Zeta Global Holdings Corp (ZETA) 2023 Q4 法說會逐字稿

Greetings, welcome to Zeta fourth quarter '23 earnings conference call.

大家好，歡迎參加 Zeta '23 年第四季財報電話會議。

(Operator Instructions) Please note this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to Scott Schrier Senior Vice President of Investor Relations.

我現在將會議轉交給投資者關係高級副總裁 Scott Schrier。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, operator.

謝謝你，接線生。

Hello, everyone, and thank you for joining us for Zoetis Fourth Quarter and Full Year 2023 conference call.

大家好，感謝您參加碩騰 2023 年第四季和全年電話會議。

Today's presentation and earnings release are available on data's Investor Relations website at investors dot sabre global.com, where you will also find links to our SEC filings along with other information about data.

今天的簡報和收益發布可在 data 的投資者關係網站 Investors dot sabre global.com 上獲取，您還可以在其中找到我們向 SEC 提交的文件的連結以及有關 data 的其他資訊。

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.

今天與我一起參加電話會議的有 Zeta 聯合創始人、董事長兼執行長 David Steinberg 和 Zeta 財務長 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, revenues of our products and our goals and strategies.

在我們開始之前，我想提醒大家，本次電話會議以及演示和收益發布中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，包括有關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策略。

These statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected.

這些陳述存在風險和不確定性，可能導致實際結果與預測有重大差異。

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.

這些風險和不確定性包括公司收益報告和向美國證券交易委員會提交的其他文件中所述的風險和不確定性，並且僅在今天發表。

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.

此外，我們今天的討論將包括參考某些補充性非公認會計準則財務指標，這些指標應作為我們公認會計準則結果的補充而不是替代。

We use these non-GAAP measures in managing our business and believe they provide useful information for our investors.

我們使用這些非公認會計準則衡量標準來管理我們的業務，並相信它們為我們的投資者提供了有用的信息。

Reconciliations of the non-GAAP measures to the corresponding GAAP measures were appropriate, can be found in the earnings presentation available on our website as well as our earnings release and other filings with the SEC.

非公認會計原則措施與相應公認會計原則措施的調節是適當的，可以在我們網站上的收益報告以及我們向美國證券交易委員會提交的收益報告和其他文件中找到。

I will now turn the call over to David.

我現在將把電話轉給大衛。

Thank you, Scott.

謝謝你，斯科特。

Good afternoon, everyone, and thank you for joining us today. 2023 was a record year for Zeta that finished with a strong Q4 once again exceeding our expectations.

大家下午好，感謝您今天加入我們。 2023 年對 Zeta 來說是創紀錄的一年，第四季的強勁表現再次超出了我們的預期。

For the full year of 2023, we delivered revenue of $729 million, up 23% year over year.

2023 年全年，我們營收 7.29 億美元，年增 23%。

This marks our fourth consecutive year exceeding 20% revenue growth, and we are guiding to a fifth year of 20% growth in 2024.

這標誌著我們連續第四年收入成長超過 20%，我們預計到 2024 年將實現第五年收入成長 20%。

Over the past four years, we have also expanded our adjusted EBITDA margins by 1,000 basis points with over 200 basis points of expansion this past year alone to 17.8% or $129 million in adjusted EBITDA today.

在過去四年中，我們也將調整後 EBITDA 利潤率擴大了 1,000 個基點，光是去年就擴大了 200 多個基點，目前調整後 EBITDA 利潤率達到 17.8%，即 1.29 億美元。

The marketing ecosystem is in a state of change and has moved from theoretical through a boardroom conversation with chief marketing officers mandated to make AI more actionable to deliver greater efficiency and better experiences for consumers.

行銷生態系統正處於變革狀態，已經從理論轉變為與首席行銷長的董事會對話，其任務是使人工智慧更具可操作性，從而為消費者提供更高的效率和更好的體驗。

These CMOs are increasingly looking to data as evidenced by the strong growth in our RFPs and our sales pipeline because AI has been at the core of the ZMP for many years as opposed to many months, we believe that we are at the forefront of a wave that is driving a replacement cycle.

這些行銷長越來越多地關注數據，我們的RFP 和銷售管道的強勁增長證明了這一點，因為人工智慧多年來一直是ZMP 的核心，而不是幾個月，我們相信我們處於浪潮的最前沿這正在推動更換週期。

We currently have more than 125 patents issued and or pending around AI, machine learning and other advanced technologies.

目前，我們擁有超過 125 項圍繞人工智慧、機器學習和其他先進技術已頒發或正在申請的專利。

Marketing has not been able to capitalize on the AI revolution because of an enduring problem in most enterprises, data is abundant, but intelligence is scarce.

行銷未能利用人工智慧革命，是因為大多數企業都存在一個長期存在的問題：數據豐富，但智慧稀缺。

The Zeta marketing platform is closing this intelligence gap by allowing customers to use our generative AR with their data and not share it back to the collective.

Zeta 行銷平台允許客戶將我們的生成 AR 與其數據一起使用，而不會將其分享給集體，從而縮小了這一情報差距。

Our investments in 2024 are about making a eye more action, delivering better experiences for consumers and widening Vitas moat.

我們在 2024 年的投資旨在讓更多人採取行動，為消費者提供更好的體驗並拓寬 Vitas 護城河。

These investments include strengthening our agile intelligence offering, expanding our mobile capabilities and extending JNI into new and additional use cases.

這些投資包括加強我們的敏捷情報產品、擴展我們的行動功能以及將 JNI 擴展到新的和額外的用例。

One of the most exciting developments is the rollout of a new product initially called intelligent agent Composer.

最令人興奮的發展之一是推出了最初稱為智慧代理 Composer 的新產品。

This creates gen AI agents that provide dozens of intelligent and automated tools that make our customers more efficient and more Factive customers will be empowered to build their own intelligent agents with in our platform, allowing them to power workflows and customer experiences specific to their brand and their needs in this model, it becomes even more essential and a more sticky partner to our client.

這將創建新一代人工智慧代理，提供數十種智慧和自動化工具，使我們的客戶更加高效、更加活躍。Factive 客戶將能夠在我們的平台中建立自己的智慧代理，從而為特定於其品牌和客戶的工作流程和客戶體驗提供支援。他們在這種模式下的需求，對於我們的客戶來說變得更加重要和更具黏性的合作夥伴。

Early gen AI products have unlocked creativity and personal productivity, but they have yet to realize their transformative potential for enterprise marketing ecosystem.

早期的人工智慧產品已經釋放了創造力和個人生產力，但尚未實現企業行銷生態系統的變革潛力。

Our intelligent agent Composer has the power to change that we expect to monetize this new product and additional gen AI. functionality multiple ways creating new billable modules, generating higher consumption and lowering the burden of marketing resources in enterprises and agency.

我們的智慧代理 Composer 具有改變的能力，我們希望透過這項新產品和附加的人工智慧貨幣化。功能多種方式創建新的計費模組，產生更高的消費並減輕企業和代理商行銷資源的負擔。

Going deeper into our mobile strategy for 2024.

深入探討我們的 2024 年行動策略。

Today, mobile engagement largely operates as a point solution within enterprise environments, we see a dual opportunity first integrate mobile into a more comprehensive platform, and second, deliver conversational experiences using Gen AI., we believe our intelligent platform provides a competitive advantage for marketers looking to deliver real-time personalized experiences for consumers and as a natural fit for mobile environments.

如今，行動參與主要作為企業環境中的單點解決方案運行，我們看到了雙重機會，首先將行動整合到更全面的平台中，其次使用Gen AI 提供對話體驗。我們相信我們的智慧平台為行銷人員提供了競爭優勢希望為消費者提供即時的個人化體驗並自然地適應行動環境。

For example, we are currently working with a large national retailer to develop a mobile solution to enhance the in-store selling experience by putting Zeta Data Cloud and the ZMP. in the hands of salespeople to deliver real-time customer engagement at the point of sale.

例如，我們目前正在與一家大型全國零售商合作開發行動解決方案，透過放置 Zeta Data Cloud 和 ZMP 來增強店內銷售體驗。掌握在銷售人員手中，以便在銷售點提供即時客戶參與。

This simplifies the complex task of logging into multiple systems for answers on the status of an order inventory or personalized client data ZMP. connects to all subsystems and provide information via a simple conversational interface on a mobile device.

這簡化了登入多個系統以獲取訂單庫存狀態或個人化客戶資料 ZMP 答案的複雜任務。連接到所有子系統並透過行動裝置上的簡單對話介面提供資訊。

Today, mobile accounts for less than 2% of revenue through our platform, but we believe it has the potential to be our next $100 million-plus business similar to house CTD.

如今，行動業務僅占我們平台收入的不到 2%，但我們相信它有潛力成為我們下一個 1 億美元以上的業務，類似於 House CTD。

It's scaling our unique position in the market and continued investment in a high-powered marketing technology is also creating interest across the ecosystem as we expand our relationships with system integrators.

它擴大了我們在市場中的獨特地位，隨著我們擴大與系統整合商的關係，對高效能行銷技術的持續投資也在整個生態系統中引起了興趣。

We are in advanced discussions with an array of SIs, including an exciting joint implementation at a large enterprise where solutions spanning data management as well as customer acquisition growth in retention will be replaced by the ZMP overall RSI implementation is a multiyear rollout, and we expect it to have a larger impact into 2025 and beyond.

我們正在與一系列SI 進行深入討論，其中包括在一家大型企業中進行令人興奮的聯合實施，其中涵蓋數據管理以及客戶保留增長的解決方案將被ZMP 取代，總體RSI 實施需要多年的推廣，我們預計它將在 2025 年及以後產生更大的影響。

Zooming back out, I also wanted to spend a minute on recent industry headlines related to cookie deprivation and email deliverability.

回過頭來，我還想花一點時間了解與 cookie 剝奪和電子郵件送達率相關的最新行業頭條新聞。

These changes only elevate the importance of Zeta's proprietary first-party data as opposed to relying on third party cookie data to identify individuals in terms of email, the new requirements from Google and Yahoo are in line with what we have already incorporated into our infrastructure.

這些變化只會提升 Zeta 專有的第一方資料的重要性，而不是依賴第三方 cookie 資料來透過電子郵件識別個人，Google 和 Yahoo 的新要求與我們已經納入基礎設施的要求一致。

Our observations pre and post their rollout show equal to and in some cases, even better deliverability and higher open rates.

我們在推出前後的觀察結果顯示，在某些情況下，它們的送達率甚至更高，開啟率也更高。

In short, we believe these changes enhance our competitive position by elevating the value of our Identity Graph and further improvement effectiveness and return on investment for the ZMP for engagement.

簡而言之，我們相信這些變化透過提升我們的 Identity Graph 的價值並進一步提高 ZMP 參與的有效性和投資回報來增強我們的競爭地位。

Building upon what we discussed at our September 2023 Investor Day, we are taking action on investor feedback related to dilution and stock-based compensation.

根據我們在 2023 年 9 月投資者日討論的內容，我們正在根據投資者有關稀釋和股票薪酬的反饋採取行動。

First, we are guiding to bring dilution from incentive-based compensation down from 5% in 2023 to 3.5% to 3.75% in 2024.

首先，我們指導將激勵性薪酬的稀釋率從 2023 年的 5% 降至 2024 年的 3.5% 至 3.75%。

In terms of stock-based compensation, we're also planning to evolve how we incentivize senior management by way, of example, Chris Greiner and I along with others are planning not to receive any restricted shares this year.

在股票薪酬方面，我們還計劃改進如何激勵高階管理層，例如，克里斯·格雷納和我以及其他人計劃今年不接受任何限制性股票。

Instead, equity incentive compensation would be based on performance stock units, which are tied to the appreciation of Zoetis share price and will more closely align us with shareholder value creation.

相反，股權激勵薪酬將基於績效股票單位，這與碩騰股價的升值掛鉤，並使我們與股東價值創造更加緊密地結合在一起。

These changes, in addition to continuing to benefit from a lower level of pre IPO stock based compensation flowing through our P&L places data on a trajectory to achieve GAAP based profitability in the fourth quarter of 2024.

這些變化，除了繼續受益於流經我們損益表的較低水平的 IPO 前股票薪酬之外，還使數據走上了在 2024 年第四季度實現基於 GAAP 的盈利能力的軌道。

At the same time, our goal is to continue to invest in innovation and build a strong culture with the foundation of corporate responsibility.

同時，我們的目標是繼續投資創新，建立以企業責任為基礎的強大文化。

In fact, for the second year in a row, I'm proud to share that data was recognized as one of built in best places to work.

事實上，我連續第二年自豪地分享數據被公認為最佳工作場所之一。

I'm also pleased to announce that for the second year in a row, we achieved carbon net neutrality, which is an important accomplishment for prospective and existing customers as well as our employees.

我還很高興地宣布，我們連續第二年實現了碳淨中和，這對於潛在和現有客戶以及我們的員工來說是一項重要成就。

In closing, 2023 was an incredible year for Zeta for we believe 2024 will be even better.

最後，2023 年對 Zeta 來說是令人難以置信的一年，因為我們相信 2024 年會更好。

As always, I would like to sincerely thank our customers, partners, teams, data and all of our shareholders for their ongoing support of our vision.

一如既往，我衷心感謝我們的客戶、合作夥伴、團隊、數據和所有股東對我們願景的持續支持。

Now let me turn it over to Chris to discuss our results in greater detail.

現在讓我把它交給克里斯來更詳細地討論我們的結果。

Chris?

克里斯？

Thank you, David.

謝謝你，大衛。

I'm excited for all that we're covering today but let me start with the punchline first for taking share while growing efficiently.

我對我們今天介紹的所有內容感到很興奮，但讓我先從要點開始，即在有效增長的同時獲取份額。

I'll cover what is contributing to another quarter and year.

我將介紹對下一個季度和年度的貢獻。

It is exceeding guidance being above the Rule of 40 and growing faster than the market.

它超出了 40 規則之上的指導，並且成長速度快於市場。

Second, we're leveraging our flywheel.

其次，我們正在利用飛輪。

I'll share the financial profile and the flywheel effect of our direct and integrated revenue streams and how we're expanding and cross-selling our new large agency customers to see their own channels.

我將分享我們的直接和綜合收入流的財務狀況和飛輪效應，以及我們如何擴展和交叉銷售我們的新大型代理商客戶以查看他們自己的管道。

And third, we're guiding ahead of the Street while remaining prudently conservative.

第三，我們在保持謹慎保守的同時領先華爾街。

I'll wrap up by outlining how 2023's headwinds shift to become 2024's tailwinds.

最後，我將概述 2023 年的逆風如何轉變為 2024 年的順風。

All together, we're executing on our plan, capitalizing on our competitive advantages in guiding 2024 from a position of strength.

我們正在共同執行我們的計劃，利用我們的競爭優勢，從強勢地位引導 2024 年。

Now let's dive into each of these with more color, starting with the fourth quarter and full year 2023 results.

現在，讓我們從第四季和 2023 年全年業績開始，更深入地探討每一項內容。

In 4Q, we delivered revenue of $210 million, up 20% year to year or 22%, excluding M&A and the prior year's political revenue.

第四季度，我們營收 2.1 億美元，年增 20%，成長 22%（不包括併購和前一年的政治收入）。

The full year's revenue was $729 million, up 23% year to year or 24%, excluding M&A and the prior year's political revenue.

全年營收為 7.29 億美元，年增 23%，成長 24%（不包括併購和前一年的政治收入）。

This exceeded our initial 2023 guide of $691 million by $38 million or 5.5%.

這比我們最初的 2023 年指引值 6.91 億美元多了 3,800 萬美元，即 5.5%。

It also includes a seven-point growth headwind from our two challenged verticals of automotive and insurance.

它還包括來自汽車和保險這兩個面臨挑戰的垂直行業的七個百分點的成長阻力。

Combined, these two verticals accounted for approximately 10% of revenue in 2023, meaning 90% of data grew over 30% in 2023.

這兩個垂直產業合計約佔 2023 年收入的 10%，這意味著 2023 年 90% 的數據成長超過 30%。

Our ability to consistently exceed guidance and drive 20% plus revenue growth over the past four years comes from strong visibility into our data 2025 KPIs.

我們能夠在過去四年中持續超越指導並推動 20% 以上的收入成長，這得益於我們對 2025 年 KPI 數據的強大可視性。

Let's dive into those now.

現在讓我們深入探討這些內容。

We ended the year with 452 skilled customers.

截至年底，我們擁有 452 位熟練客戶。

So as a reminder, account for 97% of total data revenue and spend at least [$100,000] on a trailing 12-month basis.

因此提醒一下，佔總數據收入的 97%，並且在過去 12 個月的基礎上至少花費 [100,000 美元]。

This was up [12] from 3Q and [49] or 12% from a year ago.

這比第三季增加了 [12]，比去年同期增加了 [49] 或 12%。

At the high end of our 8% to 12% model.

處於我們 8% 至 12% 車型的高端。

We saw accelerated growth in our $1 million-plus super scaled customers, which increased by seven quarter to quarter to 131 and up 27% year to year.

我們看到 100 萬美元以上的超大規模客戶加速成長，季增了 7 個季度，達到 131 個，年增 27%。

The addition of scaled customers are coming from an array of industries, most notably consumer retail, education, tech and media and travel and hospitality, in addition to others, demonstrating the wide application of our platform and continued healthy diversification of customers.

新增的規模化客戶來自多個行業，尤其是消費零售、教育、科技媒體、旅遊酒店等，體現了我們平台的廣泛應用和客戶的持續健康多元化。

To that end, 6 of our 10 largest verticals, once again grew more than 25% year to year.

為此，我們 10 個最大垂直產業中的 6 個年成長率再次超過 25%。

In terms of scaled customer ARPU, 4Q grew 7% with the full year, up 10% to $1.57 million coming in at the midpoint of our 8% to 12% growth model.

就規模化客戶 ARPU 而言，第四季全年成長 7%，成長 10% 至 157 萬美元，處於我們 8% 至 12% 成長模式的中點。

This was driven by customers using two or more channels, which increased 27% year to year.

這是由使用兩個或更多管道的客戶推動的，這一數字同比增長了 27%。

Our scaled customer cohort trends slide number 12 in the supplemental deck shows how ARPU reliably increases the longer our customers are on the platform.

補充資料中的規模化客戶群趨勢投影片 12 展示了 ARPU 如何隨著客戶在平台上的停留時間而可靠地增加。

It really illustrates the drivers of high net revenue retention for example, scaled customers less than a year on the platform spend an average of $600,000 with many starting a smaller pilot.

它確實說明了高淨收入保留的驅動因素，例如，在平台上不到一年的規模化客戶平均花費 60 萬美元，其中許多人開始了較小的試點。

This group accounted for less than 10% of 2023 revenue.

該群體佔 2023 年收入的比例不到 10%。

Scaled customers with one to three years on the platform spend an average of $1.3 million or 2.3 times more than those with less than a year on the platform and scaled customers with three or more years tenure spend an average of $2.1 million or 3.6 times more than those with less than a year on the platform.

在平台上使用時間為1 到3 年的規模化客戶平均支出為130 萬美元，是在平台上使用時間不到一年的客戶的2.3 倍，而在平台上使用時間為3 年或以上的規模化客戶平均支出為210 萬美元，即是在平台上使用時間不到一年的客戶的3.6 倍。那些在平台上工作不到一年的人。

But progression of these cohorts is important for a couple of reasons.

但由於幾個原因，這些群體的進展很重要。

Of the 49 scaled customers added in the last 12 months 27 are in the $100,000 to $600,000 band.

在過去 12 個月新增的 49 家規模客戶中，有 27 家的資金規模在 10 萬至 60 萬美元之間。

Meaning this cohort has the potential to more than double in the next 12 months and with 90% of data revenue generated from customers with us more than a year.

這意味著該群體有可能在未來 12 個月內增加一倍以上，並且 90% 的數據收入來自與我們合作超過一年的客戶。

We have strong forecasts and visibility.

我們有很強的預測和可見性。

This is a good lead-in to net revenue retention, which is 111% for the year.

這對今年的淨收入保留率（111%）來說是一個很好的引導。

Excluding the impact of the automotive and insurance industry's net revenue, retention would have finished the year at 118%.

排除汽車和保險業淨收入的影響，今年的留任率將達到 118%。

Our model net revenue retention is 110% to 115%.

我們的模型淨收入保留率為 110% 至 115%。

And as we sit here today, I would expect us to be towards the high end of that range in 2024.

當我們今天坐在這裡時，我預計我們將在 2024 年達到該範圍的高端。

Switching to another one of our data 2025 KPIs direct revenue mix, which is an area I want to help investors understand definitionally direct platform revenue is generated when customers use latest data analytics and both channels to perform their marketing activities.

切換到我們的另一個數據 2025 KPI 直接收入組合，這是我希望幫助投資者理解定義上的直接平台收入是在客戶使用最新數據分析和兩個管道來執行行銷活動時產生的一個領域。

Under the VMP, we've integrated revenues generated from non-data owned channels, principally social networks like Meta, TikTok and others.

根據 VMP，我們整合了非資料自有管道（主要是 Meta、TikTok 等社交網路）產生的收入。

In terms of the financial attributes of direct revenue, direct mix is consistently greater than 70% of total data as a 70% to 75% margin profile with approximately two thirds of direct revenue being recurring.

就直接收入的財務屬性而言，直接組合始終高於總數據的 70%，利潤率為 70% 至 75%，其中約三分之二的直接收入是經常性收入。

From a growth perspective, direct revenue grew 15% year to year or 23%, excluding the two challenged industries of automotive and insurance.

從成長角度來看，直接收入年增 15%，即 23%，不包括汽車和保險這兩個面臨挑戰的產業。

If we simply assume the percentage of 2024 direct revenue is consistent with 2023, which I see is a balanced assumption.

如果我們簡單地假設2024年直接收入的百分比與2023年一致，我認為這是一個平衡的假設。

You have a $600 million direct business, growing approximately 20% with margins and recurring revenue mix about 10 points above the corporate average.

您擁有 6 億美元的直接業務，成長約 20%，利潤率和經常性收入組合比公司平均高出約 10 個百分點。

Where the flywheel comes into play is the customer journey from social to data own channel.

飛輪發揮作用的地方是客戶從社群管道到資料自有管道的旅程。

This is most relevant with our new large agency customers as illustrated on slide 13, in our supplemental deck, agencies utilize data Data Cloud and intelligence products to identify individuals who work in markets and reachable inside the walled garden.

這與我們新的大型代理商客戶最為相關，如幻燈片 13 所示，在我們的補充平台中，代理商利用資料雲和情報產品來識別在市場工作並可在圍牆花園內接觸到的個人。

It's powerful proof point of data intelligence and seamless connection points into the walled gardens forms the foundation for building omnichannel journeys on Baidu's own channel.

它強大的數據智慧證明點和進入圍牆花園的無縫連接點構成了在百度自有通路上建立全通路旅程的基礎。

This is a new and compelling way to think about the profile of the direct business, along with the long-term value large agency holdcos bring to data.

這是一種新的、令人信服的方式來思考直接業務的概況，以及大型代理控股公司為數據帶來的長期價值。

This dynamic of direct and integrated revenue was the primary driver of changes in GAAP cost of revenue throughout 2023, cost of revenue in the quarter was 40.2%, up 260 basis points year to year and 130 basis points quarter to quarter, driven primarily by the growth in integrated revenue from newly added agency customers starting their journey on social channels.

這種直接收入和綜合收入的動態是 2023 年 GAAP 收入成本變化的主要驅動力，該季度的收入成本為 40.2%，同比增長 260 個基點，環比增長 130 個基點，主要由新增加的代理客戶在在社群管道上開始他們的旅程，從而帶來綜合收入的成長。

Our fourth quarter GAAP net loss was $35 million, which includes $63 million of stock-based compensation, full year 2023 GAAP net loss was $187 million, which includes $243 million of stock-based compensation.

我們第四季的 GAAP 淨虧損為 3,500 萬美元，其中包括 6,300 萬美元的股票薪酬，2023 年全年 GAAP 淨虧損為 1.87 億美元，其中包括 2.43 億美元的股票薪酬。

Excluding the accelerated expensing related to our IPO, stock-based compensation would have been $102 million.

不包括與我們的 IPO 相關的加速支出，基於股票的薪酬將為 1.02 億美元。

4Q total operating expense growth slowed to 3% year to year, excluding stock-based compensation and is down 640 basis points as a percentage of revenue.

不包括股票薪酬，第四季總營運費用年增率放緩至 3%，佔收入的百分比下降了 640 個基點。

The same leverage was visible over the full year, down 410 basis points as a percentage of revenue.

全年槓桿率相同，佔收入的百分比下降了 410 個基點。

Our disciplined expense management and better sales productivity resulted in continued adjusted EBITDA margin expansion.

我們嚴格的費用管理和更好的銷售效率導致調整後的 EBITDA 利潤率持續擴大。

In the quarter, we generated $44.8 million in adjusted EBITDA, up 38% year to year with 280 basis points of margin expansion to 21.3%.

本季度，我們調整後 EBITDA 為 4,480 萬美元，年增 38%，利潤率擴大 280 個基點，達到 21.3%。

On a run rate basis, we're two years ahead of the 20% implied margin target as part of data 2025 and 4Q was the 12th straight quarter.

從運行率來看，我們比 2025 年數據中 20% 的隱含利潤率目標提前了兩年，第四季度是連續 12 個季度。

We've expanded adjusted EBITDA margins year to year full year 2023.

2023 年全年，我們逐年擴大了調整後 EBITDA 利潤率。

We delivered adjusted EBITDA of $129.4 million, up 40% year to year, with adjusted EBITDA margins of 17.8%, up 220 basis points year to year.

我們的調整後 EBITDA 為 1.294 億美元，年成長 40%，調整後 EBITDA 利潤率為 17.8%，較去年同期成長 220 個基點。

Cash flow from 4Q operating activities was $27 million, up 17% year to year, with free cash flow of $18 million, up 32% year to year.

第四季經營活動現金流為2,700萬美元，年增17%，自由現金流為1,800萬美元，較去年同期成長32%。

For the full year, cash flow from operating activities was $91 million, up 15% year to year, with free cash flow of $55 million, up 39% year this despite a $25 million working capital headwind primarily from the expansion of our agency base.

全年經營活動產生的現金流為 9,100 萬美元，年增 15%，自由現金流為 5,500 萬美元，年增 39%，儘管主要來自我們代理基礎擴張的營運資金逆風為 2,500 萬美元。

Now I'll wrap with guidance.

現在我將在指導下結束。

First, handful of points to communicate our approach to guidance and slide, you can reference in our supplemental deck one, even by starting ahead of the Street, we see our full year guide in revenue and adjusted EBITDA as prudently conservative which is outlined on slide 17 in the supplemental to like last year, we're providing guidance for each quarter of the year on Slide 18, which is based upon the skew of 2022 to take into consideration political cyclicalities, three along those lines, as seen on slide 19, we're showing how much of each quarter's revenues associated with clinical candidates.

首先，有幾點可以傳達我們的指導和幻燈片方法，您可以在我們的補充甲板一中參考，即使在華爾街之前開始，我們也認為我們的全年收入指南和調整後的EBITDA 是謹慎保守的，幻燈片中概述了這一點17 在去年的補充中，我們在幻燈片18 上提供了一年中每個季度的指導，該指導基於2022 年的傾斜，考慮到政治週期性，三個沿著這些路線，如幻燈片19 所示，我們展示了每個季度的收入中有多少與臨床候選人相關。

We see this as simply a starting point.

我們認為這只是一個起點。

Four, we're guiding to the full year 2020 for free cash flow, showing an increase in cash conversion as we wrap on working capital headwinds from newly added AGENCY holdco customers and five, as David mentioned, we're targeting a decrease in dilution from incentive-based stock compensation of 5%, 3.5% to 3.75% on route to GAAP profitability by the fourth quarter of 2024.

第四，我們對2020 年全年的自由現金流進行了指導，顯示現金轉換有所增加，因為我們克服了新增加的AGENCY 控股公司客戶帶來的營運資本逆風；第五，正如David 提到的，我們的目標是減少稀釋到 2024 年第四季度，基於激勵的股票薪酬將從 5%、3.5% 提高到 3.75%，實現 GAAP 盈利。

As for the details, we're guiding the midpoint of full year 2024 revenue to $875 million, up 20% year to year, and the first quarter revenue at $187 million, up 19% year to year at the midpoint of our range.

至於細節，我們預計 2024 年全年營收中點為 8.75 億美元，年增 20%，第一季營收為 1.87 億美元，年成長 19%，處於我們範圍的中點。

We have a starting placeholder political candidate revenue in 2020 for $15 million with $2 million in 2Q, $5 million in 3Q and $8 million in 4Q for guiding adjusted EBITDA at the midpoint of full year guidance of $166 million or 19% margin with first quarter adjusted EBITDA of $29.1 million, representing a margin of 15.5% at the midpoint of our range.

我們預計2020 年起始佔位政治候選人收入為1,500 萬美元，第二季為200 萬美元，第三季為500 萬美元，第四季為800 萬美元，用於指導調整後EBITDA 達到全年指導中點1.66 億美元或第一季調​​整後利潤率19% EBITDA 為 2,910 萬美元，利潤率為 15.5%，處於我們範圍的中點。

We're guiding full year free cash flow in the range of $75 million to $85 million, translating to 48% conversion of adjusted EBITDA at the midpoint, up from 42% in 2023.

我們預計全年自由現金流在 7,500 萬美元至 8,500 萬美元之間，這意味著調整後 EBITDA 的中點轉換率為 48%，高於 2023 年的 42%。

In summary, we see our 2024 guidance which already exceeds the Street's growth rate by 300 basis points and adjusted EBITDA by $8 million as a good starting point with high visibility to tailwinds that layer throughout the year.

總而言之，我們認為我們的 2024 年指引是一個良好的起點，該指引已超過華爾街成長率 300 個基點，調整後 EBITDA 達 800 萬美元，並且對全年層層推進的有利因素具有高度可見性。

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

接下來，讓我將電話轉給大衛的接線生，我需要回答您的問題。

Operator?

操作員？

(Operator Instructions) Ryan MacDonald, Needham & Company.

（操作員說明）Ryan MacDonald，Needham & Company。

Thanks for taking my question questions and congrats on an excellent quarter.

感謝您提出我的問題，並祝賀您度過了一個出色的季度。

David, as we think about in 2024, you talked about some interesting sort of priorities around the strategy and some some really interesting product investments as we think about sort of intelligent agent Composer and mobile, the mobile strategy, how do you look at the magnitude of impact or maybe how you're building any impact in terms of expectations into sort of 2024 outlook from contributions from these newer offerings?

David，當我們考慮 2024 年時，您談到了圍繞該策略的一些有趣的優先事項，以及一些非常有趣的產品投資，因為我們考慮了智慧代理 Composer 和行動、行動策略，您如何看待其規模影響力，或者您如何透過這些新產品的貢獻對2024 年前景的預期產生影響？

Well, first of all, thank you, Ryan, we appreciate it.

嗯，首先，謝謝你，Ryan，我們很感激。

We are we obviously, we're incredibly proud on the quarter.

顯然，我們對本季感到非常自豪。

When we look at and talk about new development, I think philosophically, you should always think that we don't need that to get to the guidance that we're giving.

當我們看待和談論新的發展時，我認為從哲學上來說，你應該始終認為我們不需要它來獲得我們所提供的指導。

So as we look at the investment into the intelligent agent, we look into the investment of mobile.

因此，當我們專注於對智慧代理的投資時，我們也會關注在行動領域的投資。

It's already fully baked in to our investment into the company and how we think about it from a guidance perspective.

它已經完全融入我們對公司的投資以及我們如何從指導角度思考它。

But we also were not including it in what we expect to deliver from a revenue perspective.

但我們也沒有將其納入我們從收入角度期望實現的目標中。

Now, obviously, we believe the intelligent agent is a massive revenue opportunity where for the first time, we will begin to sell our artificial intelligence products instead of just using them for efficiency.

現在，顯然，我們相信智慧代理是一個巨大的收入機會，我們將第一次開始銷售我們的人工智慧產品，而不僅僅是使用它們來提高效率。

And mobile is one of I joked that post the elimination of the IDFA, it's become almost like the wild west where most organizations are taking a very small sample of, call it 8%, which is the one that's most talked about.

移動是我開玩笑說的，在消除 IDFA 後，它幾乎變得就像狂野的西部，大多數組織都在抽取非常小的樣本，稱之為 8%，這是最受關注的樣本。

And they're extrapolating that whereas we can go into the mobile ecosystem and really focus on deterministic attribution using the ZID., if either of those were to really hit, I think that would give us upside to the estimates that we put out there.

他們推斷，雖然我們可以進入移動生態系統並真正專注於使用 ZID 的確定性歸因，但如果其中任何一個真正起作用，我認為這將使我們的估計有上升空間。

And I think Chris said it best when he said not only are we starting the year at 20%.

我認為克里斯說得最好，他說我們不僅以 20% 的速度開始年初。

I think if I remember correctly, last year, we started the year at 17% from a guidance perspective and finished to '23.

我想，如果我沒記錯的話，去年，從指導角度來看，我們年初的成長率為 17%，到 23 年底結束。

This year, we're starting at 20%.

今年，我們的起點是 20%。

We feel those numbers already conservative.

我們認為這些數字已經保守了。

This would be a part of what would be additional upside.

這將是額外好處的一部分。

Really helpful on maybe as a follow-up, Chris, for you.

克里斯，也許作為後續行動對你很有幫助。

So maybe two topics to talk about with the guidance as well on.

因此，也許還有兩個主題可以在指導中討論。

So obviously, auto insurance industry's challenge last year.

很明顯，去年汽車保險業面臨的挑戰。

Can you just talk about what you're seeing in terms of sight lines or pipeline building that gives you confidence in maybe stabilization or recovery there this year?

您能否談談您在視線或管道建設方面所看到的情況，這讓您對今年的穩定或復甦充滿信心？

And then just curious on the on the conservatism you're building in from the political contributions this year, maybe what you're seeing in the market.

然後只是對今年政治捐款中建立的保守主義感到好奇，也許你在市場上看到了什麼。

Why you felt that $15 million would be the right starting point and maybe potential for upside from that?

為什麼您認為 1500 萬美元是正確的起點，並且可能具有上漲的潛力？

Thanks, Ryan.

謝謝，瑞安。

On the first question around the two challenged verticals, the automotive vertical and the insurance vertical, the short answer is very good visibility into the sales pipeline, much of that, frankly, already starting late 4Q.

關於圍繞兩個面臨挑戰的垂直行業（汽車垂直行業和保險垂直行業）的第一個問題，簡短的答案是對銷售管道的良好可視性，坦率地說，其中大部分已經從第四季度末開始。

So it will already start to feather in beginning in the first quarter.

因此，它從第一季開始就已經開始顯現。

So feeling really good about the return of those industries back to growth in 2024, probably even starting to see some in the latter part of the first half of this year.

因此，我們對這些行業在 2024 年恢復成長感到非常高興，甚至可能在今年上半年下半年開始看到一些成長。

Yes, as it relates to your other question, which was around our political assumptions.

是的，因為它與你的另一個問題有關，這是圍繞我們的政治假設的。

You'll recall that in 2020, we did $15 million in political revenue and we did about half of that $7.5 million in 2022.

你可能還記得，2020 年，我們的政治收入為 1500 萬美元，而 2022 年我們的政治收入為 750 萬美元，其中大約有一半。

We wanted to just start with a baseline of what 2020 was knowing that it was likely conservative.

我們想從 2020 年的基線開始，因為我們知道這可能是保守的。

What's also good to recall though, is that advocacy tends to draft off of political.

不過，值得記住的是，倡議往往脫離政治。

So the combination of candidate revenue and the work we do with advocacy groups both are probably conservative in our outlook and would have upside throughout the year, and we'll continue to provide visibility as to what we're assuming for political candidate revenue as well.

因此，候選人收入以及我們與倡導團體所做的工作相結合，我們的前景可能都是保守的，並且全年都會有上行空間，我們將繼續提供我們對政治候選人收入的假設的可見性。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Hi, thank you so much.

你好，非常感謝你。

I wanted to go back to the example that you provided in mobile.

我想回到您在行動裝置中提供的範例。

You talked about getting in the technology enhancement salespeople noted that was interesting and it sounds like you may be getting into a new end user there outside of the traditional marketing department.

您談到了進入技術增強銷售人員指出這很有趣，聽起來您可能會在傳統行銷部門之外進入新的最終用戶。

So if so, kind of would love to hear who you might expect to compete within the segment?

那麼，如果是這樣，您很想聽聽您希望誰在該細分市場中競爭？

Should we view this as a TAM expander and how you plan on addressing a potentially new buyer segment with an additional wallet opportunity?

我們是否應該將其視為 TAM 擴展器？您計劃如何透過額外的錢包機會來解決潛在的新買家細分市場？

Thank you.

謝謝。

As usual, Elizabeth, we appreciate it.

像往常一樣，伊麗莎白，我們很感激。

The answer is yes to both.

兩者的答案都是肯定的。

So we see an opportunity to add mobile as a channel to our existing scaled and super scaled customers, which today wouldn't increase our TAM pretty dramatically when you think about it, because we've never really played in that mobile ecosystem because quite frankly, while the IDFA was around, there was a lot of efficacy there and there were a lot of players running around there with the elimination of the IDFA, the efficacy of that channel has dissipated rapidly.

因此，我們看到了將行動作為管道添加到我們現有的規模化和超大規模客戶的機會，但現在考慮一下，這不會顯著增加我們的TAM，因為我們從未真正參與過行動生態系統，因為坦白說，當IDFA存在的時候，那裡有很多功效，隨著IDFA的消除，有很多玩家在那兒跑來跑去，那個頻道的功效很快就消失了。

So it puts us in a very unique position where we can take assets that we already own, which is the $240 million plus opted in individuals of which we can tie back to the ZID. number, which we can identify in the mobile ecosystem.

因此，這使我們處於一個非常獨特的位置，我們可以利用我們已經擁有的資產，即 2.4 億美元以及我們可以將其與 ZID 掛鉤的個人資產。數字，我們可以在移動生態系統中識別。

So it gives us an advantage that nobody else in the mobile ecosystem has outside of the walled garden.

因此，它為我們提供了移動生態系統中除了圍牆花園之外沒有其他人擁有的優勢。

So it's a very unique opportunity to do that.

所以這是一個非常獨特的機會。

At the same time, what we're finding is CIO.s want to buy our technology as well.

同時，我們發現資訊長也想購買我們的技術。

So there's the opportunity to expand from just focusing on the marketing to also selling the technology directly to the CEOs.

因此，我們有機會從只專注於行銷擴展到直接向執行長出售技術。

And I think you're going to see some very big developments out of Zeta this year as it relates to the sale of our technology to CIO.s to power other functions of their businesses.

我認為今年你會看到 Zeta 取得了一些非常大的進展，因為它涉及向資訊長出售我們的技術，以支援他們業務的其他功能。

In addition to the marketing function.

除了行銷功能之外。

And just as a follow-up, you I wanted to ask about the sales cycles that you have with working with agencies versus directly with enterprises on one hand, you might have more decision makers sitting at the table.

作為後續行動，我想詢問與代理商合作與直接與企業合作的銷售週期，一方面，您可能有更多的決策者坐在桌子旁。

But on the other hand, you have that trusted agency partner.

但另一方面，您擁有值得信賴的代理商合作夥伴。

Is there any opportunities for accelerated sales cycles are lengthening sales cycles you as you're working with more agencies?

當您與更多代理商合作時，是否有機會加速銷售週期以延長您的銷售週期？

Yes.

是的。

So the another great question.

這是另一個很好的問題。

I think when you work with agencies, you work with them in one of two ways.

我認為當你與代理商合作時，你可以透過以下兩種方式之一與他們合作。

It's very interesting you go in as a master relationship to the agency and then you go from enterprise to enterprise, which is dramatically faster than when we go directly to an enterprise ourselves put in perspective, some Fortune 500 companies can take up to six months to move from contract through procurement through data security through legal.

非常有趣的是，你作為代理商的主要關係進入，然後你從一個企業到另一個企業，這比我們自己直接進入一家企業要快得多，一些財富500 強公司可能需要長達六個月的時間才能完成。從合約到採購，再到資料安全，再到法律。

Whereas when you're doing it in partnership with the holdco, it's turning it on.

而當你與控股公司合作時，它就會打開它。

So it moves very, very quickly.

所以它移動得非常非常快。

The other thing is there are some agencies that literally manage the marketing on behalf of the enterprise themselves.

另一件事是，有些機構實際上代表企業自己管理行銷。

And what we're starting to do is, as we've expanded from one to now, what are three agency holdco clients where they're able to just say, let's do this, and we're seeing that side of the business scaling quickly, but massively shortening the sales slots.

我們開始做的是，隨著我們從一個擴展到現在，三個代理控股公司客戶可以說，讓我們這樣做，我們看到業務規模正在擴大速度很快，但大大縮短了銷售時間。

Elizabeth, welcome back.

伊莉莎白，歡迎回來。

I'm on slide 13 because this is a topic we spend a lot of time with investors on recently is understanding the relationship between direct revenue and integrated revenue and the role that our new agency holdcos are playing in that and what we've shown on slide 13 is the journey of our first holdco from now several years ago, two recent holdcos.

我在投影片13 上是因為這是我們最近與投資者花費大量時間討論的一個主題，即了解直接收入和綜合收入之間的關係以及我們新的代理控股公司在其中所扮演的角色以及我們所展示的內容投影片 13 是幾年前我們的第一家控股公司和最近兩家控股公司的歷程。

And what you'll note is that those recent holdcos are starting significantly bigger initial investments with Zeta with the same opportunity to expand, but also evolve and shift their mix over time.

您會注意到，那些最近的控股公司正在開始與 Zeta 進行更大的初始投資，並擁有相同的擴張機會，但隨著時間的推移，它們的組合也會不斷發展和轉變。

So it's laid out, I think, well on Slide 13.

我想，投影片 13 的內容已經安排得很好了。

Thanks for your questions.

感謝您的提問。

Jason Kreyer, Craig-Hallum.

賈森·克雷爾，克雷格·哈勒姆。

Great, thank you.

太好了謝謝。

And David, I just wanted to ask if you can maybe summarize how the your conversations with customers have evolved around AI. over the last couple of quarters and then maybe how you see Vitas opportunity evolving with that?

大衛，我只是想問你是否可以總結一下你與客戶的對話是如何圍繞人工智慧演變的。在過去的幾個季度中，您如何看待 Vitas 的機會隨之演變？

Well, thank you, Jason.

嗯，謝謝你，傑森。

As I think I said in my sort of scripted notes, it's something I say a lot AI. has moved from theoretical to really starting in the boardroom.

正如我想我在我的腳本筆記中所說的那樣，這是我經常說的人工智慧。已經從理論轉變為在董事會中真正開始。

And what I'm seeing is the Board is saying that the CEO, what's your AI strategy and then they're saying and make sure that our data stays secure inside of that strategy, they then go down and they sort of yell at the CMO, what's our AI strategy and how do we keep our data protected and safe.

我看到的是董事會正在說首席執行官，你的人工智慧戰略是什麼，然後他們說要確保我們的數據在該戰略內保持安全，然後他們就下去並對首席營銷官大喊大叫，我們的人工智慧戰略是什麼以及我們如何保護我們的資料和安全。

And those CMOs are often calling me and saying, What do we do here, right?

那些 CMO 經常打電話給我說，我們在這裡做什麼，對吧？

So when you look at our ability to put a CDP. in place, which creates a closed ecosystem for the client's data, you're then able to append our data in, you're adding, in many cases, billions and in some cases, even trillions of data points to their data and the algorithm can operate inside of there.

所以當你看到我們放置 CDP 的能力。就位，為客戶的數據創建一個封閉的生態系統，然後您可以將我們的數據附加到其中，在許多情況下，您可以將數十億甚至數萬億的數據點添加到他們的數據和演算法中可以在裡面操作。

So by way, of example, you've got a lot of people talking about large language models.

舉例來說，很多人都在談論大型語言模型。

You've got some people talking about small language models.

有些人在談論小語言模型。

I like to joke.

我喜歡開玩笑。

We're a midsized language model.

我們是一個中型語言模型。

We have the benefits of the large language models with the security, safety and privacy of the small language models for our data and every CMO that I'm talking to is asking for products around efficiency for their business.

我們既有大語言模型的優勢，又有小語言模型的資料安全性和隱私性，我所採訪的每一位 CMO 都在要求圍繞其業務效率的產品。

And once again, you look at our new agent product that is going to disintermediate very highly paid data scientist inside of our clients' ecosystems in some cases, it's not disintermediating anybody.

再一次，你看看我們的新代理商產品，在某些情況下，它將在我們客戶的生態系統內取消高薪資料科學家的中介，但它不會取消任何人。

They just can't even get enough bodies to do the work.

他們甚至無法獲得足夠的身體來完成這項工作。

So our ability to automate all of that and now sell it to them and the way we look at it is listen, if they're paying a data scientist, $250,000 a year, why not pay us $50,000 a year per instance, and you're talking $4,000, $5,000 a month on a subscription basis as you roll that out and you just have to do that thousands of times, which is actually not as hard to do with the number of scaled and super scaled clients we have.

因此，我們有能力將所有這些自動化，然後將其出售給他們，我們看待它的方式是傾聽，如果他們每年向資料科學家支付250,000 美元，為什麼不向我們每個實例每年支付50,000 美元，而你呢？談論的是每月4,000 美元、5,000 美元的訂閱費用，當你推出它時，你只需要這樣做數千次，這實際上對於我們擁有的大規模和超大規模客戶的數量來說並不難。

So I would tell you, Jason, that this is becoming a day-to-day conversation, but the solution that Zeta has by putting the CDP. in place, allowing the algorithms to operate with their data in conjunction with our data without ever risking their data going out into the environment or out into the ether has been a game changer in our conversations.

所以我想告訴你，Jason，這正在成為日常對話，但 Zeta 的解決方案是放置 CDP。就位而言，允許演算法將其數據與我們的數據結合起來進行操作，而無需冒數據進入環境或進入以太坊的風險，這已經成為我們對話中的遊戲規則改變者。

And by the way, I think it's one of the reasons you're seeing that ripple through our numbers and ripple through our projections.

順便說一句，我認為這是你看到我們的數字和預測出現波動的原因之一。

Thank you.

謝謝。

I wanted to squeeze in one for Chris.

我想為克里斯擠一張。

Just on the gross margins, and I know you just talked about agency influence in direct and indirect channel.

就毛利率而言，我知道您剛才談到了直接和間接管道中的代理影響力。

I think you've appropriately telegraphed kind of the trajectory of gross margins.

我認為你已經恰當地傳達了毛利率的軌跡。

I just wanted to ask on that is we saw that slide a little bit from Q3 to Q4 as we look into 2024, do you think we've hit a bottom in gross margins?

我只是想問一下，當我們展望 2024 年時，我們看到從第三季到第四季略有下滑，您認為我們的毛利率是否已經觸底？

Or do you have an idea will that bottoms out before you kind of get the reacceleration of the direct mix?

或者你有一個想法，在你獲得直接混合的重新加速之前，它會觸底？

Jason, thanks for the question.

傑森，謝謝你的提問。

So here's where our head is at on gross margins and is particularly that really well, is that I think 4Q, it bottoms out or did bottom out with the upside now in 2024.

因此，這就是我們對毛利率的看法，特別是，我認為第四季度，它會觸底，或者確實會在 2024 年觸底反彈。

So kind of setting the base at that 60% level, the upside beyond there.

因此，將基數設定在 60% 的水平，超出此水平還有上升空間。

It's tied to how quickly we move those new large agency customers from integrated to direct channels.

這與我們將這些新的大型代理商客戶從綜合管道轉移到直接管道的速度有關。

That's lever number one, lever number two is how quickly we see our automotive and our insurance customers start to grow again, who happen to be at the higher end of our gross margin mix in terms of channel usage on the direct platform.

這是第一個槓桿，第二個槓桿是我們看到我們的汽車和保險客戶開始再次成長的速度，就直接平台上的通路使用而言，他們恰好處於我們毛利率組合的高端。

And then third, where political and advocacy also comes into those three should begin to work our way up throughout the year, starting at that base point of around 60.

第三，政治和宣傳也涉及這三個方面，應該從 60 左右的基點開始，全年開始逐步上升。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Hey, guys, thanks so much for taking the questions.

嘿，夥計們，非常感謝您提出問題。

A couple for me here.

這裡有一對給我。

First one, I wanted to ask a question about Boomerang customers with you.

首先，我想向您詢問有關 Boomerang 客戶的問題。

You guys have been in the market for over a decade now.

你們已經進入市場十多年了。

And I'm sure over those past 10 years plus many customers have tried out the data platform before.

我確信在過去的 10 年裡，許多客戶已經嘗試過該資料平台。

But my gosh, this data platform has changed quite a bit since the early days.

但天哪，這個數據平台與早期相比已經發生了很大的變化。

And so just wanted to hear a little bit about commentary about how customers have come back to date after trying to data before?

所以只是想聽聽一些關於客戶在嘗試數據後如何返回最新數據的評論？

And what are some of the most common reasons why you seen customers come back?

您看到客戶回頭最常見的原因是什麼？

Could you sort of it's actually, really we're laughing here because it's been a big thing lately where we've been sort of like using the term back to the future where I mean one of the world's largest fashion houses very recently came back to us at scale after leaving us for three years because they felt like they needed to use one global platform for everything I think one of the large marketing clouds, which might be owned by a large technology Holding Corp.

你能不能說是真的，我們在這裡笑是因為最近發生了一件大事，我們有點像使用“回到未來”這個詞，我的意思是世界上最大的時裝屋之一最近回到了未來在離開我們三年後，我們大規模地進行了合作，因為他們覺得他們需要使用一個全球平台來處理所有事情，我認為大型行銷雲之一可能由一家大型技術控股公司擁有。

And what they found was their marketing clouds couldn't deliver what the data marketing platform could and it's funny.

他們發現他們的行銷雲無法提供數據行銷平台可以提供的服務，這很有趣。

We talked a lot about disintermediating point solutions, but there was a big move a few years ago that you had to move everything.

我們談論了很多關於去中介點解決方案的問題，但幾年前有一個重大舉措，您必須移動所有內容。

You're publishing all of your sales force management to one company globally and you saw some companies over the years leave us to go to those bigger platforms.

您將所有銷售人員管理發佈給全球一家公司，並且您看到多年來一些公司離開我們前往那些更大的平台。

We are quite frankly, even surprised by how many of them are coming back because those guys just can't deliver on what they do talk about in the Marketing Cloud now they might be really good at Salesforce automation.

坦白說，我們對他們中有多少人回來感到驚訝，因為這些人無法兌現他們在行銷雲中談論的內容，現在他們可能非常擅長 Salesforce 自動化。

They might be really good at publishing, right?

他們可能真的很擅長出版，對嗎？

They might be weighed on financial services packages and databases, but they're not great marketing clouds, and they're really not able to deliver the data with the artificial intelligence is native to the application layer, which is becoming a bigger and bigger problem.

它們可能會受到金融服務包和資料庫的影響，但它們並不是偉大的行銷雲，而且它們確實無法透過應用程式層原生的人工智慧來傳遞數據，這正在成為一個越來越大的問題。

So I it's funny you ask it, and it's been a trend that has been something that's literally been of the point that we have been focusing on revisiting with customers that we lost a few years ago and winning them back at a higher rate than even our traditional RFP win rates.

所以我覺得你問這個問題很有趣，這是一種趨勢，從字面上看，我們一直專注於重新審視我們幾年前失去的客戶，並以比我們更高的速度贏回他們。傳統RFP 獲勝率。

That's super helpful.

這非常有幫助。

And a follow-up here, maybe for Chris.

這裡還有一個後續行動，也許是針對克里斯的。

As I look at the deck for the fourth quarter and compare against the deck for the third quarter question here, really on stock-based compensation, it looks like it ended up this year about $10 million and the $12 million higher than were on the non IPO side than when it was originally guided to last quarter, and it looks like it's about $10 million higher for 2024.

當我查看第四季度的牌組並與這裡的第三季度問題的牌組進行比較時，實際上是基於股票的薪酬，看起來今年的收入約為1000 萬美元，比非年度高出1200 萬美元。IPO 方面比上季度最初的預期高出 2024 年約 1000 萬美元。

So just really wanted to understand the dynamic.

所以我真的很想了解動態。

Thanks, Koji.

謝謝，小二。

On the stock-based compensation side, while much of that was due awards that happen in the first half of 2023, there were some compensation related end of year of grants that were made.

在以股票為基礎的薪酬方面，雖然大部分是 2023 年上半年的到期獎勵，但也有一些與年終獎勵相關的補償。

But I think more importantly, kind of zooming out to the prepared remarks, we are very focused and we're really acting on three primary areas from being on the road extensively in 2023 feedback on specific items from investors.

但我認為更重要的是，從準備好的評論來看，我們非常專注，並且在 2023 年廣泛收集投資者俱體項目的反饋後，我們確實在三個主要領域採取行動。

The first is taking dilution down tied to incentive compensation.

首先是減少與激勵性薪酬相關的稀釋。

So going from 5% in 2023 dilution to now guiding to a pretty substantial reduction year over year to a dilution rate of 3.5% to 3.75% in route to 3% over time.

因此，從 2023 年稀釋率 5% 到現在，稀釋率將逐年大幅減少，稀釋率從 3.5% 到 3.75%，隨著時間的推移，稀釋率將達到 3%。

And the second area of feedback was around our guidance approach and wanting to just continue to be more predictable and tighter in guidance rather than have these, you know, wild swings and beats were continue to be beat, raise company, but you're tightening that up a little bit.

回饋的第二個領域是圍繞我們的指導方法，希望繼續更可預測和更嚴格的指導，而不是讓這​​些，你知道，瘋狂的波動和節拍繼續被擊敗，提高公司，但你正在收緊稍微提高一點。

And then you, David, you could talk to the third area

然後你，大衛，你可以和第三個區域交談

--

--

The big thing -- and Koji, as you know, I've been personally out there with Chris and Scott and over the last couple of quarters, and that's that's a trend that will continue as I begin to spend more time with investors or case studies, right?

最重要的是，Koji，如你所知，在過去的幾個季度裡，我一直在與克里斯和斯科特一起工作，隨著我開始花更多時間與投資者或案件打交道，這種趨勢將持續下去學習，對嗎？

One of the things we hear a lot is, gosh, what you're doing is so cool, but it's so confusing to Wall Street.

我們經常聽到的一件事是，天哪，你所做的事情太酷了，但它卻讓華爾街感到困惑。

How do you simplify it and how do you get case studies?

您如何簡化它以及如何獲得案例研究？

So today, for the first time in Zebra's history, we are putting forth multiple named client case studies, and we expect that to be a trend that will continue.

因此，今天，我們在 Zebra 歷史上首次提出多個指定客戶案例研究，我們預計這種趨勢將持續下去。

Our goal is to continue to work with our enterprise clients to add more case studies as Chris is now writing on a piece paper that I should say this is Slides 27, 28 and 29.

我們的目標是繼續與我們的企業客戶合作，添加更多案例研究，因為克里斯現在正在寫一張紙，我應該說這是幻燈片 27、28 和 29。

I don't think anybody would believe I actually remember that.

我想沒有人會相信我真的記得那件事。

So I'll give you full credit for that, Chris.

所以我完全相信你，克里斯。

But at the end of the day, what we're doing makes a massive difference to our enterprise and agency clients and putting forth what those case studies are we think will help us as we grow as a company.

但歸根結底，我們正在做的事情對我們的企業和代理客戶產生了巨大的影響，並提出了我們認為這些案例研究將有助於我們作為一家公司的成長。

So I know that was a very long answer to a very short question around comp stock-based comp but I will point out not only are we moving from what has traditionally been 5%-plus to 3.5% to 3.75%on the road to 3% dilution, which is what we think is the right goal.

所以我知道這是對一個關於基於股票的比較的非常簡短的問題的一個很長的答案，但我要指出的是，我們不僅從傳統上的5% 以上轉向3.5% 到3.75%，並在通往3 的道路上％稀釋，這是我們認為正確的目標。

We are also making a decision as a senior management team to take no restricted shares this year.

作為高階管理團隊，我們也決定今年不持有限制性股票。

So I'm taking only performance stock units, as is Chris Greiner as Steve Gerber and as is the vine up.

因此，我只採用績效股票單位，克里斯·格雷納（Chris Greiner）飾演史蒂夫·格伯（Steve Gerber）以及藤蔓植物也是如此。

And we will be more aligned with shareholders as they will require increases in stock price for us to get those to vest, not just time because we want to make sure that all of our existing shareholders know that they're being heard and we're making the decisions to do a better job and the things that they want us to do at it.

我們將與股東更加一致，因為他們需要提高股價才能讓我們兌現這些股份，而不僅僅是時間，因為我們希望確保所有現有股東都知道他們的聲音正在被傾聽，而我們正在做出更好的工作以及他們希望我們做的事情的決定。

David Hynes, Canaccord Genuity.

大衛海因斯 (David Hynes)，Canaccord Genuity。

Hey, guys, this is Luke on for DJ.

嘿，夥計們，我是 DJ 盧克。

Thanks for taking the question.

感謝您提出問題。

So I was wondering if you can flesh out your comments a bit on the intelligent agent and mobile opportunity.

所以我想知道您是否可以充實一下您對智慧代理和行動機會的評論。

I recognize it's still early days there, but but any early thoughts on sort of penetration potential across your existing customer base?

我知道現在還處於早期階段，但是對於現有客戶群的滲透潛力有什麼早期想法嗎？

And then also on how that rollout could impact margins over time?

然後，隨著時間的推移，這項推出將如何影響利潤率？

Thank you, Luke.

謝謝你，盧克。

Listen, we're really excited about this intelligent agent product because to me and I don't want to get too ahead of ourselves here, but not only does this begin to help our enterprise clients to do a better job running their business.

聽著，我們對這個智慧代理產品感到非常興奮，因為對我來說，我不想在這裡太過超前，但這不僅開始幫助我們的企業客戶更好地經營他們的業務。

But it gets into what I really really am excited about long term, which is business intelligence.

但從長遠來看，它涉及到我真正感到興奮的事情，那就是商業智慧。

We talk about intelligence at the core of our product today, how if we extrapolate that down the road into true business intelligence products and I believe this is the first jump into that.

我們今天討論的是我們產品的核心智能，如果我們將其推斷為真正的商業智能產品，我相信這是第一次涉足這一領域。

We have almost 500.

我們有將近500個。

I think I can say that scaled clients up and the goal is to get a disproportionate percentage of them to adapt these products or adopt these products and in the coming months, quarters and years.

我想我可以說擴大了客戶規模，目標是讓不成比例的客戶在未來幾個月、幾季和幾年內適應這些產品或採用這些產品。

And I once again, I want to reiterate, they're not baked into what we think are conservative projections around 20%, but there are upside to that.

我想再次重申，它們並沒有被納入我們所認為的 20% 左右的保守預測中，但這也有好處。

And I think that they carry traditional software margins.

我認為它們具有傳統軟體的利潤。

So you're talking I don't know if that's mid 80s or high 80s, but you're talking about a high margin product, but it's coming into a pretty sizable base company, meaning we'll have to get a bunch of clients on board to move the needle from a margin perspective, what I can tell you is we believe our clients are going to adopt them.

所以你說的是，我不知道這是 80 年代中期還是 80 年代中期，但你說的是一種高利潤產品，但它正在進入一家相當大的基礎公司，這意味著我們必須獲得一堆客戶從利潤的角度來看，我們相信我們的客戶會採用它們。

We believe they're going to adopt them at scale, and we do believe that in the long run, these products will help us continue to move our gross margins up.

我們相信他們將大規模採用它們，我們確實相信從長遠來看，這些產品將幫助我們繼續提高毛利率。

And just a follow-up from a lot of streaming companies are rolling out AdCare's nowadays, and we think that probably notionally increases the size of the CTV. market opportunity for you guys.

如今，許多串流媒體公司正在推出 AdCare，我們認為這可能會理論上增加 CTV 的規模。你們的市場機會。

You have a similar perspective there and any any impacts on your business as you've seen that rollout?

您對此有類似的看法，並且您看到該推出對您的業務有何影響？

Yes.

是的。

So it's interesting.

所以這很有趣。

Yes.

是的。

So to answer your question, unequivocally, the more of these streaming platforms that insert ads pre I call it pre roll, but it's not it's always accurate, but sort of pre the beginning of the content, the middle of the content, the end of the content, all of the above every one of those units is a massive opportunity for us and to be totally transparent, we are already plugged into all of them.

因此，為了回答你的問題，明確地說，越來越多的串流媒體平台在我稱之為預滾動之前插入廣告，但這並不總是準確的，而是在內容的開頭、內容的中間、結尾之前插入廣告。內容，上述所有這些單元對我們來說都是一個巨大的機會，並且完全透明，我們已經融入了所有這些單元。

So we see this as a unique opportunity to expand out.

因此，我們認為這是一個獨特的擴張機會。

Now the largest platform sort of started off trying to get these massive minimums out of enterprises to partner with them.

現在，最大的平台開始試圖從企業中獲得這些大量的最低限度以與他們合作。

And it didn't work quite the way they had originally planned to say the least, they've now come back and we're seeing what we think are very unique opportunities to scale that business with all of the streaming platforms, including the largest one.

至少可以說，它並沒有按照他們最初計劃的方式運作，他們現在回來了，我們看到了我們認為非常獨特的機會，可以通過所有流媒體平台（包括最大的流媒體平台）擴展該業務。一。

Nice growth quarter actually in the fourth quarter, Luke, on CTVI. grew 30% quarter to quarter.

不錯的成長季度實際上是在第四季度，盧克，在 CTVI 上。季度環比成長 30%。

And if you follow the pattern of CTV.s usage around advocacy and political, one were for shadow would be a nice year in 2024 as well.

如果你遵循 CTV. 在宣傳和政治方面的使用模式，2024 年的「影子」也將是美好的一年。

I mean, it's up I Chris beat me to the punch as usual, you buy I shudder to use the term political.

我的意思是，現在是我克里斯像往常一樣先發制人了，你知道我對使用政治這個詞感到不寒而慄。

I generally call it all advocacy for a host of reasons.

出於多種原因，我通常將其稱為倡導。

But obviously, our advocacy business does encapsulate political up, very see TV centric, very focused on hyper targeting now a days.

但顯然，我們的宣傳業務確實涵蓋了政治，非常以電視為中心，非常注重當今的超級目標。

And the way to really do that is CTV., not linear.

真正做到這一點的方法是 CTV，而不是線性的。

So we see this as a big opportunity to your point, Luke, some.

所以我們認為這是一個很好的機會來表達你的觀點，盧克，一些人。

Zach Cummins, B. Riley Securities.

康明斯 (Zach Cummins)，B. 萊利證券 (Riley Securities)。

Hi, good afternoon, David and Chris.

嗨，下午好，大衛和克里斯。

Congrats on the strong 4Q and thanks for taking my questions.

恭喜 4Q 的強勁表​​現，感謝您回答我的問題。

Chris.

克里斯。

My first one is more of just a clarifying question.

我的第一個問題更多的是一個澄清問題。

I believe there is a year-over-year decline in your scale of Superscape customer aRPU here in Q4.

我相信第四季 Superscape 客戶 aRPU 規模年減。

I'm assuming most of that's related to headwinds with auto and insurance, but just wanted to get some clarity around that and expectations for growth in that metric moving forward.

我假設其中大部分與汽車和保險方面的不利因素有關，但只是想澄清這一點以及對該指標未來成長的預期。

No, I think that is the driver of what's interesting on the scaled customer count side of it.

不，我認為這是擴大客戶數量有趣的驅動因素。

We've got 131 now, which is up seven quarter to quarter, but on a year over year basis was up 27% in count with the revenue associated with suite super scaled customers up 25% there's a good slide that we update annually in the slide deck that demonstrates the progression of scaled customers and their tenure, which I think is a really good kind of progression if you will, on how they spend with us were those year one scaled customers, which was around 10% of this year's revenue.

我們現在有 131 家，比上一季度增加了 7 個季度，但同比增長了 27%，與套房超大規模客戶相關的收入增​​長了 25%，我們每年都會更新一張很好的幻燈片幻燈片展示了規模化客戶及其任期的進展，如果你願意的話，我認為這是一個非常好的進展，展示了第一年規模化客戶如何與我們一起消費，大約佔今年收入的10%。

Their average revenue spend is around $600,000.

他們的平均收入支出約為 60 萬美元。

If you go to that next tier of one to three year scaled customers, they spend more than two times that on average at $1.3 million.

如果你去尋找下一層的一到三年規模的客戶，他們的平均支出是這一水平的兩倍多，達到 130 萬美元。

And then you go to that next cohort of now more than three year tenured scaled customers, they're spending 3.5 times as much as a year one at over $2 million.

然後你再看看下一批現在已經擁有超過三年任期的規模化客戶，他們的支出是第一年的 3.5 倍，超過 200 萬美元。

So it's a nice way to demonstrate the stickiness of the platform.

所以這是展示平台黏性的好方法。

As we talked about, the net revenue retention for the year was right in our model of 110% to 115% at 111%.

正如我們所討論的，在我們的模型中，當年的淨收入保留率為 110% 至 115%，為 111%。

But if you exclude automotive and insurance to the to your question, that net revenue retention was 118%.

但如果您的問題排除汽車和保險業務，淨收入留存率為 118%。

And as I said as part of the prepared remarks, we think we'll be at the high end of that 110% to 115% range.

正如我在準備好的演講中所說的那樣，我們認為我們將處於 110% 至 115% 範圍的高端。

Just as we sit here today in 2024 Understood.

正如 2024 年我們今天坐在這裡所理解的。

And my one follow-up question is, most of your growth over the past couple of years has really just been driven by your direct go-to-market motion and investing in that, but it seems you're starting to get more opportunities on the partnership side, especially the system integrators.

我的一個後續問題是，過去幾年你們的大部分成長實際上只是由直接進入市場的行動和投資推動的，但似乎你們開始獲得更多的機會合作方，尤其是系統整合商。

So just curious of how you're thinking about investments in the direct channel versus maybe leaning into some of these channel partnership opportunities?

那麼，只是想知道您如何考慮直接管道的投資，而不是傾向於其中一些管道合作機會？

It's a great question, Zach.

這是一個很好的問題，扎克。

Obviously, we've added channel partners in Snowflake, AWS.

顯然，我們在 Snowflake、AWS 中加入了通路合作夥伴。

We've added the agency channel, which which is sometimes directly with the agency sometimes is partnering with them to go to other enterprises.

我們增加了代理商管道，有時是直接跟代理商合作，有時是跟代理商合作去其他企業。

We are going live with our first two SI integrations up probably be done with them this quarter, perhaps early second quarter.

我們的前兩個 SI 整合可能會在本季度（也許是第二季初）完成。

So this is also gone from sort of what we want to do to what we're doing.

所以這也從我們想做的事情變成了我們正在做的事情。

We're very excited about the SI. environment.

我們對 SI 感到非常興奮。環境。

And what we're seeing is enterprises are going to their SI client vendors and asking them to work with us in addition to us going to the SIs and saying we'd like to partner with you.

我們看到的是，企業除了我們去找 SI 客戶供應商並要求他們與我們合作外，還要求他們與我們合作。

I want to reiterate again, and I'm sure I'll sound like a broken record, but if I don't, Scott will kick me under the table.

我想再次重申，我確信我聽起來會像一張破唱片，但如果我不這樣做，斯科特就會在桌子底下踢我。

Our currently conservative projections do not include meaningful revenue in the SI channel for this year, which is not to say we don't think it could be meaningful this year and which is not to say that we don't expect it to be meaningful in the years to come, but to have gone from talking about this to we're knee-deep into integrations with them now, which will launch our two separate systems integrators with two separate enterprises.

我們目前的保守預測不包括今年 SI 管道的有意義的收入，這並不是說我們認為今年沒有意義，也不是說我們認為它在今年沒有意義。未來幾年，但我們已經從談論這個問題轉變為現在與他們的集成，這將與兩個獨立的企業一起啟動我們的兩個獨立的系統整合商。

We're very excited about those prospects.

我們對這些前景感到非常興奮。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Yes, and thank you and nice job on a strong Q4 here.

是的，謝謝您，第四季表現出色。

And when when we kind of talk to customers and agencies throughout the ecosystem.

當我們與整個生態系統的客戶和機構進行交談時。

It seems like this CDP. layer certainly is an important differentiator to drive more personalization.

好像這個CDP。層無疑是推動更多個人化的重要差異化因素。

I know you guys have a pretty strong CP like yourself, but can you maybe just talk about when you're going up against are going to customers and our peers, like how much of a a factor is that in deciding to choose data versus some of the other players?

我知道你們和你們一樣有很強的 CP，但是你們能不能談談當你們面對客戶和我們的同行時，例如在決定選擇數據與某些其他球員呢？

And maybe if you could compare and contrast the CPR relative to your data capabilities and where customers are placing more emphasis in recent RFPs?

也許您可以比較和對比 CPR 相對於您的數據能力以及客戶在最近的 RFP 中更重視的地方？

It's a great question, George and I listen, I would say that our CDP. technology is as good if not better than any other CDP. technology in the world.

這是一個很好的問題，喬治和我聽著，我想說的是我們的 CDP。技術即使不比其他 CDP 更好，也同樣好。世界上的技術。

And I will also tell you that the vast majority of the large holdcos as it relates to technology holding corporations that say they have CDP.s or really DMPs that they've sort of rebranded.

我還要告訴你，絕大多數大型控股公司都與技術控股公司有關，這些公司聲稱他們擁有 CDP.s 或真正的 DMP，但他們已經重新命名了。

And so when we go up against a lot of those big guys, we're really able to talk about what a CDP. is, right.

因此，當我們與許多這樣的大人物對抗時，我們真的可以談論什麼是 CDP。是對的。

What does that stand for it's a consumer data platform.

這代表什麼？它是一個消費者資料平台。

And what does that mean?

這意味著什麼？

It means you can see to the APSolute individual level of your customers by record.

這意味著您可以透過記錄來了解客戶的 APSolute 個人等級。

It doesn't mean you're building cohorts It doesn't mean you're putting together large sort of segment means you can see in individual most of these other large companies can't do that, right?

這並不意味著你正在建立群體這並不意味著你正在將大型細分市場放在一起意味著你可以看到大多數其他大公司無法做到這一點，對嗎？

That's just not there.

那隻是不存在。

And most of the smaller guys who are coming up, they either run it as a standalone product, which is quite hard or it's part of another, perhaps rollup or something that is sitting inside of there.

大多數即將出現的小公司，他們要么將其作為一個獨立的產品運行，這非常困難，要么它是另一個產品的一部分，也許是匯總或位於其中的其他產品。

So when we look at our technology, we think it's best to breed.

因此，當我們審視我們的技術時，我們認為最好是繁殖。

Now it's hard to bifurcate that from our data and data quality because it's such an important component of how we sell the product, right?

現在很難將其與我們的數據和數據品質分開，因為它是我們銷售產品的重要組成部分，對吧？

The ability to import all of your data to the CDP, the ability to match on average greater than 80% of that data to the, say, the data cloud, the ability to append Intier data hundreds, if not thousands of incremental data elements, the ability to seamlessly integrate our algorithms around natural language processing and now generative AI. into that CDP, while keeping all of their data safe while simultaneously importing the data from the data data cloud, there's just nobody else out there that can do those things.

將所有資料匯入 CDP 的能力，將平均超過 80% 的資料匹配到資料雲的能力，附加數百個甚至數千個增量資料元素的 Intier 資料的能力，能夠將我們的演算法無縫整合到自然語言處理和現在的生成式人工智慧。進入 CDP，同時保持所有數據安全，同時從數據數據雲導入數據，沒有其他人可以做這些事情。

So I don't know why people choose us as it relates to is our technology Superior is our data Superior is our AI. superior.

所以我不知道為什麼人們選擇我們，因為這與我們的技術優越是我們的數據優越是我們的人工智慧有關。優越的。

What I know is we're winning greater than 50% of the RFPs and engagements we get invited to participate in and there's an average of 12 enterprises that show up to compete in each one of those RFPs.

據我所知，我們贏得了超過 50% 的 RFP 和受邀參與的項目，平均有 12 家企業參與其中每一項 RFP 的競爭。

So I think that the collective is really important.

所以我覺得集體真的很重要。

And just final put a final sort of footnote on that.

最後對此添加了最後的腳註。

I can't think of anybody who's bought a CDP. from us that didn't integrate our data, right?

我想不出有誰買過 CDP。來自我們的，沒有整合我們的數據，對嗎？

There's no reason not to like it extra data that imports that you can't get from any other source in the world because we don't sell our data to anybody at any time at any price.

沒有理由不喜歡它導入的額外數據，這些數據是您無法從世界上任何其他來源獲得的，因為我們不會在任何時間以任何價格將我們的數據出售給任何人。

So I do think it's pretty interconnected up.

所以我確實認為這是非常相互關聯的。

If a client came to us and said, We'd like to buy your CDP. and we don't want to integrate your data cloud.

如果顧客來找我們說，我們想買你們的 CDP。我們不想整合您的資料雲。

We're more than happy to do that.

我們非常樂意這樣做。

And I think we would win that as well, If that makes sense.

我認為如果這有意義的話，我們也會贏得勝利。

Super helpful.

超有幫助。

And if I can maybe follow up again on the some of the agency traction that you're seeing and the mix between direct and indirect.

如果我可以再次跟進您所看到的一些機構牽引力以及直接和間接之間的混合。

Do you have a sense for some of these newer agencies that have come on?

您對這些新出現的機構有了解嗎？

And since you started this initiative, what how their mix is shifting or how they are kind of indicating to you that they may shift the mix in 2024 or are we getting signs that they're shifting more to direct?

自從您開始這項計劃以來，他們的組合正在發生怎樣的變化，或者他們如何向您表明他們可能會在 2024 年改變組合，或者我們是否收到跡象表明他們將更多地轉向直接？

Or is that a little bit too early to tell at this point?

還是現在判斷還太早？

Yes.

是的。

So it is early to tell, but I think as Chris eloquently pointed out, we think that gross margin sort of hit bottom in Q4.

所以現在下結論還為時過早，但我認為正如克里斯雄辯地指出的那樣，我們認為毛利率在第四季觸底。

And one of the big opportunities is migrating those our large agency holding corporations the exact way we've migrated the first one that we worked with, where I know there's a great slide on that in our deck because they showed it to me earlier today, but we went from Slide 30.

其中一個重大機會是以我們遷移第一個合作公司的方式遷移我們的大型代理控股公司，我知道我們的平台上有一張很棒的幻燈片，因為他們今天早些時候向我展示了它，但我們從幻燈片30 開始。

Chris is writing it down from me again.

克里斯又把它寫下來了。

So on Slide 13 of our supplemental investor deck, you can see how that client started at sub-10% and grew to greater than 70% right over the years.

因此，在我們補充投資者平台的幻燈片 13 上，您可以看到該客戶如何從低於 10% 的資金開始，多年來增長到超過 70%。

We believe that our other two scaled agency hold Corp's are going to follow a very similar pattern.

我們相信，我們的另外兩家規模較大的代理控股公司將遵循非常相似的模式。

Now the one caveat is we're drinking out of the fire hose with some of these guys I mean it's growing rapidly.

現在需要注意的是，我們正在與其中一些人一起喝水，我的意思是它正在迅速增長。

And as those divisions are growing rapidly, you know, are you able to migrate the other guys fast enough for the third or new guys coming and what I really care about and this might be might be an unpopular thing to say.

隨著這些部門的快速增長，你知道，你是否能夠足夠快地遷移其他人，以適應第三個或新人的到來，以及我真正關心的事情，這可能是一個不受歡迎的說法。

But to me, I've always aspired to run a company that was at the Rule of 40, and that's sort of what I've looked at, right, not only did we deliver seven our seventh quarter in a row above the rule of 40.

但對我來說，我一直渴望經營一家符合 40 規則的公司，這就是我所關注的，對吧，我們不僅連續第七個季度的業績高於 40 規則40.

We have guided this year to the Rule of 40.

今年我們遵循 40 條規則。

And a lot of that is because even if the gross margins stay in the low 60s, the gross margin on the agency hold companies is substantially higher than our operating margins.

這在很大程度上是因為即使毛利率維持在 60 左右，代理控股公司的毛利率也大大高於我們的營業利潤率。

It's higher than our long-term operating margin goals, and they take on very limited incremental overhead.

它高於我們的長期營業利潤目標，而且它們所承擔的增量開銷非常有限。

So most of that money dropped to the EBITDA line at a substantially higher percentage than the actual current operating margins even in the fourth quarter.

因此，即使在第四季度，大部分資金也以遠高於目前實際營業利潤率的百分比下降到 EBITDA 線。

So yes, we think they'll come back.

所以是的，我們認為他們會回來。

Yes, we think we'll migrate them.

是的，我們認為我們會遷移它們。

But to me, what matters is are we going to grow the business greater than 20%?

但對我來說，重要的是我們的業務成長能否超過 20%？

We believe we will.

我們相信我們會的。

And are we going to see greater than a 20% operating margin?

我們會看到超過 20% 的營業利潤嗎？

We believe we will.

我們相信我們會的。

So I think we're in good shape for this year.

所以我認為我們今年的狀況良好。

Richard Baldry, ROTH Capital Partners.

理查德·鮑德里，羅仕資本合夥人。

Thanks.

謝謝。

And first, one may or may not even be a question, but I think in the past, I've heard that the average number of people in each RFP was higher.

首先，一個問題可能是也可能不是，但我想在過去，我聽說每個 RFP 中的平均人數更高。

I have a number 17 in my head and if I'm wrong and just disregard, but if it is higher, who would you be seeing sort of fading out of the competition sort of smaller and midsized or larger.

我腦子裡有一個數字 17，如果我錯了，就忽略它，但如果它更高，你會看到誰在小型、中型或大型的競爭中淡出。

And then the second question be around free cash flow.

第二個問題是關於自由現金流的。

And I came on later.

我後來也上場了。

So I'm not sure if this has been addressed, but you know, over this year's guidance and then a 2025 guide that you're ahead of, it generates something close to $200 million in free cash flow.

所以我不確定這個問題是否已經解決，但你知道，根據今年的指導以及你之前的 2025 年指導，它會產生接近 2 億美元的自由現金流。

Could you talk maybe about where your priorities are to deploy that either more aggressive buybacks or offensively on acquisitions, pay down debt and just so you have some idea where that's going to get deployed.

您能否談談您的優先事項是在哪裡部署更積極的回購或進攻性收購，償還債務，這樣您就知道將在哪裡部署。

Thank you for joining.

感謝您的加入。

We know you're on vacation.

我們知道你正在度假。

I didn't even know you took vacation.

我甚至不知道你放假了。

So I appreciate you're joining us from it.

所以我很感謝你加入我們。

Yes, it used to be a larger number showing up to the RFPs.

是的，曾經有更多的人出現在 RFP 中。

And what we're seeing is the point solutions are just not being invited the way they used to be, right.

我們看到的是單點解決方案不再像以前那樣受到邀請，對吧。

So you've got specialty around CDP.s where you have a lot of small independent CDP.s that are really having a tough time as standalone businesses.

因此，您在 CDP.s 方面擁有專業知識，其中有很多小型獨立 CDP.s，作為獨立企業，它們確實經歷了一段艱難的時期。

And quite frankly, we're not seeing some of the former European players who were talking a big game a couple of years ago, we're just not seeing them anymore.

坦白說，我們沒有看到一些幾年前談論大型比賽的前歐洲球員，我們只是不再看到他們了。

So up, it is down and I have said 17 in the past.

所以向上，它向下，我過去說過17。

And now I would say 12, I had a funny joke to make around the $200 million in free cash flow, which Chris told me not to tell but I will let Chris talk to what to what we're going to do with the next two years.

現在我會說 12，我有一個有趣的笑話可以賺到大約 2 億美元的自由現金流，克里斯告訴我不要說出來，但我會讓克里斯談談接下來的兩個我們要做什麼年。

Just to quantify for anybody else listening, that would be about $200 million between '24 and '25 combined.

為了讓其他聽眾量化，24 年至 25 年期間的總收入約為 2 億美元。

I think we'll continue to be opportunistic on share buybacks will continue to be opportunistic on M&A.

我認為我們將繼續在股票回購上保持機會主義，在併購上也將繼續保持機會主義。

And I think you'll see mine and David did a really nice job laying out what does opportunistic mean for M&A at our Investor Day.

我想你會看到我和大衛在我們的投資者日上做了非常好的工作，闡述了機會主義對於併購的意義。

But we're very focused on increasing free cash flow conversion.

但我們非常注重增加自由現金流轉換。

You'll see that the guide.

你會看到那個指南。

This is the first time we've put out in your guide on free cash flow.

這是我們第一次在您的自由現金流指南中提出。

We've obviously had long-term model, but at $80 million in free cash flow at the end of 2024.

我們顯然有長期模型，但到 2024 年底自由現金流將達到 8,000 萬美元。

That represents 48% conversion, up from 42% the last two years.

這意味著轉換率為 48%，高於過去兩年的 42%。

So continuing to get up to that 55% level.

所以繼續達到 55% 的水平。

I think it's interesting.

我認為這很有趣。

We talked about in the prepared remarks, Rich, we had a $25 million working capital headwind from the agencies and just their difference in payment cycles than our enterprise customers, if not for that headwind, if you just would have been neutral conversion would have been in the 60 centers?

我們在準備好的發言中談到，Rich，我們面臨著來自各機構的2500 萬美元的營運資金阻力，而且他們的付款週期與我們的企業客戶不同，如果沒有這種阻力，如果你只是中性轉換的話，在60個中心？

Yes, we see a nice clear path as we get through the years of continuing to increase that percentage.

是的，隨著我們多年來不斷提高這個百分比，我們看到了一條清晰的道路。

David, that you'd want to close it?

大衛，你想關閉它嗎？

Yes, just to that point, we knew that was going to happen and we said it was going to happen at Analyst Day, right?

是的，就在那一點上，我們知道這將會發生，並且我們說過這將在分析師日發生，對嗎？

So when we did our Investor Day, we were clear about that.

因此，當我們舉辦投資者日時，我們很清楚這一點。

You know, one of the things you do when when you work with these very large agency holding companies?

你知道，當你與這些非常大的代理控股公司合作時，你會做的一件事是什麼？

Is you understand that you're going to be paid a little bit slower than you're normally paid?

您是否知道您的薪水將比平常稍慢一些？

The good news is we've collected 99.999% of the revenue.

好消息是我們已經收取了 99.999% 的收入。

I'm not allowed say 100%.

我不被允許說100%。

I can't think of ever writing any of it off, but I'm sure somebody slow paid out or didn't pay us on a dollar at some point, I'm being facetious.

我想不出註銷任何一個，但我確信有人付款緩慢或在某個時候沒有付給我們一美元，我是在開玩笑。

So I shouldn't do that on this call, but we collect it all and it's put us in a very unique position that we have the balance sheet to be able to do that, where a number of the smaller competitors do not and the balance sheet to partner with those large agency holding companies, which is giving us yet another competitive advantage as we move into the marketplace.

因此，我不應該在這次電話會議上這樣做，但我們收集了所有這些信息，這使我們處於一個非常獨特的位置，我們擁有能夠做到這一點的資產負債表，而許多較小的競爭對手則沒有，而且平衡與那些大型代理控股公司合作，這在我們進入市場時為我們提供了另一個競爭優勢。

And by the way, Rich, as we put more cash on the balance sheet.

順便說一句，里奇，我們在資產負債表上投入了更多現金。

It puts us in a position to do more M&A, more buybacks, but it also puts us in a position to do more deals like this, where we're able to expand and scale even faster as a company.

它使我們能夠進行更多併購、更多回購，也使我們能夠進行更多此類交易，使我們能夠作為一家公司更快地擴張和規模化。

We have reached the end of our question and answer session.

我們的問答環節已經結束。

I would like to turn the conference back over to David Steinberg for closing remarks.

我想將會議轉回給大衛·斯坦伯格致閉幕詞。

Well, I will close it as I think I've closed the last few, which is thank you.

好吧，我會關閉它，因為我想我已經關閉了最後幾個，謝謝。

But I really appreciate all of the different constituencies that are involved in our organization.

但我真的很感謝參與我們組織的所有不同支持者。

First and foremost, our state of people, I do believe we have built one of the best teams in the world.

首先也是最重要的是，我們的人員狀況，我確實相信我們已經建立了世界上最好的團隊之一。

I was funny because we had had some meetings recently with an organization that was trying to get to know us for a whole host of reasons, and they called me and said, you have one of the best management teams I have ever experienced, and I believe you could run a company 10 times bigger than the current loop.

我很有趣，因為我們最近與一個組織舉行了一些會議，該組織出於各種原因試圖了解我們，他們打電話給我說，你們擁有我經歷過的最好的管理團隊之一，而且我相信你可以經營一家比目前循環規模大10 倍的公司。

Current one you're running.

您目前正在運行的一個。

And I very quickly said, I look forward to doing that in the next 5 to 10 years.

我很快就說，我期待在未來 5 到 10 年內做到這一點。

But the reality is we have an incredible team.

但現實是我們擁有一支令人難以置信的團隊。

We have incredible people who really work their butts off to deliver for our clients, keep us on the cutting edge innovation only and focusing on doing the absolute best job we can while simultaneously creating one of the best places to work.

我們擁有令人難以置信的員工，他們真正竭盡全力為我們的客戶提供服務，讓我們始終保持最前沿的創新，專注於盡我們所能，同時創造最好的工作場所之一。

I also deeply appreciate the analysts who follow us.

我也深深感謝關注我們的分析師。

I know there's a lot of time and a lot of companies you can follow I deeply appreciate our shareholders who have stuck with us and believed in us.

我知道你有很多時間和很多公司可以關注，我深深感謝我們的股東，他們一直支持我們並相信我們。

And our goal is to make you look really smart over the next year or two as we continue to execute.

我們的目標是在我們繼續執行的過程中，讓您在未來一兩年內看起來非常聰明。

As I like to say internally, this was our 10th consecutive quarter of beating and raising.

正如我喜歡在內部所說的那樣，這是我們連續第十個季度被擊敗和加註。

I look forward to next December when I can say our next February whenever when I can say this is our 14th consecutive quarter of beating and raising.

我期待著明年 12 月，屆時我可以說我們的下一個二月，每當我可以說這是我們連續第 14 個季度擊敗和加註時。

And I want to thank our customers who have really banked their relationship with their end users and their enterprises on the data people and the data platform.

我要感謝我們的客戶，他們真正將與最終用戶和企業的關係建立在數據人員和數據平台上。

Thank you very much, and I hope everybody has a wonderful day.

非常感謝大家，希望大家有個愉快的一天。

Bye.

再見。

Thank you.

謝謝。

This does conclude our conference.

我們的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。