Good afternoon. Thank you for joining today's call. With me today are George Colony, Forrester's Chairman of the Board and CEO, and Chris Finn, Forrester's Chief Financial Officer. George will open the call, followed by a financial update from Chris. We'll then open the call to Q&A. Kelley Hippler, Chief Sales Officer, and Carrie Johnson, Chief Product Officer, will join us for the Q&A portion of the call. A replay of this call will be available until March 10, 2022, and can be accessed by dialing 855-859-2056 or 404-537-3406. Please reference the meeting conference ID 36-19-245. 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 obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. I will now hand the call over to George Colony.

Welcome to Forrester's Q4 2021 investor call. Q4 capped off a very good year for Forrester as we delivered our sixth consecutive quarter of contract value growth. For the full year CV grew 15%, revenue increased 10%, earnings per share were up at 31%, operating margin rose to 13%, and the company generated record cash flow of $107 million. We continue to improve across key metrics. Client retention increased to 78%, wallet retention reached 102% and client count moved over 3000 companies. Against the backdrop of a continuing pandemic and challenging macroeconomic factors Forrester took important steps forward in 2021 and we are well-positioned to sustain double-digit CV growth in 2022 and beyond. The white wash performing at these levels, three factors. 1. Clients are looking for ideas, guidance, advice and data in times of uncertainty. It is a golden age of research. 2. We have simplified our business and centered on one goal, expanding contract value at double digit rates, 3. We have stayed on our fence since the pandemic hit two years ago, aggressively developing Forrester Decisions beginning in 2020 and bringing it to market in 2021. Starting with the SiriusDecisions acquisition in 2019, we have transformed to grow at double-digit rates and generate higher volumes of cash. And in 2021, this enabled the company to appreciably increase shareholder value. Now, before diving into Q4 results, I'd like to give a quick review of 2021. Forrester Decisions, which we launched in August as our flagship research product performed at better than planned levels as legacy Forrester and SiriusDecisions clients renewed into the new platform and it attracted new logos. As discussed on previous calls, Forrester Decisions combines the best of Forrester and SiriusDecisions research in a unified portfolio of 15 different research services built around business and technology…

Thank you, George, and thanks again to everyone for joining us. I'll now review Forrester's financial performance for the fourth quarter and full year, along with our guidance for the first quarter and full year 2022. Please note that the income statement figures we review on this call are non - GAAP results, which we refer to as adjusted results. We have provided a reconciliation of our GAAP results to our adjusted results in our press release that we issued today. As George mentioned, we had historic 2021 results. Headlined by our record CV growth of 15% for the year, double-digit revenue growth, along with significant improvement in all our client metrics. For the quarter, we also achieved double-digit revenue growth for the research revenue growing 15% year-over-year and strong free cash flow generation. We delivered revenue, operating margin, and earnings per share that were in line with our expectations. We expect to sustain double-digit CV growth and as our 2022 guidance highlights, we expect to achieve double-digit revenue growth for the full year ahead. Turning to the detailed results for the quarter, total revenue has increased 11% compared to the fourth quarter of last year, driven by revenue growth of 15% in our research business. We continue to see strong demand for our research products, specifically within our new product portfolio, Forrester Decisions. Operating income was $17.8 million, up 61% year-over-year for the period. EPS was $0.59, an increase of 69%, and free cash flow in the quarter was a robust $21.2 million. For the full year 2021, total revenue increased 10% and operating income increased by 29% to $64.2 million with operating margins increasing 190 basis points to 13%. EPS was $2.09 and we generated a record amount of operating cash flow for the year of approximately $107…

Thank you. Our first question comes from Andrew Nicholas with William Blair. You may proceed with your question.

Hi. Thank you. This is actually Trevor Romeo in for Andrew. I appreciate you taking the question and congratulations on the nice CV growth results in the quarter. First, I just wanted to start there with CV growth. Just wondering if you could break down that CV growth between new logos, new seats per client, and pricing, or any other factors there. Seems like CV per client is growing at a pretty nice clip, I think 7% by our math. So just -- what's driving that uptick and can that continue?

Hi Trevor, it's A - Kelley Hippler thank you for the question. 1 of the great things about the results we had in 2021 is as we look across the levers that we have for growing our CV business we have client acquisition, client retention, as well as up-sell and cross-sell. And one of the pleasant things was we overachieved our expectations across the board. We had a great new logo acquisition across our new business teams, both within the U.S. and across our international teams. But what's really driving the CV as was alluded to by both George and Chris, was that impact to retention and share of wallet. And a lot of that was coming through the migration of clients to the Forrester Decisions’ portfolio. So we're continuing to manage to all 4 of those dimensions and have lots of opportunity across those as we go forward and execute our sales plan in 2022.

Thank you. And then I think George had mentioned increasing recruiting and hiring capability in his remarks. Just wondering, what level of headcount growth you're expecting in 2022? I know -- I think headcount had declined in 2021. So how challenging is it to find people right now and how confident are you in hitting the desired level of growth?

This is Chris. Thanks for the question. We're confident based on some of the momentum that we have coming out of Q4. We did see attrition and most areas of the business start to pull back a little bit. We had some great success hiring. And going into the year, we're looking at approximately 15% to 17% growth overall for headcount on a net basis. And from a sales capacity standpoint, we're looking at double-digit growth.

Great. Thank you very much. Appreciate all the color.

Thank you. Our next question comes from Vincent Colicchio with Barrington Research. You may proceed with your question.

Chris, as far as your outlook for 2022, to what extent will increased wage cost impact margin?

Thanks, Vince. Good question. From an inflationary standpoint, certainly, we're seeing some impacts on the weighing side. We had certainly -- we've been making some significant investments in people on merit and promo as George mentioned, is definitely increased higher than our normal years. So we've had in the past, what much again, it's a reflection of the war for talent. It's probably I'd say at least 2 or 3 points higher than what our normal run rate has been in the past.

Thank you. And then it was mentioned that 60 new features were added to Forrester Decisions since launch. That sounds like a lot. Is there a pipeline for new features to add and how important have these new features been to gaining the momentum you have?

Hi, Vince. It's Carrie, I'm happy to answer that question. We set out to launch Forrester Decisions with the goal of having this product improve constantly for our customers. And it is a platform product portfolio by which we're investing many of our resources. So features in this case include things like new certification courses and also upgrades to the site, which we're making constantly based on customer feedback. We have a very rich pipeline as you can imagine, based on that philosophy of improvements and enhancements coming that we roll out every few weeks essentially, constantly improving the product for Forrester's customers.

Okay. And what does your current pipeline look like today for sales people, obviously, Kelley? And I see you're confident in terms of hiring new salespeople, but I'm just wondering what the pipeline looks like today?

Sure. Thank you, Vince. So as Chris mentioned, we are going to be adding double-digit -- low double-digits to the sales force. We had our largest hiring class in company history join us in January and expect to carry that forward as we get back into 2022 and also looking ahead for 2023. So we're finding some great talent out there and I think some of the moves we've made with things like our ‘Anywhere Work' are allowing us to cast a wider net when it comes to finding the best and brightest out there to help us introduce Forrester Decisions to our clients and prospects.

Thanks for answering my question and great quarter.

Thank you, Vince.

Thanks, Vince.

Thank you. Our next question comes from Anja Soderstrom with Sidoti. You may proceed with your question.

Hi. Thank you for taking my question and congratulations on the great quarter and year. And just -- talk about the sales force. You had the largest class on January. How fast do you think they're -- they will ramp and have you made any changes to the training for your new hires that might accelerate their productivity?

Hi Anja. It's Kelley and thank you so much for the question. So one of the great things about the Forrester Decisions’ migration is that we feel very strongly that it will allow us to ramp new reps more quickly. It makes it really easy to discern when you're working with clients and prospects exactly who you need to be speaking with, what priorities we can help them with. So we have retooled our onboarding. We have also expanded our sales enablement team to help make sure that our new hires are getting the coaching that they need to ramp more quickly than we've seen historically. And I think that coupled with the Forrester Decisions’ portfolio will help us to see some acceleration as we get into the back half of 2022.

Thank you. And then also given how much cash you're generating, you're paying dozen debts, but what are your other capital allocation priorities?

I'd say that, number 1, Anja, is just investing back in the business and in fact this is a big year of investments in people, in systems, in product of course, that's number one. And then M&A -- I'm not -- we are always -- we always have targets -- we are always working on that front. And I would say that, it's three years after this year's Decisions acquisition, so that could open up for us as the year goes on. We got nothing to announce here, but definitely headed in that direction. And then finally, buybacks. So those will be our three priorities. But number one, of course, back in the business, invest because we are a growth business and there's a lot of opportunity to be one.

Okay. Thank you. That was all for me.

Thanks, Anja.

Thank you. I'm not showing any further questions at this time. I would now like to turn the call back over to Chris Finn for any further remarks.

Well, thanks everyone for joining us today. Appreciate your being on the call and the questions, and we look forward to joining you for our next call in Q1.

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.