TechTarget, Inc. (NASDAQ:TTGT) Q4 2022 Earnings Call Transcript

Michael Cotoia: Absolutely. I mean for the folks that have the regional budgets, they’re still seeing it. A lot of the regional field marketers and sales teams and marketers are getting the mandates from corporate, and a lot of those corporate offices are in North America and they’re saying pull back. They’re going to pull back quickly on that, and they’re going to wait for the green light to go. So now like I said, it all goes back to pipeline, progression of pipeline, impact of what they’re doing and then a flight back to quality. So if it’s a quarter, it’s a quarter. If it’s 2 quarters — it’s going to happen, and we know that. And then there’ll be a flight back to quality, and there’ll be a flight back to accelerate my pipeline because they all have numbers to hit across each region.

Eric Martinuzzi: Got it. And then my last question has to do with the buyback. You announced a $200 million buyback in November of 2022. That plan assumed, I want to say, $100 million of free cash flow in 2023. Given the reduction in outlook for 2023, are we going to be less aggressive on the buyback? And then what is the new free cash flow expectation for 2023?

Michael Cotoia: I’ll answer the buyback approach on this. And I think we want to continue to be aggressive on the buyback and continue to stick to the plan that we laid out. We’ve seen over the history of our buybacks, it’s been very accretive for the shareholders and for the overall organization. We’ve taken out close to 40% of our shares over the time at a price that’s very attractive. And we believe in the future of the business, and we believe in where we can bring the business. In terms of the free cash flow, I don’t know if we gave any guidance on that. So you can make some assumptions based on last year’s numbers and this year’s guidance what we do for free cash flow.

Operator: Thank you. We have no further questions. This concludes today’s call. Thank you for joining. You may now disconnect your lines.