Zeta Global Holdings Corp (ZETA) 2022 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Zeta Third Quarter 2022 Earnings Conference Call. (Operator Instructions) The conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)

謝謝你的支持。這是會議接線員。歡迎參加 Zeta 2022 年第三季度收益電話會議。 （操作員說明）會議正在錄製中。演示結束後，將有機會提問。 （操作員說明）

I would now like to turn the conference over to Scott Schmitz, Senior Vice President, Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係高級副總裁 Scott Schmitz。請繼續。

Thank you operator. Hello everyone, and thank you for joining us for Zeta's Third Quarter 2022 Conference Call. Before we begin, I would like to mention that today's presentation and earnings release are available on Zeta's Investor Relations website at investors.zetaglobal.com, where you will also find links to our SEC filings, along with other information about Zeta. Joining me on the call today are David Steinberg, Zeta's Co-Founder, Chairman, and Chief Executive Officer; and Chris Greiner, Zeta's Chief Financial Officer.

謝謝運營商。大家好，感謝您參加 Zeta 2022 年第三季度電話會議。在我們開始之前，我想提一下，今天的演示文稿和收益發布可在 Zeta 的投資者關係網站 investors.zetaglobal.com 上獲取，您還可以在該網站上找到我們向美國證券交易委員會提交的文件的鏈接以及有關 Zeta 的其他信息。今天和我一起參加電話會議的還有 Zeta 的聯合創始人、董事長兼首席執行官大衛·斯坦伯格 (David Steinberg)；和 Zeta 的首席財務官 Chris Greiner。

Before we begin, I'd like to remind everyone that statements made on this call, as well as in the presentation and earnings release contain forward-looking statements regarding our financial outlook, business plans and objectives, and other future events and developments, including statements about the market potential of our products, potential competition, and revenues of our products and our goals and strategies. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include those described in the company's earnings release and other filings with the SEC and speak only as of today's date.

在我們開始之前，我想提醒大家，在本次電話會議以及演示文稿和收益發布中所做的陳述包含有關我們的財務前景、業務計劃和目標以及其他未來事件和發展的前瞻性陳述，包括關於我們產品的市場潛力、潛在競爭、我們產品的收入以及我們的目標和戰略的陳述。這些陳述受風險和不確定因素的影響，可能導致實際結果與預期結果存在重大差異。這些風險和不確定性包括公司收益發布和向美國證券交易委員會提交的其他文件中描述的風險和不確定性，並且僅在今天發表講話。

In addition, our discussion today will include references to certain supplemental non-GAAP financial measures, which should be considered in addition to and not as a substitute for GAAP results. We use these non-GAAP measures in managing the business and believe they provide useful information for our investors. Reconciliations of the non-GAAP measures to corresponding GAAP measures, where appropriate, can be found in the earnings presentation available on our website, as well as in the earnings release and our filings with the SEC.

此外，我們今天的討論將包括對某些補充性非 GAAP 財務措施的參考，這些措施應被視為補充而不是替代 GAAP 結果。我們使用這些非 GAAP 措施來管理業務，並相信它們為我們的投資者提供了有用的信息。非 GAAP 措施與相應 GAAP 措施的對賬（如適用）可在我們網站上提供的收益報告以及收益發布和我們向美國證券交易委員會提交的文件中找到。

With that, I will now turn the call over to David.

有了這個，我現在將把電話轉給大衛。

Thank you, Scott. Good afternoon everyone, and thank you for joining us today. Our third quarter results were an incredible way to celebrate our 15-year anniversary. Our year-over-year revenue growth rate further accelerated to 32% or $152 million with adjusted EBITDA of $22.4 million, which was up 40% year-over-year. We generated $19.5 million in cash from operations, up 92% year-over-year, with $9.4 million in free cash flow, up 152% year over year.

謝謝你，斯科特。大家下午好，感謝您今天加入我們。我們第三季度的業績是慶祝我們成立 15 週年的絕佳方式。我們的收入同比增長率進一步加快至 32% 或 1.52 億美元，調整後的 EBITDA 為 2240 萬美元，同比增長 40%。我們從運營中產生了 1950 萬美元的現金，同比增長 92%，自由現金流為 940 萬美元，同比增長 152%。

On the back of this momentum, we are once again increasing our fourth quarter and full year 2022 revenue and adjusted EBITDA guidance, which Chris will discuss in further detail shortly. Zooming out, there is no question that the macro environment is creating more uncertainty and driving more scrutiny on how and where enterprises invest. The pressure for enterprises to improve their ability to acquire, grow, and retain customers at a lower cost is greater now more than ever.

在這種勢頭的支持下，我們再次增加了第四季度和 2022 年全年的收入並調整了 EBITDA 指導，Chris 將在短期內進一步詳細討論。縮小範圍，毫無疑問，宏觀環境正在製造更多不確定性，並推動對企業投資方式和地點進行更多審查。企業以更低的成本提高獲取、發展和留住客戶的能力的壓力比以往任何時候都大。

In the spirit of never wasting a crisis, CMOs are looking to emerge with a more efficient and effective solution with a better return on investment, which Zeta delivers. Marketing spend tied to measurable outcomes that delivers a strong verifiable return on investment has shifted from one of many objectives to the primary objective. That is why enterprises continue to invest in first-party data and customer data platforms or CDPs. That is why enterprises continue to invest in digital transformation. That is why enterprises continue to invest in more addressable and accountable methodologies that deliver greater precision and measurable value. In short, we believe the market is moving even closer to Zeta's sweet spot, where our value proposition shines. And because we make sophisticated marketing simple and address the requirements for both revenue generation and cost savings, our growth rate has continued to accelerate.

本著永不浪費危機的精神，CMO 正在尋求一種更高效、更有效、投資回報更高的解決方案，Zeta 提供了這種解決方案。營銷支出與可衡量的結果相關聯，可提供強大的可驗証投資回報，已從眾多目標之一轉變為主要目標。這就是企業繼續投資第一方數據和客戶數據平台或 CDP 的原因。這就是企業繼續投資數字化轉型的原因。這就是為什麼企業繼續投資於更可尋址和更可靠的方法，以提供更高的精度和可衡量的價值。簡而言之，我們相信市場正在向 Zeta 的最佳位置靠攏，而我們的價值主張正是在這一點上大放異彩。而且由於我們簡化了複雜的營銷並滿足了創收和節約成本的要求，因此我們的增長率繼續加快。

The Zeta Marketing Platform or ZMP was purpose built to improve marketing efficiency and efficacy, bringing marketers an array of benefits with data, AI, and activation in a single platform, a unique advantage that we have over our competitors. By resolving identity with our data cloud, we reduce waste, improve personalization, and bring more precision to measurement. By enriching a brand's knowledge of their customers, we uncover new insights and unlock new growth opportunities. And by leveraging cutting-edge technology that is flexible, modular, and scalable, we can wrap around an existing enterprises' tech stack, reducing the time to implementation to days or weeks and establishing a land to expand sales motion. This allows us to generate new relationships, even when most enterprises are looking to reduce their numbers of partners, as evidenced by the record 16 new scaled customers we added this quarter on the back of record RFP activity.

Zeta 營銷平台或 ZMP 旨在提高營銷效率和功效，通過單一平台中的數據、人工智能和激活為營銷人員帶來一系列好處，這是我們相對於競爭對手的獨特優勢。通過使用我們的數據云解決身份問題，我們可以減少浪費、改進個性化並提高測量精度。通過豐富品牌對客戶的了解，我們發現了新的見解並釋放了新的增長機會。通過利用靈活、模塊化和可擴展的尖端技術，我們可以圍繞現有企業的技術堆棧，將實施時間縮短至數天或數週，並為擴大銷售活動奠定基礎。這使我們能夠建立新的關係，即使大多數企業都希望減少合作夥伴的數量，正如我們在創紀錄的 RFP 活動支持下本季度新增的 16 家規模化客戶所證明的那樣。

We're replacing multiple incumbents as the broad capabilities of our platform enable enterprises to consolidate multiple point solutions and simplify their environment and further cut costs. The theme of thriving through times of uncertainty was also front and center at our Zeta Live conference, a little over one month ago in New York City with combined in-person and virtual viewers of over 8,000 people. The event generated over 1,500 new prospects for the company and continue to raise our profile. In attendance were Fortune 500 brands and many of the largest agency-holding companies, as well as world-renowned entrepreneurs, marketers, and business leaders.

我們正在取代多家現有企業，因為我們平台的廣泛功能使企業能夠整合多個點解決方案並簡化他們的環境並進一步削減成本。一個多月前在紐約市舉行的 Zeta Live 會議的主題也是在充滿不確定性的時期蓬勃發展，共有 8,000 多人參加了現場和虛擬觀眾。該活動為公司帶來了 1,500 多個新的前景，並繼續提升我們的知名度。出席會議的有財富 500 強品牌和許多最大的代理控股公司，以及世界知名的企業家、營銷人員和商業領袖。

With over half of the 50-plus guest speakers representing women and people of color, the events panelists were not only exceptional, they were also as diverse as the market segments they represent. We were excited to bring many of the conversations Zeta has had with marketing leaders on a daily basis into a broader form to help other brands adapt and strengthen their own approach to marketing. If you miss any of the remarkable content, I would encourage you to view a replay of the panels, which are available on our website at zetaglobal.com.

50 多位演講嘉賓中有一半以上代表女性和有色人種，活動小組成員不僅非常出色，而且與他們所代表的細分市場一樣多樣化。我們很高興能夠將 Zeta 每天與營銷領導者進行的許多對話轉化為更廣泛的形式，以幫助其他品牌適應和加強他們自己的營銷方法。如果您錯過了任何重要內容，我鼓勵您觀看面板重播，可在我們的網站 zetaglobal.com 上找到。

A good example of an enterprise that made significant strides this quarter was one of the largest consumer goods companies, which began using our CDP to better identify and understand its existing customers and reduce their reliance on paid media channels. Our Agile Intelligence product delivered sharp insights and accelerated their time to revenue and ultimately return on investment. This case study highlights 2 themes, consolidating vendors and driving more activation to our platform. This starts with a better understanding of an enterprise's customers by creating more personalized experiences across channels, then we're able to help them measure with greater certainty, which continuously makes our AI platform smarter and the results continue to get better and better. This is ROI realization in action and is what makes our customer relationships sticky with a high degree of visibility.

本季度取得重大進展的企業的一個很好的例子是最大的消費品公司之一，該公司開始使用我們的 CDP 來更好地識別和了解其現有客戶並減少他們對付費媒體渠道的依賴。我們的 Agile Intelligence 產品提供了敏銳的洞察力，並加快了他們實現收入和最終投資回報的時間。本案例研究突出了 2 個主題，整合供應商並推動我們平台的更多激活。首先是通過跨渠道創建更加個性化的體驗，更好地了解企業客戶，然後我們能夠幫助他們更加確定地進行衡量，這不斷使我們的 AI 平台變得更加智能，結果也越來越好。這是投資回報率的實際實現，也是使我們的客戶關係具有高度可見性的原因。

One of our Fortune 100 customers stated during Zeta Live, the more data we put into the CDP, the more activation we deliver through Zeta's marketing platform, and the better the results we see. That same customer identified Zeta as a mission-critical partner and expects to allocate more of their spend to us next year. This virtuous cycle is evidenced in another example, a leading automotive aftermarket retailer, which was already using Zeta's CDP for retention marketing, extended their use cases by launching acquisition marketing with audio and CTV channels. Through the same platform, they were able to plan, execute and measure the efficacy of audio and CTV impressions against in-store and online sales. This is one of the reasons we saw more than a 250% growth rate in our CTV business this quarter, and it also highlights the power of our CDP, which was recently identified as one of the largest and fastest-growing CDPs according to IDC.

我們的一位財富 100 強客戶在 Zeta Live 期間表示，我們放入 CDP 的數據越多，我們通過 Zeta 的營銷平台提供的激活就越多，我們看到的結果就越好。該客戶將 Zeta 視為關鍵任務合作夥伴，並希望明年將更多支出分配給我們。這種良性循環在另一個例子中得到了證明，一家領先的汽車售後市場零售商已經在使用 Zeta 的 CDP 進行保留營銷，通過推出音頻和 CTV 渠道的收購營銷來擴展他們的用例。通過同一個平台，他們能夠計劃、執行和衡量音頻和 CTV 印像對店內和在線銷售的效果。這是本季度我們的 CTV 業務增長率超過 250% 的原因之一，它也凸顯了我們的 CDP 的力量，根據 IDC，它最近被確定為最大和增長最快的 CDP 之一。

As I mentioned in my opening remarks, this past month was our 15th anniversary as a company. We celebrated with a day of service across the company, as we look to give back to our communities. Over the course of this year, we have also begun taking steps toward reducing our carbon footprint. We are working with cloud and technology partners to adhere to GHG standards and make sustainability a business imperative. I am incredibly pleased to announce that we are on track to achieve our goal of net carbon neutrality for Zeta in 2022. I am incredibly proud of the business we have built and the virtues embraced by our people. Our founding vision of using data and software to deliver a better and substantially more efficient marketing platform range true more than ever in the current environment. And while we have come a long way, as we like to say at Zeta, we are just getting started. I would like to sincerely thank our Zeta team, our customers, our partners, and all of our shareholders for their ongoing support of our vision.

正如我在開場白中提到的，上個月是我們公司成立 15 週年。我們在全公司範圍內慶祝了一天的服務，因為我們希望回饋我們的社區。今年，我們還開始採取措施減少碳足跡。我們正在與雲和技術合作夥伴合作，以遵守 GHG 標準並使可持續性成為企業的當務之急。我非常高興地宣布，我們有望在 2022 年實現 Zeta 淨碳中和的目標。我為我們建立的業務和我們的員工所信奉的美德感到無比自豪。我們的創始願景是使用數據和軟件提供更好、更高效的營銷平台，在當前環境下比以往任何時候都更加真實。儘管我們已經取得了長足的進步，但正如我們喜歡在 Zeta 所說的那樣，我們才剛剛開始。我要衷心感謝我們的 Zeta 團隊、我們的客戶、我們的合作夥伴和我們所有的股東，感謝他們對我們願景的持續支持。

Now, let me hand it off to Chris to discuss our results in greater detail. Chris?

現在，讓我把它交給 Chris 來更詳細地討論我們的結果。克里斯？

Thank you David, and good afternoon everyone. Three themes highlight another very strong set of results, all of which we will dive into more deeply. First, we extended our track record of beat and raise execution with accelerating revenue growth and increasing profitability and cash generation.

謝謝大衛，大家下午好。三個主題突出了另一組非常強大的結果，我們將更深入地研究所有這些結果。首先，我們通過加速收入增長、提高盈利能力和現金產生來擴大我們的業績記錄並提高執行力。

Second, the third quarter's outperformance was broad-based across industries, channels, and use cases, as well as throughout our Zeta 2025 KPIs, serving as a powerful demonstration of our ability to execute through a tough macro backdrop, along with demonstrating our business model's balance and our value proposition's durability.

其次，第三季度的出色表現廣泛體現在各個行業、渠道和用例，以及我們的 Zeta 2025 KPI 中，有力地證明了我們在艱難的宏觀背景下的執行能力，同時也證明了我們的商業模式平衡和我們價值主張的持久性。

And third, on the back of this momentum, we're raising fourth quarter and full year 2022 guidance for revenue and adjusted EBITDA, with momentum across the business, our confidence is increasing. We can exceed our targets of at least $1 billion in revenue and at least 20% adjusted EBITDA margins by 2025.

第三，在這種勢頭的支持下，我們提高了第四季度和 2022 年全年收入和調整後 EBITDA 的指導，隨著整個業務的發展勢頭，我們的信心正在增強。到 2025 年，我們可以超過至少 10 億美元的收入和至少 20% 的調整後 EBITDA 利潤率的目標。

Now let's dive into the results. While our overall business grew 32% this quarter, this elevated 30% plus growth rate has been evident across multiple areas of our business for many quarters now. U.S. revenue in the third quarter was up 36%, representing 96% of total Zeta revenue. And year-to-date, the U.S. is up 32% year-to-year.

現在讓我們深入研究結果。雖然本季度我們的整體業務增長了 32%，但現在許多季度以來，這種 30% 以上的增長率在我們業務的多個領域都很明顯。第三季度美國收入增長 36%，佔 Zeta 總收入的 96%。今年迄今為止，美國同比增長 32%。

Scaled customer revenue was up 34% year-to-year, now representing 98% of total data revenue. Year-to-date, scaled customer revenue is up 30% year-to-year. Direct platform revenue was up 33% year-to-year, representing 74% of Zeta revenue. And on a year-to-date basis, direct revenue was up 35% year-to-year at a mix of 78%.

規模化客戶收入同比增長 34%，目前佔數據總收入的 98%。年初至今，規模化客戶收入同比增長 30%。直接平台收入同比增長 33%，佔 Zeta 收入的 74%。從年初至今，直接收入同比增長 35%，混合增長率為 78%。

And once again, 6 out of our top 10 industries grew 25% or more. We also executed ahead of plan against our 5 Zeta 2025 KPIs. Scaled customer count grew from 373 in 2Q to 389 in 3Q and is up 42% compared to 3Q 2021 or up 12% year-to-year. In fact, year-to-date, we've added 3x more scaled customers versus a year ago, chasing twice as fast as our Zeta 2025 model of 6% scaled customer count growth year-to-year.

再一次，我們排名前 10 的行業中有 6 個增長了 25% 或更多。我們還提前執行了 5 Zeta 2025 KPI 的計劃。規模化客戶數量從第二季度的 373 人增加到第三季度的 389 人，與 2021 年第三季度相比增長了 42%，同比增長 12%。事實上，今年迄今為止，與一年前相比，我們增加了 3 倍的規模化客戶，追逐的速度是我們 Zeta 2025 模型的兩倍，即規模化客戶數量同比增長 6%。

Digging a layer deeper provides context into the quality of new customer additions we continue to make. Speaking first to their size, we added 6 new super scaled customers quarter-to-quarter, bringing our total to 106 greater than $1 million customers. From a breadth of industry contribution perspective, of the 16 new scaled customers we added, 9 came from consumer retail, 3 came from technology and media, while the remaining 4 came from advertising and marketing, among others. In terms of new versus existing, of the incremental 16 net new scaled customers added, 5 were new to Zeta, and 11 were existing customers that became scaled in the quarter. That's our go-to-market model working as designed.

深入挖掘一層，可以了解我們不斷增加的新客戶的質量。首先說到他們的規模，我們每季度增加了 6 個新的超大規模客戶，使我們的客戶總數達到 106 個超過 100 萬美元的客戶。從行業貢獻廣度來看，我們新增的16家規模客戶中，9家來自消費零售，3家來自科技和媒體，其餘4家來自廣告和營銷等。就新客戶與現有客戶而言，在增加的 16 個淨新規模客戶中，有 5 個是 Zeta 的新客戶，11 個是本季度擴大規模的現有客戶。這就是我們設計的上市模式。

And finally, in terms of linearity, just like in 2Q, we saw steady additions in scaled customers each month of the quarter, adding 6 in July, 3 in August, and 7 in September. This acceleration in new customers reflects the growth of our pipeline, which is up 50% year-to-year, coupled with our strong win rates. And contributing to pipeline expansion is our growing IT analyst industry recognition from Forrester, Gartner, and IDC, which has translated into third quarter RFP activity, up 70% year-to-year.

最後，就線性而言，就像第二季度一樣，我們看到本季度每個月的規模化客戶都在穩步增加，7 月增加 6 個，8 月增加 3 個，9 月增加 7 個。新客戶的增長反映了我們管道的增長（同比增長 50%）以及我們強勁的贏單率。 Forrester、Gartner 和 IDC 對我們不斷增長的 IT 分析師行業認可也為管道擴張做出了貢獻，這已轉化為第三季度的 RFP 活動，同比增長 70%。

Scaled customer ARPU grew 19% year-to-year in 3Q, ahead of the Zeta 2025 model of 14% year-to-year growth. Powering ARPU expansion is the continued growth in super scaled customers, whose average annualized ARPU of $4.5 million is more than 10x greater than the 100,000 to 1 million cohort of 375,000 ARPU.

規模化客戶 ARPU 在第三季度同比增長 19%，領先於 Zeta 2025 模型的 14% 同比增長。推動 ARPU 擴張的是超大規模客戶的持續增長，他們的平均年化 ARPU 為 450 萬美元，比 100,000 至 100 萬隊列的 375,000 ARPU 高出 10 倍以上。

The sales motion moving scaled customers to super scaled customers is cross-selling more channels and use cases. This quarter, the average channels per super scaled customer increased by 25% year-to-year to 2.6 and the number of scaled customers using more than 1 use case grew by 36% year-to-year to 39%. And this is a big future opportunity for Zeta.

將規模化客戶轉移到超級規模化客戶的銷售舉措是交叉銷售更多渠道和用例。本季度，每個超大規模客戶的平均渠道同比增長 25% 至 2.6 個，使用 1 個以上用例的規模客戶數量同比增長 36% 至 39%。這對 Zeta 來說是一個巨大的未來機遇。

These data points speak to the strong productivity of our hunters and farmers and the outstanding leadership of our CROs and their sales leaders. And because we're seeing a strong ROI on our sales and marketing investment, we continue to add quota-carrying headcount, consistent with the Zeta 2025 plan we communicated in February.

這些數據點說明了我們的獵人和農民的強大生產力以及我們的 CRO 及其銷售主管的傑出領導。由於我們看到銷售和營銷投資的投資回報率很高，我們繼續增加配額員工人數，這與我們在 2 月份傳達的 Zeta 2025 計劃一致。

In that setting, from a sales capacity perspective, year-to-date, we have 121 quota carriers, pacing to our year-end projection of 120 to 130 quota carriers, but it's not just about quantity, quality matters most, our sales academy, training programs, and product certification processes enable our sales teams to ramp quickly, while our sales management systems are viewing a sales excellence culture. We continue to experience good stickiness, and we are tracking to our full year guidance range for net revenue retention of 110% to 115% for total Zeta.

在這種情況下，從銷售能力的角度來看，年初至今，我們有 121 家配額承運人，預計年底將有 120 至 130 家配額承運人，但這不僅僅是數量問題，質量最重要，我們的銷售學院、培訓計劃和產品認證流程使我們的銷售團隊能夠快速成長，而我們的銷售管理系統正在打造卓越銷售文化。我們繼續保持良好的粘性，我們正在跟踪我們的全年淨收入保留指導範圍，即總 Zeta 的淨收入保留率為 110% 至 115%。

Third quarter direct revenue mix was 74%, with year-to-date mix of 78%, which compares to 75% year-to-date in 2021. This leaves third quarter integrated platform revenue mix of 26%, higher than a year ago of 19% due to channel mix and political candidate revenue, which was $3 million in the quarter and $2 million better than what we assumed in our third quarter guidance. As I spoke about in our second quarter call, we expected this seasonal mix change, which is the driver of our cost of revenue percentage increasing 2Q to 3Q by 100 basis points to 37.8%.

第三季度直接收入組合為 74%，年初至今為 78%，而 2021 年至今為 75%。這使得第三季度綜合平台收入組合為 26%，高於一年前由於渠道組合和政治候選人收入增加了 19%，本季度為 300 萬美元，比我們在第三季度指導中假設的好 200 萬美元。正如我在第二季度電話會議中所說，我們預計會出現這種季節性組合變化，這是我們的收入成本百分比在第二季度至第三季度增加 100 個基點至 37.8% 的驅動因素。

It's worth noting, despite the same revenue mix as a year ago, our cost of revenue is better by 90 basis points through better scale and a more favorable mix within direct channels. Bringing it all together, we remain on track to reduce cost of revenue by 200 basis points this year, well ahead of our annual Zeta 2025 model of 60 basis points.

值得注意的是，儘管收入組合與一年前相同，但通過更好的規模和直接渠道內更有利的組合，我們的收入成本降低了 90 個基點。綜上所述，我們今年仍有望將收入成本降低 200 個基點，遠遠超過我們年度 Zeta 2025 模型的 60 個基點。

On a GAAP basis, our net loss was $69 million, which includes $75 million of stock-based compensation. Excluding the accelerated expensing related to our IPO stock-based compensation would have been $16 million.

根據 GAAP，我們的淨虧損為 6900 萬美元，其中包括 7500 萬美元的股票補償。不包括與我們的 IPO 股票補償相關的加速支出將是 1600 萬美元。

From an expense-to-revenue perspective, we continue to drive strong operating leverage in R&D and G&A, both of which decreased by 120 basis points and 170 basis points year-to-year respectively, excluding stock-based compensation. These points of leverage helped to generate $22.4 million of adjusted EBITDA, up 40% year-to-year with 14.7% adjusted EBITDA margin, up 90 basis points year-to-year.

從費用對收入的角度來看，我們繼續推動研發和 G&A 的強大運營槓桿，兩者分別同比下降 120 個基點和 170 個基點，不包括基於股票的薪酬。這些槓桿點幫助產生了 2240 萬美元的調整後 EBITDA，同比增長 40%，調整後 EBITDA 利潤率為 14.7%，同比增長 90 個基點。

Finally, from a cash perspective, it was also a strong quarter as we remain focused on driving higher conversion rates. Year-to-date, 42% of our adjusted EBITDA converted to free cash flow, up from 7% through the first 3 quarters of 2021.

最後，從現金的角度來看，這也是一個強勁的季度，因為我們仍然專注於推動更高的轉化率。年初至今，我們調整後 EBITDA 的 42% 轉化為自由現金流，高於 2021 年前 3 季度的 7%。

Cash flow from operating activities was $19.5 million with free cash flow generation of $9.4 million, up 152% year-to-year. We ended the quarter with a cash balance of $115 million after using $4.3 million for our share repurchase program.

來自經營活動的現金流為 1950 萬美元，產生的自由現金流為 940 萬美元，同比增長 152%。在使用 430 萬美元用於我們的股票回購計劃後，我們在本季度末的現金餘額為 1.15 億美元。

Now, I'll transition to our increased 2022 guidance. Based on the strong underlying fundamentals of our business, we're increasing our fourth quarter and full year 2022 guidance putting us ahead of pace to achieve our Zeta 2025 plan.

現在，我將過渡到我們增加的 2022 年指導。基於我們業務強大的基本面，我們正在增加第四季度和 2022 年全年的指導，使我們領先於實現 Zeta 2025 計劃。

And like last quarter, even with this increase, we believe guidance continues to have a de-risked profile. Full details including guidance ranges can be found on Slide 14 of our earnings supplemental. For the fourth quarter of 2022, we're increasing the midpoint of revenue guidance by $2 million to $160 million, up 19% year-to-year. And for clarity, we're assuming $4 million of political candidate revenue contribution in the fourth quarter, no change from prior guidance assumption.

和上個季度一樣，即使有這種增長，我們相信指導仍然具有去風險的特徵。包括指導範圍在內的完整詳細信息可以在我們的收益補充幻燈片 14 上找到。對於 2022 年第四季度，我們將收入指引的中值提高 200 萬美元至 1.6 億美元，同比增長 19%。為清楚起見，我們假設第四季度政治候選人的收入貢獻為 400 萬美元，與之前的指導假設沒有變化。

We're increasing our fourth quarter adjusted EBITDA by $300,000 to $29.5 million, up 29% year-to-year and representing 18.4% margin at the midpoint of guidance. Combination of our third quarter upside and higher fourth quarter outlook raises the midpoint of our full year 2022 revenue guidance by $13 million to $576 million, representing 26% growth year-to-year.

我們將第四季度調整後的 EBITDA 增加了 300,000 美元，達到 2,950 萬美元，同比增長 29%，在指引中點的利潤率為 18.4%。我們第三季度的上行和更高的第四季度前景相結合，將我們 2022 年全年收入指引的中點提高了 1300 萬美元，達到 5.76 億美元，同比增長 26%。

On an adjusted EBITDA basis, we're increasing the midpoint of our full year 2022 guidance to $89.3 million, up 41% year-to-year. At the midpoint of our increased full year guidance, adjusted EBITDA margins would expand 170 basis points year-to-year to 15.5%. And as I've stated before, we're cementing a culture of high performance and a track record of consistent and predictable execution.

在調整後的 EBITDA 基礎上，我們將 2022 年全年指引的中點提高到 8930 萬美元，同比增長 41%。在我們增加全年指引的中點，調整後的 EBITDA 利潤率將同比增長 170 個基點至 15.5%。正如我之前所說，我們正在鞏固高績效文化和一致且可預測的執行記錄。

With that, let me hand the call back to the operator for David and me to take your questions. Operator?

有了這個，讓我把電話轉回接線員，讓大衛和我回答你的問題。操作員？

Thank you. We'll now begin the question-and-answer session. (Operator Instructions)

謝謝你。我們現在開始問答環節。 （操作員說明）

Our first question is from Ryan MacDonald with Needham.

我們的第一個問題來自 Ryan MacDonald 和 Needham。

This is Matt Shea on for Ryan MacDonald. Congrats on a really nice quarter here. So first, I wanted to start with the 16 new scaled customers, some strong growth there. With the 5 up-sells, that seems to be tracking ahead of expectations. So just curious, what was driving these strong up-sells? And then our understanding is the up-sells are not included in the 2025 outlook. So given their kind of strong contributions, how is that changing your long-term vision?

這是 Ryan MacDonald 的 Matt Shea。祝賀你在這裡度過了一個非常美好的季度。所以首先，我想從 16 個新的規模客戶開始，那裡有一些強勁的增長。隨著 5 次追加銷售，這似乎超出了預期。所以很好奇，是什麼推動了這些強勁的追加銷售？然後我們的理解是追加銷售不包括在 2025 年的展望中。因此，鑑於他們的巨大貢獻，這將如何改變您的長期願景？

Matt, good to hear from you. A couple of data points. First, on the mix of the net new 16 added, 5 were actually new to Zeta and the 11 were existing customers, so just kind of on the highlights there. And I'll go through and hand it to David on how we make them bigger and how we bring them in kind of on the go-to-market motion. But just some stats for you that I think are important that speak to not just the record number of 16 that we added, but in our view, why it was such a quality number.

馬特，很高興收到你的來信。幾個數據點。首先，在新增的 16 個淨新用戶組合中，5 個實際上是 Zeta 的新用戶，11 個是現有客戶，所以這裡只是一些亮點。我會把它交給大衛，告訴他們我們如何讓它們變得更大，以及我們將如何讓它們進入市場。但我認為一些對你來說很重要的統計數據不僅說明了我們添加的 16 的記錄數量，而且在我們看來，為什麼它是一個如此優質的數字。

So I think, first, starting with the linearity across the quarter, we added 6 in the month of July, we added 3 in the month of August and 7 in September. So really just a nice distribution across the quarter. The size was great, adding 6 new super-scaled over 1 million customers is really, really powerful for us. I think it's over 24% growth on that number year-over-year.

所以我認為，首先，從整個季度的線性開始，我們在 7 月份增加了 6 個，在 8 月份增加了 3 個，在 9 月份增加了 7 個。所以真的只是整個季度的一個很好的分佈。規模很大，增加 6 個新的超級規模超過 100 萬客戶對我們來說真的非常強大。我認為這個數字同比增長超過 24%。

In terms of the industry representation, industries that probably you and I would suggest to be under pressure right now macro, 9 of the 16 came from consumer retail. Another 3 came from the technology and media, another 2 in advertising marketing, and there were a couple of others sprinkled in terms of the other industries. So it was a really good quality result, and David will speak to how we make them bigger.

就行業代表性而言，您和我可能建議現在面臨宏觀壓力的行業，16 個中有 9 個來自消費零售。另外 3 人來自技術和媒體，另外 2 人來自廣告營銷，還有一些人涉及其他行業。所以這是一個非常好的質量結果，大衛將談論我們如何讓它們變得更大。

Well, I also want to point out, but I think that what Chris just pointed out is emblematic of what we're seeing in the marketplace, right? CMOs are under more pressure than ever to focus on the efficiency of their marketing dollars. They're being -- their CEOs are coming down every day and saying, how do we do more with our existing budget?

好吧，我也想指出，但我認為克里斯剛才指出的是我們在市場上看到的東西的象徵，對吧？ CMO 比以往任何時候都面臨更大的壓力，需要專注於營銷資金的效率。他們正在——他們的首席執行官每天都下來說，我們如何利用現有預算做更多的事情？

And one of the reasons we were able to win so many of these clients was our sales motion starts with a pilot that starts with a $50,000 or $100,000 test where we're testing in the market where we take their data, we put it into a CDP, we match it to our data ecosystem, and we're able to really re-architect the journey that every one of their existing high-quality customers followed before becoming one of their customers. And we're able to then go find others in the over 235 million Americans who are opted into our data cloud today, and we're able to take out of the marketing funnel all of the people who either would not be interested in their product or are not currently in market for their product or wouldn't be credit approved for their product in certain cases.

我們能夠贏得如此多客戶的原因之一是我們的銷售行動始於一個試點，該試點以 50,000 美元或 100,000 美元的測試開始，我們在市場上進行測試，我們獲取他們的數據，我們將其放入CDP，我們將其與我們的數據生態系統相匹配，我們能夠真正重新設計他們現有的每一位優質客戶在成為他們的客戶之前所經歷的旅程。然後我們能夠在今天選擇加入我們的數據云的超過 2.35 億美國人中找到其他人，並且我們能夠從營銷渠道中剔除所有對他們的產品不感興趣的人或者他們的產品目前不在市場上，或者在某些情況下他們的產品不會獲得信用批准。

By removing all of that excess, you're able to target on the people who are in market qualified for your products and wants your products. So you're able to be substantially more efficient and we're able to move through that sales motion of a $50,000 to $100,000 test, and we were able to move, as we said, 16 customers pretty quickly into scaled customers.

通過消除所有這些多餘的內容，您可以將目標鎖定在市場上有資格購買您的產品並想要您的產品的人群。所以你能夠大大提高效率，我們能夠通過 50,000 美元到 100,000 美元測試的銷售動議，正如我們所說，我們能夠很快將 16 名客戶轉變為規模化客戶。

And I think also, as Chris pointed out, I'm also really excited we were able to have a very large increase in our super scaled customers. And we think that we can continue to move from pilots to scaled to super-scaled as the efficiency of the platform, the data and the artificial intelligence gets smarter and smarter -- we have case study after case study that the longer a platform -- an enterprise uses our platform, the more efficient the marketing gets, the better the return on investment for the enterprise client, the more they spend on the Zeta marketing platform.

而且我認為，正如克里斯指出的那樣，我也很高興我們能夠大幅增加我們的超大規模客戶。我們認為，隨著平台、數據和人工智能的效率變得越來越智能，我們可以繼續從試點轉向規模化，再到超大規模——我們有一個又一個的案例研究，平台越長——企業使用我們的平台，營銷效率越高，企業客戶的投資回報就越好，他們在 Zeta 營銷平台上的花費就越多。

Matt, one thing I wanted to point out on your question around being incremental to the model. You're correct in that, we modeled ARPU growth in Zeta 2025 on channels and the addition of channels. So as you heard in the prepared remarks, we grew the average channels per scaled customer by 15%. We're now at $1.94 per and we added another 24% in terms of channel growth for super-scaled customers, they are now at an average of 2.6%. But to your point, what's incremental to the model is the expansion of use cases. And as I talked about in this quarter's call, we now have 39 of our 389 scaled customers is still a big, big opportunity for us that are now using more than one use case. That's up 36% year-over-year. That is the piece that you're correct, is incremental to our ARPU, but the channels is built into it, just to be clarified.

馬特，我想就你關於模型增量的問題指出一件事。你是對的，我們在 Zeta 2025 中模擬了 ARPU 在渠道和渠道增加方面的增長。因此，正如您在準備好的評論中聽到的那樣，我們將每個規模化客戶的平均渠道增長了 15%。我們現在的價格是 1.94 美元，我們在超大規模客戶的渠道增長方面又增加了 24%，他們現在平均為 2.6%。但就您的觀點而言，模型的增量是用例的擴展。正如我在本季度的電話會議上所說，我們現在擁有 389 個規模化客戶中的 39 個，這對我們現在使用多個用例的客戶來說仍然是一個巨大的機會。同比增長 36%。這是你正確的部分，是我們 ARPU 的增量，但渠道是內置的，只是需要澄清一下。

The next question is from Jason Kreyer with Craig-Hallum.

下一個問題來自 Jason Kreyer 和 Craig-Hallum。

Congrats on just a phenomenal quarter. I wanted to ask about the 6 super-scaled customers. Are there any metrics you can give on that, the timeframe to get to that super-scaled level? And then any callouts just in terms of the use cases or the channels where you're seeing some acceleration that's getting to those customers -- that's helping customers get to that level more rapidly?

祝賀一個非凡的季度。我想問一下6個超大規模的客戶。您是否可以提供任何指標，達到超大規模水平的時間表？然後，就用例或渠道而言，您看到這些客戶正在加速的任何標註 - 這正在幫助客戶更快地達到那個水平？

Yes So what I would say is it really does differ by customer, Jason, how quickly they scale. What we've said and what I'll continue to say is we're seeing faster growth from pilots to scaled or to super-scaled customers than we've ever seen before. And I think that is shown in the record scaled client growth. I don't know if we can say that this was a super-scaled client growth record, but I can't remember ever adding this many before.

是的 所以我要說的是，Jason，客戶的擴展速度確實有所不同。我們已經說過，我將繼續說的是，我們看到從試點到規模化或超級規模客戶的增長速度比以往任何時候都快。我認為這體現在創紀錄的客戶增長中。我不知道我們是否可以說這是一個超大規模的客戶增長記錄，但我不記得以前添加過這麼多。

But the reality is that, what's happening today is in this sort of time of uncertainty, we are seeing clients grow faster than ever as they're consolidating from multiple vendors to a One Point Solution, which, quite frankly, I think we're the only company I know of that can be that true single point solution. And we're seeing them consolidate those spends onto our platform faster than they have in the past. The other thing we've said is, we continue to be at record RFP requests. And I think a lot of that is also what's going on in the market.

但現實是，今天發生的事情是在這種不確定的時期，我們看到客戶的增長比以往任何時候都快，因為他們正在從多個供應商整合到一個單一的解決方案，坦率地說，我認為我們是我所知道的唯一一家公司可以是真正的單點解決方案。我們看到他們比過去更快地將這些支出整合到我們的平台上。我們說過的另一件事是，我們繼續保持創紀錄的 RFP 請求。我認為其中很多也是市場上正在發生的事情。

So listen, as Machiavelli once said, never waste a crisis, and we are investing heavily into our sales team, our sales motion, and we are making sure that we are getting the word out. I think Zeta Live, I want to reiterate again, not only did we have over 8,000 people attend either in-person or virtually, but we generated over 1,500 high-quality leads for the company to have our sales team go really get after. So we're really seeing a really exciting time right now at Zeta.

所以聽著，正如馬基雅維利曾經說過的那樣，永遠不要浪費危機，我們正在大力投資我們的銷售團隊，我們的銷售活動，我們確保我們正在宣傳。我認為 Zeta Live，我想再次重申，我們不僅有超過 8,000 人親自或虛擬參加，而且我們為公司創造了超過 1,500 個高質量的潛在客戶，讓我們的銷售團隊真正追求。所以我們現在真的在 Zeta 看到了一個非常激動人心的時刻。

Chris?

克里斯？

Yes. Jason, on the -- kind of some color around the channel growth and use case growth. CTV continues to be a great standout. It's incredible. A year ago, it was in the low single digits percentage of usage on the platform. It's now gotten into double digits, which is great. Its growth was 250%. But back to the broad-based strength in the quarter, all of our channels grew very strong double digits. So it was a nice distributed performance even setting aside CTV's outstanding growth.

是的。 Jason，關於渠道增長和用例增長的一些顏色。 CTV 繼續表現出色。太不可思議了。一年前，它在平台上的使用率僅為個位數。它現在已經達到兩位數，這很棒。其增長率為 250%。但回到本季度的廣泛實力，我們所有的渠道都實現了非常強勁的兩位數增長。因此，即使撇開 CTV 的出色增長，這也是一個不錯的分佈式表現。

In terms of use cases, all grew year-over-year, which is, I think another testament to the balance. The acquiring grow use cases are really firing. So that's -- that continues to be a good thing. That's just a bit more color to your question.

就用例而言，所有這些都同比增長，我認為這是平衡的另一個證明。收購增長用例真的很火。這就是 - 這仍然是一件好事。這只是你的問題的顏色。

The next question is from Elizabeth Porter with Morgan Stanley.

下一個問題來自摩根士丹利的伊麗莎白波特。

Just a question on -- Q4 guidance implies about 18% to 19% growth year-over-year compared to just over 30% that you did in Q3. So just wanted to figure out, what sort of conservatism have you baked in for macro, just given that usually Q4 is a pretty strong quarter and any assumptions that you're including into the outlook?

只是一個問題——第四季度的指導意味著同比增長約 18% 至 19%，而你在第三季度所做的僅超過 30%。所以只是想弄清楚，你對宏觀有什麼樣的保守主義，只是考慮到通常第四季度是一個非常強勁的季度以及你在前景中包含的任何假設？

Elizabeth. Always great to hear from you. I think that what we're focused on right now is executing and we're seeing the business executing extremely well. At the same time, we're trying to make sure that we put out as conservative a guidance as we possibly can. We -- now I think Chris will correct me if I'm wrong, but we beat and raised 6 quarters in a row as a public company. And we want to make sure that we continue to put ourselves in a position that we can do so. We're not seeing anything in the business today that is "slowing down". You would also look at the fact we're seeing sizable growth in the business. We had a pretty big fourth quarter last year. So we're putting ourselves in a position where we can continue to be successful, but we're not seeing a "deceleration" in the business.

伊麗莎白。總是很高興收到你的來信。我認為我們現在關注的是執行，我們看到業務執行得非常好。與此同時，我們正在努力確保我們盡可能提供保守的指導。我們——現在我認為如果我錯了，克里斯會糾正我，但作為一家上市公司，我們連續 6 個季度擊敗並籌集資金。我們希望確保我們繼續將自己置於能夠做到這一點的位置。我們在今天的業務中沒有看到任何“放緩”的情況。您還會看到我們看到業務大幅增長的事實。去年我們有一個相當大的第四季度。因此，我們將自己置於可以繼續取得成功的位置，但我們並沒有看到業務“減速”。

Got it. And then I just had a quick follow-up on the impressive kind of new customer adds. I know that kind of this partnership with AWS and Snowflake has an opportunity to kind of introduce you to new customers. So is that starting to have a benefit, or is that still a separate opportunity that we should kind of look forward to in the future that hasn't yet shown up in results?

知道了。然後我對令人印象深刻的新客戶添加進行了快速跟進。我知道與 AWS 和 Snowflake 的這種合作關係有機會向您介紹新客戶。那麼，這是否開始帶來好處，或者這仍然是一個我們應該在未來期待但尚未出現在結果中的單獨機會？

That's actually a great question, Elizabeth. The answer is that we're seeing more deal flow from strategic partners than we've ever seen before. But quite frankly, it's not resulted in what you're seeing in the current results. I think it's going to continue to fuel the business going into next year, and will help us continue to grow the business at a sizable pace.

這實際上是一個很好的問題，伊麗莎白。答案是我們看到來自戰略合作夥伴的交易量比以往任何時候都多。但坦率地說，這並不是您在當前結果中看到的結果。我認為它將繼續推動明年的業務，並將幫助我們繼續以相當大的速度發展業務。

What I would tell you is that, a number of clients that we have engaged have been, because we're integrated into AWS and because we're integrated into Snowflake, they haven't come in through those channels, although I would say that a big part of the record RFPs that we're seeing are now coming through those channels, if you know what I'm saying. So I think they've been incredibly important partners from a credibility and a technology perspective, today I think they will be incredibly important clients from a new scaled customer adds going into the foreseeable future.

我要告訴你的是，我們接觸過的許多客戶，因為我們被集成到 AWS 中，因為我們被集成到 Snowflake 中，他們沒有通過這些渠道進入，儘管我會說如果您知道我在說什麼，那麼我們看到的大部分創紀錄的 RFP 現在都來自這些渠道。所以我認為從信譽和技術的角度來看，他們一直是非常重要的合作夥伴，今天我認為他們將成為可預見的未來新規模客戶增加的非常重要的客戶。

Chris, does that make sense?

克里斯，這有意義嗎？

Yes, yes. Totally.

是的是的。完全。

The next question is from Arjun Bhatia with William Blair.

下一個問題來自 Arjun Bhatia 和 William Blair。

Perfect. Congrats on another great quarter here guys. I wanted to maybe just continue on this theme of the customer additions. I mean it's not just customer additions, right? I think you're seeing pretty good ARPU growth. You're seeing large customers. You're seeing your super-scaled customers add to your cohorts. But when you just think about the business for 2023, we know we're entering a little bit more of an uncertain macro here. What does that do? What does this traction that you're seeing today with new customers do for your confidence in your 2023 growth plans? And then, what does it do, Chris, for visibility into your future revenue stream, now that you have a more -- a larger and more established base of customers that you can sell into, if things do get tougher.

完美的。祝賀你們又一個偉大的季度。我想也許只是繼續這個客戶添加的主題。我的意思是這不僅僅是客戶增加，對吧？我認為您看到了相當不錯的 ARPU 增長。你看到大客戶。您會看到超大規模客戶增加到您的同類群組中。但是當你只考慮 2023 年的業務時，我們知道我們正在進入一個更加不確定的宏觀環境。那有什麼作用？您今天看到的新客戶對您 2023 年增長計劃的信心有何影響？然後，Chris，如果事情變得更加艱難，那麼它有什麼作用，可以了解您未來的收入流，現在您擁有更多 - 更大，更成熟的客戶群，您可以銷售這些客戶群。

You're right. What we've said is that, our confidence is increasing that we can exceed the 2025 plan. And we think it's -- it's why it was so important for us to not just throw the javelin on the revenue and where profit could be, but to give you and our investors the mile markers along the way of scaled customer count of ARPU, of mix, of net revenue retention, so that we have the same yardstick for the type of progress we're making. We'll talk about 2023 in February. But you should leave this call feeling like our confidence has only been increasing with good quarters that we're putting up.

你是對的。我們所說的是，我們越來越有信心超越 2025 年計劃。我們認為這是 - 這就是為什麼對我們來說如此重要的不僅僅是將標槍投向收入和利潤可能在哪裡，而是為您和我們的投資者提供沿 ARPU 客戶數量擴展的里程標記，混合，淨收入保留，以便我們對我們正在取得的進展類型有相同的標準。我們將在 2 月討論 2023 年。但是你應該離開這個電話，感覺我們的信心只會隨著我們提供的良好季度而增加。

And you're right, in terms of the super-scaled customers, they have a higher net revenue retention rate than those that are $100,000 to $1 million, which makes them very sticky, easier to predict and rely upon, but also there's a 10x difference in the ARPU for greater than $1 million customer versus $100,000 to $1 million. As David said, the faster and faster we're getting them to that $1 million plus, you can almost see the moving as fast past that $1 million to the average of what is now over $4 million per. David?

你是對的，就超大規模客戶而言，他們的淨收入保留率高於 10 萬到 100 萬美元的客戶，這使得他們非常粘，更容易預測和依賴，但也有 10 倍超過 100 萬美元客戶與 100,000 至 100 萬美元客戶的 ARPU 差異。正如大衛所說，我們讓他們達到 100 萬美元以上的速度越來越快，你幾乎可以看到從 100 萬美元到現在平均超過 400 萬美元的速度。大衛？

Yes. And I -- without touching on 2023 because obviously, we've not given guidance on that, I think we'll do that in February, right Chris? But we believe that the times of uncertainty and the potential of a downturn is a net benefit to our firm. I don't want to insinuate we're countercyclical. What I want to insinuate is that, as times get tougher, marketers inside of companies look for new methodologies to cut cost. We are the single most efficient marketing platform that I'm aware of in the marketplace.

是的。我 - 沒有談到 2023 年，因為很明顯，我們還沒有給出指導，我想我們會在 2 月份這樣做，對吧克里斯？但我們相信，不確定的時代和經濟低迷的可能性對我們公司來說是一個淨收益。我不想暗示我們是反週期的。我想暗示的是，隨著時間變得更加艱難，公司內部的營銷人員正在尋找新的方法來削減成本。我們是我所知道的市場上唯一最有效的營銷平台。

And when you think about that at scale, what we're seeing and what we've publicly said is we currently are dealing with record RFP requests. In fact, we're hiring people to try to respond to all of the RFPs that we're getting. And then you couple that with Zeta Live coming out with 8,000 people attending, 1,500 high-quality leads, which for us, of course, is a big chunk. And you look at where the business is executing, I would actually argue that as things get more turbulent, it's actually a net benefit to us, and we don't want to waste this crisis. We are continuing to add great salespeople. And I want to reiterate again, we said we'd get to 120 to 130 by the end of the year. We said we're above 120 now. That's quality. We're still pruning the ones that are not exceptional. And we would have had a much higher number had we not pruned.

當你大規模考慮這一點時，我們所看到的和我們公開表示的是，我們目前正在處理創紀錄的 RFP 請求。事實上，我們正在招聘人員來嘗試響應我們收到的所有 RFP。然後再加上 Zeta Live，有 8,000 人參加，1,500 條高質量的線索，這對我們來說當然是一大筆錢。你看看業務在哪裡執行，我實際上會爭辯說，隨著事情變得更加動盪，這實際上對我們來說是一個淨收益，我們不想浪費這場危機。我們將繼續增加優秀的銷售人員。我想再次重申，我們說過到年底我們會達到 120 到 130。我們說我們現在超過 120。這就是質量。我們仍在修剪那些不是特別的。如果我們不進行修剪，我們的數量會多得多。

What I would also tell you is that, as times get uncertain, we get better flow of potential salespeople and engineers. So as we're seeing the marketplace where we're beating other companies on RFPs, the salespeople who are working for those other companies are calling us and saying, "we want to come over here." One of the metrics we didn't get into today that Chris -- and you can't get into every metric on every call is, how incredibly fast our new salespeople are getting to their first transaction. I know it's faster than we've ever seen in the past. And a lot of that is the quality of people we're on-boarding, the sales motion, our sales university. And in a downturn, I think we'll be able to accelerate hiring of great people, and I think we'll see more enterprises willing to take the risk on a pilot when we can come in and say, we can cut your cost to create, maintain and monetize customers by up to 50%.

我還要告訴你的是，隨著時間變得不確定，我們會更好地流動潛在的銷售人員和工程師。因此，當我們看到我們在 RFP 上擊敗其他公司的市場時，為其他公司工作的銷售人員打電話給我們說，“我們想過來。”我們今天沒有進入 Chris 的一個指標 - 你無法在每次通話中進入每個指標是，我們的新銷售人員完成第一筆交易的速度有多快。我知道這比我們過去見過的要快。其中很多是我們入職人員的素質、銷售活動、我們的銷售大學。在經濟低迷時期，我認為我們將能夠加快招聘優秀人才的速度，而且我認為我們會看到更多的企業願意冒險進行試點，我們可以進來說，我們可以削減你的成本創造、維護和貨幣化客戶高達 50%。

Perfect. That's super helpful. And then maybe just the last one for me. And David, you kind of touched on it a little bit there, but I was just hoping to put a finer point on it is, when you think about investing not just in the go-to-market motion, but also in developers and product, how are you approaching that at this time? Should we expect a balance between growth, profitability? Are you leaning one way or another as the market evolves here?

完美的。這非常有幫助。然後對我來說也許只是最後一個。大衛，你在那裡稍微提到了一點，但我只是希望更詳細地說明一點，當你考慮不僅投資於進入市場的行動，而且還投資於開發人員和產品時，您此時如何處理？我們應該期待增長與盈利之間的平衡嗎？隨著市場的發展，您是傾向於一種方式還是另一種方式？

I think one of the great things about our budgeting process and how flexible we are is we build a rollable budget. So we sort of look at the first quarter before we make all of our investment decisions for Q2, in Q2 for Q3. So we don't take any meaningful risk there. Although, before I throw it over to Chris to give better detail on that, I've been speaking and I regularly speak to a lot of business leaders, and it's funny. I continue to hear from a lot of other business leaders. My business is executing incredibly well. I'm seeing my pipeline full. I'm seeing more requests than I've seen in the past, but I'm really nervous because of all of the noise out there and everybody talking about it. I think we'd be naive if we weren't at least thinking about how we would roll forward that investment, but we're prepared to make the investments we need to execute on the business that we're closing, we can do it on a rolling basis, which I think gives us a lot of flexibility. Chris?

我認為關於我們的預算流程和我們的靈活性的一大優點是我們建立了一個可滾動的預算。因此，在我們為第二季度、第三季度的第二季度做出所有投資決策之前，我們先看看第一季度。因此，我們不會在那裡承擔任何有意義的風險。雖然，在我把它交給克里斯以提供更詳細的信息之前，我一直在講話，而且我經常與很多商業領袖交談，這很有趣。我繼續聽到許多其他商業領袖的意見。我的業務執行得非常好。我看到我的管道滿了。我看到的請求比過去更多，但我真的很緊張，因為外面到處都是噪音，每個人都在談論它。我認為，如果我們不至少考慮如何推進這項投資，那我們就太天真了，但我們已經準備好對我們正在關閉的業務進行執行所需的投資，我們可以做到在滾動的基礎上，我認為這給了我們很大的靈活性。克里斯？

Yes, and Arjun, we'll do what we said we would do in the Zeta 2025 plan. So as David mentioned earlier, we'll continue to invest in sales and marketing. We've said it will grow on an absolute dollars basis as fast or slightly faster than revenue growth. And on R&D and G&A, like you saw this quarter, where the R&D ETR was better 120 basis points, and the G&A ETR was better 170, with similar mix last quarter in 2Q, we'll get efficiencies. What the team has done exceptionally well is continue to utilize a global footprint for both R&D and G&A. So we can add people at a very compelling cost point. And we've done so, right? I think that's something we'll continue to focus on.

是的，Arjun，我們會按照我們在 Zeta 2025 計劃中所說的去做。因此，正如大衛之前提到的，我們將繼續投資於銷售和營銷。我們已經說過，按絕對美元計算，它將以與收入增長一樣快或略快的速度增長。在研發和 G&A 方面，就像你在本季度看到的那樣，R&D ETR 提高了 120 個基點，G&A ETR 提高了 170 個基點，在第二季度的上個季度有類似的組合，我們將獲得效率。該團隊做得非常出色的是繼續利用全球足跡進行研發和 G&A。因此，我們可以以極具吸引力的成本點增加人員。我們已經這樣做了，對吧？我認為這是我們將繼續關注的事情。

The next question is from Richard Baldry with ROTH Capital.

下一個問題來自 ROTH Capital 的 Richard Baldry。

Can you talk a little bit about the competitive win rates? I'm sort of curious as the RFP percentage or growth in RFPs goes up so much, are those more competitive, or are you seeing sort of the same people involved, or are they somehow less competitive because they're only targeting a limited number of vendors that they invite in?

你能談談有競爭力的贏率嗎？我有點好奇，因為 RFP 的百分比或 RFP 的增長如此之快，那些更具競爭力，或者你看到的是相同的人參與，還是他們的競爭力較低，因為他們只針對有限的數量他們邀請的供應商？

That's a great question as usual, Rich. So I would expect the percentage of RFPs we close to actually lower as a percentage from a win rate perspective. Like you can't quadruple the number of RFPs and still win 50%-plus of them, right? But what we're seeing is we continue to win a disproportionately high percentage of them, substantially higher than our market share. And yes, we -- as we get a bigger reputation, we're just naturally going to start to get some RFPs that the company literally just has to go out to RFP and doesn't want to change your existing vendor.

像往常一樣，這是一個很好的問題，Rich。因此，從獲勝率的角度來看，我預計我們接近的 RFP 百分比實際上會降低。就像您不能將 RFP 的數量翻兩番並仍然贏得 50% 以上的 RFP，對吧？但我們看到的是，我們繼續贏得不成比例的高比例，大大高於我們的市場份額。是的，我們 - 隨著我們獲得更大的聲譽，我們自然會開始獲得一些 RFP，公司實際上只需要出去 RFP 並且不想改變您現有的供應商。

And we used to not even bother to respond to those because we didn't have the bandwidth to respond to those. We're now responding, because we want to show those companies, even if they're not seriously considering leaving, our RFP response might be, we can sit alongside of that. Because to remind you, as you know, one of the great things about our platform is we can wrap around an existing tech stack. So if another company is the CRM of record, we can become the customer acquisition platform.

我們過去甚至懶得回應那些，因為我們沒有足夠的帶寬來回應那些。我們現在正在回應，因為我們想向這些公司展示，即使他們沒有認真考慮離開，我們的 RFP 回應可能是，我們可以坐在旁邊。因為要提醒您，正如您所知，我們平台的一大優點是我們可以圍繞現有的技術堆棧。因此，如果另一家公司是記錄的 CRM，我們可以成為客戶獲取平台。

If another company is using a particular agency for their customer acquisition versus a software platform like ours and doing it internally, it's very easy for us to plug into the CRM. So I think we're going to -- we haven't really tabulated. I think we actually did win over half last quarter. But at the end of the day, I would expect that percentage to trail down to the 30%s or 40%s, but if you've got 4x as many RFPs and you're closing 33% of them, that's better than closing 50% of that 25% number. And we're trying to keep our eye on the ball here where we are coming up against.

如果另一家公司使用特定機構來獲取客戶，而不是像我們這樣的軟件平台，並且在內部進行，那麼我們很容易接入 CRM。所以我認為我們將 - 我們還沒有真正製成表格。我認為我們上個季度確實贏了一半以上。但在一天結束時，我預計該百分比會下降到 30% 或 40%，但如果你有 4 倍多的 RFP 並且你關閉了其中的 33%，那比關閉更好這 25% 的數字的 50%。我們正在努力將注意力集中在我們遇到的球上。

And to answer the second part of your question, we're not seeing any new entrants into our ecosystem, right? There's only so many companies that can handle the type of scaled enterprise that we can handle. And we're seeing a couple of the very large incumbents fall off the map almost completely. And we're seeing a couple of the very large incumbents continue to win as enterprises look at their total suite of products, which does -- which includes many products we don't sell. We're not in the sales force automation play and we're not in the publishing world. But as we are even seeing companies that centralize on those guys come back to us and say, "Hey, can you wrap around this and help us with this component?"

為了回答你問題的第二部分，我們沒有看到任何新進入者進入我們的生態系統，對嗎？只有這麼多公司可以處理我們可以處理的規模化企業類型。我們看到一些非常大的現任者幾乎完全從地圖上掉下來了。我們看到一些非常大的現有企業繼續獲勝，因為企業正在審視他們的整套產品，其中包括許多我們不銷售的產品。我們不在銷售人員自動化領域，也不在出版界。但是，我們甚至看到以這些人為中心的公司回過頭來對我們說，“嘿，你能解決這個問題並幫助我們解決這個問題嗎？”

Maybe one for Chris. It's good to see the buyback start up. You talked about using more on a cash flow than drawing down the balance sheet. But still under half of what your free cash flow was in the quarter. So I'm sort of curious your thought process around how aggressive you expect to be on that, either finishing up the year on a go-forward basis overall?

也許一個給克里斯。很高興看到回購開始。你談到在現金流上使用更多而不是減少資產負債表。但仍低於本季度自由現金流量的一半。所以我有點好奇你的想法，你希望在這方面有多大的進取心，要么在整體上繼續前進的基礎上結束這一年？

Yes, you are right. We devoted $4.3 million towards the programs. What we said is that, we've kind of earmarked in our own minds, if you will, anywhere around 50%, maybe as high as 75%, but probably more likely 50% of the free cash flow we generated. So we are kind of right on plan for this quarter.

是的你是對的。我們為這些計劃投入了 430 萬美元。我們所說的是，如果你願意的話，我們已經在自己的腦海中指定了大約 50%，可能高達 75%，但更可能是我們產生的自由現金流的 50%。所以我們本季度的計劃是正確的。

Remember, $9.6 million, $9.4 million in free cash flow, $4.2 million in buyback, we were slightly below that. But I think we'll continue to target around 50%.

請記住，960 萬美元，940 萬美元的自由現金流，420 萬美元的回購，我們略低於此。但我認為我們將繼續以 50% 左右為目標。

The next question is from DJ Hynes with Canaccord Genuity.

下一個問題來自 DJ Hynes 和 Canaccord Genuity。

Congrats on the results and nice to hear of the continued pipeline strength. I have 2 questions for Chris. So Chris, I'm often asked by investors about visibility into variable or usage-based revenue. Can you just quantify how much that accounts for? How you think about forecasting that part of the business? Any color on kind of the commitments that are made to you on that front? That would be helpful.

祝賀結果，很高興聽到持續的管道強度。我有兩個問題要問克里斯。所以克里斯，投資者經常問我關於可變或基於使用的收入的可見性。你能量化一下這佔多少嗎？您如何看待預測這部分業務？在這方面對您做出的承諾有任何顏色嗎？那會很有幫助。

Yes. I think the simplest way to think about it, and one of our customers said this at Zeta Live, which is the more data they run through our CDP, it results in the more they want to activate. And it's that activation that happens, that's the point of ROI realization and that's what compels them to continue to double down and spend more on that part of our revenue stream. So as long as we continue to tie our results to the ROI they see, and they get it in a very fast time to value, that revenue becomes very easy to predict. It's frankly, if you -- when working with my team on the planning side, it's one of the fastest models they're able to pull together, because there are so many customers with so much predictable replenishment. And for many of our contracts, as we've said, are getting longer in duration, has only added to our ability to predict it, forecast it and rely on it as a solid revenue stream.

是的。我認為這是最簡單的思考方式，我們的一位客戶在 Zeta Live 上說過，他們通過我們的 CDP 運行的數據越多，他們想要激活的數據就越多。正是這種激活發生了，這就是投資回報率的實現點，這就是迫使他們繼續加倍努力並在我們收入流的這一部分上投入更多資金的原因。因此，只要我們繼續將我們的結果與他們看到的 ROI 聯繫起來，並且他們在非常快的時間內實現價值，那麼收入就會變得非常容易預測。坦率地說，如果你 - 在與我的團隊在規劃方面合作時，它是他們能夠拉到一起的最快模型之一，因為有這麼多的客戶有這麼多可預測的補貨。對於我們的許多合同，正如我們所說，持續時間越來越長，這只會增加我們預測、預測和依賴它作為可靠收入來源的能力。

Yes, okay, that's helpful and good to hear. And then the follow-up would be, look, we have your Zeta 2025 targets, right, $200 million plus in EBITDA. You're clearly tracking ahead of that for now. What do you think free cash flow conversion on that $200 million in EBITDA might look like? Have you put any thought to that?

是的，好的，這很有幫助，很高興聽到。然後後續行動是，看，我們有你的 Zeta 2025 目標，正確的，EBITDA 超過 2 億美元。您現在顯然正在跟踪。您認為 2 億美元 EBITDA 的自由現金流轉換可能是什麼樣的？你有沒有想過這個？

It's -- we get the question a lot from the analyst community and investors. It's certainly something that we're considering updating as part of our 2023 and update on Zeta 2025 in February. But I think the progression that you've seen from where we are today versus where we were a year ago, we've got 42% conversion year-to-date. That compares to 7% year-to-date last year. The way that we're running the business is we're driving very profitable contracts, and we're having more and more of a drop to the free cash flow lines. But I'd expect that to be something we comment on in more detail when we're in February.

這是——我們從分析師社區和投資者那裡得到了很多問題。我們正在考慮將其作為 2023 的一部分進行更新，並在 2 月份對 Zeta 2025 進行更新。但我認為你從我們今天看到的進展與一年前相比，我們今年迄今的轉化率為 42%。相比之下，去年年初至今為 7%。我們經營業務的方式是我們正在推動非常有利可圖的合同，而且我們的自由現金流量越來越多。但我希望我們在 2 月時能對此進行更詳細的評論。

Yes. Sounds like a plan. Well, congrats on the results.

是的。聽起來像是個計劃。好吧，恭喜結果。

(Operator Instructions) The next question is from Ryan MacWilliams with Barclays.

（操作員說明）下一個問題來自巴克萊銀行的 Ryan MacWilliams。

Pleased to see 3 straight quarters of accelerating top line. Guys, given your improving market opportunity, any additional interest in adding new features to acquisition? And maybe any areas in particular that might make sense there?

很高興看到連續三個季度加速增長。伙計們，考慮到你們不斷改善的市場機會，是否有興趣為收購添加新功能？也許有任何特別有意義的領域？

Yes. So thank you, Ryan. I think -- listen, we've been, I think, over the years, incredibly opportunistic as it relates to M&A. And we're going into a period of time where I think you could see some opportunities that are out there. We feel like we have developed internally the vast majority of the sort of features and functions we need in the platform. But as you know, we're always looking to add additional great people, we're always looking to add additional data that is proprietary and differentiated in the marketplace. And we continue to believe that the future of marketing is going to be with CDPs and CTV.

是的。所以謝謝你，瑞安。我認為 - 聽著，我認為，多年來，我們在併購方面一直非常投機取巧。我們正在進入一段時期，我認為你可以看到一些機會。我們覺得我們已經在內部開發了該平台所需的絕大多數特性和功能。但正如您所知，我們一直在尋求增加更多優秀人才，我們一直在尋求增加專有且在市場上脫穎而出的額外數據。我們仍然相信，營銷的未來將與 CDP 和 CTV 相關。

And as we look out on to the landscape, we think there is some interesting potential opportunities, but I want to reiterate again and I want to be super clear about this. Zeta has never done a "transformative acquisition," and we have none currently on the roadmap, right? We continue to focus on smaller businesses where we can pick up great people and great products and wrap them into our platform and now roll them out to our 1,000-plus global enterprise clients. And we'll continue to look at that, but we're always sort of on the lookout for deals and always looking to do interesting tuck-ins.

當我們展望未來時，我們認為存在一些有趣的潛在機會，但我想再次重申，我想非常清楚這一點。 Zeta 從未進行過“變革性收購”，我們目前也沒有在路線圖上，對吧？我們繼續專注於小型企業，我們可以在這些企業中挑選優秀的人才和優秀的產品，並將它們打包到我們的平台中，現在將它們推廣給我們的 1,000 多家全球企業客戶。我們將繼續關注這一點，但我們一直在尋找交易，並一直在尋找有趣的機會。

I appreciate the color there. And it's also nice to see that the scaled customers are using more than one use case that's up 36% year-over-year. Any use case in particular that's particularly resonating with these scaled customers, maybe it's CDP or opportunity explorer, a little more color there?

我欣賞那裡的顏色。也很高興看到規模擴大的客戶使用的用例不止一個，同比增長 36%。任何特別引起這些規模化客戶共鳴的用例，也許是 CDP 或機會瀏覽器，還有更多顏色嗎？

Yes. So thank you, Ryan. I think -- listen, we've been, I think, over the years, incredibly opportunistic as it relates to M&A. And we're going into a period of time where I think you could see some opportunities that are out there. We feel like we have developed internally the vast majority of the sort of features and functions we need in the platform. But as you know, we're always looking to add additional great people, we're always looking to add additional data that is proprietary and differentiated in the marketplace. And we continue to believe that the future of marketing is going to be with CDPs and CTV.

是的。所以謝謝你，瑞安。我認為 - 聽著，我認為，多年來，我們在併購方面一直非常投機取巧。我們正在進入一段時期，我認為你可以看到一些機會。我們覺得我們已經在內部開發了該平台所需的絕大多數特性和功能。但正如您所知，我們一直在尋求增加更多優秀人才，我們一直在尋求增加專有且在市場上脫穎而出的額外數據。我們仍然相信，營銷的未來將與 CDP 和 CTV 相關。

And as we look out on to the landscape, we think there is some interesting potential opportunities, but I want to reiterate again and I want to be super clear about this. Zeta has never done a "transformative acquisition," and we have none currently on the roadmap, right? We continue to focus on smaller businesses where we can pick up great people and great products and wrap them into our platform and now roll them out to our 1,000-plus global enterprise clients. And we'll continue to look at that, but we're always sort of on the lookout for deals and always looking to do interesting tuck-ins.

當我們展望未來時，我們認為存在一些有趣的潛在機會，但我想再次重申，我想非常清楚這一點。 Zeta 從未進行過“變革性收購”，我們目前也沒有在路線圖上，對吧？我們繼續專注於小型企業，我們可以在這些企業中挑選優秀的人才和優秀的產品，並將它們打包到我們的平台中，現在將它們推廣給我們的 1,000 多家全球企業客戶。我們將繼續關注這一點，但我們一直在尋找交易，並一直在尋找有趣的機會。

I appreciate the color there. And it's also nice to see that the scaled customers are using more than one use case that's up 36% year-over-year. Any use case in particular that's particularly resonating with these scaled customers, maybe it's CDP or Opportunity Explorer, a little more color there?

我欣賞那裡的顏色。也很高興看到規模擴大的客戶使用的用例不止一個，同比增長 36%。有沒有特別引起這些規模化客戶共鳴的用例，也許是 CDP 或 Opportunity Explorer，有更多顏色嗎？

Yes. CTV and CDP, what David said is we see as our big, big future growth products, are the products being most added by super-scaled customers and scaled customers.

是的。 CTV和CDP，大衛說的是我們看到的我們未來很大很大的增長產品，是超規模客戶和規模客戶添加最多的產品。

The other thing we debuted at Zeta Live, which I am super excited about is our Agile intelligence product, which it's really the evolution of the Opportunity Explorer, Ryan. What that does is not only does it put all of the data at the fingertips of the marketer, it puts all of the data at the fingertips of the business intelligence assets inside our enterprise clients. So they're able to use that data to figure out everything from where should they put their next physical location to where should they be investing the next best marketing dollar. And as we evolve Internet -- I'm sorry, as we evolve our Explorer product to the Agile Intelligence product, I think it just is going to go to the next level. Now, you know I'm old that I talked about Internet Explorer instead of Opportunity Explorer, but I hope you all know what I meant.

我們在 Zeta Live 上首次亮相的另一件讓我非常興奮的事情是我們的敏捷智能產品，它實際上是機會探索者 Ryan 的演變。它所做的不僅是將所有數據置於營銷人員的指尖，還將所有數據置於我們企業客戶內部商業智能資產的指尖。因此，他們能夠使用這些數據來計算一切，從他們應該在哪裡放置他們的下一個物理位置到他們應該在哪裡投資下一個最好的營銷資金。隨著我們發展 Internet -- 抱歉，當我們將 Explorer 產品發展為 Agile Intelligence 產品時，我認為它會更上一層樓。現在，你知道我已經老了，我談論的是 Internet Explorer 而不是 Opportunity Explorer，但我希望你們都明白我的意思。

We got the picture. I appreciate the color there.

我們得到了照片。我欣賞那裡的顏色。

This concludes the question-and-answer session. I would like to turn the conference back over to David Steinberg for any closing remarks.

問答環節到此結束。我想將會議轉回給 David Steinberg 作閉幕詞。

We feel like we did an exceptional job this quarter. It really comes down to the people that we have at Zeta. We have some of the most amazing people I've ever had the honor of working with and you're seeing people's grit, you're seeing their focus, and you're seeing it first through a global pandemic, now you're seeing it through probably the first rising interest rate environment that the vast majority of them have ever experienced in their careers. Most of them are not sort of old like me, and you're seeing it in an environment where competition is as tough as ever.

我們覺得本季度我們做得非常出色。這真的取決於我們在 Zeta 的員工。我們有一些最了不起的人，我有幸與之共事過，你看到了他們的勇氣，你看到了他們的專注，你首先看到了全球大流行病，現在你看到了這可能是他們中的大多數人在其職業生涯中經歷過的第一次利率上升環境。他們中的大多數人並不像我那麼老，而且您在競爭一如既往的激烈環境中看到了這一點。

Our people continue to be what drives us to the next level, grit, hard work, and wanting to win is really the culture that we focus on here. And I'll tell you, I could not be more proud of this quarter, I could not be more proud of this team, and I could not be more proud to be the leader of Zeta Global. I hope everybody has a great day, week, and month. Take care. Bye.

我們的員工仍然是推動我們更上一層樓的動力，堅韌不拔、努力工作和想贏才是我們真正關注的文化。我會告訴你，我為這個季度感到無比自豪，我為這個團隊感到無比自豪，我為成為 Zeta Global 的領導者感到無比自豪。我希望每個人都有美好的一天、一周和一個月。小心。再見。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。