Zeta Global Holdings Corp.

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.

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 Zeta's investor relations website at investors.zetaglobal.com. where you'll 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. Thank you. Thank you. Thank you. With that, I'll now turn the call over to 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. 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. Second quarter revenue was $443 million representing year-over-year growth of 44%. That's up 28% year-over-year excluding M&A revenues. 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 raising the midpoint of our 2026 revenue guidance by $33 million. 20 consecutive beaten race quarters reflects more than just strong execution. It is evidence of growing and durable demand for our platform that turns data into intelligence, intelligence into decisions, and decisions into measurable outcomes. Investors have historically viewed Zeta as a marketing technology company. Marketing is where our platform was first applied and where we 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. 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. 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 workflows. 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. And with Zeta Business Intelligence, aka ZDI, we are also expanding 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. To be clear, this is not static dashboards or old school business intelligence used to explain what happened. ZBI helps predict what happens next and acts on it in real time. A major sports and entertainment company uses ZBI 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 ZBI to quantify the incremental value it drives for retail partners, including customer growth, spending, and long-term value. This helps demonstrate the brand's impact at retailers and identify opportunities to deepen distribution and partnership investment. 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 four 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 them. Proprietary data, governance, workflows, and decisioning systems that turn intelligence into outcomes. Those decisioning systems are our own inference models, smaller purpose-built models that we have been training on the data cloud since 2017. 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 Zeta 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. That dramatically lowers the barrier to adoption and expands use across teams, channels, and use cases. 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 Zeta. 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. 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, and enterprise AI infrastructure that large organizations require. Zeta contributes proprietary customer intelligence, proprietary data, identity, decisioning, and activation. And we have reached two important milestones in this partnership already. Our data cloud was fully integrated with Foundry as of July 31st, and we have already received multiple agreements for our initial combined sale with several other meaningful opportunities in flight. Together, these four catalysts are accelerating Zeta's transformation and strengthening our position as the intelligent AI infrastructure layer for the enterprise. Thank you for joining us. We make millions of them a day at infrastructure economics. That is the flywheel driving our results. And we're seeing it play out across our existing customer base. A leading telecommunications provider recently expanded its relationship with Zeta 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 lifecycle. Athena is beginning to accelerate that dynamic to give investors greater visibility into its impact. 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. Gap is a powerful example of our platform evolution. As part of its broader AI-led transformation, Gap selected Zeta 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. We are helping GAP 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 multi-year agreement as GAP's 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. would serve 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. The conversations we began in Cannes 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 8th. I'm excited to announce we already have two incredible headline speakers, Olympic gold medalist, entrepreneur, and founder, Lindsey Vonn, and entrepreneur and global superstar, 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, empowering workflows to a system of intelligence that knows, decides, acts, and learns. The opportunity in front of us is no longer just about modernizing marketing. It's about helping enterprises turn fragmented data into intelligence, 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've been building for years. Yet we are still in the very early stages of this opportunity. AI is changing how enterprises operate, how software is consumed, and what businesses expect from their technology platforms. That creates an opportunity to expand our role from helping customers execute marketing programs to becoming 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.