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TechTarget(TTGT) - 2020 Q3 - Quarterly Report
2020-11-04 21:20
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-33472 TECHTARGET, INC. (Exact name of registrant as specified in its charter) Delaware 04-3483216 (State or other jurisdiction ...
TechTarget(TTGT) - 2020 Q2 - Earnings Call Transcript
2020-08-09 08:06
TechTarget, Inc. (NASDAQ:TTGT) Q2 2020 Earnings Conference Call August 5, 2020 5:00 PM ET Company Representatives Greg Strakosch - Executive Chairman Mike Cotoia - Chief Executive Officer Dan Noreck - Chief Financial Officer Charles Rennick - General Counsel Conference Call Participants Jason Kreyer - Craig-Hallum Aaron Kessler - Raymond James Marco Rodriguez - Stonegate Capital Markets Bruce Goldfarb - Lake Street Capital Markets Allen Klee - National Securities Corporation Operator Good afternoon. Welc ...
TechTarget(TTGT) - 2020 Q2 - Quarterly Report
2020-08-05 20:21
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-33472 TECHTARGET, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...
TechTarget(TTGT) - 2020 Q1 - Earnings Call Transcript
2020-05-09 10:16
TechTarget, Inc. (NASDAQ:TTGT) Q1 2020 Earnings Conference Call May 6, 2020 5:00 PM ET Company Participants Charles Rennick – General Counsel Greg Strakosch – Executive Chairman Mike Cotoia – Chief Executive Officer Dan Noreck – Chief Financial Officer Conference Call Participants Aaron Kessler – Raymond James Eric Martinuzzi – Lake Street Marco Rodriguez – Stonegate Allen Klee – National Securities Corp Operator Good afternoon, and welcome to the TechTarget Q1 2020 Earnings Release Conference Call. All par ...
TechTarget(TTGT) - 2020 Q1 - Quarterly Report
2020-05-06 20:21
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-33472 TECHTARGET, INC. (Exact name of registrant as specified in its charter) Delaware 04-3483216 (State or other jurisdiction of i ...
TechTarget(TTGT) - 2019 Q4 - Annual Report
2020-03-16 20:36
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-33472 TECHTARGET, INC. (Exact name of registrant as specified in its charter) Delaware 04-3483216 (State or other jurisdiction of incorporation or o ...
TechTarget(TTGT) - 2019 Q4 - Earnings Call Transcript
2020-02-13 00:26
TechTarget, Inc. (NASDAQ:TTGT) Q4 2019 Earnings Conference Call February 12, 2020 5:00 PM ET Company Participants Charles Rennick – Vice President and General Counsel Greg Strakosch – Executive Chairman Mike Cotoia – Chief Executive Officer Conference Call Participants Aaron Kessler – Raymond James Eric Martinuzzi – Lake Street Marco Rodriguez – Stonegate Capital Markets Operator Good day, and welcome to the TechTarget Fourth Quarter and Full Year 2019 Earnings Release Conference Call. [Operator Instruction ...
TechTarget (TTGT) Investor Presentation - Slideshow
2019-11-21 21:51
TechTarget 20 YEARS OF CLIENT SUCCESS TechTarget, Inc. November 2019 O Safe Harbor Statement This presentation is for informational purposes only and is not an offer to sell securities or a solicitation of an offer to buy any securities, and may not be relied upon in connection with the purchase or sale of any security. Sales and offers to sell TechTarget, Inc. securities will only be made in accordance with the Securities Act of 1933, as amended, and applicable Securities and Exchange Commission ("SEC") re ...
TechTarget(TTGT) - 2019 Q3 - Earnings Call Transcript
2019-11-06 23:53
TechTarget, Inc. (NASDAQ:TTGT) Q3 2019 Earnings Conference Call November 6, 2019 5:00 PM ET Company Participants Charles Rennick - VP, General Counsel & Corporate Secretary Gregory Strakosch - Co-Founder & Executive Chairman Michael Cotoia - CEO & Director Conference Call Participants Aaron Kessler - Raymond James & Associates Marco Rodriguez - Stonegate Capital Markets Bruce Goldfarb - Lake Street Capital Markets Operator Good evening, and welcome to the TechTarget Q3 2019 Earnings Release Conference Call. ...
TechTarget(TTGT) - 2019 Q3 - Quarterly Report
2019-11-06 21:28
[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents TechTarget, Inc.'s unaudited consolidated financial statements for Q3 and 9M 2019, including balance sheets, income, equity, cash flows, and detailed notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2019 (Unaudited) | Dec 31, 2018 | | :--- | :--- | :--- | | Cash and cash equivalents | $52,140 | $34,673 | | Total current assets | $81,096 | $70,118 | | Goodwill | $93,540 | $93,687 | | Operating lease assets with right-of-use | $25,518 | $— | | **Total assets** | **$214,017** | **$176,463** | | Total current liabilities | $14,841 | $14,553 | | Long-term portion of term loan | $22,784 | $23,714 | | Non-current operating lease liability | $27,614 | $— | | **Total liabilities** | **$66,246** | **$43,878** | | **Total stockholders' equity** | **$147,771** | **$132,585** | - The significant increase in **total assets and liabilities** is primarily due to the adoption of the new lease accounting standard (ASU 2016-02), which required the company to record operating lease right-of-use assets and corresponding lease liabilities on the balance sheet for the first time in 2019[7](index=7&type=chunk)[26](index=26&type=chunk)[50](index=50&type=chunk) [Consolidated Statements of Income and Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Financial Performance (in thousands, except per share data) | Metric | Q3 2019 | Q3 2018 | YoY Change | 9M 2019 | 9M 2018 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | $33,809 | $30,742 | +10.0% | $98,067 | $89,513 | +9.6% | | Gross Profit | $25,762 | $23,297 | +10.6% | $75,056 | $68,219 | +10.0% | | Operating Income | $6,911 | $3,384 | +104.2% | $17,373 | $12,371 | +40.4% | | Net Income | $5,351 | $3,769 | +42.0% | $12,792 | $10,283 | +24.4% | | Diluted EPS | $0.19 | $0.13 | +46.2% | $0.45 | $0.36 | +25.0% | [Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Stockholders%27%20Equity) - Total stockholders' equity increased from **$132.6 million** at the end of 2018 to **$147.8 million** as of September 30, 2019[15](index=15&type=chunk) - The increase in equity was primarily driven by net income of **$12.8 million** for the nine-month period, partially offset by the repurchase of common stock for treasury amounting to **$4.7 million**[15](index=15&type=chunk)[68](index=68&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for the Nine Months Ended September 30 (in thousands) | Cash Flow Category | 2019 | 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $29,993 | $17,373 | | Net cash used in investing activities | $(4,271) | $(240) | | Net cash used in financing activities | $(8,163) | $(13,581) | | **Net increase in cash and cash equivalents** | **$17,467** | **$3,481** | - The significant increase in **cash from operations** was mainly due to higher net income and favorable changes in working capital, particularly a decrease in accounts receivable[17](index=17&type=chunk)[131](index=131&type=chunk) - Financing activities in 2019 primarily consisted of treasury stock repurchases (**$4.7 million**), tax withholdings related to net share settlements (**$2.6 million**), and term loan principal payments (**$0.9 million**)[17](index=17&type=chunk) [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The company provides specialized online content for IT buyers and offers purchase-intent marketing and sales services to enterprise technology vendors via over **140 websites**[19](index=19&type=chunk) - Effective January 1, 2019, the company adopted ASU 2016-02, recognizing operating lease right-of-use assets of **$27.5 million** and lease liabilities of **$32.1 million** upon adoption[26](index=26&type=chunk)[50](index=50&type=chunk) Revenue by Geography (in thousands) | Region | Q3 2019 | Q3 2018 | 9M 2019 | 9M 2018 | | :--- | :--- | :--- | :--- | :--- | | North America | $22,812 | $20,947 | $66,444 | $60,983 | | International | $10,997 | $9,795 | $31,623 | $28,530 | | **Total** | **$33,809** | **$30,742** | **$98,067** | **$89,513** | - On December 24, 2018, the company entered into a **$25 million** term loan facility with Western Alliance Bank, maturing in December 2023[45](index=45&type=chunk) - During the nine months ended September 30, 2019, the company repurchased **317,724 shares** of common stock for an aggregate price of **$4.7 million** under its November 2018 stock repurchase program[68](index=68&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 and 9M 2019 financial performance, highlighting a 10% revenue increase, strong Priority Engine™ growth, and increasing longer-term contracts [Executive Summary](index=19&type=section&id=Executive%20Summary) - Revenues for the nine months ended September 30, 2019, increased by **10%** to **$98.1 million** compared to the same period in 2018[83](index=83&type=chunk) - The company's Priority Engine™ product revenues grew by **more than 30%** in the first nine months of 2019 compared to the prior year period[83](index=83&type=chunk) - Longer-term contracts accounted for **35%** of the company's revenue in Q3 2019, indicating a trend towards more stable, recurring revenue streams[83](index=83&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Comparison of Q3 2019 vs Q3 2018 (in thousands) | Item | Q3 2019 | Q3 2018 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenues | $33,809 | $30,742 | $3,067 | 10% | | Gross Profit | $25,762 | $23,297 | $2,465 | 11% | | Operating Income | $6,911 | $3,384 | $3,527 | 104% | Comparison of 9M 2019 vs 9M 2018 (in thousands) | Item | 9M 2019 | 9M 2018 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenues | $98,067 | $89,513 | $8,554 | 10% | | Gross Profit | $75,056 | $68,219 | $6,837 | 10% | | Operating Income | $17,373 | $12,371 | $5,002 | 40% | - The decrease in **General and Administrative expenses** in Q3 2019 was primarily due to lower stock-based compensation and the recovery of previously reserved accounts receivable[113](index=113&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) - Cash and cash equivalents totaled **$52.1 million** at September 30, 2019, an increase of **$17.0 million** from December 31, 2018, driven by strong cash generation from operations[125](index=125&type=chunk) - Net cash provided by operating activities for the first nine months of 2019 was **$30.0 million**, a significant increase from **$17.4 million** in the same period of 2018[129](index=129&type=chunk)[130](index=130&type=chunk) - Days Sales Outstanding (DSO) improved to **67 days** at September 30, 2019, compared to **83 days** at December 31, 2018, indicating better management of receivables[128](index=128&type=chunk) - The company repurchased **317,724 shares** of common stock for **$4.7 million** during the first nine months of 2019[135](index=135&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are foreign currency exchange rates and interest rates, stemming from international revenues and a variable-rate term loan - The company's primary market risks are **foreign currency exchange risk** and **interest rate risk**[149](index=149&type=chunk) - Approximately **25%** of Q3 2019 revenues were from international customers, exposing the company to foreign currency fluctuations, which are not currently hedged[150](index=150&type=chunk) - Interest rate risk stems from the variable-rate term loan, with **$24.0 million** outstanding at September 30, 2019, tied to the U.S. LIBOR rate[152](index=152&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of September 30, 2019, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2019[154](index=154&type=chunk) - There were **no material changes** in the company's internal control over financial reporting during Q3 2019[155](index=155&type=chunk) [PART II. OTHER INFORMATION](index=31&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material legal proceedings and is unaware of any pending litigation that would materially affect its business - As of the filing date, the company is **not a party to any material legal proceedings**[157](index=157&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's 2018 Annual Report on Form 10-K were identified as of September 30, 2019 - There have been **no material changes** to the risk factors disclosed in the company's 2018 Annual Report on Form 10-K[158](index=158&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period and provides no information on the use of proceeds from registered securities - The company **did not have any sales of unregistered securities** during the reporting period[160](index=160&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report on Form 10-Q, including CEO/CFO certifications and XBRL financial data files - The exhibits filed include **certifications from the CEO and CFO** as required by Sarbanes-Oxley, and **XBRL instance documents** for financial statements[162](index=162&type=chunk) [Signatures](index=33&type=section&id=Signatures) The report was formally signed and dated November 6, 2019, by TechTarget, Inc.'s Chief Executive Officer and Chief Financial Officer - The report was signed on **November 6, 2019**, by the company's Chief Executive Officer and Chief Financial Officer[165](index=165&type=chunk)