortization Expense

Estimated intangible asset amortization expense for each of the five succeeding years is as follows (in thousands):


2021 (remainder)	$	7,259
2022		13,195
2023		11,951
2024		9,908
2025		8,882
Thereafter		18,795
Total	$	69,990

Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt

As of June 30, 2021, the amount payable in each year is set forth in the table below (in thousands):


2021 (remainder)		6,250
2022		12,500
2023		15,625
2024		68,750
Total remaining principal payments	$	103,125

Summary of Company's Total Outstanding Borrowings

The following table summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands):


Description:	June 30, 2021			December 31, 2020
Principal amount outstanding (1) (2)	$	103,125		$	109,375
Less: Deferred financing fees		(1,283	)		(1,576	)
Net carrying amount	$	101,842		$	107,799

(1)

This amount consists entirely of the outstanding Term Loan balance.

(2)

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Summary of Components of Lease Expense

The components of lease expense were as follows (in thousands):


	For the Three Months Ended June 30,
	2021			2020
Operating lease cost	$	4,062		$	3,944
Short-term lease cost		98			81
Variable lease cost		1,280			1,660
Sublease income		(105	)		(63	)
Total lease cost	$	5,335		$	5,622


	For the Six Months Ended June 30,
	2021			2020
Operating lease cost	$	7,882		$	7,935
Short-term lease cost		186			163
Variable lease cost		2,715			3,016
Sublease income		(166	)		(124	)
Total lease cost	$	10,617		$	10,990

Summary of Additional Lease Information

Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):


	For the Six Months Ended June 30,
	2021			2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	5,769		$	6,204
Operating lease ROU assets obtained in exchange for lease obligations	$	7,385		$	3,898
Weighted-average remaining lease term - operating leases (years)		6.3			6.1
Weighted-average discount rate - operating leases		4.4	%		5.0	%

Summary of Future Minimum Lease Payments and Sublease Cash Receipts Under Non-Cancelable Leases

Future minimum lease payments under non-cancelable leases and estimated future sublease cash receipts from non-cancelable arrangements as of June 30, 2021 are as follows (in thousands):


	Operating Lease			Sublease
	Payments			Cash Receipts
2021 (remainder)	$	7,564		$	182
2022		16,606			839
2023		16,564			606
2024		16,193			625
2025		14,236			—
Thereafter		27,102			—
Total lease payments and estimated sublease cash receipts		98,265		$	2,252
Less imputed interest		(14,589	)
Present value of lease liabilities	$	83,676

Summary of Lease Balances

Lease balances as of June 30, 2021 are as follows (in thousands):


Operating lease ROU assets	$	70,756

Short-term operating lease liabilities (1)	$	12,099
Non-current operating lease liabilities		71,577
Total operating lease liabilities	$	83,676

(1)

Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets.

Revenue and Related Matters (Tables)

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Schedule of Disaggregation of Revenue by Geography and Recognition Timing

The Company disaggregates revenue as set forth in the following tables (in thousands):

Revenue by Geography


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Revenues: (1)	2021		2020		2021		2020
North America	$	105,371	$	94,770	$	196,267	$	183,179
Europe		15,587		11,788		30,669		23,575
Asia Pacific		6,322		5,727		12,715		10,778
Other		1,390		1,256		2,800		2,354
Total	$	128,670	$	113,541	$	242,451	$	219,886

(1)

Revenue location is determined based on where the products and services are consumed.

Summary of Allowance for Expected Credit Losses on Accounts Receivable

The allowance for expected credit losses on accounts receivable for the six months ended June 30, 2021 is summarized as follows (in thousands):


	Total Allowance
Balance at December 31, 2020	$	708
Provision for expected credit losses		211
Write-offs		(127	)
Balance at June 30, 2021	$	792

Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Derivative Contract Amounts Recognized in Consolidated Statements of Income

The table below provides information regarding amounts recognized in the Consolidated Statements of Income for the derivative contracts for the periods indicated (in thousands):


	Three Months Ended						Six Months Ended
	June 30,						June 30,
Amount recorded in:	2021			2020			2021			2020
Interest expense (1)	$	(203	)	$	(252	)	$	(462	)	$	(239	)
Other expense, net (2)		(36	)		(157	)		(36	)		(157	)
Total	$	(239	)	$	(409	)	$	(498	)	$	(396	)

(1)

Consists of interest expense from the interest rate swap contract.

(2)

Consists of net realized gains and losses on foreign currency forward contracts.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Company's Fair Value Hierarchy for its Financial Assets and Liabilities

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 June 30, 2021
	Level 1		Level 2			Total
Assets:
Money market funds (1)	$	3,814	$	—		$	3,814
Total Assets	$	3,814	$	—		$	3,814

Liabilities:
Interest rate swap (2)		—	$	(686	)	$	(686	)
Total Liabilities	$	—	$	(686	)	$	(686	)


	As of December 31, 2020
	Level 1		Level 2			Total
Assets:
Money market funds (1)	$	503	$	—		$	503
Total Assets	$	503	$	—		$	503

Liabilities:
Interest rate swap (2)		—	$	(1,144	)	$	(1,144	)
Total Liabilities	$	—	$	(1,144	)	$	(1,144	)

(1)

Included in cash and cash equivalents on the Consolidated Balance Sheets.

(2)

Accumulated Other Comprehensive Income (Loss) ("AOCI/L") (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are as follows (net of tax, in thousands):


	Interest Rate			Translation
	Swap			Adjustment			Total AOCI/L
Balance at March 31, 2021	$	(631	)	$	(2,170	)	$	(2,801	)
Foreign currency translation (1)		—			723			723
Unrealized loss before reclassification, net of tax of $2		(7	)		—			(7	)
Reclassification of AOCI/L to income, net of tax of $(57) (2)		146			—			146
Balance at June 30, 2021	$	(492	)	$	(1,447	)	$	(1,939	)


	Interest Rate			Translation
	Swap			Adjustment			Total AOCI/L
Balance at March 31, 2020	$	(1,285	)	$	(6,673	)	$	(7,958	)
Foreign currency translation (1)		—			885			885
Unrealized loss before reclassification, net of tax of $53		(136	)		—			(136	)
Reclassification of AOCI/L to income, net of tax of $(71) (2)		181			—			181
Balance at June 30, 2020	$	(1,240	)	$	(5,788	)	$	(7,028	)


	Interest Rate			Translation
	Swap			Adjustment			Total AOCI/L
Balance at December 31, 2020	$	(821	)	$	131		$	(690	)
Foreign currency translation (1)		—			(1,578	)		(1,578	)
Unrealized loss before reclassification, net of tax of $1		(3	)		—			(3	)
Reclassification of AOCI/L to income, net of tax of $(130) (2)		332			—			332
Balance at June 30, 2021	$	(492	)	$	(1,447	)	$	(1,939	)


	Interest Rate			Translation
	Swap			Adjustment			Total AOCI/L
Balance at December 31, 2019	$	(104	)	$	(4,753	)	$	(4,857	)
Foreign currency translation (1)		—			(1,035	)		(1,035	)
Unrealized loss before reclassification, net of tax of $511		(1,308	)		—			(1,308	)
Reclassification of AOCI/L to income, net of tax of $(67) (2)		172			—			172
Balance at June 30, 2020	$	(1,240	)	$	(5,788	)	$	(7,028	)

(1)

(2)

Net Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Weighted Average Common Shares

Basic and diluted weighted average common shares are as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Basic weighted average common shares outstanding		19,126		18,759		19,094		18,732
Weighted average common equivalent shares		251		72		238		96
Diluted weighted average common shares outstanding		19,377		18,831		19,332		18,828
Options and restricted stock units excluded from diluted weighted average share calculation as effect would have been anti-dilutive		9		733		6		441

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Components of Stockholders' Equity

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


	Three Months Ended June 30, 2021
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01ParValue		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Equity
Balance at March 31, 2021		23,755	$	238	$	234,752	$	131,937		4,631	$	(171,889	)	$	(2,801	)	$	192,237
Issuance of common stock under stock plans, including tax effects		25		—		336		—		—		—			—			336
Repurchases of common stock		—		—		—		—		63		(2,673	)		—			(2,673	)
Stock-based compensation expense		—		—		2,397		—		—		—			—			2,397
Net income		—		—		—		8,343		—		—			—			8,343
Net change in interest rate swap, net of tax		—		—		—		—		—		—			139			139
Foreign currency translation		—		—		—		—		—		—			723			723
Balance at June 30, 2021		23,780	$	238	$	237,485	$	140,280		4,694	$	(174,562	)	$	(1,939	)	$	201,502


	Three Months Ended June 30, 2020
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Equity
Balance at March 31, 2020		23,389	$	234	$	220,308	$	117,477		4,631	$	(171,889	)	$	(7,958	)	$	158,172
Issuance of common stock under stock plans, including tax effects		12		—		6		—		—		—			—			6
Stock-based compensation expense		—		—		2,464		—		—		—			—			2,464
Net income		—		—		—		11,837		—		—			—			11,837
Net change in interest rate swap, net of tax		—		—		—		—		—		—			45			45
Foreign currency translation		—		—		—		—		—		—			885			885
Balance at June 30, 2020		23,401	$	234	$	222,778	$	129,314		4,631	$	(171,889	)	$	(7,028	)	$	173,409


	Six Months Ended June 30, 2021
	Common Stock								Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings		Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance at December 31, 2020		23,648	$	236	$	230,128	$	127,981		4,631	$	(171,889	)	$	(690	)	$	185,766
Issuance of common stock under stock plans, including tax effects		132		2		2,468		—		—		—			—			2,470
Repurchases of common stock		—		—		—		—		63		(2,673	)		—			(2,673	)
Stock-based compensation expense		—		—		4,889		—		—		—			—			4,889
Net income		—		—		—		12,299		—		—			—			12,299
Net change in interest rate swap, net of tax		—		—		—		—		—		—			329			329
Foreign currency translation		—		—		—		—		—		—			(1,578	)		(1,578	)
Balance at June 30, 2021		23,780	$	238	$	237,485	$	140,280		4,694	$	(174,562	)	$	(1,939	)	$	201,502


	Six Months Ended June 30, 2020
	Common Stock									Treasury Stock					Accumulated
	Number of Shares		$0.01 Par Value		Additional Paid-in Capital		Retained Earnings			Number of Shares		Cost			Other Comprehensive Income (Loss)			Total Stockholders' Equity
Balance at December 31, 2019		23,275	$	233	$	216,454	$	118,147			4,631	$	(171,889	)	$	(4,857	)	$	158,088
Issuance of common stock under stock plans, including tax effects		126		1		1,058		—			—		—			—			1,059
Stock-based compensation expense		—		—		5,266		—			—		—			—			5,266
Cumulative effect adjustment due to adoption of new accounting pronouncement, net of tax		—		—		—		(157	)		—		—			—			(157	)
Net income		—		—		—		11,324			—		—			—			11,324
Net change in interest rate swap, net of tax		—		—		—		—			—		—			(1,136	)		(1,136	)
Foreign currency translation		—		—		—		—			—		—			(1,035	)		(1,035	)
Balance at June 30, 2020		23,401	$	234	$	222,778	$	129,314			4,631	$	(171,889	)	$	(7,028	)	$	173,409

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the six months ended June 30, 2021 is presented below (in thousands, except per share data):


				Weighted-
				Average
	Number of			Grant Date
	Shares			Fair Value
Unvested at December 31, 2020		642		$	38.99
Granted		28			44.00
Vested		(52	)		38.77
Forfeited		(25	)		39.32
Unvested at June 30, 2021		593		$	39.24

Schedule of Stock Option Activity

Stock option activity for the six months ended June 30, 2021 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, 2020		292		$	35.46
Exercised		(43	)		35.78
Outstanding at June 30, 2021		249		$	35.41		2.97	$	2,583
Vested and Exercisable at June 30, 2021		249		$	35.41		2.97	$	2,583

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Cost of services and fulfillment	$	1,401	$	1,232	$	2,835	$	2,825
Selling and marketing		399		423		848		785
General and administrative		597		809		1,206		1,656
Total	$	2,397	$	2,464	$	4,889	$	5,266

Shares Subject to Employee Stock Purchase Plan Valuation Assumptions


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
Average risk-free interest rate		0.05	%		0.30	%		0.05	%		0.30	%
Expected dividend yield		0.0	%		0.0	%		0.0	%		0.0	%
Expected life	0.5 Years			0.5 Years			0.5 Years			0.5 Years
Expected volatility		35	%		26	%		35	%		26	%
Weighted average fair value	$	11.50		$	8.10		$	11.50		$	8.10

Operating Segments (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of Information by Reportable Segment

The Company provides information by reportable segment in the tables below (in thousands):


	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended June 30, 2021
Research revenues	$	81,002		$	—		$	—		$	81,002
Consulting revenues		12,842			28,118			—			40,960
Events revenues		—			—			6,708			6,708
Total segment revenues		93,844			28,118			6,708			128,670
Segment expenses		(29,417	)		(12,851	)		(3,032	)		(45,300	)
Selling, marketing, administrative and other expenses											(66,103	)
Amortization of intangible assets											(3,968	)
Integration costs											(216	)
Interest expense, other expense, and gains on investments											(1,267	)
Income before income taxes										$	11,816


	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended June 30, 2020
Research revenues	$	75,034		$	—		$	—		$	75,034
Consulting revenues		11,928			21,547			—			33,475
Events revenues		—			—			5,032			5,032
Total segment revenues		86,962			21,547			5,032			113,541
Segment expenses		(25,870	)		(10,099	)		(3,206	)		(39,175	)
Selling, marketing, administrative and other expenses											(57,810	)
Amortization of intangible assets											(4,713	)
Integration costs											(612	)
Interest expense, other expense, and gains on investments											844
Income before income taxes										$	12,075


	Research Segment			Consulting Segment			Events Segment			Consolidated
Six Months Ended June 30, 2021
Research revenues	$	155,970		$	—		$	—		$	155,970
Consulting revenues		25,573			53,937			—			79,510
Events revenues		—			—			6,971			6,971
Total segment revenues		181,543			53,937			6,971			242,451
Segment expenses		(60,134	)		(25,176	)		(3,746	)		(89,056	)
Selling, marketing, administrative and other expenses											(124,571	)
Amortization of intangible assets											(7,871	)
Integration costs											(334	)
Interest expense, other expense and gains on investments											(2,866	)
Income before income taxes										$	17,753


	Research Segment			Consulting Segment			Events Segment			Consolidated
Six Months Ended June 30, 2020
Research revenues	$	149,301		$	—		$	—		$	149,301
Consulting revenues		24,510			40,953			—			65,463
Events revenues		—			—			5,122			5,122
Total segment revenues		173,811			40,953			5,122			219,886
Segment expenses		(53,334	)		(20,120	)		(3,883	)		(77,337	)
Selling, marketing, administrative and other expenses											(117,685	)
Amortization of intangible assets											(9,425	)
Integration costs											(3,487	)
Interest expense, other income, and gains on investments											(371	)
Income before income taxes										$	11,581

Interim Consolidated Financial Statements - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jan. 01, 2020
Summary Of Significant Accounting Policy [Line Items]
Total revenues	$ 128,670,000	$ 113,541,000	$ 242,451,000	$ 219,886,000
Decrease in retained earnings	$ 140,280,000		$ 140,280,000		$ 127,981,000
ASU No. 2016-13 [Member]
Summary Of Significant Accounting Policy [Line Items]
Change in accounting principle, accounting standards update, adopted	true		true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2020		Jan. 01, 2020
ASU No. 2019-12 [Member]
Summary Of Significant Accounting Policy [Line Items]
Change in accounting principle, accounting standards update, adopted	true		true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021		Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect	true		true
ASU No. 2017-04 [Member]
Summary Of Significant Accounting Policy [Line Items]
Change in accounting principle, accounting standards update, adopted	true		true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2020		Jan. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect	true		true
ASU No. 2018-13 [Member]
Summary Of Significant Accounting Policy [Line Items]
Change in accounting principle, accounting standards update, adopted	true		true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2020		Jan. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect	true		true
ASU No. 2018-15 [Member]
Summary Of Significant Accounting Policy [Line Items]
Change in accounting principle, accounting standards update, adopted	true		true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2020		Jan. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect	true		true
Cumulative Effect, Period of Adoption, Adjustment [Member] \| ASU No. 2016-13 [Member]
Summary Of Significant Accounting Policy [Line Items]
Decrease in retained earnings						$ 200,000
Consulting [Member]
Summary Of Significant Accounting Policy [Line Items]
Total revenues	$ 40,960,000	33,475,000	$ 79,510,000	65,463,000
Research [Member]
Summary Of Significant Accounting Policy [Line Items]
Total revenues	81,002,000	$ 75,034,000	155,970,000	$ 149,301,000
Reclassification Adjustment [Member]
Summary Of Significant Accounting Policy [Line Items]
Total revenues			0
Reclassification Adjustment [Member] \| Consulting [Member]
Summary Of Significant Accounting Policy [Line Items]
Total revenues	(1,400,000)		(2,900,000)
Reclassification Adjustment [Member] \| Research [Member]
Summary Of Significant Accounting Policy [Line Items]
Total revenues	$ 1,400,000		$ 2,900,000

Interim Consolidated Financial Statements - Summary of End-of-period Cash and Cash Equivalents and Cash, Cash Equivalents and Restricted Cash from Financial Statements (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 146,387	$ 90,257	$ 68,377
Restricted cash, current	$ 221		$ 787
Restricted Cash, Current, Asset, Statement of Financial Position [Extensible List]	us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember		us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember
Restricted cash, non-current	$ 2,319		$ 37
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]	Other assets		Other assets
Cash, cash equivalents and restricted cash shown in statement of cash flows	$ 148,927		$ 69,201

Goodwill and Other Intangible Assets - Additional Information (Detail) - Consulting [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill [Line Items]
Accumulated goodwill impairment losses	$ 0
Goodwill impairment charges	0
Goodwill allocated to reporting unit	$ 8,300

Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill, Beginning Balance	$ 247,211
Translation adjustments	(976)
Goodwill, Ending Balance	$ 246,235

Goodwill and Other Intangible Assets - Summary of Carrying Values of Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 107,677	$ 107,901
Accumulated Amortization	37,687	29,906
Total	69,990	77,995
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	78,398	78,450
Accumulated Amortization	21,537	17,277
Total	56,861	61,173
Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	16,807	16,956
Accumulated Amortization	11,834	10,197
Total	4,973	6,759
Trademarks [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	12,472	12,495
Accumulated Amortization	4,316	2,432
Total	$ 8,156	$ 10,063

Goodwill and Other Intangible Assets - Summary of Estimated Intangible Assets Amortization Expense (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
2021 (remainder)	$ 7,259
2022	13,195
2023	11,951
2024	9,908
2025	8,882
Thereafter	18,795
Total	$ 69,990	$ 77,995

Debt - Additional Information (Detail) - USD ($)		6 Months Ended
Debt - Additional Information (Detail) - USD ($)	Jan. 03, 2019	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity amount	$ 200,000,000.0
Aggregate principal amount		$ 103,125,000	$ 109,375,000
Percentage of voting equity of subsidiaries	65.00%
Maximum [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Interest rate	2.50%
Maximum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Interest rate	1.50%
Minimum [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Interest rate	1.75%
Minimum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Interest rate	0.75%
Term Loans [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 125,000,000.0	$ 103,125,000
Debt instrument maturity date	Jan. 03, 2024
Interest rate		2.00%
Debt cost incurred related to term loans	$ 2,800,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 75,000,000.0
Credit facility maturity date	Jan. 03, 2024
Line of credit facility, available borrowing capacity		$ 74,100,000
Revolving Credit Facility [Member] \| Letters of Credit [Member]
Debt Instrument [Line Items]
Available for issuance of letter of credit	$ 5,000,000.0
Debt cost incurred related to revolving credit facility	$ 1,800,000
Debt instrument, amortized over the term	5 years
Issuance of letter of credit		$ 900,000
Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Increase (decrease) in line of credit facility	$ 50,000,000.0
Percentage of commitment fee on the unused portion of the facility	0.35%
Revolving Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Percentage of commitment fee on the unused portion of the facility	0.25%

Debt - Schedule of Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jan. 03, 2019
Debt Instrument [Line Items]
Total remaining principal payments	$ 103,125	$ 109,375
Term Loans [Member]
Debt Instrument [Line Items]
2021 (remainder)	6,250
2022	12,500
2023	15,625
2024	68,750
Total remaining principal payments	$ 103,125		$ 125,000

Debt - Summary of Company's Total Outstanding Borrowings (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Principal amount outstanding	$ 103,125	$ 109,375
Less: Deferred financing fees	(1,283)	(1,576)
Net carrying amount	$ 101,842	$ 107,799

Debt - Summary of Company's Total Outstanding Borrowings (Parenthetical) (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Weighted average interest rate	2.125%	2.136%
Term Loans [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	2.125%	2.125%
Debt instrument margin rate		2.00%
Term Loans [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	0.125%	0.125%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, available borrowing capacity	$ 74.1	$ 74.1

Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 4,062	$ 3,944	$ 7,882	$ 7,935
Short-term lease cost	98	81	186	163
Variable lease cost	1,280	1,660	2,715	3,016
Sublease income	(105)	(63)	(166)	(124)
Total lease cost	$ 5,335	$ 5,622	$ 10,617	$ 10,990

Leases - Summary of Additional Lease Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 5,769	$ 6,204
Operating lease ROU assets obtained in exchange for lease obligations	$ 7,385	$ 3,898
Weighted-average remaining lease term - operating leases (years)	6 years 3 months 18 days	6 years 1 month 6 days
Weighted-average discount rate - operating leases	4.40%	5.00%

Leases - Summary of Future Minimum Lease Payments and Sublease Cash Receipts Under Non-Cancelable Leases (Detail) $ in Thousands	Jun. 30, 2021 USD ($)
Operating Lease Payments
2021 (remainder)	$ 7,564
2022	16,606
2023	16,564
2024	16,193
2025	14,236
Thereafter	27,102
Total lease payments	98,265
Less imputed interest	(14,589)
Present value of lease liabilities	83,676
Sublease Cash Receipts
2021 (remainder)	182
2022	839
2023	606
2024	625
2025	0
Thereafter	0
Total sublease cash receipts	$ 2,252

Leases - Summary of Lease Balances (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease ROU assets	$ 70,756	$ 69,296
Short-term operating lease liabilities	$ 12,099
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities
Non-current operating lease liabilities	$ 71,577	$ 70,323
Total operating lease liabilities	$ 83,676

Revenue and Related Matters - Schedule of Disaggregation of Revenue by Geography and Recognition Timing (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Revenue	$ 128,670	$ 113,541	$ 242,451	$ 219,886
North America [Member]
Disaggregation Of Revenue [Line Items]
Revenue	105,371	94,770	196,267	183,179
Europe [Member]
Disaggregation Of Revenue [Line Items]
Revenue	15,587	11,788	30,669	23,575
Asia Pacific [Member]
Disaggregation Of Revenue [Line Items]
Revenue	6,322	5,727	12,715	10,778
'Other [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 1,390	$ 1,256	$ 2,800	$ 2,354

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue and Related Matters - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 0	$ 0	$ 0	$ 0
Contract with customer, contract duration			1 year
Deferred revenue recognized	43,600,000	43,200,000	$ 115,900,000	113,100,000
Revenue expected to be recognized	372,000,000.0		372,000,000.0
Amortization expense related to deferred commissions	$ 10,000,000.0	$ 9,000,000.0	18,900,000	17,200,000
Impairment of deferred commissions			$ 0	$ 0
Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, expected payment term			one year

Revenue and Related Matters - Additional Information1 (Detail)	Jun. 30, 2021
Maximum [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, revenue expected to be recognized	24 months

Revenue and Related Matters - Summary of Allowance for Expected Credit Losses on Accounts Receivable (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Receivables [Abstract]
Balance at December 31, 2020	$ 708
Provision for expected credit losses	211
Write-offs	(127)
Balance at June 30, 2021	$ 792

Derivatives and Hedging - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Derivative maturity year	2022
Interest Rate Swap [Member]
Derivatives Fair Value [Line Items]
Derivative notional amount	$ 47,000,000.0	$ 95,000,000.0
Derivative fixed interest rate	1.65275%
Negative fair value of derivative	$ 500,000
Other comprehensive loss, net of taxes, to be reclassified into earnings within the next 12 months	$ 400,000
Interest Rate Swap [Member] \| Minimum [Member]
Derivatives Fair Value [Line Items]
Derivative receive rate	0.00%
Interest Rate Swap [Member] \| Other Non Current Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of liabilities	$ 700,000
Interest Rate Swap [Member] \| LIBOR [Member]
Derivatives Fair Value [Line Items]
Derivative basis rate	6.25%

Derivatives and Hedging - Schedule of Derivative Contract Amounts Recognized in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments Gain Loss [Line Items]
Amount recorded in operations	$ (239)	$ (409)	$ (498)	$ (396)
Interest Expense [Member]
Derivative Instruments Gain Loss [Line Items]
Amount recorded in operations	(203)	(252)	(462)	(239)
Other Expense [Member]
Derivative Instruments Gain Loss [Line Items]
Amount recorded in operations	$ (36)	$ (157)	$ (36)	$ (157)

Fair Value Measurements - Summary of Company's Fair Value Hierarchy for its Financial Assets and Liabilities (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Fair value of investments	$ 3,814	$ 503
Liabilities:
Fair value of liabilities	(686)	(1,144)
Money Market Funds [Member]
Assets:
Fair value of cash equivalents	3,814	503
Interest Rate Swap [Member]
Liabilities:
Fair value of liabilities	(686)	(1,144)
Level 1 [Member]
Assets:
Fair value of investments	3,814	503
Liabilities:
Fair value of liabilities	0	0
Level 1 [Member] \| Money Market Funds [Member]
Assets:
Fair value of cash equivalents	3,814	503
Level 1 [Member] \| Interest Rate Swap [Member]
Liabilities:
Fair value of liabilities	0	0
Level 2 [Member]
Assets:
Fair value of investments	0	0
Liabilities:
Fair value of liabilities	(686)	(1,144)
Level 2 [Member] \| Money Market Funds [Member]
Assets:
Fair value of cash equivalents	0	0
Level 2 [Member] \| Interest Rate Swap [Member]
Liabilities:
Fair value of liabilities	$ (686)	$ (1,144)

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2021
Income Taxes [Line Items]
Income tax expense	$ 3,473	$ 238	$ 5,454	$ 257
Effective income tax rate			30.70%	2.20%
Scenario, Forecast [Member]
Income Taxes [Line Items]
Effective income tax rate					31.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Accumulated Other Comprehensive Income (Loss) ("AOCI/L") - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 192,237	$ 158,172	$ 185,766	$ 158,088
Foreign currency translation	723	885	(1,578)	(1,035)
Ending Balance	201,502	173,409	201,502	173,409
Interest Rate Swap [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(631)	(1,285)	(821)	(104)
Foreign currency translation	0	0	0	0
Unrealized loss before reclassification, net of tax	(7)	(136)	(3)	(1,308)
Reclassification of AOCI/L to income, net of tax	(146)	181	332	172
Ending Balance	(492)	(1,240)	(492)	(1,240)
Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(2,170)	(6,673)	131	(4,753)
Foreign currency translation	723	885	(1,578)	(1,035)
Unrealized loss before reclassification, net of tax	0	0	0	0
Reclassification of AOCI/L to income, net of tax	0	0	0	0
Ending Balance	(1,447)	(5,788)	(1,447)	(5,788)
Total AOCI/L [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(2,801)	(7,958)	(690)	(4,857)
Foreign currency translation	723	885	(1,578)	(1,035)
Unrealized loss before reclassification, net of tax	(7)	(136)	(3)	(1,308)
Reclassification of AOCI/L to income, net of tax	(146)	181	332	172
Ending Balance	$ (1,939)	$ (7,028)	$ (1,939)	$ (7,028)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Accumulated Other Comprehensive Income (Loss) ("AOCI/L") - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Accumulated other comprehensive income (loss), unrealized gain (loss) before reclassification, net of tax	$ (2)	$ (53)	$ (1)	$ 511
Accumulated other comprehensive income (loss), reclassification of AOCI/L to income, net of tax	$ (57)	$ (71)	$ (130)	$ (67)

Net Income Per Common Share - Schedule of Basic and Diluted Weighted Average Common Shares (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	19,126	18,759	19,094	18,732
Weighted average common equivalent shares	251	72	238	96
Diluted weighted average common shares outstanding	19,377	18,831	19,332	18,828
Options and restricted stock units excluded from diluted weighted average share calculation as effect would have been anti-dilutive	9	733	6	441

Stockholders' Equity - Components of Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Beginning Balance	$ 192,237	$ 158,172	$ 185,766	$ 158,088
Issuance of common stock under stock plans, including tax effects	336	$ 6	2,470	$ 1,059
Repurchases of common stock	$ 2,673		$ 2,673
Repurchases of common stock, Shares	100,000	0	100,000	0
Stock-based compensation expense	$ 2,397	$ 2,464	$ 4,889	$ 5,266
Accounting Standards Update [Extensible List]				ASU No. 2016-13 [Member]
Net income	8,343	11,837	12,299	$ 11,324
Net change in interest rate swap, net of tax	139	45	329	(1,136)
Foreign currency translation	723	885	(1,578)	(1,035)
Ending Balance	201,502	173,409	201,502	173,409
Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning Balance				(157)
Common Stock [Member]
Beginning Balance	$ 238	$ 234	$ 236	$ 233
Beginning Balance, Shares	23,755,000	23,389,000	23,648,000	23,275,000
Issuance of common stock under stock plans, including tax effects	$ 0		$ 2	$ 1
Issuance of common stock under,stock plans including tax effects, Shares	25,000	12,000	132,000	126,000
Ending Balance	$ 238	$ 234	$ 238	$ 234
Ending Balance, Shares	23,780,000	23,401,000	23,780,000	23,401,000
Additional Paid-in Capital [Member]
Beginning Balance	$ 234,752	$ 220,308	$ 230,128	$ 216,454
Issuance of common stock under stock plans, including tax effects	(336)	6	2,468	1,058
Stock-based compensation expense	2,397	2,464	4,889	5,266
Ending Balance	237,485	222,778	237,485	222,778
Retained Earnings [Member]
Beginning Balance	131,937	117,477	127,981	118,147
Net income	8,343	11,837	12,299	11,324
Ending Balance	140,280	129,314	140,280	129,314
Retained Earnings [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning Balance				(157)
Treasury Stock [Member]
Beginning Balance	$ (171,889)	$ (171,889)	$ (171,889)	$ (171,889)
Beginning Balance, Shares	4,631,000	4,631,000	4,631,000	4,631,000
Repurchases of common stock	$ 2,673		$ 2,673
Repurchases of common stock, Shares	63,000		63,000
Ending Balance	$ (174,562)	$ (171,889)	$ (174,562)	$ (171,889)
Ending Balance, Shares	4,694,000	4,631,000	4,694,000	4,631,000
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance	$ (2,801)	$ (7,958)	$ (690)	$ (4,857)
Net change in interest rate swap, net of tax	139	45	329	(1,136)
Foreign currency translation	723	885	(1,578)	(1,035)
Ending Balance	$ (1,939)	$ (7,028)	$ (1,939)	$ (7,028)

Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested, Beginning Balance \| shares	642
Number of Shares, Granted \| shares	28
Number of Shares, Vested \| shares	(52)
Number of Shares, Forfeited \| shares	(25)
Number of Shares, Unvested, Ending Balance \| shares	593
Weighted-Average Grant Date Fair Value, Unvested, Beginning Balance \| $ / shares	$ 38.99
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	44.00
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	38.77
Weighted-Average Grant Date Fair Value, Forfeited \| $ / shares	39.32
Weighted-Average Grant Date Fair Value, Unvested, Ending Balance \| $ / shares	$ 39.24

Stockholders' Equity - Schedule of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Outstanding, Beginning Balance \| shares	292
Number of Shares, Exercised \| shares	(43)
Number of Shares, Outstanding, Ending Balance \| shares	249
Number of Shares, Vested and Exercisable at June 30, 2021 \| shares	249
Weighted - Average Exercise Price Per Share, Outstanding, Beginning balance \| $ / shares	$ 35.46
Weighted - Average Exercise Price Per Share, Exercised \| $ / shares	35.78
Weighted - Average Exercise Price Per Share, Outstanding, Ending balance \| $ / shares	35.41
Weighted - Average Exercise Price Per Share, Vested and Exercisable at June 30, 2021 \| $ / shares	$ 35.41
Weighted - Average Remaining Contractual Term, Outstanding at June 30, 2021	2 years 11 months 19 days
Weighted - Average Remaining Contractual Term, Vested and Exercisable at June 30, 2021	2 years 11 months 19 days
Aggregate Intrinsic Value, Outstanding at June 30, 2021 \| $	$ 2,583
Aggregate Intrinsic Value, Vested and Exercisable at June 30, 2021 \| $	$ 2,583

Stockholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of stock options granted			0
Number of stock options forfeited			0
Authorized to purchase of common stock under the stock repurchase program	$ 535,000,000.0		$ 535,000,000.0
Repurchase of common stock	100,000	0	100,000	0
Repurchase of common stock, Value	$ 2,673,000		$ 2,673,000
Cumulative repurchase of common stock	16,400,000		16,400,000
Aggregate cost of repurchase of common stock			$ 477,500,000

Stockholders' Equity - Summary of Stock-Based Compensation Recorded in Expense Categories in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	$ 2,397	$ 2,464	$ 4,889	$ 5,266
Cost of Services and Fulfillment [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	1,401	1,232	2,835	2,825
Selling and Marketing [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	399	423	848	785
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total allocated share-based compensation expense	$ 597	$ 809	$ 1,206	$ 1,656

Stockholders' Equity - Shares Subject to Employee Stock Purchase Plan Valuation Assumptions (Detail) - Employee Stock Purchase Plan [Member] - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average risk-free interest rate	0.05%	0.30%	0.05%	0.30%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected life	6 months	6 months	6 months	6 months
Expected volatility	35.00%	26.00%	35.00%	26.00%
Weighted average fair value	$ 11.50	$ 8.10	$ 11.50	$ 8.10

Operating Segments - Additional Information (Detail)	6 Months Ended
Operating Segments - Additional Information (Detail)	Jun. 30, 2021 Segment
Segment Reporting [Abstract]
Number of operating segments	3

Operating Segments - Schedule of Information by Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 128,670	$ 113,541	$ 242,451	$ 219,886
Segment expenses	(45,300)	(39,175)	(89,056)	(77,337)
Selling, marketing, administrative and other expenses	(66,103)	(57,810)	(124,571)	(117,685)
Amortization of intangible assets	(3,968)	(4,713)	(7,871)	(9,425)
Integration costs	(216)	(612)	(334)	(3,487)
Interest expense, other income (expense) and gains (losses) on investments	(1,267)	844	(2,866)	(371)
Income before income taxes	11,816	12,075	17,753	11,581
Research Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	93,844	86,962	181,543	173,811
Segment expenses	(29,417)	(25,870)	(60,134)	(53,334)
Consulting Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	28,118	21,547	53,937	40,953
Segment expenses	(12,851)	(10,099)	(25,176)	(20,120)
Events Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	6,708	5,032	6,971	5,122
Segment expenses	(3,032)	(3,206)	(3,746)	(3,883)
Research [Member]
Segment Reporting Information [Line Items]
Total revenues	81,002	75,034	155,970	149,301
Research [Member] \| Research Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	81,002	75,034	155,970	149,301
Research [Member] \| Consulting Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Research [Member] \| Events Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Consulting [Member]
Segment Reporting Information [Line Items]
Total revenues	40,960	33,475	79,510	65,463
Consulting [Member] \| Research Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	12,842	11,928	25,573	24,510
Consulting [Member] \| Consulting Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	28,118	21,547	53,937	40,953
Consulting [Member] \| Events Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Events [Member]
Segment Reporting Information [Line Items]
Total revenues	6,708	5,032	6,971	5,122
Events [Member] \| Research Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Events [Member] \| Consulting Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Events [Member] \| Events Segment [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 6,708	$ 5,032	$ 6,971	$ 5,122