Informa TechTarget, Inc. (NASDAQ: TTGT) has confirmed its revenue range for 2024, with reported revenues expected to be in the range of $285 million to $295 million. However, assuming the combination was in effect from January 1, 2024, pro forma revenues for 2024 are expected to be in the range of $490 million to $500 million. This implies broadly flat underlying revenues for the year, reflecting the subdued market backdrop, with activity levels impacted by geopolitical tensions and macro-economic uncertainty.
The company also disclosed that at December 31, 2024, it held approximately $354 million in cash, cash equivalents, and short-term investments, along with approximately $416 million of outstanding convertible senior notes. In early 2025, 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. The repurchase does not have a material impact on net debt after completion but removes convertible debt from the balance sheet, reducing potential dilution and simplifying the capital structure.
Looking ahead to 2025, the company expects broadly flat revenue across the year and an increase in adjusted EBITDA. The outlook is for a low to mid-single digit year-on-year decline in revenues across the first half period, representing approximately 45% of annual revenues, with the expectation of improved growth trajectory through the second half of the year. The company is targeting broadly consistent year-on-year revenue performance and remains confident in the medium-term growth opportunities for Informa TechTarget.
As part of its combination program, the company is focused on combining strengths across brands, product, go-to-market, and talent to position the business for long-term growth. The restructuring of the sales organization has been accelerated, with a unified go-to-market strategy prioritizing large customer accounts through dedicated service teams. Additionally, work on product strategy is advancing well, with a focus on over-delivering on operating synergies to grow adjusted EBITDA in 2025, even with the relatively flat backdrop for revenues.
It's important to note that the company filed a notification of late filing on Form 12b-25 on March 31, 2025, 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.
Following these announcements, the company's shares moved -2.9%, and are now trading at a price of $8.16. If you want to know more, read the company's complete 8-K report here.
