Zoominfo Technologies Inc (ZI) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ZoomInfo First Quarter 2024 Financial Results Conference Call. (Operator Instructions) Please be advised that this conference is being recorded. I would now like to turn the call over to your speaker today, Jerry Sisitsky. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 ZoomInfo 2024 年第一季財務業績電話會議。 （操作員說明）請注意，本次會議正在錄製中。我現在想將電話轉給今天的講者傑瑞·西西茨基。請繼續。

Thanks, Kevin. Welcome to ZoomInfo's Financial Results Conference Call for the First Quarter of 2024. 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，凱文。歡迎參加 ZoomInfo 2024 年第一季財務業績電話會議。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」、「期望」、「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，旨在識別前瞻性陳述。

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

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. 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.

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。除非另有說明，本次電話會議的所有指標均為非公認會計準則。您可以在財務業績新聞稿或我們的投資者關係網站上發布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。

Thank you, Jerry, and welcome, everyone. Revenue for the first quarter was $310 million, and adjusted operating income was $119 million, a margin of 39%. We delivered another quarter of better-than-expected profitability as we remain committed to profitable growth.

謝謝傑瑞，歡迎大家。第一季營收為 3.1 億美元，調整後營業收入為 1.19 億美元，利潤率為 39%。由於我們仍然致力於獲利成長，我們又實現了好於預期的一個季度的獲利能力。

Our Board approved another $500 million share repurchase authorization, and we continue to aggressively buy back shares of ZoomInfo at attractive share prices. Our ZoomInfo Copilot development efforts are well underway. Beta customers are seeing significant ROI and the feedback has been extremely positive. We feel confident that we have a differentiated solution, and we look forward to releasing this new version of our platform shortly.

我們的董事會批准了另外 5 億美元的股票回購授權，我們將繼續以有吸引力的股價積極回購 ZoomInfo 股票。我們的 ZoomInfo Copilot 開發工作正在順利進行中。 Beta 客戶看到了顯著的投資報酬率，而且回饋非常正面。我們對擁有差異化的解決方案充滿信心，並期待很快發布我們平台的新版本。

We continue to navigate through a difficult operating environment, one that has not improved over the last few months. We had expected that this quarter would be challenging, and it was, but we are starting to see signs of stabilization. As it relates to net revenue retention, in the quarter, our SMB business continued to be challenged and performed worse than prior periods. And while down in Q1, given a higher mix of those businesses coming up for renewal, company-wide NRR was better than expected at 85%.

我們繼續在困難的經營環境中前行，過去幾個月這種環境並沒有改善。我們曾預期本季將充滿挑戰，事實確實如此，但我們開始看到穩定的跡象。由於與淨收入保留相關，本季我們的中小企業業務繼續受到挑戰，表現比前期更差。儘管第一季有所下降，但考慮到需要更新的業務組合較多，全公司的 NRR 優於預期，為 85%。

Mid-market retention was similar to Q4, and Q1 was the second quarter in a row of sequential renewal rate improvement, reflecting sustained stabilization. We saw enterprise retention stabilize, and we saw renewal rates there improved year-over-year for the first time since 2022.

中階市場保留率與第四季相似，第一季是續訂率連續第二季提高，反映出持續穩定。我們看到企業保留率趨於穩定，續訂率自 2022 年以來首次較去年同期提高。

Software retention also stayed flat sequentially for the first time since Q1 of '22. These stabilization trends have continued into Q2 and are promising signs that suggest we have reached a bottom, which we view as a precursor to a potential inflection to growth. We also had a number -- we also had another quarter of strong win-back performance. Customers continue to come back in record numbers after trying low-cost, low-quality providers. In Q1, we again saw hundreds of customers come back to ZoomInfo, maintaining the record levels from Q4 and Q3 2023. One software vendor who left ZoomInfo in December 2023 for a lower-cost competitor, on the promise of even better data for a fraction of the cost, has already returned to us. Their frustrated account executive and business development managers missed demand gen and quota targets, and their leadership team was self-aware enough to correct the mistake. Buy cheap, buy twice.

自 22 年第一季以來，軟體保留率首次連續持平。這些穩定趨勢一直持續到第二季​​度，是有希望的跡象，表明我們已經觸底，我們認為這是潛在成長拐點的先兆。我們還有一個數字——我們還有另一個季度強勁的贏回表現。在嘗試過低成本、低品質的供應商後，回頭客數量繼續創紀錄。在第一季度，我們再次看到數百名客戶回到ZoomInfo，維持了2023 年第四季和第三季的創紀錄水準。競爭對手，承諾以極低的價格提供更好的數據的費用，已經返還給我們了。他們沮喪的客戶主管和業務開發經理未能實現需求產生和配額目標，而他們的領導團隊有足夠的自我意識來糾正錯誤。買便宜的，買兩次。

In the quarter, we recorded our largest increase in the $1 million customer cohort since Q1 of 2023 as we continue to drive traction in the enterprise. ACV from our $1 million customer cohort is up 16% year-over-year. In our marketing solutions, we continue to see strength with improving retention and increasing ad spend on the platform, and operations was the fastest-growing area of the platform, up 18% year-over-year as companies are increasingly using ZoomInfo to solve the data challenges within their CRM system and using our data and insights to power their AI strategies.

隨著我們繼續推動企業發展，本季我們的 100 萬美元客戶群實現了自 2023 年第一季以來的最大增幅。我們價值 100 萬美元的客戶群的 ACV 年比成長 16%。在我們的行銷解決方案中，我們繼續看到平台上提高留存率和增加廣告支出的優勢，營運是平台成長最快的領域，年成長 18%，因為公司越來越多地使用 ZoomInfo 來解決他們的CRM 系統中存在數據挑戰，並使用我們的數據和見解來支援他們的人工智慧策略。

During the quarter, we closed transactions with companies of all sizes and in all industries, including Walgreens, Kirkland & Ellis, Marsh & McLennan, Universal Robots, [Spring Health], MSG Entertainment, Carrot Fertility, OW Logistics and GoFreight. A multinational staffing company ran an RFP for a vendor to clean up their CRM data to improve their modeling and predictive analytics on candidates. In a competitive deal where high-quality accurate data was paramount, we fixed their existing data problems, future proofed their data strategy and provided a foundation for them to run predictive analytics and expand with their use of AI. This resulted in an up-sell representing $925,000 in annual contract value, which over the life of the contract, will be worth $2.7 million of total contract value.

本季度，我們與各種規模、各行業的公司完成了交易，包括 Walgreens、Kirkland & Ellis、Marsh & McLennan、Universal Robots、[Spring Health]、MSG Entertainment、Carrot Fertility、OW Logistics 和 GoFreight。一家跨國人力資源公司為供應商運行了 RFP，以清理其 CRM 數據，以改進候選人的建模和預測分析。在高品質、準確的數據至關重要的競爭性交易中，我們解決了他們現有的數據問題，驗證了他們的數據策略，並為他們運行預測分析和擴展人工智慧的使用奠定了基礎。這導致追加銷售相當於年度合約價值 92.5 萬美元，在合約有效期內，合約總價值將達到 270 萬美元。

We also expanded with a mid-market data query and deep learning software company as they were looking to save money, reduce vendors and consolidate on a single platform. Like many of our mid-market tech customers, they came into our renewal conversations with a mandate to reduce spend by 20% across all vendors. We turned that initial mandate into a 60% increase in ACV by replacing multiple vendors and consolidating on ZoomInfo sales, operations and marketing solutions, all while providing a better user experience at a better price point.

我們還與一家中端市場數據查詢和深度學習軟體公司進行了擴張，因為他們希望節省資金、減少供應商並在單一平台上進行整合。與我們的許多中端市場技術客戶一樣，當他們進入我們的續約對話時，要求將所有供應商的支出減少 20%。我們透過更換多個供應商並整合 ZoomInfo 銷售、營運和行銷解決方案，將最初的任務轉變為 ACV 增加 60%，同時以更優惠的價格提供更好的用戶體驗。

We were also named a leader in Forrester's Marketing And Sales Data Providers Wave and won two Google Cloud Technology Partner of the Year Awards, as a Google Cloud Partner that most effectively helps customers enhance their analytics and AI initiatives through prebuilt data solutions and data sets.

我們也被Forrester 行銷和銷售資料供應商Wave 評為領導者，並榮獲兩項Google Cloud 年度技術合作夥伴獎，作為透過預先建置資料解決方案和資料集最有效地幫助客戶增強分析和AI 計畫的Google Cloud 合作夥伴。

Last quarter, I introduced what we believe is one of the most impactful and innovative products for go-to-market teams, ZoomInfo Copilot. ZoomInfo Copilot is the first AI-powered go-to-market solution that uses a trusted data foundation to automatically prioritize who, when and how to engage buyers from first signal to content creation and engagement. Modern sales is becoming a science, and we built Copilot to enable our customers to make every seller their best seller.

上個季度，我介紹了我們認為對市場推廣團隊最具影響力和創新性的產品之一：ZoomInfo Copilot。 ZoomInfo Copilot 是第一款由人工智慧驅動的上市解決方案，它使用值得信賴的數據基礎，自動優先考慮誰、何時以及如何吸引買家，從第一個訊號到內容創建和參與。現代銷售正在成為一門科學，我們建立 Copilot 是為了讓我們的客戶能夠讓每個賣家成為最暢銷的賣家。

Today, sellers need to know which companies to contact, who the right person is at those companies and exactly when to reach out to them. Critically, they must also know what problems those companies are facing and how they solve those problems today. Trying to gather and triangulate the data necessary to know these answers today is incredibly challenging. Surfacing these often buried insights is what we built ZoomInfo Copilot to do. And in doing that, Copilot turns ZoomInfo from a lookup tool to a platform that surfaces the key insights sellers need to take action against each day.

如今，賣家需要知道要聯繫哪些公司、這些公司的合適人選以及確切的時間與他們聯繫。至關重要的是，他們還必須了解這些公司面臨哪些問題以及目前如何解決這些問題。如今，嘗試收集和三角測量來了解這些答案所需的數據非常具有挑戰性。我們建構 ZoomInfo Copilot 的目的就是要揭示這些經常被隱藏的見解。在這樣做的過程中，Copilot 將 ZoomInfo 從一個查找工具轉變為一個平台，該平台可以提供賣家每天需要採取行動的關鍵見解。

A unique strategic advantage of our Copilot platform is that it's built on top of our world-class proprietary data. Our data covers the universe of companies that you may sell to, tens of thousands of attributes on those companies, hundreds of millions of people who work at those companies, and the most robust set of signals and insights that we constantly validate and update. What sets ZoomInfo's Copilot apart from any other solution in the market is that it's sitting on top of our AI-ready trusted data foundation that drives decisions, personalization and confidence.

我們的 Copilot 平台的獨特策略優勢是它建立在我們世界一流的專有數據之上。我們的數據涵蓋了您可能向其銷售產品的所有公司、這些公司的數以萬計的屬性、在這些公司工作的數億員工，以及我們不斷驗證和更新的最可靠的信號和見解。 ZoomInfo 的 Copilot 與市場上任何其他解決方案的區別在於，它建立在我們人工智慧就緒的可信任資料基礎之上，可推動決策、個人化和信心。

For our users, Copilot surfaces diverse and differentiated signals, attributes and activities that already exist in our proprietary data asset and our partner ecosystem, which we continue to expand with some of the most trusted vendors in the market, including most recently with TrustRadius and TechnologyAdvice. Copilot takes signals like website visitors, spikes in job postings, earnings call transcripts, contract renewal dates and expert calls that indicate spending or competitive threats, then uses advanced entity resolution and matching to combine them with customers' first-party data. It then applies AI technology to model and inform users immediately about which companies are in the market for their product and how and why you should engage with them.

對於我們的用戶來說，Copilot 可以呈現我們專有數據資產和合作夥伴生態系統中已經存在的多樣化且差異化的訊號、屬性和活動，我們將繼續與市場上一些最值得信賴的供應商合作擴展此生態系統，包括最近與TrustRadius 和TechnologyAdvice 合作。 Copilot 取得網站訪客、職缺激增、財報電話記錄、合約續約日期和表明支出或競爭威脅的專家電話等訊號，然後使用高階實體解析和配對將它們與客戶的第一方資料結合。然後，它應用人工智慧技術進行建模，並立即告知用戶哪些公司在其產品市場上，以及您應該如何以及為何與他們合作。

You can think of this similarly to financial trading. Understanding the company's sector and closing price doesn't tell you much about what a stock will do tomorrow. You need indicators around trading volumes, technical indicators, investor sentiment, financial news, expert calls and many other signals in order to create alpha. Similarly, for our customers, understanding firmographics alone is not sufficient to understand whether or not your next buyer is about to be in market for your product. It's only when you surround that core data with signals that you're able to predict who your next customer should be.

您可以將其視為類似於金融交易。了解公司的產業和收盤價並不能告訴你該股票明天的走勢。您需要圍繞交易量、技術指標、投資者情緒、財經新聞、專家電話和許多其他訊號的指標來創建阿爾法。同樣，對於我們的客戶來說，僅了解企業結構不足以了解您的下一個買家是否即將進入您的產品市場。只有當您用訊號包圍核心資料時，您才能預測下一個客戶應該是誰。

Other gen AI or Copilot products from classic software vendors face a significant problem. They are all layered on top of static CRM data. This data limits the value that can be gleaned from any AI tool for 3 reasons. First, it's limited in scope to what salespeople have manually entered historically. Second, it's outdated, stale and likely inaccurate. And third, it lacks the outside signals and insights that drive modern go-to-market motions. ZoomInfo Copilot delivers a full picture built on the foundation of the world's most accurate and up-to-date business data, publishes real-time insights and turns that into personalized and relevant content.

經典軟體供應商的其他一代 AI 或 Copilot 產品面臨一個重大問題。它們都位於靜態 CRM 資料之上。這些數據限制了可以從任何人工智慧工具收集的價值，原因有 3 個。首先，它的範圍僅限於銷售人員歷史上手動輸入的內容。其次，它已經過時、陳舊，而且可能不準確。第三，它缺乏推動現代上市行動的外部訊號和見解。 ZoomInfo Copilot 提供基於世界上最準確和最新的業務數據的全面信息，發布即時見解並將其轉化為個性化和相關的內容。

More than 20,000 beta users have had access to our Copilot beta. Throughout the quarter, their results and feedback have been overwhelmingly positive. Highlights include that on average, Copilot beta users reduced their time spent on account research and manual tasks by 10 hours per week, giving them back almost 1/4 of their time to spend on more value-added activities. Copilot beta users identified signals -- I'm sorry, identified signals were responsible for 45% of total opportunities created, proving that Copilot helps sellers get to buyers faster. And Copilot users created nearly twice as many opportunities compared to nonusers in the same roles at the same companies.

超過 20,000 名測試版用戶已經造訪了我們的 Copilot 測試版。整個季度，他們的結果和回饋都是非常正面的。亮點包括，平均而言，Copilot Beta 用戶每週花在帳戶研究和手動任務上的時間減少了 10 個小時，從而將近 1/4 的時間用於更多增值活動。 Copilot 測試版用戶識別訊號 - 抱歉，識別訊號佔創造的總機會的 45%，這證明 Copilot 可以幫助賣家更快接觸買家。在同一家公司擔任相同角色的 Copilot 用戶創造的機會幾乎是非用戶的兩倍。

I can confidently say that Copilot is one of the best pieces of software we built at ZoomInfo, across ease-of-use, end-to-end understanding of our customers' pain points and product market fit. We have had leading AI models in production for years. But with Copilot, our product and engineering teams have shown how to put our data and AI differentiation into one of the first real go-to-market AI products that actually delivers value at scale.

我可以自信地說，Copilot 是我們在 ZoomInfo 建立的最好的軟體之一，它具有易用性、對客戶痛點的端到端理解和產品市場契合度。多年來，我們已經在生產中擁有領先的人工智慧模型。但透過 Copilot，我們的產品和工程團隊展示瞭如何將我們的數據和人工智慧差異化融入第一個真正進入市場的人工智慧產品中，從而真正大規模地提供價值。

At the same time, our go-to-market team spent the last quarter using Copilot, dialing in talk tracks, sales collateral testing and more, to be prepared to bring ZoomInfo Copilot to market. We expect to monetize Copilot and we'll roll it out in a thoughtful way, focusing first on the customers who are most likely to get significant value out of the advanced platform. Our go-to-market teams are excited to bring this to their customers, and I have a lot of conviction around the upgrade paths in our customer base. I look forward to sharing more details about this motion and our learnings in the back half of the year.

同時，我們的市場推廣團隊在上個季度使用 Copilot、進行對話、銷售資料測試等，為將 ZoomInfo Copilot 推向市場做好準備。我們希望透過 Copilot 獲利，並將以深思熟慮的方式推出它，首先關注最有可能從先進平台中獲得重大價值的客戶。我們的行銷團隊很高興能將其帶給他們的客戶，而且我對我們客戶群的升級路徑充滿信心。我期待在今年下半年分享有關該動議的更多細節以及我們的經驗教訓。

In conclusion, we continue to make progress towards reaccelerating our business. NRR was better than expected. We're driving traction in the enterprise, and we're seeing promising signs that suggest a stabilization in trends. We have a strong and differentiated data foundation, and we're excited to bring ZoomInfo Copilot to market shortly. We are committed to profitable growth, and we continue to repurchase shares of ZoomInfo.

總之，我們在重新加速業務方面繼續取得進展。 NRR 優於預期。我們正在推動企業發展，我們看到了有希望的跡象，顯示趨勢趨於穩定。我們擁有強大且差異化的數據基礎，我們很高興很快就能將 ZoomInfo Copilot 推向市場。我們致力於獲利成長，並繼續回購 ZoomInfo 的股票。

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 Q1, we delivered revenue of $310 million, up 3% year-over-year. Annualized revenue based on days of revenue recognition was $1.25 billion.

謝謝，亨利。第一季度，我們營收 3.1 億美元，年增 3%。基於收入確認天數的年化收入為 12.5 億美元。

Revenue came in slightly ahead of our guidance, and our focus on efficiency enabled us to deliver adjusted operating income of $119 million, representing a margin of 39%, which was above expectations. GAAP net income was $15 million, yielding $0.04 per share, and non-GAAP EPS was $0.26 per share. Retention among our enterprise and mid-market customers has stabilized with signs of potential improvement as we look ahead to expirations in Q2 and Q3, while our small business customers were more challenged in Q1 than we anticipated.

收入略高於我們的指導，我們對效率的關注使我們能夠實現 1.19 億美元的調整後營業收入，利潤率為 39%，高於預期。 GAAP 淨利為 1,500 萬美元，每股收益 0.04 美元，非 GAAP 每股收益為 0.26 美元。由於我們預計第二季和第三季的到期，我們的企業和中型市場客戶的保留率已經穩定，並有潛在改善的跡象，而我們的小型企業客戶在第一季面臨的挑戰比我們預期的要大。

We continue to take a prudent view of the environment and trends among different customer cohorts as we consider the remainder of the year. As a result, we are narrowing and adjusting our range of guidance for the full year. As we reduced shares outstanding through share repurchases, this results in increasing our guidance on a per share basis. In Q1, net revenue retention was 85%. With an outsized small business renewal pool in the first quarter, we anticipated NRR to decrease and are pleased to see early signs of stabilization. As we move through 2024, we believe there are opportunities to drive improvements to net retention. And as a reminder, our guidance for 2024 assumes that net revenue retention does not improve.

在考慮今年剩餘時間時，我們將繼續審慎地看待不同客戶群的環境和趨勢。因此，我們正在縮小和調整全年指導範圍。由於我們透過股票回購減少了已發行股票，這導致我們增加了每股指引。第一季度，淨收入留存率為 85%。由於第一季小型企業更新池規模過大，我們預計 NRR 將下降，並很高興看到穩定的早期跡象。隨著 2024 年的到來，我們相信有機會推動淨留存率的提高。提醒一下，我們對 2024 年的指導假設淨收入留存不會改善。

In the enterprise, we saw success with our largest clients. Million dollar-plus clients now contribute more than 10% of overall ACV. Average revenue for $100,000-plus customers continue to grow, largely offsetting the decline in the number of those customers as smaller customers continue to experience down-sell pressure with some falling below the $100,000 level.

在企業中，我們看到了最大客戶的成功。百萬美元以上的客戶現在貢獻了總 ACV 的 10% 以上。 100,000 美元以上客戶的平均收入繼續增長，很大程度上抵消了這些客戶數量的下降，因為較小的客戶繼續面臨降價銷售壓力，其中一些客戶的價格跌破了 100,000 美元的水平。

Advanced functionality remained at approximately 1/3 of our overall ACV with operations and marketing continuing to gain traction with customers and both growing double digits, while some of our other functionality was more challenged. From an industry perspective, the fastest-growing industries this quarter were retail, manufacturing and transportation logistics, while software and tech continued to experience down-sell pressure, particularly for smaller customers.

高級功能仍占我們整體 ACV 的約 1/3，營運和行銷持續吸引客戶，並且都在成長兩位數，而我們的一些其他功能則面臨更大的挑戰。從行業角度來看，本季成長最快的行業是零售、製造和運輸物流，而軟體和技術繼續面臨銷售壓力，特別是對於小型客戶而言。

Write-offs were lower than we experienced during the past 2 quarters but continued to impact us in Q1. We are focused on reducing this headwind by being more selective in deals, leveraging our product-led growth motion at the lower end of the market. We are now requiring a majority of smaller and more risky clients to pay via credit card or ACH at checkout, which should help drive an improvement in write-offs and allow us to capture the low end of the market more effectively.

沖銷低於過去兩個季度的水平，但在第一季繼續對我們產生影響。我們致力於透過在交易中更具選擇性、利用我們在低端市場以產品為主導的成長動力來減少這種阻力。我們現在要求大多數規模較小、風險較高的客戶在結帳時透過信用卡或 ACH 付款，這將有助於推動沖銷的改善，並使我們能夠更有效地佔領低端市場。

As we indicated in our 8-K filing in February, we entered into a settlement agreement that addresses both existing and potential class action lawsuits related to right of publicity statutes in 4 states. We accrued $30 million in the quarter related to these settlements, which is reflected in G&A expense. We expect to make cash outlays related to the settlement later this year.

正如我們在 2 月的 8-K 文件中指出的那樣，我們簽訂了一項和解協議，解決與 4 個州的公開權法規相關的現有和潛在的集體訴訟。我們在本季應計與這些和解相關的 3,000 萬美元，這反映在一般管理費用中。我們預計將在今年稍後支付與和解相關的現金支出。

We are as committed as ever to driving growth and profitability, and as such, aim to maintain head count at current levels while allocating more resources to support our AI and Copilot initiatives as well as augment sales and marketing capacity. Based on these hiring needs, we are exploring options to optimize our real estate portfolio relative to a number of leases that we signed in 2021 and early 2022, into which we will gain access in 2024. We anticipate incurring restructuring charges related to potential negotiations and/or subleasing arrangements. Our focus remains on maximizing operational efficiency and driving profitable growth in the evolving market landscape.

我們一如既往地致力於推動成長和盈利，因此，目標是將員工數量維持在當前水平，同時分配更多資源來支持我們的人工智慧和 Copilot 計劃，並增強銷售和行銷能力。根據這些招聘需求，我們正在探索優化我們的房地產投資組合的方案，這些方案與我們在2021 年和2022 年初簽署的多項租約有關，我們將於2024 年獲得這些租約。和相關的重組費用。我們的重點仍然是在不斷變化的市場環境中最大限度地提高營運效率並推動利潤成長。

Operating cash flow in Q1 was $116 million, which included approximately $18 million of interest payments. Unlevered free cash flow for the quarter was $123 million, representing 103% conversion of adjusted operating income. We ended the quarter with $440 million in cash, cash equivalents and short-term investments, and we carried approximately $1.24 billion in gross debt, the vast majority of which has fixed or hedged interest rates.

第一季的營運現金流為 1.16 億美元，其中包括約 1,800 萬美元的利息支付。本季無槓桿自由現金流為 1.23 億美元，相當於調整後營業收入的 103%。截至本季末，我們擁有 4.4 億美元的現金、現金等價物和短期投資，總債務約為 12.4 億美元，其中絕大多數具有固定或對沖利率。

During the quarter, we repurchased approximately 10 million shares of ZoomInfo stock for $153 million. Over the past 4 quarters, we've retired more than 31 million shares of ZoomInfo, nearly 8% of total shares outstanding. We are confident that these repurchases will drive 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 cash flow-generative business.

本季度，我們以 1.53 億美元的價格回購了約 1,000 萬股 ZoomInfo 股票。在過去的 4 個季度中，我們已經註銷了超過 3,100 萬股 ZoomInfo 股票，佔流通股總數的近 8%。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，我們將利用股價與不斷增長的現金流生成業務的內在價值之間的脫節，繼續積極回購股票。

Our net leverage ratio is 1.5x trailing 12 months adjusted EBITDA and 1.5x 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 1.5 倍，以及過去 12 個月現金 EBITDA 的 1.5 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 Q1 was $444 million and remaining performance obligations or RPO were $1.13 billion, of which $838 are expected to be delivered in the next 12 months.

在負債和未來履約義務方面，第一季末的未實現收入為 4.44 億美元，剩餘履約義務或 RPO 為 11.3 億美元，其中 838 美元預計將在未來 12 個月內交付。

With that, let me turn to guidance for Q2. We expect revenue in the range of $306 million to $309 million, adjusted operating income in the range of $114 million to $116 million, and non-GAAP net income in the range of $0.23 to $0.24 per share. For the full year 2024, we now expect revenue in the range of $1.255 billion to $1.27 billion and adjusted operating income in the range of $488 million to $495 million.

接下來，讓我談談第二季的指導。我們預計收入將在 3.06 億美元至 3.09 億美元之間，調整後營業收入將在 1.14 億美元至 1.16 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。對於 2024 年全年，我們目前預計收入在 12.55 億美元至 12.7 億美元之間，調整後營業收入在 4.88 億美元至 4.95 億美元之間。

We expect non-GAAP net income in the range of $1 to $1.02 per share based on 394 million weighted average diluted shares outstanding. We expect unlevered free cash flow in the range of $440 million to $455 million. Our full year guidance implies 2% revenue growth from 39% adjusted operating margin at the midpoint of our guidance range. With that, let me turn it over to the operator to open the call for questions.

基於 3.94 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 1 美元至 1.02 美元之間。我們預計無槓桿自由現金流在 4.4 億至 4.55 億美元之間。我們的全年指引意味著營收成長 2%，調整後營業利潤率為指引範圍中點的 39%。接下來，讓我將其轉交給接線員以開始提問。

(Operator Instructions) Our first question comes from Koji Ikeda with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Koji Ikeda。

A couple from me here. On the revenue side, lots of positive commentary in the prepared remarks, especially on net revenue retention. But you did lower the guide a bit, so something did get worse. I know you guys called out SMB weakness, but is there anything else in the guide that we should be thinking about?

我這裡有一對。在收入方面，準備好的發言中有很多正面的評論，尤其是關於淨收入保留的內容。但你確實降低了一點指南，所以事情確實變得更糟。我知道你們指出了 SMB 的弱點，但是指南中還有什麼我們應該考慮的嗎？

So certainly, the SMB weakness is something that impacted us, particularly in Q1 as we had a higher or a larger pool of renewals coming in, in Q1. We also saw new business a little behind where we wanted it to be, also based on there being a fair amount of SMB weakness -- SMB concentration within new business as well as the -- our shift to be more selective in the deals that we're pulling in. So expecting that, that should help us remove some of the headwinds around write-offs as we get further into the second half of the year.

因此，當然，中小企業的弱點對我們產生了影響，特別是在第一季度，因為我們在第一季有更多或更大的續訂池。我們也看到新業務有點落後於我們想要的水平，這也是因為中小型企業存在相當多的弱點——中小型企業集中在新業務以及——我們在交易中變得更有選擇性。 ，預計這一點將有助於我們在進入下半年時消除一些與沖銷有關的阻力。

Got it. And I recall in prior calls, you've talked about 10% of ACV that needs to renew still. And a lot of those were attached to some of the larger software vendors or tech vendors out there that had big contracts, 3-year contracts that were renewing sometime in the second quarter. So is there any way you could provide an update there? Anything we should be thinking about within that cohort that still needs to renew?

知道了。我記得在之前的電話中，您談到了 10% 的 ACV 仍然需要更新。其中許多都附屬於一些較大的軟體供應商或技術供應商，這些供應商擁有大合同，三年期合約將在第二季度的某個時候續簽。那麼有什麼方法可以提供更新嗎？在這個仍然需要更新的群體中，我們應該考慮什麼？

Yes. So not all of that 10% will renew in the second quarter. I think it's a few percentage points for a few quarters to come still. But certainly, those larger clients that we're seeing, we're seeing solid utilization and feel good about the renewal rates and customers that are coming up in Q2 and Q3, particularly in those larger -- among larger customers.

是的。因此，並非所有 10% 都會在第二季續訂。我認為幾個季度的穩定下來需要幾個百分點。但當然，我們看到的那些較大的客戶，我們看到了穩定的利用率，並對第二季和第三季出現的續訂率和客戶感到滿意，特別是在那些較大的客戶中。

Our next question comes from Elizabeth Porter with Morgan Stanley.

我們的下一個問題來自摩根士丹利的伊麗莎白波特。

I wanted to ask on the Copilot product. It sounds like a lot of interesting features going on there. Just give us some more clarity on how you expect to monetize. Is this something that comes upon renewal and takes some time to get phased in, even though it's going GA in the back half of the year? And is this more of a seat-based model? And kind of how do you look to kind of raise prices in a tougher environment there?

我想問 Copilot 產品。聽起來那裡有很多有趣的功能。請讓我們更清楚地了解您期望如何獲利。這是更新後需要一些時間才能逐步實施的東西嗎，即使它會在今年下半年上市？這更像是基於座位的模型嗎？在更嚴峻的環境下，您如何看待提高價格？

I think the first -- our plan -- our go-to-market plan is to make sure we phase this out to the customers who we believe will see the highest value from Copilot first. And so we built a model that looks at usage, integrations, their ICP. And so we're going after, first, the customers who are most likely to see the highest value and most likely to up-sell into Copilot. I think ultimately, on monetization, it is around monetizing additional value per seat, and we think it's going to be an up-sell relative to where our customers would have ended up, whether that's an increase in certain renewals or in certain renewals where they have fewer users, that might be a flat renewal where historically, it would have been a down-sell. And new business, we think that we're going to increase win rates and conversion rates because of Copilot, but we think we have the biggest opportunity within the customer base to drive monetization.

我認為第一個 - 我們的計劃 - 我們的上市計劃是確保我們將其逐步推廣給我們相信會首先從 Copilot 獲得最高價值的客戶。因此，我們建立了一個模型來考察使用情況、整合及其 ICP。因此，我們首先要尋找最有可能看到最高價值並且最有可能向 Copilot 追加銷售的客戶。我認為最終，在貨幣化方面，它是圍繞每個席位的額外價值貨幣化，我們認為這將是相對於我們的客戶最終的結果的追加銷售，無論是某些續訂的增加還是他們在某些續約中的增加。對於新業務，我們認為由於 Copilot，我們將提高獲勝率和轉換率，但我們認為我們在客戶群中擁有推動貨幣化的最大機會。

And certainly, we've -- Elizabeth, I was just going to say, we've typically run these migration motions over a couple of years in the past. So we don't expect it to all come now. But as we get further on in the year, it's still early now, it hasn't even gone to GA, but we'll have a better view on the potential uplift across our customer base. And we intend to host an Analyst Day in the fourth quarter to dig more into those metrics as well as provide a view into the longer-term model based on them.

當然，我們——伊麗莎白，我只是想說，我們通常在過去幾年裡提出這些遷移動議。所以我們不指望這一切現在都會發生。但隨著今年的進展，現在還為時過早，甚至還沒有進入正式發布階段，但我們將對整個客戶群的潛在提升有更好的了解。我們打算在第四季度舉辦分析師日活動，以深入研究這些指標，並提供基於這些指標的長期模型的觀點。

Got it. And as a quick follow-up, I believe last quarter, you talked to some shortening sales cycles in Q4. Is that something that continued into Q1? You highlighted a lot of other green shoots in more of the mid-market enterprise. But just curious on an update for the sales cycle period.

知道了。作為快速跟進，我相信上個季度，您談到了第四季度銷售週期的縮短。這是延續到第一季的事情嗎？您強調了更多中端市場企業中的許多其他萌芽。但只是對銷售週期的更新感到好奇。

We didn't have any change in sales cycle length in the quarter. It stayed consistent.

本季我們的銷售週期長度沒有任何變化。它保持一致。

Our next question comes from DJ Hynes with Canaccord Genuity.

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

Cameron, maybe a couple for you. I just -- I want to focus on that [$100,000-plus] ACV cohort. I mean I appreciate your commentary on improving retention dynamics. I think you said it was the second straight quarter. Was a little surprised in light of that to see the absolute number of customers declined by as much as it did. So question one is, do you see that bottoming? I know it's a hard question to answer. And then question 2 would be it sounds like the ACV in that cohort grew nicely. I think you said 16%. Just talk a little bit about what's driving that. Is it new personas? I know you said operations hubs growing nicely. Is it advanced functionality? Any color with the puts and takes there would be super helpful.

卡梅倫，也許有一對適合你。我只是 - 我想關注 [100,000 美元以上] ACV 群體。我的意思是，我很欣賞您對提高保留動力的評論。我想你說過這是連續第二季。有鑑於此，看到客戶絕對數量下降如此之多，我感到有點驚訝。所以問題一是，你看到觸底了嗎？我知道這是一個很難回答的問題。然後問題 2 聽起來像是該群體的 ACV 生長良好。我想你說的是16%。簡單談談是什麼推動了這一點。是新人物嗎？我知道你說過營運中心發展得很好。是進階功能嗎？任何帶有 put 和 take 的顏色都會非常有幫助。

Sure. So the ACV for the cohort that grew 16% were the larger customers, the $1 million-plus customers. And obviously, that's a subset of the $100,000 plus. What we really see there is that larger enterprises and customers that have really leaned into the system are growing and growing nicely. But there are a number of mid-market, in some cases, even smaller customers, that are just over the $100,000 level and still experiencing down-sell pressure, whether that's -- they've laid people off over the last 12 or 18 months relative to their expiration or that they're continuing to face serious budget pressure. And those are the customers that we continue to see falling out of that cohort. There are still a number of those. But we are -- to a large extent, we have lapped what we think of as peak negativity with respect to layoffs and so forth. So we feel that, that pressure going forward won't be as significant as we've seen over the last 3 or 4 quarters.

當然。因此，成長 16% 的群體的 ACV 是較大的客戶，價值超過 100 萬美元的客戶。顯然，這只是 10 萬美元以上的一小部分。我們真正看到的是，真正依賴該系統的大型企業和客戶正在成長並且發展良好。但有許多中端市場，在某些情況下，甚至是規模較小的客戶，價格剛剛超過10 萬美元，但仍面臨降價銷售的壓力，無論是——他們在過去12 或18 個月內裁員了相對於它們的到期或它們繼續面臨嚴重的預算壓力。我們繼續看到這些客戶從該群體中流失。仍然有很多這樣的人。但在很大程度上，我們已經度過了我們所認為的裁員等負面情緒的頂峰。因此，我們認為，未來的壓力不會像過去三、四個季度那麼大。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

So Henry, we've definitely been noticing for many months that software companies are simply not hiring like they see a real demand recovery out there. And so very commonly, the head count growth now is way below the revenue growth in the software industry, and it's extremely unusual. I'm just wondering, and I think we hear a lot of different conjecture on why that might be, but how would you explain that phenomenon? Because I would assume, if reps are seeing -- if they're reaching quota attainment, we think software companies would kind of lean in on the hiring. So I'm just wondering if you think it's that simple or something else is going on. And then I have a quick follow-up.

所以亨利，我們幾個月來確實注意到軟體公司根本沒有像他們看到真正的需求復甦那樣進行招募。因此，現在軟體產業的員工數量成長遠低於收入成長，這是很常見的，這是極不尋常的。我只是想知道，我想我們聽到了很多不同的猜測來解釋為什麼會這樣，但是你會如何解釋這種現象？因為我認為，如果銷售代表看到——如果他們達到了配額，我們認為軟體公司會傾向於招募。所以我只是想知道你是否認為事情有那麼簡單或發生了其他事情。然後我會進行快速跟進。

I think the world out there in go-to-market is all about productivity today. And so people are looking across their account executive, account management teams. And instead of asking the question of, if I added 10 additional people, could I drive more revenue growth, they're saying, can I do this with 10 less people? Are they at full capacity? Can I get them more leads and generate the same amount? Can I drive productivity within my team?

我認為當今的市場走向最重要的是生產力。因此，人們正在審視他們的客戶主管、客戶管理團隊。他們不是問“如果我增加 10 名員工，我是否可以推動更多的收入成長”，而是說，“我可以減少 10 名員工來實現這一目標嗎？”他們滿載了嗎？我能否為他們帶來更多潛在客戶並產生相同數量的潛在客戶？我可以提高團隊的生產力嗎？

And so there is just a fundamental shift in the way people are thinking about the unit economics of their businesses, and so they want to do more with less. And one of the things -- and where that's happening in our customer base, I mentioned this on the last question, where that's happening in our customer base, we're not going to expand by number of seats. But Copilot gives us a real opportunity to expand ACV through that functionality without having to expand through seat count.

因此，人們對企業單位經濟效益的思考方式發生了根本性轉變，他們希望用更少的錢做更多的事。其中一件事 - 在我們的客戶群中發生這種情況時，我在最後一個問題中提到了這一點，在我們的客戶群中發生這種情況時，我們不會擴大席位數量。但 Copilot 為我們提供了一個真正的機會，可以透過該功能擴展 ACV，而無需透過座位數進行擴展。

And so in organizations where it might have been flat, we think there's an opportunity to expand ACV in organizations where there would have been down-sell because there are just less people to hold licenses. We think there are opportunities to keep that flat. And so we're going to use that as a real opportunity in the customer base, but I think there is a focus on productivity.

因此，在可能持平的組織中，我們認為有機會在可能會進行降價銷售的組織中擴大 ACV，因為持有許可證的人較少。我們認為有機會維持這一水平。因此，我們將把它作為客戶群中的一個真正的機會，但我認為重點是生產力。

Yes. Okay. And then, Henry, this is very well said. I did want to ask you because Copilot, we've heard very good feedback and it's intriguing to turn a weak seller into a strong seller. But then the flip side is we just haven't seen much generative AI monetization at the application layer across all software. I mean it's been very minimal. So I just want to understand, based on -- you gave a very compelling assessment of some differences. Do you think that ZoomInfo is going to be an outlier? Because there's a lot of companies, it feels like it's going to take a while before their gen AI application is driving -- is like giving them like a 1% tailwind, for instance.

是的。好的。然後，亨利，這句話說得很好。我確實想問你，因為副駕駛，我們聽到了非常好的回饋，將弱勢賣家變成強勢賣家很有趣。但另一方面，我們還沒有在所有軟體的應用程式層看到太多生成式人工智慧貨幣化。我的意思是這是非常小的。所以我只想了解，基於您對一些差異做出了非常令人信服的評估。您認為 ZoomInfo 會成為一個異常值嗎？因為有很多公司，感覺他們的新一代人工智慧應用需要一段時間才能驅動——例如，就像給他們 1% 的順風一樣。

Look, do I -- I think that question has a time element baked into it. Do I think ZoomInfo will be an outlier in our ability to generate and to monetize through our AI solutions? Yes. Do I think it's going to be in the back half of 2024, where it shows up that way? No, I do think it's going to take longer than that. I have a lot of confidence because I personally pitched this product across dozens of our customers, across all segments and all industries. And this is exactly -- from a product market fit, I don't think we've been ever so close to fit as we have been with Copilot, outside of the core company and contact data. And so I have a tremendous amount of confidence that we're going to be able to turn that enthusiasm into monetization, but I also expect it to happen over time.

聽著，我認為這個問題有一個時間因素。我是否認為 ZoomInfo 將成為我們透過人工智慧解決方案產生和貨幣化的能力的異常值？是的。我認為它會在 2024 年下半年出現嗎？不，我確實認為這需要更長的時間。我非常有信心，因為我親自向所有細分市場和所有行業的數十位客戶推銷了該產品。這正是——從產品市場契合度來看，我認為我們在核心公司和聯繫數據之外，從未像 Copilot 那樣接近契合度。因此，我非常有信心我們能夠將這種熱情轉化為貨幣化，但我也希望隨著時間的推移它會發生。

Our next question comes from Jackson Ader with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Jackson Ader。

The first one is on the downmarket cohort. I'm just curious, is that -- with the SMB weakness, does that have more to do maybe with macro environment pressures? Or is there something happening competitively downmarket where people think they can go somewhere else rather than picking ZoomInfo?

第一個是低端市場群體。我只是好奇，中小企業的疲軟是否與宏觀環境壓力有更多關係？或者低端市場競爭中是否發生了一些事情，人們認為他們可以去其他地方而不是選擇 ZoomInfo？

Yes. Thank you for the question. It is fundamentally downmarket. We're seeing much more of a macro effect than a competitive effect. Specifically as it relates to competition, we've not seen a material change in the competitive landscape or an increased impact to our business from competitors. Our new business win rates haven't seen any increased pressure, either overall or particularly in the SMB where our competition is most concentrated. And then we had another quarter of just about record win-back performance, so we feel really good about how we line up competitively. And we really -- we feel especially good about how we show up with Copilot as we roll it out this quarter.

是的。感謝你的提問。它基本上是低端市場。我們看到的更多是宏觀效應，而不是競爭效應。具體來說，就競爭而言，我們沒有看到競爭格局發生重大變化，也沒有看到競爭對手對我們業務的影響增加。我們的新業務獲勝率沒有出現任何增加的壓力，無論是總體而言還是特別是在我們競爭最集中的中小企業中。然後我們在另一個季度取得了創紀錄的贏球表現，所以我們對我們的競爭方式感到非常滿意。當我們在本季推出 Copilot 時，我們真的對 Copilot 的表現感到特別滿意。

Okay. Great. And then just a quick follow-up either, I guess, for you, Henry or for Cameron. How much -- can you give us a sense for how much of the revenue mix actually comes from what you would consider SMB today?

好的。偉大的。然後，我想，對你、亨利或卡梅倫來說，只是一個快速的後續行動。您能否讓我們了解一下，收入組合中有多少實際上來自您今天所認為的中小型企業？

Yes. So our enterprise business is right at 40% of the business. SMB is still around 1/3. And then mid-market is a little below 30%, making up the rest of that.

是的。所以我們的企業業務剛好占到業務的40%。 SMB 仍佔 1/3 左右。中階市場略低於 30%，彌補了其餘部分。

Next question comes from Alex Zukin with Wolfe Research.

下一個問題來自 Wolfe Research 的 Alex Zukin。

I guess maybe just going on to the back of that question about the SMB versus the enterprise versus mid-market. Can you maybe just walk through the difference in growth rates in those 3 businesses as they currently stand for the year? And when does the kind of the negative anchor kind of fully roll through? Or is there a potential spiral where each renewal cohort, for instance in the SMB, could get worse? And then just mechanically, I appreciate, Henry, the comments on win rates and win backs. But what about pricing? Like specifically, are you having to discount more aggressively to either win new business or retain business? And that's something you're seeing in the marketplace?

我想也許只是繼續討論中小企業與企業與中階市場的問題。您能否簡單介紹一下這三項業務今年的成長率差異？那種負面錨定什麼時候才能完全消失？或者是否存在潛在的螺旋，每個更新群體（例如中小型企業）可能會變得更糟？然後只是機械地，我很欣賞亨利關於勝率和贏回的評論。但定價又如何呢？具體來說，您是否必須更積極地打折才能贏得新業務或保留業務？這是您在市場上看到的東西嗎？

So Alex, I'll start with the growth rates between the different cohorts. Realistically, enterprise has been pretty solid. I'd say as we went through early on in 2023, as we're going through the quarters, I think it was challenged. But it was the first group for us to kind of see stability with. We did see continued down-sell pressure through '23 in the mid-market world, and that was particularly acute on the software side where we saw customers really taking out seats either due to layoffs that they've done or overbuying that they've done historically. As we came through the end of the year in Q4 and Q1, we have started to see that stabilize. But mid-market was certainly down on an absolute basis across that period. SMB actually held in reasonably well as we went through 2023. But really in Q1, we've seen a change in that trend. It does feel like the SMB cohort is more sensitive to the higher-rates-for-longer discussion that we've seen over the last few months.

亞歷克斯，我將從不同群體之間的成長率開始。事實上，企業實力已經相當雄厚。我想說，當我們在 2023 年初經歷這些季度時，我認為它受到了挑戰。但這是我們第一個看到穩定的群體。我們確實看到了 23 年中端市場世界持續的降價壓力，這在軟體方面尤其嚴重，我們看到客戶確實因為裁員或過度購買而失去了席位。當我們在第四季和第一季度過年底時，我們開始看到這種情況趨於穩定。但在此期間，中端市場的絕對值肯定是下降的。事實上，在 2023 年，中小企業的表現相當不錯。確實感覺中小企業群體對過去幾個月我們看到的更高利率、更長的討論更加敏感。

I think a lot of those companies were kind of hoping for a light at the end of the tunnel. And if that's changed, they're more sensitive to the environment, and we've seen real pressure. So I think that's a change that we saw in Q1 more than anything else. I'll let Henry address the pricing question.

我認為很多公司都希望看到隧道盡頭的曙光。如果這種情況改變，他們對環境就會更加敏感，我們已經看到了真正的壓力。所以我認為這是我們在第一季看到的最重要的變化。我會讓亨利解決定價問題。

One thing, Alex, that we have not seen from our competitors downmarket, upmarket, anywhere is that they haven't innovated on data, and they haven't innovated on product and they haven't innovated on software. There's been no innovation. It's just lower cost. And the one place that they have innovated is around their go-to-market motion, where they built PLG motions that can attract a large segment of low-end SMB buyers. And we were behind on that. And over the last year, we've spent a lot of time building up our PLG motion. Inevitably, what happens with the PLG motion is that we sell at a lower price point for much smaller customers, and then we look to grow them as they come into the customer base. And so where there has been a pricing difference this quarter versus historically has been in that PLG cohort that comes in at a lower price and then grows with us over time.

亞歷克斯，我們在低端市場、高端市場、任何地方的競爭對手身上都沒有看到一件事，那就是他們沒有在數據上進行創新，他們沒有在產品上進行創新，也沒有在軟體上進行創新。沒有任何創新。只是成本比較低而已。他們創新的一個地方是圍繞市場進入動議，他們制定了 PLG 動議，可以吸引一大批低端中小型企業買家。而我們在這方面落後了。去年，我們花了很多時間來製定我們的 PLG 動議。不可避免的是，PLG 動議所發生的情況是，我們以較低的價格向規模較小的客戶銷售產品，然後我們希望隨著他們進入客戶群而擴大他們的規模。因此，本季與歷史上存在定價差異的地方在於 PLG 群體的價格較低，然後隨著時間的推移與我們一起成長。

Our next question comes from 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。

This is Michael Berg on for Michael Turrin. Really appreciate the color on NRR earlier in the call here. And I know there's been a lot of questions asked on this, but I want to take a different angle on this. As you look towards the rest of the year, in particular, the second half of the year, how can we think about the key drivers to potentially improve the NRR rate? Is it enterprise strength, SMB weakness rolling off, new products rolling out? Maybe help us understand, what does improve NRR from here?

我是邁克爾伯格 (Michael Berg) 替邁克爾特林 (Michael Turrin) 發言。非常欣賞之前通話中 NRR 上的顏色。我知道對此有很多問題，但我想從不同的角度來看待這個問題。展望今年剩餘時間，特別是下半年，我們該如何思考可能提高NRR率的關鍵驅動因素？是企業實力增強、中小企業弱點消失、新產品推出嗎？也許可以幫助我們理解，什麼可以從這裡提高 NRR？

I think that there are a couple of things that improve NRR from here. I think one is, we roll out -- when you think about NRR, it's about renewal rate and then it's about our ability to up-sell products that we're innovating or new users into the customer base. And so from a renewal rate perspective, we are seeing that stabilization in mid-market. We're seeing an improvement in renewal rates in our enterprise cohort. So we feel like -- we've seen those trends continue into Q2. So we think that that's a trend that can continue through the back half of the year. And so if renewal rates continues to stay stable and continues to improve, that drives up NRR.

我認為有幾件事可以從這裡提高 NRR。我認為其中之一是，我們推出——當你想到 NRR 時，它與續訂率有關，然後與我們向客戶群追加銷售我們正在創新的產品或新用戶的能力有關。因此，從續訂率的角度來看，我們看到中端市場趨於穩定。我們看到企業群的續訂率有所提升。所以我們覺得——我們已經看到這些趨勢持續到第二季​​。因此，我們認為這種趨勢可以持續到今年下半年。因此，如果續訂率繼續保持穩定並持續改善，就會推高 NRR。

We have the new product with Copilot that we'll take into the customer base. That should drive up NRR as well. I think between renewal rate and improved products that we can sell into the customer base, those 2 things make a big impact. We also, as Cameron mentioned, there's an element of expirations coming up and multiyear contracts that have -- that increased last year that will be a tailwind to us this year as well.

我們有 Copilot 的新產品，我們將把它引入客戶群。這也應該會提高 NRR。我認為在續訂率和我們可以向客戶群銷售的改進產品之間，這兩件事會產生很大的影響。正如卡梅倫所提到的，我們還存在即將到期的因素以及去年增加的多年期合約的因素，這也將成為我們今年的順風車。

Got it. Helpful. And then Cameron, one quick follow-up. As you talk about SMB cohort and be more selective there in terms of the deals you take on, would that -- do you think about it benefiting free cash flow conversion over time? Like can we think about this going from low 90s to mid or even high 90s in the back, above 100 over time as the quality of the customer base improves?

知道了。有幫助。然後是卡梅倫，快速跟進。當您談論中小型企業群體並在您所進行的交易方面更具選擇性時，您是否認為隨著時間的推移，它有利於自由現金流轉換？就像我們可以想像的那樣，隨著客戶群品質的提高，這個數字會從 90 年代低端發展到 90 年代中期甚至高端，並隨著時間的推移而上升到 100 年代以上嗎？

I mean, certainly, our goal in taking more upfront payments for those lower-quality or smaller customers is largely to lower the kind of write-offs. So certainly, in a world where we have fewer write-offs, that should improve the cash flow and frankly help us be more efficient in terms of where we're dedicating our time. But realistically, I think that that's probably something that happens around the edges. The bigger driver of cash flow conversion will be ultimately us reaccelerating growth. And so where we're able to reaccelerate growth and get growth back into double-digit world, that would ultimately push that cash flow conversion higher into mid-90s or even higher, just based on the fact that a bigger proportion of our revenue is coming in upfront based on that.

我的意思是，當然，我們為那些品質較低或規模較小的客戶收取更多預付款的目標主要是為了減少沖銷。因此，當然，在我們註銷較少的世界中，這應該會改善現金流，並坦率地幫助我們在投入時間方面提高效率。但實際上，我認為這可能是發生在邊緣的事情。現金流轉換的更大推動力最終將是我們重新加速成長。因此，如果我們能夠重新加速成長並讓成長回到兩位數世界，最終將把現金流轉換推高到 90 年代中期甚至更高，因為我們收入的更大比例是在此基礎上提前進行。

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。

Cameron, I think through your prepared remarks and a lot of the questions that have already been asked, I feel like I have a pretty good sense of how to bridge from the prior guidance for the full year and the updated guide. But maybe if you could, any help -- because it sounds like the small business, it downticks. It sounds like there was some green shoot stabilization that you see ahead, perhaps even some upside in enterprise. But when you actually unpacked and came up with the guide, can you give us any help with where to think about where it's coming from specifically?

卡梅倫，我認為透過您準備好的發言以及已經提出的許多問題，我覺得我對如何銜接之前的全年指導和更新的指南有了很好的認識。但也許如果你可以的話，任何幫助——因為這聽起來像是小型企業，它的規模正在下降。聽起來你會看到未來會出現一些穩定的萌芽，甚至可能會出現企業方面的一些上升空間。但是，當您真正打開包裝並提出指南時，您能給我們任何幫助，讓我們思考它具體來自哪裡嗎？

Yes. And certainly, during Q1, we saw a continuation of trend in the enterprise and mid-market that was stabilizing. I think that was, in some ways, expected. But we are expecting that to stay on trend. The real change in trend was in the small business cohort. And obviously, because that was a big cohort of expirations in Q1 and came in at a level that was much worse than we've seen historically, that obviously impacts just the run rate coming out of Q1. And then obviously, we're adjusting our assumptions going forward. So while it's a big pool of expirations in Q1 for small businesses, that's not the only expirations that we have during the course of the year. So as we adjust our assumptions in terms of small businesses going forward, we're assuming that, that pressure continues through the year. And I think that, that -- the combination of the big cohort that underperformed in Q1 as well as the assumption of that going forward, certainly, reflects a tougher environment than what we had set our guidance under -- at the beginning of the year.

是的。當然，在第一季度，我們看到企業和中階市場的趨勢持續穩定。我認為這在某種程度上是可以預料的。但我們預計這種趨勢將維持下去。趨勢的真正變化是在小型企業群體中。顯然，因為第一季有大量到期，而且其水平比我們歷史上看到的要差得多，所以這顯然只會影響第一季的運行率。顯然，我們正在調整我們的假設。因此，雖然小型企業在第一季有大量到期，但這並不是我們今年唯一的到期情況。因此，當我們調整對小型企業未來發展的假設時，我們假設這種壓力將持續一整年。我認為，第一季表現不佳的大群體以及對未來的假設的結合，當然反映了比我們年初設定的指導更為艱難的環境。

Thanks for confirming. That's helpful color. And maybe just for you, Henry. As we think about that segment of the market, it's obviously got different characteristics, higher churn for every software company that's selling into the segment. Is there anything that you could do -- once we get past the cyclicality in the environment, anything that you can do to help offset what we naturally know about SMBs, whether it's integrations, go-to-market partnerships? Like what can you do structurally to really help to ensure that you're as high a priority for SMBs as you possibly can be and that you're going to dominate competitively in that segment? Anything structurally that you could do to really improve your chances in that theater?

感謝您的確認。這是有用的顏色。也許只適合你，亨利。當我們考慮該市場細分市場時，它顯然具有不同的特徵，對於每個向該細分市場銷售的軟體公司來說，其流失率更高。一旦我們克服了環境的周期性，您可以做些什麼來幫助抵消我們對中小企業的自然了解，無論是整合還是進入市場的合作關係？例如，您可以從結構上做些什麼來真正幫助確保您盡可能地受到中小企業的優先考慮，並且您將在該細分市場中佔據競爭主導地位？從結構上來說，你可以做些什麼來真正提高你在劇院的機會？

Yes. Look, I think, number one, we sell far more from a new business perspective and renew far more from a new business perspective than I'm pretty sure every competitor combined in the space. And so we're not losing share here. I think the thing that I think about from a churn perspective is ZoomInfo had -- as a platform, has largely been one that you go pull information out of.

是的。我認為，第一，我們從新業務角度銷售的產品和從新業務角度更新的產品遠多於我確信該領域每個競爭對手的總和。所以我們不會失去這裡的份額。我認為，從流失的角度來看，ZoomInfo 作為一個平台，很大程度上是一個可以從中提取資訊的平台。

And our SMB customers are busy, they're running small businesses, they are tackling a number of initiatives. And a platform that's not dead simple is hard to extract value out of. And so one of the lenses that we built Copilot with was to make sure that we made -- we moved ZoomInfo from a pull platform to a push platform, one that with AI understands the customer base, understands what they'll care about in ZoomInfo, looks at their CRM data to understand the customers that they sell to, understands their ICP, and then starts delivering them their next best customers without them having to learn a complex system or integrate their software or define who their buyer committee is or choose the intent topics that they'd be most interested in.

我們的中小企業客戶很忙，他們正在經營小型企業，他們正在解決許多計劃。一個不簡單的平台很難從中提取價值。因此，我們建立 Copilot 的目的之一是確保我們將 ZoomInfo 從拉動平台轉移到推播平台，透過人工智慧了解客戶群，了解他們在 ZoomInfo 中關心的內容，查看他們的CRM 資料以了解他們銷售的客戶，了解他們的ICP，然後開始為他們提供下一個最佳客戶，而無需他們學習複雜的系統或整合他們的軟體或定義他們的買家委員會是誰或選擇他們最感興趣的意圖主題。

The system auto configures for them and then starts immediately delivering them value around their next best customers. And so we think that significantly improved. Actually, we've seen that significantly improve utilization and engagement for our customers who are Copilot beta customers. And as that utilization and engagement increases in the SMB, that's directly correlative with our renewal rate.

系統會為他們自動配置，然後立即開始為他們的下一個最佳客戶提供價值。所以我們認為這有顯著改善。事實上，我們已經看到，這顯著提高了 Copilot 測試版客戶的使用率和參與度。隨著中小型企業利用率和參與度的增加，這與我們的續約率直接相關。

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。

Cameron, I get SMB is weak. It's been weak for a while, getting weaker. It seems like that seems to be a broader industry trend. I wanted to go back to the enterprise business, which did actually grow double digits year-over-year. Can you double-click into the durability essentially of that enterprise growth? I can't imagine seats are expanding much in this environment. And so was it just all mix shift to DaaS? Was it tied to vendor consolidation? Walk me through the enterprise ACV growth and the durability of that.

卡梅倫，我知道中小企業很弱。已經弱了好一陣子了，越來越弱了。這似乎是一個更廣泛的行業趨勢。我想回到企業業務，該業務實際上比去年同期增長了兩位數。您能雙擊了解該企業成長的基本持久性嗎？我無法想像在這種環境下座位會增加很多。那麼，這只是全部混合轉向 DaaS 嗎？它與供應商整合有關嗎？請帶我了解企業 ACV 的成長及其持久性。

Certainly, you mentioned DaaS as being a good fit there. DaaS is like largely an enterprise product or at least enterprise in the higher end of mid-market. That is a place where we are seeing real traction. And also, it's becoming a more and more material mix of the business. And certainly, I think to Henry's point before of customers looking to optimize their spend, like DaaS is a big part of that. DaaS is people building tools to make their sales teams more efficient and building those tools based on high-quality data and insights about the customers that they're going after. And so I do think that this is a lot of enterprises that are either investing in AI or investing in automation and recognize that they need high-quality data as an input into those projects in order to make them successful. So that's certainly part of it.

當然，您提到 DaaS 非常適合那裡。 DaaS 在很大程度上就像是企業產品，或至少是高階中階市場的企業產品。這是我們看到真正吸引力的地方。而且，它正在成為一個越來越重要的業務組合。當然，我認為亨利之前的觀點是，客戶希望優化他們的支出，例如 DaaS 是其中的重要組成部分。 DaaS 是人們建立工具來提高銷售團隊的效率，並根據高品質數據和對他們所追求的客戶的洞察來建立這些工具。因此，我確實認為，許多企業要么投資人工智慧，要么投資自動化，並認識到他們需要高品質的數據作為這些項目的輸入，才能取得成功。所以這肯定是其中的一部分。

The other part of it, frankly, is that in the enterprise, we're still fairly underpenetrated in terms of the total seats available. So there, I don't think that there are a lot of enterprises that are piling on the number of seats. In fact, you see a lot of companies still laying people off. But in a place where we are helping to make teams more effective and efficient, when they're getting rid of people in certain places, they're still looking for -- we're still looking for other pockets within those enterprises in order to drive additional value and frankly drive additional efficiency for those teams.

坦白說，另一部分是，在企業中，就可用席位總數而言，我們的滲透率仍然相當低。所以我認為沒有很多企業在增加席位。事實上，你會看到很多公司仍在裁員。但在我們幫助提高團隊效率和效率的地方，當他們在某些地方裁掉人員時，他們仍在尋找——我們仍在這些企業內尋找其他空缺，以便為這些團隊帶來額外價值並坦率地提高效率。

Helpful color there. And then Henry, for you, I just -- I want to go back to this sales optimization narrative. It is a very different environment. We've had this kind of overhang on the business relative to tech layoffs and software layoffs for 2 years now. I get Copilot could be a huge next-level productivity uplift. But why won't we, a year from now, be in the same environment where Copilot indirectly drives more efficiency above what you can monetize? Is there a plan to move more away from seat-based pricing, move towards platform fees, drive higher DaaS attach rates and monetize Copilot on top of DaaS? Just trying to think through these changing environments and sentiment that you're seeing out there, and it's just not clear to me if Copilot actually can provide an uplift or not.

那裡有有用的顏色。然後亨利，對你來說，我只是——我想回到這個銷售優化的故事。這是一個非常不同的環境。與技術裁員和軟體裁員有關的這種業務懸而未決的情況已經持續了兩年了。我認為 Copilot 可能會極大地提升生產力。但是，為什麼一年後我們不會處於同樣的環境中，讓 Copilot 間接提高效率，使其高於您可以獲利的水平呢？是否有計劃進一步擺脫基於席位的定價，轉向平台收費，提高 DaaS 附加率並在 DaaS 之上透過 Copilot 貨幣化？只是試著思考你所看到的這些不斷變化的環境和情緒，我只是不清楚副駕駛是否真的可以提供提升。

I think one really interesting thing that I've seen across the upper end of the mid-market and the enterprise is that when you show them Copilot, you start hearing things like, oh, we've been trying to build that here for the last 5 years. Oh, that would be exactly what we would need to build. Oh, we've been talking about wanting to build something like this. And so we have a real opportunity to deliver what every upper mid-market and enterprise business would throw dozens of developers at for years to try to accomplish. And so I think we can monetize the value that we're driving, both in terms of productivity uplift but also from the avoidance of having to build that type of software internally and probably build it pretty poorly.

我認為我在中端市場和企業的高端市場看到的一件非常有趣的事情是，當你向他們展示副駕駛時，你開始聽到這樣的話，哦，我們一直在努力在這裡為過去5年。哦，這正是我們需要建構的。哦，我們一直在談論想要建造這樣的東西。因此，我們有一個真正的機會來實現每個中高端市場和企業業務都需要數十名開發人員多年來努力實現的目標。因此，我認為我們可以將我們正在推動的價值貨幣化，既可以提高生產力，也可以避免必須在內部建立此類軟體，而且可能建構得非常糟糕。

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 how would you characterize the demand environment in the non-software verticals? I know you guys have kind of spoken to that previously. Maybe more specifically, do the NDR trends there sort of mirror what we're seeing in the broader business? Or is there more strength on the net new side? Or how would you characterize that in the non-software verticals?

我是喬納森·麥卡里 (Johnathan McCary) 替布萊恩發言。那麼，您如何描述非軟體垂直產業的需求環境？我知道你們之前已經談過這個問題了。也許更具體地說，那裡的 NDR 趨勢是否反映了我們在更廣泛的業務中看到的情況？還是網新這邊實力更強？或者您如何在非軟體垂直領域描述這一點？

I mean, certainly, as we look at the last 12 months, software and technology have been under significant pressure. You see them down on an absolute dollar basis year-over-year and at a net retention level that's well below the overall net retention that we have. Obviously, that means that those non-software businesses, non-technology businesses have grown more significantly. Most of the segments within that are growing kind of mid-teens or in some cases, even more than that, if you look at like retail or transportation and logistics. And obviously, just the math would tell you that the net retention for those businesses is also well above the overall company average as well.

我的意思是，當然，當我們回顧過去 12 個月時，軟體和技術一直面臨著巨大的壓力。您可以看到，以絕對美元計算，它們逐年下降，而且淨留存水準遠低於我們的整體淨留存水準。顯然，這意味著那些非軟體業務、非技術業務的成長更為顯著。如果你看看零售或運輸和物流，其中的大多數細分市場都在十幾歲左右增長，或者在某些情況下甚至超過這個數字。顯然，僅透過數學就能知道，這些業務的淨留存率也遠高於公司整體平均水準。

So I think that we've gone through a year, ending at the end of March here, where software businesses -- our software customers have been digesting a lot of the, call it, re-platforming or operational -- operating model changes that they put through throughout 2022 and the beginning of 2023. Our subscription model is now digesting all of that. And so I do think that there's the opportunity, particularly among those larger and mid-market software companies, to stabilize a little bit more. But the rest of the business is effectively better because they didn't have the same dynamics, particularly around driving more profitability that you see in the software businesses that have decelerated in a significant amount.

因此，我認為我們已經經歷了一年，在 3 月底結束，軟體業務——我們的軟體客戶已經消化了很多，稱之為重新平台或運營——運營模式的變化，這些變化他們在2022 年全年和2023 年初完成了工作。因此，我確實認為，特別是在那些大型和中型市場軟體公司中，有機會進一步穩定。但其他業務實際上更好，因為它們沒有相同的動力，特別是在提高盈利能力方面，你可以在已經大幅減速的軟體業務中看到這一點。

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)。

Cameron, as I look at the guidance for the full year, obviously, it's come down a little bit. But it still implies that sequential growth has to pick up in the second half of the year. Can you just remind us what's driving that sequential acceleration? And I guess on the SMB environment, how have you seen the first month or so trend in the second quarter relative to what you saw in Q1?

卡梅倫，當我查看全年的指導時，顯然，它有所下降。但這仍然意味著下半年環比成長必須加快。您能提醒我們是什麼推動了連續加速嗎？我想在中小企業環境中，與第一季相比，您如何看待第二季第一個月左右的趨勢？

Yes. So certainly, the acceleration in the second half of the year is largely based on the fact that our expirations that we're going to see in Q2 and Q3 are much smaller than they were in Q1 and, frankly, Q4 before that. So a lower number of expirations, obviously, provides less opportunity for down-sell among our customers. And therefore, the up-sells in the new business that we're continuing to drive will have a bigger impact on the revenue number as we go through. And so that's kind of true across the board. And as we look at the retention mix, we see that, frankly, April, very much was on trend for those comments. So we feel that the smaller expiration and the success that we continue to see with up-selling and new sales is already on course for that.

是的。當然，下半年的加速很大程度上是基於這樣一個事實：我們將在第二季度和第三季度看到的到期時間比第一季要小得多，坦率地說，比之前的第四季度小得多。因此，顯然，到期次數越少，我們的客戶進行降價銷售的機會就越少。因此，我們繼續推動的新業務的追加銷售將對我們的收入產生更大的影響。所以這在整體上都是正確的。當我們查看保留組合時，坦率地說，我們發現四月份這些評論非常流行。因此，我們認為，較小的到期時間以及我們繼續看到的追加銷售和新銷售的成功已經在實現這一目標。

I was just going to sneak in a follow-up for you, Cameron. As we look at the trajectory for the rest of the year, can you also just remind us how you're thinking about the $100,000 customer add? Should that bottom and start to grow again at a certain point? And a similar question on NRR, when do we expect to see the bottom there?

卡梅倫，我本來想偷偷地為你做一個後續報道。當我們審視今年剩餘時間的發展軌跡時，您能否提醒我們您如何看待 100,000 美元的客戶增量？是否應該在某個點觸底並開始再次增長？還有關於 NRR 的類似問題，我們預計什麼時候會見底？

Yes. So I think from the $100,000 perspective, the real pressure that we feel in terms of the number of customers are among smaller customers. So mid-market customers and maybe even some small businesses that are spending just above the $100,000 level and have down-sell pressure, whether that's internal budget pressure or layoffs or changes in their operating model. That continues to be there. We haven't fully gotten through all of those customers. But certainly, we've gotten through some very big cohorts that had peaked in terms of layoffs in, call it, early 2023. So we do think that there's the opportunity for that to eventually grow or at least not go down by as much.

是的。因此，我認為從 10 萬美元的角度來看，我們在客戶數量方面感受到的真正壓力來自較小的客戶。因此，中端市場客戶，甚至可能是一些支出略高於 100,000 美元水平的小型企業，面臨降價銷售壓力，無論是內部預算壓力還是裁員或營運模式的變化。那仍然存在。我們還沒有完全了解所有這些客戶。但當然，我們已經經歷了一些非常大的群體，這些群體在 2023 年初達到了裁員的頂峰。

But certainly, overall in that cohort, we actually see the ACV levels being pretty stable because the larger customers continue to grow more significantly and make up for losing some of those smaller customers. From a retention perspective, we very much see retention among the enterprise and mid-market stabilizing. And certainly, as we see a little bit of mix shift, that also helps the overall numbers. So it does feel like that's a place where we can build off of as we move forward into the second half of the year. And frankly, the multiyear customers also continue to grow, which is obviously helpful for retention as well, which is a reflection of the fact that we are shifting the mix towards larger customers. And those larger customers do tend to be multiyear customers as well. So our guidance assumes that retention does not improve, but we do see a number of trends underlying where we think that, that opportunity for improvement is there.

但當然，總體而言，在該群體中，我們實際上看到 ACV 水平相當穩定，因為較大的客戶繼續更顯著地增長，並彌補了一些較小客戶的損失。從保留的角度來看，我們非常看到企業和中端市場的保留趨於穩定。當然，正如我們看到的一點混合變化，這也有助於整體數字。因此，當我們進入今年下半年時，這確實是我們可以繼續發展的地方。坦白說，多年客戶也在繼續成長，這顯然也有助於保留，這反映出我們正在將組合轉向更大的客戶。那些較大的客戶也往往是多年客戶。因此，我們的指導假設保留率不會提高，但我們確實看到了一些我們認為存在改進機會的潛在趨勢。

Our next question comes from Josh Reilly with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Josh Reilly。

I got 2 quick questions here. We talked about the PLG motion. I was curious, how broadly is this now rolled out to both new and existing customers? I know that was a point of discussion before. And then just quick on sales and marketing, that was above my estimate by a healthy amount for the quarter here, while R&D was below. Curious how you're thinking about sales and marketing spend for the balance of the year relative to the updated operating income guidance.

我在這裡有兩個簡單的問題。我們討論了 PLG 動議。我很好奇，現在向新客戶和現有客戶推出的範圍有多大？我知道這是之前討論過的問題。然後，快速進行銷售和行銷，這比我對本季的預期高出了一個健康的數字，而研發則低於我的預期。很好奇您如何考慮今年剩餘時間的銷售和行銷支出相對於更新後的營業收入指導的情況。

The PLG one, and then Cameron can take that second part. On PLG, it is -- it depends on how you define PLG. If we think about PLG as purely self-service, I come in, I get a free trial, I turn into a customer, that part of PLG is limited to our cohort leads that come through our website, so it's not open to any user. If we're talking about it as the ability to manage your invoices, paper, upgraded users, add ad spend and marketing OS, paper renewal, that is -- that capability is available to all of our customers.

PLG 的一部分，然後卡梅倫可以承擔第二部分。在 PLG 上，這取決於你如何定義 PLG。如果我們將 PLG 視為純粹的自助服務，我進來，我獲得免費試用，我變成客戶，PLG 的這一部分僅限於透過我們網站獲得的隊列潛在客戶，因此不對任何用戶開放。如果我們將其視為管理發票、紙張、升級用戶、添加廣告支出和行銷作業系統、紙張更新的能力，那麼我們所有客戶都可以使用該功能。

And then from an operating expense perspective, sales and marketing, we are continuing to invest in sales and marketing. There are also some kind of one-off things around payroll taxes and how we pay taxes on stock comp that created a little bit of a blip in Q1 related to sales and marketing that won't necessarily recur as we go forward.

然後從營業費用、銷售和行銷的角度來看，我們將繼續投資銷售和行銷。還有一些關於工資稅以及我們如何繳納股票稅的一次性問題，在第一季造成了一些與銷售和行銷相關的小問題，但隨著我們的發展，這些問題不一定會再次出現。

But certainly, we're going to be really focused on marketing around and selling Copilot as we move into the second half of the year. So that will be something that we want to continue to invest in. R&D, we have been really focusing the R&D team on the Copilot initiative. And based on the new functionality that's being developed, there's a bit more capitalization that happens there. So I think that capitalization probably may not have been incorporated in everyone's model if you're just looking at the prior trends.

但可以肯定的是，進入今年下半年，我們將真正專注於 Copilot 的行銷和銷售。因此，這將是我們想要繼續投資的事情。基於正在開發的新功能，那裡發生了更多的資本化。因此，我認為，如果您只關注先前的趨勢，資本化可能尚未納入每個人的模型中。

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。

Since I'm at the back of the call, maybe more like a high-level question. The -- Henry, if you look, like obviously, what's happening to you guys at the moment, with nothing ZoomInfo specific, it's kind of like where the market is at the moment and where customers are. So that's kind of impacting you, but it's impacting the whole industry that you're playing in. What do you see in terms of -- how do you think that your industry will reemerge because a lot of your competitors are private? So you're kind of well funded, very highly profitable. So how do you think that's playing out? And what do you see in competitive situations there already? Has that started already?

由於我在電話會議的後面，也許更像是高級問題。亨利，如果你看看你們目前正在發生的事情，沒有任何 ZoomInfo 具體信息，那就有點像目前的市場和客戶所在。所以這對你有一定的影響，但它也在影響你所從事的整個行業。所以你資金充足，利潤非常高。那你認為結果如何？您對那裡的競爭情況有何看法？已經開始了嗎？

Look, I think, first of all, we're taking a very durable approach to our future. And the products that we're building today and bringing to market, we believe, build a foundation on top of which we can continue to build on. Is Copilot going to be the last AI product we build? No. It's going to be the first, and it's going to build a great foundation for the future.

我認為，首先，我們正在對未來採取非常持久的方法。我們相信，我們今天正在建立並推向市場的產品奠定了一個基礎，我們可以在此基礎上繼續發展。 Copilot 會是我們打造的最後一款人工智慧產品嗎？不。

I think if I look around the space, it's much easier to look at the core of our solution and understand why it's important to every go-to-market team today and 5 years from now and 10 years from now. And it's a lot easier to look at our solution and understand why, in a generative AI world, our data, our insights, our proprietary data asset becomes more and more valuable while application layer software becomes less and less important because it will be much easier to build with AI in the future. But then our data asset and what we're building around it becomes core to every generative AI go-to-market use case in the future. And so I think in that respect, you can -- I can see a universe where the software layer, the application providers are much more easily disrupted by AI than the core data providers who built flywheels and networks to gather the data and have incredibly high-quality data that every company can build a generative AI solution on top of. And so we have a lot of confidence around what we're building and the future there and think the application layer is more disruptible.

我認為，如果我環顧四周，就會更容易看到我們解決方案的核心，並理解為什麼它對今天以及 5 年後和 10 年後的每個上市團隊都很重要。查看我們的解決方案並理解為什麼在生成人工智慧世界中，我們的數據、我們的見解、我們的專有數據資產變得越來越有價值，而應用層軟體變得越來越不重要，因為它會變得更加容易，變得越來越不重要。但隨後我們的數據資產以及我們圍繞它構建的內容將成為未來每個生成式人工智慧上市用例的核心。所以我認為在這方面，你可以——我可以看到一個宇宙，其中軟體層、應用程式提供者比核心數據提供者更容易被人工智慧顛覆，核心數據提供者建立飛輪和網路來收集數據並擁有令人難以置信的高-每家公司都可以在其基礎上建立生成式人工智慧解決方案的高品質數據。因此，我們對我們正在建立的內容和未來充滿信心，並認為應用程式層更具顛覆性。

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。

I'll keep it to one, just given that we're past time. Henry, I wanted to follow back on the conversation around the PLG motion. I guess, help us understand, number one, how is traction? And in this case, I'm talking purely the self-service customers you're selling can become a paying customer of ZoomInfo without having to engage with a salesperson. I guess, help me understand, A, how is that motion kind of going? How is it being received? And I guess, B, why not go even deeper down that path, especially given that at least in a lot of conversations we've had, there is a certain amount of friction to adopting ZoomInfo that isn't necessarily there at some of your competitors? And I'd have to imagine, without dedicated sales resources, it comes in a very, very high contribution margin. Maybe you could help us first with that, that would be great.

我會把它保留為一，只是考慮到我們已經過去了。 Henry，我想回顧一下圍繞 PLG 動議的對話。我想，幫助我們理解，第一，牽引力如何？在這種情況下，我純粹是在談論您所銷售的自助服務客戶可以成為 ZoomInfo 的付費客戶，而無需與銷售人員接觸。我想，請幫我理解一下，A，這個動議進展得怎麼樣？收到情況如何？我想，B，為什麼不沿著這條路走得更深入，特別是考慮到至少在我們進行的許多對話中，採用ZoomInfo 存在一定的摩擦，而這些摩擦在您的某些地方並不一定存在。我不得不想像，如果沒有專門的銷售資源，它的邊際貢獻將非常非常高。也許你可以先幫助我們，那就太好了。

The increase, the number of customers and accounts that have access that we bring in from a PLG motion, now we also believe that we've built an incredible sales-led motion at ZoomInfo that is far more efficient than just about anything you'd see out there in the broader software marketplace. And so when there are leads that we think are most optimized to come through a sales-led motion, we're going to push that to the sales-led motion. When we think there are leads that will be best served through the PLG motion, we're going to push those leads through the PLG motion. And so I think we're always going to have 2 ways that we go to market from a new business perspective, and we're going to leverage each where we think -- where our internal models actually tell us that we're going to get more if one goes to PLG or we're going to be better optimized if a lead goes into our sales-led motion. But over time, what we've seen internally and what we'll continue to deliver on is more and more going into the PLG motion.

我們透過PLG 動議帶來的具有訪問權限的客戶和帳戶數量的增加，現在我們還相信，我們已經在ZoomInfo 建立了令人難以置信的以銷售為主導的動議，它比您想要的任何東西都高效得多。因此，當我們認為最適合透過以銷售為主導的動議來獲得潛在客戶時，我們將把它推向以銷售為主導的動議。當我們認為有一些線索可以透過 PLG 動議得到最好的服務時，我們將透過 PLG 動議推動這些線索。因此，我認為我們總是會採用兩種方式從新的業務角度進入市場，並且我們將利用我們認為的每一種方式——我們的內部模型實際上告訴我們，我們將如果有人進入PLG，我們會得到更多，或者如果潛在客戶進入我們的銷售主導活動，我們將會得到更好的優化。但隨著時間的推移，我們在內部看到的內容以及我們將繼續交付的內容越來越多地融入 PLG 動議中。

Our next question comes from Pat Walravens with Citizens JMP.

我們的下一個問題來自 Citizens JMP 的 Pat Walravens。

Okay. Great. Shifting to other notes in SMB. So Henry, I was delighted to see you settled the right of publicity class actions. Kudos to Anthony and your legal team. Two questions. So it resolved the claims in 4 states. Are there any others in other states? Or is that it? And then the second question is, are you making any changes to the Community edition or the directory pages as a result? And does any of that impact your plans for sort of new PLG motions for SMB?

好的。偉大的。轉移到 SMB 中的其他註釋。亨利，我很高興看到您解決了公開集體訴訟的權利。感謝安東尼和你的法律團隊。兩個問題。因此它解決了 4 個州的索賠要求。其他州還有其他人嗎？或者就是這樣？第二個問題是，您是否會對社群版或目錄頁面進行任何更改？這些是否會影響您為中小型企業提出新的 PLG 動議的計劃？

Yes. Thank you, Pat. These are -- these will handle all of the states where there are claims, so we feel really good about putting that behind us. There are minor changes to our community pages in those states, but we don't anticipate those causing any issues for us from a community perspective or from a PLG perspective either.

是的。謝謝你，帕特。這些將處理所有有索賠的州，所以我們感覺很高興將其拋在腦後。這些州的社區頁面有一些細微的變化，但從社區角度或 PLG 角度來看，我們預計這些變化不會為我們帶來任何問題。

And I'm not showing any further questions at this time. And this does also conclude today's conference. Thank you for your participation. You may now disconnect, and have a wonderful day.

目前我不會提出任何進一步的問題。今天的會議也到此結束。感謝您的參與。您現在可以斷開連接，並度過美好的一天。