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Good afternoon, ladies and gentlemen, and welcome to Informa TechTarget First Quarter 2026 Financial Results Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If anyone has any difficulties hearing the conference, please press star zero for operator assistance at any time. I would now like to turn the conference call over to Charles Rennick, General Counsel and Corporate Secretary. Please go ahead.

Thank you, and good afternoon, everyone. The speakers joining us here today are Gary Nugent, our Chief Executive Officer, and Dan Noreck, our Chief Financial Officer. Before turning the call over to Gary, we would like to remind you that in advance of this call, we posted a press release to the investor relations section of our website and furnished it on an 8-K. You can also find these materials on the SEC's website at www.sec.gov. A replay of today's conference call will be made available on the investor relations section of our website. Following the opening remarks from Gary and Dan, they will be available to answer questions. Any statements made today by Informa TechTarget that are not historical, including during the Q&A, may be considered forward-looking statements.

These forward-looking statements, which are subject to risks and uncertainties, are based on assumptions and are not guarantees of our future performance. Actual results may differ materially from our forecast and from these forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our most recent periodic report filed on Form 10-Q and the forward-looking statement disclaimer in our earnings release filed earlier today. These statements speak only as of the date of this call, and Informa TechTarget undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. Finally, we may also refer to certain financial measures not prepared in accordance with GAAP.

A reconciliation of certain of these non-GAAP financial measures to the most directly comparable GAAP measures to the extent available without unreasonable efforts accompanies our press release. With that, I'll turn the call over to Gary.

Thank you, Charlie, and good afternoon, everyone. As always, we appreciate you taking the time to join us today. I am pleased to share our Q1 2026 results, which demonstrate continuing progress with our strategy and our commitment to delivering top and bottom-line growth on an ongoing sustainable basis. In Q1 2026, we delivered revenues of $106 million, representing a 2% increase year-over-year, whilst achieving an adjusted EBITDA of $7.4 million, an increase of 27% year-on-year. These results reflect the durability of our business model, a model that is built upon our proprietary first-party market data and our permission membership data. They are also the reflections of the early returns of our combination program completed in 2025.

From today, we also report the results of our two operating segments, Intelligence and Advisory and Brand to Demand, offering deeper insight into the makeup of the business and the key drivers of growth. I see durability as Q1's results, and I suspect the remainder of this year are set against a backdrop of ongoing geopolitical and macroeconomic uncertainty. In addition to the broader digital transformation that is accelerating across B2B markets, as AI changes how buyers are informing their buying journey and how sellers are reaching out and trying to stand out to prospects and customers. I spent much of Q1 and April on the road meeting with clients and colleagues. It's always my favorite thing to do. In the main, our clients, who are B2B technology vendors, are in good health.

However, they continue to prioritize capital to R&D investment as they seek to stay current with the AI arms race. This is subduing investment elsewhere for now, specifically in go-to-market. As a future indicator of demand for our businesses, it is incredibly positive, as ultimately they will need to seek a return on those R&D investments. Our story of the indispensable partner with the breadth and scale to enable our clients and address their ambitious growth objectives resonates loudly. It's clear that we are only just scratching the surface in terms of how and where we can help them accelerate their growth, and in doing so, drive our own growth. The trends we are observing and the needs and wants of our clients directly correlate to our strategic focus.

First, our clients are themselves experiencing the impact of the shift from a search engine economy to an answer engine economy. As such, their ability to raise awareness and generate demand by and of themselves is becoming more difficult. With that reality, they are increasingly recognizing the value of working with a partner that itself has direct reach and relationships and influence with the prospects and customers. Second, there is a growing realization that better marketing outcomes are achieved when the marketing effort is aligned and integrated across the lifecycle from strategy through to execution, and that the breadth and scale of Informa TechTarget makes us one of the few companies that can deliver value across that lifecycle. This is encapsulated in our unified demand playbook that we launched at the beginning of Q1 and which is being very well received in the marketplace.

Finally, we're seeing clients prioritize working with partners that can integrate seamlessly with their sales and their MarTech landscape and then join the dots in terms of attribution to demonstrate measurable performance and ROI from their marketing investments. Again, that is something that we can provide and are getting increasingly good at, further differentiating us from others. In numbers, revenues from our strategic focus on our largest customers, who are the largest players in the industry we serve, were up double digit as a result of this focus and the investments in products, sales, delivery, and customer success in Q1. Staci Gullotta, our new CMO, has gotten her feet well and truly under the table, launching a bold and ambitious marketing strategy designed to raise awareness and generate demand in the broader $20 billion addressable market.

As a part of this, we recently leveraged the Forrester B2B Summit in Phoenix to showcase how we are leveraging the breadth and scale of Informa TechTarget to partner with our clients and transform their go-to market and deliver tangible results. One example of this was the work that we've been doing with Tanium. Tanium are a cybersecurity company that helps enterprises manage and protect mission-critical networks. Tanium partnered with Informa TechTarget to move beyond a fragmented, siloed marketing approach towards a fully integrated, always-on go-to-market model. Choosing us not just as a vendor, but as a strategic partner for our unmatched audience access, high-quality intent data, and ability to influence buying groups before their sales teams are engaged. By activating our platform across portal, BrightTALK, content syndication, and targeted editorial environments, they were able to precisely identify and engage end market accounts at scale.

The results were substantial. Over 5,000 leads delivered, equating to $1.2 billion of influenced pipeline, an ROI of over 2,800 times. Importantly, this has translated directly into real revenue growth. As a result, they signed a new two-year deal immediately following the program, representing over a 50% increase in their annual investment. On the subject of our membership, our audience members, as buyers increasingly rely on AI-powered research and zero-click search behaviors, we fundamentally adapted our operational approach to meet them where they are. Our content creation and distribution strategies now prioritize AI discoverability while maintaining the editorial excellence and thought leadership that our audiences have come to expect.

With a focus on quality over quantity and engagement over acquisition, this dual focus continued to deliver for us in Q1, with our permission membership continuing to grow in low single digits and our active membership in priority personas, such as chief information officers and chief information security officers, up high single digits in the quarter. This all being despite ongoing disruption to traffic. In addition, we added four leading U.K. media-based brands to our portfolio through the period. Accountancy Age, The CFO, bobsguide, and The Global Treasurer. This expands our first-party permission members in the financial services and fintech space, and is in line with our strategy to grow by extending our vertical audiences into new geographical markets. We're already seeing strong engagement from these new community members.

In recognition of the power and the value of our authoritative, trusted, and original content in the age of AI, our editorial teams recently won three coveted awards at the B2B Industry's Oscars, the Neal Awards. We've also been shortlisted for 15 awards at the forthcoming ASBPE Nationals. On the product front, our investment in the product pipeline continues to bear fruit. By popular demand, we launched the new BrightTALK Nurture demand product, with 12 customers piloting this new offering in Q2. We also announced to the market the commercial partnership and technical integration of our NetLine demand product with the Demandbase ABM platform.

In direct response to the shift from a search-based to an answer-based economy, we have leveraged all of our experience as a digital publisher to launch our AI LLM content audit and consulting services, designed to help clients understand how discoverable and citable their content is, and to work with them in how to improve upon it. Only last week, we launched the Omdia AI Search Assistant, a further example of how we're leveraging AI technology to improve our products, to improve upon how our customers discover and consume our original authoritative content and extract maximum value from their subscriptions. The Omdia AI Search Assistant enables our clients to submit natural language queries to the Omdia Knowledge Center and receive answers that are in an intelligent composite of all Omdia's data and analysis.

It can also return those answers in over 70 languages, increasing the global applicability of our product. This launch builds upon what were already very encouraging KPIs in the Omdia business, with users, user engagement, and the net promoter score all up double digits in the first quarter. As we move through to the second and the third quarters, you will see more examples of how we're applying AI technology, specifically conversational interfaces to our data and content that will improve discoverability, ease consumption, and unlock value for our clients and our members. In June, our AI search for our audience members will undergo a significant upgrade based upon the lessons learned from the pilot of the past six months, further improving the audience experience.

We're also leveraging automation and AI technology and tools extensively across the business to improve upon our productivity and quality in marketing and sales, in research and editorial, in operations. Our experience is that this is a game of continuous improvement, and we're already banking clear benefits. By way of example, in Q1, our time to first lead for our core demand products decreased by 38% year-on-year, accelerating time to value for our customers. Accelerating time to revenue for ourselves. I think Q1 demonstrates delivery to a plan, financially, strategically, and operationally, growing our revenues and adjusted EBITDA, simplifying and focusing the business, embracing and capitalizing upon the opportunities the AI presents. Our priorities for 2026 are clear. Deliver value to our customers and growth for our shareholders.

This will give us the momentum and put us in a strong position to continue to invest in innovation and build upon our core strengths of trusted expertise, proprietary market, and permissioned audience data, and a unified portfolio of products with the breadth and scale to deliver for customers across their life cycle. We are wholly committed to this plan and to growing revenues and adjusted EBITDA in 2026. I look forward to updating you on our continued progress in the quarters ahead. Now I'll turn the call over to Dan to discuss our financial results and guidance in a little more detail, and then we'll be happy to take your questions.

Thanks, Gary. Good afternoon, everyone. In the first quarter of 2026, we delivered revenue of $106 million, representing approximately 2% year-over-year growth compared with the first quarter of 2025. While market demand remains subdued and the environment cautious, our results reflect solid execution and early benefits from our sharpened operating focus following the combination and organizational realignment. As Gary mentioned earlier, we are now reporting our results through two operating segments. In Brand to Demand or the B2D segment, which represented around 70% of total revenues and is where we generate revenues by providing clients with services that help them raise brand awareness, engage with buyers, and target more qualified potential customers, we saw good revenue growth of around 5% year-over-year, with particular strength in our Unified Demand offering.

In Intelligence and Advisory, or the I&A segment, which represented around 30% of total revenues and is where we generate revenues primarily through subscription services to our intelligence products, including first-party data and specialist analyst research content, as well as advisory services that provide clients with strategic support and bespoke solutions, our revenues were around 4% lower year-over-year, primarily reflecting a decrease in our go-to-market strategic consulting. Both segments improved profitability in terms of segment operating income, which we define as being revenue, less allocated direct and indirect costs, but prior to unallocated costs such as central functions, facility, and related overhead expenses. Operating margin also improved for both segments.

Encouragingly, we delivered company adjusted EBITDA growth of 27% year-over-year to $7.4 million, with an adjusted EBITDA margin of 6.9% compared with 5.6% in the prior year. This improvement reflects continuing cost discipline, the streamlining of operations, and the initial realization of integration efficiencies following last year's combination plan, even as we continue to invest selectively in growth, product innovation, and go-to-market capabilities. On a GAAP basis, our net loss narrowed to $70.8 million. This included a $45 million of technical non-cash impairment of goodwill, as well as ongoing acquisition and integration costs and other non-cash charges. Turning to the balance sheet and liquidity, we are in a strong financial position.

We ended the quarter with cash and cash equivalents of $47 million and had almost $130 million undrawn on our $250 million revolving credit facility, giving us liquidity of approximately $178 million. Our net debt at the end of March of around $72 million represented around a 0.8 adjusted EBITDA for the prior 12 months, similar to the leverage level at the end of 2025 and the end of 2024. Our free cash flow in the quarter reflected the seasonal dynamics of the business, as well as the phasing of integration and restructuring activities from 2025. On an adjusted basis, we delivered meaningful cash flow, demonstrating the attractive underlying cash generation characteristics of our business model. Turning to guidance, we are reiterating our commitment to deliver growth in 2026.

To this end, we are maintaining our full year 2026 adjusted EBITDA guidance of $95 million-$100 million. We are pleased with the progress we've made simplifying the business, improving operational efficiencies, and positioning the company for growth. While the macro environment remains uncertain, we continue to see opportunities to expand customer engagement, increase wallet share, and improve margins as the year progresses. In summary, Q1 represented a solid start to 2026 with revenue growth, adjusted EBITDA improvement, and continued progress integrating the business and sharpening our operating focus. We believe we are well-positioned to execute through the remainder of the year and deliver on our financial objectives. As a reminder, our financial model is built to scale efficiently.

As we return to growth, every additional dollar of revenue delivers substantial incremental margins, giving us the ability to grow profitability and free cash flows significantly over time. With that, we're now happy to answer your questions. Operator, will you please open up the line for Q&A?

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press the star followed by the one on your touchtone phone. If you wish to cancel your request, please press the star followed by the two. If you're using a speakerphone, please lift the handset before pressing any keys. Once again, that is star one should you wish to ask a question. Once again, that is star one should you wish to ask a question. And your first question is from Bruce Goldfarb from Lake Street Capital. Your line is now open.

Hi. Hi, it's Bruce. Congratulations on the solid quarter. Thanks for taking my questions. The first is, are any inflationary pressures in the business that would put your $95 million-$100 million EBITDA guide at risk?

Bruce, thanks for the question. This is Dan. I don't think we're seeing anything out of the ordinary from inflation that would put that at risk right now. We're still very confident, which is why we reiterated the $95 million-$100 million adjusted EBITDA target.

Great. Thank you. How are growing AI search volumes impacting your membership sign-ups and paid subscriptions?

I'll take that one, Bruce. Nice to talk to you. Well, I mean, we've talked about this on occasion actually in the past. We've certainly seen the shift in traffic, in the mix of traffic that we receive as a business, as search has become disrupted and answer engines are becoming more prominent. We continue to see that answer engine traffic converts at a much higher rate to membership than search traffic used to. Interestingly enough, we're also seeing search traffic conversion rates improve as well. I think that's largely as a result is that what we're now getting from search is still more qualified.

Effectively what you're beginning to see is that the effect of an answer engine environment is that it qualifies out people who are not really serious researchers and serious buyers. Actually the reality is that whilst traffic might be disrupted and down, because conversion rates are up, we're still seeing solid membership and therefore our membership is modestly growing. In particular, the membership and the activity of members who are the key personas is growing quite nicely.

Thank you. My next one, how are churn rates trending in small to medium enterprise market segment?

Hi, Bruce, this is Dan again. From a churn perspective, obviously we don't show those metrics, but what I would say is that the churn is still higher, clearly because our portfolio accounts have grown. We are seeing a bit more churn at the lower end of the range. What I would say to that is we're starting to see a stabilization of that. You know, it gives us confidence as we look out for the rest of the year as it relates to those particular client segments.

Great. My last question, how is business trending, internationally in EMEA and APAC?

I'll pick up a little bit, actually. I spent a couple of weeks, I was on the road for some time. I was actually in APAC traveling through Singapore and then through Shenzhen and Beijing and China before finishing off in Seoul in Korea. I would say that actually the environment was encouragingly optimistic and building. I mean, the vast majority of our business in that part of the world is the Intelligence and Advisory business. There is certainly a huge amount of demand from APAC companies to grow their business internationally and to expand into markets such as the U.S and Europe, and that's a great opportunity for us.

Similarly, there's still an appetite from big American brands to build their business, particularly in markets like Japan and Korea. Generally speaking, I was actually really encouraged by the demand there. I would say that the business has been trading in line with the rest of the business, actually, in the first quarter. No sort of material difference in pattern. The one obvious exception to that is the Middle East and Africa region, as a result of the ongoing situation in Iran. There we've definitely seen customers begin to just slow down their investments and slow down their decisions.

That would make sense. Well, thank you. Congrats again on a solid quarter. Thanks for taking my questions.

Thank you.

Thank you. Your next question is from Jason Kreyer from Craig-Hallum. Your line is now open.

Hey, guys, this is Thomas on for Jason. Thanks for taking my questions. I know you touched on it a little bit, but could you give a little more commentary on the environment you're seeing for software sales, particularly like a Priority Engine that has more of a recurring nature to it? Do you feel like tech companies are still sort of hesitant to lock in longer term deals?

I'm gonna pick up on that subject more broadly. I would certainly say that we've definitely seen the multi-year environment is not as strong as it was a couple two years or so ago. That's definitely true. We're seeing customers, and we've said for some time that customers were shortening their contractual commitments really through 2025, and It's not picked up in 2026. It's interesting in what is potentially an inflationary environment because usually there's a bit of tension in the marketplace between customers wanting to lock in pricing for multiple years vis-à-vis making those long-term commitments. It'll be interesting to see how that plays out.

I think generally, in terms of, you know, commitments to software in general across the marketplace, I haven't really seen a lot of change in the customer appetite. But one of the things that we have spoken about and is the need for us to actually integrate our data directly into our customers' platforms, especially in the intent space. As customers' MarTech stacks and sales tech stacks have become more mature and more settled, it's absolutely imperative that you are able to integrate and play nicely with their environment.

You heard us talk about this a lot when we're talking about the investment in the intent product, is that actually a lot of our investments are now on the subject of integration and integration, not just with APIs, but also increasingly with MCTs in the AI world. That's really where I think the game is being played now and the game will be played in the future in 2027.

Great. That's helpful. Maybe just one follow-up. With the moves you made to position NetLine in a more down market, does that carry any incremental churn or volatility, or do you still have pretty good visibility into NetLine production?

NetLine continues to perform incredibly well for us. It's a very exciting story within the company. It's going from strength to strength. As we've said, Matthew, we have done a very thorough analysis, forensic analysis to see whether it was cannibalizing any of the business elsewhere, actually that's not the case. These are different customers. They are different personas within our existing customers. They are different budget pools. It forms part of the Unified Demand portfolio in actual fact the Unified Demand story that we're now telling where we have, I think, the broadest portfolio of demand products to meet any demand problem a customer might have, it's playing really nicely for us.

Great. Thank you, guys. Appreciate it.

Thank you.

Thank you once again, ladies and gentlemen. That is star one should you wish to ask a question. There are no further questions at this time. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may now disconnect your lines.

Good afternoon. Thank you for attending today's TechTarget, Inc. fourth quarter 2025 financial results conference call and webcast. My name is Tamiya, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press 1 on your telephone keypad. I would now like to pass the conference over to your host, Charles D. Rennick, General Counsel. You may proceed.

Thank you, Tamiya, and good afternoon, everyone. The speakers joining us here today are Gary Nugent, our Chief Executive Officer, and Daniel T. Noreck, our Chief Financial Officer. Before turning the call over to Gary, we would like to remind you that in advance of this call, we posted our press release in the Investor Relations section of our website and furnished it on Form 8-Ks. You can also find these materials on the SEC's website at www.sec.gov. A replay of today's conference call will be made available on the Investor Relations section of our website. Following opening remarks from Gary and Dan, they will be available to answer questions. Any statements made today by TechTarget, Inc. that are not historical, including during the Q&A, may be considered forward-looking statements. These forward-looking statements, which are subject to risks and uncertainties, are based on assumptions and are not guarantees of future performance. Actual results may differ materially from our forecast and from these forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our most recent periodic report filed on Form 10-K and the forward-looking statement disclaimer in our earnings release filed earlier today. These statements speak only as of the date of this call, and TechTarget, Inc. undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. Finally, we may also refer to certain financial measures not prepared in accordance with GAAP. A reconciliation of certain of these non-GAAP financial measures to the most directly comparable GAAP measures, to the extent available without unreasonable efforts, accompanies our press release. And with that, I will turn the call over to Gary.

Thank you, Charles D. Rennick, and good afternoon, everyone. As always, we appreciate you taking the time to join us today, and your interest and engagement mean a great deal to us. I am pleased to report that Q4 2025 marked another step forward in our journey to establish TechTarget, Inc. as the indispensable partner to the B2B technology industry. During 2025, we laid the groundwork to return the business to top-line revenue growth in 2026 and accelerate that growth in the years ahead. Today's agenda is slightly different from previous calls. I will begin with an overview of our strategic progress and some market positioning. And following that, Chief Financial Officer, Daniel T. Noreck, will provide an overview of our financial performance. And then afterwards, we will open the floor for your questions. Let me start by highlighting the significant strides we have made in combining and transforming our business to become a market leader in what is a large and dynamic addressable market—a $20 billion addressable market—where we currently only hold a 2.5% market share, and the opportunities for expansion and growth remain substantial. In 2025, we achieved full-year revenue of $486.8 million on a combined company basis, in line with our guidance of being broadly flat year over year. Importantly, we delivered a strong 10% growth in adjusted EBITDA to $87.3 million, exceeding our guidance of $85 million. I think this demonstrates our ability to drive meaningful margin expansion through strategic focus and operational excellence. Our combination plan has been the key driver of this progress as we seek to leverage the breadth and the scale that the combination affords us. We made significant progress in consolidating, integrating, automating, and leveraging AI technology to improve our processes and systems that underpin the business—making ourselves easier to do business with and easier to work for—improving quality and productivity. On our products, by unifying our intelligence and advisory operations under the Omnia brand, we have created a comprehensive market intelligence platform. Bringing together the expertise of Canalys, Wards, and ESG under the Omnia banner simplifies our market positioning while enhancing the cross-selling opportunities. I think that Omnia’s award in November as the Analyst Firm of the Year by the Institute of Influencers and Analyst Relations (the IIAR) is a true recognition of the strength of this approach. We also streamlined and integrated our portfolio of brand-to-demand products. Launching the TechTarget, Inc. portal in September, the platform was the first offering to leverage our combined audience dataset, providing our clients with expanded reach and enhanced intent signals—over a 40% increase year on year. It also offered seamless integration with industry-leading marketing automation, client relationship, and sales enablement platforms and a unified customer experience. Additionally, we repositioned Netlite to address the cost-conscious demand generation market. This move, in particular, delivered exceptional results in terms of revenue and bookings growth while expanding our addressable market coverage. Our product roadmap for 2026 is compelling, as we leverage AI technology to enhance existing and launch new capabilities. I will talk a little bit more about this slightly later on. On the subject of our go-to-market strategy, we focused on the largest customers and the most dynamic, highest-growth markets. Thus, we increased our investment and coverage, establishing dedicated sales and service teams to deepen our relationships and strengthen our position in the most influential technology companies in the industry. This approach resulted in revenues growing double digit year over year from this cohort. On audience and audience membership, a key differentiation of our company is the role that we play in informing, educating, and shaping the buy side—the buying journey. Our expert, original, trusted editorial content remains a vital investment, and I am proud to share that in addition to the 48 prestigious awards for the strength and the quality of our journalism in 2025, and despite the changing patterns in search traffic due to AI answer engines, we leveraged the breadth of our network and reoriented our editorial and our audience membership development focus. Today, less than 45% of our traffic is sourced from search. Crucially, in 2025, our audience membership grew and our members became more active on our network. We learned that our prowess in search is a transferable asset and skill in this new AI answer engine world. Notably, our citations from AI answer engines increased in volume over 235% year over year. As we have discussed before, we see that the conversion rates to permissioned audience members are two to three times that of traditional search. On the subject of AI, as I have said before, we firmly believe that generative and agentic AI will be a huge positive for our business. We have made significant progress in adopting and embedding AI across four strategic areas of the business. The first one we call conversational AI interfaces—making our proprietary market data and our permissioned audience data more easily accessible and actionable by our clients. In the first half of this year, we will launch the AI research assistant, a multilingual conversational AI interface that will unlock a wealth of value from our proprietary intelligence and market data. Starting in 2026, we will debut a suite of AI-powered go-to-market intelligence solutions. This suite introduces advanced AI skills—the equivalent of apps—that allow marketers to generate actionable insights by synthesizing TechTarget, Inc.’s permissioned audience data and coupling that with their own internal and external web assets. The key capabilities will be AI-driven problem identification: by analyzing the specific content being consumed across our network, our AI will identify the actual business problems that buyers are researching, allowing go-to-market teams to move beyond broad targeting and engage prospects with differentiated messaging tailored to their immediate and specific needs. And AI-driven content insight: performance-based recommendations that will pinpoint which content topics and brand investments are successfully addressing buyer pain points, ensuring the strongest ROI on their marketing spend. Whether utilizing our pre-built AI skills or deploying their own, our customers will be fueled by our AI-powered go-to-market intelligence, making TechTarget, Inc. an indispensable fixture of the modern martech stack. The second area that we are focusing on is personalized audience experiences—bringing the wealth of expert, original, and trusted content from across our network to our audiences, rather than us taking them to the content—creating personalized content experiences based upon a deep understanding of their company, their role, their business problem, and where they are in their buying journey. The third area is enhancing the efficacy of our go-to-market programs, both for ourselves and our clients, as we improve the precision of our targeting and content and campaign effectiveness. Finally, the fourth area is automating our operations—enabling our experts to deliver deeper insights more efficiently and enabling our operations and customer success teams to deliver our products and services to our customers with increased quality and effectiveness. Talking with our customers, particularly with our larger customers, a key takeaway is an increasing desire on their part for integrated solutions rather than point products. Our customers are looking for partners who can provide scale solutions to their scale problems—precisely what the new TechTarget, Inc. was built to deliver. Taking just one prime example, in 2025, a key customer of ours lamented that they had to engage with over 30 supplier companies of our ilk in order to service their scale needs. Following a strategic review and a decision to focus on fewer, larger relationships, they have consolidated those relationships down, and I am delighted to see that we were a natural partner to partner with. Further, those same technology companies are keenly aware that they must deliver a clear ROI from the substantial investment that they have made in R&D and AI. We are very well positioned to be an essential partner in providing a range of products and services to help them achieve that. Our ambition is to become the indispensable partner to the B2B and technology industry—informing, educating, shaping, and connecting buyers to sellers. In 2026, our objective is to return the business to top-line revenue growth for the full year, with adjusted EBITDA expanding to $95 million to $100 million. Our strategy is to continue to build our house on the land that we own, by which I mean producing original, trusted, authoritative content that informs, educates, and shapes the industry through our expert analyst and editorial capabilities, and in doing so, nurturing that proprietary market and our permissioned audience membership data asset. We are going to continue to leverage the breadth and scale of the product portfolio to deliver a unified and integrated customer experience. We are going to continue to focus our go-to-market efforts on the largest customers and the hottest markets where scale solutions solve scale problems. We are going to continue to make ourselves easier to do business with and easier to work for—adopting AI across all disciplines to improve quality, enhance productivity, and in particular, to amplify the expertise of the 1,900 colleagues that ply their trade at TechTarget, Inc. I am incredibly proud of the progress that we have made, and I want to express my gratitude to our dedicated colleagues and their teams for their hard work and commitment. It is their efforts that have positioned us to seize the opportunity that lies ahead. Thank you for your time. I look forward to updating you on continued progress in the quarters ahead. I will now turn the call over to Daniel T. Noreck to discuss our financial results in detail, and then we will be happy to take your questions.

Thanks, Gary, and good afternoon, everyone. I am pleased to be able to report on 2025 results that I think delivered in line with or ahead of our guidance and market expectations, which demonstrated both our operational discipline and strategic execution capabilities. We delivered full-year revenue of $486.8 million, which Gary mentioned earlier, was right in line with our guidance of being broadly flat compared to the $490.4 million we achieved in 2024 on a combined company basis. While revenues remained stable, our focus on operational excellence and strategic reorganization with accelerated delivery of cost synergies drove strong margin expansion. Our adjusted EBITDA reached $87.3 million, comfortably exceeding our guidance of $85 million, representing a healthy 10% increase from 2024’s $78.8 million on a combined company basis. This translated to an adjusted EBITDA margin of 17.9% in 2025, a meaningful improvement of 180 basis points from the prior year. Our fourth quarter performance was particularly strong with revenues of $140.7 million, representing a solid 3% year-over-year increase on a combined company basis. Q4 adjusted EBITDA of $41.6 million represented a 56% year-over-year increase, with our adjusted EBITDA margin expanding to around 30% compared to approximately 20% in the corresponding quarter of the prior year on a combined company basis. Our Q4 performance reflected some seasonality in the business but also benefited from our strategic initiatives that are gaining traction, which allowed us to accelerate the realization of cost savings, along with some favorable phasing impacts. Our quarterly progression throughout 2025 tells a story of building momentum. Following the seasonally slower first quarter, each of the remaining quarters of the year showed positive sequential revenue progression, a trend we expect to continue in 2026. From a year-over-year perspective—on the comparative combined company measure—revenue performance consistently improved from minus 6% in Q1, narrowing to minus 2% in Q2, getting back to growth in Q3 at plus 1% and plus 3% in Q4. Our balance sheet also reflects a strong financial foundation that supports our strategic initiatives while maintaining the flexibility to capitalize on growth opportunities that may arise. At the end of 2025, we had cash and cash equivalents on the balance sheet of around $41 million and had utilized around $107 million of our $250 million unsecured five-year revolving credit facility, resulting in net debt of approximately $66 million, not vastly different to the approximately $62 million at the end of 2024, despite significant cash expenditures in the year on acquisition, integration, and restructuring costs. Our free cash flow reflects the impact of our integration and restructuring investments in 2025. On an adjusted basis, we delivered meaningful cash flow, demonstrating the strong underlying cash-generation characteristics of our business model. Net debt at year-end relative to adjusted EBITDA for the year was just 0.8x and slightly lower than at the end of 2024, illustrating the strong cash-generating characteristics of our business. Now quickly turning to our guidance for 2026. Following the substantial progress made with our combination program in 2025, the priority for 2026 is to build on the foundations laid and to return to growth in 2026. Our assumption is that the market environment will remain similar to that in 2025. Nevertheless, we expect to grow our revenues in 2026. Coupled with our continued cost discipline, annualization of synergies, and operational leverage, we expect our adjusted EBITDA to grow further to a range of $95 million to $100 million, marking a further meaningful improvement in our adjusted EBITDA margin. Q1 2026 will reflect this trend. This guidance reflects our confidence in the progress we have made through our strategic initiatives and the strong foundation we have established for sustainable growth. In conclusion, our financial model is built to scale efficiently. Every additional dollar of revenue delivers substantial incremental margin, highlighting the strength of our unit economics. This structure enables us to grow profitability and free cash flow over time. With that, we are now happy to answer your questions. Operator, will you please open up the line for Q&A?

Absolutely. We will now begin the question and answer session. If you would like to ask a question, please press star followed by 1 on your telephone keypad. If for any reason at all you would like to remove that question, please press star followed by 2. Again, to ask a question, please press star 1. The first question comes from Eric Martinuzzi with Lake Street. You may proceed.

I wanted to, first of all, congratulate you on the fourth quarter results and overachieving versus the adjusted EBITDA for the year. But I was particularly impressed with the go-to-market strategy results. Your comments in the press release talk about an approximate 10% growth in revenue from your largest customers. Was that a full-year basis, or is that a Q4 metric, Gary?

Hi, Eric. Good to hear from you. That is a full-year basis, and on a combined company basis.

Okay. And then, you know, there was a time when the different tiers of customers—if I go back to, like, 2024—you talked about the 7,500 customers that the combined entity had and that there were 70 customers that were over $1 million a year in billing. Is that the tier of customers that we are talking about here, or are you stratifying the customer base differently?

Oh, no. We are stratifying the customer base differently. It is not the same. If you recall, we have identified about $10 billion of our $20 billion addressable market sits with about 150 to 200 clients in the marketplace. We then further prioritize that down to a cohort of 30 portfolio customers and then a further 120 or so customers that are what we would call majors. The number that I am quoting for you is for that cohort of 30.

Okay. And then is there—you know, you have got so many different products that you are offering customers now. What was resonating with that largest cohort? First of all, did they contract in their use of any of the products? And then what was it that they expanded their use of?

Well, you appreciate it is a bit of a mixed picture when you go down to the individual customer level. I would say, if there was a trend there, we saw really strong demand for demand—so there was strong demand for our demand products. That was encouraging to see, in particular as we consolidated and rationalized the demand portfolio and did a better job of the market positioning of that. Secondly, content. Content was generally a strong theme last year as customers were looking to really establish a distinctive voice in the marketplace, to stand out from the noise, and to leverage the expertise we have—our analyst and our editorial expertise—to really give them a bit of brand association.

Alright. And then, given the total revenue on a pro forma combined basis actually declined 1%, obviously the smaller customers contracted to sort of offset the success that you had with the higher tier—the, as you put it, the 30 portfolio customers. Was there any themes to recognize across the smaller customer base—either, you know, smaller enterprise or SMB themes?

It is a good—what I suppose this email would talk to is much more about international markets for us. I think what we saw in particular was in the Asia Pacific region and the triangle between Singapore, China, and Korea—well, it is not tying up by the fourth point to square, is it? Add Tokyo to that. That was definitely a market that was challenged last year, in particular some of the macroeconomic situation with Asian technology companies looking to export their businesses internationally. That was probably the area where I would see the trend really was. I think then we just also saw in that small to medium end of the IT marketplace that that was a market where—I do not think that was the odd—but there was deal—there was customer churn in that market in the small to medium end.

Got it. Alright. And then, Dan, as we are doing our modeling here for 2026, obviously the top line—did not want to put too fine a point on it—but as I am looking at the growth that you had in the back half of 2025 on the pro forma combined, you were up 1% in Q3, you were up 3% in Q4. Is it a prudent starting point to kind of take the blend there and say, hey, if we are going to grow, let us maybe start with a 2% and just use that as a baseline, or is that too aggressive?

Eric, I think that the way you are laying it out makes sense. I think you could go maybe a little higher than that 2%, but I think the way you are thinking about modeling makes sense to me.

Okay. And then last question is around the source of the incremental adjusted EBITDA. Obviously, revenue is not going to be—revenue, we are planning on it to be a little bit higher in 2026, but, you know, let us just, for discussion’s sake, say we are talking about a flat revenue in 2026 versus 2025. In 2025, that adjusted EBITDA number was around the—what was it? Yeah, $87.3 million. And yet you are guiding to kind of a midpoint of $97.5 million. So just to keep it simple, call it $10 million of incremental adjusted EBITDA. What is it that is getting you there? Is this primarily going to be driven by further synergies on bringing the two entities together, or what is driving that?

Eric, if you think about where the synergies landed in 2025, they were really back-half loaded. So you are really going to start to see the impact of that throughout the full year, as opposed to just being contained to the second half of the year.

Got it. Okay. Thanks for taking my questions.

Thank you. Thanks, Eric. Thank you.

As a quick reminder, if you would like to ask a question, please press 1 on your telephone keypad. There are no more questions remaining at this time. This concludes today's conference call. Thank you for your participation. You may now disconnect your line.