Total revenues were $128.2 million for the second quarter of 2019, compared with $96.4 million for the second quarter of 2018. Research revenues increased 31%, and advisory services and events revenues increased 36%, compared with the second quarter of 2018.

Pro forma revenues, which exclude the fair value adjustment to deferred revenue from the acquisition of SiriusDecisions, were $133.1 million for the second quarter of 2019, with $78.8 million from research services and $54.3 million from advisory services and events.

On a GAAP basis, net income was $1.6 million, or $0.08 per diluted share, for the second quarter of 2019, compared with net income of $7.8 million, or $0.43 per diluted share, for the same period in 2018.

On a pro forma basis, net income was $12.3 million, or $0.65 per diluted share, for the second quarter of 2019, which reflects a pro forma effective tax rate of 31%. Pro forma net income excludes stock-based compensation of $2.8 million, amortization of acquisition-related intangible assets of $5.1 million, acquisition-related deferred revenue fair value adjustment of $4.9 million, and acquisition and integration costs of $2.5 million. This compares with a pro forma net income of $9.6 million, or $0.53 million per diluted share, for the same period in 2018, which reflects a pro forma tax rate of 31%. Pro forma net income for the second quarter of 2018 excludes stock-based compensation of $2.1 million, amortization of acquisition-related intangible assets of $0.2 million, and acquisition and integration costs of $0.3 million.

“Forrester was at the upper end of pro forma revenue and operating margin guidance and exceeded our pro forma EPS target for the second quarter,” said George F. Colony, Forrester’s chairman and chief executive officer. “We are seeing meaningful progress in executing our strategy and accelerating the integration with SiriusDecisions across the business.”

Source:  Forrester Earnings Release