Zeta Global Holdings Corp (ZETA) 2024 Q1 法說會逐字稿

Greetings and welcome to the data first quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Scott Smith, Senior Vice President of Investor Relations. Thank you. You may begin.

您好，歡迎參加 Data 2024 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹投資者關係高級副總裁史考特史密斯。謝謝。你可以開始了。

Thank you, operator. Hello, everyone, and thank you for joining us for Zoetis First Quarter 2024 conference call. Today's presentation and earnings release are available on Dana's Investor Relations website at investors dot dash global.com, where you will also find links to our SEC filings, along with other information about data.

謝謝你，接線生。大家好，感謝您參加碩騰 2024 年第一季電話會議。今天的演示和收益發布可在 Dana 的投資者關係網站 Investors dot dash global.com 上獲取，您還可以在其中找到我們向 SEC 提交的文件的鏈接以及有關數據的其他信息。

Joining me on the call today are David Steinberg, data's Co-Founder, Chairman and Chief Executive Officer, and Chris Greiner, Zedge's Chief Financial Officer.

今天參加電話會議的有 Data 共同創辦人、董事長兼執行長 David Steinberg 和 Zedge 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, our goals and strategies. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected.

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、我們的目標和策略。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. And 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.

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。此外，我們今天的討論將包括參考某些補充性非公認會計原則財務指標，這些指標應作為我們公認會計原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. 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 other filings with the SEC.

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。非 GAAP 衡量標準與相應 GAAP 衡量標準的調整（如適用）可以在我們網站上的收益報告以及我們向 SEC 提交的收益報告和其他文件中找到。

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

現在，我將把電話轉給大衛。

Thank you, Scott. Good afternoon, everyone, and thank you for joining us today. 2024 is off to a great start in the first quarter of 2024, we delivered revenue of $195 million, up 24% year over year, with adjusted EBITDA of $30.5 million, up 27% year over year. Our adjusted EBITDA margin of 15.6% expanded 40 basis points year over year. Our strong competitive position, combined with the structural forces propelling our momentum gives us the confidence to raise our 2024 full year guidance by $25 million to $900 million at the midpoint. This translates into 24% year-over-year revenue growth, an acceleration from the 23% growth we achieved last year.

謝謝你，斯科特。大家下午好，感謝您今天加入我們。 2024 年有一個良好的開端，2024 年第一季度，我們實現營收 1.95 億美元，年增 24%，調整後 EBITDA 為 3,050 萬美元，年增 27%。調整後 EBITDA 利潤率為 15.6%，較去年同期成長 40 個基點。我們強大的競爭地位，加上推動我們發展勢頭的結構性力量，使我們有信心將 2024 年全年指引中位數提高 2,500 萬美元至 9 億美元。這意味著營收年增 24%，比我們去年實現的 23% 成長有所加快。

This accelerated full year growth rate is the result of strong visibility into key revenue drivers including the marketing cloud replacement cycle, the rebound of automotive and insurance sectors, the ramp of our agency business, and the hypergrowth of our artificial intelligence platform. Behind each of these drivers is the need to make AI more actionable with more relevant personalization, more impactful marketing programs and more measurable return on investments.

全年成長率的加速得益於對關鍵收入驅動因素的深入了解，包括行銷雲端更換週期、汽車和保險行業的反彈、代理業務的成長以及人工智慧平台的高速成長。每個驅動因素背後都需要透過更相關的個人化、更有影響力的行銷計劃和更可衡量的投資回報來使人工智慧更具可操作性。

Our AI powered Marketing Cloud, the Zeta marketing platform for ZMP. delivers actionable intelligence by seamlessly. Integrating data is proprietary data cloud within enterprises, first-party data to uncover consumer attitudes and activities to determine intent and unlock better consumer experiences therefore, better results. More importantly, enterprises can transform their data assets into a competitive advantage while protecting their customers' privacy and the integrity of their ecosystem.

我們的人工智慧驅動的行銷雲，ZMP 的 Zeta 行銷平台。無縫地提供可操作的情報。整合數據是企業內部專有的數據雲，第一方數據可以揭示消費者的態度和活動，以確定意圖並解鎖更好的消費者體驗，從而獲得更好的結果。更重要的是，企業可以將其資料資產轉化為競爭優勢，同時保護客戶的隱私和生態系統的完整性。

Our value proposition is resonating with Chief Marketing Officers as they seek new tools to capitalize on the power of AI and replace legacy marketing clouds with first-generation CDPs that are not delivering on their promises. Marketers are looking for modern marketing technology platforms like the ZMP. that leverage JNI to drive top line growth and improve operational efficiency with out sharing their data back to the collector we are also seeing accelerated growth as we gain greater traction in the broader ecosystem, including our expansion with agencies, systems integrators and technology alliances.

我們的價值主張引起了首席行銷長的共鳴，因為他們正在尋求新的工具來利用人工智慧的力量，並用未兌現承諾的第一代 CDP 取代傳統的行銷雲。行銷人員正在尋找像 ZMP 這樣的現代行銷技術平台。利用JNI 來推動收入成長並提高營運效率，而無需將數據分享給收集者，隨著我們在更廣泛的生態系統中獲得更大的吸引力，包括我們與機構、系統整合商和技術聯盟的擴張，我們也看到了加速成長。

Each of these provide an incremental source of high-quality demand generation with deals that enter the pipeline we qualified in closer to the decision stage. For example, we recently won a seven-figure partner sourced platform deal with a large financial services company that closed in only four months, we were quickly able to prove that the ZMP. will modernize their marketing technology stack, unifying their customer data and enabling rich segmentation and engagement in one single platform.

其中每一項都提供了高品質需求產生的增量來源，其中的交易進入我們在接近決策階段的資格。例如，我們最近贏得了一家大型金融服務公司價值七位數的合作夥伴採購平台交易，該交易僅用了四個月就完成了，我們很快就能夠證明 ZMP.將實現行銷技術堆疊現代化，統一客戶數據，並在一個平台上實現豐富的細分和參與。

Whether a deal is sourced through a partner or directly by ourselves, we are winning because the ZMP. delivers marketers more predictable profitable and measurable growth. For instance, last year, we implemented a pilot program at a large specialty retailer of high quality products for the home to help them acquire new customers. We deliver performance 20% above the required KPIs, driven by actionable intelligence in the ZMP., which helped identify new customers with in market intent signals. Our performance was validated by the brand's internal analytics team, which in turn should open additional budget for 2024 with expansion across multiple channels.

無論交易是透過合作夥伴還是我們自己直接達成，我們都會因為 ZMP 而獲勝。為行銷人員提供更可預測的利潤和可衡量的成長。例如，去年，我們在一家大型高品質家居產品專業零售商實施了一項試點計劃，以幫助他們獲得新客戶。在 ZMP 中可操作的情報的推動下，我們的績效比所需的 KPI 高出 20%，這有助於識別具有市場意向信號的新客戶。我們的業績得到了品牌內部分析團隊的驗證，該團隊應該為 2024 年提供額外預算，並在多個管道進行擴張。

Let me transition to product updates from our last call. In Q1, we launched our generative intelligent agent Composer store. This allows customers to easily build and share agents within the platform across a variety of use cases. In a short amount of time, over 300 virtual agents have already been built and created. In Q2. We're adding more advanced automation, making agents configurable with clear and actionable outcomes.

讓我從上次通話開始介紹產品更新。在第一季度，我們推出了生成智慧代理 Composer 商店。這使客戶能夠在平台內在各種用例中輕鬆建立和共享代理程式。在很短的時間內，已經建置和創建了 300 多個虛擬代理程式。在第二季。我們正在添加更先進的自動化，使代理可以配置為具有清晰且可操作的結果。

This automation translate agent conversations to platform actions like onboarding data, building audiences, campaigns, report and more. One to early example, is an agent created by an internal team that reduced the campaign workload by 70%, saving our team 400 hours of work per month. Our intelligent agents are becoming an enterprise's virtual data scientists, providing better information and driving a better ROI security and governance are at the core of these agents, ensuring that customer data is never shared outside of Zeta.

這種自動化將座席對話轉化為平台操作，例如入職數據、建立受眾、活動、報告等。早期的一個例子是，內部團隊創建的代理將活動工作量減少了 70%，每月為我們的團隊節省了 400 個小時的工作時間。我們的智慧代理正在成為企業的虛擬資料科學家，提供更好的資訊並推動更好的投資報酬率安全性和治理是這些代理的核心，確保客戶資料永遠不會在 Zeta 之外共享。

Switching to mobile, where our vision is to connect the mobile channel to intelligence within our CDP. and Data Cloud business, where the data ID gives us a strong competitive advantage by allowing us to identify people across the ecosystems in the near term we are working to deliver native push and SMS capabilities with a longer-term goal of creating conversational capabilities powered by our GNAI. engine, Zoe.

轉向行動，我們的願景是將行動通路與 CDP 內的智慧連接起來。資料雲業務，其中資料 ID 使我們能夠在短期內識別整個生態系統中的人員，從而為我們帶來強大的競爭優勢。引擎，佐伊。

We believe our mobile capabilities will allow enterprises to take advantage of our master orchestration to enhance their omnichannel strategy. We are continuously working to strengthen our competitive position through internal development and remain opportunistic regarding accretive transactions that can enhance our platform or accelerate our time to market.

我們相信我們的行動功能將使企業能夠利用我們的主編來增強他們的全通路策略。我們不斷努力透過內部發展來加強我們的競爭地位，並在增值交易方面保持機會主義，以增強我們的平台或加快我們的上市時間。

We look forward to showcasing all our AI and mobile capabilities at our ZETA Live Conference scheduled to be held on September 26, later this year. In Q1, I was also incredibly proud that Zeta was certified as a Great Place to Work in both the United States and India. This is the highest form of recognition employer can achieve globally, and it demonstrates the impact that our investment in our people and our culture has made over the past several years.

我們期待在定於今年稍後 9 月 26 日舉行的 ZETA Live 會議上展示我們所有的人工智慧和行動功能。在第一季度，我還非常自豪 Zeta 被認證為美國和印度的最佳工作場所。這是雇主在全球範圍內可以獲得的最高形式的認可，它展示了我們在過去幾年中對員工和文化的投資所產生的影響。

In summary, we are off to a very strong start in 2024 as we continue to capitalize on the need for more efficient and effective marketing programs and more modern marketing technology that empowers enterprises to capitalize on the transformative power of AI. As always, I would sincerely like to thank our customers, our partners, team data and all our shareholders for the ongoing support of R-Vision.

總而言之，我們將在 2024 年迎來一個非常強勁的開局，因為我們將繼續利用對更有效率、更有效的行銷計畫和更現代的行銷技術的需求，使企業能夠利用人工智慧的變革力量。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 R-Vision 的持續支持。

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

現在讓我把它交給克里斯來更詳細地討論我們的結果。克里斯？

Thank you, David. As you said, it was a strong start to the year, indeed, highlighted by an increase in visibility from new customer wins and rapid expansion of existing customers, which is leading to a big step up in revenue and adjusted EBITDA guidance. Today, my remarks today will focus on two key topics. First, a run-through of the results with an update on the green shoots we're seeing from several of 2024's growth catalysts, namely outlining the automotive and insurance verticals returned to growth, discussing our progress scaling recently signed large agency holdcos, providing an update on political candidate spending and sharing sales productivity and pipeline conversion metrics with large enterprise customers. And then I'll close by detailing the increase in our second quarter and full year guidance, along with our growth drivers are incorporated into the outlook.

謝謝你，大衛。正如您所說，這確實是今年的一個良好開端，突出表現在新客戶贏得和現有客戶快速擴張帶來的可見度的提高，這導致收入大幅增長並調整了 EBITDA 指導。今天，我的發言將圍繞著兩個關鍵議題進行。首先，我們對結果進行了概述，並更新了我們從2024 年的幾個增長催化劑中看到的新芽，即概述了汽車和保險垂直行業恢復增長的情況，討論了我們最近簽署的大型機構控股公司規模擴展的進展情況，提供了更新政治候選人的支出，並與大型企業客戶分享銷售生產力和管道轉換指標。最後，我將詳細介紹我們第二季和全年指導的成長，以及我們的成長驅動因素，這些都已納入展望。

All right. Let's dive in by starting with the results. In the first quarter, we delivered $195 million in revenue, up 24% year-to-year, the $8 million of upside versus the midpoint of guidance was broad-based. We ended the quarter with 460 scaled customers, which as a reminder, account for 98% of total data revenue and spend at least $100,000 on a trailing 12-month basis. This was up 8 from 4Q and 49 or 12% from a year ago at the high end of our 8% to 12% growth model.

好的。讓我們從結果開始深入探討。第一季度，我們實現了 1.95 億美元的收入，年增 24%，與指導中位數相比增加了 800 萬美元，這是基礎廣泛的。本季結束時，我們擁有 460 個規模化客戶，提醒一下，這些客戶佔總數據收入的 98%，並且在過去 12 個月的基礎上支出至少 10 萬美元。這比第四季度增長了 8 倍，比去年同期增長了 49 倍或 12%，處於我們 8% 至 12% 增長模型的高端。

Taking into consideration difficult 4Q to 1Q seasonality. This is consistent with what we added sequentially last year. But what really stood out was the rate at which customers scaled up. The growth rate of our 1 million-plus Superscape cohort accelerated 31% year to year, an increase from 131 in 4Q 23 to 144 in 1Q '24. To put this into perspective, the sequential jump of 13 is the highest increase we've ever seen.

考慮到第四季到第一季的季節性困難。這與我們去年連續加入的內容一致。但真正引人注目的是客戶規模擴大的速度。我們超過 100 萬的 Superscape 群體的成長率年增了 31%，從 23 年第四季的 131 人增加到 24 年第一季的 144 人。從這個角度來看，13 的連續跳躍是我們所見過的最高增幅。

A couple of data points worth noting on the super scale increase. First, all 13 customers scaled up from the $100,000 to $1 million cohort, a strong demonstration of our land, expand, extend sales model and a good illustration why over 90% of our revenues generated from customers with this over a year. And second fall field those were agencies most for large enterprise expansions across a breadth of industries ranging from technology, consumer and retail and travel and hospitality.

關於超級規模的成長，有幾個值得注意的數據點。首先，所有13 個客戶都從10 萬美元擴大到100 萬美元，這有力地展示了我們的土地、擴張、延伸銷售模式，並很好地說明了為什麼我們90% 以上的收入來自一年多來的客戶。第二個秋季領域是那些最適合大型企業擴張的機構，涉及科技、消費和零售、旅遊和酒店等多個行業。

Growth in super skilled customer count led to double-digit ARPU growth. Scaled customer ARPU in the first quarter grew 11%, an increase from the 7% year-on-year growth in 4Q '23 at the high end of our 8% to 12% growth model. This was driven by customers using two or more channels, which increased over 30% year to year.

超級熟練客戶數量的成長導致 ARPU 實現兩位數成長。第一季規模化客戶 ARPU 成長了 11%，較 2023 年第四季的 7% 年成長有所成長，處於我們 8% 至 12% 成長模式的高端。這是由使用兩個或更多管道的客戶推動的，這一數字同比增長超過 30%。

We also grew our quota carrier count going from 136 at the end of 2023 to 142 at the end of the first quarter with a solid pipeline of candidates entering the second quarter as well. Our established practice of hiring experienced sellers with marketing domain and industry vertical expertise, along with providing comprehensive training curriculum, is leading to increasing sales productivity metrics. Comparing today's group of less than 12 months tenured sellers to the average of the prior three cohorts to going all the way back to 2021, the most recent classes average time to close improved by almost a month or 20% to four months.

我們還將配額承運商數量從 2023 年底的 136 家增加到第一季末的 142 家，進入第二季的候選人也有穩定的管道。我們的慣例是聘請具有行銷領域和行業垂直專業知識的經驗豐富的銷售人員，並提供全面的培訓課程，從而提高銷售生產力指標。將今天的任期不到 12 個月的賣家群體與前三個群體的平均時間（一直追溯到 2021 年）進行比較，最新類別的平均結束時間縮短了近一個月或 20%，縮短至四個月。

At the same time are greater than 12 months tenured sellers win rates, signings and pipeline stats, all increase as their tenure gets longer and the platform. Increasing sales productivity is translating to progress on our 2024 growth catalysts. First, we saw both the automotive and insurance verticals returned to growth in the first quarter 90 days sooner than we expected. The combined growth still trailed total data, but we have good visibility to the remainder of the year. By virtue of having recently signed contracts and in other cases, progressing new sales opportunities forward in the pipeline.Our outlook assumes the two combined industry's growing double digits year over year in 2024.

同時，超過 12 個月的長期賣家的獲勝率、簽約和管道統計數據都隨著他們的任期和平台的延長而增加。銷售生產力的提高正在轉化為我們 2024 年成長催化劑的進展。首先，我們看到汽車和保險業在第一季恢復成長，比我們預期早了 90 天。綜合成長仍落後於總數據，但我們對今年剩餘時間有良好的預見性。憑藉最近簽署的合約以及在其他情況下，正在醞釀中的新銷售機會。

Second, we're starting to see the sales pipeline build for political candidate revenue and would anticipate activity picking up later this summer. As we sit here today, we're not making any changes to our political candidate revenue guidance assumptions of $15 million in 2024 with $2 million in 2Q, $5 million in 3Q and $8 million in 4Q. This is detailed on slide 18 in the earnings supplemental presentation. So all of the guidance increases I'll discuss later exclude incremental political candidate revenue.

其次，我們開始看到政治候選人收入的銷售管道正在建立，並預計今年夏天晚些時候活動將會回升。當我們今天坐在這裡時，我們不會對2024 年1500 萬美元的政治候選人收入指導假設做出任何改變，第二季度為200 萬美元，第三季度為500 萬美元，第四季度為800萬美元。收益補充簡報中的幻燈片 18 對此進行了詳細介紹。因此，我稍後討論的所有指導成長都不包括政治候選人收入的增量。

Third, while we've talked a lot recently about our expansion with agencies, and I'll do some more in a moment. Our first quarter's expansion of ARPU of Superscape customers was also driven by large enterprise customers. And fourth, our advancement with large agency Holdcos is still in its early stages, but expanding rapidly. We are now working with the five largest agency holdcos was so compelling about the opportunities that this represents dozens of agencies and hundreds to thousands of brands that account for a large portion of enterprise marketing budgets.

第三，雖然我們最近談論了很多關於我們與代理商的擴張的問題，但我稍後會做更多的事情。我們第一季 Superscape 客戶 ARPU 的成長也是由大型企業客戶推動的。第四，我們與大型代理商 Holdcos 的合作仍處於早期階段，但正在迅速擴張。我們現在與五家最大的代理控股公司合作，這些機會非常引人注目，這代表了數十家代理商和成百上千個品牌，它們佔據了企業行銷預算的很大一部分。

Agencies are pivoting to data's platform for several reasons. First, we help them win new business, data insights and data intelligence identifies new audiences and personas for the agencies clients to target. And James artificial intelligence recommend intent driven omnichannel activation strategies are resulting in more efficient and higher ROI campaigns.

出於多種原因，各機構正在轉向數據平台。首先，我們幫助他們贏得新業務，數據洞察和數據智慧為機構客戶識別新的受眾和角色。詹姆斯人工智慧建議意圖驅動的全通路活化策略可以帶來更有效率、更高投資報酬率的行銷活動。

Second, we help them offer incremental products like client data enrichment. This enables new cross-selling opportunities for the agency and makes them stickier. And third we provide deterministic people-based measurement attribution as opposed to cookie-based. This allows agencies to drive better outcomes and the ability to prove their ROI attribution declines.

其次，我們幫助他們提供增量產品，例如客戶資料豐富。這為該機構帶來了新的交叉銷售機會，並提高了它們的黏性。第三，我們提供基於人的確定性測量歸因，而不是基於 cookie。這使得各機構能夠取得更好的成果，並能夠證明其投資報酬率歸因下降。

Each of our agency holdco relationships are at different stages ranging from four years on the platform at a larger scale to those just beginning to ramp. We have good visibility into this dynamic going into 2024, which is why in our last earnings call, we said it was prudent to assume a similar revenue mix and percentage of cost of revenue profile in 2024 as you saw exiting 2023?

我們的每個代理控股公司關係都處於不同的階段，從在平台上規模較大的四年到剛開始發展的階段。我們對進入2024 年的這一動態有很好的了解，這就是為什麼在我們上次的財報電話會議中，我們表示，謹慎地假設2024 年的收入組合和收入成本比例與您在2023 年退出時看到的類似？

I think that continues to be a good assumption. This is because new holdcos on the platform often start with integrated channels, primarily social networks like Facebook, YouTube and others, which have a lower margin profile in the mid 30s. These newer holdcos are also using direct channels and our plan is to grow their direct channel mix meaning use of data, CDPE. mail demand-side platform and CTV as their spend increases, but data were simply early in our partnership selling cycle today.

我認為這仍然是一個很好的假設。這是因為該平台上的新控股公司通常從綜合管道開始，主要是 Facebook、YouTube 等社交網絡，這些管道的利潤率較低，在 30 多歲左右。這些新的控股公司也正在使用直接管道，我們的計劃是擴大他們的直接管道組合，即使用數據、CDPE。郵件需求方平台和 CTV 隨著支出的增加而成長，但數據只是我們今天合作夥伴銷售週期的早期階段。

As slide 12 in our earnings supplemental illustrates. With this dynamic in mind, our direct revenue mix in 1Q was 67%. Importantly, the margin profile of our direct revenue continues to hold firm in the mid 70%s range. Overall status cost of revenue in the quarter was 39.4%, up 490 basis points year to year, but an improvement of 80 basis points quarter to quarter, which was slightly better than our expectation of 40%.

正如我們的收益補充資料中的幻燈片 12 所示。考慮到這一動態，我們第一季的直接收入組合為 67%。重要的是，我們直接收入的利潤率繼續穩定在 70% 左右的範圍內。本季整體營收成本為39.4%，較去年同期上升490個基點，但較上季改善80個基點，略優於我們40%的預期。

And some of our other profit metrics, our first quarter GAAP net loss was $40 million, which includes $53 million of stock based compensation. Excluding the accelerated expensing related to our IPO, stock based compensation would have been $30 million.

就我們的其他一些利潤指標而言，第一季 GAAP 淨虧損為 4,000 萬美元，其中包括 5,300 萬美元的股票薪酬。不包括與我們的 IPO 相關的加速支出，基於股票的薪酬將為 3000 萬美元。

In 1Q, total OpEx grew only 10% year-on-year, excluding stock-based compensation and is down 570 basis points as a percentage of revenue. Our disciplined expense management and better sales productivity resulted in continued year-over-year adjusted EBITDA margin expansion, our 13th straight quarter of doing so. In the quarter, we generated $30.5 million of adjusted EBITDA, up 27% year to year with 40 basis points of margin expansion to 15.6%. Cash flow from 1Q operating activities was $25 million, up 23% year on year with free cash flow of $15 million, up 51% year to year.

第一季度，扣除股票薪酬後，營運支出總額年增 10%，佔營收的百分比下降了 570 個基點。我們嚴格的費用管理和更好的銷售效率導致調整後的 EBITDA 利潤率持續同比增長，這是我們連續第 13 個季度這樣做。本季度，我們實現了 3,050 萬美元的調整後 EBITDA，年增 27%，利潤率擴大 40 個基點，達到 15.6%。第一季經營活動現金流為 2,500 萬美元，年增 23%，自由現金流為 1,500 萬美元，年增 51%。

This brings me to my final topic, our increased 2024 revenue and profit guidance. With structural forces driving our momentum, the expansion and visibility we have into the sales pipeline and strong productivity of our sellers were increasing our revenue and adjusted EBITDA outlook for each quarter in 2024; details can be found on slide 17 in our earnings supplemental.

這引出了我的最後一個主題，即我們增加的 2024 年收入和利潤指導。由於結構性力量推動了我們的發展勢頭，我們對銷售管道的擴張和可見性以及我們賣家的強大生產力正在增加我們的收入，並調整了 2024 年每個季度的 EBITDA 前景；詳細資訊請參閱我們的收益補充資料中的幻燈片 17。

For the full year of 2024, we're increasing the midpoint of revenue guidance to $900 million representing 24% growth year over year. This is a $25 million increase from our prior guidance, well above the $8 million upside to be achieved in Q1 and represents an acceleration of full year growth through 2023. As mentioned earlier, none of the increases attributable to higher political candidate revenue assumptions does remain constant from our prior guidance of $15 million for the full year. For the second quarter of 2024, we're increasing the midpoint of revenue guidance by $8 million to $212 million, up 23% year-on-year.

對於 2024 年全年，我們將營收指導中位數提高至 9 億美元，年增 24%。這比我們之前的指導增加了2500 萬美元，遠高於第一季要實現的800 萬美元的增長，代表著到2023 年全年增長的加速。高而導致的成長不會繼續存在與我們之前全年 1500 萬美元的指導值持平。對於 2024 年第二季度，我們將營收指導中位數提高 800 萬美元，達到 2.12 億美元，年增 23%。

In terms of adjusted EBITDA, we're increasing the midpoint of 2024 guidance to $171 million, representing a year-over-year increase of 32% or 19% margin. For the second quarter of 2024. We're increasing the midpoint of adjusted EBITDA guidance by $1.3 million to $35.5 million, up 32% year to year or 16.8% margin. We continue to expect full year free cash flow in the range of $75 million to $85 million. We started the year with a wide free cash flow range. And with these increases, we can see scenarios where we start to gravitate to the higher end of the range. The gating factor here is simply the timing of collections from newer agency customers, whom we've discussed previously have longer payment cycles than our enterprise customers.

就調整後 EBITDA 而言，我們將 2024 年指引的中位數提高至 1.71 億美元，年增 32% 或 19% 的利潤率。 2024 年第二季。我們仍然預計全年自由現金流在 7,500 萬美元至 8,500 萬美元之間。今年伊始，我們的自由現金流範圍很寬。隨著這些增加，我們可以看到我們開始傾向於範圍的高端的情況。這裡的控制因素只是新代理商客戶的收款時間，我們之前討論過這些客戶的付款週期比我們的企業客戶更長。

In summary, there's obviously a lot we're happy about. And with the increased visibility, we feel very good about the increased guidance. Our growth catalyst are showing green shoots. We're seeing encouraging returns on investments across product development, sales and marketing, and we're creating deeper and stickier relationships with our enterprise and new agency customers. It's good when all those factors are pointing up.

總而言之，顯然有很多事情讓我們感到高興。隨著可見度的提高，我們對指導的增加感到非常滿意。我們的成長催化劑正在顯現出新芽。我們在產品開發、銷售和行銷方面看到了令人鼓舞的投資回報，我們正在與企業和新的代理商客戶建立更深入、更牢固的關係。當所有這些因素都上升時，這是一件好事。

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

現在讓我把電話轉給接線員，讓我和大衛回答你們的問題。操作員？

Elizabeth quarter with Morgan Stanley. Please proceed with your question.

伊莉莎白季與摩根士丹利。請繼續你的問題。

Thank you so much. I wanted to ask about the agency side of the business. Looking at your Slide 12, it looks like it took with the first relationship about three years to get to 10 brands, but now you're scaling with 10 plus brands already within the 1st year of some of the newer relationships. So I just wanted to ask what are some of the factors that you think are helping you now land larger with some of those up more brands just off the year one? And then second, any go-to-market motions that you're running in terms of helping shift that direct versus integrated mix faster than what you've seen previously. Thank you.

太感謝了。我想問一下代理方面的業務。看看你的幻燈片12，看起來第一個關係花了大約三年的時間才達到10 個品牌，但現在你在一些較新的關係的第一年內就已經與10 多個品牌進行了擴展。所以我只是想問一下，您認為有哪些因素可以幫助您在第一年就擴大品牌規模？其次，您正在運行的任何進入市場的動議都有助於以比您以前看到的更快的速度轉變直接與整合的組合。謝謝。

Thank you, Elizabeth. Appreciate the question. First, as it relates to starting bigger up, we're just better now. It used to be we would go into an agency holdco and we would have to spend a tremendous amount of time educating them on who we are. Now, what we're finding is when we go in and I think as Chris mentioned in his prepared remarks, we're up to five global agency holdcos. We're seeing them land faster, which by the way, leads to your second question, right?

謝謝你，伊麗莎白。感謝這個問題。首先，因為它與開始做大有關，所以我們現在做得更好了。過去，我們會進入一家代理控股公司，我們必須花費大量時間來教育他們我們是誰。現在，我們發現，當我們進入時，我認為正如克里斯在他準備好的演講中提到的那樣，我們有多達五家全球代理控股公司。我們看到它們著陸得更快，順便說一句，這引出了你的第二個問題，對吧？

Because when you get to your second question, it's how do we migrate them over? And the efficacy and efficiency of using our on-platform versus integrated platform is substantially higher. So we are making sure that we're getting in front of the decision makers faster as it relates to that. And I would say that we believe that the current mix of on-platform versus integrated platform is at its low point and we will begin to see it come up up in the next few quarters to where it would traditionally bit. Chris?

因為當你談到第二個問題時，我們要如何將它們移過來？與整合平台相比，使用我們的平台的功效和效率要高得多。因此，我們確保我們能夠更快地向決策者傳達與此相關的訊息。我想說的是，我們相信當前平台與整合平台的組合正處於低點，我們將開始看到它在接下來的幾個季度中回升到傳統的位置。克里斯？

It was that it took us in that first large agency holdco, that first year's direct revenue mix is around 7%. And as you noted, in year three, it was around north of 70% year two was like 40%. So it's not as if it's like a hockey stick. We don't expect we expect the more recent signings to have that same nice kind of linear pacing to it back to what David said. We help them win new business. We help them cross sells. We're providing now client data enrichment opportunities. And because we're people based in our attribution as opposed to cookie-based, they can use data as data to drive a verifiable ROI.

正是它讓我們成為了第一家大型代理控股公司，第一年的直接收入組合約為 7%。正如您所指出的，第三年這一比例約為 70%，第二年約為 40%。所以它不像曲棍球棒。我們不希望最近的簽約能夠像大衛所說的那樣有同樣好的線性節奏。我們幫助他們贏得新業務。我們幫助他們交叉銷售。我們現在提供客戶數據豐富的機會。因為我們是基於我們的歸因而不是基於 cookie 的人，所以他們可以使用數據作為數據來驅動可驗證的投資回報率。

In terms of the go-to-market motion, we don't have just social sellers. We don't have just CTV. sellers who don't have just e-mail sellers are sellers are selling the platform, right? They're selling the intelligence and the insights and an omnichannel activation strategy just so happens that these agencies, as David said in the beginning, are starting with social, but it's in their clients' best interest to leverage the data's data cloud and data intelligence on our direct channels and we expect similar sales motion that that first HD. holdco went through over time to be mimicked by those. Now that were these new for that or starting the ramping process with us.

就進入市場的動議而言，我們不僅僅有社交賣家。我們不僅有 CTV。那些沒有電子郵件的賣家都是賣家在銷售平台，對嗎？他們正在銷售情報、見解和全通路激活策略，正如大衛一開始所說，這些機構正從社交開始，但利用數據的數據雲和數據情報符合客戶的最佳利益在我們的​​直接渠道上，我們預計與第一個HD 類似的銷售動向。隨著時間的推移，控股公司逐漸被那些人模仿。現在這些都是新的，或者與我們一起開始升級過程。

Great. Thank you so much. And just as a follow-up, I wanted to ask on some of the intelligent agent side. Really impressive to hear about the 300 agents. Just curious how you view some of the engagement there is a lot of this still kind of in testing and pilot phases or the building being adopted more widespread and what are some of the factors that you think your customers need to see in order to drive the more meaningful adoption?

偉大的。太感謝了。作為後續行動，我想問一些智能代理方面的問題。聽到 300 名代理商的消息真是令人印象深刻。只是好奇您如何看待一些參與，在測試和試點階段仍有很多這樣的參與，或者建築被更廣泛地採用，以及您認為您的客戶需要看到哪些因素才能推動更有意義的採用？

Yes. So first of all, we think we are the first Marketing Cloud to market with Build Your Own agent. And quite frankly, we were even surprised with the level of uptake from our clients. And internally these 300 agents represent, I don't know, thousands of potential use cases. And what we're seeing, I think like a lot of people is we're seeing a lot of focus on efficiency to start with the intelligence agencies.

是的。首先，我們認為我們是第一個透過「Build Your Own」代理商進行行銷的 Marketing Cloud。坦白說，我們甚至對客戶的接受程度感到驚訝。我不知道，在內部，這 300 個代理代表了數千個潛在的用例。我們所看到的，我認為像許多人一樣，我們看到從情報機構開始就非常關注效率。

So how do they build virtual data scientist using their own data for the first time using our generative AI platform in the form of the intelligent agent and obviously, that's driving revenue growth for us as you saw the results and the raise of guidance. And so we're seeing that uptake.

那麼，他們如何首次使用我們的生成式人工智慧平台以智慧代理的形式使用自己的資料來建立虛擬資料科學家，顯然，當您看到結果和指導的提高時，這正在推動我們的收入成長。所以我們看到了這種情況。

We're seeing the adoption of we think that's going to continue. But we're I'm very, very excited about the level of uptake and the level of utilization we're seeing clients, Elizabeth, who are using this really using it. They're not setting it up and using it once we're seeing it being really used. And we're seeing it's a meaningful increase in platform utilization from clients who have done that.

我們看到我們認為這種情況將會持續下去。但我們對我們看到的客戶伊麗莎白的接受程度和利用率感到非常非常興奮，他們正在真正使用它。一旦我們看到它被真正使用，他們就不會設定和使用它。我們發現，這樣做的客戶的平台利用率顯著提高。

Great. Thank you. So much. Congrats on the quarter.

偉大的。謝謝。非常。恭喜本季。

Thank you.

謝謝。

Our next question comes from the line of Clark Wright with DA Davidson. Please proceed with your question.

我們的下一個問題來自克拉克·賴特（Clark Wright）和地方檢察官戴維森（DA Davidson）的對話。請繼續你的問題。

Another great quarter. I just wanted to maybe start off? And if you could possibly just quantify how growth in the agency business has impacted the direct revenue mix since it was down six points from 4Q and where you see it trending over the course of the year?

又一個偉大的季度。我只是想也許可以開始？您是否可以量化代理業務的成長如何影響直接收入組合，因為它比第四季度下降了 6 個百分點，以及您認為它在一年中的趨勢如何？

I think the direct revenue mix in the first quarter at 67% is going to be the low point that we see it's our expectation that the direct revenue mix will look a heck of a lot like how it ended in 2023 and that the percentage cost of revenue profile would also follow how we ended the fourth quarter of 2023, which was around 60% -- 40% on a cost of revenue basis. Our plan is and this is to Elizabeth's point. If you followed the trajectory of the first large agency holdco, we started to work with now four plus years ago. In the early timeframe, they were around 7% mix and they expanded that to 76% in that range. So we think the same agencies that have now signed with us these recently new four would follow a similar pattern over time.

我認為第一季 67% 的直接收入組合將是最低點，我們預計直接收入組合將與 2023 年結束時非常相似，並且收入狀況也將遵循我們截至2023 年第四季度的情況，按收入成本計算約為60% 至40%。我們的計劃是，這正是伊莉莎白的觀點。如果您遵循第一家大型代理控股公司的軌跡，我們在四年多前就開始與現在合作。在早期，他們的混合比例約為 7%，後來他們將這一比例擴大到了 76%。因此，我們認為，隨著時間的推移，與我們簽約的這四家新機構將遵循類似的模式。

And we see indications of that already. And quite frankly, even though we saw a slight drop in direct versus integrated, you saw that our cost of revenue went down from Q4 into Q1. I think that's because the integrated platform I'm sorry, that's because the direct platform continues to be very, very solid. And we expect both of those trends to continue as we then move the agencies on our platform versus integrated.

我們已經看到了這方面的跡象。坦白說，儘管我們看到直接業務與綜合業務相比略有下降，但您會看到我們的收入成本從第四季度下降到第一季。我認為這是因為整合平台，我很抱歉，那是因為直接平台仍然非常非常穩固。我們預計這兩種趨勢將持續下去，因為我們隨後將代理商轉移到我們的平台上而不是整合起來。

Got it. Appreciate that color. And if I could here for the second one, could you also talk about the Company's initiatives to drive increased channel usage and any trends you are seeing in terms of the way that brands are engaging with prospective and current customers?

知道了。欣賞那個顏色。如果我可以在這裡談第二個問題，您能否談談公司為推動增加通路使用而採取的舉措，以及您在品牌與潛在和現有客戶互動的方式方面看到的任何趨勢？

It was yes, you can you can actually see it in a couple of places this quarter really meaningfully. The first is the significant increase quarter over quarter and Superscape customers. Those are customers that do over $1 million with us on a trailing 12-month basis, it grew [13]. That's the highest we've ever seen on a sequential basis since we've been tracking the metric now over a number of years. And then if you look at the same time, the double digit, strong 11% skilled customer ARPU growth, that's an acceleration from the 7%. And now you look at the channel usage part, the number of our scaled customers that are using two or more channels grew over 30% year over year. It had we had good growth across the channel, ACTV. was in the low 40%s, and rest of the channels were in strong double digits. So we're seeing good adoption across the different channel mix that we offer our customers.

是的，你可以在本季的幾個地方看到它，非常有意義。首先是 Superscape 客戶季比大幅成長。這些客戶在過去 12 個月內向我們支付了超過 100 萬美元的費用，並且還在成長 [13]。這是我們多年來追蹤該指標以來連續看到的最高值。然後，如果你同時觀察一下，熟練客戶 ARPU 實現了兩位數的 11% 強勁增長，這比 7% 有所加速。現在你來看看通路使用部分，使用兩個或更多管道的規模化客戶數量年增超過 30%。我們在 ACTV 頻道上取得了良好的成長。處於 40% 左右，其餘頻道均處於強勁的兩位數。因此，我們看到我們為客戶提供的不同管道組合得到了良好的採用。

Appreciate it. Thank you.

欣賞它。謝謝。

Our next question comes from the line of Richard Baldry with Roth. Please proceed with your question.

我們的下一個問題來自理查德·鮑德里和羅斯的對話。請繼續你的問題。

Thanks, and congrats again on the quarter. Can you talk about under what acceleration scenario might you have to increase your rate of internal spending and make India a broader question about how much your automation and leverage you have sort of in your fixed versus variable as the top line is picking up beyond what we'd expected?

謝謝，並再次恭喜本季。您能否談談在什麼加速情景下，您可能必須提高內部支出率，並使印度成為一個更廣泛的問題，即您的自動化和槓桿作用在固定與可變方面有多少，因為收入的增長超出了我們的預期預期嗎？

You know, Rich, first of all, thank you. It's interesting because if you look at a lot of the companies that are putting results out, obviously, they've massively increased their investment into a I think the differences we started doing this seven or eight years ago. So we don't see a material step up needed, but it is interesting in our budget for this year, we will invest more money into innovation than in any prior year. So we are increasing the investment in innovation, but we're doing it in an environment where our revenue and our gross profit dollars are growing dramatically faster than we're making those investments.

你知道，里奇，首先，謝謝你。這很有趣，因為如果你看看很多正在公佈結果的公司，顯然，他們已經大幅增加了投資，我認為我們七、八年前就開始這樣做了。因此，我們認為不需要採取實質措施，但今年的預算很有趣，我們將比往年在創新上投入更多資金。因此，我們正在增加對創新的投資，但我們這樣做的環境是我們的收入和毛利的成長速度遠遠快於我們進行這些投資的速度。

And as I think I've said before, it really appears as if the bets we made years ago on putting data and artificial intelligence as native to the application layer were not just where the puck was going, so to speak. They are really where the puck is today. And I don't see a material step up as a percentage of revenue. But we are investing heavily and that's already in what we're forecasting for this year.

正如我之前所說的，我們幾年前把數據和人工智慧作為應用程式層原生的賭注似乎不僅僅是冰球要去的地方，可以這麼說。他們確實是今天的冰球所在。我認為佔收入的比例不會有實質的提高。但我們正在大力投資，這已經在我們今年的預測中。

And kind of for those who don't know, it's our live and the agency ad world, can you talk a little about sort of the scale of number of customers that those would represent and sort of contrast that with obviously your penetration rate or and then maybe think about the budget per customer? And how far along that that curve you think you are with maybe your most mature agency customer?

對於那些不知道的人來說，這是我們的現場廣告和代理廣告世界，您能否談談這些所代表的客戶數量規模，並將其與您的滲透率或和明顯進行對比然後也許考慮一下每個客戶的預算？您認為您與最成熟的代理商客戶的關係在這條曲線上走了多遠？

Yeah. I mean, just to put it in perspective, the five agency holdcos. We work with spend over $100 billion a year in marketing. So even with our mature partner, we are just scratching the surface. Now I think back to Elizabeth's original question. We are focusing on migrating those clients, those agencies on to being direct versus indirect. But I think that we are just scratching the surface.

是的。我的意思是，從長遠來看，這五家代理控股公司。我們每年在行銷方面的支出超過 1000 億美元。因此，即使我們擁有成熟的合作夥伴，我們也只是觸及了表面。現在我回想起伊莉莎白最初的問題。我們專注於將這些客戶、這些機構轉變為直接而非間接。但我認為我們只是觸及了表面。

I mean to put it in perspective with our largest clients up in this ecosystem up, I don't think we are 1% of their business. So I think we have a lot of headroom I think we have meaningful relationships with these agency holdcos. And by the way, they see us as part of their solution set. As Chris has said, they're winning clients with us we are our entire strategy is to make our clients the hero of their stories. And when you look at the agency holdcos, we are here to support them and help them do a better job with their enterprise clients and it really appears to be resonating.

我的意思是，從我們在這個生態系統中最大的客戶的角度來看，我不認為我們佔他們業務的 1%。因此，我認為我們有很大的發展空間，我認為我們與這些代理控股公司建立了有意義的關係。順便說一句，他們將我們視為他們解決方案的一部分。正如克里斯所說，他們正在與我們一起贏得客戶，而我們的整個策略就是讓我們的客戶成為他們故事中的英雄。當您查看代理控股公司時，您會發現我們在這裡支持他們並幫助他們更好地與企業客戶合作，這似乎確實引起了共鳴。

Thanks. Congrats on the momentum.

謝謝。恭喜你的勢頭。

Thank you, Rich.

謝謝你，里奇。

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

我們的下一個問題來自瑞安·麥克唐納和李約瑟的對話。請繼續你的問題。

Thanks for taking my questions and congrats on a great quarter and wanted to focus on the large seven-figure financial services win in sort of the interesting aspect of that being partner-driven deal and sort of quick time to close as you think about the pipeline where it stands today, maybe versus 6 to 12 months ago, what's the mix of pipeline versus that's coming sort of direct versus partner driven? And are the initiatives that you have to sort of build out relationships with SIs and sort of accelerating that mix shift at all?How should we think about that?

感謝您提出我的問題，並祝賀一個偉大的季度，並希望重點關註七位數的大型金融服務勝利，這是合作夥伴驅動的交易的有趣方面，以及當您考慮管道時可以快速完成的時間與6 到12 個月前相比，目前的情況是，管道與即將到來的直接驅動與合作夥伴驅動的組合是什麼？您必須採取哪些措施來建立與系統整合商的關係並加速這種混合轉變？

So thank you, Ryan. Appreciate it. Today, 100% of our sales effectively are direct. I mean, whether we're selling direct to the agency holdco or we're selling direct to the enterprise. We are in integration with up quite frankly, more than one SI at this point. We believe that will be a big driver of the business. But in the out years, it is not contemplated in our current guidance. We continue to focus on building our sales force and as Chris has said, and I think he should touch on again, the productivity of our sales force just continues to climb as we hire more and more senior people. Yes, Chris.

所以謝謝你，瑞安。欣賞它。如今，我們 100% 的銷售其實都是直接銷售。我的意思是，無論我們是直接向代理控股公司銷售還是直接向企業銷售。坦白說，我們目前正在與不只一個 SI 進行整合。我們相信這將成為業務的一大推動力。但在未來幾年，我們目前的指導方針中並未考慮到這一點。我們繼續專注於建立我們的銷售隊伍，正如克里斯所說，我認為他應該再次提及，隨著我們僱用越來越多的高級人員，我們銷售隊伍的生產力不斷攀升。是的，克里斯。

Ryan. I would say I don't have the exact numbers, but greater than 90% of the sales pipeline today, which is growing very nicely, is generated directly from our sellers. We are those starting to see it with the benefit of working with more and more in the partner ecosystem, starting to see deals enter our sales pipeline that were created by those sellers that then will ultimately take on and help duly Shepherd to close, as David mentioned, what's really exciting?

瑞安.我想說我沒有確切的數字，但目前成長非常好的銷售管道中 90% 以上是直接由我們的賣家產生的。我們是那些開始看到它與越來越多的合作夥伴生態系統合作的好處的人，開始看到交易進入我們的銷售管道，這些銷售管道是由那些賣家創建的，然後最終將接手並幫助適當的Shepherd 完成交易，正如David 所說了，什麼是真正令人興奮的？

And if you think about what helped deliver the upside in the quarter, you could almost think about it as a third, a third, a third from auto and insurance coming back to growth was great, came in faster than we thought, and we flow that through the outlook and the guidance you can see about another third was from more rapid agency expansions than we were counting on our guidance.

如果您考慮是什麼幫助實現了本季的成長，您幾乎可以將其視為汽車和保險業恢復成長的三分之一、三分之一、三分之一，這非常棒，比我們想像的要快，而且我們流動通過展望和指導，您可以看到另外三分之一來自比我們預期的指導更快的機構擴張。

We've now flow some of that through and then sales productivity we're seeing on the enterprise side from our direct sellers. And if you think the best evidence point that we continue to talk about in these calls is what does this most recent cohort of sellers, those that are still in their 1st year with data?

現在，我們已經將其中的一部分進行了流通，然後我們從直銷員那裡看到了企業方面的銷售效率。如果您認為我們在這些電話會議中繼續討論的最佳證據點是最新一批賣家（那些仍處於數據第一年的賣家）會做什麼？

And how does their sales productivity compare to the classes before them before them for them. So now going back three plus years, there's some pretty good data points there. And those sellers time to close in the most recent class we've hired is now at four months time to close their first deal. So 20% better than what the average three years have been.

與之前的班級相比，他們的銷售效率如何？現在回溯三年多，有一些非常好的數據點。我們最近聘請的那些賣家完成第一筆交易的時間現在是四個月後。比三年平均好 20%。

And then as they get more tenure, would say they're more experienced and more deals under their belt in number of deals they carry. At the same time, the average value of the deals go up, their win rates go up and their pipelines expand. So we're seeing really nice sales productivity, enormous credit to the billing unit sales leaders and our training and development team.

然後，隨著他們獲得更多的任期，他們會說他們更有經驗，並且在他們所進行的交易數量方面也有更多的交易。同時，交易的平均價值上升，獲勝率上升，通路擴大。因此，我們看到了非常好的銷售效率，對計費部門銷售領導者以及我們的培訓和開發團隊的巨大信任。

And by the way, it might be 20% above the three-year running average, it's 100% above where we were three years ago. So we're really seeing that. And of course, going from zero to who does data, why bringing the right people in having made the investments seven to eight years ago into data and AI is native to the application layer. It's funny because you look at the sort of AI landscape today, there are a lot of organizations talking about it, but they're not a lot of organizations that are utilizing it to drive meaningful revenue growth. It is a direct contributor and the results that we just put up for the first quarter and the way we are reforecasting our raised guidance for this year.

順便說一句，它可能比三年運行平均值高 20%，比三年前高 100%。所以我們確實看到了這一點。當然，從零到誰負責數據，為什麼要讓合適的人在七到八年前對數據和人工智慧進行投資，這是應用程式層的本能。這很有趣，因為你看看今天的人工智慧領域，有很多組織在談論它，但利用它來推動有意義的收入成長的組織並不多。這是我們剛剛公佈的第一季業績以及我們重新預測今年上調指導的方式的直接貢獻者。

Super helpful color there. Maybe as a follow-up. Great to see sort of the guidance increase for the full year being sort of fully driven by the core business and the strength there. But I did want to ask about political and expectations there. I think as we are getting closer and closer to the election, which you're hearing more conversations about perhaps funding going more towards legal fees from one party than the other, which is forcing sort of deal the Biden administration to maybe not spend as aggressively or maybe they don't need to how is this factoring in if at all into your expectations for political ad spend as we look into the second half of the year?

那裡的顏色超級有用。也許作為後續行動。很高興看到全年指引的成長完全是由核心業務及其實力所推動的。但我確實想詢問那裡的政治和期望。我認為，隨著我們距離選舉越來越近，你會聽到更多關於一黨的資金可能比另一黨更多地用於法律費用的討論，這迫使拜登政府可能不會那麼積極地支出某種協議或也許他們不需要在我們展望下半年時，如何將此因素考慮到您對政治廣告支出的預期中？

So let me be totally clear. There will be more money spent on marketing in this election than any election in the history of the United States of America. And that will be, I believe, a statistical fact when people look back on this cycle. What I can tell you is yes, there is a percentage of revenue for one of the candidates that is currently being utilized for legal fees, but the candidates are raising very large amounts of money and they're going to spend it.

讓我徹底說清楚。這次選舉在行銷上花費的資金將比美利堅合眾國歷史上的任何一次選舉都多。我相信，當人們回顧這個週期時，這將是一個統計事實。我可以告訴你的是，其中一位候選人的收入中有一定比例目前用於支付法律費用，但候選人正在籌集大量資金，他們會花掉這些錢。

As Chris said, our current guidance, I think does does not include an increase in what we believe to be political and if you look at our historical levels, we feel that we've put a good placeholder in for where we think it's going to be, but I would not expect it to be down from there.

正如克里斯所說，我認為我們目前的指導不包括增加我們認為政治性的內容，如果你看看我們的歷史水平，我們覺得我們已經為我們認為會發生的事情放置了一個很好的佔位符是，但我不希望它會從那裡下降。

Thanks again, and congrats on a great quarter.

再次感謝，並祝賀您度過了一個美好的季度。

Thank you.

謝謝。

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

我們的下一個問題來自 Jason Kreyer 和 Craig-Hallum 的對話。請繼續你的問題。

Great. Thank you guys, and congrats from me as well. Great quarter. David, just wondering if you could maybe frame the importance of AI in your pipeline conversations like it seems like you've always won more than your fair share, but maybe now that you're winning even more than your fair share because of AI, but curious if you can kind of parse that out.

偉大的。謝謝你們，也向我表示祝賀。很棒的季度。大衛，只是想知道你是否可以在你的管道對話中闡述人工智慧的重要性，就像你似乎總是贏得超過你應得的份額一樣，但也許現在你因為人工智慧而贏得的甚至超過你的公平份額，但很好奇你是否能解析出來。

Well, first of all. Thank you, Jason. I appreciate it. It's funny before I got here today, we're out on the West Coast. I literally moderated the artificial intelligence panel for the Milken global conference from 11:50 to 12:45, and then we put out our results 1:05 and then I sort of rushed over here to do this with Chris and the team, it is it I'm telling you there is not an organization out there today that is not looking at how to solve their AI problem. And one of the panelists was really interesting. He said, you know, you've got the Fortune 5,000. They are not going to be able to do this on their own. They are going to need vendors and partners who bring artificial intelligence to the table for them.

嗯，首先。謝謝你，傑森。我很感激。有趣的是，在我今天到達這裡之前，我們在西海岸。我從 11:50 到 12:45 主持了米爾肯全球會議的人工智慧小組，然後我們在 1:05 公佈了結果，然後我就衝到這裡與 Chris 和團隊一起做這件事，這是我告訴你，如今沒有一個組織不考慮如何解決他們的人工智慧問題。其中一位小組成員非常有趣。他說，你知道，你已經躋身《財星》5000 強了。他們無法獨自做到這一點。他們將需要供應商和合作夥伴為他們帶來人工智慧。

And one of the big consensuses of the past, not sure I said that right, but one of the big consensuses of the panel was if you are not focused on AI right now, they're going to find partners who are. And I can tell you that from all of our conversations this is the issue. It's what people are focused on and it's starting with efficiency, which is very logical. And if you look at how technologies have evolved through the ages, so to speak if they start with efficiency and then they move to meaningful, generate a meaningful revenue generation.

過去的一大共識，不確定我說得對不對，但小組的一大共識是，如果你現在不專注於人工智慧，他們就會找到專注於人工智慧的合作夥伴。我可以告訴你，從我們所有的談話來看，這就是問題所在。這是人們關注的焦點，也是從效率開始的，這是非常合乎邏輯的。如果你看看科技是如何隨著時代的發展而發展的，可以這麼說，如果它們從效率開始，然後轉向有意義，產生有意義的收入。

It just so happens that our AI platform can do both. It can help enterprises to more efficiently run their platforms by better utilizing their existing data, expanding out building agents internally so they can build their own virtual data scientist using our agent building program which, by the way, then generates meaningful revenue increment to us, which once again, is why I think we posted the first quarter we did and why we feel so comfortable raising our guidance for the year. But it is Jason, the conversation that starts every conversation that we have today.

恰好我們的人工智慧平台可以做到這兩點。它可以幫助企業透過更好地利用現有數據、在內部擴展構建代理來更有效地運行其平台，以便他們可以使用我們的代理構建程序構建自己的虛擬數據科學家，順便說一下，這可以為我們帶來有意義的收入增量，這也是為什麼我認為我們發布了第一季的業績，以及為什麼我們如此輕鬆地提高了今年的指導。但我們今天的每一次談話都是由傑森開始的。

Thank you. And just one more. I wanted to pivot over to the build-out of this mobile platform. Just maybe if you can give us kind of an idea of the progression there because we've seen products like CTV. that has kicked in and become a growth accelerant for data. And so I'm curious at what point mobile could have achieved that critical mass and contribute more of the results.

謝謝。還有一個。我想轉向建構這個移動平台。也許您可以為我們介紹那裡的進展，因為我們已經看到了像 CTV 這樣的產品。這已經開始並成為數據成長的加速器。因此，我很好奇行動裝置在什麼時候可以達到臨界質量並貢獻更多成果。

Yes. So I mean, listen, we believe that the Zeta ID gives us an unfair advantage in the mobile ecosystem because much like we don't use a third party cookie to identify people and build attribution models we never used Apple's IDFA. So when they eliminated it, it sort of created a bit of a Wild West out there. Some organizations like meta have been able to get enough of a percentage of their user base to opt in to be receiving the tracking pixel that they're able to build very comprehensive models and go from there. We've been able to identify many multiples as a percentage of what meta has opting in in the mobile ecosystem already.

是的。所以我的意思是，聽著，我們相信Zeta ID 在行動生態系統中為我們帶來了不公平的優勢，因為就像我們不使用第三方cookie 來識別人員並建立歸因模型一樣，我們從未使用過Apple 的IDFA。因此，當他們消除它時，它有點像狂野的西部。像meta這樣的一些組織已經能夠獲得足夠比例的用戶群來選擇接收追蹤像素，這樣他們就能夠建立非常全面的模型並從那裡開始。我們已經能夠確定元在行動生態系統中選擇加入的百分比的許多倍數。

So we feel like we're in a very good place to expand into that. I believe we'll have our product into production and ready to roll up by mid this year, and we expect to start driving meaningful revenue next year. I will reiterate again, we don't have mobile as a meaningful component of the increased guidance we're putting out this year, but it's upside and I think it really is going to kick in for next year.

所以我們覺得我們處於一個非常好的擴展領域的位置。我相信我們的產品將在今年年中投入生產並準備好投入使用，我們預計明年將開始帶來可觀的收入。我要再次重申，我們沒有將移動作為我們今年發布的增加指導的有意義的組成部分，但它是有好處的，我認為它確實會在明年開始發揮作用。

I have publicly said, Jason, and I believe that mobile will be our next $100 million business as we continue to scale CTB. And I think that will be that.

我已經公開說過，Jason，我相信隨著我們繼續擴大 CTB，行動業務將成為我們下一個 1 億美元的業務。我想就是這樣。

Great. Thank you.

偉大的。謝謝。

Our next question comes from the line of Koji Ikeda with Bank of America. Please proceed with your question.

我們的下一個問題來自美國銀行的池田浩司 (Koji Ikeda)。請繼續你的問題。

Yes, hey, guys. Thanks for taking the questions here. On, I wanted to ask about the super scaled customer strength, the net new addition strength there. And thanks for all the color in the prepared remarks and to a couple of questions that were asked prior on, but I did want to focus again on the agency customer strength. So question is around how is data really gaining mindshare within these end into within the agencies, there's data need like an internal champion within these agencies for each client relationship. So really focused on targeting these relationship owners or is the adoption of the data within these agencies being more top-down driven?

是的，嘿，夥計們。感謝您在這裡提出問題。另外，我想問超大規模的客戶實力，也就是那裡的淨新增實力。感謝準備好的評論中的所有內容以及之前提出的幾個問題，但我確實想再次專注於代理商客戶的實力。因此，問題在於數據如何真正在這些機構內部獲得關注，這些機構內部需要像每個客戶關係的內部擁護者一樣的數據。那麼，真正專注於針對這些關係所有者，還是這些機構內部數據的採用更由上而下驅動？

Koji. It's Chris. I'll go first on the couple of super scale data points, and I'll pass it over to David. Yes, as you mentioned, that the up 13 a record for us and all 13, by the way, scaled up from the $100,000 to $1 million cohort. So a really good demonstration of the land, expand and extend strategy working and then the benefit of now having over 90% of our revenue with customers with us beyond a year, what was also great about those expansions is they were primarily driven by enterprise relationships rather than just agencies.

浩二。是克里斯。我將首先討論幾個超大規模數據點，然後將其傳遞給 David。是的，正如您所提到的，順便說一下，這 13 名球員的獎金為我們和所有 13 名球員創造了記錄，從 10 萬美元擴大到了 100 萬美元。因此，這確實很好地展示了土地、擴張和延伸策略的運作，以及現在我們超過90% 的收入來自與我們合作一年以上的客戶的好處，這些擴張的另一個偉大之處在於它們主要是由企業關係驅動的而不僅僅是機構。

And it came from the various industries ranged from technology to consumer retail in through travel and hospitality and as you saw on the ARPU side, use of more than two channels, up 30% is also a very strong data point for us. David?

它來自各個行業，從技術到消費零售，再到旅遊和酒店業，正如您在 ARPU 方面看到的那樣，使用兩個以上渠道的增長 30% 對我們來說也是一個非常有力的數據點。大衛？

And Koji, thank you again, what I would tell you as it relates to the agency relationships, if you asked, Is it top down or bottoms up? The answer is yes, it's both up. We're coming in in many cases, it's the CEO or global chairman of the Holding Corporation, and we're simultaneously working from the ground up. We have a team now that is fully integrated into the five agencies we work with. And quite frankly, over the last three years, we've invested very heavily in that team.

Koji，再次感謝你，如果你問，是自上而下還是自下而上？答案是肯定的，兩者都起來了。在很多情況下，我們是控股公司的執行長或全球董事長，我們同時從頭開始工作。我們現在擁有一個完全融入與我們合作的五個機構的團隊。坦白說，在過去三年中，我們對該團隊投入了大量資金。

The other thing is we're going where the agencies are right. So we had a presence at the Consumer Electronics Show this year. We had a presence at the possible conference and we'll have a meaningful presence at Cannes Lion this year. And as we think about the relationships with these agencies. It's mission critical that you work both sides, but more than anything you have to make them Hero, you have to be able to come in and make sure that the client knows that the agency is the hero and we are servicing them. And that's mission critical to how we make this work long term.

另一件事是我們要去機構正確的地方。因此，我們參加了今年的消費性電子展。我們出席了可能舉行的會議，今年我們也將在坎城國際創意節上進行有意義的亮相。當我們思考與這些機構的關係時。雙方的工作至關重要，但最重要的是，你必須讓他們成為英雄，你必須能夠介入並確保客戶知道該機構是英雄，我們正在為他們提供服務。這對於我們如何長期進行這項工作至關重要。

So I will tell you, I feel very good about the relationships we have at the absolute top. And as you can imagine, I spend a lot of personal time on that. And we have an incredible team that's integrated. And then we have another team that's that's pharma that's in there working with them on a day-to-day basis.

所以我會告訴你，我對我們絕對高層的關係感覺非常好。正如你可以想像的那樣，我在這方面花費了大量的個人時間。我們擁有一支令人難以置信的整合團隊。然後我們還有另一個團隊，即製藥公司，每天與他們合作。

Got it. No, thank you for that. And just to follow up here, I wanted to ask a question on the guidance. I appreciate the raise in the revenue and also the raising the EBITDA. So when I look at the flow through from revenue to EBITDA, looks a little bit less on the EBITDA raise versus the revenue rates. So just wanted to understand some of the puts and takes there?

知道了。不，謝謝你。為了跟進這裡，我想問一個有關指南的問題。我很欣賞收入的成長以及 EBITDA 的成長。因此，當我查看從收入到 EBITDA 的流量時，與收入率相比，EBITDA 的增幅要小一些。所以只是想了解其中的一些看跌期權？

And then also just on the free cash flow, looks like that wasn't raised at all on the guidance. Just wondering, can you help help us bridge from revenue to EBITDA and free cash flow? Thank you.

然後，就自由現金流而言，看起來指導中根本沒有提出這一點。只是想知道，您能幫助我們從收入過渡到 EBITDA 和自由現金流嗎？謝謝。

Yes, on the, so free cash flow in the prepared remarks, we had a pretty wide range entering the year to begin with at $75 million to $85 million . And one of the comments I made in the prepared remarks was that there's there's definitely a scenario where we're at the higher end of that range now after this raise, but it was more a reflection of kind of how wide that range was to start the year. The only gating factor there is just the timing with these new agencies that we've been signing within the collections, if there's really anything fundamentally beyond that, that would drive the conversion ratio to be lower in terms of deleverage.

是的，就準備好的發言中的自由現金流而言，我們進入今年的現金流範圍相當廣泛，從 7500 萬美元到 8500 萬美元不等。我在準備好的發言中發表的評論之一是，肯定有一種情況，在這次加薪之後，我們現在處於該範圍的高端，但這更多地反映了該範圍的開始範圍有多大那一年。唯一的控制因素就是我們在集合中籤署的這些新機構的時機，如果真的有什麼根本性的因素超出了這個範圍，這將導致去槓桿化方面的轉換率降低。

In the model. I appreciate the point. If you look at the amount that we raised grow revenue full year revenue year over year and the updated guide in relation to EBITDA growth from the prior guide to the current guide, I think it drops like a 24% EBITDA margins on the on just a pure guidance increase basis, you're right, it dropped around 20%.

在模型中。我很欣賞這一點。如果你看看我們全年收入同比增長的金額以及與 EBITDA 增長相關的更新指南（從之前的指南到當前的指南），我認為 EBITDA 利潤率下降了 24%。的，它下降了20% 左右。

I think that's a reflection of David talked about. You're going to see us this year. Look, we're running ahead of our plan. We want to make continued investments in marketing just last week, we held the regional base that I live in. Dallas can anticipate doing more of those given the success that we saw from that program. So marketing getting more incremental dollars.

我認為這就是大衛所說的反映。今年你會見到我們。看，我們正在超前完成我們的計劃。我們希望繼續在行銷方面進行投資，就在上週，我們佔領了我居住的區域基地。因此行銷獲得了更多的增量資金。

And then R&D, I mean, the progress you've made in just 90 days with the launch of these hundreds of intelligent agents, the progress you're making on mobile and the progress we're making and building on our partnership ecosystem fact, just today, we made a very exciting new sales leader, higher in the partner network for data. So putting putting some more investment the business, we will continue to get adjusted EBITDA margin expansion. This is our 13th straight quarter of doing that. We don't anticipate that changing.

然後是研發，我的意思是，你們在短短 90 天內推出了數百個智能代理所取得的進展，你們在移動設備上取得的進展，以及我們在合作夥伴生態系統基礎上取得的進展，就在今天，我們任命了一位非常令人興奮的新銷售領導者，在數據合作夥伴網路中擔任更高職位。因此，對業務進行更多投資，我們將繼續獲得調整後的 EBITDA 利潤率擴張。這是我們連續第 13 個季度這樣做。我們預計這種情況不會改變。

So I don't want that message to be taken away other than go, Jay, I also want to point out we are now guiding to the Rule of 43 at the end of the first quarter of the year. So we I think we if you take our 19% operating margin plus our projected 24% growth rate, we feel like we're doing a pretty good job of sort of projecting forward as an organization.

所以我不希望這一訊息被奪走，除了傑伊，我還想指出，我們現在正在今年第一季末指導 43 規則。因此，我認為，如果你考慮到我們 19% 的營業利潤率加上我們預計的 24% 的成長率，我們感覺我們作為一個組織在向前發展方面做得相當不錯。

Thanks, Koji.

謝謝，小二。

Our next question comes from the line of Zach Cummins with B. Riley. Please proceed with your question.

我們的下一個問題來自 Zach Cummins 和 B. Riley 的對話。請繼續你的問題。

Yes, hi. Good afternoon. David and Chris, congrats on the strong results. So I'm not sure if somebody already asked, I apologize, head to head that off from another call, but can you give us a little more sense of the recovery and the insurance vertical specifically, I mean, we've seen many of the Legion players really see a big recovery in demand in the first half. This year. So just curious what you're seeing on that side and what's really being built into your guidance for the rest of the year of the year within that vertical?

是的，嗨。午安.大衛和克里斯，祝賀取得的優異成績。所以我不確定是否有人已經問過，我很抱歉，請從另一個電話中解決這個問題，但是您能否讓我們對恢復和保險垂直領域有更多的了解，我的意思是，我們已經看到了很多軍團玩家在上半年確實看到了需求的大幅復甦。今年。所以只是好奇你在這方面看到了什麼，以及你在今年剩餘時間在該垂直領域的指導中真正包含了什麼？

Thanks back on what we anticipated going into 2024 that we would see insurance and automotive, the two distinct industries both returned to growth closer to the second quarter so both of them growing, albeit combined not at the rate of Zoetis total growth, but kind of getting to grow faster. We were pleasantly surprised by them also wouldn't surprise us that over the course of the year, insurance becomes a faster grower than automotive, but we think both are going to grow.

回顧我們對進入2024 年的預期，我們將看到保險和汽車，這兩個不同的行業在接近第二季度時都恢復了增長，因此它們都在增長，儘管加起來的速度不是碩騰的總成長率，但有點成長得更快。我們對它們感到驚喜，也不會感到驚訝，在這一年中，保險業的成長速度比汽車業更快，但我們認為兩者都會成長。

We've embedded double digit growth for those combined industry industries in our growth outlook. But by virtue of having signed contracts in hand and very late stage deals in each of those industries in our pipeline gave us the confidence to roll through what was about a third of our first quarter's beat through the rest of the outlook and feeling still very comfortable with that number.

我們在成長前景中納入了這些合併產業的兩位數成長。但是，憑藉在我們管道中的每個行業中籤署的合約和非常後期的交易，我們有信心度過第一季度的大約三分之一，並度過剩下的前景，並且感覺仍然非常舒適與那個號碼。

Understood. And I apologize if maybe you addressed it in the script, but any sort of update to how you're thinking about your 2025 targets? Or is that fair to think about that as a future date?

明白了。如果您在劇本中提到了這個問題，我深表歉意，但是您對 2025 年目標的看法有什麼更新嗎？或將其視為未來的日期是否公平？

Potentially I will I'll point out again, everything we think about 2025, Zach is at least. So I do think at some point, we'll have to update it as we're now at a projected $900 million at the middle of the range for this year. But we're we don't want to get ahead of ourselves. We're feeling very good about the business. We want to continue to execute. We believe we've got the right products, the right people in the right place at the right time. And when it's logically time, we'll start to give thoughts about 2025.

我可能會再次指出，我們對 2025 年的所有想法，至少扎克是這樣的。所以我確實認為，在某個時候，我們必須更新它，因為我們現在預計今年的收入為 9 億美元，處於中間範圍。但我們不想超越自己。我們對這項業務感覺非常好。我們想繼續執行。我們相信我們在正確的時間、正確的地點擁有正確的產品、正確的人員。當邏輯成熟時，我們將開始思考 2025 年。

Generally ticking is I thought you're going to go somewhere different, but --.

一般來說，我以為你會去不同的地方，但是——。

You thought I was going to say $2 billion in 2035. That's a joke. I was getting high HA.

你以為我會說 2035 年達到 20 億美元。我變得很高HA。

Thank you, Zach.

謝謝你，扎克。

Our next question comes from the line of Ryan MacWilliams, Barclays. Please proceed with your question.

我們的下一個問題來自巴克萊銀行的 Ryan MacWilliams。請繼續你的問題。

David, that would be great. But I totally get it.

大衛，那太好了。但我完全明白。

I was kidding Ryan.

我在開玩笑瑞安。

Okay. You had a little hold to do that.

好的。你有一點堅持要做到這一點。

No worries. So good to see the improvement in ARPU growth from scale customers in the quarter now that we're further along into the year, have your larger customers feel better about where they stand compared to where they started the year in terms of their marketing spend. I'm just on the macro side and are they just waiting to see the outcome of the election and interest rates are getting more involved here?

不用擔心。很高興看到本季度規模客戶的 ARPU 成長有所改善，因為我們已經進入了今年，讓您的大客戶對他們在行銷支出方面的狀況比年初的情況感覺更好。我只是站在宏觀方面，他們只是在等待選舉結果和利率在這裡更多地參與嗎？

Now we're seeing marketers spend. I mean up, I would say that this is as bullish on marketing environment, as I have seen in the last few years. And I'm not seeing people affected by interest rates as it relates to marketing. And I have not seen and what I say people, I mean organizations and I've not seen organizations worried about the election as it relates to spending. Now what will happen as you get into the elections cycle is this massive flood of dollars will begin to come in and you'll see you'll see marketing get more expensive in some of the channels, but quite frankly, VRA., big beneficiary of that on our political business. So I'm not I'm not seeing any any issues there right now.

現在我們看到行銷人員在花錢。我的意思是，我想說，正如我過去幾年所看到的那樣，這對行銷環境是樂觀的。我沒有看到人們受到與行銷相關的利率的影響。我還沒有看到人們，我指的是組織，我沒有看到組織擔心選舉，因為這與支出有關。現在，當你進入選舉週期時，將會發生的事情是，大量的美元將開始湧入，你會發現某些管道的營銷費用變得更加昂貴，但坦率地說，VRA.，大受益者這與我們的政治事務有關。所以我現在沒有看到任何問題。

And even if you look at it, Ryan, from an industry vertical perspective, like I think it was half of our top 10 verticals grew over 30%. So it's really seems to be very healthy out there.

Ryan，即使你從行業垂直角度來看，我認為我們排名前 10 名的垂直行業中有一半增長超過 30%。所以它看起來確實非常健康。

Appreciate it. Sort of a two-part question, maybe one for David one for Chris. David, you guys have built credibility since IPO with the organic results split. Any updates here on your thoughts around M&A and maybe how they could provide additional sell into some years ago customers?

欣賞它。這是一個由兩部分組成的問題，一個可能是大衛的問題，另一個是克里斯的問題。大衛，自首次公開募股以來，你們透過有機業績分割建立了信譽。您對併購的想法有何更新，以及他們如何向幾年前的客戶提供額外的銷售？

And then for Chris, just like a quick housekeeping item. Any update on how we should think about modeling gross margins for this year?

然後對克里斯來說，就像一個快速的家務用品。關於我們應該如何考慮今年的毛利率建模有什麼更新嗎？

Ryan, we continue to focus on being a high-quality organic growth company, but at the same time, and we're always looking for organizations we could merge in that have incredible human capital, great technology, great data and or great people up. And we continue to look until we find something that we think could be incredibly accretive. We will continue to look and not pull the trigger, but it is a it is a good environment for M&A from the purchase side perspective, which is the side we're on and we look at a lot. We just haven't pulled the trigger because we haven't seen anything we thought could be accretive with all of the things we really need in an acquisition.

Ryan，我們繼續專注於成為一家高品質的有機成長公司，但同時，我們一直在尋找可以合併的組織，這些組織擁有令人難以置信的人力資本、出色的技術、出色的數據和/或優秀的人才。我們會繼續尋找，直到找到我們認為可以帶來難以置信的增值的東西。我們將繼續關注而不是扣動扳機，但從購買方的角度來看，這是一個良好的併購環境，這是我們所站在的一邊，我們關注了很多。我們只是還沒有扣動扳機，因為我們還沒有看到任何我們認為可以增加收購中我們真正需要的所有東西的東西。

And just any quickly. A second question, Ryan, I think it's same as what we said back in February. I would assume a similar direct revenue mix profile that we saw exiting 2023. So call it low [70s] and a similar percentage cost of revenue on a GAAP basis that we saw exiting 2023 which was around 40%, maybe a little bit better this quarter, about 60 bps. But I think that's a good operating assumption for the rest of year. That's where our heads are at anyway, just given where our large agency holdcos are in their early ramping.

而且很快。第二個問題，Ryan，我認為這與我們二月所說的相同。我假設我們在2023 年退出時看到了類似的直接收入組合概況。 %，也許會好一點四分之一，約 60 個基點。但我認為對於今年剩餘時間來說，這是一個良好的營運假設。無論如何，考慮到我們的大型代理控股公司處於早期擴張階段，這就是我們的想法。

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

我們的下一個問題來自阿瓊·巴蒂亞 (Arjun Bhatia) 和威廉·布萊爾 (William Blair) 的對話。請繼續您的問題

as is press on for Arjun. I'll extend my congrats on a great quarter. A first question for me were what are some of the main factors behind the success that you're seeing with enterprise customers in particular, just primarily channel expansion that's driving the accelerated scaling you've seen? Or are there other levers that customers choose and migrate their spend as well.

正如阿瓊所面臨的壓力。我將祝賀這個季度的出色表現。我的第一個問題是，您所看到的成功背後的一些主要因素，特別是企業客戶，主要是通路擴張，推動了您所看到的加速擴展？或者客戶是否還可以選擇其他槓桿來轉移他們的支出。

Well thank you, Chris. I don't think AI. is a major one and I don't want to downplay what an important component of why enterprises are choosing data at this point is it's a once again, a lot of organizations have been talking about AI for a number of months. We've been building it for now seven or eight years, and we continue to see enterprises looking for that from an adoption perspective, Chris.

好吧，謝謝你，克里斯。我不認為人工智慧。是一個重要的問題，我不想淡化企業此時選擇資料的一個重要組成部分，即許多組織幾個月來一直在談論人工智慧。我們已經建造它七八年了，我們繼續看到企業從採用的角度尋求它，克里斯。

Perfect.

完美的。

Okay.

好的。

Great. Thank you. And then the second one for me was you've rolled out a number of new products over the past year. So how are you seeing these products play out in terms of go-to market? Is this having a role in some of the success you've seen in terms of seller productivity?

偉大的。謝謝。對我來說第二個問題是你們在過去的一年裡推出了許多新產品。那麼您如何看待這些產品在進入市場的表現呢？您所看到的賣家生產力方面的一些成功是否與此有關？

Yes. I mean, listen, it's always good when there's another quiver in the arsenal of the salespeople to be able to get out there and sell, and we can truly continue to focus on additional channels and additional use cases. Chris?

是的。我的意思是，聽著，當銷售人員的武器庫中有另一個箭袋能夠走出去進行銷售時，這總是好的，我們可以真正繼續專注於其他管道和其他用例。克里斯？

Yes. And Chris, have you and what are I think our customers appreciate in the early sales meetings that we have. We're not pitching PowerPoints. We're literally going to them with the data cloud, telling them oftentimes more than they know, certainly about their prospects, but sometimes about their existing customers. So it's a very much, very real sale from meeting number one. It's highly visualized, which I think also helps those relative to your.

是的。克里斯，你有嗎？ 我認為我們的客戶在我們舉行的早期銷售會議中欣賞什麼。我們不是在推銷 PowerPoint。我們實際上是透過資料雲來接近他們，告訴他們的資訊往往比他們知道的更多，當然是關於他們的潛在客戶，但有時是關於他們的現有客戶。所以這是一次非常非常真實的第一次會議的銷售。它高度視覺化，我認為這對與你相關的人也有幫助。

Thanks, Chris.

謝謝，克里斯。

Our next question comes from the line of Dan Ragan with Canaccord. Please proceed with your question.

我們的下一個問題來自 Dan Ragan 與 Canaccord 的對話。請繼續你的問題。

Hey, guys, this is Dan Reagan on for DJ Hynes. I just wanted to say congrats to another solid quarter of consistent execution. I love to see the guidance raise too. You guys touched on this a little bit, but revenue growth has been pretty materially outpacing sales headcount growth for several quarters. That productivity gain is great to see, but I want to play devil's advocate with two questions.

嘿，夥計們，我是 DJ Hynes 的 Dan Reagan。我只想對又一個穩定執行的季度表示祝賀。我也喜歡看到指導意見的提升。你們稍微談到了這一點，但幾個季度的收入成長已經大大超過了銷售人員的成長。生產力的提升固然令人高興，但我想提出兩個問題來唱反調。

First, you know, or do you think you could grow faster with more sales capacity? And then secondly, what signals would inform you, but it's time to step up the pace of hiring? Or is it more dependent on the availability of experience sellers that you're looking for?

首先，您知道嗎，或者您認為透過增加銷售能力可以更快地成長嗎？其次，什麼訊號會告訴你，是時候加快招募步伐了？還是更取決於您正在尋找的有經驗的賣家的可用性？

Yes. It's interesting. There's a lot it's like a little bit of a duck below the surface. We've hired a lot of people. We just also let go some of the earlier cohorts who were not as productive. I think we've gone through the vast majority of that cycle, and you'll now see head count begin to grow again as it relates to salespeople. But we continue to really win a disproportionate percentage greater than 50% of the RFPs and engagements we get invited to participate. And I think that will continue. Yes, we made it.

是的。這真有趣。有很多東西就像表面之下的一小部分鴨子一樣。我們僱用了很多人。我們也解雇了一些生產力不高的早期員工。我認為我們已經經歷了這個週期的絕大多數，現在您會看到與銷售人員相關的人數開始再次成長。但在我們受邀參與的 RFP 和活動中，我們確實贏得了超過 50% 的比例。我認為這種情況將會持續下去。是的，我們做到了。

We made nice step up coming out of the fourth quarter. We had 136 got to 142. I think we'll be at 150 range in the third quarter. Sales productivity plays into a quality over quantity is big gates that we use to evaluate talent, marketing, domain expertise, specific vertical expertise, many years of experience. So it kind of narrows the pull down to a high quality number of people that we're going after. So and really like sales productivity we're seeing. I appreciate the point, but right now, we feel like we've got the right balance.

我們在第四季取得了很好的進步。我們的戰績是 136 到 142。銷售生產力的品質大於數量是我們用來評估人才、行銷、領域專業知識、特定垂直專業知識和多年經驗的大門。因此，這在一定程度上縮小了我們要尋找的高品質人才的範圍。所以，我們真的很喜歡我們所看到的銷售效率。我很欣賞這一點，但現在，我們覺得我們已經達到了正確的平衡。

So and then many agencies have existing relationships with data and platform providers. And also this question is also for the holdcos, what makes it as you approach unique enough to incentivize these agencies to shift significant portions of their of their budgets over to you and by how how how is your approach different than what other guys in the space are doing well.

因此，許多機構與數據和平台提供者都有現有的關係。這個問題也適用於控股公司，是什麼讓你的方法足夠獨特，足以激勵這些機構將其預算的很大一部分轉移給你，以及你的方法與該領域其他人的方法有何不同都做得很好。

Truthfully, a lot of people talk about doing what we do, but they can't really do they come in with PowerPoint presentations and they're taking a third party dataset, a third party AI algorithm, different attribute I'm sorry, different activation methodologies and building attribution and building targeting is almost impossible at scale in that world. So yes, the obviously the agency holdcos have other partners that they are. I'm moving meaningful dollars from them to us, but it's because by putting data and artificial intelligence as native to the application layer, meaning it's native to the marketing cloud itself, we're able to better target better activity

說實話，很多人都在談論做我們所做的事情，但他們實際上做不到，他們用 PowerPoint 演示文稿，他們採用第三方資料集、第三方人工智慧演算法，不同的屬性對不起，不同的屬性在那個世界裡，大規模的活化方法、建立歸因和建立目標幾乎是不可能的。所以，是的，顯然代理控股公司還有其他合作夥伴。我正在將有意義的資金從他們那裡轉移給我們，但這是因為透過將資料和人工智慧作為應用程式層的本機，這意味著它是行銷雲本身的本機，我們能夠更好地瞄準更好的活動

I'm sorry, better target, better activate and better build distribution models to prove it and like Chris has said multiple times, they're not waking up and saying, let's move $50 million or $100 million to you. They're starting with a test and then expand.

對不起，更好的目標，更好的激活和更好的建立分配模型來證明這一點，就像克里斯多次說過的那樣，他們沒有醒來並說，讓我們把5000 萬或1 億美元轉移給你。他們從測試開始，然後進行擴展。

Now what we've seen is the testing that we've been doing over the last year where we said we went from one to three. Now we've gone to five holding companies. What's happened is the two that went from one to three are scaling very, very rapidly because our product we don't see that our product is superior. We prove that our product is superior, which is why they start on the test and then they move meaningful additional budget to us. Thank you very much

現在我們看到的是我們去年所做的測試，我們說我們從一個增加到了三個。現在我們已經去了五家控股公司。所發生的情況是，從一個到三個的兩個正在非常非常迅速地擴展，因為我們的產品我們沒有看到我們的產品是優越的。我們證明我們的產品是卓越的，這就是為什麼他們開始測試，然後向我們轉移有意義的額外預算。非常感謝

Thank you Dan.

謝謝丹。

I think that our last question comes from the line of Brian Schwartz with Oppenheimer. Please proceed with your question.

我認為我們的最後一個問題來自布萊恩·施瓦茨（Brian Schwartz）和奧本海默（Oppenheimer）的觀點。請繼續你的問題。

Hey, this is Ari Friedman sitting in for Brian Schwartz. Thanks for taking my questions. I wanted to double-click on like the marketing buying environment and I was wondering kind of has there been a reprioritization since last year like this time last year, what marketers want to buy in terms of like their marketing stack and marketing solutions and what they're prioritizing or is it kind of the same? And then same with like the scrutiny under budget because it's the same as last year? Or is it better?

嘿，這是阿里·弗里德曼 (Ari Friedman)，代替布萊恩·施瓦茨 (Brian Schwartz)。感謝您回答我的問題。我想雙擊行銷購買環境，我想知道自去年以來是否有重新確定優先級，例如去年這個時候，行銷人員想要購買什麼，例如他們的行銷堆疊和行銷解決方案，以及他們想要什麼正在優先考慮還是有點相同？然後與預算審查一樣，因為與去年相同？或者更好？

Yes. So Ari, first of all, the answer is we're seeing a upswing in marketing itself. So you've got a rising tide there. Second, we really are seeing marketers want artificial intelligence and data data as native to the application layer. So when we start the conversations that the interesting thing is, we go into a lot of presentations where other people have promised them the same thing. One of the things Chris talks about that I think is so important is our test land and expand strategy because our entire strategy is other people will tell you they can do this.

是的。所以阿里，首先，答案是我們看到行銷本身正在上升。所以那裡的潮水正在上漲。其次，我們確實看到行銷人員希望人工智慧和數據數據成為應用程式層的原生內容。因此，當我們開始有趣的對話時，我們會進行很多演示，其他人也向他們承諾了同樣的事情。克里斯談到的我認為非常重要的事情之一是我們的測試土地和擴展策略，因為我們的整個策略是其他人會告訴你他們可以做到這一點。

We will prove it and we come in and we prove it again and again up. So as it relates to that, we're not seeing sort of any sort of shift in strategy as it relates to market purchasing. We're seeing, you know, agencies and enterprises want the best possible solution with the best technology, the best data to deliver the best results to either their enterprise or their clients. And so far, data is proving that we are the case.

我們會證明這一點，我們會一次又一次地證明這一點。因此，與此相關的是，我們沒有看到與市場採購相關的任何策略轉變。我們看到，您知道，機構和企業希望採用最好的技術和最好的數據來提供最佳的解決方案，以便為他們的企業或客戶提供最好的結果。到目前為止，數據證明我們確實如此。

As per your second question, I feel like we're seeing a very robust marketing environment and it's one of the reasons we feel so comfortable increasing our guidance for this year.

關於你的第二個問題，我覺得我們看到了一個非常強勁的行銷環境，這是我們感到如此放心地增加今年指導的原因之一。

So I've been told to wrap up. I appreciate everybody attending. What I can tell you is I could not be more proud of the data team. The team is executing and the decisions that we have made over the last seven or eight years as it related to investment into artificial intelligence into data into our marketing platform into bringing in some of the world's greatest people to data is really paying off and we expect it to continue to pay off. We are incredibly bullish about our business about our market and about where we sit in it.

所以我被告知要結束了。我感謝大家參加。我可以告訴你的是，我為數據團隊感到無比自豪。團隊正在執行，我們在過去七、八年中做出的決策，包括投資人工智慧、將數據納入我們的行銷平台、引入世界上一些最優秀的人才來利用數據，這些決策確實得到了回報，我們預計它繼續得到回報。我們對我們的業務、我們的市場以及我們在其中的地位非常樂觀。

So as I've said before, we don't believe we're just where the puck is going. We believe where the puck is today and where it's going is perfectly positioned for data. I hope you have a wonderful day, and I appreciate your attendance. Bye.

正如我之前所說，我們不相信我們就是冰球要去的地方。我們相信冰球今天的位置和要去向對於數據來說是完美的。希望您度過愉快的一天，並感謝您的出席。再見。

Ladies and gentlemen, this does conclude today's teleconferences. Thank you for your participation and 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並祝您度過美好的一天。