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Operating Segments | 9 Months Ended
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Sep. 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 were not reported as a direct expense of the Events segment during the first and second quarters of 2025. During the third quarter of 2025, the events sponsorship sales team was aligned back to Events and the costs of this team are now being reported as a direct expense of the Events segment. The nine months ended September 30, 2025 have been conformed to the current presentation for the entire period. 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, loss from sale of divested operation, interest expense, credit loss expense on note receivable, 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 September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Research revenues |  | $ | 72,652 |  |  | $ | — |  |  | $ | — |  |  | $ | 72,652 |
Consulting revenues |  |  | 5,487 |  |  |  | 15,988 |  |  |  | — |  |  |  | 21,475 |
Events revenues |  |  | — |  |  |  | — |  |  |  | 168 |  |  |  | 168 |
Total segment revenues |  |  | 78,139 |  |  |  | 15,988 |  |  |  | 168 |  |  |  | 94,295 |
Segment expenses (1): |  |  |  |  |  |  |  |  |  |  |  |
Compensation, benefits and related costs |  |  | (23,230 | ) |  |  | (7,085 | ) |  |  | (1,262 | ) |  |  | (31,577 | )
Direct cost of events |  |  | — |  |  |  | — |  |  |  | (405 | ) |  |  | (405 | )
Professional services |  |  | (1,050 | ) |  |  | (960 | ) |  |  | 49 |  |  |  | (1,961 | )
Billable expenses |  |  | (135 | ) |  |  | (1,336 | ) |  |  | — |  |  |  | (1,471 | )
Travel and entertainment |  |  | (453 | ) |  |  | (143 | ) |  |  | (51 | ) |  |  | (647 | )
Software |  |  | (329 | ) |  |  | — |  |  |  | (10 | ) |  |  | (339 | )
Other segment expenses (2) |  |  | (24 | ) |  |  | (12 | ) |  |  | (4 | ) |  |  | (40 | )
Total segment expenses |  |  | (25,221 | ) |  |  | (9,536 | ) |  |  | (1,683 | ) |  |  | (36,440 | )
Segment operating income (loss) |  | $ | 52,918 |  |  | $ | 6,452 |  |  | $ | (1,515 | ) |  |  | 57,855 |
Selling, marketing, administrative and other expenses |  |  |  |  |  |  |  |  |  |  |  | (51,292 | )
Amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  | (2,217 | )
Restructuring and related costs |  |  |  |  |  |  |  |  |  |  |  | 111 |
Interest expense, credit loss expense on note receivable and other income |  |  |  |  |  |  |  |  |  |  |  | (6,146 | )
Loss before income taxes |  |  |  |  |  |  |  |  |  |  | $ | (1,689 | )
(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 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 (1): |  |  |  |  |  |  |  |  |  |  |  |
Compensation, benefits and related costs |  |  | (24,636 | ) |  |  | (7,612 | ) |  |  | (1,431 | ) |  |  | (33,679 | )
Direct cost of events |  |  | — |  |  |  | — |  |  |  | (1,512 | ) |  |  | (1,512 | )
Professional services |  |  | (2,186 | ) |  |  | (500 | ) |  |  | (26 | ) |  |  | (2,712 | )
Billable expenses |  |  | (135 | ) |  |  | (1,990 | ) |  |  | — |  |  |  | (2,125 | )
Travel and entertainment |  |  | (486 | ) |  |  | (101 | ) |  |  | (34 | ) |  |  | (621 | )
Software |  |  | (460 | ) |  |  | — |  |  |  | (20 | ) |  |  | (480 | )
Other segment expenses (2) |  |  | (86 | ) |  |  | (4 | ) |  |  | (19 | ) |  |  | (109 | )
Total segment expenses |  |  | (27,989 | ) |  |  | (10,207 | ) |  |  | (3,042 | ) |  |  | (41,238 | )
Segment operating income (loss) |  | $ | 53,416 |  |  | $ | 8,827 |  |  | $ | (954 | ) |  |  | 61,289 |
Selling, marketing, administrative and other expenses |  |  |  |  |  |  |  |  |  |  |  | (56,904 | )
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 | )
(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 |
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Research revenues |  | $ | 218,992 |  |  | $ | — |  |  | $ | — |  |  | $ | 218,992 |
Consulting revenues |  |  | 16,334 |  |  |  | 50,070 |  |  |  | — |  |  |  | 66,404 |
Events revenues |  |  | — |  |  |  | — |  |  |  | 10,434 |  |  |  | 10,434 |
Total segment revenues |  |  | 235,326 |  |  |  | 50,070 |  |  |  | 10,434 |  |  |  | 295,830 |
Segment expenses (1): |  |  |  |  |  |  |  |  |  |  |  |
Compensation, benefits and related costs |  |  | (69,196 | ) |  |  | (21,248 | ) |  |  | (3,976 | ) |  |  | (94,420 | )
Direct cost of events |  |  | — |  |  |  | — |  |  |  | (9,378 | ) |  |  | (9,378 | )
Professional services |  |  | (5,398 | ) |  |  | (2,483 | ) |  |  | (28 | ) |  |  | (7,909 | )
Billable expenses |  |  | (320 | ) |  |  | (4,449 | ) |  |  | — |  |  |  | (4,769 | )
Travel and entertainment |  |  | (1,470 | ) |  |  | (385 | ) |  |  | (106 | ) |  |  | (1,961 | )
Software |  |  | (1,060 | ) |  |  | — |  |  |  | (44 | ) |  |  | (1,104 | )
Other segment expenses (2) |  |  | (95 | ) |  |  | (26 | ) |  |  | (28 | ) |  |  | (149 | )
Total segment expenses |  |  | (77,539 | ) |  |  | (28,591 | ) |  |  | (13,560 | ) |  |  | (119,690 | )
Segment operating income (loss) |  | $ | 157,787 |  |  | $ | 21,479 |  |  | $ | (3,126 | ) |  |  | 176,140 |
Selling, marketing, administrative and other expenses |  |  |  |  |  |  |  |  |  |  |  | (159,885 | )
Amortization of intangible assets |  |  |  |  |  |  |  |  |  |  |  | (6,651 | )
Goodwill impairment |  |  |  |  |  |  |  |  |  |  |  | (83,895 | )
Restructuring and related costs |  |  |  |  |  |  |  |  |  |  |  | (1,887 | )
Interest expense, credit loss expense on note receivable, other income and loss on investments |  |  |  |  |  |  |  |  |  |  |  | (6,697 | )
Loss before income taxes |  |  |  |  |  |  |  |  |  |  | $ | (82,875 | )
(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 |
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 (1): |  |  |  |  |  |  |  |  |  |  |  |
Compensation, benefits and related costs |  |  | (77,797 | ) |  |  | (23,481 | ) |  |  | (4,424 | ) |  |  | (105,702 | )
Direct cost of events |  |  | — |  |  |  | — |  |  |  | (10,446 | ) |  |  | (10,446 | )
Professional services |  |  | (8,947 | ) |  |  | (1,371 | ) |  |  | (44 | ) |  |  | (10,362 | )
Billable expenses |  |  | (427 | ) |  |  | (6,109 | ) |  |  | — |  |  |  | (6,536 | )
Travel and entertainment |  |  | (1,446 | ) |  |  | (264 | ) |  |  | (79 | ) |  |  | (1,789 | )
Software |  |  | (1,410 | ) |  |  | — |  |  |  | (28 | ) |  |  | (1,438 | )
Other segment expenses (2) |  |  | (362 | ) |  |  | (14 | ) |  |  | (22 | ) |  |  | (398 | )
Total segment expenses |  |  | (90,389 | ) |  |  | (31,239 | ) |  |  | (15,043 | ) |  |  | (136,671 | )
Segment operating income |  | $ | 161,403 |  |  | $ | 25,604 |  |  | $ | 751 |  |  |  | 187,758 |
Selling, marketing, administrative and other expenses |  |  |  |  |  |  |  |  |  |  |  | (169,618 | )
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 |
(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.

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