Zeta Global Holdings Corp. Goldman Sachs Communacopia + Technology Conference 2026

It's our pleasure to be here.

That's a great question. Trying to keep my voice here. I've been talking, you've had me talking since 8:00 A.M. this morning. When you think about the evolution of our business, you have to go back to some of its foundation. When we originally started the business, we started the business as a business intelligence company. We actually just focused on marketing because it was a trillion-dollar TAM. It's been a very, very positive thing for us. As we think about the evolution of our business, it really revolves around intelligence. We think there's going to be two types of software companies. There are going to be software companies that create intelligence and have proprietary assets, and then there are going to be workflow management tools that they're going to have problems in the future.

Because you have got to be able to take data, create it, synthesize it, and then make it actionable. That is really what I think we do best at Zeta. When you look at our core marketing business, today, we return between 600% and 700% return on every dollar spent through our platform in marketing. Now, what we are seeing with the adoption of Athena, we gave some updates for Q2, but we are seeing faster adoption than we expected, and we are seeing better return on investment than we expected. When you think about Athena, I think Athena is really the future of our business. Not to get too esoteric, but you go back, humans in sort of our current form have existed for about 400,000 years. For almost all of those years, we have communicated via voice.

You look at some of this enterprise software, most individuals use between 3% and 5% of the capabilities of their enterprise software. I always sort of joke with this type of an audience what percentage of your Bloomberg Terminal do you actually really use? Athena supersedes the creation of the keyboard of the 1950s, which I think has created meaningful friction between humans and technological adoption. I think we are now at 83% of people utilizing Athena are utilizing it from a voice perspective versus a text perspective. We are seeing, as I said, a substantially higher uptick in sort of adoption and a meaningful increase in return on marketing spend for enterprises that have adopted Athena. At Zeta Live, we are going to make three of the biggest announcements we have ever made.

They will be the evolution of Athena, to answer your original question, where we start helping enterprises to run their entire businesses, where it is not just customer acquisition, retention, monetization, or business intelligence, it is the actual seamless integration and superior operating of their core businesses by using Athena and our Data Cloud.

Well, first of all, they made us their system of record. I am not sure we are part of the ecosystem. I think we are the core of it.

Yeah. What I would say is two things have really changed.

One, AI has now become so prevalent, but most enterprises do not know how to adopt it in a way that creates return on investment. That is what Zeta does for a living. Because we are able to create such a high return on investment, enterprises that in the past might not have worked with us are now saying yes. The other issue is we are in, I think, the largest sort of replacement cycle of existing marketing and technology stacks I have ever seen. I thought it was peaking a year or 2 ago, and it is actually now accelerating. It is accelerating at a time where I would tell you 5 years ago, nobody had any idea who we were. I started every meeting with, "Zeta who?" Meaning, who are you and why are you here?

We then moved a couple of years ago to sort of why Zeta? They know who we are. They know why we are in the room. Why are we going to pick you? We have now crossed over to Zeta now. It has really become enterprises feel they need us to be a part of their tech stack, or they are not going to keep up with their competitors. Now, we would like to get to must-have Zeta. That is sort of the holy grail for us. I am not sure we will ever get there. That happening simultaneous to the opening of testing with AI for return on investment, simultaneously to the evolution of our brand, simultaneously to this massive upgrade cycle for technology and Marketing Clouds, I think has been a driver, as you know better than most. Last quarter, we grew the business 44% top line, 56% EBITDA growth, 73% free cash flow growth.

We all know that numbers are output. The input is the business working. Our business is really working right now. I think it is working better than at any point we have ever operated the business.