- Delivered revenue of $172M, up 25% Y/Y in 2Q’23
- Grew total Scaled Customer count to 425, up 14 Q/Q, and
increased Super Scaled Customer count to 118, up 8 Q/Q
- Expanded Scaled Customer ARPU 10% Y/Y, marking the 12th
consecutive quarter of double-digit growth
- Generated cash flow from operating activities of $21M, up 41%
Y/Y, and Free Cash Flow of $13M, up 110% Y/Y
- Zeta Live, the premiere global event for marketers, scheduled
for September 28, in New York City at the Times Center
Zeta Global (NYSE: ZETA), the AI-Powered
Marketing Cloud, today announced financial results for the second
quarter ended June 30, 2023.
“For the eighth quarter in a row, which includes every quarter
as a public company, we have exceeded consensus estimates and
raised our outlook,” said David A. Steinberg, Co-Founder, Chairman,
and CEO of Zeta. “Driving this level of consistent growth and
profitability is only possible if you are developing exceptional
products that deliver exceptional value to your customers. At Zeta,
our goal is to make marketers the heroes of their enterprises by
helping them acquire, grow, and retain customers substantially more
efficiently and effectively than ever before by leveraging our
data, implementing our software, and utilizing the power of our
Artificial Intelligence.”
“Our ability to execute on the KPIs underpinning our consistent
quarterly performance creates the opportunity to maintain a dual
focus on short- and long-term goals,” said Chris Greiner, Zeta’s
CFO. “This is evidenced by our strong execution on adding scaled
customers, growing ARPU at a double-digit pace, and continuing to
get higher levels of operating leverage flowing through to Adjusted
EBITDA margin expansion and cash generation. We remain firmly on
track to achieve our Zeta 2025 plan of at least $1 billion in
revenue, at least 20% Adjusted EBITDA margins, and at least $110
million in Free Cash Flow.”
Second Quarter 2023 Highlights
- Total revenue of $172 million, increased 25% Y/Y, ahead of
guidance by 6%.
- Total organic revenue of $170 million, increased 24% Y/Y.
- Scaled Customer count increased to 425 from 411 in 1Q’23 and
373 in 2Q’22.
- Super-Scaled Customer count increased to 118 from 110 in 1Q’23
and 100 in 2Q’22.
- Quarterly Scaled Customer ARPU of $392,000, increased 10%
Y/Y.
- Direct platform revenue mix of 75% of total revenue, compared
to 71% in 1Q’23, and compared to 81% in 2Q’22.
- GAAP Cost of revenue percentage of 36.1%, increased 160 basis
points Q/Q, and decreased 50 basis points Y/Y.
- GAAP Net Loss of $52 million, or 30% of revenue, driven
primarily by $58 million of stock-based compensation. The net loss
in 2Q’22 was $86 million, or 63% of revenue.
- GAAP loss per share of $0.34, compared to a loss per share of
$0.63 in 2Q’22.
- S&M, G&A, and R&D expense to revenue ratios all
improved Y/Y.
- Cash flow from operating activities of $21 million, compared to
$15 million in 2Q’22.
- Free Cash Flow1 of $13 million, compared to $6 million in
2Q’22.
- Repurchased $1.4 million worth of shares through our share
repurchase program.
- Adjusted EBITDA1 of $27 million, increased 12% Q/Q from $24
million in 1Q’23, and increased 45% Y/Y from $19 million in
2Q’22.
- Adjusted EBITDA margin1 of 15.6%, increased from 15.3% in
1Q’23, and increased from 13.5% in 2Q’22.
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.
Zeta Live
Zeta will hold its third annual conference, ZETA LIVE 2023, on
Thursday, September 28, bringing together industry leaders to
explore intelligence and how it is reshaping our world. The live
in-person event in New York City will also be simulcast globally
via live stream available on our website
(https://zetaglobal.com).
Guidance
Zeta anticipates revenue and Adjusted EBITDA as follows:
Third Quarter 2023
- Increasing revenue guidance to a range of $177 million to $181
million, up $3 million at the midpoint (including $1.5 million of
M&A contribution) from the prior guidance of $176 million. The
revised guidance represents a year-over-year increase of 16% to
19%.
- Increasing Adjusted EBITDA guidance to a range of $31.7 million
to $32.2 million, up $2 million at the midpoint from the prior
guidance of $30 million. The revised guidance represents a
year-over-year increase of 41% to 44% and an Adjusted EBITDA margin
of 17.5% to 18.2%.
Full Year 2023
- Increasing revenue guidance to a range of $712 million to $718
million, up $14 million from the midpoint (including $5.6 million
of M&A contribution) of the prior guidance range of $696
million to $706 million. Revised guidance represents a
year-over-year increase of 20% to 21%.
- Increasing Adjusted EBITDA to a range of $124.2 million to
$124.8 million, up $4.8 million from the midpoint of the prior
guidance range of $118.8 million to $120.6 million. Revised
guidance represents a year-over-year increase of 35% and an
Adjusted EBITDA margin of 17.3% to 17.5%.
Investor Conference Call and Webcast
Zeta will host a conference call today, Wednesday, August 2,
2023, at 5:00 p.m. Eastern Time to discuss financial results for
the second 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.
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 guidance, the Zeta 2025 plan, the financial
targets of Zeta 2025 and the timing of when we will achieve the
Zeta 2025 plan, and the capabilities of AI and Zeta’s 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; 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 third 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
June 30, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
117,066
$
121,110
Accounts receivable, net of
allowance of $3,030 and $1,882 as of June 30, 2023 and December 31,
2022, respectively
122,023
106,322
Prepaid expenses
5,393
7,150
Other current assets
2,062
1,866
Total current assets
246,544
236,448
Non-current assets:
Property and equipment, net
6,673
5,981
Website and software development
costs, net
34,482
36,713
Right-to-use assets - operating
leases, net
6,458
7,388
Intangible assets, net
52,029
44,358
Goodwill
140,903
133,069
Deferred tax assets, net
771
745
Other non-current assets
3,346
1,800
Total non-current assets
$
244,662
$
230,054
Total assets
$
491,206
$
466,502
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
55,925
$
33,668
Accrued expenses
64,463
72,364
Acquisition-related
liabilities
19,165
14,743
Deferred revenue
3,381
2,228
Other current liabilities
4,356
5,707
Total current liabilities
147,290
128,710
Non-current liabilities:
Long-term borrowings
183,942
183,953
Acquisition-related
liabilities
15,583
17,932
Other non-current liabilities
7,043
7,877
Total non-current liabilities
206,568
209,762
Total liabilities
$
353,858
$
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, 182,030,577
and 175,266,917 shares issued and outstanding as of June 30, 2023
and December 31, 2022, respectively
182
175
Class B common stock $ 0.001 per
share par value, up to 50,000,000 shares authorized, 31,723,379 and
32,099,302 shares issued and outstanding as of June 30, 2023 and
December 31, 2022, respectively
32
32
Additional paid-in capital
1,019,144
900,924
Accumulated deficit
(880,170
)
(771,056
)
Accumulated other comprehensive
loss
(1,840
)
(2,045
)
Total stockholders’ equity
137,348
128,030
Total liabilities and
stockholders' equity
$
491,206
$
466,502
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,
2023
2022
2023
2022
Revenues
$
171,817
$
137,301
$
329,419
$
263,569
Operating expenses:
Cost of revenues (excluding
depreciation and amortization)
62,037
50,233
116,387
91,958
General and administrative
expenses
50,715
55,665
103,316
109,014
Selling and marketing
expenses
72,496
77,139
145,045
146,057
Research and development
expenses
17,343
18,038
35,862
35,269
Depreciation and amortization
12,596
13,315
24,421
26,081
Acquisition-related expenses
—
—
203
344
Restructuring expenses
2,845
—
2,845
—
Total operating
expenses
$
218,032
$
214,390
$
428,079
$
408,723
Loss from operations
(46,215
)
(77,089
)
(98,660
)
(145,154
)
Interest expense
2,797
1,666
5,245
2,964
Other expenses
2,838
5,696
4,702
10,969
Change in fair value of warrants
and derivative liabilities
—
1,215
—
1,215
Total other expenses
$
5,635
$
8,577
$
9,947
$
15,148
Loss before income taxes
(51,850
)
(85,666
)
(108,607
)
(160,302
)
Income tax
provision/(benefit)
309
$
343
507
$
(2,256
)
Net loss
$
(52,159
)
$
(86,009
)
$
(109,114
)
$
(158,046
)
Other comprehensive (income) /
loss:
Foreign currency translation
adjustment
(58
)
403
(205
)
647
Total comprehensive
loss
$
(52,101
)
$
(86,412
)
$
(108,909
)
$
(158,693
)
Net loss per share
Net loss available to common
stockholders
$
(52,159
)
$
(86,009
)
$
(109,114
)
$
(158,046
)
Basic loss per share
$
(0.34
)
$
(0.63
)
$
(0.72
)
$
(1.17
)
Diluted loss per share
$
(0.34
)
$
(0.63
)
$
(0.72
)
$
(1.17
)
Weighted average number of
shares used to compute net loss per share
Basic
154,597,506
135,903,592
152,334,247
134,835,401
Diluted
154,597,506
135,903,592
152,334,247
134,835,401
The Company recorded 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,
2023
2022
2023
2022
Cost of revenues (excluding
depreciation and amortization)
$
694
$
1,738
$
1,552
$
2,900
General and administrative
expenses
20,816
30,905
44,998
60,680
Selling and marketing
expenses
30,631
42,090
63,667
78,897
Research and development
expenses
5,471
7,602
11,857
13,594
Total
$
57,612
$
82,335
$
122,074
$
156,071
Condensed Unaudited
Consolidated Statements of Cash Flows (in
thousands)
Six months ended June
30,
2023
2022
Cash flows from operating
activities:
Net loss
$
(109,114
)
$
(158,046
)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization
24,421
26,081
Stock-based compensation
122,074
156,071
Deferred income taxes
(32
)
(3,090
)
Change in fair value of warrant
and derivative liabilities
-
1,215
Change in fair value of
acquisition-related liabilities
4,265
10,795
Others, net
966
570
Change in non-cash working
capital (net of acquisitions):
Accounts receivable
(15,184
)
(4,740
)
Prepaid expenses
1,890
524
Other current assets
(196
)
271
Other non-current assets
(550
)
(703
)
Deferred revenue
954
(1,016
)
Accounts payable
20,088
18,703
Accrued expenses and other
current liabilities
(8,945
)
(10,591
)
Other non-current liabilities
96
(194
)
Net cash provided by operating
activities
40,733
35,850
Cash flows from investing
activities:
Capital expenditures
(8,950
)
(11,511
)
Website and software development
costs
(8,906
)
(8,586
)
Acquisitions and other
investments, net of cash acquired
(18,246
)
(9,157
)
Net cash used for investing
activities
(36,102
)
(29,254
)
Cash flows from financing
activities:
Cash paid for acquisition-related
liabilities
(2,488
)
(1,292
)
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
83
130
Repurchase of shares
(7,938
)
-
Repayments against the credit
facilities
(11,250
)
(5,625
)
Net cash (used for) / provided
by financing activities
(8,776
)
158
Effect of exchange rate changes
on cash and cash equivalents
101
166
Net (decrease) / increase in
cash and cash equivalents
(4,044
)
6,920
Cash and cash equivalents,
beginning of period
121,110
103,859
Cash and cash equivalents, end
of period
$
117,066
$
110,779
Supplemental cash flow
disclosures including non-cash activities:
Cash paid for interest, net
$
4,983
$
2,486
Cash paid for income taxes,
net
$
752
$
480
Liability established in
connection with acquisitions
$
5,404
$
18,334
Capitalized stock-based
compensation as website and software development costs
$
1,631
$
2,653
Shares issued in connection with
acquisitions and other agreements
$
843
$
14,936
Non-cash consideration for
website and software development costs
$
513
$
632
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 June
30,
Six months ended June
30,
2023
2022
2023
2022
Net loss
$
(52,159
)
$
(86,009
)
$
(109,114
)
$
(158,046
)
Net loss margin
30.4
%
62.6
%
33.1
%
60.0
%
Add back:
Depreciation and amortization
12,596
13,315
24,421
26,081
Restructuring expenses
2,845
-
2,845
-
Acquisition related expenses
-
-
203
344
Stock-based compensation
57,612
82,335
122,074
156,071
Other expenses
2,838
5,696
4,702
10,969
Change in fair value of warrants
and derivative liabilities
-
1,215
-
1,215
Interest expense
2,797
1,666
5,245
2,964
Income tax provision /
(benefit)
309
343
507
(2,256
)
Adjusted EBITDA
$
26,838
$
18,561
$
50,883
$
37,342
Adjusted EBITDA margin
15.6
%
13.5
%
15.4
%
14.2
%
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 June
30,
Six months ended June
30,
2023
2022
2023
2022
Cash Flows from Operating
Activities
$
20,629
$
14,667
$
40,733
$
35,850
Capital expenditures
(3,786)
(4,768)
(8,950)
(11,511)
Website and software development
costs
(4,006)
(4,121)
(8,906)
(8,586)
Effect of exchange rate changes
on cash
and cash equivalents
133
398
101
166
Free Cash Flow
$
12,970
$
6,176
$
22,978
$
15,919
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230802727430/en/
Investor Relations Scott Schmitz ir@zetaglobal.com Press James
A. Pearson press@zetaglobal.com
Zeta Global (NYSE:ZETA)
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