Cuộc họp công bố kết quả kinh doanh quý 3/2026 của Informa TechTarget (TTGT): Doanh thu sụt giảm, hạ dự báo EBITDA

Điểm nhấn chính

• Informa TechTarget báo cáo doanh thu quý 3/2026 đạt 119,2 triệu USD, giảm 2,5% so với cùng kỳ năm trước nhưng tăng 2,6% so với quý trước.
• EBITDA điều chỉnh giảm từ 22,6 triệu USD xuống 18,6 triệu USD, trong khi biên EBITDA điều chỉnh giảm từ 18,5% xuống 15,6%, chủ yếu do doanh thu sụt giảm và lạm phát chi phí.
• Ban lãnh đạo hiện dự báo doanh thu cả năm 2026 sẽ giảm nhẹ so với năm trước, đảo ngược kỳ vọng tăng trưởng trước đó. Dự báo EBITDA điều chỉnh bị hạ xuống còn 80 - 85 triệu USD, so với mức 95 - 100 triệu USD trước đây.
• Lượng thành viên độc giả vượt 59 triệu, tăng trưởng ở mức một chữ số tầm trung so với cùng kỳ năm trước. Ban lãnh đạo cho biết lưu lượng tìm kiếm đã ổn định và tỷ lệ chuyển đổi từ lưu lượng tìm kiếm sang thành viên tăng gần hai chữ số.
• Giá trị hợp đồng ký mới từ nhóm khách hàng lớn nhất của công ty tăng trưởng ở mức hai chữ số trong quý 3, nhưng ban lãnh đạo dự báo thị trường tầm trung sẽ tiếp tục biến động và các thị trường quốc tế sẽ chịu áp lực kinh tế vĩ mô lớn hơn.
• Hơn 40% người dùng đã áp dụng các tính năng AI mới trong Buyer Intelligence. Ban lãnh đạo cho biết người dùng các tính năng AI có thời lượng phiên truy cập dài hơn và mức độ tiếp cận khách hàng tiềm năng tiếp theo cao hơn.

Kết quả tài chính cốt lõi

Tính đến ngày 30 tháng 9 năm 2026, tiền và các khoản tương đương tiền đạt 35,3 triệu USD. Công ty đã rút 120,1 triệu USD từ hạn mức tín dụng tuần hoàn không bảo đảm trị giá 250 triệu USD, còn lại 129,9 triệu USD khả dụng. Nợ ròng ở mức 84,8 triệu USD, tương đương khoảng 1 lần EBITDA điều chỉnh của 12 tháng gần nhất.

Hiệu quả kinh doanh và hoạt động

Doanh thu mảng Brand to Demand bị ảnh hưởng bởi doanh thu từ dữ liệu ý định mua hàng (intent data) sụt giảm và thời điểm triển khai chiến dịch của khách hàng, đặc biệt là tại các thị trường quốc tế. Ban lãnh đạo cho biết giá trị hợp đồng ký mới đối với sản phẩm dữ liệu ý định đã cải thiện trong quý 3, cho thấy sự ổn định ở danh mục sản phẩm này.

Doanh thu thuê bao mảng Intelligence & Advisory tăng trưởng nhờ tệp khách hàng đăng ký thuê bao của công ty, nhưng mức giảm doanh thu tư vấn đã bù trừ hoàn toàn mức tăng này. Trong 9 tháng đầu năm, doanh thu Brand to Demand đạt 248,8 triệu USD, nhìn chung tương đương với năm trước, trong khi doanh thu Intelligence & Advisory giảm 4,5% xuống 92,6 triệu USD.

Informa TechTarget tiếp tục ưu tiên các khách hàng lớn hơn và các thị trường hấp dẫn hơn. Nhóm này mang lại mức tăng trưởng giá trị hợp đồng ký mới ở mức hai chữ số khi công ty mở rộng mối quan hệ giữa các đơn vị kinh doanh và khu vực địa lý. Tuy nhiên, ban lãnh đạo dự báo thị trường tầm trung sẽ tiếp tục biến động và cho biết khách hàng quốc tế đang chịu tác động lớn hơn từ bất ổn kinh tế vĩ mô so với khách hàng Bắc Mỹ.

Lượng thành viên độc giả đã tăng lên hơn 59 triệu, tăng ở mức một chữ số tầm trung so với cùng kỳ năm trước. Lượng thành viên hoạt động trên toàn mạng lưới Dive tăng trưởng ở mức hai chữ số. Công ty đã hoàn tất việc làm mới và chuyển đổi nền tảng cho TechTarget.com, đồng thời lên kế hoạch chuyển đổi các ấn phẩm truyền thông còn lại sang nền tảng và mô hình vận hành mới vào cuối quý 1/2027.

Công ty đã ra mắt Buyer Intelligence, giải pháp xác định ý định mua hàng thế hệ tiếp theo, trong quý 3. Hơn 40% người dùng đã áp dụng các tính năng AI mới. Ban lãnh đạo cho biết trợ lý AI có thể tạo các báo cáo phân tích chân dung người mua trong vòng chưa đầy một phút, trong khi nhân viên bán hàng sử dụng các tính năng AI này dành thời lượng trên nền tảng mỗi phiên dài gần gấp đôi.

Informa TechTarget cũng giới thiệu khung tích hợp MCP cho phép khách hàng sử dụng dữ liệu ý định mua hàng và thông tin chuyên sâu về người mua của công ty ngay trong quy trình làm việc AI và môi trường mô hình ngôn ngữ lớn của riêng họ. Bắt đầu từ tháng 1, khách hàng chung của hai bên dự kiến sẽ có thể truy cập dữ liệu ý định ở cấp độ cá nhân và thông tin chi tiết về hành vi từ Informa TechTarget thông qua Demandbase Pipeline Engine.

Công ty cũng ra mắt Chỉ số B2B AI Authority Index. Ban lãnh đạo cho biết 77% khách hàng coi vị thế dẫn dắt về AI là ưu tiên hàng đầu, nhưng chỉ 45% có kế hoạch cụ thể để đạt được mục tiêu này.

Dự báo của ban lãnh đạo

Ban lãnh đạo kỳ vọng doanh thu và lợi nhuận quý 4 sẽ cải thiện mạnh mẽ theo tính chu kỳ so với quý trước, nhờ sự hỗ trợ từ ba diễn đàn đối tác kênh thường niên tại các khu vực EMEA, châu Mỹ và APAC.

Đối với cả năm 2026, công ty hiện dự báo doanh thu sẽ giảm nhẹ so với năm trước. Dự báo trước đó từng kỳ vọng sự phục hồi tăng trưởng. Ban lãnh đạo cho rằng việc điều chỉnh này là do khách hàng thắt chặt chi tiêu và tốc độ chuyển đổi các cơ hội kinh doanh tiềm năng diễn ra chậm hơn.

EBITDA điều chỉnh cả năm hiện dự kiến đạt từ 80 triệu đến 85 triệu USD, giảm so với phạm vi dự báo trước đó là 95 triệu đến 100 triệu USD. Triển vọng điều chỉnh này cũng phản ánh các khoản đầu tư liên tục vào việc phát triển tệp độc giả, đổi mới sản phẩm, năng lực dữ liệu và các nguồn lực tiếp cận thị trường.

Rủi ro và các yếu tố cần theo dõi

• Khách hàng mất nhiều thời gian hơn để đưa ra quyết định chi tiêu, làm chậm tốc độ chuyển đổi các cơ hội kinh doanh tiềm năng của công ty.
• Các nhà tiếp thị B2B tiếp tục đánh giá tác động của AI và các công cụ trả lời trực tiếp trong việc làm thay đổi hành trình mua hàng cùng chiến lược tiếp thị.
• Các thị trường quốc tế đối mặt với áp lực lớn hơn từ lãi suất, chiến tranh, thuế quan và sự thay đổi ưu tiên địa bàn của các công ty công nghệ châu Á.
• Ban lãnh đạo dự báo tình trạng biến động sẽ tiếp tục diễn ra trong nhóm khách hàng tầm trung.
• Doanh thu thấp hơn cùng với lạm phát chi phí, bao gồm giá vốn hàng bán gia tăng, đã gây áp lực lên biên EBITDA điều chỉnh trong quý 3 bất chấp các khoản tiết kiệm cơ cấu và hiệu quả cộng hưởng.
• Triển vọng cả năm phụ thuộc một phần vào đóng góp mang tính chu kỳ dự kiến từ các diễn đàn đối tác trong quý 4.

Điểm nhấn phiên hỏi đáp với chuyên gia phân tích

Ban lãnh đạo cho biết tâm lý thận trọng của khách hàng nhìn chung diễn ra đồng đều giữa các nhóm đối tượng, nhưng việc công ty tập trung vào các khách hàng lớn nhất đang mang lại hiệu quả thực thi tốt hơn và mức tăng trưởng giá trị hợp đồng ở mức hai chữ số. Nhóm khách hàng tầm trung được dự báo sẽ tiếp tục biến động.

Lưu lượng tìm kiếm đã ổn định trong quý 3, trong khi tỷ lệ chuyển đổi thành thành viên độc giả cải thiện gần hai chữ số. Ban lãnh đạo nhấn mạnh rằng công ty kiếm tiền từ tệp thành viên độc giả được cấp quyền thay vì chỉ dựa vào lưu lượng truy cập đơn thuần, đồng thời đang mở rộng các phương thức phân phối để tiếp cận độc giả ngoài kênh tìm kiếm truyền thống.

Khách hàng nhìn chung đang áp dụng song song cả cổng thông tin Buyer Intelligence và phương thức truy cập dữ liệu dưới dạng dịch vụ (DaaS) thay vì chỉ chọn một phương thức phân phối. Ban lãnh đạo cho biết điều này có thể phản ánh một phần chiến lược chuyển đổi, cũng như nhu cầu tích hợp trực tiếp các tín hiệu dữ liệu độc quyền vào hệ thống tiếp cận thị trường của chính khách hàng.

Hành vi mua hàng của khách hàng cho thấy sự phân hóa giữa các hợp đồng ngắn hạn và kế hoạch sớm hơn cho năm 2027. Ban lãnh đạo cho biết lượng đơn đặt hàng tồn đọng cho năm 2027 đã tăng lên trong quý 3.

Công ty dự kiến phần lớn chi phí bằng tiền mặt liên quan đến mua lại, tích hợp và tái cấu trúc sẽ không còn là gánh nặng khi bước sang năm 2027. Ban lãnh đạo cho biết khả năng chuyển đổi tiền mặt sau đó sẽ chủ yếu phản ánh chi tiêu vốn, thuế bằng tiền mặt và lãi vay từ hạn mức tín dụng tuần hoàn.

Toàn văn biên bản cuộc gọi công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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.