Operating Segments

6 Months Ended

Jun. 30, 2024

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.

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 related costs, interest expense, and other income. 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 June 30, 2024
Research revenues	$	83,663		$	—		$	—		$	83,663
Consulting revenues		5,500			19,311			—			24,811
Events revenues		—			—			13,351			13,351
Total segment revenues		89,163			19,311			13,351			121,825
Segment expenses		(31,974	)		(9,504	)		(10,515	)		(51,993	)
Selling, marketing, administrative and other expenses											(55,923	)
Amortization of intangible assets											(2,513	)
Restructuring and related costs											(82	)
Interest expense and other income											252
Income before income taxes										$	11,566

	Research Segment			Consulting Segment			Events Segment			Consolidated
Three Months Ended June 30, 2023
Research revenues	$	87,699		$	—		$	—		$	87,699
Consulting revenues		7,003			22,967			—			29,970
Events revenues		—			—			17,920			17,920
Total segment revenues		94,702			22,967			17,920			135,589
Segment expenses		(32,536	)		(11,429	)		(10,524	)		(54,489	)
Selling, marketing, administrative and other expenses											(59,212	)
Amortization of intangible assets											(3,068	)
Restructuring and related costs											(10,532	)
Interest expense and other income											(216	)
Income before income taxes										$	8,072

	Research Segment			Consulting Segment			Events Segment			Consolidated
Six Months Ended June 30, 2024
Research revenues	$	160,244		$	—		$	—		$	160,244
Consulting revenues		10,143			37,809			—			47,952
Events revenues		—			—			13,706			13,706
Total segment revenues		170,387			37,809			13,706			221,902
Segment expenses		(65,488	)		(19,601	)		(12,001	)		(97,090	)
Selling, marketing, administrative and other expenses											(111,057	)
Amortization of intangible assets											(5,027	)
Restructuring and related costs											(6,706	)
Interest expense and other income											764
Income before income taxes										$	2,786

	Research Segment			Consulting Segment			Events Segment			Consolidated
Six Months Ended June 30, 2023
Research revenues	$	168,605		$	—		$	—		$	168,605
Consulting revenues		14,922			46,798			—			61,720
Events revenues		—			—			18,934			18,934
Total segment revenues		183,527			46,798			18,934			249,259
Segment expenses		(68,043	)		(23,782	)		(12,155	)		(103,980	)
Selling, marketing, administrative and other expenses											(123,876	)
Amortization of intangible assets											(6,134	)
Restructuring and related costs											(12,121	)
Interest expense and other income											(459	)
Income before income taxes										$	2,689