Good afternoon. Thank you for joining today's call. With me today are George Colony, Forrester's Chairman of the Board and CEO; Michael Morhardt, Forrester's Chief Sales Officer; and Mike Doyle, Forrester's Chief Financial Officer. George will open the call. Mike Morhardt will follow George to discuss sales. Mike Doyle will then follow Mike Morhardt to discuss our financials. We will then open the call for question and answers. A replay of this call will be available until May 30, 2014 and can be accessed by dialing 1888-843-7419 or internationally 1-630-652-3042. Please reference the pass code 9233923 followed by the pound sign. Before we begin, I'd like to remind you that this call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as expects, believes, anticipates, intends, plans, estimates or similar expressions are intended to identify these forward-looking statements. These statements are based on the company's current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements. Some of the important factors that could cause actual results to differ are discussed in our reports and filings with the Securities and Exchange Commission. The company undertakes no obligations to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. I'll now hand the call over to George Colony.

Good afternoon and welcome to Forrester's Q1 2014 conference call. In my segment of the call, I will give an update on the company's performance in the quarter. Following my remarks, Mike Morhardt, Forrester's Head of Sales, will talk about his ongoing efforts to increase the effectiveness of the sales force. Mike Doyle, Forrester's CFO will then give a financial review of the first quarter, and then following Mike's remarks, we will take questions. I am pleased to report that Forrester had strong bookings and revenue performance in the first quarter, driven by an increasingly engaged sales force, more highly focused content, and an improved product portfolio. Of the eight sales groups worldwide, seven achieved or exceeded their plan. Across geographies, product lines, roles, syndicated and non-syndicated, the company's top line exceeded plan, as signals of the changes we made in 2013 are beginning to yield results. In reviewing sales performance, I want to highlight strong results turned in by our European and North America West sales teams in the quarter. These two regions were challenged for the full year of 2013, but as the year progressed, their performance improved quarter-to-quarter. A recovering economy, especially in Europe is part of the story, the leadership and tactic changes and the way that we sell lowered attrition and increased productivity. Mike Morhardt joined Forrester to elevate the sales team to world class levels of achievement. We are now beginning to see the positive effects of his teams' strong leadership and operational strategy. We still believe that this is a work in progress, and there will certainly be bumps in the road, but I am optimistic that Mike's plan will continue to yield quarter-to-quarter progress, and Mike will give more color in a few moments. Forrester's new strategy, helping our clients in the…

Thanks George. Q1 represented continued progress on our journey to world class sales. Many of the programs we put in place in 2013 and early in 2014 are showing positive results. We are encouraged by these results, but we also realize we have a lot of work to do. As George mentioned, in Q1, seven of the eight sales team hit their plan and achieved year-over-year growth. We saw significant improvements in our largest accounts, what we call our premier accounts. We saw gains in our key verticals like government, financial services, and retail, and solid performance in our European business. Encouraging signs; however, we remain cautious. For example, Europe is still a work in progress, with new leaders across most of the region. So we will continue to monitor our business closely. In many of the key metrics we track, we saw solid improvements in Q1 as well. Sales attrition was down. Discounting was down, for the fifth quarter in a row. Sales productivity was up. Sales headcount was up, and the overall percentage of reps hitting plan improved significantly. These are positive signs, which provided for a great start to the year. From a strategy perspective, we continue to focus on increasing sales headcount, and improving sales productivity. We continue to expand the sales organization geographically, and move our sales team closer to our clients. We are now adding additional headcount in cities and regions, where we might have added our first salesperson last year, and we are proactively building stronger territories, targeting our best opportunities. We also continue to build out our training programs for our new and existing salespeople and our sales leaders. We saw solid improvement in our productivity of reps, that have only been with us for less than one year. This is a…

Thanks Mike. I will now begin my review of Forrester's financial performance for the first quarter of 2014. Including the look at our financial results, the balance sheet at March 31, our first quarter metrics, and the outlook for the second quarter and full year 2014. Please note that the income statement numbers I am reporting are pro forma, and exclude the following items; amortization of intangibles, stock based compensation expense, reorganization costs and net gains and losses from investments. Also, for 2014, we are utilizing an effective tax rate of 38% for pro forma purposes. In the first quarter, Forrester was at [ph] the upper end of the revenue guidance, but atypically, fell short of pro forma operating margin and EPS guidance. We experienced strong top line performance in bookings and revenue, while expenses were higher than targeted, driven in part by unplanned one time expense items, and timing related issues, as some expenses were more front-end loaded and planned. I will address this in more detail, later in my commentary. However, we do not anticipate these items impacting our full year outlook, and our pro form guidance or 2014 remains unchanged. Regarding Forrester's top line performance, bookings continue to improve in the first quarter. Seven of eight sales regions grew bookings compared to the first quarter of 2013, with five regions, including Europe, posting double digit growth. Revenue was also positive across most product categories, with syndicated data being the only exception. We continue to remain active on the share repurchase front, with approximately $30 million of our shares repurchased in the first quarter. In addition, our Board has authorized $25 million increase to the repurchase authorization, bringing our total available authorization to app $45 million. Now, let me turn to a more detailed review of our first…

Thank you. We will now begin the question-and-answer session. (Operator Instructions) First question is from Tim McHugh with William Blair. Please go ahead.

Yes, thanks. First I guess just -- one, I guess, you mentioned you had an increasing percentage of people who are on plan with the quotas in terms of the sales force. Generally speaking, where are you at in terms of that percentage? I guess if you don't to give a number, I guess, relative to your history or what you would consider good metrics, where you're at. And then I guess, what's the next I guess at this point to start to drive I guess contract value or agreement value growth, kind of consistent with that 10%, 11%, double digit growth in sales force that you're seeing now?

Sure. Tim, it's Mike. We saw the percentage of reps grow about 43% making planning Q1 of last year to around 49%, and there were some highs and lows in that across the regions. But generally, we saw a six point improvement, which is great. What we are looking to -- its nothing to improve to double digit growth. What we need to do is, again, continue to hire the right people, put them in the right territories close to our clients, which we are aggressively doing, and then just focus relentlessly on improving productivity, and it comes in a lot of different forms, and we sort of address some of those things over the course of the 2013, but we continue to address those. Its focused on client engagement, making sure that we are onboarding our clients, so that our retention rates grow. Its producing better and more research. Its improving the quality of our consulting, which as George and Mike mentioned, we are seeing that, that leads to better retention. Its creating better justifications for our renewals and the research that we do provide. So having reps cultured to our clients, we see more interaction with the reps and the clients, which lead to better retention rates, and I think that's the biggest driver we are looking for in 2014. One other thing that I will mention is, we are looking for specific triggers that lead to better retention, and a couple of those, which include selling both our marketing and strategy product and our VT products. When we cross sell, we see a much higher retention rate for those clients, and so we are focused on that as well. Does that answer your question Tim?

Yeah. I guess [indiscernible] follow-up is, what would be a good target for the percentage of people meeting their quota? I recognize it will probably never be 100%, but what does a high performance sales organization look like in your view, in terms of that --?

I'd like to see that number north of 60. We saw that in the manager ranks, and we had some haves and have nots where we saw certain teams really overperformed. But we had balance performance across all the various regions. We'd like to see that number 60%, 65%, 70%.

And the encouraging thing, this is Mike, the other Mike; these metrics are continuing to improve since Mike joined. So if you could actually -- Q1 2012, 12% to 13% was probably about a similar jump up of about five to six points, and we are getting five to six points now. So we are getting in the zone and starting to hit that tipping point, and given the important pieces, when you look, that next layer down, that's a healthy percentage. So you have people add plan, and people who are right in the hunt, and that's very different than what you have to exempt. So that just a different level of confidence and approach in the sales organization looks great.

And Tim this is George here, I'd say [indiscernible] just a redirect of a price that is a critical factor. If we only rent 20% cross sell, and we try to move that this year to 30% or in that range, and that would drive this number up a lot.

Okay. And then I guess, what part of the sales organization team you have planned yet? Is that Europe, is that what you're commenting on?

No the team -- of the eight teams, the one team that didn't make it was the North American new business team. The North American new business team had a phenomenal Q4. They were one of the top performing teams in the world in Q4. They had a similar sort of down performance in Q4, as they built their pipelines last year, so we saw that same sort of theme in Q1 of this year. We did make some changes relative to comp and territories that had some impact, but we are pushing hard to get that part of the team to go A-grade, as we kind of move through the year.

Okay. And then Mike, last one. When do you move past the tough comp, I guess on the data product end?

I am not sure I understand the question Tim?

The tough comparisons for your data sales from the end of the Tech Navigator product, when is that no longer an issue? When are we anniversarying that?

I would say that, we should be out by midyear Tim, and we will be fighting that green battle. It is encouraging signs. A lot of it was in Marketing Navigators forwarding to business foresight. So its actually -- we are starting to see some life on that, and lift on that in a reasonable way. So I think what we are going to see is a crossover by the end of the year, we would hope, and second half should be a really strong story here.

Okay. Great. Thank you.

(Operator Instructions). We have a question from Bill Sutherland. Please go ahead.

Great, thanks. Hey guys. So I was curious, you are right on track with your consultant additions, so that puts you about where at this stage?

In terms of consulting headcount, we are about, I want to say we are in the 60s, and we are targeting --

Around 50. We are looking at spreadsheets here Bill.

I am sorry. I know, we are at 96, what am I saying, that's the total --

Yeah, yeah. That's because we are headed to 100 or something.

Well 114 is our target, and we are at 96.

So it looks like its really starting to show up in the advisory line, particularly -- I am curious, in your guidance Mike, can you give us a sense of the relative waiting as far as, that's -- that kind of step up in the growth, at least with the quarter, to the midpoint of that numbers like, I thought you'd guide us about 7%, 8%, and just kind of curious how that growth splits between research and, which I know still has that navigator comp, and consulting?

In the near term Bill, when you look at Q2 and probably for the year. In the near term, first of all, I think you're going to see growth faster in advisory, in other words, includes events, because we have a busy event quarter. And again, as more consultants ramp, I think we are targeting to see consulting being the real driver, and frankly research sort of being at a level, because research is really sort of based on last year's booking to some degree. So you're going to see it almost primarily, in the near term, being driven by consulting and events as being the drivers. I think, throughout this year, you're going to see consulting and advisory perform. From our perspective, probably better than what we have targeted and the driver, as the research -- research, as we begin to book more and more business, you will see research come back, I think, more towards the back half of the year.

Right. That's what I was thinking. So this looks like a little bit of a blip in Q2, just a bump up in growth relative to the back half, just with your revenue guidance unchanged for the year. So do you have more events this quarter than last year, is that part of it?

I think the events for the quarter -- I think they are consistent right, year-over-year. I don't think this is a bump up. So that's not a driver. I think you're going to see more from a consulting standpoint, and I think we left guidance unchanged for full year, and again, we will reevaluate after Q2, but right now you know, I realize that sort of implies that back half may be a little slower, but -- we are cautious. We will see how that progresses.

Okay. Well it looks like its going in the right direction. And -- yeah go ahead.

I think it is. I mean, I think as in -- the book on the expense side, from a top line standpoint, the quarter was very good. We are happy with what's happened. I mean its really, we continue to see momentum build in the business. We are happy with it. Things are moving the way we wanted, and that's good. More work to do to reiterate what Mike and George have said. But all the hard work is moving in the right direction.

Great. Okay. Thanks guys.

Thanks Bill.

(Operator Instructions) I show no further questions. I will turn the call back to Mike Doyle for closing remarks.

Okay, great. Thanks everyone for joining the call. We are looking forward to being out and active and on the road in second quarter. So we hope to see all of you at some point in time over the next 60 days. So thanks again.

Thank you ladies and gentlemen. This concludes today’s conference. Thank you for participating. You may now disconnect.