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Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments

13. Segments

In connection with the Transactions, during the first quarter of 2026, the Company made changes to its organizational structure to take advantage of the combined product offering portfolio. These changes did not impact the Company’s consolidated financial statements, but did impact its reportable segments. The Company has determined that it operates in two operating and reportable segments: Brand to Demand (“B2D”) and Intelligence & Advisory (“I&A”). Prior to the first quarter

of 2026, the Company operated as one operating and reportable segment. Segment information for the comparative prior year period has been recast to reflect the two operating and reportable segments.

The B2D segment primarily generates revenues through the provision of products and services that help clients raise awareness for their brand, establish thought leadership in the marketplace, build consideration and ultimately generate demand for sales. All of the Company's B2D products and services are underpinned by a depth of market expertise and experience and a wealth of proprietary market and permissioned membership data that enables the creation of custom content offerings, and the ability to comprehensively analyze purchase intent data from actively engaged enterprise technology and business professionals. The clients and users of the Company's B2D segment products and services are primarily product marketers, brand markets, demand markers, partner marketers, industry marketers, field marketers and field sales.

The I&A segment primarily generates revenues through the provision of products and services that inform and shape the corporate strategy, market strategy, product strategy and go-to market strategy of our clients. All of our I&A products and services are underpinned by a depth of market expertise and experience and a wealth of proprietary market and permissioned membership data that enables the creation of market intelligence data and analysis and strategy and go-to-market strategy advisory. The clients and users of our I&A segment products and services are primarily corporate strategy & development, strategic business development, product managers and product marketers.

The segments represent components of the Company for which separate financial information is available that is utilized by the CODM (Chief Executive Officer) in determining how to make operational decisions, allocate resources and evaluate performance. The segments are determined based on several factors, including homogeneity of products, delivery channels, client base, and go to market strategy. The CODM considers both budget to actual results, as well as actual to actual variances, when evaluating the performance of, and allocating resources to, each of the segments, as well as in developing certain compensation recommendations.

Segment expenses include the expenses of each segment organization that are reviewed by the CODM, and exclude unallocated corporate and administrative costs, depreciation, amortization, goodwill impairment, restructuring expense (income), acquisition and integration expenses, and remeasurement of contingent consideration. The accounting policies used by the segments are the same as those used in the consolidated financial statements. The CODM does not review or evaluate assets as part of segment performance. Accordingly, the Company does not identify or allocate assets by reportable segment.

The following tables present selected segment information as described above:

 

 

 

Three Months Ended June 30, 2026

 

 

 

Brand to Demand

 

 

Intelligence & Advisory

 

 

Total Segments

 

Revenue

 

$

85,866

 

 

$

30,282

 

 

$

116,148

 

Direct expenses (1)

 

 

(16,268

)

 

 

(2,806

)

 

 

(19,074

)

Indirect expenses (2)

 

 

(28,205

)

 

 

(19,736

)

 

 

(47,941

)

Segment operating income

 

$

41,393

 

 

$

7,740

 

 

$

49,133

 

 

 

 

Three Months Ended June 30, 2025

 

 

 

Brand to Demand

 

 

Intelligence & Advisory

 

 

Total Segments

 

Revenue

 

$

87,361

 

 

$

32,582

 

 

$

119,943

 

Direct expenses (1)

 

 

(16,249

)

 

 

(2,721

)

 

 

(18,970

)

Indirect expenses (2)

 

 

(30,416

)

 

 

(20,348

)

 

 

(50,764

)

Segment operating income

 

$

40,696

 

 

$

9,513

 

 

$

50,209

 

 

 

 

Six Months Ended June 30, 2026

 

 

 

Brand to Demand

 

 

Intelligence & Advisory

 

 

Total Segments

 

Revenue

 

$

161,057

 

 

$

61,139

 

 

$

222,196

 

Direct expenses (1)

 

 

(29,980

)

 

 

(4,746

)

 

 

(34,726

)

Indirect expenses (2)

 

 

(56,148

)

 

 

(38,998

)

 

 

(95,146

)

Segment operating income

 

$

74,929

 

 

$

17,395

 

 

$

92,324

 

 

 

 

Six Months Ended June 30, 2025

 

 

 

Brand to Demand

 

 

Intelligence & Advisory

 

 

Total Segments

 

Revenue

 

$

159,151

 

 

$

64,679

 

 

$

223,830

 

Direct expenses (1)

 

 

(28,061

)

 

 

(5,740

)

 

 

(33,801

)

Indirect expenses (2)

 

 

(62,329

)

 

 

(40,363

)

 

 

(102,692

)

Segment operating income

 

$

68,761

 

 

$

18,576

 

 

$

87,337

 
(1)
Direct expenses in both operating segments represent costs directly incurred in generating revenues, including editorial and consulting costs, third-party and advertising spend, freelance contractor expenses, website hosting and other direct IT costs, sales commissions, event and venue expenses, directly attributable travel and related costs, and bad debt provisions.
(2)
Indirect expenses in both operating segments reflect costs not directly attributable to revenue generation. These consist primarily of salaries and other personnel-related costs, office and facility expenses and related overheads, accounting, legal and other professional fees, and product development expenditures. For the three months ended June 30, 2026, indirect expenses include depreciation and amortization expense of $0.3 million in the B2D segment, and $0.1 million in the I&A segment. For the three months ended June 30, 2025, indirect expenses include depreciation and amortization expense of $0.3 million in the B2D segment and $0.2 million in the I&A segment. For the six months ended June 30, 2026, indirect expenses include depreciation and amortization expense of $1.1 million in the B2D segment, and $0.1 million in the I&A segment. For the six months ended June 30, 2025, indirect expenses include depreciation and amortization expense of $0.6 million in the B2D segment and $0.4 million in the I&A segment. The Brand to Demand indirect expenses previously reported for the three months ended March 31, 2026 and March 31, 2025 were understated by $1.8 million and $5.5 million respectively, and therefore the segment operating income was overstated by those amounts in those periods. The unallocated indirect expenses previously reported for the three months ended March 31, 2026 and March 31, 2025 were overstated by $1.8 million and $5.5 million respectively. These immaterial errors have been corrected for the six months ended June 30,2026 and June 30, 2025.

The following table presents a reconciliation of segment operating income to reported operating loss:

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30, 2026

 

 

June 30, 2025

 

 

June 30, 2026

 

 

June 30, 2025

 

Segment operating income

 

$

49,133

 

 

$

50,209

 

 

$

92,324

 

 

$

87,337

 

Unallocated direct expenses (1)

 

 

(4,739

)

 

 

(4,825

)

 

 

(7,762

)

 

 

(5,904

)

Unallocated indirect expenses (2)

 

 

(31,968

)

 

 

(32,742

)

 

 

(67,809

)

 

 

(67,485

)

Unallocated depreciation

 

 

(337

)

 

 

(301

)

 

 

(975

)

 

 

(600

)

Unallocated amortization

 

 

(25,571

)

 

 

(25,571

)

 

 

(49,809

)

 

 

(51,054

)

Impairment of goodwill

 

 

—

 

 

 

(382,248

)

 

 

(45,006

)

 

 

(841,348

)

Restructuring (expense) income

 

 

(73

)

 

 

—

 

 

 

382

 

 

 

—

 

Acquisition and integration costs

 

 

(8,526

)

 

 

(14,811

)

 

 

(24,348

)

 

 

(24,139

)

Remeasurement of contingent consideration

 

 

—

 

 

 

—

 

 

 

(36

)

 

 

—

 

Reported operating loss

 

 

(22,081

)

 

 

(410,289

)

 

 

(103,039

)

 

 

(903,193

)

Related party interest expense

 

 

(2,166

)

 

 

(2,815

)

 

 

(4,300

)

 

 

(4,628

)

Interest income

 

 

51

 

 

 

62

 

 

 

103

 

 

 

888

 

Other income (expense), net

 

 

451

 

 

 

(5,222

)

 

 

1,351

 

 

 

(8,316

)

Loss before provision for income taxes

 

$

(23,745

)

 

$

(418,264

)

 

$

(105,885

)

 

$

(915,249

)
(1)
Unallocated direct expenses include selected marketing and promotional costs, commissions, travel and entertainment expenses, allowance for credit losses, and other similar items that are not attributable to individual operating segments. Accordingly, these expenses are excluded from the assessment of segment performance.
(2)
Unallocated indirect expenses primarily include personnel and related costs of central functions, facility and related overhead expenses, and accounting, legal, and other professional fees. These costs are not considered in assessing operating segment performance.