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TheStreet Open House

TechTarget Reports First Quarter 2012 Financial Results

About TechTarget

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.

TechTarget has offices in Atlanta, Beijing, Boston, Cincinnati, London, Mumbai, San Francisco, Singapore 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 and the TechTarget logo are registered trademarks, and Activity Intelligence, Social Engage, SearchFinancialApplications.com and SearchSolidStateStorage.com 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)
  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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