Zoominfo Technologies Inc (ZI) 2024 Q2 法說會逐字稿

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

美好的一天，感謝您的支持。歡迎參加 ZoomInfo 2024 年第二季財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想將會議交給今天的發言人、投資者關係部門的 Jerry Sisitsky。請繼續。

Thanks, Amy. Welcome to ZoomInfo's financial results conference call for the second quarter 2024. With me on the call today are Henry Schuck, Founder and CEO of ZoomInfo; Cameron Hyzer, our CFO; and Graham O'Brien, who will become our interim CFO. After Henry and Cameron's remarks, we will open the call to Q&A. During this call, any forward-looking statements are made pursuant to the safe harbor provisions of US securities laws.

謝謝，艾米。歡迎參加 ZoomInfo 2024 年第二季財務業績電話會議。卡梅倫‧海澤 (Cameron Hyzer)，我們的財務長；格雷厄姆·奧布萊恩 (Graham O'Brien) 將成為我們的臨時財務長。在亨利和卡梅倫發表講話後，我們將開始問答環節。在本次電話會議中，任何前瞻性陳述均根據美國證券法的安全港條款做出。

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

未來目標的表達，包括業務前景、對未來財務表現的預期和類似項目，包括但不限於使用「可能」、「將」、「預期」、「預期」和「相信」等術語的表達，以及反映歷史事實以外的內容的表達，旨在確定未來的目標看起來的陳述。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. With that, I'll turn the call over to Henry.

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。您可以在財務表現新聞稿或發佈到我們 IR 網站的幻燈片中找到調節表。這樣，我就把電話轉給亨利。

Thank you, Jerry, and welcome, everyone. Let me start by discussing our financial results this quarter. In Q2, we saw a level of write-offs related to prior period sales that was higher than we had previously seen or had estimated for the quarter, particularly with SMBs. As a result, we conducted a comprehensive review culminating in a charge in Q2, and we accelerated operational changes around selling to small businesses, all of which we expect to reduce the volatility around future write-offs.

謝謝傑瑞，歡迎大家。首先讓我討論一下我們本季的財務表現。在第二季度，我們看到與前期銷售相關的沖銷水準高於我們先前看到或對本季的估計，特別是中小型企業。因此，我們進行了全面審查，最終在第二季度進行了收費，並加快了圍繞向小型企業銷售的營運變革，所有這些我們預計將減少未來沖銷的波動性。

We have revised our estimates for the collectibility of a portion of previously recognized revenue, which has led us to take a $33 million charge in the quarter and as a result, we are revising our full year guidance. Excluding this charge, our results would have been more in line with our guidance for the second quarter. Inclusive of this charge, GAAP revenue for the second quarter was $292 million, and adjusted operating income was $82 million, a margin of 28%. Our free cash flow was not impacted by this noncash charge. The underlying driver for the high write-off rate is that in 2022 and 2023, we extended credit to a higher mix of SMB customers and the rate of nonpayment by these customers increased throughout the past 24 months.

我們修改了對先前確認的部分收入的可收回性的估計，這導致我們在本季度收取 3300 萬美元的費用，因此，我們正在修改全年指導。排除這筆費用，我們的業績將更符合我們第二季的指導。包含此項費用後，第二季 GAAP 收入為 2.92 億美元，調整後營業收入為 8,200 萬美元，利潤率為 28%。我們的自由現金流並沒有受到這項非現金費用的影響。高沖銷率的根本驅動因素是，在 2022 年和 2023 年，我們向更多的中小企業客戶提供了信貸，而這些客戶的不付款率在過去 24 個月中有所增加。

Accordingly, we have made changes to the way we sell, renew, and service these clients. In April, we deployed a new business risk model to flag and require prepayment from prospects at the greatest risk of nonpayment. This move mitigates the risk of future write-offs and represents an investment in the long-term health of our business, creating some new business ACV for higher-quality bookings and focusing our efforts on customers more likely to pay renew and grow with us over time. We transacted $11 million of ACV in Q2 through upfront prepayments, and with our new model in place, we turned away a meaningful amount of new business from smaller riskier organizations.

因此，我們改變了銷售、續約和服務這些客戶的方式。 4 月份，我們部署了新的業務風險模型，以標記並要求未付款風險最大的潛在客戶提前付款。此舉降低了未來沖銷的風險，代表著對我們業務長期健康發展的投資，為更高品質的預訂創造了一些新的業務ACV，並將我們的精力集中在更有可能支付續訂費用並與我們一起成長的客戶身上。我們在第二季度透過預付款交易了 1,100 萬美元的 ACV，並且透過我們的新模式，我們從風險較小的組織中拒絕了大量新業務。

I am disappointed that this charge has impacted our financial results. We believe this charge puts the long tail of beef challenges behind us and lets us focus on the operational improvements we have been seeing in the business, which, as I will describe, has positioned the company for future success. There were a number of fundamental improvements we saw this quarter. As you know, our focus over the past year has been to move up market, stabilize and improved net revenue retention and launch and monetize ZoomInfo Copilot.

我對這項費用影響了我們的財務表現感到失望。我們相信，這項費用讓我們擺脫了牛肉的長尾挑戰，讓我們專注於我們在業務中看到的營運改進，正如我將描述的那樣，這為公司未來的成功奠定了基礎。本季我們看到了許多根本性的改進。如您所知，我們過去一年的重點是提升市場、穩定和提高淨收入保留以及推出 ZoomInfo Copilot 並從中獲利。

With our investment upmarket, Q2 was the best new business quarter in both the mid-market and enterprise ever. We meaningfully grew our $100,000 ACV customer cohort in both size and total ACV, the first time we've seen sequential growth in 100,000 customers since Q4 of 2022. This customer cohort now makes up 43% of our ACV. And we again grew our $1 million-plus customer cohort on a sequential basis with the most new million dollar plus customers since Q4 of 2022.

憑藉我們對高端市場的投資，第二季度是中階市場和企業有史以來最好的新業務季度。我們的100,000 美元ACV 客戶群在規模和總ACV 方面都得到了有意義的增長，這是自2022 年第四季度以來我們第一次看到100,000 名客戶的連續增長。的43%。自 2022 年第四季以來，我們再次連續增加了 100 萬美元以上的客戶群，新增了 100 萬美元以上的客戶。

ACV growth for million-dollar customers accelerated this quarter and is up 17% year-over-year. Reflecting these trends, in aggregate, enterprise ACV was up 9% year-over-year, and overall net new ARR was the best it has been in 4 quarters. This quarter was the first one since Q4 2021, where we saw net retention rates stabilize, which is an important milestone driven by stabilization of renewal rates and improvement on upsells. Over time, we expect to return to structurally higher levels of NRR through improving fundamentals and mix shift as we grow our upmarket business.

本季百萬美元客戶的 ACV 成長加速，較去年同期成長 17%。總體而言，企業 ACV 年比成長 9%，整體淨新 ARR 達到 4 個季度以來的最高水平，反映了這些趨勢。本季是自 2021 年第四季以來的第一個季度，我們看到淨保留率趨於穩定，這是續訂率穩定和追加銷售改善推動的一個重要里程碑。隨著時間的推移，隨著我們高端業務的發展，我們預計將透過改善基本面和組合轉變，恢復結構性更高的淨利率水準。

During the quarter, we closed transactions with leading organizations such as PwC, Deutsche Bank, MorningStar, and Manulife, and we also signed our largest ever new business transaction. This customer is one of the largest employers in the United States, and they saw our solution, rich in data, data compliance and data integration capabilities as mission-critical to their B2B motion. With the solution that match their exacting needs, we had what one of their employees described as the fastest moving contract in their history. This new business deal represents $1.4 million of ACV with a three-year commitment.

本季度，我們完成了與普華永道、德意志銀行、晨星和宏利等領先機構的交易，也簽署了有史以來最大的新業務交易。該客戶是美國最大的雇主之一，他們認為我們的解決方案具有豐富的數據、數據合規性和數據整合能力，是其 B2B 活動的關鍵任務。憑藉滿足他們嚴格需求的解決方案，我們獲得了他們的一位員工所描述的他們歷史上進展最快的合約。這項新業務交易價值 140 萬美元的 ACV，承諾為期三年。

Our operations and data as a service offerings, which are often used to help underpin a company's investment in AI, are also delivering results, up 23% year-over-year and demonstrating strong 117% net retention rate, now representing 13% of our ACV. As companies look to invest in AI initiatives, they need a solid foundation of highly accurate data and we are steadily becoming the source for that. Representative of that, we closed our first Data-as-a-Service opportunity in EMEA to support a global network that allows financial institutions to send and receive secure messages and information about financial transaction. Leveraging ZoomInfo's data, the organization's operational and engineering teams are building an internal AI solution to identify fraudulent transaction.

我們的營運和數據即服務產品通常用於幫助支撐公司對人工智慧的投資，也取得了成果，年增 23%，並表現出高達 117% 的淨保留率，目前占我們的 13%蘋果醋。當公司尋求投資人工智慧計劃時，他們需要高度準確的數據的堅實基礎，而我們正在穩步成為其來源。最具代表性的是，我們在歐洲、中東和非洲地區完成了第一個數據即服務機會，以支持全球網絡，該網絡允許金融機構發送和接收有關金融交易的安全訊息和訊息。利用 ZoomInfo 的數據，該組織的營運和工程團隊正在建立內部人工智慧解決方案來識別詐欺交易。

This is just one of the many ways that customers are able to use our data to continue to innovate their world-class business solution. In June, Google announced ZoomInfo as a key partner in its strategy to make generative AI more reliable and accurate for enterprise use. Google selected us because of our specific trusted and authoritative data sets. The end goal is to help enterprises integrate more accurate data into their AI models and give users more relevant responses and better experiences.

這只是客戶能夠使用我們的數據繼續創新其世界級業務解決方案的眾多方式之一。 6 月，Google宣布 ZoomInfo 成為其策略的關鍵合作夥伴，該策略旨在使生成式 AI 更可靠、更準確地供企業使用。谷歌選擇我們是因為我們特定的值得信賴和權威的數據集。最終目標是幫助企業將更準確的數據整合到其人工智慧模型中，並為使用者提供更相關的回應和更好的體驗。

The past 12 months have marked one of the most innovative periods in our company's history. As we successfully launched ZoomInfo Copilot, our AI-powered offering that combines our best-in-class proprietary data set with first-party data from our customers' sales and marketing systems, and digital buying signals to offer sales teams the best insight about their buyers. June was our first full month selling Copilot and have performed solidly above our expectation. We now have more than $18 million of Copilot ACV across more than 1,000 logos, up from nothing just a few months ago. And we already see material improvements in engagement and utilization rates across Copilot users.

過去 12 個月是我們公司歷史上最具創新性的時期之一。隨著我們成功推出ZoomInfo Copilot，我們的人工智慧產品將我們一流的專有資料集與來自客戶銷售和行銷系統的第一方資料以及數位購買訊號相結合，為銷售團隊提供有關其產品的最佳見解。六月是我們銷售 Copilot 的第一個完整月份，其表現超出了我們的預期。我們現在擁有超過 1,800 萬美元的 Copilot ACV，涉及 1,000 多個徽標，而幾個月前，我們還什麼都沒有。我們已經看到 Copilot 用戶的參與度和利用率得到了實質改善。

Improvements in these rates have historically been closely correlated to renewal and retention rates. Early signs show that Copilot is expanding our value beyond top of funnel to support go-to-market teams along the entirety of the funnel. And by doing so, it expands our value proposition from sales development to account executives, account managers, customer success managers and revenue leadership. Our commitment to unmatched proprietary third-party data and signals, a growing ecosystem and continuous investments in AI continues to feed an aggressive Copilot road map.

從歷史上看，這些比率的提高與續訂率和保留率密切相關。早期跡象表明，Copilot 正在將我們的價值擴展到漏斗頂部之外，以支援整個漏斗中的進入市場團隊。透過這樣做，它將我們的價值主張從銷售開發擴展到客戶主管、客戶經理、客戶成功經理和收入領導。我們對無與倫比的專有第三方數據和訊號的承諾、不斷發展的生態系統以及對人工智慧的持續投資繼續為積極的 Copilot 路線圖提供支援。

That road map is driving excitement across our customer base and in new customer conversations. Over 75% of our Copilot upsells were with mid-market or enterprise accounts. With the traction we are seeing on Copilot and our operations and Data-as-a-Service products, we believe we'll be able to continue to win new customers and increase upsells to our existing base, a key driver of net retention. Today, we also announced several changes at the Board level. We thank Todd Crockett for his many years of service, representing TA associates on our Board of Directors and we appreciate the positive impact he has had on the trajectory of the company.

這張路線圖正在激發我們的客戶群和新客戶對話的熱情。我們超過 75% 的 Copilot 追加銷售來自中端市場或企業客戶。憑藉 Copilot 以及我們的營運和數據即服務產品的吸引力，我們相信我們將能夠繼續贏得新客戶並增加對現有客戶群的追加銷售，這是淨保留的關鍵驅動力。今天，我們也宣布了董事會層面的幾項變動。我們感謝 Todd Crockett 多年來在我們董事會中代表 TA 員工所做的服務，我們讚賞他對公司發展軌跡所產生的積極影響。

We welcome our newest board members who we believe will be immediately additive in helping us execute our growth strategy. Dominic Meda is a seasoned operating executive with experience leading scaled businesses and a very strong background in data and platforms. Dom spent 25-plus years of Bloomberg, where at different times, he ran the terminal business, all of engineering and was Chief Data Officer. And we also welcome Owen Wurtzbacher, the Chief Investment Officer of High Stage Ventures, who brings a strong public equity investor perspective and capital markets background to our Board.

我們歡迎新的董事會成員，我們相信他們將立即幫助我們執行成長策略。多米尼克·梅達 (Dominic Meda) 是一位經驗豐富的營運高管，擁有領導規模化企業的經驗以及在數據和平台方面非常強大的背景。 Dom 在 Bloomberg 工作了 25 多年，在不同時期，他負責終端業務（全部涉及工程），並擔任首席資料長。我們也歡迎 High Stage Ventures 的首席投資長 Owen Wurtzbacher，他為我們的董事會帶來了強大的公共股權投資者視角和資本市場背景。

Over the last several years, we have rebuilt our executive team, expanded our bench, built great products leaned into AI and diversified the leadership skills underpinning our Board. We are focused on bringing in healthier new business relationships and doubled down on our enterprise relationships, where we know we have upside opportunities in the future. And over the past four quarters, we have retired more than 39 million shares of ZoomInfo, approximately 10% of total shares outstanding. We will continue to run this business efficiently while repurchasing shares.

在過去的幾年裡，我們重建了我們的執行團隊，擴大了我們的替補陣容，打造了面向人工智慧的優秀產品，並使支撐我們董事會的領導技能多樣化。我們專注於建立更健康的新業務關係，並加倍加強我們的企業關係，我們知道未來在這方面我們有上升的機會。在過去的四個季度中，我們已經註銷了超過 3,900 萬股 ZoomInfo 股票，約佔流通股總數的 10%。我們將在回購股票的同時繼續有效率地經營這項業務。

We have $400 million in an existing share repurchase authorization remaining as of June 30, and we anticipate aggressively deploying that. When you combine our continued strong cash generation with ongoing share count reduction, we believe the company will do at least $1 of levered free cash flow per share this year and that we will grow that number meaningfully in 2025. I recognize that our positive operating momentum is overshadowed by the change in estimates we announced today and the increased conservatism around our guidance. Our intention is to fully put these challenges behind us and share the details that you need to understand our financial profile while also highlighting our commitment to growing free cash flow per share.

截至 6 月 30 日，我們現有的股票回購授權尚有 4 億美元，我們預計將積極部署此授權。當您將我們持續強勁的現金產生能力與持續的股份數量減少結合起來時，我們相信該公司今年每股槓桿自由現金流將至少達到1 美元，並且我們將在2025 年大幅增加這一數字。認識到我們積極的經營勢頭我們今天宣布的估計變化以及我們的指引變得更加保守，這給我們帶來了陰影。我們的目的是完全擺脫這些挑戰，並分享您了解我們的財務狀況所需的詳細信息，同時強調我們對增加每股自由現金流的承諾。

To that end, I intend to be a meaningful personal buyer of ZoomInfo stock as well. Before I hand it over to Cameron to discuss the results in greater detail, I want to touch on the leadership news we announced this afternoon. As you saw from our announcement, Cameron will be transitioning from his role as Chief Financial Officer. He will stay with us over the next few months to help ensure a smooth transition.

為此，我也打算成為 ZoomInfo 股票的有意義的個人買家。在我將其交給卡梅倫更詳細地討論結果之前，我想談談我們今天下午宣布的領導力新聞。正如您從我們的公告中看到的那樣，卡梅倫將卸任財務長一職。他將在接下來的幾個月裡留在我們身邊，以幫助確保順利過渡。

Cameron, you've been a great partner to me personally and the business over the last nearly six years. And on behalf of myself and the entire company, I want to thank you for your many contributions and to wish you all the best. We've initiated a search for a permanent successor and are fortunate to have a deep bench of talent throughout our finance organization during this transition period. Graham O'Brien, our VP of FP&A, will take on the interim CFO role. Graham is intimately familiar with our strategic and financial growth plans, and we are confident this will be a seamless handoff.

卡梅倫，在過去近六年裡，你一直是我個人和公司的優秀合作夥伴。我謹代表我自己和整個公司，感謝您所做的眾多貢獻，並祝福您一切順利。我們已經開始尋找永久繼任者，幸運的是，在這個過渡時期，我們的財務組織擁有大量的人才。我們的 FP&A 副總裁 Graham O'Brien 將擔任臨時財務長。格雷厄姆非常熟悉我們的策略和財務成長計劃，我們相信這將是一次無縫的交接。

With the charge booked, we now start with the clean slate. With that, I'll turn the call over to Cameron.

預訂費用後，我們現在從頭開始。這樣，我會將電話轉給卡梅倫。

Thank you, Henry. Before turning to our results, I do want to say a few words about leaving ZoomInfo. First, I want to thank the entire Zoominfo team and the Board for their partnership throughout my tenure. Over the years, we've achieved impressive growth with strong margins and free cash flow generation. We've navigated numerous challenges together, and I'm proud of what we've accomplished.

謝謝你，亨利。在討論我們的結果之前，我確實想就離開 ZoomInfo 說幾句話。首先，我要感謝整個 Zoominfo 團隊和董事會在我任職期間的合作。多年來，我們憑藉強勁的利潤率和自由現金流創造了令人印象深刻的成長。我們共同應對了無數挑戰，我為我們所取得的成就感到自豪。

I have full confidence in the future of ZoomInfo and I'm excited to see the company continue to innovate and lead in the market. Our financial health and strategic direction remains strong, thanks to the collaborative efforts of our talented team and leadership. Thank you for the support and trust you've placed in me. I look forward to tracking ZoomInfo's continued success. Now turning to our results, we have implemented a number of operational improvements to reduce the impact of write-offs.

我對 ZoomInfo 的未來充滿信心，很高興看到公司不斷創新並引領市場。由於我們才華橫溢的團隊和領導層的共同努力，我們的財務狀況和策略方向依然強勁。感謝您對我的支持與信任。我期待著追蹤 ZoomInfo 的持續成功。現在轉向我們的結果，我們實施了許多營運改進，以減少沖銷的影響。

In Q2, we continued this progress by requiring riskier and smaller customers to pay by credit card or ACH, prior to gaining access to the platform, and segmenting our new sales team to drive more enterprise and mid-market business. As part of these improvements, we have increased our visibility and reevaluated our accounting estimates. We were disappointed and surprised to determine that our prior estimates for nonpayment from customers needed to be increased in order to account for escalating write-offs that we incurred in June as well as additional write-offs that we now expect. This change in estimates combined with other discrete charges resulted in a total $33 million charge in Q2, of which $15 million reduced revenue, $14 million increased our bad debt expense and $4 million increased other expenses.

在第二季度，我們繼續取得這一進展，要求風險較高且規模較小的客戶在訪問平台之前透過信用卡或ACH 付款，並對我們的新銷售團隊進行細分，以推動更多的企業和中端市場業務。作為這些改進的一部分，我們提高了可見性並重新評估了我們的會計估計。我們感到失望和驚訝地發現，我們先前對客戶未付款的估計需要增加，以便考慮到我們 6 月發生的不斷升級的沖銷以及我們現在預計的額外沖銷。這項估計變化加上其他離散費用，導致第二季的費用總額為 3,300 萬美元，其中收入減少 1,500 萬美元，壞帳費用增加 1,400 萬美元，其他費用增加 400 萬美元。

The change in estimates related to previously recognized revenue primarily from 2023 and includes sufficient reserves to cover potential nonpayment on our current receivables and related revenue recognized to date. With these onetime charges, we delivered GAAP revenue of $292 million and adjusted operating income of $82 million, which represents a margin of 28%. The underlying performance of the business excluding these charges would have indicated revenue of $307 million and adjusted operating income of $114 million. This GAAP accounting charge impacts revenue and profitability, but does not impact cash flow. Unlevered free cash flow for the quarter was $120 million.

估計的變化主要與先前確認的 2023 年收入有關，並包括足夠的準備金來彌補我們目前應收帳款和迄今為止已確認的相關收入的潛在未付款情況。算上這些一次性費用，我們的 GAAP 收入為 2.92 億美元，調整後營業收入為 8,200 萬美元，利潤率為 28%。扣除這些費用後，該業務的基本業績顯示收入為 3.07 億美元，調整後的營業收入為 1.14 億美元。此 GAAP 會計費用會影響收入和獲利能力，但不會影響現金流量。該季度的無槓桿自由現金流為 1.2 億美元。

While this charge reflects challenges associated with transactions we signed, primarily in 2023, changes in estimates are reflected under GAAP in the period when new information becomes available which, in this case, is Q2 2024. We remain committed to driving high levels of profitability and growing free cash flow per share. And we are taking steps to adjust our level of expense commitments to reflect current levels of growth. As a result, we took impairment charges in the quarter related to a number of existing facilities, accounting for current market rates as we exit certain leases and consolidate our real estate footprint.

雖然這項費用反映了與我們主要在2023 年簽署的交易相關的挑戰，但根據GAAP，估計的變化反映在新資訊可用期間（在本例中為2024 年第二季）。水準的獲利能力和每股自由現金流不斷增長。我們正在採取措施調整我們的支出承諾水平，以反映當前的成長水平。因此，我們在本季度提列了與許多現有設施相關的減損費用，並考慮到我們退出某些租賃並鞏固我們的房地產足跡時的當前市場利率。

In addition to the charges we are taking this quarter, in July, we restructured our Waltham lease agreement where we paid a $59 million termination fee, and we expect to recognize that $59 million in accelerated rent expense reflected as restructuring costs over the next six months as we transition to a smaller footprint. In aggregate, we are eliminating 126,000 square feet of space and expect to sublease an additional 250,000-plus square feet, reducing our total overall facility footprint by approximately 40%. Additionally, in July, we funded the $30 million settlement amount related to the right of publicity lawsuits following preliminary approval in June. The final approval hearing is set for November, and we are looking forward to putting these lawsuits completely behind us.

除了本季收取的費用外，我們還在7 月重組了沃爾瑟姆租賃協議，支付了5,900 萬美元的終止費，我們預計將確認5,900 萬美元的加速租金費用反映為未來六個月的重組成本當我們轉向更小的足跡。總的來說，我們將減少 126,000 平方英尺的空間，並預計轉租另外 250,000 多平方英尺的空間，從而將我們的整體設施佔地面積減少約 40%。此外，繼 6 月初步批准後，我們於 7 月資助了與公開權訴訟相關的 3,000 萬美元和解金額。最終批准聽證會定於 11 月舉行，我們期待將這些訴訟完全拋諸腦後。

While we spent time in Q2 to address historical deals and rightsize our facilities, we are also seeing improvements in the underlying operations of the business. In Q2, we stabilized net revenue retention at 85%, and as Henry indicated, this is the best performance with respect to change in NRR since Q4 2021. Retention in our software vertical, where we've seen the most material decline over the last two years, stabilized in Q1 and improved in Q2 for the first time since 2021. From a reporting perspective, we are including Copilot and advanced functionality.

雖然我們在第二季花了很多時間來解決歷史交易並調整我們的設施規模，但我們也看到了業務基礎營運的改善。在第二季度，我們將淨收入保留率穩定在85%，正如Henry 指出的，這是自2021 年第四季度以來NRR 變化的最佳表現。的實質下降兩年來，第一季度穩定，第二季度自 2021 年以來首次有所改善。

Advanced functionality had grown to one-third of our overall ACV in 2023. And in Q2, it increased to 35% of overall ACV as we experienced early traction from Copilot and drove growth in our operations and marketing solutions. Operating cash flow in Q2 was $126 million, up from $116 million in Q1 and included approximately $3 million of interest payments. We completed a repricing of our first lien credit agreement to SOFR plus 175 which resulted in a 50 basis point reduction in interest and is expected to reduce our annual interest expense by approximately $3 million per year.

到2023 年，高級功能已成長到我們整體ACV 的三分之一。的35%。第二季的營運現金流為 1.26 億美元，高於第一季的 1.16 億美元，其中包括約 300 萬美元的利息支付。我們完成了將第一份留置權信貸協議重新定價為 SOFR plus 175，導致利息減少 50 個基點，預計每年將減少約 300 萬美元的年度利息支出。

Unlevered free cash flow for the quarter was $120 million. We ended the quarter with $399 million in cash, cash equivalents and short-term investments. We carried $1.24 billion in gross debt, the vast majority of which has fixed or hedged interest rates through 2025. During the quarter, we repurchased 10.8 million shares of Zoominfo stock for $147 million.

該季度的無槓桿自由現金流為 1.2 億美元。截至本季末，我們的現金、現金等價物和短期投資為 3.99 億美元。我們的總負債為 12.4 億美元，其中絕大多數在 2025 年之前都是固定利率或對沖利率。

And as Henry indicated, we had $400 million of existing capacity remaining as of June 30 that we anticipate aggressively deploying. Our net leverage ratio is 1.8 times trailing 12 months adjusted EBITDA and 1.8 times trailing 12 months cash EBITDA, which is defined as consolidated EBITDA in our credit agreements. With respect to liabilities and future performance obligations, unearned revenue at the end of Q2 was $440 million and remaining performance obligations, or RPO, were $1.13 billion, of which $830 million are expected to be delivered in the next 12 months. There are obviously a number of moving pieces with respect to accounting this quarter.

正如亨利所指出的，截至 6 月 30 日，我們還有 4 億美元的現有產能，我們預計將積極部署這些產能。我們的淨槓桿率為過去 12 個月調整後 EBITDA 的 1.8 倍，以及過去 12 個月現金 EBITDA 的 1.8 倍，後者在我們的信貸協議中被定義為合併 EBITDA。在負債和未來履約義務方面，第二季末的未實現收入為 4.4 億美元，剩餘履約義務（RPO）為 11.3 億美元，其中 8.3 億美元預計將在未來 12 個月內交付。本季的會計方面顯然有許多變化。

We took this action to create a fresh slate for the business and position the company for long-term growth and profitability with a focus on consistently growing free cash flow per share. Looking out to Q3 and the remainder of 2024, our guidance incorporates the impact from today's charge and increased conservatism related to our operating performance. With that, let me turn to guidance for Q3. We expect GAAP revenue in the range of $298 million to $301 million, adjusted operating income in the range of $107 million to $109 million and non-GAAP net income in the range of $0.21 to $0.22 per share.

我們採取這項行動是為了為業務創造一個新的格局，並使公司實現長期成長和獲利，重點是每股自由現金流的持續成長。展望第三季和 2024 年剩餘時間，我們的指引納入了今天收費的影響以及與我們經營業績相關的日益保守的態度。接下來，讓我談談第三季的指導。我們預計 GAAP 收入為 2.98 億美元至 3.01 億美元，調整後營業收入為 1.07 億美元至 1.09 億美元，非 GAAP 淨利潤為每股 0.21 美元至 0.22 美元。

For the full year 2024, we now expect GAAP revenue in the range of $1.19 billion to $1.205 billion, and adjusted operating income in the range of $412 million to $418 million. We expect non-GAAP net income in the range of $0.86 to $0.88 per share based on 375 million weighted average diluted shares outstanding. We expect unlevered free cash flow in the range of $420 million to $430 million, which, consistent with historical reporting excludes the impact of restructuring and settlement payments. Our full year guidance implies negative 3% revenue growth and 35% adjusted operating margin at the midpoint of our guidance range, inclusive of the second quarter charges.

對於 2024 年全年，我們目前預計 GAAP 收入在 11.9 億美元至 12.05 億美元之間，調整後營業收入在 4.12 億美元至 4.18 億美元之間。基於 3.75 億股加權平均稀釋後流通股，我們預計非 GAAP 淨利潤將在每股 0.86 美元至 0.88 美元之間。我們預計無槓桿自由現金流在 4.2 億至 4.3 億美元之間，這與歷史報告一致，不包括重組和和解付款的影響。我們的全年指引意味著營收負成長 3%，調整後營業利潤率處於指導範圍的中點，包括第二季費用。

We're as committed to ever to driving efficient operations and excluding the discrete items impacting this quarter, our guidance indicates adjusted operating margin of 37% for the year. We expect to grow annual margins from here. And as Henry noted, we view $1 per share of levered free cash flows of (inaudible) on which we can build and compound growth into the future. We're also mindful of share count, and we have continued the shift to performance-based equity grants triggered on free cash flow per share growth, as we believe it is important to align the shares issued to executives with business performance and shareholder value creation.

我們一如既往地致力於推動高效運營，排除影響本季的離散項目，我們的指導表明今年調整後的營運利潤率為 37%。我們預計年利潤率將從這裡開始成長。正如亨利所指出的，我們認為每股 1 美元的槓桿自由現金流（聽不清楚），我們可以在此基礎上建立和復合未來的成長。我們也關注股票數量，並繼續轉向由每股自由現金流成長引發的基於業績的股權授予，因為我們認為將向高階主管發行的股票與業務績效和股東價值創造保持一致非常重要。

Finally, please note that in the top half of our guidance range, the sequential revenue growth implied in the fourth quarter is roughly flat to down 1%, and we believe that this is the most indicative view of our trajectory as we exit 2024. With that, let me turn it over to the operator to open the call for questions.

最後，請注意，在我們指導範圍的上半部分，第四季度的連續收入增長大致持平或下降 1%，我們認為這是我們退出 2024 年時軌蹟的最具指示性的觀點。將其轉交給接線員以開始提問。

(Operator Instructions) Elizabeth Porter, Morgan Stanley.

（操作員指示）伊麗莎白·波特，摩根士丹利。

After Q2, the EBITDA, we should largely be through the renewal risk, which has pressured the business for a while now. So I'm just hoping to get a better understanding of the decline for the back half of the year. Or are you assuming a second round of downsells or has new business outlook changed materially? So if we could just get some color on kind of where the incremental pressure is coming from and the assumption on NRR in the back half of the year, that would be great.

在第二季的 EBITDA 之後，我們應該在很大程度上度過了續約風險，這已經給業務帶來了一段時間的壓力。所以我只是希望能更了解今年下半年的下滑情況。或者您假設第二輪降價或新的業務前景發生重大變化？因此，如果我們能夠了解增量壓力的來源以及下半年 NRR 的假設，那就太好了。

Sure. Thanks, Elizabeth. I think there are a variety of factors that go into the guidance as we think about it. And certainly, we've elevated our assumptions with respect to continued write-off potential in the thought that the operational improvements that we've implemented probably won't really take hold until the end of this year or more so at the beginning of next year. Additionally, the operating environment under which we're operating continues to be pretty fluid. So we've inserted incremental conservatism with respect to the guidance. And I think that if you look out in the world as we see it, there's a lot of uncertainty, both for companies, but also for the people making decisions in terms of the growth of those companies.

當然。謝謝，伊麗莎白。我認為，當我們考慮該指南時，會考慮多種因素。當然，我們提高了對持續沖銷潛力的假設，因為我們認為我們已經實施的營運改善可能要到今年年底或更長時間才能真正實現，明年年初。此外，我們營運的營運環境仍然非常不穩定。因此，我們在指導方針中加入了漸進的保守主義。我認為，如果你觀察我們所看到的世界，你會發現，無論是對公司，還是對於那些為這些公司的發展做出決策的人來說，都存在著許多不確定性。

And I would just add here, when we when we set the guidance here, what we wanted to make sure we did was to remove the volatility going forward in the business. And while we see a lot of operational improvements, I talked about growth in the 100,000 cohort, stabilization of net retention for the first time in a number of years, improvement in our enterprise and upmarket business. We're not assuming any of that trend continues in the back half of the year, and we're assuming that even with the operational improvements that we've done around taking upfront prepayment from our customers and the move up market in new business, that those trends those don't make an impact to the write-off rates in the back half of the year as well.

我想補充一點，當我們在這裡制定指導時，我們想要確保我們所做的是消除業務未來的波動性。雖然我們看到了許多營運方面的改進，但我談到了 10 萬人的成長、多年來首次實現淨留存率的穩定、我們企業和高端業務的改善。我們不假設這種趨勢會在今年下半年持續下去，而且我們假設即使我們圍繞從客戶處收取預付款以及新業務的升級市場進行了營運改進，這些趨勢也不會對今年下半年的沖銷率產生影響。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

I'm curious if the volume of newly announced layoffs in the technology industry since June and July might have surprised you at all because Henry, I think you just said that you're not assuming that any of these improvements that you did see in Q2 are going to continue in the second half. So we had these announcements from UIPath and Intuit and OpenText Salesforce and Intel and others since then. And so I'm just curious if something is causing you to sense a second wave of layoffs that might be affecting go-to-market head count in the last say, five to eight weeks a little more than you might have expected? And I have a quick follow-up.

我很好奇自 6 月和 7 月以來科技業新宣布的裁員數量是否會讓您感到驚訝，因為亨利，我認為您剛剛說過您並沒有假設您在第二季度看到的任何這些改進下半年還將繼續。從那時起，我們就收到了 UIPath、Intuit、OpenText、Salesforce、Intel 等公司的公告。因此，我只是好奇是否有什麼原因導致您感覺到第二波裁員可能會影響進入市場的員工人數，比您預期的時間要多五到八週？我有一個快速的跟進。

I think the thing to remember about our business is two things. One, there is a meaningful portion of our business that's not seat-based, that is usage based. We talked about the Data-as-a-Service and Operations OS business, which now makes up 13% of our ACV, that's not a seat or usage-based business. It's also growing 23% year-over-year. And then, on the seat-based part of our business, we are not fully penetrated across really any of our enterprise or mid-market customers.

我認為關於我們的業務需要記住兩件事。第一，我們的業務中有一個有意義的部分不是基於座位的，而是基於使用的。我們討論了資料即服務和營運作業系統業務，目前占我們 ACV 的 13%，這不是基於席位或使用情況的業務。它還同比增長 23%。然後，在我們業務的基於席位的部分，我們並沒有完全滲透到我們的任何企業或中端市場客戶中。

And so we don't need the incremental seat from a hiring perspective to add to for us to grow within our customer base. The other thing that I would add there is, one of the places where we're bullish about Copilot, is that it's expanding our use case beyond just top of the funnel prospecting, to the full funnel. And so we're now seeing open opportunities where we're bringing in sets of users that were otherwise or in the past pre-Copilot were not customers of ours or we're not users of ours. And so we have a lot of opportunity, both from a usage-based perspective and from a seat-based perspective to grow despite the despite layoffs in tech or shrinking go-to-market team?

因此，從招募角度來看，我們不需要增加席位來增加我們的客戶群。我要補充的另一件事是，我們看好 Copilot 的地方之一是，它正在將我們的用例擴展到漏斗勘探的頂部，擴展到整個漏斗。因此，我們現在看到了開放的機會，我們正在引入一組用戶，這些用戶在其他情況下或在過去的前副駕駛中不是我們的客戶，或者我們不是我們的用戶。因此，儘管技術裁員或市場團隊縮小，但無論是從基於使用的角度還是基於席位的角度來看，我們都有很多成長的機會？

Okay. And then, Cameron, is it possible, can you remind us on the non-collectability receivables, how often is it stemming from business failures versus something like a contract dispute or customer claiming that services were not provided? And then you did allude to some incremental write-off potential, I think going forward, is it possible to put any balance on that? And just help us understand, have you factored something in there as an ongoing type of revenue offset in the second half, as you just saw in Q2?

好的。然後，卡梅倫，您能否提醒我們，關於不可收回的應收帳款，它有多少是源於業務失敗，而不是合約糾紛或客戶聲稱未提供服務等原因？然後你確實提到了一些增量沖銷潛力，我認為展望未來，是否有可能對此做出任何平衡？請幫助我們理解，您是否將某些因素計入下半年持續的收入抵銷類型，正如您在第二季度看到的那樣？

Yes. So certainly, we have factored in continued escalation in terms of write-off rates. And the write-offs that we do see do stem from a number of different factors. Certainly, one of the larger ones is companies shutting down. And I think in a more challenging environment, an environment where access to capital is harder to get to, that is driving some of that increase.

是的。因此，我們當然已經考慮到了沖銷率的持續上升。我們確實看到的沖銷確實源自於許多不同的因素。當然，最大的問題之一是公司倒閉。我認為，在一個更具挑戰性的環境中，一個更難獲得資本的環境中，這推動了部分成長。

There are also instances where, particularly in the small business, that when customers don't feel that they've achieved the value that they thought they were going to, that we end up in a level of dispute with them. And so I think in a world where it's harder to make sales, kind of getting that tangible value is also sometimes harder for them and that escalation. So our view is that while we are making operational changes to impact this largely requiring prepayment upfront from many of those smaller and riskier customers as well as just generally shifting the business upmarket. We feel the prudent view is to assume that the write-off situation gets worse, particularly their questions about the strength of the economy over the next few quarters.

也有這樣的情況，特別是在小型企業中，當客戶覺得他們沒有實現他們認為想要的價值時，我們最終會與他們發生一定程度的爭議。所以我認為，在一個銷售變得更加困難的世界裡，獲得有形價值有時對他們來說也更困難，而且這種升級也更困難。因此，我們的觀點是，雖然我們正在進行營運變革以影響這一點，但很大程度上需要許多規模較小、風險較高的客戶預先付款，並且通常會將業務轉移到高端市場。我們認為謹慎的觀點是假設沖銷情況會變得更糟，特別是他們對未來幾季經濟實力的疑問。

So Mark, I'll add here, too. We did assume that the escalated write-off rates continue through the back half of the year. I think the big thing to remember here is we extended credit to SMBs that were not creditworthy, and we've changed our practices now to require upfront prepayments against our riskier customers. And in the quarter, we had $11 million of our ACV transacted through upfront prepayments.

馬克，我也將在這裡添加。我們確實假設沖銷率的上升將持續到今年下半年。我認為這裡要記住的一件大事是，我們向信用不高的中小企業提供了信貸，並且我們現在已經改變了做法，要求對風險較高的客戶進行預付款。在本季度，我們透過預付款交易了 1,100 萬美元的 ACV。

That was up from $1 million in any of our previous quarters. And so we've made a commitment both operationally and in the way that we estimate for these collectibles to get rid of this type of volatility in our business.

這高於我們之前任何一個季度的 100 萬美元。因此，我們在經營和估計這些收藏品的方式上做出了承諾，以消除我們業務中的這種波動。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Henry, it's no doubt a tough environment and ZoomInfo has outsized exposure to some of the tougher segments of the market. But as we think about an environment versus execution versus product market fit, how much of what we're seeing in the numbers, do you feel is within your control? And maybe just a quick one for Cameron. Cam, can you comment on the pricing trends that you saw in the quarter?

Henry，毫無疑問，這是一個艱難的環境，而 ZoomInfo 已經涉足了一些更艱難的市場領域。但是，當我們考慮環境與執行與產品市場契合度時，我們在數字中看到的內容有多少是在您的控制範圍內的？也許對卡梅倫來說只是一個快速的過程。 Cam，您能評論一下您在本季看到的定價趨勢嗎？

I think that's actually the frustrating part about this quarter is that there's an incredible amount of operational improvement that we're seeing in the business. The 100,000 cohort growth, the first time we've seen that since Q4 of 2022. Stabilization and net retention rates, the first time we've seen that since Q4 of '21. Stabilization in our software vertical net retention rates. Our enterprise business grew 9% year-over-year.

我認為本季令人沮喪的部分實際上是我們在業務中看到了令人難以置信的營運改善。 100,000 名隊列的成長，是我們自 2022 年第四季以來的第一次。我們的軟體垂直淨保留率穩定。我們的企業業務年增 9%。

Operations OS and our DaaS business grew 23% year-over-year with 117% net retention. Copilot sold solidly above our expectations in the customer base. And we're monetizing AI now throughout our customers. When we're monetizing that, we're also seeing that happen 75% of the time in mid-market and enterprise customers, and we continue to innovate there as well.

營運作業系統和我們的 DaaS 業務年增 23%，淨留存率為 117%。 Copilot 的銷售量遠高於我們在客戶群中的預期。我們現在正在透過我們的客戶將人工智慧貨幣化。當我們將其貨幣化時，我們也發現 75% 的情況發生在中端市場和企業客戶中，我們也繼續在這些領域進行創新。

And so there's this tremendous amount of operational momentum and operational execution happening in the business, where I actually believe our product market fit is getting stronger. Our sales motion is getting better in the upmarket. We're monetizing Copilot in the base, and you're seeing that operational performance come through in the business. Now at the same time, the write-offs escalated, we have to increase that estimate and we have to take this accounting charge this quarter to put that all behind us, to move forward with a clean slate and to take away this volatility from our business.

因此，業務中出現了巨大的營運動力和營運執行力，我實際上相信我們的產品市場契合度正在變得越來越強。我們在高端市場的銷售動能越來越好。我們正在基地透過 Copilot 貨幣化，您會看到營運績效在業務中得到體現。現在，與此同時，沖銷升級，我們必須提高這一估計，我們必須在本季度承擔這項會計費用，以將這一切拋在腦後，以乾淨的狀態向前邁進，並消除我們的波動性。

And Brad, I think with respect to the pricing changes in Q2, we didn't proactively make any changes to pricing. And we do continue to see some downsell pressure, particularly at the lower ends of the market. But we are starting to see some really good green shoots of pricing opportunity when people are taking Copilot. So Henry mentioned the monetization of copilot. There are a number of opportunities where we're beginning to see pricing uplift from that. And if that's something that we're focused on being able to continue as we move into Q3 and Q4.

Brad，我認為關於第二季的定價變化，我們沒有主動對定價進行任何更改。我們確實繼續看到一些拋售壓力，特別是在低端市場。但當人們使用 Copilot 時，我們開始看到一些非常好的定價機會。於是亨利就提到了副駕駛的貨幣化。我們開始看到價格上漲的機會很多。如果這是我們在進入第三季和第四季時能夠繼續關注的事情。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

If you think about the ability to collect from clients, like how does this current environment kind of compare to what you've seen before? Because like we had in the COVID 2020, where it was half 2022, this seems to be either you changed how you kind of in 2023 or it's getting worse? Can you just compare and contrast like how this kind of feels compared to the time before, because it is somewhat surprising given that you've been in tough markets before.

如果您考慮從客戶收集資訊的能力，例如當前的環境與您以前見過的環境相比如何？因為就像我們在 2020 年的新冠疫情中那樣，2022 年已經過去一半了，這似乎是你在 2023 年改變了自己的方式，或者情況變得更糟了？您能否將這種感覺與之前的情況進行比較和對比，因為考慮到您之前經歷過艱難的市場，這有點令人驚訝。

It's Henry. Look, I think there are two things that happened or one big thing. We did see these rates elevate against from the 2020 and 2021 rates. We saw this trend escalate and elevate in the 2022 and 2023 cohorts. They're writing off more, obviously, more than what our historical rates were. That's why we've increased the estimates this year, and we've taken this accounting charge, we've accounted for those collectibility issues.

這是亨利。看，我認為發生了兩件事或一件大事。我們確實看到這些利率較 2020 年和 2021 年有所上升。我們看到這一趨勢在 2022 年和 2023 年群體中不斷升級和提升。顯然，他們的減記額比我們的歷史利率還要多。這就是為什麼我們今年增加了估計，我們承擔了這筆會計費用，我們已經考慮了這些可收集性問題。

The other thing that I would tell you is the way that you solve this moving forward is what we did with these upfront prepayments. One a risky or small SMB customer comes through, they can achieve a lot of value from ZoomInfo, but we require upfront prepayment from them now and going forward. That's a fundamental change in the way that we operate. And so we're going to significantly make a dent in the collectibility of our future contracts by doing that.

我要告訴你的另一件事是，你解決這個問題的方式就是我們對這些預付款的處理方式。對於一個有風險或小型的中小企業客戶來說，他們可以從 ZoomInfo 獲得大量價值，但我們現在和將來都要求他們預先預付款。這是我們營運方式的根本性改變。因此，透過這樣做，我們將大大降低未來合約的可收藏性。

Parker Lane, Stifel.

帕克巷，斯蒂菲爾。

Just to stick on the idea of the new business risk model, Henry. Are the parameters there simply about the size of the customer that you're talking about? Or is it also based on a number of seats or products they're adopting from you guys at the onset?

只是為了堅持新的商業風險模型的想法，亨利。那裡的參數只是關於您所談論的客戶的規模嗎？或者它也是基於他們一開始就採用的一些座椅或產品？

Yes, the new business risk model takes into account a number of firmographic related data points and then a model that looks back at the collectibility of other accounts that look like those accounts. But you can think about it as size, industry, number of salespeople and then a compare against look-a-likes who paid or didn't pay us in the past. We're using a number of key data points to assess the risk of the clients who come through, size is obviously one of them.

是的，新的商業風險模型考慮了許多與公司相關的數據點，然後是回顧與這些帳戶類似的其他帳戶的可收集性的模型。但你可以將其視為規模、行業、銷售人員數量，然後與過去向我們付款或未向我們付款的類似人進行比較。我們使用許多關鍵數據點來評估客戶的風險，規模顯然是其中之一。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Apologize for the background noise, maybe two quick ones. I'm trying to swear just, Henry, maybe your comments around improving retention rates in the quarter, particularly in the South parts and also increasing charge-off rates? And maybe just comment on the linearity that you saw of these increases, because I would say the kind of nonretaining customers, or customers are going to go out and do something different. Can you just help us understand like for my second question, mechanistically, if you look at your bookings, which I think on a reported basis, CRP bookings was down to it how much of this bad debt can we kind of take out of that bookings to inform or something that can square us to that comment that Cameron made about flat, secondly, low single (technical difficulty) kind of once you start getting back some--.

對背景噪音表示歉意，也許是兩個快速的噪音。我只是想發誓，亨利，也許您對本季度提高保留率（特別是在南部地區）以及提高沖銷率的評論？也許只是評論你看到的這些成長的線性，因為我會說那種非保留客戶，或者客戶會出去做一些不同的事情。您能否幫助我們理解我的第二個問題，從機制上講，如果您查看您的預訂，我認為根據報告，CRP 預訂取決於我們可以從該預訂中扣除多少壞帳通知或一些可以讓我們接受卡梅倫關於扁平，其次，低單（技術難度）的評論的東西，一旦你開始回來一些——。

Alex, we had a hard time hearing you. So if we could just take a second and see how much of that we could collect in the room.

亞歷克斯，我們很難聽到你的聲音。所以我們是否可以花一點時間看看我們可以在房間裡收集多少東西。

All right Alex. I think that, hopefully, I'll be able to answer most of your questions, and we'll get through this. I think, first off, in terms of the linearity, certainly, as it relates to retention, we had been seeing a stabilization of retention and that continued throughout the quarter. I think something that we were happy with. And I think that's particularly true in the mid-market and enterprise, where we saw improvements in retention.

好吧，亞歷克斯。我想，希望我能夠回答你們大部分的問題，我們就能解決這個問題。我認為，首先，就線性而言，當然，因為它與保留率相關，我們已經看到保留率的穩定，並且這種情況在整個季度持續存在。我認為我們對此感到滿意。我認為在中端市場和企業中尤其如此，我們看到了保留率的提高。

I think as the quarter went on, and we continue to see more pressure on SMBs. And certainly, with respect to the write-offs themselves, those did accelerate in June. And so the impact of those was really an end of quarter issue more than it was throughout the quarter. And then, you had asked about the bookings.

我認為隨著本季的繼續，我們繼續看到中小企業面臨更大的壓力。當然，就沖銷本身而言，六月確實加速了。因此，這些影響實際上是季度末問題，而不是整個季度的影響。然後，您詢問了預訂情況。

Certainly, the bookings get impacted by the write-offs because we are basically impairing some of that remaining performance obligations. So when we're writing off a contract, obviously, we're writing off the continued performance allegation of that as well as any of the existing revenue or receivable that's out there.

當然，預訂會受到沖銷的影響，因為我們基本上損害了一些剩餘的履約義務。因此，當我們註銷合約時，顯然，我們正在註銷該合約的持續績效指控以及任何現有收入或應收帳款。

And Alex, I'll just add this guide does not assume that any of the improvement that we saw in the quarter, the stabilization of the net retention rates or the impact of the upfront prepayments, we haven't anticipated any improvement from either of those in this guide.

亞歷克斯，我只是補充一下，本指南並不假設我們在本季度看到的任何改進、淨保留率的穩定或預付款的影響，我們沒有預計到任何改進本指南中的內容。

Kash Rangan, Goldman Sachs.

卡什·蘭根，高盛。

This is [Kelly] on for Kash. Thanks for all the color provided on the call. I had two quick ones for you. How has your sales cycle duration really compare this quarter versus prior periods? And second, what lessons do you take away from the large customer win and mid-market improvement? And it seems also enterprise that you saw this quarter to close remaining deals in your pipeline?

這是卡什的[凱利]。感謝您在通話中提供的所有顏色。我為你準備了兩份速食。本季與前期相比，您的銷售週期持續時間究竟如何？其次，您從大客戶的贏得和中階市場的改進中學到了哪些教訓？您似乎也看到本季完成了管道中剩餘交易的企業？

Great. Thanks for the question. Sales cycles have stayed largely the same. We segmented the sales force in new business in the quarter. And so our enterprise deals obviously take longer than our SMB or mid-market deals, but they come in at two, three, four times the value of those deals. And so nothing that we didn't expect in the new business space.

偉大的。謝謝你的提問。銷售週期基本上保持不變。我們對本季新業務的銷售人員進行了細分。因此，我們的企業交易顯然比我們的中小企業或中型市場交易需要更長的時間，但它們的價值是這些交易的兩倍、三倍、四倍。因此，在新的業務領域中，沒有什麼是我們沒有預料到的。

And so sales cycles have stayed largely the same and across those different segments. I think the thing that we've learned across the largest deal that we closed in our history and continued improvement in mid-market and enterprise, is that segmenting the new business sales reps and then allocating resources to the upmarket is turning into results for us. We have the highest mid-market and enterprise new business quarter on record. And that came from an increased focus in segmentation of the sales rep base against those different segments.

因此，不同細分市場的銷售週期基本上保持不變。我認為，我們在歷史上完成的最大一筆交易以及中端市場和企業的持續改進中學到的一點是，對新業務銷售代表進行細分，然後將資源分配給高端市場，這正在為我們帶來成果。我們迎來了有史以來最高的中階市場和企業新業務季度。這是因為我們越來越關注銷售代表群體針對不同細分市場的細分。

And we think that that's we believe that's going to continue throughout the year and set up a really strong foundation for us in the future as enterprise and mid-market customers grow more with us and retain at higher rates.

我們認為，隨著企業和中端市場客戶與我們一起成長更多並以更高的比率保留，我們相信這種情況將持續一整年，並為我們未來奠定堅實的基礎。

Brent Bracelin, Piper Sandler.

布倫特·布萊斯林，派珀·桑德勒。

I wanted to go just back to kind of framing how much exposure you have to SMB. I think it looks like bad debt accruals were $33 million, $34 million last year. You're at that similar mark here at the first 6 months of this year. What portion of that SMB business would you frame as still kind of being at risk versus how much you're kind of pre baking in as additional weakness?

我想回到你對中小企業有多少接觸的框架。我認為去年應計壞帳為 3,300 萬美元、3,400 萬美元。今年前 6 個月，您也處於類似的情況。您認為中小型企業業務的哪一部分仍處於風險之中，而有多少部分已被視為額外的弱點？

Just trying to think through at what point could we make a mark that kind of worse is behind you? I think we thought that a year ago, clearly not happening now. But maybe just frame overall, that SMB exposure, I think, would be helpful.

只是想一下，我們在什麼時候可以標記出更糟糕的情況已經過去了？我想我們在一年前就這麼認為，但現在顯然沒有發生。但我認為，也許只是整體框架，中小企業的曝光會有所幫助。

So SMB continues to be around one-third of our business. We've seen enterprise continue to grow in terms of mix, so that's up above 40% at this point. Our focus has really been not on just not serving SMB anymore, but really taking the credit risk out of SMB and forcing those customers that are smaller or riskier to prepay upfront and ultimately do that. All of our product focus and really sales investment at this point is going up market. So that is a clear focus of ours, but we're not going to necessarily turn away smaller customers that continue to get real value out of the system and continue to use the system to drive their sales motions as well.

因此，中小企業仍占我們業務的三分之一左右。我們看到企業在組合方面持續成長，目前已成長超過 40%。我們的重點實際上不僅僅是不再為中小型企業提供服務，而是真正消除中小型企業的信用風險，並迫使那些規模較小或風險較高的客戶預先付款並最終這樣做。目前我們所有的產品重點和真正的銷售投資都集中在高端市場。因此，這是我們的一個明確重點，但我們不一定會拒絕繼續從系統中獲得真正價值並繼續使用該系統來推動他們的銷售活動的小型客戶。

But Brent, I also think you should think about the actions we took today with the charge and the increase in estimates as we fully intend on putting this volatility in our business behind us. And going forward, we don't anticipate after this charge and after the increased estimates toward the back half of the year, that write-offs will create volatility in our guide going forward.

但是布倫特，我也認為你應該考慮我們今天採取的行動，包括收費和估計的增加，因為我們完全打算將業務中的這種波動拋在腦後。展望未來，我們預計在這項費用之後以及在今年下半年增加估計之後，沖銷將不會在我們未來的指南中造成波動。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

A couple from me here. Maybe the first one for Cam. Just wanted to understand a little bit more on the write-downs headwind to the guidance for the full year. And I know you guys aren't guiding 2025, but just thinking about the write-downs and potential impacts heading into 2025. Is it a full year of impact? Does it affect 1Q '25? And does it potentially lead into the second quarter of 2025 too?

我這裡有一對。也許是卡姆的第一個。只是想更了解全年指導的減記逆風。我知道你們不是在指導 2025 年，而是在考慮 2025 年的減記和潛在影響。這會影響 25 年第一季嗎？它是否也可能持續到 2025 年第二季？

So certainly, the write-downs that we realized now were eliminating risk of nonpayment on receivables that we have that we've already recognized revenue against. And then another big portion of the of the change in guidance was taking out the revenue that we would have earned from those customers that we've written down or written off as we go through the remainder of the year. Our expectations at this point are the way we've defined guidance is to assume that those write-offs continue to escalate and that they would continue to have an impact on our results. But ultimately, the operational improvements that we've put in place, requiring prepayment upfront from smaller and more risky customers as well as shifting the sales team to focus more on mid-market and enterprise customers, should eventually, and we're focused on ensuring that they eliminate a lot of the volatility related to those small businesses.

當然，我們現在意識到的減記正在消除我們已經確認收入的應收帳款不付款的風險。然後，指導變化的另一大部分是扣除我們將從那些客戶那裡獲得的收入，這些收入是我們在今年剩餘時間減記或註銷的。我們目前的期望是我們定義指導的方式是假設這些沖銷繼續升級，並且它們將繼續對我們的業績產生影響。但最終，我們實施的營運改進，要求規模較小、風險較高的客戶提前預付款，以及將銷售團隊更專注於中端市場和企業客戶，最終應該會實現，我們的重點是確保他們消除與這些小型企業相關的大量波動。

And so if you think about the deals that we're selling today that we would potentially write off in six to nine months. So at the end of the year, as we move into the beginning of next year, we're aiming to significantly reduce the risk of those write-offs in terms of growth.

因此，如果你考慮我們今天出售的交易，我們可能會在六到九個月內註銷。因此，在今年年底，當我們進入明年初時，我們的目標是大幅降低成長的沖銷風險。

I would add here, when we think about the rest of this year and 2025, what we'll tell you is we're going to finish this year with $1 of free cash flow per share, and we expect to meaningfully grow that in 2025. And I'm confident in that, based a lot around the fact that in the quarter, we had our best net new ARR add in more than a year.

我想補充一點，當我們考慮今年剩餘時間和 2025 年時，我們會告訴您的是，今年結束時，每股自由現金流將達到 1 美元，我們預計到 2025 年將實現有意義的增長我對此充滿信心，因為本季我們實現了一年多以來最好的淨新增ARR。

Got it Henry. And just one follow-up, if I may here, Henry, for you. In prior quarters, you have talked about customers, I'll call them boomerang customers that left ZoomInfo that have come back to you. I don't think you really talked about it much in your prepared commentary. So any sort of color on maybe some bigger customers that have returned to the Zomato platform?

明白了，亨利。亨利，如果可以的話，我想為您做一個後續行動。在前幾個季度中，您談到了客戶，我將他們稱為離開 ZoomInfo 又回到您身邊的迴旋鏢客戶。我認為你在準備好的評論中並沒有真正談論這個問題。那麼，對於一些已經返回 Zomato 平台的大客戶來說，有什麼不同的看法嗎？

Yes. This quarter was our best win back quarter on record ever.

是的。本季是我們有史以來最好的逆轉季度。

DJ Hynes, Canaccord Genuity.

DJ 海因斯，Canaccord Genuity。

Henry, one for you. So a lot of your data today is being piped into CRM systems. The CRM vendors are also trying to build Copilots that help with activating intelligence, prompting next best action. What gives you confidence that the AI-driven functionality will live with ZoomInfo versus the system of record or the CRM vendors that you partner with?

亨利，給你一個。因此，如今您的大量資料正在透過管道傳輸到 CRM 系統中。 CRM 供應商也試圖建立 Copilot，幫助啟動智能，促進下一步最佳行動。是什麼讓您相信 AI 驅動的功能將與 ZoomInfo 一起使用，而不是記錄系統或與您合作的 CRM 供應商？

Yes, I would think about the data that gets piped into CRMs as sort of contact or company data. And the data that you actually need to win from a Copilot perspective, is a tremendous amount of signal data that you use to identify which customers to reach out to today, tomorrow and the reasons why. And so you can think of that as intense signals or new hire signals or funding signals or visiting your pricing page signals or visiting a competitor's review page signal or researching your competitor. And all of those signals, those are proprietary to ZoomInfo, and they don't live in CRM, and that signal is necessary for you to engage with the right customers at the right time.

是的，我會將透過管道傳輸到 CRM 的資料視為聯絡人或公司資料。從副駕駛的角度來看，您真正需要贏得的數據是大量的訊號數據，您可以使用它們來確定今天、明天要接觸哪些客戶以及原因。因此，您可以將其視為強烈的信號或新員工信號或資金信號或訪問您的定價頁面信號或訪問競爭對手的評論頁面信號或研究您的競爭對手。所有這些訊號都是 ZoomInfo 專有的，它們並不存在於 CRM 中，而且該訊號對於您在正確的時間與正確的客戶互動是必要的。

And so Copilot's just built off of data that sit inside of a CRM, we'll always be missing the necessary signal for Copilots to actually work and be useful. And so we've invested a lot in making sure that we have the best signal around companies and people, but we've also gone out and started building a robust ecosystem of signal providers that we've built in to our Copilot offering as well. And the sales of Copilot, the monetization of Copilot in our customer base was solidly above our expectations. It puts us far ahead of any competitor in the space and we feel really good about the innovation we've been able to deliver there in the last year.

因此，Copilot 只是基於 CRM 內部的數據構建的，我們總是會錯過 Copilot 實際工作和發揮作用所需的必要信號。因此，我們投入了大量資金來確保我們在公司和人員周圍擁有最好的訊號，但我們也開始建立一個強大的訊號提供者生態系統，我們也將其內建到我們的 Copilot 產品中。 Copilot 的銷售額以及 Copilot 在我們客戶群中的貨幣化程度都遠遠超出了我們的預期。它使我們遠遠領先於該領域的任何競爭對手，我們對去年能夠提供的創新感到非常滿意。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

So if I look at the 3Q rev guide, it assumes a sequential increase, which is a reversal from some of the recent trends we've seen. Now I would imagine some of that might be due to the write-downs in softer new business changes that might be having an impact there. But Cameron, can you help us bridge that gap? I think you mentioned adjusted revenue of $307 million in the quarter.

因此，如果我查看第三季的轉速指南，它會假設連續成長，這與我們最近看到的一些趨勢相反。現在我想，其中一些可能是由於新業務變化較軟而可能對其產生影響的減記所致。但是卡梅倫，你能幫助我們彌補這一差距嗎？我想您提到了該季度調整後的收入為 3.07 億美元。

Can you quantify the pieces that make up the difference between that and what was reported? And as we look into 3Q and 4Q, are you able to quantify the write-down and new business impact that's embedded?

您能否量化構成該結果與報告內容之間差異的部分？當我們研究第三季和第四季時，您是否能夠量化其中的減記和新業務影響？

So in the second quarter, we took a charge related to the change of estimates that we had, and those are estimates around the collectibility of receivables from customers. So with respect to revenue, that was $15 million of the charge, and that's revenue that we've effectively recognized historically, but due to the change in estimates needed to run that through Q2. So the revenue that we generated in Q2 from a GAAP perspective was $292 million, but that included $15 million of write-downs that shouldn't recur as we've really focused on identifying everything that we felt was at risk, changed our estimate around those, put it into Q2.

因此，在第二季度，我們收取了與我們的估計變化相關的費用，這些估計是圍繞客戶應收帳款的可收回性進行的估計。因此，就收入而言，這是 1500 萬美元的費用，這是我們在歷史上有效確認的收入，但由於第二季度所需的估計發生了變化。因此，從GAAP 角度來看，我們在第二季度產生的收入為2.92 億美元，但這包括1500 萬美元的減記，這些減記不應重複發生，因為我們真正專注於識別我們認為面臨風險的一切，改變了我們的估計那些，把它放進Q2。

And therefore, going forward, we we want to start with a clean slate. So based on that, I think in Q3, while it will be growth compared to the $292 million, it would still be a decrease relative to the $307 million, if you were to back out that $15 million of write-down.

因此，展望未來，我們希望從頭開始。因此，基於此，我認為在第三季度，雖然與 2.92 億美元相比會有所增長，但如果你取消 1500 萬美元的減記，相對於 3.07 億美元仍然會有所下降。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc 資本市場。

Really, the one for me is, Henry, on the trends or the positive trends in the business that are not expected to continue, or are being kind of removed from guidance going forward. I'm just curious, are you already seeing some of the enterprise momentum slow here as we are here in early August? Or is this just true conservatism? Or is it actually happening and that's why you're taking it out of guidance?

事實上，對我來說，亨利，關於業務中預計不會持續的趨勢或積極趨勢，或者正在從未來的指導中刪除。我只是很好奇，您是否已經看到一些企業勢頭在八月初放緩？或者這只是真正的保守主義？或者它確實發生了，這就是你將其排除在指導之外的原因？

No, we're not seeing the momentum in the business slow down the enterprise or upmarket momentum. We feel really good about the operational improvements and the operational success that we've seen and anticipate that we're going to continue to execute against that.

不，我們沒有看到業務的發展勢頭減緩了企業或高端市場的發展勢頭。我們對所看到的營運改善和營運成功感到非常滿意，並預計我們將繼續針對這一點執行。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Michael Berg on for Michael Turrin. When I think about the margin impact of the write-offs, how can you think about how that flows through the rest of fiscal '24 on a margin percentage impact? And then how can I think about that rolling through into fiscal '25. Then I have a quick follow-up.

麥可·伯格換下麥可·特林。當我考慮沖銷對利潤率的影響時，您如何考慮沖銷如何影響 24 財年剩餘時間對利潤率的影響？然後我該如何考慮將其延續到 25 財年。然後我會進行快速跟進。

Sure. So we did have a number of discrete events. Those are laid out in the press release as well as in the 10-Q. When you look past those specific charges, the margins would have been materially higher, almost 10 points higher. And I'd expect that we won't have additional charges like that. So I think if you pro forma those charges out, that would be the kind of underlying performance of the business that I'd start with from a modeling perspective.

當然。所以我們確實有很多離散事件。這些內容都在新聞稿和 10-Q 中列出。當你忽略這些具體費用時，你會發現利潤率會高得多，幾乎高出 10 個百分點。我希望我們不會有這樣的額外費用。因此，我認為，如果您對這些費用進行預估，這將是我從建模角度開始的業務基本績效。

Helpful. And a quick follow-up for Henry here. You made a point on the call to mention that you plan to be aggressively buying shares here. What would be your key things to point to as driving your confidence in scooping up more shares moving forward?

有幫助。亨利的快速跟進在這裡。您在電話會議上特別提到您計劃在這裡積極購買股票。您認為哪些關鍵因素可以增強您繼續買進更多股票的信心？

Look, I think that the tough part about this quarter is that we had a tremendous amount of operational improvements that we saw. We saw net revenue retention stabilize for the first time since Q4 '21. We saw our DaaS business growing DaaS and operations business growing 23% and year-over-year. We saw growth in our 100,000 cohort for the first time since Q4 of '22.

看，我認為本季最困難的部分是我們看到了巨大的營運改善。自 21 年第四季以來，我們首次看到淨收入保留穩定。我們看到我們的 DaaS 業務不斷成長 DaaS 和營運業務年增 23%。自 22 年第四季以來，我們首次看到 10 萬人群體的成長。

We continue to grow our $1 million cohort. We're addressing the write-off issue by taking a significant amount of our new business ACV through upfront prepayments. Copilot is solidly above our expectations from a sales perspective into the customer base. I think that we have tremendous product market fit there.

我們繼續擴大 100 萬美元的隊伍。我們正在透過預付款獲取大量新業務 ACV 來解決沖銷問題。從銷售角度和客戶群角度來看，Copilot 的表現遠遠超出了我們的預期。我認為我們在那裡擁有巨大的產品市場。

And that's going to be really hard for a lot of investors to see because of this accounting charge and the way that we're thinking about guidance for the rest of the year. That being said, I have tremendous confidence in ZoomInfo, and I'm excited to be a buyer.

由於這項會計費用以及我們考慮今年剩餘時間指導的方式，許多投資者真的很難看到這一點。話雖這麼說，我對 ZoomInfo 充滿信心，並且很高興成為買家。

Surinder Thind, Jefferies.

蘇林德·辛德，傑弗里斯。

Just, Henry, any color on breaking down the NRR between SMBs and mid-market? And then maybe when you look at the new business that you're winning. So what is that mix between the SMBs and mid and enterprise? And maybe how does that compare to your current ARR mix?

只是，亨利，您對打破中小企業和中端市場之間的 NRR 有什麼看法嗎？然後也許當你看到你正在贏得的新業務時。那麼中小企業與中型企業的組合是怎麼樣的呢？與您目前的 ARR 組合相比，情況如何？

Yes, you can think about on the new business side. On the new business side, we had high watermarks for enterprise and mid-market new business. And so those are significantly higher as a percentage in the quarter than we've seen historically. That was driven by segmenting the sales rep base into SMB, mid-market and enterprise reps and then allocating resources properly across that group.

是的，你可以從新業務方面來考慮。在新業務方面，我們對企業和中端市場新業務提出了很高的要求。因此，本季的百分比明顯高於我們歷史上看到的百分比。這是透過將銷售代表群體細分為中小企業、中端市場和企業代表，然後在該群體中正確分配資源來推動的。

Cameron said it in the customer base, you can think about the breakout as kind of 40% enterprise. Around a little under 30% mid-market and the rest in SMB. And our intention is to move the business significantly up market in the mid-market and enterprise.

卡麥隆表示，在客戶群中，你可以將這種突破視為 40% 的企業。約略低於 30% 位於中階市場，其餘位於中小型企業。我們的目的是將業務顯著提升到中端市場和企業市場。

Got it. And just one quick clarification question on Copilot. The ARR figure you provided, I think it was $18 million. Was that as of quarter end or is that as of a different period of time?

知道了。還有一個關於 Copilot 的快速澄清問題。你提供的ARR數字，我認為是1800萬美元。這是截至季度末的數據還是其他時間段的數據？

That was as of quarter end.

截至季末。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

So Cameron, just on the $33 million in charges you mentioned this quarter, just to clarify, how much of that is embedded in the 2Q NRR figure? Or is some of that would have been impacted prior periods or future periods? I just want to make sure I understand how the charges are impacting the NRR?

卡梅倫，就您提到的本季 3300 萬美元的費用，我想澄清一下，其中多少包含在第二季度 NRR 數據中？或者其中一些會受到前期或未來時期的影響嗎？我只是想確保我了解這些費用對 NRR 有何影響？

Yes. So most of the increase in write-offs and changes that have gone through the estimates, really more of the new business that we've brought on than they do to NRR. So the NRR is really not impacted by by those charges.

是的。因此，大部分的沖銷和變化的增加都經過了估算，實際上我們帶來的新業務比 NRR 帶來更多。因此，NRR 實際上並未受到這些費用的影響。

Siti Panigrahi, Mizuho.

西蒂·帕尼格拉希，瑞穗。

I just want to clarify, you talked about if you look at your guidance second half, you're taking down $50 million in revenues, if I exclude that $15 million write-off. So how much of that the $50 million that you're taking out, how much of is a write-off versus any kind of softer new sales or downsells or any cannibalation you're going to see given that Q4 another strong renewal quarter?

我只是想澄清一下，您談到，如果您查看下半年的指導，如果我排除 1500 萬美元的沖銷，您將減少 5000 萬美元的收入。那麼，考慮到第四季度另一個強勁的續訂季度，您將拿出的 5000 萬美元中有多少是沖銷，而不是任何較疲軟的新銷售或降價銷售或任何蠶食？

So the way I think about that city is that of the entire change in guidance, so the full $60 million. Roughly half of that has to do with write-offs that we've incurred, so part of that is the charge. Another part is the revenue that we would have recognized from those customers that we wrote off over the second half of the year. The other half of that is really an increase in conservatism in terms of the market overall.

因此，我對這座城市的看法是整個指導方針的變化，即全部 6000 萬美元。其中大約一半與我們發生的沖銷有關，因此其中一部分是費用。另一部分是我們從下半年註銷的客戶那裡確認的收入。另一半實際上是整個市場保守主義的增加。

Part of that conservatism is an increase in the assumptions around ongoing write-offs. So seeing those write-off rates escalate going forward as well as as well as just conservatism around the sales and retention environment.

這種保守主義的部分原因是對持續沖銷的假設增加。因此，看到這些沖銷率不斷上升，以及圍繞銷售和保留環境的保守主義。

Joshua Reilly, Needham.

約書亞賴利，尼達姆。

Just one quick one for me. You mentioned at the end of the month of June is when you saw increased write-offs for SMBs. I guess maybe what do you think changed in that period of time relative to what we were seeing in the first quarter? Because it seemed like the renewals weren't great for SMBs in the first quarter.

對我來說只是一個快速的。您提到在六月底您看到中小企業的沖銷增加。我想您認為相對於我們在第一季看到的情況，那段時間發生了什麼變化？因為第一季的續約似乎對中小企業來說不太好。

Was there some period where it was a little bit better for a period of time, and then they got dramatically worse? Or what macro factor maybe came into play there or some other factor that we should be considering?

是否有一段時期，情況在一段時間內好一點，然後卻急劇惡化？或者什麼宏觀因素可能在那裡發揮作用，或我們應該考慮的其他因素？

So certainly, we did see an increase in the rates and an increase in the revenue associated with those write-offs. Part of that is the timing and catching up of write-offs. Write-offs don't happen immediately. We're obviously chasing payment for folks, and it does take us in a period of time before we fully get to the point where we're ready to write something off.

因此，我們確實看到了與這些沖銷相關的費率和收入的增加。其中一部分是沖銷的時機和追趕。沖銷不會立即發生。顯然，我們正在為人們爭取付款，而且我們確實需要一段時間才能完全達到準備註銷某些東西的程度。

We have also seen further stretching of small businesses in terms of their access to capital. So you see increases in companies shutting down, think that's happened more as we've gotten into the summer. And so I'd say that those two factors certainly changed as we got into June. If we look back at the trend from Q3 to Q4 to Q1, we actually saw improvements in our write-off rates and then we saw those reverse as we got through the end of the quarter.

我們也看到小企業在獲得資本方面的情況進一步惡化。所以你會看到倒閉的公司增加，認為隨著進入夏季，這種情況發生得更多。所以我想說，隨著進入六月，這兩個因素肯定發生了變化。如果我們回顧第三季、第四季和第一季的趨勢，我們實際上看到了沖銷率的改善，然後在季度末我們看到了這種情況的逆轉。

Pat Walravens, Citizens JMP.

Pat Walravens，公民 JMP。

This is Austin Cole on for Pat. I just wanted to ask about the DaaS business, 13% of ACV. Can you just talk about what you're doing to drive success there? And how big do you think it can get?

這是奧斯汀·科爾（Austin Cole）替帕特發言。我只是想問DaaS業務，佔ACV的13%。您能談談您正在採取哪些措施來推動那裡的成功嗎？您認為它能達到多大？

Yes. Thanks for the question. Last year, built a team of DaaS specialists who are responsible for helping our customers integrate our data within their workflows and get that behind workflows like territory planning or account scoring or new AI workflows that they're building. We anticipate this can continue to grow at the rates that it's growing, and be a real meaningful part of our business going forward.

是的。謝謝你的提問。去年，我們建立了一支 DaaS 專家團隊，負責幫助我們的客戶將我們的數據整合到他們的工作流程中，並支援他們正在建立的區域規劃或帳戶評分等工作流程或新的人工智慧工作流程。我們預計這將繼續以目前的速度成長，並成為我們未來業務真正有意義的一部分。

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

目前我不會提出任何進一步的問題。我想將電話轉交給亨利，讓他發表結束語。

Thank you, everyone, for joining us tonight. I'd just like to take a moment to reiterate what I think are the most important key takeaways from tonight's call. First, we've taken necessary and comprehensive accounting charges this quarter to address our write-off, and while they fully flow through Q2 results and negatively impact the quarter and our full year guidance, this action sets us up very well for the future. Additionally, we've made the necessary operational adjustments in the way that we extend credit to our customers, to ensure that write-offs do not continue to be a headwind in our business.

謝謝大家今晚加入我們。我想花點時間重申我認為今晚電話會議最重要的要點。首先，我們在本季度採取了必要且全面的會計費用來解決我們的沖銷問題，雖然它們完全貫穿第二季度的業績並對本季度和我們的全年指導產生負面影響，但這一行動為我們的未來奠定了良好的基礎。此外，我們也對向客戶提供信貸的方式進行了必要的營運調整，以確保沖銷不會繼續成為我們業務的阻力。

Second, we delivered strong operational performance, NRR stabilized. We have the best net new ARR quarter in a year. We're growing our $100,000 and $1 million customers. Copilot sales were solidly above our expectations, and we see data as a service growth opportunities driven by AI use cases. And we are committed to driving long-term value creation through consistently growing free cash flow per share. I look forward to speaking with you and seeing you in person as we participate in a number of investor events over the coming weeks. Thank you.

二是經營業績強勁，淨利率穩定。我們擁有一年中最好的淨新 ARR 季度。我們正在增加 10 萬美元和 100 萬美元的客戶。 Copilot 的銷售額明顯高於我們的預期，我們將數據視為由人工智慧用例驅動的服務成長機會。我們致力於透過持續成長的每股自由現金流來推動長期價值創造。我期待在未來幾週參加一系列投資者活動時與您交談並親自見到您。謝謝。

This concludes today's conference call. Thank you all for participating. You may now disconnect.

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。