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TheStreet Open House

TechTarget Reports Fourth Quarter And Full Year 2011 Financial Results

Stocks in this article: TTGT

About TechTarget

TechTarget (NASDAQ: TTGT) is the online intersection of serious technology buyers, targeted technical content and technology providers worldwide. Our media, powered by TechTarget’s proprietary Activity Intelligence™ platform, redefines how technology professionals are viewed and influenced by marketers according to the buyer’s active projects, specific technical priorities and business needs. With more than 100 technology specific websites, we deliver technology marketers unmatched reach via custom advertising, branding and lead generation solutions all built on our extensive network of online and social media.

TechTarget has offices in Atlanta, Beijing, Boston, London, Mumbai, San Francisco and Sydney.

To learn how you can engage with serious technology buyers worldwide, visit techtarget.com and follow us @TechTarget.

(C) 2012 TechTarget, Inc. All rights reserved. TechTarget, the TechTarget logo and BriForum are registered trademarks of TechTarget. Activity Intelligence, Nurture and Notify, SearchCIO.com.au, SearchStorage.com.au, SearchSecurity.com.au, SearchSolidStateStorage.co,, SearchConsumerization.com, ConsumerizeIT.com, SearchSecurity.com, SearchMobileComputing.com, SearchDesktopVirtualization.com, SearchCloudProvider.com , SearchCloudComputing.com , SearchServerVirtualization.com , SearchCloudSecurity.com , SearchCloudStorage.com , SearchVirtualDesktop.com , SearchVirtualStorage.com , BrianMadden.com and TechTarget Social Engage are trademarks of TechTarget. All other trademarks are the property of their respective owners.

 

TECHTARGET, INC. Consolidated Statements of Operations (in $000's, except per share amounts)

 
   

Three Months Ended December 31,

   

Twelve Months Ended December 31,

2011     2010 2011     2010
(Unaudited)
Revenues:
Online $ 26,009 $ 24,265 $ 92,303 $ 82,330
Events   2,929   2,627   13,195   12,679
Total revenues 28,938 26,892 105,498 95,009
Cost of revenues:
Online(1) 5,500 5,359 22,373 20,402
Events(1)   1,158   854   4,765   4,313
Total cost of revenues   6,658   6,213   27,138   24,715
Gross profit 22,280 20,679 78,360 70,294
Operating expenses:
Selling and marketing(1) 10,589 9,476 39,586 37,291
Product development(1) 1,998 2,038 7,688 8,661
General and administrative(1) 3,319 3,859 13,680 15,530
Restructuring charge 384
Depreciation 758 630 2,759 2,389
Amortization of intangible assets   946   1,122   3,976   4,523
Total operating expenses 17,610 17,125 68,073 68,394
Operating income 4,670 3,554 10,287 1,900
 
Interest income, net 25 52 57 322
Other expense, net     (146 )     (146 )
 
Income before provision for income taxes 4,695 3,460 10,344 2,076
Provision for income taxes   2,713   2,136   5,655   3,258
 
Net income (loss) $ 1,982 $ 1,324 $ 4,689 $ (1,182 )
 
Net income (loss) per common share:
Basic $ 0.05 $ 0.03 $ 0.12 $ (0.03 )
 
Net income (loss) per common share:
Diluted $ 0.05 $ 0.03 $ 0.12 $ (0.03 )
 
Weighted average common shares outstanding:
Basic   39,344   42,450   38,532   42,771
 
Weighted average common shares outstanding:
Diluted   40,536   44,935   40,210   42,771
 

(1) Amounts include stock-based compensation expense as follows:

Cost of online revenues $ 76 $ 37 $ 273 $ 173
Cost of events revenues 27 18 91 87
Selling and marketing 1,324 1,208 4,713 6,380
Product development 126 100 443 520
General and administrative 262 472 1,949 3,841
 
 

TECHTARGET, INC.

Reconciliation of Net Income (Loss) to Adjusted EBITDA

(in $000’s)

       

For the Three Months Ended December 31,

For the Twelve Months Ended December 31,

2011   2010 2011     2010
(Unaudited)
 
Net income (loss) $ 1,982 $ 1,324 $ 4,689 $ (1,182 )
Interest income, net (25 ) (52 ) (57) ( 322 )
Other expense, net - 146 - 146
 
 
Provision for income taxes 2,713 2,136 5,655 3,258

Restructuring charge

- - 384 -
Amortization of purchase price adjustment 323 - 398 -
Depreciation 758 630 2,759 2,389
Amortization of intangible assets   946   1,122   3,976   4,523
EBITDA   6,697   5,306   17,804   8,812
Stock-based compensation expense   1,815   1,835   7,469   11,001
Adjusted EBITDA $ 8,512 $ 7,141 $ 25,273 $ 19,813
 
 

TECHTARGET, INC.

Reconciliation of Net Income (Loss) to Adjusted Net Income and Net Income (Loss) per Diluted Share to

Adjusted Net Income per Share

(in $000's, except per share amounts)

       

For the Three Months Ended December 31,

For the Twelve Months Ended December 31,

2011   2010 2011   2010
(Unaudited)
 
Net income (loss) $ 1,982 $ 1,324 $ 4,689 $ (1,182 )
Amortization of intangible assets 946 1,122 3,976 4,523
Restructuring charge - - 384 -
Stock-based compensation expense 1,815 1,835 7,469 11,001
Amortization of purchase price adjustment   323   -   398   -
Impact of income taxes   (490 )   (1,034 )   (4,003 )   (5,806 )
Adjusted net income $ 4,576 $ 3,247 $ 12,913 $ 8,536
 
Net income (loss) per diluted share $ 0.05 $ 0.03 $ 0.12 $ (0.03 )
 
Weighted average diluted shares outstanding   40,536   44,935   40,210   42,771
 
Adjusted net income per share $ 0.11 $ 0.07 $ 0.32 $ 0.19
Adjusted weighted average diluted shares outstanding   40,536   44,935   40,210   45,005
Options, warrants and restricted stock, treasury method included in adjusted weighted average diluted shares above   -   -   -   2,234
 
Weighted average diluted shares outstanding   40,536   44,935   40,210   42,771
 
 
TECHTARGET, INC.
Financial Guidance for the Three Months Ended March 31, 2012
(in $000's)
   

For the Three Months Ended March 31, 2012

Range
   
Revenues $ 23,500 $ 24,500
 
Adjusted EBITDA $ 3,300 $ 3,900
Depreciation, amortization and stock-based compensation $ 3,262 $ 3,262
Interest and other income, net $ 20 $ 20
Provision for income taxes $ 30 $ 306
Net income $ 28 $ 352




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