Zoominfo Technologies Inc (ZI) 2021 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ZoomInfo First Quarter Year 2021 Financial Results Conference Call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 ZoomInfo 2021 年第一季度財務業績電話會議。 （操作員說明）

I would now like to hand the conference over to your speaker today, Jerry Sisitsky, Investor Relations. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係部的 Jerry Sisitsky。請繼續。

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

謝謝，卡門。歡迎參加 ZoomInfo 的財務業績電話會議，重點介紹我們 2021 年第一季度的業績。今天與我通話的是 ZoomInfo 首席執行官兼創始人 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 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 filings with the SEC. Actual results may differ materially from any 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、將會和相信，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。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。

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. For more information, please refer to the cautionary statement included in the slides that we've posted to our Investor Relations website at ir.zoominfo.com. 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.

除法律要求外，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。有關更多信息，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聲明。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。

Lastly, we plan to be at a number of conferences and investor events over the course of the quarter, including our inaugural Analyst Investor Day event, which we are hosting in a virtual format on Monday, June 14, beginning at 3 p.m. Eastern Time. This event coincides with our first ever user conference that we're also hosting that week. Please save the date. More details and registration information will be available through our Investor Relations website over the coming weeks. We look forward to your participation.

最後，我們計劃在本季度參加一系列會議和投資者活動，包括我們的首屆分析師投資者日活動，我們將於 6 月 14 日星期一下午 3 點開始以虛擬形式舉辦該活動。東部時間。該活動恰逢我們在該週舉辦的第一次用戶會議。請保存日期。更多詳情和註冊信息將在未來幾週內通過我們的投資者關係網站提供。我們非常期待你的參與。

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。

Great. Thank you, Jerry, and welcome, everyone. The first quarter was marked by strong accelerating growth across all of our business lines. We delivered GAAP revenue of $153 million, representing 50% year-over-year growth and 12% sequentially when adjusted for the number of days in the quarter. Adjusted operating income was $66 million, representing an operating margin of 43%. These results were driven by dependable execution across the entire company from new business to product development to retention. Our focus on continuous improvement as a core cultural value and the execution we build on top of that has allowed us to deliver our near-term financial results consistently while setting us up for long-term durable growth.

偉大的。謝謝你，傑瑞，歡迎大家。第一季度的特點是我們所有業務線的強勁加速增長。我們實現了 1.53 億美元的 GAAP 收入，按季度天數調整後，同比增長 50%，環比增長 12%。調整後的營業收入為 6600 萬美元，營業利潤率為 43%。這些結果是由整個公司的可靠執行推動的，從新業務到產品開發再到保留。我們專注於將持續改進作為核心文化價值以及我們在此基礎上建立的執行力，使我們能夠始終如一地交付我們的近期財務業績，同時為長期持久增長做好準備。

We had strong results across all areas of the business, and I want to specifically call out that we achieved our best-ever Q1 results this quarter on 3 dimensions: new business, new customer additions and retention activity. We doubled the number of new customers added this quarter compared to Q1 2020. We also had record renewals and upsells as a percentage of beginning ACV for a first quarter as we saw demand for our products continue to accelerate with companies looking to drive a digital data-driven go-to-market motion.

我們在所有業務領域都取得了強勁的業績，我想特別指出，我們本季度在三個方面取得了有史以來最好的第一季度業績：新業務、新客戶增加和保留活動。與 2020 年第一季度相比，我們本季度新增的新客戶數量翻了一番。第一季度我們的續訂和追加銷售量也創下了創紀錄的新高，因為我們看到公司對我們產品的需求繼續加速推動數字數據- 驅動的上市運動。

While we continue to deliver on the near-term promise of this business, exceeding our quarterly financial guidance and raising our full year guidance, it is the conversations I'm having with customers and prospects that makes me confident that our long-term opportunity is even bigger than what we had first envisioned.

雖然我們繼續兌現這項業務的近期承諾，超出我們的季度財務指導並提高我們的全年指導，但正是我與客戶和潛在客戶的對話讓我相信我們的長期機會是甚至比我們最初設想的還要大。

When we founded ZoomInfo, sellers and marketers desperately needed a better view of their potential customers. And we were a world-class provider of company and contact data that could help them solve that problem. Our data was and still is today a mission-critical need for businesses.

當我們創立 ZoomInfo 時，賣家和營銷人員迫切需要更好地了解他們的潛在客戶。我們是世界級的公司和聯繫人數據提供商，可以幫助他們解決這個問題。我們的數據過去和現在仍然是企業的關鍵任務需求。

Since then, we've innovated and invested hundreds of millions of dollars behind that data asset, continuing to drive material improvements in the way we gather, normalize, match and cleanse that data with the use of AI and machine learning. And leveraging that is the foundation of our fully scalable platform that powers the digitization of how companies go to market, from sales to marketing, to account management, from the top of the funnel to the bottom of the funnel and from new sales to upsells and cross-sells to renewals.

從那時起，我們在該數據資產上進行了創新並投入了數億美元，繼續通過使用人工智能和機器學習來推動我們收集、規範化、匹配和清理數據的方式的實質性改進。利用這一點是我們完全可擴展平台的基礎，該平台推動公司進入市場的方式數字化，從銷售到營銷，再到客戶管理，從漏斗頂部到漏斗底部，從新銷售到追加銷售和交叉銷售到續訂。

Our platform starts with our market-leading and highly accurate data layer; delivers critical sales insights and signals; automates best actions with our next-generation workflow software; and our tightly integrated activation layer, Engage. This integrated suite of data and software helps businesses of all sizes and across all industries activate targeted opportunities in an efficient, scalable and repeatable way.

我們的平台從我們市場領先且高度準確的數據層開始；提供重要的銷售見解和信號；使用我們的下一代工作流程軟件自動執行最佳操作；以及我們緊密集成的激活層 Engage。這種集成的數據和軟件套件可幫助各種規模和所有行業的企業以高效、可擴展和可重複的方式激活目標機會。

As we continue to invest in automating workflow, expanding the coverage and quality of the data we publish and leveraging that data asset across our platform's application stack, we are building a wider and wider moat around the company.

隨著我們繼續投資於自動化工作流程，擴大我們發布的數據的覆蓋範圍和質量，並在我們平台的應用程序堆棧中利用該數據資產，我們正在圍繞公司建立越來越廣泛的護城河。

As our data and platform grows, so does the addressable market where our solutions are making an impact. Today, we not only help salespeople and marketers, but we also help recruiters and data operations and technology teams. We not only work with small and midsized companies across the United States, but we also serve enterprise companies around the globe. At our Analyst Day later this quarter, we anticipate providing a more granular and detailed view into our plans to target this large and growing market.

隨著我們的數據和平台的增長，我們的解決方案正在產生影響的潛在市場也在增長。今天，我們不僅幫助銷售人員和營銷人員，還幫助招聘人員、數據運營和技術團隊。我們不僅與美國各地的中小型公司合作，而且還為全球的企業公司提供服務。在本季度晚些時候的分析師日，我們預計將為我們針對這個龐大且不斷增長的市場的計劃提供更詳細和詳細的視圖。

The quarter included new and expansion transactions from a diverse group of customers across a broad spectrum of industries: from clean energy companies like Dvinci Energy; to direct-to-consumer firms like Keurig, Uber, Varidesk and the Carolina Panthers. Even at a company that appears to be consumer only, if you look a little further, you'll almost always find a growing B2B motion there.

本季度包括來自各行各業的不同客戶群體的新交易和擴展交易：來自 Dvinci Energy 等清潔能源公司；直接面向消費者的公司，如 Keurig、優步、Varidesk 和卡羅萊納黑豹隊。即使在一家看起來只是消費者的公司，如果你看得更遠一點，你幾乎總是會發現那裡有越來越多的 B2B 運動。

We also brought on Experian, HireWorks and IDC. And a great customer story comes from Modern Chemical, which shifted from a growing and successful cold brew distributor to a provider of hand sanitizers sold directly to businesses in the middle of the pandemic. We're lucky to work with firms of all sizes from all industries, but we're especially proud to provide our solutions to companies that are able to leverage our data, technology and insights to drive growth in new and unknown markets with entrenched competitors. Our platform leveled the playing field for how these companies are able to acquire their next customers.

我們還引入了 Experian、HireWorks 和 IDC。一個偉大的客戶故事來自現代化學，它從一個不斷發展和成功的冷釀分銷商轉變為一家在大流行期間直接向企業銷售的洗手液供應商。我們很幸運能與來自各行各業的各種規模的公司合作，但我們特別自豪地為能夠利用我們的數據、技術和洞察力與根深蒂固的競爭對手在新的和未知的市場中推動增長的公司提供我們的解決方案。我們的平台為這些公司如何獲得下一個客戶提供了公平的競爭環境。

We also continue to successfully execute our large and growing enterprise opportunity, with a focus on driving more than -- with a focus on driving more from the greater than $1 billion of seed expansion opportunity we've identified within our existing enterprise customers. Increasingly, our platform is becoming the strategic imperative for large organizations looking to transform their CRMs from a system of record to a system of insights. This imperative and strategy is driven from the C-suite and has opened the door to meaningful conversations for us across the enterprise while also leading to larger, more transformational engagements.

我們還繼續成功地執行我們龐大且不斷增長的企業機會，重點是推動更多——重點是從我們在現有企業客戶中發現的超過 10 億美元的種子擴張機會中推動更多。對於希望將其 CRM 從記錄系統轉變為洞察系統的大型組織而言，我們的平台正日益成為戰略要務。這一當務之急和戰略是由最高管理層推動的，它為我們在整個企業中進行有意義的對話打開了大門，同時也促成了更大、更具變革性的合作。

This quarter, we closed one of our largest-ever transactions, a multiyear 8-figure deal, while we also more than doubled the additions to the greater than $100,000 ACV cohort year-over-year. As of March 31, we had more than 950 customers with $100,000 or more in ACV, up from more than 850 last quarter. While others trying to target the enterprise opportunity are still using FTP sites to manually drop and enhance files, we released our new API Webhooks, allowing our customers to programmatically receive a continuous stream of our data and insights, technology that is a full generation ahead of FTP enrichment and a material improvement to the more modern request-and-response method.

本季度，我們完成了有史以來規模最大的交易之一，即多年期 8 位數的交易，同時我們還將超過 100,000 美元的 ACV 隊列增加了一倍多。截至 3 月 31 日，我們有超過 950 名客戶的 ACV 價值在 100,000 美元或以上，高於上一季度的 850 多名。雖然其他試圖瞄準企業機會的人仍在使用 FTP 站點手動刪除和增強文件，但我們發布了新的 API Webhook，允許我們的客戶以編程方式接收我們的數據和見解的連續流，這是領先一代的技術FTP 豐富和對更現代的請求和響應方法的實質性改進。

This new functionality allows us to deliver more value to enterprises and better target the Data as a Service opportunity that we are uniquely positioned to win in following our acquisition and integration of EverString.

這一新功能使我們能夠為企業提供更多價值，並更好地瞄準數據即服務機會，這是我們在收購和整合 EverString 後獲得的獨特優勢。

Additionally, during the quarter, we added more resources to capitalize on the growing international opportunity, where we saw new customers join up Dubai, Sydney, Vienna, Rio de Janeiro, Helsinki and Berlin, to name a few. March was our strongest month ever in our international segment with increasing win rates and demand across Europe and accelerating traction in the U.K., Ireland, Australia, New Zealand and Canada. International revenue grew 14% on a days-adjusted sequential quarter basis as we continue to see international customers embrace data to drive efficiencies in their sales and marketing processes.

此外，在本季度，我們增加了更多資源以利用不斷增長的國際機會，我們看到新客戶加入迪拜、悉尼、維也納、里約熱內盧、赫爾辛基和柏林等。 3 月是我們在國際業務中表現最強勁的月份，歐洲的贏率和需求不斷增加，英國、愛爾蘭、澳大利亞、新西蘭和加拿大的吸引力也在加快。隨著我們繼續看到國際客戶採用數據來提高銷售和營銷流程的效率，國際收入在經過天數調整後的季度環比增長了 14%。

On the product side, our investment to deepen our integration with Salesforce is paying off with rapidly increasing adoption of our new Salesforce sync capability. This capability allows users to marry first-party Salesforce data directly into ZoomInfo filters from account data to lead and contact data and now opportunity data. We saw a more than eightfold increase in the number of accounts that have enabled this bidirectional sync.

在產品方面，隨著我們新的 Salesforce 同步功能的迅速普及，我們為加深與 Salesforce 的集成所做的投資正在得到回報。此功能允許用戶將第一方 Salesforce 數據直接結合到 ZoomInfo 過濾器中，從客戶數據到潛在客戶和聯繫人數據，再到現在的機會數據。我們發現啟用這種雙向同步的帳戶數量增加了八倍多。

Our sales engagement and automation platform, Engage, also continues to accelerate. Engage ACV doubled compared to Q4 2020, and we're seeing a 25% increase in user adoption of the core ZoomInfo platform when customers combine the use of ZoomInfo and Engage. We also see the benefits of this adoption within our retention and renewal numbers, where customers who are dual users of Engage and ZoomInfo have materially higher renewal and retention rates than those who are ZoomInfo-only customers.

我們的銷售參與和自動化平台 Engage 也繼續加速發展。與 2020 年第四季度相比，Engage ACV 翻了一番，當客戶結合使用 ZoomInfo 和 Engage 時，我們看到核心 ZoomInfo 平台的用戶採用率增加了 25%。我們還在保留和續訂數量中看到了這種採用的好處，其中 Engage 和 ZoomInfo 的雙重用戶的客戶比僅使用 ZoomInfo 的客戶具有更高的續訂和保留率。

This is one of the most exciting things about the Engage platform. It has multi-area benefits. Customers buy Engage, which increases adoption of both Engage and ZoomInfo. And investment behind Engage has material benefits across our recruiter and international packages where that product is a built-in offering.

這是 Engage 平台最令人興奮的事情之一。它具有多領域的優勢。客戶購買 Engage，從而提高了 Engage 和 ZoomInfo 的採用率。 Engage 背後的投資為我們的招聘人員和國際套餐帶來了實質性的好處，其中該產品是內置產品。

This quarter, we significantly expanded the integration points between Engage and the ZoomInfo platform, enhancing the ability to search and import contacts from ZoomInfo and Salesforce into Engage and allowing users to configure target market buyer personas to receive an automated feed of recommended contacts to pursue. More than 40% of active users have used these features just 1 month after release.

本季度，我們顯著擴展了 Engage 和 ZoomInfo 平台之間的集成點，增強了從 ZoomInfo 和 Salesforce 搜索聯繫人並將其導入 Engage 的能力，並允許用戶配置目標市場買家角色以接收推薦聯繫人的自動提要。超過 40% 的活躍用戶在發布後僅 1 個月就使用了這些功能。

We're also integrating our -- in our Salesforce sync capability, enabling customers to automatically synchronize Salesforce data and Engage while we're adding additional integrations into CRM and marketing tools like HubSpot and building out enhanced administrative and managerial controls within our platform.

我們還在我們的 Salesforce 同步功能中集成我們的 - 使客戶能夠自動同步 Salesforce 數據和 Engage，同時我們正在向 CRM 和營銷工具（如 HubSpot）添加額外的集成，並在我們的平台內構建增強的管理和管理控制。

Our customers also continue to adopt the broad spectrum of our market-leading solutions, including our B2B Intent data, which gets them closer to in-market buyers by building automated workflows around intense spikes, topics relevant to their products and services. These data-driven motions have fueled a significant increase across our Intent products, with Intent ACV doubling year-over-year.

我們的客戶還繼續採用我們廣泛的市場領先解決方案，包括我們的 B2B 意圖數據，通過圍繞激烈的峰值、與其產品和服務相關的主題構建自動化工作流程，使他們更接近市場買家。這些數據驅動的運動推動了我們 Intent 產品的顯著增長，Intent ACV 同比翻了一番。

Our InboxAI product, which automates the creation and enrichment of contact lead and activity data from a seller's inbox directly into CRM, tripled year-over-year. And from an overall platform engagement perspective, we saw 12% sequential increases in monthly and daily active user adoption, demonstrating our ability to scale users while also increasing their usage and adoption of our platform.

我們的 InboxAI 產品可自動將聯繫人線索和活動數據從賣家的收件箱直接創建和豐富到 CRM 中，同比增長了兩倍。從整體平台參與度的角度來看，我們看到每月和每日活躍用戶採用率連續增長 12%，這表明我們有能力擴大用戶規模，同時增加他們對我們平台的使用和採用。

The market reaction to our platform continues to be incredibly positive. Since our last earnings call, ZoomInfo was named a leader by Forrester Research in the Q2 2021 Forrester Wave for B2B marketing data providers, receiving the highest possible scores in 18 categories, including data security and privacy, data acquisition and processing, integrations, APIs and applications, sales support, solution packaging and pricing and product road map and vision. Forrester stated that ZoomInfo is a best fit for organizations looking for a comprehensive data solution with an expanding array of complementary applications built on a shared data foundation. On top of that, we also received 26 #1 placements from G2, and we earned the TrustRadius top-rated award for sales intelligence software for the fourth consecutive year.

市場對我們平台的反應仍然非常積極。自上次財報電話會議以來，ZoomInfo 在 2021 年第二季度 Forrester Wave 中被 Forrester Research 評為 B2B 營銷數據提供商的領導者，在 18 個類別中獲得最高分，包括數據安全和隱私、數據採集和處理、集成、API 和應用、銷售支持、解決方案包裝和定價以及產品路線圖和願景。 Forrester 表示，ZoomInfo 最適合尋求全面數據解決方案的組織，該解決方案具有基於共享數據基礎的不斷擴展的補充應用程序。最重要的是，我們還獲得了來自 G2 的 26 個排名第一的位置，並且我們連續第四年獲得了 TrustRadius 銷售智能軟件最高評價獎。

Finally, we attained GDPR and CCPA practices validation from TrustArc. The months-long process to achieve this validation included deep audits of our privacy practices and reinforces both our data privacy leadership and our focus on being privacy-forward to earn the trust of our customers.

最後，我們獲得了 TrustArc 的 GDPR 和 CCPA 實踐驗證。實現此驗證的長達數月的過程包括對我們的隱私實踐進行深入審核，並加強我們在數據隱私方面的領導地位以及我們對隱私前瞻以贏得客戶信任的關注。

Over the last 12 months, we grew our team by nearly 50%. While we have spent the last year working from home, our focus on improving ourselves 1% every day has continued to drive an incredible amount of internal mobility as our employees challenge themselves to master new skills. From promotions to cross-functional moves, the opportunities for career advancement at ZoomInfo far outpace the industry average. We encourage every member of our team to embrace new responsibilities to achieve both personal and professional growth.

在過去的 12 個月中，我們的團隊增長了近 50%。雖然我們去年一直在家工作，但我們每天專注於提高自己 1%，這繼續推動了令人難以置信的內部流動性，因為我們的員工挑戰自己以掌握新技能。從晉升到跨職能調動，ZoomInfo 的職業發展機會遠遠超過行業平均水平。我們鼓勵我們團隊的每一位成員承擔新的責任，以實現個人和職業發展。

And our employees are looking forward to getting into the office, many for the first time ever, and meeting their teammates in person. We plan to begin returning to the office in July, and I'm excited to be able to gather in person with colleagues again as we're preparing our offices around the world to accommodate our hybrid return-to-work model. I'm confident that this team will continue to define new possibles when we are all innovating, collaborating and learning together in person again.

我們的員工期待著進入辦公室，許多人是有史以來第一次，親自與他們的隊友見面。我們計劃在 7 月開始返回辦公室，我很高興能夠再次與同事親自聚會，因為我們正在準備我們在世界各地的辦公室以適應我們的混合返回工作模式。我相信，當我們再次親自進行創新、協作和學習時，這個團隊將繼續定義新的可能性。

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. Q1 was a great quarter with strong financial results that exceeded our guidance. We saw broad-based strength across the business. And as Henry indicated, we achieved our best-ever Q1 results for new business, new customer additions and retention activity. This quarter was also highlighted by our successful expansion with enterprise customers, growing sales of our newer products and strong international growth.

謝謝，亨利。第一季度是一個很棒的季度，財務業績強勁，超出了我們的預期。我們看到了整個業務的廣泛實力。正如亨利所說，我們在新業務、新客戶增加和保留活動方面取得了有史以來最好的第一季度業績。本季度我們與企業客戶的成功擴張、我們新產品的銷售增長以及強勁的國際增長也凸顯了這一季度。

As a result, we are raising our outlook for the year and now expect to deliver revenue growth of 41% in 2021, up from our prior guidance of 36% at the midpoint. We're also guiding to adjusted operating income in the range of $290 million to $294 million, up from our prior guidance of $280 million to $285 million.

因此，我們提高了對今年的展望，現在預計 2021 年的收入將增長 41%，高於我們之前預期的中點 36%。我們還將調整後的營業收入調整為 2.9 億美元至 2.94 億美元，高於我們之前的 2.8 億美元至 2.85 億美元的指導。

In Q1, we delivered GAAP revenue of $153 million. This exceeded our $144 million to $146 million revenue guidance range and represents 50% year-over-year growth and 12% sequential growth as adjusted for days in the quarter. In the first quarter, adjusted operating income was $66 million. This also exceeded our guidance range of $61 million to $63 million and represents a margin of [43%].

在第一季度，我們實現了 1.53 億美元的 GAAP 收入。這超出了我們 1.44 億美元至 1.46 億美元的收入指導範圍，經本季度天數調整後，同比增長 50%，環比增長 12%。第一季度，調整後的營業收入為 6600 萬美元。這也超出了我們 6100 萬美元至 6300 萬美元的指導範圍，利潤率為 [43%]。

During the first quarter, we continued to see strong new customer additions and positive momentum with respect to retention and upsell activity. We also continued to successfully execute against the large and growing enterprise opportunity. We had strong enterprise renewals, and our enterprise upsell motion is really hitting its stride. In the quarter, we doubled the number of greater than $100,000 ACV customers added as compared to the year ago period. As a result, as of March 31, we had more than 950 customers with $100,000 or more in ACV, up from more than 850 last quarter.

在第一季度，我們繼續看到強勁的新客戶增加以及在保留和追加銷售活動方面的積極勢頭。我們還繼續成功地應對龐大且不斷增長的企業機會。我們有強大的企業更新，我們的企業追加銷售行動確實取得了進展。在本季度，與去年同期相比，我們增加的價值超過 100,000 美元的 ACV 客戶數量翻了一番。因此，截至 3 月 31 日，我們有超過 950 名客戶的 ACV 達到或超過 100,000 美元，高於上一季度的 850 多名。

We also continue to expand beyond software and business services with particular strength in finance, insurance, real estate and manufacturing verticals. Additionally, during the quarter, we added more resources to capitalize on the growing international opportunity, which resulted in days-adjusted sequential quarter international revenue growth of 14%. With international revenue growing faster than the overall business, we now have over 10% of our revenue coming from international markets.

我們還繼續擴展到軟件和商業服務之外，在金融、保險、房地產和製造垂直領域具有特別的優勢。此外，在本季度，我們增加了更多資源以利用不斷增長的國際機會，這導致經天數調整後的季度國際收入環比增長 14%。隨著國際收入增長快於整體業務，我們現在有超過 10% 的收入來自國際市場。

As we invest in additional growth vectors, our focus remains on delivering durable revenue growth and absolute levels of adjusted operating income. As a result, as we drive elevated levels of growth, there's the potential that margins may be impacted.

當我們投資於額外的增長載體時，我們的重點仍然是實現持久的收入增長和調整後的營業收入的絕對水平。因此，隨著我們推動更高水平的增長，利潤率可能會受到影響。

As we have outlined in the past, calculated billings and RPO can be imprecise metrics with noise, obscuring the signal of in-period activity. As a result, we focus on days-adjusted sequential revenue growth, which is the growth in total revenue divided by the days in the quarter compared to the prior quarter. We delivered 12% days-adjusted sequential revenue growth in the first quarter, strong results relative to our expectations and great momentum for the remainder of the year. This performance provides further confidence in our ability to raise our guidance for 2021.

正如我們過去所概述的，計算出的賬單和 RPO 可能是帶有噪聲的不精確指標，從而掩蓋了期間活動的信號。因此，我們關注天數調整後的連續收入增長，即總收入增長除以本季度與上一季度相比的天數。我們在第一季度實現了 12% 的天數調整後的連續收入增長，相對於我們的預期而言，業績強勁，並且在今年剩餘時間裡勢頭強勁。這一表現進一步增強了我們提高 2021 年指引的能力的信心。

As we move on to expenses, we increased our investment in research and development in the quarter as planned, investing to expand our data advantage and further extend the workflow and activation capabilities of our platform. We also continued to increase sales and marketing capacity to go after the large and expanding market opportunity. As a result, in Q1, we delivered adjusted operating income margins of 43%, in line with guidance.

隨著我們繼續支出，我們按計劃在本季度增加了對研發的投資，投資以擴大我們的數據優勢並進一步擴展我們平台的工作流程和激活能力。我們還繼續提高銷售和營銷能力，以抓住巨大且不斷擴大的市場機會。因此，在第一季度，我們實現了 43% 的調整後營業利潤率，符合指引。

Turning to the balance sheet and cash flow. We ended the quarter with $356 million in cash, cash equivalents and short-term investments. In the first quarter, we generated operating cash flows of $93 million, which included approximately $7 million of interest payments in the quarter.

轉向資產負債表和現金流。我們在本季度末擁有 3.56 億美元的現金、現金等價物和短期投資。在第一季度，我們產生了 9300 萬美元的經營現金流，其中包括本季度約 700 萬美元的利息支付。

As I indicated on our last call, we repaid part of our term loan and repriced the remainder while issuing a new senior unsecured bond in the first quarter, contributing to the $34 million in cash used for financing activities. We expect those transactions will reduce our cash interest expense by approximately $3 million in 2021.

正如我在上次電話會議中指出的那樣，我們償還了部分定期貸款並重新定價剩餘部分，同時在第一季度發行了新的高級無抵押債券，為用於融資活動的 3400 萬美元現金做出了貢獻。我們預計這些交易將在 2021 年將我們的現金利息支出減少約 300 萬美元。

Unlevered free cash flow was $98 million for the quarter, almost 150% of adjusted operating income as both billings and collections were strong in the quarter. Looking forward, we anticipate unlevered free cash flow conversion rates in the high 90s or 100s as a percentage of adjusted operating income on an annual basis.

本季度的無槓桿自由現金流為 9800 萬美元，幾乎佔調整後營業收入的 150%，因為本季度的賬單和收款均強勁。展望未來，我們預計每年 90 或 100 的無槓桿自由現金流轉換率佔調整後營業收入的百分比。

With respect to liabilities and future performance obligations, unearned revenue at the end of the quarter was $262 million. And remaining performance obligations or RPO were $592 million, of which $461 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 2.62 億美元。剩餘的履約義務或 RPO 為 5.92 億美元，其中 4.61 億美元預計將在未來 12 個月內交付。

As of March 31, we carried $750 million in gross debt at a net leverage ratio of 1.6x trailing 12 months adjusted EBITDA or 1.2x trailing 12 months credit agreement EBITDA.

截至 3 月 31 日，我們的總債務為 7.5 億美元，淨槓桿率為 1.6 倍過去 12 個月調整後 EBITDA 或 1.2 倍過去 12 個月信貸協議 EBITDA。

Lastly, before we turn to guidance, I would like to welcome Prasadh Cadambi to the team. We announced that Prasadh was joining the company as Chief Accounting Officer in October. And since then, he's helped his clients at KPMG get through year-end before joining us in March. He's led engagements with some of the largest software and subscription companies in the world, including Adobe and Salesforce.

最後，在我們轉向指導之前，我想歡迎 Prasadh Cadambi 加入團隊。我們宣布 Prasadh 將於 10 月加入公司擔任首席會計官。從那時起，他幫助畢馬威的客戶度過了年底，然後在三月份加入我們。他領導了與世界上一些最大的軟件和訂閱公司的合作，包括 Adobe 和 Salesforce。

With that, I'll provide our outlook for the second quarter and updated outlook for the full year 2021. For Q2, we expect GAAP revenue in the range of $161 million to $163 million and adjusted operating income in the range of $68 million to $70 million. Non-GAAP net income is expected to be in the range of $0.11 to $0.12 per share. Our guidance implies year-over-year revenue growth of 46% at the midpoint and an adjusted operating income margin of 43%.

有了這個，我將提供我們對第二季度的展望和 2021 年全年的最新展望。對於第二季度，我們預計 GAAP 收入在 1.61 億美元至 1.63 億美元之間，調整後營業收入在 6800 萬美元至 70 美元之間百萬。非 GAAP 淨收入預計在每股 0.11 美元至 0.12 美元之間。我們的指導意味著中點收入同比增長 46%，調整後的營業利潤率為 43%。

We are updating our full year (sic, 2021) guidance as follows. We now expect GAAP revenue in the range of $670 million to $676 million, an increase from our prior guidance of $645 million to $655 million; and adjusted operating income of $290 million to $294 million, an increase from our prior guidance of $280 million to $285 million. Non-GAAP net income for the year is expected to be $0.49 to $0.50 per share, an increase from our prior guidance of $0.47 to $0.49 per share, both amounts based on 405 million diluted weighted average shares outstanding. And we anticipate unlevered free cash flow to be in the range of $290 million to $295 million, an increase from our prior guidance of $270 million to $280 million. Our full year guidance implies 41% revenue growth.

我們正在更新我們的全年（原文如此，2021 年）指南如下。我們現在預計 GAAP 收入在 6.7 億美元至 6.76 億美元之間，高於我們之前的 6.45 億美元至 6.55 億美元的預期；調整後的營業收入為 2.9 億美元至 2.94 億美元，高於我們之前的 2.8 億美元至 2.85 億美元的指導。本年度非公認會計原則的淨收入預計為每股 0.49 美元至 0.50 美元，高於我們之前的每股 0.47 美元至 0.49 美元的指導，這兩個數額均基於 4.05 億股稀釋加權平均流通股。我們預計無槓桿自由現金流將在 2.9 億美元至 2.95 億美元之間，高於我們之前的 2.7 億美元至 2.8 億美元的指導。我們的全年指導意味著收入增長 41%。

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) Our first question is from Siti Panigrahi with Mizuho.

（操作員說明）我們的第一個問題來自瑞穗的 Siti Panigrahi。

Henry, you talked about a strong upsell and renewal. I'm wondering, what percentage of your customer, mainly enterprise customer, now using Engage platform? And also could you talk about Clickagy and EverString? You said last quarter, completed the integration. What sort of adoption or cross-selling you saw in the base?

亨利，你談到了強勁的追加銷售和續約。我想知道，您現在使用 Engage 平台的客戶（主要是企業客戶）的百分比是多少？你還能談談 Clickagy 和 EverString 嗎？你說上個季度，完成了整合。你在基地看到了什麼樣的採用或交叉銷售？

Yes. Great. I think first, a very -- Engage is still very, very new. And so it's a tiny, tiny percentage of our customer base that use Engage today. And so we feel really good about the upside opportunity there. We're getting great feedback from the customers who are on it. Like I mentioned, we're seeing higher renewal and retention rates from the customers who are using both ZoomInfo and Engage.

是的。偉大的。我認為首先，非常-- Engage 仍然非常非常新。因此，今天使用 Engage 的客戶群中只有很小一部分。因此，我們對那裡的上行機會感到非常滿意。我們從使用它的客戶那裡得到了很好的反饋。就像我提到的那樣，我們看到同時使用 ZoomInfo 和 Engage 的客戶的續訂率和保留率更高。

And then every investment dollar in Engage doesn't just go to enhance Engage, but it also goes to enhance our offerings internationally and our recruiter offering where Engage is built into those packages. And so we feel really good about the investments there, but it's still really early innings for that.

然後，在 Engage 上的每一美元投資不僅用於增強 Engage，而且還用於增強我們在國際上的產品和我們的招聘人員產品，其中 Engage 內置在這些軟件包中。因此，我們對那裡的投資感覺非常好，但這仍然是早期的一局。

On Clickagy and EverString, what we did with the Clickagy asset is that we built it into the industry's first Streaming Intent product, and that product is growing tremendously across our base. It's also built into our Elite package, and so we're driving more prospects and customers from our Advanced and Professional versions of our platform into the Elite version of our platform, where they get Intent and Streaming Intent within that platform. And that asset, from a data perspective, is feeding our Intent offering, which we think is one of the offerings that we'll be here for years and years to come.

在 Clickagy 和 EverString 上，我們對 Clickagy 資產所做的就是將其構建到業界首個 Streaming Intent 產品中，並且該產品在我們的基礎上發展迅速。它也內置在我們的 Elite 包中，因此我們正在推動更多潛在客戶和客戶從我們平台的高級和專業版本進入我們平台的 Elite 版本，在那裡他們在該平台內獲得 Intent 和 Streaming Intent。從數據的角度來看，該資產正在為我們的 Intent 產品提供支持，我們認為這是我們將在未來數年和數年內提供的產品之一。

Our customers want to be in front of their prospective customers when they're in market for their products and services, and Intent gives them visibility into what their prospective customers and prospects are doing and researching online. And so we feel really good about that offering, and the Clickagy asset is being leveraged for that.

我們的客戶希望在他們的產品和服務進入市場時出現在他們的潛在客戶面前，Intent 讓他們能夠了解他們的潛在客戶和潛在客戶正在做什麼以及在線研究。因此，我們對該產品感覺非常好，並且 Clickagy 資產正在被利用。

On the EverString side -- sorry, Siti. On the EverString side, we fully integrated the EverString data asset into our Data as a Service offering, and that's a key offering within our enterprise customers. And in the large -- in the very large deal that I talked about in the prepared remarks, that customer is also taking advantage of enrichment that's being fed through the combination of the EverString and ZoomInfo data assets.

在 EverString 方面——對不起，Siti。在 EverString 方面，我們將 EverString 數據資產完全集成到我們的數據即服務產品中，這是我們企業客戶的關鍵產品。在我在準備好的評論中談到的大筆交易中，該客戶還利用了通過 EverString 和 ZoomInfo 數據資產的組合提供的豐富功能。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Murphy。

Congrats on a terrific start to the year. I wanted to ask you the -- I think mathematically, Cameron, there's $8 million of revenue upside in Q1, but the fiscal year guidance is moving higher, I think, by about $23 million. So are you seeing something different in the pipeline that's driving greater confidence in the rest of the year? In other words, maybe this international strength is -- you see that flowing through. Or is it more Engage and recruiter offering starting to feather in, in the back half?

祝賀今年有一個了不起的開端。我想問你 - 我認為從數學上講，卡梅倫，第一季度有 800 萬美元的收入增長，但我認為財政年度的指導正在上升約 2300 萬美元。那麼，您是否看到正在醞釀中的一些不同的事情正在推動對今年剩餘時間的更大信心？換句話說，也許這種國際力量是——你會看到它在流淌。還是在後半部分開始出現更多的 Engage 和招聘人員服務？

So yes, I think -- first off, certainly, the ACV that was generated in Q1 above our kind of initial model and guidance is more than the $8 million revenue that was recognized. So that certainly contributes that we'll continue to see that revenue kind of throughout the year. And I do think that from an execution standpoint, we're firing on all cylinders with respect to many of the expansion opportunities that we have, both internationally and with Engage and the other new products. So it does provide us with a healthy baseline to bring up our growth assumptions.

所以是的，我認為——首先，當然，第一季度產生的 ACV 高於我們的初始模型和指導，超過了確認的 800 萬美元收入。因此，這肯定有助於我們全年繼續看到這種收入。而且我確實認為，從執行的角度來看，我們正在全力以赴地利用我們擁有的許多擴張機會，無論是在國際上還是在 Engage 和其他新產品方面。因此，它確實為我們提供了一個健康的基線來提出我們的增長假設。

Okay. If I could sneak in just a very quick second one. Henry, can you just explain why is international growing faster than domestic just given there's a stronger economic rebound domestically than we have more of the COVID flare-ups that are still happening internationally?

好的。如果我能很快偷偷溜進去第二個。亨利，你能解釋一下為什麼國際經濟增長快於國內，因為國內的經濟反彈比我們在國際上仍然發生的更多的新冠疫情爆發要強嗎？

Yes. Mark, I think a couple of things. First, internationally, there's obviously lower penetration there than there is domestically, I think, is the first thing.

是的。馬克，我想了幾件事。首先，我認為，國際上的滲透率明顯低於國內，這是第一件事。

I think the second thing is there really isn't an offering internationally that can bring together data coverage and technology for go-to-market team the way that we can. And so when we're going there, it's largely evangelistic. But the customers are really excited about the opportunity to use data, oftentimes for the first time, to impact their go-to-market efforts. And so the market is ready for this type of solution internationally. They haven't seen a packaged solution the way that we can bring it before. And so when we're able to show them how they can actually truly digitize the way they go to market, the response has been overwhelmingly positive.

我認為第二件事是，在國際上確實沒有一種產品可以像我們一樣為上市團隊整合數據覆蓋範圍和技術。所以當我們去那裡時，主要是傳福音。但客戶對有機會使用數據（通常是第一次）來影響他們的市場推廣工作感到非常興奮。因此，國際市場已經為這種類型的解決方案做好了準備。他們還沒有像我們以前那樣看到打包的解決方案。因此，當我們能夠向他們展示他們如何真正將他們進入市場的方式數字化時，反應非常積極。

Our next question comes from Alex Zukin with Wolfe Research.

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

Congrats on the quarter. So maybe just the first one for Henry. A couple -- obviously, the standout numbers with a 50-plus percent growth in $100,000 customers, and you called out an 8-figure deal. So can you maybe talk about the pipeline for the rest of the year? Comment on if the pandemic is actually driving some shortening of sales cycles for you given the pull from the demand environment and even the push from your brand equity really coming together post IPO as well.

祝賀本季度。所以也許只是亨利的第一個。一對夫婦——顯然，100,000 美元的客戶增長了 50% 以上的傑出數字，而你提出了一筆 8 位數的交易。那麼你能談談今年剩餘時間的管道嗎？鑑於需求環境的拉動，甚至您的品牌資產的推動力在 IPO 後真正融合在一起，請評論大流行是否真的在為您縮短銷售週期。

Yes. I think actually -- and thanks, Alex. I think actually one of the things to think about with that 8-figure deployment is really how it came together. And this was a company that 4 years ago had come to us with just 300 users. They were on one of our legacy platforms. They continue to add seats over time. And then in 2019, they migrated to our combined platform. So the new platform is what they were on. And really, once they got there, much like many of our other customers, that really started an acceleration of what was possible with all of the other data assets and technology and software tools we had built in to the new platform.

是的。我認為實際上——謝謝，亞歷克斯。實際上，我認為對於 8 位數的部署要考慮的事情之一就是它是如何組合在一起的。這家公司在 4 年前來到我們這裡時只有 300 名用戶。他們在我們的一個遺留平台上。隨著時間的推移，他們繼續增加座位。然後在 2019 年，他們遷移到了我們的組合平台。所以新平台就是他們所使用的。真的，一旦他們到達那裡，就像我們的許多其他客戶一樣，這真的開始加速我們在新平台中內置的所有其他數據資產、技術和軟件工具的可能性。

And so this was a customer that then started adding new seats because the legacy platform didn't have as much data coverage as the new platform. So they started adding new users to the platform, and then they baked us into their CRM system. And then they added Intent data. And then they upgraded to the Elite edition, where they were able to get Intent and workflows and lead scoring and routing and account enrichment.

所以這是一個客戶，然後開始添加新座位，因為舊平台沒有像新平台那樣多的數據覆蓋率。所以他們開始向平台添加新用戶，然後他們將我們納入他們的 CRM 系統。然後他們添加了 Intent 數據。然後他們升級到精英版，在那裡他們能夠獲得意圖和工作流程以及潛在客戶評分和路由以及帳戶豐富。

And then they added InboxAI to their -- to the offering. And so this is a customer that has been a customer with us for years, but once they've gone on to the new platform and migrated over there, still, we're able to really open the opus to all of these other features and functionality and data sets that we could offer them.

然後他們將 InboxAI 添加到他們的產品中。所以這個客戶多年來一直是我們的客戶，但是一旦他們進入新平台並遷移到那裡，我們仍然能夠真正打開所有這些其他功能的作品，並且我們可以提供給他們的功能和數據集。

And so we're seeing more and more customers in the enterprise but also across our customer base come to that same realization and start taking us up on all of the enhanced offerings that we're able to provide them.

因此，我們看到越來越多的企業客戶以及我們的客戶群都實現了同樣的認識，並開始接受我們能夠為他們提供的所有增強產品。

And in the enterprise, really the other sort of tailwind for us there is the acquisition of EverString significantly broadened the data coverage we're able to provide for enterprise clients, which means we're enriching more data for them. When we plug into CRM, we're resolving back to an entity and contact records within ZoomInfo more often than we ever were. And so we're seeing enhanced opportunity within the enterprise, really to finish that transformation from CRM being that system of record to CRM being a system of insight.

在企業中，對我們來說真正的另一種順風是收購 EverString 顯著擴大了我們能夠為企業客戶提供的數據覆蓋範圍，這意味著我們正在為他們豐富更多的數據。當我們插入 CRM 時，我們比以往任何時候都更頻繁地解析回 ZoomInfo 中的實體和聯繫人記錄。因此，我們在企業中看到了更多的機會，真正完成從 CRM 作為記錄系統到 CRM 作為洞察系統的轉變。

And then we've invested really for the last year behind the go-to-market motion in the enterprise as well. And that comes from a product perspective where we continue to enhance the offerings that we offer in the enterprise, but also from a go-to-market, head count and talent perspective where we brought in new enterprise leaders and reorganized the segmentation of accounts in the enterprise so that we can make sure that we're really articulating the value we can provide across an organization. And so you're seeing a lot of that come to fruition now.

然後，我們在過去一年中也為企業的上市運動進行了真正的投資。這來自產品的角度，我們繼續增強我們在企業中提供的產品，但也來自進入市場、人數和人才的角度，我們引入了新的企業領導者並重組了客戶細分企業，這樣我們就可以確保我們真正闡明了我們可以在整個組織中提供的價值。所以你現在看到很多這些都實現了。

Got it. That's super helpful. And then, Cameron, just maybe one for you. I know you love these questions. But if I look at the delta and kind of the patterns around calculated billings versus current RPO, you're seeing sequential trends improve in calculated billings for Q1 versus Q4. But if I look at the sequential change in current RPO, it's about the same roughly on a dollar basis in terms of the amount of current RPO added from Q4 to Q1. So just walk -- can you walk us through -- was there anything different in the billings calc that made that bigger versus depressed the CRPO calc? Or any help there would be appreciated.

知道了。這非常有幫助。然後，卡梅倫，也許只是給你一個。我知道你喜歡這些問題。但是，如果我查看計算賬單與當前 RPO 的增量和模式類型，您會看到第一季度與第四季度計算賬單的連續趨勢有所改善。但是，如果我查看當前 RPO 的連續變化，就從第四季度到第一季度增加的當前 RPO 數量而言，按美元計算大致相同。所以只是走 - 你能帶我們過去 - 在比林斯計算中是否有任何不同使得它變得更大而不是降低 CRPO 計算？或任何幫助將不勝感激。

So I'll start with billings as an imprecise metric as well as RPO as you kind of think through just based on the amount of noise you get from timing of billings, duration of billings, expiration of contracts, et cetera. And that occurs within the RPO-based metrics as well. One of the things to consider is that Q4 just seasonally is our strongest quarter from an in-period activity perspective. So the number of -- or the amount of bookings that you get in terms of RPO tends to be largest in Q4, and that's -- that kind of pull-forward as you think about the expiration of contracts in Q1 tends to warp that comparison a little.

因此，我將從計費作為一個不精確的指標以及 RPO 開始，因為您會根據計費時間、計費持續時間、合同到期等所產生的噪音量進行思考。這也發生在基於 RPO 的指標中。需要考慮的一件事是，從同期活動的角度來看，第四季度只是季節性的，是我們最強勁的季度。因此，就 RPO 而言，您在第四季度獲得的預訂數量或數量往往是最大的，這就是，當您考慮到第一季度合同到期時，這種向前推進往往會扭曲這種比較一點。

But again, I think if you're looking at in-period activity and how to best gauge that, the cleanest metric there's always going to be sequential growth in revenue as you adjust for days. And if you look at that, the Q1 sequential growth relative to Q4, once you get out the acquisitions, was actually a modest improvement.

但同樣，我認為，如果您正在查看期間活動以及如何最好地衡量這一點，那麼當您調整幾天時，最清晰的指標總是會出現收入的連續增長。如果你看一下，一旦你完成收購，第一季度相對於第四季度的連續增長實際上是一個適度的改善。

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

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

Cameron, the unlevered free cash flow number certainly stands out as well. I think more than 60% margin is certainly impressive. You mentioned just in the prepared remarks some billings and collections related commentary. But is there anything else from a seasonal profile perspective for us to be mindful of as we model that line out through the course of the year given the upside, I think, was more pronounced than we were modeling?

卡梅倫，無槓桿的自由現金流數字當然也很突出。我認為超過 60% 的利潤率肯定令人印象深刻。您剛剛在準備好的評論中提到了一些與帳單和收藏相關的評論。但是，從季節性概況的角度來看，在我們對這一年的路線進行建模時，考慮到上行空間比我們建模時更明顯，我們是否還有其他需要注意的地方？

Yes. Sure. Great question. Look, Q1 is always strong from an unlevered free cash flow perspective just based on the normal seasonal strength of sales activity in Q4. So we collected on what was a great quarter in Q4, plus we have continued to implement operational improvements around collections that have yielded really strong results. And if you think about -- in a SaaS business, I always think about it as days billings outstanding as opposed to days sales outstanding.

是的。當然。好問題。看，僅基於第四季度銷售活動的正常季節性強度，從無槓桿自由現金流的角度來看，第一季度總是很強勁。因此，我們收集了第四季度一個很棒的季度，此外，我們繼續圍繞產生了非常強勁的結果的收集實施運營改進。而且，如果您考慮一下-在 SaaS 業務中，我總是將其視為未結帳的天數，而不是未結的銷售天數。

If you take days billing as outstanding, we've actually improved to a level that's even better than our pre-pandemic levels had been, which helped to drive cash flow in Q1. And then certainly, we did have a really great quarter from a sales and billings perspective in Q2 as well that also helped to drive incremental cash flow.

如果您將天數計費視為未完成，那麼我們實際上已經提高到比大流行前水平甚至更好的水平，這有助於推動第一季度的現金流。當然，從第二季度的銷售和賬單的角度來看，我們確實有一個非常棒的季度，這也有助於推動現金流的增加。

So overall, as a result of the operational improvements and improving growth, we do expect that our free cash flow conversion will be improved in 2021 and that, as I mentioned in my prepared remarks, that we expect to be in the high 90s or 100s as a percentage of adjusted operating income for the year.

因此，總體而言，由於運營改善和增長改善，我們確實預計我們的自由現金流轉換將在 2021 年得到改善，正如我在準備好的評論中提到的那樣，我們預計將達到 90 或 100 的高位佔當年調整後營業收入的百分比。

Our next question is from Stan Zlotsky with Morgan Stanley.

我們的下一個問題來自摩根士丹利的斯坦·茲洛茨基。

Perfect. I wanted to go back to the question on international opportunity. The -- certainly a very impressive start to the year in that part of the business. How are you thinking about it for the remainder of the year? What are some of your initiatives that you're hoping to implement as we go forward?

完美的。我想回到關於國際機會的問題。在這部分業務中，這無疑是一個非常令人印象深刻的開端。在今年餘下的時間裡，你如何看待它？在我們前進的過程中，您希望實施哪些舉措？

Sure. I'll jump in, and Henry can add color if he wants to. But we're really excited about the momentum and success from the early investments we've made in international markets, and we expect to put more wood behind that effort.

當然。我會加入，如果亨利願意，他可以添加顏色。但我們對我們在國際市場早期投資的勢頭和成功感到非常興奮，我們希望為這項努力投入更多的資源。

One of the exciting things is that the effectiveness and efficiency and scalability of our international teams has been similar to that, that we've seen in the U.S. And so I think the -- from our perspective, the hardest part is really the travel restrictions and so forth that we've experienced. If -- we would have had an office open in Europe and probably Australia already if it weren't for COVID. But as the world opens up to foreign visitors and landing teams to seed a team in those regions, we do plan to often -- open offices internationally to further pursue the strength that we're seeing there.

令人興奮的事情之一是，我們國際團隊的有效性、效率和可擴展性與我們在美國看到的類似。所以我認為——從我們的角度來看，最困難的部分實際上是旅行限制等等，我們經歷過。如果——如果不是因為 COVID，我們可能已經在歐洲和澳大利亞開設了辦事處。但是隨著世界向外國遊客和登陸團隊開放以在這些地區播種團隊，我們確實計劃經常在國際上開設辦事處以進一步追求我們在那裡看到的實力。

So just to piggyback on that, Cameron. So as we think about the back half of the year, are you figuring in a greater amount of T&E just between returning to the offices domestically and potentially also other international locations opening up?

因此，卡梅倫，只是為了背負這一點。因此，當我們考慮今年下半年時，您是否認為僅在返回國內辦事處和其他可能開放的國際辦事處之間需要更多的差旅費？

And it will be modest at best. Realistically, our sales motion doesn't rely on a heavy amount of in-person visits. There will be some training, but our expectation is that we'll, yes, send some experienced folks that are deeply ingrained in the culture over there to start offices and then ramp with local hires and the success that would follow.

它充其量只是適度的。實際上，我們的銷售活動並不依賴於大量的面對面訪問。會有一些培訓，但我們的期望是，是的，我們會派一些在當地文化中根深蒂固的經驗豐富的人來開辦辦事處，然後與當地員工一起增加，並取得成功。

Our next question is from Terry Tillman with Truist.

我們的下一個問題來自 Truist 的 Terry Tillman。

Congrats as well, Henry, Cameron and Jerry. Maybe in terms of, Henry, the Salesforce sync, the innovation of the bidirectional data feed, what kind of revenue do you actually get from that? And whether it's Salesforce or other ISVs? The second part of this is, I would think, as you're starting to get these 7-figure and 8-figure transactions, people are going to take notice. So I'm curious what you're seeing now in the ecosystem development side.

也恭喜亨利、卡梅倫和傑瑞。也許就亨利、Salesforce 同步、雙向數據饋送的創新而言，您實際上從中獲得了什麼樣的收入？是 Salesforce 還是其他 ISV？第二部分是，我認為，當你開始獲得這些 7 位數和 8 位數的交易時，人們會注意到這一點。所以我很好奇你現在在生態系統開發方面看到了什麼。

Yes. Thanks, Terry. I think the -- on Salesforce sync, that's a capability that we've opened up in our Advanced and Elite packages. And so customers will need to migrate from the Professional edition, which is kind of our Starter edition to Advanced and Elite to take advantage of the Salesforce sync capability. We obviously believe this is an incredibly valuable feature because it allows you to take your first-party Salesforce data and then marry it to ZoomInfo data to get tighter filters and better views on where your opportunities are, what accounts you should be engaging with, which contacts and leads are no longer at their firms. And you can see that with a couple of clicks inside of the ZoomInfo platform. And so really powerful technology, and we're using it as a lever to migrate people to the more advanced solution packages.

是的。謝謝，特里。我認為——關於 Salesforce 同步，這是我們在 Advanced 和 Elite 軟件包中開放的一項功能。因此，客戶需要從專業版（我們的入門版）遷移到高級和精英版，以利用 Salesforce 同步功能。我們顯然相信這是一個非常有價值的功能，因為它允許您獲取您的第一方 Salesforce 數據，然後將其與 ZoomInfo 數據相結合，以獲得更嚴格的過濾器和更好地了解您的機會在哪裡、您應該與哪些客戶互動、哪些聯繫人和潛在客戶不再在他們的公司。在 ZoomInfo 平台內單擊幾下即可看到這一點。如此強大的技術，我們將其用作將人們遷移到更先進的解決方案包的槓桿。

I think from an ecosystem perspective, last quarter, we announced a partnership with Snowflake in their Data Marketplace. Next quarter, you'll see us announce a couple of new partnerships with customers where our data and our platform can be embedded in a number of different go-to-market platforms and systems. We really do believe that not only should our customers be engaging with our platform on ZoomInfo's application, but that we should also be embedding those solutions inside of the systems that they're going to market with, whether that's sales automation or CRM or marketing automation. And so really expanding that ecosystem has always been a goal of ours. And you'll see us continue to do that over the next quarters.

我認為從生態系統的角度來看，上個季度，我們宣佈在他們的數據市場中與 Snowflake 建立合作夥伴關係。下個季度，您將看到我們宣布與客戶建立幾個新的合作夥伴關係，我們的數據和平台可以嵌入到許多不同的上市平台和系統中。我們確實相信，我們的客戶不僅應該在 ZoomInfo 的應用程序上使用我們的平台，而且我們還應該將這些解決方案嵌入到他們將要推向市場的系統中，無論是銷售自動化、CRM 還是營銷自動化.因此，真正擴展該生態系統一直是我們的目標。你會看到我們在接下來的幾個季度繼續這樣做。

Our next question is from Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

The -- Henry, can you talk a little bit about the -- on the evolution on the recruiting side? So where are you in terms of like your ability to cross-sell/upsell in terms of sales engineering, et cetera? And what momentum are you seeing there?

- 亨利，你能談談 - 關於招聘方面的演變嗎？那麼，就銷售工程等方面的交叉銷售/追加銷售能力而言，您在哪裡？你在那裡看到了什麼勢頭？

Raimo, thank you for the question. What I would tell you is we're still really early with the recruiter platform. We are in market. We do have paid users of the platform. We expect to do a much larger launch in June, and we expect that launch to start with focus on existing customers, particularly with the -- in the enterprise in the upper mid-market.

雷莫，謝謝你的提問。我要告訴你的是，我們還處於招聘平台的早期階段。我們在市場上。我們確實有該平台的付費用戶。我們預計將在 6 月進行更大規模的發布，我們預計該發布將首先關注現有客戶，特別是中高端市場的企業。

And ultimately, what we're building throughout this quarter and throughout the rest of the year is really a digital motion from candidate sourcing to candidate engagement, to interview. And so the ability to give recruiters a suite of not just data but technology and tool that let them interact with that data and then feed that interaction and activity into their ATS systems. And so we're working on a number of new ATS integrations for the recruiter package. And we expect to have a dedicated go-to-market motion on a recruiter product this quarter, and then we expect to accelerate that in the back half of the year as well.

最終，我們在本季度和今年剩餘時間裡構建的實際上是從候選人採購到候選人參與再到面試的數字化運動。因此，能夠為招聘人員提供一套不僅是數據，而且是技術和工具，讓他們與這些數據進行交互，然後將這種交互和活動反饋到他們的 ATS 系統中。因此，我們正在為招聘人員包開發一些新的 ATS 集成。我們預計本季度將針對招聘產品進行專門的上市動議，然後我們預計在今年下半年也將加快這一進程。

Okay. Perfect. And then one follow-up for Cameron. So I saw the debt refinance. Could you just maybe remind us like the benefit you get from that? And what's the next step, including the next steps going forward?

好的。完美的。然後是卡梅倫的後續行動。所以我看到了債務再融資。您能否提醒我們您從中獲得的好處？下一步是什麼，包括接下來的步驟？

Sure. There are a couple of benefits that we get from that. One is we did take advantage of a really strong rate environment in February. So we lowered our rate across the board between both the term loan and the new bond.

當然。我們從中獲得了一些好處。一是我們確實利用了 2 月份非常強勁的利率環境。因此，我們全面降低了定期貸款和新債券之間的利率。

Additionally, it gives us added flexibility going forward. So the unsecured bond obviously has fewer covenants and whatever else. It also enables us to take on more term loan debt if we needed it going forward for potential acquisitions or other growth initiatives. And then finally, we also increased the size of our revolver to $250 million, again, to give us more flexibility going forward until we find good opportunities for continued investment.

此外，它為我們提供了更多的靈活性。因此，無擔保債券顯然有更少的契約和其他任何東西。如果我們需要它來進行潛在的收購或其他增長計劃，它還使我們能夠承擔更多的定期貸款債務。最後，我們還將左輪手槍的規模增加到 2.5 億美元，再次為我們提供更大的靈活性，直到我們找到繼續投資的好機會。

Our next question is from Brent Bracelin with Piper Sandler.

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

Henry, I wanted to follow up on a common thread that's being asked here just around the amazing strength of the business. I vividly recall a conversation with an investor just 9 months ago, where we had this heated debate around whether or not you could sustain 30% in 2021. Q1 marks, I think, the third straight quarter of accelerating growth, 48.5%, I think the highest in more than 2 years. My question here, what's changed over the last 6 to 9 months where the expected growth rate of your business would improve from, what, 27% consensus use to now 41%? That is a material change. Last time I checked, I think we're still in a global pandemic. So it feels like a lot of small things seem to be working. Maybe it's just the power of the platform that's resonating. I don't know. But any additional color you can give us here because the magnitude of the pace of change in the growth rate certainly seems much, much stronger than anyone was thinking just 9 months ago.

亨利，我想跟進一個共同的話題，這個話題圍繞著業務的驚人實力而被問到。我生動地回憶起 9 個月前與一位投資者的對話，當時我們就是否能在 2021 年維持 30% 的增長率進行了激烈辯論。我認為，第一季度是連續第三個季度加速增長，我認為是 48.5% 2年多來最高。我的問題是，在過去 6 到 9 個月內，您的業務的預期增長率將從 27% 的共識使用提高到現在的 41%，發生了什麼變化？那是一種物質上的改變。上次我檢查時，我認為我們仍處於全球大流行中。所以感覺很多小事情似乎都在起作用。也許只是平台的力量引起了共鳴。我不知道。但是你可以在這裡給我們任何額外的顏色，因為增長率變化速度的幅度肯定看起來比任何人在 9 個月前想像的要強烈得多。

Brent, thank you for the question. I think -- I wish I could tell you there was like a one silver bullet here. There really isn't. I think the thing that I see in this business every day goes back to that cultural focus on best-in-class execution, getting 1% better every year. And what you see in every department over the last 9 months is that they don't even look like they looked 9 months ago.

布倫特，謝謝你的問題。我想——我希望我能告訴你這裡就像一顆銀彈。真的沒有。我認為我每天在這項業務中看到的事情可以追溯到對一流執行的文化關注，每年都提高 1%。在過去 9 個月中，您在每個部門看到的是，他們甚至不像 9 個月前的樣子。

We've advanced in every area of the business. We've sophisticated in every area of the business. We brought in new talent and stronger talent in every area of the business. We pushed our employees to improve in every area of the business. And this is going to be a business that consistently executes for the long term. We're building a durable growth business that's focused on best-in-class execution, and you're just seeing that come through.

我們在業務的各個領域都取得了進步。我們在業務的各個領域都非常成熟。我們在業務的各個領域都引進了新的人才和更強大的人才。我們推動員工在業務的各個領域進行改進。這將是一項長期持續執行的業務。我們正在建立一個專注於一流執行的持久增長業務，而您只是看到了這一點。

Certainly in awe here, for sure. Cameron, just quickly on the non-tech vertical. You called out finance, insurance, real estate and manufacturing. Are you seeing those as incremental kind of helping drive the logo strength here on top of a really strong adoption in tech? Or are those new areas kind of helping offset maybe a slowdown and just the traditional tech market where you're really strong?

當然在這裡敬畏，當然。卡梅倫，很快就進入了非技術垂直領域。你提到了金融、保險、房地產和製造業。您是否將這些視為在技術真正強大的採用之上幫助推動徽標強度的增量類型？或者這些新領域是否有助於抵消經濟放緩以及您真正強大的傳統科技市場？

Yes. No, it really does is incremental, and they're coming off of a relatively small base. But even within those software and business services segments that we traditionally then the early adopters for our business, we continue to see really strong growth -- really strong enterprise growth. And yes, those parts of our businesses are still growing in the -- in this quarter in the 40s as a percent. So they continue to do really well. And then we're picking up incremental growth from some of those newer verticals that have traditionally been a little slower in terms of adoption.

是的。不，它確實是增量的，而且它們的基數相對較小。但即使在我們傳統上是我們業務的早期採用者的那些軟件和業務服務領域，我們繼續看到真正強勁的增長——真正強勁的企業增長。是的，我們業務的這些部分在 40 年代的本季度仍在增長。所以他們繼續做得很好。然後，我們正在從一些傳統上在採用方面稍慢一些的較新垂直領域獲得增量增長。

Our next question is from Tom Roderick with Stifel.

我們的下一個問題來自 Stifel 的 Tom Roderick。

Henry, as this business continues to scale, and I think we've all sort of -- many people on this call hit on the 8-figure deal you talked about and certainly a big lift in $100,000-plus deals. It certainly seems like there's a lot of things you need to be adding and investing and supporting in the go-to-market function. Can you talk a little bit more about what functions you put in place in sales to support larger deals, to support the nurturing of those relationships as they continue to get bigger, and ultimately, how you know the intent of your own customers on when they're ready to pull the trigger on much bigger deals? And then secondarily, how is the competitive landscape changing as you're finding your way into those 7- and even 8-figure deals?

亨利，隨著這項業務的不斷擴大，我認為我們已經 - 許多人在這次電話會議上達成了你所說的 8 位數的交易，當然還有超過 100,000 美元的交易。在上市功能中，您似乎確實需要添加、投資和支持很多東西。你能多談談你在銷售中設置了哪些功能來支持更大的交易，在這些關係繼續擴大的過程中支持培養這些關係，以及最終，你如何知道自己的客戶在他們何時購買的意圖'準備好觸發更大的交易了嗎？其次，當你想辦法進入那些 7 位數甚至 8 位數的交易時，競爭格局會發生怎樣的變化？

Tom, thanks for the question. I think what you -- if you look today at the way our go-to-market organization is organized and you compare that with 2 years ago, we really have sophisticated the way we go to market, especially in the enterprise. And so today, we have a really robust solution sales team. This is a team that comes in for more sophisticated engagements, more sophisticated solutions that we're selling into.

湯姆，謝謝你的問題。我想你——如果你今天看看我們的上市組織的組織方式，並將其與 2 年前進行比較，我們真的有復雜的進入市場的方式，尤其是在企業方面。所以今天，我們擁有一支非常強大的解決方案銷售團隊。這是一個為更複雜的參與、更複雜的解決方案而加入的團隊，我們正在向其銷售。

When we bring that team into deals, we see material upside on the size of the deals we're able to close. And the sales cycles, we're able to shrink when we bring that team in.

當我們讓該團隊參與交易時，我們看到我們能夠完成的交易規模有實質性的上升空間。而銷售週期，當我們把那個團隊帶進來時，我們就能縮短。

We inherited a very strong sales engineering team with our acquisition of EverString. That's being led by the former COO of EverString is now running that full motion for us here at ZoomInfo. It's an incredibly strong motion. They're integrated into our sales motion.

通過收購 EverString，我們繼承了一支非常強大的銷售工程團隊。這是由 EverString 的前首席運營官領導的，現在正在 ZoomInfo 為我們執行全部動作。這是一個令人難以置信的強烈運動。它們被整合到我們的銷售活動中。

So again, when we get into the enterprise, it's not just an account executive on that deal or an account manager. You have an account executive, an account manager, a solution salesperson and then someone from sales engineering who's focused on the data aspect of the business. And we're really able to do consultative selling in those situations.

同樣，當我們進入企業時，它不僅僅是該交易的客戶經理或客戶經理。您有一位客戶經理、一位客戶經理、一位解決方案銷售人員，然後是銷售工程部門的一名專注於業務數據方面的人員。我們真的能夠在這些情況下進行諮詢銷售。

And that -- all of those things that I just outlined, they just weren't here 2 years ago. And so we've been really thoughtful about where we hire, how we support our enterprise sellers with the right resources that not only make them successful, but that make the enterprise customers excited to engage with us in consultative ways. And we're seeing that pay off across the enterprise.

那——我剛剛概述的所有這些事情，他們只是在 2 年前不在這裡。因此，我們一直在認真考慮我們在哪裡招聘，我們如何為企業賣家提供正確的資源，這些資源不僅讓他們成功，而且讓企業客戶興奮地以諮詢方式與我們互動。我們正在整個企業看到這種回報。

And then do you want to remind me the second part of that question?

然後你想提醒我這個問題的第二部分嗎？

Yes. Just the follow-up is just is the competitive landscape changing as these deal opportunities get larger?

是的。只是跟進只是隨著這些交易機會的增加，競爭格局是否會發生變化？

Not really. The competitive landscape as the deals get larger is still pretty unchanged.

並不真地。隨著交易規模的擴大，競爭格局仍然保持不變。

Got it. And then this is a little bit of a follow-on to that very question, and you sort of answered it with the EverString example. But you've had some really nice success making tuck-in acquisitions that are becoming sort of critical components of the product offering. As I ask the question about go to market, how are you, again, supporting the corporate development function as you make these acquisitions and making (inaudible) effectively? Is that team getting larger? Are you prepared to do larger deals here going forward? Just give us your sense on that going forward as well.

知道了。然後這是對那個問題的一點點後續，你用 EverString 的例子回答了這個問題。但是你已經取得了一些非常好的成功，這些收購正在成為產品供應的關鍵組成部分。當我問到關於進入市場的問題時，在您進行這些收購和（聽不清）有效地製造（聽不清）時，您又是如何支持企業發展職能的？那支隊伍越來越大了嗎？你準備好在這裡做更大的交易了嗎？也請告訴我們您對這方面的看法。

Yes. We think -- we continue to believe that M&A is going to be a strong growth driver for us, particularly where we can find a solution that gets remarkably better with our data asset at the shared foundation that we can sell across all of our go-to-market teams. And so we do view M&A as a strategic differentiator for our business.

是的。我們認為——我們仍然相信併購將成為我們強勁的增長動力，特別是在我們可以找到一個解決方案，該解決方案在我們可以在我們所有業務中出售的共享基礎上利用我們的數據資產得到顯著改善——上市團隊。因此，我們確實將併購視為我們業務的戰略差異化因素。

So we are going to continue to grow that corporate development team. I think you will see us continue to do M&A deals throughout 2021. I think the way we look at deals is -- and we don't tend to get fixated on size. I think what we get -- what we stay focused on is, is this an asset that all of our sellers can sell? Can we quota it out to our quota-carrying representatives? Can we enable them to sell those solutions? Can they become core parts of our offering? And can they become strategically differentiated because of our data?

因此，我們將繼續發展該企業發展團隊。我想你會看到我們在整個 2021 年繼續進行併購交易。我認為我們看待交易的方式是——而且我們並不傾向於關注規模。我認為我們得到的——我們一直關注的是，這是我們所有賣家都可以出售的資產嗎？我們可以將其配額分配給我們的配額執行代表嗎？我們可以讓他們銷售這些解決方案嗎？它們能否成為我們產品的核心部分？他們能否因為我們的數據而在戰略上脫穎而出？

And so if we can line those things up and we can see M&A transactions that are accretive in the short term, I think those are acquisitions we're going to be really excited to do. And we're going to be -- to the extent that we can be, we're going to be size-agnostic to them.

因此，如果我們能夠將這些事情排列起來，並且我們可以看到在短期內具有增值作用的併購交易，我認為這些是我們將非常興奮地進行的收購。我們將成為 - 在我們可以做到的範圍內，我們將與他們的規模無關。

Wonderful. Congratulations on the results.

精彩的。祝賀結果。

Thank you.

謝謝你。

Our next question is from David Hynes with Canaccord.

我們的下一個問題來自 Canaccord 的 David Hynes。

Congrats on the results. So Tom was just asking about the quality of adds as you go upmarket. I'll ask about the quantity. If you had to characterize the record number of new customers that you're adding, I guess, would you attribute it more to top-of-funnel strength or improving win rates? And I guess I'll ask a follow-up while I'm at it. So if you don't win, which I'm sure happens on occasion, what's typically the top reason that a lost deal would cite?

祝賀結果。所以湯姆只是在問你進入高端市場時添加的質量。我會問數量。如果您必須描述您正在添加的新客戶的創紀錄數量，我猜，您會將其更多地歸因於漏斗頂部的實力還是提高贏率？我想我會在做的時候問一個後續問題。因此，如果您沒有獲勝，我敢肯定偶爾會發生這種情況，那麼交易失敗的主要原因通常是什麼？

So I'll hit the first question, and then I'll let Henry talk about why we don't potentially win. But at the top of the funnel, we are seeing more leads and more qualified leads than we've ever seen before. We are also -- we do continue to see our win rates inch up over time as well.

所以我要問第一個問題，然後讓亨利談談為什麼我們沒有可能獲勝。但在漏斗的頂部，我們看到的潛在客戶和合格的潛在客戶比以往任何時候都多。我們也 - 我們確實繼續看到我們的獲勝率隨著時間的推移而增加。

So again, I think a lot of that is we are focused on being just 1% better every day. When you apply that across multiple layers within that funnel, it really starts to compound upon itself for real success across the board. And I think that's what we're seeing in Q1 and have really strong momentum there.

再說一次，我認為其中很大一部分是我們專注於每天只提高 1%。當您在該漏斗中的多個層次上應用它時，它真的開始自我複合，以獲得全面的真正成功。我認為這就是我們在第一季度看到的情況，並且勢頭非常強勁。

And look, DJ, I think when we lose, in most -- in almost all cases, we're not losing to a competitor or a different solution. We're really losing to no decision. And so what we're focused on doing internally from an enablement perspective is to ensure that when we're engaged with a company that we're engaged with all the right decision-makers who can make a purchase so that we get all the right people to the table and we're best able to articulate the value of what our solution brings to the entire spend marketing organization. But we're not seeing anything specific around when we're losing or a lack of a certain product feature or data coverage. I think we're just -- we're losing today to no decision.

看，DJ，我認為當我們輸了，在大多數情況下——幾乎在所有情況下，我們都不會輸給競爭對手或不同的解決方案。我們真的輸給了沒有決定。因此，從支持的角度來看，我們在內部關注的重點是確保當我們與一家公司合作時，我們會與所有可以進行購買的正確決策者合作，以便我們得到一切正確人們坐到桌子旁，我們最能闡明我們的解決方案為整個支出營銷組織帶來的價值。但是，當我們失去或缺乏某種產品功能或數據覆蓋範圍時，我們沒有看到任何具體的情況。我認為我們只是 - 我們今天因為沒有決定而輸掉了比賽。

Our next question is from Kash Rangan with Goldman Sachs.

我們的下一個問題來自高盛的 Kash Rangan。

Congratulations on the quarter, and congrats on hiring Prasadh as well. I have 2 questions for you, Henry. One is as we get past the vaccination phase, and hopefully we open up, is there a possibility that you're contemplating that a fair amount of selling activity will actually shift to in-person meetings, and therefore, digital engagement, as source of getting leads, et cetera, that probably takes a bit of a backseat as people go out to meet clients in person? And secondly, as you look at Engage, if you can talk about how much more white space there is for Engage before you bump into other established categories in the CRM space?

祝賀這個季度，也祝賀你聘用了 Prasadh。我有兩個問題要問你，亨利。一個是當我們通過疫苗接種階段，希望我們開放時，是否有可能你正在考慮相當數量的銷售活動實際上將轉移到面對面的會議，因此，數字參與，作為來源當人們出去親自會見客戶時，獲得潛在客戶等可能需要一些後座？其次，當您查看 Engage 時，如果您能談談 Engage 在您遇到 CRM 領域中其他已建立的類別之前還有多少空白空間？

Yes. Thanks, Kash. I think, look, first, we really do believe that digitization of the go-to-market motion is a 1-way door and really is a durable change. That's not going to go back. And so we don't view this as like a temporary reallocation of T&E or conference spend or anything like that. There are strong secular tailwinds that are at work across companies of all sizes, that were at work before the pandemic hit and were really strong secular tailwinds for us there, too.

是的。謝謝，卡什。我認為，首先，我們確實相信進入市場運動的數字化是一扇單向門，並且確實是一個持久的變化。那不會回去了。因此，我們不認為這是臨時重新分配 T&E 或會議支出或類似的東西。各種規模的公司都有強大的長期順風在起作用，這些順風在大流行來襲之前就在發揮作用，對我們來說也是非常強大的長期順風。

And so we feel this tailwind, we feel like the market is growing, that more and more people are raising their hands to want to go to market in a data-driven way. And really that that's happening with customers of all sizes, from the largest enterprises to the smallest, small businesses and that we play a critical part in their ability to go to market in an efficient and scalable way.

所以我們感受到了這種順風，我們覺得市場正在增長，越來越多的人舉手希望以數據驅動的方式進入市場。實際上，從最大的企業到最小的小型企業，各種規模的客戶都在發生這種情況，我們在他們以高效和可擴展的方式進入市場的能力方面發揮著關鍵作用。

I think there will be more travel, hopefully, in the back half of this year, but that's not going to change our position from a growth perspective. We don't believe that that's going to impact our customers' and prospects' desire to really begin their digital transformation from a go-to-market perspective.

我認為今年下半年會有更多的旅行，但從增長的角度來看，這不會改變我們的立場。我們認為這不會影響我們的客戶和潛在客戶從進入市場的角度真正開始數字化轉型的願望。

And on Engage, lots of white space. I think we're super early in that category. So a lot of white space around sales automation and getting the most out of your sellers and automating their daily tasks and integrating that back into their CRM systems and their systems of record. And I don't view that as a product that's bumping into CRM or that will run out of white space and start bumping into CRM. We see a really big market there that we're really, really early in and see no signs of real penetration across our customer base.

在 Engage 上，有很多空白。我認為我們在該類別中處於領先地位。因此，圍繞銷售自動化和充分利用您的賣家、自動化他們的日常任務並將其集成回他們的 CRM 系統和他們的記錄系統有很多空白。而且我不認為這是一個撞到 CRM 的產品，或者會用完空白空間並開始撞到 CRM 的產品。我們在那裡看到了一個非常大的市場，我們真的非常早，並且沒有看到真正滲透到我們客戶群的跡象。

Our next question is from Koji Ikeda with Bank of America.

我們的下一個問題來自美國銀行的 Koji Ikeda。

Really nice quarter. A question for Henry or Cameron, big-picture question here. I guess how much of the Q1 bookings outperformance and the pipeline build during the quarter, especially with the bigger deals, is coming from organizations that are still operating with the pandemic mindset versus organizations that are now really ramping up for the post-pandemic world?

真的很好的季度。亨利或卡梅倫的問題，這裡的大問題。我猜想有多少第一季度的預訂表現和管道建設，特別是在更大的交易中，來自仍然以大流行心態運作的組織，而不是現在真正為大流行後世界加速發展的組織？

Yes. I think we -- I think it's a pretty -- I don't think we see organizations sort of correcting for the pandemic world anymore. We think that's largely behind us. And so what we're seeing mostly is organizations trying to bring to life, especially in the enterprise, their CRM systems, their marketing automation systems, their sales automation system. They're trying to get high ROI and real engagement out of those systems, and they view us as a strategic partner to be able to fill those systems with insights and really drive adoption and engagement from their frontline sellers and their marketing teams through those systems. And so I don't really -- I don't think anyone is focused on the pandemic mindset. Everybody is focused today on really digitizing their motion.

是的。我認為我們——我認為這很漂亮——我認為我們不再看到組織在為大流行世界進行糾正。我們認為這在很大程度上已經過去了。因此，我們看到的主要是組織試圖將其變為現實，尤其是在企業中，他們的 CRM 系統、營銷自動化系統、銷售自動化系統。他們試圖從這些系統中獲得高投資回報率和真正的參與度，他們將我們視為戰略合作夥伴，能夠為這些系統提供洞察力，並通過這些系統真正推動一線賣家和營銷團隊的採用和參與.所以我真的不——我認為沒有人關注流行病的心態。今天，每個人都專注於真正數字化他們的運動。

Got it. Congrats on a great quarter.

知道了。祝賀一個偉大的季度。

Thank you.

謝謝你。

Our next question is from Robert Simmons with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Robert Simmons。

I was wondering, could you talk about what you're seeing from the more impacted industries?

我想知道，你能談談你從受影響更大的行業看到的情況嗎？

Sure. So historically, those more impacted industries are a smaller kind of portion of our business. So pre-pandemic, it was only 4%. But we are seeing that in certain areas that they're starting to come back a little more strongly. So if you think about retail, there are a number of retail customers that are coming on. Even in industries like sports and hotels, we're starting to see an uptick. We signed the New York Giants and Carolina Panthers in the quarter, and we also signed some larger hotel chains as well. So I think we're starting to see those come back. But again, a very small part of the business, and it's not a material driver to growth at this point.

當然。所以從歷史上看，那些受影響更大的行業只是我們業務的一小部分。所以在大流行前，只有4%。但我們看到，在某些領域，它們開始強勢回歸。因此，如果您考慮零售，就會發現許多零售客戶正在湧現。即使在體育和酒店等行業，我們也開始看到上升趨勢。我們在本季度簽下了紐約巨人隊和卡羅萊納黑豹隊，我們還簽下了一些更大的連鎖酒店。所以我認為我們開始看到那些回來了。但同樣，這只是業務的一小部分，目前還不是增長的主要動力。

Our next question is from Brian Peterson with Raymond James.

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

This is Alex Sklar on for Brian. Henry, just one for you, and this actually follows up in your answer to Kash and Koji's questions. But I wanted to ask about the time to value of your platform for customers. Obviously, go-to-market models have clearly changed during the pandemic. And I'm curious if the time to value has changed in the last year with that and if there's certain verticals that are getting faster ROI.

這是布賴恩的亞歷克斯斯克拉。亨利，只給你一個，這實際上是你對 Kash 和 Koji 問題的回答。但我想問一下你的平台為客戶帶來價值的時間。顯然，在大流行期間，上市模式明顯發生了變化。我很好奇去年價值實現時間是否發生了變化，以及某些垂直行業的投資回報率是否越來越快。

Yes. I think we've always been really proud of our really quick time to value of the ZoomInfo solution. This is a solution that you can buy on a Monday, be onboarded on a Wednesday and really be seeing value on a Friday.

是的。我認為我們一直為我們能夠快速實現 ZoomInfo 解決方案的價值而感到自豪。這是一個解決方案，您可以在周一購買，在周三入職，並在周五真正看到價值。

Now there are different types of implementations. Getting this in your sales team's hands and having that sales team really seeing value and return on that investment, that happens in a really short period of time. If we want to do a deeper implementation potentially with the (inaudible) team that's building complicated models for a territory planning exercise or an account prioritization motion, that might take 6 to 8 weeks. But even there, we feel like we're adding value across those 6 to 8 weeks, and we're getting to a full deployment by the end of that 8 weeks. But mostly in that process, we're also getting sales teams ramped up on the product and they're seeing value right away. So really quick time to value with our solution across companies of all sizes.

現在有不同類型的實現。把它交到你的銷售團隊手中，讓銷售團隊真正看到投資的價值和回報，這會在很短的時間內發生。如果我們想與正在為區域規劃練習或帳戶優先級動議構建複雜模型的（聽不清）團隊進行更深入的實施，這可能需要 6 到 8 週。但即使在那裡，我們覺得我們在這 6 到 8 週內增加了價值，並且我們將在這 8 週結束時進行全面部署。但主要是在這個過程中，我們也讓銷售團隊加強了產品的開發，他們立即看到了價值。因此，我們的解決方案可以在各種規模的公司中快速實現價值。

And our last question will be from Pat Walravens with JMP.

我們的最後一個問題將來自 JMP 的 Pat Walravens。

Let me add my congratulations. So Henry, can you give us an example of something that you would like your platform to be able to do in the future that it can't do today?

讓我補充一下我的祝賀。那麼Henry，你能給我們舉一個例子，說明你希望你的平台在未來能夠做到的事情，而現在卻不能做到嗎？

Sure. I think one of the areas where we have a lot of opportunity is something that you've heard in the sales and marketing tech space for the last decade, which is the concept of aligning sales and marketing together. And today, we have a number of solutions that serve both marketers and salespeople. And in the future -- I think in the future, tying together those use cases and aligning them in our platform is an area of huge opportunity. And so if you think about our Websites tool or our FormComplete tool, these are tools that are helping the marketer drive top-of-funnel conversions.

當然。我認為我們有很多機會的領域之一是您在過去十年中在銷售和營銷技術領域聽到的東西，這就是將銷售和營銷結合在一起的概念。今天，我們有許多為營銷人員和銷售人員服務的解決方案。並且在未來——我認為在未來，將這些用例捆綁在一起並在我們的平台中調整它們是一個巨大機會的領域。因此，如果您考慮我們的網站工具或 FormComplete 工具，這些工具可以幫助營銷人員推動漏斗頂部的轉化。

Having that top-of-funnel conversion feed into an SDR view and notification inside of the ZoomInfo platform that drives the next best action based on automated workflow motion that the marketer has set up that a lead comes in, it automatically assigns to an SDR. The SDR is in a view inside of ZoomInfo, where they see the leads that are assigned to them. They're one click to a motion to drive an outbound call or an automated e-mail flow. And then analytics are provided underneath that so that marketers and sellers are fully aligned from the top of the funnel to the bottom of the funnel. I think that's a really big alignment that we're best positioned to do because we already have the eyes of marketers and sellers within our platform. And so really aligning those 2 sides of the house, I think, is a big opportunity for us in the future, where today, we have a lot of the pieces to do that, and we need to tie them all together.

將漏斗頂部的轉換輸入到 ZoomInfo 平台內的 SDR 視圖和通知中，該平台根據營銷人員設置的潛在客戶進入的自動化工作流程運動推動下一個最佳行動，它會自動分配給 SDR。 SDR 位於 ZoomInfo 內部的視圖中，他們可以在其中看到分配給他們的潛在客戶。它們只需單擊一下即可驅動外撥電話或自動電子郵件流。然後在其下方提供分析，以便營銷人員和賣家從漏斗頂部到漏斗底部完全對齊。我認為這是我們最適合做的一個非常大的調整，因為我們已經在我們的平台內擁有了營銷人員和賣家的目光。因此，我認為，真正將房子的這兩個方面對齊，對我們未來來說是一個很大的機會，今天，我們有很多東西可以做到這一點，我們需要把它們結合在一起。

That's cool. So would that get rid of this problem of the marketing-qualified lead versus the sales-qualified lead?

這很酷。那麼這是否會解決營銷合格的潛在客戶與銷售合格的潛在客戶的問題？

Yes. It would certainly align those 2 stakeholders under one umbrella for sure.

是的。它肯定會將這兩個利益相關者放在一個保護傘下。

Great. Well, thank you, everybody. We're excited to be hosting our first-ever Analyst Day on June 14 and really hope that you'll join us as we do a deeper dive on the business and the durability of our growth and profitability model. I'm confident that it'll be a fun and engaging event. We hope to see you all there at June 14. Thank you.

偉大的。嗯，謝謝大家。我們很高興能在 6 月 14 日舉辦我們的第一個分析師日，並且真的希望您能加入我們，因為我們對業務以及我們的增長和盈利模式的持久性進行更深入的研究。我相信這將是一個有趣且引人入勝的活動。我們希望在 6 月 14 日與大家見面。謝謝。

Thank you. And this concludes today's conference call. Thank you for your participation, and you may now disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。