Conference Transcript - ZETA 2026-01-13

Scott Berg, Analyst — Needham

My name is Scott Berg. I lead our enterprise software and SaaS research efforts here at Needham. Today with us we have Zeta Global. This is my first time to have a fireside chat with you guys, so I'm excited here. We're going to have fun with this today. With us from the company, we have the company CFO, Chris Greiner, and we have Winnie from the IR team here. I have the typical set of questions that I'm going to ask here. We will allocate time for questions from the audience here at the end, so if you have anything, feel free to ask. But with that, let's get started. And for those that might be new to Zeta, how about a brief overview of what the company does?

Christopher Greiner, CFO

Sure. Well, thank you, Scott. Thank you, everyone. Happy New Year. Chris Greiner, company CFO. Winnie Shen runs our data cloud, which is awesome to have Winnie here. I'll kick things off, but it'll be pretty interactive between the two of us. First off, Zeta's primary customer is the chief marketing officer for the largest brands in the world. We serve 13 different industry verticals. we're global in nature that's the name but we're working with the chief marketing officer who every single day is trying to figure out who as a brand do I want to reach how am I going to reach them and then once I do how do I get them to engage with my brand and they do that primarily through three different use cases they're looking to retain existing customers grow their existing customers and acquire new ones the three things about Zeta you should understand when you walk away from this meeting. That totally separates us from anything our competitors can do, or three different parts of our business. First, next to Meta, which is obviously a walled garden, Google, a walled garden, and Amazon, we are the only marketing cloud that has its own proprietary data set. Over 245 million US adults have either opted in or given permission to Zeta to be able to understand what they're showing interest and intent for and market to directly. Second aspect is we can do all channels in terms of marketing. Think about where all of us are digitally in any single day. We can reach you through mobile. We can help a brand reach you through email. We can help you reach through all programmatic channels from CTV to audio podcasting to display video and down the digital stack, even direct mail. And the third aspect is we can serve all three use cases. If you look at a Salesforce or an Adobe or a Braze or a Klaviyo, they can only help a brand with their customer retention use case. So only what that customer has within its four walls, they can help you understand better. Whereas Zeta can not only do that better, but we can help you understand what's happening outside your four walls, which is a very valuable business proposition. So as a CMO and as a large brand in the globe, you now want a single platform that drives this convergence of all three use cases, the ability to omni-channel market and have your own proprietary data, then now you don't have to now buy from all these different independent vendors, but you can now blend with your own data. And we'll match, call it 95% of what's in Zeta's data cloud to what's in a customer's data set.

Scott Berg, Analyst — Needham

Okay. So probably a good question for Winnie, given your data background here, is, you know, Chris already highlighted a little bit on kind of the differences in the data there. But, you know, the identity graph is obviously a big part of what you all do, But how do you think about maybe ROI or use of that proprietary information data? Because some customers can purchase that from other places and kind of bring it in like a third party nature.

Winnie Shen, Head of Investor Relations

Yeah, I think it's kind of four core pillars where it really does start with identity. So as Chris mentioned, having our own proprietary, authenticated, deterministic identity graph that really sets the foundation of all the intelligence that we can glean of individuals. We reach, and those 245 million profiles and 525 million globally, we enrich with more than 5,000 attributes and signals, both data at rest, as well as data and motion signals, so we can deeply understand who these individuals are. And as Chris mentioned, we have our own omnichannel capability, so we know where to reach them and at what moment, because our idea and graph is deterministic, we can do that one-to-one measurement. And in AI-first environment, Those are core elements from identity to intelligence to activation to measurement is core and what makes our AI particularly accurate as well as adaptive and accountable as well.

Scott Berg, Analyst — Needham

So we're going to talk about my favorite part of the marketing space this year. As you know, as I'm sure you both know, is I'm enamored with the space and how the vendors like Zeta are infusing some of the AI technologies out there. The company introduced Athena at its fall customer conference, the super intelligent agent that orchestrates data decisioning and execution across the enterprise. But I guess from a high level, how does Athena, or how will it help your customers?

Winnie Shen, Head of Investor Relations

Yeah, it definitely starts with efficiencies that we can bring to customers. So one thing that we're able to do is we look for those really high-tech workflow moments that we can create more efficiencies and effectiveness. So as simple as leveraging our simulator, where a marketer can upload their media brief. And then within seconds, they'll get AI-recommended audiences, channels, flighting dates, and also predict what that outcome looks like. But then you can also pair that with our simulator, which basically looks at, yes, this was in your media brief, but is these the most optimized channels in which you want to be able to engage? And then we've even created something on the data cloud side called audience cards, where anyone that's seen a demo, there's a really robust amount of information that comes in our customer pulse we synthesize down to an executive level summary that has high impact use cases that very simply be able to surface the types of intelligence on different audience segments so now we are taking hours and hours of work and imagine just with one specific like task that takes hours of time we're reducing that down to minutes and so you can imagine the initial efficiencies and effectiveness that we're creating with it in fact scott on the

Christopher Greiner, CFO

when he mentioned the demo as a company one of the calling cards of how we engage with you as investors is we don't just want you to have to hear things from us we want you to be able to see touch feel it on thursday uh this week we have a product data demo we do virtually we do these two to four times a quarter this will be the last one before we go quiet um where we do a live uh athena demo so if you're you reach out to any to me directly after this if you're interested but just know that that's out there if uh if you want to experience it for yourself it'll be on my

Scott Berg, Analyst — Needham

calendar so but so I think that's really interesting taking high-touch workflow hours and hours could be days or weeks sometimes you know boiling it down to minutes or maybe hours in that week-long time frame but I know you have some customers out there in beta today what's the ROI kind of look like what are you hearing from customers on you know are they seeing that exact type of benefit or has there maybe been a different scale or range there yeah I

Winnie Shen, Head of Investor Relations

think we actually had a quote from one of our clients TKO that talks about how much reduced manual time they are spending and all of this media planning all of these audience creations and buildings that they are now reducing down to these very few minutes and I think there's a couple of things that are particularly unique about Athena one it starts with what you asked about with like what differentiates our data right so all of Athena is leveraging our data cloud our proprietary identity graph and signals using our contextual intelligence. On top of that, Athena is not only just explaining to you what you're seeing, so not just telling you, oh, here's the metrics that you're looking at, but taking that interpretive layer of what is actually happening, what are the recommendations that we're making? So whether it's reinvesting certain dollars in your budgets here or there or optimizing against certain channels or even making hypotheses around what does this non-intuitive signal actually relate back to the brand that creates completely net new opportunities. And the third thing that I think is particularly powerful is that the continuity in which, and hopefully you guys will be able to see this demo, and some of you guys meeting us today have seen some of it already, is that continuity from moving from one job to the next. So a customer is able to glean intelligence through Athena to surface some kind of nugget of information. You can then build an audience coming from that intelligence. You can then launch a campaign against the audience that you want to target. You can then get your performance reporting. You can optimize. And you can also iterate upon that all within one flow, where you don't need to re-enter information. You don't need to move from tool to tool. And that continuity is really critical and what makes that AI particularly powerful. Because that context persists and is used and reused across all of those jobs and all of those moments over time.

Scott Berg, Analyst — Needham

So lots of value. Last time I checked, if you're saving your customers hours or weeks consistently, you probably should be able to price and monetize the solution. And certainly GA is not for a couple more months. How do you think about, though, monetizing what the value of Athena brings?

Christopher Greiner, CFO

Yeah, currently there is not a distinct skew for Athena. And by the way, there wasn't for ZOE, which was the Zeta Opportunity Engine that preceded Athena. Athena's design point today is to take the seams out the workload to remove friction so that the customer can utilize more of the platform our number one path to ARPU expansion is use case adoption so when a customer is using one or more of our should say two or more of our use cases acquire grow or retain the revenue per customer is called three to five times greater than when they're just using one so what Athena was intended to do is not only drive all channels across the platform which is where we've built a very strong sales motion and have had one for years but to now get into that next frontier and frankly wallet share unlock which is how do I go from customer attention to customer growth to customer acquisition in a totally seamless way and when you see the Athena demo in every screen presented to the customer not only are they seeing here's who I could better reach in my existing customer set known to me in my four walls but here are the prospects that are in market right now whether it's from my brand or a competitor's brand that I should also be engaging with the exact same strategy. And that's a capability only Zeta can offer to its customers, and it's pretty intuitive as to why that would be important.

Scott Berg, Analyst — Needham

And you guys have shown a lot of success expanding, so any sort of acceleration of that or removing that friction will be super interesting to track. Last week, the company had a press release. Some incremental details on the OpenAI partnership. You announced it on the last quarter call, so from a high level, not new. But what are some of the nuances from that press release that folks here should consider in terms of how that partnership might benefit you?

Christopher Greiner, CFO

Yeah, I think there are. So first off, with any partnership to go from something to something much bigger, it takes a step one. This is a step one of what we anticipate to be many steps. Second off, I think it is a very strong testament to the capabilities of Zeta's platform, that open AI. And obviously, we're obviously hugely impressed with OpenAI's capabilities to partner with each other. For us, the relationship began with talking at a strategic level with their chief strategy officer. It then quickly led to, let's look at each other's products and capabilities, which then led to Zeta embedding their conversational tool, the actual spoken language conversational tool, into athena which has now led to and you saw this in the press release their chief commercial officer getting to know zeta much better from a joint go-to-market perspective so i think that's an important element as well that you and that in my experience comes from the most healthy of partnerships it starts with a relationship building it goes into technology and then it goes into go-to-market doesn't leapfrog any of those steps and then third when he mentioned it this was the first time we've been able to whether it's for our own reasons um or the customers where We've had a customer be willing to put their name publicly out there as a testimonial to the platform. In this case, their early adoption, they're an early adopter, TKO, which is the UFC and WWE now conglomerate use of Athena.

Scott Berg, Analyst — Needham

Again, super interesting to track. That's why I kind of really like the spaces here in particular. Let's move to a recent acquisition of yours, Live Intent. Let's start on that side, right? I know it's an area you're still redefining. you know how should you know i guess investors think about the long-term role that within the platform um seems like this this last year in general was was pretty positive on that but you

Christopher Greiner, CFO

did have a couple changes at the end there yeah live intent brought to us a new channel so that's our publisher cloud um if any of you are subscribers to the new york times and maybe you get a recipe of the day live intent is powering the largest digital publishers of newsletters that hit your inbox globally. Eight out of the 10 largest publishers globally from Uber to Groupon to you name it. New York Times, Washington Post are using live intent to power those interactions to serve those targeted ads. Zeta now coming in has been able to add to that value, which is as a brand, if you're advertising inside one of those digital newsletters, you were only paying when any of us opened it but most for the most part we were all seeing the same banner ad at the top whether it was the recipe of the day we might all see kind of a you know uni you know pizza oven today through Zeta's data cloud that's now been integrated in all of those digital newsletters that are hitting all of our inboxes every day content at the top the banner the advertises totally customized to what you've shown interest and intent for not just through your past digital email interactions but what you've searched on where you've recently visited, even actual SKUs you purchased recently. So it's informing a much higher return on investment channel now through a publisher

Scott Berg, Analyst — Needham

Sticking on the acquisition theme, let's touch on your recent acquisition of Marigold from the fall here, just recently closed at the end of December. You all are really excited about how the company, how Zeta can cross-sell items from the existing Zeta platform into the Marigold customer base. I guess, but what can happen on the reverse of that? What from the Marigold product set is interesting to you that you can take to the Zeta customer base? Because there is a fair amount of overlap in what I'd say core kind of marketing automation.

Christopher Greiner, CFO

Yeah, this is the first time from an M&A perspective we acquired a competitor. So if you look at the Forrester wave, which does a really nice comprehensive view of marketing software automation, where we have been and we moved even further up and to the right in the most recent wave, whereas our competitors have been kind of steadily moving backwards. But Marigold would be found on that wave. They're like a fifth, sixth place type vendor. This was the first time that we haven't, that we've gone after a competitor and looked to consolidate around our platform. From a Marigold perspective, what's incremental in their product portfolio that we did not have before is a loyalty offering, which goes very, very nicely into our data cloud. So when you have a data cloud the size of ours, You can append that data cloud to a customer's data. You can create some very interesting loyalty use cases. But the bigger value unlock is moving Marigold customers over time to Zeta's best-of-breed platform. Remember, Marigold is only serving customer retention as a use case. The bigger unlock there is the call 30 to 50 large enterprises that they're working with today. These are the Starbucks's of the world, the Yum! Brands, the Citibank's, the American Airlines, right in our sweet spot of customer to begin to sell them grow use cases and customer acquisition use cases dollars they're spending anyway and what we've seen from other patterns within our enterprise customers that is the natural progression of use case adoption the hardest if you will use case to close initially is customer retention they typically come from RFPs whereas the others you can go through the sales process without an RFP and we've proven

Scott Berg, Analyst — Needham

be able to do that quite effectively so along with the acquisition you all guided to at least 190 million dollars worth of marigold revenue this year in calendar 26 year fiscal 26 how does that compare to marigold's performance in 25 and what are the key factors investors should consider when thinking about this guidance like i don't seasonality of revenues etc going into the year

Christopher Greiner, CFO

so we'll we will publish as part of our guidance what you should expect from the at least 190 million which we guided 2026 marigold standalone revenues do we'll give you the quarterly breakout of that and we'll continue to report on its performance against that quarterly breakout but i think there's a couple of important elements and why we added the at least so first off you got to learn from every experience we are being conservative that's why it has the at least behind it what we've come to know through the diligence of the acquisition and the early integration process are a couple of dynamics that we allowed for this business was not growing whereas zeta's business has been consistently growing well north of 20 percent this was not a growing business they didn't have the platform they had some customer attrition large customers that when we looked inside diligence that they were about to lose we were winning a very large sportswear company others that we knew we had to allow for some attrition there were also customers using their portfolio the way that we came to acquire this business is it was originally presented to Zeta this wasn't a process as would you like to buy the full Marigold portfolio which was running a separate marketing platform for small medium-sized businesses and a separate marketing platform for enterprises we were not interested in these small medium business platform we're focused on large enterprises so we said no initially they came back and asked if we would be willing to carve out the enterprise piece which we said yes and obviously it progressed to closed acquisition from there what we came to find is that there were small to mid-sized customers on the enterprise platform not a good fit that we are going to let roll off and there were other products within their portfolio that don't make sense for us to continue to support they don't have scale and we're not doing it today so when i talk about at least 190 all of that we've built into our assumption now if any one of those turns out to be better that's upside but i want to make that clear and i appreciate the question being asked around like why that 190 was important

Scott Berg, Analyst — Needham

so we'll see how all that this is closure on the fourth quarter call i think it'll be super interesting so okay um now i know you and david have discussed how the acquisition will not negatively impact your expected kind of near-term organic growth rates we'll get the first year out of the way thinking about 27 to 28 and i know you're not guiding to that but you're you know you're kind of intermediate term goal and even your implied 30 30 goal kind of hovers around this 20% organic growth profile, but how do you, you guys are really confident that you're going to be able to take this customer base that you said is not growing and be able to grow those revenues in kind of in-line-ish or better, right, around that growth rate. Why the confidence level on that? Because I think a lot of us in this room have probably seen acquisitions like this. That's kind of really difficult to take something that's standing still and get it to run in a short time

Christopher Greiner, CFO

frame. Yeah, you know, it's the hard part of selling they did already. So if you think about, It would take us three to five years to acquire the 50-plus large enterprise customers that they have installed today. Just a fact of life. A lot of these come through the RFP process. The belief in why we can cross-sell is through the patterns that we've seen unfold on our existing customer set who started in retention and have gone to grow and acquire, that is the faster path to use case adoption. It is a slower path when we start in customer acquisition and we have to work the other way. That's because when you start with data at its core, whether it's the customer's data or the customer's data is merged with our data, it unlocks very valuable insights almost out of the gate around here's how you can further grow a wallet share with customer A or here's customer Z that's out there that you don't even know about. So we can unlock data insights faster when we start with data around customer growth and customer acquisition use cases. And as I mentioned earlier, when a customer uses more than one use case with Zeta, their average revenue of spend is three to five times greater. So it's the biggest unlock we have, frankly, right now on the wallet share opportunity, which our consistent customers spend $100 billion a year in marketing. We're like one and a half percent of that spend.

Scott Berg, Analyst — Needham

Outside of Athena, it's probably the number one question I get. I'm trying to understand that, right? Different dynamic. All right. Let's talk about kind of recent results in some of your sales strategies. is the company added its highest number of million-dollar-plus net-new-scale customers since the first quarter in the last quarter in 3Q. I guess what's resonating best with these large customers to continue expanding and moving into that? Is that purely just within this use case expansion, or is it, I don't know, something new? Help us understand that.

Winnie Shen, Head of Investor Relations

Core is definitely the use case and the channel expansion, but I'll also say the timeliness and the adaptability of our intelligence is particularly powerful. And I think maybe I'll give you guys three examples from client examples. One was from an advocacy meeting I had right before the holidays, and two other ones are meetings I'm having tomorrow to actually pitch an agency platform partnership. So one, on the advocacy side, there's a lot of things happening in the macro environment, right? So for this meeting, we wanted to showcase the level of intelligence that we can provide at a very localized level so there was a Georgia special election in 2025 and there was much higher turnout in that special election than the last one in 2021 so we wanted to understand what were those shifts so outside of people moving into Georgia what was that shift that was creating that turnout what we were able to identify is one we could identify those voters from 2021 to 2025 those special election voters and then we looked at their insights and intelligence on them and And that we found that these are actually military members who care deeply about immigration. So one, timely nature of the things that are happening in the macro environment that we're able to glean intelligence from and help that particular client get in front of and influence and know the issues that matter to them. The other example is an agency platform partnership meeting that I'm having tomorrow. Two very different brands that they want us to touch on. One is on the grocery retailer that is very localized that is really trying to drive higher transactions and higher basket size. So one, getting more people to buy from their stores, and then two, get them to buy more. In the lack of them having that information, we actually have data on our side on how much people are spending as well as what's in their basket for thousands of retailers through new data sets that we've brought in. So we're actually able to benchmark what the baseline looks like today for that particular brand, compare it to competitors in those same markets, so that we can drive strategies and be able to tell them, here's how we're going to grow that transaction and that average basket size. The other type of client is actually an EDU client. So very different, very different types of clients that they have. And this EDU client is trying to drive more traditional. That's more like the 18 to 21 that are kind of continuing their education that didn't finish up their college degree. And then we're also looking for non-traditional, so people that want to continue their education a little bit older, maybe a lot of other things going on in their particular lifestyles. One of the core challenges that they're having is that they get great amounts of impressions as well as people that apply. The challenge that they're having is people will attrition off of actually enrolling into that school. We've actually done work previously where we look at what we've called like age leads. So there was a client of ours. We took leads that they had from 2022. We ran it against our database and saw that they had about 25% of those leads that didn't end up enrolling were still interested in EDU. So what that told us is that in that moment in 2022, it wasn't the right moment, whether it was a financial situation or they're growing families, and it was just not the right moment for them then, they still have interest and intent, those are leads that client has already paid for and invested in that we could help them recapture. So very different use cases, but all the things that are consistent is to leverage our data in very different adaptive ways and with really real time types of intelligence for them.

Christopher Greiner, CFO

You know, it's interesting. Just from a pure math perspective, back in 2020 when we were preparing to go public in 2021, we created these cohorts of 100K to a million and a million plus, the super scaled customer being the million-plus, which we have called 180 as of the end of last quarter. And you talked about its growth. It's been so interesting to see how our business has evolved since then in terms of its scale to where now those million-plus customers are approaching 90% of our total revenue. So they've almost become yesterday's $100,000 to $1,000,000 category, whereas the super-scaled customer of tomorrow is probably a $10 million customer. So it's just interesting to see how that has unfolded over time.

Scott Berg, Analyst — Needham

wait for those disclosures to come right that's a million dollar customers i'm looking forward to that um off script question um is uh when you just talked about in that first customer example working with agencies when i was at the nrf conference yesterday spent a lot of time at the different marketing you know kind of software vendors that were was there and one of the comments that that i got from someone is a lot of these new ai technologies that you all are bringing in others it can fundamentally shift how brands work with agencies and the software vendor in in this kind of equation. A lot of the agencies do a lot of this manual work. It might shift a little bit of kind of the reliance or the importance of that ecosystem more to a software vendor like Zeta than the marketing ad agencies is. How do you think about something like that? I mean, that could likely even put you in a primer spot,

Winnie Shen, Head of Investor Relations

you know, the company as well. Yeah, absolutely. So we are able to reduce a lot of that manual work that then unlocks the bandwidth of those individuals to focus on more strategic ways and how that agency can actually drive value for those brands. So instead of being the one that has to take the media plan, plan out all of the flighting and QAing and all of that variable manual labor, they can now focus on more strategic opportunities, leveraging our intelligence so that they create bigger and secure relationships with those end clients as well.

Scott Berg, Analyst — Needham

Last question for me, because I already saw Corey's hand go up and back, is on the financial side, because of course we have the CFO here. Your 28 targets and kind of 30 targets all imply, as I mentioned earlier, kind of around 20% organic growth through that period. But you also talk about just even margins of 30% and 70% free cash flow conversion margins there. That profile's super interesting. But the level of profitability relative to that growth rate is not something that we see in our space, especially considering that you all are still growing about twice as fast as the average public software company today is. How do you drive that level of profitability in your model and still grow 20%? Because that would be a little bit of an anomaly on the positive side.

Christopher Greiner, CFO

I talked about this at Investor Day, and I continue to be a bit stumped as to why there's this belief that somehow there's a tradeoff between growth and profitability. I think there shouldn't be and there isn't at Zeta, to be very clear. We, every year as part of our normal process of looking at the next year and the next year and next year ahead, we take our entire people population across the company. And we segment them based upon their duties and responsibilities in terms of how close they are to creating code, which creates value, to how close they are to actually carrying a bag and closing a quota, which creates value. And then everybody in between. I wouldn't want to be an in-between person because that is where value is frankly not created. So we are constantly looking at the redistribution of resources, the redistribution of people. How do we create these barbells in the company that are really big at the end of creating code, really big at the end of selling and marketing, but in the middle, we're ultra lean. That process is we're never going to perfect, but that's how we make the inroads we make on every single year, not only growing over 20% for six straight years, but also expanding free cash flow margins over that six-year period. and it's that continued and rigorous redistribution where values created and then by the way making sure that when we add somebody in coding when we add somebody in quota caring they're being productive that allows us to keep this cadence like we have to where I don't have to be the bad guy in the room as a CFO and say no to investments from R&D and no to investors from sales they can almost have an you know open wallet if you will because a it's a little bit hard to hire in both of those areas, but B, because we are being so relentless and getting

Scott Berg, Analyst — Needham

rid of that middle layer. All right. With that, we have a few minutes left. Happy to take audience

Corey, Analyst

Q&A. Corey, I guess you're first. Let's go for it. Yep. So just to reiterate the question for

Scott Berg, Analyst — Needham

the webcast for those that are listening, the question was on expanding on the OpenAI

Christopher Greiner, CFO

relationship in general. Yeah. Thanks, Corey. Zeta is using OpenAI's technology today. It is not the other way yet. The reason why the go-to-market is important is because I think that is the next phase in the opportunity, in the partnership, as both organizations obviously have stated their intent on being more prominent in the enterprise space. This is a really interesting way for both companies to get to know each other's capabilities and then augment down the road an enterprise go-to-market motion. That is not today, but as I said in the beginning, I think The relationship announcement is a very important first step of many ahead that can lead to a bigger set of mutual financial interests. But there is mutual financial interest already today.

Winnie Shen, Head of Investor Relations

Yep, absolutely.

Scott Berg, Analyst — Needham

The question was on keeping those 245 million profiles fresh.

Winnie Shen, Head of Investor Relations

Yeah, so we're actually breaking and creating new linkages all the time. So the growth of how many people we'll have in our graph on the U.S. side, limited in growth there because we almost got full coverage. but the identifiers and where we can reach them and intelligence that we glean that's what we're changing in real time all the time so the authentication that I talked about the value of that is that when you log in or you are on live intent and you click on that email our digital identifiers firing along with the email that you were just sent or through our like network where you actually log into accounts and that deterministic connection is broken and created all the time so that we are actually reaching that person in the digital forms that they're interested in and also being able to leverage that to understand the interest and intent of those individuals but that's in real time refreshing along with a lot of the other sources that help us understand what's the movements and shifts and behaviors of those individuals and to the point about like compliance and rules and regulations since it is our proprietary identity graph it creates a lot of opportunities for us if anything were to change, we can make that change very quickly on our side to make those adaptions. And I will also say, on top of in the U.S., on the email side specifically, it's opt-out, but we actually have created our database. I've actually been at the company like 16 years, but we actually have created our database so that you have to opt into our email communication. So we're basically future-proofing ahead of it, where we see if there's any compliance changes it'll move more toward cpra and ccpi remember there's a lot of about you and all of

Christopher Greiner, CFO

us that really doesn't change i mean our demographic data our firmographic data i think you're speaking of is the data in motion it's what we're reading about physical locations we're visiting what we're purchasing that is what's actively changing in the graph and that's what we are uniquely capable of creating a connection point between here's what this person's searching on and here's what this person has purchased recently and connecting them that they are

Scott Berg, Analyst — Needham

chris greiner that we probably have time for one more question if there's another one from the audience all right with that i'll give everyone about two minutes left to fight the elevators thank you so much thank you scott thank you thank you i appreciate you