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TechTarget, Inc. (NASDAQ: TTGT) today announced financial results for the three months and year ended December 31, 2011.
“Despite the challenging economic environment and a continuation of tight budgets, 2011 was a very successful year for TechTarget”, said Greg Strakosch, CEO of TechTarget. “We grew overall revenue by 11% and Adjusted EBITDA by 28% and we improved Adjusted EBITDA Margin from 21% in 2010 to 24% in 2011. In addition, we made significant progress on our two focus areas of investment; our Activity Intelligence™ Product Platform and our International roll-out.”
Total Q4 2011 revenues increased 8% to $28.9 million compared to Q4 2010. Q4 2011 online revenue increased by 7% to $26.0 million compared to Q4 2010. Online revenues represented 90% of total Q4 2011 revenues. Q4 2011 events revenue increased by 11% to $2.9 million compared to Q4 2010 and represented 10% of total Q4 2011 revenues. Total 2011 revenues increased 11% to $105.5 million compared to 2010. Total 2011 online revenue increased by 12% to $92.3 million compared to 2010. Online revenues represented 87% of total 2011 revenues. Total 2011 events revenue increased by 4% to $13.2 million compared to 2010 and represented 13% of total 2011 revenues.
Adjusted EBITDA (earnings before interest, other income and expense, income taxes, depreciation, and amortization, as further adjusted to eliminate stock-based compensation) for Q4 2011 increased 19% to $8.5 million compared to $7.1 million for Q4 2010. Adjusted EBITDA for full year 2011 increased 28% to $25.3 million compared to $19.8 million for the full year 2010.
Total gross profit margin remained flat for both Q4 2011 and full year 2011 at 77% and 74%, respectively. Online gross profit margin increased for both Q4 2011 and full year 2011 to 79% and 76%, respectively, compared to 78% and 75% for Q4 2010 and full year 2010, respectively.