10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-33472

 

TECHTARGET, INC.

(Exact name of registrant as specified in its charter)

Delaware	04-3483216
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
275 Grove Street Newton, Massachusetts	02466
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (617) 431-9200

Former name, former address and formal fiscal year, if changed since last report: Not applicable

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 Par Value	TTGT	Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 6, 2022, the registrant had 29,550,355 shares of common stock, $0.001 par value per share, outstanding.

TABLE OF CONTENTS

Item		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	3
	Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021	3
	Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2022 and 2021	4
	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2022 and 2021	5
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	34
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 6.	Exhibits	36
	Signatures	37

2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

TechTarget, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

	March 31, 2022			December 31, 2021
Assets	(Unaudited)			(Unaudited)
Current assets:
Cash	$	375,133		$	361,623
Short-term investments		20,020			20,076
Accounts receivable, net of allowance for doubtful accounts of $2,658 and $2,514 respectively		51,009			51,095
Prepaid taxes		—			51
Prepaid expenses and other current assets		5,843			5,266
Total current assets		452,005			438,111
Property and equipment, net		19,942			18,720
Goodwill		195,951			197,073
Intangible assets, net		106,457			110,390
Operating lease assets with right-of-use		22,433			23,339
Deferred tax assets		1,738			474
Other assets		638			893
Total assets	$	799,164		$	789,000
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	2,213		$	3,783
Current operating lease liability		4,157			4,073
Accrued expenses and other current liabilities		13,952			16,638
Accrued compensation expenses		2,755			14,540
Income taxes payable		4,665			474
Contract liabilities		37,707			30,492
Total current liabilities		65,449			70,000
Non-current operating lease liability		22,939			24,021
Convertible senior notes		453,818			453,194
Other liabilities		—			2,779
Deferred tax liabilities		15,762			16,249
Total liabilities		557,968			566,243
Leases and contingencies (see Note 9)
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding		—			—
Common stock, $0.001 par value; 100,000,000 shares authorized; 57,268,651 and 57,144,740 shares issued, respectively; 29,751,855 and 29,633,898 shares outstanding, respectively		57			57
Treasury stock, at cost; 27,516,796 and 27,510,842 shares, respectively		(200,119	)		(199,796	)
Additional paid-in capital		397,798			383,436
Accumulated other comprehensive income (loss)		(2,466	)		298
Retained earnings		45,926			38,762
Total stockholders’ equity		241,196			222,757
Total liabilities and stockholders’ equity	$	799,164		$	789,000

See accompanying Notes to Condensed Consolidated Financial Statements.

3

TechTarget, Inc.

Condensed Consolidated Statements of Income and Comprehensive Income

(in thousands, except per share data)

	For the Three Months Ended
	March 31,
	2022			2021
	(Unaudited)			(Unaudited)
Revenue	$	68,165		$	52,969
Cost of revenue(1)		17,846			15,168
Amortization of acquired technology		745			765
Gross profit		49,574			37,036
Operating expenses:
Selling and marketing(1)		24,255			21,606
Product development(1)		3,118			2,923
General and administrative(1)		7,842			6,435
Depreciation, excluding depreciation of $622 and $381, respectively, included in cost of revenue		1,665			1,221
Amortization		2,012			1,630
Total operating expenses		38,892			33,815
Operating income		10,682			3,221
Interest and other income (expense), net		(560	)		(696	)
Income before provision for income taxes		10,122			2,525
Provision for income taxes		2,958			715
Net income	$	7,164		$	1,810
Other comprehensive income (loss), net of tax:
Unrealized loss on investments (net of tax provision effect of $(20) and $0, respectively)	$	(69	)	$	—
Foreign currency translation adjustments		(2,695	)		1,034
Other comprehensive income (loss)		(2,764	)		1,034
Comprehensive income	$	4,400		$	2,844
Net income per common share:
Basic	$	0.24		$	0.06
Diluted	$	0.23		$	0.06
Weighted average common shares outstanding:
Basic		29,708			28,141
Diluted		34,414			29,242

(1)Amounts include stock-based compensation expense as follows:

Cost of revenue	$	639	$	512
Selling and marketing		5,067		3,523
Product development		480		655
General and administrative		3,469		1,911

See accompanying Notes to Condensed Consolidated Financial Statements.

4

TechTarget, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share and per share data)

(Unaudited)

	Common Stock				Treasury Stock
	Number of Shares		$0.001 Par Value		Number of Shares		Cost			Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings		Total Stockholders’ Equity
Balance, December 31, 2021		57,144,740	$	57		27,510,842	$	(199,796	)	$	383,436		$	298		$	38,762	$	222,757
Issuance of common stock from restricted stock awards		122,571		—		—		—			—			—			—		—
Purchase of common stock through stock buyback		—		—		4,614		(323	)		—			—			—		(323	)
Impact of net settlements		1,340		—		1,340		—			(4,382	)		—			—		(4,382	)
Stock-based compensation expense(1)		—		—		—		—			18,744			—			—		18,744
Comprehensive income:
Unrealized loss on investments		—		—		—		—			—			(69	)		—		(69	)
Unrealized loss on foreign currency exchange		—		—		—		—			—			(2,695	)		—		(2,695	)
Net income		—		—		—		—			—			—			7,164		7,164
Balance, March 31, 2022		57,268,651	$	57		27,516,796	$	(200,119	)	$	397,798		$	(2,466	)	$	45,926	$	241,196

	Common Stock				Treasury Stock
	Number of Shares		$0.001 Par Value		Number of Shares		Cost			Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total Stockholders’ Equity
Balance, December 31, 2020		55,633,155	$	56		27,510,552	$	(199,796	)	$	363,055		$	1,611	$	37,580	$	202,506
Reclassification due to the adoption of ASU 2020-06		—		—		—		—			(30,500	)		—		233		(30,267	)
Issuance of common stock from restricted stock awards		24,815		—		—		—			—			—		—		—
Impact of net settlements		290		—		290		—			(370	)		—		—		(370	)
Stock-based compensation expense(1)		—		—		—		—			7,425			—		—		7,425
Comprehensive income:
Unrealized gain on foreign currency exchange		—		—		—		—			—			1,034		—		1,034
Net income		—		—		—		—			—			—		1,810		1,810
Balance, March 31, 2021		55,658,260	$	56		27,510,842	$	(199,796	)	$	339,610		$	2,645	$	39,623	$	182,138

(1)Includes $9.1 and $0.8 million of accrued compensation expense incurred in previous year for the three months ended March 31, 2022 and 2021, respectively.

See accompanying Notes to Condensed Consolidated Financial Statements.

5

TechTarget, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

	For the Three Months Ended
	March 31,
	2022			2021
	(Unaudited)
Operating activities:
Net income	$	7,164		$	1,810
Adjustments to reconcile net income to net cash provided by operating    activities:
Depreciation		2,287			1,602
Amortization		2,757			2,395
Provision for bad debt		170			(156	)
Stock-based compensation		9,655			6,583
Amortization of debt issuance costs		624			327
Deferred tax provision		(1,420	)		(294	)
Changes in operating assets and liabilities:
Accounts receivable		(174	)		2,749
Operating lease assets (ROU)		716			680
Prepaid expenses and other current assets		(536	)		(833	)
Other assets		252			395
Accounts payable		(1,562	)		(1,686	)
Income taxes payable		4,189			891
Accrued expenses and other current liabilities		2,209			(4,703	)
Accrued compensation expenses		(2,669	)		(867	)
Operating lease liability (ROU)		(740	)		(819	)
Contract liabilities		7,413			9,372
Other liabilities		(2,778	)		(1,756	)
Net cash provided by operating activities		27,557			15,690
Investing activities:
Purchases of property and equipment, and other capitalized assets, net		(3,578	)		(3,131	)
Purchases of investments		(33	)		—
Net cash used in investing activities		(3,611	)		(3,131	)
Financing activities:
Tax withholdings related to net share settlements		(4,382	)		(370	)
Purchase of treasury shares and related costs		(323	)		—
Payment of earnout liabilities		(5,206	)		(1,032	)
Net cash used in financing activities		(9,911	)		(1,402	)
Effect of exchange rate changes on cash		(525	)		68
Net increase in cash		13,510			11,225
Cash at beginning of period		361,623			82,616
Cash at end of period	$	375,133		$	93,841
Supplemental disclosure of cash flow information:
Cash paid for taxes, net	$	137		$	90

See accompanying Notes to Condensed Consolidated Financial Statements.

6

TechTarget, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands, except share and per share data, where otherwise noted, or instances where expressed in millions)

1. Organization and Operations

TechTarget, Inc. and its subsidiaries (collectively, the “Company”) is a global data and analytics leader and software provider for buyers of purchase intent-driven marketing and sales data for enterprise technology vendors. The Company’s service offerings enable technology vendors to better identify, reach and influence corporate information technology (“IT”) decision-makers actively researching specific IT purchases. The Company improves vendors’ ability to impact these audiences for business growth using advanced targeting, analytics and data services complemented by customized marketing programs that integrate demand generation, brand advertising techniques, and content curation and creation. The Company operates a network of approximately 150 websites and 1,020 webinars and virtual event channels, which each focus on a specific IT sector such as storage, security or networking. IT and business professionals have become increasingly specialized, and they have come to rely on the Company’s sector-specific websites and webinars and virtual event channels for purchasing decision support. The Company’s content platforms enable IT and business professionals to navigate the complex and rapidly changing IT landscape where purchasing decisions can have significant financial and operational consequences. At critical stages of the purchase decision process, these content offerings through different channels meet IT and business professionals’ needs for expert, peer and IT vendor information and provide platforms on which business-to-business technology companies can launch targeted marketing campaigns which generate measurable return on investment. Based upon the logical clustering of members and users’ respective job responsibilities and the marketing focus of the products being promoted by the Company’s customers, the Company categorizes its content offerings to address the key market opportunities and audience extensions across a portfolio of distinct market categories: Security; Networking; Storage; Data Center and Virtualization Technologies; CIO/IT Strategy; Business Applications and Analytics; Application Architecture and Development; and ANCL Channel.

2. Summary of Significant Accounting Policies

The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these Notes to Condensed Consolidated Financial Statements. The Company’s critical accounting policies are those that affect its more significant judgments used in the preparation of its condensed consolidated financial statements. A description of the Company’s critical accounting policies and estimates is contained in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in this note to the condensed consolidated financial statements.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, TechTarget Securities Corporation (“TSC”), TechTarget Limited, TechTarget (HK) Limited (“TTGT HK”), TechTarget (Australia) Pty Ltd., TechTarget (Singapore) Pte Ltd., E-Magine Médias SAS (“LeMagIT”), TechTarget Germany GmbH, and BrightTALK Limited and its wholly owned subsidiary, BrightTALK, Inc. (together “BrightTALK”). TSC is a Massachusetts corporation. TechTarget Limited is a subsidiary doing business principally in the United Kingdom. TTGT HK is a subsidiary incorporated in Hong Kong in order to facilitate the Company’s activities in the Asia-Pacific region. TechTarget (Australia) Pty Ltd. and TechTarget (Singapore) Pte Ltd. are the entities through which the Company does business in Australia and Singapore, respectively; LeMagIT and TechTarget Germany GmbH, both wholly-owned subsidiaries of TechTarget Limited, are entities through which the Company does business in France and Germany, respectively. BrightTALK are the entities through which the Company does business for the BrightTALK webinar and virtual event platform.

7

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (Generally Accepted Accounting Principles or “U.S. GAAP”) in the United States (“U.S.”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All adjustments, which, in the opinion of management, are considered necessary for a fair presentation of the results of operations for the periods shown, are of a normal, recurring nature and have been reflected in the condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of results to be expected for any other interim periods or for the full year. The information included in these condensed consolidated financial statements should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in this report and the condensed consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Foreign Currency Translation

The functional currency of the Company’s major foreign subsidiaries is generally the local currency. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are recorded as a separate component on the Condensed Consolidated Statement of Comprehensive Income. Foreign currency transaction gains and losses are included in interest and other income (expense), net in the Condensed Consolidated Statement of Income. All assets and liabilities denominated in foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the average exchange rate during the period.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to revenue, long-lived assets, goodwill, the allowance for doubtful accounts, stock-based compensation, earnouts, self-insurance accruals, the allocation of purchase price to intangibles and goodwill, and income taxes. The Company reduces its accounts receivable for an allowance for doubtful accounts based on its best estimate of the amount of probable credit losses. Estimates of the carrying value of certain assets and liabilities are based on historical experience and on various other assumptions that the Company believes to be reasonable. Actual results could differ from those estimates.

Revenue Recognition

The Company generates its revenue from the sale of targeted marketing and advertising campaigns, which it delivers via its network of websites, webinar and virtual events channels, and our data analytic services and solutions. Revenue is recognized when performance obligations are satisfied by transferring promised goods or services to customers, as determined by applying a five-step process consisting of: a) identifying the contract, or contracts, with a customer, b) identifying the performance obligations in the contract, c) determining the transaction price, d) allocating the transaction price to the performance obligations in the contract, and e) recognizing revenue when, or as, performance obligations are satisfied.

Accounts Receivable

We maintain an allowance for credit losses for expected uncollectible accounts receivable, which is recorded as an offset to accounts receivable and changes in such are classified as general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income. We assess collectability by reviewing accounts receivable on an individual basis when we identify specific customers with known disputes, overdue amounts or collectability issues and also reserve for losses on all accounts based on historical information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. In determining the amount of the allowance for credit losses, we consider historical collectability based on past due status and make judgments about the creditworthiness of customers based on ongoing credit evaluations.

8

At March 31, 2022, the Company’s collectability assessment continues to include the business and market disruptions caused by COVID-19 and estimates of expected emerging credit and collectability trends. The continued volatility in market conditions and evolving shifts in credit trends are difficult to predict, causing variability and volatility that may have a material impact on our allowance for credit losses in future periods.

Fair Value of Financial Instruments

Financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, accounts payable, long-term debt and contingent consideration. Due to their short-term nature and liquidity, the carrying value of these instruments, with the exception of contingent consideration and long-term debt, approximates their estimated fair values. The Company classifies all of its short-term and long-term debt investments as available-for-sale. The fair value of contingent consideration was estimated using a discounted cash flow method.

Business Combinations and Valuation of Goodwill and Acquired Intangible Assets

The Company uses its best estimates and assumptions to allocate fair value to the net tangible and identifiable intangible assets acquired and liabilities assumed at the acquisition date. Any residual purchase price is recorded as goodwill. The Company’s estimates are inherently uncertain and subject to refinement and can include but are not limited to, the cash flows that an asset is expected to generate in the future, and the appropriate weighted-average cost of capital.

During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s Condensed Consolidated Statement of Income and Comprehensive Income.

Recent Accounting Pronouncements

Accounting Guidance Not Yet Adopted

In October 2021, the FASB issued ASU 2021-08 "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which clarified the accounting for acquired revenue contracts with customers in a business combination. ASU 2021-08 requires acquirers to measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. As a result, it is generally expected that an acquirer will recognize and measure contract assets and liabilities in a manner consistent with how they were recognized by the acquiree in its preacquisition financial statements. The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. Early adoption in an interim period requires that the amendments be applied retrospectively to all business combinations for which the acquisition occurs on or after the beginning of the fiscal year including the interim period and prospectively to all business combinations that occur on or after the date of initial application. We are currently evaluating the impact of the new guidance on our consolidated financial statements.

3. Revenue

Disaggregation of Revenue

The following table depicts the disaggregation of revenue according to categories consistent with how the Company evaluates its financial performance and economic risk. International revenue consists of international geo-targeted campaigns, which are campaigns targeted at an audience of members outside of North America.

	For the Three Months Ended March 31,
	2022		2021
North America	$	43,587	$	33,038
International		24,578		19,931
Total	$	68,165	$	52,969

9

Contract Liabilities

Timing may differ between the satisfaction of performance obligations and the invoicing and collections of amounts related to the Company’s contracts with customers. Liabilities are recorded for amounts that are collected in advance of the satisfaction of performance obligations. Additionally, certain customers may receive credits, which are accounted for as a material right. The Company estimates these amounts based on the expected amount of future services to be provided to the customer and allocates a portion of the transaction price to these material rights. The Company recognizes these material rights as the material rights are exercised. The resulting material rights amounts included in the contract liabilities on the accompanying Condensed Consolidated Balance Sheets was $2.5 million and $2.6 million at March 31, 2022, and December 31, 2021, respectively.

	Contract Liabilities
Year-to-Date Activity
Balance at December 31, 2021	$	30,492
Billings		75,380
Revenue Recognized		(68,165	)
Balance at March 31, 2022	$	37,707

The Company elected to apply the following practical expedients:

•Existence of a Significant Financing Component in a Contract. As a practical expedient, the Company has not assessed whether a contract has a significant financing component because the Company expects at contract inception that the period between payment by the customer and the transfer of promised goods or services by the Company to the customer will be one year or less. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 90 days. In addition, the Company has determined that the payment terms that the Company provides to its customers are structured primarily for reasons other than the provision of financing to the customer.

•Costs to Fulfill a Contract. The Company’s revenue is primarily generated from customer contracts that are for one year or less. Costs primarily consist of incentive compensation paid based on the achievement of sales targets. As a practical expedient, for amortization periods that are determined to be one year or less, the Company expenses any incremental costs of obtaining the contract with a customer when incurred. For those customer contracts greater than one year, the Company capitalizes and amortizes the expenses over the period of benefit.

•Revenue Invoiced. The Company has applied the practical expedient for certain revenue streams to exclude the value of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which the Company recognizes revenue in proportion to the amount it has the right to invoice for services performed.

10

4. Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including short-term and long-term investments and contingent consideration. The Company’s bank and money market accounts are in bank deposits and are not quoted instruments. As such, the Company’s bank and money market accounts are all considered cash. The fair value of these financial assets and liabilities was determined based on three levels of input as follows:

•Level 1. Quoted prices in active markets for identical assets and liabilities;

•Level 2. Observable inputs other than quoted prices in active markets; and

•Level 3. Unobservable inputs.

The fair value hierarchy of the Company’s financial assets carried at fair value and measured on a recurring basis is as follows:

			Fair Value Measurements at  March 31, 2022
	March 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments (1)	$	20,020	$	—	$	20,020	$	—
Total assets	$	20,020	$	—	$	20,020	$	—
Liabilities:
Contingent consideration - current (2)	$	3,209	$	—	$	—	$	3,209
Total liabilities	$	3,209	$	—	$	—	$	3,209

			Fair Value Measurements at December 31, 2021
	December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments (1)	$	20,076	$	15,000	$	5,076	$	—
Total assets	$	20,076	$	15,000	$	5,076	$	—
Liabilities:
Contingent consideration - current (2)	$	5,200	$	—	$	—	$	5,200
Contingent consideration - non-current (2)		2,779		—		—		2,779
Total liabilities	$	7,979	$	—	$	—	$	7,979

(1)Short-term investments consist of money market funds (Level 1) and pooled bond funds (Level 2). Level 2 investments are priced using observable inputs, such as quoted prices in markets that are not active and yield curves.

(2)Contingent consideration liabilities are measured using the income approach and discounted to present value based on an assessment of the probability that the Company would be required to make such future payments. The contingent consideration liabilities are measured at fair value using significant Level 3 (unobservable) inputs, such as discount rates and probability measures. Remeasurement of the contingent consideration to fair value is expensed through the income statement in the period remeasured. Contingent consideration–current is included in accrued expenses and other current liabilities and contingent considerations–non-current is included in other liabilities on the balance sheet.

11

	Fair Value
Year-to-Date Activity
Balance at December 31, 2021	$	7,979
Payments on contingent liabilities		(5,206	)
Amortization of discount on contingent liabilities		10
Remeasurement of contingent liabilities		426
Balance at March 31, 2022	$	3,209
Amounts included in accrued expenses and other current liabilities	$	3,209
Total contingent consideration	$	3,209

5. Cash and Investments

Cash is carried at cost, which approximates fair market value. As of March 31, 2022 and December 31, 2021, cash totaled $375.1 million and $361.6 million respectively.

Investments are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income, a component of stockholders’ equity, net of tax. Realized gains and losses on the sale of these investments are determined using the specific identification method. There were no realized gains or losses as of March 31, 2022 or December 31, 2021.

Short-term investments consisted of the following:

	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments:
Pooled bond funds	$	20,123	$	—	$	(103	)	$	20,020
Total short-term investments	$	20,123	$	—	$	(103	)	$	20,020

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments:
Pooled bond and money market funds	$	20,090	$	—	$	(14	)	$	20,076
Total short-term investments	$	20,090	$	—	$	(14	)	$	20,076

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6. Goodwill and Intangible Assets

Goodwill and indefinite-lived intangible assets are not amortized but are reviewed annually for impairment or more frequently if impairment indicators arise. The Company did not have any intangible assets with indefinite lives other than goodwill as of March 31, 2022 or December 31, 2021. There were no indications of impairment as of March 31, 2022, and the Company believes that, as of the balance sheet dates presented, none of the Company’s goodwill or intangible assets were impaired.

The following table summarizes the Company’s intangible assets, net:

		March 31, 2022
	Estimated Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Customer, affiliate and advertiser relationships	5-19	$	84,826	$	(12,895	)	$	71,931
Developed websites, technology and patents	10		34,080		(5,252	)		28,828
Trademark, trade name and domain name	5-16		7,771		(2,465	)		5,306
Proprietary user information database and internet traffic	5		1,119		(1,119	)		—
Non-compete agreements	1.5-3		600		(208	)		392
Total intangible assets		$	128,396	$	(21,939	)	$	106,457

		December 31, 2021
	Estimated Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Customer, affiliate and advertiser relationships	5-19	$	85,663	$	(11,695	)	$	73,968
Developed websites, technology and patents	10		34,939		(4,509	)		30,430
Trademark, trade name and domain name	5-16		7,913		(2,355	)		5,558
Proprietary user information database and internet traffic	5		1,133		(1,133	)		—
Non-compete agreements	1.5-3		600		(166	)		434
Total intangible assets		$	130,248	$	(19,858	)	$	110,390

Intangible assets are amortized over their estimated useful lives, which range from eighteen months to nineteen years, using methods of amortization that are expected to reflect the estimated pattern of economic use. The remaining amortization expense will be recognized over a weighted-average period of approximately 6.8 years. Amortization expense was $2.3 million and $2.2 million for the three months ended March 31, 2022 and 2021, respectively. Amortization expense relating to developed websites, technology and patents is recorded within costs of revenues. All other amortization is recorded within operating expenses as the remaining intangible assets consist of customer-related assets which generate website traffic that the Company considers to be in support of selling and marketing activities. The Company did not write off any fully amortized intangible assets in the first three months of 2022.

The Company expects amortization expense of intangible assets to be as follows:

Years Ending December 31:	Amortization Expense
2022 (April 1 – December 31)	$	6,875
2023		9,006
2024		8,975
2025		8,937
2026		8,883
Thereafter		63,781
Total	$	106,457

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7. Net Income Per Common Share

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per common share is as follows:

	For the Three Months Ended
	March 31,
	2022		2021
Numerator:
Net income	$	7,164	$	1,810
Denominator:
Basic:
Weighted average shares of common stock and vested, undelivered restricted stock units outstanding		29,708,233		28,140,619
Diluted:
Weighted average shares of common stock and vested, undelivered restricted stock units outstanding		29,708,233		28,140,619
Effect of potentially dilutive shares (1)		4,706,024		1,101,728
Total weighted average shares of common stock and vested, undelivered restricted stock units outstanding and potentially dilutive shares		34,414,257		29,242,347
Net Income Per Common Share:
Basic:
Net income applicable to common stockholders	$	7,164	$	1,810
Weighted average shares of stock outstanding		29,708,233		28,140,619
Basic net income per common share	$	0.24	$	0.06
Diluted:
Net income applicable to common stockholders	$	7,804	$	1,810
Weighted average shares of stock outstanding		34,414,257		29,242,347
Diluted net income per common share (1)	$	0.23	$	0.06

(1)In calculating diluted net income per share, 78 thousand shares and 26 thousand shares related to outstanding stock options and unvested, undelivered restricted stock units were excluded for the three months ended March 31, 2022, and 2021 respectively. Additionally, for the three months ended March 31, 2022, in calculating diluted net income per share, we excluded the impact of interest expense and amortization of note costs relating to our convertible shares from net income and included the weighted average shares 3.9 million common shares under the if-converted method. For the three months ended March 31, 2022, interest expense including amortization of note issuance costs, related to convertible notes was $0.6 million. For the three months ended March 31, 2021, the interest expense and amortization of note costs relating to our convertible shares and the weighted average shares were excluded from the calculation as they would have been anti-dilutive.

8. Convertible Notes and Loan Agreement

Convertible Notes

In December 2020, the Company issued $201.3 million in aggregate principal amount of 0.0125% convertible senior notes due December 15, 2025 (the “2025 Notes”) and in December 2021, the Company issued $414 million in aggregate principal amount of 0.0% convertible senior notes due December 15, 2026 (the “2026 Notes”). At the time of the issuance of the 2026 Notes, a portion of the outstanding 2025 Notes were exchanged for shares of common stock and cash. As of March 31, 2022, approximately $51 million aggregate principal amount of the 2025 Notes remain outstanding. Further details are included below:

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Issuance	Maturity Date	Interest Rate	First Interest Payment Date	Effective Interest Rate	Semi-Annual Interest Payment Dates	Initial Conversion Rate per $1,000 Principal	Initial Conversion Price		Number of Shares (in millions)
2025 Notes	December 15, 2025	0.125%	June 15, 2021	0.8%	June 15, and December 15	14.1977	$	70.43	1.0
2026 Notes	December 15, 2026	0.0%	––	0.0%	––	7.6043	$	131.50	4.3

Each of the 2025 Notes and the 2026 Notes (collectively, “the Notes”) is governed by an indenture between the Company, as issuer, and U.S. Bank, National Association, as trustee (together the “Indentures”, and each such indenture, an “Indenture”). The Notes are unsecured and rank senior in right of payment to the Company’s future indebtedness that is expressly subordinated in right of payment to the Notes and equal in right of payment to the Company’s unsecured indebtedness that is not so subordinated.

Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of common stock, at the Company’s election.

Terms of The Notes

Prior to the close of business on September 15, 2025 and September 14, 2026, the 2025 Notes and 2026 Notes, respectively, will be convertible at the option of holders during certain periods, only upon satisfaction of certain conditions set forth below. On or after September 15, 2025 (for the 2025 Notes) and September 14, 2026 (for the 2026 Notes), until the close of business on the second scheduled trading day immediately preceding the applicable maturity date, holders may convert all or any portion of their Notes at the applicable conversion price regardless of whether the conditions set forth below have been met.

Holders may convert all or a portion of their Notes prior to the close of business on the day immediately preceding their respective convertible dates, in multiples of the $1,000 principal amount, only under the following circumstances:

•during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 for the 2025 Notes and March 31, 2022 for the 2026 Notes (and only during such calendar quarter), if the last reported sales price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•during the five business day period after any five consecutive trading day period, or the Notes measurement period, in which the “trading price” (as defined in the applicable Indenture) per $1,000 principal amount of Notes for each trading day of the Notes measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day;

•if the Company calls any or all of the Notes for redemption, at any time prior to the close of business on September 14, 2025 for the 2025 Notes or September 14, 2026 for the 2026 Notes; or

•upon the occurrence of specified corporate events as set forth in the Indentures.

The conversion features of the 2025 Notes was triggered as of December 31, 2021 as the last reported trading price of our common stock was greater than or equal to 130% of the conversion prices for at least 20 trading days in the period of 30 consecutive trading days ending on, and including, the last trading day of the quarter ended December 31, 2021 and therefore the 2025 Notes were convertible, in whole or in part, at the option of the holders from January 1, 2022 through March 31, 2022. After March 31, 2022, the 2025 Notes were no longer convertible at the option of the holder. The 2026 Notes have not become convertible.

Whether the 2026 Notes or 2025 Notes will be convertible prior to September 14, 2025 in the case of the 2025 Notes or September 14, 2026 for the 2026 Notes will depend on the satisfaction of the trading price condition or another conversion condition specified in the Indentures in the future.

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The Notes consist of the following:

	March 31, 2022				December 31, 2021
Liability Component:	2026 Notes		2025 Notes		2026 Notes		2025 Notes
Principal	$	414,000	$	51,381	$	414,000	$	51,381
Less: debt discount, net of amortization		—		—		—		—
Less: unamortized debt issuance costs		10,296		1,267		10,836		1,351
Net carrying amount	$	403,704	$	50,114	$	403,164	$	50,030

The following table sets forth total interest expense recognized related to the Notes:

	March 31, 2022		March 31, 2021
Interest paid on 2025 Notes	$	16	$	63
Amortization of debt discount and transaction costs		624		327
	$	640	$	390

The fair value of the Notes, which was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, quoted prices of the Notes in an over-the-counter market (Level 2), and carrying value of debt instruments (carrying value excludes the equity component of the Company’s convertible notes classified in equity) were as follows:

	March 31, 2022				December 31, 2021
	Fair Value		Carrying Value		Fair Value		Carrying Value
Convertible senior notes	$	450,063	$	453,818	$	490,513	$	453,194

Based on the closing price of our common stock of $81.28 on March 31, 2022, the if-converted value of the (i) 2025 Notes was greater by $7.9 million than their aggregate principal amount; (ii) 2026 Notes was less than their aggregate principal value.

2021 Loan Agreement

On October 29, 2021, the Company entered into a Loan and Security Agreement with Western Alliance Bank, as administrative agent and collateral agent for the lenders, and the banks and other financial institutions or entities from time to time party thereto as lenders (the “2021 Loan Agreement”). The 2021 Loan Agreement provides for a $75 million revolving credit facility with a $5 million letter-of-credit sublimit and matures on October 29, 2023. The 2021 Loan Agreement is secured by substantially all of the Company’s assets. Borrowings under the 2021 Loan Agreement bear interest at a rate equal to one (1) month U.S. LIBOR, plus a spread based upon the Company’s leverage (as defined by 2021 Loan Agreement), which may vary between 2.00% and 2.75%. As of March 31, 2022, the interest rate was 2.98%. The 2021 Loan Agreement is subject to various leverage and non-financial covenants. No amounts were outstanding under the 2021 Loan Agreement as of March 31, 2022.

9. Leases and Contingencies

The Company conducts its operations in leased office facilities under various noncancelable operating lease agreements that expire through December 2029.

On October 26, 2017, the Company entered into a Third Amendment (the “Third Amendment”) to the lease agreement for office space in Newton, Massachusetts, dated as of August 4, 2009 (the “Newton Lease”). The Third Amendment extended the lease term to December 31, 2029 and preserves the Company’s option to extend the term for an additional five-year period subject to certain terms and conditions set forth in the Newton Lease. The Third Amendment reduced the rentable space from approximately 110,000 square feet to approximately 74,000 square feet effective January 1, 2018. As of January 1, 2018, base monthly rent under the Third Amendment is $0.3 million. The base rent increases biennially at a rate averaging approximately 1% per year, as of January 1, 2021. The Company remains responsible for certain other costs under the Third Amendment, including operating expense and taxes.

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In April 2021, the Company entered into a Fourth Amendment (the “Fourth Amendment”). The Fourth Amendment became effective during May 2021. The Fourth Amendment reduced the rentable space from approximately 74,000 square feet to approximately 68,000 square feet and provided the Company with a one-time payment of approximately $0.6 million. As of May 1, 2021, base monthly rent is approximately $0.3 million per month. All other terms and conditions are substantially similar to those terms in the Third Amendment.

Certain of the Company’s operating leases, including the Newton Lease, include lease incentives and escalating payment amounts and are renewable for varying periods. The Company recognizes the related rent expense on a straight-line basis over the term of each lease, taking into account the lease incentives and escalating lease payments.

The Company has various non-cancelable lease agreements for certain of its offices with original lease periods expiring between 2022 and 2029. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain it will exercise that option. Leases with renewal options allow the Company to extend the lease term typically between 1 and 5 years. When determining the lease term, renewal options reasonably certain of being exercised are included in the lease term. When determining if a renewal option is reasonably certain of being exercised, the Company considers several economic factors, including but not limited to, the significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, underlying contractual obligations, or specific characteristics unique to that particular lease that would make it reasonably certain that the Company would exercise such option. Renewal and termination options were generally not included in the lease term for the Company's existing operating leases. Certain of the arrangements have discounted rent periods or escalating rent payment provisions. Leases with an initial term of twelve months or less are not recorded on the condensed consolidated balance sheets. The Company recognizes rent expense on a straight-line basis over the lease term.

As of March 31, 2022, operating lease assets were $22.4 million and operating lease liabilities were $27.1 million. The maturities of the Company’s operating lease liabilities as of March 31, 2022 were as follows:

	Minimum Lease
Years Ending December 31:	Payments
2022 (April 1 – December 31)	$	3,373
2023		4,650
2024		4,591
2025		3,801
2026		3,793
Thereafter		9,930
Total future minimum lease payments		30,138
Less imputed interest		3,042
Total operating lease liabilities	$	27,096

Included in the Consolidated Balance Sheet:
Current operating lease liability	$	4,157
Non-current operating lease liability		22,939
Total operating lease liabilities	$	27,096

For the three months ended March 31, 2022 and 2021, the total lease cost was comprised of the following amounts:

	Three Months Ended March 31,
	2022		2021
Operating lease expense	$	1,141	$	1,142
Short-term lease expense		9		76
Total lease expense	$	1,150	$	1,218

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The following summarizes additional information related to operating leases:

	As of
	March 31, 2022
Weighted-average remaining lease term — operating leases		4.1
Weighted-average discount rate — operating leases		3	%

If the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate as the discount rate. The Company uses its best judgment when determining the incremental borrowing rate, which is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term to the lease payments in a similar currency.

Litigation

From time to time and in the ordinary course of business, the Company may be subject to various claims, charges, and litigation. At March 31, 2022 and December 31, 2021, the Company did not have any pending claims, charges, or litigation that it expects would have a material adverse effect on its condensed consolidated financial position, results of operations, or cash flows.

10. Stock-Based Compensation

Stock Option and Incentive Plans

In April 2007, the Company’s board of directors approved the 2007 Stock Option and Incentive Plan (the “2007 Plan”), which was approved by the stockholders of the Company and became effective upon the consummation of the Company’s IPO in May 2007. The 2007 Plan allowed the Company to grant incentive stock options (“ISOs”), non-qualified stock options (“NSOs”), stock appreciation rights, deferred stock awards, restricted stock units and other awards. Under the 2007 Plan, stock options could not be granted at less than fair market value on the date of grant and grants generally vested over a three- to four-year period. Stock options granted under the 2007 Plan expire no later than ten years after the grant date. Additionally, beginning with awards made in August 2015, the Company had the option to direct a net issuance of shares for satisfaction of tax liability with respect to vesting of awards and delivery of shares. Prior to August 2015, this choice of settlement method was solely at the discretion of the award recipient. The 2007 Plan expired in May 2017.

No new awards may be granted under the 2007 Plan; however, the shares of common stock remaining in the 2007 Plan are available for issuance in connection with previously awarded grants under the 2007 Plan. There are 37,500 shares of common stock that remain subject to outstanding stock grants under the 2007 Plan as of March 31, 2022.

In March 2017, the Company’s board of directors approved the 2017 Stock Option and Incentive Plan (the “2017 Plan”), which was approved by the stockholders of the Company at the 2017 Annual Meeting and became effective June 16, 2017. The 2017 Plan replaces the Company’s 2007 Plan. On June 16, 2017, 3,000,000 shares of the Company’s common stock were reserved for issuance under the 2017 Plan and, generally, shares that are forfeited or canceled from awards under the 2017 Plan also will be available for future awards. In April 2021, the stockholders of the Company authorized the issuance of up to an additional 3,800,000 shares of the Company’s common stock under the 2017 Plan. Under the 2017 Plan, the Company may grant restricted stock and restricted stock units, non-qualified stock options, stock appreciation rights, performance awards, and other stock-based and cash-based awards. Grants generally vest in equal tranches over a three-year period. Stock options granted under the 2017 Plan expire no later than ten years after the grant date. Shares of stock issued pursuant to restricted stock awards are restricted in that they are not transferable until they vest. Shares of stock underlying awards of restricted stock units are not issued until the units vest. Non-qualified stock options cannot be exercised until they vest. Under the 2017 Plan, all stock options and stock appreciation rights must be granted with an exercise price that is at least equal to the fair market value of the common stock on the date of grant. The 2017 Plan broadly prohibits the repricing of options and stock appreciation rights without stockholder approval and requires that no dividends or dividend equivalents be paid with respect to options or stock appreciation rights. The 2017 Plan further provides that, in the event any dividends or dividend equivalents are declared with respect to restricted stock, restricted stock units, other stock-based awards and performance awards (referred to as “full-value awards”), such dividends or dividend equivalents would be subject to the same vesting and forfeiture provisions as the underlying award. There are a total of 1,657,449 shares of common stock that remain subject to outstanding stock-based grants under the 2017 Plan as of March 31, 2022. A total of 3,056,185 shares of common stock remain available for issuance under the 2017 Plan as of March 31, 2022.

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Accounting for Stock-Based Compensation

The Company uses the Black-Scholes option pricing model to calculate the grant date fair value of an award.

The expected volatility of options granted has been determined using a weighted average of the historical volatility of the Company’s common stock for a period equal to the expected life of the option. The expected life of options has been determined utilizing the “simplified” method. The risk-free interest rate is based on a zero coupon U.S. treasury instrument whose term is consistent with the expected life of the stock options. The Company has not paid and does not anticipate paying cash dividends on its shares of common stock; therefore, the expected dividend yield is assumed to be zero. The Company applied an estimated annual forfeiture rate based on historical averages in determining the expense recorded in each period.

A summary of the stock option activity under the Company’s plans for the three months ended March 31, 2022 is presented below:

Three Month Activity	Options Outstanding		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term in Years		Aggregate Intrinsic Value
Options outstanding at December 31, 2021		125,000	$	25.49		—		—
Granted		2,500		88.32		—		—
Exercised		—		—		—		—
Forfeited		—		—		—		—
Cancelled		—		—		—		—
Options outstanding at March 31, 2022		127,500	$	26.72		6.17	$	6,974
Options exercisable at March 31, 2022		105,000	$	17.60		5.51	$	6,687
Options vested or expected to vest at March 31, 2022		127,005	$	26.54		6.16	$	6,969

There were no options exercised during the three months ended March 31, 2022 and March 31, 2021.

Restricted Stock Units

Restricted stock units are valued at the market price of a share of the Company’s common stock on the date of the grant. A summary of the restricted stock unit activity under the Company’s plans for the three months ended March 31, 2022 is presented below:

Year-to-Date Activity	Shares			Weighted- Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value
Nonvested outstanding at December 31, 2021		1,609,350		$	54.45		—
Granted		124,932			78.09		—
Vested		(146,933	)		76.38		—
Forfeited		(19,900	)		72.22		—
Nonvested outstanding at March 31, 2022		1,567,449		$	54.06	$	127,402

There were 146,933 restricted stock units with a total grant-date fair value of $11.2 million that vested during the three months ended March 31, 2022. There were 25,677 restricted stock units with a total grant-date fair value of $1.9 million that vested during the three months ended March 31, 2021.

As of March 31, 2022, there was $63.5 million of total unrecognized compensation expense related to stock options and restricted stock units, which is expected to be recognized over a weighted average period of 1.7 years.

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11. Stockholders’ Equity and Subsequent Event

Common Stock Repurchase Programs

In May 2020, the Company announced that the board of directors had authorized a new stock repurchase program (the “May 2020 Repurchase Program”) whereby the Company is authorized to repurchase shares of the Company’s common stock having an aggregate purchase prices of up to $25.0 million from time to time on the open market or in privately negotiated transactions at prices and in the manner that may be determined by management. During the three month period ended March 31, 2022, the Company repurchased 4,614 shares for an aggregate purchase price of $0.3 million at an average share price of $69.91 under this plan. The May 2020 Repurchase Program expired on May 1, 2022.

In May 2022, the Company announced that the board of directors had authorized a new stock repurchase program (the “May 2022 Repurchase Program”) whereby the Company is authorized to repurchase shares of the Company’s common stock having an aggregate purchase prices of up to $50.0 million from time to time on the open market or in privately negotiated transactions at prices and in the manner that may be determined by management.

Repurchased shares are recorded under the cost method and are reflected as treasury stock in the accompanying Condensed Consolidated Balance Sheets.

Reserved Common Stock

As of March 31, 2022, the Company has reserved (i) 4,751,134 shares of common stock for use in settling outstanding unexercised options and restricted stock units that have not vested and been issued, and for future awards available for grant under the 2007 Plan and 2017 Plan and (ii) 5,349,987 shares which may be issuable upon conversion of the Notes.

12. Income Taxes

The Company measures its interim period tax expense using an estimated annual effective tax rate and adjustments for discrete taxable events that occur during the interim period. The estimated annual effective income tax rate is based upon the Company’s estimations of annual pre-tax income, the geographic mix of pre-tax income, and its interpretations of tax laws. The Company updates the estimate of its annual effective tax rate at the end of each quarterly period. The Company recorded income tax expense of $2.9 million for the three months ended March 31, 2022. The tax expense for the three months ended March 31, 2022 increased by approximately $2.2 million, as compared to the same period in 2021, primarily due to $7.6 million increase in pretax income offset by an approximate $0.1 million increase in excess tax benefits of stock-based compensation. The Company recorded income tax expense of $2.9 million and $0.7 million for the three months ended March 31, 2022 and March 31, 2021, respectively.

13. Segment Information

The Company views its operations and manages its business as one operating segment which is the business of providing purchase intent marketing and sales services. The Company aggregated its operating segment based upon the similar economic and operating characteristics of its operations.

Geographic Data

Net sales by campaign target area were as follows (1):

	For the Three Months Ended March 31,
	2022		2021
North America	$	43,587	$	33,038
International		24,578		19,931
Total	$	68,165	$	52,969

(1)Net sales to customers by campaign target area is based on the geo-targeted (target audience) location of the campaign.

Net sales to unaffiliated customers by geographic area were as follows (2):

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	For the Three Months Ended March 31,
	2022		2021
United States	$	50,739	$	37,500
United Kingdom		7,663		8,148
Other international		9,763		7,321
Total	$	68,165	$	52,969

(2)Net sales to unaffiliated customers by geographic area is based on the customers’ current billing addresses and does not consider the geo-targeted (target audience) location of the campaign.

Long-lived assets by geographic area were as follows:

	March 31, 2022		December 31, 2021
United States	$	223,974	$	224,235
International		98,376		101,948
Total	$	322,350	$	326,183

Long-lived assets are comprised of property and equipment, net; goodwill; and intangible assets, net. The United Kingdom accounted for 30% of the Company’s long-lived assets for the three months ended March 31, 2022 and no single country outside of the U.S. or United Kingdom accounted for 1% or more of the Company’s long-lived assets during either of these periods.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and accompanying notes included elsewhere in this Quarterly Report on Form 10-Q. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors including those discussed below in this Quarterly Report on Form 10-Q, in our Annual Report on Form 10-K for the year ended December 31, 2021 under Part I, Item 1A, “Risk Factors,” and in the other documents we file with the Securities and Exchange Commission. Please refer to our cautionary note regarding “Forward-Looking Statements” section on page 32 of this Quarterly Report on Form 10-Q.

Overview

TechTarget, Inc. (“we”, “us” or “our”) is a global data and analytics leader and software provider for purchase intent-driven marketing and sales data which delivers business impact for business-to-business (“B2B”) companies. Our solutions enable B2B technology companies to identify, reach, and influence key enterprise technology decision makers faster and with higher efficacy. We offer products and services intended to improve information technology (“IT”) vendors’ abilities to impact highly targeted audiences for business growth using advanced targeting, first-party analytics and data services complemented with customized marketing programs that integrate content creation, demand generation, brand marketing, and advertising techniques.

Our goal is to enable enterprise technology and business professionals to navigate the complex and rapidly-changing enterprise technology landscape where purchasing decisions can have significant financial and operational consequences. Our content strategy includes three primary sources which enterprise technology and business professionals use to assist them in their pre-purchase research: independent content provided by our professionals, vendor-generated content provided by our customers and member-generated, or peer-to-peer, content. In addition to utilizing our independent editorial content, registered members and users appreciate the ability to deepen their pre-purchase research by accessing the extensive vendor-supplied content available across our virtual event and webinar channels and website network (collectively, our “Network”). Likewise, these members and users derive significant additional value from the ability our Network provides to seamlessly interact with and contribute to information exchanges in a given field. To advance our ability to provide purchase intent-driven marketing and sales data, we have been acquisitive over the last two years. During 2021, we acquired Xtelligent Healthcare Media, LLC, a leading healthcare B2B media company focusing on healthcare-related technology. Similarly, during 2020, we acquired (i) BrightTALK Limited, a technology media company that provides customers with a platform to create, host and promote webinar and video content, (ii) The Enterprise Strategy Group, Inc., a leading provider of decision support content based on user research and market analysis for global enterprise companies, and (iii) Data Science Central, LLC, a digital publishing and media company focused on data science and business analytics.

We had approximately 29.4 million and 27.2 million registered members and users, which we refer to as our “audiences”, as of March 31, 2022 and 2021, respectively. While the size of our audiences does not provide direct insight into our customer numbers or our revenue, we believe the value of the services we sell to our customers is a direct result of the breadth and reach of this content footprint. This footprint creates the opportunity for our clients to gain business leverage by targeting our audiences through customized marketing programs. Likewise, the behavior exhibited by these audiences enables us to provide our customers with data products to improve their marketing and sales efforts. The targeted nature of our audiences enables B2B technology companies to reach a specialized audience efficiently because our content is highly segmented and aligned with the B2B technology companies’ specific products.

Through our ability to identify, reach and influence key decision makers, we have developed a broad customer base and, in 2022, delivered marketing and sales services programs to over 3,000 customers.

COVID-19 Business Update

In the first quarter of 2020, we began to see the impacts of the COVID-19 pandemic on our business. As local and national actions, such as stay at home mandates, took effect, we began to see the macro-economic uncertainty that the COVID-19 pandemic created, which impacted our customers’ purchasing decisions. We observed our customers navigate this economic uncertainty through a combination of strategies, including focusing their buying decisions on shorter duration contracts.

While the COVID-19 pandemic has not had a material adverse impact on our operations, the future course of the pandemic and any potential financial impact remain highly uncertain and continue to evolve. Even after the easing of governmental restrictions, as the severity of the COVID-19 pandemic lessens, we could experience further fluctuations in our results of operations and cash flows resulting from the ongoing global impacts of the pandemic and our customers’ realignment of their marketing and sales budgets.

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Our priorities remain ensuring the health and safety of our employees, customers, vendors, members, stockholders, and other stakeholders, while delivering our content and services to our customers around the world and continuing to drive long-term growth.

Executive Summary

Financial Results For the Three Months Ended March 31, 2022

Our revenue for the three months ended March 31, 2022 increased by $15.2 million, or 29%, to $68.2 million, compared with $53.0 million, during the same period in 2021. We saw and continued to see increased customer spend for additional data driven marketing products, including Priority Engine™, lead generation and brand. Additionally, we were able to recognize revenues associated with the renewal of acquired customer contracts previously recorded as unearned revenue, as further highlighted in the table below (see “Adjusted Revenue”). Priority Engine™ revenue increased 20% to $16.2 million, in the first three months of 2022 compared with $13.5 million in the first three months of 2021. The amount of revenue that we derived from longer-term contracts, which we define as contracts with a term of in excess of 270 days, in the first quarter of 2022 increased 16%, compared to the first quarter of 2021.

We continue to benefit from our customers’ increasing demand for purchase intent data to fuel their sales and marketing outreach. Another important factor in our revenue trajectory relates to the evolving way our customers use our purchase intent data relative to our offerings. Our offerings are designed to help our customers identify “in-market” prospects for their products and services—our offerings help them reach, influence, and activate these prospects. A growing number of customers purchase “always on” programs from us that combine offerings to identify and influence active buyers throughout the year. Additionally, customers use our offerings to support quarterly sales and marketing campaigns. These purchases are more fluid—Customers of this type may focus more on offerings in a particular campaign, and shift objectives as opposed to an “always on” program customer.

Our international geo-targeted revenue, where our target audience is outside North America (“International”), increased approximately 23% for the three months ended March 31, 2022, compared with the prior year period driven by the items noted above.

Gross profit percentage was 73% and 70% for the three months ended March 31, 2022 and 2021, respectively. Gross profit increased by $12.5 million, mainly due to the increase in revenue compared to the same period a year ago.

Business Trends

The following discussion highlights key trends affecting our business.

•Macro-economic Conditions. Because most of our customers are B2B technology companies, the success of our business is intrinsically linked to the health, and subject to the market conditions, of the IT industry. Despite the current uncertainty in the economy (i.e. inflation risks, rising interest rates, and Russia’s invasion of the Ukraine), there are several factors indicating positive IT spending over the next few years is likely. We believe there are several IT catalysts such as AI, security, data analytics, and cloud migrations, to name a few. Our growth continues to be driven in large part by the return on the investments we made in our data analytics suite of products, which continues to drive market share gains for us. While we will continue to invest in this growth area, management will also continue to carefully control discretionary spending such as travel and entertainment, and the filling of new and replacement positions, in an effort to maintain profit margins and cash flow.

•Industry Trends. Our customers continue to support initiatives to modernize their sales and marketing operations. Based on our conversations with customers and prospects, we believe the vast majority have a strategic initiative to modernize their “go to market” strategy. Additionally, we believe we have benefited from the migration of face-to-face events to online channels. This trend was massively accelerated by COVID-19 forcing the cancelation of most face-to-face events in 2020 and 2021. Although some believe face-to-face events will return to pre-COVID-19 levels, we do not agree. First, the face-to-face events business had been in a long, steady decline before the COVID-19 pandemic. While some customers have told us that their sales people like attending face-to-face events, which is understandable, our research shows that a growing number of buyers do not share that sentiment. In fact, a majority of younger buyers prefer to conduct as much of the sales process in “self-service” mode as possible. We expect that our products and services that benefitted from this trend will continue to grow in the future. While we concede that there will be larger face-to-face event budgets in 2022 than during 2021 and 2020, we do not expect them to affect our growth targets.

•Customer Demographics. In the three months ended March 31, 2022, revenue from our legacy global customers (a static cohort comprised of our 10 historically largest on premises hardware technology companies), increased by approximately

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5% compared to the same period in the prior year. Revenue from our other customers, excluding the legacy global customers described above, increased by approximately 23% compared to the prior year.

Our key strategic initiatives include:

•Geographic. During the three months ended March 31, 2022, approximately 36% of our revenue was derived from internationally targeted campaigns.

•Product. Purchase intent data continues to drive our product road strategy. During 2022, we intend to improve upon our marketing use case and integration capabilities, among other things.

Our revenue was up 29% in the first quarter of 2022 compared to the first quarter of 2021, which was primarily driven by the factors noted above, as well as the portion of revenue we were not allowed to recognized in the same period in the prior year (See “Adjusted Revenue”). We have looked extensively at the dynamics between IT Deal Alert™ and other offerings and have evaluated whether our growth in IT Deal Alert™ customers is taking away from other products for those same accounts. However, our data indicates that this is not the case, and while our sales team is leading with IT Deal Alert™, our sales team continues to emphasize the benefits of integration across our product offerings.

Sources of revenues

Revenue changes for the three month periods ended March 31, 2022, as compared to the same periods in 2021, are shown in the table below. See the discussion above and Notes 3 and 13 to our condensed consolidated financial statements for additional information on our revenues.

	For the Three Months Ended March 31,				Percent Change
	2022		2021
North America	$	43,587	$	33,038	32%
International		24,578		19,931	23%
Total	$	68,165	$	52,969	29%

We sell customized marketing programs to B2B technology companies targeting a specific audience within a particular enterprise technology or business sector or sub-sector. We maintain multiple points of contact with our customers to provide support throughout their organizations and their customers’ IT sales cycles. As a result, our customers often run multiple advertising programs with us in order to target their desired audience of enterprise technology and business professionals more effectively. There are multiple factors that can impact our customers’ marketing and advertising objectives and spending with us, including but not limited to, IT product launches, increases or decreases to their advertising budgets, the timing of key industry marketing events, responses to competitor activities and efforts to address specific marketing objectives such as creating brand awareness or generating sales leads. Our products and services are generally delivered under short-term contracts that run for the length of a given program, typically less than nine months. In the quarter ended March 31, 2022 approximately 41% of our revenue was from longer-term contracts.

Product and Service Offerings

We use our offerings to provide B2B technology companies with numerous touch points to identify, reach and influence key enterprise technology decision makers. The following is a description of the products and services we offer:

•IT Deal Alert™ . A suite of data and services for B2B technology companies that leverages the detailed purchase intent data that we collect on enterprise technology organizations and professionals researching IT purchases on our Network. Through proprietary scoring methodologies, we use this insight to help our customers identify and prioritize accounts and contacts whose content consumption around specific enterprise technology topics indicates that they are “in-market” for a particular product or service. The suite of products and services includes Priority Engine™, Qualified Sales Opportunities™, and Deal Data™. Priority Engine™ is a subscription service powered by our Activity Intelligence™ platform, which integrates with customer relationship management and marketing automation platforms from salesforce.com, Marketo, Eloqua, Pardot, and Integrate. The services are designed to deliver lead generation workflow solutions that enable marketers and sales forces to identify and understand accounts and individuals actively researching new technology purchases and then to engage those active prospects. Qualified Sales Opportunities™ is a product that profiles specific in-progress purchase projects, including

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information on scope and purchase considerations. Deal Data™ is a customized solution aimed at sales intelligence and data scientist functions within our customer organizations. It renders our Activity Intelligence™ data into one-time offerings directly consumable by the customer’s internal applications.

•Demand Solutions. Our offerings enable our customers to reach and influence prospective buyers through content marketing programs, such as white papers, webcasts, podcasts, videocasts, virtual trade shows, and content sponsorships, designed to generate demand for their solutions, and through display advertising and other brand programs that influence consideration by prospective buyers. We believe this allows B2B technology companies to maximize ROI on marketing and sales expenditures by capturing sales leads from the distribution and promotion of content to our audience of enterprise technology and business professionals.

•Brand Solutions. Our suite of brand solutions offerings provides B2B technology companies with direct exposure to targeted audiences of enterprise technology and business professionals actively researching information related to their products and services. We leverage our Activity Intelligence™ platform to enable significant segmentation and targeting of specific audiences that can be accessed through these programs. Components of brand programs may include on-network branding, off-network branding, and microsites and related formats.

•Custom Content Creation. We also at times create white papers, case studies, webcasts or videos to our customers’ specifications. These customized content assets are then promoted to our audience within both demand solutions and brand solutions programs.

•BrightTALK platform. Allows our customers to create, host and promote webinars, virtual events and video content.

Cost of Revenue, Operating Expenses, and Other

Expenses consist of cost of revenue, selling and marketing, product development, general and administrative, depreciation and amortization, and interest and other expense, net. Personnel-related costs are a significant component of each of these expense categories except for depreciation and amortization and interest and other expense, net.

Cost of Revenue. Cost of revenue consists primarily of: salaries and related personnel costs; member acquisition expenses (primarily keyword purchases from leading internet search sites); freelance writer expenses; website hosting costs; vendor expenses associated with the delivery of webcast, podcast, videocast and similar content, and other offerings; stock-based compensation expenses; facility expenses, and other related overhead.

Selling and Marketing. Selling and marketing expenses consist primarily of: salaries and related personnel costs; sales commissions; travel-related expenses; stock-based compensation expenses; facility expenses and other related overhead. Sales commissions are recorded as expense when earned by the employee.

Product Development. Product development includes the creation and maintenance of our network of websites, advertiser offerings and technical infrastructure. Product development expense consists primarily of salaries and related personnel costs; stock-based compensation expenses; facility expenses, and other related overhead.

General and Administrative. General and administrative expenses consist primarily of salaries and related personnel costs; facility expenses and related overhead; accounting, legal and other professional fees; and stock-based compensation expenses.

Depreciation. Depreciation expense consists of the depreciation of our property and equipment and other capitalized assets. Depreciation is calculated using the straight-line method over their estimated useful lives, ranging from three to twelve years.

Amortization. Amortization expense consists of the amortization of intangible assets recorded in connection with our acquisitions, including changes in the value of contingent consideration in relation to certain of the acquisitions. Separable intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives, which range from eighteen months to nineteen years, using methods that are expected to reflect the estimated pattern of economic use.

Interest and Other Expense, Net. Interest expense, net consists primarily of interest costs, inducement expense and the related amortization of deferred issuance costs on our Notes and amounts borrowed under our current and our prior loan agreements and amortization of premiums on our investments, less any interest income earned on cash, cash equivalents and short-term investments. We historically have invested our cash in money market accounts, municipal bonds, government agency bonds, U.S. Treasury securities,

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and corporate bonds. Other expense, net consists primarily of non-operating gains or losses, primarily related to realized and unrealized foreign currency gains and losses on trade assets and liabilities.

Non-GAAP Financial Measure

We use Adjusted Revenue, a non-GAAP financial measure to assist us in evaluating our operating performance to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate our financial performance. We believe that non-GAAP Adjusted Revenue reflects our ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in our business. We also believe that this non-GAAP measure provides useful information to investors and others in understanding and evaluating our operating results and prospects in the same manner as management and in comparing financial results across accounting periods. Regulation S-K Item 10(e), “Use of non-GAAP financial measures in Commission filings,” defines and prescribes the conditions for use of non-GAAP financial information.

A limitation of our non-GAAP financial measure of Adjusted Revenue is that it does not have a uniform definition. Our definition will likely differ from the definitions used by other companies, and therefore comparability may be limited.

We compensate for these limitations by reconciling the non-GAAP financial measure to GAAP revenue, the most comparable GAAP financial measure. Adjusted Revenue should be considered in addition to, not as a substitute for or in isolation from, GAAP revenue. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure, and to view our non-GAAP financial measure in conjunction with the most comparable GAAP financial measure.

Adjusted Revenue

We define Adjusted Revenue as the sum of revenue and the impact of fair value adjustments to acquired unearned revenue related to services billed by an acquired company prior to its acquisition. Management uses this measure to evaluate growth of the business period over period, excluding the impact of adjustments due to purchase accounting. We believe that it is important to evaluate growth on this basis. We expect our Adjusted Revenue to converge over time with our GAAP revenue.

The following table presents a reconciliation of Revenue to Adjusted Revenue:

	Three Months Ended March 31,
	2022			2021
Revenue	$	68,165		$	52,969
Impact of fair value adjustment on acquired unearned revenue		1,175			5,025
Adjusted Revenue	$	69,340		$	57,994
Revenue percentage change		29	%
Adjusted revenue percentage change		20	%

Application of Critical Accounting Policies and Use of Estimates

The discussion of our financial condition and results of operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates, judgments and assumptions that affect the reported amount of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to revenue, long-lived assets, goodwill, allowance for doubtful accounts, stock-based compensation, contingent liabilities, self-insurance accruals and income taxes. We base our estimates of the carrying value of certain assets and liabilities on historical experience and on various other assumptions that we believe to be reasonable. In some cases, changes in the accounting estimates are reasonably likely to occur from period to period. Our actual results may differ from these estimates under different assumptions or conditions.

Our critical accounting policies are those that affect our more significant judgments used in the preparation of our condensed consolidated financial statements. A description of our critical accounting policies and estimates is contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Other than those noted in Note 2 to our condensed consolidated financial statements, there were no material changes to our critical accounting policies and estimates during the first three months of 2022.

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Income Taxes

We are subject to income taxes in both the U.S. and foreign jurisdictions, and we use estimates in determining our provision for income taxes. We recognize deferred tax assets and liabilities based on temporary differences between the financial reporting and income tax bases of assets and liabilities using statutory rates expected to be in effect when such differences are settled.

Our net deferred tax liabilities are comprised primarily of book to tax differences on stock-based compensation, intangible asset basis, net operating loss carryforwards, valuation allowance and timing of deductions for right-of-use assets and lease liabilities, accrued expenses, depreciation, and amortization.

Results of Operations

The following table sets forth our results of operations for the periods indicated, including percentage of total revenue:

	Three Months Ended March 31,
	2022					2021
Revenue	$	68,165		100	%	$	52,969		100	%
Cost of revenue		17,846		26	%		15,168		29	%
Amortization of acquired technology		745		1	%		765		1	%
Gross profit		49,574		73	%		37,036		70	%
Operating expenses:
Selling and marketing		24,255		35	%		21,606		41	%
Product development		3,118		5	%		2,923		6	%
General and administrative		7,842		12	%		6,435		12	%
Depreciation		1,665		2	%		1,221		2	%
Amortization		2,012		3	%		1,630		3	%
Total operating expenses		38,892		57	%		33,815		64	%
Operating income		10,682		16	%		3,221		6	%
Interest and other income (expense), net		(560	)	-1	%		(696	)	-1	%
Income before provision for income taxes		10,122		15	%		2,525		5	%
Provision for income taxes		2,958		4	%		715		1	%
Net income	$	7,164		11	%	$	1,810		3	%

Comparison of Three Months Ended March 31, 2022 and March 31, 2021

Revenue

	Three Months Ended March 31,
	2022		2021		Increase		Percent Change
Revenue	$	68,165	$	52,969	$	15,196		29	%

Revenue increased for the three months ended March 31, 2022, as compared to the same period in 2021, primarily due to customers increasing their spend for additional data driven marketing products and the renewal of acquired customer contracts previously recorded as unearned revenue. Priority Engine™, lead generation and brand revenue each increased over prior quarter, which contributed to our growth.

Cost of Revenue and Gross Profit

	Three Months Ended March 31,
	2022			2021			Increase (Decrease)			Percent Change
Cost of revenue	$	17,846		$	15,168		$	2,678			18	%
Amortization of acquired technology	$	745		$	765		$	(20	)		-3	%
Gross profit	$	49,574		$	37,036		$	12,538			34	%
Gross profit percentage		73	%		70	%

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Gross Profit. Our gross profit is equal to the difference between our revenue and our cost of revenue for the period. Gross profit percentage was 73% and 70% for the three months ended March 31, 2022 and 2021, respectively. Gross profit increased by $12.5 million in the three months ended March 31, 2022 compared to the same period in 2021, primarily due to increased revenue compared to the same period a year ago. Because the majority of our costs are labor-related, we expect our gross profit to fluctuate from period to period depending on the total revenue for the period.

Operating Expenses and Other

	Three Months Ended March 31,
	2022			2021			Increase (Decrease)			Percent Change
Operating expenses:
Selling and marketing	$	24,255		$	21,606		$	2,649			12	%
Product development		3,118			2,923			195			7	%
General and administrative		7,842			6,435			1,407			22	%
Depreciation		1,665			1,221			444			36	%
Amortization		2,012			1,630			382			23	%
Total operating expenses	$	38,892		$	33,815		$	5,077			15	%
Interest and other income (expense), net	$	(560	)	$	(696	)	$	(136	)		-20	%
Provision for income taxes	$	2,958		$	715		$	2,243			314	%

Selling and Marketing. Selling and marketing expenses increased for the three months ended March 31, 2022, as compared to the same period in 2021, primarily due to a $1.5 million increase in stock-based compensation expense and a $1.1 million increase in pay related expenses.

Product Development. Product development expense increased for the three months ended March 31, 2022, as compared to the same period in 2021. Personnel and contracted services costs were each higher by $0.1 million.

General and Administrative. General and administrative expense increased for the three months ended March 31, 2022, as compared to the same period in 2021, primarily due to a $1.6 million increase in stock-based compensation costs, offset by lower costs in other areas.

Depreciation. Depreciation expense increased for the three months ended March 31, 2022, as compared to the same period in 2021, due to increased capitalized software expenses.

Amortization. Amortization expense increased for the three months ended March 31, 2022, as compared to the same period in 2021, due to intangible assets acquired in 2021 and increase in fair value of contingent consideration.

Interest and other (income) expense, net. Interest and other (income) expense decreased for the three months ended March 31, 2022, as compared to the same period in 2021, primarily due to lower losses from foreign currency exchange than prior year.

Provision (Benefit) for income taxes. Our effective income tax rate was 29% and 28% for the three months ended March 31, 2022 and 2021, respectively. The tax expense for the three months ended March 31, 2022 increased by approximately $2.2 million primarily due to $7.6 million increase in pretax income offset by an approximate $0.1 million increase in excess tax benefits of stock-based compensation.

Seasonality

The timing of our revenues is affected by seasonal factors. Our revenues are seasonal primarily as a result of the annual budget approval process of many of our customers, the normal timing at which our customers introduce new products, and the historical decrease in advertising in summer months. The timing of revenues in relation to our expenses, much of which do not vary directly with revenues, has an impact on our cost of revenues, selling and marketing, product development, and general and administrative expenses as a percentage of revenues in each calendar quarter during the year.

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The majority of our expenses are personnel-related and include salaries, stock-based compensation, benefits and incentive-based compensation plan expenses. As a result, we have not experienced significant seasonal fluctuations in the timing of our expenses period to period.

Liquidity and Capital Resources

Resources

Our cash and investments at March 31, 2022 totaled $395.2 million, a $13 million increase from December 31, 2021, primarily driven by cash generated from our operations offset in part by investments in property and equipment. We believe that our existing cash and investments, our cash flow from operating activities and borrowings under our 2021 Loan Agreement will be sufficient to meet our anticipated cash needs for at least the next twelve months. Our future working capital requirements will depend on many factors, including the operations of our existing business, our potential strategic expansion internationally, future acquisitions we might undertake and any expansion into complementary businesses. To the extent that our cash and investments and cash flow from operating activities are insufficient to fund our future activities, we may raise additional funds through additional bank credit arrangements or public or private equity or debt financings. We may also raise additional funds in the event we determine in the future to effect one or more additional acquisitions of businesses.

	March 31, 2022		December 31, 2021
Cash and investments	$	395,153	$	381,699
Accounts receivable, net	$	51,009	$	51,095

Cash, Cash Equivalents and Investments

Our cash, cash equivalents and investments at March 31, 2022 were held for working capital purposes and were invested primarily in pooled bond funds. We do not enter into investments for trading or speculative purposes.

Accounts Receivable, Net

Our accounts receivable balance fluctuates from period to period, which affects our cash flows from operating activities. The fluctuations vary depending on the timing with which we meet our performance obligations and on the timing of our cash collections, as well as on changes to our allowance for doubtful accounts. We use days sales outstanding (“DSO”) as a measurement of the quality and status of our receivables since lower DSO is generally correlated with higher collection rates. We define DSO as net accounts receivable at quarter end divided by total revenue for the applicable period, multiplied by the number of days in the applicable period. DSO was 66 days and 60 days at March 31, 2022 and December 31, 2021, respectively.

Cash Flows

	Three Months Ended March 31,
	2022			2021
Net cash provided by operating activities	$	27,557		$	15,690
Net cash used in investing activities	$	(3,611	)	$	(3,131	)
Net cash used in financing activities	$	(9,911	)	$	(1,402	)

Operating Activities

Cash provided by operating activities primarily consists of net income adjusted for certain non-cash items including depreciation and amortization, provisions for bad debt, stock-based compensation, deferred income taxes, and the effect of changes in working capital

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and other activities. Cash provided by operating activities for the three months ended March 31, 2022 was $27.6 million compared to cash provided by operating activities of $15.7 million for the three months ended March 31, 2021.

The increase in cash provided by operating activities was primarily the result of increase in revenue, changes in working capital (primarily increase in contract liabilities in the first three months of 2022) , and stock-based compensation charged to earnings.

Investing Activities

Cash used in investing activities in the three months ended 2022 and 2021 was $3.6 million and $3.1 million respectively and was driven by the purchase of property and equipment, primarily for internal-use software, and to a lesser extent, computer equipment. We capitalized internal-use software and website development costs of $3.2 million and $2.9 million for the three months ended March 31, 2022 and 2021, respectively.

Financing Activities

In the first three months of 2022, we used $9.9 million for financing activities, consisting primarily of $5.2 million for the payment of contingent consideration related to our 2020 and 2021 acquisitions, $4.4 million for tax withholdings related to net share settlements and $0.3 million for the repurchase of TechTarget shares. In the first three months of 2021, we used $1.4 million for financing activities, consisting primarily of $1.0 million for the payment of contingent consideration related to our 2020 and 2021 acquisitions and $0.4 million for tax withholdings related to net share settlements.

Common Stock Repurchase Programs

In May 2020, we announced that our Board of Directors had authorized a $25.0 million stock repurchase program (the “May 2020 Repurchase Program”) whereby we are authorized to repurchase shares of our common stock from time to time on the open market or in privately negotiated transactions at prices and in the manner that may be determined by management. We repurchased 4,614 shares at an aggregate purchase price of $0.3 million at an average share price of $69.91 under this plan during 2022. As of March 31, 2022, $24.7 million remained available under the Repurchase Program. The May 2020 Repurchase Program expired on May 1, 2022.

In May 2022, the Company announced that the board of directors had authorized a new stock repurchase program (the “May 2022 Repurchase Program”) whereby the Company is authorized to repurchase shares of the Company’s common stock having an aggregate purchase prices of up to $50.0 million from time to time on the open market or in privately negotiated transactions at prices and in the manner that may be determined by management.

Repurchased shares were recorded under the cost method and are reflected as treasury stock in the accompanying condensed consolidated Balance Sheets. All repurchased shares were funded with cash on hand.

Convertible Senior Notes and Term Loan and Credit Facility Borrowings

Convertible Senior Notes

In December 2021, the Company issued $414 million in aggregate principal amount of 0.00% convertible senior notes (“2026 Notes”) due December 15, 2026, unless earlier repurchased by the Company or converted by the holder pursuant to their terms. Special interest, if any, is payable semiannually in arrears on June 15 and December 15 of each year.

The 2026 Notes are governed by an Indenture between the Company, as issuer, and U.S. Bank, National Association, as trustee. The 2026 Notes are unsecured and rank senior in right of payment to the Company’s future indebtedness that is expressly subordinated in right of payment to the 2026 Notes and equal in right of payment to the Company’s unsecured indebtedness that is not so subordinated.

Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of common stock, at the Company’s election.

The 2026 Notes have an initial conversion rate of 7.6043 shares of common stock per $1,000 principal amount of 2026 Notes. This represents an initial effective conversion price of approximately $131.50 per share of common stock and 3,148,180 shares issuable upon conversion. Throughout the term of the 2026 Notes, the conversion rate may be adjusted upon the occurrence of certain events. As of March 31, 2022, no such adjustment has occurred. Holders of the 2026 Notes will not receive any cash payment representing accrued and unpaid interest, if any, upon conversion of a 2026 Note.

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Proceeds from the 2026 Notes were utilized to retire $149.9 million of the 2025 Notes and for general corporate purposes.

In December 2020, the Company issued $201.3 million in aggregate principal amount of 0.125% convertible senior notes (the “2025 Notes”) due December 15, 2025, unless earlier repurchased by the Company or converted by the holder pursuant to their terms. Interest is payable semiannually in arrears on June 15 and December 15 of each year, which commenced on June 15, 2021.

The 2025 Notes are governed by an indenture between the Company, as issuer, and U.S. Bank National Association, as trustee. The 2025 Notes are unsecured and rank senior in right of payment to the Company’s future indebtedness that is expressly subordinated in right of payment to the Notes and equal in right of payment to the Company’s unsecured indebtedness that is not so subordinated.

Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of common stock, at the Company’s election.

The 2025 Notes have an initial conversion rate of 14.1977 shares of common stock per $1,000 principal amount of the Notes. This represents an initial effective conversion price of approximately $70.43 per share of common stock and 2,857,447 shares issuable upon conversion of the full aggregate principal amount of the 2025 Notes. Throughout the term of the 2025 Notes, the conversion rate may be adjusted upon the occurrence of certain events. As of March 31, 2022, no such adjustment has occurred. Holders of the 2025 Notes will not receive any cash payment representing accrued and unpaid interest, if any, upon conversion of a Note, except in limited circumstances. Accrued but unpaid interest will be deemed to be paid by cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock paid or delivered, as the case may be, to the holder upon conversion of the Notes.

After the induced conversion of $149.9 million aggregate principal amount of the 2025 Notes in December 2021, approximately $51 million of aggregate principal of 2025 Notes remain outstanding. As of March 31, 2022, 1,021,285 shares were issuable upon conversion of the full aggregate principal amounts of such remaining 2025 Notes.

2021 Loan Agreement

On October 29, 2021, the Company entered into the 2021 Loan Agreement with Western Alliance Bank. The 2021 Loan Agreement provides for a $75 million revolving credit facility with a $5 million letter-of-credit sublimit and a maturity date of October 29, 2023. The 2021 Loan Agreement is secured by substantially all of the Company’s assets. Borrowings under the 2021 Loan Agreement bear interest at a rate equal to one (1) month U.S. LIBOR, plus a spread based upon the Company’s leverage (as defined by 2021 Loan Agreement), which may vary between 2.00% and 2.75%. As of March 31, 2022, the interest rate was 2.98%. The 2021 Loan Agreement is subject to various leverage and non-financial covenants. No amounts were outstanding under the 2021 Loan Agreement as of March 31, 2022.

Capital Expenditures

We have made capital expenditures primarily for computer equipment and related software needed to host our websites, internal-use software development costs, as well as for leasehold improvements and other general purposes to support our growth. Our capital expenditures totaled $3.6 million and $3.1 million for the three-month periods ended March 31, 2022 and 2021, respectively. A majority of our capital expenditures in the first three months of 2022 were for internal-use software and website development costs and, to a lesser extent, computer equipment and related software. We capitalized internal-use software and website development costs of $3.2 million and $2.9 million for the three months ended March 31, 2022 and 2021, respectively. We are not currently party to any purchase contracts related to future capital expenditures.

Contractual Obligations

There were no material changes to our contractual obligations and commitments described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2021.

31

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this Quarterly Report that address activities, events or developments which we expect will or may occur in the future are forward-looking statements, including statements regarding our intent, beliefs or current expectations and those of our management team. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, priorities, plans, or intentions. Such statements may include those regarding our future financial results and other projections or measures of our future operating performance, including the drivers of such growth, profitability, and performance (including, in each case, any potential impact of product and service development efforts, GDPR or other similar laws, potential changes to customer relationships, and other operational decisions); expectations concerning market opportunities and our ability to capitalize on them; the amount and timing of the benefits expected from acquisitions, new strategies, products or services and other potential sources of additional revenue; and the behavior of our members, partners, and customers. These statements speak only as of the date of this Quarterly Report on Form 10-Q and are based on our current plans and expectations. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those relating to: market acceptance of our products and services, including continued increased sales of our IT Deal Alert™ offerings and continued increased international growth; relationships with customers, strategic partners and employees; the duration and extent of the COVID-19 pandemic; difficulties in integrating acquired businesses; changes in economic or regulatory conditions or other trends affecting the internet, internet advertising and information technology industries; data privacy laws, rules, and regulations; and other matters included in our SEC filings, including in our Annual Report on Form 10-K for the year ended December 31, 2021. Actual results may differ materially from those contemplated by the forward-looking statements. We undertake no obligation to update our forward-looking statements to reflect future events or circumstances.

32

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of fluctuations in foreign exchange rates and interest rates. We do not hold or issue financial instruments for trading purposes.

Foreign Currency Exchange Risk

We currently have subsidiaries in the United Kingdom, Hong Kong, Australia, Singapore, Germany and France. Approximately 26% of our revenue for the three months ended March 31, 2022 was derived from customers with billing addresses outside of the United States and our foreign exchange gains/losses were not significant. We currently believe our exposure to foreign currency exchange rate fluctuations is financially immaterial and therefore have not entered into foreign currency hedging transactions. We continue to review this issue and may consider hedging certain foreign exchange risks through the use of currency futures or options in the future. The volatility of exchange rates depends on many factors that we cannot forecast with reliable accuracy. Our continued international expansion increases our exposure to exchange rate fluctuations and as a result such fluctuations could have a significant impact on our future results of operations.

Interest Rate Risk

At March 31, 2022, we had cash and investments of $395.2 million. The investments were held in a bond fund. The cash and investments were held for working capital purposes. We have not entered into investments for trading or speculative purposes. Due to the short-term nature of these investments, we believe that we do not have any material exposure to changes in the fair value as a result of increases in interest rates. Declines in interest rates, however, would reduce future investment income. Additionally, our 2021 Loan Agreement provides for a $75 million revolving credit facility with a $5 million letter-of-credit sublimit. Borrowings under the 2021 Loan Agreement bear interest at a rate equal to one (1) month U.S. LIBOR, plus a spread based upon the Company’s leverage (as defined by 2021 Loan Agreement), which may vary between 2.00% and 2.75%. No amounts were outstanding under the 2021 Loan Agreement as of March 31, 2022. Should interest rates rise, it may cost the Company more to borrow under the 2021 Loan Agreement.

Inflation Risk

Inflation generally affects us by increasing our cost of labor and certain services. We do not believe that inflation had a material effect on our financial statements included elsewhere in this Quarterly Report on Form 10-Q. However, the United States has recently experienced historically high levels of inflation. If the inflation rate continues to increase it may affect our expenses, such as employee compensation, for example, increases in the costs of labor and supplies. Additionally, the United States is experiencing a workforce shortage, which in turn has created a competitive wage environment that may increase our operating costs in the future.

33

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We are required to maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer) as appropriate, to allow timely decisions regarding required disclosure.

In connection with the preparation of this Quarterly Report on Form 10-Q for the period ended March 31, 2022, management, under the supervision of the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of our disclosure controls and procedures as of March 31, 2022. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting identified in connection with the evaluation of such internal control that occurred during the first quarter of 2022 that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting.

34

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently a party to any material legal proceedings and we are not aware of any pending or threatened litigation against us that could have a material adverse effect on our business, operating results or financial condition.

Item 1A. Risk Factors

Our business is subject to a number of risks, including those identified in Item 1A, “Risk Factors” of our 2021 Annual Report on Form 10-K, that could have a material effect on our business, results of operations, financial condition and/or liquidity and that could cause our operating results to vary significantly from period to period. We may disclose changes to any risk factors presented or disclose additional factors from time to time in our future filings with the Securities and Exchange Commission.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Our Repurchases under our repurchase program are made from time to time at management’s discretion in accordance with applicable federal securities laws. All repurchases of our common stock have been recorded as treasury stock. The following table summarizes information relating to purchases made by or on our behalf of shares of our common stock during the quarter ended March 31, 2022.

Period	Total Number of Shares Purchased(1)		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Program		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in thousands)(2)(3)
January 1, 2022 - January 31, 2022		—	$	—		—	$	—
February 1, 2022 - February 28, 2022		—	$	—		—	$	—
March 1, 2022 - March 31, 2022		4,614	$	69.91		4,614	$	24,677
Total		4,614	$	69.91		4,614	$	24,677

(1) We purchased an aggregate of 4,614 shares of our common stock in the open market pursuant to our repurchase program and 1,340 shares were transferred to us from employees in satisfaction of minimum tax withholding obligations associated with the vesting of restricted stock rights during the period.

(2) From the repurchase program's inception through March 31, 2022, we purchased 4,614 shares at an average price of $69.91 per share for a total of $323.

(3) In May 2020, we announced the commencement of our repurchase program. The repurchase program expired on May, 1, 2022.

(4) In May 2022, the Company announced that the board of directors had authorized a new stock repurchase program (the “May 2022 Repurchase Program”) whereby the Company is authorized to repurchase shares of the Company’s common stock having an aggregate purchase prices of up to $50.0 million from time to time on the open market or in privately negotiated transactions at prices and in the manner that may be determined by management.

35

Item 6. Exhibits

The exhibits listed below are filed as part of this Quarterly Report on Form 10-Q.

			Incorporated by Reference to
Exhibit No.	Description of Exhibit	Form or Schedule	Exhibit No.	Filing Date with SEC	SEC File Number
3.1	Fourth Amended and Restated Certificate of Incorporation of the Registrant.	10-Q	3.1	11/13/2007	001-33472
3.2	Amended and Restated Bylaws of TechTarget, Inc.	10-Q	3.2	08/04/2021	001-33472
31.1*	Certification of Michael Cotoia, Chief Executive Officer of TechTarget, Inc., pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Daniel Noreck, Chief Financial Officer and Treasurer of TechTarget, Inc., pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certifications of Michael Cotoia, Chief Executive Officer of TechTarget, Inc. and Daniel Noreck, Chief Financial Officer and Treasurer of TechTarget, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document* The instance document does not appear in the Interactive Data File because its XBRL tags are
	Embedded within the Inline XBRL document.
101.SCH	XBRL Inline Taxonomy Extension Schema Document*
101.CAL	XBRL Inline Taxonomy Extension Calculation Linkbase Document*
101.DEF	XBRL Inline Taxonomy Extension Definition Linkbase Document*
101.LAB	XBRL Inline Taxonomy Extension Label Linkbase Document*
101.PRE	XBRL Inline Taxonomy Extension Presentation Linkbase Document*
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exbibit 101)

* Filed herewith.

36

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	TECHTARGET, INC.
	(Registrant)
Date: May 10, 2022	By:	/s/ MICHAEL COTOIA
		Michael Cotoia, Chief Executive Officer and Director (Principal Executive Officer)
Date: May 10, 2022	By:	/s/ DANIEL NORECK
		Daniel Noreck, Chief Financial Officer and Treasurer (Principal Accounting and Financial Officer)

37

EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

SECURITIES EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a),

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Cotoia, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of TechTarget, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2022

/s/ Michael Cotoia

Michael Cotoia

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO

SECURITIES EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a),

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Daniel Noreck, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of TechTarget, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2022

/s/ Daniel Noreck

Daniel Noreck

Chief Financial Officer and Treasurer

EX-32.1

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND

PRINCIPAL FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Each of Michael Cotoia and Daniel Noreck hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in his/her capacity as Chief Executive Officer and Chief Financial Officer and Treasurer, respectively of TechTarget, Inc. (the Company), that, to his/her knowledge, the Quarterly Report of the Company on Form 10-Q for the period ended March 31, 2022 as filed with the Securities and Exchange Commission (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 10, 2022	By:	/s/ Michael Cotoia
		Michael Cotoia
		Chief Executive Officer
Date: May 10, 2022	By:	/s/ Daniel Noreck
		Daniel Noreck
		Chief Financial Officer and Treasurer

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 06, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	TECHTARGET, INC.
Entity Central Index Key	0001293282
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		29,550,355
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	TTGT
Security Exchange Name	NASDAQ
Entity File Number	1-33472
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3483216
Entity Address, Address Line One	275 Grove Street
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02466
City Area Code	617
Local Phone Number	431-9200
Document Quarterly Report	true
Document Transition Report	false

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash	$ 375,133	$ 361,623
Short-term investments	20,020	20,076
Accounts receivable, net of allowance for doubtful accounts of $2,658 and $2,514 respectively	51,009	51,095
Prepaid taxes	0	51
Prepaid expenses and other current assets	5,843	5,266
Total current assets	452,005	438,111
Property and equipment, net	19,942	18,720
Goodwill	195,951	197,073
Intangible assets, net	106,457	110,390
Operating lease assets with right-of-use	22,433	23,339
Deferred tax assets	1,738	474
Other assets	638	893
Total assets	799,164	789,000
Current liabilities:
Accounts payable	2,213	3,783
Current operating lease liability	4,157	4,073
Accrued expenses and other current liabilities	13,952	16,638
Accrued compensation expenses	2,755	14,540
Income taxes payable	4,665	474
Contract liabilities	37,707	30,492
Total current liabilities	65,449	70,000
Non-current operating lease liability	22,939	24,021
Convertible senior notes	453,818	453,194
Other liabilities	0	2,779
Deferred tax liabilities	15,762	16,249
Total liabilities	557,968	566,243
Leases and contingencies (see Note 9)
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding	0
Common stock, $0.001 par value; 100,000,000 shares authorized; 57,268,651 and 57,144,740 shares issued; respectively; 29,751,855 and 29,633,898 shares outstanding, respectively	57	57
Treasury stock, at cost; 27,516,796 and 27,510,842 shares, respectively	(200,119)	(199,796)
Additional paid-in capital	397,798	383,436
Accumulated other comprehensive income (loss)	(2,466)	298
Retained earnings	45,926	38,762
Total stockholders’ equity	241,196	222,757
Total liabilities and stockholders’ equity	$ 799,164	$ 789,000

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts, accounts receivable	$ 2,658	$ 2,514
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	57,268,651	57,144,740
Common stock, shares outstanding	29,751,855	29,633,898
Treasury stock, shares	27,516,796	27,510,842

XML

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue		$ 68,165	$ 52,969
Cost of revenue	[1]	17,846	15,168
Amortization of acquired technology		745	765
Gross profit		49,574	37,036
Operating expenses:
Selling and marketing	[1]	24,255	21,606
Product development	[1]	3,118	2,923
General and administrative	[1]	7,842	6,435
Depreciation, excluding depreciation of $622 and $381, respectively, included in cost of revenue		1,665	1,221
Amortization		2,012	1,630
Total operating expenses		38,892	33,815
Operating income		10,682	3,221
Interest and other income (expense), net		(560)	(696)
Income before provision for income taxes		10,122	2,525
Provision for income taxes		2,958	715
Net income		7,164	1,810
Other comprehensive income (loss), net of tax:
Unrealized loss on investments (net of tax provision effect of $(20) and $0, respectively)		(69)
Foreign currency translation adjustments		(2,695)	1,034
Other comprehensive income (loss)		(2,764)	1,034
Comprehensive income		$ 4,400	$ 2,844
Net income per common share:
Basic		$ 0.24	$ 0.06
Diluted		$ 0.23	$ 0.06
Weighted average common shares outstanding:
Basic		29,708	28,141,000
Diluted		34,414,257	29,242,347

[1] Amounts include stock-based compensation expense as follows:

XML

Condensed Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Depreciation included in cost of revenues	$ 622	$ 381
Unrealized loss on investments, tax effect	(20)	0
Cost of Revenue [Member]
Allocated stock-based compensation expense	639	512
Selling and Marketing [Member]
Allocated stock-based compensation expense	5,067	3,523
Product Development [Member]
Allocated stock-based compensation expense	480	655
General and Administrative [Member]
Allocated stock-based compensation expense	$ 3,469	$ 1,911

XML

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Total	Revision Of Prior Period Reclassification Adjustment [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Revision Of Prior Period Reclassification Adjustment [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Retained Earnings [Member] Revision Of Prior Period Reclassification Adjustment [Member]
Beginning balance at Dec. 31, 2020		$ 202,506		$ 56	$ (199,796)	$ 363,055		$ 1,611	$ 37,580
Beginning balance (ASU 2020-06) at Dec. 31, 2020			$ (30,267)				$ (30,500)			$ 233
Beginning balance, shares at Dec. 31, 2020				55,633,155	27,510,552
Issuance of common stock from restricted stock awards, shares				24,815
Impact of net settlements		(370)				(370)
Impact of net settlements, shares				290	290
Stock-based compensation expense	[1]	7,425				7,425
Comprehensive income:
Unrealized gain (loss) on foreign currency exchange		1,034						1,034
Net income		1,810							1,810
Ending balance at Mar. 31, 2021		182,138		$ 56	$ (199,796)	339,610		2,645	39,623
Ending balance, shares at Mar. 31, 2021				55,658,260	27,510,842
Beginning balance at Dec. 31, 2021		222,757		$ 57	$ (199,796)	383,436		298	38,762
Beginning balance, shares at Dec. 31, 2021				57,144,740	27,510,842
Issuance of common stock from restricted stock awards, shares				122,571
Purchase of common stock through stock buyback		(323)			$ (323)
Purchase of common stock through stock buyback, shares					4,614
Impact of net settlements		(4,382)				(4,382)
Impact of net settlements, shares				1,340	1,340
Stock-based compensation expense	[1]	18,744				18,744
Comprehensive income:
Unrealized gain (loss) on investments		(69)						(69)
Unrealized gain (loss) on foreign currency exchange		(2,695)						(2,695)
Net income		7,164							7,164
Ending balance at Mar. 31, 2022		$ 241,196		$ 57	$ (200,119)	$ 397,798		$ (2,466)	$ 45,926
Ending balance, shares at Mar. 31, 2022				57,268,651	27,516,796

[1] Includes $9.1 and $0.8 million of accrued compensation expense incurred in previous year for the three months ended March 31, 2022 and 2021, respectively.

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Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Stockholders Equity [Abstract]
Accrued compensation expense	$ 9.1	$ 0.8

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net income	$ 7,164	$ 1,810
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,287	1,602
Amortization	2,757	2,395
Provision for bad debt	170	(156)
Stock-based compensation	9,655	6,583
Amortization of debt issuance costs	624	327
Deferred tax provision	(1,420)	(294)
Changes in operating assets and liabilities:
Accounts receivable	(174)	2,749
Operating lease assets (ROU)	716	680
Prepaid expenses and other current assets	(536)	(833)
Other assets	252	395
Accounts payable	(1,562)	(1,686)
Income taxes payable	4,189	891
Accrued expenses and other current liabilities	2,209	(4,703)
Accrued compensation expenses	(2,669)	(867)
Operating lease liability (ROU)	(740)	(819)
Contract liabilities	7,413	9,372
Other liabilities	(2,778)	(1,756)
Net cash provided by operating activities	27,557	15,690
Investing activities:
Purchases of property and equipment, and other capitalized assets, net	(3,578)	(3,131)
Purchases of investments	(33)
Net cash used in investing activities	(3,611)	(3,131)
Financing activities:
Tax withholdings related to net share settlements	(4,382)	(370)
Purchase of treasury shares and related costs	(323)
Payment of earnout liabilities	(5,206)	(1,032)
Net cash used in financing activities	(9,911)	(1,402)
Effect of exchange rate changes on cash	(525)	68
Net increase in cash	13,510	11,225
Cash at beginning of period	361,623	82,616
Cash at end of period	375,133	93,841
Supplemental disclosure of cash flow information:
Cash paid for taxes, net	$ 137	$ 90

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Organization and Operations

3 Months Ended

Mar. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Operations

1. Organization and Operations

TechTarget, Inc. and its subsidiaries (collectively, the “Company”) is a global data and analytics leader and software provider for buyers of purchase intent-driven marketing and sales data for enterprise technology vendors. The Company’s service offerings enable technology vendors to better identify, reach and influence corporate information technology (“IT”) decision-makers actively researching specific IT purchases. The Company improves vendors’ ability to impact these audiences for business growth using advanced targeting, analytics and data services complemented by customized marketing programs that integrate demand generation, brand advertising techniques, and content curation and creation. The Company operates a network of approximately 150 websites and 1,020 webinars and virtual event channels, which each focus on a specific IT sector such as storage, security or networking. IT and business professionals have become increasingly specialized, and they have come to rely on the Company’s sector-specific websites and webinars and virtual event channels for purchasing decision support. The Company’s content platforms enable IT and business professionals to navigate the complex and rapidly changing IT landscape where purchasing decisions can have significant financial and operational consequences. At critical stages of the purchase decision process, these content offerings through different channels meet IT and business professionals’ needs for expert, peer and IT vendor information and provide platforms on which business-to-business technology companies can launch targeted marketing campaigns which generate measurable return on investment. Based upon the logical clustering of members and users’ respective job responsibilities and the marketing focus of the products being promoted by the Company’s customers, the Company categorizes its content offerings to address the key market opportunities and audience extensions across a portfolio of distinct market categories: Security; Networking; Storage; Data Center and Virtualization Technologies; CIO/IT Strategy; Business Applications and Analytics; Application Architecture and Development; and ANCL Channel.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these Notes to Condensed Consolidated Financial Statements. The Company’s critical accounting policies are those that affect its more significant judgments used in the preparation of its condensed consolidated financial statements. A description of the Company’s critical accounting policies and estimates is contained in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in this note to the condensed consolidated financial statements.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, TechTarget Securities Corporation (“TSC”), TechTarget Limited, TechTarget (HK) Limited (“TTGT HK”), TechTarget (Australia) Pty Ltd., TechTarget (Singapore) Pte Ltd., E-Magine Médias SAS (“LeMagIT”), TechTarget Germany GmbH, and BrightTALK Limited and its wholly owned subsidiary, BrightTALK, Inc. (together “BrightTALK”). TSC is a Massachusetts corporation. TechTarget Limited is a subsidiary doing business principally in the United Kingdom. TTGT HK is a subsidiary incorporated in Hong Kong in order to facilitate the Company’s activities in the Asia-Pacific region. TechTarget (Australia) Pty Ltd. and TechTarget (Singapore) Pte Ltd. are the entities through which the Company does business in Australia and Singapore, respectively; LeMagIT and TechTarget Germany GmbH, both wholly-owned subsidiaries of TechTarget Limited, are entities through which the Company does business in France and Germany, respectively. BrightTALK are the entities through which the Company does business for the BrightTALK webinar and virtual event platform.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (Generally Accepted Accounting Principles or “U.S. GAAP”) in the United States (“U.S.”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All adjustments, which, in the opinion of management, are considered necessary for a fair presentation of the results of operations for the periods shown, are of a normal, recurring nature and have been reflected in the condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of results to be expected for any other interim periods or for the full year. The information included in these condensed consolidated financial statements should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in this report and the condensed consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Foreign Currency Translation

The functional currency of the Company’s major foreign subsidiaries is generally the local currency. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are recorded as a separate component on the Condensed Consolidated Statement of Comprehensive Income. Foreign currency transaction gains and losses are included in interest and other income (expense), net in the Condensed Consolidated Statement of Income. All assets and liabilities denominated in foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the average exchange rate during the period.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to revenue, long-lived assets, goodwill, the allowance for doubtful accounts, stock-based compensation, earnouts, self-insurance accruals, the allocation of purchase price to intangibles and goodwill, and income taxes. The Company reduces its accounts receivable for an allowance for doubtful accounts based on its best estimate of the amount of probable credit losses. Estimates of the carrying value of certain assets and liabilities are based on historical experience and on various other assumptions that the Company believes to be reasonable. Actual results could differ from those estimates.

Revenue Recognition

The Company generates its revenue from the sale of targeted marketing and advertising campaigns, which it delivers via its network of websites, webinar and virtual events channels, and our data analytic services and solutions. Revenue is recognized when performance obligations are satisfied by transferring promised goods or services to customers, as determined by applying a five-step process consisting of: a) identifying the contract, or contracts, with a customer, b) identifying the performance obligations in the contract, c) determining the transaction price, d) allocating the transaction price to the performance obligations in the contract, and e) recognizing revenue when, or as, performance obligations are satisfied.

Accounts Receivable

We maintain an allowance for credit losses for expected uncollectible accounts receivable, which is recorded as an offset to accounts receivable and changes in such are classified as general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income. We assess collectability by reviewing accounts receivable on an individual basis when we identify specific customers with known disputes, overdue amounts or collectability issues and also reserve for losses on all accounts based on historical information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. In determining the amount of the allowance for credit losses, we consider historical collectability based on past due status and make judgments about the creditworthiness of customers based on ongoing credit evaluations.

At March 31, 2022, the Company’s collectability assessment continues to include the business and market disruptions caused by COVID-19 and estimates of expected emerging credit and collectability trends. The continued volatility in market conditions and evolving shifts in credit trends are difficult to predict, causing variability and volatility that may have a material impact on our allowance for credit losses in future periods.

Fair Value of Financial Instruments

Financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, accounts payable, long-term debt and contingent consideration. Due to their short-term nature and liquidity, the carrying value of these instruments, with the exception of contingent consideration and long-term debt, approximates their estimated fair values. The Company classifies all of its short-term and long-term debt investments as available-for-sale. The fair value of contingent consideration was estimated using a discounted cash flow method.

Business Combinations and Valuation of Goodwill and Acquired Intangible Assets

The Company uses its best estimates and assumptions to allocate fair value to the net tangible and identifiable intangible assets acquired and liabilities assumed at the acquisition date. Any residual purchase price is recorded as goodwill. The Company’s estimates are inherently uncertain and subject to refinement and can include but are not limited to, the cash flows that an asset is expected to generate in the future, and the appropriate weighted-average cost of capital.

During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s Condensed Consolidated Statement of Income and Comprehensive Income.

Recent Accounting Pronouncements

Accounting Guidance Not Yet Adopted

In October 2021, the FASB issued ASU 2021-08 "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which clarified the accounting for acquired revenue contracts with customers in a business combination. ASU 2021-08 requires acquirers to measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. As a result, it is generally expected that an acquirer will recognize and measure contract assets and liabilities in a manner consistent with how they were recognized by the acquiree in its preacquisition financial statements. The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. Early adoption in an interim period requires that the amendments be applied retrospectively to all business combinations for which the acquisition occurs on or after the beginning of the fiscal year including the interim period and prospectively to all business combinations that occur on or after the date of initial application. We are currently evaluating the impact of the new guidance on our consolidated financial statements.

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Revenue

3 Months Ended

Mar. 31, 2022

Revenue Recognition [Abstract]

Revenue

3. Revenue

Disaggregation of Revenue

The following table depicts the disaggregation of revenue according to categories consistent with how the Company evaluates its financial performance and economic risk. International revenue consists of international geo-targeted campaigns, which are campaigns targeted at an audience of members outside of North America.

	For the Three Months Ended March 31,
	2022		2021
North America	$	43,587	$	33,038
International		24,578		19,931
Total	$	68,165	$	52,969

Contract Liabilities

Timing may differ between the satisfaction of performance obligations and the invoicing and collections of amounts related to the Company’s contracts with customers. Liabilities are recorded for amounts that are collected in advance of the satisfaction of performance obligations. Additionally, certain customers may receive credits, which are accounted for as a material right. The Company estimates these amounts based on the expected amount of future services to be provided to the customer and allocates a portion of the transaction price to these material rights. The Company recognizes these material rights as the material rights are exercised. The resulting material rights amounts included in the contract liabilities on the accompanying Condensed Consolidated Balance Sheets was $2.5 million and $2.6 million at March 31, 2022, and December 31, 2021, respectively.

	Contract Liabilities
Year-to-Date Activity
Balance at December 31, 2021	$	30,492
Billings		75,380
Revenue Recognized		(68,165	)
Balance at March 31, 2022	$	37,707

The Company elected to apply the following practical expedients:

•Existence of a Significant Financing Component in a Contract. As a practical expedient, the Company has not assessed whether a contract has a significant financing component because the Company expects at contract inception that the period between payment by the customer and the transfer of promised goods or services by the Company to the customer will be one year or less. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 90 days. In addition, the Company has determined that the payment terms that the Company provides to its customers are structured primarily for reasons other than the provision of financing to the customer.

•Costs to Fulfill a Contract. The Company’s revenue is primarily generated from customer contracts that are for one year or less. Costs primarily consist of incentive compensation paid based on the achievement of sales targets. As a practical expedient, for amortization periods that are determined to be one year or less, the Company expenses any incremental costs of obtaining the contract with a customer when incurred. For those customer contracts greater than one year, the Company capitalizes and amortizes the expenses over the period of benefit.

•Revenue Invoiced. The Company has applied the practical expedient for certain revenue streams to exclude the value of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which the Company recognizes revenue in proportion to the amount it has the right to invoice for services performed.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including short-term and long-term investments and contingent consideration. The Company’s bank and money market accounts are in bank deposits and are not quoted instruments. As such, the Company’s bank and money market accounts are all considered cash. The fair value of these financial assets and liabilities was determined based on three levels of input as follows:

•Level 1. Quoted prices in active markets for identical assets and liabilities;

•Level 2. Observable inputs other than quoted prices in active markets; and

•Level 3. Unobservable inputs.

The fair value hierarchy of the Company’s financial assets carried at fair value and measured on a recurring basis is as follows:

			Fair Value Measurements at  March 31, 2022
	March 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments (1)	$	20,020	$	—	$	20,020	$	—
Total assets	$	20,020	$	—	$	20,020	$	—
Liabilities:
Contingent consideration - current (2)	$	3,209	$	—	$	—	$	3,209
Total liabilities	$	3,209	$	—	$	—	$	3,209

			Fair Value Measurements at December 31, 2021
	December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments (1)	$	20,076	$	15,000	$	5,076	$	—
Total assets	$	20,076	$	15,000	$	5,076	$	—
Liabilities:
Contingent consideration - current (2)	$	5,200	$	—	$	—	$	5,200
Contingent consideration - non-current (2)		2,779		—		—		2,779
Total liabilities	$	7,979	$	—	$	—	$	7,979

(1)Short-term investments consist of money market funds (Level 1) and pooled bond funds (Level 2). Level 2 investments are priced using observable inputs, such as quoted prices in markets that are not active and yield curves.

(2)Contingent consideration liabilities are measured using the income approach and discounted to present value based on an assessment of the probability that the Company would be required to make such future payments. The contingent consideration liabilities are measured at fair value using significant Level 3 (unobservable) inputs, such as discount rates and probability measures. Remeasurement of the contingent consideration to fair value is expensed through the income statement in the period remeasured. Contingent consideration–current is included in accrued expenses and other current liabilities and contingent considerations–non-current is included in other liabilities on the balance sheet.

	Fair Value
Year-to-Date Activity
Balance at December 31, 2021	$	7,979
Payments on contingent liabilities		(5,206	)
Amortization of discount on contingent liabilities		10
Remeasurement of contingent liabilities		426
Balance at March 31, 2022	$	3,209
Amounts included in accrued expenses and other current liabilities	$	3,209
Total contingent consideration	$	3,209

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Cash and Investments

3 Months Ended

Mar. 31, 2022

Cash And Cash Equivalents [Abstract]

Cash and Investments

5. Cash and Investments

Cash is carried at cost, which approximates fair market value. As of March 31, 2022 and December 31, 2021, cash totaled $375.1 million and $361.6 million respectively.

Investments are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income, a component of stockholders’ equity, net of tax. Realized gains and losses on the sale of these investments are determined using the specific identification method. There were no realized gains or losses as of March 31, 2022 or December 31, 2021.

Short-term investments consisted of the following:

	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments:
Pooled bond funds	$	20,123	$	—	$	(103	)	$	20,020
Total short-term investments	$	20,123	$	—	$	(103	)	$	20,020

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments:
Pooled bond and money market funds	$	20,090	$	—	$	(14	)	$	20,076
Total short-term investments	$	20,090	$	—	$	(14	)	$	20,076

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Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

Goodwill and indefinite-lived intangible assets are not amortized but are reviewed annually for impairment or more frequently if impairment indicators arise. The Company did not have any intangible assets with indefinite lives other than goodwill as of March 31, 2022 or December 31, 2021. There were no indications of impairment as of March 31, 2022, and the Company believes that, as of the balance sheet dates presented, none of the Company’s goodwill or intangible assets were impaired.

The following table summarizes the Company’s intangible assets, net:

		March 31, 2022
	Estimated Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Customer, affiliate and advertiser relationships	5-19	$	84,826	$	(12,895	)	$	71,931
Developed websites, technology and patents	10		34,080		(5,252	)		28,828
Trademark, trade name and domain name	5-16		7,771		(2,465	)		5,306
Proprietary user information database and internet traffic	5		1,119		(1,119	)		—
Non-compete agreements	1.5-3		600		(208	)		392
Total intangible assets		$	128,396	$	(21,939	)	$	106,457

		December 31, 2021
	Estimated Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Customer, affiliate and advertiser relationships	5-19	$	85,663	$	(11,695	)	$	73,968
Developed websites, technology and patents	10		34,939		(4,509	)		30,430
Trademark, trade name and domain name	5-16		7,913		(2,355	)		5,558
Proprietary user information database and internet traffic	5		1,133		(1,133	)		—
Non-compete agreements	1.5-3		600		(166	)		434
Total intangible assets		$	130,248	$	(19,858	)	$	110,390

Intangible assets are amortized over their estimated useful lives, which range from eighteen months to nineteen years, using methods of amortization that are expected to reflect the estimated pattern of economic use. The remaining amortization expense will be recognized over a weighted-average period of approximately 6.8 years. Amortization expense was $2.3 million and $2.2 million for the three months ended March 31, 2022 and 2021, respectively. Amortization expense relating to developed websites, technology and patents is recorded within costs of revenues. All other amortization is recorded within operating expenses as the remaining intangible assets consist of customer-related assets which generate website traffic that the Company considers to be in support of selling and marketing activities. The Company did not write off any fully amortized intangible assets in the first three months of 2022.

The Company expects amortization expense of intangible assets to be as follows:

Years Ending December 31:	Amortization Expense
2022 (April 1 – December 31)	$	6,875
2023		9,006
2024		8,975
2025		8,937
2026		8,883
Thereafter		63,781
Total	$	106,457

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Net Income Per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Income Per Common Share

7. Net Income Per Common Share

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per common share is as follows:

	For the Three Months Ended
	March 31,
	2022		2021
Numerator:
Net income	$	7,164	$	1,810
Denominator:
Basic:
Weighted average shares of common stock and vested, undelivered restricted stock units outstanding		29,708,233		28,140,619
Diluted:
Weighted average shares of common stock and vested, undelivered restricted stock units outstanding		29,708,233		28,140,619
Effect of potentially dilutive shares (1)		4,706,024		1,101,728
Total weighted average shares of common stock and vested, undelivered restricted stock units outstanding and potentially dilutive shares		34,414,257		29,242,347
Net Income Per Common Share:
Basic:
Net income applicable to common stockholders	$	7,164	$	1,810
Weighted average shares of stock outstanding		29,708,233		28,140,619
Basic net income per common share	$	0.24	$	0.06
Diluted:
Net income applicable to common stockholders	$	7,804	$	1,810
Weighted average shares of stock outstanding		34,414,257		29,242,347
Diluted net income per common share (1)	$	0.23	$	0.06

(1)In calculating diluted net income per share, 78 thousand shares and 26 thousand shares related to outstanding stock options and unvested, undelivered restricted stock units were excluded for the three months ended March 31, 2022, and 2021 respectively. Additionally, for the three months ended March 31, 2022, in calculating diluted net income per share, we excluded the impact of interest expense and amortization of note costs relating to our convertible shares from net income and included the weighted average shares 3.9 million common shares under the if-converted method. For the three months ended March 31, 2022, interest expense including amortization of note issuance costs, related to convertible notes was $0.6 million. For the three months ended March 31, 2021, the interest expense and amortization of note costs relating to our convertible shares and the weighted average shares were excluded from the calculation as they would have been anti-dilutive.

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Convertible Notes and Loan Agreement

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Convertible Notes and Loan Agreement

8. Convertible Notes and Loan Agreement

Convertible Notes

In December 2020, the Company issued $201.3 million in aggregate principal amount of 0.0125% convertible senior notes due December 15, 2025 (the “2025 Notes”) and in December 2021, the Company issued $414 million in aggregate principal amount of 0.0% convertible senior notes due December 15, 2026 (the “2026 Notes”). At the time of the issuance of the 2026 Notes, a portion of the outstanding 2025 Notes were exchanged for shares of common stock and cash. As of March 31, 2022, approximately $51 million aggregate principal amount of the 2025 Notes remain outstanding. Further details are included below:

Issuance	Maturity Date	Interest Rate	First Interest Payment Date	Effective Interest Rate	Semi-Annual Interest Payment Dates	Initial Conversion Rate per $1,000 Principal	Initial Conversion Price		Number of Shares (in millions)
2025 Notes	December 15, 2025	0.125%	June 15, 2021	0.8%	June 15, and December 15	14.1977	$	70.43	1.0
2026 Notes	December 15, 2026	0.0%	––	0.0%	––	7.6043	$	131.50	4.3

Each of the 2025 Notes and the 2026 Notes (collectively, “the Notes”) is governed by an indenture between the Company, as issuer, and U.S. Bank, National Association, as trustee (together the “Indentures”, and each such indenture, an “Indenture”). The Notes are unsecured and rank senior in right of payment to the Company’s future indebtedness that is expressly subordinated in right of payment to the Notes and equal in right of payment to the Company’s unsecured indebtedness that is not so subordinated.

Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of common stock, at the Company’s election.

Terms of The Notes

Prior to the close of business on September 15, 2025 and September 14, 2026, the 2025 Notes and 2026 Notes, respectively, will be convertible at the option of holders during certain periods, only upon satisfaction of certain conditions set forth below. On or after September 15, 2025 (for the 2025 Notes) and September 14, 2026 (for the 2026 Notes), until the close of business on the second scheduled trading day immediately preceding the applicable maturity date, holders may convert all or any portion of their Notes at the applicable conversion price regardless of whether the conditions set forth below have been met.

Holders may convert all or a portion of their Notes prior to the close of business on the day immediately preceding their respective convertible dates, in multiples of the $1,000 principal amount, only under the following circumstances:

•during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 for the 2025 Notes and March 31, 2022 for the 2026 Notes (and only during such calendar quarter), if the last reported sales price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•during the five business day period after any five consecutive trading day period, or the Notes measurement period, in which the “trading price” (as defined in the applicable Indenture) per $1,000 principal amount of Notes for each trading day of the Notes measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day;

•if the Company calls any or all of the Notes for redemption, at any time prior to the close of business on September 14, 2025 for the 2025 Notes or September 14, 2026 for the 2026 Notes; or

•upon the occurrence of specified corporate events as set forth in the Indentures.

The conversion features of the 2025 Notes was triggered as of December 31, 2021 as the last reported trading price of our common stock was greater than or equal to 130% of the conversion prices for at least 20 trading days in the period of 30 consecutive trading days ending on, and including, the last trading day of the quarter ended December 31, 2021 and therefore the 2025 Notes were convertible, in whole or in part, at the option of the holders from January 1, 2022 through March 31, 2022. After March 31, 2022, the 2025 Notes were no longer convertible at the option of the holder. The 2026 Notes have not become convertible.

Whether the 2026 Notes or 2025 Notes will be convertible prior to September 14, 2025 in the case of the 2025 Notes or September 14, 2026 for the 2026 Notes will depend on the satisfaction of the trading price condition or another conversion condition specified in the Indentures in the future.

The Notes consist of the following:

	March 31, 2022				December 31, 2021
Liability Component:	2026 Notes		2025 Notes		2026 Notes		2025 Notes
Principal	$	414,000	$	51,381	$	414,000	$	51,381
Less: debt discount, net of amortization		—		—		—		—
Less: unamortized debt issuance costs		10,296		1,267		10,836		1,351
Net carrying amount	$	403,704	$	50,114	$	403,164	$	50,030

The following table sets forth total interest expense recognized related to the Notes:

	March 31, 2022		March 31, 2021
Interest paid on 2025 Notes	$	16	$	63
Amortization of debt discount and transaction costs		624		327
	$	640	$	390

The fair value of the Notes, which was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, quoted prices of the Notes in an over-the-counter market (Level 2), and carrying value of debt instruments (carrying value excludes the equity component of the Company’s convertible notes classified in equity) were as follows:

	March 31, 2022				December 31, 2021
	Fair Value		Carrying Value		Fair Value		Carrying Value
Convertible senior notes	$	450,063	$	453,818	$	490,513	$	453,194

Based on the closing price of our common stock of $81.28 on March 31, 2022, the if-converted value of the (i) 2025 Notes was greater by $7.9 million than their aggregate principal amount; (ii) 2026 Notes was less than their aggregate principal value.

2021 Loan Agreement

On October 29, 2021, the Company entered into a Loan and Security Agreement with Western Alliance Bank, as administrative agent and collateral agent for the lenders, and the banks and other financial institutions or entities from time to time party thereto as lenders (the “2021 Loan Agreement”). The 2021 Loan Agreement provides for a $75 million revolving credit facility with a $5 million letter-of-credit sublimit and matures on October 29, 2023. The 2021 Loan Agreement is secured by substantially all of the Company’s assets. Borrowings under the 2021 Loan Agreement bear interest at a rate equal to one (1) month U.S. LIBOR, plus a spread based upon the Company’s leverage (as defined by 2021 Loan Agreement), which may vary between 2.00% and 2.75%. As of March 31, 2022, the interest rate was 2.98%. The 2021 Loan Agreement is subject to various leverage and non-financial covenants. No amounts were outstanding under the 2021 Loan Agreement as of March 31, 2022.

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Leases and Contingencies

3 Months Ended

Mar. 31, 2022

Lessee Disclosure [Abstract]

Leases and Contingencies

9. Leases and Contingencies

The Company conducts its operations in leased office facilities under various noncancelable operating lease agreements that expire through December 2029.

On October 26, 2017, the Company entered into a Third Amendment (the “Third Amendment”) to the lease agreement for office space in Newton, Massachusetts, dated as of August 4, 2009 (the “Newton Lease”). The Third Amendment extended the lease term to December 31, 2029 and preserves the Company’s option to extend the term for an additional five-year period subject to certain terms and conditions set forth in the Newton Lease. The Third Amendment reduced the rentable space from approximately 110,000 square feet to approximately 74,000 square feet effective January 1, 2018. As of January 1, 2018, base monthly rent under the Third Amendment is $0.3 million. The base rent increases biennially at a rate averaging approximately 1% per year, as of January 1, 2021. The Company remains responsible for certain other costs under the Third Amendment, including operating expense and taxes.

In April 2021, the Company entered into a Fourth Amendment (the “Fourth Amendment”). The Fourth Amendment became effective during May 2021. The Fourth Amendment reduced the rentable space from approximately 74,000 square feet to approximately 68,000 square feet and provided the Company with a one-time payment of approximately $0.6 million. As of May 1, 2021, base monthly rent is approximately $0.3 million per month. All other terms and conditions are substantially similar to those terms in the Third Amendment.

Certain of the Company’s operating leases, including the Newton Lease, include lease incentives and escalating payment amounts and are renewable for varying periods. The Company recognizes the related rent expense on a straight-line basis over the term of each lease, taking into account the lease incentives and escalating lease payments.

The Company has various non-cancelable lease agreements for certain of its offices with original lease periods expiring between 2022 and 2029. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain it will exercise that option. Leases with renewal options allow the Company to extend the lease term typically between 1 and 5 years. When determining the lease term, renewal options reasonably certain of being exercised are included in the lease term. When determining if a renewal option is reasonably certain of being exercised, the Company considers several economic factors, including but not limited to, the significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, underlying contractual obligations, or specific characteristics unique to that particular lease that would make it reasonably certain that the Company would exercise such option. Renewal and termination options were generally not included in the lease term for the Company's existing operating leases. Certain of the arrangements have discounted rent periods or escalating rent payment provisions. Leases with an initial term of twelve months or less are not recorded on the condensed consolidated balance sheets. The Company recognizes rent expense on a straight-line basis over the lease term.

As of March 31, 2022, operating lease assets were $22.4 million and operating lease liabilities were $27.1 million. The maturities of the Company’s operating lease liabilities as of March 31, 2022 were as follows:

	Minimum Lease
Years Ending December 31:	Payments
2022 (April 1 – December 31)	$	3,373
2023		4,650
2024		4,591
2025		3,801
2026		3,793
Thereafter		9,930
Total future minimum lease payments		30,138
Less imputed interest		3,042
Total operating lease liabilities	$	27,096

Included in the Consolidated Balance Sheet:
Current operating lease liability	$	4,157
Non-current operating lease liability		22,939
Total operating lease liabilities	$	27,096

For the three months ended March 31, 2022 and 2021, the total lease cost was comprised of the following amounts:

	Three Months Ended March 31,
	2022		2021
Operating lease expense	$	1,141	$	1,142
Short-term lease expense		9		76
Total lease expense	$	1,150	$	1,218

The following summarizes additional information related to operating leases:

	As of
	March 31, 2022
Weighted-average remaining lease term — operating leases		4.1
Weighted-average discount rate — operating leases		3	%

If the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate as the discount rate. The Company uses its best judgment when determining the incremental borrowing rate, which is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term to the lease payments in a similar currency.

Litigation

From time to time and in the ordinary course of business, the Company may be subject to various claims, charges, and litigation. At March 31, 2022 and December 31, 2021, the Company did not have any pending claims, charges, or litigation that it expects would have a material adverse effect on its condensed consolidated financial position, results of operations, or cash flows.

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Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

Stock Option and Incentive Plans

In April 2007, the Company’s board of directors approved the 2007 Stock Option and Incentive Plan (the “2007 Plan”), which was approved by the stockholders of the Company and became effective upon the consummation of the Company’s IPO in May 2007. The 2007 Plan allowed the Company to grant incentive stock options (“ISOs”), non-qualified stock options (“NSOs”), stock appreciation rights, deferred stock awards, restricted stock units and other awards. Under the 2007 Plan, stock options could not be granted at less than fair market value on the date of grant and grants generally vested over a three- to four-year period. Stock options granted under the 2007 Plan expire no later than ten years after the grant date. Additionally, beginning with awards made in August 2015, the Company had the option to direct a net issuance of shares for satisfaction of tax liability with respect to vesting of awards and delivery of shares. Prior to August 2015, this choice of settlement method was solely at the discretion of the award recipient. The 2007 Plan expired in May 2017.

No new awards may be granted under the 2007 Plan; however, the shares of common stock remaining in the 2007 Plan are available for issuance in connection with previously awarded grants under the 2007 Plan. There are 37,500 shares of common stock that remain subject to outstanding stock grants under the 2007 Plan as of March 31, 2022.

In March 2017, the Company’s board of directors approved the 2017 Stock Option and Incentive Plan (the “2017 Plan”), which was approved by the stockholders of the Company at the 2017 Annual Meeting and became effective June 16, 2017. The 2017 Plan replaces the Company’s 2007 Plan. On June 16, 2017, 3,000,000 shares of the Company’s common stock were reserved for issuance under the 2017 Plan and, generally, shares that are forfeited or canceled from awards under the 2017 Plan also will be available for future awards. In April 2021, the stockholders of the Company authorized the issuance of up to an additional 3,800,000 shares of the Company’s common stock under the 2017 Plan. Under the 2017 Plan, the Company may grant restricted stock and restricted stock units, non-qualified stock options, stock appreciation rights, performance awards, and other stock-based and cash-based awards. Grants generally vest in equal tranches over a three-year period. Stock options granted under the 2017 Plan expire no later than ten years after the grant date. Shares of stock issued pursuant to restricted stock awards are restricted in that they are not transferable until they vest. Shares of stock underlying awards of restricted stock units are not issued until the units vest. Non-qualified stock options cannot be exercised until they vest. Under the 2017 Plan, all stock options and stock appreciation rights must be granted with an exercise price that is at least equal to the fair market value of the common stock on the date of grant. The 2017 Plan broadly prohibits the repricing of options and stock appreciation rights without stockholder approval and requires that no dividends or dividend equivalents be paid with respect to options or stock appreciation rights. The 2017 Plan further provides that, in the event any dividends or dividend equivalents are declared with respect to restricted stock, restricted stock units, other stock-based awards and performance awards (referred to as “full-value awards”), such dividends or dividend equivalents would be subject to the same vesting and forfeiture provisions as the underlying award. There are a total of 1,657,449 shares of common stock that remain subject to outstanding stock-based grants under the 2017 Plan as of March 31, 2022. A total of 3,056,185 shares of common stock remain available for issuance under the 2017 Plan as of March 31, 2022.

Accounting for Stock-Based Compensation

The Company uses the Black-Scholes option pricing model to calculate the grant date fair value of an award.

The expected volatility of options granted has been determined using a weighted average of the historical volatility of the Company’s common stock for a period equal to the expected life of the option. The expected life of options has been determined utilizing the “simplified” method. The risk-free interest rate is based on a zero coupon U.S. treasury instrument whose term is consistent with the expected life of the stock options. The Company has not paid and does not anticipate paying cash dividends on its shares of common stock; therefore, the expected dividend yield is assumed to be zero. The Company applied an estimated annual forfeiture rate based on historical averages in determining the expense recorded in each period.

A summary of the stock option activity under the Company’s plans for the three months ended March 31, 2022 is presented below:

Three Month Activity	Options Outstanding		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term in Years		Aggregate Intrinsic Value
Options outstanding at December 31, 2021		125,000	$	25.49		—		—
Granted		2,500		88.32		—		—
Exercised		—		—		—		—
Forfeited		—		—		—		—
Cancelled		—		—		—		—
Options outstanding at March 31, 2022		127,500	$	26.72		6.17	$	6,974
Options exercisable at March 31, 2022		105,000	$	17.60		5.51	$	6,687
Options vested or expected to vest at March 31, 2022		127,005	$	26.54		6.16	$	6,969

There were no options exercised during the three months ended March 31, 2022 and March 31, 2021.

Restricted Stock Units

Restricted stock units are valued at the market price of a share of the Company’s common stock on the date of the grant. A summary of the restricted stock unit activity under the Company’s plans for the three months ended March 31, 2022 is presented below:

Year-to-Date Activity	Shares			Weighted- Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value
Nonvested outstanding at December 31, 2021		1,609,350		$	54.45		—
Granted		124,932			78.09		—
Vested		(146,933	)		76.38		—
Forfeited		(19,900	)		72.22		—
Nonvested outstanding at March 31, 2022		1,567,449		$	54.06	$	127,402

There were 146,933 restricted stock units with a total grant-date fair value of $11.2 million that vested during the three months ended March 31, 2022. There were 25,677 restricted stock units with a total grant-date fair value of $1.9 million that vested during the three months ended March 31, 2021.

As of March 31, 2022, there was $63.5 million of total unrecognized compensation expense related to stock options and restricted stock units, which is expected to be recognized over a weighted average period of 1.7 years.

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Stockholders' Equity and Subsequent Event

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

11. Stockholders’ Equity and Subsequent Event

Common Stock Repurchase Programs

In May 2020, the Company announced that the board of directors had authorized a new stock repurchase program (the “May 2020 Repurchase Program”) whereby the Company is authorized to repurchase shares of the Company’s common stock having an aggregate purchase prices of up to $25.0 million from time to time on the open market or in privately negotiated transactions at prices and in the manner that may be determined by management. During the three month period ended March 31, 2022, the Company repurchased 4,614 shares for an aggregate purchase price of $0.3 million at an average share price of $69.91 under this plan. The May 2020 Repurchase Program expired on May 1, 2022.

In May 2022, the Company announced that the board of directors had authorized a new stock repurchase program (the “May 2022 Repurchase Program”) whereby the Company is authorized to repurchase shares of the Company’s common stock having an aggregate purchase prices of up to $50.0 million from time to time on the open market or in privately negotiated transactions at prices and in the manner that may be determined by management.

Repurchased shares are recorded under the cost method and are reflected as treasury stock in the accompanying Condensed Consolidated Balance Sheets.

Reserved Common Stock

As of March 31, 2022, the Company has reserved (i) 4,751,134 shares of common stock for use in settling outstanding unexercised options and restricted stock units that have not vested and been issued, and for future awards available for grant under the 2007 Plan and 2017 Plan and (ii) 5,349,987 shares which may be issuable upon conversion of the Notes.

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Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The Company measures its interim period tax expense using an estimated annual effective tax rate and adjustments for discrete taxable events that occur during the interim period. The estimated annual effective income tax rate is based upon the Company’s estimations of annual pre-tax income, the geographic mix of pre-tax income, and its interpretations of tax laws. The Company updates the estimate of its annual effective tax rate at the end of each quarterly period. The Company recorded income tax expense of $2.9 million for the three months ended March 31, 2022. The tax expense for the three months ended March 31, 2022 increased by approximately $2.2 million, as compared to the same period in 2021, primarily due to $7.6 million increase in pretax income offset by an approximate $0.1 million increase in excess tax benefits of stock-based compensation. The Company recorded income tax expense of $2.9 million and $0.7 million for the three months ended March 31, 2022 and March 31, 2021, respectively.

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Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

13. Segment Information

The Company views its operations and manages its business as one operating segment which is the business of providing purchase intent marketing and sales services. The Company aggregated its operating segment based upon the similar economic and operating characteristics of its operations.

Geographic Data

Net sales by campaign target area were as follows (1):

	For the Three Months Ended March 31,
	2022		2021
North America	$	43,587	$	33,038
International		24,578		19,931
Total	$	68,165	$	52,969

(1)Net sales to customers by campaign target area is based on the geo-targeted (target audience) location of the campaign.

Net sales to unaffiliated customers by geographic area were as follows (2):

	For the Three Months Ended March 31,
	2022		2021
United States	$	50,739	$	37,500
United Kingdom		7,663		8,148
Other international		9,763		7,321
Total	$	68,165	$	52,969

(2)Net sales to unaffiliated customers by geographic area is based on the customers’ current billing addresses and does not consider the geo-targeted (target audience) location of the campaign.

Long-lived assets by geographic area were as follows:

	March 31, 2022		December 31, 2021
United States	$	223,974	$	224,235
International		98,376		101,948
Total	$	322,350	$	326,183

Long-lived assets are comprised of property and equipment, net; goodwill; and intangible assets, net. The United Kingdom accounted for 30% of the Company’s long-lived assets for the three months ended March 31, 2022 and no single country outside of the U.S. or United Kingdom accounted for 1% or more of the Company’s long-lived assets during either of these periods.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, TechTarget Securities Corporation (“TSC”), TechTarget Limited, TechTarget (HK) Limited (“TTGT HK”), TechTarget (Australia) Pty Ltd., TechTarget (Singapore) Pte Ltd., E-Magine Médias SAS (“LeMagIT”), TechTarget Germany GmbH, and BrightTALK Limited and its wholly owned subsidiary, BrightTALK, Inc. (together “BrightTALK”). TSC is a Massachusetts corporation. TechTarget Limited is a subsidiary doing business principally in the United Kingdom. TTGT HK is a subsidiary incorporated in Hong Kong in order to facilitate the Company’s activities in the Asia-Pacific region. TechTarget (Australia) Pty Ltd. and TechTarget (Singapore) Pte Ltd. are the entities through which the Company does business in Australia and Singapore, respectively; LeMagIT and TechTarget Germany GmbH, both wholly-owned subsidiaries of TechTarget Limited, are entities through which the Company does business in France and Germany, respectively. BrightTALK are the entities through which the Company does business for the BrightTALK webinar and virtual event platform.

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (Generally Accepted Accounting Principles or “U.S. GAAP”) in the United States (“U.S.”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All adjustments, which, in the opinion of management, are considered necessary for a fair presentation of the results of operations for the periods shown, are of a normal, recurring nature and have been reflected in the condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of results to be expected for any other interim periods or for the full year. The information included in these condensed consolidated financial statements should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in this report and the condensed consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Foreign Currency Translation

Foreign Currency Translation

The functional currency of the Company’s major foreign subsidiaries is generally the local currency. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are recorded as a separate component on the Condensed Consolidated Statement of Comprehensive Income. Foreign currency transaction gains and losses are included in interest and other income (expense), net in the Condensed Consolidated Statement of Income. All assets and liabilities denominated in foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the average exchange rate during the period.

Use of Estimates

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to revenue, long-lived assets, goodwill, the allowance for doubtful accounts, stock-based compensation, earnouts, self-insurance accruals, the allocation of purchase price to intangibles and goodwill, and income taxes. The Company reduces its accounts receivable for an allowance for doubtful accounts based on its best estimate of the amount of probable credit losses. Estimates of the carrying value of certain assets and liabilities are based on historical experience and on various other assumptions that the Company believes to be reasonable. Actual results could differ from those estimates.

Revenue Recognition

Revenue Recognition

The Company generates its revenue from the sale of targeted marketing and advertising campaigns, which it delivers via its network of websites, webinar and virtual events channels, and our data analytic services and solutions. Revenue is recognized when performance obligations are satisfied by transferring promised goods or services to customers, as determined by applying a five-step process consisting of: a) identifying the contract, or contracts, with a customer, b) identifying the performance obligations in the contract, c) determining the transaction price, d) allocating the transaction price to the performance obligations in the contract, and e) recognizing revenue when, or as, performance obligations are satisfied.

Accounts Receivable

Accounts Receivable

We maintain an allowance for credit losses for expected uncollectible accounts receivable, which is recorded as an offset to accounts receivable and changes in such are classified as general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income. We assess collectability by reviewing accounts receivable on an individual basis when we identify specific customers with known disputes, overdue amounts or collectability issues and also reserve for losses on all accounts based on historical information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. In determining the amount of the allowance for credit losses, we consider historical collectability based on past due status and make judgments about the creditworthiness of customers based on ongoing credit evaluations.

At March 31, 2022, the Company’s collectability assessment continues to include the business and market disruptions caused by COVID-19 and estimates of expected emerging credit and collectability trends. The continued volatility in market conditions and evolving shifts in credit trends are difficult to predict, causing variability and volatility that may have a material impact on our allowance for credit losses in future periods.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, accounts payable, long-term debt and contingent consideration. Due to their short-term nature and liquidity, the carrying value of these instruments, with the exception of contingent consideration and long-term debt, approximates their estimated fair values. The Company classifies all of its short-term and long-term debt investments as available-for-sale. The fair value of contingent consideration was estimated using a discounted cash flow method.

Business Combinations and Valuation of Goodwill and Acquired Intangible Assets

Business Combinations and Valuation of Goodwill and Acquired Intangible Assets

The Company uses its best estimates and assumptions to allocate fair value to the net tangible and identifiable intangible assets acquired and liabilities assumed at the acquisition date. Any residual purchase price is recorded as goodwill. The Company’s estimates are inherently uncertain and subject to refinement and can include but are not limited to, the cash flows that an asset is expected to generate in the future, and the appropriate weighted-average cost of capital.

During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s Condensed Consolidated Statement of Income and Comprehensive Income.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Accounting Guidance Not Yet Adopted

In October 2021, the FASB issued ASU 2021-08 "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which clarified the accounting for acquired revenue contracts with customers in a business combination. ASU 2021-08 requires acquirers to measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. As a result, it is generally expected that an acquirer will recognize and measure contract assets and liabilities in a manner consistent with how they were recognized by the acquiree in its preacquisition financial statements. The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. Early adoption in an interim period requires that the amendments be applied retrospectively to all business combinations for which the acquisition occurs on or after the beginning of the fiscal year including the interim period and prospectively to all business combinations that occur on or after the date of initial application. We are currently evaluating the impact of the new guidance on our consolidated financial statements.

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Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Revenue Recognition [Abstract]

Disaggregated Revenue

The following table depicts the disaggregation of revenue according to categories consistent with how the Company evaluates its financial performance and economic risk. International revenue consists of international geo-targeted campaigns, which are campaigns targeted at an audience of members outside of North America.

	For the Three Months Ended March 31,
	2022		2021
North America	$	43,587	$	33,038
International		24,578		19,931
Total	$	68,165	$	52,969

Schedule of Deferred Revenue Included in Contract Liabilities

	Contract Liabilities
Year-to-Date Activity
Balance at December 31, 2021	$	30,492
Billings		75,380
Revenue Recognized		(68,165	)
Balance at March 31, 2022	$	37,707

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Assets Carried at Fair Value and Measured on Recurring Basis

The fair value hierarchy of the Company’s financial assets carried at fair value and measured on a recurring basis is as follows:

			Fair Value Measurements at  March 31, 2022
	March 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments (1)	$	20,020	$	—	$	20,020	$	—
Total assets	$	20,020	$	—	$	20,020	$	—
Liabilities:
Contingent consideration - current (2)	$	3,209	$	—	$	—	$	3,209
Total liabilities	$	3,209	$	—	$	—	$	3,209

			Fair Value Measurements at December 31, 2021
	December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments (1)	$	20,076	$	15,000	$	5,076	$	—
Total assets	$	20,076	$	15,000	$	5,076	$	—
Liabilities:
Contingent consideration - current (2)	$	5,200	$	—	$	—	$	5,200
Contingent consideration - non-current (2)		2,779		—		—		2,779
Total liabilities	$	7,979	$	—	$	—	$	7,979

(1)Short-term investments consist of money market funds (Level 1) and pooled bond funds (Level 2). Level 2 investments are priced using observable inputs, such as quoted prices in markets that are not active and yield curves.

(2)Contingent consideration liabilities are measured using the income approach and discounted to present value based on an assessment of the probability that the Company would be required to make such future payments. The contingent consideration liabilities are measured at fair value using significant Level 3 (unobservable) inputs, such as discount rates and probability measures. Remeasurement of the contingent consideration to fair value is expensed through the income statement in the period remeasured. Contingent consideration–current is included in accrued expenses and other current liabilities and contingent considerations–non-current is included in other liabilities on the balance sheet.

Fair Value of Contingent Consideration

	Fair Value
Year-to-Date Activity
Balance at December 31, 2021	$	7,979
Payments on contingent liabilities		(5,206	)
Amortization of discount on contingent liabilities		10
Remeasurement of contingent liabilities		426
Balance at March 31, 2022	$	3,209
Amounts included in accrued expenses and other current liabilities	$	3,209
Total contingent consideration	$	3,209

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Cash and Investments (Tables)

3 Months Ended

Mar. 31, 2022

Cash And Cash Equivalents [Abstract]

Short-term Investments

Short-term investments consisted of the following:

	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments:
Pooled bond funds	$	20,123	$	—	$	(103	)	$	20,020
Total short-term investments	$	20,123	$	—	$	(103	)	$	20,020

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term investments:
Pooled bond and money market funds	$	20,090	$	—	$	(14	)	$	20,076
Total short-term investments	$	20,090	$	—	$	(14	)	$	20,076

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Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following table summarizes the Company’s intangible assets, net:

		March 31, 2022
	Estimated Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Customer, affiliate and advertiser relationships	5-19	$	84,826	$	(12,895	)	$	71,931
Developed websites, technology and patents	10		34,080		(5,252	)		28,828
Trademark, trade name and domain name	5-16		7,771		(2,465	)		5,306
Proprietary user information database and internet traffic	5		1,119		(1,119	)		—
Non-compete agreements	1.5-3		600		(208	)		392
Total intangible assets		$	128,396	$	(21,939	)	$	106,457

		December 31, 2021
	Estimated Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Customer, affiliate and advertiser relationships	5-19	$	85,663	$	(11,695	)	$	73,968
Developed websites, technology and patents	10		34,939		(4,509	)		30,430
Trademark, trade name and domain name	5-16		7,913		(2,355	)		5,558
Proprietary user information database and internet traffic	5		1,133		(1,133	)		—
Non-compete agreements	1.5-3		600		(166	)		434
Total intangible assets		$	130,248	$	(19,858	)	$	110,390

Schedule of Amortization Expense of Intangible Assets

The Company expects amortization expense of intangible assets to be as follows:

Years Ending December 31:	Amortization Expense
2022 (April 1 – December 31)	$	6,875
2023		9,006
2024		8,975
2025		8,937
2026		8,883
Thereafter		63,781
Total	$	106,457

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Net Income Per Common Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income Per Common Share

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per common share is as follows:

	For the Three Months Ended
	March 31,
	2022		2021
Numerator:
Net income	$	7,164	$	1,810
Denominator:
Basic:
Weighted average shares of common stock and vested, undelivered restricted stock units outstanding		29,708,233		28,140,619
Diluted:
Weighted average shares of common stock and vested, undelivered restricted stock units outstanding		29,708,233		28,140,619
Effect of potentially dilutive shares (1)		4,706,024		1,101,728
Total weighted average shares of common stock and vested, undelivered restricted stock units outstanding and potentially dilutive shares		34,414,257		29,242,347
Net Income Per Common Share:
Basic:
Net income applicable to common stockholders	$	7,164	$	1,810
Weighted average shares of stock outstanding		29,708,233		28,140,619
Basic net income per common share	$	0.24	$	0.06
Diluted:
Net income applicable to common stockholders	$	7,804	$	1,810
Weighted average shares of stock outstanding		34,414,257		29,242,347
Diluted net income per common share (1)	$	0.23	$	0.06

(1)In calculating diluted net income per share, 78 thousand shares and 26 thousand shares related to outstanding stock options and unvested, undelivered restricted stock units were excluded for the three months ended March 31, 2022, and 2021 respectively. Additionally, for the three months ended March 31, 2022, in calculating diluted net income per share, we excluded the impact of interest expense and amortization of note costs relating to our convertible shares from net income and included the weighted average shares 3.9 million common shares under the if-converted method. For the three months ended March 31, 2022, interest expense including amortization of note issuance costs, related to convertible notes was $0.6 million. For the three months ended March 31, 2021, the interest expense and amortization of note costs relating to our convertible shares and the weighted average shares were excluded from the calculation as they would have been anti-dilutive.

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Convertible Notes and Loan Agreement (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Convertible Notes

Further details are included below:

Issuance	Maturity Date	Interest Rate	First Interest Payment Date	Effective Interest Rate	Semi-Annual Interest Payment Dates	Initial Conversion Rate per $1,000 Principal	Initial Conversion Price		Number of Shares (in millions)
2025 Notes	December 15, 2025	0.125%	June 15, 2021	0.8%	June 15, and December 15	14.1977	$	70.43	1.0
2026 Notes	December 15, 2026	0.0%	––	0.0%	––	7.6043	$	131.50	4.3

Schedule of Notes

The Notes consist of the following:

	March 31, 2022				December 31, 2021
Liability Component:	2026 Notes		2025 Notes		2026 Notes		2025 Notes
Principal	$	414,000	$	51,381	$	414,000	$	51,381
Less: debt discount, net of amortization		—		—		—		—
Less: unamortized debt issuance costs		10,296		1,267		10,836		1,351
Net carrying amount	$	403,704	$	50,114	$	403,164	$	50,030

Schedule Of Interest Expense Recognized

The following table sets forth total interest expense recognized related to the Notes:

	March 31, 2022		March 31, 2021
Interest paid on 2025 Notes	$	16	$	63
Amortization of debt discount and transaction costs		624		327
	$	640	$	390

Schedule of Fair Value and Carrying Value of Debt Instrument

fair value of the Notes, which was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, quoted prices of the Notes in an over-the-counter market (Level 2), and carrying value of debt instruments (carrying value excludes the equity component of the Company’s convertible notes classified in equity) were as follows:

	March 31, 2022				December 31, 2021
	Fair Value		Carrying Value		Fair Value		Carrying Value
Convertible senior notes	$	450,063	$	453,818	$	490,513	$	453,194

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Leases and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Lessee Disclosure [Abstract]

Summary of Maturities of Operating Lease Liabilities

As of March 31, 2022, operating lease assets were $22.4 million and operating lease liabilities were $27.1 million. The maturities of the Company’s operating lease liabilities as of March 31, 2022 were as follows:

	Minimum Lease
Years Ending December 31:	Payments
2022 (April 1 – December 31)	$	3,373
2023		4,650
2024		4,591
2025		3,801
2026		3,793
Thereafter		9,930
Total future minimum lease payments		30,138
Less imputed interest		3,042
Total operating lease liabilities	$	27,096

Included in the Consolidated Balance Sheet:
Current operating lease liability	$	4,157
Non-current operating lease liability		22,939
Total operating lease liabilities	$	27,096

Summary of Lease Costs

For the three months ended March 31, 2022 and 2021, the total lease cost was comprised of the following amounts:

	Three Months Ended March 31,
	2022		2021
Operating lease expense	$	1,141	$	1,142
Short-term lease expense		9		76
Total lease expense	$	1,150	$	1,218

Lessee Operating Lease Term and Discount Rate

The following summarizes additional information related to operating leases:

	As of
	March 31, 2022
Weighted-average remaining lease term — operating leases		4.1
Weighted-average discount rate — operating leases		3	%

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity Under Company's Plans

A summary of the stock option activity under the Company’s plans for the three months ended March 31, 2022 is presented below:

Three Month Activity	Options Outstanding		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term in Years		Aggregate Intrinsic Value
Options outstanding at December 31, 2021		125,000	$	25.49		—		—
Granted		2,500		88.32		—		—
Exercised		—		—		—		—
Forfeited		—		—		—		—
Cancelled		—		—		—		—
Options outstanding at March 31, 2022		127,500	$	26.72		6.17	$	6,974
Options exercisable at March 31, 2022		105,000	$	17.60		5.51	$	6,687
Options vested or expected to vest at March 31, 2022		127,005	$	26.54		6.16	$	6,969

Summary of Restricted Stock Unit Activity Under Company's Plans

Restricted stock units are valued at the market price of a share of the Company’s common stock on the date of the grant. A summary of the restricted stock unit activity under the Company’s plans for the three months ended March 31, 2022 is presented below:

Year-to-Date Activity	Shares			Weighted- Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value
Nonvested outstanding at December 31, 2021		1,609,350		$	54.45		—
Granted		124,932			78.09		—
Vested		(146,933	)		76.38		—
Forfeited		(19,900	)		72.22		—
Nonvested outstanding at March 31, 2022		1,567,449		$	54.06	$	127,402

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Long-Lived Assets by Geographic Area

Long-lived assets by geographic area were as follows:

	March 31, 2022		December 31, 2021
United States	$	223,974	$	224,235
International		98,376		101,948
Total	$	322,350	$	326,183

Customers by Campaign Target Area [Member]

Net Sales by Campaign Target Area and Geographic Area

Net sales by campaign target area were as follows (1):

	For the Three Months Ended March 31,
	2022		2021
North America	$	43,587	$	33,038
International		24,578		19,931
Total	$	68,165	$	52,969

(1)Net sales to customers by campaign target area is based on the geo-targeted (target audience) location of the campaign.

Unaffiliated Customers by Geographic Area [Member]

Net Sales by Campaign Target Area and Geographic Area

Net sales to unaffiliated customers by geographic area were as follows (2):

	For the Three Months Ended March 31,
	2022		2021
United States	$	50,739	$	37,500
United Kingdom		7,663		8,148
Other international		9,763		7,321
Total	$	68,165	$	52,969

(2)Net sales to unaffiliated customers by geographic area is based on the customers’ current billing addresses and does not consider the geo-targeted (target audience) location of the campaign.

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Organization and Operations - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022 Website Webinar
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of websites | Website	150
Number of webinars/virtual event channels | Webinar	1,020

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Revenue - Disaggregated Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Total Revenues	$ 68,165	$ 52,969
North America [Member]
Disaggregation Of Revenue [Line Items]
Total Revenues	43,587	33,038
International [Member]
Disaggregation Of Revenue [Line Items]
Total Revenues	$ 24,578	$ 19,931

XML

Revenue - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Minimum [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue payment terms	30 days
Maximum [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue payment terms	90 days
Revenue recognition timing of invoicing period	1 year
Amortization period of contract assets	1 year
Contract with customer contract period	1 year
Contract Liabilities [Member]
Deferred Revenue Arrangement [Line Items]
Accrued sales incentives	$ 2.5	$ 2.6

XML

Revenue - Schedule of Deferred Revenue Included in Contract Liabilities (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Revenue Recognition [Abstract]
Contract Liabilities, Balance	$ 30,492
Contract Liabilities, Billings	75,380
Contract Liabilities, Revenue Recognized	68,165
Contract Liabilities, Balance	$ 37,707

XML

Fair Value Measurements - Assets Carried at Fair Value and Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Total assets	$ 20,020	$ 20,076
Liabilities:
Total liabilities	3,209	7,979
Short-Term Investments [Member]
Assets:
Total assets	20,020
Contingent Consideration - Current [Member]
Liabilities:
Total liabilities	3,209	5,200
Contingent Consideration - Non current [Member]
Liabilities:
Total liabilities		2,779
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets:
Total assets		15,000
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Total assets	20,020	5,076
Significant Other Observable Inputs (Level 2) [Member] | Short-Term Investments [Member]
Assets:
Total assets	20,020
Significant Unobservable Inputs (Level 3) [Member]
Liabilities:
Total liabilities	3,209	7,979
Significant Unobservable Inputs (Level 3) [Member] | Contingent Consideration - Current [Member]
Liabilities:
Total liabilities	$ 3,209	5,200
Significant Unobservable Inputs (Level 3) [Member] | Contingent Consideration - Non current [Member]
Liabilities:
Total liabilities		$ 2,779

XML

Fair Value Measurements - Fair Value of Contingent Consideration (Detail) - Contingent Consideration [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 7,979
Payments on contingent liabilities	5,206
Amortization of discount on contingent liabilities	10
Remeasurement of contingent liabilities	426
Ending balance	3,209
Amounts included in accrued expenses and other current liabilities	3,209
Total contingent consideration	$ 3,209

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Cash and Investments - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Cash And Cash Equivalents [Abstract]
Cash	$ 375,133,000	$ 361,623,000
Realized gains or (losses)	$ 0	$ 0

XML

Cash and Investments - Short-term Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 20,123	$ 20,090
Gross Unrealized Gains	0
Gross Unrealized Losses	(103)	(14)
Estimated Fair Value	20,020	20,076
Pooled Bond Fund [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	20,123
Gross Unrealized Losses	(103)
Estimated Fair Value	$ 20,020
Pooled Bond and money market funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		20,090
Gross Unrealized Losses		(14)
Estimated Fair Value		$ 20,076

XML

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill And Intangible Assets [Line Items]
Intangible assets with indefinite lives other than goodwill	$ 0
Remaining amortization period	6 years 9 months 18 days
Amortization of intangible assets	$ 2,300,000	$ 2,200,000
Write off of intangible assets	$ 0
Minimum [Member]
Goodwill And Intangible Assets [Line Items]
Estimated useful lives	18 months
Maximum [Member]
Goodwill And Intangible Assets [Line Items]
Estimated useful lives	19 years

XML

Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 128,396	$ 130,248
Accumulated Amortization	(21,939)	(19,858)
Total	$ 106,457	110,390
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	18 months
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	19 years
Customer, Affiliate and Advertiser Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 84,826	85,663
Accumulated Amortization	12,895	(11,695)
Total	$ 71,931	$ 73,968
Customer, Affiliate and Advertiser Relationships [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	5 years	5 years
Customer, Affiliate and Advertiser Relationships [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	19 years	19 years
Developed Websites, Technology and Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	10 years	10 years
Gross Carrying Amount	$ 34,080	$ 34,939
Accumulated Amortization	5,252	(4,509)
Total	28,828	30,430
Trademarks, Trade Name and Domain Name [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,771	7,913
Accumulated Amortization	2,465	(2,355)
Total	$ 5,306	$ 5,558
Trademarks, Trade Name and Domain Name [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	5 years	5 years
Trademarks, Trade Name and Domain Name [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	16 years	16 years
Proprietary User Information Database and Internet Traffic [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	5 years	5 years
Gross Carrying Amount	$ 1,119	$ 1,133
Accumulated Amortization	1,119	(1,133)
Non-Compete Agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	600	600
Accumulated Amortization	208	(166)
Total	$ 392	$ 434
Non-Compete Agreement [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	1 year 6 months	1 year 6 months
Non-Compete Agreement [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	3 years	3 years

XML

Goodwill and Intangible Assets - Schedule of Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
2022 (April 1 - December 31)	$ 6,875
2023	9,006
2024	8,975
2025	8,937
2026	8,883
Thereafter	63,781
Total	$ 106,457	$ 110,390

XML

Net Income Per Common Share - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income	$ 7,164	$ 1,810
Basic:
Weighted average shares of common stock and vested, undelivered restricted stock units outstanding	29,708,233	28,140,619
Diluted:
Weighted average shares of common stock and vested, undelivered restricted stock units outstanding	29,708,233	28,140,619
Effect of potentially dilutive shares	4,706,024	1,101,728
Total weighted average shares of common stock and vested, undelivered restricted stock units outstanding and potentially dilutive shares	34,414,257	29,242,347
Basic:
Net income applicable to common stockholders	$ 7,164	$ 1,810
Weighted average shares of stock outstanding	29,708,233	28,140,619
Basic net income per common share	$ 0.24	$ 0.06
Diluted:
Net income applicable to common stockholders	$ 7,804	$ 1,810
Weighted average shares of stock outstanding	34,414,257	29,242,347
Diluted net income per common share	$ 0.23	$ 0.06

XML

Net Income Per Common Share - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income Per Common Share (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Calculation of Numerator and Denominator in Earnings Per Share [Line Items]
Outstanding stock options and unvested restricted stock units excluded from computation of diluted EPS	78,000	26,000
Diluted weighted average shares	34,414,257	29,242,347
Interest and Debt Expense	$ 0.6
Interest Expense [Member]
Calculation of Numerator and Denominator in Earnings Per Share [Line Items]
Diluted weighted average shares	3,900,000

XML

Convertible Notes and Loan Agreement - Additional Information (Detail) $ / shares in Units, $ in Thousands, Shares1 in Millions		1 Months Ended		3 Months Ended	12 Months Ended
	Oct. 29, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($)	Mar. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) Shares1 $ / shares
Line Of Credit Facility [Line Items]
Debt instrument converted			$ 1,000
Threshold percentage of stock price trigger				130.00%
Percentage of sale price of common stock and conversion rate			98.00%
Minimum [Member]
Line Of Credit Facility [Line Items]
Debt instrument converted				$ 7,900
Western Alliance Bank [Member] | 2021 Loan Agreement [Member]
Line Of Credit Facility [Line Items]
Credit line	$ 75,000
Letter-of-credit sublimit	$ 5,000
Credit facility, Maturity date	Oct. 29, 2023
Credit line, outstanding amount				$ 0
Western Alliance Bank [Member] | 2021 Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line Of Credit Facility [Line Items]
Interest rate				2.98%
Western Alliance Bank [Member] | Minimum [Member] | 2021 Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line Of Credit Facility [Line Items]
Interest rate	2.00%
Western Alliance Bank [Member] | Maximum [Member] | 2021 Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line Of Credit Facility [Line Items]
Interest rate	2.75%
0.125% Convertible Senior Notes [Member]
Line Of Credit Facility [Line Items]
Interest rate			0.0125%
Debt instrument converted		$ 1,000			$ 1,000
Aggregate principal amount				$ 51,000
2025 Notes [Member]
Line Of Credit Facility [Line Items]
Aggregate principal amount of term loan borrowed			$ 201,300
Interest rate		0.125%			0.125%
Loan facility maturity date		Dec. 15, 2025	Dec. 15, 2025		Dec. 15, 2025
Date of first required payment					Jun. 15, 2021
Debt instrument, conversion rate					14.1977
Conversion price of debt per share | $ / shares		$ 70.43			$ 70.43
Number of common stock issuable upon conversion | Shares1					1.0
Debt instrument conversion date			Sep. 14, 2025
Threshold percentage of stock price trigger					130.00%
Aggregate principal amount		$ 51,381		51,381	$ 51,381
Transaction costs of notes		$ 1,351		1,267	$ 1,351
Debt instrument, interest rate effective percentage		0.80%			0.80%
2026 Notes [Member]
Line Of Credit Facility [Line Items]
Aggregate principal amount of term loan borrowed		$ 414,000
Interest rate		0.00%			0.00%
Loan facility maturity date		Dec. 15, 2026			Dec. 15, 2026
Debt instrument, conversion rate					7.6043
Conversion price of debt per share | $ / shares		$ 131.50			$ 131.50
Number of common stock issuable upon conversion | Shares1					4.3
Debt instrument conversion date			Sep. 14, 2026
Aggregate principal amount		$ 414,000		414,000	$ 414,000
Transaction costs of notes		$ 10,836		$ 10,296	$ 10,836
Debt instrument, interest rate effective percentage		0.00%			0.00%
Common Stock [Member]
Line Of Credit Facility [Line Items]
Closing price of common stock | $ / shares				$ 81.28

XML

Convertible Notes and Loan Agreement - Schedule of Convertible Notes (Details) Shares1 in Millions	12 Months Ended
	Dec. 31, 2021 Shares1 $ / shares	Dec. 31, 2020
2025 Notes [Member]
Debt Instrument [Line Items]
Maturity Date	Dec. 15, 2025	Dec. 15, 2025
Interest Rate	0.125%
First Interest Payment Date	Jun. 15, 2021
Effective Interest Rate	0.80%
Semi-Annual Interest Payment Dates	June 15, and December 15
Initial Conversion Rate per $1,000 Principal	14.1977
Initial Conversion Price | $ / shares	$ 70.43
Number of Shares (in millions) | Shares1	1.0
2026 Notes [Member]
Debt Instrument [Line Items]
Maturity Date	Dec. 15, 2026
Interest Rate	0.00%
Effective Interest Rate	0.00%
Initial Conversion Rate per $1,000 Principal	7.6043
Initial Conversion Price | $ / shares	$ 131.50
Number of Shares (in millions) | Shares1	4.3

XML

Convertible Notes and Loan Agreement - Schedule of Notes (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
2025 Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 51,381	$ 51,381
Less: debt discount, net of amortization		0
Less: unamortized debt issuance costs	1,267	1,351
Net carrying amount	50,114	50,030
2026 Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount	414,000	414,000
Less: unamortized debt issuance costs	10,296	10,836
Net carrying amount	$ 403,704	$ 403,164

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Convertible Notes and Loan Agreement - Schedule Of Interest Expense Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Interest paid on 2025 Notes	$ 16	$ 63
Amortization of debt discount and transaction costs	624	327
Interest expense recognized	$ 640	$ 390

XML

Convertible Notes and Loan Agreement - Schedule of Fair Value and Carrying Value of Debt Instrument (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Convertible senior notes, Fair Value	$ 450,063	$ 490,513
Convertible senior notes, Carrying Value	$ 453,818	$ 453,194

XML

Leases and Contingencies - Additional Information (Detail)		1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 26, 2017 USD ($) ft²	Apr. 30, 2021 USD ($) ft²	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lessee Lease Description [Line Items]
Operating lease assets (right -of-use assets)			$ 22,433,000	$ 23,339,000
Operating lease liabilities			27,096,000
Charges, claims related to litigation			$ 0	$ 0
Minimum [Member]
Lessee Lease Description [Line Items]
Lessee, operating lease, renewal term			1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Lessee, operating lease, renewal term			5 years
Third Amendment Newton Lease [Member]
Lessee Lease Description [Line Items]
Lease extension date	Dec. 31, 2029
Operating lease term option to extend	5 years
Amendment effective date	Jan. 01, 2018
Base monthly rent	$ 300,000
Percentage increase in base rent	1.00%
Third Amendment Newton Lease [Member] | Minimum [Member]
Lessee Lease Description [Line Items]
Lease agreement for office | ft²	74,000
Third Amendment Newton Lease [Member] | Maximum [Member]
Lessee Lease Description [Line Items]
Lease agreement for office | ft²	110,000
Fourth Amendment [Member]
Lessee Lease Description [Line Items]
One-time cash allowance		$ 600,000
Base monthly rent		$ 300
Amendment effective month and year		2021-05
Fourth Amendment [Member] | Minimum [Member]
Lessee Lease Description [Line Items]
Lease agreement for office | ft²		68,000
Fourth Amendment [Member] | Maximum [Member]
Lessee Lease Description [Line Items]
Lease agreement for office | ft²		74,000

XML

Leases and Contingencies - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Mar. 31, 2022 USD ($)
Operating Lease Liabilities Payments Due [Abstract]
2022 (April 1 - December 31)	$ 3,373
2023	4,650
2024	4,591
2025	3,801
2026	3,793
Thereafter	9,930
Total future minimum lease payments	30,138
Less imputed interest	3,042
Operating lease liabilities	$ 27,096

XML

Leases and contingencies - Summary of Operating Lease Liabilities Included in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets And Liabilities Lessee [Abstract]
Current operating lease liability	$ 4,157	$ 4,073
Non-current operating lease liability	22,939	$ 24,021
Total operating lease liabilities	$ 27,096

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Leases and Contingencies - Summary of Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Lease Liabilities Payments Due [Abstract]
Operating lease expense	$ 1,141	$ 1,142
Short-term lease expense	9	76
Total lease expense	$ 1,150	$ 1,218

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Leases and Contingencies - Summary of Additional Information Related to Operating Leases (Detail)	Mar. 31, 2022
Lease Cost [Abstract]
Weighted-average remaining lease term — operating leases	4 years 1 month 6 days
Weighted-average discount rate — operating leases	3.00%

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Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2021	Jun. 16, 2017
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Common stock outstanding under the plan		127,500			125,000
Expected dividend yield		0.00%
Employee service share-based compensation, nonvested units, compensation cost not yet recognized		$ 63.5
Employee service share-based compensation, nonvested units, compensation cost not yet recognized, period for recognition		1 year 8 months 12 days
Restricted Stock Units [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock options vested		146,933	25,677
Grant date fair value of restricted stock units vested		$ 11.2	$ 1.9
Stock Option 2007 Plan [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Expiry date		2017-05
New awards granted		0
Common stock outstanding under the plan		37,500
Stock Option 2017 Plan [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Common stock outstanding under the plan		1,657,449
Common stock shares reserved for issuance						3,000,000
Common stock additional shares authorized for issuance	3,800,000
Plan effective date				Jun. 16, 2017
Common stock shares available for issuance		3,056,185
Minimum [Member] | Stock Option 2007 Plan [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Period of grants vested		3 years
Minimum [Member] | Stock Option 2017 Plan [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Period of grants vested		3 years
Maximum [Member] | Stock Option 2007 Plan [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Period of grants vested		4 years
Period of grants expired		10 years
Maximum [Member] | Stock Option 2017 Plan [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Period of grants expired				10 years

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Stock-Based Compensation - Summary of Stock Option Activity under Company's Plans (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options outstanding, beginning balance | shares	125,000
Options Outstanding, Granted | shares	2,500
Options outstanding, ending balance | shares	127,500
Options Outstanding, Options exercisable | shares	105,000
Options Outstanding, Options vested or expected to vest | shares	127,005
Weighted-Average Exercise Price Per Share, Options outstanding, beginning balance | $ / shares	$ 25.49
Weighted-Average Exercise Price Per Share, Granted | $ / shares	88.32
Weighted- Average Exercise Price Per Share, Options outstanding, ending balance | $ / shares	26.72
Weighted- Average Exercise Price Per Share, Options exercisable | $ / shares	17.60
Weighted-Average Exercise Price Per Share, Options vested or expected to vest | $ / shares	$ 26.54
Weighted-Average Remaining Contractual Term in Years, Options outstanding	6 years 2 months 1 day
Weighted-Average Remaining Contractual Term in Years, Options exercisable	5 years 6 months 3 days
Weighted-Average Remaining Contractual Term in Years, Options vested or expected to vest	6 years 1 month 28 days
Aggregate Intrinsic Value, Options outstanding | $	$ 6,974
Aggregate Intrinsic Value, Options exercisable | $	6,687
Aggregate Intrinsic Value, Options vested or expected to vest | $	$ 6,969

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Stock-Based Compensation - Summary of Restricted Stock Unit Activity Under Company's Plans (Detail) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Nonvested outstanding, beginning balance	1,609,350
Shares, Granted	124,932
Shares, Vested	(146,933)	(25,677)
Shares, Forfeited	(19,900)
Shares, Nonvested outstanding, ending balance	1,567,449
Weighted-Average Grant Date Fair Value Per Share, Nonvested outstanding, beginning balance	$ 54.45
Weighted-Average Grant Date Fair Value Per Share, Granted	78.09
Weighted-Average Grant Date Fair Value Per Share, Vested	76.38
Weighted-Average Grant Date Fair Value Per Share, Forfeited	72.22
Weighted-Average Grant Date Fair Value Per Share, Nonvested outstanding, ending balance	$ 54.06
Aggregate Intrinsic Value, Nonvested outstanding	$ 127,402

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Stockholders' Equity and Subsequent Event - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	May 31, 2022	May 31, 2020
Schedule of Trading Securities and Other Trading Assets [Line Items]
Common stock repurchase, amount	$ 323
November 2018 Stock Repurchase Plan [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Common stock repurchase authorized amount			$ 25,000
May 2020 Repurchase Program [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Common stock repurchased, shares	4,614
Common stock repurchase, amount	$ 300
Stock repurchased, average price per share	$ 69.91
Stock Repurchase Program Expiration Date	May 01, 2022
2007 and 2017 Plans [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Common stock reserved	4,751,134
2007 and 2017 Plans [Member] | 0.125% Convertible Senior Notes [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Common stock reserved	5,349,987
May 2022 Repurchase Program [Member] | Forecast [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Common stock repurchase authorized amount		$ 50,000

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Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Taxes [Line Items]
Income Tax Expense Benefit	$ 2.9	$ 0.7
Income tax change in enacted tax rate	2.2
Income tax expenses decrease due to excess tax benefit of stock based compensation	0.1
Income tax expenses increase due to pretax income	$ 7.6

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Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022 Segment
Segment Reporting Information [Line Items]
Number of operating segment	1
UNITED KINGDOM
Segment Reporting Information [Line Items]
Long Lived Assets Percentage	30.00%

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Segment Information - Net Sales by Campaign Target Area (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 68,165	$ 52,969
Customers by Campaign Target Area [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	68,165	52,969
North America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	43,587	33,038
North America [Member] | Customers by Campaign Target Area [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	43,587	33,038
International [Member] | Customers by Campaign Target Area [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 24,578	$ 19,931

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Segment Information - Net Sales to Customers by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales, Total	$ 68,165	$ 52,969
Unaffiliated Customers by Geographic Area [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales, Total	68,165	52,969
United States [Member] | Unaffiliated Customers by Geographic Area [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales, Total	50,739	37,500
United Kingdom [Member] | Unaffiliated Customers by Geographic Area [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales, Total	7,663	8,148
Other International [Member] | Unaffiliated Customers by Geographic Area [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales, Total	$ 9,763	$ 7,321

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Segment Information - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, Total	$ 322,350	$ 326,183
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, Total	223,974	224,235
International [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, Total	$ 98,376	$ 101,948