인포마 테크타깃(TTGT) 2026년 3분기 실적 발표 콘퍼런스콜: 매출 감소, EBITDA 가이던스 하향 조정

핵심 요약

• 인포마 테크타깃(Informa TechTarget)은 2026년 3분기 매출이 1억 1,920만 달러로 전년 동기 대비 2.5% 감소했으나 전 분기 대비로는 2.6% 증가했다고 발표했다.
• 조정 EBITDA는 2,260만 달러에서 1,860만 달러로 감소했으며, 조정 EBITDA 마진은 주로 매출 감소와 비용 인플레이션으로 인해 18.5%에서 15.6%로 하락했다.
• 경영진은 당초 제시했던 성장 전망을 뒤집고 2026년 연간 매출이 전년 대비 소폭 감소할 것으로 예상했다. 조정 EBITDA 가이던스도 기존 9,500만~1억 달러에서 8,000만~8,500만 달러로 하향 조정됐다.
• 오디언스 회원 수는 5,900만 명을 넘어 전년 동기 대비 한 자릿수 중반대의 증가율을 기록했다. 경영진은 검색 트래픽이 안정화되었으며 검색 트래픽의 회원 전환율은 두 자릿수에 가까운 비율로 개선되었다고 밝혔다.
• 3분기 최대 고객군의 예약 매출(Bookings)은 두 자릿수 증가율을 보였으나, 경영진은 미드마켓의 변동성 지속과 해외 시장에서의 거시경제적 압박 가중을 예상하고 있다.
• 사용자의 40% 이상이 바이어 인텔리전스(Buyer Intelligence) 내 새로운 AI 기능을 채택했다. 경영진은 AI 기능 사용자가 더 긴 세션 시간을 보였고 잠재 고객 발굴(아웃리치)로 이어지는 후속 실행률도 더 높았다고 밝혔다.

주요 재무 실적

2026년 9월 30일 기준 현금 및 현금성 자산은 3,530만 달러였다. 회사는 2억 5,000만 달러 규모의 무담보 회전자금대출(리볼빙 크레디트) 한도에서 1억 2,010만 달러를 인출해 1억 2,990만 달러의 가용 여력을 남겨두고 있었다. 순부채는 8,480만 달러로, 직전 12개월 조정 EBITDA의 약 1배 수준이었다.

사업 및 운영 실적

브랜드 투 디맨드 매출은 특히 해외 시장에서의 구매의도 데이터 매출 감소와 고객 캠페인 집행 시점의 영향을 받았다. 경영진은 3분기 중 구매의도 제품의 예약 매출이 개선되어 해당 제품군이 안정화되고 있음을 보여준다고 밝혔다.

인텔리전스 & 어드바이저리 부문에서는 구독 기반에 힘입어 구독 매출이 증가했으나, 자문 매출 감소가 이러한 증가분을 상쇄하고도 남았다. 첫 9개월간 브랜드 투 디맨드 매출은 2억 4,880만 달러로 전년과 대체로 비슷한 수준을 기록한 반면, 인텔리전스 & 어드바이저리 매출은 4.5% 감소한 9,260만 달러를 기록했다.

인포마 테크타깃은 대형 고객과 보다 매력적인 시장을 지속적으로 우선시했다. 회사가 사업 부문과 지역 전반에 걸쳐 협력 관계를 확대함에 따라 이 고객군에서 두 자릿수의 예약 매출 성장을 달성했다. 그럼에도 경영진은 미드마켓의 변동성이 지속될 것으로 예상했으며, 해외 고객이 북미 고객보다 거시경제적 불확실성의 영향을 더 크게 받고 있다고 밝혔다.

오디언스 회원 수는 전년 동기 대비 한 자릿수 중반대의 증가율을 보이며 5,900만 명을 돌파했다. 다이브(Dive) 네트워크 전반의 활성 회원 수는 두 자릿수 증가율을 기록했다. 회사는 테크타깃닷컴(TechTarget.com)의 개편 및 플랫폼 재구축 작업을 완료했으며, 2027년 1분기 말까지 나머지 미디어 타이틀도 신규 플랫폼과 운영 모델로 이전할 계획이다.

회사는 3분기 중 차세대 구매의도 솔루션인 바이어 인텔리전스를 출시했다. 사용자의 40% 이상이 새로운 AI 기능을 도입했다. 경영진은 AI 어시스턴트가 1분 이내에 바이어 페르소나 인텔리전스 보고서를 작성할 수 있으며, AI 기능을 활용하는 영업 담당자는 세션당 플랫폼 체류 시간이 거의 두 배에 달했다고 밝혔다.

인포마 테크타깃은 고객이 자체 AI 워크플로 및 대형 언어 모델(LLM) 환경에서 자사의 구매의도 및 바이어 인텔리전스를 활용할 수 있도록 지원하는 MCP 연동 프레임워크도 선보였다. 1월부터 양사 공동 고객은 디맨드베이스 파이프라인 엔진(Demandbase Pipeline Engine)을 통해 인포마 테크타깃의 개인 단위 구매의도 데이터와 행동 인사이트에 접근할 수 있을 전망이다.

회사는 또한 B2B AI 권위 지수(B2B AI Authority Index)를 출시했다. 경영진은 고객의 77%가 AI 권위 확보를 우선 과제로 보고 있으나, 이를 달성하기 위한 구체적인 계획을 갖춘 곳은 45%에 불과하다고 밝혔다.

경영진 가이던스

경영진은 유럽·중동·아프리카(EMEA), 미주, 아시아·태평양(APAC) 지역에 걸친 3개의 연례 채널 파트너 포럼에 힘입어 4분기 매출과 수익성이 전 분기 대비 계절적으로 크게 개선될 것으로 예상하고 있다.

2026년 연간 기준으로 회사는 이제 매출이 전년 대비 소폭 감소할 것으로 전망하고 있다. 기존 전망치는 성장세로의 복귀였다. 경영진은 이번 수정의 원인으로 고객의 신중한 지출 기조와 양호한 기회 파이프라인의 전환 속도 둔화를 꼽았다.

연간 조정 EBITDA는 기존 9,500만~1억 달러에서 8,000만~8,500만 달러 수준으로 하향 조정됐다. 수정된 전망치에는 오디언스 개발, 제품 혁신, 데이터 역량 및 시장 진출(GTM) 자원에 대한 지속적인 투자도 반영됐다.

리스크 및 주목할 점

• 고객들의 지출 결정 기간이 길어지면서 회사의 기회 파이프라인 전환이 지연되고 있다.
• B2B 마케터들은 AI와 답변 엔진이 구매 여정과 마케팅 전략을 어떻게 변화시킬지 지속적으로 평가하고 있다.
• 해외 시장은 금리, 전쟁, 관세, 아시아 기술 기업들의 지역별 우선순위 변화로 인해 더 큰 압박에 직면해 있다.
• 경영진은 미드마켓 고객들의 변동성이 지속될 것으로 예상하고 있다.
• 구조적 비용 절감과 시너지 효과에도 불구하고, 매출 원가 상승을 포함한 비용 인플레이션과 매출 감소가 3분기 조정 EBITDA 마진을 압박했다.
• 연간 실적 전망은 4분기 파트너 포럼에서 기대되는 계절적 기여도에 부분적으로 의존하고 있다.

애널리스트 질의응답(Q&A) 주요 내용

경영진은 고객군 전반에서 신중한 태도가 대체로 일관되게 나타나고 있으나, 대형 고객에 대한 집중이 더욱 견고한 실행력과 두 자릿수의 예약 매출 성장을 이끌어내고 있다고 밝혔다. 미드마켓은 변동성이 지속될 것으로 예상된다.

3분기 동안 검색 트래픽이 안정세를 보였으며, 오디언스 회원으로의 전환율은 두 자릿수에 가까운 비율로 개선됐다. 경영진은 회사가 단순한 트래픽이 아닌 정보 수신에 동의한(permissioned) 오디언스 회원을 통해 수익을 창출하고 있으며, 기존 검색 방식 외에도 오디언스에 접근할 수 있는 배포 경로를 확대하고 있다고 강조했다.

고객들은 단일 제공 방식을 선택하기보다는 바이어 인텔리전스 포털과 DaaS(서비스형 데이터) 접근 방식을 모두 채택하는 경향을 보이고 있다. 경영진은 이것이 고객의 시장 진출(GTM) 시스템에 자체 데이터 시그널을 직접 내재화하려는 수요뿐 아니라 과도기적 전환 전략을 일부 반영한 것일 수 있다고 설명했다.

고객의 구매 패턴은 단기 계약과 2027년을 대비한 조기 계획 수립으로 양분되는 모습을 보였다. 경영진은 3분기 동안 2027년 수주잔고가 증가했다고 밝혔다.

회사는 2027년에 접어들면 인수, 통합 및 구조조정 관련 현금 지출이 대부분 마무리될 것으로 예상하고 있다. 경영진은 이후 현금 전환이 주로 자본적 지출(CAPEX), 법인세 현금 납부액, 회전자금대출 이자 비용을 반영하게 될 것이라고 밝혔다.

실적 발표 콘퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Greetings, and welcome to Informa TechTarget Third Quarter 2026 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Charles Rennick, General Counsel and Corporate Secretary. Thank you, you may begin.

Charles Rennick

Thank you, Donna, and good morning, everyone. The speakers joining us here today are Gary Nugent, our Chief Executive Officer; and Daniel Noreck, our Chief Financial Officer.

Before turning the call over to Gary, we would like to remind you that in advance of this call, we posted a press release to the Investor Relations section of our website and furnished it on an 8-K. You can also find these materials on the SEC's website at www.sec.gov.

A replay of today's conference call will be made available on the Investor Relations section of our website. Following opening remarks from Gary and Dan, they'll be available to answer questions. Any statements made today by Informa TechTarget targets that are not historical, including during the Q&A may be considered forward-looking statements. These forward-looking statements, which are subject to risks and uncertainties are based on assumptions and are not guarantees of our future performance. Actual results may differ materially from our forecast and from these forward-looking statements.

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our most recent periodic report filed on Form 10-Q and the forward-looking statement disclaimer in our earnings release filed earlier today. These statements speak only as of the date of this call, and Informa TechTarget undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law.

Finally, we may also refer to certain financial measures not prepared in accordance with GAAP. A reconciliation of certain of these non-GAAP financial measures to the most directly comparable GAAP measures to the extent available without unreasonable efforts accompanies our press release.

With that, I'll turn the call over to Gary.

Gary Nugent

Thank you, Charlie, and good morning, everyone. As always, we appreciate you taking the time to join us today. Our third quarter results reflect disciplined execution and continued strategic and product progress in a market that remains challenging and shaped by macro uncertainty.

In the main, our customers are healthy, they are growing and profitable. However, they continue to wrestle with both the risks and opportunities that AI represents and the healthy opportunity pipeline that we have built through the year is converting more slowly than we anticipated. Against that backdrop, we continue to invest in our audience membership and our products and to focus our go-to-market efforts in the largest customers and the most attractive markets.

In a moment, Dan will review the quarter in more detail. But at a high level, third quarter revenue was $119.2 million, up 2.6% sequentially from the second quarter, a little stronger than last year's 2% sequential improvement, lowered down 2.5% year-on-year. Brand to demand revenue was 2.5% lower than last year's Q3, while Intelligence & Advisory revenue was 2.4% lower. Adjusted EBITDA was $18.6 million, representing a margin of 15.6%.

For the first 9 months, revenue was $341.4 million, down 1.4% year-on-year. Behind the scenes, we remain focused on and continue to make good progress on our strategic priorities. On the subject of trust and authority, our audience membership and their engagement is a key leading indicator into the underlying health of the business and our ability to grow. AI is changing how technology buyers discover, research and make buying decisions. The buying journey and the concept of the buying group is evolving, and that has implications on how our clients the vendors of technology and services, raise awareness, establish thought leadership, ensure consideration and generate demand.

In the short term, it is giving our customers reason to pause. In the midterm, however, I am confident that the dynamics of this new world render Informa TechTarget and even more indispensable partner. As in this new world, trust and authoritative voices are highly priced and valued assets. As such, we continue to invest in our editorial activities. The source of our audience membership and that vital permissioned first-party audience member data. Our audience membership continued to grow in the third quarter to over $59 million which represents a mid-single-digit percentage increase year-over-year.

In particular, active membership across our dying network grew double digits further validating the role of trusted authoritative content in the buying journey and our strategy and the investments we are making in this area of the business. To that end, in Q3, we completed the brand refresh, replatforming and future proofing of the editorial and audience's development strategy of TechTarget.com.

Leveraging the tried and tested dive model, these investments support our strategy of prioritizing engagement over acquisition quality over quantity and meeting the audience where they are rather than expecting the audience to come to us. The new tech target network focuses on 5 topics in communities, AI, the CIO, cybersecurity, data and infrastructure. Further, we will have completed the migration of the remainder of our media titles, for example, [ Dark Reading ] and information week to this new platform and model by the end of Q1 2027, enabling us to extract further performance and scale gains.

On the subject of product innovation, we remain committed to investing in our products and leveraging AI technology to enhance how our customers discover, access and extract value from our proprietary market under permissioned audience membership data. In Q3, we launched Buyer Intelligence, our next-generation intent solution. Buyer intelligence includes 3 built-in AI skills, designed to translate our personal-level intent signals into actionable buyer intelligence for marketers and sales professions. Pain points identify the exact business program prospects are actively trying to solve.

[ Pitch assist ], auto-market crafts, tailored messaging and talking points aligned with observed buyer behaviors. And [ Persona and ICP ] Intelligence refines ideal customer profiles and maps out active buying group road. Since the launch, over 40% of our users have embraced these new features and adoption continues to grow with encouraging observations. On the subject of speed to insight, our AI assistant produces full buyer persona intelligence reports in less than a minute.

In terms of deepening engagement, sellers using our AIM sites spend nearly twice as long in the platform per session as those who do not. And on the subject of insight to action, sellers using [ Pithasyst ] are far more likely to take our next step in their selling journey, nearly half go on to generate an outreach e-mail to the prospects we've identified. In addition, we launched our model context protocol or MCP integration framework allowing clients to activate our proprietary intent and buyer intelligence within their own AI workflows and large language model environments.

It is a vitally important step and further embedding our data within the tools our customers use to plan and execute their go-to-market programs. And by way of example, we further announced our plans to integrate buyer intelligence with demand basis pipeline engine. Beginning in January, joint customers will be able to access Informa TechTarget directly observed personal-level intent data and click level behavioral insights natively within their demand-based investment.

We also launched in Q3 the Informa TechTarget B2B AI Authority Index. a diagnostic tool designed to help B2B marketers assess and improve their brand's influence across AI mediated buying journeys. This builds on the AI visibility audit and the geo topic planner products that we introduced earlier in the year and further strengthens our ability to help customers understand how their brands and content appear in emerging answer engine environments. A key insight from those engagements while 77% of customers cite AI authority as a priority business objective, only 45% currently have a robust plan to achieve that goal.

This is a clear market opportunity. And finally, on our commercial focus, we continue to focus and align our go-to-market efforts on the largest clients in the market. This approach is designed to deepen relationships increased share of wallet and bring a more integrated set of intelligence, media, content and marketing solutions to market.

This focus is paying dividends with double-digit bookings growth from this cohort in Q3 as we cross-sell the breadth and scale of our portfolio and expand into new business units and geographies. We successfully launched our North American B2B marketing community event, [ STRATA ] in Austin, Texas, with over 50 of our largest clients in the room, STRATA represented a unique opportunity to position Informa TechTarget as a thought leader in the evolving B2B landscape.

We took the opportunity to demonstrate the breadth and scale of Informa TechTarget with speakers from BrightTALK, NetLine and Omdia and through keynotes and panels featuring our own experts alongside customer and industry voices we delivered the sort of real-world actual insights that our customers count on us for.

Looking ahead, we expect a strong seasonal sequential improvement in fourth quarter revenue and profitability underpinned by our 3 channel partner forums across EMEA, the Americas and APAC. However, given the caution and uncertainty in client spending and the slower conversion of our opportunity pipeline, we now expect full year 2026 revenue to be modestly lower than the prior year compared with our prior expectation of a return to growth.

We expect that this will translate into a full year adjusted EBITDA of between $80 million and $85 million compared to our prior expectation of $95 million to $100 million. While I am disappointed to in having to revise our near-term 2026 expectations, I remain confident in our strategy. the investments that we are making and the long-term opportunity created by a unique combination of trusted brands, market expertise and proprietary data.

And in our ability to leverage AI to unlock greater value from these assets. Our priorities as we will transition into 2027 are clear, taking market share and share of wallet and returning the business to top line growth remains our key performance indicator. As such, we will continue to invest in our go-to-market and our marketing and sales increasingly shifting the emphasis of our resources to the front line. We will continue to invest in our products and in particular, leverage AI to enable our clients to more easily discover consume and extract value from our proprietary market and our permissioned audience membership data.

And we will continue to invest in trust and authority, and our permissioned audience membership as a key point of differentiation and what makes us an even more indispensable partner to the B2B technology industry and in [ to AI ].

Now I'll turn the call over to Dan to discuss our financial results and outlook in more detail, and then we'll be happy to take your questions.

Daniel Noreck

Thanks, Gary, and good morning, everyone. In the third quarter of 2026, revenue was $119.2 million, 2.5% lower than in Q3 2025. On a sequential basis, revenue grew 2.6% from the second quarter reflecting continued progress and disciplined execution in what remains a subdued market. For the first 9 months of 2026, revenue was $341.4 million, 1.4% lower than the $346.1 million in the prior year period.

As Gary discussed, the market environment remains challenging. Customers continue to take longer to make decisions and commit to spend, resulting in slower conversion of a healthy opportunity pipeline. We remain focused on commercial execution while continuing to invest in product capabilities that strengthen the customer proposition over the longer term.

Looking at our segments. Brand to demand revenue was $87.8 million in the third quarter, down 2.5% year-over-year primarily reflecting declines in intent data revenue and the timing of customer campaign activity, particularly in our international markets. Intelligence & Advisory revenue was $31.5 million, down 2.4% year-over-year. Subscriptions revenue grew in the quarter, underpinned by our solid subscription base but this was offset by lower advisory revenues.

For the first 9 months, brand to demand revenue was $248.8 million, similar to last year's level. Intelligence and advisory revenue was $92.6 million, 4.5% lower than the prior year. Adjusted EBITDA for the third quarter was $18.6 million compared with $22.6 million in the prior year period. Adjusted EBITDA margin was 15.6% compared to 18.5% a year ago. The year-over-year change largely reflected the lower revenue and cost inflation, including higher cost of revenues. These pressures were partially offset by structural cost savings and synergies.

For the first 9 months, adjusted EBITDA was $41 million compared with $45.7 million in the prior year period. Adjusted EBITDA margin was 12% compared with 13.2% in the first 9 months of 2025. On a GAAP basis, third quarter net loss narrowed to $18.2 million or a net loss margin of 15.2% compared with a net loss of $76.8 million or a net loss margin of 62.8% in the prior year period.

For the first 9 months, net loss narrowed to $110.7 million or a net loss margin of 32.4% from $998.8 million, or a net loss margin of 288.6%. The year-over-year improvement primarily reflects substantially lower noncash goodwill impairment charges and the absence of restructuring expense in the third quarter of 2026. From a cash flow standpoint, adjusted free cash flow was a positive $15 million for the first 9 months of 2026. On adjusted free cash flow was impacted by acquisition, integration and restructuring cost programs we have had in place, the majority of which are now behind us as we have previously mentioned.

Our balance sheet remains strong, at September 30, 2026, cash and cash equivalents were $35.3 million. We had $120.1 million drawn under our $250 million unsecured 5-year revolving credit facility leaving $129.9 million available. This resulted in a net debt of $84.8 million, representing approximately [ 1x ] trailing 12-month adjusted EBITDA. We believe our existing cash and remaining availability are sufficient to meet our anticipated cash needs.

Turning to our full year outlook. We expect a strong seasonal sequential improvement in fourth quarter revenue and profitability, supported by the 3 annual forums that run in the EMEA, Americas and APAC regions. For the full year, given continued customer caution and slower pipeline conversion, we now expect 2026 revenue to be modestly lower than the prior year rather than growth.

Our opportunity pipeline, as Gary mentioned, remains healthy and is growing. As a consequence of the lower revenue outlook and continued investment in the health of our business for the long term in terms of audience, product innovation, data capabilities and go-to-market we now expect full year adjusted EBITDA to be between $80 million and $85 million.

And with that, we're now happy to answer your questions. Operator, will you please open the line for Q&A?

Operator

[Operator Instructions] Our first question today is coming from Joshua Reilly of Needham & Company.

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Joshua Reilly

All right. Great. You cited customers prioritizing AI investments again this quarter, over product marketing. And earlier this year, you flagged longer decision cycles and maybe a little bit higher churn in some of the lower-end accounts. I guess what are you seeing by customer cohort? And are your largest customers still growing? And has the mid-market and long tail stabilized? Or what are the trends we should be thinking about there?

Gary Nugent

Josh, it's Gary here. I appreciate the question. Thank you. I think it's an interesting picture, I think. I mean as we mentioned, I think generally, the customer sentiment is the same across most of the cohorts actually. And I think the differences in results are about where we're focusing and how we're executing.

Generally speaking, I think that as we've mentioned, the general macro uncertainty, which is causing pause. And then B2B marketers are wrestling, as I say, with what are the implications of AI and answer engines to buying groups and buying journeys and therefore, what that means for their marketing strategies.

And all of that is to [ creating ] the environment in which we're operating in. And I would say that, that is different depending upon whether we're talking about the midsize of the market or the larger players in the market or whether we're talking about our international customers or our North American customers. I think that's a very consistent picture. I think what you're seeing, though, is that our -- the breadth and scale of our portfolio and the focus that we are placing on our largest customers and the more attractive markets, is paying dividends from an execution perspective.

And that's why we're seeing strong double-digit growth in that space. I think it's fair to say that we expect, and you're certainly in my outlook in my expect, we're expecting to see continued volatility in the mid-market. I think it's also fair to say that there is a distinction between our international markets and our North American market, that, that sort of macro uncertainty is having a stronger impact or a greater impact on our international markets.

Joshua Reilly

Just a follow-up on the international piece there. Is there any particular macro issue that you think is causing issues internationally? Or is it just a greater extension of what's going on in the U.S.?

Gary Nugent

I think it's the same thing. I mean, obviously, it's the implication of interest rates. It's the implication of wars. It's the implication of tariffs. And I think it's -- we're beginning to see a bit of a what I would describe as a hemispheric divide between the North American technology industry and the international technology industry. especially as our Asian customers, the Asian technology industry focuses its growth ambitions more into Southeast Asia, more into Middle East and Africa, more into Latin America and increasing that focus and less having eyes on the North American market or the European market.

Joshua Reilly

Got it. That's very helpful. You've called out traffic disruption from AI search in the last several quarters as well. Can you give more color on top of the funnel activity, specifically, how traffic and audience activity trended through the quarter? And what are you doing to offset any potential impact there in terms of distribution, AI visibility or other channels?

Gary Nugent

Yes, certainly. I mean, first of all, actually, encouragingly, in the third quarter, we saw search traffic begin to stabilize a bit. And in actual fact, what we're also seeing is that our search traffic is converting to membership at a higher rate than it has been in the past. Almost by a double-digit percentage improvement in conversion rate. So that's good news, I think, generally. But of course, as we've always said, two things.

One, of course, is that our company does not monetize traffic. We monetize membership -- audience members. And the second thing, of course, is that search is a relative. It's important, but it's only part of our mix in terms of how we develop our audiences. And how we develop the membership. So as I mentioned in the call, actually, our membership grew again mid-single digits.

In the quarter, which is obviously encouraging. And indeed, as I mentioned, the active membership is particularly across our dive network, which deploys audience development techniques, audience development strategy and tactics, which -- where we go to the audience rather than expecting the audience to come to us has been yielding very strong dividends.

And that's the reason why we have made the investments to move other elements of our network to that platform and to that business model so that we can further develop scale and performance in that space.

Joshua Reilly

Got it. That's very helpful. Last question for me is, can you talk about any early traction you're having on your data as a service and [ tenant ] offering you discussed last quarter? And are you seeing customers shift towards accessing your intent data through MCP and direct integrations rather than through the portal? And what does that ultimately mean for pricing and ARPU?

Gary Nugent

It's an interesting picture, Joshua, actually on that front. So certainly, yes, we're seeing intent to stabilize and indeed, bookings for the intent products improved in the third quarter, which was encouraging. I think actually what interestingly, what we are seeing at the moment is not customers deciding whether they are going for the portal or the data as a service.

Actually, what we're seeing is our customers opting to go for portal and data as a service as part of their buying into the intent proposition. As they actually are looking to -- and that might be, to some extent, as partly of a transition strategy, I think I acknowledge that point. But I think it also reflects a broader strategy within their business about how do they leverage high-value unique data signals in their go-to-market efforts.

So generally speaking, that's good. And then as I mentioned in the earlier script, since launching Buyer Intelligence, actually, for those customers, we're seeing good adoption of those new features, as I mentioned, over 40% of our users actively engaging with those features and that is growing. But not only that, when they engage with those features, we're seeing much deeper levels of engagement and action from those users. And that is giving us reason to be optimistic about the future of our product.

Operator

The next question is coming from Jason Kreyer of Craig-Hallum.

Jason Kreyer

So just in terms of like the subdued demand environment, can you talk about what the appetite is for shorter-term engagements. It seems like longer-term stuff is probably where you're seeing a lot of the pressure. Just wondering if there's any meaningful changes in the more episodic stuff you do with customers?

Gary Nugent

Jason, thank you. Yes, interesting question. Actually, I would say it's a little bit of a bifurcation, Certainly, obviously, what we saw in the third quarter.

Yes, there's a little bit more short-term focus and by being kind of looking forward maybe about 90 days a quarter. But actually, we also saw customers looking forward to 2027. And in actual fact, the backlog of orders for 2027, was increased during the quarter. So it feels to me it's a little bit of a bit of a bifurcation in that regard in terms of our customers' outlook. There's a little bit of focus on the near term and rounding out this fiscal year as strongly as they can. But their eyes are moving to 2027. And actually, the [ horizon ] moving to 2027 slightly earlier than I would see they have done in past years.

Jason Kreyer

Appreciate that. Maybe for Dan. Just wanted to talk about the conversion from EBITDA to cash flow. I mean, perhaps you can touch on that for Q4, but really wanted to see how that changes as we get into 2027.

Daniel Noreck

Yes. So as you think about 2027 in particular, all the cash flows from the adjustments we've made for our restructuring plans, or the acquisition and integration costs will really be behind us as we enter into 2027. So as you think about the flow-through, you're really going to be talking about the CapEx numbers that we have sort of historically invested into the business.

And then also cash taxes cash for taxes and then cash on the interest that we pay on the revolver. And so if you look at where we stood at the 9 months, you get -- you can use that as a good proxy for the 2027 sort of run out for those.

Gary Nugent

Jason does that answer your question?

Jason Kreyer

Well, I mean a lot of the onetime stuff that we've dealt with in '25 and '26 should be behind us, and we'll finally get more of a clean cash flow story in '27 right?

Daniel Noreck

Exactly. That's correct. That's correct.

Operator

Ladies and gentlemen, that brings us to the end of today's question-and-answer session and today's event. We would like to thank you for your participation and interest in Informa Tech -- sorry, Informa TechTarget. You may disconnect your lines or log out the webcast at this time, and enjoy the rest of your day.