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.

您好，感謝您的支持。歡迎參加 ZoomInfo 2024 年第一季財務業績電話會議。 （操作員指示）請注意，本次會議正在錄音。現在我想將電話轉給今天的發言人傑瑞‧西西茨基 (Jerry Sisitsky)。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 Cameron Hyzer。在他們發言結束後，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，任何前瞻性陳述均依據美國證券法的安全港條款作出。對未來目標的表達，包括業務前景、對未來財務表現的期望和類似項目，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非歷史事實的表達，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 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，包括我們向美國證券交易委員會提交的文件中「風險因素」部分所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。除法律要求外，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出現的事件的義務。

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 上發布幻燈片中的前瞻性陳述。除非另有說明，本次電話會議中的所有指標均為非 GAAP 指標。您可以在財務表現新聞稿中或發佈到我們的 IR 網站的幻燈片中找到對帳表。

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

說完這些，我會把電話轉給亨利。

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.

謝謝你，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%。由於我們始終致力於獲利成長，我們又一個季度的獲利表現優於預期。

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一項 5 億美元的股票回購授權，我們繼續以有吸引力的股價積極回購 ZoomInfo 的股票。我們的 ZoomInfo Copilot 開發工作正在順利進行中。 Beta 版客戶看到了顯著的投資回報，而且回饋也非常正面。我們相信我們有一個差異化的解決方案，我們期待很快就會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%.

我們繼續在艱難的經營環境中前行，過去幾個月的情況仍未改善。我們曾預計本季將會充滿挑戰，事實也確實如此，但我們開始看到穩定的跡象。就淨收入保留而言，在本季度，我們的中小企業業務持續面臨挑戰，表現比前期更差。儘管第一季有所下降，但考慮到續約業務的比例較高，全公司 NRR 好於預期，達到 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.

中端市場留存率與第四季相似，第一季是連續第二季續約率提高，反映出持續的穩定性。我們看到企業留任率趨於穩定，並且自 2022 年以來，續約率首次年增。

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，軟體留存率首次保持穩定。這些穩定趨勢一直持續到第二季​​度，這是一個積極的跡象，表明我們已經觸底，我們將其視為潛在成長拐點的前兆。我們也有一個數字——我們在另一個季度也表現出強勁的贏回表現。在嘗試過低成本、低品質的服務後，顧客再次光臨的數量創下了歷史新高。在第一季度，我們再次看到數百名客戶回歸 ZoomInfo，保持了 2023 年第四季度和第三季度的創紀錄水平。他們沮喪的客戶經理和業務發展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。便宜買，重複買。

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.

隨著我們持續推動企業發展，本季我們錄得 100 萬美元客戶群自 2023 年第一季以來的最大增幅。我們的 100 萬美元客戶群的 ACV 年比成長了 16%。在我們的行銷解決方案中，我們繼續看到提高保留率和增加平台廣告支出的優勢，而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 來解決其 CRM 系統中的數據挑戰，並使用我們的數據和見解來支援他們的 AI 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.

在本季度，我們與各個規模和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向供應商發出了 RFP，以清理他們的 CRM 數據，從而改進他們對候選人的建模和預測分析。在高品質準確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，為他們的數據策略提供了未來保障，並為他們運行預測分析和透過使用人工智慧進行擴展奠定了基礎。這導致追加銷售額達到每年 92.5 萬美元的合約價值，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.

我們也與一家中型數據查詢和深度學習軟體公司進行了合作，因為他們希望節省資金、減少供應商並整合到單一平台上。與我們的許多中型技術客戶一樣，他們在與我們進行續約談判時要求將所有供應商的支出減少 20%。透過更換多個供應商並整合 ZoomInfo 的銷售、營運和行銷解決方案，我們將最初的任務轉化為 ACV 的 60% 成長，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.

我們也被評為 Forrester 行銷和銷售資料提供者 Wave 的領導者，並作為 Google Cloud 合作夥伴榮獲兩項年度 Google Cloud 技術合作夥伴獎，我們透過預先建立的資料解決方案和資料集最有效地幫助客戶增強他們的分析和 AI 計劃。

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，我推出了我們認為對行銷團隊來說最具影響力和創新性的產品之一——ZoomInfo Copilot。 ZoomInfo Copilot 是第一個由人工智慧驅動的市場解決方案，它使用可信賴的資料基礎來自動確定優先順序，確定從第一個訊號到內容創建和參與的吸引買家的物件、時間和方式。現代銷售正在成為一門科學，我們創建了 Copilot 來幫助我們的客戶使每個賣家都能成為他們的暢銷產品。

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，賣家需要知道要聯絡哪些公司、這些公司的合適人選是誰以及何時聯絡他們。至關重要的是，他們還必須知道這些公司目前面臨什麼問題以及他們如何解決這些問題。如今，嘗試收集和三角測量來了解這些問題答案所需的數據極具挑戰性。我們建構 ZoomInfo Copilot 就是為了挖掘這些經常被埋沒的見解。透過這種方式，Copilot 將 ZoomInfo 從一個查找工具轉變為一個平台，展示賣家每天採取行動所需的關鍵見解。

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在於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、這些公司的數萬種屬性、在這些公司工作的數億人，以及我們不斷驗證和更新的最強大的信號和見解。 ZoomInfo 的 Copilot 與市場上其他解決方案的不同之處在於，它建立在我們支援 AI 的可信任資料基礎之上，可以推動決策、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，Copilot 展示了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和差異化的訊號、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進行擴展，包括最近的 TrustRadius 和 TechnologyAdvice。 Copilot 會取得網站訪客、招募資訊激增、收益電話記錄、合約續約日期和表明支出或競爭威脅的專家電話等訊號，然後使用進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需要他們的產品，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.

您可以將其視為與金融交易的類似形式。了解公司所屬的產業和收盤價並不能告訴你股票明天的走勢。您需要圍繞交易量、技術指標、投資者情緒、財經新聞、專家呼籲和許多其他訊號等指標來創造阿爾法。同樣，對於我們的客戶來說，僅僅了解公司統計數據並不足以判斷下一個買家是否會購買您的產品。只有當你用訊號包圍核心資料時，你才能夠預測誰是你的下一個客戶。

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.

傳統軟體供應商的其他一代 AI 或 Copilot 產品面臨重大問題。它們都位於靜態 CRM 資料的頂層。由於以下三個原因，這些數據限制了可以從任何 AI 工具中獲得的價值。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、陳舊並且可能不準確。第三，它缺乏推動現代上市行動的外部訊號和見解。 ZoomInfo Copilot 基於世界上最準確和最新的商業數據提供完整的圖景，發布即時見解並將其轉化為個人化和相關的內容。

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.

已有超過 20,000 名測試版用戶可以使用我們的 Copilot 測試版。整個季度，他們的業績和回饋都非常積極。亮點包括：平均而言，Copilot 測試版用戶每週減少了 10 小時花在帳戶研究和手動任務上的時間，讓他們可以節省近 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，識別訊號佔所創造總機會的 45%，這證明 Copilot 可以幫助賣家更快找到買家。並且，與同一家公司中擔任相同職位的非 Copilot 用戶相比，Copilot 用戶創造的機會幾乎多出兩倍。

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，它易於使用、能夠端到端地了解客戶的痛點並且產品適合市場。多年來，我們一直在生產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 AI 差異化融入第一批真正實現規模價值的上市 AI 產品之一。

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，我們的行銷團隊在上個季度使用了 Copilot，撥打談話軌道，進行銷售抵押品測試等，為將 ZoomInfo Copilot 推向市場做好準備。我們希望將 Copilot 貨幣化，並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巨大價值的客戶。我們的行銷團隊很高興能將這項產品帶給他們的客戶，而且我對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和我們的經驗教訓的更多細節。

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.

總而言之，我們在重新加速業務發展方面繼續取得進展。 NRR 優於預期。我們正在推動企業的發展，並且看到了表明趨勢穩定的令人鼓舞的跡象。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，並持續回購ZoomInfo的股份。

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

說完這些，我將把電話轉給卡梅倫。

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，我們實現營收 3.1 億美元，年增 3%。根據收入確認天數計算的年化收入為 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.

收入略高於我們的預期，我們對效率的關注使我們實現了 1.19 億美元的調整後營業收入，利潤率為 39%，高於預期。 GAAP 淨收入為 1,500 萬美元，每股收益 0.04 美元，非 GAAP 每股收益為 0.26 美元。展望第二季和第三季的到期日，我們企業和中型市場的保留率已經穩定下來，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，我們將繼續審慎看待不同客戶群的環境和趨勢。因此，我們正在縮小並調整全年業績指引範圍。由於我們透過回購股票減少了流通股，因此我們每股盈餘的指引也隨之提高。第一季度，淨收入保留率為85%。由於第一季小型企業續約規模龐大，我們預計 NRR 將會下降，並且很高興看到早期穩定的跡象。隨著我們進入 2024 年，我們相信有機會推動淨保留率的提高。提醒一下，我們對 2024 年的指導假設淨收入保留率不會提高。

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，我們最大的客戶取得了成功。目前，百萬美元以上的客戶貢獻了整體 ACV 的 10% 以上。 10萬美元以上客戶的平均收入持續成長，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銷售壓力，其中一些客戶的收入低於10萬美元。

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，營運和行銷持續受到客戶的青睞且均實現兩位數成長，而我們的其他一些功能則面臨更大挑戰。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，而軟體和科技繼續面臨銷售下行壓力，尤其是對於較小的客戶而言。

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.

註銷金額低於過去兩個季度的水平，但在第一季仍對我們產生影響。我們致力於透過更有選擇性地進行交易來減少這種不利因素，並利用我們在低階市場的產品主導型成長動力。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，這將有助於改善註銷情況，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.

正如我們在二月的 8-K 文件中指出的那樣，我們達成了一項和解協議，該協議針對 4 個州與公開權法規相關的現有和潛在的集體訴訟。我們在本季度累計了與這些和解相關的 3000 萬美元，這反映在 G&A 費用中。我們預計將在今年稍後進行與該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獲利，因此，我們的目標是將員工人數保持在當前水平，同時分配更多資源來支持我們的 AI 和 Copilot 計劃以及增強銷售和行銷能力。根據這些招聘需求，我們正在探索優化房地產投資組合的方案，這些方案涉及我們在 2021 年和 2022 年初簽署的一些租約，我們將在 2024 年獲得這些租約的使用權。我們的重點仍然是最大限度地提高營運效率並在不斷變化的市場環境中推動獲利成長。

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，佔調整後營業收入的 103%。截至本季末，我們的現金、現金等價物和短期投資為 4.4 億美元，總債務約 12.4 億美元，其中絕大部分為固定或對沖利率。

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 億美元回購了約 1,000 萬股 ZoomInfo 股票。在過去的 4 個季度中，我們已註銷超過 3,100 萬股 ZoomInfo 股票，佔總流通股的近 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，我們將繼續積極回購股票，並利用我們的股價與我們不斷增長的現金流量產生業務的內在價值之間的脫節。

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 倍和過去 12 個月現金 EBITDA 的 1.5 倍，在我們的信用協議中定義為合併 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.

關於負債和未來履約義務，第一季末的未賺取收入為 4.44 億美元，剩餘履約義務或 RPO 為 11.3 億美元，其中 8.38 億美元預計將在未來 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.

說到這裡，讓我來談談第二季的指導。我們預計收入在 3.06 億美元至 3.09 億美元之間，調整後營業收入在 1.14 億美元至 1.16 億美元之間，非 GAAP 淨收入在每股 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 億股加權平均攤薄流通股，我們預期非 GAAP 淨收入將在每股 1 美元至 1.02 美元之間。我們預計無槓桿自由現金流將在 4.4 億美元至 4.55 億美元之間。我們的全年預期意味著營收成長 2%，調整後營業利潤率為 39%，位於我們預期範圍的中點。說完這些，我現在將電話交給接線員，開始提問。

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

（操作員指示）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?

這裡有幾對來自我這裡。在收入方面，準備好的評論中有很多正面的評論，特別是在淨收入保留方面。但你確實降低了一點指導，所以事情確實變得更糟了。我知道你們指出了 SMB 的弱點，但指南中還有其他什麼是我們應該考慮的嗎？

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，中小企業的疲軟肯定會對我們產生影響，尤其是在第一季度，因為第一季我們的續約量更高、更龐大。我們還發現新業務略微落後於我們的預期，這也是因為中小企業存在相當大的弱點——新業務中中小企業的集中度以及——我們在進行交易時更加挑剔。

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。我記得在之前的通話中，您談到仍有 10% 的 ACV 需要續約。其中許多都與一些較大的軟體供應商或技術供應商有關，他們擁有大合同，三年合約將在第二季度的某個時候續簽。那麼您有什麼辦法可以提供更新資訊嗎？我們應該考慮在這個群體中哪些方面仍需更新？

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，這 10% 的貸款不會全部在第二季續期。我認為未來幾季的增幅仍會是幾個百分點。但可以肯定的是，我們看到的那些較大的客戶，看到了穩定的利用率，並且對第二季和第三季的續約率和客戶感到滿意，特別是那些較大的客戶。

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?

我想要詢問有關 Copilot 產品的問題。聽起來那裡有很多有趣的功能。請向我們更清楚地說明您期望如何獲利。這是不是會在更新時出現並需要一些時間才能逐步實施的事情，即使它會在今年下半年正式推出？這更像是一種基於座位的模型嗎？在更嚴峻的環境下，您打算如何提高價格？

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逐步向那些我們認為將首先從 Copilot 中看到最高價值的客戶推出這一產品。因此，我們建立了一個研究使用情況、整合度及其 ICP 的模型。因此，我們首先要追逐的是那些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。我認為最終的貨幣化是圍繞每個座位的附加價值進行貨幣化，我們認為相對於我們的客戶最終的結果，這將是一個向上銷售，無論是某些續約的增加，還是用戶較少的某些續約，這可能是一個持平的續約，而從歷史上看，這將是一個向下銷售。對於新業務，我們認為我們將透過 Copilot 提高贏率和轉換率，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，伊莉莎白，我剛才要說的是，我們在過去幾年中通常會執行這些遷移動議。因此我們並不期望這一切現在就會發生。但隨著時間的推移，雖然現在還為時過早，它甚至還沒有進入 GA，但我們將更好地了解我們客戶群的潛在提升。我們打算在第四季舉辦分析師日活動，深入研究這些指標並提供基於這些指標的長期模型。

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。作為一個快速的後續問題，我相信上個季度您談到了第四季度銷售週期的縮短。這種情況會持續到第一季嗎？您重點提到了中型企業中的許多其他復甦跡象。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.

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，也許你也有幾個。我只是想把重點放在那個 [10 萬美元以上的] ACV 群體上。我的意思是，我很欣賞您關於改善保留動力的評論。我想你說的是連續第二季。有鑑於此，看到顧客的絕對數量下降如此之多，我感到有點驚訝。所以第一個問題是，您是否看到了底部？我知道這個問題很難回答。然後問題 2 是，聽起來該群體中的 ACV 增長良好。我認為你說的是 16%。只需稍微談論一下推動這一現象的因素即可。是新角色嗎？我知道您說過營運中心發展良好。它是高級功能嗎？任何帶有放置和取出顏色的東西都會非常有幫助。

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，即 100 萬美元以上的客戶。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蓬勃發展。但也有許多中型市場，在某些情況下甚至是規模較小的客戶，他們的合約金額剛剛超過 10 萬美元，並且仍然面臨著降價的壓力，無論是因為他們的合約在過去 12 或 18 個月內因合約到期而裁員，還是因為他們繼續面臨嚴重的預算壓力。而我們不斷看到這些客戶從該群體中流失。這樣的事還有很多。但在很大程度上，我們已經度過了裁員等方面的負面高峰。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.

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.

亨利，我們確實注意到，幾個月來軟體公司並沒有像看到真正的需求復甦那樣招募員工。因此，目前軟體產業員工人數的成長遠低於收入的成長，這是很常見的情況，這是極不尋常的。我只是好奇，我認為我們聽到了很多關於為什麼會發生這種情況的不同猜測，但你如何解釋這種現象？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在招聘方面有所傾斜。所以我只是想知道您是否認為就這麼簡單或有其他事情發生。然後我有一個快速的後續問題。

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，如今的行銷最重要的是生產力。因此人們正在關注他們的客戶經理和客戶管理團隊。他們不會問這樣的問題：如果我再增加 10 個人，是否能推動更多收入成長，而是問：我減少 10 個人能做到這一點嗎？他們已經滿載運轉了嗎？我能否為他們帶來更多潛在客戶並產生相同數量的收入？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，他們希望用更少的資源做更多的事情。其中一件事——當我們的客戶群發生這種情況時，我在上一個問題中提到了這一點，當我們的客戶群發生這種情況時，我們不會增加席位數。但是 Copilot 為我們提供了真正的機會，可以透過該功能擴展 ACV，而無需透過座位數量進行擴展。

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，在那些可能持平的組織中，我們認為有機會在那些由於持有許可證的人較少而導致銷售額下降的組織中擴大 ACV。我們認為有機會保持這一水平平穩。因此，我們將把它作為客戶群中的真正機會，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。亨利，這句話說得很好。我確實想問你，因為 Copilot，我們聽到了非常好的回饋，而且將弱勢賣家轉變為強勢賣家很有趣。但另一方面，我們還沒有看到所有軟體在應用層實現生成式人工智慧的貨幣化。我的意思是它非常小。所以我只是想了解，基於——你對一些差異給出了非常有說服力的評估。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程式需要一段時間才能運作——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.

你看，我認為這個問題包含時間因素。我是否認為 ZoomInfo 將成為我們透過 AI 解決方案創造和貨幣化能力的異類？是的。我是否認為它會在 2024 年下半年出現？不，我確實認為這將會花費更長的時間。我非常有信心，因為我親自向所有領域和所有行業的數十位客戶推銷了這款產品。而這正是——從產品市場契合度來看，我認為除了核心公司和聯繫數據之外，我們從未像 Copilot 那樣如此接近契合。因此，我非常有信心我們能夠將這種熱情轉化為貨幣，但我也期望這會隨著時間的推移而實現。

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？或者在低端市場是否存在競爭，導致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。感謝您的提問。從根本上來說，它屬於低端市場。我們看到的宏觀效應遠大於競爭效應。具體而言，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。我們新業務的獲勝率並沒有面臨任何增加的壓力，無論是整體還是特別是在競爭最集中的中小企業。然後我們又在一個季度中創下了贏回記錄的表現，因此我們對於自己的競爭力感到非常滿意。我們真的 - 我們對本季度推出的 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，對於你，亨利，或者卡梅倫來說，這是一個簡短的後續問題。您能否告訴我們，目前的收入結構中，有多少實際上來自於您認為的中小企業？

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。因此我們的企業業務佔業務總量的 40%。 SMB 仍佔 1/3 左右。中端市場略低於 30%，佔據了剩餘的部分。

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?

我想也許我們只是繼續討論關於中小企業 (SMB) 與大型企業 (Embed) 和中型市場 (Mental Market) 之間的問題。能否簡單介紹一下這三家企業今年的成長率差異？那麼這種負面錨定什麼時候會完全發揮作用呢？或者是否存在潛在的惡性循環，即每個更新群體（例如中小企業）的情況都可能變得更糟？然後從機械角度來說，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，您是否需要加大折扣才能贏得新業務或留住業務？這就是您在市場上看到的嗎？

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.

所以亞歷克斯，我將從不同群體之間的成長率開始。實際情況是，企業一直相當穩固。我想說，隨著我們進入 2023 年初，隨著我們進入各個季度，我認為這是一個挑戰。但這是我們第一個看到穩定性的群體。我們確實看到中端市場的銷售壓力持續下降，這種情況在軟體方面尤其嚴重，我們看到客戶確實在撤出產品，要么是因為裁員，要么是歷史上的過度購買。隨著第四季和第一季的結束，我們已經開始看到這種情況趨於穩定。但從絕對基礎來看，中端市場在那段時期確實處於下滑狀態。當我們進入 2023 年時，中小企業實際上保持得相當好。我們確實感覺到中小企業群體對過去幾個月看到的長期高利率討論更加敏感。

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.

我認為許多公司都希望看到隧道盡頭的曙光。如果這種情況發生了變化，他們就會對環境更加敏感，我們就會看到真正的壓力。所以我認為這是我們在第一季看到的最大的變化。我會讓亨利來解決定價問題。

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，有一件事我們從未在低端市場、高端市場或任何地方看到過，那就是我們的競爭對手沒有在數據上進行創新，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。只是成本較低而已。他們創新的一點是圍繞他們的市場進入動議，他們建立了 PLG 動議，可以吸引大量低端 SMB 買家。而我們在這方面落後了。在過去的一年裡，我們花了很多時間來完善我們的 PLG 動議。不可避免的是，採用 PLG 動議後，我們會以較低的價格向小客戶銷售產品，然後隨著他們加入客戶群中，我們會努力擴大客戶群。因此，本季與歷史相比，定價存在差異的地方在於 PLG 群體以較低的價格進入，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證券的邁克爾·圖林。

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?

這是邁克爾伯格 (Michael Berg) 代替邁克爾圖林 (Michael Turrin) 表演的。真的很感謝早些時候在電話中對 NRR 的評價。我知道很多人對此提出疑問，但我想從不同角度來探討這個問題。展望今年剩餘時間，特別是下半年，我們如何看待可能提高 NRR 率的關鍵驅動因素？是企業實力增強、中小企業弱點消失，還是新產品推出？也許可以幫助我們理解，從這裡可以改善 NRR 嗎？

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改善 NRR。我認為一個是，我們推出——當你考慮NRR時，它是關於續訂率，然後它是關於我們向客戶群中追加銷售我們正在創新的產品或新用戶的能力。因此，從續約率的角度來看，我們看到中端市場趨於穩定。我們發現企業群的續約率有所提高。所以我們感覺到——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將持續到今年下半年。因此，如果續約率繼續保持穩定並持續提高，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.

我們推出了具有 Copilot 的新產品，並將推向客戶群。這也將提高 NRR。我認為，在更新率和我們可以銷售給客戶群的改進產品之間，這兩件事會產生很大的影響。正如卡梅倫所提到的那樣，一些合約即將到期，而多年期合約的數量在去年有所增加，這對我們今年來說也將是一個順風。

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。很有幫助。然後是卡梅倫，還有一個簡短的後續問題。當您談到 SMB 群體並在所承擔的交易方面更加有選擇性時，您是否認為這會隨著時間的推移有利於自由現金流轉換？例如，隨著客戶群品質的提高，我們是否可以想像這個數字會從 90 年代初期的低點上升到 90 年代中期甚至高位，然後隨著時間的推移上升到 100 以上？

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，我們向那些品質較低或規模較小的客戶收取更多預付款的目的主要是為了降低註銷金額。因此，在一個註銷較少的世界裡，這肯定會改善現金流，坦白說，有助於我們更有效地利用時間。但實際上，我認為這可能只是邊緣現象。現金流轉換的更大驅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，使成長回到兩位數，這最終將推動現金流轉換率上升到 90 年代中期甚至更高，這僅僅是因為我們更大比例的收入是基於此而產生的。

Our next question comes from Brad Zelnick with Deutsche Bank.

下一個問題來自德意志銀行的布拉德‧澤爾尼克 (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，我想，透過你準備好的發言和已經提出的許多問題，我感覺我已經非常清楚如何將之前的全年指引與更新後的指引聯繫起來。但如果你可以的話，也許有任何幫助——因為這聽起來像是小型企業，它在走下坡路。聽起來您看到了前方一些復甦的跡象，甚至可能為企業帶來一些好處。但是，當您真正打開包裝並拿出指南時，您能給我們一些幫助，告訴我們它具體來自哪裡嗎？

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持續呈現穩定的趨勢。我認為從某種程度上來說，這是意料之中的。但我們預計這一趨勢將持續下去。趨勢的真正變化發生在小企業群體中。顯然，由於第一季有大量債券到期，而且到期情況比歷史上糟糕得多，這顯然會影響第一季的運行率。然後顯然，我們正在調整我們的假設。因此，雖然第一季小型企業的到期合約數量很大，但這並不是我們全年唯一的到期合約。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全年。我認為，第一季表現不佳的大部分客戶以及未來的假設，無疑反映出我們面臨的環境比我們年初設定的指導更為嚴峻。

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?

謝謝您的確認。這是很有幫助的顏色。也許只是為你而設，亨利。當我們思考這個細分市場時，它顯然具有不同的特點，而每個在該細分市場銷售的軟體公司的客戶流失率都更高。一旦我們擺脫了環境的周期性影響，您能做些什麼來幫助抵消我們對中小企業的自然了解，無論是整合還是市場合作夥伴關係？例如，從結構上來說，您可以做些什麼來真正幫助確保您在中小企業中盡可能地優先考慮您，並確保您在該領域佔據競爭主導地位？從結構上來說，你能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。首先，我認為，從新業務角度來看，我們的銷售量和更新量都遠遠超過該領域所有競爭對手的總和。因此我們的份額並沒有遺失。我認為從客戶流失的角度來看，ZoomInfo 作為一個平台，基本上是一個你可以從中獲取資訊的平台。

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.

我們的中小型企業客戶非常忙碌，他們經營小型企業，正在處理多項計劃。而一個不夠簡單的平台很難從中提取價值。因此，我們建立 Copilot 的一個目標是確保我們將 ZoomInfo 從拉動平台轉變為推動平台，該平台透過人工智慧了解客戶群，了解他們在 ZoomInfo 中關心什麼，查看他們的 CRM 數據以了解他們銷售產品的客戶，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意向他們的軟體或最感興趣的主題。

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.

系統會自動為他們配置，然後立即開始為他們的下一個最佳客戶提供價值。因此我們認為這有顯著改善。實際上，我們已經看到，Copilot 測試版客戶的使用率和參與度顯著提高。隨著中小企業的利用率和參與度不斷提高，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 Piper Sandler 的 Brent Bracelin。

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 SMB 很弱。它已經弱了一段時間了，而且越來越弱。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。您能否深入了解該企業成長的持久性？我無法想像在這種環境下席位還會擴大多少。那麼是不是所有混合體都轉向了 DaaS？它是否與供應商整合有關？請向我介紹企業 ACV 的成長情況及其持久性。

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。 DaaS 在很大程度上類似於企業產品，或至少是中端市場高端的企業。這是我們真正看到發展動力的地方。而且它正逐漸成為業務的物質組合。當然，我認為正如亨利之前所說，客戶希望優化他們的支出，而 DaaS 是其中很重要的一部分。 DaaS 是人們建立工具來提高銷售團隊的效率，而這些工具是基於他們所追求的客戶的高品質數據和洞察來建立的。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，並且認識到他們需要高品質的數據作為這些項目的輸入，才能使它們成功。這當然是其中的一部分。

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，另一部分原因是，在企業領域，我們在總可用席位方面的滲透率仍然相當低。因此，我認為沒有很多企業在增加席位數。事實上，你會看到很多公司仍在裁員。但是，在我們幫助團隊提高效率和效力的地方，當他們在某些地方裁員時，他們仍在尋找——我們仍在尋找企業內的其他管道，以便為這些團隊創造額外的價值，坦率地說，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敘述。這是一個非常不同的環境。兩年來，我們一直面臨與技術裁員和軟體裁員相關的業務困境。我認為 Copilot 可能會大大提高生產效率。但為什麼一年後，我們不會處於同樣的環境中，即 Copilot 間接提高效率，使其超出我們可以貨幣化的水平？是否有計劃擺脫基於座位的定價，轉向平台費用，提高 DaaS 附加率，並在 DaaS 之上將 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 Copilot 是否真的能夠帶來提升。

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高端看到的一個非常有趣的事情是，當你向他們展示 Copilot 時，你會開始聽到這樣的話，哦，我們過去 5 年一直試圖在這裡打造它。哦，這正是我們需要建造的。哦，我們一直在談論想要建造這樣的東西。因此，我們有真正的機會去實現每個中高端市場和企業業務都需要數十名開發人員花費多年時間才能完成的目標。因此，我認為我們可以將我們所推動的價值貨幣化，不僅在提高生產力方面，而且在避免內部構建此類軟體並且可能構建得相當糟糕方面。

Our next question comes from Brian Peterson with Raymond James.

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

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 Johnathan McCary，代表 Brian 報道。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。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趨勢？還是淨新方面實力更強？或者您如何在非軟體垂直領域中描述這一點？

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，回顧過去的 12 個月，軟體和技術確實承受著巨大的壓力。您會看到，與去年同期相比，它們的絕對美元價值有所下降，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、非技術業務實現了更顯著的成長。如果你看一下零售、運輸和物流行業，你會發現其中大多數行業的成長率都達到了十幾歲的中段，有些甚至更高。顯然，只要計算就能知道這些企業的淨留存率也遠高於整體公司的平均值。

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.

所以我認為我們已經經歷了一年，截至 3 月底，軟體業務——我們的軟體客戶已經消化了他們在 2022 年和 2023 年初經歷的大量所謂的重新平台化或運營——運營模式變化。因此我確實認為，特別是對那些大型和中型軟體公司來說，有機會實現進一步的穩定。但其餘業務實際上表現更好，因為它們沒有相同的動力，特別是在提高獲利能力方面，而軟體業務的成長速度已經大幅放緩。

Our next question comes from Tyler Radke with Citi.

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，當我查看全年業績預期時，顯然，它有所下降。但這仍然意味著下半年經濟必須持續成長。您能否提醒我們一下推動這種連續加速的因素是什麼？我想就中小企業環境而言，您認為第二季第一個月左右的趨勢相對於第一季而言如何？

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。因此，毫無疑問，下半年的加速成長很大程度上是基於這樣一個事實：我們在第二季和第三季看到的到期量比第一季和之前的第四季要小得多。因此，較低的到期次數顯然會減少客戶降價銷售的機會。因此，我們持續推動的新業務追加銷售將對收入數字產生更大的影響。從各方面來看，這都是正確的。當我們查看保留組合時，我們發現，坦白說，四月非常符合這些評論的趨勢。因此，我們認為，較短的到期期限以及我們透過追加銷售和新銷售繼續看到的成功已經在朝著這個方向發展。

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?

我只是想偷偷地跟進一下你的情況，卡梅倫。當我們展望今年剩餘時間的發展軌跡時，您能否提醒我們一下，您是如何考慮增加 10 萬美元的客戶數量的？這個點是否應該觸底並在某個點開始再次增長？關於 NRR 也有一個類似的問題，我們預計什麼時候會看到底部？

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於較小的客戶。因此，中端市場客戶，甚至一些小型企業的支出略高於 10 萬美元，並且面臨降價壓力，無論是內部預算壓力、裁員還是營運模式的變化。這種情況一直存在。我們還沒有完全接待完所有那些客戶。但可以肯定的是，我們已經經歷了一些非常大的群體，他們的裁員人數在 2023 年初達到頂峰。

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.

但可以肯定的是，總體而言，我們實際上看到 ACV 水平相當穩定，因為較大的客戶繼續大幅增長並彌補了失去一些較小客戶的損失。從保留的角度來看，我們看到企業和中端市場的保留率正在趨於穩定。當然，當我們看到混合比例略有變化時，這也有助於整體數字。因此，我們確實感覺到這是我們在進入今年下半年時可以繼續發展的地方。坦白說，多年客戶也在不斷成長，這顯然也有助於保留客戶，這反映了我們正在將客戶組合轉向更大的客戶。而這些較大的客戶往往也都是多年客戶。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潛在的趨勢，我們認為存在改進的機會。

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

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.

我這裡有兩個簡短的問題。我們討論了 PLG 動議。我很好奇，這項服務目前在多大程度上是針對新舊客戶推出？我知道這是之前討論的問題。然後就銷售和行銷而言，該季度的銷售額大大超出了我的預期，而研發支出卻低於我的預期。好奇您如何看待相對於更新後的營業收入指引的今年餘額的銷售和行銷支出。

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 一個，然後卡梅倫可以接手第二部分。關於 PLG，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，那麼我進來，獲得免費試用，然後成為客戶，那麼 PLG 的這一部分僅限於透過我們網站吸引的同類潛在客戶，因此不向任何用戶開放。如果我們將其作為管理發票、紙張、升級用戶、添加廣告支出和行銷作業系統、紙張更新的能力來談論，那麼 - 該功能可供我們所有客戶使用。

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.

然後從營運費用的角度來看，銷售和行銷，我們將繼續在銷售和行銷方面進行投資。還有一些與工資稅和股票補償稅相關的一次性事項，這在第一季造成了與銷售和行銷相關的一些小問題，但在未來不一定會再次發生。

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，隨著今年下半年的到來，我們將真正專注於 Copilot 的行銷和銷售。所以這是我們想要繼續投資的領域。並且基於正在開發的新功能，其中資本化的內容會更多。因此，我認為，如果只看先前的趨勢，資本化可能還沒有被納入每個人的模型中。

Our next question comes from Raimo Lenschow with Barclays.

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?

由於我處於通話的後面，所以可能更像是高級問題。亨利，如果你看一下，很明顯，你們目前正在發生什麼，沒有 ZoomInfo 的具體內容，它有點像目前的市場狀況和客戶所在地。所以這對您有一定影響，但也影響您所處的整個行業。所以你的資金充足，利潤很高。那麼您認為結果會如何？您認為那裡目前的競爭狀況如何？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.

首先，我認為，我們對我們的未來採取了非常持久的態度。我們相信，我們今天所打造並推向市場的產品，為我們繼續發展奠定了基礎。 Copilot 會是我們打造的最後一款 AI 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、5 年後、10 年後的每個上市團隊都很重要。而且，查看我們的解決方案並理解為什麼在生成 AI 的世界中，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，因為未來使用 AI 構建將變得更加容易。但是，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。因此我認為從這個方面來看，我可以看到這樣一個世界，軟體層、應用程式提供者比核心數據提供者更容易受到人工智慧的干擾，核心數據提供者建立了飛輪和網路來收集數據，並擁有令人難以置信的高品質數據，每家公司都可以在此基礎上建立生成性人工智慧解決方案。因此，我們對我們正在建立的東西和未來充滿信心，並認為應用層更容易被顛覆。

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

下一個問題來自 RBC Capital Markets 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.

由於時間已經過去，所以我將只說一個。亨利，我想回顧一下有關 PLG 動議的討論。我想，請幫助我們理解，第一，牽引力如何？在這種情況下，我說的純粹是自助服務客戶，您銷售的產品可以成為 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，那種動作進行得怎麼樣？它的反應如何？我想，B，為什麼不進一步深入研究這個問題呢，尤其是考慮到至少在我們進行的許多對話中，採用 ZoomInfo 會遇到一定程度的摩擦，而您的一些競爭對手並不一定存在這種摩擦？而且我必須想像，即使沒有專門的銷售資源，它的貢獻利潤也會非常非常高。也許您可以先幫助我們，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.

我們從 PLG 動議中引入的具有訪問權限的客戶和帳戶數量的增長，現在我們還相信，我們已經在 ZoomInfo 構建了一個令人難以置信的銷售主導動議，它比您在更廣泛的軟體市場上看到的任何東西都要高效得多。因此，當我們認為透過銷售主導動議可以獲得最優化的線索時，我們就會將其推向銷售主導動議。當我們認為某些線索最適合透過 PLG 動議獲得服務時，我們就會透過 PLG 動議來推動這些線索。因此，我認為從新的業務角度來看，我們始終會有兩種方式進入市場，並且我們會在我們認為的地方充分利用每一種方式——我們的內部模型實際上告訴我們，如果一個人進入 PLG，我們會獲得更多，或者如果一個潛在客戶進入我們的銷售主導行動，我們將會得到更好的優化。但隨著時間的推移，我們內部所見以及我們將繼續實現的目標越來越多地融入 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。所以亨利，我很高興看到你解決了宣傳權集體訴訟。向安東尼和您的法律團隊致敬。兩個問題。因此它解決了4個州的索賠問題。其他州還有其他的嗎？或者就是這樣？第二個問題是，您是否對社群版或目錄頁面做出了任何更改？這些是否會影響您針對 SMB 的新 PLG 動議計劃？

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。這些將處理所有存在索賠的州，因此我們很高興能將這個問題拋諸腦後。這些州的社區頁面有一些小變化，但從社區角度或 PLG 角度來看，我們預計這些變化不會給我們帶來任何問題。

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.

我現在不想再問任何問題。今天的會議也到此結束。感謝您的參與。現在您可以斷開連接並享受美好的一天。