Forrester Research Inc. (NASDAQ:FORR) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 04:30 pm ET


Forrester Research Inc. (NASDAQ:FORR) Q2 2020 Earnings Conference Call - Final Transcript


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Good afternoon. Thank you for joining today's call.

With me today are George Colony, Forrester's Chairman of the Board and CEO, Kelley Hippler, Forrester's Chief Sales Officer, and Mike Doyle, Forrester's Chief Financial Officer. George will open the call. Kelley will follow George to discuss sales, and Mike Doyle will discuss our financials. Carrie Johnson, Forrester's Chief Research Officer, will then join the presenters, and we will then open the call to Q&A. A replay of this call will be available until August 30, 2020, and can be accessed by dialing (855) 859-2056 or (404) 537-3406. Please reference the conference ID 7428859.

Before we begin, I'd like to remind you that this call will contain forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995. Words such as expects, believes, anticipates, intends, plans, estimates or similar expressions are intended to identify these forward-looking statements. These statements are based on the company's current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements. Some of the important factors that could cause actual results to differ are discussed in our reports and filings with the Securities and Exchange Commission. The company undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise.

I'll now turn the call over to George Colony.

George F. Colony

Thank you for joining the Forrester's second quarter 2020 investor call.

I will give a summary of the quarter and then Kelley Hippler, Forrester's Chief Sales Officer, will update on sales. CFO, Mike Doyle, will conclude the financial review of the quarter. And then Kelley, Mike and I will be joined by Carrie Johnson, Chief Research Officer, for questions and answers.

The pandemic is creating unprecedented challenges for Forrester and its clients. That said, we are moving forward with a definitive mindset. Number one, as a company, we will financially manage our way through these times whatever they may bring. Two, the pandemic is accelerating digital transformation across all industries, and this is directly in Forrester's strike zone. And finally, three, Forrester will emerge stronger from this recession, given its expertise in customer experience, employee experience, digital transformation and building high-performing revenue engines. In Q2, we exceeded guidance for revenue and earnings per share, beating revenue by $5 million and EPS by $0.31. Much of this performance was driven by better-than-expected results in our reprints, consulting and events businesses. Given our Q2 performance, we are increasing revenue and EPS guidance for the full year.

The pandemic is opening up what I call the golden age of research. In times of uncertainty, large organizations historically turn to research to help them find new ways of working, new tactics, new models and reformulated strategies. We are seeing increased engagement with our research, led by our reports on pandemic management, the future of work, digital execution and the alignment of sales, marketing and