Greetings, and welcome to The Zeta Acquires LiveIntent Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Madison Serras. Thank you. You may begin. Thank you, operator. Hello, everyone, and thank you for joining us on today's conference call for the announcement of Zeta's entering into an agreement for the acquisition of LiveIntent. Today's presentation and news release are available on Zeta's Investor Relations website at investors.zetaglobal.com, where you will also find links to our SEC filings, along with other information about Zeta. Joining me on today's call are David Steinberg, Zeta's Co-founder, Chairman, and Chief Executive Officer, Steve Gerber, Zeta's President and Chief Operating Officer, Chris Greiner, Zeta's Chief Financial Officer, and Matt Keiser, LiveIntent's Founder and Chief Executive Officer. Before we begin, I'd like to remind everyone that statements made on this call, as well as in the presentation and press release, contain forward-looking statements regarding our financial outlook, business plans and objectives, and other future events and developments, including statements about the growth opportunities and accretive metrics related to the LiveIntent acquisition, as well as near-term and long-term synergies related to the same. 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 press release and other filings with the SEC, and speak only as of today's date. In addition, our discussion today will include references to certain forward-looking non-GAAP financial measures, which should be considered in addition to, and not as a substitute for, GAAP measures. We use these non-GAAP measures in managing our business and believe they provide useful information for our investors. As forward-looking non-GAAP measures, we do not provide a reconciliation to the closest comparable GAAP measure because of inherent uncertainty and unavailability of information without unreasonable efforts. With that, I will now turn the call over to David. Thank you, Madison. Good afternoon, everyone, and thank you for joining us today on such short notice. I am extremely excited to announce we've entered into an agreement to acquire LiveIntent to strengthen our core assets, including the Data Cloud, and extend our reach into identity resolution and the publisher ecosystem. We believe this advances our position as a leader in AI-powered marketing. We will use our time today to discuss how LiveIntent aligns with Zeta's strategic priorities and M&A principles. You will have an opportunity to hear from Matt Keiser, LiveIntent's founder and CEO, and from Steve Gerber, Zeta's President and COO, on growth and synergy drivers. Finally, Chris will close with transaction details, followed by Q&A. For background, LiveIntent was founded in 2009 and is a pioneer in people-based marketing. They own and operate one of the largest proprietary identity graphs and are known for providing strong identity resolution capabilities and delivering highly personalized marketing through deep integrations with the world's largest publishers. We've worked with LiveIntent for more than five years, so our conviction in the value of their core assets is strong. We are confident the integration of their data assets, publisher network, and channel capabilities into the ZMP will drive numerous growth opportunities, namely, offering Zeta new capabilities and products to sell in identity resolution, expanding Zeta into publisher monetization, a new market for Zeta, and accelerating our mobile strategy and retail media offerings. These three areas not only open new TAMs, but also establish new relationships with multiple Fortune 500 customers and agencies. This transaction also aligns perfectly with the four M&A criteria we've talked about previously. First, we believe this is a complementary platform that will seamlessly integrate into the Zeta marketing platform within six months, let alone the year we usually say we need. Second, the transaction is expected to immediately be accretive to our earnings profile and represents a 16x multiple from an Adjusted EBITDA perspective. Third, we believe there are significant cross-selling opportunities, with expressed customer interest in several of our large and growing verticals, like financial services, insurance, and healthcare. And lastly, these synergies are expected to accelerate growth in the LiveIntent business, while Zeta, on an organic basis, can continue to grow at our historic growth rates. Now let me turn it over to Matt Keiser, the founder and CEO of LiveIntent, to provide a few additional details on the business. Matt? Thank you, David. I'm really excited about joining the Zeta team. I believe this is a great fit for our organization. We've been working together successfully for years, and we know how compatible we are. We share the very same DNA. We've made the same investments in people-based marketing, AI, email, and messaging. Together, we're better. LiveIntent's a leader in real-time people-based marketing, with proprietary technology powering mobile-centric experiences and first-party identity solutions. LiveIntent serves three significant sets of customers: publishers, enterprises, and agencies. We help publishers curate and monetize their people-based audiences through newsletters, in mobile, and on websites. We help advertisers unlock engaged people-based audiences across all channels. We're used and trusted by over two thousand publishers, including BuzzFeed, Freestar, Redfin, Warner Bros. Discovery, and Ziff Davis. We're very excited about the opportunity to bring omni-channel buying, AI-driven insights and workflows that streamline operations and enhance performance, a market-leading CDP with clean room capabilities, and a top-rated email service provider to our customers, delivering an all-in-one people-based marketing experience capable of servicing publishers and retail commerce needs like no other solution. Our companies could not be more aligned. We have a shared vision, complementary assets, and a common belief that we're entering a new era in marketing technology, one in which are uniquely positioned to deliver more value to customers and grow at an accelerated rate. Now, let me turn it back over to Steve for more on the growth synergy drivers from Zeta's perspective. Thank you, Matt, and welcome to Team Zeta. At Zeta, we are laser-focused on accelerating growth for brands by delivering better experiences for consumers and better results from their marketing programs. LiveIntent amplifies this mission. We believe M&A can be a force multiplier for the business and the value we deliver to customers. We call this the one plus one equals four opportunity. Zeta plus LiveIntent is a perfect example. Together, we will deliver outsized value for customers through a one-of-one platform that combines the best of both, provide expanded capabilities to partners through best-in-class identity, intelligence, and omni-channel activation, bring new human capital and expertise, and unlock new growth vectors, resulting in repeatable, profitable growth. We are highly confident that the integration of their data assets, publisher network, and channel capabilities into the ZMP will drive unmatched outcomes at scale. First, we believe LiveIntent's extensive identity graph, which includes engagement from over 235 million unique hashed email addresses per month, will enhance data's identity resolution capabilities. Authenticated and authoritative identity is the backbone of our platform that combines precision and scale. Second, with over 2,000 premium publishers and relationships with eight out of the top 10 in the Comscore ranking, LiveIntent enhances and extends Zeta's existing publisher network and positions the combined business to bring a new offering, the Publisher Cloud, to market. This creates a closed-loop ecosystem that will rival the reach and targeting capabilities of the walled gardens. Third, LiveIntent accelerates our mobile strategy and retail media offerings. LiveIntent powers millions of mobile experiences per day and complements the AI-powered mobile products that we unveiled at Zeta Live. Additionally, LiveIntent's recent entry into the fast-growing retail media ecosystem is both disruptive and aligned with our strategy to deliver a more innovative set of offerings to retailers and brands. The benefits of this one plus one equals four combination will be clear from day one, but compound over time. As more brands view first-party data as a corporate asset, seek to make AI actionable, and move towards a single platform that powers more efficient and effective marketing across the customer lifecycle, this acquisition will accelerate data's flywheel and position the combined company to grow faster than the market. I'll now hand it off to Chris to share more on LiveIntent's scale and the deal terms of the transaction. Chris? Thank you, Steve, and welcome aboard, Matt. It's been great getting to know you and your team. Total consideration for the LiveIntent business is $250 million, with $77.5 million in cash and $172.5 million in common stock. Additionally, there's a three-year earn-out tied to significant Adjusted EBITDA growth and sustained margin expansion. As David mentioned earlier, the acquisition will meet our disciplined M&A criteria around a fast integration, accretive metrics, and verified customer interest in cross-selling opportunities. In terms of LiveIntent's scale and profitability, we expect the business, on an annualized pro forma basis, to deliver $76 million in full year 2024 revenue, with an accretive gross margin profile and $15.5 million in Adjusted EBITDA. In fact, with an Adjusted EBITDA margin one hundred basis points higher than Zeta's current full year 2024 margin guide of 19% and compelling revenue growth synergy cases, the valuation multiple is highly accretive. We expect to close the transaction during the fourth quarter and plan to include a line item for LiveIntent's inorganic revenue contribution for the stub period in the fourth quarter of 2024, and provide similar visibility to their anticipated 2025 inorganic contribution during our February earnings call next year. My team's focus over the next several months will be partnering closely with our colleagues at LiveIntent, along with Zeta's leaders, to integrate LiveIntent's systems, procedures, and KPIs. Before I turn the call over to the operator for a brief Q&A, I want to quickly cover two housekeeping items. First, we posted a presentation to our investor relations website to supplement today's discussion for your ease. And second, in conjunction with the 8-K filed this afternoon announcing the acquisition, we are reaffirming our recently updated third quarter 2024 revenue and Adjusted EBITDA guidance of at least $255 million in revenue and at least $50.2 million in Adjusted EBITDA. With that, let me turn the call over to the operator. Operator? Great, thank you. At this time, we'll be conducting a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we poll for questions. Our first question is from Ryan MacDonald from Needham & Company. Please go ahead. Hi, thanks for taking my questions, and congrats on the acquisition. You know, maybe to start, just really curious on maybe double-clicking on the enhanced functionality that LiveIntent's bringing to the mobile and the retail media side of the business. Obviously, big areas of focus at LiveIntent in terms of the product sessions, but would love to just hear a little bit more what this is adding to Zeta that you previously didn't have, and again, how quickly you might be able to get that integrated in the product. Thanks. Thanks for jumping on so quickly, Ryan. We appreciate it. Let me start by saying that LiveIntent has one of the best data graphs on the planet. They utilize it in two main ways. First, they help publishers and retailers monetize, in most cases, their newsletters, including the largest retailer in the United States, and I believe the world, so when they're working with that platform, the LiveIntent platform is feeding custom advertising from their advertisers into that retailer and many other retailers' electronic newsletters to help them better manage their own retail media strategies as they expand out from just their own portals to being able to deliver information, ads, and offers to their, you know, hundreds of millions of customers globally, where they are in that moment. At the same time, the vast majority of what the platform is doing is being delivered to mobile devices. When they are feeding the data and the offers and the custom ads into the newsletters, they're also feeding them into a sort of a form that can be delivered across any device. The vast majority of the devices that this is being delivered to is being delivered to mobile devices. The ability to feed sort of their massive data ecosystem and ability to uniquely identify hundreds of millions of people in the United States into our data cloud, is also gonna further bolster our capabilities around mobile. We see these as two very, very important attributes to accelerating our mobile offering and our retail media strategies that we discussed at DataLive. Super helpful color there. I appreciate it. It sounds extremely valuable. Maybe just a quick follow-up, and you mentioned obviously, you've been working with them for, you know, about five years as a partner. Can you talk about customer overlap between the two? Clearly, there's a natural cross-sell opportunity, but sort of what's the existing overlap between the two customer bases? Thanks. Thank you. So one of the things that's most exciting about this opportunity is the cross-sell that you said. And one of the things we love about LiveIntent is the deep relationships they have with premium publishers. And we think there's a big opportunity for us to extend our platform to publishers. As it relates to marketers, this represents an incremental channel to bring to our own, as well as bringing the power of the Zeta Marketing Platform, starting with identity data into intelligence through activation to their customers. So, there's very low overlap, to be clear. There's not a lot of customers that we share, which is one of the opportunities we like. As you know, Ryan, in our, you know, M&A thesis and principles, one of them is we have to feel like our customers want to buy their products, and we have meaningful demand already from our customers for their products, and we are just beginning the conversations with their customers about cross-selling our products in. Excellent. Thanks for taking my questions. Our next question is from Arjun Bhatia, from William Blair. Please go ahead. Hi, thanks. This is Chris on for Arjun. I'll echo my congrats on the acquisition. One of the things I was curious about, I think, David, you touched on the timeline being a good bit shorter in terms of integration for LiveIntent. Can you just expand on that a bit on, you know, what it is about from a technological standpoint, the two platforms that will help you accelerate that timeline? Thank you, Chris. So let me start by saying, the beauty of having partnered with them for five years, we have a deep and meaningful understanding of their people and their tech. So we already understand the tech incredibly well. We also are both fully cloud-based, so there's not a lot of legacy tech debt on the LiveIntent side, which allows us to fully integrate them into the ZMP within six months... We feel very confident on that, and as you know, we always say we wanna be within twelve, but in this case, we're gonna be able to do it materially faster, which we think will bring the joint products to customers faster than ever. Understood. That's helpful color. And then, one other thing I want to touch on. So from a data perspective, if I'm understanding correctly, this is primarily to help with identity resolution. Is there an actual element where this is additive in terms of the first-party data that you're providing to your customers as well? Is it both pieces or just kind of the resolution side of things? Thank you. So, Arjun, as we've talked about, identity is the backbone of the DMP, and this is a way for us to strengthen it. When we talked about our Data Cloud in the past, we talked about three different components: identity, identifiers, and signals. So this is really about adding incremental identifiers and incremental signals that allows us to resolve identity so that we can be that ubiquitous identity layer within an enterprise. Authoritative and authenticated identity is a core part of the DMP, and LiveIntent really strengthens that. This is also gonna be a large number of incredibly powerful signals that will feed into our large language models and allow us to get to higher levels of intent than ever before. So as I said in the prepared remarks, Chris, and I think it's important to note, we believe that AI is only going to be as good in the long run as the data you feed into it. The more first-party data we control, the more valuable we are to the enterprise when we merge our data with their data in the CDP, and that's where the intelligence is created. So with the, you know, billions and billions of signals that will come out of the LiveIntent acquisition, that we can synthesize to the deterministic individuals that are already in the data cloud, as Steve Gerber said, that is going to massively increase the value of the collective data set and make us more valuable than ever to enterprises and agencies that want to use our platform. Got it. Thanks for taking my questions. Next question is from Terry Tillman from Truist Securities. Please go ahead. Good afternoon, team. I'm Connor on for Terry, thanks for taking the question, and also my congrats as well. Just wanted to start with one on the growth. Specifically, just wanted to double-click on what kind of gives you all the confidence around being able to grow LiveIntent that- Connor, I'm sorry. We're getting massive static out of your call, and I'm not hearing what you're saying. I'm really sorry. Hey, team, is this a little bit better? Oh, that's more than a little bit better. It's substantially better, Connor. Thank you very much for fixing that. That's great. Okay, sorry about that. Would you mind repeating your question? Don't, don't be sorry. Just repeat the question, if you don't mind. You got it. Yep. So just wanted to kind of ask around the growth, specifically, just wanted to double-click on, you know, what kind of gives you all the confidence around being able to grow LiveIntent at a faster overall pace versus the core platform? If you kind of just speak to those aspects. Yep. So let me start by saying five years of partnership, where we have partnered with them, we've consumed their data, we understand the value of it, first and foremost. Second, over the last number of months, as a partner, we have tested this product with a number of our large enterprise clients who love it. So we are highly confident in the tests that we've already ran and the orders we believe we already have, that we are going to be able to grow this asset materially as a component of Zeta. Great. That's, that's really helpful. Maybe just as a quick follow-up, anything you can share on some of the pieces that you are inheriting from a resource and talent perspective, specifically on the go-to-market seller side, and then as well within the engineering department? And thank you again. Hey, Connor. Chris here. What's really terrific about the sales and go-to-market motion and distribution of LiveIntent is they have the exact same hunter/farmer model that Zeta has. So it plugs in really neatly from that perspective. We're taking on, you know, right around 25-30 total quota carriers, and it's divided pretty evenly between hunters and farmers. Matt, anything you'd like to add from that perspective? No. Our products are really a natural fit. They go hand in glove, as we already talked about. With Zeta's, you know, AI-based marketing cloud, unifies identity, intelligence, omni-channel activation in a single platform. You know, all the features our customers have been looking for. This builds on Zeta's vision of a single platform, delivering better experiences for consumers, stronger results for marketers and publishers. You know, together, we create this closed-loop e-ecosystem that's gonna rival the reach and targeting capabilities of the walled gardens. I agree. Thanks, Connor. Thanks, Connor. Our next question is from Elizabeth Porter from Morgan Stanley. Please go ahead. Great. Thank you so much, and apologies for any background noise. The first question was if you could just give us some more details around the pricing model. You know, how much is it volume versus subscription weighted? And then any color that you could provide on how the deal sizes look relative to your average deal size today. So, Elizabeth, the beauty of this model is it's almost exclusively an exhaust fee on both sides. So there's an exhaust fee charged on the advertiser side, where no matter what is placed, a percentage of the revenue passes to us, and on the publisher side, no matter what is placed, a percentage of the revenue is passed to us. It's an incredibly efficient platform. It's all on platform as a part of when you look at the way we break out our revenue on platform versus integrated, and this will be very commensurate with the margins that we're used to for on-platform revenue. Great, thank you. And then, I wanted to unpack the customers a little bit. You're talking about a, you know, a big cross-sell opportunity. Any sort of color you could give us on just the size of the customer base, today? Yeah, I mean, we they have over 2,000 publishers, including eight of the top 10. And you can look on their website, there are a number of meaningful brands that are on there. They tend to work directly with enterprises on the advertiser side, and they tend to work with super premium publishers on the publisher side, which is, you know, we're very excited because we traditionally, as you know, have worked with the long tail. So to add eight of the top 10 global publishers, according to Comscore, into our publishing platform, we're also announcing the creation of our Publisher Cloud, which will be a whole new cloud for the company, and we're gonna begin to help publishers to monetize their own businesses. To put it in perspective, we've always partnered with publishers, many, many millions of them, as it relates to helping them with their data management, helping them to better manage their platforms using Disqus and other tools. We'll now be able to bring these monetization tools that LiveIntent has to all of those publishers. So this is, in my opinion, a very, very meaningful opportunity. Chris? One thing on the customer side, Elizabeth, to your question, you know, we'll use the next several months as we go through the integration process to, you know, their metrics and our metrics, and you would expect us to layer that on top of all of our data KPIs. But when you look at their ARPU, for example, across their customer set, it's actually identical to what our 100K to 1 million scale customer spends, which is around 400K annually. So, you know, good ARPUs, you know, their super scaled customers from an ARPU basis are a bit north of 1 million, so below our average of 5. But we'll break all that out in future earnings calls once we get through the integration process and weave in their KPIs into our model. But we think this will help us across the board and feel like this is going to be a material catalyst for us as a business. Great. Thank you. Our next question is from Richard Baldry, from Roth Capital Partners. Please go ahead. Thanks. Can you talk about, you know, how LiveIntent does or doesn't work with agencies, and how that'll sort of change your strategy or add to your strategy in working with the agencies going forward? Thank you, Rich. So the good news is, today, they really don't work with agencies. They primarily work direct to enterprise, which is fabulous news, because obviously, we work with many enterprises, and we work with five of the eight largest holdcos. So we believe this is a meaningful opportunity to bring this product through the Zeta Marketing Platform directly to the large agency holdcos, in the months to come. Thanks. And assuming you've already taken a pretty hard run at matching up their identity graph to your own, I'm sort of curious, how, you know, completely overlapping is it? Is it somewhat incremental in expanding the total identity graph addressable? And sort of how quickly can you put in sort of their historical data, not just sort of run rate, new data coming out, but historical data, and match that up to your own? Thanks. Thanks, Rich. It's Steve. Great, great question, and as David noted, they've been partners of ours for more than five years, and we believe that there's incremental value across all three dimensions that I talked about. So one is it will expand the identity graph. The second is it materially or meaningfully expands our identifiers, which is of critical importance coming into the enterprise to have that actionability that's really at the core of the DMP, but then also pushing out into the publisher ecosystem, where, as Matt said, we'll be able to rival the scale and precision of the walled gardens. And then the other element where this is incremental for us is around signals, and those signals will distill into incremental intelligence. So we believe that one of the big one plus one equals four here is the evolution of our data cloud, and we do believe that it sharpens the differentiation of what really is a core asset of Zeta's. Remember, you're talking about 230 million people that you can identify now to a hashed email on the internet. That is an incredible addition to the Zeta ID across all of the publishers we work with. And of course, Rich, there won't be full overlap to our 240 million, so you will definitely be adding. The collective will go up from 240 million. Great. Thanks, and congrats on what looks like a really strong strategic fit. Thank you, Rich. I appreciate it. Our next question is from Matt Swanson from RBC. Please go ahead. Yeah, thank you for taking my question, and congratulations on the acquisition. I want to double-click on the Publisher Cloud and just kind of what your maybe intentions are in terms of the types of services and how you're gonna help them increase kind of monetization, and maybe where the delineation, I guess, would be between, you know, some traditional, like, SSP roles and what you're offering, or maybe in that question, what you'd be replacing when you enter a publisher. First of all, Matt, thank you for dialing in. What... Let me start by saying we have very quietly built a best-of-breed SSP inside of Zeta. We haven't announced it publicly, but it's something we've built, we've been testing, and it's something we see of long-term value. That doesn't mean we won't continue to work with many of our current SSP partners. But strategically, to build a truly closed-loop environment, to really rival the walled gardens, we wanted to control all three sides of the ecosystem, which include the DSP, the SSP, and now the ability to load in the publisher data through LiveIntent. So what are you doing? You're taking their 2,000 premium publishers, you're taking the 5 million plus publishers we partner with. We will layer our identity capabilities into our own SSP, in addition to some of the current partnerships they have, and we will be in a very unique position to help advertisers connect with publishers in a way that both can get better results. So if the advertisers get better return on investment, it allows the publishers to charge more, which allows the entire ecosystem to flourish inside of Zeta's platform, which is what we're really excited about. And the ability to expand this out to millions of publishers is, I think, something Matt's excited about. And Matt, inside of our organization, is really gonna be focused on the Publisher Cloud and what we're doing there. Yeah, no, that's super helpful and exciting. Maybe as kind of a natural follow-up to that, then, I guess, how important is the ROI and ROAS reporting in going towards full stack to make sure, you know, both sides of publishers and advertisers know that you can, you know, support them both equally without conflicts? Yeah, well, once again, because the way it works is just an exhaust fee on both sides, it doesn't really matter. We really are Switzerland, right? So you're taking an exhaust fee from the advertiser, and you're taking an exhaust fee from the publisher, and the return on investment is obviously there, or they would not be able to charge both sides, right? Because it's really a perfect marketplace in many ways, 'cause the advertisers could go to other DSPs, and the publishers could certainly go and publish through other SSPs. The ability to get to the identity and the highest level of intent is the major differentiator that LiveIntent has brought to that environment, and Matt and his team have done an exceptional job building that. By plugging that in to our data cloud and allowing our data to now help with that, and our AI to help with that, it should accelerate the return on investment, which will allow substantially more dollars to flow through the system, which will allow us to take the exhaust fee on those higher dollars. So, you know, we think this is a true game changer for us as it relates to that component of the business. Appreciate it. Our next question is from Zach Cummins, from B. Riley Securities. Please go ahead. Yeah. Hi, good afternoon. Thanks for taking my questions. I really just had a quick question around the performance of LiveIntent this year. Any sense that you can give us around the pace of growth here in 2024 and kind of level sets expectations for that acceleration moving forward? Hey, Zach, Chris. Growing at a similar rate as Zeta's historic growth rate, and as you saw from the margin profile that we talked about, their expected full year adjusted EBITDA of $15.5 million on a $76 million base, you know, they've got accretive adjusted margins already. And we believe, through our combined synergies, you know, we've got opportunity to expand that further. Understood. And just one follow-up question, maybe geared towards Matt. Just curious as to why you feel like this is the right time to be teaming up with Zeta and moving forward to combine forces. You know, being acquired by Zeta feels totally natural. We've known them for a long time, as you've- we've already pointed out. You know, working together is gonna be great. We share the same DNA and relentless focus on innovation, delivering results for our clients. Our platform and LiveIntent's identity capabilities are really complementary, and we're confident that together, we're gonna be better, we're gonna grow faster, and, you know, I really can't think of a better home for LiveIntent. Thank you, Matt. Understood. Well, thanks for taking my questions, and best of luck here moving forward. This concludes the question and answer session. I'd like to turn the floor over to David Steinberg, CEO, for any closing comments. I mean, to say we're excited about this deal is an understatement, right? From a strategic perspective, you're massively increasing our data cloud. You're adding new signals. You're adding new products, which open up an entirely new total addressable market to us. The publisher cloud is a new addressable market to us. Retail and mobile are two areas that are, you know, greenfield opportunity for us as a company, and we feel this asset, in partnership with us, massively increases our capabilities there. It very, very nicely fits into our four M&A principles, and, you know, we're incredibly excited at Zeta to welcome the LiveIntent team to the Zeta family. And we feel like we've known this team for a long time. Culture is an incredibly important way as we think as an organization, and we feel like they have the type of hard, hard-charging, you know, want-to-win culture that we have, and we could not be more excited to have Matt and his team joining us at Zeta. We're very excited for the future, and we're very excited for what we're doing here. Thank you, everybody, and have a wonderful day. This concludes today's teleconference. You may disconnect your lines at this time. Thank you again for your participation.