Forrester research, inc. (FORR)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net loss

-513

4,890

-2,699

1,555

-13,316

5,375

3,950

7,788

-1,733

2,093

3,953

6,064

3,030

5,790

3,112

7,460

1,289

2,020

4,450

5,750

-224

3,599

3,043

4,289

-66

2,161

2,509

6,185

2,169

4,878

10,468

7,769

3,181

7,878

5,732

5,470

2,911

Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation

2,406

2,262

2,121

2,166

2,023

1,899

1,965

2,095

1,996

1,873

1,607

1,489

1,679

1,830

1,941

2,076

1,965

1,942

2,205

2,096

2,107

2,089

2,174

2,289

2,773

2,314

2,292

2,302

2,360

2,411

2,262

2,255

1,993

2,024

1,420

945

970

Impairment of property and equipment

626

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of intangible assets

4,712

5,656

5,654

5,099

6,210

392

402

182

186

199

197

194

191

204

208

210

209

222

224

224

221

566

530

536

539

560

557

554

559

666

579

586

614

664

679

526

693

Net losses from investments

13

106

-17

-8

-36

488

-17

-20

-25

518

-772

-22

-203

-

-

-

-

-254

245

10

-19

-263

-105

43

37

-2,349

18

98

-200

-804

755

84

59

-1,047

8

58

582

Deferred income taxes

-251

5,300

1,557

-285

-10,529

4,236

-474

-924

93

7,346

-230

-434

-257

3,015

996

-1,232

-177

1,478

-949

-1,623

109

-2,120

-2,442

-2,832

-132

1,932

-1,085

-3,857

-1,519

-1,116

-5,560

-3,742

-549

9,317

4,066

1,259

495

Stock-based compensation

2,802

3,079

3,072

2,848

2,685

2,109

2,120

2,108

1,963

2,067

2,178

2,196

2,049

2,245

1,970

1,626

2,135

2,462

2,224

1,475

2,186

2,296

1,983

1,218

1,947

1,463

1,860

868

1,860

1,476

1,409

1,189

1,323

549

1,412

243

1,438

Operating lease right-of-use asset amortization and impairments

4,535

2,945

3,232

3,190

3,225

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of deferred financing fees

244

248

246

244

230

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of premium (discount) on investments

-

-

-

-

-

-

-

7

-25

-36

-43

-67

-61

-78

-80

-294

107

-1,249

175

194

187

225

297

360

391

452

544

629

636

659

684

701

759

798

840

871

812

Foreign currency (gains) losses

229

-409

-26

-168

-330

-141

-25

-50

-387

-188

-84

-145

-215

179

49

317

-464

26

6

-236

166

93

85

-74

-245

-137

-282

-38

72

-23

-143

-247

8

-88

-191

-449

-562

Changes in assets and liabilities, net of acquisitions:
Accounts receivable

-24,556

29,688

-10,908

-3,237

-19,239

29,269

-11,837

-12,099

-7,921

30,467

-11,683

-4,618

-3,839

23,115

-6,633

-6,307

-18,138

30,229

-5,158

-7,551

-16,802

28,781

-1,711

-7,900

-28,310

40,500

-3,006

-9,378

-25,186

30,237

-3,535

-4,143

-29,518

38,867

-4,113

-1,204

-25,956

Deferred commissions

-1,723

6,679

-1,196

-2,417

1,577

4,793

-1,630

-2,208

122

4,585

-1,431

-1,710

235

2,413

-1,937

-1,740

-213

4,197

-1,653

-1,984

-785

4,045

-1,569

-1,733

72

4,531

-442

-766

206

1,520

-1,480

-904

-1,743

2,604

-1,359

-1,030

-804

Prepaid expenses and other current assets

6,943

3,087

-841

-494

1,945

-353

348

-5,734

5,454

3,167

2,449

-1,332

-138

1,461

-1,360

-3,949

2,987

-1,630

-363

-4,938

5,449

-875

-542

-2,137

2,934

3,002

1,270

-3,723

-1,156

-2,619

-3,757

-5,551

5,317

9,410

-1,516

-2,037

2,627

Accounts payable

-143

-550

-2,342

2,268

902

153

-404

290

133

-392

-478

755

-1,485

1,184

-56

-574

763

-73

-89

-182

-13

-100

93

-212

137

106

-227

232

111

-172

-74

300

-544

-166

-688

-2,032

988

Accrued expenses and other liabilities

-27,264

10,971

3,426

-2,732

-7,244

13,328

3,199

-420

-14,890

13,898

4,263

1,208

-11,512

10,159

27

3,997

-14,125

13,231

153

716

-7,984

10,095

-3,765

712

-4,871

8,245

-2,375

-2,489

166

4,876

-4,197

539

-669

5,913

-729

2,055

-4,754

Deferred revenue

18,574

8,976

-12,267

-10,309

29,108

7,601

-14,738

-10,742

17,275

12,059

-13,084

-11,927

21,538

9,169

-12,394

-15,497

13,582

16,907

-11,859

-14,870

7,702

16,075

-13,185

-15,884

6,774

26,675

-11,396

-16,453

2,847

25,014

-10,364

-15,845

2,901

31,706

-11,539

-8,017

4,495

Operating lease liabilities

-2,999

-1,842

-2,895

-2,827

-3,389

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by operating activities

21,823

2,784

12,093

7,541

25,988

986

9,146

20,481

7,805

630

9,970

7,439

19,454

6,172

6,850

9,879

21,576

5,758

3,457

8,479

16,282

944

-7,430

2,277

33,004

-1,639

-4,879

1,778

35,453

10,381

3,367

4,513

34,886

8,937

8,364

5,982

32,161

Cash flows from investing activities:
Acquisitions, net of cash acquired

-

0

-1,259

0

238,943

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of property and equipment

2,401

3,528

3,696

1,894

2,772

1,888

617

1,220

1,324

2,055

2,566

1,700

1,540

806

1,016

1,174

1,144

1,615

638

730

948

393

239

191

680

1,078

782

328

939

715

1,143

827

2,418

6,582

7,094

15,389

10,711

Purchases of marketable investments

-

-

-

-

-

9,979

17,158

3,069

11,604

4,480

1,745

14,182

11,503

1,208

11,653

21,696

2,206

0

2,012

4,023

14,552

8,221

0

7,119

20,046

5,031

0

35,511

4,125

6,210

19,498

25,412

40,301

32,901

32,647

16,323

32,038

Proceeds from sales and maturities of marketable investments

-

-

-

-

-

-1,234

14,974

7,328

11,500

-27,913

5,846

16,412

12,200

-15,271

6,061

5,315

8,710

10,532

3,950

3,900

8,578

8,502

25,146

2,530

23,934

19,688

36,255

31,393

17,750

18,280

20,210

18,755

34,090

34,202

27,264

13,585

18,039

Change in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-946

-1,270

-2,097

-3,993

-7,182

Other investing activity

-

-

-

-

-

-

-

-

-

-143

24

-40

-184

-1

14

15

20

-72

-9

-62

-204

-71

-34

-46

-1,391

-130

114

-173

-75

-101

58

-91

-33

-241

-60

-165

-82

Net cash used in investing activities

-2,401

-3,528

-2,438

-1,864

-241,715

50,526

-10,762

1,750

-1,428

-2,392

1,511

570

-659

987

-6,622

-17,570

5,340

8,989

1,309

-791

-6,718

-41

24,941

-4,734

4,599

13,709

35,359

-4,273

12,761

11,456

-489

-7,393

-7,650

-4,137

-10,453

-21,000

-17,446

Cash flows from financing activities:
Proceeds from borrowings, net of costs

-

0

0

0

171,275

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on borrowings

16,344

1,562

7,563

11,562

21,563

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of debt issuance costs

-

0

0

0

857

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred acquisition payments

-

-3

2,036

0

766

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends paid on common stock

-

-

-

-

-

3,663

3,643

3,585

3,611

3,426

3,390

3,353

3,462

3,291

3,268

3,227

3,201

3,016

3,037

3,057

3,069

2,909

2,925

2,993

3,135

2,969

3,011

3,064

3,350

3,107

3,125

3,161

3,195

-

-

-

-

Repurchases of common stock

-

-

-

-

-

0

304

5,275

4,367

0

3,541

14,973

21,453

-

-

-

-

2,292

6,853

6,063

5,723

6,609

11,617

25,228

29,712

-

-

-

-

3,656

9,135

9,352

7,700

0

5,010

4,828

8,567

Proceeds from issuance of common stock under employee equity incentive plans

1,955

738

1,309

919

3,361

1,803

7,539

1,148

2,530

4,640

8,994

2,149

2,723

6,747

5,840

2,965

1,182

448

993

557

1,349

2,188

2,595

2,630

1,556

2,881

3,993

9,066

1,447

2,677

1,904

4,637

1,997

4,537

592

4,370

2,055

Taxes paid related to net share settlements of stock-based compensation awards

902

26

2,102

41

89

17

2,407

36

66

16

1,974

481

56

0

1,306

738

25

1,427

1

11

20

87

57

78

22

50

49

529

109

-56

69

149

183

93

100

301

31

Payment of deferred acquisition consideration

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

125

600

139

-

-

-

-

Net cash provided by (used in) financing activities

-15,291

-847

-10,392

-10,684

151,361

-1,877

1,185

-7,748

-5,514

1,198

89

-16,658

-22,248

1,665

1,266

-1,000

-2,044

-6,351

-8,896

-8,552

-7,423

-7,243

-11,890

-25,513

-31,269

-9,055

-16,079

-86,452

-1,794

-4,142

-10,412

-8,327

-8,854

4,630

-4,318

-157

-6,481

Effect of exchange rate changes on cash, cash equivalents and restricted cash

-2,683

1,809

-1,401

-249

438

-1,396

-509

-3,559

1,420

394

1,284

1,579

671

-2,002

-214

-1,107

451

-651

-447

859

-1,623

-942

-1,323

103

35

417

1,216

86

-1,286

215

771

-1,537

978

-1,969

-3,192

760

2,439

Net change in cash, cash equivalents and restricted cash

1,448

218

-2,138

-5,256

-63,928

48,239

-940

10,924

2,283

-170

12,854

-7,070

-2,782

6,822

1,280

-9,798

25,323

7,745

-4,577

-5

518

-7,282

4,298

-27,867

6,369

3,432

15,617

-88,861

45,134

17,910

-6,763

-12,744

19,360

7,461

-9,599

-14,415

10,673

Supplemental disclosure of cash flow information:
Cash paid for interest

1,286

1,537

1,675

1,843

1,948

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash paid for income taxes

1,356

1,128

765

1,691

849

911

1,161

1,433

669

2,771

2,957

4,590

115

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-