0001193125-12-063365.txt : 20120215 0001193125-12-063365.hdr.sgml : 20120215 20120215161153 ACCESSION NUMBER: 0001193125-12-063365 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20120214 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120215 DATE AS OF CHANGE: 20120215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TechTarget Inc CENTRAL INDEX KEY: 0001293282 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 043483216 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33472 FILM NUMBER: 12616181 BUSINESS ADDRESS: STREET 1: 275 GROVE STREET CITY: NEWTON STATE: MA ZIP: 02466 BUSINESS PHONE: 617-431-9200 MAIL ADDRESS: STREET 1: 275 GROVE STREET CITY: NEWTON STATE: MA ZIP: 02466 8-K 1 d300982d8k.htm FORM 8-K FORM 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 14, 2012

 

 

 

TechTarget, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-33472   04-3483216

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

275 Grove Street, Newton MA 02466

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (617) 431-9200

 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02 Results of Operations and Financial Condition

On February 15, 2012, TechTarget, Inc. (“TechTarget”) issued a press release announcing its results for the fourth fiscal quarter and year ended December 31, 2011. TechTarget is also posting a copy of the Letter to Shareholders with respect to the completed quarter and fiscal year on the Investor Information section of its website at www.techtarget.com. The full text of the press release issued in connection with the announcement and the Letter to Shareholders are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K. The information contained in Item 2.02 of this Form 8-K (including Exhibits 99.1 and 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation by reference language in such filing, except as expressly set forth by specific reference in such a filing.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;

Compensatory Arrangements of Certain Officers

On February 14, 2012, Jeff Wakely, the Chief Financial Officer of the Company tendered his resignation. Mr. Wakely will stay on during a transition period and will leave following the anticipated filing of our Annual Report on Form 10-K on March 15, 2012. We will begin a CFO search immediately. Janice Kelliher, our Vice President of Finance, will then serve as interim CFO.

Item 9.01 Financial Statements and Exhibits

 

(d)

Exhibits. The following exhibits relating to Item 2.02 shall be deemed to be furnished, and not filed:

  99.1 A copy of the press release issued by TechTarget, Inc. on February 15, 2012 is furnished herewith.

  99.2 A copy of the Letter to Shareholders posted by TechTarget, Inc. to its website on February 15, 2012 is furnished herewith.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: February 15, 2012    

TECHTARGET, INC.

   

By:

 

/s/ Greg Strakosch

     

 

Greg Strakosch

     

Chief Executive Officer

 

2


EXHIBIT INDEX

 

Exhibit No.

  

Description

99.1    Press Release dated February 15, 2012
99.2    Letter to Shareholders dated February 15, 2012

 

3

EX-99.1 2 d300982dex991.htm PRESS RELEASE Press Release

 

LOGO

Exhibit 99.1

FOR IMMEDIATE RELEASE

TechTarget Reports Fourth Quarter and Full Year 2011 Financial Results

Company reports Annual Online Revenue up 12%, Annual Adjusted EBITDA up 28%

Newton, MA — February 15, 2012 — TechTarget, Inc. (NASDAQ: TTGT) today announced financial results for the three months and year ended December 31, 2011.

“Despite the challenging economic environment and a continuation of tight budgets, 2011 was a very successful year for TechTarget”, said Greg Strakosch, CEO of TechTarget. “We grew overall revenue by 11% and Adjusted EBITDA by 28% and we improved Adjusted EBITDA Margin from 21% in 2010 to 24% in 2011. In addition, we made significant progress on our two focus areas of investment; our Activity Intelligence™ Product Platform and our International roll-out.”

Total Q4 2011 revenues increased 8% to $28.9 million compared to Q4 2010. Q4 2011 online revenue increased by 7% to $26.0 million compared to Q4 2010. Online revenues represented 90% of total Q4 2011 revenues. Q4 2011 events revenue increased by 11% to $2.9 million compared to Q4 2010 and represented 10% of total Q4 2011 revenues. Total 2011 revenues increased 11% to $105.5 million compared to 2010. Total 2011 online revenue increased by 12% to $92.3 million compared to 2010. Online revenues represented 87% of total 2011 revenues. Total 2011 events revenue increased by 4% to $13.2 million compared to 2010 and represented 13% of total 2011 revenues.

Adjusted EBITDA (earnings before interest, other income and expense, income taxes, depreciation, and amortization, as further adjusted to eliminate stock-based compensation) for Q4 2011 increased 19% to $8.5 million compared to $7.1 million for Q4 2010. Adjusted EBITDA for full year 2011 increased 28% to $25.3 million compared to $19.8 million for the full year 2010.

Total gross profit margin remained flat for both Q4 2011 and full year 2011 at 77% and 74%, respectively. Online gross profit margin increased for both Q4 2011 and full year 2011 to 79% and 76%, respectively, compared to 78% and 75% for Q4 2010 and full year 2010, respectively.

Net income was $2.0 million for Q4 2011 compared to $1.3 million in Q4 2010. Adjusted net income (net income adjusted to eliminate amortization, stock-based compensation expense and the related income tax impact of these charges) for Q4 2011 was $4.6 million compared to $3.2 million for Q4 2010. Net income per basic share for Q4 2011 was $0.05 compared to $0.03 for Q4 2010. Adjusted net income per share (adjusted net income divided by adjusted weighted average diluted shares outstanding) for Q4 2011 was $0.11 compared to $0.07 for Q4 2010. Net income was $4.7 million for full year 2011 compared to a loss of $1.2 million for the full year 2010. Adjusted net income for the full year 2011 was $13.0 million compared to $8.5 million for the full year 2010. Net income per basic share for Q4 2011 was $0.12 compared to a net loss per basic share of $0.03 for the full year 2010. Adjusted net income per diluted share for the full year 2011 was $0.32 compared to $0.19 for the full year 2010.

The Company’s balance sheet and financial position remain strong. As of December 31, 2011, the Company’s cash, cash equivalents and investments totaled $63.2 million, working capital is $70.7 million, and the Company has no outstanding bank debt.

The Company also announced today that Jeff Wakely, Chief Financial Officer, is resigning effective March 15, to pursue an opportunity at a private company. He will stay on during a transition period to complete the filing of the Company’s Annual Report on Form 10-K. Janice Kelliher, the Company’s current Vice President of Finance, will then serve as interim Chief Financial Officer.


Recent Company Highlights

 

   

Released Nurture & Notify™ as a new service of the Activity Intelligence™ platform, a service that helps both technology marketers and their sales teams to identify highly active prospects, detect emerging projects, retarget interested buying teams, and accelerate engagement with specific accounts. The Nurture & Notify service will be available as of March 1st. Additional charges for the service will be based on a sliding scale ranging between 15 and 25 percent over the cost of the original program.

 

   

Announced the formation of a subsidiary and establishment of direct business operations in Sydney, Australia. The Company owns and operates three websites in Australia: SearchCIO.com.au™, SearchStorage.com.au™ and SearchSecurity.com.au™ and has 236,000 Australia-New Zealand members across its network of sites focused on enterprise IT including data centers, business intelligence, networking and enterprise applications.

 

   

Launched SearchSolidStateStorage.com™, a website designed to assist information technology professionals with technical research on solid state storage products including flash technologies.

 

   

Launched SearchConsumerization.com™ and ConsumerizeIT.com™, two websites designed to help IT professionals embrace the megatrend of “the consumerization of IT”. These new sites build on the TechTarget’s existing portfolio of security, mobile and desktop virtualization media, including SearchSecurity.com™, SearchMobileComputing.com™, and SearchDesktopVirtualization.com™.

 

   

Launched SearchCloudProvider.com™, a site dedicated to helping cloud service providers such as Amazon and Rackspace, telecommunications companies such as AT&T and Verizon, managed service providers (MSPs) and information technology (IT) resellers develop, deliver and optimize cloud service product offerings. This site complements the existing properties in the TechTarget cloud and virtualization portfolio which include: SearchCloudComputing.com™, SearchServerVirtualization.com™, SearchCloudSecurity.com™, SearchCloudStorage.com™, SearchVirtualDesktop.com™, SearchVirtualStorage.com™, BrianMadden.com™, and the BriForum® conference.

2012 and Q1 2012 Financial Guidance

In the first quarter of 2012, the Company expects total revenues to be within the range of $23.5 million to $24.5 million; online revenues within the range of $22.0 million to $22.8 million; events revenues within the range of $1.5 million to $1.7 million and adjusted EBITDA to be within the range of $3.3 million to $3.9 million.

For the full year 2012, the Company expects online revenue to grow in the low double digits and event revenues to be roughly flat compared to 2011. The Company expects adjusted EBITDA to grow more than 20% compared to 2011 and expects adjusted EBITDA margin for 2012 to be approximately 27%.

Conference Call and Webcast

TechTarget will discuss these financial results in a conference call at 5:00 p.m. Eastern Time (ET) today (February 15, 2012). Supplemental financial information and our Chief Executive Officer’s Letter to Shareholders will be posted to the Investor Information section of our website simultaneously with this press release.


NOTE: Our Chief Executive Officer’s Letter to Shareholders will not be read on the conference call. The conference call will include only brief remarks followed by questions and answers.

The public is invited to listen to a live webcast of TechTarget’s conference call, which can be accessed on the Investor Information section of our website at http://investor.techtarget.com/. The conference call can also be heard via telephone by dialing 888-680-0869 (US callers) or 617-213-4854 (International callers) ten minutes prior to the call and referencing participant pass code 68238840 for both domestic and international callers. Participants may pre-register for the call at: https://www.theconferencingservice.com/prereg/key.process?key=PB6JHEXMY. Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference by bypassing the operator upon connection. (Due to the length of the above URL, it may be necessary to copy and paste it into your Internet browser’s URL address field. You may also need to remove an extra space in the URL if one exists.)

For those investors unable to participate in the live conference call, a replay of the conference call will be available via telephone beginning February 15, 2012 at 7:00 p.m. ET through March 15, 2012 at 11:59 p.m. ET. To listen to the replay, dial 888-286-8010 and use the pass code 30056149. International callers should dial 617-801-6888 and also use the pass code 30056149 to listen to the replay. The webcast replay will also be available for replay on http://investor.techtarget.com/ during the same period.

Non-GAAP Financial Measures

This release and the accompanying tables include a discussion of adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per share, all of which are non-GAAP financial measures which are provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The term “adjusted EBITDA” refers to a financial measure that we define as earnings before net interest, other income and expense, income taxes, depreciation and amortization, as further adjusted to exclude stock-based compensation and restructuring charges. The term “adjusted EBITDA margin” refers to a financial measure which we define as adjusted EBITDA as a percentage of total revenues. The term “adjusted net income” refers to a financial measure which we define as net income adjusted for amortization, stock-based compensation and restructuring charges, as further adjusted for the related income tax impact of the adjustments. The term “adjusted net income per share” refers to a financial measure which we define as adjusted net income divided by adjusted weighted average diluted shares outstanding. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. In addition, our definition of adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per share may not be comparable to the definitions as reported by other companies. We believe adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per share are relevant and useful information because it provides us and investors with additional measurements to compare the Company’s operating performance. These measures are part of our internal management reporting and planning process and are primary measures used by our management to evaluate the operating performance of our business, as well as potential acquisitions. The components of adjusted EBITDA include the key revenue and expense items for which our operating managers are responsible and upon which we evaluate their performance. In the case of senior management, adjusted EBITDA is used as one of the principal financial metrics in their annual incentive compensation program. Adjusted EBITDA is also used for planning purposes and in presentations to our board of directors. Adjusted net income is useful to us and investors because it presents an additional measurement of our financial performance, taking into account depreciation, which we believe is an ongoing cost of doing business, but excluding the impact of certain non-cash expenses and items not directly tied to the core operations of our business. Furthermore, we intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. A reconciliation of these non-GAAP measures to GAAP is provided in the accompanying tables.


Forward-Looking Statements

Certain matters included in this press release may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team. All statements contained in this press release, other than statements of historical fact, are forward-looking statements, including those regarding: guidance on our future financial results and other projections or measures of our future performance; our expectations concerning market opportunities and our ability to capitalize on them; and the amount and timing of the benefits expected from acquisitions, from new products or services and from other potential sources of additional revenue. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. These statements speak only as of the date of this press release and are based on our current plans and expectations, and they involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those relating to: the fact that we have not yet completed our audit for the fiscal year ended December 31, 2011, and our anticipated financial results could change as a result of the audit process; market acceptance of our products and services; relationships with customers, strategic partners and our employees; difficulties in integrating acquired businesses; and changes in economic or regulatory conditions or other trends affecting the Internet, Internet advertising and information technology industries. These and other important risk factors are discussed or referenced in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, under the heading “Risk Factors” and elsewhere, and any subsequent periodic or current reports filed by us with the SEC. Except as required by applicable law or regulation, we do not undertake any obligation to update our forward-looking statements to reflect future events or circumstances.

About TechTarget

TechTarget (NASDAQ: TTGT) is the online intersection of serious technology buyers, targeted technical content and technology providers worldwide. Our media, powered by TechTarget’s proprietary Activity Intelligence™ platform, redefines how technology professionals are viewed and influenced by marketers according to the buyer’s active projects, specific technical priorities and business needs. With more than 100 technology specific websites, we deliver technology marketers unmatched reach via custom advertising, branding and lead generation solutions all built on our extensive network of online and social media.

TechTarget has offices in Atlanta, Beijing, Boston, London, Mumbai, San Francisco and Sydney.

To learn how you can engage with serious technology buyers worldwide, visit techtarget.com and follow us @TechTarget.

(C) 2012 TechTarget, Inc. All rights reserved. TechTarget, the TechTarget logo and BriForum are registered trademarks of TechTarget. Activity Intelligence, Nurture and Notify, SearchCIO.com.au, SearchStorage.com.au, SearchSecurity.com.au, SearchSolidStateStorage.co,, SearchConsumerization.com, ConsumerizeIT.com, SearchSecurity.com, SearchMobileComputing.com, SearchDesktopVirtualization.com, SearchCloudProvider.com, SearchCloudComputing.com, SearchServerVirtualization.com, SearchCloudSecurity.com, SearchCloudStorage.com, SearchVirtualDesktop.com, SearchVirtualStorage.com, BrianMadden.com and TechTarget Social Engage are trademarks of TechTarget. All other trademarks are the property of their respective owners.

 

Contacts:            

Investor Inquiries

   Media Inquiries         

Jeff Wakely

   Marilou Barsam         

TechTarget

   TechTarget         

617-431-9458

   617-431-9368         

jwakely@techtarget.com

   mbarsam@techtarget.com         


TECHTARGET, INC.

Consolidated Statements of Operations

(in $000’s, except per share amounts)

 

September 30, September 30, September 30, September 30,
       Three Months Ended
December 31,
     Twelve Months Ended
December 31,
 
       2011        2010      2011        2010  
       (Unaudited)  

Revenues:

                 

Online

     $ 26,009         $ 24,265       $ 92,303         $ 82,330   

Events

       2,929           2,627         13,195           12,679   
    

 

 

      

 

 

    

 

 

      

 

 

 

Total revenues

       28,938           26,892         105,498           95,009   

Cost of revenues:

                 

Online(1)

       5,500           5,359         22,373           20,402   

Events(1)

       1,158           854         4,765           4,313   
    

 

 

      

 

 

    

 

 

      

 

 

 

Total cost of revenues

       6,658           6,213         27,138           24,715   
    

 

 

      

 

 

    

 

 

      

 

 

 

Gross profit

       22,280           20,679         78,360           70,294   

Operating expenses:

                 

Selling and marketing(1)

       10,589           9,476         39,586           37,291   

Product development(1)

       1,998           2,038         7,688           8,661   

General and administrative(1)

       3,319           3,859         13,680           15,530   

Restructuring charge

       —             —           384           —     

Depreciation

       758           630         2,759           2,389   

Amortization of intangible assets

       946           1,122         3,976           4,523   
    

 

 

      

 

 

    

 

 

      

 

 

 

Total operating expenses

       17,610           17,125         68,073           68,394   

Operating income

       4,670           3,554         10,287           1,900   

Interest income, net

       25           52         57           322   

Other expense, net

       —             (146 )      —             (146 )
    

 

 

      

 

 

    

 

 

      

 

 

 

Income before provision for income taxes

       4,695           3,460         10,344           2,076   

Provision for income taxes

       2,713           2,136         5,655           3,258   
    

 

 

      

 

 

    

 

 

      

 

 

 

Net income (loss)

     $ 1,982         $ 1,324       $ 4,689         $ (1,182
    

 

 

      

 

 

    

 

 

      

 

 

 

Net income (loss) per common share:

                 

Basic

     $ 0.05         $ 0.03       $ 0.12         $ (0.03
    

 

 

      

 

 

    

 

 

      

 

 

 

Net income (loss) per common share:

                 

Diluted

     $ 0.05         $ 0.03       $ 0.12         $ (0.03
    

 

 

      

 

 

    

 

 

      

 

 

 

Weighted average common shares outstanding:

                 

Basic

       39,344           42,450         38,532           42,771   
    

 

 

      

 

 

    

 

 

      

 

 

 

Weighted average common shares outstanding:

                 

Diluted

       40,536           44,935         40,210           42,771   
    

 

 

      

 

 

    

 

 

      

 

 

 

(1) Amounts include stock-based compensation expense as follows:

                 

Cost of online revenues

     $ 76         $ 37       $ 273         $ 173   

Cost of events revenues

       27           18         91           87   

Selling and marketing

       1,324           1,208         4,713           6,380   

Product development

       126           100         443           520   

General and administrative

       262           472         1,949           3,841   


TECHTARGET, INC.

Reconciliation of Net Income (Loss) to Adjusted EBITDA

(in $000’s)

 

September 30, September 30, September 30, September 30,
       For the Three Months Ended
December  31,
     For the Twelve Months  Ended
December 31,
 
       2011      2010      2011      2010  
       (Unaudited)  

Net income (loss)

     $ 1,982       $ 1,324       $ 4,689       $ (1,182
    

 

 

    

 

 

    

 

 

    

 

 

 

Interest income, net

       (25 )      (52 )      (57 )      (322 )

Other expense, net

       —           146         —           146   

Provision for income taxes

       2,713         2,136         5,655         3,258   

Restructuring charge

       —           —           384         —     

Amortization of purchase price adjustment

       323         —           398         —     

Depreciation

       758         630         2,759         2,389   

Amortization of intangible assets

       946         1,122         3,976         4,523   
    

 

 

    

 

 

    

 

 

    

 

 

 

EBITDA

       6,697         5,306         17,803         8,812   
    

 

 

    

 

 

    

 

 

    

 

 

 

Stock-based compensation expense

       1,815         1,835         7,469         11,001   
    

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted EBITDA

     $ 8,512       $ 7,141       $ 25,273       $ 19,813   
    

 

 

    

 

 

    

 

 

    

 

 

 


TECHTARGET, INC.

Reconciliation of Net Income (Loss) to Adjusted Net Income and Net Income (Loss) per Diluted Share to

Adjusted Net Income per Share

(in $000’s, except per share amounts)

 

September 30, September 30, September 30, September 30,
       For the Three Months Ended
December  31,
     For the Twelve Months  Ended
December 31,
 
       2011      2010      2011      2010  
       (Unaudited)  

Net income (loss)

     $ 1,982       $ 1,324       $ 4,689       $ (1,182
    

 

 

    

 

 

    

 

 

    

 

 

 

Amortization of intangible assets

       946         1,122         3,976         4,523   

Restructuring charge

       —           —           384         —     

Stock-based compensation expense

       1,815         1,835         7,469         11,001   

Amortization of purchase price adjustment

       323         —           398         —     
    

 

 

    

 

 

    

 

 

    

 

 

 

Impact of income taxes

       (490      (1,034      (4,003      (5,806
    

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted net income

     $ 4,576       $ 3,247       $ 12,913       $ 8,536   
    

 

 

    

 

 

    

 

 

    

 

 

 

Net income (loss) per diluted share

     $ 0.05       $ 0.03       $ 0.12       $ (0.03

Weighted average diluted shares outstanding

       40,536         44,935         40,210         42,771   
    

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted net income per share

     $ 0.11       $ 0.07       $ 0.32       $ 0.19   

Adjusted weighted average diluted shares outstanding

       40,536         44,935         40,210         45,005   
    

 

 

    

 

 

    

 

 

    

 

 

 

Options, warrants and restricted stock, treasury method included in adjusted weighted average diluted shares above

       —           —           —           2,234   
    

 

 

    

 

 

    

 

 

    

 

 

 

Weighted average diluted shares outstanding

       40,536         44,935         40,210         42,771   
    

 

 

    

 

 

    

 

 

    

 

 

 


TECHTARGET, INC.

Financial Guidance for the Three Months Ended March 31, 2012

(in $000’s)

 

September 30, September 30,
       For the Three Months
Ended March 31, 2012
 
       Range  

Revenues

     $ 23,500         $ 24,500   
    

 

 

      

 

 

 

Adjusted EBITDA

     $ 3,300         $ 3,900   
    

 

 

      

 

 

 

Depreciation, amortization and stock-based compensation

     $ 3,262         $ 3,262   

Interest and other income, net

     $ 20         $ 20   

Provision for income taxes

     $ 30         $ 306   
    

 

 

      

 

 

 

Net income

     $ 28         $ 352   
    

 

 

      

 

 

 
EX-99.2 3 d300982dex992.htm LETTER TO STOCKHOLDERS Letter to Stockholders

Exhibit 99.2

February 15, 2012

Dear Fellow Shareholders,

We continue to be excited about our competitive position and opportunities in the market. We believe that our targeted content, active audiences and innovative capabilities result in success for our customers, which translates into increased market share and growth for TechTarget.

2011 and Q4 Results

Despite the challenging economic environment and a continuation of tight budgets, 2011 was a very successful year for TechTarget. We grew overall revenues 11% over 2010 to $105.5 million. Online revenues were up 12% over 2010 to $92.3 million. Event revenues were up 4% over 2010 to $13.2 million. The inherent operating leverage in our business model as our revenues grow, and a watchful eye on expenses, produced Adjusted EBITDA growth of 28% over 2010 to $25.3 million. A metric that we watch closely is Adjusted EBITDA margin, which was 24% in 2011 compared to 21% in 2010.

In the fourth quarter, we saw medium-sized and smaller technology companies pull back from their past level of commitments, which resulted in what we believe is a temporary deceleration. Overall revenue in Q4 was up 8% over Q4 2010 to $28.9 million. Online revenue for Q4 grew 7% over Q4 2010 to $26.0 million and event revenue grew 11% over Q4 2010 to $2.9 million. Adjusted EBITDA grew 19% over Q4 2010 to $8.5 million. Adjusted EBITDA margin was 29% in the fourth quarter.

Balance Sheet Highlights

Our balance sheet remains strong, with $63.2 million in cash and investments as of December 31, 2011, up from $56.3 million at the end of Q3 2011. We continue to have no outstanding bank debt.

Activity Intelligence Update

We continue to get excellent feedback from our customers about our Activity Intelligence™ platform. The Activity Intelligence dashboard gives marketers and sales representatives an industry-changing view of their prospects with Enhanced Contact Profiles™ and Account IntelligenceTM activity details, including insights on the research activities of technology buying teams across entire companies. By having access to this engagement data, it enables our customers to prioritize their leads and have more informed follow-up conversations, resulting in better productivity and higher ROI. We announced the Activity Intelligence Dashboard in August and rolled it out in September.


Since then, over 100 customers have integrated the Activity Intelligence Dashboard with their internal CRM system, including 7 of our top 10 customers. We are currently averaging over 10 new installations a week.

In January, we introduced a new addition to Activity Intelligence called Nurture and Notify™. This service helps both technology marketers and their sales teams to identify highly active prospects, detect emerging projects, re-target interested buying teams, and accelerate engagement with specific accounts. With Nurture & Notify, once a TechTarget client logs into the Activity Intelligence Dashboard, they will receive detailed email notifications that follow a lead from a campaign as well as other prospects from the same account. A unique feature of the Nurture & Notify service, Your Watchlist™, provides marketers and sales organizations with ongoing views of their leads’ activity, continually updating marketers and sales teams of their leads’ content interests and evolving activities. Additionally, when a lead’s activity shows a notable spike, sales teams are proactively alerted to engage with that lead.

The Nurture & Notify service will be available as of March 1st. Additional charges for this service will be based on a sliding scale ranging between 15 and 25 percent over the cost of the original program.

International Update

In 2009, we began in earnest to migrate our international business from a partnership model to a direct model. We have been able to successfully leverage our assets in the US for our international efforts, including by re-using and translating existing content, and capitalizing on the significant amount of traffic from outside the US on our US websites; also, we inherently benefit based on the fact that the IT industry is so US-centric. Additionally, we have been able to leverage our strong relationships with marketers in the US to win budgets that they have allocated towards their international marketing objectives.

To provide some perspective on our annual International growth rate: in 2009 and 2010, geo-targeted revenue represented approximately 5% and 8%, respectively, of our overall revenue. In 2011, geo-targeted revenue represented approximately 14% of revenue. Going forward, we expect geo-targeted revenues to represent approximately 18% of revenue in 2012, and believe that geo-targeted revenue will represent at least 25% of revenue by 2014, and long term may represent 35% to 40% of overall revenues.

 


Customer Segment Update

In Q4, revenue from the top 12 Global IT vendors grew over Q4 2010 in the mid-teens. Although we haven’t seen these customers increase their marketing budgets, they have been consistent spenders, even in the face of our economic uncertainty. We continue to benefit as these customers are consistently allocating more of their budgets to online campaigns and more of their online budgets to TechTarget. Our mid-sized customers (our next 100 largest advertisers) and our smaller customers have historically adjusted their spending based on the current macro-economic conditions, and we saw that in Q4. In Q4, both of these customer segments only grew over Q4 2010 in the single digits. In regards to 2012 marketing budgets, we primarily hear from our customers that they expect their budgets to be flat compared to 2011.

Branding Update

Historically, the largest IT vendors tend to spend most of their online advertising dollars on branding campaigns. Based on increased traction from our enhanced branding products, our revenue from that sector grew by a healthy amount in Q4. Overall branding revenue was up 12% in Q4 over Q4 2010. Most of our recent focus has been on a series of new branding offerings, which we refer to collectively as our “TechTarget Engage” portfolio. The objective here is to work with our customers on high-touch, highly-contextually, aligned campaigns in which the success metrics are based around the level of audience interaction with the content of the ads. Revenue from these products was up over 90% in the quarter over Q4 2010. We are excited because we are starting to see concrete evidence that we are now being considered for large branding campaigns, for which we used to be unable to compete.

Organic Traffic Update

Now that the dust has settled from Google’s Panda update, we have seen healthy growth in overall visits, and especially visits from organic search. Both overall visits and visits from organic search were at record highs in Q4. Our experience has been that changes to the Google algorithm, over the long run, benefit web sites that produce high quality, in-depth content, such as ours.

Ziff Davis Enterprise Acquisition by QuinStreet

Many of our competitors are private, and the ones that are public participate in multiple markets and don’t break out their IT-specific revenues. That makes it challenging to compare our results to our competitors. However, some light was recently shed when QuinStreet acquired Ziff Davis Enterprise, which has historically been one of our three main competitors along with International Data Group and United Business Media. According to a filing made by QuinStreet, they bought the Ziff Davis Enterprise assets for $17.5 million. According to press reports, Insight Ventures paid between $150 and $160 million for Ziff Davis Enterprise in 2007. Additionally, according to press reports, QuinStreet is terminating approximately 100 of Ziff Davis Enterprise’s 120 employees.

 


New CFO Search

Jeff Wakely is resigning effective March 15, to pursue an opportunity at a private company. He will stay on during a transition period to complete the filing of the Company’s Annual Report on Form 10-K. Janice Kelliher, the Company’s current Vice President of Finance, will then serve as interim Chief Financial Officer

2012 Outlook and Q1 Guidance

We are operating under the assumption that the macro-economic environment in 2012 will remain similar to what we are seeing now. Based on this assumption for 2012, we expect online revenues to grow in the low double digits. We expect event revenues to be roughly flat. We expect Adjusted EBITDA to grow more than 20%. We expect our Adjusted EBITDA Margin to be approximately 27%.

For Q1 2012, we expect overall revenues to be between $23.5 million and $24.5 million. We expect online revenue to be between $22.0 million and $22.8 million. We expect event revenues to be between $1.5 million and $1.7 million. We expect Adjusted EBITDA to be between $3.3 million and $3.9 million.

Summary

We remain very confident about our competitive position and believe that we are well-positioned to continue to grow market share in 2012. We are especially excited about the progress that we are making with our Activity Intelligence platform, our international roll-out and our TechTarget Engage portfolio of branding products. We are very pleased with our strong balance sheet, healthy profitability, solid cash flow and expanding margins.

Sincerely,

Greg Strakosch

Chairman, CEO and Co-Founder

Note: Please see our Press Release issued today for further information, including more detailed financial results, and our statement regarding Forward Looking Statements.

Non-GAAP Financial Measures

This Letter includes a discussion of adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per share, all of which are non-GAAP financial measures which are provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The term “adjusted EBITDA” refers to a financial measure that we define as earnings before net interest, other income and expense, income taxes, depreciation and amortization, as further


adjusted to exclude stock-based compensation and restructuring charges. The term “adjusted EBITDA margin” refers to a financial measure which we define as adjusted EBITDA as a percentage of total revenues. The term “adjusted net income” refers to a financial measure which we define as net income adjusted for amortization, stock-based compensation and restructuring charges, as further adjusted for the related income tax impact of the adjustments. The term “adjusted net income per share” refers to a financial measure which we define as adjusted net income divided by adjusted weighted average diluted shares outstanding. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. In addition, our definition of adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per share may not be comparable to the definitions as reported by other companies. We believe adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per share are relevant and useful information because it provides us and investors with additional measurements to compare the Company’s operating performance. These measures are part of our internal management reporting and planning process and are primary measures used by our management to evaluate the operating performance of our business, as well as potential acquisitions. The components of adjusted EBITDA include the key revenue and expense items for which our operating managers are responsible and upon which we evaluate their performance. In the case of senior management, adjusted EBITDA is used as one of the principal financial metrics in their annual incentive compensation program. Adjusted EBITDA is also used for planning purposes and in presentations to our board of directors. Adjusted net income is useful to us and investors because it presents an additional measurement of our financial performance, taking into account depreciation, which we believe is an ongoing cost of doing business, but excluding the impact of certain non-cash expenses and items not directly tied to the core operations of our business. Furthermore, we intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. A reconciliation of these non-GAAP measures to GAAP is provided in the accompanying press release.

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