TechTarget(US:TTGT)2019-08-07 20:16Revenue Performance - Total revenue for the three months ended June 30, 2019, was $34.286 million, an increase of 8.5% from $31.472 million in the same period of 2018[36] - North America revenue for the six months ended June 30, 2019, was $43.631 million, up from $40.037 million in 2018, reflecting a growth of 7.9%[36] - International revenue for the three months ended June 30, 2019, was $10.933 million, compared to $10.285 million in 2018, representing a growth of 6.3%[36] - Net sales for the three months ended June 30, 2019 were $34.286 million, an increase from $31.472 million in the same period of 2018, representing a growth of approximately 5.8%[75] - Approximately 25% of the Company's revenues for the three months ended June 30, 2019 were derived from customers outside the United States, indicating significant international exposure[151] Financial Position - Cash and cash equivalents as of June 30, 2019, totaled $44.405 million, significantly higher than $34.673 million at December 31, 2018, marking a growth of 28.5%[43] - Long-lived assets as of June 30, 2019 totaled $106.464 million, slightly increasing from $105.437 million as of December 31, 2018[78] - Total intangible assets as of June 30, 2019, amounted to $10,889 million, with a net value of $780 million after accumulated amortization[45] Income and Expenses - The company reported a net income of $4,151 million for the three months ended June 30, 2019, compared to $4,420 million for the same period in 2018, reflecting a decrease of 6.1%[48] - Basic net income per share for the three months ended June 30, 2019, was $0.15, down from $0.16 in the same period of 2018[48] - The Company recorded income tax expense of $1.7 million for the three months ended June 30, 2019, compared to $1.3 million for the same period in 2018, reflecting an increase due to non-deductible expenses and higher income[73] Lease and Contract Liabilities - Contract liabilities increased to $6.486 million as of June 30, 2019, from $5.573 million at December 31, 2018, indicating a rise of 16.4%[38] - Operating lease assets were recorded at $26.2 million and operating lease liabilities at $30.6 million as of June 30, 2019[56] - The company recorded total lease expenses of $996 million for the three months ended June 30, 2019[57] - Total future minimum lease payments are projected to be $37,049 million, with the largest portion due thereafter at $21,267 million[56] Stock and Compensation - As of June 30, 2019, a total of 1,040,761 shares of common stock remain subject to outstanding stock grants under the 2017 Stock Option and Incentive Plan[62] - The total intrinsic value of options exercised during the six months ended June 30, 2019 was $20,000, compared to $2.4 million for the same period in 2018[66] - The Company repurchased 317,724 shares of common stock for an aggregate purchase price of $4.7 million during the six months ended June 30, 2019 under the November 2018 Stock Repurchase Program[70] - As of June 30, 2019, there was $13.6 million of total unrecognized compensation expense related to stock options and restricted stock units, expected to be recognized over a weighted average period of 1.4 years[68] - The Company granted 122,811 restricted stock units during the six months ended June 30, 2019, with a total grant-date fair value of approximately $2.4 million[67] Accounting Standards and Impairment - The company adopted ASU 2016-02 in the first quarter of 2019, impacting the balance sheet with lease liabilities and right-of-use assets[31] - The company expects to evaluate the impact of ASU 2017-04 on its consolidated financial statements but does not anticipate a material impact[33] - The company has not assessed whether a contract has a significant financing component, as it expects the payment period to be one year or less[39] - As of June 30, 2019, there were no indications of impairment for goodwill or intangible assets[47]