Zoominfo Technologies Inc (ZI) 2021 Q3 法說會逐字稿

Thank you for standing by and welcome to the ZoomInfo Third Quarter Year 2021 Financial Results Conference Call. (Operator Instructions)

感謝您的支持並歡迎參加 ZoomInfo 2021 年第三季度財務業績電話會議。 （操作員說明）

I would now like to turn the call over to your speaker for today, Mr. Jerry Sisitsky, please begin.

我現在想把今天的電話轉給你的發言人，Jerry Sisitsky 先生，請開始。

Thanks, Jenny. Welcome to ZoomInfo's Financial Results Conference Call, highlighting our results for the third quarter of 2021. With me on the call today are Henry Schuck, Founder and CEO of ZoomInfo; and Cameron Hyzer, our Chief Financial Officer. After their remarks, we'll open the call to Q&A.

謝謝，珍妮。歡迎參加 ZoomInfo 的財務業績電話會議，重點介紹我們 2021 年第三季度的業績。今天與我通話的是 ZoomInfo 創始人兼首席執行官 Henry Schuck；和我們的首席財務官 Cameron Hyzer。在他們的發言之後，我們將打開問答電話。

During this call, any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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.

在本次電話會議期間，任何前瞻性陳述均根據 1995 年《私人證券訴訟改革法案》的安全港條款作出。未來目標的表達，包括業務前景、對未來財務業績的預期和類似項目，包括但不限於，使用該術語的表述可能、將要、預期、預期和相信，以及反映歷史事實以外的事物的表述旨在識別前瞻性陳述。

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors sections of our filings with the SEC. Actual results may differ materially from any forward-looking statements.

前瞻性陳述涉及許多風險和不確定性，包括我們向 SEC 提交的文件的風險因素部分中討論的風險和不確定性。實際結果可能與任何前瞻性陳述大不相同。

Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law. For more information, please refer to the cautionary statement included in the slides that we have posted to our Investor Relations website at ir.zoominfo.com.

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，除非法律要求。如需更多信息，請參閱我們在投資者關係網站 ir.zoominfo.com 上發布的幻燈片中包含的警示性聲明。

All metrics discussed on this call are non-GAAP, unless otherwise noted. A reconciliation can be found in the financial results press release or in the slides that we have posted to our Investor Relations website. Lastly, we are participating in a number of investor conferences over the next few months, including RBC, Credit Suisse, Wells Fargo, the NASDAQ Conference, Raymond James, Barclays and UBS. We hope that we will have the opportunity to connect with you at one of those events.

除非另有說明，否則本次電話會議討論的所有指標均為非公認會計原則。可以在財務業績新聞稿或我們發佈到投資者關係網站的幻燈片中找到對賬。最後，我們將在未來幾個月參加一系列投資者會議，包括加拿大皇家銀行、瑞士信貸、富國銀行、納斯達克會議、雷蒙德詹姆斯、巴克萊和瑞銀。我們希望我們將有機會在其中一項活動中與您聯繫。

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

有了這個，我將把電話轉給我們的首席執行官亨利舒克。

Thank you, Jerry, and welcome, everyone. In Q3, we delivered another quarter of accelerating growth with both strong operating margins and strong free cash flow generation. The team is executing well across every area of the business. Adoption of new products and new features and functionality is exceeding expectations. International growth is accelerating, our enterprise investment continues to yield results. ZoomInfo is increasingly becoming known as a category-defining company by delivering end-to-end success for go-to-market teams worldwide.

謝謝你，傑瑞，歡迎大家。在第三季度，我們實現了又一個季度的加速增長，同時擁有強勁的營業利潤率和強勁的自由現金流產生。該團隊在業務的各個領域都表現良好。新產品、新特性和功能的採用超出預期。國際增長正在加速，我們的企業投資不斷取得成果。 ZoomInfo 通過為全球進入市場的團隊提供端到端的成功，正日益成為一家定義類別的公司。

This was our best ever third quarter for new customer addition. And the leading indicators are pointing to meaningfully higher annual net dollar retention rates with expected improvements across customers of all sizes. In the quarter, we delivered GAAP revenue of $198 million, representing 60% year-over-year growth, up from 57% in Q2 and up 12% sequentially when adjusted for the number of days in the quarter. We delivered unlevered free cash flow of $73 million, up 23% year-over-year. We closed the quarter with more than 25,000 customers, of which more than 1,250 customers have greater than $100,000 in ACV. The number of customers with more than $100,000 in ACV grew more than 70% year-over-year.

這是我們有史以來最好的第三季度新增客戶。領先指標表明，年度淨美元保留率顯著提高，各種規模的客戶都有望得到改善。在本季度，我們實現了 1.98 億美元的 GAAP 收入，同比增長 60%，高於第二季度的 57%，在調整本季度天數後環比增長 12%。我們提供了 7300 萬美元的無槓桿自由現金流，同比增長 23%。我們在本季度結束時擁有超過 25,000 名客戶，其中超過 1,250 名客戶的 ACV 超過 100,000 美元。 ACV 超過 100,000 美元的客戶數量同比增長超過 70%。

Our investments internationally continue to be a success story. We materially grew our data coverage in Europe and expanded the number of reps targeting the international opportunity. We're in the process of opening an office in the U.K. and have already hired our first team of sales reps that will be based there. Because of our highly differentiated offering, demand for our platform is high, driving year-over-year international revenue growth greater than 80% in the quarter, with international representing more than 11% of our overall business or over $80 million on an annualized basis. Based on these results, we're again raising our financial guidance for the year.

我們的國際投資繼續取得成功。我們大幅增加了在歐洲的數據覆蓋範圍，並擴大了針對國際機會的代表數量。我們正在英國開設辦事處，並且已經聘請了我們的第一支銷售代表團隊，他們將駐紮在那裡。由於我們高度差異化的產品，對我們平台的需求很高，推動本季度國際收入同比增長超過 80%，國際業務占我們整體業務的 11% 以上，或按年計算超過 8000 萬美元.基於這些結果，我們再次提高了今年的財務指導。

In the third quarter, we continued to expand our modern go-to-market platform and drove further innovation and integration across the intelligence, engagement and orchestration layers of the ZoomInfo platform. Prospects and customers tell us they want a one-stop shop a unified platform, and they want their investments across the sales tech stack to be integrated. This further reinforces the competitive moat that we are building with our unified platform.

在第三季度，我們繼續擴展我們的現代上市平台，並推動 ZoomInfo 平台的智能、參與和編排層的進一步創新和集成。潛在客戶和客戶告訴我們，他們想要一個一站式商店和一個統一的平台，並且他們希望他們在整個銷售技術堆棧中的投資能夠得到整合。這進一步加強了我們通過統一平台建立的競爭護城河。

Starting with the intelligence layer, we continue to grow our contact and company automation. We now have information on more than 150 million business professionals and 100 million companies. Internationally, we grew our company and contact data coverage in Europe by approximately 80% this past year, and we now cover nearly all businesses with more than 100 employees in Europe. We have expanded our health care data asset, adding nearly 0.5 million new contacts and enriching 750,000 others with supplemental contact information.

從智能層開始，我們繼續發展我們的聯繫和公司自動化。我們現在擁有超過 1.5 億商業專業人士和 1 億家公司的信息。在國際上，去年我們在歐洲的公司和聯繫人數據覆蓋率增長了約 80%，現在我們幾乎覆蓋了在歐洲擁有 100 多名員工的所有企業。我們擴展了我們的醫療保健數據資產，增加了近 50 萬個新聯繫人，並通過補充聯繫信息豐富了 750,000 個其他人。

We have also innovated with new data privacy features. Customers can now exclude contact data from certain geographies and create a public presence flag to highlight data that is available in the public domain. And we've built technology to support preemptive opt-outs for contacts not yet in the ZoomInfo platform. These enhancements enable our customers to control and customize their data experience in ZoomInfo and further reinforce why our continued investment in privacy is a competitive differentiator.

我們還通過新的數據隱私功能進行了創新。客戶現在可以從某些地區排除聯繫人數據，並創建一個公共存在標誌來突出顯示公共域中可用的數據。我們還構建了技術來支持尚未在 ZoomInfo 平台中的聯繫人搶先退出。這些增強功能使我們的客戶能夠控制和定制他們在 ZoomInfo 中的數據體驗，並進一步強化了我們在隱私方面的持續投資是競爭優勢的原因。

During the quarter, our privacy team engaged with dozens of multinational customers and prospects as subject matter experts on worldwide data use and privacy through guidance from that world-class privacy team, Fortune 1000 network operations and security company rolled out our global data passport by leveraging the robust set of data privacy controls offered within our platform, including master suppression functionality and region-by-region granular privacy filtering capabilities. Additionally, a fast-growing internationally based payments processor brought ZoomInfo on in 2020 to fuel their expansion into North America. After a year of success with their North America-based teams, our privacy team began engaging with the company's data protection officer who had more than 15 years of experience navigating data privacy regulations across more than 120 countries.

在本季度，我們的隱私團隊在世界級隱私團隊、財富 1000 強網絡運營和安全公司的指導下，作為主題專家與數十家跨國客戶和潛在客戶進行了全球數據使用和隱私方面的合作，並通過利用我們平台內提供的一組強大的數據隱私控制，包括主抑制功能和逐個區域的細粒度隱私過濾功能。此外，快速增長的國際支付處理商在 2020 年引入了 ZoomInfo，以推動其在北美的擴張。在與北美團隊合作一年的成功之後，我們的隱私團隊開始與公司的數據保護官合作，他在 120 多個國家/地區的數據隱私法規方面擁有超過 15 年的經驗。

Our team was able to walk through our global privacy notice framework, historical opt out and notice metrics and developments -- and developments in platform-native controls that would assist in their compliance practices, including our prebuilt do not call screening and integrated master suppression filtering. The interactions with our private teams and the innovation we brought to our industry around privacy controls gave them the confidence to add ZoomInfo's global data passport across their international team.

我們的團隊能夠瀏覽我們的全球隱私通知框架、歷史選擇退出和通知指標和發展——以及有助於他們合規實踐的平台原生控制的發展，包括我們預建的不呼叫篩选和集成的主抑製過濾.與我們的私人團隊的互動以及我們圍繞隱私控制為行業帶來的創新讓他們有信心在他們的國際團隊中添加 ZoomInfo 的全球數據通行證。

On the engagement layer of the ZoomInfo platform, we've continued to invest and engage our sales automation solution. We enhanced e-mail analytics, enabling sellers to optimize their e-mail content, timing and audiences to improve response rates and added an intelligent recommendations engine to deliver insights on the personas, most likely to engage based on prospecting history. These recommendations are based on a combination of data from ZoomInfo and response activity from Engage interactions with a seamless integration to easily import look-a-like audiences that maximize future engagement rates. With these significant product improvements, in Q3, we added the most ACV ever for Engage. Since its introduction in Q3 of last year, we now have more than 2,000 customers leveraging Engage to drive automation and efficiency in their sales motions. As an example, in the quarter, we closed a 6-figure enterprise deal with a Swiss-based pharmaceutical company, where nearly 50% of the ACV came from the intelligence layer and our global data passport and the other 50% came from the engagement layer.

在 ZoomInfo 平台的參與層上，我們繼續投資和參與我們的銷售自動化解決方案。我們增強了電子郵件分析，使賣家能夠優化他們的電子郵件內容、時間和受眾，以提高響應率，並添加了一個智能推薦引擎來提供關於最有可能根據潛在客戶歷史參與的角色的見解。這些建議基於來自 ZoomInfo 的數據和來自 Engage 交互的響應活動的組合，通過無縫集成輕鬆導入外觀相似的受眾，從而最大限度地提高未來的參與率。通過這些重大的產品改進，我們在第三季度為 Engage 添加了有史以來最多的 ACV。自去年第三季度推出以來，我們現在有 2,000 多名客戶利用 Engage 來推動銷售活動的自動化和效率。例如，在本季度，我們與一家瑞士製藥公司達成了 6 位數的企業交易，其中近 50% 的 ACV 來自情報層和我們的全球數據通行證，另外 50% 來自參與層。

In July, we acquired Chorus.ai, a leader in conversation intelligence, a market which we estimate to be an $18 billion opportunity. In addition to quickly integrating Chorus into the ZoomInfo platform, we are aggressively investing behind conversation intelligence, driving new and innovative capabilities to help our customers succeed and further drive our technology advantage. We plan to grow headcount on the Chorus product materially over the next year.

7 月，我們收購了對話智能領域的領導者 Chorus.ai，我們估計該市場將帶來 180 億美元的機會。除了將 Chorus 快速集成到 ZoomInfo 平台之外，我們還在積極投資對話智能，推動新的創新能力，以幫助我們的客戶取得成功並進一步推動我們的技術優勢。我們計劃在明年大幅增加 Chorus 產品的員工人數。

Since the acquisition, we've rolled out a number of significant enhancements to the Chorus product. Chorus customers who use Salesforce and Engage can now automatically save call recordings, transcripts and insights to their Salesforce CRM accounts.

自收購以來，我們對 Chorus 產品進行了多項重大改進。使用 Salesforce 和 Engage 的 Chorus 客戶現在可以自動將通話記錄、腳本和見解保存到他們的 Salesforce CRM 帳戶。

We also added a Chorus tab inside ZoomInfo, where go-to-market teams can find their interaction history, video call recordings, e-mail interactions, a contact list, including those at the company with whom they had interactions with, the ability to filter those interactions based on quick signals, keywords and trackers and momentum insights where a detailed summary view of call and email activity indicates how interactions are progressing at each account.

我們還在 ZoomInfo 中添加了一個合唱選項卡，上市團隊可以在其中找到他們的互動歷史、視頻通話記錄、電子郵件互動、聯繫人列表，包括與他們有過互動的公司中的那些人、能夠根據快速信號、關鍵字和跟踪器以及動量洞察力過濾這些交互，其中詳細的呼叫和電子郵件活動摘要視圖表明每個帳戶的交互進展情況。

In September, we launched the next iteration of Chorus' revenue intelligence capabilities, which gives users a clear view of momentum across all deals in their pipeline. Sales leaders, managers and reps all now have the tools that they need to analyze and identify opportunities or risks in the pipeline, enabling our customers to close more business and efficiently drive growth.

9 月，我們推出了 Chorus 收入情報功能的下一次迭代，讓用戶可以清楚地了解他們管道中所有交易的勢頭。銷售主管、經理和代表現在都擁有分析和識別管道中的機會或風險所需的工具，使我們的客戶能夠完成更多業務並有效推動增長。

We also launched the native Chorus app for Zoom Video Communications. The new app brings Chorus directly into the Zoom meeting experience, enabling improved tagging, note-taking direct syncing with Salesforce and the ability for sales reps to immediately activate specialists, overlay sales support and others to join a call in real time.

我們還為 Zoom Video Communications 推出了原生 Chorus 應用程序。新應用程序將 Chorus 直接帶入 Zoom 會議體驗，改進標記、筆記記錄與 Salesforce 的直接同步，以及讓銷售代表立即激活專家、覆蓋銷售支持和其他人實時加入通話的能力。

All of this investment has knock on unnoticed. Chorus was recently recognized as a strong performer in the Q4 2021 Forrester Wave Conversation Intelligence. Chorus was called out for having differentiated features and standing out above the rest and received the highest possible scores in 8 categories, including sales performance measurement, sales modeling and forecasting, post-call coaching, product and technology innovation, road map and others.

所有這些投資都被忽視了。 Chorus 最近在 2021 年第四季度 Forrester Wave Conversation Intelligence 中被公認為表現出色的表演者。 Chorus 因具有差異化功能和脫穎而出而被選中，並在 8 個類別中獲得最高分，包括銷售績效衡量、銷售建模和預測、電話後輔導、產品和技術創新、路線圖等。

Chorus continues to win other industry accolades as well. It was named the top-rated product and software reviews 2021, conversation intelligence data quadrant, recognized by G2 on 7 of their 2021 Best Software Awards list and landed on TrustRadius' 2021 top-rated awards list for conversation intelligence.

Chorus 也繼續贏得其他行業的讚譽。它被評為 2021 年最受好評的產品和軟件評論，對話智能數據象限，在 2021 年最佳軟件獎名單中的 7 個中被 G2 認可，並登上了 TrustRadius 的 2021 年對話智能最高獎名單。

In addition to all of the development and integration work on conversation intelligence, we also integrated ZoomInfo Chat Inbox from our Q2 acquisition of Incent.ai. SPRs can now be notified and engaged directly with high-priority website visitors and live chat experiences within the ZoomInfo platform. We surround that in-app chat experience with company information, news, scooped and buying committee data alongside the chat conversations. The ZoomInfo chat application is now supported as a Slack marketplace application, enabling sales teams to leverage robust ZoomInfo data directly inside Slack as they engage with prospects.

除了對話智能的所有開發和集成工作外，我們還集成了我們第二季度收購 Incent.ai 的 ZoomInfo Chat Inbox。現在可以通知 SPR 並直接與 ZoomInfo 平台內的高優先級網站訪問者和實時聊天體驗進行互動。我們將這種應用內聊天體驗與公司信息、新聞、獨家和採購委員會數據以及聊天對話相結合。 ZoomInfo 聊天應用程序現在作為 Slack 市場應用程序得到支持，使銷售團隊能夠在與潛在客戶互動時直接在 Slack 內部利用強大的 ZoomInfo 數據。

In ZoomInfo recruiter, we added a number of new features to improve the user experience and open up the platform for more integrations. While still early, we more than doubled the number of recruiter customers from Q2 2021. From a future perspective, we added recruiter pipeline management, allowing users to track and manage candidates through pipeline stages for the specific hiring projects they are working on and enabling better integration with application -- with applicant tracking systems.

在 ZoomInfo 招聘人員中，我們添加了許多新功能以改善用戶體驗並開放平台以進行更多集成。雖然還處於早期階段，但我們的招聘人員客戶數量比 2021 年第二季度增加了一倍以上。從未來的角度來看，我們添加了招聘人員管道管理，允許用戶通過管道階段跟踪和管理他們正在從事的特定招聘項目的候選人，並更好地實現與應用程序集成——與申請人跟踪系統。

Through contributions from our innovation and data science teams, we added a likely to listen score that uses a variety of ZoomInfo data to help recruiters find candidates that are statistically more likely to be open to changing jobs. We also added a new integration with PC Recruiter, which allows talent acquisition professionals to add candidates to their candidate pipeline.

通過我們的創新和數據科學團隊的貢獻，我們添加了一個使用各種 ZoomInfo 數據的可能傾聽分數，以幫助招聘人員找到在統計上更有可能對換工作持開放態度的候選人。我們還添加了與 PC Recruiter 的新集成，它允許人才招聘專業人員將候選人添加到他們的候選人管道中。

Within the orchestration layer, we added significant capabilities through our acquisition of the leading data orchestration platform, RingLead. RingLead ingests cleans, enhances segments, scores and routes customers' data then provide a flexible, customizable and rules-driven approach to integrating this data into a company system of record.

在編排層，我們通過收購領先的數據編排平台 RingLead 增加了重要功能。 RingLead 對客戶數據進行清理、增強細分、評分和路由，然後提供靈活、可定制和規則驅動的方法，將這些數據集成到公司記錄系統中。

In Q3, we launched our first integration between RingLead and ZoomInfo. Now when customers export records from ZoomInfo to Salesforce, they can first flow through RingLead data orchestration workflows ensuring the duplication, record normalization and routing take place before the newly added records or passed over to their CRM. With our continued investment in data orchestration and routing and triggers that initiate workflow that drive go-to-market motions, more and more customers are realizing the value of truly automating their go-to-market motions based on insight surface through ZoomInfo.

在第三季度，我們啟動了 RingLead 和 ZoomInfo 之間的首次集成。現在，當客戶將記錄從 ZoomInfo 導出到 Salesforce 時，他們可以首先通過 RingLead 數據編排工作流程，確保在新添加的記錄或傳遞到他們的 CRM 之前進行複制、記錄規範化和路由。隨著我們對數據編排和路由的持續投資以及啟動工作流程以推動上市運動的觸發器，越來越多的客戶正在意識到通過 ZoomInfo 基於洞察面真正自動化他們的上市運動的價值。

In the third quarter alone, saw 25% sequential growth in this level of automation from our customers through increased adoption of our workflow functionality.

僅在第三季度，通過增加採用我們的工作流程功能，我們的客戶在這種自動化水平上實現了 25% 的連續增長。

During the quarter, we surpassed 25,000 customers, and we now have more than 1,250 customers with greater than 100,000 in ACV. These customers now represent more than 40% of our overall ACV with the ACV from not cohort growing by more than 85% year-over-year. Growth is coming both from expansions of existing customers and landing new customers above the 100,000 threshold, with customers taking up more and more products at the point of initial sale.

在本季度，我們的客戶超過 25,000 名，現在我們擁有超過 1,250 名客戶，其 ACV 超過 100,000。這些客戶現在占我們整體 ACV 的 40% 以上，來自非隊列的 ACV 同比增長超過 85%。增長來自現有客戶的擴展和超過 100,000 個門檻的新客戶，客戶在初始銷售點購買越來越多的產品。

During the quarter, we landed multiple million-dollar-plus TCV transactions with new customers. We continue to have increasing functionality that is driving success with our largest customers, driving ASP growth in that cohort and reinforcing the increasingly central role we are playing in an organization sales technology stack.

在本季度，我們與新客戶達成了多筆超過百萬美元的 TCV 交易。我們繼續擁有不斷增加的功能，這些功能正在推動我們最大的客戶取得成功，推動該群體的 ASP 增長，並加強我們在組織銷售技術堆棧中發揮的日益核心的作用。

One recent customer the project management and collaboration space highlighted the power of our data and data orchestration platform. Their investment in ZoomInfo data as a service solutions built a foundation at the company, while they also invested in RingLead, Cleanse and multivendor Enrich to automate lead flow and remove duplicate contacts.

項目管理和協作空間最近的一位客戶強調了我們的數據和數據編排平台的強大功能。他們對 ZoomInfo 數據即服務解決方案的投資為公司奠定了基礎，同時他們還投資了 RingLead、Cleanse 和多供應商 Enrich，以自動化潛在客戶流並消除重複的聯繫人。

The customer wanted to understand as much as possible about a prospect at the beginning of the lead cycle and the speed and accuracy of the ZoomInfo platform proved critical to increasing their speed to lead, driving increased conversion rates and more revenue for their organization.

客戶希望在潛在客戶週期開始時盡可能多地了解潛在客戶，事實證明，ZoomInfo 平台的速度和準確性對於提高他們的領先速度、提高轉化率並為他們的組織帶來更多收入至關重要。

A client in the on-demand delivery service industry is making full use of our platform in every aspect of their business. Aside from using our intelligence layer to identify their next best customers, from our orchestration layer, they've also implemented our full complete and enrichment solutions to increase website conversions and keep their customer and prospect data up-to-date and accurate.

按需交付服務行業的客戶正在其業務的各個方面充分利用我們的平台。除了使用我們的情報層來識別他們的下一個最佳客戶，從我們的編排層，他們還實施了我們完整和豐富的解決方案，以提高網站轉化率並保持他們的客戶和潛在客戶數據最新和準確。

This customer didn't stop at the top of the funnel, they've also rolled out Chorus to their sales team to drive real-time coaching and competitive analytics from every digital interaction they have with customers and prospects.

該客戶並沒有停留在漏斗的頂端，他們還向他們的銷售團隊推出了 Chorus，以從他們與客戶和潛在客戶的每次數字互動中推動實時指導和競爭分析。

In order for us to drive success across the organization, we need a world-class team. The combination of our strong culture, which drives all of us to improve ourselves 1% every day combined with the growing investments in recruiting, in talent acquisition has allowed us to attract, hire and retain top talent at all levels of the organization.

為了讓我們在整個組織中取得成功，我們需要一個世界級的團隊。我們強大的文化推動我們所有人每天提高 1%，再加上在人才招聘方面不斷增長的投資，使我們能夠在組織的各個層面吸引、聘用和留住頂尖人才。

ZoomInfo has been certified as a Great Place To Work for 5 consecutive years. We've also won awards for being a Best Place to Work for Millennials, won 11 comparably awards in 2021 and were recognized by the Mass TLC as a top company for diversity. There is a global fight for talent, and we win more than our fair share because of the culture of success we've created, our continuing investment in our people to create long-term career development opportunities and our focus on diversity and inclusion.

ZoomInfo 已連續 5 年被評為最佳工作場所。我們還因成為千禧一代最佳工作場所而獲獎，在 2021 年獲得了 11 個同等獎項，並被 Mass TLC 評為多元化的頂級公司。全球都在爭奪人才，我們贏得的份額超過了公平份額，因為我們創造了成功的文化，我們對員工的持續投資以創造長期的職業發展機會，以及我們對多元化和包容性的關注。

As a result, in the third quarter alone, we hired more than 500 employees, and we continue to hire aggressively to support our long-term growth.

因此，僅在第三季度，我們就僱傭了 500 多名員工，並且我們繼續積極招聘以支持我們的長期增長。

In closing, Q3 was an exceptional quarter. We delivered great financial results or again raising our outlook for the year and continue to build on our substantial competitive moat by investing in all 3 layers of our integrated platform: the intelligence layer, the orchestration layer and the engagement layer.

最後，第三季度是一個特殊的季度。我們取得了可觀的財務業績或再次提高了今年的展望，並通過投資於我們集成平台的所有 3 層：情報層、編排層和參與層，繼續建立我們強大的競爭護城河。

The market opportunity is as big as ever. And as I indicated earlier, we continue to build a category-defining company by delivering end-to-end success for go-to-market teams worldwide.

市場機會和以往一樣大。正如我之前指出的那樣，我們通過為全球上市團隊提供端到端的成功，繼續建立一個定義類別的公司。

With that, I'll hand it over to our Chief Financial Officer, Cameron Hyzer.

有了這個，我會把它交給我們的首席財務官 Cameron Hyzer。

Thanks, Henry. As a result of the broad-based strength that we are seeing, we delivered results ahead of expectations, leading us to again raise our financial guidance for the year. We now expect to deliver revenue growth of 54% in 2021 with organic growth of 50% at the midpoint of our revenue guidance. And we are increasing our adjusted operating income guidance to $299 million to $301 million, up from $291 million to $295 million.

謝謝，亨利。由於我們看到了廣泛的實力，我們的業績超出了預期，導致我們再次提高了今年的財務指導。我們現在預計 2021 年收入將增長 54%，在收入指導的中點有機增長 50%。我們正在將調整後的營業收入指引從 2.91 億美元增加到 2.95 億美元，從 2.91 億美元增加到 2.95 億美元。

We are excited about the organic growth in the business that we continue to deliver, while at the same time, meeting and exceeding expectations for Chorus and our other recent acquisitions. In Q3, we delivered GAAP revenue of $198 million. This exceeded our $182 million to $184 million revenue guidance range and represents 60% year-over-year growth, up from 57% growth in the prior quarter. The acceleration in revenue growth this quarter was underpinned by organic revenue growth of 54%, which excludes the contribution from acquired products during the first 12 months post acquisition. We continue to see success internationally in the enterprise and with our newly launched features and functionality, all contributing to help drive the acceleration in revenue growth.

我們對我們繼續提供的業務的有機增長感到興奮，同時滿足並超出對合唱和我們最近的其他收購的預期。在第三季度，我們實現了 1.98 億美元的 GAAP 收入。這超出了我們 1.82 億美元至 1.84 億美元的收入指導範圍，同比增長 60%，高於上一季度的 57%。本季度收入增長的加速得益於 54% 的有機收入增長，其中不包括收購後前 12 個月收購產品的貢獻。我們繼續看到企業在國際上的成功以及我們新推出的特性和功能，所有這些都有助於推動收入增長的加速。

International revenue growth accelerated to greater than 80% year-over-year. Our international business now generates over $80 million on an annualized basis. We ended the quarter with more than 25,000 total customers and with more than 1,250 customers with more than $100,000 in ACV, which is up more than 70% year-over-year. Customers with more than $100,000 in ACV now represent more than 40% of our subscription revenue, and the ACV contributed by these customers grew more than 85% relative to Q3 2020.

國際收入同比增長超過 80%。我們的國際業務現在每年產生超過 8000 萬美元的收入。截至本季度末，我們共有超過 25,000 名客戶，超過 1,250 名客戶的 ACV 超過 100,000 美元，同比增長超過 70%。 ACV 超過 100,000 美元的客戶現在占我們訂閱收入的 40% 以上，與 2020 年第三季度相比，這些客戶貢獻的 ACV 增長了 85% 以上。

The third quarter, adjusted operating income was $78 million. This exceeded our revenue guidance range of $72 million to $74 million and represents an adjusted operating income margin of 39%. The small margin performance, combined with 54% organic revenue growth is consistent with the growth and profitability framework that we set out at our recent Analyst Day.

第三季度，調整後的營業收入為 7800 萬美元。這超出了我們 7200 萬美元至 7400 萬美元的收入指導範圍，調整後的營業利潤率為 39%。微薄的利潤率表現，加上 54% 的有機收入增長，與我們在最近的分析師日制定的增長和盈利能力框架一致。

This increased investment in the business is intentional and is driven by the recent acquisitions and continued investments in growth. We believe that our philosophy of maintaining cost of revenue, our cost of service, R&D and G&A as a percentage of combined revenue in the low 30s on an annual basis, then managing sales and marketing costs as a percentage of revenue based on the growth that we drive will enable us to continue to deliver sustainable growth over the long term, accompanied by a leading profitability profile.

這種對業務的增加投資是有意的，並且是由最近的收購和對增長的持續投資所推動的。我們認為，我們的理念是每年將收入成本、服務成本、研發和 G&A 佔總收入的百分比保持在 30 年代的低點，然後根據增長來管理銷售和營銷成本佔收入的百分比我們的驅動力將使我們能夠在長期內繼續實現可持續增長，同時實現領先的盈利能力。

As Henry indicated, we continue to invest in growing our team, ending the quarter with over 2,500 employees, up from fewer than 1,300 employees at the end of May 2020, just before our IPO. We expect to continue to invest across the entire organization with particular focus on product and engineering investments and the expansion of sales capacity to drive sustained growth.

正如亨利所說，我們將繼續投資發展我們的團隊，在本季度結束時擁有超過 2,500 名員工，而在 2020 年 5 月底，我們 IPO 之前的員工人數還不到 1,300 人。我們預計將繼續對整個組織進行投資，特別關注產品和工程投資以及擴大銷售能力以推動持續增長。

Turning to the balance sheet and cash flow. We ended the quarter with $239 million in cash, cash equivalents and short-term investments. In the third quarter, we generated operating cash flows of $46 million, which included approximately $14 million of interest payments in the quarter. Unlevered free cash flow was $73 million for the quarter, 93% of adjusted operating income. We continue to expect that on an annual basis, unlevered free cash flow conversion will be in the range of 100% to 110% as a percentage of adjusted operating income.

轉向資產負債表和現金流。我們在本季度結束時擁有 2.39 億美元的現金、現金等價物和短期投資。第三季度，我們產生了 4600 萬美元的經營現金流，其中包括本季度約 1400 萬美元的利息支付。本季度無槓桿自由現金流為 7300 萬美元，佔調整後營業收入的 93%。我們繼續預計，按年度計算，無槓桿自由現金流轉換佔調整後營業收入的百分比將在 100% 至 110% 之間。

With respect to liabilities and future performance obligations, unearned revenue at the end of the quarter was $288 million and remaining performance obligations, or RPO, were $712 million, of which $552 million are expected to be delivered in the next 12 months.

在負債和未來履約義務方面，本季度末未實現收入為 2.88 億美元，剩餘履約義務或 RPO 為 7.12 億美元，其中 5.52 億美元預計將在未來 12 個月內交付。

As I've outlined in the past, calculated billings and RPO can be imprecise metrics to assess in-period activity and forward momentum. As a result, we focus on days adjusted sequential revenue growth. We delivered 12% days adjusted sequential revenue growth in the third quarter, continuing the strong momentum we achieved in the first half of the year. The strong sequential revenue growth gives us confidence again to raise our expectations for the year.

正如我過去所概述的，計算出的賬單和 RPO 可能是評估期間活動和前進動力的不精確指標。因此，我們關注天數調整後的連續收入增長。我們在第三季度實現了 12% 的調整後收入環比增長，延續了我們在上半年取得的強勁勢頭。強勁的連續收入增長使我們再次有信心提高對今年的預期。

As of September 5, we carried $1.25 billion in gross debt at a net leverage ratio of 3.4x trailing 12 months adjusted EBITDA and 2.6x trailing 12 months cash EBITDA, which is defined as consolidated EBITDA in our credit agreements.

截至 9 月 5 日，我們的總債務為 12.5 億美元，淨槓桿率為 3.4 倍過去 12 個月調整後 EBITDA 和 2.6 倍過去 12 個月現金 EBITDA，在我們的信貸協議中定義為合併 EBITDA。

In the third quarter, we acquired Chorus.ai and RingLead for a combined $665 million. Concurrent with the acquisition of Chorus, we issued $300 million in add-on senior notes due February 2029 and $200 million in add-on term loan B with a maturity of February 2026. At the time of the announcement, S&P upgraded our corporate debt rating to BB-, along with upgrading our first lien securities to BB and upgrading our bonds to B. Moody's also upgraded the issue level rating on the first lien to BA2.

第三季度，我們以總計 6.65 億美元的價格收購了 Chorus.ai 和 RingLead。在收購 Chorus 的同時，我們發行了 3 億美元的 2029 年 2 月到期的附加優先票據和 2 億美元的附加定期貸款 B，到期日為 2026 年 2 月。在公告發佈時，標準普爾上調了我們的公司債務評級至 BB-，同時將我們的第一留置權證券升級至 BB 並將我們的債券升級至 B。穆迪還將第一留置權的發行級別評級上調至 BA2。

With respect to the entity reorganization that we announced in September, I am pleased to say that we successfully completed the transaction last week. -- eliminating the UPC and multi-class voting structure, which resulted in all shareholders holding the same cost of stock with the same economic and voting interest. Giving all shareholders 1 vote per share was an important next step in our evolution as a public company.

關於我們在 9 月份宣布的實體重組，我很高興地說，我們上周成功完成了交易。 ——取消UPC和多級投票結構，這導致所有股東持有相同的股票成本，具有相同的經濟和投票權。給予所有股東每股一票是我們作為上市公司發展的重要下一步。

In addition to demonstrating good corporate governance that streamlines our operations, reduces complexity and is expected to enable the company to become eligible for inclusion in relevant stock indices. Prior to the conversion to a single class of common stock and eliminating the Up-C structure, our pre-IPO holders converted the majority of their shares to Class A shares in a taxable event, creating a step-up in basis. The company benefits from that step-up in basis through the tax receivable agreement.

除了展示能夠簡化我們的運營、降低複雜性並有望使公司有資格被納入相關股票指數的良好公司治理之外。在轉換為單一類別普通股並取消 Up-C 結構之前，我們的 IPO 前持有人在應稅事件中將其大部分股票轉換為 A 類股票，從而創造了基礎。公司通過應收稅款協議從基礎上的提升中受益。

As a result, the company currently has a deferred tax asset of $4 billion and a tax receivable agreement liability of approximately $3 billion, which will be payable over time upon realization of the deferred tax asset. Additionally, we recorded GAAP tax expense of $42 million in the quarter, the majority of which related to a noncash basis shift resulting from the entity simplification and reorganizations executed in Q3.

因此，該公司目前擁有 40 億美元的遞延稅項資產和約 30 億美元的應收稅款協議負債，將在實現遞延稅項資產後隨時間支付。此外，我們在本季度記錄了 4200 萬美元的 GAAP 稅收費用，其中大部分與第三季度執行的實體簡化和重組導致的非現金基礎轉變有關。

With that, I will provide our outlook for the fourth quarter and updated outlook for the full year 2021. For Q4, we expect GAAP revenue in the range of $206 million to $208 million and adjusted operating income in the range of $79 million to $81 million. Non-GAAP net income is expected to be in the range of $0.12 to $0.13 per share. Our Q4 guidance implies year-over-year GAAP revenue growth of 48% at the midpoint and an adjusted operating income margin of 39%.

有了這個，我將提供我們對第四季度的展望和 2021 年全年的最新展望。對於第四季度，我們預計 GAAP 收入在 2.06 億美元至 2.08 億美元之間，調整後營業收入在 7900 萬美元至 8100 萬美元之間.非 GAAP 淨收入預計在每股 0.12 美元至 0.13 美元之間。我們的第四季度指導意味著中點的 GAAP 收入同比增長 48%，調整後的營業利潤率為 39%。

We are updating our full year 2021 guidance as follows: we now expect GAAP revenue in the range of $731 million to $733 million, an increase from our prior guidance of $703 million to $707 million; and adjusted operating income in the range of $299 million to $301 million, an increase from our prior guidance of $291 million to $295 million.

我們將 2021 年全年指引更新如下：我們現在預計 GAAP 收入在 7.31 億美元至 7.33 億美元之間，高於我們之前的 7.03 億美元至 7.07 億美元的指引；調整後的營業收入在 2.99 億美元至 3.01 億美元之間，高於我們之前指導的 2.91 億美元至 2.95 億美元。

We expect non-GAAP net income in the range of $0.51 to $0.52 per share, up from our prior guidance of $0.50 to $0.51 per share, both amounts based on 405 million diluted weighted shares outstanding. For unlevered free cash flow, we expect a range of $320 million to $325 million, an increase from our prior guidance of $300 million to $305 million. Our full year guidance implies 54% GAAP revenue growth, which compares to our prior revenue guidance of 48% and implies organic revenue growth of 50%.

我們預計非 GAAP 淨收入在每股 0.51 美元至 0.52 美元之間，高於我們之前的每股 0.50 美元至 0.51 美元的指導，這兩個數額均基於 4.05 億股稀釋加權流通股。對於無槓桿的自由現金流，我們預計範圍為 3.2 億美元至 3.25 億美元，高於我們之前的 3 億美元至 3.05 億美元的指導。我們的全年指導意味著 54% 的 GAAP 收入增長，而我們之前的收入指導為 48%，這意味著有機收入增長 50%。

With that, let me turn it over to the operator to open up the call for questions.

有了這個，讓我把它交給接線員來打開提問的電話。

(Operator Instructions) Your first question is from Stan Zlotsky of Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Stan Zlotsky。

Perfect. Congratulations on a very strong quarter. One -- a couple of questions from my end, a very high level, right? The international business is certainly doing really well, a very impressive 80% growth that you guys just put up in the quarter. But from a data perspective, right, could you help us with kind of the relative size of your U.S. data set versus international data set? And is there anything different as far as building out those data sets, the U.S. data set versus the international data sets that makes the process more just challenging or perhaps it's just different as to how you build those data sets?

完美的。祝賀一個非常強勁的季度。一個——我的幾個問題，一個非常高的水平，對吧？國際業務確實做得很好，你們剛剛在本季度提出的 80% 的增長令人印象深刻。但是從數據的角度來看，對，你能幫助我們了解你的美國數據集與國際數據集的相對規模嗎？就構建這些數據集而言，美國數據集與國際數據集有什麼不同，這使得該過程更具挑戰性，或者只是在如何構建這些數據集方面有所不同？

Stan, thanks for the question. I think, first, you saw that we invested -- 2 quarters ago, we said we were going to invest behind the international offering. This quarter, we announced that we grew our data asset in Europe by over 80% year-to-date and feel really good about the continuing investments we're putting behind that. I would say there are unique challenges when putting together an international data set. Obviously, we don't have to worry about translation or multi-languages or multicurrencies in the United States or North America really. And then internationally, we do have to be concerned with those aspects.

斯坦，謝謝你的問題。我想，首先，你看到我們投資了——兩個季度前，我們說我們將投資於國際發行。本季度，我們宣布我們在歐洲的數據資產今年迄今增長了 80% 以上，並且對我們在這方面的持續投資感到非常滿意。我想說的是，在整合國際數據集時存在獨特的挑戰。顯然，我們真的不必擔心美國或北美的翻譯或多語言或多幣種。然後在國際上，我們確實必須關注這些方面。

So we've built translation layers. We built currency converters. We also have tapped into the different international data sets, government data sets that provide high-level financial metrics for all companies, public and private, in different markets. And so it's a unique challenge and how it's different than North America, but from a relative size perspective, I would tell you that Europe is close -- Europe is close to 90% of what you have from a coverage perspective in the United States. Over -- we have nearly every business with over 100 employees in Europe, and that's where we're really launching the international offering, and we continue to build rest of the world as well.

所以我們建立了翻譯層。我們建立了貨幣轉換器。我們還利用了不同的國際數據集、政府數據集，這些數據集為不同市場的所有公共和私營公司提供高級財務指標。所以這是一個獨特的挑戰，它與北美有何不同，但從相對規模的角度來看，我會告訴你歐洲很接近——從美國的覆蓋範圍來看，歐洲接近你所擁有的 90%。結束——我們在歐洲擁有幾乎所有擁有超過 100 名員工的企業，這就是我們真正推出國際產品的地方，我們也在繼續建設世界其他地區。

Got it. Perfect. And Cameron, a quick follow-up for you. You mentioned the 50% growth target for the full year on an organic basis? And then also just a 54% growth in Q3 on revenue. If we look at billings, can you give us a rough sense for if there was any meaningful write-downs that needed to happen on Chorus.ai or RingLead? And what kind of inorganic impact you saw to Q3 billings from those two acquisitions?

知道了。完美的。還有卡梅倫，為您提供快速跟進。您提到了全年有機增長 50% 的目標？第三季度的收入也僅增長了 54%。如果我們查看賬單，您能否大致了解一下 Chorus.ai 或 RingLead 是否需要進行任何有意義的減記？你從這兩次收購中看到了對第三季度賬單的什麼樣的無機影響？

So the acquisitions added roughly $10 million in unearned revenue at the acquisition date. As I'm sure I've stated before, in our mind, unearned revenue and RPO metrics that can be derived from those aren't the cleanest metrics that people can use to assess in-period activity. So we're much more focused on the sequential revenue growth. But overall, we aren't going to be breaking out billings from customers from the businesses post acquisition, just given that we're already bundling and have integrated those businesses. And the difference that you see in the noise is probably less than the variability that you'd see from the just metrics themselves.

因此，這些收購在收購之日增加了大約 1000 萬美元的未賺取收入。正如我確信我之前說過的那樣，在我們看來，可以從中得出的非勞動收入和 RPO 指標並不是人們可以用來評估期間活動的最清晰的指標。因此，我們更關注連續收入增長。但總的來說，我們不會從收購後的業務中提取客戶的賬單，因為我們已經捆綁並整合了這些業務。您在噪音中看到的差異可能小於您從公正指標本身看到的可變性。

The next question is from Siti Panigrahi with Mizuho.

下一個問題來自瑞穗的 Siti Panigrahi。

It's great to see this strength in the enterprise side, mainly the $100,000 plus ACV customer. So help us understand what's driving? Is it more on the user side? Or is it more you're able to now cross-sell more and more products into that? Yes, any color would be helpful.

很高興在企業方面看到這種實力，主要是 100,000 美元以上的 ACV 客戶。所以幫助我們了解是什麼在驅動？更多的是在用戶方面嗎？還是您現在能夠交叉銷售越來越多的產品？是的，任何顏色都會有幫助。

Yes. I think we see growth in both of those cities. We see growth from a user and seat expansion across the enterprise. And that just fits into our land and expand motion where we can land in one sort of business unit of an enterprise customer and then expand as that business unit see success. And then the other is, we are selling an expanding product set into the enterprise. And so where we may land with the intelligence layer, we end up selling the engagement layer in or we sell our chat functionality, our engage functionality, the Chorus functionality. We sell our DAS offering, which is an outgrowth of our EverString acquisition last year into the enterprise in an accelerated fashion. And so you really see growth in that enterprise cohort coming from both new products that we're able to cross-sell in as well as new user seats and expansion within that customer base.

是的。我認為我們在這兩個城市都看到了增長。我們看到整個企業的用戶和席位擴展帶來了增長。這恰好適合我們的土地並擴展運動，我們可以在企業客戶的一種業務部門中登陸，然後隨著該業務部門的成功而擴展。然後另一個是，我們正在向企業銷售擴展產品集。因此，我們可能會在智能層落地的地方，我們最終出售參與層，或者我們出售我們的聊天功能、參與功能、合唱功能。我們出售我們的 DAS 產品，這是我們去年以加速方式收購 EverString 的產物。因此，您確實看到該企業群體的增長來自我們能夠交叉銷售的新產品以及新用戶席位和該客戶群中的擴展。

Okay. That's great color. And then on the RingLead acquisition, help us understand a bit, is it about improving your data quality? Or are you able to cross-sell into your customer base in terms of improving data quality? And what kind of ASP or ACV, we would expect from RingLead?

好的。這顏色真好。然後關於 RingLead 的收購，幫助我們理解一下，是不是為了提高你的數據質量？或者您是否能夠在提高數據質量方面向您的客戶群進行交叉銷售？我們希望 RingLead 提供什麼樣的 ASP 或 ACV？

So from a product perspective, that is a product that we're cross-selling. It's not designed for our own data quality measures. We've built number of tools and dashboards that track data. Last call, we talked about from a data accuracy perspective, we look at 138 different dashboards every day to make sure our data accuracy is continuing to improve. RingLead is a tool that sits on the customer base and allow the customer to cleanse, normalize, enrich, route and score their leads that are coming through their different systems. From an ASP perspective?

所以從產品的角度來看，這是我們交叉銷售的產品。它不是為我們自己的數據質量測量而設計的。我們已經構建了許多跟踪數據的工具和儀表板。上次電話會議，我們從數據準確性的角度談到，我們每天查看 138 個不同的儀表板，以確保我們的數據準確性不斷提高。 RingLead 是一種基於客戶群的工具，允許客戶清理、規範化、豐富、路由和評分來自不同系統的潛在客戶。從 ASP 的角度來看？

Yes. So from an ASP perspective, it very much depends on the size of the customer and their relative usage of data. So the pricing for regulator is much more heavily geared towards the amount of data that they're orchestrating for a customer. Whereas, ZoomInfo pricing can be geared towards both the data that they're integrating into their systems, but also on seats and other pieces of functionality. So when you look at the RingLead customers that were overlapping with ZoomInfo customers, some of them could be as low as 10% of the ZoomInfo ASP. Some customers can be paying even more for RingLead than they are for ZoomInfo. But on average, overall, the ASP lift is around 20%.

是的。因此，從 ASP 的角度來看，這在很大程度上取決於客戶的規模和他們對數據的相對使用情況。因此，監管機構的定價更傾向於他們為客戶編排的數據量。然而，ZoomInfo 定價既可以針對他們正在集成到其係統中的數據，也可以針對座位和其他功能。因此，當您查看與 ZoomInfo 客戶重疊的 RingLead 客戶時，其中一些可能低至 ZoomInfo ASP 的 10%。一些客戶為 RingLead 支付的費用可能比購買 ZoomInfo 的費用更高。但平均而言，總體而言，平均售價提升約為 20%。

Your next question is from Mark Murphy with JPMorgan.

您的下一個問題來自摩根大通的 Mark Murphy。

It's on a very strong quarter. So Henry, you mentioned in your script the global fight for talent. And I'm wondering if you could sense that the shortage of skilled labor in the U.S. and this great resignation, we're experiencing -- is impacting your customers' own ability to fill open sales roles? And then perhaps if they can't, it's maybe causing them to digitize their go-to-market motions even more rapidly. But basically, I'm just wondering if you're able to see ZoomInfo being viewed as a solution actually for some of the labor shortages out there?

這是一個非常強勁的季度。所以亨利，你在劇本中提到了全球人才爭奪戰。我想知道你是否能感覺到美國熟練勞動力的短缺以及我們正在經歷的這種巨大的辭職——正在影響你的客戶自己填補空缺銷售職位的能力？然後也許如果他們不能，這可能會導致他們更快地將他們的上市動作數字化。但基本上，我只是想知道您是否能夠看到 ZoomInfo 被視為實際上解決一些勞動力短缺問題的解決方案？

Yes. Absolutely, Mark. I mean, I think first, within our enterprise customer base, there the majority of the opportunity is still an expansion of user seats. So even if they're struggling to hire at some place -- in some place in the enterprise, there's still a tremendous white space opportunity for us within the enterprise. I think where we see the opportunity in the great reshuffle or the great resignation is in the ZoomInfo recruiter product, both from our ability to sell it in to customers who are experiencing that struggle to hire.

是的。絕對的，馬克。我的意思是，我認為首先，在我們的企業客戶群中，大部分機會仍然是擴大用戶席位。因此，即使他們在某個地方努力招聘——在企業的某個地方，我們在企業內部仍然有巨大的空白機會。我認為我們在大改組或大辭職中看到的機會在於 ZoomInfo 招聘產品，無論是我們將其出售給遇到招聘困難的客戶的能力。

We think we've built the world's best passive candidate data asset and have built engagement automation around it and technical and digital tools to help recruiters identify and source candidates in a digital way. So we feel really good about that offering and the growth that we saw there in the quarter and the continuing growth that we see in the future. If you use Engage as an analogy here, we rolled out Engage in Q3 of 2020. We now have over 2,000 customers on the Engage platform. Any point solution provider in the space took nearly a decade to get to that same customer count, and we feel very similarly about recruiter as we feel about Engage and the momentum that we're seeing there. And so I think it serves us well on the ZoomInfo recruiter product, for sure.

我們認為我們已經建立了世界上最好的被動候選人數據資產，並圍繞它建立了參與自動化以及技術和數字工具，以幫助招聘人員以數字方式識別和尋找候選人。因此，我們對該產品以及我們在本季度看到的增長以及我們在未來看到的持續增長感到非常滿意。如果您在這裡使用 Engage 作為類比，我們在 2020 年第三季度推出了 Engage。我們現在在 Engage 平台上擁有超過 2,000 名客戶。該領域的任何單點解決方案提供商都花了近十年的時間才達到同樣的客戶數量，我們對招聘人員的看法與我們對 Engage 的看法和我們在那裡看到的勢頭非常相似。所以我認為它在 ZoomInfo 招聘產品上為我們提供了很好的服務，當然。

You've done that very rapidly, no doubt. Cameron or perhaps also for Henry. My other question is just how many of your customers do you think are reaching a conclusion that ZoomInfo is as important or perhaps more important than their CRM system that they've had for a long time, such that maybe you can envision ZoomInfo becoming their #1 line item in their sales and marketing tech stack, I think that was a topic you had touched on last quarter.

毫無疑問，你做得非常快。卡梅倫或者也許也適合亨利。我的另一個問題是，您認為有多少客戶得出結論認為 ZoomInfo 與他們長期以來擁有的 CRM 系統一樣重要或可能更重要，因此您可以設想 ZoomInfo 成為他們的#他們的銷售和營銷技術堆棧中的第一個項目，我認為這是你上個季度提到的一個話題。

I think, Mark, we still envision the world as ZoomInfo is an intelligence and engagement solution that can help you get more out of your CRM investment. And we're never fighting for dollars against CRM solutions today. We're really trying to convert those systems of record to true systems of insights. And I think when customers are using ZoomInfo alongside their CRM and embedding ZoomInfo inside of their CRM, whether that be Salesforce or HubSpot or any number of other CRMs out there, they are getting more value out of those platforms. Their users are engaging with those platforms in more meaningful ways, and they're able to drive the insights that they've always wanted out of those platforms.

我認為，Mark，我們仍然設想這個世界，因為 ZoomInfo 是一種智能和參與解決方案，可以幫助您從 CRM 投資中獲得更多收益。今天，我們從未與 CRM 解決方案爭奪資金。我們真的在嘗試將這些記錄系統轉換為真正的洞察系統。而且我認為，當客戶將 ZoomInfo 與他們的 CRM 一起使用並將 ZoomInfo 嵌入到他們的 CRM 中時，無論是 Salesforce、HubSpot 還是其他任何數量的 CRM，他們都會從這些平台中獲得更多價值。他們的用戶正在以更有意義的方式與這些平台互動，他們能夠從這些平台中獲得他們一直想要的洞察力。

The next question is from Michael Turrin with Wells Fargo Securities.

下一個問題來自 Wells Fargo Securities 的 Michael Turrin。

Helpful details around the organic growth profile, Cameron, is there anything you're able to provide just to help us think through the 39% margin and how much is impacted from M&A versus some of the broader investments you referenced driving towards those longer-term targets?

關於有機增長概況的有用細節，卡梅倫，你能提供什麼來幫助我們思考 39% 的利潤率以及併購對你提到的一些更廣泛的投資的影響有多大目標？

Sure. Great question. So when we announced the Chorus acquisition, obviously, there's significant growth opportunity there as well as investment that's required. So the acquisition itself took us from, call it, low 40s down to $39 million. I think as we've talked about, Chorus' prior to the acquisition, was growing more than 100% annually, we've actually been able to accelerate that already through the use of our go-to-market team and feel really confident that we'll be able to further push that acceleration in the coming quarters. So we're excited about that growth. And as we discussed before, we're still on track to make it accretive to operating income in the second half of 2020.

當然。好問題。因此，當我們宣布收購 Chorus 時，顯然，那裡有巨大的增長機會以及所需的投資。因此，收購本身使我們從 40 多歲的低位跌至 3900 萬美元。我認為正如我們所談到的，Chorus 在被收購之前的年增長率超過 100%，我們實際上已經能夠通過使用我們的上市團隊來加速這一進程，並且非常有信心我們將能夠在未來幾個季度進一步推動這種加速。所以我們對這種增長感到興奮。正如我們之前所討論的，我們仍有望在 2020 年下半年增加營業收入。

That's super helpful. Just a follow-on on that point. Just Henry also referenced investing heavily into Chorus. I'm just wondering how much of that might be driven by some of the initial observations and customer conversations you're having now that, that is a part of the ZoomInfo product portfolio versus just aligned with plans you had behind this product set prior to acquisition?

這非常有幫助。只是在這一點上的後續。 Just Henry 還提到了對 Chorus 的大量投資。我只是想知道其中有多少可能是由您現在進行的一些初步觀察和客戶對話推動的，這是 ZoomInfo 產品組合的一部分，而不是與您之前在該產品集背後製定的計劃保持一致獲得？

Michael, I think the first thing I would say is, we're obviously listening to customers and helping the -- and listening to them to help drive our product road map in the future. So those are ongoing conversations that, by the way, are made significantly easier with Chorus the background of all of those calls. But what I would tell you is the investment behind Chorus is largely in line with what we anticipated when we made the acquisition, which is driven by the fact that we're seeing tremendous white space in the conversation intelligence market. When we're talking to customers about conversation intelligence, it's a largely evangelistic sale. It's technology that they didn't know what's available to them or available to go-to-market teams. And we see a big opportunity to continue to drive growth in nation across that product set.

邁克爾，我想我要說的第一件事是，我們顯然正在傾聽客戶的意見並幫助 - 並傾聽他們的意見，以幫助推動我們未來的產品路線圖。因此，這些是正在進行的對話，順便說一句，使用 Chorus 作為所有這些電話的背景，這些對話變得更加容易。但我要告訴你的是，Chorus 背後的投資與我們進行收購時的預期基本一致，這是因為我們在對話智能市場看到了巨大的空白。當我們與客戶談論對話智能時，這在很大程度上是一種福音銷售。這是一種技術，他們不知道他們可以使用什麼或上市團隊可以使用什麼。我們看到了一個巨大的機會，可以繼續推動該產品集在全國范圍內的增長。

Your next question is from Terry Tillman with Truist.

您的下一個問題來自 Truist 的 Terry Tillman。

This is Joe Meares on for Terry. At your Analyst Day, you noted your intention to add 30% plus sales capacity annually. I'm acknowledging you guys, I think you mentioned you made 500 hires and third quarter. How are you tracking this target thus far in 2021? And how do you expect to shake out for the full year?

這是特里的喬·米爾斯。在您的分析師日，您指出您打算每年增加 30% 以上的銷售能力。我承認你們，我想你們提到你們在第三季度招聘了 500 人。到目前為止，您在 2021 年如何跟踪這個目標？你預計全年如何擺脫困境？

So we continue to be very focused on continuing to add sales and marketing capacity. Yes, I think that overall goal is probably over the long term, I'd say, in 2021, we're ahead of that pace and expect to be -- continue to be ahead of that pace so long as we have the really solid opportunities to invest in. And I think largely driven by continuing to have a very large market, where, again, not only is the conversation intelligence space but also the overall intelligence space and the orchestration and engagement platforms are somewhat evangelistic sale. We continue to find great people that can reach out to those customers and demonstrate the value to them. So we're excited about the pace and continuing to see real performance out of that team as well.

因此，我們繼續非常專注於繼續增加銷售和營銷能力。是的，我認為總體目標可能是長期的，我想說的是，在 2021 年，我們已經領先於這一步伐，並期望——只要我們擁有真正穩固的步伐，就會繼續領先於這一步伐投資的機會。我認為很大程度上是由繼續擁有一個非常大的市場推動的，在這裡，不僅是對話智能空間，而且整個智能空間以及編排和參與平台都在某種程度上是福音派的銷售。我們繼續尋找能夠接觸這些客戶並向他們展示價值的優秀人才。因此，我們對步伐感到興奮，並繼續看到該團隊的真實表現。

Your next question is from Nikolay Beliov with Goldman Sachs.

您的下一個問題來自高盛的 Nikolay Beliov。

You specifically called out today the increase in the depth of the health care data set. Can you please double-click on this and specifically call out what type of data in the health care vertical you're collecting and your exposure to the health care vertical today, and in general, your plans for verticalizing what to date has been a pretty broad horizontal solution?

你今天特別提到了醫療保健數據集深度的增加。能否請您雙擊此鏈接，並具體指出您正在收集的醫療保健垂直領域中的數據類型以及您今天對醫療保健垂直領域的了解，總的來說，您垂直化迄今為止的數據的計劃很不錯廣泛的橫向解決方案？

Nikolay, I think where we're focused on health care is at that prospecting layer, so where customers are engaging with data to identify their next best customers and then have conversations and engagement with them. And so we believe today, we cover over 90% of the doctors in the United States within our platform, and we continue to drive expansion within that data asset and surrounding that data asset with contact information that our different health care clients can use to engage with those decision-makers, but it's primarily around prospecting and engagement with that vertical.

Nikolay，我認為我們專注於醫療保健的地方是潛在客戶層，因此客戶正在使用數據來識別他們的下一個最佳客戶，然後與他們進行對話和互動。因此，我們相信今天，我們在我們的平台內覆蓋了美國 90% 以上的醫生，我們將繼續推動該數據資產的擴展，並圍繞該數據資產提供我們不同的醫療保健客戶可以用來參與的聯繫信息與那些決策者，但主要是圍繞垂直領域的勘探和參與。

Got it. And Cameron, a quick one for you. The tax receivable that you mentioned now that the as structure has been dissolved, how should investors model that tax receivable and the impact on free cash flow is going forward?

知道了。還有卡梅倫，給你一個快速的。您現在提到的應收稅款 as 結構已經解散，投資者應該如何模擬應收稅款以及對自由現金流的影響正在向前發展？

So the way that I would consider modeling the tax receivable agreement is largely based on our non-GAAP tax rate. So at this point, we'll be continuing to make payments to our pre-IPO holders that are generated by the savings versus taxes that we would have otherwise paid. But based on the way that accounting, the GAAP accounting works, those payments will still run through our non-GAAP tax rate. And so I would think about those as just being part of the model in terms of that non-GAAP tax rate going forward.

因此，我考慮對應收稅款協議建模的方式主要基於我們的非公認會計原則稅率。因此，在這一點上，我們將繼續向我們的 IPO 前持有人付款，這些款項是由我們本應支付的儲蓄與稅收產生的。但根據會計的方式，GAAP 會計的運作方式，這些付款仍將通過我們的非 GAAP 稅率進行。因此，就未來的非 GAAP 稅率而言，我認為這些只是模型的一部分。

Okay. So it's monthly incremental. Got it.

好的。所以它是每月增量的。知道了。

Yes.

是的。

Our next question is from Alex Zukin with Wolfe Research.

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

Henry, maybe just for you. You mentioned first a couple of the large multimillion dollar deals you signed in the quarter, put that into context for us either versus prior quarters or versus prior third quarters. And also give us a little bit of scope in terms of the pipeline for those transactions going into 4Q? And maybe just how those deals were driven? Is this more of an expansion of the kind of core sales intelligence SKU to more sales reps globally? Are you seeing actual cross-sell with some of the other products you've talked about? It would be helpful to walk through that a little bit.

亨利，也許只是為了你。您首先提到了您在本季度簽署的幾筆價值數百萬美元的大筆交易，並將其與前幾個季度或前三季度的情況進行對比。並且在進入第四季度的那些交易的管道方面也給我們一點範圍？也許這些交易是如何推動的？這是否更像是將核心銷售情報 SKU 擴展到全球更多銷售代表？您是否看到與您談到的其他一些產品的實際交叉銷售？稍微了解一下會很有幫助。

Yes. Thanks, Alex. First, those deals, those are on the new business side. So we're landing larger and our pipeline for landing larger accounts on the land side is expanding a couple of quarters ago. We made the decision to specifically carve out some of our more tenured reps to manage the larger enterprise opportunities that were coming in the lead funnel. And those transactions, they are buying more than just the core intelligence layer. They're often buying the engagement layer. They are buying data as a service. They're buying enrichment inside of their CRM and marketing automation systems, many are buying Engage as a sales automation solution. And so we do have a much broader set of solutions to sell at the point of new business sale, we're accelerating that, and we see a large pipeline -- we're building a large pipeline of larger deals for the future as well.

是的。謝謝，亞歷克斯。首先，這些交易是在新業務方面。因此，我們的登陸規模更大，我們在陸地方面登陸更大賬戶的管道在幾個季度前正在擴大。我們決定專門挑選一些我們的資深代表來管理潛在漏斗中出現的更大的企業機會。而這些交易，他們購買的不僅僅是核心情報層。他們經常購買參與層。他們正在購買數據作為服務。他們正在購買 CRM 和營銷自動化系統內部的豐富功能，許多人正在購買 Engage 作為銷售自動化解決方案。因此，我們確實有一套更廣泛的解決方案可以在新業務銷售時進行銷售，我們正在加速這一進程，我們看到了一個龐大的管道——我們也在為未來建立一個更大的交易管道.

Got it. That's super helpful. And then I guess if we put into context some of the enterprise metrics or those customers over $100,000, the sequential add was pretty staggering, I would say, in that metric as well as, I think, some of the outperformance you saw versus your own guidance for Chorus, which came in and almost triple the amount you thought it would. Is there anything to read into at least early on in terms of the Chorus traction within those larger ACV accounts.

知道了。這非常有幫助。然後我想，如果我們將一些企業指標或超過 100,000 美元的客戶放在上下文中，我會說，在那個指標中，以及我認為你看到的一些優於你自己的表現的連續增加是相當驚人的合唱團的指導，幾乎是您認為的數量的三倍。就那些較大的 ACV 帳戶中的合唱牽引力而言，至少在早期有什麼需要閱讀的。

And I guess to the extent that Michael touched on earlier with the incremental investment in sales and marketing on Chorus being leveled up, how should we think about this kind of balance of sales and marketing spend in general going forward? Do we think it will be -- did this new level is kind of the right level, this high 20s? Could it go higher? And what's the way that you ultimately make that case for yourself internally?

我猜到邁克爾早些時候提到的隨著合唱團對銷售和營銷的增量投資正在升級，我們應該如何看待這種銷售和營銷支出的總體平衡？我們認為它會是——這個新的水平是正確的水平嗎，這麼高的 20 歲？還能再高點嗎？你最終在內部為自己辯護的方式是什麼？

I'm going to let Cameron answer the bulk of those questions. The one that I would tell you is on the core side, from a go-to-market perspective, our focus has been largely on unlocking our account management team against our existing customer base. For Chorus, and we spent a large part of the quarter, enabling our account managers, setting up demo environment, teaching them the value proposition and how to go to market with Chorus and then creating the connectivity back from the product organization to the go-to-market organizations to really drive growth across our customer base. And so we really do anticipate leveraging our account management team across our 25,000 customers to drive the Chorus growth.

我會讓卡梅倫回答大部分問題。我要告訴你的是核心方面，從進入市場的角度來看，我們的重點主要是讓我們的客戶管理團隊與我們現有的客戶群抗衡。對於 Chorus，我們在本季度的大部分時間裡，為我們的客戶經理提供支持，設置演示環境，向他們傳授價值主張以及如何使用 Chorus 進入市場，然後創建從產品組織到 go-的連接市場組織，以真正推動我們客戶群的增長。因此，我們確實希望利用我們的 25,000 名客戶的客戶管理團隊來推動 Chorus 的增長。

And then -- yes, I think it's worth (inaudible) quarter relative to our guidance. It was not solely driven by Chorus. While Chorus did outperform, we had we had stated that we thought that they were going to contribute about $3 million. It was over $3 million, but certainly, most of the outperformance was from other parts of the business as we had really strong performance across the board. I do think we're excited about the traction that we're seeing, both with large customers and small customers and everyone in between. And we'll continue to invest into that.

然後 - 是的，我認為相對於我們的指導值（聽不清）四分之一。它不僅僅由 Chorus 驅動。雖然 Chorus 確實表現出色，但我們曾說過我們認為他們將貢獻大約 300 萬美元。它超過 300 萬美元，但可以肯定的是，大部分的優異表現來自業務的其他部分，因為我們的整體表現非常強勁。我確實認為我們對我們所看到的牽引力感到興奮，無論是大客戶還是小客戶以及介於兩者之間的每個人。我們將繼續對此進行投資。

As we think about sales and marketing growth, I think we're continuing to invest into our sales and marketing capacity, but we're always focused on making sure that the investments that we make have solid, efficient returns. So getting well above that kind of mid- to high-20s range would require us to really grow that team faster than revenue growth. And at this point, where we're growing revenue on an organic basis in the kind of low to mid-50s that's probably more growth than I'd expect for the sales and market -- and getting up into the 30s is probably faster than I'd expect in the short term.

當我們考慮銷售和營銷增長時，我認為我們將繼續投資於我們的銷售和營銷能力，但我們始終專注於確保我們所做的投資具有可靠、有效的回報。因此，要遠高於這種 20 多歲的中高水平，我們需要真正讓團隊成長得比收入增長更快。在這一點上，我們在 50 多歲到 50 多歲的有機基礎上實現收入增長，這可能比我對銷售和市場的預期增長更快——進入 30 多歲可能比我預計在短期內。

Your next question is from Brent Bracelin with Piper Sandler.

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

I guess, Henry, I wanted to go back to Engage a little bit. It looks like that product is approaching close to 10% logo penetration, you gave 1 example where it has the potential to 2x revenue for that 6-figure deal just versus just the intelligence layer? What's the potential cross sell? Do you think half of the customers could actually embrace Engage? Just give us a little view into the future here given you had such good success early on here, where could that go longer term?

我想，亨利，我想回到 Engage 一點點。看起來該產品的徽標滲透率接近 10%，您舉了一個例子，與僅情報層相比，它有可能獲得 2 倍收入的 6 位數交易？潛在的交叉銷售是什麼？您認為一半的客戶實際上可以接受 Engage 嗎？鑑於您在此早期取得瞭如此大的成功，請給我們對這裡的未來的一點看法，長期而言，這會在哪裡？

Thanks, Brent. I think, first of all, I would tell you is, we expect Engage is a solution that can spread across our entire customer base, whether you're an enterprise customer or you're an SMB customer, once you invest in our intelligence layer, you want the ability to deploy and activate that intelligence layer in an automated way, and Engage provides you that capability.

謝謝，布倫特。我認為，首先，我要告訴您的是，一旦您投資於我們的智能層，我們希望 Engage 是一種可以遍布我們整個客戶群的解決方案，無論您是企業客戶還是 SMB 客戶，您希望能夠以自動方式部署和激活該智能層，而 Engage 為您提供了該功能。

What I would tell you is, the price points or the ASPs, they obviously are driven by user seats, primarily. And so what you would see is in our SMB customers, those ASPs are going to be a lot smaller than what you'd see in a large 6-figure enterprise customer where there are numerous additional seats that it's spread out across. And so that's what you would see from an ASP perspective.

我要告訴你的是，價格點或 ASP，它們顯然主要是由用戶席位驅動的。因此，您會在我們的 SMB 客戶中看到，這些 ASP 將比您在一個 6 位數的大型企業客戶中看到的要小得多，後者分佈著許多額外的席位。這就是您從 ASP 的角度所看到的。

Got it. So to the extent that you do have broader success with Engage that could help with the enterprise momentum makes sense there. I guess, Cameron, for you, just a quick clarification. I think in the past, you talked about servicing the international market from kind of your East Coast regions, just given the time delta there, the momentum you had in the quarter, I think you talked about over 80% international growth. Was that all kind of driven by the existing teams? Or did you actually have initial contribution from that first U.K. team driving the further acceleration in international this quarter?

知道了。因此，如果您確實在 Engage 方面取得了更廣泛的成功，這可能有助於推動企業發展勢頭，這在一定程度上是有意義的。我想，卡梅倫，對你來說，只是一個快速的澄清。我認為過去，您談到從東海岸地區為國際市場提供服務，只是考慮到那裡的時間增量，您在本季度的勢頭，我認為您談到了超過 80% 的國際增長。這都是由現有團隊推動的嗎？或者你是否真的從第一支英國團隊那裡得到了初步貢獻，推動了本季度國際業務的進一步加速？

That was all driven by our East Coast sales teams. And so as we bring the U.K. sales team online, we expect a meaningful contribution from them as well.

這一切都是由我們的東海岸銷售團隊推動的。因此，當我們將英國銷售團隊上線時，我們也期望他們做出有意義的貢獻。

Your next question is from Raimo Lenschow with Barclays.

您的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Henry, on the -- if you think about the offering that you have now with Chorus included (inaudible), the -- how is the conversation with the clients are changing? And does it kind of maybe -- if you think more longer term require a change on the go-to-market, where at the moment, you still have a lot of like inside sales, but you're going to become a larger and larger kind of purchasing item if the strategy continues to work. So how do you think about the evolution of your go-to-market?

亨利，關於--如果您考慮一下您現在包含Chorus 的產品（聽不清），-- 與客戶的對話發生了怎樣的變化？有沒有可能——如果你認為更長期需要改變進入市場，目前，你仍然有很多喜歡的內部銷售，但你會變得更大，更如果該策略繼續有效，則購買更大種類的商品。那麼，您如何看待您的上市演變？

Raimo, I think, look, today, we're so -- we're still very, very early in the transition of our customers' perspective, from us being a company and contact data provider to being a true end-to-end go-to-market platform. And so in a lot of our conversations today, we're really just educating our customers on all of the different ways that we can help their go-to-market motion. And so inevitably, when we get in a conversation about activating the data that they purchased, we're talking about Engage. And we're talking about driving traffic to their websites, we are talking about using chat and form complete to increase website conversions. We're talking about our websites product to de-anonymize that website traffic so that they can use our workflows product to create automated go-to-market motion.

Raimo，我認為，看，今天，我們仍然非常非常早地處於客戶視角的轉變階段，從我們作為一家公司和聯繫數據提供商轉變為真正的端到端上市平台。因此，在我們今天的許多對話中，我們實際上只是在教育我們的客戶了解我們可以幫助他們進入市場的所有不同方式。所以不可避免地，當我們談論激活他們購買的數據時，我們談論的是參與。我們正在談論為他們的網站增加流量，我們正在談論使用聊天和表單完成來增加網站轉化率。我們正在談論我們的網站產品，以對網站流量進行去匿名化，以便他們可以使用我們的工作流程產品來創建自動化的上市運動。

And so it's really educating the customer on what a truly digital go-to-market motion can look like. And I think what we've had a lot of success doing is we really have built out a team of solution salespeople here at ZoomInfo, who really over the last 18 months, are able to sit down with our large enterprise clients and solution in different ways that we can help them solve problems and the different solutions within ZoomInfo's stack that we can bring to bear against those problems. And so there is more sophisticated selling happening at the enterprise level, and we continue to invest behind the resources to allow us to be able to do that.

因此，它確實在教育客戶真正的數字化上市運動可能是什麼樣子。而且我認為我們取得了很大成功的是，我們確實在 ZoomInfo 建立了一支解決方案銷售人員團隊，在過去的 18 個月裡，他們真的能夠與我們的大型企業客戶坐下來，並以不同的方式提供解決方案我們可以幫助他們解決問題的方法以及 ZoomInfo 堆棧中我們可以用來解決這些問題的不同解決方案。因此，在企業層面發生了更複雜的銷售，我們繼續在資源背後進行投資，以使我們能夠做到這一點。

Your next question is from Parker Lane with Stifel.

您的下一個問題來自 Stifel 的 Parker Lane。

Your Salesforce and Microsoft Dynamics integrations have been really successful on extending the value of the platform. If we think about the whole landscape of sales and marketing software tools out there, I know you had a slide in the IR presentation about this. How important is the debt level of deep integration to all these other platforms? Or is it going to be a situation where maybe Zoominfo invest to foster really strong relationships with a handful of those most widely used sales and marketing tools?

您的 Salesforce 和 Microsoft Dynamics 集成在擴展平台價值方面非常成功。如果我們考慮一下銷售和營銷軟件工具的整體情況，我知道您在 IR 演示文稿中有一張關於此的幻燈片。深度整合的債務水平對所有這些其他平台有多重要？或者，Zoominfo 是否會投資以與少數最廣泛使用的銷售和營銷工具建立真正牢固的關係？

Yes. Great question. I think where we see big opportunity across our customer base, we'll invest in building stronger integrations with the different platforms we see our customers leveraging. So you saw a couple of years ago, we significantly enhanced our relationship with HubSpot and built a really meaningful integration back into HubSpot through our HubSpot enrichment product. I think the other place where we're seeing a lot of sophisticated go-to-market teams going is having a data store and having all of their data from all of their different systems within a unique data store like Snowflake or an Amazon or an Azure.

是的。好問題。我認為我們在客戶群中看到了巨大的機會，我們將投資於與我們看到客戶利用的不同平台建立更強大的集成。所以你在幾年前看到，我們顯著加強了與 HubSpot 的關係，並通過我們的 HubSpot 豐富產品建立了與 HubSpot 的真正有意義的集成。我認為我們看到許多成熟的上市團隊的另一個地方是擁有一個數據存儲，並將來自他們所有不同系統的所有數據存儲在一個獨特的數據存儲中，如 Snowflake 或 Amazon 或天藍色。

And so building solutions that sit alongside the places, where all of the data from all of the systems live, will also be a strategic direction for us so that we can do simple enrichment and drive our insights within those different systems.

因此，在所有系統的所有數據所在的地方構建解決方案也將成為我們的戰略方向，以便我們可以在這些不同的系統中進行簡單的豐富並推動我們的洞察力。

Next question is from Taylor McGinnis with UBS.

下一個問題來自瑞銀的 Taylor McGinnis。

Congrats on the quarter. So the new logo activity has been impressive. And you've talked a lot about land being larger and that being driven by Engage and Enrich and other pieces. So can you maybe talk about the contribution from those pieces in these larger lands? And how much of an uplift you guys are seeing from those relative to typical land a year ago? And then maybe as a follow-on to that, I know you have a lot of new products with Chorus and others. So maybe any early reads there would be interesting, too?

祝賀本季度。所以新的標誌活動令人印象深刻。你已經談了很多關於土地更大以及由 Engage 和 Enrich 以及其他部分驅動的問題。那麼你能談談這些大片土地上的這些作品的貢獻嗎？與一年前的典型土地相比，你們看到了多少提升？然後也許作為後續行動，我知道你們有很多與 Chorus 和其他人合作的新產品。所以也許任何早期的閱讀都會很有趣，也是嗎？

Yes. Thanks, Taylor. As we think about the new lands for Engage, which tends to be one of the more popular features that people are taking at that initial sale. It tends to be, call it, teens-ish uplift in terms of the incremental ASP that we get, but very much depends on how big of a customer it is and where their seats are kind of coming from. I think for things like our Enrich products, that tends to be something that -- while people do take it in the initial sale, it's actually more often taken as part of the expansion. And certainly, for Chorus and RingLead it's probably a little too early just to focus on the lands themselves. We've seen a lot of momentum within our account management teams. But RingLead is very exciting for larger customers because customers that have a variety of different data sources that they're trying to rationalize and in some cases, bring in ZoomInfo to help drive their motion. That's a great place where that complexity gets simplified through the RingLead solution and can help us drive that initial sale to begin with.

是的。謝謝，泰勒。當我們考慮 Engage 的新土地時，這往往是人們在首次銷售時採用的更受歡迎的功能之一。就我們獲得的增量 ASP 而言，這往往是青少年時期的提升，但這在很大程度上取決於客戶的規模以及他們的座位來自哪裡。我認為對於像我們的 Enrich 產品這樣的東西，這往往是——雖然人們在最初的銷售中確實接受了它，但實際上更多的是作為擴張的一部分。當然，對於 Chorus 和 RingLead 來說，僅僅專注於土地本身可能還為時過早。我們在客戶管理團隊中看到了很大的發展勢頭。但 RingLead 對大客戶來說非常令人興奮，因為客戶擁有各種不同的數據源，他們正試圖對其進行合理化，並且在某些情況下，他們會引入 ZoomInfo 來幫助推動他們的行動。這是一個很好的地方，通過 RingLead 解決方案簡化了複雜性，可以幫助我們從一開始就推動最初的銷售。

Our next question is from DJ Hynes with Canaccord.

我們的下一個問題來自 Canaccord 的 DJ Hynes。

Henry, Cameron, congrats on great results. Just one for me for Henry. I want to ask about sales modeling and forecasting. It was mentioned in the script is one of the areas where Chorus scored well. It doesn't really fall into your core pillars of intelligence, engagement orchestration. So I'm wondering if there's a sales management layer there that could be built out and how you think about that?

亨利，卡梅倫，祝賀你取得了很好的成績。只給我一份給亨利。我想問一下銷售建模和預測。劇本中提到它是合唱得分高的領域之一。它並不真正屬於您的智能核心支柱，參與編排。所以我想知道那裡是否有可以建立的銷售管理層，你怎麼看？

I think what you're seeing is filled on the Chorus side around the momentum product, specifically, is the ability to look at all of the opportunities that customer have in play and then use Chorus analytics to flag opportunities that have the forecasted to close in the quarter but have little engagement from an e-mail or call or meeting perspective that are missing key people from the buying committees who -- that are opportunities that have never gotten above a Director level. And so we're using all of those analytics really to inform the forecast and to flag anomalies across the opportunities that are forecasted to close.

我認為您所看到的是圍繞動量產品的 Chorus 方面，特別是能夠查看客戶在遊戲中的所有機會，然後使用 Chorus 分析來標記預測關閉的機會該季度，但從電子郵件、電話或會議的角度來看，他們幾乎沒有參與，而採購委員會缺少關鍵人物——這是從未超過董事級別的機會。因此，我們正在使用所有這些分析來真正為預測提供信息，並在預測關閉的機會中標記異常。

We see a good opportunity there in leveraging both the tremendous amount of digital interaction data that's feeding off of Chorus and the ZoomInfo intelligence layer data to flag anomalies across the opportunities.

我們看到了一個很好的機會，即利用 Chorus 提供的大量數字交互數據和 ZoomInfo 智能層數據來標記機會中的異常。

Your next question is from Rishi Jaluria with RBC.

您的下一個問題是來自 RBC 的 Rishi Jaluria。

So much and really nice continued strong results in this environment. I wanted to just go back to the commentary around the kind of tough hiring environment. You talked about how recruiting can help companies in this sort of environment. Wanted to go one step further. And what do you think would be kind of the appetite to go more deep into training? Because you're already doing a little bit of that with Chorus, right, to help close that skills gap to help make better existing employees more productive and really just better overall. Do you think that would be an area that you'd explore going deeper into either via acquisition or building something out yourself?

在這種環境下，如此多且非常好的持續強勁的結果。我想回到關於艱難招聘環境的評論。您談到了招聘如何在這種環境中幫助公司。想要更進一步。您認為更深入地進行培訓的願望是什麼？因為你已經在 Chorus 上做了一點點，對，幫助縮小技能差距，幫助更好的現有員工更有效率，而且整體上更好。你認為這將是一個你會通過收購或自己建立一些東西來深入探索的領域嗎？

Rishi, thank you for the question. I think -- look, what we focus on from an M&A perspective, our tools and solutions and software that sales, marketing and recruiting professionals are using every day in their workflow. And if one of those solutions can be enhanced through our intelligence layer and our data assets, those are really interesting opportunities for us from an M&A perspective. I think learning and training is an interesting area. You're right that within Chorus, we've built an infrastructure that allows you to save best practices playlist and key moments in calls that significantly reduce ramp time.

里希，謝謝你的問題。我認為 - 從併購的角度來看，我們關注的是我們的工具、解決方案和軟件，銷售、營銷和招聘專業人士每天在他們的工作流程中使用這些工具和解決方案。如果其中一個解決方案可以通過我們的智能層和我們的數據資產得到增強，那麼從併購的角度來看，這對我們來說是非常有趣的機會。我認為學習和培訓是一個有趣的領域。沒錯，在 Chorus 中，我們構建了一個基礎架構，可讓您保存最佳實踐播放列表和通話中的關鍵時刻，從而顯著減少斜坡時間。

MongoDB saw a 40% decrease in ramp time of their account executives when they brought Chorus on. So we think we have a tremendous opportunity to really drive learnings across an organization through Chorus, but no immediate plans to go really deep in the training and learning space.

當 MongoDB 啟用 Chorus 時，他們的客戶主管的斜坡時間減少了 40%。因此，我們認為我們有巨大的機會通過 Chorus 真正推動整個組織的學習，但沒有立即計劃深入培訓和學習領域。

It looks like our next question is with Pat at JMP. Jenny, if you can open up path line, please.

看起來我們的下一個問題是關於 JMP 的 Pat。珍妮，如果你能打開路徑線，請。

Sir. The line is open, sir.

先生。先生，線路已開通。

Great.

偉大的。

Can you guys hear me, okay?

你們能聽到我的聲音，好嗎？

Yes, Pat.

是的，帕特。

Henry, congratulations. Amazing. So we're getting to the end of the call, and I'm hoping you can just sort of explain to us where this is all going, right? So we have you guys at a $16 billion market cap. There's Dong that just raised $7 billion and Outreach at $4 billion. And Gartners laying out this whole revenue operations vision. Is that where the world is going? What do you see this category being a couple of years out? And who do you see the big players in it? And how are they differentiated? Is that too much for the end of the call?

亨利，祝賀你。驚人。所以我們即將結束通話，我希望你能向我們解釋一下這是怎麼回事，對吧？因此，我們擁有 160 億美元的市值。 Dong 剛剛籌集了 70 億美元，Outreach 籌集了 40 億美元。 Gartners 提出了整個收入運營願景。這就是世界的發展方向嗎？你認為這個類別在幾年後會出現什麼情況？你認為誰是其中的大玩家？它們是如何區分的？這對通話結束來說太多了嗎？

No. But Pat, I will just point out that I think our market cap is actually much larger than you quoted. One of the benefits of our reorganization is that we've simplified the share counts and everything else, but I think we're north of 25% as of the close today. I just don't want anyone confused by that, but I'll let Henry go into the where space is going.

不，但是帕特，我只想指出，我認為我們的市值實際上比你引用的要大得多。我們重組的好處之一是我們簡化了股票數量和其他一切，但我認為截至今天收盤時我們已經超過了 25%。我只是不想讓任何人對此感到困惑，但我會讓亨利進入太空要去的地方。

Yes. And I think, Pat, I think it's a great question. I think the way we think about -- first, we look internally at our own operations, how are we going the market? We think we run one of the most sophisticated and efficient go-to-market engines in the world. And so we're looking at how -- what we're leveraging, what tools we're either building for our own go-to-market uses or buying, and which ones are mission-critical and which ones get better with our data. And then we're looking back at our own product and saying, if these tools were integrated inside the ZoomInfo platform, is that competitively differentiated?

是的。我認為，帕特，我認為這是一個很好的問題。我認為我們思考的方式——首先，我們從內部審視我們自己的運營，我們如何進入市場？我們認為我們運行著世界上最複雜、最高效的上市引擎之一。因此，我們正在研究如何——我們正在利用什麼，我們正在為自己的上市用途或購買而構建哪些工具，哪些是關鍵任務，哪些可以更好地利用我們的數據.然後我們回顧我們自己的產品並說，如果這些工具被集成到 ZoomInfo 平台中，那是否具有競爭優勢？

And so I think what you've seen us build and buy are really opportunistic to look at how we go to market, and conversation intelligence is a key part of that. Sales automation is a key part of that. Website chat is a key part of that. What we really see is a future where companies want all of these solutions integrated in one place and driven through their systems of record. What they don't want is for an account executive to sit down at their seat and have to log into 60 different platforms just to do their jobs. It's taxing. It's difficult from a management perspective. It's difficult from a training and onboarding perspective. And we think we have a real opportunity to bring that into 1 place and then drive its effectiveness with our data and intelligence layer.

所以我認為你看到我們建造和購買的東西真的是機會主義的，看看我們如何進入市場，對話智能是其中的關鍵部分。銷售自動化是其中的關鍵部分。網站聊天是其中的關鍵部分。我們真正看到的是未來公司希望將所有這些解決方案集成到一個地方並通過他們的記錄系統驅動。他們不希望客戶經理坐在他們的座位上，並且必須登錄 60 個不同的平台才能完成他們的工作。很重稅從管理的角度來看，這很困難。從培訓和入職的角度來看，這很困難。我們認為我們有一個真正的機會將其整合到一個地方，然後通過我們的數據和智能層提高其有效性。

Your next question is from Brian Peterson with Raymond James.

您的下一個問題來自 Brian Peterson 和 Raymond James。

This is (inaudible) on for Brian. Really strong results in International. I know you guys set up the first team this quarter, but how do we think more broadly about your international expansion plans as we finish out 2021 and ahead of '22?

這是（聽不清）布賴恩。在國際上的成績非常好。我知道你們本季度成立了第一支球隊，但是隨著我們在 2021 年結束並在 22 年之前，我們如何更廣泛地考慮你們的國際擴張計劃？

Yes. We see tremendous opportunity internationally. We think we're somewhere in the bottom or the top of the first inning internationally. And every time we step up to bat there, we're getting hits. And so we think there is a big opportunity there. We're going to continue to invest behind it, both from a data perspective and from a go-to-market perspective. And so I would expect to see us continue to drive growth internationally, both in Europe and outside of Europe and continue to invest in our go-to-market and product differentiation in those regions.

是的。我們在國際上看到了巨大的機會。我們認為我們在國際上處於第一局的底部或頂部。每次我們站在那裡擊球時，我們都會受到打擊。所以我們認為那裡有很大的機會。我們將繼續從數據角度和進入市場的角度對其進行投資。因此，我希望看到我們繼續推動歐洲和歐洲以外的國際增長，並繼續投資於我們在這些地區的上市和產品差異化。

Great. Thanks, everyone. Thanks, everybody. And as Jerry indicated, we have a very active IR calendar in Q4. For more information on where we'll be and which events we're attending, please visit our IR website at ir.zoominfo.com. I appreciate you all joining us today. Thank you.

偉大的。感謝大家。謝謝大家。正如 Jerry 所說，我們在第四季度有一個非常活躍的 IR 日曆。有關我們將在哪里以及我們將參加哪些活動的更多信息，請訪問我們的 IR 網站 ir.zoominfo.com。感謝大家今天加入我們。謝謝你。

That concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連接。