The following is a summary of the Forrester Research, Inc. (FORR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Forrester Research generated $100.1 million in Q1 2024 revenue, a decrease of 12% compared to $113.7 million in Q1 2023.

• Research revenues saw a decrease of 5% from Q1 2023.

• Q1 2024 saw net income and earnings per share decrease to $2.8 million and $0.14 respectively, from a net income of $5.1 million and earnings per share of $0.27 in Q1 2023.

• Operating income reduced by 54% to $3.4 million or 3.4% of revenue in Q1 2024, compared to $7.5 million or 6.6% of revenue in Q1 2023.

Business Progress:

• Forrester Decisions migration plan remains on target with 70% of the contract value migrated, expecting 80% by year-end.

• Forrester's proprietary generative AI tool Izola has been launched to all Forrester Decisions accounts.

• Significant contract renewals and migrations were secured, including a $1.6 million research contract and a $500,000 Forrester Decisions enrichment.

• Their 2024 guidance remains unchanged with projected revenue ranging between $430 million to $450 million, and earnings per share expected to be between $1.50 to $1.70.

• The company is investing in generative AI, with 50% of analysts committed to GenAI research.

More details: Forrester Research IR

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