Zeta Global Holdings Corp (ZETA) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Zeta Q4 2025 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

各位好，歡迎參加 Zeta 2025 年第四季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Matt Pfau. Thank you. You may begin.

現在我將把會議交給主持人馬特普法烏。謝謝。你可以開始了。

Thank you, operator. Hello, everyone, and thank you for joining us for Zeta's fourth-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 年第四季電話會議。今天的簡報和收益報告可在 Zeta 的投資者關係網站 investors.zetaglobal.com 上查看，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. 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.

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所作的陳述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陳述，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戰略的陳述。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向美國證券交易委員會提交的其他文件中所述的風險和不確定性，並且僅代表截至今日的情況。

In addition, our discussions 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，我們今天的討論還將提及一些補充性的非GAAP財務指標，這些指標應作為GAAP業績的補充信息，而不是替代GAAP業績。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. We delivered our 18th consecutive beat-and-raise quarter. And I want to be clear about why this keeps happening. It is not a single product cycle or a favorable compare.

謝謝你，馬特。各位下午好，感謝各位今天參加我們的節目。我們連續第18個季度實現了業績超預期並提高預期。我想明確說明為什麼這種事情會反覆發生。這並非單一產品週期或有利的對比。

It is the compounding effect of a system, proprietary data that improves with every customer interaction, intelligence that sharpens with every decision and now an interface in Athena that lowers the barriers to enterprise-wide adoption. The flywheel is what drives durable, predictable, and profitable growth. Fourth-quarter revenue was $395 million, up 28% year-over-year ex-acquisition and political candidate, an acceleration from the third quarter.

這是系統、專有資料（隨著每次客戶互動而改進）、智慧（隨著每次決策而提高）以及現在 Athena 中的介面（降低了企業範圍內採用的門檻）的疊加效應。飛輪效應是驅動持久、可預測和獲利成長的動力。第四季營收為 3.95 億美元，年增 28%（不包括收購和政治候選人），較第三季增速加快。

Adjusted EBITDA was $95.1 million, up 35% year over year, and we had positive GAAP earnings. With these multiyear rates of revenue growth, we are taking market share. This is evidence Zeta is the AI disruptor in marketing. After providing initial 2026 outlook that was already ahead of consensus, we are once again raising the midpoint of our 2026 revenue guidance by $25 million to $1.755 billion, reflecting year-over-year growth of 35%.

調整後 EBITDA 為 9,510 萬美元，年增 35%，我們實現了正的 GAAP 收益。憑藉多年來持續的營收成長率，我們正在搶佔市場份額。這證明 Zeta 是行銷領域顛覆人工智慧的先鋒。在給出的 2026 年初步展望已經高於市場普遍預期之後，我們再次將 2026 年收入預期中位數上調 2,500 萬美元至 17.55 億美元，年增 35%。

Our momentum is driven by AI shift from feature to infrastructure across the enterprise, and Zeta is built for this transformation. Our AI investments, which began eight years ago, are yielding better and better results. Marketers are recognizing the strong return on investment delivered by Zeta and increasingly view us as a revenue center for their business, not a cost center.

我們的發展動能源自於人工智慧在企業中從功能轉向基礎架構的轉變，而 Zeta 正是為這種轉變而建構的。我們從八年前開始對人工智慧進行投資，如今正取得越來越好的成果。行銷人員逐漸認識到 Zeta 帶來的強勁投資回報率，並越來越將我們視為其業務的收入中心，而不是成本中心。

Our recent total economic impact study by Forrester confirmed a 600% return on ad spend, which we believe is contributing to the wallet share gains from our competitors in an already quickly growing market segment. This is a reflection of what happens when proprietary data, intelligence, and activation work as one operating system, not three separate tools. Zeta is our clients marketing operating system, and we expect these returns to grow as our AI capabilities advance and Athena fully launches.

我們最近委託 Forrester 進行的總體經濟影響研究證實，廣告支出回報率高達 600%，我們相信這有助於我們在快速成長的市場區隔中從競爭對手那裡贏得市場份額。這反映了專有資料、情報和啟動作為一個作業系統而不是三個獨立的工具協同工作時所發生的情況。Zeta 是我們客戶的行銷作業系統，我們預計隨著我們的人工智慧能力不斷提高以及 Athena 的全面推出，這些回報將會成長。

The impact is already visible in our performance. Net revenue retention hit a record high of 120% and in 2025, up from 114% in 2024. And RFP volume more than doubled year over year to a new record. Customers are spending more and new prospects are showing up faster, both the signals of the same thing. The Zeta operating system is working and working at scale.

影響力已經在我們的業績中顯現出來。淨收入留存率達到創紀錄的 120%，預計 2025 年將高於 2024 年的 114%。RFP數量年增超過一倍，創下新紀錄。客戶消費更多，新客戶出現得更快，這兩個跡像都顯示了同一件事。Zeta作業系統運作正常，並且能夠大規模運作。

Building on this momentum, at Zeta Live last October, we introduced Athena our super intelligent agent built specifically for enterprise marketing. And since then, the pace of interest, engagement and opportunity has continued to increase. At CES last month, Athena had a significant presence and customer engagement was exceptional. Feedback was overwhelmingly positive, with customers consistently recognizing Athena represents a fundamentally new way of working.

乘著這股勢頭，在去年十月的 Zeta Live 大會上，我們推出了 Athena，這是一款專為企業行銷打造的超級智慧代理商。自那時以來，人們的興趣、參與和機會都在持續增長。在上個月的CES展會上，Athena佔據了重要位置，客戶互動也非常出色。回饋絕大多數都是正面的，客戶一致認為 Athena 代表了一種全新的工作方式。

Early Athena users are reporting significant time savings in segmentation, production, analysis and substantially better return on investment. This is the kind of workflow transformation that drives deeper platform adoption and greater utilization. Athena enhances the Zeta marketing platform that is an intelligent operating system for growth, one that can listen reason and act on behalf of marketers in real time. We are very encouraged by this early customer feedback and remain on track to make Athena generally available by the end of the first quarter.

早期 Athena 用戶報告稱，他們在細分、生產、分析方面節省了大量時間，並且獲得了更高的投資回報率。這種工作流程轉型能夠推動平台更深入的應用和更高的使用率。Athena 增強了 Zeta 行銷平台，Zeta 是一個智慧成長作業系統，它可以聆聽邏輯並代表行銷人員即時採取行動。我們對早期客戶的回饋感到非常鼓舞，並將繼續按計劃在第一季末全面推出 Athena。

At CES, we also announced our partnership with Open AI. We view large language models much like cloud infrastructure foundational technologies that enable innovation with real differentiation coming from the tools, workflows, data and operating systems built on top. Our partnership makes OpenAI's technology foundational to Athena, but powerful models are only part of the equation. AI is only as effective as the data that fuels it.

在CES展會上，我們也宣布了與OpenAI的合作關係。我們認為大型語言模式就像雲端基礎架構基礎技術一樣，能夠實現創新，而真正的差異化則來自於建構在其上的工具、工作流程、資料和作業系統。我們的合作使 OpenAI 的技術成為 Athena 的基礎，但強大的模型只是等式的一部分。人工智慧的有效性取決於其所依賴的數據品質。

As personalization moves to true one-to-one, identity and intent become critical. That's where Zeta Super graph comes in, a proprietary deterministic identity and relationship graph within our data cloud that unifies data across multiple sources. This super graph creates a moat that widens with every improvement in AI models across the market. Built over the past decade, Zeta Super graph operates at scale across more than 245 million US adults and $535 million globally with more than 1 trillion signals, the vast majority of which are available only to Zeta.

隨著個性化發展到真正的一對一，身份和意圖變得至關重要。這就是 Zeta Super 圖的作用所在，它是我們資料雲中專有的確定性身分和關係圖，可將來自多個來源的資料統一起來。這個超級圖譜建構了一道護城河，隨著市場上人工智慧模型的不斷改進，這道護城河也會不斷加寬。Zeta Super 圖譜是在過去十年中建造的，其規模已覆蓋超過 2.45 億美國成年人和 5.35 億美元的全球市場，擁有超過 1 兆個訊號，其中絕大多數訊號僅供 Zeta 使用。

As AI demands higher quality, deterministic data to deliver real personalization, this asset becomes more valuable, not less. Our AI and data advantage also helped to fuel one data. One data is no longer just a strategy. It is a repeatable sales model. In the fourth quarter, the number of scaled customers using more than one use case was up over 80% year over year, and the opportunity in front of us continues to expand.

隨著人工智慧需要更高品質、確定性的數據來實現真正的個人化，這項資產的價值只會越來越高，而不會降低。我們的人工智慧和數據優勢也為推動數據發展做出了貢獻。單一資料不再只是一種策略。這是一個可複製的銷售模式。在第四季度，使用多個用例的規模化客戶數量年增超過 80%，我們面前的機會仍在擴大。

Today, we serve 51 of the Fortune 100, up from just 441 year ago and over 120 of the Fortune 500. I Collectively, these clients alone represent well over $100 billion in annual marketing spend significantly expanding the long-term One data opportunity. Athena further amplifies the strategy by removing the friction across the Zeta marketing platform, making it easier for customers to adopt expand and scale of multi-risk cases.

如今，我們為財富 100 強企業中的 51 家提供服務，而一年前這一數字僅為 441 家；我們為財富 500 強企業中的 120 多家提供服務。光是這些客戶加起來，每年的行銷支出就超過 1000 億美元，這大大擴大了 One data 的長期機會。Athena 透過消除 Zeta 行銷平台上的摩擦，進一步強化了這個策略，讓客戶更容易採用、擴展和擴大多重風險案例。

And as I will discuss in a moment, Marigold acquisition adds another important accelerant to One Zeta by expanding the data use cases and value we can deliver to customers. Taken together, the combination of our AI leadership, the continued maturation of One Zeta and the momentum coming out of Zeta Live and CES. These are reinforcing our powerful growth flywheel. This momentum pushed our pipeline to record levels coming out of Zeta Live, and we have already closed million of business directly attributable to the event, putting us well on our way to our goal of $100 million total.

正如我稍後將要討論的，Marigold 的收購為 One Zeta 增添了另一個重要的加速器，它擴展了數據用例，並為我們能夠為客戶提供的價值。綜合來看，我們在人工智慧領域的領先地位、One Zeta 的持續成熟以及 Zeta Live 和 CES 帶來的發展勢頭，都促成了這一局面。這些因素正在強化我們強大的成長飛輪。Zeta Live 帶來的這股勢頭推動我們的業務量達到了創紀錄的水平，我們已經完成了數百萬美元的業務，這些業務直接歸功於此次活動，使我們朝著 1 億美元的總目標穩步邁進。

I will close with an update on Marigold. The integration is progressing well, and we continue to anticipate Marigold being accretive to free cash flow and adjusted EBITDA in year one. We are actively engaging with Marigold's enterprise clients through a One Zeta data lens, identifying opportunities to add value, expand use cases and deepen those relationships over time. We are also seeing strong interest from Zeta customers in adopting Marigold's loyalty product.

最後，我將報告萬壽菊的最新情況。整合進展順利，我們繼續預期 Marigold 將在第一年增加自由現金流和調整後 EBITDA。我們正透過 One Zeta 數據視角積極與 Marigold 的企業客戶互動，尋找增加價值、擴展用例並隨著時間的推移加深這些關係的機會。我們也看到 Zeta 的客戶對採用 Marigold 的會員忠誠度產品表現出濃厚的興趣。

As I reflect on what data accomplished in 2025, I am so incredibly proud of this team. We exceeded our initial revenue guidance by 5% and our free cash flow guidance by 27%. We expanded existing partnerships and forged new ones, increasing our leadership in the marketing ecosystem, and we developed the most important product in our company's history with Athena. Together, we expect these achievements to extend Zeta's position as the defining AI disruptor in the marketing ecosystem.

回顧數據在 2025 年的成就，我為這個團隊感到無比自豪。我們實際營收超出預期 5%，自由現金流超出預期 27%。我們擴大了現有合作夥伴關係，並建立了新的合作夥伴關係，提高了我們在行銷生態系統中的領導地位，並且我們與 Athena 一起開發了公司歷史上最重要的產品。我們期望這些成就能夠進一步鞏固 Zeta 作為行銷生態系統中人工智慧顛覆者的地位。

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

一如既往，我衷心感謝我們的客戶、合作夥伴、Zeta 團隊以及所有股東對我們願景的持續支持。

Now let me turn it over to Chris to discuss our results in greater detail. 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. Our results once again demonstrate the durability, predictability, and profitability of Zeta's growth, which we expect to continue as seen in our increased 2026 guidance.

謝謝你，大衛，大家下午好。我們的業績再次證明了 Zeta 成長的持久性、可預測性和獲利能力，正如我們上調的 2026 年業績預期所顯示的那樣，我們預計這種成長勢頭將繼續下去。

Revenue growth, excluding LiveIntent, Marigold, and Political Candidate, was 28.2% in the fourth quarter, up from 28.0% in Q3 and up from 27.4% in Q2 and 25.9% in Q. And 2025 was the sixth straight year in which revenue grew greater than 20%, underscoring the durability of our growth and the sustained market share gains we are taking.

剔除 LiveIntent、Marigold 和 Political Candidate 後，第四季營收成長 28.2%，高於第三季的 28.0%，也高於第二季的 27.4% 和第四季的 25.9%。 2025 年是營收連續第六年成長超過 20%，凸顯了我們成長的永續性和市場份額的持續成長。

Results once again exceeded guidance. And just two months into the year, we are raising our 2026 outlook, reflecting the visibility and predictability of our business.

業績再次超乎預期。今年才過了兩個月，我們就提高了 2026 年的業績展望，這反映了我們業務的可見度和可預測性。

For the full-year 2025, we expanded adjusted EBITDA margins by over 200 basis points achieved the highest free cash flow margin in our history, generated $199 million in net cash provided by operating activities and turned GAAP net income positive in Q4, demonstrating the profitability of our growth.

2025 年全年，我們調整後的 EBITDA 利潤率提高了 200 多個基點，實現了公司歷史上最高的自由現金流利潤率，經營活動產生的淨現金流為 1.99 億美元，並在第四季度實現了 GAAP 淨利潤為正，證明了我們增長的盈利能力。

Now I'll discuss our results in more detail. In Q4, delivered revenue of $395 million, exceeding the midpoint of guidance by $14 million or 4 percentage points higher than our forecast, solidly within the 2 to 5 points of cushion we typically leave ourselves. The full year's revenue was $1.35 billion, up 30% year over year or 27% when excluding LiveIntent, Marigold and prior year Political Candidate revenue. This exceeded the midpoint of our initial 2025 guidance by $65 million or 5%.

現在我將更詳細地討論我們的研究結果。第四季度，公司實現營收 3.95 億美元，比預期中位數高出 1,400 萬美元，比我們的預測高出 4 個百分點，完全在我們通常給自己留出的 2 到 5 個百分點的緩衝範圍內。全年營收為 13.5 億美元，年成長 30%，若排除 LiveIntent、Marigold 和上一年 Political Candidate 的收入，則較去年同期成長 27%。這比我們最初 2025 年指導值的中點高出 6,500 萬美元，即 5%。

Our platform has relied upon across virtually all industry verticals. For the first time as a public company, 9 out of our top 10 verticals in 2025 grew over 20% year to year, quite a testament to our broad-based leadership. Some of our fastest-growing verticals in 2025 were travel and hospitality, up 105%, advertising and marketing, up 70% and automotive, up 60% and consumer retail up 46%. And worth noting healthcare, an area of new investment grew over 20% and is showing strong momentum.

我們的平台已被幾乎所有產業垂直領域所依賴。作為一家上市公司，我們首次在 2025 年實現十大垂直領域中的九個同比增長超過 20%，這充分證明了我們廣泛的領先地位。2025 年，我們成長最快的幾個垂直產業包括旅遊和旅館業（成長 105%）、廣告和行銷業（成長 70%）、汽車業（成長 60%）以及消費零售業（成長 46%）。值得注意的是，醫療保健這一新增投資領域成長超過 20%，並呈現出強勁的成長動能。

Total scale of customer count grew to 602, up 14% year over year and an addition of 30 customers sequentially. We ended the quarter with 184 superscale customers, up 24% year over year, well above our target of 4% to 8%. Super scaled customer additions were broad-based across industry verticals, including travel and hospitality, services, technology and media and consumer and retail and were driven by continued momentum of our One Zeta initiative.

客戶總數成長至 602 人，較去年同期成長 14%，較上季增加 30 人。本季末，我們擁有 184 家超大規模客戶，年增 24%，遠超我們 4% 至 8% 的目標。客戶數量的超大規模增長遍及各個行業，包括旅遊和酒店、服務、技術和媒體以及消費和零售，這得益於我們 One Zeta 計劃的持續推進。

Scaled customer quarterly ARPU of $625,000 increased 8% year-over-year and over 15% when normalizing for Political Candidate revenue in the year ago period. superscale customer quarterly ARPU of $1.8 million was up 5% year-over-year and also up mid-teens when normalizing for Political Candidate revenue last year. But growth rates are in line with our ARPU target of 12% to 16%.

規模化客戶的季度平均每用戶收入 (ARPU) 為 62.5 萬美元，年增 8%；若剔除去年同期政治候選人的收入，則增幅超過 15%。超大規模客戶的季度平均每用戶收入 (ARPU) 為 180 萬美元，年增 5%；若剔除去年政治候選人的收入，也實現了 15% 以上的成長。但成長率符合我們 12% 至 16% 的 ARPU 目標。

Now I want to double click on the importance of super-scaled customers for a moment. Since our IPO, Zeta's growth has been fueled by super-scaled customers whose spend has grown to represent a larger and larger portion of total revenue. Back in 2020, customers spending at least $1 million annually, represented approximately 70% of total revenue. By 2025, that figure is now approaching 90%. And over that same period, more than 90% of total revenue growth has come from the at least 1 million super-scaled customer cohort. This dynamic is leading to a natural evolution in the reporting of KPIs.

現在我想再強調一下超大規模客戶的重要性。自我們上市以來，Zeta 的成長主要得益於規模龐大的客戶，這些客戶的支出在總收入中所佔的比例越來越大。2020 年，年消費額至少達到 100 萬美元的客戶約佔總收入的 70%。到 2025 年，這一數字將接近 90%。同期，超過 90% 的總營收成長來自至少 100 萬超級規模的客戶群。這種動態正在引領KPI報告方式的自然演進。

In 2026, we will exclusively focus quarterly reporting on super scaled customer count and ARPU.

2026 年，我們將專注於季度報告，重點關注超大規模客戶數量和 ARPU。

In many ways, today's $1 million-plus customer is 2020's $100,000 customer. In fact, one could imagine a new cohort of 10 million-plus customers emerging down the road. The growth and prominence of superscale customers is by design. It reflects how we manage the business internally shows the efficacy of our land, expand, extend hunter farmer sales motion along with the power of One Zeta working in unison.

從很多方面來看，如今消費超過 100 萬美元的客戶相當於 2020 年消費 10 萬美元的客戶。事實上，我們可以預見，未來可能會出現超過 1,000 萬的新客戶群。超大規模客戶的成長和崛起是人為設計的。它反映了我們內部的商業管理方式，展現了我們土地、擴張、延伸獵人農民銷售運動的有效性，以及 One Zeta 協同工作的力量。

Our customer-centric flywheel propels the progression from pilot to broad-based platform adoption, powering our very strong net revenue retention rates. First, we allow customers to start small with pilots and proof of concepts ranging from $50,000 to $150,000 and which can begin with Zeta data usage, a CDP or channel activation. Second, we provide these pilot customers with transparency into measurement and ROI.

我們以客戶為中心的飛輪效應推動了平台從試點階段廣泛採用的進程，從而實現了我們非常強勁的淨收入留存率。首先，我們允許客戶從小規模試點和概念驗證開始，預算從 5 萬美元到 15 萬美元不等，可以從 Zeta 資料使用、CDP 或通路啟動開始。其次，我們向這些試點客戶提供衡量標準和投資報酬率的透明度。

Third, our software and AI learn from past programs and form recommendations to continuously improve return on ad spend, which all leads to creating new audiences, adding more channels and branching into new use cases, each incremental to ARPU. This is best brought to life by Slide 10 in our earnings supplemental. Customers on the platform in their first year quickly scaled to $709,000 in 2025, representing 111 scaled customers or 6% of total revenue. These customers often start with one channel and use case.

第三，我們的軟體和人工智慧會從過去的程式中學習，並形成建議，以不斷提高廣告支出回報率，所有這些都有助於創造新的受眾群體，增加更多管道，並拓展到新的用例，每一項都會增加每用戶平均收入 (ARPU)。我們的收益補充資料中的第 10 張投影片對此進行了最生動的闡述。該平台上的客戶在第一年就迅速成長，到 2025 年達到 709,000 美元，代表 111 個規模化客戶，佔總收入的 6%。這些客戶通常從單一管道和用例開始。

Customers on the platform in years one to three spent an average of $1.1 million in 2025 represent 217 scaled customers or 19% of revenue. These customers begin to scale beyond one channel, but remain generally on one use case. Customers in years three through five spent an average of $2.1 million in 2025, representing 65 scaled customers or 11% of revenue. Customers in this cohort are moving into omnichannel experiences.

平台前三年的客戶到 2025 年平均消費 110 萬美元，相當於 217 個規模化客戶，佔營收的 19%。這些客戶開始擴展到多個管道，但通常仍局限於一種使用情境。第三至第五年的客戶在 2025 年平均消費了 210 萬美元，相當於 65 個規模化客戶，佔營收的 11%。這群人中的客戶正在向全通路體驗轉型。

And lastly, customers on the platform five or more years, the earliest adopters of the MP spent an average of $3.9 million in 2025, representing 209 customers or 64% of total revenue. This cohort makes up the largest percentage of revenue and the fastest-growing ARPU, up 39% year to year.

最後，在平台上使用五年或更長時間的客戶，即 MP 的最早採用者，在 2025 年平均花費了 390 萬美元，代表了 209 位客戶，佔總收入的 64%。該群體貢獻了最大的收入比例，且每用戶平均收入成長最快，較去年同期成長 39%。

Shifting to revenue mix, direct revenue in the fourth quarter was 74%, and in line with the year-ago quarter and our target of 70% to 75%. Our GAAP cost of revenue in the quarter was 40.4%, a 50 basis point increase year-over-year and 100 basis points sequentially. The increase in cost of revenue was driven by strong sequential and year-over-year growth in social and connected TV.

從營收組成來看，第四季直接營收佔比為 74%，與去年同期持平，也達到了我們 70% 至 75% 的目標。本季我們的 GAAP 營收成本為 40.4%，較去年同期增加 50 個基點，較上季增加 100 個基點。收入成本的增加是由社交和連網電視的強勁環比和同比增長所驅動的。

In the fourth quarter, we generated $95.1 million of adjusted EBITDA at a margin of 24.1%. And 14 basis points higher year over year and $4 million better than the midpoint of our guidance. This marks the 20th straight quarter of expanding adjusted EBITDA margins year-over-year. For 2025, adjusted EBITDA was $279 million, representing a margin of 21.4% and 44% year-year increase.

第四季度，我們實現了 9,510 萬美元的調整後 EBITDA，利潤率為 24.1%。與去年同期相比高出 14 個基點，比我們預期的中點高出 400 萬美元。這是調整後 EBITDA 利潤率連續第 20 季年增率。2025 年調整後 EBITDA 為 2.79 億美元，利潤率為 21.4%，較去年同期成長 44%。

We also generated positive GAAP net income. For the fourth quarter, our GAAP net income was $6.5 million, an improvement from a net loss of $3.6 million last quarter. Fourth quarter net cash provided by operating activities was $64.1 million, up 47% year over year, with free cash flow of $55.8 million, up 76% year-over-year and representing a margin of 14%.

我們也實現了正的GAAP淨利。第四季度，我們的 GAAP 淨收入為 650 萬美元，比上一季淨虧損 360 萬美元有所改善。第四季經營活動產生的淨現金為 6,410 萬美元，年增 47%；自由現金流為 5,580 萬美元，年增 76%，利潤率為 14%。

This represents a free cash flow conversion of 59%, a significant improvement from 45% in the fourth quarter of 2024. This also includes a roughly 9-point working capital headwind driven by longer agency payment cycles common to their industry. The improvement in both adjusted EBITDA margin and free cash flow margin conversion in the fourth quarter exhibits the strong operating leverage of our model, which we believe puts us firmly on track to achieve our Investor Day target of a 30%-plus adjusted EBITDA margin and greater than 70% free cash flow conversion in 2030.

這意味著自由現金流轉換率為 59%，較 2024 年第四季的 45% 有了顯著提高。這也包括約 9 個百分點的營運資金逆風，這是由於該行業常見的代理付款週期較長所致。第四季調整後 EBITDA 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，我們相信這將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換率。

For 2025, our free cash flow was $155 million, a margin of 12.6% and up 78% year over year. During the fourth quarter, we repurchased 1.9 million shares for $35 million. And for the full-year 2025, we repurchased 7.9 million shares for $120 million. Since January 1, 2026, and up until mid-February, we have repurchased an additional 1.5 million shares for $25 million and of roughly $139 million remaining on our share repurchase authorization. We expect to remain active buyers of our stock, especially at these levels.

2025 年，我們的自由現金流為 1.55 億美元，利潤率為 12.6%，年增 78%。第四季度，我們以 3500 萬美元的價格回購了 190 萬股股票。2025 年全年，我們以 1.2 億美元的價格回購了 790 萬股股票。自 2026 年 1 月 1 日起至 2 月中旬，我們已回購了 150 萬股股票，耗資 2,500 萬美元，而我們股票回購授權額度還剩下約 1.39 億美元。我們預計將繼續積極買入我們的股票，尤其是在目前的價位。

We continue to make significant progress in reducing dilution and stock-based compensation expense just as we said we would. We ended 2025 at the low end of our guidance range with total net dilution of 4.3%, or 2.2% excluding Marigold. Additionally, we improved the ratio of stock-based compensation to revenue from 19% in 2024 to 14% in 2025. And we remain on track to achieve our normal course 3% to 4% net dilution target in 2026.

正如我們之前承諾的那樣，我們在降低股權稀釋和股票選擇權費用方面繼續取得重大進展。2025 年末，我們的業績達到預期範圍的下限，總淨稀釋率為 4.3%，若不計入 Marigold，則為 2.2%。此外，我們將股票選擇權激勵與收入之比從 2024 年的 19% 提高到 2025 年的 14%。我們仍有望在 2026 年達到 3% 至 4% 的正常淨稀釋目標。

Now on to guidance. We are raising first quarter and full-year revenue, adjusted EBITDA and free cash flow guidance. Details can be found starting on slide 19 in our earnings supplemental. But before discussing the numbers, I'd like to highlight a few key aspects of our business model.

接下來是指導部分。我們將上調第一季和全年營收、調整後 EBITDA 和自由現金流預期。詳情請見我們的收益補充資料第 19 頁。但在討論具體數字之前，我想先重點介紹一下我們商業模式的幾個關鍵面向。

First, our revenue is tied to the volume decisions made, not seats, whether those decisions are made by a human or an agent, this foundation and flexibility to adapt to the rapid pace of AI innovation provides durability to Zeta's growth. Second, strong pipeline visibility and sales productivity support our confidence in the year ahead, and we continue to guide with planned conservatism of 2% to 5%. And lastly, as we integrate Marigold, we expect to realize further operating leverage.

首先，我們的收入與銷售決策掛鉤，而不是座位數，無論這些決策是由人還是代理商做出的，這種基礎和適應人工智慧快速創新步伐的靈活性為 Zeta 的成長提供了持久性。其次，強勁的銷售通路可見度和銷售效率增強了我們對未來一年的信心，我們將繼續保持 2% 至 5% 的保守預期。最後，隨著我們整合 Marigold，我們預計將實現進一步的營運槓桿效應。

For the full year 2026, we are increasing the midpoint of revenue guidance by $25 million to $1.755 billion, representing a 35% growth rate or 21% year over year when excluding Marigold and Political Candidate revenue. None of our guidance raise is related to Political Candidate revenue, which we continue to assume will be $15 million in 2026 with $7 million in the third quarter and $8 million in the fourth quarter. Additionally, we continue to take a conservative view of Marigold, contributing at least $190 million in 2026 revenue.

對於 2026 年全年，我們將收入預期中位數上調 2500 萬美元至 17.55 億美元，這意味著同比增長 35%，如果不包括 Marigold 和 Political Candidate 的收入，則同比增長 21%。我們此次的業績預期上調與政治候選人收入無關，我們仍然預計該收入在 2026 年將達到 1,500 萬美元，其中第三季為 700 萬美元，第四季為 800 萬美元。此外，我們繼續對萬壽菊持保守態度，預計其在 2026 年的收入至少為 1.9 億美元。

And lastly, our revenue guidance includes minimal contribution from Athena-driven revenue with its broad-based adoption representing incremental consumption revenue upside. For the first quarter, we now expect revenue of $370 million at the midpoint, higher than our previous guidance and representing year-over-year growth of 40% or 22% when excluding Political Candidate and Marigold revenue. The linearity of revenue is it spans each quarter of the year aligns with historical averages, so there is no front or back-end loading of revenues or growth rates.

最後，在我們的營收預期中，Athena 帶來的營收貢獻微乎其微，但其廣泛的普及應用將帶來增量消費收入成長。我們現在預計第一季營收中位數為 3.7 億美元，高於我們先前的預期，年增 40%，如果排除 Political Candidate 和 Marigold 的收入，則年增 22%。收入的線性成長體現在它跨越了一年中的每個季度，與歷史平均水平一致，因此收入或成長率不存在前期或後期集中的情況。

For adjusted EBITDA, we are increasing the midpoint of our 2026 guidance to $391 million, up $6 million from our prior guidance and representing year-over-year increase of 40% at a margin of 22.3% and an improvement of 92 basis points over 2025. For the first quarter of 2026, we now expect adjusted EBITDA of $61.5 million at the midpoint, up from our previous expectation of $60 million and representing growth of 32% and a margin of 16.6%.

對於調整後的 EBITDA，我們將 2026 年的預期中位數上調至 3.91 億美元，比之前的預期高出 600 萬美元，年成長 40%，利潤率為 22.3%，比 2025 年提高 92 個基點。我們現在預計 2026 年第一季的調整後 EBITDA 中位數為 6,150 萬美元，高於我們先前預期的 6,000 萬美元，成長 32%，利潤率為 16.6%。

We are also increasing the midpoint of our 2026 free cash flow guidance to $231 million, up $7 million from our previous guidance and representing year-over-year growth of 40% and at a conversion of 59% of adjusted EBITDA, which likely has upside. Additionally, we believe our fourth quarter positive net income on a GAAP basis represents an inflection point, and we expect to generate positive GAAP net income for the full year of 2026, a significant milestone for the company.

我們同時將 2026 年自由現金流預期中位數上調至 2.31 億美元，比先前的預期高出 700 萬美元，年成長 40%，佔調整後 EBITDA 的 59%，可能還有成長空間。此外，我們認為第四季度以美國通用會計準則計算的正淨利潤代表著一個轉折點，我們預計到 2026 年全年將實現正的美國通用會計準則淨利潤，這對公司來說是一個重要的里程碑。

Today, we would also like to provide updated Zeta 2028 targets to account for the acquisition of Marigold. We're raising our revenue target from $2.1 billion to $2.3 billion, representing a CAGR of 23%. We are also increasing adjusted EBITDA target to $573 million, which implies a margin of 25% and a free cash flow target of $371 million, which implies an adjusted EBITDA conversion of 65%.

今天，我們也想提供更新後的 Zeta 2028 目標，以反映收購 Marigold 的影響。我們將營收目標從 21 億美元提高到 23 億美元，複合年增長率為 23%。我們還將調整後的 EBITDA 目標提高到 5.73 億美元，這意味著利潤率為 25%；自由現金流目標提高到 3.71 億美元，這意味著調整後的 EBITDA 轉換率為 65%。

I'll conclude with this. In environments like today, it is more important than ever to control the controllable. For us, this boils down to hiring and retaining the industry's best talent. This is how you continue to lead, delivering customer outcomes with unmatched industry ROIs. This is how you garner loyalty, generate best-in-class retention rates and win market share.

最後我想補充一點。在現今這樣的環境下，控制可控因素比以往任何時候都更重要。對我們來說，關鍵在於招募和留住業界最優秀的人才。這就是你如何繼續保持領先地位，為客戶帶來無與倫比的產業投資報酬率。這就是贏得客戶忠誠度、獲得一流客戶留存率和贏得市場份額的方法。

And doing what we say we're going to do for investors. This is how you earn trust and show durable, predictable and profitable growth.

並且說到做到，為投資人做我們承諾的事。這樣才能贏得信任，並展現持久、可預測且獲利的成長。

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

現在我把電話轉回給接線生，由我和大衛來回答大家的問題。操作員？

(Operator Instructions) Terry Tillman, Truist Securities.

（操作員說明）Terry Tillman，Truist Securities。

I had a question and a follow-up. I must ask about Athena. And again, I know that it's not generally available yet, but when you all put out a press release a while back, it did actually have a custom already quoted in there, which I thought was interesting. But you talked about a couple of agents at that point, Insights and Adviser. Can you remind us is there going to be kind of a whole slew of agents that you will release?

我有一個問題和一個後續問題。我必須問關於雅典娜的事。我知道它目前還沒有正式推出，但是你們之前發布的新聞稿中確實引用了一個定制案例，我覺得這很有趣。但當時你提到了幾個代理商，Insights 和 Adviser。您能否提醒一下，是否會推出大量特工？

Or are these going to be the 2 primary wins and there is a monetization structure around that.

或者說，這將會是兩大主要優勢，並且會圍繞這些優勢來建立一種獲利模式？

And the last part of this Athena long-winded question is with the business that you've signed year-to-date, has it had an influence in some of these deals getting across the line, even if you're not monetizing? And then I had a follow-up.

雅典娜這個冗長問題的最後一部分是，就你今年迄今為止簽署的業務而言，即使你沒有從中獲利，它是否對其中一些交易的達成產生了影響？然後我還有後續跟進。

So thank you, Terry. Let me start by saying that those 2 agents are first because they will drive probably the greatest benefit to our customers. So when you think about Athena and you think about large language models and how we are using them to win in the marketplace, today, the Zeta marketing platform is like 747. Most of our clients know how to fly a Cessna. The beauty of Athena is the ability to fly the entire 747 just by narrating and speaking to Athena who can automatically do it.

所以，謝謝你，特里。首先我想說的是，之所以優先考慮這兩位代理人，是因為他們可能會為我們的客戶帶來最大的利益。所以，當你想到 Athena，想到大型語言模型以及我們今天如何利用它們在市場上取得成功時，Zeta 行銷平台就像 747 一樣。我們的大多數客戶都知道如何駕駛塞斯納飛機。Athena 的妙處在於，只要向 Athena 敘述和說話，她就能自動操控整架 747 客機。

So to answer your question, these will be the first 2 agents. We will have it generally available by the end of this quarter. We have a number of clients as early users today. The initial feedback has been it is game changing from a workflow management perspective, and it is driving substantially higher return on investment than the existing 600% return on ad spend that the platform is generating. As we roll out additional agent function built into Athena, shall be one agent, but with different feature sets, if you know what I'm saying, it won't be different agents sitting under her everything will be driven by Athena.

所以回答你的問題，這兩位就是前兩名代理人。我們將在本季末全面推出該產品。目前我們已經擁有一些早期用戶客戶。初步回饋表明，從工作流程管理的角度來看，它具有顛覆性意義，其投資回報率遠高於該平台目前產生的 600% 的廣告支出回報率。隨著我們在 Athena 中推出更多內建的代理功能，將會只有一個代理，但具有不同的功能集，如果你明白我的意思，就不會有不同的代理在她下面，一切都將由 Athena 驅動。

We're going to continue to drive out functionality based on things that we believe will drive the highest nation rates the highest move to One Zeta. And I think you'll see that really start very quickly out of the gate soon.

我們將繼續開發基於我們認為能夠推動最高國家率遷移到 One Zeta 的功能。我認為你很快就會看到這種情況迅速發展起來。

That's great to hear. And I guess, Chris, maybe a follow-up. You framed it well in terms of maintaining that 2 to 5-point cushion. But I think for the year, sometimes -- you've talked about maybe your top 5 kind of spending verticals and maybe the assumptions you're assuming for the rest of the year off of your top 5 verticals. Can you maybe share kind of another way of looking at conservatism looking at some of your biggest verticals and what you're assuming the rest of the year like consumer retail and travel and hospitality?

聽到這個消息真是太好了。我想，克里斯，或許還需要後續報道。你很好地闡述了保持2到5分領先優勢的重要性。但我認為，就全年而言，有時——你可能談到了你支出排名前 5 的垂直領域，以及你基於這前 5 個垂直領域對今年剩餘時間所做的假設。您能否從另一個角度來看待保守主義，看看您最大的幾個垂直領域，以及您對今年剩餘時間的預期，例如消費零售、旅遊和酒店業？

Yes, Terry. I mean what we found was that those verticals that have been -- are closest in it to consumer discretionary, you saw through the prepared remarks were and have continued to be throughout the year, our top performing verticals. This was a first for us in our history to have 9 out of our top 10. And that's, by the way, on a trailing 12-month basis. That's not cherry picking in a particular quarter.

是的，特里。我的意思是，我們發現，那些與非必需消費品最接近的垂直行業——正如你們在準備好的發言稿中看到的——過去是，並且在過去一年中一直是我們表現最好的垂直行業。這是我們史上第一次有 9 位選手進入前 10 名。順便一提，這是過去 12 個月的數據。那不是在某個特定領域進行選擇性挑選。

grow over 20%. Our guidance does not assume that. Our guidance is probably closer to half, which is even below what we've been historically.

增長超過 20%。我們的指導意見並非基於此假設。我們的預期可能接近一半，甚至低於我們以往的水準。

The other way I'd encourage you to think out the conservatism in our guide is we've reiterated that continued 2 to 5 points of cushion. We have also kept what we believe is a conservative view of Political Candidate revenue at $15 million in the guide. So the raise that we put through, none of it was a change in our assumption of that $15 million. So that should be conservative. We continue to be conservative around Marigold.

我鼓勵您從另一個角度來理解我們指南中的保守主義，那就是我們重申了要保持 2 到 5 個百分點的緩衝。我們在指南中也保持了對政治候選人收入的保守估計，即 1500 萬美元。所以，我們進行的這項加薪，並沒有改變我們對1500萬美元的期望。所以這應該是保守估計。我們對萬壽菊公司仍保持保守態度。

And to the extent, as David talked about, we get really strong continued adoption from Athena and that adoption has proven to generate increased ARPUs and usage we're assuming minimal contribution right now on the guide. So that should also be incremental upside. So I feel like this is a very nicely derisked outlook to start the year.

正如 David 所說，如果 Athena 能夠持續獲得強勁的市場認可，而這種認可已被證明能夠帶來更高的 ARPU 和使用率，那麼我們目前對指南的貢獻將微乎其微。所以這應該也算是一種增量收益。所以我覺得這是一個風險降低得非常好的新年開端。

Zach Cummins, B. Riley Securities.

Zach Cummins，B. Riley Securities。

Congrats on the strong end of the year. David, I just wanted to ask about the deals that you've already closed coming out of Zeta Live, I think almost nearly $40 million in business. I mean, any particular trend that you can highlight, whether it's customers in a particular vertical or a particular solution that's driving the early momentum. And then just curious on how you're thinking about that continued progression through those pipeline opportunities in the coming quarters?

恭喜你們以優異的成績結束了這一年。David，我只是想問你透過 Zeta Live 達成的交易，我想交易額接近 4000 萬美元。我的意思是，任何你能重點指出的特定趨勢，無論是特定垂直領域的客戶還是推動早期發展勢頭的特定解決方案。那麼，我很好奇您是如何考慮在接下來的幾個季度裡，繼續推進這些潛在客戶開發專案的呢？

The one consistent, Zach, is they all really love The Chainsmokers. No, in all seriousness, it was across multiple verticals. We saw a very big win in telecom, which I think will continue to get bigger. But I would tell you that the $39 million is sort of a just getting started number, and it was really amplified by the Consumer Electronics Show. I've been running this company now for just over 18 years, and I have never experienced the type of experience we had at the Consumer Electronics Show this year.

札克，​​唯一不變的是，他們都非常喜歡菸鬼組合（The Chainsmokers）。不，說真的，這是跨多個垂直領域的。我們在電信領域取得了巨大的成功，我認為這個數字還會繼續成長。但我要告訴你，3900萬美元只是一個開始，而且這個數字很大程度上是受消費電子展的推動而大幅增長的。我經營這家公司已經超過 18 年了，但我從未經歷過像今年消費性電子展上這樣的情況。

It was everybody knew who we were the move from Zeta who to why Zeta to Zeta now has really begun to take shape.

大家都知道我們是誰，從 Zeta 到 Zeta 的轉變，現在真的開始成形了。

And when you look at a 600% return on investment you're really seeing us as the AI disruptor in the marketing space. As I say, we are the disruptor, not the disruptee in this space. And I think that first $40 million against what I think will be over $100 million. Now of course, I've got to make sure I get Chris comfortable with that as we look at what we're going to spend on this year's Zeta Live, which might be a bit more than last year we have some really cool stuff plan.

當你看到 600% 的投資報酬率時，你就會真正意識到我們是行銷領域的 AI 顛覆者。正如我所說，在這個領域，我們是顛覆者，而不是被顛覆者。我認為最初的 4000 萬美元，最終總額將超過 1 億美元。當然，現在我得確保克里斯能接受這一點，因為我們要考慮今年 Zeta Live 的預算，可能會比去年多一些，我們有一些非常酷的計劃。

But the company is really rearchitecting to make the vast majority of our annual time, energy and capital investment as it relates to events, not all, but the vast majority around the Consumer Electronics Show, the possible conference, [TAN Lion] and Zeta Live. And I think that if you look at our record pipeline in addition to the ways that is at this point, a bit conservative, I think you're going to see us continue to win in the marketplace.

但公司正在重新調整架構，以便將我們每年的大部分時間、精力和資本投資用於與活動相關的事項，雖然不是全部，但絕大部分都圍繞著消費電子展、可能的會議、[TAN Lion]和Zeta Live。我認為，如果你看看我們創紀錄的銷售管道，以及我們目前採取的略顯保守的策略，我認為你會看到我們繼續在市場上取得成功。

Exactly. What's interesting about that Zeta Live pipeline, with the $40 million that's already been closed, there's still another 200 opportunities, distinct opportunities tied just to Zeta Live valued at over $130 million in to go pipelines to get that extra $60 million from. So as David said, that's looking like a very achievable number.

確切地。Zeta Live管道項目有趣的地方在於，雖然已經完成了4000萬美元的交易，但還有另外200個與Zeta Live相關的獨特機會，價值超過1.3億美元，可以進一步開發管道項目，從而獲得額外的6000萬美元。正如大衛所說，這看起來是一個非常容易實現的數字。

Understood. And my one follow-up, Chris, is just around the gross margin numbers that we saw in Q4. Any onetime impact in the fourth quarter. And now with Marigold in place, how should we think about the right gross margin expectation through 2026?

明白了。克里斯，我還有一個後續問題，就是關於我們在第四季看到的毛利率數據。第四季的任何一次性影響。現在有了 Marigold，我們應該如何看待 2026 年的合理毛利率預期？

Yes. Look, I even zoom out a little bit or Zach. When you look at our 2028 model, each year, we should be getting between 100 and 300 basis points of gross margin improvement. Marigold is a tailwind to that. When you look at the fourth quarter's gross margin profile, you had our integrated platform revenue growing 25% as well as our direct revenue mix growing 25% year-over-year.

是的。你看，我甚至把鏡頭拉遠了一點，或者說是札克。從我們 2028 年的模型來看，每年毛利率應該會提高 100 到 300 個基點。萬壽菊對此大有裨益。從第四季的毛利率來看，我們的綜合平台營收年增了 25%，直接收入也較去年同期成長了 25%。

We had very strong channel quarters in social and very strong channel quarter in Connected TV, both of those below the overall corporate average, but good indications for multichannel, omnichannel usage.

我們在社群通路和連網電視通路都取得了非常強勁的季度業績，雖然這兩季的業績都低於公司整體平均水平，但對於多通路、全通路的使用來說，這是一個很好的跡象。

Understood. Best of luck with the rest of the quarter.

明白了。祝你本季剩餘時間一切順利。

Jason Kreyer, Craig-Hallum Capital Group. .

Jason Kreyer，Craig-Hallum Capital Group。。

Congrats on 18. I'm excited to hear about 19 next quarter. wanted to just ask the evolution on One Zeta. I think you're integrating some of that sales functionality into Athena. So what does that mean for customers?

恭喜你18歲了。我很期待下個季度聽到關於19號項目的消息。想問One Zeta的進展。我認為你們正在將一些銷售功能整合到 Athena 中。那麼這對顧客意味著什麼呢？

Or what does that mean for the cross-sell experience when you combine One Zeta with Athena?

或者說，將 One Zeta 與 Athena 結合使用，對交叉銷售體驗意味著什麼？

Let me start by saying thank you, Jason. Appreciate it. And our goal, as always, when we start a year is to finish the year 4 additional beat-and-raise quarters by the end of the year. So we're at 18%. Our hope is to be sitting here with you guys next year talking about 22%.

首先，我要感謝你，傑森。謝謝。和往年一樣，我們每年的目標都是在年底前實現 4 個季度業績超出預期並上漲。所以我們現在是 18%。我們希望明年能和大家坐在這裡討論 22% 的話題。

The number of enterprise clients that use more than one use case in the fourth quarter of 2025 was up 80%. That's 80%. And that is a massive testament to One Zeta.

2025 年第四季使用多個用例的企業客戶數量增加了 80%。那是80%。這足以證明 One Zeta 的強大實力。

You're seeing the team headed by Ed See, and of course, Steve Gerber, that are really, really getting traction here. Now that's before the next level of uplift, which will come from Athena. So I think that as you see customers moving from one use case to multiple use cases around the One Zeta strategy to remind you we see an average of a 200% to 300% revenue uplift from those clients from the past.

你可以看到由艾德·西（Ed See）和史蒂夫·格伯（Steve Gerber）領銜的團隊，他們在這裡真的取得了巨大的進展。但這還不是下一階段提升之前的事，下一階段的提升將來自雅典娜。所以我認為，隨著客戶圍繞 One Zeta 策略從一個用例轉向多個用例，我們可以看到，與過去相比，這些客戶的收入平均成長了 200% 到 300%。

Now I don't know if every client is going to do that going forward. but we do continue to see a meaningfully higher spend from customers who are moving from one use case to do. I think also one of the things I was most proud of last year. And this was not a cherry-picked quarter. For 2025, our net retention rate was 120%, and I was always happy at the 110 to 150.

現在我不知道未來是否每個客戶都會這樣做，但我們確實看到，那些從一種使用場景轉向另一種使用場景的客戶，其支出顯著增加。我覺得這也是去年我最引以為傲的事情之一。而且這並非精心挑選的四分之一美元。2025 年，我們的淨留存率是 120%，而我一直對 110% 到 150% 的留存率感到滿意。

So when you look at 120, that means that One Zeta is really working, and our clients are scaling very, very quickly. Chris?

所以，當你看到 120 這個數字時，這意味著 One Zeta 的確有效，我們的客戶正在以非常非常快的速度擴展規模。克里斯？

Yes. David, you said it perfectly. We had -- if you look at the total percentage of scale customers, Jason, that are now on more than one use case, we're almost at 25% compared to, call it, 13% a year ago. So just really exciting progress made this year.

是的。大衛，你說得太對了。Jason，如果你看一下規模客戶的總百分比，你會發現現在有超過一個用例的客戶比例已經接近 25%，而一年前這個比例只有 13%。今年取得了非常令人振奮的進展。

Awesome. Appreciate that. One follow-up for me on Marigold. So now that you got that closed. Curious what the international expansion plan looks like and how you go after international from kind of an old versus push mentality?

驚人的。謝謝。關於萬壽菊，我還有一個後續問題。既然這件事已經解決了。很好奇貴公司的國際擴張計畫是什麼樣的，以及你們是如何從一種比較傳統的心態（而不是一種激進的心態）來拓展國際市場的？

Yes. I mean what we're seeing now, Jason, is international is really happening very naturally, as our clients are mostly multinational enterprises. The adding of the Marigold international assets should accelerate that but at the same time, I want to point out, the vast majority of our revenue is in the United States. This is the largest advertising market in the world by dollars and we are taking meaningful market share. Last year, the average growth rate of the marketing ecosystem was about 10%, we grew 30%.

是的。傑森，我的意思是，我們現在看到的是國際化正在非常自然地發生，因為我們的客戶大多是跨國企業。收購萬壽菊國際資產應該會加速這一進程，但同時，我想指出，我們絕大部分的收入都來自美國。這是全球金額最大的廣告市場，我們正在佔據可觀的市場份額。去年，行銷生態系統的平均成長率約為 10%，而我們成長了 30%。

So as we are disrupting the marketplace, we're taking greater market share in the United States, and we're seeing a natural progression in a very nice growth rate internationally, which is a reverse from prior years where we had struggled there. So I'm hopeful for international, but I would tell you that we certainly are not projecting it to be a massive component of this business for many years to come.

因此，隨著我們顛覆市場，我們在美國獲得了更大的市場份額，並且在國際上也看到了非常可觀的增長率的自然發展，這與我們前幾年在國際上舉步維艱的情況截然相反。所以我對國際市場抱持希望，但我可以肯定地說，我們並不認為在未來很多年裡，國際市場會成為我們業務的重要組成部分。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Congrats on a strong Q4 here. Maybe I'll continue on the kind of Athena line of questioning. David, you're clearly having success already with One Zeta, right? The rise in multi-use case customers is increasing. I'm curious, just as you think about '26, is it possible that Athena can have a meaningful impact of this year?

恭喜你們第四季業績出色。或許我會繼續沿著雅典娜式的提問思路走下去。大衛，你顯然已經憑藉 One Zeta 取得了成功，對吧？多用途客戶群正在不斷成長。我很好奇，就像你在思考 2026 年一樣，雅典娜是否有可能對今年產生有意義的影響？

Does it or does it take customers some time to kind of use it and ramp up on additional use cases? Like how are you thinking about the timing of when the sort of indirect revenue impact of Athena might come through?

使用者是否需要一些時間來適應並逐步掌握更多使用場景？您認為Athena的間接收入影響會在何時顯現？

I think it could be' '26. We're not counting on it, and we have not put that into our projections. And certainly, you don't know. But what I can tell you is if you look at the early access clients, they are spending materially more with Athena than they were without her. They are telling us that they're seeing a game-changing workflow environment, which is great, and they are seeing a substantially higher return on investment, which at the end of the day, when you think of our biggest moats as a company, data is #1.

我認為可能是“26”。我們沒有指望它，也沒有把它納入我們的預測中。當然，你肯定不知道。但我可以告訴你的是，如果你看看那些搶先體驗的用戶，你會發現他們在使用 Athena 之後比沒有使用她的時候花費更多。他們告訴我們，他們看到了一個顛覆性的工作流程環境，這很棒，而且他們看到了更高的投資報酬率，歸根結底，當我們思考公司最大的護城河時，數據是第一位的。

#2 is our ability to drive superior return on investment, call it, right now, 600% return on ad spend. And then, of course, the ability to work with very large enterprises through their data security group, their data privacy groups, their legal groups, their procurement groups, so on and so forth. I think Athena helps us continue to drive greater return on investment both from a workflow management perspective and from a return on ad spend, which will cause our clients to drive even more of their existing marketing dollars to us.

第二點是我們能夠帶來卓越的投資報酬率，現在就稱之為廣告支出報酬率 600%。當然，還有與大型企業及其資料安全部門、資料隱私部門、法律部門、採購部門等合作的能力。我認為 Athena 可以幫助我們從工作流程管理和廣告支出回報的角度繼續提高投資回報率，這將促使我們的客戶將更多現有的行銷預算投入到我們這裡。

All right. Perfect. That's helpful. And then Chris, one for you in the back half of '25, you kind of ended the year on a strong note in terms of profitability GAAP profitability, GAAP net income and in Q4, you had kind of net income positive as well. How are you thinking about how that shapes up in 2026?

好的。完美的。那很有幫助。克里斯，關於你在 2025 年下半年的表現，你在盈利能力方面取得了不錯的成績，GAAP 盈利能力、GAAP 淨收入，而且在第四季度，你的淨收入也為正。您認為到 2026 年會如何？

And what does that sort of imply for stock comp outlook next year and beyond?

那麼，這對明年及以後的股票價格前景又意味著什麼呢？

Yes. Thanks, Arjun. It was an area that we had just very constructive investor feedback that it was important for the company to make strides towards that goal, turning the corner this year in 2025 towards positive and then seeing ourselves kind of this being now an inflection point. I think it from a GAAP EPS perspective, call it $0.02 to $0.04 in that range. There's upside to that and obviously depends on a number of factors.

是的。謝謝你，阿俊。在這個領域，我們收到了投資者非常建設性的回饋，他們認為公司必須朝著這個目標邁進，在今年到 2025 年實現積極的轉變，而我們現在正處於一個轉折點。我認為從 GAAP EPS 的角度來看，應該在這個範圍內，即 0.02 美元到 0.04 美元。這樣做有利有弊，當然，這取決於許多因素。

But when you think about the ingredients that went into that inflection point and turning positive, it was progress on dilution, it was progress on stock-based compensation and more and more yield off of adjusted EBITDA dropping to free cash flow. So we're really excited about that being a turn point, and it's onward and upward from here.

但當你思考促成這個轉折點並轉為積極的因素時，你會發現是稀釋方面的進展、股票期權激勵方面的進展，以及調整後 EBITDA 下降到自由現金流所帶來的收益不斷增加。所以我們很高興這能成為一個轉捩點，從此以後我們將不斷進步。

And we expect to be net income positive this calendar year forward.

我們預計從本年度開始將實現淨利潤為正。

DJ Hynes, Canaccord Genuity.

DJ Hynes，Canaccord Genuity。

Congrats on the excellent quarter. David, I want to ask about the OpenAI partnership. I think you were quoted saying this is going to be the most instrumental partnership we've ever embarked upon. As you look out over multiple years, like can you see the potential for how that relationship may evolve over time? Like what excites you the most about that opportunity?

祝賀你們取得了優異的季度業績。大衛，我想問關於OpenAI合作的問題。我記得你曾說過，這將是我們迄今為止所進行的最具影響力的合作。展望未來多年，你能否預見這段關係隨著時間的推移可能會如何發展？那次機會最讓你興奮的是什麼？

Well, first of all, they're an incredible -- I'm sorry, I'm getting back feedback. Can you hear me, DJ?

首先，他們真是太棒了——抱歉，我正在收到回饋。DJ，你聽得到我說話嗎？

I can hear you, yes.

是的，我聽得到你說話。

Right. So what I would say is, first of all, OpenAI is an unbelievable organization. And when we think about the large language models, we think about them much like we would think about AWS or Snowflake, where they are all at some point, going to be a part of our stack. In fact, we work with most all of them, if not all, already. The partnership with OpenAI is different because it's foundational to Athena.

正確的。所以我想說的是，首先，OpenAI 是一個了不起的組織。當我們考慮大型語言模型時，我們看待它們的方式很像看待 AWS 或 Snowflake，它們最終都會成為我們技術堆疊的一部分。事實上，我們已經與他們中的絕大多數（如果不是全部）開展了合作。與 OpenAI 的合作有所不同，因為它是 Athena 的基礎。

We're also working with them on other components of their business where we are actively talking about doing things to help them with their business while we are talking about them doing more things to help us with our business.

我們也與他們合作，共同推動他們業務的其他方面，積極探討如何幫助他們發展業務，同時也探討如何讓他們為我們的業務做出更多貢獻。

So I was really referring to sort of the organizational partnership when I was talking about how I think this will be one of the most important partnerships we've ever made. And as we're looking at Athena, so once again, this whole narrative that large language models are going to disintermediate enterprise software, in our opinion, is silly. We think that large language models are going to be a component of what we do. And of course, we will pay them for their products and services. At the same time, they'll drive efficiency and accelerated revenue growth into our business, which will more than make up for that.

所以，我當時說的“我認為這將是我們迄今為止最重要的合作關係之一”，實際上指的是組織間的合作關係。而當我們審視 Athena 時，我們再次認為，大型語言模型將消除企業軟體中間環節的說法是愚蠢的。我們認為大型語言模型將成為我們工作的一部分。當然，我們會為他們的產品和服務付費。同時，它們將提高我們業務的效率並加速收入成長，這將足以彌補這一不足。

And when you think about what we're doing here, the whole goal is to get our clients to be able to more seamlessly use our platform, drive higher return on investment and make easier workflows for them around flying a 747, which is our platform versus the Cessna they currently know how to fly. OpenAI being foundational to Athena is helping us do that, and helping us do that in a very impactful and very meaningful way. Does that make sense, DJ?

想想我們在這裡所做的事情，我們的目標是讓客戶更順暢地使用我們的平台，獲得更高的投資回報，並簡化他們駕駛 747（我們的平台）的工作流程，而不是他們目前熟悉的塞斯納飛機。OpenAI 作為 Athena 的基礎，正在幫助我們實現這一目標，並以非常有影響力和非常有意義的方式幫助我們實現這一目標。DJ，這樣說你明白嗎？

It does make sense, yes. Maybe a follow-up on the data side. I'm curious, does the ability for Discuss to collect data or intent signals change in any way with the emergence of AI answer engines? I'm just feeling like people are landing less on owned media and now just reading more summaries. Have you seen any change in the volume of comments or authenticated site visits?

是的，這很有道理。或許可以跟進一下數據方面的狀況。我很好奇，隨著人工智慧答題引擎的出現，Discuss 收集資料或意圖訊號的能力是否會以任何方式改變？我感覺人們現在越來越少地訪問自有媒體，而更多地只是閱讀摘要。您是否觀察到評論數量或經過驗證的網站訪問量有任何變化？

And does that impact your ability to collect data at all?

這是否會影響您收集數據的能力？

So it's a great question. The answer is no. We have not seen any of that. In fact, because right now, the publishers, a lot of them have a challenge, right? If you look at Google, by way of example, it used to be that 90-plus percent of all queries were directed off to a publisher, a brand or an e-commerce platform.

這是一個很好的問題。答案是否定的。我們沒有看到任何此類情況。事實上，因為目前很多出版商都面臨挑戰，對吧？以Google為例，過去超過 90% 的搜尋查詢都會被引導至出版商、品牌或電子商務平台。

Today, according to them, greater than 60% of all queries are being answered on their platform. That's creating a massive tailwind for Zeta.

據他們稱，目前超過 60% 的查詢都透過他們的平台得到了解答。這給 Zeta 帶來了巨大的順風。

First, it is massively driving up the cost per click, which is driving advertisers to look for new methodologies for cost-efficient management of their marketing. Second, we're seeing that publishers are more anxious for traffic than ever before. And if you look at our e-mail platform around live intent and other things we're doing, we are one of the biggest drivers of traffic and then you put sales through in, which was one of the assets we acquired through Marigold, which is one of the larger ESPs for publishers, our publisher cloud is driving massive volume of traffic back to publishers at a time when they need it, and we're helping to monetize them as a part of it.

首先，它大幅提高了每次點擊的成本，​​這促使廣告商尋找新的方法來降低行銷成本。其次，我們發現出版商比以往任何時候都更渴望流量。如果你看看我們圍繞即時意圖的電子郵件平台以及我們正在做的其他事情，你會發現我們是流量的最大驅動力之一，然後透過它進行銷售，這是我們透過 Marigold 收購的資產之一，Marigold 是面向出版商的大型電子郵件服務提供者之一，我們的出版商雲在出版商需要的時候為他們帶來大量的流量，而我們也在幫助他們實現盈利。

So even though they're seeing less traffic today, DJ, from Google directly we're actually helping them to drive incremental traffic. I'll also remind you that Discuss is one of, call it, 20 different platforms we now control that are generating real-time signals on a day-by-day, moment-by-moment basis. To date, we have not seen any fall off there.

所以，儘管他們今天直接從谷歌獲得的流量減少了，但實際上我們正在幫助他們增加流量。我還要提醒各位，Discuss 是我們現在控制的 20 個不同平台之一，這些平台每天每時每刻都在產生即時訊號。到目前為止，我們還沒有看到那裡出現任何下滑。

Richard Baldry, ROTH Capital Partners.

Richard Baldry，ROTH Capital Partners。

It looks like quota carries about 10% sequentially I assume some of that has to do with the Marigold acquisition. Can you talk about any cross train efforts that are needed and how we should think about more additions to the quota carriers throughout the year ahead?

看起來配額的環比增長了約 10%，我估計其中一些增長與收購萬壽菊有關。您能否談談需要進行哪些交叉訓練工作，以及我們應該如何考慮在未來一年內增加配額承運商的數量？

Yes, Rich, we added, call it, 15-ish in that range from Marigold in terms of quota carriers sequentially. So you're right, that was a driver there. I'll let David take the next one.

是的，Rich，我們從 Marigold 依序增加了大約 15 個配額承運商。你說得對，那確實是個司機。下一個就讓大衛來吧。

Yes. What we're doing, Rich, is we're sort of teaming their salespeople up with ours. So rather than taking all of the time to train them on everything we're doing, for their clients, we've sort of segmented it to the top 30, which are, I'm pretty sure, all Fortune 500 companies. But the reality is that we're going in and we're seeing really interesting cross-sell opportunities already because of that.

是的。Rich，我們現在做的，就是把他們的銷售人員和我們的銷售人員組成一個團隊。因此，與其花費所有時間培訓他們了解我們為他們的客戶所做的一切，我們不如將培訓範圍縮小到前 30 名，我非常肯定，這 30 家公司都是財富 500 強企業。但現實情況是，我們已經從中看到了非常有趣的交叉銷售機會。

Got it. And lastly maybe sort of will be gentle and call it an unusual environment for software valuations. So I'm sort of your own internal preferences to allocate capital between either M&A because you've done some meaningful strategic M&A versus buybacks over sort of the near term, intermediate term?

知道了。最後，或許可以委婉地稱之為軟體估值的一種不尋常的環境。所以，我猜想，你們內部在併購和股票回購之間分配資本的偏好，是因為你們在短期和中期內進行了一些有意義的策略性併購，而不是股票回購？

Yes. So let me start by saying we are buying back stock very rapidly. I think we have $130 million left give or take on our existing buyback when we get through that one, we will most likely announce the next one. Every time we've announced the buyback, it has been 100% greater than the prior buyback. So I think right now, the single best use of our capital is to buy back our shares.

是的。首先我想說的是，我們正在快速回購股票。我認為，在我們完成目前的股票回購計畫後，我們大概還剩下 1.3 億美元左右，之後我們很可能會宣布下一個回購計畫。我們每次宣布股票回購計劃，回購規模都比上一次大100%。所以我認為，目前我們資金的最佳用途就是回購我們自己的股票。

Now that being said, we've been around for 18 years, I just did a CNBC interview earlier. And it's sort of -- we figured out we've been around for 18 years. We've done 18 acquisitions and we beat and raised 18 quarters in a row. So this is sort of the 18 cube results as it relates to that. It is highly probable we'll do a 19th acquisition.

話雖如此，我們已經成立18年了，我之前剛接受了CNBC的採訪。嗯，我們算了一下，我們已經成立18年了。我們完成了 18 項收購，並且連續 18 個季度業績超預期並實現融資。所以這就是與此相關的18立方結果。我們極有可能進行第19次收購。

And this is obviously a good environment to buy what I think are high-quality assets at a lower price than you would have had to pay.

顯然，這是一個以低於原價的價格購買我認為是高品質資產的好時機。

We have a very, very solid balance sheet. We have a lot of cash. We are generating meaningful free cash flow at almost a 60% conversion rate of cash to EBITDA. And I think that will continue to go up as we've talked about. And we have de minimis debt.

我們的資產負債表非常非常穩健。我們有很多現金。我們以接近 60% 的現金轉化為 EBITDA 的轉換率，產生了可觀的自由現金流。而且我認為，正如我們之前討論的那樣，這個數字還會繼續上升。我們負債極少。

Our debt ratio was below 0. I don't want to below 0, but it is 0 at this point. So I think we have the opportunity to do something, although there's nothing on the radar right now. Right now, we're operating our business. We've obviously given as reported guidance to a 40% growth rate in the first quarter, a 35% growth rate for the year and feeling like we're in a very good place.

我們的負債比率低於0。我不想讓它低於 0，但目前它就是 0。所以我覺得我們有機會做點什麼，雖然目前還沒有任何具體的計畫。目前，我們的業務正在正常運作。我們已經如報道所述，預計第一季成長率為 40%，全年成長率為 35%，我們感覺目前情況非常好。

Rich, we've really stepped up the repurchase program in '25. And as David said, especially at these levels, I would expect it to sustain. As a percentage of free cash flow, we did 45% repurchase to free cash flow ratio in 2024. We did 73% in 2025. So our model has always been at least 50% of the free cash flow we generate.

Rich，我們在 2025 年確實加強了回購計畫的力道。正如大衛所說，尤其是在目前的水平上，我預計這種情況會持續下去。2024 年，我們的回購率佔自由現金流的 45%。我們預計到 2025 年將完成 73%。因此，我們的模式一直是至少將我們產生的自由現金流的 50% 用於此用途。

But as David said, we're going to be aggressive in this environment.

但正如大衛所說，我們將在這種環境下採取積極主動的策略。

And Rich, I don't know if you've been able to dig out of the snow but just to show the nimbleness of our organization, I woke up in Los Angeles yesterday with a 50% probability of going to New York to do our earnings, a 50% probability of the team coming to L.A. to do earnings, and we are now all in Miami doing our earnings because it was the only place we could all get to. So we tend to be on the more nimble side as it relates to this stuff.

Rich，我不知道你是否已經從雪中脫身，但為了展現我們組織的靈活性，我昨天在洛杉磯醒來時，有 50% 的機率要去紐約參加財報電話會議，也有 50% 的機率團隊要來洛杉磯參加財報電話會議，而現在我們都在邁阿密參加財報電話會議，因為這是我們唯一能到達的地方。所以在這方面，我們往往比較靈活。

Got it. Maybe one last one for me. The net retention number of $120 million was a pretty strong number. I head a little bit apart. Was it more driven by volume usage or the -- more by the number of use cases sort of climbing?

知道了。也許這是我的最後一個了。淨留存金額達到 1.2 億美元，這是一個相當不錯的數字。我稍微偏離了一點。是使用者使用量的增加，還是使用案例數量的成長，才是驅動因素？

And a little struck that it's that strong ahead of Athena being GA because it seems like that lowers the friction to usage. So is there anything we should think about on that number and it's sort of onetime orientedness or sustainability or extensibility?

有點驚訝的是，在雅典娜正式上線之前，它的強度就這麼高，因為這似乎降低了使用門檻。那麼關於這個數字，我們該考慮些什麼呢？是一次性用途、永續性還是可擴展性？

No, I mean, if you look at -- you can go into each of the Qs and get a pretty good indication throughout the year of the net revenue retention rate, you can get pretty close to it, not exact because that's an annual metric. But you'll see that it was really kind of we're going in with a running start into 2026. It was a very strong end of the year.

不，我的意思是，如果你查看——你可以深入到每個季度，就能很好地了解全年的淨收入留存率，你可以非常接近它，但不會完全準確，因為這是一個年度指標。但你會發現，我們其實是以迅雷不及掩耳之勢進入了 2026 年。這是非常強勁的年末表現。

A few dynamics to think about. First, we benefited from a lot of new customers that were added late in 2024 that very nicely scaled throughout 2025. What's also, I think, evident in the results is not just the addition of use cases and channels, Rich, but growth within brands in the agency ecosystem. If you look at brands within the holdcos on a year-over-year basis, they're up 80%. That's a big change that drives growth within just, call it, 1 scale customer, but can have some pretty dramatic ARPU expansion outcomes.

需要考慮的幾個因素。首先，我們在 2024 年底新增了許多客戶，這些客戶在 2025 年實現了非常好的成長。Rich，我認為，結果還表明，不僅僅是用例和管道的增加，還有代理生態系統中品牌內部的成長。如果以同比來看控股公司旗下的品牌，它們的成長率為 80%。這是一個巨大的變化，它推動了單一規模客戶的成長，但卻能帶來相當顯著的 ARPU 成長結果。

Yes. I don't see it as an anomaly, Rich. I mean we're not going to guide to that. But the reality is that what we're seeing is we're seeing, bringing Ed See last year and building the systems around One Zeta has been game-changing for moving from one use case to multiple. And as we've mentioned before, when a client moves from 1 use case to 2 use cases, their spend goes up materially as evidenced by the 80% growth in multi-use case customers for Q4 over Q4 of the prior year.

是的。我不認為這是個異常現象，里奇。我的意思是，我們不會引導他們走向那個方向。但現實是，我們看到的是，去年 Ed See 的加入以及圍繞 One Zeta 構建的系統，對於從單一用例轉向多個用例來說，已經帶來了翻天覆地的變化。正如我們之前提到的，當客戶從 1 個用例增加到 2 個用例時，他們的支出會大幅增加，這從第四季度多用例客戶比上年同期增長 80% 就可以看出。

So I think that Athena will help us with that number, and I think we're going to continue to run hot there.

所以我認為雅典娜會幫助我們達到那個數字，而且我認為我們會繼續保持強勁勢頭。

Congrats on the great results.

恭喜取得如此優異的成績！

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Awesome. This is Katie Keyser on for Elizabeth. I just had a quick one, hoping for an update on the political and advocacy side of the business, really just in the context of what you've seen during previous elections. You guys clearly expanded the size and scale of the platform since prior midterm election cycle. So wondering what you're seeing early in 2016 as it relates to advocacy.

驚人的。這裡是凱蒂·凱澤，為您報道伊麗莎白。我剛才快速問了一下，希望能了解公司在政治和宣傳方面的一些最新情況，特別是結合您之前在選舉中看到的情況來看。自上次中期選舉週期以來，你們顯然擴大了平台的規模和範圍。所以我想知道您在 2016 年初就倡導工作方面看到了什麼。

And then maybe just for Chris, if you could comment on how that spend is expected to phase through your guidance, kind of what scenario would cause that to prove conservative. Any thoughts there would be great.

然後，克里斯，或許你可以談談你對這筆支出將如何根據你的指導逐步實施的看法，以及什麼樣的情況會導致你的指導顯得保守。歡迎大家提出任何想法。

Sure, I think, Katy, and give our best to Elizabeth. From 2020 to 2022, the contribution in clinical candidate revenue have, it was call it, $20 million in 2020 -- sorry, $15 million in 2020, and it was $7.5 million in 2022. In 2024, total Political Candidate revenue is right around $40 million. So starting this year's guide at $15 million is probably conservative. What we've said in terms of the cadence of that spend that we expect to realize is, call it, $7 million in the third quarter and $8 million in the fourth quarter.

當然，我想，凱蒂，我們會向伊莉莎白問好。從 2020 年到 2022 年，臨床候選藥物收入的貢獻，2020 年為 2000 萬美元——抱歉，2020 年為 1500 萬美元，2022 年為 750 萬美元。2024年，政治候選人的總收入約為4,000萬美元。因此，今年的預測起點定為 1,500 萬美元可能比較保守。我們之前說過，我們預計這筆支出將在第三季達到 700 萬美元，在第四季達到 800 萬美元。

Advocacy is an always on industry for us now. It's obviously bigger in Political Candidate cycles, but we've actually made some really exciting new hires in 2025 into that area in advance of building momentum for 2026. So I expect that to continue to be an always on industry for us. It will benefit in the candidate year. but it's not driving any outsized contribution in our current guide right now, though.

對我們來說，宣傳倡議現在是一項永不停歇的工作。在政治候選人選舉週期中，這種情況顯然更為嚴重，但實際上，為了在 2026 年之前積蓄力量，我們在 2025 年已經在這個領域進行了一些非常令人興奮的新招募。因此，我預計這將繼續是一個對我們來說永不停歇的行業。在候選人年，它將受益。但就目前而言，它在我們目前的指南中並沒有做出任何顯著貢獻。

Yes. And it could be upside.

是的。而且這可能是件好事。

Matt Swanson, RBC.

Matt Swanson，RBC。

Great. a really impressive number when you're talking about the 600% ROI from the Forest study. Can you just talk a little bit about kind of the macro resiliency that, that gives you a business just as we're dealing with all the headlines around tariffs and everything else?

太棒了。考慮到森林研究中 600% 的投資回報率，這確實是一個令人印象深刻的數字。您能否談談宏觀層面的韌性，而這種韌性能讓企業在應對關稅和其他各種新聞事件的同時，依然保持穩健發展？

So thank you, Matt. We actually think it doesn't just insulate us from the macro environment. We think it accelerates in this macro environment. What we see is as clients are dealing with different sort of variables in their businesses, they want to maximize their return on investment in every component of their business, with marketing being one of their largest expenses as organizations. So I think it's helped us over the last year, and I think it will help us over the next few years.

所以，謝謝你，馬特。我們認為它實際上不僅僅使我們與宏觀環境隔絕。我們認為在這種宏觀環境下，這種情況會加速發展。我們看到，由於客戶在業務中面臨各種各樣的變量，他們希望最大限度地提高業務各個環節的投資回報率，而行銷是他們作為組織最大的支出之一。所以我認為它在過去一年對我們有所幫助，而且我認為它在未來幾年裡也會對我們有所幫助。

And then if I could just double-click on one aspect of Marigold, Marigold I know loyalty was something that we talked a lot about when the acquisition was first announced. I think in the prepared remarks, you mentioned that you're seeing some early interest from customers. I was wondering if you could just expand on that a bit.

如果我能就萬壽菊公司的一個方面進行雙擊，我知道忠誠度是我們最初宣布收購時經常談到的話題。我認為您在準備好的演講稿中提到，您已經看到了一些客戶的初步興趣。我想請您再詳細解釋一下。

Yes. So we're -- first of all, we're very excited to take their customers and move them into the One Zeta solution. To remind you, when we bought Marigold, they were effectively 100% retention business. They didn't have anything around new customer acquisition and their monetization was very limited. So we're very excited to take their customers and move them into multiple use cases, particularly around customer acquisition.

是的。所以，首先，我們非常高興能夠將他們的客戶遷移到 One Zeta 解決方案中。提醒一下，當我們收購 Marigold 時，他們的業務實際上 100% 都是客戶留存。他們沒有任何獲取新客戶的策略，獲利能力也非常有限。因此，我們非常高興能夠將他們的客戶轉移到多個用例中，尤其是在客戶獲取方面。

We're also seeing real interest from a large number of our existing clients to use our new loyalty solution, and we're starting to see meaningful traction there. We're also doing something really interesting, which is in sort of the next release, not the first release, but we'll probably be doing an Athena release a quarter over the next few years. with it being generally available as we expect it to be this quarter, we're very on track for that. But we're going to be integrating Athena into the loyalty program as well. So I'm very excited about that and its ability to seamlessly integrate them into all of our existing 603 scaled customers.

我們也看到許多現有客戶對我們新的忠誠度解決方案表現出濃厚的興趣，並且我們開始看到這方面取得了顯著的成效。我們還在做一些非常有趣的事情，這算是下一個版本的內容，不是第一個版本，但我們可能會在未來幾年每季發布一個關於雅典娜的版本。由於它預計將在本季度全面發布，我們正按計劃推進。但我們也會將 Athena 整合到會員忠誠度計畫中。因此，我對此感到非常興奮，因為它能夠將它們無縫整合到我們所有現有的 603 個規模化客戶中。

Scott Berg, Needham & Company.

Scott Berg，Needham & Company。

This is Lucas Metcalf on for Scott Berg. Just in terms of 2026 marketing budgets, what are you guys hearing from customers about overall kind of spend growth and how AI is shaping kind of their allocation decisions? And then I guess, specifically, are you seeing AI driving incremental budget expansion, more platform consolidation? Or are you just kind of seeing a reallocation within existing spend?

這是盧卡斯·梅特卡夫替補斯科特·伯格上場。就 2026 年的行銷預算而言，你們從客戶那裡了解到的整體支出成長如何？人工智慧又如何影響他們的預算分配決策？那麼，具體來說，您是否看到人工智慧推動了預算的逐步增加和平台的進一步整合？還是你只是看到了現有支出的重新分配？

Well, it's a lot to answer in one fell swoop. What I would start with is, yes, we're seeing platform consolidation. We're starting to see that our entire strategy around disintermediating point solutions into one platform is really taking hold. And Lucas, I think our 120% net retention rate last year really evidences that. What you're also seeing is you're seeing marketing budgets from our vantage point in the United States in their entirety going up into 2026.

嗯，這個問題很難一次回答清楚。首先我想說的是，是的，我們正在看到平台整合。我們開始看到，我們圍繞著將各個獨立解決方案整合到一個平台上的整個策略正在真正奏效。盧卡斯，我認為我們去年 120% 的淨留存率就足以證明這一點。你也可以看到，從我們的角度來看，美國整體的行銷預算一直成長到 2026 年。

We think we'll see marketing budgets up and to the right. And we think we will continue to take a multiple of that growth in our growth rate as a company. Awesome.

我們認為行銷預算將會增加。我們認為，公司成長率將持續維持這一成長幅度的數倍。驚人的。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

This is Jack Nichols on for Jackson Ader. With RFP volumes more than doubling, how are you mainly seeing in deals from a competitive standpoint? And can you talk about the data right to win there? And kind of set it in a way, who are you taking budget dollars from? And then I've got a follow-up.

這是傑克·尼可斯為傑克森·阿德爾主持的節目。RFP數量翻了一番多，從競爭的角度來看，您主要如何看待交易？能談談贏得比賽所需的數據權利嗎？換個角度來說，就是問問大家：你們是從誰那裡挪用預算的？然後我還有一個後續問題。

Yes. I mean we continue to see a whole host of point solutions depending on how the RFP is drafted, and we moved the narrative from individual point solutions to our platform solution, which is how we're winning. What I would tell you is we continue to see Salesforce, Adobe, to a less extent, Oracle and a few other smaller players in the CRM RFPs. And then in the acquisition we're seeing companies like the Trade Desk continue to be challenged as we continue to take market share from them and others continue to take market share from them. I'm sure they'll have their viewpoint on that at some point.

是的。我的意思是，根據 RFP 的起草方式，我們仍然會看到各種各樣的解決方案，而我們已經將討論的重點從單一解決方案轉移到我們的平台解決方案，這就是我們取勝的方式。我想告訴大家的是，我們繼續在 CRM RFP 中看到 Salesforce、Adobe，以及在較小程度上看到 Oracle 和其他一些規模較小的廠商。然後，在收購過程中，我們看到像 Trade Desk 這樣的公司不斷受到挑戰，因為我們不斷從他們那裡奪取市場份額，而其他公司也不斷從他們那裡奪取市場份額。我相信他們遲早會對此發表自己的看法。

But what I would tell you is that we see the different point solutions in these RFPs. And what I would tell you is we continue to win greater than 50% of the engagements and RFPs we get invited to participate in. And what you're seeing in the numbers, which obviously are growing faster than we even expected and we expected to grow fast is we're seeing far more RFPs than we've ever seen before.

但我想告訴大家的是，我們在這些招標文件中看​​到了不同的解決方案。我可以告訴大家的是，我們持續贏得超過 50% 的受邀參與的專案和 RFP。從這些數字可以看出，它們的成長速度顯然比我們預期的還要快，而我們原本就預期它們會快速成長，我們看到的 RFP 數量遠遠超過了以往任何時候。

So we're seeing more RFPs and we're still winning greater than half. So you're starting to see that ripple into the numbers. I'm pretty sure this will be our third consecutive 30% growth year based on our existing projections you're talking about 3 years in a row of 30-plus percent growth and a 4- or 5-year 30% compounded growth rate, you're seeing that come in through the growth of the RFPs.

因此，我們收到的招標邀請書越來越多，但我們仍然贏得超過一半的訂單。所以你開始看到這種影響逐漸反映到數據上了。我相當肯定這將是我們連續第三年實現 30% 的增長，根據我們現有的預測，你指的是連續 3 年 30% 以上的增長，以及 4 到 5 年 30% 的複合增長率，你透過 RFP 的增長看到了這一點。

That's helpful to understand. And then maybe as a follow-up, how specifically are agencies thinking about their AI marketing strategies, maybe splitting the difference between Athena and then third-party LLM, how are the marketing agencies kind of going about the testing and then the use case testing and deployments there?

理解這一點很有幫助。那麼，作為後續問題，各機構具體是如何考慮其人工智慧行銷策略的呢？或許應該在 Athena 和第三方 LLM 之間找到平衡點，而行銷機構是如何進行測試、用例測試和部署的呢？

The LLMs have no capabilities around activating marketing. I mean, to be very clear. Today, the only thing the LLMs can do, it can help more efficiently code, which, by the way, our entire engineering staff is using every tool available around efficiency of coding, whether it's entropic or it's open AI or other products in Gilt and we continue to use all of them, which is one of the ways we're staying ahead of our competitors as it relates to our engineering and innovation capability.

法學碩士不具備進行行銷的能力。我的意思是，說得非常清楚一點。如今，LLM 唯一能做的就是幫助更有效率地編寫程式碼。順便說一句，我們整個工程團隊都在使用所有可用的提高程式碼效率的工具，無論是熵、開放人工智慧還是 Gilt 的其他產品，我們都在繼續使用所有這些工具。這是我們在工程和創新能力方面保持領先於競爭對手的方式之一。

So we're not seeing any of the agencies at this point looking to move activation to an LLM because they have no activation capabilities. Even the LLM that are driving -- rolling out their own marketing are not doing it themselves. So I think what you're going to see is you're going to see the agencies continue to consolidate platforms.

因此，目前我們還沒有看到任何機構考慮將活化功能轉移到 LLM，因為它們沒有啟動功能。即使是那些正在推動——推出自己的行銷活動的LLM（法學碩士）也不是自己做的。所以我認為你會看到各機構繼續整合平台。

As Chris said, I think we grew our brands with the agencies we work with by 80% last year over the year before, that's not an accident, right? They're not looking to split that up with LLM. Now I have had conversations with the heads of all the agency holdcos as of late, and everybody is looking to figure out how do they use large language models to be more efficient inside their businesses just like we're doing. And I think they're going to continue to look to do that.

正如克里斯所說，我認為去年我們與合作機構的品牌成長了 80%，這絕非偶然，對吧？他們並不打算與LLM分拆。最近我和所有代理控股公司的負責人都談過，大家都在想辦法如何像我們一樣，利用大型語言模型來提高公司內部的效率。我認為他們會繼續努力做到這一點。

But from an activation perspective, our data which is one of the biggest moats in our business, which is never fed into large language models. It stays behind our cloud. is invaluable to our enterprise and agency clients as it relates to our model being able to train on our data exclusively and the ability to better target and create better return on investment. So I'm not seeing any of that being split up at this point.

但從活化的角度來看，我們的數據是我們業務中最大的護城河之一，從未被輸入到大型語言模型中。它儲存在我們的雲端。對於我們的企業和代理商客戶而言，它具有不可估量的價值，因為它使我們的模型能夠完全基於我們自己的數據進行訓練，從而更好地進行目標定位並創造更高的投資回報率。所以目前我還沒看到任何拆分計劃。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

This is George McGreehan on for Koji Ikeda. I wanted to ask on the strength you're seeing in terms of Fortune 100 and Fortune 500 these large enterprises and the new customers coming online from those areas. What are conversations like with these large enterprise customers that presumably have a lot more room to grow with the platform over time? What are they excited about when it comes to the data platform?

這裡是喬治‧麥格里漢，替我報道池田浩二。我想問一下，您認為財富 100 強和財富 500 強這些大型企業以及來自這些地區的新客戶的成長勢頭如何？與這些大型企業客戶的對話是怎麼樣的？這些企業客戶隨著時間的推移，想必在平台方面還有很大的發展空間。他們對數據平台最感興趣的是什麼？

So thank you, George. Great question. First of all, as we announced, we are now working with 51% of the Fortune 100 and 24% of the Fortune 500. But you're right, we have a very small wallet share there with a massive headroom to grow. Everybody that we're talking to in the Fortune 500 is focused on return on investment.

所以，謝謝你，喬治。問得好。首先，正如我們所宣布的那樣，我們目前正與財富 100 強企業中的 51% 和財富 500 強企業中的 24% 開展合作。但你說得對，我們在那裡的市場份額很小，還有巨大的成長空間。我們接觸到的所有財富 500 強企業主都非常重視投資報酬率。

How do they get the highest possible return on their marketing spend to drive efficiency into their business because for most Fortune 500 customers, especially the ones that are consumer facing. I would say that their second or third largest global expense is marketing. And as they think about that, they're thinking about how do they invest that in a way that they can get the highest possible return. I would tell you, even 5 years ago, Fortune 500 companies were focused not on return on spend. They were focused on the percentage of their revenue that sales and marketing represented.

對於大多數財富 500 強客戶，尤其是那些面向消費者的客戶而言，如何才能獲得最高的行銷支出回報，從而提高業務效率？我認為他們全球第二或第三大支出是行銷費用。當他們思考這個問題時，他們會思考如何投資以獲得盡可能高的回報。我可以告訴你，即使在 5 年前，財富 500 強公司關注的也不是支出報酬率。他們關注的是銷售和行銷費用占公司收入的百分比。

So if they were spending $100 -- I'm sorry, if they were generating $100 in revenue, how do they spend $20 or $22 in marketing? As it relates to today, it's how do we spend $1 and return 500, 700 to 1,000% against that dollar and the attribution capabilities compiled with our proprietary data compiled with our activation capabilities are creating a true return on investment analysis that has not been available to Fortune 500 companies in the past.

所以，如果他們花了 100 美元——抱歉，如果他們創造了 100 美元的收入，他們怎麼會在行銷上花費 20 美元或 22 美元？就今天而言，問題在於我們如何花費 1 美元並獲得 500%、700% 到 1000% 的回報，以及我們專有數據與激活能力相結合的歸因分析能力，正在創造真正的投資回報率分析，這是財富 500 強公司過去無法獲得的。

Kelly Valentini, Goldman Sachs.

凱利·瓦倫蒂尼，高盛。

Just one for me. I wanted to ask -- I know part of your strategy over time has been acquiring assets to add to your data cloud. Curious, as consumers interact more with LLMs and that ecosystem continues to mature, how do you think about the potential to capture data from these new channels through M&A or other means?

我只留一個。我想問一下——我知道你們的策略之一就是不斷收購資產，以擴充你們的資料雲。很好奇，隨著消費者與LLM的互動越來越多，而且該生態系統不斷成熟，您認為透過併購或其他方式從這些新管道獲取資料的潛力如何？

It's a great question. And yes, we, Cali, have always looked at how do we build on our data cloud. What I would tell you is, you hate to plant a flag and say you're done, but I would tell you that today, our data cloud is really the best data cloud in the world. We've got better access to information than at any point ever we're ingesting trillions of signals. And by the way, we've rolled out our own generative optimization platform, the GEO platform where we are helping our clients to better get their information and their business is fed into the large language models.

這是一個很好的問題。是的，我們 Cali 一直在思考如何建立我們的資料雲。我想告訴你們的是，雖然我們不願意輕易宣布勝利，但我還是要說，如今我們的資料雲確實是世界上最好的資料雲。我們現在比以往任何時候都更容易獲取訊息，我們正在接收數萬億個訊號。順便一提，我們已經推出了我們自己的生成式優化平台——GEO 平台，我們正在幫助我們的客戶更好地將他們的資訊和業務輸入到大型語言模型中。

It's something that allows us to learn a tremendous amount about how the LLM are acting by building that GEO product.

透過建構 GEO 產品，我們可以了解 LLM 的運作方式，從而獲得大量資訊。

So in many cases, we bought businesses, in many cases, we've built different platforms. In this case, we see GEO as strategic, not just helping our clients get to the next generation of marketing, which we're doing, but also the ability to learn how those models are thinking, how they're ingesting information and how do we get information back from them.

所以在很多情況下，我們收購了企業；在很多情況下，我們建立了不同的平台。在這種情況下，我們認為 GEO 具有戰略意義，它不僅幫助我們的客戶邁向下一代行銷（我們正在這樣做），而且還能夠了解這些模型是如何思考的，它們是如何吸收資訊的，以及我們如何從它們那裡獲取資訊。

This now concludes our question-and-answer session. I would like to turn the floor back over to David Steinberg for closing comments.

我們的問答環節到此結束。現在我把發言權交還給大衛‧史坦伯格，讓他做總結發言。

I will close simply by saying I have never been prouder of running this company. We have the right people at the right time with the right technology, not just to win today, but to win for many, many years to come. We're incredibly excited about the innovations around artificial intelligence and how they are willing to fit into our platform and how we are going to be the disruptor of marketing over the next generation, not the disruptee. I hope everybody has an incredible day and an incredible week. Thank you for listening.

最後我想簡單地說，我從未像現在這樣為經營這家公司感到自豪。我們擁有合適的人才、合適的時間、合適的技術，不僅能夠贏得今天的勝利，而且能夠贏得未來很多很多年的勝利。我們對人工智慧領域的創新感到無比興奮，它們將如何融入我們的平台，以及我們將如何在下一代成為行銷領域的顛覆者，而不是被顛覆者。祝大家今天和接下來的一週都過得愉快！謝謝聆聽。

Ladies and gentlemen, 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，感謝各位的參與。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。