FORRESTER RESEARCH INC
For the period ended Dec 31, 2023. Filed Mar 8, 2024.
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FY2023 · Filed Mar 8, 2024
FORR$8.80-1.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income | $3,050 | $21,806 | $24,844 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 8,452 | 9,269 | 9,390 |
| Impairment of property and equipment | 726 | 1,296 | — |
| Amortization of intangible assets | 11,956 | 13,161 | 15,129 |
| Net gains from investments | (208) | (309) | — |
| Deferred income taxes | (5,461) | (6,652) | (275) |
| Stock-based compensation | 15,486 | 14,543 | 10,070 |
| Operating lease right-of-use assets amortization and impairments | 11,658 | 14,511 | 11,415 |
| Amortization of deferred financing fees | 446 | 443 | 920 |
| Amortization of premium (discount) on investments | (300) | (3) | 65 |
| Foreign currency losses | 254 | 239 | 1,439 |
| Changes in assets and liabilities | |||
| Accounts receivable | 14,715 | 12,835 | (3,898) |
| Deferred commissions | 1,352 | 5,070 | (6,010) |
| Prepaid expenses and other current assets | 6,020 | 4,374 | (1,283) |
| Accounts payable | 1,428 | (461) | 201 |
| Accrued expenses and other liabilities | (10,644) | (6,102) | 20,426 |
| Deferred revenue | (23,279) | (31,656) | 36,007 |
| Operating lease liabilities | (13,978) | (12,939) | (11,373) |
| Net cash provided by operating activities | 21,673 | 39,425 | 107,067 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (5,495) | (5,663) | (10,745) |
| Purchases of marketable investments | (61,068) | (28,683) | (21,607) |
| Proceeds from maturities of marketable investments | 28,338 | 27,331 | 2,000 |
| Proceeds from sales of marketable investments | 1,453 | — | 1,000 |
| Other investing activity | 13 | 201 | 56 |
| Net cash used in investing activities | (36,759) | (6,814) | (29,296) |
| Cash flows from financing activities: | |||
| Payments on borrowings | (15,000) | (25,000) | (34,375) |
| Payment of debt issuance costs | (25) | — | (494) |
| Repurchases of common stock | (4,082) | (15,112) | (20,066) |
| Proceeds from issuance of common stock under employee equity incentive plans | 3,489 | 4,352 | 9,165 |
| Taxes paid for net share settlements of stock-based compensation awards | (2,681) | (3,111) | (3,373) |
| Net cash used in financing activities | (18,299) | (38,871) | (49,143) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,773 | (6,117) | (1,249) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (30,612) | (12,377) | 27,379 |
| Cash, cash equivalents and restricted cash, beginning of year | 105,654 | 118,031 | 90,652 |
| Cash, cash equivalents and restricted cash, end of year | $75,042 | $105,654 | $118,031 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $2,596 | $2,015 | $3,279 |
| Cash paid for income taxes | $10,643 | $8,901 | $9,815 |
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