Zeta Global Holdings Corp (ZETA) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Zeta second-quarter 2024 earnings conference call.

您好，歡迎參加 Zeta 2024 年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Scott Schmitz, Senior Vice President of Investor Relations.

現在我很高興向您介紹主持人，投資者關係高級副總裁斯科特·施密茨(Scott Schmitz)。

Thank you, Scott.

謝謝你，斯科特。

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 Zeta's second-quarter 2024 conference call.

大家好，感謝您參加 Zeta 2024 年第二季電話會議。

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

今天的演示和收益發布可在 Zeta 的投資者關係網站 Investors.zetaglobal.com 上獲取，您還可以在其中找到我們向 SEC 提交的文件的連結以及有關 Zeta 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.

今天和我一起參加電話會議的還有 Zeta 共同創辦人、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聲明包含有關我們的財務前景、業務計劃和目標以及其他未來事件和發展的前瞻性聲明，包括聲明關於我們產品的市場潛力、潛在競爭、我們產品的收入以及我們的目標和策略。

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原則財務指標，這些指標應被視為我們公認會計原則結果的補充，而不是替代品。

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, 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.

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。

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.

謝謝你，斯科特。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

Three years ago, we went public with the promise of bringing data and AI together to modernize marketing technology.

三年前，我們公開承諾將數據和人工智慧結合起來，以實現行銷技術現代化。

Over the course of these three years, we have delivered on this promise and consistently produced, beat, and raised results.

在這三年裡，我們兌現了這項承諾，並不斷取得、超越和提升成果。

This quarter was no different.

本季也不例外。

In the second quarter of 2024, we generated revenue of $228 million, up 33% year over year, with adjusted EBITDA of $38.5 million, up 44% year over year.

2024 年第二季度，我們營收 2.28 億美元，年增 33%，調整後 EBITDA 為 3,850 萬美元，年增 44%。

Our adjusted EBITDA margin of 16.9% expanded 130 basis points year over year.

調整後 EBITDA 利潤率為 16.9%，較去年同期成長 130 個基點。

This accelerated revenue growth combined with strong margin performance means we have achieved the rule of 50 for the first time as a public company.

營收的加速成長與強勁的利潤率表現相結合，意味著我們作為一家上市公司首次實現了 50 強的目標。

And once again, we are raising our full-year 2024 outlook by another $25 million to $925 million at the midpoint.

我們再次將 2024 年全年預期中位數再調高 2,500 萬美元，達到 9.25 億美元。

This translates into 27% year-over-year revenue growth.

這意味著收入同比增長 27%。

This is driven by the AI revolution, which is accelerating the replacement cycle of marketing technology.

這是由人工智慧革命推動的，人工智慧革命正在加速行銷技術的更新換代週期。

Artificial Intelligence is disrupting legacy marketing clouds, which, in some cases, are even shutting down parts of their business, creating a large opportunity for more innovative, agile, and AI-powered marketing technology companies like Zeta.

人工智慧正在顛覆傳統的行銷雲，在某些情況下，這些雲甚至會關閉其部分業務，為 Zeta 等更具創新性、敏捷性和人工智慧驅動的行銷科技公司創造了巨大的機會。

As I have stated before, AI has moved from science fiction to a boardroom conversation.

正如我之前所說，人工智慧已經從科幻小說變成了董事會討論。

Boards are asking CEOs what is their AI strategy.

董事會正在詢問執行長他們的人工智慧策略是什麼。

In turn, CEOs are asking their CTOs, CMOs, and CIOs for their plans.

反過來，執行長們也會向技術長、行銷長和資訊長詢問他們的計劃。

And they are turning to us because we turn AI into real-world results for marketers.

他們轉向我們是因為我們將人工智慧轉化為行銷人員的現實結果。

Enterprises are looking to Zeta to improve productivity, deliver personalization at scale, and develop marketing programs with a measurable and superior return on investment.

企業希望 Zeta 能夠提高生產力，大規模提供個人化服務，並開發具有可衡量且卓越的投資回報的行銷計劃。

This is core to our value proposition.

這是我們價值主張的核心。

We have been focused on AI for many years, not many months, with AI, natural language processing, and data at the core of our platform.

我們多年來一直專注於人工智慧，而不是幾個月，人工智慧、自然語言處理和數據是我們平台的核心。

As the use of Gen AI tools has grown, there has been greater acknowledgment that marketing is among the first functions to be transformed by AI.

隨著新一代人工智慧工具的使用不斷增長，人們越來越認識到行銷是人工智慧最早改變的功能之一。

Realizing the full potential of Gen AI requires proprietary data.

充分發揮 Gen AI 的潛力需要專有數據。

Over the last 15 years, we have invested and innovated to assemble one of the largest proprietary opted-in data clouds.

在過去 15 年裡，我們進行了投資和創新，組成了最大的專有選擇加入資料雲之一。

Our flexible and scalable data platform enhances and extends investments that enterprises have made in modern data warehouses, such as Snowflake and Databricks, and has a robust identity resolution capability built right in.

我們靈活且可擴展的資料平台增強並擴展了企業在 Snowflake 和 Databricks 等現代資料倉儲中的投資，並內建了強大的身份解析功能。

Taken together, these modules make it easier for marketers to target the right customers at the right time while keeping the security of their data and the privacy of their consumers within the enterprise ecosystem.

總而言之，這些模組使行銷人員可以更輕鬆地在正確的時間定位正確的客戶，同時在企業生態系統中保持資料的安全性和消費者的隱私。

There is no data exhaust from Zeta's LOMs like there are with others.

Zeta 的 LOM 不會像其他 LOM 那樣產生資料消耗。

While our AI-powered intelligence delivers value from day one, we are not standing still.

雖然我們的人工智慧從第一天起就創造了價值，但我們並沒有停滯不前。

We are seeking new ways to expand our AI advantage.

我們正在尋找新的方法來擴大我們的人工智慧優勢。

We recently announced an advancement in Gen AI functionality by partnering with Amazon's Bedrock platform.

我們最近宣布透過與亞馬遜的 Bedrock 平台合作，在 Gen AI 功能方面取得進展。

This collaboration enhances and extends our long-standing partnership with AWS and gives Zeta greater access to AWS customers with tools to create intelligent AI assistance with personalized workflows that can handle all of their marketing tasks.

此次合作增強並擴展了我們與 AWS 的長期合作夥伴關係，並使 Zeta 能夠更好地接觸 AWS 客戶，使用工具創建智慧 AI 幫助，並透過個人化工作流程處理所有行銷任務。

An emerging example of the power of Zeta's intelligence is the launch of the Zeta Economic Index, or ZEI, which we announced earlier this month.

Zeta 智慧力量的一個新例子是我們本月稍早宣布的 Zeta 經濟指數（ZEI）的推出。

The ZEI is a next-generation barometer of the US economy, leveraging Zeta's proprietary data cloud, which captures the behavior of 240 million Americans.

ZEI 是美國經濟的下一代晴雨表，利用 Zeta 的專有數據雲捕捉 2.4 億美國人的行為。

It predicts the trajectory of the macro economy and highlights microeconomic levers.

它預測宏觀經濟的軌跡並強調微觀經濟槓桿。

Zeta's ability to produce a sophisticated tool like this underscores our commitment to providing unique, actionable business intelligence to enterprises.

Zeta 能夠生產出這樣的複雜工具，這凸顯了我們致力於為企業提供獨特、可操作的商業智慧的承諾。

And with strong initial media coverage by CNBC, Bloomberg, Forbes, CNN, and others, the ZEI is also an incremental source of brand awareness.

憑藉 CNBC、彭博社、福布斯、CNN 等媒體的大力報道，ZEI 也是品牌知名度的增量來源。

Our ability to provide AI-driven intelligence to the world's leading enterprises enables them to understand the drivers of consumer behavior and intent.

我們有能力為世界領先的企業提供人工智慧驅動的情報，使他們能夠了解消費者行為和意圖的驅動因素。

For example, a leading national furniture retailer is leveraging the ZMP, including Zeta's proprietary identity graph and intent signals, to predict in-market intent, target prospects, and customers in their preferred channels, optimize the customer journey touchpoints, and deterministically measure their return on investment.

例如，一家領先的全國家具零售商正在利用ZMP（包括Zeta 專有的身份圖和意圖信號）來預測市場意圖、目標潛在客戶和首選管道中的客戶，優化客戶旅程接觸點，並確定性地衡量他們的回報關於投資。

Our AI capabilities will also be on full display at our fourth annual Zeta Live event taking place on September 26 in New York City.

我們的人工智慧能力也將在 9 月 26 日於紐約市舉行的第四屆年度 Zeta Live 活動上充分展現。

This year, our featured speakers include Shaquille O'Neal, Dr. Deepak Chopra, and Michael Milken.

今年，我們的特色演講者包括沙奎爾·奧尼爾 (Shaquille O'Neal)、迪帕克·喬普拉 (Deepak Chopra) 博士和邁克爾·米爾肯 (Michael Milken)。

In addition, we will have CMOs from many Fortune 500 companies.

此外，我們還會有來自許多財富500強公司的CMO。

In total, there will be over $100 billion of annual marketing spend controlled by the people in that room.

總共有超過 1000 億美元的年度行銷支出由該房間裡的人控制。

Zeta Live provides unique opportunity to gain deep insights, discover practical strategies, and take advantage of invaluable networking connections that will help brands harness the transformative power of artificial intelligence.

Zeta Live 提供了獨特的機會來獲得深入見解、發現實用策略並利用寶貴的網路連接，幫助品牌利用人工智慧的變革力量。

Zeta Live 2023 has been a key driver of our growing pipelines and market awareness with customers and attendance accounting for over a quarter of our pipeline and one-third of new scaled customers this past year.

Zeta Live 2023 一直是我們不斷成長的通路和市場意識的關鍵驅動力，去年的客戶和出席人數占我們通路的四分之一以上，佔新規模客戶的三分之一。

Our increasing brand exposure is giving us a broader vantage point of where the market is going.

我們不斷增加的品牌曝光度使我們能夠更廣泛地了解市場的發展方向。

This strengthens our ability to improve our competitive position through internal development while remaining opportunistic for accretive transactions that can enhance our platform, accelerate our speed to market, and deliver outside value to our customers.

這增強了我們透過內部發展提高競爭地位的能力，同時保持增值交易的機會，從而增強我們的平台，加快我們的上市速度，並為我們的客戶提供外部價值。

In closing, I am extremely excited about our growing market awareness and the competitive position of our platform.

最後，我對我們不斷增長的市場意識和我們平台的競爭地位感到非常興奮。

We remain hyper-focused on executing on the huge opportunity in front of us.

我們仍然高度專注於執行擺在我們面前的巨大機會。

While we have come a long way as a public company over the last three years, we truly believe we are just getting started.

儘管我們作為一家上市公司在過去三年中取得了長足的進步，但我們堅信我們才剛開始。

As always, I would like to sincerely thank our customers, our partners, team Zeta, and all of our shareholders for the ongoing support of our vision.

一如既往，我衷心感謝我們的客戶、合作夥伴、Zeta 團隊以及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，更詳細地討論我們的結果。

Chris?

克里斯？

Thank you, David, and good afternoon, everyone.

謝謝大衛，大家下午好。

There are many positive developments to highlight as we turn the corner into the back half of 2024.

隨著 2024 年下半年的到來，有許多正面的進展值得強調。

Visibility into our existing customers and prospects is hot, momentum across several of our growth catalyst is building, and adjusted EBITDA margin and cash conversion is increasing.

我們對現有客戶和前景的了解很熱，我們的幾個成長催化劑的勢頭正在增強，調整後的 EBITDA 利潤率和現金轉換率正在增加。

These three factors are contributing to the second quarter's strong beat and our confidence to once again raise third-quarter and full-year guidance.

這三個因素促成了第二季的強勁成長，並讓我們有信心再次提高第三季和全年指引。

I'll spend time today detailing the drivers of the second quarter's beat and our accelerating performance; discussing why Zeta's differentiated capabilities, value proposition, and go-to-market is contributing to our share gains; and wrap up by outlining how we are flowing through our momentum in the form of increased revenue, adjusted EBITDA, and cash flow guidance.

今天我將花時間詳細介紹第二季的成長動力以及我們的加速表現；討論為什麼 Zeta 的差異化能力、價值主張和進入市場有助於我們的份額成長；最後概述我們如何以增加收入、調整後的 EBITDA 和現金流指導的形式發揮我們的勢頭。

So let's dive in, starting with the second-quarter results.

讓我們從第二季的業績開始深入探討。

We delivered revenue of $228 million, $16 million better than the midpoint of guidance and up 33% year to year, the fastest growth rate we've seen since going public three years ago.

我們實現了 2.28 億美元的收入，比指導中位數高出 1,600 萬美元，年成長 33%，這是我們自三年前上市以來最快的成長率。

Two growth catalysts contributed to the beat and acceleration this quarter.

兩個成長催化劑促成了本季的成長和加速。

First, our growth in insurance and automotive verticals continued their upward trajectory, accelerating at a faster pace than expected.

首先，我們在保險和汽車垂直領域的成長持續呈上升趨勢，加速速度超乎預期。

And second, our agency business, driven by the addition of new brands across several verticals, led to the highest quarterly ARPU growth rate in three years.

其次，在多個垂直領域新品牌的推動下，我們的代理商業務實現了三年來最高的季度 ARPU 成長率。

From a Zeta 2025 KPI perspective, scaled customer count increased from 460 in 1Q to 468 in 2Q, up 10% year on year, with superscale customers of 144 equal to last quarter and up 22% year to year.

從Zeta 2025 KPI來看，規模客戶數量從第一季的460家增加到第二季的468家，較去年同期成長10%，其中超大規模客戶為144家，與上季持平，較去年同期成長22%。

Total quarterly scaled customer ARPU was $479,000, up 22% year-to-year, two times faster than the first quarter's growth rate of 11% and well above our model of 8% to 12% growth.

季度規模客戶 ARPU 總額為 479,000 美元，年增 22%，比第一季 11% 的成長率快兩倍，遠高於我們 8% 至 12% 成長的模型。

This was fueled by superscale customers, many of which were large agencies adding incremental brands.

這是由超大規模客戶推動的，其中許多是增加增量品牌的大型機構。

This is the equivalent of adding new scaled customers since we only count an agency as one customer.

這相當於增加新的規模客戶，因為我們只將代理商視為一個客戶。

In fact, across our top five agency Holdco customers, we're working with an average of 19 brands at each, up from 12 a year ago, more than 50% growth.

事實上，在我們前 5 名的代理商 Holdco 客戶中，我們平均每位客戶與 19 個品牌合作，而一年前為 12 個，增幅超過 50%。

Each of these brands meet the definition of a scaled customer, which is at least $100,000 in revenue over a trailing 12-month period.

這些品牌均符合規模化客戶的定義，即過去 12 個月內的收入至少為 100,000 美元。

We had a solid quarter of adding new quota carriers, increasing from 142 in the first quarter to 152 in the second quarter, up 22% or 17%.

我們季度新增配額承運商數量穩定，從第一季的 142 家增加到第二季的 152 家，成長了 22% 或 17%。

We continue to see balanced growth across several of our industry verticals, with six out of our top 10 growing 25% or more.

我們繼續看到多個行業垂直領域的均衡成長，前 10 名中的 6 個行業增長了 25% 或更多。

Direct mix for the quarter was 67%, consistent with the first quarter.

本季直接混合率為 67%，與第一季一致。

And as has been the case now for several quarters, direct mix is influenced by our rapid growth with agency Holdco customers adopting our social channel capability.

正如幾個季度以來的情況一樣，直接混合受到我們快速成長的影響，代理 Holdco 客戶採用了我們的社交管道能力。

These revenues are classified as integrated revenue, which grew 71% year-to-year in Q2.

這些收入被歸類為綜合收入，第二季年增 71%。

At the same time, direct revenue growth improved to 20% year to year in 2Q versus 17% in the first quarter.

同時，第二季直接營收年增率從第一季的 17% 升至 20%。

The second quarter's GAAP cost of revenue was 40% compared to 39.4% in the first quarter and 36.1% last year.

第二季的 GAAP 收入成本為 40%，而第一季為 39.4%，去年為 36.1%。

The higher cost of revenue year-to-year is driven primarily by channel mix, including the rapid growth in social channels from agencies that, despite a higher cost of revenue profile, is accretive to overall adjusted EBITDA margins.

收入成本逐年上升主要是由通路組合推動的，包括代理商社交管道的快速成長，儘管收入成本較高，但整體調整後的 EBITDA 利潤率有所增加。

Our second-quarter GAAP net loss was $28 million, which includes $52 million of stock-based compensation.

我們第二季的 GAAP 淨虧損為 2,800 萬美元，其中包括 5,200 萬美元的股票薪酬。

Excluding the accelerated expensing to our IPO, stock-based compensation would have been $33 million.

如果不包括 IPO 的加速支出，基於股票的薪酬將為 3300 萬美元。

As for the remainder of the P&L and balance sheet, it was a strong quarter across the board.

至於損益表和資產負債表的其餘部分，本季整體表現強勁。

OpEx as a percentage of revenue was 43.3% as compared to 48.7% a year ago, excluding stock-based compensation.

營運支出佔收入的比例為 43.3%，而去年同期為 48.7%（不含股票薪酬）。

Sales and marketing and G&A declined by an average of 260 basis points year on year, while R&D was flat as we make incremental investments in product and engineering related to mobile and generative AI.

銷售和行銷以及一般管理費用同比平均下降 260 個基點，而研發則持平，因為我們對與行動和生成人工智慧相關的產品和工程進行了增量投資。

We generated $38.5 million of adjusted EBITDA, $3 million better than the midpoint of guidance and up 44% year to year at a margin of 16.9% or 130 basis points better than last year.

我們實現了 3,850 萬美元的調整後 EBITDA，比指導中位數高出 300 萬美元，年成長 44%，利潤率為 16.9%，比去年高出 130 個基點。

This represents an acceleration from the first quarter's 40 basis point improvement with incremental revenue upside dropping to adjusted EBITDA at a 21% margin.

這意味著從第一季 40 個基點的改善（增量收入上升空間）加速下降到調整後 EBITDA 的 21% 利潤率。

Cash from operating activities was $31 million, up 51% year to year, with free cash flow of $20 million, up 53%.

經營活動現金為 3,100 萬美元，年增 51%，自由現金流為 2,000 萬美元，較去年同期成長 53%。

This translates to an adjusted EBITDA to free cash flow conversion of 51%.

這意味著調整後的 EBITDA 與自由現金流的轉換率為 51%。

I want to take a moment to share a few observations discussing one of the more common questions we received this past quarter, which is the macro impact on buying decisions that helps influencing what CMOs and CTOs are requiring from their vendors.

我想花點時間分享一些觀察結果，討論我們上個季度收到的一個更常見的問題，即對購買決策的宏觀影響，這有助於影響 CMO 和 CTO 對供應商的要求。

The intent is to illustrate why and how Zeta has been able to execute through this period of choppiness.

目的是說明 Zeta 為何以及如何能夠度過這段動盪時期。

First, we're seeing increased involvement and budgetary responsibility by the CTO and close consultation with the CMO.

首先，我們看到首席技術長 (CTO) 的參與度和預算責任的增加以及與首席行銷長 (CMO) 的密切協商。

We believe this change is spurred by a marketing technology replacement cycle that continues to pick up steam.

我們相信這種變化是由持續加速的營銷技術更新周期所推動的。

For legacy marketing clouds and point solution vendors, this is creating challenges.

對於傳統行銷雲和單點解決方案供應商來說，這帶來了挑戰。

For Zeta, it's a positive shift as it elevates replacing legacy systems and eliminating point solution for being squarely in one of our key value propositions of lowering total cost of ownership.

對於 Zeta 來說，這是一個積極的轉變，因為它提升了替換舊系統和消除單點解決方案的水平，完全符合我們降低總擁有成本的關鍵價值主張之一。

The CTO's involvement is also affecting RFP timelines.

CTO 的參與也會影響 RFP 時間表。

For Zeta, it is far less of an impact than what others are encountering since the vast majority of our customer wins start as pilots, in many cases, bypassing an RFP all together.

對於 Zeta 來說，這比其他公司遇到的影響要小得多，因為我們的絕大多數客戶都是從試點開始的，在許多情況下，都是繞過 RFP 的。

Post-pilot, we expand wallet share as incremental channels, and use cases prove a higher attributable ROI from using our platform.

試點後，我們將錢包份額作為增量管道擴大，用例證明使用我們的平台可以獲得更高的投資回報。

Slide 11 in our earnings supplemental best illustrates our unique land, expand, extend go-to-market sales motion.

我們的收益補充中的幻燈片 11 最好地說明了我們獨特的土地、擴張、延伸市場銷售行動。

Second, we're seeing large enterprises shift investments to first-party Zeta partners spurred by a focus on personalization.

其次，我們看到大型企業在關注個人化的推動下將投資轉向第一方 Zeta 合作夥伴。

This is causing disruption for legacy CDP and marketing cloud vendors who do not own proprietary data.

這對不擁有專有資料的傳統 CDP 和行銷雲端供應商造成了乾擾。

In Zeta's case, we provide access to our first-party proprietary data cloud out of the box, along with an end-to-end platform of audience creation, orchestration, and activation capabilities.

就 Zeta 而言，我們提供對開箱即用的第一方專有數據雲的訪問，以及受眾創建、編排和激活功能的端到端平台。

For a CMO, this allows for the seamless creation of a singular customer record.

對於 CMO 來說，這可以無縫建立單一客戶記錄。

Zeta is one of the only platforms merging the data ecosystem of existing customers and prospects.

Zeta 是唯一融合現有客戶和潛在客戶資料生態系統的平台之一。

For a CTO, it allows for the elimination of multiple data vendors and first-generation CDP while creating faster paths to integrate data because of Zeta's partnerships with companies like Snowflake and AWS.

對於 CTO 來說，它可以消除多個資料供應商和第一代 CDP，同時由於 Zeta 與 Snowflake 和 AWS 等公司的合作關係，創建更快的資料整合路徑。

And finally, CMOs want to practically understand what generative AI can do for them and their teams.

最後，行銷長希望切實了解生成式人工智慧可以為他們及其團隊做些什麼。

Otherwise, generative AI can be a distraction for buyers if you're not able to demonstrate its real-world utility and ease of use.

否則，如果您無法展示生成式人工智慧在現實世界中的實用性和易用性，它可能會分散買家的注意力。

Zeta is solving for this.

Zeta 正在解決這個問題。

We've transformed our internal learning and development team into external-facing customer trainers so we could flatten the AI learn the curve for our customers and prove this ease of use.

我們已經將內部學習和開發團隊轉變為面向外部的客戶培訓師，這樣我們就可以為客戶拉平人工智慧學習曲線，並證明這種易用性。

The utility of our AI can be viewed through the lens of conversations our customers are having with our intelligent agents.

我們的人工智慧的效用可以透過我們的客戶與我們的智慧代理進行的對話來觀察。

We now have over 400 agents created to date.

迄今為止，我們已經創建了 400 多個代理程式。

And while still very early, we saw conversations increase 300% month over month in June alone.

雖然還為時過早，但我們僅在 6 月就看到對話量逐月增加了 300%。

Agent conversations drive a more efficient and effective marketing campaign for our customers.

代理對話可​​以為我們的客戶帶來更有效率、更有效的行銷活動。

It's these factors, in combination with the well-diversified large enterprise and agency customer set, that we can execute through the choppiness others are having challenges navigate, which is a good lead-in to my final topic, how we're flowing through our upside in 2Q and the details of our increased 2024 guidance.

正是這些因素，再加上多元化的大型企業和代理客戶群，我們可以在其他人面臨挑戰的動盪中執行，這是我最後一個主題的一個很好的引言，即我們如何通過我們的第第二季的上漲空間以及我們增加的2024 年指引的詳細資料。

We're raising revenue and adjusted EBITDA guidance for the third quarter and full year, along with increasing the midpoint of 2024s free cash flow guidance.

我們正在提高第三季和全年的收入和調整後的 EBITDA 指導，同時提高 2024 年自由現金流指導的中點。

Details can be found starting on slide 16 of our earnings supplemental.

詳細資訊可從我們的收益補充投影片第 16 張開始找到。

For the full-year of 2024, we're increasing the midpoint of revenue guidance to $925 million, representing 27% growth year over year.

對於 2024 年全年，我們將收入指導中位數提高至 9.25 億美元，年增 27%。

This is a $25 million increase from our prior guidance, more than the $16 million of upside we delivered in 2Q, and represents an acceleration of full-year growth from 23% last year.

這比我們之前的指導增加了 2500 萬美元，超過了我們在第二季度實現的 1600 萬美元的增長，並且代表全年增長較去年的 23% 有所加速。

Second quarter political candidate revenue was consistent with our guidance at $1.5 million, and we're maintaining our $15 million outlook for the year, as shown on slide 18 in our earnings supplemental presentation.

第二季政治候選人收入與我們 150 萬美元的指導一致，我們維持今年 1500 萬美元的預期，如我們收益補充簡報中幻燈片 18 所示。

Advocacy revenue, which becomes more prominent during political cycles, increased every month of the quarter, another positive sign for growth in the back half of the year.

宣傳收入在政治週期中變得更加突出，該季度每個月都在成長，這是下半年成長的另一個積極跡象。

For the third quarter of 2024, we're increasing the midpoint of revenue guidance by $9.2 million to $239.2 million, up 27% year to year.

對於 2024 年第三季度，我們將營收指導中位數提高 920 萬美元，達到 2.392 億美元，年增 27%。

In terms of full-year 2024 adjusted EBITDA were increasing the midpoint of 2024 guidance to $175.5 million, representing a year-over-year increase of 36% or 19% margin.

就 2024 年全年調整後 EBITDA 而言，2024 年指引的中點增至 1.755 億美元，年增 36% 或 19% 的利潤率。

For the third quarter of 2024, we're increasing the midpoint of adjusted EBITDA guidance by $1.8 million to $47.1 million, up 39% year-to-year or 19.7% margin.

對於 2024 年第三季度，我們將調整後 EBITDA 指引中位數提高 180 萬美元，達到 4,710 萬美元，年增 39%，利潤率 19.7%。

We're also raising the midpoint of full-year free cash flow guidance to $85 million from $80 million in our prior outlook.

我們也將全年自由現金流指引的中點從先前展望的 8,000 萬美元上調至 8,500 萬美元。

This represents a cash conversion percentage of 48%, up versus 42% last year.

這意味著現金轉換率為 48%，高於去年的 42%。

Before we take your questions, I'll wrap with a couple of final thoughts.

在回答您的問題之前，我將總結一些最後的想法。

First, it's clear investments made years ago to rearchitect our platform make data and AI native to the application layer, and reengineering our go-to-market motion is proving to be precious.

首先，很明顯，幾年前為重新架構我們的平台而進行的投資，使數據和人工智慧原生於應用程式層，而事實證明，重新設計我們的上市行動是寶貴的。

And second, visibility into our business is hot, and therefore, confidence in our guidance continues to strengthen.

其次，我們業務的知名度很高，因此，對我們指導的信心不斷增強。

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

現在，讓我將電話轉回給接線員，讓我和大衛回答您的問題。

Operator?

操作員？

Thank you.

謝謝。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions) Ryan MacDonald, Needham & Company.

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

Hi.

你好。

Thanks for taking my questions and congrats on an amazing quarter.

感謝您回答我的問題，並祝賀您度過了一個精彩的季度。

David, maybe to start with you, excellent to hear about all the strong scaled customer ARPU expansion.

大衛，也許首先從你開始，很高興聽到所有大規模的客戶 ARPU 擴張。

And clearly, the agency channel continues to be a big driver of that.

顯然，代理通路仍然是這一趨勢的重要推動力。

As we think about the additional brands that were added, just as a clarification, were there any new agency customers added during the quarter?

當我們考慮新增的其他品牌時，作為澄清，本季是否增加了新的代理商客戶？

Or are these all-brands expansions within the existing base of agencies?

或者這些全品牌擴張是在現有代理商基礎內進行的嗎？

And is there any seasonality -- we should think about seasonality of brand additions with these agency partners as we move forward?

是否存在季節性——在我們前進的過程中，我們應該考慮與這些代理商合作夥伴增加品牌的季節性？

Thanks.

謝謝。

Well, first, thank you, Ryan.

嗯，首先，謝謝你，瑞安。

I appreciate it.

我很感激。

We had said over the last couple of quarters that we have gone from one to three to five.

我們曾說過，在過去的幾個季度裡，我們的數量已經從 1 個增加到 3 個，再到 5 個。

So the answer is that these are in those five, but we're seeing the new agencies, as in the ones we've added over the last six months, scale very, very rapidly.

所以答案是這五個機構，但我們看到新機構，就像我們在過去六個月中添加的機構一樣，規模非常非常快。

One of the things I found so interesting about the quarter was, if you look at it, the ARPU growth of 22% from existing customers is really emblematic of how well our AI, our data, and our software are working.

我發現本季非常有趣的一件事是，如果你仔細觀察一下，你會發現現有客戶的 ARPU 成長了 22%，這確實象徵著我們的人工智慧、數據和軟體的運作情況。

Because we're seeing clients that are using it growing at an accelerated pace.

因為我們看到使用它的客戶正在加速成長。

When you look at going from an average of 12 brands per agency to an average of 19 brands per agency, which Chris talked about in the prepared remarks, that's really just scratching the surface.

當你看到克里斯在準備好的發言中談到的從平均每個代理商 12 個品牌到平均每個代理商 19 個品牌時，這實際上只是觸及了表面。

Because if you look at it, these five agency Holdcos that we work with today have hundreds each of clients.

因為如果你看一下，我們今天合作的這五家代理控股公司每家都有數百名客戶。

So we're very happy about the progress there.

所以我們對那裡的進展感到非常高興。

As it relates to seasonality, it all depends on -- if you're asking about seasonality about the addition of brands, it's not really the case, right?

由於它與季節性相關，這一切都取決於 - 如果您詢問有關添加品牌的季節性，事實並非如此，對吧？

We are working with our agency clients.

我們正在與我們的代理客戶合作。

We love our agency clients.

我們熱愛我們的代理客戶。

They've been incredible partners to us.

他們對我們來說是令人難以置信的合作夥伴。

Our goal is to help them be the heroes of their stories with their brands, right?

我們的目標是幫助他們成為品牌故事中的英雄，對吧？

So we're there to service the agencies.

所以我們在那裡為這些機構提供服務。

And as a subset, they're bringing more brands to work with us as a part of that.

作為其中的一部分，他們正在帶來更多品牌與我們合作，作為其中的一部分。

So I expect that trend to continue.

所以我預計這種趨勢會持續下去。

I expect us to continue to grow brands within those agencies.

我希望我們能夠繼續在這些機構內發展品牌。

And by the way, there's a whole host of incredible midsize agencies, some of which we're working with very, very closely, and our goal is to grow with them as well.

順便說一句，有許多令人難以置信的中型機構，我們正在與其中一些機構進行非常非常密切的合作，我們的目標是與他們一起成長。

As it relates to the business for seasonality of revenue, it really depends on the brand.

由於它與收入季節性有關，因此它實際上取決於品牌。

You've got some brands that go up in the fourth quarter around the holiday season and you've got some brands that go up in the first quarter around buying season.

有些品牌會在第四季度假日季節期間上漲，有些品牌會在第一季購買季節期間上漲。

You have some brands that go up in the third quarter around back-to-school, right?

你們有一些品牌在第三季開學前後銷量有所上升，對吧？

And you can go through that.

你可以經歷這一點。

But we've been consistently increasing the number of brands that we work with those five agencies and the goal is to continue to add those brands.

但我們一直在不斷增加與這五個機構合作的品牌數量，目標是繼續增加這些品牌。

Really helpful color there.

那裡的顏色確實很有幫助。

Maybe as a follow-up, just wanted to ask on the automotive and the insurance verticals because they were obviously called out for that acceleration again this quarter.

也許作為後續行動，只是想詢問汽車和保險垂直領域，因為他們顯然在本季再次加速成長。

Can you just remind us maybe where those verticals are trending relative to, let's call them, the 2022 levels?

您能否提醒我們，這些垂直產業相對於（我們稱之為 2022 年）的水平趨勢如何？

Are we fully back to those levels yet?

我們已經完全回到那些水平了嗎？

And as you kind of think about the current environment, is there a possibility for those verticals to sort of get to a point and grow to a point where they exceed those prior levels and not just recover but improve?

當你思考當前的環境時，這些垂直行業是否有可能達到一定程度並增長到超過之前水平的程度，不僅恢復而且有所改善？

Thanks.

謝謝。

Thanks, Ryan.

謝謝，瑞安。

The automotive and the insurance verticals each returned to growth in the first quarter.

汽車和保險業在第一季均恢復成長。

In the second quarter, both individually, and in obviously a combined basis, grew even faster than total Zeta's at 33%.

第二季度，無論是單獨還是綜合來看，成長速度甚至比 Zeta 的整體成長速度還要快，達到 33%。

But no, not yet at peak, and we have existing pipeline opportunities into different brands in those verticals as well.

但不，還沒有達到頂峰，我們也有進入這些垂直領域的不同品牌的現有管道機會。

But we feel like we've got good momentum in those two places.

但我們覺得我們在這兩個地方勢頭良好。

And there's no reason to think they can't grow over the years to substantially larger than they were at one point.

而且沒有理由認為它們不能隨著時間的推移而成長到比某一時刻更大的規模。

Thanks.

謝謝。

Congrats again on a great quarter.

再次恭喜這個季度的出色表現。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

Yeah.

是的。

Hey, David, Chris, and Scott.

嘿，大衛、克里斯和史考特。

Congratulations from me as well.

我也表示祝賀。

I had a couple of questions.

我有幾個問題。

The first question, I'd love to delve a little bit more into the Gen AI traction you're seeing.

第一個問題，我很想更深入地了解您所看到的 Gen AI 的吸引力。

I know you don't have a direct monetization strategy at this point.

我知道您目前還沒有直接的獲利策略。

But indirectly, is it then actually driving more consumption revenue at this point or is it creating the conversation to use other modules?

但間接地，此時它是否實際上推動了更多的消費收入，或者是否正在創建使用其他模組的對話？

And the second part of that first question on Gen AI, the $6 billion-plus replacement market opportunity, how direct and involved in the RFPs for those replacements?

關於 Gen AI 的第一個問題的第二部分，價值超過 60 億美元的替代品市場機會，如何直接參與這些替代品的 RFP？

Are you seeing Gen AI as part of the language in the deal?

您是否將 Gen AI 視為交易語言的一部分？

And then I have a follow-up for Chris.

然後我有克里斯的後續行動。

Okay.

好的。

Thank you.

謝謝。

First of all, thank you, Terry.

首先，謝謝你，特里。

I appreciate it.

我很感激。

So I would tell you, and it's -- I actually know the percentage; I'm not sure I can share it.

所以我會告訴你，我實際上知道這個百分比；我不確定我可以分享它。

But the vast majority of our customers are now actively using our Gen AI products.

但我們絕大多數客戶現在都在積極使用我們的 Gen AI 產品。

I believe it is a direct result of the 22% ARPU growth of our existing customers.

我相信這是我們現有客戶的 ARPU 成長 22% 的直接結果。

We are seeing customers that use it scale substantially faster than customers who have not adopted it yet in utilization fees and increasing their contractual relationships with us.

我們發現使用它的客戶在使用費方面比尚未採用它的客戶擴展得更快，並增加了他們與我們的合約關係。

So correct is not a direct revenue generation today.

所以今天的正確並不是直接創造收入。

We're not charging for it yet.

我們還沒有為此收費。

I do see a scenario where we do in the years to come as we build more advanced data scientists in a box.

我確實看到了未來幾年我們將在一個盒子裡建立更先進的資料科學家的場景。

But for now, I think it is directly responsible for the corporate 33% growth rate.

但就目前而言，我認為這是企業33%成長率的直接原因。

As it relates to the replacement cycle, I personally have not seen an RFP over the last three months that did not have an AI component to it.

由於與更換週期相關，我個人在過去三個月中沒有看到沒有人工智慧組件的 RFP。

And I believe that it is the reason that we are winning and will continue to win RFPs at an incredibly high percentage of the ones we see.

我相信，這就是我們贏得並將繼續以極高比例贏得 RFP 的原因。

Our goal is to continue to grow Zeta from what used to be Zeta who to now, what is why Zeta.

我們的目標是繼續發展 Zeta，從過去的 Zeta 到現在的「為什麼是 Zeta」。

My long-term goal is to get to must-have Zeta, and we continue to work on that.

我的長期目標是打造必備的 Zeta，我們將繼續為此努力。

So the more RFPs we get, the more language around AI that's in there, the higher the percentage of them we are winning.

因此，我們收到的 RFP 越多，其中關於人工智慧的語言就越多，我們贏得的百分比就越高。

Yeah, that's great.

是的，那太好了。

Thanks for that.

感謝那。

And I guess.

我猜。

Chris, just the final question here is on the scaled customer ARPU.

克里斯，最後一個問題是關於按比例計算的客戶 ARPU。

I mean, it was substantial.

我的意思是，這很重要。

I mean, I had to look at it a second time.

我的意思是，我不得不再看一遍。

So congrats on that.

所以恭喜你。

But how do we think about 3Q and 4Q?

但我們如何看待第三季和第四季呢？

I know some of this was definitely driven by the agency Holdco traction with brands, but should we assume something more in that 8% to 12% growth range in 3Q and 4Q?

我知道其中一些肯定是由 Holdco 機構對品牌的吸引力所推動的，但我們是否應該假設第三季和第四季 8% 至 12% 的成長範圍有更多的變化？

Thanks, Terry.

謝謝，特里。

I do think it's best to keep expectations within our model.

我確實認為最好將期望保持在我們的模型內。

So both for adding the amount of scale customers, which is to grow between 8% and 12%, and then making them bigger and to grow the ARPU between 8% and 12%.

因此，無論是增加規模客戶數量，即成長 8% 至 12%，然後擴大規模，使 ARPU 成長 8% 至 12%。

What really helped the ARPU this quarter, and it's a great tailwind to have, is we now have one-third of our total scaled customers using three or more channels.

本季真正幫助 ARPU 的因素是，我們現在有三分之一的規模客戶使用三個或更多管道，這也是一個巨大的推動力。

And that count of those customers grew over 30%.

這些客戶的數量增加了 30% 以上。

And then for the first time I could think of in a while, all three of our use cases -- we offer the acquirer, the grow, and the retained use case.

然後我第一次想到我們的所有三個用例——我們提供收購方、成長和保留用例。

All three growth use cases in terms of revenue growth grew over 25%.

所有三個成長用例的收入成長均超過 25%。

So it was broad-based, it was across industry verticals, and it was strong adoption of our multichannel.

所以它是基礎廣泛的，跨行業垂直的，並且是我們多通路的大力採用。

Matt Swanson, RBC.

馬特·斯旺森，加拿大皇家銀行。

Yeah.

是的。

Thank you so much for taking my question.

非常感謝您回答我的問題。

I'll echo my congratulations on the quarter.

我將對本季表示祝賀。

David, maybe staying on Gen AI.

大衛，也許會留在 Gen AI。

Could we just get a little bit deeper into what you're seeing as the largest pain point that's causing this accelerated shift?

我們能否更深入了解您認為導致這種加速轉變的最大痛點？

And then also for the people that have been with you the longest going down this AI pathway, how long do you think it is before that real personalized marketing and of one becomes an achievable goal with your CDP?

然後，對於那些在 AI 道路上陪伴您最久的人來說，您認為真正的個人化行銷需要多長時間才能成為您的 CDP 的可實現目標？

Well, thank you, Matt.

嗯，謝謝你，馬特。

Let me start by saying that the biggest pain points in marketing really haven't changed over the last, pick a number, 100 years, right?

首先我要說的是，行銷最大的痛點在過去確實沒有改變，選一個數字，100年了，對吧？

How do you eliminate the percentage of your marketing that does not show a high-quality return on investment?

如何消除行銷中無法帶來高品質投資回報的百分比？

And if you look at the industries that are ripe for disruption, utilizing artificial intelligence, marketing should be right at the top of that.

如果你看看那些已經成熟的顛覆產業，利用人工智慧，行銷應該是最重要的。

And what we're seeing is the ability to take our data, which is native to the application layer; and our artificial intelligence, which is native to the application layer, and get down to the people with the highest level of intent and the ability to buy and the inclination to buy our clients' products.

我們所看到的是獲取資料的能力，這是應用程式層原生的；我們的人工智慧是應用程式層原生的，可以深入到具有最高意圖、購買能力和購買客戶產品傾向的人。

We're able to show an even higher return on investment by using Gen AI and data than even we could a year ago.

透過使用 Gen AI 和數據，我們能夠顯示出比一年前更高的投資回報。

And we were already doing pretty well a year ago.

一年前我們已經做得很好了。

So we're seeing that return on investment for our clients go up exponentially, which is why I think you see our existing clients are using it.

因此，我們看到客戶的投資回報呈指數級增長，這就是為什麼我認為您會看到我們現有的客戶正在使用它。

They're seeing the advancement.

他們看到了進步。

They're buying the products at a substantially higher pace.

他們購買產品的速度要快得多。

And as we're onboarding clients, we're able to get them in and then up to speed.

當我們吸引客戶時，我們能夠讓他們加入並加快速度。

As you also asked, how do you get to that literally targeted individual?

正如您還問的那樣，如何找到真正的目標個人？

We're already doing one-to-one marketing at massive scale.

我們已經在進行大規模的一對一行銷。

And I don't really know another organization that's able to do that.

我真的不知道還有哪個組織能夠做到這一點。

So we're able to look at as many as 5,000 to 7,000 individual data signals to target an individual as it relates to our clients' products and services.

因此，我們能夠查看多達 5,000 到 7,000 個個人資料訊號，以針對與我們客戶的產品和服務相關的個人。

So we're not fully where I'd like to be, right?

所以我們還沒有完全達到我想要的目標，對吧？

Because long-term, I would like to only run marketing to clients who are in market and will be approved for our clients and continue to evolve the return on investment.

因為從長遠來看，我只想對市場上的客戶進行行銷，並將為我們的客戶批准並繼續提高投資回報。

And that's how we continue to grow our ARPU and continue to onboard existing customers.

這就是我們繼續提高 ARPU 並繼續吸引現有客戶的方式。

But I think we're very much well on our way to getting there.

但我認為我們在實現這一目標方面進展順利。

Yeah, that's fantastic.

是的，那太棒了。

And then, Chris, now that it seems like the size of the land matters when you guys are expanding as well as you are currently.

然後，克里斯，當你們像現在一樣擴張時，土地的大小似乎很重要。

But as David mentioned, getting past the whose data point, are you starting to see larger lands as you get more brand recognition through things like your index, but also just your prevalence in the market?

但正如大衛所提到的，透過誰的數據點，當你透過指數等獲得更多的品牌認知時，你是否開始看到更大的土地，而且只是你在市場上的受歡迎程度？

We've done -- where its most prominent, Matt, is the sales team has done a very, very good job in making RFP processes bigger.

我們已經做到了——最突出的是，馬特，銷售團隊在擴大 RFP 流程方面做得非常非常好。

So as we get deeper through the first phase and to the second phase and then as we enter the sandbox phase, we're able to demonstrate to the customers the breadth of the platform and we're able to upsell what was maybe an e-mail scope into an e-mail plus a CDP scope.

因此，當我們深入第一階段和第二階段，然後進入沙盒階段時，我們能夠向客戶展示平台的廣度，並且我們能夠追加銷售可能是電子產品的產品。範圍。

So that's where we see the most evidence of deals getting bigger.

因此，這就是我們看到交易規模擴大的最多證據的地方。

But as I mentioned in the prepared remarks, I think one of the many secret sauces we have of navigating the choppiness is we're not too shy to start off with a 100,000 pilot or a proof of concept.

但正如我在準備好的發言中提到的，我認為我們應對波動的眾多秘訣之一是我們並不羞於從 100,000 名飛行員或概念驗證開始。

And as you noted, and as I think as outlined nicely on the slides, we very quickly are able to go from that pilot to then adding channels and use cases.

正如您所指出的，正如我認為幻燈片上很好地概述的那樣，我們很快就能夠從該試點轉向添加管道和用例。

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

Yeah, hi.

是的，嗨。

Thanks for taking my questions this afternoon.

感謝您今天下午回答我的問題。

Chris, I was hoping to ask you for a little more color specifically on the revenue growth acceleration, giving us a sense of what the contribution near-term, medium-term revenue growth from these three items, seat growth versus upselling versus consumption.

克里斯，我希望您能就收入增長加速提供更多信息，讓我們了解這三個項目（座位增長與追加銷售與消費）對近期、中期收入增長的貢獻。

Is it possible at all to rank that order or quantify anything that you can give us a sense of what's driving that strong number?

是否有可能對該順序進行排名或量化任何可以讓我們了解推動這一強勁數字的因素？

Thanks.

謝謝。

It's a really interesting question, Brian.

這是一個非常有趣的問題，布萊恩。

I would say this quarter, we saw very strong consumption.

我想說，本季我們看到了非常強勁的消費。

And as I noted, what really stood out to us is we crossed a neat threshold of a third of our scaled customers using three or more channels.

正如我所指出的，真正讓我們印象深刻的是，我們的規模客戶中有三分之一使用三個或更多管道，這一門檻非常好。

So consumption was a big driver this quarter.

因此，消費是本季的一大推動力。

Cross-selling, meaning adding more use cases, that point of evidence I just highlighted around all three use cases being over 25% year-to-year growth.

交叉銷售，意味著添加更多用例，我剛剛強調了所有三個用例的年增長率超過 25% 的證據。

I can't think of a quarter there might have been, but that stood out to us as well.

我想不出有四分之一，但這對我們來說也很突出。

See, growth for us isn't really part of how we price, but the size of the analytics that we're processing is.

看，對我們來說，成長實際上並不是我們定價的一部分，而是我們正在處理的分析的規模。

And I think that was a driver too.

我認為那也是一名司機。

Great question, though.

不過，這是個好問題。

We're seeing that the ZOE product, which is really analytics at its core, has been, quite frankly, growing at such a fast pace, it's really starting to drive material growth into the overall business.

坦白說，我們看到 ZOE 產品的核心實際上是分析，它的成長速度如此之快，它確實開始推動整體業務的實質成長。

And that's really your own data scientist in a box.

這確實是您自己的資料科學家。

So it's really a voice-enabled analytics package that allows enterprises to better understand their customers, who their customers could be, how to target additional customers, and every output you could possibly get into the marketing ecosystem.

因此，它實際上是一個支援語音的分析包，可以讓企業更了解他們的客戶、他們的客戶可能是誰、如何瞄準更多客戶，以及你可能進入行銷生態系統的每一個產出。

I appreciate that color.

我很欣賞那種顏色。

The one follow-up I had was just a question on what you're seeing with your scaled customers in terms of sales cycles, the duration.

我的一個後續行動只是問你在銷售週期和持續時間方面對規模化客戶的看法。

Are you seeing the cadence of the scaled customers coming back to buy more from you picking up compared to either earlier this year or what you saw last year?

與今年早些時候或去年相比，您是否看到規模化客戶回頭向您購買更多產品的節奏？

Thanks for taking my question today.

感謝您今天回答我的問題。

No.

不。

Of course, Brian.

當然，布萊恩。

We didn't see a slowdown at Zeta.

我們沒有看到 Zeta 出現放緩。

So I wouldn't say it's ticking up.

所以我不會說它正在上升。

It's continued on a very high-quality process.

它繼續採用非常高品質的流程。

If you look at the first half numbers for superscale, it was very solid growth.

如果你看看上半年的超大規模數據，你會發現這是非常穩健的成長。

The other thing that I think was really important for Chris to note that I want to reiterate is our average agency client went from 12 brands to 19.

我認為對克里斯來說非常重要的另一件事是，我想重申的是，我們的平均代理客戶品牌從 12 個增加到 19 個。

Even though each one of those 19 could be a superscale client, our accounting only shows each agency as one individual customer.

儘管這 19 家機構中的每一位都可能是超大規模客戶，但我們的會計僅將每個機構顯示為單獨的客戶。

So inside of the numbers, we're growing superscaled and scaled clients substantially faster even though it's represented inside of superscaled and scaled consolidating to one entity.

因此，在這些數字中，我們正在以更快的速度成長超大規模和大規模客戶，儘管它體現在超大規模和大規模整合到一個實體中。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great.

偉大的。

Thank you so much.

太感謝了。

I wanted to follow up on the ARPU growth.

我想追蹤 ARPU 的成長情況。

The first two drivers you called out were being agency and auto insurance coming back.

你叫來的前兩名司機是仲介和汽車保險回來的。

But I wanted to double-click on more the non-agency, non-auto and insurance side.

但我想雙擊更多非代理、非汽車和保險方面的內容。

And are you seeing a sizable permit in spend in that cohort kind of more broadly?

您是否認為該群體的支出在更廣泛的範圍內有相當大的許可？

And AI seems to be a third driver.

人工智慧似乎是第三個驅動力。

And just given it's really early, what would make the ARPU growth rate kind of not as durable from kind of what we're seeing today?

鑑於現在還為時過早，什麼會導致 ARPU 成長率不像我們今天所看到的那麼持久？

Thank you.

謝謝。

Thank you, Elizabeth.

謝謝你，伊麗莎白。

So let me start by saying we saw ARPU growth across the board.

首先我要說的是，我們看到 ARPU 全面成長。

We didn't just see it with the agency Holdco.

我們不僅在 Holdco 機構身上看到了這一點。

So as I said earlier, and I want to reiterate it again, the vast majority of our customers are now using our generative AI products.

正如我之前所說，我想再次重申，我們的絕大多數客戶現在都在使用我們的生成式人工智慧產品。

And we rolled them out to almost all of our customers in an automated upgrade that just went out to them that they were able to start using in real time as a part of the ZMP.

我們透過自動升級將它們推廣給幾乎所有客戶，該升級剛剛發布給他們，他們就能夠作為 ZMP 的一部分開始即時使用。

It's really just integrated into the user interface.

它實際上只是整合到用戶介面中。

And as a part of that, we started to see ARPU growth go up.

作為其中的一部分，我們開始看到 ARPU 的成長。

As it relates to AI and its ability to continue that type of ARPU growth, we're -- I'm not sure I can sit here today and say it's going to continue at that exact pace.

由於它與人工智慧及其持續這種類型的 ARPU 成長的能力有關，所以我不確定我今天是否可以坐在這裡說它會繼續以同樣的速度成長。

But I would expect us to continue to grow ARPU at a faster pace than we have in the past because of artificial intelligence.

但我預計，由於人工智慧，我們的 ARPU 將繼續以比過去更快的速度成長。

Chris?

克里斯？

It's neat.

很整潔。

We started to measure now conversations, Elizabeth.

我們現在開始衡量對話，伊莉莎白。

So we talked last quarter at having 300 intelligent agents launched in our library, if you will.

因此，如果您願意的話，上個季度我們談到在我們的庫中推出 300 個智慧代理。

We're now up to 400.

我們現在已經到了 400 人了。

And what we're seeing, as David mentioned, is a really high level of engagement.

正如大衛所提到的，我們看到的是非常高水準的參與。

So those conversations, think of as completed threads, right?

因此，這些對話可以視為已完成的線程，對吧？

It's you as a user interacting with the platform and getting your answers.

您作為用戶與平台互動並獲得答案。

And that conversation isn't just kind of a back and forth.

而且這種對話不僅僅是來來回回的。

It's actually one completed thread, only counts as one conversation.

它實際上是一個已完成的線程，僅算作一次對話。

And just from May to June, those conversations increased 300%.

光是從 5 月到 6 月，這些對話就增加了 300%。

So it's really good to see the engagement.

所以很高興看到訂婚。

And I think what our technology and product team championing making it easy for the customers to use is we've turned our internal learning and development resources into external customer trainers.

我認為我們的技術和產品團隊倡導讓客戶輕鬆使用的是我們將內部學習和開發資源轉變為外部客戶培訓師。

And that's also really helped platform usage.

這也確實有助於平台的使用。

And I really want to drive that home.

我真的很想把它開回家。

Rolling out our learning and development to our clients has been really game-changing with their ability to scale with us, and we think that's a trend that will continue.

向客戶推出我們的學習和開發確實改變了遊戲規則，因為他們有能力與我們一起擴展，我們認為這種趨勢將持續下去。

Great.

偉大的。

And then I wanted to follow up on the mobile opportunity, and we haven't touched on that as much.

然後我想跟進移動機會，但我們還沒有太多涉及這一點。

So if you could just give us an update on where we're trending on product development, expectations on rolling that out to customers.

因此，您能否向我們提供有關產品開發趨勢的最新資訊以及向客戶推出該產品的期望。

And historically, how long does it usually take before you see new products really start contributing to the revenue line?

從歷史上看，通常需要多長時間才能看到新產品真正開始為收入做出貢獻？

Well, so we said we would debut our mobile product at Zeta Live on September 26 in New York, and we will be there.

嗯，所以我們說我們將於 9 月 26 日在紐約的 Zeta Live 上首次亮相我們的行動產品，我們就會在那裡。

So we're very excited.

所以我們非常興奮。

We're already beta testing it with a few clients, and we feel like we're very well-positioned.

我們已經與一些客戶進行了 Beta 測試，我們覺得我們處於非常有利的位置。

To your second question, I think it took us about three years to get to $100 million in connected television.

關於你的第二個問題，我認為我們花了大約三年的時間在連網電視領域達到 1 億美元的規模。

CTV.

央視。

I would think mobile could be faster than that.

我認為行動裝置可能比這更快。

I would say again, and I want to be clear, it's not baked into our numbers for this year.

我想再說一遍，我想澄清的是，它沒有被納入我們今年的數據中。

We believe that we will be fully operational this year with mobile, and we think it's a business that could scale very, very quickly.

我們相信今年我們將全面經營行動業務，而且我們認為這是一項可以非常非常快速地擴展的業務。

There are a few other companies out there that are using mobile as their primary source of CRM.

還有一些其他公司使用行動裝置作為 CRM 的主要來源。

They do a very good job on it.

他們在這方面做得非常好。

We think we've got a competitive advantage with our customer base; having it as a part of the solution, not the entire solution; and the ability to synthesize everything to the Zeta ID and putting our artificial intelligence products at the top of the utilization.

我們認為我們在客戶群方面擁有競爭優勢；將其作為解決方案的一部分，而不是整個解決方案；以及將所有內容合成到 Zeta ID 的能力，並將我們的人工智慧產品置於利用率的首位。

So ZOE will be able to activate into mobile the same way ZOE activate into CTV, online video, social, or any other activation methodology that we operate in.

因此，ZOE 將能夠像 ZOE 啟動 CTV、線上影片、社交或我們運營的任何其他啟動方法一樣啟動行動裝置。

Thank you so much.

太感謝了。

DJ Hynes, Canaccord Genuity.

DJ 海因斯，Canaccord Genuity。

Hey, guys.

大家好。

Congrats on the quarter, excellent results.

恭喜本季度，取得了優異的成績。

David, with Google's U-turn decision on deprecation of third-party cookies, I'm wondering what you're hearing from clients in the field and how, if at all, you think that might impact spend decisions, how advertising dollars are allocated.

David，隨著 Google 決定棄用第三方 cookie，我想知道您從該領域的客戶那裡聽到了什麼，以及您認為這可能會如何影響支出決策、廣告費用的分配方式（如果有的話） 。

Anything else that's top of mind there?

還有其他最重要的事嗎？

Yeah.

是的。

I mean, it was interesting.

我的意思是，這很有趣。

They've gone back and forth.

他們來來回回。

I've been saying for quite some time, as you know, DJ, because I've said it to you, I never believed Google would get rid of the cookie.

我已經說過很長一段時間了，正如你所知，DJ，因為我已經對你說過了，我從不相信谷歌會擺脫 cookie。

I just believed they're going to make the opt-out process for consumers extremely easy and at the forefront of the process of loading Chrome.

我只是相信他們將使消費者的選擇退出過程變得極其簡單，並且處於加載 Chrome 過程的最前沿。

So I do think we're going to see a dissipation of cookies over the next few years.

所以我確實認為在接下來的幾年裡我們將會看到餅乾的消散。

I just don't think it's going to be an all-or-nothing.

我只是不認為這會是全有或全無的情況。

Marketers want return on investment, and a part of that is the ability to build true attribution models.

行銷人員希望獲得投資回報，其中一部分就是建立真實歸因模型的能力。

I'm not even sure third-party cookies can do that effectively today, where, if you look at it, almost all third-party cookies are what I call last touch attribution.

我甚至不確定現在第三方 cookie 能否有效地做到這一點，如果您仔細觀察，您會發現幾乎所有第三方 cookie 都是我所說的最後接觸歸因。

So you might spend $100 of making this up, addressing a customer to get them to buy a $500 product.

因此，您可能會花費 100 美元來彌補這一點，向客戶致意，讓他們購買 500 美元的產品。

But it's going to look like the absolute last ad you ran to them that they clicked on and then purchased was 100% of the attribution of that $100.

但看起來你向他們投放的最後一個廣告，他們點擊併購買的絕對是這 100 美元的 100% 歸因。

What we're really looking at is every touch point by utilizing the Zeta ID and being able to deliver a true return on investment versus a last-click or last-touch attribution.

我們真正關注的是利用 Zeta ID 的每個接觸點，並且能夠提供真正的投資回報，而不是最後點擊或最後接觸歸因。

So I think most marketers are already understanding that, and we're seeing dollars flow to where they are the most efficient as it relates to a return on investment.

因此，我認為大多數行銷人員已經了解這一點，我們看到資金流向最有效的地方，因為這與投資回報有關。

It's going to be very interesting to see how Google rolls out the consumer choice component of it.

看看Google如何推出其中的消費者選擇部分將會非常有趣。

There are a lot of companies that have a lot invested in this.

有很多公司在這方面投入了大量資金。

Zeta is not one of them.

澤塔不是其中之一。

As I pointed out repeatedly, we do not use a third-party cookie for building our models, attribution, or addressing individuals.

正如我一再指出的，我們不使用第三方 cookie 來建立我們的模型、歸因或對個人進行尋址。

But at the same time, we do believe that the dissipation of the cookie is going to continue, and we believe that our ability to track without it will continue to be a major competitive advantage.

但同時，我們確實相信 cookie 的消散將繼續下去，我們相信，在沒有 cookie 的情況下進行追蹤的能力將繼續成為主要的競爭優勢。

Yeah.

是的。

Makes a ton of sense.

很有道理。

And then, Chris, a follow-up for you.

克里斯，接下來是你的後續行動。

So I have a question on sales capacity as it pertains to the agency business.

所以我有一個關於代理業務的銷售能力的問題。

So once you got an agency on board with Zeta, how active do your direct reps have to be in helping that agency onboard new customers?

因此，一旦您的代理商與 Zeta 合作，您的直接代表在幫助該代理商吸引新客戶方面必須有多積極？

I mean, is it all led by the agency?

我的意思是，這一切都是由該機構主導的嗎？

Do your sellers get involved?

您的賣家參與其中嗎？

Just trying to think about kind of capacity and how much time your reps have to spend with those ramping agency accounts.

只是想考慮一下您的代表的能力以及需要花多少時間來處理這些不斷增加的代理帳戶。

It's an efficient go-to-market model, the agencies are, for us because you think about it in two different ways.

對我們來說，代理商是一種有效的進入市場模式，因為你可以用兩種不同的方式來思考它。

We very much have a top-down relationship-building process.

我們有一個由上而下的關係建立過程。

And then the bottoms-up selling is happening by the reps.

然後銷售代表就會進行由下而上的銷售。

But the agency team is the only sales team in Zeta, where we have our hunters and our farmers in the same pot.

但代理團隊是 Zeta 唯一的銷售團隊，我們的獵人和農民處於同一位置。

So what becomes very effective is as we land these new large agencies, and the hunter's very much involved in that process, the farmers then begin working with the subagencies within that Holdco.

因此，當我們找到這些新的大型機構，並且獵人大量參與這一過程時，農民就會開始與該控股公司內的下屬機構合作，這變得非常有效。

And it's really those farmers working with their partners inside the agency that then begin to work with more and more brands.

事實上，正是那些與機構內部合作夥伴合作的農民開始與越來越多的品牌合作。

And that's how we've gone from that average of 12 a year ago to up more than 50% in 19 today.

這就是我們如何從一年前的平均 12 個增加到今天的 19 個的 50% 以上。

Yeah, perfect.

是的，完美。

Makes sense.

說得通。

Thank you, guys.

感謝你們。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Thank you and my congrats.

謝謝你並表示祝賀。

Nice work, guys, on the acceleration here.

幹得好，夥計們，這裡的加速。

One, maybe to continue on the agency theme, certainly great to see a lot of the new brands coming in.

第一，也許會繼續代理主題，很高興看到許多新品牌的加入。

But can you give us a sense of what are the steps that maybe Zeta needs to take?

但您能否讓我們了解 Zeta 可能需要採取哪些步驟？

Or is it just a function of time to get these new brands coming in from agencies to move beyond the social channel and really start to scale some of your other channels that you have on the platform?

或者，讓這些來自代理商的新品牌超越社群管道，真正開始擴大平台上的其他一些管道，這只是時間的函數嗎？

Is that just something that you can do?

這只是你能做的事嗎？

Or is that just a function of a combination of the brand itself and where the agency might take them over time?

或者這只是品牌本身以及代理商隨著時間的推移可能將它們帶到哪裡的組合的函數？

Well, let me start by saying thank you, Arjun.

好吧，首先讓我說謝謝，阿瓊。

I appreciate it.

我很感激。

I think it's a combination of the three, right?

我認為這是三者的結合，對嗎？

I think as Chris said, our farmers are actively embedded into the agencies and actively working with the brands.

我認為正如克里斯所說，我們的農民積極融入這些機構並積極與品牌合作。

So we're able to onboard -- to remind everybody -- into the social ecosystem because we have such a good automation process there where others do not, which is very efficient for the agency Holdco to operate inside of social, using the Zeta ID, and being able to automate the process.

因此，我們能夠加入（提醒大家）進入社交生態系統，因為我們擁有非常好的自動化流程，而其他人則沒有，這對於 Holdco 機構使用 Zeta ID 在社交內部運作非常高效，並且能夠自動化該過程。

If you look at our largest, most scaled agency client, it took them about three years to really juxtapose and really go from primarily agency to primarily on platform.

如果你看看我們最大、規模最大的代理商客戶，他們花了大約三年的時間才真正並置並真正從主要代理商轉變為主要平台。

We believe we're going to see the same process with the other four agencies that we've onboarded and are growing with.

我們相信，我們將在與我們合作並共同成長的其他四家機構中看到同樣的流程。

And we expect that we will be able to ultimately move a substantially greater percentage of those brands on to on-platform versus through the social platform.

我們預計，與透過社群平台相比，我們最終將能夠將更大比例的品牌轉移到平台上。

I think another important point though, Arjun -- I know you get this, but I'm saying it for everybody -- is that the gross margin is lower, yes, but it is still accretive to our operating margin, so from a contribution perspective.

我認為另一個重要的一點是，阿瓊——我知道你明白這一點，但我是對每個人說的——毛利率較低，是的，但它仍然會增加我們的營業利潤，所以從貢獻來看看法。

And we feel like this is a very efficient methodology.

我們覺得這是一個非常有效的方法。

Although, I don't want anybody to think that we're sort of primarily focused on agencies now.

儘管如此，我不希望任何人認為我們現在主要關注的是代理商。

We work directly with brands and we work with agencies, and we will continue to do both of those things.

我們直接與品牌合作，也與代理商合作，我們將繼續做這兩件事。

All right.

好的。

Very helpful.

很有幫助。

And then kind of along similar lines, I was pleasantly surprised, I guess, to hear that the retain and grow use cases are growing above 25%, I believe, the number was.

然後，類似地，我想，當我聽到保留和增長用例增長超過 25% 時，我感到很驚喜，我相信這個數字是。

What has changed there, if anything, to get that growth to pick up?

那裡發生了什麼變化（如果有的話）來讓成長加速？

Because if I remember right, I think acquirer has been your kind of primary use case for some time.

因為如果我沒記錯的話，我認為收單機構一段時間以來一直是您的主要用例。

And so, I'm curious if there's anything operationally that you've done from a sales perspective or a technology perspective to drive that growth.

因此，我很好奇你們是否從銷售角度或技術角度做了什麼操作來推動這種成長。

Yeah, I hate to keep beating a dead drum, but it's artificial intelligence.

是的，我討厭一直敲著死鼓，但這是人工智慧。

What we're seeing is clients that are using us for the three different use cases, that are adopting the AI are growing at an exponential pace.

我們看到，使用我們的服務來處理三種不同用例、採用人工智慧的客戶正在呈指數級增長。

And I want to be clear, just to reiterate, Arjun.

我想澄清，只是重申一下，阿瓊。

We've always been pretty well balanced.

我們一直保持著很好的平衡。

We had been growing faster over the last couple of years as it relates to acquire.

在過去的幾年裡，我們在收購方面的成長速度更快。

It was good to see the adoption of the new Gen AI products for clients who were looking at use case and looking at -- I'm sorry, the different use cases, including retain, grow, and acquire.

很高興看到新一代人工智慧產品被那些專注於用例並專注於不同用例（包括保留、成長和獲取）的客戶採用。

We're also seeing more clients, as Chris said, using more use cases and more channels.

正如克里斯所說，我們也看到更多的客戶使用更多的用例和更多的管道。

So it's been exciting.

所以這很令人興奮。

It's funny.

這很有趣。

I joke, we started operating artificial intelligence seven years ago when we went public three years ago.

我開玩笑說，我們七年前就開始營運人工智慧，三年前我們上市了。

The sign on the side of the New York Stock Exchange said, data plus AI equals intent.

紐約證券交易所一側的牌子上寫著：數據加人工智慧等於意圖。

I had to explain to people what that meant at that time.

我當時必須向人們解釋這意味著什麼。

It seems like there was a great awakening with the launch of ChatGPT that has really benefited us from a tailwind perspective as clients have begun to adopt it and the market has begun to understand the power of our artificial intelligence and our data.

ChatGPT 的推出似乎為我們帶來了巨大的覺醒，從順風的角度來看，這確實讓我們受益匪淺，因為客戶已經開始採用它，市場也開始了解我們人工智慧和數據的力量。

Understood.

明白了。

Very helpful.

很有幫助。

Thank you, David.

謝謝你，大衛。

Jason Kreyer, Craig-Hallum.

賈森·克雷爾，克雷格·哈勒姆。

Great.

偉大的。

Thank you and congrats, guys.

謝謝你們，恭喜你們，夥伴們。

Just wondering if we can maybe define a little bit more clearly how AI really inflect the growth trajectory.

只是想知道我們是否可以更清楚地定義人工智慧如何真正影響成長軌跡。

I mean, is this more related to filling RFP pipeline activity?

我的意思是，這是否與填充 RFP 管道活動更相關？

Is this generating more wallet share?

這會產生更多的錢包份額嗎？

Or are you just onboarding new customers at a faster rate?

還是您只是以更快的速度吸引新客戶？

Jason, I think it's all of the above.

傑森，我想以上都是。

I think that you're seeing us winning an even greater percentage of RFPs and engagements we're invited to participate in.

我認為您會看到我們贏得了更大比例的 RFP 和受邀參與的項目。

We're able to scale new customers faster with our land and expand strategy, and existing customers are growing faster than ever.

我們能夠透過我們的土地和擴張策略更快地擴展新客戶，並且現有客戶的成長速度比以往任何時候都快。

And we talked a bit about how AI has influenced use case.

我們討論了人工智慧如何影響用例。

Just curious if that's changing any customer behavior across the different channels you work with?

只是好奇這是否會改變您合作的不同管道中的客戶行為？

I wouldn't see it.

我不會看到它。

I mean, the other balance was -- it was really good growth across CTV, e-mail, display.

我的意思是，另一個平衡是——CTV、電子郵件和展示方面的成長確實很好。

It was really balanced across all three because it's -- again, the AI is informing which channels are to be used in the right kind of omnichannel strategy.

這三個方面確實達到了平衡，因為人工智慧再次告知在正確的全通路策略中應使用哪些管道。

So it was pretty balanced growth across the channel set as well.

因此，整個通路的成長也相當平衡。

Great.

偉大的。

Thank you.

謝謝。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Hey, guys.

大家好。

Thanks for taking the questions.

感謝您提出問題。

I wanted to ask a question on the 2025 targets.

我想問一個關於 2025 年目標的問題。

Clearly, great results here.

顯然，這裡取得了很好的結果。

Congratulations on that.

對此表示祝賀。

And one thing I was looking for was maybe the potential for the 2025 targets to be updated this quarter.

我一直在尋找的一件事是 2025 年目標可能會在本季更新。

But I noticed in the press release or in the investor deck, they weren't.

但我注意到在新聞稿或投資者資料中，事實並非如此。

And it does sound like the commentary Alstrom's really strong.

聽起來阿爾斯特羅姆的評論確實很有力。

You did mention visibility is high.

您確實提到可見度很高。

So why not update those targets today?

那為什麼今天不更新這些目標呢？

Is there something that happens as the calendar turns into '25, where the visibility might get a little bit murkier than it is today?

當日曆進入 25 年後，是否會發生一些事情，能見度可能會比今天變得更加模糊？

No.

不。

You're channeling your inner David.

你正在引導你內心的大衛。

He's been asking for the same thing.

他一直在要求同樣的事情。

So I'm the one who's saying, let's do it like we have the last three years, which is in February.

所以我說，讓我們像過去三年一樣，也就是二月。

We are super excited about the momentum that we have.

我們對我們所擁有的勢頭感到非常興奮。

And as I started the call, one of the several reasons that's contributed to the growth and the updated guidance that we've given is our visibility into the business is really high.

當我開始通話時，促成成長和我們給出的更新指導的幾個原因之一是我們對業務的可見度非常高。

That doesn't change in February.

這在二月也沒有改變。

It's just we have a good pattern in process of putting out the next year's guide in February.

只是我們在二月推出明年的指南時有一個良好的模式。

And it wouldn't surprise me if as part of that process, we also update with the next long-term model when we do that.

如果作為該過程的一部分，我們在這樣做時也會更新下一個長期模型，我不會感到驚訝。

And I would definitely not read into the fact we have not given that yet, just so we're on the same page.

我絕對不會去了解我們還沒有給出這一點的事實，只是為了讓我們達成共識。

Yeah.

是的。

That's super helpful.

這非常有幫助。

And then also just wanted to follow up on a comment that you had in the prepared remarks about being opportunistic out there.

然後我也想跟進您在準備好的評論中關於投機取巧的評論。

And it has been a while since you've done an acquisition.

自從您完成收購以來已經有一段時間了。

So can you remind us your M&A framework?

您能否向我們介紹一下您的併購框架？

What does that look like today versus in the past?

與過去相比，今天是什麼樣子？

Is it similar or has it changed?

是相似還是有變化？

And what sort of consideration would there be to go much bigger in that framework?

在這個框架中進一步發展需要什麼樣的考慮？

Thank you.

謝謝。

Yeah.

是的。

I always say, Koji, that I believe transformative M&A transforms both companies for the worst.

Koji，我總是說，我相信變革性併購會為兩家公司帶來最糟糕的結果。

So you won't see us doing anything too terribly big, quite frankly.

所以坦白說，你不會看到我們做任何太大的事情。

But at the same time, we now have almost 470 scale clients.

但同時，我們現在擁有近470家規模客戶。

What other products that we don't have currently could we plug into the platform and really accelerate the growth of a smaller asset that we might buy?

我們目前沒有哪些其他產品可以插入該平台並真正加速我們可能購買的較小資產的成長？

So we've always done what I've considered tuck-ins.

所以我們總是做我認為的「塞進衣服」的事情。

I wouldn't change that strategy.

我不會改變這個策略。

A tuck-in might be slightly different at our current size than it was two or three years ago.

我們目前的尺寸可能與兩三年前的折入尺寸略有不同。

But at the same time, I think it was important for Zeta as a public company to really show pure organic growth.

但同時，我認為 Zeta 作為一家上市公司，真正展現出純粹的有機成長非常重要。

And I wanted to make sure that as an organization, newly public, and maybe a little early to the AI game where a lot of people didn't understand the power of it initially, we did focus on that.

我想確保，作為一個剛上市的組織，也許在人工智慧遊戲方面還為時過早，很多人最初並不了解它的力量，但我們確實關注這一點。

The guidance that we have given for this year is purely organic.

我們今年給的指導純粹是有機的。

So as we look at M&A, it's something we're opportunistic, meaning we could buy it at a substantially lower multiple than we trade at, integrate it into our tech stack completely within 9 to 12 months, and believe that it's a product that our existing clients would buy.

因此，當我們考慮併購時，我們會採取機會主義的態度，這意味著我們可以以遠低於交易價格的本益比購買它，在9 到12 個月內將其完全整合到我們的技術堆疊中，並相信這是我們的產品。

Those are the primary scenarios under which we would do something.

這些是我們採取行動的主要場景。

We also love picking up great people and great data.

我們也喜歡挑選優秀的人才和優秀的數據。

Thanks, guys.

多謝你們。

Thanks for taking my questions.

感謝您回答我的問題。

Ryan MacWilliams, Barclays.

瑞安·麥克威廉斯，巴克萊銀行。

Hey, guys.

大家好。

Thanks for the question.

謝謝你的提問。

For David, happy to see that advocacy revenue has increased each month of that quarter.

對 David 來說，很高興看到該季度每個月的宣傳收入都在增加。

Could these advocacy customers continue beyond the election?

這些代言客戶能否在選舉結束後繼續存在？

And any difference in election spend expectations here given a new Democratic presidential candidate?

考慮到新的民主黨總統候選人，選舉支出預期有什麼不同嗎？

Thank you.

謝謝。

So the answer is -- most of our advocacy is always on, Ryan.

所以答案是——我們的大部分倡議始終存在，瑞安。

We see a step-up going into the political period and we did see a step up.

我們看到進入政治時期的進步，我們確實看到了進步。

But I would not look at the growth rate for this quarter under the lens of it was advocacy.

但我不會從宣傳的角度來看待本季的成長率。

That was a part of it, but it was not a big part of it, quite frankly.

這是其中的一部分，但坦白說，這並不是其中的重要部分。

And as Chris said in the prepared remarks, we're keeping constant on what was a $15 million guidance for political.

正如克里斯在準備好的演講中所說，我們將保持 1500 萬美元的政治指導不變。

Obviously, we did $1.5 million in the second quarter.

顯然，我們第二季的營收為 150 萬美元。

So that would infer $13.5 million in political in Q3 and Q4.

因此，這將推斷第三季和第四季的政治支出為 1,350 萬美元。

That perhaps might be conservative, but we'll see.

這也許有點保守，但我們拭目以待。

At this point, we're very, very pleased with the core operations of the business.

目前，我們對該業務的核心運作非常非常滿意。

And once again, I would not look at advocacy as a big driver of that 33% growth rate and that rise of guidance.

再說一遍，我不會將宣傳視為 33% 成長率和指導意見上升的主要推動力。

By the way, it was only like -- it was less than $10 million revenue total between political and advocacy, just to give you a sense for how small it was.

順便說一句，這只是——政治和宣傳之間的總收入不到 1000 萬美元，只是為了讓你感覺到它有多小。

And most of which for advocacy is always on.

其中大部分都是為了宣傳而進行的。

So I just don't want anybody to look at that and say, oh, that's why they grew.

所以我只是不想讓任何人看到這一點並說，哦，這就是他們成長的原因。

It's not.

它不是。

Thanks for clearing that up.

感謝您澄清這一點。

Yeah, I was just thinking more about what you guys can do with them next year.

是的，我只是更多地考慮明年你們可以用它們做些什麼。

And then just for Chris, on the direct platform revenue growth, how are you thinking about that for the second half of this year?

那麼克里斯，關於直接平台收入成長，您如何看待今年下半年的情況？

And any changes or differences in how you feel about the direct revenue pipeline at this point?

目前您對直接收入管道的看法有什麼變化或差異嗎？

Direct pipeline is strong.

直接管道強大。

I think the mix -- in terms of being at 67% in the second half, I think the odds are that it improves from first half to second half and direct mix becomes more prominent.

我認為混合——就下半年的 67% 而言，我認為從上半場到下半場它可能會有所改善，並且直接混合變得更加突出。

We like where the growth rate was.

我們喜歡成長率。

The growth rate in year-over-year revenue for direct in the first quarter was 17%, grew to 20%.

第一季直營營收年增率為17%，成長至20%。

So feeling good about the mix of direct increasing as we go across the year.

因此，我們對全年直接成長的組合感覺良好。

And by the way, to your last point, Ryan, advocacy, once you start working with them, it's a good pipeline through political.

順便說一句，瑞安，關於你的最後一點，倡導，一旦你開始與他們合作，這是一個很好的政治管道。

But they do tend to continue on after that.

但他們確實傾向於在那之後繼續下去。

So they could be a component of next year as well.

所以它們也可能成為明年的一部分。

Excellent.

出色的。

Appreciate that color.

欣賞那個顏色。

Thank you, guys.

感謝你們。

Clark Wright, D.A. Davidson.

克拉克·賴特，D.A.戴維森。

Awesome.

驚人的。

Thank you.

謝謝。

Maybe just following up on that point about the agency business.

也許只是跟進有關代理業務的問題。

Given that it is scaling faster than you expected, what do you think the impact is in terms of gross margins relative to current levels?

鑑於它的擴張速度比您預期的要快，您認為相對於當前水平，毛利率會受到什麼影響？

When they take -- Clark, it's Chris.

當他們帶走——克拉克時，是克里斯。

When they start -- right now, what we're seeing is they're starting using our social channel capabilities, which gives them a big automation advantage.

當他們開始時——現在，我們看到的是他們開始使用我們的社交管道功能，這給了他們巨大的自動化優勢。

But what that then leads them to do over time is to go more and more with an omnichannel strategy using our owned and operated channels.

但隨著時間的推移，這導致他們越來越多地利用我們自有和經營的管道採取全通路策略。

So converting to our e-mail, it's our display video or connected TV.

因此，轉換為我們的電子郵件，就是我們的顯示視訊或連網電視。

But what that does in the initial part of the contracting process where they're using social is it will drive a lower gross margin profile.

但在合約流程的初始階段，他們使用社群媒體，這會導致毛利率下降。

But as you've seen over the last, say, 12 months now where we've seen this hyperscaling with agencies, even though we've seen a lower gross margin because of higher social channel adoption, it has actually led to a higher adjusted EBITDA margin expansion.

但正如您在過去（例如12 個月）中所看到的那樣，我們看到了代理商的超大規模擴張，儘管由於社交管道採用率較高而導致毛利率較低，但它實際上導致了更高的調整後利潤EBITDA 利潤率擴張。

So those revenues come in at an accretive operating contribution margin.

因此，這些收入的營運邊際貢獻不斷增加。

And just in terms of going forward, you continue to effectively reiterate what you had said last quarter that it continues to ramp from current levels.

就未來而言，您繼續有效地重申上季度所說的，即它繼續從當前水平上升。

Are you speaking specifically to the margin profile?

您是專門針對保證金情況嗎？

Yeah.

是的。

I think 60% continues to be the right level.

我認為 60% 仍然是合適的水平。

We talked about 60% being the percentage of gross margin or, call it, 40% cost of goods sold throughout the course of the year.

我們談到 60% 是毛利率的百分比，或稱為全年銷售商品成本的 40%。

It's been that way in the first two quarters.

前兩季都是這樣。

The question mark in the back half of the year is political, and political margins can come in on the lower side.

下半年的問號是政治問題，政治利潤可能會較低。

It could be pretty dynamic, frankly.

坦白說，它可能非常動態。

So that would be the only thing that takes it plus or minus off of the 60% at this point.

因此，這將是此時唯一可以使 60% 增加或減少的因素。

Got it.

知道了。

And then just last one for me.

然後是我的最後一個。

In terms of the sales efficiency, you called that out as a catalyst last quarter.

就銷售效率而言，您稱其為上季度的催化劑。

Did that ramp further this quarter?

本季這種情況是否進一步增加？

Or was that relatively same quarter over quarter?

還是季度與季度之間相對相同？

I'm sorry, repeat your question.

對不起，重複你的問題。

I apologize.

我道歉。

I broke up for a second.

我一瞬間就分手了。

I was going to say, in terms of sales efficiency, you noted that that was a catalyst last quarter in terms of the results and the beat.

我想說，就銷售效率而言，您指出，就結果和節奏而言，這是上季的催化劑。

Was that also a catalyst this quarter and, relative to last quarter, was it about the same?

這是否也是本季的催化劑？

Yeah.

是的。

I mean, we continue to see sales productivity go up, but it had nothing to do with political if that was -- I thought I heard that the first time, maybe I'm sure.

我的意思是，我們繼續看到銷售效率的提高，但這與政治無關，如果是的話——我想我第一次聽到這一點，也許我確定。

Yeah, ex political is a route going forward, but I appreciate that.

是的，前政治是一條前進的道路，但我很欣賞這一點。

Yeah, yeah.

是啊是啊。

Ex-political, yes.

前政治，是的。

Thank you, Clark.

謝謝你，克拉克。

Got it, yeah.

明白了，是的。

Thank you again.

再次感謝你。

Great quarter.

很棒的季度。

Zach Cummins, B. Riley Securities.

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

Hi.

你好。

Good afternoon, David and Chris.

下午好，大衛和克里斯。

Congrats on quarter and thanks for taking my questions.

恭喜本季度，感謝您提出我的問題。

David, I mean, you were speaking to really an acceleration of this marketing platform replacement cycle.

大衛，我的意思是，你所說的是行銷平台更換週期的真正加速。

I was just curious on your commentary on the current competitive landscape, especially considering one of your key competitors is winding down some of their ad tech assets.

我只是對您對當前競爭格局的評論感到好奇，特別是考慮到您的主要競爭對手之一正在逐步削減其部分廣告技術資產。

Yeah, we like that.

是的，我們喜歡這樣。

We like when big companies wind down assets that in some way, shape, or form competed with us.

我們喜歡大公司逐步減少以某種方式、形態或形式與我們競爭的資產。

Listen, we made the decision seven years ago to completely rearchitect our platform and put data in artificial intelligence native to the application layer, which allows us to truly put intelligence into the heart of the platform where our competitive landscape have to do a step out of their platform to an AI algorithm, which then has to do a data dip into a third-party database, go back to the algorithm, come up with the level of an answer, and go back to the Marketing Cloud.

聽著，我們七年前就決定徹底重新架構我們的平台，並將資料放入應用層原生的人工智慧中，這使我們能夠真正將智慧放入平台的核心，我們的競爭格局必須走出一步他們的平台採用人工智慧演算法，然後必須將資料浸入第三方資料庫，返回演算法，得出答案的級別，然後返回行銷雲。

In our world, we're a -- millisecond matters.

在我們的世界裡，我們是－－毫秒。

We're able to create a substantially better return on investment by making intelligence faster and real-time.

透過讓情報變得更快、更即時，我們能夠創造更好的投資回報。

So we believe that our competitive advantage over the competitive landscape is getting bigger as we continue to invest and continue to focus on our AI and our data assets as we'll continue to do that.

因此，我們相信，隨著我們繼續投資並繼續關注我們的人工智慧和數據資產，我們在競爭格局中的競爭優勢會變得越來越大，因為我們將繼續這樣做。

And while they're trying to catch up to where we are, we're moving to the next generation.

當他們試圖趕上我們時，我們正在向下一代邁進。

We are not standing still.

我們並沒有停滯不前。

We are incredibly excited about where we are as an organization and where we're going technologically, Zach.

扎克，我們對我們作為一個組織的現狀和技術發展方向感到非常興奮。

Understood.

明白了。

And my one follow-up for Chris, it's really nice to see the increase in the free cash flow guidance as well.

我對克里斯的一個後續行動是，很高興看到自由現金流指導也有所增加。

Can you comment on some of the comfort you're getting in the collection cycles with these agency customers and your confidence in being able to raise that free cash flow guidance?

您能否評論一下您在這些代理商客戶的收款週期中獲得的一些安慰以及您對能夠提高自由現金流指導的信心？

Yeah.

是的。

It was still a $5 million headwind from a working capital perspective this quarter, driven by that cohort of customers.

從本季營運資金的角度來看，在這群客戶的推動下，這仍然是 500 萬美元的阻力。

We're still learning their payment patterns.

我們仍在了解他們的付款模式。

As David has said and I've said before, this isn't kind of an if scenario.

正如大衛和我之前所說，這不是一個假設場景。

These are very, very, very solid corporations.

這些都是非常、非常、非常可靠的公司。

They just have very different kind of tables and that they're trying to balance as well.

他們只是有非常不同的桌子，而且他們也在努力平衡。

So a high degree of certainty.

所以確定性很高。

We're still working through the timing aspect of it.

我們仍在研究時間上的問題。

But I feel like even with our call that we've made on free cash flow, we've taken some of that variability into account.

但我覺得，即使我們對自由現金流做出了呼籲，我們也考慮了一些可變性。

It's also important to note, Zach, some of this just rolls over, right?

同樣重要的是要注意，扎克，其中一些只是滾動，對吧？

Because even if they pay you slower, they pay you 100% of the time.

因為即使他們付錢的速度較慢，他們也會 100% 付錢給你。

So it does catch up at some point, and we're already starting to see that.

所以它確實會在某個時候迎頭趕上，我們已經開始看到這一點。

Understood.

明白了。

Well, thank you for taking my questions and best of luck the rest of the quarter.

好的，感謝您回答我的問題，並祝您在本季度剩餘的時間裡一切順利。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time, and thank you for your participation.

此時您可以斷開線路，感謝您的參與。