Zoominfo Technologies Inc (ZI) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to ZoomInfo First Quarter 2023 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 ZoomInfo 2023 年第一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 now like to hand the conference over to your speaker today, Jerry Sisitsky, Investor Relations. Please go ahead.

我現在想把會議交給今天的演講者，投資者關係部的 Jerry Sisitsky。請繼續。

Thanks, Amy. Welcome to ZoomInfo's financial results conference call for the first quarter of 2023. With me on the call today are Henry Schuck, Founder and CEO of ZoomInfo; and Cameron Hyzer, our CFO. After their remarks, we will open the call to Q&A.

謝謝，艾米。歡迎來到 ZoomInfo 的 2023 年第一季度財務業績電話會議。今天和我一起參加電話會議的有 ZoomInfo 的創始人兼首席執行官 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.

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。未來目標的表述，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、預期和相信的表述，以及反映歷史事實以外的事物的表述，旨在識別前瞻性陳述。

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors sections 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 in the slides 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，請參閱發佈在我們投資者關係網站 ir.zoominfo.com 上的幻燈片中的警示性聲明。

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. In Q1, we delivered 24% revenue growth, better-than-expected profitability with an adjusted operating income margin of 40% and more than $121 million in unlevered free cash flow. While we can't control the macroeconomic environment, we can control how we manage the business, and we are executing efficiently. Even when facing continued scrutiny on deals against the macro backdrop that we have not seen improve, our financial results demonstrate the value that our platform delivers to customers everywhere. With that backdrop, we continue to drive a leading combination of growth and profitability, while approximately 40% of our revenue comes from software companies.

謝謝你，傑里，歡迎大家。第一季度，我們實現了 24% 的收入增長，盈利能力好於預期，調整後的營業利潤率為 40%，無槓桿自由現金流超過 1.21 億美元。雖然我們無法控制宏觀經濟環境，但我們可以控制我們管理業務的方式，並且我們的執行效率很高。即使在我們沒有看到改善的宏觀背景下面臨對交易的持續審查，我們的財務業績也證明了我們的平台為世界各地的客戶提供的價值。在此背景下，我們繼續推動增長和盈利能力的領先組合，而我們大約 40% 的收入來自軟件公司。

When you incorporate financial services, venture-backed companies and the broader technology space, the majority of our customers are being impacted by the current economic environment. We are confident that when there is a more stable and certain economic outlook, we will see even higher levels of growth accompanied by even stronger profitability. Until we get there, we are executing against our plans for the year with confidence and reaffirming our full year guidance, which calls for 17% revenue growth and more than $0.5 billion in unlevered free cash flow for the year. While we grew our $1 million cohort of customers materially quarter-over-quarter, our 100,000 cohort lost logos in Q1 as software companies down sold.

當您將金融服務、風險投資支持的公司和更廣泛的技術領域結合起來時，我們的大多數客戶都會受到當前經濟環境的影響。我們相信，當經濟前景更加穩定和確定時，我們將看到更高水平的增長以及更強的盈利能力。在實現這一目標之前，我們將滿懷信心地執行我們的年度計劃，並重申我們的全年指導方針，該指導方針要求全年實現 17% 的收入增長和超過 5 億美元的無槓桿自由現金流。雖然我們的 100 萬美元客戶群比上一季度大幅增長，但隨著軟件公司的銷售下滑，我們的 100,000 名客戶群在第一季度失去了標識。

We ended the first quarter with 1,905 customers that have more than $100,000 in ACV, up approximately 17% year-over-year. Gross churn remains consistent and the total ACV for that cohort continues to grow. We also continue to see bright spots in less effective end markets like manufacturing and transportation and logistics where we are seeing accelerating demand on the new business side and strong seat growth on the customer side. Given the incredibly large and growing addressable market, quick time to value and the strong ROI we deliver, we continue to invest in the business to drive future growth, widen our competitive moat and be even better positioned when the economy improves.

第一季度結束時，我們有 1,905 名客戶的 ACV 超過 100,000 美元，同比增長約 17%。總流失率保持一致，該隊列的總 ACV 繼續增長。我們還繼續在製造、運輸和物流等效率較低的終端市場看到亮點，我們看到新業務方面的需求加速增長，客戶方面的席位增長強勁。鑑於巨大且不斷增長的潛在市場、實現價值的快速時間以及我們提供的強勁投資回報率，我們將繼續投資於該業務以推動未來增長，拓寬我們的競爭護城河，並在經濟好轉時處於更有利的位置。

We are capitalizing on opportunities to evolve our go-to-market approach and improve our own internal seller efficiency. By further specializing the roles of our sales and support teams, building persona-based centers of excellence across all functions and developing a more product-led motion for our downmarket customer segment, we're able to optimize our entire organization for greater effectiveness and efficiency. We're continuing to invest behind our PLG motion to drive additional ways for customers to transact with us from first touch through renewal. Today, Sales OS customers can buy additional seats and credits via self (inaudible) with hundreds of transactions per quarter, leveraging our self-service store since its launch in Q3 of 2022.

我們正在利用機會改進我們的上市方法並提高我們自己的內部賣家效率。通過進一步專業化我們的銷售和支持團隊的角色，在所有職能部門建立基於角色的卓越中心，並為我們的低端市場客戶群開發更多以產品為主導的行動，我們能夠優化我們的整個組織以提高效率和效率.我們將繼續投資於我們的 PLG 動議，以推動客戶從首次接觸到續訂的更多方式與我們進行交易。如今，自 2022 年第三季度推出以來，利用我們的自助服務商店，Sales OS 客戶可以通過自助（聽不清）購買額外的席位和積分，每季度有數百筆交易。

This easier pathway to purchase is driving more and more customers to leverage self-service including enterprise customers looking to provision user trials and add seats. We expect to expand our (inaudible) motion to be able to fully support acquisition, growth and retention motion, allowing our go-to-market teams to focus on more complex, higher-value use cases. These levers are enabling us to invest behind our enterprise business while still maintaining our high velocity, high efficiency engine down market.

這種更簡單的購買途徑正在推動越來越多的客戶利用自助服務，包括希望提供用戶試用和增加席位的企業客戶。我們希望擴大我們的（聽不清）動議，以便能夠完全支持收購、增長和保留動議，讓我們的上市團隊能夠專注於更複雜、更高價值的用例。這些槓桿使我們能夠投資於我們的企業業務，同時仍然保持我們高速、高效的發動機停機市場。

Examples of these investments, which we are already seeing gains from include a more dynamic and rigorous pricing infrastructure, leveraging our platform and first-party data to synthesize critical signals and prescribe upsell, cross-sell and pricing motions to the field. The rollout of a new sophisticated sales methodology to drive transparency and accountability upmarket, up-leveling our sales talent and an overall more strategic and high-touch approach to our enterprise customers. So that we can unlock their potential as customers and that they can unlock their potential as world-class go-to-market leaders themselves.

這些投資的例子，我們已經看到收益，包括更動態和更嚴格的定價基礎設施，利用我們的平台和第一方數據來綜合關鍵信號並為該領域規定追加銷售、交叉銷售和定價動議。推出一種新的複雜銷售方法，以推動高端市場的透明度和問責制，提升我們的銷售人才水平，並為我們的企業客戶提供更具戰略性和高接觸性的整體方法。這樣我們就可以釋放他們作為客戶的潛力，他們也可以釋放自己作為世界級上市領導者的潛力。

In product, we are investing our resources to create delightful customer experiences, extend our data leadership and expand upmarket. Those investments are paying off with nearly every engagement metric increasing across our core SalesOS product and our Chrome extension reach out. We view increased engagement as a positive leading indicator for retention. We are also laser-focused on driving seller productivity for our customers, something that Chief Revenue Officers are especially attuned to today. Within SalesOS, we added native sales engagement capabilities, enabling sellers to reach out to prospects in seconds without ever leaving the platform.

在產品方面，我們正在投資我們的資源來創造令人愉快的客戶體驗，擴大我們的數據領先地位並擴大高端市場。隨著我們的核心 SalesOS 產品和 Chrome 擴展程序的幾乎所有參與度指標都在增加，這些投資正在獲得回報。我們將參與度的提高視為留存率的積極領先指標。我們還專注於為我們的客戶提高銷售人員的生產力，這是首席營收官今天特別關注的事情。在 SalesOS 中，我們添加了本地銷售參與功能，使賣家無需離開平台即可在幾秒鐘內聯繫到潛在客戶。

Users can simultaneously log their activities and launch multi-touch campaigns in real time. Over the quarter, users of this new experience have demonstrated a 22% higher likelihood to become daily active users as we expand our use case more centrally into their day-to-day workflows. With Chorus, we continue to push the frontier of conversation intelligence and AI to increase seller productivity across account executive, account management and post sales team. Our new generative AI-powered meeting summaries automatically produce meeting notes and create action items to help sellers move deals forward, ensuring consistent follow-through and increased rep productivity.

用戶可以同時記錄他們的活動並實時啟動多點觸控活動。在本季度，隨著我們將用例更集中地擴展到他們的日常工作流程中，這種新體驗的用戶成為日常活躍用戶的可能性增加了 22%。借助 Chorus，我們繼續推動對話智能和 AI 的前沿，以提高銷售人員在客戶主管、客戶管理和售後團隊中的生產力。我們新的生成式 AI 支持的會議摘要會自動生成會議記錄並創建行動項目，以幫助賣家推進交易，確保一致的跟進並提高代表的工作效率。

To use the words of one of our customers, Chorus' AI post-meeting summary is a feature that's completely changed my workflow. There is absolutely no reason to ever take notes during a call again. It captures every single relevant detail from a meeting along with key action items. We expect to continue investments in AI and workflow automation as we become an irreplaceable tool in every go-to-market tech stack.

用我們一位客戶的話來說，Chorus 的 AI 會後總結是一項徹底改變了我的工作流程的功能。絕對沒有理由在再次通話時做筆記。它捕獲會議中的每一個相關細節以及關鍵行動項目。隨著我們成為每個上市技術堆棧中不可替代的工具，我們希望繼續投資人工智能和工作流程自動化。

In MarketingOS, we introduced account deal stories, enabling sales and marketing teams to rally around the same deal and account insights by bringing all activities, engagements, intent signals, web forms and e-mail correspondence that influence a deal into a single place. Now sales and marketing teams have access to complete information across the entire funnel, delivering a better customer experience and shortening time-to-close. Our newly released spend reports complement this experience, allowing customers to monitor and optimize the impact of their multichannel campaigns.

在 MarketingOS 中，我們引入了客戶交易故事，通過將影響交易的所有活動、參與、意圖信號、Web 表單和電子郵件通信集中到一個地方，使銷售和營銷團隊能夠圍繞相同的交易和客戶洞察聚集在一起。現在，銷售和營銷團隊可以訪問整個漏斗中的完整信息，從而提供更好的客戶體驗並縮短完成時間。我們新發布的支出報告補充了這種體驗，使客戶能夠監控和優化他們的多渠道活動的影響。

On the partnership side, we're excited to announce a new partnership with Databricks, a leading data lake house provider to deliver ZoomInfo's comprehensive B2B data sets directly to customers in the Databricks platform, creating a new channel for accessing and purchasing ZoomInfo through the Databricks marketplace. Our customers will be able to seamlessly leverage our powerful go-to-market data to unlock the full potential of their data workflows, analytics, modeling, machine learning and AI initiatives.

在合作夥伴關係方面，我們很高興地宣布與領先的數據湖房提供商 Databricks 建立新的合作夥伴關係，將 ZoomInfo 全面的 B2B 數據集直接提供給 Databricks 平台中的客戶，創建通過 Databricks 訪問和購買 ZoomInfo 的新渠道市場。我們的客戶將能夠無縫地利用我們強大的上市數據來釋放他們的數據工作流、分析、建模、機器學習和人工智能計劃的全部潛力。

During the quarter, we closed transactions with many of the world's strongest brands and leading enterprises, including Chevron, Choice Hotels, Dow Jones, JPMorgan, Juniper Networks, Panera Bread, Shaw Communications, UKG, U.S. Bank and Wyndham Hotels. These globally recognized brands turned to us not only because of our market-leading data and software, but also because of our industry-leading data privacy and notice practices. This advantage is especially powerful with our multinational clients, who are looking to expand with a trusted partner in Europe and beyond. This drives our success internationally, where despite stronger economic headwinds, we continue to grow faster than our domestic business.

本季度，我們與許多全球最強大的品牌和領先企業完成了交易，包括雪佛龍、精選酒店、道瓊斯、摩根大通、瞻博網絡、Panera Bread、Shaw Communications、UKG、美國銀行和溫德姆酒店。這些全球知名品牌轉向我們，不僅是因為我們市場領先的數據和軟件，還因為我們行業領先的數據隱私和通知實踐。對於我們的跨國客戶而言，這一優勢尤其強大，他們希望通過值得信賴的合作夥伴在歐洲及其他地區擴展業務。這推動了我們在國際上取得成功，儘管經濟逆風加劇，但我們的增長速度繼續快於國內業務。

In the quarter, we saw this come to fruition as we expanded our global data set to 2 of the world's largest cloud software companies who switched to ZoomInfo away from legacy providers because they couldn't trust their privacy and data compliance practices. Our industry-leading rigorous standards for privacy and compliance were aligned with their values of customer trust and integrity. In addition to those, we also grew our customer footprint in EMEA with one of our largest global expansions with a U.K.-based multinational pest control enterprise. And with GMG Events, an international provider of exhibitions and media that brought on SalesOS to drive seller efficiency worldwide.

在本季度，隨著我們將全球數據集擴展到世界上最大的 2 家云軟件公司，他們從傳統提供商轉向 ZoomInfo，因為他們不相信他們的隱私和數據合規實踐，我們看到了這一點。我們行業領先的嚴格隱私和合規標準符合他們的客戶信任和誠信價值觀。除此之外，我們還擴大了我們在 EMEA 的客戶足跡，這是我們最大的全球擴張之一，與一家總部位於英國的跨國害蟲防治企業合作。 GMG Events 是一家國際展覽和媒體提供商，它採用 SalesOS 來提高全球賣家的效率。

We also continue to see strong enterprise demand for our TalentOS platform in a hiring market that remains very competitive for top talent. We brought on 2 Fortune 50 companies, one of the largest retail pharmacies and a major life insurance provider for property, casualty and life insurance, who are now leveraging our platform to quickly recruit candidates. A number of businesses replaced their existing ABM providers and switched to MarketingOS including a global technology company that wanted to target their entire addressable market more accurately and a Texas-based higher education software provider that wanted to save money and go to market more efficiently.

我們還繼續看到企業在人才招聘市場對我們的 TalentOS 平台的強勁需求，該市場對頂尖人才的競爭仍然非常激烈。我們聘請了 2 家財富 50 強公司，其中一家是最大的零售藥店之一，也是一家主要的財產、意外傷害和人壽保險提供商，他們現在正在利用我們的平台快速招募候選人。許多企業更換了現有的 ABM 供應商並轉而使用 MarketingOS，其中包括一家希望更準確地瞄准其整個潛在市場的全球技術公司，以及一家希望節省資金並更有效地進入市場的德克薩斯州高等教育軟件供應商。

We also sold our largest ever MarketingOS transaction to a food services company looking to target businesses more effectively as companies return to office.

我們還將我們有史以來最大的 MarketingOS 交易出售給了一家食品服務公司，希望在公司重返辦公室時更有效地瞄準業務。

In closing, I've never been more confident in the ROI that our platform delivers and the innovation that we're delivering for our customers. The highly accurate data and insights powered by the triggers, automation and workflow to activate that data, drive tremendous value and engagement. We remain early in the digital transformation of B2B sales as more and more businesses continue to discover the power that our data and insights provide. Despite the current economic environment and the business challenges our customers are facing, buyers continue to invest in modernizing their go-to-market, and as a result, we are confident that as the economic outlook stabilizes, our growth will accelerate.

最後，我對我們平台提供的投資回報率以及我們為客戶提供的創新充滿信心。由觸發器、自動化和工作流提供支持的高度準確的數據和洞察力可以激活該數據，從而帶來巨大的價值和參與度。隨著越來越多的企業繼續發現我們的數據和見解所提供的力量，我們仍處於 B2B 銷售數字化轉型的早期階段。儘管當前的經濟環境和我們的客戶面臨的業務挑戰，買家繼續投資於現代化他們的上市，因此，我們相信隨著經濟前景的穩定，我們的增長將加速。

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 Q1, we delivered revenue of $301 million, up 24% year-over-year and up 1.9% sequentially on an annualized basis when factoring in the 2 fewer days of revenue recognition in the first quarter. Excluding the impact of products acquired within the last 12 months, our organic revenue growth for the quarter was 23%. Given that we completed our most recent acquisitions at the beginning of Q2 2022, we do not anticipate inorganic revenue contribution next quarter. Adjusted operating income in Q1 was $120 million, a margin of 40%. GAAP net income was $45 million, and GAAP EPS was $0.11 per share. Non-GAAP EPS was $0.24 per share.

謝謝，亨利。第一季度，我們實現了 3.01 億美元的收入，同比增長 24%，考慮到第一季度收入確認天數減少了 2 天，環比年化增長 1.9%。排除過去 12 個月內收購產品的影響，我們本季度的有機收入增長為 23%。鑑於我們在 2022 年第二季度初完成了最近的收購，我們預計下個季度不會有無機收入貢獻。第一季度調整後營業收入為 1.2 億美元，利潤率為 40%。 GAAP 淨收入為 4500 萬美元，GAAP 每股收益為 0.11 美元。非美國通用會計準則每股收益為 0.24 美元。

Overall, the environment degraded in the first quarter, similar to the assumptions upon which we built the guidance. The majority of our customers operate in industries meaningfully impacted by the current economic environment, including software, other technology and financial services. and all customers are scrutinizing spending across vendors. This backdrop makes the starting point for renewals and upsells more challenging, impacting overall sales efficiency and putting downward pressure on NRR. As contemplated in our guidance, net retention activity was incrementally worse than what we experienced in Q4, while new sales was roughly flat relative to Q1 2022, slightly better than what we contemplated in the guidance.

總體而言，第一季度環境惡化，類似於我們制定指南所依據的假設。我們的大多數客戶所在的行業受到當前經濟環境的顯著影響，包括軟件、其他技術和金融服務。所有客戶都在仔細檢查供應商之間的支出。這種背景使得續訂和追加銷售的起點更具挑戰性，影響了整體銷售效率並給 NRR 帶來下行壓力。正如我們在指南中所設想的那樣，淨保留活動比我們在第四季度經歷的情況逐漸惡化，而新銷售額與 2022 年第一季度相比大致持平，略好於我們在指南中的預期。

This better sales performance was partially offset by increased revenue reserves related to write-offs among our SMB customers. With this performance and more visibility into the remainder of the year, we are reaffirming our previously provided full year guidance, which calls for 17% revenue growth at the midpoint and an implied adjusted operating margin of 41%. International revenue grew 32% relative to Q1 2022, and international customers contributed 13% of the revenue in the quarter.

這種更好的銷售業績部分被與我們的 SMB 客戶註銷相關的收入儲備增加所抵消。憑藉這一業績以及對今年剩餘時間的更多了解，我們重申了我們之前提供的全年指導，該指導要求中點收入增長 17%，隱含的調整後營業利潤率為 41%。與 2022 年第一季度相比，國際收入增長了 32%，國際客戶貢獻了該季度收入的 13%。

Turning to cash flow. Operating cash flow was in Q1 was $109 million, which included approximately $19 million of interest payments. Unlevered free cash flow for the quarter was $121 million or 101% of adjusted operating income. Cash flow conversion in Q1 exhibited lower-than-normal seasonality due to lower prior quarter billings relative to AOI, coupled with the banking crisis at the end of Q1 that delayed some payments to us and forced us to make certain benefits payments ahead of schedule. We expect these timing impacts to reverse in the coming quarters. As reflected in our guidance, we continue to expect unlevered free cash flow conversion in the range of 95% to 100% for the full year.

轉向現金流。第一季度的運營現金流為 1.09 億美元，其中包括約 1900 萬美元的利息支出。本季度無槓桿自由現金流為 1.21 億美元，佔調整後營業收入的 101%。由於相對於 AOI 的前一季度賬單較低，加上第一季度末的銀行業危機推遲了對我們的部分付款並迫使我們提前支付某些福利，第一季度的現金流量轉換錶現出低於正常的季節性。我們預計這些時間影響將在未來幾個季度逆轉。正如我們的指引所反映的那樣，我們繼續預計全年的無槓桿自由現金流轉換率在 95% 至 100% 之間。

With respect to the balance sheet, we ended the first quarter with $616 million in cash, cash equivalents and short-term investments. At the end of Q1, we continue to carry $1.25 billion in gross debt, all of which is fixed or hedged in terms of interest rates. During the quarter, we completed a repricing of our first lien credit agreement at par, which resulted in a 4-year maturity extension to 2030 and a 25-basis point reduction in the interest rate. We again drove an improvement in our leverage ratios with a net leverage ratio of 1.3x, trailing 12 months adjusted EBITDA and 1.2x, trailing 12 months cash EBITDA which is defined as consolidated EBITDA in our credit agreements.

關於資產負債表，我們在第一季度結束時擁有 6.16 億美元的現金、現金等價物和短期投資。在第一季度末，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。在本季度，我們完成了按面值對我們的第一份留置權信貸協議進行重新定價，從而將期限延長 4 年至 2030 年，並將利率降低 25 個基點。我們再次推動槓桿率的改善，淨槓桿率為 1.3 倍，過去 12 個月調整後的 EBITDA 和 1.2 倍，過去 12 個月的現金 EBITDA，在我們的信貸協議中定義為綜合 EBITDA。

During the quarter, we repurchased approximately 1 million shares of ZoomInfo common stock at an average price of $23 per share. In aggregate, we deployed a total of $24 million of the $100 million share repurchase authorization that we announced on March 14, 2023. We remain in the market repurchasing shares, and we expect to continue to be opportunistic with respect to repurchases.

本季度，我們以每股 23 美元的平均價格回購了約 100 萬股 ZoomInfo 普通股。總的來說，我們在 2023 年 3 月 14 日宣布的 1 億美元股票回購授權中總共部署了 2400 萬美元。我們仍在市場上回購股票，我們預計將繼續在回購方面採取機會主義態度。

With respect to liabilities and future performance obligations, unearned revenue at the end of the quarter was $451 million and remaining performance obligations, or RPO, were $1.1 billion, of which $839 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.

關於負債和未來履約義務，本季度末未實現收入為 4.51 億美元，剩餘履約義務 (RPO) 為 11 億美元，其中 8.39 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。

Because of the inherent noise in and sometimes conflicting signals across these metrics, we focus on sequential annualized revenue growth, which was 1.9% in the first quarter. Furthermore, given that we are seeing sales efficiency begin to stabilize and revenue -- and April performance begin the quarter better than January did, we expect sequential annualized revenue growth to accelerate in the second quarter as is reflected in our guidance.

由於這些指標中存在固有的噪音，有時甚至是相互矛盾的信號，我們關注連續的年化收入增長，第一季度為 1.9%。此外，鑑於我們看到銷售效率開始趨於穩定且收入——而且 4 月份的業績比 1 月份好於 1 月份，我們預計第二季度環比年化收入增長將加速，這反映在我們的指引中。

For Q2, we are providing guidance as follows: We expect revenue in the range of $310 million to $312 million. Adjusted operating income in the range of $125 million to $127 million. And non-GAAP net income in the range of $0.22 to $0.23 per share. Our Q2 guidance implies year-over-year growth -- revenue growth of 16% and an adjusted operating margin of 41% at the midpoint of guidance. Another quarter of visibility, we have further confidence in our ability to achieve or exceed our full year guidance.

對於第二季度，我們提供如下指導：我們預計收入在 3.1 億美元至 3.12 億美元之間。調整後營業收入在 1.25 億美元至 1.27 億美元之間。非 GAAP 淨收入在每股 0.22 美元至 0.23 美元之間。我們的第二季度指引意味著同比增長——收入增長 16%，調整後的營業利潤率為 41%，處於指引的中點。另一個四分之一的知名度，我們對我們實現或超過全年指導的能力更有信心。

As a result, we are reaffirming our full year 2023 guidance, which calls for revenue in the range of $1.275 billion to $1.285 billion and adjusted operating income in the range of $523 million to $533 million. We expect non-GAAP net income in the range of $0.99 to $1.01 per share, up from the prior range of $0.98 to $1 per share with non-GAAP net income per share based on 417 million weighted average diluted shares outstanding.

因此，我們重申我們的 2023 年全年指引，該指引要求收入在 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。我們預計非 GAAP 每股淨收入在 0.99 美元至 1.01 美元之間，高於之前每股 0.98 美元至 1 美元的範圍，非 GAAP 每股淨收入基於 4.17 億股加權平均稀釋流通股。

We expect unlevered free cash flow in the range of $507 million to $517 million. Our full year guidance implies 17% revenue growth at the midpoint and both adjusted operating margin and unlevered free cash flow margin at or above 40%.

我們預計無槓桿自由現金流在 5.07 億美元至 5.17 億美元之間。我們的全年指引意味著中點收入增長 17%，調整後的營業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) And our first question is from Alex Zukin with Wolf Research.

（操作員說明）我們的第一個問題來自 Wolf Research 的 Alex Zukin。

I appreciate a lot of the detail on the underlying business. I guess maybe start for Henry. It looks like kind of a tale of 2 businesses, right? You have the business that the underlying customers are impacted, and you're doing really well with the new business, obviously, some headwinds on retention and upsell. Just maybe if you split those 2 out, and you look at them separately, what would the non-impact of business look like versus the impacted business? And as you talk to customers, as you talk to other CEOs, kind of where are we on that timeline where we kind of start to rebase into a new normal sales cycle on the impacted side?

我很欣賞有關基礎業務的很多細節。我想也許從亨利開始。這看起來像是 2 個企業的故事，對吧？您的業務會影響潛在客戶，並且您在新業務方面做得非常好，顯然，在保留和追加銷售方面存在一些不利因素。也許如果您將這 2 個分開，並分別查看它們，那麼業務的非影響與受影響的業務相比會是什麼樣子？當你與客戶交談時，當你與其他 CEO 交談時，我們在那個時間表上的什麼位置，我們開始在受影響的一方重新進入一個新的正常銷售週期？

Look, I think the way to think about this, Alex, is it's a little bit less like there's a group of companies that are doing really like well and then a group of companies that are more challenged. Even within the tech and software vertical, a number of the companies that moved into our $1 million cohort this quarter were from software or tech companies. What we've said in the past, which is still true, is that there is a lot of demand for our products and services.

聽著，亞歷克斯，我認為思考這個問題的方式有點不像是有一群公司做得非常好，然後是一群面臨更大挑戰的公司。即使在技術和軟件垂直領域，本季度進入我們 100 萬美元隊列的許多公司也來自軟件或技術公司。我們過去說過，現在仍然正確的是，對我們的產品和服務有很多需求。

And so we continue to add headcount -- quota-carrying headcount into our account management and account executive organization because as we're out there trying to upsell in our customer base, trying to cross-sell in our customer base, we're also affected on the other side by renewals taking longer, general sales cycles elongating for those same deals. And so we're not able to get to as much of it that's out there.

因此，我們繼續在我們的客戶管理和客戶執行組織中增加員工人數——配額員工人數，因為當我們在那裡嘗試在我們的客戶群中進行追加銷售、在我們的客戶群中進行交叉銷售時，我們也在另一方面，由於相同交易的續訂時間更長，一般銷售週期延長而受到影響。因此，我們無法獲得盡可能多的信息。

So we're continuing to hire there, continue to hire those quota-carrying reps because even in the industries that are impacted, we are seeing opportunity and demand. And as far as the sales cycle coming back to a more normal state, what I'll say is I'll reiterate what Cameron said, which is April as compared to January is off to a much better start than January was.

所以我們繼續在那裡招聘，繼續招聘那些配額代表，因為即使在受影響的行業，我們也看到了機會和需求。至於銷售週期恢復到更正常的狀態，我要說的是我會重申卡梅倫所說的，與 1 月相比，4 月的開局比 1 月好得多。

Perfect. And then maybe just on the -- any comments on the competitive environment. We keep hearing anecdotes of there's kind of [fierce] price competition, a lot of overlapping offerings increasingly coming out of the space. Where -- as you look over the next 12 months and beyond, and you think about the incremental competitive differentiation of the offering, like where are you seeing it show through right now?

完美的。然後也許只是關於 - 對競爭環境的任何評論。我們不斷聽到有關存在某種[激烈]價格競爭的軼事，許多重疊的產品越來越多地出現在這個領域。在哪裡——當你展望未來 12 個月及以後，你會考慮產品的增量競爭差異化，比如你現在在哪裡看到它顯示出來？

Yes. So what I'd tell you first is the competitive landscape has not changed. Our win rates have not changed as they relate to our competitors. If anything, we feel ourselves moving further and further away from the competitors in our space. And ACV per customer was roughly flat and discounting was consistent to what we saw in Q4. And so we haven't been pressured in that way. I think when you think about differentiation in the space, I think there's 2 things. One, we're continuing to invest in our data and our data asset, so we're very obviously the leader when it comes to data coverage, breadth and accuracy.

是的。所以我首先要告訴你的是競爭格局沒有改變。我們的贏率沒有改變，因為它們與我們的競爭對手有關。如果有的話，我們覺得自己在我們的空間中越來越遠離競爭對手。每個客戶的 ACV 大致持平，折扣與我們在第四季度看到的一致。所以我們沒有受到這種壓力。我認為當你考慮空間差異化時，我認為有兩件事。第一，我們將繼續投資於我們的數據和數據資產，因此在數據覆蓋範圍、廣度和準確性方面，我們顯然處於領先地位。

I want to pull further and further ahead of anybody in the market there. And then second, as we bring everything together in an integrated experience as you saw us really start doing this quarter by bringing in sales engagement into the core SalesOS platform, we think that interconnectivity between platforms and systems creates a long-term differentiation when put together with our best-in-class data assets.

我想在市場上越走越遠。其次，當我們將所有內容整合到一個集成體驗中時，正如您看到我們本季度真正開始做的那樣，通過將銷售參與引入核心 SalesOS 平台，我們認為平台和系統之間的互連性在放在一起時會產生長期差異化與我們一流的數據資產。

And our next question is from Elizabeth Porter with 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 just wanted to ask a bit on NRR first. Directionally, it sounds like NRR got a little bit worse in Q1 versus Q4, which is what you had expected in your guidance. Directionally, what's the risk that we could see incremental weakness through the year in NRR from that Q1 rate as the macro gets a little bit more difficult? And on the offset, while it's still early, there's a lot of uncertainty, is there an opportunity to improve upsell as we just lap some of the tough comps in the coming quarters?

我只是想先問一下 NRR。從方向上講，聽起來 NRR 在第一季度比第四季度要差一些，這是您在指導中所預期的。從方向上講，隨著宏觀經濟變得更加困難，我們可能會看到第一季度 NRR 全年疲軟的風險是什麼？在抵消方面，雖然現在還早，但存在很多不確定性，是否有機會改善追加銷售，因為我們在未來幾個季度剛剛完成一些艱難的比賽？

Yes. Thanks, Elizabeth. So we are starting to see upsell opportunities among many of our clients. And even in Q1, but more so as we move into Q2. Yes, I think there's a really significant opportunity for upsell and gross retention continues to hang in pretty well. That being said, there is the potential for downsell. And I think we're seeing a little bit more downsell as well, particularly in the software sector, where we are -- where there are a number of layoffs.

是的。謝謝，伊麗莎白。因此，我們開始在許多客戶中看到追加銷售的機會。甚至在第一季度，但隨著我們進入第二季度，情況更是如此。是的，我認為追加銷售有一個非常重要的機會，總保留率繼續保持良好。話雖這麼說，但仍有降價的可能。而且我認為我們也看到了更多的降價銷售，特別是在我們所在的軟件行業——那裡有一些裁員。

But as we start to lap many of the harder renewals that when we really started to see pressure even in Q2 of last year. As we start to lap those renewals, we feel that many of those renewals in the software space may actually start to go better as we get further and further into the year.

但是，當我們開始進行許多更艱難的更新時，甚至在去年第二季度我們才真正開始看到壓力。當我們開始更新這些更新時，我們認為隨著時間的推移，軟件領域的許多更新實際上可能會開始變得更好。

Great. And then just as a follow-up. Given the recent leadership announcement, did you guys see any disruption from the changes in Q1, and if so, was it any better or worse than what you had expected? And how should we think about the impact for the remainder of the year?

偉大的。然後作為後續行動。鑑於最近的領導層公告，你們是否看到第一季度變化帶來的任何干擾，如果是，它比你們預期的好還是壞？我們應該如何考慮今年剩餘時間的影響？

Yes. Look, we've seen a real positive impact from Dave and Ally's entering the company. And so we didn't see any disruption in Q1 from them coming in. I think if anything, we feel their impact was increasingly positive on the organization, and they're both focused on improving productivity and org design and for Dave upmarket execution. And so we feel really good about their contribution so far.

是的。看，我們已經看到 Dave 和 Ally 進入公司產生了真正的積極影響。因此，我們沒有看到他們的加入對第一季度有任何干擾。我認為，如果有的話，我們認為他們對組織的影響越來越積極，他們都專注於提高生產力和組織設計以及 Dave 高端執行力。因此，到目前為止，我們對他們的貢獻感到非常滿意。

And 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 just wanted to ask a couple here. First one being about -- just kind of going back to the sales linearity, April being a better month than maybe the March and February or even better than January like you stated. So could you talk about that a little bit more? What exactly does that mean? Does that mean that the pipeline generation is better? I know there's more sales capacity in the sales department today versus the beginning of the year. So that kind of makes sense if that's the case? Or is it sales productivity? I mean, I guess, maybe a little bit more color on how April is being better than kind of the previous months.

我只是想在這裡問一對夫婦。第一個是——回到銷售線性，4 月可能比 3 月和 2 月好，甚至比你所說的 1 月好。那麼你能再多談談這個嗎？這到底是什麼意思呢？這是否意味著管道生成更好？我知道與年初相比，今天銷售部門的銷售能力有所提高。那麼，如果是這樣的話，那是有道理的嗎？還是銷售效率？我的意思是，我想，4 月的表現可能比前幾個月更好一些。

Yes. So in terms of linearity, specifically April was better than January. Typically, we do have some level of linearity within the month. So the first month is oftentimes a little less than the second month, which has been less than the third month. But we do feel that momentum and on an adjusted basis, comparing it to January gives us good confidence in where Q2 is going. And certainly from a -- and that's actual sales, closed sales. From a pipeline perspective, I think we're seeing a similar dynamic of improvement in Q2.

是的。因此，就線性而言，特別是四月比一月好。通常，我們在一個月內確實有一定程度的線性。所以第一個月通常比第二個月少一點，第二個月比第三個月少。但我們確實感受到了這種勢頭，並且在調整後的基礎上，將其與 1 月份進行比較，讓我們對第二季度的發展方向充滿信心。當然來自 - 這是實際銷售，封閉銷售。從管道的角度來看，我認為我們在第二季度看到了類似的改善動態。

Got it. Got it. And I wanted to ask a follow-up question here on RPO. Just current RPO and RPO the growth slowed in the first quarter to the high teens, from the mid- to high 20s last quarter and even it was a bit down sequentially in the first quarter. So could you walk us through maybe some of the underlying mechanics there? Anything to call out specifically maybe on duration or co-terming, or anything that caught on the ARPU to help us understand that metric a little bit better.

知道了。知道了。我想在這裡問一個關於 RPO 的後續問題。就目前的 RPO 和 RPO 而言，第一季度的增長速度從上個季度的 20 多歲到 20 多歲放緩，甚至在第一季度環比有所下降。那麼，您能否向我們介紹一下那裡的一些基本機制？任何需要特別指出的可能是關於持續時間或共同期限，或者任何關於 ARPU 的內容，以幫助我們更好地理解該指標。

Sure. Well in -- certainly, we are seeing fewer long-term contracts and that you can kind of see the difference in RPO versus current RPO when you're looking at that. The other thing that does impact RPO is we mentioned that we had a greater number of write-offs in the quarter related to small business clients. And that flows through RPO more dramatically than some because those are often contracts that haven't been billed yet.

當然。好吧 - 當然，我們看到的長期合同越來越少，而且當你看到它時，你可以看到 RPO 與當前 RPO 的區別。影響 RPO 的另一件事是我們提到我們在本季度有更多與小企業客戶相關的註銷。這比一些更顯著地流經 RPO，因為那些通常是尚未開具賬單的合同。

Our next question is from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

In the last 1.5 weeks, we've noticed some incremental layoff announcements and Cameron, I think you alluded to it, but we've seen it from Dropbox and Alteryx and Red Hat and Lenovo and F5. The -- if you look at that trend, would you expect the over $100,000 customer cohort to continue contracting in the near term? Or is it based on the -- your kind of pipeline comments, and how April started, is it possible that, that was more of a onetime event?

在過去的 1.5 週內，我們注意到一些裁員公告和 Cameron，我想你提到過，但我們已經從 Dropbox、Alteryx、Red Hat、Lenovo 和 F5 看到了它。如果您觀察這種趨勢，您是否預計超過 100,000 美元的客戶群體在短期內會繼續收縮？或者它是基於——你的管道評論，以及 4 月是如何開始的，這是否可能更像是一次事件？

I think our expectation is that we're going to continue to focus on driving more value for our largest clients. And as a result, focus on driving the $100,000 customer cohort higher. That being said, most of the degradation or all the degradation came from software companies, which still comprise a good portion of the $100,000 customers, so to the extent that those layoffs are largely concentrated in software companies, particularly kind of the degradation for us is those companies that are close to that $100,000 number, so a small downsell ends up pushing them under. So it's the kind of small and midsized software companies that we actually have the most risk if you're purely focused on that 100 million -- $100,000 level.

我認為我們的期望是我們將繼續專注於為我們最大的客戶創造更多價值。因此，專注於提高 100,000 美元的客戶群。也就是說，大部分降級或所有降級都來自軟件公司，這些公司仍然佔 100,000 美元客戶的很大一部分，因此在某種程度上，這些裁員主要集中在軟件公司，對我們來說尤其是降級那些接近 100,000 美元數字的公司，因此小幅拋售最終將它們壓低。因此，如果你只關注 1 億 - 100,000 美元的水平，那麼我們實際上面臨的風險最大的是這類中小型軟件公司。

Okay. That makes sense. And then as a follow-up, Henry, you mentioned a couple of Fortune 50 companies selected TalentOS for recruiting, I think you said, and that surprised me a little bit. Can you dimensionalize those transactions just in terms of either how many seats or just -- are they needle movers if you compare it to some of the core marketing and sales products?

好的。這就說得通了。然後作為後續行動，亨利，你提到了一些財富 50 強公司選擇 TalentOS 進行招聘，我想你說過，這讓我有點驚訝。如果將這些交易與一些核心營銷和銷售產品進行比較，您能否僅根據席位數量或只是 - 它們是推動者來確定這些交易的維度嗎？

Yes. I mean these are -- you should think of them as sort of high 5-figure transactions or mid-5-figure transactions, but they're not $1 million transactions or they wouldn't enter the $100,000 cohort, mainly because when you go into the talent acquisition team, they're often smaller, much smaller than a sales team at an organization. But those are also good starting points for us to continue to grow inside of those organizations. So you could -- that's -- those are contracts where you get the talent acquisition folks who are acquiring talent for IT or for pharmacists. And then we have an opportunity to spread out from there.

是的。我的意思是這些——你應該把它們看作是 5 位數的高額交易或 5 位數中位數的交易，但它們不是 100 萬美元的交易，或者它們不會進入 100,000 美元的隊列，主要是因為當你去在人才招聘團隊中，他們的規模通常比組織中的銷售團隊要小得多。但這些也是我們在這些組織內部繼續發展的良好起點。所以你可以 - 那就是 - 那些是你獲得人才收購人員的合同，他們正在為 IT 或藥劑師收購人才。然後我們就有機會從那裡展開。

Our next question comes from Kash Rangan with Goldman Sachs.

我們的下一個問題來自高盛的 Kash Rangan。

Cameron, I think you talked about net new business being flat in Q1. Can you compare that to how net new business was in Q4 of last year? I'm trying to understand the trajectory. Did it -- was it negative going to flat or flat staying flat? And also when I look at the numbers on a go-forward basis, the sequential amount of new dollars to be added, we need to see some sequential acceleration in Q2, Q3 and Q4 to hit your guidance. So what are the things that drive the numbers in such a way that we can get to that accelerating revenue growth in the second half versus the annualized growth rate that you put up based on the sequential subscription revenue growth rate in Q1.

卡梅倫，我想你談到第一季度淨新業務持平。您能否將其與去年第四季度的淨新業務進行比較？我試圖了解軌跡。是否 - 持平或持平是負面的？而且當我在前進的基礎上查看這些數字時，要添加的新美元的連續數量，我們需要看到第二季度、第三季度和第四季度的一些連續加速才能達到你的指導。那麼，是什麼因素推動了這些數字，使我們能夠在下半年實現收入加速增長，而不是你根據第一季度的連續訂閱收入增長率提出的年化增長率。

Sure. So Q4 new sales were modestly up in Q4 of '22 relative to '21. So it's a kind of modest deceleration being flat. We are continuing to add sales capacity in both the new and the existing customer side in order to continue to drive that. As we look forward, and we develop our guidance and assumptions, we are focusing on what does the shape of expirations and renewals look like as well as what our sales capacity looks like in terms of new sales and upsell possibilities.

當然。因此，與 21 年相比，22 年第四季度的新銷售額略有上升。所以這是一種適度的減速。我們將繼續增加新客戶和現有客戶的銷售能力，以繼續推動這一目標。在我們展望未來並製定我們的指導和假設時，我們正在關注到期和續約的形狀以及我們的銷售能力在新銷售和追加銷售可能性方面的表現。

And so with added sales capacity and the shape of expirations that start to get us a little bit more support as we're going forward. That gives us good confidence in our ability to see that accelerating sequential revenue growth in order to hit the guidance. And certainly, where we have obviously, very good visibility into Q2. We're already seeing that in April compared to January as well.

因此，隨著銷售能力的增加和到期的形狀，在我們前進的過程中開始為我們提供更多支持。這讓我們對我們看到加速連續收入增長以達到指導的能力充滿信心。當然，我們顯然對第二季度有很好的了解。與 1 月相比，我們已經在 4 月看到了這一點。

Would you see an easier net new business comps in the second half of this year relative to last year? Would seem like it is?

與去年相比，今年下半年您是否會看到更輕鬆的淨新業務比較？看起來像嗎？

Sorry, can you repeat that? I can't quite hear you.

抱歉，你能重複一遍嗎？我聽不清你說的話。

It would seem like you have easier net new ACV comps in the second half of this year versus last year.

與去年相比，今年下半年你的淨新 ACV 組合似乎更容易。

Yes, absolutely. We started to see obviously, pressure when we talked about net retention and so forth in Q2, but that got -- that pressure more materially impacted Q3 and Q4 last year, which obviously creates an easier comparable to achieve that.

是的，一點沒錯。當我們談到第二季度的淨保留率等時，我們開始明顯地看到壓力，但這種壓力對去年第三季度和第四季度的影響更大，這顯然更容易實現這一目標。

Our next question is from Taylor McGinnis with UBS.

我們的下一個問題來自瑞銀集團的 Taylor McGinnis。

Maybe just to piggyback off the last question with the guide implying sequential growth to accelerate throughout the year. Cameron, can you break that down maybe a little bit further into new versus existing? And what gives you comfort on those 2 different variables. And I guess, more specifically, if NRR came down a little bit further in this last quarter, how does that compare to maybe what is embedded in the full year guide? And if there's any risk there if the macro deteriorates further?

也許只是為了附帶最後一個問題，指南暗示全年將加速連續增長。 Cameron，你能否將其進一步分解為新的與現有的？是什麼讓您對這兩個不同的變量感到滿意。而且我想，更具體地說，如果 NRR 在最後一個季度進一步下降一點，這與全年指南中嵌入的內容相比如何？如果宏觀經濟進一步惡化，是否存在任何風險？

Yes. So we do expect that as we continue to grow the sales team throughout the course of the year, that will support growth in terms of the new sales as well as potential upsells. We do actually also have some seasonality historically, which is based on that shape of renewals and expirations that are coming in that actually support higher net retention activity as you move through the year. And so that will help out as well.

是的。因此，我們確實希望隨著我們在全年繼續擴大銷售團隊，這將支持新銷售和潛在追加銷售方面的增長。從歷史上看，我們實際上也有一些季節性，這是基於即將到來的續訂和到期的形狀，這些形狀實際上支持了一年中更高的淨保留活動。所以這也會有所幫助。

Our next question is from Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Can you talk a little bit about the -- what you're seeing in terms of pipeline quality. What I'm referring to is, at the beginning of the crisis, people kind of downsell their seats, et cetera. But you have obviously like quite a few of extra offerings out there. Like what do you see in terms of people's appetite to kind of -- kind of go into kind of the higher value add solutions from you guys? And then I have one follow-on.

你能談談你在管道質量方面看到的情況嗎？我指的是，在危機開始時，人們有點低價出售他們的座位，等等。但是您顯然喜歡那裡的許多額外產品。就人們的胃口而言，你看到了什麼 - 有點進入你們提供的更高附加值的解決方案？然後我有一個後續。

I mean I think we're -- thanks, Raimo. I think where we're seeing really great results is in our mid-market and higher customers, so enterprise, mid-market our strategic customers. They are coupling together numerous of our platforms and products. And so when I think about the big deals that closed in Q1, almost all of them were multi-platform deals. And so they brought our Data-as-a-Service offering and our OptOS offering together with our SalesOS offering, they added TalentOS and SalesOS.

我的意思是我認為我們 - 謝謝，Raimo。我認為我們看到真正偉大成果的地方是我們的中端市場和高端客戶，所以企業、中端市場是我們的戰略客戶。他們將我們的眾多平台和產品耦合在一起。因此，當我想到第一季度完成的大宗交易時，幾乎所有交易都是多平台交易。因此，他們將我們的數據即服務產品和 OptOS 產品與我們的 SalesOS 產品結合在一起，他們添加了 TalentOS 和 SalesOS。

They leverage our company and contact brick data inside of Snowflake. And so when we saw the deals that we're seeing are combining multiple of our platforms together, and we think that, that is a strategy that we're executing against and employing throughout our account base. And I think as we continue to iterate on that strategy, we'll see more and more of that.

他們利用我們的公司並聯繫 Snowflake 內部的積木數據。因此，當我們看到我們看到的交易將我們的多個平台結合在一起時，我們認為，這是我們在整個客戶群中執行和採用的策略。而且我認為隨著我們繼續迭代該策略，我們會看到越來越多的東西。

Okay. Perfect. And then as we kind of think about second half easier comps, et cetera, Cameron, what is your thinking in terms of buyback? And maybe remind us the situation that you're -- that you're in at the moment, because like, obviously, the share is under pressure or were under pressure, but it looks like you're stabilizing, how are you thinking about buybacks at this level?

好的。完美的。然後當我們考慮下半場更容易的比賽時，卡梅倫等等，你對回購有何看法？也許提醒我們你現在的處境，因為很明顯，股票處於壓力之下或曾經承受壓力，但看起來你正在穩定，你在想什麼在這個水平回購？

Sure. So in mid-March, we authorized a $100 million buyback through the end of the quarter. We repurchased about $24 million, and we did continue to repurchase in April as well. Our expectation is to continue to be in market and opportunistically repurchase shares here in the second quarter. And we have not agreed with the Board or had kind of further conversations about additional buybacks after the $100 million.

當然。因此，在 3 月中旬，我們授權在本季度末進行 1 億美元的回購。我們回購了大約 2400 萬美元，而且我們在 4 月份也確實繼續回購。我們的預期是在第二季度繼續進入市場併機會主義地回購這裡的股票。我們還沒有與董事會達成一致，也沒有就 1 億美元之後的額外回購進行進一步的對話。

Our next question is from Michael Turrin with Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Turrin。

Just for all the detail in terms of what's assumed. Maybe one on margin, Cameron, if I may. Any update around how you're thinking through trade-offs there, given it sounds like some mixed signals between macro and what you're seeing in terms of ramping productivity on the sales side? How quickly are you able to dial up or dial down the need for sales capacity based on what you're seeing? And anything else we should be mindful of in thinking through margin and free cash flow impacts for the coming year?

僅針對假設的所有細節。如果可以的話，卡梅倫，也許是保證金。關於您如何權衡取捨的任何更新，鑑於這聽起來像是宏觀和您在銷售方面提高生產力方面看到的信號之間的一些混合信號？根據您所看到的情況，您能夠以多快的速度調高或調低對銷售能力的需求？在考慮來年的利潤率和自由現金流影響時，還有什麼我們應該注意的？

Yes. So our expectation is that we're going to add roughly 50 basis points of margin in 2023 relative to where we were in 2022. Yes, I think our ability to dial up and dial down sales capacity is slightly different. Dialing down is relatively easy dialing up. We do need to go out and hire folks, and we're very focused on hiring the highest quality folks that we can or moving people up through our training programs and into high-quality sales folks.

是的。因此，我們的預期是，與 2022 年相比，我們將在 2023 年增加大約 50 個基點的利潤率。是的，我認為我們提高和降低銷售能力的能力略有不同。向下撥號相對容易撥號。我們確實需要出去僱人，我們非常專注於盡可能僱用最優質的人，或者通過我們的培訓計劃將人們提升為高素質的銷售人員。

But I think we -- this is something that we've done for a long time and are focused on being efficient, not just with the sales capacity, but also how we build those teams over time. And I think we feel very comfortable that we'll be able to continue to add capacity as we move through the year.

但我認為我們 - 這是我們已經做了很長時間的事情，並且專注於提高效率，不僅僅是銷售能力，還有我們如何隨著時間的推移建立這些團隊。而且我認為我們感到非常自在，因為我們將能夠在這一年中繼續增加產能。

Our next question is from Brad Zelnick with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

Henry, you talked about generative AI capabilities related to Chorus. I was wondering if you could maybe speak about the broader opportunities across the portfolio and perhaps as well threats to ZoomInfo from generative AI and other perhaps new breed of competitors that are out there.

Henry，你談到了與 Chorus 相關的生成 AI 功能。我想知道你是否可以談談整個投資組合中更廣泛的機會，以及來自生成 AI 和其他可能存在的新型競爭對手對 ZoomInfo 的威脅。

Thanks, Brad. Look, I think when we think about what ZoomInfo is doing, we are in the business of making go-to-market more productive. And we really do expect the large language models to accelerate our leadership in intelligence and automation in kind of 2 big ways. First, for our own products, we're going to be able to automate manual and mundane steps for our users. So for example, instead of finding the next best customer on your own, trying to triangulate signals to figure out who you should be engaging with and then what you should be saying to those companies, we're going to be able to use AI to parse those signals, select the highest conversion opportunity, pick the best channel and then actually create personalized content to engage because of all of the context we know about companies and people.

謝謝，布拉德。看，我認為當我們考慮 ZoomInfo 在做什麼時，我們的工作是提高上市效率。我們確實希望大型語言模型能夠以兩種主要方式加速我們在智能和自動化方面的領導地位。首先，對於我們自己的產品，我們將能夠為我們的用戶自動化手動和普通的步驟。因此，例如，與其自己尋找下一個最佳客戶，不如嘗試對信號進行三角測量，以確定你應該與誰打交道，然後你應該對這些公司說些什麼，我們將能夠使用人工智能來解析這些信號，選擇最高的轉化機會，選擇最佳渠道，然後實際創建個性化內容以參與，因為我們了解公司和人員的所有背景。

And we're already have multiple teams working on incorporating this technology into our platform. The other thing that I would tell you is, for our customers, what we've always been saying is that bad CRM data creates all sorts of downstream issues. And where we highlight those, those tend to be around territory planning, rep efficiency, segmentation, getting insights out of your CRM system. But generative AI coming to the market just shines a really big light on the problem that bad data creates inside of your CRM.

我們已經有多個團隊致力於將這項技術整合到我們的平台中。我要告訴你的另一件事是，對於我們的客戶，我們一直在說的是，糟糕的 CRM 數據會造成各種下游問題。在我們強調這些的地方，它們往往圍繞區域規劃、代表效率、細分以及從 CRM 系統中獲取洞察力。但是，進入市場的生成式 AI 只是對不良數據在您的 CRM 內部造成的問題大放異彩。

And so the awareness of that issue is increasing exponentially as companies realize that they can't rely on their CRM data to put into these models and get the efficiencies and the upside that you're expected to get from incorporating generative AI into your offering. So I'll share a quote that I recently read in Forbes about generative AI coming to go to market. And it says: "It's coming, it's going to elevate the importance of your CRM system because for all of this to work, AI needs data."

因此，隨著公司意識到他們不能依靠他們的 CRM 數據來輸入這些模型並獲得將生成 AI 整合到您的產品中所期望的效率和好處，對該問題的認識呈指數級增長。因此，我將分享我最近在福布斯上讀到的關於生成式人工智能即將上市的引述。它說：“它即將到來，它將提升您的 CRM 系統的重要性，因為要使所有這些發揮作用，人工智能需要數據。”

And companies that are expecting to get that data out of their CRM system are going to need to have that data fully enriched, fully impended, constantly cleansed and we are, by far, the leading provider to help them do that. And then by helping them do that, helping them see the benefits of generative AI in the future.

希望從他們的 CRM 系統中獲取這些數據的公司將需要讓這些數據得到充分豐富、完全緊急、不斷清理，到目前為止，我們是幫助他們做到這一點的領先供應商。然後通過幫助他們做到這一點，幫助他們看到未來生成人工智能的好處。

Really helpful color. Maybe just a quick housekeeping item for Cameron. Any changes to full year headcount plans and where you're tracking year-to-date?

真正有用的顏色。也許只是 Cameron 的快速家政用品。全年員工人數計劃是否有任何變化以及您追踪年初至今的情況？

We're obviously focused on continuing to support all the investments that we're making. And at this point, we are still below where we had ended in September of '22. But we're going to tactically hire where we -- where we feel that it's most important, mostly in the sales and capacity areas within sales. Then we'll focus on efficiency throughout the rest of the organization. And hiring where we think the investments are well warranted, but also looking for areas where we can drive efficiencies going forward.

我們顯然專注於繼續支持我們正在進行的所有投資。在這一點上，我們仍低於 22 年 9 月結束時的水平。但我們將在戰術上僱用我們認為最重要的地方，主要是在銷售和銷售能力領域。然後我們將關注整個組織的效率。並在我們認為投資有充分理由的地方招聘，同時也在尋找我們可以提高效率的領域。

Our next question is from Brian Peterson with Raymond James.

我們的下一個問題來自 Brian Peterson 和 Raymond James。

This is Jonathan McCarry on for Brian. We'll just keep it to one. So I know you guys mentioned the 40% exposure to software, but you've also seen some traction in some other verticals recently. Can you talk about how you think about potential go-to-market investments? Are new partnerships necessary to kind of further build on that expansion in newer verticals?

這是 Jonathan McCarry 為 Brian 做的。我們只保留一個。所以我知道你們提到了 40% 的軟件曝光率，但你們最近也看到了其他一些垂直領域的一些牽引力。您能談談您如何看待潛在的上市投資嗎？是否有必要建立新的合作夥伴關係以進一步擴大新垂直領域的擴張？

Yes, sure. So the -- I think a couple of ways that we're looking to attack sort of these new verticals. One, we talked about new pricing calculators that we're putting out to the field so that they understand based on usage, based on usage and data consumption and the types of companies, industry sizes, growth rate where we have opportunities to upsell and cross-sell, and that's going to show up most of the time in these non-affected industries.

是的，當然。所以 - 我認為我們正在尋求攻擊這些新垂直領域的幾種方式。第一，我們談到了我們正在向該領域推出的新定價計算器，以便他們根據使用情況、使用情況和數據消耗以及我們有機會追加銷售和交叉銷售的公司類型、行業規模、增長率來了解-銷售，這將在大多數時間出現在這些未受影響的行業中。

And so we're prescribing plays based on our own data, based on product data, based on the company's growth data to the field to run cross-sell, upsell and pricing activities. I think the second thing is we continue to invest in our product-led growth motion to be able to unlock efficiencies in the down market, to unlock efficiencies in industries that we don't historically sell to.

因此，我們根據我們自己的數據，根據產品數據，根據公司的增長數據來開處方，以進行交叉銷售、追加銷售和定價活動。我認為第二件事是我們繼續投資於我們以產品為主導的增長行動，以便能夠在低迷市場中釋放效率，在我們歷史上不銷售的行業中釋放效率。

And so we're building the ability for new customers to transact and become customers with us without ever having to interact with a direct seller and then the ability for them to onboard in an efficient in context, in platform way. And so those are a couple of the initiatives we're using to sort of drive our growth in the other industries.

因此，我們正在為新客戶建立交易能力並成為我們的客戶，而無需與直銷商互動，然後讓他們能夠以平台方式在高效的環境中加入。因此，這些是我們用來推動我們在其他行業增長的一些舉措。

Our next question is from Brent Bracelin with Piper Sandler.

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

Cameron, I wanted to go back to the discussion on renewals, particularly given the exposure to software. If we were to double click into the seasonality of the software renewal expiry base, is there a big chunk that expires here in Q2 that you have visibility into? Is it still more second half of the year, Q4 weighted? Any color there? And then talk a little bit about the puts and takes. I clearly understand the risk to renewals, but you also talked a little bit about some upside to optimism that you could actually start to see some expansion upsell opportunities in the renewals as well, too. So any more color there would be helpful.

卡梅倫，我想回到關於續訂的討論，特別是考慮到對軟件的接觸。如果我們要雙擊軟件更新到期基數的季節性，是否有很大一部分在第二季度到期，您可以看到？還是下半年，Q4加權？那裡有顏色嗎？然後談談看跌期權和接受。我清楚地了解續訂的風險，但你也談到了樂觀的一些好處，你實際上也可以開始在續訂中看到一些擴張追加銷售的機會。所以任何更多的顏色都會有所幫助。

Sure. So with respect to the seasonality, software is a little bit more heavily weighted towards Q4 than the rest of our business. And certainly, most of our business from a renewal perspective is weighted to Q4 relative to the other quarters. Q1 is another big quarter for software as well. So when we think about having gone through the last 2 quarters, they were more materially impacted than perhaps Q2 or Q3 might be if you're focusing on software and the pressure that's placed upon the business as a result of software being more impacted by the macroeconomic environment.

當然。因此，就季節性而言，與我們的其他業務相比，軟件對第四季度的影響更大。當然，從更新的角度來看，我們的大部分業務相對於其他季度都集中在第四季度。第一季度也是軟件的另一個重要季度。因此，當我們考慮過去兩個季度的情況時，如果您專注於軟件以及由於軟件受到更大影響而給業務帶來的壓力，它們受到的影響可能比第二季度或第三季度更大。宏觀經濟環境。

And then just to clarify, the optimism on potential upsells getting better. Is that more of a commentary for segment and renewals outside of software that you're a little more optimistic on upsells?

然後澄清一下，對潛在加售的樂觀情緒越來越好。這是否更多地是對軟件之外的細分和續訂的評論，您對追加銷售更加樂觀？

I think we see it. We definitely see it outside of software. I think what we're starting to see is even within software for larger customers that are focusing on where they can be more efficient and do more with less. We are starting to see more of a -- more of a sales opportunity there relative to -- in Q4, I think people were more running for cover and looking for ways to cut costs, where now, I think people are focused a little bit more on where can they start to optimize their go-to-market infrastructure. And as Henry mentioned, particularly in places where there are data opportunities, Data as a Service and OperationsOS as well as MarketingOS, we do see some bigger opportunities that are both in the pipeline and things that we're really starting to execute against.

我想我們看到了。我們肯定會在軟件之外看到它。我認為我們開始看到的是，甚至在面向大客戶的軟件中，他們也專注於提高效率和事半功倍的地方。在第四季度，我們開始看到更多的——更多的銷售機會——我認為人們更多地在尋找掩護並尋找削減成本的方法，現在，我認為人們有點關注更多關於他們可以從哪裡開始優化其上市基礎設施的信息。正如 Henry 提到的，特別是在有數據機會的地方，數據即服務和 OperationsOS 以及 MarketingOS，我們確實看到了一些更大的機會，這些機會正在醞釀中，我們真正開始執行的事情。

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

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

Just one question for me. I wanted to ask in terms of what are you seeing in terms of advanced functionality uptake? If I'm not mistaken, I don't think you disclosed it on the prepared remarks. I was just wondering if you could give us some color in terms of what adoption there looks like? And how we should be thinking about future adoption from here just given the uncertainty in the macro and kind of additional scrutiny on budgets?

只問我一個問題。我想問一下您在高級功能吸收方面看到了什麼？如果我沒記錯的話，我不認為你在準備好的評論中透露了它。我只是想知道您是否可以就那裡的收養情況給我們一些顏色？考慮到宏觀的不確定性和對預算的額外審查，我們應該如何考慮未來的採用？

Yes. So the advanced functionality continues to be a bigger and bigger portion of the overall revenue stream. So it continues to grow faster than the overall business. And that's an area where we are seeing those upsells and upsell opportunities, but we're executing against those and are excited about the value that we're able to provide to customers in those scenarios.

是的。因此，高級功能繼續在整體收入流中佔據越來越大的份額。因此，它繼續比整體業務增長更快。這是我們看到這些追加銷售和追加銷售機會的領域，但我們正在執行這些機會，並對我們能夠在這些情況下為客戶提供的價值感到興奮。

Our next question comes from Parker Lane with Stifel.

我們的下一個問題來自 Stifel 的 Parker Lane。

Henry, you called out a material improvement in the $1 million cohort of customers quarter-over-quarter. So wondering if you can give us a sense of the composition of those customers from a vertical perspective, a product perspective? And then just on average, how long have they been working with ZoomInfo? Are you starting to see more opportunities present themselves in that $1 million-plus range from the onset? Or are these long-standing customers?

Henry，您指出 100 萬美元的客戶群體環比有了實質性的改善。所以想知道您是否可以從垂直角度、產品角度讓我們了解這些客戶的構成？然後平均而言，他們與 ZoomInfo 合作了多長時間？您是否開始看到更多機會從一開始就出現在 100 萬美元以上的範圍內？或者這些是長期客戶？

Yes. So these are longer-standing customers. And that is strategically we want to bring customers -- we want to bring prospects into being customers and then expand them from there. And it's a pretty diverse group of companies that moved in. They're the textile rental company, a tech company, a number of financial services companies, a couple of fintech companies. That's kind of how to think about that cohort.

是的。所以這些都是長期客戶。從戰略上講，我們希望帶來客戶——我們希望將潛在客戶變成客戶，然後從那裡擴展他們。這是一個非常多元化的公司群體。他們是紡織品租賃公司，一家科技公司，一些金融服務公司，幾家金融科技公司。這就是對那個群體的思考方式。

And look, I think one of the things that we are really excited about is bringing Dave Justice in as Chief Revenue Officer to help us really build the methodology, the process to go up market, to go upmarket in a higher velocity, more predictable way. And so we expect that motion to continue to increase and that we'll continue to find companies move into that cohort.

看，我認為我們真正感到興奮的一件事是讓 Dave Justice 擔任首席營收官，幫助我們真正建立方法論、進入市場的流程，以更快、更可預測的方式進入高端市場.因此，我們預計該動議將繼續增加，並且我們將繼續發現公司進入這一群體。

Got it. And then, Cameron, one quick follow-up for you, just a housekeeping question here. In the context of your unlevered free cash flow guidance, any change to the underlying assumption of $450-million plus reported free cash flow?

知道了。然後，Cameron，給你一個快速跟進，這裡只是一個內務問題。在您的無槓桿自由現金流指導的背景下，4.5 億美元加上報告的自由現金流的基本假設有任何變化嗎？

No. That remains unchanged.

不，那保持不變。

Our next question comes from Siti Panigrahi with Mizuho.

我們的下一個問題來自瑞穗的 Siti Panigrahi。

I wanted to ask your confidence level in new business sales that you embedded in your 2023 guidance. So what's your -- what are you expecting in terms of sales efficiency? And what sort of changes you are doing to improve your top-down selling motion?

我想問一下您對 2023 年指南中嵌入的新業務銷售的信心水平。那麼，您對銷售效率有何期望？您正在做什麼樣的改變來改善自上而下的銷售活動？

So we continue to have good confidence in the new sales assumption. In fact, given that we outperformed in Q1, I think that gives us even greater confidence with respect to that. Certainly, we've always been very focused on ensuring high efficiency with respect to that team. And we're continuing to invest in more capacity.

因此，我們繼續對新的銷售假設充滿信心。事實上，鑑於我們在第一季度表現出色，我認為這讓我們對此更有信心。當然，我們一直非常專注於確保該團隊的高效率。我們將繼續投資於更多產能。

One of the things that I think is a really good underlying fact with respect to the new sales motion is that it is more of a diversified customer set that we can go after. If you think about any business that sells to another business, we can really focus on those businesses that are investing in their go-to-market motions, and where they can drive benefits for their company, which means that we're not really constrained by one industry or another being more impacted by the macroeconomic environment.

我認為關於新銷售動議的一個非常好的潛在事實之一是，它更像是我們可以追求的多元化客戶群。如果你考慮任何向另一家企業銷售的企業，我們可以真正專注於那些正在投資於他們的上市行動的企業，以及他們可以為他們的公司帶來利益的地方，這意味著我們並沒有真正受到限制一個行業或另一個行業受宏觀經濟環境的影響更大。

And we've seen that in different stages of the economic environment that's happening. We've seen that that's rotated around a little, and we've been able to take advantage of continued new sales activity in different industries.

我們已經在經濟環境的不同階段看到了這種情況。我們已經看到這種情況發生了一些變化，並且我們已經能夠利用不同行業持續不斷的新銷售活動。

Our next question comes from DJ Hynes with Canaccord Genuity.

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

Cameron, can you talk about what you're seeing in terms of pricing on like-for-like renewals? I'm just curious if the threat of kind of lower price, lower quality alternatives is creating any pressure on the renewal cycle?

卡梅倫，你能談談你在同類續訂定價方面看到的情況嗎？我只是很好奇，低價、低質量替代品的威脅是否會對續訂週期造成任何壓力？

We don't tend to see that in the renewal cycle, except for at the very low end of customers. So small businesses that are cash strapped or having issues or whatever else. If they're willing to downgrade the quality of product that they're getting, in some cases, they can go out and find another provider that could give them a lower price. But for many of our customers and particularly the larger customers, they aren't willing to take that quality hit in order to pay less.

我們不會在續訂週期中看到這種情況，除了非常低端的客戶。因此，資金緊張或遇到問題或其他任何問題的小型企業。如果他們願意降低他們所獲得產品的質量，在某些情況下，他們可以出去尋找可以為他們提供更低價格的另一家供應商。但對於我們的許多客戶，尤其是大客戶而言，他們不願意為了減少支付而犧牲質量。

So while there is some pressure, particularly at the lower end, most of the, call it, change in renewal on the downside comes from people either taking out seats or taking out functionality or reducing the value that they're getting from us. And yes, that tends to happen a little bit more today in kind of the software world where we're seeing layoffs. But we don't see a kind of typical downsell where people are just coming in and asking for more price because the alternative just isn't there from a quality perspective.

因此，儘管存在一些壓力，特別是在低端，但大多數人稱之為，下行更新的變化來自於人們要么拿走座位，要么取消功能，要么減少他們從我們這裡獲得的價值。是的，在我們看到裁員的軟件世界中，這種情況往往會發生更多。但我們沒有看到人們只是進來並要求更高價格的典型降價銷售，因為從質量的角度來看，替代品並不存在。

Yes. Okay. That's good to hear. And then, Henry, one for you. So you talked a little bit about PLG in an answer to an earlier question, I saw ZoomInfo LITE in the earnings deck. Is that product intended to be kind of more of a foot in the door that leads to a more formal sales process? Or is that a product that can kind of stand alone at the low end of the market? How are you thinking about it strategically?

是的。好的。聽起來還不錯。然後，亨利，給你一個。所以你在回答之前的問題時談到了 PLG，我在收益平台上看到了 ZoomInfo LITE。該產品是否旨在成為更正式的銷售流程的第一步？或者這是一種可以在低端市場獨樹一幟的產品？你如何從戰略上考慮它？

Yes. Thanks for the question. I think we're thinking about it in both ways. There are small businesses that can come in and transact and get limited version of ZoomInfo LITE through the ZoomInfo LITE offering. And then we're also using it as an opportunity to see where multiple people at companies come in, sign up for ZoomInfo LITE at maybe a mid-market or an enterprise company, that gives us an opportunity to get into a direct sales cycle with their leadership and then sell a broader agreement to the full ZoomInfo advanced or elite packages.

是的。謝謝你的問題。我認為我們正在從兩個方面考慮。有一些小企業可以通過 ZoomInfo LITE 產品進入並進行交易並獲得有限版本的 ZoomInfo LITE。然後我們還利用它作為一個機會，看看公司的多個人在哪裡進來，在中端市場或企業公司註冊 ZoomInfo LITE，這讓我們有機會進入直銷週期他們的領導層，然後將更廣泛的協議出售給完整的 ZoomInfo 高級或精英包。

And then in addition to that, the underlying technology that we're building to be able to drive ZoomInfo LITE will also give us the ability to auto provision enterprise users to be able to charge enterprise customers in a seamless way directly within the platform. And so we get multiple benefits from the technology that we're building. And then in the actual PLG motion, I think we're going to capture both down market customers that we wouldn't get to, international customers that we wouldn't get to with our regular demand funnel and then also mid-market and enterprise companies that we can -- users that we can then leverage into larger agreement.

除此之外，我們正在構建的能夠驅動 ZoomInfo LITE 的基礎技術還將使我們能夠自動配置企業用戶，以便能夠直接在平台內以無縫方式向企業客戶收費。因此，我們從我們正在構建的技術中獲得了多重好處。然後在實際的 PLG 動議中，我認為我們將捕獲我們無法接觸到的低端市場客戶，我們無法通過常規需求渠道接觸到的國際客戶，然後是中端市場和企業我們可以的公司——我們可以利用這些用戶達成更大的協議。

Our next question comes from Terry Tillman with Truist Securities.

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

This is Joe Maeres on for Terry Tillman. You just mentioned that most of the change on the renewals and the downside is coming from customers taking out seats or removing functionality. I'm just curious if there are any pieces of functionality that are more resilient or ones that are more likely to be taken out?

這是特里·蒂爾曼的喬·梅雷斯。您剛剛提到，續訂和缺點的大部分變化來自客戶取消席位或刪除功能。我只是好奇是否有任何功能更具彈性或更可能被刪除？

Well, I would say, look, in a time where customers are actually laying off members of their sales teams, then the user seats tend to be more in flux from a downsell perspective. So if I like go up 10% of my go-to-market sales force, then that 10%, I'm not going to want to pay licenses for going forward. And so you've seen that happen during the renewal cycles. I would say that where a customer is leveraging advanced functionality, where a customer is leveraging our workflow solution, using our DaaS solution plugged into their systems of record. Those are very, very difficult to unplug, and they're not user-based. So...

好吧，我會說，看，在客戶實際解僱其銷售團隊成員的時代，從降價銷售的角度來看，用戶席位往往會更加不穩定。因此，如果我想增加 10% 的上市銷售人員，那麼這 10%，我就不想為前進支付許可證費用。所以你已經看到在更新周期中發生了這種情況。我會說客戶正在利用高級功能，客戶正在利用我們的工作流解決方案，使用我們的 DaaS 解決方案插入他們的記錄系統。這些非常非常難以拔掉，而且它們不是基於用戶的。所以...

Super helpful answer. Just as a follow-up, I think you recently introduced the ability to bring in outside intent sources onto the platform from G2. And then similarly, you've updated the platform's ability to engage customers intent from websites. So I'm just curious of any usage that you may have seen here, like early customer successes.

超級有幫助的答案。作為後續行動，我認為您最近引入了將外部意圖源引入 G2 平台的功能。然後類似地，您已經更新了平台從網站吸引客戶意圖的能力。所以我只是想知道您可能在這裡看到的任何用法，例如早期的客戶成功案例。

Yes. I think the first integration with G2 was one of our fastest adopting integrations. But really, it sets the stage for where we see the platform going which is a platform that can plug in data sort, unique data or niche data sources from anywhere, marry that with ZoomInfo's third-party data, allow you to marry that with your first-party data that we're pulling in through your CRM and marketing automation systems and then build workflow across the intersection of that data, which we think is really exciting. And we think that, that is the future of what modernized go-to-market will look like?

是的。我認為與 G2 的首次集成是我們採用最快的集成之一。但實際上，它為我們看到平台的發展方向奠定了基礎，該平台可以從任何地方插入數據分類、獨特數據或利基數據源，將其與 ZoomInfo 的第三方數據結合，讓您將其與您的我們通過您的 CRM 和營銷自動化系統引入的第一方數據，然後在這些數據的交叉點上構建工作流，我們認為這真的很令人興奮。我們認為，這就是現代化上市的未來？

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我顯示不...

Thank you, everyone, for joining us tonight. We look forward to seeing you at one of our many upcoming in-person or virtual investor events. Thank you.

謝謝大家今晚加入我們。我們期待在我們即將舉行的眾多面對面或虛擬投資者活動之一中見到您。謝謝。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。