TechTarget Inc (TTGT) 2022 Q4 法說會逐字稿

Hello and welcome to the TechTarget Reports Fourth Quarter and Full Year 2022 Financial Results Conference Call and Webcast. My name is Lauren, and I will be coordinating your call today. (Operator Instructions)

大家好，歡迎來到 TechTarget 報告第四季度和 2022 年全年財務業績電話會議和網絡廣播。我叫勞倫，今天我將負責協調您的來電。 （操作員說明）

I will now hand you over to your host, Charlie Rennick, General Counsel, to begin. Charlie, please go ahead.

我現在將把你們交給你們的東道主，總法律顧問 Charlie Rennick，開始。查理，請繼續。

Thank you, Lauren, and good morning. Joining me today are Greg Strakosch, our Executive Chairman; Mike Cotoia, our CEO; and Dan Noreck, our CFO.

謝謝你，勞倫，早上好。今天加入我的是我們的執行主席 Greg Strakosch；我們的首席執行官 Mike Cotoia；和我們的首席財務官 Dan Noreck。

Before turning the call over to Greg, I'd like to remind everyone on the call of our earnings release process. As previously announced, in order to provide you with an update on our business in advance of the call, we posted our shareholder letter on the Investor Relations section of our website and furnished it on a Form 8-K. Following Greg's introductory remarks, the management team will be available to answer your questions.

在將電話轉給格雷格之前，我想提醒大家注意我們的收益發布流程。正如之前宣布的那樣，為了在電話會議之前向您提供我們業務的最新信息，我們在我們網站的投資者關係部分發布了我們的股東信，並以 8-K 表格的形式提供。在 Greg 的介紹性發言之後，管理團隊將可以回答您的問題。

Any statements made today by TechTarget that are not factual, including during the Q&A, may be considered forward-looking statements. These forward-looking statements, which are subject to risks and uncertainties, are based on assumptions and are not guarantees of our future performance. Actual results may differ materially from our forecast and from these forward-looking statements.

TechTarget 今天發表的任何不符合事實的陳述，包括在問答期間發表的陳述，都可能被視為前瞻性陳述。這些受風險和不確定因素影響的前瞻性陳述是基於假設的，並不是我們未來業績的保證。實際結果可能與我們的預測和這些前瞻性陳述存在重大差異。

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our filing with the SEC. These statements speak only as of the date of this call, and TechTarget undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law.

前瞻性陳述涉及許多風險和不確定性，包括我們向美國證券交易委員會提交的文件的風險因素部分中討論的風險和不確定性。這些聲明僅在本次電話會議召開之日發表，除法律要求外，TechTarget 不承擔任何修改或更新任何前瞻性聲明以反映本次電話會議後可能發生的事件的義務。

Finally, we may also refer to certain financial measures not prepared in accordance with GAAP. A reconciliation of certain of these non-GAAP financial measures to the most comparable GAAP measures, to the extent available without unreasonable effort, accompanies our shareholder letter.

最後，我們還可以參考某些未按照公認會計原則編制的財務指標。我們的股東信隨附了這些非 GAAP 財務措施中的某些措施與最具可比性的 GAAP 措施的對賬，在無需不合理努力的情況下。

With that, I'll turn the call over to Greg.

有了這個，我會把電話轉給格雷格。

Great. Thank you, Charlie. For the full year 2022, GAAP revenue grew 13% to approximately $297.5 million; adjusted revenue grew 9% to approximately $299.2 million.

偉大的。謝謝你，查理。 2022 年全年，GAAP 收入增長 13% 至約 2.975 億美元；調整後收入增長 9%，達到約 2.992 億美元。

Net income was approximately $41.6 million, an increase of 4,285%; adjusted EBITDA grew 16% to $122.4 million; net income margin was 14%; adjusted EBITDA margin was 41%.

淨收入約為 4160 萬美元，增長 4285%；調整後的 EBITDA 增長 16% 至 1.224 億美元；淨利潤率為 14%；調整後的 EBITDA 利潤率為 41%。

GAAP gross margin was 74%; adjusted gross margin was 77%.

GAAP 毛利率為 74%；調整後的毛利率為 77%。

Longer-term revenue grew 18% to $123.5 million, representing 41% of total revenue.

長期收入增長 18% 至 1.235 億美元，佔總收入的 41%。

Cash flow from operations was $90.7 million; free cash flow was $76.7 million.

運營現金流為 9070 萬美元；自由現金流為 7670 萬美元。

For Q4 2022, GAAP revenue was approximately $73 million, a decrease of 5%; adjusted revenue decreased 7% to approximately $73 million.

2022 年第四季度，GAAP 收入約為 7300 萬美元，下降 5%；調整後收入下降 7% 至約 7300 萬美元。

Net income was approximately $7.2 million, an increase of 145%; adjusted EBITDA decreased 9% to $29.5 million. Net income margin was 10%; adjusted EBITDA margin was 40%.

淨收入約為 720 萬美元，增長 145%；調整後的 EBITDA 下降 9% 至 2950 萬美元。淨利潤率為10%；調整後的 EBITDA 利潤率為 40%。

GAAP gross margin was 73%; adjusted gross margin was 76%.

GAAP 毛利率為 73%；調整後的毛利率為 76%。

Longer-term revenue grew 5% to $29 million, representing 40% of revenue.

長期收入增長 5% 至 2900 萬美元，佔收入的 40%。

Cash flow from operations was $19.8 million; free cash flow was $16.6 million.

運營現金流為 1980 萬美元；自由現金流為 1660 萬美元。

I will now open the call to questions.

我現在將開始提問。

(Operator Instructions) Our first question is from Justin Patterson from KeyBanc.

（操作員說明）我們的第一個問題來自 KeyBanc 的 Justin Patterson。

Two, if I can. First, just with respect to the macro environment, you've been through cycles before. So could you give some context on just how the current environment compares to past periods of anxiety and elongated sales cycles that you've seen? And how long do you think that could last and pressure some of the KPIs that you said deteriorated a bit in Q4?

兩個，如果可以的話。首先，就宏觀環境而言，你之前經歷過週期。那麼，您能否提供一些背景信息，說明當前環境與您所看到的過去的焦慮時期和延長的銷售週期相比如何？您認為這種情況會持續多久並對您所說的第四季度有所惡化的某些 KPI 施加壓力？

And then secondarily, I just wanted to talk about efficiency. I saw the head count reduction in there. You alluded to some other potential savings on excess office space. So kind of walk through what savings is contemplated in the guide today and where you think you have some further opportunities over the course of the year.

其次，我只想談談效率。我看到那裡的人數減少了。您提到過剩辦公空間的其他一些潛在節省。因此，請大致了解一下今天的指南中考慮了哪些節省，以及您認為在這一年中您還有哪些進一步的機會。

Great. Yes, Justin, in terms of the macro cycles, what we've seen is -- I think it's been highlighted and documented over the last 45 days, how quick and material companies are laying off and it's very widespread. So we started seeing signs of that a little bit after our Q3 earnings call in November, but it really was the middle of December and all the way through today where there is widespread, quick and very deep cuts.

偉大的。是的，賈斯汀，就宏觀週期而言，我們所看到的是——我認為在過去的 45 天裡，它已經被強調和記錄，公司裁員的速度和材料有多快，而且非常普遍。因此，我們在 11 月份的第三季度財報電話會議之後開始看到這種跡象，但實際上是在 12 月中旬，一直到今天，我們都在進行廣泛、快速和非常大幅度的削減。

So when we see that -- and I don't recall in past cycles, the material cuts and the deep cuts and how fast they came. So there's a behavior element to that where when customers cut head count, they were also very nervous on allocating any budget, and they made those quick decisions to hold on. So everything that our brands seeing, conversations with customers, partners, so even some of the competitors is Q4 got worse. It got really bad at the end of December, worse than Q3, and Q1 is off to a slow start because of this behavior.

因此，當我們看到這一點時——我不記得在過去的周期中，材料削減和深度削減以及它們來得有多快。因此，當客戶裁員時，有一個行為因素，他們在分配任何預算時也非常緊張，因此他們迅速做出了堅持的決定。所以我們的品牌看到的一切，與客戶、合作夥伴的對話，甚至一些競爭對手在第四季度變得更糟。它在 12 月底變得非常糟糕，比第三季度還糟糕，並且由於這種行為，第一季度開始緩慢。

So I think that's something that we've seen on that. And that's obviously going to elongate sales cycles, budget reviews, approvals, and that's continuing as we see in today currently.

所以我認為這是我們已經看到的。這顯然會延長銷售週期、預算審查、批准，而且正如我們今天所看到的那樣，這種情況仍在繼續。

In terms of efficiency, yes, we had a reduction in head count in December of about 5% of the workforce. And as we go into this year, we've announced a 90-day hiring freeze and a budget freeze on that, only imperative business travel for customer and employing customer engagement. We are looking at lease and subletting some of the buildings and office space. And we feel that we're in a pretty good shape.

在效率方面，是的，我們在 12 月份減少了約 5% 的員工人數。隨著我們進入今年，我們宣布了 90 天的招聘凍結和預算凍結，只有客戶和僱用客戶參與的必要商務旅行。我們正在考慮租賃和轉租一些建築物和辦公空間。我們覺得我們的狀態非常好。

It's really important that even during a downturn that we stay opportunistic around the key priorities that will help, which we've seen historically covered us for a while, where we take an opportunity to take market share by making the right investments.

非常重要的是，即使在經濟低迷時期，我們也要圍繞有幫助的關鍵優先事項保持機會主義，我們在歷史上已經看到這些優先事項覆蓋了我們一段時間，我們藉此機會通過進行正確的投資來佔據市場份額。

So yes, we've down -- we've lowered our overall EBITDA margin guidance to 35%. Could we have maintained at 40%? We believe we could, but I don't think it would have been the right decision in terms of addressing the short-term opportunity to take advantage and gain market share for the long-term growth opportunity because the overall trends that we've seen and we've talked about over the last 3 years haven't changed.

所以是的，我們已經下調了——我們已經將我們的整體 EBITDA 利潤率指導下調至 35%。我們能保持在40%嗎？我們相信我們可以，但我認為就解決短期機會利用和獲得市場份額以獲得長期增長機會而言，這不是正確的決定，因為我們看到的總體趨勢在過去的 3 年裡，我們談論的內容沒有改變。

When you look at our customers, their sales and marketing departments have to be modernized, and they really want to focus on first-party data, having access to real first-party data, not only at the account level but the individual prospect level, is really critical to our customers. And privacy and compliance concerns that continue to go -- address this market really put us -- those long-term elements and those long-term, I'll call it, tailwinds don't really go away even during a downturn in the macro. So...

當你看看我們的客戶時，他們的銷售和營銷部門必須現代化，他們真的想專注於第一方數據，能夠訪問真實的第一方數據，不僅在賬戶層面，而且在個人潛在客戶層面，對我們的客戶來說真的很重要。隱私和合規問題繼續存在——解決這個市場真的讓我們——那些長期的因素和那些長期的，我稱之為，順風即使在宏觀經濟低迷期間也不會真正消失.所以...

Our next question is from Aaron Kessler from Raymond James.

我們的下一個問題來自 Raymond James 的 Aaron Kessler。

Maybe a couple of questions on kind of the guidance as well. Just in terms of kind of the reduction in spend, is that kind of across all client types, all sizes?

也許還有一些關於指南的問題。就支出減少的種類而言，是否適用於所有客戶類型、所有規模？

And second, any product areas you would call out specifically where you see more pressures are more in the advertising side versus Priority Engine, et cetera?

其次，與 Priority Engine 等相比，廣告方面的壓力更大，您會具體指出哪些產品領域？

Yes. We're seeing reduction across all customer bases from SMB, mid-market to enterprise. It is -- like I mentioned in the previous answer, it's been really quick and really wide and really deep on that. So we've seen that across the board. I think customers are trying to reset their costs, manage their budget, figure out what's going on. And I've seen probably the highest level of uncertainty than I've seen in previous downturns.

是的。我們看到從 SMB、中端市場到企業的所有客戶群都在減少。就像我在之前的回答中提到的那樣，它真的很快，非常廣泛，而且非常深入。所以我們已經全面看到了這一點。我認為客戶正試圖重新設定他們的成本，管理他們的預算，弄清楚發生了什麼。而且我所看到的不確定性可能是我在之前的經濟低迷時期所看到的最高水平。

In terms of product mix, yes, we actually do see a mix in product spend and product mix. The first thing that will absolutely get pulled back is the brand. And we've talked about this in the past. It's less than 10% of our overall business, really hard to measure for companies, and they pull that back. When markets get better, that's probably one of the first things they come back on, and they will increase their brand investments on that side.

就產品組合而言，是的，我們確實看到了產品支出和產品組合的混合。絕對會被拉回的第一件事是品牌。我們過去也談過這個。它不到我們整體業務的 10%，對公司來說真的很難衡量，他們把它拉回來了。當市場好轉時，這可能是他們回歸的第一件事，他們將在這方面增加品牌投資。

We also see a reallocation. We'll see that some of the long-term contracts, which might be a Priority Engine, might get reallocated to short-term product needs. So we have a qualified sales opportunity HQL type of product, where our customers are trying to win any deal that they can see right now and they want to have more form of the funnel type of product mix that they can do. So we'll start seeing that mix.

我們還看到了重新分配。我們會看到一些長期合同（可能是優先引擎）可能會重新分配給短期產品需求。因此，我們有一個合格的銷售機會 HQL 類型的產品，我們的客戶正在努力贏得他們現在可以看到的任何交易，並且他們希望擁有更多他們可以做的漏斗類型的產品組合。所以我們將開始看到這種混合。

I've talked to some customers where they had allocated to appointment setting for the short term. What I would say on that is it's really important for customers to manage their pipeline because this is what we typically see. We see customers will retreat, leverage their own data right now, try to orchestrate it in a very organized way. And they are looking at a pipeline that they appear to be healthy. And if that pipeline doesn't progress over the next quarter or 2 quarters and it doesn't progress into closed deals, they then realize that they still have numbers to hit. They have to quickly get that pipeline built up.

我已經與一些客戶進行了交談，他們在這些客戶中分配了短期預約設置。我要說的是，客戶管理他們的管道非常重要，因為這是我們通常看到的。我們看到客戶會撤退，現在就利用他們自己的數據，嘗試以一種非常有組織的方式對其進行編排。他們正在尋找一條看起來很健康的管道。如果該管道在下個季度或兩個季度內沒有進展並且沒有進入已完成的交易，他們就會意識到他們仍然有很多數字可以實現。他們必須迅速建立管道。

And what we've seen historically, and we've predicted this will happen again, there's a quick flight back to quality. And that's where our first-party intent data at -- not only at account level but at the prospect level is really what we believe is the quickest path and the truest path to our company's next deal, our customers' opportunity to land the next deal.

我們從歷史上看到的，並且我們預測這種情況會再次發生，質量會迅速回升。這就是我們的第一方意圖數據——不僅在賬戶層面，而且在潛在客戶層面，我們認為這是我們公司下一筆交易的最快路徑和最真實的路徑，我們的客戶有機會達成下一筆交易.

Got it. Great. And any more color you can provide -- or, in the letter, you talk about investments in the Content Enablement Services as well as the Content to Close concept. Can you just provide a little bit more details around that?

知道了。偉大的。以及您可以提供的任何更多顏色——或者，在信中，您談到了對內容支持服務的投資以及內容關閉概念。你能提供更多細節嗎？

Yes. We believe that, that is still a really good growth area, and we're seeing that part of the business continue to grow. We talked about the dynamics and the demographics of today's buyer. Today's buyer, we've seen in multiple studies and what we're seeing in our own research, a majority of those buyers today want a rep-less experience when they're dealing with their next purchase or their next opportunity.

是的。我們相信，這仍然是一個非常好的增長領域，我們看到這部分業務繼續增長。我們討論了當今買家的動態和人口統計數據。今天的買家，我們在多項研究和我們自己的研究中看到，今天的大多數買家在處理下一次購買或下一次機會時希望獲得無代表的體驗。

And what does that mean? They want to engage relevant information, relevant content, project-based content really to help guide them without having to take a call for the sales rep. We made the acquisition of ESG a couple of years ago, and we really focused on our efforts around making sure that our customers have a good content experience to help them position their product, position their overall company's value prop against the competitive set.

那是什麼意思？他們想要真正參與相關信息、相關內容、基於項目的內容來幫助指導他們，而不必打電話給銷售代表。我們在幾年前收購了 ESG，我們真正專注於確保我們的客戶擁有良好的內容體驗，以幫助他們定位他們的產品，定位他們的整個公司的價值支柱以對抗競爭對手。

But also, and especially in times like this, there's economic validation. Why should you be buying my solution right now in a downturn? And our customers are really craving for that, saying, we need to make sure that we're taking advantage of the downturn to capture market share as well.

而且，尤其是在這樣的時代，還有經濟上的驗證。您為什麼要在經濟低迷時期立即購買我的解決方案？我們的客戶真的很渴望這樣，他們說，我們需要確保我們也在利用經濟低迷來奪取市場份額。

So that's all part of this end-to-end Content to Close concept: helping our customers build, create and execute on the right content and messaging strategy, putting that content into the right executable programs to engage the right buyers, and then helping prioritize those buyers in accounts back into their sales force through our Priority Engine and other platforms that we can then help them close more deals quickly.

因此，這就是端到端內容到關閉概念的全部內容：幫助我們的客戶構建、創建和執行正確的內容和消息傳遞策略，將該內容放入正確的可執行程序中以吸引正確的買家，然後幫助確定優先級那些賬戶中的買家通過我們的 Priority Engine 和其他平台返回到他們的銷售團隊，然後我們可以幫助他們快速完成更多交易。

Our next question is from Joshua Reilly from Needham.

我們的下一個問題來自 Needham 的 Joshua Reilly。

The Q1 guidance implies below normal seasonal trends that typically include a sequential decline in revenue of roughly 10%. What does this imply for the normal seasonal pattern for the business in 2023, where Q2 and Q4 are typically your strongest quarters? Do you still expect that dynamic to play out in 2023 just off of an overall lower revenue base, implying that revenue should improve sequentially in Q2?

第一季度指引暗示低於正常的季節性趨勢，通常包括收入連續下降約 10%。這對 2023 年業務的正常季節性模式意味著什麼，第二季度和第四季度通常是您最強勁的季度？您是否仍然預計這種動態會在 2023 年在整體較低的收入基礎上發揮作用，這意味著收入應該在第二季度連續改善？

Yes. Good question, Joshua. So based on what we see right now, the pattern should stay pretty consistent on that. In Q1, as you see, it's lower than our normal seasonality. And that's because what we talked about earlier, the end of December and out of the gates in Jan, we're just seeing a lot of customers really trying to navigate their budgets and their cost cutting. And obviously, that's account of some of massive layoffs that we've seen.

是的。好問題，約書亞。因此，根據我們現在看到的情況，該模式應該與此保持一致。如您所見，在第一季度，它低於我們的正常季節性。那是因為我們之前談到的，12 月底和 1 月份剛開始的時候，我們只是看到很多客戶真的在努力控制他們的預算和削減成本。顯然，這是我們看到的一些大規模裁員的原因。

But we expect Q2 to grow. Q3 would be relatively consistent with Q2, maybe up slightly. And then Q4 would be our biggest quarter. And when you take a look at that and you compare it even to last year's comps, we still believe that pattern will shake out for 2023.

但我們預計第二季度會增長。第三季度與第二季度相對一致，可能略有上升。然後第四季度將是我們最大的季度。當你看一下它，甚至將它與去年的比較進行比較時，我們仍然相信這種模式將在 2023 年發生變化。

Got it. That's super helpful. And then if you look at the customer additions of 539 in 2022, that's a really pretty strong impressive number. Given the lower outlook here for 2023, is the slower spending include these new customers that you just brought on in the last year, spending less as well? Or can you give us any color on either the profile of the customers that you added in terms of technology vertical or size? And how are they going to spend in terms of your expectations this year?

知道了。這非常有幫助。然後，如果您查看 2022 年新增的 539 位客戶，那將是一個非常強大的數字。鑑於 2023 年的前景較低，支出放緩是否包括您去年剛剛帶來的這些新客戶，支出也減少了？或者，您能否就您在技術垂直或規模方面添加的客戶資料給我們任何顏色？根據您的期望，他們今年將如何支出？

Yes. I think in terms of the new customers that we added, it spreads across all of our customer segmentations. So a lot of small customers and some midsized customers and then add on too a few of the larger customers as well. And we've added those customers throughout 2022, but they're also going to be going through -- we're baking into everything of our guidance today of what we know and what we're seeing in the behavior in the market.

是的。我認為就我們添加的新客戶而言，它分佈在我們所有的客戶細分中。所以很多小客戶和一些中型客戶，然後也增加了一些大客戶。我們在整個 2022 年都增加了這些客戶，但他們也將經歷這些客戶——我們今天將我們所知道的和我們在市場行為中看到的一切融入我們的指導中。

So those customers will also have decisions to make in terms of budget coming out of the gate, managing expenses and then identifying where they're wide on pipeline. And we believe that the -- a lot of those customers will stay with us. Some will grow, some may reduce their spend, some may delay their spend.

因此，這些客戶還將在剛開始的預算、管理費用以及確定他們在管道中的廣泛位置方面做出決定。我們相信 - 很多客戶會留在我們身邊。有些會增長，有些可能會減少支出，有些可能會延遲支出。

But I think the one common theme that we've seen even in past downturns is when you identify the current pipeline within customers not progressing and trying to do it with their own data or leverage what they currently have, there is a fight back to quality. When that happens, we're not sure. I mean this market has changed so much in the last 45 days, and we continue to see announcements every day in terms of massive layoffs. But that's what we expect to see going into 2023.

但我認為，即使在過去的經濟低迷時期，我們也看到了一個共同的主題，那就是當你發現客戶當前的管道沒有進展，並試圖用他們自己的數據來做到這一點或利用他們目前擁有的數據時，就會出現一場對質量的反擊.當這種情況發生時，我們不確定。我的意思是這個市場在過去 45 天裡發生了很大變化，我們每天都在繼續看到大規模裁員的公告。但這就是我們預計到 2023 年會看到的情況。

Our next question is from Bryan Bergin from Cowen.

我們的下一個問題來自 Cowen 的 Bryan Bergin。

Zack Ajzenman on for Bryan. First question on guidance and visibility. Just curious on the macro considerations that you're embedding here for the calendar '23 outlook. And what's the underlying Priority Engine growth assumption?

Zack Ajzenman 換下 Bryan。關於指導和知名度的第一個問題。只是對您在此處嵌入的日曆 '23 展望的宏觀考慮感到好奇。什麼是潛在的 Priority Engine 增長假設？

I think the macro considerations that we're taking is today's reality. Like we're taking a look at what we know right now, what we've seen in the last 30 days or 45 days, and that's what we've baked into our guidance.

我認為我們正在採取的宏觀考慮是今天的現實。就像我們正在審視我們現在所知道的，我們在過去 30 天或 45 天裡所看到的，這就是我們已經納入指南的內容。

As I mentioned, it's moved so fast in the last 45 days. I mean you can see the announcements, you can see the depth of cuts, and you can see the breadth of cuts. So we can only predict based on what we know and what we're experiencing today.

正如我提到的，它在過去 45 天裡發展得如此之快。我的意思是你可以看到公告，你可以看到削減的深度，你可以看到削減的廣度。所以我們只能根據我們所知道的和我們今天所經歷的來預測。

And in terms of Priority Engine, I expect that to slow down this year because that's a commitment to long-term contracts. We've seen that in the past where people might slow it down. We might see a deceleration in revenue for the first couple of quarters on that. And when things turn around, again, what we're doing not only on the business side, on the product development side, we expect to see on the booking side a pickup after we navigate through that.

就優先引擎而言，我預計今年會放緩，因為這是對長期合同的承諾。我們已經看到過去人們可能會放慢速度。我們可能會看到前幾個季度的收入減速。當事情發生轉機時，我們不僅在業務方面，在產品開發方面所做的事情，我們希望在我們瀏覽之後在預訂方面看到一個皮卡。

So I think you're going to see it decline a little bit during the year. We've seen that with the behavior of our customers at the end of December and the beginning of January. And that's really what was all based on what we are dealing with right now and today's customer behavior.

所以我認為你會看到它在這一年裡會有所下降。我們已經從客戶在 12 月底和 1 月初的行為中看到了這一點。這真的是基於我們現在正在處理的事情和今天的客戶行為。

Understood. And then a follow-up on the same customer sales metric. It stood at 100% in 2022. So it was about flattish. Can you give us a sense of where this metric stood after the first 9 months of the year? Just trying to get a sense of what changed in 4Q as it relates to the same customer sales metric. And what's the assumption embedded for same customer sales in the 2023 outlook?

明白了。然後跟進相同的客戶銷售指標。它在 2022 年保持在 100%。所以它幾乎持平。你能告訴我們這個指標在今年前 9 個月後的情況嗎？只是想了解第四季度發生了什麼變化，因為它與相同的客戶銷售指標相關。 2023 年展望中相同客戶銷售的假設是什麼？

So we only disclose that on an annual basis. And that's when we started providing these numbers 2 years ago or 3 years ago, it was on the annual basis. So we don't want to disclose on the quarterly basis. But I would say that there'll be some pressure on that number in 2023.

所以我們只每年披露一次。那是我們在 2 年前或 3 年前開始提供這些數字的時候，它是按年度計算的。所以我們不想按季度披露。但我想說，到 2023 年，這個數字會有一些壓力。

We monitor it. We don't disclose it each quarter, but I would just say there'll be a little bit of pressure just based on today's current customer behavior and their pullback on short-term budgets.

我們監控它。我們不會每個季度都披露它，但我只想說，根據今天當前的客戶行為和他們對短期預算的縮減，會有一點壓力。

Our next question is from Bhavin Shah from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bhavin Shah。

Just one quick one in terms of the different products that you guys have. And completely understanding that brand marketing can shift pretty quickly depending on the macro. But maybe what are some of the trends that you're seeing in solutions such as Priority Engine? Are customers being proactive here and maybe reducing spend as they're reducing head count? Or is that something that they might look to do upon renewal?

就你們擁有的不同產品而言，只是一個快速的例子。並且完全理解品牌營銷可以根據宏觀快速轉變。但也許您在 Priority Engine 等解決方案中看到的一些趨勢是什麼？客戶是否在這方面積極主動，並可能在裁員時減少開支？或者這是他們在更新時可能希望做的事情？

Bhavin, I think you cut out for a little bit. But in terms of -- you talked about the brand piece and that just turning it on the Priority Engine. We're seeing some people delay their renewals because they don't want to commit to the annual or multiyear deals. We're seeing a shift on some of those, on the product shift from Priority Engine to some of our qualified sales opportunities and HQL products because, again, customers will look at it. They have a lot of pressure to land the current pipeline that they have in place. They want as much information to help land those deals, identify new deals and close them over the next 30 to 45 days. So we'll continue to see some of those shifts.

Bhavin，我覺得你有點停頓了。但就——你談到了品牌部分，只是在優先引擎上打開它。我們看到一些人推遲續約，因為他們不想承諾年度或多年的交易。我們看到其中一些發生了轉變，產品從 Priority Engine 轉變為我們的一些合格銷售機會和 HQL 產品，因為客戶會再次關注它。他們面臨著很大的壓力，要讓他們現有的管道落地。他們需要盡可能多的信息來幫助達成這些交易、確定新交易並在接下來的 30 到 45 天內完成交易。因此，我們將繼續看到其中一些轉變。

I mentioned earlier, we're actually speaking to a couple of customers and they said, listen, we're putting a lot of stuff on hold right now. We'll be back in a quarter or we'll back in 2 quarters, and we're looking at appointment setting because we need to see some short-term numbers.

我之前提到過，我們實際上正在與幾個客戶交談，他們說，聽著，我們現在擱置了很多東西。我們將在一個季度或兩個季度後回來，我們正在考慮約會設置，因為我們需要看到一些短期數字。

You can turn on that and in terms of the -- that approach is, you really negatively impact your pipeline, and you have to be looking at this more than over a 30-day or a 90-day period. So customers might reallocate their budget. We have a lot of customers that want to stay with us in terms of buying the content marketing, content syndication, QSOs. But you will see a shift over the next quarter, possibly 2 in terms of where budgets get tight or reduced, they may reallocate to more of this short-term gratification, I need to be in front of a customer or a prospect ASAP.

你可以打開它，就這種方法而言，你確實會對你的管道產生負面影響，你必須在 30 天或 90 天的時間內更多地關注它。因此，客戶可能會重新分配他們的預算。我們有很多客戶希望在購買內容營銷、內容聯合、QSO 方面與我們保持一致。但是你會在下個季度看到一個轉變，可能是 2 在預算緊張或減少方面，他們可能會重新分配更多的這種短期滿足，我需要盡快在客戶或潛在客戶面前。

But that -- we've seen this before, and the pendulum swings back to flight back to quality. I need to get in front of the customers. Where are my customers when they're not with me? The research on the TechTarget sites and communities that our editorial team produces and our analyst team produces, and that will come back in our prediction.

但是那——我們之前已經看到了這一點，鐘擺又擺回飛行回到質量。我需要站在顧客面前。當我的客戶不在我身邊時他們在哪裡？我們的編輯團隊和分析師團隊對 TechTarget 網站和社區進行的研究，將在我們的預測中回歸。

Got it. Super helpful. Just one quick follow-up. In terms of -- just some of what you just mentioned in terms of your content on your websites, what are you seeing in terms of traffic trends or change in registered users more real time? Have you seen a decline as maybe enterprises are less apt to kind of make IT purchases? Or are you seeing that remain stable?

知道了。超級有幫助。只是一個快速跟進。就您剛才提到的您網站上的內容而言，您在流量趨勢或註冊用戶更實時的變化方面看到了什麼？您是否看到過下降，因為企業可能不太願意進行 IT 採購？還是您看到它保持穩定？

Actually -- it's actually the opposite. It's been very positive. So our organic traffic increased 50% year-over-year. So that tells me that our customers, their prospects and their customers are going to our sites to get information.

實際上——恰恰相反。這是非常積極的。因此，我們的自然流量同比增長了 50%。所以這告訴我，我們的客戶、他們的潛在客戶和他們的客戶都將訪問我們的網站以獲取信息。

Now these deals might get extended. It may get elongated as well, just like we were seeing with our customers. But they're actively researching because they know they have to make the right technology decision at the right time, and they're leveraging our sites.

現在這些交易可能會延長。它也可能會被拉長，就像我們在客戶那裡看到的那樣。但他們正在積極研究，因為他們知道他們必須在正確的時間做出正確的技術決策，並且他們正在利用我們的網站。

And that's also been shown in our Google Search rankings. We have 1.2 million search terms that rank 1 on Page 1 of Google. So we're seeing the activity there. And what we've really said to our customers are, your prospects and your existing customers research with TechTarget. And that is proven based on the organic growth in traffic of 50% and 1.2 million key terms that are ranked on Page 1 of Google organically.

這也顯示在我們的 Google 搜索排名中。我們有 120 萬個搜索詞，在 Google 的第 1 頁上排名第 1。所以我們看到那裡的活動。我們真正對我們的客戶說的是，您的潛在客戶和現有客戶使用 TechTarget 進行研究。這是基於 50% 的流量有機增長和 120 萬個有機排名在谷歌第 1 頁的關鍵術語得到證明的。

Got it. Super helpful. Just a quick clarification. That 50%, that's an annual number. Any way to think about just what that trajectory looked like in 4Q or even what you're seeing in January?

知道了。超級有幫助。只是一個快速的澄清。那個 50%，這是一個年度數字。有什麼方法可以考慮一下第四季度的軌跡，甚至是你在一月份看到的軌跡？

We report it year-over-year. So that 50% was up from last Q1 in 2022, which, I mean, still some positive trends.

我們逐年報告。因此，50% 比 2022 年第一季度增加了，我的意思是，這仍然是一些積極的趨勢。

Our next question is from Jason Kreyer from Craig-Hallum.

我們的下一個問題來自 Craig-Hallum 的 Jason Kreyer。

Just wondering, any comments on churn related to long-term contracts? I'm just -- I'm curious to what degree those are being paused or if there's any instances where those are just being outright canceled.

只是想知道，對與長期合同相關的客戶流失有何評論？我只是 - 我很好奇這些暫停到什麼程度，或者是否有任何情況直接取消了這些。

Yes. Jason, some are being delayed. We have some are being canceled with the beginning of the year with the budget cuts that we're seeing. We're seeing some of them getting reallocated to other products. And then we're also seeing that [mill]. I mean there are people that are still buying the long-term contracts. But I just think it goes back to this whole uncertainty over the last 45 days.

是的。傑森，有些人被推遲了。隨著我們看到的預算削減，我們在年初取消了一些活動。我們看到其中一些被重新分配給其他產品。然後我們也看到了那個[磨坊]。我的意思是有些人仍在購買長期合同。但我只是認為這可以追溯到過去 45 天的整個不確定性。

And you can correct me if I'm wrong, it's been a long time, if ever, that I've seen a period so many times in 45 days in the enterprise tech business versus more of a forecasted and more predictable reduction. So that's what we're seeing in terms of the churn on the long-term contracts as it relates to Priority Engine.

如果我錯了，你可以糾正我，這是很長一段時間，如果有的話，我在 45 天內在企業技術業務中看到了這麼多次的時期，而不是更多的預測和更可預測的減少。這就是我們在與 Priority Engine 相關的長期合同流失方面所看到的。

And then in past recoveries, I know you guys have been really successful gaining share. It sounds like you're leaning into that opportunity now. Just curious what specifically you can do or what are the key areas of investment that you think position you for more share gain on the other end of this kind of macro uncertainty.

然後在過去的複蘇中，我知道你們真的很成功地獲得了份額。聽起來你現在正在抓住這個機會。只是好奇你具體可以做什麼，或者你認為在這種宏觀不確定性的另一端，你認為可以讓你獲得更多份額收益的關鍵投資領域是什麼。

Yes. You know what? I think there's 3 areas that we're really laser-focused on. Number one is the Content Enablement business and making sure that we're investing in the right resources and the functionality to help with our customers who need purpose-built, relevant and impactful content. Because without the content, we're not going to be able to engage with buyers. These are really savvy enterprise tech buyers.

是的。你知道嗎？我認為我們真正專注於 3 個領域。第一是內容支持業務，確保我們投資於正確的資源和功能，以幫助我們的客戶需要專門構建的、相關的和有影響力的內容。因為沒有內容，我們將無法與買家互動。這些是真正精明的企業技術買家。

As I mentioned earlier, I mentioned in the past couple of earnings calls, close to 50% of those buyers want a rep-less experience. They don't want to be dealing with vendors' sales teams out of the gate. They want information and they need relevant information. It's got to be pretty deep, rich, relevant, technical ROI, TCO type of information. And that's what we see, the metrics over the long term.

正如我之前提到的，我在過去的幾次財報電話會議中提到，將近 50% 的買家希望獲得無代表的體驗。他們不想在一開始就與供應商的銷售團隊打交道。他們想要信息，他們需要相關信息。它必須是非常深入、豐富、相關的技術 ROI、TCO 類型的信息。這就是我們所看到的，長期的指標。

And those demographics and those buyers are not changed, and they're not going back to the old days. So we're going to continue to invest in that. We've reallocated teams, technology process towards the Content Enablement business. They're a really good opportunity with our Priority Engine platform in terms of -- we've talked about this in terms of having tight integrations into our customers' workflow.

這些人口統計數據和那些買家沒有改變，他們不會回到過去。所以我們將繼續投資於此。我們已將團隊和技術流程重新分配給內容支持業務。就我們的 Priority Engine 平台而言，它們是一個非常好的機會——我們已經從緊密集成到客戶工作流程的角度討論了這一點。

We have increased our resources in the development team by 40%-plus over the last 7 months in really the better integration, automation, visualization and really about attribution by marrying our first-party data with our customers' first-party data to help them out and identify clearly at the account, at the prospect level. But not only showing that but also highlighting that in our ROI Dashboards and visual capabilities. And that's really important, and we're working on that. And you're going to see some announcements coming out later in the first half of 2023.

在過去的 7 個月裡，我們在開發團隊中增加了 40% 多的資源，通過將我們的第一方數據與客戶的第一方數據結合起來幫助他們，真正實現更好的集成、自動化、可視化和真正的歸因在客戶層面，在潛在客戶層面清楚地識別出來。但不僅要展示這一點，還要在我們的 ROI 儀表板和視覺功能中突出顯示這一點。這真的很重要，我們正在努力。您將在 2023 年上半年晚些時候看到一些公告。

We've also put a lot of work into the enhancements around our BrightTALK channel platform. Our customers are coming to us today and they're saying, gosh, we need to have -- we need to stay close to our existing customers, customer retention. We need to find that net new deal.

我們還圍繞 BrightTALK 頻道平台進行了大量改進。我們的客戶今天來找我們，他們說，天哪，我們需要——我們需要與現有客戶保持密切聯繫，保留客戶。我們需要找到淨新交易。

And there's a way to effectively stay part of your customers through episodic content through a webinar platform. And what we've built and what we'll release will show a big focus on engagement and conversions so that they can stay in front of their customers, get better conversion, leverage that information, integrate it also into our overall platform capabilities to help them.

並且有一種方法可以通過網絡研討會平台的情景內容有效地留住一部分客戶。我們已經構建和即將發布的內容將重點關注參與度和轉化率，以便他們能夠留在客戶面前，獲得更好的轉化率，利用這些信息，並將其整合到我們的整體平台功能中，以幫助他們。

So those are 3 key areas that we're really focused on in terms of gaining market share. And again, you've covered us for a long time. And when we've seen a dip, and it's been quick, we typically do the right things, stay opportunistic, manage our cost structure and gain market share and come out strong on the other end.

因此，這些是我們在獲得市場份額方面真正關注的 3 個關鍵領域。再一次，你已經報導了我們很長時間了。當我們看到下滑並且速度很快時，我們通常會做正確的事情，保持機會主義，管理我們的成本結構並獲得市場份額並在另一端表現強勁。

Our final question comes from Eric Martinuzzi from Lake Street.

我們的最後一個問題來自 Lake Street 的 Eric Martinuzzi。

I wanted to get a little bit of greater detail on the geographic commentary. You talked about in Q4, EU up 9%; U.S., up 3%. Just as we look at Q1 and your guidance for a revenue decline of about 16%, how is that weighted between the geographies?

我想了解有關地理評論的更多詳細信息。你在第四季度談到，歐盟增長 9%；美國，上漲 3%。正如我們查看第一季度和您對收入下降約 16% 的指導一樣，這在各個地區之間的權重如何？

We don't disclose how that's weighted, but I would tell you, Eric, that the international markets are a little worse shape than North America. So we've seen that. You've watched all the news in EMEA over the last couple of quarters. You saw it coming. And they're getting hit a little bit more. So I think that North America will hold up a little bit more than the international markets, but it's going to be fairly consistent in terms of the ratio.

我們沒有透露這是如何加權的，但我會告訴你，埃里克，國際市場的狀況比北美差一點。所以我們已經看到了。在過去的幾個季度裡，你已經看到了歐洲、中東和非洲地區的所有新聞。你看到它來了。而且他們受到的打擊更多了一點。所以我認為北美會比國際市場多一點，但在比例方面會相當一致。

Okay. And then the same issues in both geographies, the elongated sales cycles, budget cuts, freezes?

好的。然後在兩個地區都出現同樣的問題，銷售週期延長、預算削減、凍結？

Absolutely. I mean for the folks that have the regional budgets, they're still seeing it. A lot of the regional field marketers and sales teams and marketers are getting the mandates from corporate, and a lot of those corporate offices are in North America and they're saying pull back. They're going to pull back quickly on that, and they're going to wait for the green light to go.

絕對地。我的意思是對於那些有區域預算的人來說，他們仍然看到它。許多區域現場營銷人員、銷售團隊和營銷人員正在從公司那裡獲得授權，而且很多公司辦事處都在北美，他們說要撤回。他們將迅速撤回，他們將等待綠燈亮起。

So now like I said, it all goes back to pipeline, progression of pipeline, impact of what they're doing and then a flight back to quality. So if it's a quarter, it's a quarter. If it's 2 quarters -- it's going to happen, and we know that. And then there'll be a flight back to quality, and there'll be a flight back to accelerate my pipeline because they all have numbers to hit across each region.

所以現在就像我說的，這一切都回到管道，管道的進展，他們正在做的事情的影響，然後回到質量。所以如果是四分之一，那就是四分之一。如果它是 2 個季度 - 它將會發生，我們知道這一點。然後會有一架返回質量的航班，並且會有一架返回加速我的管道的航班，因為它們在每個地區都有數字。

Got it. And then my last question has to do with the buyback. You announced a $200 million buyback in November of 2022. That plan assumed, I want to say, $100 million of free cash flow in 2023. Given the reduction in outlook for 2023, are we going to be less aggressive on the buyback?

知道了。然後我的最後一個問題與回購有關。你在 2022 年 11 月宣布了 2 億美元的回購計劃。我想說，該計劃假設 2023 年有 1 億美元的自由現金流。鑑於 2023 年前景的下調，我們是否會在回購方面不那麼積極？

And then what is the new free cash flow expectation for 2023?

那麼 2023 年新的自由現金流預期是多少？

I'll answer the buyback approach on this. And I think we want to continue to be aggressive on the buyback and continue to stick to the plan that we laid out. We've seen over the history of our buybacks, it's been very accretive for the shareholders and for the overall organization.

我將就此回答回購方法。而且我認為我們希望在回購方面繼續積極進取，並繼續堅持我們制定的計劃。我們已經看到我們回購的歷史，這對股東和整個組織來說都是非常有益的。

We've taken out close to 40% of our shares over the time at a price that's very attractive. And we believe in the future of the business, and we believe in where we can bring the business.

這段時間以來，我們以極具吸引力的價格出售了近 40% 的股份。我們相信業務的未來，我們相信我們可以將業務帶到哪裡。

In terms of the free cash flow, I don't know if we gave any guidance on that. So you can make some assumptions based on last year's numbers and this year's guidance what we do for free cash flow.

在自由現金流方面，我不知道我們是否給出了任何指導。因此，您可以根據去年的數字和今年的指導做出一些假設，我們為自由現金流所做的工作。

Thank you. We have no further questions. This concludes today's call. Thank you for joining. You may now disconnect your lines.

謝謝。我們沒有其他問題了。今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。