Zeta Global Holdings Corp (ZETA) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Zeta 3Q '25 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Zeta 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

I would now like to turn the conference over to your host, Matt Pfau, SVP of Investor Relations. You may begin.

現在我謹將會議交給主持人，投資人關係資深副總裁馬特‧普法烏 (Matt Pfau)。你可以開始了。

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

謝謝接線生。大家好，感謝各位參加 Zeta 2025 年第三季電話會議。今天的簡報和收益報告可在 Zeta 的投資者關係網站 investors.zetaglobal.com 上找到，您還可以在該網站上找到我們向美國證券交易委員會提交的文件鏈接，以及有關 Zeta 的其他資訊。

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

今天與我一起參加電話會議的有 Zeta 的共同創辦人、董事長兼執行長 David Steinberg，以及 Zeta 的財務長 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.

在開始之前，我想提醒大家，本次電話會議以及簡報和收益發布中發表的聲明包含有關我們財務前景、業務計劃和目標以及其他未來事件和發展的前瞻性聲明，包括有關我們產品的市場潛力、潛在競爭、產品收入以及我們的目標和策略的聲明。

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.

這些聲明存在風險和不確定性，可能導致實際結果與預期結果有重大差異。這些風險和不確定性包括公司獲利報告和其他提交給美國證券交易委員會的文件中所述的風險和不確定性，並且僅代表截至今日的情況。

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. 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.

此外，我們今天的討論也將提及一些補充性的非GAAP財務指標，這些指標應作為GAAP結果的補充，而非替代。我們在業務管理中使用這些非GAAP指標，並認為它們能為投資者提供有用的信息。在適當情況下，非GAAP指標與相應的GAAP指標的調節表可以在我們網站上提供的盈利報告、盈利公告以及我們向美國證券交易委員會提交的其他文件中找到。

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

接下來，我將把電話交給大衛。

Thank you, Matt. Good afternoon, everyone, and thank you for joining us today. For the 17th quarter in a row we once again delivered a beat and raise quarter, driven by our leadership in AI-powered marketing. In Q3, revenue was $337 million up 28% year over year ex-Political and LiveIntent. This is an acceleration in growth from Q2.

謝謝你，馬特。各位下午好，感謝各位今天參加我們的節目。憑藉我們在人工智慧行銷領域的領先地位，我們連續第 17 個季度再次實現了業績超預期並提高了預期目標。第三季營收為 3.37 億美元，年成長 28%，不包括政治和 LiveIntent 業務。這是比第二季更快的成長。

Adjusted EBITDA was $78 million, up 46% year over year and free cash flow was $47 million, up 83% year-over-year, representing a margin of 14%. This is the highest free cash flow margin we have ever achieved, and we did it while accelerating our revenue growth ex-Political and LiveIntent. This demonstrates our focus on driving growth and improved profitability, while investing to extend our AI leadership.

調整後 EBITDA 為 7,800 萬美元，年增 46%；自由現金流為 4,700 萬美元，年增 83%，利潤率為 14%。這是我們迄今為止實現的最高自由現金流利潤率，而且我們是在不計入政治和 LiveIntent 業務的情況下加速收入成長的同時實現的。這表明我們專注於推動成長和提高獲利能力，同時投資鞏固我們在人工智慧領域的領先地位。

Based on our year-to-date momentum and our record pipeline exiting Zeta Live, we are raising our 2025 revenue guidance by $11 million at the midpoint and providing an initial 2026 outlook well ahead of consensus.

基於我們今年迄今為止的發展勢頭以及 Zeta Live 項目創紀錄的銷售管道，我們將 2025 年的收入預期中位數上調 1100 萬美元，並給出了遠超市場普遍預期的 2026 年初步展望。

In October, we hosted our fifth annual Zeta Live, our most successful event yet with max capacity audience. Attendance was up 35%. And unfortunately, we had to turn away a large number of people. For next year, we are currently looking for a bigger venue. We had strong executive participation, representing more than $100 billion in annual marketing spend decision makers in attendance. At Zeta Live, we hosted 38 sessions featured 95 speakers, delivered nearly 120 product demos, and shocking, we served 7,600 coffees to the 1,500 attendees.

10 月份，我們舉辦了第五屆 Zeta Live 活動，這是迄今為止最成功的活動，觀眾人數爆滿。出席人數增加了 35%。很遺憾，我們不得不拒絕很多人的申請。明年，我們正在尋找更大的場地。我們邀請了眾多高階主管參與，出席的決策者代表著超過 1000 億美元的年度行銷支出。在 Zeta Live 大會上，我們舉辦了 38 場會議，邀請了 95 位演講嘉賓，進行了近 120 場產品演示，更令人震驚的是，我們為 1500 名與會者提供了 7600 杯咖啡。

Customer feedback was overwhelmingly positive, with many attendees commenting that it was one of the best events they have ever attended. Our goal is to close over $100 million in incremental business coming out of Zeta Live.

客戶回饋幾乎全是好評，許多與會者表示這是他們參加過的最棒的活動之一。我們的目標是透過 Zeta Live 實現超過 1 億美元的增量業務。

At Zeta Live, we launched Athena, our next step in leading the AI revolution in marketing. Athena is our AI conversational super intelligent agent that becomes the intelligent operating system for our clients' businesses and ultimately, for their lives. Athena marks a major breakthrough in human AI collaboration, removing the friction between the human and artificial intelligence and acting as a real-time voice activated command center for the Zeta marketing platform.

在 Zeta Live 大會上，我們推出了 Athena，這是我們在引領行銷領域人工智慧革命的下一步。Athena 是我們的人工智慧對話超級智慧代理，它將成為我們客戶業務甚至最終他們生活的智慧作業系統。Athena 標誌著人類人工智慧協作的重大突破，消除了人類與人工智慧之間的摩擦，並作為 Zeta 行銷平台的即時語音活化指揮中心。

One workspace to plan, execute, analyze and opti,mize in plain spoken English. AI is the new UI, and Athena proves it. You speak your objectives, it builds the experience, launches the program, and delivers insights on one screen, making it easier to adopt more channels, more use cases, and ultimately, drive greater ROI and spend on Zeta's platform. The business impact of using data is already proven. Independent analysis shows data stands up 50% faster than our peers and delivers a six-to-one return on investment. And with Athena, making the platform radically easier and more intuitive, we believe these numbers will only get stronger.

一個用於規劃、執行、分析和優化的工作空間，使用簡潔易懂的英語進行溝通。人工智慧就是新的使用者介面，Athena 證明了這一點。您提出目標，它就能建立體驗、啟動程序，並在一個螢幕上提供見解，從而更容易採用更多管道、更多用例，並最終在 Zeta 平台上推動更高的投資回報率和支出。數據對企業的影響已經得到證實。獨立分析表明，我們的數據處理速度比同行快 50%，投資回報率高達六比一。我們相信，隨著 Athena 的推出，平台將變得更加簡單易用、更加直觀，這些數字只會越來越高。

This is how AI becomes a habit, not a headline. Adoption scales, usage deepens, and the platform becomes harder to lead. We believe Zeta is uniquely positioned to develop Athena for three key reasons.

這樣，人工智慧就變成了一種習慣，而不是一個新聞標題。隨著用戶規模擴大、使用加深，平台的管理難度也隨之增加。我們認為 Zeta 具有獨特的優勢來開發 Athena，原因有三。

First, data advantage. Our Zeta Data Cloud gives Athena a rich, real-time signals for personalization and prediction that generic AI just cannot match. Second, native integration. Athena is embedded in the Zeta marketing platform, connecting answers to actions and insights to activation and measurement unlike our competitors who have legacy tech debt and cannot natively embed AI into their marketing clouds. Third, AI track record, AI is foundational to what we do at Zeta. We have natively built AI into our platform since 2017. And we believe this AI leadership is the reason we are winning today.

首先，數據優勢。我們的 Zeta 資料雲為 Athena 提供了豐富的即時訊號，用於個人化和預測，這是通用 AI 無法比擬的。其次，原生整合。Athena 已嵌入 Zeta 行銷平台，可將答案與行動、洞察與啟動和衡量聯繫起來，這與我們的競爭對手不同，他們有遺留技術債務，無法將 AI 原生嵌入到他們的行銷雲中。第三，人工智慧的經驗，人工智慧是我們 Zeta 工作的基礎。自 2017 年以來，我們已將人工智慧原生整合到我們的平台中。我們相信，正是這種人工智慧領域的領先地位，讓我們今天取得了勝利。

At Zeta, artificial intelligence is foundational to our business, not an add-on like our competitors are building. The reception from customers, prospects, and partners has been incredible. If you did not attend the standing room only, Athena demo at Zeta Live, I encourage you to watch it in the Investor Relations section of Zeta's website. It is truly game changing. Athena is an internal data now, and we expect it to be in client beta by the end of Q4 and full production ready by the end of the first quarter of 2026.

在 Zeta，人工智慧是我們業務的基礎，而不是像我們的競爭對手那樣將其作為附加功能。來自客戶、潛在客戶和合作夥伴的反應非常熱烈。如果您錯過了 Zeta Live 大會上座無虛席的 Athena 演示，我建議您在 Zeta 網站的投資者關係部分觀看演示視頻。這真是顛覆性的。Athena 目前是內部數據，我們預計到第四季末將進入客戶端測試階段，到 2026 年第一季末將全面投入生產使用。

One Zeta is a key growth engine for us. and a growth flywheel for our customers as they consolidate more data and use cases into the Zeta marketing platform. Customers who adopt two or more use cases generate greater than 3 times the annual revenue of a single use case customer, have our highest NPS score, and see the highest return on marketing spend. We have accelerated this focus under Ed See, our Chief Growth Officer, and the results are meaningful.

One Zeta 是我們重要的成長引擎，也是我們客戶的成長飛輪，因為他們可以將更多的資料和用例整合到 Zeta 行銷平台中。採用兩個或多個用例的客戶，其年收入是採用單一用例客戶的 3 倍以上，擁有最高的 NPS 評分，且行銷支出回報率最高。在首席成長長 Ed See 的領導下，我們加快了這項重點工作的推進，並且取得了顯著成效。

For example, a leading big-box retailer consolidated acquire grow and retain onto the ZMP at the start of our relationship. That agreement was greater than 3.5x the size of a standard deal with similarly sized enterprises.

例如，一家領先的大型零售商在我們合作關係開始時就整合了收購、成長和留存業務到 ZMP。該協議的規模是與類似規模企業達成的標準協議的 3.5 倍以上。

Second, one of the fastest-growing specialty retailers started with the retained use case and recently added a grow use case. As a result, the customer is expected to spend over $2 million with us in the fourth quarter compared to only $700,000 in the first quarter, a threefold increase, and we expect this customer to continue to grow into next year.

其次，一家成長最快的專業零售商最初採用的是留存用例，最近又增加了成長用例。因此，預計該客戶在第四季度將消費超過 200 萬美元，而第一季僅為 70 萬美元，成長了三倍，我們預計該客戶明年將繼續成長。

We expect the strong pipeline generated from Zeta Live, combined with the acquisition of Marigold's enterprise software business, which includes over 100 enterprises, 20 of the top 100 advertisers in North America, and more than 40 Fortune 500 companies, who are all currently only on one use case. We will further accelerate our One Zeta momentum into 2026 and beyond.

我們預期 Zeta Live 帶來的強勁發展勢頭，再加上收購 Marigold 的企業軟體業務（包括 100 多家企業、北美前 100 名廣告商中的 20 家以及 40 多家財富 500 強公司，而這些公司目前都只使用一種用例），將帶來巨大的成長。我們將進一步加快「One Zeta」計畫的發展勢頭，並將其延續到2026年及以後。

I'll close with an update on our agreement to acquire Marigold's enterprise software business. We remain on track to complete the acquisition by the end of the year. After spending the past several weeks getting to know the business and the team better during the close process, I am even more enthusiastic about the opportunity this acquisition represents.

最後，我將報告我們收購 Marigold 企業軟體業務的協議進度。我們仍有望在年底前完成收購。在過去幾週的收購過程中，我更了解了這家公司和團隊，也更確信這次收購帶來的機會意義非凡。

Strategically, the data that we pick up, including the loyalty program, will be game-changing to training our proprietary algorithms, including our Athena Answers and generative engine optimization products and widens our data cloud move. We hosted several of their employees and customers at Zeta Live and the one-plus-one-equals-four opportunity is more clear than ever.

從策略角度來看，我們收集的資料（包括忠誠度計畫）將對訓練我們的專有演算法（包括我們的 Athena Answers 和生成式引擎優化產品）產生顛覆性的影響，並擴大我們的資料雲遷移範圍。我們在 Zeta Live 接待了他們的幾位員工和客戶，一加一等於四的機會比以往任何時候都更加清晰。

Great numbers are the outlook. The inputs are great execution, products and people. The reason we are growing in an accelerated pace is simple. We have superior artificial intelligence and data to our competitor that we started developing eight years ago, not eight months ago.

前景一片光明。關鍵在於優秀的執行力、產品和人才。我們快速發展的原因很簡單。我們擁有比競爭對手更先進的人工智慧和數據，而這些技術我們早在八年前就開始研發，而不是八個月前。

Our consistent execution over the past 17 quarters as a public company is a credit to our artificial intelligence, our people and our data. Quarter after quarter, we have raised the bar. As always, I would like to sincerely thank our customers, our partners, team data and all of our shareholders for the ongoing support of our vision.

作為一家上市公司，我們過去 17 個季度的持續成功，歸功於我們的人工智慧、員工和數據。每個季度，我們都提高了標準。一如既往，我衷心感謝我們的客戶、合作夥伴、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，我把麥克風交給克里斯，讓他更詳細地討論我們的結果。克里斯？

Thank you, David, and good afternoon, everyone. The theme of our Investor Day in October was durable, predictable and profitable growth, and our third quarter results are a perfect illustration of this. Our revenue growth, excluding political and LiveIntent accelerated to 28% in Q3 from 27% in Q2 and 26% in Q1, showing the durability of our growth.

謝謝你，大衛，大家下午好。我們10月份投資者日的主題是持久、可預測和盈利的成長，而我們第三季的業績就是對這一點的完美詮釋。不包括政治和 LiveIntent 的營收成長在第三季加速至 28%，高於第二季的 27% 和第一季的 26%，這表明我們成長的可持續性。

Our third quarter results once again exceeded our guidance for both revenue and adjusted EBITDA, highlighting the predictability of our growth. And we achieved the highest free cash flow margin in our history achieving the Rule of 40 on a free cash flow margin basis, demonstrating the profitability of our growth.

我們第三季的業績再次超過了我們對營收和調整後 EBITDA 的預期，凸顯了我們成長的可預測性。我們實現了公司歷史上最高的自由現金流利潤率，在自由現金流利潤率方面達到了 40 法則，證明了我們成長的獲利能力。

With that, let's dive into the details of the quarter. In Q3, we delivered revenue of $337 million, up 26% year over year or 28% when excluding the contribution from LiveIntent and political candidate revenue in the year ago period. We exceeded the midpoint of our guidance by $9 million or 3 percentage points higher than our forecast, solidly within the 2 to 5 points of cushion, we typically leave ourselves.

接下來，讓我們深入了解本季的具體情況。第三季度，我們實現了 3.37 億美元的收入，年增 26%，如果排除去年同期 LiveIntent 和政治候選人收入的貢獻，則同比增長 28%。我們實際業績比預期中位數高出 900 萬美元，比預測高出 3 個百分點，完全在我們通常預留的 2 到 5 個百分點的緩衝範圍內。

Total scaled customer count grew to 572, up 20% year over year and an addition of five customers sequentially. We ended the quarter with 180 superscale customers, up 25% year over year, an addition of 12 customers sequentially. The strong super-scaled customer additions were broad-based across industry verticals. And driven by cross-sell of LiveIntent customers and our One Zeta initiative.

規模化客戶總數成長至 572，較去年同期成長 20%，較上季增加 5 位客戶。本季末，我們擁有 180 家超大規模客戶，較去年同期成長 25%，較上季新增 12 家客戶。此次大規模新增客戶覆蓋範圍廣，遍及各行業。並透過向 LiveIntent 客戶交叉銷售以及我們的 One Zeta 計劃來推動。

Scaled customer quarterly ARPU of $579,000 increased 4% year over year or 13% when adjusting for political candidate revenue. Superscale customer quarterly ARPU of $1.6 million was up 1% year over year, or 12% excluding prior year political candidate revenue.

按季度計算，客戶平均每用戶收入 (ARPU) 為 579,000 美元，年增 4%，若扣除政治候選人收入，則年增 13%。Superscale 客戶季度 ARPU 為 160 萬美元，年增 1%，若排除上一年政治候選人收入，則成長 12%。

From an industry perspective, 7 of our top 10 verticals in the quarter grew faster than 20% year over year on a trailing 12-month basis, an improvement of 6 in the first and second quarters. The additional 20%-plus growth industry was telecom, where we have had multiple significant wins over the past year and has been a focus of ours this year. It's also worth noting growth in consumer discretionary verticals like retail, travel and hospitality, and automotive remained strong in the quarter.

從行業角度來看，本季度我們排名前 10 的垂直行業中有 7 個行業在過去 12 個月的同比增速超過 20%，比第一季和第二季度分別提高了 6 個。電信業實現了超過 20% 的額外成長，我們在過去一年中在該行業取得了多項重大勝利，電信也是我們今年的重點。值得注意的是，本季零售、旅遊旅館和汽車等非必需消費品垂直產業的成長依然強勁。

And finally, all three of the non-20% growth industries were up year over year between 7% and 17%, our direct mix in the third quarter was 75%, consistent with the second quarter, an increase from 70% in the year ago quarter, demonstrating continued success of our agency direct channel adoption.

最後，所有三個非 20% 成長的產業年成長率在 7% 到 17% 之間，我們第三季的直接銷售佔比為 75%，與第二季持平，高於去年同期的 70%，這表明我們代理商直接通路的採用持續取得成功。

Our GAAP cost of revenue in the quarter was 39.5%, a 13-basis point increase year over year and 160 basis points sequentially. The increase in cost of revenue was driven by strong sequential and year-over-year growth in display and video, channels where we continue to see customers investing, and which remain highly effective channels for customer acquisition and growth.

本季我們的 GAAP 營收成本為 39.5%，較去年同期上升 13 個基點，較上季上升 160 個基點。收入成本的增加主要得益於展示和影片廣告的強勁環比和同比增長，我們看到客戶繼續在這些管道進行投資，而這些管道仍然是獲取客戶和實現成長的高效管道。

In the third quarter, we generated $78.1 million of adjusted EBITDA at a margin of 23.2%, 320 basis points higher year over year and $7.4 million better than the midpoint of our guidance. This marks the 19th quarter of expanding adjusted EBITDA margins year over year.

第三季度，我們實現了 7,810 萬美元的調整後 EBITDA，利潤率為 23.2%，比上年同期成長 320 個基點，比我們預期的中點高出 740 萬美元。這是調整後 EBITDA 利潤率連續第 19 季年增。

Our GAAP net loss for the third quarter was $3.6 million, an improvement from a loss of $17.4 million in the third quarter of 2024. There were $6.5 million of acquisition-related expenses in the third quarter, which absent these costs, we would have been GAAP profitable.

我們第三季的 GAAP 淨虧損為 360 萬美元，比 2024 年第三季的 1,740 萬美元虧損有所改善。第三季有 650 萬美元的收購相關費用，如果沒有這些費用，我們依照 GAAP 準則本應獲利。

Third quarter net cash provided by operating activities was $57.9 million, up 68% year over year, with free cash flow of $47.1 million, up 83% year over year and representing a margin of 14%. This represents a free cash flow conversion of 60%, a significant improvement from 48% in the third quarter of 2024 and 57% in the second quarter of 2025. This also includes a roughly 18-point working cattle headwind driven by longer agency payment cycles.

第三季經營活動產生的淨現金流為 5,790 萬美元，較去年同期成長 68%；自由現金流為 4,710 萬美元，較去年同期成長 83%，利潤率為 14%。這意味著自由現金流轉換率達到 60%，較 2024 年第三季的 48% 和 2025 年第二季的 57% 有了顯著提高。這其中也包括因機構付款週期延長而導致的約 18 個百分點的牛市不利因素。

The improvement in both adjusted EBIT margin and free cash flow conversion in the third quarter exhibit the strong operating leverage of our model, and put us firmly on track to achieve our Investor Day targets of a 30% plus adjusted EBITDA margin and greater than 70% free cash flow conversion in 2030.

第三季調整後 EBIT 利潤率和自由現金流轉換率的提高，體現了我們模式的強大營運槓桿作用，並使我們穩步朝著實現投資者日目標邁進，即到 2030 年實現 30% 以上的調整後 EBITDA 利潤率和 70% 以上的自由現金流轉化率。

During the third quarter, we repurchased 1.7 million shares for $28 million and have repurchased 6 million shares for [$85 million] year to date. We also continue to make significant progress in reducing dilution and stock-based compensation expense.

第三季度，我們以 2,800 萬美元的價格回購了 170 萬股股票，今年迄今已回購了 600 萬股股票，價值 8,500 萬美元。我們在降低股權稀釋和股票選擇權費用方面也持續取得顯著進展。

Just like the second quarter, in the third quarter, we had zero net dilution, and year-to-date, our dilution is 1.6% as of September 30. 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 even when factoring in the equity we anticipate issuing for the Marigold acquisition.

與第二季一樣，第三季我們的淨稀釋率為零，截至 9 月 30 日，今年迄今的稀釋率為 1.6%。即使考慮到我們預計為收購 Marigold 而發行的股票，我們仍有望在 2025 年實現 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。

Before diving into our updated fourth quarter and 2025 guidance, I want to reiterate what I said on the recent Marigold acquisition call regarding forward-looking estimates. Given there could be variability in the close date, which we continue to anticipate will happen in the fourth quarter of 2025, we have not included any Marigold related contributions in our 2025 guidance and continue to guide analysts do not yet include Marigold in their 2025 or 2026 estimates until the transaction closes.

在深入探討我們更新後的第四季和 2025 年業績指引之前，我想重申一下我在最近關於 Marigold 收購案的電話會議上所說的關於前瞻性估計的內容。鑑於交易完成日期可能存在變動，我們仍然預計交易將在 2025 年第四季度完成，因此我們在 2025 年的業績指引中沒有包含任何與 Marigold 相關的貢獻，並繼續建議分析師在交易完成之前不要將 Marigold 納入其 2025 年或 2026 年的預測中。

Upon closing, we will provide guidance on Marigold's contribution for 2025 and 2026. We want to make sure that consensus estimates do not become a mixed bag of organic and acquisition-related revenue. As we have done with prior acquisitions, we plan to clearly break out the organic versus acquired revenue for the first year post transaction upon announcement closing.

交易完成後，我們將提供萬壽菊公司 2025 年和 2026 年貢獻的指導意見。我們希望確保共識預測不會變成有機成長和收購相關收入的混雜組合。就像我們之前對收購所做的那樣，我們計劃在交易完成公告發布後，明確列出交易後第一年的有機收入與收購收入。

With that in mind, we're raising fourth quarter and full year revenue, adjusted EBITDA and free cash flow guidance. Details can be found starting on Slide 16 of our earnings supplemental.

有鑑於此，我們上調了第四季度和全年營收、調整後 EBITDA 和自由現金流預期。詳情請參閱我們的收益補充資料第 16 頁。

For the full year 2025, we're increasing the midpoint of our revenue guidance by $11 million to $1.275 billion, representing a 26% year-over-year growth when excluding political and LiveIntent, which is 5 points higher than our starting point for the year at 21%.

對於 2025 年全年，我們將收入預期中位數上調 1,100 萬美元至 12.75 億美元，這意味著在不計入政治和 LiveIntent 的情況下，同比增長 26%，比我們年初的預期值 21% 高出 5 個百分點。

For the fourth quarter, we now expect revenue of $364.5 million at the midpoint, $2 million higher than our previous guidance and representing year-over-year growth of 16% or 23% when excluding political candidate and LiveIntent revenue, which is consistent with our Zeta plan to grow 20% or greater organically.

我們現在預計第四季度營收中位數為 3.645 億美元，比我們之前的預期高出 200 萬美元，同比增長 16%；如果排除政治候選人和 LiveIntent 的收入，同比增長 23%，這與我們 Zeta 計劃實現 20% 或更高有機增長的目標一致。

For adjusted EBITDA, we're increasing the midpoint of our 2025 guidance to $273.7 million up $9 million from our prior guidance and representing a year-over-year increase of 42% at a margin of 21.5%, an improvement of 230 basis points over 2024.

對於調整後的 EBITDA，我們將 2025 年的預期中位數上調至 2.737 億美元，比之前的預期高出 900 萬美元，年成長 42%，利潤率為 21.5%，比 2024 年提高了 230 個基點。

For the fourth quarter of 2025, we now expect adjusted EBITDA of $90 million at the midpoint up from our previous expectation of $88.4 million and representing growth of 28% and a margin of 25.7%.

我們現在預計 2025 年第四季調整後 EBITDA 中位數為 9,000 萬美元，高於我們先前預期的 8,840 萬美元，成長 28%，利潤率為 25.7%。

We are also increasing the midpoint of our 2025 free cash flow guidance to $157.4 million, up $15 million from the midpoint of our previous guidance and representing year-over-year growth of 71% and a conversion of 57% of adjusted EBITDA. This conversion is up 10 points from 2024.

我們同時將 2025 年自由現金流預期中位數上調至 1.574 億美元，比先前預期中位數增加 1,500 萬美元，年增 71%，相當於調整後 EBITDA 的 57%。這一轉換率比 2024 年上升了 10 個百分點。

For context, since our initial 2025 guidance back in February, we have increased revenue by $35 million and free cash flow by $28 million.

作為參考，自今年 2 月我們首次發布 2025 年業績指引以來，我們的收入增加了 3,500 萬美元，自由現金流增加了 2,800 萬美元。

Now let me transition to looking beyond 2025 and setting our initial organic guidance for 2026. While providing out-year guidance in Q3 is not intended to become standard practice, we're doing so this year because we want to establish a clean organic baseline for 2026 before Marigold is incorporated into our guidance. At our recent Investor Day, we spent time demonstrating our track record of five straight years of at least 20% revenue growth and free cash flow margin expansion. The punch line is, we see another year ahead of us with each at substantially higher scale.

現在，讓我們展望一下 2025 年以後的發展，並設定我們 2026 年的初步有機成長目標。雖然我們並不打算在第三季度提供未來一年的業績指引，但我們今年這樣做是因為我們希望在將萬壽菊納入我們的業績指引之前，為 2026 年建立一個清晰的有機成長基準。在最近的投資者日上，我們花時間展示了我們連續五年至少實現 20% 的收入成長和自由現金流利潤率擴張的良好記錄。結論是，未來一年，每個環節的模式都會大幅增加。

In terms of revenue, we're guiding 2026 to be $1.54 billion or 21% growth on 2025 guidance of $1.275 billion. Importantly, this is an organic only view and does not include Marigold. Our guidance assumes $15 million of political candidate revenue which we would expect to evolve and is 2x what the midterms were in 2022.

就營收而言，我們預計 2026 年的營收將達到 15.4 億美元，比 2025 年的 12.75 億美元成長 21%。重要的是，這僅指有機產品，不包括萬壽菊。我們的預測假設政治候選人的收入為 1500 萬美元，我們預計這一數字會不斷增長，是 2022 年中期選舉收入的兩倍。

We expect $354 million of adjusted EBITDA in 2026 or a 23% margin, up 150 basis points year to year. We see an initial view of 59% free cash flow conversion, yielding $209 million in free cash flow at a margin of 14%. And lastly, we continue to plan for a guidance model with 2% to 5% top line buffer.

我們預計 2026 年調整後 EBITDA 為 3.54 億美元，利潤率為 23%，比上年增長 150 個基點。初步看來，自由現金流轉換率為 59%，可產生 2.09 億美元的自由現金流，利潤率為 14%。最後，我們繼續計劃採用2%至5%的營收緩衝率作為指導模型。

From a seasonality perspective, we expect revenue in the first quarter to be $314.5 million, up 19% year-to-year and accounting for roughly the same percentage of full year revenue in the first quarter as 2025. And with an adjusted EBITDA margin of 17.8%.

從季節性角度來看，我們預計第一季營收將達到 3.145 億美元，年增 19%，佔全年第一季營收的比例與 2025 年大致相同。調整後 EBITDA 利潤率為 17.8%。

I'll conclude where I began. Our third quarter results, updated 2025 guidance, and initial outlook for 2026 underscore the durability, predictability and profitability of our growth and reflect the confidence and momentum we have in the business.

我將以我開始的地方作為結尾。我們第三季的業績、更新後的 2025 年業績指引以及 2026 年的初步展望，凸顯了我們成長的持久性、可預測性和盈利能力，並反映了我們對業務的信心和發展勢頭。

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

現在我把電話轉回給接線生，由接線生和大衛來回答大家的問題。操作員？

(Operator Instructions) Arjun Bhatia, William Blair & Company.

（操作說明）Arjun Bhatia，William Blair & Company。

Perfect. Thank you so much. And congrats on another great quarter, guys, very nicely done.

完美的。太感謝了。恭喜各位又完成了一個出色的季度，幹得漂亮！

One question for you, David. Just at a high level, I'm curious, like as you look at the next kind of pocket of spend that's out there, I imagine a lot of it is going to come from media budgets. How do you think Canada's ROI or roast compares to that of the walled gardens? Are you hearing more customers come to you and say you're getting to parity? Are you already there, because how do you go after that kind of large pool of budget dollars on the spend? Thank you.

大衛，我有個問題想問你。從宏觀層面來看，我很好奇，當你展望下一個支出領域時，我想其中很大一部分將來自媒體預算。你認為加拿大的投資報酬率或收益與那些封閉式生態系統相比如何？您是否聽到越來越多的客戶告訴您，您們的產品和服務正在逐步達到同業水準？你已經達到那個目標了嗎？因為要如何才能爭取到如此龐大的預算資金呢？謝謝。

Thank you, Arjun. I'm obviously very proud of the team for the quarter. Let me start by saying that if you look at our collective clients, you've got 572 clients that spend over $100 billion a year in marketing today. If you look at the global marketing spend, it's about 75% media and about 25% CRM asked revenues. When we look at the breakdown of those two, we continue to be substantially more profitable than anybody else in the media space. In fact, A number of our clients use our platform, which allows our data to inform the way they market into the walled gardens today, and we already partner with most all of the walled garden.

謝謝你，阿俊。我當然為球隊本季的表現感到非常自豪。首先我想說的是，如果你看看我們所有的客戶，你會發現我們有 572 個客戶，他們每年在行銷上的花費超過 1000 億美元。如果看一下全球行銷支出，大約 75% 用於媒體，大約 25% 用於 CRM 業務，這些都帶來了收入。當我們分析這兩個指標時，會發現我們在媒體領域的獲利能力仍然遠遠超過其他任何公司。事實上，我們的許多客戶都在使用我們的平台，這使得我們的數據能夠指導他們如何向如今的封閉生態系統進行行銷，而且我們已經與幾乎所有封閉生態系統建立了合作關係。

So when you think about it, every dollar that is spent through the Zeta marketing platform returns a 6x return in revenue to our clients. That puts us on par with pretty much any walled garden. And what we're starting to see in a post Gemini and post-OpenAI world, marketers are looking for new methodologies to create customers and maintain the customers they have. It's been challenging, as the vast majority of questions that are now asked on the Google platform and certainly all that are asked on the OpenAI platform, ChatGPT, are answered on platform.

所以仔細想想，透過 Zeta 行銷平台花費的每一美元，都能為我們的客戶帶來 6 倍的收入回報。這使我們幾乎與任何封閉式花園不相上下。在 Gemini 和 OpenAI 之後的世界裡，我們開始看到行銷人員正在尋找新的方法來創造客戶並留住現有客戶。這很有挑戰性，因為現在在 Google 平台上提出的絕大多數問題，以及在 OpenAI 平台 ChatGPT 上提出的所有問題，都在平台上得到了解答。

So what used to be sent to our clients or to other publishers is now being consumed there. So clients are very much looking for new methodologies we continue to be at the forefront of that. And I think that was a big part of what you saw us talk about at Zeta Live, and I think it's a big part of what you're seeing in the tailwind that we're currently experiencing.

所以，以前發送給客戶或其他出版商的內容，現在都被他們自己消費了。因此，客戶非常希望採用新的方法，而我們始終走在行業前沿。我認為這正是我們在 Zeta Live 大會上談到的重點之一，也是我們目前所經歷的順風中的一個重要因素。

All right. Perfect. Very helpful. And then maybe one just on customer count. And I mean, picking a little bit here, but it seems like in Q3, I think you added five scaled customers?

好的。完美的。很有幫助。然後或許還會根據客戶數量再加一項。我的意思是，稍微挑個例子，但似乎在第三季度，你們增加了五個規模化客戶？

And if I look at just the last two quarters, I spent hovering around 20%. Is there anything sort of one-off that we need to consider there, just maybe agencies and us not having brand count visibility? And just how should we think about that metric sort of evolving over the next couple of quarters?

如果只看最近兩個季度，我的支出佔比在 20% 左右。是否存在某種特殊情況需要考慮，例如代理商和我們本身無法查看品牌數量？那麼，我們該如何看待這項指標在未來幾季內的演變呢？

Yeah, I'm glad you asked, Arjun. Three data points for you. First, on a year-over-year basis, that 20% growth in total scaled customer count is, a, consistent with where we've been this year and obviously north of our model of 4% to 5%. But to your point around sequentially, we had a really strong progression from scale to super scaled customers. We increased by 12 sequentially, which is if you look back at our history, certainly at the higher end.

是的，很高興你問了這個問題，阿俊。這裡有三點數據供您參考。首先，從年比來看，總規模客戶數量成長了 20%，這與我們今年的業績一致，而且顯然高於我們 4% 到 5% 的預期。但就你提到的順序來看，我們的客戶規模從小規模成長到超大規模客戶，發展動能非常強勁。我們環比增長了 12，回顧我們的歷史，這當然是相當高的水平。

And then to your point around agencies, what's also being masked in the total scaled customer count is we were up 23 brands quarter to quarter. So as we continue to have success scaling within and adding new agencies, that doesn't necessarily add a scale customer count but in this case, it certainly translates to higher brand expansion. So we're really happy with the scale of customer count expansion this quarter.

至於你提到的代理商問題，總客戶數量被掩蓋的一點是，我們季度環比增加了 23 個品牌。因此，隨著我們在內部規模擴大和新增代理商方面不斷取得成功，這不一定會增加客戶數量，但在這種情況下，它肯定會轉化為更高的品牌擴張。因此，我們對本季客戶數量成長的規模感到非常滿意。

All right. Makes sense. thank you.

好的。有道理，謝謝。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great. Thanks for taking questions. I wanted to follow up, David, on your target for the $100 million incremental business after Zeta Live. So could you provide some context around how that target compares to what you've achieved in prior years -- and how do you characterize the momentum coming out of Beta Live relative to prior years?

偉大的。謝謝回答問題。David，我想跟進一下你關於 Zeta Live 之後 1 億美元增量業務的目標。那麼，您能否介紹一下這個目標與您往年取得的成就相比如何？您如何評價 Beta Live 帶來的發展動能與往年相比如何？

And then just lastly, how should we think about the conversion time line from that event into bookings and revenue? And is that already included in fiscal '26 guidance? Thank you.

最後，我們應該如何看待從該事件到預訂和收入的轉換時間線？這是否已包含在 2026 財年的業績預期中？謝謝。

Thank you, Elizabeth. So first of all, last year, we closed about $57 million in business coming out of Zeta live, which I think is one of the reasons we were able to grow basis points greater through the year than we gave original guidance for thus far. This year, we're trying to get that to $100 million. I would tell you that as of today, the pipeline is already full enough to get us to that number, and we might see even more meaningful numbers than that.

謝謝你，伊麗莎白。首先，去年我們透過 Zeta 上線實現了約 5,700 萬美元的業務收入，我認為這是我們今年迄今能夠實現比最初預期更高的基點成長的原因之一。今年，我們的目標是達到 1 億美元。我可以告訴你，截至目前，管道已經足夠暢通，可以達到這個數字，而且我們甚至可能會看到比這更有意義的數字。

So as you know, we try to be consistent with our beat-and-raise methodology. We don't usually give guidance for the next year at the end of the third quarter. We felt because of the Marigold deal, it's important to make it clear that we're going to grow organically 20% again, into next year from a top line perspective. I do think that Zeta Live will be a part of that, but I also think it's a part of the buffer that we continue to leave ourselves where we think we can continue to do better than that.

如您所知，我們力求在「先贏後加註」策略上保持一致。我們通常不會在第三季末給予下一年的業績指引。我們認為，由於收購萬壽菊公司，有必要明確表示，從營收角度來看，明年我們將再次實現 20% 的有機成長。我認為 Zeta Live 將會是其中的一部分，但我也認為它是我們給自己留出的緩衝空間的一部分，因為我們認為我們還能做得更好。

To answer the momentum question, I would tell you my biggest challenge today, Elizabeth, is ho,w do I top Zeta Live next year. It was just so incredibly well received. We had multiple clients just going crazy for Athena and I just continue to see the most momentum I've ever seen coming out of any event we have ever hosted ever. It's a very exciting time for Zeta right now.

要回答勢頭這個問題，伊莉莎白，我會告訴你，我今天面臨的最大挑戰是，明年我該如何超越 Zeta Live。它真的非常受歡迎。很多客戶都對 Athena 讚不絕口，我看到，這是我們舉辦過的所有活動中，反應最熱烈的一次。對於 Zeta 來說，現在是一個非常令人興奮的時刻。

Great. And then just as a quick follow-up. On the LiveIntent piece, understanding it's a smaller portion of the business, but it looks like it was a little bit weaker in Q3 and in Q4 guidance. So wondering if there's any trends to kind of call out there on how that integration is going? Thank you.

偉大的。然後，我再快速補充一點。關於 LiveIntent 這部分業務，雖然它只占公司業務的一小部分，但看起來它在第三季和第四季的業績預期中表現略顯疲軟。所以我想知道，在整合過程中，有沒有什麼趨勢值得關注？謝謝。

Yeah. Thanks, Elizabeth, I'll take that. And look, in short, we're really happy with how LiveIntent is performing. We are accruing at of their earnout. I think if we were to do things over again, remember, we set that initial guidance SKU for every quarter of 2025, about a month after we owned the asset. We've learned a lot since.

是的。謝謝你，伊莉莎白，我收下。總之，我們對 LiveIntent 的表現非常滿意。我們正在累積他們的利潤分成。我認為，如果我們重新來過，請記住，我們在擁有該資產大約一個月後，就為 2025 年的每個季度設定了最初的指導 SKU。我們從那時起學到了很多。

I think we're also realizing a substantial amount of new product synergies that is flowing organically to the business. But overall, I couldn't be happier with how the integration has gone and the execution of the team. And what you're not seeing in the numbers is all of the cross sales from data clients into their products and their products into ours. So we're -- I would tell you, Elizabeth, we think that the LiveIntent deal was a grand slam home run, and we're looking forward to having a similar experience with Marigold.

我認為我們也正在實現大量的新產品協同效應，這些效應自然地流入業務中。但總的來說，我對整合工作的進度和團隊的執行非常滿意。而你從這些數字中看不到的是，數據客戶向他們的產品以及他們的產品向我們的產品進行的所有交叉銷售。所以——伊麗莎白，我想告訴你，我們認為與 LiveIntent 的合作是一次巨大的成功，我們期待與 Marigold 的合作也能有類似的成功。

Great. All good. Thank you.

偉大的。一切都好。謝謝。

Matt Swanson, RBC.

Matt Swanson，RBC。

Yeah. Great. Thank you, guys, for taking questions. David, we've seen the compounding value from an ARPU perspective when customers take multiple products. You talked about Athena and AI being the new UI. Could you just talk a little bit about how maybe that will help with the cross-sell and for people to see the full value of your platform?

是的。偉大的。謝謝各位回答問題。David，從 ARPU 的角度來看，我們已經看到，當客戶購買多種產品時，其價值會不斷累積。你提到了雅典娜和人工智慧將成為新的使用者介面。您能否簡單談談這會如何幫助交叉銷售，以及讓人們看到您平台的全部價值？

So thank you, Matt. I would tell you that I think Athena will be amongst the single biggest drivers to the One Zeta methodology we've ever had. To point out, it is, of course, fully voice activated and fully conversational. So any client by the end of the first quarter, should have this fully embedded into their platform. Not only will they be able to work through the existing use case they have, Athena will already be programmed to help them with secondary use case expansion from production level launch.

所以，謝謝你，馬特。我認為雅典娜將成為我們迄今為止推動 One Zeta 方法論的最重要因素之一。需要指出的是，它當然是完全語音激活和完全對話式的。因此，到第一季末，所有客戶都應該將此功能完全嵌入到他們的平台中。他們不僅能夠處理現有的用例，Athena 還將被編程來幫助他們從生產級發布開始擴展次要用例。

By way of example, if a client is using us actively for acquisition, they'll literally be able to say to Athena tell me which of my clients are most likely to churn and how do you recommend that we save them? That removal of the friction between the human and the platform is going to allow, I think, for an accelerated growth of One Zeta.

舉例來說，如果客戶積極利用我們進行客戶獲取，他們就可以對 Athena 說：“告訴我哪些客戶最有可能流失，你建議我們如何挽留他們？”我認為，消除人與平台之間的摩擦將使 One Zeta 加速發展。

One point where that math shows up also in the metrics, it was one of the areas that as we were preparing post-close that stood out to me is, not only did each of our use cases grow double digits year over year, which has been consistent but our two or more use case count grew over 100% year over year. So we're going into capabilities like Athena with really interesting go-to-market momentum.

數學計算結果也反映在各項指標中。在交易完成後的準備工作中，我注意到一個突出的領域：不僅我們每個用例的年增長率都達到了兩位數，而且我們兩個或兩個以上用例的數量同比增長了 100% 以上。因此，我們正以非常強勁的市場推廣勢頭進軍 Athena 等功能領域。

Yeah. And once again, with 100 global enterprises in Marigold that are all on one use case, we see that as a very unique opportunity for the specialty team we've set up under Etsy to get in there and focus on it. But I think that the integration and production capabilities of Athena are going to be really an accelerant to platform utilization.

是的。再次強調，Marigold 中有 100 家全球企業都在使用同一個用例，我們認為這是一個非常獨特的機會，讓我們在 Etsy 旗下成立的專業團隊能夠進入其中並專注於此。但我認為 Athena 的整合和生產能力將真正加速平台的利用。

That's really helpful. And then I'm sure the pipeline has a big -- a lot to do with this. But David, you mentioned that the '26 guide was a quarter early. So Chris, could you just kind of talk us through being one of the first people to give us an outlook into 2026? Just what's kind of building all the confidence and the visibility that you have?

這真的很有幫助。而且我確信，這條輸油管與此事有很大關係。但是大衛，你提到 2026 年的指南提前了四分之一。克里斯，你能否跟我們講講，作為第一批展望 2026 年的人之一，你的感受如何？究竟是什麼讓你建立瞭如此強大的自信和知名度？

Yes. We talked about at Investor Day, Matt, you'll recall that so much of our installed base not only has been with us three-plus years, almost 60%, five or more years. but there's now a demonstrated history of their, on average, expanding their spend with us, [15%] a year. So by starting our guide at 21% year over year, which, by the way, is consistent with really the last two years where we started our guidance.

是的。馬特，我們在投資者日上討論過，你應該還記得，我們​​龐大的客戶群中，有近 60% 的客戶已經使用我們的服務三年以上，五年以上，而且現在有證據表明，他們平均每年都會增加在我們這裡的支出[15%]。因此，我們以同比增長 21% 作為指導方針的起始點，順便說一句，這與我們過去兩年的指導方針基本一致。

We feel like we've left some conservatism there. The pipeline says a lot. And then with more and more of our revenue under the curve from really strong innings throughout the year, it felt like today, it was the right time.

我們覺得我們在那裡保留了一些保守主義思想。這條輸油管說明了許多問題。隨著全年強勁的戰績帶動了我們越來越多的收入，我們感覺今天就是合適的時機。

Again, I wanted to be clean with our organic baseline before we add Marigold. And I wouldn't want to overlook the really strong addition, not just to revenue, but how much of that revenue for 2026 out of the gate is flowing towards increasing adjusted EBITDA and free cash flow. In fact, this year, from our initial guide of revenue, which was around 21%. So we've obviously added to that sense, but that translates to $35 million of revenue and $28 million of free cash flow that's been added to the guide since the beginning of the year as well.

再次強調，在添加萬壽菊之前，我想確保我們的有機產品基調是純淨的。而且我也不想忽視一個非常重要的新增項目，它不僅增加了收入，而且2026年一開始就將有多少收入轉化為增加調整後的EBITDA和自由現金流。事實上，今年我們最初的營收預期約為 21%。因此，我們顯然增加了這方面的成長，這意味著自年初以來，收入增加了 3500 萬美元，自由現金流增加了 2800 萬美元。

Thank you.

謝謝。

DJ Hynes, Canaccord Genuity.

DJ Hynes，Canaccord Genuity。

Thank you, guys. Congrats on the really nice quarter here. David, Chris, I want to know how you're thinking about sales and marketing investment and capacity build-out there. I mean, obviously, the operating leverage is great to see, but sales and marketing actually went down sequentially. And you shared some really powerful pipeline statistics around the growth there and the strength coming out of data live. So I'm wondering how you're thinking about whether it's time to lean in on growth.

謝謝大家。恭喜你們本季業績非常出色。David，Chris，我想知道你們對那裡的銷售和行銷投資以及產能建設有什麼想法。我的意思是，很顯然，經營槓桿效應很好，但銷售和行銷實際上環比下降了。您分享了一些關於成長的非常有力的銷售管道統計數據，以及即時數據所展現出的強勁勢頭。所以我想知道您是如何看待現在是否應該加強成長力度的。

I mean, obviously, I guess you're going to get to sales reps with Marigold. But any thoughts there that you kind of plan 2026 would be helpful.

我的意思是，很顯然，我想你肯定會透過萬壽菊接觸到銷售代表。不過，如果您能分享一些關於 2026 年的規劃想法，那就太好了。

Yeah. I mean it went down a little bit by accident. We didn't mean it to. Quite frankly, we're trying to hire every great salesperson we can possibly get, DJ. The challenge is that our existing sales reps have been so incredibly productive that we've been able to continue to grow at a much faster pace than we expected to, while simultaneously trying to find more salespeople.

是的。我的意思是，它意外地下降了一點。我們並非有意如此。坦白說，DJ，我們正在盡一切可能招募優秀的銷售人員。挑戰在於，我們現有的銷售代表的效率非常高，因此我們能夠以比預期快得多的速度繼續成長，同時我們還要努力尋找更多的銷售人員。

We will pick up an incredible sales team with Marigold, both in the United States and Europe and EMEA. So feels like we're sort of very well positioned for where we want to go, although once again, we did grow 28% top line, 43% EBITDA line -- I'm sorry, 46% going to screw us out of that last 3%, but 46% growth on EBITDA and 83% free cash flow growth, while simultaneously, DJ, making some of the largest investments we have ever made into our artificial intelligence and innovation. So feeling very good about where we are organizational.

我們將從 Marigold 那裡獲得一支非常優秀的銷售團隊，該團隊遍布美國、歐洲和 EMEA 地區。所以感覺我們已經為實現目標做好了充分的準備，儘管我們的營收增長了 28%，EBITDA 增長了 43%——抱歉，應該是 46%，這會讓我們失去最後 3% 的目標，但 EBITDA 增長了 46%，自由現金流增長了 83%，與此同時，DJ 有史以來最大的創新投資。所以，我對我們目前的組織狀況感到非常滿意。

You'll see a pretty material tick up 3Q to 4Q with Zeta Live occurring in October versus -- like last year.

與去年同期相比，由於 Zeta Live 將於 10 月舉行，您會看到第三季到第四季之間出現相當大的成長。

Yes. Yes. Okay. Makes sense. And then, Chris, well, I have you, maybe -- can you talk about gross margins in the quarter?

是的。是的。好的。有道理。那麼，克里斯，嗯，我這裡有你，也許——你能談談本季的毛利率嗎？

I mean direct revenue mix held pretty stable at that 75%, so a little bit of degradation in gross margin. Just anything we should be thinking about there as we model the numbers going forward?

我的意思是，直接收入佔比基本上穩定在 75%，所以毛利率略有下降。在建立未來數位模型時，我們應該考慮哪些因素？

Yeah. Mix was up nicely year over year. But to your point, it was stated at that higher end of our range, 75% quarter-to-quarter. What we wrestle with on occasion is mix within the mix. And frankly, this quarter, we had really strong display video channel usage that display video channel usage is lower than what we average on total direct revenue mix profile.

是的。混合指數較去年同期顯著上升。但正如您所說，我們公佈的數據處於較高水平，季度環比增長 75%。我們有時遇到的難題是混合物中的混合物。坦白說，本季我們的展示影片管道使用率非常高，但展示影片管道的使用率低於我們整體直接收入組合的平均值。

But to give you a sense of just how much channel usage we're seeing are greater than four cohorts. So those scale customers using four more channels was up 44% year over year. and are greater than five or more channels is up over 60% year to year. So mix within the mix, but consistent with our model, our long-term model that each year we want to get between 100 basis points and 300 basis points of efficiency on the cost of revenue line.

但為了讓你們了解我們看到的頻道使用情況究竟有多好，我們統計了一下，使用者群體超過了四個群組。因此，使用四個以上管道的規模化客戶年增 44%，而使用五個或更多管道的客戶則較去年同期成長超過 60%。所以要在組合中進行混合，但要與我們的模型保持一致，我們的長期模型是，我們希望每年在收入成本線上獲得 100 到 300 個基點的效率提升。

Yeah. All right. Great, thank you, guys.

是的。好的。太好了，謝謝各位。

Clark Wright, DA Davidson.

克拉克·賴特，DA戴維森。

Awesome. Thank you. It was great to see a strong quarter of organic growth. I was wondering if you can talk a little bit more about the contributions from the agency. You talked about 23 brands being added. How should we think about the growth of the agency business and independent agencies relative to the direct enterprise relationships as we head into 2026?

驚人的。謝謝。很高興看到本季有機成長強勁。我想請您再詳細談談該機構的貢獻。你提到會新增 23 個品牌。展望 2026 年，我們該如何看待代理商業務和獨立代理商相對於直接企業關係的發展？

Yeah. We break out our business in a lot of different ways and give you a lot of metrics. One of them we're going to keep the disaggregation of revenue down to direct and integrated. But what I will point to is as a proxy for how healthy our agencies are growing, you'd see the direct mix was up over 30% on a year-over-year revenue growth basis.

是的。我們從很多不同的角度分析我們的業務，並提供許多指標。其中一項我們將把收入細分為直接收入和整合收入。但我想指出的是，作為衡量我們代理商發展狀況是否健康的指標，你會發現直接業務組合的年收入成長率超過了 30%。

And then mix within the agencies, let me just look at my notes here, was up pretty substantially as well from a direct perspective. Let me just get the exact data point here for you.

然後，從直接角度來看，各機構內部的混合比例也大幅上升，讓我來看看我的筆記。讓我幫你找到確切的數據點。

Matt, if you have it, let's say, direct agency direct mix was up from 52% direct to almost 60% this quarter.

馬特，如果你有數據的話，比如說，本季直接代理的直接銷售比例從 52% 上升到近 60%。

I mean, direct to enterprise -- yes. I'm sorry, Clark, I was just going to say, direct to enterprise continues to be the vast majority of our business, and I think will be for many years to come. But we love our agency clients, and we continue to expand with them very nicely. So it's been a really good blend to have both.

我的意思是，直接面向企業——是的。抱歉，克拉克，我正要說，直接面向企業仍然是我們業務的絕大部分，而且我認為在未來很多年裡也會如此。但我們非常喜愛我們的代理商客戶，並且我們與他們保持著非常良好的合作關係，業務不斷拓展。所以兩者結合起來真的很好。

Jason Kreyer.

傑森·克雷爾。

All right. Great. First, on Athena. When you think about your 572 scale customers, are there specific groups or segments of that where you think seen resonates better than others?

好的。偉大的。首先，關於雅典娜。當你考慮你的 572 位規模客戶時，你認為對於某些特定群體或細分群體而言，「被看見」這個概念比其他群體或細分群體更能引起共鳴嗎？

So, Jason, I would start by saying, I think our direct enterprise clients will probably adopt it in a more meaningful way first which is not to say we don't think it really plays very well with the agency clients.

所以，Jason，我想先說的是，我認為我們的直接企業客戶可能會首先以更有意義的方式採用它，但這並不意味著我們認為它對代理客戶來說效果不好。

From a vertical perspective, I don't really think it's going to be that differentiate. I think -- if you have not seen the demo yet, which was standing room only, I say standing room only, there were people sitting on the floor who physically asked me to move so they see the demo we have a recording of it on our Investor Relations site. But I would tell you that when you put that type of power in the hands of a client they're going to really adopt it very, very quickly, and we're excited about that.

從垂直角度來看，我認為不會有太大差別。我想──如果你還沒看過示範的話，當時現場座無虛席，我說的是座無虛席，甚至有人坐在地上，還特意請我挪動一下，好讓他們也能看到演示。我們在投資者關係網站上有示範的錄影。但我可以告訴你，當你把這種權力交給客戶時，他們會非常非常迅速地接受它，我們對此感到興奮。

Thank you. And just going back to the momentum topic. At the Investor Day, you talked about 80% faster onboarding, some operational streamlining you've been doing. So you just hosted Zeta Live, biggest event for building the pipeline. I was curious, is there a scenario or that pipeline of potentially $100 million can transition to revenue at a faster pace than we've seen in the past?

謝謝。回到動量這個話題。在投資者日上，您談到了客戶入職速度提高了 80%，以及您一直在進行的一些營運簡化工作。你們剛舉辦了 Zeta Live 活動，這是建立人才管道領域規模最大的盛會。我很好奇，是否存在這樣一種情況，或者說，潛在價值 1 億美元的專案儲備能否以比以往更快的速度轉化為收入？

Let me start by saying our goal is to close $100 million in business, not just get the pipeline to $100 million, Jason. So we're on the same page. When you look at the fact that we've given guidance early to next year, we've now raised the fourth quarter this year, it's our 17th quarter of raising in a row. We feel like we've got the wind at our back or wouldn't be in a position to do both of those things. So I think that our confidence level is very, very high based on where the record pipeline is what's coming out of Zeta Live.

首先我要說的是，我們的目標是實現 1 億美元的業務額，而不僅僅是讓潛在客戶達到 1 億美元，傑森。所以我們意見一致。考慮到我們已經提前發布了明年的業績指引，並且今年第四季度也提高了業績預期，這已經是我們連續第 17 個季度提高業績預期了。我們感覺自己順風順水，否則不可能同時做到這兩件事。所以我認為，根據 Zeta Live 目前的發行情況來看，我們的信心非常非常高。

And yes, we are closing deals, faster than we have in the past, and we are onboarding them substantially faster than we have in the past by automation and AI internally.

是的，我們達成交易的速度比以往更快，而且透過內部自動化和人工智慧，我們讓新用戶入職的速度也比以往快得多。

Great. Thanks, guys.

偉大的。謝謝各位。

Terry Tillman, Truist.

Terry Tillman，Truist。

Yeah. Thanks, David, Chris, Matt for taking my questions. The first question is, I was just hoping to double-click on the replacement cycle opportunity. I think there was a stat that was provided at the Analyst Day about the last couple of quarters, the RFP activity had been up quite a bit. And I don't know if that's independent of the Zeta Live and the pipeline that you built out of that. But just maybe you could comment a little bit more around where we are in the sort of replacement cycle opportunity and maybe Athena helps with that?

是的。謝謝David、Chris和Matt回答我的問題。第一個問題是，我只是想雙擊點擊更換週期選項。我認為在分析師日上提供的一項統計數據顯示，過去幾季的 RFP 活動大幅增加。我不知道這是否與 Zeta Live 以及您基於此構建的管道無關。不過，您或許可以再多談談我們目前在產品更新換代週期中所處的階段，也許雅典娜能在這方面提供幫助？

And kind of related to that, and hopefully, this doesn't become a five-part question is like maybe there's pricing and packaging and other things you could drive to kind of minimize the inertia for those folks to move to your platform? And then I had a follow-up.

與此相關的是，希望這不會變成一個五部分的問題，那就是，或許可以透過定價、包裝和其他一些方式來盡量減少人們遷移到你的平台的阻力？然後我還有後續跟進。

Yeah. So let me start by saying that the replacement cycle continues to be at full scale. And we are not just seeing more RFPs than our company's history, we are seeing the largest RFPs we have ever seen. And if you look at the legacy marketing clouds, the guys like Salesforce, Oracle, Adobe, one of them is leading the industry. The other two are legacy.

是的。首先我想說的是，產品更新換代仍在全面進行中。我們不僅看到了比公司歷史上更多的 RFP，而且看到了有史以來規模最大的 RFP。如果你看看傳統的行銷雲端平​​台，像是 Salesforce、Oracle、Adobe，其中一家正在引領業界。另外兩個是遺留問題。

They're great companies with legacy technology. We are the next generation of Marketing Cloud. And we're really focused on how do we continue to win in what is an even faster accelerating replacement cycle. As it relates to Zeta Live, we came -- we went in with a record pipeline, we came out with a meaningfully larger record pipeline. It's just, right now, we are firing on 11 of 12 cylinders. I don't say, 12 to 12, because I don't want to jinx us, but we're feeling very, very good about it.

它們都是擁有成熟技術的優秀公司。我們是新一代行銷雲端平​​台。我們真正關注的是，如何在不斷加速的更新換代週期中繼續取得成功。就 Zeta Live 而言，我們帶著創紀錄的製作流程而來，最後帶著規模更大的製作流程而歸。目前，我們只有 12 個氣缸中的 11 個在工作。我不說“12比12”，因為我不想說出來不吉利，但我們感覺非常好。

That's great to hear. And I guess I won't ask for more cylinders past 12, maybe that's for another conversation. But in terms of the independents, I think you all added three last quarter. I was impressed at the Analyst Day, one of the -- your folks that was on stage was an independent, and it was pretty impressive their kind of passion for the platform.

聽到這個消息真是太好了。我想我不會要求增加超過 12 個氣缸，也許那是另一個主題了。但就獨立候選人而言，我認為你們上個季度都新增了三個。在分析師日活動上，我印像很深刻，你們台上發言的一位是獨立人士，他對這個平台的熱情給我留下了非常深刻的印象。

Maybe you could just give us an update on the independent side in terms of agencies. Thank you.

您能否為我們介紹一下獨立機構方面的最新情況？謝謝。

Yeah. So there -- it's growing very rapidly. And when you look at the different agencies that we're now platforming, even though we call them independent agencies, each one of them is representing between $1 billion and $2-plus billion a year in marketing revenue. So very excited about what's happening there.

是的。所以，它的發展速度非常快。當你觀察我們現在平台上的各個代理機構時，即使我們稱它們為獨立代理機構，它們每一家每年的營銷收入都在 10 億美元到 20 億美元以上。我對那裡正在發生的事情感到非常興奮。

Terry, we built out a sales force that's now solely focusing on independent agencies, and they are really, really rocking. I would tell you, we had I can't give you the count, but so many independent agencies attended Zeta Live, we had a separate break to spend time with them, and it seems to be going very, very well.

特里，我們組建了一支銷售團隊，現在專門服務獨立代理商，他們做得非常出色。我可以告訴你，我無法告訴你具體數字，但有很多獨立機構參加了 Zeta Live，我們專門安排了一段時間與他們交流，而且看起來進展非常順利。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

David, my question is on Athena and more specifically on the process for implementation and deployment within customer environments.

David，我的問題是關於 Athena，更具體地說是關於在客戶環境中實施和部署的過程。

Yes. So Gabriel, I don't know if I lost you -- I'm sorry, I lost you for a second there. I heard the athena and then got into deployment.

是的。所以加布里埃爾，我不知道我有沒有跟你失去聯繫——對不起，我剛才好像跟你失去聯繫了一小會兒。我聽到了雅典娜的歌聲，然後就投入了部署。

Yes. I guess, the process of deployment and the learning per month the permit versus nondeterministic outcomes when you work with customers to deploy Athena?

是的。我想，部署流程和每月學習的許可與在與客戶合作部署 Athena 時可能出現的不確定結果之間的差異是什麼？

So first of all, great question as usual. All of our deterministic all of our actions at data are deterministic. So if you think about the data cloud, you've got the 242 million deterministic individuals in the United States, over 550 million globally. Athena is going to be built right into the Zeta marketing platform. So literally, anybody who's using the ZMP, which as you know, has a common user interface for setup and a common user interface for reporting will be able to use Athena seamlessly to activate and learn.

首先，一如既往，問得好。我們所有關於數據的行為都是確定的。所以，如果你考慮資料雲，你會發現美國有 2.42 億確定性個體，全球超過 5.5 億人。Athena 將直接整合到 Zeta 行銷平台中。因此，任何使用 ZMP 的人（如您所知，ZMP 具有通用的設定使用者介面和通用的報告使用者介面）都將能夠無縫地使用 Athena 來啟動和學習。

It's almost like a data scientist and then an execution capability in one voice-enabled conversational platform. So everything that Athena does will be fully deterministic and will allow for deterministic attribution capabilities.

它就像一個集數據科學家和執行能力於一體的語音對話平台。因此，Athena 所做的一切都將是完全確定的，並允許確定性歸因能力。

All right, guys. Thank you.

好了，各位。謝謝。

Richard Baldry, ROTH Capital.

理查德·鮑德里，羅斯資本。

Thanks. Can you talk about sort of the architecture around Athena. And what I really think about is how easy or challenging would be to extend that to cover new platforms, obviously, something like Marigold would be a place to look at?

謝謝。可以談談雅典娜周圍的建築風格嗎？我真正思考的是，將這種方法擴展到新平台會有多容易或多具有挑戰性，顯然，像 Marigold 這樣的平台就是一個值得關注的地方？

Yeah. So I mean, Athena's architecture is fully internally built. We are partnering with Open AI as it relates to the voice interface, and we're excited about that. As it relates to what we can layer on top of, we can easily layer it on top of any platform that has an OpenAI -- API. And when you think about where we're trying to go long term, yes, Athena is native to the application layer at the Zeta marketing platform.

是的。我的意思是，雅典娜的建築完全是內部建造的。我們在語音介面方面與 OpenAI 展開合作，對此我們感到非常興奮。至於我們可以疊加在什麼之上，我們可以輕鬆地將其疊加在任何具有 OpenAI API 的平台上。當你思考我們長期的發展方向時，是的，Athena 是 Zeta 行銷平台應用層的原生元件。

But as we integrate other platforms, it can easily be layered on top initially through an API integration. And then as we fully integrate them into the platform long term, it will become native to their application layer as well.

但是，當我們整合其他平台時，最初可以透過 API 整合輕鬆地將其疊加到其上。然後，隨著我們長期將它們完全整合到平台中，它也將成為它們應用層的原生元件。

So last few for me. Does having Athena, you likely to be more acquisitive maybe as tuck-ins because you can bring it under that umbrella kind of easier?

最後幾個了。如果你有雅典娜，你可能會更熱衷於收集一些東西，例如塞進床單裡，因為你可以更輕鬆地把它們都歸入她的範疇？

And then maybe for Chris, when you think long term or even short term about the buyback as a percent of free cash flow, where is your thinking lately on that? Thanks.

那麼對克里斯來說，當你從長期甚至短期角度考慮回購佔自由現金流的百分比時，你最近對此有什麼想法？謝謝。

So as it relates to being acquisitive -- as you've heard me, Joe, which we've been in business now for 17 years, we bought 17 companies. It's highly probable though it will be at 18th at some point. I don't know if Athena makes us more acquisitive, but it certainly becomes a bridge into anything we do going forward.

所以，就收購而言——正如你聽到的，喬，我們公司成立至今已有 17 年，我們收購了 17 家公司。不過，它很有可能在某個時候排在第18位。我不知道雅典娜是否會讓我們變得更貪婪，但它無疑會成為我們未來所做一切的橋樑。

And as we think about today, being the number one marketing cloud using artificial intelligence and data native to the application layer, Athena gives us the opportunity to expand and increase our TAM and our addressable market by moving into other business intelligence and other opportunities. Chris?

如今，作為利用人工智慧和應用層原生資料的領先行銷雲端平​​台，Athena 為我們提供了拓展和增加 TAM 和潛在市場的機會，讓我們能夠進入其他商業智慧領域並抓住其他機會。克里斯？

As it relates to the buyback, Chris was sort of jumping on something for the second. We continue to focus on using greater than half of our free cash flow for retiring shares and repurchasing shares. Quite frankly, the only reason we didn't buy more over the last quarter was because once we signed the agreement to do Marigold before we announced it, we were an internal quiet period. We weren't able to buy stock back.

至於回購這件事，克里斯算是搶先了先機。我們將繼續把超過一半的自由現金流用於股票註銷和股票回購。坦白說，上個季度我們沒有增持的唯一原因是，在我們簽署了收購萬壽菊的協議之後，在我們宣布收購之前，我們內部進入了一段靜默期。我們沒能回購股票。

So I believe we were in the mid-70s as a percentage of free cash flow for share repurchasing year-to-date. I could see us continuing at those rates.

所以我認為，今年迄今為止，我們用於股票回購的自由現金流百分比在 70% 左右。我認為我們可以繼續保持這樣的成長率。

But 85, year-to-date, we have a lot of dry powder in the next 200 program.

但截至目前，我們已經完成了 85 場比賽，並在接下來的 200 場比賽中投入了大量資金。

That's good. Thanks, and congrats on the third quarter.

那挺好的。謝謝，也恭喜你第三季取得佳績。

Zach Cummins, B. Riley Securities.

Zach Cummins，B. Riley Securities。

Hi, good afternoon. Thanks for taking my questions. David and Chris, congrats on strong quarter. David, I thought it was notable to call out that you've seen some strong momentum in the telecom vertical. So just curious what's going so well on that front in terms of building that momentum with telecom customers? And a lot of that success really coming as a displacement for other solutions with these major customers.

您好，下午好。謝謝您回答我的問題。David 和 Chris，恭喜你們本季業績優異。大衛，我認為值得一提的是，你已經看到了電信業的強勁發展勢頭。所以，我很好奇，在與電信客戶建立聯繫方面，究竟是什麼進展如此順利？而這些成功很大程度上來自於用其他解決方案取代了這些主要客戶的其他解決方案。

Yeah. I mean you've got a lot of different telecom players out there really, really struggling for growth. And our platform allows them to grow at an accelerated pace at a lower cost than our competitors' platform. So what I would tell you in almost all cases, we're displacing one of the major marketing clouds at this point.

是的。我的意思是，現在有很多電信業者都在努力尋求成長。我們的平台能夠讓他們以比競爭對手平台更低的成本，更快地成長。所以，在幾乎所有情況下，我都要告訴你們，我們正在取代一個主要的行銷雲平台。

There's very few companies that are sort of doing this stuff internally. So we're very excited about telecom. It's growing at an accelerated pace, and it's something we think will continue.

很少公司會在內部進行這類工作。所以我們對電信業非常感興趣。它正以驚人的速度成長，我們認為這種趨勢還會持續下去。

A couple of other points, I think, Zach, that are relevant on the industry verticals. As you know, we report the industry verticals on a trailing 12-month basis, and this was the first quarter that telecom did it to the over 20%, it's actually been growing really strong in the last two quarters. So that was good to see. The 7 out of 10 growing over 20% is a marked improvement from the what's traditionally been 6 for us, obviously, telecom being that new entrant.

扎克，我認為還有幾點與行業垂直領域相關。如您所知，我們以過去 12 個月的周期報告各行業垂直領域，這是電信行業首次在本季度達到 20% 以上的增長率，實際上，在過去的兩個季度中，電信行業的增長率一直非常強勁。看到這個真是令人欣慰。十分之七的產業成長率超過 20%，這比我們以往通常的 6 倍有了顯著提高，顯然，電信業是新晉產業。

But even those not growing at 20%, we're growing between 7% and 17%, which is great. But with so much focus in the investor community on what's happening in the macro, I think it's also worth highlighting that verticals that we've seen to be the most consumer discretionary retail, travel, and hospitality, even automotive, have continued at their very strong growth rates.

但即使是那些成長率未達到 20% 的公司，我們的成長率也在 7% 到 17% 之間，這已經很不錯了。但鑑於投資者群體如此關注宏觀經濟形勢，我認為也值得強調的是，我們看到的那些消費必需品零售、旅遊、酒店，甚至汽車等垂直行業，都繼續保持著非常強勁的增長速度。

What we're seeing is even when there is difficult times out there, clients are moving to us at an accelerated pace because of our substantially better return on investment than most of our competitors.

我們看到的是，即使在經濟狀況嚴峻的情況下，由於我們的投資報酬率遠高於大多數競爭對手，客戶也正在加速轉向我們。

Understood. And a follow-up for Chris. Just around the free cash flow conversion, it's nice to see the strong execution here in Q3 even despite the working capital headwinds. As we think about modeling out into future years, do you assume those working capital headwinds regarding collections with agencies will start to ease? Or how are you thinking about that as we move forward from here?

明白了。還有克里斯的後續問題。就自由現金流轉換而言，儘管面臨營運資金的不利因素，但第三季依然展現強勁的執行力，令人欣慰。當我們考慮未來幾年的模型時，您是否認為與催收機構相關的營運資金阻力會開始緩解？或者，您如何看待我們接下來的發展？

If you adjust, Zach, for the pure timing of the agency's longer payment cycles, we would have been, again, at 80% and better free cash flow conversion. And if I then go backwards to, I should say, forwards, to the Zeta 2030 conversion target at least 70%, you could argue we've even built in for a continued headwind from the agencies and not needing that to be fully neutral for us to get to that at least 70%.

札克，​​如果你考慮到代理商較長的付款週期這一純粹的時間因素進行調整，我們的自由現金流轉換率本可以再次達到 80% 甚至更高。如果我回顧過去，或應該說展望未來，展望 Zeta 2030 年至少 70% 的轉換目標，你可能會認為我們已經考慮到了來自機構的​​持續阻力，而不需要完全中立才能達到至少 70% 的目標。

Jackson Ader, KeyBank.

傑克遜·阿德，KeyBank。

Great. Thanks for taking questions, guys. First one is on the, I guess, visibility into 2026. David, you mentioned normally, we don't get this kind of forward guidance a quarter early.

偉大的。謝謝各位回答問題。第一個問題是關於，我想，對2026年的展望。大衛，你剛才提到過，通常情況下，我們不會提前一個季度獲得這種前瞻性指引。

But I'm curious like is it more than just the pipeline to the large customers you're doing business with, actually, do they have commitments that give you more confidence or that the spend level is going to go up in the future that might not have existed in years past?

但我很好奇，除了與大客戶建立業務管道之外，實際上，他們是否做出了一些承諾，讓你更有信心，或者未來的支出水平是否會像過去幾年那樣上升？

Yeah. Yeah, we're seeing much larger contracts from our larger clients, and it's giving us far more visibility and comfort in the numbers.

是的。是的，我們從大客戶那裡獲得了更大額的合同，這讓我們對財務數據有了更清晰的了解，也更有信心了。

Right. So it's -- okay, pipeline bigger, but also visibility also bigger.

正確的。所以——好吧，管道變大了，但可見度也提高了。

To be specific -- yes, Jackson to be specific, large clients are giving us larger contracts than we've ever had before and far more visibility into our forward numbers than we've had in the past.

具體來說——是的，具體來說，傑克遜，大客戶給我們的合約金額比以往任何時候都大，而且我們對未來的業績也比過去更加了解。

And tactically, Jackson, this time of year, frankly, August, September, we're in our kind of next year planning process anyway, not just internally, but with our customers. So even though historically and what we would normally expect under absent a marital type transaction, giving guidance in February, A lot of that work is effectively already done.

傑克遜，坦白說，從策略上講，每年的這個時候，也就是八月、九月，我們無論如何都會進行來年的規劃，不僅是內部規劃，還有與客戶的規劃。因此，儘管從歷史上看，在沒有婚姻類型交易的情況下，我們通常會期望在二月提供指導，但實際上已經完成了許多工作。

Got it. Okay. Okay. And then a quick follow-up. You mentioned the political candidate revenue expectations for last year. But curious whether you have any initial expectations for advocacy and how that works in that -- in the, call it, like the off-cycle election years?

知道了。好的。好的。然後是一個簡短的後續問題。你提到了去年政治候選人的收入預期。但我很好奇，您對倡議工作有什麼初步的期望，以及在非選舉年（比如說非週期選舉年）中，倡議工作是如何運作的？

It's followed, Jackson, a similar pattern as candidate spend. Meaning if you go back to the midterms in 2022, where we had political candidate revenue of around $7.5 million. This year, we're planning for effectively double that.

傑克遜，這和候選人的支出模式類似。也就是說，如果你回顧 2022 年的中期選舉，當時政治候選人的收入約為 750 萬美元。今年，我們的計劃是今年的兩倍。

I would think along similar lines for advocacy from kind of midterm to midterm, the tricky part for that, for us, and why I specifically said in the prepared remarks, I think this number will evolve is those deals can come into the pipeline very rapidly -- much faster or I should say, later in the process than what a typical enterprise or an agency deal would come in. So it tends to be something that happens on the quicker time line for us.

我認為，從中期到中期，倡議工作也會遵循類似的想法。對我們來說，棘手之處在於，正如我在準備好的演講稿中特別提到的，我認為這個數字將會發生變化，因為這些交易可能會非常迅速地進入流程——比典型的企業或代理機構交易要快得多，或者我應該說，它們進入流程的時間要晚得多。所以對我們來說，這往往是件比較快的事情。

So hence, why I think that number is going to continue to evolve.

所以，我認為這個數字還會繼續改變。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Yeah. hey, guys. Thanks so much for taking the questions. I wanted to ask a question on Marigold for 2026. And I know it hasn't closed yet, but I really wanted to ask around because you've had such success in the past with acquisitions, I think about acquisitions where you guys were -- for you guys with like, more around one-plus-one-equals-more-than-two. And so with your guys giving out a '26 guide out there, thank you very much for that. And previously, you've kind of given a guide for I think, $190 million for Marigold for 2026.

是啊，嘿，夥計們。非常感謝您回答這些問題。我想問一個關於2026年萬壽菊的問題。我知道這筆交易還沒完成，但我真的很想打聽一下，因為你們過去在收購方面取得了巨大的成功，我想到你們的收購——對你們來說，更多的是一加一大於二的情況。所以，感謝你們發布了 2026 年的指南。之前，您曾給過一個指導方針，我認為，到 2026 年，萬壽菊計畫將獲得 1.9 億美元的收入。

I mean, I guess where I'm going with this is that, it sounds like you're stacking $190 million on the $1.54 billion guide for 2026 could be understating the opportunity with Marigold. Of course, I don't want to get over my skis here, but just given your track record with acquisitions, it doesn't seem like that's out of the realm.

我的意思是，我想說的是，你把 1.9 億美元加到 2026 年 15.4 億美元的指導價上，可能低估了萬壽菊計畫的機會。當然，我不想妄下斷言，但鑑於你以往的收購記錄，這似乎並非不可能。

Yeah. So let me start by saying we do not want to have the guidance combined for the two yet. The reason we put the organic guidance out was because the last time we did this with LiveIntent, half of the analysts added it, half did not and it created a tremendous amount of confusion. So when we do close that deal, Koji, what we expect to do this year, we will 100% update what we believe it will do on top of the $1.54 billion. And I just wanted to get that out there.

是的。首先我要說明的是，我們目前還不希望將這兩者的指導方針合併在一起。我們之所以發布有機成長指導意見，是因為上次我們與 LiveIntent 合作時，一半的分析師添加了該指導意見，另一半沒有添加，這造成了極大的混亂。所以，Koji，當我們完成那筆交易後，我們預計今年將實現的目標，我們會在15.4億美元的基礎上，100%更新我們認為它還能實現的目標。我只是想把這件事說出來。

Second, we started this year at a 21% guide, and we're going to -- we're already at 26%. So we've added 500 basis points from where we expected to be at the beginning of the year. As you know, we've known you now for a very long time, for 17 quarters in a row, we've beaten our guidance and raised our guidance.

第二，我們今年的指導目標為 21%，而我們現在已經達到了 26%。因此，我們比年初預期的水準提高了 500 個基點。如您所知，我們與您相識已久，連續17個季度，我們都超額完成了業績預期，並不斷上調業績預期。

Our goal is to be sitting here at the end of next year and saying, we've done that 22 -- right? So we are very good at M&A. We have our pillars. We believe that Marigold fits every one of our pillars, and we believe that it's going to create a really nice tailwind to the growth of the combined company specifically around taking ther 100 global enterprise clients and making them from one use case to multiple use cases.

我們的目標是到明年年底坐在這裡說，我們已經完成了 22 項——對吧？所以我們在併購方面非常出色。我們有自己的支柱。我們相信 Marigold 完全符合我們的所有支柱，並且我們相信它將為合併後公司的發展帶來非常好的順風，尤其是在將 100 家全球企業客戶從單一用例擴展到多個用例方面。

As you point out, we always want to equal when you look at moving from a single use case to multiple use cases around the One Zeta opportunity, those clients generate between 3 and 3.5x more revenue than clients that are just using one use case. So I do think that the Marigold acquisition will lead to a really nice tailwind into next year, if that makes sense.

正如您所指出的，我們始終希望在考慮從單一用例轉向圍繞 One Zeta 機會的多個用例時，能夠實現收支平衡。這些客戶產生的收入比僅使用一個用例的客戶高出 3 到 3.5 倍。所以我認為，如果這麼說你能理解的話，收購萬壽菊公司將會為明年帶來非常好的順風。

Yes, totally does and looking forward to that press release on the closing of Marigold, absolutely. And maybe just a follow-up for you, David. I did want to -- now that on the back of Zeta Live, I did want to ask how Zeta's brand image is evolving with your customer base. Maybe compare and contrast how customers are looking at Zeta today versus how they looked at you three years ago.

是的，完全同意，非常期待關於 Marigold 關閉的新聞稿。或許還有個後續問題想問你，大衛。我確實想問——在 Zeta Live 之後，我確實想問 Zeta 的品牌形像是如何隨著客戶群的變化而演變的。或許可以對比一下客戶現在對 Zeta 的看法和三年前他們對你的看法。

Well, I'm not even sure you could put the way they looked at us three years ago to the day in the same conversation, it is so advanced, Koji. What I would tell you is we started this journey and three years ago, we were at Zeta who which really meant when we walked into a sales call, we would have to spend 50 minutes of the first hour explaining who we were and why we were in the room.

嗯，我什至不確定你是否能把三年前他們看我們的眼神和現在的眼神相提並論，這太先進了，Koji。我想告訴你們的是，我們三年前開始了這段旅程，當時我們還在 Zeta 公司，這意味著當我們走進銷售拜訪室時，我們必須在第一個小時的 50 分鐘裡解釋我們是誰以及我們為什麼會出現在這裡。

Our goal was to get to, why Zeta? Meaning, we know you're here. We know why you're here, why should we pick you over your competitors? The next evolution really is data now I need data, how do I get you into my stack? And the final is must-have data. We're still a ways off from that. That's sort of like Microsoft. But what I would say is we are very solidly in the is data. We get into the room. People know who we are.

我們的目標是弄清楚，為什麼是 Zeta？也就是說，我們知道你在這裡。我們知道您來此的目的，為什麼我們要選擇您而不是您的競爭對手？下一個發展階段確實是資料階段。我現在需要數據，我該如何將你納入我的技術堆疊？最後一點是必備數據。我們離那一步還有很長的路要走。這有點像微軟。但我想說的是，我們對這些數據非常有把握。我們進了房間。人們都知道我們是誰。

We are the advanced player in our space. We are looked at as cutting edge. We are looked at by marketers as a very important component of their tech stack, and they're really looking at us as a sort of game-changing company as it relate AI, data, and their ability to deploy it organizationally.

我們是所在領域的領導者。我們被視為走在時代前線。行銷人員將我們視為其技術堆疊中非常重要的組成部分，他們真的把我們視為一家具有變革意義的公司，因為我們在人工智慧、數據以及將其應用於組織的能力方面具有顛覆性意義。

Ladies and gentlemen, there are no additional questions at this time. Thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，目前沒有其他問題了。感謝您的參與。今天的電話會議到此結束。您可以斷開線路了，祝您有美好的一天。