Informa TechTarget Reports 2024 Full Year Financial Results

TechTarget, Inc. (NASDAQ:TTGT), ("Informa TechTarget" or the "Company"), a leading growth accelerator for the B2B Technology sector, published full year results for 2024, delivering reported Revenue of $285m and Combined Company Revenue of $490m⁽¹⁾.

Gary Nugent, Chief Executive, Informa TechTarget, said:

"Informa TechTarget delivered a robust performance in 2024. In 2025, the focus is on laying the foundations in Brands, Products, Go-To-Market and Talent, while over-delivering on cost synergies."

He added: "Our business sits at the intersection of Technology and B2B Marketing, a $20bn addressable market. Through combination, we are creating the scale, talent and operating platform to further nurture and build specialist audiences and deliver increasing value for customers."

2024 Full Year Results

Reported results for 2024 reflect the structure of the combination, comprising 12 months contribution from the Informa Tech digital businesses and around one month's contribution from the legacy TechTarget business, being the period from completion of the transaction (December 2, 2024) through to year-end.

On this basis, reported revenues were $285m, with a GAAP net loss of $117m, the latter reflecting the small contribution period of TechTarget, acquisition and integration costs, and non-cash impairments at the point of combination. Adjusted EBITDA was $31m.

On a Combined Company basis, assuming the combination was in effect from January 1, 2024, Informa TechTarget delivered full year revenues of $490m⁽¹⁾, in line with previous guidance. This equates to broadly flat underlying performance for the year, reflecting the subdued market backdrop, with activity levels impacted by geo-political tensions and macro-economic uncertainty.

The Combined Company net loss was $166m⁽¹⁾ and Combined Company Adjusted EBITDA was $82m. The latter included certain non-recurring operating costs relating to the combination, including an allocation of the Informa Group's central costs to the Informa Tech digital businesses in 2024, a portion of which are included in transitional services agreements entered into on the Closing Date.

Financial Summary

The Company has also filed the full set of 2024 financial statements and the Annual Report on Form 10-K on May 28, 2025 which is available at www.informatechtarget.com.

Balance Sheet and Liquidity

The Company has a strong balance sheet and liquidity position. As previously disclosed, at December 31, 2024, the Company held approximately $354m in cash, cash equivalents, and short-term investments. The Company also had approximately $416m of outstanding Convertible Senior Notes. In line with the terms of the notes, an offer was made to repurchase all of the 2025 and 2026 Convertible Senior Notes for cash, with all but $7,000 aggregate principal amount of the 2026 notes tendered for repurchase by note holders during the first quarter of 2025.

The repurchase did not have a material impact on net debt after completion of the repurchase in 2025 but removes convertible debt from the balance sheet, reducing potential dilution and simplifying capital structure. The Company utilized $135m of its $250m revolving credit facility with Informa Group Holdings Limited.

Outlook

In 2025, which we consider to be The Foundation Year for Informa TechTarget, the focus is on combining our strengths across Brands, Product, Go-To-Market and Talent to position the business for long-term growth. We are operating the business in a subdued environment, which has not been helped by recent financial market volatility. Our guidance remains in line with previous commentary, with a target for broadly flat like-for-like revenue growth in 2025. We are targeting an increase in Adjusted EBITDA in the year, supported by the over-delivery of combination synergies and non-recurrence of one-off combination costs that were included within the 2024 results.

The market backdrop has remained uncertain in the first half of the year, and we anticipate a low to mid-single digit year-on-year decline in revenues across the first half period, with sequential improvement from Q1 to Q2. The Company moved quickly in January and February to accelerate combination activity, which caused some short-term disruption but has ensured we entered Q2 with clarity on reporting lines and leadership, product strategy and road map focused on delivering for customers.

We are targeting the growth trajectory to further improve through the second half of the year, as our expanded customer and go-to-market strategy gains momentum, delivering broadly consistent year-on-year revenue performance.

Following the filing of our Annual Report on Form 10-K for fiscal 2024, we will report Q1 2025 results on or before June 30, 2025. Based on the work performed to date, we anticipate a non-cash impairment of goodwill in the first quarter of 2025 as a result of the decline in the Company's stock price and the reduction in its market capitalization relative to current book values.

Beyond near-term market dynamics and The Foundation Year, we remain confident in the medium-term growth opportunities for Informa TechTarget, underpinned by innovation and growth in enterprise technology and the increasing demand for more efficient, data-driven B2B digital services.

Combination Program: 2025 - The Foundation Year

The Combination Program to successfully integrate the legacy companies is well underway, with all Executive and Senior Leadership appointments completed, and reporting lines and responsibilities confirmed. The restructuring of our sales organization has been accelerated, including a unified go-to-market strategy that prioritizes large customer accounts through dedicated service teams.

Product strategy work is advancing well, including a repositioning of NetLine to the volume end of the market and re-shaping the Intelligence & Advisory portfolio to better meet evolving customer demand.

In 2025, we are tracking well ahead of the Year 1 operating cost synergy target of $5m, with a high degree of confidence in our expectation to meet or beat the $45m overall run rate synergies targeted by Year 3 ($25m cost synergies and $20m profit benefit from revenue synergies).

Our focus on combination and over-delivering on operating synergies gives us confidence in growing adjusted EBITDA in 2025, even with the relatively flat backdrop for revenues.

Conference Call and Webcast

The Company will discuss these financial results in a conference call on Wednesday, June 4, 2025 at 8:30 a.m. (Eastern Time) which will include brief remarks by management followed by questions and answers.

Conference Call Dial-In Information:

• United States (Toll Free): 1-833-470-1428
• United States: 1-404-975-4839
• United Kingdom (Toll Free): +44 808 189 6484
• United Kingdom: +44 20 8068 2558
• Global Dial-in Numbers
• Access code: 566058
• Please access the call at least 10 minutes prior to the time the conference is set to begin.
• Please ask to be joined into the Informa TechTarget call.

Conference Call Webcast Information:

This webcast can be accessed via Informa TechTarget's website at: https://investor.informatechtarget.com/

Conference Call Replay Information:

A replay of the conference call will be available via telephone beginning one (1) hour after the conference call through July 4, 2025 at 11:59 p.m. EDT. To hear the replay:

• United States (Toll Free): 1-866-813-9403
• United States: 1-929-458-6194
• Access Code: 693898

About Informa TechTarget

TechTarget, Inc. (NASDAQ:TTGT), which also refers to itself as Informa TechTarget, informs, influences and connects the world's technology buyers and sellers, helping accelerate growth from R&D to ROI.

With a vast reach of over 220 highly targeted technology-specific websites and over 50 million permissioned first-party audience members, Informa TechTarget has a unique understanding of and insight into the technology market.

Underpinned by those audiences and their data, we offer expert-led, data-driven, and digitally enabled services that have the potential to deliver significant impact and measurable outcomes to our clients:

• Trusted information that shapes the industry and informs investment
• Intelligence and advice that guides and influences strategy
• Advertising that grows reputation and establishes thought leadership
• Custom content that engages and prompts action
• Intent and demand generation that more precisely targets and converts

Informa TechTarget is headquartered in Boston, MA and has offices in 19 global locations. For more information, visit informatechtarget.com and follow us on LinkedIn.

© 2025 TechTarget, Inc. All rights reserved. All trademarks are the property of their respective owners.

Non-GAAP Financial Measures

This release and the accompanying tables include a discussion of Adjusted EBITDA, Adjusted EBITDA Margin, Combined Company Adjusted EBITDA and Combined Company Adjusted EBITDA Margin, all of which are non-GAAP financial measures which are provided as a complement to results provided in accordance with GAAP.

"Adjusted EBITDA" means earnings before net interest, income taxes, depreciation and amortization, as further adjusted to exclude stock-based compensation, other income and expenses such as asset impairment and impairment related to goodwill, and costs related to mergers, acquisitions or reduction in forces expenses, if any.

"Adjusted EBITDA Margin" means Adjusted EBITDA divided by Revenue.

"Combined Company Adjusted EBITDA" means earnings before net interest, income taxes, depreciation and amortization, as further adjusted to exclude stock-based compensation, other income and expenses such as asset impairment and impairment related to goodwill, and costs related to mergers, acquisitions or reduction in forces expenses, if any. See Footnote 5 of the Company's Form 10-K for December 31, 2024 for the unaudited pro forma revenue and net loss. The items included in the calculation assume the acquisition of Former TechTarget had occurred on January 1, 2023.

"Combined Company Adjusted EBITDA Margin" means Combined Company Adjusted EBITDA divided by Combined Company Revenue.

"Combined Company Revenue" means revenue calculated as if the acquisition of Former TechTarget occurred on January 1, 2023. See Footnote of the Company's Form 10-K for December 31, 2024.

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 definitions of Adjusted EBITDA, Adjusted EBITDA margin, Combined Company Adjusted EBITDA and Combined Company Adjusted EBITDA Margin, may not be comparable to the definitions as reported by other companies. We believe that these measures provide relevant and useful information to enable us and investors to compare our operating performance using an additional measurement. We use these measures in our internal management reporting and planning process as primary measures to evaluate the operating performance of our business, as well as potential acquisitions.

The components of Adjusted EBITDA and Combined Company Adjusted EBITDA include the key revenue and expense items for which our operating managers are responsible and upon which we evaluate their performance. Adjusted EBITDA is also used in presentations to our Board of Directors. 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, except that full reconciliations of certain forward-looking non-GAAP measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of certain significant items. These items include, but not limited to, acquisition and integration costs, amortization of intangible assets, restructuring and other expenses, asset impairment, and the income tax effect of these items. These items are uncertain, depend on various factors, including, but not limited to, our recent acquisition of Former TechTarget and could have a material impact on GAAP reported results for the relevant period.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements". All statements, other than historical facts, are forward-looking statements, including: statements regarding the expected benefits of the transactions consummated on December 2, 2024 (the "Closing Date") pursuant to the Agreement and Plan of Merger, dated as of January 10, 2024, among TechTarget Holdings Inc. (formerly known as TechTarget, Inc. ("Former TechTarget")), Informa TechTarget, Toro Acquisition Sub, LLC, Informa PLC, Informa US Holdings Limited, and Informa Intrepid Holdings Inc. (the "Transactions"), such as improved operations, enhanced revenues and cash flow, synergies, growth potential, market profile, business plans, expanded portfolio and financial strength; the competitive ability and position of Informa TechTarget; legal, economic, and regulatory conditions; and any assumptions underlying any of the foregoing. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "plan," "could," "would," "project," "predict," "continue," "target," or the negatives of these words or other similar terms or expressions that concern Informa TechTarget's expectations, strategy, priorities, plans, or intentions. Forward-looking statements are based upon current plans, estimates, and expectations that are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. We can give no assurance that such plans, estimates, or expectations will be achieved, and therefore, actual results may differ materially from any plans, estimates, or expectations in such forward-looking statements.

Important factors that could cause actual results to differ materially from such plans, estimates, or expectations include, among others: unexpected costs, charges, or expenses resulting from the Transactions; uncertainty regarding the expected financial performance of Informa TechTarget; failure to realize the anticipated benefits of the Transactions, including as a result of integrating the Informa Tech Digital Businesses with the business of Former TechTarget; the ability of Informa TechTarget to implement its business strategy; difficulties and delays in Informa TechTarget achieving revenue and cost synergies; evolving legal, regulatory, and tax regimes; changes in economic, financial, political, and regulatory conditions, in the United States and elsewhere, and other factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, pandemics, geopolitical uncertainty, and conditions that may result from legislative, regulatory, trade, and policy changes associated with the current or subsequent U.S. administrations; Informa TechTarget's ability to meet expectations regarding the accounting and tax treatments of the Transactions; market acceptance of Informa TechTarget's products and services; the impact of pandemics and future health epidemics and any related economic downturns on Informa TechTarget and the markets in which it and its customers operate; changes in economic or regulatory conditions or other trends affecting the internet, internet advertising and IT industries; data privacy and artificial intelligence laws, rules, and regulations; the impact of foreign currency exchange rates; certain macroeconomic factors facing the global economy, including instability in the regional banking sector, disruptions in the capital markets, economic sanctions and economic slowdowns or recessions, rising inflation and interest rate fluctuations on the operating results of Informa TechTarget; and other matters included in Risk Factors of Informa TechTarget's Form 10-K for fiscal year 2024 (filed with the United States Securities and Exchange Commission (the "SEC") on May 28, 2025) and other documents filed by Informa TechTarget from time to time with the SEC. This summary of risks and uncertainties should not be considered to be a complete statement of all potential risks and uncertainties that may affect Informa TechTarget. Other factors may affect the accuracy and reliability of forward-looking statements. We caution you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future performance or outcomes. Actual performance and outcomes, including, without limitation, Informa TechTarget's actual results of operations, financial condition and liquidity, may differ materially from those made in or suggested by the forward-looking statements contained in this press release.

Any forward-looking statements speak only as of the date of this press release. None of Informa TechTarget, its affiliates, advisors or representatives, undertake any obligation to update any forward-looking statements, whether as a result of new information or developments, future events, or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

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Mitesh Kotecha, Investor Relations +1 754 283 3674

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