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Operating Segments (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Information about Reportable Segments, Disaggregation of Revenue by Product

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.