XML 30 R23.htm IDEA: XBRL DOCUMENT v3.24.3
Operating Segments
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Operating Segments

Note 15 — Operating Segments

The Company's chief operating decision-maker (used in determining the Company's segments) 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 primarily 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 the reporting structure of its technology teams and as such certain technology costs are no longer reported within the Research segment, and are now reported within the line selling, marketing, administrative and other expenses. 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.

The Events segment includes the revenues and the costs of the organization responsible for developing and hosting the Company's events.

The Company evaluates reportable segment performance and allocates resources based on segment revenues and expenses. 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, restructuring and related costs, loss from sale of divested operation, interest expense, and other income. The accounting policies used by the segments are the same as those used in the consolidated financial statements.

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

 

 

 

Research Segment

 

 

Consulting Segment

 

 

Events Segment

 

 

Consolidated

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Research revenues

 

$

77,070

 

 

$

—

 

 

$

—

 

 

$

77,070

 

Consulting revenues

 

 

4,335

 

 

 

19,034

 

 

 

—

 

 

 

23,369

 

Events revenues

 

 

—

 

 

 

—

 

 

 

2,088

 

 

 

2,088

 

Total segment revenues

 

 

81,405

 

 

 

19,034

 

 

 

2,088

 

 

 

102,527

 

Segment expenses

 

 

(27,886

)

 

 

(9,580

)

 

 

(3,042

)

 

 

(40,508

)

Selling, marketing, administrative and other expenses

 

 

 

 

 

 

 

 

 

 

 

(57,634

)

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

(2,404

)

Restructuring and related costs

 

 

 

 

 

 

 

 

 

 

 

(937

)

Loss from sale of divested operation

 

 

 

 

 

 

 

 

 

 

 

(1,775

)

Interest expense and other income

 

 

 

 

 

 

 

 

 

 

 

(343

)

Loss before income taxes

 

 

 

 

 

 

 

 

 

 

$

(1,074

)

 

 

 

Research Segment

 

 

Consulting Segment

 

 

Events Segment

 

 

Consolidated

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Research revenues

 

$

80,606

 

 

$

—

 

 

$

—

 

 

$

80,606

 

Consulting revenues

 

 

6,517

 

 

 

21,720

 

 

 

—

 

 

 

28,237

 

Events revenues

 

 

—

 

 

 

—

 

 

 

4,588

 

 

 

4,588

 

Total segment revenues

 

 

87,123

 

 

 

21,720

 

 

 

4,588

 

 

 

113,431

 

Segment expenses

 

 

(30,089

)

 

 

(10,739

)

 

 

(4,031

)

 

 

(44,859

)

Selling, marketing, administrative and other expenses

 

 

 

 

 

 

 

 

 

 

 

(60,456

)

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

(3,041

)

Restructuring and related costs

 

 

 

 

 

 

 

 

 

 

 

(19

)

Interest expense and other income

 

 

 

 

 

 

 

 

 

 

 

(195

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

4,861

 

 

 

 

Research Segment

 

 

Consulting Segment

 

 

Events Segment

 

 

Consolidated

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Research revenues

 

$

237,314

 

 

$

—

 

 

$

—

 

 

$

237,314

 

Consulting revenues

 

 

14,478

 

 

 

56,843

 

 

 

—

 

 

 

71,321

 

Events revenues

 

 

—

 

 

 

—

 

 

 

15,794

 

 

 

15,794

 

Total segment revenues

 

 

251,792

 

 

 

56,843

 

 

 

15,794

 

 

 

324,429

 

Segment expenses

 

 

(90,080

)

 

 

(29,181

)

 

 

(15,043

)

 

 

(134,304

)

Selling, marketing, administrative and other expenses

 

 

 

 

 

 

 

 

 

 

 

(171,985

)

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

(7,431

)

Restructuring and related costs

 

 

 

 

 

 

 

 

 

 

 

(7,643

)

Loss from sale of divested operation

 

 

 

 

 

 

 

 

 

 

 

(1,775

)

Interest expense and other income

 

 

 

 

 

 

 

 

 

 

 

421

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

1,712

 

 

 

 

Research Segment

 

 

Consulting Segment

 

 

Events Segment

 

 

Consolidated

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Research revenues

 

$

249,211

 

 

$

—

 

 

$

—

 

 

$

249,211

 

Consulting revenues

 

 

21,439

 

 

 

68,518

 

 

 

—

 

 

 

89,957

 

Events revenues

 

 

—

 

 

 

—

 

 

 

23,522

 

 

 

23,522

 

Total segment revenues

 

 

270,650

 

 

 

68,518

 

 

 

23,522

 

 

 

362,690

 

Segment expenses

 

 

(94,477

)

 

 

(34,521

)

 

 

(16,186

)

 

 

(145,184

)

Selling, marketing, administrative and other expenses

 

 

 

 

 

 

 

 

 

 

 

(187,987

)

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

(9,175

)

Restructuring and related costs

 

 

 

 

 

 

 

 

 

 

 

(12,140

)

Interest expense and other income

 

 

 

 

 

 

 

 

 

 

 

(654

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

7,550