Zoominfo Technologies Inc (GTM) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ZoomInfo first-quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 ZoomInfo 2025 年第一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。

I would now like to turn the conference over to Jerry Sisitsky, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Jerry Sisitsky。請繼續。

Great. Thanks, Lisa. Welcome to ZoomInfo's financial results conference call for the first quarter of 2025. With me on the call today as we announce our financial results live from the Nasdaq market site in Times Square are Henry Schuck, Founder and CEO of ZoomInfo; and Graham O'Brien, our Interim CFO. Earlier today, we rang the closing bell of the NASDAQ and we announced that tomorrow morning, ZoomInfo will begin trading under the symbol GTM.

偉大的。謝謝，麗莎。歡迎參加 ZoomInfo 2025 年第一季財務業績電話會議。今天，當我們在時代廣場納斯達克市場現場直播宣布我們的財務業績時，與我一起參加電話會議的還有 ZoomInfo 的創始人兼首席執行官亨利·舒克 (Henry Schuck)；以及我們的臨時首席財務官 Graham O'Brien。今天早些時候，我們敲響了納斯達克的收盤鐘，並宣布明天早上，ZoomInfo 將開始以 GTM 股票代碼進行交易。

During this call, any forward-looking statements are made pursuant to the Safe Harbor provisions of US securities laws. 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.

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。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、將要、期望、預期和相信等術語的表達以及反映非歷史事實的表達，旨在識別前瞻性陳述。

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. For more information, please refer to the forward-looking statements in the slides posted to the Investor Relations website at ir.zoominfo.com.

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。欲了解更多信息，請參閱投資者關係網站 ir.zoominfo.com 上發布的幻燈片中的前瞻性陳述。

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.

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或發佈到我們的 IR 網站的幻燈片中找到對帳表。

And with that, I'll turn the call over to Henry.

說完這些，我會把電話轉給亨利。

Thank you, Jerry, and welcome, everyone.

謝謝你，傑瑞，歡迎大家。

We delivered another consecutive quarter of better-than-expected financial results, continued momentum of market, and improved net retention. We dramatically expanded the capabilities of our go-to-market intelligence platform to empower our customers to accelerate revenue growth. ZoomInfo now includes even more sophisticated AI-powered applications and agents with the technology integration and intelligence for go-to-market team.

我們連續一個季度取得了優於預期的財務業績，市場動能持續，淨留存率提高。我們大大擴展了市場情報平台的功能，以幫助我們的客戶加速收入成長。ZoomInfo 現在包含更複雜的人工智慧應用程式和代理，為上市團隊提供技術整合和智慧。

As we continue to drive innovation in the way businesses market and sell, today, we announced the Nasdaq that we are changing our trading symbol from ZI to GTM to reflect our commitment to building the core software platform for go to market. Much like Workday is synonymous with Enterprise HR and ServiceNow for Enterprise IT, ZoomInfo will be synonymous with enterprise go-to-market.

隨著我們繼續推動企業行銷和銷售方式的創新，今天，我們向納斯達克宣布，我們將交易代碼從 ZI 更改為 GTM，以反映我們致力於建立進入市場的核心軟體平台的承諾。就像 Workday 是企業人力資源的代名詞、ServiceNow 是企業 IT 的代名詞一樣，ZoomInfo 將成為企業上市的代名詞。

In Q1 2025, GAAP revenue was $306 million and adjusted operating income was $101 million, a margin of 33%, both above the high end of our guidance. Our shift up market continued on the right path during the quarter. We now have 1,868 customers with more than $100,000 in ACV, a sequential increase of 1 customer and a year-over-year increase of 108 customers. This is after a period of decline and marks our fourth straight quarter of sequential improvement.

2025 年第一季度，GAAP 營收為 3.06 億美元，調整後營業收入為 1.01 億美元，利潤率為 33%，均高於我們預期的高端。本季度，我們的升級市場繼續走在正確的軌道上。我們目前擁有 1,868 名 ACV 超過 10 萬美元的客戶，較上季增加 1 名，較去年同期增加 108 名客戶。這是在經歷了一段時間的下滑之後，我們連續第四個季度實現環比增長。

In our $1 million cohort, we drove sequential and year-over-year growth in the total ACV as well as the average ACV per customer. This quarter, we again drove better-than-expected performance upmarket, which grew 3% year over year and now represents 71% of our business. With more than 70% of our business growing and accelerating growth, we are increasingly confident in our longer-term growth aspiration.

在我們的 100 萬美元客戶群中，我們推動了整體 ACV 以及每位客戶的平均 ACV 的連續和同比增長。本季度，我們再次推動高端市場業績優於預期，高端市場年增 3%，目前占我們業務的 71%。隨著我們超過 70% 的業務不斷成長和加速，我們對長期成長目標越來越有信心。

Net revenue retention also improved in the quarter while rounding to 87% for the second consecutive quarter. During the quarter, we closed enterprise opportunities with Lionbridge, Wipro, Integrity Express Logistics, RSM, Sprinkler, Wizz, and Dice Career solutions. Stripe is now deploying ZoomInfo copilot across more than 300 sellers to increase conversion, win rates, and deal size by leveraging real-time insights. Copilot will deliver better account prioritization, create more opportunities for upsell and cross-sell, and help to close more deals at higher price points.

本季淨收入保留率也有所提高，連續第二季達到 87%。在本季度，我們與 Lionbridge、Wipro、Integrity Express Logistics、RSM、Sprinkler、Wizz 和 Dice Career solutions 達成了企業合作機會。Stripe 目前正在為 300 多名賣家部署 ZoomInfo copilot，利用即時洞察來提高轉換率、贏單率和交易規模。Copilot 將提供更好的帳戶優先級，創造更多的追加銷售和交叉銷售機會，並幫助以更高的價格完成更多交易。

One of the largest food delivery vendors is activating our full go-to-market intelligence platform to support their expansion efforts and extend their reach into international markets. They have deployed thousands of ZoomInfo seats to drive account prioritization and more efficient prospecting while our strategic account insights improve win rates.

最大的食品配送供應商之一正在啟動我們全面的市場情報平台，以支持他們的擴張努力並擴大其在國際市場的影響力。他們部署了數千個 ZoomInfo 席位來推動帳戶優先排序和更有效率的勘探，同時我們的策略帳戶洞察提高了贏率。

And we expanded our relationship with Intuit to become a more strategic partner on their outbound sales motion. We're helping them build durable and repeatable sales plays to mid-market accounts in helping them leverage intent data, implement advanced data tracking, integrate APIs for real-time data management, and build sophisticated audience segments for programmatic advertising. Our traction is powered by the increasing pace of innovation across data, intelligence, and go-to-market AI.

我們擴大了與 Intuit 的關係，成為其外向銷售行動中更具策略性的合作夥伴。我們正在幫助他們針對中端市場帳戶建立持久且可重複的銷售策略，幫助他們利用意向數據、實施高級數據追蹤、整合用於即時數據管理的 API，並為程式化廣告建立複雜的受眾群體。我們的發展動力來自於數據、智慧和市場 AI 領域不斷加快的創新步伐。

Our Copilot product is successfully rolling out into our customer base and accelerating our expansion beyond SDR prospecting into AE and AM use cases. This persona represents a 3x opportunity in our customer base and Copilot has converted AM and AE users on the platform to be as active as our SDR prospecting users.

我們的 Copilot 產品已成功推廣到我們的客戶群，並加速了我們從 SDR 勘探到 AE 和 AM 用例的擴展。這個角色代表了我們客戶群中的 3 倍機會，而 Copilot 已將平台上的 AM 和 AE 用戶轉化為與我們的 SDR 潛在客戶用戶一樣活躍的用戶。

Earlier today, we launched Go-To-Market Studio to enable revenue leaders and operators to architect their go-to-market with intelligence and AI. The single biggest ask from our customers is to unify all go-to-market data so teams can target, prioritize, and execute in one place. Traditional CRM alone is no longer sufficient to run go-to-market. Critical signals like product usage, marketing engagement, and voice of customer insights are fragmented across enterprise system. Revenue teams need this data to effectively target, prioritize, and execute revenue campaigns.

今天早些時候，我們推出了 Go-To-Market Studio，使收入領導者和營運商能夠利用智慧和 AI 來建立他們的行銷計劃。客戶對我們最大的要求是統一所有上市數據，以便團隊可以在一個地方確定目標、確定優先順序並執行。單靠傳統的 CRM 已不足以實現行銷。產品使用情況、行銷參與度和客戶洞察之聲等關鍵訊號在整個企業系統中都是分散的。收入團隊需要這些數據來有效地定位、確定優先順序並執行收入活動。

There are only two ways to solve this problem in modern GTM, either by building a complete in-house solution with a massive engineering investment, which is inaccessible to nearly all organizations or by deploying ZoomInfo's best-in-class data platform which was trained on billions of messy data problems and applying it to solve a customer's internal go-to-market environment.

在現代 GTM 中，只有兩種方法可以解決這個問題，要么通過大量工程投資構建完整的內部解決方案，這幾乎所有組織都無法獲得，要么通過部署 ZoomInfo 一流的數據平台（該平台經過數十億混亂數據問題的訓練）並將其應用於解決客戶的內部上市環境。

The launch of GTM Studio, we expanded our data asset into core enterprise operations use cases running on our technology platform, built through the successful integration of our acquisitions of RingLead for data management, Chorus, conversation intelligence for unstructured go-to-market data, and set sale for CRM attribution. This positions us as the only vendor with natively integrated data orchestration, AI, and frontline execution.

GTM Studio 的推出，我們將數據資產擴展到在我們的技術平台上運行的核心企業運營用例，該平台通過成功整合我們對用於數據管理的 RingLead、用於非結構化上市數據的 Chorus、用於非結構化上市數據的對話智能以及用於 CRM 歸因的 set sale 的收購而構建。這使我們成為唯一一家擁有原生整合資料編排、人工智慧和第一線執行的供應商。

GTM Studio is the revenue leader and operator solution to run go-to-market. And then Copilot is the frontline activation that turns campaigns into revenue execution. Over the last two years, we have been fixated on making every sales rep more productive, every campaign more targeted, and every workflow more intelligent. This has resulted in record levels of NPS scores these last two quarters with enterprise NPS up more than 6 points year over year in Q1.

GTM Studio 是收入領導者和營運商上市解決方案。然後，Copilot 是將活動轉變為收入執行的第一線激活。在過去的兩年裡，我們致力於讓每位銷售代表更有效率、每項活動更有針對性、每項工作流程更聰明。這使得過去兩個季度的 NPS 得分創下新高，其中第一季企業 NPS 得分同比增長超過 6 分。

In our pursuit of this vision, ZoomInfo has become so much more to our customers than just a provider of company and contact lookup information. Our go-to-market intelligence platform superchargers CRM and giving our customers a living, breathing view of who's in market and where sales resources should be allocated across the entire total addressable market.

在追求此願景的過程中，ZoomInfo 對我們客戶而言已不再只是公司和聯絡人尋找資訊的提供者。我們的市場情報平台增強了 CRM 功能，讓我們的客戶能夠生動地了解誰在市場中，以及在整個可尋址市場中應將銷售資源分配到哪裡。

Beyond sales, we continue expanding across the entire revenue cycle, increasing the number of and types of go-to-market professionals that use our platform every day. ZoomInfo marketing now generates 80% of its revenue up market and plays a key role in bringing sales and marketing into tighter, more strategic alignment on the go-to-market intelligence platform.

除了銷售之外，我們還繼續擴大整個收入週期，增加每天使用我們平台的市場專業人士的數量和類型。ZoomInfo 行銷目前 80% 的收入來自高端市場，並在市場情報平台上使銷售和行銷更加緊密、更具策略性地協調方面發揮關鍵作用。

With expanded workflow management, we're embedding our intelligence deeper into our customers' ecosystems, making their operations more connected, more creative, and more powerful. Our innovation is giving revenue teams the advantage they need to move faster, sell smarter, and win bigger. Our trading symbol change reflects our creation of a new category, go-to-market intelligence. This isn't just a name change. It's a commitment to building the best go-to-market engine for all companies.

透過擴展工作流程管理，我們將我們的智慧更深入地嵌入到客戶的生態系統中，使他們的營運更加互聯、更具創造力、更強大。我們的創新為收益團隊提供了所需的優勢，使他們能夠行動更快、銷售更聰明、贏得更大勝利。我們的交易代碼變化反映了我們創建了一個新的類別，即市場情報。這不僅僅是名稱的改變。我們致力於為所有公司打造最佳的上市引擎。

We are very pleased with our execution and how that has translated in strong financial results. We continue to reallocate resources upmarket where we are accelerating the transition as we successfully drive better growth and profitability outcome. Today, 71% of our business is growing and accelerating growth with demonstrably better profitability than our downmarket business.

我們對我們的執行情況以及其如何轉化為強勁的財務業績感到非常滿意。我們將繼續向高端市場重新分配資源，在成功實現更好的成長和獲利結果的同時，我們也在加速轉型。如今，我們 71% 的業務都在成長並加速成長，獲利能力明顯優於低階市場業務。

We are being very intentional with the downmarket portion of our business as we continue to move our business upmarket and develop solutions that are defining the future of go-to-market. ZoomInfo now does what no other software company does, we unify first- and third-party data insights and automation and execution to serve the entire go-to-market organization, not just sales, not just marketing, not just rev ops; that's what GTM means.

我們非常注重業務的低端市場部分，同時我們繼續將業務推向高端市場並開發定義未來市場的解決方案。ZoomInfo 現在做了其他軟體公司所沒有做的事情，我們統一第一方和第三方資料洞察、自動化和執行，為整個上市組織提供服務，而不僅僅是銷售、不僅僅是行銷、不僅僅是轉速營運；這就是 GTM 的含義。

It's not a department. It's the entire revenue engine. And go-to-market intelligence aligns and activates the whole engine in real time. Over the last two years, this is the vision we've been relentlessly focused on and it's the future of go-to-market.

這不是一個部門。它是整個收入引擎。而市場進入情報則即時調整並啟動整個引擎。在過去的兩年裡，這是我們一直堅持不懈關注的願景，也是市場走向的未來。

With that, I'll turn over the call to Graham.

說完這些，我會把電話轉給格雷厄姆。

Thanks, Henry.

謝謝，亨利。

Q1 GAAP revenue was $306 million and adjusted operating income was $101 million, a margin of 33% above the guidance ranges we provided. Annualized sequential revenue growth for the quarter was 1.1%. And as Henry indicated, net revenue retention improved in the quarter while still rounding to 87%.

第一季 GAAP 收入為 3.06 億美元，調整後營業收入為 1.01 億美元，比我們提供的指導範圍高出 33%。本季年化營收季增率為 1.1%。正如亨利所指出的，本季淨收入保留率有所提高，但仍達到 87%。

We delivered strong results in the quarter, and while we remain as optimistic as ever about the trajectory of the business and have not seen any impact to customer behavior in the current environment, we are including an incremental layer of caution in our guidance, raising the low end of our full year revenue guidance and reiterating our AOI and cash flow guidance.

我們在本季度取得了強勁的業績，雖然我們對業務發展軌跡一如既往地保持樂觀，並且在當前環境下沒有看到對客戶行為的任何影響，但我們在指導中增加了一層謹慎，提高了全年收入指導的低端，並重申了我們的AOI和現金流指導。

Over the past year, we transformed the business from higher volumes of transactional new business to a place now where our growth foundation is rooted in a more durable upmarket customer relationships. This transition was notably evident in the first quarter as our upmarket growth of 3% year over year accelerated while we intentionally continued on the path towards a smaller and healthier version of our downmarket business with down market declining 10% year over year.

在過去的一年裡，我們將業務從大量交易性新業務轉變為現在的成長基礎植根於更持久的高端客戶關係。這一轉變在第一季表現得尤為明顯，我們的高端市場同比增長 3%，同時我們有意繼續朝著規模更小、更健康的低端市場業務發展，低端市場同比下降 10%。

In Q1, we lapped a significant volume of downmarket transactions from last year that predated the introduction of our new business risk model in Q2 2024. So as we progress further into 2025, a greater percentage of our first-year aspiring population, will have experienced more rigorous qualification during their initial purchase in 2024, potentially leading to better renewal outcomes.

在第一季度，我們完成了大量去年的低端市場交易，這些交易發生在我們於 2024 年第二季度推出新的商業風險模型之前。因此，隨著我們進一步邁入 2025 年，我們第一年有志於購買房產的人口中，更大比例的人將在 2024 年首次購買時經歷更嚴格的資格審查，從而可能帶來更好的續約結果。

We see continued opportunities to drive upside in our upmarket business while continuing to aggressively manage the contribution from the down market. In Q1, we drove an acceleration in upmarket growth, leading to a 1 point shift of market mix from 70% to 71% of the business. We are seeing returns from shifting resources upmarket while qualifying risk out of our downmarket revenue, evident in decreasing write-off activity, efficient cash collections, and more reasonable bad debt expenses. These are all signs that our strategy and execution are delivering the intended results.

我們看到了推動高端業務持續上漲的機會，同時繼續積極管理低端市場的貢獻。在第一季度，我們推動了高端市場的成長，導致市場結構從業務的 70% 轉變為 71%。我們看到了將資源轉移到高端市場的回報，同時從低端市場收入中規避風險，這體現在註銷活動的減少、現金回收的效率以及壞帳費用的更合理。這些都是我們的策略和執行正在取得預期成果的跡象。

It's also important to note that upmarket also has better economics than our downmarket business with a margin difference of several thousand basis points. As we expand more upmarket, that gives us more opportunities to expand margins while still resourcing for growth.

值得注意的是，高端市場的經濟效益也優於低端市場業務，利潤率差異達數千個基點。隨著我們向高端市場擴張，我們獲得了更多機會來擴大利潤率，同時仍能獲得成長所需的資源。

ZoomInfo Copilot showed continued traction in the quarter asset operations. Copilot continues to attract new to the franchise customers while we continue to achieve uplift on a per-seat basis via our customer migration motion, and we have an exciting product roadmap to finish out the year. Our operations business is growing double digits and continues to be one of the fastest areas of growth within ZoomInfo. We expect that the launch of Go-To-Market studio will further support that momentum in the back half of the year.

ZoomInfo Copilot 在本季資產營運中持續表現優異。Copilot 繼續吸引新的特許經營客戶，同時我們繼續透過客戶遷移計劃實現每個座位的提升，並且我們有一個令人興奮的產品路線圖來完成今年的工作。我們的營運業務正在實現兩位數成長，並繼續成為 ZoomInfo 內部成長最快的領域之一。我們預計，Go-To-Market 工作室的推出將在下半年進一步支持這一勢頭。

Within operations, our Data as a Service solution is showing strong traction with new logos up 24% year over year and average ACV per customer up approximately 10% year over year. Performance was consistent across verticals. Retention in our software vertical improved sequentially for the fourth quarter in a row. From a macro perspective, we continue to monitor verticals to better understand any potential impacts from tariffs and if there's any measurable impact from the evolving economic environment. And while we do think businesses are looking for more clarity on the economic environment, we have not seen meaningful changes to the way our customers operate.

在營運方面，我們的「數據即服務」解決方案表現出強勁的吸引力，新標誌年增 24%，每位客戶的平均 ACV 年比成長約 10%。各個垂直領域的表現都是一致的。我們的軟體垂直領域的保留率連續第四個季度環比提高。從宏觀角度來看，我們將繼續監測垂直產業，以便更好地了解關稅的潛在影響以及不斷變化的經濟環境是否產生任何可衡量的影響。儘管我們確實認為企業正在尋求更清晰的經濟環境，但我們尚未看到客戶營運方式發生重大變化。

Turning to share repurchases. In Q1, the company repurchased 8.6 million shares of common stock at an average price of $11.05 for an aggregate $95 million. With the Board of Directors approving an incremental $500 million share repurchase authorization in February, as of the close of Q1, there was $543 million in remaining share repurchase authorizations.

轉向股票回購。第一季度，該公司以平均 11.05 美元的價格回購了 860 萬股普通股，總計 9,500 萬美元。由於董事會於二月批准了增量 5 億美元的股票回購授權，截至第一季末，剩餘的股票回購授權金額為 5.43 億美元。

As you will see in our 10-Q filing, following the close of the quarter, we have already deployed another $50 million-plus in cash towards repurchases in Q2 as we use the dislocation in share price created over the past month to retire nearly 7 million shares of stock at an average price of $8.27 per share. To date, we have retired approximately 85 million shares of common stock through share repurchases, one of the factors contributing to our expected growth in adjusted net income per share.

正如您在我們的 10-Q 文件中看到的，在本季度結束後，我們已經在第二季度部署了另外 5000 多萬美元的現金用於回購，因為我們利用過去一個月造成的股價錯位以平均每股 8.27 美元的價格回購了近 700 萬股股票。迄今為止，我們已透過股票回購註銷了約 8,500 萬股普通股，這是我們預期每股調整後淨收入成長的因素之一。

Turning to cash flow. Operating cash flow was $119 million in Q1 and unlevered free cash flow for the quarter was $125 million, a margin of 41%. We expect to continue to primarily use the cash flow we generate to retire shares of ZoomInfo as we believe that will generate the best possible return for shareholders as we continue on our path to reaccelerating revenue growth.

轉向現金流。第一季的營運現金流為 1.19 億美元，本季無槓桿自由現金流為 1.25 億美元，利潤率為 41%。我們預計將繼續主要使用我們產生的現金流來退出 ZoomInfo 的股份，因為我們相信，隨著我們繼續走上重新加速收入成長的道路，這將為股東帶來最佳回報。

We ended the quarter with $143 million in cash, cash equivalents, and investments, and we carried $1.24 billion in gross debt. Our net leverage ratio is 2.5 times trailing 12 months adjusted EBITDA and 2.3 times trailing 12 months cash EBITDA, which is defined as consolidated EBITDA in our credit agreements.

本季末，我們的現金、現金等價物和投資為 1.43 億美元，總債務為 12.4 億美元。我們的淨槓桿率為過去 12 個月調整後 EBITDA 的 2.5 倍和過去 12 個月現金 EBITDA 的 2.3 倍，在我們的信貸協議中定義為合併 EBITDA。

With respect to liabilities and future performance obligations, unearned revenue at the end of the quarter was $484 million, and remaining performance obligations, or RPO, were $1.13 billion, of which $837 million are expected to be delivered in the next 12 months.

關於負債和未來履約義務，本季末未賺取收入為 4.84 億美元，剩餘履約義務或 RPO 為 11.3 億美元，其中 8.37 億美元預計將在未來 12 個月內交付。

Before I move to guidance, while our strong operating performance continues to underpin our confidence in the promising trajectory of the business, given the unique current economic environment, we thought it prudent to add an incremental layer of caution into the guide. With that, let me turn to guidance for Q2.

在我轉向指導之前，雖然我們強勁的經營業績繼續支撐我們對業務良好發展軌蹟的信心，但考慮到當前獨特的經濟環境，我們認為在指導中增加一層謹慎的措施是明智之舉。有了這些，讓我來談談第二季的指導。

We expect GAAP revenue in the range of $295 million to $298 million. We expect adjusted operating income in the range of $101 million to $104 million and non-GAAP net income in the range of $0.22 to $0.24 per share. For the full year 2025, we are raising the low end of our revenue guidance. And with share count reductions from repurchase activity year to date, we now expect higher adjusted net income per share.

我們預計 GAAP 收入將在 2.95 億美元至 2.98 億美元之間。我們預計調整後的營業收入將在 1.01 億美元至 1.04 億美元之間，非 GAAP 淨收入將在每股 0.22 美元至 0.24 美元之間。對於 2025 年全年，我們將提高收入預期的下限。由於今年迄今回購活動導致的股票數量減少，我們預計每股調整後淨收益將會增加。

For the full year 2025, we expect to deliver GAAP revenue in the range of $1.195 billion to $1.205 billion, representing negative 1.2% annual growth at the midpoint of guidance and adjusted operating income in the range of $426 million to $436 million, representing a 36% margin at the midpoint of guidance. We expect non-GAAP net income in the range of $0.96 to $0.98 per share based on 352 million weighted average diluted shares outstanding. And we expect unlevered free cash flow in the range of $420 million to $440 million.

對於 2025 年全年，我們預計 GAAP 收入將在 11.95 億美元至 12.05 億美元之間，相當於指導中點的負 1.2% 的年增長率，調整後的營業收入將在 4.26 億美元至 4.36 億美元之間，相當於指導中點的 36% 的利潤率。基於 3.52 億股加權平均稀釋流通股，我們預計非 GAAP 淨收入將在每股 0.96 美元至 0.98 美元之間。我們預計無槓桿自由現金流將在 4.2 億美元至 4.4 億美元之間。

Now, I will turn it over to the operator to open the call for questions.

現在，我將把時間交給接線員，開始提問。

(Operator Instructions) Alex Zukin, Wolfe Research.

（操作員指示）Alex Zukin，Wolfe Research。

Congrats on navigating a volatile macro environment. So maybe, Henry, just the first question, why now on the change around the name, the ticker the category, what's making right now at the moment to kind of go double down on this motion? And maybe what are you seeing from the changing conversations as you're having with customers that you're renewing, particularly upmarket that's driving the acceleration? And I've got a quick follow-up.

恭喜您成功應付動盪的宏觀環境。所以亨利，也許只是第一個問題，為什麼現在要改變名稱、股票代碼和類別，是什麼促使現在加倍推動這項動議？也許您從與客戶不斷變化的對話中看到了什麼，您正在更新，特別是推動加速發展的高端市場？我有一個快速的後續行動。

Sure. Thanks for the question, Alex. I think there's a couple of things. One, we've expanded the platform broadly to not only be a platform for prospecting sellers, but also for account executives, account managers, customer success managers. When we launched Copilot last year, we saw ourselves being pulled into a much broader set of conversations across go-to-market into marketing, into rev ops, and then we released today our go-to-market studio product, which really allows any revenue operator, any revenue leader to bring their first- and third-party data together to leverage AI across that data asset and then to orchestrate campaigns with sellers, account managers, SDRs and marketing teams.

當然。謝謝你的提問，亞歷克斯。我認為有幾件事。首先，我們廣泛擴展了該平台，使其不僅成為尋找賣家的平台，也成為客戶經理、客戶經理和客戶成功經理的平台。當我們去年推出 Copilot 時，我們發現自己被拉入了從進入市場到營銷、進入 rev ops 的更廣泛的對話中，然後我們今天發布了進入市場工作室產品，它實際上允許任何收入運營商、任何收入領導者將他們的第一方和第三方數據整合在一起，以利用該數據資產的人工智能，然後與賣家、客戶經理、SDR 和營銷團隊協調活動。

So we're incredibly excited about the broad range of solutions that we're providing now beyond just sales and beyond just information but throughout go-to-market. And so it felt fitting that our ticker symbol change to encompass the solutions that we're now offering.

因此，我們對現在提供的廣泛解決方案感到非常興奮，這些解決方案不僅僅是銷售和訊息，還涵蓋整個市場。因此，更改我們的股票代碼以涵蓋我們現在提供的解決方案是合適的。

In the upmarket, I think what we're hearing from our customers is two things. One, they are thirsty for data to leverage inside of their go-to-market organizations, particularly as they look to leverage AI to drive efficiency and effectiveness of their sales teams. And then when they see the power of that data, they want to leverage a front-end application to help their frontline teams execute.

在高端市場，我認為我們從客戶那裡聽到了兩件事。首先，他們渴望利用數據進入市場，特別是當他們希望利用人工智慧來提高銷售團隊的效率和效力時。當他們看到數據的力量時，他們希望利用前端應用程式來幫助他們的第一線團隊執行。

And so when we're having conversations, whether it be with Stripe or Intuit or Semrush, when we're talking with them, they're telling us, yes, we need this data because we know we can drive efficiency if we leverage this data with AI. But we also need the platform where our frontline team can actually execute on the insights that are coming from that data. And so they're investing in our data asset and then our Copilot platform to execute against that data asset.

因此，當我們與 Stripe、Intuit 或 Semrush 進行對話時，他們都會告訴我們，是的，我們需要這些數據，因為我們知道，如果我們利用這些數據和人工智慧，我們就可以提高效率。但我們也需要一個平台，讓我們的第一線團隊能夠真正執行從這些數據中獲得的見解。因此，他們投資我們的數據資產，然後投資我們的 Copilot 平台來針對該數據資產進行執行。

Makes total sense. And then, Graham, maybe just one for you on NRR. Could you maybe just bifurcate that by what you're seeing both upmarket versus downmarket? And then is there any sign of improvements in IRR from here either in the guidance and kind of what you're thinking and seeing in the pipeline and renewal activity for the year?

完全有道理。然後，格雷厄姆，也許我只想告訴你一個關於 NRR 的問題。您能否根據您所看到的高端市場和低端市場來將其一分為二？那麼，從目前的指導來看，或者從您對今年的管道和更新活動的想法和看法來看，IRR 是否有任何改善的跡象？

Sure. Retention upmarket continues to improve. That's something we're really focused on. Downmarket continues to be impaired but not getting significantly worse. When we think about improvement going forward, we really think about it from a growth perspective, up market versus down market.

當然。高端市場的留存率持續提高。這是我們真正關注的事情。低端市場繼續受到損害，但情況並未明顯惡化。當我們考慮未來的改進時，我們實際上是從成長的角度來考慮，是向上市場還是向下市場。

The last time we talked about the upmarket business growing mid-single digits in 2025 in the guidance. I think we're definitely on that path. And then down market, we were down 9% last year. We're down 10% year over year in Q1, and we had an expectation that that would get worse in 2025, and we still feel really comfortable managing the downmarket business within those original parameters.

上次我們在指導中談到了高端業務到 2025 年將實現中等個位數成長。我認為我們肯定正走在這條道路上。然後是市場下滑，去年我們下滑了 9%。我們第一季的銷售額年減了 10%，我們預計 2025 年的情況會變得更糟，但我們仍然對在原有參數範圍內管理低端市場業務感到非常放心。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

I'll have my congrats as well. I'm curious where the Copilot ACV might have reached in Q1. Was that something that you mentioned and/or any thought on kind of overall glide path of that ACV stream for this year?

我也會表示祝賀。我很好奇 Copilot ACV 在第一季的表現如何。這是您提到的嗎？或者您對今年 ACV 流的整體滑行路徑有什麼想法？

Yes, I can take that one. Copilot continued to grow kind of a rate that we expect. I think we're going to disclose milestones as we get to those milestones in the future. But we're really happy with not only the migration pattern, but also just the upsell opportunity that we continue to see there in Q1.

是的，我可以接受這個。Copilot 繼續以我們預期的速度成長。我認為我們將在未來達到這些里程碑時披露這些里程碑。但我們不僅對遷移模式感到高興，而且對我們在第一季繼續看到的追加銷售機會也感到高興。

Okay. And how do you feel about this earlier-stage Copilot rollouts? Because I think commonly, we've seen with other Copilots and agents out there that companies will run into some hurdles. You're trying to understand the security policies, looking at the governance and the data retention and sometimes they're encountering some buggies. Are you seeing any of those typical kind of speed bumps or does it feel like it's full steam ahead?

好的。您對早期 Copilot 的推出有何感想？因為我認為通常情況下，我們已經看到其他副駕駛和代理商遇到一些障礙。您正在嘗試了解安全策略，查看治理和資料保留，有時他們會遇到一些錯誤。您是否看到了任何典型的減速帶，或者感覺它正在全速前進？

We feel really good about the trajectory of Copilot, particularly in the upmarket. This was -- Q1 was a quarter where we saw the most upmarket deals for Copilot that we've seen. And so we're getting much better at the motion of navigating data privacy, data security, and AI governance boards within our clients. And that's not creating a real speed bump for us today.

我們對 Copilot 的發展軌跡感到非常滿意，特別是在高端市場。這是——第一季是我們見過的 Copilot 最高端交易的一個季度。因此，我們在客戶內部處理資料隱私、資料安全和人工智慧治理委員會方面做得越來越好。這對我們來說今天並不會造成真正的阻礙。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

I first wanted just to ask a little bit on the expense side, just given the better top line, but operating income and free cash flow guidance looked like it was pretty unchanged for the year. So just given the continued shift up market with better profitability and better top line in the full year target, is there anything to consider as it relates to investment priorities that may be limiting some of the flow-through?

首先，我只想問一下費用方面的問題，因為營業收入有所改善，但營業收入和自由現金流指引看起來今年基本上沒有變動。因此，鑑於市場持續上行，盈利能力更好，全年目標收入更好，在投資重點方面是否有任何需要考慮的因素可能會限制部分資金流？

And then as a follow-up, just as you leverage your own tools, could you speak to the internal efficiencies that you're seeing and how that may be reinvested or pass through over time?

然後作為後續問題，就像您利用自己的工具一樣，您能否談談您所看到的內部效率以及如何對其進行再投資或隨著時間的推移將其傳遞下去？

Yes. I can cover the guidance upfront. So I want to reiterate that we saw no impact to the overall business in Q1 from the economic environment. And in a more normal economic environment, we probably would have felt comfortable flowing through more of the bps into the full year guide. So for the avoidance of doubt, we're not seeing anything material in how our customers behave. This approach to guidance is 100% driven by caution as it relates to the uncertain environment.

是的。我可以提前提供指導。因此我想重申，我們認為第一季的整體業務沒有受到經濟環境的影響。在更正常的經濟環境下，我們可能會放心地將更多的基點納入全年指南。因此，為避免疑問，我們沒有看到客戶行為中存在任何實質的變化。這種指導方法 100% 是出於謹慎考慮，因為它與不確定的環境有關。

When you think about revenue versus adjusted operating income versus cash flow, we looked at revenue and the low end of the range was derisked by the magnitude of the bp in Q1. We're still expecting to deliver 36% margins in 2025.

當您考慮收入與調整後營業收入和現金流時，我們查看了收入，而該範圍的低端因第一季的基點幅度而降低了風險。我們仍預期 2025 年的利潤率將達到 36%。

And then on margins specifically, the seasonality of our business has evolved. I think we've talked about this some over the past few quarters. We expected margins to be several points lower below full year margins in Q1 and several points above the full year margin in the back half of the year, so in line with our expectations.

就利潤率而言，我們業務的季節性已經發生了變化。我想我們在過去幾個季度已經討論過這個問題了。我們預計第一季的利潤率將比全年利潤率低幾個百分點，而下半年的利潤率將比全年利潤率高出幾個百分點，因此符合我們的預期。

We've deployed Copilot across all of our go-to-market teams. I think what that's really allowed us to do is take the efficiencies gained by that deployment and their use of the platform and allowed us to invest more in our upmarket growth, our upmarket sales resource allocation. And so we feel really good about our continued opportunity to shift more and more resources upmarket as we get efficiencies across the sales team.

我們已經在所有行銷團隊中部署了 Copilot。我認為這真正讓我們能夠做的是利用部署和平台使用所獲得的效率，並讓我們能夠在高端市場成長、高端市場銷售資源配置方面投入更多資金。因此，隨著銷售團隊效率的提高，我們對繼續將越來越多的資源轉移到高端市場的機會感到非常高興。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Could I stay on that topic, please? You talked about the extra buffer where you kind of put it in -- if you think about a downturn or like kind of tougher times in selling, where did you think the issue is going to be more on downmarket that there you had already like quite a few years of issues or more on upmarket? How do you brace for that?

我可以繼續討論這個話題嗎？您談到了您放置的額外緩衝——如果您考慮到經濟低迷或銷售困難時期，您認為低端市場的問題會比高端市場更嚴重，而您已經遇到了好幾年的問題，或者更嚴重的問題？您如何應對？

Yes. I think the down market will be more reactive to macro slowdown than our upmarket business. So I think we feel like we're in probably the best shape we've really ever been in from an upmarket, downmarket mix perspective to weather something. So worth reminding, our initial guidance provided an opportunity for down market to decline and be managed down at an acceleration relative to where we were in 2024. And our guidance today continues to allow for that. So we continue to feel comfortable managing the downmarket business to a place where I'd say smaller and a healthier version of itself.

是的。我認為低迷市場對宏觀經濟放緩的反應將比高端市場業務更為強烈。因此，我認為，從高端市場和低端市場組合的角度來看，我們可能處於有史以來最好的狀態，可以抵禦各種挑戰。因此值得提醒的是，我們最初的指導為下行市場提供了一個下跌的機會，並且相對於 2024 年的水平，下行速度可以加快。我們今天的指導繼續允許這樣做。因此，我們仍然可以放心地將低端業務管理到一個規模較小、更健康的地方。

And then one follow-up for Henry. Obviously, in the front office space, there's a lot of talk on agents, Copilot, et cetera. Like what do you see in terms of customer understanding of where the different vendors with the different offerings fit in? And what can you do to kind of improve your spending gap? Thank you.

然後對亨利進行一次跟進。顯然，在前台辦公空間裡，人們談論很多關於代理商、副駕駛等等的事情。例如，從客戶理解的角度來看，不同供應商提供的不同產品適合於什麼環境？那麼您可以做些什麼來改善您的支出差距呢？謝謝。

I think of all the departments in corporate America go-to-market is the -- has been the slowest to leverage AI and agents in their motions. And I think the big reason for that is that you need -- it is necessary for you to leverage third-party data and third-party insights in order for you to build an AI agent that's relevant to go-to-market professionals.

我認為，在美國企業的所有部門中，行銷部門在利用人工智慧和代理商方面是最慢的。我認為最大的原因是你需要——你有必要利用第三方數據和第三方見解來建立與市場專業人士相關的人工智慧代理。

You can't just rely on your first-party data the same way that you could rely on first-party data to build a support ticket agent or a customer service agent. The data that go-to-market professionals need exists outside of their first-party data. Now, that first-party data is incredibly important, and it needs to be married to third-party data to actually execute an AI-driven motion, which is why we built GTM Studio is to allow our customers to bring what was historically very siloed go-to-market data together with third-party data and then build those AI motions and AI agents off of perfected, enriched, and a broad data asset that includes both first and third-party data.

您不能僅依賴第一方數據，就像您不能依賴第一方數據來建立支援票證代理或客戶服務代理一樣。行銷專業人員所需的數據存在於他們的第一方數據之外。現在，第一方數據非常重要，它需要與第三方數據結合起來才能真正執行人工智慧驅動的動作，這就是我們建立 GTM Studio 的原因，目的是讓我們的客戶將歷史上非常孤立的上市數據與第三方數據結合起來，然後基於完善、豐富和廣泛的數據資產（包括第一方和第三方數據）構建這些人工智能動作和人工智慧代理。

We think this is the unlock for go-to-market team to actually go to market with AI.

我們認為這是讓市場進入團隊真正利用人工智慧進入市場的鑰匙。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

My question would be with respect to the new emphasis of the company, go-to-market, Henry, which I can certainly appreciate, what new budgets can you go after with this new positioning? And what are the new terms you can go after as a result of that?

我的問題是，關於公司的新重點，即行銷，亨利，我當然理解這一點，在這種新定位下，您可以獲得哪些新預算？那麼，由此您可以追求哪些新條款呢？

Now so moving upmarket is laudable, but it's also higher cost of acquiring business. So as you move upmarket, what is the trade-off with respect to profitability that you might be making investing in new markets, new enterprise customers, new distribution can be a bit of a trade-off in the near term? How do you weigh the near term versus a longer-term payoff?

現在進軍高端市場是值得稱讚的，但獲取業務的成本也更高。那麼，當您進入高端市場時，在獲利能力方面，您可能會做出哪些權衡？投資新市場、新企業客戶、新分銷在短期內可能會帶來一些權衡嗎？您如何權衡短期收益和長期收益？

Yes. A lot in there. I think the first thing is in the down market, we've been moving more and more of our business to digital self-service. And so in the micro SMB today, we are pushing micro SMB to digital self-service where they're transacting without the aid or help of a seller. That's new in our go-to-market motion. We feel good about the trajectory that's happening there. That has already allowed us to move and reallocate resources from the downmarket and move those resources up market.

是的。裡面有很多東西。我認為首先在低迷的市場中，我們越來越多地將業務轉向數位自助服務。因此，在當今的微型中小企業中，我們正在推動微型中小企業走向數位自助服務，使他們無需賣家的幫助即可進行交易。這是我們進入市場的舉措中的新內容。我們對那裡發生的發展軌跡感到滿意。這已經使我們能夠將資源從低端市場轉移並重新分配到高端市場。

I should remind everybody that our upmarket business is meaningfully more profitable than our downmarket business, and so as we move more and more of the business upmarket, we have the opportunity to increase margins as that business is far more profitable than our downmarket business.

我應該提醒大家，我們的高端業務比低端業務的利潤要高得多，因此，隨著我們越來越多地將業務推向高端，我們就有機會提高利潤率，因為高端業務比低端業務的利潤要高得多。

And then on the question of expanding within the enterprise and other budgets that we would unlock, I think our big opportunity that we have a number of opportunities there. First, with our go-to-market studio product that we launched this week. We have the opportunity to bring rev ops professionals, sales ops professionals, and sales leadership into the ZoomInfo platform to help them to build the go-to-market motion and go-to-market campaigns that they've always had trapped in their heads but would have to sit in a long queue with IT and data science to actually bring to life.

然後，關於在企業內部擴張以及我們將解鎖的其他預算的問題，我認為我們的巨大機會是我們在那裡有很多機會。首先，我們本週推出了上市工作室產品。我們有機會將 rev ops 專業人員、銷售營運專業人員和銷售領導帶入 ZoomInfo 平台，幫助他們建立他們一直想實現的上市動議和上市活動，但必須與 IT 和資料科學排成長隊才能真正實現。

And so we're really excited about bringing a much broader spectrum of go-to-market leadership into the ZoomInfo platform. And then also, I mentioned this, but usage of our platform by account executives and account managers who are on copilot now matches the utilization of our platform by our heaviest SDR prospecting use case.

因此，我們非常高興能夠將更廣泛的市場進入領導力引入 ZoomInfo 平台。然後，我也提到了這一點，但是現在副駕駛上的客戶經理和客戶經理對我們平台的使用與我們最重的 SDR 勘探用例對我們平台的利用率相匹配。

And so that gives us real expansion to bring in a much broader spectrum of the go-to-market teams into ZoomInfo and to get more than just top-of-the-funnel prospecting use cases and broaden that to account executive and account manager and CSM use cases.

因此，這為我們提供了真正的擴展，將更廣泛的市場進入團隊引入 ZoomInfo，並不僅僅獲得漏斗頂端的勘探用例，還將其擴展到客戶主管、客戶經理和 CSM 用例。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

It's so great that you guys already here in New York. Nice to see the upmarket momentum here in Q1. I've got two questions. Maybe first for Henry. I was really intrigued by the Intuit relationship that you talked about. I want to understand, is that specific to Intuit Enterprise suite, their upmarket product? And can you maybe talk more about the economic relationship, what this can develop into? And how many more such relationships are out there that you can go after?

你們已經來到紐約了，真是太好了。很高興看到第一季的高端市場動能。我有兩個問題。對亨利來說，這也許是第一次。我對你談到的 Intuit 關係非常感興趣。我想了解一下，這是否特定於 Intuit Enterprise 套件（他們的高端產品）？您能否進一步談談經濟關係以及這種關係將如何發展？還有多少這樣的關係值得你去追求呢？

Thanks, Brad. We are really excited about our partnership with Intuit. It's a partnership that has grown with merit over time, and we continue to find new and broadening use cases there. It's not just limited to the enterprise suite at Intuit, it's much broader than that. Particularly, we've been helping them with their mid-market focused business and their outbound outreach and think that we can expand much further to more data management, data cleanliness opportunities within the company.

謝謝，布拉德。我們對與 Intuit 的合作感到非常興奮。隨著時間的推移，這種合作關係不斷增長，我們也將繼續在其中發現新的和不斷擴大的用例。它不僅限於 Intuit 的企業套件，其範圍更為廣泛。特別是，我們一直在幫助他們開展以中端市場為中心的業務和外展業務，並認為我們可以進一步擴展到公司內部更多的資料管理和資料清潔機會。

Look, I think Intuit is a good example of what we see across all of our enterprise customers. We are lightly penetrated into our enterprise customers, our upmarket customers. and we see no demand ceiling today in our ability to continue to grow within the enterprise.

你看，我認為 Intuit 是我們在所有企業客戶中看到的一個很好的例子。我們已經輕微滲透到我們的企業客戶和高端客戶。如今，我們看不到企業內部持續成長的能力有任何需求上限。

And so our job now is to execute on that opportunity to learn from the way that we're deploying solutions and enabling our enterprise customers and then bring that across the enterprise base. But we don't see any demand difficulties and continuing to grow that upmarket business because we're still lightly penetrated across the enterprise.

因此，我們現在的工作是抓住這個機會，從我們部署解決方案和支援企業客戶的方式中學習，然後將其推廣到整個企業。但我們並未看到任何需求困難，高端業務仍將繼續成長，因為我們在整個企業的滲透率仍然較低。

Huge opportunity. If I can follow up for you, Graham. As we think about your comments and the forecast that you put together in the conservatism, the embedded caution given the backdrop. I just want to be clear that in terms of close rates, pipeline build or anything, average discount trends, is there anything in the last six weeks here into Q2 that you're seeing that is informing the way that you think about the forecast? And if we think upmarket versus down market, is there one versus the other that you're perhaps more concerned about?

巨大的機會。如果我可以幫你跟進的話，格雷厄姆。當我們思考您的評論以及您在保守主義背景下提出的預測時，我們會考慮到根深蒂固的謹慎。我只是想明確一點，就成交率、通路建立或任何平均折扣趨勢而言，在第二季的過去六週內，您是否看到任何影響您對預測的看法？如果我們考慮高端市場和低端市場，您是否更關心其中之一？

I don't think we've -- we haven't seen anything in the past six weeks with our customers that is different. I think that our caution is informed by the broader uncertainty. And I think that's really what's informing this reiteration and slight raise on revenue. What was the last part of the question, Brad?

我認為，在過去六週內，我們沒有發現客戶有任何異常。我認為我們的謹慎是基於更廣泛的不確定性。我認為這才是此次重申和略微增加收入的真正原因。問題的最後一部分是什麼，布拉德？

Just thinking upmarket versus downmarket, if there's one or the other you're more concerned about as you look to the remainder of the year?

只是考慮高端市場與低端市場，在展望今年剩餘時間時您是否更關注其中一個市場？

Yes. We continue to feel really bullish around the market opportunity. We got to 3% growth in Q1, and we're really excited about the path, we're on to mid-single digits in 2025. Downmarket would probably be earlier to react to some macro worsening. So I think that we are -- we recognize that our initial guidance accounted or gave us a lot of room to manage that part of the business. And we're just not going to really rely on down market to contribute to our revenue guidance in any significant way.

是的。我們持續對市場機會充滿信心。我們在第一季實現了 3% 的成長，我們對這條發展路徑感到非常興奮，到 2025 年，我們的成長率將達到中等個位數。低端市場可能對宏觀經濟惡化做出更早的反應。所以我認為我們——我們認識到我們的初步指導為我們管理這部分業務提供了很大的空間。我們不會真正依賴低迷的市場來顯著提高我們的收入預期。

Jackson Ader, KeyBanc Capital Markets.

傑克遜·阿德（Jackson Ader），KeyBanc 資本市場。

Henry, on the upmarket growth, how much of that growth is coming from some of those customers that are actually hiring sales reps, like adding new seats to the platform?

亨利，關於高端市場的成長，有多少成長來自於那些實際僱用銷售代表的客戶，例如在平台上增加新的席位？

I can take that. It's a mix. So we have -- some of our customers are hiring sales reps. A lot of our upmarket growth comes from our operations product, which is up double digits year over year. That's not really a seat-based model. That's usually a data delivery model on a subscription basis. So we definitely have a mix of customers and prospects that are growing seats. We have a mix of customers that are signing up for our operations business.

我可以接受。這是一種混合。所以我們的一些客戶正在招募銷售代表。我們的高端市場成長很大一部分來自於我們的營運產品，該業務的年增長率達到兩位數。這實際上並不是基於座位的模型。這通常是一種基於訂閱的資料傳輸模式。因此，我們確實擁有不斷成長的客戶和潛在客戶。我們有各種各樣的客戶簽約我們的營運業務。

And then also, I mentioned this, we are expanding our use cases across account executive, account manager, and CSM seats as well, where historically, we may have been limited just to the top-of-the-funnel SDR use case. Today, with Copilot, we're able to expand beyond just that top of the funnel use case. And so those seats existed within our customer base.

然後，我還提到過，我們正在將用例擴展到客戶主管、客戶經理和 CSM 席位，而從歷史上看，我們可能僅限於漏斗頂部的 SDR 用例。今天，透過 Copilot，我們能夠擴展漏斗頂部以外的用例。因此這些席位存在於我們的客戶群中。

They don't need to be hired for us to sell into. But now we have a product that delivers a use case and value proposition for them. And then the product itself is bringing them in and having them engage with the product at levels that are the same as our SDR prospecting use case.

我們不需要雇用他們來向我們銷售產品。但現在我們有了一款可以提供他們用例和價值主張的產品。然後產品本身就會吸引他們並讓他們以與我們的 SDR 勘探用例相同的水平與產品互動。

Okay. So I mean, would it be fair to characterize it as like sales hiring is not yet a tailwind for you guys at the moment? Like it could be kind of upside as if things improve through the year?

好的。所以我的意思是，是否可以公平地將其描述為目前銷售招聘對你們來說還不是順風？就像如果情況在一年內有所改善，那麼這可能是一種好處嗎？

Yes, definitely.

是的，當然。

Okay. Okay. Cool. And then my follow-up, on remaining performance obligation, when should we expect the growth in those, whether it's total or current, when should we expect those to kind of more reflect what you're seeing in the upmarket motion?

好的。好的。涼爽的。然後我的後續問題是，關於剩餘履約義務，我們應該何時預期這些義務的增長，無論是總額還是當前額，我們應該何時預期這些義務能夠更多地反映您在高端市場動向中看到的情況？

Yes. I think when I look at the current bookings growth, we've been negative and then I think we were at 0% in Q1. So the trajectory there is improving. I would expect to get back to positive there, it's mostly a matter of time. Q1 was the last quarter where we were lapping a -- compared to last year where we had a high volume of downmarket new business transactions that didn't go through our more rigorous qualification process.

是的。我認為，當我查看目前的預訂量成長時，我們一直處於負成長狀態，然後我認為第一季的預訂量成長為 0%。因此那裡的軌跡正在改善。我希望能恢復到正面狀態，這主要只是時間問題。第一季是我們取得突破的最後一個季度——與去年相比，我們有大量低端市場新業務交易沒有經過我們更嚴格的資格審查程序。

So we didn't really fill the bucket up again with the same or similar transactions in Q1. Once we get into Q2 of this year, where we start lapping the introduction of the new business risk model last year, then we start to get into heavier upmarket quarters, we should have an opportunity to start to get back to positive current bookings growth.

因此，我們實際上並沒有在第一季用相同或類似的交易再次填滿這個桶子。一旦進入今年第二季度，我們就會開始重複去年引入的新業務風險模型，然後開始進入更為重要的高端市場季度，我們應該有機會開始恢復目前的正預訂量成長。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Graham, I wanted to double-click into the downmarket business. I get that you're seeing a good healthy acceleration upmarket. But the downmarket business still looks like it's a $350 million ARR business. How much do you think that business could contract? Do you see that contracting for the next year, for the next couple of years? I think it makes sense to focus on that market, but any color on the duration of that business and how it contracts over time? And one quick follow-up for Henry, thanks.

格雷厄姆，我想快速進入低端市場。我知道你看到了高端市場的健康加速發展。但低端市場業務看起來仍然是一項價值 3.5 億美元的 ARR 業務。您認為該業務可能萎縮多少？您認為明年或未來幾年會萎縮嗎？我認為關注該市場是有意義的，但對該業務的持續時間以及它如何隨著時間的推移而收縮有什麼看法？最後，我想問亨利一個問題，謝謝。

Sure. We expected it to contract in 2025 and contracted a faster pace than the year in 2024 and 2024, it was down 9%. Our guidance in 2025 implied that it would be down the high negative teens. I think the way we would think about this is getting to an optimal mix upmarket versus down market of the business, we're at 71%, 29% right now. That first milestone is let's get to 75%. And I think once we get to 80%, that would be my assumption around where down market would probably stabilize as the healthier and smaller version that we have been talking about.

當然。我們預計它將在 2025 年收縮，並且收縮速度將比 2024 年和 2024 年更快，下降了 9%。我們對 2025 年的指導表明，這一數字將下降至負十幾個百分點。我認為我們考慮這個問題的方式是找到業務的高端市場和低端市場之間的最佳組合，目前我們的比例是 71% 和 29%。第一個里程碑是達到 75%。我認為，一旦我們達到 80%，我的假設就是，下行市場可能會穩定下來，成為我們一直在談論的更健康、規模更小的版本。

Totally makes sense, kind of more of an 80/20 model. And then Henry, for you, the company's generating over $100 million a quarter in cash on average here. You've done a dozen acquisitions over the last 10 years, really helping kind of reposition the company. What's your appetite to do both buyback and tuck-in M&A? I love to get your thoughts there. Thanks.

完全有道理，更像是 80/20 模型。然後亨利，對您來說，公司平均每季產生超過 1 億美元的現金。過去 10 年裡，你們進行了十幾次收購，確實幫助公司重新定位。您對回購和收購併購的興趣如何？我很高興能在那裡聽到你的想法。謝謝。

Look, I think that we're going to be opportunistic with M&A, particularly tuck-in M&A. But look, right now, we're going to continue to aggressively reduce the share count at these levels, given how much greater our intrinsic value is than the market value today.

聽著，我認為我們將抓住機會進行併購，尤其是封閉式併購。但是，現在，考慮到我們的內在價值比今天的市場價值高得多，我們將繼續積極減少這些水準的股票數量。

We have great confidence. I have tremendous confidence in the future of ZoomInfo. And I really believe that the best company to do M&A against today is ZoomInfo, and we're going to use our cash to buy back shares of what we believe is the lowest priced, most opportunistic company to buy shares.

我們非常有信心。我對 ZoomInfo 的未來充滿信心。我真的相信，今天最適合進行併購的公司是 ZoomInfo，我們將用我們的現金回購我們認為價格最低、最具機會的公司股票。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Graham, one for you. So when we think about the evolution of NRR this year, how much of it is an improvement that you're seeing in the different customer segments starting to emerge to those specific NRRs versus mix? So maybe you could talk a little bit about that.

格雷厄姆，給你一個。因此，當我們思考今年 NRR 的發展時，您看到不同的客戶群開始朝著特定的 NRR 而非混合方向發展，這種進步有多大？所以也許你可以稍微談論一下。

And part of the reason I ask is, as you start to lap the SMB go-to-market changes that you made, I guess, how much of a tailwind could that be to SMB NRR and therefore, the total to -- and then to the extent you can share what NRR is being baked into the guide? I think that would be helpful as well.

我問這個問題的部分原因是，當您開始了解您所做的 SMB 上市變革時，我想，這對 SMB NRR 以及總體而言會有多大推動作用 - 然後您可以分享一下指南中包含的 NRR 範圍嗎？我認為那也會有幫助。

Yes. When I think about the proportion of just better upmarket mix versus improvements within those segments, right now, it's really being driven by better upmarket retention. If you look back to when we were at 85% for several quarters there, the sequential uptick is coming from better retention up market. We are not getting a large tailwind yet from the better mix.

是的。當我考慮更好的高端市場組合與這些細分市場內的改進的比例時，目前，它實際上是由更好的高端市場保留所驅動的。如果回顧我們連續幾季都達到 85% 的情況，就會發現連續的上升是來自更好的留存市場。我們尚未從更好的組合中獲得巨大的順風。

I think over time, as we continue to improve our market retention, as we take the upmarket mix from the low 70s to the mid-70s, then it starts to become more 50-50. But right now, the biggest driver of our retention improvement is upmarket retention improvement.

我認為，隨著時間的推移，隨著我們不斷提高市場保留率，隨著我們將高端市場組合從 70% 出頭提升到 70% 中期，這一比例將開始變為 50-50。但目前，我們留存率提升的最大驅動力是高端市場留存率的提升。

And then I don't think we're going to talk or disclose explicitly the retention in the guide. I think if you just think about it as mid-single-digit upmarket growth that is being driven by improving retention in up markets and then down market 8 to 9 points degradation in year-over-year growth where we see lower retention and the potential for that to remain lower than it's been.

然後我認為我們不會在指南中明確談論或揭露保留問題。我認為，如果你只是把它看作是中等個位數的高端市場成長，這種成長是由高端市場的留存率提高所推動的，而低端市場則會出現同比增長 8 到 9 個百分點的下降，我們看到留存率較低，而且有可能繼續保持在較低水平。

Michael Turrin, Wells Fargo Securities.

圖林 (Michael Turrin)，富國證券。

Appreciate you taking the question. It's the second straight quarter we've seen a pretty good consistent top line upside. So I wanted to spend some time just on the commentary you're making around incremental conservatism in the rest of your forecast. Is there any more color you can add on which inputs are changing relative to what you're assuming at the start of the year? And maybe any added commentary you have just around the visibility into rest of your targets, at least on the upmarket side? It's just helpful context as we roll it all together. Thank you.

感謝您回答這個問題。這是我們連續第二季看到相當不錯的持續收入成長。因此，我想花一些時間來評論您在其餘預測中對漸進式保守主義所做的評論。相對於您在年初所假設的情況，您能否補充更多細節來說明哪些輸入發生了變化？也許您對其他目標的可見性還有什麼補充評論嗎，至少在高端市場方面？當我們將所有內容整合在一起時，這只是有用的背景資訊。謝謝。

I think that the methodology on how we develop the guidance hasn't really changed. We basically went through the same process for revenue, profitability, cash flow, adjusted earnings per share. And then considering kind of the unique environment that we're in right now, we just -- essentially, the last step was layer on an incremental amount of caution around the guidance.

我認為我們制定指導的方法實際上並沒有改變。我們基本上對收入、獲利能力、現金流、調整後每股收益經歷了相同的過程。然後考慮到我們目前所處的獨特環境，我們只是——本質上，最後一步是在指導周圍逐漸增加謹慎程度。

So I don't think there's one or two things I would point to. I think you should still expect in the guide mid-single-digit upmarket growth, a decline in the downmarket growth trajectory, and consistent margins.

所以我不認為我會指出一兩件事。我認為你仍然應該預期在指南中會出現中等個位數的高端市場成長、低端市場成長軌跡的下降以及穩定的利潤率。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Congrats on the quarter. Henry, you've mentioned a few times that you're extending the roles that you're addressing. I'm curious if there's one role in particular what you're most excited about in terms of incremental adoption in 2025? And maybe just remind us, any sense of what your seat penetration is with your enterprise customers?

恭喜本季取得佳績。亨利，您曾多次提到您正在擴展您所扮演的角色。我很好奇，就 2025 年的逐步採用而言，您對哪個角色最為興奮？或許只是提醒我們，您對企業客戶的席次滲透率有何了解？

Key penetration in enterprise customers is very low. I would tell you like maybe high single digits, low double digits. And then on roles that we're most excited about, I think -- I don't think there is one. Let me give you a couple. I think first, expanding into the account executive and account manager workforce we think, is a huge opportunity. It represents 3 times the seat opportunity as SDRs and top of the funnel sellers represent. And we have a great solution for them that they are leveraging and using with Copilot, so we're excited about continuing our journey to expand into that area.

在企業客戶中的密鑰滲透率非常低。我會告訴你可能是高個位數，低兩位數。至於我們最感興趣的角色，我想──我認為沒有。讓我給你舉幾個例子。我認為首先，我們認為擴大客戶經理和客戶經理團隊是一個巨大的機會。它代表著 SDR 和漏斗頂端賣家所代表的席位機會的 3 倍。我們為他們提供了一個很好的解決方案，他們正在利用 Copilot 來使用它，因此我們很高興能夠繼續擴展到該領域。

Then I would tell you that RevOps, sales ops, and then by extension, sales leadership with GTM Studio will be a target audience of ours. These are people in the company who have the most creative ideas about how to go to market, but they get stuck in a long line with IT and data science and engineering just to see those ideas come to life, and that's a pretty painful experience that we've been really focused on building around and giving them a solution to be able to get those creative ideas in the market and execute it on as fast as possible.

然後我會告訴你，RevOps、銷售營運以及 GTM Studio 的銷售領導將成為我們的目標受眾。公司裡有些人對如何將產品推向市場有著最具創意的想法，但他們卻不得不在 IT 和數據科學與工程領域排隊，才能看到這些想法變成現實，這是一次非常痛苦的經歷，我們一直致力於圍繞這一問題為他們提供解決方案，以便能夠將這些創意推向市場並儘快付諸實施。

And when we're showing GTM Studio to those leaders, they're incredibly excited about getting their hands on the platform, and we think we're going to continue to have moments where we get to delight our customers like that and are excited to have that opportunity.

當我們向這些領導者展示 GTM Studio 時，他們對能夠使用該平台感到非常興奮，我們認為我們將繼續擁有讓客戶滿意的時刻，並為擁有這樣的機會而感到興奮。

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

Great. This is Austin Cole on for Pat Walravens. Henry, I'm wondering about the kind of genesis for this new chapter, the ZoomInfo story, if you will. When did you start coming up with this larger go-to-market vision? It seems in some sense, like a kind of natural evolution of the platform. But wondering if there were some maybe potential buyers out there that were inquiring about these kind of capabilities that go-to-market studio can now provide?

偉大的。這是奧斯汀·科爾 (Austin Cole)，替補帕特·沃爾拉文斯 (Pat Walravens)。亨利，如果你願意的話，我想知道這個新篇章，ZoomInfo 故事的起源是怎麼樣的。您是什麼時候開始提出這個更大的行銷願景的？從某種意義上來說，這似乎是平台的一種自然演進。但想知道是否有一些潛在的買家正在詢問上市工作室現在可以提供的這類功能？

I think probably the big thing that we realized was no matter how great of an e-mail you put together, no matter how personalized it is, no matter if it brings in insights from the most rare, bespoke sources and is perfectly crafted, that unless a front-line seller or a marketer takes action against that perfect audience, no revenue is generated.

我想我們可能意識到的最重要的事情是，無論你寫的電子郵件有多棒，無論它有多個性化，無論它是否從最稀有、最定制的來源獲得見解並且製作得完美無缺，除非一線銷售人員或營銷人員針對完美的受眾採取行動，否則就不會產生收入。

And so we were hearing from our customers, hey, I'm pulling in intent and website visitors in all of these different unique data points, but I'm not seeing it turn into revenue the way that I anticipated it would. Yes, it performs better than our last campaigns that were less personalized, but we want to see this move exponentially.

因此，我們從客戶那裡聽說，嘿，我在所有這些不同的獨特數據點中吸引了意圖和網站訪問者，但我沒有看到它像我預期的那樣轉化為收入。是的，它的表現比我們上一次個性化程度較低的活動要好，但我們希望看到這一變化呈指數級增長。

And so when we were able to bring go-to-market studio together and marry that to Copilot in a way that gives Copilot the ability to be in front of a frontline seller connected to their Slack, connected to their teams, connected to their e-mail, connected to their text messages, designed so that they could take action quickly with those audiences that their sales leaders and their rev ops and sales ops professionals are putting together for them.

因此，當我們能夠將上市工作室整合在一起，並將其與 Copilot 結合起來時，Copilot 就可以出現在與他們的 Slack 相連的一線銷售人員面前，與他們的團隊相連，與他們的電子郵箱相連，與他們的短信相連，這樣他們就可以迅速採取行動，與他們的銷售主管、銷售運營和銷售受眾專業人士的操作員。

We recognize that once you marry frontline execution with that perfect personalized insight-created e-mail and insight-created talk track, then that's where you can really move the needle and go to market. And so that was sort of the learning that we had that drove us down this road to put those together.

我們認識到，一旦你將一線執行與完美的個性化洞察力創建的電子郵件和洞察力創建的談話軌道結合起來，那麼這就是你真正推動市場前進的地方。這就是我們所學到的東西，它促使我們走上這條道路，將它們整合在一起。

Surinder Thind, Jefferies.

蘇林德‧廷德（Surinder Thind），傑富瑞集團（Jefferies）。

When you guys are thinking about kind of the pipeline and the idea that you're excited about what you see in the upmarket, can you maybe talk about the mix itself, copilot adoption early on was primarily newer customers? But it sounds like the increase in NRR at existing clients has been a more recent driver. Just how are you thinking about the different -- those two cohorts and kind of what's ahead?

當你們考慮通路類型以及對高端市場所見所聞感到興奮時，能否談談產品組合本身，早期採用副駕駛的主要是較新的客戶？但聽起來現有客戶的 NRR 增加是較近期的驅動因素。您如何看待這兩個群體的不同以及未來的發展？

Yes. I think we view the net revenue retention as the primary driver of stabilization and return to reacceleration of revenue. Our new business pipeline is more segmented than it's ever been. We introduced this in 2024, but for the downmarket customers, we're able to score them, qualify them, figure out whether it should be going to a PLG digital motion or if it's more of the higher end of down market, whether we should keep a sales rep in that sales cycle.

是的。我認為我們將淨收入保留視為收入穩定和恢復加速的主要驅動力。我們的新業務管道比以往更加細分。我們在 2024 年推出了這項服務，但對於低端市場客戶，我們能夠對他們進行評分、鑑定，確定是否應該採用 PLG 數位運動，或者如果是更高端的低端市場，我們是否應該在銷售週期中保留銷售代表。

And then upmarket, we've really specialized and segmented our account executive base so that we are investing behind some of these longer sales cycles for these larger customers. So we're much more prescriptive and scientific with our customer acquisition engine. And that will eventually -- that's starting to show up and improving retention outcomes. But improvement in retention is the key driver in getting back to our growth goals.

然後是高端市場，我們真正專業化並細分了我們的客戶經理群體，以便我們為這些較大的客戶投資一些更長的銷售週期。因此，我們的客戶獲取引擎更加規範和科學。這最終將開始顯現並改善保留結果。但提高留存率是我們重返成長目標的關鍵驅動力。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Just one for me. I want to go back to the Q2 revenue guidance and maybe unpack some of the set of assumptions behind it. You saw in this quarter above 1% days adjusted sequential growth, your guide calls for negative 4% base asset growth on my math.

對我來說只有一個。我想回顧第二季的收入指引，並解讀背後的一些假設。您看到本季調整後的連續成長率超過 1%，但根據我的計算，您的指南要求基礎資產成長率為負 4%。

At the same time, you are seeing improving momentum up market. Your comps don't get -- aren't super difficult and you're seeing success with copilot as well. Maybe just walk us through kind of the set of assumptions you have behind it, how much of it is conservatism because you're saying the guidance philosophy is pretty similar as before?

同時，你會看到市場正在好轉。您的電腦不會—並不是特別困難，而且您也看到了副駕駛的成功。也許您可以向我們介紹您背後的一系列假設，其中有多少是保守主義，因為您說指導理念與以前非常相似？

Sure. The incremental cost on I talked about was baked into both the full year and the quarterly guides. Of course, the magnitude is bigger by nature with the full year than the quarter. But yes, Q1 was another great revenue quarter that was driven by great Q4 sales performance and continuing better cash collection and write-off outcomes.

當然。我談到的增量成本已計入全年和季度指南中。當然，全年的幅度自然大於季度的幅度。但是，是的，第一季是另一個出色的收入季度，這得益於第四季度出色的銷售業績以及持續更好的現金收款和註銷結果。

So there is a little bit of seasonality in there relative to our market opportunity, which we usually are starting to see more and more at the end of Q2 and Q4. But you could think about this incremental caution that we've layered in as applicable to the full year as well as to Q2.

因此，相對於我們的市場機會而言，這其中存在一些季節性，我們通常在第二季末和第四季末開始越來越多地看到這種情況。但您可以考慮一下，我們逐步採取的這種漸進式謹慎措施既適用於全年，也適用於第二季。

Allan Verkhovski, Scotiabank.

加拿大豐業銀行的 Allan Verkhovski。

Great to hear retention in the software vertical improved sequentially for the fourth quarter in a row. Can you just go a layer deeper on what trends you saw in this segment in the past few months? And can you update us on how this vertical is impacting ZoomInfo's total revenue growth?

很高興聽到軟體垂直領域的保留率連續第四個季度有所提高。您能否更深入地介紹一下過去幾個月您在這個領域看到的趨勢？您能否告訴我們這個垂直產業對 ZoomInfo 的總營收成長有何影響？

Yes. So we saw retention in the software vertical improved sequentially for the fourth quarter in a row. Software vertical is one of the largest contributors to the deceleration and decline in growth that we saw starting in 2022. We experienced a lot of downsell pressure there.

是的。因此，我們看到軟體垂直領域的保留率連續第四個季度有所提高。軟體垂直產業是導致我們從 2022 年開始看到的成長減速和下降的最大因素之一。我們在那裡經歷了很大的降價壓力。

So in general, we were able to keep most of those logos but at lower annual spend. As we got into the middle of 2024 and more so now we're not -- we don't have that level of downsell pressure. And in fact, we're starting to get to more of an upsell opportunity place again with the software vertical.

因此總的來說，我們能夠保留大部分標識，但年度支出較低。隨著我們進入 2024 年中期，現在我們不再有那麼大的降價壓力。事實上，透過軟體垂直領域，我們又開始獲得更多的追加銷售機會。

So the retention improvement is really positive for four quarters in a row. We think we're almost at that place now where software is actually contributing back or back contributing to our aggregate growth as opposed to impairment.

因此，連續四個季度，留存率的提高確實非常積極。我們認為，我們現在已經幾乎處於這樣的階段：軟體實際上正在對我們的整體成長做出貢獻，而不是造成損害。

Great. Thank you, everybody, for joining us tonight. We appreciate it.

偉大的。感謝大家今晚加入我們。我們對此表示感謝。

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

感謝您參加今天的電話會議。你們現在都可以斷開連結了。