Forrester Research Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-85.05	-5.75	3.05	21.81	24.84	9.99
Depreciation & Amortization	5.41	12.91	15.71	17.63	31.33	34.66
Other Amortization	4.3	4.3	4.7	4.8	5.52	5.88
Loss (Gain) From Sale of Assets	-	1.78	-	-	-	-
Asset Writedown & Restructuring Costs	88.54	5.57	3.33	6.3	-	4.5
Loss (Gain) From Sale of Investments	-	-	-	-	0.07	-2.47
Stock-Based Compensation	12.97	14.34	15.49	14.54	10.07	10.88
Other Operating Activities	12.39	8.49	3.79	3.23	1.16	-1.1
Change in Accounts Receivable	5.14	-0.01	14.72	12.84	-3.9	0.23
Change in Accounts Payable	0.25	-0.81	1.43	-0.46	0.2	0.11
Change in Unearned Revenue	-11.55	-9.11	-23.28	-31.66	36.01	-0.93
Change in Other Net Operating Assets	-9.93	-35.57	-17.25	-9.6	1.76	-14
Operating Cash Flow	22.46	-3.86	21.67	39.43	107.07	47.75
Operating Cash Flow Growth	128.03%	-	-45.03%	-63.18%	124.21%	-1.35%
Capital Expenditures	-2.58	-3.4	-5.5	-5.66	-10.75	-8.91
Divestitures	-	6	-	-	-	-
Investment in Securities	-14.52	2.48	-31.28	-1.35	-18.61	-
Other Investing Activities	1.64	-0.06	0.01	0.2	0.06	4.34
Investing Cash Flow	-15.46	5.02	-36.76	-6.81	-29.3	-4.57
Long-Term Debt Repaid	-	-	-15	-25	-34.38	-23.38
Net Debt Issued (Repaid)	-	-	-15	-25	-34.38	-23.38
Issuance of Common Stock	1.26	2.43	3.49	4.35	9.17	5.71
Repurchase of Common Stock	-6.69	-18.53	-6.76	-18.22	-23.44	-2.91
Other Financing Activities	-	-	-0.03	-	-0.49	-3.11
Financing Cash Flow	-5.43	-16.1	-18.3	-38.87	-49.14	-23.69
Foreign Exchange Rate Adjustments	0.8	-1.91	2.77	-6.12	-1.25	1.96
Net Cash Flow	2.38	-16.86	-30.61	-12.38	27.38	21.46
Free Cash Flow	19.88	-7.26	16.18	33.76	96.32	38.85
Free Cash Flow Growth	260.46%	-	-52.08%	-64.95%	147.94%	6.39%
Free Cash Flow Margin	4.92%	-1.68%	3.36%	6.28%	19.49%	8.65%
Free Cash Flow Per Share	1.05	-0.38	0.84	1.76	4.98	2.05
Cash Interest Paid	2.49	2.56	2.6	2.02	3.28	4.37
Cash Income Tax Paid	7.19	9.28	10.64	8.9	9.82	3.19
Levered Free Cash Flow	33.65	-4.67	34.61	35.67	103.66	48.05
Unlevered Free Cash Flow	35.36	-2.78	36.52	37.2	105.38	50.41
Change in Working Capital	-16.1	-45.5	-24.39	-28.88	34.07	-14.58

Source: S&P Global Market Intelligence. Standard template. Financial Sources.