Good afternoon and 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 their financials. We’ll then open the call to Q&A. A replay of this call will be available until August 26, 2016 and can be accessed by dialing 1-888-843-7419, or internationally at 1-630-652-3042. Please reference the pass code 6414233 [ph]. Before we begin, I would like to remind you this call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as expects, beliefs, anticipates, intend, 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 obligation 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 thanks for joining the call. I will give my analysis of the quarter and an update on the company’s progress. I will then hand the call to Mike Morhardt, who will give an update on sales and Mike Doyle will then give a financial analysis of the quarter and e are going to finish up with questions and answers. I am pleased to report that the company showed positive financial performance in the quarter exceeding its EPS, margin and revenue guidance. Two and a half years into our strategy, the business continues to gradually strengthen. This said there are still areas that remain in transition and that’s the reason we are not increasing our guidance for the second half of this year at this time. And Mike Doyle will have more commentary in his remarks. As you all know Forrester serves two broad sets of clients. Users of technology like FedEx and vendors of technology like Microsoft. As we move forward we are looking to expand our user business at faster rates than the vendor business and we are pursuing this change for three reasons. Number one, the universe of one B+ [ph] users is much larger than vendors in this increases our potential market for new business. Two, large users offer more opportunity for enrichments and finally three, large users renew at higher rates than the vendor base. Forrester’s top 20 users have an average tenure of 21 years. Our products are increasingly optimized around the challenges and opportunities of large user companies. We work with these companies as they build a culture of customer recession and customer insight, improve their customer experience and that’s typically measured by our customer experience index and build out their business technology agenda. The effort to expand our user business…

Thanks George. The Forrester sales organization continues to focus our efforts and our resources on the age of the customer market opportunity. Q2 was a continuation of our strategy which includes targeting those clients and prospects that are most aligned to the age of the customer offerings, providing solutions that match the age of the customer client needs and refining our selling and delivery processes to drive better productivity. As George mentioned, we are segmenting our clients based on their likelihood to align with our age of the customer offering. We created an ideal customer profile and since January of 2016 we are migrating these clients into our premier selling motion. This selling motion represents resources and solution to cross the entire Forrester product and service portfolio. Q2 showed continued strong performance from our premier town organization. This is made up of our ideal customer profile clients which represent our largest users and vendors clients worldwide. As part of our AOC strategy we will be growing this part of our sales organization as we continue to see outside performance from our largest clients. We also saw strong year-over-year growth from our European, Asia Pac and Partner businesses. With the exception of a few areas like the Middle East, our international businesses are off to a strong start for the year. Leadership changes that we made in these regions have improved results and we continue to thoughtfully add resources across these regions. Our strategic sales group formally the East and West user team struggled in Q2 on both the retention and enrichment front. We are actively identifying retention drivers and building targeted marketing and product campaigns to improve retention in pipeline growth in the second half. Our core sales group has made up our smaller vendor accounts and our inside sales…

Thanks Mike. I will now being my review of Forrester’s financial performance for the second quarter of 2016, including a look at our financial results, the balance sheet at June 30, our second quarter metrics and the outlook for the third quarter and full year 2016. Please note that the income statement numbers I’m reporting are pro forma and exclude the following items: stock-based compensation expense, amortization of intangibles, reorganization costs and net gains and losses from investments. Also for 2016, we continue to utilize an effective tax rate of 40% for pro forma purposes. For the second quarter of 2016, Forrester exceeded revenue, pro forma operating margin and EPS guidance. Results reflect strong revenue growth particularly in advisory and consulting and ongoing diligent cost control even as we continue to invest in product innovation and key technologies to improve our client experience. As was the case in the first quarter most of our sales regions drove solid year-over-year bookings growth fuelled by resurging performance from a number of products that had challenges last year like events, strategy consulting and connect. In addition, despite an interesting quarter for the foreign exchange markets FX did not have a material impact on our quarterly results. As George mentioned, we still have work to do, but we've made tremendous progress which is reflected in our financial results. Now let me turn to more detail review of our second quarter results. Forrester's second quarter revenue increased by 6% to $87.8 million from $82.8 million in the second quarter of 2015, second quarter research services revenue increased 5% to $55 million from $52.6 million last year and represented 63% of total revenue for the quarter. Second quarter advisory services and event revenue increased 9% to $32.8 million from 30.2 million in the second quarter of…

Thank you. We'll now begin the question and answer session. [Operator Instructions] And we have Tim McHugh from William Blair in line with the questions. Please go ahead.

Yes. Thanks. Maybe just first on I guess, I know you won't give us guidance for 2017, but can you help us think about the number of sales people I guess and the comment that you're going to – it's basically going to take you sometime to ramp backup the sales productivity level. How does that impact? How we think about bookings and revenue growth? Basically, is there enough room just to drive productivity or does this transition in the sales force kind of push up growth at all a bit?

I would say the intent -- Tim, this is Mike Doyle. The intent is not to push up growth. So the intent is that we're -- you know clearly all along we've talked about trying to drive sales productivity but also we are going to be increasing our sales headcount. So it's going to be a combination of both of those factors to drive the expected growth numbers. So, we're not walking away from growth at all. I think we'll build combination of sales productivity and sales headcount. I'll let Mike to add color.

Tim, this is Mike Morhardt. As I mentioned the focus has been pretty much on the insight model and starting to build that out. That's going to continue in be ongoing. As we did that we slowed down our kind of field based sales headcount growth, and as we migrated some of the accounts in to this ideal client profile, and some into the insight model. We're doing this very, very thoughtfully, meaning we're taking our time and its post renewal so we don't wanted to affect retention or existing pipeline. So, we expect strong productivity improvement and we're seeing some of those already in the insight model, but hopefully even better productivity improvements as we institute some of things that George mentioned with their customer success manager which will help both our retention rates and also get our sales people out in front of our clients even more and less focused on kind of the day-to-day activities that the client needs. So, no, they shouldn't takeaway. We're going to be looking at both growth and productivity.

Okay, great. And can you elaborate -- you mentioned your I guess you're kind of looking into the ways of your help, improve client retention and I think it was mainly the U.S. part of the business, I guess, do you any more color I guess and what's impacting it and is it right to think of it is mainly kind of concentrated in part of the business?

It is. We've been doing a lot of analytics, Tim, on trying to understand what drives great retention. And through the data analysis that we've done, we able to get down to four, five things that if we do done well with the clients specific engagement, specific activities that the client does, it leads to great retention. And so, part of our delivery for example in research is doing inquiry with an analyst. It doesn't mean doing 50 inquiries. It means doing two or three inquiries and it's trying to determine that right balance. And so we're focusing our service organization and our sales organization on those specific activities that lead to great retention. So, we're implementing that. We'll be implementing that in the second half of this year. It did effect parts of our user business in strategic as I mentioned. But those are some of the drivers that we're putting in place as we look at the second half. The good news about it is that we already have the signals based on the current client engagement of where we need to focus, so now it just question of getting those clients engaged.

Okay. And then I guess the -- I'm sorry, Mike if I missed it. But the events, did you tell us -- what was the growth rate for the events part of the business?

Yes. I think I just put that for you. Let me pull it up for you Tim. Events, actually I don't know if we got specific about events growth. We really did – we had a high number of events in the quarter. The overall bucket of growth, basically it’s a 9% I think for the category.

Okay.

So, we got events growth that's going to be obviously a little bit higher than that. So, we didn't publish that, but…

And how many events were there? And I guess you said a high number?

Yes. They were. I think we had seven events during the course of the quarter.

Okay. Thank you.

Thanks.

And the next question comes from Allen Klee from Sidoti. Please go ahead.

Yes. Hi. I was very impress with your margins, and I was just trying to understand – I know the revenues were higher than we originally thought and there's probably some operating leverage. But is there any thoughts of sustainability of higher margins or how do you think of that?

It's Mike Doyle. I mean this is -- I think they are sustainable if we continue to drive great revenue numbers. The model has always been very kind to margin once that happens. So we're beginning to see and clearly we want to accelerate that as when you start getting into revenue numbers that in our business even get north of 6%, 7%, 8% you're going to get leverage in margin and that's what we're seeing. And so, I think that as I think as a sort of put into our guidance, we're taking up the bottom end of revenue but we’ve left unchanged top end on revenue and EPS and I think part of that is you know we’ve got a number of things going on including a new head of consulting who I think is come in and he has landed very well but we are being cautious with our guidance and clearly our intent is to beat it and the margin in EPS you know I like Q3 and Q4 to look like Q2 we’d all be extremely happy. What we have seen is leverage and that’s natural in this model, when we get good revenue numbers it all falls into place.

That’s great. And then were there any buybacks in the quarter?

No.

Okay. Okay, that’s it from me. Thank you.

Thanks.

I would now turn the call back over for final comments.

Okay. Thanks everyone for joining our call. We are happy with the results that we reported and we look forward to seeing as we get out on the road. So thanks again.