Zoominfo Technologies Inc (ZI) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ZoomInfo Third Quarter Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 ZoomInfo 第三季度財務業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would like to hand the conference over to your speaker today, Jerry Sisitsky. Please go ahead.

我想把今天的會議交給你的演講者 Jerry Sisitsky。請繼續。

Thanks, John. Welcome to ZoomInfo's financial results conference call, highlighting our results for the third 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，約翰。歡迎參加 ZoomInfo 的財務業績電話會議，重點介紹我們 2022 年第三季度的業績。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.

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其他內容的表述，旨在識別前瞻性陳述。

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our filings with the SEC. Actual results may differ materially from any forward-looking statements. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. For more information, please refer to the cautionary statement included in the slides that we have posted to our Investor Relations website at ir.zoominfo.com.

前瞻性陳述涉及許多風險和不確定性，包括我們向美國證券交易委員會提交的文件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。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。

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've posted to our IR website.

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我們的 IR 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 welcome, everyone. Today, more than ever, go-to-market teams are looking to do more with less, and the ZoomInfo platform is the only solution that can deliver exactly that for companies of all sizes. We're at the beginning of a generational shift of digital transformation for B2B sellers and our business model has proven powerful even in a challenging macroeconomic environment. Our all-in-one platform drives efficiency at a time when every dollar spent is being scrutinized, and it does that by connecting businesses with the people who are most likely to purchase their solutions and giving them the technology they need to engage at scale.

謝謝你，傑瑞，歡迎大家。如今，上市團隊比以往任何時候都更希望事半功倍，而 ZoomInfo 平台是唯一可以為各種規模的公司提供準確服務的解決方案。我們正處於 B2B 賣家數字化轉型的代際轉變的開端，即使在充滿挑戰的宏觀經濟環境中，我們的商業模式也被證明是強大的。我們的一體化平台在每一分錢都受到審查的時候提高了效率，它通過將企業與最有可能購買其解決方案的人聯繫起來，並為他們提供大規模參與所需的技術來實現這一目標。

ZoomInfo's Q3 results once again beat expectations on the top and bottom line, and we're again raising our full year revenue and profitability guidance. In the third quarter, we delivered GAAP revenue of $288 million and adjusted operating income of $118 million. This represents year-over-year growth of 46% and an adjusted operating income margin of 41%, up approximately 120 basis points sequentially and up approximately 180 basis points from last year. We generated $100 million in unlevered free cash flow in the quarter or nearly $1 per share on an annualized basis, underpinning our leading combination of growth and profitability at scale.

ZoomInfo 的第三季度業績再次超出了頂線和底線的預期，我們再次提高了全年收入和盈利能力指引。第三季度，我們實現了 2.88 億美元的 GAAP 收入和 1.18 億美元的調整後營業收入。這意味著同比增長 46%，調整後的營業利潤率為 41%，環比增長約 120 個基點，比去年增長約 180 個基點。我們在本季度產生了 1 億美元的無槓桿自由現金流，或按年計算每股近 1 美元，為我們在規模上實現增長和盈利能力的領先組合奠定了基礎。

In Q3, we sold the largest expansion deal in the company's history, another 8-figure TCV client. We also sold the largest new business deal in company history, our first land to exceed $1 million with SalesOS, OperationsOS, Engage and Enrich being leveraged. The platform strategy is increasingly resonating, and we continue to consolidate point solutions across sales engagement, conversation intelligence, data and account-based marketing like we did this quarter with Ryder System, Taylor Corporation and USI. While these deals demonstrate that we're continuing to execute well, as we made our way through Q3, we began to see increased macro pressure on deals, causing the level of deal review to increase and sales cycles to elongate further.

在第三季度，我們出售了公司歷史上最大的擴張交易，另一個 8 位數的 TCV 客戶。我們還出售了公司歷史上最大的新業務交易，這是我們第一塊超過 100 萬美元的土地，其中使用了 SalesOS、OperationsOS、Engage 和 Enrich。平台戰略越來越引起共鳴，我們將繼續整合銷售參與、對話智能、數據和基於帳戶的營銷的單點解決方案，就像本季度與 Ryder System、Taylor Corporation 和 USI 所做的一樣。雖然這些交易表明我們繼續執行良好，但隨著我們進入第三季度，我們開始看到交易的宏觀壓力增加，導致交易審查水平增加，銷售週期進一步延長。

Since this started very late in the quarter, it only modestly impacted Q3 results. This elongation trend has continued into Q4, and we do expect it to impact growth in the short term. While we can't control the macro, and we know that we could deliver even more growth in a more stable economic environment, we can control how we manage the business. And you will see the resiliency of our model play out in the form of strong and consistent margin gains driving earnings. We are confident in raising guidance for 2022, and we expect to continue driving a sustainable combination of best-in-class growth, profitability and free cash flow generation at scale.

由於這在本季度很晚才開始，因此僅對第三季度的業績產生了適度的影響。這種延長趨勢一直持續到第四季度，我們確實預計它會在短期內影響增長。雖然我們無法控制宏觀，而且我們知道我們可以在更穩定的經濟環境中實現更大的增長，但我們可以控制我們管理業務的方式。您將看到我們模型的彈性以強勁且持續的利潤率增長推動收益的形式發揮作用。我們有信心提高 2022 年的指引，我們預計將繼續推動實現同類最佳增長、盈利能力和大規模自由現金流生成的可持續組合。

With that, let me highlight some of the many customer successes in the quarter. First, we ended the quarter with 1,848 customers who spend more than $100,000 a year with us. That's up 40-plus percent year-over-year. We again drove record ACV per customer. And as I mentioned earlier, we saw the largest expansion and new business deal in the company's history. We continue to close transactions with customers across all industries, seeing the strongest growth in the transportation and logistics, finance, insurance, real estate and manufacturing verticals. Advanced functionality now represents 30% of ACV, and we continue to go deeper and increase our strategic value to our customers.

有了這個，讓我強調一下本季度的許多客戶成功案例。首先，在本季度結束時，我們有 1,848 名客戶每年在我們這裡的消費超過 100,000 美元。這比去年同期增長了 40% 以上。我們再次為每位客戶創造了創紀錄的 ACV。正如我之前提到的，我們看到了公司歷史上最大的擴張和新業務交易。我們繼續與各行各業的客戶達成交易，在運輸和物流、金融、保險、房地產和製造垂直領域看到了最強勁的增長。高級功能現在佔 ACV 的 30%，我們將繼續深入，增加我們對客戶的戰略價值。

More than ever, organizations want to work with fewer, more strategic partners. And as a result, the full stack of our integrated best-in-class platform is even more relevant. As an example, a top news and entertainment broadcasting company went from a demo with a single rep to a multimillion dollar transaction that went wall-to-wall across their entire sales team.

組織比以往任何時候都更希望與更少、更具戰略意義的合作夥伴合作。因此，我們集成的一流平台的完整堆棧更加相關。例如，一家頂級新聞和娛樂廣播公司從一個代表的演示變成了數百萬美元的交易，整個銷售團隊都在進行。

This deal accelerated the digitization of their sales motion, given their sales and sales ops professionals the best opportunity to win with highly accurate data and insights that are cleansed and routed to the right sales reps plus the automation, workflows and engagement tools needed to efficiently close a deal. Their team said it best. There are going to be two types of sales teams going forward, successful and efficient teams that have ZoomInfo and mediocre teams that do not.

這筆交易加速了他們的銷售活動的數字化，為他們的銷售和銷售運營專業人員提供了最佳機會，通過高度準確的數據和洞察力來贏得勝利，這些數據和洞察力經過清理並傳送給正確的銷售代表，以及有效關閉所需的自動化、工作流程和參與工具一個交易。他們的團隊說得最好。未來將有兩種類型的銷售團隊，成功且高效的團隊擁有 ZoomInfo，而平庸的團隊則沒有。

Next, a Fortune 50 consulting infrastructure and software company expanded their licenses to further streamline their go-to-market strategy with best-in-class global data, insights and automation. As an enterprise organization, they needed to select a vendor that they could trust, and our investments in privacy and data stewardship gave them the confidence in our platform and our company. Their investment expanded their SalesOS users by more than 300% to over 3,500 professionals across 63 countries. ZoomInfo allows them to reach the right stakeholders at the right time when they are in market.

接下來，一家財富 50 強諮詢基礎設施和軟件公司擴大了他們的許可，以利用一流的全球數據、洞察力和自動化進一步簡化他們的上市戰略。作為一個企業組織，他們需要選擇一個他們可以信任的供應商，而我們在隱私和數據管理方面的投資讓他們對我們的平台和我們的公司充滿信心。他們的投資將 SalesOS 用戶擴大了 300% 以上，在 63 個國家/地區擁有超過 3,500 名專業人士。 ZoomInfo 使他們能夠在進入市場的正確時間接觸到正確的利益相關者。

A large public telecommunications company with more than 3 million customers wanted to improve efficiency by consolidating several vendor relationships. They already use ZoomInfo for data orchestration but decided to unify their go-to-market strategy by expanding with SalesOS, MarketingOS and OperationsOS. This full stack deal represented a more than 10x expansion with ZoomInfo.

一家擁有超過 300 萬客戶的大型公共電信公司希望通過整合多個供應商關係來提高效率。他們已經使用 ZoomInfo 進行數據編排，但決定通過擴展 SalesOS、MarketingOS 和 OperationsOS 來統一他們的市場戰略。這筆全棧交易代表了 ZoomInfo 超過 10 倍的擴展。

And a $15 billion market cap financial data services company was looking to rationalize spend across their tech stack without losing the efficiency of their sales team in the face of an uncertain macro environment. We help them consolidate vendors by adding our Intent and Chat products, providing them one end-to-end go-to-market suite while growing their SalesOS seats by 50%.

一家市值 150 億美元的金融數據服務公司正在尋求合理化其技術堆棧的支出，同時又不會在不確定的宏觀環境下失去其銷售團隊的效率。我們通過添加我們的 Intent 和 Chat 產品幫助他們整合供應商，為他們提供一個端到端的上市套件，同時將他們的 SalesOS 席位增加 50%。

We continue to focus our development efforts to create integrated experiences across the entire platform and to deliver data-driven engagement workflows to help our customers drive efficient growth. In SalesOS, we continue to invest behind unifying the sales professionals' experience for prospecting, engagement and closing deals onto a single platform by integrating our core sales intelligence, Engage and Chorus' conversation intelligence products. Customers are now able to streamline prospecting and engagement in SalesOS, using one-click engagement, advanced sales automation and the integration of conversation intelligence. We also continue to invest in our footprint across the go-to-market organization, adding products for account executives, account management and customer success teams.

我們將繼續專注於我們的開發工作，以在整個平台上創建集成體驗，並提供數據驅動的參與工作流程，以幫助我們的客戶推動有效增長。在 SalesOS 中，我們通過整合我們的核心銷售智能、Engage 和 Chorus 的對話智能產品，繼續投資於將銷售專業人士的勘探、參與和達成交易的經驗統一到一個平台上。客戶現在可以使用一鍵式參與、高級銷售自動化和對話智能集成來簡化 SalesOS 中的潛在客戶和參與。我們還繼續投資於我們在上市組織中的足跡，為客戶主管、客戶管理和客戶成功團隊添加產品。

We've integrated ZoomInfo intelligence into the post-call and pipeline review process via Chorus. So contact company and engagement functionality is available without leaving the platform. This includes our new meeting brief that help our customers run effective meetings by pushing company, participants and competitive intelligence along with deal risks and engagement highlights right to our customers' inbox.

我們已通過 Chorus 將 ZoomInfo 智能集成到呼叫後和管道審查流程中。因此，無需離開平台即可聯繫公司和參與功能。這包括我們新的會議簡報，通過將公司、參與者和競爭情報以及交易風險和參與亮點推送到我們客戶的收件箱，幫助我們的客戶進行有效的會議。

In MarketingOS, we focus on automating key activities to help marketers achieve better targeting and alignment between sales and marketing. As part of our multiyear product vision, we're building out an integrated platform that optimizes end-to-end go-to-market motions by unlocking omnichannel cross-departmental use cases. This strategy is resonating with customers. Over 75% of MarketingOS customers are already SalesOS customers who want to get their teams onto the same tools, leveraging the same data. In the quarter, we added lead expansion capability, which allows users to expand their advertising audiences to similar target personas within the same account to influence a larger portion of the buying committee and better multithreaded deals.

在 MarketingOS 中，我們專注於自動化關鍵活動，以幫助營銷人員實現更好的目標定位和銷售與營銷之間的一致性。作為我們多年產品願景的一部分，我們正在構建一個集成平台，通過解鎖全渠道跨部門用例來優化端到端的上市活動。這一策略引起了客戶的共鳴。超過 75% 的 MarketingOS 客戶已經是 SalesOS 客戶，他們希望讓他們的團隊使用相同的工具，利用相同的數據。在本季度，我們增加了潛在客戶擴展功能，允許用戶將其廣告受眾擴展到同一帳戶中的類似目標角色，以影響更大一部分的購買委員會和更好的多線程交易。

Additionally, we know that responding to interested prospects within less than 90 seconds increases conversion rates by close to 40%. That's why we integrated Slack into our workflow engine, putting the right market and buyer intelligence in front of the right people in seconds. For example, if a prospect from one of your assigned accounts visits a high-value page on your website, we can automatically alert you and attach the relevant account and deal context for immediate outreach. We also expanded our campaign reporting capabilities to include insights into account creative and domain placement for DSP campaign, which supports quick A/B testing and help streamline workflows.

此外，我們知道在 90 秒內回复感興趣的潛在客戶，可以將轉化率提高近 40%。這就是為什麼我們將 Slack 集成到我們的工作流引擎中，在幾秒鐘內將正確的市場和買家情報放在正確的人面前。例如，如果您指定帳戶的潛在客戶訪問您網站上的高價值頁面，我們可以自動提醒您並附上相關帳戶和交易背景，以便立即進行宣傳。我們還擴展了我們的活動報告功能，包括洞察 DSP 活動的帳戶創意和域佈局，這支持快速 A/B 測試並幫助簡化工作流程。

In OperationsOS, we're helping customers move beyond static data quality enrichment and into a world of continuously updated, ready-to-action data inside their CRM. Customers can now automatically capture all relevant companies inside their predefined total addressable market and operationalize them through sophisticated routing. They can append new information such as buying committees or sales signals to all accounts within the CRM. And they can track data changes through dynamic triggers to allow teams to take action on any detected changes at scale. For example, we will capture relevant sales signals such as a key contact moving to a new company and then automatically capture replacement contact at the account and alert the sales reps so they can take action on this change while automatically generating related records in the CRM.

在 OperationsOS 中，我們正在幫助客戶超越靜態數據質量的豐富，進入他們 CRM 中不斷更新、隨時可用的數據的世界。客戶現在可以自動捕獲其預定義的總目標市場內的所有相關公司，並通過複雜的路由對其進行操作。他們可以將新信息（例如購買委員會或銷售信號）附加到 CRM 中的所有帳戶。他們可以通過動態觸發器跟踪數據更改，以允許團隊對任何檢測到的大規模更改採取行動。例如，我們將捕獲相關的銷售信號，例如關鍵聯繫人轉移到新公司，然後自動捕獲帳戶的替換聯繫人並提醒銷售代表，以便他們可以對這一變化採取行動，同時在 CRM 中自動生成相關記錄。

And from a data access standpoint, we delivered massive performance improvements to our APIs, reducing our API call time by 55%. The enterprise demand for our APIs has grown rapidly with the number of API customers more than doubling this year alone. ZoomInfo APIs not only provide organizations with a means of connecting systems and applications but often play a critical role in company-wide digital transformation initiatives.

從數據訪問的角度來看，我們為 API 提供了巨大的性能改進，將 API 調用時間減少了 55%。企業對我們 API 的需求增長迅速，僅今年一年，API 客戶數量就翻了一番還多。 ZoomInfo API 不僅為組織提供了一種連接系統和應用程序的方法，而且通常在公司範圍內的數字化轉型計劃中發揮關鍵作用。

A second focus area in Q3 was to introduce new market signals to help provide our customers with the most actionable and complete data set. Intent data is an extremely important signal that sales and marketing teams increasingly rely on for prioritizing the right accounts to engage with.

第三季度的第二個重點領域是引入新的市場信號，以幫助為我們的客戶提供最可行和最完整的數據集。意圖數據是一個極其重要的信號，銷售和營銷團隊越來越依賴它來優先處理合適的客戶。

This quarter, we introduced the ability to bring outside intent sources into the ZoomInfo platform, starting with G2 intent data, layering G2's intent signals on top of our powerful company and contact intelligence allows customers to take better advantage of their G2 intent signals by enabling direct action against those signals in our platform.

本季度，我們引入了將外部意圖源引入 ZoomInfo 平台的功能，從 G2 意圖數據開始，將 G2 的意圖信號分層到我們強大的公司和聯繫人智能之上，使客戶能夠通過直接啟用 G2 意圖信號來更好地利用他們的 G2 意圖信號。在我們的平台上針對這些信號採取行動。

In addition, we've improved our website offering so that customers can indicate high, medium and low buying intent driven by visits to individual web pages, such as a pricing page visit being a higher buying signal than a visit to our careers page. These signals can then be leveraged to create high-intent audiences to power advertising campaigns or sales outreach.

此外，我們改進了我們的網站服務，以便客戶可以通過訪問單個網頁來指示高、中和低購買意圖，例如訪問定價頁面是比訪問我們的職業頁面更高的購買信號。然後可以利用這些信號來創建高意向的受眾，為廣告活動或銷售推廣提供動力。

The third area of focus was to reduce friction and set up end user management processes for admin. As ZoomInfo's RevOS platform has become a solution for entire go-to-market team, we are focused on delivering deeper account control with frictionless setup. We have made multiple updates to automate the provisioning and deprovisioning of users, the ability for admins to manage and connect e-mail accounts across their user base, driving better adoption within Chorus as well as a self-service path for purchasing additional seats, data credit and advertising media spend.

第三個重點領域是減少摩擦並為管理員設置最終用戶管理流程。隨著 ZoomInfo 的 RevOS 平台已成為整個上市團隊的解決方案，我們專注於通過無摩擦設置提供更深入的帳戶控制。我們進行了多項更新，以自動化用戶的配置和取消配置，讓管理員能夠管理和連接其用戶群中的電子郵件帳戶，推動 Chorus 更好地採用以及購買額外席位、數據的自助服務路徑信貸和廣告媒體支出。

And lastly, we've made continued investments to our data foundation, further deepening our competitive advantage. From a data coverage standpoint, we've invested in machine learning, data acquisition and enhanced location-based matching technologies, increasing our data coverage. We nearly doubled our non-headquarter company locations to more than 35 million locations. We now list revenue headcount and industry classifications for 100% of companies, including their NAICS and SIC codes. And we also expanded our technographic data set, and now track more than 300 million pairing between companies and the distinct technologies, platforms, programming languages and hardware they use.

最後，我們對數據基礎進行了持續投資，進一步加深了我們的競爭優勢。從數據覆蓋率的角度來看，我們在機器學習、數據採集和增強的基於位置的匹配技術方面進行了投資，從而擴大了我們的數據覆蓋率。我們的非總部公司地點幾乎翻了一番，達到超過 3500 萬個地點。我們現在列出了 100% 公司的收入人數和行業分類，包括他們的 NAICS 和 SIC 代碼。我們還擴展了我們的技術數據集，現在跟踪公司之間的超過 3 億個配對以及他們使用的不同技術、平台、編程語言和硬件。

ZoomInfo can identify technologies across more than 200 technology categories, including a company's CRM, corporate performance management system or even their travel and expense management system. Companies can leverage our technographics data to identify their competitors' customers, allowing sales teams to make their case for displacement and win back business or to gauge the relative sophistication of customers and determine their ideal customer profile. Nearly 90% of our active tech-to-company pairings have been updated within the past 3 months.

ZoomInfo 可以識別超過 200 種技術類別的技術，包括公司的 CRM、公司績效管理系統，甚至他們的差旅和費用管理系統。公司可以利用我們的技術數據來識別其競爭對手的客戶，從而使銷售團隊能夠提出替代方案並贏回業務，或者衡量客戶的相對成熟度並確定他們理想的客戶檔案。我們近 90% 的活躍技術與公司配對在過去 3 個月內得到了更新。

Before I wrap up, I wanted to welcome the newest members of the ZoomInfo team, including the recently added leaders in HR, sales, marketing and security and the more than 150 employees across the company that we hired in Q3. There remains a huge opportunity ahead of us, and we continue to upgrade our team to support our long-term growth outlook while prudently investing in the business in the short term.

在結束之前，我想歡迎 ZoomInfo 團隊的最新成員，包括最近增加的人力資源、銷售、營銷和安全方面的領導者，以及我們在第三季度聘用的全公司 150 多名員工。我們面前仍然存在巨大的機會，我們將繼續升級我們的團隊以支持我們的長期增長前景，同時在短期內謹慎投資業務。

In closing, we are the clear platform leader, companies in all industries are looking to drive efficiencies across their go-to-market motion, and we are well positioned to capitalize on the generational shift as more and more sales teams use data and insights to drive their go-to-market motion. We have an amazing group of customers from enterprise to small businesses that we're helping grow efficiently, and we continue to invest in the platform and the team to drive customer success, a key part of the sustainable long-term growth plan.

最後，我們是明確的平台領導者，各行各業的公司都希望在其進入市場的過程中提高效率，隨著越來越多的銷售團隊使用數據和洞察力推動他們的上市運動。我們擁有從企業到小型企業的令人驚嘆的客戶群，我們正在幫助他們有效地發展，我們將繼續投資於平台和團隊以推動客戶成功，這是可持續長期增長計劃的關鍵部分。

While the economic outlook remains uncertain, we remain committed to driving improved margin performance. Our financial model puts us in the elite category of high-growth software companies that are delivering expanded profitability and free cash flow at scale.

儘管經濟前景仍不明朗，但我們仍致力於推動提高利潤率表現。我們的財務模型使我們成為高增長軟件公司的精英類別，這些公司正在大規模提供擴大的盈利能力和自由現金流。

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. Q3 was another quarter of consistent execution and we again delivered results that exceeded our expectations and guidance. We prudently adjusted our expense profile driving better-than-expected profitability in the quarter and showing the inherent leverage in our model. We are pleased to be in a position to again raise our top and bottom line guidance for the year.

謝謝，亨利。第三季度又是一個持續執行的季度，我們再次交付了超出預期和指導的結果。我們謹慎地調整了我們的費用狀況，推動了本季度好於預期的盈利能力，並顯示了我們模型的內在槓桿作用。我們很高興能夠再次提高我們今年的頂線和底線指導。

While we are more insulated from macro challenges relative to many companies and we benefit from long-term secular trends towards digitization, we are not immune to the macroeconomic environment in the short term. Towards the end of Q3 and as we entered Q4, we saw a greater level of financial scrutiny from buyers, which further elongated sales cycles. All deals, including straight renewals are requiring more effort to reach an outcome, which stretches our sales team and capacity.

雖然與許多公司相比，我們更能免受宏觀挑戰的影響，並且我們受益於數字化的長期長期趨勢，但我們在短期內也無法免受宏觀經濟環境的影響。在第三季度末和進入第四季度時，我們看到買家進行了更嚴格的財務審查，這進一步延長了銷售週期。所有交易，包括直接續約，都需要付出更多努力才能取得成果，這會擴大我們的銷售團隊和能力。

As reps are spending more time on renewals, we see that their capacity to drive incremental upsells is becoming a limiting factor to growth of existing customers. As a result of the more challenging environment, we now expect dollar-based net retention in 2022 to retrace the gains that we were able to achieve in 2021. In short, we are taking a prudent view of the near-term growth expectations for Q4 and 2023 until we see more definitive signs that the economic environment is improving. That said, we are still raising our guidance for the year and are confident in the value proposition that we deliver to our customers.

隨著銷售代表在續訂上花費更多時間，我們看到他們推動增量追加銷售的能力正在成為現有客戶增長的限制因素。由於環境更具挑戰性，我們現在預計 2022 年基於美元的淨留存率將回撤我們在 2021 年實現的收益。簡而言之，我們對第四季度的近期增長預期持謹慎態度到 2023 年，直到我們看到更明確的跡象表明經濟環境正在改善。也就是說，我們仍在提高今年的指導，並對我們為客戶提供的價值主張充滿信心。

For 2022, we now expect revenue to be in the range of $1.094 billion to $1.096 billion. We expect adjusted operating income to be in the range of $442 million to $444 million. At the midpoint, this represents revenue growth of 47% relative to 2021 and adjusted operating income margin of 40%, and we expect to deliver more than $1 per share in unlevered free cash flow in 2022.

對於 2022 年，我們現在預計收入將在 10.94 億美元至 10.96 億美元之間。我們預計調整後的營業收入將在 4.42 億美元至 4.44 億美元之間。在中點，這意味著相對於 2021 年的收入增長 47%，調整後的營業利潤率為 40%，我們預計 2022 年將提供超過每股 1 美元的無槓桿自由現金流。

In Q3, we delivered GAAP revenue of $288 million, up 46% year-over-year, which implies 7% sequential growth compared to Q2 2022 as adjusted for days in the quarter. Excluding the impact of acquisitions in the first 12 months, we maintained organic revenue growth for the quarter at 42%, consistent with Q2. Adjusted operating income in Q3 was $118 million, a margin of 41%, the highest level of margin performance in the last 12 months. We continue to place an emphasis on efficiency and profitability we expect to increase adjusted operating margins over time.

在第三季度，我們實現了 2.88 億美元的 GAAP 收入，同比增長 46%，這意味著與 2022 年第二季度相比，經本季度天數調整後環比增長 7%。排除前 12 個月收購的影響，我們將本季度的有機收入增長保持在 42%，與第二季度一致。第三季度調整後的營業收入為 1.18 億美元，利潤率為 41%，為過去 12 個月以來的最高水平。我們繼續強調效率和盈利能力，我們希望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 third quarter with $445 million in cash, cash equivalents and short-term investments. Operating cash flow in Q3 was $86 million, which included approximately $18 million in interest payments. Unlevered free cash flow was $100 million for the quarter or 84% of adjusted operating income. While this was consistent with seasonal patterns, we are adjusting our cash flow expectations in the short term to reflect the potential for more flexibility in payment terms related to a worsening macro environment.

轉向資產負債表和現金流。我們在第三季度結束時擁有 4.45 億美元的現金、現金等價物和短期投資。第三季度的經營現金流為 8600 萬美元，其中包括約 1800 萬美元的利息支付。本季度無槓桿自由現金流為 1 億美元，佔調整後營業收入的 84%。雖然這與季節性模式一致，但我們正在調整短期內的現金流預期，以反映與惡化的宏觀環境相關的支付條款更具靈活性的潛力。

With respect to liabilities and future performance obligations, unearned revenue at the end of the quarter was $381 million and remaining performance obligations, or RPO, were $979 million, of which $757 million are expected to be delivered in the next 12 months. We believe that calculated both billings, bookings and RPO are imprecise metrics to assess in-period activity in forward momentum.

在負債和未來履約義務方面，本季度末未實現收入為 3.81 億美元，剩餘履約義務或 RPO 為 9.79 億美元，其中 7.57 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、預訂和 RPO 都是不精確的指標，無法評估期間內活動的前進勢頭。

If you are analyzing similar metrics, it is important to remember that the comparative period of Q3 2021 should be adjusted for acquisitions. Because of the inherent noise in those metrics, we focus on days adjusted sequential revenue growth. We delivered 7% days adjusted sequential revenue growth in the third quarter.

如果您正在分析類似的指標，請務必記住，應根據收購調整 2021 年第三季度的比較期。由於這些指標中的固有噪音，我們關注天數調整後的連續收入增長。我們在第三季度實現了 7% 的調整後收入環比增長。

With respect to debt, at the end of Q3, we carried $1.25 billion in gross debt, all of which has fixed or hedged interest rates, with about half of that coming due in 2026 and the remainder coming due in 2029.

在債務方面，截至第三季度末，我們的總債務為 12.5 億美元，所有債務均採用固定利率或對沖利率，其中約一半將於 2026 年到期，其餘將於 2029 年到期。

With continued growth and profitability, we again drove an improvement in our leverage ratios with a net leverage ratio of 1.9x trailing 12 months adjusted EBITDA and 1.6x trailing 12 months cash EBITDA, which is defined as consolidated EBITDA in our credit agreements. With that, I will provide our outlook for the fourth quarter and our increased outlook for the full year 2022.

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 1.9 倍和過去 12 個月現金 EBITDA 的 1.6 倍，在我們的信貸協議中定義為合併 EBITDA。有了這個，我將提供我們對第四季度的展望以及我們對 2022 年全年的展望。

For Q4, we expect GAAP revenue in the range of $298 million to $300 million and adjusted operating income in the range of $121 million to $123 million. Non-GAAP net income is expected to be in the range of $0.21 to $0.22 per share. Our guidance implies year-over-year GAAP revenue growth of 35% at the midpoint and an adjusted operating income margin of 41%.

對於第四季度，我們預計 GAAP 收入在 2.98 億美元至 3 億美元之間，調整後的營業收入在 1.21 億美元至 1.23 億美元之間。非 GAAP 淨收入預計在每股 0.21 美元至 0.22 美元之間。我們的指導意味著中點的 GAAP 收入同比增長 35%，調整後的營業利潤率為 41%。

We are providing updated full year 2022 guidance as follows: we expect GAAP revenue in the range of 1.09 to 1.09 -- sorry, $1.094 billion to $1.096 billion, up $10 million from our prior guidance at the midpoint and adjusted operating income in the range of $442 million to $444 million, up from $435 million at the midpoint of our prior guidance. We expect non-GAAP net income in the range of $0.83 to $0.84 per share based on 411 million weighted average diluted shares outstanding, up from $0.79 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 1.09 至 1.09 之間——抱歉，10.94 億美元至 10.96 億美元，比我們之前的中點指引增加 1000 萬美元，調整後的營業收入在4.42 億美元至 4.44 億美元，高於我們之前指導中點的 4.35 億美元。基於 4.11 億股加權平均稀釋流通股，我們預計非 GAAP 淨收入在每股 0.83 美元至 0.84 美元之間，高於之前中點的 0.79 美元。

For unlevered free cash flow, we expect to generate between $430 million and $435 million as compared to $442 million at the midpoint of our prior guidance. Our full year guidance implies 47% GAAP revenue growth at the midpoint, and both adjusted operating income margin and unlevered free cash flow margin of approximately 40%.

對於無槓桿的自由現金流，我們預計將產生 4.3 億美元至 4.35 億美元，而我們先前指導的中點為 4.42 億美元。我們的全年指導意味著 GAAP 收入在中點增長 47%，調整後的營業收入利潤率和無槓桿自由現金流利潤率均約為 40%。

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 comes from DJ Hynes from Canaccord.

（操作員說明）我們的第一個問題來自 Canaccord 的 DJ Hynes。

So Cameron, I'll start with you. So you alluded to this in your comments, but we're getting sub-20% calculated billings growth, so 20% CRPO-based bookings, calcs. You mentioned this, but sometimes we can kind of glean false signals from these data points.

所以卡梅倫，我會從你開始。因此，您在評論中提到了這一點，但我們的計算賬單增長低於 20%，因此基於 CRPO 的預訂量增長了 20%。你提到了這一點，但有時我們可以從這些數據點中收集到錯誤的信號。

I'm curious, in this case, just given kind of the slowdown you're talking about, is that a decent barometer for kind of organic bookings growth? Or is there something we should be aware of that's impacting these metrics in the quarter?

我很好奇，在這種情況下，只是考慮到你所說的放緩，這是有機預訂增長的一個不錯的晴雨表嗎？或者我們應該注意哪些因素會影響本季度的這些指標？

And certainly, we focus on sequential revenue growth as a better indicator of in-period activity. I think particularly if you're looking at bookings growth and billings growth for that matter, you need to adjust for the acquired RPO and acquired unearned revenue in Q3 of last year. RPO, as an example, was close to $24 million of acquired -- those acquired in Q3 of 2021, it needs to be adjusted for. And billings similarly, I get a number that's closer to 30% when I adjust for those things overall.

當然，我們專注於連續收入增長，作為期內活動的更好指標。我認為，特別是如果您正在關注預訂增長和賬單增長，您需要針對去年第三季度獲得的 RPO 和獲得的未實現收入進行調整。例如，RPO 的收購金額接近 2400 萬美元——那些在 2021 年第三季度收購的，需要對其進行調整。同樣，當我對這些事情進行整體調整時，我得到的數字接近 30%。

Okay. Okay. That's helpful commentary. And then, Henry, maybe as a more strategic follow-up for you. Just how do you think about kind of the investment strategy in this slower growth environment? I mean you already have best-in-class margins. Do you use that to your advantage? And do you continue to invest? Or do you think about getting more measured with your spend, maybe investing perhaps a little bit more kind of behind the demand curve?

好的。好的。這是有用的評論。然後，亨利，也許對你來說是一個更具戰略性的後續行動。在這種增長放緩的環境下，您如何看待這種投資策略？我的意思是你已經擁有一流的利潤率。你會利用它來發揮你的優勢嗎？你會繼續投資嗎？或者您是否考慮對您的支出進行更多衡量，也許在需求曲線後面進行更多投資？

Yes. I think, first, we're going to continue to manage the business from a margin perspective prudently. And as we've said before, as growth slows, we expect margins to increase, and that will continue to be a guiding philosophy in our business. That being said, I think where you will see us invest is to continue to build sales capacity and account management capacity in our customer base. We see that as the leverage point to continue to grow the business. And so that would be the area where we continue to invest.

是的。我認為，首先，我們將繼續從利潤率的角度謹慎地管理業務。正如我們之前所說，隨著增長放緩，我們預計利潤率會增加，這將繼續成為我們業務的指導理念。話雖如此，我認為您將看到我們投資的地方是繼續在我們的客戶群中建立銷售能力和客戶管理能力。我們認為這是繼續發展業務的槓桿點。所以這將是我們繼續投資的領域。

Our next question comes from Brent Bracelin with Piper Sandler.

我們的下一個問題來自 Brent Bracelin 和 Piper Sandler。

Cameron, we'll start with you here. You talked about additional layers of scrutiny on new deals and renewals. Certainly not surprising to hear that given the current environment. But wondering if you could provide just another layer of detail around the renewal discussions. Is it just taking longer to close the renewals? Are customers looking to downsize the size of a renewal? Or are they looking for more flexible payment terms from a timing perspective?

卡梅倫，我們從這裡開始。您談到了對新交易和續訂的額外審查。鑑於當前的環境，聽到這一點當然不足為奇。但想知道您是否可以提供有關續訂討論的另一層細節。是否只是需要更長的時間來關閉續訂？客戶是否希望縮小續訂規模？或者他們是否從時間的角度尋找更靈活的付款條件？

Yes. So from a renewals perspective, we're actually seeing continued levels of really high gross retention. So we're continuing to see those renewals happen. And we are -- I think, as you might expect, customers are looking for flexibility in other places, including payment terms. I think one of the things about our business that's important to remember is that we're really driving value for an individual salesperson. And sometimes the decision-maker might be a little further away from that pain or the value that we're providing.

是的。因此，從續訂的角度來看，我們實際上看到了持續很高的總留存率。因此，我們將繼續看到這些更新的發生。而且我們 - 我認為，正如您所料，客戶正在其他地方尋求靈活性，包括付款條件。我認為我們業務中需要記住的重要一件事是，我們確實在為個人銷售人員創造價值。有時，決策者可能離那種痛苦或我們提供的價值更遠一些。

So I think in a time when people are layering on additional scrutiny on all of their vendors, it takes a little bit more effort for us to make sure that those decision-makers are hearing from the users themselves on how important this is in terms of driving their success and efficiency within the sales and marketing motions. So that incremental effort is obviously weighing on our team, a team that's already really efficient and doesn't have slack in the system to go out and necessarily just put in that incremental effort, which then impacts some of the upsell efforts that we're able to go after.

因此，我認為在人們對所有供應商進行額外審查的時候，我們需要付出更多的努力來確保這些決策者從用戶自己那裡聽到這在以下方面的重要性在銷售和營銷活動中推動他們的成功和效率。因此，增量努力顯然對我們的團隊造成了壓力，這個團隊已經非常高效並且系統中沒有懈怠的團隊，並且必然只是投入增量努力，這會影響我們正在進行的一些追加銷售工作能夠去追求。

Helpful color there. And then Henry, certainly encouraged to see several wins and expands outside of the software tech vertical that you're so strong in. I think you talked about Ryder, M&T Bank, FactSet, Unilever. What can you do to further accelerate the adoption of ZoomInfo outside of that core software tech vertical?

那裡有用的顏色。然後亨利，當然鼓勵看到你如此強大的軟件技術垂直領域之外的一些勝利和擴張。我想你談到了萊德、M&T 銀行、FactSet、聯合利華。您可以做些什麼來進一步加快 ZoomInfo 在該核心軟件技術垂直領域之外的採用？

One of the things that we're seeing in this macroeconomic environment is that there are industries and companies that are much more immune to the macro changes. You see that in insurance, you see it in financial services. You see it in banking and transportation and logistics. And so we've identified those industries and the companies within those industries, and we're making sure that our sales teams are focusing around those companies during this period of time. And it's mainly a sales capacity opportunity for us to really increase capacity across those additional industries.

我們在這種宏觀經濟環境中看到的一件事是，有些行業和公司對宏觀變化的免疫力要強得多。你在保險中看到這一點，你在金融服務中看到它。你可以在銀行、運輸和物流中看到它。因此，我們已經確定了這些行業以及這些行業中的公司，並且我們確保我們的銷售團隊在這段時間內專注於這些公司。對於我們來說，這主要是一個銷售能力機會，可以真正增加這些額外行業的產能。

Our next question comes from Alex Zukin from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

I guess maybe just a few for me. I guess, first, Cameron, can you talk about just some more color on a couple of things, maybe days sales outstanding growth exiting September? Was the renewal commentary? Was this a couple of deals? Is this one very large deals that -- and these renewals that seemly were pushed, are they on track to close this quarter. And then can you be a little bit more specific on the retracing of the dollar -- of the net expansion rate? Is that to $116 million from the end of last year or $108 million the year before?

我想對我來說可能只是幾個。我想，首先，卡梅倫，你能談談一些事情的更多色彩嗎？也許是 9 月份之後的銷售顯著增長？是更新評論嗎？這是幾筆交易嗎？這是一項非常大的交易嗎？這些續約似乎是被推動的，它們是否有望在本季度完成。然後你能更具體地談談美元的回撤——淨擴張率嗎？是去年年底的 1.16 億美元還是前一年的 1.08 億美元？

Let me take the first part. We've already had a number of deals that slipped from Q3 into Q4 that have already closed. Some are sort of larger deals that slipped out of the quarter. And those have already come in. We saw a similar trend in Q2 to Q3. And so that elongation of the cycle we're seeing these deals, again, come to fruition and our gross retention rates have stayed largely the same. And so those are closing. They're just taking longer to close, and we've already seen a number of them come through.

讓我講第一部分。我們已經有一些從第三季度滑到第四季度的交易已經完成。有些是本季度滑出的較大交易。那些已經進來了。我們在第二季度到第三季度看到了類似的趨勢。因此，我們看到這些交易的周期延長，再次取得成果，我們的總保留率基本保持不變。所以那些正在關閉。他們只是需要更長的時間才能關閉，我們已經看到其中一些通過了。

Yes. The way that we think about payment terms, we do see a little bit less kind of upfront annual payments. So it's down about 5% from where we saw last year in terms of annual upfront payments as a percentage of the total deals that we have. We think of the sales outstanding, actually, in terms of these billings outstanding and those are a little bit behind where we were previously. But I think most of our expectation is that a number of customers are focusing more on cash contribution, and we're prudently expecting that could deteriorate additionally.

是的。從我們考慮付款條款的方式來看，我們確實看到預付年度付款的方式有所減少。因此，就年度預付款占我們擁有的總交易的百分比而言，它比我們去年看到的下降了約 5%。實際上，就這些未償付賬款而言，我們考慮了未償付的銷售額，這比我們以前的水平有點落後。但我認為我們的大部分預期是，一些客戶將更多地關注現金貢獻，我們謹慎地預計這種情況可能會進一步惡化。

When we think about net retention, we've had improved in 2021, up to 116% from -- previously, we've been in the mid- to high kind of single digits, over 100%. I think that the complexion of retention will be a little bit different than what we saw historically in that kind of mid- to high single digits, over 100%.

當我們考慮淨留存率時，我們在 2021 年已經提高了 116%，從之前，我們一直處於中高個位數，超過 100%。我認為留存率的情況將與我們在歷史上看到的那種中高個位數（超過 100%）略有不同。

What we are seeing is that gross retention continues to be really strong, over 90%. So we still have customers that are renewing, and we have seen an acceleration in terms of functionality upsells. Where we're seeing more pressure is with respect to the seat expansions and data expansions that we had seen historically. That's the area where we feel our team isn't able to go after as much of the upsell opportunity given the incremental time that they're spending on renewals and deals in general.

我們看到的是，總留存率仍然非常強勁，超過 90%。所以我們仍然有客戶在更新，我們已經看到功能加售方面的加速。我們看到更大壓力的地方是我們在歷史上看到的座位擴展和數據擴展。這就是我們認為我們的團隊無法抓住盡可能多的追加銷售機會的領域，因為他們通常在續訂和交易上花費的時間增加。

As a kind of data point, we found that overall, our conversations are -- or effort required to get to an outcome with respect to any with respect to any BO's 20% higher than it used to be.

作為一種數據點，我們發現總體而言，我們的對話 - 或者說獲得任何關於任何 BO 的結果所需的努力比以前高出 20%。

Understood. And I guess maybe just a broader macro question then for Henry. If we think about where -- is there any concentration of these issues in a particular vertical, like tech or software? Or is it broad-based? Is it one geography that may have been weaker than others? Like what was the kind of incremental surprise for some of this from what you were previously thinking?

明白了。我想這對亨利來說可能只是一個更廣泛的宏觀問題。如果我們考慮一下——這些問題是否集中在特定的垂直領域，比如技術或軟件？還是基礎廣泛？這是一個可能比其他地理更弱的地理嗎？就像你之前所想的那樣，對於其中的一些增量驚喜是什麼？

I think in the second quarter, we saw more of this materialize or more of the environment pressure materialize in Europe and in larger deals. I think in Q3, you saw sort of these cycles elongate really across the board, and so there isn't an area of specific concentration. But then you saw industries that were largely immune to this. And so you saw transportation and logistics and media and insurance and financial services stay largely unaffected here. And so there are areas of opportunity that we are focusing on, focusing our sales teams on to sort of shift away from the areas that are less immune right now.

我認為在第二季度，我們看到更多這種情況或更多的環境壓力在歐洲和更大的交易中實現。我認為在第三季度，您看到這些週期確實全面拉長，因此沒有特定的集中區域。但後來你看到了基本上不受此影響的行業。所以你看到運輸和物流、媒體、保險和金融服務在這里基本上沒有受到影響。因此，我們正在關註一些機會領域，讓我們的銷售團隊專注於從目前不太免疫的領域轉移。

Our next question comes from Phil Winslow of Credit Suisse.

我們的下一個問題來自瑞士信貸的菲爾溫斯洛。

I just want to follow up on the push deals. I appreciate your comments about geography and industry vertical, but is there anything else that's sort of consistent amongst them? Are they really for the multiproduct deals, sort of the multiple components of RevOS? Or are these push deals sort of across the board? Any extra color there kind of from a product level would be helpful.

我只想跟進推送交易。我很欣賞您對地理和垂直行業的評論，但其中還有什麼是一致的嗎？他們真的是為了多產品交易，比如 RevOS 的多個組件嗎？還是這些推動交易是全面的？從產品層面來看，任何額外的顏色都會有所幫助。

For sure, when we're selling a consolidated platform, there is a slightly longer sales cycle as we're displacing numerous point solutions. So if you take a look at sort of those 3 companies I talked about Ryder, USI, Taylor Corporation, we consolidated throughout those accounts, sales engagement, conversation intelligence, account-based marketing platforms and data providers, and so it takes a bit more time to do those consolidations. That's irrespective of the macro environment.

當然，當我們銷售整合平台時，銷售週期會稍長一些，因為我們正在取代眾多單點解決方案。因此，如果你看一下我談到的那 3 家公司 Ryder、USI、Taylor Corporation，我們整合了這些客戶、銷售參與、對話智能、基於客戶的營銷平台和數據提供商，因此需要更多是時候進行這些整合了。這與宏觀環境無關。

I think what we're seeing as part of the macro environment -- of the macro changes here is just sort of broader based additional levels of scrutiny and review. And so instead of a deal getting done at a director level or a VP level, you see that deal go to a U.S.-based CFO than a global CFO. That not only drags the deal out, but it also drags the time and effort that our account managers are spending per deal. It limits their capacity in that way, more calls, more e-mails, more executive business reviews. And that's really what we're seeing affect our ability to continue to upsell within the customer base.

我認為我們所看到的宏觀環境的一部分——這裡的宏觀變化只是更廣泛的額外審查和審查水平。因此，與在董事級別或副總裁級別完成的交易不同，您會看到該交易由總部位於美國的首席財務官而不是全球首席財務官完成。這不僅拖累了交易，而且還拖累了我們的客戶經理在每筆交易中花費的時間和精力。它以這種方式限制了他們的能力，更多的電話，更多的電子郵件，更多的執行業務審查。這確實是我們所看到的影響我們繼續在客戶群中追加銷售的能力。

Got it. And just a follow-up on that. Obviously, we saw a deceleration of sales and marketing spend in Q3, obviously off of sort of elevated organic and inorganic levels. Cameron, wonder if you could give some color on sort of your expectations Q4 and to your point about sort of managing both margin and growth sort of in the context of sales and marketing efficiency and capacity.

知道了。只是對此的跟進。顯然，我們看到第三季度的銷售和營銷支出減速，顯然是由於有機和無機水平的提高。卡梅倫，想知道你是否可以對第四季度的預期以及在銷售和營銷效率和能力的背景下管理利潤率和增長的觀點給出一些顏色。

Yes. So we're continuing to invest into sales and marketing capacity. Obviously, we'd love to continue to see improvements in terms of the efficiency that we're getting out of those kind of those investments. Certainly, there is a natural level of operating leverage that we get from sales and marketing. So in this quarter, sales and marketing as a percentage of revenue is down, but we want to continue to see that drive more and more net new revenues. We're continuing to move forward.

是的。因此，我們將繼續投資於銷售和營銷能力。顯然，我們希望繼續看到我們從這些投資中獲得的效率方面的改進。當然，我們從銷售和營銷中獲得了自然水平的運營槓桿。因此，在本季度，銷售和營銷佔收入的百分比有所下降，但我們希望繼續看到這推動了越來越多的淨新收入。我們正在繼續前進。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Murphy。

I'm curious, Henry, when you're out there speaking with customers, I know this just came up recently, but what do you think would calm their nerves or instill more business confident? For instance, do you think that they're waiting to see a Fed pivot or waiting to see lower inflation numbers? Or is there some other kind of macro kind of indicators that you think that they're waiting on?

我很好奇，亨利，當你在外面與客戶交談時，我知道這是最近才出現的，但你認為怎樣才能平息他們的緊張情緒或讓他們更有信心？例如，你認為他們是在等待美聯儲調整政策還是等待通脹數據下降？還是您認為他們正在等待其他類型的宏觀指標？

I don't know if -- thanks, Mark. I don't know if they're waiting on a macro indicator more than their -- they are experiencing similar levels of additional scrutiny and executive reviews in their own businesses. And I think what they're looking for is the change in that environment.

我不知道是否——謝謝，馬克。我不知道他們是否比他們更多地等待宏觀指標——他們在自己的業務中經歷了類似程度的額外審查和高管審查。我認為他們正在尋找的是這種環境的變化。

What I will tell you is the largest new business deal and the largest expansion deal in our history, those customers are coming to us and saying, listen, I'm going to forego the next 3 or 4 head count from a sales perspective. And I'm going to use those dollars to invest in ZoomInfo and make the entire additional team more productive, more efficient and more effective.

我要告訴你的是我們歷史上最大的新業務交易和最大的擴張交易，那些客戶來找我們說，聽著，從銷售的角度來看，我將放棄接下來的 3 或 4 人。我將用這些錢投資 ZoomInfo，讓整個額外的團隊更有效率、更有效率和更有成效。

We hear that over and over again. And so I think that thinking around how do I make the rest of my team more efficient? How do I make everybody more efficient is starting to materialize throughout our customer base and throughout our new business prospects. Where the historical view of how do I grow has been, I just need to add another head count, another 5 head count, another 10 head count.

我們一遍又一遍地聽到這句話。因此，我認為思考如何讓團隊的其他成員更有效率？我如何讓每個人更有效率開始在我們的客戶群和我們的新業務前景中實現。我如何成長的歷史觀在哪裡，我只需要再增加一個人數，再增加 5 人，再增加 10 人。

I think teams across the world are saying, how do I grow without adding head count? How do I make all of my team more efficient and more productive? And that's the message that we're trying to land with our customer base as well.

我認為世界各地的團隊都在說，我如何在不增加人數的情況下成長？如何讓我的所有團隊更有效率和生產力？這也是我們試圖與我們的客戶群一起傳達的信息。

Okay. And as a quick follow-up, I guess I'm curious, what is your gut feel on IT budget flush spending activity at year-end here in Q4. Presumably, you think that, that will be a bit compressed, but do you see that maybe dragging down the 7% days adjusted figure? Is that something that would -- that would kind of compress lower in Q4 even kind of despite the potential for some of that budget flush activity?

好的。作為快速跟進，我想我很好奇，您對第四季度年底的 IT 預算沖刷支出活動的直覺是什麼。大概，你認為這會有點壓縮，但你認為這可能會拖累調整後的 7% 天數嗎？這是否會 - 儘管可能會出現一些預算刷新活動，但它會在第四季度壓縮到更低的水平？

Mark, I'd say that historically, we don't play as directly in the IT budget as many software companies. I think we are purchased largely by a sales leader that's looking at his team and saying, how can I make this more effective and efficient. They're effectively creating budget as opposed to dipping into a pool that's set at the beginning of the year.

馬克，我想說的是，從歷史上看，我們不像許多軟件公司那樣直接參與 IT 預算。我認為我們主要是由一位銷售領導購買的，他看著他的團隊並說，我怎樣才能使這更有效和更有效率。他們有效地創造了預算，而不是投入到年初設定的資金池中。

So I don't think we've focused on budget flush as a kind of driver historically and don't necessarily expect that to happen as much this year. Honestly, I feel like in this environment where people are scrutinizing everything or more seriously than they have before. I do worry that for other folks that need that budget push doesn't exist to the same extent that it has in the past.

因此，我認為我們在歷史上並沒有將預算沖刷作為一種驅動因素，也不一定期望今年會發生同樣多的情況。老實說，我覺得在這種環境中，人們正在仔細檢查一切，或者比以前更認真。我確實擔心，對於其他需要預算推動的人來說，它的存在程度與過去不同。

Yes. Okay. And then maybe just in a similar form, do you think that, that 7% days adjusted figure is -- I mean, do you think at some point that will be compressing a little bit lower given all the macro headwinds out there?

是的。好的。然後也許只是以類似的形式，你認為那個 7% 的調整後數字是 - 我的意思是，你認為考慮到所有宏觀逆風，你認為在某個時候會壓縮一點嗎？

And we're obviously guiding to a lower level than that. And certainly, our guidance contemplates that there's a wide variety or kind of spectrum of potential outcomes that include a degradation in the overall environment that would drive that.

我們顯然正在引導到比這更低的水平。當然，我們的指導考慮到有各種各樣或種類繁多的潛在結果，其中包括會導致這種情況的整體環境退化。

Our next question comes from Elizabeth Porter of Morgan Stanley.

我們的下一個問題來自摩根士丹利的伊麗莎白波特。

I wanted to follow up on the payment flexibility that you noted. Is that something that's impacting Q3? Or is that something incremental that could happen in Q4? And any sort of way for us to potentially size what the impact could be from payment flexibility?

我想跟進您提到的付款靈活性。這會影響第三季度嗎？或者這是可能在第四季度發生的增量？以及我們有什麼方法可以潛在地衡量支付靈活性可能帶來的影響？

Yes. So certainly, it has impacted the year thus far, including Q3. We've seen that our annual payments as a percentage of the total is down roughly 5% versus where it had been. Historically, we've always seen annual payments to be more than half of the kind of total, but we are seeing customers that are requiring or looking for additional flexibility. Certainly, that's part of our expectation and guidance that we're -- that it could impact Q4 even more than it has so far this year.

是的。因此，可以肯定的是，到目前為止，它已經影響了今年，包括第三季度。我們已經看到，我們的年度付款佔總額的百分比與以前相比下降了大約 5%。從歷史上看，我們一直看到年付款佔總付款額的一半以上，但我們看到需要或尋求額外靈活性的客戶。當然，這是我們期望和指導的一部分——它對第四季度的影響可能比今年迄今為止更大。

Got it. And then as it relates to the go-to-market strategy, you mentioned you focus -- opportunity to focus on some verticals like transportation that weren't as impacted, but anything else that you guys are doing just to adapt the go to market to the current environment, whether it's focusing more on the existing or new or moderating Europe? Any color there would be helpful.

知道了。然後，當它與進入市場戰略有關時，你提到你關注 - 有機會專注於一些垂直行業，比如沒有受到影響的運輸，但是你們正在做的任何其他事情只是為了適應進入市場就目前的環境而言，是否更多地關注現有的或新的或正在緩和的歐洲？那裡的任何顏色都會有幫助。

Yes. One of the things we've done, we've made a number of personnel moves across the account management organization to make sure that we're building in more capacity for our account management team, so that they're able to drive more upsell and cross-sell into our base.

是的。我們所做的其中一件事是，我們在客戶管理組織中進行了一些人員調動，以確保我們為客戶管理團隊建立更多的能力，以便他們能夠推動更多的追加銷售並交叉銷售到我們的基地。

We're leveraging our enablement function to drive the ability of our full account management team to sell additional products like Chorus and Engage, instead of those being owned solely by our overlay teams. And so we'll get a bigger impact by having a full set of account managers selling these additional products. Those are two big areas.

我們正在利用我們的支持功能來推動我們的完整客戶管理團隊銷售其他產品（如 Chorus 和 Engage）的能力，而不是那些完全由我們的覆蓋團隊擁有的產品。因此，通過讓一整套客戶經理銷售這些附加產品，我們將獲得更大的影響。這是兩個很大的領域。

Our next question comes from Brad Zelnick of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

Henry, in the end of September, you announced the hiring of a Senior Vice President of Business Development. In the press release, you talked about him, "redefining ZoomInfo's go-to-market process, playbooks and training," which was a little surprising to me given your go-to-market has always seemed very unique and special to many of us. And I can understand the need to continuously evolve, but why the need to redefine?

亨利，九月底，你宣布聘用一位業務發展高級副總裁。在新聞稿中，您談到了他，“重新定義 ZoomInfo 的上市流程、手冊和培訓”，這讓我有點驚訝，因為您的上市對我們許多人來說總是非常獨特和特別.我可以理解需要不斷發展，但為什麼需要重新定義？

I mean I think we are shifting from being playing in a $24 billion total addressable market that's focused on global and domestic data to a $100 billion total addressable market that drives a full go-to-market end-to-end revenue operations suite.

我的意思是，我認為我們正在從專注於全球和國內數據的 240 億美元總潛在市場轉變為推動全面上市的端到端收入運營套件的 1000 億美元總潛在市場。

That includes solutions like conversation intelligence and sales automation and B2B chat and an ad account-based marketing platform on top of our best-in-class data asset. And so I think as we shift to having more platform-related conversations, we're going to enable our sellers in a more robust way. Now upfront, we may land most often with sales intelligence, our core sort of data and sales intelligence.

這包括對話智能和銷售自動化、B2B 聊天等解決方案，以及基於我們一流數據資產的基於廣告帳戶的營銷平台。所以我認為，隨著我們轉向進行更多與平台相關的對話，我們將以更強大的方式為我們的賣家提供支持。現在，我們可能最常使用銷售情報，我們的核心數據和銷售情報。

But as we expand those accounts, our expansion motion is much more focused on selling a holistic platform story. And we see that landing 75% -- more than 75% of our MarketingOS customers are also SalesOS customers. They're buying MarketingOS and SalesOS together so that they can unlock that sales and marketing alignment that is so searched for within companies. But it does require us to tell a broader story. And so that's what we were getting at with that comment in the press release.

但隨著我們擴大這些賬戶，我們的擴張行動更側重於銷售一個整體的平台故事。我們看到 75%——超過 75% 的 MarketingOS 客戶也是 SalesOS 客戶。他們一起購買 MarketingOS 和 SalesOS，以便他們能夠解鎖公司內部如此尋求的銷售和營銷一致性。但這確實需要我們講述一個更廣泛的故事。這就是我們在新聞稿中的評論。

That makes a lot of sense, and I appreciate that. Maybe just a follow-up for you, Cameron. There was no mention of win rates changing. So I'll assume and it would be great if you could confirm that they're more or less in line with what they've been historically. But as well, when we think about retracing on NRR and you talked about expansion being more limited, is there also any change in gross churn across the different market segments that's worth noting?

這很有意義，我很感激。也許只是你的後續行動，卡梅倫。沒有提到獲勝率的變化。所以我會假設，如果你能確認它們或多或少與它們的歷史一致，那就太好了。但同樣，當我們考慮回溯 NRR 並且您談到擴張更加有限時，不同細分市場的總流失率是否也有任何值得注意的變化？

Yes. So I think deals are taking longer. So we do see the highest levels of demand that we've seen. We're continuing to win those, but it's taking more effort and more longer time. So -- and I have to expand the time frame that you're defining the win rates over in order to...

是的。所以我認為交易需要更長的時間。所以我們確實看到了我們所見過的最高水平的需求。我們將繼續贏得這些，但這需要更多的努力和更長的時間。所以——我必須擴大你定義勝率的時間範圍，以便……

I mean competitive win rates in terms of win-loss analysis.

我的意思是在輸贏分析方面具有競爭力的贏率。

Oh, yes. From a competitive perspective, we actually see a number of our kind of competitors pulling back on the resources that they are pushing into the market. So I think that we continue to see really strong competitive win rates overall. And then the second part of your question was?

哦是的。從競爭的角度來看，我們實際上看到我們的一些競爭對手撤回了他們正在推向市場的資源。所以我認為我們繼續看到整體上非常強勁的競爭勝率。然後你問題的第二部分是？

Gross churn?

總流失率？

Gross churn. So gross churn actually hung in very well despite the macroeconomic environment. So when people were using ZoomInfo, they're continuing to renew the gross churn rate or gross retention continues to be well over 90%. So I think that we feel really good about that. The change in the NRR aspect has much more to do with those seat-based expansion opportunities that our team is spending more time getting those renewals just based on greater scrutiny that's being applied by our customers, and therefore, is getting less opportunities to go out and really push those upsells that we've seen historically.

總流失率。因此，儘管宏觀經濟環境不佳，但總流失率實際上表現得很好。因此，當人們使用 ZoomInfo 時，他們會繼續更新總流失率或總留存率繼續超過 90%。所以我認為我們對此感覺非常好。 NRR 方面的變化更多地與那些基於座位的擴展機會有關，我們的團隊正在花費更多時間來獲得這些續訂，這只是基於我們的客戶正在應用的更嚴格的審查，因此，出去的機會越來越少並真正推動我們在歷史上看到的那些加售。

Our next question comes from Koji Ikeda with Bank of America.

我們的下一個問題來自美國銀行的 Koji Ikeda。

I wanted to follow up on Mr. Zelnick's question here and thinking about kind of the sales organization. It sounds like you're shifting some resources over to the account management but also shifting some resources to higher level sales processes. So it does sound like it's a pretty big kind of sales reorganization. I mean is that the right way to think about it? And if so, are all the sales reorgs shifts completed for the growth strategy for the next 18 to 24 months?

我想在這裡跟進 Zelnick 先生的問題，並考慮銷售組織的類型。聽起來您正在將一些資源轉移到客戶管理，但也將一些資源轉移到更高級別的銷售流程。所以這聽起來確實是一種相當大的銷售重組。我的意思是，這是正確的思考方式嗎？如果是這樣，是否為未來 18 到 24 個月的增長戰略完成了所有銷售重組轉變？

No, it's not a major sales team reorganization. It's really just inserting some additional resources into the account management and the client base and the customer base to give some capacity back to the account managers who are spending more time on renewals and more time on upsells and cross-sells than they had historically. It's nowhere near the magnitude of a major sales reorganization.

不，這不是重大的銷售團隊重組。它實際上只是在客戶管理和客戶群和客戶群中插入一些額外的資源，以將一些能力回饋給那些花費更多時間進行續訂以及更多時間在追加銷售和交叉銷售上的客戶經理。這遠不及重大銷售重組的規模。

Got it. And then I just wanted to follow up real quick here on the account management focus. You were talking about more time on renewals. And one question I get from investors a lot is any sort of kind of unused licenses in sales, marketing and recruiting departments. Is it -- is this an area of focus maybe heading into renewal periods? And if so, could you maybe talk about how sales teams are focusing on retaining that kind of customer spend?

知道了。然後我只想快速跟進帳戶管理重點。你在談論更多的續訂時間。我經常從投資者那裡得到的一個問題是銷售、營銷和招聘部門的任何一種未使用的許可證。是不是 - 這是一個可能進入更新期的重點領域？如果是這樣，您能否談談銷售團隊如何專注於保留這種客戶支出？

Yes. Look, I don't think that's a huge part of what we see. I think the big thing that we see and that we're seeing is really over the last 2 quarters, there have been some meaningful macro-related changes. Those first materialized with deal cycle elongation. But ultimately, what those longer sales cycles actually end up causing is a drag on the capacity of our frontline sales and account management team.

是的。看，我不認為這是我們所看到的很大一部分。我認為我們看到和看到的最重要的事情是在過去的兩個季度中，發生了一些有意義的宏觀相關變化。那些首先通過交易週期延長實現的。但最終，這些較長的銷售週期實際上最終會拖累我們一線銷售和客戶管理團隊的能力。

Deals taking longer just means more meetings, more reviews with leadership, more calls and e-mails to drive the same outcome that we were getting historically. And so while our gross retention has stayed largely the same, our upsell motion has seen those more macro headwinds.

交易時間更長只是意味著更多的會議、更多的領導層審查、更多的電話和電子郵件，以推動我們過去獲得的相同結果。因此，儘管我們的總留存率基本保持不變，但我們的追加銷售行動卻遇到了更宏觀的不利因素。

Now at the same time, in the quarter, we closed the largest new business deal of our company's history. We closed the largest expansion deal in our company's history. We're seeing new business ACV on our MarketingOS platform be close to 3x the ACV of our SalesOS platform. We see the majority of our MarketingOS customers also buy SalesOS, so they can unlock that platform story. We're seeing meaningful consolidation uplifts with customers like Ryder and USI and Taylor Corporation, who all consolidated multiple point solutions on to ZoomInfo's RevOS platform.

與此同時，在本季度，我們完成了公司歷史上最大的新業務交易。我們完成了公司歷史上最大的擴張交易。我們看到 MarketingOS 平台上的新業務 ACV 接近 SalesOS 平台的 3 倍。我們看到大部分 MarketingOS 客戶也購買了 SalesOS，因此他們可以解開這個平台的故事。我們看到 Ryder 和 USI 以及 Taylor Corporation 等客戶的整合顯著提升，他們都將多點解決方案整合到 ZoomInfo 的 RevOS 平台上。

But ultimately, the macroeconomic situation creates sales elongation, sales elongation creates more time spent by our sellers. And ultimately, that's a capacity drag. And so we're trying to make sure that we're making the right decisions from an organization perspective to make sure that we're relieving as much of that drag as possible.

但最終，宏觀經濟形勢會導致銷售延長，銷售延長會導致我們的賣家花費更多時間。最終，這是一個容量拖累。因此，我們正在努力確保我們從組織的角度做出正確的決定，以確保我們盡可能多地減輕這種拖累。

Our next question comes from Siti Panigrahi from Mizuho.

我們的下一個問題來自瑞穗的 Siti Panigrahi。

Henry, you talked about the macro pressure and sales elongation. I'm just wondering what sort of trend you are seeing on the pipeline mainly top of the funnel? And also you talk about pressure on seat expansion and data expansion, but what do you expect if macro worsened demand for your newer product, like SalesOS, MarketingOS. Do you expect that to offset any kind of slowdown?

亨利，你談到了宏觀壓力和銷售延伸。我只是想知道你在管道上看到了什麼樣的趨勢，主要是漏斗頂部？您還談到了座位擴展和數據擴展的壓力，但是如果宏觀環境惡化了對您的新產品（如 SalesOS、MarketingOS）的需求，您會怎麼想。你認為這會抵消任何形式的放緩嗎？

I think first, we're continuing to see really strong demand. In the quarter, we had the highest delivered marketing qualified leads to the sales and account management organization. I think, again, what we're seeing is, even though we're seeing a really strong demand environment, those deals are just taking longer to get to close.

我認為首先，我們繼續看到非常強勁的需求。在本季度，我們向銷售和客戶管理組織提供了最高的營銷合格線索。我認為，我們再次看到的是，儘管我們看到了一個非常強勁的需求環境，但這些交易只是需要更長的時間才能完成。

MarketingOS is the fastest-growing product -- is the fastest-growing platform, we believe. We're really excited about that. Today, it's still a small portion of our business. So while we anticipate that we'll continue to sell more MarketingOS, more data orchestration on RingLead, more Chorus and conversational intelligence, those are still small portions of our overall revenue base.

MarketingOS 是增長最快的產品——我們相信它是增長最快的平台。我們對此感到非常興奮。今天，它仍然只是我們業務的一小部分。因此，雖然我們預計我們將繼續銷售更多 MarketingOS、更多 RingLead 上的數據編排、更多合唱和對話智能，但這些仍然是我們整體收入基礎的一小部分。

Okay. And then a follow-up on your international expansion opportunity, that's one of your growth driver. What sort of progress you are doing at this point, given all these geopolitical uncertainty in Europe?

好的。然後跟進您的國際擴張機會，這是您的增長動力之一。鑑於歐洲的所有這些地緣政治不確定性，您目前正在取得什麼樣的進展？

And so from an international perspective, we still are seeing growth, again, stronger than the accelerated growth relative to the rest of our business. Certainly, particularly in Europe, we've seen headwinds from the geopolitical situation. So we're not growing as quickly as we did in 2021. We're continuing to invest in Europe and our other international venues and customers in order to take advantage of that long-term opportunity (inaudible).

因此，從國際角度來看，我們仍然看到增長再次超過相對於我們其他業務的加速增長。當然，尤其是在歐洲，我們已經看到了地緣政治局勢的不利因素。因此，我們的增長速度沒有 2021 年那麼快。我們將繼續投資於歐洲和我們的其他國際場所和客戶，以利用這一長期機會（聽不清）。

Our next question comes from Michael Turrin of Wells Fargo Securities.

我們的下一個問題來自 Wells Fargo Securities 的 Michael Turrin。

Great. Just on margin, can we go back to just some of the comments around resilience and the margin offsets, Cameron. Are you still confident in the offsets you have there if growth starts to moderate more meaningfully than what we're seeing currently?

偉大的。就邊際而言，我們能否回到關於彈性和邊際抵消的一些評論，卡梅倫。如果增長開始比我們目前看到的更有意義地放緩，您是否仍然對那裡的抵消有信心？

And then between op margin and free cash flow conversion, I think the implied for Q4 and what we're seeing in Q3 is below the target levels. There have been some comments just around some of the adjustments you're making in payment terms in other areas. But anything you can add there and around just confident in the ability to return to the targeted levels if that remains the case.

然後在營業利潤率和自由現金流轉換之間，我認為第四季度和我們在第三季度看到的隱含值低於目標水平。關於您在其他領域對付款條件進行的一些調整，有一些評論。但是，如果情況仍然如此，您可以在那里和周圍添加的任何內容都只是對恢復到目標水平的能力充滿信心。

Sure. So from a margin perspective, I think we're continuing along the path that we had originally laid out for this growth moderates, we expect the natural operating leverage in the business to continue to push margins up over time. I think that, that -- that's the expectation that we continue to have. We're certainly not going to see a step function in margins go up, and I do think where we expect a steady increase in the margins as we realize the operating leverage.

當然。因此，從利潤率的角度來看，我認為我們將繼續沿著我們最初為這種增長放緩而製定的道路，我們預計業務中的自然運營槓桿將隨著時間的推移繼續推動利潤率上升。我認為，那是我們繼續擁有的期望。我們當然不會看到利潤率的階梯函數上升，而且我確實認為，隨著我們意識到經營槓桿，我們預計利潤率會穩步增長。

And part of that is just natural operating leverage in the sales and marketing side as growth moderates, but we should see sales and marketing as a percentage of revenue go down when that happens. In terms of unlevered free cash flow, we are seeing some flexibility that customers are requiring or asking for in terms of payment schedules.

其中一部分只是銷售和營銷方面的自然運營槓桿，因為增長放緩，但當這種情況發生時，我們應該看到銷售和營銷佔收入的百分比下降。在無槓桿自由現金流方面，我們看到客戶在付款時間表方面要求或要求的一些靈活性。

And that certainly in the short term has an impact on the conversion of free cash flow from adjusted operating income. And so I think we've -- we're prudently setting expectations that we could see that conversion rate be a little lower than what we would expect in a more normal operating environment.

這在短期內肯定會對調整後營業收入的自由現金流轉換產生影響。所以我認為我們已經 - 我們正在謹慎地設定預期，我們可以看到轉化率比我們在更正常的運營環境中的預期要低一些。

That's helpful. Just a small follow-on to a prior question, if I may. You had a few stats that you laid out around annual payments and maybe that duration is changing from what you've seen in prior periods. Do you have the duration mix or average duration in front of you? And anything you can add just around how it compares currently versus what you've been seeing in prior periods. I think it's just helpful for adding context on some of the impacts if you have it?

這很有幫助。如果可以的話，只是對先前問題的一個小後續。你有一些關於年度付款的統計數據，也許這個持續時間與你在之前的時期看到的有所不同。你面前有持續時間組合或平均持續時間嗎？以及您可以添加的任何內容，只是圍繞它當前與您在之前期間所看到的內容進行比較。我認為如果你有它，它只是有助於在某些影響上添加上下文？

Yes. So the duration mix, historically, we've seen well over half of the payments that we received the annual upfront payments. What we've seen is that, that has decreased by about 5 percentage points, which obviously changes the overall mix.

是的。因此，從歷史上看，從歷史上看，我們已經看到超過一半的付款是我們收到的年度預付款。我們看到的是，下降了大約 5 個百分點，這顯然改變了整體組合。

I do think that, that percentage of annual payments has the potential to move around over time. And as an example, that decrease is far smaller of a decrease than we saw it and say, Q1 and Q2 of 2020. But certainly, the attitude of customers is that they are looking for more flexibility, as they're dealing with similar pressures to we are in terms of macroeconomic challenges.

我確實認為，這一比例的年度付款有可能隨著時間的推移而變化。舉個例子，這種下降遠小於我們看到的下降，比如 2020 年第一季度和第二季度。但可以肯定的是，客戶的態度是他們正在尋求更大的靈活性，因為他們正在處理類似的壓力對我們來說是宏觀經濟挑戰。

Our next question comes from Rishi Jaluria with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Rishi Jaluria。

Wonderful. First, I just wanted to start with -- you talked about this metric of 30% of ACV coming from advanced functionality and it continues to go in the right direction, but that seems to be only up slightly from Q2 when it was 29%. And if my numbers are right, back at the end of last year, that was 24%. So the growth rate there seems to have slowed down, I think, pretty quickly. Maybe can you walk us through what the dynamics going on there might be? And why we shouldn't be too worried about this as a leading indicator and something that could maybe spread to a slowdown at the core. Then I have a very quick follow-up.

精彩的。首先，我只是想開始——你談到了這個指標，即 30% 的 ACV 來自高級功能，它繼續朝著正確的方向發展，但這似乎只比第二季度的 29% 略有上升。如果我的數字是正確的，在去年年底，那是 24%。所以那裡的增長率似乎已經放緩，我認為，很快。也許你能告訴我們可能發生的動態嗎？以及為什麼我們不應該太擔心這是一個領先指標以及可能會蔓延到核心放緩的事情。然後我有一個非常快速的跟進。

Sure. So I think we continue to see a strong uptake in the advanced functionality, but most of that is upsold to our existing customers. And while it's less impacted than just data, it is impacted by the capacity issue that we've discussed overall. So I don't see that as being a long-term indicator in terms of the growth of advanced functionality.

當然。因此，我認為我們繼續看到高級功能的強勁吸收，但其中大部分都被追加銷售給我們現有的客戶。雖然它受到的影響不只是數據，但它受到我們整體討論過的容量問題的影響。所以我不認為這是高級功能增長的長期指標。

Certainly, as it gets off a bigger and bigger bases of percentage, the continued growth of the core intelligence business is also going to continue as well and make those just absolute number of changes, so a little smaller over time as well.

當然，隨著它的百分比基數越來越大，核心智能業務的持續增長也將繼續下去，並且只會產生絕對數量的變化，因此隨著時間的推移也會變小。

Okay. Got it. That's helpful. And then just a very quick point. Another question had mentioned about licenses that maybe were sitting unused. I want kind of flip that. Is there any worry heading into more uncertainty in the macro environment that we could see outright license sharing? Or are there measures that you take to limit or prevent that from happening?

好的。知道了。這很有幫助。然後只是一個非常快速的觀點。另一個問題提到了可能未使用的許可證。我想要翻轉那個。在宏觀環境中是否會出現更多的不確定性，我們是否會看到完全的許可證共享？或者您是否採取了措施來限製或防止這種情況發生？

Yes. There are all sorts of measures and technical implementations that we put in to avoid license sharing. And we've done that for a long time.

是的。我們採取了各種措施和技術實施來避免許可證共享。我們已經這樣做了很長時間。

And our next question comes from Taylor McGinnis with UBS.

我們的下一個問題來自瑞銀的 Taylor McGinnis。

Can you comment on what you're seeing with new logo activity and like the size of average lands? And how much of the lighter outlook was attributed to softness here? And I guess, just as a second related question, with expansion rates coming down, are you assuming more growth needs to come from new business than recent trends? And does that impact at all your comfort with some of the out-year rev targets that you guys had in the coming years?

您能否評論一下您在新徽標活動中看到的內容以及平均土地的大小？有多少較輕的前景歸因於這裡的柔軟度？我想，正如第二個相關問題一樣，隨著擴張率的下降，您是否假設新業務需要比近期趨勢更多的增長？這是否會影響你們對你們在未來幾年制定的一些年度轉速目標感到滿意？

So we continue to see strength on the new business side. As we are able to attach more of the advanced functionality. And as we're seeing some larger customers, we've actually seen ASP go up in Q3 and continue to see strong new business activity. So I would say that we're continuing to obviously raise our expectations.

因此，我們繼續看到新業務方面的實力。因為我們能夠附加更多的高級功能。隨著我們看到一些更大的客戶，我們實際上已經看到 ASP 在第三季度上升，並繼續看到強勁的新業務活動。所以我想說，我們顯然在繼續提高我們的期望。

But new business continues to do well, much better, I think, relative to the historical trend, whereas the capacity on the AM side is a short-term impact that we see from the macroeconomic challenges. I think overall, we do expect that, that macroeconomic challenge, we don't know how long it's going to last, but I would expect that those retention rates would go back up, as the situation for buyers stabilizes over time.

但我認為，相對於歷史趨勢，新業務繼續表現良好，好得多，而 AM 方面的產能是我們從宏觀經濟挑戰中看到的短期影響。我認為總的來說，我們確實預計，宏觀經濟挑戰，我們不知道它會持續多久，但我預計這些保留率會回升，因為買家的情況會隨著時間的推移而穩定。

Our next question is from Terry Tillman with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Terry Tillman。

I know you've had a lot of questions and multipart questions. I guess, maybe, Henry, a big picture question for me is just related to the theme of vendor consolidation, it does seem like that's probably going to pick up steam as the macro continues to be weak, if not worsen. So my big picture question relates to -- I mean, there's a lot of $100 million-plus sales engagement and CI tool vendors. What are you seeing right now? What do you think the tipping point is for you all to potentially be able to win that vendor consolidation opportunity? Is that something that you think kind of plays more out into '23 under a punk macro? Or just a little bit more on a tipping point on just more broad-based vendor consolidation?

我知道你有很多問題和多部分問題。我想，也許，亨利，對我來說，一個大問題只是與供應商整合的主題有關，看起來這可能會隨著宏觀持續疲軟甚至惡化而加速。所以我的大局問題涉及 - 我的意思是，有很多超過 1 億美元的銷售參與和 CI 工具供應商。你現在看到了什麼？您認為讓大家有可能贏得供應商整合機會的轉折點是什麼？你認為這是在朋克宏下更能體現到 23 年的東西嗎？或者只是在更廣泛的供應商整合的轉折點上再多一點？

Look, I think that we're in the early innings of people really thinking about vendor consolidation. I think the vendor the consolidation stories that we've outlined here around the platform, they're not macro driven. They're just good business driven. And so I think as the macro pushes or the macro environment continues, companies will take this idea of consolidating to a strategic vendor much more seriously, and we'll gain a lot of mind share as that happens.

看，我認為我們正處於人們真正考慮供應商整合的早期階段。我認為供應商我們在這裡圍繞平台概述的整合故事，它們不是宏觀驅動的。他們只是很好的業務驅動。因此，我認為隨著宏觀推動或宏觀環境的繼續，公司將更加重視整合到戰略供應商的想法，並且隨著這種情況的發生，我們將獲得很多心智份額。

But today, I think the wins that you're seeing and the wins that we're really proud of, we would have achieved whether there was a macro uncertainty or not. And so we'd expect that to accelerate, especially as we continue to enable our sellers around the top tracks and the ways to position value around a full consolidation.

但是今天，我認為你們所看到的勝利以及我們真正引以為豪的勝利，無論是否存在宏觀不確定性，我們都會取得成功。因此，我們預計這種情況會加速，特別是當我們繼續讓我們的賣家圍繞頂級賽道以及圍繞全面整合定位價值的方式時。

I would now like to turn it over to Henry for closing remarks.

我現在想把它交給亨利做結束語。

Thank you, everybody, for your time tonight. We have an active IR calendar coming up, and we look forward to speaking with everyone and seeing you all over the course of the next several weeks.

謝謝大家，今晚的時間。我們即將推出一個活躍的 IR 日曆，我們期待在接下來的幾週內與大家交流並與大家見面。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了程序。您現在可以斷開連接。