FORRESTER RESEARCH, INC.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-119.4M | $-5.7M | $3.1M | $21.8M | $24.8M | $10.0M | $-9.6M | $15.4M |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $6.0M | $7.6M | $8.5M | $9.3M | $9.4M | $9.9M | $8.6M | $8.0M |
| Amortization | $8.7M | $9.6M | $12.0M | $13.2M | $15.1M | $19.7M | $22.6M | $1.2M |
| Stock-Based Compensation | $12.3M | $14.3M | $15.5M | $14.5M | $10.1M | $10.9M | $11.7M | $8.3M |
| Net Cash from Operating Activities | $21.1M | $-3.9M | $21.7M | $39.4M | $107.1M | $47.8M | $48.4M | $38.4M |
| Investing Activities | ||||||||
| Capital Expenditures | $3.0M | $3.4M | $5.5M | $5.7M | $10.7M | $8.9M | $11.9M | $5.0M |
| Business Acquisitions | — | — | — | — | $0 | $0 | $237.7M | $9.3M |
| Net Cash from Investing Activities | $-14.1M | $5.0M | $-36.8M | $-6.8M | $-29.3M | $-4.6M | $249.5M | $40.1M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | $14.5M |
| Stock Repurchases | $2.5M | $15.9M | $4.1M | $15.1M | $20.1M | $0 | $0 | $9.9M |
| Net Cash from Financing Activities | $-2.6M | $-16.1M | $-18.3M | $-38.9M | $-49.1M | $-23.7M | $129.4M | $-14.0M |
| Net Change in Cash | $7.4M | $-16.9M | $-30.6M | $-12.4M | $27.4M | $21.5M | $-71.1M | $60.5M |
| Free Cash Flow | $18.1M | $-7.3M | $16.2M | $33.8M | $96.3M | $38.8M | $36.5M | $33.4M |