Zeta Global Holdings Corp (ZETA) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Zeta First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Scott Schmitz, Senior Vice President of Investor Relations. Thank you. You may begin.

您好，歡迎來到 Zeta 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人，投資者關係高級副總裁 Scott Schmitz。謝謝。你可以開始了。

Thank you, operator. Hello, everyone, and thank you for joining us for Zeta's First Quarter 2023 Conference Call. 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.

謝謝你，運營商。大家好，感謝您參加 Zeta 2023 年第一季度電話會議。 Zeta 的投資者關係網站 investors.zetaglobal.com 上提供了今天的演示文稿和收益發布，您還可以在該網站上找到我們提交給美國證券交易委員會的文件的鏈接，以及有關 Zeta 的其他信息。

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. 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 in 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.

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。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聲明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聲明，包括關於在我們的目標和戰略中，我們產品的市場潛力、潛在競爭和我們產品的收入。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 our 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 the corresponding GAAP measures, where appropriate, can be found in the earnings presentation available on our website as well as our 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我們的 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我們的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 considering the date May the 4th be with you.

謝謝你，斯科特。大家下午好，考慮到 5 月 4 日這一天。

2023 is off to a strong start. We continue to execute through a volatile macro backdrop, producing our seventh consecutive quarter ahead of consensus and raising our outlook. In the first quarter of 2023 we delivered revenue of $158 million, up 25% year-over-year, with adjusted EBITDA of $24 million, up 28% year-over-year. Our adjusted EBITDA margin of 15.3% expanded 40 basis points year-over-year.

2023 年開局良好。我們繼續在動蕩的宏觀背景下執行，連續第七個季度領先於共識並提高了我們的前景。 2023 年第一季度，我們實現收入 1.58 億美元，同比增長 25%，調整後 EBITDA 為 2400 萬美元，同比增長 28%。我們調整後的 EBITDA 利潤率為 15.3%，同比增長 40 個基點。

Q1 was another proof point in our belief that the market is moving in Zeta's direction, the proliferation of artificial intelligence and data-driven insights, combined with the need to do more with less fits squarely within our sweet spot. Our execution against this enormous opportunity continues to drive strong new customer growth. In this volatile market, we continue to see organizations more willing to take risk with new partners and adopt new solutions in order to drive better outcomes. This has resulted in our new scaled customer count growing twice as fast as our Zeta 2025 model.

Q1 是我們相信市場正在朝著 Zeta 的方向發展的另一個證據，人工智能和數據驅動洞察力的激增，加上我們需要用更少的資源做更多的事情，這恰好符合我們的最佳選擇。我們對這個巨大機會的執行繼續推動強勁的新客戶增長。在這個動蕩的市場中，我們繼續看到組織更願意與新合作夥伴一起冒險並採用新的解決方案以取得更好的成果。這導致我們新擴展的客戶數量增長速度是我們的 Zeta 2025 模型的兩倍。

Along these lines, I would like to start out by focusing on 3 topics that outline how we have achieved and what we believe is a long-term sustainable advantage in the marketplace. First, since our founding, we have held steadfast to our vision to reduce marketing complexity by eliminating point solutions, making data actionable and realizing the promise of more accountability and ROI-driven marketing. Second, these guiding principles are embodied in our Zeta Marketing Platform or ZMP, which brings together identity, intelligence and activation into a single differentiated platform that delivers better experiences for consumers and better results for brands. And third, the market's embrace of our strategy during a time of technological change is evident through multiple Fortune 100 wins. In the first quarter, we signed one of our largest contracts ever as a company, which I will outline in detail.

沿著這些思路，我想首先關注 3 個主題，這些主題概述了我們如何取得的成就以及我們認為在市場上的長期可持續優勢。首先，自成立以來，我們一直堅持我們的願景，即通過消除點解決方案、使數據具有可操作性並實現更多問責制和 ROI 驅動營銷的承諾來降低營銷複雜性。其次，這些指導原則體現在我們的 Zeta 營銷平台或 ZMP 中，它將身份、智能和激活整合到一個差異化的平台中，為消費者提供更好的體驗，為品牌帶來更好的結果。第三，在技術變革時期市場對我們戰略的接受通過多個財富 100 強的勝利顯而易見。在第一季度，我們簽署了公司有史以來最大的合同之一，我將對此進行詳細概述。

But first, let me expand on our vision and our platform differentiation. Over the last 15 years, we have invested and innovated to assemble one of the largest proprietary opt-in databases, filed more than 100 patents tied to machine learning, AI and other cutting-edge technologies and developed a next-generation marketing cloud to help the world's most sophisticated marketers acquire, grow and retain customers at a lower cost than they can without our data and our software. These early investments and innovations have strengthened our competitive position as the marketing technology sector continues to evolve. Our flexible and scalable data layer enhances and extends the investments that enterprises have made in modern data warehouses, such as Snowflake, and has a robust identity resolution capability built in. This makes it easier for marketers to target the right customers at the right time.

但首先，讓我擴展一下我們的願景和我們的平台差異化。在過去的 15 年裡，我們通過投資和創新組建了最大的專有選擇加入數據庫之一，申請了 100 多項與機器學習、人工智能和其他尖端技術相關的專利，並開發了下一代營銷雲來幫助與沒有我們的數據和軟件的情況相比，世界上最老練的營銷人員以更低的成本獲得、發展和留住客戶。隨著營銷技術領域的不斷發展，這些早期投資和創新加強了我們的競爭地位。我們靈活且可擴展的數據層增強和擴展了企業在現代數據倉庫（例如 Snowflake）中所做的投資，並且內置了強大的身份解析功能。這使營銷人員可以更輕鬆地在正確的時間瞄準正確的客戶。

Our modern intelligence layer leverages our proprietary AI and ingest trillions of behavioral signals to turn insights into action. And our activation layer delivers superior omnichannel reach and deterministic measurement by unifying around a single view of the customer and delivering more individualized experiences. By consolidating these elements into one single platform, the ZMP increases accountability, reduces complexity, eliminates waste and ultimately produces better outcomes at lower cost for enterprises versus competing solutions.

我們的現代智能層利用我們專有的 AI 並攝取數万億個行為信號，將洞察力轉化為行動。我們的激活層通過統一客戶的單一視圖並提供更加個性化的體驗，提供卓越的全渠道覆蓋和確定性測量。通過將這些元素整合到一個單一的平台中，ZMP 增加了問責制、降低了複雜性、消除了浪費，並最終以更低的成本為企業帶來了比競爭解決方案更好的結果。

Let me give you a detailed example. This past quarter, we signed a multiyear 8-figure deal with one of the largest worldwide retailers to become their marketing cloud. The requirements were very complex. First, they required a modern architecture that could scale globally across channels. Second, they needed localized expertise because as decision-making was decentralized through regional representatives. Third, they required IT buy-in with the ability to leverage cloud partners such as Snowflake, with optimized integration and data sharing capabilities. And fourth, they needed a solution that aligned with their mission to efficiently acquire new customers and grow their existing relationships while remaining laser-focused on measurable ROI.

讓我給你一個詳細的例子。上個季度，我們與全球最大的零售商之一簽署了一項為期 8 位數的多年協議，成為他們的營銷雲。要求非常複雜。首先，他們需要一個可以跨渠道在全球範圍內擴展的現代架構。其次，他們需要本地化的專業知識，因為決策是通過區域代表下放的。第三，他們需要 IT 支持，能夠利用 Snowflake 等雲合作夥伴，以及優化的集成和數據共享功能。第四，他們需要一個符合其使命的解決方案，以有效地獲取新客戶並發展現有關係，同時保持高度專注於可衡量的投資回報率。

The RFP process started with over 10 vendors. All of the legacy marketing clouds we typically see were dismissed in the early rounds as their platforms did not meet the modern architecture and functionality requirements. And many of the smaller upstarts lack the scale and enterprise sophistication. The ZMP stood out as it combines next-generation technology with enterprise-grade assets and know-how to win during the transition to a new era of marketing technology. Ultimately, we won because we brought a many-to-one solution to this retailer. There were many problems they were trying to solve, and many decision-makers involved. And we were the only one who came to them with an all-in-one solution. In a world of uncertainty, we provided accountability and delivered a compelling platform that both lowered the cost of ownership and laid a foundation for predictable, profitable and scalable growth.

RFP 流程從 10 多家供應商開始。我們通常看到的所有遺留營銷雲在早期輪次中都被淘汰了，因為它們的平台不符合現代架構和功能要求。許多較小的新貴缺乏規模和企業成熟度。 ZMP 脫穎而出，因為它將下一代技術與企業級資產和專業知識相結合，在向營銷技術新時代的過渡中取勝。最終，我們贏了，因為我們為這家零售商帶來了多對一的解決方案。他們試圖解決許多問題，並且涉及許多決策者。我們是唯一一個帶著一體化解決方案來找他們的人。在充滿不確定性的世界中，我們提供了問責制並交付了一個引人注目的平台，該平台既降低了擁有成本，又為可預測、盈利和可擴展的增長奠定了基礎。

In a world accelerating towards digital transformation and artificial intelligence, we provided a platform with these foundational elements embedded in the core of our platform. In a world of doing more with less, we were able to demonstrate our ability to provide better outcomes. We believe no other company had the ability to combine a marketing cloud with real-time intense signals like Zeta and activate to them in real time. We brought a unique ability to identify unknown customers and unlock hidden opportunities that they otherwise would not have known about. Our data and our artificial intelligence create a moat around our business, and that moat is only widening with the new generative AI capabilities embedded in the ZMP announced earlier this week from Zeta labs. As with everything we do, we are approaching generative AI as part of our vision to make sophisticated marketing simple, with the goal to solve our clients' biggest business challenges and deliver better results on their marketing investments.

在加速邁向數字化轉型和人工智能的世界中，我們提供了一個平台，將這些基本元素嵌入到我們平台的核心中。在一個少花錢多辦事的世界裡，我們能夠展示我們提供更好結果的能力。我們相信沒有其他公司有能力將營銷雲與像 Zeta 這樣的實時強烈信號結合起來並實時激活它們。我們帶來了一種獨特的能力，可以識別未知客戶並釋放他們原本不會知道的隱藏機會。我們的數據和人工智能在我們的業務周圍形成了護城河，而護城河只會隨著本週早些時候 Zeta 實驗室宣布的 ZMP 中嵌入的新生成 AI 功能而擴大。與我們所做的一切一樣，我們正在將生成人工智能作為我們使復雜營銷變得簡單的願景的一部分，目標是解決客戶面臨的最大業務挑戰並為他們的營銷投資帶來更好的結果。

Zeta's generative AI agents powered by ZOE or Zeta Opportunity Engine, which has evolved from ChatBotZeta technology will behave, experience and learn like humans within the ZMP, putting the power of AI directly into marketers' hands. With a simple question, ZOE will answer critical marketing questions such as who should I target, which channels are most profitable for me, what are the most common journeys my customers take. We believe our generative AI will not only improve what marketers currently do, but also generate new ideas and strategies with speed and scale so they can deliver higher ROI and accelerate results. There is a lot more to come as we're incredibly focused on AI as we have been for many years.

Zeta 的生成人工智能代理由 ZOE 或 Zeta Opportunity Engine 提供支持，它是從 ChatBotZeta 技術發展而來的，將在 ZMP 中像人類一樣表現、體驗和學習，將人工智能的力量直接交到營銷人員手中。通過一個簡單的問題，ZOE 將回答關鍵的營銷問題，例如我應該定位誰、哪些渠道對我來說最有利可圖、我的客戶最常見的旅程是什麼。我們相信，我們的生成式 AI 不僅會改進營銷人員目前的工作，還會快速和大規模地產生新的想法和策略，以便他們能夠提供更高的投資回報率並加速取得成果。隨著我們多年來一直非常專注於 AI，還有很多事情要做。

In summary, we are off to a strong start in 2023 as we continue to capitalize on the need for more efficient and effective marketing technology. And as always, I would like to sincerely thank our customers, our partners, team Zeta and all of our shareholders for the ongoing support of our vision.

總而言之，隨著我們繼續利用對更高效和更有效的營銷技術的需求，我們在 2023 年有了一個良好的開端。一如既往，我要衷心感謝我們的客戶、合作夥伴、Zeta 團隊和所有股東對我們願景的持續支持。

Now let me turn it over to our young Jedi, Chris, to discuss our results in greater detail. Chris?

現在讓我把它交給我們年輕的絕地武士克里斯，更詳細地討論我們的結果。克里斯？

Thank you, David, and good afternoon, everyone. In the words of the great Yoda, "Do or do not, there is no try." I'll spare you my voice impersonation.

謝謝你，大衛，大家下午好。用偉大的尤達的話來說，“做或不做，沒有嘗試。”我會饒過你我的聲音模仿。

But in all seriousness, in the first quarter, Zeta did a lot. I'll cover them in 3 broad categories. First, I'll share what led to our seventh consecutive quarter of beat and raise execution and how we're navigating a challenging macro backdrop. Second, I'll detail what's driving the continued growth in our sales pipeline and RFPs. I'll also cover our strong sales productivity metrics. Third, I'll walk through our KPIs and how they continue to power revenue and adjusted EBITDA growth rates above what is required to deliver the Zeta 2025 long-term model of at least $1 billion in revenue, $200 million in adjusted EBITDA and $110 million in free cash flow. And I'll wrap up with the details of our $10 million increase to full year revenue guidance and the operating leverage contributing to more than a $2 million increase in adjusted EBITDA guidance to $120 million. Okay. With that, let's dive in.

但說真的，在第一節，Zeta 做了很多。我將把它們分為 3 大類。首先，我將分享是什麼導致我們連續第七個季度節節敗退並提高執行力，以及我們如何應對充滿挑戰的宏觀背景。其次，我將詳細說明是什麼推動了我們的銷售渠道和 RFP 的持續增長。我還將介紹我們強大的銷售生產力指標。第三，我將介紹我們的 KPI 以及它們如何繼續推動收入和調整後的 EBITDA 增長率超過交付至少 10 億美元收入、2 億美元調整後 EBITDA 和 1.1 億美元的 Zeta 2025 長期模型所需的增長率在自由現金流中。最後，我將詳細介紹我們將全年收入指引增加 1000 萬美元，以及運營槓桿使調整後的 EBITDA 指引增加超過 200 萬美元，達到 1.2 億美元。好的。有了這個，讓我們開始吧。

Our results illustrate the importance of having a diverse customer set and a multichannel use case revenue model. These characteristics certainly contributed to our execution in a more challenging macro environment. To illustrate this, 9 out of our 10 largest industry verticals grew double digits year-to-year, resulting in first quarter revenue of $158 million, up 25% year-to-year. Results like this have been consistent from Zeta with 8 out of the last 9 quarters delivering revenue growth in excess of 20% while simultaneously expanding adjusted EBITDA margins year-over-year for 9 straight quarters. That's a track record very hard to replicate, especially in today's environment.

我們的結果說明了擁有多樣化客戶群和多渠道用例收入模型的重要性。這些特徵無疑有助於我們在更具挑戰性的宏觀環境中執行。為了說明這一點，我們 10 個最大的垂直行業中有 9 個實現了兩位數的同比增長，導致第一季度收入達到 1.58 億美元，同比增長 25%。這樣的結果與 Zeta 一致，過去 9 個季度中有 8 個實現了超過 20% 的收入增長，同時連續 9 個季度擴大了調整後的 EBITDA 利潤率。這是一個很難復制的記錄，尤其是在當今的環境中。

This dual focus on near- and long-term execution is enabling Zeta to stay ahead of our 2025 long-term plan for revenue, profit and cash. And staying ahead is underpinned by continuing to execute on our KPIs, which in the first quarter once again powered our growth. Total scaled customer count to 411 was up 8% from last quarter and up 52% versus last year, representing 14% year-to-year growth, 2x the rate of growth required to achieve our Zeta 2025 model of at least 500 scaled customers. The drivers behind the scaled customer increases were encouraging, especially considering seasonality where the first quarter is oftentimes the most challenging for the martech ecosystem. For context, the 8 scaled customers we added this quarter were more than twice the Q4 to Q1 average sequential change over the last 2 years. Of the 8 scaled customer increase quarter-to-quarter, 6 were new to Zeta and 2 were existing customers that became scaled. And we continue to see industries under the most economic pressure choose Zeta. In the super-scaled cohort alone, which increased 7 quarter-to-quarter, we gained customers in consumer retail, advertising and marketing, travel and hospitality and technology industries. We're growing customer count and customer spend on the platform.

這種對近期和長期執行的雙重關注使 Zeta 能夠領先於我們 2025 年的收入、利潤和現金長期計劃。繼續執行我們的 KPI 是保持領先的基礎，這在第一季度再次推動了我們的增長。規模化客戶總數達到 411，比上一季度增長 8%，比去年增長 52%，同比增長 14%，是實現至少 500 家規模化客戶的 Zeta 2025 模型所需增長率的 2 倍。客戶規模擴大背後的驅動因素令人鼓舞，尤其是考慮到季節性因素，因為第一季度通常是 Martech 生態系統最具挑戰性的時期。就背景而言，我們本季度增加的 8 個規模化客戶是過去 2 年第 4 季度至第 1 季度平均連續變化的兩倍多。在按季度增加的 8 個擴展客戶中，6 個是 Zeta 的新客戶，2 個是擴展後的現有客戶。我們繼續看到承受最大經濟壓力的行業選擇 Zeta。僅在超大規模隊列中，我們就獲得了消費者零售、廣告和營銷、旅遊和酒店以及技術行業的客戶，該隊列環比增長了 7 個。我們正在增加平台上的客戶數量和客戶支出。

The first quarter was the 11th consecutive quarter in which scaled customer ARPU grew double digits, up 10% year-to-year from first quarter 2022. Our superscale cohort once again led the way, growing ARPU 18% year-to-year with superscaled revenue up 31% year-to-year. At the same time, the pipeline for future superscale customers, those in the $100,000 to $1 million cohort, saw strong year-to-year customer count growth of 16%. This was the second quarter in a row where customer count grew 16%. Increases from this cohort driven by pilots can grow to more than $700,000 in the first 12 months as seen on Slide 11 of our supplemental earnings presentation, making these customers fertile ground for our farmers.

第一季度是規模客戶 ARPU 連續第 11 個季度增長兩位數，比 2022 年第一季度同比增長 10%。我們的超大規模客戶群再次領先，ARPU 同比增長 18%，超大規模客戶收入同比增長31%。與此同時，未來超大規模客戶的管道，即 100,000 至 100 萬美元隊列中的客戶數量同比強勁增長 16%。這是客戶數量連續第二個季度增長 16%。如我們補充收益演示文稿的幻燈片 11 所示，在前 12 個月內，由飛行員驅動的這一群體的增長可以增長到超過 700,000 美元，從而使這些客戶成為我們農民的肥沃土壤。

We're also benefiting from an increasing number of connection points added to the ZMP by our product team as shown through the lens of multichannel scaled customer adoption. This is defined by scaled customers using 3 or more channels, which in the first quarter grew year-over-year by 41%, now representing more than 25% of Zeta-scaled customers. This is further exemplified in the $100,000 to $1 million and greater than $1 million cohort, where both groups saw year-to-year increases in average channels per customer.

我們還受益於我們的產品團隊向 ZMP 添加的越來越多的連接點，如多渠道規模客戶採用的鏡頭所示。這是由使用 3 個或更多渠道的規模化客戶定義的，這些客戶在第一季度同比增長 41%，目前佔 Zeta 規模化客戶的 25% 以上。這在 100,000 美元到 100 萬美元和超過 100 萬美元的人群中得到進一步體現，這兩個群體的每位客戶的平均渠道數量都在逐年增長。

Shifting to mix and margin, we saw good cost of revenue percentage dynamics in 1Q, even with direct mix up against prior-year compares that were very strong. A couple of drivers worth noting here. First, this could be the case with newly added scale customers and new buyers like agencies, for example, platform usage can start with integrated channels. When this occurs, our track record with these customers shows an evolution to higher direct mix over time. One such example with an existing agency who is now our superscaled customer, shifted its direct mix over a 2-year period from 7% of revenue to 76% of revenue, effectively on par with our corporate average. In the first quarter, because of very strong cost of revenue and leverage dynamics within our direct channels, we absorbed the higher cost of revenue profile of these integrated platform campaigns.

轉向混合和利潤率，我們在第一季度看到了良好的收入成本百分比動態，即使直接混合與前一年的比較非常強勁。這裡有幾個值得注意的驅動程序。一是新增規模客戶、代理商等新買家，平台使用可以從整合渠道入手。當這種情況發生時，我們與這些客戶的跟踪記錄顯示隨著時間的推移向更高直接混合的演變。一個這樣的例子是，一家現有代理機構現在是我們的超級客戶，在 2 年期間將其直接組合從收入的 7% 轉移到收入的 76%，實際上與我們的企業平均水平持平。在第一季度，由於我們直接渠道中非常強大的收入成本和槓桿動態，我們吸收了這些集成平台活動的較高收入成本。

In first quarter 2023, our direct revenue mix was 71%, and we realized 34.5% of cost of revenue, up 140 basis points year-to-year and better by 320 basis points quarter-to-quarter. Just like we communicated in our February conference call, we are not counting on year-to-year reductions in cost of revenue percentage to achieve our 2023 adjusted EBITDA margin expansion guidance of 140 basis points. We developed our guidance in this manner so that if we do better, then it is incremental upside to our outlook. From a modeling perspective, we want to continue to be conservative by assuming a similar cost of revenue profile for the remainder of 2023 as we saw in the second half of 2022, which anticipates continued strong new customer additions and more inroads with new buyers like large agencies. We're comfortable with this strategy because we're generating strong operating expense unit economics, contributing to another quarter of year-over-year adjusted EBITDA margin expansion, our ninth straight.

2023 年第一季度，我們的直接收入組合為 71%，我們實現了 34.5% 的收入成本，同比增長 140 個基點，環比增長 320 個基點。就像我們在 2 月份的電話會議中傳達的那樣，我們並不指望收入成本百分比的同比下降來實現我們 2023 年調整後 EBITDA 利潤率擴張 140 個基點的指導。我們以這種方式製定了我們的指南，以便如果我們做得更好，那麼它就會對我們的前景產生增量影響。從建模的角度來看，我們希望繼續保持保守，假設 2023 年剩餘時間的收入成本與我們在 2022 年下半年看到的類似，預計新客戶將繼續強勁增長，並更多地吸引新買家，例如大型機構。我們對這一戰略感到滿意，因為我們正在產生強勁的運營費用單位經濟效益，為又一個季度的調整後 EBITDA 利潤率增長做出了貢獻，這是我們連續第九次實現。

Excluding stock-based compensation, each of our expense to revenue ratio, sales and marketing, G&A and R&D were better year-to-year. Sales and marketing was down 40 basis points, G&A down 60 basis points and R&D down 120 basis points. This led to an adjusted EBITDA in the first quarter of $24 million, up 28% year-to-year with adjusted EBITDA margin of 15.3%, up 40 basis points year-to-year. On a GAAP basis, our first quarter net loss was $57 million, which includes $64 million of stock-based compensation. Excluding the accelerated expensing related to our IPO, stock-based compensation would have been $22 million. And we continue to drive strong cash generation. Cash flow from operating activities was $20 million with free cash flow of $10 million, equating to 42% of adjusted EBITDA.

不包括基於股票的薪酬，我們的每項費用收入比、銷售和營銷、G&A 和研發都同比有所改善。銷售和營銷下降了 40 個基點，G&A 下降了 60 個基點，研發下降了 120 個基點。這導致第一季度調整後的 EBITDA 為 2400 萬美元，同比增長 28%，調整後的 EBITDA 利潤率為 15.3%，同比增長 40 個基點。根據 GAAP，我們第一季度的淨虧損為 5700 萬美元，其中包括 6400 萬美元的股票薪酬。排除與我們的首次公開募股相關的加速支出，基於股票的薪酬為 2200 萬美元。我們將繼續推動強勁的現金產生。來自經營活動的現金流為 2000 萬美元，自由現金流為 1000 萬美元，相當於調整後 EBITDA 的 42%。

Our success in adding new scaled customers 2x faster than our Zeta 2025 model and doing so at a more efficient sales and marketing expense to revenue ratio speaks to the strong sales productivity we're seeing. This is a good segue to my second topic, pipeline growth and sales productivity. We ended the quarter with 130 quota carriers, up from 123 at the end of 2022. And as I've always emphasized, this is about quality, not simply quantity. To that end, new sales hires are averaging over 10 years of experience, bringing with them new customer relationships to Zeta.

我們成功地以比 Zeta 2025 模型快 2 倍的速度增加了新的規模化客戶，並以更高效的銷售和營銷費用與收入比率做到了這一點，這說明了我們所看到的強大的銷售生產力。這是對我的第二個主題——管道增長和銷售效率——的一個很好的續集。本季度結束時，我們擁有 130 家配額運營商，高於 2022 年底的 123 家。正如我一直強調的那樣，這關乎質量，而不僅僅是數量。為此，新的銷售人員平均擁有超過 10 年的經驗，為 Zeta 帶來了新的客戶關係。

Our optimism and where we're taking our sales organization is rooted in 3 primary areas: one, the continued growth in the sales pipeline and RFP volumes; two, the progression of the pipeline and the performance of our more than 12-month tenured sellers now accounting for almost 2/3 of our sales team; and three, our win rates, highlighted by the increasing size and duration of deals and the caliber of enterprises selecting Zeta over the competition.

我們的樂觀情緒和我們的銷售組織的發展方向植根於 3 個主要領域：第一，銷售渠道和 RFP 數量的持續增長；第二，管道的進展和我們超過 12 個月的終身賣家的表現現在幾乎占我們銷售團隊的 2/3；第三，我們的中標率，突出體現在交易規模和持續時間的增加以及選擇 Zeta 的企業在競爭中的能力。

Let me add some color on each. On the heels of a record pipeline in 4Q, we increased pipeline again in the first quarter, growing at a rate 2x our quota carrier headcount, a metric we measure closely. From an RFP perspective, the first quarter could be seasonally slow. However, that was certainly not the case in 2023. Q1 was our second highest RFP quarter ever, and the 8-figure win David mentioned was not a one-off. The deals in our pipeline today are bigger and more complex as any time in our history as Zeta becomes not only an essential strategic partner for their marketing, but also for our customers' enterprise intelligence initiatives.

讓我在每個上添加一些顏色。在第四季度創紀錄的管道之後，我們在第一季度再次增加了管道，增長率是我們配額承運人人數的 2 倍，這是我們密切衡量的一個指標。從 RFP 的角度來看，第一季度可能會出現季節性放緩。然而，2023 年情況肯定並非如此。第一季度是我們有史以來第二高的 RFP 季度，David 提到的 8 位數勝利並不是一次性的。隨著 Zeta 不僅成為他們營銷的重要戰略合作夥伴，而且成為我們客戶的企業智能計劃的重要戰略合作夥伴，今天我們管道中的交易比我們歷史上任何時候都更大、更複雜。

Having a great sales pipeline is only meaningful if it's comprised of deals that can progress to closure. Again, back to my point about quality over quantity. The velocity that we move opportunities from the early to the late stage is something we measure rigorously as evidenced by the value of late-stage pipeline deals being up over 50% year-to-year. This not only bodes well for sales visibility, but also momentum going into the second half of 2023 and 2024. But of course, this is only relevant if you're winning and yielding the right unit economics along the way. We're experiencing both. First quarter RFP win rates exceeded even our overall win rates. And our experienced sellers, those with Zeta for more than 12 months are responsible for 86% of deals won. These are the class of sellers who completed an initial wave of training and have made their way through certification programs.

擁有良好的銷售渠道只有在包含可以逐步完成的交易時才有意義。再次回到我關於質量勝於數量的觀點。我們嚴格衡量機會從早期階段轉移到後期階段的速度，後期管道交易的價值每年增長超過 50% 就證明了這一點。這不僅預示著銷售可見度的好兆頭，而且預示著進入 2023 年下半年和 2024 年的勢頭。當然，這只有在您在此過程中贏得併產生正確的單位經濟效益時才有意義。我們正在經歷這兩種情況。第一季度 RFP 的中標率甚至超過了我們的整體中標率。而我們經驗豐富的賣家，那些使用 Zeta 超過 12 個月的賣家對 86% 的交易負責。這些賣家完成了第一波培訓並通過了認證計劃。

Our history with this cohort shows a flywheel effect with great employee retention rates and the confidence gained with each deal closed, leading to more success as their time with Zeta extends, which brings me to my third and final topic, 2023 guidance and Zeta 2025. With the context of what is driving our execution out of the gate, the expansion and the visibility we have into our sales pipeline and the strong productivity of our sellers, we're raising second quarter and full year 2023 revenue and adjusted EBITDA guidance. For the second quarter of 2023, we are increasing the midpoint of revenue guidance by $2 million to $162 million, up 18% year-to-year, a similar starting point as Q1. We're also increasing the midpoint of our second quarter adjusted EBITDA guidance by $900,000 to $24.5 million, up 32% year-to-year, which represents 15.1% margin at the midpoint of guidance or 160 basis points of year-to-year expansion. This is an acceleration from the 40 basis points of expansion generated in the first quarter.

我們與這群人的歷史顯示了飛輪效應，員工保留率很高，每筆交易完成後都會獲得信心，隨著他們在 Zeta 的時間延長，他們會取得更大的成功，這讓我進入了我的第三個也是最後一個主題，即 2023 年指南和 Zeta 2025。在推動我們執行的因素、我們對銷售渠道的擴張和可見性以及我們賣家強大的生產力的背景下，我們提高了第二季度和 2023 年全年的收入並調整了 EBITDA 指導。對於 2023 年第二季度，我們將收入指引的中點提高 200 萬美元至 1.62 億美元，同比增長 18%，與第一季度的起點相似。我們還將第二季度調整後 EBITDA 指引的中點提高 900,000 美元至 2,450 萬美元，同比增長 32%，相當於指引中點的 15.1% 利潤率或同比擴張 160 個基點.與第一季度產生的 40 個基點的擴張相比有所加速。

The combination of our first quarter upside and higher second quarter outlook raises the midpoint of our full year 2023 revenue guidance by $10 million to $701 million, representing 19% growth year-over-year. On an adjusted EBITDA basis, we're increasing the midpoint of our full year 2023 guidance to $119.7 million, up 30% year-to-year. At the midpoint of our increased full year guidance, adjusted EBITDA margins would expand 140 basis points year-to-year to 17%.

我們第一季度的上行和更高的第二季度前景相結合，將我們 2023 年全年收入指引的中點提高了 1000 萬美元，達到 7.01 億美元，同比增長 19%。在調整後的 EBITDA 基礎上，我們將 2023 年全年指引的中點提高至 1.197 億美元，同比增長 30%。在我們增加全年指引的中點，調整後的 EBITDA 利潤率將同比擴大 140 個基點至 17%。

Lastly, we're providing the quarterly cadence of third and fourth quarter revenue and adjusted EBITDA on Slide 14 in the earnings supplemental deck.

最後，我們在收益補充版的幻燈片 14 上提供了第三和第四季度收入的季度節奏以及調整後的 EBITDA。

As I wrap up my prepared remarks, I want to leave you with 3 final thoughts. First, and zooming in, we continue to be a team delivering on our commitments and more. Zooming out, our top and bottom line growth rates continue to track ahead of the compound annual growth rates required to deliver our Zeta 2025 long-term plan. There simply are not a lot of businesses with sustained 20% plus growth and expanding adjusted EBITDA and free cash flow margins in the technology universe today. We're really proud of that, and it's a big motivator for the team. And third, while we spend a lot of time on near and long-term goals, Zeta doesn't end in 2025, far from it. As shown in our wins and the opportunities we're pursuing, we believe Zeta is being recognized as a platform that the largest and most complex enterprises can rely on to grow their businesses profitably.

在結束我準備好的發言時，我想給你留下 3 個最後的想法。首先，放大來看，我們將繼續成為一個團隊，兌現我們的承諾等等。縮小範圍，我們的頂線和底線增長率繼續領先於實現我們的 Zeta 2025 長期計劃所需的複合年增長率。在當今的科技領域，能夠保持 20% 以上的持續增長以及不斷擴大的調整後 EBITDA 和自由現金流利潤率的企業並不多。我們為此感到非常自豪，這對團隊來說是一個很大的動力。第三，雖然我們在近期和長期目標上花費了大量時間，但 Zeta 並沒有在 2025 年結束，離它還很遠。正如我們的勝利和我們追求的機會所表明的那樣，我們相信 Zeta 正在被公認為一個平台，最大和最複雜的企業可以依靠該平台來實現業務盈利增長。

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

現在讓我把電話轉回給接線員，讓我和大衛回答你的問題。操作員？

(Operator Instructions) Our first question comes from the line of DJ Hynes with Canaccord.

（操作員說明）我們的第一個問題來自 DJ Hynes 與 Canaccord 的合作。

Congratulations on a next quarter. Chris, maybe one for you. I want to ask about the scaled customer ARPU. I mean it seemed like a slightly larger Q4 to Q1 seasonal dip than we've seen in the past. I'm just curious kind of how that may inform your views on marketing budgets this year. Any implications with respect to thinking about net revenue retention or other metrics?

祝賀下一個季度。克里斯，也許一個給你。我想問一下縮放後的客戶ARPU。我的意思是，與我們過去看到的相比，第四季度至第一季度的季節性下降似乎略大。我只是好奇這會如何影響您對今年營銷預算的看法。對考慮淨收入保留或其他指標有何影響？

Thanks, DJ. I wouldn't read that into it. I think in this case, it was more driven by the high number of growth that we saw in that $100,000 to $1 million category. So that grew 16% year-over-year in count, and that was kind of the second straight quarter that it did that. So it's more being influenced by those pilots starting to kind of scale. If you look even within the bands of that $100,000 and $1 million, most of that growth came in that $100,000 to $300,000 cohort. But the superscaled group and cohort, as you saw, increased 7% quarter-over-quarter. That was obviously a great rebound from last quarter, up 18% on an ARPU basis, the revenue up 31%. So we're really happy with the scale of customer count. From a net revenue retention, obviously last year was $112 million year, before that was $113 million. You can kind of back into, even though it's an annual metric for Zeta, you can back into that the first quarter was even ahead of those rates.

謝謝，DJ。我不會把它讀進去。我認為在這種情況下，它更多是由我們在 100,000 美元到 100 萬美元類別中看到的高增長驅動的。所以這在數量上同比增長了 16%，這是它連續第二個季度這樣做。所以它更多地受到那些開始擴大規模的試點的影響。如果你甚至在 100,000 美元和 100 萬美元的範圍內看，大部分增長都來自 100,000 美元到 300,000 美元的人群。但如您所見，超大規模群體和隊列環比增長了 7%。這顯然比上一季度有了很大的反彈，按 ARPU 計算增長了 18%，收入增長了 31%。所以我們對客戶數量的規模非常滿意。從淨收入保留來看，去年顯然是 1.12 億美元，而在那之前是 1.13 億美元。你可以回顧一下，即使這是 Zeta 的年度指標，你也可以回顧一下，第一季度甚至超過了這些比率。

And let me just say, DJ, we're not seeing right now any slowdown in the marketing ecosystem on our end. In fact, what we're seeing is as there's more volatility, there's less friction in new companies moving to us, and we're seeing many of our existing customers moving more budget. Now you might not have seen all of that evidence in the first quarter, but we're definitely seeing that coming online in our pipeline and as we're growing.

我只想說，DJ，我們現在沒有看到我們這邊的營銷生態系統有任何放緩。事實上，我們看到的是波動性更大，新公司轉向我們的摩擦更少，而且我們看到許多現有客戶轉移了更多預算。現在你可能沒有在第一季度看到所有這些證據，但隨著我們的發展，我們肯定會看到它在我們的管道中上線。

Yes. Yes, makes sense. Good to hear. Maybe as a follow-up. One of the questions I occasionally get from investors looking at Zeta for the first time, is why you guys need 130 sales reps to add roughly 50 net new scaled customers per year? And I don't mean that as a slide. I mean you guys are obviously growing nicely and efficiently. But maybe you could just talk about kind of what's unique in the go-to-market model that requires this.

是的。是的，有道理。很高興聽到。也許作為後續行動。我偶爾會從第一次關注 Zeta 的投資者那裡得到的一個問題是，為什麼你們需要 130 名銷售代表每年增加大約 50 名淨新規模客戶？我並不是說這是一張幻燈片。我的意思是你們顯然成長得很好而且很有效率。但也許你可以談談需要這樣做的上市模型中的獨特之處。

I think, first of all, it's important to note that a lot of those people have been added over the last 12 months, right? So we have been ramping up our salespeople. And one of the metrics we look at is sales productivity per person on how long they've been with us. Chris, you should probably touch on how much more productive people who have been with us for a while versus the percentage of people who have just joined us.

我認為，首先，重要的是要注意在過去 12 個月中已經添加了很多這樣的人，對嗎？所以我們一直在增加我們的銷售人員。我們關注的指標之一是每人的銷售效率，取決於他們在我們這里工作了多長時間。克里斯，你可能應該談談已經加入我們一段時間的人與剛剛加入我們的人的工作效率相比有多少。

Yes. I'll get to that, David, I'll definitely highlight that. I think DJ, just important to understand. I think it's a fair question. About half of the sales teams are hunters, right? And we still see a massive new customer TAM in front of us, right? We have, call it, a little over 400 total skilled customers. There's 10,000 large U.S. enterprises. So about half the sales team is devoted towards hunting the other half towards farming. At the same time, we have 400 scaled customers that average revenue per annualized is a little over $4 million. They should all be many times bigger than that, right? So we focus the teams very much on kind of 2 different areas of the market. In terms of the productivity, as David mentioned, one of the areas that was really stood out to us this quarter is just how well those 12 months and beyond tenured reps are performing. These are the reps that went through the first sets of training that when we divided the sales force into hunters and farmers, they're that class that kind of went through that initial wave. I think there's an interesting metric. Obviously, your sales and marketing ratio was better year-over-year. There's an interesting metric that I think Barclays puts out around the magic number, which is the change in revenue growth year-over-year divided by your sales and marketing expense. And if you were to plot that for, call it, the 20 or odd core software companies that are public, ours at about 1.34 going off of last year's results is in like the top 5, right? So really happy with the efficiency, but we don't feel like we need to kind of wildly add reps. I mean, in fact, we're, if anything, we feel like we don't need to add as many because of the productivity that we're seeing right now.

是的。我會談到這一點，大衛，我一定會強調這一點。我認為 DJ，理解很重要。我認為這是一個公平的問題。大約一半的銷售團隊是獵手，對吧？我們仍然看到大量新客戶 TAM 擺在我們面前，對嗎？我們稱其為 400 多位技術嫻熟的客戶。美國有10,000家大型企業。因此，大約一半的銷售團隊致力於狩獵，另一半致力於農業。同時，我們擁有 400 家規模化客戶，年均收入略高於 400 萬美元。它們應該都比那個大很多倍，對吧？因此，我們將團隊非常關注市場的兩個不同領域。就生產力而言，正如 David 提到的那樣，本季度真正讓我們印象深刻的領域之一就是那些 12 個月及以上的終身代表的表現如何。這些是經過第一組培訓的代表，當我們將銷售人員分為獵人和農民時，他們就是那種經歷了最初浪潮的班級。我認為有一個有趣的指標。顯然，您的銷售和營銷比率同比有所提高。我認為巴克萊銀行圍繞神奇數字提出了一個有趣的指標，即收入同比增長的變化除以你的銷售和營銷費用。如果你要為 20 家或奇數家上市的核心軟件公司繪製圖表，我們的公司與去年的業績相比大約下降 1.34，就像前 5 名一樣，對吧？對效率真的很滿意，但我們覺得我們不需要瘋狂地增加代表。我的意思是，事實上，如果有的話，我們覺得我們不需要添加那麼多，因為我們現在看到的生產力。

Our next question comes from the line of Ryan MacDonald with Needham.

我們的下一個問題來自 Ryan MacDonald 與 Needham 的對話。

Congrats on a great quarter. David, I think there's been a lot of focus from the team about sort of continuing to solve for the Zeta-who problem and really trying to sort of continue to drive the brand awareness out there. It sounds like the top of the funnel pipeline metrics are looking pretty attractive. So can you just talk about the progress you're making there and how that's sort of starting to impact things on the win rate side, especially in RFPs?

祝賀一個偉大的季度。大衛，我認為團隊非常關注繼續解決 Zeta-who 問題，並真正嘗試繼續提高品牌知名度。聽起來漏斗管道指標的頂部看起來很有吸引力。那麼，您能否談談您在那裡取得的進展，以及這如何開始影響勝率方面的事情，尤其是在 RFP 中？

Well, thank you, Ryan, and it's funny because I just wrapped up 4 days at the Milken Global Conference, where I was personally asked to host and moderate the generative AI panel for the entire Milken Global Conference and host the Chief Marketing Officer panel with the CMOs of Visa, Pepsi, Logitech and other very, very large organizations. We also hosted a Zeta VIP dinner, and I was invited to so many events I couldn't attend. I did on my Monday morning call say to the team -- no, I'm sorry, on my Wednesday management call, we might have actually finally solved the Zeta-who problem. It was really amazing to me to see how known we were and how many organizations and people were starting to recognize that. I think what we're also seeing is, if last quarter we said we were at record RFPs and record pipelines, quite frankly, we are now well above even that. We are seeing pipelines that we have never seen. We are closing deals with multinational global enterprises that years ago would have probably not displaced as we said, the legacy marketing clouds just because of the brand. Most of the legacy marketing clouds, in fact, all of them, in the case of the transaction we announced today, were dismissed in the first round, which we're not just seeing us move up the food chain, we're seeing many of our biggest competitors as they focus on their core businesses. So one of the things I like to talk about, right? So if you look at the core marketing clouds or the sort of the legacy marketing clouds, years ago they bought the assets to build those inside of tech conglomerates. Every one of those conglomerates has now bought something that dwarfs the size of those clouds, the marketing cloud. So it's not even their side hustle anymore. It's now the side hustle to their side hustle. And as they think about investment dollars in a world where they are all cutting jobs, they are all cutting costs, I promise you they are cutting them the fastest from the side hustle to their side hustle. So we are winning in that we see Zeta getting through the "Zeta-who" problem, while simultaneously, what has traditionally been our biggest competitors, they're starting to fall to the wayside in their marketing cloud. I'm not going to suggest their core businesses are not doing incredibly well and aren't game-changing, but we're definitely seeing a big separation between us and them in what we do.

好吧，謝謝你，Ryan，這很有趣，因為我剛剛結束了 Milken 全球會議的 4 天，我個人被要求主持和主持整個 Milken 全球會議的生成人工智能小組，並主持首席營銷官小組Visa、百事可樂、羅技和其他非常非常大的組織的 CMO。我們還舉辦了 Zeta VIP 晚宴，我受邀參加了很多我無法參加的活動。我在周一早上的電話會議上對團隊說——不，對不起，在我周三的管理電話會議上，我們實際上可能終於解決了 Zeta-who 問題。看到我們的知名度以及有多少組織和個人開始認識到這一點，我真的很驚訝。我認為我們還看到的是，如果上個季度我們說我們處於創紀錄的 RFP 和創紀錄的管道中，坦率地說，我們現在甚至遠遠超過了這一點。我們正在看到我們從未見過的管道。我們正在結束與多年前可能不會像我們所說的那樣僅僅因為品牌而取代傳統營銷雲的跨國全球企業的交易。大多數遺留營銷雲，事實上，在我們今天宣布的交易中，所有這些都在第一輪中被駁回，我們不僅看到我們在食物鏈上移動，我們看到很多我們最大的競爭對手，因為他們專注於自己的核心業務。所以我喜歡談論的事情之一，對吧？因此，如果您查看核心營銷雲或傳統營銷雲的種類，就會發現多年前他們購買了資產以在科技集團內部構建這些資產。這些企業集團中的每一個現在都購買了一些東西，使這些雲的規模相形見絀，即營銷雲。所以這甚至不再是他們的副業了。現在是他們的副業。當他們考慮在一個他們都在裁員的世界裡投資美元時，他們都在削減成本，我向你保證，他們正在以最快的速度從副業到副業削減。所以我們的勝利在於我們看到 Zeta 解決了“Zeta-who”問題，同時，傳統上我們最大的競爭對手，他們開始在他們的營銷雲中被淘汰。我並不是說他們的核心業務做得不好，也沒有改變遊戲規則，但我們肯定會看到我們和他們在我們所做的事情上存在很大差異。

That's really great to hear. Maybe as a follow-up for Chris. I wanted to touch on sort of mix of direct platform revenue. And I apologize if I missed it in your commentary, but can you talk about what's driving that mix down? But you're obviously still sort of outperforming on the top line. So I guess the question really is, how important is sort of reaching that 80% direct platform mix to Zeta 2025 still today?

這真是太好了。也許作為克里斯的後續行動。我想談談直接平台收入的組合。如果我在您的評論中遺漏了它，我深表歉意，但是您能談談是什麼導致了這種混音嗎？但你顯然仍然在頂線表現出色。所以我想真正的問題是，在今天仍然對 Zeta 2025 達到 80% 的直接平台組合有多重要？

It's still important. What we saw this quarter was really a great set of new customer additions. And even obviously within that super-scaled group as well. It's interesting, when you look at how that mix can be influenced within a quarter, within a year, even kind of within a month, in our case we added the combination of several new enterprises, but also began to onboard to Zeta's platform agencies. And that, as you know, has been a big opportunity of ours in our pipeline that's now starting to come through. It's not uncommon for those agencies in particular to start off channel or off our direct mix, more likely with social. But what's interesting, and we put in the script, with our existing superscaled customer, the agency that we've had now for a couple of years, we've seen their mix evolve from 7% direct revenue as a percentage of the total to 76% direct revenue as a percentage of their total just over a 2-year period. So we feel like we've got a really good playbook as we build great omnichannel strategies with them. It's going to continue to mean they do some social. They do some other channel work. But over time, we feel confident we can get them to use Zeta's owned and operated channels, which then drives obviously a higher direct mix and a better gross margin profile.

這仍然很重要。我們在本季度看到的是大量新客戶的加入。甚至在那個超級規模的群體中也很明顯。有趣的是，當你看看這種組合如何在一個季度、一年內，甚至一個月內受到影響時，在我們的案例中，我們添加了幾個新企業的組合，但也開始加入 Zeta 的平台機構。而且，如您所知，這對我們來說是一個巨大的機會，現在正在開始實現。這些機構特別是從渠道或我們的直接組合開始的情況並不少見，更有可能是社交。但有趣的是，我們在腳本中加入了我們現有的超大規模客戶，我們已經擁有幾年的代理機構，我們已經看到他們的組合從直接收入佔總收入的 7% 發展到在短短 2 年的時間裡，直接收入佔總收入的 76%。因此，當我們與他們一起制定出色的全渠道戰略時，我們覺得我們有了一本非常好的劇本。這將繼續意味著他們會進行一些社交活動。他們做一些其他的渠道工作。但隨著時間的推移，我們有信心讓他們使用 Zeta 自有和運營的渠道，這顯然會推動更高的直接組合和更好的毛利率。

Yes. And by the way, we also saw our cost of goods sold come down nicely in our direct, which we were able to more than offset anything that would have been on the other side, Ryan. So we're really feeling good about this business right now. But like in any business, you're going to have some metrics that vacillate up and down. If the biggest problem we have is we onboarded too many new, very large clients, which artificially brought the off-platform up slightly for 1 quarter, that's a trade we're definitely willing to make.

是的。順便說一句，我們還看到我們的直接銷售成本下降得很好，我們能夠抵消掉另一邊的任何東西，Ryan。所以我們現在對這項業務真的感覺很好。但就像在任何企業中一樣，您將擁有一些上下波動的指標。如果我們遇到的最大問題是我們加入了太多新的、非常大的客戶，這人為地使平台外的 1 個季度略有上升，那是我們絕對願意進行的交易。

Congrats again.

再次恭喜。

Our next question comes from the line of Jason Kreyer with Craig-Hallum.

我們的下一個問題來自 Jason Kreyer 和 Craig-Hallum 的對話。

This is [Colin] here for Jason. A couple from me. Just first to start, can you kind of talk about the pipeline of opportunities and how that's being influenced by your channel relationships? Just trying to understand if some of those relationships are starting to bear fruit in terms of revenue generation or if most of the leads from the channel are still in the pilot phase.

我是傑森的[科林]。我的一對。首先，您能否談談機會的管道以及您的渠道關係如何影響它？只是想了解其中一些關係是否開始在創收方面取得成果，或者該渠道的大部分潛在客戶是否仍處於試驗階段。

So great question, Colin. We are seeing record velocity into our pipeline directly and through our biggest channel partner. I don't think -- I mean, obviously, it's Snowflake. We do a ton with them. They've been an incredible partner. They are bringing us major customer opportunities. And we're lighting up major customer opportunities on their platform coming out of our people. So it's -- you hate to say you're winning across the board. But quite frankly, we're really seeing the channel partnerships primarily with Snowflake working very, very well. But simultaneously, we are across the board winning.

很好的問題，科林。我們正在通過我們最大的渠道合作夥伴直接和通過我們的渠道看到創紀錄的速度。我不認為——我的意思是，很明顯，它是雪花。我們和他們一起做了很多。他們是一個不可思議的合作夥伴。他們給我們帶來了重要的客戶機會。我們正在他們的平台上點亮來自我們員工的主要客戶機會。所以它是 - 你討厭說你正在全面獲勝。但坦率地說，我們確實看到主要與 Snowflake 的渠道合作夥伴關係非常非常好。但與此同時，我們正在全面獲勝。

Perfect. And then just last one for me. You guys have really been highlighting AI more lately. And I'm just curious if you can kind of give your vision for utilizing AI within the ZMP and how that can either help you optimize performance, lower cost of operations, just kind of where you see that going?

完美的。然後給我最後一個。你們最近真的更強調 AI。我很好奇，您是否可以給出在 ZMP 中使用 AI 的願景，以及它如何幫助您優化性能、降低運營成本，以及您看到的進展情況？

So we've been talking about artificial intelligence since it wasn't even artificial intelligence. We started talking about deep learning, machine learning before these large language models really started coming into play. One of the things I think has not been talked about. And as I think I said, when I hosted and moderated the generative AI panel at the Milken Conference this week, one of the things that really gets lost is AI is only as good as the data that's put into it. And our ability to incorporate large language models today is quite frankly, unparalleled. But in addition to that, we're able to put small language models into place in the form of a CDP that exists between us and our very large enterprise customers. So that CDP where you merge their data and our first-party data into an unparalleled data ecosystem, then can learn not just from the large language models that exist outside of Zeta, but the small language private models that exist inside of it, the ability to then map that to the greater than 240 million Americans who have opted in to be in our data cloud is really unparalleled. How does that translate into our business performance. We can generally lower our customers' cost to create a customer by greater than 50% quickly. We're able to lower that by up to 90-plus percent in the years to come per customer creation as the models get smarter and smarter. That is all the incorporation of artificial intelligence as it relates to ingesting trillions of open signals, mapping that into hundreds of millions of private signals, using that to build intent-based scores on what do individuals intend to do next, and we can consistently remove the customers who are not in market for our enterprise clients' products or won't be approved for them. All of that comes out before they spend money on marketing. So quite frankly, I think one of the reasons we continue to win and one of the reasons you saw our scaled customer count go up by greater than 100% more than we needed to hit our Zeta 2025 model is how effective our artificial intelligence and our data are at creating what people intend to do next.

所以我們一直在談論人工智能，因為它甚至不是人工智能。在這些大型語言模型真正開始發揮作用之前，我們就開始談論深度學習和機器學習。我認為的其中一件事沒有被談論。正如我所說，本週我在米爾肯會議上主持和主持生成式人工智能小組時，真正迷失的一件事是人工智能的好壞取決於放入其中的數據。坦率地說，我們今天整合大型語言模型的能力是無與倫比的。但除此之外，我們還能夠以存在於我們和我們非常大的企業客戶之間的 CDP 的形式放置小型語言模型。因此，您將他們的數據和我們的第一方數據合併到一個無與倫比的數據生態系統中的 CDP，不僅可以從 Zeta 外部存在的大型語言模型中學習，還可以從 Zeta 內部存在的小型語言私有模型中學習，這種能力然後將其映射到選擇加入我們數據云中的超過 2.4 億美國人，這確實是無與倫比的。這如何轉化為我們的業務績效。我們通常可以將客戶的成本快速降低 50% 以上。隨著模型變得越來越智能，我們能夠在未來幾年內將每個客戶創建的數據降低多達 90% 以上。這就是人工智能的全部結合，因為它涉及吸收數万億個開放信號，將其映射到數億個私人信號中，使用它來建立基於意圖的分數，根據個人下一步打算做什麼，我們可以始終如一地刪除不在我們企業客戶的產品市場上或不會被批准的客戶。在他們花錢進行營銷之前，所有這些都會出現。所以坦率地說，我認為我們繼續獲勝的原因之一，以及您看到我們的規模化客戶數量比我們達到 Zeta 2025 模型所需的增長超過 100% 的原因之一是我們的人工智能和我們的效率如何數據正在創造人們下一步打算做什麼。

Our next question comes from the line of Elizabeth Porter with Morgan Stanley.

我們的下一個問題來自伊麗莎白·波特與摩根士丹利的對話。

Great. Yes, I had another kind of follow-up along kind of the AI side, but more particularly for the agents and the Zeta Opportunity Engine. It's a really interesting technology. So could you just give us a bit more detail on the capabilities, kind of what is it augmenting versus replacing? And then how do you see the evolution of these capabilities playing into the top line for the financial model? Is this something that you think could be monetized via a separate SKU? Or is it monetized to be taking more share?

偉大的。是的，我在 AI 方面進行了另一種跟進，但更具體地說是針對代理和 Zeta 機會引擎。這是一項非常有趣的技術。那麼您能否向我們提供更多有關功能的詳細信息，它是增強還是替代什麼？那麼您如何看待這些能力的演變對財務模型的影響？您認為這是可以通過單獨的 SKU 獲利的東西嗎？還是為了獲得更多份額而貨幣化？

First of all, thank you, Elizabeth. I wasn't sure anybody even bothered to read that press release. But I think that, first of all, ZOE, which is sort of the modernization of customer help, customer support and the ability to allow a CMO or a marketer to ask real-world questions and get incredibly accurate answers is going to be a major driver to our business in multiple ways. First of all, to describe the product, it is all new and it is game-changing. It is effectively a new AI layer that sits on top of the Zeta marketing platform that's ingesting everything that, that enterprise customer is doing inside of their CDP and outside in the global world because it's ingesting, as I said. Large language models can be imported and small language models can be imported. It then allows a marketer to say something to ZOE like what are the most valuable cohorts in my database, who can I be targeting from an audience perspective for this new product that I'm rolling out. As they look at the integration and what we're starting to see is chief marketing officers are taking a bigger and bigger ownership of product development inside their enterprises than I've ever seen in my life. Why is that? Because CMOs hate being told, here's a new product, go sell it. They're now being asked to participate in the building of new products. ZOE can help them with that. If I build this new product, what percent of my existing customers would like to buy it. And it spits out real-world simplistic answers. How does this drive the model? It moves more and more of their marketing onto our platform, which drives a greater and greater business relationship for us and them. It also allows us to grow our headcount slower because we won't need as many people to be helping with analytics and other services to the enterprise. It can now be handled with effectively humans or bots or intelligence living inside the ZMP that can answer the questions that they would otherwise need to be asking.

首先，謝謝你，伊麗莎白。我不確定是否有人願意閱讀該新聞稿。但我認為，首先，ZOE，它是客戶幫助、客戶支持的現代化，以及允許 CMO 或營銷人員提出現實問題並獲得令人難以置信的準確答案的能力，這將是一個主要的以多種方式推動我們的業務發展。首先，要描述產品，它是全新的，並且是改變遊戲規則的。它實際上是一個新的人工智能層，位於 Zeta 營銷平台之上，吸收了企業客戶在他們的 CDP 內部和全球世界之外所做的一切，因為它正在吸收，正如我所說的。可以導入大語言模型，也可以導入小語言模型。然後它允許營銷人員對 ZOE 說些什麼，比如我的數據庫中最有價值的人群是什麼，從受眾的角度來看，我可以針對我推出的這個新產品定位誰。當他們審視整合時，我們開始看到，首席營銷官在他們企業內部對產品開發的所有權越來越大，這是我一生中從未見過的。這是為什麼？因為 CMO 討厭被告知，這是一種新產品，去賣吧。他們現在被要求參與新產品的開發。 ZOE 可以幫助他們。如果我開發這個新產品，現有客戶中有多少人願意購買它。它吐出現實世界的簡單答案。這如何驅動模型？它將越來越多的營銷活動轉移到我們的平台上，這為我們和他們推動了越來越緊密的業務關係。它還允許我們放慢員工人數的增長，因為我們不需要那麼多的人來幫助為企業提供分析和其他服務。它現在可以由 ZMP 內的人類或機器人或智能有效地處理，這些智能可以回答他們原本需要提出的問題。

Our next question comes from the line of Richard Baldry with ROTH.

我們的下一個問題來自 Richard Baldry 與 ROTH 的對話。

I'm sort of curious if you think that the generative AI will target most likely your superscaled customers first. And then sort of a side note to that, how much do you think that it could actually help you with cross-sales? So when it's giving recommendations or auto piloting, will it be able to demonstrate that there are other channels that may not have been adopted whose ROIs could be equal or higher, sort of showing them opportunities that they may not be able to access yet?

我有點好奇你是否認為生成人工智能最有可能首先瞄准你的超大規模客戶。然後附帶說明一下，您認為它實際上可以在多大程度上幫助您進行交叉銷售？因此，當它提供建議或自動駕駛時，它是否能夠證明還有其他渠道可能尚未被採用，其投資回報率可能相同或更高，向他們展示他們可能還無法訪問的機會？

Well, Rich, as usual, I think you nailed both, right? So yes, there is no question that the larger the enterprise, the more the efficiency matters to their bottom line, the more they're going to be willing to adopt generative AI faster. What we're hearing from most companies is they love the concept of the closed generative AI solution in what we call the small model versus the open model. Now I think we all saw that OpenAI got hacked for the first time. I'm into the impression another algorithm was just annoyed by how much attention ChatGPT was getting, so they hacked it to get a little attention for themselves. But the truth of the matter is, we still don't understand how the importation of data into ChatGPT is going to be benefiting the collective, including large enterprises competitors. Inside of the generative AI that Zeta has, ZOE, we're able to keep that as a closed model. It is exclusive to them. It can import the large language information, but it can also keep the small language model tight to them. So we're definitely seeing that faster. Biggest benefit to us, bar none, is adding additional channels and adding additional products to these enterprises. Because what we're seeing is, as they're using the AI, the AI is able to move them into the most efficient channels. As Chris said, one of the best examples is we have one client who a number of years ago started out 7% of the revenue was on platform. Last quarter, I believe, correct me if I'm wrong here, Chris, greater than 90% of their revenue is on platform, close enough. Bottom line, that comes from the AI because it keeps showing them what a better job they can do when on platform, fully integrated using our AI and our data as native to the ZMP, you're able to then move them into new products that are more profitable to us and more efficient to them.

好吧，里奇，像往常一樣，我想你兩樣都搞定了，對吧？所以是的，毫無疑問，企業越大，效率對他們的底線越重要，他們就越願意更快地採用生成人工智能。我們從大多數公司那裡聽到的是，他們喜歡我們稱之為小型模型與開放模型的封閉式生成 AI 解決方案的概念。現在我想我們都看到了 OpenAI 第一次被黑。我的印像是，另一種算法只是對 ChatGPT 獲得的關注感到惱火，所以他們破解了它來為自己爭取一點關注。但事情的真相是，我們仍然不明白將數據導入 ChatGPT 將如何使集體受益，包括大型企業的競爭對手。在 Zeta 擁有的生成式人工智能 ZOE 中，我們能夠將其保持為一個封閉模型。這是他們獨有的。它可以導入大語言信息，但也可以使小語言模型與它們保持緊密聯繫。所以我們肯定會更快地看到它。對我們來說最大的好處，無一例外，就是為這些企業增加額外的渠道和增加額外的產品。因為我們看到的是，當他們使用人工智能時，人工智能能夠將他們轉移到最有效的渠道。正如 Chris 所說，最好的例子之一是我們有一個客戶，幾年前開始時 7% 的收入來自平台。上個季度，我相信，如果我在這裡錯了，請糾正我，克里斯，他們 90% 以上的收入都來自平台，足夠接近了。最重要的是，這來自 AI，因為它不斷向他們展示他們在平台上可以做的更好的工作，使用我們的 AI 和我們的數據作為 ZMP 的原生數據完全集成，然後您可以將它們轉移到新產品中對我們來說更有利可圖，對他們來說更有效率。

And last for me would be, you are seeing layoffs from your a lot of the would-be competitors, we'll call it. Presumably they let go with their worst people first, but it does leave good people unsettled and unsettled internally. So in an upside growing beat-and-race scenario, why not pull back a little bit on the profitability side, really go after some of the better talent that I would think is more easy to go after these days?

最後對我來說是，你會看到很多潛在的競爭對手裁員，我們稱之為。大概他們會先放過最差的人，但這確實讓好人在內部感到不安和不安。因此，在競爭激烈的情況下，為什麼不在盈利方面稍作調整，真正追求一些我認為現在更容易追求的更好的人才呢？

Well, you sound like me in my last HR meeting. And this is not -- I've got to be very, very careful here, right? But you would assume an organization would not lay off its top 10% of people in that scenario, right? Which is not to say that people laid off were not incredible individuals who could do a great job organizationally. We are absolutely positively focused on bringing the world's best human capital into Zeta. Generally, today, it is coming from the people who are still at these large organizations who are unsettled and nervous. But even more than that, Rich, we are recruiting more people. When we go into an RFP around 17 different companies, and we win the salespeople, the project managers, the high-end operating people from those other companies, call us, because people want to work for the people who are winning in today's environment. And we are seeing an incredible opportunity to onboard amazing people. I don't think we're going to pull back on profitability for a whole host of reasons. But as I think we point out, we're raising guidance for Q2, we're raising guidance for the year. I think we have been thoughtful in those numbers in making sure we have the dry powder to add incredible people where we see the opportunity to do it. And we feel very confident that in today's world, we can do both.

好吧，在我上次的人力資源會議上，你聽起來像我。這不是——我必須非常、非常小心，對吧？但是你會假設在那種情況下組織不會解僱其前 10% 的員工，對嗎？這並不是說被解僱的人不是可以在組織上做得很好的不可思議的人。我們絕對積極地專注於將世界上最好的人力資本引入 Zeta。一般來說，今天，它來自那些仍然在這些大型組織中感到不安和緊張的人。但更重要的是，里奇，我們正在招聘更多人。當我們進入 17 家不同公司的 RFP 時，我們贏得了來自其他公司的銷售人員、項目經理、高端運營人員打電話給我們，因為人們想為在當今環境中獲勝的人工作。我們看到了一個難以置信的機會，可以招募優秀的人才。我不認為我們會因為很多原因而降低盈利能力。但正如我認為我們指出的那樣，我們正在提高第二季度的指導，我們正在提高今年的指導。我認為我們對這些數字進行了深思熟慮，以確保我們擁有乾火藥，可以在我們看到有機會這樣做的地方增加令人難以置信的人才。我們非常有信心，在當今世界，我們可以做到這兩點。

Congrats on a great start to the year.

祝賀今年有個好的開始。

Our next question comes from the line of Zachary Cummins with B. Riley.

我們的下一個問題來自 Zachary Cummins 和 B. Riley 的對話。

David, could you give us an update on the CTV channel? I know that's one that's been gaining a lot of traction in the past couple of quarters. So any sort of incremental update there would be appreciated.

大衛，你能給我們介紹一下 CTV 頻道的最新消息嗎？我知道這是一個在過去幾個季度中獲得了很大關注的人。因此，任何類型的增量更新都會受到讚賞。

Yes. So we continue to see CTV as one of our fastest-growing channels, especially inside of our scaled customers. What we're really seeing is we're seeing, by way of example, the highest percentage of our customers ever in the first quarter use the CTV channel. We continue to see what we call connected CTV, where we're using our data cloud and our AI to best target where to run the marketing as a massive differentiator inside of what we're doing there.

是的。因此，我們繼續將 CTV 視為我們增長最快的渠道之一，尤其是在我們規模化的客戶中。我們真正看到的是，舉例來說，我們看到第一季度使用 CTV 頻道的客戶比例最高。我們繼續看到我們所說的連接 CTV，我們正在使用我們的數據云和我們的人工智能來最好地定位在哪裡進行營銷，作為我們在那裡所做的事情的巨大差異化因素。

Got it. And final question for me is just really around incremental details on the pipeline. I mean, it's great to hear that RFP levels in the overall pipeline are still at record levels. I mean, can you give us a sense of where these are being sourced from? Is it typically companies that are using point solutions or they're not renewing their deals with some of the legacy marketing clouds? Any sort of incremental detail there would be great.

知道了。最後一個問題是關於管道的增量細節。我的意思是，很高興聽到整個管道中的 RFP 水平仍處於創紀錄水平。我的意思是，你能告訴我們這些是從哪裡來的嗎？通常是公司在使用單點解決方案，還是他們沒有與一些遺留的營銷雲續簽交易？任何類型的增量細節都會很棒。

Yes. I mean, listen, companies are tired of using point solutions. They're expensive. They don't talk. And the expense that most people don't talk about is you have to bring in one of the major professional services companies on multimillion-dollar integrations to get them even to speak to each other. Whereas if you use the ZMP, everything exists in one marketplace, right? The other thing we're seeing is it appears as if we've entered into a major replacement cycle in the marketing cloud ecosystem, where a lot of companies started 3, 4, 5 years ago with the legacy marketing clouds and it's just not giving them what they need anymore. So they're going out to RFP at a greater rate. And quite frankly, our full solution tends to be what they're looking for. Chris, do you want to add to that?

是的。我的意思是，聽著，公司厭倦了使用單點解決方案。它們很貴。他們不說話。大多數人沒有談論的費用是，您必須引入一家主要的專業服務公司，進行數百萬美元的集成，讓他們甚至可以相互交談。而如果您使用 ZMP，一切都存在於一個市場中，對嗎？我們看到的另一件事是，我們似乎已經進入了營銷雲生態系統的主要更換週期，許多公司在 3、4、5 年前就開始使用傳統的營銷雲，但它並沒有提供他們不再需要什麼了。因此，他們將以更高的速度參與 RFP。坦率地說，我們的完整解決方案往往是他們正在尋找的。克里斯，你想補充嗎？

Dave, the only thing I'd add, Zach, is if you look from an industry perspective, where they're coming from, it's the ones that probably all of us would write down on the sheet of paper and agree are under the most financial and economic turmoil choosing Zeta, right? Because back to David's point earlier on the call, just really needing to be more efficient but to not have to do that to sacrifice of growth. And I think that's where Zeta comes in as a really helpful partner.

戴夫，扎克，我唯一要補充的是，如果你從行業的角度來看，他們來自哪裡，我們可能都會在紙上寫下並同意最金融和經濟風暴選擇澤塔，對吧？因為回到大衛早些時候在電話會議上的觀點，真的需要提高效率，但不必為了犧牲增長而這樣做。我認為這就是 Zeta 作為真正有用的合作夥伴發揮作用的地方。

Our next question comes from the line of Arjun Bhatia with William Blair.

我們的下一個問題來自 Arjun Bhatia 與 William Blair 的對話。

David, maybe just to continue on the AI theme. Like I mean, obviously we're living in kind of a rapidly change in paradigm with the rise of generative AI. I'm curious how you think it might change the marketer's job, how it might change the CMO's role? And what does that mean for how you sell Zeta, how you deploy data? And does that mean there's any adjustments that you need to make. Obviously there's a lot of great product announcements that you've made already. But what else do you think might need to change in your business as we kind of work through this?

大衛，也許只是為了繼續討論 AI 主題。就像我的意思一樣，很明顯，隨著生成式人工智能的興起，我們生活在範式快速變化的環境中。我很好奇你認為它會如何改變營銷人員的工作，它會如何改變 CMO 的角色？這對您銷售 Zeta 的方式、部署數據的方式意味著什麼？這是否意味著您需要進行任何調整。顯然，您已經發布了很多很棒的產品公告。但是，在我們解決這個問題的過程中，您認為您的業務還需要改變什麼？

Yes. I think, Arjun, that's a great question. I mean I want to reiterate, I feel like we are aware of the puck is going, not going to where the puck is going, meaning, we, as you know, rearchitected the Zeta marketing platform starting about 5 years ago into what it is today, which has artificial intelligence and data as native to the application layer. So to really put some meat on the bones of what that means. If you're running a legacy marketing cloud and they claim to have artificial intelligence, your marketing cloud has to talk to their AI algorithm, which then has to do multiple data dips to pull the proper data in based on the instructions from that marketing platform to the algorithm and think about how long that takes to make a decision. When you put everything is native to the application layer, it can make real-world decisions all at once, really a differentiator. Where I think it's going to continue to change the marketplace is we're going to continue to see, first and foremost, a greater focus on return on investment for marketing than ever before. And once again, in addition to running the generative AI panel at Milken, I also moderated the chief marketing officer panel. And as you can imagine, I made a joke when I came on to the panel. I said, "All right. We're going to now go to a topic that nobody is talking about completely under the radar, getting 0 attention, artificial intelligence, right?" And of course, everybody laughed. But everybody is thinking about how to use this, but not just to use it. I mean ChatGPT is great. My kids love it. I think it's interesting. But how does it benefit your business, right? And what we're doing is we're using artificial intelligence to first and foremost, help enterprises lower their cost to create, maintain and monetize customers by removing customers from the marketing funnel that are not going to buy your products, are not qualified for them. Or understanding who in your platform is going to churn really early enough in the process to save them, right? That's one. The other thing we're doing is the rolling out of ZOE from an external perspective. By the way, it's always been our internal AI algorithm. The rolling out of ZOE as a business intelligence tool to help CMOs and marketers better understand their customers, their intelligence and how to manage their marketing with a simple real-world solution that not only learns from large language models, it learns from small language models that are effectively owned by you because it's your data. And it also learns what you're interested in. So once you ask it a question, it keeps an eye on everything to do with that question forever. So when you come back and ask it that question again, it's smarter the next time. So it's consistently getting smarter, which allows the enterprise to do more with less, less analysts, less data scientists, which are very expensive, less cost to create a customer and lower cost to maintain your existing customers, all driven from generative AI.

是的。我認為，Arjun，這是一個很好的問題。我的意思是我想重申一下，我覺得我們知道冰球正在前進，而不是去冰球要去的地方，意思是，如你所知，我們從大約 5 年前開始重新設計了 Zeta 營銷平台，使其成為現在的樣子今天，人工智能和數據作為應用程序層的本機。所以真正把一些肉放在骨頭上意味著什麼。如果您運行的是傳統營銷雲並且他們聲稱擁有人工智能，那麼您的營銷雲必須與他們的 AI 算法對話，然後該算法必須進行多次數據挖掘以根據來自該營銷平台的指令提取正確的數據到算法並考慮需要多長時間才能做出決定。當你把一切都放在應用程序層時，它可以同時做出現實世界的決定，這真的是一個差異化因素。我認為它將繼續改變市場的地方是我們將繼續看到，首先也是最重要的是，比以往任何時候都更加關注營銷投資回報。再一次，除了在米爾肯主持生成人工智能小組，我還主持了首席營銷官小組。你可以想像，當我進入小組時我開了個玩笑。我說，“好吧。我們現在要談談一個沒有人完全在雷達下談論的話題，得到 0 的關注，人工智能，對吧？”當然，每個人都笑了。但是每個人都在考慮如何使用它，而不僅僅是使用它。我的意思是 ChatGPT 很棒。我的孩子們喜歡它。我覺得很有趣。但它對您的業務有何好處，對嗎？我們正在做的是，我們首先使用人工智能，通過將不會購買您的產品、不符合資格的客戶從營銷渠道中移除，幫助企業降低創建、維護和貨幣化客戶的成本他們。或者了解您平台中的哪些人會在流程中儘早流失以挽救他們，對吧？那是一個。我們正在做的另一件事是從外部角度推出 ZOE。順便說一下，它一直是我們內部的 AI 算法。推出 ZOE 作為商業智能工具，幫助 CMO 和營銷人員更好地了解他們的客戶、他們的情報以及如何使用簡單的現實世界解決方案管理他們的營銷，該解決方案不僅從大型語言模型中學習，而且從小型語言模型中學習實際上歸您所有，因為它是您的數據。它還會了解您感興趣的內容。因此，一旦您向它提出問題，它就會永遠關注與該問題有關的一切。所以當你回來再問它那個問題時，下次它會更聰明。因此，它一直在變得越來越聰明，這使企業可以用更少的分析師、更少的數據科學家做更多的事情，這些都是非常昂貴的，創建客戶的成本更低，維護現有客戶的成本更低，所有這些都是由生成 AI 驅動的。

That's super helpful and very insightful. I appreciate that. Chris, maybe one for you. Obviously we saw some good trends this quarter in the scaled and superscaled customers and you had that big deal in retail. I'm curious just as we look at those metrics, are those new customers coming internally through expansions? Are you starting to see new customer lands in those 2 buckets as well? How should we think about some of those trends playing into the metrics?

這非常有幫助，而且非常有見地。我很感激。克里斯，也許一個給你。顯然，本季度我們在規模化和超規模化客戶中看到了一些良好的趨勢，而且您在零售方面有很大的收穫。當我們查看這些指標時，我很好奇，這些新客戶是否通過擴張從內部湧入？您是否也開始在這兩個桶中看到新的客戶群？我們應該如何考慮其中一些趨勢對指標的影響？

Kind of the 8 new scaled customers that we added quarter-to-quarter, 6 were new to Zeta; and then two, became scaled. And then even within that existing scaled customers and to the point of moving them from that $100,000 to $1 million cohort to the superscaled of $1 million-plus, one of the metrics we talked about in the earnings call that internally we got really excited about was multichannel adoption. So the number of scaled customers now using 3 or more channels that grew 41% year-over-year. So that was good for us to see that we continue to make some really good traction in building these omnichannel experiences, but we're very happy with the new customer additions we had as well as what grew from the base perspective.

在我們每季度增加的 8 個新規模客戶中，有 6 個是 Zeta 的新客戶；然後是兩個，變成了縮放。然後，即使在現有的規模化客戶中，為了將他們從 100,000 美元到 100 萬美元的隊列轉移到 100 萬美元以上的超大規模客戶群，我們在財報電話會議上討論的指標之一讓我們內部感到非常興奮是多渠道採用。因此，現在使用 3 個或更多渠道的規模化客戶數量同比增長 41%。因此，我們很高興看到我們繼續在構建這些全渠道體驗方面取得一些非常好的牽引力，但我們對我們擁有的新客戶以及從基本角度來看的增長感到非常滿意。

And Arjun, we just continue to see not just record RFPs by number of enterprises, we're seeing deal sizes that are by far the biggest we've ever done.

Arjun，我們不僅繼續看到企業數量創紀錄的 RFP，而且我們看到的交易規模是迄今為止我們做過的最大的。

There are no further questions in the queue. I'd like to hand the call back over to David Steinberg for closing remarks.

隊列中沒有其他問題。我想將電話轉回給 David Steinberg 作結束語。

I continue to be incredibly proud of our Zeta people. We talk a lot about our technology, we talk a lot about our data, we talk a lot about winning in the marketplace. But ultimately, it is our people that drive these results. And we're feeling as good as we possibly can about our business. We feel like even in a volatile environment, we are winning. In many ways, the volatility of the current environment is helping us because we're seeing less friction from enterprises willing to take a chance on a new vendor. And as we drive our business to our 2025 plan, we're really, really excited about where we're going to go for 2030 and after. And we feel like we are incredibly well-positioned. And quite frankly, I have never felt as good about where we are as a business as I do sitting here today. So I will finish, as I always do, by thanking all of our employees, thanking all of our clients, all of our vendors and all of our shareholders for your belief in our vision. And our goal is to continue to win in the marketplace and win together. Thank you very much for taking the time today.

我繼續為我們的 Zeta 人感到無比自豪。我們談論了很多關於我們的技術，我們談論了很多關於我們的數據，我們談論了很多關於在市場上獲勝的話題。但最終，推動這些結果的是我們的員工。我們對我們的業務感覺盡可能好。我們覺得即使在動蕩的環境中，我們也正在獲勝。在許多方面，當前環境的波動正在幫助我們，因為我們看到企業願意冒險尋找新供應商的摩擦減少了。當我們推動我們的業務實現 2025 年計劃時，我們對 2030 年及之後的發展方向感到非常非常興奮。我們覺得我們的位置非常好。坦率地說，我從來沒有像今天坐在這裡一樣對我們的業務狀況感到滿意。因此，我將一如既往地感謝我們所有的員工、所有的客戶、所有的供應商和所有的股東，感謝你們對我們願景的信任。我們的目標是繼續在市場上取勝，共同取勝。非常感謝您今天抽出時間。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。