TechTarget, Inc.

Hello everyone and welcome to the TechTarget first quarter 2022 conference call and webcast. My name is Daisy and I'll be coordinating today's call. You will have the opportunity to ask a question at the end of the presentation. If you would like to register a question, please press star followed by one on your telephone keypad. I will now hand the call over to your host, Charlie Rennick, General Counsel to begin. So Charlie, please go ahead.

Thank you, Daisy, and good morning. Joining me here today are Greg Straykosch, our executive chairman, Mike Katoya, our chief executive officer, and Dan Norick, our CFO. Before turning the call over to Greg, I'd like to remind everyone on the call of our earnings release process. As previously announced, in order to provide you with an update on our business in advance of the call, we've posted our shareholder letter on the investor relations section of our website and furnished it on an 8K. Following Greg's introductory remarks, the management team will be available to answer your questions. Any statements made today by TechTarget that are not factual, including during the Q&A, may be considered forward-looking statements. These forward-looking statements, which are subject to risks and uncertainties, are based on assumptions and are not guarantees of our future performance. Factual results may differ materially from our forecast and from these forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including those discussed in the risk factor section of our filings with the SEC. These statements speak only as of the date of this call, and TechTarget undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. Finally, we may also refer to certain financial measures not prepared in accordance with GAAP. A reconciliation of certain of these non-GAAP financial measures to the most comparable GAAP measures, to the extent available without unreasonable efforts, accompanies our shareholder letter. With that, I'll turn the call over to Greg.

Great. Thank you, Charlie. We are pleased to report that we exceeded our forecast in Q1 and we are raising our annual guidance. Additionally, we have repurchased 206,114 shares for approximately $14.2 million since our last earnings call. Today, we are announcing a new stock repurchase program of $50 million. I will now review our Q1 results. Gap revenue grew 29% to $68 million. Adjusted EBITDA grew 39% to $26.6 million. Longer-term revenue grew 16% to $28.7 million, representing 41% of revenue. Free cash flow was $24 million, representing 35% of revenue. The midpoint of our new higher annual guidance represents 20% revenue growth and 40% adjusted EBITDA margin, which equals the rule of 60. I will now open the call to questions.