Forrester (NASDAQ: FORR) reported Q4 EPS of $0.57, $0.09 better than the analyst estimate of $0.48. Revenue for the quarter came in at $124.3 million versus the consensus estimate of $123.78 million.

"Forrester was at the upper end of revenue guidance and exceeded EPS guidance for the quarter and the full year," said George F. Colony, Forrester's chairman and chief executive officer. "This marks two consecutive years of double-digit EPS growth while we were integrating three acquisitions. We expect to grow EPS at double digits again in 2020. Now a full year into the acquisition of SiriusDecisions, we are set up well to deliver on our combined strategy in 2020 and beyond."

GUIDANCE:

Forrester sees Q1 2020 EPS of $0.12-$0.18, versus the consensus of $0.07. Forrester sees Q1 2020 revenue of $108-111.8 million, versus the consensus of $109.55 million.

Forrester sees FY2020 EPS of $1.82-$1.94, versus the consensus of $1.85. Forrester sees FY2020 revenue of $495-507 million, versus the consensus of $500.8 million.

Forrester is providing first-quarter 2020 financial guidance as follows:

First-Quarter 2020 (GAAP):

• Total revenues of approximately $107.8 million to $111.8 million.
• Operating margin of approximately (4.0)% to (2.0)%.
• Interest expense of approximately $1.6 million.
• An effective tax rate of 35%.
• Loss per share of approximately $0.13 to $0.19.

First-Quarter 2020 (Pro Forma):

Pro forma financial guidance for the first quarter of 2020 excludes the reduction in revenue from the fair value adjustment of pre-acquisition deferred revenue of approximately $0.2 million, stock-based compensation expense of $2.7 million to $2.9 million, amortization of acquisition-related intangible assets of approximately $4.7 million, integration costs of $0.9 million to $1.2 million, and any investment gains or losses.

• Pro forma revenue of approximately $108.0 million to $112.0 million.
• Pro forma operating margin of approximately 4.0% to 6.0%.
• Pro forma effective tax rate of 31%.
• Pro forma diluted earnings per share of approximately $0.12 to $0.18.

Our full-year 2020 guidance is as follows:

Full-Year 2020 (GAAP):

• Total revenues of approximately $494.6 million to $506.6 million.
• Operating margin of approximately 4.5% to 5.5%.
• Interest expense of approximately $6.0 million.
• An effective tax rate of 35%.
• Diluted earnings per share of approximately $0.62 to $0.74.

Full-Year 2020 (Pro Forma):

Pro forma financial guidance for full-year 2020 excludes the reduction in revenue from the fair value adjustment of pre-acquisition deferred revenue of approximately $0.4 million, stock-based compensation expense of $10.5 million to $11.5 million, amortization of acquisition-related intangible assets of approximately $19.0 million, integration costs of $1.8 million to $2.2 million, and any investment gains or losses.

• Pro forma revenue of approximately $495.0 million to $507.0 million.
• Pro forma operating margin of approximately 11.0% to 12.0%.
• Pro forma effective tax rate of 31%.
• Pro forma diluted earnings per share of approximately $1.82 to $1.94.

For earnings history and earnings-related data on Forrester (FORR) click here.