Zoominfo Technologies Inc (ZI) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ZoomInfo Fourth Quarter and Full Year 2022 Financial Results. (Operator Instructions) Please be advised that today's conference call is being recorded.

美好的一天，謝謝你的支持。歡迎閱讀 ZoomInfo 2022 年第四季度和全年財務業績。 （操作員說明）請注意，今天的電話會議正在錄製中。

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

我現在想把會議交給今天的發言人傑里·西西茨基。請繼續。

Thanks, Luisa. Welcome to ZoomInfo's financial results conference call for the fourth quarter and full year '22. With me on the call today are Henry Schuck, Founder and CEO of ZoomInfo; and Cameron Hyzer, our CFO. After their remarks, we'll open the call to Q&A.

謝謝，路易莎。歡迎來到 ZoomInfo 的第四季度和全年 '22 財務業績電話會議。今天與我通話的是 ZoomInfo 的創始人兼首席執行官 Henry Schuck；和我們的首席財務官 Cameron Hyzer。在他們發言後，我們將打開問答環節。

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 section of our SEC filings. Actual results may differ materially from any forward-looking statements. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. For more information, please refer to the cautionary statement on the slides posted to our Investor Relations website at ir.zoominfo.com.

在此電話會議期間，任何前瞻性陳述均根據美國證券法的安全港條款作出。對未來目標的表達，包括業務展望、對未來財務業績的預期和類似項目，包括但不限於使用術語可能、將、預期、預期和相信的表達，以及反映歷史事實以外的事物的表達，旨在識別未來- 看起來陳述。前瞻性陳述涉及許多風險和不確定性，包括我們提交給美國證券交易委員會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存在重大差異。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，法律要求的除外。有關更多信息，請參閱我們的投資者關係網站 ir.zoominfo.com 上發布的幻燈片中的警告聲明。

All metrics on this call are non-GAAP, unless otherwise noted. A reconciliation can be found in the financial results press release or in the slides posted to our IR website.

除非另有說明，否則本次電話會議的所有指標均為非 GAAP。可以在財務業績新聞稿或發佈到我們 IR 網站的幻燈片中找到對賬。

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

有了這個，我會把電話轉給亨利。

Thank you, Jerry. And welcome, everyone. A year ago, you joined me on our earnings call as we talked about our expectations for 36% revenue growth for 2022. A lot has happened between that initial guidance and now. And even in the face of a more challenging economic environment, we continuously raise our guidance as we move through the year and delivered 47% revenue growth in 2022.

謝謝你，傑里。歡迎大家。一年前，你和我一起參加了我們的財報電話會議，當時我們談到了我們對 2022 年收入增長 36% 的預期。從最初的指導到現在，發生了很多事情。即使面對更具挑戰性的經濟環境，我們在這一年中不斷提高我們的指導，並在 2022 年實現了 47% 的收入增長。

We delivered that growth efficiently with an adjusted operating income margin of 41% for the year and more than $450 million in unlevered free cash flow. In the fourth quarter, we delivered over $300 million in revenue with a 42% adjusted operating income margin, which was up 100 basis points sequentially and up more than 350 basis points from Q4 last year.

我們以 41% 的調整後營業收入利潤率和超過 4.5 億美元的無槓桿自由現金流有效地實現了這一增長。第四季度，我們實現了超過 3 億美元的收入，調整後營業收入利潤率為 42%，環比上升 100 個基點，比去年第四季度上升 350 多個基點。

Structurally, we are a profitable company, and we remain committed to driving top line growth while expanding profitability and efficiently growing free cash flow. This combination of growth and profitability differentiates us from many other growth-oriented software companies that have struggled with a clear path to profitability. We have always operated with discipline, efficiency and a focus that allowed us to generate profitable growth, and we will continue to do so.

從結構上講，我們是一家盈利的公司，我們仍然致力於推動營收增長，同時擴大盈利能力並有效增加自由現金流。這種增長和盈利能力的結合使我們有別於許多其他以增長為導向的軟件公司，這些公司一直在努力尋找一條清晰的盈利之路。我們一直以紀律、高效和專注的方式運營，使我們能夠實現盈利增長，我們將繼續這樣做。

While these are good results, we can be doing better. Our customers are challenged by the current state of the economy. Within our largest vertical software, companies are laying off employees and cutting back spending. Many companies, regardless of size or vertical, have materially lower growth prospects than they did a year ago. All companies are looking to do more with less. We remain early in the digital transformation of B2B sales. And while our platform drives meaningful efficiencies for companies in all industries as our customers reduce their sales budgets and headcount, they take a harder look at all their spending.

雖然這些都是好的結果，但我們可以做得更好。我們的客戶受到當前經濟狀況的挑戰。在我們最大的垂直軟件中，公司正在裁員並削減開支。許多公司，無論規模大小或垂直行業，其增長前景都比一年前低得多。所有公司都希望事半功倍。我們處於 B2B 銷售數字化轉型的早期階段。雖然隨著我們的客戶減少銷售預算和員工人數，我們的平台為所有行業的公司帶來了有意義的效率，但他們會更加認真地審視自己的所有支出。

As we had indicated earlier in the year, the more challenging economic environment has impacted our upsell and cross-sell motions with increased customer scrutiny causing an elongation of sales cycles. The economy has had a direct impact on our business to be sure. But to continue to grow and scale through this time, we will be intensely focused on 4 priorities: surrounding ourselves with the right people; investing in enterprise solutions; delivering delightful product experiences; and executing with excellence and efficiency. I continue to dedicate my energy to those priorities every day. And as I have communicated to everyone in the company, if it is not driving us forward across these 4 initiatives, it is not a priority.

正如我們在今年早些時候指出的那樣，更具挑戰性的經濟環境影響了我們的追加銷售和交叉銷售動議，客戶審查的增加導致銷售週期延長。可以肯定的是，經濟對我們的業務產生了直接影響。但為了在這段時間內繼續發展壯大，我們將重點關注 4 個優先事項：與合適的人在一起；投資於企業解決方案；提供令人愉悅的產品體驗；並以卓越和高效的方式執行。我每天繼續將精力投入到這些優先事項上。正如我已與公司的每個人溝通過的那樣，如果它不能推動我們推進這 4 項計劃，那麼它就不是優先事項。

With regard to the first priority, I have made significant changes to the leadership team over the last few months. We announced last week that our CTO Nir Keren is leaving ZoomInfo. Nir joined ZoomInfo in its start-up phase, and has helped us grow the engineering team from its very earliest days. I want to thank him for being a strong leader and a great partner. The new executives we have hired brings strong relevant experience, leading great teams, driving customer success and building highly scalable, world-class products. These leaders and others across the organization will help create the foundation we need to scale for the next phase of growth.

關於第一要務，我在過去幾個月對領導團隊進行了重大調整。我們上周宣布我們的 CTO Nir Keren 將離開 ZoomInfo。 Nir 在 ZoomInfo 的初創階段加入，並幫助我們從最早的時候就發展了工程團隊。我要感謝他是一位強有力的領導者和出色的合作夥伴。我們聘請的新高管帶來了豐富的相關經驗，領導著優秀的團隊，推動了客戶的成功，並打造了高度可擴展的世界級產品。這些領導者和整個組織的其他人將幫助我們為下一階段的增長奠定基礎。

First, Ali Dasdan joins us as our new Chief Technology Officer from Atlassian, where he was Head of Engineering for Work Management, Confluence, Trello, Jira and Atlas. He is coming from an organization that is universally recognized as having the best product-led growth motion supported by a remarkably well integrated underlying platform, and he brings more than 2 decades of experience scaling global technology companies. We are excited to have him join the company and lead our innovation and development efforts.

首先，Ali Dasdan 加入我們，擔任 Atlassian 的新任首席技術官，他曾擔任工作管理、Confluence、Trello、Jira 和 Atlas 的工程主管。他來自一個被公認為具有最佳產品主導增長動力的組織，該組織得到了非常好的集成底層平台的支持，並且他帶來了超過 20 年的擴展全球技術公司的經驗。我們很高興他加入公司並領導我們的創新和發展工作。

Also, Dave Justice is joining ZoomInfo as our Chief Revenue Officer. Dave has more than 2 decades of experience leading global sales in the software space, serving as Chief Revenue Officer of PagerDuty for the past 3 years. Between PagerDuty, Salesforce and Cisco, he has helped sales positions at all levels of the organization with a particular focus on enterprise sales. We need the right people in the right roles focus on the things that matter most, and I believe we have that now.

此外，Dave Justice 將加入 ZoomInfo 擔任我們的首席營收官。 Dave 在軟件領域領導全球銷售方面擁有超過 20 年的經驗，過去 3 年擔任 PagerDuty 的首席營收官。在 PagerDuty、Salesforce 和 Cisco 之間，他幫助過組織各個級別的銷售職位，尤其側重於企業銷售。我們需要合適的人擔任合適的角色，專注於最重要的事情，我相信我們現在已經做到了。

With regard to the second corporate priority, investing in our enterprise business. We recently surveyed thousands of ZoomInfo users to understand the impact our tools and data have on their day-to-day productivity and the value that they derive from the platform. Their responses underscore just how essential we are at a time when companies are trying to hit their targets with fewer resources. 67% of sales leaders reported immediate top line revenue gains after implementing ZoomInfo. Sales development representatives cut their time researching prospects in half. Account executives reduced deal cycles by nearly 40% and increased win rates by more than 45%. SDR's, AEs and account managers increased quota attainment by more than 50%, and the average quota attainment with ZoomInfo was more than 90%. 70% of marketers reduced spend due to more accurate targeting, and the average recruiter using ZoomInfo reduced the time to higher by 20%. These results tell us that the ZoomInfo platform is mission-critical for our customers and delivers tremendous ROI.

關於第二個企業優先事項，投資於我們的企業業務。我們最近對數千名 ZoomInfo 用戶進行了調查，以了解我們的工具和數據對他們日常工作效率的影響以及他們從該平台獲得的價值。他們的回答凸顯了在公司試圖以更少的資源實現目標的時代，我們的重要性。 67% 的銷售負責人報告稱，在實施 ZoomInfo 後，收入立竿見影。銷售開發代表將他們研究前景的時間減少了一半。客戶主管將交易週期縮短了近 40%，並將贏單率提高了 45% 以上。 SDR、AE 和客戶經理將配額達到率提高了 50% 以上，而 ZoomInfo 的平均配額達到率超過 90%。由於更準確的定位，70% 的營銷人員減少了支出，使用 ZoomInfo 的招聘人員平均將時間減少了 20%。這些結果告訴我們，ZoomInfo 平台對我們的客戶來說是關鍵任務，並提供了巨大的投資回報率。

With our platform, marketers are able to reduce spend and target leads more accurately. Sales teams spend less time researching and more time selling. And with more accurate data, more than double the response rates. Recruiters find better candidates and get them in the door faster. When our customers win, we win, and we will continue to ensure their success as we cement ZoomInfo as the essential revenue operating system for efficient businesses.

借助我們的平台，營銷人員能夠減少支出並更準確地定位潛在客戶。銷售團隊花在研究上的時間更少，花在銷售上的時間更多。有了更準確的數據，響應率就會提高一倍以上。招聘人員會找到更好的候選人並更快地讓他們入職。當我們的客戶贏了，我們就贏了，我們將繼續確保他們的成功，因為我們將 ZoomInfo 鞏固為高效企業的基本收入操作系統。

Our net retention rate, which was 104% and was a disappointment this year and in large part, reflected the more difficult operating environment. The biggest driver in terms of lower net retention in 2022 was a lower level of upselling as the continued elongation of sales cycles impacted our rep's ability to sell more seats and more data into our installed base. Customers continue to renew as our gross retention rate remained in the 90s, but upsell opportunities were diminished as customers look to cut costs, particularly in the second half.

我們的淨保留率為 104%，今年令人失望，這在很大程度上反映了更加困難的經營環境。就 2022 年較低的淨保留率而言，最大的驅動因素是較低的追加銷售水平，因為銷售週期的持續延長影響了我們的代表向我們的已安裝基礎銷售更多席位和更多數據的能力。由於我們的總保留率保持在 90 年代，客戶繼續續訂，但由於客戶希望削減成本，特別是在下半年，追加銷售機會減少了。

We ended the year with 1,926 customers who spend more than $100,000 annually with us, up approximately 30% year-over-year, and advanced functionality now represents 31% of ACV. There is a tremendous opportunity with enterprise customers, and we're making it even more of a priority to unlock that opportunity.

年底，我們有 1,926 名客戶每年在我們這裡的花費超過 100,000 美元，同比增長約 30%，高級功能現在佔 ACV 的 31%。企業客戶擁有巨大的機會，我們正在將釋放這一機會作為優先事項。

During the quarter, we closed transactions with leading organizations like Amazon Web Services, Bank of the West, Barclays, Cigna, Edward Jones, Goodwin Procter, FedEx, Panasonic, ServiceNow, Sodexo and Waste Management. Companies are increasingly looking to work with fewer vendors and consolidate their tech stack. They choose ZoomInfo because our integrated platform aligns sales and marketing teams to optimize conversion, and it can expand with them as they grow and develop a more sophisticated go-to-market strategy.

在本季度，我們完成了與亞馬遜網絡服務、西方銀行、巴克萊、信諾、愛德華瓊斯、古德溫寶潔、聯邦快遞、松下、ServiceNow、索迪斯和廢物管理等領先組織的交易。公司越來越希望與更少的供應商合作並整合他們的技術堆棧。他們選擇 ZoomInfo 是因為我們的集成平台使銷售和營銷團隊保持一致以優化轉化，並且隨著他們的成長和製定更複雜的上市戰略，它可以與他們一起擴展。

As examples, a leading provider of human capital management solutions traditionally only leveraged company data from ZoomInfo to drive their territory planning activities. After a sales OS pilot that delivered significant ROI in a short amount of time, they rolled out Sales OS to thousands of their account executives expanding their use of the platform. One of the largest financial institutions in the world doubled its investment in ZoomInfo, adding more sales OS seats and is now integrating our data into Salesforce for their commercial banking unit, while leveraging intent data to improve their targeting efforts.

例如，一家領先的人力資本管理解決方案提供商傳統上僅利用來自 ZoomInfo 的公司數據來推動其區域規劃活動。在銷售操作系統試點項目在短時間內帶來了可觀的投資回報率後，他們向數千名客戶主管推出了銷售操作系統，擴大了他們對該平台的使用。世界上最大的金融機構之一將其對 ZoomInfo 的投資增加了一倍，增加了更多的銷售操作系統席位，現在正在將我們的數據集成到他們商業銀行部門的 Salesforce 中，同時利用意圖數據來改進他們的目標定位工作。

We are focusing our 2023 development efforts on extending our lead in data excellence, delivering a scalable enterprise experience, developing and training customers on high-impact plays that drive go-to-market efficiencies directly from the ZoomInfo platform and investing behind more product-led growth opportunities. We will continue to invest in accuracy and coverage to further extend our data leadership and optimize our search experience. We will also invest in more robust bidirectional sync with CRMs and APIs to meet the needs of our enterprise customers and in holistic signals and unified scoring mechanisms to meet the needs of sales and marketing teams that use ZoomInfo as their shared source of data truth.

我們將 2023 年的開發工作重點放在擴大我們在卓越數據方面的領先地位，提供可擴展的企業體驗，開發和培訓客戶直接從 ZoomInfo 平台提高上市效率的高影響力遊戲，並投資更多以產品為主導的產品增長機會。我們將繼續投資於準確性和覆蓋範圍，以進一步擴大我們的數據領先地位並優化我們的搜索體驗。我們還將投資於與 CRM 和 API 的更強大的雙向同步，以滿足我們企業客戶的需求，並投資於整體信號和統一評分機制，以滿足使用 ZoomInfo 作為其共享數據真實來源的銷售和營銷團隊的需求。

When I think about building a world-class enterprise experience, it comes down to the scalability and simplicity of our product to create a delightful experience for users. As we move upmarket to serve larger global enterprises and deliver predictable and efficient performance for our customers, our product focus is shifting to driving scalability, automating workflows, and simplifying everyday tasks for our users and their admin. We will invest more in enterprise-grade settings and permissions for admin simplified account setups and integration in product analytics and performance dashboards for leadership and a better self-guided product onboarding experience to help unlock value along the user journey.

當我考慮構建世界一流的企業體驗時，歸結為我們產品的可擴展性和簡單性，為用戶創造愉快的體驗。隨著我們轉向高端市場以服務於更大的全球企業並為我們的客戶提供可預測和高效的性能，我們的產品重點正在轉移到推動可擴展性、自動化工作流程以及簡化用戶及其管理員的日常任務。我們將在企業級設置和管理員權限方面投入更多資金，簡化帳戶設置，並在產品分析和性能儀表板中集成領導力和更好的自我引導產品入門體驗，以幫助在用戶旅程中釋放價值。

In the recent G2 winter 2023 grid report, ZoomInfo ranked in first place across 29 grids and was listed as the #1 enterprise solution in 8 different sections. For the eighth straight quarter, we led all 4 of the sales intelligence, marketing account intelligence, accounts data management and lead intelligence enterprise grids. We are also doubling down on our investments in marketing OS. We will continue to build out our advertising capabilities related to our proprietary B2B demand side platform, build deeper account-based marketing functionality expand reporting capabilities and invest more in unified scoring mechanisms. Marketing OS is a common upsell pathway after customers have successfully implemented sales OS, and we are seeing more traction with sales and marketing teams who want to share the same foundational data, tools and processes.

在最近的 G2 冬季 2023 網格報告中，ZoomInfo 在 29 個網格中排名第一，並在 8 個不同的部分被列為 #1 企業解決方案。對於連續第八個季度，我們在銷售智能、營銷客戶智能、客戶數據管理和領先智能企業網格中的所有 4 個方面都處於領先地位。我們還加倍投資於營銷操作系統。我們將繼續構建與我們專有的 B2B 需求方平台相關的廣告功能，構建更深入的基於帳戶的營銷功能，擴展報告功能，並加大對統一評分機制的投資。營銷操作系統是客戶成功實施銷售操作系統後常見的追加銷售途徑，我們看到銷售和營銷團隊越來越喜歡共享相同的基礎數據、工具和流程。

We will also invest heavily in supporting our customers to execute high-impact go-to-market plays. Customers are looking to do more with less, whether that means with smaller teams or fewer advertising dollars. Being able to take timely action on signal is key to successful and sustainable go-to-market motion. We will continue to invest in both user level workflows enabled through sales OS and marketing OS and organization-wide workflows and workflow management through operations OS. Scalable workflow supported by our RingLead and DAS offerings have been integral for companies looking to become more efficient and automate time-consuming motion.

我們還將大力投資支持我們的客戶執行具有高影響力的上市活動。客戶希望用更少的錢做更多的事情，無論這意味著使用更小的團隊還是更少的廣告費用。能夠對信號採取及時的行動是成功和可持續的上市行動的關鍵。我們將繼續投資於通過銷售操作系統和營銷操作系統實現的用戶級工作流程，以及通過運營操作系統實現的組織範圍的工作流程和工作流程管理。我們的 RingLead 和 DAS 產品支持的可擴展工作流程對於希望變得更高效和自動化耗時運動的公司來說是不可或缺的。

In closing, I'm confident that we have the team, the platform and the strategy to win this market. A huge opportunity remains ahead of us, and we are well positioned to capitalize on it as more and more sales teams use data and insights to find, acquire and grow customers. Our customers are generating significant ROI and our users are reporting phenomenal results as they leverage the ZoomInfo platform. We've added a number of leaders who will continue to help us grow and scale, and who bring a wealth of enterprise experience and a customer-first mentality to the organization.

最後，我相信我們擁有贏得這個市場的團隊、平台和戰略。一個巨大的機會仍然擺在我們面前，隨著越來越多的銷售團隊使用數據和洞察力來尋找、獲取和發展客戶，我們已做好充分利用它的準備。我們的客戶正在產生顯著的投資回報率，我們的用戶在利用 ZoomInfo 平台時報告了驚人的結果。我們增加了一些領導者，他們將繼續幫助我們發展壯大，並為組織帶來豐富的企業經驗和客戶至上的心態。

As I mentioned last quarter, while we can't control the macro, we can control how we manage the business. I am all in, the team is all in, and we're ensuring that we're consistently delivering the results that you have come to expect from us. While Cameron will be sharing our specific guidance for next year, I will share with you the framework we use in developing our guidance.

正如我上個季度提到的，雖然我們無法控制宏觀，但我們可以控制我們管理業務的方式。我全力以赴，團隊全力以赴，我們確保始終如一地交付您對我們的期望。雖然 Cameron 將分享我們明年的具體指南，但我將與您分享我們在製定指南時使用的框架。

We have assumed that the economic environment does not get better. And at the low end of the guidance, we have assumed that things get progressively worse. We understand that while our new leadership is great for the long term, we may see some disruption while the team gets up to speed. We remain steadfast in our belief that we will continue to expand profitability, and we'll continue to lead with efficiency, focusing on compounding free cash flow growth over the long term.

我們假設經濟環境不會好轉。在指南的低端，我們假設情況會逐漸惡化。我們明白，雖然我們的新領導層從長遠來看是偉大的，但在團隊加快速度的過程中，我們可能會看到一些中斷。我們仍然堅信我們將繼續擴大盈利能力，我們將繼續以效率領先，專注於長期復合自由現金流增長。

With that, I'll hand it over to Cameron.

有了這個，我會把它交給卡梅倫。

Thanks, Henry. In Q4, we delivered revenue of $302 million, up 36% year-over-year, which implies 5% to 6% sequential growth compared to Q3 2022. Excluding the impact of products acquired within the last 12 months, our organic revenue growth for the quarter was 34%. Adjusted operating income in Q4 was $127 million, a margin of 42%, up 100 basis points sequentially, and up 360 basis points compared to the fourth quarter of last year.

謝謝，亨利。在第四季度，我們實現了 3.02 億美元的收入，同比增長 36%，這意味著與 2022 年第三季度相比環比增長 5% 至 6%。排除過去 12 個月內收購產品的影響，我們的有機收入增長為本季度為 34%。第四季度調整後營業收入為 1.27 億美元，利潤率為 42%，環比增長 100 個基點，比去年第四季度增長 360 個基點。

For the full year, we delivered revenue of $1.1 billion, up 47% compared to 2021, and meaningfully better than our initial full year guidance of 36% growth. Organic revenue growth in 2022 was 41%. Adjusted operating income was $448 million, a margin of 41%, and unlevered free cash flow was $457 million. We were GAAP profitable for the year with net income of $63 million in GAAP EPS of $0.16 per share. Non-GAAP EPS was $0.88 per share.

全年，我們實現了 11 億美元的收入，比 2021 年增長了 47%，明顯好於我們最初的 36% 全年增長目標。 2022 年的有機收入增長為 41%。調整後營業收入為 4.48 億美元，利潤率為 41%，無槓桿自由現金流為 4.57 億美元。根據 GAAP 每股收益 0.16 美元，我們當年實現了 GAAP 盈利，淨收入為 6300 萬美元。非美國通用會計準則每股收益為 0.88 美元。

We are initiating guidance for 2023 with revenue growth at 17% at the midpoint, with an implied AOI margin of 41%, up 50 basis points compared to 2022. For 2023, we expect to deliver $512 million in unlevered free cash flow at the midpoint of guidance, which implies more than $450 million in free cash flow for the year.

我們正在啟動 2023 年的指引，收入增長中點為 17%，隱含的 AOI 利潤率為 41%，與 2022 年相比增加 50 個基點。到 2023 年，我們預計將在中點提供 5.12 億美元的無槓桿自由現金流的指導，這意味著今年的自由現金流量超過 4.5 億美元。

It is no secret that the tech sector is seeing layoffs. And companies, regardless of vertical, are being pressured to cut costs and drive efficiency. We believe that our focus on driving an efficient go-to-market motion for our customers and the strong and near median ROI from our platform provides across verticals has enabled us to continue to deliver a leading combination of revenue growth and profitability even in this more challenging environment.

科技行業裁員已經不是什麼秘密了。公司，無論是垂直行業，都面臨著削減成本和提高效率的壓力。我們相信，我們專注於為客戶推動高效的上市行動，以及我們平台提供的跨垂直領域的強勁且接近中值的投資回報率，這使我們能夠繼續實現收入增長和盈利能力的領先組合，即使在這個更具有挑戰性的環境。

Longer sales cycles and the increased time our reps are spending on renewals has impacted our ability to upsell and cross-sell existing customers, which was a meaningful driver of growth and net revenue retention expansion in the past. As Henry indicated, net revenue retention for the year was 104% as we operate in this more challenging economic environment. Bridging from our prior net revenue retention, the biggest driver, approximately 10 points of the change, was driven by reduced upsell.

更長的銷售週期和我們的代表在續訂上花費的時間增加影響了我們追加銷售和交叉銷售現有客戶的能力，這在過去是增長和淨收入保留擴張的重要驅動力。正如 Henry 所指出的，由於我們在這個更具挑戰性的經濟環境中運營，因此本年度的淨收入保留率為 104%。從我們之前的淨收入保留來看，最大的驅動因素，大約 10 個百分點的變化，是由減少的追加銷售驅動的。

Similar to many other software companies, our sales reps continue to spend more time on deals and renewals than they have in the past, limiting their ability to drive more upsell opportunities with existing customers. In addition to adding more capacity, we have shifted account loads, reallocated resources to hire potential customers and automated low-end tasks, creating the potential to improve efficiency. While we believe these efforts will yield positive results, we are cognizant of the ongoing macro challenges and acknowledge that our improvements could be offset by further deterioration in buyer sentiment and behavior. As a result, we think it is prudent to model net revenue retention at lower levels for the foreseeable future.

與許多其他軟件公司類似，我們的銷售代表繼續在交易和續訂上花費比過去更多的時間，這限制了他們為現有客戶帶來更多追加銷售機會的能力。除了增加容量外，我們還轉移了賬戶負載，重新分配資源以僱用潛在客戶和自動化低端任務，從而創造提高效率的潛力。雖然我們相信這些努力會產生積極的結果，但我們認識到持續存在的宏觀挑戰，並承認我們的改善可能會被買家情緒和行為的進一步惡化所抵消。因此，我們認為在可預見的未來以較低水平模擬淨收入保留是謹慎的。

New customer additions remain a larger driver of revenue growth in 2023, and our expectation is that will continue to be true in 2023. International customers contributed 13% of revenue in the quarter, which grew 49% relative to Q4 2021. International markets are seeing a similar and, in some cases, worse economic environment relative to the U.S.

新客戶增加仍然是 2023 年收入增長的更大驅動力，我們預計 2023 年將繼續如此。國際客戶貢獻了本季度收入的 13%，與 2021 年第四季度相比增長了 49%。國際市場看到與美國相似且在某些情況下更糟糕的經濟環境

During the year, we grew our employee base approximately 30%, which was slower than revenue growth. In the second half, we intentionally moderated the pace of headcount growth, raised the bar with respect to performance and eliminated some positions. As a result, we are currently at a headcount level below where we ended September. In 2023, we expect to realize operating leverage in the business as we continue to grow our overall team less quickly than revenue while focusing on adding sales capacity.

年內，我們的員工人數增長了約 30%，低於收入增長速度。下半年，我們有意放慢了人員增長的步伐，提高了業績標準，裁掉了一些職位。因此，我們目前的員工人數低於 9 月底的水平。到 2023 年，我們預計將在業務中實現運營槓桿，因為我們繼續以低於收入的速度增長整體團隊，同時專注於增加銷售能力。

Turning to cash flow. Operating cash flow in Q4 was $120 million, which included approximately $6 million of interest payments. Unlevered free cash flow for the quarter was $122 million or 96% of adjusted operating income. For the full year, unlevered free cash flow was $457 million or 102% of adjusted operating income, yielding a margin of 42%. Going forward, we expect unlevered free cash flow conversion in the range of 95% to 100% for the year.

轉向現金流。第四季度的運營現金流為 1.2 億美元，其中包括約 600 萬美元的利息支出。本季度無槓桿自由現金流為 1.22 億美元，佔調整後營業收入的 96%。全年無槓桿自由現金流為 4.57 億美元，佔調整後營業收入的 102%，利潤率為 42%。展望未來，我們預計今年的無槓桿自由現金流轉換率將在 95% 至 100% 之間。

With respect to the balance sheet, we ended the fourth quarter with $546 million in cash, cash equivalents and short-term investments. At the end of Q4, we continue to carry $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. Additionally, we successfully transitioned from LIBOR-to-SOFR during the quarter.

關於資產負債表，我們在第四季度結束時擁有 5.46 億美元的現金、現金等價物和短期投資。到第四季度末，我們繼續背負著 12.5 億美元的總債務，所有這些都是固定利率或對沖利率，其中約一半將於 2026 年到期，其餘部分將於 2029 年到期。此外，我們成功地從 LIBOR 過渡-to-SOFR 在本季度。

We again drove an improvement to our leverage ratios with a net leverage ratio of 1.5x trailing 12 months adjusted EBITDA and 1.3x trailing 12 months cash EBITDA, which is defined as consolidated EBITDA in our credit agreement. This represents approximately a full turn improvement from the beginning of the year.

我們再次推動槓桿率的改善，淨槓桿率為過去 12 個月調整後 EBITDA 的 1.5 倍和過去 12 個月現金 EBITDA 的 1.3 倍，這在我們的信貸協議中被定義為綜合 EBITDA。這表示與年初相比大約有整整的改進。

With respect to liabilities and future performance obligations, unearned revenue at the end of the year was $420 million. And remaining performance obligations, or RPO, were $1.1 billion, of which $842 million are expected to be delivered in the next 12 months. We believe that calculated billings, bookings and RPO are imprecise metrics to assess in-period activity and forward momentum. Because of the inherent noise in those metrics, we focus on days adjusted sequential revenue growth, which was 5% in the fourth quarter.

關於負債和未來履約義務，年底的未實現收入為 4.2 億美元。剩餘履約義務或 RPO 為 11 億美元，其中 8.42 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 是評估期間活動和前進勢頭的不精確指標。由於這些指標的固有噪音，我們關注調整後的環比收入增長，第四季度為 5%。

As we move to guidance, we have developed a prudent set of assumptions. The low end of guidance includes an expectation that there is a further deterioration of the macro environment and buyer sentiment in 2023 as well as some near-term disruption as we onboard new leaders.

在轉向指導時，我們制定了一套審慎的假設。指導的低端包括預期 2023 年宏觀環境和買家情緒將進一步惡化，以及隨著我們任命新領導人而出現一些近期中斷。

With that, I will provide our outlook for the first quarter and initial outlook for the full year 2023. For Q1, we expect revenue in the range of $299 million to $301 million, reflecting the fewer days of recognition -- revenue recognition in Q1 relative to Q4. We expect adjusted operating income in the range of $118 million to $120 million and non-GAAP net income in the range of $0.21 to $0.22 per share. Our Q1 guidance implies year-over-year revenue growth of 24% and an adjusted operating income margin of 40% at the midpoint of guidance.

有了這個，我將提供我們對第一季度的展望和對 2023 年全年的初步展望。對於第一季度，我們預計收入在 2.99 億美元至 3.01 億美元之間，反映出確認天數較少——相對於第一季度的收入確認到第四季度。我們預計調整後的營業收入在 1.18 億美元至 1.2 億美元之間，非 GAAP 淨收入在每股 0.21 美元至 0.22 美元之間。我們的第一季度指引意味著收入同比增長 24%，調整後的營業利潤率為指引中點的 40%。

We are providing initial full year 2022 (sic) [2023] guidance as follows. We expect revenue in the range of $1.275 billion to $1.285 billion, adjusted operating income in the range of $523 million to $533 million and non-GAAP net income in the range of $0.98 to $1 per share based on 418 million weighted average diluted shares outstanding. For unlevered free cash flow, we expect to generate between $507 million and $517 million. Our full year guidance implies 17% revenue growth at the midpoint and both adjusted operating income margin and unlevered free cash flow margin at or above 40%.

我們將提供 2022 年全年（原文如此）[2023] 的初步指導，如下所示。我們預計收入在 12.75 億美元至 12.85 億美元之間，調整後的營業收入在 5.23 億美元至 5.33 億美元之間，非 GAAP 淨收入在 0.98 美元至 1 美元之間，基於 4.18 億股加權平均稀釋流通股。對於無槓桿自由現金流，我們預計將產生 5.07 億美元至 5.17 億美元。我們的全年指引意味著中點收入增長 17%，調整後的營業收入利潤率和無槓桿自由現金流利潤率均達到或超過 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打開問題電話。

(Operator Instructions) First question that I have is coming from Mark Murphy of JPMorgan.

（操作員說明）我的第一個問題來自摩根大通的馬克墨菲。

So I wanted to drill in just given your exposure to the software vertical, I believe it's around 40% of ARR. What are you embedding into the guidance there? In other words, do you assume that this wave of layoffs continues to intensify through the year? We hear of SDR teams being let go and that, that would put more pressure on seat expansions into the software vertical. Or do you see a scenario where perhaps that would kind of level off sometime in the next couple of quarters? And then I have a quick follow-up.

所以我想深入了解你對軟件垂直領域的了解，我相信它大約佔 ARR 的 40%。你在那裡的指導中嵌入了什麼？換句話說，你認為這波裁員浪潮會在今年繼續加劇嗎？我們聽說 SDR 團隊被解僱，這會給軟件垂直領域的席位擴展帶來更大壓力。或者你是否看到一種情況可能會在接下來幾個季度的某個時候趨於平穩？然後我有一個快速跟進。

Yes. Thanks, Mark. And certainly, our guidance contemplates that we continue to see a challenging macro environment, and I think that would be continuing to see layoffs occur. We did experienced a bunch of that in Q4, as I'm sure you can imagine, and the guidance assumes that things will get worse as we go through the year.

是的。謝謝，馬克。當然，我們的指導考慮到我們將繼續看到充滿挑戰的宏觀環境，我認為裁員將繼續發生。正如我相信您可以想像的那樣，我們在第四季度確實經歷了很多這樣的事情，並且指導假設隨著我們度過這一年，情況會變得更糟。

Okay. As a follow-up that we had heard some feedback that seat growth is obviously very, very sluggish, very challenged out there broadly across the entire software vertical. But there are cases where companies are continuing to consume kind of the bulk credits or the data credits. Is that something that aligns with your observations? Or do you think the trajectories are pretty similar if we toggle between the seat growth and the bulk credit growth?

好的。作為後續行動，我們聽到一些反饋，席位增長顯然非常非常緩慢，在整個軟件垂直領域都面臨著很大的挑戰。但在某些情況下，公司會繼續消耗某種批量信用或數據信用。這與您的觀察結果一致嗎？或者，如果我們在席位增長和大宗信貸增長之間切換，您認為軌跡非常相似嗎？

So I think that when you look at the -- look internally at the results, the bulk credit usage is performing better than the seat growth or the [NEC] downsell that we see. And part of our strategy for 2023 has been to focus on our data-as-a-service offerings, our RingLead plus enrichment offerings, our data bricks that are available inside of Snowflake and Google BigQuery and Amazon AWS. Those are performing better in this environment.

因此，我認為，當您查看 - 從內部查看結果時，大宗信貸使用的表現優於我們看到的席位增長或 [NEC] 降價銷售。我們 2023 年戰略的一部分是專注於我們的數據即服務產品、我們的 RingLead 加豐富產品、我們在 Snowflake、Google BigQuery 和亞馬遜 AWS 中提供的數據塊。那些在這種環境中表現更好。

Okay. And sorry, one final question for you. Cameron, I believe you're guiding above actually on the unlevered free cash flow for 2023. I know it's above our model. Could you remind us what is it that is underpinning your ability to preserve margin like this and to drive free cash flow better than the rest of the industry even when we have such challenges out there in the environment?

好的。抱歉，最後一個問題要問你。卡梅倫，我相信你實際上在指導 2023 年的無槓桿自由現金流。我知道它高於我們的模型。您能否提醒我們，即使我們在環境中面臨這樣的挑戰，是什麼支撐了您保持這樣的利潤率並比行業其他公司更好地推動自由現金流的能力？

We are continually focusing on managing the business and driving kind of better margin. Overall, I think our expectation is that operating income as a percentage of revenue will increase by about 50 basis points in 2023. We are expecting a little bit less free cash flow conversion. But overall, obviously, we're laser-focused on continuing to be efficient and drive efficiency in the business, which has been a core thesis of ours for -- since I've been here.

我們一直專注於管理業務並推動更高的利潤率。總體而言，我認為我們的預期是營業收入佔收入的百分比到 2023 年將增加約 50 個基點。我們預計自由現金流轉換會略有減少。但總的來說，很明顯，我們非常專注於繼續提高業務效率並提高業務效率，這一直是我們的核心論點——自從我來到這里以來。

And our next question will be coming from Elizabeth Porter of Morgan Stanley.

我們的下一個問題將來自摩根士丹利的伊麗莎白波特。

I first wanted to ask just about the management changes. Can you provide some more clarity on what Dave is expected to change within the sales organization? And how we should think about the impact from disruptions? Is it something that might take us the quarter to work through? Or is it going to extend through a greater period of time?

我首先想問一下管理層的變動。您能否更清楚地說明 Dave 在銷售組織中的預期變化？我們應該如何考慮中斷的影響？這是否可能需要我們一個季度才能完成？還是會延長更長的時間？

Yes. So we're super excited about having Dave here. If you followed his tenure at PagerDuty, Dave was known for building a really strong land-and-expand motion and rearchitecting that business for growth. He has a long tenure of enterprise leadership, and that's an area where we believe we have a tremendous amount of opportunity. So where we think we're going to get quick impact from Dave is really driving that land-and-expand motion within our customer base and really driving our opportunity within the enterprise. We're especially excited about that.

是的。所以我們對 Dave 的到來感到非常興奮。如果你跟隨他在 PagerDuty 的任期，Dave 以建立一個非常強大的土地和擴張運動和重新構建該業務以實現增長而聞名。他長期擔任企業領導職務，我們相信在這個領域我們擁有巨大的機會。因此，我們認為我們將從 Dave 那裡獲得快速影響的地方真正推動了我們客戶群中的土地和擴張運動，並真正推動了我們在企業內的機會。我們對此特別興奮。

From a timing or a disruption perspective, we're hopeful that Dave hits the ground running quickly, and he's making an impact right away. That being said, we're being really conservative about that impact. And when we guide forward, we're assuming some time of disruption before we're feeling the full impact of his tenure here.

從時機或顛覆的角度來看，我們希望 Dave 能迅速上手，並立即產生影響。話雖如此，我們對這種影響非常保守。當我們向前邁進時，我們假設在我們感受到他的任期的全部影響之前會有一段時間的中斷。

Got it. And then just as a follow-up, I think that the headwinds on kind of the expansion of seats are pretty well understood. But I was hoping if you could give some more color on just use the top-of-funnel demand trends and changes over the last 3 months and kind of what the outlook on particularly the new customer side is that's incorporated into guidance.

知道了。然後作為後續行動，我認為席位擴張的逆風是很好理解的。但我希望你能提供更多顏色，僅使用過去 3 個月的漏斗頂部需求趨勢和變化，以及納入指導的前景，特別是新客戶方面的前景。

Sure. So with respect to guidance, we are expecting that the environment becomes more challenging in 2023. And that includes both the customer side as well as a new sales side, where we're expecting flat to lower new sales in '23 versus what we what we had in 2022. I think from a pipeline perspective, we continue to see more pipeline than we've ever had, and win rates are actually modestly starting to improve if we look at Q4 relative to what we've seen previously.

當然。因此，就指導而言，我們預計 2023 年的環境將變得更具挑戰性。這包括客戶方面和新的銷售方面，我們預計 23 年的新銷售額與我們的預期持平我們在 2022 年有了。我認為從管道的角度來看，我們繼續看到比以往任何時候都多的管道，如果我們相對於之前看到的第四季度來看，贏率實際上開始適度提高。

Our next question is coming from Raimo Lenschow of Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Could we talk a little bit about the seasonality that you guys are expecting for the year? So the issue on the kind of missing upsell or less upsell is kind of something that should kind of play out as people come up for renewal. So should I just kind of think about that that's kind of being like a Q1, Q2, Q3, Q4 until you go through this big 1 year of renewals and then are we kind of there? Or is there the other factors we should think about?

我們能談談你們對今年的季節性預期嗎？因此，關於缺少追加銷售或更少追加銷售的問題應該在人們提出續訂時出現。那麼，我是否應該考慮一下，這有點像 Q1、Q2、Q3、Q4，直到你經歷了這一年的大續約，然後我們就在那裡了嗎？或者還有其他我們應該考慮的因素嗎？

So I think when you think about seasonality, Raimo, I think that there's potential upside as we lap people that have maybe down sold because they went through a restructuring of their firm or down sold for another reason as we get into the second half of the year. But that's not explicitly contemplated in terms of our guidance, so I don't -- we don't see evidence of that happening yet. And certainly, while it may be upside, I wouldn't -- we're not counting on that being a big driver of growth this year.

所以我認為，當你考慮季節性時，Raimo，我認為當我們進入下半年時，我們可能會因為公司重組或由於其他原因而被低價出售的人有潛在的上行空間年。但這並沒有在我們的指南中明確考慮，所以我沒有——我們還沒有看到這種情況發生的證據。當然，雖然它可能有上行空間，但我不會——我們並不指望它成為今年增長的重要推動力。

Yes. And then if you think about the -- obviously, we kind of have like every week almost or every day like an announcement where people are looking at their internal kind of cost internal investment levels, et cetera. You obviously as -- Henry, as you said, you were always kind of much more profitable and much better build. Like how do you think about this dynamic about like revisiting some of the stuff internally?

是的。然後，如果您考慮 - 顯然，我們幾乎每週或每天都會發佈公告，人們正在查看他們的內部成本、內部投資水平等。你顯然是——亨利，正如你所說，你總是能賺更多的錢，也能做得更好。比如你如何看待這種動態，比如在內部重新審視一些東西？

We have a process where we do revisit our kind of trajectory and plans on a monthly basis and make bigger moves on a quarterly basis. So yes, I think that's a big part of the reason why we were able to look at our business as we were exiting Q2 and into Q3, adjust many of our kind of hiring plans and investments and drive to an improvement in margin as we got through to the end of the year.

我們有一個流程，我們會每月重新審視我們的軌跡和計劃，並每季度採取更大的舉措。所以，是的，我認為這是我們能夠在退出第二季度和進入第三季度時審視我們的業務、調整我們的許多招聘計劃和投資並推動利潤率提高的一個重要原因。一直到年底。

And our next question will be coming from Siti Panigrahi of Mizuho.

我們的下一個問題將來自瑞穗的 Siti Panigrahi。

Siti Panigrahi. Just want to ask on NRR 104%. So looking at that upsell opportunity. Henry, what can you do to improve the upsell opportunity? Are you seeing the demand? Is it more on the company go-to-market strategy changes that can drive demand? Or what's your view on upsell driving more upsell given the RevOS platform you built last couple of years?

茜蒂巴尼格拉希。只想問一下 NRR 104%。所以看看那個追加銷售的機會。亨利，你能做些什麼來增加追加銷售機會？你看到需求了嗎？是否更多地取決於可以推動需求的公司上市戰略變化？或者，鑑於您過去幾年構建的 RevOS 平台，您對追加銷售推動更多追加銷售有何看法？

Yes. I think the part of the way that we're thinking about this is where do our -- where do we see the most opportunity within our customer base. And we see a tremendous opportunity in the enterprise. We see it around our marketing OS products and our DAS product. And so really making sure that our organization, our go-to-market organization, is designed to go after those opportunities is how we're thinking about it. And so we've made a number of shifts in the back half of the year to make sure that we're resourced to drive data-as-a-service, to drive marketing OS, which are higher dollar ASP into that enterprise and upper end of the mid-market customer base. We think that will drive efficiency and will use our resources the best.

是的。我認為我們正在考慮的部分方式是我們在哪裡 - 我們在客戶群中看到最多的機會。我們在企業中看到了巨大的機會。我們在營銷操作系統產品和 DAS 產品周圍看到了它。因此，真正確保我們的組織，我們的上市組織旨在抓住這些機會，這就是我們的思考方式。因此，我們在今年下半年做出了一些轉變，以確保我們有足夠的資源來推動數據即服務，推動營銷操作系統，這是該企業和更高級別的更高美元 ASP中端市場客戶群的終端。我們認為這將提高效率並充分利用我們的資源。

When our customers buy our marketing OS platform, the ASP is over 5x our average sales OS pricing. When our prospects by our marketing OS platform, the ASP is over 3x our sales OS is pricing. And so it's looking for opportunities where the return on our resource investment is the highest and making sure that we have our resources dedicated to those areas.

當我們的客戶購買我們的營銷操作系統平台時，ASP 是我們平均銷售操作系統定價的 5 倍以上。當我們通過我們的營銷操作系統平台獲得前景時，ASP 超過我們銷售操作系統定價的 3 倍。因此，它正在尋找資源投資回報率最高的機會，並確保我們將資源專門用於這些領域。

And when you think about growth opportunity, where does international expansion stand? What are you seeing right now on the international front?

當您考慮增長機會時，國際擴張站在哪裡？您現在在國際戰線上看到了什麼？

We continue to have a strong international team that's driving new business and expansion. But certainly, I think there are areas, particularly we were most focused in Europe where the economic environment might be more challenging than in the U.S. So I think that long term, there's a real opportunity for international to be a much larger percentage of overall revenue, but that's not something that I think we see in the short term.

我們繼續擁有一支強大的國際團隊，推動新業務和擴張。但當然，我認為有些地區，特別是我們最關注的是歐洲，那裡的經濟環境可能比美國更具挑戰性。所以我認為從長遠來看，國際業務確實有機會在總收入中佔據更大的比例，但我認為我們不會在短期內看到這種情況。

Our next question will be coming from Brad Zelnick of Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Brad Zelnick。

Can you guys hear me?

你們能聽到我說話嗎？

Yes.

是的。

Excellent. First for you, Cameron. Just if we look at the Q1 sequential guide, I believe you've guided to 2% sequential growth, days adjusted. So just curious, what trends are you seeing in January that inform your view? And if anything has really changed or downtick in terms of your view into customer budgets this year?

出色的。首先是你，卡梅倫。只要我們看一下第一季度的連續指南，我相信你已經指導了 2% 的連續增長，調整天數。所以很好奇，您在 1 月份看到的哪些趨勢會影響您的觀點？就您今年對客戶預算的看法而言，是否真的發生了任何變化或下降？

Yes. So I think there are 2 things. January has gone reasonably well. We actually had less change in linearity with respect to Q4, where there was less activity in the last couple of weeks of the year that is partially impacting Q1 as well. And additionally, certainly, Q1 is the kind of time frame where we are at least contemplating some disruption from the management changes that we've executed. And therefore, I think we want to make sure that we're prudent with respect to the guide there as well.

是的。所以我認為有兩件事。一月過得相當順利。實際上，與第四季度相比，我們的線性變化較小，今年最後幾週的活動較少，這也在一定程度上影響了第一季度。此外，當然，第一季度是我們至少在考慮我們已經執行的管理變革帶來的一些干擾的時間框架。因此，我認為我們要確保我們對那裡的指南也持謹慎態度。

I would add that our pipeline in January was the strongest it's ever been. We generated more MQLs than we ever have in our history. So there's real demand out there in the market for our products. But ultimately, what we're ending up seeing is customers are waiting. They're not making purchase decisions at the level -- the velocity levels as they were a year ago. But there is real demand out there. We're generating it. We're generating that pipeline, and so we'll continue to do that and feel like as the uncertainty phase will be in a really great position to accelerate through that.

我要補充一點，我們 1 月份的管道是有史以來最強大的。我們生成的 MQL 比我們歷史上任何時候都多。所以市場對我們的產品有真正的需求。但最終，我們最終看到的是客戶在等待。他們並沒有像一年前那樣在水平上做出購買決定——速度水平。但是那裡有真正的需求。我們正在生成它。我們正在生成該管道，因此我們將繼續這樣做，並且感覺不確定階段將處於一個非常好的位置來加速通過它。

That's helpful color. And Henry, maybe a follow-up for you. Your message has been fairly consistent to say that the headwinds you faced to date are macro related, which makes complete sense. But now you're bringing in a new CRO from the outside, which you're saying could potentially be disruptive. Why is now an external CRO the right hire, especially, by the way, given your unique go-to-market? You got somebody externally that's going to bring their experiences. And I guess what's the risk or opportunity, frankly, to modify your go-to-market under Dave to be more like some of the other great companies he's worked for in the past?

這是有用的顏色。亨利，也許是你的後續行動。你的信息相當一致，說你迄今為止面臨的逆風與宏觀相關，這是完全有道理的。但現在你從外部引進了一個新的 CRO，你說這可能會造成破壞。為什麼現在外部 CRO 是合適的聘用，特別是，順便說一下，考慮到您獨特的上市方式？你有外部人員來帶來他們的經驗。坦率地說，我想在 Dave 的領導下修改您的上市方式，使其更像他過去曾為之工作的其他一些偉大公司，這有什麼風險或機會？

I think the big thing that we know today is that, there is a real growth opportunity within our enterprise customer base. Today, we have 35,000 customers, and we're driving real growth across our enterprise customers. But when we look within the enterprise, we think we can significantly accelerate that. And so bringing in a Chief Revenue Officer who has a ton of experience within the enterprise, this felt like the right time to do it. We see that segment as the biggest growth opportunity, and we wanted to bring somebody in who had significant experience in that land and expand motion and especially across the enterprise.

我認為我們今天知道的一件大事是，我們的企業客戶群中存在真正的增長機會。今天，我們擁有 35,000 名客戶，我們正在推動企業客戶的真正增長。但當我們審視企業內部時，我們認為我們可以顯著加快這一進程。因此，引進一位在企業內擁有豐富經驗的首席營收官，感覺是時候這樣做了。我們認為該細分市場是最大的增長機會，我們希望引進在該領域擁有豐富經驗的人，並擴大行動範圍，尤其是在整個企業範圍內。

And our next question will be coming from Brian Peterson of Raymond James.

我們的下一個問題將來自 Raymond James 的 Brian Peterson。

One for Cameron. Just given the magnitude of the kind of upsell, down-sell dynamic of the 10 points you referenced. I'd love to understand any linearity changes you can provide third quarter, fourth quarter. How did that trend? And I think you mentioned that we should be modeling a lower NRR going forward. What was the reference point on that? Is that versus the 104%? I just want to make sure we're all clear on what that comment meant.

一個給卡梅倫。剛剛給出了你所引用的 10 個點的向上銷售、向下銷售動態的幅度。我很想了解您可以提供第三季度、第四季度的任何線性變化。那趨勢如何？我想你提到過我們應該在未來模擬一個較低的 NRR。參考點是什麼？這是與 104% 的對比嗎？我只是想確保我們都清楚該評論的含義。

Yes. So the reference point there is against the 104%, which is -- reflects the activity that we saw for the year. Certainly, most of our backlog from 2021 expired in the last 4 months of the quarter when we're seeing a lot of macroeconomic pressure, so I think that we're expecting that, that will continue and perhaps get worse in 2023. And therefore, I think the expectation is, is that at least base case, net revenue retention could be lower in 2023.

是的。所以這裡的參考點是 104%，它反映了我們今年看到的活動。當然，我們從 2021 年開始積壓的大部分訂單都在本季度的最後 4 個月到期，當時我們看到了很大的宏觀經濟壓力，所以我認為我們預計這種情況將持續下去，並可能在 2023 年變得更糟。因此，我認為預期是，至少在基本情況下，2023 年的淨收入保留率可能會更低。

And anything on the linearity of how that trended over the course of the year? I don't know if you could comment on fourth quarter versus third quarter or how that progressed over the course of the year?

關於這一年的線性趨勢的任何事情？我不知道您是否可以對第四季度與第三季度進行評論，或者在這一年中進展如何？

Yes, and it certainly got worse as particularly in the last 4 months of the year. That being said, if you're waiting the environment, almost half of our bookings from 2022 or 2021 were in those last 4 months, which is a good indication of when we're renewing those contracts as well.

是的，而且情況肯定變得更糟，尤其是在今年的最後 4 個月。話雖如此，如果您正在等待環境，我們從 2022 年或 2021 年開始的預訂中有近一半是在過去 4 個月內完成的，這也很好地表明了我們何時會續簽這些合同。

Our next question is coming from DJ Hynes of Canaccord Genuity. I'm sorry, Brent Bracelin of Piper Sandler.

我們的下一個問題來自 Canaccord Genuity 的 DJ Hynes。對不起，Piper Sandler 的 Brent Bracelin。

Can you hear me?

你能聽到我嗎？

Yes, Brent.

是的，布倫特。

Okay. Perfect. A little confusion there. Maybe I'll start with you, Cameron here. As we think about what sounds like an increasing enterprise opportunity and enterprise focus going forward, what is the revenue split today as you think about customers over $100,000. What are they generating overall of the mix versus the smaller customers? And then one quick follow-up for Henry, if I could.

好的。完美的。那裡有點混亂。也許我會先從你開始，這裡是 Cameron。當我們思考什麼聽起來像是在增加企業機會和企業對未來的關注時，當您考慮超過 100,000 美元的客戶時，今天的收入分配是多少。與較小的客戶相比，他們在整個組合中產生了什麼？如果可以的話，然後對亨利進行快速跟進。

Yes. So the $100,000 customers generate roughly 45% of overall revenue. And yes, I think that the number of customers has grown, but also the revenue on a per customer basis is the highest level we've seen.

是的。因此，100,000 美元的客戶產生了大約 45% 的總收入。是的，我認為客戶數量有所增長，但每個客戶的收入也是我們所見過的最高水平。

Got it. Super helpful color there. And then Cameron, I guess the million dollar question here is really how quickly and what else are you contemplating besides the new CRO to really accelerate the pipeline and the pipeline build outside of software? Clearly, you've built a great business, de facto standard in that kind of software ecosystem. How do you replicate that outside of software? And how fast can you pivot?

知道了。超級有用的顏色。然後卡梅倫，我想這裡的百萬美元問題真的是多快，除了新的 CRO 之外你還在考慮什麼來真正加速管道和軟件之外的管道構建？顯然，您已經在那種軟件生態系統中建立了一個偉大的企業，事實上的標準。你如何在軟件之外複製它？你能旋轉多快？

I think, first, we are. The rest of the industries outside of software are growing faster than our software and technology base of customers. We talked about companies like Waste Management; and Barclays; and ABM Industries, who are large clients of ours; Capital One. And so we continue to grow our share in non-tech companies. They also present a really large opportunity for us in the enterprise that we're focused on. We'll do some specific vertical mapping as well in the customer base. And so for the first time, we'll have account managers who are aligned to a financial services vertical and account managers who are aligned to a business services vertical. So it's a little bit more specialized service that -- where they can build relationships with the customers and put ourselves in a position to continue to upsell within those non-tech customer -- in that non-tech customer base.

我認為，首先，我們是。軟件以外的其他行業的增長速度快於我們的軟件和技術客戶群。我們談到了像 Waste Management 這樣的公司；和巴克萊；和 ABM Industries，他們是我們的大客戶；資本一號。因此，我們繼續增加在非科技公司中的份額。在我們關注的企業中，它們也為我們提供了一個非常大的機會。我們還將在客戶群中進行一些特定的垂直映射。因此，我們將首次擁有與金融服務垂直領域保持一致的客戶經理和與商業服務垂直領域保持一致的客戶經理。因此，這是一種更專業的服務——他們可以與客戶建立關係，並使我們能夠在非技術客戶群中繼續向非技術客戶追加銷售。

And our next question is coming from DJ Hynes of Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 DJ Hynes。

All right. We're back. So look, in the context of the layoffs we're seeing in the tech space, when you have customers coming to you, looking to trim back on their commitments, what are the levers you have in place to stave off that partial churn? Like are you throwing in additional modules to preserve ACV? Like how often is that happening? Any color on that front would be helpful as we think about NRR dynamics.

好的。我們回來了。所以看，在我們看到的技術領域裁員的背景下，當你有客戶來找你，希望減少他們的承諾時，你有什麼槓桿來避免部分流失？就像您要添加額外的模塊來保留 ACV 一樣嗎？比如這種情況多久發生一次？當我們考慮 NRR 動態時，這方面的任何顏色都會有所幫助。

Yes. So -- and certainly, we've seen a reduction in seats driven by layoffs. And that impacts both upsells and downsells, and that definitely occurred in Q4. We are always looking to run plays against that, and those plays obviously include additional functionality or looking for other pockets of the organization that could benefit from our software. But realistically, those plays haven't worked as well as we want to, particularly given that the buyer behavior is much more fragile in that moment when people are executing a restructuring and kind of worried about their own team. But in some cases, we do see that work. But in many cases, particularly here in Q4, I'd say that there was an impact related to that.

是的。所以 - 當然，我們已經看到裁員導致席位減少。這會影響加售和減售，這肯定發生在第四季度。我們一直在尋找與此相反的策略，這些策略顯然包括額外的功能或尋找可以從我們的軟件中受益的組織的其他口袋。但實際上，這些遊戲並沒有像我們想要的那樣奏效，特別是考慮到在人們正在進行重組並且有點擔心自己的團隊的那一刻，買家的行為要脆弱得多。但在某些情況下，我們確實看到了這種工作。但在很多情況下，尤其是在第四季度，我會說這會產生影響。

Yes. Okay, okay. And then, Henry, a follow-up for you. What's the appetite for M&A in '23? I mean do you batten down how it catches, make sure the house is in order first? Or do you want to be opportunistic as a consolidator of some of your peers, I'm sure, are facing similar challenges?

是的。好吧好吧。然後，亨利，你的後續行動。 23 年對併購的胃口是什麼？我的意思是你有沒有把它抓起來，先確保房子井井有條？或者您是否想成為您的一些同行的整合者的機會主義者，我敢肯定，他們面臨著類似的挑戰？

Look, there's nothing on the near-term horizon from an M&A perspective. Short term, we're really just focused on driving the business. Our criteria around M&A remains the same, but I'd tell you we have a much higher bar around this. And so the criteria around improving the customer experience fits within the go-to-market motion is accretive in the short to medium term. We're going to be meaningfully more selective in this environment. And again, nothing on the near-term horizon, and I'm pretty focused on making sure we're driving the business, landing these executives and growing the top line and doing that profitably.

看，從併購的角度來看，短期內沒有任何事情發生。短期內，我們真的只是專注於推動業務。我們關於併購的標准保持不變，但我會告訴你，我們對此有更高的標準。因此，圍繞改善客戶體驗以適應進入市場運動的標准在中短期內會增加。在這種環境下，我們將更有選擇性。再一次，短期內沒有任何事情發生，我非常專注於確保我們正在推動業務發展，聘請這些高管並增加收入並實現盈利。

Our next question is coming from Alex Zukin of Wolfe. I'm sorry, the participant just jump. It's Taylor McGinnis of UBS.

我們的下一個問題來自 Wolfe 的 Alex Zukin。對不起，參與者剛剛跳了。是瑞銀集團的 Taylor McGinnis。

So it sounds like in terms of growth drivers this year that new business is expected to hold up. So Cameron, can you just give some color on the mix of new logo versus existing maybe implied in this growth guide this year and how that might compare to last year or what we've seen historically?

因此，就今年的增長動力而言，新業務有望保持增長。那麼卡梅倫，你能否給今年增長指南中可能暗示的新標誌與現有標誌的組合提供一些顏色，以及與去年或我們歷史上看到的相比如何？

Well, when you look at the organic growth of 34% in the quarter and net revenue retention at 104%, that obviously implies that the remainder of that, roughly 30%, came from new business in 2022. I think our guidance certainly contemplates both new business, and net revenue retention will be challenged. So I'd expect that new business is likely flat to down based on a deteriorating level of buyer behavior and the macro environment. And that similarly, net revenue retention will be more challenged as well.

好吧，當你看到本季度 34% 的有機增長和 104% 的淨收入保留率時，這顯然意味著其餘部分（大約 30%）來自 2022 年的新業務。我認為我們的指導肯定會同時考慮這兩個方面新業務和淨收入保留將受到挑戰。因此，我預計，基於不斷惡化的買家行為水平和宏觀環境，新業務可能會持平甚至下降。同樣，淨收入保留也將面臨更大的挑戰。

Got it. And just one follow-up. It's just on margins. So with the potential for NRR to deteriorate and I guess some of the risks that you mentioned on the sales side and continued investments in capacity, does that serve at all a risk to the margin upside this year? And if not, maybe you can just talk about the areas of leverage that serve as an offset.

知道了。只有一個後續行動。它只是在邊緣。因此，由於 NRR 有可能惡化，我猜你在銷售方面提到的一些風險和持續的產能投資，這是否會對今年的利潤率上行構成風險？如果沒有，也許你可以談談作為抵消的槓桿領域。

Yes. So we are always focused on being more efficient and harvesting the operating leverage that's natural in the business. As you mentioned, with a more challenging environment, that obviously impacts our efficiency with respect to sales and marketing, but we do expect to be able to realize operating leverage from other areas of business. I expect cost of revenue to decrease as a percentage of revenue and probably be the biggest driver of operating leverage, but we'll also get some from G&A and even from R&D as we get further into the year.

是的。因此，我們始終專注於提高效率並獲得業務中自然存在的運營槓桿。正如您所提到的，在更具挑戰性的環境中，這顯然會影響我們在銷售和營銷方面的效率，但我們確實希望能夠從其他業務領域實現運營槓桿。我預計收入成本佔收入的百分比會下降，並且可能是運營槓桿的最大驅動力，但隨著我們進入今年，我們也會從 G&A 甚至研發中獲得一些。

Next question is coming from Alex Zukin of Wolfe.

下一個問題來自 Wolfe 的 Alex Zukin。

It sounds like having some operator trouble today. But Henry, first question for you. I guess with respect to the sales cycles, the demand environment, do you feel like we've reached kind of peak uncertainty or at least a trough in terms of the demand? And is it getting better? Or is it still the level of uncertainty persisting kind of in real time in the market? And have you had to deal with more competitive intensity, particularly on calls as cost is often mentioned as an issue with respect to actually getting deals done?

聽起來今天操作員遇到了一些麻煩。但是亨利，你的第一個問題。我想關於銷售週期、需求環境，您是否覺得我們已經達到某種不確定性的高峰或至少是需求方面的低谷？它正在好轉嗎？或者它仍然是市場中實時存在的不確定性水平？您是否不得不應對更激烈的競爭，尤其是在電話會議上，因為成本經常被提及為實際完成交易的一個問題？

Look, there hasn't been any material change in buyer behavior that we're seeing out in the market as it relates to uncertainty or the macroeconomic environment. So we haven't seen any change in that. What I'll tell you from a demand and pipeline generation perspective. January, we saw our largest pipeline we've ever generated. We're generating more MQLs than we've had in our history. When buyers are buying, they're buying decisively and at strong ASPs, and we're seeing less competition in our deals in Q4. And where we do see competition primarily in the SMB segment of our business, we're seeing the highest in-month win rate ever for a non end of the quarter month. And so all of that tells me that while there is room for improvement from an execution perspective, it really is customers' uncertainty about the broader economic environment that's holding us back from delivering more top line growth. So as the uncertainty fades, I'm confident that we'll be in a great position to accelerate out. We haven't seen that stating yet.

看，我們在市場上看到的買家行為沒有任何實質性變化，因為它與不確定性或宏觀經濟環境有關。所以我們沒有看到任何變化。我將從需求和管道生成的角度告訴您。一月份，我們看到了有史以來最大的管道。我們正在生成比我們歷史上更多的 MQL。當買家購買時，他們會果斷地以強勁的 ASP 購買，而且我們看到第四季度交易中的競爭減少了。在我們確實主要在我們業務的 SMB 部分看到競爭的地方，我們看到了本季度非月底的最高月內贏率。因此，所有這些都告訴我，雖然從執行的角度來看還有改進的空間，但實際上是客戶對更廣泛的經濟環境的不確定性阻礙了我們實現更多的收入增長。因此，隨著不確定性的消退，我相信我們將處於加速發展的有利位置。我們還沒有看到這種說法。

Perfect. And then Cameron, for you. On the margin side, if I look at the free cash flow margin guide versus the operating margin guide, they're a little inverted from where they've been previously. Historically, free cash flow margins have exceeded operating margins. So just walk us through kind of what are the assumptions there. And then in general, obviously, we all love to see margin leverage. But with the growth moderating and modulating to the extent that it is, do you -- kind of what is the decision point when you potentially unlock greater margin leverage? Is that in the cards or not?

完美的。然後卡梅倫，為你。在保證金方面，如果我看一下自由現金流量保證金指南和營業利潤率指南，它們與之前的情況有點相反。從歷史上看，自由現金流利潤率已經超過營業利潤率。因此，請帶我們了解那裡的假設是什麼。然後總的來說，顯然，我們都喜歡看到保證金槓桿。但是隨著增長放緩和調整到一定程度，你 - 當你可能釋放更大的保證金槓桿時，你的決策點是什麼？那在卡片上嗎？

Sure. So with respect to the free cash flow conversion, we are expecting free cash flow conversion to be at 95% to 100% this year, as opposed to historically rose above 100%. And the real big factors that impact that are really: a, that our customers are shifting a little bit more to pay quarterly or at least not annually upfront. That certainly has an impact on the kind of cash flow, part of the unlevered free cash flow conversion. And additionally, lower growth impacts the weighting of those upfront payments in the second half of the year. So that is another impact.

當然。因此，關於自由現金流轉換，我們預計今年自由現金流轉換將達到 95% 至 100%，而不是歷史上超過 100% 的水平。影響的真正重要因素是：a，我們的客戶正在更多地轉向每季度或至少不是每年預付款。這肯定會對現金流的種類產生影響，這是無槓桿自由現金流轉換的一部分。此外，較低的增長會影響下半年這些預付款的權重。這是另一個影響。

With respect to unlocking the ultimate margin growth, certainly, our expectation is, is that we will be able to improve sales and marketing efficiency over time, particularly as the environment stabilizes a little bit more. And that will enable us to either accelerate growth when we get to that stabilization point or harvest more of that operating leverage that you'd expect on the sales and marketing side.

關於釋放最終的利潤率增長，當然，我們的期望是，隨著時間的推移，我們將能夠提高銷售和營銷效率，尤其是在環境更加穩定的情況下。這將使我們能夠在達到穩定點時加速增長，或者在銷售和營銷方面獲得更多您期望的運營槓桿。

Our next question is coming from Parker Lane of Stifel.

我們的下一個問題來自 Stifel 的 Parker Lane。

Cameron, when you look at the cohort of customers that have announced layoffs or cost reduction plans, can you give us a sense of the share of them that have already come up for renewal? And as we think about 2023, do you the impact of those renewals be evenly spread through the year or more skewed towards the third quarter, fourth quarter time frame that you referenced earlier?

Cameron，當您查看宣布裁員或削減成本計劃的客戶群體時，您能否告訴我們其中已經提出續約的份額？當我們考慮 2023 年時，這些續約的影響是在全年平均分佈還是更偏向於您之前提到的第三季度、第四季度的時間範圍？

I think that the kind of timing of those renewals are maybe slightly more kind of set into Q4. So I think that's when we have a bigger cohort of software companies that are renewing. So we've seen a bunch of that, either people that already announced and then come up for renewal or in some cases, people who are renewing with an expectation that something like that might happen. But overall, it's not that heavily weighted to Q4. So I'd expect that it's a similar percentage to the almost half of our customers that are renewing in the last 4 months of the year, and the remaining renew in kind of the first 8 months of the year.

我認為這些續約的時間可能會稍微安排在第四季度。所以我認為那是我們有更多正在更新的軟件公司的時候。因此，我們已經看到了很多這樣的情況，要么是已經宣布然後提出續約的人，要么是在某些情況下，人們正在續約並期望可能會發生類似的事情。但總的來說，它對第四季度的影響並不大。因此，我預計這一比例與我們在今年最後 4 個月續訂的客戶中的近一半以及今年前 8 個月的續訂客戶的百分比相似。

Got it. And then a quick follow-up here. Circling back to the headcount reductions that you said that you did during the September to year-end time frame. Was that pretty evenly distributed across the organization? Or were there particular areas that faced a higher degree of headcount trimming?

知道了。然後在這裡進行快速跟進。回到你所說的你在 9 月到年底的時間框架內所做的裁員。這在整個組織中分佈得相當均勻嗎？或者是否有特定領域面臨更高程度的裁員？

We are super focused on continuing to raise the bar in terms of our performance expectations. So while it may have been somewhat more focused in R&D areas or G&A areas, it was pretty consistent across the board in terms of really making sure that we have the best team around us and that we have team members that are supporting the overall growth of the company.

我們非常專注於繼續提高我們的績效預期標準。因此，雖然它可能更側重於研發領域或 G&A 領域，但它在真正確保我們周圍擁有最好的團隊以及我們的團隊成員支持整體增長方面非常一致公司。

And our next question will be coming from Koji Ikeda of Bank of America.

我們的下一個問題將來自美國銀行的 Koji Ikeda。

Yes. I wanted to go back to net revenue retention. You ended the year at 104%, and I believe you said maybe a good place to start is a tad below that for 2023. So I guess a tad below that, call it, I don't know, 102%. Would you categorize that as an improvement from the exit NRR rate for the fourth quarter? Your first question there.

是的。我想回到淨收入保留。你以 104% 結束了這一年，我相信你說過，也許一個好的起點是 2023 年的水平略低一點。所以我猜比那個低一點，我不知道，102%。您是否會將其歸類為第四季度退出 NRR 率的改善？你的第一個問題。

And then thinking about the 17% guide for 2023, assuming that low single-digit net revenue retention, mid-teens growth coming from new customers. I guess the question is, maybe where are you most excited from a vertical perspective outside of software? Or maybe what products are you most excited about as growth drivers for 2023?

然後考慮 2023 年 17% 的指南，假設低個位數的淨收入保留率、來自新客戶的中等增長。我想問題是，從軟件之外的垂直角度來看，也許您最感興趣的是什麼？或者，作為 2023 年的增長動力，您最感興趣的產品是什麼？

So Koji, I'll start with the first part. I think that certainly, in relation to our guidance, 102% would be higher than what's implied there. I think we're expecting, particularly in a worsening environment, that we'll see retention below that. I'll let Henry go into the kind of most exciting other verticals.

那麼 Koji，我將從第一部分開始。我認為，就我們的指導而言，102% 肯定會高於那裡的暗示。我認為我們預計，尤其是在不斷惡化的環境中，我們會看到保留率低於該水平。我會讓亨利進入最令人興奮的其他垂直領域。

Yes. I think we're seeing a lot of success in financial services. That's one of the key areas that we've reorganized specialists across on the account management side and see continuing opportunity there. You see quotes in the slides we included from Capital One that ZoomInfo will become an integral part of their business. Without it, there'll be a huge gap in the sales enablement strategy, and they'd be scrambling to figure out how to fill. We think that, that same sentiment applies to any financial services company that sells to other businesses, and so we think we can really capitalize on that.

是的。我認為我們在金融服務領域看到了很多成功。這是我們在賬戶管理方面重組專家的關鍵領域之一，並在那裡看到了持續的機會。您會在我們從 Capital One 提供的幻燈片中看到 ZoomInfo 將成為他們業務不可或缺的一部分的引述。沒有它，銷售支持策略就會出現巨大的差距，他們會爭先恐後地想辦法填補。我們認為，同樣的情緒適用於任何向其他企業銷售產品的金融服務公司，因此我們認為我們可以真正利用這一點。

I think in addition to that, I've mentioned the success we're seeing in Marketing OS, our new ABM platform, where we're seeing ASPs on the customer side at 5x over average sales OS pricing. And we're seeing ASP on the new customer side, prospect side at 3x over the sales OS pricing. And so people are really understanding the value unlock that you get when you deploy an ABM platform, but also the unlock you get when you align sales and marketing together with sales on sales OS and marketing on marketing OS.

我想除此之外，我還提到了我們在新的 ABM 平台 Marketing OS 中看到的成功，我們看到客戶端的 ASP 比平均銷售 OS 定價高出 5 倍。我們看到新客戶方面的 ASP，潛在客戶方面的價格是銷售操作系統定價的 3 倍。因此，人們真正了解部署 ABM 平台時獲得的價值解鎖，以及將銷售和營銷與銷售操作系統上的銷售和營銷操作系統上的營銷結合起來時獲得的解鎖。

And in addition to that, we continue to see better net retention stats with our Data-as-a-Service platform and products. And so we continue to invest behind that, and we see a good uptake of those products inside of the upper mid-market in the enterprise. And so we'll continue to focus on DAS, which includes our enrichment solutions and RingLead and our marketing OS ABM platform. We see those as meaningful drivers in today's economic environment, and we feel good about those.

除此之外，我們繼續通過我們的數據即服務平台和產品看到更好的淨保留統計數據。因此，我們繼續在其背後進行投資，我們看到這些產品在企業的中高端市場得到了很好的採用。因此，我們將繼續專注於 DAS，其中包括我們的豐富解決方案和 RingLead 以及我們的營銷操作系統 ABM 平台。我們將這些視為當今經濟環境中有意義的驅動因素，我們對此感到滿意。

And our next question is coming from Michael Turrin of Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Turrin。

So I mean there are some moving pieces in the guide from the full year relative to Q1. The optics are flat sequential growth is in Q1 than a return to sequential growth. You've talked about days adjusted a little bit, but also worsening macro. So can you just help us out by maybe spelling out how much of the day's adjusted portion impacts Q1? And what else we should be just taking into account from a model perspective and thinking through the sequential growth trend beyond for the rest of the year?

所以我的意思是，相對於第一季度，全年指南中有一些移動部分。光學器件在第一季度持平環比增長，而不是恢復環比增長。你談到了幾天的調整，但宏觀經濟也在惡化。那麼，您能否通過說明當天調整後的部分對第一季度的影響來幫助我們解決問題？我們還應該從模型的角度考慮什麼，並思考今年餘下時間的連續增長趨勢？

Sure. So because there are fewer days in Q1, there are 90 days versus 92 in Q4, that's roughly a 2% headwind to the absolute level of revenue that you'll see. So the revenue guide at the midpoint implies a 2% sequential growth improvement. And our expectation is that particularly given that the linearity in Q4 is different than it normally would be, that the seasonality of Q1 is a little different than what you would have normally seen historically. And then I think just by doing the math, you'll see a slightly better sequential growth in the latter part of the year based on getting to the 17% overall growth.

當然。因此，由於第一季度的天數較少，與第四季度的 92 天相比，有 90 天，這對您將看到的絕對收入水平來說大約是 2% 的逆風。因此，中點的收入指南意味著 2% 的環比增長改善。我們的預期是，特別是考慮到第四季度的線性與正常情況不同，第一季度的季節性與歷史上通常看到的略有不同。然後我認為僅僅通過計算，你會看到今年下半年的連續增長略好於達到 17% 的整體增長。

And just -- I mean just squaring the improving sequential growth with the worsening macro. So just help us understand your -- just the inputs you're using and what informs that just so I think just so it's clear on the call.

只是 - 我的意思是只是將改善的連續增長與惡化的宏觀相提並論。因此，請幫助我們了解您的 - 只是您正在使用的輸入以及通知的內容，我認為這在電話中很清楚。

Yes. So certainly, I think in starting out the year, we do have a higher mix of ramped sales folks. So our ability to go out and get through the pipeline that we have has improved, and we'll continue to grow. We'll be continue to grow that capacity over the course of the year. And then -- but then we do have an assumption embedded within the guidance, but we'll see some disruption in the early part of the year related to the management changes that we've instituted.

是的。所以當然，我認為在今年開始時，我們確實有更多的銷售人員。因此，我們走出去並通過現有管道的能力得到了提高，我們將繼續發展。我們將在這一年中繼續增加這種能力。然後 - 但我們確實在指導中嵌入了一個假設，但我們會在今年年初看到一些與我們已經制定的管理變革相關的中斷。

And our next question is coming from Terry Tillman of Truist.

我們的下一個問題來自 Truist 的 Terry Tillman。

This is Joe Meares on for Terry. Just the first one, in the context of the weaker economy, can you give us some updated thoughts on your ability to drive vendor consolidation and displaced point solution vendors in areas like conversational intelligence and sales engagement?

這是特里的喬米爾斯。只是第一個，在經濟疲軟的背景下，你能給我們一些關於你在對話智能和銷售參與等領域推動供應商整合和取代點解決方案供應商的能力的最新想法嗎？

Yes, definitely. We're continuing to drive consolidation, particularly around sales engagement providers, conversation intelligence, products and ancillary data providers, data partners. We see that as a meaningful part of our strategy in 2023, and we'll be releasing in February an integrated experience that brings sales engagement and conversation intelligence natively inside of the Sales OS platform. And so we're excited about that, and so we are continuing to look for and drive consolidation opportunities. They are around those 3 things: sales engagement; conversation intelligence; and then ancillary data providers.

當然是。我們將繼續推動整合，特別是圍繞銷售參與提供商、對話智能、產品和輔助數據提供商、數據合作夥伴。我們認為這是我們 2023 年戰略的重要組成部分，我們將在 2 月發布一種集成體驗，將銷售參與度和對話智能原生地引入 Sales OS 平台。因此，我們對此感到興奮，因此我們將繼續尋找並推動整合機會。他們圍繞著這三件事：銷售參與；對話智能；然後是輔助數據提供者。

Great. That's helpful. And then just as a follow-up. Last quarter, you noted an 8-figure expansion, your largest expansion ever. And you also had a $1 million plus land, which was your first ever that size. I'm just curious if there are any more successes like we just speak of in the fourth quarter. And how does the macro effect the size of your land and new logos?

偉大的。這很有幫助。然後作為後續行動。上個季度，您注意到了 8 位數的擴張，這是您有史以來最大的擴張。你還有一塊價值超過 100 萬美元的土地，這是你有史以來第一次擁有如此規模的土地。我只是很好奇是否還有像我們剛才所說的第四季度那樣的成功。宏觀如何影響您的土地和新徽標的大小？

We didn't give the name of the company, but we talked about an HCM company that grew thousands of additional seats across their sales and account executive teams. That was a 7-figure transaction that happened in the quarter. That leaves a lot of room for expansion, too. In a typical deal, what you would have saw on that transaction in Q4 was instead of being across, call it, 2,000 seats, you would have seen that be across 7,000 or 8,000 seats. So it ratchets back in Q4, but we still see tremendous upside to grow there. So that's one of the examples of sort of large transactions we saw in the quarter.

我們沒有透露公司的名稱，但我們談到了一家 HCM 公司，該公司在其銷售和客戶執行團隊中增加了數千個席位。那是本季度發生的一筆 7 位數的交易。這也為擴展留下了很大的空間。在一個典型的交易中，你會在第四季度的那筆交易中看到的不是跨越 2000 個席位，而是跨越 7000 或 8000 個席位。所以它在第四季度回升，但我們仍然看到那裡有巨大的增長空間。所以這是我們在本季度看到的大型交易的例子之一。

And the next question will be coming from Jacob Staffel of Goldman Sachs.

下一個問題將來自高盛的 Jacob Staffel。

Henry and Cameron. You guys are probably arguably the first to see the impact of the downturn because people are cutting back on sales and even when they announced the layoff. Their intention is to clearly freeze activity on the front office side as it relates to productivity tools. But your product also has tremendous productivity at the same time. We really love a lot of statistics. So what is holding back the customer? Because it is very useful, especially in this economy, right?

亨利和卡梅倫。你們可能是第一個看到經濟低迷影響的人，因為人們正在削減銷售額，甚至在他們宣布裁員時也是如此。他們的目的是明確凍結與生產力工具相關的前台活動。但是您的產品同時也具有巨大的生產力。我們真的很喜歡很多統計數據。那麼是什麼阻礙了客戶呢？因為它非常有用，尤其是在現在的經濟環境下，對吧？

Secondly, let's just go with a logic that it is very useful, too. Shouldn't we start to see the benefit? Because since you're early to see the cutoffs and the layoffs, shouldn't you be the first to start to see the improvement, especially because I look at your CRPO in Q3 of 2022 that start to show some signs of new business struggle? So we have easy comps coming up in third quarter. We'll have cycled through the layoffs. Hopefully, over the next couple of quarters, the industry probably stabilizes. So wouldn't you see better business conditions in the second half based on this logic? Or if I'm out to lunch with this, please let me know.

其次，讓我們遵循一個邏輯，它也非常有用。我們不應該開始看到好處嗎？因為你很早就看到了停產和裁員，你不應該是第一個開始看到改善的人嗎，特別是因為我看到你在 2022 年第三季度的 CRPO 開始顯示出一些新的業務鬥爭的跡象？所以我們在第三季度會有簡單的補償。我們將經歷裁員周期。希望在接下來的幾個季度中，該行業可能會穩定下來。那麼，按照這個邏輯，下半年你不會看到更好的商業環境嗎？或者，如果我要和這個一起出去吃午飯，請告訴我。

And I think that logic certainly outlines an upside case. But the way we operate our business is we don't necessarily kind of hope for the upside. I think we're looking more to drive better efficiency of our teams. And ultimately, I do think that as we do see stabilization in the environment and largely in terms of buyer behavior but also the macro that there is an opportunity for us to accelerate. I just -- I don't necessarily have the crystal ball to say that that's definitely coming in Q3 or whenever else. But so I think we'll see when that occurs. But certainly, I think we are really investing into the company at this point in order to have the potential to realize that upside when the environment stabilizes.

而且我認為這種邏輯肯定會勾勒出一個好的案例。但我們經營業務的方式是，我們不一定希望上行。我認為我們希望更多地提高我們團隊的效率。最後，我確實認為，正如我們確實看到環境穩定，主要是在買家行為方面，還有宏觀方面，我們有機會加速。我只是 - 我不一定有水晶球說這肯定會在第三季度或其他任何時候出現。但我認為我們會看到這種情況何時發生。但可以肯定的是，我認為我們此時真的在投資該公司，以便有可能在環境穩定時實現這一優勢。

I would add, look, it's still really early in this category, which means that it's still an evangelistic sale. Our category is not a Gartner blessed budget line item. So executives are in condition to think of our value-add as table stakes for their organization. And then we're selling into a challenging environment in our customer base within tech companies, we have exposure there. And the slowdown isn't unique to us. If you look at other companies in our space who sell sales products to B2B organization, you see a similar trajectory and slowdown. We obviously don't expect that slowdown to last forever, and we're incredibly confident as that uncertainty fades away that we're going to be able to accelerate through it.

我想補充一點，看，它在這個類別中還處於早期階段，這意味著它仍然是一種傳福音式的銷售。我們的類別不是 Gartner 認可的預算項目。因此，高管們有條件將我們的增值視為他們組織的籌碼。然後我們在科技公司的客戶群中銷售到一個充滿挑戰的環境，我們在那裡有曝光。放緩並不是我們獨有的。如果你看看我們這個領域的其他向 B2B 組織銷售產品的公司，你會看到類似的軌跡和放緩。我們顯然不希望這種放緩會永遠持續下去，而且我們非常有信心隨著不確定性的消退，我們將能夠加速度過難關。

Got it. Henry and Cameron, if you take the non-tech slice of your business, which is remaining 50%, 60%, what are the business trends there? And what is the net new ACV or revenue growth rate there? And how much better is it relative to your guidance for the overall company?

知道了。 Henry 和 Cameron，如果你把你們業務的非技術部分，剩下的 50%、60%，那裡的業務趨勢是什麼？那裡的淨新 ACV 或收入增長率是多少？相對於您對整個公司的指導，它好多少？

Yes. So -- and it is better. I wouldn't say that it's so meaningfully better that you'd expect a totally different outcome. I think for what we've seen in Q3 and Q4 is that software is more impacted, particularly from a layoff perspective. But all companies are looking to cut costs. They're looking to really manage into is perceived recession that's coming, so I think it's challenging regardless of vertical.

是的。所以——而且更好。我不會說它有意義地更好以至於你會期待一個完全不同的結果。我認為我們在第三季度和第四季度看到的是軟件受到的影響更大，特別是從裁員的角度來看。但所有公司都在尋求削減成本。他們希望真正應對即將到來的衰退，所以我認為無論垂直方向如何，這都具有挑戰性。

So if we don't have a recession, there's going to be a big pickup, which we hope so.

因此，如果我們沒有經濟衰退，就會出現大幅回升，我們希望如此。

I mean, yes, look, I definitely focus more on buyer behavior than I do on the macroeconomics. I think throughout this past year, they've been aligned. But yes, it's more a question of whether buyer behavior changes than just what happens in the economy.

我的意思是，是的，你看，我絕對更關注買家行為而不是宏觀經濟。我認為在過去的一年裡，他們一直保持一致。但是，是的，這更多的是買家行為是否改變的問題，而不僅僅是經濟中發生的事情。

Thank you. This concludes today's Q&A session. I would like to turn the call back over to Henry Schuck for closing remarks.

謝謝。今天的問答環節到此結束。我想將電話轉回給 Henry Schuck 以作結束語。

Great. Thank you, everyone, for joining us tonight. We look forward to sharing our continued progress with you at our upcoming investor events. Thank you.

偉大的。謝謝大家今晚加入我們。我們期待在即將舉行的投資者活動中與您分享我們的持續進展。謝謝。

Thank you for joining today's conference call. You may all disconnect. And everyone, enjoy the rest of your day.

感謝您參加今天的電話會議。你們都可以斷開連接。每個人，享受你剩下的一天。