[Form 4] Forrester Research Inc Insider Trading Activity

Rhea-AI Filing Summary

Archrock (AROC) Q2-25 Form 10-Q shows strong top-line expansion and higher profitability, driven by continued tight U.S. gas-gathering capacity and recent fleet acquisitions.

• Revenue rose 42% YoY to $383.2 m; six-month sales up 35% to $730.3 m.
• Net income climbed 84% to $63.4 m and diluted EPS reached $0.36 (vs $0.22).
• Contract-operations revenue up 41%; aftermarket services +44%.
• Gross margin ~62% despite higher SG&A, $10.8 m impairments and $6.1 m deal costs.
• Closed $351.5 m NGCS acquisition (326 k hp) on 1-May-25; 2024 TOPS deal previously added 530 k hp.
• Credit facility upsized to $1.5 bn (option to $2.3 bn); long-term debt now $2.61 bn (+19% YTD) causing interest expense to jump 50% to $41.7 m.
• Equity improved to $1.41 bn; cash remains modest at $5.9 m.
• Quarterly dividend lifted to $0.19 (+15% YoY); 175.8 m shares O/S.

Management expects robust compression demand, particularly in the Permian, and has deployed $279.6 m capex YTD, largely funded by operating cash flow and the enlarged revolver.

Positive

• Revenue up 42% YoY to $383.2 m, showing continued demand strength.
• Net income surged 84% to $63.4 m; EPS $0.36 vs $0.22.
• Completed $351 m NGCS acquisition, expanding fleet by 326 k horsepower.
• Raised quarterly dividend to $0.19 (+15% YoY) and resumed buybacks.
• Upsized $1.5 bn credit facility provides ample liquidity for growth.

Negative

• Long-term debt rose 19% to $2.61 bn, lifting leverage and interest costs.
• Interest expense +50% YoY to $41.7 m, pressuring future cash flow.
• Cash balance only $5.9 m, increasing dependence on revolver availability.
• Recorded $10.8 m impairment and $6.1 m transaction costs in quarter.

Insights

Equity Research Analyst

TL;DR: Solid revenue & EPS beat; acquisitions accretive despite leverage uptick.

Q2 results confirm Archrock’s pricing power and utilisation recovery. Pro forma revenue growth >40% and EPS +64% outpace typical midstream peers. NGCS adds 8% horsepower and strengthens Permian footprint; purchase multiple looks attractive relative to AROC’s own EV/HP. Dividend increase and buybacks signal confidence. Leverage at ~4× EBITDA is high but acceptable given contracted cash flows and extended debt maturities. Upsized revolver provides liquidity for further fleet builds. Overall, fundamentals and catalysts (synergies, higher service rates) support a constructive view.

Credit Risk Analyst

TL;DR: Credit metrics weaken; liquidity adequate, covenant headroom intact.

Debt grew $415 m YTD, pushing funded debt to $2.6 bn. Interest cover dips yet remains >3×. Upsizing the facility to $1.5 bn and extending maturities de-risk near-term funding, but only $5.9 m cash highlights reliance on revolver availability. The 6.625% 2032 notes and variable-rate borrowings add to interest exposure; rising SOFR could pressure FCF. Integration risk from two deals is manageable given stable contracts, but any downturn in gas volumes would stress leverage. Outlook: neutral, watch cash generation vs capex.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cox Andrew

(Last) (First) (Middle)

C/O FORRESTER RESEARCH, INC.

60 ACORN PARK DRIVE

(Street)

CAMBRIDGE 02140

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FORRESTER RESEARCH, INC. [ FORR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Marketing Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/01/2025		M(1)		446	A	$0	1,722	D
Common Stock	08/01/2025		F		153(2)	D	$10.94	1,569	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0(3)	08/01/2025		M			137	(4)	(4)	common stock	137	$0	0	D
Restricted Stock Units	$0(3)	08/01/2025		M			309	(5)	(5)	common stock	309	$0	616	D

Explanation of Responses:

1. Represents the conversion, upon vesting, of restricted stock units into common stock.

2. Represents shares withheld by the Issuer to satisfy tax withholding obligations upon the vesting on August 1, 2025 of the restricted stock units awarded to the reporting person on August 2, 2021 and August 1, 2023. The awards include a provision for the withholding of shares by the Issuer to satisfy withholding taxes due as a result of the vesting of the awards.

3. Each Restricted Stock Unit represents the right to receive, following vesting, one share of Forrester Research, Inc. common stock.

4. On August 2, 2021, the reporting person was granted 550 Restricted Stock Units that vest and convert into common stock in four equal and consecutive installments on August 1, 2022, August 1, 2023, August 1, 2024 and August 1, 2025.

5. On August 1, 2023, the reporting person was granted 1234 Restricted Stock Units that vest and convert into common stock in four equal and consecutive installments on August 1, 2024, August 1, 2025, August 1, 2026 and August 1, 2027.

	Maite Garcia, attorney-in-fact for Andrew Cox	08/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How did Archrock (AROC) revenue perform in Q2 2025?

Revenue grew 42% year-over-year to $383.2 million, driven by higher compression service demand and recent acquisitions.

What was Archrock's Q2 2025 earnings per share?

Diluted EPS rose to $0.36, up from $0.22 in the prior-year quarter.

What is the NGCS acquisition and its cost?

On 1-May-25 Archrock closed the $351.5 million NGCS deal, adding roughly 326,000 operating horsepower to its fleet.

How has Archrock's debt profile changed?

Long-term debt increased to $2.61 billion after raising the revolver capacity to $1.5 billion and issuing additional borrowings for acquisitions.

Did Archrock change its dividend in 2025?

Yes. The board increased the quarterly dividend to $0.19 per share, up 15% from the $0.165 paid in Q2 2024.

What segments drive Archrock’s revenue?

Contract operations contributed $318.3 m (83%) and aftermarket services $64.8 m (17%) in Q2 2025.