Operating Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Operating Segments

Note 14 — 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 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.

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 and certain advisory services.

The Events segment includes the revenues and the costs of the organization responsible for developing and hosting in-person and virtual 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 costs, interest and other income (expense), and gains on investments. 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 March 31, 2023
Research revenues	$	80,906		$	—		$	—		$	80,906
Consulting revenues		7,919			23,831			—			31,750
Events revenues		—			—			1,014			1,014
Total segment revenues		88,825			23,831			1,014			113,670
Segment expenses		(35,507	)		(12,353	)		(1,631	)		(49,491	)
Selling, marketing, administrative and other expenses											(64,664	)
Amortization of intangible assets											(3,066	)
Restructuring costs											(1,589	)
Interest expense, other income, and gains on investments											(243	)
Loss before income taxes										$	(5,383	)

	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended March 31, 2022
Research revenues	$	85,780		$	—		$	—		$	85,780
Consulting revenues		11,190			27,241			—			38,431
Events revenues		—			—			760			760
Total segment revenues		96,970			27,241			760			124,971
Segment expenses		(34,180	)		(14,317	)		(1,751	)		(50,248	)
Selling, marketing, administrative and other expenses											(64,890	)
Amortization of intangible assets											(3,362	)
Interest expense, other expense, and gains on investments											(444	)
Income before income taxes										$	6,027