TechTarget delays filing 10-K, sees goodwill impairment charge of $70M-$110M

In a regulatory filing, the company states: “TechTarget (TTGT) is unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 within the prescribed time period without unreasonable effort or expense. The Company currently expects to file the Annual Report by April 15, 2025, within the extension period of fifteen calendar days permitted under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. The Annual Report is taking more time to finalize than it traditionally would following the combination of former TechTarget, Inc. and the Informa Tech Digital Businesses, which completed on December 2, 2024. This reflects the timing of the completion of the transaction and its proximity to the fiscal year end, and the translation and alignment between US GAAP and IFRS. The Company is taking the extension period to further evaluate technical accounting matters arising while preparing its financial statements for the fiscal year ended December 31, 2024. This includes undertaking a technical assessment of the goodwill of the Industry Dive business, which was acquired in 2022. Based on preliminary information and analysis of the related technical accounting matters, the Company expects to record a pre-tax non-cash goodwill impairment charge related to the business in the range of approximately $70M to $110M in the year ended December 31, 2024. The Company will also use the additional time to complete the consolidated financial statements of the newly combined Company, including finalization of the tax provision and completion of the evaluation of all other technical accounting matters relating to the year ended December 31, 2024, and prior periods, which may or may not require prior periods to be adjusted. The Company is also working to finalize its evaluation of certain internal controls over financial reporting including the technical accounting matters (acknowledging prior disclosures in its Form S-4/A filed on October 23, 2024 regarding material weaknesses) so that it can file the Annual Report as expeditiously as possible.”