Zeta Global Holdings Corp(NYSE:ZETA) 
Zeta Global Holdings Corp. is a data-driven marketing technology company which was founded in 2007. Zeta offers companies a suite of multichannel marketing tools focused on creating, maintaining, and monetizing customer relationships.
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At a glance:
- AI-Powered Marketing Automation with Large-Scale Data Assets: Zeta Global provides a marketing technology platform that uses AI and identity/data capabilities to help brands acquire, engage, and retain customers across channels.
- Revenue Mix Skews to Subscription/Platform, with Services Supporting Adoption: The business model is typically anchored by recurring platform/software revenue, complemented by related services that can drive implementation and ongoing campaign execution.
- Growth Focused on Expanding Enterprise Relationships: A key driver is increasing wallet share within existing customers and landing new enterprise accounts, often via upselling additional modules, data products, and channel capabilities.
- Operating Leverage and Profitability Execution Are Central Watch Items: Investors often monitor whether revenue growth translates into improving margins and cash generation as the company scales, including discipline on sales and marketing and R&D spend.
- Competitive and Regulatory Environment Adds Ongoing Risk: Zeta competes with large marketing clouds and specialized adtech/martech vendors, while privacy rules, identity changes, and data governance requirements can affect targeting, measurement, and product strategy.
Bull Thesis:
- Proprietary AI-Powered Platform & First-Party Data Advantage: Zeta Global leverages a vast, proprietary first-party data cloud combined with an AI-driven platform to offer highly personalized and effective marketing solutions. This unique asset provides a competitive edge, especially as the industry shifts away from third-party cookies, enabling superior targeting and customer engagement.
- Strong Revenue Growth and Expanding Market Opportunity: The company operates in the large and growing customer lifecycle management and digital marketing technology market. Zeta has consistently demonstrated strong revenue growth, indicating increasing market adoption of its platform and successful execution in capturing market share within a critical area for businesses.
- Improving Profitability and Path to Positive Free Cash Flow: Zeta Global has shown a clear trend of improving adjusted EBITDA margins and is on a trajectory towards sustainable GAAP profitability and positive free cash flow. This indicates increasing operational leverage and a maturing business model that can generate cash for future investments and shareholder returns.
- High Customer Retention and Expansion: Evidence of strong net retention rates suggests that existing customers find significant value in Zeta's platform, leading to recurring revenue streams and opportunities for upsell and cross-sell. This indicates customer satisfaction and the stickiness of their solutions within client organizations.
Bear Thesis:
- Intense Competition in a Crowded Market: Zeta Global operates in a highly competitive landscape, facing formidable rivals ranging from large enterprise software providers (e.g., Adobe, Salesforce) to specialized marketing tech players and even ad tech giants (Google, Meta). This intense competition could limit market share gains and put pressure on pricing.
- Profitability and Free Cash Flow Still Nascent: Despite improvements, Zeta's GAAP profitability and consistent positive free cash flow are still developing. Sustained periods of negative free cash flow could necessitate further capital raises, dilute existing shareholders, or limit the company's ability to invest aggressively in future growth initiatives.
- Reliance on Acquisitions for Growth & Integration Risks: A portion of Zeta's growth strategy has involved strategic acquisitions (e.g., Appcast). While these can expand capabilities and market reach, they also carry inherent integration risks, including potential cultural clashes, technology integration challenges, and the need to successfully realize anticipated synergies to justify the investment.
- Macroeconomic Sensitivity of Ad Spending: As a provider of marketing technology, Zeta Global's revenue can be sensitive to broader macroeconomic downturns. During economic contractions, businesses often reduce their marketing and advertising budgets, which could lead to slower growth or even declines in spending from Zeta's client base.
Main Competitors:
- Adobe ($ADBE) (Adobe Experience Cloud), Adobe Experience Cloud provides a robust set of tools for content management, analytics, commerce, and marketing automation. It challenges Zeta Global in delivering personalized customer experiences and data-driven marketing solutions for large enterprises, leveraging its strong position in creative and content tools.
- Oracle ($ORCL) (Oracle Marketing Cloud (e.g., Eloqua, Responsys)), Oracle Marketing Cloud offers B2B marketing automation (Eloqua) and B2C cross-channel marketing (Responsys). It competes with Zeta's capabilities in lead management, campaign execution, and customer engagement across different business models, particularly within large enterprise environments.
- Braze ($BRZE) (Braze Customer Engagement Platform), Braze specializes in real-time customer engagement across mobile, web, and email, often with a strong focus on app-centric businesses. It competes with Zeta's ability to deliver personalized, cross-channel experiences and drive customer retention through dynamic messaging and journey orchestration.
Moat:
Zeta Global operates in a highly competitive marketing technology (martech) landscape. Its primary moat stems from its proprietary data cloud, which comprises over 2.4 billion opted-in consumer profiles, and its AI-driven platform designed to unify customer data, personalize experiences, and automate marketing across channels. This integrated, end-to-end approach aims to simplify the complex martech stacks often used by enterprises. However, Zeta faces formidable competition from large, established enterprise software vendors like Salesforce, Adobe, and Oracle, which offer comprehensive marketing clouds with extensive resources and existing client bases. Additionally, specialized players like Braze and Twilio Segment compete effectively in specific areas such as real-time customer engagement or customer data platforms. Zeta differentiates itself by emphasizing its unique data assets and its ability to deliver a unified, AI-powered solution that can potentially replace multiple disparate tools, offering a compelling value proposition for businesses seeking to optimize their customer lifecycle management.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | 396,304,000 | 394,638,000 | 337,169,000 | 308,442,000 | 264,419,000 | 314,673,000 | 268,295,000 | 227,839,000 | 194,947,000 | 210,320,000 | 188,984,000 | 171,817,000 | 157,602,000 | 175,140,000 | 152,252,000 | 137,301,000 | 126,268,000 | 134,846,000 | 115,133,000 | 106,896,000 |
yoy | 49.88% | 25.41% | 25.67% | 35.38% | 35.64% | 49.62% | 41.97% | 32.61% | 23.70% | 20.09% | 24.13% | 25.14% | 24.82% | 29.88% | 32.24% | 28.44% | ||||
qoq | 0.42% | 17.04% | 9.31% | 16.65% | -15.97% | 17.29% | 17.76% | 16.87% | -7.31% | 11.29% | 9.99% | 9.02% | -10.01% | 15.03% | 10.89% | 8.74% | -6.36% | 17.12% | 7.71% | |
operating expenses: | ||||||||||||||||||||
cost of revenues | 162,446,000 | 159,887,000 | 133,224,000 | 116,988,000 | 103,488,000 | 125,945,000 | 105,652,000 | 91,082,000 | 76,873,000 | 84,615,000 | 73,480,000 | 62,037,000 | 54,350,000 | 65,979,000 | 57,529,000 | 50,233,000 | 41,725,000 | 49,011,000 | 44,525,000 | 42,212,000 |
general and administrative expenses | 73,397,000 | 60,422,000 | 56,393,000 | 62,172,000 | 54,037,000 | 54,136,000 | 50,494,000 | 51,159,000 | 48,806,000 | 51,397,000 | 50,706,000 | 50,715,000 | 52,601,000 | 51,017,000 | 53,584,000 | 55,665,000 | 53,349,000 | 53,924,000 | 50,643,000 | 65,907,000 |
selling and marketing expenses | 102,403,000 | 92,964,000 | 85,315,000 | 86,392,000 | 75,369,000 | 82,947,000 | 84,548,000 | 75,604,000 | 71,415,000 | 72,727,000 | 70,669,000 | 72,496,000 | 72,549,000 | 76,194,000 | 76,987,000 | 77,139,000 | 68,918,000 | 65,391,000 | 60,537,000 | 82,845,000 |
research and development expenses | 44,950,000 | 29,970,000 | 29,812,000 | 30,592,000 | 26,799,000 | 24,272,000 | 22,807,000 | 23,614,000 | 19,986,000 | 19,945,000 | 18,062,000 | 17,343,000 | 18,519,000 | 17,231,000 | 16,954,000 | 18,038,000 | 17,231,000 | 14,189,000 | 13,998,000 | 26,503,000 |
depreciation and amortization | 23,529,000 | 19,758,000 | 17,191,000 | 17,403,000 | 17,687,000 | 16,805,000 | 12,590,000 | 12,964,000 | 13,741,000 | 13,495,000 | 13,233,000 | 12,596,000 | 11,825,000 | 12,430,000 | 13,367,000 | 13,315,000 | 12,766,000 | 12,787,000 | 11,783,000 | 11,235,000 |
acquisition-related expenses | 1,666,000 | 13,799,000 | 6,482,000 | 3,646,000 | 4,583,000 | 203,000 | ||||||||||||||
restructuring expenses | 6,752,000 | 3,152,000 | 2,845,000 | 260,000 | 30,000 | 150,000 | ||||||||||||||
total operating expenses | 415,143,000 | 376,800,000 | 328,417,000 | 313,547,000 | 280,532,000 | 307,751,000 | 280,674,000 | 254,423,000 | 230,821,000 | 242,179,000 | 226,150,000 | 218,032,000 | 210,047,000 | 222,851,000 | 218,421,000 | 214,390,000 | 194,333,000 | 195,999,000 | 181,996,000 | 229,181,000 |
income from operations | -18,839,000 | 17,838,000 | 8,752,000 | -5,105,000 | -16,113,000 | 6,922,000 | -12,379,000 | -26,584,000 | -35,874,000 | -31,859,000 | -37,166,000 | -46,215,000 | -52,445,000 | -47,711,000 | -66,169,000 | -77,089,000 | -68,065,000 | -61,153,000 | -66,863,000 | -122,285,000 |
yoy | 16.92% | 157.70% | -170.70% | -80.80% | -55.08% | -121.73% | -66.69% | -42.48% | -31.60% | -33.23% | -43.83% | -40.05% | -22.95% | -21.98% | -1.04% | -36.96% | ||||
qoq | -205.61% | 103.82% | -271.44% | -68.32% | -332.78% | -155.92% | -53.43% | -25.90% | 12.60% | -14.28% | -19.58% | -11.88% | 9.92% | -27.90% | -14.17% | 13.26% | 11.30% | -8.54% | -45.32% | |
operating margin % | -4.75% | 4.52% | 2.60% | -1.66% | -6.09% | 2.20% | -4.61% | -11.67% | -18.40% | -15.15% | -19.67% | -26.90% | -33.28% | -27.24% | -43.46% | -56.15% | -53.91% | -45.35% | -58.07% | -114.40% |
interest expenses | 761,000 | |||||||||||||||||||
other expenses | -3,776,000 | 5,397,250 | 11,726,000 | 3,512,000 | -2,073,000 | 2,851,000 | -1,564,000 | 671,000 | 1,784,500 | 2,436,000 | 2,838,000 | 1,864,000 | 3,027,750 | 1,142,000 | 5,273,000 | |||||
total other expenses | -3,015,000 | 16,553,000 | 11,546,000 | 6,517,000 | 3,843,000 | -2,056,000 | 4,796,000 | 996,000 | 3,296,000 | 3,482,000 | 5,330,000 | 5,635,000 | 4,312,000 | 4,173,000 | 2,375,000 | 6,571,000 | 18,000 | 1,838,000 | ||
income before income taxes | -15,824,000 | 1,285,000 | -2,794,000 | -11,622,000 | -19,956,000 | 8,978,000 | -17,175,000 | -27,580,000 | -39,170,000 | -35,341,000 | -42,496,000 | -51,850,000 | -56,757,000 | -51,884,000 | -68,544,000 | -85,666,000 | -74,636,000 | -61,171,000 | -68,701,000 | -94,338,000 |
income tax provision | -2,577,000 | -5,254,000 | 840,000 | 1,192,000 | 1,644,000 | -6,258,000 | 200,000 | 486,000 | 396,000 | -60,000 | 590,000 | 309,000 | 198,000 | -131,000 | 896,000 | 343,000 | -33,000 | 428,000 | 584,000 | |
net income | -13,247,000 | 6,539,000 | -3,634,000 | -12,814,000 | -21,600,000 | 15,236,000 | -17,375,000 | -28,066,000 | -39,566,000 | -35,281,000 | -43,086,000 | -52,159,000 | -56,955,000 | -51,753,000 | -69,440,000 | -86,009,000 | -72,037,000 | -61,138,000 | -69,129,000 | -94,922,000 |
yoy | -38.67% | -57.08% | -79.08% | -54.34% | -45.41% | -143.18% | -59.67% | -46.19% | -30.53% | -31.83% | -37.95% | -39.36% | -20.94% | -15.35% | 0.45% | -9.39% | ||||
qoq | -302.58% | -279.94% | -71.64% | -40.68% | -241.77% | -187.69% | -38.09% | -29.07% | 12.15% | -18.11% | -17.39% | -8.42% | 10.05% | -25.47% | -19.26% | 19.40% | 17.83% | -11.56% | -27.17% | |
net income margin % | -3.34% | 1.66% | -1.08% | -4.15% | -8.17% | 4.84% | -6.48% | -12.32% | -20.30% | -16.77% | -22.80% | -30.36% | -36.14% | -29.55% | -45.61% | -62.64% | -57.05% | -45.34% | -60.04% | -88.80% |
other comprehensive loss: | ||||||||||||||||||||
foreign currency translation adjustment | 5,875,000 | -2,677,000 | 112,000 | 65,000 | 21,000 | 150,000 | -146,000 | -51,000 | 50,000 | -113,000 | 283,000 | -58,000 | -147,000 | -1,477,000 | 774,000 | 403,000 | -244,000 | 88,000 | -77,000 | -129,000 |
total comprehensive loss | -19,122,000 | 9,216,000 | -3,746,000 | -12,879,000 | -21,621,000 | 15,086,000 | -17,229,000 | -28,015,000 | -39,616,000 | -35,168,000 | -43,369,000 | -52,101,000 | -56,808,000 | -50,276,000 | -70,214,000 | -86,412,000 | -72,281,000 | -61,050,000 | -69,206,000 | -95,051,000 |
net income per share | ||||||||||||||||||||
net loss available to common stockholders | -13,247 | 6,539 | -3,634 | -12,814 | -21,600 | 15,236 | -17,375 | -28,066 | -39,566 | -35,281 | -43,086 | -52,159 | -56,955 | 227,206,761 | -69,440,000 | -86,009,000 | -72,037,000 | -61,138 | -69,129 | -98,088 |
basic loss per share | -0.06 | 0.03 | -0.02 | -0.06 | -0.1 | 0.09 | -0.09 | -0.16 | -0.23 | -0.21 | -0.27 | -0.34 | -0.38 | -0.35 | -0.49 | -0.63 | -0.54 | -0.35 | -0.53 | -1.92 |
diluted loss per share | -0.06 | 0.03 | -0.02 | -0.06 | -0.1 | 0.09 | -0.09 | -0.16 | -0.23 | -0.21 | -0.27 | -0.34 | -0.38 | -0.35 | -0.49 | -0.63 | -0.54 | -0.35 | -0.53 | -1.92 |
weighted-average number of shares used to compute net loss per share | ||||||||||||||||||||
basic | 238,552,591 | 220,722,814 | 222,440,882 | 217,253,856 | 212,558,050 | 185,984,107 | 187,905,129 | 177,870,238 | 171,234,353 | 156,697,308 | 158,055,789 | 154,597,506 | 150,045,840 | 138,985,265 | 140,594,128 | 135,903,592 | 134,084,703 | 86,932,191 | 51,202,335 | |
diluted | 238,552,591 | 220,722,814 | 222,440,882 | 217,253,856 | 212,558,050 | 185,984,107 | 187,905,129 | 177,870,238 | 171,234,353 | 156,697,308 | 158,055,789 | 154,597,506 | 150,045,840 | 138,985,265 | 140,594,128 | 135,903,592 | 134,084,703 | 86,932,191 | 51,202,335 | |
interest expense | 79,250 | -180,000 | 166,000 | 331,000 | 17,000 | 1,945,000 | 2,560,000 | 2,625,000 | 2,800,000 | 2,894,000 | 2,797,000 | 2,448,000 | 2,301,000 | 2,038,000 | 1,666,000 | 1,298,000 | 1,328,000 | 1,342,000 | 1,402,000 | |
other expenses / | 6,351,000 | 5,696,000 | ||||||||||||||||||
other comprehensive income: | ||||||||||||||||||||
change in fair value of warrants and derivative liabilities | -805,000 | 1,215,000 | -18,600,000 | |||||||||||||||||
acquisition related expenses | 86,000 | 344,000 | 379,000 | 480,000 | 329,000 | |||||||||||||||
gain on extinguishment of debt | -10,000,000 | |||||||||||||||||||
cumulative redeemable convertible preferred stock dividends | 3,166 | |||||||||||||||||||
total other expenses / | 8,577,000 | |||||||||||||||||||
income tax benefit | -2,599,000 | |||||||||||||||||||
other expenses / (income) | 257,750 | 496,000 | ||||||||||||||||||
other comprehensive income : | ||||||||||||||||||||
weighted average number of shares used to compute net loss per share | ||||||||||||||||||||
basic | 129,731,980 | |||||||||||||||||||
diluted | 129,731,980 | |||||||||||||||||||
other (incomes) / expenses | -749,000 | |||||||||||||||||||
total other (incomes) / expenses | -27,947,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||
current assets: | ||||||||||||||||||||
cash and cash equivalents | 288,779,000 | 319,764,000 | 385,184,000 | 365,314,000 | 364,398,000 | 366,157,000 | 418,538,000 | 154,704,000 | 141,649,000 | 131,732,000 | 120,796,000 | 117,066,000 | 107,794,000 | 121,110,000 | 114,808,000 | 110,779,000 | 103,863,000 | 103,859,000 | 116,180,000 | 113,568,000 |
accounts receivable | 321,660,000 | 322,391,000 | 272,262,000 | 251,007,000 | 223,759,000 | 235,227,000 | 203,711,000 | 182,801,000 | 160,591,000 | 170,131,000 | 140,408,000 | 122,023,000 | 109,405,000 | 106,322,000 | 91,414,000 | 89,541,000 | 75,558,000 | 83,578,000 | 72,785,000 | 72,044,000 |
prepaid expenses | 32,257,000 | 28,970,000 | 28,494,000 | 11,346,000 | 11,088,000 | 13,348,000 | 9,699,000 | 8,603,000 | 7,394,000 | 6,269,000 | 6,493,000 | 5,393,000 | 6,606,000 | 7,150,000 | 7,600,000 | 6,482,000 | 6,773,000 | 6,970,000 | 5,820,000 | 2,662,000 |
other current assets | 6,616,000 | 14,658,000 | 3,121,000 | 2,531,000 | 2,538,000 | 1,808,000 | 1,697,000 | 1,461,000 | 1,283,000 | 1,622,000 | 1,835,000 | 2,062,000 | 2,232,000 | 1,866,000 | 1,893,000 | 1,906,000 | 1,825,000 | 1,649,000 | 3,058,000 | 6,122,000 |
total current assets | 649,312,000 | 685,783,000 | 689,061,000 | 630,198,000 | 601,783,000 | 616,540,000 | 633,645,000 | 347,569,000 | 310,917,000 | 309,754,000 | 269,532,000 | 246,544,000 | 226,037,000 | 236,448,000 | 215,715,000 | 208,708,000 | 188,019,000 | 196,056,000 | 197,843,000 | 194,396,000 |
non-current assets: | ||||||||||||||||||||
property and equipment | 14,667,000 | 15,393,000 | 12,464,000 | 10,804,000 | 8,950,000 | 8,856,000 | 7,383,000 | 7,529,000 | 8,117,000 | 7,452,000 | 7,456,000 | 6,673,000 | 5,990,000 | 5,981,000 | 6,235,000 | 5,538,000 | 5,329,000 | 5,630,000 | 5,869,000 | 5,738,000 |
website and software development costs | 32,977,000 | 31,520,000 | 31,033,000 | 29,865,000 | 29,029,000 | 28,949,000 | 29,377,000 | 29,936,000 | 31,119,000 | 32,124,000 | 33,183,000 | 34,482,000 | 35,371,000 | 36,713,000 | 36,863,000 | 37,031,000 | 37,274,000 | 38,038,000 | 38,477,000 | 38,615,000 |
right-to-use assets - operating leases | 19,964,000 | 19,101,000 | 9,471,000 | 10,147,000 | 9,524,000 | 8,806,000 | 7,985,000 | 6,770,000 | 5,943,000 | 6,458,000 | ||||||||||
intangible assets | 202,855,000 | 217,943,000 | 85,550,000 | 95,181,000 | 105,038,000 | 115,180,000 | 43,032,000 | 44,838,000 | 46,497,000 | 48,781,000 | 50,099,000 | 52,029,000 | 50,827,000 | 44,358,000 | 45,601,000 | 47,808,000 | 50,092,000 | 40,963,000 | 28,932,000 | 32,734,000 |
goodwill | 522,007,000 | 527,886,000 | 317,375,000 | 317,672,000 | 325,999,000 | 325,992,000 | 140,919,000 | 140,903,000 | 140,903,000 | 140,905,000 | 140,894,000 | 140,903,000 | 141,018,000 | 133,069,000 | 133,009,000 | 133,029,000 | 133,049,000 | 114,509,000 | 81,917,000 | 81,924,000 |
deferred tax assets | 1,237,000 | 1,211,000 | 1,148,000 | 960,000 | 835,000 | 619,000 | 842,000 | 794,000 | 748,000 | 728,000 | 835,000 | 771,000 | 760,000 | 745,000 | 1,253,000 | 1,230,000 | 1,009,000 | 956,000 | 195,000 | |
other non-current assets | 4,178,000 | 4,687,000 | 4,665,000 | 5,266,000 | 6,407,000 | 6,431,000 | 5,898,000 | 5,525,000 | 4,783,000 | 4,367,000 | 3,403,000 | 3,346,000 | 2,917,000 | 1,800,000 | 2,059,000 | 2,472,000 | 1,545,000 | 1,113,000 | 1,063,000 | 905,000 |
total non-current assets | 797,885,000 | 817,741,000 | 461,706,000 | 469,895,000 | 485,782,000 | 494,833,000 | 235,436,000 | 236,295,000 | 239,375,000 | 240,960,000 | 241,813,000 | 244,662,000 | 243,814,000 | 230,054,000 | 225,020,000 | 227,108,000 | 228,298,000 | 201,209,000 | 156,453,000 | 160,115,000 |
total assets | 1,447,197,000 | 1,503,524,000 | 1,150,767,000 | 1,100,093,000 | 1,087,565,000 | 1,111,373,000 | 869,081,000 | 583,864,000 | 550,292,000 | 550,714,000 | 511,345,000 | 491,206,000 | 469,851,000 | 466,502,000 | 440,735,000 | 435,816,000 | 416,317,000 | 397,265,000 | 354,296,000 | 354,511,000 |
liabilities and stockholders’ equity | ||||||||||||||||||||
current liabilities: | ||||||||||||||||||||
accounts payable | 32,158,000 | 40,136,000 | 29,074,000 | 48,035,000 | 32,535,000 | 43,665,000 | 58,486,000 | 46,533,000 | 53,360,000 | 63,572,000 | 59,173,000 | 55,925,000 | 38,485,000 | 33,668,000 | 28,400,000 | 38,069,000 | 17,272,000 | 21,711,000 | 27,905,000 | 30,869,000 |
accrued expenses | 173,033,000 | 179,087,000 | 156,569,000 | 115,948,000 | 115,318,000 | 121,400,000 | 107,658,000 | 108,168,000 | 83,533,000 | 85,455,000 | 73,135,000 | 64,463,000 | 65,570,000 | 72,364,000 | 63,516,000 | 53,213,000 | 62,353,000 | 63,979,000 | 50,619,000 | 48,867,000 |
acquisition-related liabilities | 47,875,000 | 149,036,000 | 24,938,000 | 13,834,000 | 13,803,000 | 12,727,000 | 12,983,000 | 11,414,000 | 15,515,000 | 17,234,000 | 21,812,000 | 19,165,000 | 15,910,000 | 14,743,000 | 8,042,000 | |||||
deferred revenue | 37,430,000 | 35,398,000 | 4,034,000 | 3,856,000 | 6,016,000 | 10,348,000 | 3,586,000 | 3,683,000 | 4,455,000 | 3,301,000 | 2,332,000 | 3,381,000 | 3,708,000 | 2,228,000 | 6,104,000 | 5,864,000 | 5,699,000 | 6,866,000 | 2,739,000 | 3,612,000 |
other current liabilities | 23,714,000 | 25,824,000 | 14,195,000 | 12,156,000 | 13,104,000 | 11,197,000 | 8,202,000 | 6,153,000 | 7,564,000 | 6,823,000 | 6,086,000 | 4,356,000 | 6,372,000 | 5,707,000 | 8,258,000 | 6,871,000 | 6,469,000 | 5,159,000 | 5,044,000 | 7,356,000 |
total current liabilities | 314,210,000 | 429,481,000 | 228,810,000 | 193,829,000 | 180,776,000 | 199,337,000 | 190,915,000 | 175,951,000 | 164,427,000 | 176,385,000 | 162,538,000 | 147,290,000 | 130,045,000 | 128,710,000 | 123,498,000 | 124,550,000 | 109,212,000 | 105,757,000 | 102,462,000 | 96,979,000 |
non-current liabilities: | ||||||||||||||||||||
long-term borrowings | 197,282,000 | 197,083,000 | 196,884,000 | 196,686,000 | 196,487,000 | 196,288,000 | 196,089,000 | 184,351,000 | 184,249,000 | 184,147,000 | 184,044,000 | 183,942,000 | 183,840,000 | 183,953,000 | 183,613,000 | 183,528,000 | ||||
deferred tax liabilities | 17,784,000 | 17,268,000 | ||||||||||||||||||
other non-current liabilities | 15,295,000 | 15,656,000 | 10,150,000 | 10,995,000 | 10,047,000 | 9,810,000 | 7,210,000 | 6,516,000 | 6,905,000 | 6,602,000 | 6,504,000 | 7,043,000 | 7,464,000 | 7,877,000 | 2,225,000 | 2,298,000 | 2,370,000 | 2,492,000 | 3,790,000 | 2,585,000 |
total non-current liabilities | 252,662,000 | 269,454,000 | 232,751,000 | 233,008,000 | 230,192,000 | 235,235,000 | 203,299,000 | 190,867,000 | 194,264,000 | 193,809,000 | 199,029,000 | 206,568,000 | 209,880,000 | 209,762,000 | 208,125,000 | 204,361,000 | 202,760,000 | 201,020,000 | 196,049,000 | 204,474,000 |
total liabilities | 566,872,000 | 698,935,000 | 461,561,000 | 426,837,000 | 410,968,000 | 434,572,000 | 394,214,000 | 366,818,000 | 358,691,000 | 370,194,000 | 361,567,000 | 353,858,000 | 339,925,000 | 338,472,000 | 331,623,000 | 328,911,000 | 311,972,000 | 306,777,000 | 298,511,000 | 301,453,000 |
commitments and contingencies | ||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||
class a common stock 0.001 par value... | 225,000 | |||||||||||||||||||
class b common stock 0.001 par value... | 24,000 | |||||||||||||||||||
additional paid-in capital | 1,958,549,000 | 1,863,695,000 | 1,757,535,000 | 1,737,840,000 | 1,728,303,000 | 1,706,885,000 | 1,520,044,000 | 1,245,005,000 | 1,191,545,000 | 1,140,849,000 | 1,074,943,000 | 1,019,144,000 | 959,627,000 | 900,924,000 | 831,731,000 | 759,311,000 | 670,342,000 | 584,208,000 | 511,929,000 | 439,999,000 |
accumulated deficit | -1,073,064,000 | -1,059,817,000 | -1,066,356,000 | -1,062,722,000 | -1,049,908,000 | -1,028,308,000 | -1,043,544,000 | -1,026,169,000 | -998,103,000 | -958,537,000 | -923,256,000 | -880,170,000 | -828,011,000 | -771,056,000 | -719,303,000 | -649,863,000 | -563,854,000 | -491,817,000 | -430,679,000 | -361,550,000 |
accumulated other comprehensive gain | -5,409,000 | 466,000 | ||||||||||||||||||
total stockholders’ equity | 880,325,000 | 804,589,000 | 689,206,000 | 673,256,000 | 676,597,000 | 676,801,000 | 474,867,000 | 217,046,000 | 191,601,000 | 180,520,000 | 149,778,000 | 137,348,000 | 129,926,000 | 128,030,000 | ||||||
total liabilities and stockholders’ equity | 1,447,197,000 | 1,503,524,000 | ||||||||||||||||||
class a common stock | 221,000 | 214,000 | 213,000 | 212,000 | 213,000 | 205,000 | 192,000 | 190,000 | 189,000 | 184,000 | 182,000 | 176,000 | 175,000 | 174,000 | 170,000 | 165,000 | 160,000 | |||
class b common stock | 24,000 | 24,000 | 24,000 | 24,000 | 24,000 | 25,000 | 27,000 | 29,000 | 29,000 | 30,000 | 32,000 | 32,000 | 32,000 | 32,000 | 35,000 | 37,000 | 38,000 | 38,000 | 38,000 | |
accumulated other comprehensive loss | -2,211,000 | -2,099,000 | -2,034,000 | -2,013,000 | -1,863,000 | -2,009,000 | -2,060,000 | -2,010,000 | -2,123,000 | -1,840,000 | -1,898,000 | -2,045,000 | -3,522,000 | -2,748,000 | -2,345,000 | -2,101,000 | -2,189,000 | -2,112,000 | ||
total liabilities and stockholders' equity | 1,150,767,000 | 1,100,093,000 | 1,087,565,000 | 1,111,373,000 | 869,081,000 | 583,864,000 | 550,292,000 | 550,714,000 | 511,345,000 | 491,206,000 | 469,851,000 | 466,502,000 | 440,735,000 | 435,816,000 | 416,317,000 | |||||
right-to-use asset - operating leases | 7,208,000 | 6,603,000 | 6,931,000 | 7,388,000 | ||||||||||||||||
acquisition related liabilities | 17,220,000 | 20,533,000 | 17,419,000 | 16,155,000 | 6,275,000 | |||||||||||||||
long term borrowings | 183,868,000 | 183,783,000 | 183,698,000 | 183,443,000 | ||||||||||||||||
total stockholders' equity | 109,112,000 | 106,905,000 | 104,345,000 | |||||||||||||||||
liabilities, mezzanine equity and stockholders’ equity / | ||||||||||||||||||||
warrants and derivative liabilities | ||||||||||||||||||||
mezzanine equity: | ||||||||||||||||||||
redeemable convertible preferred stock | ||||||||||||||||||||
stockholders’ equity / | ||||||||||||||||||||
series a common stock 0.001 per share par value, up to 204,220,800 shares authorized, 112,012,693 shares issued and outstanding as of december 31, 2020 | ||||||||||||||||||||
series b common stock 0.001 per share par value, up to 3,400,000 shares authorized, 3,054,318 shares issued and outstanding as of december 31, 2020 | ||||||||||||||||||||
total stockholders’ equity / | 90,488,000 | 55,785,000 | 53,058,000 | |||||||||||||||||
total liabilities, mezzanine equity and stockholders’ equity / | 397,265,000 | |||||||||||||||||||
liabilities and stockholders’ equity / | ||||||||||||||||||||
series a common stock 0.001 per share value, up to 204,220,800 shares authorized, 112,012,693 shares issued and outstanding as of december 31, 2020 | ||||||||||||||||||||
treasury common stock, 8,195,464 shares repurchased at a weighted average price of 2.86 per share | -23,469,000 | |||||||||||||||||||
class a common stock, par value 0.001 per share... | 155,000 | 152,000 | ||||||||||||||||||
total liabilities and stockholders’ equity / | 354,296,000 | 354,511,000 | ||||||||||||||||||
deferred tax assets, | 199,000 | |||||||||||||||||||
treasury common stock, 8,195,464 shares repurchased at a weighted-average price of 2.86 per share | -23,469,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||||
net loss | -13,247,000 | 6,539,000 | -3,634,000 | -12,814,000 | -21,600,000 | 15,236,000 | -17,375,000 | -28,066,000 | -39,566,000 | -35,281,000 | -43,086,000 | -52,159,000 | -56,955,000 | -51,753,000 | -69,440,000 | -86,009,000 | -72,037,000 | -61,138,000 | -69,129,000 |
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||
depreciation and amortization | 23,529,000 | 19,758,000 | 17,191,000 | 17,403,000 | 17,687,000 | 16,805,000 | 12,590,000 | 12,964,000 | 13,741,000 | 13,495,000 | 13,233,000 | 12,596,000 | 11,825,000 | 12,430,000 | 13,367,000 | 13,315,000 | 12,766,000 | 12,787,000 | 11,783,000 |
stock-based compensation | 53,032,000 | 43,731,000 | 45,632,000 | 46,471,000 | 41,987,000 | 43,010,000 | 47,177,000 | 52,159,000 | 52,638,000 | 63,135,000 | 57,672,000 | 57,612,000 | 64,462,000 | 67,703,000 | 75,218,000 | 82,335,000 | 73,736,000 | 70,546,000 | 69,343,000 |
deferred income taxes | 126,000 | -4,474,000 | 173,000 | -110,000 | -235,000 | -7,147,000 | -46,000 | -47,000 | -20,000 | 107,000 | -64,000 | 10,000 | -42,000 | 446,000 | -24,000 | -220,000 | -2,870,000 | -840,000 | 6,000 |
change in fair value of acquisition-related liabilities | -4,744,000 | 16,064,000 | 11,494,000 | 5,705,000 | 3,460,000 | -2,367,000 | 2,649,000 | -1,765,000 | 504,000 | 519,000 | 2,416,000 | 2,613,000 | 1,652,000 | ||||||
others | -157,000 | -7,602,000 | 1,383,000 | 3,280,000 | -519,000 | -107,000 | -350,000 | 492,000 | -42,000 | 829,000 | 220,000 | 920,000 | 46,000 | -12,610,000 | 653,000 | 5,634,000 | 5,731,000 | ||
change in non-cash working capital | |||||||||||||||||||
accounts receivable | 730,000 | -36,920,000 | -21,247,000 | -30,464,000 | 11,397,000 | -7,323,000 | -21,443,000 | -22,692,000 | 9,622,000 | -30,746,000 | -18,122,000 | -13,169,000 | -2,015,000 | -15,231,000 | 145,000 | -14,317,000 | 9,577,000 | -8,578,000 | |
prepaid expenses | -3,118,000 | 8,500,000 | -17,143,000 | -281,000 | 2,219,000 | -2,818,000 | -1,097,000 | -1,073,000 | -1,279,000 | 189,000 | -1,018,000 | 1,363,000 | 527,000 | 219,000 | -1,013,000 | 291,000 | 233,000 | -1,150,000 | -3,158,000 |
other current assets | 8,057,000 | 6,530,000 | -584,000 | 7,000 | -730,000 | 175,000 | -233,000 | -178,000 | 339,000 | 212,000 | 227,000 | 170,000 | -366,000 | 27,000 | -512,000 | 444,000 | -173,000 | 1,409,000 | 3,064,000 |
other non-current assets | 509,000 | 274,000 | 610,000 | 141,000 | 15,000 | -529,000 | -372,000 | -739,000 | -414,000 | -919,000 | -57,000 | -438,000 | -112,000 | -87,000 | 853,000 | -271,000 | -432,000 | -50,000 | -158,000 |
deferred revenue | 1,920,000 | -2,964,000 | 187,000 | -2,207,000 | -4,336,000 | 5,974,000 | -87,000 | -657,000 | 1,026,000 | 1,118,000 | -1,265,000 | -426,000 | 1,380,000 | -3,801,000 | 251,000 | 165,000 | -1,181,000 | 4,127,000 | -874,000 |
accounts payable | -8,114,000 | 6,435,000 | -17,632,000 | 13,756,000 | -11,053,000 | -24,582,000 | 11,408,000 | -4,679,000 | -10,727,000 | 3,648,000 | 2,526,000 | 14,892,000 | 5,196,000 | 6,277,000 | -11,450,000 | 21,141,000 | -2,438,000 | -4,282,000 | -3,878,000 |
accrued expenses and other current liabilities | -8,409,000 | 3,845,000 | 42,363,000 | 213,000 | -3,728,000 | 7,373,000 | 887,000 | 25,780,000 | -1,459,000 | 11,218,000 | 10,170,000 | -3,407,000 | -5,538,000 | 8,223,000 | 12,369,000 | -8,984,000 | -1,607,000 | 11,856,000 | 1,260,000 |
other non-current liabilities | -380,000 | 4,419,000 | -874,000 | 949,000 | 235,000 | -17,000 | 694,000 | -389,000 | 303,000 | -562,000 | -24,000 | 52,000 | 44,000 | -1,736,000 | -73,000 | -72,000 | -122,000 | -1,297,000 | 1,204,000 |
net cash from operating activities | 49,734,000 | 64,135,000 | 57,919,000 | 42,049,000 | 34,799,000 | 43,683,000 | 34,402,000 | 31,110,000 | 24,666,000 | 26,962,000 | 22,828,000 | 20,629,000 | 20,104,000 | 23,097,000 | 19,539,000 | 14,667,000 | 21,183,000 | 20,926,000 | 10,163,000 |
cash flows from investing activities: | |||||||||||||||||||
capital expenditures | -3,012,000 | -3,257,000 | -5,473,000 | -2,349,000 | -2,736,000 | -8,269,000 | -4,893,000 | -6,754,000 | -5,811,000 | -5,597,000 | -5,936,000 | -3,786,000 | -5,164,000 | -5,067,000 | -5,654,000 | -4,768,000 | -6,743,000 | -2,599,000 | -2,502,000 |
free cash flows | 46,722,000 | 60,878,000 | 52,446,000 | 39,700,000 | 32,063,000 | 35,414,000 | 29,509,000 | 24,356,000 | 18,855,000 | 21,365,000 | 16,892,000 | 16,843,000 | 14,940,000 | 18,030,000 | 13,885,000 | 9,899,000 | 14,440,000 | 18,327,000 | 7,661,000 |
website and software development costs | -5,542,000 | -4,981,000 | -5,159,000 | -5,798,000 | -4,155,000 | -3,930,000 | -3,898,000 | -4,569,000 | -3,643,000 | -3,143,000 | -3,438,000 | -4,006,000 | -4,900,000 | -4,184,000 | -4,234,000 | -4,121,000 | -4,465,000 | -3,853,000 | -3,892,000 |
acquisitions and other investments, net of cash acquired | -47,000,000 | -89,103,000 | 0 | -672,000 | -530,000 | 1,000 | 0 | -2,394,000 | -15,852,000 | ||||||||||
net cash from investing activities | -55,554,000 | -97,341,000 | -10,632,000 | -8,819,000 | -7,421,000 | -68,018,000 | -8,791,000 | -11,323,000 | -9,454,000 | -8,739,000 | -9,374,000 | -10,186,000 | -25,916,000 | -9,251,000 | -9,940,000 | -8,889,000 | -20,365,000 | -24,386,000 | -6,394,000 |
cash flows from financing activities: | |||||||||||||||||||
cash paid for acquisition-related liabilities | -241,000 | 0 | 0 | -2,666,000 | -3,667,000 | 0 | -80,000 | -4,779,000 | -2,173,000 | -6,798,000 | -6,222,000 | -1,508,000 | -980,000 | -3,667,000 | -1,000,000 | -645,000 | -647,000 | ||
proceeds from credit facilities, net of issuance cost | 10,000,000 | 0 | 0 | 0 | 6,250,000 | 1,250,000 | 196,603,000 | 0 | 11,250,000 | 0 | 0 | 8,437,000 | 2,813,000 | ||||||
exercise of options | 302,000 | 495,000 | 777,000 | 841,000 | 123,000 | 1,141,000 | 1,407,000 | 434,000 | 17,000 | 141,000 | 42,000 | 41,000 | 35,000 | 65,000 | 65,000 | ||||
repurchase of shares | -25,728,000 | -35,003,000 | -28,033,000 | -32,049,000 | -25,882,000 | -29,933,000 | -3,889,000 | -4,919,000 | -3,444,000 | -1,956,000 | -3,549,000 | -1,405,000 | -6,533,000 | -5,297,000 | |||||
repayments against the credit facilities | -10,000,000 | 0 | 0 | 0 | -6,250,000 | -1,250,000 | -185,000,000 | 0 | -11,250,000 | 0 | 0 | -8,437,000 | -2,813,000 | 0 | 0 | -4,219,000 | -1,406,000 | 0 | 0 |
net cash from financing activities | -25,667,000 | -32,165,000 | -27,256,000 | -31,970,000 | -29,426,000 | -28,230,000 | 238,102,000 | -6,766,000 | -5,183,000 | -7,246,000 | -9,630,000 | -1,304,000 | -7,472,000 | -7,508,000 | -5,275,000 | 740,000 | -582,000 | -8,950,000 | -1,094,000 |
effect of exchange rate changes on cash and cash equivalents | 502,000 | -49,000 | -161,000 | -344,000 | 289,000 | 184,000 | 121,000 | 34,000 | -112,000 | -41,000 | -94,000 | 133,000 | -32,000 | -36,000 | -295,000 | 398,000 | -232,000 | 89,000 | -63,000 |
net decrease in cash and cash equivalents | -30,985,000 | ||||||||||||||||||
cash and cash equivalents, beginning of period | 319,764,000 | 0 | 0 | 0 | 366,157,000 | 0 | 0 | 0 | 131,732,000 | 0 | 0 | 0 | 121,110,000 | 0 | 0 | 103,859,000 | |||
cash and cash equivalents, end of period | 288,779,000 | -65,420,000 | 19,870,000 | 916,000 | 364,398,000 | -52,381,000 | 263,834,000 | 13,055,000 | 141,649,000 | 10,936,000 | 3,730,000 | 9,272,000 | 107,794,000 | 4,029,000 | 6,916,000 | 103,863,000 | |||
supplemental cash flow disclosures including non-cash activities: | |||||||||||||||||||
cash paid for interest | 490,000 | -122,000 | -388,000 | -35,000 | 1,450,000 | -144,000 | 2,476,000 | 2,296,000 | 2,720,000 | 2,796,000 | 2,702,000 | 2,519,000 | 2,464,000 | 1,670,000 | 1,517,000 | 1,265,000 | 1,221,000 | 1,331,000 | 1,296,000 |
cash paid for income taxes | 1,434,000 | 1,029,000 | 574,000 | 1,083,000 | 376,000 | 713,000 | 535,000 | 252,000 | 386,000 | 626,000 | 522,000 | 497,000 | 634,000 | 357,000 | 123,000 | 464,000 | 353,000 | ||
liability established in connection with acquisitions | 2,064,000 | 137,831,000 | 11,494,000 | 5,705,000 | 3,460,000 | 28,881,000 | 504,000 | 519,000 | 2,266,000 | 2,613,000 | 2,791,000 | 756,000 | 1,439,000 | 5,450,000 | 12,884,000 | 8,390,000 | |||
capitalized stock-based compensation as website and software development | 929,000 | 743,000 | 826,000 | 697,000 | 651,000 | ||||||||||||||
shares issued in connection with acquisitions and other agreements | 66,322,000 | 93,864,000 | 500,000 | 666,000 | 3,667,000 | 171,932,000 | 1,125,000 | 4,044,000 | 500,000 | 4,069,000 | 0 | 3,853,000 | 11,083,000 | 23,000,000 | 1,196,000 | ||||
right-to-use assets established | 3,090,000 | 12,182,000 | 2,416,000 | 115,000 | 1,677,000 | 2,039,000 | 1,899,000 | ||||||||||||
operating lease liabilities established | 3,090,000 | 12,190,000 | 2,395,000 | 115,000 | 1,677,000 | 2,039,000 | 1,899,000 | 198,000 | 883,000 | ||||||||||
non-cash consideration for website and software development | 277,000 | 61,000 | 308,000 | 347,000 | 427,000 | ||||||||||||||
issuance under employee stock purchase plan | 2,343,000 | 0 | 0 | 0 | 0 | ||||||||||||||
proceeds from equity capital raise, net of issuance cost | -371,000 | ||||||||||||||||||
net increase in cash and cash equivalents | -65,420,000 | 19,870,000 | 916,000 | -1,759,000 | -52,381,000 | 263,834,000 | 13,055,000 | 9,917,000 | 10,936,000 | 3,730,000 | 9,272,000 | -13,316,000 | 4,029,000 | 6,916,000 | 4,000 | ||||
change in fair value of warrant and derivative liabilities | 0 | 0 | |||||||||||||||||
issuances under employee stock purchase plan | |||||||||||||||||||
exercise of options and warrants | |||||||||||||||||||
non-cash settlement of warrants and derivative liabilities | 0 | 0 | |||||||||||||||||
capitalized stock-based compensation as website and software development costs | 538,000 | 621,000 | 1,091,000 | 1,003,000 | 879,000 | 752,000 | 1,263,000 | 1,478,000 | 1,399,000 | 1,254,000 | 1,366,000 | ||||||||
non-cash consideration for website and software development costs | 219,000 | -28,000 | 430,000 | 271,000 | 294,000 | 219,000 | 673,000 | 349,000 | 341,000 | 291,000 | 1,506,000 | ||||||||
right-to-use asset established | 883,000 | ||||||||||||||||||
gain on extinguishment of debt | 0 | 0 | |||||||||||||||||
proceeds from initial public offering, net of issuance cost | |||||||||||||||||||
dividends on redeemable convertible preferred stock settled in company’s equity | 0 | 0 | |||||||||||||||||
cash paid for income taxes, net of refund | 46,000 | ||||||||||||||||||
business and asset acquisitions, net of cash acquired | -17,934,000 | 0 | |||||||||||||||||
proceeds from pay-check protection program loan | |||||||||||||||||||
proceeds from employees’ stock purchase plan | |||||||||||||||||||
exercise of warrants and options | 27,000 | ||||||||||||||||||
net increase in cash and cash equivalents, including restricted cash | |||||||||||||||||||
cash and cash equivalents and restricted cash, beginning of period | |||||||||||||||||||
cash and cash equivalents and restricted cash, end of period | |||||||||||||||||||
gain on debt extinguishment | |||||||||||||||||||
change in fair value of warrants and derivative liabilities | |||||||||||||||||||
business acquisitions, net of cash acquired | -52,000 | 0 | -9,157,000 | ||||||||||||||||
proceeds from credit facilities, net of issuance costs | 0 | 4,219,000 | 1,406,000 | ||||||||||||||||
proceeds from ipo, net of issuance cost | |||||||||||||||||||
repurchase of rsas and rsus | |||||||||||||||||||
proceeds from term loan, net of issuance costs | |||||||||||||||||||
repurchase of restricted stock | 0 | -338,000 | |||||||||||||||||
proceeds from credit lines | |||||||||||||||||||
other | |||||||||||||||||||
changes in non-cash working capital | |||||||||||||||||||
proceeds from initial public offering, net of issuance costs | -825,000 | ||||||||||||||||||
cash paid for acquisition related liabilities | 0 | ||||||||||||||||||
proceeds from term loan, net of issuance cost | 0 | ||||||||||||||||||
proceeds from paycheck protection program loan | |||||||||||||||||||
account receivable | |||||||||||||||||||
exercise of warrants | |||||||||||||||||||
net increase in cash and cash equivalents and restricted cash | |||||||||||||||||||
contingent consideration liability established in connection with acquisitions | |||||||||||||||||||
capitalized stock-based compensation expense as website and software development costs |