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Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Information

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.
Schedule of Reconciliation of Segment Operating Income to Reported Operating Loss

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.