TechTarget Inc (TTGT) 2025 Q2 法說會逐字稿

Hello, everyone, and a warm welcome to the Informa TechTarget second quarter 2025 financial results conference call and Webcast. My name is Emily, and I'll be coordinating your call today. (Operator Instructions)

大家好，熱烈歡迎參加 Informa TechTarget 2025 年第二季財務業績電話會議和網路廣播。我叫艾米麗，今天我將負責協調您的通話。（操作員指示）

I would now like to turn the call over to our host, Charles Rennick, to begin. Please go ahead, Charles.

現在我想將電話交給我們的主持人查爾斯·雷尼克 (Charles Rennick) 來開始。請繼續，查爾斯。

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

謝謝你，艾米麗，大家早安。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.

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。

As previously announced, in order to provide you with an update on our business in advance of the call, we have posted a press release to the Investor Relations section of our website and furnished it on an 8-K. You can also find these materials with the SEC free of charge at the SEC's website, www.sec.gov.

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，我們已在我們網站的投資者關係部分發布了一份新聞稿，並將其放在 8-K 表格中。您也可以在美國證券交易委員會 (SEC) 網站 www.sec.gov 上免費找到這些資料。

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.

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部分提供。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 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.

Informa TechTarget 今天做出的任何不真實的陳述，包括在問答過程中的陳述，都可能被視為前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，基於假設，並不能保證我們未來的表現。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。

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our most recent periodic reports filed with the SEC. 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.

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最新定期報告中的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 measure, 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。我們在新聞稿中附上了這些非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳表，只要不付出不合理的努力即可。

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

說完這些，我就把電話轉給加里。

Thank you, Charlie, and welcome all. Thank you for joining our call today. As always, we appreciate you investing the time. We have, of course, already spoken to you in part about our Q2 results. However, we will take the time today to reiterate what has already been said and to complete the Q2 picture.

謝謝你，查理，歡迎大家。感謝您今天參加我們的電話會議。像往常一樣，我們感謝您投入的時間。當然，我們已經與您部分談過我們第二季的業績。不過，今天我們將花時間重申已經說過的內容並完成第二季的展望。

I would like to remind all that through our communications, we use the term combined company to refer to the amalgamation of the results in 2024 as if the company was one, allowing us to give a slightly more meaningful year-on-year comparisons. And so I will use this term through this morning's discussion.

我想提醒大家，在我們的溝通中，我們使用合併後的公司這個術語來指稱 2024 年的業績合併，就好像該公司是一個整體一樣，這使我們能夠進行更有意義的同比比較。因此我將在今天上午的討論中使用這個術語。

Really the key messages this morning are really as follows: first of all, our Q2 10-Q was filed this morning. We are delighted to be filing ahead of schedule and confident in our ability to continue to do so going forward. We would maybe describe it as normal service has been resumed.

今天早上的關鍵資訊實際上如下：首先，我們今天早上提交了 Q2 10-Q。我們很高興能夠提前提交申請，並有信心我們有能力繼續這樣做。我們或許會將其描述為正常服務已恢復。

The second message really is one of momentum and momentum is building as we progress and unlock the benefits of combination in what is our foundation year and as we seek to unlock the breadth, the scale and the diversity of our new company. We are reaffirming our guidance for the full year, broadly flat revenues with improving adjusted EBITDA margins of $85 million plus.

第二個訊息實際上是動力之一，隨著我們在基礎年不斷進步並釋放合併帶來的好處，以及我們尋求釋放新公司的廣度、規模和多樣性，動力正在增強。我們重申全年業績預期，營收基本上持平，調整後的 EBITDA 利潤率將提高至 8,500 萬美元以上。

And then really we ask you to -- we're looking forward to and we ask to look out for some product innovation that we'll be announcing in the fall with the launch of what we will be calling the Informa TechTarget Portal. And last but not least, we are firmly of the

然後我們真的要求您——我們期待並要求關註一些產品創新，我們將在秋季推出我們稱之為 Informa TechTarget 門戶的網站時宣布這些產品創新。最後但同樣重要的是，我們堅定地

opinion that AI is an opportunity for our business and that we are well positioned to embrace and take advantage of an AI-enabled world.

我們認為人工智慧對我們的業務來說是一個機遇，我們已準備好迎接並利用人工智慧的世界。

If I turn to the Q2 results. Revenues were posted at $120 million as compared to a prior year of $122 million on a combined company basis. That represents a decline of 1.6% year-on-year. However, it also represents sequential growth of just over 15.5% on Q1. And for those of you who have been tracking the company will see that, that's about 5 percentage points ahead of prior year on a combined company basis. So momentum's building.

如果我轉向第二季的結果。以合併後的公司計算，本季營收為 1.2 億美元，而去年同期為 1.22 億美元。這意味著同比下降了 1.6%。然而，這也代表第一季環比成長略高於 15.5%。對於一直關注該公司的人來說，這將比去年​​同期的公司合併後成長約 5 個百分點。因此勢頭正在增強。

The company posted a net loss of $399 million, largely as a result of a $382 million noncash impairment, and posted adjusted EBITDA of $17 million versus $19 million prior year on a combined company basis. From a balance sheet and liquidity perspective, at the close of Q2, we had a strong balance sheet, $62 million in cash and cash equivalent. We have utilized just about $120 million of the $250 million revolving credit facility that we have. And net debt at the end of the period was negative $58 million, pretty much in line with prior year.

該公司公佈的淨虧損為 3.99 億美元，主要由於 3.82 億美元的非現金減值，合併後調整後的 EBITDA 為 1,700 萬美元，而去年同期為 1,900 萬美元。從資產負債表和流動性的角度來看，在第二季末，我們的資產負債表強勁，現金和現金等價物為 6,200 萬美元。我們已使用了我們所擁有的 2.5 億美元循環信貸額度中的約 1.2 億美元。期末淨債務為負 5,800 萬美元，與上年基本持平。

If I talk a little bit about some of the highlights from Q2, and first of all, if I talk about a market highlight. As we've mentioned before, as part of our market strategy, we are focusing on and investing in our relationships with the largest customers and the largest players in the market that we serve. And we believe that about the top 200 customers in the industry represent about 50% of the addressable market. So that's about $10 billion of the $20 billion addressable market that we have.

如果我談第二季的一些亮點，首先，如果我談談市場亮點。正如我們之前提到的，作為我們市場策略的一部分，我們專注並投資於與我們所服務市場中最大的客戶和最大參與者的關係。我們相信，業界前 200 名客戶佔據了可尋址市場的 50% 左右。因此，這大約占我們 200 億美元潛在市場的 100 億美元。

And these are the customers who have broad scale requirements and, therefore, these are the customers where we believe that the breadth and the scale and the diversity of the combined Informa TechTarget play the loudest. And therefore, we have been investing in and focusing more of our resources, our marketing resources, our sales resources our customer success and, indeed, even our product management to better serve and address the needs of these customers. And through that, we have seen encouraging growth year-on- year through the first half and look forward to that continuing in the second half.

這些客戶具有廣泛的規模要求，因此，我們認為，合併後的 Informa TechTarget 的廣度、規模和多樣性將對這些客戶發揮最大的作用。因此，我們一直在投入並集中更多的資源，包括我們的行銷資源、銷售資源、客戶成功資源，甚至我們的產品管理，以便更好地服務和滿足這些客戶的需求。透過這種方式，我們看到上半年年成長令人鼓舞，並期待下半年能夠繼續保持這種成長動能。

From a product perspective, we've mentioned before that in our Intelligence & Advisory portfolio, we have moved quickly in the combination to undertake brand consolidation and product portfolio consolidation. At the brand level, consolidating the brands of Wards, Canalys, ESG and Omdia under the banner of Omdia as our go-forward brand, this allows us to maximize the return on our brand investment dollars behind that one brand. It also eliminates an overlap within the product portfolio and enables our expert analysts and researchers to therefore spend more time with clients. We're delighted with the progress that we've made there.

從產品角度來看，我們之前提到過，在我們的情報和諮詢產品組合中，我們迅速採取行動，進行品牌整合和產品組合整合。在品牌層面，將 Wards、Canalys、ESG 和 Omdia 品牌整合到 Omdia 旗下作為我們的前進品牌，這使我們能夠最大限度地提高對該品牌的品牌投資回報。它還消除了產品組合中的重疊，使我們的專家分析師和研究人員能夠花更多時間與客戶在一起。我們對在那裡取得的進展感到非常高興。

And then the second product highlight I would mention, of course, is the repositioning of the NetLine product to address the volume cost-conscious end of the demand market, really tapping into a new source of adjacent revenues for the company. And here, again, we've seen meaningful growth year-on-year in this regard and we're very encouraged by the results.

然後我要提到的第二個產品亮點當然是 NetLine 產品的重新定位，以滿足需求市場中註重數量成本的終端，真正為公司挖掘出新的相鄰收入來源。在這裡，我們再次看到了這方面的同比增長，我們對這一結果感到非常鼓舞。

The final highlight that I wanted to mention with regards to Q2 was really with respect to our editorial activity and their audience development and, in particular, in recognition of the expertise that resides within our company, within the research community, the analyst community, the editorial community, the journalist community who are committed to unbiased, authoritative and trusted content. We're delighted to advise that we have won 45 prestigious online B2B editorial awards in the first half of this year alone as a demonstration of our commitment to quality. And I'm going to talk a little bit about that more as we go through the call this morning and why that's so important.

關於第二季度，我想提到的最後一個亮點實際上是關於我們的編輯活動及其受眾發展，特別是對我們公司內部、研究界、分析師界、編輯界、記者界的專業知識的認可，他們致力於提供公正、權威和值得信賴的內容。我們很高興地宣布，僅在今年上半年我們就贏得了 45 項享有盛譽的線上 B2B 編輯獎，這證明了我們對品質的承諾。在我們今天早上進行通話時，我將進一步談論這一點以及為什麼這一點如此重要。

If I look forward to the second half and beyond, we continue to progress at pace with our combination and our foundation year as we bring together the brands, the products and the talents in the organization as we look to eliminate the overlap and the duplication and unlock the promise of bringing these two companies together. And as such, we announced in July the next step of our combination plan, the reorganization plan, streamlining certain areas of the business, streamlining markets, streamlining products, streamlining brands and functions whilst we reinvest in other areas, the areas that we believe to have high growth potential and improve upon the product and service delivery, enhance our go-to-market capabilities.

如果我展望下半年及以後，我們將繼續在合併和奠基年方面取得進展，因為我們將整合組織中的品牌、產品和人才，尋求消除重疊和重複，並釋放將這兩家公司合併的希望。因此，我們在 7 月宣布了合併計劃的下一步，即重組計劃，精簡某些業務領域，精簡市場，精簡產品，精簡品牌和職能，同時我們將對其他領域進行再投資，我們認為這些領域具有高成長潛力，可以改善產品和服務的交付，增強我們的市場進入能力。

And this program is expected to lead to a net reduction of approximately 10% of the company's global colleague base. And therefore, we will be meaningfully ahead of the original year 1 cost savings and synergies that were the original part of the combination thesis. And we believe that we are well on track to deliver the promised synergies of $45 million by year 3 in the original combination thesis.

預計該計劃將導致該公司全球員工總數淨減少約10%。因此，我們將顯著領先最初合併理論中第一年的成本節約和綜效。我們相信，我們能夠順利實現最初合併方案中承諾的到第三年實現 4500 萬美元的協同效應。

I also said earlier on that I wanted you to look forward to some significant progress that we've made with our product road map, which we will announce in the fall. And for those of you listening in European, that's the autumn. We are looking really to -- as part of our product road map and our product strategy, we've got three core priorities.

我之前也說過，我希望你們期待我們在產品路線圖方面取得的一些重大進展，我們將在秋季公佈。對於在歐洲收聽節目的各位來說，這就是秋天。我們真正關注的是——作為我們產品路線圖和產品策略的一部分，我們有三個核心優先事項。

The first priority is to bring all of our products and services together into a single unified experience and interface for our customers. The second priority is to enhance on our ability for our customers to demonstrate the performance and the ROI of their investments

首要任務是將我們所有的產品和服務整合在一起，為客戶提供統一的體驗和介面。第二個重點是增強我們向客戶展示其投資績效和投資報酬率的能力

with us through our analytics capabilities. And the third priority is integrating our products and data with the platforms of choice of our customers.

透過我們的分析能力與我們合作。第三個優先事項是將我們的產品和數據與客戶選擇的平台結合。

And we're delighted that with the launch of the Informa TechTarget Portal in September, we will have made some significant progress against all three of those priorities. And in particular, in the integration of our products and data with the platforms of choice of our customers, we'll be announcing three new integrations with key platforms, which will bring the total of integrations to 13 in total, which we believe covers all of the major ecosystem platforms that our customers like to do business with. And I'll happily talk a little bit more about that in Q&A.

我們很高興，隨著 9 月 Informa TechTarget 入口網站的推出，我們將在所有這三個優先事項上取得重大進展。特別是在將我們的產品和數據與客戶選擇的平台進行集成時，我們將宣布與三個主要平台進行新的集成，這將使集成總數達到 13 個，我們相信這涵蓋了客戶喜歡與之開展業務的所有主要生態系統平台。我很樂意在問答環節中進一步談論這個問題。

The final point I wanted to make really was about AI, and we are firmly of the opinion that AI is an opportunity for our business and that we are well positioned to embrace and take advantage of an AI-enabled world. We've mentioned before that AI in and of itself is a market that we participate in. I mean, our business at its heart is about informing, educating buyers of technology and helping the vendors of technology reach and position their products and services in front of those buyers.

我最後想說的是關於人工智慧的，我們堅信人工智慧對我們的業務來說是一個機遇，我們已準備好迎接並利用人工智慧的世界。我們之前提到過，人工智慧本身就是我們參與的一個市場。我的意思是，我們的業務核心是告知、教育科技買家，並幫助科技供應商向這些買家展示和定位他們的產品和服務。

And AI as a market is no different from any other market, no different from cybersecurity or cloud or enterprise computing. And indeed, as a market, it is estimated by our own Omdia analysts to be north of $250 billion as an end market by 2028. And we see that as an opportunity in and of itself, and we're actively participating in that as we speak.

人工智慧市場與其他市場沒有什麼不同，與網路安全、雲端運算或企業運算也沒有什麼不同。事實上，我們自己的 Omdia 分析師估計，到 2028 年，終端市場規模將超過 2,500 億美元。我們認為這本身就是一個機會，我們正在積極參與其中。

Second, though, we've also mentioned that within our business, we see many ways for AI to improve the efficiency and the quality in our operations and the differentiation in our products and improve audience member experience. The primary AI use cases today lend themselves incredibly well to the heart of our business, which is largely in and around content curation and creation and data manipulation and analysis. And we will be leveraging that heavily within our business.

其次，我們也提到，在我們的業務中，我們看到人工智慧可以透過多種方式提高我們的營運效率和品質、增強我們產品的差異化並改善觀眾體驗。當今主要的人工智慧用例非常適合我們業務的核心，這主要圍繞著內容管理和創建以及資料處理和分析。我們將在我們的業務中大力利用這一點。

And then finally, with respect to how we sustain and grow our permission-ed audience, which is a core asset of the business, really, the breadth and the scale and the diversity of our portfolio of B2B digital properties that inform and educate and shape the industry is unrivaled. And the strategy and tactics that we use to attract, to engage and to retain audience members are manifold.

最後，關於我們如何維持和發展我們的授權受眾（這是我們業務的核心資產），實際上，我們為行業提供資訊、教育和塑造的 B2B 數位資產組合的廣度、規模和多樣性是無與倫比的。我們用來吸引、吸引和留住觀眾的策略和戰術是多種多樣的。

Search is a part of that armory, but search represents less than half of our audience development strategy. And we have many other strategies within that armory, branded destinations, a very extensive outbound newsletter strategy, our publisher partnerships, our customer partnerships and, of course, the vital event audience asset that we have access to through Informa's IIRIS and the relationship with Informa.

搜尋是該武器庫的一部分，但搜尋只占我們受眾發展策略的不到一半。我們在這個策略庫中還有許多其他策略，包括品牌目的地、非常廣泛的外向型新聞通訊策略、我們的出版商合作夥伴關係、我們的客戶合作夥伴關係，當然還有我們可以透過 Informa 的 IIRIS 和與 Informa 的關係獲得的重要活動受眾資產。

And there is no doubt that search is being disrupted with the advent of AI and LLMs, but there is also increasingly confidence that domain authority will remain an asset as search will continue to be a relevant way of finding audiences. But also we are seeing that domain authority is influencing AI engine optimization, and we're seeing our AI engine referrals growing rapidly. And encouragingly, we're seeing the conversion rate to members to being higher than traditionally from search. And so all of that is reasons to feel that we are able to embrace and adapt to the changes in our marketplace.

毫無疑問，隨著人工智慧和法學碩士的出現，搜尋正在受到顛覆，但人們也越來越相信，網域權威仍將是一項資產，因為搜尋將繼續成為尋找受眾的相關方式。但我們也看到網域權限正在影響 AI 引擎優化，我們看到我們的 AI 引擎推薦正在快速成長。令人鼓舞的是，我們發現會員轉換率高於傳統搜尋轉換率。所有這些都讓我們有理由相信我們能夠接受並適應市場的變化。

Our business model is not built upon anonymous traffic. But known and engaged members and decision makers and influencers of vital technology investments are always going to be looking for unbiased, authoritative trusted content, which is why I wanted to highlight those 45 prestigious online editorial awards in the first half alone. And in an AI world, the old computer science adage of garbage in, garbage out still holds. And our ambition is to be the indispensable partner to the technology industry, connecting buyers to sellers and accelerating their growth.

我們的商業模式不是建立在匿名流量之上的。但知名和參與的成員、決策者和重要技術投資的影響者總是在尋找公正、權威、可信的內容，這就是為什麼我想僅在上半年就重點介紹那 45 個享有盛譽的在線編輯獎。在人工智慧的世界裡，古老的電腦科學格言「垃圾進，垃圾出」仍然適用。我們的目標是成為科技業不可或缺的合作夥伴，連結買家和賣家並加速他們的成長。

And at the heart of that strategy is our goal and our commitment to the quality of the information, the insight and the actionable data that we produce as a company, effectively being the quality in and the quality out in this world.

這項策略的核心是我們的目標和對資訊品質的承諾，以及我們作為一家公司所提供的洞察力和可操作數據，從而有效地保證這個世界的內在品質和外在品質。

Finally, to close the call and we'll move to Q&A, we are reaffirming our guidance for 2025. We see the sequential momentum that we've seen in Q2 over Q1 continuing into Q3 and then into Q4. I would highlight that, that sequential improvement from Q3 over Q2 is also not a normal pattern.

最後，結束通話並進入問答環節，我們重申對 2025 年的指導。我們看到，第二季度相對於第一季的連續成長勢頭延續到了第三季度，然後是第四季。我想強調的是，第三季相對於第二季的連續改善也不是正常模式。

The normal pattern you would have seen in the business in prior years was that Q3 is slightly lower than Q2. We do not believe that will be -- we are not believing that to be the case this year. We're not forecasting that this year. And we are, therefore, reaffirming our guidance for the full year of broadly flat revenues and improving adjusted EBITDA margins of $85 million and plus.

您在前幾年的業務中看到的正常模式是第三季略低於第二季。我們不相信——我們不相信今年會出現這種情況。我們今年沒有預測到這種情況。因此，我們重申全年預期，即營收基本持平，調整後的 EBITDA 利潤率將提高至 8,500 萬美元以上。

And as I mentioned, really, the core messages to close then. Momentum is building as we progress and unlock the benefits of combination, the breadth scale and the diversity of our new company. We're delighted, as I say again, and delighted for Dan and the team to be filing ahead of schedule and confident in our ability to continue to do so going forward. Look out for the product innovation in the fall. And as I say, we are firmly of the opinion that AI is an opportunity and that we are positioned to embrace and take advantage of an AI-enabled world.

正如我所提到的，實際上，這是要結束的核心訊息。隨著我們不斷進步並釋放新公司的合併、廣度規模和多樣性的優勢，發展勢頭正在增強。我再說一遍，我們很高興，也很高興丹和團隊能夠提前提交申請，並且有信心我們有能力繼續這樣做。關注秋季的產品創新。正如我所說，我們堅信人工智慧是一個機遇，我們有能力擁抱和利用人工智慧的世界。

And with that, I will pause and I will open up to questions and answers.

說完這些，我將暫停一下，開始提問和回答。

(Operator Instructions)

（操作員指示）

Joshua Reilly, Needham.

約書亞·賴利，尼德姆。

Alright, thanks for taking my questions. Maybe just starting off in terms of brand consolidation. Can you just discuss the trends you're seeing in Intelligence & Advisory as a large public competitor? Just put up guidance below expectations. I'm curious what you're seeing there in terms of turning customer retention for Omdia.

好的，感謝您回答我的問題。或許從品牌整合的角度來說，這才剛開始。作為一家大型公共競爭對手，您能否討論一下您在情報與諮詢領域看到的趨勢？只是給了低於預期的指導。我很好奇您在 Omdia 的客戶保留方面看到了什麼。

Hi, Josh, yes, thanks for the question. Generally speaking, I would say the kind of momentum and the trend continues. We're seeing our Intelligence & Advisory business perform to our expectations. We're seeing, I think, strong and continuing -- I mean, it's always a business that's had strong customer renewal rate both at a volume and a value level, and we're seeing that continue. There's really no change to that pattern.

嗨，喬希，是的，謝謝你的提問。總的來說，我認為這種勢頭和趨勢將會持續下去。我們看到我們的情報和諮詢業務表現符合我們的預期。我認為，我們看到的是強勁且持續的——我的意思是，無論是在數量還是價值層面，這一直是一項擁有強勁客戶續約率的業務，而且我們看到這種情況還在繼續。這種模式確實沒有改變。

I think it's certainly fair to say that new business is probably where the market is the most competitive and challenging. I think that has always been true of this market as well because the Intelligence & Advisory proposition is one which is relatively sticky with customers because you really get deep into their workflows and into their strategic planning cycles. So I mean, I would say our outlook for the year is as expected, no change.

我認為可以公平地說，新業務可能是市場競爭最激烈、挑戰最大的領域。我認為這個市場也一直如此，因為情報和諮詢主張對客戶來說相對具有吸引力，因為你可以真正深入了解他們的工作流程和策略規劃週期。所以我的意思是，我想說我們對今年的展望與預期一致，沒有改變。

Got it. That's helpful. And then as we think about the implied second half guidance, how much of the sequential improvement in revenue in Q3 is from any type of market recovery that you're assuming relative to the operational improvements that you've already highlighted on the call here?

知道了。這很有幫助。然後，當我們考慮隱含的下半年指引時，相對於您在電話會議上已經強調的營運改進，第三季收入的環比增長有多少是來自於您假設的任何類型的市場復甦？

Well, we're not making assumptions around market recovery in any way, shape or form in our guidance. Really, this is based upon the bookings momentum that we have, the revenue pacing momentum that we have.

嗯，我們在指導中不會以任何方式對市場復甦做出假設。實際上，這是基於我們的預訂勢頭和收入節奏勢頭。

I think as I mentioned earlier before, one of the things that we moved really quickly to do is to get our management information systems combined, such that we had a kind of transparent and real-time view of bookings from customers and revenue from customers. And so we see that on a daily basis. So it really is all about those KPIs, not any assumptions around market recovery.

我想，正如我之前提到的，我們迅速採取的行動之一就是整合我們的管理資訊系統，這樣我們就可以透明、即時地查看客戶的預訂情況和客戶的收入。我們每天都會看到這樣的情況。所以這其實都與那些 KPI 有關，而不是任何有關市場復甦的假設。

Excellent. And then last question for me is, can you just review what did you do exactly to the product for NetLine to drive growth in the lower end, more class conscious end of the market? Thank you.

出色的。然後我的最後一個問題是，您能否回顧一下您對 NetLine 產品做了哪些具體工作來推動低端、更有階級意識的市場的成長？謝謝。

Yes, certainly, Josh. I mean, actually the product itself, really, there wasn't a lot of change to the product itself, but there was a lot of change to the go-to-market strategy for the product. And we have built a dedicated go-to-market capability for the product and then positioned it in that sort of volume and cost conscious end of the demand market.

是的，當然，喬希。我的意思是，實際上產品本身並沒有太大的變化，但產品的行銷策略卻發生了很大的變化。我們為該產品建立了專門的上市能力，然後將其定位在需求市場中註重數量和成本的領域。

And it is, therefore, really is about the emphasis of the go-to-market behind the product and the positioning of the product. The actual product itself, the engineering of the product itself hasn't materially changed.

因此，這其實就是對產品背後的市場進入和產品定位的強調。實際產品本身、產品本身的工程並沒有實質的改變。

Understood thank you.

明白了謝謝。

Thank you, Josh.

謝謝你，喬希。

Jason Kreyer, Craig-Hallum Capital Group LLC

傑森·克雷爾（Jason Kreyer），Craig-Hallum Capital Group LLC

Great, thank you guys for taking my questions. Just wondering, as you look at the guide and the implied return to growth in the back half of the year, can you give any either qualitative or quantitative commentary on bookings or on the pipeline that give you confidence in that return to growth?

太好了，謝謝你們回答我的問題。只是想知道，當您查看指南和下半年隱含的成長回報時，您能否對預訂或管道給出任何定性或定量的評論，讓您對成長回報充滿信心？

I mean the best I would say is that our bookings momentum and our revenue pacing all support the guidance that we've given you and the confidence and its support of it. As you know, we are a business that are sort of really -- we've mentioned this in the past, actually, Jason, if think about the revenues in key categories, we have what we would describe as the subscription revenues. And the subscription revenues are rated over a year, and therefore -- and we have a high degree of visibility of those revenues because of that.

我想說的最好的是，我們的預訂動能和收入節奏都支持我們給予您的指導以及對它的信心和支持。如你所知，我們是一家真正的企業——我們過去曾提到過這一點，實際上，傑森，如果考慮關鍵類別的收入，我們就有所謂的訂閱收入。訂閱收入是按一年來評估的，因此，我們對這些收入具有很高的可見度。

The second sort of category of revenues are kind of consulting and our advisory revenues. These are project-related revenues where we recognize revenue on a level of effort basis against the backlog of projects that we've kind of booked and on the books.

第二類收入是諮詢和顧問收入。這些是與項目相關的收入，我們根據已預訂和已記帳的積壓項目的努力程度來確認收入。

And then the third category of revenues are the kind of more transactional revenues, where we usually get about 90 days visibility through the pipeline in the business, through the sales forces' pipeline. And so when you take the mix of that, we have a relatively good picture of the business.

第三類收入是交易性收入，我們通常透過業務管道、透過銷售團隊的管道獲得約 90 天的可見性。因此，當你考慮到這些因素時，我們對業務就會有相對良好的了解。

Appreciate that commentary. Just going back to the AI topic. As you look across your business today, what segments or what products are seeing near-term fundamental benefits from the AI category?

感謝您的評論。回到人工智慧話題。當您回顧今天的業務時，哪些細分市場或哪些產品會從人工智慧類別中看到近期的基本利益？

I think probably you'll see this showing up first is really in audience experience and how we actually -- how audiences discover and then consume content as they go through their buying journey. So if you think about our audiences, they are decision makers and influencers of material technology decisions.

我想你可能會先看到這一點，這實際上是在觀眾體驗中，以及我們如何實際地——觀眾在購買過程中如何發現並消費內容。所以如果你考慮我們的觀眾，他們是材料技術決策的決策者和影響者。

They require to be well informed and well educated prior to making those decisions. Indeed, we usually spend about 80% of the buying journey researching before they actually dialogue with potential vendor, shortlisted vendors.

他們需要在做出這些決定之前充分了解情況並接受良好的教育。事實上，在與潛在供應商、入圍供應商進行實際對話之前，我們通常會花費約 80% 的購買流程時間來進行研究。

And really through AI, we have the ability to change the dynamic of the audience experience. So if you think about the audience experience today, we have over 220 B2B digital properties that inform, educate and shape the market on a daily basis.

透過人工智慧，我們確實有能力改變觀眾體驗的動態。因此，如果您考慮當今的觀眾體驗，我們擁有超過 220 個 B2B 數位資產，可以每天為市場提供資訊、教育和塑造。

But the reality is that when you land -- when you discover one of those properties and you land on that property, no matter how you get there, you might get there through a search, you may get there through a direct link, you might get there through a brand that you recognize, largely you're consuming the content on that property.

但現實情況是，當你登陸——當你發現其中一個房產並登陸該房產時，無論你如何到達那裡，你可能通過搜索到達那裡，你可能通過直接鏈接到達那裡，你可能通過你認識的品牌到達那裡，很大程度上你都在消費該房產上的內容。

You may then be -- I mean, we obviously encourage our audience members to move around to the network to learn more, to become more immersed in the subject. But actually, that is something which is not -- is easier said than done if the truth be told.

那麼你可能會——我的意思是，我們顯然鼓勵我們的觀眾通過網絡了解更多信息，更加深入地了解這個主題。但事實上，說實話，這並非易事，說來容易做來難。

If you think about the use of AI and in particular LLMs, what that really allows us to do is to take all of the content across that estate of 220 sites and put it into a large language model and then allow our audiences to consume content by asking questions and receiving answers from our proprietary LLM, which we built within the organization.

如果你考慮使用人工智慧，特別是法學碩士 (LLM)，那麼它真正讓我們能夠做的就是將 220 個站點的所有內容放入一個大型語言模型中，然後讓我們的受眾通過提問和從我們在組織內部構建的專有 LLM 獲得答案來消費內容。

And indeed, we're in the process of consolidating all of the content from all 220 estates and, indeed, we will also add our research content to that as well. So you're fundamentally changing the audiences' experience in terms of how they discover and then how they consume and how they become educated in a topic. And I think that's certainly kind of probably, first and foremost, where we will see the influence.

事實上，我們正​​在整合所有 220 個莊園的所有內容，而且，我們也將把我們的研究內容添加到其中。因此，你從根本上改變了觀眾的體驗，包括他們如何發現、如何消費以及如何了解某個主題。我認為這肯定是我們將首先看到影響的地方。

I also mentioned that a lot of what we do in our products is really data manipulation and analysis. So the whole notion of how do you derive intent signals from audience data and their consumption patterns is something that we'll be enhancing both in terms of quality and fidelity through the use of AI models as we move forward in time.

我還提到，我們在產品中所做的許多工作實際上都是資料處理和分析。因此，隨著時間的推移，我們將透過使用人工智慧模型來增強如何從受眾數據及其消費模式中獲取意圖訊號的整個概念，從而提高品質和保真度。

So hopefully, those are just two examples of where we can see leveraging AI: first and foremost, from an audience experience perspective; and second of all, from a client value proposition perspective.

因此，希望這些只是我們可以看到的兩個利用人工智慧的例子：首先，從觀眾體驗的角度來看；其次，從顧客價值主張的角度來看。

That's really helpful, Gary. Just one more for me. So as we get into the second half of the year, we're forecasting an uptick in profitability and cash flow. Just wondering what your balance sheet priorities are across like deleveraging, buybacks, M&A. Any key objectives from you? Thanks.

這真的很有幫助，加里。對我來說再多一個就好了。因此，隨著進入下半年，我們預測獲利能力和現金流將會上升。只是想知道您的資產負債表優先事項是什麼，例如去槓桿、回購、併購。您有什麼主要目標嗎？謝謝。

Dan, do you want to.

丹，你想嗎？

Sure. I mean, as we think about the second half of the year, it's really going to be about identifying opportunities for the business with a focus on delevering and then also just building up cash.

當然。我的意思是，當我們考慮下半年時，我們實際上要尋找業務機會，重點是去槓桿，然後累積現金。

Alright thanks man. Thank you very much, Jason.

好的，謝謝老兄。非常感謝，傑森。

Eric Martinuzzi, Lake Street Capital Markets, LLC.

Eric Martinuzzi，Lake Street Capital Markets，LLC。

Yeah, I saw you called out the Canalys business as part of the uptick in the back half. I'm not familiar with that. Are we talking about on the order of $1 million or $2 million or $3 million to $5 million? What does that conference business kind of kick in when it does show up in Q4?

是的，我看到您將 Canalys 業務稱為下半年成長的一部分。我不太熟悉這個。我們談的是 100 萬美元、200 萬美元還是 300 萬到 500 萬美元？當會議業務在第四季出現時，會產生什麼樣的影響？

Hi Eric, yes, good question. So there is a series at the tail end of the year of what's called the Canalys Forums. The Canalys Forums are a prestigious news of conferences. There's one in Europe, one in Asia and one in North America, in the United States. It's really the kind of gathering of the decision makers and the influencers within the channel community of the technology sector.

嗨，艾瑞克，是的，好問題。因此，在年底會舉辦一系列所謂的 Canalys 論壇。Canalys 論壇是一次享有盛譽的新聞會議。歐洲有一個，亞洲有一個，北美有一個，美國有一個。這其實是科技業通路社群內決策者和影響者的聚會。

It's really where the distribution titans like TD SYNNEX and Arrow and where the giant resellers like SHI and Computacenter and others come together with the vendors to meet and discuss business.

這裡實際上是 TD SYNNEX 和 Arrow 等分銷巨頭以及 SHI 和 Computacenter 等大型經銷商與供應商齊聚一堂，開會洽談業務的地方。

That all happens in really October, November. The quantum of it is -- I will never be able to give you a quantum. It's between $5 million and $10 million. I'm not going to kind of put too round a number on that, but it's in that range. And as I say, it tends to be -- it's what kind of give the Q4 revenues a bit of that slight skew.

這一切其實都發生在十月、十一月。它的量子是──我永遠無法給你一個量子。介於 500 萬美元至 1000 萬美元之間。我不會給出一個太精確的數字，但它確實在這個範圍內。正如我所說，這往往會導致第四季的收入出現一些輕微的偏差。

Okay. That's helpful. As far as macro demand, it looks like the brand and intent business, you characterized it as the most volatile. Are you seeing that across your markets? Or is there a difference between, say, North America and rest of the world?

好的。這很有幫助。就宏觀需求而言，看起來品牌和意向業務是最不穩定的。您是否在各個市場都看到了這種情況？或者說，北美和世界其他地區之間有區別嗎？

And No, I don't think there's any kind of material geographical differences there. I think the pattern is relatively consistent across Europe and APAC. I would say -- I think I've mentioned it, certainly within the business, kind of APAC revenues and the APAC bookings are where -- one of the areas where we've been seeing decline year-on-year.

不，我認為那裡不存在任何實質的地理差異。我認為這種模式在歐洲和亞太地區相對一致。我想說——我想我已經提到過，當然在業務範圍內，亞太地區的收入和預訂量是——我們看到同比下降的領域之一。

I mentioned earlier on that we've got growth year-on-year in some of our strategic bets. But by implication, other areas must be declining. And I think we found the APAC market challenging this year, but it's not localized to the proposition of brand and intent. I think that's more of a market than a product factor or issue.

我之前提到過，我們的一些策略投資年增了。但這意味著其他地區必定正在衰退。我認為今年我們發現亞太市場充滿挑戰，但它並沒有針對品牌和意圖的主張進行在地化。我認為這更多的是一個市場問題，而不是產品因素或問題。

Okay. Fair. And then lastly, you had talked about wanting to be the -- work with your customers' platforms of choice. I'm familiar with marketing automation platforms that would be users of Informa TechTarget data, things -- HubSpot, for instance. Can you give me other examples of platforms that you're talking about integrating with?

好的。公平的。最後，您談到希望與客戶選擇的平台合作。我熟悉使用 Informa TechTarget 資料的行銷自動化平台，例如 HubSpot。您能給我舉一些您正在討論的整合平台的例子嗎？

Yes. I mean, typically, the industry sort of calls them CRMs, MAPs, SEPs, SEPs being sales enablement platforms. So you've mentioned, the CRMs of this world are Salesforce and Microsoft Dynamics, et cetera. The marketing automation platforms are the Eloquas and the HubSpots and the Marketos of this world. The sales enablement platforms are things like 6sense and Demandbase and others. Does that help?

是的。我的意思是，通常，業界將它們稱為 CRM、MAP、SEP，SEP 是銷售支援平台。所以您提到，這個世界的 CRM 是 Salesforce 和 Microsoft Dynamics 等等。行銷自動化平台是這個世界上的 Eloquas、HubSpots 和 Marketos。銷售支援平台包括 6sense、Demandbase 等。這樣有幫助嗎？

Yes. So your sense is you're pretty well there and you'll have it by the end of the year as far as being able to plug in with all of these?

是的。所以您的感覺是，您已經做得很好了，到今年年底，您就能完成所有這些工作了？

I think certainly by -- at the time of the fall launch, where we're adding three new integrations to the portfolio, I think I said that would be 13 in total. I think that gives us really good coverage of all the major platforms that our customers choose and therefore is good.

我認為肯定會如此——在秋季發佈時，我們會在產品組合中添加三個新的集成，我想我說過總共會有 13 個。我認為這讓我們能夠很好地涵蓋客戶選擇的所有主要平台，因此非常好。

I mean, obviously, it's a dynamic world. I mean I sort of remember sales enablement platforms didn't exist 5, 6, 7 years ago. The world were CRMs and MAPs at the time, or customer relationship management and marketing automation platforms.

我的意思是，顯然這是一個充滿活力的世界。我的意思是我記得 5、6、7 年前還沒有銷售支援平台。當時的世界是 CRM 和 MAP，或是客戶關係管理和行銷自動化平台。

So we're keeping an eye out on that. There are also a couple of what we would call lead management consolidators or lead management consolidation platforms, so the converters of this world and integrate. And they are also -- they're on our list.

所以我們對此保持關注。還有一些我們稱之為潛在客戶管理整合器或潛在客戶管理整合平台的東西，因此這個世界的轉換器可以整合在一起。而且他們也在我們的名單上。

And so we -- this is really, I think, a clear commitment from the company to integrating into the ecosystems that our customers build and being easy to do business with and facilitates and being seamless to do business with.

因此，我認為這確實是公司做出的明確承諾，即融入客戶建立的生態系統，並使其易於開展業務，並提供便利和無縫的業務開展。

Got it. Well, congrats on getting back on a normal reporting cadence.

知道了。好吧，恭喜您恢復正常的報告節奏。

Oh, thank you.

噢，謝謝。

Thank you. Those are all the questions we have for today, and so this concludes our call. Thank you all for your participation, and you may now disconnect your line.

謝謝。這些就是我們今天要問的所有問題，我們的通話到此結束。感謝大家的參與，現在您可以斷開線路了。