TechTarget, Inc. (NASDAQ: TTGT), also known as Informa TechTarget, has re-confirmed its revenue range for 2024, with reported revenues expected to be in the range of $285 million to $295 million. Pro forma revenues, assuming the combination was in effect from January 1, 2024, are expected to be between $490 million and $500 million. This implies broadly flat underlying revenues for the year, reflecting a subdued market backdrop impacted by geopolitical tensions and macro-economic uncertainty.
The company held approximately $354 million in cash, cash equivalents, and short-term investments at December 31, 2024, with approximately $416 million of outstanding convertible senior 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. This repurchase does not have a material impact on net debt after completion in 2025 but removes convertible debt from the balance sheet, reducing potential dilution and simplifying the capital structure.
In terms of the outlook for 2025, the company expects broadly flat revenue across the year and an increase in adjusted EBITDA, supported by the over-delivery of combination synergies and non-recurrence of certain one-off combination costs that were included within 2024 adjusted EBITDA. Market uncertainty looks likely to persist through the first half of the year, with an anticipated low to mid-single digit year-on-year decline in revenues across the first half period. However, the company is targeting the growth trajectory to improve through the second half of the year, as its expanded customer and go-to-market strategy gains momentum, delivering broadly consistent year-on-year revenue performance.
The combination program is well underway, with all executive and senior leadership appointments completed, and reporting lines and responsibilities confirmed. The restructuring of the sales organization has been accelerated, including a unified go-to-market strategy that prioritizes large customer accounts through dedicated service teams. The company is currently tracking well ahead of the year 1 operating cost synergy target of $5 million, with a high degree of confidence in its expectation to meet or beat the $45 million overall run rate synergies targeted by year 3.
On March 31, 2025, the company filed a notification of late filing on Form 12b-25 indicating that the filing of its annual report on Form 10-K for the fiscal year ended December 31, 2024, would be delayed. The company expects to file the annual report by Tuesday, April 29, subject to finalizing the evaluation of certain internal controls, fully aligning US GAAP and UK IFRS accounting, and completing the remaining technical accounting issues relating to non-cash items.
Informa TechTarget informs, influences, and connects the world’s technology buyers and sellers, offering trusted information, intelligence and advice, advertising, custom content, and intent and demand generation services. It is headquartered in Boston, MA, and has offices in 19 global locations. The market has reacted to these announcements by moving the company's shares -2.9% to a price of $8.16. If you want to know more, read the company's complete 8-K report here.
