TechTarget Reports Fourth Quarter And Full Year 2011 Financial Results

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

« First ‹ Previous 1 2 3 4 5 6 Next › Last »