Zoominfo Technologies Inc (ZI) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ZoomInfo Second Quarter 2023 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jerry Sisitsky, Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 ZoomInfo 2023 年第二季度財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想將會議交給今天的發言人、投資者關係部門的傑里·西西茨基 (Jerry Sisitsky)。請繼續。

Thanks, Amy. Welcome to ZoomInfo's financial results conference call for the second quarter 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. 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.

謝謝，艾米。歡迎參加 ZoomInfo 2023 年第二季度財務業績電話會議。今天與我一起參加電話會議的是 ZoomInfo 創始人兼首席執行官 Henry Schuck；以及我們的首席財務官卡梅倫·海澤 (Cameron Hyzer)。在他們發言後，我們將開始問答環節。在本次電話會議中，任何前瞻性陳述均根據美國證券法的安全港條款做出。未來目標的表達，包括業務前景、對未來財務業績的預期和類似項目，包括但不限於使用“可能”、“將”、“期望”、“預期”和“相信”等術語的表達，以及反映歷史事實以外的內容的表達，旨在確定未來的目標看起來的陳述。

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 in the slides posted to our Investor Relations website at ir.zoominfo.com. All metrics on this call are non-GAAP, unless otherwise noted. A reconciliation can be found in the financial results press release or in the slides posted to our IR website. With that, I'll turn the call over to Henry.

前瞻性陳述涉及許多風險和不確定性，包括我們向 SEC 文件的風險因素部分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。除非法律要求，否則公司不承擔修改或更新任何前瞻性陳述以反映本次電話會議後可能發生的事件的義務。如需了解更多信息，請參閱我們投資者關係網站 ir.zoominfo.com 上發布的幻燈片中的警示聲明。除非另有說明，本次電話會議的所有指標均為非公認會計準則。您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調節表。這樣，我就把電話轉給亨利。

Thank you, Jerry, and welcome, everyone. We delivered $309 million in revenue in the second quarter and adjusted operating income of $126 million with a margin of 41%. Our customers sales leaders who sit disproportionately in the software vertical are reducing spending in the context of a lower growth environment. For high-growth companies in particular, where the demand has been reduced and investors are expecting higher levels of profitability, these cuts have proved substantial and have meaningfully impacted ZoomInfo's ability to expand our solution. Over the last quarter, I've talked to dozens of our high-growth technology clients, all of which share a similar trajectory. I'll highlight one of them, a member of our 100,000 cohort as an example.

謝謝杰瑞，歡迎大家。第二季度我們實現了 3.09 億美元的收入，調整後的營業收入為 1.26 億美元，利潤率為 41%。我們的客戶銷售領導者在軟件垂直領域佔據了不成比例的地位，他們正在減少增長環境下的支出。特別是對於高增長公司來說，需求已經減少，投資者期望更高的盈利水平，事實證明，這些削減是巨大的，並且對 ZoomInfo 擴展我們解決方案的能力產生了重大影響。在上個季度，我與數十家高增長技術客戶進行了交談，所有這些客戶都有相似的發展軌跡。我將重點介紹其中的一個例子，他是我們 100,000 人中的一名成員。

In 2021, the SaaS company raised over $400 million of funding was growing 70% year-over-year, had 50 sales reps and expected that would grow to more than 100. They've built that growth into their ZoomInfo agreements. In the back half of 2022, while on a path to get to breakeven in 2024 and while growing 40% year-over-year, their investors demanded something different, 40% free cash flow by the end of 2023 and scaled back growth to 5% to 10% year-over-year. Their sales team, all ZoomInfo license holders went from 100 to 20 effectively overnight. Our account managers have been managing through this headwind since the beginning of the year.

2021 年，這家 SaaS 公司籌集了超過 4 億美元的資金，同比增長 70%，擁有 50 名銷售代表，預計將增長到 100 多名。他們已將這種增長納入 ZoomInfo 協議中。 2022 年下半年，雖然他們的投資者希望在 2024 年實現盈虧平衡，並且同比增長 40%，但他們的要求有所不同，即到 2023 年底實現 40% 的自由現金流，並將增長率縮減至 5同比增長 % 至 10%。他們的銷售團隊（所有 ZoomInfo 許可證持有者）一夜之間就從 100 人增至 20 人。自今年年初以來，我們的客戶經理一直在應對這一逆風。

As we look forward, reviewing our customer health, we no longer believe that these budgetary pressures and their corresponding downward pressure on renewals will ease in the near term. Our adjusted expectations for the full year, which now call for 12% revenue growth reflect this belief. While these results reflect the challenging time for our customers, I expected us to do better. The ZoomInfo platform delivers a compelling ROI to our customers, regardless of their growth environment. And we have not done a good enough job to date, in demonstrating this value to them. There are several initiatives that we have been rolling out, which I'm confident will drive performance improvement.

展望未來，回顧我們的客戶健康狀況，我們不再相信這些預算壓力及其相應的續訂下行壓力會在短期內緩解。我們調整後的全年預期（目前收入增長 12%）反映了這一信念。雖然這些結果反映了我們的客戶面臨的挑戰，但我希望我們能做得更好。 ZoomInfo 平台為我們的客戶提供了引人注目的投資回報率，無論他們的成長環境如何。迄今為止，我們在向他們展示這一價值方面做得還不夠好。我們已經推出了多項舉措，我相信這些舉措將推動績效改進。

We know that our customers need the most accurate data both, domestically and internationally, with the most coverage. To deliver that for them, we've applied a fresh focus on data, over the last few quarters. We meaningfully increased our matching and phone number coverage since the beginning of the year adding 37 million net new international contact profiles and surpassing coverage on over 300 million business professionals. We have invested in enterprise-grade engineering processes under the leadership of our new CTO, Ali Dasdan, which has improved the stability and performance of our platform. Sales OS application load time decreased by 65% and contact search latency decreased by 72% in the quarter.

我們知道，我們的客戶需要最準確、覆蓋範圍最廣的國內和國際數據。為了為他們提供這一服務，我們在過去幾個季度重新關注數據。自年初以來，我們有意義地增加了匹配和電話號碼覆蓋範圍，淨增加了 3700 萬個國際聯繫人資料，覆蓋範圍超過 3 億商業專業人士。在新任 CTO Ali Dasdan 的領導下，我們投資了企業級工程流程，這提高了我們平台的穩定性和性能。本季度銷售操作系統應用程序加載時間減少了 65%，聯繫人搜索延遲減少了 72%。

We've allocated sales resources to focus on our enterprise business, where we see larger contract values, our most loyal customers and momentum in our $1 million cohort. In the SMB segment, where we see lower price and lower quality competitors, we still see strong performance, with more pipeline created, higher win rates, faster close times and higher ASPs. Metrics that also indicate our value proposition when compared to our competition remains obvious. We've been investing more in post sales to drive retention rates around our more complex API and data cube offerings. We're intentionally growing our customer base among non-software businesses, who are less impacted by the environment. And we're resourcing our sales team to match demand on new business, where we continue to see strong performance and where demand is coming in higher than we previously resourced for.

我們已分配銷售資源以專注於我們的企業業務，我們在該業務中看到了更大的合同價值、我們最忠誠的客戶以及我們 100 萬美元群體的動力。在中小企業領域，我們看到價格較低、質量較低的競爭對手，但我們仍然看到強勁的業績，創造了更多的管道、更高的獲勝率、更快的成交時間和更高的平均售價。與我們的競爭對手相比，也表明我們價值主張的指標仍然很明顯。我們在售後方面投入了更多資金，以提高更複雜的 API 和數據立方體產品的保留率。我們有意擴大非軟件企業的客戶群，這些企業受環境影響較小。我們正在為我們的銷售團隊提供資源，以滿足新業務的需求，我們繼續看到強勁的業績，並且需求高於我們之前的資源。

We're also increasing our focus on customer adoption and engagement, knowing that customers who engage at the highest rates also retain at the highest rates. This focus has driven our NPS up 6 percentage points, since the beginning of the year. In June, we adjusted staffing levels at the company, further streamlining the organization to operate and execute more efficiently. We continue to make sure that we are resourced appropriately and that we have the right team and the right role to drive our long-term success. As we undertake these improvement efforts, we're also focused on pressing our core advantages to demonstrate the power of our solution across our large total addressable market.

我們還更加關注客戶採用率和參與度，因為我們知道參與率最高的客戶保留率也最高。自今年年初以來，這一重點使我們的淨推薦值 (NPS) 上升了 6 個百分點。 6月份，我們對公司人員配置進行了調整，進一步精簡機構，提高運營和執行效率。我們繼續確保我們擁有適當的資源，並擁有合適的團隊和合適的角色來推動我們的長期成功。在我們進行這些改進工作的同時，我們還致力於發揮我們的核心優勢，以在我們龐大的總體目標市場中展示我們解決方案的強大功能。

First, with growth among clients outside of the software vertical, a segment that is growing 20% year-over-year. Second, with our expansion in our $1 million customer cohort, which increased 40% year-over-year, a reflection that more customers are using the ZoomInfo platform, as a critical component of their go-to-market infrastructure. Third, we believe that every AI initiative starts with data, and having an accurate and comprehensive data platform is more important now than ever. We believe the highly accurate data and insights in the ZoomInfo platform can be the foundational data that companies will use to leverage AI and large language models in their go-to-market motion.

首先，軟件垂直領域以外的客戶數量增長，該領域同比增長 20%。其次，隨著我們 100 萬美元客戶群體的擴大，同比增長 40%，這反映出越來越多的客戶正在使用 ZoomInfo 平台，作為其上市基礎設施的關鍵組成部分。第三，我們相信每一項人工智能舉措都始於數據，擁有準確、全面的數據平台比以往任何時候都更加重要。我們相信，ZoomInfo 平台中高度準確的數據和見解可以成為企業在上市活動中利用人工智能和大型語言模型的基礎數據。

I'll provide more details on recent customer stories that will help illustrate what we are doing to press these advantages and grow ZoomInfo for the long term. This quarter, we closed COX Communications, Principal Financial Group, See's Candies, Singapore Telecom, Snapchat, TikTok, U.S. Cellular and the Boston Celtics. These leading organizations across finance, telecommunication, social media and the sporting world continue to choose ZoomInfo, a testament to the large market need that our platform addresses as organizations of all sizes and industries modernize their go-to-market motion. We saw especially strong growth among our transportation and logistics customers, a segment that grew 37% year-over-year.

我將提供有關最近客戶案例的更多詳細信息，這將有助於說明我們正在採取哪些措施來發揮這些優勢並長期發展 ZoomInfo。本季度，我們關閉了 COX Communications、信安金融集團、See's Candies、新加坡電信、Snapchat、TikTok、U.S. Cellular 和波士頓凱爾特人隊。這些金融、電信、社交媒體和體育界的領先組織繼續選擇 ZoomInfo，這證明了我們的平台隨著各種規模和行業的組織現代化其上市行動而滿足的巨大市場需求。我們看到運輸和物流客戶的增長尤其強勁，該細分市場同比增長 37%。

This included a global logistics company, which following a workforce reduction of 400 employees, increased their partnership with ZoomInfo by over $250,000, by deploying a centralized data strategy. Leveraging ZoomInfo deep contact company and intent data, they improve demand generation, customer insights and sales intelligence. As a result, the customer more effectively targeted their total addressable market, and successfully integrated multiple CRM instances. We're looking for more opportunities to replicate this motion, helping customers who have experienced a reduction in force on their go-to-market teams, redeploy ZoomInfo through a centralized data strategy, maintaining or increasing overall spend.

其中包括一家全球物流公司，該公司在裁員 400 名後，通過部署集中數據策略，與 ZoomInfo 的合作夥伴關係增加了超過 250,000 美元。利用 ZoomInfo 深入聯繫公司和意圖數據，他們改善了需求生成、客戶洞察和銷售情報。結果，客戶更有效地瞄準了整個潛在市場，並成功集成了多個 CRM 實例。我們正在尋找更多機會來複製這一舉措，幫助那些經歷了市場營銷團隊人力減少的客戶，通過集中數據策略重新部署 ZoomInfo，維持或增加總體支出。

We've also seen strong expansions within our customer base outside of software, including Hitachi, which leverages ZoomInfo to enrich several data sets to drive more proactive marketing outreach. They needed accurate data to power their outreach, and we help them realize the power of continuous enrichment by providing them with a steady stream of the latest, most highly accurate data. Our ongoing enrichment offering, combined with cleansing and routing of that high-quality data is driving meaningful efficiencies for their go-to-market organization. A Fortune 50 financial services and banking company expanded its usage of ZoomInfo from $100,000 a year to a multimillion dollar annual spend, as they quickly standardize on ZoomInfo data for company and contact information across their business units.

我們還看到軟件之外的客戶群出現強勁擴張，其中包括 Hitachi，它利用 ZoomInfo 豐富多個數據集，以推動更積極主動的營銷推廣。他們需要準確的數據來支持他們的外展活動，我們通過為他們提供源源不斷的最新、最準確的數據來幫助他們實現持續豐富的力量。我們持續提供的豐富服務與高質量數據的清理和路由相結合，正在為他們的上市組織帶來有意義的效率。一家財富 50 強金融服務和銀行公司將 ZoomInfo 的使用量從每年 100,000 美元擴大到每年數百萬美元，因為他們迅速標準化了各業務部門的公司 ZoomInfo 數據和聯繫信息。

And a multimillion dollar IT services provider used ZoomInfo to clean up their data throughout their marketing automation and CRM systems, using our Data-as-a-Service solutions to decrease their e-mail balance rates by more than half and discovered that 1/3 of their data and their marketing automation system was duplicative. As these companies and many across our customer base have realized ZoomInfo's data is an infrastructural element to their CRM systems, sales campaigns, Customer 360 initiative and their AI initiatives. With this, we see increased demand for our data and our Data-as-a-Service business. In response, we've recently dedicated -- we've recently dedicated intent data cubes to complement our phermographic, technographic and contact data cube.

一家價值數百萬美元的 IT 服務提供商使用 ZoomInfo 清理其營銷自動化和 CRM 系統中的數據，使用我們的數據即服務解決方案將其電子郵件餘額率降低一半以上，並發現 1/3他們的數據和營銷自動化系統是重複的。這些公司和我們的許多客戶群已經意識到 ZoomInfo 的數據是他們的 CRM 系統、銷售活動、Customer 360 計劃和 AI 計劃的基礎設施元素。由此，我們看到對我們的數據和數據即服務業務的需求不斷增加。作為回應，我們最近專門推出了意圖數據立方體來補充我們的人口學、技術和聯繫數據立方體。

And ZI Labs, our strategic services arm, is also launching an AI-focused practice in response to the growing demand for AI solutions. We have already contracted for service modules with multiple strategic customers, like the software company Boomi, which has leaned into incorporating AI into its go-to-market strategy to drive one-to-one personalization and their customer engagement strategies by leveraging ZoomInfo data. We're also leveraging generative AI to drive frontline efficiencies. As we've discussed before, we are taking the burden of no taking away from sellers with chorus generative AI-generated meeting summaries. Following the release of this Gen AI-powered functionality, our NPS on course increased by more than 20 percentage points, hitting a high for the last 18 months.

我們的戰略服務部門 ZI Labs 也正在推出以人工智能為中心的實踐，以滿足對人工智能解決方案不斷增長的需求。我們已經與多個戰略客戶簽訂了服務模塊合同，例如軟件公司 Boomi，該公司傾向於將人工智能納入其上市策略，以利用 ZoomInfo 數據推動一對一個性化及其客戶參與策略。我們還利用生成式人工智能來提高一線效率。正如我們之前討論過的，我們正在承擔不從賣家那裡拿走人工智能生成的會議摘要的負擔。發布這一基於 AI 的功能後，我們的 NPS 自然增加了 20 個百分點以上，達到過去 18 個月以來的最高水平。

We've now delivered over 1 million meeting summaries since its release in May, and over 10% of our customer base has already integrated meeting summaries with Slack. We're also continuing to drive industry-leading profitability and remain steadfast in our commitment to compounding free cash flow growth. We expect to maintain a 40% margin, while we invest in product excellence, strengthen our long-standing AI leadership invest in data and platform expansion and add more sales capacity on the new business side, where we see increasing levels of demand.

自 5 月份發布以來，我們現已交付了超過 100 萬份會議摘要，超過 10% 的客戶群已將會議摘要與 Slack 集成。我們還將繼續推動行業領先的盈利能力，並堅定地致力於復合自由現金流增長。我們預計將保持 40% 的利潤率，同時我們投資於卓越的產品，加強我們長期的人工智能領導地位，投資於數據和平台擴展，並在新業務方面增加更多的銷售能力，我們看到新業務方面的需求水平不斷增加。

I remain confident in the value proposition of our platform, the ROI we are driving for our customers, and the improvements we're making to the product and our operations. Amid challenging conditions, we've seized the opportunity to prioritize enhancing our efficiency, refining our product offerings and optimizing our go-to-market and post-sale strategies. By doing that, we aim to position ourselves to capitalize on the demand rebound, as conditions in our customer base stabilize. With that, I'll turn the call over to Cameron.

我對我們平台的價值主張、我們為客戶帶來的投資回報率以及我們對產品和運營所做的改進仍然充滿信心。在充滿挑戰的條件下，我們抓住了機會，優先考慮提高效率、完善我們的產品供應以及優化我們的上市和售後策略。通過這樣做，我們的目標是隨著客戶群狀況的穩定，利用需求反彈的機會。這樣，我會將電話轉給卡梅倫。

Thanks, Henry. In Q2, we delivered revenue of $309 million, up 16% year-over-year and up 1.5% sequentially, as adjusted for days of revenue recognition. Adjusted operating income was $126 million in Q2 with a better-than-expected margin of 41%. GAAP net income was $38 million, and GAAP EPS was $0.09 per share. Non-GAAP EPS was $0.26 per share. As Henry indicated, the environment further degraded towards the end of the second quarter relative to expectations, putting incremental downward pressure on net retention. Software customers took further action to address challenges in their business, renewing for even less than what we had expected. This is particularly true of renewals that we are beginning to lap from last year, where some of the previous overbuying had already been addressed as those customers, on average, further reduced spend this year.

謝謝，亨利。第二季度，我們實現收入 3.09 億美元，按收入確認天數調整後，同比增長 16%，環比增長 1.5%。第二季度調整後營業收入為 1.26 億美元，利潤率好於預期，為 41%。 GAAP 淨利潤為 3800 萬美元，GAAP 每股收益為 0.09 美元。非 GAAP 每股收益為 0.26 美元。正如亨利指出的那樣，相對於預期，第二季度末環境進一步惡化，給淨保留率帶來了越來越大的下行壓力。軟件客戶採取了進一步的行動來應對業務中的挑戰，續訂費用甚至低於我們的預期。對於我們從去年開始進行的續訂尤其如此，之前的一些過度購買已經得到解決，因為這些客戶今年平均進一步減少了支出。

Given that we are beginning the second round of renewals in the current economic environment, we are prudently assuming that the renewal cycle through the end of the year continues to prove more challenging than last year. Additionally, during the quarter, we saw continued elevated write-offs for our smaller customers. The pressure on our software customers has manifested in revenue for those customers declining year-over-year, whereas ACV for the non-software industry grew 20-plus percent, relative to this time last year. The contribution from the software vertical now represents 35% of our overall business, down from 40%, a year ago. Meanwhile, many of our biggest customers are going deeper with the platform as evidenced by the 40% increase in million dollar-plus customers.

鑑於我們正在當前經濟環境下開始第二輪更新，我們謹慎地假設，到今年年底的更新周期將繼續比去年更具挑戰性。此外，在本季度，我們看到小客戶的沖銷持續增加。我們的軟件客戶面臨的壓力體現在這些客戶的收入同比下降，而非軟件行業的 ACV 與去年同期相比增長了 20% 以上。軟件垂直領域的貢獻目前占我們整體業務的 35%，低於一年前的 40%。與此同時，我們的許多最大客戶正在更深入地使用該平台，百萬美元以上客戶增加了 40% 就證明了這一點。

They are leveraging more operating systems and increasing spend, as they are getting tremendous value from the platform. Revenue from advanced functionality continues to help drive growth and now comprises 1/3 of our total revenue. Digging deeper into net retention, we saw fewer upsells and more downsells in Q2 with the mid-market impacted the most. We saw customers for whom renewals were impacted last year, further reduced their spend this year with customers from the 2021 and 2022 cohorts being particularly challenged. Taken together, we are adjusting our guidance for the full year. We are assuming that the climate will become even more challenging in the third and fourth quarter this year.

他們正在利用更多的操作系統並增加支出，因為他們從平台中獲得了巨大的價值。來自高級功能的收入繼續幫助推動增長，目前占我們總收入的 1/3。更深入地研究淨保留率，我們發現第二季度的追加銷售減少，而下跌銷售增加，其中中端市場受到的影響最大。我們看到去年續訂受到影響的客戶今年進一步減少了支出，其中 2021 年和 2022 年客戶面臨的挑戰尤其嚴重。總的來說，我們正在調整全年的指導。我們假設今年第三和第四季度的氣候將變得更具挑戰性。

As such, for the year, we expect to deliver 12% revenue growth at the midpoint down from our prior guidance of 17% growth. We remain committed to profitability and expect to maintain a 40% adjusted operating margin, even with the lower-than-expected revenue. We will continue to focus on efficiency and selectively hiring where we expect the investments will make the greatest impact. Turning to cash flow. Operating cash flow in Q2 was $117 million which included approximately $6 million of interest payments with lower interest payments related to the successful repricing of our first lien credit agreement in Q1.

因此，我們預計今年的收入增長將達到 12%，低於之前 17% 的增長預期。即使收入低於預期，我們仍然致力於盈利，並預計調整後的營業利潤率將保持在 40% 的水平。我們將繼續關注效率和選擇性招聘，我們預計投資將產生最大的影響。轉向現金流。第二季度的運營現金流為 1.17 億美元，其中包括約 600 萬美元的利息支付，其中利息支付較低與第一季度我們第一份留置權信貸協議的成功重新定價有關。

Unlevered free cash flow for the quarter was $122 million, a 39% unlevered free cash flow margin and representing 97% of adjusted operating income. For the full year, with lowered expectations for growth, we expect unlevered free cash flow conversion in the '90s as a percentage of adjusted operating income. With respect to the balance sheet, we ended the second quarter with $660 million in cash, cash equivalents and short-term investments. At the end of Q2, we carried approximately $1.25 billion in gross debt, all of which has fixed or hedged interest rates. We again drove an improvement in our leverage ratios with a net leverage ratio of 1.1x trailing 12 months adjusted EBITDA and 1.0x trailing 12 months cash EBITDA, which is defined as consolidated EBITDA in our credit agreement, down from 2.3x and 1.8x, respectively, as of June 2022.

本季度無槓桿自由現金流為 1.22 億美元，無槓桿自由現金流利潤率為 39%，佔調整後營業收入的 97%。就全年而言，隨著增長預期降低，我們預計 90 年代的無槓桿自由現金流佔調整後營業收入的百分比。就資產負債表而言，第二季度末我們的現金、現金等價物和短期投資為 6.6 億美元。截至第二季度末，我們的總債務約為 12.5 億美元，所有債務均具有固定或對沖利率。我們再次推動槓桿率的改善，過去 12 個月調整後 EBITDA 的淨槓桿率為 1.1 倍，過去 12 個月現金 EBITDA 為 1.0 倍（在我們的信貸協議中定義為合併 EBITDA），低於 2.3 倍和 1.8 倍，分別截至 2022 年 6 月。

During the second quarter, we repurchased 2.8 million shares of ZoomInfo stock at average price of $21.99 per share. To date, we have deployed a total of $87 million of the $100 million share repurchase authorization approved in March. And today, we announced that our Board has authorized a new $500 million share repurchase program. Given our strong free cash flow generation and healthy balance sheet, we expect to continue to opportunistically repurchase shares. With respect to liabilities and future performance obligations, unearned revenue at the end of the quarter was $443 million and remaining performance obligations, or RPO, were $1.1 billion, of which $849 million are expected to be delivered in the next 12 months. With that, let me turn to guidance.

第二季度，我們以每股 21.99 美元的平均價格回購了 280 萬股 ZoomInfo 股票。迄今為止，我們已部署了 3 月份批准的 1 億美元股票回購授權中的 8,700 萬美元。今天，我們宣布董事會已批准一項新的 5 億美元股票回購計劃。鑑於我們強勁的自由現金流產生和健康的資產負債表，我們預計將繼續機會性地回購股票。在負債和未來履約義務方面，本季度末的未實現收入為 4.43 億美元，剩餘履約義務（RPO）為 11 億美元，其中 8.49 億美元預計將在未來 12 個月內交付。接下來，讓我談談指導。

For Q3, we expect revenue in the range of $309 million to $312 million, adjusted operating income in the range of $124 million to $126 million and non-GAAP net income in the range of $0.24 to $0.25 per share. For the full year, we now expect to deliver revenue in the range of $1.225 billion to $1.235 billion and adjusted operating income in the range of $493 million to $498 million. We expect non-GAAP net income in the range of $0.99 to $1 per share based on 415 million weighted average diluted shares outstanding. We expect unlevered free cash flow in the range of $445 million to $455 million. Our full year guidance implies 12% revenue growth at the midpoint, and an adjusted operating margin of 40%.

對於第三季度，我們預計收入將在 3.09 億美元至 3.12 億美元之間，調整後營業收入將在 1.24 億美元至 1.26 億美元之間，非 GAAP 淨利潤將在每股 0.24 美元至 0.25 美元之間。目前，我們預計全年營收將在 12.25 億美元至 12.35 億美元之間，調整後營業收入將在 4.93 億美元至 4.98 億美元之間。基於 4.15 億股加權平均稀釋後流通股，我們預計非 GAAP 淨利潤將在每股 0.99 美元至 1 美元之間。我們預計無槓桿自由現金流在 4.45 億美元至 4.55 億美元之間。我們的全年指引意味著收入中值增長 12%，調整後的營業利潤率為 40%。

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

接下來，讓我將其轉交給接線員以開始提問。

(Operator Instructions) Our first question comes from Mark Murphy with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的馬克·墨菲。

Yes. I'm interested, when you look back in retrospect, why do you believe that the month of April or April and May together were seasonally stronger? And then demand, sounds like it downshifted again, thereafter because from the standpoint of macro headlines, it's -- we look around and we have the CPI readings are improving. There's actually good GDP growth in Q2. The Fed is slowing rate hikes, the banking crisis didn't spread so far anyway. What do you think is -- what is it that is causing incremental cautiousness for your customers later in Q2 or exiting out of Q2?

是的。我感興趣的是，當你回顧過去時，為什麼你認為四月或四月和五月一起季節性更強？然後，需求聽起來似乎再次下降，因為從宏觀頭條新聞的角度來看，我們環顧四周，消費者物價指數 (CPI) 讀數正在改善。實際上，第二季度的 GDP 增長良好。美聯儲正在放慢加息速度，無論如何銀行業危機還沒有蔓延到那麼遠。您認為是什麼導致您的客戶在第二季度晚些時候變得更加謹慎或退出第二季度？

Yes. Thanks, Mark. So the biggest driver in my mind is we started to lap those renewals that saw more scrutiny last year. And yes, those renewals really started to tick down much more than we expected. I also feel that we focus really on that new growth segment of our customers, and that continues to be more challenging. I think, people are focusing more on their existing businesses than necessarily finding new customers. So, while the kind of June impact had a modest impact to Q2, we have many more of those renewals coming up that were impacted last year that we feel have some incremental risk at this point, based on this first cohort of renewals coming through. And therefore, we want to make sure that we're taking a prudent view of the rest of the year and assume that those renewal trends worsen which we think is the right way to set expectations for the second half.

是的。謝謝，馬克。因此，我認為最大的推動因素是我們開始對去年受到更多審查的續約進行更新。是的，這些續訂確實開始比我們預期的要少得多。我還覺得我們真正關注客戶的新增長部分，這仍然更具挑戰性。我認為，人們更多地關注現有業務，而不是尋找新客戶。因此，雖然 6 月份的影響對第二季度影響不大，但我們還有更多去年受到影響的續訂，基於第一批續訂，我們認為目前存在一些增量風險。因此，我們希望確保對今年剩餘時間持謹慎態度，並假設這些更新趨勢會惡化，我們認為這是設定下半年預期的正確方法。

Yes. Okay. That makes sense. And then Henry, when we look at one of the items you're announcing in the earnings press release, you have 28 #1 grid rankings in G2 Crowd. I'm not sure how often we see that. It seems to convey industry leadership. Do you think that ZoomInfo's revenue growth of 12% this year is translating into higher or lower market share? Just when you compare across and you look -- think about that universe of your direct competitors, whether they be public or private, because it feels like this market has seen kind of the double or triple lightning strike. And it's maybe at times a little hard to just understand whether you're actually outperforming -- quite possibly outperforming what's happening in the broader industry, right now.

是的。好的。這就說得通了。然後亨利，當我們查看您在收益新聞稿中宣布的一項項目時，您在 G2 Crowd 中擁有 28 個排名第一的網格。我不確定我們多久會看到這種情況。它似乎傳達了行業領導地位。您認為 ZoomInfo 今年 12% 的收入增長會轉化為更高還是更低的市場份額？當你進行比較時，你會看到 - 想想你的直接競爭對手的世界，無論他們是公共的還是私人的，因為感覺這個市場已經經歷了兩次或三次閃電。有時可能有點難以理解你是否真的表現出色——很可能超越目前更廣泛的行業中正在發生的情況。

Yes. Thanks, Mark. I think, first, when I talk to my peers in the front office, particularly around sales and marketing technology. I hear a very similar sentiment of really tough renewals, really tough selling environment. I mean, I think about our peers and I think about LinkedIn. And if you look at LinkedIn, they came down from nearly 30% growth in a year ago to 5% growth today. And it's largely the same buyers, who are buying us for different reasons, but it is a front office sales and marketing side of the house.

是的。謝謝，馬克。我認為，首先，當我與前台的同事交談時，特別是圍繞銷售和營銷技術。我聽到了非常相似的情緒，即非常艱難的續約，非常艱難的銷售環境。我的意思是，我會考慮我們的同行，也會考慮 LinkedIn。如果你看看 LinkedIn，你會發現它們的增長率從一年前的近 30% 下降到了今天的 5%。基本上都是相同的買家，他們出於不同的原因購買我們，但這是公司的前台銷售和營銷方面。

And so, I think as it relates to our broader competitive set, when I think about our selling ability against them and our market leadership, as you pointed out, through G2 or TrustRadius, what I see is when we're in competitive situations, our win rates are increasing, we're getting higher ASPs. Our pipeline is increasing in the SMB segment where we see those competitors. And so, I see us really reinforcing our competitive position more so than -- much more so than any sort of speculation around losing market share here.

因此，我認為這與我們更廣泛的競爭環境有關，當我考慮我們針對他們的銷售能力以及我們的市場領導地位時，正如您所指出的，通過 G2 或 TrustRadius，我看到的是當我們處於競爭狀況時，我們的勝率不斷提高，平均售價也不斷提高。我們在中小企業領域的渠道正在增加，我們在其中看到了這些競爭對手。因此，我認為我們確實加強了我們的競爭地位，遠比任何圍繞失去市場份額的猜測要強得多。

It's very helpful to add that color around LinkedIn, which we did see in the recent Microsoft results.

在 LinkedIn 周圍添加這種顏色非常有幫助，我們在最近的微軟結果中確實看到了這一點。

Our next question comes 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 was hoping to unpack retention a little bit more and get some color on what's happening on the gross retention side, particularly as some of the 100,000 ACV logos were down again quarter-over-quarter. So does the incremental NRR downside, how much is that impacted by actually gross retention?

我希望能更多地了解保留率，並了解總保留率方面發生的情況，特別是在 100,000 個 ACV 徽標中的一些徽標再次出現季度環比下降的情況下。那麼，增量 NRR 的負面影響有多大，實際毛保留率對其影響有多大？

Yes. So, we are seeing modestly more cancellations this year than we saw last year. So we do expect gross retention to tick down a little, but more of the net retention in terms of our expectation is being impacted by fewer upsells and more downsells. So, it's more we're keeping those customers, but we're seeing the renewals being more challenging. And so yes, I think that's the real focus with respect to gross retention in 2023.

是的。因此，今年的取消訂單數量比去年略有增加。因此，我們確實預計總留存率會略有下降，但就我們的預期而言，更多的淨留存率會受到加售減少和降價銷售增加的影響。因此，我們更重要的是留住這些客戶，但我們發現續訂更具挑戰性。所以，是的，我認為這才是 2023 年總留存率的真正焦點。

And then, just as a quick follow-up on sales efficiency. I believe last quarter, you started to see some stabilization in Q1. How does that trend in Q2? And any sort of read-through, as it relates to your investment -- continued investment in sales and marketing heads.

然後，就像對銷售效率的快速跟進一樣。我相信上個季度，您開始看到第一季度出現一些穩定。第二季度的趨勢如何？以及任何形式的通讀，因為它與您的投資有關——對銷售和營銷主管的持續投資。

Yes. So we did see that sales efficiency also tick down in June, more than any other month. And I think, a lot of that is based on -- more on retention than it is necessarily on new sales. We are planning to continue to grow our sales capacity and particularly on the new sales side, to meet the demand that we see out there. And we expect that overall sales and marketing spend should grow more or less in line with revenue during the foreseeable future.

是的。因此，我們確實看到 6 月份的銷售效率也有所下降，比其他任何月份都要下降。我認為，這在很大程度上是基於——更多的是基於保留，而不是基於新的銷售。我們計劃繼續提高我們的銷售能力，特別是在新的銷售方面，以滿足我們看到的需求。我們預計，在可預見的未來，總體銷售和營銷支出的增長應或多或少與收入保持一致。

Our next question comes from Kash Rangan with Goldman Sachs.

我們的下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

Henry, I'm curious to get your take on the composition of the renewals with existing customers versus the downshifting of SKUs versus lower capacity expansion. There's a nonrenewal factor that there is a shrinkage of the speed. Could you just dive at the three different variables there. How do those trends look? And also, what is the first quarter, maybe this is for Cameron, where the trends really start to normalize and when you would comp against this compounding effect of these three factors. When do the trends bottom out?

Henry，我很想知道您對現有客戶的續約、SKU 降檔與較低產能擴張的構成有何看法。有一個不可更新的因素，即速度下降。你能深入研究一下那裡的三個不同變量嗎？這些趨勢看起來如何？而且，第一季度是什麼，也許這對卡梅倫來說是這樣的，趨勢真正開始正常化，當你對比這三個因素的複合效應時。趨勢何時見底？

Sure. So I'll talk a little bit about the kind of the full cancellations, which we are seeing a little bit more of that, particularly as our small business customers are challenged. But the bigger issue is more down selling that we see, particularly in technology. A bunch of that is reducing seats, but we also have customers that are just looking to spend less, as they're looking to optimize their cost structure. So oftentimes, we'll see not only a seat reduction, but sometimes a downshift from a lead to advanced or perhaps removing some of the other functionality if they either aren't using or don't perceive the same level of value in.

當然。因此，我將談談全面取消的情況，我們看到這種情況越來越多，特別是在我們的小企業客戶面臨挑戰的情況下。但更大的問題是我們看到更多的降價銷售，尤其是在科技領域。其中很大一部分是減少座位，但我們也有一些客戶只是希望減少支出，因為他們希望優化成本結構。通常，我們不僅會看到座位減少，而且有時會從領先轉向高級，或者如果他們不使用或沒有感知到相同水平的價值，可能會刪除一些其他功能。

So I think, the softness for us is more focused on seats, but we do see it in other places in terms of people trying to reduce their spend and really just trying to get to a spend point, particularly as it relates to new sales for them. They're trying to take that down as much as they can. And I think for us, when does that bottom, we're expecting a worsening environment through the remainder of the year in this renewal cycle. And then, our belief is that once we see the other side of that, once these customers are kind of fully, call it, lapping their higher lay off watermarks and the rethinking of their cost structure that there is the opportunity for us to accelerate that sequential growth, particularly in a world where ideally, we'll see a stabilization and improvement in the macro environment as well.

所以我認為，我們的疲軟更多地集中在座位上，但我們確實在其他地方看到人們試圖減少支出，實際上只是試圖達到支出點，特別是因為它與新銷售有關他們。他們正試圖盡可能地消除這種情況。我認為對我們來說，這個底部何時見底，我們預計在今年剩餘的時間裡，在這個更新周期中，環境將會惡化。然後，我們相信，一旦我們看到了另一面，一旦這些客戶完全接受了他們更高的裁員水位並重新考慮了他們的成本結構，我們就有機會加速這一點連續增長，特別是在理想情況下，我們也將看到宏觀環境的穩定和改善。

Our next question comes from Joshua Reilly with Needham.

我們的下一個問題來自約書亞賴利和李約瑟。

Yes. If you look at the churn that's kind of coming online here, a little bit more than expected, how much of that is seats within the company and contact database subscriptions versus the advanced functionality products? And how should we think about the growth trajectory of advanced functionality here relative to the company and contact database subscriptions for the balance of the year?

是的。如果你看看這裡出現的在線流失情況，比預期多一點，那麼與高級功能產品相比，其中有多少是公司內部的席位和聯繫人數據庫訂閱？我們應該如何考慮這裡的高級功能相對於公司的增長軌跡以及今年剩餘時間的聯繫數據庫訂閱？

So certainly, we do see a fair amount of pressure within, I'll call it, the core functionality that we offer. And a big part of that is seat reductions from clients that are looking to optimize their spend levels. There is some pressure on what I think of as advanced functionality, but advanced functionality does continue to grow much more quickly than the core data functionality that we offer is evidenced by the fact that it's now 1/3 of our kind of total revenue.

當然，我們確實在我們提供的核心功能中看到了相當大的壓力。其中很大一部分原因是希望優化支出水平的客戶減少了席位。我認為高級功能面臨一些壓力，但高級功能確實比我們提供的核心數據功能增長得更快，這一點可以從它現在占我們總收入的 1/3 的事實證明。

I think that as we think forward, yes, I think the renewal opportunity for us will continue to be challenged through the remainder of the year based on our guidance. And I'd expect a similar dynamic where customers will be looking to optimize their spend. And some of that will come from reducing the seats that they're utilizing. And I think that when they have the opportunities, they may also look to reducing some of their advanced functionality, where they can.

我認為，當我們展望未來時，是的，我認為根據我們的指導，我們的續約機會將在今年剩餘時間內繼續面臨挑戰。我預計也會出現類似的動態，客戶會尋求優化他們的支出。其中一些將來自減少他們正在使用的座位。我認為，當他們有機會時，他們也可能會盡可能減少一些高級功能。

And then just a quick follow-up on that. When these customers like the one in the opening example come to you and say, I want to reduce my seats from 100 to 20, are you letting them cut their contracts before renewal? Or how are you managing these downsells, as maybe more coming in, in the near term here than you previously expected?

然後對此進行快速跟進。當像開頭例子中的這些客戶來找你說，我想將座位從 100 個減少到 20 個時，你會讓他們在續約之前終止合同嗎？或者，您如何管理這些降價銷售，因為短期內可能會有比您之前預期的更多的降價銷售？

Yes, pre-renewal what we're trying to do with them if they've laid off a chunk of their go-to-market teams, which we're obviously seeing a lot of. What we're trying to work through with them is this kind of centralized data strategy that I talked about with the transportation and logistics company, where they can exchange essentially their seats in sales OS for data that cleanses and enriches their CRM, marketing automation systems, their Snowflake or Databricks databases. And so, we're driving them to the centralized data strategy, which with that transportation and logistics firm actually increased overall spend with ZoomInfo. But our goal is to maintain that spend, when there is a drastic cut until renewal, and we know that at renewal time, if we can swap in Data-as-a-Service and enrichment, then we can maintain that spend.

是的，如果他們裁掉了大部分市場營銷團隊，那麼我們要預先更新我們正在嘗試對他們做的事情，我們顯然已經看到了很多這樣的情況。我們正在嘗試與他們合作的是我與運輸和物流公司討論過的這種集中數據策略，他們可以用銷售操作系統中的席位交換數據，從而淨化和豐富他們的 CRM、營銷自動化系統、他們的 Snowflake 或 Databricks 數據庫。因此，我們正在推動他們採用集中式數據策略，該策略與運輸和物流公司一起實際上增加了 ZoomInfo 的總體支出。但我們的目標是維持這一支出，當續訂之前大幅削減時，我們知道在續訂時，如果我們可以交換數據即服務和豐富性，那麼我們就可以維持這一支出。

Yes. Just to be clear, we don't allow customers to reduce their spend before the renewal, but we do encourage people to swap in services that they can use if they're not using all of their seats or some other portion of their functionality.

是的。需要明確的是，我們不允許客戶在續訂之前減少支出，但我們確實鼓勵人們交換他們可以使用的服務（如果他們沒有使用所有席位或其他部分功能）。

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

我們的下一個問題來自美國銀行的 Koji Ikeda。

I wanted to ask you a question on how to think about when revenue growth could bottom and potentially reaccelerate. So, when we look at the full year guidance here, the implied exit growth rate is right about 3%. So if that proves true, and we look at the setup for 2024, the first half of 2024 really had some tough comps here. And I realize you're not guiding to 2024 today. But just how should we be thinking about when revenue growth could bottom and start to reaccelerate?

我想問你一個問題，如何思考收入增長何時觸底並可能重新加速。因此，當我們查看全年指導時，隱含的退出增長率約為 3%。因此，如果事實證明這是真的，那麼我們看看 2024 年的安排，就會發現 2024 年上半年確實有一些艱難的競爭。我意識到你今天並沒有指引 2024 年。但我們應該如何考慮收入增長何時觸底並開始重新加速呢？

Yes. So at this point, we are not guiding to 2024. We do continue to believe that the current momentum in the business is best measured by the sequential revenue growth that we generate. We're expecting that we will have challenging renewal cycles through the end of the year. We do believe that once we get through these renewal cycles and realistically, I view the peak of kind of layoffs and negativity as being probably Q1 of 2023. So, once we're through the renewal cycle that laps that, I do believe that there's the opportunity to reaccelerate growth, particularly as the macroeconomic environment potentially stabilizes or improves in that time period as well.

是的。因此，目前我們的目標不是 2024 年。我們仍然相信，當前的業務勢頭最好通過我們產生的連續收入增長來衡量。我們預計到今年年底我們將面臨充滿挑戰的更新周期。我們確實相信，一旦我們經歷了這些更新周期，實際上，我認為裁員和消極情緒的峰值可能會在 2023 年第一季度。因此，一旦我們經歷了更新周期，我確實相信，重新加速增長的機會，特別是在宏觀經濟環境也可能在這段時間內穩定或改善的情況下。

Got it. And just maybe one follow-up here. Net revenue retention, I realized it was $104 million exit in 2022. And I know you guys don't give it on a quarterly basis, but any sort of commentary or color on what did it look like in the second quarter, and maybe even bifurcated between software and other verticals, too.

知道了。也許這裡只是一個後續行動。淨收入保留，我意識到 2022 年的退出額為 1.04 億美元。我知道你們不會按季度提供，但對第二季度的情況有任何評論或色彩，甚至可能軟件和其他垂直行業之間也存在分歧。

Yes. So we continue to see pressure, particularly in the software world. So, I think if you back into the guidance, you'd see that our expectations for net revenue retention are closer to 90% or even in the high 80s through the end of the year, assuming the incremental pressure that we expect in Q3 and Q4.

是的。因此，我們繼續面臨壓力，尤其是在軟件領域。因此，我認為，如果您回到指導，您會發現我們對淨收入保留的預期接近 90%，甚至在年底前達到 80%，假設我們預計第三季度的增量壓力和Q4。

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。

Henry, the advancements in AI in any way, make it easier for data (inaudible) starts to ramp up or companies themselves to source more of their B2B data independently without the need for a third-party solution. I'm just -- I'm trying to assess like whether AI could actually create a competitive shift against you guys in any way?

Henry，無論以何種方式，人工智能的進步都使數據（聽不清）開始增加或公司本身更容易獨立地獲取更多 B2B 數據，而無需第三方解決方案。我只是——我正在嘗試評估人工智能是否真的可以以任何方式創造對你們的競爭轉變？

DJ, I have spent a ton of time trying to really understand that question, and try to really understand how generative AI could help a start up sort of jump out of the gate with something that was maybe more unique or accurate or had more coverage. And I've had the smartest people here at ZoomInfo spend time on that as well. And everywhere we look, what we realize is that ultimately, what generative -- what's the large language model, whether it's Bard or open AI or anything else or doing is that they're collecting data from the public web. And we collect data from the public web too, and we incorporate it into our platform. It's additive, but it's not the reason why customers buy ZoomInfo. They buy ZoomInfo for all of the proprietary data, all the proprietary signals and the proprietary data asset that we're able to put together through our community addition, through our customer contributory network, through our DSP that collects intent data, through our social graph that gather IP to company data.

DJ，我花了很多時間試圖真正理解這個問題，並嘗試真正理解生成式人工智能如何幫助初創公司以更獨特、更準確或覆蓋範圍更廣的東西跳出大門。 ZoomInfo 最聰明的人也在這方面投入了時間。無論我們看到什麼，我們都意識到，最終，什麼是大型語言模型，無論是 Bard 還是開放人工智能或其他任何東西或正在做的事情是他們從公共網絡收集數據。我們也從公共網絡收集數據，並將其合併到我們的平台中。它是附加的，但這不是客戶購買 ZoomInfo 的原因。他們購買 ZoomInfo 來獲取所有專有數據、所有專有信號和專有數據資產，我們能夠通過我們的社區添加、通過我們的客戶貢獻網絡、通過我們收集意圖數據的 DSP、通過我們的社交圖譜將這些資產組合在一起收集 IP 到公司數據。

These are unique proprietary data signals across billions and billions of data points that are not available publicly, and they're not available on the LOM. And so if you want to know the 10 largest companies in Atlanta, the LOM is pretty good at telling you that. But any further than that, you get really stuck with sort of either junky data, not available data, not accurate data. And what we know from 17 years of operating in this space, is that 70% accuracy, 80% accuracy data just does not do the trick for B2B sellers and B2B marketers. And so, not only is the data set incredibly proprietary and not available, but also that additional work that we've done to take data sets to 90%, 95% accuracy, that work is necessary for sales and marketing professionals. And it's where we make a really big difference.

這些是跨越數十億個數據點的獨特專有數據信號，這些信號不公開，並且在 LOM 上不可用。因此，如果您想了解亞特蘭大最大的 10 家公司，LOM 非常擅長告訴您這一點。但除此之外，您實際上會陷入垃圾數據、不可用數據或不准確數據的困境。我們從該領域 17 年的運營經驗中了解到，70% 準確度、80% 準確度的數據對於 B2B 賣家和 B2B 營銷人員來說根本不起作用。因此，不僅數據集是令人難以置信的專有且不可用，而且我們為使數據集達到 90%、95% 的準確性而所做的額外工作對於銷售和營銷專業人員來說是必要的。這就是我們真正發揮巨大作用的地方。

Yes. Okay. That makes sense. Cameron, one quick one for you just on guidance philosophy. I mean, I hear you talk. It sounds like you're taking a pretty cautious outlook at the back half of the year. Would you say there's more conservatism in there than may have been contemplated in prior periods?

是的。好的。這就說得通了。卡梅倫，為您簡單介紹一下指導理念。我是說，我聽到你說話了。聽起來您對今年下半年的前景持相當謹慎的態度。您是否認為其中的保守主義程度比之前時期的預期要多？

Yes, there's more conservatism in there than they have been contemplated in prior periods. So I think we are seeing -- we're continuing to see degradation in the trend, particularly with respect to software and technology clients, but just overall renewals. And we think it's a healthy point of view to expect that to degrade in the second half of the year versus our prior guidance that assumed a stabilization, which we did see at the end of Q1 and beginning of Q2. But I think that given what we saw in June, it's a healthy view to insert more conservatism into the second half.

是的，其中的保守主義比之前時期的預期要多。所以我認為我們正在看到——我們繼續看到趨勢的退化，特別是在軟件和技術客戶方面，但只是整體更新。我們認為，與我們之前假設穩定的指導相比，預計下半年會出現下降是一個健康的觀點，我們在第一季度末和第二季度初確實看到了這種情況。但我認為，鑑於我們在 6 月份看到的情況，在下半年註入更多保守主義是一個健康的觀點。

Our next question comes from Michael Turrin with Wells Fargo.

我們的下一個問題來自富國銀行的邁克爾·特林。

I just -- I want to go back to the commentary on renewal impacts and the degradation. And just see, if we can spend some more time just understanding what's assumed for the back half and maybe if there's any way to just think through how that compares to today. And part of the question is just intended to understand the software cohort. Is it fair to assume that, that sector is more biased towards the end of the year? And if that seasonal shape is right, just help us think through how you're approaching forecasts into that group with what's embedded here for the rest of the year?

我只是——我想回到關於更新影響和退化的評論。看看我們是否可以花更多時間來了解後半部分的假設，也許是否有任何方法可以思考一下與今天相比如何。問題的一部分只是為了了解軟件群體。可以公平地假設，該行業更偏向於年底嗎？如果這個季節性形狀是正確的，請幫助我們思考一下您如何根據今年剩餘時間的內容對該組進行預測？

Yes, sure. So yes, the software cohort is a little bit more weighted towards Q4 than other quarters. But we do see software expirations and renewals, obviously, in every quarter. What we really began to see at the end of Q2 was that those renewals that were more challenging last year and where some people have taken out some of the overbuying from previous timeframes. Yes, I think you naturally would have assumed that those might have been a little bit more stable in the kind of as we come into that second renewal with them. And what we've seen is that they've renewed for even less.

是的，當然。所以，是的，軟件群體在第四季度的權重比其他季度要高一些。但顯然，我們每個季度都會看到軟件到期和更新。我們在第二季度末真正開始看到的是去年更具挑戰性的續約，以及一些人已經消除了之前時間範圍內的一些超額購買。是的，我想你自然會認為，當我們與他們進行第二次更新時，這些可能會更加穩定。我們所看到的是，他們的續訂費用甚至更低。

And part of that is that their view of the world has probably degraded, since they first saw the kind of challenges in their business. And I think that for many companies, that view of the world continued to degrade through to Q1 of 2023. So, based on that evidence where we're seeing more challenging renewals for those customers in this kind of first set that we're really renewing at the end of Q2, we think it's a prudent way to view the world to assume that, that gets even worse in Q3 and Q4 as we go forward. And so that is the assumption that we built the guidance off of.

部分原因是，自從他們第一次看到業務中的此類挑戰以來，他們的世界觀可能已經退化。我認為，對於許多公司來說，這種世界觀一直持續惡化到 2023 年第一季度。因此，根據這些證據，我們看到這些客戶在此類第一組中面臨更具挑戰性的續約，我們真的在第二季度末更新，我們認為這是一種謹慎的看待世界的方式，假設隨著我們的前進，第三季度和第四季度情況會變得更糟。這就是我們制定指南的假設。

A tiny follow-up, you mentioned June worsening. Is there anything you can add just if that is held consistent through July or where we currently sit?

一個小小的後續行動，你提到了六月份的情況惡化。如果整個七月或我們目前的情況都保持一致，您還有什麼可以補充的嗎？

I think July is consistent with June. So it hasn't necessarily worsened, but it's not -- certainly not gotten better and I'd say, consistent with where we ended the quarter.

我認為七月與六月是一致的。因此，情況不一定會惡化，但也不會——肯定不會好轉，我想說，這與我們本季度末的情況一致。

Our next question comes from Parker Lane with Stifel.

我們的下一個問題來自 Parker Lane 和 Stifel。

Henry, when you look at the 40% growth in million-plus customers this quarter, I was wondering, if you could give us a better understanding of the composition of those customers. Obviously, there's a lot of headwinds in the technology and software space, but when you look at the uptick there, is that primarily that cohort that is evolving into million-plus? Or are you seeing a healthy amount of sort of nonsoftware and technology companies coming in there as well?

Henry，當您看到本季度超過 100 萬的客戶增長 40% 時，我想知道您是否能讓我們更好地了解這些客戶的構成。顯然，技術和軟件領域存在很多阻力，但是當你看到那裡的增長時，你會發現主要是那些正在發展到百萬以上的群體嗎？或者您是否看到大量非軟件和技術公司也進入其中？

Yes, we're seeing a good amount of financial services companies come in there. We're seeing transportation and logistics companies find their way in there. And then, we are still seeing sort of large enterprise tech has weathered the storm in a very different way. They're not going from 100 sales reps to 20 sales reps like the example that I talked about. And so, they continue to be large customers in our $1 million cohort. And then that cohort is buying a multitude of our platforms. They're buying Sales OS, they're buying data as a service, they're buying marketing OS.

是的，我們看到大量的金融服務公司進入其中。我們看到運輸和物流公司正在尋找出路。然後，我們仍然看到大型企業技術以一種非常不同的方式度過了這場風暴。他們不會像我提到的例子那樣從 100 名銷售代表增加到 20 名銷售代表。因此，他們仍然是我們 100 萬美元群體中的大客戶。然後這個群體購買了我們的眾多平台。他們正在購買銷售操作系統，他們正在購買數據即服務，他們正在購買營銷操作系統。

There's not a single customer in the $1 million cohort that's buying just one platform or one product offering from ZoomInfo. And so, they're buying multiple of the products. And so in the strategic enterprise, we're seeing that multiproduct strategy really play out for us. And it's -- there still continues to be a decent amount of software and technology companies in the $1 million cohort, but it's also -- we're also seeing these new entrants come in as well.

在價值 100 萬美元的客戶群體中，沒有一個客戶只購買 ZoomInfo 的一個平台或一種產品。因此，他們購買了多種產品。因此，在戰略企業中，我們看到多產品戰略確實為我們發揮了作用。在 100 萬美元的隊列中仍然有相當數量的軟件和技術公司，但我們也看到這些新進入者也進來了。

Our next question comes from Alex Zukin with Wolfe Research.

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

So maybe just at a high level, if we think about the percentage of the business in the tech vertical, the 35%, down from 40% a year ago, where does that -- like as you exit the year, if we think about kind of a low single-digit growth rate to exit the year as we think about the rest of the nontech cohort growing ACV at 20%. Like I know you're not giving guidance for calendar '24. But at a high level, we're trying to all get a sense around the magnitude of the deceleration and at least a map on how it gets back on track.

因此，也許只是在較高的層面上，如果我們考慮一下技術垂直領域的業務比例，從一年前的 40% 下降到 35%，那麼，就像你今年退出時，如果我們考慮一下考慮到其他非科技行業的 ACV 增長率為 20%，今年退出的增長率有點低。就像我知道你不會為日曆 '24 提供指導。但在較高層面上，我們正​​在努力了解減速的幅度，並至少了解減速如何回到正軌的地圖。

And so, is the thought process here that look, tech overbought, they pre-bought and now they're rightsizing. And over the next 12 months, tech is going to go from 40% to 10% business, and then this 20% that the rest of the business is going to drive a reacceleration back into the teens? Or what's -- like build us the math, if you will, at least conceptually for how you don't grow low single digits next year.

因此，這裡的思維過程看起來是，科技超買了，他們預先購買了，現在他們正在調整規模。在接下來的 12 個月裡，科技業務將從 40% 上升到 10%，然後剩下的 20% 業務將重新加速回到十幾歲？或者，如果你願意的話，可以為我們建立數學模型，至少在概念上告訴我們明年如何不出現低個位數的增長。

So, I would continue to think of the world, Alex, in terms of sequential growth. And I think as we think about sequential growth certainly through the current renewal cycle, which would take us through Q4 and maybe Q1. I do think that we're going to have a challenging timeframe. I think that after that, there is the potential for tech to have cleared out their historical overbuying. And depending on where that business -- where their own business goes to the extent that they start thinking about growth in their business, again, there's the potential for that segment of our business to improve.

所以，亞歷克斯，我會繼續從連續增長的角度來思考這個世界。我認為，當我們考慮當前的更新周期中的連續增長時，這將帶我們度過第四季度，也許是第一季度。我確實認為我們將面臨一個充滿挑戰的時間框架。我認為在那之後，科技股有可能消除歷史上的過度購買。取決於該業務的發展方向——他們自己的業務發展到他們開始考慮業務增長的程度，我們的這部分業務有潛力得到改善。

And I think with respect to the other industries that are out there, those are industries that we are still very lightly penetrated in that there's a ton of opportunity for us to continue to help people modernize and improve their go-to-market motions. And while there's inertia, many of those businesses have been around for decades, sometimes centuries. We have good success in helping them go to market in a more advanced way. And I think that, yes, we'd like to see that part of the business continue to grow at a good clip that overall, between those two, we do see some opportunity to accelerate from the sequential growth that we'll see in the second half of this year.

我認為，相對於其他行業，我們對這些行業的滲透率仍然很低，因為我們有大量機會繼續幫助人們實現現代化並改進他們的市場進入行動。儘管存在慣性，但其中許多企業已經存在了幾十年，有時甚至幾個世紀。我們在幫助他們以更先進的方式進入市場方面取得了巨大成功。我認為，是的，我們希望看到這部分業務繼續以良好的速度增長，總體而言，在這兩者之間，我們確實看到了一些加速連續增長的機會，我們將在今年下半年。

And I think, Alex, one of the things that we're doing internally operationally is giving our -- working with those customers as they downsize, so that they stay with us, and we have an opportunity to grow with them in the future. We have another customer example that had literally 600 salespeople in 2021, has 20 today. And that's a contract that was in our 100,000 cohort and is now a $30,000 a year contract, but our mentality around that is let's work with this customer, let's keep the contract. We're both on the same page about growing back up with them in the future. And so from a gross retention perspective, we're doing everything we can to hold on to those customers, so that they turn the corner and start thinking about growth again that we're a trusted partner on that journey.

我認為，亞歷克斯，我們在內部運營方面所做的事情之一就是在這些客戶裁員時與他們合作，以便他們留在我們身邊，我們有機會在未來與他們一起成長。我們還有另一個客戶示例，2021 年實際上有 600 名銷售人員，現在有 20 名。這是我們 100,000 名客戶中的一份合同，現在是每年 30,000 美元的合同，但我們的心態是讓我們與這個客戶合作，讓我們保留合同。對於未來與他們一起成長，我們的看法是一致的。因此，從總體保留的角度來看，我們正在盡一切努力留住這些客戶，以便他們渡過難關並再次開始考慮增長，因為我們是這一旅程中值得信賴的合作夥伴。

That makes sense. And then, I guess maybe just from the AI angle. But a lot of companies have either talked about products or SKUs or strategies. And as I kind of sit back and think about ZoomInfo, you're kind of at the center of making sure that the data pipeline is healthy, that the data is clean, that the data is accurate. When you think about your ability to monetize product size and create a new growth lever from your -- what looks like strategic positioning, is that a 6 months? Is that a quarter? Is that a year? Is that part of the advanced SKU? Like how does that ultimately look for you guys?

這就說得通了。然後，我想也許只是從人工智能的角度來看。但很多公司要么談論產品，要么談論SKU，要么談論策略。當我坐下來思考 ZoomInfo 時，您處於確保數據管道健康、數據乾淨、數據準確的中心位置。當您考慮通過產品規模貨幣化並從您的戰略定位中創建新的增長槓桿的能力時，這是否是 6 個月？那是四分之一嗎？那是一年嗎？這是高級 SKU 的一部分嗎？你們最終覺得怎麼樣？

Yes. Look, I think about this in a couple of ways. One is everybody is pretty focused on the last mile, when it comes to generative AI and go-to-market. And so, what you hear people talking about it, can you write the e-mail for me? Can you contextualize the e-mail for me? Can you make it personalized and one-on-one to my customers for me? And they get really wrapped around and excited about that last mile of generative AI, which, by the way, generative AI is the best at being able to kind of write things when fed the right prompt. And what they lose focus on is everything that has to go into the model to actually get you good context, good content on the way out.

是的。聽著，我從幾個方面思考這個問題。其一是，當談到生成式人工智能和進入市場時，每個人都非常關注最後一英里。那麼，你聽到人們在談論它，你能為我寫一封電子郵件嗎？您能為我介紹一下這封電子郵件的背景嗎？您能為我的客戶提供個性化的一對一服務嗎？他們對生成式人工智能的最後一英里感到非常興奮，順便說一句，生成式人工智能最擅長在正確的提示下編寫東西。他們失去關注的是模型中必須包含的所有內容，以便真正為您提供良好的背景和良好的內容。

And so, we think we're really well positioned, number one, to say, hey, if you really focus on that last mile, then you can't get there without an infrastructural element of our data, seating that continuously keeping it enriched and up-to-date and giving you a full view of the customer that you're reaching out to? I think secondly, we think we're in a pretty interesting position to actually deliver the last mile as well. And so internally, we have a number of generative AI projects that are already out in beta in our customers' hands that they're testing, everything from search in our platform to contextualize e-mails based on Chorus conversations and ZoomInfo data, those are already out with customers. And the ones that we believe will drive the most value for our end users, we're going to release. We expect to have a number of releases in the back half of this year or around that.

因此，我們認為我們的定位非常好，第一，嘿，如果你真的專注於最後一英里，那麼如果沒有我們數據的基礎設施元素，你就無法到達那裡，座位不斷豐富它是最新的並且能讓您全面了解您所聯繫的客戶嗎？我認為其次，我們認為我們處於一個非常有趣的位置，可以實際交付最後一英里。因此，在內部，我們有許多生成式人工智能項目，這些項目已經在客戶手中進行測試，他們正在測試，從我們平台中的搜索到基於 Chorus 對話和 ZoomInfo 數據的上下文化電子郵件，這些都是已經和顧客出去了。我們將發布那些我們相信將為最終用戶帶來最大價值的產品。我們預計將在今年下半年或前後發布一些版本。

Our next question comes from Taylor McGinnis with UBS.

我們的下一個問題來自瑞銀集團的泰勒·麥金尼斯。

This might be a tough one to answer, but Cameron, you mentioned some of these customers that may have overbought. So, as we look throughout the rest of the year, I guess, where do we stand in terms of innings maybe and working through those renewals where customers may have overbought or still rightsizing? Is there still a fair amount of those customers that are coming up for renewal in 3Q and 4Q of this year? And maybe, any color you can give on how this upcoming renewal base might compare to what we saw in the first half of this year and 4Q of last year?

這可能很難回答，但卡梅倫，你提到了其中一些客戶可能已經超買了。因此，當我們展望今年剩餘時間時，我想，我們在局數方面可能處於什麼位置，並在客戶可能超買或仍在調整規模的情況下完成這些續約？今年第三、四季度續約的客戶數量還多嗎？也許，您可以對即將到來的更新基地與我們今年上半年和去年第四季度所看到的情況進行比較有何看法？

Yes. So certainly, I think based on our guidance and the view that the renewal environment could get more challenging, as we go into the third and fourth quarter. There are definitely a bunch of clients who still have the potential to down sell in the second half. I think that when you think about their overbuying, part of this is a question of overbuying against what's their base. And to the extent that their view of the world changed, between when they renewed perhaps in September or November, December versus where it is coming this year.

是的。當然，我認為根據我們的指導和觀點，隨著我們進入第三季度和第四季度，更新環境可能會變得更具挑戰性。下半年肯定還有很多客戶還有降價的潛力。我認為，當你考慮他們的過度購買時，部分原因是相對於他們的基礎進行過度購買的問題。在某種程度上，他們對世界的看法發生了變化，從他們在 9 月或 11 月更新時到 12 月與今年的更新之間。

I think that's the conservatives that we want to make sure that we've built in, because we're seeing those customers that did put additional scrutiny on renewals in June of last year, as the environment started to degrade for most customers. And then, we're seeing them come back and further reducing their spend with us. So I think, in terms of this renewal cycle, this renewal cycle probably goes through Q4, if not Q1. And I think that you can decide what inning that is, but it's certainly not the seventh or eighth.

我認為我們希望確保我們已經建立了保守派，因為我們看到去年 6 月那些客戶確實對續訂進行了額外的審查，因為大多數客戶的環境開始惡化。然後，我們看到他們回來並進一步減少在我們這裡的支出。所以我認為，就這個更新周期而言，這個更新周期即使不是第一季度，也可能會經歷第四季度。我認為你可以決定那是哪一局，但肯定不是第七局或第八局。

Our next question comes from Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Can I just -- I'm sorry to kind of beat a dead horse here, but if you think about Cameron, what you saw in Q1, Q2 on renewals, and the basis of stemming that you delivered in that? And then, if I think about the second half where you're kind of hitting some comps that already kind of -- had kind of taken down numbers. Why would it get worse? Like at the moment, you would renew in clean renewals from people that have never cut anything and you're getting like a certain number out there in the second half, you kind of renew people that already kind of cut once and kind of might cut again. Like why is it getting worse? Like I might have a mental blockage here.

我可以--我很抱歉在這裡有點死馬了，但如果你想想卡梅倫，你在第一季度、第二季度的續約方面看到了什麼，以及你在其中提供的阻止基礎？然後，如果我想到下半場，你會遇到一些已經有所下降的比賽。為什麼情況會變得更糟？就像現在一樣，你會從那些從未削減過任何東西的人那裡進行乾淨的續約，並且在下半年你會得到一定數量的人，你會續約那些已經削減過一次並且可能會削減的人再次。比如為什麼情況會變得更糟？好像我這裡可能有精神障礙。

And that is the -- that is what we are laying out, Raimo, is that a normal mental model of they cut once last year, and therefore, that has the potential to be more smooth this year. That created room in our kind of previous view that there are other ones that didn't cut last year that we have room to reduce against and that we should see a kind of stable environment in terms of sales efficiency. What we're seeing is that the June cohort, which are really the first ones that really were able to apply that additional scrutiny based on pressure they were seeing in their businesses last year. Those are renewing worse.

這就是——這就是我們所提出的，雷莫，他們去年削減了一次正常的心理模型，因此，今年有可能更加順利。這為我們之前的觀點創造了空間，即去年沒有削減的其他產品我們有削減的空間，並且我們應該在銷售效率方面看到一種穩定的環境。我們看到的是六月的那一批人，他們實際上是第一批真正能夠根據去年在業務中看到的壓力進行額外審查的人。那些更新更糟。

So in a world where those are renewing worse and the ones that didn't have that sort of scrutiny last year were a little late to the game also have potential risk to them. That creates a harder environment than we had last year.

因此，在這些更新更糟糕的世界裡，那些去年沒有受到這種審查的人來得有點晚，對他們來說也有潛在的風險。這創造了一個比去年更困難的環境。

Our next question comes 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, I appreciate your answer to Alex's question about generative AI and delivering the last mile, but in a world that's moving pretty fast with Sales copilot for Microsoft, sales GPT from Salesforce and everybody is singing the AI song. Is there any reason to believe this is maybe another factor slowing down customer decisions, as they acclimate to all this change that's happening around them?

Henry，我很感謝你對 Alex 關於生成式 AI 和交付最後一英里的問題的回答，但在一個快速發展的世界中，微軟的銷售副駕駛、Salesforce 的銷售 GPT 以及每個人都在唱人工智能之歌。有沒有理由相信這可能是減緩客戶決策的另一個因素，因為他們正在適應周圍發生的所有這些變化？

I haven't seen any evidence of that when I talk to our customers, I haven't seen any evidence that the pace of change with generative AI is driving a slowdown in their decision-making. So, I couldn't tell you that, that's something that is happening today or a trend that I would see in the future. What I will tell you is whether you're using Microsoft's Copilot or you're using Salesforce Design Stein, or are you using anything else from a generative AI perspective in your go-to-market motion. It has to go grab data that exists somewhere in your systems in order to generate who you should be reaching out to, why you should be reaching out to them, when you should be reaching out to them, what you should be saying to them, what technologies and partners they currently use, whether they just raised funding, how big they are who the CIO is, who the direct reports to the CIO is, how to actually get in contact with them.

當我與客戶交談時，我沒有看到任何證據表明生成式人工智能的變革步伐正在導致他們的決策速度放緩。所以，我無法告訴你，這是今天正在發生的事情或我將來會看到的趨勢。我要告訴你的是，你是否正在使用 Microsoft 的 Copilot，或者你正在使用 Salesforce Design Stein，或者你是否在你的上市動議中使用了從生成人工智能角度來看的其他任何東西。它必須抓取系統中某個地方存在的數據，以便生成您應該聯繫誰、為什麼您應該聯繫他們、您應該何時聯繫他們、您應該對他們說些什麼，他們目前使用什麼技術和合作夥伴，他們是否剛剛籌集了資金，他們的規模有多大，CIO 是誰，誰直接向 CIO 報告，如何與他們實際聯繫。

And so, all of that gets forgotten because the LLM can write a really great message. But what goes into it is largely going to be leveraged from the systems you already have. And if you go around any customer and you ask them, how do you feel about the data in your CRM, how do you feel about the data in your marketing automation system. How do you feel about the data accuracy in your data warehouses? Not a single one of them will tell you it's good enough to put into a generative AI model to spit out automated content that gets sent out to their most important customers.

因此，所有這些都被遺忘了，因為法學碩士可以寫出非常偉大的信息。但其中的內容很大程度上將利用您已有的系統。如果您拜訪任何客戶並詢問他們，您對 CRM 中的數據有何看法，您對營銷自動化系統中的數據有何看法。您對數據倉庫中的數據準確性有何看法？他們中沒有一個人會告訴你，將其放入生成人工智能模型中以生成自動內容並發送給他們最重要的客戶就足夠了。

And so, we sit in a really important position today, as customers go to leverage those tools and begin realizing that they actually can't leverage them in a real way unless they're coming to ZoomInfo. We have a large -- this quarter, a large multinational media company, came to us with exactly that vision. We want these spoke messages sent out to our customers using generative AI. And as soon as they came up to try to deliver that, they realize, well, we don't really have the data to be able to write bespoke messages to the right customers at the right time with the right messaging. And so, we become that infrastructural element. Now it's incumbent on us to make sure customers understand us for that, but that is a meaningful change in the world that should be a tailwind for us in the future.

因此，我們今天處於一個非常重要的位置，因為客戶開始利用這些工具並開始意識到，除非他們使用 ZoomInfo，否則他們實際上無法真正利用它們。本季度，一家大型跨國媒體公司帶著同樣的願景來到我們這裡。我們希望使用生成人工智能將這些輻條消息發送給我們的客戶。當他們嘗試提供這一服務時，他們意識到，我們確實沒有數據能夠在正確的時間使用正確的消息向正確的客戶編寫定制消息。因此，我們成為了基礎設施元素。現在我們有責任確保客戶理解我們這一點，但這是世界上一個有意義的變化，應該成為我們未來的順風車。

Henry, that's really helpful. Cameron, a quick one for you. Is it fair to assume your average discount is actually improving as customers cut seats, because I have to believe it's critical that the reps your customers have left that they'd be as productive as possible. So, are you able to renegotiate pricing up in the direction of list price as seats compress?

亨利，這真的很有幫助。卡梅倫，快點告訴你。假設您的平均折扣實際上隨著客戶減少席位而提高，這是否公平，因為我必須相信客戶離開的銷售代表盡可能提高工作效率至關重要。那麼，隨著座位壓縮，您是否能夠按照標價的方向重新協商定價？

At this point, we haven't seen a material improvement with respect to that. And I think, a big part of that is that we have a number of customers that are struggling with their business, and we want to make sure that we continue to be good partners with them. So, we've gone out to our AM team and started to give them more prescriptive pricing, which is if it's a company that's growing and using the platform a lot, yes, we're going to drive a price increase. If it's a customer that's really struggling and has lowered their headcount and therefore, lowered their usage and everything else. We're going to work with that customer to get them a price point that makes sense for them and that we can grow with them in the future, once they turn that around.

目前，我們還沒有看到這方面的實質性改進。我認為，其中很大一部分原因是我們有許多客戶正在為他們的業務而苦苦掙扎，我們希望確保我們繼續成為他們的良好合作夥伴。因此，我們已經聯繫我們的增材製造團隊，並開始為他們提供更多規定性的定價，也就是說，如果這是一家不斷發展並大量使用該平台的公司，是的，我們將推動價格上漲。如果客戶確實陷入困境並減少了員工人數，因此降低了使用率和其他一切。我們將與該客戶合作，為他們提供一個對他們有意義的價格點，一旦他們扭轉局面，我們就可以在未來與他們一起成長。

Our next question comes from Brian Peterson with Raymond James.

我們的下一個問題來自布萊恩·彼得森和雷蒙德·詹姆斯。

This is Jonathan (inaudible) on for Brian Peterson. So it's kind of related to some of the previous questions. I know there's a lot of time spent on software, but hoping we could touch on some of the other verticals. How have those trended in terms of linearity? I know you mentioned that on software is now 65% of total revenue. So, how much of that is business services versus other industries? Any color there would be helpful.

這是布萊恩·彼得森 (Brian Peterson) 的喬納森 (Jonathan)（聽不清）。所以這與之前的一些問題有些相關。我知道我們在軟件上花費了大量時間，但希望我們能夠觸及其他一些垂直領域。這些在線性方面的趨勢如何？我知道您提到過軟件現在佔總收入的 65%。那麼，與其他行業相比，其中商業服務佔多少？任何顏色都會有幫助。

Yes. So business services actually continues to do reasonably well, kind of in line with the 20-plus percent growth rate. It really depends on the vertical. The best-performing verticals are things like transportation, logistics and financial services. But we do see that a number of those, I'll call them, more traditional industries continue to do much better and continue to look for ways to improve their efficiency with respect to go to market.

是的。因此，商業服務實際上繼續表現得相當不錯，與 20% 以上的增長率相符。這實際上取決於垂直方向。表現最好的垂直行業是運輸、物流和金融服務等。但我們確實看到，其中一些，我稱之為更傳統的行業，繼續做得更好，並繼續尋找提高市場效率的方法。

Our next question comes from Brent Bracelin with Piper Sandler.

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

Henry, I'm going to step back from some of the near-term challenges and try to get your view on the industry as a whole. How much vendor disruption given some of the challenges you're seeing, you think occurs, there's a plethora of sales tech apps out there. It sounds like software industry conditions are challenging and will persist here. Consolidation was a really important tool, helping you build this $1 billion software platform, over the last 17 years. How important and how much will you lead in consolidation going forward?

亨利，我將暫時迴避一些近期的挑戰，並嘗試了解您對整個行業的看法。考慮到您所看到的一些挑戰，您認為會發生多少供應商中斷，那裡有太多的銷售技術應用程序。聽起來軟件行業的狀況充滿挑戰，並且將持續下去。整合是一個非常重要的工具，在過去 17 年裡幫助您構建了這個價值 10 億美元的軟件平台。未來的整合有多重要？您將在多大程度上發揮領導作用？

Thanks, Brent. I think, look, right now, we did a lot of acquisitions over the last 24 months. We feel really good about those acquisitions, but we're really focused on driving value for our customers against those acquisitions. And I think we get there by having an incredibly integrated suite of those applications. Right now, we're not focused on M&A from a consolidation perspective. We do think that there are a tremendous amount of tools in sales tech land. And the most important tools we believe are those that drive really obvious value to sales development reps, account executives and account managers. We think we have a real opportunity to be the single pane of glass for those end users.

謝謝，布倫特。我認為，現在，我們在過去 24 個月裡進行了大量收購。我們對這些收購感到非常滿意，但我們真正專注於通過這些收購為客戶創造價值。我認為我們通過擁有這些應用程序的令人難以置信的集成套件來實現這一目標。目前，我們並不從整合的角度關注併購。我們確實認為銷售技術領域有大量的工具。我們認為最重要的工具是那些能夠為銷售開發代表、客戶主管和客戶經理帶來真正明顯價值的工具。我們認為我們有真正的機會成為這些最終用戶的單一管理平台。

And I think, we get there by having data insights by having the ability to use our platform to engage with your customers, and then be able to use tools like Chorus to win faster with those customers. And so, we're really focused on making all of that really, really easy to use for our customers. I think finally, when it comes to generative AI in this space, one of the places where we really think we can get a lot of value out of it is by simplifying the user experience. And a number of the betas that we have out today with customers, we can see opportunities to take something that would take 10, 15, 20 clicks and bring that down to 1 or 2 clicks by leveraging generative AI and the user experience. And so, we're pretty excited about that and how that can drive better usage and adoption and engagement amongst our customers.

我認為，我們通過數據洞察來實現這一目標，能夠使用我們的平台與客戶互動，然後能夠使用 Chorus 等工具更快地贏得這些客戶。因此，我們真正致力於讓所有這些對我們的客戶來說非常非常容易使用。最後，我認為，當談到這個領域的生成式人工智能時，我們真正認為可以從中獲得大量價值的地方之一是簡化用戶體驗。在我們今天向客戶推出的許多測試版中，我們可以看到有機會通過利用生成式人工智能和用戶體驗，將需要 10、15、20 次點擊的操作減少到 1 或 2 次點擊。因此，我們對此以及如何推動客戶更好地使用、採用和參與感到非常興奮。

Helpful color. And then my last question here for Cameron is back on the renewals. Are you seeing the downgrades across all software cohorts? Is it concentrated within smaller venture-backed cohorts that are focusing on profitability? Just trying to understand how broad-based and pervasive, the renewal downgrades are across that whole software cohort?

有用的顏色。然後我要問卡梅倫的最後一個問題又回到了續約問題。您是否看到所有軟件類別都出現降級？它是否集中在專注於盈利能力的小型風投支持群體中？只是想了解整個軟件群體的更新降級的基礎有多廣泛和普遍嗎？

And it is more focused in the mid-market and maybe a little less so, but still we see it in kind of small software companies as well as the smaller end of enterprise. How do you think once you get up to larger enterprise software customers, they tend to act like larger enterprise companies in general? But yes, more focused on kind of the mid-market than anywhere else.

它更專注於中端市場，也許不那麼重要，但我們仍然在小型軟件公司以及規模較小的企業中看到它。您認為，一旦您接觸到大型企業軟件客戶，他們通常會表現得像大型企業公司一樣？但是，是的，比其他地方更關注中端市場。

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

我們的下一個問題來自 RBC 資本市場的 Rishi Jaluria。

Wonderful. Just one question on my side. How would you think about any potential changes in pricing and packaging given the (inaudible) environment and continued macro challenges? And the reason I ask that is some customers and partners we've talked to have maybe bulked at the high ticket price in this economy. Would you maybe consider making some changes there, especially just to make the on-ramp for new customers and new use cases a little easier and a little less daunting at first class.

精彩的。我這邊只有一個問題。鑑於（聽不清）環境和持續的宏觀挑戰，您如何看待定價和包裝方面的任何潛在變化？我之所以這麼問，是因為我們交談過的一些客戶和合作夥伴可能在當前經濟形勢下因高票價而大量增加。您是否可以考慮在那裡進行一些更改，特別是為了讓新客戶和新用例的入口變得更容易，並且在頭等艙中不那麼令人畏懼。

Rishi, thank you for the question. I think -- look, I think of this in two ways. Number one, we have to do a better job of demonstrating the value that we're creating for our customers. And so, we have to do a better job of showing them how our data or insights our platform is driving value for them. I think, the disconnect around pricing maybe that you're hearing is that we're not doing a better job in quarterly business reviews and executive conversations to really highlight the value that we're driving for our customers.

Rishi，謝謝你的提問。我認為——看，我從兩個方面來考慮這個問題。第一，我們必須更好地展示我們為客戶創造的價值。因此，我們必須更好地向他們展示我們的數據或見解、我們的平台如何為他們帶來價值。我認為，您可能聽到的圍繞定價的脫節是我們在季度業務審查和高管對話方面沒有做得更好，無法真正突出我們為客戶帶來的價值。

That being said, I think there is an opportunity in our SMB -- particularly in our SMB segment, to simplify pricing and packaging to bring together a number of the areas in our platform that we think drive the most value for our customers and can get them to a higher sense of that value faster by simplifying pricing and packaging. And we're -- we'll be out in market testing now with a number of our SMB customers in the quarter.

話雖這麼說，我認為我們的中小型企業（特別是中小型企業細分市場）有機會簡化定價和包裝，將我們平台中的許多領域整合在一起，我們認為這些領域可以為客戶帶來最大價值，並且可以獲得通過簡化定價和包裝，讓他們更快地獲得更高的價值感。我們將在本季度與一些中小企業客戶進行市場測試。

Our next question comes from Siti Panigrahi with Mizuho.

我們的下一個問題來自 Mizuho 的 Siti Panigrahi。

You guys talked about renewal was somewhere mid-90s, but now you're expecting maybe high 80s. That means your new sales has to really grow either in line to better what you expected in the beginning of the year. Wondering what sort of changes you guys have done after Dave joined and that gives you increased confidence in achieving that target?

你們談到更新是在 90 年代中期，但現在你們預計可能是 80 年代中期。這意味著您的新銷售額必須真正增長，以達到您年初的預期。想知道戴夫加入後你們做了哪些改變，這讓你們更有信心實現這一目標？

Yes. Siti, I think if -- when I run the model and the guidance, I do see that new sales would also be down modestly from where we were at the beginning of the year. We do see that new sales continues to do reasonably well. But the assumption would still be that it's down from last year, based on how I run out the guidance model.

是的。 Siti，我想，當我運行模型和指導時，我確實看到新銷量也會比年初的情況略有下降。我們確實看到新銷售繼續表現良好。但根據我如何運行指導模型，假設仍然是比去年有所下降。

Our next question comes from Patrick Walravens with JMP Securities.

我們的下一個問題來自 JMP 證券的 Patrick Walravens。

So Henry, one of the comments we got from a customer was -- and I'm sure you've heard similar things to this, they said, we are locked down on all spending until the market turns the corner. So I'm -- what do you think -- what are these companies thinking? Like what is it they're looking for? What is turning the corner for them? When do they start to feel like expanded?

亨利，我們從一位客戶那裡得到的評論之一是——我相信你也聽過類似的事情，他們說，我們將鎖定所有支出，直到市場出現轉機。所以我——你覺得——這些公司在想什麼？就像他們在尋找什麼？是什麼讓他們迎來了轉機？他們什麼時候開始感覺自己擴張了？

Well, if I had that crystal ball at that would be -- we could have a lot more visibility. But, I think that what they mean is, here's what I see those types of customers doing. They basically decided there's no opportunity for growth in the new customer segments. And so we're not going to go out and try to acquire new logos, the new customers. Instead, we're going to take all of the resources away from new business, and we're going to focus them on the customer business. And we're going to just make sure that we keep all of our customers and that we can grow them marginally. And then, once we see that trend changing in our customer base, maybe we'll start to add more resources on the new business side.

好吧，如果我有那個水晶球的話，我們就能獲得更多的可見度。但是，我認為他們的意思是，這就是我看到這些類型的客戶所做的事情。他們基本上認為新客戶群沒有增長機會。因此，我們不會出去嘗試獲得新徽標、新客戶。相反，我們將把所有資源從新業務中轉移出來，並將它們集中在客戶業務上。我們將確保留住所有客戶，並能夠小幅增長他們。然後，一旦我們看到客戶群的趨勢發生變化，也許我們會開始在新業務方面添加更多資源。

And so, my expectation is that they are trying to see stabilization in their customer base before they go spend resources on acquiring the next logo. And I think, as they start seeing that, we're obviously in a really strong position to help them. And so for those types of customers, what we want to be able to do, I mentioned to Alex is, let's keep you as a customer. We can do it in a smaller way and when you get to that point where you're starting to think about new customer acquisition in a more meaningful way, let us step in and help you there again. Now in the meantime, from a product perspective, what that means for us and where we're spending a lot of time this quarter and for the back half of the year, is to make sure that our product are designed with the user experience that lends itself really well to growing in your account base.

因此，我的期望是，他們在花費資源購買下一個徽標之前，會努力確保客戶群穩定。我認為，當他們開始看到這一點時，我們顯然處於非常有利的地位來幫助他們。因此，對於這些類型的客戶，我們希望能夠做的，我向亞歷克斯提到的是，讓我們保留您作為客戶。我們可以以較小的方式做到這一點，當您開始考慮以更有意義的方式獲取新客戶時，讓我們介入並再次為您提供幫助。與此同時，從產品的角度來看，這對我們意味著什麼，以及我們在本季度和今年下半年花費了大量時間的地方，是確保我們的產品設計符合以下用戶體驗：非常有助於擴大您的帳戶基礎。

And so that there's an account manager interface and user experience that account managers can plug in the accounts and their customer base can start getting insights on them, who's growing, who's shrinking, who's hiring new CIO, CMO, CFO, who's raising money, who's got a project relevant to your business? And I think that if over the back half of the year, we can start releasing those types of products. It puts us in a great position to help companies grow their customer base in a more simplified way, and then be in the right place when they go start growing their new logo acquisition side of the business as well.

這樣就有了一個客戶經理界面和用戶體驗，客戶經理可以插入賬戶，他們的客戶群可以開始了解他們，誰在增長，誰在萎縮，誰在招聘新的 CIO、CMO、CFO，誰在籌集資金，誰在發展。有與您的業務相關的項目嗎？我認為，如果在今年下半年，我們就可以開始發布這些類型的產品。它使我們處於有利地位，可以幫助公司以更簡單的方式擴大客戶群，然後在他們開始發展新徽標獲取業務方面時處於正確的位置。

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 Meares on for Terry. I'm just curious around the Databricks partnership. If you could go into a little bit of detail around the strategic rationale there. And then, just from a broader view, how you're thinking about partner strategy currently.

這是喬·米爾斯（Joe Meares）替補特里。我只是對 Databricks 合作夥伴關係感到好奇。您能否詳細介紹一下那裡的戰略原理。然後，從更廣泛的角度來看，您目前如何考慮合作夥伴戰略。

Great. Thanks for the question. Look, we think that when customers go to run propensity to buy models internally at their companies when they go to get a Customer 360 view of their customers, when they want to use generative AI, the data that they're using to do that is going to exist in their CRM systems, their marketing automation systems or their data lakes and data warehouses like Databricks. And so, the partnership with Databricks puts our data and our data cubes right where customers are doing that type of analysis or building those types of models and they can easily bring ZoomInfo data in, enrich their existing data and set it up, so that they always have the most accurate, most enriched data inside the places that they're leveraging to build these models, to build territories and segments and propensity to buy models. We want to live natively, where that's happening. And for a lot of our customers, that's happening inside of Databricks.

偉大的。謝謝你的提問。看，我們認為，當客戶傾向於在公司內部購買模型時，當他們想要獲得客戶的 360 度客戶視圖時，當他們想要使用生成式人工智能時，他們用來做到這一點的數據是將存在於他們的 CRM 系統、營銷自動化系統或 Databricks 等數據湖和數據倉庫中。因此，與 Databricks 的合作將我們的數據和數據立方體放在客戶進行此類分析或構建此類模型的地方，他們可以輕鬆引入 ZoomInfo 數據，豐富其現有數據並進行設置，以便他們他們始終擁有最準確、最豐富的數據，並利用這些數據來構建這些模型、建立區域和細分市場以及購買模型的傾向。我們想要在本土生活，在這種情況發生的地方。對於我們的許多客戶來說，這都發生在 Databricks 內部。

And I'm showing no further questions at this time. This concludes today's conference call. Thank you all for participating. You may now disconnect.

目前我不會再提出任何問題。今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連接。