- Delivered record revenue of $189M, an increase of 24% Y/Y
- Grew total Scaled Customer count to 440, an increase of 15 Q/Q,
and Super Scaled Customer count to 124, an increase of 6 Q/Q
- Expanded Scaled Customer ARPU 10% Y/Y, marking the 13th
consecutive quarter of double-digit growth
- Generated cash flow from operating activities of $23M, an
increase of 17% Y/Y, and Free Cash Flow of $13M, an increase of 43%
Y/Y
- ZETA LIVE 2023 achieved record audience with over 12,000
viewers, growing 50% Y/Y
Zeta Global (NYSE: ZETA), the AI-Powered Marketing Cloud, today
announced financial results for the third quarter ended September
30, 2023.
“Our third quarter of 2023 was one of our most eventful and
productive quarters yet,” said David A. Steinberg, Co-Founder,
Chairman, and CEO of Zeta. “Our record attendance at Zeta Live and
our record revenue reflect our growing awareness in the
marketplace. Zeta is committed to leading the intelligence-powered
marketing transformation, delivering better experiences for
consumers and better results for brands.”
“The third quarter was a continuation of our strong execution,”
said Chris Greiner, Zeta’s CFO. “Our strong revenue growth, with
over 90 percent of our portfolio growing in the mid-30s and rapid
new customer additions, is evidence of the growing adoption and
expansion of the Zeta Marketing Platform. The combination of robust
demand, disciplined expense management and better productivity
continues to drive strong Adjusted EBITDA and FCF expansion.”
Third Quarter 2023 Highlights
- Total revenue of $189 million, increased 24% Y/Y.
- Revenue, excluding M&A and political candidate revenue,
increased 26% Y/Y.
- Scaled Customer count increased to 440 from 425 in 2Q’23 and
389 in 3Q’22.
- Super-Scaled Customer count increased to 124 from 118 in 2Q’23
and 106 in 3Q’22.
- Quarterly Scaled Customer ARPU of $418,000, increased 10%
Y/Y.
- Direct platform revenue mix of 70% of total revenue, compared
to 75% in 2Q’23, and compared to 74% in 3Q’22.
- GAAP Cost of revenue percentage of 38.9%, increased 280 basis
points Q/Q, and increased 110 basis points Y/Y.
- GAAP Net Loss of $43 million, or 23% of revenue, driven
primarily by $58 million of stock-based compensation. The net loss
in 3Q’22 was $69 million, or 46% of revenue.
- GAAP loss per share of $0.27, compared to a loss per share of
$0.49 in 3Q’22.
- Cash flow from operating activities of $23 million, compared to
$20 million in 3Q’22.
- Free Cash Flow1 of $13 million, compared to $9 million in
3Q’22.
- Repurchased $3.5 million worth of shares through our share
repurchase program.
- Adjusted EBITDA1 of $34 million, increased 26% Q/Q from $27
million in 2Q’23, and increased 51% Y/Y from $22 million in
3Q’22.
- Adjusted EBITDA margin1 of 17.9%, increased from 15.6% in
2Q’23, and increased from 14.7% in 3Q’22.
Guidance
Zeta anticipates revenue and Adjusted EBITDA as follows:
Fourth Quarter 2023
- Increasing revenue guidance to a range of $205 million to $209
million (including $1.3 million of M&A contribution), an
increase of $0.5 million at the midpoint from the prior guidance of
$206.5 million. The revised guidance represents a year-over-year
increase of 17% to 19%.
- Increasing Adjusted EBITDA guidance to a range of $41.7 million
to $42.2 million, an increase of $0.3 million at the midpoint from
the prior guidance of $41.7 million. The revised guidance
represents a year-over-year increase of 29% to 30% and an Adjusted
EBITDA margin of 20.0% to 20.6%.
Full Year 2023
- Increasing revenue guidance to a range of $723 million to $727
million (including $5.2 million of M&A contribution), an
increase of $10 million from the midpoint of the prior guidance
range of $712 million to $718 million. Revised guidance represents
a year-over-year increase of 22% to 23%.
- Increasing Adjusted EBITDA to a range of $126.3 million to
$126.8 million, an increase of $2.1 million from the midpoint of
the prior guidance range of $124.2 million to $124.8 million.
Revised guidance represents a year-over-year increase of 37% to 38%
and an Adjusted EBITDA margin of 17.4% to 17.5%.
Investor Conference Call and Webcast Zeta will host a
conference call today, Wednesday, November 1, 2023, at 5:00 p.m.
Eastern Time to discuss financial results for the third quarter
2023. 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 (NYSE: ZETA) is the AI-Powered
Marketing Cloud that leverages advanced artificial intelligence
(AI) and trillions of consumer signals to make it easier for
marketers to acquire, grow, and retain customers more efficiently.
Through the Zeta Marketing Platform (ZMP), our vision is to make
sophisticated marketing simple by unifying identity, intelligence,
and omnichannel activation into a single platform – powered by one
of the industry’s largest proprietary databases and AI. Our
enterprise customers across multiple verticals are empowered to
personalize experiences with consumers at an individual level
across every channel, delivering better results for marketing
programs. Zeta was founded in 2007 by David A. Steinberg and John
Sculley and is headquartered in New York City with offices around
the world. To learn more, go to www.zetaglobal.com.
____________________ 1 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.
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 fourth quarter and full year
2023 guidance, the Zeta 2025 plan, the financial targets of Zeta
2025 and the timing of when we will achieve the Zeta 2025 plan, the
capabilities of AI and Zeta’s platform, and the growth and
expansion of the Zeta Marketing Platform 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: 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; increases in our borrowing costs as
a result of changes in interest rates and other factors; the impact
of inflation on us and on our customers; 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; prevailing stock prices, general
economic and market condition; the impact of COVID-19 and other
future pandemics, epidemics and other health crises 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, including the escalating conflict in Israel,
Gaza and surrounding areas; our ability to innovate and make the
right investment decisions in our product offerings and platform;
the impact of new generative AI capabilities and the proliferation
of AI on our business; our ability to attract and retain customers,
including our scaled and super-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 fourth quarter and full year 2023 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 (“SEC”), 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: www.twitter.com/zetaglobal
www.facebook.com/ZetaGlobal/ www.linkedin.com/company/zetaglobal
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 at least $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, which is a subset of Scaled Customers, as
customers from which we generated at least $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.
- Super-Scaled Customer ARPU: We
calculate the super-scaled customer ARPU as revenue for the
corresponding period divided by the average number of super-scaled
customers during that period. We believe that super-scaled customer
ARPU is useful for investors because it is an indicator of our
ability to increase revenue and scale our business.
- Zeta 2025: The Zeta 2025 is a
long-term plan introduced by the Company in 2022, intended to drive
the Company’s vision to become one of the largest marketing clouds
in the industry, with targets for business, product, and industry
leadership. The financial targets of this plan are to generate in
excess of $1 billion in annual revenue with at least 20% Adjusted
EBITDA margins by 2025. In February 2023, we added an additional
financial target to the plan of Free Cash Flow with a target of at
least $110 million by 2025.
Non-GAAP Measures In order to assist readers of our
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.
- 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 for the effect of exchange rates on cash and cash
equivalents.
Adjusted EBITDA, Adjusted EBITDA margin, 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, 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 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, Adjusted EBITDA
margin, and Free Cash Flow 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, Adjusted EBITDA margin, and Free
Cash Flow guidance and targets to forward looking GAAP net income
(loss), GAAP net income (loss) margin or cash flows from operating
activities, respectively, 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.
Zeta Global Holdings
Corp.
Condensed Unaudited
Consolidated Balance Sheets
(In thousands, except shares,
per share and par values)
As of
September 30,
2023
December 31,
2022
Assets
Current assets:
Cash and cash equivalents
$
120,796
$
121,110
Accounts receivable, net of
allowance of $3,271 and $1,882 as of September 30, 2023 and
December 31, 2022, respectively
140,408
106,322
Prepaid expenses
6,493
7,150
Other current assets
1,835
1,866
Total current assets
$
269,532
$
236,448
Non-current assets:
Property and equipment, net
$
7,456
$
5,981
Website and software development
costs, net
33,183
36,713
Right-to-use assets - operating
leases, net
5,943
7,388
Intangible assets, net
50,099
44,358
Goodwill
140,894
133,069
Deferred tax assets, net
835
745
Other non-current assets
3,403
1,800
Total non-current assets
$
241,813
$
230,054
Total assets
$
511,345
$
466,502
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
59,173
$
33,668
Accrued expenses
73,135
72,364
Acquisition-related
liabilities
21,812
14,743
Deferred revenue
2,332
2,228
Other current liabilities
6,086
5,707
Total current liabilities
$
162,538
$
128,710
Non-current liabilities:
Long-term borrowings
$
184,044
$
183,953
Acquisition-related
liabilities
8,481
17,932
Other non-current liabilities
6,504
7,877
Total non-current liabilities
$
199,029
$
209,762
Total liabilities
$
361,567
$
338,472
Commitments and contingencies
Stockholders’ equity:
Class A common stock $ 0.001 per
share par value, up to 3,750,000,000 shares authorized, 184,189,613
and 175,266,917 shares issued and outstanding as of September 30,
2023 and December 31, 2022, respectively
$
184
$
175
Class B common stock $ 0.001 per
share par value, up to 50,000,000 shares authorized, 29,859,321 and
32,099,302 shares issued and outstanding as of September 30, 2023
and December 31, 2022, respectively
30
32
Additional paid-in capital
1,074,943
900,924
Accumulated deficit
(923,256
)
(771,056
)
Accumulated other comprehensive
loss
(2,123
)
(2,045
)
Total stockholders’ equity
$
149,778
$
128,030
Total liabilities and
stockholders' equity
$
511,345
$
466,502
Condensed Unaudited
Consolidated Statements of Operations and Comprehensive
Loss
(In thousands, except share
and per share amounts)
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
Revenues
$
188,984
$
152,252
$
518,403
$
415,821
Operating expenses:
Cost of revenues (excluding
depreciation and amortization)
73,480
57,529
189,867
149,487
General and administrative
expenses
50,706
53,584
154,022
162,598
Selling and marketing
expenses
70,669
76,987
215,714
223,044
Research and development
expenses
18,062
16,954
53,924
52,223
Depreciation and amortization
13,233
13,367
37,654
39,448
Acquisition-related expenses
—
—
203
344
Restructuring expenses
—
—
2,845
—
Total operating
expenses
$
226,150
$
218,421
$
654,229
$
627,144
Loss from operations
(37,166
)
(66,169
)
(135,826
)
(211,323
)
Interest expense
2,894
2,038
8,139
5,002
Other expenses
2,436
1,142
7,138
12,111
Change in fair value of warrants
and derivative liabilities
—
(805
)
—
410
Total other expenses
$
5,330
$
2,375
$
15,277
$
17,523
Loss before income taxes
(42,496
)
(68,544
)
(151,103
)
(228,846
)
Income tax
provision/(benefit)
590
$
896
1,097
$
(1,360
)
Net loss
$
(43,086
)
$
(69,440
)
$
(152,200
)
$
(227,486
)
Other comprehensive loss:
Foreign currency translation
adjustment
283
774
78
1,421
Total comprehensive
loss
$
(43,369
)
$
(70,214
)
$
(152,278
)
$
(228,907
)
Net loss per share
Net loss available to common
stockholders
$
(43,086
)
$
(69,440
)
$
(152,200
)
$
(227,486
)
Basic loss per share
$
(0.27
)
$
(0.49
)
$
(0.99
)
$
(1.66
)
Diluted loss per share
$
(0.27
)
$
(0.49
)
$
(0.99
)
$
(1.66
)
Weighted average number of
shares used to compute net loss per share
Basic
158,055,789
140,594,128
154,262,386
136,793,272
Diluted
158,055,789
140,594,128
154,262,386
136,793,272
The Company recorded stock-based compensation under respective
lines of the above condensed unaudited consolidated statements of
operations and comprehensive loss:
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
Cost of revenues (excluding
depreciation and amortization)
$
546
$
1,536
$
2,098
$
4,436
General and administrative
expenses
21,223
28,193
66,221
88,873
Selling and marketing
expenses
29,266
38,868
92,933
117,765
Research and development
expenses
6,637
6,621
18,494
20,215
Total
$
57,672
$
75,218
$
179,746
$
231,289
Condensed Unaudited
Consolidated Statements of Cash Flows
(In thousands)
Nine months ended September
30,
2023
2022
Cash flows from operating
activities:
Net loss
$
(152,200
)
$
(227,486
)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization
37,654
39,448
Stock-based compensation
179,746
231,289
Deferred income taxes
(96
)
(3,114
)
Change in fair value of warrant
and derivative liabilities
—
410
Change in fair value of
acquisition-related liabilities
6,681
12,234
Others, net
1,186
(216
)
Change in non-cash working
capital (net of acquisitions):
Accounts receivable
(33,306
)
(4,595
)
Prepaid expenses
872
(489
)
Other current assets
31
(241
)
Other non-current assets
(607
)
150
Deferred revenue
(311
)
(765
)
Accounts payable
22,614
7,253
Accrued expenses and other
current liabilities
1,225
1,778
Other non-current liabilities
72
(267
)
Net cash provided by operating
activities
63,561
55,389
Cash flows from investing
activities:
Capital expenditures
(14,886
)
(17,165
)
Website and software development
costs
(12,344
)
(12,820
)
Acquisitions and other
investments, net of cash acquired
(18,246
)
(9,209
)
Net cash used for investing
activities
(45,476
)
(39,194
)
Cash flows from financing
activities:
Cash paid for acquisition-related
liabilities
(8,710
)
(2,292
)
Proceeds from credit facilities,
net of issuance cost
11,250
5,625
Issuance under employee stock
purchase plan
1,567
1,320
Exercise of options
224
165
Repurchase of shares
(11,487
)
(4,310
)
Repayments against the credit
facilities
(11,250
)
(5,625
)
Net cash used for financing
activities
(18,406
)
(5,117
)
Effect of exchange rate changes
on cash and cash equivalents
7
(129
)
Net (decrease) / increase in
cash and cash equivalents
(314
)
10,949
Cash and cash equivalents,
beginning of period
121,110
103,859
Cash and cash equivalents, end
of period
$
120,796
$
114,808
Supplemental cash flow
disclosures including non-cash activities:
Cash paid for interest, net
$
7,686
$
4,003
Cash paid for income taxes,
net
$
1,274
$
1,114
Liability established in
connection with acquisitions
$
7,670
$
19,773
Capitalized stock-based
compensation as website and software development costs
$
2,634
$
4,131
Shares issued in connection with
acquisitions and other agreements
$
1,343
$
14,936
Non-cash consideration for
website and software development costs
$
784
$
981
Reconciliation of GAAP to Non-GAAP Financial
Measures (in thousands)
The following table reconciles adjusted EBITDA and adjusted
EBITDA margin to net loss and net loss margin, the most directly
comparable financial measure calculated and presented in accordance
with GAAP.
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
Net loss
$
(43,086
)
$
(69,440
)
$
(152,200
)
$
(227,486
)
Net loss margin
22.8
%
45.6
%
29.4
%
54.7
%
Add back:
Depreciation and amortization
13,233
13,367
37,654
39,448
Restructuring expenses
-
-
2,845
-
Acquisition related expenses
-
-
203
344
Stock-based compensation
57,672
75,218
179,746
231,289
Other expenses
2,436
1,142
7,138
12,111
Change in fair value of warrants
and derivative liabilities
-
(805
)
-
410
Interest expense
2,894
2,038
8,139
5,002
Income tax provision /
(benefit)
590
896
1,097
(1,360
)
Adjusted EBITDA
$
33,739
$
22,416
$
84,622
$
59,758
Adjusted EBITDA margin
17.9
%
14.7
%
16.3
%
14.4
%
The following table reconciles Cash Flows from Operating
Activities in the Condensed Unaudited Consolidated Statements of
Cash Flows to Free Cash Flow:
Three months ended
September 30,
Nine months ended
September 30,
2023
2022
2023
2022
Cash Flows from Operating
Activities
$
22,828
$
19,539
$
63,561
$
55,389
Capital expenditures
(5,936
)
(5,654
)
(14,886
)
(17,165
)
Website and software development
costs
(3,438
)
(4,234
)
(12,344
)
(12,820
)
Effect of exchange rate changes
on cash
and cash equivalents
(94
)
(295
)
7
(129
)
Free Cash Flow
$
13,360
$
9,356
$
36,338
$
25,275
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101663255/en/
Investor Relations Scott Schmitz ir@zetaglobal.com
Press James A. Pearson press@zetaglobal.com
Grafico Azioni Zeta Global (NYSE:ZETA)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Zeta Global (NYSE:ZETA)
Storico
Da Set 2023 a Set 2024