Zoominfo Technologies Inc (ZI) 2022 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the ZoomInfo Second Quarter Year 2022 Financial Results Conference Call. (Operator Instructions)

女士們，先生們，美好的一天，感謝你們的支持。歡迎參加 ZoomInfo 2022 年第二季度財務業績電話會議。 （操作員說明）

At this time, I would like to turn the conference over to Mr. Jerry Sisitsky. Sir, please begin.

在這個時候，我想把會議交給 Jerry Sisitsky 先生。先生，請開始。

Thank you, Howard. Welcome to ZoomInfo's financial results conference call, highlighting our results for the second quarter of 2022. With me on the call today are Henry Schuck, Founder and CEO of ZoomInfo; and Cameron Hyzer, our Chief Financial Officer. After their remarks, we will open the call to Q&A.

謝謝你，霍華德。歡迎參加 ZoomInfo 的財務業績電話會議，重點介紹我們 2022 年第二季度的業績。今天與我通話的是 ZoomInfo 創始人兼首席執行官 Henry Schuck；和我們的首席財務官 Cameron Hyzer。在他們的發言之後，我們將打開問答電話。

During this call, any forward-looking statements are made pursuant to the safe harbor provisions of U.S. 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. Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors sections of our filings with the SEC. Actual results may differ materially from any forward-looking statements.

在本次電話會議期間，任何前瞻性陳述均根據美國證券法的安全港條款作出。未來目標的表述，包括業務前景、對未來財務業績的預期和類似項目，包括但不限於使用該術語的表述可能、將會、預期、預期和相信，以及反映歷史事實以外的事物的表述，旨在識別前瞻性陳述。前瞻性陳述涉及許多風險和不確定性，包括我們向 SEC 提交的文件的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大不相同。

The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. For more information, please refer to the cautionary statement included in the slides that we have posted to our Investor Relations website at ir.zoominfo.com. All metrics discussed on this call are non-GAAP unless otherwise noted. A reconciliation can be found in the financial results press release or in the slides that we have posted to our Investor Relations website.

除法律要求外，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發生的事件的義務。如需更多信息，請參閱我們在投資者關係網站 ir.zoominfo.com 上發布的幻燈片中包含的警示性聲明。除非另有說明，否則本次電話會議中討論的所有指標均為非公認會計原則。可以在財務業績新聞稿或我們發佈到投資者關係網站的幻燈片中找到對賬。

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

有了這個，我將把電話轉給我們的首席執行官亨利舒克。

Thank you, Jerry, and hello, everyone. We appreciate you joining us for today's call. ZoomInfo's Q2 results once again beat expectations on the top line and the bottom line as we continue to execute against our unified all-in-one platform strategy and set ourselves up to again raise our full year financial outlook.

謝謝你，傑瑞，大家好。感謝您加入我們今天的電話會議。隨著我們繼續執行統一的一體化平台戰略，並為再次提高全年財務前景做好準備，ZoomInfo 的第二季度業績再次超出了頂線和底線的預期。

In the second quarter, we delivered GAAP revenue of $267 million, year-over-year growth of 54% and sequential quarterly growth of 9% when adjusted for the number of days in the quarter. And we did that efficiently and profitably with an adjusted operating income margin of 40%, ahead of expectations and our highest levels of margin performance since Q2 of last year, together, delivering a Rule of 94 quarter.

在第二季度，我們實現了 2.67 億美元的 GAAP 收入，按季度天數調整後，同比增長 54%，環比增長 9%。我們以 40% 的調整後營業利潤率實現了高效且盈利的目標，超出了預期和自去年第二季度以來的最高利潤率表現，共同實現了 94 季度規則。

We quickly integrated acquisitions, drove them to profitability ahead of plan and continued to invest in the business. We generated $108 million in unlevered free cash flow in the quarter, proving that even in an evolving macro environment, we can deliver a leading combination of growth, profitability and free cash flow generation at scale. While we just crossed the $1 billion revenue run rate threshold, we are closing in on our next milestone of $2 billion. On our way there, we are committed to delivering best-in-class levels of both growth and profitability.

我們迅速整合收購，推動他們提前盈利，並繼續投資於該業務。我們在本季度產生了 1.08 億美元的無槓桿自由現金流，證明即使在不斷變化的宏觀環境中，我們也可以大規模實現增長、盈利能力和自由現金流生成的領先組合。雖然我們剛剛超過了 10 億美元的收入運行率門檻，但我們正在接近 20 億美元的下一個里程碑。在實現目標的過程中，我們致力於提供一流的增長和盈利水平。

We are convinced that the front office of the future is integrated, data and insight-driven and leverages software to drive efficiency. ZoomInfo's RevOS is the only platform that can holistically inform and automate the go-to-market motions of companies of all sizes. This integrated experience is what customers want and what all businesses will need to succeed going forward.

我們相信，未來的前台是集成的、數據和洞察力驅動的，並利用軟件來提高效率。 ZoomInfo 的 RevOS 是唯一能夠全面告知和自動化各種規模公司的上市行動的平台。這種綜合體驗是客戶想要的，也是所有企業未來取得成功所需要的。

The integrated platform drives efficiency for our customers, helping them to do more with the sales teams they have and helping our users succeed and drive more growth for their company. We are delivering more functionality to the RevOS platform, deepening the integration points and integrated experience and making it easier to activate insights from our best-in-class data.

集成平台提高了我們客戶的效率，幫助他們與他們擁有的銷售團隊一起做更多事情，幫助我們的用戶取得成功並推動他們公司的更多增長。我們正在為 RevOS 平台提供更多功能，深化集成點和集成體驗，並更容易從我們一流的數據中激活洞察力。

We achieved a number of meaningful milestones in Q2. Advanced functionality now represents 29% of ACV, and ACV from advanced functionality more than doubled over the past 12 months, an acceleration of growth compared to the end of last year. Customers with advanced functionality now represent over 75% of our revenue and are leveraging more and more of our platform, including Intent, Workflows, Engage, Chorus, Data as a Service and more.

我們在第二季度實現了許多有意義的里程碑。高級功能現在佔 ACV 的 29%，來自高級功能的 ACV 在過去 12 個月中翻了一番多，與去年年底相比增長加速。擁有高級功能的客戶現在占我們收入的 75% 以上，並且正在利用我們越來越多的平台，包括 Intent、Workflows、Engage、Chorus、Data as a Service 等等。

We closed the quarter with 1,763 customers with greater than $100,000 in ACV, while the average revenue across these customers continues to grow. And we now have more than 30,000 total customers and are driving record levels of ACV per customer.

我們在本季度結束時有 1,763 名客戶的 ACV 超過 100,000 美元，而這些客戶的平均收入繼續增長。現在，我們擁有超過 30,000 名客戶，並且正在推動每位客戶的 ACV 達到創紀錄水平。

Our new products and platforms are also gaining meaningful momentum across the board, creating a foundation for long-term durable growth across new markets. MarketingOS and TalentOS both added the most ACV ever in a single quarter, while nearly 50% of TalentOS customers are new to ZoomInfo. Chorus recorded the most new business sold in a single quarter, and we have nearly tripled the Chorus business since we acquired it a year ago.

我們的新產品和平台也在全面獲得有意義的發展勢頭，為新市場的長期持久增長奠定了基礎。 MarketingOS 和 TalentOS 都在單季度內增加了最多的 ACV，而近 50% 的 TalentOS 客戶是 ZoomInfo 的新客戶。 Chorus 錄得單季度銷售的新業務最多，自一年前收購以來，我們的 Chorus 業務增長了近三倍。

Engage had a record quarter with the largest amount of ACV added ever as we increasingly landed Engage upmarket with 3x the number of deals with mid-market and enterprise accounts than in Q2 2021. And we have more than doubled RingLead revenue in the 9 months since the acquisition. In short, we are executing well and demand remains strong.

Engage 創下了一個創紀錄的季度，隨著我們越來越多地進入 Engage 高端市場，與 2021 年第二季度相比，中端市場和企業賬戶的交易數量增加了 3 倍，Engage 的 ACV 增加量創下歷史新高。自那以來的 9 個月裡，我們的 RingLead 收入翻了一番以上收購。簡而言之，我們執行良好，需求依然強勁。

We also continue to monitor the economic environment and look for signs of impact on our business. We listen to Chorus calls, we speak with our sales reps, and we hear directly from our customers. We have seen sales cycles that are somewhat extended relative to sales cycles in Q1, driven by incremental finance and procurement review, but deals are still closing. While a more uncertain macroeconomic environment may create some elongating near-term sales cycles, our very efficient go-to-market motion and proven quick time to value for our customers will help insulate us. The market opportunity is huge, and we are executing against it.

我們還將繼續監測經濟環境並尋找對我們業務產生影響的跡象。我們聽合唱團的電話，我們與我們的銷售代表交談，我們直接聽取客戶的意見。在增量財務和採購審查的推動下，我們看到銷售週期相對於第一季度的銷售週期有所延長，但交易仍在完成。雖然更不確定的宏觀經濟環境可能會導致一些延長的近期銷售週期，但我們非常有效的上市行動和經過驗證的客戶快速實現價值的時間將有助於我們隔離。市場機會是巨大的，我們正在反對它。

We are in the earliest days of what we believe is a generational transformation of how businesses go to market with data, insights and a purpose-built software platform, a transformation that we are uniquely positioned to lead. We have the right platform, the integrated data and insights that power that platform, and we are delivering success to our customers as they look for efficiencies and look to consolidate with fewer and fewer strategic vendors.

我們正處於我們認為是企業如何利用數據、洞察力和專用軟件平台進入市場的代際轉型的早期階段，我們處於獨特的領導地位。我們擁有合適的平台、支持該平台的集成數據和洞察力，我們正在為客戶帶來成功，因為他們尋求效率並希望與越來越少的戰略供應商進行整合。

We continue to deliver success to customers of all sizes across all industries with customers increasingly choosing ZoomInfo as a pillar of their go-to-market tech stack. As companies focus on efficiency, profitability and unit economics, the most obvious path is to get more out of your existing sales and marketing resources. For 2 decades, we have been a trusted partner to deliver just that.

我們繼續為所有行業的各種規模的客戶帶來成功，客戶越來越多地選擇 ZoomInfo 作為其上市技術堆棧的支柱。當公司關注效率、盈利能力和單位經濟時，最明顯的途徑是充分利用現有的銷售和營銷資源。 2 年來，我們一直是值得信賴的合作夥伴，可以實現這一目標。

I wanted to highlight a few of our Fortune 1000 wins in the quarter, each of which went through meaningful user, security and privacy reviews before either expanding or becoming customers. These are customers at varying stages of sales and marketing maturity who are each using the ZoomInfo platform in ways that suit their current needs while providing them the flexibility to grow with us as they sophisticate their sales and marketing efforts over time.

我想強調一下我們在本季度贏得的財富 1000 強企業中的幾項，在擴大或成為客戶之前，每一項都經過了有意義的用戶、安全和隱私審查。這些客戶處於銷售和營銷成熟度的不同階段，他們每個人都以適合他們當前需求的方式使用 ZoomInfo 平台，同時隨著他們隨著時間的推移，他們的銷售和營銷工作越來越複雜，他們可以靈活地與我們一起成長。

Caesars Entertainment, the largest casino entertainment company in the U.S., chose ZoomInfo to help drive more events at their properties around the world and to drive a more efficient and scalable way to go to market. Historically, their sales stack was primarily Salesforce and LinkedIn, but they needed to transform their CRM from a system of record to a system of insight. First, by making sure that data and sales force was up-to-date and accurate, and next to push insights directly inside of CRM. They did a short trial of ZoomInfo, immediately saw positive results, and their sales team was ready and excited to rely on ZoomInfo going forward.

美國最大的賭場娛樂公司 Caesars Entertainment 選擇 ZoomInfo 來幫助他們在全球各地的物業舉辦更多活動，並推動以更高效和可擴展的方式進入市場。從歷史上看，他們的銷售堆棧主要是 Salesforce 和 LinkedIn，但他們需要將他們的 CRM 從記錄系統轉變為洞察系統。首先，通過確保數據和銷售人員是最新且準確的，然後將洞察力直接推送到 CRM 內部。他們對 ZoomInfo 進行了短暫的試用，立即看到了積極的結果，他們的銷售團隊已經準備好並興奮地依賴 ZoomInfo 向前發展。

In addition to SalesOS and CRM Enrichment, Caesars is also implementing ZoomInfo chat functionality, which allows their events teams to respond and engage with prospects in real time, converting more of them to customers. A multinational financial services company that is a global pioneer and leader in payment processing and technology started with a mix of SalesOS user seats and Data as a Service across 6 subsidiaries.

除了 SalesOS 和 CRM Enrichment，Caesars 還實施了 ZoomInfo 聊天功能，允許他們的活動團隊實時響應並與潛在客戶互動，將更多潛在客戶轉化為客戶。一家跨國金融服務公司，是支付處理和技術領域的全球先驅和領導者，最初在 6 個子公司中混合使用 SalesOS 用戶席位和數據即服務。

In the last year, we consolidated those agreements into a single MSA, added additional SalesOS user seats, additional DAS Enrichment as well as Intent data, FormComplete, website visitor identification and RingLead within OperationsOS. We are now deduping, normalizing and enriching all accounts and contacts across their core sales force instances, allowing them to build custom modeling and driving a much more efficient M&A integration and combined go-to-market motion.

去年，我們將這些協議整合到一個單一的 MSA 中，增加了額外的 SalesOS 用戶席位、額外的 DAS 豐富以及意圖數據、FormComplete、網站訪問者識別和 OperationsOS 中的 RingLead。我們現在正在對其核心銷售團隊實例中的所有客戶和聯繫人進行重複數據刪除、規範化和豐富，使他們能夠構建自定義建模並推動更有效的併購整合和聯合上市運動。

At Stripe, what initially started as a deployment across a small team of business development professionals has grown to a relationship that spans hundreds of sales professionals on SalesOS as well as a new footprint across their data science and engineering teams to provide our best-in-class data and insights, including technographics, advanced attributes and intent. Stripe is an incredibly data-driven organization and is now driving a more centralized and holistic approach to data, integration and prioritization for their go-to-market efforts, ensuring that every client interaction is timely and insightful.

在 Stripe，最初是在一個小型業務開發專業人員團隊中進行部署，現已發展為跨越 SalesOS 上數百名銷售專業人員的關係，並在他們的數據科學和工程團隊中建立新的足跡，以提供我們最好的類數據和見解，包括技術、高級屬性和意圖。 Stripe 是一個令人難以置信的數據驅動型組織，現在正在推動一種更加集中和整體的方法來處理數據、集成和優先級，以確保他們的每一次客戶互動都是及時和有洞察力的。

One of the largest communication companies in the world is using SalesOS across more than 1,000 sales reps and multiple channels of their business, including inside sales, wireline and wireless, with a large percentage of users in their global enterprise sales team. As part of the deal, we will integrate directly into their instance of Salesforce, and we are also supporting their data and analytics teams with regular delivery of our Scoops data.

世界上最大的通信公司之一正在 1,000 多名銷售代表和多個業務渠道中使用 SalesOS，包括內部銷售、有線和無線，其全球企業銷售團隊中有很大比例的用戶。作為交易的一部分，我們將直接集成到他們的 Salesforce 實例中，我們還將通過定期交付我們的 Scoops 數據來支持他們的數據和分析團隊。

In the quarter, we also added PNC Bank, 1 of the top 10 banks in the United States, as a customer of SalesOS. First, I think seeing a top 10 bank in the U.S. become a new customer this quarter highlights just how much truly white space opportunity there is for us. PNC is deploying ZoomInfo across their commercial account team to capitalize on growth opportunities and to ensure that when they are engaging with clients and prospects, that they're having high-quality interactions backed by data and intelligence.

在本季度，我們還增加了美國前 10 大銀行之一的 PNC 銀行作為 SalesOS 的客戶。首先，我認為本季度看到美國排名前 10 位的銀行成為新客戶，這凸顯了我們有多少真正的空白機會。 PNC 正在其商業客戶團隊中部署 ZoomInfo，以利用增長機會，並確保在與客戶和潛在客戶互動時，他們擁有由數據和情報支持的高質量互動。

In Q2, we introduced meaningful new integrated experiences across RevOS. Most notably, we integrated the most powerful sales automation capabilities of Engage with our best-in-class data targeting and workload capabilities in SalesOS. Through this experience, SalesOS and Engage customers will be able to click to dial, click to e-mail and add professionals to multi-touch, multichannel prospecting campaigns without leaving SalesOS.

在第二季度，我們在 RevOS 中引入了有意義的全新集成體驗。最值得注意的是，我們將 Engage 最強大的銷售自動化功能與 SalesOS 中一流的數據定位和工作負載功能相結合。通過這種體驗，SalesOS 和 Engage 客戶將能夠點擊撥號、點擊發送電子郵件並將專業人員添加到多點觸控、多渠道的潛在客戶活動中，而無需離開 SalesOS。

And teams can now view first-party activity data from Chorus and Engage, alongside ZoomInfo data and SalesOS. Calls, e-mails and online meetings populate an activity feed in SalesOS, and that activity data can be used as filter criteria to create dynamic audiences for targeted prospecting and account expansion motion.

團隊現在可以查看來自 Chorus 和 Engage 的第一方活動數據，以及 ZoomInfo 數據和 SalesOS。電話、電子郵件和在線會議填充了 SalesOS 中的活動源，並且該活動數據可用作篩選條件，為有針對性的潛在客戶和帳戶擴展活動創建動態受眾。

This enhanced functionality is similar to our bidirectional sync with Salesforce, HubSpot and Marketo, where we enable customers to merge their first-party CRM and marketing automation data with ZoomInfo SalesOS, MarketingOS and OperationsOS platform. Through Q2, customers have synced over 2 billion records from these systems, 4x the number of records synced through Q2 2021, highlighting the value our customers are seeing by bringing their first-party data into ZoomInfo to create targeted audiences in the system they use to go to market.

這種增強的功能類似於我們與 Salesforce、HubSpot 和 Marketo 的雙向同步，我們使客戶能夠將他們的第一方 CRM 和營銷自動化數據與 ZoomInfo SalesOS、MarketingOS 和 OperationsOS 平台合併。到第二季度，客戶已經從這些系統同步了超過 20 億條記錄，是到 2021 年第二季度同步的記錄數量的 4 倍，突出了我們的客戶通過將他們的第一方數據引入 ZoomInfo 以在他們使用的系統中創建目標受眾所看到的價值去市場。

In Q1, we launched MarketingOS for account-based marketing, giving marketers the ability to build targeted audiences with ZoomInfo's best-in-class intelligence and to deploy ads across social media and display network using our DSP. The average account is now building a dozen audiences and running multiple campaigns. As we did with SalesOS, we continue to look for opportunities to integrate and unify experiences within our platform.

在第一季度，我們推出了 MarketingOS，用於基於帳戶的營銷，使營銷人員能夠利用 ZoomInfo 一流的情報建立目標受眾，並使用我們的 DSP 在社交媒體和顯示網絡上部署廣告。現在，普通帳戶正在建立十幾個受眾並運行多個廣告系列。正如我們對 SalesOS 所做的那樣，我們繼續尋找機會在我們的平台內整合和統一體驗。

Within MarketingOS this quarter, we introduced Aircover, enabling sales reps to identify key accounts in SalesOS and share them directly with their marketing team to instantly create and activate targeted social media and display advertising campaign. This cross-functional motion sets up a sales rep for success and enables a truly aligned account-based marketing approach.

在本季度的 MarketingOS 中，我們引入了 Aircover，使銷售代表能夠識別 SalesOS 中的關鍵客戶，並直接與他們的營銷團隊分享，從而立即創建和激活有針對性的社交媒體和展示廣告活動。這種跨職能的動議為成功建立了銷售代表，並實現了真正一致的基於客戶的營銷方法。

And we continue to invest in developing new technology, finding new valuable data sources and streamlining processes to advance coverage and accuracy in our data cloud. In Q2, our contact database surpassed 220 million records. And our SalesOS customers will see a 4x increase in SMB coverage and a 2x increase in company locations with a 10 percentage point improvement in match rates. Incorporating multiple machine learning models enabled us to improve our company's database with 100% fill rate on core pomographic attribute.

我們將繼續投資於開發新技術、尋找新的有價值的數據源和簡化流程，以提高我們數據云的覆蓋率和準確性。在第二季度，我們的聯繫人數據庫超過 2.2 億條記錄。我們的 SalesOS 客戶將看到 SMB 覆蓋率增加 4 倍，公司地點增加 2 倍，匹配率提高 10 個百分點。結合多種機器學習模型使我們能夠以 100% 的核心人口統計屬性填充率改進公司的數據庫。

We released multiple artificial intelligence models, enabling us to increase the accuracy of our data, including machine and deep learning models that have grown our technology data coverage by more than 30% year-over-year, and that detect employment changes for contact in our database faster and with higher accuracy, which is a result of us improving our detection of companies entitled and raw data produced by our technology that actively monitors for these types of changes.

我們發布了多個人工智能模型，使我們能夠提高數據的準確性，包括機器和深度學習模型，這些模型使我們的技術數據覆蓋率同比增長了 30% 以上，並且可以檢測我們的聯繫人的就業變化數據庫更快、更準確，這是因為我們改進了對授權公司的檢測以及我們的技術產生的原始數據，這些技術主動監控這些類型的變化。

From a privacy standpoint, in Q2, we achieved ISO 27701 certification. This is a global standard for organizations looking to put in place a system to support compliance with EU's GDPR, California CCPA and other data privacy requirements. Meeting the rigorous qualifications of ISO 27701 further strengthens our commitment to data security and privacy. We have also rebuilt our Privacy Center to make it as easy as possible for as easy as possible for professionals to access, review, update or remove their profile.

從隱私的角度來看，我們在第二季度獲得了 ISO 27701 認證。對於希望建立系統以支持遵守歐盟 GDPR、加利福尼亞 CCPA 和其他數據隱私要求的組織而言，這是一項全球標準。滿足 ISO 27701 的嚴格資格進一步加強了我們對數據安全和隱私的承諾。我們還重建了我們的隱私中心，讓專業人員盡可能輕鬆地訪問、查看、更新或刪除他們的個人資料。

Our center also explains what ZoomInfo does to be a privacy-first company and helps our customers with their privacy compliance as well. And we're yet again going beyond our regulatory obligation by renotifying millions of long-standing individuals in our database, ensuring they remain aware that they are in our platform, that they can claim their profile or opt out if they wish.

我們的中心還解釋了 ZoomInfo 如何成為一家隱私至上的公司，並幫助我們的客戶遵守隱私。我們再次超越了我們的監管義務，重新通知了我們數據庫中數百萬長期存在的個人，確保他們始終知道他們在我們的平台中，他們可以聲明他們的個人資料或根據需要選擇退出。

Before I wrap up, I wanted to welcome Alison Gleeson to our Board. Allison was previously the SVP of Americas at Cisco, responsible for more than $25 billion in annual sales. She is a true sales professional, having been in multiple sales leadership roles since the earliest days of holding an individual quota. We are incredibly excited to welcome her to our Board and look forward to the many ways in which she will contribute to our continued growth and success.

在結束之前，我想歡迎 Alison Gleeson 加入我們的董事會。 Allison 之前是 Cisco 的美洲高級副總裁，負責年銷售額超過 250 億美元。她是一位真正的銷售專業人士，從最初持有個人配額開始就擔任過多個銷售領導職務。我們非常高興地歡迎她加入我們的董事會，並期待她以多種方式為我們的持續發展和成功做出貢獻。

In summary, we are the runaway market leader with our product platform and sales leadership. We have the industry's best integrations and a marquee list of growing customers, along with proven leverage in our model given our powerful unit economics. We are building a generational company. And even with some uncertainty created by the current economic environment, we are investing in the platform, investing in the team, and we continue to grow profitably. Sales and marketing teams are being pushed to do more with less. And the only way to actually achieve that goal is to get more out of every marketing dollar and sales resource. Our mission since inception has been to help companies big and small do just that.

總之，憑藉我們的產品平台和銷售領導力，我們是失控的市場領導者。鑑於我們強大的單位經濟性，我們擁有業界最佳的集成和不斷增長的客戶名單，以及我們模型中經過驗證的槓桿作用。我們正在建立一個世代相傳的公司。即使當前的經濟環境造成了一些不確定性，我們也在投資平台，投資團隊，並繼續盈利增長。銷售和營銷團隊正被迫事半功倍。真正實現這一目標的唯一方法是從每一筆營銷資金和銷售資源中獲得更多收益。自成立以來，我們的使命就是幫助大大小小的公司做到這一點。

With that, I'll hand it over to our Chief Financial Officer, Cameron Hyzer.

有了這個，我會把它交給我們的首席財務官 Cameron Hyzer。

Thanks, Henry. Q2 was another great quarter in terms of execution and growth, and our outlook for the business remains strong, which is leading to another increase to our top and bottom line guidance. Companies of all sizes and industries continue to look for efficient ways to improve their go-to-market performance, and there is a generational shift in sales leadership who are looking for high-quality data and insights to drive more efficient and automated go-to-market motions.

謝謝，亨利。就執行和增長而言，第二季度是另一個出色的季度，我們對業務的前景依然強勁，這導致我們的頂線和底線指導再次增加。各種規模和行業的公司都在繼續尋找有效的方法來提高他們的上市業績，而銷售領導層正在發生代際轉變，他們正在尋找高質量的數據和洞察力來推動更高效和自動化的上市-市場動議。

As a result, while we are seeing some evidence of elongated sales cycles driven by the evolving macro environment, we continue to see strong demand for digital transformation. We are confident that given the tremendous value we provide to customers and our current narrow level of market penetration, we'll continue to drive durable growth. Therefore, we are raising our full year guidance for revenue to $1.08 billion to $1.09 billion and adjusted operating income to $433 million to $437 million. At the midpoint, this represents revenue growth of 45% relative to 2021 and an adjusted operating income margin of 40%.

因此，雖然我們看到一些證據表明不斷變化的宏觀環境推動了銷售週期的延長，但我們繼續看到對數字化轉型的強勁需求。我們相信，鑑於我們為客戶提供的巨大價值以及我們目前狹窄的市場滲透水平，我們將繼續推動持久增長。因此，我們將全年收入指引上調至 10.8 億至 10.9 億美元，調整後的營業收入至 4.33 億至 4.37 億美元。在中點，這意味著相對於 2021 年的收入增長 45%，調整後的營業利潤率為 40%。

We continue to expect to deliver more than $1 per share in unlevered free cash flow in 2022. In Q2, we delivered GAAP revenue of $267 million, up 54% year-over-year, which implies 9% sequential growth compared to Q1 2022 as adjusted for days in the quarter. Excluding the impact of products acquired within the last 12 months, our organic revenue growth for the quarter was 42%.

我們繼續預計在 2022 年實現每股 1 美元以上的無槓桿自由現金流。在第二季度，我們實現了 2.67 億美元的 GAAP 收入，同比增長 54%，這意味著與 2022 年第一季度相比環比增長 9%，因為調整了本季度的天數。排除過去 12 個月內購買的產品的影響，我們本季度的有機收入增長為 42%。

Adjusted operating income in Q2 was $107 million, a margin of 40%, the highest level of margin performance in the last 12 months. As we have discussed in the past, we expect to increase adjusted operating margins over time.

第二季度調整後的營業收入為 1.07 億美元，利潤率為 40%，為過去 12 個月以來的最高水平。正如我們過去所討論的，我們預計會隨著時間的推移增加調整後的營業利潤率。

Turning to the balance sheet and cash flow. We ended the second quarter with $371 million in cash, cash equivalents and short-term investments. Operating cash flow in Q2 was $106 million, which included approximately $6 million of interest payments. Unlevered free cash flow was $108 million for the quarter or 101% of adjusted operating income. We continue to expect that on an annual basis, unlevered free cash flow conversion will be in the range of 100% to 110% as a percentage of adjusted operating income with unlevered free cash flow conversion trending down in this back half of the year, consistent with seasonal patterns.

轉向資產負債表和現金流。我們在第二季度結束時擁有 3.71 億美元的現金、現金等價物和短期投資。第二季度的經營現金流為 1.06 億美元，其中包括約 600 萬美元的利息支付。本季度無槓桿自由現金流為 1.08 億美元，佔調整後營業收入的 101%。我們繼續預計，按年度計算，無槓桿自由現金流轉換佔調整後營業收入的百分比將在 100% 至 110% 之間，而無槓桿自由現金流轉換在今年下半年呈下降趨勢，與此一致具有季節性模式。

With respect to liabilities and future performance obligations. Unearned revenue at the end of the quarter was $412 million and remaining performance obligations, or RPO, were $985 million, of which $764 million are expected to be delivered in the next 12 months. We believe that calculated billings and RPO are imprecise metrics to assess in-period activity and forward momentum. As a result, we focused on days adjusted sequential revenue growth, and we delivered 9% date-adjusted sequential revenue growth in the second quarter.

關於負債和未來的履約義務。本季度末未實現收入為 4.12 億美元，剩餘履約義務或 RPO 為 9.85 億美元，其中 7.64 億美元預計將在未來 12 個月內交付。我們認為，計算出的賬單和 RPO 是評估期間活動和前進動力的不精確指標。因此，我們專注於天數調整後的連續收入增長，我們在第二季度實現了 9% 的日期調整後收入連續增長。

With respect to debt, at the end of Q2, we carried $1.25 billion in gross debt. With the continued growth and profitability, we again drove an improvement in our leverage ratios with a net leverage ratio of 2.3x trailing 12 months adjusted EBITDA and 1.8x trailing 12 months cash EBITDA, which is defined as consolidated EBITDA in our credit agreements. This represents approximately a full turn improvement in leverage since Q3 2021.

在債務方面，在第二季度末，我們的總債務為 12.5 億美元。隨著持續增長和盈利能力，我們再次推動槓桿比率的改善，淨槓桿比率為過去 12 個月調整後 EBITDA 的 2.3 倍和過去 12 個月現金 EBITDA 的 1.8 倍，在我們的信貸協議中定義為合併 EBITDA。這代表了自 2021 年第三季度以來槓桿率的大約全面提升。

Lastly, we are very pleased to be one of the first 500 companies in the United States to have signed the UN Global Compact, the world's largest corporate sustainability initiative. Through this declaration, we further commit to focus on ethical corporate governance, environmental stewardship and best-in-class diversity and inclusion.

最後，我們很高興成為美國首批簽署聯合國全球契約（全球最大的企業可持續發展倡議）的 500 家公司之一。通過這一宣言，我們進一步承諾將重點放在合乎道德的公司治理、環境管理以及一流的多元化和包容性上。

With that, I will provide our outlook for the third quarter and our increased outlook for the full year 2020 (sic) [2022]. Before I do, I would note that we are cognizant of the current macroeconomic environment, and we are confident in our ability to meet or exceed our updated guidance for Q3 and the remainder of the year.

有了這個，我將提供我們對第三季度的展望以及我們對 2020 年全年（原文如此）[2022] 的展望。在此之前，我要指出，我們了解當前的宏觀經濟環境，並且我們有信心達到或超過我們對第三季度和今年剩餘時間的更新指導。

For Q3, we expect GAAP revenue in the range of $277 million to $279 million and adjusted operating income in the range of $111 million to $113 million. Non-GAAP net income is expected to be in the range of $0.19 to $0.20 per share. Our Q3 guidance implies year-over-year GAAP revenue growth of 41% at the midpoint and an adjusted operating income margin of 40%.

對於第三季度，我們預計 GAAP 收入在 2.77 億美元至 2.79 億美元之間，調整後的營業收入在 1.11 億美元至 1.13 億美元之間。非 GAAP 淨收入預計在每股 0.19 美元至 0.20 美元之間。我們的第三季度指導意味著中點的 GAAP 收入同比增長 41%，調整後的營業利潤率為 40%。

We are providing updated full year 2022 guidance as follows: we expect GAAP revenue in the range of $1.08 billion to $1.09 billion, up $20 million from our prior guidance; and adjusted operating income in the range of $433 million to $437 million, up from $421 million at the midpoint of our prior guidance. We expect non-GAAP net income in the range of $0.78 to $0.80 per share based on 411 million diluted weighted average shares outstanding, up from $0.76 at the midpoint previously.

我們提供更新的 2022 年全年指引如下：我們預計 GAAP 收入在 10.8 億美元至 10.9 億美元之間，比我們之前的指引增加 2000 萬美元；調整後的營業收入在 4.33 億美元至 4.37 億美元之間，高於我們之前指導中點的 4.21 億美元。基於 4.11 億股稀釋加權平均流通股，我們預計非 GAAP 淨收入在每股 0.78 美元至 0.80 美元之間，高於之前中點的 0.76 美元。

For unlevered free cash flow, we expect to generate between $438 million and $446 million, up from $440 million at the midpoint of our prior guidance. Our full year guidance implies 45% GAAP revenue growth at the midpoint and adjusted operating income margin of 40% and an unlevered free cash flow margin of 41%.

對於無槓桿的自由現金流，我們預計將產生 4.38 億美元至 4.46 億美元，高於我們之前指導中點的 4.4 億美元。我們的全年指導意味著中點 45% 的 GAAP 收入增長和 40% 的調整後營業利潤率和 41% 的無槓桿自由現金流利潤率。

With that, let me turn it over to the operator to open the call for questions.

有了這個，讓我把它交給接線員來打開問題的電話。

(Operator Instructions) Our first question or comment comes from the line of Siti Panigrahi from Mizuho Group.

（操作員說明）我們的第一個問題或評論來自瑞穗集團的 Siti Panigrahi。

Henry, just one comment you made about how ZoomInfo data and insights are relevant during this economic environment. Could you share also your past experience last recession, what you have seen? And also, can you talk about the cross-sell opportunity you're seeing now that you have workflow and other software application on top of data that you can cross-sell into your base?

亨利，您僅對 ZoomInfo 數據和見解在當前經濟環境中的相關性發表了一條評論。您能否也分享您過去的經歷，上次經濟衰退，您看到了什麼？此外，您能否談談您現在看到的交叉銷售機會，因為您擁有基於數據的工作流和其他軟件應用程序，可以交叉銷售到您的基地？

Yes. Thanks for the question, Siti. I think what we saw in the early days of COVID was somewhat similar. We had an elongating sales cycle with larger deals. But then kind of immediately afterwards, companies realized they needed to be investing in their sales teams and in their go-to-market efforts, that they needed to be investing behind digital transformation. And I think kind of what we see today is similar. We're seeing that same elongation in sales cycles on some deals, specifically larger deals and international deals.

是的。謝謝你的問題，西蒂。我認為我們在 COVID 早期看到的情況有些相似。我們的銷售週期隨著更大的交易而延長。但不久之後，公司意識到他們需要投資於他們的銷售團隊和進入市場的努力，他們需要投資於數字化轉型。我認為我們今天看到的有點相似。我們看到一些交易的銷售週期也出現了同樣的延長，特別是大宗交易和國際交易。

But then we are also seeing companies realize that if they are going to get more out of their sales resources that they need to continue to invest in their go-to-market motion. They need to continue to invest in software that drives productivity, specifically for their sales resources, specifically for their marketing resources. And we are just best positioned by a mile to be the provider for that.

但隨後我們也看到公司意識到，如果他們要從銷售資源中獲得更多收益，就需要繼續投資於他們的上市行動。他們需要繼續投資於提高生產力的軟件，特別是他們的銷售資源，特別是他們的營銷資源。而我們只是一英里的最佳位置，可以成為這方面的提供者。

Our next question or comment comes from the line of Brad Zelnick from Deutsche Bank -- I'm sorry. Our next question or comment comes from the line of Mr. Michael Turrin from Wells Fargo.

我們的下一個問題或評論來自德意志銀行的 Brad Zelnick - 對不起。我們的下一個問題或評論來自富國銀行的 Michael Turrin 先生。

Look, nice job on the results from the team here. Just a couple of quick ones for me. Henry, we fielded some questions recently, just everyone's stress testing models. And so you have some commentary on just the white space that's in front of you. I'm wondering, just from a diversification standpoint of the business, anything you can add just in terms of penetration or industry exposure to be mindful of?

看，這裡團隊的結果做得很好。對我來說只是幾個快速的。亨利，我們最近回答了一些問題，只是每個人的壓力測試模型。所以你對你面前的空白有一些評論。我想知道，僅從業務多元化的角度來看，您可以在滲透率或行業曝光度方面添加任何需要注意的事項嗎？

And then, Cameron, on the guide, can you just help us understand the type of environment you're assuming in the back half of the year? Is it something similar to what you're seeing currently? Or are you taking potential for just added elongation or something else into account there?

然後，卡梅倫，在指南上，你能幫助我們了解你在下半年假設的環境類型嗎？是不是和你現在看到的一樣？或者你是否考慮了增加伸長率或其他因素的潛力？

Yes. I think just from a penetration perspective, we still feel like we're in very, very early innings. I get asked often what happens if sales hiring slows in these accounts. Are you limited by your ability to add user seats? On the vast majority, the overwhelming majority of the accounts that we operate inside of, we're not wall-to-wall across the sales team. And so we have this tremendous growth opportunity within sales organizations that we're executing against. And so we still feel like we're in the incredible early innings of the opportunity. And so we don't feel special exposure across any industry or any customer side segment.

是的。我認為僅從滲透的角度來看，我們仍然覺得我們處於非常非常早期的局中。我經常被問到如果這些客戶的銷售招聘放緩會發生什麼。您是否受到添加用戶席位的能力的限制？在絕大多數情況下，我們在其中運營的絕大多數客戶，我們並不是在整個銷售團隊中挨牆挨戶。因此，我們正在執行的銷售組織中擁有巨大的增長機會。所以我們仍然覺得我們正處於機會的難以置信的早期階段。因此，我們在任何行業或任何客戶方面都沒有感覺到特別的風險。

Great. And with respect to the guide, when we develop our guidance, we examine a wide range of potential outcomes and set our guidance to the level that we feel confident that we'll be able to meet and exceed. And certainly, that wide range of potential outcomes includes a macroeconomic environment that could be worse than what we're seeing today.

偉大的。關於指南，當我們制定指南時，我們會檢查廣泛的潛在結果，並將我們的指南設置為我們有信心能夠達到和超越的水平。當然，廣泛的潛在結果包括可能比我們今天看到的更糟糕的宏觀經濟環境。

Our next question or comment comes from the of Brad Zelnick from Deutsche Bank.

我們的下一個問題或評論來自德意志銀行的 Brad Zelnick。

Congrats, guys, on the results and weathering a tough environment, in particular, crossing the 30,000-customer mark or, at least, disclosing that you have. Henry, I just wanted to follow up on the comments that you made about the tough environment and how well you guys are navigating and in particular, seeing some sales cycles elongate. And I think in the earlier question, you said in larger and international deals. But with that in mind, what, if anything, are you doing in terms of your own go-to-market to adapt to a more uncertain environment?

恭喜，伙計們，取得了結果並經受住了艱難的環境，特別是突破了 30,000 名客戶的大關，或者至少披露了你擁有的這一點。亨利，我只是想跟進你對艱難環境的評論以及你們的導航情況，特別是看到一些銷售週期延長了。我認為在前面的問題中，您在更大的國際交易中說過。但是考慮到這一點，如果有的話，您在自己的市場推廣方面正在做什麼以適應更加不確定的環境？

Yes. I think what we're focused on is making sure that our sellers are unable to sell through this environment, that they understand the talk tracks and narratives to share with customers, that they give them the material and collateral that they need to sell internally around continuing to increase efficiency of the heads that you're keeping on the street.

是的。我認為我們關注的是確保我們的賣家無法通過這種環境進行銷售，確保他們了解與客戶分享的談話軌道和敘述，他們為他們提供內部銷售所需的材料和抵押品繼續提高你在街上的頭腦的效率。

So we're very focused on enablement and really advancing the ability of our sales teams, our account management teams. I think that's a big one. And look, we're looking to continue to invest in our go-to-market motion, especially in areas of incredibly high efficiency. We'll continue to hire and invest in those areas.

因此，我們非常專注於支持並真正提高我們的銷售團隊和客戶管理團隊的能力。我認為這是一個很大的。看，我們希望繼續投資於我們的上市運動，特別是在效率極高的領域。我們將繼續在這些領域招聘和投資。

Maybe just a follow-up for Cameron. Cameron, it's good to see NRR steady, but are there any changes to gross retention in any specific customer segment that's worth calling out or expectations for how retention might trend just given the visibility on what you can see today?

也許只是卡梅倫的後續行動。卡梅倫，很高興看到 NRR 穩定，但在任何特定客戶群中總留存率是否有任何變化值得一提，或者僅考慮到您今天所看到的可見性，對留存率趨勢的預期？

Yes. So there isn't anything worth calling out in terms of specific segments or anything else. I do think, as we look forward, macroeconomic headwinds could create some pressure with respect to net retention, but we're still seeing our customers continue to want to invest into really enabling and creating a better environment for their sellers. So I think what we're seeing today gives us even more confidence in our ability to drive towards that $2 billion run rate revenue target that we've set for ourselves and continue to see retention over the long term continue to improve.

是的。因此，就特定細分市場或其他任何方面而言，沒有什麼值得一提的。我確實認為，正如我們展望的那樣，宏觀經濟逆風可能會對淨保留率造成一些壓力，但我們仍然看到我們的客戶繼續希望投資於真正為他們的賣家創造一個更好的環境。因此，我認為我們今天所看到的讓我們更有信心實現我們為自己設定的 20 億美元的運行率收入目標，並繼續看到長期保留率繼續提高。

And Brad, I would add one thing there, too. What you've heard from other companies that have already reported is that they're looking to rationalize and reprioritize spend, but the one place where they're continuing to look to invest is within sales and within go-to-market. I mean we are the best, most enterprise-grade platform to help go-to-market teams get better and better outcomes. And so they're not messing with this part of their business, the part of the business that drives demand and that closes that demand. Instead, what you're hearing from them is they'll continue to invest behind those areas.

布拉德，我也會在那裡添加一件事。您從其他已經報告過的公司那裡聽到的是，他們正在尋求合理化支出並重新確定支出的優先級，但他們繼續尋求投資的一個地方是銷售和上市。我的意思是我們是最好的、最企業級的平台，可以幫助進入市場的團隊獲得越來越好的結果。因此，他們不會搞亂他們業務的這一部分，即推動需求並關閉需求的業務部分。相反，您從他們那裡聽到的是，他們將繼續在這些領域進行投資。

Our next question or comment comes from the line of Mark Murphy from JPMorgan.

我們的下一個問題或評論來自摩根大通的 Mark Murphy。

Congrats on raising the guide for the year. So Henry, I would say that many software companies now are slowing the pace of their hiring. They're cutting back on some of the lower-priority investments. They're doing that as a provisional step due to all the recession headlines. Is that something that you're contemplating doing as well? Or would you need to see a bigger change in the environment? And then I have a quick follow-up.

恭喜你提高了今年的指南。所以亨利，我想說現在許多軟件公司都在放慢招聘速度。他們正在削減一些優先級較低的投資。由於所有經濟衰退的頭條新聞，他們將其作為臨時步驟。你也在考慮這樣做嗎？還是您需要看到環境發生更大的變化？然後我有一個快速跟進。

Sure, Mark. Maybe I'll jump into that. I think we've consistently focused on efficiency within all of our investments historically. And so I think we're always looking for what are the best places to put incremental resources or invest incremental dollars. And so I don't think that we have the same pressure to cut back on certain things that maybe weren't performing in the way that they had.

當然，馬克。也許我會跳進去。我認為我們在歷史上一直關注我們所有投資的效率。所以我認為我們一直在尋找放置增量資源或投資增量資金的最佳場所。所以我不認為我們有同樣的壓力來削減某些可能沒有按照他們的方式表現的事情。

I think as we continue to grow, we're going to continue to invest in the business, and like we have historically, continue to focus our investments with respect to sales and marketing capacity as well as R&D innovation, but also continue to invest in all the underlying infrastructure to support growth as we move forward.

我認為隨著我們的不斷發展，我們將繼續對業務進行投資，並且像我們以往一樣，繼續將投資重點放在銷售和營銷能力以及研發創新上，但也會繼續投資於在我們前進的過程中支持增長的所有底層基礎設施。

Okay. Understood. And then as a quick follow-up, could you possibly update us on what portion of the revenue stream is seat-based versus the portions that might be data-based or API-based or just based on something else? I know, Henry, you touched on this a bit, but we're just trying to understand how much of a swing factor you might see when the employment cycle ebbs and flows a little bit for some of your customers.

好的。明白了。然後作為快速跟進，您能否向我們更新一下收入流的哪些部分是基於座位的，哪些部分可能是基於數據或基於 API 或僅基於其他東西？我知道，亨利，你談到了一點，但我們只是想了解當你的一些客戶的就業周期起起落落時，你可能會看到多少波動因素。

Yes. So our model is set up so that we have customers that pay a platform fee to start out with. And then we scale up with our customers based on the number of seats that they deploy as well as the amount of data that they might be integrating into our systems. And obviously, as they're taking on more and more functionality, all of that gets placed in there as well. I think when we go back and disaggregate that, and there is probably a little bit more art than science, but when we go back and disaggregate that for -- to just look at seats versus platform or data or additional functionality, the seats are less than half of the revenue stream overall.

是的。所以我們的模型是這樣建立的，這樣我們就可以讓客戶一開始就支付平台費用。然後我們根據客戶部署的座位數量以及他們可能集成到我們系統中的數據量與客戶一起擴大規模。顯然，隨著他們承擔越來越多的功能，所有這些也都放在了那裡。我認為當我們回過頭來分解它時，藝術可能比科學多一點，但是當我們回過頭來分解它時——只看座位與平台、數據或附加功能，座位就更少了總收入流的一半以上。

Our next question or comment comes from the line of Kash Rangan from Goldman Sachs.

我們的下一個問題或評論來自高盛的 Kash Rangan。

Okay. Can you hear me now?

好的。你能聽到我嗎？

Yes, sir.

是的先生。

Yes.

是的。

So just like -- it looks like everybody is going through some level of tribulation, dislocation of sales cycles. And it's evident in your RPO, CRPO. If you look at the sequential rates of change, it's -- you can see it. I'm more interested in finding out what is happening to the deals that haven't gone unfold or postponed? What are customers saying that they need to see in order to come back and reengage with you guys on those deals, firstly.

所以就像 - 看起來每個人都在經歷某種程度的磨難，銷售週期的錯位。這在您的 RPO 和 CRPO 中很明顯。如果您查看連續變化率，您可以看到它。我更感興趣的是找出尚未展開或推遲的交易發生了什麼？首先，客戶說他們需要看到什麼才能回來並與你們重新參與這些交易。

And secondly, the -- it looks like your acquisitions are doing better than expected. You seem to have very good synergies in your distribution. So something is obviously working. Maybe the certification of ZoomInfo is really at work here. But I'm curious to get your thoughts on the slip deals, where you stand with them. And what is your assumption as to when these deals come back and close for you guys. Is it Q3 or Q4 or next year?

其次，您的收購似乎比預期的要好。你的發行版似乎有很好的協同作用。所以顯然有些東西在起作用。也許 ZoomInfo 的認證在這裡真的起作用了。但我很想知道你對臨時交易的看法，你站在哪裡。你對這些交易什麼時候回來並為你們完成的假設是什麼。是第三季度、第四季度還是明年？

Yes. Thanks, Kash. I think what we're seeing is just an elevated level of scrutiny in those deals. And so those deals end up with an extra level of approvals at the C-suite and extra level of approvals in procurement and finance. And so those are elongating those cycles.

是的。謝謝，卡什。我認為我們所看到的只是對這些交易的更高審查水平。因此，這些交易最終會在最高管理層獲得額外級別的批准，並在採購和財務方面獲得額外級別的批准。所以那些正在延長這些週期。

I can tell you that a number of deals, both on the new business and the retention side that were slated to close in June, have already come in, in July and early Q3. So we feel good about those deals getting to completion. But there is just more scrutiny, especially as deals get larger and on international deals, where the cycle is elongating. But the conversations are not changed. The value proposition has not changed.

我可以告訴你，原定於 6 月完成的新業務和保留方面的一些交易已經在 7 月和第三季度初達成。因此，我們對這些交易的完成感到滿意。但是，審查會更加嚴格，尤其是隨著交易規模越來越大，而且國際交易的周期正在拉長。但對話沒有改變。價值主張沒有改變。

And I think what companies are realizing is that when you're looking to deploy something that's quick time to value, we are the most obvious solution to deploy. Your buy on a Monday, you're fully up and running on a Friday in many cases. And this is in the hands of your sales teams driving immediately immediate efficiency and actionability. And so companies are not looking for multiyear projects or software deployment. They're looking for quick time to value, and we can deliver that with ZoomInfo. But we are jumping through the same hoops or the same additional hoops that every other software company has to get through today.

而且我認為公司正在意識到，當您希望部署能夠快速實現價值的東西時，我們是最明顯的部署解決方案。您在星期一購買，在許多情況下您在星期五完全啟動並運行。這掌握在您的銷售團隊手中，可以立即提高效率和可操作性。因此，公司並不在尋找多年項目或軟件部署。他們正在尋找快速實現價值的時間，我們可以通過 ZoomInfo 實現這一目標。但是，我們正在經歷與其他軟件公司今天必須經歷的相同或相同的額外障礙。

Got it. So just a follow-up to that, do you think this could be just another U-shaped recovery as customers, so you know what, I'm factoring in the higher cost of interest and whatever, inflation, et cetera, and then we get some kind of recovery either this year or next year? Or is it that these pressures could create a permanently lower but still attractive organic growth rate in your markets? And that's it for me.

知道了。所以只是一個後續行動，你認為這可能只是作為客戶的另一個 U 型複蘇，所以你知道嗎，我考慮到更高的利息成本以及通貨膨脹等因素，然後我們今年或明年會有所恢復嗎？還是這些壓力可能會在您的市場中造成永久性較低但仍然具有吸引力的有機增長率？對我來說就是這樣。

So Kash, I think that's a great question. I think as you -- as we look forward in the future, I think there's certainly the potential that we'll be able to recover reasonably quickly. That being said, the -- our crystal ball isn't that much clearer than a number of other people. And as people are continuing to look at overall economic growth, if that stays kind of relatively lower for a longer period of time, I think that, that will impact just the number of companies that are continuing to invest in their growth prospects overall.

所以Kash，我認為這是一個很好的問題。我認為和你一樣——正如我們展望未來一樣，我認為我們肯定有可能迅速恢復。話雖如此，我們的水晶球並不比其他許多人清晰得多。隨著人們繼續關注整體經濟增長，如果在較長時間內保持相對較低的水平，我認為這只會影響繼續投資於整體增長前景的公司數量。

Our next question or comment comes from the line of Keith Weiss from Morgan Stanley.

我們的下一個問題或評論來自摩根士丹利的 Keith Weiss。

This is Elizabeth Porter on for Keith. Congratulations on the strong quarter. I wanted to double-click on the longer sales cycles and just implications for assuming those advanced functionality, just as these can drive larger deals that can be a bit more complicated. So what are you seeing in terms of the uptake specifically for advanced functionality versus earlier this year? And how should we think about the ramp in adoption for advanced functionality just as IT budgets come under a little bit more scrutiny? But clearly, there's a need to drive efficiency.

這是基思的伊麗莎白波特。祝賀強勁的季度。我想雙擊更長的銷售週期，以及假設這些高級功能的含義，就像這些可以推動可能更複雜的更大交易一樣。那麼，與今年早些時候相比，您對高級功能的使用有何看法？在 IT 預算受到更多審查的同時，我們應該如何看待高級功能的採用率上升？但顯然，需要提高效率。

Yes. I think a couple of things here. I think, number one, we have the only consolidation play in the market. And so our ability to go into an account and have them consolidate numerous different platforms on to the ZoomInfo RevOS platform, that is happening. We saw it all across our SMB customers. We saw it across our enterprise customers, where they were consolidating either multiple sales intelligence vendors and a conversation intelligence vendor and a sales automation vendor into ZoomInfo's RevOS.

是的。我認為這裡有幾件事。我認為，第一，我們擁有市場上唯一的整合遊戲。因此，我們能夠進入一個帳戶並讓他們將眾多不同的平台整合到 ZoomInfo RevOS 平台上，這正在發生。我們在 SMB 客戶中看到了這一切。我們在企業客戶中看到了這一點，他們將多個銷售智能供應商、一個對話智能供應商和一個銷售自動化供應商整合到 ZoomInfo 的 RevOS 中。

I think you see that with Engage going upmarket. We have 3x more deals in the mid-market and enterprise with Engage, our sales automation solution. We've nearly tripled the growth rate of Chorus into our customer base. RingLead doubled, and those are all consolidation plays that we're able to bring with our data foundation at its core. And so I would say one thing that every company cares about right now is making sure that they're prioritizing investments in areas that drive sales growth and that get more out of the heads that they have on The Street.

我認為隨著 Engage 進入高端市場，您會看到這一點。借助我們的銷售自動化解決方案 Engage，我們在中端市場和企業中的交易量增加了 3 倍。我們的客戶群中 Chorus 的增長率幾乎翻了三倍。 RingLead 翻了一番，這些都是我們能夠以我們的數據基礎為核心的整合遊戲。因此，我想說的是，每家公司現在都關心的一件事是確保他們優先投資於推動銷售增長的領域，並讓他們在華爾街擁有更多的頭腦。

And then the second thing that they're looking at is making sure that they're working with strategic vendors and if there are opportunities to consolidate and repackage -- and provide a package that makes consolidation lucrative, then I think that those -- our customers are stepping up to that, and we provide a great opportunity for them to do so.

然後他們正在考慮的第二件事是確保他們正在與戰略供應商合作，如果有機會整合和重新打包 - 並提供一個使整合有利可圖的包，那麼我認為那些 - 我們的客戶正在加緊努力，我們為他們提供了一個很好的機會。

Yes. And I'd actually add, Elizabeth, that in terms of the rate of change in terms of the growth rate of advanced functionality, it's actually accelerated in the first half of this year relative to what we said at the end of last year. So that's a really exciting thing that we're focusing on is continuing to drive that advanced functionality that ultimately drives better retention with our customers. It delivers them more value, and it enables even more and more of those consolidation discussions throughout the base.

是的。我實際上要補充一點，伊麗莎白，就高級功能增長率的變化率而言，與去年年底我們所說的相比，今年上半年它實際上加速了。因此，我們正在關注的一件非常令人興奮的事情是繼續推動高級功能，最終提高我們客戶的保留率。它為他們提供了更多價值，並且它使越來越多的整合討論成為可能。

Great. That's great to hear. And then just as a quick follow-up. I was wondering if you could provide some context for how new business performed in the quarter. I think last quarter, there are some comments about the new customer team hitting new records and just given the macro and uncertainty has changed a bit. Any color to provide on how that new customer segment is performing now would be super helpful.

偉大的。聽到這個消息我很高興。然後作為快速跟進。我想知道您能否提供一些關於本季度新業務表現的背景信息。我認為上個季度，有一些關於新客戶團隊創下新紀錄的評論，只是考慮到宏觀和不確定性發生了一些變化。提供任何關於新客戶群現在表現的顏色都會非常有幫助。

Yes. So the new sales team continues to perform well. They were right at the same level as what we did last quarter, just slightly below. So I think we're excited about that capability. And certainly, it's the best second quarter that we've ever had in terms of sales to new customers.

是的。所以新的銷售團隊繼續表現良好。它們與我們上個季度的水平處於同一水平，略低於我們。所以我認為我們對這種能力感到興奮。當然，就向新客戶的銷售而言，這是我們有史以來最好的第二季度。

Our next question or comment comes from the line of Koji Ikeda from Bank of America.

我們的下一個問題或評論來自美國銀行的 Koji Ikeda。

I wanted to kind of shift gears a little bit and ask you a question on some of the new executive hires that we've been kind of seeing through the press releases. So kind of really focusing on compliance and security. Earlier this year, you brought on Simon McDougall as Chief Compliance Officer, and we got to hear him speak a lot about compliance at the Analyst Day. And then last week, our new Chief Security Officer, Tomer Gershoni, was brought in.

我想稍微換一下檔位，問你一個關於我們通過新聞稿看到的一些新高管招聘的問題。所以有點真正關注合規性和安全性。今年早些時候，您聘請了 Simon McDougall 擔任首席合規官，我們在分析師日聽到了他關於合規性的很多講話。上週，我們的新首席安全官 Tomer Gershoni 上任。

So we, of course, are very appreciative of the increased leadership in compliance and security, but it also just kind of brings up the question, is the reason for these hires because it's just becoming really challenging to stay in compliance and being secure as a company continues to grow. So just really curious to hear your thoughts on the reasons for some of these big executive hires on compliance and security.

因此，當然，我們非常感謝在合規性和安全性方面的領導力增強，但這也只是提出了一個問題，是這些員工的原因，因為保持合規性和安全性變得非常具有挑戰性公司不斷發展壯大。因此，我真的很想听聽您對這些大型高管聘用合規性和安全性的原因的看法。

Look, we're always looking to scale and build a world-class team around us. I think that what you're seeing us do is invest in areas that are important to our customers. And customers care about security, customers care about privacy. And so when we have an opportunity in the marketplace to bring in a world-class leader to step into those roles, we know that that's important for our customers, and we're willing to invest behind those areas. And I think that's what you're seeing us do with Simon at the beginning of the year and then Tomer today.

看，我們一直在尋求擴大規模並在我們周圍建立一支世界級的團隊。我認為您看到我們所做的是投資於對我們的客戶很重要的領域。客戶關心安全，客戶關心隱私。因此，當我們有機會在市場上引入世界級的領導者來擔任這些角色時，我們知道這對我們的客戶很重要，我們願意在這些領域進行投資。我認為這就是你在年初看到我們對西蒙所做的，然後是今天的托默。

Got it. Got it. And then just one follow-up, if I may here. Just kind of thinking about the future levers for growth. It sounds like there's 2 kind of big-picture opportunities here: the consolidation of other tools that these enterprises consolidating on to ZoomInfo and then new spend just with new strategic sales optimization initiatives. So I guess thinking about those 2 levers, where is the growth coming from? Or how are you expecting that growth from the split between those 2 to really drive the growth here for the next 12 to 18 months?

知道了。知道了。然後只是一個後續行動，如果我可以的話。只是思考未來的增長槓桿。聽起來這裡有兩種宏觀機會：將這些企業整合到 ZoomInfo 的其他工具整合到新的戰略銷售優化計劃中。所以我想想想這兩個槓桿，增長來自哪裡？或者您如何期望這兩者之間的增長能夠真正推動未來 12 到 18 個月的增長？

Yes. So I think consistent with what we've seen historically and continue to see in -- throughout the year, new sales continues to be a really strong driver of growth, and it's more than half of the growth that we see. I think that we're in such early innings in terms of the penetration of the overall market.

是的。因此，我認為與我們在歷史上看到並繼續看到的情況一致 - 全年，新銷售仍然是增長的真正強大驅動力，並且是我們看到的增長的一半以上。我認為就整個市場的滲透而言，我們處於早期階段。

Ultimately, every business that's selling to another business can and should use ZoomInfo to do a better job of that. And we have customers 30,000 today. There are over 700 potential customers that we can go out and get. So we have a lot of excitement about our ability to go out and continue to bring on new customers and help them be successful.

最終，每家向另一家企業銷售的企業都可以而且應該使用 ZoomInfo 來做得更好。我們今天有 30,000 名客戶。我們可以找到超過 700 個潛在客戶。因此，我們對走出去並繼續吸引新客戶並幫助他們取得成功的能力感到非常興奮。

At the same time, within our existing customers, I think the consolidation play is an important lever that we can continue to use. But there's also a tremendous amount of white space expansion within those customers. Whether it's adding on new users to go wall-to-wall, whether it's helping their data teams really get to higher-quality data or, honestly, a lot of the advanced functionality that we offer is still relatively nascent out in the market. And there are a number of large enterprise customers where we can double, triple, quadruple the amount of revenue that we're getting in a white space way as opposed to consolidating other spend that's out there. And I think in a challenging macroeconomic environment, that replacement might be the easiest thing for us. But over the long term, there's a lot more opportunity for the white space opportunity within our existing customers as well.

同時，在我們現有的客戶中，我認為整合是我們可以繼續使用的重要槓桿。但在這些客戶中也有大量的空白擴展。無論是增加新用戶，還是幫助他們的數據團隊真正獲得更高質量的數據，或者老實說，我們提供的許多高級功能在市場上仍然相對新生。並且有許多大型企業客戶，我們可以將我們以空白方式獲得的收入增加一倍、三倍、四倍，而不是整合其他支出。而且我認為在充滿挑戰的宏觀經濟環境中，更換可能對我們來說是最容易的事情。但從長遠來看，我們現有客戶的空白空間機會也更多。

Our next question or comment comes from the line of Alex Zukin from Wolfe Research.

我們的下一個問題或評論來自 Wolfe Research 的 Alex Zukin。

So Henry, I guess maybe I'll ask the question everybody's asking in a different way. It definitely seems like you guys are seeing a combination of headwinds and tailwinds in the current macroeconomic environment. I think you mentioned the sales cycles lengthening headwinds in large enterprise accounts in Europe, but then tailwinds from your time to ROI versus other enterprise software solutions and even other sales solutions is quite low in terms of the time it takes to deliver ROI. And you're seeing those consolidation deals where more companies are buying more of the suite. So what's the net effect of those crosscurrents? Are you seeing -- is this environment easier to sell into because of those factors or a little bit difficult, more difficult? And then I got a quick follow-up.

所以亨利，我想也許我會以不同的方式問每個人都在問的問題。在當前的宏觀經濟環境中，你們似乎看到了逆風和順風的結合。我認為您提到銷售週期延長了歐洲大型企業客戶的逆風，但是從您的時間到投資回報率的順風與其他企業軟件解決方案甚至其他銷售解決方案相比，在交付投資回報率所需的時間方面非常低。您會看到更多公司購買更多套件的整合交易。那麼這些交叉電流的淨效應是什麼？您是否看到 - 由於這些因素，這種環境更容易銷售還是有點困難，更困難？然後我得到了快速跟進。

Yes. I think the way to think about that, Alex, we're pretty -- we feel pretty good about the quarter we put up this quarter. We've been raised the quarter. We put up a Rule of 94 quarter, and we raised our full year guidance. And so we feel pretty good about our ability to continue to execute in this environment.

是的。我認為考慮這一點的方式，亞歷克斯，我們很漂亮 - 我們對本季度的季度感覺非常好。我們已經在本季度得到提升。我們提出了 94 季度規則，並提高了全年指導。因此，我們對自己在這種環境中繼續執行的能力感到非常滿意。

Guys, are you still there?

小伙伴們，你們還在嗎？

Yes.

是的。

Yes, sorry. The follow-up, I guess, Cameron, for you would be, during COVID, there was also some flexibility around payment terms with certain customers, and we're starting to hear that from other companies in enterprise software. To the extent that, that is either happening already or potential situation, do you anticipate any kind of headwind to free cash flow margins from payment term flexibility? And then any -- from a recessionary playbook perspective, any, I would say, incremental focus either on margins or maybe less M&A or more opportunity for strategic capital allocations?

是的，對不起。接下來，我猜，卡梅倫，對你來說，在 COVID 期間，與某些客戶的付款條件也有一些靈活性，我們開始從其他企業軟件公司那裡聽到這一點。在某種程度上，無論是已經發生還是潛在的情況，您是否預計從支付期限靈活性中釋放現金流利潤率的任何不利因素？然後任何——從經濟衰退的劇本的角度來看，任何，我會說，增加對利潤率的關注，或者可能減少併購或增加戰略資本分配的機會？

So with respect to the free cash flow part of the question, we're certainly here to help our customers be more successful. And while there could be some opportunities for us to be more flexible with payment terms, it's nowhere near what we've seen back in 2020. It's just a completely different discussion in terms of how we would approach that. So I'd say really modest, but not a ton of potential with respect to free cash flow in the second half of the year on that.

因此，關於問題的自由現金流部分，我們肯定會幫助我們的客戶取得更大的成功。雖然我們可能有一些機會在付款條件方面更加靈活，但與我們在 2020 年看到的情況相去甚遠。就我們將如何處理這一點而言，這只是一個完全不同的討論。所以我想說真的很溫和，但在下半年的自由現金流方面沒有很大的潛力。

And then as we think about a recessionary playbook, if you want to call it that, we've always operated a tremendously efficient company. I think if you talk to a lot of other software companies that are fast-growing companies, it's really hard to get to that 40% margin level. And that's something that we've always focused on.

然後當我們考慮經濟衰退的劇本時，如果你想這樣稱呼它，我們一直經營著一家非常高效的公司。我認為，如果您與許多其他快速發展的軟件公司交談，則很難達到 40% 的利潤率水平。這是我們一直關注的事情。

So we're going to continue to run the company in a way where we're going to focus on the most positive investments that we can, that are creating the best ROI in terms of helping to drive growth and maintain efficiency. And I think as we've demonstrated in the past, as growth moderates when we're growing off a larger and larger base out in the future, we will see margins naturally increase through operating leverage and less requirements for that upfront costs around sales and marketing capacity and client service capacity to bring on clients at a higher level.

因此，我們將繼續以我們將專注於最積極的投資的方式運營公司，這些投資在幫助推動增長和保持效率方面創造最佳投資回報率。而且我認為，正如我們過去所證明的那樣，隨著未來我們在越來越大的基礎上增長時增長放緩，我們將看到利潤率自然地通過運營槓桿和對銷售和前期成本要求的減少而增加營銷能力和客戶服務能力，為客戶帶來更高水平。

Perfect. Congrats again.

完美的。再次恭喜。

Our next question comment comes from the line of Brian Peterson from Raymond James.

我們的下一個問題評論來自 Raymond James 的 Brian Peterson。

So just one for me on linearity. We've heard some comments on sales cycle extending, also some really strong execution on M&A. I'd just be curious on the linearity throughout the quarter. Did things get better? Did things get worse? As we get to the month of July, anything that you can say in terms of the third quarter and how the linearity has progressed?

所以對我來說只有一個關於線性的。我們聽到了一些關於延長銷售週期的評論，也聽到了一些關於併購執行力非常強的評論。我只是對整個季度的線性感到好奇。情況好轉了嗎？事情變得更糟了嗎？隨著我們進入 7 月份，您可以就第三季度以及線性度如何發展說些什麼？

Yes. I think throughout the quarter, it was pretty stable. I think relatively early on, we started talking about the elongation of some sales cycles. And part of that is that we're just really close to our sales cycles. They're short to begin with, and we're instrumented to really focus on those. And I guess we've seen in July pretty much the same environment that we saw throughout the second quarter, which I think we feel really good about continuing to be able to execute.

是的。我認為整個季度都很穩定。我認為在比較早的時候，我們就開始談論一些銷售週期的延長。部分原因是我們真的很接近我們的銷售週期。一開始它們很短，我們有能力真正專注於這些。我想我們在 7 月份看到的環境與我們在整個第二季度看到的環境幾乎相同，我認為我們對繼續能夠執行感到非常滿意。

And particularly as -- one of the things that I've talked to some people about before is, oftentimes, it's the rate of change that causes a problem. So when people are surprised by the macroeconomic environment, they tend to make decisions less quickly. As we see stability in that macroeconomic environment, I actually view that as a modest tailwind for us.

特別是——我之前和一些人談過的一件事是，通常是變化率導致問題。因此，當人們對宏觀經濟環境感到驚訝時，他們往往會較慢地做出決策。當我們看到宏觀經濟環境的穩定性時，我實際上認為這對我們來說是一個適度的順風。

Our next question or comment comes from the line of Raimo Lenschow from Barclays.

我們的下一個問題或評論來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. By the way, great execution in this environment. Can you talk a little bit about the European expansion that you have planned for this year? Like with what we see in the macro environment, are you shifting resources in terms of like focusing on other areas or other regions, other geographies, maybe? That's question one. And question two is like, what do you see in terms of uptake on the newer products in the more mid-market accounts? Is that kind of on the enterprise side? I get it on the mid-market side. What's the progress there?

我也祝賀你。順便說一句，在這種環境下執行得很好。你能談談你今年計劃的歐洲擴張嗎？就像我們在宏觀環境中看到的一樣，您是否正在轉移資源，比如關注其他地區或其他地區、其他地區，也許？那是問題一。問題二是，您認為在更多中端市場客戶中對新產品的使用情況如何？是在企業方面嗎？我在中端市場方面得到它。那裡有什麼進展？

So on the European expansion, we'll continue to invest into our European office and continue to drive capacity there. I think we're really excited about the opportunity long term in Europe, and there may be some short-term cross-wins. But I think having the right capacity to drive serious growth there over the long term is the right path for us.

因此，在歐洲擴張方面，我們將繼續投資於我們的歐洲辦事處並繼續提高那裡的產能。我認為我們對歐洲的長期機會感到非常興奮，並且可能會有一些短期的交叉雙贏。但我認為，擁有適當的能力來推動那裡的長期增長對我們來說是正確的道路。

And then with respect to the advanced functionality, I think in the mid-market, we see like great opportunity there. And there are a number of clients that are really stepping up to drive better and better go-to-market motions. Realistically, the real focus of our efforts historically have been to develop and acquire advanced functionality that's similarly easy to use as our core data platform.

然後關於高級功能，我認為在中端市場，我們看到了巨大的機會。並且有許多客戶真正加緊推動越來越好的進入市場的行動。實際上，歷史上我們努力的真正重點是開發和獲取與我們的核心數據平台同樣易於使用的高級功能。

And so it's really easy for clients to step into Chorus or step into Engage and really drive value very quickly, whether you're a small business or a midsize business or an enterprise client. And I think we've seen really good uptake throughout the spectrum.

因此，無論您是小型企業、中型企業還是企業客戶，客戶都可以很容易地加入 Chorus 或 Engage 並真正快速推動價值。而且我認為我們在整個範圍內都看到了非常好的吸收。

I think what we talked about is in Engage, we actually saw, compared to Q2 of 2021, 3x many deals for Engage inside the mid-market and enterprise than we saw last year where we kind of rolled Engage out to the SMB, did a bunch of learning, continued to get the product to parity with competitors in the market. And then now we're seeing a real uptake in the mid-market. I think what you'll also continue to see us do there is as we integrate Engage more closely into the core platform and as we rolled out significant functionality to do just that. It becomes easier and easier for companies to continue to take on new products as it sits centrally inside of the core platform they are used to using.

我認為我們談論的是 Engage，我們實際上看到，與 2021 年第二季度相比，中端市場和企業內部的 Engage 交易數量是去年我們看到的 Engage 向 SMB 推出的 3 倍，做了一個一堆學習，繼續讓產品與市場上的競爭對手平起平坐。然後現在我們看到了中端市場的真正吸收。我認為隨著我們將 Engage 更緊密地集成到核心平台中，並且我們推出了重要的功能來做到這一點，您還將繼續看到我們在那裡所做的事情。公司繼續採用新產品變得越來越容易，因為它位於他們習慣使用的核心平台的中心。

Our next question comment comes from the line of Terry Tillman from Truist Company.

我們的下一個問題評論來自 Truist Company 的 Terry Tillman。

This is Robert [Geon] on for Terry. Just one for me. Cameron, in the past, I believe you've mentioned that a little over half of sales come from the company's inbound motion. Has that been fairly consistent over time? And anything you can share about trends in that statistic this quarter?

這是特里的羅伯特[吉恩]。只給我一個。 Cameron，過去，我相信你提到過一半以上的銷售額來自公司的入站動議。隨著時間的推移，這是否相當一致？您可以分享有關本季度該統計數據趨勢的任何信息嗎？

Yes. That's definitely been consistent over time, and we continue to see solid growth in terms of that inbound pipeline. It was pretty consistent in Q2. So we're continuing to invest both in the inbound capacity and demand generation as well as our outbound motion as well to continue to drive new sales and attack that really large market that's out there.

是的。隨著時間的推移，這絕對是一致的，我們繼續看到入站管道的穩健增長。第二季度非常一致。因此，我們將繼續投資於入境能力和需求產生以及我們的出境行動，以繼續推動新的銷售並攻擊那個真正巨大的市場。

Our next question or comment comes from the line of Rishi Jaluria from RBC Capital Markets.

我們的下一個問題或評論來自 RBC Capital Markets 的 Rishi Jaluria。

In the interest of time, I'll make it one question, which is, look, you talked about how important the software vertical is, right? I think 45% of the business come from software companies, mostly larger ones, definitely not VC-backed ones. But we are seeing software companies putting on hiring freezes or, at the very least, slowing down hiring, including at the sales level. Can you maybe just help us understand as you think your growth algorithm, specifically -- especially within that vertical, given the slowing down of hiring, how should we think about the impact there? Or is there just still so much greenfield opportunity with sales reps even within your existing customer base that that's not too much of an issue?

由於時間關係，我先提出一個問題，就是，你看，你說軟件垂直有多重要，對吧？我認為 45% 的業務來自軟件公司，主要是較大的公司，絕對不是風投支持的公司。但我們看到軟件公司正在凍結招聘，或者至少放緩招聘，包括在銷售層面。你能不能幫助我們理解你認為你的增長算法，特別是 - 特別是在那個垂直領域，鑑於招聘放緩，我們應該如何考慮那裡的影響？或者，即使在您現有的客戶群中，銷售代表仍然有如此多的綠地機會，這不是什麼大問題？

Let me take it from a high level and see if Cameron wants to chime in. I think the first point there is the overwhelming majority of our customers are not deployed wall-to-wall across their sales teams. And so we have this land-and-expand motion, where we land in an incredibly efficient way upfront and then we grow those accounts on the account management side. And so we are almost never going wall-to-wall when we sign a customer and then we look to get sort of more and more incremental seats as we prove out value and they become customers.

讓我從更高的層面來看，看看卡梅倫是否想插話。我認為第一點是我們的絕大多數客戶沒有在他們的銷售團隊中進行全面部署。所以我們有這個土地和擴張的動議，我們以一種非常有效的方式預先登陸，然後我們在賬戶管理方面增加這些賬戶。因此，當我們簽下客戶時，我們幾乎從不挨牆，然後當我們證明價值並成為客戶時，我們希望獲得越來越多的增量席位。

The next thing that I would say is of any industry, software today is the one where go-to-market efficiency and better unit economics are more than focused than they've ever been. And because we run arguably the most efficient go-to-market motion, more and more software companies are coming to us, asking us how we do it. That gives us a great opportunity to put RevOS front and center.

我要說的下一件事是任何行業，今天的軟件比以往任何時候都更加註重上市效率和更好的單位經濟性。而且因為我們可以說是最有效的上市行動，越來越多的軟件公司來找我們，詢問我們是如何做到的。這為我們提供了一個將 RevOS 放在首位和中心位置的絕佳機會。

Yes. I don't have much to add, although I do think it might be worth noting that software continues to grow well. We still have a number of customers that are continuing to grow. But in almost every other industry, it's growing much faster because we're less penetrated. So actually, I think your 45% number is a little outdated. I think we're below 40% today in terms of software concentration. And we continue to see -- while that continues to grow, all of the other industries are growing even more quickly, and they'll continue to become a bigger portion of the pie.

是的。我沒有太多要補充的，儘管我確實認為值得一提的是，軟件繼續發展良好。我們仍然有許多客戶在繼續增長。但在幾乎所有其他行業中，它的增長速度要快得多，因為我們的滲透率較低。所以實際上，我認為你 45% 的數字有點過時了。我認為我們今天的軟件集中度低於 40%。我們繼續看到——雖然這種情況繼續增長，但所有其他行業的增長速度更快，它們將繼續成為蛋糕中更大的一部分。

Our next question or comment comes from the line of DJ Hynes from Canaccord Genuity.

我們的下一個問題或評論來自 Canaccord Genuity 的 DJ Hynes。

Just one for me. So with the introduction of all the additional advanced functionality and the new personas, I'm wondering, have you seen any material change in the time line to the typical customers first follow-on sale? In other words, like are they getting a flavor for ZoomInfo and coming back and transacting any faster now?

只給我一個。因此，隨著所有其他高級功能和新角色的引入，我想知道，您是否看到典型客戶首次後續銷售的時間線有任何重大變化？換句話說，他們是否喜歡 ZoomInfo 並現在回來並更快地進行交易？

Yes. I don't think we've seen any material change into -- in how fast they transact with us again. I think there are a number of examples of customers signing on for SalesOS and then immediately adding on Engage or Chorus, but I don't think the overall metrics changed over time.

是的。我認為我們沒有看到任何重大變化——他們再次與我們交易的速度。我認為有許多客戶註冊 SalesOS 然後立即添加 Engage 或 Chorus 的示例，但我認為總體指標不會隨著時間而改變。

Our next question or comment comes from the line of Taylor McGinnis from UBS.

我們的下一個問題或評論來自瑞銀的 Taylor McGinnis。

Cameron, you mentioned earlier that flexible payment terms aren't having much of an impact at the moment. And I know billings can be a noisy metric. But it looks like calculated billings have declined sequentially these past 2 quarters. And I think this quarter would have gotten some benefit from Comparably and Dogpatch. So anything you can just add on what might be impacting that metric, if there's any co-terming or anything like that, and if there's any read-through here to the lighter free cash flow raise relative to operating income?

卡梅倫，您之前提到靈活的付款條件目前沒有太大影響。而且我知道賬單可能是一個嘈雜的指標。但在過去的兩個季度中，計算出的賬單似乎連續下降。而且我認為本季度將從 Comparably 和 Dogpatch 中獲得一些好處。因此，您可以添加任何可能影響該指標的內容，如果有任何共同條款或類似的東西，以及是否有任何通讀到相對於營業收入的較輕的自由現金流增加？

Yes. So I think as the billings and bookings can be imprecise metrics, realistically to really compare, you need to look back not just at the last quarter but everything that was happening before that. And if you remember, really the first half of 2021, got a real benefit from a billings perspective because of the payment flexibility that we provided to customers in 2020. So I would be, again, careful with that and certainly focus much more on the sequential revenue growth in terms of thinking about in-period activity.

是的。所以我認為，由於賬單和預訂可能是不精確的指標，實際上要真正進行比較，你不僅需要回顧上一季度，還需要回顧之前發生的一切。如果你還記得的話，真的是 2021 年上半年，由於我們在 2020 年為客戶提供的支付靈活性，從賬單的角度來看確實受益匪淺。所以我會再次小心翼翼，當然更多地關注在考慮期內活動方面的連續收入增長。

As we think about unlevered free cash flow, certainly, we look at a wide range of potential outcomes. And I think those outcomes would include some incremental flexibility that we're not seeing yet but may need to provide to customers. And certainly, that influenced our unlevered free cash flow guidance as well.

當我們考慮無槓桿的自由現金流時，當然，我們會看到廣泛的潛在結果。我認為這些成果將包括一些我們尚未看到但可能需要提供給客戶的增量靈活性。當然，這也影響了我們的無槓桿自由現金流指導。

Our next question or comment comes from the line of Parker Lane from Stifel.

我們的下一個問題或評論來自 Stifel 的 Parker Lane。

Curious if you could provide some context on the recent growth of the Community Edition user base. How you'd expect that to trend in a recession? And then lastly, just if that does slow down, what impact does that have on the company's ability to expand the core data asset?

想知道您是否可以提供有關社區版用戶群最近增長的一些背景信息。您如何期望在經濟衰退中出現這種趨勢？最後，如果這確實放慢了速度，這對公司擴展核心數據資產的能力有什麼影響？

Yes. Look, the Community Edition is just one of many different data sources that we use to build out the data asset. We've seen pretty consistent results of Community members. And so we don't anticipate that slowing down or changing. I think that there are a number of additional data sources that come together with the Community Edition to deliver the data in our platform. And so it's pretty much a big mosaic of data that comes together. No one data source is a majority of the data that comes into our platform.

是的。看，社區版只是我們用來構建數據資產的眾多不同數據源之一。我們已經看到社區成員的結果非常一致。因此，我們預計不會放緩或改變。我認為社區版附帶了許多額外的數據源，以在我們的平台中提供數據。因此，它幾乎是一個大的數據拼湊在一起。沒有一個數據源是進入我們平台的大部分數據。

Next question or comment comes from the line of Brent Bracelin from Piper Sandler.

下一個問題或評論來自 Piper Sandler 的 Brent Bracelin。

Henry, I wanted to go back to the new ACV build, particularly coming from the new products. You called out the momentum around Chorus and Engage and RingLead and MarketingOS. What's driving that as an offset to potential headwinds on the SalesOS or seat side?

亨利，我想回到新的 ACV 版本，特別是來自新產品。你呼籲圍繞 Chorus 和 Engage 以及 RingLead 和 MarketingOS 的勢頭。是什麼推動了這一點，以抵消 SalesOS 或座位方面的潛在不利因素？

Is it a change in sales incentives that's kind of driving kind of improvement internally? Is it just resonating certainly with customers? And how sustainable is that new ACV build from these new products looking out over the next 6 to 9 months?

銷售激勵措施的變化是否會推動內部改善？它只是引起客戶的肯定嗎？在未來 6 到 9 個月內，由這些新產品構建的新 ACV 的可持續性如何？

Yes. I think when we go out to either make an acquisition or build a new product line, one of the things that we're really focused on is, is this a product line that the vast majority of our customers are going to want. Is this a product or a piece of software that is critical to a go-to-market motion? And when you think about Engage and you think about Chorus with conversation intelligence, when we built Engage, when we acquired Chorus and integrated it into the product, we had tremendous conviction that these were software platforms that every sales team was going to need to use in the relatively near future.

是的。我認為，當我們出去進行收購或建立新產品線時，我們真正關注的一件事是，這是我們絕大多數客戶想要的產品線。這是對上市運動至關重要的產品還是軟件？當您想到 Engage 並想到具有對話智能的 Chorus 時，當我們構建 Engage 時，當我們收購 Chorus 並將其集成到產品中時，我們堅信這些是每個銷售團隊都需要使用的軟件平台在相對不久的將來。

And so when we add those products, what you're seeing is that actually just come to fruition. When a company makes an investment in sales intelligence, into the core SalesOS platform, the next thing that they want to do is to activate that data, and they're using Engage to do that. And the next thing they're going to want to do is to optimize the middle of the funnel and the bottom of the funnel, and they're using Chorus to do just that.

因此，當我們添加這些產品時，您所看到的是實際上剛剛實現。當一家公司對銷售智能進行投資，進入核心 SalesOS 平台時，他們想做的下一件事就是激活該數據，他們正在使用 Engage 來做到這一點。他們要做的下一件事是優化漏斗的中間和漏斗的底部，他們正在使用 Chorus 來做到這一點。

And so we have a lot of conviction around the products we bring to market. We use them internally. We're the first alpha and beta customers. And so once we get in the hands of our sales reps, they're able to take it to market in an incredibly effective way, and you're seeing that in our numbers with those products. And those are even in earlier innings than sort of the core sales intelligence platform that we're selling.

所以我們對我們推向市場的產品有很大的信心。我們在內部使用它們。我們是第一批 alpha 和 beta 客戶。因此，一旦我們掌握了我們的銷售代表，他們就能夠以一種非常有效的方式將其推向市場，您可以在我們的這些產品的數量中看到這一點。這些甚至比我們正在銷售的核心銷售情報平台還早。

I'm showing no additional questions in the queue at this time. I'd like to turn the conference back over to Mr. Henry Schuck for any closing remarks.

我目前沒有在隊列中顯示其他問題。我想把會議轉回給亨利·舒克先生做任何閉幕詞。

Great. Thank you. I know that a number of technology companies have been in the news lately about their hiring plans. But if people are out there and looking for opportunities, we are growing, we are hiring. We are a great place to work. And you should visit zoominfo.com/careers. Come join our winning team. Thanks for everyone -- to everyone tonight.

偉大的。謝謝你。我知道最近有許多科技公司在新聞中報導了他們的招聘計劃。但如果人們在那裡尋找機會，我們正在成長，我們正在招聘。我們是工作的好地方。您應該訪問 zoominfo.com/careers。加入我們的勝利團隊。謝謝大家——今晚謝謝大家。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們，先生們，感謝你們參加今天的會議。程序到此結束。您現在可以斷開連接。大家，有一個美好的一天。