I think we are live here. Hi, everyone, this is Ron Josey talking. I can't be on camera today for some technical reasons, but with us today, I've always liked to have with us David Steinberg, the Co-Founder, CEO of Zeta Global, and CFO, Chris Greiner. David, Chris have joined us, and we've got some very interesting conversation to hear as Zeta evolves more to an infrastructure AI platform. I believe everyone should have the disclosures on in front of them. If you don't already, for me at least, please feel free to email me directly or let me know. David, Chris, thank you for joining. Always appreciate talking with you all. Ron, thank you so much for having us. This is obviously very, very big news for us, and we were so glad that you had the availability to help us. Absolutely, and again, wish I were on camera. Let me start off, I believe Zeta's entering the quiet period, can't really comment on 2Q trends, no financial update today. The goal of today is really just how Zeta's evolving into an infrastructure layer. With that, David, obviously we've had a lot of good track records of earnings, and we'll table that for a few weeks. When we talk about what's going on at Zeta, and when we all met, really about a week and a half ago in Cannes, it was about the- Oh, it was very hot there, Ron. It was very hot, indeed. When we met a week and a half ago, I believe Zeta had just announced, you all just announced your partnership with Palantir. What I wanted to do as the first question is, my goodness, we've seen Athena launch in March. We've seen partnerships with OpenAI, Snowflake, now Palantir, and the pending integration of Foundry. A lot is going on on Zeta. Maybe level set us in terms of how Zeta is transforming itself into being that AI infrastructure platform, and what exactly does that mean? As we go through here, I have a ton of questions about the partnerships, about where Zeta's going, but maybe bigger picture, just talk to us about the evolution of Zeta and how really 2026 has changed everything. Madison, let's go to the what's changed slide, which I think is very helpful. If you think about just the last few months, we've announced a multi-tier, multiple partnerships with OpenAI. We took Athena, generally available both for enterprise and then agency. We announced a major growth to our Snowflake partnership, the biggest thing we've done to date, which is Palantir. I said OpenAI was the biggest thing to date when we did that, Palantir now usurps that. The reality is none of this was an accident. We've been building towards being an infrastructure/business intelligence platform for quite some time. As I've shared with you in the past, Ron, I've always thought of us as a business intelligence platform. Yep That started focusing on marketing because the total addressable market was so high. With the combination of the launch of Athena and Palantir, and I think there's been some confusion, which is one of the things we wanted to say, we should have Palantir fully integrated for phase I and have all of our existing clients on the Data Cloud moved over to the Foundry platform, I would say within 30 days of today, maximum maybe 40, 45. We've been working on this for quite some time behind the scenes, and a lot of people were thinking this was going to be a late this year, early next year. It'll be done, not only will we have Palantir fully integrated in the next 30 - 45 days, we'll have at least one joint launched enterprise client from their side this quarter, is what we believe. Very possibly more. When we do move the Data Cloud over to Foundry, which will happen in the next, fully integrated, in the next 30 - 40 days, all of our clients will then have access to the Foundry platform. Once we have that as our bottom layer infrastructure, moving from our three main use cases, which is customer acquisition, customer retention, and customer monetization, to what will now be our fourth official use case, which we're calling the Zeta Business Intelligence or Engine. ZBI, a new one for me to remember. I should remember it, I sort of came up with it. The ZBI is going to change the way business intelligence works. Today, according to IBIS, business intelligence is a $35 billion addressable market in the U.S. alone on a yearly basis. Today, the way business intelligence works is the software ingests old data from the past, I call it rear view mirror data. It then puts it into a format that a bunch of data scientists can ingest and look at and try to make decisioning going forward. By layering the Zeta Marketing Cloud and the trillions of signals that we're ingesting, we're now going to be able to forecast business intelligence changes with substantially greater accuracy in the future. We think we're going to completely change the game in the business intelligence space by using our Data Cloud plus our clients' data in the same consumer data platform that we're currently utilizing, but literally inside of Foundry, which will allow us to gain access to all of our clients' data in real time and allow for real-time decisioning and real-time business intelligence. When you think about the four big things that have changed over the last year that have led to this announcement and this evolution, it starts with OpenAI, then you had Athena, then you had Snowflake, and then of course you had Palantir, which we'll have fully up and integrated in the next 30 - 40 days. David, that's a lot. First of all, it's pretty exciting to see. Let me try to break this down a little bit more. When we were together in Cannes maybe again, a week and a half ago or so, we talked about the transition happening, the 30 - 45 days. It seems a lot faster than what we and many others were thinking. You've been working on this for a while. Just want to make sure I understood that correctly. Phase one, all clients moved over to 30 - 45 days. Did I hear that right? Yes. All our existing clients that are using the Data Cloud will move over to Foundry in the next 30 - 40 days. It'll be seamless to them. They won't even know it's happening. What they'll see is two things right away. One, intelligence will speed up. Two, we think this will drive to a substantially higher return on marketing spend right away. We're already seeing with clients that have adapted Athena, a substantially higher return on marketing spend, and we think that the addition of Foundry is going to accelerate that. We have one client that is now over 1,400% in return on marketing spend. This is real-world, real examples. Chris is going to get into it in a bit, but we're going to be building an AI scorecard. We're not prepared to roll it out today. Madison, would you go to the compatible slide? No, the compatible slide, the slide of the other companies that are AI infrastructure companies that trade publicly. Correct. If you look at this slide, you can look at the cohort of companies that we believe we should now be compared to, and you can look at the metrics that correlate to us and these companies. In all cases, we're either one, two, or three as it relates to rule of 40, we're at 48. As it relates to net retention rate, we're at 120%. The one that's really exciting is free cash flow yield at five percent, with, I believe, the average being two percent. You can look across the board. Our company is already achieving the rules that are necessary to be an AI infrastructure platform. When you think about the real benefits of this, and you look at Palantir plus OpenAI, plus Snowflake, plus Athena, we think the first big move is going to be a meaningful increment in return on marketing spend while we're simultaneously rolling the ZBI out to all of our existing enterprise clients. It opens up a new sales track into the CTO, CIO, or CEO, in addition to the CMO. It opens up an incremental $35 billion revenue opportunity. I would say even more importantly than that, it's going to embed us even more deeply into our enterprises, Ron. That's actually a key point that I was going to ask a little bit later on. You talked, David, about expanding the TAM to $35 billion, now being able to sell to CIO and CTOs. You have really three different owners potentially within an organization, as you now offer those four different solutions, acquisition, retention, monetization, and the ZBI. Talk to us about the go-to market approach in terms of how Zeta is positioned today, now that in about a month and a half, will be on Foundry, things will go a lot faster. You talked about latency, and now we're also talking to CIOs and CTOs. We'd love to hear the approach here because it is a newer part of the organization. How do you get the introduction? Does the CMO doing this on a warm introduction? Talk to us more about that process. Well, first of all, most of the big deals we close, we have CEO relationship, and we end up going through the CTO or CIO's office. We already know all of these people because when the CMO brings in a new component to the tech stack, the CMO brings us to the CIO or the CTO, and often I know the CEO, and/or we're able to build a relationship with them and come in that way. What I would tell you is that the sort of sales motion on this should be very similar in that we've already been doing this for a number of our clients. We had one great use case recently where a very large hotel client of ours wanted to figure out where to put their next 500 hotels. We pulled all of their most loyal customers, we looked at every one of their credit card transactions in geographies that they did not have a hotel against their four main competitors. How many room nights were they consuming at their main competitors? We drew a circumference, or a five-mile centric circle, around that area, and that was where they decided to put their next 500 hotels. As they've opened a couple of those, they bought a couple, quite frankly, in those areas, they're still building the ones that they're building. They used us to launch the marketing to do conquesting to move their loyal clients away from their competitors in the geographies that they opened locations. The other big thing we're looking at, Ron Josey, is inventory management and what organizations are going to manufacture next versus what should be discontinued. How should inventory be shifted on a geographic basis based on where people are? All these different things are natural workflows in the ZBI coming out of the existing relationship in the consumer data platform. That's actually a good segue into the new ZBI, because when you talked, David, that example with hotels, that is now going into business strategy. That is now directly touching the revenue, as opposed to through the marketing side. One of the things that I always find fascinating in Zeta is just your current data cloud, I think it's 535 million consented individuals across trillions of signals resolved to real people. One of the things you said when we were just starting to talk here is just the Data Cloud into Foundry, also working with client information to put everything together. Talk to us a little bit more just around the opportunity with Zeta's Data Cloud into the Foundry, but also leveraging the data that the clients have, because that proprietary, that 1P and 3P data is really a significant differentiator from others, I would imagine. I think our Data Cloud is our biggest differentiator and our biggest moat as a company. If you look at the other three or four companies in the world that have a comparable or larger data set, they're all worth over $1 trillion. When you look at this data, by putting it on top of Foundry, it's going to speed everything up and allow throughput of data outside of just marketing data. Now we'll be able to get all of their business data put into Foundry and into the Data Cloud as a subset into the consumer data platform. What I simply like to talk about is how Foundry is a game-changing foundation for our new skyscraper that we're building. It's sort of the foundation that will allow us to go higher and allow us to expand out. Whereas in the past, we've been very, sort of, I don't want to say pigeonholed, but we've been very thought of as a marketing platform for obvious reasons. The vast majority. Yeah Of our revenue came out of marketing. Marketing's going to continue to be an incredibly important application for Zeta for many, many years to come, and probably forever, right? At the end of the day, the ability to get even stickier, I shudder to say stickier because I want to reiterate, last year our net retention rate was already 120%. As we think about how do we get stickier inside an organization, and how do we drive incremental revenue and margin inside of a customer, we've always looked at it as how do we solve our clients' biggest problems? By adding the Data Cloud on top of Foundry, with Athena on top of the Data Cloud, you'll now be able to, in a very conversational way, ask Athena how to solve your biggest business problems. How do I turn my inventory more quickly? How do I shift inventory for specific products or services to markets that they need to go to? What new products should I be developing? What new products should I not be developing? Where can I go get the world's best employees to help work for my company as I try to evolve my organization? All of these are questions that the ZBI will answer with Athena. That, again, opens up to more organizations and use cases. I want to ask about the data in Athena, before we do, let's make sure we're all on the same page on Athena for those on the webcast. We launched in March. I think we had a pretty large client win here recently. Maybe David, just step back for a second and tell us how Athena's capabilities enable the ZBI or the Zeta Business Intelligence layer so that you can obviously build that skyscraper on top of Foundry. I would love to hear more about what Athena does, what you've seen thus far, and then we can get into examples. Yeah. I would start by saying that Athena is meant to break down the friction between the human and the platform. As I sort of talk about, I don't want to get too theoretical here, but for 400 and some odd thousand years, humans have been communicating via voice. It wasn't until the 1950s that we created the keyboard, and today, the average enterprise uses between five percent and 10% of the enterprise software they license, just because they don't understand the feature sets, they don't know how to use them. Most of our clients know how to fly a really good Cessna, and we've given them a stealth bomber. By going to Athena, you can ask Athena in a purely conversational way how to solve your problems. Athena, I'd like to create 2 million incremental customers this quarter, and I'd like to do it while lowering my marketing cost by an average of seven percent. How would you recommend I do that?" Instead of the individual at that enterprise having to navigate 20 or 30 screens to do that, Athena does it for you, changes the screen to just give you your answer. It's going to do the same thing with business intelligence. You'll be able to ask Athena, "How do I solve my biggest business problems?" Athena will change the UI in front of you to give you the answers. To me, sort of this intelligence AI infrastructure, which is really what we've built, is the differentiator in Zeta, and I think a lot of that's gotten lost over the conversation about marketing or not marketing. To me, marketing is a very large and necessary component of very large enterprises. We've grown our business now for many years in a row. We're on a four-year compounded organic growth rate of greater than 30% over the last four years. There have been ups and downs in that period, but yet we've still grown through them. We continue to take massive market share from our competitors. Back to the large win, if you jump to the slide that has We start with what's changed, which are the four things that have changed, which is OpenAI, Athena, Snowflake, and Palantir. Now let's talk about what proves it. Now let's go to the prove it slide, Madison. Thank you. If you think we started with OpenAI as a technology partner, then they awarded us a meaningful component of their marketing serving business. We started with Palantir. We moved very, very quickly. We have a seven-year joint go-to-market with Palantir, and when Elias, who's one of the best partners I've ever worked with, Elias Davis, who's on Alex Karp's personal team, and we really worked with Alex and then his guys, Zach and Luke, to really get that deal over the finish line. When he was interviewed and he was asked about the term of the agreement, he said the contract is seven years, but we expect to work with Zeta forever. We feel the exact same way. Then, of course, to win a client like The Gap, which was a massive Salesforce shop, they used Salesforce for pretty much everything. We displaced four vendors, and their Salesforce was one of them, and Braze was another, and there were a couple of others that were in there. They made us the system of record. I would tell you it's an interesting story because over the last eight years, we've probably bid The Gap RFP at least two prior times and came in second both times. We came into this one, quite frankly, with a bit of trepidation because these RFPs for enterprises of this size and scale are very complex. They're a lot of work. They take a lot of people's focus for a number of months. They said, "Listen, we're open to meaningful change, and you really should bid it." We came in, we were, I don't know, three-quarters of the way through the RFP process, and we demoed Athena for them, and they were blown away. I am 100% confident that Athena was the reason we went very quickly from this very long RFP process to them saying, "Okay, send us pricing," which is a very, very good buy sign. We ended up closing with them. We're happy to partner with Publicis Sapient who we work with regularly, and to become the system of record at Gap. It all came down to the Data Cloud plus Athena was really what changed the game for us with The Gap. Once again, what changed? Three new major partnerships and a new game-changing product launch. What proves it? Companies like OpenAI, Palantir, and Gap trusting us as either their major partners or their vendors of choice. These are deals that even four or five years ago, we probably could not have closed as a company because we were not in a position to do that. I will tell you, I'm looking at the roadmap, we've built an entire forward-deploy engineering team now that is sitting inside of Gap. We have Palantir people helping us there. We have OpenAI people helping us there. All these forward-deployed engineers are working together. We've got a room of forward-deployed engineers with OpenAI. We've got a room of them with Palantir. We've got rooms of them with Gap, I'm very, very excited about this evolution of the business, and have gotten a real chance to spend a lot of time with the Palantir people in particular. It's from the absolute top to everybody I've met with, they are just absolute rock stars. It's been an incredible partnership for us as we embark on this with them. As a system of record, is this a system of record for acquisition, customer retention, monetization, and ZBI, or is this something you can envision? Today, it's a contract that's very focused on CRM. Okay very focused on monetization. We're already working on major projects on the other things, and I expect to expand out from what we're working on today. Once again, to be named the system of record was a big thing for us for a company of this size and scale. Sure. We always want to think of ourselves as the challenger because I think that keeps you a little more hungry, Ron. The truth is, we're really becoming the leader in this category. If you look at the Forrester report, you look at the wins, you look at 50%+ growth in Q1, 29%+ organic growth in the first quarter of 2026. You're really seeing us take meaningful market share from our competitors, and as we expand into business intelligence, we expect to be able to do that there as well. Sure. I've got maybe one other question for you on Palantir. We can go probably another hour on the Palantir partnership. I want to get Chris on this too. David, first to you. You mentioned the cross-sell and go to market. I wanted to hear a little bit more about when you got Athena plus Palantir. Talk to us a little bit more about the broader cross-sell and joint go-to-market approach for both companies, Zeta and Palantir and the customer base there. Once Foundry's live with the Data Cloud, which as I said, should be in the next 30, worst case, 40 days. Any existing Palantir enterprise customer will be able to just turn this on. There's a few exceptions. These are for very highly regulated industries that we've sort of made a decision together we're going to sort of not start with. We're not starting with government for a whole host of reasons. I would say the vast majority of our enterprise clients are. We're already opening discussions. We've already made meaningful headway with a number of clients, and I would expect to have at least one of their clients turned on this quarter, in addition to having the full integration done probably by the end of July or very early August. It's just, once again, that Palantir is an organization that really puts their money where their mouths are. One of the things Alex is really focused on, and the things that he and I have chatted about, is how he wants to take the best technology possible and help his clients solve their biggest problems and help them save the most money in their organizations. They didn't really have a marketing solution until they decided to partner with us. I think that from a pipeline perspective, you're going to see a meaningful uplift in the pipeline, as you see Palantir come online. The truth is, the first few deals I'm doing myself, with very senior guys over there, and women over there, because I want to build the sales motion personally. These deals are so large in nature that doing the first few myself, so I can really build the sales motion and then start to bring others into it, I think will accelerate things and I'm very excited about where we are. That's great to hear with that insight and color. Chris, I think we've talked about $100 million ARR at some point. Help us a little bit more on the roadmap. This is part of the Palantir partnership, of course. How do you think about that $100 million? How should we think about that $100 million now that we actually have a great foresight or at least a vision for 30 - 45 days going live here? I think the best way to think about it is kind of really zooming out and you think about our long-term model, and the visibility that we have into it. The short answer is this adds to our confidence that we can get there early. When we rolled out our first long-term models, Zeta 2025, which was get to $1 billion in revenue, we got there a year early. We built the current model with the same foundations of conservatism and reliance on partnerships, our own organic selling, and new channels that we'll introduce, and new use cases, as David just talked about with Zeta Business Intelligence. I think this is just one of many levers. We've given ourselves ample room in our model for this to scale and grow and perfect the go-to-market model. We think of it really as just more upside and ability to get there faster. Is there any way? I should point out again, Ron, I just want to say we've already fully budgeted for all the expense in this contract for this year and the out years. We've moved money from other vendors to Palantir, and this should really be additive to operating margins in the years to come. That's the, I think, you and I, we've spoken about this as being cost neutral in 2026. Correct potentially op savings in 2027. Is that a fair comment? I think it'll help us continue to drive down our percentage of operating expenses and sales marketing to revenue, which we've done now, I think four or five years in a row, and I think that's a trend. That will continue. Chris, do you want to add to that? No, I think you're right, Dave. You said it well. Perfect. We'll come back to Palantir in a second. I want to make sure we get to all these partnerships because this is what has changed the game a little bit here in 2026. Talk to us about the OpenAI partnership. I think it spans both product, I think voice capability for Athena, advertising, and others. Would love to hear more about the partnership with OpenAI and how the team over at Zeta is leveraging GPT to build Athena or to come to go to market faster. It's interesting. We just did a third deal with OpenAI this past week, where we started using OpenAI for all of our employees instead of Copilot, which was a big move for us. We've been a Microsoft shop for quite some time. Which, listen, even furthers the partnership. What I would say is it started because we were looking for the world's best voice engine. We had years ago built a product called Zoe, Zeta Opportunity Engine, I think. That was our first evolution into voice, and it was like being on an old walkie-talkie, Ron. You'd say, "Zoe, how would I do this? Stop." You'd sort of go in and out. Clients who use Zoe spent, Chris, correct me if I'm wrong, between 300%-350% more on the platform? Yeah, between 200%-350%. Yep. They're spending meaningfully more in utilization fees on the platform, we said voice is really the future. How do we solve that? For us, there's no better partner in voice activation than OpenAI. We do use a bunch of the other models. We partner with Claude, we partner with Gemini and OpenAI, and we use Cursor and so on and so forth. The reality is that we felt like OpenAI had the best voice interface. I do want to be clear, also to clear something up, we never use any large language model to see any data in our data cloud. Our entire data cloud operates on our own proprietary models that we've been building since 2017. I would tell you the vast majority of what we do from an AI perspective, and we think the future of business-based AI, is inference-based artificial intelligence. Large language models are obviously very, very important, but you don't need to ingest the entire internet to figure out if somebody's going to get a new credit card, buy a car, or turn off a wireless platform, right? We need 30, 40, 50 really good, really fast pieces of information that we're able to do with individual agents that are looking at all of this trillions of times. When we wanted to build a voice UI, we didn't have the capacity to do it in the timeframe in which we wanted to roll out Athena. OpenAI started as our partner. We use their voice engine. It gets smarter about the individual using it, whether they're at an enterprise or an agent. It begins to understand their inferences and get to know them so it can better navigate the Zeta Marketing Platform. Whenever Athena does a data pull or is creating information or changing the UI, it's on our models and our platform. That's where it started. Right. That went really, really well. In fact, I think we were one of the first enterprise applications to go live with OpenAI, and they were shocked when we went generally available on time. They were like, "Wait, you actually did this on the exact date?" We did it eight days early. "You did this before you actually committed to doing it." That really got their attention, and we had already been talking a bit about helping them on the advertising side. I think one of the things that also is not understood is how powerful our GEO platform has become. Many of our clients want GEO, and GEO, at its heart, is a ZBI product. It's an intelligence layer product for business intelligence, where it's helping enterprises to be better recognized inside of the large language models. Our platform integrates into OpenAI, Claude, Gemini, really every large language model. We're also getting meaningful data out of the API that makes our platform much, much smarter and starts the flywheel there. That was phase two, was getting into the advertising space with them. This past week, we just made ChatGPT available to all of our global employees, and we're sunsetting Copilot as a part of that. We felt like it was the right thing to do. We've got our people in the room with them all day. We wanted to make sure we were working together to support each other's businesses, and we think it's going to be a very powerful lift for our employees. I think voice as a new interface is a very interesting concept. I want to make sure I heard the impact from those clients that use Zoe. If you could just repeat maybe the benefits on the platform, I wanted to maybe get a question, David, bigger picture. Do you think voice is ultimately the best complement to the UI going forward? Is it possible that people use voice more than keyboards over time? Well, I think- Two questions. One is Zoe, the other voice. Let me start with your second question first. I think that, once again, enterprises and the individuals who work there just want their problem solved. Yeah. Whether they use a keyboard or they speak to the platform, they're just trying to get to a solution, whether it's around customer acquisition, retention, monetization, or business intelligence. Okay. One of the interesting things, I don't know if everybody knows about Athena is, you can just as easily go into the Athena chat box and type your question. You don't have to use the voice. The thing about Athena is getting to the answer and utilizing all of the available data sets in the Data Cloud, all of the intelligence in the platform to drive the best results in any of the four use cases we focus on. Right. Some clients like to type into Athena the exact same things that other clients like to say. It's just what I think they're used to. It also, I think, depends if you're sitting with other people around you, it could be inconvenient to have to speak to it. Whereas if you're alone in an office, it's much easier to speak to it. Sure We want to make sure that it was convenient. To answer your question, I think solving complex problems and allowing enterprise individuals to use up to 100% of the feature set and the data sets inside of our enterprise software platform is the real key to, in our three marketing use cases, getting to the highest return on marketing spend. As I said, we've already got clients north of 1,400%. Right return on marketing spend who have adopted Athena. As it relates to the ability to put it into a chat box, you can do that or you can speak to it. I'm sorry, what was your other question, Ron? I apologize. Oh, just maybe Chris could repeat the customers, the clients that use Zoe spend, what is it, 300% more or 3x more? I missed. I want to make sure everybody hears that on the webcast. Yeah, it was between 200% and 350% more for those customers in the first generation of Athena when they leveraged automation. 200%-350% more, now we're next iteration. That's perfect. Maybe I want to take a step back here. I do want to get into longer term goals, but maybe, David, if I could take a step back, this is a year where we've had the partnerships with OpenAI, with Palantir, with Snowflake, the launch of Athena, newer business models launching. By the way, Ron, the year's only half over. Love it. The question is more, David, when you think about the moat that Zeta has, what would you say is the biggest competitive advantage that Zeta has as a company? Yeah. That's the question. Yeah. We have a lot of moats around our company, but I think the one that is the hardest to replicate is the Data Cloud. This is not something that could be built overnight. You couldn't throw money at building this type of scale. You look at it, I do believe that in the years to come, there are only going to be three or four real winners in the large language model space. I like to remind people that at one time there were over 1,000 companies in the U.S. manufacturing cars or automotive parts. That sort of consolidated down to five or six, depending on how you look at it. I think you're going to see a very similar thing in large language models. I think the biggest differentiator is going to be the data that you feed into your own models. The fact that we have 535 million individuals who have consented to be in our Data Cloud, that we have an average of 5,000 - 7,000 data elements per person. The fact that we're now sitting as a first-party component of the technology stack for over five million publishers, sitting on trillions of pages of content that synthesize back what individuals are doing without needing a third-party cookie, meaning everything we do is first-party and deterministic. It's just a game changer as it relates to the ability to take our clients' data, our data, merge it into one ecosystem, and allow our proprietary models to do the work. These are the same models that are going to do the work around business intelligence. The information we ingest about credit card transactions, clients' credit score, real-world location, all of these things are mission critical to the ability to make high-quality business decisions. The other thing that's really interesting is if you think about once again, the evolution of the business, the purchase of the loyalty program that we did late last year in the purchase of Marigold, we're now feeding SKU level data into the models for the enterprise clients that use us for loyalty. We're seeing massive game changes there. Back to the loyalty. Loyalty is part of the ZBI, right? You've got a platform that is ingesting intelligence. Yes, it's trying to get the consumer to buy more, but more than anything, you're ingesting every single transaction down to the SKU level. What should you be doing from an inventory management perspective? What products should you be creating and rolling out? What products are not selling that you should be killing? All of these are decisions that we made purposely over the last year as we've tried to pivot the business or evolve the business, I should say, from what has been pure marketing into what we believe is going to be marketing and business intelligence. That's great. That's super helpful. We are emerging and one of the things that we get, the questions we often get, is what is an AI infrastructure, intelligent infrastructure company? What does this mean? I think, if I put what you were saying back, it seems it's speed to market, it's ingesting data, it's analyzing the data and doing more than just one function. I'd love to hear your thoughts. Yeah. The way I think about it, let's go to this slide again on the compatibles, Madison. The way I think about it is when you're selling somebody a software product, you're a line item in the P&L that the CMO has to justify every year to the CFO. If you're infrastructure, you are mission critical and necessary to the operation of that business. I think that's the single biggest difference. Why we think net retention rate is such an important metric inside of what differentiates an infrastructure platform from one that isn't. By the way, I'm not talking about semis, and we're certainly not building hosting centers. Well, the reality is that when you look at these other organizations, they're the ones that we think of as infrastructure. They're the ones that are embedded in their clients. The big difference is not only are you mission critical to the operation of your clients' businesses, but you're a revenue-generating source, not seen as an expense. Yeah. Zeta has been that for quite some time. When you're returning 600-plus% return on marketing spend, your clients look at you as a revenue generation platform, not the other way around. Now, when you look at the adoption of Athena and our goal of getting all of our clients to an average of over 1,000% return on marketing spend, that accelerates even further. When you look at adding this business intelligence layer, it's going to add that even further. When we refer to infrastructure, we're referring to organizations that are fully embedded and are a component of the client's tech stack that every year the line item's not even looked at. The CFO just says, "Yeah, that's infrastructure approval. That's great. I think that's a really key differentiator, seeing it not as an expense, but as a revenue-generating source. That's the ideal, and I think you used the term, service of record, or that's really the key. System. Yeah. System of record. Yep. System of record. Chris, one of the questions we often get is Zeta's monetization model. I believe it's utilization-focused versus subscription. Talk to us about the visibility of these two models. Why Zeta is utilization, and why that's the right approach going forward. Yeah. First, we'll continue to have a mix of each, but what David is focused on throughout this call is the outcomes that we generate for our customers. That's why utilization's an important component of the revenue model. If you think about utilization, it's really the point of impact where customers experience the byproduct of the data and the AI working in tandem. The fact of the matter is, our flywheel spins faster when our return on marketing spend is superior to the competition. When we see those returns, which we can see inside the platform, our customers can see the returns they're seeing in real time, it makes utilization a very important and predictable component. It's about 40% of our total revenue base, whereas recurring software is about 60%. Combined, that revenue is predictable because so much of our revenue, over 90%, is driven by customers that have been with us over a year, and almost three-quarters driven by customers that have been with us over three years. I think what's important to me, too, is just how reliably both of those components, recurring and utilization, have been growing. In fact, over a multi-year period, recurring revenue has grown 36%, and utilization revenue has grown 25%. Not just predictable, but both growing at a very high and rapid rate. Well, look, the funny thing is that, I'm not saying it's exactly the same thing, but you could look at our utilization fees as a Zeta token. That might be something. We're looking at the scorecards and what we're building, but when you think about it, we're charging them to utilize the platform. We're not charging a per-seat fee, which has allowed us to scale. It's the same thing that the large language models are doing with tokens, right? You've got some companies that have decided to move to pure utilization and some companies that are pure SaaS. We've always been sort of 50/50, 60/40. It's been very healthy for us. Listen, we've reported 19 quarters as a public company. We've beat our guidance and raised our guidance 19 x. At some point, people are going to start giving us credit for having high-quality visibility into our numbers. Right. No, to that, I think there's a growth target, or at least Zeta's 20% organic growth and free cash flow margin expansion, I think are some of the key north stars of the business. Talk to us a little bit more about why those are the right numbers. I'm sure I'm going to come getting questions. Why is that the right number? Why can't we grow faster? Maybe that's about David and Chris. Yeah. We grew 29% in the Q1 organically. We're not modeling to that for the next five years. What we're saying is we believe we can be a 20%-plus organic grower at scale for many years to come. We're not just looking at this year or next year. We're looking at many years. We see that as a minimum number, and quite frankly, I think we've surpassed it. As I said, we're on our fourth year of an average of 30%-plus organic compounded growth, higher than that for EBITDA and higher for that for free cash flow. Listen, the market's not really paying us to project higher at this point, and we'll continue to leave some conservatism in our model. Chris already insinuated that, and I think we've shown that, and we'll always try to beat and raise our numbers. Our goal will be, next year, to be talking about 23 consecutive quarters, the year after that, 27, so on and so forth. Chris? Yeah, David, you said it well. We will often get questions, too, Ron Josey, on what are the drivers that give you that level of confidence? As David said, it's been four straight years over 30%. This will be the seventh straight year of growing revenue over 20% organically and expanding free cash flow margins. When you think about the model itself, the top-line model's really driven by two parts. First is our ability to see and predict and grow new super scaled customers. The key component there is we are not beholden to RFPs, which can be extremely large sales cycles. Things go bump in the middle of the night. Someone leaves on vacation. You don't get a deal signed. We sign $50,000-$150,000 proof of concepts that have a faster return on marketing spend and a superior return on marketing spend that allows us to then get our foot in the door and then grow reliably. Which then, in turn, leads to the second part of our revenue model, which is how customers grow their spend with us. David talked about the addition of new channels, the addition of new use cases. We've consistently beat on both what our model growth rate is for adding scaled customers. Our model is to grow between four percent and eight percent year-over-year new customers. We've grown double that on the high end. We've averaged over 15%. To grow their spend with us year-over-year between 12%-16%, we've averaged over a multi-year period at the high end of that 16% range, with last quarter being 21%. On the bottom line, we know what we deliver from a channel perspective, the margin profile. We've begun to move work where it can be delivered in centers of excellence, not just by labor forces that have better price points, but more importantly, labor models that are relying on automation. That's what's been allowing us to grow free cash flow, and now GAAP earnings even faster than revenue. I have to ask, Chris, because I think you mentioned we have longer-term targets, and we've achieved those early. I think we have 2028 targets out there on revenue, and that was before the Palantir announcement and before the potential ARR that's coming down the pike. Help us understand a little bit more how you feel, I know you said meeting earlier, but how you feel the target world. The best thing about The target you have The best thing about it, Ron, is when David and I get to sit with investors and analysts like yourselves, we don't have to go off-field. We provide you with metrics. We tell you just what I stepped through, how fast we should be adding scale customers, how fast their spend should be growing, what the net revenue retention rate of the business should be, quota carriers, the mix of our business. On every one of those components, we publish what the model is to get to the long-term target. We publish how we're performing against it every 90 days. We are in a position, because of the execution that David talked about, to be ahead on every single one of those metrics. I'll leave it with that bodes really well for getting to the 2028 targets in a timely, if not faster, manner. Maybe the follow-up to that, when we think about NRR, and we talked about the comparable slide that you brought up earlier, what do you think are the distinctive characteristics that drive that NRR going forward? Obviously, we have these new products. I'd be curious about the upsell capabilities and things along those lines. David will hit a lot of it. I'll just start, Chris, then I'll throw it to you. I think a lot of it to date has been this massive return on marketing spend, where clients- Are looking at, for every dollar they spend on our platform, according to an independent Forrester survey, we're returning 600% return on marketing spend. As I've said, we're seeing upwards north of 1,400% for some clients who have adopted Athena. I think we're going to continue to see that happen as you add new products like Business Intelligence. It's going to continue to drive a higher net retention rate. Chris? The fastest-growing parts of our business, Ron, are exactly what David described. Customers that are using four or more omnichannels with Zeta are growing 40% year-over-year. Customers on more than one use case are growing over 50%. That's good. That's super helpful. I have two more questions, and we'll let you go. We've got four minutes left here, but the questions keep coming to mind. David, I have to ask, with the 14x for some clients who've adopted Athena versus the call it 6x overall, what do you think is the difference? Obviously, Athena is the answer, but what did Athena do to enable that 14 x? Was it faster time to change approach if things weren't working? Was it just out of the gate? Go ahead Were things just better? Help us understand that, because now 14x is something that we'll be thinking about quite a bit. Ron Josey, I want to be clear. If Chris were here, he'd be kicking me. The good news is we're in different states, so he can't kick me here. What I would tell you is that not all clients are at 1,400%. We've got a number of clients- Right who are at 1,400% who have adopted Athena. I think the biggest thing is most of our clients don't know how to use all of the features or access all of the data sets. Instead of going into a platform that you have to navigate everything, you can now literally say, "Athena, how can I create meaningful, greater customer growth at a comparable cost? What marketing would you cut, and what would you add?" By the way, Athena can ingest all of their marketing, whether it's linear, whether it's their relationships with other platforms, and it's able to, in a very neutral way, show them how we can drive substantially higher return on marketing spend than they're currently getting from other vendors. I would tell you that new use cases and new data sets have been the single biggest Athena wins thus far from it relates to meaningfully stepping up the return on marketing spend. That's great. Maybe, as it's one of these last ones, that gives us a lot to think about, the 14x and the new use cases and data, and also how voice enables users to find more of the features. What I wanted to maybe wrap us up on is we have ZetaLive coming here soon in early October, if I'm not mistaken. I think, David, you sort of teed it up to we're only halfway through the year, and we had some pretty big announcements. Talk to us about what we might expect for ZetaLive here and going forward. Well, listen, I don't want to spill any tea and get my team super agitated with me, but we've been pretty open about the fact that our goal is to turn Athena into a full operating system for our clients' businesses. Yeah. I'm not sure we'll get there by Zeta Live, but we're certainly trying. What I would tell you is that I demoed Athena and her capabilities to a number of Fortune 500 CMOs or decision-makers, and four of them, during the course of meetings, stopped the demo and asked if they could license this platform to run their entire company. I said, "That's the goal." If you think about the Q1 of 2026, we publicly announced that we auto-generated greater than 75% of all of our new code. We've created a platform called Spade. A base-level programmer can go into Spade and say what type of code they want. Spade then looks at which large language model is best to develop that piece of code at the lowest token utilization. By way of example, for cyber, it might be Claude. For complex programming, it might be GPT. For a publishing program, it might be Gemini. We use Cursor inside of Spade. It then designs the code. It then sends it to Zippy. I swear I don't know who makes these names up, but it was probably Chris Monberg. Zippy then QAs all of the code, sends it to an architect, so you've actually bypassed the engineering layer. The architect gives it a review, pushes one button, and it goes generally available. It took us nine months from when I came up with the idea for Athena to launching her generally available. Three months later, we launched an entirely differentiated platform inside of Athena for agencies. That's how fast things are accelerating. As you think about Zeta Live, I'm not even sure everything we're going to roll out, but we've got some incredible talent. We've already announced we've rented the David Geffen Theater inside of Lincoln Center, so we're going to have more room than we had last year. We're going to be doing an insane dinner with some unbelievable entertainment. I don't have permission to disclose it. Last year, the chainsmokers on the deck of an aircraft carrier will be tough to beat, although I think we might have it. What I would tell you is that the single most important thing is that the 2,000 people that'll be in the room where it happens will be the decision-makers that make the decision on greater than $100 billion a year on marketing spend. That's who attends Zeta Live. We're super- Remind us the date? What? Remind us the date again. October Sorry, Ron. Yes, October 8th in New York City. If you'd like to attend, please go to our website and sign up. We do have some curation layer, but the reality is that I think it's going to be an unbelievable year. We've announced Kevin Hart. We've announced Lindsey Vonn. Talk about tenacity in Lindsey. Talk about a guy who understands entertainment and business in Kevin Hart. By the way, as I've said publicly, I think beating Tom Brady and Serena Williams last year is going to be tough, but I think both of them are great. We have two or three more game-changing keynotes who have said yes verbally that we're trying to get through the process with that we can announce them. I will tell you that last year and the year before, the product roadmap presentation that Chris Monberg and Meesh Gore give, we had people sitting on the floor. You couldn't get into the room. We're moving it to a bigger room this year, that hopefully we can get more people in. I'm incredibly excited about what's going on at Zeta. It's hard to believe when you look at the level of partnerships, the level of growth, the level of productivity, the new products rolled out, that we're only in the first week of July. I'll say what I always say, Ron. We are just getting started here at Zeta. Well, that's a perfect way to end it. Thank you for taking an hour of both of your time to do this. As we enter the quiet period, or we're in quiet period, I guess we'll talk in the next few weeks on earnings, which is exciting. With that's probably a great way to wrap it up. I don't know, David or Chris, if you have anything else to say, or with that, maybe we'll just call it a night. Chris, you want to add anything? Thank you, Ron. Ron, thank you very much. All right. We really appreciate your putting this together. When you asked us about it, we thought it was brilliant and thought it went very well. Wonderful. Thank you for your time. I certainly learned a lot. I look forward to the next update. Thanks, Ron. All right. Thank you. Bye-bye.