Zoominfo Technologies Inc (GTM) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to ZoomInfo third quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would like now to turn the conference over to Jerry Sisitsky, Vice President of Investor Relations. Please go ahead.

女士們、先生們，感謝你們的耐心等待。歡迎參加 ZoomInfo 2025 年第三季財務業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我將把會議交給投資者關係副總裁傑瑞·西西茨基。請繼續。

Thanks, Michelle. Welcome to ZoomiInfo's financial results conference call for the third quarter of 2025. With me on the call today are Henry Schuck, Founder and CEO of ZoomInfo, and Graham O'Brien, our Chief Financial Officer.

謝謝你，米歇爾。歡迎參加 ZoomiInfo 2025 年第三季財務業績電話會議。今天和我一起參加電話會議的有 ZoomInfo 的創辦人兼執行長 Henry Schuck 和我們的財務長 Graham O'Brien。

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 reflects something other than historical facts are intended to identify forward-looking statements.

在本次電話會議中，任何前瞻性陳述均符合美國證券法的安全港條款，對未來目標的表達，包括業務展望、對未來財務業績的預期以及類似事項，包括但不限於使用“可能”、“將預期”、“預計”和“相信”等術語的表達，以及反映歷史事實以外的內容的表達，均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 factor 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，包括我們在提交給美國證券交易委員會的文件風險因素部分中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，本公司不承擔任何義務修改或更新任何前瞻性聲明，以反映本次電話會議後可能發生的事件。

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.

更多信息，請參閱發佈在我們投資者關係網站ir.zoominfo.com上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GAAP指標。財務業績新聞稿或發佈在我們投資者關係網站上的幻燈片中可以找到相關核對資訊。

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

接下來，我將把電話交給亨利。

Great. Thank you, Jerry, and welcome, everyone. We are executing well and capitalizing on a rapidly growing AI opportunity and Go-To-Market. In Q3, we continue to improve the business across every metric. GAAP revenue was a record $318 million, up 5% year-over-year, and adjusted operating income was $118 million, a margin of 37%. Both were above the high end of our guidance, with the highest level of AOI margin we've reported since Q4 of 2024 and the first time we exceeded the Rule of 40 since Q1 of 2024.

偉大的。謝謝你，傑瑞，也歡迎各位。我們執行良好，並充分利用了人工智慧快速成長的機會和市場推廣。第三季度，我們在各項指標上持續提升業務水準。GAAP 收入創下 3.18 億美元的紀錄，年增 5%；調整後的營業收入為 1.18 億美元，利潤率為 37%。兩個指標均高於我們的預期上限，AOI利潤率達到自2024年第四季以來的最高水平，也是自2024年第一季以來首次超過40法則。

During the quarter, we accelerated upmarket growth, improved net revenue retention for the fifth straight quarter, delivered another quarter of strong profitability, and are again raising our financial guidance for the year. We are aggressively expanding the product portfolio with innovative Go-To-Market AI and workflow products as we continue our shift-up market. I believe we are building and delivering the best solutions that we've ever put in front of customers, which is driving stronger daily engagement from a diverse set of Go-To-Market personas.

本季度，我們加快了高端市場成長，連續第五個季度提高了淨收入留存率，再次實現了強勁的獲利能力，並再次提高了全年的財務預期。隨著我們不斷向高端市場轉型，我們正在積極拓展產品組合，推出創新的上市人工智慧和工作流程產品。我相信我們正在建立和交付我們有史以來為客戶提供的最佳解決方案，這正在推動來自各種市場推廣角色的更強烈的日常參與。

Our operations suite again grew more than 20% year-over-year as our proprietary data asset continues to prove mission critical to any AI driven initiative that touches Go-To-Market. This is our fastest growing product and it's accelerating as it gets bigger.

我們的營運套件年增超過 20%，因為我們專有的數據資產繼續證明，對於任何涉及市場推廣的 AI 驅動型計劃而言，它都是至關重要的。這是我們成長最快的產品，而且隨著規模的擴大，成長速度還在加快。

And with the launch of Copilot last year, its expansion into GTM workspace this quarter and the evolution of our GTM Studio platform, we've begun to play offense again. Through the innovation we are driving, I believe it is only a matter of time before ZoomInfo will be synonymous with AI and Go-To-Market.

隨著去年 Copilot 的推出、本季擴展到 GTM 工作區以及我們 GTM Studio 平台的演進，我們已經開始再次採取進攻策略。我相信，透過我們正在推動的創新，ZoomInfo 成為人工智慧和市場推廣的代名詞只是時間問題。

We believe that our unique and proprietary data assets put us in the winner's column as AI proliferates across Go-To-Market teams. While LLMs can reliably deliver data points available through the second or third page of search results, it is unique data not available on the public web that Go-To-Market teams require in order to stand out in increasingly competitive markets.

我們相信，隨著人工智慧在市場推廣團隊中的普及，我們獨特且專有的數據資產將使我們成為贏家。雖然 LLM 可以可靠地提供搜尋結果第二頁或第三頁上的數據點，但市場推廣團隊需要的是公共網路上沒有的獨特數據，才能在競爭日益激烈的市場中脫穎而出。

If a customer is looking for every residential or commercial roofer in the United States or every company with at least three vehicles in their fleets, or every non-franchised quick service restaurant in a certain zip code, or to identify the buyers visiting their website or researching their competitors, they come to us, not just for this unique data asset, but also for our ability to tie that data asset to our contact and signal data and put them in a position to execute at sales or marketing workflow around these Go-To-Market attributes.

如果客戶想要查找美國所有住宅或商業屋頂承包商，或者車隊中至少擁有三輛車的公司，或者某個郵政編碼區域內所有非加盟快餐店，或者想要識別訪問其網站或研究其競爭對手的買家，他們就會來找我們，不僅是為了這種獨特的數據資產，也是為了我們能夠將這種數據資產與我們的聯繫人和信號數據銷售相關聯，使他們能夠執行這些市場或營銷或營銷。

By using Copilot and GTM workspace, frontline Go-To-Market professionals get a single pane of glass to execute their daily workflows. GTM Studio is already generating strong interest from operations leaders and their counterparts in frontline sales leadership as they look to close the gap between idea and execution.

透過使用 Copilot 和 GTM 工作區，第一線市場推廣專業人員可以透過單一介面執行日常工作流程。GTM Studio 已經引起了營運領導者和第一線銷售領導者的濃厚興趣，因為他們希望彌合想法和執行之間的差距。

We're also winning with our account-based marketing platform. ZoomInfo is recognized as the only vendor positioned in the Customer's Choice quadrant in the 2025 Gartner Voice of the Customer report for ABM platforms, and we added millions of ACV in the quarter as customers like Employee Bridge, Sienna, and Master Control migrated from legacy ABM providers to our integrated ABM platform.

我們的帳戶為基礎的行銷平台也取得了成功。ZoomInfo 被公認為 2025 年 Gartner 客戶之聲報告中 ABM 平台「客戶之選」象限中唯一的供應商，並且在本季度，隨著 Employee Bridge、Sienna 和 Master Control 等客戶從傳統的 ABM 供應商遷移到我們的整合 ABM 平台，我們增加了數百萬美元的年度合約價值 (ACV)。

With our Salesforce partnership, ZoomInfo revenue agent is now bringing the industry's most comprehensive B2B data and agents directly into Agentforce. Our data is enabling sales teams to use natural language queries to uncover hidden opportunities and engage the right contacts at the right time within their existing Salesforce workflows. Through our expanded platform, our unique and proprietary data asset, and through recently released partner integrations, our pace of innovation continues to accelerate.

透過與 Salesforce 的合作，ZoomInfo 的收入代理現在可以將業界最全面的 B2B 資料和代理直接引入 Agentforce。我們的資料使銷售團隊能夠使用自然語言查詢來發現隱藏的機會，並在現有的 Salesforce 工作流程中適時地與合適的聯絡人互動。透過我們擴展的平台、我們獨特且專有的數據資產以及最近發布的合作夥伴集成，我們的創新步伐正在不斷加快。

During the quarter, we closed upmarket opportunities with Insight Software, a fast-growing software provider to the office of the CFO; Ryder System, a $12 billion transportation and logistics company; Bright View, a multi-billion-dollar commercial landscaper; and Circle K, a multinational convenience store brand. These winds highlight our focused move upmarket and the large total addressable market we have across a wide range of industries.

本季度，我們與以下公司達成了高端市場合作：Insight Software，一家快速發展的首席財務官辦公室軟體供應商；Ryder System，一家市值 120 億美元的運輸和物流公司；Bright View，一家市值數十億美元的商業景觀公司；以及 Circle K，一家跨國便利店品牌。這些趨勢凸顯了我們專注於向高端市場擴張的策略，以及我們在眾多產業中擁有的巨大潛在市場。

Additionally, a global professional services firm expanded ZoomInfo enterprise-wide, adding sales seats, data, and our marketing and talent solutions. Their CMO called it a no-brainer to improve sales pipeline generation, identify active buying signals, reduce wasted time on unproductive leads, and connect with the right decision makers.

此外，一家全球專業服務公司在企業範圍內擴展了 ZoomInfo 的業務，增加了銷售席位、數據以及我們的行銷和人才解決方案。他們的首席行銷長稱，這簡直是顯而易見的：改善銷售管道的生成，識別積極的購買訊號，減少在無效線索上浪費的時間，並與正確的決策者建立聯繫。

A large private unified data and AI company is now leveraging our Sales Intelligence platform to power its land and expand sales motion across enterprise accounts while also using us to efficiently penetrate new verticals. We demonstrated to one of the largest companies in the world how our data provided a 25% improvement in coverage rates compared to their existing data provider, including far superior coverage in the SMB and startup space.

一家大型私人統一數據和人工智慧公司目前正在利用我們的銷售智慧平台來推動其在企業客戶中的銷售拓展，同時也利用我們來有效地打入新的垂直產業。我們向全球最大的公司之一展示了我們的數據如何比他們現有的數據提供者提供 25% 的覆蓋率，包括在中小企業和新創企業領域提供更優越的覆蓋率。

Through company data initiatives, we have increased match rates for customers by more than 20% over the last six months. This data advantage is increasingly creating upmarket displacement opportunities from organizations using legacy vendors that provide stale and low-quality data. And many of the world's fastest growing and most innovative AI native companies like Level Path, Harvey, pano.AI, and Tilt, choose ZoomInfo as they scale their sales teams and need data, signals, and workflow to scale in the enterprise.

透過公司數據舉措，在過去六個月裡，我們已將客戶配對率提高了 20% 以上。這種數據優勢正日益為使用過時、低品質數據的傳統供應商的組織創造高端市場取代機會。世界上許多成長最快、最具創新性的 AI 原生公司，如 Level Path、Harvey、pano.AI 和 Tilt，在擴展銷售團隊規模並需要在企業中擴展資料、訊號和工作流程時，都選擇了 ZoomInfo。

To continue to win, we are providing our customers more than just another fragmented tool or another buzzy solution. We're providing the unified data foundation that connects CRM data, engagement signals, intent data, call transcripts, and market intelligence into one AI-ready system. Giving sellers AI to allow them to shift their focus away from the time consuming, low-value tasks of building decks and account plans, filling out CRM fields, prioritizing prospecting lists, writing follow-ups, and on to the art of sales, building relationships, adding consultative value, and closing deals.

為了繼續贏得市場，我們為客戶提供的不僅僅是另一個零散的工具或另一個熱門的解決方案。我們提供統一的資料基礎，將 CRM 資料、互動訊號、意向資料、通話記錄和市場情報連接成一個支援 AI 的系統。賦予銷售人員人工智慧，使他們能夠將注意力從耗時、低價值的任務（例如製作簡報和客戶計劃、填寫 CRM 欄位、確定潛在客戶名單的優先順序、撰寫後續郵件）轉移到銷售的藝術、建立關係、增加諮詢價值和達成交易。

For 20 years, ZoomInfo has been the trusted source of truth for company and contact data. That foundation isn't going away. It's becoming the launch pad for something much bigger. Today, our master data management capabilities unify fragmented Go-To-Market data across systems into a single intelligence layer, clean, connected, constantly updated, and now we turn that intelligence into action.

20年來，ZoomInfo一直是公司和聯絡人資料值得信賴的權威來源。那個基礎不會消失。它正逐漸成為更大事業的跳板。如今，我們的主資料管理能力將各個系統中分散的市場推廣資料統一到一個單一的智慧層中，該智慧層乾淨、互聯、不斷更新，現在我們將這種智慧轉化為行動。

With GTM Studio and GTM Workspace, execution becomes automatic. Sellers, operators, leaders, even their AI agents know exactly where to focus, what to do next, and how to move the number. We're moving from powering decisions to powering outcomes, from informing Go-To-Market to executing it.

借助 GTM Studio 和 GTM Workspace，執行過程將實現自動化。銷售人員、營運人員、領導者，甚至他們的 AI 代理商都清楚知道應該關注什麼、下一步該做什麼以及如何提升績效。我們正在從為決策提供動力轉向為結果提供動力，從為市場推廣提供資訊轉向執行市場推廣。

As we innovate for our customers, we continue to be focused capital allocators for our shareholders. In the quarter, we delivered a nearly 300 basis points sequential improvement in margins and are raising our growth expectations for the year. We remain confident in our ability to sustainably deliver revenue growth and expanding margins.

在不斷創新以滿足客戶需求的同時，我們也始終致力於為股東創造最佳的資本配置。本季度，我們的利潤率較上季提高了近 300 個基點，因此我們提高了今年的成長預期。我們仍有信心持續實現營收成長和利潤率提升。

And we continue to be aggressive buyers of our stock. We are increasingly confident in the trajectory of the business, which gives us even more conviction that our ongoing share repurchases will drive substantial shareholder value, and we will continue to put the majority of the cash we generate into repurchasing ZoomInfo shares for as long as that is the best and highest return use of our free cash flow.

我們將繼續積極買進本公司股票。我們對公司的發展軌跡越來越有信心，這讓我們更加確信，我們持續的股票回購將為股東創造巨大的價值，我們將繼續把大部分現金用於回購 ZoomInfo 股票，只要這是我們自由現金流的最佳和最高回報用途。

AI is giving us an opportunity to capitalize on our proprietary data assets. We are building stickier user engagement and customer relationships, and we have improved net revenue retention for the fifth straight quarter.

人工智慧為我們提供了一個利用我們專有數據資產的機會。我們正在建立更牢固的用戶參與度和客戶關係，並且連續第五個季度提高了淨收入留存率。

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

接下來，我將把電話交給格雷厄姆。

Thanks, Henry. Q3 GAAP revenue was $318 million, up 5% year-over-year, and adjusted operating income was $118 million, a margin of 37% above the guidance ranges we provided. Over the last few quarters, we have highlighted the stabilization we have seen in the business, and this quarter, I'm excited to share several places where I now see signs of improvement.

謝謝你，亨利。第三季 GAAP 營收為 3.18 億美元，年增 5%；調整後營業收入為 1.18 億美元，比我們提供的指導範圍高出 37%。在過去的幾個季度裡，我們重點介紹了業務的穩定性，而本季度，我很高興地與大家分享幾個我看到了改善跡象的領域。

As you know, we have sharpened our focus on our upmarket business, which now represents 73% of our total ACV, up 10 percentage points in two years. This continued focus drove a 2-point acceleration upmarket with 6% upmarket ACV growth coupled with a sequential improvement down market, which declined 10% year-over-year as compared to 11% in the prior quarter.

如您所知，我們已更加專注於高端業務，目前該業務占我們總年度合約價值的 73%，兩年內增長了 10 個百分點。這項持續的關注推動了高端市場加速成長 2 個百分點，高端市場 ACV 成長 6%，同時低端市場也較上季改善，年減 10%，而上一季較去年同期下降 11%。

Net revenue retention improved to 90% in the quarter, up 5 percentage points in a year, and the highest level of NRR we have seen since Q2 2023. In-period net revenue retention for upmarket customers is again over 100% as we further entrench ZoomInfo as a mission-critical piece of the way scale businesses Go-To-Market.

本季淨收入留存率提高至 90%，比上年同期提高了 5 個百分點，是自 2023 年第二季以來我們看到的最高淨收入留存率水準。對於高端客戶而言，當期淨收入留存率再次超過 100%，這進一步鞏固了 ZoomInfo 作為企業拓展市場的關鍵組成部分的地位。

We have always operated efficiently with disciplined investments driving high levels of profitability, and I am pleased to report a 37% adjusted operating income margin in the quarter, delivering year-over-year margin improvement which combined with our revenue growth, returned us to a Rule of 40 company for the first time in six quarters.

我們一直以高效的營運和嚴謹的投資推動高盈利水平，我很高興地報告，本季度調整後的營業利潤率為 37%，實現了同比利潤率的提高，再加上我們的收入增長，使我們六個季度以來首次重新成為一家符合 40 法則的公司。

We now have 1,887 customers with more than $100,000 in ACV, a 4% year-over-year increase in customers, with ACV growth from that cohort materially outpacing customer growth. ACP growth in the quarter was particularly strong for this cohort, and next to Q4 last year, this was our best result in several years. Adding 5x more ACV across our $100,000 logo cohort than we did in Q3 last year. ACV for the $1 million cohort accelerated in the quarter and was up more than 30% year-over-year. We delivered strong results this quarter and we are again raising our expectations for the full year.

我們現在有 1,887 位客戶，其年度合約價值 (ACV) 超過 10 萬美元，客戶數量同比增長 4%，其中該群體的 ACV 增長速度明顯超過了客戶數量的增長速度。本季該族群的 ACP 成長尤為強勁，僅次於去年第四季度，這是我們近幾年來最好的成績。與去年第三季相比，我們價值 10 萬美元的客戶群的年度合約價值 (ACV) 增加了 5 倍。100 萬美元客戶群的年度合約價值在本季加速成長，年增超過 30%。本季我們取得了強勁的業績，因此我們再次提高了全年的業績預期。

Our upmarket strategy is working. Our innovation engine is accelerating, and our execution has been consistent. We are now guiding to low single-digit revenue growth for 2025 with an AOI margin of 36%, and we are confident in our opportunity to return to delivering Rule of 40 results on an annual basis as we drive a combination of revenue growth and expanding margins.

我們的高端市場策略奏效了。我們的創新引擎正在加速運轉，執行力也一直保持穩定。我們現在預計 2025 年營收將實現低個位數成長，AOI 利潤率為 36%，我們有信心透過營收成長和利潤率擴大的雙重推動，恢復每年實現 40 法則業績。

And as opposed to a dynamic where equity is deployed as a substitute for cash compensation, our stock compensation relative to revenue runs well below software industry norms and continues declining with an increasing shift towards performance-based equity. And as a result, our Rule of 40 reflects a high-quality mix of strong operating performance and financial discipline.

與以股權代替現金補償的動態不同，我們的股票補償相對於收入而言遠低於軟體產業的平均水平，隨著越來越多地轉向基於績效的股權，這種趨勢還在持續下降。因此，我們的 40 法則體現了強勁的營運績效和財務紀律的高品質組合。

Operations growth accelerated in the quarter, continuing to grow greater than 20% year-over-year, and Copilot had another strong quarter. While still early, Copilot renewals are very promising with a mid- to high-single-digit improvement to uplift on initial renewal as compared to renewals on sales OS. As we focus on driving growth up market, we also remain steadfastly focused on our making our downmarket business healthier.

本季營運成長加速，年增超過 20%，Copilot 又迎來了一個強勁的季度。雖然還處於早期階段，但 Copilot 的續約情況非常樂觀，與銷售作業系統續約相比，首次續訂的收益提升幅度達到了中高個位數。在專注於推動高端市場成長的同時，我們也始終堅定不移地致力於改善低端市場業務的健康發展。

As we do more to make it easier for smaller customers to buy the packages they need while reducing our cost of selling to the right customers in this segment. Our internal teams have done an excellent job leveraging ZoomInfo's proprietary data asset to engineer this shift. We built models identifying payment risk among smaller customers using our data to underpin collection risk prediction and new business risk scoring models.

我們正在採取更多措施，讓小型客戶更容易購買他們需要的套餐，同時降低我們向該細分市場的目標客戶銷售的成本。我們的內部團隊出色地利用了 ZoomInfo 的專有資料資產來推動這項轉變。我們利用自身資料建構了識別小客戶支付風險的模型，為收款風險預測和新的商業風險評分模型提供了基礎。

These integrate directly with our Salesforce instance and are fueled by ZoomInfo data to provide real-time risk assessments. Leveraging these models, we successfully reduced invoice write-offs by 45% since launching in 2024.

這些功能可直接與我們的 Salesforce 實例集成，並由 ZoomInfo 資料驅動，以提供即時風險評估。利用這些模型，自 2024 年推出以來，我們已成功將發票核銷減少了 45%。

In addition, the nature of our write-offs has changed, with most write-offs now stemming from installments later in the contract of downmarket customers and the prevalence of write-offs where no payment was received is at all-time lows for the company. The quality of our customer base is improving, which is driving better conversion to revenue and improving collection trends.

此外，我們的壞帳核銷性質也發生了變化，現在大多數壞帳核銷都源於低端客戶合約後期的分期付款，而未收到付款的壞帳核銷的普遍程度也處於公司歷史最低水平。我們的客戶群品質正在提高，這推動了收入轉換率的提高和收款趨勢的改善。

One item I would note is that as our business shifts up market, it is becoming more seasonal. And as such, year-over-year growth is becoming a more important lens through which to evaluate the business. While sequential growth is becoming less important, we expect the pattern of sequential revenue growth to fluctuate throughout the year, and you should not be surprised to see periods where the sequential trend steps up or down due to the amount of upmarket or downmarket activity and the linearity of ACV added in the current or prior quarter.

我想指出的一點是，隨著我們業務轉移到高端市場，它的季節性也越來越強。因此，同比增速正成為評估企業的重要指標。雖然環比成長的重要性正在降低，但我們預計全年環比收入成長模式會波動，因此，由於高端市場或低端市場活動的數量以及當前或上一季度新增 ACV 的線性關係，環比趨勢出現上升或下降的時期，您不應感到驚訝。

With operations acceleration, positive Copilot renewal outcomes, a smaller down-market business, and improved upmarket NRR, overall net revenue retention continues to be on a positive trajectory, up 5 percentage points in a year.

隨著營運加速、Copilot續約取得正面成果、下行市場業務規模縮小以及上行市場淨收入成長，整體淨收入留存率持續保持正面態勢，一年內成長了5個百分點。

We also continue to shift customers to longer-term contracts with more than 50% of our overall book of business on a contract length greater than one year. This enables reps to be more consultative with customers and drives efficiency across the renewal process, which we expect will continue driving better renewal outcomes and improving NRR over time.

我們也繼續引導客戶簽訂長期合約，目前超過 50% 的業務合約期限超過一年。這使得銷售代表能夠更好地與客戶進行諮詢，並提高整個續約流程的效率，我們預計這將持續推動更好的續約結果，並隨著時間的推移提高淨收入率。

Turning to cash. Operating cash flow was $94 million in Q3. On lever-free cash flow for the quarter was $95 million and 81% conversion from adjusted operating income, consistent with seasonality from prior years and representing a margin of 30%. In Q3, we repurchased 8.3 million shares of common stock at an average price of $10.46 for an aggregate $87 million. Weighted average diluted shares outstanding for the quarter used in calculating non-GAAP diluted earnings per share was $334 million and the non-GAAP share count exiting the quarter was $330 million.

兌換現金。第三季經營活動產生的現金流為9,400萬美元。本季無槓桿現金流為 9,500 萬美元，調整後營業收入轉換率為 81%，與往年季節性一致，利潤率為 30%。第三季度，我們以平均每股 10.46 美元的價格回購了 830 萬股普通股，總計 8,700 萬美元。用於計算非GAAP稀釋每股盈餘的季度加權平均稀釋流通股數為3.34億股，而截至季末的非GAAP流通股數為3.3億股。

We have used 116% of the unlevered free cash generated since the start of 2024 to repurchase shares of stock, reducing our weighted average shares outstanding by approximately 80 million shares over the last two years.

自 2024 年初以來，我們已將 116% 的非槓桿自由現金用於回購股票，在過去兩年中使我們的加權平均流通股減少了約 8,000 萬股。

We expect to continue to use the cash flow we generate each quarter primarily to retire shares of ZoomInfo, and we are committed to opportunistically taking advantage of dislocations in share price as we remain resolute that share repurchases will generate the best possible long-term return for shareholders when done at a deep discount to intrinsic value like we see today.

我們預計將繼續利用每個季度產生的現金流主要用於回購 ZoomInfo 的股票，並且我們致力於抓住股價錯位的機會，因為我們仍然堅信，當股價像今天這樣遠低於內在價值時，股票回購將為股東帶來最佳的長期回報。

We ended the quarter with $135 million in cash, cash equivalents and investments, and we carried $1.3 billion in gross debt. As a result, our net leverage ratio is 2.6x trailing 12 months adjusted EBITDA, and 2.4x trailing 12 months cash EBITDA, which is defined as consolidated EBITDA in our credit agreements.

本季末，我們持有現金、現金等價物和投資共 1.35 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 2.6 倍，過去 12 個月現金 EBITDA 的 2.4 倍，現金 EBITDA 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 $432 million and remaining performance obligations, or RPO were $1.17 billion of which $824 million are expected to be recognized in the next 12 months.

關於負債和未來履約義務，本季末未實現收入為 4.32 億美元，剩餘履約義務（RPO）為 11.7 億美元，其中 8.24 億美元預計將在未來 12 個月內確認。

For those looking at calculated billings, the mix of our balance sheet reserve estimates and the changes in practices that we made relative to higher risk businesses requiring pre-payment in advance, drove higher than normalized growth in calculated billings in Q3 last year. And as a result, I would caution you from extrapolating too much from the calculated billings growth trajectory in Q3 this year. In summary, we delivered strong results for the quarter with meaningful signs of improvement.

對於那些專注於計算帳單的人來說，我們資產負債表準備金估計的組合以及我們針對需要提前預付款的高風險業務所採取的做法變化，推動了去年第三季度計算賬單高於正常水平的增長。因此，我建議各位不要根據今年第三季的帳單成長軌跡進行過多推斷。總而言之，本季我們取得了強勁的業績，並出現了顯著的改善跡象。

Shifting to guidance, for Q4, we expect GAAP revenue in the range of $307 million to $310 million. Adjusted operating income in the range of $117 million to $120 million and non-GAAP net income in the range of $0.27 to $0.29 per share. We are again raising guidance for the full year, and for 2025, we now expect GAAP revenue in the range of $1.237 billion to $1.240 billion, representing positive 2% annual revenue growth for the year at the midpoint of guidance.

展望第四季度，我們預計 GAAP 營收將在 3.07 億至 3.1 億美元之間。調整後營業收入在 1.17 億美元至 1.2 億美元之間，非 GAAP 淨收入在每股 0.27 美元至 0.29 美元之間。我們再次上調全年業績預期，目前預計 2025 年 GAAP 營收將在 12.37 億美元至 12.4 億美元之間，按預期中位數計算，這意味著全年營收將成長 2%。

And adjusted operating income in the range of $440 million to $443 million, representing a 36% margin at the midpoint of guidance. We expect non-GAAP net income in the range of $1.04 to $1.06 per share, based on 341 million weighted average diluted shares outstanding, and we expect another free cash flow in the range of $424 million to $444 million.

調整後營業收入在 4.4 億美元至 4.43 億美元之間，以指導價值的中點計算，利潤率為 36%。我們預計，基於 3.41 億股加權平均稀釋流通股，非 GAAP 淨收入將在每股 1.04 美元至 1.06 美元之間，我們預計自由現金流將在 4.24 億美元至 4.44 億美元之間。

In closing, we remain committed to properly managing expectations using a guidance framework consistent with prior quarters and are committed to delivering revenue growth, margin expansion, and aggressive share repurchases in 2026, which when combined, support our expectation of accelerating free cash flow per share growth in 2026 relative to 2025.

最後，我們將繼續致力於運用與前幾季度一致的指導框架來妥善管理預期，並致力於在 2026 年實現收入增長、利潤率擴張和積極的股票回購，這些舉措結合起來，將支持我們對 2026 年每股自由現金流增長速度較 2025 年加快的預期。

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

現在我將把電話交給接線員，由他來接聽提問電話。

(Operator Instructions)

（操作說明）

Mark Murphy, JP Morgan.

馬克墨菲，摩根大通。

Thank you so much and congratulations on a great performance. The magnitude of revenue upside is just noticeably larger for Q3 than it has been in the recent past. I think we're seeing the same on RPO. I'm wondering if you can drill down into what you think might have fueled that extra strength there in the quarter.

非常感謝，恭喜你們演出精彩！第三季營收成長的幅度明顯大於近期的任何一季。我認為我們在RPO上也看到了同樣的情況。我想知道您能否深入分析一下，您認為是什麼因素促成了本季球隊的額外成長。

For instance, should we say that it's Copilot ramping into more materiality? Could it be Boomerang customers coming back onto the platform, or could it be Google's AI overviews even, maybe causing some companies to lean back into their outbound STR hiring?

例如，我們是否應該說 Copilot 正在朝著更實質的方向發展？會不會是 Boomerang 的客戶重新回到了這個平台？或者會不會是谷歌的 AI 概覽導致一些公司重新重視對外招募？

Yeah, thanks, Mark. But, by every metric, Q3 was a really strong quarter. We executed well across the business. I say that the products that we're delivering are delivering better renewal outcomes. That, mid- to high-single-digit uplift on initial renewal from Copilot is certainly above our internal expectation that's contributing to revenue upside in the quarter.

是啊，謝謝你，馬克。但無論從哪個指標來看，第三季都是一個非常強勁的季度。我們在各個業務環節都執行得很好。我認為我們提供的產品能夠帶來更好的續約效果。Copilot 首次續訂帶來的中高個位數成長肯定高於我們的內部預期，這將對本季的營收成長做出貢獻。

We talked about the largest TCB deal in history that we closed early in Q3 that contributed to revenue upside. Shifting the business upmarket is also contributing. So if you think about the 5 points that we've shifted away from down market to upmarket over the past year, the upmarket business is now 73% of total ACV.

我們談到了TCB史上最大的一筆交易，這筆交易在第三季初完成，並帶動了營收成長。將業務重心提升到高端市場也是一個促成因素。因此，如果你想想過去一年我們從低端市場轉向高端市場的 5 個要點，高端市場業務現在佔總 ACV 的 73%。

That -- those 5 points are effectively 5 points of revenue, whereas when that was down market, we would write off for churn through 20% to 30% of that. So when you look at the upmarket ACV growth of 6%, down market showing a sign of stabilization with the negative 10% year-over-year, you weight that and you start to get another kind of point or two of revenue growth just from better, higher quality revenue base.

那 5 點其實相當於 5 點的收入，而當市場低迷時，我們會因為客戶流失而損失其中 20% 到 30% 的收入。因此，當你看到高端市場 ACV 成長 6%，而低端市場年減 10%，顯示出穩定跡象時，你就會明白，僅僅因為收入基礎更好、品質更高，就能帶來一兩個百分點的收入成長。

The last kind of part of that bridge is if you look at usage-based and other revenue, which we generally don't include in our ACV disclosures, that was up $3 million year-over-year as well, and that's another point of growth to kind of contribute to that outside revenue beat in Q3.

這座橋樑的最後一部分是，如果你看一下基於使用量和其他收入（我們通常不會將其納入年度合約價值披露中），這部分收入也同比增長了 300 萬美元，這是第三季度外部收入超預期增長的另一個原因。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

I wanted to follow up on the GTM studio that just recently went live. Could you share some of the early customer feedback on the solution and specifically the breakdown that you're seeing between greenfield adoption versus existing customers replacing legacy tools or workflows? And what kind of leverage do you expect to see in some of those upsells with the new solution?

我想跟進一下最近剛上線的 GTM 工作室的情況。能否分享一些早期客戶對該解決方案的回饋，特別是您在全新客戶採用該解決方案與現有客戶替換舊工具或工作流程之間觀察到的差異？您預期新解決方案能為這些追加銷售帶來怎樣的優勢？

Thank you, Elizabeth. The early feedback on GTM Studio has been really positive. We're really excited about bringing that to market. It's one of the most innovative solutions we've built at ZoomInfo and has the opportunity to be the biggest product we've ever released. At its core, GTM Studio is a data management platform that gives rev ops professionals and frontline sales leadership, the ability to organize and then architect a Go-To-Market strategy.

謝謝你，伊麗莎白。GTM Studio 的早期回饋非常積極。我們非常興奮能將這款產品推向市場。這是 ZoomInfo 迄今為止最具創新性的解決方案之一，並且有機會成為我們發布過的最大型產品。GTM Studio 的核心是一個資料管理平台，它使收入營運專業人員和第一線銷售領導能夠組織和建立市場推廣策略。

First, Go-To-Market Studio brings together and unifies all of your data, whether that be CRM data, call transcript data, e-mail data, ZoomInfo data, unique data that you have about product usage that lives in your data warehouses, brings that all together in one dynamic workspace to build a complete AI-ready view of your target market.

首先，Go-To-Market Studio 將您的所有數據（無論是 CRM 數據、通話記錄數據、電子郵件數據、ZoomInfo 數據，還是您數據倉庫中關於產品使用情況的獨特數據）整合到一個動態工作空間中，從而建立一個完整的、可用於人工智慧的目標市場視圖。

That allows revenue operations, professionals and leadership to build really unique audiences, and then with GTM Workspace and Copilot to directly execute those campaigns and those audiences with their frontline sellers. We view this as an incredibly white space opportunity that we have the opportunity to really execute against as we complete this year and into 2026 and see an incredible upside from what we're hearing from our customers and the innovative nature of the solution.

這樣一來，收入營運、專業人員和領導層就可以建立真正獨特的受眾群體，然後藉助 GTM Workspace 和 Copilot 直接與第一線銷售人員一起執行這些行銷活動並觸及這些受眾群體。我們認為這是一個巨大的市場空白機遇，我們有機會在今年結束之際以及2026年真正抓住這個機遇，並且從客戶那裡聽到的反饋以及該解決方案的創新性來看，我們看到了巨大的增長潛力。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗銀行。

Great. Great quarter. You talked about NRR up 1 point. Graham, could you talk about op market retention? How has that been trending? And especially, when you're seeing this the NRR growth, how much of that driven by seat count versus cross-selling of your different other modules?

偉大的。很棒的季度。你提到淨收益率上升了1個百分點。Graham，你能談談營運市場留存問題嗎？這個趨勢如何？尤其是當您看到 NRR 成長時，其中有多少是由座位數量推動的，又有多少是由其他不同模組的交叉銷售推動的？

Sure. The upmarket net retention was again above 100% in period in Q3. So we're getting improving retention in that upmarket business as the mix becomes a greater part of the business. So we kind of get a compounding effect. It's coming from a lot of different places. We started building products. A couple of years ago that were aimed at optimizing retention outcomes. And we're starting to benefit from that as these customers renew at much higher rates. We have upsell opportunity with Copilot. Now with GTM Workspace, we have upsell opportunity with Go-To-Market Studio.

當然。第三季度，高端市場的淨留存率再次超過 100%。因此，隨著多角化經營在高端業務中所佔比例越來越大，我們的客戶留存率也不斷提高。所以我們就得到了一種疊加效應。它來自很多不同的地方。我們開始研發產品。幾年前，一些旨在優化用戶留存率的措施。隨著這些客戶以更高的價格續約，我們開始從中受益。我們有機會透過 Copilot 進行追加銷售。現在有了 GTM Workspace，我們可以透過 Go-ToMarket Studio 實現追加銷售。

Our operations business, which is our fastest-growing business, accelerated in Q3. So we have a multitude of vectors that are contributing to specifically upmarket net retention improvements. And then down market never attention to improved sequentially in the quarter, too. So that was something that we wanted to see now that we're a year into the more rigorous qualification of new sales into that downmarket business into the pricing and packaging changes that we made at the beginning of Q3.

我們的營運業務是我們成長最快的業務，在第三季加速成長。因此，我們有許多因素共同促成了高端市場淨留存率的提高。然後，下行市場並未引起太多關注，而且本季環比也有所改善。所以，這是我們想看到的，因為我們已經對新銷售進入低端市場業務進行了更嚴格的資格審查，並實施了我們在第三季初做出的價格和包裝變化。

And then you could also see this kind of as a sample in our $100,000 cohort. $100,000 cohorts have one of its best ACV quarters ever. And what you're seeing there is historically, we were very focused on taking a customer that was spending $50,000 or $70,000 or $80,000 and getting them up into that cohort above that $100,000 threshold. We're still focused on that. We're still delivering of logo growth there.

你也可以在我們10萬美元規模的客戶群中看到類似的例子。 10萬美元規模的客戶群迎來了有史以來最佳的年度合約價值季度之一。而你現在看到的是，從歷史上看，我們非常專注於將那些消費 5 萬美元、7 萬美元或 8 萬美元的客戶提升到消費超過 10 萬美元的群體。我們仍然專注於此。我們仍在為那裡的品牌推廣做出貢獻。

But what's really promising is taking those customers who are already spending $150,000 or $200,000 with us and getting them up to $500,000 or up into our $1 million cohort. That's where the lion's share of growth is coming from upmarket now and in that cohort, and we are pleased to see another really strong quarter there, $400,000 logos and what is usually seasonally a little bit of a slower quarter.

但真正有前景的是，將那些已經在我們這裡消費 15 萬美元或 20 萬美元的客戶，讓他們消費 50 萬美元甚至更多，進入我們 100 萬美元的客戶群。目前，大部分成長都來自高端市場和該群體，我們很高興看到另一個非常強勁的季度，40萬美元的訂單，而這通常是季節性的淡季。

And Siti, also on retention and engagement with Copilot, as we release Copilot out to our customers, we anticipated because it was a better solution that our customers would engage more with it, and then that higher engagement would then turn into higher net retention rates. Obviously, we're just now sort of passing the first year of customers being on Copilot and that is coming to fruition. Our customers who are on Copilot have higher engagement and are now showing higher net retention outcome than their counterparts who are not on our copilot solution.

Siti 也談到了 Copilot 的用戶留存率和用戶參與度。隨著 Copilot 向客戶發布，我們預計由於它是一個更好的解決方案，我們的客戶將更多地使用它，而更高的參與度將轉化為更高的淨留存率。顯然，我們現在正處於客戶使用 Copilot 的第一年，而這一年也正在取得成果。使用 Copilot 的客戶參與度更高，淨留存率也高於未使用我們 Copilot 解決方案的客戶。

And as we continue to release product that's more central to the workflow and more critical to go to -- mission-critical for Go-To-Market teams, we expect that trend to continue.

隨著我們不斷推出對工作流​​程更加核心、對市場推廣團隊而言更關鍵的產品（即任務關鍵型產品），我們預期這種趨勢將會持續下去。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Congrats a lot of good signal in these results. Henry, can you expand on the agent force integration opportunity? What exactly is the use case? And how do you size that opportunity in the interest level that you're seeing? I know it's early, but whatever it is that you're seeing out there.

恭喜！這些結果顯示訊號非常好。亨利，你能詳細談談特工隊伍整合的機會嗎？具體應用場景是什麼？那麼，根據你目前看到的興趣程度，你如何評估這個機會呢？我知道現在還早，但不管你看到什麼。

Definitely. So at Dreamforce, Salesforce showcases a set of a Agentforce agent. And we're really excited about this partnership because it's yet another proof point that AI and Go-To-Market should be grounded by ZoomInfo. Whether that's in our products or agents running in other platforms like Agentforce, we grow when our intelligence gets consumed, and Agentforce is a great partnership for that reason.

確實。因此，在 Dreamforce 大會上，Salesforce 展示了一套 Agentforce 代理商。我們對這項合作感到非常興奮，因為它再次證明，人工智慧和市場推廣應該以 ZoomInfo 為基礎。無論是我們的產品，還是在 Agentforce 等其他平台上運作的代理，當我們的情報被利用時，我們就能發展壯大，因此 Agentforce 是一個很好的合作夥伴。

You can now find the revenue agent in Salesforce's marketplace. It's featured promoted and had co-selling incentives for the Salesforce team. and there are more products and collaboration plans, including an upcoming prospecting agent that will announce with extended press coverage.

現在您可以在 Salesforce 的市場中找到收入代理。它得到了重點推廣，並為 Salesforce 團隊提供了聯合銷售激勵措施。此外，還有更多產品和合作計劃，包括即將推出的客戶開發代理，我們將透過更廣泛的媒體報告來宣布這一消息。

We feel really good about the signal that says, if you want to build AI and Ago-To-Market, that AI needs to be grounded in ZoomInfo intelligence. And we're seeing that across the enterprise. We're seeing that across our customer base. And with Go-To-Market Studio, we're providing that to our customers as well.

我們對這一訊號感到非常滿意，該訊號表明，如果你想建立人工智慧和上市前準備，那麼人工智慧需要以 ZoomInfo 智慧為基礎。我們在整個企業範圍內都看到了這種情況。我們在所有客戶群中都看到了這種情況。我們也透過 Go-To-Market Studio 為客戶提供這項服務。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Maybe just, again, addressing -- I think you did this in the script, but maybe putting a finer point on the delta between like really strong CRPO subscription bookings growth of 18% versus billings growth, which seemed a bit weaker? And more broadly, right, if I think about the exit rate implied by the guide for Q4, for next year, anything we should note about how to think about that with respect to what looks to be an improving demand environment as well as kind of increasing competitive product functionality that you guys are demonstrating?

或許可以再次提及——我認為你在腳本中已經提到了這一點，但或許可以更細緻地指出 CRPO 訂閱預訂量強勁增長 18% 與賬單增長（似乎略顯疲軟）之間的差異？更廣泛地說，對吧，如果我考慮一下第四季度業績指引所暗示的明年的退出率，我們應該注意些什麼，才能考慮到需求環境似乎正在改善，以及你們正在展示的競爭性產品功能也在不斷增強？

I can take that. I'd say about around the guidance and the exit rate. The approach there is consistent with prior quarters. We're really focused on delivering an upside Q4 here. And then we'll start talking about what that means for 2026 on the next call.

我可以接受。我覺得大概在指導價和退出率附近。該方法與前幾季的做法一致。我們目前的目標是實現第四季業績成長。然後我們將在下次電話會議上開始討論這對 2026 年意味著什麼。

On the billings growth, revenue growth, bookings growth, I think what you see in the current RPO being up 6% year-over-year implied current calculated bookings growth of 18%, is that there's some noise in that bookings just from the nature of how bookings is calculated. But I think that the RPO growth, the current RPO growth is like a good proxy for performance in the quarter.

關於帳單成長、收入成長、預訂成長，我認為目前 RPO 年增 6%，隱含的當前計算預訂成長為 18%，這表明預訂量中存在一些噪音，僅僅是因為預訂的計算方式本身就存在問題。但我認為，RPO 成長，目前的 RPO 成長，可以很好地代表本季的業績。

And then bridging that to billings. Q3 was largely the first clean year-over-year comparison we've had for a few quarters, except for billings. If I called out on the Q3 call last year, the mix of our balance sheet reserves and the changes that we talked about drove higher than normalized billings growth in Q3 last year, which makes that Q3 number this year look worse by comparison. When I look about the scale here, we're talking about an impact of about high single-digit millions year-over-year.

然後將其與帳單關聯起來。除了帳單金額之外，第三季是我們幾個季度以來第一個基本實現同比比較的季度。如果我去年在第三季電話會議上指出，我們資產負債表儲備的組合以及我們討論過的變化，推動了去年第三季帳單成長高於正常水平，這使得今年第三季的數字相比之下顯得更糟。從規模上看，我們談論的是每年數百萬美元的影響。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

Maybe just to ask one off the last question. So you talked, I think, a little bit earlier about this shift with more business upmarket and causing more seasonality. Well, I guess when you look at the 4Q revs guide, it doesn't seem to imply that greater seasonality. So could you just talk through what are some of the assumptions embedded in the guide?

或許可以問最後一個問題。所以，我想你之前也談過這種轉變，也就是更多企業轉向高端市場，導致季節性因素增加。嗯，我覺得當你查看第四季度營收指南時，它似乎並沒有暗示存在更大的季節性波動。那麼，您能否簡要介紹一下該指南中包含的一些假設？

And if there's still some headwinds that you're still working through on the revenue side as the into 4Q? And I guess keeping in mind that seasonality, as we think about 2026, anything to keep them about sequential growth and how we're modeling it there?

如果進入第四季度，你們在營收方面仍然面臨一些需要克服的阻力呢？我想，考慮到季節性因素，當我們展望 2026 年時，任何能讓他們保持持續成長的因素，以及我們如何對此進行建模，都至關重要？

Yes. When I think about the Q4 guide, I'll say that the guidance philosophy has not changed. We continue to managing expectations in a consistent manner as we have in the past several quarters. I think it's best to measure the growth on a year-over-year basis moving forward with the sequential trends continuing to fluctuate. Q3 performance was more front-end loaded than usual, and we expect Q4 to be increasingly back-end loaded which can influence that trend. But generally, that doesn't matter as much year-over-year.

是的。當我回顧第四季業績指引時，我認為業績指引的概念並沒有改變。我們將繼續以與過去幾季相同的方式管理客戶預期。我認為最好以同比的方式來衡量未來的成長，因為連續成長的趨勢會持續波動。第三季業績比平常更偏向前端，我們預期第四季將越來越偏向後端，這可能會影響這一趨勢。但總的來說，這種差異對每年的影響並不大。

And I would just add, Taylor, that the momentum in our business feels better than it has in years. But we're going to continue to manage expectations to earn and keep our investors' trust.

泰勒，我還要補充一點，我們公司目前的業務發展勢頭感覺比過去幾年都要好。但我們會繼續管理市場預期，以贏得並保持投資者的信任。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Congrats from me as well. Can we talk a little bit about like -- it does sound like the world is getting out better there. Can you talk a little bit about more nuance in terms of geographies, verticals, et cetera, where you see like things getting really better versus kind of stable or still weak?

我也要向你表示祝賀。我們能稍微聊聊嗎——聽起來那邊的世界正在變得越來越好。您能否從地理位置、垂直行業等方面更細緻地談談，您認為哪些方面情況正在好轉，哪些方面情況比較穩定或仍然疲軟？

I mean I think there was a lot in the better column this quarter, upmarket ACV acceleration, our upmarket retention improvements, company-wide retention improving for the fifth straight quarter, the accelerating operations growth, co-pilot growth, all the product innovation and the positive feedback that we're hearing on Go-To-Market Studio. And then we'll continue to operate with discipline and improving our profitability. We reached Rule of 40 again this quarter.

我的意思是，我認為本季有很多值得稱道的地方，高端 ACV 加速成長，高端客戶留存率提高，公司整體客戶留存率連續第五個季度提高，營運成長加速，合作推廣成長，所有產品創新以及我們在 Go-To-Market Studio 收到的正面回饋。然後我們將繼續嚴謹運營，提高獲利能力。本季我們又達到了40法則。

I think when we think about what's happening in the world with AI, and the AI transformations that are happening at companies across our customer base, we're getting more and more confident that those transformations can't be successful without a valid data foundation, which we think of as context, context for the AI that's going to be deployed. And so we feel really good about the fact that as those transformations continue here, that we're going to be a necessary component to any Go-To-Market AI transformation across our customer base and across the universe of prospects that we sell to.

我認為，當我們思考人工智慧在世界上的發展現狀，以及我們客戶群中的公司正在發生的人工智慧轉型時，我們越來越確信，如果沒有有效的數據基礎，這些轉型就無法成功。我們把這種數據基礎看作是上下文，是即將部署的人工智慧的上下文。因此，我們感到非常欣慰的是，隨著這些變革的持續，我們將成為我們客戶群和所有潛在客戶群中任何市場人工智慧轉型的必要組成部分。

So we feel really good about that. I think we saw improvement and downmarket retention sequentially as well, and we feel good about the new products driving better retention. And so I think there's just a lot in the positive column that gives us a lot of confidence in the business going forward.

所以我們對這一點感到非常滿意。我認為我們也看到了持續的改善和下行市場留存率的提升，我們對新產品能帶來更好的留存率感到滿意。所以我認為，正面的因素有很多，這讓我們對公司未來的發展充滿信心。

(audio in progress) perspective. We saw software have improved retention sequentially for the sixth quarter in a row. And we also have really solid quarters in telecom, manufacturing and business services.

（音訊正在播放）視角。我們看到軟體用戶留存率連續第六個季度季增。此外，電信、製造業和商業服務業的季度業績也非常穩健。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

I'll share my congrats as well. Graham, for you, how much of the upmarket segment is on Copilot today? And then, Henry, the follow-up to that question is, do you feel like you have pricing right for Copilot now? Or are there still opportunities to potentially extract more value in the future?

我也要向你表示祝賀。格雷厄姆，在你看來，目前高端市場有多少用戶在使用 Copilot？那麼，亨利，接下來的問題是，你覺得你現在為 Copilot 制定的定價合適嗎？或者說，未來是否還有機會挖掘更多價值？

Yes. We haven't disclosed what percentage of upmarket is on Copilot, but it's a significant portion where you got to think about upmarket as well. If you think about operations, which is more than 50% of our overall ACV, which is growing high 20s. That's almost exclusively an upmarket product or not market user. So we've got a good kind of diverse mix of products and pricing models for that upmarket business.

是的。我們尚未透露 Copilot 平台上的高階用戶佔比是多少，但這是一個相當大的比例，您也需要考慮高階用戶的需求。如果你考慮營運成本，它占我們整體 ACV 的 50% 以上，而 ACV 目前正以 20% 以上的速度成長。這幾乎完全是高端產品，或者說不是面向高端市場的用戶。因此，我們為高端市場提供了豐富種類的產品和定價模式。

When we think about pricing for GTM Workspace, for GTM Studio, we're designing pricing to optimize our customer simplicity and to remove barriers for customer adoption by providing a frictionless path to value. We want to balance the value we're delivering with monetization.

當我們考慮 GTM Workspace 和 GTM Studio 的定價時，我們設計的定價旨在優化客戶的使用體驗，並透過提供無摩擦的價值獲取途徑來消除客戶採用的障礙。我們希望在提供的價值和盈利之間取得平衡。

So generally, we're thinking about these products as having a platform fee and then a prepaid AI action credit allotment. And really, what we're focused on in the next few months is driving early adoption learning as much we can about customer usage trends as we head into 2026.

所以總的來說，我們認為這些產品包含平台費和預付費的 AI 行動積分額度。接下來幾個月，我們的重點是推動早期採用，盡可能多了解客戶使用趨勢，以便更好地迎接 2026 年的到來。

And we feel great about the value we're delivering for our customers. We think with our new products, GTM Studio and GTM Workspace there are many more opportunities for our customers to consume our data, to consume our AI within their organizations with their frontline sellers. But right now, we're focused on delighting our customers and making them feel like they're getting an enormous value from our partnership.

我們對我們為客戶創造的價值感到非常滿意。我們認為，憑藉我們的新產品 GTM Studio 和 GTM Workspace，我們的客戶將有更多機會在他們的組織內，與第一線銷售人員一起使用我們的資料和人工智慧來使用我們的資料和人工智慧。但目前，我們專注於讓客戶滿意，讓他們覺得從我們的合作中獲得了巨大的價值。

And we're going to monetize where there are opportunities, but we want our customers to really be using our products in a mission-critical way. We'll see that benefit in net retention, and we'll see that benefit as they continue to consume our products throughout the organization.

我們會在有機會的地方實現盈利，但我們希望我們的客戶真正以關鍵任務的方式使用我們的產品。我們將從淨留存率中看到這種好處，並且隨著他們在整個組織中持續使用我們的產品，我們將看到這種好處。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

I wanted to ask about the private unified data and AI company mentioned in the prepared remarks, a nice win there and clearly shows that they couldn't do it themselves. And so maybe can you talk a little bit about how that sales process went? And was it a bunch of back and forth with many proof of concepts? Or was it a pretty typically easy and smooth sale for you guys with this company?

我想問在準備好的發言稿中提到的那家私人統一數據和人工智慧公司，這是一個不錯的勝利，也清楚地表明他們自己無法做到這一點。那麼，您能否談談銷售過程是如何進行的呢？是不是經歷了很多次重複推敲和大量的概念驗證？或者說，對你們來說，與這家公司的交易一直都很輕鬆順利？

Yes. This was a customer who's actually been a customer of ZoomInfo for a number of years, and we've continued to grow that account through merit across the organization. And as we continue -- as that company continues to move their business upmarket to target new personas and to bring on new sales people, we're well positioned as we've already cleared security, data privacy review, we've built trust with our stakeholders there. We're uniquely positioned to continue to grow the account there, and we were and then executed against that. There's still a tremendous amount of opportunity within that account and across our enterprise clients.

是的。這位客戶其實已經是 ZoomInfo 多年的老客戶了，我們透過公司內部的各項舉措，不斷拓展這位客戶的業務。隨著我們繼續前進——隨著該公司繼續將其業務向高端市場拓展，以瞄準新的客戶群並招募新的銷售人員，我們已經做好了充分的準備，因為我們已經通過了安全、數據隱私審查，並且我們已經與那裡的利益相關者建立了信任。我們擁有獨特的優勢，可以繼續發展該客戶，我們也確實做到了，並且執行了相應的策略。該客戶以及我們的企業客戶中仍然存在巨大的發展機會。

There are very few enterprise clients where we're wall-to-wall with an ELA of some sort. And so we see a lot of opportunity to continue to leverage our relationship with our customer base with the new products that we're releasing. Some of those products, when we're in the enterprise and we're selling large deals, those sales cycles are longer in the quarter. Our sales cycles overall were a little bit shorter than historically. But as we continue to shift the business upmarket, those sales cycles will extend a bit, but they come with a much larger price tag with them.

我們很少遇到需要與所有企業客戶簽訂某種形式的 ELA 協議的情況。因此，我們看到了許多機會，可以透過我們推出的新產品繼續加強與客戶群的關係。對於某些產品，當我們向企業客戶銷售大宗訂單時，這些產品的銷售週期在一個季度內會更長。整體而言，我們的銷售週期比以往略短。但隨著我們不斷將業務轉移到高端市場，這些銷售週期會稍微延長，但同時也會帶來更大的成本。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Henry, earlier in the call, you mentioned you've begun to play offense again. I was just wondering if you could talk about the current level of resourcing in your own Go-To-Market organization if that's at a level that going on offense and has it all changed the way you're thinking about inorganic contributions to the business perhaps to accelerate the AI road map?

亨利，你在之前的通話中提到你已經開始重新打進攻了。我只是想問一下，您能否談談您公司市場推廣部門目前的資源水平，看看是否達到了積極進攻的水平，以及這一切是否改變了您對非有機增長對業務貢獻的看法，例如加速人工智能路線圖的推進？

Thank you for the question. Look, we feel like we have the right capacity within our sales organization to grow much faster than we've grown in the last number of years. We feel like what we've been missing are kind of two things, one that we've rebuilt over the last number of years, which is a really strong relationship with our customers. And we've spent the last number of years building strong consultative relationships with our customers to put us in a position, to bring new products to them and new innovation to them that they are excited to receive from us.

謝謝你的提問。你看，我們覺得我們的銷售團隊擁有足夠的實力，可以比過去幾年發展得更快。我們覺得我們一直以來缺少兩樣東西，其中一樣是我們在過去幾年裡重建的，那就是與客戶之間非常牢固的關係。在過去的幾年裡，我們一直致力於與客戶建立牢固的諮詢關係，以便能夠為他們帶來他們渴望收到的新產品和創新成果。

And so we've done a lot in the way that we've rebuilt the mentality of our Go-To-Market teams and the way that we serve our customers over the last few years to put us in a position where once we have products that we believe are best-in-class, that are innovative, that will change the way customers go to market that we'd have an audience that was excited to receive them. And we think we're in that position now as we release GTM Workspace and GTM Studio to our customer base. We're excited about leveraging those relationships and the trust that we built.

因此，在過去幾年裡，我們做了很多工作，包括重塑市場推廣團隊的思維方式以及服務客戶的方式，使我們一旦擁有我們認為一流的、創新的、能夠改變客戶進入市場方式的產品，就能擁有一個渴望接受這些產品的受眾群體。我們認為，隨著我們向客戶群發布 GTM Workspace 和 GTM Studio，我們現在就處於這種地位。我們很高興能夠利用這些關係和我們建立的信任。

From a capacity perspective, we feel really good. From a demand perspective, one of the things that we're seeing today Mark mentioned it in his question is that customers are leaning back into their outbound SDR motion, where historically, they were looking for inbound opportunities the shift in AIO and using LLMs to answer questions, has had an effect at the top of the funnel for our customers. And it's had a demand effect.

從產能角度來看，我們感覺非常好。從需求角度來看，我們今天看到的一個現象（正如 Mark 在他的問題中提到的）是，客戶正在重新重視他們的主動銷售開發代表 (SDR) 模式，而過去他們一直在尋找入站機會。 AIO 的轉變以及使用 LLM 來回答問題，對我們的客戶的銷售漏斗頂端產生了影響。它產生了需求效應。

And how do you fill demand when inbound is not filling that demand anymore, you have to go outbound. And so we're seeing our customers now hire more sales development reps, hire more full-cycle account executives, require self-sourcing from a prospecting perspective, and we're the partner that they trust to be able to arm those teams with the right data and signals and insights and now AI to be able to do that efficiently.

當入庫無法滿足需求時，如何滿足需求？你必須轉向出庫。因此，我們看到客戶現在僱用了更多的銷售開發代表，僱用了更多的全週期客戶經理，要求從客戶開發的角度進行自主尋源，而我們是他們信任的合作夥伴，能夠為這些團隊提供正確的數據、信號和見解，現在還有人工智慧，使他們能夠高效地完成這項工作。

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

Earlier, you referenced kind of the Rule of 40 and certainly seeing good progress on that this quarter. But is that something that we should expect for next year? And how do you kind of think about the building blocks to get there? Is the 2% kind of exit rate a good proxy for next year?

之前您提到了“40法則”，而且本季確實取得了不錯的進展。但這是否是明年我們該期待的事呢？那麼，你如何思考實現目標的組成部分呢？2%的退出率能很好地預測明年的情況嗎？

Yes. I'm happy that on a quarterly basis, we achieved Rule of 40. This year, we're guiding to 2% revenue growth and 36% margin. So it's less likely that we would get there on a full year basis for 2025. And we're not guiding to 2026 today, but I will say we remain committed to properly managing expectations and then delivering revenue growth, margin expansion and aggressive share repurchases in 2026. And I kind of think of it through the prism of accelerating free cash flow per share growth in 2026 relative to 2025.

是的。我很高興我們每個季度都達到了 40 法則的目標。今年，我們預計營收成長2%，利潤率達到36%。因此，我們不太可能在 2025 年全年都實現這個目標。我們今天不展望 2026 年，但我可以肯定地說，我們將繼續致力於妥善管理預期，並在 2026 年實現收入成長、利潤率擴張和積極的股票回購。我是從加速提高 2026 年每股自由現金流相對於 2025 年的成長角度來考慮這個問題的。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

This is Johnathan McCary on for Brian. Could you see the retention tick up, but I also wanted to ask on the net new business side, sales productivity there and how that's performed against your expectations. And then in some of those new Copilot lens, can you talk about any green shoots of evangelizing some of those new personas that you thought were a key unlock for ZoomInfo?

這裡是約翰遜·麥卡里，他替布萊恩報道。您能否看到客戶留存率上升？另外，我還想了解新增業務方面的銷售效率，以及它與您的預期相比表現如何。那麼，在Copilot的某些新視角下，您能否談談推廣您認為對ZoomInfo至關重要的那些新角色方面有哪些萌芽？

(audio in progress) persona piece and then pass it to Graham. When we released Copilot, the idea behind it was to take this massive data asset in signal universe that ZoomInfo provides Go-To-Market professionals and then use AI to make their prospecting journey more productive. And it moved us from users having to manually sift through our data asset to using AI to tap into the full potential of our offering and then provide better Go-To-Market results.

（音頻製作中）先寫一段人物介紹，再交給格雷厄姆。我們發布 Copilot 的初衷是利用 ZoomInfo 為市場推廣專業人士提供的龐大訊號資料資產，然後運用人工智慧來提高他們的客戶開發效率。它使我們從用戶必須手動篩選我們的數據資產轉變為使用人工智慧來挖掘我們產品的全部潛力，然後提供更好的市場推廣效果。

We are incredibly excited about the success that had for us. And particularly, it gave us this opportunity to go from what was historically top-of-the-funnel prospecting use cases many times with SDRs to a broader base of account executives, account managers, customer success managers who got Copilot to be able to see risk in their business, to prioritize their accounts, to know their next best action. And so that gave us an opportunity to expand seats and personas from SDRs and top of the funnel prospectors to account executives, account managers, CSM, sales operations professionals.

我們對所取得的成功感到無比興奮。尤其值得一提的是，它讓我們有機會從以往通常由銷售開發代表 (SDR) 負責的漏斗頂端潛在客戶開發用例，擴展到更廣泛的客戶經理、客戶主管和客戶成功經理群體，他們透過 Copilot 能夠看到業務中的風險，確定客戶的優先級，並了解下一步的最佳行動。因此，這讓我們有機會將席位和角色從銷售開發代表和銷售漏斗頂端的潛在客戶擴展到客戶主管、客戶經理、客戶成功經理、銷售營運專業人員。

With the addition of Go-To-Market Studio and GTM Workspace, we feel like that's going to be an extension of our investment in Copilot. It will bring us even further into the use cases in account executive, account managers, SDRs, now rev ops and frontline sales leadership who can leverage workspace and Go-To-Market studio to drive execution in their Go-To-Market organizations. So we feel really good about not only the success we had in expanding personas with Copilot, but the opportunity in front of us to continue to expand personas with GTM Studio and GTM Workspace.

隨著 Go-To-Market Studio 和 GTM Workspace 的加入，我們感覺這將是我們對 Copilot 投資的延伸。這將使我們更深入了解客戶主管、客戶經理、銷售開發代表、收入營運人員和第一線銷售領導的用例，他們可以利用工作區和市場推廣工作室來推動其市場推廣組織的執行。因此，我們不僅為使用 Copilot 擴展使用者畫像所取得的成功感到非常高興，也為我們有機會繼續使用 GTM Studio 和 GTM Workspace 擴展使用者畫像而感到非常高興。

And then I can touch on the new business productivity. I'd say the trends there are what you would expect as we've deliberately shifted a lot of the resources upmarket. So down market, we've had fewer sellers were we've also rightsized packaging. We've qualified business at a more rigorous level. So on a pro rata basis, the productivity has been fairly consistent. And then if you think about the upmarket new business, that's still a $1 ACV number that's growing year-over-year.

然後我可以談談新的業務生產力。我認為那裡的趨勢正如你所預期的那樣，因為我們已經刻意將許多資源轉移到了高端市場。因此，由於市場低迷，我們的賣家數量減少了，我們也調整了包裝尺寸。我們對企業的資質認證標準更加嚴格了。因此，按比例計算，生產力一直相當穩定。再想想高端新業務，其年度合約價值仍然是 1 美元，而且每年都在成長。

And as we've shifted those reps in to be more segmented into more focused on specifically upmarket customers, that was like a 9- to 12 months kind of ramp to get fully into that motion. And this quarter, Q2, Q3 really was the first time where we've gotten to the place where we feel like we're fully ramped and we're fully set up to run an upmarket versus down market new business notion.

隨著我們將這些銷售代表的職責範圍進一步細分，更加專注於高端客戶，這大約需要 9 到 12 個月的過渡期才能完全適應這種模式。而本季度，也就是第二季度和第三季度，是我們第一次真正感覺到我們已經完全啟動並完全準備好開展高端市場而非低端市場的新業務。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Great to see some positive underlying trends in the business. I wanted to go back to Henry, you talked about how there's been a little bit of a shift in some of your customer base in doing more outbound versus inbound.

很高興看到業務中出現了一些積極的潛在趨勢。我想回到亨利的話題，你提到你的部分客戶群在行銷方式上發生了一些變化，他們更多地轉向了外呼而非內呼。

Maybe I want to ask about ZoomInfo as a company, right? You talked in the past about wanting to invest in a little bit more of a PLG motion, while simultaneously going after this enterprise opportunity, which you've clearly seen some good signs of success in. Maybe can you walk us through what are you seeing now with the changing service landscape with SEO becoming maybe a little bit relevant and AI search kind of coming to the forefront? And what sort of impact that's directly had on your business?

也許我想問關於 ZoomInfo 這家公司的情況，對吧？你之前說過想在PLG運動上投入更多資金，同時也要把握這個企業機會，而你顯然已經看到了一些成功的跡象。您能否為我們介紹一下，隨著SEO變得越來越重要，人工智慧搜尋逐漸成為主流，您目前對不斷變化的服務格局有何看法？這對你的業務產生了哪些直接影響？

Great. Thank you for the question. Look, we're seeing similar trends as others, and there's definitely an impact to the business from the AIO shifts. Now one of the positives here is that we have been in the process of shifting our focus upmarket to upmarket customers where the impact of AIO and the changes in the SEO landscape is very mitigated. And so we feel really good about the fact that we made these shift, that the business is less exposed to the shifts in AIO and SEO, and our PLG motion continues to perform in line with our expectations for this year. And then our focus from a sales organization perspective is on our upmarket business. And so we want significantly more of our new business mix to be in the upmarket.

偉大的。謝謝你的提問。你看，我們看到的趨勢與其他公司類似，而且 AIO 的轉變肯定會對業務產生影響。現在，積極的一面是，我們一直在將重點轉向高端市場，面向高端客戶，而 AIO 和 SEO 格局變化對這些客戶的影響非常小。因此，我們對做出這些轉變感到非常滿意，因為業務受到 AIO 和 SEO 變化的影響較小，而且我們的 PLG 動態繼續按照我們今年的預期表現。從銷售組織的角度來看，我們的重點是高端業務。因此，我們希望在新的業務組合中，高端市場業務的比例要顯著增加。

We're focused on growing our customers and our customer base. You saw that in our $100,000 cohort ACV growth and our $1 million cohort ACV growth and customer count growth, and you see that in our net retention numbers. We have a great customer base. They're hungry for new solutions, particularly around AI.

我們專注於發展客戶和擴大客戶群。您在我們 10 萬美元客戶群的 ACV 成長和 100 萬美元客戶群的 ACV 成長以及客戶數量成長中都看到了這一點，您也在我們的淨留存率數據中看到了這一點。我們擁有龐大的客戶群。他們渴望新的解決方案，尤其是在人工智慧領域。

They don't have a trusted partner there, and we feel like we have a really good opportunity now to provide them with innovative solutions and drive value for them. And then the business is much more up market today than it was a year ago or two years ago, and that's given us a lot of protection from these SEO and AIO changes.

他們在那裡沒有值得信賴的合作夥伴，我們覺得現在我們有一個非常好的機會，可以為他們提供創新的解決方案，並為他們創造價值。而且，如今的業務比一年前或兩年前更加高端，這讓我們能夠更好地抵禦 SEO 和 AIO 的變化。

Clark Wright, D.A. Davidson.

克拉克·賴特，D.A.戴維森。

The operations suite continues to be a key growth driver, and Henry made the point that the proprietary data assets that ZoomInfo has enhances enterprises AI initiatives. How are you investing in leveraging AI internally to maintain and improve the stat advantage?

營運套件仍然是關鍵的成長驅動力，亨利指出，ZoomInfo 擁有的專有數據資產增強了企業的 AI 計劃。你們如何投資利用人工智慧技術來維持和提高內部統計優勢？

Yes. We are really proud of how we're using AI internally at ZoomInfo. We are customer zero on all of the AI solutions that we're releasing to our customers. We have thousands of salespeople on these products before we release them to our customers. They're leaned in. It's driving efficiency and their ability to engage with customers and insightful ways. It helps them create decks and QBR plans and account plans to right spec to the CRM for them. It flags risk in their account base. So we feel really good about the way that we're leveraging AI across ZoomInfo.

是的。我們為ZoomInfo內部使用人工智慧的方式感到非常自豪。我們向客戶發布的所有人工智慧解決方案，我們都是從零開始開發的。在產品正式發布給客戶之前，我們有數千名銷售人員對這些產品進行研究。他們身體前傾。它提高了效率，增強了他們與客戶互動以及進行深入交流的能力。它可以幫助客戶創建符合 CRM 規範的簡報、季度業務回顧計劃和客戶計劃。它能辨識其帳戶基礎中的風險。因此，我們對在 ZoomInfo 中利用人工智慧的方式感到非常滿意。

I would venture to guess that we are in the top decile of companies leveraging AI to drive efficiency and not just in our Go-To-Market organization. Graham talked about ways that we're using it in our finance organization. We're leveraging AI across our product organization. We've been able to drive efficiencies and lower head count because we're leveraging AI to generate content for us to drive our product marketing motion.

我估計，我們在利用人工智慧提高效率方面，已經躋身前10%的公司之列，而且不僅僅是在我們的市場推廣部門。格雷厄姆談到了我們在財務部門中使用它的方式。我們正在整個產品部門應用人工智慧技術。我們利用人工智慧為我們產生內容，從而推動產品行銷活動，因此能夠提高效率並減少員工人數。

I think when we show other customers, our peer groups or our clients, the way that we use AI internally, they all walk away incredibly impressed by the way that we're leveraging it and wanting best practices, tear sheets that they can take back to their own organization. We're going to continue to invest in AI to drive meaningful efficiency in our business.

我認為，當我們向其他客戶、同行或客戶展示我們在內部使用人工智慧的方式時，他們都會對我們利用人工智慧的方式印象深刻，並希望獲得最佳實踐和相關資料，以便帶回他們自己的組織。我們將繼續投資人工智慧，以顯著提高業務效率。

Jackson Ader, KeyBanc.

傑克森·阿德爾，KeyBanc。

Graham, the commentary on 2026 free cash flow per share acceleration. I'm just curious if you think about splitting that between operational improvement versus, I think, the word you used was aggressive repurchases next year? Like how should we think about the contribution from each of those sources as we head into next year?

格雷厄姆對 2026 年每股自由現金流加速成長的評論。我只是好奇，您是否考慮過將這筆錢分成兩部分，一部分用於營運改進，另一部分，我記得您用了「積極的股票回購」這個詞，用於明年的股票回購？展望明年，我們該如何看待這些來源各自的貢獻？

Yes. I think about all three of them as contributors. And I know that hasn't necessarily been the case over the last couple of years. So I do think that we view this as we are committing to growing the top line. We are committing to improving margins. And we are committed to continue to be aggressive with buybacks. And we're really excited about the compounding effect that hitting all three of those levers will meaningfully contribute to that acceleration of free cash flow per share in 2026.

是的。我認為他們三個都是貢獻者。我知道過去幾年情況未必如此。所以我認為，我們把這看成是我們致力於提升營收。我們致力於提高利潤率。我們將持續積極推動股票回購。我們非常高興地看到，這三個槓桿的協同效應將顯著促進 2026 年每股自由現金流的加速成長。

I show no further questions in the queue at this time. This will conclude today's question-and-answer session and also the conference call. Thank you for participating, and you may now disconnect.

目前隊列中沒有其他問題了。今天的問答環節和電話會議到此結束。感謝您的參與，您現在可以斷開連接了。