Operating Segments

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Operating Segments

Note 16 — Operating Segments

The Company's chief operating decision-maker is the chief executive officer and the chief financial officer. The Company operates in three segments: Research, Consulting, and Events. These segments, which are also the Company's reportable segments, are based on the management structure of the Company and how the chief operating decision maker uses financial information to evaluate performance and determine how to allocate resources. The Company’s products and services are delivered through each segment as described below.

The Research segment includes the revenues from all of the Company's research products as well as consulting revenues from advisory services (such as speeches and advisory days) delivered by the Company's research organization. Research segment costs include the cost of the organizations responsible for developing and delivering these products in addition to the costs of the product management organization responsible for product pricing and packaging, and the launch of new products. During the third quarter of 2024, the Company realigned its technology teams and as such certain technology costs are no longer reported as a direct expense of the Research segment, and are now reported within selling, marketing, administrative and other expenses in the tables below. As of January 1, 2025, the Company realigned its citations team costs such that these costs are now reported as a direct expense of the Research segment, whereas they were previously reported in selling, marketing, administrative and other expenses in the tables below. Prior period amounts have been recast to conform to the current presentation.

The Consulting segment includes the revenues and the related costs of the Company's project consulting organization. The project consulting organization delivers a majority of the Company's project consulting revenue. As of January 1, 2025, the Company realigned its content marketing partner costs such that these costs are now reported as a direct expense of the Consulting segment,

whereas they were previously reported in selling, marketing, administrative and other expenses in the tables below. Prior period amounts have been recast to conform to the current presentation.

The Events segment includes the revenues and the costs of the organization responsible for developing and hosting its events. As of January 1, 2025, the Company realigned its events sponsorship sales team and as such the costs of this team are no longer reported as a direct expense of the Events segment, and are now reported within selling, marketing, administrative, and other expenses in the tables below. Prior period amounts have been recast to conform to the current presentation.

The Company evaluates reportable segment performance and allocates resources based on segment operating income (loss). Segment expenses include the direct expenses of each segment organization and exclude selling and marketing expenses, general and administrative expenses, stock-based compensation expense, depreciation expense, adjustments to incentive bonus compensation from target amounts, amortization of intangible assets, goodwill impairment, restructuring costs, interest expense, other income, and losses on investments. The accounting policies used by the segments are the same as those used in the consolidated financial statements. The Company does not review or evaluate assets as part of segment performance. Accordingly, the Company does not identify or allocate assets by reportable segment.

The Company provides information by reportable segment in the tables below (in thousands):

	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended June 30, 2025
Research revenues	$	77,926		$	—		$	—		$	77,926
Consulting revenues		5,789			17,704			—			23,493
Events revenues		—			—			10,240			10,240
Total segment revenues		83,715			17,704			10,240			111,659
Segment expenses (1):
Compensation, benefits and related costs		(23,414	)		(7,256	)		(831	)		(31,501	)
Direct cost of events		—			—			(8,973	)		(8,973	)
Professional services		(1,657	)		(1,010	)		(77	)		(2,744	)
Billable expenses		(102	)		(1,756	)		—			(1,858	)
Travel and entertainment		(628	)		(130	)		(34	)		(792	)
Software		(354	)		—			(17	)		(371	)
Other segment expenses (2)		(27	)		(4	)		(7	)		(38	)
Total segment expenses		(26,182	)		(10,156	)		(9,939	)		(46,277	)
Segment operating income		57,533			7,548			301			65,382
Selling, marketing, administrative and other expenses											(55,718	)
Amortization of intangible assets											(2,217	)
Restructuring and related costs											(491	)
Interest expense and other income											160
Income before income taxes										$	7,116

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2)Other segment expenses for each reportable segment includes office supplies, maintenance, and training expenses.

	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended June 30, 2024
Research revenues	$	83,663		$	—		$	—		$	83,663
Consulting revenues		5,500			19,311			—			24,811
Events revenues		—			—			13,351			13,351
Total segment revenues		89,163			19,311			13,351			121,825
Segment expenses (1):
Compensation, benefits and related costs		(25,898	)		(7,489	)		(898	)		(34,285	)
Direct cost of events		—			—			(8,934	)		(8,934	)
Professional services		(3,110	)		(393	)		(15	)		(3,518	)
Billable expenses		(144	)		(2,179	)		—			(2,323	)
Travel and entertainment		(661	)		(79	)		(31	)		(771	)
Software		(492	)		—			(4	)		(496	)
Other segment expenses (2)		(151	)		(6	)		(8	)		(165	)
Total segment expenses		(30,456	)		(10,146	)		(9,890	)		(50,492	)
Segment operating income		58,707			9,165			3,461			71,333
Selling, marketing, administrative and other expenses											(57,424	)
Amortization of intangible assets											(2,513	)
Restructuring and related costs											(82	)
Interest expense and other income											252
Income before income taxes										$	11,566

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2)Other segment expenses for each reportable segment includes office supplies, maintenance, and training expenses.

	Research Segment			Consulting Segment			Events Segment			Consolidated
Six Months Ended June 30, 2025
Research revenues	$	146,340		$	—		$	—		$	146,340
Consulting revenues		10,847			34,082			—			44,929
Events revenues		—			—			10,266			10,266
Total segment revenues		157,187			34,082			10,266			201,535
Segment expenses (1):
Compensation, benefits and related costs		(45,966	)		(14,163	)		(1,558	)		(61,687	)
Direct cost of events		—			—			(8,973	)		(8,973	)
Professional services		(4,348	)		(1,523	)		(78	)		(5,949	)
Billable expenses		(185	)		(3,113	)		—			(3,298	)
Travel and entertainment		(1,017	)		(242	)		(38	)		(1,297	)
Software		(731	)		—			(34	)		(765	)
Other segment expenses (2)		(71	)		(14	)		(22	)		(107	)
Total segment expenses		(52,318	)		(19,055	)		(10,703	)		(82,076	)
Segment operating income (loss)		104,869			15,027			(437	)		119,459
Selling, marketing, administrative and other expenses											(109,767	)
Amortization of intangible assets											(4,434	)
Goodwill impairment											(83,895	)
Restructuring and related costs											(1,998	)
Interest expense, other income and loss on investments											(551	)
Loss before income taxes										$	(81,186	)

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2)Other segment expenses for each reportable segment includes office supplies, maintenance, and training expenses.

	Research Segment			Consulting Segment			Events Segment			Consolidated
Six Months Ended June 30, 2024
Research revenues	$	160,244		$	—		$	—		$	160,244
Consulting revenues		10,143			37,809			—			47,952
Events revenues		—			—			13,706			13,706
Total segment revenues		170,387			37,809			13,706			221,902
Segment expenses (1):
Compensation, benefits and related costs		(53,161	)		(15,869	)		(1,671	)		(70,701	)
Direct cost of events		—			—			(8,934	)		(8,934	)
Professional services		(6,761	)		(871	)		(18	)		(7,650	)
Billable expenses		(292	)		(4,119	)		—			(4,411	)
Travel and entertainment		(960	)		(163	)		(36	)		(1,159	)
Software		(950	)		—			(8	)		(958	)
Other segment expenses (2)		(276	)		(10	)		(1	)		(287	)
Total segment expenses		(62,400	)		(21,032	)		(10,668	)		(94,100	)
Segment operating income		107,987			16,777			3,038			127,802
Selling, marketing, administrative and other expenses											(114,047	)
Amortization of intangible assets											(5,027	)
Restructuring and related costs											(6,706	)
Interest expense and other income											764
Income before income taxes										$	2,786

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2)Other segment expenses for each reportable segment includes office supplies, maintenance, and training expenses.