Zoominfo Technologies Inc (ZI) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ZoomInfo Fourth Quarter and Full Year 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 年第四季和全年財務業績電話會議。 （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 Jerry Sisitsky。請繼續。

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

謝謝，艾米。歡迎大家參加 ZoomInfo 2023 年第四季和全年財務業績電話會議。今天與我一起參加電話會議的是 ZoomInfo 創辦人兼執行長 Henry Schuck；以及我們的財務長卡梅倫·海澤 (Cameron Hyzer)。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。未來目標的表達，包括業務前景、對未來財務表現的預期和類似項目，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；旨在識別前瞻性陳述。

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors sections of our SEC filings. Actual results may differ materially from any forward-looking statements. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law.

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。

For more information, please refer to the forward-looking statements in the slides posted to our Investor Relations website at ir.zoominfo.com.

欲了解更多信息，請參閱我們投資者關係網站 ir.zoominfo.com 上發布的幻燈片中的前瞻性陳述。

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 IR slides posted to our IR website.

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的 IR 網站上的 IR 投影片中找到調節表。

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

這樣，我就把電話轉給亨利。

Thank you, Jerry, and welcome, everyone. We ended the year on a more positive note with revenue, profitability and cash flow that exceeded our guidance. Revenue for the fourth quarter was $316 million and adjusted operating income was $126 million, a margin of 40%, both ahead of the guidance we provided.

謝謝傑瑞，歡迎大家。我們以更積極的態度結束了這一年，收入、獲利能力和現金流都超出了我們的指導。第四季營收為 3.16 億美元，調整後營業收入為 1.26 億美元，利潤率為 40%，均高於我們提供的指引。

For the full year, we delivered $1.24 billion in revenue, generating nearly $500 million in adjusted operating income and converting 93% of that into unlevered free cash flow. During the quarter, we purchased approximately 10 million shares of ZoomInfo stock for $153 million.

全年，我們實現了 12.4 億美元的收入，產生近 5 億美元的調整後營業收入，並將其中 93% 轉化為無槓桿自由現金流。本季度，我們以 1.53 億美元的價格購買了約 1,000 萬股 ZoomInfo 股票。

We're confident that these repurchases will drive a meaningful economic return for our shareholders, and we will continue to aggressively repurchase shares as we take advantage of disconnects between our share price and the intrinsic value of our growing, profitable and cash flow-generative business.

我們相信這些回購將為我們的股東帶來有意義的經濟回報，我們將繼續積極回購股票，因為我們利用股價與我們不斷增長、盈利和產生現金流的業務的內在價值之間的脫節。

That being said, since early 2022, we have been managing through the challenges of a weaker macro environment, which has particularly impacted the software industry, our largest vertical. Overall, software has contracted, while all other industries are growing. New businesses performed well, while NRR has declined as the pullback in the software vertical has disproportionately impacted our existing customer base, resulting in fewer upsells and more seat downsells.

話雖如此，自 2022 年初以來，我們一直在應對宏觀環境疲軟的挑戰，這對我們最大的垂直產業軟體產業的影響尤其嚴重。總體而言，軟體產業已經萎縮，而所有其他產業都在成長。新業務表現良好，而 NRR 則有所下降，因為軟體垂直領域的回落對我們現有的客戶群產生了不成比例的影響，導致追加銷售減少和降價銷售增加。

However, our demand and sales velocity for new business was our best ever. We closed the most new logos on record in Q4. Our in-month create and closed win rate for December was the highest we've ever had in a single month, and our median sales cycle shortened significantly year-over-year.

然而，我們對新業務的需求和銷售速度是有史以來最好的。我們在第四季度關閉了有史以來最新的徽標。我們 12 月的月內創建和成交獲勝率是單月最高的，而且我們的中位數銷售週期比去年同期顯著縮短。

Last year, I said that we would make key investments in data accuracy and data coverage by growing our contributory networks and doubling down on the AI and machine learning we use to keep data fresh and accurate. Today, 9 out of 10 times a customer looks for a contact, we deliver a match. That's up from 7 out of 10 times at the start of 2023. Those investments resulted in a 23% year-over-year increase in our Net Promoter Score, while NPS attributed to our data asset disproportionately increased by more than 50%.

去年，我曾說過，我們將透過擴大我們的貢獻網絡並加倍努力使用人工智慧和機器學習來保持數據的新鮮和準確，從而對數據準確性和數據覆蓋範圍進行重大投資。如今，客戶在尋找聯絡人時，十分之九的時候，我們都會提供相符的服務。這比 2023 年初的十分之七有所增加。這些投資使我們的淨推薦值同比增長了 23%，而歸因於我們數據資產的 NPS 不成比例地增長了 50% 以上。

Our significant investment in data quality and breadth didn't just improve customer sentiment. Q3 and Q4 '23 were both our biggest win-back quarters on record, with more than 550 customers who left us, returning to our platform. Sales teams are loud advocates for having the best tools to hit their quotas. And when management makes a decision to buy cheap, they are ultimately forced to buy twice.

我們在數據品質和廣度方面的大量投資不僅改善了客戶情緒。 23 年第三季和第四季都是我們有史以來最大的贏回季度，有超過 550 名離開我們的客戶回到我們的平台。銷售團隊大力倡導使用最好的工具來完成他們的配額。當管理層決定低價購買時，他們最終被迫購買兩次。

Those 550 customers who left for the promise of just good enough data, realized that winning just one incremental deal per rep using ZoomInfo is worth far more than any potential cost savings from a low quality, low-cost provider.

那些為了獲得足夠好的數據的承諾而離開的 550 名客戶意識到，使用 ZoomInfo 為每個代表贏得一筆增量交易的價值遠遠超過低品質、低成本提供者的任何潛在成本節省。

Another example is a marketing demand generation business that tried out a cheaper competitor, hoping to save money. This is a company whose entire business model is built on driving appointments, demand and sales for technology companies. Data inputs are critical to their success.

另一個例子是行銷需求產生企業嘗試了更便宜的競爭對手，希望能省錢。這家公司的整個商業模式都是建立在推動科技公司的預約、需求和銷售的基礎上的。數據輸入對於他們的成功至關重要。

They were so dissatisfied that they came back to us just months after leaving to perform a head-to-head test of data quality. Ultimately, they told us that "the difference was night and day, and the data quality platform integrations and direct dials from this provider couldn't even compare to ours."

他們非常不滿意，以至於在離開幾個月後又回到我們這裡，對數據品質進行了面對面的測試。最終，他們告訴我們，“差別是白天和黑夜，該提供者的數據品質平台整合和直接撥號甚至無法與我們相比。”

While the price was cheaper elsewhere, the actual cost of leaving ZoomInfo was extraordinarily high as the customer missed out on the countless opportunities that their sales reps could have had.

雖然其他地方的價格更便宜，但離開 ZoomInfo 的實際成本卻非常高，因為客戶錯過了銷售代表本來可以擁有的無數機會。

A publicly traded multinational MSP and provider of technology solutions turned off ZoomInfo for a cheaper alternative. As they started preparing for the new year, they realized that they needed to fundamentally change their go-to-market strategy, and they conducted an extensive RFP process to find the right solution.

一家上市跨國 MSP 和技術解決方案供應商關閉了 ZoomInfo，以尋求更便宜的替代方案。當他們開始為新的一年做準備時，他們意識到需要從根本上改變他們的進入市場策略，並且他們進行了廣泛的 RFP 流程以找到正確的解決方案。

They came back to ZoomInfo because we were able to help them with all of their key initiatives for go-to-market success, ramping new account executives, increasing sales efficiency driving sales and marketing alignment and actually leveraging.

他們回到 ZoomInfo 是因為我們能夠幫助他們實施成功進入市場的所有關鍵舉措、增加新客戶經理、提高銷售效率、推動銷售和行銷協調以及實際利用。

AI. A high-growth industrial diagnostics company switched from ZoomInfo as the economic environment got more challenging. Within months, their frustrations around data quality, integrations, workflows and sales efficiency boiled over so much that their sales leadership insisted on a change and made the easy decision to return to us. They bought cheap, then they bought twice.

人工智慧.隨著經濟環境變得更具挑戰性，一家高成長的工業診斷公司從 ZoomInfo 轉型。幾個月之內，他們對數據品質、整合、工作流程和銷售效率的挫折感非常強烈，以至於他們的銷售領導層堅持要求變革，並輕鬆決定回到我們身邊。他們買便宜的，然後買了兩次。

From accurate mobile phone coverage to firmographic and location data to seamless integrations with CRM and workflows, when your go-to-market efforts necessitate demand generation at scale, doing it with a low-cost, low-quality provider creates an immense amount of waste. Many of the largest and most sophisticated companies in the world are going all in on our data insights and automation. And in Q4, we added the most new enterprise customers since 2022.

從準確的手機覆蓋範圍到企業結構和位置數據，再到與CRM 和工作流程的無縫集成，當您的市場推廣工作需要大規模產生需求時，與低成本、低品質的供應商合作會造成大量浪費。世界上許多最大、最先進的公司都在全力支持我們的數據洞察和自動化。在第四季度，我們新增了 2022 年以來最新的企業客戶。

4 out of the 5 largest market capitalization companies in the world use ZoomInfo, and we currently have more than 60% of the Fortune 100 [F] customers. Uber, Altice, FIS, Brown & Brown, Capital One and Amazon are all existing enterprise customers who expanded 6-figure-plus growth in the quarter. We continue to have meaningful white space within this customer set.

全球市值最大的 5 家公司中有 4 家使用 ZoomInfo，我們目前擁有超過 60% 的財富 100 強 [F] 客戶。 Uber、Altice、FIS、Brown & Brown、第一資本和亞馬遜都是現有企業客戶，在本季度實現了 6 位數以上的成長。我們繼續在這個客戶群中保留有意義的空白。

We also closed transactions with a diverse group of companies, large and small and across all verticals, including Kraft Heinz, Johnson Controls, [First Financial Bank], Peachtree Hotel Group, OpenAI, SoulCycle, NurseRegistry, [Equitable Advisors] and Apple.

我們也與各個垂直領域的大大小小的公司集團完成了交易，包括卡夫亨氏、江森自控、[第一金融銀行]、Peachtree Hotel Group、OpenAI、SoulCycle、NurseRegistry、[Equitable Advisors] 和蘋果。

We are not sure when we will see the economic environment flip from a headwind to a tailwind, but we continue to build the organization to optimize for the massive long-term opportunity while maintaining industry-leading levels of profitability today. But we are -- but what we are sure of is this, every company that fails to invest in the highest-quality go-to-market intelligence will crush its own ability to win.

我們不確定經濟環境何時會從逆風轉變為順風，但我們將繼續建立組織，以優化巨大的長期機會，同時保持當今行業領先的盈利水平。但我們是——但我們確信的是，每家未能投資最高品質的上市情報的公司都將摧毀自己的獲勝能力。

If you're a sales or marketing professional, the ability to successfully and predictably hit your number month in and month out is ripe with roadblocks and systemic flows. Territories are poorly mapped, targeting is weak, CRM data is incomplete and inaccurate, sellers with inordinate amounts of time researching, marketing campaigns go out to random companies at random time and money is spent in horribly inefficient ways.

如果您是銷售或行銷專業人士，那麼月復一月成功且可預測地達到目標的能力已經成熟，並且存在障礙和系統流程。區域地圖繪製不清晰，目標定位薄弱，CRM 數據不完整且不准確，賣家花費大量時間進行研究，隨機的時間向隨機的公司開展營銷活動，資金以極其低效的方式花費。

This type of sales and marketing pain is universal. Step out on to any sales force without access to go-to-market intelligence, and you'll hear a familiar chorus. "I don't have the right contacts at this account. I keep calling disconnected numbers. This company isn't even in my territory anymore, it got acquired. The new CEO at this company use our competitor. There are only 100 targetable companies in Los Angeles, that can't be right. Marketing didn't hit their pipeline contribution this quarter." Or worse, you'll just hear nothing, and wonder, why is the sales floor so quiet?

這種類型的銷售和行銷痛苦是普遍存在的。走進任何無法獲得行銷情報的銷售隊伍，你都會聽到熟悉的合唱聲。 「我在這個帳戶上沒有合適的聯絡人。我一直撥打斷開的號碼。這家公司甚至不再在我的地盤裡，它被收購了。這家公司的新任執行長使用我們的競爭對手。目標公司只有100 家在洛杉磯，這是不對的。營銷部門本季度沒有達到他們的渠道貢獻。”或者更糟的是，您什麼也聽不到，並且想知道為什麼銷售樓層如此安靜？

A lack of key signals and insights married to incomplete, stale or outright inaccurate data on customers and prospects throw sand into the gears of every go-to-market function. It starts with quiet sales floors and leads to missed numbers, low morale, loss deals, career slumps and your best reps walking out the door.

缺乏關鍵訊號和洞察力，加上有關客戶和潛在客戶的不完整、陳舊或完全不準確的數據，給每個進入市場的職能部門帶來了麻煩。它從安靜的銷售大廳開始，導致銷售失敗、士氣低落、交易失敗、職業生涯低迷以及最好的銷售代表離開。

We are the biggest and most impactful innovator focused on solving this problem for go-to-market professionals. And now we are introducing the next biggest innovation for them, our generative AI-powered Copilot that turns every seller into your best seller. Copilot enables customers to bring together their internal customer data with ZoomInfo's best-in-class data and applies advanced generative AI to sift through the noise and identify insights sellers actually want.

我們是最大、最有影響力的創新者，致力於為進入市場的專業人士解決這個問題。現在，我們正在為他們推出下一個最大的創新，即我們的生成式人工智慧副駕駛，它可以將每個賣家變成最暢銷的賣家。 Copilot 讓客戶能夠將其內部客戶資料與 ZoomInfo 的一流資料結合在一起，並應用先進的生成人工智慧來篩選噪音並識別賣家真正想要的見解。

The best sellers focus their energy on the companies that are most likely to close. They do their research, craft high-quality personalized engagement and stay on top of their deals to remove risks and move to close.

暢銷書將精力集中在最有可能關閉的公司。他們進行研究，制定高品質的個人化參與，並掌握交易的最新動態，以消除風險並最終完成交易。

We have built advanced AI into our Copilot to replicate these best-in-class activities. Copilot identifies ideal-fit accounts by examining a customer's history of closed-one versus closed-loss deals and then running AI against our proprietary data set to identify characteristics of ideal-fit accounts. That includes basics like industry and company size, in addition to tens of thousands of additional sophisticated attributes that we collect like tech stack fit, department budgets and executive presence.

我們在 Copilot 中內建了先進的人工智慧，以複製這些一流的活動。 Copilot 透過檢查客戶的平倉交易與平倉虧損交易的歷史記錄來識別理想帳戶，然後針對我們的專有資料集運行人工智慧來識別理想帳戶的特徵。其中包括行業和公司規模等基本信息，以及我們收集的數以萬計的其他複雜屬性，例如技術堆疊適合度、部門預算和高管存在。

It then scans our proprietary buying signals to identify the accounts most likely in market to purchase. Lastly, it will identify the next best action sellers should take by pinpointing the right buyer, exactly when to reach out to them, what channel to engage on and exactly what the contextual message should be.

然後，它會掃描我們專有的購買訊號，以識別市場上最有可能購買的帳戶。最後，它將確定賣家應該採取的下一個最佳行動，確定正確的買家、何時與他們聯繫、透過什麼管道以及具體的上下文資訊應該是什麼。

For example, Copilot might tell them to e-mail the main decision maker or to start a display ad campaign against the buying committee. It then uses our generative AI e-mailer to create a hyper-personalized message, incorporating all of the context we have about an account, contact, their history and pain points.

例如，副駕駛可能會告訴他們向主要決策者發送電子郵件或針對購買委員會發起展示廣告活動。然後，它使用我們的生成式人工智慧電子郵件程式創建超個人化的訊息，整合我們擁有的有關帳戶、聯絡人、歷史記錄和痛點的所有背景資訊。

We have expanded our data set to power this level of precision and personalization. Copilot starts with our highly proprietary data asset, including billions of unique intent data points, opportunity scoops, executive promotions and job changes, website visits; and then pulls insights from earnings call transcripts, websites, product portfolios and press releases to identify prospects pain points, value propositions and potential opportunities. That's layered on top of our existing intent and opportunity Scoop data for personalization.

我們擴展了數據集，以實現這種程度的精確度和個性化。 Copilot 從我們高度專有的數據資產開始，包括數十億個獨特的意圖數據點、機會獨家報道、高管晉升和工作變動、網站訪問；然後從財報電話會議記錄、網站、產品組合和新聞稿中獲取見解，以確定潛在客戶的痛點、價值主張和潛在機會。這是在我們現有的意圖和機會獨家數據之上進行個人化的。

Copilot is currently deployed across hundreds of customers and tens of thousands of users and will be generally available in the middle of the year. We anticipate packaging Copilot with our other recently innovated AI features, including our AI account fit and end-market scores, creating a migration and monetization opportunity for every customer in seat to our new AI-enabled platform.

Copilot 目前已部署在數百個客戶和數萬名用戶中，並將於今年年中全面上市。我們預計將 Copilot 與我們最近創新的其他人工智慧功能（包括我們的人工智慧帳戶匹配和終端市場分數）打包在一起，為每個使用我們新的人工智慧平台的客戶創造遷移和貨幣化的機會。

Copilot deepens our already-proven track record of innovating on the way revenue teams go to market. In our second annual customer survey, we pulled 7,000 users in more than 80 countries across a variety of sales, marketing and operations position to find out how they drove growth using ZoomInfo.

Copilot 深化了我們業已證明的收入團隊進入市場方式創新記錄。在我們的第二次年度客戶調查中，我們收集了來自 80 多個國家/地區的 7,000 名不同銷售、行銷和營運職位的用戶，以了解他們如何使用 ZoomInfo 推動成長。

Overall, our customers report a 52% increase in win rates, a 46% improvement in marketing pipeline, a 32% increase in revenue, 72% growth in quota attainment. They are 64% more productive. They see a 35% reduction in customer acquisition costs, and CSM saw a 34-point increase in net retention rates.

總體而言，我們的客戶報告獲勝率提高了 52%，行銷管道提高了 46%，收入提高了 32%，配額實現率提高了 72%。他們的生產力提高了 64%。他們發現客戶獲取成本降低了 35%，CSM 的淨保留率提高了 34 個百分點。

Every business wants to make their go-to-market motions more efficient, and our customers make it abundantly clear that ZoomInfo does just that for them. Copilot will enhance our already-strong new customer motion and provide us with another tool to drive expansion and fight downsell in the customer base.

每個企業都希望其進入市場的行動更有效率，我們的客戶非常清楚 ZoomInfo 正是為他們做到這一點。 Copilot 將增強我們已經很強大的新客戶動向，並為我們提供另一種工具來推動客戶群擴張和對抗降價銷售。

Finally, I want to take a moment and talk about the incredible team we've built at ZoomInfo. I'm continually impressed by the level of commitment, competence, relentlessness and resilience exhibited by every person here. We are entrepreneurs who are motivated to innovate and reaccelerate growth, both at ZoomInfo and for our customers.

最後，我想花點時間談談我們在 ZoomInfo 建立的令人難以置信的團隊。這裡每個人所展現的奉獻精神、能力、堅持不懈和韌性都給我留下了深刻的印象。我們是企業家，無論是在 ZoomInfo 還是為了我們的客戶，都積極創新並重新加速成長。

2023 was certainly a tougher year than we anticipated. As a platform that drives efficient revenue growth, we thought Zoominfo would be well insulated from the many layoffs and the change in growth trajectory of our technology customers. While our new customer growth remained strong throughout the year, renewals were impacted by seat downsells triggered by layoffs and fewer upsells as technology customers paused expansion or experimented with lower-quality alternatives. As Cameron will detail, around half of our ACV is coming from verticals that were the most impacted in 2023. And yet we still delivered a year of growth, profitability and free cash flow. We continue to control the controllable while building for the long term. We are executing with efficiency, innovating and delivering tremendous ROI to our customers.

2023 年無疑是比我們預期更艱難的一年。作為一個推動營收高效成長的平台，我們認為 Zoominfo 能夠很好地避免受到大量裁員和技術客戶成長軌跡變化的影響。儘管我們的新客戶成長全年保持強勁，但續約受到裁員引發的席位降價以及技術客戶暫停擴張或嘗試較低品質替代方案導致的追加銷售減少的影響。正如卡梅倫將詳細介紹的那樣，我們大約一半的 ACV 來自 2023 年受影響最大的垂直行業。然而，我們仍然實現了成長、獲利能力和自由現金流的一年。我們在長期建設的同時繼續控制可控因素。我們高效執行、創新並為客戶帶來巨大的投資報酬率。

We are growing while others in our space are shrinking, and we are driving a leading level of profitability and free cash flow while continuing to return cash to shareholders. We have the team, the platform and the market opportunity that gives us confidence in our ability to win long term.

我們正在成長，而我們領域的其他公司正在萎縮，我們正在推動領先水平的獲利能力和自由現金流，同時繼續向股東返還現金。我們擁有團隊、平台和市場機會，讓我們對贏得長期勝利充滿信心。

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

這樣，我會將電話轉給卡梅倫。

Thanks, Henry. In Q4, we delivered revenue of $316 million, up 5% year-over-year. Annualized revenue based on 92 days in Q4, was $1.255 billion, up 0.8% sequentially. We are pleased to have delivered better-than-expected revenue with improving sequential annualized revenue growth relative to Q3.

謝謝，亨利。第四季度，我們營收 3.16 億美元，年增 5%。第四季 92 天的年化收入為 12.55 億美元，比上一季成長 0.8%。我們很高興實現了好於預期的收入，相較於第三季度，年化收入環比成長有所改善。

Adjusted operating income was $126 million, better than guidance, and represented a margin of 40%. The GAAP net loss was $5 million, and GAAP EPS was a loss of $0.01 per share. Non-GAAP EPS was $0.26 per share.

調整後營業收入為 1.26 億美元，優於預期，利潤率為 40%。 GAAP 淨虧損為 500 萬美元，GAAP EPS 每股虧損 0.01 美元。非 GAAP 每股收益為 0.26 美元。

For the full year, revenue was $1.24 billion, up 13% compared to 2022. Adjusted operating income was $499 million, a margin of 40%, and unlevered free cash flow was $463 million. We were again GAAP profitable for the year, with net income of $107 million and GAAP EPS of $0.27 per share. Non-GAAP EPS was $1.01 per share.

全年營收為 12.4 億美元，較 2022 年成長 13%。調整後營業收入為 4.99 億美元，利潤率為 40%，無槓桿自由現金流為 4.63 億美元。我們今年再次實現 GAAP 盈利，淨利潤為 1.07 億美元，GAAP 每股收益為 0.27 美元。非 GAAP 每股收益為 1.01 美元。

We are initiating guidance for 2024 with revenue growth of 2% to 3% as an implied -- in an implied operating -- adjusted operating margin of just over 39%. For 2024, we expect to deliver $455 million of unlevered free cash flow at the midpoint of guidance.

我們正在啟動 2024 年的指導，營收成長 2% 至 3%，隱含營運利潤率略高於 39%。到 2024 年，我們預計將在指導中點提供 4.55 億美元的無槓桿自由現金流。

While the operating environment has curtailed growth currently, we continue to believe that there is an extremely large opportunity to transform the way businesses go to market, which gives us confidence in our ability to accelerate revenue growth over the long term.

儘管目前的營運環境限制了成長，但我們仍然相信，改變企業進入市場的方式存在著巨大的機會，這使我們對長期加速收入成長的能力充滿信心。

Given uncertainty in the economic environment and the subscription nature of our business, we have not incorporated these potential tailwinds into guidance for 2024. When we do realize higher levels of potential growth, we would expect to realize additional operating leverage in the business to drive higher margins in the future.

考慮到經濟環境的不確定性和我們業務的認購性質，我們尚未將這些潛在的有利因素納入2024 年的指導中。當我們確實實現更高水平的潛在成長時，我們預計將在業務中實現額外的營運槓桿，以推動更高水準的成長。未來的利潤。

Net revenue retention was 87% for the year, with mid-market companies, particularly those in software and technology space, being most [challenged]. The outsized downsells from customers most impacted by the economic environment exceeded the net upsell that we generated from other customers in 2023, creating a drag on net retention.

今年的淨收入保留率為 87%，其中中階市場公司，尤其是軟體和技術領域的公司，面臨的挑戰最大。受經濟環境影響最嚴重的客戶大幅降價銷售超過了我們在 2023 年從其他客戶處獲得的淨增售，從而拖累了淨保留率。

In the near term, we expect to maintain customer churn at levels we experienced over the last few years. We anticipate additional downsell pressure in Q1 as we are still lapping a peak of negativity from last year and working through the long tail of multi-annual contracts that were most recently transacted in a very different operating environment.

在短期內，我們預期客戶流失率將維持在過去幾年的水準。我們預計第一季將面臨額外的銷售壓力，因為我們仍在經歷去年以來的負面峰值，並正在處理最近在非常不同的營運環境中交易的多年期合約的長尾問題。

Our expectation is that as we move through the year, we will see opportunities to stabilize net retention and begin to return to structurally higher levels. Our guidance prudently assumes that for 2024, net revenue retention does not meaningfully get better. And at the low end of the range of guidance, it assumes that retention declines for the full year.

我們的預期是，隨著這一年的發展，我們將看到穩定淨保留率並開始恢復到結構性較高水準的機會。我們的指導謹慎地假設，到 2024 年，淨收入保留不會明顯改善。在指導範圍的低端，它假設全年的保留率下降。

We now have 1,820 customers with more than $100,000 in ACV. While that metric declined by 49 in the quarter, it belies our success expanding with larger customers as average revenue for this cohort has increased. Our investments have helped drive the enterprise portion of our business to record highs, while mid-market customers have fallen out of this cohort. Enterprise ACV overall now represents just under 40% of the overall business, up approximately 10 points over the last 3 years.

我們現在有 1,820 名客戶的 ACV 超過 10 萬美元。雖然該指標在本季度下降了 49，但它掩蓋了我們在擴大大客戶方面所取得的成功，因為該群體的平均收入有所增加。我們的投資幫助推動我們業務的企業部分創下歷史新高，而中端市場客戶已經脫離了這個群體。企業 ACV 目前佔整體業務的比例略低於 40%，比過去 3 年成長了約 10 個百分點。

We also continue to see success with advanced functionality, which contributes roughly 1/3 of our overall ACV with particular strength from operations OS, which now contributes more than 10% of our ACV.

我們也繼續看到先進功能的成功，該功能約占我們整體 ACV 的 1/3，尤其是營運作業系統的優勢，目前它占我們 ACV 的 10% 以上。

From an industry perspective, our software and technology customers were particularly challenged in 2023. Software, our largest vertical, now represents less than 33% of our and was down on an absolute basis year-over-year as layoffs drove down sales among customers. ACV from nontechnology industry has increased as a percentage of overall ACV as we continue to see growth and opportunities for greater penetration. This part of our business grew approximately 15% in Q4 relative to last year.

從產業角度來看，我們的軟體和技術客戶在2023 年尤其面臨挑戰。軟體是我們最大的垂直產業，目前占我們業務的比例不到33%，而且由於裁員導致客戶銷售額下降，軟體和技術客戶的絕對數量較去年同期下降。隨著我們繼續看到成長和更大滲透的機會，非技術產業的 ACV 在整體 ACV 中所佔的百分比增加。我們這部分業務在第四季比去年成長了約 15%。

Write-offs continued to impact us in Q4 as many of our smallest customers remains challenged in their ability to pay. In addition to the increase in bad debt associated with write-offs, we've experienced a similarly sized impact to revenue.

第四季度，沖銷繼續對我們產生影響，因為我們的許多最小客戶的支付能力仍然面臨挑戰。除了與沖銷相關的壞帳增加之外，我們還經歷了類似規模的收入影響。

Our expectation is that the impact from write-offs will attenuate over time as our mix of revenue continues to shift to enterprise customers and we roll out more product-led functionality for smaller customers, which is paid to checkout.

我們的預期是，隨著我們的收入組合繼續向企業客戶轉移，並且我們為小型客戶推出更多以產品為主導的功能（透過結帳付費），沖銷的影響將隨著時間的推移而減弱。

Operating cash flow in Q4 was $129 million, which included approximately $6 million of interest payments. In December, we completed another repricing of our term loan at par, where we reduced the interest rate by 60 basis points from SOFR plus [285] to SOFR plus [225]. This will result in annual interest payment savings of approximately $3.5 [million]. Unlevered free cash flow for the quarter was $126 million, representing 100% of adjusted operating income.

第四季的營運現金流為 1.29 億美元，其中包括約 600 萬美元的利息支付。 12 月，我們以面額完成了另一次定期貸款的重新定價，將利率從 SOFR plus [285] 降低了 60 個基點至 SOFR plus [225]。這將導致每年節省約 350 萬美元的利息。本季無槓桿自由現金流為 1.26 億美元，佔調整後營業收入的 100%。

We ended the year with $529 million in cash, cash equivalents and short-term investments. And we carried approximately $1.24 billion in gross debt, all of which has fixed or hedged interest rates.

截至年底，我們的現金、現金等價物和短期投資為 5.29 億美元。我們的總債務約為 12.4 億美元，所有債務都有固定或對沖利率。

During the fourth quarter, we repurchased approximately 10 million shares of ZoomInfo stock at an average price of [$15.43] per share. In 2023, we repurchased $400 million in ZoomInfo stock, retiring all 22.6 million shares repurchased, representing over 5% of the total fully diluted shares outstanding.

第四季度，我們以每股 [15.43 美元] 的平均價格回購了約 1,000 萬股 ZoomInfo 股票。 2023年，我們回購了價值4億美元的ZoomInfo股票，註銷了全部回購的2,260萬股股票，佔完全稀釋的已發行股票總數的5%以上。

Our net leverage ratio is 1.4x trailing 12 months adjusted EBITDA and 1.3x trailing 12 months cash EBITDA, which is defined as consolidated EBITDA in our credit agreements.

我們的淨槓桿率為過去 12 個月調整後 EBITDA 的 1.4 倍，以及過去 12 個月現金 EBITDA 的 1.3 倍，這在我們的信貸協議中被定義為合併 EBITDA。

With respect to liabilities and future performance obligations, unearned revenue at the end of Q4 was $442 million, and remaining performance obligations, or RPO, were $1.15 billion, of which $856 million are expected to be delivered in the next 12 months.

在負債和未來履約義務方面，第四季末的未實現收入為 4.42 億美元，剩餘履約義務（RPO）為 11.5 億美元，其中 8.56 億美元預計將在未來 12 個月內交付。

With that, let me turn to guidance for Q1. We expect revenue in the range of $307 million to $310 million, adjusted operating income in the range of $115 million to $117 million and non-GAAP net income in the range of $0.23 to $0.24 per share.

接下來，讓我談談第一季的指導。我們預計收入將在 3.07 億美元至 3.1 億美元之間，調整後營業收入將在 1.15 億美元至 1.17 億美元之間，非 GAAP 淨利潤將在每股 0.23 美元至 0.24 美元之間。

For the full year 2024, we expect revenue in the range of $1.26 billion to $1.28 billion and adjusted operating income in the range of $492 million to $502 million. We expect non-GAAP net income in the range of $0.99 to $1.01 per share, based on 399 million weighted average diluted shares outstanding. We expect unlevered free cash flow in the range of $445 million to $465 million. Our full-year guidance implies 2% to 3% revenue growth and an adjusted operating margin just over 39%.

對於 2024 年全年，我們預計收入在 12.6 億美元至 12.8 億美元之間，調整後營業收入在 4.92 億美元至 5.02 億美元之間。基於 3.99 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 1.01 美元之間。我們預計無槓桿自由現金流將在 4.45 億美元至 4.65 億美元之間。我們的全年指引意味著營收成長 2% 至 3%，調整後的營業利潤率略高於 39%。

For the year, we would expect CapEx in the range of 4% to 5% of revenue as we anticipate an additional $25 million to $35 million in capital expenditures relative to 2023, driven by facilities build-outs, where we have outgrown certain offices with expiring leases. We continue to expect free cash flow conversion in the low 90s as a percentage of adjusted operating income. Our non-GAAP tax rate for 2024 is expected to be [15%].

今年，我們預計資本支出將佔收入的4% 至5%，因為我們預計，在設施擴建的推動下，相對2023 年，資本支出將增加2500 萬至3500 萬美元，我們的某些辦事處已無法容納即將到期的租約。我們繼續預期自由現金流佔調整後營業收入的百分比將在 90 左右。我們 2024 年的非 GAAP 稅率預計為 [15%]。

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) And our first question comes from the line of 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。

So it looks like layoffs are continuing in tech. It looks like over 100 tech companies have announced layoffs, 34,000 workers so far this year. And I believe Snap and DocuSign and Pure Storage were all announced in the past week. Is that trend elongating beyond what you might have expected? Or do you still look back and think that 12 months ago was likely the peak layoff period? And then I have a quick follow-up.

因此，科技領域的裁員似乎仍在持續。今年到目前為止，已有 100 多家科技公司宣布裁員，員工人數達 34,000 人。我相信 Snap、DocuSign 和 Pure Storage 都是在上週發布的。這種趨勢是否超出了您的預期？或者你現在回想起來，仍然認為12個月前很可能是裁員高峰？然後我會進行快速跟進。

I think what we're seeing is that the layoffs -- first of all, the total amount of layoffs you're seeing right now is meaningfully less than we saw a year ago. And I think the type of layoffs that are happening in or around tech are much more surgical than they were a year ago. A year ago, the layoffs were somewhat panic-driven and weren't thoughtful.

我認為我們看到的是裁員——首先，你現在看到的裁員總量明顯少於一年前。我認為科技業內或周圍發生的裁員比一年前更手術化。一年前，裁員有些恐慌，沒有深思熟慮。

I think what you're seeing today is a much more surgical approach to layoff. And so I think the overall amount is down, the surgical nature of the layoff is protecting account executives and many people in the go-to-market function that are driving growth for companies, and those are our customers.

我認為你今天看到的是一種更外科手術的裁員方法。因此，我認為整體金額有所下降，裁員的手術本質是保護客戶主管和許多負責行銷職能的人員，他們正在推動公司的成長，而這些人就是我們的客戶。

And then my second question is on the Copilot product. It sounds like an attractive value prop. And I believe you said that it is a migration and monetization opportunity for every seat out there. Can you shed a little light on how you're thinking about pricing the product? In other words, is it going to be a per user per month? Do you think you'll be using credits and tokens?

我的第二個問題是關於 Copilot 產品的。這聽起來像是一個有吸引力的價值支柱。我相信你說過，這對每個席位來說都是一個遷移和貨幣化的機會。您能否透露一下您是如何考慮產品定價的？換句話說，它是每個用戶每個月的費用嗎？您認為您會使用積分和代幣嗎？

And just at a high level, if you could sketch out how broadly you might picture the adoption there across your user base, if we were to think about it several years down the road.

就高水準而言，如果您能勾勒出您的用戶群的採用範圍，如果我們在幾年後考慮這一點。

Think if you -- look, we're in market right now, testing a number of different models for pricing and packaging of this. I think what I can tell you is that if you stretch this out for -- if you think about this in terms of years, we expect every one of our customers to be on our AI-enabled platform, when you think of it in terms of years. We're going to go out in the back half of the year and believe there's an opportunity to begin migrating our customers.

想想看，我們現在正在市場上測試許多不同的定價和包裝模型。我想我可以告訴你的是，如果你把這個時間拉長——如果你從幾年的角度來考慮這個問題，我們希望我們的每一位客戶都在我們的人工智慧平台上，當你從一個角度來考慮時年。我們將在今年下半年推出，並相信有機會開始遷移我們的客戶。

And the nice thing about Copilot is it lands just as well with our enterprise customers as it does with our SMB customers. And so we have the opportunity across the board to run this migration and monetization motion. That is a motion that in the history of ZoomInfo, we've run very successfully, at least 2 times before when we made the acquisition of Ranking in 2017 and the acquisition of ZoomInfo in 2019.

Copilot 的優點在於它既適合我們的企業客戶，也適合我們的中小企業客戶。因此，我們有機會全面進行這項遷移和貨幣化行動。這是ZoomInfo史上我們運作得非常成功的動議，至少在2017年收購Ranking和2019年收購ZoomInfo時至少運行過兩次。

Shortly thereafter, we migrated all of our customers onto new platforms that we had built. Those were very successful motions for us that we expect to repeat here. We have a playbook for it.

此後不久，我們將所有客戶遷移到我們建構的新平台。這些對我們來說是非常成功的動議，我們希望在這裡重複。我們有一個劇本。

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 on free cash flow and free cash flow generation for this year. When we look at the guidance, it looks like about 30% -- 36% on the free cash flow margins. So just trying to better understand the levers to drive upside to free cash flow this year. Is it a function of upside of revenue, leverage within the organization, better collections? I mean, any sort of help there would be helpful.

我想詢問今年的自由現金流和自由現金流生成。當我們查看指導時，自由現金流利潤率看起來約為 30% - 36%。因此，我只是想更了解今年推動自由現金流上升的槓桿。它是收入上升、組織內槓桿、更好的收款的函數嗎？我的意思是，任何形式的幫助都會有幫助。

Sure. Thanks for your question, Koji. Certainly, we do face some headwinds with CapEx being up. And obviously, that's dependent on the timing of different leases. So that will last through this year and the beginning of next year and then start to fall off.

當然。謝謝你的提問，小二。當然，隨著資本支出的增加，我們確實面臨一些阻力。顯然，這取決於不同租賃的時間表。因此，這種情況將持續到今年和明年初，然後開始下降。

But certainly, as we think about cash flow, it's largely a conversion rate against adjusted operating income. And so that conversion rate would actually improve as growth improves going outward. And that's a function of our customers that pay us upfront, having more of those as a percentage of the adjusted operating income will ultimately drive that improvement. And otherwise, we are very focused on improving our collections and reducing write-offs, which should, over time, improve as well.

但當然，當我們考慮現金流時，它很大程度上是調整後營業收入的換算率。因此，隨著向外增長的改善，轉換率實際上會提高。這是預先向我們付款的客戶的一個功能，在調整後的營業收入中佔更多的比例將最終推動這一改進。除此之外，我們非常注重改善我們的收款和減少沖銷，隨著時間的推移，這也會有所改善。

And our next question comes from the line of Kash Rangan with Goldman Sachs.

我們的下一個問題來自高盛的 Kash Rangan。

Congrats on all the improvements you've taken to regain your customers back, Henry. If you can expand on that, you talked about a flurry of win backs. When do you think that trend becomes a little bit more pronounced, so the compounding effect of new business and improved retention can have a material impact to the growth rate of the company? Congrats.

亨利，恭喜您為重新贏得客戶所採取的所有改進。如果你能詳細說明這一點，你談到了一系列的贏回。您認為這種趨勢什麼時候會變得更加明顯，新業務和保留率提高的複合效應會對公司的成長率產生重大影響？恭喜。

Thanks, Kash. I think, look, we are -- we still have a meaningful retention headwind in Q1 that we're managing through. And so I wouldn't expect it to fully attenuate in this quarter. But I think as our customers are out there and actually experiencing lower-quality solutions, they are realizing that what you get from ZoomInfo is very different than what you get from a competitive set that's out there.

謝謝，卡什。我認為，看，我們在第一季仍然面臨著重大的保留逆風，我們正在應對這項挑戰。因此，我預計它不會在本季完全減弱。但我認為，當我們的客戶實際體驗到品質較低的解決方案時，他們意識到您從 ZoomInfo 獲得的內容與您從現有競爭產品中獲得的內容非常不同。

And so we are seeing that happen. And then we're running more specific win-back motions against customers that went elsewhere to bring them back in. And as those -- as we get through the quarter and that win-back motion continues to pick up steam, I think you'll see -- I think we expect to see that improving.

所以我們正在看到這種情況發生。然後，我們將對那些去其他地方的客戶採取更具體的贏回動議，以將他們帶回來。當我們度過這個季度時，贏回動議繼續升溫，我認為你會這樣做。拭目以待吧——我想我們預計會看到這種情況有所改善。

And our next question comes from the line of Surinder Thind with Jefferies.

我們的下一個問題來自 Surinder Thind 和 Jefferies 的對話。

In terms of just the distribution around the NRR at this point as you kind of look forward, how much of there is just pure churn at the SMB level versus maybe what you're seeing in terms of reductions at the larger clients? Just any color around the differences in terms of the magnitudes.

就目前 NRR 的分佈而言，正如您所期望的那樣，中小型企業層面的純粹流失與您所看到的大型客戶的減少相比，有多少是純粹的流失？只是大小差異周圍的任何顏色。

Sure. So our churn levels have actually remained fairly stable. And '23, they are a little down from what we saw in '22, but not meaningfully so. Obviously, that part of the equation is largely driven by the lower end of the market. And so while we do see pressure on SMBs, particularly around write-offs and some downsells in kind of price requirements, we don't see a meaningful increase in the churn that we're seeing.

當然。所以我們的客戶流失率其實保持相當穩定。 23 年，他們比我們在 22 年看到的情況略有下降，但意義不大。顯然，這部分方程式很大程度上是由低端市場驅動的。因此，雖然我們確實看到中小企業面臨壓力，特別是在沖銷和一些價格要求方面的降價方面，但我們並沒有看到我們所看到的客戶流失率出現有意義的增加。

Where we have seen a much bigger impact on net retention has been particularly in the mid-market and the lower end of enterprise, where we've seen downsell. And if you look at our customers that are most impacted by the economic environment, which tend to be those that are in technology or software-related spaces, that downsell has been really meaningful and has, in fact, outstripped the upsell that we've seen in other customers.

我們看到對淨留存率的影響更大，特別是在中端市場和低端企業，我們在這些領域看到了降價銷售。如果你看看我們受經濟環境影響最大的客戶，這些客戶往往是技術或軟體相關領域的客戶，那麼降價銷售確實很有意義，而且事實上已經超過了我們之前的追加銷售。在其他顧客身上看到的。

And so that has been the biggest impact this past year in 2023. And I think as we look at least the first quarter, I think we still see some pressure with respect to those downsells. But as we look forward, there is an opportunity for that to hopefully stabilize. And we'll see that potentially improve, going forward.

因此，這是 2023 年過去一年最大的影響。我認為，至少從第一季來看，我們仍然看到這些降價帶來的一些壓力。但展望未來，這種情況有機會穩定下來。未來我們會看到這種情況可能會得到改善。

Our next question comes from the line of DJ Hynes with Canaccord Genuity.

我們的下一個問題來自 DJ Hynes 與 Canaccord Genuity 的合作。

I want to go back to Kash's question on the win backs. Obviously, it's an impressive number. If we look at it (technical difficulty) on an economic basis, right, like-for-like, are those customers coming back? Are they paying more? Are they paying less? Are they paying the same as they did prior to leaving? I'm just curious around kind of broader implications on pricing in the space and kind of read-throughs that we can derive from those folks.

我想回到卡什關於贏球的問題。顯然，這是一個令人印象深刻的數字。如果我們從經濟角度來看（技術難度），那麼，這些客戶會回來嗎？他們付出更多嗎？他們付的錢少嗎？他們支付的費用與離開前相同嗎？我只是好奇對該領域定價的更廣泛影響以及我們可以從這些人那裡獲得的通讀內容。

And I think that -- what you see is that the experience is kind of across the board. You do see customers that go and try something else, realize what they're missing and then lean in even more for much bigger kind of ticket sizes and rolling that across their entire universe.

我認為——你所看到的是這種體驗是全面的。你確實會看到客戶去嘗試其他東西，意識到他們錯過了什麼，然後更傾向於更大的門票尺寸，並將其滾動到他們的整個宇宙。

You also see customers that down sold or that probably would have down sold anyways. They went with a lower-priced competitor, and then they rolled out, came back to ZoomInfo on the smaller amount of spend that they might have gotten to.

您還會看到降價銷售或可能無論如何都會降價銷售的客戶。他們選擇了價格更低的競爭對手，然後推出產品，然後以他們可能獲得的更少的支出回到 ZoomInfo。

So I'd say that the -- it's really more customer dependent than it is anything else in terms of what their -- kind of where their natural spot, where they thought they should have been and then how -- to some extent, how bad of an experience they had with a lower-priced solution and therefore, willing to spend more with the ZoomInfo.

所以我想說，這實際上比其他任何事情都更依賴客戶，他們的自然位置在哪裡，他們認為自己應該在哪裡，然後在某種程度上，如何他們對低價解決方案的體驗很差，因此願意在ZoomInfo 上花費更多。

Yes. Okay. And then, Henry, maybe I could follow up with you, just competitive implications of HubSpot, Clearbit. particularly at the low end of your business. I realize those guys don't play much in the enterprise, but curious if you have any thoughts there.

是的。好的。然後，Henry，也許我可以跟進 HubSpot 和 Clearbit 的競爭影響。尤其是在您的低端業務中。我知道這些人在企業中的參與不多，但我很好奇您對此有何想法。

Yes. Look, we've always been paying attention to this, but we haven't seen Clearbit or HubSpot come across as a competitor in any of our recent deals. HubSpot seems to be talking fundamentally about enriching company-level data and not prospect- or contact-level data. Before the acquisition of Clearbit, Clearbit wasn't a competitor that was meaningfully on our radar anywhere. And post the acquisition, we haven't seen them come up in sales processes.

是的。看，我們一直在關注這一點，但我們在最近的任何交易中都沒有看到 Clearbit 或 HubSpot 成為競爭對手。 HubSpot 似乎從根本上討論的是豐富公司層級的數據，而不是潛在客戶或聯絡人層級的數據。在收購 Clearbit 之前，Clearbit 並不是我們關注的競爭對手。收購後，我們還沒有看到它們出現在銷售流程中。

Our next question comes from the line of Brian Peterson with Raymond James.

我們的下一個問題來自布萊恩彼得森和雷蒙詹姆斯的對話。

So I know you mentioned that the median sales cycle shortened in the quarter. I wanted to understand maybe when that started to materialize, how we're thinking about the linearity into January and February? And is that kind of broad on SMB and enterprise, software and non-software? How do you guys think about that?

我知道您提到本季銷售週期中位數縮短了。我想了解也許當這開始實現時，我們如何考慮一月和二月的線性？中小企業和企業、軟體和非軟體的範圍是否廣泛？你們對此有何看法？

Brian, I think the way that we've thought about that, we just -- it's a stat that we track across the board, median sales cycles on our new business sales. And year-over-year across the board, we've seen those median sales cycle times shorten.

布萊恩，我認為我們思考這個問題的方式，我們只是 - 這是我們全面追蹤新業務銷售的中位數銷售週期的統計數據。與去年同期相比，我們發現銷售週期中位數有所縮短。

We're also making an investment behind PLG that will allow customers to -- allow users to [become] customers in a self-service, no friction, no connect with the salesperson way. That will obviously impact sales cycles for us as well. But overall, in our new business sales team, year-over-year, we've seen a meaningful impact in sales cycles.

我們也在 PLG 背後進行投資，這將使客戶能夠以自助服務、無摩擦、無需與銷售人員聯繫的方式[成為]客戶。這顯然也會影響我們的銷售週期。但總的來說，在我們的新業務銷售團隊中，我們看到了銷售週期的有意義的影響。

Our next question comes from the line of Siti Panigrahi with Mizuho.

我們的下一個問題來自 Siti Panigrahi 和 Mizuho 的對話。

I wanted to ask about the enterprise business that you said record quarter. I remember early last year, you talked about going top-down selling, winning [mind] share of C-suite. So help us understand the progress you have made on that, changes on the go-to-market side that's helping you now?

我想問一下你所說的創紀錄季度的企業業務。我記得去年初，您談到要進行自上而下的銷售，贏得高階主管的[心]份額。那麼請幫助我們了解您在這方面取得的進展，以及現在對您有幫助的進入市場方面的變化嗎？

Yes, we've made an intentional focus on the enterprise business, both from a new business perspective, where we segmented the way that we go to market and so that we have enterprise-specific reps on new business; and in our customer base, where we've segmented our customer base so that our enterprise reps who are tenured enterprise sellers now, are -- have the right account loads and the right accounts to drive growth.

是的，我們有意識地專注於企業業務，無論是從新的業務角度來看，我們對進入市場的方式進行了細分，以便我們在新業務上擁有特定於企業的代表；在我們的客戶群中，我們對客戶群進行了細分，以便我們的企業代表（現在是終身企業賣家）擁有正確的帳戶負載和正確的帳戶來推動成長。

And then we have the strongest product market fit in the enterprise, where our investments, from a data quality and data accuracy perspective but also our investments from a data privacy perspective, put us in a position to win across the enterprise.

然後，我們在企業中擁有最適合的產品市場，從數據品質和數據準確性角度的投資以及從數據隱私角度的投資，使我們能夠在整個企業中獲勝。

That's a place where we see almost no competition. And so it's an area that we're really investing behind, and we're seeing traction in the customer base. And on the new business side, the team is new, but off to a pretty good start.

這是一個我們幾乎看不到競爭的地方。因此，這是我們真正投資的一個領域，我們看到了客戶群的吸引力。在新業務方面，團隊是新的，但已經有了一個很好的開始。

Our next question comes from the line of Elizabeth Porter with Morgan Stanley.

我們的下一個問題來自伊麗莎白·波特與摩根士丹利的對話。

I wanted to ask a little bit on the non-software side. I believe last quarter, you mentioned growth had moderated in Q3. So I just wanted to get a sense for how growth trended in Q4. I know you mentioned it remained healthy, but any sort of qualification on Q4 versus Q3 and outlook into fiscal '24?

我想問一些非軟體方面的問題。我相信上個季度，您提到第三季度成長放緩。所以我只是想了解第四季的成長趨勢。我知道您提到它仍然健康，但是對第四季度與第三季度的資格以及對 24 財年的展望有什麼限制嗎？

It remained consistent. It's maybe down a little versus where we were in Q3. But at kind of mid-teens growth, that's pretty healthy for that area of the business. As we look forward, I think that we're expecting that net retention overall stays pretty consistent. How that interact between the technology businesses and the non kind of technology businesses that we serve will likely be impacted by just how the macroeconomic situation unfolds more than anything else.

它保持一致。與第三季相比可能略有下降。但以十幾歲左右的速度成長，這對該業務領域來說是相當健康的。展望未來，我認為我們預期淨留存率整體保持相當穩定。我們所服務的科技企業和非技術企業之間的互動方式很可能會受到宏觀經濟狀況如何發展的影響。

But yes, I think we see some good stability there. We still see a lot of opportunity in terms of new customers coming in because we're just so underpenetrated with respect to those industries. And I do think that while we haven't built it into our expectations, the kind of natural usage of AI in those nontechnology businesses is pretty low. And our ability to really push insights to those sellers, I think, is probably pretty exciting with respect to those customers.

但是，是的，我認為我們在那裡看到了一些良好的穩定性。我們在新客戶方面仍然看到了很多機會，因為我們在這些行業的滲透率還很低。我確實認為，雖然我們還沒有將其納入我們的預期，但人工智慧在這些非技術業務中的自然使用率相當低。我認為，對於這些客戶來說，我們真正向這些賣家提供見解的能力可能非常令人興奮。

Our next question comes from the line of Brad Zelnick with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

First for you, Henry. The changes that you made last year to flatten the sales organization, you also moved some key people around. What of any tweaks you are making now into the new year? Just wanted to revisit that to make sure you feel you have the right players out in the field and in the right configuration. And I just had a quick follow-up for Cameron as well.

首先是你，亨利。去年，您對銷售組織進行了扁平化調整，同時也調動了一些關鍵人員。新的一年你會做哪些調整？只是想重新審視這一點，以確保您感覺自己擁有合適的球員並處於正確的配置中。我也對卡梅倫進行了快速跟進。

Yes. Thanks for the question, Brad. I feel really great about the team that's around me, the team that we brought together from a product and engineering perspective from a go-to-market perspective. I feel like we have really great -- I have really great partners across the business today. And they are -- they have an opportunity now to execute across the business, and we're expecting a lot from them.

是的。謝謝你的提問，布拉德。我對我周圍的團隊感覺非常好，這個團隊是我們從產品和工程角度以及進入市場的角度聚集在一起的。我覺得我們今天在整個產業擁有非常出色的合作夥伴。他們現在有機會在整個業務中執行任務，我們對他們寄予厚望。

Okay. Cool. And Cameron, as it relates to the write-offs, is it still contained to SMB customers? And how has it been playing out relative to expectations and the reserves you've been taking? And lastly, what are you assuming in 2024 guidance for bad debt?

好的。涼爽的。卡梅倫，由於涉及沖銷，它是否仍然僅限於中小型企業客戶？相對於您的預期和您所持有的儲備，它的表現如何？最後，您對 2024 年壞帳指引有何假設？

So it has been playing out largely as we've expected. It is almost entirely SMBs, and I think that's where we expect it to say it tends to be kind of the lowest-spending folks that we have, which, for us, we're really focused on getting as many of those customers into a product-led motion where we're collecting either an [ACH] payment or a sales payment upfront and avoiding the need to go chase those customers or see them fall out later on.

因此，事情的發展基本上正如我們所預期的那樣。這幾乎完全是中小企業，我認為這就是我們期望它說的，它往往是我們擁有的支出最低的人，對我們來說，我們真正專注於讓盡可能多的客戶進入一個以產品為主導的動議，我們預先收取[ACH] 付款或銷售付款，並避免需要去追逐這些客戶或看到他們後來鬧翻。

For our expectations in 2024, we're expecting a similar level of write-off activity, which ultimately might be a slightly lower absolute number in terms of bad debt, is there's not as much to catch up on from previous periods as we've had -- as we had in 2023.

對於我們對 2024 年的預期，我們預計沖銷活動將達到類似水平，如果沒有我們之前的時期那麼多可以追趕的話，那麼壞賬的絕對數量最終可能會略低一些。正如我們在2023 年所做的那樣。

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

我們的下一個問題來自富國銀行證券公司的麥可‧特林 (Michael Turrin)。

I want to go back to just some of the segmentation commentary. And on the software side, we've spent time in the past talking about just the renewal cycle and Q4, Q1 seasonal impacts. Given it's mid-February, anything you can do to just top-level set where you are in terms of those renewal discussions? And if the combined fleet base there is at all stabilizing relative to the step-down you saw over the prior year?

我想回到一些細分評論。在軟體方面，我們過去花了很多時間討論更新週期和第四季、第一季的季節性影響。鑑於現在是二月中旬，您可以採取哪些措施來確定您在續約討論方面的最高級別？相對於去年看到的下降，那裡的聯合機隊基地是否完全穩定？

And maybe Cameron, if you can just add any commentary around how the visibility coming into this year compares to prior periods, given it sounds like there are signals, some of the pressures are moderating, with the guide still assumes what sounds like stable to potentially declining retention rates in the coming year? Just further commentary on the [seat] base and what's happening there is helpful.

也許卡梅倫，如果你能就今年的能見度與之前時期相比如何添加任何評論，鑑於聽起來有信號，一些壓力正在緩和，指南仍然假設聽起來穩定到潛在的情況來年的保留率會下降嗎？對[座位]基地以及那裡發生的事情進行進一步評論是有幫助的。

Sure. I'll just start out, Michael, and then let Henry add some color. But certainly, in terms of visibility coming into the year, I think we do feel that trend that we've seen coming out of Q3 and Q4 is much more stable and that our customers are being more surgical in terms of how they're thinking about their investments and where they're putting seats and those sorts of things.

當然。邁克爾，我先開始，然後讓亨利添加一些色彩。但當然，就今年的可見性而言，我認為我們確實感覺到第三季和第四季出現的趨勢更加穩定，而且我們的客戶在思考方式方面更加謹慎關於他們的投資以及他們在哪裡放置座位等等。

So I think that makes us feel good about our visibility. And frankly, I think it's prudent for us to think about the fact that the world could get worse and the retention could get worse as we kind of develop guidance and think about it. I'll let Henry jump in on any other color.

所以我認為這讓我們對自己的知名度感到滿意。坦白說，我認為我們應該謹慎地考慮這樣一個事實：當我們制定指導方針並進行思考時，世界可能會變得更糟，保留率可能會變得更糟。我會讓亨利加入任何其他顏色。

I would just say that our customers continue to have budgetary constraints, and they're scrutinizing every dollar of spending. And so we're still managing through that inside of the customer base. That hasn't -- against the back half of 2023, that hasn't changed in any material way.

我只想說，我們的客戶仍然面臨預算限制，他們正在仔細審查每一美元的支出。因此，我們仍在透過客戶群內部進行管理。但與 2023 年下半年相比，情況並沒有任何實質變化。

And our next question comes from the line of Brent Bracelin with Piper Sandler.

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

A lot of the questions have been asked and answered on the demand. I wanted to double-click into operations OS. I think you flagged that at 10% of revenue mix now. Henry, are there any levers to drive broader adoption, particularly in the enterprise space? What's the attach rates today? Could you just double quick into what is driving the mix shift to operations OS? And how much potential is there for that segment to be an upside lever this year?

許多問題已根據需求提出並得到解答。我想雙擊進入操作作業系統。我認為您現在已將其標記為佔收入組合的 10%。 Henry，有沒有什麼槓桿可以推動更廣泛的採用，特別是在企業領域？今天的附加費率是多少？您能否快速了解一下推動混合轉向營運作業系統的因素是什麼？今年該細分市場有多大潛力成為上行槓桿？

Yes. Thanks for the question. Operations OS, our DaaS product that fits inside of operation at OS, continues to be one of our fastest-growing products, particularly in the enterprise. There's still a tremendous amount of white space, not just in accounts that we haven't gotten operations OS and DaaS into, but also accounts that are using a small piece of operations OS or data-as-a-service.

是的。謝謝你的提問。 Operations OS 是我們適合 OS 營運的 DaaS 產品，它仍然是我們成長最快的產品之一，特別是在企業中。仍然存在大量空白，不僅存在於我們尚未將操作作業系統和 DaaS 納入其中的帳戶中，而且還存在於使用一小部分操作作業系統或資料即服務的帳戶中。

And every account data is looking to do something real with generative AI from a go-to-market perspective, the first thing that they're struggling with is how do I get my data up to date and accurate and then keep it that way, and we're the most obvious solution to that problem.

每個帳戶數據都希望從進入市場的角度利用生成人工智慧做一些真正的事情，他們面臨的第一件事是如何讓我的數據保持最新和準確，然後保持這種狀態，我們是該問題最明顯的解決方案。

And so our sellers across the enterprise are taking that message into their customers. There's still -- that continues to be an area that we're immensely focused on and have put together a really strong team around and think that's going to be a meaningful grower in our portfolio this year.

因此，我們整個企業的銷售人員正在將這一訊息傳達給他們的客戶。這仍然是我們非常關注的一個領域，並組建了一支非常強大的團隊，並認為這將成為我們今年投資組合中有意義的成長者。

Our next question comes from the line of Alex Zukin with Wolfe Research.

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

But maybe just the first one, can you maybe unpack the verticals that you saw or pockets of strength that you saw in the quarter and in the pipeline from a vertical and geographic perspective? And then I have a quick follow-up [for Henry].

但也許只是第一個，您能否從垂直和地理角度來分析您在本季度和管道中看到的垂直行業或實力？然後我對亨利進行了快速跟進。

Sure. So from a vertical perspective, tends to be all those things outside of technology and IT services and software. So financial services continues to see strength. Manufacturing continues to see strength. Transportation logistics, retail, kind of all of those more traditional industries are areas where we continue to build. And frankly, they're all in the either teens or, in some cases, 20-plus percent growth areas.

當然。因此，從垂直角度來看，往往是技術、IT 服務和軟體之外的所有事物。因此，金融服務持續強勁。製造業持續強勁。運輸物流、零售以及所有這些更傳統的行業都是我們繼續發展的領域。坦白說，它們都處於十幾歲或某些情況下 20% 以上的成長區域。

Geographically, it tends to be a little bit more U.S.-centric, still. I don't think we've seen our European businesses kind of pick up. They continue to grow, but they're in much lower penetration area. So I'd say that we don't see the same sort of acceleration internationally as we've seen historically.

從地理來看，它仍然傾向於以美國為中心。我認為我們的歐洲業務還沒有有所起色。它們繼續增長，但滲透率要低得多。所以我想說，我們在國際上沒有看到像歷史上的加速。

Perfect. And then maybe in terms of the guide for the year from a revenue perspective, as we go through this, let's call it, attenuating [open] period of macro uncertainty, it looks like the back half and maybe Q4 sets up for a mild reacceleration. But just maybe help bridge, how we should think about the exit rate for growth in Q4 and -- as we think about some of those potential sources of upside in the guidance?

完美的。然後，也許從收入角度來看，就今年的指導而言，當我們經歷這一點時，我們可以稱之為，減弱宏觀不確定性的[開放]時期，看起來後半段，也許第四季度將迎來溫和的重新加速。但也許有助於彌合，當我們考慮指導中的一些潛在上行來源時，我們應該如何考慮第四季度成長的退出率？

Yes. So certainly, our expectation is that Q1 will continue to be tough. And certainly, the -- we expect to see some downsell pressure continuing in Q1 as we're lapping kind of peak negativity still.

是的。當然，我們的預期是第一季將繼續艱難。當然，我們預計第一季將繼續出現一些下行壓力，因為我們仍在接近負面情緒的峰值。

I think if you build out a model, you'll end up with Q4 exit growth rate relative to Q4 of this year in the low to mid-single digits. Obviously, the mid would be much more at the high end of the range, and low would be at the low end of the range. So as you get further out into the year, that spread widens a little as we think about guidance.

我認為，如果你建立一個模型，你最終會發現第四季度的退出成長率相對於今年第四季處於低至中個位數。顯然，中頻將更多地位於範圍的高端，而低端將更多地位於範圍的低端。因此，隨著今年的深入，當我們考慮指導時，這種差距會擴大一些。

Congrats on a great quarter.

恭喜您度過了一個出色的季度。

Our next question comes from the line of 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)。

If you were to unpack the strength in the quarter, the slightly better revenue beat than you've seen over the last couple of quarters, was it primarily driven by the strength in the create and close business? Or could you just talk about linearity of the quarter? And then specifically to the create and closed business, did that strength continue into January and the first part of February?

如果您要分析本季的實力，您會發現收入略好於過去幾個季度，這主要是由創建和關閉業務的實力推動的嗎？或者您能談談本季的線性嗎？然後，具體到創建和關閉業務，這種強勁勢頭是否持續到一月和二月上旬？

Yes. So linearity in the quarter was reasonably good, I would say, maybe a little stronger towards the end of the year in December than what we saw in October. Although, honestly, a lot of that has to do with the mix of what different businesses come in.

是的。因此，我想說，本季的線性度相當不錯，可能在 12 月年底時比我們在 10 月看到的要強一些。不過，老實說，這很大程度上與不同業務的混合有關。

So we do tend to see that December tends to be more enterprise-weighted, and that is where we're seeing the most traction with customers right now. So I think that improvement certainly helps.

因此，我們確實傾向於看到 12 月的企業比重更大，而這正是我們目前看到的最受客戶歡迎的地方。所以我認為改進肯定有幫助。

That enterprise business does not tend to be created and closed within weeks. That's much more of the enterprise motion that we're going with.

該企業業務往往不會在幾週內創建和關閉。這更多的是我們正在採取的企業行動。

As we think about how that's continued into Q1, for better or worse, Q1 does tend to be a more SMB-focused renewal time frame, and it tends to be one of our biggest expiring quarters. So while in -- segment-by-segment, we've seen a continuation of what we experienced in Q4. The mix shift makes Q1 actually a little tougher than even what we saw in Q4.

當我們思考這種情況如何持續到第一季時，無論好壞，第一季確實往往是一個更注重中小企業的續訂時間框架，而且它往往是我們最大的即將到期的季度之一。因此，在逐一細分市場中，我們看到了第四季度經歷的延續。這種混合轉變使得第一季實際上比我們在第四季看到的更加困難。

That's helpful. And then a quick follow-up on the Copilot product. Just a clarification question. When you talk about doing these upgrades, are you -- I guess, is it going to be a price tailwind as you perform these upgrades? Or is it possible that Copilot just kind of gets folded into the base level of offering? So I guess, is it -- are you going to be charging an upsell at this point as you think about that upgrade path?

這很有幫助。然後是 Copilot 產品的快速跟進。只是一個澄清問題。當您談論進行這些升級時，我想，當您執行這些升級時，這會成為價格的順風車嗎？或者 Copilot 是否有可能只是融入基本等級的產品？所以我想，當你考慮升級路徑時，你會在此時收取追加銷售費用嗎？

Yes. We are anticipating monetizing the upgrade path.

是的。我們預計升級路徑將實現貨幣化。

Our next question comes from the line of Joshua Reilly with Needham & Company.

我們的下一個問題來自 Joshua Reilly 與 Needham & Company 的對話。

I believe the single-seat SKU was released either last quarter or early into Q4. Can you just give us a sense of how widely this has now been deployed to customers or prospects? And then, are you seeing any impact positively in terms of customer retention on the very low end from the single-seat SKU?

我相信單座 SKU 是在上個季度或第四季初發布的。您能否讓我們了解一下該技術目前在客戶或潛在客戶中的部署範圍有多大？然後，您是否看到單座 SKU 對極低端客戶保留率產生正面影響？

We really released a single-seat SKU in Q4 of last year, early Q4 or late Q3. And we've seen the number of customers and the revenue associated with them tick up every month since we released it, so we feel good about that. But it's still super early on that -- on the single-seat SKU, which you can only buy through a PLG motion. And so it's really early, but the trajectory is really positive.

我們確實在去年第四季、第四季初或第三季末發布了單座 SKU。自發布以來，我們看到客戶數量以及與客戶相關的收入每個月都在增加，因此我們對此感到滿意。但對於單座 SKU，現在還處於早期階段，您只能透過 PLG 動議購買。所以現在還很早，但發展軌跡確實是正面的。

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 is Claire Gerdes on for Taylor. Thanks for all the color so far on net retention. I wanted to press there a little more. If we assume that NRR remains the same in 2024 at 87%, then that would imply new customers, I believe, have to grow in the mid-single digits from a decline last year. One of the things that you mentioned was record new customer bookings. Could you comment what you saw in 4Q that would give comforting outlook? And maybe what level of new logo growth you saw that could help give visibility for the year?

我是泰勒的克萊爾·格德斯。感謝迄今為止所有關於淨保留的顏色。我想再按一下那裡。如果我們假設 2024 年 NRR 保持在 87% 不變，那麼我認為，這意味著新客戶必須從去年的下降中實現中個位數的成長。您提到的一件事是記錄新客戶預訂。您能否評論一下您在第四季度看到的令人欣慰的前景？也許您看到什麼水平的新徽標增長可以幫助提高今年的知名度？

I'll start, Cameron. Throughout the year, relative to the customer base, new business demand and close stayed strong, we saw that continue throughout the year. And then at the end of the year, we brought on the most new logos we've had in a quarter. We had great metrics around the new sales motion. And then we had many customers who had left to come back to us as well.

我先開始了，卡梅倫。全年，相對於客戶群，新業務需求和成交量保持強勁，我們看到這種情況全年持續。然後在年底，我們推出了一個季度以來最新的標誌。我們對新的銷售動議有很好的衡量標準。然後我們也有很多離開的客戶又回到我們這裡。

So we feel pretty good about our ability to forecast demand on the new business side and see it continuing strength throughout 2024. Go ahead, Cameron.

因此，我們對預測新業務方面的需求的能力感到非常滿意，並看到它在 2024 年持續強勁。繼續吧，卡梅倫。

Yes. And then I think the other dynamic that is interesting is that based on the market and what we've done within the company, our mix of ramps, AEs is up significantly from where it was during the course of '23. So I think we are seeing kind of our strongest players in the field stay with us. They had a good Q4, as Henry mentioned earlier in his remarks. And I think seeing that continue as something that we're excited about.

是的。然後我認為另一個有趣的動態是，根據市場和我們在公司內部所做的事情，我們的坡道組合、AE 比 23 年期間顯著上升。所以我認為我們看到了該領域最強大的球員留在我們身邊。正如亨利之前在演講中提到的，他們在第四季度表現不錯。我認為看到這種情況繼續下去是我們感到興奮的事情。

Our next question comes from the line of Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

This is Frank on for Raimo. I wanted to ask one on the margin guide. How should we think about the puts and takes in the full-year guide? And are you assuming any change to rep productivity or the mix of advanced functionality there?

這是萊莫的弗蘭克。我想問一下關於保證金指南的問題。我們該如何看待全年指南中的看跌期權？您是否假設代表生產力或高級功能的組合會發生任何變化？

So with respect to margins, we are continuing to invest heavily into the AI functionality that we've put out there, and we think that, that's a really important factor where we can deliver value for our customers, going forward.

因此，就利潤而言，我們將繼續大力投資於我們已經推出的人工智慧功能，我們認為，這是我們未來可以為客戶提供價值的一個非常重要的因素。

That -- frankly, between the engineering investment there as well as the actual infrastructure investment that includes LOM models and so forth, that is probably a few hundred basis points of margin. Most of that, we've identified other areas of business where we feel we can be more efficient and drive value that way.

坦白說，在工程投資與包括 LOM 模型等在內的實際基礎設施投資之間，可能存在數百個基點的利潤。其中大部分，我們已經確定了我們認為可以提高效率並以這種方式推動價值的其他業務領域。

So I'd say that, that is the kind of biggest focus, is that particularly as we're early on with the Copilot platform, there's an investment cost related to that. But then as that grows, we'll be able to harvest operating leverage against that.

所以我想說，這是最大的焦點，特別是當我們早期使用 Copilot 平台時，存在與之相關的投資成本。但隨著這種成長，我們將能夠獲得相應的營運槓桿。

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. I just wanted to go back to the comments made on maybe wanting to embrace more self-service and PLG. I guess, part one, when we've talked about this in the past, you said the unit economics on self-service just wouldn't work themselves out. It seems like there's maybe a little bit of a [sifting] tone around that. What has changed? And what sort of investments do you need to make in, whether it's pricing and packaging or product, to get that?

精彩的。我只是想回到關於可能想要接受更多自助服務和 PLG 的評論。我想，第一部分，當我們過去討論這個問題時，您說過自助服務的單位經濟學不會自行解決。似乎周圍有一點[篩選]的語調。發生了什麼變化？為了實現這一目標，您需要進行哪些投資，無論是定價、包裝還是產品？

And maybe alongside that, at least when we've gone through the trial, you still can't get public pricing and you still have to go through sales people to get on ZoomInfo. So I'm assuming that's still a work-in-progress. Maybe if you could just walk us through what that progress looks like and where you intend that to get to.

也許除此之外，至少當我們完成試用後，您仍然無法獲得公開定價，並且仍然必須透過銷售人員才能獲得 ZoomInfo。所以我假設這仍在進行中。也許您可以向我們介紹一下進展以及您打算實現的目標。

Great. I think today, the no-touch, no-salesperson motion is live. It has just opened up to a certain set of traffic to our website, so not every person who shows up on the website is guided through the PLG motion.

偉大的。我認為今天，無接觸、無銷售人員的動議已經生效。它剛剛向我們的網站開放了一定的流量，因此並非每個出現在該網站上的人都會受到 PLG 動議的引導。

We're treating that as a lead nurture model. So if a lead can't get to a sales rep because of the score, the score of that lead being below a certain threshold, we'll put that into the self-service motion. And it's limited to certain geographies and certain sizes and industries as it exists today.

我們將其視為領先培養模式。因此，如果潛在客戶因分數而無法聯繫銷售代表，且該潛在客戶的分數低於特定閾值，我們會將其納入自助服務動議中。而且它僅限於當今存在的某些地區、某些規模和行業。

As we learn more about the motion, learn more about the conversion rates, we'll continue to increase the traffic into that specific motion. And so that's probably why you're not seeing it.

隨著我們對運動的了解更多，對轉換率的了解更多，我們將繼續增加該特定運動的流量。所以這可能就是你看不到它的原因。

But we've had a number of transactions that are self-service, that have come through since we launched this in Q4. Those transactions are increasing. And so we continue to see good trajectory there, and we're easing our way into a more fulsome PLG motion.

但自第四季度推出以來，我們已經完成了許多自助服務交易。這些交易正在增加。因此，我們繼續看到良好的軌跡，並且我們正在逐步進入更豐富的 PLG 運動。

It's less about building the product there. In fact, our [ZILHive] product that you would gain access to in that motion has one of the highest NPS scores across all of our products. It's more about releasing more and more traffic and users into that specific motion and away from a sales-led motion.

在那裡建構產品的意義不大。事實上，您在該議案中可以訪問的我們的 [ZILHive] 產品是我們所有產品中 NPS 得分最高的產品之一。更多的是為了將越來越多的流量和使用者釋放到特定的運動中，而不是以銷售為主導的運動。

Our next question comes from the line of Pat Walravens with JMP Securities.

我們的下一個問題來自 JMP 證券的 Pat Walravens。

This is Austin Cole on for Pat. I wanted to ask a more product-related question with Copilot. I understand it's powered by Anthropic. I wanted to ask about if there's anything you can tell us about the architecture, how you guys are connecting your data to Anthropic? How you guys are getting context? Is there a vector database as part of the architecture? Any detail there would be helpful.

這是奧斯汀·科爾（Austin Cole）替帕特發言。我想向 Copilot 詢問更多與產品相關的問題。我知道它是由 Anthropic 提供支援的。我想問一下您是否可以告訴我們有關架構的任何信息，您如何將數據連接到 Anthropic？你們如何獲取上下文？是否有向量資料庫作為架構的一部分？任何細節都會有幫助。

Yes. The product is not fully operated by Anthropic. Anthropic is one of our AI partners that's plugged into a variety of different insights and motions that we're running with Copilot. We've also built our own internal LLM that we're leveraging. We're also leveraging OpenAI in a number of different places.

是的。該產品並不完全由 Anthropic 營運。 Anthropic 是我們的人工智慧合作夥伴之一，它融入了我們與 Copilot 一起運行的各種不同的見解和動作。我們也建立了自己的內部法學碩士並加以利用。我們也在許多不同的地方利用 OpenAI。

And so we are -- we internally have certain things that we run against our own LLM, certain things we run against Anthropic, certain things we run against OpenAI, and we're constantly balancing across those 3 different places. And so, so far, we feel pretty good about that structure and leveraging each one in its respective area.

所以我們 - 我們內部有一些與我們自己的 LLM 競爭的東西，我們與 Anthropic 競爭的某些東西，我們與 OpenAI 競爭的某些東西，並且我們不斷在這 3 個不同的地方進行平衡。因此，到目前為止，我們對該結構以及在各自領域中利用每個結構感到非常滿意。

Our next question comes from the line of Terry Tillman with Truist.

我們的下一個問題來自 Terry Tillman 和 Truist 的對話。

Well, I'll make it easy. I'll just ask one question. Maybe Cameron, in terms of the top line growth for the year, the low end to the high end, what is baked in, in terms of having meaningful success as the Copilot upgrade path?

好吧，我會讓事情變得簡單。我只問一個問題。也許卡梅倫，就今年的收入成長而言，從低端到高端，在作為副駕駛升級路徑取得有意義的成功方面，有什麼影響？

And then secondly, I mean, it's really in the second half. If you're going to have success or traction, would it be back-end loaded more fully in 4Q?

其次，我的意思是，這確實是在下半場。如果你想取得成功或牽引力，第四季後端負載會更充分嗎？

And certainly, we're not planning to make Copilot generally available until the middle of the year. So certainly, any success that we would have would be back-end loaded. Realistically, we did not incorporate kind of meaningful success from Copilot anywhere in the guidance range. I think the guidance range is more "the world gets worse, it gets closer to the bottom." And obviously, we're not able to impact that through Copilot.

當然，我們不打算在今年年中之前全面推出 Copilot。所以當然，我們取得的任何成功都將是後端加載的。實際上，我們並沒有在指導範圍內的任何地方納入 Copilot 的有意義的成功。我認為指導範圍更多的是「世界變得更糟，它越來越接近底部」。顯然，我們無法透過 Copilot 來影響這一點。

At the top end of the range, I think it's the -- well, it kind of stays consistent to its slightly better, based on some of the other factors that's people not down selling as much, given that they've down sold historically, as well as our mix of business is starting to create a little bit of a tailwind for us in terms of larger customers tend to renew better.

在這個範圍的高端，我認為它是——嗯，它與稍微好一點的情況保持一致，基於一些其他因素，考慮到人們在歷史上已經降價銷售，人們沒有降價那麼多，我們的業務組合開始為我們創造一點順風，因為大客戶往往會更好地續訂。

So I wouldn't peg much, if anything, even within the range on meaningful success with the Copilot. Obviously, if it helps a little, it will push us closer to the top of the range, but we haven't said that it's going to be a big driver.

因此，即使在副駕駛取得有意義的成功的範圍內，我也不會過多地關注（如果有的話）。顯然，如果它有一點幫助，它將使我們更接近該範圍的頂部，但我們還沒有說它將成為一個重要的推動因素。

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。您現在可以斷開連線。