Zeta Global Holdings Corp. (ZETA) 2026 Q2 法說會逐字稿

Good day, and welcome to the Zeta Global second quarter 2026 earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Trey Campbell. Please go ahead, sir.

各位好，歡迎參加 Zeta Global 2026 年第二季財報電話會議。今天的會議將進行錄音。此刻，我想把會議交給 Trey Campbell。先生，請開始。

Thank you, operator. Hello, everyone, and thank you for joining us for Zeta's second quarter 2026 conference call. Today's presentation and earnings release are available on Data's Investor Relations website at investors.zetaglobal.com where you will also find links to our SEC filings, along with other information about Zeta. Joining me on the call today are David Steinberg, Zeta's Co-Founder, Chairman and Chief Executive Officer; and Chris Greiner, Zeta's Chief Financial Officer.

謝謝，接線員。各位好，感謝各位參加 Zeta 2026 年第二季電話會議。今天的簡報與財報新聞稿可於 Data 的投資人關係網站 investors.zetaglobal.com 取得，您也可在該網站找到我們向 SEC 提交的文件連結，以及其他關於 Zeta 的資訊。今天與我一同出席電話會議的有：Zeta 共同創辦人、董事長兼執行長 David Steinberg，以及 Zeta 財務長 Chris Greiner。

Before we begin, I'd like to remind everyone that statements made on this call as well as in the presentation and earnings release contain forward-looking statements regarding our financial outlook, business plans and objectives and other future events and developments, including statements about the market potential of our products, potential competition, revenues of our products and our goals and strategies. 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，我想提醒各位，本次電話會議以及簡報與財報新聞稿中的陳述包含前瞻性聲明，涉及我們的財務展望、業務計畫與目標，以及其他未來事件與發展，包括關於我們產品的市場潛力、潛在競爭、產品營收以及我們的目標與策略等陳述。這些陳述受風險與不確定性影響，可能導致實際結果與預期有重大差異。這些風險與不確定性包括公司財報新聞稿及其他向 SEC 提交文件中所述者，且僅以今日日期為準。

In addition, our discussion today will include references to certain supplemental non-GAAP financial measures, which should be considered in addition to and not as a substitute for our GAAP results. We use these non-GAAP measures in managing our business and believe they provide useful information for our investors. Reconciliations of the non-GAAP measures to the corresponding GAAP measures, where appropriate, can be found in the earnings presentation available on our website as well as our earnings release and other filings with the SEC. With that, I'll now turn the call over to David.

此外，我們今天的討論將提及若干補充性的非 GAAP 財務衡量指標，應與我們的 GAAP 結果一併考量，而非取代 GAAP 結果。我們在管理業務時使用這些非 GAAP 指標，並相信它們能為投資人提供有用資訊。在適用情況下，非 GAAP 指標與相對應 GAAP 指標之調節表可於我們網站上的財報簡報中查閱，亦可於財報新聞稿及其他向 SEC 提交的文件中找到。接下來，我把電話會議交給 David。

Thank you, Trey, and welcome to the team. We are very excited to have you. Good afternoon, everyone, and thank you for joining us today. I will start with the headline. We delivered our 20th consecutive beat and raise quarter, delivering the rule of 64 as a company and the rule of 49 excluding M&A.

謝謝你，Trey，歡迎加入團隊。我們非常高興你能加入。各位下午好，感謝各位今天與會。我先從重點開始。我們連續第 20 季達成「超預期並上調指引」（beat and raise），公司層面達成 64 法則（rule of 64），若排除併購（M&A）則達成 49 法則（rule of 49）。

And in the second quarter, our year-over-year revenue growth accelerated to 44%, up from 35% in the second quarter of last year. This is the result of Zeta increasingly becoming the system of intelligence for our customers. The second quarter performance once again shows this strategy is working.

在第二季，我們的年增營收成長加速至 44%，高於去年第二季的 35%。這是因為 Zeta 正日益成為客戶的智慧系統（system of intelligence）。第二季的表現再次證明這項策略正在奏效。

Second quarter revenue was $443 million, representing year-over-year growth of 44%. That's up 28% year-over-year, excluding M&A revenue. Adjusted EBITDA was $92 million, up 56% year-over-year with margin expanding 170 basis points year-over-year to 20.7%. And based upon this strength, we are once again in the midpoint of our 2026 revenue guidance by $33 million consecutive [beat and race] quarters reflects more than just strong execution. It is evidence of growing and durable demand for our platform that turns data into intelligence into decisions and decisions into measurable outcomes.

第二季營收為 4.43 億美元，年增 44%。若排除併購（M&A）營收，年增為 28%。調整後 EBITDA 為 9,200 萬美元，年增 56%，且利潤率年增擴張 170 個基點至 20.7%。基於這股強勁動能，我們再次將 2026 年營收指引的中位數上調 3,300 萬美元；連續的 [beat and race] 季度不僅反映強勁的執行力。這也證明市場對我們平台的需求正在成長且具持久性：我們的平台能將資料轉化為智慧、將智慧轉化為決策，並將決策轉化為可衡量的成果。

Investors have historically viewed data as a market technology company. Marketing is where our platform was first applied and where we've built our leadership position, but that description no longer fully encapsulates who we are today. Zeta has evolved into an intelligent AI infrastructure platform. Marketing is our first application, not our limit.

投資人過去一直將 Data 視為一家行銷科技公司。行銷是我們平台最早落地的領域，也是我們建立領導地位之處，但這樣的描述已無法完整概括我們今天的樣貌。Zeta 已演進為一個智慧型 AI 基礎設施平台。行銷是我們的第一個應用，而不是我們的極限。

Our platform combines proprietary data AI, workflow automation and activation into a single operating system that helps enterprises make better real-time decisions and take action. The foundation is our data cloud, built on proprietary data covering more than 535 million individuals globally, trillions of signals and 20 years of model tuning.

我們的平台將專有資料、AI、工作流程自動化與啟用（activation）整合為單一作業系統，協助企業做出更好的即時決策並採取行動。其基礎是我們的資料雲（data cloud），建立於專有資料之上，涵蓋全球超過 5.35 億名個體、數兆個訊號，以及 20 年的模型調校。

And to be clear, this data is owned, not rented because nothing you rent can be a moat around your business. Athena serves as the intelligence layer, allowing customers to interact with that foundation using natural language and embed AI directly into their everyday workflow. It truly allows customers to focus on outcomes versus navigating the platform. Our activation platform then turns those insights into actions across channels while continuously learning and getting smarter via the results. This has contributed to the strength of our net revenue retention.

而且要說清楚，這些資料是我們擁有的，不是租來的，因為任何租來的東西都無法成為你業務的護城河。Athena 作為智慧層（intelligence layer），讓客戶能以自然語言與該基礎互動，並將 AI 直接嵌入其日常工作流程。這確實讓客戶能專注於成果，而不是在平台中摸索操作。接著，我們的啟用平台會把這些洞察轉化為跨通路的行動，並透過結果持續學習、變得更聰明。這也促成我們淨營收留存率（net revenue retention）的強勁表現。

And with data, business intelligence, AKA, ZDI, we are also extending beyond helping enterprises to acquire, grow and retain customers to a fourth use case, enabling organizations to transform business and customer data into intelligence, insights and real-time actions.

此外，透過 data、business intelligence（又稱 ZDI），我們也從協助企業獲客、成長與留存，延伸到第四個使用情境：讓組織能將業務與客戶資料轉化為智慧、洞察與即時行動。

To be clear, this is not static dashboards or old school business intelligence used to explain what happened. VBI helps predict what happens next and act on it in real time. In major sports and entertainment company uses ZDI today to understand its fans share of entertainment spending and engagement across live events and streaming. This helps quantify the value of current distribution partnerships identify the most attractive future streaming relationships and strengthen its negotiations at renewal. A leading energy drink brand uses ZDI to quantify the incremental value it drives for retail partners, including customer growth spending and long-term value.

要說清楚，這不是靜態儀表板，也不是用來解釋「發生了什麼」的傳統商業智慧。VBI 能協助預測「接下來會發生什麼」，並即時採取行動。某大型體育與娛樂公司目前使用 ZDI 來了解其粉絲在娛樂支出與參與度上的占比，涵蓋現場活動與串流。這有助於量化現有發行合作夥伴關係的價值、辨識最具吸引力的未來串流合作關係，並在續約談判時強化其談判力。某領先能量飲料品牌使用 ZDI 來量化其為零售合作夥伴帶來的增量價值，包括客戶成長、支出與長期價值。

This helps demonstrate the brand's impact at retailers and identify opportunities to deepen distribution and partnership investments.

這有助於展現該品牌在零售商端的影響力，並找出加深通路鋪貨與合作投資的機會。

Taken together, these capabilities position us as the intelligent AI infrastructure layer that sits at the center of enterprise decision-making. This transformation has been accelerated by 4 strategic catalysts. First, is our OpenAI partnership. Our collaboration with OpenAI validates the AI strategy we have been building for years, enhances Athena's capabilities and creates new commercial opportunities. As foundation models continue to improve and become more widely available, we believe the durable advantage will come from what's built around that proprietary data governance, workflows and decisioning systems that turn intelligence into outcomes.

綜合而言，這些能力使我們成為位於企業決策核心的智慧型 AI 基礎設施層。這項轉型已被 4 個策略催化因素加速推進。第一，是我們與 OpenAI 的合作夥伴關係。我們與 OpenAI 的合作驗證了我們多年來打造的 AI 策略，強化 Athena 的能力，並創造新的商業機會。隨著基礎模型持續進步並更廣泛可得，我們相信持久的優勢將來自於圍繞其所建構的內容：專有資料、治理、工作流程與決策系統，將智慧轉化為成果。

Those decisioning systems are our own inference models, smaller, purpose-built models that we have been training on the Data Cloud since 2017.

這些決策系統就是我們自己的推論模型（inference models）——更小型、以特定目的打造的模型，自 2017 年起我們便在資料雲上進行訓練。

OpenAI powers Athena's voice, the decisions run on our models and no large language models ever touch the data in our data cloud. The second is Athena. Launched earlier this year, Athena is fundamentally changing how customers interact with the data platform. Athena is true voice enablement and fully conversational instead of navigating dashboards or conducting manual analysis, customers can simply ask for outcomes. The platform knows their business decides, acts and learns from every single result.

OpenAI 為 Athena 提供「聲音」，決策則在我們的模型上運行，而且任何大型語言模型都不會接觸我們資料雲中的資料。第二，是 Athena。Athena 於今年稍早推出，正從根本上改變客戶與資料平台互動的方式。Athena 提供真正的語音能力，並且是全對話式的；客戶不必再瀏覽儀表板或進行手動分析，只要提出想要的成果即可。平台了解其業務、做出決策、採取行動，並從每一次結果中學習。

That dramatically lowers the barrier to adoption and expand use across teams, channels and use cases.

這大幅降低採用門檻，並擴大在不同團隊、通路與使用情境中的使用。

We have seen that users who interact with Athena through voice exemplify this rapid adoption. Over the last 60 days, Athena's voice users are interacting with the platform at a 500% higher level than non-Athena users, we are also realizing the benefits of AI within data. In the second quarter, 90% of our new code generated was automated helping our teams to innovate faster and continuously enhance the platform for our customers. The third is Snowflake. We deepened our existing partnership with Snowflake and we now have over 100 shared customers, reinforcing Zeta's role in the enterprise data ecosystem, where customers increasingly want to connect data environments with intelligence and activation.

我們已看到，透過語音與 Athena 互動的使用者正體現這種快速採用。在過去 60 天內，Athena 的語音使用者與平台互動的程度比非 Athena 使用者高出 500%；我們也正在實現 AI 在 Data 內部的效益。第二季，我們新增程式碼中有 90% 是自動化產生，協助團隊更快創新，並持續為客戶強化平台。第三，是 Snowflake。我們加深了與 Snowflake 的既有合作關係，目前已有超過 100 家共同客戶，進一步鞏固 Zeta 在企業資料生態系中的角色；客戶愈來愈希望把資料環境與智慧與啟用（activation）連結起來。

Zeta is uniquely positioned not only to help customers store and analyze data but to act on it. And the fourth is Palantir. Our partnership with Palantir significantly expands Zeta's enterprise opportunity. Palantir provides the oncology, governance, an enterprise AI infrastructure that large organizations require. Data contributes proprietary customer intelligence, proprietary data, identity, decisioning and activation.

Zeta 具備獨特優勢，不僅能協助客戶儲存與分析資料，還能將資料付諸行動。第四項是 Palantir。我們與 Palantir 的合作夥伴關係大幅擴展了 Zeta 的企業級機會。Palantir 提供大型組織所需的本體（ontology）、治理，以及企業級 AI 基礎設施。資料帶來專有的客戶洞察、專有資料、身分識別、決策與啟用能力。

And we have reached 2 important milestones in this partnership already. Our Data Cloud was fully integrated with Foundry as of July 31. And we have already received multiple agreements for our initial combined sales with several other meaningful opportunities in FLYHT.

而我們在這項合作中已經達成兩個重要里程碑。截至 7 月 31 日，我們的 Data Cloud 已與 Foundry 完整整合。我們也已就初期的聯合銷售收到多份協議，並在 FLYHT 還有數個其他具意義的機會。

Together, these four catalysts are accelerating Zeta's transformation and strengthening our position as the intelligent AI infrastructure layer for the enterprise. We believe the defining characteristic of an infrastructure platform is not just innovative technology. It is a platform that becomes more valuable, the more customers use it. every decision that powers makes the next one better. And because those decisions run on our own inference models, not rent and tokens, we make millions of them a day at infrastructure economics.

綜合而言，這四項催化劑正在加速 Zeta 的轉型，並強化我們作為企業智慧 AI 基礎設施層的定位。我們相信，基礎設施平台的決定性特徵不僅是創新技術。而是：客戶使用得越多，平台就越有價值；每一次由其驅動的決策，都會讓下一次更好。而且因為這些決策運行在我們自有的推論模型上，而不是租用算力與 token，我們能以基礎設施的經濟性每天做出數百萬次決策。

That is the flywheel driving our results. and we're seeing it play out across our existing customer base. The leading telecommunications provider recently expanded its relationship with Saba into real-time personalization. Adding grow and retain use cases to its existing footprint. It is a powerful example of our land-and-expand model, start with one use case, prove value and expand across the customer life cycle.

這就是推動我們成果的飛輪，而我們也看到它正在既有客戶群中發揮作用。某領先的電信服務供應商近期將其與 Saba 的合作擴展到即時個人化。在既有佈局上新增「成長」與「留存」的使用情境。這是我們「先落地、再擴張」模式的有力例證：從一個使用情境開始，證明價值，並在客戶生命週期中擴大應用。

Athena is beginning to accelerate that dynamic to give investors greater visibility into its impact.

Athena 正開始加速這種動能，讓投資人能更清楚看見其影響。

Chris will provide more detail on our initial framework for measuring key metrics like revenue contribution adoption and usage later in this call. We'll continue to expand on our reporting around these metrics in the back half of this year. GAAP is a powerful example of our platform evolution. As part of its broader AI-led transformation GAAP selected data to help architect its next-generation marketing stack with Athena, at the center of how customer data, decisions and execution come together. Our role extends well beyond powering individual campaigns.

Chris 將在本次電話會議稍後，提供我們用於衡量關鍵指標（如營收貢獻、採用與使用情況）的初步框架之更多細節。我們將在今年下半年持續擴充對這些指標的揭露與報告。GAAP 是我們平台演進的一個強力例證。作為其更廣泛的 AI 驅動轉型的一部分，GAAP 選擇 Zeta Data 來協助設計其下一代行銷技術堆疊（marketing stack），並以 Athena 作為客戶資料、決策與執行整合的核心。我們的角色遠不止於驅動單一行銷活動。

We are helping GAAP to remove silos unified decision-making across its iconic brands and build a more intelligent marketing engine that learns, adapts and acts in real time under a multiyear agreement as GAAP system of record. That is what it means for Zeta to become the transformation agent for the enterprise. This momentum was also evident at Cannes Lions, which served as an important proof point for the growing market interest in Zeta and Athena. We launched Athena for agencies, hosted more than 115 executive meetings and delivered 37 live Athena demonstrations resulting in a record sales pipeline coming out of the event.

在一份多年期協議下，作為 GAAP 的系統紀錄（system of record），我們正協助 GAAP 打破資料孤島、在其標誌性品牌間實現一致的決策，並打造一個更智慧的行銷引擎，能即時學習、調整並採取行動。這就是 Zeta 成為企業轉型推動者（transformation agent）的意義。這股動能在坎城創意節（Cannes Lions）也同樣明顯，該活動成為市場對 Zeta 與 Athena 興趣升溫的重要驗證點。我們推出面向代理商的 Athena，主持超過 115 場高階主管會議，並進行 37 場 Athena 現場示範，活動結束後帶來創紀錄的銷售管線。

The conversations we began in can will continue at Zeta live. Where we will provide an even deeper look at the future of Zeta and intelligent AI infrastructure. Zeta Live will be in New York City on October 8 and I'm excited to announce we already have 2 incredible headline speakers, Olympic Gold Medalist entrepreneur and founder, Lindsey Van, an entrepreneur and global superstar, Kevin Hart.

我們在坎城開始的對話將在 Zeta Live 延續。屆時我們將更深入展示 Zeta 與智慧 AI 基礎設施的未來。Zeta Live 將於 10 月 8 日在紐約市舉行，我很高興宣布我們已邀請到兩位令人驚艷的主題講者：奧運金牌得主、企業家與創辦人 Lindsey Van，以及企業家與全球巨星 Kevin Hart。

Zeta Live has always been our opportunity to show customers, partners and investors where we are going next. This year, we expect to introduce the next generation of Athena continuing the extension of Athena as a super intelligent agent, answering questions and powering workflows to a system of intelligence that knows, decides, acts and learns. The opportunity in front of us is no longer just about monetizing marketing. It's about helping enterprises turn fragmented data into intelligence into decisions and decisions into measurable growth and cost savings in their businesses. The past year has been an inflection point for Zeta, bringing together capabilities and investments we have been building for years.

Zeta Live 一直是我們向客戶、合作夥伴與投資人展示下一步方向的機會。今年，我們預期將推出下一代 Athena，持續將 Athena 延伸為超智慧代理（super intelligent agent），從回答問題、驅動工作流程，進一步演進為一套「智慧系統」（system of intelligence），能夠知道、決策、行動並學習。我們眼前的機會不再只是行銷變現。而是協助企業把零散資料轉化為智慧、把智慧轉化為決策，並把決策轉化為可衡量的成長與成本節省。過去一年是 Zeta 的轉折點，將我們多年來打造的能力與投資整合在一起。

What we are still in the very early stages of this opportunity.

而我們仍然處於這個機會非常早期的階段。

AI is changing how enterprises operate, how software is consumed and what businesses expect from their technology platforms. Posada, that creates an opportunity to expand our role from helping customers execute marketing programs to become the intelligence layer that enables them to move faster, make smarter decisions and drive better outcomes across the enterprise. We continue to be the disruptor in this new ecosystem. As always, I want to thank our customers, partners and shareholders for their continued support and to Team Zeta, thank you for your hard work, your commitment and belief in what we are building together. Now let me turn it over to Chris to discuss our results in greater detail.

AI 正在改變企業的運作方式、軟體的消費方式，以及企業對其技術平台的期待。Posada，這創造了一個機會，讓我們的角色從協助客戶執行行銷計畫，擴展為智慧層（intelligence layer），使其能更快速行動、做出更明智的決策，並在整個企業範圍內推動更佳成果。我們持續在這個新生態系中扮演顛覆者。一如既往，我要感謝我們的客戶、合作夥伴與股東持續支持；也要對 Zeta 團隊說聲謝謝，感謝你們的辛勤付出、承諾，以及對我們共同打造之事物的信念。現在我把時間交給 Chris，請他更詳細討論我們的業績表現。

Chris?

Chris？

Thank you, David. I'll echo by welcoming Trey to the team. As we announced last week, Tray is perfectly suited to help lead Veta's evolution into an intelligent AI infrastructure company. and I'm thrilled to see that fall step up to lead FP&A for Zeta. In my conversations with investors, one thing is clear: a new framework for investing in companies is emerging.

謝謝你，David。我也要呼應並歡迎 Trey 加入團隊。如同我們上週宣布的，Tray 非常適合協助領導 Veta 演進為一家智慧 AI 基礎設施公司。我也很高興看到 fall 挺身而出，領導 Zeta 的 FP&A（財務規劃與分析）。在我與投資人的對話中，有一點很清楚：投資公司的新框架正在形成。

Investors are prioritizing their time with companies gaining share and delivering durable, predictable growth. They're increasingly screening for companies generating free cash flow and positive GAAP earnings and they're ultimately backing companies with defensible AI moats proven by results.

投資人正把時間優先投入在那些市占提升、並交付具韌性且可預測成長的公司。他們也愈來愈以能產生自由現金流與 GAAP 正向獲利的公司作為篩選條件，最終會支持那些具備可防禦 AI 護城河、且由成果驗證的公司。

Data embodies each of these characteristics, and the second quarter's results make this evident. Q2 was our 21st straight quarter of greater than 20% revenue growth, excluding M&A and political candidate revenue. Our increased second half revenue guidance continues that trend. Q2 was also our highest-ever free cash flow, paired with positive GAAP net income, showcasing the quality of our earnings and driving the largest full year guidance raise to free cash flow and GAAP EPS in our history, and we're listening to shareholders.

Zeta 具備上述每一項特徵，而第二季的結果也清楚證明了這點。在排除併購（M&A）與政治候選人營收後，Q2 是我們連續第 21 個季度營收成長超過 20%。我們上調的下半年營收指引延續了這一趨勢。Q2 也創下我們歷來最高的自由現金流，並同時實現 GAAP 正向淨利，展現我們獲利品質；也推動我們在公司史上對自由現金流與 GAAP EPS 的全年指引做出最大幅度上調，而我們正在傾聽股東的聲音。

We're introducing an initial framework to measure adoption and monetization of Zeta's AI, one underpinned by revenue. because moats are ultimately proven by how long customers stay and how much more they spend over time. I'll cover all of this in detail, along with updates on our pipeline, sales productivity and drivers behind our increased Q3 and full year guidance. Let's start first at the top line, where Q2 revenue came in at $443 million, up 44% year-over-year or 28% excluding M&A. That beat our guidance by $23 million or 5%, driven by faster growth in both superscale customer count and ARPU each exceeding the growth rates in our 2028 model.

我們將推出一個初步框架，用以衡量 Zeta AI 的採用與變現，並以營收作為支撐；因為護城河最終是由客戶留存多久、以及其隨時間增加多少支出來證明。我將就此進行完整說明，並更新我們的管線、銷售生產力，以及支撐我們上調 Q3 與全年指引的驅動因素。先從營收開始：Q2 營收為 4.43 億美元，年增 44%，若排除併購則年增 28%。這比我們的指引高出 2,300 萬美元（約 5%），主要由超大規模（superscale）客戶數與 ARPU 的更快成長所帶動，兩者皆超過我們 2028 模型中的成長率。

Superscale customers grew to 197, up 17% year-over-year, more than double our 4% to 8% 2028-mile growth rate driven by demand for Athena. Customer gains were especially strong in consumer and retail, telecom and health care. Superscale quarterly ARPU expanded to $1.8 million, also up 17% year-to-year and above our 12% to 16% long-term 2028 model. And we're seeing some interesting usage dynamics unfolding ARPU. First, them engagement is increasingly voice first.

超大規模客戶增至 197 家，年增 17%，是我們 2028 模型中 4% 至 8% 年增率的兩倍以上，主要由 Athena 的需求所驅動。客戶新增在消費與零售、電信與醫療保健領域尤其強勁。超大規模客戶的季度 ARPU 擴大至 180 萬美元，同樣年增 17%，高於我們 2028 長期模型的 12% 至 16%。我們也看到一些有趣的使用動態正在 ARPU 中展開。首先，他們的互動正日益以語音優先（voice-first）。

83% of customer interactions are now spoken. Reinforcing our thesis that natural language will become the primary interface for marketing and business intelligence use cases and has the propensity to drive higher utilization on the platform.

目前有83%的客戶互動已改為語音進行。這進一步強化了我們的論點：自然語言將成為行銷與商業智慧使用情境的主要介面，並有望帶動平台更高的使用率。

Second, the One Zeta sales initiative is gaining speed. Customers using more than one use cases are up 90% year-over-year. Customers using 5 or more channels are up more than 50% year-over-year. Cross-sell and upsell deals won in the quarter were up 43%. And we saw double-digit revenue growth across e-mail, CTB and social as well as double-digit revenue growth across all 3 marketing use cases, retain, grow and acquire.

第二，One Zeta 銷售倡議正在加速推進。使用超過一種使用情境的客戶數年增90%。使用5個或以上渠道的客戶數年增超過50%。本季贏得的交叉銷售與加購（upsell）交易年增43%。此外，我們在電子郵件、CTB 與社群等渠道，以及三大行銷使用情境（留存、成長與獲客）上，均實現了雙位數的營收成長。

And third, demand for the platform was broad-based across industries. Eight of our top 10 grew more than 20% year-over-year on a trailing 12-month basis with consumer and retail, financial services, automotive and health care all accelerating from last quarter.

第三，平台需求在各產業呈現廣泛成長。以過去12個月（TTM）計算，我們前10大客戶中有8家年增超過20%，其中消費與零售、金融服務、汽車與醫療保健等產業皆較上季加速成長。

Also notable in the quarter was the significant expansion of the sales pipeline and strength in seller productivity. At the end of Q2, the total sales pipeline was up more than 60% year-over-year. and up over $100 million compared to just 90 days ago. On a per seller basis, pipeline creation is up more than 100% year-over-year as 1 data and Marigold cross-selling take hold. This is driving higher average contract values on deals won in the quarter, up more than 40% compared to last year.

本季另一個值得注意之處，是銷售管線的大幅擴張以及銷售人員生產力的強勁表現。截至第二季末，總銷售管線年增超過60%，且相較僅90天前增加逾1億美元。以每位銷售人員計，隨著 1 data 與 Marigold 交叉銷售逐步到位，管線創造量年增超過100%。這推動本季贏單的平均合約金額較去年提升逾40%。

And overall deal sizes in the pipeline increased more than 25% year-over-year. driven by higher attachment rates across channels and use cases, all while quota-carrying head count increased by just one versus last quarter to 198, up 11% year-over-year.

整體而言，管線中的交易規模年增超過25%，主要受惠於各渠道與使用情境的附加率提升；同時，承擔配額的員工人數較上季僅增加1人至198人，年增11%。

That gap between pipeline growth and head count growth speaks to the strength of sales productivity. And importantly, this growth and revenue upside came with impressive operating leverage. Specifically, we generated $92 million of adjusted EBITDA, up 56% year-to-year at a margin of 20.7%. And an increase of 170 basis points versus last year and $5 million better than the midpoint of our guidance. Marigold restructuring actions and integration savings drove total data expense to revenue ratio efficiencies across R&D, G&A and sales and marketing, improving 30180 and 250 basis points year-over-year, respectively.

管線成長與人力成長之間的差距，反映了銷售生產力的強勁。更重要的是，這樣的成長與營收上行同時伴隨令人印象深刻的營運槓桿。具體而言，我們創造了9,200萬美元的調整後 EBITDA，年增56%，利潤率為20.7%。較去年提升170個基點，且比我們指引中位數高出500萬美元。Marigold 重整措施與整合節省，推動研發、一般及行政（G&A）以及銷售與行銷等面向的資料費用占營收比率效率提升，分別年增改善30180與250個基點。

That cost of revenue came in at 41% as expected. This was 10 basis points better sequentially and 300 basis points higher year-over-year, reflecting strong social channel adoption by agencies. Cash grew even faster than adjusted EBITDA in Q2. We Net cash provided by operating activities was $69 million, up 65% year-over-year, with free cash flow of $58 million, up 73% year-over-year, a margin of 13.1% and free cash flow conversion of 63%. We also generated positive GAAP net income in the second quarter of $8.2 million compared to a net loss of $12.8 million in the same quarter last year.

營收成本如預期為41%。這較前一季改善10個基點，但較去年增加300個基點，反映代理商對社群渠道的強勁採用。第二季現金成長甚至快於調整後 EBITDA。營運活動提供的淨現金為6,900萬美元，年增65%；自由現金流為5,800萬美元，年增73%，自由現金流利潤率為13.1%，自由現金流轉換率為63%。我們第二季亦實現 GAAP 淨利820萬美元，相較去年同期為淨損1,280萬美元。

resulting in GAAP earnings per share of $0.03.

因此，GAAP 每股盈餘為0.03美元。

In the second quarter, we prioritized using cash to repurchase shares, deploying $29.9 million to buy back 1.6 million shares. And year-to-date, as of July 30, we've spent $74.6 million on share repurchases with approximately $89.4 million remaining on our authorization. Solution in the quarter was just 0.1%, and we remain on track to hit our normal course net dilution target of 3% to 4% for 2026. Finally, we closed a new $1 billion credit facility, including a $250 million Term Loan A and a $750 million revolving credit facility that remains undrawn, giving us the capital flexibility for M&A, share repurchases and disciplined investment.

第二季我們優先運用現金回購股份，投入2,990萬美元回購160萬股。年初至今截至7月30日，我們已用於回購股份的金額為7,460萬美元，授權額度尚餘約8,940萬美元。本季稀釋僅0.1%，我們仍按計畫在2026年達成一般性淨稀釋目標3%至4%。最後，我們完成一項新的10億美元信貸額度，包括2.5億美元的A期定期貸款（Term Loan A）以及7.5億美元的循環信用額度（目前尚未動用），使我們在併購、股份回購與審慎投資方面具備資本彈性。

To that end, we've been investing in AI for nearly a decade. So today's introduction of metrics showing how AI adoption drives deeper platform usage, longer customer relationships and higher net revenue retention is not new. It's just more visible than ever. super-scaled customer adoption of AI is ramping nicely. Since the theme is launched for enterprise customers 130 days ago, more than 40% of our super-scaled customers are already monthly active users.

為此，我們在AI領域的投資已近十年。因此，今天我們提出的指標，顯示AI採用如何帶動更深度的平台使用、更長的客戶關係以及更高的淨營收留存率，並非新鮮事。只是現在比以往更清晰可見。超大規模客戶對AI的採用正在穩健加速。自該主題於130天前向企業客戶推出以來，已有超過40%的超大規模客戶成為月活躍用戶。

And together, they've generated thousands of campaigns using Athena and customers who comprehensively adopt our AI using it for audience creation, activation and other means contribute a disproportionate share of revenue It shows up in several ways.

他們合計已使用 Athena 產生數千個行銷活動；而全面採用我們AI、用於受眾建立、啟用及其他用途的客戶，貢獻了不成比例的營收份額，並在多個面向有所體現。

Across our total customer base, including pilots, proof-of-concepts and scaled customers, the 20% of customers who have comprehensively adopted our AI tools account for roughly 70% of revenue. Among superscale customers, the 50% who have comprehensively adopted our AI tools drive 75% of superscale customer revenue.

在我們整體客戶群（包含試點、概念驗證與已規模化客戶）中，全面採用我們AI工具的20%客戶約占70%的營收。在超大規模客戶中，全面採用我們AI工具的50%客戶，帶動了超大規模客戶營收的75%。

And these AI super users grew 4x faster and the 80% of customers still early in their AI adoption journey. But it's not only AI adoption that's ramping. It's also leading to longer customer relationships. Super-scaled customer relationships now averaged 56 months, up from 48 months a couple of years ago, and that's based on data going back to 2018.

這些AI超級用戶的成長速度是仍處於AI採用早期階段之80%客戶的4倍。但加速的不僅是AI採用。它也帶來更長的客戶關係。超大規模客戶關係目前平均為56個月，高於幾年前的48個月，且此結論基於回溯至2018年的資料。

In addition to longer customer relationships, we're also seeing them spend more, generating higher net revenue retention among AI adopters. Customers who are most comprehensively adopted our AI tools have a year-to-date net revenue retention that is 400 basis points above overall data. and more than 20 percentage points above customers still ramping in their adoption of our AI, showing that adoption is translating into stronger, more durable expansion. With tailwinds from AI adoption, higher sales productivity and strong operating leverage, we're once again raising our top and bottom line guidance for the third quarter and full year.

除了客戶關係更長之外，我們也看到他們支出更多，使AI採用者的淨營收留存率更高。最全面採用我們AI工具的客戶，其年初至今的淨營收留存率比整體數據高出400個基點，且比仍在加速採用AI的客戶高出逾20個百分點，顯示採用正在轉化為更強、更具持久性的擴張。在AI採用、銷售生產力提升與強勁營運槓桿的多重順風下，我們再次上調第三季與全年營收及獲利指引。

In doing so, we'll maintain our typical conservatism, building in a 2% to 5% cushion that assumes minimal go-get revenue from partnerships and uses 2028 model growth rates for customer and ARPU growth. To be clear, that new customer additions and ARPU growth exceed our 2020 model growth rates, driven by rapid Athena AI adoption or newly announced partnerships that would put us towards the high end of that 2% to 5% range. For the full year 2026, we're increasing the midpoint of our revenue guidance by $33 million to $1.818 billion representing growth of 39% or 25% year-over-year, excluding M&A and political candidate revenue. For the third quarter, we now expect revenue of $471 million at the midpoint, up $10 million from our prior guidance. representing growth of 40% or 23% excluding M&A and political candidate revenue.

在上調指引的同時，我們將維持一貫的保守作風，納入2%至5%的緩衝，假設來自合作夥伴的額外（go-get）營收貢獻極少，並採用2028模型的客戶數與ARPU成長率。需要說明的是，若新客戶增加與ARPU成長超過我們2020模型的成長率（由 Athena AI 的快速採用或新公布的合作夥伴關係所驅動），則可能使我們落在該2%至5%區間的高端。針對2026全年，我們將營收指引中位數上調3,300萬美元至18.18億美元，代表成長39%，或在排除併購與政治候選人營收後年增25%。針對第三季，我們目前預期營收中位數為4.71億美元，較先前指引上調1,000萬美元，代表成長40%，或在排除併購與政治候選人營收後成長23%。

You'll note, we're continuing to maintain our original second half guidance for political candidate revenue in Q3 and Q4 of $7 million and $8 million, respectively. For adjusted EBITDA, we're increasing the midpoint of our 2026 guidance to $405 million. up $8 million from our prior guidance, representing a year-over-year increase of 45% and a margin of 22.3%, up 90 basis points year-to-year. For the third quarter, we now expect adjusted EBITDA of $115 million at the midpoint, up $3 million versus our previous guidance.

你會注意到，我們仍維持原先對 Q3 與 Q4 政治候選人營收的下半年指引，分別為 700 萬美元與 800 萬美元。在調整後 EBITDA 方面，我們將 2026 年指引的中位數上調至 4.05 億美元，較先前指引上調 800 萬美元，代表年增 45%，利潤率為 22.3%，年對年提升 90 個基點。就第三季而言，我們目前預期調整後 EBITDA 的中位數為 1.15 億美元，較先前指引上調 300 萬美元。

We are also increasing the midpoint of our 2026 free cash flow guidance to $255 million, $20 million higher than our previous full year guidance, representing year-over-year growth of 55% and a margin of 14% and a conversion of 63% and tracking well towards our 2028 conversion target of 65%. Finally, we're raising our full year GAAP EPS guidance to a midpoint of $0.10, well above our prior range of $0.02 to $0.04. It's worth noting this guidance increase excludes the impact of a potential onetime tax benefit from the release of a valuation allowance that has a reasonable probability of occurring later this year which could represent additional material onetime upside.

我們也將 2026 年自由現金流指引的中位數上調至 2.55 億美元，較先前全年指引高出 2,000 萬美元，代表年增 55%，利潤率為 14%，轉換率為 63%，並且朝我們 2028 年 65% 的轉換率目標進展良好。最後，我們將全年 GAAP 每股盈餘（EPS）指引上調至中位數 0.10 美元，顯著高於先前 0.02 至 0.04 美元的區間。值得注意的是，此次指引上調未包含今年稍晚可能發生、且具合理發生機率的估值備抵（valuation allowance）回轉所帶來的一次性稅務利益影響；該項目可能帶來額外且具實質性的一次性上行空間。

With that, I'll close where I began. Demand for Zeta is robust and durable and we're expanding our platform organically and through partnerships to accelerate share gains. That durable demand and record pipeline improves our visibility, giving us the confidence to raise guidance across the board. That visibility supports disciplined investment and our balance sheet is well positioned to support our growth priorities and focused execution drives greater profitability and cash generation. which has us pacing ahead of our long-term data 2028 model.

那麼，我就回到我一開始所說的作結。對 Zeta 的需求強勁且具持續性，我們正以有機成長與合作夥伴關係擴展平台，以加速市占提升。這種持續性的需求與創紀錄的商機管線提升了我們的能見度，使我們有信心全面上調指引。這樣的能見度支持我們有紀律地投資，而我們的資產負債表也處於良好位置，可支撐成長優先事項；專注的執行推動更高的獲利能力與現金創造，使我們的進度領先於長期的 2028 年模型。

With that, I'll hand the call back to the operator, so David and I can take your questions. Operator?

接下來我把電話交回給接線員，讓我和 David 來回答各位的問題。接線員？

(Operator Instructions) Jason Kreyer, Craig-Hallum.

（接線員指示）Jason Kreyer，Craig-Hallum。

Congratulations on another great quarter. Chris, you had talked about one and how that's accelerating the adoption of multiple use cases. I think you said 90% growth in multi-use case customers in the quarter. What do you think that looks like over the next several quarters? How does Athena continue to optimize customers and maximize both channels and use cases?

恭喜又交出一個很棒的季度。Chris，你談到 One，以及它如何加速多種使用情境的採用。我想你提到本季多使用情境客戶成長 90%。你認為接下來幾季會是什麼樣子？Athena 如何持續為客戶最佳化並在通路與使用情境兩方面都做到最大化？

Great question. And thanks, Jason. The short answer is I think we've got continued runway because of One Zeta and the Marigold cross-selling continue driving both multiuse case adoption, which as you said was up 90% year-to-year, but also 5 or more channel usage was up 50% and cross-sell and upsell deals within the quarter itself, was up 43%. If you look at the trend for ARPU growth over the last couple of quarters, it's been nicely above our 12% to 16% long-term model, and I see that continuing.

問得很好。謝謝你，Jason。簡短的答案是，我認為我們仍有持續的成長跑道，因為 One Zeta 與 Marigold 的交叉銷售會持續推動多使用情境的採用——如你所說年增 90%——同時，使用 5 個以上通路的比例年增 50%，而本季內的交叉銷售與加購（upsell）交易也年增 43%。如果你看過去幾季 ARPU 的成長趨勢，它一直明顯高於我們長期模型的 12% 到 16%，我認為這個趨勢會延續。

And we're seeing Athena really just the tip of the spear it's just getting started. It's one of the single most powerful tools we've ever had for cross-selling against use cases and channels, Jason.

而我們看到 Athena 真的只是矛尖——才剛開始而已。Jason，就針對使用情境與通路的交叉銷售而言，這是我們擁有過最強大的工具之一。

Maybe a follow-up for you, David. On the DBI, can you just talk about how you go to market with existing customers. Like what does that cross-sell conversation look like? And what are the key functions in BI that are really speaking to customers.

也許我再追問你一題，David。關於 DBI，你能談談你們如何針對既有客戶推向市場嗎？例如交叉銷售的對話大概會是什麼樣子？以及在 BI 裡哪些關鍵功能最能打動客戶？

It's interesting because we've had customers that have been using the ZBI for a few months now before we announced it because we really wanted to get use cases in and tried it. So the use cases I gave in my prepared remarks are real-world use cases that they are paying us to develop and create with them. What we're seeing is that customers no longer want static business intelligence. They're not looking to have large numbers of people come in, put data into a user interface, spit out a static report. What they're looking for is how do they make real-time decisions, how do they better negotiate on contracts that they're influx on like broadcasting for sports networks.

這很有意思，因為在我們正式宣布之前，就有客戶已經使用 ZBI 幾個月了；我們真的想先把使用情境導入並試跑。所以我在事先準備的發言中提到的使用情境，都是實際的真實案例——他們付費請我們與他們一起開發與打造。我們看到的是，客戶不再想要靜態的商業智慧。他們不想要大量人員進來，把資料輸入介面，然後吐出一份靜態報表。他們想要的是：如何做即時決策、如何在像體育聯播權這類正在談判中的合約上更好地議價。

How do they figure out how to better invest marketing dollars and develop retail partnerships like with energy drink companies and so on and so forth. So we're actually getting pulled into the ZBI use cases more than we've been selling them in, and we're now sort of doing a combination of both together.

他們也想弄清楚如何更有效投放行銷預算，並發展零售合作夥伴關係，例如能量飲料公司等等。因此，相較於我們主動去賣進去，我們其實更常被客戶「拉」進 ZBI 的使用情境裡；而現在我們也算是兩種方式並行、結合在一起推進。

Jason and investors on the call, we've included slides in the earnings supplemental to David's point, to bring those existing customer BI use cases to life. It's actually Slides 32 through 38 and David mentioned there's dozens of customers spanning real estate intelligence, customer experience, market sizing, loyalty growth, business expansion and business measurement, just to name a few.

Jason 以及線上的投資人，呼應 David 的觀點，我們在財報補充資料中加入了投影片，讓這些既有客戶的 BI 使用情境更具體呈現。實際上是第 32 到 38 頁投影片；David 也提到有數十家客戶，涵蓋不動產情報、客戶體驗、市場規模評估、忠誠度成長、業務擴張與業務衡量等領域，僅舉幾例。

Matt Swanson, RBC Capital Markets.

Matt Swanson，RBC Capital Markets。

Great. David, we talked a lot about that transition from data who is AY to data now. Can you just talk a little bit about when you get names like OpenAI and Palantir and Snowflake, probably about as good of a trio of partners in this day and age you could find how that helps you in your kind of go-to-market process of skip the evangelizing but also what it can do for initial deal sizes?

很好。David，我們談了很多從「Data Who is」到「Data Now」的轉型。你能否談談，當你們拿到像 OpenAI、Palantir 和 Snowflake 這樣的名字——以現在這個時代來說，大概是你能找到最強的三個合作夥伴之一——這如何在你們的推向市場流程中帶來幫助，讓你們可以跳過布道式的教育，同時也能對初始交易規模帶來什麼影響？

Yes. Thanks, Matt. I would tell you that it has been game-changing for us. I mean the two engagements that we signed with Palantir happened in real time. the Palantir guys walked us into two of the largest advertisers in the world.

可以。謝謝你，Matt。我會告訴你，這對我們來說是改變遊戲規則的。我的意思是，我們與 Palantir 簽下的兩個合作案是即時發生的——Palantir 的團隊直接帶我們走進全球兩家最大的廣告主。

And literally, we walked out with some of the largest test case and use cases we've ever had as a company based on the fact that they chose us to be their marketing platform partner. And if you listen to Alex's remarks yesterday, they are over-indexing on partnerships.

而且真的，我們走出會議時就拿到了公司史上最大的一些測試案例與使用情境，原因在於他們選擇我們作為其行銷平台合作夥伴。如果你聽了 Alex 昨天的發言，他們正在大幅加碼合作夥伴策略。

One of the interesting things that I don't think people understand is that the Palantir relationship will be one of the biggest we've ever done because there isn't a boardroom today that doesn't know who they are and isn't interested in use cases that they can do with them with us as their marketing partner, it's become an incredible entry point. And if you look at the number of customers they published just yesterday, that is the number of marketing opportunities we effectively have in partnership with them.

有一件有趣的事，我不認為大家都理解：Palantir 的合作關係將會是我們做過最大的合作之一，因為如今沒有任何董事會不知道他們是誰，也沒有任何董事會不對能與他們、並由我們作為行銷合作夥伴共同落地的使用情境感興趣；這已成為一個極佳的切入點。而如果你看他們昨天才公布的客戶數量，那基本上就是我們透過與他們合作所擁有的行銷機會數量。

Add into that, the OpenAI relationship, which has been one of the biggest we've ever signed and the Snowflake evolution, we are seeing more at bats than ever. if you saw the 17% growth in super scaled customer count, that's not even the beginning of what we're going to be doing with these new partnerships in the evolution from Zeta Who to Zeta Now, these are game changing even when we're not in the room with the Palantir OpenAI and Snowflake people. When we're out there, we're coming into meetings now and everybody is -- the first thing I get is, wow, how did you get that deal done? And I have to say to them which one, and we all laugh and sort of move on. But I think this is sort of as they said in the movie, Casablanca, the beginning of a beautiful friendship.

再加上 OpenAI 的合作關係——這是我們簽過最大的合作之一——以及 Snowflake 的演進，我們看到的出手機會（at bats）比以往任何時候都多。若你看到超大型客戶數量成長 17%，那甚至還只是開始；隨著從 Zeta Who 到 Zeta Now 的演進，這些新合作夥伴關係將帶來我們接下來要做的更多事情——即使 Palantir、OpenAI 與 Snowflake 的人不在會議室裡，這些也都是改變遊戲規則的。當我們在外面跑客戶時，現在走進會議，大家第一句就是：哇，你們怎麼把那筆合作談成的？而我得回他們：你說的是哪一筆？然後大家就笑一笑、接著往下談。但我認為，正如電影《卡薩布蘭卡》裡說的，這是「一段美好友誼的開始」。

That's great. And then I think we touched on it a little bit when you were talking about the BI and the different uses for data. But when you talked about how your platform is just currently being utilized for marketing, but it's not necessarily a marketing platform. How far do you think some of those adjacencies can go in terms of use cases? And have you seen within any of your larger customers, any use cases that really made you think about product development?

太好了。我想你在談到 BI 以及資料的不同用途時，我們也稍微提到了一點。但當你提到你們的平台目前主要被用於行銷，但它不一定是一個行銷平台時，你認為就使用情境而言，這些相鄰領域可以延伸到多遠？而且在你們一些較大型的客戶中，你是否看過任何讓你真正開始思考產品開發的使用案例？

Yes. Well, every day, we're getting asked questions by our largest clients, can you help us fix this problem or answer this question in a way that we've never thought of and it's causing just an incredible amount of excitement. I think it's important to note that if you look at the first quarter of this year, we were super proud to announce that using our internal workflow management tool spade, we were able to literally automate 75% of all new code generated. If you look at the update, the actual number for Q2 was 89.6%.

是的。嗯，我們每天都會被最大型的客戶問到各種問題：你們能不能幫我們解決這個問題，或用一種我們從未想過的方式回答這個問題？這帶來了令人難以置信的興奮感。我認為重要的是要指出，如果你看今年第一季，我們非常自豪地宣布，透過我們內部的工作流程管理工具 spade，我們真的把所有新產生的程式碼中有 75% 做到了自動化。如果你看更新，第二季的實際數字是 89.6%。

I think we rounded it to 90 in my prepared remarks. But this is changing the game for how we take interaction with clients and turn it into product development almost in real time. And if you look at this very large sports league that is using us, we were looking and we were in the room with them and their CMO and they're like, listen, how do we better negotiate our streaming rights with the two partnerships that are coming up for bid and how can we equate viewership and mine share for their they own multiple products, multiple leagues that are owned by one holding corporation.

我在事先準備的發言中把它四捨五入到 90%。但這正在改變遊戲規則：我們如何把與客戶的互動幾乎即時地轉化為產品開發。如果你看這個正在使用我們的非常大型體育聯盟，我們當時和他們的 CMO 一起在會議室裡，他們說，聽著，我們要如何在兩個即將競標的合作夥伴之間，更好地談判我們的串流權利？以及我們如何把收視人數與心佔率（mind share）對等起來——他們擁有多個產品、多個聯盟，而這些都由一家控股公司持有。

How do we help them to better show it's not just who's watching it in that moment, but it's the halo effect that comes for the broadcaster by having them on, and we were able to put together a solution in hours that came back and they believe will result in millions of dollars of incremental revenue to them on the renegotiation of those streaming contracts. So it then becomes a flywheel because then we get part of marketing for those streaming rights. So it really becomes a major flywheel in and around the company, Matt.

我們要如何幫他們更好地呈現：不只是當下誰在看，而是播出他們內容的廣播商所獲得的光環效應（halo effect）；我們在幾個小時內就組出一個解決方案，回去之後他們相信，這將在重新談判那些串流合約時，為他們帶來數百萬美元的增量營收。因此它就變成一個飛輪，因為接著我們也會參與那些串流權利的部分行銷。所以，Matt，這確實在公司內外形成了一個很大的飛輪效應。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

David, maybe we can just follow up on the last point. I mean Zvi and Business Intelligence is a massive category, right? I mean you talk about getting pulled into this and there's a lot of different directions you could take it. How do you think about formally productizing some of the use cases? How do you sequence which ones make sense first?

David，也許我們可以就最後一點追問一下。我的意思是，Zvi，商業智慧（Business Intelligence）是一個非常龐大的類別，對吧？你提到你們被拉進這個領域，而且你們可以往很多不同方向發展。你如何思考把其中一些使用案例正式產品化？你如何安排先後順序，哪些先做比較合理？

Just high-level thoughts on kind of the multiyear playbook would be interesting as you think about building out that fourth use case.

如果能分享一些高層次的想法，例如你們在打造第四個使用案例時，對於多年期作戰手冊（multiyear playbook）的規劃，會很有意思。

Yes. And obviously, as usual, great question, DJ. What we're seeing is that our data cloud is able to really help enterprises to make better decisions around certain things very, very quickly. We're seeing big examples inside of retail. What products should they be moving into retail?

是的。而且一如既往，DJ，這是個很棒的問題。我們看到的是，我們的資料雲能夠非常、非常快速地幫助企業在某些事情上做出更好的決策。我們在零售業內看到很大的例子。他們應該把哪些產品推進零售通路？

How do they use co-op dollars and marketing dollars to get better shelf space and how to create deeper and more meaningful relationships with the end customer. So it starts with the business intelligence around a retail use case, you then end up identifying meaningful opportunities for them to move inventory around geographically, which retailers they should be doing more with maybe which retailers they should invest less with and then we end up being able to market to the end user to drive them into the retailer on behalf of the product and vice versa.

他們如何運用合作補助金（co-op dollars）與行銷預算，爭取更好的貨架位置，以及如何與終端客戶建立更深、更有意義的關係。所以它從零售使用情境的商業智慧開始，接著你會找出有意義的機會：他們可以如何在地理區域間調整庫存、應該與哪些零售商加深合作、也許哪些零售商應該減少投入；然後我們最終也能代表產品去對終端使用者行銷，把他們導流到零售商，反之亦然。

So yes, we are seeing logical productization much like we've talked about in the past, where, DJ, you've heard us say, yes, our platform can help almost any vertical but the more industry expertise our salespeople have across the 15 verticals that we operate in, the better they can sell, the higher the sales productivity per rep and so on and so forth, we're seeing multiple use cases by vertical that we're building into the ZPI and every new request from every customer becomes productized immediately, and that goes back to the ability to do 90% of your new code on an automatically generated basis.

所以是的，我們正在看到合乎邏輯的產品化，就像我們過去談過的那樣：DJ，你聽過我們說，是的，我們的平台幾乎可以幫助任何垂直產業；但我們在所服務的 15 個垂直領域中，銷售人員具備的產業專業越多，他們就越能賣得好、每位業務代表的銷售生產力就越高，等等。

So it's really building a very interesting flywheel as we're growing the ZPI not just from a revenue perspective because by definition, it's our fastest growing use case right now because it was starting from a smaller number. But the reality is it's becoming products every moment of every day that we're adding them in from a client question perspective.

因此，當我們擴大 ZPI 時，這確實在建立一個非常有趣的飛輪——不只是從營收角度，因為按定義來說，它目前是我們成長最快的使用案例，因為它是從較小的基數開始。但現實是，我們每天每一刻都在把它變成產品，因為我們不斷把來自客戶提問的內容加入其中。

Yes. Very clear. And Chris, maybe a more tactical question for you. Look, obviously, we're heading into US midterm cycle. I'm just curious what you're seeing in terms of political advertising demand, how much visibility you have there today and kind of how that feeds into the guidance.

是的。非常清楚。Chris，或許給你一個更偏戰術面的問題。你看，顯然我們正要進入美國期中選舉週期。我只是好奇，你們在政治廣告需求方面看到什麼情況、目前你們對此有多少能見度，以及這如何反映在指引中。

From a guidance perspective, DJ, we've held to that consistent political candidate guide of $7 million in the third quarter and $8 million in the fourth quarter purposely because we wanted what to come through in the numbers. was that the strength of the business unfolds and the actuals, the raise is all tied to the strength of the core business as well. The visibility is good in terms of -- we expect it to be very robust. It comes into the pipeline pretty late because these can be programs that spin up quickly, and we execute even more quickly.

就指引而言，DJ，我們刻意維持一貫的政治候選人指引：第三季 700 萬美元、第四季 800 萬美元，因為我們希望在數字中呈現的是——業務強勁的展開與實際表現；而上調（raise）完全是與核心業務的強勁程度綁在一起。在能見度方面是好的——我們預期會非常強勁。它會比較晚才進入管線，因為這些專案可能很快就啟動，而我們執行得更快。

We get paid ahead, which is nice. So it's good for free cash flow. But we're optimistic that the number we have in there is conservative. And we've got -- for the full year guide is maintain our normal level of conservatism. So despite this being the largest raise of the year of $33 million revenue, it still maintains our normal 2% to 5% cushion.

我們會先收款，這很好。所以對自由現金流有利。但我們樂觀地認為，我們放進去的數字是保守的。而且我們——全年指引仍維持我們一貫的保守程度。所以儘管這是今年最大的一次上調、營收增加 3,300 萬美元，它仍維持我們正常的 2% 到 5% 緩衝。

I think it's also important to note, we raised revenue by $33 million. We raised free cash flow by $20 million. So you're seeing a disproportionate percentage of incremental revenue into this business at this point drop to the bottom line. You saw a 170 basis point increase in operating margin. And you saw a meaningful increase in free cash flow at 73% growth.

我認為也很重要的一點是，我們把營收上調了 3,300 萬美元。我們把自由現金流上調了 2,000 萬美元。所以你看到的是，在這個時間點，增量營收有不成比例的部分流向最終利潤。你看到營業利益率提升了 170 個基點。你也看到自由現金流在 73% 成長下有顯著提升。

Ron Josey, Citi.

Ron Josey，花旗（Citi）。

This is Jake Hallock on for Ron. Congrats on the great quarter, and -- so my first is on the open AI partnership. So curious how deeply is OpenAI integrated into Athena and Zeta's broader platform? Could you help us better understand the capabilities data brings to open AI's ads ops? And is there a direct revenue opportunity associated with either side of that partnership?

我是代 Ron 發言的 Jake Hallock。恭喜這個很棒的季度——我第一個問題是關於與 OpenAI 的合作夥伴關係。想請教 OpenAI 在 Athena 以及 Zeta 更廣泛的平台中整合得有多深？你能否幫我們更好地理解：你們的能力與資料能為 OpenAI 的廣告營運（ads ops）帶來什麼？以及這個合作在任一方是否有直接的營收機會？

Yes. So that's three big questions, Jay. But let's start with OpenAI powers the voice component of Athena. No large language models ever see the data in our data cloud or our clients' data. We keep all of that totally and completely safe.

是的。所以這是三個大問題，Jay。但我們先從 OpenAI 為 Athena 的語音元件提供能力開始。任何大型語言模型都不會看到我們資料雲中的資料或我們客戶的資料。我們把所有這些都維持在完全、徹底的安全狀態。

And now the data cloud is built on foundry with Palantirs ontology. So you're looking at a really interesting use case. What does OpenAI bring to Athena it personalizes Athena.

而現在，資料雲是建立在 Foundry 之上，並結合 Palantir 的本體（ontology）。所以你看到的是一個非常有意思的使用案例。OpenAI 為 Athena 帶來了什麼？它讓 Athena 更加個人化。

So now Athena gets to know the user at the enterprise better and can begin to understand what questions they have before they even ask them and help them better navigate to outcomes instead of having to navigate a platform in the entire way. As it relates to the integration to their ad platform, we are actively serving ads, and it is a meaningful revenue opportunity. It is also scaling very, very quickly. I think it's also, as Chris pointed out, part of the conservatism we've put in going into the year where we really haven't included pretty much anything from either Palantir or open AI as it relates to our forward guidance. And next week, we have a follow-up meeting with Open AI.

因此，Athena 現在能在企業端更了解使用者，甚至在他們開口之前就開始理解他們會問什麼問題，並協助他們更好地導向成果，而不是必須以完整的方式去操作整個平台。至於與他們廣告平台的整合，我們正在積極投放廣告，這是一個具實質意義的營收機會。而且也正在非常、非常快速地擴張。我也認為，正如 Chris 所指出的，這也屬於我們在進入今年時所採取的保守作法之一：在我們的前瞻指引中，幾乎沒有把 Palantir 或 OpenAI 相關的任何貢獻納入。而下週我們會與 OpenAI 進行後續會議。

We've got 20 people in a room, literally brainstorming what else can we do together. I think they consider us one of their most important enterprise partnerships, and we certainly look at them in the same way.

我們會有 20 個人坐在同一個房間裡，真的就是腦力激盪我們還能一起做些什麼。我想他們把我們視為他們最重要的企業合作夥伴之一，而我們也同樣以這樣的方式看待他們。

That's so helpful. And I know it's a 3-parter, but can I just sneak in none more here. You did like I appreciate the update on the 90% of new code generated through AI and Athena operating largely on in-house inference. Could you just touch on how those capabilities and that AI code is changing your product development speed?

這非常有幫助。我知道這是三段式問題，但我能不能再偷偷多問一個。你提到——我很感謝你更新：有 90% 的新程式碼是透過 AI 產生，而且 Athena 主要在內部推論（in-house inference）上運行。你能不能談談，這些能力以及這些 AI 程式碼如何改變你們的產品開發速度？

It's just -- I mean, accelerating it at a pace that I never thought humanly possible, Jay. When you look at the fact that Yes, we increased operating margin by 170 basis points. We added engineers in the quarter. We did not eliminate engineers in the quarter. So the fact that we're even able to add horsepower to that while simultaneously having 90% of all new code being auto generated is pushing sales cycles -- I'm sorry, pushing development cycles, I should say, to what would have been years at 1 point to what is now months and new products inside of the ZPI as we productize it to hours versus what could have been months in the past.

這就是——我的意思是，它以一種我從未想過人類可能達到的速度在加速，Jay。你看，我們的營業利益率提高了 170 個基點。我們在本季還增加了工程師。我們本季沒有裁減工程師。所以，我們竟然能在增加人力的同時，讓所有新程式碼中有 90% 都是自動生成，這正在把銷售週期——抱歉，我是說把開發週期——從過去某個時間點可能需要好幾年的事情，推進到現在只要幾個月；而在 ZPI 內部，當我們把它產品化時，新產品的推出甚至可以縮短到以小時計，而過去可能要花上好幾個月。

I think when we get to Seta Live on October 8, we're going to have a massive unveiling that I'm incredibly excited about that's a product offering that will continue to evolve Zeta as a company in a very meaningful way, and it's something that would have taken years that we're now going to be able to have done in months.

我認為當我們在 10 月 8 日的 Seta Live 上，我們會有一個我非常興奮的重大揭露——那是一項產品方案，將以非常有意義的方式持續推動 Zeta 作為一家公司的演進；而這件事原本需要好幾年，我們現在將能在幾個月內完成。

Elizabeth Porter, Morgan Stanley.

Elizabeth Porter，摩根士丹利。

Great. So I just want to do another follow-up on ZBI and how that's changing some of the market opportunity. We used to talk about data having 1% of the marketing wallet, but an opportunity to be closer to 10%. And just as you're going kind of beyond marketing to the broader business intelligence, how should we think about the wallet share that's up for grabs and how that changes the ZB? And just as a follow-up, how should we think about the sales cycles as you expand from more of a CMO-focused product to just broader touch points across the organization?

很好。我想再追問一下 ZBI，以及它如何改變部分市場機會。我們過去談到資料只占行銷錢包的 1%，但有機會接近 10%。而當你們從行銷延伸到更廣泛的商業智慧時，我們應該如何看待可爭取的錢包占比，以及這如何改變 ZB？另外再追問一下，當你們從更偏向 CMO 的產品擴展到組織內更廣泛的接觸點時，我們應該如何看待銷售週期？

Elizabeth, let me start by saying welcome back. We've missed you. Look, from a ZDI perspective, and I want to be clear, we're still looking to get to 7% to 10% of our clients' marketing wallet share. That's not changing. We believe that we are on our path to building a $10 billion business with a 30% operating margin with the vast majority of that dropping to free cash flow on the marketing component of our business alone.

Elizabeth，我先說一句，歡迎回來。我們很想你。你看，從 ZDI 的角度，而且我想說清楚，我們仍然希望把客戶的行銷錢包占比提升到 7% 到 10%。這點沒有改變。我們相信，僅靠我們業務中的行銷組成部分，我們就正走在打造一家 100 億美元規模、30% 營業利益率的公司之路上，而且其中絕大部分將轉化為自由現金流。

When you look at the ZDI and the opportunity that it's opening, what we're seeing and what really happened Elizabeth is we started getting pulled in that direction by our clients at first that then accelerated massively with the Palantir partnership, whereby putting our data cloud on top of foundry and the ability to onboard seamlessly our clients' data in ways that we couldn't before, and using their ontology in a way that we couldn't have done without Palantir as a partner, that's opened up this entire new use case from a productization perspective.

當你看 ZDI 以及它所開啟的機會時，我們看到的、以及真正發生的情況是：一開始是客戶把我們往那個方向拉，之後又因為與 Palantir 的合作而大幅加速——我們把資料雲架在 Foundry 之上，並能以我們過去做不到的方式無縫導入客戶資料；同時以我們在沒有 Palantir 作為合作夥伴時無法做到的方式使用他們的本體（ontology），這從產品化的角度打開了全新的使用案例。

I think we're going to look at two different sales cycles. I think we're going to have existing clients that are going to adapt or adopt the ZDI very quickly. Then I think we're going to have new clients that we're going to go out and get where you're going to start with the CIO or the CTO and that could take a little longer. As you know, our normal product cycle is anywhere from 90 to 180 days. I think this will be very -- maybe start out on the longer end of that for new customers.

我認為我們會看到兩種不同的銷售週期。我認為現有客戶會非常快地調整或採用 ZDI。然後我認為我們也會去取得新客戶——你會從 CIO 或 CTO 開始切入，而那可能會花更久一些。如你所知，我們一般的產品週期大約是 90 到 180 天。我認為對新客戶而言，這會是——可能一開始會落在那個區間的較長端。

but we'll start on the shorter end of that for existing customers. And quite frankly, we've seen much, much faster than that from an adoption perspective, from existing customers who are adding GBI as their third or fourth use case. Does that make sense?

但對現有客戶而言，我們會從較短端開始。坦白說，從採用的角度來看，我們已經看到比那更快得多——現有客戶把 GBI 作為他們第三或第四個使用案例加入。這樣說有道理嗎？

That does. And I wanted to do a quick follow-up on Athena for agencies. It sounds like you had a lot of high interest in France this summer. So when we think about the base of agencies, is there a certain proportion that a good client base for Athena Agencies? Is there any sort of specific subsegment?

有道理。我想就代理商版 Athena 再快速追問一下。聽起來你們今年夏天在法國獲得了很高的關注度。所以當我們思考代理商的基礎盤時，是否有某個比例的代理商會是 Athena Agencies 的良好客戶基礎？是否有任何特定的子分群？

Or do you think that most agencies could adopt Athena over time? And what are you learning about the onboarding cycle that could potentially drive some faster penetration?

或者你認為大多數代理商都能隨時間推移採用 Athena？你們在導入（onboarding）週期方面學到了什麼，可能有助於更快滲透？

So to answer your question, I was shocked because I thought it would really start at the midsized agencies from an entry point perspective. We're actually seeing the larger agencies adopt it faster and at scale very, very quickly. It's it really changes the game for them from a navigation perspective and the ability to showcase for their customers our data cloud and the ability to drive substantially higher return on marketing spend. As you know, Elizabeth, we always talk about sort of we deliver according to Forrester, 600% to 700% return on marketing spend. We're seeing clients who are adapting -- adopting Athena at substantially higher rates than that in partnership with a very large agency that adopted Athena and a very large airline, we're seeing that airline today at a 1,400 return on marketing spend post the agency bringing Athena in and us putting together the project together.

回答你的問題，我其實很震驚，因為我原本以為從切入點來看，會先從中型代理商開始。但我們實際上看到大型代理商更快、而且以規模化的方式非常、非常快速地採用。從操作導覽的角度，以及向他們的客戶展示我們的資料雲、並大幅提高行銷支出報酬（return on marketing spend）的能力來看，這真的改變了他們的遊戲規則。如你所知，Elizabeth，我們一直提到，根據 Forrester，我們能帶來 600% 到 700% 的行銷支出報酬。我們看到客戶在採用 Athena 後的表現顯著高於那個水準：在與一家採用 Athena 的大型代理商以及一家大型航空公司合作下，我們看到那家航空公司在代理商導入 Athena、且我們共同完成專案之後，如今的行銷支出報酬達到 1,400%。

So I actually thought it would be small to midsize. It's starting very, very large, and it's scaling quite frankly, a little faster than we expected.

所以我原本以為會是小到中型開始。但它是從非常、非常大型的客戶開始，而且坦白說，擴張速度比我們預期的還要快一些。

Arjun Bhatia, William Blair.

Arjun Bhatia，William Blair。

And I'll have my congrats on a great quarter. David, I can start with you just on talent here. It sounds like, obviously, you did the tech migration and your onboard on foundry, but I also sounded like you're closing some deals already on the cross-sell. So I would be curious to hear just what that pipeline looks like into Palantir's commercial customers? And just as you look across different verticals, are there any inside that commercial base that get you more excited than at was from an opportunity perspective?

我也要恭喜你們本季表現很棒。David，我先從人才這塊問起。聽起來你們顯然完成了技術遷移並在 Foundry 上完成導入（onboard），但我也聽起來你們已經在交叉銷售上開始成交一些案子。所以我想請你談談，面向 Palantir 商業客戶的那條管線（pipeline）目前看起來如何？另外，當你們看不同垂直領域時，在那個商業客戶基礎中，有沒有哪一些領域從機會角度讓你比其他更感到興奮？

Yes. I'll be honest. I publicly said that I plan on doing the first 20 deals in partnership with Elia Davis, who's become a very good friend of mine, who's one of the top guys at Palantir reports directly into Alex's office. And we've been going out. And I would tell you that if I put the numbers of the deals we're working to into our pipeline, it would artificially skew our pipeline up too much at this point.

是的。我坦白說。我曾公開表示，我計畫與 Elia Davis 合作完成前 20 筆交易；他已成為我的摯友，也是 Palantir 的頂尖人物之一，直接向 Alex 的辦公室匯報。而我們一直在外出拜訪。我可以告訴你，如果我把我們正在推進的交易數字放進公司的銷售管線（pipeline），在目前這個時間點會把管線數字人為地拉高、造成過度偏高的偏差。

It is that big an opportunity. So I'm sort of working on it on an internal pipeline that I'm running in my own office at this point. I'm embarrassed to say I'm doing it inside of Claude. But the reality is that this is maybe the biggest opportunity we've ever had in front of us. Certainly, the biggest opportunity we've ever had from a partnership perspective, and as you know, we have 15 different verticals that we operate against. Not one of them is a massive concentration.

這是一個規模如此之大的機會。所以我目前算是用我自己辦公室內部在跑的一條內部管線來推進。說來有點不好意思，我是在 Claude 裡面做的。但事實是，這可能是我們眼前所遇到過的最大機會。當然，從合作夥伴關係的角度來看，這也是我們有史以來最大的機會；而如你所知，我們營運涵蓋 15 個不同的垂直領域。沒有任何一個領域是高度集中的大宗占比。

So when I look at their client base, I started by saying, why don't we just start with the 20 customers who spend $1 billion a year on marketing to consumers. And the list was so much longer than '20, we had to pare it back to start going out there and getting into it. The two deals we closed were at 100% hit rate. Met with two, closed two. We've got some other very large ones in flight. And we see this as a meaningful and very large opportunity that, as Chris said, is not baked into the numbers just yet.

所以當我看他們的客戶基礎時，我一開始就說，為什麼不先從每年在面向消費者行銷上花 10 億美元的 20 家客戶開始。結果名單遠遠超過「20 家」，我們必須先縮減名單，才能開始出去拜訪並切入。我們成交的兩筆交易命中率是 100%。見了兩家，成交兩家。我們還有其他幾筆非常大型的案子正在推進中。我們認為這是一個重要且非常龐大的機會；正如 Chris 所說，目前這還沒有被納入數字預測之中。

All right. That's great to hear. And then Chris, maybe one for you or I guess maybe for David also, but the -- I would love to hear sort of your updated thoughts on capital deployment with the new credit facility. And I think you're pointing out M&A is obviously a potential use case, which you've been sort of consistent on, but I'm curious if there's any sort of change in the type of acquisition these or assets you're looking at in the market?

好的。很高興聽到。接著 Chris，可能想請教你，或也許 David 也可以回答——我很想聽聽你們在新增信貸額度（credit facility）之後，對資本部署（capital deployment）的最新看法。我想你們提到併購（M&A）顯然是一個潛在用途，你們一直以來也都很一致；但我好奇的是，你們在市場上尋找的收購類型或資產類別是否有任何改變？

Chris pointed to me, so I'll answer it. What I would tell you is we are going to continue to focus on our 5 pillars of M&A that is not going to change, although you can look at the fact that for us, at this point, we have to continue to evolve the type of deals we've done or we'll do because some of the smaller deals we've done over the years just wouldn't move the needle for us at this point. I will tell you, Arjun, you've heard me say this many times over years, I believe transformative M&A transforms both companies for the worse. So we are not looking to go do one like huge transformative deal.

Chris 指向我，所以我來回答。我想說的是，我們會持續聚焦在我們併購的五大支柱（5 pillars of M&A），這點不會改變；不過你也可以看到，對我們而言，在這個階段我們必須持續演進過去做過或未來要做的交易類型，因為我們多年來做的一些較小型交易，現在已經不太能對我們產生實質影響（move the needle）。Arjun，我多年來跟你說過很多次：我相信「變革性併購」（transformative M&A）往往會讓兩家公司都變得更糟。所以我們不會去做那種超大型、所謂變革性的交易。

We will continue to do small to midsized deals where we're adding great human capital, great data sources, incredible products that our clients want to buy and clients that want to buy our products and so on and so forth. This does give us optionality around the buyback. It could cause us to accelerate it in the short run, depending on how the stock trades. But the reality is it puts us in a position that we have a lot of flexibility as a company I mean you can see the cash position is also very, very strong at the close of the quarter, and we're projecting I'm pretty sure this will be a record free cash flow quarter for us, right?

我們會持續做小到中型的交易，藉此引進優秀的人才資本、優質的資料來源、客戶想買的卓越產品，以及想買我們產品的客戶，等等。這也讓我們在庫藏股回購（buyback）方面有更多選擇性（optionality）。視股價走勢而定，短期內可能會讓我們加速回購。但事實是，這讓公司處於一個非常有彈性的狀態；你也可以看到，本季季末的現金部位也非常、非常強勁，而我們預估——我很確定——這將會是我們創紀錄的自由現金流季度，對吧？

Yes. So we -- last quarter, you can do the math. We bought more than 50%, I think closer to 75-plus percent of our free cash flow and share repurchasing last quarter. We're going to continue to buy the stock back at these prices because we think we continue to be the best investment we can make with our free cash flow is purchasing back our existing shares.

是的。所以我們——上一季你可以自己算。上一季我們用於股票回購的金額，買回了超過 50% 的自由現金流，我想更接近 75% 以上。在這些價位我們會持續回購股票，因為我們認為，用自由現金流能做的最佳投資，就是買回我們現有的股份。

Callie Valenti, Goldman Sachs.

Callie Valenti，高盛。

So new AI products have generally taken a while to ramp in usage for many software companies. Are there a couple of key things you would point out that you think have made your customers adopt new AI tools faster than what we're seeing in the rest of the market?

許多軟體公司推出新的 AI 產品後，通常需要一段時間使用量才會爬升。你會指出哪幾個關鍵因素，讓你們的客戶採用新 AI 工具的速度，比我們在其他市場上看到的更快？

First of all, Callie, congratulations. I'm sorry, congratulations. We're super happy to have you covering us. return on investment. I think one of the things you see in our business strategy is our ability to show a return on investment is second to none.

首先，Callie，恭喜你。不好意思，恭喜你。我們非常高興你開始追蹤我們。投資報酬率（return on investment）。我認為你在我們商業策略中看到的一點是：我們展現投資報酬率的能力無人能及。

Most AI products where you're making a large investment into whether it's infrastructure, software or technology take years for enterprises to show return on investment. Our -- for use cases show massive return on investment.

多數 AI 產品，不論是基礎設施、軟體或技術，只要需要大量投資，企業往往要花好幾年才能展現投資報酬率。而我們——就使用情境而言——能展現非常可觀的投資報酬率。

As we've talked about, our marketing use cases, show a 6% to 700% return on marketing spend effectively day 1 and if you look at the ZBI, we can't quantify it just yet, but we're giving real-time business decisioning that drives massive incremental profits into our clients in real time. So I think that's been one of the big differentiators for us versus companies that are out there selling very expensive technology that will take years to pay off.

如同我們談過的，我們的行銷使用情境，從第 1 天起就能有效帶來 6% 到 700% 的行銷支出報酬（return on marketing spend）。而如果你看 ZBI，我們目前還無法量化，但我們提供即時的商業決策（real-time business decisioning），能在即時狀態下為客戶帶來巨大的增量利潤。所以我認為，這是我們相較於那些在市場上銷售非常昂貴、且需要多年才能回本的技術公司的重大差異化因素之一。

Yes, that makes a lot of sense. And then just one more for me. We're hearing more companies talk about headless architectures as agent kind of potentially disrupts the UI or traditional -- how do you think about this in the context of data? Like what makes sense for you wouldn't make sense for you?

是的，這很有道理。那我再問最後一個。我們聽到更多公司在談無頭式架構（headless architectures），因為 agent 可能會顛覆 UI 或傳統——你如何在資料（data）的脈絡下看待這件事？例如，什麼對你們來說合理、什麼又不合理？

I mean, listen, we've been no code for many years around here. So when you look at what they're talking about as it relates to head list -- that's not something that I think we end up dealing with on either side. I don't think it becomes a competitive force for us, and I don't think it's something that we would move into quickly. From our front, what we're really focused on is what percentage of our new code can we generate and make generally available to our clients. And we've gone from what was a to 90% in the first quarter of this year to the second quarter of this year, that puts us in a massive competitive advantage.

我的意思是，聽著，我們這裡多年來一直是無程式碼（no code）。所以當你看他們談到與 head list（原文如此）相關的內容——我不認為我們最後會在任何一端需要處理這件事。我不認為它會成為我們的競爭力量，也不認為我們會很快切入那個領域。就我們這邊而言，我們真正專注的是：我們的新程式碼有多少比例可以由我們生成，並且能普遍提供給客戶使用。而我們已經從今年第一季的某個水準提升到今年第二季的 90%，這讓我們擁有巨大的競爭優勢。

As our competitors are trying to catch up to where we were a year, 2 years ago, we're already moving to where they won't be able to get for many, many years. And I think our no-code architecture has allowed us to do that.

當我們的競爭對手還在努力追趕我們一年前、兩年前的位置時，我們已經往前推進到他們很多很多年都到不了的地方。我認為我們的無程式碼架構讓我們做到了這一點。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

This is Lu Cordis on for Terry. To start considering the big strategic win with GAAP, how is RFP activity? And what are you seeing in terms of large martech replacement cycles, potentially aiding revenue and business in the second half for helping enhance visibility into 2027.

我是代 Terry 發言的 Lu Cordis。先從 GAAP 這個重大的策略性勝利來看，RFP（提案徵求書）活動情況如何？另外，在大型行銷科技（martech）替換週期方面你們看到了什麼，是否可能在下半年帶動營收與業務，並有助於提升對 2027 年的能見度？

Thanks for the question. Just real quick. RFP activity is very strong. You heard about the pipeline stats that we shared that's built into greater than 60% year-over-year pipeline growth. I think it also speaks to how the average contract value in the pipeline is up because more of it is RFPs.

感謝提問。我很快說一下。RFP 活動非常強勁。你也聽到我們分享的管線統計數據，其中包含年對年超過 60% 的管線成長。我認為這也反映出管線中的平均合約價值上升，因為其中更多是 RFP。

I'll turn it quickly to David to talk about broadly what's driving that environment.

我快速把問題交給 David，請他談談整體而言是什麼在推動這樣的環境。

Yes. I mean we are right in the middle of what looks to be a marketing cloud replacement cycle. And Gap was a perfect example. Gap had been with 1 vendor sales force for quite some time. There were 3 other vendors that we displaced in addition to Salesforce to become the system of record inside of GAAP.

是的。我的意思是，我們正處於看起來像是行銷雲替換週期的正中央。而 Gap 就是個完美例子。Gap 與某一家供應商 Salesforce 合作了相當長一段時間。除了取代 Salesforce 之外，我們還取代了另外 3 家供應商，成為 GAAP 內部的記錄系統（system of record）。

And when you look at these very large organizations, they don't want to use 4, 5, 6 different vendors, including a software provider or a professional services firm, activation platforms, data, CDP, all separate these very large enterprises want next-generation technology.

當你看這些非常大型的組織時，他們不想使用 4、5、6 個不同的供應商——包括軟體供應商或專業服務公司、啟用平台、資料、CDP——全部分散開來；這些大型企業想要的是下一代技術。

And today, we are the only marketing cloud that has data and AI as native, foundational to the application layer. So as other entities have to step out of their platform through API integration to use AI and then to get to the data sources and then back to the AI and then back to the platform, that latency destroys return on marketing spend. Our foundational platform can answer in a millisecond what other platforms can answer at all to be quite frank. So we're actually seeing RFP velocity go up and we're seeing closing go up as we saw in this quarter. And we have a record pipeline right now.

而在今天，我們是唯一一個在應用層原生、以資料與 AI 作為基礎核心的行銷雲。因此，當其他業者必須透過 API 整合離開其平台才能使用 AI，接著再去取得資料來源、再回到 AI、再回到平台時，那種延遲會摧毀行銷支出的報酬率。坦白說，我們的基礎平台能在毫秒內回答的問題，其他平台甚至未必能回答。所以我們確實看到 RFP 的速度在提升，也看到成交在提升，就像我們本季所見。而我們目前的管線創下紀錄。

It's by far the largest we've ever had. So I think we're very well positioned for where the market is and where it's going.

這是迄今為止我們擁有過的最大規模。所以我認為，面對市場現況與未來走向，我們的定位非常好。

Great to hear. And if I could sneak one more in. Given the increased adoption with Athena and AI-enabled workflows, can you help us think about the puts and takes on gross margin performance in the back half of 2026?

很高興聽到。如果我可以再追問一個。鑑於 Athena 與 AI 驅動工作流程的採用增加，你能否協助我們思考 2026 年下半年毛利率表現的利多與利空因素？

The gross margin performance in the back half of the year is largely dependent upon mix. So we talked about how the second quarter came in where we expected, given where the direct mix was in the quarter of where that efficiency plays in, by the way, not just in R&D, but also across G&A and in sales and marketing as well. As we saw in the second quarter, and we expect to continue to see very strong unit economics on our expense to revenue ratios that showed up in very strong adjusted EBITDA margin. We're continuing to see efficiencies in CapEx, which then obviously flowed through the higher free cash flow. And then the good work on dilution and on stock-based compensation generated a very positive GAAP net income.

下半年毛利率表現主要取決於組合（mix）。因此我們談到第二季的結果符合我們的預期，考量到當季直銷組合的情況，以及效率在其中扮演的角色——順帶一提，不僅在研發（R&D），也涵蓋一般與行政（G&A）以及銷售與行銷。如同我們在第二季看到的，我們預期將持續看到費用對營收比率的單位經濟（unit economics）非常強勁，這也反映在非常強的調整後 EBITDA 利潤率上。我們也持續看到資本支出（CapEx）的效率提升，這顯然帶動了更高的自由現金流。此外，在稀釋與以股票為基礎的薪酬方面的良好工作，也帶來非常正面的 GAAP 淨利。

Jack Nichols, KeyBanc Capital Markets.

Jack Nichols，KeyBanc Capital Markets。

David, maybe to start with you. How are you thinking about the opportunity for Athena's heavy users today post foundry infrastructure pivot? And what does that mean for these heavy users on the new platform? And what's the biggest risk in the coming months during the transition to lift the move to foundry?

David，或許先從你開始。Foundry 基礎設施轉向之後，你如何看待 Athena 目前重度使用者的機會？這對新平台上的這些重度使用者意味著什麼？以及在接下來幾個月、過渡到 Foundry 的過程中，推動遷移最大的風險是什麼？

Well, so to be clear, the transition is done. It's seamless to our clients. We rearchitected the data cloud on top of it and adopted their anthology. So it is a massive benefit to answer your question. So when you look at Athena at the top of our tech stack is now going to be Athena powered by open AI.

好的，先說清楚，轉換已經完成了。對我們的客戶而言是無縫的。我們在其之上重新架構了資料雲，並採用了他們的 anthology。所以回答你的問題，這帶來的是巨大的好處。因此，當你看 Athena 位於我們技術堆疊的最上層，現在將會是由 OpenAI 驅動的 Athena。

She will then interact with this Zeta platform in addition to the data cloud. Every time the Zeta platform and the data cloud access data will now be inside of Palantir's architecture, which moves extremely faster than the architecture we were working on before. So we'll be able to answer more questions smarter and faster.

接著她會與 Zeta 平台互動，並且也會與資料雲互動。每一次 Zeta 平台與資料雲存取資料，現在都會在 Palantir 的架構內完成，而這個架構的速度遠快於我們先前使用的架構。因此我們將能更聰明、更快速地回答更多問題。

We'll be able to onboard new client data faster and with better orientation, which will allow for higher levels of intelligence faster. As you know, the longer a client has worked with us traditionally, the smarter the platform has gotten the faster the return on investment. With Athena and foundry we're seeing that happen faster. Instead of taking years of managing questions, it can now take days to get to the same level of return on marketing spend and the same intelligence that used to take us years.

我們也能更快地導入新客戶資料，且具備更好的資料對齊與脈絡，這將使更高層次的智慧更快產生。如你所知，傳統上客戶與我們合作時間越久，平台就越聰明，投資報酬率也越快顯現。透過 Athena 與 Foundry，我們看到這件事發生得更快。過去需要多年累積與管理問題，現在可能只需要幾天，就能達到同樣的行銷支出報酬率，以及過去需要多年才能達到的同等智慧水準。

And that, I think, is going to drive much faster adoption. And once again, heavy users had a 400 basis point higher net retention rate than our other clients for Athena today. I think you're going to see that number continue to evolve.

而我認為，這將推動更快的採用。再一次強調，Athena 的重度使用者目前的淨留存率比其他客戶高出 400 個基點。我認為你會看到這個數字持續演進。

That makes some sense. And maybe for Chris. What kind of usage trends of a then are baked into the super scaled ARPU growth to achieve the organic guide?

這樣就說得通了。那也許問 Chris。為了達成你們的有機成長指引，超大規模 ARPU 成長中，已經納入了哪些 Athena 使用趨勢假設？

What we have line of sight to. So -- and that, by the way, same is said for the partnership agreements. We talked about the multiple layers of conservatism. What we built in the guidance is what we signed already. So we're not leaning into anything on a go-get perspective on either AI adoption or newly signed partner agreements that are still yet to be closed in the pipeline.

我們目前可見、能掌握的部分。而且順帶一提，合作協議也是同樣的說法。我們談過多層次的保守性。我們納入指引的是我們已經簽署的內容。因此，無論是 AI 採用，或是新簽的合作協議（仍在管線中、尚未完成簽約），我們都沒有在指引中以「積極爭取」的角度去押注。

Matt Bullock, Bank of America.

Matt Bullock，Bank of America。

I was maybe -- I was hoping you could maybe put a finer point on what's working well in terms of driving improvements in sales rep productivity. And then can you help us think about the outlook for quota-carrying rep head count for the remainder of the year to address the pipeline you talked about?

我想——我希望你能更精準地說明，在推動銷售代表生產力提升方面，哪些做法運作得很好。另外，你能否協助我們思考，為了因應你提到的管線，今年剩餘期間配額承擔型（quota-carrying）銷售代表人數的展望？

Yes. So first off, 1 data continues to be gaining speed. So we launched next, call it, 15-ish plus months ago. And we're starting to really see the benefit of our sellers attach more channels and more meaningfully more use cases into their deals. We talked about pipeline creation per rep being up around 10%.

好的。首先，第一方資料（1P data）持續加速。我們大約在 15 個多月前推出 Next。我們開始真正看到效益：我們的銷售在交易中能附加更多渠道，以及更有意義地納入更多使用情境。我們提到每位業務的管線創造量提升約 10%。

And -- that's a big source that also we're call it 6 months now from acquiring Marigold, all the hard work on the integration has been done both within the G&A sales and marketing R&D structure, now we're starting to see the benefits of the cross-sell and the upsell activity, namely really around their loyalty products and selling Zeta's acquire and grow use cases in. So I feel like we're at a place where -- we've got the right tenure of reps, meaning the right balance between those are in their first 12 months, 12 to 24 months and greater than 24 months where the type of productivity we're seeing now can really continue to go throughout the year.

另外——我們收購 Marigold 至今大約 6 個月，整合的艱鉅工作已經完成，涵蓋 G&A、銷售與行銷、以及研發（R&D）架構；現在我們開始看到交叉銷售與加購（upsell）活動的效益，主要是圍繞他們的忠誠度產品，以及把 Zeta 的 acquire 與 grow 使用情境賣進去。所以我覺得我們已經到了一個階段——我們的業務任期結構是對的，也就是在入職前 12 個月、12 到 24 個月、以及超過 24 個月之間有適當的平衡；因此我們現在看到的生產力型態，確實可以在全年持續延伸。

I also think our hyper-focusing by vertical by salesperson has really unlocked a massive opportunity. That was sort of an aha moment for us, Matt, where we start to see when we bring in people who have industry expertise in a vertical and they sell their productivity goes through the roof.

我也認為，我們依照垂直產業、由業務人員進行高度聚焦，確實解鎖了巨大的機會。對我們來說那算是一個「啊哈」時刻，Matt——當我們引進在特定垂直產業具備產業專業的人才時，他們的銷售生產力就會大幅飆升。

Richard Baldry, ROTH Capital Partners.

Richard Baldry，ROTH Capital Partners。

You talk about in the generative engine optimization side. Do you think that's helping you win client wallet share? Or is those dollars really sort of moving from one channel to another?

你提到生成式引擎最佳化（GEO）這一塊。你認為這是否正在幫助你們提升客戶錢包份額？還是說這些預算其實只是從一個渠道轉移到另一個渠道？

Because we never did search engine optimization, it's 100% upside to us, Rich. So the other thing we're finding is that new clients are really excited about that. And we're one of the very few companies that has an API integration into Claude chat PT and Gemini. So we're able to help across all of those platforms in real time through one GEO user interface. And then we're able to serve the marketing, obviously, in the GEMINI and into open AI as a subset of that.

因為我們以前從未做過搜尋引擎最佳化（SEO），所以對我們來說是 100% 的增量利多，Rich。另外我們也發現，新客戶對此非常興奮。而且我們是少數幾家能透過 API 整合到 Claude、ChatGPT 和 Gemini 的公司之一。因此我們能透過單一 GEO 使用者介面，在所有這些平台上即時提供協助。接著我們也能在其中把行銷服務提供到 GEMINI，以及作為其子集合延伸到 OpenAI。

So you're able to really move the flywheel in a way that I don't think others are able to do. I think new customers see that as a shiny new thing and I think it's very exciting. And we're seeing existing customers adopt it as a part of their marketing strategy.

所以你們確實能以我認為其他人做不到的方式推動飛輪效應。我覺得新客戶把它視為一個閃亮的新事物，確實非常令人興奮。而我們也看到既有客戶把它納入他們的行銷策略的一部分來採用。

Actually, maybe when you think about how fast moving those generative engine corporations are that you're partnering with and Palantir itself is a different use case, how fast that company is moving you've really grown without adding a lot of head count in recent years. Do you think there's a point in which to try to keep up to those opportunities, you need to add a bit more to the head count to support the fast growth in those areas.

其實，當你想到你們合作的那些生成式引擎公司推進速度有多快，以及 Palantir 本身是不同的使用情境、那家公司推進速度也很快——你們近年來在沒有大幅增加人力的情況下仍然成長。你認為是否會有一個時間點，為了跟上那些機會、支援那些領域的快速成長，你們需要再多增加一些人力？

We're just not seeing that right now, Rich. We're seeing productivity in the company go up at a rate that I didn't think possible not only we seeing, as I said, 89.6%, call it, 90% of our new code generated. We did a really interesting deal this quarter where we signed one of the first sort of ubiquitous enterprise agreements with OpenAI, where all of our global employees now have access to all of OpenAI's products.

我們目前還沒有看到那種情況，Rich。我們看到公司生產力提升的速度，超出我原本以為可能的程度；不僅如此，如我所說，我們有 89.6%——就算 90% 吧——的新程式碼是由 AI 生成的。本季我們做了一筆非常有意思的交易：我們與 OpenAI 簽下了首批之一、可說是相當普遍適用的企業級合約，讓我們全球所有員工現在都能使用 OpenAI 的所有產品。

And not only are we doing that, we're doing it in a way where the used cost for everybody is baked in. So we've got use cost for everybody. If power users go over a certain amount of token usage, the platform actually refers to their manager to approve additional token utilization I think as we're building productivity tools like that, we're seeing sales productivity explode -- at the same time, we're seeing total AI cost for the company internally well under 1% of revenue. And we think that's something that's going to continue. So I spend a lot of time on this, as you know, I mean I think we'll add head count, but I think we'll add head count at a slower pace than we grow revenue, and we'll continue to grow EBITDA and free cash flow at a much faster rate than we're growing revenue, if that makes sense.

而且我們不只是這麼做，我們還以把每個人的使用成本都內含在內的方式來做。所以我們已經把每個人的使用成本都涵蓋了。如果重度使用者超過某個 token 使用量門檻，平台會轉交給其主管核准額外的 token 使用——我認為當我們在打造這類生產力工具時，我們看到銷售生產力爆發式成長；同時，我們也看到公司內部的 AI 總成本遠低於營收的 1%。而我們認為這會持續下去。所以我在這上面花了很多時間，你也知道；我的意思是，我們會增加人力，但我認為我們增加人力的速度會慢於營收成長速度；而且我們會讓 EBITDA 與自由現金流的成長速度遠快於營收成長——如果這樣說得通的話。

We've actually had a head count just thrown revenue much faster. And even though that AI-based usage is up across the company, unit costs for that AI are down almost 40%.

事實上，我們的人力成長速度遠低於營收成長速度。而且即使全公司 AI 相關使用量上升，該 AI 的單位成本卻下降了將近 40%。

And that's because of the relationships we've been able to negotiate.

這是因為我們能夠談成的合作關係與條件。

Scott Berg, Needham.

Scott Berg，Needham。

I'll skip the (inaudible) move to something a little different, I guess.

我先略過（聽不清楚），換個稍微不同的問題吧。

You don't want to talk about Palantir?

你不想談 Palantir 嗎？

I do. We'll speak on it plenty I'm sure, David. But my question is on your expansion opportunity, especially within your superscale customers, the slide in your deck, in your presentation deck in the quarter, I thought it was kind of interesting that -- you've been kind of range bound on the ARPU for your superscale customers over the last 7 quarters. It's kind of bounced around from $1.6 million to $1.8 million just kind of back and forth.

我想。我相信我們一定會談很多，David。但我的問題是關於你們的擴張機會，特別是在你們的超大規模客戶（superscale）之中。你們本季簡報投影片裡有一頁，我覺得挺有意思：過去 7 個季度，你們超大規模客戶的 ARPU 一直在一個區間內波動。大概就在 160 萬到 180 萬美元之間來回。

We know you guys are doing a good job of expanding with some of your customers. I'm trying to help under -- just trying to better understand that dynamic, I guess, some of your new customers may be coming in with a slightly lower ARPU on that superscale level to just kind of balance that out? Or maybe the metrics not reflecting some maybe numbers or some expansion deals that were maybe expecting in the back half of the year?

我們知道你們在部分客戶身上做得很好、持續擴張。我想更好地理解這個動態：是不是有些新客戶在超大規模層級的起始 ARPU 稍微低一些，因而把平均值拉平？或者是這些指標尚未反映一些數字、或一些原本預期會在下半年發生的擴張交易？

It's more the latter, and I'll go quick just so we can get other questions in, but there's a Slide 8 in our earnings event. What's masking that, Scott, is that as new pilots and proof of concepts become superscale, so they cross that $1 million threshold they are still a distance from where our more mature, those superscale customers that have been platform, call it 2, 3, 4 years that have an ARPU that is 4, 5, 6x greater than those that are in the kind of early part of the journey.

比較偏向後者。我會簡短回答，好讓我們能留時間給其他問題。不過在我們財報活動的第 8 頁投影片有說明。Scott，掩蓋這個現象的原因是：當新的試點（pilot）與概念驗證（POC）變成超大規模客戶、也就是跨過 100 萬美元門檻時，他們距離我們更成熟的超大規模客戶仍有一段差距——那些已在平台上 2、3、4 年的超大規模客戶，其 ARPU 會是這些旅程早期客戶的 4、5、6 倍。

So what you'll see on the slide is the average size in terms of ARPU of a customer who has been on the platform less than 12 months is $700,000 as opposed to those that have been on the platform for 4 or more years, that's now approaching 4 million per. So we're actually seeing those superscale customers get bigger, become a bigger and bigger part of our overall revenue. and have a greater and greater share of our net revenue retention.

所以你在投影片上會看到：上線未滿 12 個月的客戶，其平均 ARPU 約為 70 萬美元；相較之下，在平台上 4 年或更久的客戶，現在每家已接近 400 萬美元。因此我們其實看到這些超大規模客戶變得越來越大、在我們整體營收中的占比越來越高，並且在我們的淨營收留存（NRR）中占比也越來越大。

Clark Wright, D.A. Davidson.

Clark Wright，D.A. Davidson。

was great to see better-than-expected organic growth results this quarter. How much of this growth is coming from continued success with agencies versus your direct enterprise sales motion?

本季看到優於預期的有機成長表現很不錯。這些成長有多少來自於你們在代理商（agency）端的持續成功，相對於你們直接面向企業的銷售動能？

I think it's really well spread out, Clark. We continue to see the agency business at approximately 20% of revenue, and we continue to see direct-to- enterprise at approximately 80% of revenue. So haven't seen that skew meaningfully, but we're seeing meaningful organic growth across both those components.

我認為分布相當平均，Clark。我們持續看到代理商業務約占營收 20%，而直接面向企業（direct-to-enterprise）約占營收 80%。所以沒有看到明顯的偏移，但我們在這兩個組成部分都看到顯著的有機成長。

Awesome. Helpful. And then there was a sequential step down in direct platform revenue from 75% to 72%. What caused that this quarter? And is that something we should expect going forward to be at that level?

太好了。很有幫助。另外，直接平台營收占比連續下滑，從 75% 降到 72%。本季是什麼原因造成的？未來我們是否應該預期會維持在這個水準？

Just about to add to David's answer. What drove that was new sales and expansions with agencies. In fact, just within this quarter, since we closed and within the timing of this earnings call, we closed and expand with another very large (inaudible) and as you probably know, Clark, those newer agency signings tend to begin with social and social channel grew very rapidly in the quarter again and drove the integrated platform revenue mix to be higher and then as a byproduct of that the direct platform mix to be at 72%. But it was where we expected based upon how we saw the pipeline, but it's driven by a very strong agency adoption of social as the initial channel.

我補充一下 David 的回答。造成這個變化的是我們與代理商的新銷售與擴張。事實上，就在本季、在我們結帳之後且在這場財報電話會議的時間點之內，我們又與另一家非常大型的（聽不清楚）完成簽約並擴張；而且如你可能知道的，Clark，這些較新的代理商簽約通常會從社群（social）開始，而社群渠道本季再次快速成長，推升整合平台營收占比，進而使直接平台占比落在 72%。但這符合我們根據管線所做的預期，主要是由代理商強力採用社群作為初始渠道所驅動。

Naved Khan, B. Riley Securities.

Naved Khan，B. Riley Securities。

This is (inaudible) calling in for Naved. To start, it's great to see you've got a really strong uptake in tenants making it generally available, but some kind of like costs haven't scaled at the same pace as usage. As you said does continue to scale, how should we maybe think about the way that cost scales or token costs passed directly on to customers? Or does usage become cost of revenue consideration?

我是（聽不清）代替 Naved 來電。首先，很高興看到你們在讓租戶普遍可用方面有非常強勁的採用率，但某種程度上成本的擴張速度似乎沒有跟使用量一樣快。如你所說，隨著使用量持續擴大，我們應該如何看待成本的擴張方式，或是代幣（token）成本是否會直接轉嫁給客戶？或者使用量會成為營收成本（cost of revenue）的考量嗎？

No. So we -- I would tell you that we've done an agreement with OpenAI, where we have a tremendous amount of visibility into our cost. And in this particular product, it's not focused on token utilization. So it's focused on sort of a license for the product that is fully embedded into Athena. I feel very comfortable that we will be able to continue to keep our total AI cost well under 1% of our revenue, while simultaneously growing revenues at obviously substantially faster paces than that even.

不會。所以我們——我會告訴你，我們已經與 OpenAI 達成協議，讓我們對自身成本有非常高的可視性。而在這個特定產品中，並不是以代幣使用量為重點。它更像是針對該產品的授權，並且已完整內嵌到 Athena 中。我非常有信心，我們能在營收明顯以更快速度成長的同時，將整體 AI 成本持續控制在營收的 1% 以下。

Understood. That's really helpful to hear. And then separately, so 8 of your top 10 industries grew over 20%. Can you maybe speak to how those areas are pacing so far in June and July?

了解。這點很有幫助。另外，你們前 10 大產業中有 8 個成長超過 20%。你能否談談這些領域在 6 月和 7 月迄今的進展如何？

I don't want to get -- first of all, the performance within our quarter in 2Q was pretty linear. And I would expect third quarter to be the same way. I don't want to get into projecting third quarter. But what I can tell you is the momentum that they have. We talked about within 8 of the 10.

我不想——首先，我們在第二季（2Q）季度內的表現相當線性。我預期第三季也會是同樣的情況。我不想去做第三季的預測。但我可以告訴你的是它們所展現的動能。我們談到在 10 個中有 8 個。

And by the way, 1 of those 2 that didn't grow over 20% was advocacy, and that obviously has a lot of tailwinds going into the second half of the year. So I'd expect that to be 1 of those greater than 20 next quarter. But there were several of our industries that actually accelerated in their growth from a trailing 12-month basis ending the first quarter where we ended in June. Those were consumer retail, financial services, automotive and health care, all industries with, obviously, a lot of marketing spend behind them.

順帶一提，那 2 個沒有超過 20% 成長的其中 1 個是倡議（advocacy），而這在下半年顯然有很多順風因素。所以我預期它下季會成為成長超過 20% 的其中之一。但我們有幾個產業的成長其實加速了：從截至第一季的過去 12 個月基礎，到了我們在 6 月結束時的水準。這些包括消費零售、金融服務、汽車與醫療保健——顯然都是背後有大量行銷支出的產業。

Obviously, we wouldn't have raised the quarter by $10 million if we didn't think we had a lot of visibility into the quarter, Ethan. So as Chris said, we don't want to comment on 1 month, but nothing that happened in July would lead us to believe that we shouldn't have raised the quarter in the year as much as we did or we would not have done that if that makes sense.

顯然，如果我們不認為對本季有很高的可視性，我們也不會把本季上調 1,000 萬美元，Ethan。所以如 Chris 所說，我們不想針對單一月份評論，但 7 月發生的任何事情都不會讓我們認為不該像我們所做的那樣上調本季與全年；否則我們就不會那麼做——希望這樣說得通。

Thank you so much. And that concludes our Q&A session today. I'll turn the conference back to David Steinberg for closing remarks.

非常感謝。今天的問答環節到此結束。我將把會議交回給 David Steinberg 作結語。

I just wanted to close on how incredibly proud I am of the Zeta team to be able to continue to execute 20 for 20 quarters as a public company, 20 quarters beating and raising to continue to execute over that period of time with that level of excellence to continue to see accelerated sales growth to be able to do partnerships with 3 of the world's most important companies within just a few months if you had told me a few years ago that we would be in a position to announce partnerships like OpenAI, Palantir and Snowflake, I would have I would have been blown away by that alone.

我想以此作結：我為 Zeta 團隊感到無比自豪，作為一家上市公司，我們能夠連續 20 個季度做到 20 for 20——20 個季度都超預期並上調指引，在那段期間以如此卓越的水準持續執行；也持續看到銷售成長加速；並且在短短幾個月內就能與全球最重要的 3 家公司建立合作夥伴關係。若你幾年前告訴我，我們會處於能宣布像 OpenAI、Palantir 和 Snowflake 這樣合作的地位，光是這一點就足以讓我震撼。

That shows what's happened to data as a brand because none of them would have trusted us if they didn't trust our brand and they didn't trust our business. So thank you again to all of our Zeta people to all of our clients and especially to our partners, we appreciate everything that you guys are doing for us and with us as a company. Have a nice day, everybody.

這顯示了資料作為一個品牌所發生的變化，因為如果他們不信任我們的品牌、不信任我們的業務，他們不會信任我們。所以再次感謝所有 Zeta 的同仁、所有客戶，尤其是我們的合作夥伴；我們感謝各位為我們、也與我們一起作為一家公司所做的一切。祝大家有美好的一天。

And that concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以斷線。