1. Zeta Global's growth is driven by ARPU-mining of existing clients, with new account growth decelerating. 2. There is room for margin expansion due to operating leverage effects, as seen in the 37% YoY incremental EBIT margins. 3. Zeta's acquisition of LiveIntent at a 5.8x EV/Revenues multiple is above the 2024 SaaS median and within the top quartile of transaction multiples. 4. Valuations are close to fair value, considering ZETA's typical discount of 13.9% vs peers. 5. Declining RPOs are a demand risk, but there is potential for an increase following a strong QoQ growth in requests for proposals.