Revenue and Related Matters

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue and Related Matters

Revenue and Related Matters

Disaggregated Revenue — The Company’s disaggregated revenue by reportable segment is presented in the tables below for the periods indicated (in thousands).

By Primary Geographic Market (1)

Three Months Ended March 31, 2025
Primary Geographic Market	Research		Conferences		Consulting		Total
United States and Canada	$	847,281	$	55,584	$	90,964	$	993,829
Europe, Middle East and Africa	321,700		9,142		32,303		363,145
Other International	152,846		7,871		16,439		177,156
Total revenues	$	1,321,827	$	72,597	$	139,706	$	1,534,130
Three Months Ended March 31, 2024
Primary Geographic Market	Research		Conferences		Consulting		Total
United States and Canada	$	835,221	$	48,090	$	78,539	$	961,850
Europe, Middle East and Africa	287,543		10,328		36,602		334,473
Other International	145,408		11,651		19,544		176,603
Total revenues	$	1,268,172	$	70,069	$	134,685	$	1,472,926

(1)Revenue is reported based on where the sale is fulfilled.

The Company’s revenue is generated primarily through direct sales to clients by domestic and international sales forces and a network of independent international sales agents.

By Timing of Revenue Recognition

Three Months Ended March 31, 2025
Timing of Revenue Recognition	Research		Conferences		Consulting		Total
Transferred over time (1)	$	1,252,588	$	—	$	104,152	$	1,356,740
Transferred at a point in time (2)	69,239		72,597		35,554		177,390
Total revenues	$	1,321,827	$	72,597	$	139,706	$	1,534,130
Three Months Ended March 31, 2024
Timing of Revenue Recognition	Research		Conferences		Consulting		Total
Transferred over time (1)	$	1,182,268	$	—	$	108,587	$	1,290,855
Transferred at a point in time (2)	85,904		70,069		26,098		182,071
Total revenues	$	1,268,172	$	70,069	$	134,685	$	1,472,926

(1)Research revenues in this category are recognized in connection with performance obligations that are satisfied over time using a time-elapsed output method to measure progress. Consulting revenues in this category are recognized over time using costs incurred to date relative to total estimated costs at completion.

(2)The revenues in this category are recognized in connection with performance obligations that are satisfied at the point in time that the contractual deliverables are provided to the customer.

Performance Obligations — For customer contracts that are greater than one year in duration, the aggregate amount of the transaction price allocated to performance obligations that were unsatisfied (or partially unsatisfied) as of March 31, 2025 was approximately $6.1 billion. The Company expects to recognize $2.9 billion, $2.4 billion and $0.8 billion of this revenue (most of which pertains to Research) during the remainder of 2025, the year ending December 31, 2026 and thereafter, respectively.

The Company applies a practical expedient that is permitted under ASC Topic 606 and, accordingly, it does not disclose such performance obligation information for customer contracts that have original durations of one year or less. The Company’s performance obligations for contracts meeting this ASC Topic 606 disclosure exclusion primarily include: (i) stand-ready services under Research subscription contracts; (ii) holding conferences and meetings where attendees and exhibitors can participate; and (iii) providing customized Consulting solutions for clients under fixed fee and time and materials engagements. The remaining duration of these performance obligations is generally less than one year, which aligns with the period that the parties have enforceable rights and obligations under the affected contracts.

Customer Contract Assets and Liabilities — The timing of the recognition of revenue and the amount and timing of the Company’s billings and cash collections, including upfront customer payments, result in the recognition of both assets and liabilities on the Company’s Condensed Consolidated Balance Sheets. The table below provides information regarding certain of the Company’s balance sheet accounts that pertain to its contracts with customers (in thousands).

	March 31,		December 31,
	2025		2024
Assets:
Fees receivable, gross (1)	$	1,511,082	$	1,704,725
Contract assets recorded in Prepaid expenses and other current assets (2)	$	29,660	$	31,056
Contract liabilities:
Deferred revenues (current liability) (3)	$	2,922,518	$	2,762,927
Non-current deferred revenues recorded in Other liabilities (3)	32,319		27,389
Total contract liabilities	$	2,954,837	$	2,790,316

(1)Fees receivable represent an unconditional right to payment from the Company’s customers and include both billed and unbilled amounts.

(2)Contract assets represent recognized revenue for which the Company does not have an unconditional right to payment as of the balance sheet date because the project may be subject to a progress billing milestone or some other billing restrictions.

(3)Deferred revenues represent amounts (i) for which the Company has received an upfront customer payment or (ii) that pertain to recognized fees receivable. Both situations occur before the completion of the Company’s performance obligation(s).

The Company recognized revenue of $1.0 billion during both the three months ended March 31, 2025 and 2024, that was attributable to deferred revenues that were recorded at the beginning of each such period. Those amounts primarily consisted of Research revenues that were recognized ratably as control of the goods or services passed to the customer during the reporting periods. During each of the three months ended March 31, 2025 and 2024, the Company did not record any material impairments related to its contract assets.