Zeta Global Holdings Corp (ZETA) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Zeta second-quarter 2025 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. You may begin.

您好，歡迎參加 Zeta 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹主持人、投資者關係資深副總裁 Matt Pfau。謝謝。你可以開始了。

Thank you, operator. Hello, everyone, and thank you for joining us for Zeta's second-quarter 2025 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. 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.

謝謝您，接線生。大家好，感謝您參加 Zeta 2025 年第二季電話會議。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，您還可以在該網站上找到我們向 SEC 提交的文件的連結以及有關 Zeta 的其他資訊。今天與我一起參加電話會議的還有 Zeta 聯合創始人、董事長兼執行長 David Steinberg 和 Zeta 財務長 Chris Greiner。

Before we begin, I'd like to remind everyone that statements made on this call as well as in the presentation and earnings release contain forward-looking statements regarding our financial outlook, business plans and objectives and other future events and developments, including statements about the market potential of our products, potential competition, revenues of our products and our goals and strategies.

在我們開始之前，我想提醒大家，本次電話會議以及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描述的風險和不確定性，並且僅代表截至今天的情況。

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.

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非公認會計準則指標，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.

非公認會計準則 (non-GAAP) 指標與相應公認會計準則 (GAAP) 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向美國證券交易委員會 (SEC) 提交的其他文件中找到。

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

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. We delivered another quarter of industry-leading growth, fueled by demand for our AI-powered marketing platform. In the second quarter, revenue was $308 million, up 35% year-over-year, and adjusted EBITDA grew by 52% to $59 million both above our guidance. Zeta's unified platform with AI and proprietary data at the core continues to gain share as marketers look to automate complex workflows and drive measurable ROI at scale.

謝謝你，馬特。大家下午好，感謝大家今天的參與。受人工智慧行銷平台需求的推動，我們又一個季度實現了業界領先的成長。第二季度，營收為 3.08 億美元，年增 35%，調整後 EBITDA 成長 52%，達到 5,900 萬美元，均高於我們的預期。隨著行銷人員尋求自動化複雜的工作流程並大規模實現可衡量的投資報酬率，Zeta 以人工智慧和專有數據為核心的統一平台繼續獲得市場份額。

Our first half results and strong sales pipeline provide us with the confidence and visibility to increase the midpoint of our full year revenue guidance by $21 million, which is $10 million more than our second quarter outperformance. A core differentiator driving our market share gains is our relentless focus on AI innovation.

我們的上半年業績和強勁的銷售管道為我們提供了信心和可見性，可以將全年收入預期中位數提高 2,100 萬美元，比第二季的優異表現高出 1,000 萬美元。推動我們市場佔有率成長的一個核心差異化因素是我們對人工智慧創新的不懈關注。

This quarter, we launched Zeta Answers, our first prescriptive AI framework, which transforms raw data into automated outcome-driven actions in real time, producing a superior return on investment. Unlike conventional analytics that stop at insights, Zeta Answers closes the loop by delivering immediate next best actions, enabling marketers to execute with precision at scale.

本季度，我們推出了第一個規範性 AI 框架 Zeta Answers，它將原始數據即時轉換為自動化的結果驅動行動，從而產生卓越的投資回報。與止步於洞察的傳統分析不同，Zeta Answers 透過提供即時的下一個最佳行動來完成閉環，使行銷人員能夠大規模地精確執行。

Let me provide a couple of examples of how marketers are using Zeta Answers today. One of the largest state governments in the United States used data to target job seekers to relocate to their state. Using our circles of influence capability, they engage not only job seekers, but also their close networks of friends, family and colleagues, driving a 30% higher engagement among audiences whose close contacts were also included. This example also aligns nicely with our new initiative to do more in the public sector.

讓我提供幾個行銷人員目前如何使用 Zeta Answers 的範例。美國最大的州政府之一利用數據來定位求職者，以遷移到該州。利用我們的影響力圈功能，他們不僅能吸引求職者，還能吸引他們的朋友、家人和同事等親密網絡，從而使包括親密聯繫人在內的受眾的參與度提高 30%。這個例子也與我們在公共部門做更多事情的新措施非常吻合。

Second, a Fortune 100 technology company used our leading indicators module to identify intent signals and proactively tailor its marketing, resulting in a 10% improvement in engagement. Highlighting our ongoing investment in AI innovation, we recently appointed Nate Yohannes as President of the Zeta Data and AI Lab and Global Head of Research and Development.

其次，財富 100 強科技公司使用我們的領先指標模組來識別意向訊號並主動客製化其行銷，從而使參與度提高了 10%。為了強調我們對人工智慧創新的持續投資，我們最近任命 Nate Yohannes 為 Zeta 數據和人工智慧實驗室總裁兼全球研發主管。

Nate is a proven leader at the intersection of artificial intelligence, product innovation and public policy with more than 15 years of experience in senior roles at Meta, Microsoft and the White House. A key driver of our second quarter growth was the sustainable momentum in our agency business. Our AI-powered platform is resonating with both holding companies and independent agencies.

內特是人工智慧、產品創新和公共政策交叉領域公認的領導者，在 Meta、微軟和白宮擔任高階職位超過 15 年。我們第二季成長的一個關鍵驅動力是我們代理業務的可持續成長勢頭。我們的人工智慧平台與控股公司和獨立機構都產生了共鳴。

Since our last earnings call, we continued to expand with our large holding company clients unlocking new capabilities, broadening our scope and making Zeta even more important to their success. Independent agencies also continued to be a strong growth driver adopting our platform much like an enterprise client.

自上次財報電話會議以來，我們繼續與大型控股公司客戶合作，釋放新的能力，拓寬我們的業務範圍，使 Zeta 對他們的成功變得更加重要。獨立機構也持續成為強勁的成長動力，它們像企業客戶一樣採用我們的平台。

Since our last earnings call, we platformed three additional independent agencies. Our momentum with independent agencies is building, and the second half pipeline is robust, given that there are hundreds of additional independent agencies that we can serve.

自上次財報電話會議以來，我們又建立了三個獨立機構平台。我們與獨立機構的合作動能正在增強，考慮到我們還能為數百家獨立機構提供服務，下半年的管道也很強勁。

A core long-term growth driver is our One Zeta initiative, which aims to accelerate multiuse case adoption across: acquisition, growth and retention. We have found that clients utilizing us for all three use cases start a flywheel that leads to substantially better return on investment, a higher Net Promoter Score and a stickier customer that broadens their use of the platform over time. Since our last earnings call, we have had several significant One Zeta wins.

我們的 One Zeta 計畫是長期成長的核心動力，旨在加速多用途案例的採用：收購、成長和保留。我們發現，在所有這三種用例中利用我們的產品的客戶都啟動了一個飛輪，從而帶來大幅更好的投資回報、更高的淨推薦值和更黏性的客戶，從而隨著時間的推移擴大他們對該平台的使用範圍。自上次收益電話會議以來，我們已在 One Zeta 上取得了許多重大勝利。

Let me provide you with a couple of examples. In national discount furniture chain already using our growth module added both retention and acquisition under One Zeta, consolidating life cycle and acquisition marketing on a single platform and unifying data, decisioning and activation.

讓我給你舉幾個例子。在已經使用我們的成長模組的全國折扣家具連鎖店中，One Zeta 增加了保留和獲取功能，在單一平台上整合了生命週期和獲取行銷，並統一了數據、決策和激活。

Second, a leading hospitality brand after demonstrating success with our growth use case expanded to our retention use case through e-mail and is now evaluating mobile and CDP integrations. Showing how One Zeta deepens return on investment and fuels ongoing expansion. Our growing One Zeta pipeline shows that broadening from one to multiple use case deployments will be a significant driver of growth in the Zeta 2028 plan.

其次，一家領先的酒店品牌在我們的成長用例取得成功後，透過電子郵件擴展到我們的保留用例，目前正在評估行動和 CDP 整合。展示 One Zeta 如何加深投資回報並推動持續擴張。我們不斷成長的 One Zeta 管道表明，從一個到多個用例部署的擴展將成為 Zeta 2028 計畫成長的重要驅動力。

And I could not be happier with how quickly the team has hit the ground running, which has given us confidence to accelerate our investment in sales head count behind this initiative. As we head into the back half of 2025, our AI-driven momentum across the Zeta Answers release, new ZMP rollouts, agency expansions and One Zeta wins gives us conviction that our business is poised to capture even more market share going forward.

我對團隊如此迅速地開展工作感到非常高興，這給了我們信心，讓我們能夠加快對這項計劃背後的銷售人員數量的投資。隨著我們進入 2025 年下半年，Zeta Answers 的發布、新 ZMP 的推出、代理商的擴張和 One Zeta 的勝利等人工智慧驅動的勢頭讓我們堅信，我們的業務將在未來佔據更多的市場份額。

Before I hand it off to Chris, I'm thrilled to announce that Zeta Live returns to New York City for our fifth annual conference on October 9. This year's theme is Achieve The Impossible. To headline the conference, we have chosen two icons who embody our theme better than anyone. Seven times Super Bowl Champion Quarterback and Entrepreneur, Tom Brady, and 23-time Grand Slam Champion and Entrepreneur, Serena Williams. Together, they are goat squared, both changing the game and raising the bar for generations to come.

在將其交給克里斯之前，我很高興地宣布 Zeta Live 將於 10 月 9 日重返紐約舉辦我們的第五屆年度會議。今年的主題是「實現不可能」。作為本次會議的主角，我們選擇了兩個比任何人都更能體現我們主題的偶像。七次超級盃冠軍四分衛兼企業家湯姆布雷迪和 23 次大滿貫冠軍兼企業家小威廉斯。兩者合而為一，既改變了遊戲規則，也提高了後代的標準。

In that spirit, Zeta Live will be a one-day invite-only event this year with no live stream and only on-demand video available after the event. Throughout the conference, we will have three stages of thought leadership sessions by today's leading CEOs, CMOs, athletes, global thought leaders, brand marketers and advertisers.

本著這種精神，今年的 Zeta Live 將是一場僅限受邀者參加的為期一天的活動，沒有現場直播，活動結束後僅提供點播影片。在整個會議期間，我們將舉辦三個階段的思想領導力會議，由當今領先的執行長、行銷長、運動員、全球思想領袖、品牌行銷人員和廣告商主講。

This year, because of demand, we will have a dedicated stage for Zeta's products and upcoming launches. Registration is already outpacing last year's record attendance. The day before, on October 8, we will host our second Investor Day sharing our long-term road map, R&D pipeline and the expanded leadership team driving Zeta's growth.

今年，由於需求，我們將為 Zeta 的產品和即將推出的產品設立專門的舞台。報名人數已經超過了去年的最高紀錄。前一天，即 10 月 8 日，我們將舉辦第二屆投資者日，分享我們的長期路線圖、研發管道和推動 Zeta 發展的擴大的領導團隊。

In closing, I couldn't be prouder of Team's Zeta for delivering 35% revenue growth and expanding margins at scale. 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 Team's Zeta 實現 35% 的營收成長和利潤率的擴大感到無比自豪。一如既往，我要真誠感謝我們的客戶、合作夥伴、Zeta 團隊以及所有股東對我們願景的持續支持。

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

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. On our fourth quarter earnings call, we outlined an ambitious plan to surpass $2.1 billion in revenue by 2028 and expand our free cash flow margin by 700 basis points over the next four years. Our first half results put us firmly on track versus those goals. Compared to our initial guidance, excluding LiveIntent and political, first half revenue growth of 27% came in 600 basis points above expectations, and free cash flow conversion of 59% is 800 points ahead of our previous full year target.

謝謝你，大衛，大家下午好。在我們的第四季度財報電話會議上，我們概述了一項雄心勃勃的計劃，即到 2028 年實現收入超過 21 億美元，並在未來四年內將我們的自由現金流利潤率提高 700 個基點。我們的上半年業績讓我們堅定地朝著這些目標前進。與我們最初的預期相比，不包括 LiveIntent 和政治因素，上半年收入增長 27%，比預期高出 600 個基點，自由現金流轉換率為 59%，比我們之前的全年目標高出 800 個基點。

These first half results give us confidence to meaningfully raise our full year revenue guidance and significantly increase our free cash flow expectations. We also made great progress on our commitment to shareholders to reduce normal course equity dilution. And the changes we implemented earlier this year are already having a significant impact with ending second quarter share count flat with the first quarter.

這些上半年的業績讓我們有信心大幅提高全年收入預期，並大幅提高自由現金流預期。我們也對股東減少正常股權稀釋的承諾取得了巨大進展。我們今年稍早實施的變革已經產生了重大影響，第二季末的股票數量與第一季持平。

With that, let's dive into the details of the core. In Q2, we delivered revenue of $308 million, up 35% year-over-year or 27% when excluding the contribution from LiveIntent and Political Candidate revenue in the year ago period. Total revenue was $11 million or 4% better than the midpoint of our guidance.

有了它，讓我們深入了解核心的細節。我們在第二季度實現了 3.08 億美元的收入，同比增長 35%，如果不包括去年同期的 LiveIntent 和 Political Candidate 收入貢獻，則增長 27%。總收入為 1,100 萬美元，比我們預期的中位數高出 4%。

For context, when we provide quarterly revenue guidance, we typically try to leave ourselves 2 to 5 points of cushion relative to the midpoint. Total scaled customer count grew to 567 in up 21% year-over-year and an addition of 19 customers sequentially.

就背景而言，當我們提供季度收入指引時，我們通常會嘗試相對於中點留出 2 到 5 個點的緩衝。總規模客戶數量年增 21% 至 567 家，較上季增加 19 家客戶。

We have success in adding customers across an array of verticals with technology and media, consumer and retail, and advertising and marketing being the largest contributor. We had 168 super-scaled customers at the end of the second quarter, an increase of 17% year-over-year and 9% quarter-to-quarter. Super-scaled customer quarterly ARPU of $532,000 increased 11% year-over-year and super-scaled customer quarterly ARPU of $1.6 million increased 19% year-over-year. The higher ARPU was driven by increased agency expansion and channel and use case adoption.

我們成功地在一系列垂直領域增加了客戶，其中技術和媒體、消費者和零售以及廣告和行銷是最大的貢獻者。截至第二季末，我們擁有 168 個超大規模客戶，年增 17%，較上季成長 9%。超大規模客戶季度 ARPU 為 532,000 美元，較去年同期成長 11%，超大規模客戶季度 ARPU 為 160 萬美元，較去年同期成長 19%。更高的 ARPU 是由代理商擴張以及通路和用例採用的增加所推動的。

We saw the highest year-over-year growth in the number of customers leveraging four more channels and significant growth in the number of customers using two more use cases. On the agency front, the average number of scaled brands -- large agency holding company increased 40% year-over-year in 2Q and a strong indicator of our sustained momentum within the agency ecosystem. This broader platform adoption points to the long runway ahead of us as evidenced by less than 20% and of scaled customers using more than one use case, less than 20% using four or more channels and very early brand penetration with agencies.

我們發現利用四個以上管道的客戶數量年增率最高，使用兩個以上用例的客戶數量也顯著成長。在代理商方面，第二季規模品牌（大型代理控股公司）的平均數量年增 40%，這是我們在代理生態系統中持續保持發展勢頭的有力指標。更廣泛的平台採用表明我們面前還有很長的路要走，證據是不到 20% 的規模客戶使用多個用例，不到 20% 的客戶使用四個或更多管道，並且品牌在代理商中的滲透率非常低。

From an industry perspective, on a trailing 12-month basis, 6 of our top 10 verticals grew faster than 20% year-over-year. And like the first quarter, some of our fastest-growing verticals, those like consumer retail, travel and hospitality and technology in EMEA to name a few, continue to be with customers who are the most ROI centric.

從產業角度來看，在過去 12 個月中，我們前 10 個垂直產業中有 6 個產業的年成長速度超過 20%。與第一季一樣，我們成長最快的一些垂直產業，例如消費者零售、旅遊和飯店以及歐洲、中東和非洲地區的技術等等，繼續與最注重投資報酬率的客戶合作。

We ended the quarter with 179 quota carriers, up 18% year-over-year and six heads sequentially, supported by an exceeding sales pipeline. Our direct mix in the second quarter was 75%, up from 73% in the first quarter of 2025 and higher than 67% a year ago, resulting in direct revenue growth of 51% year-over-year. Higher usage of e-mail, agency direct-to-channel adoption and LiveIntent were the contributors to the increase in direct mix.

本季結束時，我們擁有 179 家配額承運商，比去年同期成長 18%，比上一季增加 6 家，這得益於超額銷售管道的支援。我們第二季的直接營收組合為 75%，高於 2025 年第一季的 73%，也高於去年同期的 67%，導致直接營收年增 51%。電子郵件使用率的提高、代理商直接面向管道的採用以及 LiveIntent 是直接組合增加的因素。

On the back of higher direct mix, our GAAP cost of revenue in the quarter was 37.9%, a 120 basis point improvement sequentially and 200 basis points improvement from the second quarter of 2024. In the second quarter, we generated $58.8 million of adjusted EBITDA at a margin of 19.1%, 210 basis points higher year-over-year and $3.9 million better than the midpoint of our guidance.

在直接組合增加的推動下，本季我們的 GAAP 營收成本為 37.9%，比上一季提高了 120 個基點，比 2024 年第二季提高了 200 個基點。第二季度，我們的調整後 EBITDA 為 5,880 萬美元，利潤率為 19.1%，比去年同期高出 210 個基點，比我們的預期中位數高出 390 萬美元。

Lower cost of sales as a percentage of revenue and continued efficiency gains in our sales organization were the main drivers of margin improvement. This was our 18th straight quarter of expanding adjusted EBITDA margins year-over-year.

銷售成本佔收入的百分比降低以及銷售組織效率的持續提高是利潤率提高的主要驅動力。這是我們連續第 18 季調整後的 EBITDA 利潤率年增。

Our GAAP net loss for the second quarter was $12.8 million, an improvement from a loss of $28.1 million in the second quarter of 2024. Second quarter net cash provided by operating activities was $42 million, up 35% year-over-year with free cash flow of $33.6 million, up 69% year-over-year and representing a margin of 11%.

我們第二季的 GAAP 淨虧損為 1,280 萬美元，較 2024 年第二季的 2,810 萬美元虧損有所改善。第二季經營活動提供的淨現金為 4,200 萬美元，年增 35%，自由現金流為 3,360 萬美元，年增 69%，利潤率為 11%。

This translated to a free cash flow conversion of 57%, a significant improvement from 51% in the second quarter 2024. A key driver of our improving free cash flow conversion is disciplined capital expenditure spending, which was $7.5 million lower in the first half of 2025 versus 2024.

這意味著自由現金流轉換率為 57%，較 2024 年第二季的 51% 有顯著提高。我們自由現金流轉換率提高的一個關鍵驅動因素是嚴格的資本支出，2025 年上半年的資本支出比 2024 年減少了 750 萬美元。

We continue to have a working capital headwind from our growth with large agency holdcos but we expect it to lessen over time. To that end, if working capital was neutral our free cash flow conversion would have been over 80% in the second quarter. We also repurchased 2.7 million shares for $32 million, accounting for 96% of our free cash flow generated in the quarter.

由於大型代理控股公司的成長，我們繼續面臨營運資金的阻力，但我們預期這種阻力會隨著時間的推移而減弱。為此，如果營運資本保持中性，我們第二季度的自由現金流轉換率將超過 80%。我們也以 3,200 萬美元回購了 270 萬股，佔本季產生的自由現金流的 96%。

Year-to-date, as of July 25, we have repurchased $69 million of our shares. We've utilized $85 million of our $100 million share repurchase authorization that was approved in November. And our Board just approved an additional $200 million two-year share repurchase authorization.

年初至今，截至 7 月 25 日，我們已回購了價值 6,900 萬美元的股票。我們已經使用了 11 月批准的 1 億美元股票回購授權中的 8,500 萬美元。我們的董事會剛剛批准了額外的 2 億美元兩年股票回購授權。

Now let's turn to our increased third quarter and 2025 outlook. Before getting to the numbers, let me highlight a few factors we considered when updating our outlook. First, since our last earnings call, customer behavior has remained consistent.

現在讓我們來看看我們對第三季和 2025 年的展望。在了解數字之前，讓我先強調一下我們在更新展望時考慮的幾個因素。首先，自從我們上次財報電話會議以來，客戶行為一直保持一致。

And we continue to invest in growth, and we are winning market share. Second, given our first half performance and strong pipeline, we have increased visibility and confidence in the back half of the year. Third, Team Zeta continues to execute at a high level, and we're seeing early traction with our long-term growth drivers, including AI consumption-based usage, agency expansion and one data. And fourth, our increased focus on free cash flow has resulted in first half cash conversion coming in neatly ahead of expectations.

我們繼續投資於成長，並正在贏得市場份額。其次，鑑於我們上半年的業績和強勁的銷售管道，我們對下半年的前景和信心有所提高。第三，Zeta 團隊繼續保持高水準執行，我們看到長期成長動力的早期牽引力，包括基於 AI 消費的使用、代理擴展和一個數據。第四，我們更關注自由現金流，導致上半年現金轉換率遠超過預期。

With those factors in mind, we now expect 2025 revenue of [$1,263 million] at the midpoint, an increase of $21 million versus the midpoint of our prior guidance. This represents reported growth of 26% and growth of 24% when adjusting for LiveIntent and political candidate revenue in the year-ago comps. For the third quarter, we now expect revenue of $328 million at the midpoint, $5 million higher than our previous guidance and representing growth of 22%, both on a reported basis and when adjusting for LiveIntent and Political Candidate revenue in the year-ago comps.

考慮到這些因素，我們現在預計 2025 年的收入中位數為 [12.63 億美元]，比我們先前預測的中位數增加 2,100 萬美元。這意味著報告的成長率為 26%，而根據 LiveIntent 和政治候選人的收入調整後，去年同期的成長率為 24%。對於第三季度，我們現在預計中位數收入為 3.28 億美元，比我們之前的預期高出 500 萬美元，增長率為 22%，無論是按報告基礎計算還是按去年同期的 LiveIntent 和 Political Candidate 收入進行調整後都是如此。

For adjusted EBITDA, we're increasing the midpoint of our 2025 guidance to $264.6 million, up $6 million from our prior guidance and representing a year-over-year increase of 37% at a margin of 21%. The $6 million full year increase to adjusted EBITDA guidance drops at a margin rate of [29%]. For the third quarter of 2025, we now expect adjusted EBITDA of $70.7 million at the midpoint, up from our previous guidance expectations of $69.7 million and representing growth of 32% and a margin of 21.5%.

對於調整後的 EBITDA，我們將 2025 年指引的中點提高至 2.646 億美元，比之前的指引高出 600 萬美元，年成長 37%，利潤率為 21%。調整後 EBITDA 全年成長 600 萬美元，利潤率則下降[29%]。對於 2025 年第三季度，我們現在預計調整後的 EBITDA 中位數為 7,070 萬美元，高於我們先前指導的預期 6,970 萬美元，成長率為 32%，利潤率為 21.5%。

We are significantly increasing the midpoint of our 2025 free cash flow guidance to $142 million, up $10.5 million from the midpoint of our previous guidance and representing year-over-year growth of 54%. Our free cash flow guidance increase is meaningfully ahead of our adjusted EBITDA increase driving our expected free cash flow conversion to improve to 54%, up from our previous guidance of 51% and 48% in 2024. This puts us on a great trajectory to achieve our 2028 target of 65% conversion.

我們將 2025 年自由現金流指引的中點大幅提高至 1.42 億美元，比先前指引的中點高出 1,050 萬美元，年增 54%。我們的自由現金流指導增幅顯著高於調整後的 EBITDA 增幅，推動我們預期的自由現金流轉換率提高至 54%，高於我們先前指導的 51% 和 2024 年的 48%。這使我們有望實現 2028 年 65% 轉換率的目標。

As mentioned upfront, we are also making solid progress on reducing dilution. In the second quarter, we had net zero dilution relative to the first quarter, driven by changes to our equity compensation plan as well as our aggressive share buyback during the quarter.

如同前面所提到的，我們在減少稀釋方面也取得了紮實的進展。在第二季度，與第一季相比，我們的淨稀釋度為零，這得益於我們的股權補償計畫的變化以及本季積極的股票回購。

As a result, we remain on track to achieve both our 4% to 6% normal course dilution target in 2025 and our $190 million equity compensation expense target. Lastly, we remain confident in our Zeta 2028 plan and are reaffirming our long-term targets, which project over $2.1 billion in annual revenue, at least 25% adjusted EBITDA margin, and 16%-plus free cash flow margin in 2028.

因此，我們仍有望實現 2025 年 4% 至 6% 的正常稀釋目標和 1.9 億美元的股權補償費用目標。最後，我們仍然對 Zeta 2028 計畫充滿信心，並重申我們的長期目標，預計 2028 年年收入將超過 21 億美元，調整後 EBITDA 利潤率至少為 25%，自由現金流利潤率超過 16%。

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

現在，讓我將電話交還給接線員，以便大衛和我回答你們的問題。操作員？

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

謝謝。我們現在將進行問答環節。（操作員指示）

Scott Berg, Needham & Company.

伯格（Scott Berg），Needham & Company。

Hi David and Chris, really nice results here in the quarter. I guess several questions. David, you released a new AI module in the quarter. There's a lot of excitement, obviously, around technology and whatnot. But what are you seeing around interest level from customers and agencies.

嗨，大衛和克里斯，本季的業績非常好。我想問幾個問題。大衛，您在本季度發布了一個新的 AI 模組。顯然，人們對科技和其他事物非常興奮。但是您看到客戶和代理商的興趣程度如何。

It sounds like you got out of the gate well with the product. But is the awareness where it needs to be with those customers and partners here in the short term to really kind of supercharge the results over the next couple of quarters? Or do you think it's really more of a fiscal '26 event than maybe a near-term 25 opportunity?

聽起來你的產品開局不錯。但是，短期內這些客戶和合作夥伴是否需要提高意識，才能真正推動未來幾季的業績成長？或者您認為這實際上更像是 26 年財政事件，而不是 25 年短期機會？

Well, first of all, thank you, Scott. We're obviously very proud of the quarter and feel like we did a pretty good job as an organization. I think a lot of what you're seeing when you see the financials at these rates, that's the output. The input is clients buying more of our products and getting more clients, right, and being efficient while running the business, which I think we did well. Our AI suite of products continues to be the lead and tip of the spear in driving additional growth to customers we're currently working with and new customers.

嗯，首先謝謝你，斯科特。我們顯然對本季感到非常自豪，並覺得我們作為一個組織做得相當出色。我認為，當您以這些利率查看財務數據時，您所看到的內容很多就是產出。投入是客戶購買更多我們的產品並獲得更多客戶，對，並且在經營業務時提高效率，我認為我們做得很好。我們的人工智慧產品套件繼續發揮主導作用，推動我們目前合作的客戶和新客戶的進一步成長。

So I think the awareness is good. I think we can continue to do better. And I think you're going to see all of this showcased at Zeta Live. One of the big differences, Scott, in Zeta Live this year is we're going to have a dedicated Zeta stage. We were able to get an extra floor in the building that we're operating in.

所以我認為這種認識是好的。我認為我們可以繼續做得更好。我認為您將在 Zeta Live 上看到所有這些展示。斯科特，今年 Zeta Live 的一大不同之處在於我們將擁有一個專門的 Zeta 舞台。我們能夠在我們營運的大樓裡增加一層樓。

And quite frankly, it was something that I had always shied away from because I wanted to use Zeta Live as thought leadership and really brand build, but what started to happen is our clients are so excited about our new products they asked us if we could do our own stage to really just highlight a full Zeta track.

坦白說，這是我一直迴避的事情，因為我想將 Zeta Live 用作思想領導力和真正的品牌建設，但開始發生的事情是，我們的客戶對我們的新產品非常興奮，他們問我們是否可以做自己的舞台來真正突出完整的 Zeta 曲目。

And I think you're going to see a number of meaningful new releases and going to see a bunch of major upgrades around AI. So I think to answer to your question, I think the awareness is good and we're seeing meaningful uptake, but we can always do better.

我認為你將會看到一系列有意義的新版本，以及一系列圍繞人工智慧的重大升級。所以我想回答你的問題，我認為這種認識是好的，我們看到了有意義的進步，但我們總是可以做得更好。

And I think that's what we're focused on.

我認為這就是我們關注的重點。

Excellent. Looking forward to my first Zeta Live. And then from a follow-up question, I wanted to just understand linearity in the quarter, Liberation Day, we saw caused some unfavorable I don't know, timing your results from some other software vendors. Did you see anything in the quarter that maybe made the quarter back end loaded as something it up in April? Or was everything pretty well in line with your expectations pre-quarter?

出色的。期待我的第一次 Zeta Live。然後從後續問題來看，我只想了解本季的線性，我們看到解放日造成了一些不利的影響，我不知道，請從其他一些軟體供應商那裡獲得結果。您是否在本季度看到了一些可能使本季末成為四月份出現的情況的事物？還是一切都符合您季度前的預期？

Scott, I'll jump in, good to be speaking with you. As we said at the earnings call in May, our April was every bit as strong as our March, and we saw consistent growth throughout the second quarter of April, May and June. And just kind of some evidence points of it that we spoke about in the prepared remarks, the same verticals that were our fastest growing in the first quarter continued to be our fastest growing in the second, and that was 6 out of 10 growing over 20%.

史考特，我加入吧，很高興和你交談。正如我們在五月的收益電話會議上所說，四月份的業績與三月份一樣強勁，並且四月、五月和六月的第二季度也實現了持續增長。我們在準備好的發言中談到的一些證據點表明，第一季成長最快的垂直產業在第二季繼續保持成長最快，其中 10 個產業中有 6 個的成長率超過 20%。

Our fastest-growing cohort to the company when you look at kind of the usage of the business, where those customers using four or more channels. Obviously, channel expansion is a key part of our ARPU growth model.

從業務使用情況來看，我們公司成長最快的群體是那些使用四個或更多管道的客戶。顯然，通路擴展是我們ARPU成長模式的關鍵部分。

Our fastest-growing cohort, kind of a good reflection of the progress and traction we're getting under the One Zeta program where those customers using more than one use case, which is great. And then lastly, as David has talked about our progress with the agencies we had 40% growth in the large agency holdcos in terms of the number of brands on average that we're working with. So nicely broad-based and very consistent across the quarter.

我們成長最快的群體，很好地反映了我們在 One Zeta 計劃下取得的進展和吸引力，該計劃中的客戶使用多個用例，這很好。最後，正如 David 談到我們與代理商合作的進展時所說，就我們合作的大型代理商品牌數量平均而言，增長了 40%。因此，整個季度的基礎非常廣泛且非常一致。

And Scott, I would just add to it. We have found through the years that turbulence in the marketplace drives major adoption from our clients because unlike our competitors, our platform is so focused on return on investment and is so far superior to our competitors and return on investment, when there are lots of different moving parts in the economy, we have found that our growth rate has accelerated as I think you saw in the second quarter.

史考特，我只想補充一點。多年來，我們發現市場動盪推動了客戶的廣泛採用，因為與我們的競爭對手不同，我們的平台非常注重投資回報，並且遠遠優於我們的競爭對手和投資回報，當經濟中有許多不同的活動因素時，我們發現我們的增長率已經加快，我想你在第二季度已經看到了這一點。

Understood. A real nice quarter everyone. Thanks again.

明白了。各位，這真是個美好的季度。再次感謝。

Thank you, Scott.

謝謝你，斯科特。

DJ Hynes, Canaccord Genuity.

DJ Hynes，Canaccord Genuity。

Hey guys, this is Luke on for DJ. Thanks for taking the questions. So Chris, we recently listened to a podcast that you're on, which was great, by the way. One of the things you said about Zeta in your role is that it's all about turning the right dials at the right time. But -- so I guess I'm curious, as you look at all the KPIs that you control today, what dials are you turning and which are you dialing back?

大家好，我是 DJ Luke。感謝您回答這些問題。克里斯，我們最近聽了你主持的一個播客，順便說一句，非常棒。您曾說過，Zeta 在您的角色中最重要的一點就是在正確的時間轉動正確的撥盤。但是——所以我想我很好奇，當您查看您今天控制的所有 KPI 時，您正在轉動哪些撥盤，又正在調回哪些撥盤？

You and my mom and my dad. Thank you for that.

你和我的媽媽還有我的爸爸。謝謝你。

(technical difficulty) Chris. I thought you were very good.

（技術難題）克里斯。我以為你非常好。

I appreciate that. Luke, thanks for the question. Look, the dials that we have most under our control really are in the cost of revenue and the expense line. And what the sellers have been driving on the top line is really a great byproduct of converting on the pipeline. So I give you a few data points on the sales pipeline conversion that speaks to sales productivity and what we're doing there. And then I'll share with you what drove the very strong margin improvement across the board.

我很感激。盧克，謝謝你的提問。你看，我們最能控制的其實是收入成本和支出線。而賣家在收入方面所取得的進步實際上是通路轉換的巨大副產品。因此，我會向您提供一些有關銷售管道轉換的數據點，這些數據點可以反映銷售效率以及我們在那裡所做的事情。然後我將與大家分享推動整體利潤率強勁提升的因素。

On the sales productivity front, as you know, we track our sellers in the class or in -- if you will, the year in which they join data. You have Zeta going back to 2021 for these, so we can reliably look at the metrics and get a sense for FAC and efficiency. What's interesting about the latest class that we're working with right now is both the less than 12-month seller as well as the 12 to 24 month seller class.

在銷售生產力方面，如您所知，我們會追蹤我們的賣家在班級中，或在他們加入數據的年份中。Zeta 可以追溯到 2021 年，因此我們可以可靠地查看指標並了解 FAC 和效率。我們目前正在合作的最新類別的有趣之處在於，既有 12 個月以下的賣家類別，也有 12 至 24 個月的賣家類別。

They have the highest pipeline both in deal count and in deal value that we've seen since 2022. And I think that's a reflection as we really pivoted to a more experienced sellers that come in with industry expertise really great pipeline speaks to their fast start.

他們擁有自 2022 年以來我們所見過的最高交易數量和交易價值。我認為這反映出我們確實轉向了更有經驗的賣家，他們擁有行業專業知識，非常好的管道說明了他們的快速起步。

And then even our most experienced sellers, those that have been with us two or more years, they continue to have win rates of over 50%. So the converting of the pipeline and the training enablement that's happening in the market and product leadership speaks, I think, to some of the sales productivity that we're seeing.

即使是我們最有經驗的賣家，那些與我們合作了兩年或更長時間的賣家，他們的成功率仍然超過 50%。因此，我認為，市場和產品領導層中正在發生的通路轉換和培訓支援反映了我們所看到的一些銷售效率。

On the dials, as it relates to margin, obviously, we had a really good direct-to-mix quarter. We talked about how our fastest-growing channels were those customers using four more. The vast majority of that being those direct channels that direct channel usage was up from 67% a year ago to 75%. And then not surprisingly, cost of revenues as a percentage of revenue was down 200 basis points. So really nice congruence there.

在錶盤上，由於它與利潤率有關，顯然，我們有一個非常好的直接混合季度。我們討論了為什麼我們成長最快的管道是那些使用另外四個管道的客戶。其中絕大多數是直接管道，直接管道使用率從一年前的 67% 上升至 75%。毫不奇怪，收入成本佔收入的百分比下降了 200 個基點。所以這確實是一種很好的一致性。

And then on the expense line and on the cash conversion line, you're seeing good discipline as it relates to CapEx and just continued strong management and measurement of where we invest, namely in world-class engineers. Nate is a great reflection of that. We're hiring great people under Nate -- score and then obviously adding more or sellers that are supported by our pipeline and our productivity statistics.

然後在費用線和現金轉換線上，您會看到與資本支出相關的良好紀律，以及對我們投資領域（即世界一流的工程師）的持續強有力的管理和衡量。內特 (Nate) 就是一個典型的例子。我們在 Nate 的領導下招募優秀人才——然後顯然會增加更多或由我們的管道和生產力統計數據支持的賣家。

We've also been smart about eliminating certain functions in the company that are not driving value to free up additional budget so we can bring in the quality of engineers and salespeople we want. And I think we've been very disciplined about that as a company.

我們也明智地取消了公司中某些沒有創造價值的職能，以釋放更多預算，從而引進我們想要的高素質工程師和銷售人員。我認為我們公司對此一直非常嚴謹。

Really, really great color. Thank you. And then maybe just a follow-up. One of the themes to emerge from Amazon's recent earnings. Is that firm momentum in advertising, which is obviously it's complementing its e-commerce and cloud business. But what do you see as their approach to embracing ecosystem partners? Is that a channel you work with today? And how do you think about them from a competitive standpoint.

真的，真的很棒的顏色。謝謝。然後也許只是後續行動。這是亞馬遜近期收益中出現的主題之一。這是廣告業務的強勁勢頭，顯然是對其電子商務和雲端業務的補充。但是您如何看待他們接納生態系夥伴的方式呢？這是您今天合作的頻道嗎？從競爭的角度您如何看待它們？

So we partner with Amazon in a number of ways. We don't generally ever see them as a competitor. I think Amazon has done a really good job. I mean statement. As it relates to monetizing their existing platform and data. I think that they're going to continue to focus on that.

因此，我們透過多種方式與亞馬遜合作。我們通常不會將他們視為競爭對手。我認為亞馬遜做得非常好。我的意思是聲明。因為它與現有平台和數據的貨幣化有關。我認為他們會繼續關注這一點。

And the vast majority of their advertising dollars come from vendors that are selling products or sellers that are selling products inside their ecosystem. As they expand and certainly through Prime, where we win a considerable amount of marketing for connected television, they've been an incredible partner to us, and we see them as somebody who will be an expanding channel for us.

他們的廣告收入絕大部分來自於銷售產品的供應商或在其生態系統內銷售產品的賣家。隨著他們的擴張，當然也透過 Prime，我們在連網電視方面贏得了大量的行銷，他們已經成為我們不可思議的合作夥伴，我們將他們視為我們不斷擴展的管道。

Excellent. Thank you very much.

出色的。非常感謝。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi team. This is Callie on for Gabriela. First one for me is, we're hearing a lot across ecosystem around the ROI that people are seeing from AI being incorporated in both AI ad and marketing campaigns. Did you notice a substantial increase in AI-driven campaigns in 2Q? And are you seeing any potential changes in customer behavior as a result?

大家好。這是 Callie 為 Gabriela 表演的。對我來說，首先，我們在整個生態系統中聽到了很多關於投資報酬率的消息，人們看到人工智慧被融入人工智慧廣告和行銷活動中。您是否注意到第二季人工智慧驅動的活動大幅增加？您是否看到客戶行為因此發生任何潛在變化？

Well, I'll take that, [Gabriela]. I'm David. So what I would say is that we are seeing a massive adoption of our existing customers for our AI tools and platforms, And customers last year who adapted our AI Agent Studio grew 44% versus our average, I believe, is 30% or 31% last year as a company.

好吧，我接受，[加布里埃拉]。我是大衛。所以我想說的是，我們看到現有客戶大量採用我們的 AI 工具和平台，去年採用我們 AI Agent Studio 的客戶成長了 44%，而我認為我們公司去年的平均成長率為 30% 或 31%。

So we're seeing meaningful uptake, [Gabriela] in that AI adoption we're also seeing the return on investment for clients of ours who are adopting the AI Agent Studios, so they're running agentic workflows, return on investment is substantially higher than the return on investment for our clients who have not yet adopted them.

因此，我們看到了有意義的成長，[Gabriela] 在人工智慧的採用中，我們也看到了採用人工智慧代理工作室的客戶的投資回報，因此他們正在運行代理工作流程，投資回報率遠高於尚未採用它們的客戶的投資回報率。

So from an ecosystem perspective, as you know, we've been programming in artificial intelligence since 2017, and we're the only marketing cloud that has AI and data as native to the application layer. So the latency that is created by the stepping out of the platform to the algorithm to do a query and then stepping out of the algorithm to do a data dip back to the algorithm back to the platform to make a decision. That latency destroys return on investment.

因此，從生態系統的角度來看，如您所知，我們自 2017 年以來一直在人工智慧領域進行編程，我們是唯一將人工智慧和資料作為應用層原生的行銷雲。因此，延遲是由走出平台到演算法進行查詢，然後走出演算法進行資料探勘，回到演算法，回到平台做出決策而產生的。這種延遲會破壞投資回報。

Our platform is able to do what takes them 5 to 7 seconds in a millisecond in many cases. That allows us to substantially better target our clients' marketing and allows substantially higher interaction rates and substantially higher return on investment to our clients. So we do see a meaningful change in the marketplace, and we are exactly where the marketplace is turning to.

很多情況下，我們的平台能夠在一毫秒內完成他們需要 5 到 7 秒才能完成的工作。這使我們能夠更好地定位客戶的行銷，並為我們的客戶帶來更高的互動率和更高的投資報酬率。因此，我們確實看到了市場發生的重大變化，而且我們正處於市場轉向的方向。

Really appreciate all the detail there. And then I wanted to ask on the investments in sales head count that are kind of behind that One Zeta approach. Can you provide any more detail on where these additions will be concentrated? And what types of customers are you getting the most One Zeta success with either by customer size, geography, any other detail you can give would be great. Thank you.

真的很感謝那裡的所有細節。然後我想問 One Zeta 方法背後的銷售人員投資情況。您能否提供更多關於這些新增內容將集中在哪裡的詳細資訊？無論是依照客戶規模或地理位置，哪些類型的客戶最能幫助 One Zeta 成功？如果您能提供任何其他詳細信息，那就太好了。謝謝。

Geography primarily in this round, mostly to the US From an industry vertical perspective, it really is very specific to who we are hiring. We don't hire industry generalists. We try to really be focused on where invites have had the most success. It's difficult to walk into a bank on a Monday and an airline on a Thursday. We really deep credibility. David, I'll let you speak to the amazing job Ed's doing.

這一輪主要考慮的是地理位置，主要是美國。從產業垂直角度來看，我們招募的對象確實非常具體。我們不聘請行業通才。我們試著真正專注於邀請最成功的地方。週一走進銀行和週四走進航空公司都是很困難的。我們確實深信信譽。大衛，我讓你談談艾德所做的出色工作。

And yeah, so Gabriela, I think if you look at Ed See, who, as I'm sure you're aware, was one of the top global partners at McKinsey focused on their CMO practice. Ed joined us recently to effectively run our One Zeta strategy. We're calling him our Chief Growth Officer, but he's really in charge of this, and he's building an elite team inside of Zeta that is allowing us to scale One Zeta substantially faster than I think we might have originally thought now.

是的，Gabriela，我想如果你看看 Ed See，我相信你知道，他是麥肯錫專注於 CMO 實踐的頂級全球合夥人之一。Ed 最近加入我們，有效地執行我們的 One Zeta 策略。我們稱他為首席成長官，但實際上他負責這項工作，他正在 Zeta 內部組建一支精英團隊，這使我們能夠以比我們最初想像的速度更快地擴展 One Zeta。

The good news is because we grew the business at 35%, we were then able to grow profit at 52%. And of course, we grew free cash flow at 69% and we're seeing the investments into head count more than paying off from higher growth with higher gross margin, which is leading to a substantially higher drop to profit than revenue growth.

好消息是，由於我們的業務成長了 35%，我們的利潤也成長了 52%。當然，我們的自由現金流成長了 69%，我們看到對員工數量的投資超過了更高的成長和更高的毛利率所帶來的回報，這導致利潤的下降幅度遠高於收入的成長。

And I think that trend you'll see continue. Where, yeah, we're going to continue to invest into salespeople and engineers, but based on our current trajectory, we expect to continue to grow profit and gross profit faster than we're growing revenue in the years to come.

我認為這種趨勢將會持續下去。是的，我們將繼續投資於銷售人員和工程師，但根據我們目前的發展軌跡，我們預計未來幾年利潤和毛利的成長速度將繼續快於收入的成長速度。

Great. Thank you so much

偉大的。太感謝了

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Hey guys, thanks so much for taking the questions. I wanted to ask about your product strategy here? And which one of the three products is maybe driving better usage or net retention and which one is driving better land? Looking at the data management piece, the marketing automation piece and the engagement piece. Is there one that's better than the other within those two categories? Or is it really about the One Zeta land strategy right now?

嘿夥計們，非常感謝你們回答這些問題。我想問一下你們這裡的產品策略？這三種產品中哪一種可能推動更好的使用率或淨保留率，哪一種可能推動更好的土地？查看資料管理部分、行銷自動化部分和參與部分。在這兩個類別中，是否有一個比另一個更好？或者現在真的是關於 One Zeta 土地戰略？

I think we're seeing growth across the board, Koji. We're seeing growth in all use cases. We're seeing a higher number of channels being utilized by our clients than ever before. And as I've said before, the reason One Zeta is such a good strategy is not only does it drive substantially higher revenue growth and profit to Zeta, it starts a flywheel for the customers where customers who have adopted our three main use cases customer acquisition, customer retention, customer monetization are seeing the flywheel drive substantially higher return on investment across all three use cases for them.

我認為我們正在看到全面成長，Koji。我們看到所有用例都在成長。我們發現客戶使用的管道數量比以前任何時候都多。正如我之前所說，One Zeta 之所以是一個很好的策略，是因為它不僅能為 Zeta 帶來大幅的收入增長和利潤，還能為客戶啟動一個飛輪，採用我們三個主要用例（客戶獲取、客戶保留、客戶貨幣化）的客戶將看到飛輪為他們在這三個用例中帶來大幅更高的投資回報率。

So what we learned in acquisition drives value to retention, which drives value to monetization, which drives value back to acquisition. And as clients adopt it, we're seeing them move substantially more wallet are for our competitors to us. So I think that's 1 of the reasons we're growing so much faster than the market itself. So we're seeing individual clients growing. We're seeing all 3 use cases growing, we're seeing more channels per client, although we're seeing that at an even faster pace when it's happening inside of the One Zeta environment.

因此，我們在收購過程中學到的知識可以推動價值轉化為保留，價值轉化為貨幣化，而貨幣化又可以推動價值轉化為收購。隨著客戶採用它，我們看到他們將更多的錢包轉移到我們的競爭對手那裡。所以我認為這是我們的成長速度遠遠快於市場本身的原因之一。因此，我們看到個人客戶數量正在成長。我們看到所有 3 個用例都在成長，我們看到每個客戶端的管道越來越多，儘管我們看到在 One Zeta 環境中發生這種情況的速度甚至更快。

The other Koji metric that you could argue even more important than the financial metrics is NPS, Net Promoter Score, for customers that use more than one use case of Zeta is higher than those that don't.

另一個你可能認為比財務指標更重要的 Koji 指標是 NPS（淨推薦值），對於使用多個 Zeta 用例的客戶來說，其 NPS 高於不使用 Zeta 用例的客戶。

Got it. Thank you. And Chris, A follow-up for you. It's on gross margins. And so maybe remind us, you've given us a target of where gross margins can go for the business? And the reason why I ask is direct revenue mix is now 75%, driving gross margins of 62.2%. Last quarter, 73% direct mix, driving 61%. It does feel like we're on that upward trajectory of gross margins. And so help us understand kind of the puts and takes there and where gross margins could go?

知道了。謝謝。克里斯，我想跟進一下你的情況。這是關於毛利率的。所以也許提醒我們一下，您已經為我們給了業務毛利率的目標了嗎？我之所以問這個問題，是因為直接收入結構現在佔 75%，毛利率達到 62.2%。上個季度，直接混合佔比73%，推動力佔61%。我們確實感覺毛利率正處於上升軌道。那麼，請幫助我們了解其中的優缺點以及毛利率的走向？

Thank you, Koji, that is such a good question. If you go back to our February earnings call, when we put out the Zeta 2028 model, and we talked about our at least growth goal of getting to $2.1 billion, at least 25% adjusted EBITDA margins, and at least 16% free cash flow margins embedded in that was an assumption for where our cost of revenues could go down by, which we said was between 100 basis points and 300 basis points.

謝謝你，Koji，這是一個很好的問題。如果你回顧我們二月的收益電話會議，當時我們推出了 Zeta 2028 模型，我們談到了至少達到 21 億美元的成長目標、至少 25% 的調整後 EBITDA 利潤率和至少 16% 的自由現金流利潤率，這是我們的收入成本可以下降的假設，我們說的是 100 個基點到 300 個基點之間。

So with that ability to kind of zoom out as what is the kind of the big goal and where we see ourselves being in trying to still be conservative. But now you kind of zoom into the quarter, as you pointed out, 75% direct mix compared to 67% a year ago resulted in 200 basis points of reducing cost of revenue. So right in that kind of midpoint of our target range. So we're really happy with where mix landed. It very much jives with our expectations for the model.

因此，透過這種能力，我們可以縮小視野，看看我們的大目標是什麼，以及我們在試圖保持保守方面處於什麼位置。但現在你放大到本季度，正如你所指出的，與一年前的 67% 相比，直接組合為 75%，導致收入成本降低了 200 個基點。所以正好處於我們目標範圍的中點。因此，我們對 mix 的最終結果感到非常滿意。它與我們對模型的期望非常一致。

Could we be higher than 63%, of course, because we'd be higher than 62% gross margin, we definitely can. But right now, we're happy with the expansion that drove those types of margins was because agencies are converting more and more to direct the use case, multiuse case adoption, we get scale off of that as we do get scale off of multichannel adoption. So kind of when all of those factors are working together, we're at the higher end of the range. David?

當然，我們可以高於 63% 嗎，因為我們的毛利率會高於 62%，我們絕對可以。但目前，我們對推動這些利潤率的擴張感到滿意，因為機構越來越多地轉向直接用例、多用例採用，我們從中獲得規模，就像我們透過多通路採用獲得規模一樣。因此，當所有這些因素共同作用時，我們就處於範圍的高端。戴維？

And Koji, I hate to say it this way, but it's exactly what we said was going to happen as most of our agency clients on board, they start integrated platforms, and then they begin to test and see the return on investment in direct platforms. And it's really important to note that our clients see a substantially higher return on investment to them when they're on our direct platform versus integrated platforms. And the migration is really just beginning. So we feel very good about where we are.

Koji，我不想這樣說，但這正是我們所說的，當我們的大多數代理商客戶加入時，他們會啟動整合平台，然後開始測試並查看直接平台的投資回報。值得注意的是，與整合平台相比，我們的客戶在我們的直接平台上的投資報酬率要高得多。而遷移其實才剛開始。因此，我們對目前的狀況感到非常滿意。

Thank you.

謝謝。

Terry Tillman, Truist Securities.

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

Great, David, Chris, Matt, thanks for taking the questions. This is Bobby Dee for Terry. I'm curious if you all have seen a trend at all with brands starting to bring their marketing operations more and more in-house, particularly as a result of AI and AI agents helping folks do more with less? And if that is the case, how do you think that affects data going forward? And then I have one follow-up. Thank you.

太好了，大衛、克里斯、馬特，謝謝你們回答這些問題。我是 Bobby Dee，特里。我很好奇，你們是否都看到了這樣一種趨勢：品牌開始越來越多地將行銷業務轉移到內部，特別是由於人工智慧和人工智慧代理商幫助人們用更少的資源做更多的事情？如果事實確實如此，您認為這會對未來的數據產生什麼影響？然後我還有一個後續問題。謝謝。

So Bobby, great question. The funny thing is, and I hate to even say this, but the answer is really not yet. We continue to see most enterprises using very large or independent agencies to manage their marketing. That being said, I don't know one enterprise that is not currently testing internally with AI tools to better manage their marketing in partnership with their agencies and with others.

所以 Bobby，這個問題問得好。有趣的是，儘管我不願意這麼說，但答案確實是還沒有。我們繼續看到大多數企業使用非常大或獨立的機構來管理他們的行銷。話雖如此，我不知道有哪家企業目前沒有在內部測試人工智慧工具，以便與其代理商和其他代理商合作更好地管理行銷。

And I think it's one of the reasons we continue to see the momentum and sustainability in our agent and independent I guess, company it's their agencies. But I should say agency holdcos and independent agencies. That's a mouthful, but that's how I should put it. We continue to see incredible sustainability and growth there as evidenced by the fact we grew the brand we worked with, with our current agency holdcos by 40% year-over-year. We're still only touching a miniscule percentage of the brands that they work with. And that's because the agencies are adopting our AI tools to better help their clients, and it's become a very symbiotic relationship between the enterprise, the agency and Zeta.

我認為這是我們繼續看到代理商和獨立公司保持發展勢頭和可持續性的原因之一，我想這就是他們的代理商。但我應該說代理控股公司和獨立代理機構。這話有點拗口，但我就該這麼說。我們繼續看到令人難以置信的可持續性和成長，事實證明，我們合作的品牌和我們目前的代理控股公司同比增長了 40%。我們仍然只接觸到他們合作的品牌中的極小一部分。這是因為這些機構正在採用我們的人工智慧工具來更好地幫助他們的客戶，而這已經成為企業、機構和 Zeta 之間的共生關係。

Thanks, David. Also very much intrigued by the Zeta Data and AI Lab Group. I'm curious if you can discuss the North Star goals and what success for them looks like over time? Thank you.

謝謝，大衛。也對 Zeta Data 和 AI Lab Group 非常感興趣。我很好奇您是否可以討論一下北極星目標以及隨著時間的推移它們會取得什麼樣的成功？謝謝。

Well, thanks. So we were very excited to get Nate Yohannes to come join us after being at Meta for many years, Microsoft for many years and at the White House. And really, for us, this is what I would call our innovation factory. It's going to be cranking out next-generation AI tools like we haven't before.

嗯，謝謝。因此，我們非常高興 Nate Yohannes 能夠加入我們，他在 Meta、微軟和白宮工作多年。事實上，對我們來說，這就是我所說的創新工廠。它將推出我們以前從未有過的下一代人工智慧工具。

And quite frankly, we're probably 18 months ahead of most of our competitors as it relates to agentic workflows and AI products, AI tooling, my goal is to continue to stay 18 to 24 months ahead of our competitors, and bringing in somebody like me to help Chris Monberg and help me score really continue and drive innovation.

坦白說，在代理商工作流程和 AI 產品、AI 工具方面，我們可能比大多數競爭對手領先 18 個月，我的目標是繼續領先競爭對手 18 到 24 個月，並引入像我這樣的人來幫助 Chris Monberg 並幫助我真正繼續推動創新。

I'm just incredibly excited about bringing him in. You'll see a lot of new releases and very exciting announcements from the Zeta AI and Data Lab at Zeta Live.

我對於他的加盟感到無比興奮。您將在 Zeta Live 上看到來自 Zeta AI 和數據實驗室的許多新版本和令人興奮的公告。

Great, thank you.

太好了，謝謝。

Matthew Swanson, RBC.

馬修·斯旺森（RBC）。

Great, thank you guys for taking my question. I know this has kind of come up in bits and pieces during Q&A. But if we can just kind of double-click on the success that you're seeing with independent agencies and maybe looping in a previous question, are independent agencies, do you think seeing more pressure to partner with Zeta to get Gen AI tools now that they're competing with so many Gen AI tools from Wall Gardens and other big direct companies.

太好了，謝謝你們回答我的問題。我知道這個問題在問答過程中已經零零碎碎地出現過。但是，如果我們可以雙擊您在獨立機構中看到的成功，並且可能重複上一個問題，獨立機構是否認為現在他們面臨著與 Zeta 合作獲取 Gen AI 工具的更大壓力，因為他們正在與來自 Wall Gardens 和其他大型直銷公司的眾多 Gen AI 工具競爭。

So Matt, to answer your second question first, absolutely. Independent agencies, which in the past were able to get by with having one really good function. So maybe they're incredible on creative or they're good on a media buying strategy or they're very, very good at seat management or planning and they're very good on relationships regionally.

那麼馬特，先回答你的第二個問題，當然可以。獨立機構過去僅靠一項真正好的職能就能生存下來。因此，也許他們在創意方面非常出色，或者他們在媒體購買策略方面非常出色，或者他們在座位管理或規劃方面非常出色，並且在區域關係方面非常出色。

And as they are starting to come under pressure, it's very difficult for those agencies to make the type of investments into building AI in today's world that we have made. I think people forget that by starting building AI in 2017, we were able to buy a lot of the things that today are 5, 7, 10 times more expensive we were able to get those things in a much more reasonable cost, and we've been able to drive meaningful free cash flow growth because those investments have made.

隨著這些機構開始面臨壓力，它們很難像我們一樣在當今世界對人工智慧建設進行投資。我認為人們忘記了，透過 2017 年開始建立人工智慧，我們能夠購買許多今天價格高出 5 倍、7 倍甚至 10 倍的東西，我們能夠以更合理的成本獲得這些東西，並且由於這些投資，我們能夠推動有意義的自由現金流增長。

They were still very large investments over the years, it would be very difficult to the average independent agency to make that investment. So by partnering with Zeta, we're able to put them in a place where they can have the most cutting-edge tools, artificial intelligence, access to proprietary data, they would never have access to.

這些年來，他們的投資仍然非常大，對於一般的獨立機構來說，進行這樣的投資是非常困難的。因此，透過與 Zeta 合作，我們能夠讓他們擁有最先進的工具、人工智慧以及他們永遠無法獲得的專有數據。

And we're treating to answer your first question, we're treating these independent agencies more like a very large enterprise, we're fully platforming them, and everything they're doing is on platform. And I think you're starting to see that in sort of the clicking up of the direct and you're seeing our larger agency holdcos migrating on to direct channels, and you're starting to see that in the lowering of our cost of goods sold.

我們正在回答您的第一個問題，我們將這些獨立機構視為一個非常大的企業，我們完全將它們平台化，它們所做的一切都在平台上進行。我認為您開始看到直接點擊的上升，您看到我們較大的代理控股公司正在遷移到直接管道，您開始看到我們的銷售成本降低。

So right now, we're feeling very good on the independent agency ecosystem. I mean it has incredible people in it. They have incredible liens. And I want to be clear, these can long-term many of them can be nine-figure customers.

所以現在，我們對獨立代理生態系統感覺非常好。我的意思是裡面有令人難以置信的人。他們擁有令人難以置信的留置權。我想明確一點，這些客戶都是長期客戶，其中許多都可以成為九位數的收入客戶。

So these are -- some of these agencies are running $1 billion, $2 billion, $3 billion, $5 billion a year in marketing. We're very excited about the opportunity, and we continue to focus on it.

其中一些機構每年在行銷上投入 10 億美元、20 億美元、30 億美元、50 億美元。我們對這個機會感到非常興奮，我們將繼續關注它。

That's super helpful. And then maybe kind of following up in the same mindset, maybe it's a similar answer. But it seems like throughout the call, we talked about the strength of the pipeline over and over again. I know in Q1, there was some commentary about the best that you guys have ever felt about pipeline. Maybe thinking about how that pipeline gets filled compared to a couple of years ago and just the scale of the company and the brand recognition how much has kind of the marketing go-to-market side change in terms of how many people are coming to you already understanding what Zeta does or at least understanding the need for the solution relative to where you were before?

這非常有幫助。然後也許以同樣的心態去跟進，也許會得到類似的答案。但似乎在整個通話過程中，我們一遍又一遍地談論管道的強度。我知道在第一季度，有一些評論說你們對管道的感受是最好的。也許考慮一下與幾年前相比，這個管道的填充情況如何，以及公司的規模和品牌認知度，營銷進入市場方面發生了多大的變化，有多少人來找你，已經了解 Zeta 所做的事情，或者至少了解相對於以前的情況而言對解決方案的需求？

So Matt, that's a big question. Let me start by saying that we feel like we are solidly moving from what we call Zeta [who]. We are now solidly in the (inaudible) Zeta section of our brand's evolution. And truly what we're seeing is we're seeing this evolution where people are now coming to us, they know who we are or if we're going into a meeting people know who we are and why we're there. Now we just have to convince them why our products are better.

所以馬特，這是一個大問題。首先我想說的是，我們感覺我們正在穩步地從我們所說的 Zeta[世界衛生組織].我們目前正穩定地處於品牌發展的（聽不清楚）Zeta 階段。我們真正看到的是，我們看到了這種演變，現在人們來找我們，他們知道我們是誰，或者如果我們要去參加一個會議，人們知道我們是誰以及為什麼在那裡。現在我們只需要讓他們相信為什麼我們的產品會更好。

And I'll tell you, we just recently did the Cannes Lion conference. And we did our first ever activation there. We did the Zeta Cafe, at Zeta Beach. And I would tell you, it was the most exciting time for me in 17 years of running Zeta. We met with everybody. We were doing 17 meetings a day times 20 or 30 people there. I was bumping into the CEOs of Fortune 500 companies at cocktail parties and dinners and everybody knew who we were. Not one person said, who are you guys? what are you doing here? And to me, that is why we're seeing the pipeline continue to be at record -- it's why we're continuing to see conversion rate higher than ever and I think it's going to continue to drive where we're going as a business.

我告訴你們，我們最近剛參加了坎城國際創意節會議。我們在那裡進行了首次激活。我們去了 Zeta 海灘的 Zeta 咖啡館。我可以告訴你，這是我經營 Zeta 17 年來最令人興奮的時刻。我們與每個人都見面了。我們每天要開 17 次會議，每次有 20 或 30 個人參加。我在雞尾酒會和晚宴上碰到了財富 500 強公司的首席執行官，每個人都知道我們是誰。沒有一個人說，你們是誰？你在這裡做什麼？對我來說，這就是為什麼我們看到頻道數量持續創下紀錄——這就是為什麼我們看到轉換率持續高於以往任何時候，而且我認為這將繼續推動我們的業務發展。

Thank you.

謝謝。

Zach Cummins, B. Riley Securities.

康明斯 (Zach Cummins)，B. Riley 證券。

Hi, good afternoon, David and Chris. Thanks for taking my questions, and congrats on the strong results. Maybe just detailing a bit off of Matt's question around independent agencies. And maybe Chris, you can give more insight on this. But can you give us a sense of when you're landing what are these new independent agencies, what's the mix of direct versus indirect spend when you start out and kind of does that evolve over the life of the relationship versus maybe one of your holdcos companies?

嗨，大衛和克里斯，下午好。感謝您回答我的問題，並祝賀您取得如此優異的成績。也許只是詳細說明馬特關於獨立機構的問題。也許克里斯，你可以對此提供更多見解。但是，您能否告訴我們，當您開始建立這些新的獨立機構時，它們是什麼？您剛開始時直接支出和間接支出的組成是怎樣的？與您的某個控股公司相比，這種組成在合作關係存續期間會如何演變？

Yeah. As David mentioned, there's a lot of synergy with how we land in enterprise, frankly, oftentimes, they'll start with pilots and proof of concepts just to get a sense of the capabilities of the platform, then they'll lead to a much larger, what we call Platforms Deal, which, in our speak, means multiyear engagement and then usage around our direct channel. So in the independent agency side, it would be unusual to start heavily in social. It's much more common and the norm to be begin first and direct.

是的。正如大衛所提到的，我們在企業中的落地有很多協同作用，坦率地說，很多時候，他們會從試點和概念驗證開始，只是為了了解平台的功能，然後他們會進行更大規模的合作，我們稱之為平台交易，用我們的話說，這意味著多年的參與，然後在我們的直接渠道上使用。因此，在獨立機構方面，大力開展社交業務是不尋常的。先開始並直接開始是更常見且常態的做法。

Got it. That's helpful. And my one follow-up question here towards David, nice to hear the call out around the big public sector opportunity you had with the Zeta Answers. So just curious of how you're thinking about just opportunities for expansion in the public sector, just given it's not really a notable vertical for Zeta at this point?

知道了。這很有幫助。我在這裡向 David 提出一個後續問題，很高興聽到您談到 Zeta Answers 在公共部門帶來的巨大機會。所以我很好奇，您是如何看待公共部門擴張的機會的，因為目前這對 Zeta 來說並不是一個值得注意的垂直領域？

We're very excited about the public sector. I would tell you that -- we've brought in a very solid team, as Chris always points out. It's very difficult to walk into a credit card company on Monday and an airline on Tuesday. So we have begun the process of building out a very experienced, highly capable team that is used to selling into the public sector.

我們對公共部門感到非常興奮。我想告訴你——正如克里斯經常指出的那樣，我們已經組建了一支非常強大的團隊。週一走進一家信用卡公司，週二走進一家航空公司，這非常困難。因此，我們已開始組建一支經驗豐富、能力強的團隊，專門負責向公共部門銷售產品。

And interestingly enough, if you look at our political business, the relationships that we've built there are leading to other business as those candidates win. So it's been very interesting to look at it from a life cycle perspective. It is getting started. But I think in the years to come, it's going to become a very meaningful business.

有趣的是，如果你看看我們的政治事業，你會發現，隨著候選人的獲勝，我們在那裡建立的關係正在帶來其他業務。因此從生命週期的角度來看這個問題非常有趣。一切才剛開始。但我認為在未來幾年，它將成為一項非常有意義的業務。

Understood. Well, thanks for taking my questions, and looking forward to Zeta live later this year.

明白了。好吧，感謝您回答我的問題，並期待今年晚些時候的 Zeta 直播。

We're looking forward to having you, Zach.

我們期待您的到來，扎克。

Richard Baldry from Roth Capital Partners.

羅斯資本合夥公司的理查德·鮑德里 (Richard Baldry)。

Thanks. If we look back a year ago in 2Q, you added 43 scaled customers year-over-year. Moving up to this year, that number is 99% on a year-over-year basis. Can you talk a little bit about how that's happening? Is it ARPU growth that's taking people up across that threshold a little faster or is it more about just new logo wins? Is the win rates accelerating pipeline help us understand how extensible that is. Thanks.

謝謝。如果我們回顧一年前的第二季度，你們比去年同期增加了 43 個規模客戶。今年，這一數字年增了 99%。能稍微談談事情是怎麼發生的嗎？是 ARPU 的成長讓人們更快地跨越了這個門檻，還是只是因為新標誌的勝利？獲勝率加速管道是否有助於我們了解其可擴展性。謝謝。

Yeah, Rich, once again, we've meaningfully grown our sales force, as Chris can get into in a moment. And this movement from why -- from Zeta who to why Zeta has been incredibly impactful in the conversion of our pipeline to sales, because we're seeing people who come into the pipeline, they know who we are. We don't have to spend our entire time trying to convince them that we are capable. They come in knowing that and I think that's led to a much higher sales rate. Chris?

是的，Rich，我們的銷售隊伍再次大幅擴大，Chris 稍後會詳細介紹。這種從「為什麼」——從 Zeta 是誰到「為什麼 Zeta」的轉變對於我們將銷售管道轉化為銷售產生了不可思議的影響，因為我們看到進入銷售管道的人都知道我們是誰。我們不必花全部時間讓他們相信我們有能力。他們知道這一點，我認為這會大大提高銷售率。克里斯？

Yeah, it's clearly outpaced our expectations, which is a positive. I don't want to get too far ahead of ourselves. I mean, we put out the Zeta 2028 model for a certain account growth in customers and a certain growth in ARPU. I think right now, we continue to see the synergy benefits of LiveIntent, which results in more customers, albeit at a smaller starting ARPU, but that's fine. That's our model to cross-sell. But yeah, very pleased with how we've gotten started and it's ahead of our model.

是的，它顯然超出了我們的預期，這是積極的。我不想走太遠。我的意思是，我們推出了 Zeta 2028 模型，以實現客戶數量的一定增長和 ARPU 的一定增長。我認為現在，我們繼續看到 LiveIntent 的協同效應，它會帶來更多的客戶，儘管起始 ARPU 較小，但這很好。這就是我們的交叉銷售模式。但是的，我們對自己的起步感到非常滿意，而且它領先於我們的模式。

And -- the -- you talked briefly by saying there is -- you had a miniscule percentage of brands with the large agencies. Is there a put any numbers around that? And is this really applicable across their whole pieces and sort of where they maybe started, they started with small, midsized customers going up to large. How do we think about the growth path ahead with those agencies? Thanks.

而且 — — 您曾簡短地說過 — — 您與大型代理商合作的品牌比例極小。有沒有相關數字？這是否真的適用於他們的整個業務？他們可能從哪裡開始？他們從小型、中型客戶開始，逐漸發展到大型客戶。我們如何看待這些機構未來的發展之路？謝謝。

I'm going to take a wild guess here, and it is a wild guess, Rich, I would tell you -- in the United States, we are currently working with between 1% and 3% of the clients that the agency holdcos in this country represent. And maybe I'm off, maybe it's 4%, but it's not 10%. And yeah, they generally start you with midsized customers. I mean, agency holdcos tend not to work with small customers, but they look at midsized customers who are spending [$100 million] a year and they look at large customers who are spending billions a year.

我在這裡做一個大膽的猜測，這只是一個大膽的猜測，Rich，我會告訴你——在美國，我們目前與該國代理控股公司所代表的 1% 到 3% 的客戶合作。也許我錯了，也許是 4%，但不是 10%。是的，他們通常會先從中型客戶開始。我的意思是，代理控股公司往往不與小型客戶合作，但他們會專注於每年花費 [1 億美元] 的中型客戶和每年花費數十億美元的大型客戶。

We are now starting to break into their larger customers, which is one of the reasons I think you're seeing the sustainability and solid growth in the agency holdco business in addition to the other enterprise direct business growing nicely as well. So I think that the metric I point out and one of the metrics I like to talk about is today, our 567 global enterprise clients spend greater than $100 billion a year in marketing.

我們現在開始打入他們的大客戶市場，我認為這也是您看到代理控股業務持續穩健成長的原因之一，而且其他企業直銷業務也成長良好。所以我認為我指出的指標以及我今天喜歡談論的指標之一是，我們的 567 家全球企業客戶每年在行銷上的花費超過 1000 億美元。

At the middle of our range this year, we have approximately 125 basis points of wallet share. How do I get that to 500 basis points or 1,000 basis points of wallet share in the years to come, and I think the agency holdco penetration, which is so small, but growing will be a meaningful part of that in the years to come.

在今年的中間範圍內，我們的錢包份額約為 125 個基點。我如何在未來幾年內將錢包份額提高到 500 個基點或 1,000 個基點，我認為代理控股公司的滲透率雖然很小，但在未來幾年內會不斷增長，這將是其中的重要組成部分。

Thanks, congrats on a great quarter.

謝謝，恭喜本季取得優異成績。

Thank you, Rich.

謝謝你，里奇。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great, thank you so much. You've really accelerated the pace of AI products recently. And we often hear just more broadly in the industry about AI solutions needing a lot more handholding or support with customers just to get them up and running. So I wanted to know if Zeta is seeing similar dynamics? And if so, kind of what investments are you looking to make to support adoption or if not, kind of how your products may be different and easier to implement for customers?

太好了，非常感謝。你們最近確實加快了AI產品的腳步。我們經常聽到業內人士表示，人工智慧解決方案需要更多的指導或客戶支援才能啟動和運行。所以我想知道 Zeta 是否看到了類似的動態？如果是的話，您希望進行哪些投資來支持採用？如果不是的話，您的產品可能會有何不同，更容易為客戶實施？

That's a great question, Elizabeth. And I would say that we invested early in our learning and development group. And it's one of the most important and most unsung groups in Zeta. And a lot of it started because when we started selling AI and data is native to the application layer, nobody had any idea what we were talking about. So we built this incredible group, and literally, they built an incredible repository that can be accessed by the clients that automatically trains them using this repository of cleaning materials, tools and of course, ZOE, which is the voice-enabled system, which also helps with training on the utilization of the Agentic workflows and other tools.

伊莉莎白，這個問題問得真好。我想說的是，我們很早就對學習和發展團隊進行了投資。它是 Zeta 中最重要、最不為人知的團體之一。很多事情都是因為當我們開始銷售人工智慧並且資料原生於應用程式層時，沒有人知道我們在談論什麼。因此，我們組建了這個令人難以置信的團隊，實際上，他們建立了一個令人難以置信的存儲庫，客戶可以訪問該存儲庫，使用這個清潔材料、工具以及當然還有 ZOE（語音系統）的存儲庫自動對他們進行培訓，該系統還有助於培訓如何使用 Agentic 工作流程和其他工具。

So what I would say is there's always some handholding I imagine our handholding is substantially less than most companies because ours is fully integrated. And I believe that our learning and development group is incredibly well passionate to do this.

所以我想說的是，總是會有一些指導，我想我們的指導比大多數公司要少得多，因為我們是完全整合的。我相信我們的學習和發展團隊對此充滿熱情。

Great. And then for a quick follow-up. At Cannes Lion. It certainly sounds like you were very busy. Historically, has that been a driver to the mall, whether kind of seeing an inflection in customer changes. Is it something we should pay attention to more in the future just as kind of that brand recognition expands?

偉大的。然後進行快速跟進。在坎城國際創意節上。聽起來你確實很忙。從歷史上看，這是否是推動購物中心發展的因素，是否能看到顧客的變化。隨著品牌認知度的不斷擴大，我們是否應該在未來更加關注這一點？

It's a new thing. And yes, I think it will be very impactful. We saw a meaningful increase to our pipeline coming out of Cannes Lion. And I would tell you that the praise for our team that did that activation was off the charts. It -- I mean we were right in the middle of the beach. So if you're angling to be able to come over to the South of France with us next summer, Elizabeth and check this out, we're all in, we'd love to have you.

這是一件新鮮事。是的，我認為這將會產生很大的影響。我們看到，坎城國際創意節的參賽作品數量顯著增加。我想告訴你們，我們執行這次激活任務的團隊獲得了極高的讚譽。它——我的意思是我們就在海灘的中央。所以，伊莉莎白，如果你想在明年夏天和我們一起去法國南部看看，我們非常歡迎你。

And it is worthwhile because we see meaningful step-up there. I would go so far as to say right now, the two most important events of the year for Zeta, our Zeta Live and Cannes Lion. And it's -- that's a bit of a change over the last few years, but very exciting.

這是值得的，因為我們看到了有意義的進步。現在我甚至可以說，對於 Zeta 來說，一年中最重要的兩個活動是我們的 Zeta Live 和坎城獅子會。這是過去幾年來發生的一點變化，但非常令人興奮。

Sounds great, thank you.

聽起來不錯，謝謝。

[Arjun Bhatia], William Blair Company.

[Arjun Bhatia]，威廉布萊爾公司。

Hi (technical difficulty) Thanks for taking our question and fitting us in. So in the past, you spoke on the 4-year guide with a layer of conservatism given the dynamic macro. Can you maybe comment on what the current guide contemplates in terms of the macro?

您好（技術難題）感謝您回答我們的問題並為我們提供協助。因此，過去，您在談論 4 年期指南時，考慮到動態宏觀因素，帶有一絲保守主義。您能否評論一下當前指南在宏觀方面的考慮？

Hey, this is Chris. What I talked about in the prepared remarks, which is not a change from our prior practice, but just to put it out there with clarity as in any quarter, we like to give ourselves 2 to 5 points of growth cushion, so on the top line guide. What we talked about, you're right, last quarter was we built in an extra $10 million of cushion. We put $5 million in the third quarter and $5 million in the fourth quarter, and we've removed that. That's based upon the good visibility that we have coming into the second half and then further bolstered by, as David mentioned a very strong pipeline and the sales productivity behind it.

嘿，我是克里斯。我在準備好的發言中談到了這一點，這與我們之前的做法並沒有什麼不同，而只是為了像任何季度一樣清楚地表明，我們希望給自己 2 到 5 個點的增長緩衝，所以在頂線指南上。您說得對，我們上個季度談論的是額外建立 1000 萬美元的緩衝資金。我們在第三季投入了 500 萬美元，在第四季度投入了 500 萬美元，但現在我們已將其撤回。這是基於我們進入下半年的良好前景，正如 David 所提到的，我們也擁有非常強大的銷售管道和背後的銷售生產力，這將進一步增強我們的前景。

Okay, thank you.

好的，謝謝。

Jason Kreyer, Craig-Hallum.

傑森·克雷爾、克雷格·哈勒姆。

Thanks gentlemen. Just one question for me (technical difficulty)

謝謝各位先生。我只有一個問題（技術難題）

(Operator Instructions)

（操作員指示）

You guys got me?

你們抓到我了嗎？

Yeah, Jason, I'm sorry, we didn't hear any of your question. I apologize. Other than you said just one question from me.

是的，傑森，很抱歉，我們沒聽清楚你的任何問題。抱歉。不過你說的，我只有一個問題。

Okay, you can hear me now. So when you launched One Zeta last year, you started with like 10 clients, you expanded that to a lot more this year. I'm curious how you take One Zeta and you go back to the existing 500 customers and help them add more use cases?

好的，現在你可以聽到我的聲音了。因此，當您去年推出 One Zeta 時，您一開始只有 10 個客戶，而今年您的客戶數量則擴大了很多。我很好奇您如何利用 One Zeta 並回到現有的 500 個客戶並幫助他們添加更多用例？

Let's talk about 567 customers come on. We don't want to lose that last 67. In all seriousness, we are doing incredible case studies internally with existing clients who are using One Zeta and the NPS score, as Chris pointed out, is so much higher than our regular NPS score and the return on invest is so much higher than even our very high average as we're showing that to their customers, Ed and the Elite team that he's building are showing them a road map to building the same flywheel for themselves.

我們來談談567位客戶吧。我們不想輸掉最後的67場比賽。說實話，我們正在內部對使用 One Zeta 的現有客戶進行令人難以置信的案例研究，正如 Chris 指出的那樣，他們的 NPS 分數比我們常規的 NPS 分數高得多，投資回報率甚至比我們非常高的平均水平還要高得多，正如我們向他們的客戶展示的那樣，Ed 和他正在組建的精英團隊正在向他們展示為他們自己構建路線的線圖。

And it's been very exciting to see the adoption rate there. I mean I will tell you, Jason, my goal is to have every client be a One Zeta client. We're not going to get there overnight. It might take us a year to get there, but there's no reason that they shouldn't be.

看到那裡的採用率真是令人興奮。我的意思是我會告訴你，傑森，我的目標是讓每個客戶都成為 One Zeta 客戶。我們不可能一夕之間就實現這個目標。我們可能需要一年的時間才能達到這個目標，但沒有理由不這麼做。

Wonderful. Thank you.

精彩的。謝謝。

Jackson Ader, KeyBanc.

傑克遜·阿德（Jackson Ader），KeyBanc。

Great, thank you guys. Thanks for taking our questions. The brand count within the agency customers being up 40%. I'm just curious like how much is that within your power like Zeta power to kind of ratchet up or I guess you would never ratchet it down to, but like how much is that within your power versus maybe the agency being one to decide the rate and pace of turning on the different brands?

太好了，謝謝大家。感謝您回答我們的問題。代理客戶中的品牌數量增加了40%。我只是很好奇，像 Zeta 權力那樣，您的權力在多大程度上可以提高，或者我猜您永遠不會將其降低到多大程度，但是，與您的權力在多大程度上相比，也許代理商可以決定推出不同品牌的速度和節奏？

I mean, it's a joint relationship between us and the agency, and I think it's like any other business. The better you do, the more they give you. And the fact that we were able to grow brands 40% year over year while still being well under 5% of the brands that the agency holdcos in this country represent, I think speaks to the sustainability and durability, Jackson, of our agency holdco business and I think that we've got a team that's fully embedded, and every day we're growing the brands we work with and we are adding additional brands.

我的意思是，這是我們與代理商之間的聯合關係，我認為它就像任何其他業務一樣。你做得越好，他們給你的就越多。事實上，我們的品牌數量同比增長了 40%，但與該國代理控股公司所代理的品牌數量相比，仍遠低於 5%，傑克遜，我認為這說明了我們的代理控股公司業務的可持續性和持久性，我認為我們擁有一支全員參與的團隊，我們每天都在發展合作的品牌，並且正在增加其他品牌。

Okay. All right. I'll sneak one more, and I know it's getting late. At the outset of the year, autos and insurance, the two verticals were coming off exceptional 2024. And so part of like the growth rate assumption and guidance was like, look, these are not going to -- you can't run that back. But I guess my question is like, I'm surprised to see those two verticals in the top five growers. So just given the strong '24. So what are like the durable trends driving those still being in the top half of your verticals even after unlikely sustainable 2024? Thank you.

好的。好的。我會再偷偷地吃一個，我知道已經太晚了。今年年初，汽車和保險這兩個垂直行業在 2024 年取得了非凡的成績。因此，成長率假設和指導的一部分是，看，這些不會——你無法將其倒推。但我想我的問題是，我很驚訝地看到這兩個垂直行業進入了前五名種植者之列。因此，僅給出強勁的‘24’。那麼，即使在不太可能持續發展的 2024 年之後，哪些持久趨勢仍然能夠推動那些仍然處於垂直行業上半部分的人？謝謝。

I mean, we're just so thinly penetrated into those two verticals. So I mean, -- by the way, again, another part of the business that exceed where kind of our head space was. But you're right. They both not only lapped on really strong growth, but it sustained it as have, by the way, lots of other verticals, but I think it more speaks to even though there, call it, 4% on the automotive side and on the insurance side, like 10%, 11%, 12% of revenue, those only represent -- remember, for a lot of those customers, we only doing one use case. So there's ample room to sell not only with the existing customer base, really a lot of new logos that we haven't yet reached out to either directly or through the agency.

我的意思是，我們對這兩個垂直領域的滲透還很薄弱。所以我的意思是——順便說一句，業務的另一部分超出了我們的思維範圍。但你是對的。它們不僅實現了真正強勁的成長，而且像許多其他垂直產業一樣保持了成長勢頭，但我認為這更能說明，儘管汽車方面佔 4%，保險方面佔 10%、11%、12%，但這些只代表——請記住，對於許多客戶來說，我們只做一種用例。因此，不僅在現有客戶群中，而且在許多我們尚未直接或透過代理商聯繫到的新標誌中，都有足夠的銷售空間。

I mean you're talking about two of the largest verticals for marketing globally, Jackson. So the fact that we're able to grow them when we have such small wallet share, I think, speaks to the sustainability of our platform and our ability to show return on investment.

我的意思是，你正在談論全球行銷的兩個最大的垂直領域，傑克遜。因此，我認為，當我們的錢包份額如此之小的時候，我們能夠實現成長，這說明了我們平台的可持續性以及我們展示投資回報的能力。

Okay. All right. Great thank you.

好的。好的。非常感謝。

Clark Wright, D.A. Davidson.

克拉克·賴特、D.A.戴維森。

Awesome, thank you. This quarter, you're firing all cylinders, and it seems like momentum with the agency business is very strong. I'd love to kind of understand where you expect that segment to be as a percentage of the business at year-end. And additionally, if you could exclude the agency business, what would ARPU growth have been this quarter?

太棒了，謝謝。本季度，你們全力以赴，代理業務的發展勢頭似乎非常強勁。我很想了解您預計該部分在年底的業務中所佔比例是多少。此外，如果排除代理業務，本季的 ARPU 成長會是多少？

Yeah, those are two data points, Clark, that we -- I don't want to give guidance to that especially on the where could agencies be front. I mean this year, they'll from 2023 to 2024, have effectively doubled in size, and they're really growing nicely. And yeah, I'm not going to break it out that way.

是的，克拉克，這是兩個數據點，我們——我不想對此給出指導，特別是關於機構可能在哪裡處於領先地位。我的意思是，從今年到 2023 年到 2024 年，它們的規模實際上已經翻了一番，而且增長得非常好。是的，我不會以那種方式分解它。

And by the way, I think it's important to note, Clark, our enterprise business is growing nicely, too. So it's not like you just have the agency holdco business and the independent agency business growing and the enterprise business is not. So I think, as Chris said, we're not going to break it out. But I have said publicly, we think that agency business continues to be a minority component of our business for many, many, many years to come.

順便說一句，克拉克，我認為值得注意的是，我們的企業業務也在良好成長。因此，這並不意味著只有代理控股公司業務和獨立代理業務在成長，而企業業務卻沒有成長。所以我認為，正如克里斯所說，我們不會打破這個局面。但我曾公開表示，我們認為在未來很多年裡，代理業務仍將是我們業務的少數組成部分。

Got it. Appreciate that clarity. Thank you.

知道了。感謝你的清晰度。謝謝。

Thanks, Clark. We'll see you this quarter.

謝謝，克拉克。我們將在本季與您見面。

There are no further questions at the time. This concludes the question-and-answer session and today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

目前沒有其他問題。問答環節和今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。