TechTarget Reports First Quarter 2012 Financial Results

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TechTarget (NASDAQ: TTGT) is the online intersection of serious technology buyers, targeted technical content and technology providers worldwide. Our extensive network of online and social media, powered by TechTarget’s Activity Intelligence™ platform, redefines how technology marketers view and engage technology buyers based on their active projects, specific technical priorities and business needs. With more than 100 technology-specific websites and a wide selection of custom advertising, branding, and lead generation solutions, TechTarget delivers unparalleled reach and innovative opportunities to drive technology marketing success around the world.

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TECHTARGET, INC.
Consolidated Statements of Operations
(in $000's, except per share amounts)
		For the Three Months Ended March 31,
		2012				2011
		(Unaudited)
Revenues:
Online		$	22,071			$	20,380
Events			1,643				2,186
Total revenues			23,714				22,566
Cost of revenues:
Online (1)			6,041				5,606
Events (1)			764				877
Total cost of revenues			6,805				6,483
Gross profit			16,909				16,083
Operating expenses:
Selling and marketing (1)			9,163				8,631
Product development (1)			1,855				1,946
General and administrative (1)			3,649				3,799
Depreciation			767				641
Amortization of intangible assets			937				1,086
Total operating expenses			16,371				16,103
Operating income (loss)			538				(20	)
Interest income, net			25				6
Income (loss) before provision for income taxes			563				(14	)
Provision for income taxes			198				61
Net income (loss)		$	365			$	(75	)
Net income (loss) per common share:
Basic and diluted		$	0.01			$	(0.00	)
Weighted average common shares outstanding:
Basic			39,862				37,940
Diluted			40,853				37,940
(1) Amounts included in stock-based compensation as follows:
Cost of online revenues		$	53			$	70
Cost of events revenues			4				22
Selling and marketing			731				1,158
Product development			65				106
General and administrative			441				644

TECHTARGET, INC. Reconciliation of Net Income (Loss) to Adjusted EBITDA (in $000’s)
		For the Three Months Ended March 31,
		2012				2011
Net income (loss)		$	365			$	(75	)
Interest income, net			(25	)			(6	)
Provision for income taxes			198				61
Depreciation			767				641
Amortization of intangible assets			937				1,086
EBITDA			2,242				1,707
Stock-based compensation expense			1,294				2,000
Adjusted EBITDA		$	3,536			$	3,707

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 March 31,
		2012				2011
Net income (loss)		$	365			$	(75	)
Amortization of intangible assets			937				1,086
Stock-based compensation expense			1,294				2,000
Impact of income taxes			945				1,310
Adjusted net income		$	1,651			$	1,701
Net income (loss) per diluted share		$	0.01			$	(0.00	)
Weighted average diluted shares outstanding			40,853				37,940
Adjusted net income per share		$	0.04			$	0.04
Adjusted weighted average diluted shares outstanding			40,853				41,034
Options, warrants and restricted stock, treasurymethod included in adjusted weighted averagediluted shares above			-				3,094
Weighted average diluted shares outstanding			40,853				37,940

TECHTARGET, INC.
Financial Guidance for the Three Months Ended June 30, 2012
(in $000's)
		For the Three Months Ended June 30, 2012
		Range
Revenues		$	26,100			$	27,300
Adjusted EBITDA		$	5,566			$	6,266
Depreciation, amortization and stock-based compensation			2,816				2,816
Interest and other income, net			24				25
Provision for income taxes			1,193				1,494
Net income		$	1,581			$	1,981

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