Zoominfo Technologies Inc (GTM) 2025 Q2 法說會逐字稿

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

女士們，先生們，謝謝大家的支持，歡迎參加 ZoomInfo 2025 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。

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

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

Thanks, Michelle. Welcome to ZoomInfo's financial results conference call for the second quarter of 2025. With me on the call today are Henry Schuck, Founder and CEO of ZoomInfo. And let me be one of the first to congratulate Graham O'Brien, who is also on this call, who is our newly named Chief Financial Officer.

謝謝，米歇爾。歡迎參加 ZoomInfo 2025 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 的創辦人兼執行長亨利舒克 (Henry Schuck)。讓我先向格雷厄姆·奧布萊恩表示祝賀，他也參加了這次電話會議，他是我們新任命的財務長。

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、對未來財務業績的預期和類似項目，包括但不限於使用可能、將要、預期、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。

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section 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.

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.

如需了解更多信息，請參閱發佈於我們投資者關係網站 ir.zoominfo.com 的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公認會計準則 (GAAP)。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。

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. We executed well across our strategic priorities, delivered another quarter of strong financial results, accelerated upmarket growth, and raised our guidance for the year, which now calls for positive revenue growth in 2025. We're delighting our customers and feel closer to them than ever. We're positioned to play offense with accelerating product innovation, a strengthening competitive position across our solutions, and a team that is laser-focused and has an ownership mentality.

謝謝你，傑瑞。歡迎大家。我們出色地執行了各項策略重點，再次取得了強勁的季度財務業績，加速了高端市場的成長，並提高了年度業績預期，預計 2025 年營收將實現正成長。我們讓客戶感到高興，並且感覺與客戶的關係比以往任何時候都更加親近。我們致力於透過加速產品創新、加強解決方案的競爭地位以及組建一支高度集中且具有主人翁精神的團隊來發動攻擊。

All these inputs should drive accelerating free cash flow per share growth over the next few years and beyond. During the quarter, Go-To-Market Studio went live and has a growing set of customers. ZoomInfo Copilot continued on a strong growth trajectory, and our suite of operations solutions again grew more than 20% year over year, validating that our customers are increasingly recognizing that they must make an infrastructural investment in data if they want to win in an AI world.

所有這些投入都將推動未來幾年及以後每股自由現金流的加速成長。本季度，Go-To-Market Studio 正式上線，客戶數量不斷增加。ZoomInfo Copilot 持續保持強勁的成長軌跡，我們的營運解決方案套件再次年增超過 20%，證明我們的客戶越來越認識到，如果他們想在人工智慧世界中取勝，就必須對資料進行基礎設施投資。

All three solutions are driving stickier workflows and more habituated engagement across our customer base. In Q2, GAAP revenue was $307 million, and adjusted operating income was $105 million, a margin of 34%, both above the high end of guidance. Q2 is a quarter that typically skews more upmarket, and we leveraged that opportunity with an increasing number of our largest customers embracing workflows, automation, and data as they expand their usage of our overall platform.

所有這三種解決方案都在推動我們客戶群中更緊密的工作流程和更習慣性的參與。第二季度，GAAP 營收為 3.07 億美元，調整後營業收入為 1.05 億美元，利潤率為 34%，均高於預期上限。第二季通常更偏向高端市場，我們利用這個機會，越來越多的最大客戶在擴大我們整個平台的使用範圍的同時，也開始採用工作流程、自動化和數據。

We now have 1,884 customers with more than $100,000 in ACV, a sequential increase of 16 customers, and a year-over-year increase of 87 customers. ACV growth in the quarter from that cohort was materially higher than last Q2 as our largest customers continue to expand and embed more of our data and agents in their workflows.

我們現在擁有 1,884 名 ACV 超過 10 萬美元的客戶，較上季增加 16 名，較去年同期增加 87 名。由於我們最大的客戶繼續擴展並在其工作流程中嵌入更多我們的數據和代理，該季度的 ACV 成長率大幅高於去年第二季。

We added customers to our $1 million cohort, driving sequential and year-over-year growth in total ACV, as well as the average ACV per $1 million customer. ACV for the $1 million cohort was up more than 25% year over year. Upmarket ACV accelerated from 3% year-over-year growth in Q1 to 4% year-over-year growth in Q2. 72% of our business is now upmarket. Net revenue retention improved to 89% in the quarter, up 4 percentage points in three quarters, with upmarket retention the highest it has been in several years.

我們將客戶數量增加到 100 萬美元大家庭，推動了 ACV 總額以及每位 100 萬美元客戶的平均 ACV 實現連續和同比增長。100 萬美元群體的 ACV 年成長超過 25%。高端市場 ACV 從第一季的年增 3% 加速至第二季的年增 4%。目前，我們 72% 的業務屬於高端市場。本季淨收入留任率提高至 89%，三個季度內上升了 4 個百分點，高端市場保留率達到數年來的最高水平。

During the quarter, we closed upmarket opportunities with Avis, OpenExchange, Spectrum, Swift, and the Washington Commanders. Additionally, a multinational provider of finance, HR, and payroll software doubled its spend with us and is now leveraging a wide swath of our data-as-a-service products within their data science teams to build foundational data with the company from a graphics, technographics, hierarchy data, and signals across funding announcements, intent topics, and project scoops.

在本季度，我們與 Avis、OpenExchange、Spectrum、Swift 和華盛頓指揮官達成了高端市場合作機會。此外，一家跨國財務、人力資源和工資軟體供應商在我們這裡的支出增加了一倍，現在正在其數據科學團隊中廣泛利用我們的數據即服務產品，與公司一起從圖形、技術圖表、層次結構數據和信號構建基礎數據，涵蓋資金公告、意向主題和項目獨家新聞。

The customer expects this investment to have an immediate impact on market reactivity, win rates, and hard costs on FTEs across their go-to-market organization. At UKG, we identified and unlocked an opportunity to transform their territory planning, account scoring, and first-party data enrichment by improving data integrity across the organization using ZoomInfo Labs, data as a service, and our AI-powered signals.

客戶希望這項投資能對其整個行銷組織的市場反應性、成功率和 FTE 的硬成本產生直接影響。在 UKG，我們透過使用 ZoomInfo Labs、資料即服務和我們的 AI 驅動訊號來提高整個組織的資料完整性，發現並開啟了一個轉變其區域規劃、帳戶評分和第一方資料豐富的機會。

We expanded our relationship with a leading spend management platform to develop a custom data-as-a-service solution that amplifies their go-to-market engine and accelerates their initiative to grow their customer base of companies with more than 10 employees. By partnering with their business systems, engineering, and business intelligence teams, we analyzed company records and contacts against their ideal customer profile, identified whitespace opportunities, and delivered a new universe of data that integrates seamlessly into their existing go-to-market workflows.

我們擴大了與領先的支出管理平台的關係，以開發客製化的數據即服務解決方案，從而擴大他們的上市引擎並加速他們擴大擁有 10 多名員工的公司客戶群的計劃。透過與他們的業務系統、工程和商業智慧團隊合作，我們根據他們的理想客戶資料分析了公司記錄和聯絡人，發現了空白機會，並提供了一個可以無縫整合到他們現有的上市工作流程中的新數據。

These accounts were all already in our $100,000 cohort of customers, and all three more than doubled their spend year over year. This is a trend that we expect to continue to see within our customer base. Our go-to-market motion is now designed to drive increased platform adoption and expansion across our existing upmarket customers.

這些帳戶都已經是我們 10 萬美元客戶群中的一員，而這三個帳戶的支出都比去年同期增加了一倍多。我們預計這一趨勢將在我們的客戶群中繼續延續。我們的行銷措施目前旨在推動現有高端客戶對平台的採用和擴展。

And while not reflected in our Q2 financial results, shortly after the close of the quarter, we signed the largest TCV deal in the history of ZoomInfo, reinforcing our upmarket growth potential. This is a nearly eight-figure annual contract across four years with an existing upmarket customer that materially extends their use of the ZoomInfo platform. This customer has been using ZoomInfo for over a decade, during which time they have increased annual spend by 40x.

雖然這沒有反映在我們的第二季財務表現中，但在本季結束後不久，我們簽署了 ZoomInfo 史上最大的 TCV 交易，增強了我們的高端成長潛力。這是與現有高端客戶簽訂的一份為期四年、年薪近八位數的合同，大大延長了他們對 ZoomInfo 平台的使用時間。該客戶使用 ZoomInfo 已有十多年，在此期間，他們的年度支出增加了 40 倍。

What started as a simple contact lookup contract has evolved into a long-term partnership that leverages our data, signals, and workflow activation layer with custom DaaS deliveries becoming embedded into their critical go-to-market workflows. Customers like this one underscore how critical we are to organizations as they transform the way they go to market. Today, 72% of our ACV is coming from larger upmarket customers, an area where we see higher levels of profitability and accelerating revenue growth. As we successfully execute on our transition upmarket, we continue to invest behind this strategic shift.

最初只是一份簡單的聯繫人查找合同，現在已經發展成為一種長期合作夥伴關係，利用我們的數據、信號和工作流激活層，將定制的 DaaS 交付嵌入到他們關鍵的上市工作流中。像這樣的客戶強調了我們在企業轉變行銷方式時對他們的重要性。如今，我們 72% 的 ACV 來自較大的高端客戶，在這一領域，我們的獲利水準更高，收入成長也更快。隨著我們成功實現高端市場轉型，我們將繼續投資於這項策略轉變。

During our last earnings call, we made clear our intention to build the Go-To-Market Intelligence Platform. We continue to see great momentum on that journey throughout Q2 as enterprises move beyond accessing data to demanding AI-powered systems that can think, predict, and act on their behalf, positioning our solutions and platform as the intelligent backbone of their go-to-market operation.

在我們上次的收益電話會議上，我們明確表示了建構市場智慧平台的意圖。在整個第二季度，我們繼續看到這一進程的強勁勢頭，因為企業已經從訪問數據轉向需要能夠代表他們思考、預測和行動的人工智慧系統，將我們的解決方案和平台定位為他們進入市場運營的智慧支柱。

First, with Copilot, our AI for front-line seller productivity. In the quarter, the first set of customers who adopted Copilot a year ago came up for their first renewal on the product. Though it's still early, we're observing renewal rates that are materially better than on-legacy ZoomInfo sales and are performing better than expected. Since Q4 2024, active users have increased their number of monthly AI actions by more than 40%, showing increasing adoption in daily workflows. We also expect continued traction upmarket as upgraded Copilot features and agents launch later this year.

首先，借助 Copilot，我們的人工智慧可以提高第一線賣家的生產力。本季度，一年前採用 Copilot 的第一批客戶首次續訂了該產品。雖然現在還為時過早，但我們觀察到續約率明顯高於傳統 ZoomInfo 的銷售額，而且表現也比預期好。自 2024 年第四季以來，活躍用戶每月的 AI 操作數量增加了 40% 以上，顯示其在日常工作流程中的採用率不斷提高。我們也預計，隨著今年稍後升級的 Copilot 功能和代理商的推出，其將繼續受到高端市場的青睞。

Second, Go-To-Market Studio is our operational counterpart to Copilot, enabling sales leaders and revenue operations teams to architect campaigns and strategies while Copilot executes against those strategies at the front line. They're designed to work together, driving expansion across different personas and new use cases within the same enterprise account.

其次，Go-To-Market Studio 是 Copilot 的營運對應方，它使銷售主管和收入營運團隊能夠設計活動和策略，而 Copilot 則在前線執行這些策略。它們旨在協同工作，推動同一企業帳戶內不同角色和新用例的擴展。

Go-To-Market Studio went into early access in July with the first set of customers from our oversubscribed waitlist. We will be GA-ing Go-To-Market Studio ahead of schedule. And as it continues to scale across our customer base, we have an unprecedented opportunity to enable go-to-market leaders to actually deliver results with AI and automation.

Go-To-Market Studio 於 7 月向超額認購候補名單中的第一批客戶開放了搶先體驗版。我們將提前推出 Go-To-Market Studio。隨著它在我們的客戶群中不斷擴大，我們擁有前所未有的機會，讓市場領導者能夠真正利用人工智慧和自動化來取得成果。

Early customers are using Go-To-Market Studio to generate insights faster than ever with just a fraction of the effort. Account scoring and prioritization, automated research and enrichment, turn prediction modeling, and competitive intelligence are some of the first features that our early users are embedding into their AI-enabled workflows.

早期客戶正在使用 Go-To-Market Studio，只需付出一小部分努力就能比以往更快地獲得洞察。帳戶評分和優先排序、自動化研究和豐富、轉向預測建模和競爭情報是我們早期用戶嵌入到其支援 AI 的工作流程中的首批功能。

We're eliminating data silos, automating manual tasks, and delivering real-time buyer intelligence, ensuring every seller is engaging with the right accounts at the right time with the right message. With Go-To-Market Studio, Copilot, and DaaS, our Go-To-Market Intelligence Platform is creating the unified data foundation for Go-To-Market AI.

我們正在消除資料孤島、自動化手動任務並提供即時買家情報，確保每個賣家都能在正確的時間透過正確的資訊與正確的帳戶進行互動。透過 Go-To-Market Studio、Copilot 和 DaaS，我們的 Go-To-Market Intelligence 平台正在為 Go-To-Market AI 創建統一的資料基礎。

In Q2, we continue to automate the downmarket experience and where we're able to reduce and, in some cases, reallocate downmarket resources. In this rapidly changing technology landscape, we will continue to be ahead of the curve in our internal adoption of AI, resourcing smaller but more productive teams.

在第二季度，我們將繼續實現低端市場體驗的自動化，並能夠減少甚至在某些情況下重新分配低端市場資源。在這個快速變化的技術環境中，我們將繼續在內部採用人工智慧方面保持領先地位，為規模更小但更有效率的團隊提供資源。

In one instance, we were able to restructure a team from more than 25 employees to two, leveraging AI to support the automated creation of content and the workflow to connect that content across the business. We deployed some of that excess headcount into upmarket sales roles where we continue to add headcount.

在一個例子中，我們能夠將一個團隊從 25 多名員工重組為 2 名員工，利用人工智慧來支援內容的自動創建和將內容連接到整個企業的工作流程。我們將部分過剩員工部署到高端銷售職位，並持續增加員工數量。

We see these changes leading to better customer experiences while capturing efficiencies in the process and have a number of additional areas around the business where we believe we can reinvent our operating model powered by AI, resulting in better customer experiences, faster decisions, reduced headcount by leveraging AI, and improved margin performance.

我們看到這些變化帶來了更好的客戶體驗，同時提高了流程效率，並且我們相信在業務的許多其他領域我們可以重塑由人工智慧驅動的營運模式，從而帶來更好的客戶體驗、更快的決策、透過利用人工智慧減少員工人數並提高利潤率。

In the quarter, we were also able to be aggressive against our share buyback program, retiring 15.9 million shares of common stock at an average price of $9.22. I'm committed to driving durable positive revenue growth, faster AOI growth, and even faster free cash flow per-share growth via opportunistic and price-sensitive buyback.

本季度，我們也積極執行了股票回購計劃，以平均9.22美元的價格回購了1590萬股普通股。我致力於透過機會主義和價格敏感型的回購，推動收入持續正成長、AOI更快成長，以及每股自由現金流更快成長。

Before I turn the call over to Graham, we announced today that we are naming him CFO. Graham first joined us as part of the ranking acquisition in 2017 and has had a great track record over his eight-plus years at ZoomInfo. He has done a fantastic job serving as our interim CFO, a period of time when we consistently delivered on expectations, redoubled our focus on profitable growth, and continued our shift upmarket. He has been a great partner to me and to the investor community, and I'm confident he is perfect for the job. It has been a highlight of my career to watch him grow into this role.

在我將電話轉給格雷厄姆之前，我們今天宣布任命他為財務長。格雷厄姆於 2017 年作為排名收購的一部分首次加入我們，並在 ZoomInfo 工作的八年多時間裡取得了出色的成績。他在擔任我們的臨時財務長期間表現非常出色，在這段時間裡，我們始終不負眾望，加倍注重獲利成長，並繼續向高端市場轉型。他一直是我和投資人群體的優秀合作夥伴，我相信他非常適合這份工作。看到他逐漸適應這個角色是我職業生涯的一大亮點。

With that, I'll turn the call over to our Chief Financial Officer, Graham O'Brien.

說完這些，我將把電話轉給我們的財務長 Graham O'Brien。

Thanks, Henry. I appreciate the kind words. I am excited about the opportunity, and I am confident that we will continue to accelerate along this promising trajectory as we focus on customer value and expanding upmarket. My philosophy as CFO is that the ultimate arbiter of the value of a business to its owners is the long-term free cash flow per share it generates, and I will be dedicated to effectively delivering that.

謝謝，亨利。我很感激這些善意的話語。我對這個機會感到非常興奮，我相信，隨著我們專注於客戶價值和拓展高端市場，我們將繼續沿著這條充滿希望的軌跡加速前進。作為首席財務官，我的理念是，企業對其所有者的價值的最終決定因素是其產生的每股長期自由現金流，我將致力於有效實現這一點。

I am committed to earning and keeping investor trust and recognize that we must compete for shareholders and their capital through superlative operating and financial performance. We have a real opportunity to re-accelerate revenue growth while prioritizing profitability and growing free cash flow per share, and I am confident that the path we are on will create meaningful shareholder value.

我致力於贏得並保持投資者的信任，並認識到我們必須透過卓越的營運和財務表現來爭奪股東及其資本。我們有真正的機會重新加速收入成長，同時優先考慮獲利能力和增加每股自由現金流，我相信我們所走的道路將創造有意義的股東價值。

Shifting to the results for the quarter, Q2 GAAP revenue was $307 million and adjusted operating income was $105 million, a margin of 34%, both above the guidance ranges we provided. Year to date, revenue is up 2%. And largely due to the downmarket sales seasonality of Q1, annual life sequential revenue growth was negative 0.8%.

轉向本季的業績，第二季 GAAP 收入為 3.07 億美元，調整後營業收入為 1.05 億美元，利潤率為 34%，均高於我們提供的指導範圍。今年迄今，營收成長了2%。主要由於第一季市場銷售季節性低迷，人壽保險年環比收入成長率為-0.8%。

We delivered strong results in the quarter. And as a result, we are raising our expectations for the full year. We are ahead of schedule in our shift upmarket, and we are increasingly confident in the trajectory of the company and our path to consistently delivering Rule of 40 results coupled with attractive dilution rates and declining stock-based compensation expenses. We are now guiding to positive revenue growth for the full-year 2025.

我們在本季取得了強勁的業績。因此，我們提高了對全年的預期。我們在向高端市場轉型方面已經提前完成了計劃，我們對公司的發展軌跡以及持續實現 40 規則結果、具有吸引力稀釋率和下降的股票薪酬費用的道路越來越有信心。我們目前預計 2025 年全年營收將實現正成長。

Copilot had another strong quarter, and operations continued to grow greater than 20% year over year. Upmarket is now 72% of the business, and upmarket growth is accelerating, growing 4% year over year. The downmarket business is now down to 28% of total ACV and contributes even less of total adjusted operating income. Downmarket declined 11% year over year in the quarter, and we remain confident that it will be a smaller and healthier version of itself over the long run.

Copilot 又度過了一個強勁的季度，業務年增超過 20%。高端市場目前佔業務的72%，高端市場的成長正在加速，較去年同期成長4%。低階市場業務目前已佔 ACV 總額的 28%，對調整後總營業收入的貢獻甚至更低。本季低端市場年減了 11%，但我們仍然相信，從長遠來看，低端市場將會變得更小、更健康。

Our overall net revenue retention improved in the quarter to 89%, and upmarket retention is at its highest level in years. The growth in our $100,000 and $1 million customer cohorts was better than expected in Q2. Q2 is still a relatively noisy year-over-year comparison period. And as we transition into the second half of the year, the year-over-year comparisons will become much cleaner.

本季我們的整體淨收入保留率提高至 89%，高端市場保留率達到多年來的最高水準。我們第二季 10 萬美元和 100 萬美元客戶群的成長優於預期。與去年同期相比，第二季度仍是一個相對嘈雜的時期。隨著我們進入下半年，同比對比將變得更加清晰。

As we look to the back half of the year, we anticipate getting more insight that will help us better understand renewal trends for early tranches of Copilot customers as well as customers that transacted to the new business risk model last year. While still very early, the results to date have been promising and give us incremental confidence in our longer-term growth algorithm.

展望下半年，我們預期會獲得更多見解，幫助我們更了解早期 Copilot 客戶以及去年採用新業務風險模式的客戶的續約趨勢。雖然還處於早期階段，但迄今為止的結果令人鼓舞，並讓我們對我們的長期成長演算法更有信心。

As more of the business comes from larger upmarket customers, we see continued opportunities for higher levels of profitability. We are confident in our ability to deliver improving levels of profitability with improving revenue growth, with margin expansion materializing over time, and not always in a linear manner to help market mix shift.

隨著越來越多的業務來自更大的高端客戶，我們看到了更高獲利水準的持續機會。我們有信心，我們有能力透過提高收入成長來實現獲利水準的提高，利潤率的擴大將隨著時間的推移而實現，而且並不總是以線性方式實現，以幫助市場結構轉變。

Turning to cash, operating cash flow was $109 million in Q2, and unlevered free cash flow for the quarter was $100 million, a margin of 33%. In Q2, the company repurchased 15.9 million shares of common stock at an average price of $9.22 for an aggregate $146 million. With the favorable market conditions, we accessed our revolving credit facility to meaningfully accelerate share repurchases during the quarter.

談到現金，第二季的營運現金流為 1.09 億美元，本季無槓桿自由現金流為 1 億美元，利潤率為 33%。第二季度，該公司以平均 9.22 美元的價格回購了 1,590 萬股普通股，總計 1.46 億美元。在有利的市場條件下，我們利用循環信貸額度在本季大幅加快了股票回購速度。

Since inception, we have allocated more than $1 billion to share repurchases, retiring approximately 95 million shares while maintaining comfortable leverage ratios. 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 long-term return for shareholders.

自成立以來，我們已撥出超過 10 億美元用於股票回購，回購了約 9,500 萬股股票，同時保持了舒適的槓桿率。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，因為我們相信這將為股東帶來最佳的長期回報。

We ended the quarter with $177 million in cash, cash equivalents, and investments, and we carried $1.3 billion in gross debt. As a result, 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. With respect to liabilities and future performance obligations, unearned revenue at the end of the quarter was $473 million, and remaining performance obligations, or RPO, were $1.15 billion, of which $842 million are expected to be recognized in the next 12 months.

本季末，我們的現金、現金等價物和投資為 1.77 億美元，總債務為 13 億美元。因此，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。關於負債和未來履約義務，本季末未賺取收入為 4.73 億美元，剩餘履約義務或 RPO 為 11.5 億美元，其中 8.42 億美元預計將在未來 12 個月內確認。

Turning to guidance, for Q3, we expect GAAP revenue in the range of $302 million to $305 million. We expect adjusted operating income in the range of $110 million to $113 million, and non-GAAP net income in the range of $0.24 to $0.26 per share. We are raising our guidance for the year, and we now expect to deliver positive revenue growth for 2025.

談到指引，對於第三季度，我們預計 GAAP 收入將在 3.02 億美元至 3.05 億美元之間。我們預計調整後的營業收入將在 1.1 億美元至 1.13 億美元之間，非 GAAP 淨收入將在每股 0.24 美元至 0.26 美元之間。我們正在提高今年的業績預期，目前預計 2025 年將實現正收入成長。

For the full-year 2025, we now expect GAAP revenue in the range of $1.215 billion to $1.225 billion, representing positive 0.5% annual growth at the midpoint of guidance; adjusted operating income in the range of $433 million to $437 million, representing a 36% margin at the midpoint of guidance. We expect non-GAAP net income in the range of $0.99 to $1.01 per share, based on 346 million weighted average diluted shares outstanding. And we expect unlevered free cash flow in the range of $422 million to $442 million.

對於 2025 年全年，我們目前預計 GAAP 收入將在 12.15 億美元至 12.25 億美元之間，相當於指導中點的正 0.5% 的年增長率；調整後的營業收入將在 4.33 億美元至 4.37 億美元之間，相當於指導中點的 36% 的利潤率。我們預計非公認會計準則淨收入將在每股 0.99 美元至 1.01 美元之間，基於 3.46 億股加權平均稀釋流通股。我們預計無槓桿自由現金流將在 4.22 億美元至 4.42 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來開始提問。

(Operator Instructions) Brad Zelnick, Deutsche Bank.

（操作員指示）德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Excellent. Thanks so much for taking the questions and congrats all around, especially to Graham and ZoomInfo on his appointment becoming official. Guys, I wanted to ask about the largest deal in history that you called out, which seems to be really strong validation of everything you've been telling us about the upmarket opportunity.

出色的。非常感謝大家回答這些問題，並祝賀大家，特別是 Graham 和 ZoomInfo 正式接受他的任命。夥計們，我想問一下你們所說的歷史上最大的交易，這似乎有力地驗證了你們告訴我們的有關高端市場機會的一切。

What more is there to say about what actually drove it? And at a time where we hear everybody's becoming more efficient, to see this kind of expansion is amazing. And just really quick, Graham, one for you, especially on your appointment as CFO. I don't want to leave you out. How should we think about the 6% RIF and its impact to next year? Thanks so much, guys.

關於背後真正的驅動因素，還有什麼好說的呢？當我們聽到每個人都變得更有效率時，看到這種擴張是令人驚訝的。格雷厄姆，我只想快速地問您一個問題，特別是關於您被任命為財務長的問題。我不想把你排除在外。我們應該如何看待 6% RIF 及其對明年的影響？非常感謝大家。

Great. Thanks, Brad. So the large deal that we talked about, it's a really nice win. It standardizes ZoomInfo as the enterprise data foundation and sales intelligence platform at one of the world's most sophisticated go-to-market organizations. That company is retiring a number of legacy tools. We're embedding Copilot into a new CRM, and we're aligning sales, marketing, operations, and AI on a single go-to-market system that's powered by us.

偉大的。謝謝，布拉德。因此，我們談論的這筆大交易確實是一次不錯的勝利。它將 ZoomInfo 標準化為全球最複雜的行銷組織之一的企業資料基礎和銷售智慧平台。該公司正在淘汰一些舊式工具。我們正在將 Copilot 嵌入到新的 CRM 中，並在由我們提供支援的單一上市系統上整合銷售、行銷、營運和 AI。

And we're really today at the center of a few key strategic priorities for any forward-thinking company. Every company wants to consolidate data into a single source of truth and then enable real-time activation across their go-to-market team. They want their sellers and their marketers to move with AI-driven insights and workflows, and they want to be able to drive better segmentation, better personalization and better forecasting at enterprise scale.

如今，我們確實處於任何具有前瞻性思維的公司的一些關鍵策略重點的中心。每家公司都希望將數據整合為單一事實來源，然後在整個行銷團隊中實現即時激活。他們希望他們的賣家和行銷人員能夠利用人工智慧驅動的洞察力和工作流程，並且他們希望能夠在企業規模上推動更好的細分、更好的個人化和更好的預測。

And they're looking to us to be able to deliver that. So we're really proud of the new solutions that we've brought to market that enable us to be a key strategic partner in these large organizations. And we're excited that this is a great, large first step into telling the customer base that we can be that kind of enterprise upmarket partner.

他們期待我們能夠實現這一目標。因此，我們為我們推向市場的新解決方案感到非常自豪，這些解決方案使我們能夠成為這些大型組織的關鍵策略夥伴。我們很高興，這是向客戶群邁出的重要的第一步，我們可以成為這種企業高端合作夥伴。

And yes, I can comment on the 6% reduction in force in June. I view this as a proactive measure as we continue to find pockets in the business where we can be more efficient. I would think about this as a step in our progression towards delivering meaningfully better margins in 2026.

是的，我可以對 6 月裁員 6% 的情況發表評論。我認為這是積極的措施，因為我們會繼續在業務中尋找可以提高效率的領域。我認為這是我們在 2026 年實現更高利潤率的進步過程中邁出的一步。

Thanks so much for taking the questions, guys.

非常感謝大家回答這些問題。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Thank you very much. And Graham, I will add my congrats on the news, and very well deserved. I wanted to ask about Q2 in the month of June, which are big upmarket periods for you. Can you comment at all on the exit velocity there, just in terms of close rates, but also how you think about pipeline build heading into the second half? And also within it, if you drill into the software vertical, is there any reason to think that that's turning the corner, and maybe that that can become additive to your growth profile going forward rather than impairing it in the second half?

非常感謝。格雷厄姆，我對這個消息表示祝賀，這是他應得的。我想問一下六月的第二季度，這對你們來說是一個重要的高端市場時期。您能否就退出速度發表評論，僅從成交率的角度，以及您如何看待下半年的管道建設？此外，如果您深入研究軟體垂直領域，是否有理由認為這正在發生轉變，並且這可以成為您未來成長前景的補充，而不是在下半年削弱它？

Yes, I think we feel really good about the pipeline we have heading into the back half of the year. Q2 and Q4 are our more upmarket-weighted quarters. And Q2, in our view, certainly didn't disappoint. We feel really good about the upmarket pipeline in Q4. And as we mentioned earlier in the call, we are starting to see early signs of better renewal outcomes, upmarket and downmarket, as we get into Q3. So that's what makes us feel positive about the back half of the year.

是的，我認為我們對下半年的銷售管道感到非常滿意。Q2 和 Q4 是我們更注重高端市場的季度。我們認為，第二季度肯定沒有令人失望。我們對第四季的高端市場通路感到非常滿意。正如我們之前在電話會議中提到的那樣，隨著進入第三季度，我們開始看到高端市場和低端市場更新結果更好的早期跡象。所以這讓我們對今年下半年充滿信心。

And then from the software vertical, Q2 is our fifth sequential quarter in a row where we saw improving net dollar retention in the software vertical. And I can safely say that in Q2 software returned to being a contributor of growth to the business for the first time in a long time.

然後從軟體垂直領域來看，第二季是我們連續第五個季度看到軟體垂直領域的淨美元保留率有所提高。我可以肯定地說，第二季軟體業務在很長一段時間內首次重新成為業務成長的貢獻者。

Great to hear. Thank you very much.

很高興聽到這個消息。非常感謝。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great. Thank you so much. And I'll add my congratulations, Graham. My question on a recent CIO survey, we actually saw that sales was a top area where the adoption of AI was having an overall improvement in the cost base of the business unit. So I just wanted to delve a little deeper on the conversations you're uncovering as it relates to that greater efficiency. And if that is driven more on the lower headcount side, is there any sort of framework or view on how much savings that customers you think can ultimately be captured by ZoomInfo? Thank you.

偉大的。太感謝了。我還要向葛拉漢表示祝賀。我的問題是，根據最近的 CIO 調查，我們實際上發現銷售是最重要的領域之一，而採用人工智慧可以全面改善業務部門的成本基礎。因此，我只是想更深入地探討一下您所發現的與提高效率相關的對話。如果這主要是因為員工人數較少所致，那麼您認為 ZoomInfo 最終能為客戶節省多少成本，是否存在某種框架或觀點？謝謝。

Elizabeth, I think when we're talking to our customers, they are obviously leaned in on trying to find opportunities to drive efficiencies in their go-to-market organizations leveraging AI, but they actually lack first the data foundation to be able to do that. Data from go-to-market tools and conversations with customers lives in a number of different areas. Some of it's in Snowflake, some of it's in CRM, some of it is in your conversation intelligence vendor, and then there's this huge universe of third-party data that exists about your prospective customers or your existing customers that doesn't live in any of your first-party systems.

伊莉莎白，我認為，當我們與客戶交談時，他們顯然傾向於嘗試尋找機會利用人工智慧來提高其上市組織的效率，但實際上他們首先缺乏能夠做到這一點的數據基礎。來自上市工具和與客戶對話的數據存在於許多不同的領域。其中一些在 Snowflake 中，有些在 CRM 中，有些在您的對話智慧供應商中，然後存在大量有關您的潛在客戶或現有客戶的第三方數據，這些數據不存在於您的任何第一方系統中。

And so when we're talking to our customers, particularly go-to-market operators, what they're telling us is, yes, there's a lot we want to do, but we have no centralized way to get the data together. And so we have a lot of creative ideas on the ways that we want to work with AI, but we can't execute on those ideas because we have to stand in line in a long IT queue to bring the data together, to pull it together for us to have a view of our customer base.

因此，當我們與客戶，特別是市場運營商交談時，他們告訴我們，是的，我們想做很多事情，但我們沒有集中的方式來整合數據。因此，我們對如何利用人工智慧有很多創造性的想法，但我們無法執行這些想法，因為我們必須排在長長的 IT 隊伍中才能將資料匯集在一起，以便我們了解客戶群。

And so what we're doing, what we've done with Go-To-Market Studio is first get that data foundation right. And you're actually seeing that same desire to cleanse and enrich and have a strong data foundation show up in our growth numbers for our operations product, which are up 20% year over year, where customers are now more than ever leaning into us and saying, hey, I have some first-party data, but I also need to marry that to third-party data in order to be able to drive any of the AI initiatives internally at my company.

因此，我們正在做的，我們透過 Go-To-Market Studio 所做的，首先是正確建立資料基礎。實際上，您會看到同樣的願望，即清理和豐富數據並建立強大的數據基礎，這體現在我們運營產品的增長數字上，同比增長 20%，客戶現在比以往任何時候都更依賴我們，並說，嘿，我有一些第一方數據，但我還需要將其與第三方數據結合起來，以便能夠推動公司內部的任何人工智能計劃。

And so we are seeing customers lean in there. They're looking for the right data foundation and then the right partner from a data and insights perspective. And then we're building them workflows so that it's not just that data, but it's embedded inside of their workflow, so they can take advantage of that data, take advantage of that insight. And we're seeing really strong results from being able to do that, particularly in the upmarket.

因此我們看到顧客們紛紛湧向那裡。他們正在尋找正確的數據基礎，然後從數據和洞察的角度尋找正確的合作夥伴。然後我們為他們建立工作流程，這樣它不僅僅是數據，而且嵌入到他們的工作流程中，這樣他們就可以利用這些數據，利用這種洞察力。我們看到這樣做確實取得了顯著的成果，特別是在高端市場。

Thank you.

謝謝。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Hey, thank you very much. Congrats to Graham. We could see this coming when we hosted you guys. And I told you, Henry, that Graham was doing a great job, so nice to see the promotion. One for you, Henry, as you take a step back, look at the past three years of this gut-wrenching downturn we've all lived through, I guess as analysts, we learn from our mistakes and things that don't work more than things that work.

嘿，非常感謝。祝賀格雷厄姆。當我們接待你們時我們就預見了這一點。亨利，我告訴過你，格雷厄姆做得很好，很高興看到他得到晉升。亨利，我想告訴你，當你退一步看看過去三年我們都經歷過的這場令人痛苦的經濟衰退時，我想作為分析師，我們從錯誤和無效的事情中吸取的教訓比有效的事情更多。

As you look at your business, what are the things that you've learned from the past three years that you will put to work in the future and that arms you better to make better decisions on the business steered forward that you couldn't know three years ago? And also with respect to AI, it feels like the frontier models are truly magical, but everybody has access to these frontier models. Everybody has the data, and it feels like the software community might have overestimated how much it can charge for these AI products.

當您審視自己的業務時，您從過去三年中學到了哪些可以在未來運用的東西，這些知識可以幫助您更好地做出三年前無法知道的業務決策？而且就人工智慧而言，感覺前沿模型確實很神奇，但每個人都可以使用這些前沿模型。每個人都有數據，而且感覺軟體社群可能高估了這些人工智慧產品的收費。

And then you start to see some customer pushback, not on the value, not on what it does, but how much they are willing to pay for it. So what is going to be enduring with the go-to-market AI solutions long term that you think you can be part of the permanent stack of AI solutions in the future? Thank you so much.

然後你開始看到一些客戶的反對，不是因為價值，不是因為它的作用，而是因為他們願意為它支付多少錢。那麼，您認為什麼樣的上市 AI 解決方案能夠長期保持下去，以至於您可以成為未來永久 AI 解決方案堆疊的一部分？太感謝了。

Great. Thank you, Kash. I'll try to hit all of these here. Look, I think from a learning perspective, you've heard us talk about this over the last year, but two things that really matter are the way we think about our customer base and the makeup of that customer base, as well as product innovation. And I think when we were -- if I were to wound the clock three years, we weren't spending that much time thinking about where the next best customer should come from for us.

偉大的。謝謝你，卡什。我會盡力解決所有這些問題。聽著，我認為從學習的角度來看，您在過去一年中已經聽到我們談論過這個問題，但真正重要的兩件事是我們對客戶群的看法以及客戶群的組成，以及產品創新。我認為，當我們——如果我把時鐘撥回三年，我們就不會花那麼多時間去思考下一個最佳客戶應該來自哪裡。

There was -- we were generating demand. We were closing that demand quickly, but a lot of that demand was coming in the far reaches of the downmarket. Those customers have the lowest lifetime value as customers of ZoomInfo. They churn at the highest rates. They grow at the lowest rates.

有——我們正在創造需求。我們很快就滿足了這項需求，但許多需求都來自低端市場。這些客戶作為 ZoomInfo 的客戶，終身價值最低。他們的流失率最高。它們的生長速度最低。

And so when we took a look at the business and thought about what would drive durable growth for us for a decade to come, one of the big realizations was that in the upmarket, we have really sticky customers. We have great product market fit. Those customers are vastly more profitable for us than their downmarket counterparts. They grow faster. They have higher net retention.

因此，當我們審視業務並思考什麼將推動我們未來十年的持久成長時，一個重大的認知是，在高端市場，我們擁有真正忠實的客戶。我們的產品非常適合市場。與低端市場的客戶相比，這些客戶為我們帶來的利潤大得多。它們生長得更快。他們的淨留存率更高。

I would tell you the second thing is around product innovation and getting close to our customers. And so what we've been able to do over the last two years is really drive an innovation-first product roadmap. We've rebuilt our product teams. We've rebuilt our engineering teams. We're closer to the customer and understand what they really want, what they want to invest in, what they care about, and we're building better software than we ever have before.

我想告訴你的第二件事是圍繞產品創新和貼近我們的客戶。因此，過去兩年我們所做的就是真正推動創新優先的產品路線圖。我們已經重建了我們的產品團隊。我們重建了我們的工程團隊。我們更貼近客戶，了解他們真正想要什麼、他們想要投資什麼、他們關心什麼，我們正在建立比以往更好的軟體。

And we leaned way in on leveraging AI to drive efficiencies in that organization and deliver more product, more software at a higher velocity than we ever have before. So our customers are getting better product from us. We're aligned to the right customer segments that drive long-term durable growth. And then the third thing I would tell you is that our data advantage is way bigger than we ever imagined. And so we've invested even more behind our data advantage to make sure that our customers are getting the best third-party data from us.

我們傾向於利用人工智慧來提高組織的效率，並以比以往更快的速度交付更多的產品、更多的軟體。因此我們的客戶可以從我們這裡獲得更好的產品。我們與推動長期持久成長的正確客戶群保持一致。我想告訴你們的第三件事是，我們的數據優勢比我們想像的要大得多。因此，我們在數據優勢方面投入了更多資金，以確保我們的客戶從我們這裡獲得最好的第三方數據。

And when you think about your comments around the foundational models, yes, they've eaten up a lot of the publicly available information that exists or all of the publicly available information that exists, but we have a unique data asset that doesn't exist inside of the foundational models that is critical for customers to use to get in front of the right customers at the right time. And it's not available in a foundational model and it's context specific, and our customers are leveraging that to get ahead of their competition and have value beyond what they would get out of a chat GPT wrapper.

當您思考圍繞基礎模型的評論時，是的，它們已經吞噬了大量現有的公開信息或所有現有的公開信息，但我們擁有基礎模型中不存在的獨特數據資產，這對於客戶在正確的時間接觸到正確的客戶至關重要。它在基礎模型中不可用，而且它是特定於上下文的，我們的客戶正在利用這一點來領先於他們的競爭對手，並獲得超出他們從聊天 GPT 包裝器中獲得的價值。

I like your answers. Thank you so much, Henry.

我喜歡你的回答。非常感謝，亨利。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yes, hey, guys. Thanks so much for taking the questions, Henry and Graham, and I too will add my congrats to Graham on the CFO role. Well deserved there, Graham. Okay, so I wanted to ask a question. Maybe this is geared towards Graham, a little bit more forward-looking here. I look at Bloomberg and the Street growth estimates for 2026, and it's roughly close to 3%.

是的，嘿，夥計們。非常感謝亨利和葛拉漢回答這些問題，我也要對葛雷厄姆擔任財務長表示祝賀。格雷厄姆，這是當之無愧的。好的，我想問一個問題。也許這是針對格雷厄姆的，在這裡更有前瞻性一點。我查看了彭博社和華爾街對 2026 年的成長預測，該數字大約接近 3%。

And I do appreciate the guide up for the second half of this year, but it does imply an exit growth rate of about negative 1.6% for that fourth quarter. And of course, I do understand there's a lot of nuances in the model here, but as the model begins to normalize in the second half, how do we think about that exit rate mismatch to where the Street's at currently for 2026? Is there anything that we should really be focusing on here?

我確實很欣賞今年下半年的指引，但這確實意味著第四季的退出成長率約為-1.6%。當然，我確實明白這裡的模型有很多細微差別，但隨著模型在下半年開始正常化，我們如何看待退出率與華爾街目前 2026 年的退出率不匹配的情況？這裡有什麼是我們真正該關注的嗎？

Yes, thanks, Koji. I'll start with the implied Q4 revenue figure that you're pointing out. And I'll just say, with this raise to guidance out of this quarter, my philosophy hasn't changed. What's driving the raise is performance of the business. And you could look at the guidance philosophy as consistent. That kind of helps with some context around the implied Q4 number.

是的，謝謝，Koji。我將從您指出的隱含第四季營收數字開始。我只想說，儘管本季的指導有所提高，但我的理念並沒有改變。推動加薪的因素是業務表現。您可以將指導理念視為一致的。這有助於了解隱含的第四季數字的一些背景。

And then kind of more pointedly on 2026, we feel great about our progress in 2025 so far, but we still need to deliver Q3 and Q4. We feel great about doing that, but our success in doing so will really impact 2026 more than anything. So we'll start talking about 2026 when we get closer to it.

然後更明確地談到 2026 年，我們對 2025 年迄今的進展感到非常滿意，但我們仍然需要實現第三季和第四季的目標。我們對此感到非常高興，但我們的成功將對 2026 年產生最大的影響。因此，當我們接近 2026 年時，我們才會開始談論它。

Thank you.

謝謝。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Hey, guys, good afternoon, and thanks for taking the question. Graham, I think it's been about a year since you installed the business risk model, PLG, and self-serve motion on the downmarket piece of the business. I was just wondering if you could comment on how that's improved the margins of that segment. And as you march towards stabilization of the downmarket, how much of an opportunity is there to drive some additional leverage in that piece in particular?

嘿，大家下午好，感謝你們回答這個問題。格雷厄姆，我認為您在低階業務上安裝業務風險模型、PLG 和自助服務動議已經有一年了。我只是想知道您是否可以評論一下這如何提高該部分的利潤率。當您向低端市場穩定邁進時，有多少機會可以推動這一領域的額外槓桿作用？

Yes, we continue to shift resources out of downmarket to drive upmarket growth. The downmarket results in Q2 was in line with our expectations. As a reminder, the upmarket business has significantly higher margins than the downmarket business, and our initial guidance model allowed for pretty significant degradation in downmarket growth with our updated guidance update this quarter. We're now expecting or looking forward to a stabilization in the rate of the decline of the downmarket business in the back half of the year.

是的，我們繼續將資源從低端市場轉移到高端市場以推動成長。第二季的低迷業績符合我們的預期。提醒一下，高端業務的利潤率明顯高於低端業務，而我們最初的指導模型考慮到了低端市場成長的顯著下降，我們在本季度更新了指導意見。我們現在預計或期待下半年低端市場業務的下滑速度能夠穩定下來。

We're seeing good renewal outcomes from customers who have gone through the business risk model. And we didn't actually optimize that new business risk model until Q3 last year, which is when we also restructured our packaging and pricing downmarket and segmented our new business account executives. So we have a little further to go to lap all of those operational changes, but we still feel as good as ever about the resource shift and the revenue shift upmarket and the opportunity for improving margins that we'll deliver.

我們看到經歷過商業風險模型的客戶取得了良好的續約結果。直到去年第三季度，我們才真正優化了新的業務風險模型，當時我們也重組了低端市場的包裝和定價，並對新業務客戶經理進行了細分。因此，我們還需要走一段路才能適應所有這些營運變化，但我們對資源轉移、收入向高端轉移以及提高利潤率的機會仍然感到樂觀。

Appreciate the feedback. Thank you.

感謝您的回饋。謝謝。

Michael Turrin, Wells Fargo. Your line is open.

富國銀行的邁克爾·圖林。您的線路已開通。

Hey, great. Thanks very much. Appreciate you taking the questions. Graham, just on the segmentation commentary, did you say upmarket, 4% growth; and downmarket, down 11%? I'm just -- we're working on the fly, but hoping you could help bridge how that translates to the 5% growth reported for the quarter. And then as a second part, you touched on it a bit, but with the revenue increase running a bit ahead of the updates to the bottom line. Are there certain areas of the business you're planning to invest back into a bit more given the upmarket motion you're seeing? Thanks.

嘿，太棒了。非常感謝。感謝您回答這些問題。格雷厄姆，僅就細分市場評論而言，您是否說過高端市場成長 4%，而低端市場下降 11%？我只是——我們正在即時努力，但希望您能幫助我們理解如何將其轉化為本季度報告的 5% 的成長率。然後作為第二部分，您稍微提到了這一點，但收入的增長略微領先於底線的更新。鑑於您所看到的高端市場動向，您是否計劃在某些業務領域增加一些投資？謝謝。

Yes, sure. Yes, it was 4% upmarket growth, Q2 year over year, and negative 11% downmarket. The 5% revenue growth in Q2, bit of a noisy comparison there. We had some change in estimates in Q2 last year, so that's kind of the bridging item to get to that plus five year over year. And then on the margins, as we move upmarket, as we re-accelerate revenue, we do not view margin expansion and accelerating revenue growth as conflicting.

是的，當然。是的，高端市場第二季年增 4%，而低端市場則下降 11%。第二季營收成長 5%，相較之下有點吵雜。我們對去年第二季的估計做了一些調整，因此這算是實現這一目標的過渡項目，並且比去年同期增加了五年。然後在利潤率方面，隨著我們向高端市場邁進，隨著我們重新加速收入成長，我們並不認為利潤率擴張和加速收入成長是衝突的。

If we do the math here, the upmarket business has significantly higher margins than our downmarket business by several thousand basis points That implies that around 80% or more of our adjusted operating income can be attributed to the upmarket business, and that's why we continue to feel so confident in improving margins as we return to growth.

如果我們在這裡進行計算，高端業務的利潤率比我們的低端業務高出幾千個基點，這意味著我們調整後的營業收入的 80％或更多可以歸因於高端業務，這就是為什麼我們繼續對利潤率的提高充滿信心，因為我們恢復了增長。

That margin expansion won't be perfectly linear to upmarket shift, but we do have visibility to that as we exit 2025 and into 2026. Our headcount is significantly lower than it was at the beginning of the year. It's essentially at levels where it was several years ago. We also have some fixed costs that came on in 2025 that should flatten out in 2026, and we should get some operating leverage related to those as well.

利潤率的擴大不會與高端市場轉變完全呈線性關係，但在 2025 年和 2026 年之間，我們確實可以預見這一點。我們的員工人數比年初明顯減少。它基本上處於幾年前的水平。我們在 2025 年也產生了一些固定成本，這些成本應該會在 2026 年趨於平穩，而且我們也應該會獲得一些與這些成本相關的營運槓桿。

Thank you.

謝謝。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Hey, guys. Thanks for taking the question. Graham, again, a huge congrats, I think, from everybody in the community on the promotion. Maybe on NRR, again, you guys have mentioned this a few times. The improvement that you've seen over the past few quarters has been pretty substantial. I guess, what gives you the confidence that that can continue? Is there a way to think about the pasting of that improvement as we get through the rest of the year?

嘿，大家好。感謝您回答這個問題。格雷厄姆，我想，社區裡的每個人都要再次向你的晉升表示熱烈的祝賀。也許在 NRR 上，你們已經提到過幾次了。過去幾季我們看到的進步相當顯著。我想，是什麼讓您有信心這種情況可以持續下去？當我們度過今年剩餘的時間時，有沒有辦法考慮貼上這種改進？

And then on profitability, we hear you on the reinvestment makes sense given the accelerating upmarket activity. You talk about operating margin leverage not being in conflict with that. Maybe help give us a little bit of a flavor of that, because the full-year raise on op income, a little bit less, obviously, than the pass-through on the top line. How should we think about that trending over the course of the next year?

關於獲利能力，我們聽說鑑於高端市場活動的加速，再投資是有意義的。您說的營業利潤率槓桿與此並不衝突。也許可以幫助我們稍微體會一下這一點，因為全年營業收入的成長，顯然比營業收入的增加少一點。我們該如何看待明年的趨勢？

Yes, thanks, Alex. I'll start on the retention side. 89% in Q2, up 2 points sequentially, up 4 points from three quarters ago. We're still really focused on getting retention back into the 90s. We have the upmarket business where retention is improving within that segment. The upmarket business is also becoming more and more of a mix of the business, so you almost get kind of that inorganic revenue or retention benefit from that.

是的，謝謝，亞歷克斯。我先從留存率開始說。第二季為 89%，季增 2 個百分點，比三季前上升 4 個百分點。我們仍然非常注重將保留率恢復到 90 年代。我們擁有高端業務，該領域的保留率正在提高。高端業務也越來越成為業務的混合體，因此您幾乎可以從中獲得那種無機收入或保留收益。

We also have a lot of opportunities within our current customers from a persona expansion perspective. Copilot, Go-To-Market Studio, that's going to allow us to sell to teams and seats in the existing customer base that we haven't previously sold to before. And with that mostly upmarket retention opportunity, stabilization downmarket, that 2-point retention improvement in Q2, again, that's before closing the largest TCV deal in our history in Q3. So we feel like we continue to have increasing momentum on this path back to 90% and above 90%.

從個人擴展的角度來看，我們在現有客戶中也有很多機會。Copilot、Go-To-Market Studio，這將使我們能夠向現有客戶群中以前從未銷售過的團隊和席位進行銷售。並且由於主要存在高端市場的保留機會、低端市場的穩定，第二季的保留率提高了 2 個百分點，這還是在我們於第三季完成史上最大的 TCV 交易之前。因此，我們感覺我們在回到 90% 甚至 90% 以上的道路上將繼續保持成長勢頭。

And then on the margins, I think it's, I wouldn't really call it reinvestment. I think this is mostly timing. The margin benefit from some of the costs that come out from the points of mixed shifts upmarket that we're getting from a revenue perspective almost every quarter, it doesn't immediately fall down to adjusted operating income.

然後就邊際而言，我認為我不會稱之為再投資。我認為這主要與時機有關。從營收角度來看，我們幾乎每季都會從高端混合轉變點產生的部分成本中獲得利潤收益，但這不會立即下降到調整後的營業收入。

There are step functions of improvement here, and we view this largely as a kind of a timing progression rather than a reinvestment. And with kind of our resourcing plans, with some of the costs that should level out as we get into 2026, we see good opportunity for margin improvement that kind of comes along with that upmarket shift as we reaccelerate revenue growth.

這裡有逐步改進的功能，我們主要將其視為一種時間進展，而不是再投資。透過我們的資源計劃，隨著我們進入 2026 年，部分成本應該會趨於平穩，隨著我們重新加速收入成長，我們看到了伴隨高端市場轉變而來的利潤率提升的良好機會。

Perfect. Thank you, guys.

完美的。謝謝你們。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Thanks. Henry, going for you on Copilot, obviously, in the industry, there's a lot of AI noise. A lot of people kind of are trying to come up with their own AI-, agentic-, Copilot-type offerings. What are you seeing in terms of your Copilot's offering perception in the market? How does it stack up with the other guys? Can you speak to that a little bit more? And Graham, congrats from me as well.

完美的。謝謝。亨利，在 Copilot 上為你加油，顯然，在這個行業中，存在著許多關於人工智慧的噪音。很多人都在嘗試提出自己的 AI、代理商、Copilot 類型的產品。就您的 Copilot 在市場上的銷售認知而言，您看到了什麼？它與其他產品相比如何？能再多談一下嗎？格雷厄姆，我也向你表示祝賀。

Raimo, thank you for the question. Actually, last quarter went through a number of our customers on Copilot and tested this question with them directly, wanting to understand where they saw advantages of Copilot, if they were seeing anything else in the market that rivaled it, and those meetings came out incredibly positive.

Raimo，謝謝你的提問。實際上，上個季度我們採訪了 Copilot 上的許多客戶，並直接與他們測試了這個問題，希望了解他們認為 Copilot 的優勢在哪裡，以及他們是否看到市場上有其他產品可以與其競爭，而這些會面的結果非常積極。

We are ahead on the innovation curve from a product perspective. We were the first ones to really get out there and go to market and offer a Copilot product. We've since significantly expanded that product. And later this year, we're going to be releasing a really big product release around Copilot.

從產品角度來看，我們在創新方面處於領先地位。我們是第一批真正走出去、進入市場並提供 Copilot 產品的公司。從那時起，我們就大大擴展了該產品。今年晚些時候，我們將發布一款圍繞 Copilot 的真正重大產品。

We're calling it Copilot 2.0 internally at ZoomInfo, and it will have significantly enhanced functionality, new agents, that go-to-market organizations can leverage, can use for research and prospecting and account planning and the creation of PDFs for their customers. And so we're really excited about the fact that we got out, we got ahead, and now we have an opportunity to continue to expand the lead that we have with Copilot.

在 ZoomInfo 內部，我們將其稱為 Copilot 2.0，它將具有顯著增強的功能和新的代理，上市組織可以利用這些代理進行研究和勘探以及帳戶規劃以及為客戶創建 PDF。因此，我們對於自己脫穎而出、取得領先感到非常興奮，現在我們有機會繼續擴大我們在 Copilot 方面的領先優勢。

All right, thank you.

好的，謝謝。

Jackson Ader, KeyBanc.

傑克遜·阿德（Jackson Ader），KeyBanc。

Great. Good evening, guys. Thank you for taking the questions. My questions are both on that large deal, the largest TCV deal. I guess just number one, how can you characterize maybe the ACV of that deal compared to the prior contract? And then the other follow up, Henry, you kind of hinted that this deal might be a signal to other potential upmarket customers. And so I'm curious whether you have any particular industries or other companies that have a similar look and feel that you can just kind of line up and then take this reference customer and go knock those down. Thank you.

偉大的。大家晚上好。感謝您回答這些問題。我的問題都與那筆大交易有關，即最大的 TCV 交易。我想首先，與之前的合約相比，您如何描述該合約的 ACV？然後另一個後續問題，亨利，你暗示這筆交易可能向其他潛在的高端客戶發出信號。所以我很好奇，您是否有任何特定行業或其他公司具有類似的外觀和感覺，您可以將其排成一行，然後帶著這個參考客戶去解決這些問題。謝謝。

Yes, I can cover the first part. The ACV of that deal after the deal was done is just below eight figures, and that represented significant growth off of the prior ACV. You can think of significant growth as millions of dollars.

是的，我可以講第一部分。交易完成後，該交易的 ACV 略低於八位數，與先前的 ACV 相比有顯著增長。您可以將顯著增長視為數百萬美元。

Yes, I think that is exactly what we expect to be able to do. There are dozens of customers who look like this customer within our account base who are already doing some business with us that we really have an opportunity to go in and show them how they can standardize on ZoomInfo from a data insights and AI agents perspective as they modernize their go-to-market organizations.

是的，我認為這正是我們期望能夠做到的。在我們的客戶群中，有數十個客戶與這位客戶相似，他們已經與我們開展了一些業務，我們確實有機會進入他們並向他們展示如何從數據洞察和 AI 代理的角度對 ZoomInfo 進行標準化，以實現其上市組織的現代化。

I think the trend that we're seeing is our customers are leaning in more with us today than maybe they ever have. You can see that in the three customers I talked about. All of them doubled their spend with ZoomInfo year over year. And we see a lot of opportunity to continue to do that, both in big, monumental ways like we did with this customer and also in blocking and tackling and hitting doubles along the way where we can grow a customer from $250,000 to $500,000 or a $500,000 customer to $1 million customer. We have a tremendous customer base in the upmarket where we're now executing again.

我認為我們看到的趨勢是，我們的客戶今天比以往更依賴我們。您可以從我談到的三位客戶身上看到這一點。他們使用 ZoomInfo 的支出逐年翻了一番。我們看到了許多繼續這樣做的機會，既有像我們對待這位客戶那樣的重大而具有里程碑意義的方式，也有在這一過程中阻擋、鏟球和擊球雙打的方式，我們可以將客戶價值從 25 萬美元增加到 50 萬美元，或者將 50 萬美元的客戶增加到 100 萬美元的客戶。我們在高端市場擁有龐大的客戶群，現在又開始在這一領域開展業務。

Got it. Thank you.

知道了。謝謝。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Yes, and congrats, Graham. And thank you guys for taking my question. Graham, for you, you made comments earlier that market retention has been the highest in years. So what does NRR of the upmarket business look like today? And as we think about the path to get back to the 90s and higher, could you just provide a little bit more color on what the guide assumes? And any early thoughts as we think about 2026?

是的，恭喜你，格雷厄姆。謝謝你們回答我的問題。格雷厄姆，您之前曾評論說，市場保留率多年來一直處於最高水平。那麼，目前高階業務的 NRR 情況如何？當我們思考如何回到 90 年代甚至更高的水平時，您能否對指南的假設提供更多的說明？我們對 2026 年有什麼初步想法嗎？

Yes, thanks, Taylor. I think, previously, I had said that upmarket retention was in the mid-90s. We're above that now. On a trailing lookback, we'd be high 90s. And I think if you looked at it from an in-period activity perspective, it's above that. So we are executing and delivering significant improvement across 72% of our business with our largest customers.

是的，謝謝，泰勒。我記得我之前曾說過高端市場的保留率在 90 年代中期。我們現在已經超越了那個層次。回顧過去，我們的成績將達到 90 多歲。我認為，如果從期間活動的角度來看，它是高於這個水平的。因此，我們與最大客戶的 72% 業務實現了顯著改善。

And as it relates to the guidance, the guidance for the upmarket business is that we get to mid-single-digit growth in 2025. We're really focused on getting to the top end of that range, if not above that range. And I think with retention where it is right now upmarket, we would have an opportunity to exceed that assumption. And as you start to think about 2026, I mentioned it earlier. It's too early for us to talk about the specifics there. We've got a really big opportunity in Q3 and Q4 to go continue this momentum, and then we'll be able to start talking about 2026.

就指導而言，對於高端業務的指導是，我們在 2025 年實現中等個位數成長。我們真正關注的是達到該範圍的上限，甚至超過該範圍。我認為，透過目前高端市場的保留，我們將有機會超越這個假設。當你開始思考 2026 年時，我之前提到過。現在談論具體細節還為時過早。我們在第三季和第四季有很大機會繼續保持這一勢頭，然後我們就可以開始談論 2026 年了。

Perfect. Thank you.

完美的。謝謝。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Yes, thank you very much for taking my questions. And Graham, congrats again for me. In terms of the -- couple questions just on kind of the emerging parts of the business. So Copilot, encouraging to hear the continued momentum there. I'm curious as you start to approach some of the Copilot renewals, which I think will be in the back half of this year, would you expect those contracts to grow faster than the initial point of sale?

是的，非常感謝您回答我的問題。格雷厄姆，再次向我表示祝賀。就業務的新興部分而言，有幾個問題。因此，Copilot，很高興聽到那裡持續的勢頭。我很好奇，當您開始處理一些 Copilot 續約時，我認為這將在今年下半年發生，您是否預計這些合約的成長速度會比最初的銷售點更快？

Obviously, customers have been using Copilot in those situations for over a year. So do you think that could be a catalyst to re-accelerate NRR for folks that are using Copilot? And then secondly, just on the operations hub, I think you said growth there was above 20%. Did that accelerate versus last quarter, or was that pretty consistent versus last quarter? Thank you.

顯然，客戶在這些情況下已經使用 Copilot 一年多了。那麼，您是否認為這可以成為重新加速使用 Copilot 的用戶的 NRR 的催化劑？其次，僅在營運中心，我認為您說過那裡的成長率超過了 20%。與上一季相比，這一增速是否有所加快，還是與上一季相比保持了相當的一致？謝謝。

Yes, thanks for the question. On the Copilot part of it, when we rolled out Copilot in May of last year and in Q2 of last year, the initial transactions there are either new business transactions or they're migrations from existing customers onto Copilot. We were very successful, I think, in getting uplifts on those transactions as we migrated the existing customer base onto Copilot.

是的，謝謝你的提問。就 Copilot 部分而言，當我們在去年 5 月和去年第二季推出 Copilot 時，最初的交易要么是新的業務交易，要么是從現有客戶遷移到 Copilot。我認為，當我們將現有客戶群遷移到 Copilot 上時，我們非常成功地提升了這些交易量。

But what we've always said is that Copilot and our other products are being designed and being built for customer success and to optimize for retention. So how does that customer renew one year in, two years in, three years in? Everything we're building, the approach we're taking to pricing is meant to optimize for adoption and stickiness. So now we're basically approaching this transition where we're going to start having material cohorts of Copilot customers that have been using Copilot for six months or a year start to renew.

但我們一直說的是，Copilot 和我們的其他產品都是為客戶成功而設計和製造的，並致力於優化客戶保留率。那麼客戶如何在一年、兩年、三年後續約呢？我們正在建立的一切、我們採取的定價方法都是為了優化採用率和黏性。因此，現在我們基本上正在接近這一轉變，我們將開始讓已經使用 Copilot 六個月或一年的 Copilot 客戶開始續約。

We got an early view on that at the end of Q2 for some of those initial cohorts, and the early signs were good. We were getting meaningfully better renewal outcomes. Again, that's a small population, but getting meaningfully better renewal outcomes across a product that is a significant part of our business now. Certainly could be an incremental tailwind to retention, even more so than -- or I guess in line with the tailwind we got from the initial migration. And then on operations, it's still 20%-plus growth in the year over year. We had a really strong Q2, and we have not seen signs of deceleration in that number.

在第二季末，我們針對一些初始群體對此進行了初步了解，早期跡像是良好的。我們獲得了明顯更好的更新成果。再說一次，這是一個很小的群體，但在產品更新方面獲得了顯著更好的結果，而產品現在是我們業務的重要組成部分。當然，這可能會對保留產生增量推動作用，甚至比 - 或者我猜與我們從最初的遷移中獲得的推動作用一致。從營運角度來看，年成長仍達 20% 以上。我們第二季的表現非常強勁，我們還沒有看到任何放緩的跡象。

Great. Thank you.

偉大的。謝謝。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Thanks, gentlemen. nd congrats, Graham, on the new role. So I wanted to hit on net new. I'm curious how that's gone this year versus your expectations. And Henry, as we think about these upmarket customers looking at how they're treating data, do you think they'll make more standardized investments, i.e., bigger deal sizes versus what you've seen historically, maybe where they're taking a little bit smaller bites of the apple? Thanks, guys.

謝謝，先生們。同時祝賀格雷厄姆獲得新職位。所以我想在網路上找些新鮮事。我很好奇今年的進展與你的預期相比如何。亨利，當我們考慮這些高端客戶如何處理數據時，您是否認為他們會進行更標準化的投資，即與歷史上所見相比交易規模更大，也許他們只會分得一小口蘋果？謝謝大家。

Yes, I'll touch on the net new business first of all. So look at this upmarket versus downmarket. Our upmarket customer acquisition from an ACV perspective continues to grow year over year. And then downmarket, we're basically a year into the new business risk model where we were qualifying customers with more rigor. And by doing that, we were even disqualifying a not-insignificant amount of new business ACV that we would have historically sold. So as we start to fully get through that complete lap in Q3, I think we're going to be in a place where we are back to a steady-state new business acquisition engine downmarket.

是的，我先談談網路新業務。因此，看看高端市場與低端市場的差異。從 ACV 角度來看，我們的高端客戶獲取量逐年成長。然後是低端市場，我們基本上已經進入了新的商業風險模型一年了，我們對客戶的資格要求更加嚴格。透過這樣做，我們甚至取消了我們過去銷售的相當數量的新業務 ACV 的資格。因此，當我們在第三季開始全面完成這個過程時，我認為我們將回到低端市場穩定狀態的新業務收購引擎。

And then on the data deals, Brian, I think there are probably two things to think about here. I think one is what we're seeing from our customers is that the rhythm to buy data to power their internal systems, to power their AI initiatives, to cleanse and enrich their CRM systems is much different than I've ever seen it before. What we're seeing from our customers is a recognition of the requirements to buy data to marry with their often, almost always, out-of-date, inaccurate, incomplete data that they have internally that they're trying to use to drive an AI initiative.

然後關於數據交易，布萊恩，我認為這裡可能有兩件事需要考慮。我認為，我們從客戶那裡看到的是，他們購買資料來支援內部系統、支援人工智慧計劃、清理和豐富 CRM 系統的節奏與我以前見過的節奏大不相同。我們從客戶那裡看到的是，他們認識到購買數據的要求，以便與他們內部擁有的、通常、幾乎總是過時、不准確、不完整的數據相結合，他們正試圖使用這些數據來推動人工智慧計劃。

And so we're seeing bigger deals and more customers prepare to transact around leveraging data to cleanse, enrich, and enhance their own internal first-party data in order to drive AI efficiencies in their business. That is a new motion. We spent 20 years telling customers how important it was to make sure that the data in their CRM systems and their data warehouses were accurate and up-to-date and enriched and had signals associated with it. And that felt like a second- or third-order problem for many years. This is a first-order problem in enterprises today, far different than it's been in years past, and that is leading to larger deals.

因此，我們看到交易規模越來越大，越來越多的客戶準備好利用數據來清理、豐富和增強他們自己的內部第一方數據，以提高他們業務中的人工智慧效率。這是一項新的動議。我們花了 20 年的時間告訴客戶確保 CRM 系統和資料倉儲中的資料準確、最新、豐富且具有相關訊號是多麼重要。多年來，這感覺就像是二級或三級問題。這是當今企業面臨的首要問題，與過去幾年相比有很大不同，這也導致了更大的交易。

The second thing that I would point you to is in the strategic enterprise, the highest end of the upmarket, they are sophisticated enough and know how to buy data. They buy data. They plug it into a workflow that goes into their CRM or their data warehouse. They're sophisticated operators when it comes to leveraging data. They have data science teams and data engineering teams. And they can buy raw data and plug it into their systems and their workflows.

我想指出的第二件事是，在策略企業中，在高端市場的最高端，他們足夠成熟並且知道如何購買數據。他們購買數據。他們將其插入到 CRM 或資料倉儲的工作流程中。在利用數據方面，他們是經驗豐富的操作員。他們有數據科學團隊和數據工程團隊。他們可以購買原始數據並將其插入到他們的系統和工作流程中。

The minute you move out of the highest end of the strategic enterprise, you get into companies that have far less sophistication. They're not used to buying data. They don't buy data files. They don't have data engineering teams or data science teams to help them with anything. And so we would show up and not have a great solution that articulates the value of that data inside of their enterprises.

一旦你離開策略企業的最高端，你就會進入那些遠遠不夠成熟的公司。他們不習慣購買數據。他們不購買數據文件。他們沒有數據工程團隊或數據科學團隊來幫助他們做任何事情。因此，我們會出現，但卻沒有一個很好的解決方案來闡明企業內部資料的價值。

With Go-To-Market Studio, that gives us the software layer over what has historically been data-as-a-service files or integrations into data warehouses or CRM systems through APIs. We now have a software interface that gives us the opportunity to go articulate the solution to revenue operations and sales operations and Go-To-Market leaders all across the upmarket, not just in the super strategic enterprise segment of our business. And so we're really excited about that opportunity to bring that solution, which is, again, our fastest-growing solution in our portfolio to a much broader set of customers with Go-To-Market Studio.

透過 Go-To-Market Studio，我們可以在歷史上的資料即服務文件或透過 API 整合到資料倉儲或 CRM 系統的基礎上提供軟體層。我們現在有一個軟體介面，它使我們有機會向整個高端市場的收入營運、銷售營運和市場進入領導者闡明解決方案，而不僅僅是我們業務的超級策略企業部門。因此，我們非常高興有機會透過 Go-To-Market Studio 將解決方案（也是我們產品組合中成長最快的解決方案）帶給更廣泛的客戶群。

Thanks, Henry.

謝謝，亨利。

Pat Walravens, Citizens.

帕特·沃爾拉文斯（Pat Walravens），公民。

Great, thanks for taking the question. This is Austin Cole on for Pat. Henry, a question for you. At this point, anyone who is visiting San Francisco is going to see billboards for AI SDRs, and there's a bunch of small players in that space popping up. So I'm just wondering, is that something that's coming up in any of your conversations with customers? Do you kind of buy into that vision? Why or why not, and how does maybe an AI SDR stack up against Copilot from a product perspective? Thanks.

太好了，謝謝你回答這個問題。這是奧斯汀·科爾 (Austin Cole) 代替帕特 (Pat) 上場。亨利，問你一個問題。目前，任何訪問舊金山的人都會看到 AI SDR 的廣告牌，而該領域湧現出許多小參與者。所以我只是想知道，在您與客戶的對話中是否會提到這個問題？您是否認同此觀點？為什麼或為什麼不，以及從產品角度來看 AI SDR 與 Copilot 相比如何？謝謝。

Yes. A lot of billboards, not a lot of productivity or revenue being generated for companies that have invested behind AI SDRs. I think a lot of pilots that don't turn into longer-term contracts. What we're hearing from our customers is, again, that this is a -- what they've seen across AI SDRs are a flash in the pan.

是的。廣告看板很多，但對於投資 AI SDR 的公司來說，並沒有產生太多的生產力或收入。我認為很多飛行員都沒有簽訂長期合約。我們再次從客戶那裡聽到的是，他們在 AI SDR 上看到的只是曇花一現。

There are a number of regulatory hurdles to using an AI SDR to go outbound that makes it in many cases not a good use of technology. I think there are probably opportunities from an inbound perspective when someone fills out an inbound form to be able to correspond with that person using an AI SDR, but I think the promise of the AI SDR has been largely overblown.

使用 AI SDR 進行對外服務存在許多監管障礙，這使得它在許多情況下並不是一個很好的技術用途。我認為從入站角度來看，當有人填寫入站表格時，可能存在使用 AI SDR 與該人通信的機會，但我認為 AI SDR 的前景被大大誇大了。

I think the other thing that we're seeing from our Copilot solution is that it's not just SDRs who are leveraging that. We're seeing account executives, account managers, customer success managers who are leveraging Copilot to understand their customers better, to plan for meetings more thoroughly, to know what insights to bring to their customers, to know which customers to focus on because of the signals that we're layering in and delivering to them. And so while SDRs are and will continue to be a meaningful part of our user base, we are seeing real expansion opportunity outside of that persona as well.

我認為我們從 Copilot 解決方案中看到的另一件事是，不僅僅是 SDR 在利用這一點。我們看到客戶主管、客戶經理、客戶成功經理正在利用 Copilot 更好地了解他們的客戶，更徹底地規劃會議，了解要為客戶帶來什麼見解，了解要關注哪些客戶，因為我們會分層傳遞這些信號給他們。因此，雖然 SDR 現在是並將繼續是我們用戶群的重要組成部分，但我們也看到了該角色之外的真正擴展機會。

Great, thanks, and congrats to Graham.

太好了，謝謝，恭喜 Graham。

Surinder Thind, Jefferies.

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

Thank you. Henry, just as we look at some of the wins that you've had, especially the bigger ones, it seems like there's a theme of consolidation there where you're displacing some competitors. Given the current environment, it seems like there's enough data points for clients to make bigger decisions at this point. There's enough comfort with the technology and the track records of products. Can you talk a little bit about that theme and if consolidation is where we think the next year or two is going to be in terms of growth? And then maybe we get that the growth in headcount within sales after that period, or how we should maybe think about those dynamics?

謝謝。亨利，正如我們所看到的，你們取得了一些勝利，特別是那些更大的勝利，似乎有一個整合的主題，你們正在取代一些競爭對手。鑑於當前的環境，似乎有足夠的數據點可供客戶做出更大的決策。人們對該技術和產品的記錄有足夠的信心。您能否稍微談談這個主題？我們是否認為未來一兩年的成長將以整合為主？然後我們或許會了解到這段時間之後員工人數在銷售額中的成長情況，或者我們應該如何看待這些動態？

Yes, I think the first thing I would tell you is we are seeing increased opportunities for consolidation across the go-to-market tech stack. I would tell you, two years ago, we were not in a position to take advantage or be a beneficiary of that consolidation push. But today, our product innovation has put us in a position to be a beneficiary there.

是的，我想我要告訴你的第一件事是，我們看到了整個市場技術堆疊整合的機會越來越多。我想告訴你，兩年前，我們還沒有能力利用或成為這種整合趨勢的受益者。但今天，我們的產品創新使我們成為那裡的受益者。

And so we're seeing customers now consolidate on ZoomInfo. Their sales teams are on it. They want their marketing teams on it. They want their RevOps teams on ZoomInfo as well. And so we have a real opportunity and have seen it across our customer base. We are winning on consolidation across the go-to-market organization. I don't know if that's going to be the biggest driver of growth in the next 12 months. I think there are big drivers of growth in DaaS and Go-To-Market Studio and continuing expansion of Copilot, but I do think it will be a contributor to growth as we go forward.

因此，我們看到客戶現在都在 ZoomInfo 上進行整合。他們的銷售團隊正在處理此事。他們希望自己的行銷團隊參與其中。他們希望他們的 RevOps 團隊也使用 ZoomInfo。因此，我們擁有真正的機會，並且已經在我們的客戶群中看到了它。我們正在透過行銷組織的整合取得勝利。我不知道這是否會成為未來 12 個月成長的最大動力。我認為 DaaS 和 Go-ToMarket Studio 以及 Copilot 的持續擴張是推動成長的主要動力，但我確實認為它將成為我們未來成長的貢獻者。

Thank you.

謝謝。

Thank you, and that is the last question that we have for today, and I would now like to turn the call over to Henry for any closing remarks.

謝謝，這是我們今天的最後一個問題，現在我想把電話交給亨利來做結束語。

Great. Thank you, everybody, for joining us on this journey. We're confident about the balance of the year as we continue to move the business upmarket, and we're releasing some really exciting new solutions to our customer base over the back half of the year and look forward to briefing you on them. Thank you.

偉大的。感謝大家與我們一起踏上這段旅程。隨著我們繼續將業務推向高端，我們對今年的剩餘時間充滿信心，並且我們將在下半年向我們的客戶群發布一些真正令人興奮的新解決方案，並期待向您介紹這些解決方案。謝謝。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。