Good afternoon. Thank you for attending today's TechTarget, Inc. fourth quarter 2025 financial results conference call and webcast. My name is Tamiya, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press 1 on your telephone keypad. I would now like to pass the conference over to your host, Charles D. Rennick, General Counsel. You may proceed.

Thank you, Tamiya, and good afternoon, everyone. The speakers joining us here today are Gary Nugent, our Chief Executive Officer, and Daniel T. Noreck, our Chief Financial Officer. Before turning the call over to Gary, we would like to remind you that in advance of this call, we posted our press release in the Investor Relations section of our website and furnished it on Form 8-Ks. You can also find these materials on the SEC's website at www.sec.gov. A replay of today's conference call will be made available on the Investor Relations section of our website. Following opening remarks from Gary and Dan, they will be available to answer questions. Any statements made today by TechTarget, Inc. that are not historical, 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 future performance. 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 and the forward-looking statement disclaimer in our earnings release filed earlier today. These statements speak only as of the date of this call, and TechTarget, Inc. 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. 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 directly comparable GAAP measures, to the extent available without unreasonable efforts, accompanies our press release. And with that, I will turn the call over to Gary.

Thank you, Charles D. Rennick, and good afternoon, everyone. As always, we appreciate you taking the time to join us today, and your interest and engagement mean a great deal to us. I am pleased to report that Q4 2025 marked another step forward in our journey to establish TechTarget, Inc. as the indispensable partner to the B2B technology industry. During 2025, we laid the groundwork to return the business to top-line revenue growth in 2026 and accelerate that growth in the years ahead. Today's agenda is slightly different from previous calls. I will begin with an overview of our strategic progress and some market positioning. And following that, Chief Financial Officer, Daniel T. Noreck, will provide an overview of our financial performance. And then afterwards, we will open the floor for your questions. Let me start by highlighting the significant strides we have made in combining and transforming our business to become a market leader in what is a large and dynamic addressable market—a $20 billion addressable market—where we currently only hold a 2.5% market share, and the opportunities for expansion and growth remain substantial. In 2025, we achieved full-year revenue of $486.8 million on a combined company basis, in line with our guidance of being broadly flat year over year. Importantly, we delivered a strong 10% growth in adjusted EBITDA to $87.3 million, exceeding our guidance of $85 million. I think this demonstrates our ability to drive meaningful margin expansion through strategic focus and operational excellence. Our combination plan has been the key driver of this progress as we seek to leverage the breadth and the scale that the combination affords us. We made significant progress in consolidating, integrating, automating, and leveraging AI technology to improve our processes and systems that underpin the business—making ourselves easier to do…

Thanks, Gary, and good afternoon, everyone. I am pleased to be able to report on 2025 results that I think delivered in line with or ahead of our guidance and market expectations, which demonstrated both our operational discipline and strategic execution capabilities. We delivered full-year revenue of $486.8 million, which Gary mentioned earlier, was right in line with our guidance of being broadly flat compared to the $490.4 million we achieved in 2024 on a combined company basis. While revenues remained stable, our focus on operational excellence and strategic reorganization with accelerated delivery of cost synergies drove strong margin expansion. Our adjusted EBITDA reached $87.3 million, comfortably exceeding our guidance of $85 million, representing a healthy 10% increase from 2024’s $78.8 million on a combined company basis. This translated to an adjusted EBITDA margin of 17.9% in 2025, a meaningful improvement of 180 basis points from the prior year. Our fourth quarter performance was particularly strong with revenues of $140.7 million, representing a solid 3% year-over-year increase on a combined company basis. Q4 adjusted EBITDA of $41.6 million represented a 56% year-over-year increase, with our adjusted EBITDA margin expanding to around 30% compared to approximately 20% in the corresponding quarter of the prior year on a combined company basis. Our Q4 performance reflected some seasonality in the business but also benefited from our strategic initiatives that are gaining traction, which allowed us to accelerate the realization of cost savings, along with some favorable phasing impacts. Our quarterly progression throughout 2025 tells a story of building momentum. Following the seasonally slower first quarter, each of the remaining quarters of the year showed positive sequential revenue progression, a trend we expect to continue in 2026. From a year-over-year perspective—on the comparative combined company measure—revenue performance consistently improved from minus 6% in Q1,…

Absolutely. We will now begin the question and answer session. If you would like to ask a question, please press star followed by 1 on your telephone keypad. If for any reason at all you would like to remove that question, please press star followed by 2. Again, to ask a question, please press star 1. The first question comes from Eric Martinuzzi with Lake Street. You may proceed.

I wanted to, first of all, congratulate you on the fourth quarter results and overachieving versus the adjusted EBITDA for the year. But I was particularly impressed with the go-to-market strategy results. Your comments in the press release talk about an approximate 10% growth in revenue from your largest customers. Was that a full-year basis, or is that a Q4 metric, Gary?

Hi, Eric. Good to hear from you. That is a full-year basis, and on a combined company basis.

Okay. And then, you know, there was a time when the different tiers of customers—if I go back to, like, 2024—you talked about the 7,500 customers that the combined entity had and that there were 70 customers that were over $1 million a year in billing. Is that the tier of customers that we are talking about here, or are you stratifying the customer base differently?

Oh, no. We are stratifying the customer base differently. It is not the same. If you recall, we have identified about $10 billion of our $20 billion addressable market sits with about 150 to 200 clients in the marketplace. We then further prioritize that down to a cohort of 30 portfolio customers and then a further 120 or so customers that are what we would call majors. The number that I am quoting for you is for that cohort of 30.

Okay. And then is there—you know, you have got so many different products that you are offering customers now. What was resonating with that largest cohort? First of all, did they contract in their use of any of the products? And then what was it that they expanded their use of?

Well, you appreciate it is a bit of a mixed picture when you go down to the individual customer level. I would say, if there was a trend there, we saw really strong demand for demand—so there was strong demand for our demand products. That was encouraging to see, in particular as we consolidated and rationalized the demand portfolio and did a better job of the market positioning of that. Secondly, content. Content was generally a strong theme last year as customers were looking to really establish a distinctive voice in the marketplace, to stand out from the noise, and to leverage the expertise we have—our analyst and our editorial expertise—to really give them a bit of brand association.

Alright. And then, given the total revenue on a pro forma combined basis actually declined 1%, obviously the smaller customers contracted to sort of offset the success that you had with the higher tier—the, as you put it, the 30 portfolio customers. Was there any themes to recognize across the smaller customer base—either, you know, smaller enterprise or SMB themes?

It is a good—what I suppose this email would talk to is much more about international markets for us. I think what we saw in particular was in the Asia Pacific region and the triangle between Singapore, China, and Korea—well, it is not tying up by the fourth point to square, is it? Add Tokyo to that. That was definitely a market that was challenged last year, in particular some of the macroeconomic situation with Asian technology companies looking to export their businesses internationally. That was probably the area where I would see the trend really was. I think then we just also saw in that small to medium end of the IT marketplace that that was a market where—I do not think that was the odd—but there was deal—there was customer churn in that market in the small to medium end.

Got it. Alright. And then, Dan, as we are doing our modeling here for 2026, obviously the top line—did not want to put too fine a point on it—but as I am looking at the growth that you had in the back half of 2025 on the pro forma combined, you were up 1% in Q3, you were up 3% in Q4. Is it a prudent starting point to kind of take the blend there and say, hey, if we are going to grow, let us maybe start with a 2% and just use that as a baseline, or is that too aggressive?

Eric, I think that the way you are laying it out makes sense. I think you could go maybe a little higher than that 2%, but I think the way you are thinking about modeling makes sense to me.

Okay. And then last question is around the source of the incremental adjusted EBITDA. Obviously, revenue is not going to be—revenue, we are planning on it to be a little bit higher in 2026, but, you know, let us just, for discussion’s sake, say we are talking about a flat revenue in 2026 versus 2025. In 2025, that adjusted EBITDA number was around the—what was it? Yeah, $87.3 million. And yet you are guiding to kind of a midpoint of $97.5 million. So just to keep it simple, call it $10 million of incremental adjusted EBITDA. What is it that is getting you there? Is this primarily going to be driven by further synergies on bringing the two entities together, or what is driving that?

Eric, if you think about where the synergies landed in 2025, they were really back-half loaded. So you are really going to start to see the impact of that throughout the full year, as opposed to just being contained to the second half of the year.

Got it. Okay. Thanks for taking my questions.

Thank you. Thanks, Eric. Thank you.

As a quick reminder, if you would like to ask a question, please press 1 on your telephone keypad. There are no more questions remaining at this time. This concludes today's conference call. Thank you for your participation. You may now disconnect your line.