Zeta Global Holdings Corp.

earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Matt Fahl, SVP of Investor Relations. You may begin.

Thank you, operator. Hello everyone and thank you for joining us for Zeta's third quarter 2025 conference call. Today's presentation and earnings release are available on Zeta's investor relations website at investors.zetaglobal.com where you will also find links to our SEC filings along with other information about Zeta. 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. 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. In addition, our discussion today will include references to certain supplemental non-GAAP financial measures which should be considered in addition to and not as a substitute for our GAAP results. We use these non-GAAP measures in managing our business and believe they provide useful information for our investors. Reconciliations of the non-GAAP measures to the corresponding GAAP measures, where appropriate, can be found in the earnings presentation available on our website, as well as our earnings release and our other filings with the SEC. With that, I will now turn the call over to David.

Thank you, Matt. Good afternoon, everyone, and thank you for joining us today. For the 17th quarter in a row, we once again delivered a beat and raise quarter, driven by our leadership in AI-powered marketing. In Q3, revenue was $337 million, up 28% year-over-year ex-political and live intent. This is an acceleration in growth from Q2. Adjusted EBITDA was $78 million, up 46% year-over-year. And free cash flow was $47 million, up 83% year-over-year, representing a margin of 14%. This is the highest free cash flow margin we have ever achieved, and we did it while accelerating our revenue growth ex-political and live intent. This demonstrates our focus on driving growth and improved profitability while investing to extend our AI leadership. Based on our year-to-date momentum and our record pipeline exiting Zeta Live, we are raising our 2025 revenue guidance by $11 million at the midpoint and providing an initial 2026 outlook well ahead of consensus. In October, we hosted our fifth annual Zeta Live, our most successful event yet with max capacity audience. Attendance was up 35%, and unfortunately, we had to turn away a large number of people. For next year, we are currently looking for a bigger venue. We had strong executive participation, representing more than $100 billion in annual marketing spend decision makers in attendance. At Zeta Live, we hosted 38 sessions, featured 95 speakers, delivered nearly 120 product demos, and shockingly served 7,600 coffees to the 1,500 attendees. Customer feedback was overwhelmingly positive, with many attendees commenting that it was one of the best events they have ever attended. Our goal is to close over $100 million in incremental business coming out of Zeta Live. At Zeta Live, we launched Athena, our next step in leading the AI revolution in marketing. Athena is our AI conversational super intelligent agent that becomes the intelligent operating system for our clients' businesses, and ultimately for their lives. Athena marks a major breakthrough in human AI collaboration, removing the friction between the human and artificial intelligence and acting as a real-time voice-activated command center for the Zeta marketing platform. One workspace to plan, execute, analyze, and optimize in plain spoken English. AI is the new UI, and Athena proves it. You speak your objectives, it builds the experience, launches the program, and delivers insights on one screen, making it easier to adopt more channels, more use cases, and ultimately drive greater ROI and spend on Zeta's platform. The business impact of using Zeta is already proven. Independent analysis shows Zeta stands up 50% faster than our peers and delivers a 6 to 1 return on investment. And with Athena making the platform radically easier and more intuitive, we believe these numbers will only get stronger. This is how AI becomes a habit. not a headline. Adoption scales, usage deepens, and the platform becomes harder to leave. We believe Zeta is uniquely positioned to develop Athena for three key reasons. First, data advantage. Our Zeta Data Cloud gives Athena rich, real-time signals for personalization and prediction that generic AI just cannot match. Second, native integration. Athena is embedded in the Zeta marketing platform, connecting answers to actions and insights to activation and measurement. Unlike our competitors who have legacy tech debt and cannot natively embed AI into their marketing clouds. Third, AI track record. AI is foundational to what we do at Zeta. We have natively built AI into our platform since 2017, and we believe this AI leadership is the reason we are winning today. At Zeta, artificial intelligence is foundational to our business, not an add-on like our competitors are building. The reception from customers, prospects, and partners has been incredible. If you did not attend the standing room only Athena demo at Zeta Live, I encourage you to watch it in the investor relations section of Zeta's website. It is truly game changing. Athena is in internal beta now, and we expect it to be in client beta by the end of Q4 and fully production ready by the end of the first quarter of 2026. OneZeta is a key growth engine for us and a growth flywheel for our customers as they consolidate more data and use cases into the Zeta marketing platform. Customers who adopt two or more use cases generate greater than three times the annual revenue of a single use case customer, have our highest NPS score, and see the highest return on marketing spent. We have accelerated this focus under Ed C., our chief growth officer, and the results are meaningful. For example, a leading big box retailer consolidated acquire, grow, and retain onto the ZMP at the start of our relationship. That agreement was greater than three and a half times the size of a standard deal with similarly sized enterprises. Second, One of the fastest growing specialty retailers started with the retain use case and recently added a grow use case. As a result, the customer is expected to spend over $2 million with us in the fourth quarter compared to only $700,000 in the first quarter, a threefold increase, and we expect this customer to continue to grow into next year. We expect the strong pipeline generated from Zeta Live combined with the acquisition of Marigold's enterprise software business, which includes over 100 enterprises, 20 of the top 100 advertisers in North America, and more than 40 Fortune 500 companies who are all currently only on one use case. will further accelerate our OneZeta momentum into 2026 and beyond. I'll close with an update on our agreement to acquire Marigold's enterprise software business. We remain on track to complete the acquisition by the end of the year. After spending the past several weeks getting to know the business and the team better during the closed process, I am even more enthusiastic about the opportunity this acquisition represents. Strategically, the data that we pick up, including the loyalty program, will be game-changing to training our proprietary algorithms, including our Athena, Answers, and generative engine optimization products, and widens our data cloud mode. We hosted several of their employees and customers at Zeta Live, and the one plus one equals four opportunity is more clear than ever. Great numbers are the output. The inputs are great execution, products, and people. The reason we are growing in an accelerated pace is simple. We have superior artificial intelligence and data to our competitors. that we started developing eight years ago, not eight months ago. Our consistent execution over the past 17 quarters as a public company is a credit to our artificial intelligence, our people, and our data. Quarter after quarter, we have raised the bar. As always, I would like to sincerely thank our customers, our partners, Team Zeta, and all of our shareholders for the ongoing support of our vision. Now let me turn it over to Chris to discuss our results in greater detail. Chris?