Zoominfo Technologies Inc (ZI) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to ZoomInfo Third Quarter 2023 Financial Results Conference Call.

美好的一天，感謝您的支持。歡迎參加 ZoomInfo 2023 年第三季財務業績電話會議。

(Operator Instructions)

（操作員說明）

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.

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 Jerry Sisitsky。請繼續。

Thank you, Amy. Welcome, everyone, to ZoomInfo's financial results conference call for the third quarter 2023. With me on the call today are Henry Schuck, Founder and CEO of ZoomInfo; Cameron Hyzer, our CFO; and James Roth, our Chief Revenue Officer. After their remarks, we will open the call to Q&A.

謝謝你，艾米。歡迎大家參加 ZoomInfo 2023 年第三季財務業績電話會議。今天與我一起參加電話會議的是 ZoomInfo 創辦人兼執行長 Henry Schuck；卡梅倫‧海澤 (Cameron Hyzer)，我們的財務長；以及我們的首席營收長詹姆斯羅斯 (James Roth)。在他們發言後，我們將開始問答環節。

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。未來目標的表述，包括業務前景、對未來財務業績的預期和類似項目，包括但不限於使用「可能」、「將」、「預期」、「預期」和「相信」等術語的表述，以及反映歷史事實以外的內容的表述，旨在識別未來-尋找陳述。

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. 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.

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有重大差異。除非法律要求，否則本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。您可以在財務表現新聞稿或發佈到我們 IR 網站的幻燈片中找到調節表。

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

這樣，我就把電話轉給亨利。

Great. Thank you, Jerry, and welcome, everyone.

偉大的。謝謝傑瑞，歡迎大家。

While the operating environment remains challenging, we delivered results that exceeded our Q3 guidance. Revenue for the quarter was $314 million and adjusted operating income was $126 million, a margin of 40%. During the quarter, we repurchased approximately 9 million shares of ZoomInfo stock for $160 million, representing an average purchase price of $18 per share. We are uniquely positioned to capitalize on a tremendous long-term market opportunity, which gives us confidence that buying ZoomInfo stock at these levels will drive a meaningful economic return for our shareholders.

儘管營運環境仍然充滿挑戰，但我們的業績超出了第三季的指導。該季度營收為 3.14 億美元，調整後營業收入為 1.26 億美元，利潤率為 40%。本季度，我們以 1.6 億美元回購了約 900 萬股 ZoomInfo 股票，平均購買價格為每股 18 美元。我們處於獨特的地位，可以利用巨大的長期市場機會，這讓我們有信心以這樣的水平購買 ZoomInfo 股票將為我們的股東帶來有意義的經濟回報。

Since early last year, we have highlighted the challenges of this operating environment, which include fewer upsells, more seat down sales and elevated churn levels. As a platform that helps customers grow and one that serves some early cycle industries, we have seen net revenue retention and our overall growth rates come down as customers have had to rebalance growth and profitability.

自去年初以來，我們一直強調這種營運環境所面臨的挑戰，其中包括追加銷售減少、座位銷售增加以及客戶流失率上升。作為一個幫助客戶成長並服務一些早期週期行業的平台，我們看到淨收入保留和我們的整體成長率下降，因為客戶必須重新平衡成長和獲利能力。

This is a market phenomenon impacting companies across the spectrum of front office applications and not unique to ZoomInfo. When the cycle ends, and we are in a more normalized operating environment, companies will be looking to drive growth, and we will continue to be uniquely positioned to help them do just that. In this operating environment, we're committed to controlling the controllable and delivering industry-leading levels of profitability, while we invest in our customers' success and improve the company for the long term.

這是一種影響各個前台應用程式公司的市場現象，並非 ZoomInfo 所獨有。當週期結束時，我們處於更正常化的營運環境中，公司將尋求推動成長，而我們將繼續保持獨特的地位來幫助他們實現這一目標。在這種營運環境下，我們致力於控制可控並提供行業領先水平的盈利能力，同時我們投資於客戶的成功並長期改善公司。

To that end, we are doubling down on product excellence and customer success, investing in improved ease of use and driving quicker time to value for our customers. These investments have driven a 20% increase in product engagement since the beginning of the year, customers are using more of the platform more often. We're doing this while prioritizing investments in AI, data as a service and MarketingOS and building our industry-leading data coverage and accuracy across the globe.

為此，我們正在加倍努力提高產品卓越性和客戶成功，投資於提高易用性並加快為客戶實現價值。自今年年初以來，這些投資使產品參與度增加了 20%，客戶更頻繁地使用該平台。我們在這樣做的同時，優先投資人工智慧、數據即服務和 MarketingOS，並在全球範圍內建立領先業界的數據覆蓋範圍和準確性。

We've rolled out new pricing and packaging at the low end of the market enabling us to capture more of the market efficiently while simultaneously growing our big contributors. And we announced a number of leadership changes that have flattened the organization and given me the opportunity to get closer to our customers, and how we win them, serve them and grow them.

我們在低端市場推出了新的定價和包裝，使我們能夠有效地佔領更多市場，同時發展我們的大貢獻者。我們宣布了一系列領導層變動，這些變動使組織扁平化，讓我有機會更接近我們的客戶，了解我們如何贏得他們、服務他們並發展他們。

As part of the leadership changes, James Roth, our Senior Vice President of Sales, leading our enterprise customer base has been promoted to Chief Revenue Officer. Chris Hays, our Chief Operating Officer, transitioned into the new role of EVP of International Expansion and Dave Justice transitioned into the new role of Chief Growth Officer. I'm excited that James is here with us on the call today and wanted to give him the opportunity to share a few words. James?

作為領導層變動的一部分，負責領導企業客戶群的銷售資深副總裁 James Roth 已晉升為首席營收長。我們的營運長 Chris Hays 轉任國際擴張執行副總裁，Dave Justice 轉任首席成長長。我很高興詹姆斯今天能和我們一起參加電話會議，並希望給他機會分享幾句話。詹姆士？

Thanks, Henry. I'm glad to be here today. I joined the team in early 2022 because I'm passionate about the product, the vision and the culture that Henry has built. We have the power to drive massive improvements in how businesses go to market with our best-in-class data, AI-powered customer insights and automated workflows. I was a ZoomInfo customer for 10 years prior to joining the leadership team, and I have a deep understanding of what our customers want and need from the platform. Since joining, I've gotten to see the value that we are delivering to many of the largest and most sophisticated enterprises in the world.

謝謝，亨利。我很高興今天來到這裡。我於 2022 年初加入團隊，因為我對 Henry 建立的產品、願景和文化充滿熱情。我們有能力利用一流的數據、人工智慧驅動的客戶洞察和自動化工作流程，推動企業進入市場的方式進行巨大改進。在加入領導團隊之前，我已經是 ZoomInfo 的客戶 10 年了，我對客戶對這個平台的需求有深刻的了解。自從加入以來，我已經看到了我們為世界上許多最大和最複雜的企業提供的價值。

I've been in the room at Workday, Google, Amazon, Verizon and so many others as we partnered with the revenue teams to build the foundation of data and insights that drive the future of go-to-market. I've been proud to offer that same foundation of go-to-market technology that drives revenue growth at the world's best companies to company's down market across the globe.

我曾在 Workday、Google、亞馬遜、Verizon 等許多公司的房間裡與收入團隊合作，建立數據和洞察的基礎，推動未來的上市。我很自豪能夠提供同樣的進入市場技術基礎，推動世界上最好的公司為全球低端市場的公司帶來收入成長。

Over the past 2 years, I've helped recruit a large portion of our sales leadership, and I'm excited about the team we put together and the traction that we're seeing in the enterprise. I intend to build off that success, in particular, with our $1 million and $5 million plus accounts while we look for efficiencies in our go-to-market motion through e-commerce and product-led growth.

在過去的兩年裡，我幫助招募了大部分銷售領導層，我對我們組建的團隊以及我們在企業中看到的吸引力感到興奮。我打算在這一成功的基礎上再接再厲，特別是透過我們的 100 萬美元和 500 萬美元以上的帳戶，同時我們透過電子商務和產品主導的成長來提高進入市場的效率。

Great. Thanks, James. This quarter, we closed transactions with a number of best-in-class enterprises, including Verizon, Walmart, Paramount CBS, Sage Hospitality, Steam Logistics, CDW, Tenet Health, The Washington Post, [Franklin Kabi], Lands' End, and Magellan Health. In Q3, we signed more than 200 deals with more than $100,000 in ACV, including multiple 7-figure deals and a $15 million TCV deal. Some of the largest and most sophisticated companies in the world are going all in on our data, insights and automation, integrating us directly into the way they go to market.

偉大的。謝謝，詹姆斯。本季度，我們與多家一流企業完成了交易，包括 Verizon、沃爾瑪、派拉蒙 CBS、Sage Hospitality、Steam Logistics、CDW、Tenet Health、華盛頓郵報、[Franklin Kabi]、Lands' End 和麥哲倫健康。第三季度，我們簽署了 200 多筆 ACV 交易，金額超過 10 萬美元，其中包括多筆 7 位數的交易和 1,500 萬美元的 TCV 交易。世界上一些最大、最先進的公司正在全力利用我們的數據、洞察力和自動化，將我們直接整合到他們進入市場的方式中。

While the software vertical and roughly half of the business services vertical has been impacted, we have seen strong growth in other verticals. In Financial Services, Wells Fargo further expanded their relationship with us with a 7-figure subscription to our intent and company data cubes. Today, the organization leverages our firmographic data for enhanced segmentation and prioritization and they use our intent data to identify and pursue additional relationship opportunities as well as to predict potential churn.

雖然軟體垂直行業和大約一半的商業服務垂直行業受到了影響，但我們看到其他垂直行業的強勁增長。在金融服務領域，富國銀行進一步擴大了與我們的關係，以 7 位數的價格訂閱了我們的意圖和公司數據立方體。如今，該組織利用我們的公司統計數據來增強細分和優先級，並使用我們的意圖數據來識別和尋求額外的關係機會以及預測潛在的客戶流失。

By plugging ZoomInfo data directly into their go-to-market motion, they're able to deliver more targeted services to their customers and support the retention of high-priority accounts. In telecommunications, a large global provider of mobility, network services and 5G signed a 5-year, nearly 8-figure engagement with ZoomInfo, which is now the key data and insight source for their go-to-market teams, ensuring for years to come that they will have the highest quality data as they go to market.

透過將 ZoomInfo 資料直接插入他們的上市行動中，他們能夠向客戶提供更有針對性的服務，並支援保留高優先帳戶。在電信領域，一家大型全球行動、網路服務和 5G 供應商與 ZoomInfo 簽署了為期 5 年、價值近 8 位數的合作協議，ZoomInfo 現在是其市場推廣團隊的關鍵數據和洞察來源，確保多年來當當他們進入市場時，他們將擁有最高品質的數據。

Another mid-market telecommunications firm who had left for a competitor 10 months earlier, boomeranged back and expanded with a multiyear, multi 7-figure engagement that encompasses the full array of our platform offering including SalesOS, MarketingOS, OperationsOS and DaaS, consolidating out multiple providers in the process.

另一家中端市場電信公司在10 個月前離開競爭對手，後來又捲土重來，並透過多年的7 位數參與度進行了擴張，其中涵蓋了我們的全部平台產品，包括SalesOS、MarketingOS、OperationsOS 和DaaS ，整合了多個平台過程中的提供者。

From a product perspective, we continue to focus on delivering customer success with easy-to-use features that drive quick time to value. These investments are paying dividends in the form of improved customer satisfaction and higher engagement. NPS rose 7 points year-over-year with growth every quarter. Our recent AI enhancements to course have increased NPS for that product by 22 points year-over-year, and overall product engagement has increased by more than 20% this year.

從產品的角度來看，我們繼續專注於透過易於使用的功能來幫助客戶取得成功，從而加快價值實現。這些投資正在以提高客戶滿意度和更高參與度的形式帶來紅利。 NPS 年成長 7 個百分點，每季都在成長。我們最近對課程進行的人工智慧增強使該產品的 NPS 同比提高了 22 個百分點，今年整體產品參與度增加了 20% 以上。

We also continue to receive market recognition, Snowflake named ZoomInfo an enrichment data category leader in their 2023 modern marketing data stack report. ZoomInfo obtained an AWS competency relative to our expertise in digital customer experience. And we also stand in the top 0.01% of companies with the most #1 rankings being awarded 101 #1 rankings in G2's Fall reports.

我們也繼續獲得市場認可，Snowflake 在其 2023 年現代行銷資料堆疊報告中將 ZoomInfo 評為豐富資料類別的領導者。 ZoomInfo 獲得了與我們在數位客戶體驗方面的專業知識相關的 AWS 能力。我們也在 G2 秋季報告中排名第一的公司中排名前 0.01%，有 101 家公司排名第一。

We're leveraging new AI technologies and partners to create customer-facing insights and drive data collection and validation at scale. On the customer-facing side, we are now extracting strengths, weaknesses, opportunities, threats and other insights from earnings calls and public filings which, when paired with our highly accurate data, scoops, intent and other insights provides sellers with the key insights they need to engage and account and close a deal. LLMs are also integrated into our existing profilers and data validation pipeline, helping us understand the validity of a human name, title and educational data listed on a profile and driving further improvements in our industry-leading accuracy, which sits at an all-time high coming out of Q3.

我們正在利用新的人工智慧技術和合作夥伴來創建面向客戶的見解並推動大規模資料收集和驗證。在面向客戶的方面，我們現在從財報電話會議和公開文件中提取優勢、劣勢、機會、威脅和其他見解，與我們高度準確的數據、獨家新聞、意圖和其他見解相結合，為賣家提供關鍵見解需要參與、核算並完成交易。法學碩士還整合到我們現有的分析器和數據驗證管道中，幫助我們了解個人資料中列出的人名、頭銜和教育數據的有效性，並推動我們行業領先的準確性的進一步提高，該準確性處於歷史最高水準從第三季出來。

We have also seen incredibly -- we've also been incredibly focused on our international data offering and following recent significant investments there, our customers now have access to over 200 million business contacts in markets outside of North America. In the last 2 years, we have grown the number of global companies in our data platform by more than 6x, while tripling the number of global contacts and the number of global mobile phone numbers available to our customers. In Continental Europe, specifically, we've expanded our mobile numbers by 13x, while growing mobile in the U.K. by 6x.

我們也令人難以置信地看到，我們也非常專注於我們的國際數據服務，並且在最近進行了重大投資之後，我們的客戶現在可以在北美以外的市場上訪問超過 2 億個業務聯絡人。在過去兩年中，我們數據平台中的全球公司數量增加了 6 倍多，同時全球聯絡人數量和可供客戶使用的全球手機號碼數量增加了兩倍。具體來說，在歐洲大陸，我們的手機號碼增加了 13 倍，而英國的手機號碼則增加​​了 6 倍。

With this expanded coverage, global sales teams can count on ZoomInfo when targeting international markets while knowing that our commitment to ethical data collection and compliance remains front and center. As we continue to move up market, the pace of innovation accelerates, and we've been closely partnering with our customers to push the envelope on what modern go-to-market looks like. Cutting-edge go-to-market teams are no longer working in traditional sales systems such as the CRM. They deploy data analysts and data science teams to take a holistic look at their customer's end market. And then they use AI to drive sales planning, account prioritization model, next best actions and more.

隨著覆蓋範圍的擴大，全球銷售團隊在瞄準國際市場時可以依靠 ZoomInfo，同時知道我們對道德資料收集和合規性的承諾仍然是首要和核心。隨著我們不斷向高端市場進軍，創新步伐不斷加快，我們一直與客戶密切合作，不斷挑戰現代行銷的極限。尖端的行銷團隊不再在 CRM 等傳統銷售系統中工作。他們部署數據分析師和數據科學團隊來全面了解客戶的終端市場。然後他們使用人工智慧來推動銷售規劃、客戶優先模型、下一步最佳行動等等。

AI is only as good as the data powering it. So in the third quarter, we launched our integration with the Google Analytics Hub to help these data science teams unlock the value of ZoomInfo insights and models directly within Google's Cloud data warehouse BigQuery. This reduces the time and resources needed to execute AI initiatives and more quickly make business decisions.

人工智慧的好壞取決於為其提供動力的數據。因此，在第三季度，我們啟動了與 Google Analytics Hub 的集成，以幫助這些資料科學團隊直接在 Google 的雲端資料倉儲 BigQuery 中釋放 ZoomInfo 見解和模型的價值。這減少了執行人工智慧計劃所需的時間和資源，並更快地做出業務決策。

In addition to accessing data in modern cloud systems, enterprises must understand a single 360-degree view of their customers to effectively go to market. Our new integration with Reltio, a data management solution, provides ZoomInfo's B2B reference data directly within the master data management capabilities of Reltio, making ZoomInfo more integrated and actionable in the enterprise.

除了存取現代雲端系統中的資料之外，企業還必須了解客戶的 360 度單一視圖才能有效進入市場。我們與資料管理解決方案 Reltio 的新集成，直接在 Reltio 的主資料管理功能中提供 ZoomInfo 的 B2B 參考資料，使 ZoomInfo 在企業中更加集成和可操作。

Together, we are also launching a joint go-to-market solution for master data management. Our new partnership with the Trade Desk expands our customers' ability to reach more premium publishers, enhanced campaign fulfillment and opens display advertising opportunities around the world. This partnership supports the next generation of features for MarketingOS with international audiences and the ability to support new ad set types within our DSP. As a result, September was our highest monthly ad spend on record for MarketingOS.

我們也共同推出了主資料管理聯合上市解決方案。我們與 Trade Desk 的新合作夥伴關係擴大了客戶接觸更多優質出版商的能力，增強了行銷活動的執行力，並在全球範圍內開闢了展示廣告機會。此次合作支援面向國際受眾的 MarketingOS 的下一代功能，以及在我們的 DSP 中支援新廣告集類型的能力。因此，9 月是我們有史以來 MarketingOS 每月廣告支出最高的月份。

Down market, we've been investing in self-service e-commerce capabilities to ensure that companies of any size have the ability to access ZoomInfo data no matter their budget. We've built more robust trials, the ability to purchase a single SalesOS seat, improved pathways and paywalls for in-app upgrades and a streamlined technology-driven onboarding motion for our self-service users.

在下游市場，我們一直在投資自助電子商務功能，以確保任何規模的公司無論預算如何都能夠存取 ZoomInfo 資料。我們已經建立了更強大的試驗，能夠購買單一 SalesOS 席位，改善了應用程式內升級的途徑和付費專區，並為我們的自助服務用戶提供了簡化的技術驅動的入職流程。

Overall, we remain focused on improving our platform and delivering results for our customers. By investing to drive a simplified user experience, easier ways to transact with us, and building upon our data quality advantage, we are controlling the controllable. We're confident that when the economic environment improves, these investments that we're making today will position us for long-term growth and success.

總體而言，我們仍然專注於改進我們的平台並為客戶提供成果。透過投資來推動簡化的用戶體驗、更簡單的與我們進行交易的方式，以及建立我們的數據品質優勢，我們正在控制可控的事情。我們相信，當經濟環境改善時，我們今天進行的這些投資將為我們帶來長期成長和成功。

Before I turn the call over to Cameron, I want to acknowledge our team members in Israel. We have more than 400 employees in Israel with offices in Ra'anana and Tel Aviv, many of whom have been called up to active duty or a member of their family has been called up to serve. We stand with them during this incredibly difficult time, and our #1 priority is to make sure that they and their families are safe.

在將電話轉給卡梅倫之前，我想感謝我們在以色列的團隊成員。我們在以色列擁有 400 多名員工，在拉阿納納和特拉維夫設有辦事處，其中許多人已應徵入伍，或其家庭成員已應徵入伍。在這個極其困難的時刻，我們與他們站在一起，我們的首要任務是確保他們及其家人的安全。

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

這樣，我會將電話轉給卡梅倫。

Thank you, Henry.

謝謝你，亨利。

In Q3, we delivered revenue of $314 million, up 9% year-over-year and up 0.6% sequentially and as adjusted for days of revenue recognition. We continue to believe that current momentum in the business is best measured by the sequential growth of annualized revenue, and we do not anticipate material improvements in the macroeconomic environment that could provide a tailwind to activity in the near term.

第三季度，我們營收 3.14 億美元，年增 9%，按收入確認天數調整後季增 0.6%。我們仍然認為，當前的業務動能最好透過年化收入的連續成長來衡量，並且我們預計宏觀經濟環境不會出現實質改善，從而為短期內的活動提供動力。

Adjusted operating income was $126 million, a margin of 40%. GAAP net income was $30 million, and GAAP EPS was $0.08 per share. Non-GAAP EPS was $0.26 per share. We continue to experience pressure with respect to renewals, see customers renewing at lower rates despite improving utilization and engagement. Customers are upselling less and downselling more than we saw in the first part of the year. Additionally, our smallest customers continue to be challenged in their ability to pay, which drove another quarter of elevated write-offs.

調整後營業收入為 1.26 億美元，利潤率為 40%。 GAAP 淨利潤為 3000 萬美元，GAAP 每股收益為 0.08 美元。非 GAAP 每股收益為 0.26 美元。我們繼續面臨續訂方面的壓力，儘管利用率和參與度有所提高，但客戶的續約率較低。與今年上半年相比，客戶向上銷售的數量減少，向下銷售的數量增加。此外，我們最小的客戶的支付能力繼續面臨挑戰，這導致沖銷又增加了一個季度。

We continue to expect that this cycle of renewals will be challenging through at least the first quarter of 2024, and impacting revenue growth through the first half of next year. Our greater than $100,000 ACV customer cohort declined modestly in the quarter as we saw continued pressure from mid-market technology companies reducing spend to levels below $100,000 while non-software customers over $100,000 continue to grow. We now have 1,869 customers with more than $100,000 in ACV.

我們仍然預計，至少在 2024 年第一季度，這項續約週期將面臨挑戰，並影響明年上半年的營收成長。我們超過 100,000 美元的 ACV 客戶群在本季度略有下降，因為我們看到中端市場技術公司將支出削減至 100,000 美元以下水平的持續壓力，而超過 100,000 美元的非軟體客戶繼續增長。我們現在有 1,869 名客戶的 ACV 超過 10 萬美元。

Our $1 million-plus customer cohort continued to grow year-over-year. And as Henry indicated, we signed multiple 7-figure deals and a $15 million TCV deal in the quarter. Our largest customers continue to expand with functionality, seats and data as we are increasingly integrating directly into their go-to-market motions. Advanced functionality contributed approximately 1/3 of our overall ACV and continues to grow and provide incremental value to our customers.

我們價值超過 100 萬美元的客戶群逐年持續成長。正如 Henry 所言，我們在本季度簽署了多項價值 7 位數的交易和 1500 萬美元的 TCV 交易。隨著我們越來越直接融入他們的上市活動，我們最大的客戶繼續在功能、席位和數據方面進行擴展。進階功能約占我們整體 ACV 的 1/3，並將持續成長並為我們的客戶提供增量價值。

Within advanced functionality, we are seeing the highest levels of growth from MarketingOS, enrichment in DaaS offerings and automation capabilities. Our efficient and high-margin operating model with low capital requirements and upfront billing continues to drive substantial cash flow generation. Operating cash flow in Q3 was $81 million, which included approximately $18 million of interest payments.

在高級功能中，我們看到 MarketingOS 實現了最高水準的成長、DaaS 產品和自動化功能的豐富。我們高效、高利潤的營運模式、低資本要求和預付費用繼續推動大量現金流的產生。第三季的營運現金流為 8,100 萬美元，其中包括約 1,800 萬美元的利息支付。

Unlevered free cash flow for the quarter was $95 million, representing 75% of adjusted operating income. As Q3 is typically a lower conversion quarter, we continue to expect annual unlevered free cash flow conversion in the 90s as a percentage of adjusted operating income. We ended the third quarter with $568 million in cash, cash equivalents and short-term investments.

本季無槓桿自由現金流為 9,500 萬美元，佔調整後營業收入的 75%。由於第三季通常是轉換率較低的季度，因此我們繼續預期年度無槓桿自由現金流轉換佔調整後營業收入的百分比將在 90 年代左右。截至第三季末，我們的現金、現金等價物和短期投資為 5.68 億美元。

At the end of Q3, we carried approximately $1.25 billion in gross debt, all of which has fixed or hedged interest rates. We believe that the current environment provides us an opportunity to reduce our share count in a meaningful way, thereby giving remaining shareholders more ownership of the substantial compounding free cash flow growth that we are aiming for in the future.

截至第三季末，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。我們相信，當前的環境為我們提供了一個以有意義的方式減少股份數量的機會，從而使剩餘股東對我們未來目標的大幅複合自由現金流增長擁有更多所有權。

We have also adjusted our stock-based compensation strategy to include performance-based units that are only issued if growth targets for free cash flow per share are achieved. During the third quarter, we repurchased 8.8 million shares of ZoomInfo stock at an average purchase price of $18.19 per share.

我們也調整了以股票為基礎的薪酬策略，以納入以績效為基礎的單位，這些單位只有在實現每股自由現金流成長目標的情況下才會發行。第三季度，我們以每股 18.19 美元的平均購買價格回購了 880 萬股 ZoomInfo 股票。

Through September 30, we have deployed a total of $247 million of the $600 million share repurchase authorization and have retired 12.7 million shares, representing over 3% of the total diluted shares outstanding. Given our strong free cash flow generation and healthy balance sheet, we expect to continue to opportunistically repurchase shares. Our net leverage ratio is 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 down from 1.9x and 1.6x, respectively, as of September 30, 2022.

截至 9 月 30 日，我們已部署了 6 億美元股票回購授權中的 2.47 億美元，並註銷了 1,270 萬股，佔稀釋後流通股總數的 3% 以上。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。截至2022 年9 月30 日，我們的淨槓桿率為過去12 個月調整後EBITDA 的1.3 倍和過去12 個月現金EBITDA 的1.2 倍（在我們的信貸協議中定義為合併EBITDA），分別低於1.9 倍和1.6 倍。

With respect to liabilities and future performance obligations, unearned revenue at the end of Q3 was $403 million, and remaining performance obligations, or RPO, were $1.1 billion, of which $795 million are expected to be delivered in the next 12 months.

在負債和未來履約義務方面，第三季末的未實現收入為 4.03 億美元，剩餘履約義務（RPO）為 11 億美元，預計將在未來 12 個月內交付 7.95 億美元。

With that, let me turn to guidance. For Q4, we expect revenue in the range of $309 million to $312 million, adjusted operating income in the range of $122 million to $124 million and non-GAAP net income in the range of $0.24 to $0.25 per share. For the full year 2023, we now expect revenue in the range of $1.232 billion to $1.235 billion and adjusted income -- adjusted operating income in the range of $494 million to $496 million. We expect non-GAAP net income in the range of $0.99 to $1 per share based on 412 million weighted average diluted shares outstanding. We expect unlevered free cash flow in the range of $445 million to $455 million. Our adjusted full year guidance implies 12% revenue growth at the midpoint and an adjusted operating margin of 40%.

接下來，讓我談談指引。對於第四季度，我們預計營收將在3.09 億美元至3.12 億美元之間，調整後營業收入將在1.22 億美元至1.24 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。對於 2023 年全年，我們目前預計營收在 12.32 億美元至 12.35 億美元之間，調整後收入（調整後營業收入）在 4.94 億美元至 4.96 億美元之間。基於 4.12 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將在 4.45 億美元至 4.55 億美元之間。我們調整後的全年指引意味著營收中點成長 12%，調整後的營業利益率為 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)

（操作員說明）

Our first question comes from Mark Murphy with JPMorgan.

我們的第一個問題來自摩根大通的馬克墨菲。

Henry, I believe you mentioned a $15 million TCV deal that closed in Q3. And it's such a rarity in this environment, I'm wondering if you could possibly shed a little light, first of all, on the contract duration, so we can try to [analyze] it. And also, just what vertical is it that's moving forward with that scale of a commitment in this environment? And then I have a quick follow-up.

Henry，我相信您提到了第三季完成的 1500 萬美元 TCV 交易。在這種環境下這種情況非常罕見，我想知道您是否可以先透露合約期限，以便我們可以嘗試[分析]它。而且，在這種環境下，到底是什麼垂直領域正在推動如此大規模的承諾？然後我會進行快速跟進。

I'm happy to take that. But since James is here with me. I'm going to have him talk to that.

我很樂意接受。但既然詹姆斯和我在一起。我要讓他談談這個問題。

Yes. So it was a 3-year agreement with a large software company. So the annualized revenue is about $5.3 million, it is actually $15.9 million total contract value. And what's interesting about the deal itself is that it confirms the centralization of data strategy, they've consumed multiple contact cubes, company cubes, firmographic information and really just going all in with ZoomInfo as the foundational data provider. And that's where we landed it. We ended up growing it and locking it in for a 3-year $5.3 million deal.

是的。這是與一家大型軟體公司簽訂的為期三年的協議。因此年化收入約為 530 萬美元，實際上合約總價值為 1590 萬美元。這筆交易本身的有趣之處在於，它證實了數據策略的集中化，他們使用了多個聯繫立方體、公司立方體、公司統計信息，並且真正全力以赴地使用 ZoomInfo 作為基礎數據提供商。這就是我們落地的地方。我們最終種植了它，並以 3 年 530 萬美元的價格鎖定了它。

As a follow-up, Cameron, I don't believe ZoomInfo's revenue has ever declined sequentially into Q4. I'm wondering if we -- maybe we should sense some conservatism in that forecast? Or should we figure that you experienced kind of a sufficient downsells toward the end of Q3, such that it would reduce the kind of top line trend there in that potentially, you do end up kind of just with a modest down take 4.

作為後續行動，Cameron，我不認為 ZoomInfo 的營收在第四季出現連續下降。我想知道我們是否——也許我們應該在這個預測中感受到一些保守主義？或者我們是否應該認為您在第三季末經歷了足夠的降價，這可能會減少那裡的頂線趨勢，因此您最終確實會出現適度的降價 4。

So the environment does continue to be challenging, and we are expecting net retention for the year to be below 90%. As a result, in Q4, which is our highest period for renewals that net retention below 100% creates a headwind that's amplified by the higher concentration of renewals. So as we've discussed, we believe that this renewal cycle, at least through the first quarter of 2024 will be challenging.

因此，環境確實仍然充滿挑戰，我們預計今年的淨保留率將低於 90%。因此，在第四季度，也就是我們續訂量最高的時期，淨留存率低於 100%，造成了阻力，而續訂集中度的提高又加劇了這種阻力。因此，正如我們所討論的，我們認為這個更新週期（至少到 2024 年第一季）將充滿挑戰。

I think if we look beyond that and you look at our renewal cycles, 90% of our ACV will have transacted between September 2022 and March 2024. So we're really focused on getting through this cycle. And while there is some tail of longer-term agreements after that, we'll work through most of the space by the end of the first quarter.

我認為，如果我們放眼更遠，看看我們的更新週期，我們 90% 的 ACV 將在 2022 年 9 月至 2024 年 3 月之間進行交易。因此，我們真正專注於度過這個週期。雖然此後會有一些長期協議的尾部，但我們將在第一季末之前完成大部分空間。

Our next question comes from Tyler Radke with Citi.

我們的下一個問題來自花旗銀行的泰勒拉德克 (Tyler Radke)。

Just curious what you've seen so far in the month of October. And specifically within the software and business services vertical, it sounded like that largely performed in line with your expectations, but just any updated thoughts if you're seeing any green shoots emerging or if things are getting better or worse?

只是好奇你在十月到目前為止看到了什麼。特別是在軟體和商業服務垂直領域，聽起來很大程度上符合您的預期，但如果您看到任何新芽出現或情況變得更好或更糟，是否有任何更新的想法？

October looks a lot like September and Q3 looked. So we haven't seen any improvement in the environment. I think overall in the business, we continue to have more success outside of the software and business services verticals. And so we're seeing that in October as well, but nothing different than what we saw in Q3.

十月看起來很像九月和第三季。所以我們沒有看到環境有任何改善。我認為總體而言，在業務方面，我們在軟體和商業服務垂直領域之外繼續取得更多成功。因此，我們在 10 月也看到了這一情況，但與第三季的情況沒有什麼不同。

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, it's clear you're leaning in on AI and hearing the enhancements in Chorus driving your NPS score 22 points higher is really impressive. But in a world where Microsoft has Sales Copilot, Salesforce has SalesGPT, how do you ensure ZoomInfo is front and center as the interface sales professionals continue to use for the greatest insights and productivity and helping them hit their number.

Henry，很明顯您正在依賴 AI，並且聽到 Chorus 的增強使您的 NPS 分數提高了 22 分，這確實令人印象深刻。但在 Microsoft 有 Sales Copilot、Salesforce 有 SalesGPT 的世界中，您如何確保 ZoomInfo 處於前沿和中心位置，因為銷售專業人員繼續使用該介面來獲得最大的見解和生產力，並幫助他們實現目標。

I think this all comes down to the data and insights that we provide. And it's one thing to be able to provide insights on data that exists in your CRM or data or insights that exist on the public web, but the vast amount of proprietary non-publicly available data and insights that we collect and are able to use AI and LLMs against, that's what we'll -- that's what is making our product even more relevant for sales users. And without that proprietary data, without the information that sellers need to actually engage with their customers and know when to engage with their customers.

我認為這一切都取決於我們提供的數據和見解。能夠提供 CRM 中存在的數據或公共網路上存在的數據或見解的見解是一回事，但我們收集並能夠使用人工智慧的大量專有非公開數據和見解法學碩士反對，這就是我們要做的——這就是使我們的產品與銷售用戶更加相關的原因。如果沒有這些專有數據，就沒有賣家實際與客戶互動以及知道何時與客戶互動所需的資訊。

Any AI you put on top of just generic data doesn't spit out relevant insights for a sales rep. And so we're really confident that the underlying foundation of data and insights that we have at ZoomInfo, which is proprietary and not available publicly is what will drive that pane of glass for sales reps.

任何基於通用數據的人工智慧都不會為銷售代表提供相關的見解。因此，我們非常有信心，我們在 ZoomInfo 擁有的數據和見解的基礎（這是專有的且不公開的）將推動銷售代表的管理面板。

Maybe just for you, Cameron, with RPO and CRPO down sequentially amidst everything that's going on, how much of that might be duration or anything else maybe to call out? And what needs to happen to see bookings stabilize?

也許只是為了你，卡梅倫，在所有發生的事情中，RPO 和 CRPO 相繼下降，其中有多少可能是持續時間或其他可能需要注意的事情？需要做什麼才能讓預訂量穩定下來？

Yes. So as we mentioned, we do focus on sequential growth in annualized revenue as the primary metric to assessing period activity and momentum, that was down at 0.6% in Q3. So it is reflective of the challenges that we're seeing from the environment. Other metrics can be influenced by other factors, including changes in the mix of contract lengths and billing terms and write-off assumptions. Probably the biggest one of those that showed some volatility was write-off assumptions, which have increased during the course of this year and specifically impact RPO in a negative way.

是的。正如我們所提到的，我們確實關注年化收入的環比增長，將其作為評估期間活動和勢頭的主要指標，第三季度下降了 0.6%。因此，它反映了我們從環境中看到的挑戰。其他指標可能會受到其他因素的影響，包括合約期限、計費條款和沖銷假設的組合變更。其中顯示出一定波動性的最大因素可能是沖銷假設，該假設在今年有所增加，特別對 RPO 產生了負面影響。

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麥可‧特林。

Cameron, I appreciate some of the color you're making on retention rates and the impacts that you're seeing. Is that comment you made around the challenges you're seeing potentially lingering until the first half of next year. Is that mostly a function of getting through this heavier renewal period?

卡梅倫，我很欣賞您在保留率方面所做的一些努力以及您所看到的影響。您是針對您所看到的可能持續到明年上半年的挑戰發表的評論嗎？這主要是為了度過這個較重的更新期嗎？

And is it similar to what you're assuming for as to what you'd expect for the first half from a retention or a sequential growth perspective if that holds. And maybe just for Henry, as a complement to that question, are there certain processes you're able to put in place to help with those renewal conversations as you're having more of those and have had more time to build response? Or maybe anything you're doing on the go-to-market side just as you work through the renewal period at the end of the year.

如果成立的話，這是否與您對上半年從保留或連續成長角度的預期相似？也許只是對亨利來說，作為對這個問題的補充，你是否能夠制定某些流程來幫助這些更新對話，因為你有更多這樣的對話，並且有更多的時間來建立回應？或者也許是您在年底進行續訂期間時在進入市場方面所做的任何事情。

So I think I'll kick off there. Again, I think we've talked about with a number of people in the past that our view is that peak negativity, particularly with respect to layoffs and many other factors kind of occurred in the Q1 [2003] period. And therefore, we do think we need to get through the renewals with our customers. And as I mentioned before, between September ['22] and March 2024, we'll have transacted with approximately 90% of our ACV.

所以我想我將從這裡開始。再說一遍，我認為我們過去曾與許多人討論過，我們的觀點是消極情緒達到頂峰，特別是在裁員和許多其他因素方面，發生在第一季度 [2003] 期間。因此，我們確實認為我們需要與客戶一起完成續約。正如我之前提到的，從 ['22] 9 月到 2024 年 3 月，我們將完成約 90% 的 ACV 交易。

And I think we really need to get through that period of having renewed or sold ACV with those customers ahead of time. The assumptions really are very focused on renewals. New business continues to be relatively strong. Obviously, the environment impacts that as well. But the sales efficiency of our new business team and the demand that we see continue to be good out there, and we continue to bring on new customers to support that. So we're really focused much more on mitigating and getting through this renewal cycle that we're in right now.

我認為我們確實需要提前度過與這些客戶續約或銷售 ACV 的時期。這些假設確實非常集中於續約。新業務持續相對強勁。顯然，環境也會影響這一點。但我們新業務團隊的銷售效率和我們看到的需求仍然良好，我們將繼續吸引新客戶來支持這一點。因此，我們確實更加專注於緩解和度過我們現在所處的更新周期。

I think the big things we're doing from a process perspective, Michael, on renewals is, number one, we're getting at them sooner. And so we've built a robust set of health scores for our customers that take into consideration product engagement, product usage, provisioning of user licenses, integrations and usage of specific products and functionality. And so we have a much clearer view of the health of an account, and we're engaging with them. Our account managers and our CSMs are engaging with them based on those health scores. And so we've been proactively reaching out to those clients who come up for renewal in Q4 and Q1 throughout the back half of this year.

邁克爾，我認為從流程的角度來看，我們在續約方面所做的大事是，第一，我們會更快地解決它們。因此，我們為客戶建立了一套強大的健康評分，其中考慮了產品參與度、產品使用、使用者授權的配置、特定產品和功能的整合和使用。因此，我們對帳戶的健康狀況有了更清晰的了解，並且我們正在與他們合作。我們的客戶經理和 CSM 正在根據這些健康評分與他們互動。因此，我們一直在今年下半年積極主動聯繫那些在第四季和第一季提出續約的客戶。

And then I talked about this a bit on the last call, but we have a really broad product portfolio. And so we have opportunities within the customer base if one product got down sold or a customer had a big layoff and so they have less licenses that they need for SalesOS, we're able to bring them into Chorus or OperationsOS or other parts of the product portfolio. And so we've been leveraging that in renewal conversations as well.

然後我在上次電話會議上談到了這一點，但我們擁有非常廣泛的產品組合。因此，如果一種產品銷量下降或客戶大幅裁員，那麼我們在客戶群中就有機會，因此他們擁有的 SalesOS 所需的許可證較少，我們能夠將他們帶入 Chorus 或 OperationsOS 或其他部門產品介紹。因此，我們也在續約對話中利用了這一點。

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。

Maybe we'll start with Cameron, one quick follow-up for Henry. Cameron, you're obviously talking about challenges here in Q4, guiding to a sequential decline in Q4, talking about continuation of challenges into the first half. Should we also think about small sequential declines into Q1, Q2 before you see a re-acceleration? And then one quick follow-up for Henry.

也許我們會從卡梅倫開始，他是亨利的快速跟進者。卡梅倫，您顯然在談論第四季度的挑戰，導致第四季度的連續下降，談論上半年挑戰的持續。在看到重新加速之前，我們是否還應該考慮第一季、第二季的連續小幅下降？然後是亨利的快速跟進。

Yes. So we're not guiding to 2024 at this time. And frankly, I think for all software companies, it's probably less visibility further out than there has been historically. We do continue to expect that this more challenging renewal environment will persist through at least Q1 of 2022 and will impact sequential revenue growth through the first half. Once we're through this cohort of renewals, there is the opportunity to drive higher growth rates, but it remains a challenging operating environment. We certainly don't want to get ahead of ourselves as to when exactly that re-acceleration might occur.

是的。所以我們目前不以 2024 年為目標。坦白說，我認為對於所有軟體公司來說，其知名度可能比歷史上更低。我們仍然預計，這個更具挑戰性的更新環境將持續至少到 2022 年第一季度，並將影響上半年的連續收入成長。一旦我們經歷了這一系列的更新，就有機會推動更高的成長率，但它仍然是一個充滿挑戰的營運環境。我們當然不想超前地了解重新加速何時會發生。

And then, Henry, for you, obviously, clearly, a challenging environment, you're still finding ways to close large deals. My question is on the boomerang deal. Surprised to hear a customer switched 10 months later, they're coming back. Can you just give color around what drove kind of the boomerang deal back to ZoomInfo and how should we think about that going forward?

然後，亨利，對你來說，顯然，在一個充滿挑戰的環境中，你仍然在尋找完成大筆交易的方法。我的問題是關於迴旋鏢交易。令人驚訝的是，10 個月後，客戶又回來了。您能否詳細說明是什麼推動了 ZoomInfo 的迴力鏢交易？我們該如何看待未來的發展？

Brent -- really quickly, I just wanted to clarify, I meant Q1 of '24 there in that response. I think I misspoke.

布倫特 - 很快，我只是想澄清一下，我的意思是該回覆中的 24 年第一季。我想我說錯了。

Yes. Thanks, Cameron. Brent, I think -- when I started this business 17 years ago, I started it with the premise that high-quality data made a major difference in the way companies go to market. And there have been cheap alternatives to what we offer for the last 17 years. And if you're not doing your diligence and you're not an incredibly sophisticated buyer, you can make a switch and then you realize almost instantly that high-quality data does, in fact, make a difference in your go-to-market motion. And that's what we saw here.

是的。謝謝，卡梅倫。 Brent，我想，17 年前，當我開始從事這項業務時，我的前提是高品質的數據對公司進入市場的方式產生了重大影響。在過去 17 年裡，我們提供的產品已經有了廉價的替代品。如果您沒有盡職盡責，也不是一個非常成熟的買家，那麼您可以做出改變，然後您幾乎立即意識到，高品質的數據實際上確實會對您的市場進入產生影響運動。這就是我們在這裡看到的。

We saw a customer who switched to a low-priced offering and then immediately came back and meaningfully increased their spend with ZoomInfo and did it across the platforms. And we've always competed in a way that said, when you have high-quality data, whether you're an account executive, an account manager, a sales development rep, marketing operations, professional CMO or CRO, that information makes a meaningful difference in the way that you acquire, find and grow your customers. And customers see that. And so -- there are a lot of boomerang customers that we find who go try something new and then immediately come back. And in this case, not only did they come back, but they meaningfully increased their spend with us.

我們看到一位客戶轉而使用低價產品，然後立即回來並有意義地增加了 ZoomInfo 的支出，並在各個平台上做到了這一點。我們一直以這樣的方式競爭：當你擁有高品質的數據時，無論你是客戶主管、客戶經理、銷售開發代表、行銷營運、專業 CMO 還是 CRO，這些資訊都會產生有意義的結果。您獲取、尋找和發展客戶的方式有所不同。客戶看到了這一點。因此，我們發現有很多迴旋鏢客戶嘗試新事物，然後立即回來。在這種情況下，他們不僅回來了，而且有意義地增加了在我們這裡的支出。

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。

Maybe a question for Cameron here. You mentioned from September to March of 2024, you'd gone through about 90% of your ACV leaving 10% that still needs to be renewed. But the way I understand the comment was that of that 10%, some of them have already down sold in the second quarter of this year. So maybe could you help us describe the composition of that remaining 10% of ACV post March of next year.

也許有個問題想問卡梅倫。您提到從 9 月到 2024 年 3 月，您已經用完大約 90% 的 ACV，剩下 10% 仍需要更新。但我對這個評論的理解是，那10%的人中，有些已經在今年第二季降價出售了。那麼也許您可以幫助我們描述明年 3 月後剩下的 10% ACV 的成分。

Yes. So to be super clear, about 90% are customers that we've transacted with from September of '22, and we began to see real significant headwinds from the macroeconomic environment through March of 2024. So those are longer-term contracts that transacted sometime before September '22, and therefore, we're likely in a more constructive environment when they initially entered into that contract.

是的。因此，非常明確的是，大約90% 是我們從22 年9 月開始與之進行交易的客戶，並且我們開始看到到2024 年3 月宏觀經濟環境帶來的真正重大阻力。因此，這些是在在某個時間進行交易的長期合約22 年 9 月之前，因此，當他們最初簽訂該合約時，我們可能處於更具建設性的環境中。

So that remaining 10%, those do tend to be larger customers, but there is some risk for those customers that they would perceive a worse environment than when they transacted either in 2021 or the beginning of 2022 as they come up for renewal later in '24 or potentially even later than that.

因此，剩下的10% 確實往往是較大的客戶，但這些客戶存在一些風險，即他們會認為比2021 年或2022 年初進行交易時的環境更糟糕，因為他們會在2021 年晚些時候進行續約。 24 甚至可能更晚。

I wanted to ask a question, a follow-up here on the $100,000-plus ACV customers. As we look at that metric, this is the third straight quarter of sequential decline here. And if we continue to kind of pull forward a similar pace, it would actually imply a year-over-year decline in the fourth quarter. So maybe you could help us decompose this metric a little bit and ex technology. Did this metric grow? I mean that would be super helpful to understand.

我想問一個問題，對價值 10 萬美元以上的 ACV 客戶進行跟進。當我們查看該指標時，這是連續第三個季度出現連續下降。如果我們繼續以類似的速度前進，這實際上意味著第四季度的同比下降。所以也許你可以幫助我們稍微分解這個指標和技術。這個指標成長了嗎？我的意思是這對於理解非常有幫助。

Yes. I think in every quarter this year, ex technology, and -- and honestly, if you just strip out mid-market software, so these are kind of largely venture-backed software companies. If you strip out that, this metric has grown every quarter this year quarter-on-quarter and obviously, would continue to show growth as a result.

是的。我認為今年每個季度，除了技術之外，而且老實說，如果你只剔除中端市場軟體，那麼這些都是主要由創投支持的軟體公司。如果剔除這一點，這個指標今年每季都在環比成長，顯然，結果將繼續顯示成長。

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。

I guess on the same vein, I wanted to ask about NRR. Henry, you mentioned it was sub-90%. Are we -- does this feel like a bottom and now we're kind of taking that rate over a larger cohort here into Q4? Or is this something that gets to the mid-80s or the low 80s in Q4 and Q1? And then just on the margins, just can you remind us, given I think that there was a slight tick down in the guide on operating margins. Like what's the -- it sounds like the first half will be continually challenged from a revenue growth perspective. Are you going to grow OpEx by more than or less than revenue growth during this period?

我想同樣的，我想問NRR。亨利，你提到低於 90%。我們是否——這感覺像是觸底了嗎？現在我們在第四季度將這一比率與更大的群體相比？或者這會在第 4 季和第 1 季達到 80 年代中期或 80 年代後期？然後就利潤率而言，您能否提醒我們一下，因為我認為指南中的營業利潤率略有下降。聽起來，從營收成長的角度來看，上半年將持續面臨挑戰。在此期間，您的營運支出成長將高於還是低於收入成長？

So with respect to net retention, it continues to be a tough world out there. I think when we've set up the guidance, we do assume that it continues to have an impact and a negative impact on net retention. And then with respect to margins, our goal right now is to maintain margins in that 40% level on an annual basis. I think historically, if you look at seasonality of margins, we do tend to have somewhat lower margins in Q1 and Q2 just based on the way that revenue recognition sets up and typical merit cycles and so forth. So realistically, I think we're aiming to keep the annual margin at that 40% level, but I think you should -- we should continue to think about seasonality and how the historical seasonality of margins has played out.

因此，就淨保留率而言，外面的世界仍然很艱難。我認為，當我們制定指導意見時，我們確實假設它繼續對淨留存率產生影響和負面影響。然後就利潤率而言，我們目前的目標是每年將利潤率維持在 40% 的水平。我認為，從歷史上看，如果你看看利潤率的季節性，我們確實傾向於在第一季和第二季的利潤率略低，這只是基於收入確認的設定方式和典型的績效週期等。因此，實際上，我認為我們的目標是將年度利潤率保持在 40% 的水平，但我認為我們應該繼續考慮季節性以及利潤率的歷史季節性如何發揮作用。

Got it. And then just a clarifying follow-up. Just -- I know we're not guiding to next year at this point given the lack of visibility. But again, if you just take the second half of days adjusted sales revenue growth or sales outstanding, is that the right way that we should at least start to conceptualize the first half for next year, just so we can kind of all get our models in the zone.

知道了。然後只是澄清後續行動。只是——我知道，由於缺乏可見性，我們目前不會為明年提供指導。但同樣，如果你只考慮下半年調整後的銷售收入成長或銷售未完成，這是我們至少應該開始構思明年上半年的正確方式，這樣我們就可以得到我們的模型在該區域。

Yes. So I think we've consistently said that we continue to see challenges with respect to the environment, and we'll see challenges through at least Q1 of 2024. So in my mind, the range of sequential growth that we've seen in 2023 is a good starting point for that time period. Certainly, we think that there's the opportunity to accelerate after that, but I don't want us to get ahead of ourselves as to when that acceleration will occur just based on the uncertainty in the market.

是的。因此，我認為我們一直表示，我們將繼續看到環境方面的挑戰，並且至少在 2024 年第一季看到挑戰。因此，在我看來，我們在 2023 年看到的連續成長範圍是那個時期的一個很好的起點。當然，我們認為此後有機會加速，但我不希望我們僅僅基於市場的不確定性而超前地判斷加速何時會發生。

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。

You have Ryan Bressner on for Elizabeth Porter. On sales efficiency, you mentioned in Q2 that trends ticked down slightly in June after showing signs of stabilization in Q1. Any update maybe on how this particular metric performed in the quarter? And what steps you can take to kind of help this into a better demand environment going forward.

瑞安布雷斯納 (Ryan Bressner) 飾演伊莉莎白波特 (Elizabeth Porter)。關於銷售效率，您在第二季度提到，在第一季出現穩定跡象後，六月的趨勢略有下降。關於這個特定指標在本季度的表現是否有任何更新？以及您可以採取哪些措施來幫助其進入更好的需求環境。

Yes, sure. So the environment does continue to get more challenging. And that particularly impacts sales efficiency, more so existing customer sales efficiency than anything else. So that efficiency with our existing customers does continue to be challenged and is more challenging in Q3 relative to Q2. New sales efficiency continues to hold in there reasonably well. I think as we've -- as we've talked about before, we do see a much higher concentration of our new sales with companies outside of the technology space, which has helped us basically go after customers that are more -- where there's more demand right now.

是的，當然。因此，環境確實繼續變得更具挑戰性。這尤其影響銷售效率，尤其是現有客戶的銷售效率。因此，我們現有客戶的效率確實繼續受到挑戰，與第二季相比，第三季更具挑戰性。新的銷售效率繼續保持相當不錯的水平。我認為，正如我們之前談到的那樣，我們確實看到我們的新銷售更加集中於技術領域之外的公司，這幫助我們基本上追求更多的客戶現在需求更多。

Maybe just a quick follow-up. You made a few recent changes at the leadership level. Can you just -- any quick comments on any changes or impacts we should expect from these going forward?

也許只是快速跟進。您最近在領導層做出了一些改變。您能否對我們未來應該期待的任何變化或影響發表一些簡短的評論？

Yes. Look, I think -- and I talked about it in the call, I think the big opportunity for me and for the business is a flattening of the organization that gets me closer to our customer base, closer to revenue and customer success and customer support. I, over the last 60 days, have met with over 200 of our account executives and account managers and roundtables across the company. I'm constantly meeting with our customers. And I don't anticipate any meaningful changes that come from these leadership changes.

是的。我認為，我在電話中談到了這一點，我認為對我和企業來說，最大的機會是組織扁平化，這讓我更接近我們的客戶群，更接近收入、客戶成功和客戶支援。在過去 60 天裡，我會見了全公司 200 多名客戶主管和客戶經理，並參加了圓桌會議。我經常與我們的客戶會面。我預計這些領導層變動不會帶來任何有意義的改變。

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)。

So how seriously is the company taking the attrition rates, which seem to have spiked, especially among as you characterize the mid-market business. Some of it is not controllable if somebody is going out of business or just adding fewer salespeople or letting go of salespeople completely understand.

那麼，該公司對員工流動率的重視程度如何，流失率似乎已經飆升，尤其是當你描述中階市場業務時。如果有人倒閉或只是減少銷售人員或解僱銷售人員，其中一些是不可控的，完全可以理解。

But when you isolate those instances out, what are you learning from the engagement with the product itself that you can make it a stickier proposition that is really part of a complete loop that it's impossible to get unhinged from the data source that you guys have built up? Because it seems to me that the attrition should be contained better than what you're experiencing. But I'm curious to get your thoughts on how you plan to fix this.

但是，當您將這些實例隔離出來時，您從與產品本身的互動中學到了什麼，您可以使其成為一個更具粘性的主張，這實際上是一個完整循環的一部分，不可能從您那裡構建的資料來源中脫離出來向上？因為在我看來，應該比你所經歷的情況更好地控制磨損。但我很想知道你對計劃如何解決這個問題的想法。

I think that's right. I think we've been thinking about -- we think about this in a number of ways. And if I think about it departmentally, if I start with product, and engineering, we've been working really hard to simplify the user experience in our platform and make sure that our customers are not just using ZoomInfo as a lookup tool, but actually plugging it in through our workflow solution to an ongoing workflow.

我認為這是對的。我認為我們一直在思考——我們以多種方式思考這個問題。如果我從部門角度考慮，如果我從產品和工程開始，我們一直在努力簡化平台中的使用者體驗，並確保我們的客戶不僅使用 ZoomInfo 作為查找工具，而且實際上使用 ZoomInfo透過我們的工作流程解決方案將其插入到正在進行的工作流程中。

What we've seen this year is the NPS scores are up every quarter. In Chorus, our NPS score was up 20-plus points on our [core] SalesOS platform. It's up 7 points year-over-year and product engagement is also up meaningfully. And so we're focused on making the product easier to use and then also plugging that product into an ongoing sales or marketing person's workflow. We think, obviously, those 2 things drive a meaningful amount of stickiness in the customer base.

今年我們看到的是 NPS 分數每季都在上升。在 Chorus 中，我們的 [核心] SalesOS 平台上的 NPS 分數提高了 20 多分。年比成長 7 個百分點，產品參與度也顯著提高。因此，我們專注於使產品更易於使用，然後將該產品插入持續的銷售或行銷人員的工作流程中。我們認為，顯然，這兩件事可以提高客戶群的黏性。

On the customer success in onboarding and implementation side, we made a number of changes in June in the way that we onboard and implement and deploy our customers to ensure that our customers are seeing quicker time to value. And those are netting out really positively for us, the numbers of customers who are using the product and using the product quicker post implementation have significantly increased. And so we feel really good about that as well. And we've materially grown our customer success team to make sure that we're giving our customers -- sharing with our customers best practices, solving support issues for them in a timely manner, and we'll continue to invest across all 3 of those areas.

在客戶入職和實施方面的成功方面，我們在 6 月對客戶入職、實施和部署的方式進行了一些改變，以確保我們的客戶能夠更快地實現價值。這些對我們來說確實是積極的，使用該產品以及在實施後更快使用該產品的客戶數量顯著增加。所以我們對此也感覺很好。我們已經實質地發展了我們的客戶成功團隊，以確保我們為客戶提供——與客戶分享最佳實踐，及時為他們解決支援問題，並且我們將繼續在這三個方面進行投資那些地區。

Got it. And also given the divergence between the retention of large customers versus the middle of the curve. How are you planning to win those customers back. And granted that you had that one big boomerang, the other customers in the middle of the bell curve that have defected, what's the company's plan, if any, to bring them back.

知道了。而且也考慮到大客戶的保留與曲線中間的保留之間的差異。您打算如何贏回這些客戶？假設你有一個大迴旋鏢，鐘形曲線中間的其他客戶已經叛逃，那麼公司有什麼計劃（如果有的話）將他們帶回來。

I think it's worth noting here that the churn rate has actually not significantly improved. It's a little worse than it was, say, in 2022 or 2021. But the big driver of the net retention change is much more that we're seeing reduced upsell and more downsells. So I'd say that the biggest difference is not that we're losing these customers, it's that they're spending less with us. A bunch of that has to do with lower seats. Some of it has to do with tighter budgeting -- but realistically, I think for the vast majority of cases, it's not a loss of a customer, it's a reduction in the spend with those customers that's changing the net retention.

我認為這裡值得注意的是，流失率實際上並沒有顯著改善。比 2022 年或 2021 年的情況要糟糕一些。但淨保留率變化的主要驅動因素更多是我們看到追加銷售減少和追加銷售增加。所以我想說，最大的差異不是我們失去了這些客戶，而是他們在我們身上的花費減少了。其中很大一部分與較低的座位有關。其中一些與更嚴格的預算有關——但實際上，我認為在絕大多數情況下，並不是客戶流失，而是這些客戶支出的減少改變了淨保留率。

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, I feel like you've talked a bit more about data as a service or enrichment of late and the potentially favorable economics that accrue there. My question is how recurring those DaaS agreements generally are. I mean is it a situation where customers spend a lot on the effort upfront and then less in maintenance in subsequent years? Or is there an ongoing commitment to enrichment that makes those revenue streams more linear or recurring in nature? Like how does that typically work?

亨利，我覺得您最近更多地談論了數據即服務或數據豐富以及由此產生的潛在有利經濟效益。我的問題是這些 DaaS 協定的重複性一般如何。我的意思是，客戶是否會在前期投入大量精力，而在隨後幾年的維護方面投入較少？或是否持續致力於豐富業務，使這些收入流本質上更加線性或經常性？例如這通常是如何運作的？

Those are recurring subscriptions to our data and our data to live alongside their CRM data, their Snowflake or Databricks data. Obviously, one of the key parts of our offering centers around the fact that this data is constantly changing. There's no company that looks the same on December 31 as it did on January 1. And over 30-plus percent of people are changing jobs or getting promoted or getting into new roles, we're tracking all of these changes at scale. And not to mention there's the influx of new companies being started and incorporated that we're staying on top of. So these -- we're feeding those changes in a real-time way into our customers' systems of record and whether those are marketing systems, enterprise data warehouses or CRM. And so those are ongoing contracts for us.

這些是對我們資料的定期訂閱，而我們的資料與他們的 CRM 資料、Snowflake 或 Databricks 資料一起存在。顯然，我們產品的關鍵部分之一圍繞著這些數據不斷變化的事實。沒有一家公司在 12 月 31 日看起來與 1 月 1 日是一樣的。超過 30% 的人正在換工作、升職或擔任新角色，我們正在大規模追蹤所有這些變化。更不用說我們一直在關注不斷湧現的新公司的成立和成立。因此，我們將這些變更即時回饋到客戶的記錄系統中，無論這些系統是行銷系統、企業資料倉儲或 CRM。因此，這些對我們來說是持續的合約。

One of the things that's worth mentioning here is when you hear about me talking about this, it is largely about us being super excited about the AI opportunity that we're seeing. And what our customers are saying to us and they're showing up at our doorstep saying, the C level wants us to drive generative AI in our outbound prospecting motion. They want us to be using AI and LLMs in the way that we contact and prospect and communicate with our customers, but the data that we have in the systems are just not robust enough, they're just not accurate enough for us to actually take advantage of that.

這裡值得一提的是，當你聽到我談論這個時，很大程度上是因為我們對我們所看到的人工智慧機會感到非常興奮。我們的客戶對我們說的話，他們出現在我們家門口說，C 級希望我們在對外勘探活動中推動生成式人工智慧。他們希望我們以與客戶聯繫、潛在客戶和溝通的方式使用人工智慧和法學碩士，但我們系統中的數據不夠強大，不夠準確，無法讓我們實際獲得的優勢。

So when we show up and we talk about data as a service, we have the opportunity to come and really drive their AI motion and we've had these conversations all across the enterprise. We have them in the mid-market and in the SMB, we're able to drive a lot of that workflow directly from our platform. And so we think the AI opportunity and the focus on AI really gives our Data as a Service offering the spotlight.

因此，當我們出現並談論數據即服務時，我們有機會真正推動他們的人工智慧運動，並且我們在整個企業範圍內進行了這些對話。我們在中端市場和中小企業中擁有它們，我們能夠直接從我們的平台驅動許多工作流程。因此，我們認為人工智慧的機會和對人工智慧的關注確實讓我們的數據即服務成為人們關注的焦點。

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。

Nice job executing here in a tough environment. You mentioned the expanded international coverage. How are you prioritizing the expansion of the company and contact database internationally? Are you going by a geography or some other way of expanding that? And then what inning are you in, in terms of getting the international database where you want it to be to kind of properly monetize it?

在艱難的環境中執行得很好。您提到擴大國際覆蓋範圍。您如何優先考慮公司和聯絡人資料庫的國際擴張？你是透過地理還是其他方式來擴展它？那麼，在讓國際資料庫達到您想要的位置並適當地貨幣化方面，您處於哪個階段？

Yes. Great question. We are going where our customers go. And so we have a tremendous amount of telemetry built into our platform. And so we're able to see how our customers are searching across our platform, what they're looking for and what countries, what size companies. And then we're doing a number of user surveys to understand when we do have the information, what else would they like to see. And so when you see the growth in contact information, mobile phone numbers, whatever that is, it's being driven specifically from where we see our customers searching and where we see our customers telling us they want a deeper, more robust coverage and actionability. And so we've done that country by country, region by region.

是的。很好的問題。客戶去哪裡，我們就去哪裡。因此，我們的平台內建了大量遙測數據。因此，我們能夠了解客戶如何在我們的平台上搜尋、他們在尋找什麼以及哪些國家/地區、公司規模有多大。然後我們正在進行大量的用戶調查，以了解我們何時掌握了這些信息，以及他們還想看到什麼。因此，當你看到聯絡資訊、手機號碼等任何內容的成長時，這都是由我們看到客戶搜尋的地方以及我們看到客戶告訴我們他們想要更深入、更強大的覆蓋範圍和可操作性所驅動的。我們逐一國家、逐個地區地進行了研究。

I would tell you, we're probably -- we are obviously monetizing this solution. We think the solution that we have internationally is far and away a better solution than anything competitively, even solutions that are native in Europe or internationally. So we feel really strongly about that. We think there's still a great opportunity to enhance the data asset. So I would tell you we're somewhere like the seventh inning stretch.

我想告訴你，我們可能會——我們顯然正在利用這個解決方案獲利。我們認為，我們在國際上擁有的解決方案遠遠比任何有競爭力的解決方案更好，甚至是歐洲或國際本土的解決方案。所以我們對此有強烈的感受。我們認為增強數據資產仍有很大的機會。所以我想告訴你，我們現在正處於第七局的階段。

Got it. And then with the stock price, obviously, depressed here in the near term, and you bought back 8.8 million shares. How should we think about leaning further into the stock repurchase over the next several quarters given you still have a fairly healthy amount in the current authorization.

知道了。然後，隨著股價在短期內明顯下跌，你回購了 880 萬股。鑑於目前的授權金額仍然相當健康，我們應該如何考慮在接下來的幾季進一步進行股票回購。

Yes. So our plan is to continue to opportunistically repurchase stock based on where it's trading relative to what we perceive as the long-term value. So yes, I think at these levels, we'll continue to lean in. We do have a fair amount left on the authorizations that we currently have, but we've continued to buy stock in October, and we'll continue to do that going forward.

是的。因此，我們的計劃是繼續根據股票的交易相對於我們認為的長期價值的機會來回購股票。所以，是的，我認為在這些水平上，我們將繼續努力。我們目前擁有的授權確實還剩下相當多的資金，但我們在 10 月繼續購買股票，我們將繼續這樣做繼續前進。

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。

So last quarter, I know part of the hit was customers who had renewed lower in the past still renewing lower. So now that we're in the fourth quarter and coming up on lapping some of the bigger layoff activity, just curious for those who did lay off at this time last year, can you comment on how those conversations are progressing? So are you still seeing them take down speed further? Is that trending better than expected? Would love just any thoughts there?

因此，上個季度，我知道部分打擊是過去續訂較低的客戶仍然較低。現在我們已經進入第四季度，即將進行一些更大規模的裁員活動，只是對去年這個時候裁員的人感到好奇，您能評論一下這些對話的進展嗎？那麼您是否仍然看到它們進一步降低速度？趨勢好於預期嗎？會喜歡那裡的任何想法嗎？

Overall, it continues to be a tough environment. We do continue to see customers that renewed at lower levels last year, continuing to have pressure with respect to their purchases this year. So I'm not convinced that most of the way through October that we've seen kind of customers that made really big layoffs last year. So it's a little hard to compare for those customers that are -- didn't really get through their cycle of negativity in until February or March, where exactly they're coming out given that those layoffs in many cases happened later in their cycle or particularly for customers that had multiple rounds of layoffs. I don't know that we're kind of lapping the easiest comps yet.

整體而言，環境仍然嚴峻。我們確實繼續看到去年續訂較低水準的客戶，今年的購買繼續面臨壓力。因此，我不相信在整個 10 月的大部分時間裡，我們會看到去年進行了大規模裁員的客戶。因此，對於那些直到二月或三月才真正度過消極週期的客戶來說，有點難以比較，因為在許多情況下，這些裁員發生在他們週期的後期或特別是對於經歷過多輪裁員的客戶。我不知道我們是否正在完成最簡單的比賽。

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。

Two quick ones. Cameron, you talked last quarter already about those headwinds that we have till Q1 next year. Compared to your comments last quarter and this quarter, how has your sense changed? Is it about the same? Or you expected Q2 slightly better, slightly worse? Where did you come out there? That's the first question.

兩個快的。卡梅倫，您在上個季度已經談到了明年第一季之前我們面臨的不利因素。與上季和本季的評論相比，您的看法有何變化？是不是都差不多啊？或者您預計第二季會稍好一點，還是稍差一點？你從哪裡出來的？這是第一個問題。

And second question for James and Henry. If you think about a downturn, usually, everyone is about cost cutting. And then you suffer and you see it now at the later stages of a downturn, people usually start thinking about, oh, I did my cost-cutting, now I think about sales and sales growth, again, are we at those conversations at least at the early level yet or not there yet?

第二個問題問詹姆斯和亨利。如果你考慮經濟衰退，通常每個人都會考慮削減成本。然後你就會受苦，你會在經濟低迷的後期看到這一點，人們通常會開始思考，哦，我削減了成本，現在我再次考慮銷售和銷售增長，我們至少在進行這些對話嗎？處於早期水平還是尚未達到？

In terms of kind of where we were compared to last quarter, I think we expected the environment to get worse than it has gotten worse. I don't think we see any trends currently that the operating environment is getting better. And in some instances, I think it's largely a customer by customer at this point or kind of segment by segment that there are some things that, frankly, I think people are more worried than they were at the end of last quarter.

就我們與上個季度相比而言，我認為我們預計環境會變得更糟。我認為目前我們沒有看到營運環境有任何好轉的趨勢。在某些情況下，我認為目前主要是逐個客戶或逐個細分市場，坦白說，我認為人們比上季末更擔心一些事情。

I think the other thing I would add there, Raimo, is if you're in the boardrooms of private equity or venture capital-backed businesses today, there is not a push for the companies to grow faster. There is a push still for those companies to cut costs and get to pull profitability forward or to increase profitability. So I don't think we've turned that corner where investors and Board members are pushing their private companies to get back to growth. I think they're still in a -- either maintain the cost you've cut or continue to cut costs mentality.

Raimo，我想我要補充的另一件事是，如果你今天身處私募股權或創投支持的企業的董事會，你會發現並沒有推動公司更快成長的動力。這些公司仍然需要削減成本並提高獲利能力或提高獲利能力。因此，我認為我們還沒有扭轉投資者和董事會成員推動其私人公司恢復成長的局面。我認為他們仍然處於一種——要么維持已經削減的成本，要么繼續削減成本的心態。

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 Johnathan McCary on for Brian. So I think you mentioned non-software growing at the low 20s clip last quarter. Is that still kind of the right ballpark? And then for that non-software piece of the business, how would you categorize the NRR of that category versus the broader figure?

我是喬納森·麥卡里 (Johnathan McCary) 替布萊恩發言。所以我認為您提到上個季度非軟體業務的成長速度為 20 多歲。這仍然是正確的嗎？然後，對於該業務的非軟體部分，您將如何對該類別的 NRR 與更廣泛的數字進行分類？

So I think as mentioned, the operating environment continues to be challenging and as expected, it was worse than we saw in Q2. That weakness is not just [confined] to software. Nonsoftware growth did decline. It's below 20% this year -- or this quarter, year-over-year. We do continue to see demand in those non-software industries, particularly on the new business side. And certainly, the retention in non-software is well above what the overall average is, but we continue to see kind of challenges there.

因此，我認為如上所述，營運環境仍然充滿挑戰，正如預期的那樣，情況比我們在第二季度看到的更糟。這種弱點不僅[局限於]軟體。非軟體成長確實下降了。今年或本季與去年同期相比，這一比例低於 20%。我們確實繼續看到這些非軟體產業的需求，特別是在新業務方面。當然，非軟體的保留率遠高於整體平均水平，但我們仍然看到那裡存在一些挑戰。

And 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。

Henry, you talked a little bit about in your prepared remarks, your efforts with both PLG as well as leaning a little bit more on self-service e-commerce capabilities. Can you expand a little bit on what you're doing there? What kind of a road map will look like? And how early traction or customer reception has been from these initiatives?

Henry，您在準備好的發言中談到了您在 PLG 方面所做的努力以及對自助電子商務功能的更多依賴。您能詳細介紹一下您在那裡所做的事情嗎？什麼樣的路線圖會是什麼樣子？這些措施的早期吸引力或顧客接受程度如何？

Yes. I think what we've been focused on this year has been really to build the infrastructure and be out in market testing self-service and e-commerce capabilities with our downmarket customer base. And we've seen really good traction that our ability to sell in a self-service e-commerce way down market has grown quarter-over-quarter, every quarter this year. And so we feel really strongly about that as we as we go into 2024.

是的。我認為我們今年的重點實際上是建立基礎設施，並與我們的低端客戶群一起進入市場測試自助服務和電子商務能力。我們已經看到了非常好的吸引力，我們在自助電子商務低端市場的銷售能力今年每季都在逐季成長。因此，當我們進入 2024 年時，我們對此有非常強烈的感受。

Today, we're focusing that offering on the lowest end of the market where we can drive efficiencies by taking a sales rep out of the motion. And then we've built and we'll continue to build -- build technology onboarding. And so customers can also onboard in a self-service way. We've noticed that we've been able to meaningfully drive up usage and adoption of our platform with our technology and self-serve onboarding, and we think we can continue to make impacts there. I'll tell you, we're in early innings, but we have a lot of confidence about that product and its ability to drive efficiencies and growth in the down market.

今天，我們的重點是向最低端市場提供服務，我們可以透過取消銷售代表來提高效率。然後我們已經構建並將繼續構建——構建技術入門。因此，客戶也可以透過自助服務方式登機。我們注意到，我們已經能夠透過我們的技術和自助服務有效地推動我們平台的使用和採用，並且我們認為我們可以繼續在那裡產生影響。我告訴你，我們還處於早期階段，但我們對該產品及其在低端市場提高效率和成長的能力充滿信心。

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 Bobby Dion for Terry. I'm curious, across the different OS solutions, SalesOS, MarketingOS, et cetera, are you all seeing any of the segments more resilient than others related to existing customer activity or new customer wins?

我是特里的鮑比·迪翁。我很好奇，在不同的作業系統解決方案（SalesOS、MarketingOS 等）中，你們是否都看到任何一個細分市場比其他與現有客戶活動或新客戶贏得相關的細分市場更具彈性？

Certainly, as we mentioned before, within the advanced functionality, which is really encompassing functionality outside of the SalesOS and the add-ons to SalesOS. MarketingOS has done really well, and it's growing. Obviously, that was a newer product in 2022, but is a place where we continue to see growth. We also see, as Henry has mentioned, a lot of growth in our DaaS and enrichment capabilities as well as automation capabilities, which those land either primarily in the OperationsOS or a lot of the automation capabilities, whether that's Workflows or Engage, et cetera, are part of SalesOS. So I think it's parts of those OSs that we're really seeing more interest from customers.

當然，正如我們之前提到的，在高級功能中，它實際上包含 SalesOS 以外的功能以及 SalesOS 的附加元件。 MarketingOS 做得非常好，而且還在持續發展中。顯然，這是 2022 年的新產品，但我們將繼續看到成長。正如亨利所提到的，我們也看到我們的 DaaS 和豐富功能以及自動化功能有了很大的成長，這些功能主要集中在 OperationsOS 或許多自動化功能中，無論是工作流程還是參與等等，是SalesOS的一部分。因此，我認為我們確實看到客戶對這些作業系統的一部分更加感興趣。

And I think as Henry mentioned part of that is driven by people looking at their data strategies as may be driven through AI or preparation for AI. And part of that is them thinking about the efficiency of their teams and looking to automate where they can.

我認為，正如亨利所提到的，部分原因是人們關注他們的數據策略，這些策略可能是透過人工智慧或人工智慧的準備來驅動的。其中一部分是他們考慮團隊的效率並尋求盡可能的自動化。

Our next question comes from Jack McShane with Stifel.

我們的下一個問題來自 Stifel 的 Jack McShane。

This is Jack McShane, I'm from Parker Lane's team at Stifel. I'd be curious to ask James, what are some of your top priorities and changes you're looking to make in the go-to-market of ZoomInfo. And where do you see the biggest opportunities as you step in the new role?

我是 Jack McShane，我來自 Stifel Parker Lane 的團隊。我很想問 James，在 ZoomInfo 的上市過程中您最優先考慮的事項以及您希望做出的更改是什麼。當您擔任新職位時，您認為最大的機會在哪裡？

Yes. Thanks, Jack. So in terms of the biggest opportunities we see, this DaaS led motion that we're seeing in the 7-figure upmarket cohort, we're seeing a lot of success in. The ability to take that into the lower end of the enterprise and into mid-market as well is a big opportunity. Overall, it's just the customer centricity Henry spoke to it as did Cameron. Getting the value to our customers. What we see, there was an earlier question on the DaaS being a onetime or recurring.

是的。謝謝，傑克。因此，就我們看到的最大機會而言，我們在 7 位數的高端市場群體中看到的 DaaS 主導動議，我們看到了很多成功。能夠將其帶入企業的低端，並進入中端市場也是一個巨大的機會。總的來說，亨利和卡梅倫都談到了以客戶為中心。為我們的客戶創造價值。我們看到，之前有一個關於 DaaS 是一次性的還是週期性的問題。

When folks ingest that data, they buy more of it in every single example that we see. And so leaning into that as a motion, making sure that, that customer success motion, ingesting it into their data lakes, showing them how to activate it. Those are all top priorities because when folks use the full breadth of our platform, we see continued success and continued growth with what they're doing. So those are just a handful. I think over the last 18 months, we've built out a world-class enterprise team, and we're seeing the success there. and continuing to do that is what I get extremely excited about across the overall organization.

當人們獲取這些數據時，他們會在我們看到的每個例子中購買更多的數據。因此，將其作為一項動議，確保客戶成功動議，將其納入他們的資料湖，向他們展示如何啟動它。這些都是首要任務，因為當人們使用我們平台的全部內容時，我們會看到他們正在做的事情不斷取得成功和持續成長。所以這些只是少數。我認為在過去 18 個月裡，我們已經建立了一支世界一流的企業團隊，我們正在見證成功。繼續這樣做是我對整個組織感到非常興奮的事情。

I'm showing no further questions at this time. I would like to turn the call over to Henry for closing remarks.

我目前沒有提出任何進一步的問題。我想將電話轉交給亨利，讓他發表結束語。

Thank you, everybody, for joining us. We really appreciate it.

謝謝大家加入我們。我們真的很感激。

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。您現在可以斷開連線。