Revenue and Related Matters | Revenue and Related Matters Disaggregated Revenue — The Company’s disaggregated revenue by reportable segment is presented in the tables below for the periods indicated (in thousands). By Primary Geographic Market (1) Three Months Ended June 30, 2023 Primary Geographic Market Research Conferences Consulting Total United States and Canada $ 812,724 $ 123,243 $ 76,413 $ 1,012,380 Europe, Middle East and Africa 258,255 38,803 33,865 330,923 Other International 136,906 6,851 16,125 159,882 Total revenues $ 1,207,885 $ 168,897 $ 126,403 $ 1,503,185 Three Months Ended June 30, 2022 Primary Geographic Market Research Conferences Consulting Total United States and Canada $ 752,670 $ 87,267 $ 72,816 $ 912,753 Europe, Middle East and Africa 255,417 21,036 34,047 310,500 Other International 134,242 5,222 13,804 153,268 Total revenues $ 1,142,329 $ 113,525 $ 120,667 $ 1,376,521 Six Months Ended June 30, 2023 Primary Geographic Market Research Conferences Consulting Total United States and Canada $ 1,622,123 $ 172,018 $ 153,388 $ 1,947,529 Europe, Middle East and Africa 526,912 48,010 66,803 641,725 Other International 276,041 13,511 33,248 322,800 Total revenues $ 2,425,076 $ 233,539 $ 253,439 $ 2,912,054 Six Months Ended June 30, 2022 Primary Geographic Market Research Conferences Consulting Total United States and Canada $ 1,493,199 $ 94,919 $ 141,605 $ 1,729,723 Europe, Middle East and Africa 518,546 22,274 66,491 607,311 Other International 266,964 6,686 28,577 302,227 Total revenues $ 2,278,709 $ 123,879 $ 236,673 $ 2,639,261 (1) Revenue is reported based on where the sale is fulfilled. The Company’s revenue is generated primarily through direct sales to clients by domestic and international sales forces and a network of independent international sales agents. Most of the Company’s products and services are provided on an integrated worldwide basis and, because of this integrated delivery approach, it is not practical to precisely separate the Company’s revenue by geographic location. Accordingly, revenue information presented in the above tables is based on internal allocations, which involve certain management estimates and judgments. By Timing of Revenue Recognition Three Months Ended June 30, 2023 Timing of Revenue Recognition Research Conferences Consulting Total Transferred over time (1) $ 1,113,328 $ — $ 103,921 $ 1,217,249 Transferred at a point in time (2) 94,557 168,897 22,482 285,936 Total revenues $ 1,207,885 $ 168,897 $ 126,403 $ 1,503,185 Three Months Ended June 30, 2022 Timing of Revenue Recognition Research Conferences Consulting Total Transferred over time (1) $ 1,037,864 $ — $ 95,201 $ 1,133,065 Transferred at a point in time (2) 104,465 113,525 25,466 243,456 Total revenues $ 1,142,329 $ 113,525 $ 120,667 $ 1,376,521 Six Months Ended June 30, 2023 Timing of Revenue Recognition Research Conferences Consulting Total Transferred over time (1) $ 2,223,124 $ — $ 200,928 $ 2,424,052 Transferred at a point in time (2) 201,952 233,539 52,511 488,002 Total revenues $ 2,425,076 $ 233,539 $ 253,439 $ 2,912,054 Six Months Ended June 30, 2022 Timing of Revenue Recognition Research Conferences Consulting Total Transferred over time (1) $ 2,063,674 $ — $ 191,637 $ 2,255,311 Transferred at a point in time (2) 215,035 123,879 45,036 383,950 Total revenues $ 2,278,709 $ 123,879 $ 236,673 $ 2,639,261 (1) Research revenues in this category are recognized in connection with performance obligations that are satisfied over time using a time-elapsed output method to measure progress. Consulting revenues in this category are recognized over time using labor hours as an input measurement basis. (2) The revenues in this category are recognized in connection with performance obligations that are satisfied at the point in time that the contractual deliverables are provided to the customer. Performance Obligations — For customer contracts that are greater than one year in duration, the aggregate amount of the transaction price allocated to performance obligations that were unsatisfied (or partially unsatisfied) as of June 30, 2023 was approximately $5.2 billion. The Company expects to recognize $1.7 billion, $2.5 billion and $1.0 billion of this revenue (most of which pertains to Research) during the remainder of 2023, the year ending December 31, 2024 and thereafter, respectively. The Company applies a practical expedient that is permitted under ASC Topic 606 and, accordingly, it does not disclose such performance obligation information for customer contracts that have original durations of one year or less. The Company’s performance obligations for contracts meeting this ASC Topic 606 disclosure exclusion primarily include: (i) stand-ready services under Research subscription contracts; (ii) holding conferences and meetings where attendees and exhibitors can participate; and (iii) providing customized Consulting solutions for clients under fixed fee and time and materials engagements. The remaining duration of these performance obligations is generally less than one year, which aligns with the period that the parties have enforceable rights and obligations under the affected contracts. Customer Contract Assets and Liabilities — The timing of the recognition of revenue and the amount and timing of the Company’s billings and cash collections, including upfront customer payments, result in the recognition of both assets and liabilities on the Company’s Condensed Consolidated Balance Sheets. The table below provides information regarding certain of the Company’s balance sheet accounts that pertain to its contracts with customers (in thousands). June 30, December 31, 2023 2022 Assets: Fees receivable, gross (1) $ 1,279,792 $ 1,565,786 Contract assets recorded in Prepaid expenses and other current assets (2) $ 33,198 $ 21,183 Contract liabilities: Deferred revenues (current liability) (3) $ 2,499,379 $ 2,443,762 Non-current deferred revenues recorded in Other liabilities (3) 30,929 39,115 Total contract liabilities $ 2,530,308 $ 2,482,877 (1) Fees receivable represent an unconditional right to payment from the Company’s customers and include both billed and unbilled amounts. (2) Contract assets represent recognized revenue for which the Company does not have an unconditional right to payment as of the balance sheet date because the project may be subject to a progress billing milestone or some other billing restrictions. (3) Deferred revenues represent amounts (i) for which the Company has received an upfront customer payment or (ii) that pertain to recognized fees receivable. Both situations occur before the completion of the Company’s performance obligation(s). |