Forrester announced an update to its events lineup scheduled for the second quarter of 2020. Forrester previously announced that its SiriusDecisions Summit will be delivered as a virtual event.
Today, the company announced that its CX Sydney and CX North America events will also be held virtually. Additionally, Forrester is canceling its Technology & Innovation conferences in Europe and the Asia Pacific.
The company made these decisions after careful consideration, in light of the escalating global COVID-19 pandemic and continued travel restrictions. The health and well-being of its employees, partners, customers, and vendors remains Forrester’s top priority. The ongoing impact of COVID-19 on Forrester’s business remains difficult to project. The company is monitoring the rapidly evolving situation closely and will continue to make adjustments accordingly.
Forrester estimates that holding its second-quarter events virtually or canceling them as described above will result in a reduction in revenues of $16 million to $19 million and a reduction in operating income of $11 million to $14 million. This is Forrester’s current estimate as of the date of this announcement, and the ultimate financial impact may be affected by a number of factors, including the number of attendees and sponsors and the company’s ability to recoup certain costs for the events.
Forrester is implementing several cost-reduction measures that, if kept in place through the end of 2020, are expected to yield expense savings of at least $35 million. The programs include reductions to travel, new hiring, and employee incentive compensation programs. The company expects to update its outlook for the full year 2020 to reflect the above financial impact and the other estimated effects of COVID-19 on Forrester’s financial results during its first-quarter earnings call in early May 2020.
The company currently expects to hold all third-quarter and fourth-quarter 2020 events as planned.
