Operating Segment and Enterprise Wide Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Operating Segment and Enterprise Wide Reporting

Note 12 – Operating Segment and Enterprise Wide Reporting

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 and integration 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 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
Year Ended December 31, 2023
Research revenues	$	334,396		$	—		$	—		$	334,396
Consulting revenues		28,826			89,402			—			118,228
Events revenues		—			—			28,155			28,155
Total segment revenues		363,222			89,402			28,155			480,779
Segment expenses		(132,444	)		(45,028	)		(20,557	)		(198,029	)
Selling, marketing, administrative and other expenses											(250,756	)
Amortization of intangible assets											(11,956	)
Restructuring costs											(13,272	)
Interest expense, other income, and gains on investments											(481	)
Income before income taxes										$	6,285

	Research Segment			Consulting Segment			Events Segment			Consolidated
Year Ended December 31, 2022
Research revenues	$	354,453		$	—		$	—		$	354,453
Consulting revenues		41,559			111,028			—			152,587
Events revenues		—			—			30,747			30,747
Total segment revenues		396,012			111,028			30,747			537,787
Segment expenses		(133,566	)		(56,889	)		(21,801	)		(212,256	)
Selling, marketing, administrative and other expenses											(270,381	)
Amortization of intangible assets											(13,161	)
Restructuring costs											(9,335	)
Interest expense, other income, and gains on investments											(1,930	)
Income before income taxes										$	30,724

	Research Segment			Consulting Segment			Events Segment			Consolidated
Year Ended December 31, 2021
Research revenues	$	325,340		$	—		$	—		$	325,340
Consulting revenues		47,247			108,867			—			156,114
Events revenues		—			—			12,861			12,861
Total segment revenues		372,587			108,867			12,861			494,315
Segment expenses		(118,155	)		(51,770	)		(12,709	)		(182,634	)
Selling, marketing, administrative and other expenses											(257,576	)
Amortization of intangible assets											(15,129	)
Integration costs											(334	)
Interest expense, other expense, and gains on investments											(5,451	)
Income before income taxes										$	33,191

Net long-lived tangible assets by location as of December 31, 2023 and 2022 are as follows (in thousands):

	2023		2022
United States	$	48,001	$	60,631
United Kingdom		8,194		8,678
Europe (excluding United Kingdom)		186		319
Asia Pacific		2,742		3,550
Total	$	59,123	$	73,178

Revenues by geographic destination, based on the location products and services are consumed, and as a percentage of total revenues for the years ended December 31, 2023, 2022, and 2021 are as follows (dollars in thousands):

	2023		2022		2021
United States	$	373,483	$	426,041	$	381,662
Europe (excluding United Kingdom)		37,912		36,664		41,264
United Kingdom		21,311		20,079		21,913
Canada		16,416		20,759		17,213
Asia Pacific		23,604		26,548		26,768
Other		8,053		7,696		5,495
Total	$	480,779	$	537,787	$	494,315

	2023			2022			2021
United States		78	%		79	%		77	%
Europe (excluding United Kingdom)		8			7			9
United Kingdom		4			4			5
Canada		3			4			3
Asia Pacific		5			5			5
Other		2			1			1
Total		100	%		100	%		100	%