[Management View]
TechTarget reported $285 million in revenue for 2024, with a GAAP net loss of $117 million. Adjusted EBITDA was $31 million. The combined company, including Informa Tech, reported $490 million in revenue and a net loss of $166 million. The company is on track to surpass its $5 million year 1 operating cost synergy target and aims to achieve $45 million in run-rate synergies by year 3.

[Outlook]
TechTarget forecasts flat revenue for 2025 with an increase in adjusted EBITDA, supported by cost synergies and the absence of one-off integration costs. The company is focused on combining strengths across brands, products, and go-to-market strategies to position for long-term growth.

[Financial Performance]
- Reported Revenues: $285 million for 2024
- GAAP Net Loss: $117 million for 2024
- Adjusted EBITDA: $31 million for 2024
- Combined Company Revenues: $490 million for 2024
- Combined Company Net Loss: $166 million for 2024
- Combined Company Adjusted EBITDA: $82 million for 2024

[Q&A Highlights]
Question 1: How is AI impacting your business, including risks and opportunities, and trends in customer content consumption?
Answer: AI is a market for TechTarget, informing and educating buyers about AI technologies. The company applies AI to improve business efficiency and product quality. AI is integrated into products like Priority Engine to enhance sales targeting. Despite generative AI, serious buyer research patterns remain unchanged.

Question 2: Are you comfortable with the $45 million cost and revenue synergies target?
Answer: Yes, the company is confident in meeting or exceeding the $45 million target, with accelerated cost synergies and on-track revenue synergies.

Question 3: What caused short-term disruptions in January and February, and how were they remedied?
Answer: Disruptions were due to the combination plan implementation, including process, system, and organizational changes. The company executed quickly to minimize impact.

Question 4: Can you provide more details on the subdued market and confidence in improved performance in the second half of the year?
Answer: The subdued market reflects 2024 patterns. Confidence in the second half is based on investments in the combination, new go-to-market strategies, and product roadmaps.

Question 5: Are there near-term opportunities for cross-sell success?
Answer: The company has seen tactical cross-sell success and larger proposals accepted by key customers, increasing average deal size.

Question 6: How did subscription renewals compare to a year ago?
Answer: Value-based renewal rates in intelligence and advisory remained flat year-on-year. Brand to Demand subscriptions were flat to slightly down in value.

Question 7: How is the repositioning of NetLine to the volume end of the market progressing?
Answer: The repositioning has been well-received, with positive market acceptance in Q1.

Question 8: What does reshaping the Intelligence & Advisory portfolio entail?
Answer: The portfolio was consolidated into fewer, larger packages aligned with key industry segments. Consulting capabilities were streamlined into strategy and go-to-market consulting.

Question 9: What is the latest update on cash and debt balances?
Answer: The net debt position remains the same after using cash and drawing on the revolving credit line to repay convertible notes.

[Sentiment Analysis]
Analysts and management maintained a cautiously optimistic tone, focusing on integration progress, cost synergies, and AI initiatives. Management expressed confidence in achieving synergy targets and improving performance in the second half of the year.

[Quarterly Comparison]
| Metric | Q1 2024 | Q1 2025 |
|-------------------------------|---------|---------|
| Reported Revenues | $285M | $285M |
| GAAP Net Loss | $117M | $117M |
| Adjusted EBITDA | $31M | $31M |
| Combined Company Revenues | $490M | $490M |
| Combined Company Net Loss | $166M | $166M |
| Combined Company Adjusted EBITDA | $82M | $82M |

[Risks and Concerns]
- Subdued market environment due to geopolitical tensions and macroeconomic uncertainties.
- Integration-related disruptions and execution risks.
- Dependence on achieving cost and revenue synergies.

[Final Takeaway]
TechTarget's integration with Informa Tech is progressing well, with strong cash positions and clear synergy targets. The company is focused on leveraging AI for operational efficiency and product enhancements. Despite a subdued market, TechTarget aims for flat revenue and improved adjusted EBITDA in 2025, supported by cost synergies and strategic initiatives.