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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT 1934

For the quarterly period ended September 30, 2022

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-40464

 

img139668345_0.jpg 

 

 

ZETA GLOBAL HOLDINGS CORP.

(Exact name of registrant as specified in its charter)

 

 

Delaware

80-0814458

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

3 Park Ave, 33rd Floor

New York, NY 10016

(Address of principal executive offices) (Zip Code)

(212) 967-5055

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

 

Class A common stock, par value $0.001 per share

ZETA

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large-accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of October 28, 2022, 174,157,067 shares of the registrant’s Class A common stock and 32,464,430 shares of registrant’s Class B common stock were outstanding.

 


 

ZETA GLOBAL HOLDINGS CORP.

Quarterly Report on Form 10-Q

For the Quarterly Period Ended September 30, 2022

TABLE OF CONTENTS

 

 

 

Page

PART I - FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

3

 

 

 

 

Condensed Unaudited Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

3

 

 

 

 

Condensed Unaudited Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2022 and 2021

4

 

 

 

 

Condensed Unaudited Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity / (Deficit) for the Three and Nine Months Ended September 30, 2022 and 2021

5

 

 

 

 

Condensed Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021

8

 

 

 

 

Notes to Condensed Unaudited Consolidated Financial Statements

9

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

 

 

 

Item 4.

Controls and Procedures

38

 

 

PART II - OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

39

 

 

 

Item 1A.

Risk Factors

39

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

39

 

 

 

Item 3.

Default Upon Senior Securities

40

 

 

 

Item 4.

Mine Safety Disclosures

40

 

 

 

Item 5.

Other Information

40

 

 

 

Item 6.

Exhibits

41

 

 

 

 

Signatures

42

 

i


 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which statements involve substantial risks and uncertainties. All statements made in this Quarterly Report on Form 10-Q that are not statements of historical fact, including statements about our beliefs and expectations and regarding future events or our future results of operations, financial condition, business, strategies, financial needs, and the plans and objectives of management, are forward-looking statements and should be evaluated as such. These statements often include words such as “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions or the negative of those terms. We base these forward-looking statements on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at such time. As you read this Quarterly Report on Form 10-Q, you should understand that these statements are not guarantees of future performance or results. The forward-looking statements are subject to and involve risks, uncertainties and assumptions, and you should not place undue reliance on these forward-looking statements. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our business, results of operations and financial condition and could cause actual results to differ materially from those expressed in the forward-looking statements. The following important factors, along with the factors discussed in “Risk Factors” in this Quarterly Report on Form 10-Q and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, may materially affect such forward-looking statements:

The continued impact of COVID-19 on our and our customers’, suppliers’ or other partners’ business could be detrimental to our business, results of operations, financial condition and the price of our stock;
We may experience fluctuations in our operating results, which could make our future operating results difficult to predict;
If we fail to innovate and make the right investment decisions in our product offerings and platform, we may not attract and retain customers and our revenue and results of operations may decline;
Our success and revenue growth depends on our ability to add and retain scaled customers, which we define as customers from which the Company has generated trailing-12-month revenues of at least $100,000;
If we do not manage our growth effectively, the quality of our platform and solutions may suffer and our business, results of operations and financial condition may be adversely affected;
Our business and the effectiveness of our platform depends on our ability to collect and use data online. New consumer tools, regulatory restrictions and potential changes to web browsers and mobile operating systems all threaten our ability to collect such data, which could harm our operating results and financial condition and adversely affect the demand for our products and solutions;
The standards that private entities and inbox service providers adopt in the future to regulate the use and delivery of email may interfere with the effectiveness of our platform and our ability to conduct business;
A significant inadvertent disclosure or breach of confidential and/or personal information we process, or a security breach of our or our customers’, suppliers’ or other partners’ computer systems could be detrimental to our business, reputation, financial performance and results of operations;
Our infrastructure depends on third-party data centers, systems and technologies to operate our business, the disruption of which could adversely affect our business, results of operations and financial condition; and
Inflation may impact us and our customers;
Our borrowing costs may increase as a result of increases in interest rates;
Other factors discussed in other sections of this Quarterly Report on Form 10-Q, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

You should not place undue reliance on our forward-looking statements and you should not rely on forward-looking statements as predictions of future events. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. The forward-looking statements made in this Quarterly Report on Form 10-Q should not be construed by you to be exhaustive and speak only as of the date of this report. We undertake no obligation to update any forward-looking statements made in this report to reflect events or circumstances after the date of this report or to reflect new information or the occurrence of

1


 

unanticipated events, except as required by law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Unless the context otherwise requires, references in this Form 10-Q to “Zeta,” “Zeta Global,” “we,” “us,” “our” or “the Company” refer to Zeta Global Holdings Corp.

WHERE YOU CAN FIND MORE INFORMATION

The Company maintains a website at the following address: https://zetaglobal.com. The information on the Company’s website is not incorporated by reference in, or otherwise to be regarded as part of, this Quarterly Report on Form 10-Q.

We make available on or through our website certain reports and amendments to those reports we file with or furnish to the Securities and Exchange Commission (“SEC”) pursuant to Section 13(a) or 15(d) of the Exchange Act. These include our annual reports on Form 10-K, our quarterly reports on Form 10-Q, and our current reports on Form 8-K. We make this information available on our website free of charge as soon as reasonably practicable after we electronically file the information with, or furnish it to, the SEC.

Investors and others should note that we routinely announce material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts, and the Zeta Global Investor Relations website at https://investors.zetaglobal.com. We use these channels as well as social media channels (e.g., the Zeta Facebook account (facebook.com/ZetaGlobal); the Zeta Instagram account (instagram.com/zetaglobal); the Zeta Twitter account (twitter.com/zetaglobal); and the Zeta LinkedIn account (linkedin.com/company/zetaglobal)) as a means of disclosing information about our business to our customers, colleagues, investors, and the public. While not all of the information that we post to the Zeta Global Investor Relations website or on our social media channels is of a material nature, some information could be deemed to be material. Accordingly, we encourage investors, the media, and others interested in Zeta to review the information that we share on the Zeta Global Investor Relations website and on our social media channels. The information on the Zeta Global Investor Relations website and the Company’s social media channels is not incorporated by reference in, or otherwise to be regarded as part of, this Quarterly Report on Form 10-Q.

 

2


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Unaudited Consolidated Balance Sheets

(In thousands, except shares, per share and par values)

 

 

 

As of

 

 

 

September 30, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

114,808

 

 

$

103,859

 

Accounts receivable, net of allowance of $1,746 and $1,295 as of September 30, 2022 and December 31, 2021, respectively

 

 

91,414

 

 

 

83,578

 

Prepaid expenses

 

 

7,600

 

 

 

6,970

 

Other current assets

 

 

1,893

 

 

 

1,649

 

Total current assets

 

 

215,715

 

 

 

196,056

 

Non-current assets:

 

 

 

 

 

 

Property and equipment, net

 

 

6,235

 

 

 

5,630

 

Website and software development costs, net

 

 

36,863

 

 

 

38,038

 

Intangible assets, net

 

 

45,601

 

 

 

40,963

 

Goodwill

 

 

133,009

 

 

 

114,509

 

Deferred tax assets, net

 

 

1,253

 

 

 

956

 

Other non-current assets

 

 

2,059

 

 

 

1,113

 

Total non-current assets

 

$

225,020

 

 

$

201,209

 

Total assets

 

$

440,735

 

 

$

397,265

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

28,400

 

 

$

21,711

 

Accrued expenses

 

 

63,516

 

 

 

63,979

 

Acquisition related liabilities (current)

 

 

17,220

 

 

 

8,042

 

Deferred revenue

 

 

6,104

 

 

 

6,866

 

Other current liabilities

 

 

8,258

 

 

 

5,159

 

Total current liabilities

 

 

123,498

 

 

 

105,757

 

Non-current liabilities:

 

 

 

 

 

 

Long term borrowings

 

 

183,868

 

 

 

183,613

 

Acquisition related liabilities (non-current)

 

 

22,032

 

 

 

14,915

 

Other non-current liabilities

 

 

2,225

 

 

 

2,492

 

Total non-current liabilities

 

 

208,125

 

 

 

201,020

 

Total liabilities

 

$

331,623

 

 

$

306,777

 

Commitments and contingencies (See Note 8)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Class A common stock $ 0.001 per share par value, up to 3,750,000,000 shares authorized, 173,957,931 and 159,974,847 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

 

 

174

 

 

 

160

 

Class B common stock $ 0.001 per share par value, up to 50,000,000 shares authorized, 32,464,430 and 37,856,095 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

 

 

32

 

 

 

38

 

Additional paid-in capital

 

 

831,731

 

 

 

584,208

 

Accumulated deficit

 

 

(719,303

)

 

 

(491,817

)

Accumulated other comprehensive loss

 

 

(3,522

)

 

 

(2,101

)

Total stockholders' equity

 

 

109,112

 

 

 

90,488

 

Total liabilities and stockholders' equity

 

$

440,735

 

 

$

397,265

 

 

 

See accompanying notes to condensed unaudited consolidated financial statements.

3


 

Condensed Unaudited Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

$

152,252

 

 

$

115,133

 

 

$

415,821

 

 

$

323,492

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues (excluding depreciation and amortization)

 

 

57,529

 

 

 

44,525

 

 

 

149,487

 

 

 

125,709

 

General and administrative expenses

 

 

53,584

 

 

 

50,643

 

 

 

162,598

 

 

 

135,682

 

Selling and marketing expenses

 

 

76,987

 

 

 

60,537

 

 

 

223,044

 

 

 

163,952

 

Research and development expenses

 

 

16,954

 

 

 

13,998

 

 

 

52,223

 

 

 

50,285

 

Depreciation and amortization

 

 

13,367

 

 

 

11,783

 

 

 

39,448

 

 

 

33,135

 

Acquisition related expenses

 

 

 

 

 

480

 

 

 

344

 

 

 

1,516

 

Restructuring expenses

 

 

 

 

 

30

 

 

 

-

 

 

 

467

 

Total operating expenses

 

$

218,421

 

 

$

181,996

 

 

$

627,144

 

 

$

510,746

 

Loss from operations

 

 

(66,169

)

 

 

(66,863

)

 

 

(211,323

)

 

 

(187,254

)

Interest expense

 

 

2,038

 

 

 

1,342

 

 

 

5,002

 

 

 

5,705

 

Other expenses

 

 

1,142

 

 

 

496

 

 

 

12,111

 

 

 

1,031

 

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

-

 

 

 

(10,000

)

Change in fair value of warrants and derivative liabilities

 

 

(805

)

 

 

 

 

 

410

 

 

 

5,000

 

Total other expenses

 

$

2,375

 

 

$

1,838

 

 

$

17,523

 

 

$

1,736

 

Loss before income taxes

 

 

(68,544

)

 

 

(68,701

)

 

 

(228,846

)

 

 

(188,990

)

Income tax provision / (benefit)

 

 

896

 

 

$

428

 

 

$

(1,360

)

 

$

(565

)

Net loss

 

$

(69,440

)

 

$

(69,129

)

 

$

(227,486

)

 

$

(188,425

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

774

 

 

 

77

 

 

 

1,421

 

 

 

152

 

Total comprehensive loss

 

$

(70,214

)

 

$

(69,206

)

 

$

(228,907

)

 

$

(188,577

)

Net loss

 

$

(69,440

)

 

$

(69,129

)

 

$

(227,486

)

 

$

(188,425

)

Cumulative redeemable convertible preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

7,060

 

Net loss available to common stockholders

 

$

(69,440

)

 

$

(69,129

)

 

$

(227,486

)

 

$

(195,485

)

Basic loss per share

 

$

(0.49

)

 

$

(0.53

)

 

$

(1.66

)

 

$

(2.60

)

Diluted loss per share

 

$

(0.49

)

 

$

(0.53

)

 

$

(1.66

)

 

$

(2.60

)

Weighted average number of shares used to compute net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

140,594,128

 

 

 

129,731,980

 

 

 

136,793,272

 

 

 

75,313,520

 

Diluted

 

 

140,594,128

 

 

 

129,731,980

 

 

 

136,793,272

 

 

 

75,313,520

 

 

The Company recorded following stock-based compensation under respective lines of the above unaudited consolidated statements of operations and comprehensive loss:

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Cost of revenues (excluding depreciation and amortization)

 

$

1,536

 

 

$

1,183

 

 

$

4,436

 

 

$

1,449

 

General and administrative expenses

 

 

28,193

 

 

 

28,243

 

 

 

88,873

 

 

 

70,868

 

Selling and marketing expenses

 

 

38,868

 

 

 

35,114

 

 

 

117,765

 

 

 

94,626

 

Research and development expenses

 

 

6,621

 

 

 

4,803

 

 

 

20,215

 

 

 

21,670

 

Total

 

$

75,218

 

 

$

69,343

 

 

$

231,289

 

 

$

188,613

 

 

See accompanying notes to condensed unaudited consolidated financial statements.

4


 

 

Condensed Unaudited Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity / (Deficit)

(In thousands, except shares)

 

 

 

Class A common stock

 

Class B common stock

 

 

 

 

 

 

 

 

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Additional Paid-in Capital

 

Accumulated Deficit

 

Accumulated Other Comprehensive Loss

 

Total

Balance as of January 1, 20221

 

159,974,847

 

$160

 

37,856,095

 

$38

 

$584,208

 

$(491,817)

 

$(2,101)

 

$90,488

Shares issued in connection with certain agreements

 

1,026,785

 

1

 

              —

 

     —

 

11,082

 

                       —

 

                        —

 

11,083

Restricted stock grants

 

4,162,159

 

4

 

              —

 

     —

 

                   (4)

 

                       —

 

                        —

 

              —

Restricted stock forfeitures

 

                (717,505)

 

       (1)

 

              —

 

     —

 

1

 

                       —

 

                        —

 

              —

Class B common stock transferred to Class A common stock

 

1,000,000

 

1

 

 (1,000,000)

 

     (1)

 

                   —

 

                       —

 

                        —

 

              —

Stock-based compensation

 

                           —

 

       —

 

              —

 

     —

 

74,990

 

                       —

 

                        —

 

74,990

Options exercised

 

15,500

 

       —

 

              —

 

     —

 

65

 

                       —

 

                        —

 

65

Foreign currency translation adjustment

 

                           —

 

       —

 

              —

 

     —

 

                   —

 

                       —

 

                    (244)

 

          (244)

Net loss

 

                           —

 

       —

 

              —

 

     —

 

                   —

 

              (72,037)

 

                        —

 

     (72,037)

Balance as of March 31, 20222

 

165,461,786

 

$165

 

36,856,095

 

$37

 

$670,342

 

$(563,854)

 

$(2,345)

 

$104,345

Shares issued in connection with certain agreements

 

434,237

 

       —

 

              —

 

     —

 

3,853

 

                       —

 

                        —

 

3,853

Restricted stock grants

 

2,568,346

 

3

 

              —

 

     —

 

                   (3)

 

                       —

 

                        —

 

              —

Restricted stock forfeitures

 

                (184,342)

 

       —

 

              —

 

     —

 

                   —

 

                       —

 

                        —

 

              —

Class B common stock transferred to Class A common stock

 

1,787,043

 

2

 

 (1,787,043)

 

     (2)

 

                   —

 

                       —

 

                        —

 

              —

Stock-based compensation

 

                           —

 

       —

 

              —

 

     —

 

83,734

 

                       —

 

                        —

 

83,734

Options exercised

 

221,530

 

       —

 

              —

 

     —

 

65

 

                       —

 

                        —

 

65

Foreign currency translation adjustment

 

                           —

 

       —

 

              —

 

     —

 

                   —

 

                       —

 

                    (403)

 

          (403)

Restricted stock units vesting

 

26,932

 

       —

 

              —