Zoominfo Technologies Inc (GTM) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ZoomInfo Second Quarter 2024 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jerry Sisitsky, Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 ZoomInfo 2024 年第二季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、投資者關係部門的 Jerry Sisitsky。請繼續。

Thanks, Amy. Welcome to ZoomInfo's financial results conference call for the second quarter 2024. With me on the call today are Henry Schuck, Founder and CEO of ZoomInfo; Cameron Hyzer, our CFO; and Graham O'Brien, who will become our interim CFO. After Henry and Cameron's remarks, we will open the call to Q&A. During this call, any forward-looking statements are made pursuant to the safe harbor provisions of US securities laws.

謝謝，艾米。歡迎參加 ZoomInfo 2024 年第二季財務業績電話會議。今天與我一起參加電話會議的還有 ZoomInfo 的創辦人兼執行長 Henry Schuck；我們的財務長 Cameron Hyzer；以及將成為我們的臨時財務長的 Graham O’Brien。亨利和卡梅倫演講結束後，我們將開始問答環節。在本次電話會議中，任何前瞻性陳述均依據美國證券法的安全港條款作出。

Expressions of future goals, including business outlook, expectations for future financial performance and similar items, including, without limitation, expressions using the terminology may, will, expect, anticipate and believe and expressions which reflect something other than historical facts are intended to identify forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors sections of our SEC filings. Actual results may differ materially from any forward-looking statements. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law.

對未來目標的表達，包括業務前景、對未來財務表現的期望和類似項目，包括但不限於使用可能、將、期望、預期和相信等術語的表達以及反映除歷史事實以外的其他內容的表達，旨在識別前瞻性陳述。前瞻性陳述涉及許多風險和不確定性，包括我們向美國證券交易委員會提交的文件中「風險因素」部分所討論的風險和不確定性。實際結果可能與任何前瞻性陳述有重大差異。除法律要求外，本公司不承擔修改或更新任何前瞻性陳述以反映本次電話會議後可能出現的事件的義務。

For more information, please refer to the forward-looking statements in the slides posted to our Investor Relations website at ir.zoominfo.com. All metrics on this call are non-GAAP, unless otherwise noted. A reconciliation can be found in the financial results press release or in the slides posted to our IR website. With that, I'll turn the call over to Henry.

欲了解更多信息，請參閱我們投資者關係網站 ir.zoominfo.com 上發布幻燈片中的前瞻性陳述。除非另有說明，本次電話會議中的所有指標均為非 GAAP 指標。您可以在財務表現新聞稿中或發佈到我們的 IR 網站的幻燈片中找到對帳表。說完這些，我會把電話轉給亨利。

Thank you, Jerry, and welcome, everyone. Let me start by discussing our financial results this quarter. In Q2, we saw a level of write-offs related to prior period sales that was higher than we had previously seen or had estimated for the quarter, particularly with SMBs. As a result, we conducted a comprehensive review culminating in a charge in Q2, and we accelerated operational changes around selling to small businesses, all of which we expect to reduce the volatility around future write-offs.

謝謝你，傑瑞，歡迎大家。首先我來討論一下本季的財務表現。在第二季度，我們發現與前期銷售相關的註銷水平高於我們之前看到或估計的水平，尤其是對於中小型企業而言。因此，我們進行了全面審查，並在第二季度提出了收費，並加快了面向小型企業銷售的營運變革，我們希望所有這些都能減少未來註銷的波動性。

We have revised our estimates for the collectibility of a portion of previously recognized revenue, which has led us to take a $33 million charge in the quarter and as a result, we are revising our full year guidance. Excluding this charge, our results would have been more in line with our guidance for the second quarter. Inclusive of this charge, GAAP revenue for the second quarter was $292 million, and adjusted operating income was $82 million, a margin of 28%. Our free cash flow was not impacted by this noncash charge. The underlying driver for the high write-off rate is that in 2022 and 2023, we extended credit to a higher mix of SMB customers and the rate of nonpayment by these customers increased throughout the past 24 months.

我們修改了對部分先前確認的收入的可收回性的估計，這導致我們在本季度提列了 3,300 萬美元的費用，因此，我們正在修改全年指導意見。除去這項費用，我們的業績將更符合我們對第二季的預期。包含這項費用後，第二季的 GAAP 收入為 2.92 億美元，調整後營業收入為 8,200 萬美元，利潤率為 28%。我們的自由現金流並未受到該項非現金費用的影響。造成高註銷率的根本原因是，在 2022 年和 2023 年，我們向更多中小企業客戶提供了信貸，而這些客戶的拖欠率在過去 24 個月中有所增加。

Accordingly, we have made changes to the way we sell, renew, and service these clients. In April, we deployed a new business risk model to flag and require prepayment from prospects at the greatest risk of nonpayment. This move mitigates the risk of future write-offs and represents an investment in the long-term health of our business, creating some new business ACV for higher-quality bookings and focusing our efforts on customers more likely to pay renew and grow with us over time. We transacted $11 million of ACV in Q2 through upfront prepayments, and with our new model in place, we turned away a meaningful amount of new business from smaller riskier organizations.

因此，我們對銷售、續約和服務這些客戶的方式做出了改變。今年四月，我們部署了一個新業務風險模型，以標記最有可能拖欠付款的潛在客戶並要求其預付款。這項措施降低了未來註銷的風險，是對我們業務長期健康的一項投資，為更高品質的預訂創造了一些新的業務 ACV，並將我們的努力集中在更有可能支付續約費用並與我們一起成長的客戶身上。我們在第二季度透過預付款交易了 1,100 萬美元的 ACV，並且透過實施新模式，我們拒絕了大量來自規模較小、風險較高的組織的新業務。

I am disappointed that this charge has impacted our financial results. We believe this charge puts the long tail of beef challenges behind us and lets us focus on the operational improvements we have been seeing in the business, which, as I will describe, has positioned the company for future success. There were a number of fundamental improvements we saw this quarter. As you know, our focus over the past year has been to move up market, stabilize and improved net revenue retention and launch and monetize ZoomInfo Copilot.

我很失望這項指控影響了我們的財務表現。我們相信，這項收費將使我們擺脫牛肉長期挑戰，讓我們專注於我們在業務中看到的營運改進，正如我將描述的，這為公司未來的成功奠定了基礎。本季我們看到了許多根本性的改善。如您所知，過去一年我們的重點是拓展市場、穩定和提高淨收入保留率以及推出和貨幣化 ZoomInfo Copilot。

With our investment upmarket, Q2 was the best new business quarter in both the mid-market and enterprise ever. We meaningfully grew our $100,000 ACV customer cohort in both size and total ACV, the first time we've seen sequential growth in 100,000 customers since Q4 of 2022. This customer cohort now makes up 43% of our ACV. And we again grew our $1 million-plus customer cohort on a sequential basis with the most new million dollar plus customers since Q4 of 2022.

由於我們的投資高端化，第二季成為中型市場和企業市場有史以來最好的新業務季度。我們的 100,000 美元 ACV 客戶群在規模和總 ACV 方面均實現了顯著增長，這是自 2022 年第四季度以來我們首次看到 100,000 名客戶數量連續增長。該客戶群目前占我們 ACV 的 43%。我們的 100 萬美元以上客戶群再次持續成長，自 2022 年第四季以來，新增百萬美元以上客戶最多。

ACV growth for million-dollar customers accelerated this quarter and is up 17% year-over-year. Reflecting these trends, in aggregate, enterprise ACV was up 9% year-over-year, and overall net new ARR was the best it has been in 4 quarters. This quarter was the first one since Q4 2021, where we saw net retention rates stabilize, which is an important milestone driven by stabilization of renewal rates and improvement on upsells. Over time, we expect to return to structurally higher levels of NRR through improving fundamentals and mix shift as we grow our upmarket business.

本季百萬美元客戶的 ACV 成長加速，較去年同期成長 17%。反映這些趨勢，總體而言，企業 ACV 年成長 9%，整體淨新 ARR 是 4 個季度以來的最佳水平。本季是自 2021 年第四季以來，我們首次看到淨留存率趨於穩定，這是由續約率穩定和追加銷售改善所推動的重要里程碑。隨著時間的推移，我們預計隨著高端業務的發展，透過改善基本面和組合轉變，NRR 將恢復到結構性更高的水平。

During the quarter, we closed transactions with leading organizations such as PwC, Deutsche Bank, MorningStar, and Manulife, and we also signed our largest ever new business transaction. This customer is one of the largest employers in the United States, and they saw our solution, rich in data, data compliance and data integration capabilities as mission-critical to their B2B motion. With the solution that match their exacting needs, we had what one of their employees described as the fastest moving contract in their history. This new business deal represents $1.4 million of ACV with a three-year commitment.

本季度，我們與普華永道、德意志銀行、晨星、宏利等領先機構完成了交易，並簽署了有史以來最大的新業務交易。該客戶是美國最大的雇主之一，他們認為我們的解決方案具有豐富的數據、數據合規性和數據整合功能，對他們的 B2B 活動至關重要。由於我們的解決方案能夠滿足他們的嚴格需求，我們的一名員工稱我們獲得了他們歷史上進展最快的合約。這項新業務交易代表著 140 萬美元的 ACV 和三年的承諾。

Our operations and data as a service offerings, which are often used to help underpin a company's investment in AI, are also delivering results, up 23% year-over-year and demonstrating strong 117% net retention rate, now representing 13% of our ACV. As companies look to invest in AI initiatives, they need a solid foundation of highly accurate data and we are steadily becoming the source for that. Representative of that, we closed our first Data-as-a-Service opportunity in EMEA to support a global network that allows financial institutions to send and receive secure messages and information about financial transaction. Leveraging ZoomInfo's data, the organization's operational and engineering teams are building an internal AI solution to identify fraudulent transaction.

我們的營運和數據即服務產品通常用於幫助支撐公司對人工智慧的投資，也取得了成果，年增 23%，淨留存率高達 117%，目前占我們 ACV 的 13%。當公司尋求投資人工智慧計畫時，他們需要高度準確的數據作為堅實的基礎，而我們正在穩步成為這些數據的來源。作為代表，我們在歐洲、中東和非洲地區完成了第一個數據即服務機會，以支持全球網絡，允許金融機構發送和接收有關金融交易的安全訊息和資訊。利用 ZoomInfo 的數據，該組織的營運和工程團隊正在建立內部 AI 解決方案來識別詐欺交易。

This is just one of the many ways that customers are able to use our data to continue to innovate their world-class business solution. In June, Google announced ZoomInfo as a key partner in its strategy to make generative AI more reliable and accurate for enterprise use. Google selected us because of our specific trusted and authoritative data sets. The end goal is to help enterprises integrate more accurate data into their AI models and give users more relevant responses and better experiences.

這只是客戶能夠使用我們的數據來繼續創新其世界一流的業務解決方案的眾多方式之一。今年 6 月，Google宣布 ZoomInfo 將成為其策略的重要合作夥伴，旨在讓生成式人工智慧在企業應用中更加可靠、準確。Google 之所以選擇我們，是因為我們擁有特定的、值得信賴且權威的資料集。最終目標是幫助企業將更準確的數據整合到他們的人工智慧模型中，並為使用者提供更相關的回應和更好的體驗。

The past 12 months have marked one of the most innovative periods in our company's history. As we successfully launched ZoomInfo Copilot, our AI-powered offering that combines our best-in-class proprietary data set with first-party data from our customers' sales and marketing systems, and digital buying signals to offer sales teams the best insight about their buyers. June was our first full month selling Copilot and have performed solidly above our expectation. We now have more than $18 million of Copilot ACV across more than 1,000 logos, up from nothing just a few months ago. And we already see material improvements in engagement and utilization rates across Copilot users.

過去的 12 個月是我們公司歷史上最具創新性的時期之一。隨著我們成功推出 ZoomInfo Copilot，我們的人工智慧產品將我們一流的專有資料集與來自客戶銷售和行銷系統的第一方資料以及數位購買訊號相結合，為銷售團隊提供有關其買家的最佳洞察。六月是我們銷售 Copilot 的第一個完整月份，業績表現遠超我們的預期。目前，我們擁有超過 1,000 個徽標的 1,800 萬美元 Copilot ACV，而幾個月前這一數字還為零。我們已經看到 Copilot 用戶的參與度和使用率有了顯著的提高。

Improvements in these rates have historically been closely correlated to renewal and retention rates. Early signs show that Copilot is expanding our value beyond top of funnel to support go-to-market teams along the entirety of the funnel. And by doing so, it expands our value proposition from sales development to account executives, account managers, customer success managers and revenue leadership. Our commitment to unmatched proprietary third-party data and signals, a growing ecosystem and continuous investments in AI continues to feed an aggressive Copilot road map.

從歷史上看，這些比率的提高與續約率和保留率密切相關。早期跡象表明，Copilot 正在將我們的價值擴展到漏斗頂部之外，以支援整個漏斗中的行銷團隊。透過這樣做，它將我們的價值主張從銷售開發擴展到客戶主管、客戶經理、客戶成功經理和收入領導。我們致力於無與倫比的專有第三方數據和訊號、不斷發展的生態系統以及對人工智慧的持續投資，並將繼續為積極的 Copilot 路線圖提供支援。

That road map is driving excitement across our customer base and in new customer conversations. Over 75% of our Copilot upsells were with mid-market or enterprise accounts. With the traction we are seeing on Copilot and our operations and Data-as-a-Service products, we believe we'll be able to continue to win new customers and increase upsells to our existing base, a key driver of net retention. Today, we also announced several changes at the Board level. We thank Todd Crockett for his many years of service, representing TA associates on our Board of Directors and we appreciate the positive impact he has had on the trajectory of the company.

這張路線圖正在激發我們整個客戶群和新客戶對話的熱情。我們 75% 以上的 Copilot 追加銷售都是針對中型市場或企業帳戶。憑藉我們在 Copilot 以及我們的營運和數據即服務產品上看到的吸引力，我們相信我們將能夠繼續贏得新客戶並增加現有客戶的追加銷售額，這是淨保留的關鍵驅動因素。今天，我們也宣布了董事會層面的幾項變動。我們感謝 Todd Crockett 多年來的服務，代表 TA 員工擔任董事會成員，我們欣賞他對公司發展的正面影響。

We welcome our newest board members who we believe will be immediately additive in helping us execute our growth strategy. Dominic Meda is a seasoned operating executive with experience leading scaled businesses and a very strong background in data and platforms. Dom spent 25-plus years of Bloomberg, where at different times, he ran the terminal business, all of engineering and was Chief Data Officer. And we also welcome Owen Wurtzbacher, the Chief Investment Officer of High Stage Ventures, who brings a strong public equity investor perspective and capital markets background to our Board.

我們歡迎新任董事會成員的加入，我們相信他們將立即幫助我們執行成長策略。Dominic Meda 是一位經驗豐富的營運主管，擁有領導規模化企業的經驗，並且在數據和平台方面擁有非常強大的背景。Dom 在彭博社工作了 25 年多，在不同時期，他負責終端業務、所有工程業務並擔任首席資料長。我們也歡迎 High Stage Ventures 首席投資長 Owen Wurtzbacher，他為我們的董事會帶來了強大的公共股權投資者視角和資本市場背景。

Over the last several years, we have rebuilt our executive team, expanded our bench, built great products leaned into AI and diversified the leadership skills underpinning our Board. We are focused on bringing in healthier new business relationships and doubled down on our enterprise relationships, where we know we have upside opportunities in the future. And over the past four quarters, we have retired more than 39 million shares of ZoomInfo, approximately 10% of total shares outstanding. We will continue to run this business efficiently while repurchasing shares.

在過去幾年裡，我們重建了執行團隊，擴大了團隊規模，打造了傾向人工智慧的優秀產品，並實現了董事會領導技能的多元化。我們專注於建立更健康的新業務關係，並加倍重視我們的企業關係，我們知道未來我們有上行機會。在過去四個季度中，我們已經退出了超過 3,900 萬股 ZoomInfo 股票，約佔總流通股的 10%。我們將在回購股票的同時繼續有效率地經營這項業務。

We have $400 million in an existing share repurchase authorization remaining as of June 30, and we anticipate aggressively deploying that. When you combine our continued strong cash generation with ongoing share count reduction, we believe the company will do at least $1 of levered free cash flow per share this year and that we will grow that number meaningfully in 2025. I recognize that our positive operating momentum is overshadowed by the change in estimates we announced today and the increased conservatism around our guidance. Our intention is to fully put these challenges behind us and share the details that you need to understand our financial profile while also highlighting our commitment to growing free cash flow per share.

截至 6 月 30 日，我們現有的股票回購授權餘額為 4 億美元，我們預計將積極部署這些資金。如果將我們持續強勁的現金創造能力與持續的股票數量減少結合起來，我們相信公司今年每股的槓桿自由現金流將至少達到 1 美元，並且到 2025 年這一數字將大幅增長。我認識到，我們今天宣布的估計變化和指導方針的保守性增強掩蓋了我們積極的經營勢頭。我們的目的是徹底擺脫這些挑戰，並分享您了解我們的財務狀況所需的細節，同時強調我們對增加每股自由現金流的承諾。

To that end, I intend to be a meaningful personal buyer of ZoomInfo stock as well. Before I hand it over to Cameron to discuss the results in greater detail, I want to touch on the leadership news we announced this afternoon. As you saw from our announcement, Cameron will be transitioning from his role as Chief Financial Officer. He will stay with us over the next few months to help ensure a smooth transition.

為此，我打算成為 ZoomInfo 股票的重要個人買家。在我將會議交給卡梅倫更詳細地討論結果之前，我想談談我們今天下午宣布的領導力消息。正如您從我們的公告中看到的，卡梅倫將不再擔任財務長一職。在接下來的幾個月裡，他將與我們在一起，以幫助確保順利過渡。

Cameron, you've been a great partner to me personally and the business over the last nearly six years. And on behalf of myself and the entire company, I want to thank you for your many contributions and to wish you all the best. We've initiated a search for a permanent successor and are fortunate to have a deep bench of talent throughout our finance organization during this transition period. Graham O'Brien, our VP of FP&A, will take on the interim CFO role. Graham is intimately familiar with our strategic and financial growth plans, and we are confident this will be a seamless handoff.

卡梅倫，在過去的近六年裡，對我個人以及公司而言，您都是一位很棒的合作夥伴。我謹代表我本人和整個公司感謝您的諸多貢獻，並祝您一切順利。我們已開始尋找永久的繼任者，並且很幸運在這段過渡時期，我們的財務部門擁有一群優秀的人才。我們的財務規劃與分析副總裁 Graham O'Brien 將擔任臨時財務長一職。格雷厄姆非常熟悉我們的策略和財務成長計劃，我們相信這將是一次無縫交接。

With the charge booked, we now start with the clean slate. With that, I'll turn the call over to Cameron.

登記完費用後，我們現在就可以重新開始。說完這些，我將把電話轉給卡梅倫。

Thank you, Henry. Before turning to our results, I do want to say a few words about leaving ZoomInfo. First, I want to thank the entire Zoominfo team and the Board for their partnership throughout my tenure. Over the years, we've achieved impressive growth with strong margins and free cash flow generation. We've navigated numerous challenges together, and I'm proud of what we've accomplished.

謝謝你，亨利。在討論我們的結果之前，我想說幾句關於離開 ZoomInfo 的事情。首先，我要感謝整個 Zoominfo 團隊和董事會在我任職期間的合作。多年來，我們憑藉強勁的利潤率和自由現金流實現了令人矚目的成長。我們共同應對了無數挑戰，我為我們所取得的成就感到自豪。

I have full confidence in the future of ZoomInfo and I'm excited to see the company continue to innovate and lead in the market. Our financial health and strategic direction remains strong, thanks to the collaborative efforts of our talented team and leadership. Thank you for the support and trust you've placed in me. I look forward to tracking ZoomInfo's continued success. Now turning to our results, we have implemented a number of operational improvements to reduce the impact of write-offs.

我對 ZoomInfo 的未來充滿信心，並很高興看到公司繼續創新並引領市場。由於我們優秀團隊和領導階層的共同努力，我們的財務狀況和策略方向依然強勁。感謝您對我的支持與信任。我期待著追蹤 ZoomInfo 的持續成功。現在來看看我們的業績，我們實施了一系列營運改善措施，以減少註銷的影響。

In Q2, we continued this progress by requiring riskier and smaller customers to pay by credit card or ACH, prior to gaining access to the platform, and segmenting our new sales team to drive more enterprise and mid-market business. As part of these improvements, we have increased our visibility and reevaluated our accounting estimates. We were disappointed and surprised to determine that our prior estimates for nonpayment from customers needed to be increased in order to account for escalating write-offs that we incurred in June as well as additional write-offs that we now expect. This change in estimates combined with other discrete charges resulted in a total $33 million charge in Q2, of which $15 million reduced revenue, $14 million increased our bad debt expense and $4 million increased other expenses.

在第二季度，我們繼續推動這一進程，要求風險較高且規模較小的客戶在進入平台之前使用信用卡或 ACH 付款，並細分我們的新銷售團隊，以推動更多的企業和中型市場業務。作為這些改進的一部分，我們提高了我們的知名度並重新評估了我們的會計估計。我們失望又驚訝地發現，我們先前對客戶未付款的估計需要增加，以便考慮到 6 月不斷增加的註銷金額以及我們現在預計的額外註銷金額。這項估算變化加上其他單項費用導致第二季的費用總計為 3,300 萬美元，其中，收入減少了 1,500 萬美元，壞帳費用增加了 1,400 萬美元，其他費用增加了 400 萬美元。

The change in estimates related to previously recognized revenue primarily from 2023 and includes sufficient reserves to cover potential nonpayment on our current receivables and related revenue recognized to date. With these onetime charges, we delivered GAAP revenue of $292 million and adjusted operating income of $82 million, which represents a margin of 28%. The underlying performance of the business excluding these charges would have indicated revenue of $307 million and adjusted operating income of $114 million. This GAAP accounting charge impacts revenue and profitability, but does not impact cash flow. Unlevered free cash flow for the quarter was $120 million.

估計的變化主要與 2023 年確認的收入有關，並包括足夠的儲備金以彌補我們目前應收帳款和迄今為止確認的相關收入的潛在未付款。加上這些一次性費用，我們實現了 2.92 億美元的 GAAP 收入和 8,200 萬美元的調整後營業收入，利潤率為 28%。除去這些費用，該業務的基本業績應為收入 3.07 億美元，調整後營業收入 1.14 億美元。該 GAAP 會計費用會影響收入和獲利能力，但不會影響現金流。本季無槓桿自由現金流為 1.2 億美元。

While this charge reflects challenges associated with transactions we signed, primarily in 2023, changes in estimates are reflected under GAAP in the period when new information becomes available which, in this case, is Q2 2024. We remain committed to driving high levels of profitability and growing free cash flow per share. And we are taking steps to adjust our level of expense commitments to reflect current levels of growth. As a result, we took impairment charges in the quarter related to a number of existing facilities, accounting for current market rates as we exit certain leases and consolidate our real estate footprint.

雖然這項費用反映了與我們簽署的交易相關的挑戰（主要是在 2023 年），但根據 GAAP，估計的變化反映在新資訊可用的期間，在本例中為 2024 年第二季。我們將繼續致力於提高獲利水準和增加每股自由現金流。我們正在採取措施調整我們的支出承諾水平，以反映當前的成長水平。因此，由於我們退出某些租約並整合我們的房地產足跡，按照當前市場價格計算，我們在本季度提列了與一些現有設施相關的減損費用。

In addition to the charges we are taking this quarter, in July, we restructured our Waltham lease agreement where we paid a $59 million termination fee, and we expect to recognize that $59 million in accelerated rent expense reflected as restructuring costs over the next six months as we transition to a smaller footprint. In aggregate, we are eliminating 126,000 square feet of space and expect to sublease an additional 250,000-plus square feet, reducing our total overall facility footprint by approximately 40%. Additionally, in July, we funded the $30 million settlement amount related to the right of publicity lawsuits following preliminary approval in June. The final approval hearing is set for November, and we are looking forward to putting these lawsuits completely behind us.

除了本季的費用外，7 月我們還重組了沃爾瑟姆的租賃協議，支付了 5,900 萬美元的終止費，我們預計，隨著我們逐步縮小規模，未來六個月內，這 5,900 萬美元的加速租金費用將反映為重組成本。總體而言，我們將削減 126,000 平方英尺的空間，並預計再轉租 250,000 多平方英尺的空間，從而將我們的整體設施佔地面積減少約 40%。此外，繼 6 月獲得初步批准後，我們於 7 月為與公開權訴訟相關的案件提供了 3,000 萬美元的和解金。最終批准聽證會定於11月舉行，我們期待徹底擺脫這些訴訟。

While we spent time in Q2 to address historical deals and rightsize our facilities, we are also seeing improvements in the underlying operations of the business. In Q2, we stabilized net revenue retention at 85%, and as Henry indicated, this is the best performance with respect to change in NRR since Q4 2021. Retention in our software vertical, where we've seen the most material decline over the last two years, stabilized in Q1 and improved in Q2 for the first time since 2021. From a reporting perspective, we are including Copilot and advanced functionality.

雖然我們在第二季花了一些時間處理歷史交易並調整我們的設施規模，但我們也看到業務基礎營運有所改善。在第二季度，我們將淨收入保留率穩定在 85%，正如亨利所指出的，這是自 2021 年第四季以來 NRR 變化的最佳表現。我們的軟體垂直產業的留存率在過去兩年中出現了最顯著的下降，但在第一季度趨於穩定，並在第二季度出現了自 2021 年以來的首次改善。從報告角度來看，我們包括 Copilot 和高級功能。

Advanced functionality had grown to one-third of our overall ACV in 2023. And in Q2, it increased to 35% of overall ACV as we experienced early traction from Copilot and drove growth in our operations and marketing solutions. Operating cash flow in Q2 was $126 million, up from $116 million in Q1 and included approximately $3 million of interest payments. We completed a repricing of our first lien credit agreement to SOFR plus 175 which resulted in a 50 basis point reduction in interest and is expected to reduce our annual interest expense by approximately $3 million per year.

到 2023 年，高級功能已成長至我們整體 ACV 的三分之一。在第二季度，由於我們早期從 Copilot 獲得發展並推動了營運和行銷解決方案的成長，它佔整體 ACV 的 35%。第二季的營運現金流為 1.26 億美元，高於第一季的 1.16 億美元，其中包括約 300 萬美元的利息支付。我們完成了將第一留置權信用協議重新定價為SOFR加175，這導致利息降低了50個基點，預計每年將減少我們的年度利息支出約300萬美元。

Unlevered free cash flow for the quarter was $120 million. We ended the quarter with $399 million in cash, cash equivalents and short-term investments. We carried $1.24 billion in gross debt, the vast majority of which has fixed or hedged interest rates through 2025. During the quarter, we repurchased 10.8 million shares of Zoominfo stock for $147 million.

本季無槓桿自由現金流為 1.2 億美元。截至本季末，我們的現金、現金等價物和短期投資為 3.99 億美元。我們承擔了 12.4 億美元的總債務，其中絕大多數的利率已固定或對沖至 2025 年。本季度，我們以 1.47 億美元回購了 1,080 萬股 Zoominfo 股票。

And as Henry indicated, we had $400 million of existing capacity remaining as of June 30 that we anticipate aggressively deploying. Our net leverage ratio is 1.8 times trailing 12 months adjusted EBITDA and 1.8 times trailing 12 months cash EBITDA, which is defined as consolidated EBITDA in our credit agreements. With respect to liabilities and future performance obligations, unearned revenue at the end of Q2 was $440 million and remaining performance obligations, or RPO, were $1.13 billion, of which $830 million are expected to be delivered in the next 12 months. There are obviously a number of moving pieces with respect to accounting this quarter.

正如亨利所指出的，截至 6 月 30 日，我們剩餘的現有產能為 4 億美元，我們預計將積極部署。我們的淨槓桿率為過去 12 個月調整後 EBITDA 的 1.8 倍和過去 12 個月現金 EBITDA 的 1.8 倍，在我們的信用協議中定義為合併 EBITDA。關於負債和未來履約義務，第二季末的未賺取收入為 4.4 億美元，剩餘履約義務或 RPO 為 11.3 億美元，其中 8.3 億美元預計將在未來 12 個月內交付。本季的會計方面顯然存在一些變動。

We took this action to create a fresh slate for the business and position the company for long-term growth and profitability with a focus on consistently growing free cash flow per share. Looking out to Q3 and the remainder of 2024, our guidance incorporates the impact from today's charge and increased conservatism related to our operating performance. With that, let me turn to guidance for Q3. We expect GAAP revenue in the range of $298 million to $301 million, adjusted operating income in the range of $107 million to $109 million and non-GAAP net income in the range of $0.21 to $0.22 per share.

我們採取這項行動是為了為公司業務開闢新的天地，並使公司實現長期成長和獲利，重點是持續成長每股自由現金流。展望第三季和 2024 年剩餘時間，我們的指引考慮了今日費用的影響以及與我們的營運績效相關的保守性增強。說到這裡，讓我來談談第三季的指導。我們預計 GAAP 收入在 2.98 億美元至 3.01 億美元之間，調整後營業收入在 1.07 億美元至 1.09 億美元之間，非 GAAP 淨收入在每股 0.21 美元至 0.22 美元之間。

For the full year 2024, we now expect GAAP revenue in the range of $1.19 billion to $1.205 billion, and adjusted operating income in the range of $412 million to $418 million. We expect non-GAAP net income in the range of $0.86 to $0.88 per share based on 375 million weighted average diluted shares outstanding. We expect unlevered free cash flow in the range of $420 million to $430 million, which, consistent with historical reporting excludes the impact of restructuring and settlement payments. Our full year guidance implies negative 3% revenue growth and 35% adjusted operating margin at the midpoint of our guidance range, inclusive of the second quarter charges.

對於 2024 年全年，我們目前預計 GAAP 收入在 11.9 億美元至 12.05 億美元之間，調整後營業收入在 4.12 億美元至 4.18 億美元之間。基於 3.75 億股加權平均攤薄流通股，我們預期非 GAAP 淨利將在每股 0.86 美元至 0.88 美元之間。我們預計無槓桿自由現金流在 4.2 億美元至 4.3 億美元之間，與歷史報告一致，不包括重組和結算付款的影響。我們的全年指引意味著營收成長為負 3%，調整後營業利潤率為 35%，位於指引範圍的中點，包括第二季的費用。

We're as committed to ever to driving efficient operations and excluding the discrete items impacting this quarter, our guidance indicates adjusted operating margin of 37% for the year. We expect to grow annual margins from here. And as Henry noted, we view $1 per share of levered free cash flows of (inaudible) on which we can build and compound growth into the future. We're also mindful of share count, and we have continued the shift to performance-based equity grants triggered on free cash flow per share growth, as we believe it is important to align the shares issued to executives with business performance and shareholder value creation.

我們一如既往地致力於推動高效運營，除去影響本季的單獨項目，我們的預期顯示全年調整後的營業利潤率為 37%。我們預計從現在起年利潤率將會成長。正如亨利所說，我們認為每股 1 美元的槓桿自由現金流（聽不清楚）可以讓我們在未來實現成長和複合成長。我們也關注股票數量，並繼續轉向以每股自由現金流成長為觸發的基於績效的股權授予，因為我們認為將發行給高階主管的股票與業務績效和股東價值創造相結合非常重要。

Finally, please note that in the top half of our guidance range, the sequential revenue growth implied in the fourth quarter is roughly flat to down 1%, and we believe that this is the most indicative view of our trajectory as we exit 2024. With that, let me turn it over to the operator to open the call for questions.

最後，請注意，在我們的指導範圍的上半部分，第四季度隱含的連續收入增長大致持平或下降 1%，我們認為，這是我們在 2024 年結束時發展軌跡最具指示性的觀點。現在，請允許我將電話轉給接線員，開始提問。

(Operator Instructions) Elizabeth Porter, Morgan Stanley.

（操作員指示） 摩根士丹利的伊麗莎白波特。

After Q2, the EBITDA, we should largely be through the renewal risk, which has pressured the business for a while now. So I'm just hoping to get a better understanding of the decline for the back half of the year. Or are you assuming a second round of downsells or has new business outlook changed materially? So if we could just get some color on kind of where the incremental pressure is coming from and the assumption on NRR in the back half of the year, that would be great.

在第二季之後，我們的 EBITDA 應該基本上能夠擺脫續約風險，而這種風險已經給我們的業務帶來了一段時間的壓力。所以我只是希望能更了解今年下半年的下滑情況。或者您預計會出現第二輪降價或新的業務前景發生重大變化？因此，如果我們能夠了解增量壓力的來源以及下半年 NRR 的假設，那就太好了。

Sure. Thanks, Elizabeth. I think there are a variety of factors that go into the guidance as we think about it. And certainly, we've elevated our assumptions with respect to continued write-off potential in the thought that the operational improvements that we've implemented probably won't really take hold until the end of this year or more so at the beginning of next year. Additionally, the operating environment under which we're operating continues to be pretty fluid. So we've inserted incremental conservatism with respect to the guidance. And I think that if you look out in the world as we see it, there's a lot of uncertainty, both for companies, but also for the people making decisions in terms of the growth of those companies.

當然。謝謝，伊麗莎白。我認為，當我們考慮這個問題時，有許多因素都會影響我們的指導。當然，我們提高了對持續核銷潛力的假設，因為我們認為我們實施的營運改善可能要到今年年底或明年年初才能真正發揮作用。此外，我們營運的營運環境仍然非常不穩定。因此，我們根據指導意見加入了漸進式保守主義。我認為，如果你從我們的角度看世界，你會發現存在著許多不確定性，不僅對於公司如此，對於為公司發展做出決策的人來說也是如此。

And I would just add here, when we when we set the guidance here, what we wanted to make sure we did was to remove the volatility going forward in the business. And while we see a lot of operational improvements, I talked about growth in the 100,000 cohort, stabilization of net retention for the first time in a number of years, improvement in our enterprise and upmarket business. We're not assuming any of that trend continues in the back half of the year, and we're assuming that even with the operational improvements that we've done around taking upfront prepayment from our customers and the move up market in new business, that those trends those don't make an impact to the write-off rates in the back half of the year as well.

我在這裡想補充一點，當我們制定指導方針時，我們要確保消除未來業務的波動性。雖然我們看到了許多營運方面的改進，但我談到了10萬名員工隊伍的成長、多年來首次實現淨留存的穩定、以及企業和高端業務的改善。我們並不認為這種趨勢會在下半年持續下去，而且我們假設，即使我們在從客戶那裡收取預付款和向新業務的高端市場轉移方面進行了營運改進，這些趨勢也不會對下半年的註銷率產生影響。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

I'm curious if the volume of newly announced layoffs in the technology industry since June and July might have surprised you at all because Henry, I think you just said that you're not assuming that any of these improvements that you did see in Q2 are going to continue in the second half. So we had these announcements from UIPath and Intuit and OpenText Salesforce and Intel and others since then. And so I'm just curious if something is causing you to sense a second wave of layoffs that might be affecting go-to-market head count in the last say, five to eight weeks a little more than you might have expected? And I have a quick follow-up.

我很好奇，自六月和七月以來，科技業新宣布的裁員數量是否會讓您感到驚訝，因為亨利，我認為您剛才說過，您並不認為您在第二季度看到的任何改善都會在下半年繼續下去。從那時起我們就收到了 UIPath、Intuit、OpenText Salesforce、英特爾和其他公司的這些公告。所以我只是好奇，是否有某些事情讓您感覺到第二波裁員，這可能會對最後五到八週的上市員工數量產生影響，比您預期的要多一點？我還有一個快速的跟進。

I think the thing to remember about our business is two things. One, there is a meaningful portion of our business that's not seat-based, that is usage based. We talked about the Data-as-a-Service and Operations OS business, which now makes up 13% of our ACV, that's not a seat or usage-based business. It's also growing 23% year-over-year. And then, on the seat-based part of our business, we are not fully penetrated across really any of our enterprise or mid-market customers.

我認為關於我們的業務需要記住兩件事。首先，我們的業務中有很大一部分不是基於座位數，而是基於使用情況。我們討論了數據即服務和營運作業系統業務，該業務現在占我們 ACV 的 13％，這不是基於席位或使用情況的業務。與去年同期相比，它的成長率為 23%。然後，就我們業務的座位部分而言，我們尚未完全滲透到任何企業或中端市場客戶。

And so we don't need the incremental seat from a hiring perspective to add to for us to grow within our customer base. The other thing that I would add there is, one of the places where we're bullish about Copilot, is that it's expanding our use case beyond just top of the funnel prospecting, to the full funnel. And so we're now seeing open opportunities where we're bringing in sets of users that were otherwise or in the past pre-Copilot were not customers of ours or we're not users of ours. And so we have a lot of opportunity, both from a usage-based perspective and from a seat-based perspective to grow despite the despite layoffs in tech or shrinking go-to-market team?

因此，從招募的角度來看，我們不需要增加增量席位來實現我們客戶群的成長。我想補充的另一件事是，我們看好 Copilot 的一點是，它將我們的用例從漏斗頂部的勘探擴展到了整個漏斗。因此，我們現在看到了開放的機會，我們正在吸引一批以前或之前在 Copilot 之前不是我們的客戶或我們不是用戶的用戶。因此，儘管技術人員裁員或市場團隊縮減，我們仍然有很多成長機會，無論是從基於使用的角度還是基於席位的角度？

Okay. And then, Cameron, is it possible, can you remind us on the non-collectability receivables, how often is it stemming from business failures versus something like a contract dispute or customer claiming that services were not provided? And then you did allude to some incremental write-off potential, I think going forward, is it possible to put any balance on that? And just help us understand, have you factored something in there as an ongoing type of revenue offset in the second half, as you just saw in Q2?

好的。然後，卡梅倫，你能否提醒我們關於無法收回的應收帳款，它有多少是由於企業失敗而引起的，有多少是由於合約糾紛或客戶聲稱未提供服務之類的原因？然後您確實提到了一些增量註銷的潛力，我認為展望未來，是否有可能對此進行平衡？請幫助我們理解一下，您是否將其中的一些因素考慮在內，作為下半年持續的收入抵消，就像您在第二季度看到的那樣？

Yes. So certainly, we have factored in continued escalation in terms of write-off rates. And the write-offs that we do see do stem from a number of different factors. Certainly, one of the larger ones is companies shutting down. And I think in a more challenging environment, an environment where access to capital is harder to get to, that is driving some of that increase.

是的。因此，我們當然已經將註銷率持續上升的因素納入考量。我們看到的註銷確實源自於許多不同的因素。當然，其中一個較大的問題就是公司倒閉。我認為，在更具挑戰性的環境中，在更難獲得資本的環境中，推動了部分成長。

There are also instances where, particularly in the small business, that when customers don't feel that they've achieved the value that they thought they were going to, that we end up in a level of dispute with them. And so I think in a world where it's harder to make sales, kind of getting that tangible value is also sometimes harder for them and that escalation. So our view is that while we are making operational changes to impact this largely requiring prepayment upfront from many of those smaller and riskier customers as well as just generally shifting the business upmarket. We feel the prudent view is to assume that the write-off situation gets worse, particularly their questions about the strength of the economy over the next few quarters.

還有一些情況，特別是在小型企業中，當客戶感覺他們沒有獲得他們想要獲得的價值時，我們最終會與他們發生爭執。因此，我認為，在一個銷售越來越困難的世界裡，要獲得有形價值有時對他們來說更難，而且還會不斷升級。因此，我們的觀點是，雖然我們正在進行營運變革，但這在很大程度上需要許多規模較小、風險較高的客戶預先付款，並且通常將業務轉向高端。我們認為，謹慎的看法是假設註銷情況將會變得更糟，尤其是他們對未來幾季經濟實力的疑問。

So Mark, I'll add here, too. We did assume that the escalated write-off rates continue through the back half of the year. I think the big thing to remember here is we extended credit to SMBs that were not creditworthy, and we've changed our practices now to require upfront prepayments against our riskier customers. And in the quarter, we had $11 million of our ACV transacted through upfront prepayments.

所以馬克，我也要在這裡補充。我們確實假設註銷率的上升將持續到今年下半年。我認為這裡要記住的一件大事是，我們向信用不佳的中小企業提供了信貸，而且我們現在已經改變了做法，要求風險較高的客戶預付款。本季度，我們透過預付款項交易了 1,100 萬美元的 ACV。

That was up from $1 million in any of our previous quarters. And so we've made a commitment both operationally and in the way that we estimate for these collectibles to get rid of this type of volatility in our business.

這比我們之前任何一個季度的 100 萬美元都有所增加。因此，我們在經營和估算這些收藏品的方式上都做出了承諾，以消除業務中的這種波動。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Henry, it's no doubt a tough environment and ZoomInfo has outsized exposure to some of the tougher segments of the market. But as we think about an environment versus execution versus product market fit, how much of what we're seeing in the numbers, do you feel is within your control? And maybe just a quick one for Cameron. Cam, can you comment on the pricing trends that you saw in the quarter?

亨利，毫無疑問，這是一個艱難的環境，而 ZoomInfo 在市場一些較艱難的領域中已經佔有較大的份額。但是，當我們思考環境、執行和產品市場契合度時，您覺得我們所看到的數字有多少是在您的控制範圍內的？對卡梅倫來說也許這只是一個簡短的回答。Cam，您能評論一下本季的定價趨勢嗎？

I think that's actually the frustrating part about this quarter is that there's an incredible amount of operational improvement that we're seeing in the business. The 100,000 cohort growth, the first time we've seen that since Q4 of 2022. Stabilization and net retention rates, the first time we've seen that since Q4 of '21. Stabilization in our software vertical net retention rates. Our enterprise business grew 9% year-over-year.

我認為本季令人沮喪的部分實際上是我們看到業務運營取得了令人難以置信的改善。100,000 個群組的成長，這是自 2022 年第四季以來我們首次看到這樣的成長。穩定和淨保留率，這是自21年第四季以來我們第一次看到這種情況。我們的軟體垂直淨保留率趨於穩定。我們的企業業務年增9%。

Operations OS and our DaaS business grew 23% year-over-year with 117% net retention. Copilot sold solidly above our expectations in the customer base. And we're monetizing AI now throughout our customers. When we're monetizing that, we're also seeing that happen 75% of the time in mid-market and enterprise customers, and we continue to innovate there as well.

營運作業系統和我們的 DaaS 業務年增 23%，淨留存率為 117%。Copilot 的客戶銷售遠超我們的預期。現在我們正在透過我們的客戶將人工智慧貨幣化。當我們將其貨幣化時，我們也看到 75% 的情況發生在中型市場和企業客戶中，而我們也在這些領域不斷創新。

And so there's this tremendous amount of operational momentum and operational execution happening in the business, where I actually believe our product market fit is getting stronger. Our sales motion is getting better in the upmarket. We're monetizing Copilot in the base, and you're seeing that operational performance come through in the business. Now at the same time, the write-offs escalated, we have to increase that estimate and we have to take this accounting charge this quarter to put that all behind us, to move forward with a clean slate and to take away this volatility from our business.

因此，我們的業務中出現了巨大的營運動能和營運執行，我相信我們的產品市場契合度正在變得更強。我們的高端市場銷售動能越來越好。我們正在基礎上將 Copilot 貨幣化，並且您將看到營運績效在業務中得到體現。現在，與此同時，註銷金額不斷增加，我們必須提高這一估計，並且必須在本季度承擔這項會計費用，以將所有這些都拋在腦後，以一個全新的面貌向前邁進，並消除我們業務中的這種波動。

And Brad, I think with respect to the pricing changes in Q2, we didn't proactively make any changes to pricing. And we do continue to see some downsell pressure, particularly at the lower ends of the market. But we are starting to see some really good green shoots of pricing opportunity when people are taking Copilot. So Henry mentioned the monetization of copilot. There are a number of opportunities where we're beginning to see pricing uplift from that. And if that's something that we're focused on being able to continue as we move into Q3 and Q4.

布拉德，我認為就第二季的價格變化而言，我們並沒有主動對價格做出任何調整。我們確實繼續看到一些降價壓力，特別是在低端市場。但當人們使用 Copilot 時，我們開始看到一些真正好的定價機會。因此亨利提到了副駕駛的貨幣化。我們開始看到由此帶來的許多價格上漲機會。如果這是我們在進入第三季和第四季時能夠繼續關注的事情。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

If you think about the ability to collect from clients, like how does this current environment kind of compare to what you've seen before? Because like we had in the COVID 2020, where it was half 2022, this seems to be either you changed how you kind of in 2023 or it's getting worse? Can you just compare and contrast like how this kind of feels compared to the time before, because it is somewhat surprising given that you've been in tough markets before.

如果您考慮從客戶那裡收款的能力，那麼當前的環境與您以前見過的環境相比如何？因為就像我們在 2020 年的新冠疫情中遇到的那樣，當時已經過去了 2022 年的一半時間，這似乎是要么你在 2023 年改變了你的處境，要么情況變得更糟？您能否將這種感覺與之前進行比較和對比，因為考慮到您之前也曾經歷過艱難的市場，這有點令人驚訝。

It's Henry. Look, I think there are two things that happened or one big thing. We did see these rates elevate against from the 2020 and 2021 rates. We saw this trend escalate and elevate in the 2022 and 2023 cohorts. They're writing off more, obviously, more than what our historical rates were. That's why we've increased the estimates this year, and we've taken this accounting charge, we've accounted for those collectibility issues.

是亨利。看，我認為發生了兩件事或一件大事。我們確實看到這些利率相對於 2020 年和 2021 年的利率有所上升。我們看到這一趨勢在 2022 年和 2023 年群體中不斷升級和提升。顯然，他們註銷的金額超過了我們的歷史水準。這就是為什麼我們今年增加了預算，並承擔了這項會計費用，考慮了這些可收回性問題。

The other thing that I would tell you is the way that you solve this moving forward is what we did with these upfront prepayments. One a risky or small SMB customer comes through, they can achieve a lot of value from ZoomInfo, but we require upfront prepayment from them now and going forward. That's a fundamental change in the way that we operate. And so we're going to significantly make a dent in the collectibility of our future contracts by doing that.

我想告訴你的另一件事是，解決這個問題的方法是我們對這些預付款所採取的方法。一旦有風險或小型 SMB 客戶通過，他們就可以從 ZoomInfo 獲得大量價值，但我們現在以及將來都要求他們預先付款。這是我們營運方式的根本改變。因此，透過這樣做，我們將大大降低我們未來合約的可收回性。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Just to stick on the idea of the new business risk model, Henry. Are the parameters there simply about the size of the customer that you're talking about? Or is it also based on a number of seats or products they're adopting from you guys at the onset?

只是堅持新的商業風險模型的想法，亨利。那裡的參數僅僅與您所談論的客戶的規模有關嗎？或者它也是基於他們一開始從你們那裡採用的席位或產品的數量？

Yes, the new business risk model takes into account a number of firmographic related data points and then a model that looks back at the collectibility of other accounts that look like those accounts. But you can think about it as size, industry, number of salespeople and then a compare against look-a-likes who paid or didn't pay us in the past. We're using a number of key data points to assess the risk of the clients who come through, size is obviously one of them.

是的，新的商業風險模型考慮了許多與公司相關的數據點，然後建立了一個模型來回顧與這些帳戶類似的其他帳戶的可收回性。但您可以將其視為規模、行業、銷售人員數量，然後與過去向我們付款或未付款的類似公司進行比較。我們正在使用一些關鍵數據點來評估客戶的風險，規模顯然是其中之一。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

Apologize for the background noise, maybe two quick ones. I'm trying to swear just, Henry, maybe your comments around improving retention rates in the quarter, particularly in the South parts and also increasing charge-off rates? And maybe just comment on the linearity that you saw of these increases, because I would say the kind of nonretaining customers, or customers are going to go out and do something different. Can you just help us understand like for my second question, mechanistically, if you look at your bookings, which I think on a reported basis, CRP bookings was down to it how much of this bad debt can we kind of take out of that bookings to inform or something that can square us to that comment that Cameron made about flat, secondly, low single (technical difficulty) kind of once you start getting back some--.

對於背景噪音，深表歉意，也許可以快速說兩句話。亨利，我只是想發誓，也許你的評論是關於提高本季的保留率，特別是在南部地區，同時提高沖銷率？也許只是評論一下您所看到的這些成長的線性，因為我想說的是，這種類型的非留存客戶或客戶會出去做一些不同的事情。您能否幫助我們理解我的第二個問題，從機制上講，如果您查看您的預訂情況，我認為在報告的基礎上，CRP 預訂量取決於我們可以從這些預訂中拿出多少壞賬來告知我們，或者一些可以讓我們與卡梅倫所說的平坦、其次、低單一（技術難度）的評論相一致，一旦您開始收回一些...。

Alex, we had a hard time hearing you. So if we could just take a second and see how much of that we could collect in the room.

亞歷克斯，我們很難聽清楚你的聲音。因此，如果我們花一點時間看看我們可以在房間裡收集多少。

All right Alex. I think that, hopefully, I'll be able to answer most of your questions, and we'll get through this. I think, first off, in terms of the linearity, certainly, as it relates to retention, we had been seeing a stabilization of retention and that continued throughout the quarter. I think something that we were happy with. And I think that's particularly true in the mid-market and enterprise, where we saw improvements in retention.

好的，亞歷克斯。我希望能夠回答你們大部分的問題，並且我們能夠解決這個問題。我認為，首先，就線性而言，當然，就保留率而言，我們已經看到保留率趨於穩定，並且這種情況持續了整個季度。我想這是一件讓我們高興的事。我認為這在中端市場和企業中尤其如此，我們看到了保留率的提高。

I think as the quarter went on, and we continue to see more pressure on SMBs. And certainly, with respect to the write-offs themselves, those did accelerate in June. And so the impact of those was really an end of quarter issue more than it was throughout the quarter. And then, you had asked about the bookings.

我認為隨著本季的進展，我們將繼續看到中小企業面臨更大的壓力。當然，就註銷本身而言，6 月註銷速度確實加快了。因此，這些影響實際上更多的是季度末的問題，而不是整個季度的問題。然後，您詢問了預訂情況。

Certainly, the bookings get impacted by the write-offs because we are basically impairing some of that remaining performance obligations. So when we're writing off a contract, obviously, we're writing off the continued performance allegation of that as well as any of the existing revenue or receivable that's out there.

當然，預訂會受到註銷的影響，因為我們基本上是在損害一些剩餘的履約義務。因此，當我們註銷一份合約時，顯然，我們會註銷該合約的持續履約指控以及任何現有的收入或應收款。

And Alex, I'll just add this guide does not assume that any of the improvement that we saw in the quarter, the stabilization of the net retention rates or the impact of the upfront prepayments, we haven't anticipated any improvement from either of those in this guide.

亞歷克斯，我只想補充一點，本指南並未假設我們在本季度看到的任何改善、淨留存率的穩定或預付款的影響，我們並未預期本指南中這兩項會有任何改善。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根 (Kash Rangan)。

This is [Kelly] on for Kash. Thanks for all the color provided on the call. I had two quick ones for you. How has your sales cycle duration really compare this quarter versus prior periods? And second, what lessons do you take away from the large customer win and mid-market improvement? And it seems also enterprise that you saw this quarter to close remaining deals in your pipeline?

這是 [Kelly] 為 Kash 主持的。感謝您在通話中提供的所有詳細資訊。我有兩件小事要告訴你。與前幾季相比，您的銷售週期長度如何？其次，您從贏得大客戶和中端市場改善中得到了什麼教訓？您認為本季企業似乎也將完成剩餘的交易嗎？

Great. Thanks for the question. Sales cycles have stayed largely the same. We segmented the sales force in new business in the quarter. And so our enterprise deals obviously take longer than our SMB or mid-market deals, but they come in at two, three, four times the value of those deals. And so nothing that we didn't expect in the new business space.

偉大的。謝謝你的提問。銷售週期基本上保持不變。我們在本季根據新業務對銷售人員進行了細分。因此，我們的企業交易顯然比中小型企業或中型市場交易耗時更長，但其價值卻是這些交易的兩倍、三倍甚至四倍。因此，在新的業務領域中，沒有什麼是我們未曾預料到的。

And so sales cycles have stayed largely the same and across those different segments. I think the thing that we've learned across the largest deal that we closed in our history and continued improvement in mid-market and enterprise, is that segmenting the new business sales reps and then allocating resources to the upmarket is turning into results for us. We have the highest mid-market and enterprise new business quarter on record. And that came from an increased focus in segmentation of the sales rep base against those different segments.

因此，不同細分市場的銷售週期基本上保持不變。我認為，我們從歷史上達成的最大交易以及在中端市場和企業領域的持續改進中學到的是，細分新業務銷售代表，然後將資源分配給高端市場，這正在為我們帶來成果。我們擁有有史以來最高的中型市場和企業新業務季度。這是因為我們更關注針對不同細分市場的銷售代表群體的細分。

And we think that that's we believe that's going to continue throughout the year and set up a really strong foundation for us in the future as enterprise and mid-market customers grow more with us and retain at higher rates.

我們認為，這種勢頭將持續全年，並為我們未來奠定堅實的基礎，因為企業和中端市場客戶將與我們一起成長，並以更高的利率留住客戶。

Brent Bracelin, Piper Sandler.

布倫特·布雷斯林，派珀·桑德勒。

I wanted to go just back to kind of framing how much exposure you have to SMB. I think it looks like bad debt accruals were $33 million, $34 million last year. You're at that similar mark here at the first 6 months of this year. What portion of that SMB business would you frame as still kind of being at risk versus how much you're kind of pre baking in as additional weakness?

我想回過頭來看看您對 SMB 的了解程度。我認為去年的壞帳準備金額為 3,300 萬美元至 3,400 萬美元。今年前六個月的情況也類似。您認為中小企業業務的哪一部分仍處於風險之中，以及您認為還有多少部分是額外的弱點？

Just trying to think through at what point could we make a mark that kind of worse is behind you? I think we thought that a year ago, clearly not happening now. But maybe just frame overall, that SMB exposure, I think, would be helpful.

只是想一想，在什麼情況下我們才能留下更糟糕的痕跡？我想我們一年前就這麼想過，但現在顯然不會發生這種事了。但也許只是整體框架，我認為 SMB 曝光會有所幫助。

So SMB continues to be around one-third of our business. We've seen enterprise continue to grow in terms of mix, so that's up above 40% at this point. Our focus has really been not on just not serving SMB anymore, but really taking the credit risk out of SMB and forcing those customers that are smaller or riskier to prepay upfront and ultimately do that. All of our product focus and really sales investment at this point is going up market. So that is a clear focus of ours, but we're not going to necessarily turn away smaller customers that continue to get real value out of the system and continue to use the system to drive their sales motions as well.

因此，中小企業仍占我們業務的三分之一左右。我們看到企業在組合方面持續成長，目前已超過 40％。我們的重點實際上不僅僅是不再為中小企業提供服務，而是真正消除中小企業的信用風險，並迫使那些規模較小或風險較高的客戶提前付款，並最終做到這一點。目前，我們所有的產品重點和真正的銷售投資都轉向高端市場。所以這是我們的明確關注點，但我們不一定會拒絕那些繼續從系統中獲得真正價值並繼續使用該系統來推動其銷售活動的小客戶。

But Brent, I also think you should think about the actions we took today with the charge and the increase in estimates as we fully intend on putting this volatility in our business behind us. And going forward, we don't anticipate after this charge and after the increased estimates toward the back half of the year, that write-offs will create volatility in our guide going forward.

但是布倫特，我還認為你應該考慮我們今天採取的行動，包括收費和估計的增加，因為我們完全打算將我們業務中的這種波動拋在腦後。展望未來，我們預計，在收取這項費用以及在下半年提高估算之後，註銷不會對我們未來的指引造成波動。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

A couple from me here. Maybe the first one for Cam. Just wanted to understand a little bit more on the write-downs headwind to the guidance for the full year. And I know you guys aren't guiding 2025, but just thinking about the write-downs and potential impacts heading into 2025. Is it a full year of impact? Does it affect 1Q '25? And does it potentially lead into the second quarter of 2025 too?

這裡有幾對來自我這裡。對 Cam 來說這也許是第一個。只是想進一步了解全年指引中減記不利的影響。我知道你們並沒有預測 2025 年，而只是考慮了 2025 年的減記和潛在影響。這會影響一整年嗎？這會影響25年第一季嗎？這是否也可能延續到 2025 年第二季？

So certainly, the write-downs that we realized now were eliminating risk of nonpayment on receivables that we have that we've already recognized revenue against. And then another big portion of the of the change in guidance was taking out the revenue that we would have earned from those customers that we've written down or written off as we go through the remainder of the year. Our expectations at this point are the way we've defined guidance is to assume that those write-offs continue to escalate and that they would continue to have an impact on our results. But ultimately, the operational improvements that we've put in place, requiring prepayment upfront from smaller and more risky customers as well as shifting the sales team to focus more on mid-market and enterprise customers, should eventually, and we're focused on ensuring that they eliminate a lot of the volatility related to those small businesses.

因此，可以肯定的是，我們現在意識到的減記正在消除我們已經確認收入的應收帳款不付款的風險。然後，指導方針變化的另一個重要部分是扣除我們在今年剩餘時間內從那些我們已減記或註銷的客戶那裡獲得的收入。我們目前的預期是，我們定義指導的方式是假設這些註銷繼續增加，並將繼續對我們的結果產生影響。但最終，我們實施的營運改進，要求規模較小、風險較高的客戶預先付款，以及讓銷售團隊更加關注中型市場和企業客戶，最終應該能夠，而且我們專注於確保它們消除與這些小型企業相關的大量波動。

And so if you think about the deals that we're selling today that we would potentially write off in six to nine months. So at the end of the year, as we move into the beginning of next year, we're aiming to significantly reduce the risk of those write-offs in terms of growth.

因此，如果您考慮我們今天正在銷售的交易，我們可能會在六到九個月內註銷這些交易。因此，在今年年底和明年年初之際，我們的目標是大幅降低成長的註銷風險。

I would add here, when we think about the rest of this year and 2025, what we'll tell you is we're going to finish this year with $1 of free cash flow per share, and we expect to meaningfully grow that in 2025. And I'm confident in that, based a lot around the fact that in the quarter, we had our best net new ARR add in more than a year.

我想補充一點，當我們考慮今年剩餘時間和 2025 年時，我們會告訴您，今年年底我們的每股自由現金流將達到 1 美元，我們預計 2025 年這一數字將大幅增長。我對此很有信心，因為本季度我們實現了一年多以來最好的淨新增 ARR 成長。

Got it Henry. And just one follow-up, if I may here, Henry, for you. In prior quarters, you have talked about customers, I'll call them boomerang customers that left ZoomInfo that have come back to you. I don't think you really talked about it much in your prepared commentary. So any sort of color on maybe some bigger customers that have returned to the Zomato platform?

明白了，亨利。亨利，如果可以的話，我還有一個後續問題想問你。在前幾個季度，您談到了客戶，我稱他們為離開 ZoomInfo 又回到您身邊的迴旋鏢客戶。我認為您在準備好的評論中並沒有真正談論這一點。那麼，對於一些可能重返 Zomato 平台的大客戶，您有什麼了解嗎？

Yes. This quarter was our best win back quarter on record ever.

是的。本季是我們有史以來贏利最好的一個季度。

DJ Hynes, Canaccord Genuity.

DJ Hynes，Canaccord Genuity。

Henry, one for you. So a lot of your data today is being piped into CRM systems. The CRM vendors are also trying to build Copilots that help with activating intelligence, prompting next best action. What gives you confidence that the AI-driven functionality will live with ZoomInfo versus the system of record or the CRM vendors that you partner with?

亨利，給你一個。所以今天的很多資料都傳送到 CRM 系統中。CRM 供應商也嘗試建立 Copilot，以幫助啟動智能，提示下一步最佳行動。為什麼您有信心 ZoomInfo 能夠實現 AI 驅動的功能，而不是與您合作的記錄系統或 CRM 供應商？

Yes, I would think about the data that gets piped into CRMs as sort of contact or company data. And the data that you actually need to win from a Copilot perspective, is a tremendous amount of signal data that you use to identify which customers to reach out to today, tomorrow and the reasons why. And so you can think of that as intense signals or new hire signals or funding signals or visiting your pricing page signals or visiting a competitor's review page signal or researching your competitor. And all of those signals, those are proprietary to ZoomInfo, and they don't live in CRM, and that signal is necessary for you to engage with the right customers at the right time.

是的，我會將傳輸到 CRM 的資料視為聯絡人或公司資料。從 Copilot 角度來看，您真正需要的數據是大量訊號數據，您可以使用這些數據來確定今天、明天需要聯繫哪些客戶以及聯繫的原因。因此，您可以將其視為強烈訊號、新員工訊號、資金訊號、存取您的定價頁面訊號、存取競爭對手的評論頁面訊號或研究您的競爭對手。所有這些訊號都是 ZoomInfo 專有的，它們並不存在於 CRM 中，而這些訊號對於您在正確的時間與正確的客戶互動是必要的。

And so Copilot's just built off of data that sit inside of a CRM, we'll always be missing the necessary signal for Copilots to actually work and be useful. And so we've invested a lot in making sure that we have the best signal around companies and people, but we've also gone out and started building a robust ecosystem of signal providers that we've built in to our Copilot offering as well. And the sales of Copilot, the monetization of Copilot in our customer base was solidly above our expectations. It puts us far ahead of any competitor in the space and we feel really good about the innovation we've been able to deliver there in the last year.

因此，Copilot 只是基於 CRM 內部的數據構建的，我們始終缺少讓 Copilot 真正發揮作用所需的必要訊號。因此，我們投入了大量資金來確保我們為公司和個人提供最好的訊號，但我們也已經開始建立一個強大的訊號提供者生態系統，並將其融入我們的 Copilot 產品中。Copilot 的銷售量以及在我們的客戶群中的貨幣化遠遠超出了我們的預期。這使我們遠遠領先於該領域的任何競爭對手，我們對去年在該領域取得的創新感到非常滿意。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

So if I look at the 3Q rev guide, it assumes a sequential increase, which is a reversal from some of the recent trends we've seen. Now I would imagine some of that might be due to the write-downs in softer new business changes that might be having an impact there. But Cameron, can you help us bridge that gap? I think you mentioned adjusted revenue of $307 million in the quarter.

因此，如果我查看第三季的營收指南，它假設營收將環比成長，這與我們最近看到的一些趨勢相反。現在，我可以想像，其中一些可能是由於較溫和的新業務變化的減記可能對其產生影響。但是卡梅倫，你能幫我們彌補這個差距嗎？我記得您提到本季調整後的營收為 3.07 億美元。

Can you quantify the pieces that make up the difference between that and what was reported? And as we look into 3Q and 4Q, are you able to quantify the write-down and new business impact that's embedded?

您能否量化造成該數字與報告數字之間差異的部分？當我們回顧第三季和第四季時，您能量化其中隱含的減記和新業務影響嗎？

So in the second quarter, we took a charge related to the change of estimates that we had, and those are estimates around the collectibility of receivables from customers. So with respect to revenue, that was $15 million of the charge, and that's revenue that we've effectively recognized historically, but due to the change in estimates needed to run that through Q2. So the revenue that we generated in Q2 from a GAAP perspective was $292 million, but that included $15 million of write-downs that shouldn't recur as we've really focused on identifying everything that we felt was at risk, changed our estimate around those, put it into Q2.

因此，在第二季度，我們計入了與先前估計變化相關的費用，這些估計是圍繞從客戶收回應收帳款的可收回性的估計。因此就收入而言，這是 1500 萬美元的費用，這是我們歷史上有效確認的收入，但由於估算的變化，需要在第二季度運行該收入。因此，從 GAAP 角度來看，我們在第二季度創造的收入為 2.92 億美元，但其中包括 1500 萬美元的減值，這些減值不應再次發生，因為我們真正專注於識別我們認為存在風險的所有因素，並根據這些因素修改了我們的估計，並將其納入第二季度。

And therefore, going forward, we we want to start with a clean slate. So based on that, I think in Q3, while it will be growth compared to the $292 million, it would still be a decrease relative to the $307 million, if you were to back out that $15 million of write-down.

因此，展望未來，我們希望一切從頭開始。因此基於此，我認為在第三季度，雖然與 2.92 億美元相比會有所增長，但如果撤回 1500 萬美元的減記，與 3.07 億美元相比仍會有所下降。

Jackson Ader, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jackson Ader。

Really, the one for me is, Henry, on the trends or the positive trends in the business that are not expected to continue, or are being kind of removed from guidance going forward. I'm just curious, are you already seeing some of the enterprise momentum slow here as we are here in early August? Or is this just true conservatism? Or is it actually happening and that's why you're taking it out of guidance?

實際上，亨利，對我來說，關鍵問題是業務趨勢或積極趨勢，這些趨勢預計不會持續，或在未來的指導中被剔除。我只是好奇，在八月初，您是否已經看到一些企業的發展勢頭放緩？或者這只是真正的保守主義？或者它確實正在發生，所以你才將其從指導中剔除？

No, we're not seeing the momentum in the business slow down the enterprise or upmarket momentum. We feel really good about the operational improvements and the operational success that we've seen and anticipate that we're going to continue to execute against that.

不，我們沒有看到業務發展勢頭減緩，也沒有看到企業或高端市場的發展勢頭放緩。我們對所看到的營運改善和營運成功感到非常滿意，並預計我們將繼續努力實現這一目標。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Michael Berg on for Michael Turrin. When I think about the margin impact of the write-offs, how can you think about how that flows through the rest of fiscal '24 on a margin percentage impact? And then how can I think about that rolling through into fiscal '25. Then I have a quick follow-up.

邁克爾·伯格替換邁克爾·圖林。當我考慮註銷對利潤率的影響時，您如何看待這種影響會對 24 財年剩餘時間的利潤率百分比產生怎樣的影響？那我怎麼才能想像這會延續到 25 財年呢？然後我快速跟進。

Sure. So we did have a number of discrete events. Those are laid out in the press release as well as in the 10-Q. When you look past those specific charges, the margins would have been materially higher, almost 10 points higher. And I'd expect that we won't have additional charges like that. So I think if you pro forma those charges out, that would be the kind of underlying performance of the business that I'd start with from a modeling perspective.

當然。因此我們確實發生了一些離散事件。這些都在新聞稿和 10-Q 中進行了說明。如果你忽略這些具體費用，利潤率會大幅提高，幾乎高出 10 個百分點。我希望我們不會有這樣的額外費用。因此，我認為，如果您預測這些費用，那麼從建模角度來看，這將是業務的基本表現。

Helpful. And a quick follow-up for Henry here. You made a point on the call to mention that you plan to be aggressively buying shares here. What would be your key things to point to as driving your confidence in scooping up more shares moving forward?

很有幫助。這裡對亨利進行快速跟進。您在電話中特意提到您計劃積極購買此處的股票。您認為哪些關鍵因素可以增強您今後買進更多股票的信心？

Look, I think that the tough part about this quarter is that we had a tremendous amount of operational improvements that we saw. We saw net revenue retention stabilize for the first time since Q4 '21. We saw our DaaS business growing DaaS and operations business growing 23% and year-over-year. We saw growth in our 100,000 cohort for the first time since Q4 of '22.

看，我認為本季的困難部分是我們看到了大量的營運改善。我們看到淨收入保留率自 21 年第四季以來首次趨於穩定。我們看到我們的 DaaS 業務正在成長，DaaS 和營運業務年增了 23%。自 2022 年第四季以來，我們的 10 萬名員工隊伍首次成長。

We continue to grow our $1 million cohort. We're addressing the write-off issue by taking a significant amount of our new business ACV through upfront prepayments. Copilot is solidly above our expectations from a sales perspective into the customer base. I think that we have tremendous product market fit there.

我們的百萬美元隊伍不斷壯大。我們正在透過預付款項提取大量新業務 ACV 來解決註銷問題。從銷售角度和客戶群來看，Copilot 的表現遠遠超出了我們的預期。我認為我們的產品非常適合那裡的市場。

And that's going to be really hard for a lot of investors to see because of this accounting charge and the way that we're thinking about guidance for the rest of the year. That being said, I have tremendous confidence in ZoomInfo, and I'm excited to be a buyer.

而對於許多投資者來說，這將是很難想像的，因為這項會計費用以及我們對今年剩餘時間的預期。話雖如此，我對 ZoomInfo 非常有信心，並且很高興成為買家。

Surinder Thind, Jefferies.

蘇林德·廷德（Surinder Thind），傑富瑞（Jefferies）。

Just, Henry, any color on breaking down the NRR between SMBs and mid-market? And then maybe when you look at the new business that you're winning. So what is that mix between the SMBs and mid and enterprise? And maybe how does that compare to your current ARR mix?

亨利，您能詳細分析一下中小企業和中型市場之間的 NRR 嗎？然後也許當你看到你正在贏得的新業務時。那麼中小型企業 (SMB) 和中型企業之間的組合是什麼樣的呢？那麼與您目前的 ARR 組合相比如何？

Yes, you can think about on the new business side. On the new business side, we had high watermarks for enterprise and mid-market new business. And so those are significantly higher as a percentage in the quarter than we've seen historically. That was driven by segmenting the sales rep base into SMB, mid-market and enterprise reps and then allocating resources properly across that group.

是的，你可以從新業務方面來考慮。在新業務方面，我們在企業和中型市場新業務方面取得了高水準。因此，本季的百分比明顯高於我們歷史上的水平。這是透過將銷售代表群體細分為中小企業、中型市場和企業代表，然後在該群體中合理分配資源來實現的。

Cameron said it in the customer base, you can think about the breakout as kind of 40% enterprise. Around a little under 30% mid-market and the rest in SMB. And our intention is to move the business significantly up market in the mid-market and enterprise.

卡麥隆說過，在客戶群中，你可以把突破想像為 40% 的企業。約有不到 30% 屬於中型市場，其餘則屬於中小企業。我們的目標是將業務大幅推向中端市場和企業市場。

Got it. And just one quick clarification question on Copilot. The ARR figure you provided, I think it was $18 million. Was that as of quarter end or is that as of a different period of time?

知道了。關於 Copilot，我只想快速澄清一個問題。您提供的 ARR 數字我認為是 1800 萬美元。這是截至季末的數據，還是截至不同期間的數據？

That was as of quarter end.

這是截至季末的數據。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

So Cameron, just on the $33 million in charges you mentioned this quarter, just to clarify, how much of that is embedded in the 2Q NRR figure? Or is some of that would have been impacted prior periods or future periods? I just want to make sure I understand how the charges are impacting the NRR?

那麼卡梅倫，就您本季提到的 3300 萬美元的費用而言，您能否澄清一下，其中有多少包含在第二季度的 NRR 數字中？或者其中一些會對之前或未來時期產生影響？我只是想確保我了解這些費用對 NRR 有何影響？

Yes. So most of the increase in write-offs and changes that have gone through the estimates, really more of the new business that we've brought on than they do to NRR. So the NRR is really not impacted by by those charges.

是的。因此，經過估算的大部分註銷和變更的增加，實際上更多的是我們帶來的新業務，而不是 NRR 帶來的。因此，NRR 實際上並沒有受到這些收費的影響。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

I just want to clarify, you talked about if you look at your guidance second half, you're taking down $50 million in revenues, if I exclude that $15 million write-off. So how much of that the $50 million that you're taking out, how much of is a write-off versus any kind of softer new sales or downsells or any cannibalation you're going to see given that Q4 another strong renewal quarter?

我只是想澄清一下，你剛才談到，如果你看一下下半年的預期，如果我排除那 1500 萬美元的註銷，你的收入將減少 5000 萬美元。那麼，在您支出的 5,000 萬美元中，有多少是沖銷的，有多少是考慮到第四季度又一個強勁的續約季度而產生的？

So the way I think about that city is that of the entire change in guidance, so the full $60 million. Roughly half of that has to do with write-offs that we've incurred, so part of that is the charge. Another part is the revenue that we would have recognized from those customers that we wrote off over the second half of the year. The other half of that is really an increase in conservatism in terms of the market overall.

所以我對那個城市的看法是整個指引的改變，也就是整整 6,000 萬美元。其中大約一半與我們產生的註銷有關，因此其中一部分是費用。另一部分是我們從下半年註銷的客戶那裡確認的收入。另一半實際上是整個市場保守主義的增加。

Part of that conservatism is an increase in the assumptions around ongoing write-offs. So seeing those write-off rates escalate going forward as well as as well as just conservatism around the sales and retention environment.

這種保守主義的部分原因是對持續註銷的假設增加。因此，看到這些註銷率在未來不斷上升，以及銷售和保留環境的保守主義。

Joshua Reilly, Needham.

喬舒亞·賴利，尼德姆。

Just one quick one for me. You mentioned at the end of the month of June is when you saw increased write-offs for SMBs. I guess maybe what do you think changed in that period of time relative to what we were seeing in the first quarter? Because it seemed like the renewals weren't great for SMBs in the first quarter.

對我來說只需快速完成一件事。您提到，六月底中小企業的註銷金額增加。我想您認為相對於第一季的情況，那段時間發生了什麼變化？因為第一季中小企業的續約情況似乎不太好。

Was there some period where it was a little bit better for a period of time, and then they got dramatically worse? Or what macro factor maybe came into play there or some other factor that we should be considering?

是否有一段時間情況稍微好一些，然後卻急劇惡化？或者可能有哪些宏觀因素在起作用，或其他我們應該考慮的因素？

So certainly, we did see an increase in the rates and an increase in the revenue associated with those write-offs. Part of that is the timing and catching up of write-offs. Write-offs don't happen immediately. We're obviously chasing payment for folks, and it does take us in a period of time before we fully get to the point where we're ready to write something off.

因此，我們確實看到了費率的上升以及與這些註銷相關的收入的增加。其中一部分是註銷的時間和追趕。註銷不會立即發生。我們顯然正在催促人們付款，而且我們需要一段時間才能完全到達準備註銷的地步。

We have also seen further stretching of small businesses in terms of their access to capital. So you see increases in companies shutting down, think that's happened more as we've gotten into the summer. And so I'd say that those two factors certainly changed as we got into June. If we look back at the trend from Q3 to Q4 to Q1, we actually saw improvements in our write-off rates and then we saw those reverse as we got through the end of the quarter.

我們也看到小企業在取得資本方面的困難進一步增加。因此，您會看到倒閉的公司數量增加，我認為隨著夏季的到來，這種情況會更加頻繁地發生。所以我想說，進入六月時這兩個因素肯定發生了變化。如果我們回顧從第三季到第四季再到第一季的趨勢，我們實際上看到註銷率有所改善，然後我們看到註銷率在本季末出現逆轉。

Pat Walravens, Citizens JMP.

Pat Walravens，公民 JMP。

This is Austin Cole on for Pat. I just wanted to ask about the DaaS business, 13% of ACV. Can you just talk about what you're doing to drive success there? And how big do you think it can get?

這是奧斯汀·科爾 (Austin Cole) 代替帕特 (Pat)。我只是想問 DaaS 業務，佔 ACV 的 13%。您能談談您為推動那裡取得成功所採取的措施嗎？您認為它能夠變得多大？

Yes. Thanks for the question. Last year, built a team of DaaS specialists who are responsible for helping our customers integrate our data within their workflows and get that behind workflows like territory planning or account scoring or new AI workflows that they're building. We anticipate this can continue to grow at the rates that it's growing, and be a real meaningful part of our business going forward.

是的。謝謝你的提問。去年，我們組建了一支 DaaS 專家團隊，負責幫助我們的客戶將我們的數據整合到他們的工作流程中，並將其應用於區域規劃、帳戶評分或他們正在建立的新 AI 工作流程等工作流程。我們預計它將繼續以目前的速度成長，並成為我們未來業務真正有意義的一部分。

And I am showing no further questions at this time. I would like to turn the call over to Henry for closing remarks.

我目前沒有其他問題。我想將電話轉給亨利，請他作最後發言。

Thank you, everyone, for joining us tonight. I'd just like to take a moment to reiterate what I think are the most important key takeaways from tonight's call. First, we've taken necessary and comprehensive accounting charges this quarter to address our write-off, and while they fully flow through Q2 results and negatively impact the quarter and our full year guidance, this action sets us up very well for the future. Additionally, we've made the necessary operational adjustments in the way that we extend credit to our customers, to ensure that write-offs do not continue to be a headwind in our business.

感謝大家今晚的參與。我只想花點時間重申我認為今晚電話會議中最重要的關鍵要點。首先，本季度我們已採取必要且全面的會計費用來解決我們的註銷問題，雖然這些費用完全影響到第二季度的業績並對本季度和全年指引產生負面影響，但這一舉措為我們的未來做好了準備。此外，我們對向客戶提供信貸的方式進行了必要的營運調整，以確保註銷不會繼續成為我們業務的阻力。

Second, we delivered strong operational performance, NRR stabilized. We have the best net new ARR quarter in a year. We're growing our $100,000 and $1 million customers. Copilot sales were solidly above our expectations, and we see data as a service growth opportunities driven by AI use cases. And we are committed to driving long-term value creation through consistently growing free cash flow per share. I look forward to speaking with you and seeing you in person as we participate in a number of investor events over the coming weeks. Thank you.

第二，營運績效表現強勁，NRR趨於穩定。我們擁有一年來最好的淨新 ARR 季度。我們的10萬美元和100萬美元客戶數量正在增加。Copilot 的銷售量遠超我們的預期，我們將數據視為由人工智慧用例推動的服務成長機會。我們致力於透過持續成長每股自由現金流來推動長期價值創造。我期待在接下來的幾週內與您交談並親自見到您，因為我們將參加一系列投資者活動。謝謝。

This concludes today's conference call. Thank you all for participating. You may now disconnect.

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。