Zoominfo Technologies Inc (ZI) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the ZoomInfo Fourth Quarter and Full Year 2020 Financial Results Conference Call.

女士們，先生們，感謝你們的支持，歡迎參加 ZoomInfo 2020 年第四季度和全年財務業績電話會議。

(Operator Instructions) Please be advised that today's conference may be recorded.

（操作員說明）請注意，今天的會議可能會被錄製。

(Operator Instructions) I would now like to hand the conference over to your speaker today, Jerry Sisitsky.

（操作員說明）我現在想將會議交給您今天的演講者 Jerry Sisitsky。

Please go ahead, sir.

請繼續，先生。

Great.

偉大的。

Thanks, Josh.

謝謝，喬希。

I appreciate it.

我很感激。

Welcome to ZoomInfo's financial results conference call, highlighting our results for the fourth quarter and the full year 2020.

歡迎參加 ZoomInfo 的財務業績電話會議，重點介紹我們 2020 年第四季度和全年的業績。

With me on the call today are Henry Schuck, CEO and Founder of ZoomInfo; and Cameron Hyzer, our Chief Financial Officer.

今天與我通話的是 ZoomInfo 的首席執行官兼創始人 Henry Schuck；和我們的首席財務官 Cameron Hyzer。

After their remarks, we'll open the call to Q&A.

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.

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。

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.

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，包括但不限於使用術語、可能、將和相信的表達，以及反映歷史事實以外的事物的表達，旨在識別前瞻性陳述。

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the Risk Factors section of our filings with the SEC.

前瞻性陳述涉及許多風險和不確定性，包括我們向美國證券交易委員會提交的文件的風險因素部分中討論的風險和不確定性。

Actual results may differ materially from any forward-looking statements.

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.

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。

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

有關更多信息，請參閱我們剛剛發佈到我們的投資者關係網站 ir.zoominfo.com 的幻燈片中包含的警示聲明。

All metrics discussed on this call are non-GAAP, unless otherwise noted.

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。

A reconciliation can be found in the financial results press release or on the slides that we have posted to our IR website.

可以在財務業績新聞稿或我們發佈到我們的 IR 網站上的幻燈片中找到對賬。

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.

謝謝你，傑瑞，歡迎大家。

As a dip in many companies, 2020 presented a unique set of operating circumstances for ZoomInfo.

作為許多公司的低谷，2020 年為 ZoomInfo 呈現了一組獨特的運營環境。

Our team managed past headwinds and tailwinds, stay-at-home orders and virtual work mandates.

我們的團隊管理了過去的逆風和順風、居家訂單和虛擬工作任務。

And through it all, we adapted, moved fast to find new possibles and stepped up to deliver the strongest fourth quarter and the strongest year in our company's history.

通過這一切，我們適應並迅速採取行動以尋找新的可能性，並加緊實現我們公司歷史上最強勁的第四季度和最強勁的一年。

During the quarter, we set company growth records for new sales, new customers added, customers over $100,000 in ACV, efficiency metrics such as LTV to CAC and we saw broad-based strength across all areas of the business, a truly impressive end to our first year in the public market.

在本季度，我們創造了新銷售額、新增客戶、ACV 超過 100,000 美元的客戶、LTV 到 CAC 等效率指標的公司增長記錄，我們在所有業務領域看到了廣泛的實力，這是我們真正令人印象深刻的結束上市第一年。

At ZoomInfo, we are building the modern go-to-market platform from the foundational level up, starting with the market-leading, robust and accurate data layer that fuels a suite of next-generation workflow software.

在 ZoomInfo，我們正在從基礎層面構建現代上市平台，從市場領先、強大且準確的數據層開始，為下一代工作流軟件套件提供動力。

This is delivered across a purpose-built interface that powers go-to-market efforts for companies of all sizes in all industries all over the world.

這是通過一個專門構建的界面交付的，該界面為世界各地所有行業的各種規模的公司提供進入市場的努力。

Our vision to fully digitize go-to-market is resonating more today than ever before and is reflected in the momentum we see in every aspect of our business from new customer acquisition to customer retention to end-user engagement and new product adoption.

我們全面數字化上市的願景在今天比以往任何時候都更能引起共鳴，並反映在我們在業務的各個方面看到的勢頭，從新客戶獲取到客戶保留到最終用戶參與和新產品採用。

In Q4, we delivered GAAP revenue of $140 million, up 53% year-over-year and sequential quarter growth of 13%.

在第四季度，我們實現了 1.4 億美元的 GAAP 收入，同比增長 53%，環比增長 13%。

Our Clickagy and EverString acquisitions contributed $2 million to revenue in the quarter, implying organic sequential quarter growth of 12%.

我們對 Clickagy 和 EverString 的收購為本季度貢獻了 200 萬美元的收入，這意味著季度有機增長 12%。

We delivered that strong organic revenue growth with an adjusted operating income margin of 45%.

我們實現了強勁的有機收入增長，調整後的營業利潤率為 45%。

For the full year, we achieved GAAP revenue of $476 million, up 62% and adjusted operating income of $226 million.

全年，我們實現了 4.76 億美元的 GAAP 收入，增長了 62%，調整後的營業收入為 2.26 億美元。

Our financial performance reflects our goal to, not only build the best suite of go-to-market tools imaginable, but to do that with a focus on operational excellence and best-in-class execution.

我們的財務業績反映了我們的目標，即不僅要構建可以想像的最佳上市工具套件，而且要以卓越運營和一流執行為重點。

Q4 was a record for us on the new business side, both from a logo and dollars perspective.

從徽標和美元的角度來看，第四季度對我們來說是新業務方面的記錄。

We closed the year with more than 20,000 paying customers, adding new users from marketing, revenue and sales operations, data analytics and data science, talent acquisition and sales and executive leadership.

今年結束時，我們擁有超過 20,000 名付費客戶，增加了來自營銷、收入和銷售運營、數據分析和數據科學、人才獲取和銷售以及行政領導的新用戶。

We added customers and industries across the globe from the pharmaceutical industry to manufacturing; from shipping and logistics to the construction industry; from Chino, California to Lewiston, Maine; and from Auckland, New Zealand to Paris, France.

我們在全球範圍內增加了從製藥行業到製造業的客戶和行業；從航運和物流到建築業；從加利福尼亞的奇諾到緬因州的劉易斯頓；從新西蘭奧克蘭到法國巴黎。

And our continued focus on driving enterprise adoption delivered record growth from our largest customers.

我們對推動企業採用的持續關注為我們最大的客戶帶來了創紀錄的增長。

We now have more than 850 customers with ACV over $100,000, representing greater than 45% year-over-year growth in that cohort.

我們現在有超過 850 名客戶的 ACV 超過 100,000 美元，在該群體中同比增長超過 45%。

Contribution to growth in the number of $100,000 customers was strong both on the new business side, where the contribution doubled versus Q3; and on the expand side, where contribution into the cohort grew 71% sequentially.

新業務方面對 100,000 美元客戶數量增長的貢獻強勁，貢獻比第三季度翻了一番；在擴展方面，對隊列的貢獻連續增長 71%。

We now work with over 50% of the Fortune 500 and over 30% of the Fortune 1000, and there is so much opportunity in the enterprise.

我們現在與超過 50% 的財富 500 強企業和超過 30% 的財富 1000 強企業合作，企業中有很多機會。

Just within our existing enterprise accounts, we see a $1 billion-plus seed expansion opportunity on our core platform.

就在我們現有的企業賬戶中，我們在我們的核心平台上看到了超過 10 億美元的種子擴展機會。

Our pipeline across the enterprise remains strong, and I expect that we will continue to see strong growth across this segment.

我們在整個企業的管道仍然強勁，我預計我們將繼續看到這一領域的強勁增長。

The organization has also demonstrated itself to be incredibly nimble as we prove out our additional strategic growth vectors.

當我們證明了我們額外的戰略增長載體時，該組織也證明了自己非常靈活。

Our entrance into the international markets continued its strong start with 20% sequential quarter growth and 71% year-over-year growth as we see strong demand for our products in Europe and in English-speaking regions in Asia Pacific.

由於我們看到歐洲和亞太地區英語地區對我們產品的強勁需求，我們進入國際市場繼續保持強勁勢頭，季度環比增長 20%，同比增長 71%。

Our sales automation platform, Engage, is also accelerating, posting 43% sequential quarter ACV growth while growing the attachment on new business transactions and renewals, 28% and 44%, respectively.

我們的銷售自動化平台 Engage 也在加速增長，季度 ACV 環比增長 43%，同時對新業務交易和續訂的依戀分別增長 28% 和 44%。

While early, we see customers that leverage Engage have meaningfully higher renewal rates.

雖然早期，我們看到利用 Engage 的客戶具有明顯更高的續訂率。

This was one of the many contributing factors to the record retention activity we saw in the fourth quarter.

這是我們在第四季度看到的記錄保留活動的眾多促成因素之一。

We continue to see broad-based momentum and positive feedback from customers and independent rating firms as we invest in our product.

在我們投資我們的產品時，我們繼續看到客戶和獨立評級公司的廣泛勢頭和積極反饋。

For example, in G2's winter 2021 grid report released in December, ZoomInfo appeared on 37 grids, our highest number ever, while also receiving 22 #1 placements, including new #1 ranking in the enterprise category for account data management and read capture.

例如，在 12 月發布的 G2 2021 年冬季網格報告中，ZoomInfo 出現在 37 個網格上，這是我們有史以來的最高數量，同時還獲得了 22 個排名第一的位置，其中包括帳戶數據管理和閱讀捕獲的企業類別新排名第一。

This shows that not only are we building products that span a wide spectrum of go-to-market pain points, we are doing it with best-in-class products.

這表明，我們不僅在構建涵蓋廣泛的上市痛點的產品，而且還在使用一流的產品來做到這一點。

We are also seeing new and increasing adoption of our platform across a broad range of industries from Jazz Pharmaceuticals to Marathon Oil from Toyota to Honeywell, from Lamar to Pitney Bowes, from Stanley Black & Decker and SAP to Blink Science.

從 Jazz Pharmaceuticals 到 Marathon Oil 從 Toyota 到 Honeywell，從 Lamar 到 Pitney Bowes，從 Stanley Black & Decker 和 SAP 到 Blink Science，我們還看到我們的平台在廣泛的行業中得到新的和越來越多的採用。

Blink Science is a creator of instant diagnostic testing tools and an innovative medical passport system.

Blink Science 是即時診斷測試工具和創新醫療護照系統的創造者。

They're doing their part to help stop the pandemic.

他們正在儘自己的一份力量幫助阻止這種流行病。

Blink's quick, low-cost COVID test can be used by every organization in the world.

世界上每個組織都可以使用 Blink 快速、低成本的 COVID 測試。

So they needed to narrow that universe to find and engage with the right contact person at the right target organization, making ZoomInfo ideal solution for them.

因此，他們需要縮小範圍，在正確的目標組織中找到正確的聯繫人並與之互動，從而使 ZoomInfo 成為他們的理想解決方案。

Today, they are successfully engaging with the right personas at the largest health care distributors, shipping companies and health care organizations in the world to ensure rapid deployment of their device when it is EUA-approved.

今天，他們成功地與世界上最大的醫療保健分銷商、運輸公司和醫療保健組織的合適角色合作，以確保在獲得 EUA 批准後快速部署他們的設備。

We remain in the very early stages of this market opportunity.

我們仍處於這個市場機會的早期階段。

Our opportunity drives a change in the way companies find, prioritize and engage with prospects and customers.

我們的機會推動了公司尋找、優先考慮和與潛在客戶和客戶互動的方式發生變化。

From a manual, poorly-timed, inefficient, gut-driven approach to engaging, an approach that has been around for over a century to an approach that drives an efficient, intelligence-driven and automated approach to assessing market opportunities, finding the right prospects and driving increased customer engagement, this represents a fundamental shift in how businesses will go to market in the future.

從手動的、不合時宜的、低效的、直覺驅動的參與方法，一種已經存在了一個多世紀的方法，到一種驅動一種高效、智能驅動和自動化的方法來評估市場機會、尋找合適的前景的方法並推動提高客戶參與度，這代表了企業未來進入市場的方式發生了根本性轉變。

And we are still in the early adopter stage of the evolution with a market that is low single-digits penetrated.

而且我們仍處於發展的早期採用者階段，市場滲透率低個位數。

With this large addressable market in front of us, we see a great opportunity to increase our investment in our data platform and applications.

面對這個巨大的潛在市場，我們看到了增加對數據平台和應用程序投資的絕佳機會。

Our first step in doing that is announcing that Hila Nir will now serve exclusively as our Chief Product Officer so she can focus on driving innovation and product enhancements to capture the market opportunity ahead of us.

我們這樣做的第一步是宣布 Hila Nir 現在將專門擔任我們的首席產品官，這樣她就可以專注於推動創新和產品改進，以抓住我們面前的市場機會。

Second, we've elevated Chris Hays to the role of Chief Operating Officer, unifying our sales and marketing efforts.

其次，我們將 Chris Hays 提升為首席運營官，統一我們的銷售和營銷工作。

Chris is a longtime revenue leader who now takes on responsibility for the entire go-to-market organization, including marketing.

克里斯是一位長期的收入領導者，現在負責整個上市組織，包括營銷。

We also announced today that Shane Murphy-Reuter has joined us as our new Chief Marketing Officer reporting into Chris.

我們今天還宣布，Shane Murphy-Reuter 已加入我們，擔任新任首席營銷官，向 Chris 匯報工作。

Shane joins us from Intercom, a San Francisco-based conversational relationship platform, where he was senior VP of Marketing.

Shane 從舊金山的對話關係平台 Intercom 加入我們，在那裡他擔任營銷高級副總裁。

I'm confident that this team sets us up for continued growth and success.

我相信，這個團隊為我們的持續增長和成功奠定了基礎。

Our culture is driven by continuous improvement and winning.

我們的文化以持續改進和獲勝為動力。

We push ourselves to continuously improve.

我們推動自己不斷改進。

We collaborate, get things done and define new possibles.

我們協作、完成工作並定義新的可能性。

We do this all with a focus on diversity and inclusion.

我們這樣做的重點是多樣性和包容性。

We have taken actions to proactively foster collaboration, drive engagement and grow our culture as we continue to work remotely.

隨著我們繼續遠程工作，我們已採取行動積極促進協作、推動參與並發展我們的文化。

It is a testament to our great culture that we've been able to recruit and onboard more than 900 employees since the beginning of March 2020, with those employees representing roughly half of our entire worldwide organization.

自 2020 年 3 月初以來，我們已經能夠招募和入職 900 多名員工，這些員工約占我們整個全球組織的一半，這證明了我們的偉大文化。

Our customers are using our platform more than ever and not just for prospecting, but increasingly, by fully integrating it into their business processes through their CRM, marketing automation or internal application.

我們的客戶比以往任何時候都更多地使用我們的平台，不僅是為了進行勘探，而且越來越多地通過他們的 CRM、營銷自動化或內部應用程序將其完全集成到他們的業務流程中。

In the fourth quarter, we saw unprecedented usage of those integrations with nearly 2 billion automated calls of our API.

在第四季度，我們看到近 20 億次 API 自動調用這些集成的使用前所未有。

That is roughly 2x the volume we saw just 1 year ago.

這大約是我們一年前看到的數量的 2 倍。

Across our user-facing applications, we also experienced increasing rates of adoption throughout the quarter, culminating with January, delivering record-high engagement rates on our core platform as measured by daily active users over monthly active users as well as significant increases in usage of additional functionality and a record high NPS score in January.

在我們面向用戶的應用程序中，我們在整個季度的採用率也在不斷提高，在 1 月份達到頂峰，在我們的核心平台上實現了創紀錄的參與率，衡量標準是每日活躍用戶超過每月活躍用戶，並且使用率顯著增加1 月份的附加功能和創紀錄的 NPS 分數。

We're also seeing more customers leverage human fill for real-time opportunity signals and advanced targeting, jumping 60% in Q4 compared to Q3.

我們還看到越來越多的客戶利用人工填充來獲取實時機會信號和高級定位，與第三季度相比，第四季度增長了 60%。

This important metric demonstrates that customers are continuing to sophisticate their use cases with us and are taking advantage of our more advanced features, functionality and insight points.

這一重要指標表明，客戶正在繼續與我們一起完善他們的用例，並利用我們更高級的特性、功能和洞察力點。

Regardless of where or how our platform is consumed, the guiding principle for a ZoomInfo customer is to turn insights into action.

無論我們的平台在何處或如何使用，ZoomInfo 客戶的指導原則是將洞察力轉化為行動。

In 2020, we shared a vision with our customers around being able to take a signal, a funding event, a new technology added to a company stack, a spending initiative in the works or a spike in a relevant intent topic and cross reference that signal against an ideal customer profile, say, companies with more than 100 employees who use NetSuite and who are not current customers and mapping that to their ideal prospect profiles and then instantly activating the campaign targeting that audience.

2020 年，我們與客戶分享了一個願景，即能夠獲取信號、融資活動、添加到公司堆棧中的新技術、正在進行的支出計劃或相關意圖主題的峰值，並交叉引用該信號例如，對於擁有 100 多名員工且使用 NetSuite 且不是當前客戶的公司，將其映射到理想的潛在客戶資料，然後立即啟動針對該受眾的活動。

Our vision is a fully-automated, go-to-market motion from signal to action.

我們的願景是實現從信號到行動的全自動、進入市場的運動。

This capability is more than sales automation or marketing automation.

這種能力不僅僅是銷售自動化或營銷自動化。

It is true go-to-market automation and is now fully available with our workflow suite.

它是真正的上市自動化，現在完全可以通過我們的工作流程套件獲得。

Today, the workflow suite, which is available within our elite package includes a reimagined interface that turns natural language statements into go-to-market workflows that integrate with a broad range of CRM, sales automation, marketing automation and advertising platforms.

今天，我們的精英包中提供的工作流套件包括一個重新設計的界面，可將自然語言語句轉變為與廣泛的 CRM、銷售自動化、營銷自動化和廣告平台集成的上市工作流。

We've also added contextual access to create workflows throughout the ZoomInfo platform and the ability to enable every user with this automation capability.

我們還添加了上下文訪問以在整個 ZoomInfo 平台中創建工作流，並讓每個用戶都能夠使用這種自動化功能。

On the enterprise side, we continue to build ways to deliver our data and insights in real time anywhere.

在企業方面，我們繼續構建在任何地方實時提供數據和洞察力的方法。

Our newly-launched data shares, push APIs and custom data flows allow our customers to consume our insights to new and innovative ways, including through data warehouses, custom applications and cloud databases.

我們新推出的數據共享、推送 API 和自定義數據流使我們的客戶能夠將我們的見解用於新的和創新的方式，包括通過數據倉庫、自定義應用程序和雲數據庫。

In this arena, we are especially excited about our new agreement to list ZoomInfo on the Snowflake data marketplace, allowing us to deliver our data and insights directly into our customers' Snowflake instances for consumption by their business intelligence, data analytics and revenue operations team.

在這個領域，我們對將 ZoomInfo 列入 Snowflake 數據市場的新協議感到特別興奮，這使我們能夠將我們的數據和見解直接傳遞到客戶的 Snowflake 實例中，供他們的商業智能、數據分析和收入運營團隊使用。

One of our newest offerings is our recruiting suite designed to help recruiting teams identify, target and engage with top talent, even when that talent isn't actively in market looking for a new role.

我們的最新產品之一是我們的招聘套件，旨在幫助招聘團隊識別、定位和接觸頂尖人才，即使這些人才沒有積極地在市場上尋找新角色。

Recruiting teams can uncover timely and accurate data such as work history, technologies used and departmental organizational charts to help them better understand managerial, functional and technical experience.

招聘團隊可以及時準確地發現工作經歷、使用的技術和部門組織結構圖等數據，以幫助他們更好地了解管理、職能和技術經驗。

We are in market with human fill recruiter gathering feedback from customers who are already actively using the product.

我們在市場上與人工招聘人員一起收集已經積極使用該產品的客戶的反饋。

We believe that the recruiting use case is a powerful one, and we expect to invest more here, continuing to deliver more features and functionality and broadening our marketing efforts throughout the course of the year.

我們相信招聘用例是一個強大的用例，我們希望在這方面進行更多投資，繼續提供更多特性和功能，並在全年擴大我們的營銷工作。

As Cameron will detail, we expect to continue delivering on our industry-leading combination of strong top line growth and profitability as we initiate 2021 guidance that calls for revenue growth of 37% at the midpoint with adjusted operating margins of 43%.

正如卡梅倫將詳述的那樣，我們預計將繼續實現我們行業領先的強勁收入增長和盈利能力的組合，因為我們啟動了 2021 年的指導，該指導要求中點收入增長 37%，調整後的營業利潤率為 43%。

In closing, 2020 was a great year for ZoomInfo, and we're excited about the year ahead.

最後，2020 年對於 ZoomInfo 來說是偉大的一年，我們對未來的一年感到興奮。

We continue to invest in delivering success to our customers; we continue to invest behind the platform, improving the quality of data, functionality and usability; and we continue to invest in our team.

我們繼續投資於為客戶帶來成功；我們繼續在平台背後進行投資，提高數據質量、功能和可用性；我們繼續投資於我們的團隊。

These investments set the stage for an even better 2021 and for us to deliver a durable combination of both revenue growth and profitability.

這些投資為更好的 2021 年奠定了基礎，也為我們實現了收入增長和盈利能力的持久結合。

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.

謝謝，亨利。

We are very pleased with our financial performance for both Q4 and the full year, which well exceeded our guidance for revenue, profits and cash flow.

我們對第四季度和全年的財務業績感到非常滿意，這遠遠超出了我們對收入、利潤和現金流的指導。

Based on market demand, our strong execution and our strategy of continuing to reinvest back in the business, we expect to continue delivering a strong combination of revenue growth and profitability in 2021.

根據市場需求、我們強大的執行力以及我們繼續對業務進行再投資的戰略，我們預計將在 2021 年繼續實現收入增長和盈利能力的強勁組合。

Our full year guidance calls for revenue growth of 37% and continued investment in sales and marketing capacity and innovation to drive sustained growth going forward.

我們的全年指導要求收入增長 37%，並繼續投資於銷售和營銷能力以及創新，以推動未來的持續增長。

We expect this to yield operating margins of 43% with our long-term -- within our long-term target range of adjusted operating margins in the mid- to high 40s.

我們預計這將使我們的長期營業利潤率達到 43%——在我們調整後的營業利潤率的長期目標範圍內，即 40 年代中期至高位。

With this performance, we expect to deliver $270 million to $280 million in unlevered free cash flow.

憑藉這一表現，我們預計將提供 2.7 億至 2.8 億美元的無槓桿自由現金流。

In Q4, we delivered GAAP revenue of $140 million, up 53% year-over-year and up 13% compared to Q3 2020.

在第四季度，我們實現了 1.4 億美元的 GAAP 收入，同比增長 53%，與 2020 年第三季度相比增長 13%。

Excluding the impact of the acquisitions completed in Q4, our organic sequential quarter growth was 12%.

排除第四季度完成的收購的影響，我們的有機環比增長為 12%。

In the fourth quarter, adjusted operating income was $63 million, yielding a margin of 45%.

第四季度，調整後的營業收入為 6300 萬美元，利潤率為 45%。

Margins were modestly impacted by the acquisitions in the quarter and reflect a higher investment in R&D to take advantage of our leadership position in the market and drive longer-term growth and TAM expansion.

利潤率受到本季度收購的適度影響，反映了對研發的更高投資，以利用我們在市場上的領先地位，推動長期增長和 TAM 擴張。

For the full year, we delivered GAAP revenue of $476 million, up 62%; and adjusted operating income of $226 million, a 47% margin.

全年，我們實現 GAAP 收入 4.76 億美元，增長 62%；調整後的營業收入為 2.26 億美元，利潤率為 47%。

As we move through 2020, economic uncertainty related to the global pandemic proved to be a headwind in the first half of the year, particularly impacting large upsell deals and seed expansion opportunities.

隨著我們進入 2020 年，與全球大流行相關的經濟不確定性被證明是今年上半年的逆風，特別是影響了大型追加銷售交易和種子擴張機會。

In the second half of the year, we caught more of a tailwind as the new virtual environment for sellers accelerated the longer-term trend toward digitization and customers acclimated to the economic environment.

在下半年，隨著新的賣家虛擬環境加速了數字化的長期趨勢以及客戶對經濟環境的適應，我們獲得了更多的順風。

We saw record new customer additions and strong retention and upsell activity in the fourth quarter.

我們在第四季度看到了創紀錄的新客戶增加以及強勁的保留和追加銷售活動。

As of December 31, we have more than 20,000 customers, representing greater than 35% growth relative to 2019 and more than 850 customers with 1,000 -- with $100,000 or more in ACV, representing greater than 45% growth.

截至 12 月 31 日，我們擁有超過 20,000 名客戶，相對於 2019 年增長超過 35%，超過 850 名客戶擁有 1,000 名客戶，ACV 為 100,000 美元或以上，增長超過 45%。

In early 2020, we had expected COVID-related headwinds to negatively impact retention rates for the year.

在 2020 年初，我們曾預計與 COVID 相關的不利因素會對當年的保留率產生負面影響。

As we move through the year, we realized improving activity and ended the year with annual net dollar retention at 108%, down less than 100 basis points compared to 2019 and better than expected.

隨著這一年的到來，我們實現了活動的改善，並以 108% 的年度淨美元保留率結束了這一年，與 2019 年相比下降了不到 100 個基點，好於預期。

We were able to overcome most of the COVID-related headwinds from the first half of the year, and the momentum of retention activity we experienced in Q4 of 2020 was even better than what we experienced in Q4 of 2019, which gives us confidence going into 2021.

從今年上半年開始，我們克服了大部分與 COVID 相關的不利因素，我們在 2020 年第四季度經歷的留存活動勢頭甚至比我們在 2019 年第四季度經歷的還要好，這讓我們有信心進入2021 年。

Our international revenue growth was a particular bright spot in the quarter as we grew international revenue by more than 70% year-over-year driven by 20% sequential growth relative to Q3.

我們的國際收入增長是本季度的一個特別亮點，因為相對於第三季度，我們的國際收入同比增長了 70% 以上，這得益於 20% 的環比增長。

In Europe, in particular, where we have invested by dedicating specific teams to focus on European opportunities, we're seeing great traction.

特別是在歐洲，我們通過專門的團隊專注於歐洲機會進行投資，我們看到了巨大的吸引力。

Given the success in large opportunities, we plan to continue investing in our international go-to-market and support capabilities.

鑑於在重大機遇中取得的成功，我們計劃繼續投資於我們的國際上市和支持能力。

We've also continued to make progress migrating customers to our new platform.

我們還在將客戶遷移到我們的新平台方面繼續取得進展。

As of today, we have more than 70% of our ACV on the new platform.

截至今天，我們在新平台上擁有超過 70% 的 ACV。

And while it is still early in renewal cycles, we continue to see better net expansion activity among customers renewing on the new platform than those on legacy platforms.

雖然它仍處於更新周期的早期階段，但我們繼續看到在新平台上更新的客戶的淨擴張活動比在舊平台上的客戶要好。

To evaluate in-period activity and the current trajectory of the business, we focus on sequential revenue growth, which is the growth in total revenue divided by the days in the quarter compared to the prior quarter.

為了評估期內活動和業務的當前軌跡，我們關注連續收入增長，即總收入的增長除以本季度與上一季度相比的天數。

While Q4 is typically our strongest quarter each year with respect to in-period activity, we are very pleased with our results this past quarter, delivering 13% sequential growth and an acceleration relative to Q3.

儘管就同期活動而言，第四季度通常是我們每年最強勁的季度，但我們對上一季度的業績感到非常滿意，實現了 13% 的環比增長和相對於第三季度的加速。

As a reminder, while sequential growth exhibits less volatility from extraneous factors compared to other metrics like calculated billings or RPO growth, seasonal selling patterns still matter.

提醒一下，雖然與計算的賬單或 RPO 增長等其他指標相比，連續增長顯示出外部因素的波動性較小，但季節性銷售模式仍然很重要。

The $2 million in revenue from the acquisitions of Clickagy and EverString also contributed to increased sequential growth.

收購 Clickagy 和 EverString 帶來的 200 萬美元收入也促進了環比增長。

For those looking at calculated billings, the mix of customers with annual billing improved relative to the third quarter to be back in line with Q4 of 2019, positively impacting both billings and cash flow in the fourth quarter.

對於那些關注計算賬單的人來說，與第三季度相比，每年賬單的客戶組合有所改善，與 2019 年第四季度持平，對第四季度的賬單和現金流都產生了積極影響。

As we move on to expenses and adjusted operating income, adjusted operating margin in Q4 decreased by roughly 200 basis points relative to Q3 driven by increased investments in sales and marketing and R&D.

隨著我們轉向費用和調整後的營業收入，由於對銷售、營銷和研發的投資增加，第四季度調整後的營業利潤率相對於第三季度下降了大約 200 個基點。

Sales and marketing increased as a percentage of revenue as we expanded capacity and incurred higher commissions related to strong sales.

隨著我們擴大產能並產生與強勁銷售相關的更高佣金，銷售和營銷佔收入的百分比有所增加。

R&D expenses increased as we continue to ramp investments to take advantage of our leadership position in the market.

隨著我們繼續加大投資以利用我們在市場上的領先地位，研發費用增加。

We have plans to continue to build upon our significant platform and data advantage and expect to invest an incremental $30 million in R&D in 2021 relative to 2020 levels.

我們計劃繼續利用我們顯著的平台和數據優勢，並預計相對於 2020 年的水平，在 2021 年投資 3000 萬美元用於研發。

Given the strength of our core platform, this incremental investment creates a meaningful opportunity to expand our target addressable market and deliver new and expanded functionality to our customers.

鑑於我們核心平台的實力，這項增量投資創造了一個有意義的機會，可以擴大我們的目標市場，並為我們的客戶提供新的和擴展的功能。

We expect this to further distance us from other point solutions available today and drive more growth opportunities in the future.

我們預計這將使我們與當今可用的其他單點解決方案進一步拉開距離，並在未來推動更多的增長機會。

Relative to Q4 2019, we also incurred greater G&A expenses due to public company costs and investments in our internal infrastructure to sustain continued growth.

相對於 2019 年第四季度，由於上市公司成本和內部基礎設施投資以維持持續增長，我們還產生了更多的 G&A 費用。

Turning to the balance sheet and cash flow, we ended the quarter with $302 million in cash, cash equivalents and short-term investments.

談到資產負債表和現金流，我們在本季度末擁有 3.02 億美元的現金、現金等價物和短期投資。

In the fourth quarter, we generated operating cash flows of $67 million, which were offset by our acquisitions of Clickagy and EverString.

第四季度，我們產生了 6700 萬美元的經營現金流，這被我們對 Clickagy 和 EverString 的收購所抵消。

Operating cash flow also included approximately $10 million of interest payments in the quarter.

經營現金流還包括本季度約 1000 萬美元的利息支付。

Unlevered free cash flow was $77 million for the fourth quarter and $244 million for the full year.

第四季度無槓桿自由現金流為 7700 萬美元，全年為 2.44 億美元。

During the quarter, we booked a record amount of business, outperformed in terms of operating income, saw improvement in the mix of payment terms and had strong collections, all of which combined to drive strong cash flow for the quarter and year.

在本季度，我們錄得創紀錄的業務量，在營業收入方面表現出色，付款條件組合有所改善，收款強勁，所有這些共同推動了本季度和年度的強勁現金流。

Looking forward, we continue to model unlevered free cash flow conversion rates in the 90s as a percentage of adjusted operating income.

展望未來，我們繼續將 90 年代的無槓桿自由現金流轉換率建模為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 $223 million.

在負債和未來履約義務方面，本季度末未實現收入為 2.23 億美元。

The remaining performance obligations, or RPO, were $559 million, of which $432 million are expected to be delivered in the next 12 months.

剩餘的履約義務或 RPO 為 5.59 億美元，其中 4.32 億美元預計將在未來 12 個月內交付。

The acquisitions of Clickagy and EverString combined contributed approximately 1% to total RPO.

對 Clickagy 和 EverString 的收購合計貢獻了大約 1% 的總 RPO。

As of December 31, we carried $756 million in gross debt at a net leverage ratio of 1.9x 2020 adjusted EBITDA or 1.6x 2020 credit agreement EBITDA.

截至 12 月 31 日，我們的總債務為 7.56 億美元，淨槓桿率為 1.9 倍 2020 年調整後 EBITDA 或 1.6 倍 2020 年信貸協議 EBITDA。

In January, we repaid part of our term loan and repriced the remainder in conjunction with issuing a new senior unsecured bond.

1 月份，我們償還了部分定期貸款，並對剩餘部分重新定價，同時發行了新的高級無抵押債券。

We expect to reduce cash interest expense by approximately $3 million in 2021 as a result of this refinancing and increase our flexibility with respect to future potential capital needs.

由於此次再融資，我們預計在 2021 年將現金利息支出減少約 300 萬美元，並增加我們在未來潛在資本需求方面的靈活性。

Additionally, we upsized our revolver from $100 million to $250 million, providing incremental liquidity for our business.

此外，我們將左輪手槍的規模從 1 億美元擴大到 2.5 億美元，為我們的業務提供了更多的流動性。

With that, I will provide our outlook for the first quarter and full year 2021.

有了這個，我將提供我們對 2021 年第一季度和全年的展望。

For Q1, we expect GAAP revenue in the range of $144 million to $146 million and adjusted operating income in the range of $61 million to $63 million.

對於第一季度，我們預計 GAAP 收入在 1.44 億美元至 1.46 億美元之間，調整後的營業收入在 6100 萬美元至 6300 萬美元之間。

Non-GAAP net income is expected to be in the range of $0.10 to $0.11 per share, and our guidance implies a sequential growth rate at 6% at the midpoint as adjusted for the days in each quarter and an adjusted operating income margin of 43%.

非 GAAP 淨收入預計在每股 0.10 美元至 0.11 美元之間，我們的指導意味著按每個季度的天數調整後的中點環比增長率為 6%，調整後的營業利潤率為 43% .

We are initiating full year 2021 guidance with GAAP revenue of 400 -- or $645 million to $655 million and adjusted operating income of $280 million to $285 million.

我們正在啟動 2021 年全年指導，GAAP 收入為 400 美元——即 6.45 億美元至 6.55 億美元，調整後的營業收入為 2.8 億美元至 2.85 億美元。

Non-GAAP net income for the year is expected to be $0.47 to $0.49 per share based on 405 million diluted weighted shares outstanding, and we anticipate unlevered free cash flow to be $270 million to $280 million.

根據 4.05 億股稀釋加權流通股，本年度非 GAAP 淨收入預計為每股 0.47 美元至 0.49 美元，我們預計無槓桿自由現金流為 2.7 億美元至 2.8 億美元。

Our full year guidance implies 37% revenue growth and an adjusted operating income margin of 43% at the midpoint of the range.

我們的全年指導意味著收入增長 37%，調整後的營業利潤率為 43%，處於該區間的中點。

As you adjust your models, please keep in mind the following.

在調整模型時，請記住以下幾點。

Given our increased investments in sales and marketing capacity and R&D, we expect to maintain year-over-year top line growth in excess of 30% through every quarter in 2021.

鑑於我們在銷售和營銷能力以及研發方面的投資增加，我們預計到 2021 年每個季度都將保持超過 30% 的同比收入增長。

We expect Q1 operating -- adjusted operating margins to be the lowest quarter of the year due to fewer days of revenue recognition and seasonal expense increases, with margins ramping steadily through the third quarter before leveling off in Q4.

由於收入確認的天數減少和季節性費用增加，我們預計第一季度的運營——調整後的營業利潤率將是今年最低的季度，利潤率在第三季度穩步上升，然後在第四季度趨於平穩。

We expect a reduction of stock-based compensation expense for the year of roughly 40% compared to 2020 as we anniversary the IPO, which triggered increased stock-based compensation charges.

與 2020 年相比，我們預計今年的股票薪酬費用將減少約 40%，因為我們是 IPO 週年紀念日，這引發了股票薪酬費用的增加。

We expect depreciation and amortization, excluding amortization of acquired intangibles to increase approximately 45% year-over-year and capital expenditures to increase in line with revenue growth.

我們預計折舊和攤銷（不包括收購的無形資產的攤銷）將同比增長約 45%，資本支出將隨著收入增長而增加。

We also expect a non-GAAP tax rate of 20% and a cash tax rate of 10% for the year.

我們還預計今年的非公認會計原則稅率為 20%，現金稅率為 10%。

Q4 was a strong finish to our first year as a publicly traded company.

第四季度是我們作為一家上市公司的第一年的強勁收官。

We are very confident as we enter 2021 that we can continue to deliver a leading combination of revenue growth and profitability.

進入 2021 年，我們非常有信心，我們可以繼續實現收入增長和盈利能力的領先組合。

Now let me turn it over to the operator for questions.

現在讓我把它交給接線員提問。

(Operator Instructions) Our first question comes from Raimo Lenschow with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats.

恭喜。

That was a very strong end to the year and a great outlook.

這是一個非常強勁的年末，也是一個很好的前景。

Henry, I just wanted to talk about the HR or recruiting opportunity.

亨利，我只是想談談人力資源或招聘機會。

That sounds very, very exciting.

這聽起來非常非常令人興奮。

Like how do you think about framing this in terms of size?

比如你如何看待這個尺寸的框架？

Like is that like a small fraction of what you see on the sales side?

就像您在銷售方面看到的一小部分一樣？

If I think about like LinkedIn, who is like obviously doing some of that already, like it seems like a very, very big opportunity.

如果我想像 LinkedIn 一樣，顯然已經在做一些事情，這似乎是一個非常非常大的機會。

But I was just trying to see like how you would frame it.

但我只是想看看你會如何構圖。

And then I have one follow-up.

然後我有一個後續行動。

Yes.

是的。

I think, look, first, we do view the recruiting opportunity as a very big opportunity for us.

我認為，首先，我們確實認為招聘機會對我們來說是一個非常大的機會。

We're obviously really early stages just coming out of a beta launch and into a soft product launch, but that launch has gone really well for us.

我們顯然還處於剛剛從測試版發佈到軟產品發布的早期階段，但這次發布對我們來說非常順利。

I think what we're most excited about there is the opportunity to bring real software, technology and workflow tools to HR and talent acquisition professionals who have largely found candidates through an incredibly manual bespoke process.

我認為我們最興奮的是有機會將真正的軟件、技術和工作流工具帶給人力資源和人才招聘專業人士，他們在很大程度上是通過令人難以置信的手動定制流程找到候選人的。

And so the recruited product really wear this -- our robust company and contact data asset with workflow and technology tools that allow talent acquisitions, professionals to identify their universe of candidates then build an automated set of e-mail and call communications to them and then integrate those activities back to their ATS system.

所以招聘的產品真的很適合這個——我們強大的公司和聯繫人數據資產，帶有工作流和技術工具，允許人才招聘、專業人士識別他們的候選人范圍，然後建立一套自動化的電子郵件和電話通信給他們，然後將這些活動整合回他們的 ATS 系統。

And so in a lot of ways, we feel like we're bringing real enterprise scale technology to the HR and talent acquisition space.

所以在很多方面，我們覺得我們正在將真正的企業級技術帶入人力資源和人才招聘領域。

And so we view that as an incredibly large opportunity, especially as hiring ramps up as we come out of the pandemic.

因此，我們認為這是一個非常大的機會，尤其是隨著我們走出大流行，招聘人數增加。

Okay.

好的。

Yes, makes sense.

是的，有道理。

And then one for Cameron.

然後是給卡梅倫的。

Like if I think about the international expansion, especially Europe sounds really interesting.

如果我考慮國際擴張，尤其是歐洲，聽起來真的很有趣。

Like how do you think about that investment cadence that you will have here?

比如你如何看待你在這裡的投資節奏？

Is that kind of a lot of upfront investment this year that we need to see?

今年我們需要看到這麼多的前期投資嗎？

Or like how do you kind of bridge that gap?

或者像你如何彌合這個差距？

Sure.

當然。

Thanks for the question.

謝謝你的問題。

We don't see a ton of upfront investment.

我們沒有看到大量的前期投資。

I think we look at our sales and marketing teams in particular, but also our support teams as continuing to make short-term returns on the incremental investments that we're making.

我認為我們特別關注我們的銷售和營銷團隊，以及我們的支持團隊，因為我們繼續從我們正在進行的增量投資中獲得短期回報。

So in Europe, in particular, we've segmented out specific teams that due to travel restrictions and so forth sit in our East Coast offices, and specifically, take inbound leaves or prospect on an outbound basis into Europe.

因此，特別是在歐洲，我們已經將由於旅行限制等原因坐在我們東海岸辦事處的特定團隊進行了細分，特別是在出境的基礎上進入歐洲的入境假期或潛在客戶。

And that's shown really strong momentum, and we'll continue to invest behind those.

這顯示出非常強勁的勢頭，我們將繼續在這些方面進行投資。

But that momentum tends to be generated within months and quarters, it's not a long-term payback.

但這種勢頭往往會在幾個月和幾個季度內產生，這不是長期的回報。

Our next question comes from Stan Zlotsky with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Stan Zlotsky。

Perfect.

完美的。

Congratulations on a very strong quarter.

祝賀一個非常強勁的季度。

A couple of questions from my end.

我有幾個問題。

First one, the international growth number, that was actually very impressive.

第一個，國際增長數字，這實際上非常令人印象深刻。

Where -- which geographies are you looking to really focus on in 2021?

您希望在 2021 年真正關注哪些地區？

And then I have a quick follow-up.

然後我有一個快速跟進。

Yes, great.

對，很好。

Stan, I think, first, we saw our biggest strengths in Europe, particularly English-speaking Europe.

斯坦，我認為，首先，我們在歐洲看到了我們最大的優勢，尤其是在說英語的歐洲。

We saw strong demand in U.K. and Germany, and we're seeing strong demand across Australia and New Zealand.

我們看到英國和德國的需求強勁，我們看到澳大利亞和新西蘭的需求強勁。

We're going to continue to invest dedicated sales resources to go after this opportunity and capture that international opportunity.

我們將繼續投入專門的銷售資源來抓住這個機會並抓住這個國際機會。

Obviously, strong growth there.

顯然，那裡的強勁增長。

But we see an incredibly nascent market.

但我們看到了一個令人難以置信的新生市場。

There's a lack of good, cohesive products to solve the same go-to-market problem that U.S. companies are struggling with.

缺乏好的、有凝聚力的產品來解決美國公司正在努力解決的同樣的上市問題。

There's a confusing regulatory environment to navigate, and there's a lack of a vision for how to go to market digitally that's being presented there.

有一個令人困惑的監管環境需要導航，並且缺乏關於如何以數字方式進入市場的願景。

So we bring this evangelistic vision for digital go-to-market internationally.

因此，我們為國際數字化市場帶來了這種佈道願景。

We help customers navigate the regulatory environment, and we believe that international is going to continue to increase as a percentage of revenue as we continue to invest there.

我們幫助客戶駕馭監管環境，我們相信隨著我們繼續在那裡投資，國際業務佔收入的百分比將繼續增加。

Perfect.

完美的。

That's great.

那太棒了。

And then a quick follow-up for Cameron.

然後是 Cameron 的快速跟進。

The overall net revenue retention at 108%, obviously, very strong results given everything that we've been through this year.

考慮到我們今年所經歷的一切，總體淨收入保留率為 108%，顯然，這是非常強勁的結果。

But underneath the covers, right, if you were to look at the cohorts of enterprise, mid-market, SMB, how did those do through the year?

但是在幕後，對，如果您要查看企業、中端市場、SMB 的群組，它們在這一年中的表現如何？

And how do those finish up versus where you finished in 2019?

與你在 2019 年的成績相比，這些成績如何？

Yes.

是的。

Thanks, Stan.

謝謝，斯坦。

So look, 2020 was really a tale of 2 halves.

所以看，2020 年真的是一個兩半的故事。

In the first half, we saw headwinds, and those headwinds largely impacted our upsell opportunities and seed expansion opportunities.

上半年，我們看到了逆風，這些逆風在很大程度上影響了我們的追加銷售機會和種子擴張機會。

Naturally, those are more concentrated within larger customers.

自然，這些更集中在較大的客戶中。

And in the second half, we saw improvements across the board.

在下半年，我們看到了全面的進步。

So if you break down the 108%, it is very similar to what we saw in 2019 in terms of the net retention with a little bit more pressure in the midsize and enterprise markets.

因此，如果您將 108% 細分，就淨留存率而言，它與我們在 2019 年看到的非常相似，但在中型和企業市場中壓力更大。

But as we got to the end of the year across all of those routes, we saw better momentum than we had in 2019.

但是當我們在所有這些路線上到年底時，我們看到了比 2019 年更好的勢頭。

Our next question comes from Siti Panigrahi with Mizuho.

我們的下一個問題來自瑞穗的 Siti Panigrahi。

Very impressive quarter, congratulations.

非常令人印象深刻的季度，恭喜。

I want to ask you about the acquisition you did, a couple of acquisition.

我想問你關於你所做的收購，幾次收購。

Any update on that?

有什麼更新嗎？

And then when you think about the investment going forward, internal development versus acquisitions.

然後，當您考慮未來的投資時，內部發展與收購。

So what are the areas you could potentially expand through these kind of tuck-in acquisitions?

那麼，您可以通過這些集中收購潛在地擴展哪些領域？

Great.

偉大的。

Siti, thank you.

西蒂，謝謝。

Look, I think -- well, the 2 acquisitions, Clickagy and EverString, I'll talk about both of them.

看，我想——嗯，兩次收購，Clickagy 和 EverString，我會談談它們。

At this point, we've completed much of the heavy lifting from an integration perspective.

至此，我們已經從集成的角度完成了大部分繁重的工作。

We feel really good about where we're at there.

我們對自己所處的位置感覺非常好。

On the Clickagy side, we already launched our in-market with our streaming intent offering.

在 Clickagy 方面，我們已經通過我們的流媒體意圖產品推出了我們的市場。

The EverString acquisition is already opening doors to substantially larger opportunities in the enterprise, where the combination of our contact company, technographic and intent assets make us incredibly uniquely positioned to win, and it's an area that we're just starting to really focus on.

收購 EverString 已經為企業中更大的機會打開了大門，我們的聯繫公司、技術和意向資產的結合使我們在贏得勝利方面具有難以置信的獨特優勢，這是我們剛剛開始真正關注的領域。

I'll share a couple of interesting anecdotes there.

我將在那里分享一些有趣的軼事。

One, once we were fully integrated with Clickagy's intent asset into our platform, we saw intense signals attached to companies increased 3x.

一，一旦我們將 Clickagy 的意圖資產完全集成到我們的平台中，我們看到附加到公司的強烈信號增加了 3 倍。

So our customers are now seeing intense signals on significantly more of their targets across their total addressable market.

因此，我們的客戶現在在整個潛在市場中看到了更多目標的強烈信號。

And then on the EverString side, one of the things we were especially excited about with the acquisition was the opportunity to take the EverString data asset into a much larger swath of our enterprise customers by leveraging our go-to-market motion and our sales and account management teams.

然後在 EverString 方面，我們對此次收購感到特別興奮的一件事是有機會將 EverString 數據資產通過利用我們的市場推廣活動和我們的銷售和客戶管理團隊。

So in just the first month's post acquisition, we've more than quadrupled the number of opportunities EverString was a part of as compared to the stand-alone entity.

因此，在收購後的第一個月，與獨立實體相比，EverString 參與的機會數量增加了四倍多。

And you can see that within our $100,000 customer, we've significantly grown that space too, and EverString has been a driver for that.

您可以看到，在我們 100,000 美元的客戶中，我們也顯著擴大了這個空間，而 EverString 一直是這方面的驅動力。

So both of those acquisitions are performing really well.

因此，這兩項收購的表現都非常好。

I think if you think about where the opportunities are in the future, number one, we have the capacity and the bandwidth and feel really comfortable that if the right value-creating deal came along, that we'd be in a position to execute against it.

我認為，如果您考慮一下未來的機會在哪裡，第一，我們有能力和帶寬，並且感到非常舒服，如果出現正確的創造價值的交易，我們將能夠執行它。

But philosophically, we're looking for software or data assets that play in the go-to-market or recruiting spaces, platforms that sales and marketing and talent acquisition professionals are leveraging every day to hit their numbers.

但從哲學上講，我們正在尋找能夠在上市或招聘領域發揮作用的軟件或數據資產，以及銷售和營銷以及人才招聘專業人士每天都在利用的平台來達到他們的目標。

And we look for that software to be something that can be meaningfully enhanced by our data assets that we can sell across our go-to-market team and that will be accretive in the short term.

我們希望該軟件能夠通過我們的數據資產進行有意義的增強，我們可以在我們的上市團隊中銷售這些數據資產，並且在短期內具有增值作用。

So you should expect us to be acquisitive, but we're not going to do M&A for M&A's sake.

因此，您應該期望我們具有收購性，但我們不會為了併購而進行併購。

We have this framework and a philosophy around M&A, and you should expect us to adhere to that.

我們有這個框架和關於併購的理念，你應該期望我們堅持這一點。

Our next question comes from Brad Zelnick with Crédit Suisse. .

我們的下一個問題來自瑞士信貸的 Brad Zelnick。 .

It's Bhavin on for Brad.

這是布拉德的巴文。

Congratulations on a strong end to an impressive year.

祝賀令人印象深刻的一年取得圓滿成功。

One for Henry and one for Cameron.

一張給亨利，一張給卡梅倫。

Henry, just wanted to dive further into the enterprise expansion opportunity.

亨利，只是想進一步深入了解企業擴張機會。

Where are you in terms of having the proper product and go-to-market strategy in place to meaningfully capture that $1 billion opportunity that you talked about?

在製定適當的產品和進入市場戰略以有意義地抓住您談到的 10 億美元機會方面，您在哪裡？

Any insights you can give in terms of the pipeline and how that's expanded since you made this more of a priority.

您可以就管道以及由於您將其作為優先事項而如何擴展提供的任何見解。

Yes.

是的。

So thanks for the question.

所以謝謝你的問題。

We spent a lot of 2020 making sure that our -- that we were making the right investments both from a talent perspective and a product perspective to really be able to get as much out of the enterprise opportunity as we could.

我們在 2020 年花費了大量時間來確保我們——從人才的角度和產品的角度進行正確的投資，以便真正能夠盡可能多地利用企業機會。

And so we feel really good about the team we've put together or the resegmenting of the customer base that puts the right accounts into the hands of the right people on our team, the product changes that we've made to really harden our APIs and make our solutions enterprise-ready.

因此，我們對我們組建的團隊或對客戶群的重新細分感到非常滿意，這些客戶群將正確的帳戶交到我們團隊中正確的人手中，我們為真正強化我們的 API 而進行的產品更改並使我們的解決方案為企業做好準備。

And so we feel like we're very well positioned to go after that opportunity in a really big way.

因此，我們覺得我們已經準備好以非常大的方式抓住這個機會。

And then, Cameron, just in terms of guidance, can you insight into the assumptions you're making regarding the macro?

然後，卡梅倫，就指導而言，您能否深入了解您對宏觀所做的假設？

And any potential for reopening?

還有重新開放的可能性嗎？

Sure.

當然。

I mean our guidance is really less about COVID being a headwind or a tailwind and more about the secular trends around digitization.

我的意思是，我們的指導實際上並不是關於 COVID 是逆風還是順風，而是關於數字化的長期趨勢。

So we did see some headwinds in the first half of the year, but we're seeing those headwinds really dissipate in the second half of the year.

因此，我們確實在今年上半年看到了一些不利因素，但我們看到這些不利因素在下半年真正消散了。

We are much more focused when we think of guidance on a broad range of potential outcomes.

當我們考慮對廣泛的潛在結果提供指導時，我們會更加專注。

And what our base case is, is that secular trend towards digitization continues and that the economic environment is relatively consistent with what we see today.

我們的基本情況是，數字化的長期趨勢仍在繼續，經濟環境與我們今天看到的情況相對一致。

Henry highlighted a company called Safety Services, which is a leading provider of workplace safety and training solutions.

亨利強調了一家名為 Safety Services 的公司，該公司是工作場所安全和培訓解決方案的領先供應商。

And in the middle of this pandemic, they needed to focus on accounts that were still in market with their solutions for their solutions.

在這場大流行中，他們需要專注於那些仍在市場上為其解決方案提供解決方案的客戶。

And by leveraging our intent data, they were able to see an increase to their marketing qualified leads by 200% in the first month.

通過利用我們的意圖數據，他們能夠在第一個月看到他們的營銷合格潛在客戶增加了 200%。

So that sort of time to value really enables us to quickly change to a changing environment and also allows us to continue to push forward with our go-to-market motion.

因此，這種價值實現時間確實使我們能夠快速適應不斷變化的環境，也使我們能夠繼續推進我們的上市行動。

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。

I'll add my congrats on a very robust finish to the year.

我將祝賀這一年取得非常強勁的成績。

Henry, I'm interested in what you believe your most forward-looking and most sophisticated customers are doing today with ZoomInfo that's helping them generate better leads and grow faster, where you'd say your customers who are kind of lower on the sophistication curve could see a leap forward as they get deeper into the platform this year and sort of move up that curve.

亨利，我對你認為最具前瞻性和最成熟的客戶今天使用 ZoomInfo 所做的事情很感興趣，這有助於他們產生更好的潛在客戶並更快地發展，你會說你的客戶在成熟度曲線上有點低隨著他們今年深入平台並沿著這條曲線向上移動，他們可能會看到一個飛躍。

Yes.

是的。

Mark, thank you.

馬克，謝謝。

So a couple of different ways.

所以有幾種不同的方式。

If we think about some of our most sophisticated customers, they are often using our workflow solution or architecting a motion that mimics that functionality.

如果我們考慮一些最老練的客戶，他們通常會使用我們的工作流程解決方案或構建模仿該功能的動作。

So what they're doing is they're identifying a set of key moments or signals that mean something to their business, and that's different for all of our customers.

所以他們正在做的是他們正在識別一組對他們的業務有意義的關鍵時刻或信號，這對我們所有的客戶來說都是不同的。

That might be a funding round, it might be the addition of a technology, it might be a new executive that's come onboard, it might be a new location opening or a new product launch or a new partnership that's announced.

這可能是一輪融資，可能是增加一項技術，可能是新的高管上任，可能是新地點的開業或新產品的發布或宣布的新合作夥伴關係。

So they're articulating a set of signals and then they're loading into ZoomInfo or using our Salesforce sync product to identify the target companies that they want to see those signals from.

因此，他們正在表達一組信號，然後他們正在加載到 ZoomInfo 或使用我們的 Salesforce 同步產品來識別他們希望從中看到這些信號的目標公司。

Once they marry those 2 together, then they're building the ideal prospects at those companies.

一旦他們將這兩個人結合在一起，他們就會在這些公司建立理想的前景。

For our customers, it could be everything from a CIO to a Chief Financial Officer to a integrations engineer or a cybersecurity architect.

對於我們的客戶，它可能是從 CIO 到首席財務官再到集成工程師或網絡安全架構師的所有人員。

And then they're architecting a system that says when you see this signal at these companies, capture these specific professionals and then run this go-to-market motion.

然後他們正在構建一個系統，當你在這些公司看到這個信號時，捕捉這些特定的專業人士，然後運行這個進入市場的動作。

And then in that go-to-market motion can be everything from a marketing automation campaign to a display ad campaign to an SDR calling campaign behind it.

然後在進入市場的運動中，可以是從營銷自動化活動到展示廣告活動，再到其背後的 SDR 呼叫活動的所有內容。

But the key part of this is it's fully automated, so that workflow from signal to action is being automated by our most sophisticated customers.

但其中的關鍵部分是它是完全自動化的，因此從信號到行動的工作流程正在由我們最老練的客戶自動化。

And so they're mirroring that first-party data, their best customers, accounts that they don't have already with our third-party data, the data from ZoomInfo, to automate that go-to-market motion.

因此，他們使用我們的第三方數據（來自 ZoomInfo 的數據）來反映他們尚未擁有的第一方數據、他們最好的客戶、帳戶，以自動執行上市行動。

So our most sophisticated customers are taking advantage of our platform that way.

因此，我們最成熟的客戶正在以這種方式利用我們的平台。

On the lower sophisticated side or on the least sophisticated side, you can see them using the platform by identifying a target audience.

在復雜程度較低或不復雜的方面，您可以通過識別目標受眾來查看他們使用平台的情況。

So saying, "Hey, look, every company with over 100 employees that's based in these 5 metro areas, I want to run a campaign against the VPs of information technology." And so it's giving that level of access and screening to their sales reps.

所以說，“嘿，看，這 5 個都市區的每家擁有超過 100 名員工的公司，我都想發起一場反對信息技術副總裁的運動。”因此，它為他們的銷售代表提供了這種級別的訪問和篩選。

That would be on the lesser sophisticated side of the -- of our customer base, and we have a really strong customer success team that we've made a lot of investments in, in 2020 to really increase the level of sophistication across the customer base because we want our customers doing more with the platform.

那將是我們客戶群中不太複雜的方面，我們擁有一支非常強大的客戶成功團隊，我們已經在 2020 年進行了大量投資，以真正提高整個客戶群的複雜程度因為我們希望我們的客戶在平台上做更多的事情。

Okay.

好的。

Pretty fascinating.

相當迷人。

Cameron, as a follow-up, I wanted to ask you, the guidance for 2021 is really materially above what we were thinking and consensus was thinking.

卡梅倫，作為後續行動，我想問你，2021 年的指導確實大大超出了我們的想法和共識的想法。

I'm just curious, if you think you're seeing any noticeable improvement in the seed expansion plans for your customers, in other words, their own sales and marketing teams as they reinvest into the recovery.

我只是好奇，如果您認為您的客戶的種子擴張計劃有任何明顯的改善，換句話說，他們自己的銷售和營銷團隊在重新投資於復蘇時。

So in other words, is it more expansions?

所以換句話說，它是更多的擴展嗎？

Or do you feel like that's yet to come and the upside driver here is really more the traction with the new logos and the enterprise logos?

或者您是否覺得這還沒有到來，而這裡的上行驅動力實際上更多的是新徽標和企業徽標的牽引力？

I think Henry had mentioned Toyota and Honeywell sort of industries we might not think of first.

我認為亨利提到了豐田和霍尼韋爾這類我們可能不會首先想到的行業。

To what extent is that being driven?

這在多大程度上被驅動了？

So currently, we're seeing real strength on both sides, both from new logos and customers coming on as well as from the expansion opportunity within our existing customer base.

所以目前，我們看到了雙方的真正實力，無論是來自新徽標和客戶的到來，還是來自我們現有客戶群的擴張機會。

And if you look at our largest customers, we had a record quarter in terms of the addition of new customers that are above $100,000 at this point.

如果你看看我們最大的客戶，我們在這一季度新增的新客戶超過 100,000 美元，這是創紀錄的季度。

Our guidance is more focused on continuing to reinvest in the platform and seeing both of those areas move.

我們的指導更側重於繼續對平台進行再投資並看到這兩個領域的發展。

We have not seen particularly outside of this kind of seed expansion opportunity yet.

我們還沒有看到這種種子擴張機會之外的特別機會。

But certainly, that creates some upsides for us in 2021 as the economy opens at that point.

但可以肯定的是，隨著經濟屆時開放，這為我們在 2021 年創造了一些好處。

Our next question comes from Michael Turrin with Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Turrin。

Michael, you might be on mute.

邁克爾，你可能處於靜音狀態。

Josh, why don't we go ahead and take the next question?

喬希，我們為什麼不繼續回答下一個問題？

Our next question comes from Jennifer Lowe with UBS.

我們的下一個問題來自瑞銀的 Jennifer Lowe。

Great.

偉大的。

Maybe just to start, Henry, on the recruiting side, if I look at the evolution of what you're doing on the sales side, it's gone from being just a way to find the right person to call on to having all these additional and arguably more valuable capabilities around intent and figuring out the right time to call or the right person to call at a given point in time based on the dynamic set of circumstances.

也許只是開始，亨利，在招聘方面，如果我看看你在銷售方面所做的事情的演變，它已經從只是一種尋找合適人選的方式變成了擁有所有這些額外的和可以說是更有價值的能力，圍繞意圖和根據動態環境確定在給定時間點打電話的正確時間或合適的人。

Do you see similar opportunities in recruiting over time to, not just offer sort of who might be like-for-like of what you're looking to hire, but also maybe for whatever reason more inclined to pursue other opportunities?

隨著時間的推移，您是否在招聘中看到了類似的機會，不僅提供可能與您要雇用的人相似的人，而且可能出於任何原因更傾向於追求其他機會？

I'm just curious how you see that intent piece if there's an intent opportunity in recruiting like you've observed on the sales side.

我只是很好奇，如果像您在銷售方面觀察到的那樣，在招聘中存在意向機會，您如何看待該意向。

Yes, absolutely.

是的，一點沒錯。

We are thinking about how to incorporate better algorithms for identifying when someone is most likely to leave.

我們正在考慮如何結合更好的算法來識別某人最有可能離開的時間。

We have a data science team who's engaged in building that out today.

我們有一個數據科學團隊，他們今天致力於構建它。

I think the other thing that we're pretty confident about is that this is an industry that is hungry for workflow automation.

我認為我們非常有信心的另一件事是，這是一個渴望工作流自動化的行業。

And so one of the key elements of the platform was not just to have the data asset available, but also to have that data asset tightly integrated into our Engage solution and building that Engage solution in a purpose-built way for recruiters.

因此，該平台的關鍵要素之一不僅是提供可用的數據資產，而且還要將該數據資產緊密集成到我們的 Engage 解決方案中，並以專門為招聘人員構建的方式構建該 Engage 解決方案。

And so not only do I have that contact data asset and company data asset at my fingertips, but I can also now automate the way that I engage with potential candidates and then feed that activity data back into my ATS system.

因此，我不僅擁有觸手可及的聯繫人數據資產和公司數據資產，而且現在我還可以自動化與潛在候選人互動的方式，然後將這些活動數據反饋回我的 ATS 系統。

That's just something that recruiters and talent acquisition professionals don't have at their fingertips today, and so we're excited about not just bringing that sort of raw data, but marrying that with insight-driven algorithms and data we layer on top of that and then building workflow automation around those assets.

這只是當今招聘人員和人才招聘專業人士無法觸手可及的東西，因此我們很高興不僅能帶來這種原始數據，而且還能將其與洞察驅動的算法和數據結合起來，我們在此基礎上進行分層然後圍繞這些資產構建工作流自動化。

Okay.

好的。

Great.

偉大的。

And just a quick one for Cameron.

對卡梅倫來說只是一個快速的。

I know you called out the $2 million impact from the acquisition in Q4 and a modest impact on margins.

我知道你提到了第四季度收購帶來的 200 萬美元影響以及對利潤率的適度影響。

I'm assuming that's a modestly negative impact on margins given how high your margins are.

鑑於您的利潤率有多高，我假設這對利潤率產生了適度的負面影響。

Is there any sort of color that you can give us on the calendar '21 guidance and what the assumptions there might be in terms of the acquisitions from a revenue or margin impact?

您是否可以在 21 年日曆指導中為我們提供任何顏色，以及對收入或利潤率影響的收購可能有哪些假設？

Sure.

當然。

Thanks, Jen.

謝謝，珍。

And yes, in Q4, these were a modestly negative impact on margins.

是的，在第四季度，這些對利潤率產生了適度的負面影響。

Realistically, these 2 acquisitions are pretty small.

實際上，這兩項收購規模很小。

We do expect that by the end of the year that they'll be neutral to our margins overall.

我們確實預計到今年年底，它們將對我們的整體利潤率保持中性。

But certainly in the kind of first quarter or 2, we talked about the spectrum to continue to be a modest drag.

但可以肯定的是，在第一季度或第二季度，我們談到頻譜將繼續成為適度的拖累。

Our next question comes from Brent Bracelin with Piper Sandler.

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

And I guess, Henry, I'll start with you and then one quick follow-up for Cameron.

我想，Henry，我先從你開始，然後是 Cameron 的快速跟進。

The number of new customer adds in Q4 here, I think it nearly exceeded all of the new customer adds in all of 2019.

這裡第四季度新增客戶的數量，我認為它幾乎超過了 2019 年全年新增客戶的數量。

And I guess my question here is the momentum in Q4, from a customer perspective, the bullish outlook for 2021, at least from the outside in, looks like there is some sort of inflection here happening.

我想我的問題是第四季度的勢頭，從客戶的角度來看，2021 年的看漲前景，至少從外部來看，看起來這裡正在發生某種拐點。

So help us understand how broad-based was the number of new customer adds in Q4.

因此，請幫助我們了解第四季度新增客戶數量的廣泛性。

It was strong across the enterprise, looks like it was strong process SMB.

它在整個企業中都很強大，看起來像是強大的流程 SMB。

It sounds like it was strong across all verticals, but just trying to understand why you're seeing some more much momentum now.

聽起來它在所有垂直領域都很強大，但只是想了解為什麼你現在看到了更多的動力。

Or was it just a little bit of a catch-up from -- in the prior year?

還是只是前一年的一點點追趕？

It feels like a big change, but love to get your view on what's driving just the number of customers coming to the platform right now.

這感覺像是一個很大的變化，但希望您能了解是什麼推動了現在訪問該平台的客戶數量。

Thanks, Brent.

謝謝，布倫特。

I think what you're seeing is us getting momentum from all of the investments we made post the acquisition of ZoomInfo in February of 2019.

我認為您所看到的是，我們從 2019 年 2 月收購 ZoomInfo 後所做的所有投資中獲得了動力。

We made that acquisition, and we dove headlong into combining 2 salesforces, 2 marketing teams and really building out a next-generation platform for sales and marketers.

我們進行了那次收購，我們一頭扎進了合併 2 個銷售人員、2 個營銷團隊，真正為銷售和營銷人員構建了一個下一代平台。

And so that platform was just released in October of 2019, and so what you're seeing is the organization really getting its feet under itself around how to sell that platform around the broadness of opportunity we have in the marketplace.

因此，該平台剛剛於 2019 年 10 月發布，因此您所看到的是，該組織真正開始關注如何圍繞我們在市場上擁有的廣泛機會銷售該平台。

And so you see customers from all sorts of industries now coming to us, and we have a solution that can serve all of their needs.

因此，您會看到來自各行各業的客戶現在來找我們，我們有一個可以滿足他們所有需求的解決方案。

It doesn't matter if you sell into an IT decision-maker or a medical director, if you're selling in France or you're selling in California, the solution can serve up better go-to-market efficiencies for your sales teams regardless of what kind of company you are.

無論您是賣給 IT 決策者還是醫療主管，無論您是在法國銷售還是在加利福尼亞銷售，該解決方案都可以為您的銷售團隊提供更好的上市效率不管你是什麼類型的公司。

And I think what you're seeing is companies, one, making the realization, the digitization of their go-to-market efforts is a must; and two, you see really the investments that we made over the last 2 years in our go-to-market teams and our product really paying off.

而且我認為您所看到的是公司，首先，必須實現其進入市場的數字化；第二，您確實看到了我們在過去 2 年中對我們的上市團隊所做的投資，並且我們的產品確實得到了回報。

And so we saw a broad-based momentum, again, from all industries across the world across sizes, and that's the momentum that we don't think is a blip or something that's short lived or short term.

因此，我們再次看到了來自世界各地所有行業的廣泛勢頭，我們認為這種勢頭不是曇花一現，也不是短暫的或短期的。

We think that's here to stay.

我們認為這將繼續存在。

And Brent, I think pointing out superfast, the numbers that you see are net customers.

還有布倫特，我想指出超快的，你看到的數字是淨客戶。

So not only did we have a strong new sales and new logos coming on, but we also saw an improvement throughout the year in terms of retention activity.

因此，我們不僅獲得了強勁的新銷售額和新徽標，而且在保留活動方面我們也看到了全年的改善。

So we also saw less customers facing financial issues in Q4 than we did earlier in the year than where they might have canceled.

因此，與今年早些時候相比，我們還看到第四季度面臨財務問題的客戶比他們可能取消的客戶要少。

Got it.

知道了。

Totally makes sense.

完全有道理。

And Cameron, obviously, internationally, you've called out the last couple of quarters.

卡梅倫，顯然，在國際上，你在過去的幾個季度裡都大聲疾呼。

Can you just remind us what percentage of revenue is from international?

你能提醒我們國際收入佔收入的百分比嗎？

And then maybe just talk through the number of countries where you have inside sales reps coverage of today.

然後也許只是談談你今天有內部銷售代表覆蓋的國家/地區的數量。

Just a little level set there would be helpful.

只需設置一點水平就會有幫助。

Sure.

當然。

So international revenue is, for the year, going to be right at 10%.

因此，今年的國際收入將達到 10%。

Overall, all of our reps are in the U.S. right now.

總的來說，我們所有的代表現在都在美國。

We do set them out including parts of our sales team to focus on different markets.

我們確實列出了它們，包括我們的部分銷售團隊，以專注於不同的市場。

At this point, that's largely be focused on Europe.

在這一點上，這主要集中在歐洲。

And then other markets they call in, whether that's from Asia or Australia or somewhere else, they get routed into our kind of normal feel strongly that way.

然後他們打入的其他市場，無論是來自亞洲、澳大利亞還是其他地方，他們都會以這種方式強烈地進入我們那種正常的感覺。

Got it.

知道了。

So it sounds still pretty early, but good momentum so far.

所以這聽起來還很早，但到目前為止勢頭很好。

Our next question comes from Tom Roderick with Stifel.

我們的下一個問題來自 Tom Roderick 和 Stifel。

Great.

偉大的。

Congratulations on a fantastic finish to what was a pretty crazy year, so well done on that.

祝賀你在這瘋狂的一年中取得了出色的成績，做得很好。

Henry, you've gotten a number of questions on this call just regarding sort of new customer additions, and a number of people were marking on what a remarkable finish to the year was on that front.

亨利，你在這次電話會議上收到了很多關於增加新客戶的問題，很多人都在評論這一年在這方面的出色表現。

I'd love to hear kind of your thinking and strategy relative to getting customers moving along that upgrade path a little faster.

我很想听聽您關於讓客戶更快地沿著升級路徑前進的想法和策略。

I think you might have mentioned that 70% of new ACV is on the new platform now.

我想您可能已經提到，現在 70% 的新 ACV 都在新平台上。

And yet, it seems like you're putting more and more tools in place, maybe like health scan and additional modules that might move people on this upgrade path a little sooner than perhaps they previously would have.

然而，您似乎正在部署越來越多的工具，比如健康掃描和其他模塊，它們可能會比以前更快地讓人們走上這條升級道路。

Can you talk a little bit about your strategy in moving people along that curve more -- perhaps more quickly than historically they have?

你能談談你的策略，讓人們沿著這條曲線更多地移動——也許比他們歷史上的速度更快嗎？

Yes, absolutely.

是的，一點沒錯。

Thanks, Tom.

謝謝，湯姆。

I think, first, we never really viewed the product as a mechanism to drive further sales for us.

我認為，首先，我們從未真正將產品視為推動我們進一步銷售的機制。

And I think in the last year, one of the evolutions you've seen us do from a product perspective is really think about how the product can drive more upgrade, more seed expansion, more purchases of enrichment functionality.

而且我認為在過去的一年裡，你看到我們從產品角度所做的其中一個演變是真正考慮產品如何推動更多升級、更多種子擴展、更多購買豐富功能。

So the Enrich Health Scan is a really interesting one that we built, where customers in our platform can click a button and immediately see what impact our data and insights can have on their existing CRM or marketing automation instances.

因此，Enrich Health Scan 是我們構建的一個非常有趣的掃描，我們平台中的客戶可以單擊一個按鈕，立即查看我們的數據和見解對其現有 CRM 或營銷自動化實例可能產生的影響。

And so in an instant, they click a button, we can tell them, "Look, you have this much bad information inside of your CRM.

所以在他們點擊一個按鈕的瞬間，我們可以告訴他們，“看，你的 CRM 中有這麼多糟糕的信息。

All of these accounts have the wrong employee sizes that are in the wrong industry.

所有這些賬戶都有錯誤的員工規模，屬於錯誤的行業。

These thousands of people have already left their positions, and your sellers are still calling on them, your marketers are still selling campaigns to them." And that's an entry point into a larger enrichment discussion for our customers.

這成千上萬的人已經離開了他們的職位，你的賣家還在打電話給他們，你的營銷人員仍在向他們推銷活動。”這是我們客戶進行更大範圍的豐富討論的切入點。

We think about automated user provisioning and automated trials as another way to take an enterprise customer or a group of users at an enterprise customer and get them limited access to ZoomInfo and then use the momentum we build across those users to have a larger conversation at the enterprise level.

我們將自動用戶配置和自動試用作為另一種方式，讓企業客戶或企業客戶中的一組用戶獲得對 ZoomInfo 的有限訪問權限，然後利用我們在這些用戶中建立的勢頭在企業級。

We've made significant investments in our customer success team and our account management teams over the last year to make sure that they're in front of their customers when an opportunity presents itself, but also making sure that they're capable of having conversations about all of our solutions.

去年，我們對客戶成功團隊和客戶管理團隊進行了大量投資，以確保他們在機會出現時出現在客戶面前，同時確保他們能夠進行對話關於我們所有的解決方案。

And so a big investment behind sales enablement as human fill and ensuring that our sales teams and our account management teams are best in class when they're having consultative conversations with our customers.

因此，在銷售支持作為人力填充和確保我們的銷售團隊和我們的客戶管理團隊在與我們的客戶進行諮詢對話時，他們是一流的。

And we really do rely on that expand motion and that upsell motion within the account management and customer success teams to drive the growth of the company, and so you'll continue to see us making investments there as well.

我們確實依靠客戶管理和客戶成功團隊中的擴張動議和追加銷售動議來推動公司的發展，因此您將繼續看到我們在那裡進行投資。

Excellent.

出色的。

And Henry, one quick sort of follow-on question relative to go to market.

還有亨利，一個與上市相關的快速後續問題。

So nicely deserved promotions across your executive ranks and as today specific to Chris' role of taking on COO.

如此當之無愧的在您的高管層中升遷，以及今天具體到克里斯擔任首席運營官的角色。

Any other changes to the sales organization that are worth pointing out or any need to backfill this CRO responsibilities?

對銷售組織的任何其他值得指出或需要回填此 CRO 職責的更改？

Or is this just yet another hat that Chris gets to wear here?

或者這只是克里斯在這裡戴的另一頂帽子？

I think a couple of things.

我認為有幾件事。

We did sort of organize the management team underneath Chris in a couple of different ways to make sure that we were optimizing the organizational structure there but nothing material.

我們確實以幾種不同的方式組織了 Chris 領導下的管理團隊，以確保我們在那裡優化了組織結構，但沒有任何實質性內容。

Really, we're excited about the opportunity to marry both sales and marketing underneath one leader.

真的，我們很高興有機會將銷售和營銷結合在一位領導者的領導下。

We think you get all sorts of alignment and synergies by having everything under Chris, and we're excited about the momentum we'll see from that alignment.

我們認為，通過讓所有事情都在 Chris 手下，你會獲得各種協調和協同作用，我們對我們將從這種協調中看到的勢頭感到興奮。

Our next question comes from Patrick Colville with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Patrick Colville。

This is [Dan Cielo] on for Patrick Colville.

這是帕特里克科爾維爾的[Dan Cielo]。

I thought it was pretty interesting that disclosure you made about $1 billion upsell opportunity in your existing customers, and I'd be curious if you could kind of talk about the assumptions that go into that.

我認為你在現有客戶中創造了大約 10 億美元的追加銷售機會的披露非常有趣，如果你能談談其中的假設，我會很好奇。

And you guys kind of talk about sometimes having 7-figure customers.

你們有點談論有時擁有 7 位數的客戶。

And I'm just curious kind of where you see customers, I guess, kind of reaching and maxing out when they kind of reach maturity on the platform.

我只是好奇你在哪裡看到客戶，我猜，當他們在平台上達到成熟度時，他們會達到和最大化。

Yes.

是的。

So the analysis that went into that $1 billion-plus opportunity was looking at the total seats available within our enterprise customers and where we are today.

因此，對這個超過 10 億美元的機會進行的分析是著眼於我們企業客戶的可用席位總數以及我們今天所處的位置。

In terms of where we maxed out, we continue to see our largest customers push the bounds.

就我們最大化的地方而言，我們繼續看到我們最大的客戶突破界限。

And I think earlier in the year, our largest customer is $2 million.

我認為今年早些時候，我們最大的客戶是 200 萬美元。

It's up to like $3.5 million on at this point, and it continues to grow.

在這一點上，它高達 350 萬美元，並且還在繼續增長。

So we think that there are significant opportunities to ultimately get well above where we are today with some of the largest customers that are fully integrating our capabilities to really drive more sophisticated go-to-market opportunities.

因此，我們認為，有一些最大的客戶正在充分整合我們的能力，以真正推動更複雜的上市機會，最終有很大的機會可以遠超我們今天的水平。

Our next question comes from Pat Walravens with JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Pat Walravens。

This is Joe.

這是喬。

I'm going to take on for Pat.

我要接替帕特。

I just wanted to dig in on the adoption you're seeing with Engage and maybe how you're seeing that play out in 2021.

我只是想深入了解您在 Engage 中看到的採用情況，以及您如何看待 2021 年的情況。

Yes.

是的。

So it's still really early on the Engage solution, but we believe there continues to be a ton of white space in the sales engagement space.

因此，Engage 解決方案還處於早期階段，但我們相信銷售參與領域仍然存在大量空白。

And we're most often, we're evangelizing our solution to customers.

我們經常向客戶宣傳我們的解決方案。

And I think what we're especially excited about is the difference that our data asset makes from a value perspective in the Engage solution.

我認為我們特別興奮的是我們的數據資產從價值角度在 Engage 解決方案中所產生的差異。

And so really early, but we're seeing good traction of the product.

所以真的很早，但我們看到了產品的良好牽引力。

And we're also seeing, as I mentioned, meaningfully higher renewal rates for customers who are using the Engage product.

正如我所提到的，我們還看到使用 Engage 產品的客戶的續訂率顯著提高。

So we think it'll add value in a number of different ways for the company.

因此，我們認為它將以多種不同的方式為公司增加價值。

Our next question comes from David Hynes of Canaccord.

我們的下一個問題來自 Canaccord 的 David Hynes。

This is Luke on for DJ.

這是 DJ 的盧克。

So you guys recently launched targeted audiences, which hasn't gotten much love on the call, but it seems like a strong step forward in terms of expanding the scope of the platform into marketing and to advertising.

所以你們最近推出了目標受眾，在電話會議上並沒有得到太多的喜愛，但在將平台範圍擴展到營銷和廣告方面，這似乎是向前邁出的一大步。

Now thinking long term with incremental solutions like that, is it fair to imagine that marketing and advertising teams and budgets could leverage your platform to the same extent that sales orgs are today?

現在從長遠考慮使用這樣的增量解決方案，是否可以想像營銷和廣告團隊和預算可以像今天的銷售組織一樣利用您的平台？

Or I guess in other words, what could be the ratio of spend between sales teams and marketing teams longer term?

或者我想換句話說，銷售團隊和營銷團隊之間的長期支出比例可能是多少？

Is it 1:1 or how can we think about that?

是 1:1 還是我們如何考慮？

Luke, thank you for the question.

盧克，謝謝你的問題。

Look, we are very excited about the targeted audiences product.

看，我們對目標受眾產品感到非常興奮。

We've known for a while that our business and contact data has the ability to make a difference for marketers in the advertising space.

一段時間以來，我們已經知道我們的業務和聯繫數據能夠為廣告領域的營銷人員帶來改變。

And so with that product, marketers can now use ZoomInfo to target business professionals using data points that were not available before we brought this product to market.

因此，有了該產品，營銷人員現在可以使用 ZoomInfo 來定位業務專業人士，使用我們將該產品推向市場之前不可用的數據點。

I think much like all of the other areas that we think about expanding to either internally or from an M&A perspective, we look for opportunities where our data asset can significantly change the game for sellers or marketers or recruiters.

我認為，就像我們考慮擴展到內部或從併購角度考慮的所有其他領域一樣，我們尋找機會，讓我們的數據資產能夠顯著改變賣家、營銷人員或招聘人員的遊戲規則。

And within advertising, we think that we have a big opportunity to leverage that contact and company data asset to provide an incredibly differentiated solution to the market.

在廣告領域，我們認為我們有很大的機會利用該聯繫人和公司數據資產為市場提供令人難以置信的差異化解決方案。

We've spent a lot of time and energy on the marketing use case, whether it's our Enrich product or website product, our intent product, those are all solutions -- our form complete product, those are all solutions that are leveraged by marketers.

我們在營銷用例上花費了大量時間和精力，無論是我們的豐富產品還是網站產品，我們的意圖產品，這些都是解決方案——我們的完整產品，這些都是營銷人員利用的解決方案。

I think what you'll see us do as we evolve is get better at speaking a marketer's language, build more products that are tied together with what a marketer and an advertiser are looking to do and really wedge our way into that share of wallet within our customer base and within new customers as well.

我認為隨著我們的發展，你會看到我們做的是更好地講營銷人員的語言，構建更多與營銷人員和廣告商希望做的事情聯繫在一起的產品，並真正將我們的方式融入其中的錢包份額我們的客戶群和新客戶中也是如此。

And so we see getting more entrenched into the marketing use case as a meaningful growth opportunity for us.

因此，我們認為在營銷用例中更加根深蒂固，這對我們來說是一個有意義的增長機會。

Our next question comes from Robert Simmons with RBC Capital Markets -- Terry Tillman with Truist.

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

This is David Unger filling in for Terry Tillman.

這是大衛·昂格爾為特里·蒂爾曼填補的。

Congrats on a great quarter.

祝賀一個偉大的季度。

So just a big picture question for you guys.

所以對你們來說只是一個大問題。

Your revenue, customer growth has been a true testament to power your products and demand for these actual insights for sales folks to go out there, sell more than they would have about the product.

您的收入、客戶增長一直是推動您的產品和對這些實際見解的需求的真實證明，以便銷售人員走出去，銷售比他們對產品的更多了解。

So I'm just curious if you're seeing any new entrants coming into the market lately.

所以我很好奇你最近是否看到任何新進入者進入市場。

That's it for me.

對我來說就是這樣。

Great.

偉大的。

Thank you for the question.

感謝你的提問。

The competitive environment is largely unchanged.

競爭環境基本沒有變化。

We have call recording software that we use and we flat customer mentions -- I'm sorry, competitor mentions across all of the calls our sellers and our account managers take.

我們有我們使用的通話錄音軟件，並且我們平平了客戶的提及——對不起，競爭對手在我們的賣家和我們的客戶經理接聽的所有電話中都提到了。

And competitors are still, on average, mentioned less than 1% of the time.

平均而言，競爭對手的提及率仍然不到 1%。

And competitor mentions were actually down Q4 versus Q3.

與第三季度相比，競爭對手的提及實際上在第四季度有所下降。

So to the extent that there are market alternatives in the marketplace, we are pulling away from everybody.

因此，在市場上有市場替代品的情況下，我們正在遠離所有人。

Our next question comes from Brian Peterson with Raymond James.

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

Kevin here on for Brian.

凱文在這里為布賴恩。

Just a quick one for me.

對我來說只是一個快速的。

Can you talk about some of the trends you've seen for new ACV mix or pipeline generation, maybe specific to some of your smaller verticals?

您能否談談您在新的 ACV 組合或管道生成方面看到的一些趨勢，可能特定於您的一些較小的垂直行業？

And I'm curious if you have any thoughts on how that could trend as you look out over the next few years.

我很好奇你是否對未來幾年的趨勢有任何想法。

So when we think about our verticals, a big portion of our business comes from software and business services.

因此，當我們考慮垂直行業時，我們的很大一部分業務來自軟件和業務服務。

But you heard Henry talk about wins and pharmaceuticals, manufacturing, finance, insurance, real estate, work transportation, logistics, all of these verticals are important to us.

但是你聽說亨利談到勝利和製藥、製造、金融、保險、房地產、工作運輸、物流，所有這些垂直領域對我們都很重要。

Bottom line is that any business that selling to another business can and should provide real value from using high-quality data like ours to drive their go-to-market motions.

底線是，任何向另一家企業銷售的企業都可以而且應該通過使用像我們這樣的高質量數據來推動他們的上市行動，從而提供真正的價值。

But we're just in the early stages of addressing what's a really big TAM.

但我們正處於解決真正大 TAM 的早期階段。

Software and business services were the initial innovators, but now we're seeing continued growth from a broader set of early adopters in the early majority across the whole industry.

軟件和商業服務是最初的創新者，但現在我們看到整個行業早期大多數早期採用者的群體持續增長。

Our next question comes from Michael Turrin with Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Turrin。

Some useful commentary around the switch from headwinds to tailwinds you saw throughout the course of the year.

您在一年中看到的從逆風到順風的轉變的一些有用評論。

Is there anything you can add around what's assumed to the initial outlook you're providing for next year?

圍繞你為明年提供的初始展望假設的內容，你有什麼可以補充的嗎？

Is that somewhat similar levels on things like customer adds and retention and those trends persist?

客戶添加和保留等方面的水平是否有點相似，並且這些趨勢持續存在？

And then maybe on margin, too.

然後也可能在保證金上。

It just looks like you're expecting those to maybe walk back a touch, which certainly makes sense given the demand environment you're seeing.

看起來您只是希望那些可能會退後一步，考慮到您所看到的需求環境，這當然是有道理的。

Is that a fair characterization, a bit more of a tilt towards growth given the opportunity you're now seeing in front of you?

這是一個公平的描述嗎，考慮到你現在看到的機會，更多地傾向於增長？

Or just any additional context you can provide there is helpful.

或者您可以提供的任何其他上下文都有幫助。

Sure.

當然。

I guess there's one takeaway from this call is that we are seeing a positive momentum across all areas of the business, and we're coming off the strongest quarter and the strongest year we've ever had.

我想這次電話會議的一個收穫是，我們在所有業務領域都看到了積極的勢頭，我們正在經歷有史以來最強勁的一個季度和最強勁的一年。

Our initial guidance, while higher than consensus, it is our expectation that these guidance levels take account a wide range of potential outcomes.

我們的初步指導雖然高於共識，但我們期望這些指導水平考慮到廣泛的潛在結果。

And certainly, 2020 is to us anything, is that we need to plan for that broad range of potential macroeconomic outcomes, and the methodology is consistent with what we've done in the past.

當然，2020 年對我們來說意義重大，我們需要為廣泛的潛在宏觀經濟結果進行規劃，並且方法與我們過去所做的一致。

In terms of margins, we do feel that there's a real opportunity here in the market for us and to build upon our competitive advantage and build the moat that we have.

就利潤率而言，我們確實認為市場上存在真正的機會，可以利用我們的競爭優勢並建立我們擁有的護城河。

We're continuing to invest heavily into R&D.

我們將繼續大力投資於研發。

as well as our sales and marketing capacity to continue to take advantage of that.

以及我們的銷售和營銷能力，以繼續利用這一點。

And if you think about some of the successes that we've had with products like Engage, we're continuing to significantly put additional wood behind those investments so that we can continue to attack those markets and drive additional growth and competitive advantage in the future.

如果您考慮一下我們在 Engage 等產品方面取得的一些成功，我們將繼續在這些投資背後投入大量額外的木材，以便我們能夠繼續攻擊這些市場並在未來推動額外的增長和競爭優勢.

And I'm not showing any further questions at this time.

我目前沒有提出任何進一步的問題。

I would now like to turn the call back over to Henry Schuck for any further remarks.

我現在想將電話轉回給亨利·舒克（Henry Schuck），以徵求任何進一步的意見。

Great.

偉大的。

Thanks again, everyone.

再次感謝大家。

We remain really excited by the opportunity out there, and we're excited to continue to successfully execute against our plan.

我們仍然對那裡的機會感到非常興奮，我們很高興能夠繼續成功地執行我們的計劃。

So thank you very much.

所以非常感謝。

Thank you for joining the call.

感謝您加入通話。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。