- Delivered 2Q’22 revenue of $137M, up 28% Y/Y and up 9% Q/Q
- Added a record 14 new scaled customers in the quarter and grew
scaled customer ARPU 19% Y/Y
- Drove direct platform revenue contribution of 81% vs. 77% in
2Q’21, resulting in a 290 bps Y/Y reduction in cost of revenue to
36.6%, or a 390 bps Y/Y reduction excluding stock-based
compensation to 35.3%1
- Generated cash flow from operating activities of $14.7M, up 93%
Y/Y
- Announcing $50 million stock repurchase and RSA withholding
program
Zeta Global (NYSE: ZETA), a cloud-based marketing technology
company that empowers enterprises to acquire, grow, and retain
customers more efficiently, today announced financial results for
the second quarter ended June 30, 2022.
“Zeta delivered another strong quarter with accelerating revenue
and profit growth along with robust cash generation,” said David A.
Steinberg, Co-Founder, Chairman, and CEO of Zeta. “Marketing
efficiency has never been more important than it is today, and Zeta
is well positioned to capitalize. We are incredibly proud of the
company we have built and the people who have helped us build it.
We believe the current valuation of our shares does not reflect the
true value of our company. Our new share repurchase authorization
reinforces our Board’s confidence in the continued growth of the
business and our commitment to creating value for our
shareholders.”
“With our fourth straight quarter of beating and raising against
expectations, our second quarter results continue to showcase
Zeta’s culture of high performance and strong execution,” said
Chris Greiner, Zeta’s CFO. “Record new scaled customer additions,
continued ARPU expansion, sustained positive mix shift, an
increasing mix of multi-year, recurring revenue contracts, record
RFP activity, and robust pipeline expansion are continued evidence
that our value proposition is resonating in the market and that
demand remains resilient. We are tracking ahead of our Zeta 2025
plan with strength across each of our core KPIs.”
Second Quarter 2022 Highlights
- Total revenue of $137 million, an increase of 28% Y/Y.
- Scaled customer count of 373 compared to 359 in 1Q’22.
- Scaled customer ARPU of $355 thousand, an increase of 19%
Y/Y.
- Direct platform revenue made up 81% of total revenue compared
to 77% in 2Q’21.
- Lowered the cost of revenue percentage by 390 basis points Y/Y
to 35.3%, excluding stock-based compensation1.
- GAAP net loss of $86 million, or 62.6% of revenue, was driven
primarily by $82.3 million of stock-based compensation in addition
to $5.7 million of other expenses mostly related to the equity
component of prior M&A deals. The net loss in 2Q’21 was $94.9
million, or 88.8% of revenue.
- GAAP loss per share of $0.63 compared to a loss per share of
$1.92 in 2Q’21.
- Cash flow from operating activities of $14.7 million, compared
to $7.6 million in 2Q’21.
- Free Cash Flow1 of $6.2 million, compared to ($1.8) million in
2Q’21.
- Adjusted EBITDA1 of $18.6 million, an increase of 63% compared
to $11.4 million in 2Q’21.
- Adjusted EBITDA margin1 of 13.5%, compared to 10.7% in
2Q’21.
Recent Highlights
- In August 2022, the Board authorized a stock repurchase program
for up to $50 million of Zeta’s Class A common stock through
December 31, 2024, whereby repurchases may be made from time to
time using a variety of methods, including open market purchases or
privately negotiated transactions.
- In August 2022, the Board authorized the withholding of shares
from certain executive officers to satisfy tax obligations upon
vesting of restricted stock awards, in lieu of having the
executives sell shares into the market to satisfy these
obligations.
- The Company intends to use approximately $50 million in
aggregate Free Cash Flow to fund repurchases and withholdings under
the two programs through December 31, 2024, if economic and market
conditions are favorable.
Zeta Live
Zeta will host its second annual Zeta Live Conference on
September 28 & 29, bringing together the industry’s most
forward-thinking leaders to discuss the most critical topics
impacting businesses and marketing today. A live webcast will be
available on our website (https://zetaglobal.com).
Guidance
Zeta anticipates revenue and Adjusted EBITDA to be in the
following ranges:
Third Quarter 2022
- Revenue of $139 million to $143 million, representing a
year-over-year increase of 21% to 24%.
- Adjusted EBITDA of $19.8 million to $20.3 million, representing
a year-over-year increase of 24% to 27% and an Adjusted EBITDA
margin of 13.9% to 14.6%.
Full Year 2022
- Increasing and narrowing our revenue expectations to a range of
$560 million to $566 million, up from prior guidance of $553
million to $563 million. Revised guidance represents a
year-over-year increase of 22% to 24%.
- Increasing Adjusted EBITDA to a range of $85.8 million to $87.3
million, up from prior guidance of $83.4 million to $86.4 million.
Revised guidance represents a year-over-year increase of 36% to 38%
and an Adjusted EBITDA margin of 15.2% to 15.6%.
Investor Conference Call and Webcast
Zeta will host a conference call today, Wednesday, August 3,
2022, at 5:00 p.m. Eastern Time to discuss financial results for
the second quarter 2022. A supplemental earnings presentation and a
live webcast of the conference call can be accessed from the
Company’s investor relations website
(https://investors.zetaglobal.com/) where they will remain
available for one year.
About Zeta
Zeta Global Holdings Corp. is a leading data-driven, cloud-based
marketing technology company that empowers enterprises to acquire,
grow, and retain customers. The Company's Zeta Marketing Platform
(the "ZMP") is the largest omnichannel marketing platform with
identity data at its core. The ZMP analyzes billions of structured
and unstructured data points to predict consumer intent by
leveraging sophisticated artificial intelligence to personalize
experiences at scale. Founded in 2007 by David A. Steinberg and
John Sculley, the Company is headquartered in New York City. For
more information, please go to www.zetaglobal.com.
Forward-Looking Statements
This press release, together with other statements and
information publicly disseminated by the Company, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Any statements made in this press release or during the
earnings call that are not statements of historical fact, including
statements about our beliefs, intentions, and expectations on
whether the Company will withhold shares to cover taxes, repurchase
any shares under the stock repurchase program, or use Free Cash
Flow to fund such withholdings and repurchases, are forward-looking
statements and should be evaluated as such. Forward-looking
statements include information concerning our anticipated future
financial performance, our market opportunities and our
expectations regarding our business plan and strategies. These
statements often include words such as “anticipate,” “expect,”
“suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,”
“projects,” “should,” “could,” “would,” “may,” “will,” “forecast,”
“outlook, “guidance” and other similar expressions. We base these
forward-looking statements on our current expectations, plans and
assumptions that we have made in light of our experience in the
industry, as well as our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate under the circumstances at such time.
Although we believe that these forward-looking statements are based
on reasonable assumptions at the time they are made, you should be
aware that many factors could affect our business, results of
operations and financial condition and could cause actual results
to differ materially from those expressed in the forward-looking
statements. These statements are not guarantees of future
performance or results.
The forward-looking statements are subject to and involve risks,
uncertainties and assumptions, and you should not place undue
reliance on these forward-looking statements. Factors that may
materially affect such forward-looking statements include, but are
not limited to: the impact of COVID-19 on the global economy, our
customers, employees and business; the war in Ukraine and
escalating geopolitical tensions as a result of Russia’s invasion
of Ukraine; global supply chain disruptions; macroeconomic and
industry trends and adverse developments in the debt, consumer
credit and financial services markets and other macroeconomic
factors beyond Zeta’s control; potential fluctuations in our
operating results, which could make our future operating results
difficult to predict; underlying circumstances, including cash
flows, cash position, financial performance, market conditions and
potential acquisitions, that could affect our ability to fund any
stock repurchases or withhold shares to cover taxes such that sales
to cover taxes may be required upon vesting of restricted stock
awards (“RSAs”); prevailing stock prices, general economic and
market condition and other considerations that could affect the
specific timing, price and size of repurchases under our stock
repurchase program; our ability to innovate and make the right
investment decisions in our product offerings and platform; our
ability to attract and retain customers, including our scaled
customers; our ability to manage our growth effectively; our
ability to collect and use data online; the standards that private
entities and inbox service providers adopt in the future to
regulate the use and delivery of email may interfere with the
effectiveness of our platform and our ability to conduct business;
a significant inadvertent disclosure or breach of confidential
and/or personal information we process, or a security breach of our
or our customers’, suppliers’ or other partners’ computer systems;
and any disruption to our third-party data centers, systems and
technologies. These cautionary statements should not be construed
by you to be exhaustive and the forward-looking statements are made
only as of the date of this press release. We undertake no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
The third quarter and full year 2022 guidance provided herein
and Zeta 2025 targets are based on Zeta’s current estimates and
assumptions and are not a guarantee of future performance. The
guidance provided and Zeta 2025 targets are subject to significant
risks and uncertainties, including the risk factors discussed in
the Company's reports on file with the Securities and Exchange
Commission, that could cause actual results to differ materially.
There can be no assurance that the Company will achieve the results
expressed by this guidance or the targets.
Availability of Information on Zeta’s Website and Social
Media Profiles
Investors and others should note that Zeta routinely announces
material information to investors and the marketplace using SEC
filings, press releases, public conference calls, webcasts and the
Zeta investor relations website at https://investors.zetaglobal.com
(“Investors Website”). We also intend to use the social media
profiles listed below as a means of disclosing information about us
to our customers, investors and the public. While not all of the
information that the Company posts to the Investors Website or to
social media profiles is of a material nature, some information
could be deemed to be material. Accordingly, the Company encourages
investors, the media, and others interested in Zeta to review the
information that it shares on the Investors Website and to
regularly follow our social media profile links located at the
bottom of the page on www.zetaglobal.com. Users may automatically
receive email alerts and other information about Zeta when
enrolling an email address by visiting "Investor Email Alerts" in
the "Resources" section of the Investors Website.
Social Media Profiles: http://www.twitter.com/zetaglobal
http://www.facebook.com/ZetaGlobal
http://www.linkedin.com/company/zetaglobal
http://www.instagram.com/zetaglobal
The Following Definitions Apply to the Terms Used Throughout
this Release, the Supplemental Earnings Presentation and Investor
Conference Call
- Direct Platform and Integrated Platform: When the Company generates
revenues entirely through the Company platform, the Company
considers it direct platform revenue. When the Company generates
revenue by leveraging its platform’s integration with third
parties, it is considered integrated platform revenue.
- Cost of revenue: Cost of revenue
excludes depreciation and amortization and consists primarily of
media and marketing costs and certain personnel costs. Media and
marketing costs consist primarily of fees paid to third-party
publishers, media owners or managers, and strategic partners that
are directly related to a revenue-generating event. We pay these
third-party publishers, media owners or managers and strategic
partners on a revenue-share, a cost-per-lead, cost-per-click, or
cost-per-thousand-impressions basis. Personnel costs included in
cost of revenues include salaries, bonuses, commissions,
stock-based compensation and employee benefit costs primarily
related to individuals directly associated with providing services
to our customers.
- Scaled Customers: We define scaled
customers as customers from which we generated more than $100,000
in revenue on a trailing twelve-month basis. We calculate the
number of scaled customers at the end of each quarter and on an
annual basis as the number of customers billed during each
applicable period. We believe the scaled customers measure is both
an important contributor to our revenue growth and an indicator to
investors of our measurable success.
- Super Scaled Customers: We define
super scaled customers as customers from which we generated more
than $1,000,000 in revenue on a trailing twelve-month basis. We
calculate the number of super scaled customers at the end of each
quarter and on an annual basis as the number of customers billed
during each applicable period. We believe the super scaled
customers measure is both an important contributor to our revenue
growth and an indicator to investors of our measurable
success.
- Scaled Customer ARPU: We calculate
the scaled customer average revenue per user (“ARPU”) as revenue
for the corresponding period divided by the average number of
scaled customers during that period. We believe that scaled
customer ARPU is useful for investors because it is an indicator of
our ability to increase revenue and scale our business
Non-GAAP Measures
In order to assist readers of our condensed unaudited
consolidated financial statements in understanding the core
operating results that our management uses to evaluate the business
and for financial planning purposes, we describe our non-GAAP
measures below. We believe these non-GAAP measures are useful to
investors in evaluating our performance by providing an additional
tool for investors to use in comparing our financial performance
over multiple periods.
- Adjusted EBITDA is a non-GAAP
financial measure defined as net loss adjusted for interest
expense, depreciation and amortization, stock-based compensation,
income tax (benefit) / provision, acquisition related expenses,
restructuring expenses, change in fair value of warrants and
derivative liabilities, certain dispute settlement expenses, gain
on extinguishment of debt, certain non-recurring IPO related
expenses, including the payroll taxes related to vesting of
restricted stock and restricted stock units upon the completion of
the IPO, and other expenses. Acquisition related expenses and
restructuring expenses primarily consist of severance and other
employee-related costs which we do not expect to incur in the
future as acquisitions of businesses may distort the comparability
of the results of operations. Change in fair value of warrants and
derivative liabilities is a non-cash expense related to
periodically recording “mark-to-market” changes in the valuation of
derivatives and warrants. Other expenses consist of non-cash
expenses such as changes in fair value of acquisition related
liabilities, gains and losses on extinguishment of acquisition
related liabilities, gains and losses on sales of assets and
foreign exchange gains and losses. In particular, we believe that
the exclusion of stock-based compensation, certain dispute
settlement expenses and non-recurring IPO related expenses that are
not related to our core operations provides measures for
period-to-period comparisons of our business and provides
additional insight into our core controllable costs. We exclude
these charges because these expenses are not reflective of ongoing
business and operating results.
- Adjusted EBITDA margin is a
non-GAAP financial measure defined as Adjusted EBITDA divided by
the total revenues for the same period.
- Cost of revenue, excluding stock-based
compensation is a non-GAAP financial measure defined as cost
of revenue as defined above less stock-based compensation.
- Free Cash Flow is a non-GAAP
financial measure defined as cash from operating activities, less
capital expenditures and website and software development
costs.
Adjusted EBITDA, Adjusted EBITDA margin, Cost of revenue
excluding stock-based compensation, and Free Cash Flow provide us
with useful measures for period-to-period comparisons of our
business as well as comparison to our peers. We believe that these
non-GAAP financial measures are useful to investors in analyzing
our financial and operational performance. Nevertheless our use of
Adjusted EBITDA, Adjusted EBITDA margin, Cost of revenue excluding
stock-based compensation, and Free Cash Flow has limitations as an
analytical tool, and you should not consider these measures in
isolation or as a substitute for analysis of our financial results
as reported under U.S. GAAP. Other companies may calculate
similarly-titled non-GAAP financial measures differently than us,
thereby limiting the usefulness of these non-GAAP financial
measures as a comparative tool. Because of these and other
limitations, you should consider our non-GAAP measures only as
supplemental to other GAAP-based financial performance measures,
including revenues and net loss.
We calculate forward-looking Adjusted EBITDA and Adjusted EBITDA
margin based on internal forecasts that omit certain amounts that
would be included in forward-looking GAAP net income (loss). We do
not attempt to provide a reconciliation of forward-looking Adjusted
EBITDA and Adjusted EBITDA margin guidance and targets to forward
looking GAAP net income (loss) because forecasting the timing or
amount of items that have not yet occurred and are out of our
control is inherently uncertain and unavailable without
unreasonable efforts. Further, we believe that such reconciliations
would imply a degree of precision and certainty that could be
confusing to investors. Such items could have a substantial impact
on GAAP measures of financial performance.
Condensed Unaudited
Consolidated Balance Sheets
(In thousands, except shares,
per share and par values)
As of
June 30, 2022
December 31, 2021
Assets
Current assets:
Cash and cash equivalents
$
110,779
$
103,859
Accounts receivable, net of
allowance of $1,654 and $1,295 as of June 30, 2022 and December 31,
2021, respectively
89,541
83,578
Prepaid expenses
6,482
6,970
Other current assets
1,906
1,649
Total current assets
208,708
196,056
Non-current assets:
Property and equipment, net
5,538
5,630
Website and software development
costs, net
37,031
38,038
Intangible assets, net
47,808
40,963
Goodwill
133,029
114,509
Deferred tax assets, net
1,230
956
Other non-current assets
2,472
1,113
Total non-current assets
$
227,108
$
201,209
Total assets
$
435,816
$
397,265
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
38,069
$
21,711
Accrued expenses
53,213
63,979
Acquisition related liabilities
(current)
20,533
8,042
Deferred revenue
5,864
6,866
Other current liabilities
6,871
5,159
Total current liabilities
124,550
105,757
Non-current liabilities:
Long term borrowings
183,783
183,613
Acquisition related liabilities
(non-current)
18,280
14,915
Other non-current liabilities
2,298
2,492
Total non-current liabilities
204,361
201,020
Total liabilities
$
328,911
$
306,777
Commitments and contingencies
Stockholders’ equity:
Class A common stock $ 0.001 per
share par value, up to 3,750,000,000 shares authorized, 170,511,917
and 159,974,847 shares issued and outstanding as of June 30, 2022
and December 31, 2021, respectively
170
160
Class B common stock $ 0.001 per
share par value, up to 50,000,000 shares authorized, 35,069,052 and
37,856,095 shares issued and outstanding as of June 30, 2022 and
December 31, 2021, respectively
35
38
Additional paid-in capital
759,311
584,208
Accumulated deficit
(649,863
)
(491,817
)
Accumulated other comprehensive
loss
(2,748
)
(2,101
)
Total stockholders' equity
106,905
90,488
Total liabilities and
stockholders' equity
$
435,816
$
397,265
Condensed Unaudited
Consolidated Statements of Operations and Comprehensive
Loss
(In thousands, except share
and per share amounts)
Three months ended
June 30,
Six months ended
June 30,
2022
2021
2022
2021
Revenues
$
137,301
$
106,896
$
263,569
$
208,359
Operating expenses:
Cost of revenues (excluding
depreciation and amortization)
50,233
42,212
91,958
81,184
General and administrative
expenses
55,665
65,907
109,014
85,039
Selling and marketing
expenses
77,139
82,845
146,057
103,415
Research and development
expenses
18,038
26,503
35,269
36,287
Depreciation and amortization
13,315
11,235
26,081
21,352
Acquisition related expenses
-
329
344
1,036
Restructuring expenses
-
150
-
437
Total operating
expenses
$
214,390
$
229,181
$
408,723
$
328,750
Loss from operations
(77,089
)
(122,285
)
(145,154
)
(120,391
)
Interest expense
1,666
1,402
2,964
4,363
Other expenses / (income)
5,696
(749
)
10,969
535
Gain on extinguishment of
debt
—
(10,000
)
—
(10,000
)
Change in fair value of warrants
and derivative liabilities
1,215
(18,600
)
1,215
5,000
Total other expenses /
(income)
$
8,577
$
(27,947
)
$
15,148
$
(102
)
Loss before income taxes
(85,666
)
(94,338
)
(160,302
)
(120,289
)
Income tax provision /
(benefit)
343
$
584
$
(2,256
)
$
(993
)
Net loss
$
(86,009
)
$
(94,922
)
$
(158,046
)
$
(119,296
)
Other comprehensive loss:
Foreign currency translation
adjustment
$
403
$
129
$
647
$
75
Total comprehensive
loss
$
(86,412
)
$
(95,051
)
$
(158,693
)
$
(119,371
)
Net loss
$
(86,009
)
$
(94,922
)
$
(158,046
)
$
(119,296
)
Cumulative redeemable convertible
preferred stock dividends
—
3,166
—
7,060
Net loss available to common
stockholders
$
(86,009
)
$
(98,088
)
$
(158,046
)
$
(126,356
)
Basic loss per share
$
(0.63
)
$
(1.92
)
$
(1.17
)
$
(3.01
)
Diluted loss per share
$
(0.63
)
$
(1.92
)
$
(1.17
)
$
(3.01
)
Weighted average number of
shares used to compute net loss per share
Basic
135,903,592
51,202,335
134,835,401
41,973,595
Diluted
135,903,592
51,202,335
134,835,401
41,973,595
The Company recorded following stock-based compensation under
respective lines of the above unaudited consolidated statements of
operations and comprehensive loss:
Three months ended
June 30,
Six months ended
June 30,
2022
2021
2022
2021
Cost of revenues (excluding
depreciation and amortization)
$
1,738
$
266
$
2,900
$
266
General and administrative
expenses
30,905
42,625
60,680
42,625
Selling and marketing
expenses
42,090
59,512
78,897
59,512
Research and development
expenses
7,602
16,867
13,594
16,867
Total
$
82,335
$
119,270
$
156,071
$
119,270
Condensed Unaudited
Consolidated Statements of Cash Flows
(In thousands)
Six months ended June
30,
2022
2021
Cash flows from operating
activities:
Net loss
$
(158,046
)
$
(119,296
)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization
26,081
21,352
Stock-based compensation
156,071
119,270
Gain on debt extinguishment
-
(10,000
)
Deferred income taxes
(3,090
)
(1,641
)
Change in fair value of warrant
and derivative liabilities
1,215
5,000
Others, net
11,365
1,067
Change in non-cash working
capital (net of acquisitions):
Accounts receivable
(4,740
)
8,165
Prepaid expenses
524
1,241
Other current assets
271
1,252
Other non-current assets
(703
)
(384
)
Deferred revenue
(1,016
)
(440
)
Accounts payable
18,703
(14,083
)
Accrued expenses and other
current liabilities
(10,591
)
1,502
Other non-current liabilities
(194
)
198
Net cash provided by operating
activities
35,850
13,203
Cash flows from investing
activities:
Capital expenditures
(11,511
)
(4,381
)
Website and software development
costs
(8,586
)
(9,529
)
Business acquisitions, net of
cash acquired
(9,157
)
(2,159
)
Net cash used for investing
activities
(29,254
)
(16,069
)
Cash flows from financing
activities:
Cash paid for acquisition-related
liabilities
(1,292
)
(64
)
Proceeds from credit facilities,
net of issuance costs
5,625
183,311
Proceeds from IPO, net of
issuance cost
-
127,363
Repurchase of RSAs and RSUs
-
(64,130
)
Issuance under employee stock
purchase plan
1,320
-
Exercise of options
130
41
Repayments against the credit
facilities
(5,625
)
(180,745
)
Net cash provided by financing
activities
158
65,776
Effect of exchange rate changes
on cash and cash equivalents
166
(67
)
Net increase in cash and cash
equivalents
6,920
62,843
Cash and cash equivalents,
beginning of period
103,859
50,725
Cash and cash equivalents, end
of period
$
110,779
$
113,568
Supplemental cash flow
disclosures including non-cash activities:
Cash paid for interest
$
2,486
$
4,377
Cash paid for income taxes,
net
$
480
$
941
Liability established in
connection with acquisitions
$
18,334
$
1,630
Capitalized stock-based
compensation as website and software development costs
$
2,653
$
7,505
Shares issued in connection with
acquisitions and other agreements
$
14,936
$
5,454
Dividends on redeemable
convertible preferred stock settled in Company’s equity
$
-
$
60,082
Non-cash settlement of warrants
and derivative liabilities
$
-
$
63,100
Non-cash consideration for
website and software development costs
$
632
$
689
Unaudited Reconciliation of
GAAP to Non-GAAP Financial Measures
(In thousands)
Three months ended June
30,
Six months ended June
30,
2022
2021
2022
2021
Net loss
$
(86,009
)
$
(94,922
)
$
(158,046
)
$
(119,296
)
Net loss margin
62.6
%
88.8
%
60.0
%
57.3
%
Add back:
Depreciation and amortization
13,315
11,235
26,081
21,352
Restructuring expenses
-
150
-
437
Acquisition related expenses
-
329
344
1,036
Stock-based compensation
82,335
119,270
156,071
119,270
Other expenses / (income)
5,696
(749
)
10,969
535
Gain on extinguishment of
debt
-
(10,000
)
-
(10,000
)
IPO related expenses
-
2,705
-
2,705
Change in fair value of warrants
and derivative liabilities
1,215
(18,600
)
1,215
5,000
Interest expense
1,666
1,402
2,964
4,363
Income tax provision /
(benefit)
343
584
(2,256
)
(993
)
Adjusted EBITDA
$
18,561
$
11,404
$
37,342
$
24,409
Adjusted EBITDA margin
13.5
%
10.7
%
14.2
%
11.7
%
____________________
1 Cost of revenue excluding stock-based compensation, Free Cash
Flow, Adjusted EBITDA and Adjusted EBITDA margin are not measures
of financial performance prepared in accordance with GAAP. See
“Non-GAAP Measures” for more information and, where applicable,
reconciliations to the most directly comparable GAAP financial
measures at the end of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220803005726/en/
Investor Relations Scott Schmitz ir@zetaglobal.com
Press Megan Rose press@zetaglobal.com
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