Zeta Global Holdings Corp (ZETA) 2024 Q3 法說會逐字稿

Greetings and welcome to the Zeta 3Q '24 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Zeta 24 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce you to your host Madison Serras, Investor Relations. Thank you, Madison. You may begin.

現在我很高興向您介紹主持人投資者關係部門的麥迪遜·塞拉斯 (Madison Serras)。謝謝你，麥迪遜。你可以開始了。

Thank you, operator. Hello everyone and thank you for joining us for Zeta's third-quarter 2024 conference call. Today's presentation and earnings release are available on Zeta's Investor Relations website at investors.zetaglobal.com where you will also find links to our SEC filings along with other information about Zeta.

謝謝你，接線生。大家好，感謝您參加 Zeta 2024 年第三季電話會議。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 提交的文件以及有關 Zeta 的其他資訊的連結。

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. 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。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. 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.

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。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。非公認會計準則衡量標準與相應公認會計準則衡量標準的調節（如適用）可以在我們網站上的收益報告以及我們向美國證券交易委員會提交的收益報告和其他文件中找到。

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

現在，我將把電話轉給大衛。

Thank you, Madison. Good afternoon, everyone and thank you for joining us today. The bets we made seven years ago on artificial intelligence, the investment in a one-of-one marketing platform and our commitment to our customers' success, has resulted in record setting third quarter financial results above our previously raised guidance.

謝謝你，麥迪遜。大家下午好，感謝您今天加入我們。七年前，我們對人工智慧的押注、一對一行銷平台的投資以及我們對客戶成功的承諾，導致第三季財務業績創紀錄，高於我們先前提出的指導。

In this quarter, we generated revenue of $268 million up 42% year-over-year with adjusted EBITDA of $54 million up 59% year-over-year. This translated into an adjusted EBITDA margin of 20% up 210 basis points year-over-year. Once again we are raising our full year 2024 revenue outlook, by $61 million to $986 million at the midpoint representing 35% year-over-year growth. Not only did we break the Rule of 60 for the first time as a company, but we were above the Rule of 50 excluding political candidate revenue.

本季度，我們營收 2.68 億美元，年增 42%，調整後 EBITDA 為 5,400 萬美元，年成長 59%。這意味著調整後的 EBITDA 利潤率為 20%，較去年同期成長 210 個基點。我們再次上調 2024 年全年營收預期，中位數上調 6,100 萬美元至 9.86 億美元，年增 35%。作為一家公司，我們不僅首次打破了 60 條規則，而且在不包括政治候選人收入的情況下，我們的收入也高於 50 條規則。

In addition to our financial achievements, we also strengthened our foundation. In Q3, we raised over $900 million in capital including the undrawn loan facility. We had record in-person attendance for our annual Zeta Live event. We announced our new intelligent mobile product, and our next generation of generative AI in addition to expanding our partnership with Snowflake and onboarding Yahoo as a major new customer. And on the heels of the third quarter, we announced and closed the acquisition of LiveIntent.

除了我們的財務成就外，我們還加強了我們的基礎。第三季度，我們籌集了超過 9 億美元的資本，其中包括未提取的貸款融資。我們的年度 Zeta Live 活動現場出席人數創下歷史新高。除了擴大與 Snowflake 的合作夥伴關係以及將雅虎納入主要新客戶之外，我們還宣布了新的智慧行動產品和下一代生成式人工智慧。第三季之後，我們宣布並完成了對 LiveIntent 的收購。

With the integration already underway and synergy realization ahead of schedule. Our momentum can be directly linked to the acceleration of the AI revolution, where marketing is at the forefront. This is creating unprecedented opportunity for disruptive technology like the Zeta marketing platform, which is winning in the marketplace and winning big.

整合已經開始，綜效提前實現。我們的動力可以與人工智慧革命的加速直接相關，其中行銷處於最前沿。這為 Zeta 行銷平台等顛覆性技術創造了前所未有的機會，該平台在市場上贏得了勝利，並贏得了巨大的勝利。

Here is a snapshot of three transformative seven and eight figure deals, we closed in the third quarter. First, for an iconic global retail brand, Zeta was awarded an eight figure deal over five years, beating out a legacy marketing cloud to create a true 360-degree view of their customers, and to deliver better experiences at every touch point, while lowering their total cost of ownership. This requires powerful AI agents across productivity, personalization and predictability, which only Zeta can do.

這是我們在第三季完成的三筆變革性的七位數和八位數交易的快照。首先，對於一個標誌性的全球零售品牌來說，Zeta 在五年內獲得了八位數的合同，擊敗了傳統的營銷雲，創建了真正的360 度客戶視圖，並在每個接觸點提供更好的體驗，同時降低了成本他們的總擁有成本。這需要在生產力、個人化和可預測性方面強大的人工智慧代理，而這只有 Zeta 可以做到。

Second, Zeta expanded its footprint in sports and entertainment, by securing another major professional sports league, one of the fastest growing properties globally in a multiyear seven-figure deal. This organization had outgrown its previous vendors' capabilities and needed sharper identity resolution for a 360-degree customer view, deeper insights into purchase intent and more sophisticated attribution. Among the enterprise grade platforms they evaluated, only Zeta delivered all of this in a single platform and met their stringent time to value requirements.

其次，Zeta 透過收購另一個主要職業運動聯盟（這是全球成長最快的資產之一），擴大了其在體育和娛樂領域的足跡，這是一項價值七位數的多年交易。該組織的規模已經超出了先前供應商的能力，需要更清晰的身份解析來實現 360 度客戶視圖、更深入地了解購買意圖以及更複雜的歸因。在他們評估的企業級平台中，只有 Zeta 在一個平台上提供了所有這些功能，並滿足了他們嚴格的價值實現時間要求。

Third, Zeta showcased the strength of its [One Zeta] model, by securing an all in one platform agreement, with a leading e-commerce company. This agreement integrates acquisition, growth and retention into a single platform powered by proprietary data and AI, reducing complexity, boosting productivity and driving higher ROI. All core to Zeta's value proposition. Only Zeta can meet all of these needs in one platform.

第三，Zeta 透過與一家領先的電子商務公司簽訂了一體化平台協議，展示了其 [One Zeta] 模式的優勢。該協議將收購、成長和保留整合到一個由專有數據和人工智慧提供支援的單一平台中，從而降低複雜性、提高生產力並推動更高的投資回報率。所有這些都是 Zeta 價值主張的核心。只有 Zeta 能夠在一個平台上滿足所有這些需求。

During the third quarter, Zeta deepened its relationship with its five agency Hold Co customers to bring multiple new brands, including a global automotive brand into our direct channels. Platform engagement like these are representative of customers utilizing the full breadth of Zeta's data, AI and direct channels for activation.

第三季度，Zeta 加深了與其五個代理商 Hold Co 客戶的關係，將多個新品牌（包括一個全球汽車品牌）引入我們的直接管道。像這樣的平台參與代表了客戶充分利用 Zeta 數據、人工智慧和直接激活管道。

In addition to key wins, Zeta is also building upon its existing assets through the acquisition of LiveIntent, which expands publisher monetization, elevates Zeta's newly released mobile and retail solutions and enhances Zeta's data cloud.

除了重大勝利之外，Zeta 還透過收購 LiveIntent 來鞏固其現有資產，這擴大了發行商的獲利能力，提升了 Zeta 新發布的行動和零售解決方案，並增強了 Zeta 的數據雲。

Our increasing capabilities are being recognized by industry analysts in the marketplace. We were named a leader in marketing automation software by Forrester, and a strong performer in the CDP Wave, also by Forrester. The only enterprise grade platform to be cited at these levels for each category.

我們不斷增強的能力得到了市場行業分析師的認可。我們被 Forrester 評為行銷自動化軟體的領導者，並被 Forrester 評為 CDP Wave 中的佼佼者。每個類別在這些層級上引用的唯一企業級平台。

We also created and expanded partnerships this quarter with Yahoo and Snowflake. The Yahoo partnership announcement had multiple facets. First, we announced that Yahoo selected Zeta to deliver intelligent powered marketing. This means they will migrate their email marketing, which includes hundreds of millions of people, to the AI powered Zeta marketing platform.

本季我們也與雅虎和 Snowflake 建立並擴大了合作夥伴關係。雅虎合作夥伴關係的宣布有多個面向。首先，我們宣布雅虎選擇 Zeta 來提供智慧行銷。這意味著他們將把包括數億人在內的電子郵件行銷遷移到人工智慧驅動的 Zeta 行銷平台。

Second, the Zeta marketing platform will be integrated with the Yahoo ConnectID, which will allow Zeta to enhance the Yahoo DSP, with Zeta's advanced audience targeting capabilities. As a result, the new integration will position both of our companies to expand market share, streamline benefits and drive higher return on investment for joint clients.

其次，Zeta行銷平台將與Yahoo ConnectID集成，這將使Zeta能夠利用Zeta先進的受眾定位功能來增強Yahoo DSP。因此，新的整合將使我們兩家公司擴大市場份額、簡化效益並為聯合客戶帶來更高的投資回報。

And last, we announced the Zeta Data Cloud will be interoperable with the Yahoo! ConnectID, which unlocks comprehensive insights, and allows for the creation of unique intent-based audiences.

最後，我們宣布 Zeta 資料雲將與 Yahoo! 實現互通。 ConnectID，可釋放全面的見解，並允許創建基於意圖的獨特受眾。

The second announcement was our joint efforts with Snowflake. We unveiled a new solution, the Zeta media engine, powered by Snowflake. The Zeta media engine brings the power of the Zeta marketing platform, to where Snowflake's customers data resides, enabling marketers to enrich, expand and activate their first-party data, and deliver richer personalization across all paid media. This represents a significant milestone in our collaboration with Snowflake, as we join efforts to bring an enhanced solution to marketers seeking to improve precision of their marketing programs without sacrificing scale.

第二個公告是我們與 Snowflake 的共同努力。我們推出了一個新的解決方案，即由 Snowflake 提供支援的 Zeta 媒體引擎。 Zeta 媒體引擎將 Zeta 行銷平台的強大功能帶到 Snowflake 客戶數據所在的位置，使行銷人員能夠豐富、擴展和激活他們的第一方數據，並在所有付費媒體上提供更豐富的個人化服務。這是我們與 Snowflake 合作的一個重要里程碑，因為我們共同努力為尋求在不犧牲規模的情況下提高行銷計劃精度的行銷人員提供增強的解決方案。

The momentum we've had in 2024, was a catalyst for our most successful annual Zeta Live conference yet. More than 1,100 visionaries, business leaders and practitioners from more than 400 enterprises attended in-person, doubling attendance year-over-year. Most notably on display where Zeta's launch of our AI-powered intelligent mobile solution and the expansion of the AI agent lineup.

我們在 2024 年所取得的勢頭是我們迄今為止最成功的年度 Zeta Live 會議的催化劑。來自400多家企業的1,100多名遠見家、商界領袖和從業人員親自到場參會，參加人數較去年同期翻番。最引人注目的是 Zeta 推出的人工智慧驅動的智慧移動解決方案以及人工智慧代理陣容的擴展。

With Zeta's new intelligent mobile solution, marketers will be able to leverage AI to better activate and coordinate personalized cross-channel campaigns that deliver enhanced customer experiences, and persistent identity across all touch points, resulting in better consumer interactions and better business outcomes.

透過Zeta 的全新智慧行動解決方案，行銷人員將能夠利用人工智慧來更好地激活和協調個人化跨通路行銷活動，從而提供增強的客戶體驗以及跨所有接觸點的持久身份識別，從而實現更好的消費者互動和更好的業務成果。

In addition, building on our earlier launch of intelligent agents this year, Zeta launched an expanded lineup of generative AI agents on the Zeta marketing platform, unleashing powerful first of its kind capabilities for marketers. While others are trying to roll out their first version of their AI agents, we are already on Version 3.

此外，在我們今年稍早推出的智慧型代理商的基礎上，Zeta 在 Zeta 行銷平台上推出了擴展的生成式 AI 代理陣容，為行銷人員釋放了強大的同類功能。當其他人試圖推出他們的 AI 代理的第一個版本時，我們已經推出了第 3 版。

This game-changing event further bolstered our business momentum, as already evidenced by record pipeline demand and commitments from customers, a testament to Zeta's road map and strategic vision resonating. And we are succeeding in our evolution from Zeta who, to why Zeta, to ultimately must have Zeta.

這項改變遊戲規則的事件進一步增強了我們的業務勢頭，創紀錄的管道需求和客戶的承諾已經證明了這一點，證明了 Zeta 的路線圖和戰略願景產生了共鳴。我們正在成功地從 Zeta 誰，到為什麼 Zeta，再到最終必須擁有 Zeta。

In closing, I'm excited about what the Zeta team has achieved, and the opportunities ahead of us and our ability to execute in the marketplace so consistently. 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.

最後，我對 Zeta 團隊所取得的成就、我們面前的機會以及我們在市場上持續執行的能力感到興奮。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 the call over to Chris to discuss our results in greater detail. Chris?

現在讓我把電話轉給克里斯，更詳細地討論我們的結果。克里斯？

Thank you, David, and good afternoon, everyone. The third quarter can be best summed up by the momentum that began in the first quarter and accelerated in the second quarter, continued into the third quarter, with even some notable improvements. Revenue growth accelerated to 42% and excluding the benefit from political candidate, once again topped 30% year-to-year.

謝謝大衛，大家下午好。第三季最好的總結是，從第一季開始、第二季加速、持續到第三季的勢頭，甚至出現了一些顯著的改善。營收成長加速至 42%，剔除政治候選人的收益，較去年同期成長再次超過 30%。

We set another scaled customer ARPU record, with 33% year-over-year growth. Direct revenue was up 41% year-to-year, reflecting agency adoption of direct channels. On the back of this positive mix shift, operating leverage flowed solidly to the bottom line, with adjusted EBITDA and free cash flow margins up 210 basis points and 250 basis points, respectively, year-to-year. All told, it was our 13th consecutive beat and raise quarter.

我們再創規模化客戶 ARPU 記錄，較去年同期成長 33%。直接營收年增 41%，反映出代理商對直接通路的採用。在這種積極的組合轉變的背景下，營運槓桿穩步流入利潤，調整後的 EBITDA 和自由現金流利潤率分別同比增長 210 個基點和 250 個基點。總而言之，這是我們連續第 13 個節拍加註季度。

I'll focus today on three topics: I'll dive into the KPIs driving third quarter performance, I'll dig further into the agency opportunity by discussing how early we are in ramping with large and independent agencies and sharing examples of the positive direct mix shift we're starting to see.

今天我將重點討論三個主題：我將深入探討推動第三季業績的 KPI；我將透過討論我們與大型獨立機構的合作有多早，並分享積極直接的例子來進一步挖掘代理機會。看到混合轉變。

Finally, I'll close with our increased fourth quarter and full year guidance, comment on 2025 consensus estimates and preview the duration of our next long-term model.

最後，我將以我們增加的第四季度和全年指導結束，對 2025 年共識估計發表評論，並預覽我們下一個長期模型的持續時間。

Let's start with the drivers of the third quarter's results. Revenue of $268 million grew 42% year-over-year, or 31% excluding $21 million of political candidate revenue. On both dimensions, our results exceeded recently updated guidance of at least $255 million or $245 million, excluding political candidate revenue. Strength was broad-based, on a year-to-date basis, net revenue retention is at the high end of our 110% to 115% model.

讓我們從第三季業績的驅動因素開始。收入為 2.68 億美元，年增 42%，如果不包括 2,100 萬美元的政治候選人收入，則成長 31%。在這兩個方面，我們的結果都超過了最近更新的至少 2.55 億美元或 2.45 億美元的指引（不包括政治候選人收入）。實力是廣泛的，從今年迄今的基礎來看，淨收入保留率處於我們 110% 至 115% 模型的高端。

We had another productive quarter of sales hiring, we're up to 155 quota carriers, a 20% increase from last year. Reaccelerating sales head count comes at an opportune time, with the RFP pipeline up 60% from just 90 days ago, which is attributable to Zeta Live and multiple industry analyst reports naming Zeta as a leader.

我們的銷售招聘又一個富有成效的季度，我們的配額承運人達到 155 名，比去年增加了 20%。銷售人員數量的重新增加恰逢其時，RFP 管道比 90 天前增加了 60%，這要歸功於 Zeta Live 和多個行業分析報告將 Zeta 列為領導者。

Total scaled customer count grew to 475, up 8% year-to-year, and 7% quarter-to-quarter with scaled brand count up 25% versus 2Q. Superscale customers of 144 was up 16% year-to-year and flat quarter-to-quarter, with superscale brand count up 9% quarter-to-quarter and 29% year-to-year.

規模化客戶總數增至 475 家，較去年同期成長 8%，較上季成長 7%，規模化品牌數量較第二季成長 25%。超大型客戶數量為 144 家，較去年同期成長 16%，較上季持平；超大型品牌數量較上季成長 9%，較去年同期成長 29%。

Scaled customer ARPU of $557,000 was a standout, growing 33% year-to-year, which compares to the previous high watermark of 22% growth achieved last quarter. The force is continuing to drive strong ARPU growth, our channel adoption, use case expansion, scaling with agencies and political candidate contribution.

規模化客戶 ARPU 達到 557,000 美元，表現出色，同比增長 33%，而上季度實現了 22% 增長的高水位。這股力量正在繼續推動 ARPU 的強勁成長、我們的通路採用、用例擴展、機構擴展和政治候選人貢獻。

From an industry perspective, 5 of our top 10 industries grew faster than 35% year-over-year with insurance, technology and media and consumer retail leading the way. On the back of 41% year-to-year growth, direct mix climbed to 70%, up from 67% in the first six months of 2024 and on par with 3Q last year, reflecting positive mix shift from our agency customers.

從產業角度來看，十大產業中有五個產業較去年同期成長超過35%，其中保險、科技與媒體以及消費性零售業處於領先地位。在同比增長 41% 的背景下，直接組合從 2024 年前六個月的 67% 攀升至 70%，與去年第三季度持平，反映出我們代理客戶的積極組合轉變。

The improved mix resulted in lower GAAP cost of revenue quarter-to-quarter, coming in at 39.4% or 60 basis points better than 2Q and 50 basis points higher year-to-year. Strong leverage and operating expense resulted in our 15th straight quarter of expanding adjusted EBITDA margins year-over-year. We generated $53.6 million of adjusted EBITDA at a 20% margin, 210 basis points higher year-over-year, and $3.4 million better than the midpoint of our recently updated guidance of $50.2 million.

改進後的組合導致 GAAP 計算的收入成本按季度降低，比第二季度下降 39.4%，即 60 個基點，比去年同期高 50 個基點。強大的槓桿率和營運費用導致我們連續第 15 個季度調整後 EBITDA 利潤率同比擴大。我們的調整後 EBITDA 為 5,360 萬美元，利潤率為 20%，比去年同期高出 210 個基點，比我們最近更新的指引中位數 5,020 萬美元高出 340 萬美元。

Our third quarter GAAP net loss was $17.4 million which includes $47 million of stock-based compensation. Excluding the accelerated expense recognition related to our IPO, stock-based compensation would have been $31 million.

我們第三季 GAAP 淨虧損為 1,740 萬美元，其中包括 4,700 萬美元的股票薪酬。不包括與我們的 IPO 相關的加速費用確認，基於股票的薪酬將為 3,100 萬美元。

Finally, cash from operating activities was $34 million, up 51% year-to-year with free cash flow of $26 million, up 93%. This translated to a free cash flow to adjusted EBITDA ratio of 48%. It's worth noting this includes a $10 million working capital headwind from our growth with agencies, and the industry's longer payment cycles. Absent this, cash flow conversion would have been 67%, which is a good segue to the broader agency opportunity ahead of us.

最後，經營活動現金為 3,400 萬美元，年增 51%，自由現金流為 2,600 萬美元，年增 93%。這意味著自由現金流與調整後 EBITDA 的比率為 48%。值得注意的是，這包括我們與代理商的成長以及行業較長的支付週期帶來的 1000 萬美元的營運資金阻力。如果沒有這一點，現金流轉換率將達到 67%，這是我們面臨的更廣泛的代理機會的一個很好的延續。

The same force is driving Zeta's growth with enterprises, are propelling Zeta's growth with agencies, those being a shift to addressable marketing and this is the importance of people-based marketing, and the ROI our customers realize from working with Zeta.

同樣的力量正在推動Zeta 與企業的成長，正在推動Zeta 與代理商的成長，這些都是向可尋址行銷的轉變，這就是以人為本的行銷的重要性，以及我們的客戶透過與Zeta 合作實現的投資報酬率。

Second, the emergence of first-party data as an enterprise or brand asset, this is the rise of customer data platforms as foundational to personalization, only through Zeta's Data Cloud and CDP can a brand see its existing customers and prospects in one platform.

其次，第一方資料作為企業或品牌資產的出現，這是作為個人化基礎的客戶資料平台的興起，只有透過Zeta的資料雲和CDP，品牌才能在一個平台上看到其現有客戶和潛在客戶。

And third, the replacement cycle. Zeta is enabling CMOs and CTOs, to achieve their strategy of modernizing their tech stack, and eliminating features and numerous point solutions. This is creating significant opportunity for Zeta with large agency Hold Cos, and a newer segment of independent agencies.

第三，更換週期。 Zeta 幫助 CMO 和 CTO 實現技術堆疊現代化、消除功能和眾多單點解決方案的策略。這為 Zeta 與大型機構 Hold Cos 以及較新的獨立機構部門創造了重大機會。

I'll start with the five largest Hold Cos. Today, Zeta is working with just shy of 100 scaled brands, compared to the thousands in their combined portfolios. And this only considers the volume of brands as an opportunity set.

我將從五家最大的控股公司開始。這僅將品牌數量視為機會集。

On the value or wallet share side of the equation, the total spend Zeta is capturing with the five large agency Hold Cos today barely registered with the tens of billions each Holdco deploys in digital media, the bulk of, which is addressable by the Zeta marketing platform.

在等式的價值或錢包份額方面，Zeta 與五家大型機構 Hold Co 捕獲的總支出幾乎與每個 Holdco 在數位媒體上部署的數百億美元無關，其中大部分可以透過 Zeta 行銷來解決平台。

Last year, we began prospecting a new segment of independent agencies, featuring one such customer at our Investor Day in September. Since then, we've expanded our agency sales team to go after more of the independent agency market encompassing well over 1,000 stand-alone agencies who deploy billions in digital spend annually. We're growing our footprint within the agency ecosystem, and shifting mix to direct channels.

去年，我們開始尋找獨立機構的新細分市場，在 9 月的投資者日上就有一位這樣的客戶。從那時起，我們擴大了我們的代理商銷售團隊，以開拓更多的獨立代理商市場，其中包括 1,000 多家獨立代理商，這些機構每年部署數十億美元的數位支出。我們正在擴大我們在代理生態系統中的足跡，並將組合轉向直接管道。

Here's a few examples just from the third quarter alone:

以下是第三季的一些例子：

In first quarter, a large agency Holdco awarded Zeta one of the largest automotive service centers, with 2,000 locations nationwide. The engagement began with one integrated channel, and scaled quickly to over 500,000 by 2Q. In the third quarter, we upsold two additional direct channels, increasing direct mix from 0% to 30%, while growing revenue by 6x to a superscale brand in just nine months.

第一季度，一家大型機構 Holdco 授予 Zeta 最大的汽車服務中心之一，在全國設有 2,000 個地點。參與度從一個整合管道開始，到第二季度迅速擴大到超過 50 萬人。第三季度，我們追加銷售了兩個直接管道，將直接組合從 0% 增加到 30%，同時在短短 9 個月內將收入增長了 6 倍，成為一個超大型品牌。

In the second example, an agency awarded Zeta one of the most recognizable office supply retailers in the US. This brand started omnichannel and has maintained a 70-30 direct versus integrated mix, while growing spend with Zeta more than three times in six months, also recently becoming a superscale brand.

在第二個例子中，一家機構將 Zeta 授予美國最知名的辦公用品零售商之一。該品牌開始全通路，並保持了 70-30 的直接與綜合組合，同時 Zeta 的支出在六個月內增長了三倍多，最近也成為一個超級品牌。

And lastly, Zeta was awarded a national pizza chain in the middle of 2023. For the first 12-months on the ZMP, this brand focused on social as their primary channel. During the third quarter, we added a direct channel, which increased revenues by 3x and increased direct mix to almost 50%.

最後，Zeta 於 2023 年年中獲得全國披薩連鎖店稱號。第三季度，我們增加了直接管道，使收入增加了 3 倍，並將直接組合增加到近 50%。

The punch lines are straightforward: First, the same structural forces driving demand from enterprises, are also influencing agencies to expand with Zeta. Second, we're very, very early in penetrating this opportunity, both in terms of brand count, and wallet share. And third, we have a repeatable and scalable model to land new brands, and expand with higher ROI direct channels.

妙語很簡單：首先，推動企業需求的相同結構性力量也在影響各機構與 Zeta 一起擴張。其次，無論是在品牌數量還是錢包份額方面，我們都非常非常早地抓住了這個機會。第三，我們擁有可重複且可擴展的模型來登陸新品牌，並透過更高投資報酬率的直接管道進行擴展。

I'll wrap up with guidance. Covering details for the remainder of 2024, while also touching upon 2025 in our next long-term model. Starting with 2024, we're raising 4Q and full year revenue, adjusted EBITDA and free cash flow guidance. Details can be found on Slide 16 in our earnings supplemental.

我將以指導結束。涵蓋 2024 年剩餘時間的詳細信息，同時還在我們的下一個長期模型中觸及 2025 年。從 2024 年開始，我們將提高第四季度和全年收入、調整後 EBITDA 和自由現金流指引。詳細資訊請參閱我們的收益補充資料中的幻燈片 16。

For the full year 2024, we're increasing the midpoint of our revenue guidance issued on July 31, by $61 million to $986 million, representing 35% growth year-over-year. We've outlined our increased guidance into three steps, given the moving parts associated with LiveIntent, Political Candidate revenue and our equity raise. You can refer to Slides 18 and 19 in our earnings supplemental for ease of tracking.

對於 2024 年全年，我們將 7 月 31 日發布的營收指導中位數上調 6,100 萬美元，達到 9.86 億美元，年增 35%。考慮到與 LiveIntent、政治候選人收入和我們的股權融資相關的移動部分，我們將增加的指導分為三個步驟。您可以參考我們的收益補充資料中的幻燈片 18 和 19，以便於追蹤。

Step one is LiveIntent $14 million of the $61 million raise is related to approximately two months of fourth quarter stub period revenue.

第一步是 LiveIntent 籌集的 6,100 萬美元中的 1,400 萬美元與第四季度末期大約兩個月的收入有關。

Step two is political, $26 million of the $61 million raise, is related to higher Political Candidate revenue. Our prior full year guidance of $15 million included $1.5 million in 2Q, $5 million in 3Q and $8 million in 4Q. Our updated full year guidance now has a total of $41 million, with $1.5 million in 2Q, $21 million in 3Q, and $18 million in 4Q.

第二步是政治層面，籌集的 6,100 萬美元中的 2,600 萬美元與更高的政治候選人收入有關。我們先前的全年指引為 1500 萬美元，其中第二季為 150 萬美元，第三季為 500 萬美元，第四季為 800 萬美元。我們更新後的全年指引目前總額為 4,100 萬美元，其中第二季為 150 萬美元，第三季為 2,100 萬美元，第四季為 1,800 萬美元。

Step three, is the rest of Zeta. The remaining $21 million of the $61 million raise is related to flowing through Zeta's third quarter overachievement of $13 million, versus our original guidance of $239 million, plus our $8 million raise to fourth quarter guidance. You'll recall, we were not able to flow through our increased third quarter revenue guidance, through to the full year during our equity raise in September.

第三步，是 Zeta 的其餘部分。 6,100 萬美元融資中的剩餘 2,100 萬美元與 Zeta 第三季超額業績 1,300 萬美元有關，而我們最初的指引為 2.39 億美元，加上我們第四季指導的 800 萬美元融資。您可能還記得，在 9 月的股權融資期間，我們無法將第三季增加的營收指引延續到全年。

From a full year growth rate perspective, excluding the contribution from LiveIntent, and removing the benefit from political candidate spending, we expect revenue to be up 28% better than our prior full year guide of 25%. The increase in fourth quarter revenue guidance of $32 million to $295 million at the midpoint, is driven by $14 million from LiveIntent, $10 million in additional political candidate revenue and $8 million from the rest of Zeta.

從全年成長率的角度來看，排除 LiveIntent 的貢獻，並消除政治候選人支出的好處，我們預計收入將比我們先前的全年指引 25% 成長 28%。第四季營收指引中點增加了 3,200 萬美元至 2.95 億美元，其中包括來自 LiveIntent 的 1,400 萬美元、1,000 萬美元的額外政治候選人收入以及來自 Zeta 其餘部分的 800 萬美元。

Fourth quarter year-over-year revenue growth, excluding LiveIntent and removing the benefit from political candidate revenue is expected to be 25%. In terms of full year 2024 adjusted EBITDA, we're raising the midpoint of 2024 guidance by $13 million to $188.5 million, representing a year-over-year increase of 46% or 19.1% margin, an increase of 140 basis points year-to-year.

不包括 LiveIntent 並剔除政治候選人收入帶來的收益，第四季營收年增率預計為 25%。就 2024 年全年調整後 EBITDA 而言，我們將 2024 年指引中點上調 1,300 萬美元，達到 1.885 億美元，年增 46%，利潤率 19.1%，同比增長 140 個基點-年。

In a similar vein as revenue, half of the raise stems from flowing through third quarter upside versus our original guidance, while the other half is in connection with our fourth quarter rates. We're increasing the midpoint of fourth quarter adjusted EBITDA by $6.5 million to $65.9 million or 22.3% margin, up 105 basis points year-over-year. We're also raising the midpoint of full year 2024 free cash flow guidance to $90 million from $85 million in our prior outlook. This represents a cash conversion percentage of 48% versus 42% in 2023.

與營收類似，一半的成長源自於第三季相對於我們最初指引的上行，而另一半則與我們第四季的利率有關。我們將第四季調整後 EBITDA 中點增加 650 萬美元，達到 6,590 萬美元，即利潤率 22.3%，年增 105 個基點。我們也將 2024 年全年自由現金流指引的中點從先前展望的 8,500 萬美元上調至 9,000 萬美元。這意味著現金轉換率為 48%，而 2023 年為 42%。

Two items worth noting on this point: First, in connection with the third quarter's equity raise and acquisition of LiveIntent, we incurred $6.2 million in one-time charges, the bulk of which is related to acquisition-related expenses, which will be paid in the fourth quarter. Savings being realized in higher free cash flow in 2025. And second, we continue to be conservative in our assumptions for net working capital, related to longer payment cycles agency customers adhere to. Selection risk with these customers remains extremely low.

在這一點上值得注意的有兩點：首先，在第三季度的股權融資和收購 LiveIntent 方面，我們產生了 620 萬美元的一次性費用，其中大部分與收購相關費用有關，這些費用將在第第四季。到 2025 年，自由現金流的增加將實現節省。這些客戶的選擇風險仍然極低。

Before we take your questions, I'll close by previewing our thoughts on 2025, and our next long-term model. We'll provide full details on each during the fourth quarter conference call in February.

在回答大家的問題之前，我將先預覽我們對 2025 年的想法以及我們的下一個長期模型。我們將在二月的第四季度電話會議上提供有關每項內容的完整詳細資訊。

As we sit here today, we're very comfortable with 2025 consensus revenue growth, adjusted EBITDA margin, and free cash flow estimates as it relates to consensus revenue growth of 17%, this excludes the contribution from LiveIntent, but includes what is likely a 4 point to 5 point growth headwind from 2024 political candidate revenue. So on a pro forma basis, 2025 consensus revenue growth is effectively 21% to 22% next year. Once again, we're very comfortable at these levels.

當我們今天坐在這裡時，我們對2025 年共識收入成長、調整後EBITDA 利潤率和自由現金流估計感到非常滿意，因為它與17% 的共識收入成長相關，這不包括LiveIntent 的貢獻，但包括可能的貢獻2024 年政治候選人收入將出現 4 到 5 個百分點的成長逆風。因此，根據預估，2025 年的共識收入成長實際上為 21% 至 22%。再一次，我們對這些水平感到非常滿意。

Second, we're looking forward to sharing our 2025 guidance, and the details of our next long-term model, Zeta 2028 in February. Along those lines, we plan to outline new growth opportunities and verticals, new products, new partnerships and new geographies, in addition to conveying drivers of continued operating leverage.

其次，我們期待在 2 月分享我們的 2025 年指導以及下一個長期模型 Zeta 2028 的詳細資訊。沿著這些思路，我們計劃概述新的成長機會和垂直領域、新產品、新合作夥伴關係和新地域，此外還傳達持續營運槓桿的驅動因素。

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

現在讓我將電話轉回給接線員，讓我和大衛回答您的問題。操作員？

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。 （操作員說明）

DJ Heinz, Canaccord Genuity.

DJ 海因茨，Canaccord Genuity。

Thanks for all the color on the guidance. I appreciate you breaking all that stuff out and obviously, the agency color as well, super helpful. David, I want to ask about a completely separate topic, which is published or cloud, right? It's newer to the business. Just can you talk a little bit about your vision there, how to think about sizing the potential for that opportunity? I just don't have a good feel for how material that effort might be?

感謝指導上的所有顏色。我很感謝你把所有這些東西都拿出來，顯然，機構的顏色也非常有幫助。 David，我想問一個完全獨立的主題，是發布的還是雲端的，對吧？這對業務來說是較​​新的。您能談談您的願景嗎？我只是不太清楚這種努力到底有多重要？

Well, thank you, DJ. I'd start by saying we see the publisher cloud as sort of our next really meaningful growth opportunity. We've got, obviously, CTV, which is growing very, very rapidly at scale. And then we've added mobile, which we're very excited about mobile, we expect to scale very, very quickly over the next few years. As you think about the publisher cloud today, the vast majority of publishers are not able to build deterministic marketing capabilities, to an individual that's visiting their portal.

嗯，謝謝你，DJ。我首先要說的是，我們將發布商雲視為我們下一個真正有意義的成長機會。顯然，我們有 CTV，它的規模成長得非常非常快。然後我們添加了行動設備，我們對行動裝置感到非常興奮，我們預計在未來幾年內能夠非常非常快速地擴展。當您考慮當今的發布商雲端時，絕大多數發布者無法為存取其入口網站的個人建立確定性的行銷功能。

Because you've got a third-party SSP, the third-party SSP has to connect to a third-party DSP and the third-party DSP has to come up with a deterministic data set, most of the DSPs do not have that. Our vision is to put everything into one set. Just like when we launched the ZMP, we put AI and data as native to the application layer. It eliminated latency and allowed us to disintermediate, and continue to grow against legacy tech clouds.

因為你有第三方SSP，第三方SSP必須連接到第三方DSP，而第三方DSP必須提供確定性資料集，大多數DSP不具備這一點。我們的願景是將所有內容整合到一個集合中。就像我們推出ZMP時一樣，我們把AI和資料當作應用層的原生。它消除了延遲，使我們能夠脫中間化，並繼續在傳統技術雲的基礎上發展。

We believe by putting our SSP fully integrated into the DSP fully integrated into the data cloud, fully integrated into the publisher, will allow us to massively drive up the yield of marketing dollars to the publisher that will flow to them through the publisher cloud, which will allow us to take a sizable exhaust rate off the top. So I think it's a big opportunity on platform, with high gross margin that will scale quickly in the years to come.

我們相信，透過將我們的SSP 完全整合到DSP 中，完全整合到資料雲中，完全整合到發布商中，將使我們能夠大幅提高發布商的行銷資金收益，這些資金將透過發布商雲流向他們，這將使我們能夠從頂部降低相當大的排氣率。因此，我認為這是平台上的一個巨大機會，毛利率很高，並且將在未來幾年迅速擴大。

Yes. Super helpful color. Chris, maybe a follow-up for you. Can you just help us think about scaled customer ARPU growth? If we were to exclude the political candidate revenue, if we're excluding the agency customers, are maybe looking at them at like a brand level, I mean, obviously, the agencies skew that metric a bit, which is a good problem to have. But just trying to think about kind of underlying trends in customer spend on a cleaner basis if that makes sense?

是的。超有用的顏色。克里斯，也許是你的後續行動。您能否幫我們考慮一下客戶 ARPU 的規模成長？如果我們要排除政治候選人的收入，如果我們排除代理客戶，可能會像品牌級別一樣看待它們，我的意思是，顯然，代理機構會稍微扭曲該指標，這是一個好問題。但只是想在更清晰的基礎上思考客戶支出的潛在趨勢，這是否有意義？

It does make sense, DJ. Thanks for the question. If you take the 33% ARPU growth and you were to exclude political candidate revenue contribution, the growth rate have been higher than the growth rate we saw in the second quarter, which was 22% ARPU growth in total. So if you take a growth rate that's in the mid-20s ex political candidate revenue contribution.

確實有道理，DJ。謝謝你的提問。如果您考慮 33% 的 ARPU 成長率，並且排除政治候選人的收入貢獻，則成長率高於我們在第二季度看到的成長率，即 ARPU 整體成長率為 22%。因此，如果您採用的成長率是 20 多歲前政治候選人的收入貢獻。

And you then break that down between channel adoption, use case adoption and agency customer mix. It's actually very similar to what we saw in the second quarter where about a third of the growth, is attributable to each one of those drivers. So over 30% of our total skilled customers are now still using over three or more channels.

然後，您可以將其分解為通路採用、用例採用和代理客戶組合。實際上，這與我們在第二季度看到的情況非常相似，其中大約三分之一的成長歸因於其中的每一個驅動因素。因此，我們超過 30% 的熟練客戶現在仍在使用三個或更多管道。

Use case growth was again consistent across the acquired grown retain level. And as we mentioned and highlighted, brand adoption within the agencies continue to scale rapidly even at that superscale level, so brands that meet that greater than $1 million-plus threshold, that was up 29% year-over-year.

用例增長在獲得的增長的保留水平上再次保持一致。正如我們所提到和強調的那樣，即使在超大規模的水平上，機構內部的品牌採用率仍在迅速擴大，因此達到 100 萬美元以上門檻的品牌同比增長了 29%。

Yeah. Okay. Got it. That's helpful. Thank you, guys. Congrats.

是的。好的。知道了。這很有幫助。謝謝你們，夥計們。恭喜。

Thanks, DJ. Thank you.

謝謝，DJ。謝謝。

Arun Bhatia, William Blair.

阿倫·巴蒂亞，威廉·布萊爾。

Perfect. Thank you guys and congrats on a very strong quarter here. Maybe if I can start with the agencies. Again, it sounded like the mix shift in terms of the channels the agencies are using is starting to move a little bit more towards direct, which certainly is a big benefit. Can you just talk a little bit about, which channels on the digital side that you're seeing early adoption from? And where kind of we are in that overall journey of agencies moving more and more of their, spend on to the Zeta platform? And then for Chris, maybe you can talk a little bit about where we should think about gross margins going just from that impact?

完美的。謝謝你們，恭喜本季表現強勁。也許我可以從代理商開始。同樣，聽起來各機構所使用的管道的混合轉變開始更多地轉向直接，這當然是一個很大的好處。能簡單談談您在數位方面的哪些管道看到了早期採用嗎？在各機構將越來越多的資金轉移到 Zeta 平台的整個過程中，我們處於什麼狀態？然後，克里斯，也許你可以談談我們應該如何考慮這種影響的毛利率？

So thank you, Arjun. I appreciate the congratulations. What I would say is, as our favorite tagline of we are just getting started, it is perfectly encapsulated in the migration of our agency clients from integrated platform to direct. What I would say is the three biggest wins we're seeing right now are connected television, online video and mobile. We're seeing the mobile adoption rate happen perhaps a little bit faster, than we originally expected.

謝謝你，阿瓊。我很感激你的祝賀。我想說的是，正如我們最喜歡的口號“我們才剛剛開始”，它完美地體現在我們的代理商客戶從綜合平台到直接的遷移中。我想說的是，我們現在看到的三個最大的勝利是連網電視、線上影片和行動。我們發現行動裝置的採用率可能比我們最初預期的要快一些。

But it's been exciting, because not only have we been migrating some of the existing customers over. But as new brands have come on, as I think Chris did a really good job of outlining in his prepared remarks, we're seeing them start on direct. And I think that's a trend that will continue. If you look at our most mature agency client, who, by the way, is still growing nicely. But our most mature, I'll remind you, the first year they worked with us, they were approximately 93% integrated and 7% direct.

但這是令人興奮的，因為我們不僅遷移了一些現有客戶。但隨著新品牌的出現，我認為克里斯在他準備好的演講中概述得非常好，我們看到它們直接開始。我認為這種趨勢將會持續下去。如果你看看我們最成熟的代理商客戶，順便說一句，他仍然在良好地成長。但我要提醒您的是，我們最成熟的公司在與我們合作的第一年，大約 93% 是整合的，7% 是直接的。

In their third year, that was over 50-50 for direct versus indirect. So we don't need to move from 10% to 90%, to continue to move the mean up, which continues to move on platform versus integrated, which continues to drive gross margins, which I'll let Chris talk about.

第三年，直接與間接的比例超過 50-50。因此，我們不需要從 10% 上升到 90%，繼續提高均值，這將繼續在平台上移動，而不是集成，這將繼續推動毛利率，我將讓 Chris 談論這一點。

Yes. So I think starting Arjun with the 41% direct revenue mix, if you were to break down, which channels drove that and then why we saw a benefit of mix. You had e-mail growing almost 30% at 29%, display video growing 46% and CTV growing north of 150% year-over-year. And by the way, that still has social growing over 50%. So when you have that type of positive mix shift like we saw quarter-over-quarter, we effectively moved the implied gross margin of the business up around 100 bps.

是的。因此，我認為從 Arjun 開始就採用 41% 的直接收入組合，如果你要細分的話，哪些管道推動了這一點，以及為什麼我們看到了組合的好處。電子郵件年增近 30%，達到 29%，顯示影片年增 46%，CTV 年成長超過 150%。順便說一句，社交成長仍然超過 50%。因此，當出現像我們看到的季度環比那樣的積極組合轉變時，我們實際上將業務的隱含毛利率提高了約 100 個基點。

As I think about what it could look like going forward, obviously, direct mix shift, as David mentioned, is now beginning to happen more consistently, across our enterprise brands, which should begin to chip away. It's not going to be moving 200 basis points to 300 basis points at a time, quarter-to-quarter, but we should be able to continue to, in a very moderated way move the cost of revenues of the company down to the gross margins up.

當我思考未來可能會是什麼樣子時，顯然，正如大衛提到的那樣，直接混合轉變現在開始在我們的企業品牌中更加一致地發生，這應該開始逐漸消失。它不會每季一次降低 200 個基點到 300 個基點，但我們應該能夠繼續以非常溫和的方式將公司的收入成本降低到毛利率向上。

Wonderful. That's great to hear. And thank you for that. And Chris, if I can follow-up on one for you. I saw the guidance for political contribution in Q4 had implied that it might be down from where Q3 shook out. Can you just maybe give a little color on what we should expect in political in the fourth quarter? And is that just -- is that conservatism? Or is there kind of anything else that we should be aware of, given the last few election cycles played out for political revenue? Thank you.

精彩的。很高興聽到這個消息。謝謝你。克里斯，我可以為你跟進一件事嗎？我看到第四季的政治捐款指引暗示它可能會低於第三季的水平。您能否對我們對第四季政治的預期進行一些說明？這就是保守主義嗎？或者考慮到過去幾個選舉週期都是為了政治收入，我們還該注意什麼？謝謝。

Yes. Thanks, Arjun. Look, I think it's nothing really more than you've got three full months of political candidate revenue contribution, across the duration of the third quarter, and effectively one month in a week in the fourth quarter. I do think that there's upside to the 18. I don't think it's going to be as significant as what we saw when we updated the third quarter. But I do think we've left some room as there's still some political and advocacy spending trickling in.

是的。謝謝，阿瓊。聽著，我認為這只不過是你在第三季度期間獲得了整整三個月的政治候選人收入貢獻，並且實際上在第四季度的一周內獲得了一個月的收入貢獻。我確實認為 18 有上行空間。但我確實認為我們已經留下了一些空間，因為仍然有一些政治和宣傳支出正在流入。

All right, Understood. Thank you. Congrats to you guys.

好的，明白了。謝謝。恭喜你們。

Thank you.

謝謝。

Richard Baldry, Roth.

理查鮑德里，羅斯。

Thanks. Can you talk about any early feedback you've gotten sort of an open market post the LiveIntent acquisition? And then maybe with that as a backdrop, your cash stepped up significantly even once you pay the cash component of LiveIntent. So how's your appetite looking forward for acquisitions, or how does that play into your back now history of doing sort of buybacks on an ongoing basis? Thanks.

謝謝。您能否談談收購 LiveIntent 後您在公開市場上獲得的任何早期回饋？也許以此為背景，即使您支付了 LiveIntent 的現金部分，您的現金也會顯著增加。那麼，您對收購的興趣如何，或者這對您現在持續進行回購的歷史有何影響？謝謝。

Well, so let me start with your first question first, Rich. We are seeing a faster-than-expected synergy recognition between the two organizations. Now a lot of that was Steve Gerber and his team really had been working on what we call quick wins, and we're seeing a number of them really flow through. And quite frankly, we're also seeing, in addition to cost savings, we have executed already a number of cross-selling relationships between the organization.

好吧，讓我先回答你的第一個問題，Rich。我們看到兩個組織之間對綜效的認可速度快於預期。現在，其中許多都是史蒂夫·格伯（Steve Gerber）和他的團隊一直在致力於我們所謂的快速勝利，我們看到其中的許多成果確實得到了落實。坦白說，我們還看到，除了節省成本之外，我們已經在組織之間建立了許多交叉銷售關係。

So we're very excited about that. And we should have it fully integrated by the end of this month into the data cloud, from a signal recognition perspective. So really puts a belt and suspenders, and suspenders on the data cloud by adding all of those signals, and all of that data. What was the second question?

所以我們對此感到非常興奮。從訊號識別的角度來看，我們應該在本月底之前將其完全整合到資料雲中。因此，透過添加所有這些訊號和所有數據，真正將腰帶和吊帶以及吊帶放在數據雲上。第二個問題是什麼？

Yes, we were even surprised. We're generating meaningful free cash flow as a company. Yes, we will be up even after paying the cash portion of LiveIntent. And we will continue to look for very opportunistic acquisitions with great teams, great technology, great data, where we believe that we can implement our four main pillars of M&A. We're going to stay disciplined to that. But what I would tell you, in the current environment, I believe we'll be able to continue to add great companies to Zeta in the coming months and quarters.

是的，我們甚至感到驚訝。作為一家公司，我們正在產生有意義的自由現金流。是的，即使支付了 LiveIntent 的現金部分，我們也會起床。我們將繼續尋找擁有優秀團隊、優秀技術、優秀數據的機會主義收購，我們相信我們可以實現併購的四大支柱。我們將對此保持紀律。但我要告訴你的是，在當前環境下，我相信我們將能夠在未來幾個月和幾季繼續為 Zeta 添加優秀的公司。

Thanks. Congrats on a great quarter.

謝謝。恭喜您度過了一個出色的季度。

Thank you. Thank you, Rich.

謝謝。謝謝你，里奇。

Ryan MacDonald, Needham.

瑞恩麥克唐納，李約瑟。

Hi, thanks for taking my questions and congrats on a great quarter. Maybe to start on the independent agency channel opportunity that you talked about, obviously, going after about 1,000 of these opportunities and have expanded the sales force. Can you just talk about -- one is, have you won any of these independent agencies thus far? And if so, what do the size potentially or revenue mix of those customers look like when you initially land them? And then just anything you could comment on sort of sort of sales cycles of these types of opportunities relative to, say, the direct business or maybe the top five agency Hold Cos? Thanks.

您好，感謝您回答我的問題，並祝賀您度過了一個美好的季度。也許可以從您談到的獨立代理商通路機會開始，顯然，我們正在追求大約 1,000 個這樣的機會，並擴大了銷售團隊。您能否談談——一個是，到目前為止您是否贏得了這些獨立機構中的任何一個？如果是這樣，當您最初吸引這些客戶時，這些客戶的潛在規模或收入組合是什麼樣的？然後，您可以評論一下此類機會相對於直接業務或前五名代理控股公司的銷售週期嗎？謝謝。

So thank you, Ryan. Let me start by saying we have a number of executed contracts in the independent agency space and have more than one customer generating meaningful revenue. The beauty of these relationships is they are all, for the most part, I would say the vast majority are on platform. It's a platformization of the ZMP, to the independent agency that allows them to be hands on keyboard for their customers. So they are very high gross margin.

所以謝謝你，瑞安。首先我要說的是，我們在獨立代理領域擁有許多已執行的合同，並且有多個客戶產生了有意義的收入。這些關係的美妙之處在於，在大多數情況下，我想說絕大多數都在平台上。這是 ZMP 對獨立機構的平台化，使他們能夠為客戶提供實際操作。所以他們的毛利率非常高。

They are on platform and they can scale very quickly. From a sales cycle perspective, I would say it's sort of in the middle if we can generally close an enterprise client in a faster period of time than a very large agency Holdco. These are sort of in the middle, but I would tell you, in particular, coming out of Zeta Live, the pipeline for these independent agencies is up multiples. And I expect we will have very good news on more than one of these to grow that this quarter.

它們位於平台上，並且可以快速擴展。從銷售週期的角度來看，我想說，如果我們通常能夠比大型代理商控股公司更快關閉企業客戶，那麼它就處於中間位置。這些都在中間，但我想告訴你，特別是從 Zeta Live 出來，這些獨立機構的管道增加了數倍。我預計本季我們將在其中多個方面獲得好消息，從而實現成長。

Super helpful. Maybe just then on a second question on the LiveIntent business as you start to get that integrated and go-to-market there. Is there any difference in sort of the -- how is the go-to-market motion or the seasonality of that business operates in? Or is that more of a ratable revenue stream that we should expect as we move forward? And then any differences on the margin profile relative to core data? Thanks.

超有幫助。也許就在那時，當你開始整合並進入市場時，關於 LiveIntent 業務的第二個問題。該業務的上市動向或季節性運作有何不同？或者說，隨著我們的發展，這更多的是我們應該預期的可評級收入流？那麼，與核心數據相比，保證金狀況有何差異？謝謝。

Yes. So to answer your last part first, yes, it's an exhaust rate business where you're taking a percentage on both sides of the transaction. So you take a percentage the advertiser and you then take a percentage of that net from the publisher. So it's a very high gross margin business, all of which is on platform. So I think that, that should be additive as we're able to really scale that business in the years to come.

是的。因此，先回答你的最後一部分，是的，這是一項耗盡率業務，你在交易雙方都收取一定的百分比。因此，您向廣告商收取一定比例的費用，然後從發布商收取一定比例的淨額。所以這是一個毛利率非常高的業務，所有這些都在平台上。所以我認為，這應該是附加的，因為我們能夠在未來幾年真正擴展這項業務。

As it relates to at cycle, it will have a slightly higher Q4 only, because ad dollars tend to come in at a slightly higher growth rate in the fourth quarter, just across the ecosystem. But I expect it to continue to be a very solid, very steady channel for us in the years to come. And quite frankly, one of the things I love about the business is they have a bunch of blue chip clients that don't buy our products, and we have a bunch of blue chip clients that don't buy their products.

就週期而言，第四季的成長率只會略高，因為整個生態系統中第四季的廣告收入往往會以略高的成長率出現。但我預計它在未來幾年將繼續成為我們非常可靠、非常穩定的管道。坦白說，我喜歡這個行業的原因之一是他們有一群不購買我們產品的藍籌客戶，而我們也有一群不購買他們產品的藍籌客戶。

The ability to cross-sell here is very unique. And I will tell you, we've already executed a number of contracts to cross-sell and are generating revenue from their customers in. So exciting deal for us.

這裡的交叉銷售能力非常獨特。我會告訴你，我們已經執行了許多交叉銷售合同，並從他們的客戶那裡產生了收入。

Ryan, they also have a consistent go-to-market sales model like Zeta does, meaning a Hunter farmer. So it really kind of folds in very nicely.

Ryan，他們也有像 Zeta 一樣的一致的市場銷售模式，即獵人農民。所以它確實折疊得很好。

Excellent. Thanks for the color.

出色的。謝謝你的顏色。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

Yes. I'll echo congratulations as well. David, Chris and Madison. Some of my questions have been answered. But one of the statistics that I think, David, you had discussed was 60% plus RFP or RFP pipeline growth. I hope I got that right, but from 90 days ago, that seems pretty dramatic. I'm curious if you could kind of double-click on that in terms of is this is the replacement cycle that's accelerating? Or was it some of the sales reps that Chris was talking about that you added and they just have an effect and becoming productive. Maybe the timing is Zeta Live. I just love to unpack that a little bit more because it sounds like that was a standout, and then I had a follow-up for Chris?

是的。我也來表示祝賀。大衛、克里斯和麥迪遜。我的一些問題已經得到解答。但大衛，我認為您討論過的統計數據之一是 RFP 或 RFP 管道增長 60% 以上。我希望我是對的，但從 90 天前來看，這似乎相當戲劇化。我很好奇您是否可以雙擊它，因為這是正在加速的更換週期嗎？或者是克里斯所說的一些銷售代表是您添加的，他們只是發揮了作用並變得富有成效。也許時機就是 Zeta Live。我只是喜歡進一步解開它，因為聽起來這很出色，然後我為克里斯做了一個後續行動？

Well, thank you, Terry. Actually, Chris said it, but I'll take the question. Yes, the pipeline is up the pipeline is up 60% that we're very excited. It's probably the biggest pipeline increase we've ever seen, and we're already at scale. I think it was a combination of all of the above, right? What is the goal? The goal for Zeta is to go from Zeta who to why Zeta to must-have Zeta.

嗯，謝謝你，特里。事實上，克里斯是這麼說的，但我會回答這個問題。是的，管道已增加 60%，我們對此感到非常興奮。這可能是我們見過的最大的管道增長，而且我們已經達到了規模。我認為這是以上所有內容的組合，對吧？目標是什麼？ Zeta 的目標是從 Zeta who 到 Why Zeta 到必須擁有 Zeta。

And as we bring in substantially more senior sales reps than we ever had before, they bring books of business that help us evolve with that process. Zeta Live was a 100% grand slam this year. Even I was happy with our performance, and I joke I generally tend to be our biggest critic. And that was a massive growth to pipeline. As we publicly disclosed over 400 enterprises came and were represented at Zeta Live this year.

當我們引進比以前更多的高階銷售代表時，他們帶來了幫助我們發展這項流程的商業書籍。今年的 Zeta Live 是 100% 大滿貫。即使我對我們的表現也很滿意，我開玩笑說我通常是我們最大的批評者。這是管道的巨大增長。正如我們公開披露的那樣，今年有超過 400 家企業參加了 Zeta Live。

That was a big part of it. In fact, we've already executed a multiple of the cost of Zeta Live in contracts from a lifetime value perspective. So really excited about that. And of course, we're continuing to evolve the brand with Forrester and IDC, and others rating us a leader or one of the leaders in categories, across the board that drives incremental pipeline.

這是其中很大一部分。事實上，從終身價值的角度來看，我們已經在合約中執行了 Zeta Live 成本的數倍。對此我真的很興奮。當然，我們正在繼續與 Forrester 和 IDC 一起發展該品牌，其他人將我們評為領導者或類別領導者之一，全面推動增量管道。

That's great to hear. And I guess, sorry for my confusion earlier. I guess it's been long earnings --

很高興聽到這個消息。我想，對於我之前的困惑感到抱歉。我猜這是長期收益——

I was just making a joke.

我只是開個玩笑。

Well, on the sales reps, one of the questions I think people are going to ask you a lot, it seems like you're at an inflection point here. What about maybe stepping on the gas more in hiring. And I know you're looking for the best of the best. But I think Chris had said about 150 or 155 reps and like up 20% or up 25%. I'm just curious how you're thinking about as you go into the New Year kind of steady growth, potentially if you can find it, pick up the pace of growth. And this long-winded question I'll end it with, does that include the 25 to 30 folks from LiveIntent? Thank you.

嗯，關於銷售代表，我認為人們會經常問你的問題之一，似乎你正處於一個轉折點。也許在招募方面加大力度怎麼樣？我知道您正在尋找最好的。但我認為 Chris 說過大約 150 或 155 次，例如增加 20% 或增加 25%。我只是很好奇，當你進入新年時，你是如何看待穩定成長的，如果你能找到它，就有可能加快成長的步伐。我將用這個冗長的問題來結束它，這包括 LiveIntent 的 25 到 30 名人員嗎？謝謝。

Terry, no, it does not. That's still core Zeta. We'll add probably around 25 to 30 LiveIntent reps when we reproduce the results next quarter and we blend the two businesses together. Look, it continues to be, as you said, really measured by quality over quantity. We continue to be very nicely diversified. In fact, half of our top 10 verticals grew over 35%. That's the first that we've had that type of balance at that growth rate.

特里，不，事實並非如此。這仍然是 Zeta 的核心。當我們在下個季度重現結果並將這兩項業務融合在一起時，我們可能會增加大約 25 到 30 名 LiveIntent 代表。看，正如您所說，它仍然是真正通過質量而不是數量來衡量的。我們繼續保持多元化。事實上，我們排名前 10 的垂直行業中有一半增長超過 35%。這是我們第一次以這樣的成長率來實現這種平衡。

And we do try to hire on a vertical expertise. We still try to maintain the right ratio of hunters versus farmers, the hiring approvals are in full form. I mean there's no holding back in that area with our sales leaders, but it is very much a focus on quality over quantity.

我們確實嘗試聘用垂直領域的專業知識。我們仍然努力保持獵人與農民的正確比例，招募批准已經完整。我的意思是，我們的銷售領導在這方面沒有任何阻礙，但它更注重品質而不是數量。

And Terry, those 25 LiveIntent salespeople are going to be selling core data. So this is -- it's going to be a meaningful step-up in sales people right there. And as Chris said, we will hire every good salesperson we can get our hands on. Thanks, Terry.

Terry，這 25 位 LiveIntent 銷售人員將銷售核心數據。所以這對銷售人員來說將是一個有意義的進步。正如克里斯所說，我們將聘請我們能找到的每一位優秀銷售人員。謝謝，特里。

That's great color. Thanks.

那顏色真棒。謝謝。

Jackson Ader, KeyBanc.

傑克遜·阿德，KeyBanc。

Thanks for taking our questions, guys. Good evening. Can we actually follow-up really quickly, David, on what you just said about the LiveIntent sales reps. Would the expectation be or I guess, has it been your experience that when you make an acquisition, bring on some salespeople, do they ramp as quickly or as consistently as net new hires that come from other competitors or other areas of software? Or does it take them a little bit longer to get used to selling core data? Thank you.

謝謝你們回答我們的問題，夥伴們。晚安. David，我們真的可以快速跟進您剛才所說的有關 LiveIntent 銷售代表的情況嗎？您的期望是，或者我猜，您的經驗是，當您進行收購時，引進一些銷售人員，他們的成長速度是否與來自其他競爭對手或其他軟體領域的淨新員工一樣快或一致？還是他們需要更長的時間才能習慣出售核心數據？謝謝。

So the answer is it depends on the business. It depends on the product line they're used to selling. In this case, Jackson, there are tremendous similarities between the products they're selling and many of the products we sell at Zeta. So their products that are on platform, high gross margin that I would expect them to hit the ground really running.

所以答案是取決於業務。這取決於他們習慣銷售的產品線。在這種情況下，Jackson，他們銷售的產品與我們在 Zeta 銷售的許多產品之間存在巨大的相似之處。因此，他們的平台產品毛利率很高，我希望他們能真正投入營運。

And then there'll be products that it might take them a little longer to scale up on, but we're very excited, and very bullish on this group of salespeople because there's so many similarities between their current products and what we sell.

然後會有一些產品可能需要更長的時間才能擴大規模，但我們非常興奮，並且非常看好這群銷售人員，因為他們目前的產品和我們銷售的產品之間有很多相似之處。

Okay. All right. Great. Got it. And then a quick follow-up on the agencies. I guess I totally understand the leverage and the benefit from like those top five agency Holdcos. But I am curious what kind of multiplier effect to the independent agencies have? And is there like does that multiplier effect in terms of brands that you can attack per agency, does that dwindle as you go out to the long tail of like the 1,000 that you're trying to target? Thank you.

好的。好的。偉大的。知道了。然後對各機構進行快速跟進。我想我完全理解像那些排名前五的機構控股公司的槓桿作用和好處。但我很好奇獨立機構有什麼樣的乘數效應？就每個代理商可以攻擊的品牌而言，乘數效應是否會隨著您嘗試瞄準的 1,000 個長尾效應而減弱？謝謝。

Yeah. I mean, yes, if you get out from number one in scale to number 1,000 in scale, it will dwindle just statistically. But what I would tell you is there are hundreds of independent agencies that represent billions of dollars in spend per year each. This is a meaningful opportunity, and we would expect each one of these independent agencies to be on platform, and we expect each one of them to be a super scaled customer at launch.

是的。我的意思是，是的，如果你從規模上的第一名上升到規模上的第一千名，那麼從統計上看，它就會減少。但我要告訴你的是，有數百個獨立機構，每個機構每年的支出達數十億美元。這是一個有意義的機會，我們希望這些獨立機構中的每一個都能夠進入平台，並且我們希望它們中的每一個在發佈時都成為超級規模的客戶。

Okay. All right, great. Thank you.

好的。好吧，太好了。謝謝。

Thanks Jackson.

謝謝傑克遜。

Matt Swanson, RBC.

馬特·斯旺森，加拿大皇家銀行。

All right, thank you guys for taking my question and I'll add my congratulations on the quarter. In Rule 60 quarter, it feels weird to be asking about a potential headwind. But across a lot of the advertising ecosystem, we've heard about kind of this political crowding effect for nonpolitical spend, just brands kind of pulling back because the CPMs got higher on political. Do you think there was any headwinds, I guess, to any of the Holdcos or your nonpolitical spend from the ramp-up of political?

好的，謝謝大家提出我的問題，我將對本季表示祝賀。在規則 60 季度，詢問潛在的逆風感覺很奇怪。但在許多廣告生態系統中，我們都聽說過這種非政治支出的政治擁擠效應，只是品牌因為政治上的每千次展示費用更高而有所回落。我想，您認為政治支出的增加對控股公司或您的非政治支出有什麼不利影響嗎？

If there is, we are not seeing it, Matt.

如果有的話，我們也看不到，馬特。

All right. Thank you. And then second was just on the Data Cloud and really kind of that 360 view of the customer that, you talked about specifically with LiveIntent. Can you just talk about kind of the compounding value of bringing differentiated data sets and how that kind of brings a more holistic view, kind of that one-plus-one equals three dynamic?

好的。謝謝。其次是資料雲，實際上是 360 度的客戶視圖，您在 LiveIntent 中專門談到這一點。您能否談談帶來差異化資料集的複合價值，以及如何帶來更全面的觀點，即一加一等於三的動態？

Yes. So one of the great things about LiveIntent is the number of e-mail hashed e-mails they see every month. You're talking over 240 million deterministic individuals that they're seeing across the entire Internet. We're able to see that across a very large number of publishers, they're able to see it across the 2,000 top and most premium publishers in the country.

是的。因此，LiveIntent 的一大優點是他們每月看到的經過哈希處理的電子郵件數量。您談論的是他們在整個互聯網上看到的超過 2.4 億確定性個體。我們可以看到，在大量的出版商中，他們在國內 2,000 家頂級和最優質的出版商中都看到了這一點。

So by adding those incremental data sets, it's going to be a very, very additive signal to the data cloud. What I would also say is I do expect us to increase the number of individuals we see in the data cloud from, call it, around 240 million to as many as 245 million, might not sound like a humongous jump, but it is when you look at the additional signals, and the additional people who are added into the data cloud.

因此，透過添加這些增量資料集，這將成為資料雲的一個非常非常附加的訊號。我還想說的是，我確實希望我們能夠將數據雲中的人數從大約 2.4 億增加到多達 2.45 億，這聽起來可能不是一個巨大的跳躍，但當你查看額外的信號以及添加到數據雲端中的額外人員。

As I earlier said, too, it also puts a belt and suspenders and suspenders on the data cloud. It's another massive importation of opted in first-party data in addition to the other data sets, we're already ingesting. In some cases, it's duplicative, but it's nice to know you have a belt and suspenders on that.

我剛才也說了，它還在數據雲上放了一條皮帶、吊帶、吊帶。除了我們已經攝取的其他資料集之外，這是選擇加入第一方資料的另一個大規模導入。在某些情況下，它是重複的，但很高興知道你有腰帶和背帶。

Thank you.

謝謝。

Thanks, Matt.

謝謝，馬特。

Jason Kreyer, Craig-Hallum.

賈森·克雷爾，克雷格·哈勒姆。

Great. Thank you, guys. Congrats again, I'll echo, great quarter. Just the success you saw in political this season, wondering if you think you can translate that into other verticals or maybe like the broader advocacy spend over time?

偉大的。謝謝你們，夥計們。再次恭喜，我會回應，偉大的季度。只是您本季在政治上看到的成功，想知道您是否認為可以將其轉化為其他垂直領域，或者隨著時間的推移，可能會像更廣泛的宣傳支出一樣？

There's always a halo effect, Jason. First of all, thank you. You interact with these campaigns. When campaigns win, those individuals go into government and they join other packs and they join other ecosystems. And when those campaigns we work with lose, they go to other enterprises and agencies where we can work with them. So there is a nice halo effect that comes out of that component of the business.

光環效應總是存在的，傑森。首先，謝謝您。您與這些活動互動。當競選活動獲勝時，這些人就會進入政府，加入其他群體，加入其他生態系統。當我們合作的那些活動失敗時，他們就會轉向我們可以與之合作的其他企業和機構。因此，該業務的組成部分產生了很好的光環效應。

Okay. And then maybe just a follow-up for Chris. Appreciate the color on agencies and how that has impacted that EBITDA to free cash flow conversion. Do you think we're primarily -- like do you think that's trough by now do you think we're through kind of the majority of the headwind there? Because it sounds like you've penetrated the big five agencies reasonably well. And as you go after that mid-market or independent agencies, probably less of that free cash flow conversion or less of that gets trapped in that conversion there?

好的。然後也許只是克里斯的後續行動。欣賞機構的顏色以及它如何影響 EBITDA 到自由現金流的轉換。你認為我們主要是 - 你認為現在已經是低谷了嗎？因為聽起來你對五大機構的滲透已經相當不錯了。當你追求中端市場或獨立機構時，自由現金流轉換可能會減少，或被困在那裡的轉換會減少？

Jason, it was a 20-point headwind annualized all of last year, and that translated to like a $25 million deficit between working capital, so cash taken in versus cash paid out. It was about the same percentage point headwind in the third quarter, right? We reported 48% conversion from EBITDA, but it would have been 67%, if not for a $10 million working capital headwind. The growth would be large agencies, as we said in the script, is still in its very, very early days.

傑森，去年全年的年化逆風為 20 個點，這意味著營運資金之間存在 2500 萬美元的赤字，即吸收的現金與支付的現金之間的赤字。第三季的逆風大約有相同的百分點，對吧？我們報告的 EBITDA 轉換率為 48%，但如果沒有 1000 萬美元的營運資金逆風，這個數字本來應該是 67%。正如我們在劇本中所說，大型機構的成長仍處於非常非常早期的階段。

And then when you add on top of it, the new opportunity we see with an even bigger count independent agency marketplace. I still expect us to have those headwinds, again, based purely on our growth rates and the industry's payment cycles. We have no bad debt with any of these accounts, not even in the fringe of having to explore such a scenario. So it's just pure timing of when we get paid.

然後，當你添加到它之上時，我們看到了一個更大的獨立代理商市場的新機會。我仍然預期我們會再次遇到這些阻力，純粹基於我們的成長率和產業的支付週期。我們的這些帳戶都沒有壞賬，即使在必須探索這種情況的邊緣也是如此。所以這只是我們獲得報酬的純粹時間。

All right, got it. Thank you.

好的，明白了。謝謝。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great. Thank you so much. I first wanted to ask about the mobile product, where you highlighted some faster-than-expected traction. And I believe LiveIntent also has a mobile product. So I'd just love to better understand the capability of Zeta's mobile product versus LiveIntent what the go-to-market strategy is between the two products and how we could think about mobile adoption scaling into next year?

偉大的。太感謝了。我首先想問有關移動產品的問題，您強調了一些比預期更快的牽引力。我相信LiveIntent也有行動產品。因此，我只是想更了解 Zeta 行動產品與 LiveIntent 的功能，這兩種產品之間的上市策略是什麼，以及我們如何考慮將行動應用擴展到明年？

Thank you, Elizabeth. Yes. No, we are seeing mobile scale faster than expected. We have multiple enterprise clients and agency clients already on it. The real breakthrough for us was the ability to put AI at the heart of the mobile product as well, which allows us to target deterministic individuals wherever they are. That's a big differentiator from others who are not able to see the deterministic level inside of that mobile environment.

謝謝你，伊麗莎白。是的。不，我們看到行動裝置的擴展速度比預期更快。我們已經有多個企業客戶和代理客戶。對我們來說，真正的突破是能夠將人工智慧置於行動產品的核心，這使我們能夠瞄準確定性的個人，無論他們身在何處。這與其他無法看到移動環境內部確定性水平的人有很大區別。

LiveIntent has a number of identifiers into that mobile environment, including mobile ID number on millions and millions of people. So the ability to put their capabilities together with our best-of-breed AI intelligent mobile product is scaling faster than expected. I think it will be our next meaningful product line after connected television.

LiveIntent 在該行動環境中擁有許多標識符，包括數百萬人的行動 ID 號碼。因此，將他們的功能與我們同類最佳的人工智慧智慧行動產品相結合的能力正在以比預期更快的速度擴展。我認為這將是我們繼連網電視之後下一個有意義的產品線。

Great. And then just as a follow-up, I wanted to ask about the collective contribution between political and advocacy. I believe last quarter it was referenced that it was less than $10 million collectively between political and advocacy. So is there an update that you could provide for Q3? And then looking ahead, the color on the halo effect was super helpful. And I just wanted to know if there's any cyclicality, to keep in mind for the advocacy group as we think about next year?

偉大的。作為後續行動，我想詢問政治和倡議之間的集體貢獻。我相信上個季度有人提到政治和宣傳之間的總費用不到 1000 萬美元。那麼您可以為第三季提供更新嗎？然後展望未來，光環效果上的顏色非常有幫助。我只是想知道是否存在週期性，以便在我們考慮明年時記住倡導小組？

Yeah. It's interesting. If you compare the -- let's kind of take them in piece parts, to compare what we're seeing in 2024 to the 2022 cycle. The growth in political Canada revenue is substantial. And it was about back in -- looking at the notes here back in 2022, we're up over 440% in political candidate revenue. It represents 56% of the total back in 2022, like 90% of the combined revenue is advocacy.

是的。這很有趣。如果你比較——讓我們把它們分成幾個部分，比較我們在 2024 年和 2022 年周期看到的情況。加拿大政治收入大幅成長。回顧 2022 年的筆記，我們的政治候選人收入增加了 440% 以上。到 2022 年，它佔總收入的 56%，例如總收入的 90% 來自宣傳。

In fact, advocacy on a third quarter basis versus the 2022 cycle is only up 3%. So it just so happened that this cycle, again, working across both sides of the aisle. Political name political candidate contribution was much higher. I think advocacy not only will it be a good contributor this year, but we're building a practice around it, so it can sustain itself in 2025, as well building people in addition to building capabilities into that ecosystem.

事實上，與 2022 年周期相比，第三季的宣傳量僅成長了 3%。所以碰巧的是，這個循環再次在兩黨之間發揮作用。政治名政治候選人的貢獻要高得多。我認為倡議不僅會成為今年的一個很好的貢獻者，而且我們正在圍繞它建立一種實踐，以便它能夠在 2025 年維持下去，除了為該生態系統建設能力之外，還可以培養人才。

But overall, political candidate contribution was a heavier part of our overall total advocacy in political Canada revenue this year. But as a mix, advocacy was actually down pretty substantially.

但總體而言，政治候選人的捐款在我們今年加拿大政治收入的整體倡議總額中所佔的比例較大。但綜合來看，擁護度其實大幅下降。

Thank you.

謝謝。

Thanks Elizabeth.

謝謝伊麗莎白。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Yes, thanks for taking the question, guys. Two from me. And the first one, it's about the 2025 commentary, Chris. I totally understand this year is going to be great from a growth perspective. Exit rate, 40%. But then excluding political and inorganic contributions more like 25%. And when we look at the organic side of the performance over the past two quarters, 30%-plus. But when I think about the commentary that you have for 2025 on the organic standpoint, it looks like its low 20s. And so just is there anything we should be aware of in the business or the way you're thinking about the business in 2025 where organic growth wouldn't reach a similar type of performance that we have been seeing here?

是的，謝謝你們提出這個問題，夥伴們。我的兩個。第一個是關於 2025 年的評論，克里斯。我完全理解，從成長的角度來看，今年將會是很棒的一年。退出率，40%。但如果排除政治和無機捐款，則約為 25%。當我們查看過去兩個季度的自然表現時，超過 30%。但當我思考你們從有機角度對 2025 年的評論時，它看起來像是 20 多歲。那麼，在業務中，我們應該注意什麼，或者您對 2025 年業務的思考方式，因為有機成長不會達到我們在這裡看到的類似績效？

Koji, I think what you're hearing from us directly is just Zeta wanting to continue to be conservative. And we have a cadence where we provide a significant amount of detail on the February call, which we'll do again, talk about not only the updated model for next year, but what's included in the new long-term model we continue to see ourselves as being a 20%-plus organic grower.

Koji，我認為你直接從我們這裡聽到的只是澤塔想要繼續保守。我們有一個節奏，我們在二月份的電話會議上提供了大量細節，我們將再次這樣做，不僅討論明年的更新模型，而且討論我們繼續看到的新的長期模型中包含的內容我們自己是20 % 以上的有機種植者。

My commentary would obviously imply that would be the case next year when you normalize for political candidate revenue, but we believe we have a great sales pipeline. We're building the sales force, many new products to bring to the market, which, again, 2025 is about setting an understanding of what we're comfortable with, but continuing to be conservative, and we plan to update that in February.

我的評論顯然暗示明年政治候選人收入正常化時就會出現這種情況，但我們相信我們擁有良好的銷售管道。我們正在建立銷售隊伍，將許多新產品推向市場，到 2025 年，我們將再次了解我們所滿意的內容，但仍保持保守，我們計劃在 2 月更新這一點。

And remember, Koji, we came into this year below 20%, and here we are, right? So we're not suggesting we're going to continue to do it in that way. But there's nothing we're seeing in the business that's problematic. We're just trying to level set expectations. At the same time, a lot of people have said, oh, are they going to hit next year. So we want to make it clear, we see next year as a starting point.

請記住，Koji，我們今年的成長率低於 20%，而我們就在這裡，對嗎？所以我們不建議我們繼續這樣做。但我們在業務中沒有發現任何問題。我們只是想達到設定的期望。同時，很多人都說，哦，明年是不是還要打。所以我們想明確表示，我們認為明年是一個起點。

And we have beat and raised quarters in a row. Our goal is to be sitting here a year from now and saying it's 17 quarters in or, I guess, that would be 16 statistically, but you understand my point.

我們已經連續擊敗並提高了四分之一。我們的目標是一年後坐在這裡說已經是 17 個季度了，或者我猜，統計上應該是 16 個季度，但你明白我的觀點。

Yes. Totally get it. And just one follow-up here on LiveIntent. When I look at the acquisition deck, it did mention pro forma revenue around $76 million for this 2024. Any sort of update into the growth rates or growth rates you're seeing there post close? And any sort of purchasing accounting assumptions that we should be thinking about with this acquisition? Thanks guys.

是的。完全明白了。這裡只是 LiveIntent 的一個後續行動。當我查看收購計劃時，它確實提到了 2024 年預計收入約為 7600 萬美元。對於這次收購，我們應該考慮什麼類型的採購會計假設？謝謝你們。

Just in terms of growth rates, what we said back when we acquired it is a similar growth rate as Zeta has historically had, so call it right around 20% a bit over that. We're still in that kind of integration phase. We're excited about the synergies we're seeing. We'll give very specific guidance on the February call and what we're presuming for that business, but it's got a very healthy growth rate out of the gate.

就成長率而言，我們在收購它時所說的成長率與 Zeta 歷史上的成長率類似，因此可以說是稍微高一點的 20% 左右。我們仍處於這種整合階段。我們對所看到的協同效應感到興奮。我們將就二月份的電話會議以及我們對該業務的假設提供非常具體的指導，但它的成長率非常健康。

Thank you.

謝謝。

Thanks, Koji.

謝謝，小二。

Zach Cummins, B. Riley Securities.

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

Hi, good afternoon, David and Chris. Congrats on another strong quarter. David, I just wanted to ask about your expanded lineup of Gen AI agents that you rolled out at Zeta Live. I mean can you give us a sense of the interest you've been seeing from both agencies and enterprise clients? And any sort of update adoption trends as you think about expanding out that lineup?

嗨，下午好，大衛和克里斯。祝賀又一個強勁的季度。 David，我只是想問一下您在 Zeta Live 上推出的 Gen AI 代理擴展陣容。我的意思是，您能否讓我們了解您從代理商和企業客戶那裡看到的興趣？當您考慮擴大陣容時，有哪些更新採用趨勢？

Yes. So when we rolled out, I don't know if you were there, Zach, but when we rolled out the new AI agent studios, we did it on the innovation stage, which was the smaller stage. It was opposite like a rock star panel on the main stage. And the innovation stage with standing remotely, we couldn't get people to go back to the main stage from the innovation stage because people were so excited about the rollout of the AI agent. So what I would tell you is the adoption rate of our AI agents, is bigger than anything I've seen us do as a company yet.

是的。因此，當我們推出新的人工智慧代理工作室時，我不知道你是否在場，但當我們推出新的人工智慧代理工作室時，我們是在創新階段進行的，這是較小的階段。它就像主舞台上的搖滾明星面板一樣相對。而在遠端站立的創新舞台上，我們無法讓人們從創新舞台回到主舞台，因為人們對人工智慧代理的推出感到非常興奮。所以我要告訴你的是，我們的人工智慧代理的採用率比我所看到的我們作為一家公司所做的任何事情都要大。

Clients are in the studio. They are building their own agents. They are using the collective agents that are available there. I think it's one of the reasons you heard Chris say that we are now at the top of our $110 million to $115 million net retention rate as a company, and could conceivably continue to go higher. We're seeing clients use these agents at an unparalleled pace, both agencies and enterprises.

客戶在工作室。他們正在建立自己的代理。他們正在使用那裡可用的集體代理。我認為這就是您聽到 Chris 說我們公司淨留存率目前處於 1.1 億至 1.15 億美元最高水平的原因之一，並且可以想像會繼續走高。我們看到客戶以無與倫比的速度使用這些代理，無論是代理商還是企業。

Understood. And my one follow-up is really around partnership channel. Great to see expanded relationships with Snowflake also a new relationship with Yahoo! But any update you can give us on the system in a greater channel? I know you had plans of building out a practice on that side. So I'm just curious of how you're thinking about that as a lever for growth moving forward?

明白了。我的後續行動其實是圍繞著合作夥伴管道進行的。很高興看到與 Snowflake 的關係得到擴展，也與 Yahoo! 建立了新的關係。但是您可以透過更大的管道向我們提供有關係統的任何更新嗎？我知道你計劃在這方面建立一個實踐。所以我只是好奇您如何將其視為未來成長的槓桿？

Yeah. I mean, interestingly enough, we've already got two up and running. So we're just we're just trying to make sure that we really crack the code before we start really talking about it again. It was always meant to be a growth channel, and we've been pretty clear. It's not even in the numbers for 2025.

是的。我的意思是，有趣的是，我們已經啟動並運行了兩個。所以我們只是想確保在我們再次開始真正討論它之前我們真的破解了代碼。它始終是一個成長管道，我們已經非常明確了。甚至 2025 年的數字中也沒有這個數字。

But at the same time, it's working. So it's interesting to see the adoption rate. It's something that it's a very long sales cycle to get these guys up. So we're happy to have two. Our goal is to get two or three more in the coming quarters, and that's when I think it will become a meaningful driver to the business.

但同時，它正在發揮作用。所以看到採用率很有趣。要讓這些人站起來需要很長的銷售週期。所以我們很高興有兩個。我們的目標是在未來幾季再增加兩到三個，那時我認為它將成為業務的有意義的推動力。

Understood. Well, thanks for taking my questions and best of luck with the rest of the quarter.

明白了。好吧，感謝您提出我的問題，並祝本季剩下的時間一切順利。

Thanks Zach.

謝謝扎克。

Clark Wright, DA Davidson.

克拉克·賴特，DA 戴維森。

Awesome. Thank you. Can you talk about the LiveIntent deal and how this will impact some of the KPIs, like the skilled customer account? And then additionally, do you believe that the 17 times uplift in ARPU from scaled customers to super scaled to be applied to the customers who started with LiveIntent and adopted other Zeta offerings?

驚人的。謝謝。您能否談談 LiveIntent 交易以及這將如何影響某些 KPI（例如熟練客戶帳戶）？另外，您是否認為 ARPU 從規模化客戶到超級規模化的 17 倍提升適用於開始使用 LiveIntent 並採用其他 Zeta 產品的客戶？

Hi Clark, we'll give the LiveIntent figures, obviously, having acquired it post the end of third quarter, we'll do all the inclusion of their metrics at the end of this year, so in the February call. But broadly speaking, from an ARPU perspective, their combined ARPU as a company is closer to what ours is for the $100,000 to $1 million category.

嗨，克拉克，我們將提供 LiveIntent 的數據，顯然，我們在第三季末獲得了它，我們將在今年年底將其所有指標納入其中，所以在 2 月的電話會議中。但從廣義上講，從 ARPU 的角度來看，他們作為一家公司的 ARPU 值與我們在 10 萬至 100 萬美元類別中的 ARPU 值更接近。

Their 1 million plus customers are closer to like 1.5 million compared to ours, that's almost 5 million. So we've got some early reads into it, but we'll give the rest of the details in February. But it will obviously result in a substantial number of incremental scale customers.

他們的 100 多萬客戶比我們的客戶接近 150 萬，接近 500 萬。我們已經對其進行了一些初步解讀，但我們將在二月份提供其餘的詳細資訊。但顯然這會帶來大量規模客戶的增量。

Yes. And I do want to point out, Clark, I think this is important to note. We did close that deal in Q4. So none of that deal none of the KPIs. None of the revenue is in the numbers we just reported for Q3.

是的。我確實想指出，克拉克，我認為這一點值得注意。我們確實在第四季度完成了這筆交易。因此，這些都與 KPI 無關。我們剛剛報告的第三季的數字中沒有任何收入。

Got it. Thank you. All. My other questions have been answered.

知道了。謝謝。全部。我的其他問題已經得到解答。

Thanks, Clark.

謝謝，克拉克。

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

Yes, hi. Thanks for taking my question. I'll just ask one for the sake of time. David, I wanted to ask you where the spending is coming for your new agent studio product that you released. I know you talked to a lot of C-level executives. So as we think about the spending for these type of products and these agent products next year, is it coming out of IT budgets or our customers building a second budget for these AI products?

是的，嗨。感謝您提出我的問題。由於時間關係，我就只問一個。大衛，我想問你，你發布的新代理工作室產品的支出來自哪裡。我知道您與許多 C 級主管進行過交談。因此，當我們考慮明年此類產品和代理產品的支出時，它是來自 IT 預算還是我們的客戶為這些人工智慧產品製定了第二個預算？

And then talk to us how you can make sure that you can continue to gain share in that one. What is that dynamic? What are you seeing in terms of conversation in regards to the budgeting process for these new Asian products? Thanks.

然後告訴我們如何確保您能夠繼續獲得該市場的份額。那動態是什麼？您對這些亞洲新產品的預算流程的對話有何看法？謝謝。

Thank you, Brian. So what I would say is, like any new product, you're seeing it come out of multiple buckets, right? It's coming out of the IT budget. It's coming out of the software budget and some of it, it's coming out of the marketing budget. But truthfully, I do believe going into next year enterprises we're talking to because yes, we talk to a lot of CEOs are setting up standalone AI budgets around innovation.

謝謝你，布萊恩。所以我想說的是，就像任何新產品一樣，你會看到它來自多個桶，對嗎？它來自 IT 預算。它來自軟體預算，其中一些來自行銷預算。但說實話，我確實相信明年我們正在交談的企業，因為是的，我們與許多執行長交談過，他們正在圍繞創新制定獨立的人工智慧預算。

And we believe with our proprietary data because as we've said multiple times, AI is only as good as the data you feed into it. So when you put the CDP in place, you take their data, all of our data, that's where the magic happens. You've got all of their first-party proprietary data, all of our first-party proprietary data, and you begin to look at how the algorithms get smarter and smarter.

我們相信我們的專有數據，因為正如我們多次說過的那樣，人工智慧的好壞取決於您輸入的數據。因此，當您將 CDP 放置到位時，您就可以獲得他們的數據，我們所有的數據，這就是奇蹟發生的地方。你已經獲得了他們所有的第一方專有數據，我們所有的第一方專有數據，並且你開始研究演算法如何變得越來越聰明。

The beauty and the thing I love most about this component of the enterprise budget, Brian, is its cost savings to the enterprise. So we're able to put out an AI agent that can eliminate $10,000, $250,000 a year data science jobs, to put it in perspective. And in exchange for that $2.5 million in savings, they might be spending $200,000 or $300,000 with us.

Brian，企業預算這一部分的美妙之處和我最喜歡的一點是它為企業節省了成本。因此，我們能夠推出一款人工智慧代理，每年可以減少 10,000 美元、250,000 美元的資料科學工作崗位，以正確的角度來看。為了換取這 250 萬美元的節省，他們可能會在我們這裡花費 20 萬或 30 萬美元。

So it's a really, really good return on investment. And then from a growth perspective, what we find is our enterprise clients who use our CDPs, use our AI agents are substantially stickier. They scale faster.

所以這是一個非常非常好的投資回報。然後從成長的角度來看，我們發現使用我們的 CDP、使用我們的人工智慧代理的企業客戶的黏性要高得多。他們的規模擴大得更快。

Thanks for that color. Congratulations on the results.

謝謝那個顏色。祝賀結果。

Thank you, Brian. I really appreciate it.

謝謝你，布萊恩。我真的很感激。

Ryan MacWilliams, Barclays.

瑞安·麥克威廉斯，巴克萊銀行。

Hi guys, thanks for the question. Love to hear just how the macro impacted Zeta in the quarter. And I know it's early, but have you noticed any changes from customers post the election in terms of unlocking marketing spend? And any thoughts into your customers' plans for holiday season messaging at this point for the fourth quarter?

大家好，謝謝你們的提問。我很想聽聽宏觀經濟對本季 Zeta 有何影響。我知道現在還為時過早，但您是否注意到選舉後客戶在釋放行銷支出方面有何變化？您對客戶第四季度假日季訊息傳遞計畫有什麼想法嗎？

Yes, Ryan. The certainty of the election with a winner without a long drawn out process has led not just the markets to react positively, but we're also seeing advertisers unlock dollars that we might not have expected.

是的，瑞安。選舉的確定性以及獲勝者無需經過漫長的過程，這不僅導致市場做出積極反應，而且我們還看到廣告商釋放了我們可能沒有預料到的資金。

Appreciate that. And anything on the holiday season at this point.

很欣賞這一點。以及此時假日期間的任何事。

We put out our guidance. We obviously feel good about it. We raised the year's guidance by $61 million, which is quite a bit against our current budget. And listen, our goal is to be sitting with you in February talking about 2025 guidance, talking about our new 2028 long-term plan and announcing our 14th consecutive quarter of beating and raising guidance.

我們發布了我們的指導。我們顯然對此感覺良好。我們將今年的指導方針提高了 6,100 萬美元，這與我們目前的預算相比相當高。聽著，我們的目標是在 2 月份與您一起討論 2025 年指導，討論我們新的 2028 年長期計劃，並宣布我們連續 14 個季度超出和提高指導。

So right now, we're feeling very, very good about the business. We're firing on 10 of 12 cylinders, and we really feel like the engine is doing well, and we're very bullish on Q4.

所以現在，我們對這項業務感覺非常非常好。我們正在對 12 個氣缸中的 10 個進行點火，我們真的感覺引擎表現良好，我們非常看好第四季度。

Appreciate that. And just on guidance for next year. Have the top five agency Holdco customers talked about their plans for Zeta next year? And would you expect your agency business, to be a stronger contributor to your revenue growth next year compared to this year?

很欣賞這一點。只是關於明年的指導。排名前五位的 Holdco 代理客戶是否談論過他們明年的 Zeta 計劃？與今年相比，您是否期望您的代理業務明年對您的收入成長做出更大的貢獻？

I don't know about the last part. I think we'll have to see about that. The agencies have scaled very nicely, and we're very pleased, as I'm sure you heard in our prepared remarks, at what how fast some of our new agency clients are migrating to direct, which showed a step-up in our direct versus integrated platform revenue. I think that's a trend that will continue as we move forward. What I would say is that our largest agency client just renewed for another two, three years.

我不知道最後一部分。我想我們必須看看這一點。這些代理商的規模非常大，我們非常高興，正如我相信您在我們準備好的發言中聽到的那樣，我們的一些新代理客戶遷移到直接服務的速度有多快，這表明我們的直接服務有所進步與整合平台收入相比。我認為隨著我們的前進，這種趨勢將會持續下去。我想說的是，我們最大的代理客戶剛剛續約了兩三年。

We're seeing very bullish signs out of them, and we're working on the plan for next year. But there are minimum agreements already in most of our plans. And as I said, we're feeling very solid at having next year be, I forget if it's our fifth or sixth year in a row. Thank you, Chris, up 20%-plus growth organic.

我們看到了非常樂觀的跡象，我們正在製定明年的計劃。但我們大多數的計劃中已經達成了最低限度的協議。正如我所說，我們對明年的表現感到非常堅定，我忘記這是我們連續第五年還是第六年。謝謝克里斯，有機成長超過 20%。

Thank you. There are no further questions at this time. I would like to pass the call back over to David for closing comments.

謝謝。目前沒有其他問題。我想將電話轉回大衛以徵求結束意見。

Thank you, operator. I will end on, I have never been more proud or more excited to be running this business. We are executing exceptionally well. We're working in lockstep with our clients and our strategic partners. And I think that has been evidenced by the organic growth in this business that we expect to continue for many years to come. So thank you for attending the call, and we look forward to interacting with many of you again soon. Bye.

謝謝你，接線生。最後，我對經營這項業務感到無比自豪和興奮。我們執行得非常好。我們與客戶和策略夥伴步調一致。我認為這一點已被該業務的有機成長所證明，我們預計該業務將持續多年。感謝您參加這次電話會議，我們期待很快再次與你們中的許多人互動。再見。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。