TechTarget
First Quarter 2024 Financial Results Conference Call and Webcast
Miles Jakubiak^ This is Miles Jakubiak on for Justin. Just to start, I would love to get an update on
what youre seeing with the macro environment. You touched on it a little bit with kind of the transition from R&D spend to S&M spend, but maybe just touch on, you know, any updates youre seeing there and any change to visibility.
Michael Cotoia^ Great. Thanks, Miles.
In terms of
the macro, nothing has really changed over the last several quarters.
We still see the enterprise technology market being you know, facing some
headwinds with high interest rates, inflation, as we mentioned in the shareholder, a lot of international tensions and we have an upcoming presidential election.
But Id say weve been in business- were going to be celebrating our 25th anniversary this year being in business and weve managed
through several pullbacks. And, you know, our playbook is pretty simple.
We leverage our strong balance sheet to take an opportunity to invest in the
right areas around product evolution, functionality, audience, and content to make sure that we continue to be the leader when it comes enterprise B2B marketing and sales services for our customers.
So even though theres no real catalyst, we feel that the investments that were making are paying off.
Weve done a lot of stuff on our product front, in terms of leveraging some of our AI functionality and capabilities.
You know, its our first full quarter. Customers have been able to leverage our IntentMail.AI, which weve seen a great retention, increase in usage
from sales users that are in our platform that are leveraging our prospect-level intelligence for e-mail outreach and automation, again based on our prospect-level intelligence, and we combine it with our
customers most recent, and most relevant product marketing positioning.
So were seeing healthy adoption on that, retention, competitive
usage, repetitive usage. And our roadmap on that is going to continue to expand the future to work with multi-email sequences and integrations into sales engagement platforms.
So, continuing around the platform and making sure were making the right investments.
As we mentioned in the shareholder letter and in Gregs opening, you know, 2024 doesnt present a lot of catalysts in terms of high interest rates,
and as I mentioned, the high inflation.
But we know a couple of things to be true: that the tech market will return, interest rates will low[er], and
therell be a recovery.