TechTarget Inc (TTGT) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's Informa TechTarget reports first-quarter 2025 conference call and webcast. My name is Victoria, and I'll be your moderator today. (Operator Instructions)

午安.感謝您參加今天的 Informa TechTarget 報告 2025 年第一季電話會議和網路廣播。我叫維多利亞，今天我將擔任你們的主持人。（操作員指示）

I would now like to pass the conference over to Charles Rennick, General Counsel. Thank you. You may proceed, Charles.

現在我想將會議交給總法律顧問查爾斯·雷尼克 (Charles Rennick)。謝謝。你可以繼續，查爾斯。

Thank you, Victoria, and good afternoon, everyone. The speakers joining us here today are Gary Nugent, our Chief Executive Officer; and Dan Noreck, our Chief Financial Officer.

謝謝你，維多利亞，大家下午好。今天與我們一起發言的有我們的執行長 Gary Nugent 和我們的財務長 Dan Noreck。

Before turning the call over to Gary, we would 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 a press release to the Investor Relations section of our website and furnished it on an 8-K.

在將電話轉給加里之前，我們想提醒電話中的每個人我們的收益發布流程。正如先前宣布的那樣，為了在電話會議之前向您提供我們業務的最新情況，我們在網站的投資者關係部分發布了一份新聞稿，並將其包含在 8-K 文件中。

You can also find these materials with the SEC free of charge at the SEC's website, www.sec.gov. A corresponding webcast as well as a replay of this conference call will be made available on the Investor Relations section of our website. Following Gary's remarks, the management team will be available to answer questions.

您也可以在美國證券交易委員會 (SEC) 網站 www.sec.gov 免費取得這些資料。相應的網路直播以及本次電話會議的重播將在我們網站的「投資者關係」板塊提供。加里講話結束後，管理團隊將回答問題。

Any statements made today by Informa TechTarget that are not actual, 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.

Informa TechTarget 今天所做的任何非實際陳述（包括在問答期間）均可被視為前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，基於假設，並不能保證我們的未來表現。

Actual results may differ materially from our forecast and from these forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our most recent periodic report filed on Form 10-K. These statements speak only as of the date of this call, and Informa 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.

實際結果可能與我們的預測和這些前瞻性陳述有重大差異。前瞻性陳述涉及許多風險和不確定性，包括我們以 10-K 表格提交的最新定期報告中「風險因素」部分所討論的風險和不確定性。這些聲明僅代表本次電話會議召開之日的觀點，除非法律另有規定，否則 Informa TechTarget 不承擔修改或更新任何前瞻性聲明以反映本次電話會議後可能出現的事件的義務。

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 efforts accompanies our press release.

最後，我們也可以參考某些未依照 GAAP 編製的財務指標。我們在新聞稿中盡可能不費吹灰之力地將某些非 GAAP 財務指標與最具可比性的 GAAP 指標進行了對帳。

And with that, I'll turn the call over to Gary.

說完這些，我將把電話轉給加里。

Thank you very much, Charles. And of course, welcome, and thank you all for joining the call today. As always, investing the time is very much appreciated. If I may, a few words of context or introduction, first and foremost to be clear, what we're going to talk about today are preliminary Q1 2025 results. They are subject to final review by our independent registered accountants.

非常感謝，查爾斯。當然，歡迎大家參加今天的電話會議，並感謝大家。像往常一樣，我們非常感謝您投入的時間。如果可以的話，我想先介紹幾句背景話，首先要明確的是，我們今天要討論的是 2025 年第一季的初步結果。它們須經我們獨立的註冊會計師進行最終審查。

The matter that's outstanding is the conclusion on impairment and the consequent income tax expenses associated. And therefore, what you will have seen in our release is effectively a range, a high and a low as it's described, both on the subject of the impairment and the income tax expenses.

尚未解決的問題是關於減損以及隨之而來的所得稅費用的結論。因此，您在我們的發布中看到的實際上是一個範圍，即關於減損和所得稅費用的一個高點和低點。

It is our aim to file the [Q1 Q] shortly after the July 4 already. And from there, we expect that our Q2 Q will be filed on or before August 14, which will put us back on schedule. And in that Q2, as you'll have seen in the release in those Q2 filings, we do anticipate recording a further noncash goodwill impairment, which reflects the current depressed market capitalization.

我們的目標是在 7 月 4 日之後不久提交 [Q1 Q]。從那時起，我們預計我們的第二季業績將在 8 月 14 日或之前提交，這將使我們重新回到計劃中。在第二季度，正如您在第二季度文件中看到的那樣，我們確實預計將記錄進一步的非現金商譽減值，這反映了當前低迷的市值。

If I can then just talk about the headlines of those preliminary results, I would -- I mean, first of all, the first headline really is that the Q1 revenues were in line with our expectations in our previous guidance. And on a combined company basis, revenues declined by 6% year on year.

如果我可以談論這些初步結果的標題，我會——我的意思是，首先，第一個標題確實是第一季的收入符合我們之前預期。從合併後的公司來看，營收年減了 6%。

And as we've highlighted, we see improving momentum as we go through the second quarter to the end of the first half, and we're expecting a mid-single-digit decline at the half year. In those Q1 results, we posted an adjusted EBITDA of $3 million.

正如我們所強調的，從第二季到上半年末，我們看到了改善的勢頭，我們預計半年內將出現中等個位數的下降。在第一季的業績中，我們公佈的調整後 EBITDA 為 300 萬美元。

The second highlight is that we were reaffirming our full-year guidance. And our full-year guidance being that revenues will be broadly flat on a year-on-year basis on a combined company basis and that we will post improving adjusted EBITDA of $85 million plus.

第二個亮點是我們重申了全年業績指引。我們的全年預期是，合併後的公司營收將與去年同期基本持平，調整後的 EBITDA 將達到 8,500 萬美元以上。

The third highlight I would describe as really a bit of an update on the combination program and the fact that we are combining our pace as we seek to lay the foundations for growth as we move forward in time for the future years. In particular, that those initial foundations focused on establishing leadership and reporting lines across the organization to ensure that we give colleagues clarity early on and establishing our new operating model as a business.

我想說的第三個亮點實際上是對組合計劃的一點更新，事實上我們正在整合我們的步伐，為未來幾年的發展奠定基礎。特別是，這些最初的基礎著重於在整個組織內建立領導力和報告路線，以確保我們儘早為同事提供清晰的訊息，並建立我們新的業務運作模式。

And then from there, the next phase was really about us looking at the product strategy and the product roadmap and the product portfolio, and then simplifying our go-to-market structure and ensuring that we had clear market priorities and clear product priorities as we move forward.

然後從那時起，下一階段實際上是我們研究產品策略、產品路線圖和產品組合，然後簡化我們的市場進入結構並確保我們在未來有明確的市場優先事項和明確的產品優先事項。

On that go-to-market structure and those priorities, we talk about our focus on our key client accounts and the investments that we've made to ensure that those customers are effectively addressed and giving us the opportunity to uncover, identify, and address and then deliver against new business opportunities, new growth opportunities within those customers and improve the client experience. We also similarly talked about our market focus and a priority for us in addressing the cybersecurity sector.

關於市場進入結構和這些優先事項，我們討論了我們對關鍵客戶帳戶的關注以及我們為確保有效滿足這些客戶需求而進行的投資，並使我們有機會發現、識別和解決這些客戶中的新業務機會、新增長機會，並改善客戶體驗。我們也同樣談到了我們的市場重點以及我們在解決網路安全領域問題的優先事項。

And then the last thing I would say about in terms of the headlines of the release is really about our ongoing confidence in the long term. We still believe that this is an incredibly attractive end market. The intersection of the technology sector and B2B marketing is a large $20 billion addressable market with many dynamics that we believe are favorable to our company, and in our ability to compete and win in that market through the breadth and the scale and the diversity that the combination affords us as we bring the companies together.

關於發布標題，我要說的最後一件事實際上是我們對長期持續的信心。我們仍然相信這是一個極具吸引力的終端市場。技術部門和 B2B 行銷的交叉領域是一個價值 200 億美元的巨大潛在市場，我們認為其中的許多動態對我們公司有利，並且我們有能力透過合併後為我們提供的廣度、規模和多樣性在該市場中競爭並獲勝。

And that has been no more so. I think that confidence has only been reinforced in the recent customer conversations that we've been having. In particular, over the last couple of weeks, we had the opportunity to host a number of our most valuable customers at Cannes and Nice. And similarly, we also hosted our ROI Summit with over 130 customers in London. And in all of those conversations, I was continued to be encouraged that what we are proposing is really leaning into the needs and the wants of our largest customers.

而現在情況已經不再如此。我認為，我們最近與客戶的對話進一步增強了這種信心。特別是在過去的幾周里，我們有機會在坎城和尼斯接待了許多最有價值的客戶。同樣，我們也在倫敦舉辦了 ROI 高峰會，有超過 130 位客戶參加。在所有這些對話中，我不斷受到鼓舞，因為我們提出的建議確實符合我們最大客戶的需求和願望。

We talked therefore about where we see the growth coming from, where we see that long-term growth coming from, first and foremost, in increasing our penetration of the enterprise IT market. And then beyond that, we talked about the lever that is international expansion and the fact that 40% of our addressable market sits outside of the United States.

因此，我們討論了成長來自哪裡，長期成長來自哪裡，首先是增加我們在企業 IT 市場的滲透率。除此之外，我們也討論了國際擴張的槓桿，以及我們 40% 的目標市場位於美國境外的事實。

We talked about the industry vertical technology market, which is actually demonstrating robust health at the moment. These are technology markets that are specific to given industry verticals, whether that be automotive industry or the telecommunications industry or the financial services industry, et cetera.

我們討論了行業垂直技術市場，目前該市場實際上表現得非常健康。這些是特定垂直產業的技術市場，無論是汽車業、電信業或金融服務業等等。

And then we talked about our ability to create new products and bring those to market. And then finally, the fifth growth lever, which is as cash builds and our strength builds our ability to deploy capital to grow inorganically.

然後我們討論了創造新產品並將其推向市場的能力。最後，第五個成長槓桿是隨著現金的累積和實力的增強，我們能夠部署資本以實現無機成長。

We also talked about in the release AI as an opportunity. We believe that the phenomenon that is artificial intelligence is a huge opportunity for our business. And first and foremost, it is a market. Our own Omdia analysts predict that the market for artificial intelligent products, services, tools, systems, however you would describe it, will be about a $190 billion market in and of itself by the end of 2028.

我們還討論了在發布中將 AI 作為一個機會。我們相信人工智慧現象對我們的業務來說是一個巨大的機會。首先，它是一個市場。我們自己的 Omdia 分析師預測，到 2028 年底，人工智慧產品、服務、工具、系統（無論如何描述）市場本身將達到約 1,900 億美元的規模。

And of course, as a business, it's our role to inform, to educate the buy side of the industry as they seek to make buying decisions, procurement decisions. And of course, it's our role to then connect the sales to the industry to those buyers. And that is the heart of our business, and therefore, having a new robust technology market is a fabulous opportunity for us.

當然，作為一家企業，我們的職責是在買方做出購買決策和採購決策時提供資訊和指導。當然，我們的職責就是將銷售與產業以及買家連結起來。這是我們業務的核心，因此，擁有一個新的強大的技術市場對我們來說是一個絕佳的機會。

We also see a huge opportunity in terms of the nature of our business and what we do and the use cases that exist for AI, both generative and agentic and other forms of it, lend themselves to our ability to improve our effectiveness and increase our efficiency and to be able to then turn that into competitive advantage in the marketplace.

我們也看到了巨大的機遇，就我們的業務性質和我們所做的事情以及人工智慧的現有用例而言，包括生成型、代理型和其他形式，有助於我們提高效率和效力，然後能夠將其轉化為市場競爭優勢。

And we are working diligently to do that. And we also believe that we can see ways in which actually through the application of AI to our existing products and to new products that we have in our road map that we can make those products more competitive, more functional, more feature-rich, and more competitive.

我們正在努力實現這一目標。我們也相信，透過將人工智慧應用到我們現有的產品和我們路線圖中的新產品中，我們可以使這些產品更具競爭力、更強大、更豐富、更具競爭力。

The last thing we talk about in the release is really -- it's something which is, I think, is discussed regularly with our customers and with investors, and actually within the company as a whole is the way in which AI is changing how the world discovers and consumes information with a shift from the kind of traditional search to AI-enabled platforms.

我們在發表會上談論的最後一件事是——我認為，這是我們與客戶和投資者定期討論的事情，實際上在整個公司內部，人工智慧正在改變世界發現和消費資訊的方式，從傳統的搜尋轉向人工智慧平台。

And we are strengthening our capabilities in artificial intelligence engine optimization. And actually, we're learning that much of the skills and the knowledge and the experience we have in search engine optimization are highly applicable there.

而我們正在加強人工智慧引擎優化的能力。事實上，我們了解到，我們在搜尋引擎優化方面的許多技能、知識和經驗都適用於搜尋引擎優化。

We will, of course, continue to invest in those search engine optimization skills because we believe that they are still very relevant moving forward. But also, a key point that we wanted to make clear is that we also continue to invest in the many other audience development and engagement strategies that we have at our disposal as a business.

當然，我們將繼續投資這些搜尋引擎優化技能，因為我們相信它們在未來仍然非常重要。但同時，我們想要明確的一點是，我們也將繼續投資於我們作為一家企業所掌握的許多其他受眾發展和參與策略。

And for example, the Industry Dive outbound newsletter model, the BrightTALK and NetLine partnership models that exist. And of course, the access to the rich first-party data from Informa PLC and the events businesses which we believe underlines the strength and diversity and our approach to building and nurturing audiences and then creating that permission first-party data, which underpins all of our products and services.

例如，現有的 Industry Dive 外發新聞通訊模型、BrightTALK 和 NetLine 合作夥伴模型。當然，我們相信，獲取來自 Informa PLC 和活動業務的豐富第一方數據突顯了我們的力量和多樣性，以及我們建立和培養受眾然後創建許可第一方數據的方法，這些數據支撐著我們所有的產品和服務。

I think I'll pause there and see if there are any questions or comments.

我想我會暫停一下，看看是否有任何問題或意見。

(Operator Instructions) Joshua Reilly, Needham & Company.

（操作員指示）Joshua Reilly，Needham & Company。

Yeah, thanks for taking my questions. Maybe just starting off here, what gives you confidence in the guidance being unchanged from the prior call that you can improve revenue sequentially in the second half of the year to hit the full-year implied revenue guidance of roughly unchanged revenue? And how much of an improvement in the overall market demand has to occur to hit these numbers versus any operational factors that we should be aware of?

是的，感謝您回答我的問題。也許只是從這裡開始，是什麼讓您對與先前的預測保持不變的指導充滿信心，以至於您可以在下半年連續提高收入以達到全年隱含收入指導大致保持不變的收入？為了達到這些數字，整體市場需求需要有多大的改善，以及我們應該注意哪些營運因素？

Thank you, Josh. Thank you for your question. Good to hear your voice. Well, certainly, I would say that first and foremost, we're -- within our assumptions and our guidance, we're not expecting any material change to the market outlook. That is not included.

謝謝你，喬希。感謝您的提問。很高興聽到你的聲音。嗯，當然，我想說，首先，在我們的假設和指導範圍內，我們預計市場前景不會有任何重大變化。那不包括在內。

Most of what gives us the confidence is the operational improvements that we are making and obviously, the conversations that we're having with our customers in terms of their demands and their intentions. As we highlighted, I think, in the release and subsequent -- in earlier conversations, that we acted fast and we've been executing the combination at pace.

讓我們充滿信心的主要原因是我們正在進行的營運改進，以及顯然我們與客戶就他們的需求和意圖進行的對話。我認為，正如我們在發布會和隨後的早期對話中所強調的那樣，我們行動迅速，並且一直在快速執行組合。

And we recognized that that -- that there was some disruption, particularly in December and January and maybe early February, and that contributed to the initial -- to the start of the year. But then we've just seen that as we embedded in that, first and foremost, that go-to-market strategy and in particular, the focus that exists in the -- those larger customers within our portfolio, the shift in resources that we've placed to make sure that we can anticipate their needs, we can intercept and identify opportunities and pull them down and then to deliver the client experience. And what that's delivering for the business is giving us confidence and that's one of the market factors.

我們認識到，存在一些混亂，特別是在 12 月、1 月和 2 月初，這導致了年初的混亂。但是，我們剛剛看到，當我們嵌入其中時，首先是市場進入策略，特別是關注我們投資組合中的那些大客戶，我們投入的資源的轉變是為了確保我們能夠預測他們的需求，我們可以攔截和識別機會，並將其抓住，然後提供客戶體驗。這為業務帶來的好處就是給了我們信心，這是市場因素之一。

The other -- one of the product factors that we mentioned in the previous call is that we talked about the fact that we have been repositioning the NetLine product to address the more cost-conscious volume end of the demand market, and we're seeing really encouraging results from that as well. And then just generally, as the organization beds down and we get into our stride, we're seeing revenue pacing in bookings and the profile of demand from our customers picking up.

另一個——我們在上次電話會議中提到的產品因素是，我們一直在重新定位 NetLine 產品，以滿足需求市場中更注重成本的批量需求，而且我們也看到了非常令人鼓舞的結果。整體而言，隨著組織的穩定和我們步入正軌，我們看到預訂的收入正在成長，客戶的需求也回升。

Got it. That's helpful. And then as you look at the Informa Tech assets, maybe you just hit on NetLine here for a second, but maybe dive into that a bit more. What, if any, changes are you making to either the go-to-market product or business structures that we should be aware of now that you kind of have the combined company operating as one?

知道了。這很有幫助。然後，當您查看 Informa Tech 資產時，也許您只會在這裡點擊 NetLine，但也許會更深入地了解它。既然合併後的公司已經作為一個整體運營，那麼，你們對上市產品或業務結構做了哪些改變（如果有的話）？我們應該注意到這些改變嗎？

Well, I think if we talk a little bit about on the product, let me talk about on the product front. I mentioned earlier on that we have been moving at pace in terms of the product strategy, the product roadmap. And part of that effort was the rationalization of the portfolio of products and services. That, we started early with our intelligence and advisory products and services.

好吧，我想如果我們談論一下產品的話，讓我先談談產品方面。我之前提到過，我們在產品策略和產品路線圖方面一直在快速推進。其中一項努力就是將產品和服務組合合理化。我們很早就開始提供情報和諮詢產品和服務。

And you will recall that as part of that effort, we have been consolidating what was the Canalys, Wards and ESG products and services underneath the Omdia brand and the effort within the Omdia portfolio. And we largely completed that exercise, which creates a much tighter portfolio of products and services for the marketplace, one I think has much greater product market fit, easier to market, easier to sell, easier for our customers to buy.

您會記得，作為這項努力的一部分，我們一直在整合 Omdia 品牌下的 Canalys、Wards 和 ESG 產品和服務以及 Omdia 產品組合內的努力。我們基本上完成了這項工作，為市場創造了更緊密的產品和服務組合，我認為它具有更好的產品市場契合度，更容易行銷，更容易銷售，我們的客戶也更容易購買。

And that's certainly an effort that is largely complete. On the brand and content and intent and demand space, we have a similar exercise, which is underway. It's not quite as progressed, but it has good -- it's well underway, and it's got good momentum, and you see similar -- you'll see similar there.

這項努力無疑已基本完成。在品牌、內容、意圖和需求領域，我們也正在進行類似的活動。雖然還沒有取得很大進展，但已經取得了不錯的進展——進展順利，勢頭良好，你會看到類似的情況——你會看到類似的情況。

And then as I mentioned on the market side of the equation, as to me -- if I may finish on the product side, there's one other point. Of course, the other thing that we've been looking to do is how do we readily cross-sell all of these capabilities to address the needs of our customers across their product life cycle.

然後，正如我在市場方面提到的那樣，對我來說——如果我可以在產品方面結束的話，還有另一點。當然，我們一直在尋找的另一件事是如何輕鬆地交叉銷售所有這些功能，以滿足客戶整個產品生命週期的需求。

So whilst each and every one of these individual portfolios of products need to stand up on their own two feet, the real power comes from our ability to address our customer needs at scale across their life cycle. And therefore, the next effort really is about how do we then sell them together? How do we position them together? How do we sell them together? And importantly, how do we then deliver them together in an experience that is seamless to the customer?

因此，儘管這些單獨的產品組合中的每一個都需要獨立發展，但真正的力量來自於我們在整個生命週期中大規模滿足客戶需求的能力。因此，下一步的努力實際上是如何將它們一起銷售？我們如何將它們定位在一起？我們如何將它們一起銷售？重要的是，我們如何將它們結合在一起，為客戶提供無縫的體驗？

And so that's the last thing I would say maybe about products and services. And then on the market front, I think I've already mentioned that really, we've said many times that about half of the addressable market, half of the $20 billion addressable market really fits within the top 200 customers within the marketplace, clients within the marketplace.

這可能是我想說的關於產品和服務的最後一件事。然後在市場方面，我想我已經提到過，實際上，我們已經多次說過，大約一半的目標市場，200 億美元目標市場的一半實際上屬於市場中的前 200 名客戶，市場中的客戶。

And therefore, the emphasis that we are placing on serving them, both in terms of our resources deployed, but also in terms of the roadmap of our products and services and their needs and requirements is a key part of the strategy.

因此，我們強調為他們提供服務，不僅包括我們部署的資源，還包括我們的產品和服務路線圖以及他們的需求和要求，這是該策略的關鍵部分。

Got it. That's very helpful. And maybe just one last question for me. You highlighted cybersecurity as a key market for you guys that you're doubling down on. What does that mean exactly? And how do you actually increase your market share in that end market?

知道了。這非常有幫助。也許這只是我的最後一個問題。您強調網路安全是你們加倍投入的關鍵市場。這到底是什麼意思？那麼，您實際上如何增加在該終端市場的市佔率呢？

Yeah, absolutely. I mean, obviously, I mean, the cybersecurity market, in other words, the array of new and innovative large and small cybersecurity vendors is an excellent market opportunity for us. At the enterprise level, at the government level, on the buy side, we see no shortage of demand or interest in cybersecurity products and services. I think it's top of mind of almost every Board, it's top of mind of almost every government, how do we secure our data? How do we secure our people? How do we secure -- and so we see that as a very exciting market.

是的，絕對是如此。我的意思是，顯然，我的意思是網路安全市場，換句話說，一系列新的、創新的大型和小型網路安全供應商對我們來說是一個絕佳的市場機會。在企業層面、政府層面和買方，我們看到對網路安全產品和服務的需求和興趣並不缺乏。我認為這是幾乎每個董事會、幾乎每個政府最關心的問題：我們如何保護我們的資料？我們如何確保我們的人民安全？我們如何確保——因此我們認為這是一個非常令人興奮的市場。

And we also believe that the assets that we have at our disposal, both in terms of the audiences that we command and the brands that we own, including the partnership and the relationships that we have with Informa, gives us a unique position to compete and win in that marketplace. And so it really is about assembling those assets in a way that we can go to the cybersecurity vendor community and help them accelerate growth in a very exciting market.

我們也相信，我們所擁有的資產，包括我們所掌握的受眾和我們所擁有的品牌，包括我們與 Informa 的合作夥伴關係和關係，使我們在該市場中具有獨特的競爭和獲勝地位。因此，這實際上是為了以某種方式整合這些資產，以便我們可以進入網路安全供應商社群並幫助他們在一個非常令人興奮的市場中加速成長。

Got it. Thanks, guys.

知道了。謝謝大家。

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Curious to know if you've seen a response from your shift in focus in the go-to-market strategy towards the large customer accounts. In other words, since the start of the year, since you've been focusing in a more concentrated manner on large customer accounts, has there been an incremental lift in the pipeline from those accounts?

我很好奇，想知道您是否已經看到了將市場進入策略的重點轉向大客戶帳戶所帶來的反應。換句話說，自今年年初以來，由於您一直更集中地關注大客戶帳戶，這些帳戶的銷售管道是否有所提升？

Hi, Eric, thank you. I think -- I mean, the short answer to that question is, yes, I'm very encouraged with the response we've had to that, both in terms of results year to date, but more importantly, as we look forward. We see within -- I've talked about addressing the needs of our customers across their product life cycle and across their organization. And actually, within these large accounts, there are many profit [pools] and budget for us to address with the products and services that we have as a company.

嗨，艾瑞克，謝謝你。我認為——我的意思是，這個問題的簡短回答是，是的，我對我們的回應感到非常鼓舞，無論是從今年迄今為止的結果來看，更重要的是，我們對未來的展望。我們看到—我已經談到如何滿足客戶在整個產品生命週期和整個組織中的需求。實際上，在這些大客戶中，有許多利潤[池]和預算需要我們透過公司提供的產品和服務來解決。

Most of these companies, the beginning of their product life cycle is within their product business unit and product management and product marketing and the way in which they are looking for us to help them shape their -- inform and shape their product strategies, their product roadmaps, their market strategies, et cetera, et cetera, there are budgets associated with that activity.

大多數這類公司的產品生命週期都是在其產品業務部門、產品管理和產品行銷中開始的，他們希望我們幫助他們制定和塑造他們的產品策略、產品路線圖、市場策略等等，這些活動都有相關的預算。

We then invariably get to the stage where they're looking to release product, either it's new products or it's a significant enhancement to an existing product. We're then looking to raise awareness for their brand, establish thought leadership in the marketplace. That's usually brand management, it's product management, and there are different budgets associated with that.

然後，我們總是會進入他們想要發布產品的階段，無論是新產品還是對現有產品的重大改進。然後，我們希望提高他們的品牌知名度，在市場上建立思想領導力。這通常是品牌管理、產品管理，並且與之相關的預算不同。

You then have the notion of -- that they need to fill their pipelines with demand for their sales team to deliver a return on that investment and whether that be the direct sales force or their channel sales force or their vertical industry sales force. And they all have separate budgets for us to address with our products and services.

然後你會有這樣的想法——他們需要用銷售團隊的需求來填補他們的銷售管道，以實現投資回報，無論是直銷團隊、通路銷售團隊還是垂直行業銷售團隊。他們都有單獨的預算，我們需要透過產品和服務來滿足這些預算。

And so what you can really see is that we have needs across this product life cycle. There are different budgets across that product life cycle. And through our increased engagement with our customers, we're getting higher visibility of that. We're able to anticipate and intercept that, and we're seeing some really interesting wins year to date but also some very interesting opportunities in our pipeline.

因此，您真正看到的是，我們在整個產品生命週期中都有需求。整個產品生命週期有不同的預算。透過加強與客戶的互動，我們對此的了解也越來越深入。我們能夠預測並攔截這一點，並且我們看到今年迄今為止取得了一些非常有趣的勝利，同時也看到了一些非常有趣的機會。

Okay. And in your press release and in your prepared remarks, you talked about artificial intelligence engine optimization versus search engine optimization. TechTarget has always had a terrific footprint relationship with the Google.com search results. How are you -- the household names in generative AI, the ChatGPTs and the Perplexities, the Geminis, how are you getting the AI engine optimization to work to TechTarget's favor with those players?

好的。在您的新聞稿和準備好的發言中，您談到了人工智慧引擎優化與搜尋引擎優化。TechTarget 與 Google.com 搜尋結果一直保持著良好的關係。您如何看待生成式人工智慧領域的家喻戶曉的名字，ChatGPT、Perplexities、Geminis，您如何讓人工智慧引擎優化發揮 TechTarget 對那些參與者的優勢？

Well, I mean, the first thing is that, I mean, the rules of the game are being written as we speak. In fact, I think -- in fact, you may even argue that the rules of that game are being written and changing as we speak. So that's the first thing. So we are keenly testing and learning within -- in that space.

嗯，我的意思是，第一件事是，遊戲規則正在我們說話的時候制定。事實上，我認為——事實上，你甚至可以說，遊戲規則正在我們說話的時候被制定和改變。這是第一件事。因此，我們熱切地在那個領域進行測試和學習。

The second thing I would say about that is obviously that there are multiple rules of the game, if you like, because there is no one major force in that regard. There are many players: ChatGPT, Gemini, Perplexity, Claude, et cetera. You mentioned a number of those names earlier. So we're playing -- we're learning how to play all of those games.

關於這一點我想說的第二件事是，顯然，如果你願意的話，遊戲規則是多條的，因為在這方面沒有一種主要力量。有許多參與者：ChatGPT、Gemini、Perplexity、Claude 等等。您之前提到過一些這樣的名字。所以我們正在玩——我們正在學習如何玩所有這些遊戲。

One of the things that we are beginning to at least feel is that actually our search engine authority actually has a bearing on that -- on the rules of that game and we're keenly looking -- we're keenly watching that. And as I say, really, it's just about having -- I think it's the same curiosity and the same innovation that took us through that leading position in search engine optimization, will serve as well as the new rules of the game form, and we have to play. And you can see that -- I think you can see that already in the way in which our content is regularly cited in the top answers in many of the engines.

我們開始至少感覺到的事情之一是，我們的搜尋引擎權威實際上與此有關——與遊戲規則有關，我們正在熱切地關注這一點。正如我所說，實際上，這只是關於擁有——我認為同樣的好奇心和同樣的創新使我們在搜尋引擎優化領域佔據領先地位，也將成為新的遊戲規則，我們必須參與其中。您可以看到——我想您已經可以從我們的內容經常被許多引擎的熱門答案引用的方式中看到這一點。

And maybe the last point I would say about that is we are still fundamentally believe in the value of original, unbiased authoritative content. I'm an old computer scientist by education. And one of the first rules in computer science you are taught is the rule of garbage in, garbage out.

關於這一點我想說的最後一點是，我們仍然從根本上相信原創、公正、權威內容的價值。我是一名受過教育的老電腦科學家。你所學到的電腦科學的第一條規則之一就是「垃圾進，垃圾出」。

And artificial intelligence and large language models are no different to that. We adhere to that rule. And therefore, we believe that the rule that we will play in ensuring that there is quality in and therefore, quality out will be an important factor as we move forward.

人工智慧和大型語言模型也同樣如此。我們遵守該規則。因此，我們相信，確保輸入品質和輸出品質的規則將成為我們前進的重要因素。

My final question has to do with the financial kind of high-level color that you've given. If I take the, let's call it, $85 million on the adjusted EBITDA and roughly $490 million of revenue, that speaks to about a 17% adjusted EBITDA margin for the year.

我的最後一個問題與您給出的財務方面的高層色彩有關。如果我把調整後的 EBITDA 定為 8,500 萬美元，加上約 4.9 億美元的收入，那就意味著今年調整後的 EBITDA 利潤率約為 17%。

Certainly, Q1, I would expect that's going to be the trough here with the 3% adjusted EBITDA margin. But how should we think about the adjusted EBITDA margin progression through the remaining three quarters of the year? Because on average, we've got to come up with about 21% for those three quarters to achieve the full-year outlook.

當然，我預計第一季的調整後 EBITDA 利潤率將會達到 3% 的低潮。但我們該如何看待今年剩餘三個季度的調整後 EBITDA 利潤率成長呢？因為平均而言，我們必須在這三個季度取得約 21% 的成長率才能實現全年預期。

Hi, Eric, this is Dan. How are you doing? So from a modeling perspective, Eric, I think if you look and think about the seasonality of sort of the business is on a combined basis, Q1 is definitely going to be the lowest quarter. And then you're going to get sequential growth throughout the remaining period, which is going to allow you to get that sort of outsized trajectory to get those adjusted EBITDA targets that we're closing here in the live.

嗨，艾瑞克，我是丹。你好嗎？因此，埃里克，從建模的角度來看，我認為如果你從綜合的角度考慮業務的季節性，那麼第一季肯定會是最低的季度。然後，您將在剩餘時間內獲得連續成長，這將使您獲得那種超大的軌跡，以實現我們在現場關閉的調整後的 EBITDA 目標。

Got it. Thank you.

知道了。謝謝。

Jason Kreyer, Craig-Hallum.

傑森·克雷爾、克雷格·哈勒姆。

Wonderful, thank you. So, Gary, wondering if you can provide any green shoots just in regard to the early stages of the combination. Like any product categories or any business segments that you're seeing improved demand or higher interest from customers in those products or cross-sell opportunities?

太好了，謝謝。那麼，加里，想知道您是否可以針對組合的早期階段提供任何綠芽。您是否看到任何產品類別或業務部門的需求增加或客戶對這些產品的興趣增加或交叉銷售機會增加？

Jason, yes, I mean, look, I think on an individual product level, the first thing I would talk about, of course, is the example of the repositioning of NetLine to the cost-conscious volume end of the market, which is really a market that we didn't particularly play in or focus on.

傑森，是的，我的意思是，從單一產品層面來看，我想談的第一件事當然是將 NetLine 重新定位到注重成本的批量市場，這實際上是一個我們並沒有特別涉足或關注的市場。

And as I see, that repositioning and the early adoption by customer -- the early acceptance and adoption by customers has proven very encouraging. So we're encouraged by that. That's sort of a slightly individual product level.

正如我所見，重新定位和客戶的早期採用——客戶的早期接受和採用已被證明是非常令人鼓舞的。所以我們對此感到鼓舞。這是一種略微個人化的產品層面。

I think maybe more collectively, what we've really seen is -- and this was reinforced with the conversations that took place at Cannes with our customers, this was reinforced by the conversations that took place with our customers at the ROI Summit in London, was really this notion of what we would call branded demand or what was being discussed as branded demand.

我認為，也許從更整體的角度來說，我們真正看到的是——這在坎城與客戶的對話中得到了強化，在倫敦投資回報率峰會上與客戶的對話中也得到了強化，這實際上就是我們所說的品牌需求或正在討論的品牌需求的概念。

And as much as that, our customers are beginning to realize that they cannot continue to execute their brand activities in isolation of their demand activities. And in particular, their demand activities are [poorer] for the fact that they are not aligned and integrated to the brand activities.

同時，我們的客戶開始意識到，他們無法在脫離需求活動的情況下繼續進行品牌活動。尤其是他們的需求活動，由於與品牌活動不一致、不整合，所以比較差。

And so that has lent nicely into the fact that as a company, we have the breadth and scale to actually address the brand strategy and the brand requirements of our customers and the intent and the demand capabilities of our customers and put those things together.

因此，這很好地證明了，作為一家公司，我們擁有足夠的廣度和規模來真正解決客戶的品牌策略和品牌要求以及客戶的意圖和需求能力，並將這些結合起來。

And indeed, just earlier on this week, I would say today, but it wasn't, it was earlier on this week, we had another really interesting win where we were seeing a combined offer of brand capabilities and intent and demand capabilities to serve our customers' requirements. And I think we're increasingly seeing our customers understand the power of that and lean into that.

事實上，就在本週早些時候，我想說是今天，但事實並非如此，而是在本週早些時候，我們取得了另一個非常有趣的勝利，我們看到了品牌能力和意圖與需求能力的結合，以滿足客戶的需求。我認為，我們越來越多地看到我們的客戶了解它的力量並傾向於它。

Okay. Appreciate that. I wanted to maybe hop on or piggyback off the last question. I mean, you gave some good indications of the revenue trends through the first five months of the year. Curious if you can give any color on how profitability is tracking through the first five months.

好的。非常感謝。我或許想跳上或搭上最後一個問題。我的意思是，您對今年前五個月的收入趨勢給出了一些很好的指示。好奇您是否可以透露一下前五個月盈利情況如何。

Yeah, so Jason, we haven't given any specific guidance, but if you think about how the business has sort of trended historically, with revenue growth comes high incremental margins, I think we would see that sequentially from Q1 to Q2, and through the first five months.

是的，傑森，我們還沒有給出任何具體的指導，但如果你想想業務的歷史趨勢，隨著收入增長而來的是高增量利潤率，我認為我們會從第一季到第二季以及前五個月連續看到這一點。

Okay, thank you, Dan. One last one for me, just on AI. Curious how the AI opportunity manifests today and then how that changes over the course of the next year.

好的，謝謝你，丹。對我來說最後一個問題是關於人工智慧的。好奇人工智慧的機會今天如何體現，以及明年將如何變化。

Gosh, forecasting the next year with AI is an interesting thing. Certainly, I mean, how it manifests itself today is first and foremost as a market in and of itself and addressing it as a market. I mean, it's now becoming a really live market. I've been watching the AI market for four, five years now. And certainly, I would have said that up until now, there was a lot of heat and light in it, but not a lot of enterprises or governments deploying serious capital on the subject. And I think that's beginning to change in time, and therefore, that is an opportunity for us here and now.

天哪，用人工智慧預測明年是一件有趣的事。當然，我的意思是，它今天的表現形式首先是作為一個市場本身，並將其作為一個市場來對待。我的意思是，它現在正成為一個真正活躍的市場。我關注人工智慧市場已經四、五年了。當然，我想說，到目前為止，這個問題已經引起了很多關注，但並沒有很多企業或政府在這個問題上投入大量資金。我認為這種情況會隨著時間的推移而開始改變，因此，這對我們來說是一個機會。

And then I think, as I said, the second thing I mentioned was the whole notion of efficiency. How do we deploy AI within our editorial capability? How do we deploy AI within our research and analytics capability? How do we deploy AI in our content creation and our data analytics? How do we deploy AI in go-to-market motions?

然後我認為，正如我所說，我提到的第二件事是整個效率概念。我們如何在編輯能力範圍內部署人工智慧？我們如何在我們的研究和分析能力範圍內部署人工智慧？我們如何在內容創作和數據分析中部署人工智慧？我們如何在行銷中部署人工智慧？

And -- but actually, I mean, there are many use cases across the business. I was experimenting and deploying AI in the business. There are many cases actually within the business where that is now in production and having an operational impact in the business.

而且 — — 但實際上，我的意思是，整個業務中有很多用例。我正在業務中試驗和部署人工智慧。實際上，在企業內部有許多案例，這些案例已經投入生產並對企業營運產生了影響。

And as I said earlier on, I would say that most of the early AI generative and agentic AI use cases lend themselves incredibly well to the nature of our business in terms of what we do and how we do it.

正如我之前所說，我想說，大多數早期的人工智慧生成和代理人工智慧用例非常適合我們的業務性質，包括我們所做的事情和如何做。

Got it. Thank you, guys.

知道了。謝謝你們。

Thank you for your question. That will conclude today's call. Thank you for your participation and enjoy the rest of your day.

感謝您的提問。今天的電話會議到此結束。感謝您的參與並祝您今天過得愉快。

Thank you, Victoria. Thank you all.

謝謝你，維多利亞。謝謝大家。