Informa TechTarget Confirms 2024 Revenue Range, 2025 Outlook and Updates on Form 10-K Filing
Informa TechTarget (NASDAQ: TTGT) has reconfirmed its 2024 revenue expectations, projecting reported revenues of $285m-$295m and pro forma revenues of $490m-$500m. The company reported flat underlying revenue performance for 2024, citing subdued market conditions due to geopolitical tensions and economic uncertainty.
The company's financial position shows approximately $354m in cash and equivalents, with $416m in outstanding Convertible Senior Notes. Nearly all 2025 and 2026 Convertible Notes were tendered for repurchase, simplifying the capital structure.
For 2025, designated as 'The Foundation Year,' the company expects flat revenue but increased adjusted EBITDA, supported by combination synergies. The first half of 2025 is projected to see a low to mid-single digit revenue decline, with improvement expected in the second half. The company is currently exceeding its Year 1 operating cost synergy target of $5m and expects to meet or exceed the $45m overall run rate synergies by Year 3.
Informa TechTarget (NASDAQ: TTGT) ha riconfermato le sue previsioni di fatturato per il 2024, prevedendo ricavi riportati tra 285 e 295 milioni di dollari e ricavi pro forma tra 490 e 500 milioni di dollari. L'azienda ha registrato una performance di ricavi sottostante stabile per il 2024, citando condizioni di mercato contenute a causa di tensioni geopolitiche e incertezze economiche.
La posizione finanziaria dell'azienda mostra circa 354 milioni di dollari in liquidità e equivalenti, con 416 milioni di dollari in Convertible Senior Notes in essere. Quasi tutti i Convertible Notes del 2025 e 2026 sono stati offerti per il riacquisto, semplificando la struttura del capitale.
Per il 2025, definito come "L'Anno Fondamentale", la società prevede ricavi stabili ma un aumento dell'EBITDA rettificato, supportato dalle sinergie derivanti dalla combinazione. La prima metà del 2025 dovrebbe registrare un calo dei ricavi da basso a medio a una cifra percentuale, con un miglioramento atteso nella seconda metà dell'anno. Attualmente, l'azienda sta superando l'obiettivo di sinergie operative per l'Anno 1 di 5 milioni di dollari e prevede di raggiungere o superare le sinergie complessive a regime di 45 milioni di dollari entro il terzo anno.
Informa TechTarget (NASDAQ: TTGT) ha reafirmado sus expectativas de ingresos para 2024, proyectando ingresos reportados de 285 a 295 millones de dólares y ingresos pro forma de 490 a 500 millones de dólares. La compañía reportó un rendimiento estable de ingresos subyacentes para 2024, citando condiciones de mercado moderadas debido a tensiones geopolíticas e incertidumbre económica.
La posición financiera de la empresa muestra aproximadamente 354 millones de dólares en efectivo y equivalentes, con 416 millones de dólares en Notas Senior Convertibles pendientes. Casi todas las Notas Convertibles de 2025 y 2026 fueron ofrecidas para recompra, simplificando la estructura de capital.
Para 2025, designado como "El Año Fundacional", la compañía espera ingresos estables pero un aumento en el EBITDA ajustado, apoyado por sinergias de la combinación. Se proyecta que la primera mitad de 2025 tenga una disminución de ingresos de un dígito bajo a medio, con una mejora esperada en la segunda mitad. Actualmente, la empresa está superando su objetivo de sinergias de costos operativos para el Año 1 de 5 millones de dólares y espera alcanzar o superar las sinergias totales en régimen de 45 millones de dólares para el Año 3.
Informa TechTarget (NASDAQ: TTGT)는 2024년 매출 전망을 재확인하며, 보고된 매출은 2억 8,500만 달러에서 2억 9,500만 달러, 프로포마 매출은 4억 9,000만 달러에서 5억 달러 사이로 예상하고 있습니다. 회사는 지정학적 긴장과 경제적 불확실성으로 인한 시장 침체를 이유로 2024년 기초 매출이 변동 없이 유지될 것으로 보고했습니다.
회사의 재무 상태는 약 3억 5,400만 달러의 현금 및 현금성 자산과 4억 1,600만 달러의 전환사채가 미상환 상태임을 보여줍니다. 2025년과 2026년의 전환사채 대부분이 매입 제안에 응해 자본 구조가 단순화되었습니다.
2025년은 '기초의 해'로 지정되었으며, 회사는 매출은 변동 없으나 조정 EBITDA는 증가할 것으로 예상하며, 이는 합병 시너지 효과에 기인합니다. 2025년 상반기는 매출이 한 자릿수 낮은 중간 수준으로 감소할 것으로 예상되며, 하반기에는 개선이 기대됩니다. 회사는 현재 1년 차 운영 비용 시너지 목표인 500만 달러를 초과 달성 중이며, 3년 차까지 연간 4,500만 달러의 시너지 효과 달성 또는 초과를 기대하고 있습니다.
Informa TechTarget (NASDAQ : TTGT) a confirmé ses prévisions de revenus pour 2024, prévoyant des revenus déclarés entre 285 et 295 millions de dollars et des revenus pro forma entre 490 et 500 millions de dollars. L'entreprise a indiqué une performance stable des revenus sous-jacents pour 2024, évoquant des conditions de marché atténuées en raison des tensions géopolitiques et de l'incertitude économique.
La situation financière de la société montre environ 354 millions de dollars en liquidités et équivalents, avec 416 millions de dollars en obligations convertibles senior en circulation. La quasi-totalité des obligations convertibles de 2025 et 2026 ont été proposées pour rachat, simplifiant ainsi la structure du capital.
Pour 2025, désigné comme « L’Année Fondatrice », la société prévoit des revenus stables mais une augmentation de l’EBITDA ajusté, soutenue par les synergies de la combinaison. Le premier semestre 2025 devrait connaître une baisse des revenus en faible à moyen chiffre, avec une amélioration attendue au second semestre. L’entreprise dépasse actuellement son objectif de synergies de coûts opérationnels de 5 millions de dollars pour la première année et s’attend à atteindre ou dépasser les synergies globales à taux de croisière de 45 millions de dollars d’ici la troisième année.
Informa TechTarget (NASDAQ: TTGT) hat seine Umsatzerwartungen für 2024 bestätigt und prognostiziert berichtete Umsätze von 285 bis 295 Millionen US-Dollar sowie Pro-forma-Umsätze von 490 bis 500 Millionen US-Dollar. Das Unternehmen meldete für 2024 eine stabile zugrundeliegende Umsatzentwicklung und führte dies auf gedämpfte Marktbedingungen aufgrund geopolitischer Spannungen und wirtschaftlicher Unsicherheiten zurück.
Die finanzielle Lage des Unternehmens zeigt etwa 354 Millionen US-Dollar an liquiden Mitteln und Äquivalenten sowie 416 Millionen US-Dollar an ausstehenden Wandelanleihen. Nahezu alle Wandelanleihen für 2025 und 2026 wurden zum Rückkauf angeboten, was die Kapitalstruktur vereinfacht.
Für 2025, das als „Das Gründungsjahr“ bezeichnet wird, erwartet das Unternehmen stabile Umsätze, jedoch ein erhöhtes bereinigtes EBITDA, unterstützt durch Synergien aus der Kombination. Für das erste Halbjahr 2025 wird ein Umsatzrückgang im niedrigen bis mittleren einstelligen Prozentbereich erwartet, mit einer Verbesserung in der zweiten Jahreshälfte. Das Unternehmen übertrifft derzeit sein operatives Kostensynergie-Ziel von 5 Millionen US-Dollar im ersten Jahr und erwartet, die Gesamtsynergien von 45 Millionen US-Dollar im Jahresdurchschnitt bis zum dritten Jahr zu erreichen oder zu übertreffen.
- Over-delivering on Year 1 operating cost synergy target of $5m
- Expected to meet or exceed $45m overall run rate synergies by Year 3
- Strong cash position with $354m in cash and equivalents
- Simplified capital structure through convertible notes repurchase
- Flat revenue performance in 2024
- Projected low to mid-single digit revenue decline in H1 2025
- Delayed 10-K filing requiring accounting adjustments and restatements
- Subdued market conditions affecting business performance
Insights
TechTarget's announcement raises significant red flags for investors. The delayed Form 10-K filing until April 29th, coupled with language about potential restatements of prior-year adjustments, indicates possible material weaknesses in internal controls. While the company frames these as "technical accounting issues relating to non-cash items," restatements typically suggest more serious underlying problems with financial reporting processes.
The company's revenue outlook is concerning. Despite completing a major combination with Informa Tech in December 2024, management projects broadly flat revenue for 2025 with a low to mid-single digit decline in the first half. This tepid outlook suggests integration benefits aren't materializing as quickly as hoped. The projected
While management highlights expected growth in adjusted EBITDA for 2025, this appears primarily driven by cost-cutting rather than revenue expansion. The accelerated pace of restructuring and claims of exceeding the
The debt repurchase removes almost all convertible notes, which reduces potential dilution but required significant cash outlay from the
The "Foundation Year" narrative TechTarget presents masks concerning performance indicators following their December 2024 combination with Informa Tech. The projected flat revenue trajectory suggests significant integration challenges despite management's optimistic synergy projections.
Particularly troubling is the front-loaded revenue decline predicted for H1 2025, representing 45% of annual revenues. While management attributes this to market conditions, such performance during the critical integration period often indicates customer disruption or sales force disorganization typical of poorly executed combinations.
The accelerated restructuring of the sales organization raises concerns about potential customer relationship disruption. While unified go-to-market strategies sound appealing, the rapid implementation timeline mentioned suggests possible shortcuts in transition planning that could impact revenue retention.
Management's confidence in exceeding the
Most concerning is the accounting integration challenges implied by the 10-K delay, specifically the need for "fully aligning US GAAP and UK IFRS accounting." Such fundamental accounting integration issues often indicate hasty pre-merger due diligence and can consume management attention that should be focused on operational integration and growth initiatives.
Gary Nugent, Chief Executive, Informa TechTarget, said:
”2024 was broadly flat on underlying revenue performance. 2025 will be The Foundation Year for Informa TechTarget, as we combine strengths in Brands, Products, Go-To-Market and Talent and over-deliver on operating cost synergies.”
He added: ”Through combination, we are creating a leader in a dynamic market. We are focused on operating the enlarged business for growth and performance.”
2024 Full Year Financial Update
Revenue Performance
Reported revenues for 2024 will reflect the structure of the combination, which completed on December 2, 2024, comprising a 12-month contribution from the Informa Tech digital businesses and around one month’s contribution from the legacy TechTarget business, being the period from completion through year-end. On this basis, reported revenues are expected to be in the range of
Assuming the combination was in effect from January 1, 2024, pro-forma revenues for 2024 are expected to be in the range of
Pro-forma revenue refers to the total US GAAP revenue that would be expected for fiscal year 2024 assuming the combination was in effect from January 1, 2024:
|
Pro-Forma Revenue Range ( |
|
Legacy Informa Tech Digital Businesses |
|
|
Legacy TechTarget |
|
|
|
|
|
Balance Sheet and Liquidity
At December 31, 2024, the Company held approximately
The repurchase does not have a material impact on net debt after completion of the repurchase in 2025 but removes convertible debt from the balance sheet, reducing potential dilution and simplifying capital structure.
*Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures below for further detail
Outlook
In 2025, The Foundation Year for Informa TechTarget, the focus is on combining our strengths across Brands, Product, Go-To-Market and Talent to position the business for long-term growth. We are operating the business in a subdued environment, which has not been helped by recent financial market volatility, and therefore our guidance is for broadly flat revenue across the year and an increase expected in adjusted EBITDA, the latter supported by the over-delivery of combination synergies and non-recurrence of certain one-off combination costs that will be included within 2024 adjusted EBITDA.
Market uncertainty looks likely to persist through the first half of the year and whilst the sales pipeline is improving, we are anticipating a low to mid-single digit year-on-year decline in revenues across the first half period (representing c.
Beyond near-term market dynamics and The Foundation Year, we remain confident in the medium-term growth opportunities for Informa TechTarget, underpinned by innovation and growth in enterprise technology and the increasing demand for more efficient, data-driven B2B digital services.
Combination Program: 2025 - The Foundation Year
The Combination Program is well underway, with all Executive and Senior Leadership appointments completed, and reporting lines and responsibilities confirmed. The restructuring of our sales organization has been accelerated, including a unified go-to-market strategy that prioritises large customer accounts through dedicated service teams.
Work on product strategy is also advancing well, including a repositioning of NetLine to the volume end of the market and a re-shaping of the Intelligence & Advisory portfolio to better meet evolving customer demand.
In 2025, we are currently tracking well ahead of the Year 1 operating cost synergy target of
Our focus on combination and over-delivering on operating synergies gives us confidence in growing adjusted EBITDA in 2025, even with the relatively flat backdrop for revenues.
Update on 2024 results and Form 10-K filing
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 (the “Annual Report”) would be delayed.
The Company is continuing to make good progress on the full filing of the Annual Report for the year ended December 31, 2024, but with some additional time needed to complete the financial statements and related disclosures than initially expected.
The Company now expects to file the Annual Report by Tuesday 29 April, subject to finalising the evaluation of certain internal controls, fully aligning US GAAP and
The Company will circulate details of its FY 2024 results conference call once the filing date for the Annual Report is confirmed.
About Informa TechTarget
TechTarget, Inc. (Nasdaq: TTGT), which also refers to itself as Informa TechTarget, informs, influences and connects the world’s technology buyers and sellers, helping accelerate growth from R&D to ROI.
With a vast reach of over 220 highly targeted technology-specific websites and over 50 million permissioned first-party audience members, Informa TechTarget has a unique understanding of and insight into the technology market.
Underpinned by those audiences and their data, we offer expert-led, data-driven, and digitally enabled services that have the potential to deliver significant impact and measurable outcomes to our clients:
- Trusted information that shapes the industry and informs investment
- Intelligence and advice that guides and influences strategy
- Advertising that grows reputation and establishes thought leadership
- Custom content that engages and prompts action
- Intent and demand generation that more precisely targets and converts
Informa TechTarget is headquartered in
© 2025 TechTarget, Inc. All rights reserved. All trademarks are the property of their respective owners.
Non-GAAP Financial Measures
This letter includes a discussion of Adjusted EBITDA, which is a non-GAAP financial measure that is provided as a complement to GAAP results. “Adjusted EBITDA” means earnings before net interest, other income and expense such as asset impairment (including expenses related to the induced conversion of our 2025 convertible notes), income taxes, depreciation and amortization, as further adjusted to exclude stock-based compensation and other one-time charges, such as costs related to mergers, acquisitions, integration-related expenses or reduction in forces expenses, if any. The components of Adjusted EBITDA include the key revenue and expense items for which our operating managers are responsible and upon which we evaluate their performance. In the case of senior management, Adjusted EBITDA is used as a principal financial metric in annual incentive compensation programs. Adjusted EBITDA is also used for planning purposes and in presentations to our Board of Directors.
Full reconciliations of certain forward-looking non-GAAP measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of certain items, including but not limited to, stock-based compensation and other one-time charges.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements”. All statements, other than historical facts, are forward-looking statements, including: statements regarding the expected benefits of the transactions consummated on December 2, 2024 (the “Closing Date”) pursuant to the Agreement and Plan of Merger, dated as of January 10, 2024, among TechTarget Holdings Inc. (formerly known as TechTarget, Inc. (“Former TechTarget”)), Informa TechTarget, Toro Acquisition Sub, LLC, Informa PLC, Informa US Holdings Limited, and Informa Intrepid Holdings Inc. (the “Transactions”), such as improved operations, enhanced revenues and cash flow, synergies, growth potential, market profile, business plans, expanded portfolio and financial strength; the competitive ability and position of Informa TechTarget; legal, economic, and regulatory conditions; and any assumptions underlying any of the foregoing. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “plan,” “could,” “would,” “project,” “predict,” “continue,” “target,” or the negatives of these words or other similar terms or expressions that concern Informa TechTarget’s expectations, strategy, priorities, plans, or intentions. Forward-looking statements are based upon current plans, estimates, and expectations that are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. We can give no assurance that such plans, estimates, or expectations will be achieved, and therefore, actual results may differ materially from any plans, estimates, or expectations in such forward-looking statements.
Important factors that could cause actual results to differ materially from such plans, estimates, or expectations include, among others: unexpected costs, charges, or expenses resulting from the Transactions; uncertainty regarding the expected financial performance of Informa TechTarget; failure to realize the anticipated benefits of the Transactions, including as a result of integrating the Informa Tech Digital Businesses with the business of Former TechTarget; the ability of Informa TechTarget to implement its business strategy; difficulties and delays in Informa TechTarget achieving revenue and cost synergies; evolving legal, regulatory, and tax regimes; changes in economic, financial, political, and regulatory conditions, in
Any forward-looking statements speak only as of the date of this press release. None of Informa TechTarget, its affiliates, advisors or representatives, undertake any obligation to update any forward-looking statements, whether as a result of new information or developments, future events, or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250415958174/en/
Mitesh Kotecha, Investor Relations
+1 754 283 3674
Garrett Mann, Corporate Communications
+1 617 431 9371
Source: TechTarget, Inc.
FAQ
What are Informa TechTarget's (TTGT) revenue projections for 2024?
How much cash and debt does TTGT have as of December 31, 2024?
What are TTGT's synergy targets following the Informa Tech combination?
When will TTGT file its 2024 Annual Report on Form 10-K?
What is TTGT's revenue outlook for 2025?
