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Operating Segments
 9 Months Ended
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.