Zeta Global Holdings Corp.

Greetings and welcome to the Zeta Q4 2025 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 should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Matt Fah. Thank you. You may begin.

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

Thank you, Matt. Good afternoon, everyone, and thank you for joining us today. We delivered our 18th consecutive beat and raise quarter, and I want to be clear about why this keeps happening. It is not a single product cycle or a favorable compare. It is the compounding effect of a system, proprietary data that improves with every customer interaction, Intelligence that sharpens with every decision, and now an interface in Athena that lowers the barriers to enterprise-wide adoption. The flywheel is what drives durable, predictable, and profitable growth. Fourth quarter revenue was $395 million, up 28% year over year, ex-acquisition and political candidates. an acceleration from the third quarter. Adjusted EBITDA was $95.1 million, up 35% year over year, and we had positive gap earnings. With these multi-year rates of revenue growth, we are taking market share. This is evidence Zeta is the AI disruptor in marketing. After providing initial 2026 outlook that was already ahead of consensus, we are once again raising the midpoint of our 2026 revenue guidance by $25 million to $1.755 billion, reflecting year-over-year growth of 35%. Our momentum is driven by AI shift from feature to infrastructure across the enterprise, and Zeta is built for this transformation. Our AI investments, which began eight years ago, are yielding better and better results. Marketers are recognizing the strong return on investment delivered by Zeta and increasingly view us as a revenue center for their business, not a cost center. A recent total economic impact study by Forrester confirmed a 600% return on ad spend, which we believe is contributing to the wallet share gains from our competitors in an already quickly growing market segment. This is a reflection of what happens when proprietary data, intelligence, and activation work as one operating system, not three separate tools. Zeta is our client's marketing operating system, and we expect these returns to grow as our AI capabilities advance and Athena fully launches. The impact is already visible in our performance. Net revenue retention hit a record high of 120% in 2025, up from 114% in 2024. And RFP volume more than doubled year over year to a new record. Customers are spending more and new prospects are showing up faster. Both signals of the same thing. The Zeta operating system is working and working at scale. Building on this momentum, at Zeta Live last October, we introduced Athena, our super intelligent agent built specifically for enterprise marketing. And since then, the pace of interest, engagement, and opportunity has continued to increase. At CES last month, Athena had a significant presence and customer engagement was exceptional. Feedback was overwhelmingly positive, with customers consistently recognizing Athena represents a fundamentally new way of working. Early Athena users are reporting significant time savings in segmentation, production, analysis, and substantially better return on investment. This is the kind of workflow transformation that drives deeper platform adoption and greater utilization. Athena enhances the Zeta marketing platform that is an intelligent operating system for growth, one that can listen, reason, and act on behalf of marketers in real time. We are very encouraged by this early customer feedback and remain on track to make Athena generally available by the end of the first quarter. At CES, we also announced our partnership with OpenAI. We view large language models much like cloud infrastructure, foundational technologies that enable innovation with real differentiation coming from the tools, workflows, data, and operating systems built on top. Our partnership makes OpenAI's technology foundational to Athena, but powerful models are only part of the equation. AI is only as effective as the data that fuels it. As personalization moves to true one-to-one, identity and intent become critical. That's where Zeta's Supergraph comes in, a proprietary deterministic identity and relationship graph within our data cloud that unifies data across multiple sources. The Supergraph creates a moat that widens with every improvement in AI models across the market. Built over the past decade, Zeta's Supergraph operates at scale across more than 245 million U.S. adults and 535 million globally, with more than a trillion signals, the vast majority of which are available only to Zeta. As AI demands higher quality, deterministic data to deliver real personalization, this asset becomes more valuable, not less. Our AI and data advantage also help to fuel OneZeta. OneZeta is no longer just a strategy. It is a repeatable sales model. In the fourth quarter, the number of scaled customers using more than one use case was up over 80% year over year. And the opportunity in front of us continues to expand. Today, we serve 51 of the Fortune 100, up from just 44 one year ago, and over 120 of the Fortune 500. Collectively, these clients alone represent well over $100 billion in annual marketing spend. significantly expanding the long-term OneZeta opportunity. Athena further amplifies the strategy by removing the friction across the Zeta marketing platform, making it easier for customers to adopt, expand, and scale multiple use cases. And as I will discuss in a moment, the Marigold acquisition adds another important accelerant to OneZeta, by expanding the data, use cases, and value we can deliver to customers. Taken together, the combination of our AI leadership, the continued maturation of OneZeta, and the momentum coming out of Zeta Live and CES, these are reinforcing our powerful growth flywheels. This momentum pushed our pipeline to record levels coming out of Zeta Live, and we have already closed $39 million of business directly attributable to the event, putting us well on our way to our goal of $100 million total. I will close with an update on Marigold. The integration is progressing well, and we continue to anticipate Marigold being accretive to free cash flow and adjusted EBITDA in year one. We are actively engaging with Marigold's enterprise clients through a one Zeta lens, identifying opportunities to add value, expand use cases, and deepen those relationships over time. We are also seeing strong interest from Zeta customers in adopting Marigold's loyalty product. As I reflect on what Zeta accomplished in 2025, I am so incredibly proud of this team. We exceeded our initial revenue guidance by 5% and our free cash flow guidance by 27%. We expanded existing partnerships and forged new ones, increasing our leadership in the marketing ecosystem. And we developed the most important product in our company's history with Athena. Together, we expect these achievements to extend Zeta's position as the defining AI disruptor in the marketing ecosystem. As always, I would sincerely like to thank our customers, our partners, Team Zeta, and all of our shareholders for the ongoing support of our vision. Now let me turn it over to Chris to discuss our results in greater detail.