TechTarget Inc (TTGT) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for attending today's Informa TechTarget third-quarter 2025 financial results conference call. My name is Tamia and I will be your moderator for today's call. (Operator Instructions)

午安.感謝您參加今天Informa TechTarget 2025年第三季財務業績電話會議。我叫塔米婭，我將擔任今天電話會議的主持人。（操作說明）

I would now like to pass the conference over to your host, Charlie Rennick, General Counsel. You may proceed.

現在我將把會議交給主持人，總法律顧問查理·倫尼克。您可以繼續。

Thank you and good afternoon, everyone. The speakers joining us here today are Gary Nugent, our CEO; and Dan Noreck, our CFO.

謝謝大家，下午好。今天到場的演講嘉賓有我們的執行長 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 in the Investor Relations section of our website and furnished it on an 8-K.

在將電話交給 Gary 之前，我們想提醒所有參加電話會議的人，我們的財報發布流程是怎麼樣的。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信息，我們在網站的投資者關係部分發布了新聞稿，並通過 8-K 表格提供了相關信息。

You can also find these materials at 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.

您也可以在美國證券交易委員會（SEC）的網站 www.sec.gov 上免費取得這些資料。本次電話會議的相應網路直播和錄音回放將在我們網站的投資者關係版塊提供。

Following Gary's remarks, the management team will be available to answer questions. 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.

加里發言結束後，管理團隊將回答大家的問題。Informa TechTarget 今天發表的任何非事實性聲明，包括在問答環節中發表的聲明，都可能被視為前瞻性聲明。這些前瞻性聲明存在風險和不確定性，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聲明有重大差異。

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our SEC filing. 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 the conference call, except as required by law.

前瞻性陳述涉及許多風險和不確定性，包括我們在提交給美國證券交易委員會的文件「風險因素」部分中討論的風險和不確定性。這些聲明僅代表截至本次電話會議之日的情況，除法律要求外，Informa TechTarget 不承擔任何義務修改或更新任何前瞻性聲明，以反映電話會議之後可能發生的事件。

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 effort, accompanies our press release.

最後，我們也可能會提及一些不符合公認會計原則 (GAAP) 的財務指標。本新聞稿附有部分非GAAP財務指標與最接近的GAAP指標的調節表（在無需付出不合理努力的情況下可獲得）。

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

接下來，我將把電話交給加里。

Thank you, Charlie. And thank you all for joining our call today. As always, we greatly appreciate you investing the time. And I am pleased to report that Q3 of 2025 demonstrated the momentum that we had anticipated following our Q2 results and that we've made good progress in unlocking the benefits of the scale and breadth and diversity of our combined business.

謝謝你，查理。感謝各位今天參加我們的電話會議。一如既往，我們非常感謝您抽出寶貴時間。我很高興地報告，2025 年第三季業績展現了我們繼第二季業績之後所預期的發展勢頭，並且在釋放合併後業務的規模、廣度和多樣性優勢方面取得了良好進展。

We have said many times and we've viewed 2025 as this foundation year for a combined company, as Informa TechTarget, executing upon our plan to align and integrate at pace and seize the benefits that the combination affords us and I am convinced will be a key point of differentiation in the market as we move forward. Our early strategic initiatives are gaining traction and beginning to bear fruit, and we're seeing improving performance from our business.

我們已經多次說過，並將 2025 年視為合併後的公司 Informa TechTarget 的奠基之年，我們將執行計劃，快速進行調整和整合，抓住合併帶來的好處，我相信這將是我們未來在市場上脫穎而出的關鍵因素。我們早期的策略性舉措正在取得成效，並開始見效，我們看到業務表現也不斷提高。

The B2B technology market is a dynamic one, with artificial intelligence and cybersecurity and generally, digital transformation key drivers. And really a $5 trillion end market today, our own Omdia analysts forecast this end market to double by 2034. And really, our ability to inform, educate and shape the market, and connect technology vendors with engaged, purchase-ready IT decision makers has never been more valuable.

B2B 技術市場是一個充滿活力的市場，人工智慧、網路安全以及數位轉型是其關鍵驅動因素。如今終端市場規模已達 5 兆美元，我們 Omdia 的分析師預測，到 2034 年，這一終端市場規模將翻倍。事實上，我們影響、教育和塑造市場，並將技術供應商與積極參與、準備購買的 IT 決策者聯繫起來的能力，從未像現在這樣有價值。

Our clients are in the main performing well. However, they are currently engaged in a strategic AI investment cycle, where the majority of resource is being redirected towards R&D in this arena. And while this may be temporarily impacting go-to-market and marketing budgets, these investments will ultimately need to demonstrate an ROI, which will drive increased demand for our products and services in the midterm.

我們的客戶整體表現良好。然而，他們目前正處於人工智慧戰略投資週期中，大部分資源正被重新分配到該領域的研發中。雖然這可能會暫時影響行銷和行銷預算，但這些投資最終需要證明其投資報酬率，從而在中期內推動對我們產品和服務的需求增加。

Regardless, it is a large, addressable market out there. We size it at around $20 billion for our business, of which we have only penetrated 2.5% market share. Thus, there is plenty of runway for growth to leverage the breadth and scale of our client proposition to compete and win, increase our share of wallet with our customers, and take market share.

無論如何，這是一個巨大的、可開拓的市場。我們估計我們公司的市場規模約為 200 億美元，但我們只佔其中的 2.5% 的市場份額。因此，我們有足夠的成長空間，可以利用我們客戶服務方案的廣度和規模來參與競爭並贏得勝利，提高我們在客戶錢包中的份額，並奪取市場份額。

Our strategic focus remains on four key areas. The first is a revamped go-to-market strategy focusing our resources and efforts on the largest clients and the hottest markets, largely artificial intelligence, cybersecurity, and the channel market.

我們的策略重點仍集中在四個關鍵領域。首先，我們將調整市場進入策略，把資源和精力集中在最大的客戶和最熱門的市場，主要是人工智慧、網路安全和通路市場。

Second is our product innovation. We are aligning and integrating the portfolio of products and services, leveraging the breadth and scale to offer and deliver solutions that align to the needs of our clients across their product life cycle, and by extension, positioning ourselves as a strategic partner and improving our average order value.

其次是我們的產品創新。我們正在調整和整合產品和服務組合，利用我們的廣度和規模，提供和交付符合客戶在其產品生命週期內需求的解決方案，從而將自己定位為戰略合作夥伴，並提高我們的平均訂單價值。

The third point is improving our operational efficiency and effectiveness, unlocking the cost savings and the synergies that the combination affords us. And then fourth is a focus towards diversifying our audience development and engagement strategies, including establishing our discoverability through AI answer engines and LLMs.

第三點是提高我們的營運效率和效益，釋放合併帶來的成本節約和綜效。第四，我們將致力於拓展受眾群體和互動策略，包括透過人工智慧答案引擎和LLM（潛在客戶名單管理）來提高我們的可發現性。

In terms of our financial performance, from a revenue and an adjusted EBITDA perspective, we are delivering in line with what we had previously indicated. And today, we are reaffirming our full-year 2025 guidance. We continue to expect broadly flat revenues on a combined company basis compared to the prior year and an increase in adjusted EBITDA from last year to over $85 million this year.

從收入和調整後 EBITDA 的角度來看，我們的財務表現與先前預期的一致。今天，我們重申我們對2025年全年業績的預期。我們仍然預計，與前一年相比，公司合併後的收入將基本持平，而調整後的 EBITDA 將從去年增加到今年的 8,500 萬美元以上。

What is particularly encouraging is the sequential momentum that we've built throughout the year, moving from a negative 5.8% in year-on-year growth in Q1 to negative 1.6% in Q2, and now achieving positive year-on-year growth in Q3. Q4 is seasonally our strongest quarter of the year, and this trajectory demonstrates the underlying strength of our combined platform and the effectiveness of our strategic initiative.

尤其令人鼓舞的是，我們全年都保持著穩步增長的勢頭，從第一季同比下降 5.8% 到第二季度同比下降 1.6%，現在第三季度實現了同比正增長。第四季通常是我們一年中業績最好的季度，這趨勢顯示了我們綜合平台的強大實力和我們策略舉措的有效性。

Third-quarter revenues were $122 million as compared to the prior year of $121 million on a combined company basis, a growth of around 1% year on year. However, it also represents sequential growth of 2% on Q2, which was versus a modest seasonal sequential decline last year. So revenue momentum is building. And I think in particular, there's a bit of catch-up here as we walk through the aligning and integrating in combination in the first three quarters of the year.

第三季公司總營收為 1.22 億美元，而上年同期為 1.21 億美元，較去年同期成長約 1%。然而，這也代表著比第二季度增長了 2%，而去年同期則出現了小幅季節性環比下降。因此，營收成長動能正在增強。我認為，尤其是在今年前三個季度進行協調和整合的過程中，我們需要進行一些追趕。

The business generally exhibits attractive profit drop-through on revenue expansion, which, together with the cost savings that we were delivering, resulted in our adjusted EBITDA growth in Q3 being ahead of our revenue growth, both on a year-on-year basis and on a sequential basis, delivering healthy margin expansion. In Q3, the adjusted EBITDA grew by 9% year on year.

該業務通常表現出隨著收入擴張而出現的利潤下降趨勢，再加上我們實現的成本節約，使得我們第三季度的調整後 EBITDA 增長超過了收入增長，無論是同比還是環比，從而實現了健康的利潤率擴張。第三季度，調整後 EBITDA 年成長 9%。

The company posted a net loss of$77 million largely as a result of an $80 million non-cash impairment, given the reduction in our market capitalization during the quarter. Our Q3 win wall, as we would describe it, which is a device we use internally to keep track of and celebrate our successes, is covered in interesting anecdotes and posters.

由於本季市值下降，導致8,000萬美元的非現金減值，公司淨虧損7,700萬美元。我們稱之為「第三季勝利牆」的設備，是我們內部用來記錄和慶祝我們取得的成功的地方，上面貼滿了有趣的軼事和海報。

We have consolidated our intelligence and advisory brands under the unified Omdia banner, bringing together the expertise of Canalys, Wards, and ESG into a single powerful market intelligence platform. And this consolidation is already showing results in terms of client clarity and cross-selling opportunities. We launched in September the Informa Tech Target portal, which is the first product leveraging our combined audience data set.

我們已將旗下情報和顧問品牌整合到統一的 Omdia 品牌下，將 Canalys、Wards 和 ESG 的專業知識匯集到一個強大的市場情報平台。這種整合已經在提高客戶清晰度和交叉銷售機會方面取得了成效。我們在 9 月推出了 Informa Tech Target 入口網站，這是第一個利用我們合併後的受眾資料集的產品。

We're now able to provide our clients with a unified access to intelligence, intent, and demand via an improved common interface. It represents a significant increase in the intense data signals, over 40% increase and greater audience reach, and improved performance in ROI reporting, and the ability to seamlessly integrate with the majority, if not all, of our customers' preferred marketing and sales platforms.

我們現在能夠透過改進的通用介面，為客戶提供統一的情報、意圖和需求存取途徑。它代表著密集數據訊號的顯著增加，受眾覆蓋範圍擴大 40% 以上，ROI 報告效能得到提升，並且能夠與我們大多數（如果不是全部）客戶首選的營銷和銷售平台無縫整合。

And on that note, we were delighted to receive in October, the Demand-based Technology Partner of the Year award. Our editorial teams have won 47 awards for their original, authoritative, and impartial B2B journalism here to date. It is such an asset in a world where trust and trusted sources of information command a premium.

在此，我們非常高興地宣布，我們在 10 月獲得了「年度需求導向技術合作夥伴」獎。迄今為止，我們的編輯團隊憑藉其原創、權威、公正的 B2B 新聞報道，已獲得 47 個獎項。在信任和可靠資訊來源彌足珍貴的當今世界，這無疑是一筆寶貴的財富。

And in addition, the editorial team have recently launched a new publication, our Channel Dive, targeting the North American technology channel partners, who collaborate with major tech companies on marketing, sales, and distribution. It's an important point to note that in this industry, over 70% of all value goes to market via the channel. And therefore, this is a critical market for us to compete and win in.

此外，編輯團隊最近也推出了一份新刊物《通路深度報道》，目標讀者是北美技術通路合作夥伴，他們與大型科技公司在行銷、銷售和分銷方面合作。值得注意的是，在這個行業中，超過 70% 的價值都是透過通路進入市場的。因此，這是我們必須在其中競爭並取得成功的關鍵市場。

Our all-star editorial team for this combines talents from TechTarget, Channel Futures, Light Reading, and CIO Dive. Our go-to-market focus on the largest players and the hottest markets is beginning to bear fruit, with bookings up year on year, longer-term contracts, and increased average deal sizes as we present more comprehensive integrated solutions to our clients.

我們為此組成的全明星編輯團隊匯集了來自 TechTarget、Channel Futures、Light Reading 和 CIO Dive 的人才。我們專注於最大的參與者和最熱門的市場，這個市場策略開始取得成效，隨著我們向客戶提供更全面的整合解決方案，預訂量逐年增加，合約期限延長，平均交易規模也隨之擴大。

And we continue to successfully reposition NetLine to target the volume end of the demand market, which is delivering significant growth in revenues and bookings year on year. But most pleasing of all, I'm proud of the way our team has embraced the combined company culture that we are building, and we're seeing excellent collaboration efforts across the business.

我們繼續成功地重新定位 NetLine，瞄準需求市場的大宗商品端，這帶來了收入和訂單量的逐年顯著增長。但最令人欣慰的是，我為我們的團隊欣然接受我們正在建立的融合企業文化而感到自豪，並且我們看到了整個業務範圍內出色的協作努力。

We continue to view AI as a significant opportunity for our business, as a technology market to serve in its own right, as a tool to improve productivity and quality, and as a catalyst for enhancing existing and inspiring new products and services. And the focus of our efforts today lies in four key areas: to provide conversational AI interfaces into our proprietary market and our permissioned audience data, enhancing the efficacy and the speed of building and executing on their go to market programs for our clients.

我們仍然認為人工智慧對我們的業務來說是一個重要的機遇，它是一個獨立的技術市場，可以作為提高生產力和品質的工具，也是增強現有產品和服務以及激發新產品和服務的催化劑。我們目前的工作重點在於四個關鍵領域：為我們的專有市場和授權受眾數據提供對話式人工智慧介面，提高客戶制定和執行市場推廣計畫的效率和速度。

The second area is on providing conversational AI interfaces into audience experience across the network, enhancing our audience's ability to discover and engage with the original authoritative and unbiased information that better informs and shapes their buying journey.

第二個面向是在整個網路中提供對話式人工智慧介面，增強受眾發現和參與原始權威、公正訊息的能力，從而更好地指導和塑造他們的購買過程。

And then finally, really, it's about enhancing the productivity of our market experts, as they create original data and insights that inform and educate and shape the market, and the productivity of our marketing and sales teams as they seek to scale our presence in what is that $20 billion addressable market.

最後，說到底，這關乎提高我們市場專家的生產力，因為他們能夠創造原創數據和見解，從而為市場提供資訊、教育和塑造市場；也關乎提高我們行銷和銷售團隊的生產力，因為他們正努力擴大我們在價值 200 億美元的潛在市場中的影響力。

And whilst AI is evolving the way audiences discover and consume information, Informa TechTarget is well positioned for this shift, given our wealth of market expertise, our trusted original content, and the diversity of audience development techniques that we have. We are being proactive and agile and adjusting to the fundamental change in how technology buyers discover and consume information. With the rise of answer engines and AI-driven search, there's an accompanying skepticism towards genetic content.

雖然人工智慧正在改變受眾發現和消費資訊的方式，但憑藉我們豐富的市場專業知識、值得信賴的原創內容以及多樣化的受眾開發技術，Informa TechTarget 已做好充分準備迎接這一轉變。我們積極主動、靈活應變，不斷調整以適應技術買家發現和使用資訊方式的根本性變化。隨著問答引擎和人工智慧驅動的搜尋的興起，人們對基因內容也產生了懷疑態度。

According to our own search, over four out of five technology buyers do not fully trust AI today. And our focus is on high-value, expert-driven editorial content and specialized audience communities is proving prescient as audiences seek to verify with trusted sources. And to that, we're seeing a two to three times higher membership conversion rate from answer engines and LLM citations compared to traditional organic search.

根據我們自己的調查，超過五分之四的技術買家目前並不完全信任人工智慧。我們專注於高價值、專家驅動的編輯內容和專業受眾社區，事實證明，隨著受眾尋求透過可信來源進行驗證，這種做法具有先見之明。由此可見，與傳統的自然搜尋相比，來自答案引擎和LLM引用的會員轉換率高出兩到三倍。

We believe this is validating our strategy of prioritizing quality and expertise and our diversified capabilities in attracting membership, such as growth in direct traffic and newsletter engagement, which has meant that our active audience membership grew modestly over the period.

我們相信這驗證了我們優先考慮品質和專業知識以及我們在吸引會員方面多元化能力的策略，例如直接流量和新聞通訊參與度的增長，這意味著在此期間我們的活躍受眾會員人數略有增長。

Looking forward, we will remain focused on capitalizing on the breadth and scale the combination affords us to become an indispensable partner to the technology industry, informing, educating and shaping the market, connecting buyers with sellers, accelerating their growth via an expert-led, data-driven, and AI-enabled B2B marketing leader.

展望未來，我們將繼續專注於利用此次合併帶來的廣度和規模優勢，成為科技業不可或缺的合作夥伴，為市場提供資訊、教育和塑造，連接買家和賣家，並透過專家主導、數據驅動和人工智慧賦能的 B2B 行銷領導者加速他們的成長。

We aim to further build our momentum in Q4 and into 2026 as we leverage the benefits of combination. And we believe that we are well positioned to capitalize on the opportunities ahead and deliver consistent profitable growth and increased value for our stakeholders.

我們計劃在第四季及2026年進一步鞏固發展勢頭，充分利用合併帶來的優勢。我們相信，我們已做好充分準備，把握未來的機遇，為我們的利害關係人帶來持續的獲利成長和更大的價值。

And I want to thank our entire team for their dedication and continued execution of our strategy. I have spent the largely the large part of the last eight weeks or so with our customers in Massachusetts, in California, in New York, and Washington, both DC and state, in Texas, in France, in the UK and Dubai, in Tel Aviv. And without exception, our customers have gone out of their way to highlight the quality of our people and the relationships that they have built. And their expertise and commitment are the foundation of our success.

我還要感謝我們整個團隊的奉獻精神和對我們策略的持續執行。在過去八週左右的大部分時間裡，我幾乎都與我們在馬薩諸塞州、加利福尼亞州、紐約州、華盛頓特區和華盛頓州、德克薩斯州、法國、英國、杜拜和特拉維夫的客戶在一起。毫無例外，我們的客戶都竭盡全力地強調我們員工的品質以及他們建立的人際關係。他們的專業技能和敬業精神是我們成功的基石。

And with that, we're now happy to answer your questions, and I'll ask the operator to open up the line for Q&A.

那麼，我們現在很樂意回答您的問題，我將請接線生開通問答線。

(Operator Instructions) Joshua Riley, Needham.

（操作說明）約書亞·萊利，尼德姆。

All right, great. Thanks for taking my questions here. Maybe just starting off on one of the last topics you were just talking about there and the whole concept of, driving traffic via search engine optimization related to the AI LLMs.

好的，太好了。感謝您回答我的問題。或許可以從你剛才提到的最後一個話題開始，也就是透過搜尋引擎優化來吸引流量，這與人工智慧LLM有關。

What are you seeing and what have you done? Maybe you can just expand on this a bit more as a company, as you know, you obviously have to pivot from traditional SEO to the answer engine optimization concept and how are you progressing in that, how much more work do you have to do. And what are you seeing in terms of the readership trends as customers or end users ultimately find more answers via the answer engine optimization versus traditional web search?

你看到了什麼？你做了什麼？或許您可以就此再詳細闡述一下，作為一家公司，您也知道，您顯然需要從傳統的 SEO 轉向答案引擎優化概念，您在這方面進展如何，還需要做多少工作。那麼，您觀察到的讀者趨勢是怎麼樣的呢？客戶或最終用戶最終是透過答案引擎優化找到更多答案，而不是透過傳統的網路搜尋找到更多答案。

Yeah, Joshua, I love to always hear your voice. And thank you for the question. Well, I think the first thing I would say about that is that as a combined company, our strategy and tactics for attracting audiences and converting them to members are quite diverse. They're very diverse. Less than 50% of the kind of top of the funnel comes from search engines within the business.

是的，約書亞，我總是很喜歡聽到你的聲音。謝謝你的提問。嗯，我想首先要說的是，作為一家合併後的公司，我們在吸引受眾和將他們轉化為會員方面的策略和策略是相當多樣化的。它們種類繁多。不到50%的轉換漏斗頂端流量來自企業內部的搜尋引擎。

So we have an array of tactics that we use to drive audiences. And like I mentioned in my note, we've actually seen, although there is a dynamic in the marketplace at the moment, we're actually seeing our active membership increase modestly through the period, which obviously gives us -- which is very comforting.

因此，我們運用一系列策略來吸引觀眾。正如我在筆記中提到的，儘管目前市場存在一些波動，但我們實際上看到，在此期間我們的活躍會員數量略有增加，這顯然讓我們感到非常欣慰。

I think in terms of -- we're also seeing that the traffic from the answer engines is growing. And I think we had over 77,000 citations through the period that we talked about. But interestingly enough, it's not just that we're seeing increased traffic coming from these sources. The conversion rate of that traffic to members -- and remember, it's the member that is the valuable asset for their business. It's not the traffic.

我認為就此而言——我們也看到來自答案引擎的流量正在成長。我認為在我們討論的這段時間內，我們獲得了超過 77,000 次引用。但有趣的是，我們看到的不僅僅是來自這些來源的流量增加。流量轉換為會員的轉換率－記住，會員才是他們業務的寶貴資產。問題不在於交通。

The conversion to members is two to three times what it was from or what it is from search. So what we're really seeing is we're just seeing a slightly more qualified audience member coming to us. So what we really also think we're seeing is that the AI answer engines are filtering out some of the traffic that actually was not buyers that would have been valued to our membership.

會員轉換率是搜尋轉換率的兩到三倍。所以，我們實際上看到的是，我們迎來了一位資質稍高的觀眾。所以我們真正認為我們看到的是，人工智慧答案引擎過濾掉了一些實際上並非買家的流量，而這些買家原本對我們的會員來說很有價值。

Does that make sense, Joshua?

約書亞，你明白我的意思嗎？

That's super helpful and interesting. All right. So moving on, maybe we could dive in on the quarterly progression of revenue that we've seen this year so far. So we know Q1 was depressed due to the integration process.

這太有幫助也太有趣了。好的。接下來，或許我們可以深入探討今年迄今為止我們看到的季度營收成長。所以我們知道第一季業績下滑是因為整合過程造成的。

Would you say that Q2 revenues and now Q3 are back to a normalized run rate for the combined business or were they also depressed somewhat? And the reason I'm -- the angle I'm trying to get at here is if we look at the sequential implied increase from Q3 to Q4 for total revenue, I believe it's roughly 15% sequential increase. And if I remember correctly, in the old days, the normal tech target business would have about a 10% sequential increase from Q3 to Q4.

您認為第二季和現在的第三季營收是否已經恢復到合併後業務的正常水平，還是也出現了一定程度的下滑？我之所以這麼說，是因為如果我們看一下第三季到第四季總營收的環比成長，我認為環比成長約為 15%。如果我沒記錯的話，過去一般的科技目標業務從第三季到第四季會季增約 10%。

So maybe you could just kind of help us understand that, what's going on with the revenue trends here year to date.

所以，您能否幫我們了解一下，今年迄今的營收趨勢如何？

I think we're -- as I said, I would use the kind of word progressive momentum in there, first and foremost, I think we are -- I mean, you asked if it's the run rate. I mean, I would say that we are aiming to improve that constantly over time.

我認為我們——正如我所說，我會用「穩步前進」這樣的詞來形容，首先，我認為我們——我的意思是，你問是不是運行率。我的意思是，我們會努力隨著時間的推移不斷改進這一點。

But the other thing you need to remember, of course, is that within the combined company in Q4, there is revenue from our Canalys business, the Canalys Forums, which is a series of events that run in the fourth quarter in October and in December.

當然，您還需要記住的是，在合併後的公司第四季度，我們的 Canalys 業務和 Canalys 論壇（一系列在第四季度，即 10 月和 12 月舉辦的活動）也帶來了收入。

So that is also -- that's effectively explaining the guilt between your traditional 10% and the 15% that you're seeing.

所以，這也有效地解釋了你看到的傳統的 10% 和 15% 之間的內疚感差異。

Got it. So you recognize the full amount of that revenue of maybe for a year subscription in Q4? Is that kind of the right way to think about it? Or is there one time -- is that event-based revenue?

知道了。所以你會在第四季確認全部收入，例如一年的訂閱費用？這樣想對嗎？或者說，是否存在一次性收入──即基於事件的收入？

It's event-based revenue that is one time and recognizes when the event floors.

這是基於活動的一次性收入，並且只在活動結束時才會產生。

Got you. Understood. Last question for me is you obviously were talking about AI as an opportunity for your business. Maybe you can speak to what specifically from a product perspective that you're doing that could drive some tangible revenue over the next couple of years and really help us understand better what are you doing to productize ultimately the AI opportunity for the new TechTarget.

抓到你了。明白了。最後一個問題是，您顯然是在談論人工智慧如何為您的業務帶來機會。或許您可以從產品角度具體談談您正在做的哪些工作，這些工作可以在未來幾年內帶來一些切實的收入，並真正幫助我們更好地了解您正在採取哪些措施，最終將人工智慧的機會轉化為新 TechTarget 的產品。

Yeah, I touched upon this in my opening comments. And I described it as conversational interfaces into our market data and our proprietary audience data -- or sorry, our permissioned audience data. And if you think about this, it's really a way we're offering our customers the opportunity to interrogate our data in a way that's a natural language way.

是的，我在開場白中已經提到這一點。我將其描述為與我們的市場數據和我們專有的受眾數據（或抱歉，是我們獲得許可的受眾數據）進行對話的介面。仔細想想，這實際上是我們為客戶提供了以自然語言方式查詢資料的機會。

And what that does is it makes it more actionable, it makes it more accessible, especially when you're then transitioning from the marketing persona to the sales persona. So what you will see increasingly from us -- and we actually have demonstrations of this -- is that is how you can actually do an actual language interface through a conversational AI interface, interrogate, for example, our intent data.

這樣做可以使其更具可操作性，更容易理解，尤其是當你從行銷角色過渡到銷售角色時。因此，您將會越來越多地從我們這裡看到——而且我們實際上已經對此進行了演示——那就是如何透過對話式人工智慧介面實現真正的語言介面，例如，查詢我們的意圖數據。

And in interrogating that intent data, it then gives you a greater sense of the context behind why that particular company or that particular prospect is somebody you should be focusing your attention on in action. And that we see as being a major way to make the ability to extract value from our data and lower the barriers to the ability to extract value from the data.

透過分析這些意向數據，您可以更深入地了解為什麼您應該將注意力集中在特定的公司或特定的潛在客戶身上。我們認為這是提高從資料中提取價值的能力，並降低從資料中提取價值的門檻的重要途徑。

Understood. All righty, well, thank you very much.

明白了。好的，非常感謝。

Thanks, Josh.

謝謝你，喬希。

Jason Cryer, Craig-Hallum Capital Group.

Jason Cryer，Craig-Hallum Capital Group。

Thank you. This is Cal on for Jason tonight. So maybe you kind of touched on the call a little bit about seeing some longer and some larger deals. But just curious broadly how you'd characterize the backlog in the pipeline and how that kind of plays into your confidence for some accelerating growth trends here in Q4.

謝謝。今晚卡爾將代替傑森為您解說。所以，你可能在電話會議中稍微提到了會看到一些更長期、更大的交易。但我很好奇，您會如何描述目前積壓的項目，以及這會如何影響您對第四季度加速成長趨勢的信心。

Well, I mean, certainly -- I mean, on both, given that we've reaffirmed the guidance for the year, the -- both the pipeline and the backlog supports that outlook for the year. And generally speaking, we feel confident that we will roll into 2026 with a healthier backlog, given the profile of bookings and revenue through the fourth quarter. I would say both of those are true.

嗯，我的意思是，當然——我的意思是，就這兩方面而言，鑑於我們已經重申了今年的業績指引，——無論是項目儲備還是積壓訂單都支持今年的業績展望。總的來說，鑑於第四季度的預訂量和收入情況，我們有信心在 2026 年擁有更健康的訂單儲備。我認為兩者都對。

Great. And then just as a follow-up, can you just kind of provide an update on some of the unified go-to-market strategy you've had and the success that you're seeing tapping into more spend with your existing large customer base?

偉大的。最後，能否請您介紹一下貴公司統一的市場推廣策略的最新進展，以及在現有龐大客戶群中提高消費額方面取得的成功？

Yes, of course. I mean, this is effectively as organizing ourselves around the largest customers in the industry. And I think I've mentioned in the past that about 100 -- depending upon how you look at it, between 150 and 200 end customers represent about half of the addressable market in the marketplace.

是的當然。我的意思是，這實際上是圍繞著業內最大的客戶來組織我們的業務。我想我以前也提到過，大約 100 個——或者說，150 到 200 個最終客戶——約佔市場潛在市場的一半。

Now we're not focusing on all 150 to 200 at present. We've taken a cross section of that to prove out this concept. And we build effectively intact teams across the organization. So not just sales, not just SDR, not just customer success, but all of the capabilities within the business that serve customers in an intact team basis to wrap our arms around these customers and ensure the quality of offering service to them.

目前我們還沒有把重點放在全部 150 到 200 個人身上。我們取了其中的一個橫斷面來驗證這個概念。我們能夠在整個組織內有效率地組建完整的團隊。因此，不僅僅是銷售，不僅僅是銷售開發代表，不僅僅是客戶成功，而是公司內部所有為客戶提供服務的能力，以完整的團隊形式來關懷這些客戶，並確保為他們提供高品質的服務。

And what -- but it also means that what we're seeing is our ability to then land within those customers and expand our presence within them. I talked earlier on about these, the strong relationships that we have and the strong sponsorship that we have. So the key thing that we're looking at constantly is are we penetrating new product business units? Are we penetrating new field marketing and sales units? Are we penetrating different dimensions like industry vertical marketing or channel marketing or corporate strategy, where there are new budget tools for us to address?

而且——但這同時也意味著，我們看到的是我們有能力打入這些客戶群，並擴大我們在他們中的影響力。我之前談到過這些，我們擁有的牢固關係和強大的贊助。因此，我們一直在關注的關鍵問題是：我們是否正在滲透新的產品業務部門？我們是否正在滲透新的現場行銷和銷售部門？我們是否正在滲透到不同的維度，例如產業垂直行銷、通路行銷或企業策略，從而找到新的預算工具來解決這些問題？

And that's really kind of measure of our progress is where we're expanding our presence inside these larger accounts. So it's obviously -- it's nice to grow an existing relationship. But actually what we want to do is expand those relationships within these very large customers.

而衡量我們進步的真正標準，就是我們在這些大型客戶群中不斷擴大影響力。所以很明顯，發展現有關係是件好事。但實際上，我們要做的是擴大與這些大客戶之間的關係。

Great, thanks for the time and congrats on the progress.

太好了，感謝您抽出時間，也祝賀您的進展。

Thank you, Cal.

謝謝你，卡爾。

(Operator Instructions) Bruce Goldfarb, Lake Street Capital Markets.

（操作說明）布魯斯·戈德法布，湖街資本市場。

Hey, congratulations on the results. Just a couple questions from me. Are you seeing any changes in sales cycle duration or deal size within Priority Engine or your subscription offering, it says we move in the year-end budgets?

嘿，恭喜你取得好成績。我還有幾個問題。Priority Engine 或您的訂閱產品中，銷售週期持續時間或交易規模是否有任何變化？報告稱，我們在年終預算中會進行調整。

Thanks, Bruce. It's good to hear your voice. I would say no, nothing material changing either in terms of the cycle time on deals or on the average values. I can -- on that sort of transactional level, no material change.

謝謝你，布魯斯。很高興聽到你的聲音。我認為不會，無論是交易週期或平均值，都不會發生實質變化。我可以──在這種交易層面上，不會有實質的改變。

Thank you. And then can you comment on the pipeline for potential tuck-in acquisitions? Are there adjacencies either in data or workflow tools that could accelerate growth in '26?

謝謝。那麼，您能否談談潛在的補充收購計畫？2026 年，資料或工作流程工具方面是否存在可以加速成長的鄰近領域？

At this stage, we are very focused on the aligning and integrating the existing assets within the business and bringing that to be in the marketplace. That's really our focus is to ensure that we do that well, we do it quickly, we do it well, and that we build a platform for the future. I think it won't be until we roll into the second half of next year that we'll get the consideration to that.

現階段，我們非常注重協調和整合公司現有資產，並將其推向市場。我們的重點是確保我們把這件事做好，快速做好，並且為未來建立一個平台。我認為要等到明年下半年，我們才會開始思考這個問題。

Great, thank you. Thanks for taking my questions.

太好了，謝謝。謝謝您回答我的問題。

Thank you.

謝謝。

Thank you. There are no more questions waiting at this time. This concludes today's conference call. Thank you for your participation. You may now disconnect your line.

謝謝。目前沒有其他問題待解答。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。