TechTarget, Inc.

Good afternoon and thank you for attending today's TechTarget Reports third quarter 2022 conference call. My name is Austin and I shall be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you'd like to ask a question, please press star one on your telephone keypad. I would now like to pass the conference over to our host, Charles Renick with TechTarget. Charles, please go ahead.

Thank you, Austin, and good afternoon. Joining me here today are Greg Straykosch, our executive chairman, Mike Katoya, our chief executive officer, and Dan Norick, our chief financial officer. 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 AK. Following Greg's introductory remarks, the management team will be available to answer your questions. Any statements made today by tech targets 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. Actual 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 factors section of our filings with the FCC. 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 that accompanies our shareholder letter. With that, I'll turn the call over to Greg. Great. Thank you, Charlie. For Q3, 2022 GAAP revenue grew 11% to approximately $77.4 million. Adjusted revenue grew 8% to approximately $77.4 million. Net income was approximately $14.8 million, an increase of 49%. Adjusted EBITDA grew 15% to $32.4 million. Net income margin was 19%. Adjusted EBITDA margin was 42%. GAAP gross margin was 74%. Adjusted gross margin was 77%. Longer-term revenue grew 25% to $33 million, representing 43% of total revenue. Cash flow from operations was $22.5 million, and free cash flow was $18.8 million. I will now open the call to questions.

Thank you. If you'd like to ask a question, please press star followed by one on your telephone keypad. If for any reason you would like to remove that question, please press star followed by two. Again, to ask a question, press star one. If you're using a speaker phone, please remember to pick up your handset before asking your question. We will pause here briefly as questions are registered. Our first question is with Justin Patterson from KeyBank. Justin, your line is open. Great.