Exhibit 99.1

August 4, 2022

Dear Fellow Shareholders:

The issue of the day is the macro environment and how it will affect our business. In the past, TechTarget has taken advantage of downturns by playing “offense” and using our strong competitive position and healthy balance sheet to gain market share. If there is a downturn, we plan on using that same playbook as it has served us very well.

Of course, we are paying close attention to the macro environment and discussing its impact on our customers. We are pleased to report we exceeded our revenue forecast and Adjusted EBITDA forecast in Q2 and achieved 43% Adjusted EBITDA margin in the quarter. In addition, we are re-affirming our annual revenue and Adjusted EBITDA guidance today.

For Q2 2022:

No company is immune from a downturn, but we feel that our business is insulated and will perform well on a relative basis, especially versus our competitors. We do not believe that the four secular tailwinds 1) a healthy IT spending environment 2) modernization of sales and marketing organizations through automation and data 3) growing sensitivity and regulation around privacy issues 4) acceleration of budget dollars migrating from face-to-face events to online that we believe are benefitting us are especially economically sensitive.

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1 Non-GAAP measures. See “Non-GAAP Financial Measures” for definitions and reconciliations.

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The IT industry is very different today than during past downturns. We believe the biggest change is the transition to buying technology on a subscription basis. This approach should protect our customers’ revenue base. Sales and marketing budgets are a derivative of overall revenue. While it will be admittedly harder for our customers to win new deals in the current environment, we believe that their respective revenue bases will be stable and overall technology spending will hold up well on a relative basis. Technology transformation is critical to almost all companies. The motivation to invest in technology today is driven by competitive pressures to modernize, which also comes with compelling ROI. We feel that companies will be reticent to make cuts in these areas as they will still be under intense pressure to generate revenue in fiercely competitive markets.

This same dynamic of investing to modernize is applicable to the way TechTarget is helping technology companies achieve their strategic objective of creating automated, data-driven go-to-market campaigns and sales motions. We feel our customers have to make these investments to stay competitive and that they have the potential to deliver outsized ROI, which should help protect our growth prospects as the leading provider of first party purchase intent data in the enterprise IT market. Our first party data and permission-based audience is a significant competitive advantage for TechTarget. We do not believe that increased awareness and actions around privacy issues are economically sensitive or that a downturn will do anything to slow down the transition of budget dollars from face-to-face and other traditional marketing methods to online because of the superior ROI of online solutions. In fact, a downturn may further accelerate this transition.

As you can imagine, we have spent a lot of time researching the dynamics of the face-to-face events business. As expected in a post-pandemic world, there have been more face-to-face events this year than last year, but attendance trends have not reflected a corresponding amount of end-user enthusiasm. Our internal surveys show that IT professionals are not eager about traveling to attend events. In fact, they want to do as much of their product research as possible on a self-serve basis and minimize interactions with vendor salespeople and engage with them as late as possible in the process. This is especially true among the younger demographic, who are comfortable researching all major purchases online. This means that most companies will be eliminated from consideration without ever speaking to the prospective customer.

This transformation to self-serve research creates a very large opportunity for TechTarget. We believe that tomorrow’s winners will have to have a comprehensive, data driven content strategy to influence buyers early in the process. Our customers are increasingly realizing that this strategy needs to be led by sophisticated content and execution, which creates great opportunity for us. We believe that content production will continue to take up a larger share of our customer’s budgets. The ability to determine what content is likely to resonate with a target audience and then to produce effective content against that criteria will continue to be a pain point. TechTarget is uniquely positioned to take advantage of this large opportunity with our Content to Close strategy and offerings. Our acquisitions of the Enterprise Strategy Group and BrightTALK are important pieces in our ability to offer our customers an integrated, end-to-end solution. Over the next 5 years, we believe technology companies will have to transform their go-to market approach to be successful. Our strategy is to help our customers with this transformation. The winners will be rewarded with growing revenues, increased market share and larger market caps.

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Balance Sheet and Liquidity

As of June 30, 2022, we had approximately $394.1 million in cash, cash equivalents and short-term investments.

As of June 30, 2022, we had approximately $465 million outstanding aggregate principal of convertible senior notes, which are convertible into shares of our common stock contingent upon the satisfaction of certain conditions contained within the applicable note indenture. Our 2025 convertible senior notes ($51 million aggregate principal amount outstanding) bear interest at .0125% per annum, have regular semi-annually interest payments (June and December) and mature in December 2025. Our 2026 convertible senior notes ($414 million aggregate principal amount outstanding) do not bear interest and mature in December 2026. We also have $75 million available under our revolving credit facility with a $5 million letter-of-credit sublimit and a maturity date of October 29, 2023.

Common Stock Repurchase Plan

In the quarter ended June 30, 2022, we repurchased 252,493 shares for an average price of $68.12 per share for a total expenditure of $17.2 million, under our share buyback programs. As of June 30, 2022, we have approximately $46.7 million left in the $50 million repurchase program approved by our board of directors in May 2022.

Q3 and 2022 Guidance

For Q3 2022, we expect GAAP revenue to be between $79.0 and $81.0 million. We expect Q3 2022 net income to be between $11.6 million and $12.3 million and Adjusted EBITDA1 to be between $33.5 million and $34.5 million.

For the full year, we are reaffirming our annual guidance of GAAP revenue between $314 million and $318 million, net income of between $39 million and $42 million and Adjusted EBITDA1 of between $125 million and $130 million.

Summary

While there is a lot of noise on a daily basis regarding the macro environment, we are very confident about our current market position and future opportunity. If there is an economic downturn, we believe it will serve as an opportunity for us to use our leadership position and healthy balance sheet to play offense and gain market share.

Sincerely,

© 2022 TechTarget, Inc. All rights reserved. TechTarget and the TechTarget logo are registered trademarks of TechTarget. All other trademarks are the property of their respective owners.

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Conference Call and Webcast

TechTarget will discuss these financial results in a conference call at 9:00 a.m. (Eastern Time) today (August 4, 2022). Our Letter to Shareholders with supplemental financial information will be posted to the Investor Relations section of our website.

NOTE: Our Letter to Shareholders will not be read on the conference call. The conference call will include only brief remarks followed by questions and answers.

The public is invited to listen to a live webcast of TechTarget’s conference call, which can be accessed on the investor relations website at https://investor.techtarget.com. The conference call can also be heard via telephone by dialing:

For those investors unable to participate in the live conference call, a replay of the conference call will be available via telephone beginning August 4, 2022 one (1) hour after the conference call through September 5, 2022 at 9:00 a.m. ET. To listen to the replay:

The webcast replay will also be available on https://investor.techtarget.com during the same period.

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Non-GAAP Financial Measures

This letter and the accompanying tables include a discussion of Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Income, Adjusted Net Income Per Share and Free Cash Flow, all of which are non-GAAP financial measures which are provided as a complement to results provided in accordance with GAAP.

“Adjusted EBITDA” means earnings before net interest, other income and expense (including expenses related to the induced conversion of our 2025 convertible notes), income taxes, depreciation and amortization, as further adjusted to include the impact of the fair value adjustments to contingent consideration and acquired unearned revenue and to exclude stock-based compensation and other one-time charges, such as costs related to acquisitions, if any.

“Adjusted EBITDA Margin” means Adjusted EBITDA divided by Adjusted Revenue.

“Adjusted Gross Margin” means Adjusted Gross Profit divided by Adjusted Revenue.

“Adjusted Gross Profit” means gross profit adding back the effects of stock compensation, depreciation and amortization, and the impact of fair value adjustments to acquired unearned revenue.

“Adjusted Net Income” means net income adjusted for amortization, stock-based compensation, foreign exchange, interest on our debt instruments (including expenses related to the induced conversion of our 2025 convertible notes), impact of the fair value adjustment to contingent consideration and acquired unearned revenue and one-time charges, if any, as further adjusted for the related income tax impact of the adjustments.

“Adjusted Net Income Per Share” means Adjusted Net Income divided by adjusted weighted average diluted shares outstanding. We adjust the average diluted shares outstanding to include shares on the if converted basis for our convertible note.

“Adjusted Revenue” means revenue recorded in accordance with GAAP plus the impact of fair value adjustments to acquired unearned revenue in accordance with ASC 805, Business Combinations.

“Free Cash Flow” means the change in net cash provided by operations less purchases of equipment and other capitalized assets.

“Longer-Term Contracts” means contracts in excess of 270 days.

“Longer-Term Revenue” means the amount of revenue subject to Longer-Term Contracts.

These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. In addition, our definitions of Adjusted EBITDA, Free Cash Flow, Adjusted EBITDA, Adjusted Gross Margin, Adjusted Net Income, and Adjusted Net Income Per Share, may not be comparable to the definitions as reported by other companies. We believe that these measures provide relevant and useful information to enable us and investors to compare our operating performance using an additional measurement. We use these measures in our internal management reporting and planning process as primary measures to evaluate the operating performance of our business, as well as potential acquisitions.

The components of Adjusted EBITDA include the key revenue and expense items for which our operating managers are responsible and upon which we evaluate their performance. In the case of senior management, Adjusted EBITDA, Adjusted Revenue growth and the percentage of revenue under Longer-Term Contracts are used as the principal financial metrics in their annual incentive compensation program. Adjusted EBITDA is also used for planning purposes and in presentations to our Board of Directors. Adjusted Net Income is useful to us and investors because it presents an additional measurement of our financial performance, taking into account depreciation, which we believe is an ongoing cost of doing business, but excluding the impact of certain non-cash expenses and items not directly tied to the core operations of our business, such as costs related to acquisitions and interest on our debt instruments. Free Cash Flow represents net cash provided by operating activities excluding purchases of property and equipment and other capitalized assets. Free Cash Flow provides useful information to management and investors about the amount of cash generated by the business

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after the purchases of property and equipment and other capitalized assets, which can then be used to, among other things, invest in the business and make strategic acquisitions. A limitation of the utility of Free Cash Flow as a measure of financial performance is that it does not represent the total increase or decrease in our cash balance for the period. Furthermore, we intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. A reconciliation of these non-GAAP measures to GAAP is provided in the accompanying tables, except that full reconciliations of certain forward-looking non-GAAP measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of certain items, including but not limited to, stock-based compensation and other one-time charges such as acquisitions.

Forward-Looking Statements

This shareholder letter 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 shareholder letter 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, third-party privacy initiatives, GDPR and 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 shareholder letter and are based on our current plans and expectations. Such forward-looking statements are not guarantees of future performance and involve important 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; the impact of foreign currency exchange rates and other matters included in our SEC filings, including in our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. 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.

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TechTarget, Inc.

Consolidated Balance Sheet

(in 000’s, except per share data)

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TechTarget, Inc.

Consolidated Statements of Operations and Comprehensive Income

(in 000’s, except per share data)

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

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TechTarget, Inc.

Consolidated Statements of Cash Flows

(in 000’s, except per share data)

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TechTarget, Inc.

Reconciliation of Revenue to Adjusted Revenue

(in 000’s)

TechTarget, Inc.

Reconciliation of Gross Profit to Adjusted Gross Profit

(in 000’s)

TechTarget, Inc.

Reconciliation of Cash Provided by Operations to Free Cash Flow

(in 000’s)

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TechTarget, Inc.

Reconciliation of Net Income to Adjusted EBITDA and Net Income Margin to Adjusted EBITDA Margin

(in 000’s)

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TechTarget, Inc.

Reconciliation of Net Income to Adjusted Net Income and

Net Income per Diluted Share to Adjusted Net Income per Diluted Share

(in 000’s, except per share data)

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TechTarget, Inc.

Financial Guidance for the Three Months Ended September 30, 2022

(in 000’s)

(Unaudited)

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