Zeta Global Holdings Corp (ZETA) 2024 Q4 法說會逐字稿

Greetings and welcome to the Zeta fourth quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Matt Pfau, Senior Vice President of Investor Relations. Thank you, sir. You may begin.

問候並歡迎參加 Zeta 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人，投資者關係高級副總裁 Matt Pfau。謝謝您，先生。你可以開始了。

Thank you, operator. Hello, everyone, and thank you for joining us for Zeta's fourth quarter and full year 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.

謝謝您，接線生。大家好，感謝您參加 Zeta 2024 年第四季和全年電話會議。今天的簡報和收益報告可在 Zeta 的投資者關係網站 investors.zetaglobal.com 上查閱，您也可以在該網站上找到我們的 SEC 文件連結以及有關 Zeta 的其他資訊。

Joining me today on the call are David Steinberg, Zeta's Co-Founder, Chairman, and Chief Executive Officer, and Chris Greiner, Zeta's Chief Financial Officer. Before we begin, I'd like to remind everyone that statements made on this call, as well as in the presentation and earnings release contain forward-looking statements regarding our financial outlook, business plans and objectives, and other future events and developments, including statements about the market potential of our products, potential competition, revenues of our products, and our goals and strategies.

今天與我一起參加電話會議的還有 Zeta 的共同創辦人、董事長兼執行長 David Steinberg 和 Zeta 的財務長 Chris Greiner。在我們開始之前，我想提醒大家，本次電話會議以及簡報和收益報告中所作的陳述包含有關我們的財務前景、業務計劃和目標以及其他未來事件和發展的前瞻性陳述，包括有關我們產品的市場潛力、潛在競爭、我們產品的收入以及我們的目標和戰略的陳述。

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.

這些聲明受風險和不確定性的影響，可能導致實際結果與預測結果有重大差異。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，並且僅代表截至今天的觀點。

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-gap measures in managing our business and believe they provide useful information for our investors.

此外，我們今天的討論將包括對某些補充非 GAAP 財務指標的引用，這些指標應被視為對我們的 GAAP 結果的補充，而不是替代品。我們在管理業務時使用這些無差距指標，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 our other filings with the SEC. With that, I will now turn the call over to David.

在適當的情況下，非公認會計準則指標與相應的公認會計準則指標的對帳表可在我們網站上的收益報告以及我們的收益報告和我們向美國證券交易委員會提交的其他文件中找到。說完這些，我現在將電話轉給大衛。

Thank you, Matt. Good afternoon, everyone, and thank you for joining us today. 2024 was a record year for Zeta, capped by a strong fourth quarter where we once again exceeded expectations. Marketing is at the front lines of the AI revolution, driving an unprecedented replacement cycle across the marketing technology ecosystem.

謝謝你，馬特。大家下午好，感謝大家今天的參與。 2024 年是 Zeta 創紀錄的一年，其中第四季表現強勁，再次超出預期。行銷處於人工智慧革命的前沿，推動整個行銷技術生態系統前所未有的替代週期。

At Zeta we've consistently skated to where the puck is going. Our early investments in AI and first-party data are resonating with customers and prospects, fueling our record fourth quarter results and contributing to our market share gains. We believe these investments will propel us to over $2 billion in annual revenue by 2028, as outlined in our Zeta 2028 plan.

在 Zeta，我們始終如一地滑行到冰球要去的地方。我們早期在人工智慧和第一方數據方面的投資得到了客戶和潛在客戶的共鳴，推動了我們第四季度創紀錄的業績，並促進了我們的市場份額成長。我們相信，這些投資將推動我們在 2028 年實現年收入超過 20 億美元，正如我們的 Zeta 2028 計畫中所述。

In the fourth quarter of 2024, we generated record revenue of $315 million up 50% year over year with record adjusted EBITDA of $70 million up 57% year over year, both well ahead of our guidance. For 2025, we are guiding to our sixth consecutive year of 20% growth alongside another year of free cash flow margin expansion.

2024 年第四季度，我們創造了 3.15 億美元的創紀錄收入，年增 50%，調整後 EBITDA 達到 7,000 萬美元，年成長 57%，均遠超出我們的預期。展望 2025 年，我們預計將連續第六年實現 20% 的成長，同時自由現金流利潤率也將擴大一年。

Our Zeta 2028 plan forecasts a similar trajectory 20% organic revenue CAGR between 2024 and 2028. Adjusted EBITDA margin improvement of 580 basis points to at least 25% margin. And free cash flow margin expansion of 700 basis points to at least 16% over this time frame. 2024 was an exceptional year for Zeta, and as we enter 2025, our momentum is accelerating. The business has never been stronger, and the opportunity has never been bigger.

我們的 Zeta 2028 計畫預測 2024 年至 2028 年期間有機收入複合年增長率將達到類似的 20%。調整後的 EBITDA 利潤率提高 580 個基點，達到至少 25% 的利潤率。在此期間，自由現金流利潤率將擴大 700 個基點，達到至少 16%。 2024 年對 Zeta 來說是特別的一年，隨著進入 2025 年，我們的勢頭正在加速。業務從未如此強大，機會從未如此巨大。

Our vision of an all-in-one marketing platform with AI and data at its core is resonating more than ever. While most AI products either drive efficiency or drive revenue gains, we believe Zeta's AI does both, creating a powerful competitive advantage and delivering measurable impact.

我們的願景是以人工智慧和數據為核心的一體化行銷平台，這個願景比以往任何時候都更能引起共鳴。雖然大多數人工智慧產品要么提高效率，要么增加收入，但我們相信 Zeta 的人工智慧可以同時實現這兩者，從而創造強大的競爭優勢並產生可衡量的影響。

In Q4, the dollar value of RFPs reached a record high, up close to 40% year over year, with the total pipeline growth of almost 60%. Our US NPS score increased 8 points year over year to 55 points. We saw significant traction with our OneZeta initiative, which focuses on expanding customer use cases, extending our solutions to become more indispensable.

第四季度，RFP 的美元價值創下新高，較去年同期成長近 40%，總專案管道成長近 60%。我們的美國 NPS 評分去年同期增加了 8 分，達到 55 分。我們的 OneZeta 計畫取得了顯著的進展，該計畫專注於擴大客戶使用案例，擴展我們的解決方案，使其變得更加不可或缺。

A prime example is a Fortune 500 retailer who was an existing retention-based CDP client that added a customer acquisition use case, which should more than double their investment with us.

一個典型的例子是，財富 500 強零售商原本是一家基於保留的 CDP 客戶，後來增加了客戶獲取用例，這將使他們對我們的投資增加一倍以上。

Now let's talk about AI and agentic AI adoption across our platform. As a reminder, our Gen AI products empower customers in three ways productivity, automating marketing tasks with intelligent AI agents, personalization, enhancing customer experiences with AI-driven audience insights, and precision. Enabling marketers to interact conversationally with Zeta's marketing platform for faster, more complete answers.

現在讓我們來談談我們平台上 AI 和代理 AI 的採用。提醒一下，我們的 Gen AI 產品透過三種方式增強客戶的能力：生產力、使用智慧 AI 代理自動執行行銷任務、個人化、透過 AI 驅動的受眾洞察增強客戶體驗以及精準度。讓行銷人員能夠與 Zeta 的行銷平台進行對話互動，以獲得更快、更完整的答案。

But AI isn't just a tool, it's an extension of the marketing team. Our agentic AI performs specialized roles within an enterprise, seamlessly integrating into workflows to drive efficiency. And superior performance. For example, operations specialist agents. We are working with multiple financial institutions to automate their quality assurance processes for marketing campaigns. These AI-driven QA agents replace a manual 10-step process integrating with QA systems of record to track completion, agent ownership, and results, ensuring compliance and improving efficiency.

但人工智慧不僅僅是一種工具，它是行銷團隊的延伸。我們的代理商 AI 在企業內扮演著專門的角色，無縫整合到工作流程中以提高效率。且性能優越。例如，營運專家代理。我們正在與多家金融機構合作，以實現其行銷活動品質保證流程的自動化。這些人工智慧驅動的 QA 代理取代了手動的 10 步驟流程，與記錄的 QA 系統整合以追蹤完成情況、代理所有權和結果，確保合規性並提高效率。

Your own virtual data scientist agents. Clients can bring their own predictive models into our platform, but aligning those models with ingested events and data structures can be complex. Our agents automate the data mapping process, ensuring seamless integration by intelligently matching fields, normalizing formats, and resolving discrepancies. This removes manual effort and accelerates time to value for clients.

您自己的虛擬資料科學家代理。客戶可以將自己的預測模型帶入我們的平台，但將這些模型與攝取的事件和資料結構結合可能會很複雜。我們的代理自動化資料映射流程，透過智慧匹配欄位、規範格式和解決差異來確保無縫整合。這消除了人工工作並加快了客戶的價值實現時間。

Creative agents. Our visual composer acts like a world class creative director, helping marketers to go from a blank slate to a fully designed campaign in minutes. It leverages existing templates and uses AI to generate images, body content, subject lines, and content blocks, reducing iteration cycles and accelerating campaign deployment.

創意代理商。我們的視覺作曲家就像一位世界級的創意總監，幫助行銷人員在幾分鐘內從一張白紙完成整個設計好的活動。它利用現有模板並使用人工智慧生成圖像、正文內容、主題行和內容區塊，從而減少迭代周期並加速活動部署。

While for some companies, AI is just a press release or an add-on. For Zeta, it is foundational to our platform. We have been investing in AI for more than 7 years, not 7 months and we have the results to prove it.

而對一些公司來說，人工智慧只是一種新聞稿或是附加功能。對 Zeta 來說，它是我們平台的基礎。我們在人工智慧領域投資已經 7 年多了，而不是 7 個月，我們有成果可以證明這一點。

In 2024, AI adoption across our platform surged. 126 brands adopted our data cloud AI within its first year of launch. AI agent usage grew nearly 200% sequentially in Q4 as more enterprises embedded automation. Over 1,000 behavioral taxonomies were created using AI alone, doubling the number of taxonomies in our platform.

2024 年，我們平台上的 AI 應用將激增。在推出的第一年內，就有 126 個品牌採用了我們的數據雲 AI。隨著越來越多的企業嵌入自動化，人工智慧代理的使用量在第四季度環比增長了近 200%。僅使用 AI 就創建了超過 1,000 個行為分類法，使我們平台上的分類法數量增加了一倍。

We are truly shaping the future of AI powered marketing. Rather than charging separate fees, we monetize our AI products through increased consumption, accelerating adoption across our customer base.

我們正在真正塑造人工智慧行銷的未來。我們不收取單獨的費用，而是透過增加消費來實現我們的人工智慧產品貨幣化，從而加速整個客戶群的採用。

Although we are still early in AI adoption across our platform, we saw a meaningful impact to our consumption revenue, which increased over 40% in 2024, a significant acceleration from 2023. And unlike other software companies, we do not need to pivot our business model to monetize our AI innovations. We are already doing so as evidenced by our 2024 results.

儘管我們平台在人工智慧方面的應用仍處於早期階段，但我們看到其對消費收入產生了重大影響，2024 年消費收入成長了 40% 以上，較 2023 年有顯著加速。與其他軟體公司不同的是，我們不需要改變商業模式來實現人工智慧創新的貨幣化。我們 2024 年的業績證明了我們這樣做了。

Zeta's leadership in AI continues to attract top tier talent. Pam Lord recently joined us as President of CRM from Oracle, where she ran their B2B and B2C marketing cloud businesses. Ed See, our new Chief Growth Officer, was previously a partner at McKinsey and Company's marketing and sales practice.

Zeta 在人工智慧領域的領導地位持續吸引頂尖人才。帕姆洛德 (Pam ​​Lord) 最近加入我們，擔任 CRM 總裁，此前她曾在 Oracle 負責 B2B 和 B2C 行銷雲端業務。我們新任首席成長長 Ed See 之前是麥肯錫公司行銷和銷售業務的合夥人。

We also continue to enhance both our team and our platform. We are happy to report that we completed the LiveIntent integration in early January, well ahead of our schedule, and it's already delivering incremental value to our customers.

我們也將不斷加強我們的團隊和平台。我們很高興地報告，我們在一月初完成了 LiveIntent 集成，這遠遠超出了我們的計劃，並且它已經為我們的客戶帶來了增量價值。

We have already launched our first synergistic product from the acquisition, Zeta Direct. This solution combines live intense premium publisher network with the Zeta Data Cloud, enabling marketers to deliver personalized ads directly within newsletter emails. This innovation enhances publisher monetization while driving a higher ROI for marketers and Zeta, a true win, win, win.

我們已經推出了此次收購的首個協同產品 Zeta Direct。此解決方案將即時密集型優質發行商網路與 Zeta 資料雲結合，使行銷人員能夠直接在新聞通訊電子郵件中投放個人化廣告。這項創新提高了出版商的獲利能力，同時為行銷人員和 Zeta 帶來了更高的投資報酬率，實現了真正的三贏。

As I reflect on nearly four years as a public company, Zeta's trajectory has never been clearer. We have beat and raised guidance for 14 consecutive quarters, outperformed our Zeta 2025 plan a year ahead of schedule, and strengthened our AI data leadership. We remain confident in our ability to be a rule of 40 business for many years to come.

回顧作為上市公司的近四年歷程，Zeta 的發展軌跡從未如此清晰。我們已連續 14 個季度超越並提高業績指引，提前一年超額完成了 Zeta 2025 計劃，並鞏固了我們在 AI 數據方面的領導地位。我們堅信，我們有能力在未來許多年內成為 40 條規則下的企業。

We are truly building a one-of-a-kind company. As always, I would sincerely like to thank our customers, our partners, Team Zeta, and all of our shareholders for their ongoing support of our vision. Now let me turn it over to Chris to discuss our results in greater detail. Chris?

我們確實正在創建一家獨一無二的公司。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。現在讓我把話題交給克里斯來更詳細地討論我們的結果。克里斯？

Thank you, David, and good afternoon, everyone. We have a lot of exciting information to share on our 2024 results and Zeta 2028 plan. But before I get into the details, I want to lead with three main themes.

謝謝你，大衛，大家下午好。我們有很多關於 2024 年業績和 Zeta 2028 計劃的令人興奮的資訊要分享。但在深入討論細節之前，我想先講三個主要主題。

First, consistency. Zeta has been incredibly consistent, beating and raising guidance for 14 consecutive quarters and increasing revenue 20% or greater, while also expanding our free cash flow margin for 4 straight years as a public company.

第一，一致性。Zeta 表現非常穩定，連續 14 個季度超出並提高預期，收入增長 20% 或更多，同時作為上市公司連續 4 年擴大我們的自由現金流利潤率。

Second, momentum. Our investment in an all-in-one marketing platform with AI and data at its core is creating accelerating momentum in our business, driving our fourth quarter record results and positioning us to target continuing to increase revenue at a 20% organic compound annual growth rate over the next 4 years. And third, rarity. There are over 500 public US technology companies.

第二，動力。我們對以人工智慧和數據為核心的一體化行銷平台的投資，為我們的業務創造了加速發展勢頭，推動了我們第四季度創紀錄的業績，並使我們的目標是在未來四年內繼續以 20% 的有機複合年增長率增加收入。第三，稀有性。美國有 500 多家上市科技公司。

Of those, only 23 are expected to increase revenue 20% or greater annually from 2021 to 2025. Of those 23, only 8 are expected to also expand their free cash flow margin annually from 2021 to 2025. Zeta is one of those 8.

其中，預計只有 23 家公司在 2021 年至 2025 年期間每年的收入將增加 20% 或更多。在這 23 家公司中，預計只有 8 家公司在 2021 年至 2025 年期間每年的自由現金流利潤率也會增加。Zeta 就是這 8 個中的一個。

Next to other great companies like Cloudflare, GitLab, and Samsara included in this list. And as you will see with our Zeta 2028 plan, we expect to continue to do this for the next four years. Let's get into the fourth quarter and full year results.

除此之外，名單中還包含其他優秀公司，如 Cloudflare、GitLab 和 Samsara。正如您在我們的 Zeta 2028 計劃中看到的，我們預計在未來四年繼續這樣做。讓我們來看看第四季和全年的業績。

In 4Q, we delivered revenue of $315 million up 50% year to year, or 31% excluding LiveIntent and political candidate revenue. The full year's revenue was just above $1 billion, up 38% year by year, or 30% excluding LiveIntent and political candidate revenue. This exceeded our initial 2024 guide of $875 million by $131 million or 15%.

第四季度，我們的收入為 3.15 億美元，年增 50%，如果不包括 LiveIntent 和政治候選人收入，則成長 31%。全年營收略高於 10 億美元，年增 38%，若不包括 LiveIntent 和政治候選人收入則成長 30%。這比我們最初預期的 2024 年 8.75 億美元高出 1.31 億美元，即 15%。

Total scaled customer count grew to 527 as of December 31, 2024, up 17% year by year, and 52 sequentially. LiveIntent added 34 customers to our scaled customer count, and excluding this contribution, our scaled customer count increased 9% year over year.

截至 2024 年 12 月 31 日，總規模客戶數成長至 527 家，年增 17%，季增 52 家。LiveIntent 在我們的規模客戶數量中增加了 34 個客戶，除去這項貢獻，我們的規模客戶數量年增了 9%。

Super scaled customers of 148 as of year end were up 13% year by year and up 4% sequentially. LiveIntent added three customers to our super scaled customer count, and as a reminder, we count each customer spending at least $1 million with us over the trailing 12 months as one super scaled customer, regardless of how many brands they are using us for. The number of brands spending at least $1 million with us over the trailing 12 months increased 28% year by year. Although customers using us for multiple brands does not benefit customer count, it does have a positive impact on ARPU.

截至年末超級客戶數為148家，較去年同期成長13%，較上季成長4%。LiveIntent 在我們的超級客戶數量中增加了三位客戶，提醒一下，我們將過去 12 個月在我們這裡消費至少 100 萬美元的每位客戶都算作一位超級客戶，無論他們為多少個品牌使用我們的產品。過去 12 個月在我們這裡消費至少 100 萬美元的品牌數量年增了 28%。雖然客戶使用我們的多個品牌不會增加客戶數量，但確實對 ARPU 有正面影響。

Scale of customer quarterly ARPU of $577,000 increased 27% year over year, as reported, and 32% when removing the impact of LiveIntent.

據報道，客戶季度 ARPU 規模為 577,000 美元，同比增長 27%，如果去除 LiveIntent 的影響，則增長 32%。

Net revenue retention for the year was 114% at the high end of our 110% to 115% range, an increase from 111% in 2023, and our highest level as a public company.

全年淨收入保留率為 114%，處於我們 110% 至 115% 範圍的高位，高於 2023 年的 111%，也是我們作為上市公司的最高水準。

From an industry perspective, in 2024, seven of our top 10 industries grew faster than 20% year over year with automotive, consumer retail, insurance, political and advocacy, and technology and media growing the fastest. We ended the year with 180 quota carriers, an increase of 32% year to year, partly driven by our LiveIntent acquisition. Excluding LiveIntent, quota carrying reps increased 20% year over year.

從行業角度來看，到 2024 年，我們十大行業中有七個行業的同比增長速度超過 20%，其中汽車、消費零售、保險、政治和宣傳以及技術和媒體的增長速度最快。截至年底，我們擁有 180 家配額承運商，年增 32%，部分原因是我們收購了 LiveIntent。不包括 LiveIntent，配額持有代表同比增長了 20%。

Our direct mix in the fourth quarter climbed to 74%, up from 70% in the third quarter and slightly higher than 73% in the fourth quarter of 2023. For the full year, our direct revenue mix was 70%.

我們第四季的直接組合從第三季的 70% 上升至 74%，略高於 2023 年第四季的 73%。全年來看，我們的直接收入佔比為 70%。

Our GAAP cost of revenue in the quarter was 40%, a 20-basis point improvement from the fourth quarter of 2023, and up 60 basis points from the third quarter of 2024. For the full year, GAAP cost of revenue was 39.7%, up 210 basis points from 2023, mostly driven by a higher mix of integrated revenue due to our agencies initially adopting the social channel prior to increasing spend to direct channels over time.

本季我們的 GAAP 營收成本為 40%，比 2023 年第四季提高了 20 個基點，比 2024 年第三季提高了 60 個基點。全年，GAAP 收入成本為 39.7%，比 2023 年增加 210 個基點，主要原因是我們的代理商最初採用社交管道，然後逐漸增加對直接管道的支出，導致綜合收入結構更高。

Leverage in other areas of our operating expenses resulted in our 16th straight quarter of expanding adjusted even margins year to year. In the fourth quarter, we generated $70.4 million of adjusted EBITDA at a margin of 22.4%, 110 basis points higher year by year, and $4.5 million better than the mid-point of our guidance.

我們在其他營運費用領域的槓桿作用使我們的調整後利潤率連續第 16 個季度逐年擴大。第四季度，我們的調整後 EBITDA 為 7,040 萬美元，利潤率為 22.4%，較上年同期高出 110 個基點，比我們預期的中位數高出 450 萬美元。

We exceeded our adjusted EBITDA guidance, despite incurring $2 million of additional expenses related to defending against a short seller report. To this point, our audit committee oversaw a review of the allegations, which involved engaging an independent forensic accounting firm to evaluate our shared customer and vendor accounting practices and internal controls.

儘管我們因防禦賣空者報告而產生了 200 萬美元的額外費用，但我們仍超出了調整後的 EBITDA 預期。到目前為止，我們的審計委員會監督了對指控的審查，其中包括聘請一家獨立的法務會計公司來評估我們共享的客戶和供應商的會計實務和內部控制。

Additionally, we hired a leading data and privacy firm to assess our data and privacy practices. The reviews corroborated that our accounting practices were consistent with USA and that the data and privacy allegations in the short seller report were without merit.

此外，我們還聘請了一家領先的資料和隱私公司來評估我們的資料和隱私實踐。這些審查證實，我們的會計實務與美國一致，且賣空者報告中的數據和隱私指控毫無根據。

Additionally, the findings reinforced the strengths of Zeta's internal controls and data privacy practices. For 2024, just that EBITDA was $193 million, representing a margin of 19.2% and a 49% increase year over year.

此外，調查結果也證實了 Zeta 的內部控制和資料隱私實踐的優勢。到 2024 年，EBITDA 就達到 1.93 億美元，利潤率為 19.2%，較去年同期成長 49%。

In the fourth quarter, we achieved positive GAAP net income for the first time as a public company. Our fourth quarter GAAP net income was $15.2 million, which translated to earnings per diluted share of $0.06 in the quarter and a loss of $0.38 per share for the full year.

第四季度，我們作為上市公司首次實現了正的 GAAP 淨收入。我們第四季的 GAAP 淨收入為 1,520 萬美元，相當於本季每股攤薄收益為 0.06 美元，全年每股虧損 0.38 美元。

Finally, fourth quarter cash from operating activities was $44 million up 62% year to year with free cash flow of $32 million up 74%, and representing a margin of 10%. This translated to a free cash flow to adjusted EBITDA ratio of 45%. It's worth noting this includes a $22 million working capital headwind driven by growth with agencies and the industry's longer payment cycles. Absent this, cash flow conversion would have been 76%. This dynamic can be seen on slide 26 in our earnings supplemental. For 2024, our free cash flow was $92 million and a margin of 9.2% and up 69% year over year.

最後，第四季經營活動現金流為 4,400 萬美元，年增 62%，自由現金流為 3,200 萬美元，成長 74%，利潤率為 10%。這意味著自由現金流與調整後 EBITDA 的比率為 45%。值得注意的是，其中包括因代理商的成長和行業更長的付款週期而導致的 2,200 萬美元營運資金逆風。如果沒有這個，現金流轉換率將會是 76%。在我們的收益補充報告的第 26 頁投影片中可以看到這種動態。2024 年，我們的自由現金流為 9,200 萬美元，利潤率為 9.2%，年增 69%。

Now let's get into the details of our Zeta 2028 plan and 2025 guides. I'll start with the Zeta 2028 plan, as many of the growth drivers and margin levers we will discuss for our medium term plan are also applicable to 2025. Slides 15 through 20 and our earnings supplemental provide additional details. For revenue we're targeting over $2.1 billion, which equates to at least a 20% organic revenue CAGR over the next four years. To put this in perspective, our revenue CAGR between 2021 and 2024 was 30%.

現在讓我們詳細了解 Zeta 2028 計劃和 2025 指南。我將從 Zeta 2028 計畫開始，因為我們在中期計畫中討論的許多成長動力和利潤槓桿也適用於 2025 年。投影片 15 至 20 以及我們的收益補充提供了更多詳細資訊。我們的收入目標是超過 21 億美元，相當於未來四年至少 20% 的有機收入複合年增長率。從這個角度來看，我們 2021 年至 2024 年之間的營收複合年增長率為 30%。

Importantly, there's more than enough runway in our core business to achieve this target, as we estimate, we only have about 1% of our existing customers' marketing and advertising spend, and there's room to increase this penetration to 5% to 15% or more over time.

重要的是，我們的核心業務有足夠的空間來實現這一目標，正如我們估計的那樣，我們僅佔現有客戶行銷和廣告支出的 1% 左右，隨著時間的推移，這一滲透率還有空間提高到 5% 到 15% 甚至更高。

We also have multiple new growth levers, some of which include creating new Gen AI capabilities. More Gen AI features should drive additional usage of our platform, which we monetize through our consumption revenue as highlighted by David earlier.

我們還有多個新的成長槓桿，其中包括創造新一代人工智慧能力。更多的 Gen AI 功能應該會推動我們平台的更多使用，正如 David 之前所強調的那樣，我們透過消費收入將其貨幣化。

Leveraging the publisher cloud. This provides us with an opportunity to better monetize our extensive publisher relationships. Introducing new channels. We're still very early in mobile and plan to continue to enhance the product while also introducing new channels. Extending our vertical expertise. Through vertical specific functionality, we can better penetrate verticals we're underrepresented today, such as CPG, healthcare, commerce, and travel. And expanding our partnership ecosystem, we believe this will drive pipeline growth and be beneficial for margins.

利用發布商雲。這為我們提供了更好地利用廣泛的出版商關係獲利的機會。引入新頻道。我們在行動領域仍處於早期階段，並計劃繼續增強產品並推出新通路。擴展我們的垂直專業知識。透過垂直特定功能，我們可以更好地滲透到目前代表性不足的垂直領域，例如快速消費品、醫療保健、商業和旅遊。透過擴大我們的合作夥伴生態系統，我們相信這將推動通路成長並有利於提高利潤。

The KPIs to achieve our 2028 plan looked very similar to our previous mid-term plan. We're targeting scaled customer count growth of 4% to 8% versus our three-year CAGR of 14%.

實現 2028 年計畫的 KPI 與我們先前的中期計畫非常相似。我們的目標是將客戶數量成長率為 4% 至 8%，而三年的複合年增長率為 14%。

The biggest factor influencing this metric is our agency business, where we expect agencies to continue to add brands to our platform. However, regardless of how many brands an agency is leveraging Zeta 4, it's only counted as one customer. From a brand count perspective, our growth will likely be around our historical scaled count trend.

影響這項指標的最大因素是我們的代理商業務，我們預期代理商將繼續將品牌添加到我們的平台。然而，無論一家代理商利用 Zeta 4 的品牌數量有多少，它都只算作一個客戶。從品牌數量的角度來看，我們的成長可能會圍繞著歷史規模數量趨勢。

For scaled customer ARPU, we're expecting growth of 12% to 16%, in line with our three-year CAGR of 15%. Our OneZeta initiative should positively impact channel and use case expansion, aiding ARPU growth. Further, the aforementioned agency dynamic will also have a positive impact on ARPU. We continue to expect net revenue retention to be in the range of 110% to 115%, in line with the 111% to 114% range that we achieved since 2021.

對於規模客戶 ARPU，我們預期成長率為 12% 至 16%，與三年 15% 的複合年增長率一致。我們的 OneZeta 計劃將對頻道和用例擴展產生積極影響，從而促進 ARPU 成長。此外，前述代理動態也將對ARPU產生正面影響。我們繼續預期淨收入保留率將在 110% 至 115% 之間，與我們自 2021 年以來實現的 111% 至 114% 的範圍一致。

And we expect our direct revenue mix to be 70% to 75%, roughly in line with the 70% to 77% annual range we've been in since 2021. Much like our initial medium-term plan, we're targeting significant margin improvement with our Zeta 2028 plan. Our 2028 adjusted EBITDA target of at least $525 million implies a 25% margin, an increase of 580 basis points, or an average of 145 basis points per year.

我們預計直接收入佔比為 70% 至 75%，與 2021 年以來的 70% 至 77% 的年均收入範圍大致一致。與我們最初的中期計劃非常相似，我們的目標是透過 Zeta 2028 計劃大幅提高利潤率。我們 2028 年調整後的 EBITDA 目標至少為 5.25 億美元，這意味著利潤率為 25%，增加 580 個基點，或平均每年 145 個基點。

We expect the leverage across all areas of our business. Cost of revenue should improve by 100 basis points to 300 basis points. We believe this will mostly be driven by a higher mix of direct revenue, which carries a lower cost of revenue as compared to integrated revenue.

我們期望槓桿作用能遍及我們業務的所有領域。收入成本應改善100個基點至300個基點。我們認為，這主要得益於直接收入的增加，與綜合收入相比，直接收入的收入成本較低。

This should be driven by agencies ramping usage of direct channels, our OneZeta initiative driving more adoption of direct channels, and higher margins from Gen AI products and consumption scaling faster over time.

這應該由代理商加大對直接管道的使用、我們的 OneZeta 計劃推動更多直接管道的採用、以及 Gen AI 產品的更高利潤率和隨著時間的推移消費規模的更快擴大所推動。

Across our other operating expense lines, we anticipate 280 basis points to 480 basis points of margin improvement. One key point of leverage for Zeta has been growing headcount significantly slower than revenue and adding a higher percentage of headcount outside of the US. Over the past three years, our revenue has increased at a CAGR of 30%, while total headcount has only grown at a tagger of 15%, with US headcount growth even slower.

在我們的其他營運費用項目中，我們預計利潤率將提高 280 個基點至 480 個基點。Zeta 的一個關鍵槓桿點是員工人數的成長速度明顯低於收入的成長速度，並且在美國以外增加的員工人數比例更高。在過去三年中，我們的收入以30%的複合年增長率成長，而總員工人數僅以15%的速度成長，美國員工人數的成長速度甚至更慢。

Implementing AI internally should enable us to gain further headcount efficiencies. Expanding our partnership ecosystem will also create a margin tailwind. We expect future partners to take on some of the professional services we provide customers today, taking additional costs out of our business.

在內部實施人工智慧應該能讓我們進一步提高員工效率。擴大我們的合作夥伴生態系統也將創造利潤順風。我們希望未來的合作夥伴能夠承擔我們目前為客戶提供的一些專業服務，從而減少我們的業務成本。

From a free cash flow perspective, we're targeting $340 million plus in 2028, which equates to a CAGR of 39% from 2024. This represents a margin of 16% and improvement of 700 basis points from 2024.

從自由現金流的角度來看，我們的目標是到 2028 年達到 3.4 億美元以上，相當於從 2024 年起的複合年增長率為 39%。這意味著利潤率為 16%，比 2024 年提高 700 個基點。

In addition to the aforementioned margin levers, there are two additional factors driving our free cash flow margin improvement. First, we expect CapEx to grow materially slower than revenue. Our capital expenditures and capitalized software development was 4.2% of revenue in 2024, a significant improvement from 5.8% in 2021.

除了上述利潤率槓桿之外，還有兩個因素推動我們的自由現金流利潤率的提高。首先，我們預期資本支出的成長速度將大大低於收入的成長速度。我們的資本支出和資本化軟體開發佔 2024 年收入的 4.2%，較 2021 年的 5.8% 顯著提高。

Second, the impact of agencies on free cash flow should lessen over time as that business's growth comes more in line with Zeta's overall growth. Moving on to 2025 guidance. We're guiding to the midpoint of full year 2025 revenue to be $1.24 billion or growth of 23%. This includes LiveIntent revenue of $96 million. Adjusting for the impact of LiveIntent and political candidate revenue in the year-to-year comps, our excluding LiveIntent and political growth rate is 21%.

其次，隨著該業務的成長與 Zeta 的整體成長越來越一致，代理商對自由現金流的影響應該會隨著時間的推移而減少。繼續邁向 2025 年指導。我們預計 2025 年全年營收中位數為 12.4 億美元，成長 23%。其中包括 LiveIntent 的 9,600 萬美元收入。在調整同比數據中 LiveIntent 和政治候選人收入的影響後，我們剔除 LiveIntent 和政治因素後的成長率為 21%。

A bridge is provided on slide 25 in the earnings supplemental. As expected, our 2025 revenue guidance assumes there is no political candidate revenue. However, we are modeling for advocacy revenue to be between $20 million and $25 million as compared to $36 million in 2024 and $13 million in 2023.

收益補充報告的第 25 張投影片中提供了一座橋樑。正如預期的那樣，我們的 2025 年收入指導假設沒有政治候選人收入。然而，我們預計宣傳收入將在 2,000 萬美元至 2,500 萬美元之間，而 2024 年為 3,600 萬美元，2023 年為 1,300 萬美元。

We're guiding to adjusted EBITDA at the mid-point of full year 2025 to be $256.5 million or a margin of 20.7%, a 150-basis point expansion year over year. We're guiding full year free cash flow to be $129.5 million at the mid-point, representing a margin of 10.4%, a 120-basis point improvement year to year and growth of 40%.

我們預計 2025 年全年中期調整後 EBITDA 為 2.565 億美元，利潤率為 20.7%，年增 150 個基點。我們預計全年自由現金流中位數為 1.295 億美元，利潤率為 10.4%，年增 120 個基點，成長 40%。

Finally, on slide 24 in the earnings supplemental, we've included quarterly 2025 guidance for revenue and adjusted EBITDA, a practice consistent with prior years. I'd like to conclude with this reflection. Anyone can issue a multi-year plan, but executing against it is another story. At Zeta, not only are we set to materially surpass our original Zeta 2025 plan, but we exceeded one of the key targets revenue, an entire year ahead of schedule. For our Zeta 2028 plan, we kept the same KPIs and fine-tuned them to the most realistic path to achieve our goals.

最後，在收益補充報告的第 24 張投影片中，我們納入了 2025 年季度營收和調整後 EBITDA 指引，這一做法與前幾年一致。我想以此反思作為結束。任何人都可以發布多年計劃，但執行計劃就是另一回事了。在 Zeta，我們不僅將大幅超越我們最初的 Zeta 2025 計劃，而且我們還提前整整一年超越了其中一項關鍵目標收入。對於我們的 Zeta 2028 計劃，我們保留了相同的 KPI，並對其進行了微調，以找到實現目標的最現實的路徑。

Just like with our original 2025 plan, we put extensive thought and diligence into our Zeta 2028 plan, which the entire company is focused on executing against and accountable for. With that, let me hand the call back over to the operator for David and me to take your questions. Operator?

就像我們最初的 2025 計劃一樣，我們對 Zeta 2028 計劃進行了廣泛的思考和努力，整個公司都專注於執行該計劃並對該計劃負責。說完這些，讓我把電話交還給接線員，以便戴維和我回答您的問題。操作員？

Thank you. At this time, we will be conducting a question-and-answer session. (Operator Instructions) Matt Swanson, RBC.

謝謝。此時，我們將進行問答環節。（操作員指示）Matt Swanson，RBC。

Yeah, thank you guys so much for taking my question. Congratulations on the quarter. Chris, you covered a lot of ground there going through those three sets of guidance but maybe pulling in the zoom lens a little bit, can you talk a little bit about what you're kind of thinking through from a macro environment, maybe a more like demand-centric spending environment for both Q1 for 2025?

是的，非常感謝你們回答我的問題。恭喜本季取得佳績。克里斯，透過這三套指導意見，你已經涵蓋了很多內容，但也許可以稍微放大一點，你能否從宏觀環境的角度談談你的想法，也許更像是以需求為中心的支出環境，針對 2025 年第一季？

Yeah. Look, our approach and the simplest way to put it is we've followed how we've done it historically, which means that you know it requires the low end of each of our KPIs to get to our guide, which gives us the same level of flexibility we've gone into future years in terms of our guide as well as future long-term models, given where we are in the first two months of the quarter. We've got very good visibility into obviously Q1. We've leveraged our Zeta Economic insight data to be able to anticipate macro trends.

是的。我們的方法，用最簡單的方式來說，就是我們遵循了歷史上的做法，這意味著你知道它需要我們每個 KPI 的低端才能達到我們的指南，這為我們提供了與未來幾年相同的靈活性，無論是在我們的指南方面，還是在未來的長期模型方面，考慮到我們在本季度前兩個月的情況。我們對第一季的業績有非常清晰的了解。我們利用 Zeta 經濟洞察數據來預測宏觀趨勢。

As I think about the verticals that have contributed to the strong growth we saw in 2024, I would expect those to be on the higher end of performers as well into 2025, and we're obviously very aware of the macro. We're aware of the backdrop. We're aware of tariffs. We're aware of other items, but we feel like we've put appropriate conservatism into our guide to account for that. David, anything you --

當我思考那些為我們在 2024 年看到的強勁成長做出貢獻的垂直產業時，我預計它們在 2025 年也將處於表現的高端，而且我們顯然非常清楚宏觀情況。我們了解其背景。我們知道關稅。我們知道其他事項，但我們覺得我們已經在指南中加入了適當的保守主義來解決這個問題。大衛，任何你--

And Matt, let me just say that we're not seeing any challenges from any clients at this point. So we're feeling very good about where we are versus the macro environment as it exists today.

馬特，我只想說，目前我們還沒有看到任何來自客戶的挑戰。因此，我們對於自己目前所處的宏觀環境感到非常滿意。

I appreciate that and then David, great to hear that you already have LiveIntent integrated as quickly as January. Can you just talk a little bit more about kind of what you're hearing from customers in terms of their initial use cases, initial adoption, and then to broaden it out in the 2028 plan? We have some new verticals and new products, there are some of those other up drivers. What do you see when you launch new products that gives you confidence in that long term ARPU expansion? Just in customers' desire, I guess to take more from Zeta.

我很感激這一點，大衛，很高興聽到您在一月份就已經整合了 LiveIntent。您能否再多談談您從客戶那裡聽到的有關他們最初的使用案例、最初的採用，以及在 2028 年計劃中擴大它的內容？我們有一些新的垂直產業和新產品，還有一些其他的上升動力。當您推出新產品時，什麼讓您對長期 ARPU 成長充滿信心？只是滿足客戶的願望，我想從 Zeta 那裡得到更多。

Yeah, and to be clear, we've been experiencing that type of ARPU growth. So we don't need to grow our ARPU growth as a percentage to hit this plan. We can just continue to do what we're doing as we did to get to the 2025 plan from a revenue perspective by the end of 2024. But Zeta Direct is a really cool product, Matt. What we did was we took their inventory, which embeds into newsletters, which was traditionally served based on the content the consumer was consuming. So you're getting this newsletter from this publisher might be a daily update from The New York Times. It might be an automotive update from The Washington Post or so on, and so forth.

是的，明確地說，我們一直在經歷這種類型的 ARPU 成長。因此，我們不需要提高 ARPU 的百分比成長率來實現這項計劃。我們可以繼續做我們正在做的事情，以便在 2024 年底前從收入角度實現 2025 年計劃。但 Zeta Direct 確實是一款很酷的產品，馬特。我們所做的是獲取他們的庫存，並將其嵌入到新聞通訊中，而新聞通訊傳統上是根據消費者消費的內容提供的。因此，您從該出版商收到的新聞稿可能是《紐約時報》的每日更新。它可能是來自《華盛頓郵報》的汽車新聞等等。

We added our data cloud on top of that and we can now directly target to a deterministic individual in addition to the content they are consuming that has already shown an increased return on investment for the marketer and higher revenue to the publisher with us sitting in the middle of the transactions. So we garner higher revenue as a percentage of that. So it really is a win, win, win, and I think it's a perfect example of taking one and equaling four.

我們在此基礎上添加了數據雲，現在我們可以直接針對確定性個體，除了他們所消費的內容之外，這已經為營銷人員帶來了更高的投資回報率，也為出版商帶來了更高的收入，而我們處於交易的中間。因此，我們以此比例獲取了更高的收入。所以這真的是一場雙贏，我認為這是「一勝四負」的完美例子。

We once again, Matt, feel very good about where we are with our existing customers. And if you look at the agency business, which has been amongst our fastest growing, their ARPUs are going up dramatically because they keep adding more brands and it just counts as one super scaled customer.

馬特，我們再次對我們與現有客戶的合作感到非常滿意。如果你看一下代理業務，這是我們成長最快的業務之一，他們的 ARPU 正在大幅上升，因為他們不斷增加更多的品牌，而這算是一個超大規模的客戶。

DJ Hynes, Canaccord Genuity.

DJ Hynes，Canaccord Genuity。

Hey, good evening guys. Nice set of results. If maybe, I can have you expound on that last point, which is the agency business. Clearly the ARPU gains suggest there's lots of momentum there.

嘿，大家晚上好。一組不錯的結果。如果可以的話，我可以請你詳細說明最後一點，也就是代理業務。顯然，ARPU 的成長顯示該領域發展勢頭強勁。

Maybe just talk about what you're hearing from those folks, what kind of visibility you have into the lines that they have for pulling in new brands? How are you thinking about the growth opportunity with the agencies for 25 and beyond?

也許只是談談您從那些人那裡聽到的內容，您對他們吸引新品牌的路線有何了解？您如何看待 25 年及以後代理商的成長機會？

Thank you so much, DJ. I appreciate the compliment. What I would tell you is that right now one of the reasons I think we are drinking out of the fire hose in our agency business is because something that most people don't, I think understand is we are the most profitable partner on average that the agencies work with bar none. Because most of our competitors who have had some challenges over the last number of months, they are charging a meaningful upcharge to data expense.

非常感謝，DJ。我很感謝你的誇獎。我想告訴你們的是，我認為我們現在代理業務之所以能取得如此巨大的成功，是因為大多數人沒有意識到，我們是代理商合作的平均利潤最高的合作夥伴，沒有任何一家公司能與之匹敵。因為我們的大多數競爭對手在過去的幾個月裡都遇到了一些挑戰，所以他們對數據費用收取了相當大的費用。

We bundle the data in as a part of the activation and are generally lowering the cost to the agency or increasing their profit depending on how they book it by 25%. So what we're seeing is the agencies are moving more and more brands and more and more volume to us.

我們將資料捆綁在一起作為啟動的一部分，通常會降低代理商的成本或增加他們的利潤（取決於他們如何預訂）。因此，我們看到代理商向我們轉移的品牌和業務量越來越多。

What we're seeing out of agreements that have already been executed as minimum amounts for this year gives us a tremendous amount of comfort in the projections that we're putting out there.

從今年已經執行的最低協議來看，我們對所做的預測感到非常放心。

Yeah, makes sense. Maybe a follow up to that. It was interesting. One of the agents you called out was kind of a push into creative, and I'm curious, like how deep does data want to go into creative? Does that create any channel conflict with these agency customers? Are they asking you to do that? Just talk about the opportunity there and whether that's meaningful to Zeta.

是的，有道理。也許是對此的後續行動。這很有趣。您提到的一位經紀人對創意頗有進取心，我很好奇，數據對創意的動力有多大？這會與這些代理客戶產生管道衝突嗎？他們要求你這麼做嗎？只需談論那裡的機會以及這對 Zeta 是否有意義。

Yes, so let me be clear. We do not want to compete with the agencies as it relates to creative. That is not in our roadmap. What we are doing is taking their creative and optimizing it for any screenshots would be a perfect example. So you're opening it on an iPhone, an Android device, an iPad, a laptop, a TV commercial. The dynamic agent is able to optimize that creative for that.

是的，讓我說清楚。我們不想在創意方面與代理商競爭。這不在我們的路線圖中。我們正在做的是採用他們的創意並針對任何螢幕截圖進行最佳化，這是一個完美的例子。因此，您可以在 iPhone、Android 裝置、iPad、筆記型電腦或電視廣告上開啟它。動態代理商能夠針對此目的優化該創意。

Now we have some enterprise clients that are using very basic creative tools versus they might not have an agency, but any time we're working with an agency and we are not putting out as a stand-alone product, a creative product, we very much want to support the creative assets of the agencies and we want to utilize our tools to help optimize that creative look at what has the highest conversion rates by creative and the best return on investment for the client.

現在，我們有一些企業客戶正在使用非常基本的創意工具，他們可能沒有代理機構，但任何時候我們與代理機構合作，我們都不會推出獨立的產品，即創意產品，我們非常希望支持代理機構的創意資產，我們希望利用我們的工具來幫助優化創意，尋找具有最高創意轉化率和為客戶帶來最佳投資回報的產品。

Jason Kreyer, Craig-Hallum.

傑森·克里爾、克雷格·哈勒姆。

Hey, thanks guys, and congrats on another strong quarter. So look, you guys are working with some of the largest marketing companies, you talked about 44% of the Fortune 500, you're just running at a scale customer ARPU of $2 million today. So what are the key elements of the strategy that help you increase wallet shares? So it's not $2 million but $20 million or $40 million or $80 million over time.

嘿，謝謝大家，恭喜你們又一個強勁的季度。所以看，你們正在與一些最大的行銷公司合作，你們談到了財富 500 強的 44%，你們今天的客戶 ARPU 規模為 200 萬美元。那麼，幫助您增加錢包份額的策略的關鍵要素是什麼？因此，隨著時間的推移，它不是 200 萬美元，而是 2000 萬美元、4000 萬美元或 8000 萬美元。

So great question, Jason. I mean, first, let's start with OneZeta which is consolidating all of our use cases into one sale, and we're starting to see more and more Zeta One customers. It's interesting because today, the scaled customers we have spent over $100 billion a year in marketing and in the last year, we captured 1% of that spend.

傑森，這個問題問得真好。我的意思是，首先，讓我們從 OneZeta 開始，它將我們所有的用例整合到一次銷售中，我們開始看到越來越多的 Zeta One 客戶。有趣的是，今天我們在規模客戶行銷上每年花費超過 1000 億美元，而在去年，我們只獲得了其中的 1%。

As we look forward to the next few years, our goal is to get to 2% of that spend. It's not, we don't have to get to 5% or 10%. But what I would tell you is we have a number of enterprise clients where we are above 5% of their wallet shares, which gives us a roadmap for how to move other clients up. And as you move the top of the range up, you bring the mean up and as you bring that mean up, you can move from 1% last year to 1.25% or 1.3% this year and then go up from there to 200 basis points by 2028.

展望未來幾年，我們的目標是達到該支出的 2%。事實並非如此，我們不必達到 5% 或 10%。但我想告訴你的是，我們有許多企業客戶，我們的份額佔他們錢包份額的 5% 以上，這為我們如何提升其他客戶提供了路線圖。隨著範圍頂部的上移，平均值也會隨之上移，隨著平均值的上移，您可以從去年的 1% 上升到今年的 1.25% 或 1.3%，然後到 2028 年上升到 200 個基點。

You can, Jason. You can see this really clearly in the earnings supplemental on slide 10. Where if you look at our greater than 1 million scaled customers, which on a brand basis grew 28% year to year, but on an ARPU basis to your question, those greater than 1 million customers on average are already spending almost $7 million. Now if you compare that to our 100,000 to 1 million customers, the amount of leverage we have, they call it just shy of 500,000 per, we see a substantial growth and ramping as they spend more time on the platform. And then if you reference slide 11, which is slide that we produce annually, you'll see we continue to make significant inroads within scaling those customers within the first year almost now at a million per compared to around 600,000 in the last couple of years in that first year.

你可以的，傑森。您可以在第 10 頁的收益補充報告中清楚地看到這一點。如果您看看我們超過 100 萬的規模客戶，按品牌計算，其同比增長率為 28%，但按照您問題的 ARPU 計算，這些超過 100 萬的客戶平均已經花費近 700 萬美元。現在，如果將其與我們的 10 萬到 100 萬客戶進行比較，我們擁有的槓桿數量（他們稱其為每人略低於 50 萬）隨著他們在平台上花費的時間越來越多，我們會看到大幅增長和上升。然後，如果您參考第 11 張投影片（這是我們每年製作的投影片），您會看到我們在第一年繼續在擴大這些客戶方面取得重大進展，現在每個客戶的數量幾乎達到 100 萬，而前幾年第一年的客戶數量約為 60 萬。

Perfect, thank you. And then just to follow up to kind of something we talked about in December, but you know you spent a lot of time with your biggest customers over the last handful of months here. Just wondering how those conversations continued to progress and what is it about those conversations that drive them to want to do more with Zeta?

非常好，謝謝。然後只是為了跟進我們在 12 月談到的事情，但您知道在過去的幾個月裡，您花了很多時間與您最大的客戶在一起。只是想知道這些對話是如何進展的，以及這些對話中什麼促使他們想與 Zeta 做更多的事情？

I think a lot of it goes back to efficiency and effectiveness and superior revenue growth. So when you think about artificial intelligence, the vast majority of enterprises that are out there are using it for efficiency and automation, which of course we are doing as well, but the ability to drive meaningful revenue growth per dollar invested into the zeta marketing platform is causing them to move budget from other partners to us, and we're seeing that in the results, right? We grew the business 50% in the fourth quarter, 40% excluding political, and we're really seeing the AI's implementations. We also talked about a 200% sequential growth in AI adoption from Q3 to Q4. That's also flowing through the results. It's driving more efficiency and it's driving superior revenue growth to our competitors.

我認為這很大程度上歸功於效率、效益和卓越的收入成長。因此，當您考慮人工智慧時，絕大多數企業都在使用它來提高效率和實現自動化，當然我們也在這樣做，但是，投資到 Zeta 行銷平台的每一美元都能帶來有意義的收入成長，這使得他們將預算從其他合作夥伴轉移到我們身上，我們在結果中看到了這一點，對嗎？我們的業務在第四季度成長了 50%，若不計政治因素則成長了 40%，我們確實看到了人工智慧的實施。我們也談到了從第三季到第四季人工智慧採用率連續成長 200%。這也體現在結果上。它提高了效率並推動了我們比競爭對手實現更高的收入成長。

Ryan MacDonald, Needham & Co.

麥克唐納（Ryan MacDonald），尼德漢姆公司

Alright, thanks for taking my question and congrats on a great close to 2024. David, you talked about this concept of OneZeta where you're consolidating all of your use cases into one sale. Can you just talk about the challenges of sort of that concept, given that you've now integrating sales forces on new products that you've recently acquired, adding in generative AI to that? And then are you seeing early signs of the benefits of that on, say like the RFP flow in terms of just larger or more comprehensive RFPs as you mature in that motion? Thanks.

好的，感謝您回答我的問題，並祝賀您 2024 年圓滿結束。大衛，您談到了 OneZeta 的概念，將所有用例整合到一次銷售中。鑑於您現在已經將銷售人員整合到您最近收購的新產品上，並在其中添加了生成式人工智慧，您能否談談這種概念所面臨的挑戰？那麼，隨著這項動議的成熟，您是否看到了這種做法帶來的益處的早期跡象，例如 RFP 流程是否變得更大或更全面？謝謝。

First of all, thank you, Ryan. We're super proud of the quarter and the year. The answer is absolutely yes. So we're starting for the first time to see meaningful RFPs coming in as OneZeta. And I will tell you the addition of Pam and the addition of Ed are going to be really game changing for our ability to do that with the relationships they both have and the ability to cross sell across the entire company with one group -- excuse me. Whereas in the past, as I think we had been -- excuse me, I'm sorry. We had been siloed where you would have to create a sale, then you would come in, you'd TRY to upsell, you'd have the hunter would close the deal and then the farmers would try to spawn out. What we're doing now is we're leading with the OneZeta and it's been very, very exciting to break through those silos.

首先，謝謝你，Ryan。我們對這個季度和這一年感到非常自豪。答案是肯定的。因此，我們第一次看到以 OneZeta 的形式提出的有意義的 RFP。我要告訴你們的是，帕姆和艾德的加入將真正改變我們的格局，因為我們可以利用他們兩人的關係，以及透過一個團隊在整個公司範圍內進行交叉銷售的能力——對不起。而在過去，我想我們已經──抱歉，請原諒。我們一直處於孤立狀態，你必須先完成銷售，然後你進來，嘗試追加銷售，你會讓獵人完成交易，然後農民會試圖退出。我們現在正在做的是利用 OneZeta 來引領，突破這些孤島是非常非常令人興奮的。

If you look inside the sales pipeline, Ryan, just as a point of evidence, what we're seeing is that the average deal size is up 35% year to year. So your point of bringing all three of those use cases together.

瑞安，如果你看一下銷售管道，作為一個證據，我們看到的是平均交易規模逐年增加 35％。所以你的觀點是將這三個用例結合在一起。

Appreciate all the color on that. And then obviously, given all the success that the company has had, it's obviously going to, I think, bring in new competition into the market. We've recently seen sort of reports about Meta trying to go to the agencies to do more on AI-based advertising. Can you just talk about what you're seeing maybe in terms of newer movement or any changes competitively and you know whether or not, some of this moves from the walled gardens, creates any concern in the near term? Thanks.

欣賞這一切的色彩。顯然，考慮到該公司取得的所有成功，我認為這顯然會為市場帶來新的競爭。我們最近看到了一些關於 Meta 試圖與代理商合作在基於人工智慧的廣告方面做更多事情的報導。您能否談談您所看到的新的動向或競爭方面的變化，以及您是否知道，這些打破「圍牆花園」的舉動是否會在短期內引發任何擔憂？謝謝。

Yeah, thank you, Ryan. No, we're not seeing any competition from guys like that. In fact, we continue to grow our business with Meta pretty materially and have a very deep and meaningful relationship with them. They tend to focus on very few, very large partners. You are seeing Google and Meta going at it a little bit against each other, but that has in no way, shape, or form.

是的，謝謝你，瑞安。不，我們沒有看到任何來自這樣的人的競爭。事實上，我們與 Meta 的業務繼續取得實質發展，並與他們建立了非常深厚且有意義的關係。他們傾向於關注極少數、規模很大的合作夥伴。您可能會看到 Google 和 Meta 之間有點競爭，但這種競爭無論如何都不會發生。

Quite frankly, I think that it's in some ways benefited us because we're such good partners with Meta. We've been able to drive more business and build a deeper and more meaningful relationship. I would also comment on the fact that we haven't seen any small up and comers either, and I think a lot of that has been the inability for startups outside of pure AI to get financing over the last three to four years.

坦白說，我認為這在某種程度上對我們有利，因為我們與 Meta 是如此好的合作夥伴。我們能夠開展更多業務並建立更深層、更有意義的關係。我還要說的是，我們還沒有看到任何小型新興企業，我認為這在很大程度上是因為純人工智慧以外的新創企業在過去三到四年內無法獲得融資。

So in a normal world, you would get to our scale and our growth rate and our size, you would have some new startups coming after you. We have not seen that either. So it's been a really unique opportunity as we've brought everything together where you would traditionally need upwards of 17 different vendors to put together what the Zeta marketing platform can deliver. We're not seeing any one organization trying to replicate that at this point.

因此，在正常情況下，當你達到我們的規模、成長率和規模時，就會有一些新的新創公司跟隨你。我們也沒有看到這一點。所以這是一個真正獨特的機會，因為我們將所有東西整合在一起，而傳統上需要 17 個不同的供應商才能整合 Zeta 行銷平台可以提供的功能。目前我們還沒有看到任何一個組織試圖複製這一點。

Terry Tillman, Truist Securities.

特里·蒂爾曼（Terry Tillman），Truist Securities。

Yeah, congratulations for me as well. Hi David, Chris, and Matt. First question might be a multi-parter and then I had a follow up. But you all provided some interesting stats in terms of the pipeline and the value of the pipeline kind of ending the year. What I'm curious about is how do we think about timing of that converting into like meaningful or material revenue and if some of these are kind of OneZeta deals, does it take a little bit longer before we start seeing that in the model in 25? And then I had a follow up.

是的，我也要祝賀你。嗨，David、Chris 和 Matt。第一個問題可能由多個部分組成，然後我會進行後續跟進。但你們都提供了一些關於管道以及年底管道價值的有趣統計數據。我很好奇的是，我們如何考慮將其轉化為有意義的或實質的收入的時機，如果其中一些是 OneZeta 交易，那麼我們是否需要更長的時間才能在 25 年的模型中看到這一點？然後我進行了跟進。

Yeah, we're not seeing any change in our deal cycles, and that's been something that we've been saying now for, frankly years. So, without a doubt, some of the bigger deals that come in through the RFP process, will be call it, 7 to 12 months in that range, and they can move much faster than that, by the way, but still the vast majority of the deals we're closing, and it doesn't mean it has to take a long amount of time are still pilots and proof of concepts that can be on all three use cases. So it doesn't necessarily stop us from having deals in the pipeline. Take longer if you will, I don't expect the conversion of the pipeline to be any different in 2025 than we've seen in 2024 or 2023.

是的，我們沒有看到交易週期有任何變化，坦白說，這是我們多年來一直在說的事情。因此，毫無疑問，透過 RFP 流程達成的一些較大的交易將需要 7 到 12 個月的時間，順便說一句，它們的進展速度可以快得多，但我們正在完成的絕大多數交易仍然是試點和概念驗證，這並不意味著必須花費很長時間，這些交易可以適用於所有三種用例。所以這不一定會阻止我們達成交易。如果你願意的話，可以花更長的時間，我預計 2025 年的管道轉換不會與我們在 2024 年或 2023 年看到的有任何不同。

And remember, Terry, that seven or eight months, many of those guys entered our pipeline seven or eight months ago. So you're actually seeing a consistent movement from what I would say is the pipeline to RFPs and pilots to converted to clients to the ability to scale-to-scaled clients and then ultimately super-scaled clients. So I think that if you look at our confidence in our business, putting forth a 2028 plan that continues to show a minimum of a 20% organic CAGR, we're feeling very bullish about where the business is right now.

記住，特里，七、八個月前，許多人進入了我們的管道。因此，您實際上看到了一致的變化，即從管道到 RFP 和試點，再到轉換為客戶，再到能夠擴展到規模化客戶，最後是超級擴展的客戶。因此，我認為，如果您看看我們對業務的信心，提出的 2028 年計劃將繼續顯示至少 20% 的有機複合年增長率，我們對目前的業務狀況非常樂觀。

Yeah, that's definitely clear, David. I guess, it seems like forever ago, but it really wasn't that long ago with Zeta Live. So much has happened since then, but there was a lot on the mobile side. So just maybe a quick update on that and potentially, could this start becoming meaningful in 25 in terms of a key revenue channel?

是的，大衛，這一點非常清楚。我想，這似乎是很久以前的事了，但對 Zeta Live 來說，這其實不是很久以前的事。從那時起發生了很多事情，但其中大部分都是在行動端發生的。因此，也許可以對此進行快速更新，並且潛在地，這是否會在 25 年開始成為關鍵收入管道的意義？

Thank you.

謝謝。

We've always said we thought mobile would be a big driver into 2026 and beyond, and you know it could happen in 2025. We have a number of clients who have adopted it, and you know we're very, very proud of the product we've built, and it's doing quite well, I mean it's growing at a massive rate but off a zero base, right? So the one challenge about getting bigger and bigger is it's harder for new products to really drive the needle, but if you look at products like connected television, they're still growing above 100% a year.

我們一直說，我們認為移動將成為 2026 年及以後的一大推動力，而且你知道它可能在 2025 年發生。我們有許多客戶採用了它，你知道，我們對我們製造的產品非常自豪，而且它做得很好，我的意思是它以驚人的速度增長，但是基礎是零，對吧？因此，規模越來越大所帶來的一個挑戰是，新產品很難真正推動發展，但如果你看看連網電視等產品，它們每年的成長率仍超過 100%。

So now that, that's a meaningful revenue, it's starting to really impact what we're seeing as a business. I expect mobile to do that in the years to come.

所以現在，這是一筆有意義的收入，它開始真正影響我們所看到的業務。我預計未來幾年行動裝置能夠實現這一目標。

It's a very natural selling motion for our sellers, right? It's not as though they have to learn a new capability. It's really an extension of how they're selling today as a new channel.

對於我們的賣家來說，這是一個非常自然的銷售動作，對嗎？這並不意味著他們必須學習一項新的能力。這其實是他們今天作為新通路銷售方式的延伸。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Perfect, thank you, guys. Congrats on the strong close of the year here. Maybe I can switch back to agencies for a second. Chris, I'm curious what role you see agencies contemplating in that 2028 model? We know they're kind of on the upward part of that curve in terms of growth right now, but kind of how are you anticipating that growth might shape out over the next couple of years and then the other piece? And just in terms of mix like where are you thinking the agencies are in the pace of adopting digital channel or -- sorry, direct channels is that, are you starting to see that pick up in 24, early 25 here? And just how do you think that might trend over the coming years?

太好了，謝謝大家。恭喜您今年取得了圓滿的結局。也許我可以暫時回到代理商。克里斯，我很好奇，您認為各機構在 2028 年模型中將扮演什麼角色？我們知道，就目前成長而言，他們正處於曲線的上升階段，但您預計未來幾年以及其他方面的成長將如何發展？就組合而言，您認為各機構採用數位管道或直接管道的步伐如何？您認為未來幾年的趨勢會是如何？

Yeah. So we think of the agency first off which reached right around 20% of revenue this year, which was obviously, expected and substantial growth to be an even bigger part of the PII as we go into deeper into 2028. But we see it as part of the core being able to get to that growth plan by itself just by accessing more and more wallet share, and the brand strategy and the brand go-to-market is one of the fastest ways that we can do that.

是的。因此，我們首先想到的是代理機構，其今年的收入達到了 20% 左右，這顯然是預料之中的，而且隨著 2028 年的深入，大幅增長將成為 PII 更大的一部分。但我們認為，這是核心的一部分，只要獲得越來越多的錢包份額，就能自行實現這一成長計劃，而品牌策略和品牌上市是我們實現這一目標的最快方法之一。

Obviously, we highlighted a number of other growth drivers incremental to the core that frankly could drive us north of the $2.1 billion, which is why we said it's in at least in terms of where we are on getting direct mix, we made really exciting improvements this year. We're still not quite at like a half, roughly 50% direct to 50% integrated, so they're still up.

顯然，我們強調了許多其他核心成長動力，坦白說，這些動力可以推動我們突破 21 億美元，這就是為什麼我們說至少就我們獲得直接組合的程度而言，我們今年取得了非常令人興奮的進步。我們還沒有達到一半，大約是 50% 直接到 50% 集成，所以它們仍然處於上升趨勢。

Side there and I think as those agencies continue to grow in brands, grow in their channel adoption towards directrix, that's also going to be creative to our gross margins. In addition to the work we're doing on OneZeta. And obviously, as more and more of our consumption-based revenues generated by our generative AI, that also brings with it higher margin profile business as well.

除此之外，我認為隨著這些代理商的品牌不斷發展，其通路採用 Directrix 的不斷增加，這也將對我們的毛利率產生正面影響。除了我們在 OneZeta 上所做的工作。顯然，隨著我們的生成性人工智慧創造的基於消費的收入越來越多，這也帶來了更高利潤的業務。

Okay, understood. And then, just a quick one to put a finer point on it. I know we talked about this a little bit late in 2024, but kind of the fallout from or the customer conversations that you've had following up with some of your customers post the short report, has there been any impact or any change in those conversations since that's happened? How are your customers reacting and what are you seeing, from them, post some of the events late last year?

好的，明白了。然後，我們再快速地對它進行更詳細的闡述。我知道我們在 2024 年稍後談到了這個問題，但是自從那次簡短報告發布以來，您與一些客戶進行的跟進或客戶對話是否產生了影響或發生了變化？您的客戶有何反應？

Well, I think if we had seen material changes, Arjun, we wouldn't have grown by 50%. What I would tell you is no. We have seen no material changes from the last update we gave, which was, we have not lost any client directly over this and we continue. To see that I was super excited that we were able to announce that our Audit Committee had done a full review., they brought in a full forensic accounting firm that went through every single one of the transactions that could be deemed a client and a vendor and found no issues whatsoever in there. And then we brought in a law firm that is one of the top data experts in the country.

嗯，阿瓊，我想如果我們看到實質的變化，我們就不會成長 50%。我想告訴你的是，不是的。與上次更新相比，我們沒有看到任何重大變化，也就是說，我們並沒有因此直接失去任何客戶，而且我們會繼續。看到這一點，我非常興奮，我們可以宣布我們的審計委員會已經完成了全面審查。然後我們聘請了一家國內頂尖資料專家律師事務所。

They vetted everything that was in the report and they found no merit whatsoever in it, and they reported that to our Audit Committee, which was very happy to put this issue behind us.

他們審查了報告中的所有內容，發現其中毫無價值，並將此事報告給了我們的審計委員會，委員會非常高興地解決了這個問題。

Kelly Valentini, Goldman Sachs

高盛集團凱利·瓦倫蒂尼

Hi, thank you for taking my question. And congrats on the quarter. Want to walk through the comments you made on getting those budget penetration to 5% to 15%. Curious, like, in the typical customers you see that expansion, how much of that would you expect to be taking share from Walled Gardens versus taking share from other technology providers?

你好，謝謝你回答我的問題。並恭喜本季取得佳績。想要詳細闡述您對將預算滲透率提高到 5% 至 15% 的評論。好奇的是，在您看到的典型客戶中，您預計其中有多少份額會從 Walled Gardens 手中奪走，有多少份額會從其他技術提供者手中奪走？

Thank you, Kelly. I appreciate the compliment and it's a great question. We don't traditionally take business from the walled gardens. We traditionally partner with them. So what we're able to do by using our data, we're able to build an attribution model that can go into a walled garden or it can go outside of a walled garden. So we see the walled gardens more as our partner than our competitor. Now there are a number of companies out there that obviously we're taking meaningful market share from.

謝謝你，凱利。我很感謝您的讚美，這是一個很好的問題。我們傳統上並不在「圍牆花園」內開展業務。我們傳統上與他們合作。因此，透過使用我們的數據，我們能夠建立一個可以進入圍牆花園或可以走出圍牆花園的歸因模型。因此，我們更多地將圍牆花園視為我們的合作夥伴，而不是競爭對手。現在有很多公司，我們顯然正在從他們手中奪取相當大的市場份額。

Hard to grow the business at these rates if we weren't. They are traditionally, I would say, last generation marketing clouds or last generation DSPs where they haven't fully integrated data and AI as native to the application layer. So because of their tech debt they are not able to get to the type of speed to intelligence that our platform can, which allows for substantially superior return on investment. So if the market itself is growing 10% to 15% and we grew 40%, not including political, that would infer everything above that would have been taking market share from competitors.

如果我們不這樣做，就很難以這樣的速度發展業務。傳統上，我會說，它們是上一代行銷雲或上一代 DSP，它們尚未將資料和 AI 完全集成為應用層原生。因此，由於他們的技術債務，他們無法達到我們的平台所能達到的智慧速度，因此無法獲得大幅優厚的投資回報。因此，如果市場本身成長 10% 到 15%，而我們成長了 40%（不包括政治因素），那就意味著，高於這一水準的所有因素都會從競爭對手手中奪取市場份額。

That makes sense, thank you. And then as a follow up, just curious, anything you can give on what assumptions you're making on AI revenue growth and kind of the 2025 and 2028 targets?

這很有道理，謝謝。然後作為後續問題，只是好奇，您能否就 AI 收入成長以及 2025 年和 2028 年的目標做出什麼假設？

Yeah, we didn't, we haven't broken it out in the 2028, in a line-item fashion. We did say it will be one of the five new levers we feel like we have in addition to the core growth business, but I think if you look towards 2024 and our consumption-based revenue, which accelerated by north of 40% year by year, and that's call it roughly half of Zeta's revenue. And that was an acceleration from 2023. Certainly a portion of that is driven by our early stage generative AI products which are intended to drive higher outcomes, which then drive more usage, which then drive more spend with the brand annually over time.

是的，我們沒有，我們還沒有在 2028 年以分項方式列出它。我們確實說過，這將是我們認為除了核心成長業務之外的五個新槓桿之一，但我認為，如果展望 2024 年，我們的基於消費的收入將逐年加速超過 40%，這大約佔 Zeta 收入的一半。這是從 2023 年開始的加速。當然，其中一部分是由我們早期的生成式人工智慧產品推動的，這些產品旨在推動更高的成果，進而推動更多的使用，然後隨著時間的推移推動每年在品牌上的更多支出。

What we're seeing, Kelly, is the ability to meaningfully drive consumption is a substantially better return on investment for us as a company than charging an all you can eat or putting sort of a small price on the AI, although we will be rolling out AI products in the near term that will be have to be paid for as it relates to sitting on top of the Zeta marketing platform.

凱利，我們看到的是，有意義地推動消費的能力對於我們公司來說是一種更好的投資回報，而不是收取無限量的費用或對人工智慧收取少量費用，儘管我們將在短期內推出人工智慧產品，但由於它與 Zeta 行銷平台有關，因此必須為此付費。

Okay, thank you.

好的，謝謝。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great, thank you so much. This is Katie on for Elizabeth Porter this afternoon. Wanting to hit on the verticalization piece here. Zeta has had a lot of success, given kind of diversification of the business across industries, and some of those key verticals you called out in commerce and CPG, do have some kind of vertical specific competitors in there. So what gives Zeta the right to win in these verticals where you're more kind of under penetrated today, and when can we expect that vertical expansion contribution to layer into the model?

太好了，非常感謝。這是今天下午伊麗莎白波特的凱蒂節目。想要在這裡擊中垂直化部分。鑑於跨行業業務的多元化，Zeta 取得了巨大的成功，而且您在商業和 CPG 中提到的一些關鍵垂直領域確實存在一些特定的垂直競爭對手。那麼，是什麼讓 Zeta 有能力在這些目前滲透率較低的垂直領域中獲勝？

Thank you.

謝謝。

Yeah, we -- yeah, no problem, Katie. Thanks for the question. We've already started to build, in fact, in a lot of our virtual demos that we'll do with investors, we showcase a CPG real world demo today where we're actually using customers and being able to show them what their customers are spending on with their brand as well as with their competitors.

是的，我們——是的，沒問題，凱蒂。謝謝你的提問。事實上，我們已經開始構建，在我們與投資者進行的許多虛擬演示中，我們今天展示了一個 CPG 真實世界演示，我們實際上在使用客戶，並能夠向他們展示他們的客戶在他們的品牌以及競爭對手的品牌上花費了多少。

So it comes down to in each one of those verticals where we think we're underrepresented today, where there's a massive TAM and amount of marketing and advertising. Spent all comes down to the type of data that we can put in front of the marketer and how actionable we can make it for them in a totally different way than what our competitors can do. So it all starts with the data and then the software and the analysis that we put on top of it, and the recommendations that they can then perform on the platform coming out of it.

因此，歸根結底，在每一個垂直領域，我們認為我們目前代表性不足，而這些領域擁有巨大的潛在市場規模以及大量的行銷和廣告。一切都取決於我們可以向行銷人員提供哪種類型的數據，以及我們能以與競爭對手完全不同的方式為他們提供可操作性。因此，一切都從數據開始，然後是軟體和我們在數據基礎上進行的分析，以及他們可以在由此產生的平台上執行的建議。

And by the way, a lot of the vertical competitors really are more vertically focused from a sales perspective than they are from a platform perspective. So we've invested over the last year pretty heavily in our salesforce, as you've seen growing to 180 quota carriers, easy for me to say, and we're expanding out into new verticals with salespeople that we think will really benefit us this year in the years to come.

順便說一句，許多垂直競爭對手從銷售角度比從平台角度更注重垂直領域。因此，我們在過去的一年裡對銷售團隊進行了相當大的投資，正如你所看到的，我們成長到 180 個配額承運商，這對我來說很容易，而且我們正在透過銷售人員向新的垂直領域擴張，我們認為這將在今年和未來幾年真正使我們受益。

Helpful. And then just one quick follow up on the NRR, in the long-term model, not looking to inflect too materially from the 114 today. Obviously, that's a pretty impressive stat already, but maybe just expand on the different drivers there. Is there any limitation on the upper bound to NRR around expansion activity as you kind of land with these higher ARPU customers? Thank you.

很有幫助。然後，在長期模型中，只需對 NRR 進行一次快速跟進，看起來不會比今天的 114 發生太大變化。顯然，這已經是一個相當令人印象深刻的數據，但也許只是擴大了不同的驅動因素。當您擁有這些較高 ARPU 客戶時，擴展活動的 NRR 上限是否有任何限制？謝謝。

Well, there's no limitation on where it can go, although we continue to guide to 110% to 115%, which has been where we have, we've been sort of between 111% and 114%.

嗯，對於它可以達到的高度沒有限制，儘管我們繼續引導到 110％ 到 115％，而我們現在的水平是在 111％ 到 114％ 之間。

What I would say is first you've got the agency hold codes, which as their ARPU grows dramatically, that's a big benefit to NRR and we just don't lose a lot of customers, which is also a very good thing, right? So. I think we can continue to keep it in that range, and then in the years to come, I think we can begin to look at getting it above that range, but in the short run we feel very comfortable with 110% to 115%.

我想說的是，首先，您擁有代理商保留程式碼，隨著他們的 ARPU 大幅成長，這對 NRR 來說是一個很大的好處，而且我們不會失去很多客戶，這也是一件非常好的事情，對吧？所以。我認為我們可以繼續將其保持在這個範圍內，然後在未來的幾年裡，我認為我們可以開始考慮將其提升到這個範圍之上，但在短期內我們對 110％到 115％ 感到非常舒服。

And I think that there's a really good Katie, on slide 11 in the earnings supplemental we show the life of the cohorting of a customer set. And if you look at those that are spending, that have been on the platform less than a year, they're spending an average of $900,000, which is up from, $600,000 last year. That one-to-three-year cohort continues to accelerate to $1.2 million and then those customers that are with us three or more years, they're continuing to grow. They're now at an average of $2.6 million compared to $2.1 million last year. So we feel like that 110% to 115% is rooted in deep analysis by cohort, and it's also consistent with our growth algorithm, which has historically been about half of our growth coming from our existing customers and half from new.

我認為凱蒂的表現非常好，在收益補充報告的第 11 張幻燈片中，我們展示了客戶群的生活。如果你看看那些使用該平台不到一年的用戶，他們平均花費 90 萬美元，比去年的 60 萬美元增加。一至三年的客戶群持續加速成長至 120 萬美元，而與我們合作三年或更長時間的客戶群則持續成長。目前平均收入為 260 萬美元，而去年為 210 萬美元。因此，我們認為 110% 到 115% 的成長源自於對群組的深入分析，這也與我們的成長演算法一致，從歷史上看，我們的成長中有一半來自現有客戶，另一半來自新客戶。

Jackson Ader, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jackson Ader。

Hey guys, this is Jack on for Jackson Ador. Wanted to ask on what your political revenue assumptions are implied in your outlooks, and do you expect to gain market share with political campaigns?

大家好，我是傑克，代表傑克森·阿多爾 (Jack Ador) 演出。想問一下，您在展望中隱含著什麼樣的政治收入假設，以及您是否期望透過政治運動獲得市場份額？

So there's two pieces. Thanks, Jack. Two pieces of the answer there. There's political candidate revenue, which was called $44 million in 2024, and the reason why we broke that out throughout the year in our guide and in our reported results was it's always been our expectation that in 2025 there shouldn't be any political candidate revenue of any materiality certainly.

因此有兩件。謝謝，傑克。這裡有兩點答案。還有政治候選人收入，2024 年為 4,400 萬美元，我們之所以在指南和報告結果中全年列出這一數字，是因為我們一直預計 2025 年肯定不會有任何重大的政治候選人收入。

Then there's the advocacy portion which is where Zeta's working with political groups as well as NGOs in 2024 that was in line with our expectations. It was $36 million for that piece of our business which we're putting more quota carriers into building new capabilities, leveraging relationships that come out of the political cycle. Our expectation is that business goes to $20 million to $25 million in 2025. Now if you compare how that was in an off political year back in 2023, that's up considerably from around $13 million. So that's how we think about the contribution of political candidate and advocacy in 2025.

然後是宣傳部分，Zeta 將在 2024 年與政治團體以及非政府組織合作，這符合我們的預期。我們的這部分業務投資了 3,600 萬美元，我們正在利用政治週期中建立的關係，讓更多的配額承運人建立新的能力。我們預計到 2025 年業務額將達到 2,000 萬至 2,500 萬美元。現在，如果將 2023 年非政治年份的金額進行比較，就會發現這一數字比 1,300 萬美元左右大幅增加。這就是我們對 2025 年政治候選人和倡議的貢獻的看法。

Got it. Very helpful. And as a follow up, how much revenue today is coming from the marketing cloud and how much do you expect that to be in 2028 as it progresses?

知道了。非常有幫助。接下來的問題是，目前有多少收入來自行銷雲？

I mean, all of it. All our revenue goes through the marketing cloud. So, it's, I don't. Maybe, you could fine tune that question.

我意思是，全部。我們所有的收入都透過行銷雲來獲得。所以，我不知道。也許，你可以對這個問題進行微調。

I'll follow up with you guys, offline.

我將離線跟進你們。

On that, yeah, well, I mean we're going to talk in a bit, but literally, Jack, all of our revenue goes through the marketing cloud at this point. So when we consolidated that a few years ago, everything now goes through one user interface with one reporting infrastructure and everything is totally integrated.

關於這一點，是的，好吧，我的意思是我們稍後會談，但實際上，傑克，我們所有的收入都是透過行銷雲獲得的。因此，當我們幾年前整合這些功能時，現在所有內容都透過一個使用者介面和一個報告基礎架構進行，並且所有內容都完全整合。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yeah, hey guys, thanks so much for taking the questions. Maybe this one's for Chris. And so Chris, when I look at the third quarter transcripts, I recall that you said you were very comfortable with 2025 consensus revenue growth of 17%. And so I know that was supposed to be without LiveIntent, and that got us to a number that is a couple of millions below the $1.144 million or billion that you're guiding to today without LiveIntent.

是的，嘿夥計們，非常感謝你們回答這些問題。也許這個是給克里斯的。所以克里斯，當我查看第三季的成績單時，我記得您曾說過，您對 2025 年 17% 的普遍收入成長率非常滿意。所以我知道這應該是沒有 LiveIntent 的情況，這使得我們得到的數字比您今天在沒有 LiveIntent 的情況下預測的 114.4 萬美元或 10 億美元少了幾百萬美元。

But if I use that $1.144 million number and then compare it to where you ended up at 2024, that implies 14% organic growth versus the third quarter when you said 17%. And I know in the slide 24, it says 21% growth. And so I just want to make sure I'm comparing apples-to-apples here with that original 17% comment from the third quarter call.

但是，如果我使用 114.4 萬美元這個數字，然後將其與 2024 年的最終結果進行比較，這意味著有機成長率為 14%，而第三季為 17%。我知道第 24 張投影片上寫的是 21% 的成長率。因此，我只是想確保我在這裡進行的比較與第三季電話會議中最初提出的 17% 的評論是一致的。

Yeah, and that 17% comment when we very carefully walked through what we were presuming that should have gotten most analysts in the street to around $1.2 billion in revenue compared to the $1.24 billion that we're at today. So obviously, you back out $17 million of LiveIntent from the $6 billion in revenue we did in 2024. And you back out $44 million of political candidate revenue, you get to a normalized base of $944 million.

是的，當我們非常仔細地闡述我們的假設時，我們提出的 17% 的評論應該會讓大多數華爾街分析師認為我們的收入達到 12 億美元左右，而我們現在的收入為 12.4 億美元。因此很明顯，你要從我們 2024 年的 60 億美元收入中扣除 1700 萬美元的 LiveIntent 收入。如果你放棄 4,400 萬美元的政治候選人收入，那麼你將得到 9.44 億美元的正常化基數。

You then do the same on 2025, you remove $96 million from LiveIntent for LiveIntent, which is what we'd expect that business, and that's a 20% growth rate consistent. With what we talked about when we made the acquisition, you get to call it $1.44 billion, so it's a 21% growth rate. So roughly 4 points higher than that 17% that we had talked about earlier. We went through the task also on slide 24 to kind of clearly break out this in step. By quarter and what you'll find is that for each quarter of 2025 growth is effectively between 20% and 22% when you exclude LiveIntent and exclude political candidate revenue itself.

然後你在 2025 年做同樣的事情，你從 LiveIntent 中拿出 9600 萬美元用於 LiveIntent，這正是我們對該業務的預期，並且保持 20% 的增長率。根據我們在收購時所討論的內容，你可以稱之為 14.4 億美元，因此成長率為 21%。所以大約比我們之前談到的 17% 高出 4 個百分點。我們也在第 24 張投影片上完成了這項任務，以便清楚地逐步說明這一點。按季度計算，您會發現，如果排除 LiveIntent 和政治候選人收入本身，2025 年每季的成長率實際上在 20% 到 22% 之間。

I think, Koji, it's important because we've got to exclude those two things to get to the 21%. But you really have to exclude the revenue we picked up from LiveIntent in the fourth quarter, right? So even if you just wanted to do apples-to-apples, you would pull that inorganic revenue out if you can't pull it out of 2025 without pulling it out of 2024.

我認為，Koji，這很重要，因為我們必須排除這兩件事才能達到 21% 的目標。但你真的必須排除我們在第四季從 LiveIntent 獲得的收入，對嗎？因此，即使你只是想進行同類比較，如果你不能在 2024 年之前將無機收入從 2025 年中移除，那麼你就會將其移除。

Got it. No, thank you for that. And maybe just a quick follow up. I did want to ask if the conservatism and the guidance or any sort of consideration in the guide this year, just thinking about all the macro and regulatory and tariff noise that's out there, is there any additional conservatism that you pulled with the guidance this year? Thank you.

知道了。不，謝謝你。或許只是快速跟進一下。我確實想問一下，如果今年的指南中存在保守主義和指導或任何形式的考慮，只是考慮到所有的宏觀和監管以及關稅噪音，您是否在今年的指導中加入了額外的保守主義？謝謝。

We tried to be consistent with our historical approach, which is to build in ample conservatism so that we don't need the midpoint or even the high end of our metrics to get to our guidance, as I said kind of earlier in the Q&A. We can get to guidance at the low end of each one of our metrics call for, and we obviously, made that call based upon our awareness of what's going on in the macro backdrop. David, anything you'd add?

我們試圖與我們的歷史方法保持一致，即建立充分的保守主義，這樣我們就不需要中間點甚至高端的指標來獲得指導，就像我在問答環節中提到的那樣。我們可以獲得每個指標所要求的低端指導，顯然，我們是根據對宏觀背景情況的了解做出這一決定的。大衛，您還有什麼要補充嗎？

Yeah, I would say Koji, just we've known each other for a while now. We've beat and raised 14 quarters in a row. Our goal is to be here the same time next year and saying we've now beat and raised 18 times in a row, and we feel we've put the right guidance out to do that.

是的，我想說是 Koji，我們已經認識有一段時間了。我們已經連續 14 個季度獲利。我們的目標是明年同一時間在這裡宣布我們已經連續 18 次擊敗並籌集資金，我們覺得我們已經為實現這一目標提供了正確的指導。

Thanks, guys.

謝謝大家。

Thanks, Koji.

謝謝，Koji。

Brian Schwartz, Oppenheimer.

奧本海默的布萊恩·施瓦茨。

Brian, are you out there?

布萊恩，你在那裡嗎？

Brian, are you on mute?

布萊恩，你靜音了嗎？

I'm on mute. Sorry about that. Sorry about that.

我靜音了。很抱歉。很抱歉。

No, you're good.

不，你很好。

Thank you. A couple of questions from me, Chris. I just wanted to ask you on the D cell in the 1Q guide. I know the comp is, a few points harder here and there's political spending headwinds on the comparable, but is there anything else that you are contemplating in that guide to see that type of organic deceleration beyond those items, did having one last day, is that also an impact in terms of the 1Q guide? And then I have a follow up. Thanks.

謝謝。我有幾個問題，克里斯。我只是想問您有關 1Q 指南中的 D 單元的問題。我知道，這裡的比較困難了幾個點，並且存在可比的政治支出阻力，但是，除了這些項目之外，您是否還在考慮該指南中的其他內容，以查看這種類型的有機減速，最後一天是否也會對第一季度指南產生影響？然後我會進行後續跟進。謝謝。

No, that wouldn't be any kind of material impact. It's as you said, it's 30% all in. The guide is 20% if you adjust for effectively LiveIntent because there really wasn't a political candidate revenue in the first quarter. And it's just our conservatism. We're trying to be consistent with what we've done in the past and you know just build multiple ways to get to the number and feel like if we do that, we'll be in the same place we've been in the past in terms of what our traditional beats are.

不，這不會造成任何實質影響。正如你所說，全部是 30%。如果根據 LiveIntent 進行有效調整，則指導價為 20%，因為第一季實際上並沒有政治候選人的收入。這只是我們的保守主義。我們試圖與過去所做的事情保持一致，你知道，只需建立多種方式來達到這個數字，感覺如果我們這樣做，就我們的傳統節拍而言，我們將處於與過去相同的位置。

Okay, and then the follow up question I had on the 2028 guide. I know there was some discussion earlier about the agency business which is doing really well for you.

好的，然後是關於 2028 年指南的後續問題。我知道之前我們討論過代理業務，這對你們來說確實很有好處。

Is it your expectation, Chris that, that business could double in terms of its percentage of the revenue mix, as we fast forward to 2028? Thanks.

克里斯，您是否預計，到 2028 年，該業務在收入結構中的比例會翻倍？謝謝。

Yeah. So the base will keep growing, right? So you know I think doubling in size, I mean it's not without it's not outside the realm of possibility. I think it will be a bigger and bigger piece of the PII. Like I said, today, it's about 20% of revenue. I think doubling, there are certainly cases for that, but I wouldn't count on it as we sit here today.

是的。那麼基數會持續成長，對嗎？所以，你知道，我認為規模加倍，這並非不可能，也並非不可能。我認為它將成為 PII 中越來越重要的組成部分。就像我說的，今天它約佔收入的 20%。我認為翻倍，肯定存在這樣的情況，但就我們今天所處的情況而言，我不會依賴它。

Yeah, nor would I, Brian. I think it's going to double as a business. I don't think it's going to double as a percentage.

是的，布萊恩，我也不會。我認為它將會成為一門雙贏的生意。我認為它的百分比不會翻倍。

Zach Cummins, B. Riley Securities.

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

Yeah, hi. Good afternoon. And just adding on my congratulations for the quarter, just double clicking a little bit more on the agency opportunity, I mean, David, can you speak to just the growth opportunity that you have with the top five global holding companies versus maybe your aspirations to expand into the mid-market on the agency side?

是的，你好。午安.除了對本季表示祝賀之外，我還要再強調一下代理機會，大衛，您能否談談您與全球五大控股公司合作後所獲得的增長機會，以及您在代理方面向中端市場擴張的願望？

Yeah, I mean, we are adding mid-market agencies faster than I think we could have even expected, and you know they're all on platforms. So that's a really nice thing for margin in the long term. But what I would say, Zach, is that the opportunity with the five large agency hold codes we work with is very large.

是的，我的意思是，我們增加中型市場機構的速度比我們預期的要快，而且你知道他們都在平台上。所以從長期來看這對利潤來說確實是件好事。但是紮克，我想說的是，我們與五家大型機構合作的保留代碼的機會非常大。

We continue to be their most profitable partner. We tend to be more flexible than our competitors, and we have built deep and meaningful relationships with them. I would expect us to continue to meaningfully grow those businesses and continue to meaningfully grow brands.

我們繼續成為他們最賺錢的合作夥伴。我們比競爭對手更靈活，並與他們建立了深厚而有意義的關係。我希望我們能夠繼續有效地發展這些業務並繼續有效地發展品牌。

And if you look at our sort of projections out through 2028, as Chris, I think, has said a few times, we can be at the low end of our metrics and still beat those numbers.

如果你看看我們對 2028 年的預測，正如克里斯多次說過的那樣，我們可以處於指標的低端，但仍然可以超過這些數字。

Understood. And just by one follow up, geared towards Chris. Can you talk about your plans for quota carrying hiring for 2028? Obviously, much larger sales force than three years ago, but just curious of any sales efficiency gains that you're baking into that versus necessary capacity to execute on those targets?

明白了。只需一次跟進，針對克里斯。您能談談 2028 年配額招募計畫嗎？顯然，銷售隊伍比三年前大得多，但我只是好奇，與實現這些目標所需的能力相比，您是否考慮到了銷售效率的提升？

Yeah, slide 17 and the supplemental lays out what our compound growth rates have been through the first, if you will. The first, long term plan. The quota carrier compounding growth rate was 22% from 2021 to 2024. We are baking in some efficiency that we frankly have been seeing as of late to where it's our expectation that we can grow the quota carrier base between 10% and 15%. What we've found though is we don't want a growth number to force us down the path of just quantity. What we've continued to do well, and this allows for us to focus on that quality element, over just throwing bodies at sales.

是的，第 17 張投影片和補充內容列出了我們第一季的複合成長率。第一、長期規劃。2021年至2024年配額承運人複合成長率為22%。我們正在提高最近看到的一些效率，我們預計配額承運人基數可以成長 10% 至 15%。但我們發現，我們不希望成長數字迫使我們走上單純數量的道路。我們一直在做得很好，這使我們能夠專注於品質因素，而不是僅僅投入人力去銷售。

Richard Baldry, Roth Capital Partners.

羅斯資本合夥公司的理查德·鮑德里 (Richard Baldry)。

Thanks. Maybe, switching gears, I wanted to look at the balance sheet. You repurchased $31 million worth of shares in the quarter. That's 3x what you've done the rest of the year combined and almost matched your free cash flow. So curious, your thought process around the buyback on a go-forward, do you think you'll run it at a higher percent of the free cash flow? Do you think you'd be opportunistic in it ever like look at taking the actual cash balances down to pursue it more aggressively just to give us a backdrop for the year ahead? Thanks.

謝謝。也許，換個話題，我想看資產負債表。您在本季回購了價值 3,100 萬美元的股票。這是您今年剩餘時間所做支出的 3 倍，幾乎與您的自由現金流相當。很好奇，當您考慮未來回購時，您認為會以更高的自由現金流百分比來運行它嗎？您是否認為您會抓住機會，考慮降低實際現金餘額，以更積極地追求它，只是為了為來年提供背景？謝謝。

I think, listen, Rich, the stock we thought dropped to a stupid place, so we've massively accelerated buying the stock. We still think it's very low and we'll continue to buy it at an accelerated pace. I don't see any better use for our cash right now than buying our shares back. And yeah, we used about 100% of free cash flow. We expect to drive meaningful free cash flow this year.

聽著，里奇，我想，我們認為該股已經跌到了一個愚蠢的水平，所以我們大幅加快了購買速度。我們仍然認為它價格非常低，我們將繼續加速購買。我認為目前我們的現金沒有比回購股票更好的用途了。是的，我們使用了大約 100％ 的自由現金流。我們預計今年將實現有意義的自由現金流。

You could see us do, I would say, at least half and potentially, much higher as a percentage of free cash flow as we look at buying the stock back because once again, it's right now is the best investment for us for our cash in the current environment.

當我們考慮回購股票時，您可以看到我們的自由現金流百分比至少會達到一半，甚至可能更高，因為再說一次，在當前環境下，這對我們來說是最好的現金投資。

Then the follow up that for me would be, it looks like we probably have a better M&A environment with an administration that might let more things go through. So how are you thinking about growth, the inorganic growth, opportunities now and as you look ahead to sort of broaden offerings, get into new markets, etc.?

那麼對我來說，後續的情況是，看起來我們可能有一個更好的併購環境，而政府可能會允許更多的事情通過。那麼您如何看待成長、無機成長、當前機會以及展望未來擴大產品範圍、進入新市場等？

Yeah, we are seeing more deals now than we have in many years. What I would say, it's still going to be hard to find deals that match our four M&A pillars. If we can find deals that match our four M&A pillars, we will act on them. We have meaningful cash, we have meaningful capacity, and you know, we're in a very unique position with the type of free cash flow we expect to generate to be able to do very opportunistic deals.

是的，我們現在看到的交易比過去幾年都要多。我想說的是，找到符合我們四大併購支柱的交易仍然很困難。如果我們能夠找到符合我們的四大併購支柱的交易，我們就會採取行動。我們擁有充足的現金和產能，而且你知道，我們處於非常獨特的地位，我們預計將產生大量的自由現金流，可以進行非常有機會的交易。

But I will say what I say to you whenever we're together. I believe transformative deals transform both companies for the worse. So we won't be doing anything that quote-unquote is transformative, but we will continue to be very, very opportunistic and look at opportunities where we can take one plus one and equal four.

但只要我們在一起，我就會把我想對你說的話告訴你。我認為轉型性交易會讓兩家公司的情況都變得更糟。因此，我們不會做任何所謂的變革性的事情，但我們會繼續非常非常抓住機會，尋找可以將一加一等於四的機會。

Ryan MacWilliams, Barclays.

巴克萊銀行的瑞安‧麥克威廉斯 (Ryan MacWilliams)。

Hey, David and Chris. This is Amy on for Ryan. Thanks for the question and appreciate all the details today. Can you help us understand the key levers for the free cash flow and a margin expansion highlighted by your 2028 guide?

嘿，大衛和克里斯。這是艾米 (Amy) 取代瑞安 (Ryan) 演繹的作品。感謝您的提問，並感謝今天提供的所有細節。您能否幫助我們了解 2028 年指南中強調的自由現金流和利潤率擴張的關鍵槓桿？

Yeah, certainly. So we talked about getting anywhere from 100 basis points to 300 basis points, we think from cost of revenue and that really being driven by three different initiatives. The first being our OneZeta where we're being more and more successful at bringing all three use cases together, which gives us good synergies and higher margin profile.

是的，當然。因此，我們討論了從 100 個基點到 300 個基點的範圍內提高，我們認為從收入成本來看，這實際上是由三個不同的舉措推動的。第一個是我們的 OneZeta，我們越來越成功地將所有三個用例結合在一起，這為我們帶來了良好的協同效應和更高的利潤率。

A continuing to drive more and more direct channel usage across the platform, in particular with agencies, and then as our generative AI and our consumption-based revenue, which tends to have also a higher margin to its scales, that should be levered towards the COGS line. We think we can continue to get great leverage out of the OpEx line, and that I think is really well represented in the supplemental deck where we show that we've had a 30% compound annual growth rate on revenue over the last several years as compared to only 15% compound growth rate in headcount, US headcount even being at a rate well below that.

繼續推動整個平台上越來越多的直接管道使用，特別是與代理商的合作，然後隨著我們的生成性人工智慧和基於消費的收入（其規模往往具有更高的利潤率），這應該朝著 COGS 線的方向發展。我們認為，我們可以繼續從營運支出線中獲得巨大的槓桿作用，我認為這在補充文件中得到了很好的體現，我們表明，過去幾年，我們的收入複合年增長率為 30%，而員工人數的複合增長率僅為 15%，美國員工人數的增長率甚至遠低於這一水平。

In addition to those levers, you see, we'll eventually start to make up that working capital deficit that we have with the agency as that growth starts to catch up. That's a significant lever. I mean this year's just the fourth quarter, for example, if we had a neutral working capital position, which we didn't, it was a $22 million gap, would have been a 76% free cash flow conversion. So I think that's a key driver and then over time. And again, this year's results evidenced that less and less as a percentage of revenue of CapEx will be in the business. So I think we'll get efficiencies from there as well, which puts that 65% conversion out in 2028, really nicely within reach of us. In fact, already there really on a normalized basis.

除了這些槓桿之外，隨著業務成長的加快，我們最終將開始彌補代理商的營運資金缺口。這是一個重要的槓桿。我的意思是，例如，今年只是第四季度，如果我們的營運資本狀況是中性的，而我們沒有，那麼差距就是 2200 萬美元，自由現金流轉換率將是 76%。所以我認為這是一個關鍵驅動因素，並且隨著時間的推移。今年的業績再次證明，資本支出在企業收入中所佔的比例將越來越小。所以我認為我們也會從那裡獲得效率，這使得 2028 年 65% 的轉換率是我們真正可以實現的目標。事實上，這已經真正常態化了。

Perfect, thanks Chris. And then as a follow up, have you seen any changes in the environment post US election as it relates to customers' willingness to spend?

非常好，謝謝克里斯。然後作為後續問題，您是否看到美國大選後環境在與消費者消費意願相關的方面發生了任何變化？

We really have a name and we've been working with our customers and as we're very close to our customers. But I think people always discount what a large percentage of our business we have done when we enter the year. We already have incredible visibility into what we put out and as Chris has said a couple of times, we've tried to be incredibly conservative in the projections that we've put forward. So we have not had any clients pull back and thus far we continue to be full speed ahead.

我們確實有一個名字，我們一直與我們的客戶合作，我們與客戶非常親近。但我認為，當進入新的一年時，人們總是會忽略我們業務的很大一部分份額。我們已經對所推出的產品有了非常清晰的了解，正如克里斯多次所說的，我們試圖在提出的預測中保持極其保守的態度。因此，我們還未遇到任何客戶退縮的情況，到目前為止，我們仍在全速前進。

There are no further questions at this time. I would now like to turn the floor back over to David Steinberg for closing comments.

目前沒有其他問題。現在我想將發言權交還給戴維·斯坦伯格，請他發表最後評論。

I could not be prouder of this team to have worked through the turbulence that we've seen over the last quarter and put up the type of results that we've put up as an organization. I think it really shows that our strategy of putting AI and data as foundational to our platform, bringing in the world's best people and letting them do their jobs really can ultimately drive to financial results that show how strong our platform is in the marketplace, and we believe we're going to organically double this business again over the next four years. I could not be more proud of our Zeta people, and I am incredibly proud to be running this company.

我為這支團隊感到無比自豪，他們克服了上個季度所經歷的動盪，並取得了我們作為一個組織所取得的成績。我認為這確實表明，我們將人工智慧和數據作為平台基礎的策略，引進世界上最優秀的人才並讓他們做好自己的工作，最終確實可以帶來財務業績，顯示出我們的平台在市場上的強大實力，我們相信我們將在未來四年內再次使這項業務有機增長一倍。我為我們的 Zeta 員工感到無比自豪，我為能夠經營這家公司而感到無比自豪。

Thank you very much.

非常感謝。

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。現在您可以斷開您的線路。感謝您的參與。