TechTarget, Inc.

Good afternoon. Thank you for attending today's INFORMA TechTarget fourth quarter 2025 financial results conference call and webcast. My name is Tamiya and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star 1 on your telephone keypad. I would now like to pass the conference over to your host, Charles Renick, general counsel. You may proceed.

Thank you, Tamiya, and good afternoon, everyone. The speakers joining us here today are Gary Nugent, our Chief Executive Officer, and Dan Norick, our Chief Financial Officer. Before turning the call over to Gary, we would like to remind you that in advance of this call, we posted a press release to the investor relations section of our website and furnished it on an AK. You can also find these materials on the SEC's website at www.sec.gov. A replay of today's conference call will be made available on the investor relations section of our website. Following opening remarks from Gary and Dan, you'll be available to answer questions. Any statements made today by Informatech targets that are not historical, 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 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 most recent periodic report filed on Form 10-K, and the forward-looking statement disclaimer in our earnings release filed earlier today. These statements speak only as of the date of this call, and Informa Tech Target 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 directly comparable GAAP measures the extent available without unreasonable efforts accompanies our press release. And with that, I'll turn the call over to Gary.

Thank you, Charlie. And good afternoon, everyone. As always, we appreciate you taking the time to join us today and your interest and engagement means a great deal to us. I am pleased to report that Q4 2025 marked another step forward in our journey to establish Informatech Target as the indispensable partner to the B2B technology industry. During 2025, We laid the groundwork to return the business to top-line revenue growth in 26 and accelerate that growth in the years ahead. Today's agenda is slightly different from previous calls. I will begin with an overview of our strategic progress and some market positioning. And following that, our Chief Financial Officer, Dan Norrick, will provide an overview of our financial performance. And then afterwards, we'll open the floor for your questions. Let me start by highlighting the significant strides we've made in combining and transforming our business to become a market leader in what is a large and dynamic addressable market, a $20 billion addressable market. Therefore, we currently only hold a 2.5% market share, and the opportunities for expansion and growth remain substantial. In 2025, we achieved full year revenue of $486.8 million. on a combined company basis, in line with our guidance of being broadly flat year over year. Importantly, we delivered a strong 10% growth in adjusted EBITDA to $87.3 million, exceeding our guidance of $85 million. And I think this demonstrates our ability to drive meaningful margin expansion through strategic focus and operational excellence. Our combination plan has been the key driver of this progress as we seek to leverage the breadth and the scale that the combination affords us. We made significant progress in consolidating, integrating, automating, and leveraging AI technology to improve our processes and systems that underpin the business, making ourselves easier to do business with and easier to work for, improving quality and productivity. On our products, By unifying our intelligence and advisory operations under the Omdia brand, we have created a comprehensive market intelligence platform. Bringing together the expertise of Canalys, Wards, and ESG under the Omdia banner simplifies our market positioning while enhances the cross-selling opportunities. And I think that Omdia's award in November as the Analyst Firm of the Year by the Institute of Influencers and Analyst Relations, the IIER, is true recognition of the strength of this approach. We also streamlined and integrated our portfolio of brand-to-demand products, launching the Informatech Target Portal in September. The ITT platform was the first offering to leverage our combined audience dataset, providing our clients with expanded reach and enhanced intent signals, over a 40% increase year-on-year. It also offered seamless integration with industry-leading marketing automation, client relationship and sales enablement platforms and a unified customer experience. And additionally, we repositioned NetLine to address the cost-conscious demand generation market. And this move in particular delivered exceptional results in terms of revenue and bookings growth while expanding our addressable market coverage. The product roadmap for 2026 is compelling as we leverage AI technology to enhance existing and launch new capabilities. And I'll talk a little bit more about this slightly later on. On the subject of our go-to-market strategy, we focused on the largest customers and the most dynamic highest growth markets. And thus, we've increased our investment in coverage, establishing dedicated sales and service teams to deepen our relationships and strengthen our position in the most influential technology companies in the industry. And this approach resulted in revenues going double digit year on year from this cohort. On audience and audience membership, a key differentiation of our company is the role that we play in informing, educating, and shaping the buy side and the buying journey. Our expert original trusted editorial content remains a vital investment. And I'm proud to share that in addition to the Omni Award I've just mentioned, we received 48 prestigious awards for the strength and the quality of our journalism in 2025. And despite the changing patterns in search traffic due to AI answer engines, we leveraged the breadth of our network and reoriented our editorial and our audience membership development focus. Today, less than 45% of our traffic is sourced from search. And crucially, in 2025, Our audience membership grew and our members became more active on our network. We learned that our prowess in search domain authority is a transferable asset and skill in this new AI answer engine world. And notably, our citations from AI answer engines increased in volume over 235% year on year. And as we've discussed before, we see that the conversion rates to permissioned audience members are two to three times that of traditional search. On the subject of AI, as I've said before, we firmly believe that generative and agentic AI will be a huge positive for our business. And we've made significant progress in adopting and embedding AI across four strategic areas of the business. The first one we call conversational AI interfaces. making our proprietary market data and our permissioned audience data more easily accessible and actionable by our clients in the first half of this year we will launch the ai research assistant a multilingual conversational ai interface that will unlock a wealth from a value from the wealth of our proprietary intelligence in our market data and starting in q3 of 2026 we will debut a suite of AI-powered go-to-market intelligence solutions. This suite introduces advanced AI skills, sort of the equivalent of apps, that allow marketers to generate actionable insights by synthesizing Informatech targets' permissioned audience data and coupling that with their own internal and external web assets. The key capabilities will be AI-driven problem identification by analyzing the specific content being consumed across our network Our AI will identify the actual business problems that buyers are researching, allowing go-to-market teams to move beyond broad targeting and engage prospects with differentiated messaging tailored to their immediate and specific needs. And AI-driven content insights, performance-based recommendations that will pinpoint which content topics and brand investments are successfully addressing buyer pain points. ensuring the strongest ROI on their marketing spend. And whether utilizing our pre-built AI skills or deploying their own, our customers will be fueled by our AI-powered go-to-market intelligence, making Informatech Target an indispensable fixture of the modern MarTech stack. The second area that we're focusing on is personalized audience experiences, bringing the wealth of expert, original, and trusted content from across our network to our audiences, rather than us taking them to the content. Creating personalized content experiences based upon a deep understanding of their company, their role, their business problem, and where they are in their buying journey. The third area is enhancing the efficacy of our go-to-market programs, both for ourselves and our clients, as we improve the precision of our targeting and content and campaign effectiveness. And then finally, the fourth area is in automating our operations, enabling our experts to deliver deeper insights more efficiently and enabling our operations and customer success teams to deliver our products and services to our customers with increased quality and effectiveness. Talking with our customers, particularly with our larger customers, a key takeaway is an increasing desire on their part for integrated solutions rather than point products. Our customers are looking for partners who can provide scale solutions to their scale problems, precisely what the new Informatech target was built to deliver. And taking just one prime example in 2025, a key customer of ours lamented that they had to engage with over 30 supplier companies of our ilk in order to service their scale needs. Following a strategic review and a decision to focus on fewer larger relationships, they have consolidated those relationships down and I'm delighted to say that we were a natural partner to partner with. Further, those same technology companies are keenly aware that they must deliver a clear ROI from the substantial investment that they have made in R&D and AI, and that we are very well positioned to be an essential partner in providing a range of products and services to help them achieve that. Our ambition is to become the indispensable partner to the B2B technology industry. informing, educating, shaping, connecting buyers to sellers. In 2026, our objective is to return the business to top-line revenue growth for the full year, with an adjusted EBITDA expanding to $95 million to $100 million. Our strategy is to continue to build our house on the land that we own, by which I mean producing original, trusted, authoritative content that informs, educates, and shapes the industry. through our expert analysts and editorial capabilities. And in doing so, nurturing that proprietary market and our permissioned audience membership data asset. We're going to continue to leverage the breadth and scale of the product portfolio and deliver unified and integrated customer experience. We're going to continue to focus our go-to-market efforts on the largest customers and the hottest markets where our scale solutions solve scale problems. And we're going to continue to make ourselves easier to do business with and easier to work for, adopting AI across all disciplines to improve quality, enhance productivity, and in particular to amplify the expertise of the 1,900 colleagues that apply their trade at Informatech Target. And on that point, I'm incredibly proud of the progress that we have made, and I want to express my gratitude to our dedicated colleagues and their teams for the hard work and commitment. It is their efforts that our position does to seize the opportunity that lies ahead. Thank you for your time. I look forward to updating you on continued progress in the quarters ahead. And now I'm going to turn the call over to Dan to talk a little bit more about our financial results in detail, and then we'll be happy to take your questions.