Zoominfo Technologies Inc (ZI) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the ZoomInfo Third Quarter 2020 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們，先生們，感謝您的支持，歡迎參加 ZoomInfo 2020 年第三季度財務業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, Jerry Sisitsky. Thank you. Please go ahead, sir.

我現在想把今天的會議交給你的演講者，傑里·西西茨基。謝謝你。請繼續，先生。

Thanks, Gigi. Welcome to ZoomInfo's financial results conference call, highlighting our results for the third quarter of 2020. With me on the call today are Henry Schuck, CEO and Founder of ZoomInfo; and Cam Hyzer, our Chief Financial Officer. After their remarks, we'll open the call up to a question-and-answer session.

謝謝，吉吉。歡迎參加 ZoomInfo 的財務業績電話會議，重點介紹我們 2020 年第三季度的業績。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 Cam Hyzer。在他們的發言之後，我們將打開電話進行問答環節。

I'd like to remind all participants that during this conference 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.

我想提醒所有與會者，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、對未來財務的預期性能和類似項目，包括但不限於，使用術語的表達可能、將和相信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 sections of our filings with the SEC. Actual results may differ materially from any forward-looking statements. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law.

前瞻性陳述涉及許多風險和不確定性，包括我們向 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。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 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.

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

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. This quarter, more customers than ever stepped up to modernize their go-to-market motions by adopting ZoomInfo's data and insights platform. In Q3, our teams delivered 41% organic growth over last year, up 40% from last quarter. Out of 47% adjusted operating margin, we achieved the most adjusted operating income ever in a quarter. And year-to-date, we have delivered $167 million in unlevered free cash flow.

偉大的。謝謝你，傑瑞，歡迎大家。本季度，比以往更多的客戶通過採用 ZoomInfo 的數據和洞察平台來加強他們的上市行動現代化。在第三季度，我們的團隊實現了 41% 的有機增長，比上一季度增長了 40%。在 47% 的調整後營業利潤率中，我們實現了季度內最高的調整後營業收入。年初至今，我們已經交付了 1.67 億美元的無槓桿自由現金流。

Because of the strength that we're seeing across all areas of the business, including record quarterly new sales, record engagement levels and a new high watermark for -- of customers spending over $100,000 a year with us, we are raising our financial guidance for the full year.

由於我們在業務的所有領域都看到了實力，包括創紀錄的季度新銷售額、創紀錄的參與度和新的高水位——客戶每年在我們這里花費超過 100,000 美元，我們正在提高我們的財務指導全年。

As we've continued to enhance our offerings and capabilities, we saw customers of all types engage with our data and insights platform at record levels. In the quarter, we experienced record high engagement rates, including a 33% increase in adoption of our FormComplete product, a 67% increase in adoption of our Intent product and a 40% increase in adoption of our InboxAI product. The move from analog, single channel to digital multichannel motion that started in the last few years continues to transform business-to-business selling.

隨著我們不斷增強我們的產品和能力，我們看到各種類型的客戶以創紀錄的水平使用我們的數據和洞察平台。在本季度，我們經歷了創紀錄的高參與率，包括 FormComplete 產品的採用率增加了 33%，Intent 產品的採用率增加了 67%，InboxAI 產品的採用率增加了 40%。過去幾年開始的從模擬單渠道到數字多渠道的轉變繼續改變著企業對企業的銷售。

Our teams are focused on consistently executing on our vision where ZoomInfo powers a closed-loop go-to-market cycle from data to decision and action, one that's less reliant on heroic unpredictable outlier performances and more dependent on a scalable, predictable platform approach with data-driven orchestration.

我們的團隊專注於始終如一地執行我們的願景，即 ZoomInfo 為從數據到決策和行動的閉環上市週期提供動力，該週期更少依賴於不可預測的異常表現，而更多地依賴於可擴展、可預測的平台方法數據驅動的編排。

The ZoomInfo platform seamlessly delivers data and insights that drive the day-to-day go-to-market activities of thousands of leading organizations. By using our platform, sellers and marketers are able to identify prospects, rent their target -- their best target companies, monitor in-market buying signals in realtime, get direct contact information for their prospects and directly engage with them.

ZoomInfo 平台無縫提供數據和洞察力，推動數千家領先組織的日常上市活動。通過使用我們的平台，賣家和營銷人員能夠識別潛在客戶、租用他們的目標——他們最好的目標公司、實時監控市場購買信號、獲取潛在客戶的直接聯繫信息並直接與他們互動。

We are in the very early innings of what we now see as more than a $30 billion total market opportunity with meaningful corporate initiatives in-flight to increase that total addressable market. And we continue to see a long-term opportunity to drive a rare combination of both durable growth and profitability.

我們正處於我們現在認為超過 300 億美元的總市場機會的早期階段，正在實施有意義的企業舉措以增加該總目標市場。我們繼續看到推動持久增長和盈利能力的罕見組合的長期機會。

During the quarter, we signed deals with companies from a diverse set of industries, from the Horton Group an insurance, employee benefits and risk advisory firm; to Total Plastics, a plastics distributor; to RoadRunner Recycling, a waste and recycling service; to Echo Global Logistics, a publicly-traded provider of transportation management services; ServiceMaster Restore, who does commercial and residential restoration services; and Be Green Packaging, the leader in molded fiber packaging solution.

在本季度，我們與來自不同行業的公司簽署了協議，包括 Horton Group 一家保險、員工福利和風險諮詢公司；給塑料經銷商 Total Plastics；轉至 RoadRunner Recycling，一家廢物和回收服務機構； Echo Global Logistics，一家公開交易的運輸管理服務提供商； ServiceMaster Restore，提供商業和住宅修復服務； Be Green Packaging，模塑纖維包裝解決方案的領導者。

In the quarter, 40% of our new ACV was generated from industries outside of software and business services. B2B companies of any size and in any industry can and do use the ZoomInfo platform to grow their business. Q3 was also our best quarter on the land-and-expand side. Our teams added more customers in our greater than $100,000 ACV cohort than ever in our history, with more than 720 customers now spending $100,000 or more in ACV with us.

在本季度，我們 40% 的新 ACV 來自軟件和商業服務以外的行業。任何規模和任何行業的 B2B 公司都可以並且確實使用 ZoomInfo 平台來發展他們的業務。第三季度也是我們在土地和擴張方面最好的季度。我們的團隊在超過 100,000 美元的 ACV 隊列中增加了比我們歷史上任何時候都多的客戶，現在有超過 720 名客戶在我們的 ACV 上花費了 100,000 美元或更多。

To attract new customers and expand within our existing customers, we continue to reinforce our competitive moat by investing in our platform, our robust core data assets and by executing on M&A that fortifies our strength and increases our reach within sales and marketing organization. I'll touch on all of those areas next.

為了吸引新客戶並在現有客戶中擴張，我們通過投資我們的平台、我們強大的核心數據資產以及通過執行併購來鞏固我們的實力並擴大我們在銷售和營銷組織中的影響力，從而繼續加強我們的競爭護城河。接下來我將涉及所有這些領域。

To capitalize on our momentum within the enterprise, we released a host of new features designed to provide greater speed, scalability, transparency, security and administrative control to our enterprise customers. As part of those initiatives, we greatly enhanced our analytics layer by embedding business intelligence dashboards directly into our platform. These allow users to track real-time changes our APIs and enrichment solutions are making in a customer CRM or marketing automation platforms and to provide detailed usage analytics that give administrators clear views of platform engagement. This new analytics capability helps to clearly communicate the ongoing value and ROI provided by ZoomInfo.

為了利用我們在企業內的發展勢頭，我們發布了一系列新功能，旨在為我們的企業客戶提供更快的速度、可擴展性、透明度、安全性和管理控制。作為這些舉措的一部分，我們通過將商業智能儀表板直接嵌入到我們的平台中來極大地增強了我們的分析層。這些允許用戶跟踪我們的 API 和豐富解決方案在客戶 CRM 或營銷自動化平台中所做的實時更改，並提供詳細的使用分析，讓管理員清楚地了解平台參與。這種新的分析功能有助於清楚地傳達 ZoomInfo 提供的持續價值和投資回報率。

On the data side, last quarter, we talked about how we continue to invest in and differentiate our data products by using machine learning and AI to ensure our customers enjoy the industry's most accurate and comprehensive data. Those investments have grown our professional data set over 30% since the beginning of the year, from 100 million profiles at the end of 2019 to more than 132 million at the end of Q3. Over that period, we have also increased fill rates on direct phones by 29% and validated e-mail addresses by 24%, all while simultaneously increasing data quality.

在數據方面，上個季度，我們談到了我們如何通過使用機器學習和人工智能繼續投資和差異化我們的數據產品，以確保我們的客戶享受行業最準確和最全面的數據。自年初以來，這些投資使我們的專業數據集增長了 30% 以上，從 2019 年底的 1 億個個人資料增加到第三季度末的超過 1.32 億個。在此期間，我們還將直撥電話的填寫率提高了 29%，將驗證的電子郵件地址提高了 24%，同時提高了數據質量。

From a platform perspective, we have been extremely busy. In Q3, we launched Engage, a sales engagement offering designed to help sales teams maximize productivity through access to an automated sales dialer, built in e-mail automation and technologies to manage sales workflows. Engage users have a clear next step for activating their data and engaging with prospects and customers.

從平台的角度來看，我們一直非常忙碌。在第三季度，我們推出了 Engage，這是一種銷售參與產品，旨在通過訪問自動銷售撥號器、內置電子郵件自動化和管理銷售工作流程的技術來幫助銷售團隊最大限度地提高生產力。吸引用戶有一個明確的下一步來激活他們的數據並與潛在客戶和客戶互動。

Although we don't expect it to be a material portion of our revenue in 2020, the TAM associated with this market is estimated at around $9 billion by 2025, and we do believe it will help drive incremental growth in 2021 and beyond, leading to an increase in our total addressable market.

儘管我們預計它不會成為我們 2020 年收入的重要組成部分，但到 2025 年與該市場相關的 TAM 估計約為 90 億美元，我們相信它將有助於推動 2021 年及以後的增量增長，從而導致增加我們的總目標市場。

In addition to launching Engage, we also released hundreds of new features and improvements in Q3 designed to make our platform easier to use, more scalable and able to process more data to meet the needs of the largest enterprises. This started with, but is not limited to, a significant redesign of our mobile experience, improvements to our quick search, redesigns of our company and contact profiles, alerts and the home page. We also added a real-time intelligence feed to give our users a place to consume proprietary and actionable content on their target prospects and customers.

除了推出 Engage，我們還在第三季度發布了數百個新功能和改進，旨在使我們的平台更易於使用、更具可擴展性並能夠處理更多數據，以滿足最大型企業的需求。這始於但不限於對我們的移動體驗進行重大重新設計、改進我們的快速搜索、重新設計我們的公司和聯繫人資料、警報和主頁。我們還添加了一個實時情報源，為我們的用戶提供了一個地方來消費他們的目標潛在客戶和客戶的專有和可操作的內容。

We believe these types of investments in our core offerings pay dividends by providing a better customer experience that delivers greater value, making the product stickier and leading to higher retention rates and upsells from our customers.

我們相信，對我們核心產品的這些類型的投資可以通過提供更好的客戶體驗來帶來更大的價值，使產品更具粘性並導致更高的保留率和客戶追加銷售，從而帶來紅利。

We also talked -- we also tackled a big common challenge for all go-to-market teams: the need to unify first- and third-party data sources. To help solve that, we released a new bidirectional Salesforce integration capability, allowing users to unify data from their Salesforce CRM systems with ZoomInfo's platform search. Today, more than 65% of our customers have activated some form of ZoomInfo integration with their go-to-market systems.

我們還談到了——我們還解決了所有上市團隊面臨的一個共同挑戰：統一第一方和第三方數據源的需求。為了幫助解決這個問題，我們發布了一項新的雙向 Salesforce 集成功能，允許用戶通過 ZoomInfo 的平台搜索來統一來自其 Salesforce CRM 系統的數據。今天，超過 65% 的客戶已經激活了某種形式的 ZoomInfo 與其上市系統的集成。

All of that platform work has not gone unnoticed. In Q3, G2 Crowd released its fall grids, where ZoomInfo was listed for the first time in the account data management, AI sale resistance, e-mail verification, lead mining and visitor identification grids. In the last 3 years, we have gone from appearing on 5 G2 grids to appearing on 32 grids and placing #1 on 19 of them.

所有這些平台工作都沒有被忽視。第三季度，G2 Crowd 發布了秋季網格，其中 ZoomInfo 首次在賬戶數據管理、AI 銷售阻力、電子郵件驗證、潛在客戶挖掘和訪客識別網格中列出。在過去的 3 年中，我們已經從出現在 5 個 G2 網格上出現在 32 個網格上，並在其中的 19 個網格上排名第一。

This is a testament to our ability to innovate, release products to the market that are rapidly consumed and best-in-class and expand the platform to drive more value for our customers. These platform enhancements have helped support our legacy platform migration efforts, where today, we have over 60% of our ACV on our new platform. We have consistently seen a modest uplift when migrating customers to the new platform on a like-for-like functionality basis, but once on the new platform, our customers embrace the new depth of coverage and improved features and functionality, with more than half of migrating customers adding additional users.

這證明了我們有能力進行創新，向市場發布快速消費和一流的產品，並擴展平台以為我們的客戶創造更多價值。這些平台增強功能幫助支持了我們的舊平台遷移工作，今天，我們的新平台上有超過 60% 的 ACV。在以同類功能為基礎將客戶遷移到新平台時，我們一直看到適度的提升，但一旦進入新平台，我們的客戶就會接受新的覆蓋深度和改進的特性和功能，其中一半以上遷移客戶添加其他用戶。

And while very early in the renewal cycles, initial indications are that expansion activity from the first cohort of customers on the new platform are even better than what we've seen historically.

雖然在更新周期的早期階段，初步跡象表明，新平台上第一批客戶的擴張活動甚至比我們歷史上看到的還要好。

Within our accounts, we still see a tremendous white space. Our data indicates that our existing enterprise customers represented an opportunity to grow by more than $1 billion in incremental annual spend, even taking into account that we have almost doubled our upsell into that cohort so far this year.

在我們的賬戶中，我們仍然看到巨大的空白。我們的數據表明，我們現有的企業客戶代表了每年增加超過 10 億美元支出的機會，即使考慮到今年到目前為止我們對該群體的追加銷售幾乎翻了一番。

In terms of data privacy, we continue to make progress on notifying every mailable professional on our database by the end of the year and recently eclipsed the 88% mark. We also recently announced that we have received the TRUSTe Enterprise Privacy Certification seal, demonstrating our commitment to data privacy and to the security needs and growing expectations of our customers.

在數據隱私方面，我們繼續在年底前通知我們數據庫中的每一位可郵寄專業人士方面取得進展，最近超過了 88% 的大關。我們最近還宣布，我們獲得了 TRUSTe 企業隱私認證印章，證明了我們對數據隱私和安全需求以及客戶不斷增長的期望的承諾。

Finally, from a product perspective, in Q3, we continued to execute on our acquisition strategy, enabling us to close the acquisitions of Clickagy and EverString in early Q4. Given our successful M&A track record and our plan to continue to pursue acquisitions, I'll briefly discuss our philosophy and approach to M&A before speaking to each of these acquisitions.

最後，從產品的角度來看，在第三季度，我們繼續執行我們的收購戰略，使我們能夠在第四季度初完成對 Clickagy 和 EverString 的收購。鑑於我們成功的併購記錄以及我們繼續進行收購的計劃，我將在談到每項收購之前簡要討論我們的併購理念和方法。

First, we target high-value adjacencies where we can leverage our leading go-to-market organization to drive significant growth. With an LTV-to-CAC well above 10x across our scaled go-to-market team touching tens of thousands of customers and prospects, we have a proven, highly-efficient go-to-market engine with a track record of bringing solutions to market.

首先，我們瞄準高價值的鄰近地區，我們可以利用我們領先的上市組織來推動顯著增長。在我們規模化的上市團隊中，我們的 LTV 到 CAC 遠高於 10 倍，接觸到數以萬計的客戶和潛在客戶，我們擁有一個經過驗證的、高效的上市引擎，在將解決方案帶到市場。

Second, the sales and marketing ecosystem has a flurry of solutions that drive go-to-market effectiveness. Nearly all of these solutions, much like their CRM and marketing automation predecessors, are empty boxes without the data and insights that ZoomInfo fills them with. So we look for products that integrate with our data and insights to create a differentiated value proposition to customers that competition cannot match with narrow automation alone.

其次，銷售和營銷生態系統有一系列解決方案來推動市場進入效率。幾乎所有這些解決方案，就像他們的 CRM 和營銷自動化的前身一樣，都是空盒子，沒有 ZoomInfo 填充它們的數據和洞察力。因此，我們尋找與我們的數據和洞察相結合的產品，以便為客戶創造差異化的價值主張，而競爭無法僅靠狹窄的自動化來與之匹敵。

Third, we look for technologies that are near to what we do and adjacent to our current offerings. We stay close to home, but look for assets that provide immediate and long-term value to our customers, while expanding our total addressable market. We believe that there is a real opportunity to become the de facto operating system for all go-to-market teams.

第三，我們尋找與我們的工作相近且與我們當前產品相近的技術。我們住在離家很近的地方，但尋找能夠為我們的客戶提供即時和長期價值的資產，同時擴大我們的總目標市場。我們相信，真正有機會成為所有上市團隊事實上的操作系統。

And finally, from a financial perspective, we look for transactions that are accretive to our adjusted operating income within the near term.

最後，從財務角度來看，我們會尋找在短期內增加我們調整後營業收入的交易。

With the Clickagy acquisition, we improved our Intent offerings by providing the first Streaming Intent offering for B2B sellers. The core of what ZoomInfo does is help companies know that companies they should be engaging with and the professionals that those companies who make buying decisions for their products and services. What Streaming Intent data unlocks is the when around target buyers being in market, doing research and poised to make a purchasing decision. This allows sales and marketing teams to tailor messages, offers and resources to increase win rates.

通過收購 Clickagy，我們通過為 B2B 賣家提供第一個 Streaming Intent 產品來改進我們的 Intent 產品。 ZoomInfo 所做的核心是幫助公司了解他們應該與之合作的公司以及那些為其產品和服務做出購買決定的公司的專業人士。流式意圖數據解鎖的是目標買家何時進入市場、進行研究並準備做出購買決定。這允許銷售和營銷團隊定制消息、優惠和資源，以提高贏率。

We are confident that over the next 3 to 5 years, B2B Intent data will become a central ingredient to how companies target and segment potential customers and drive their go-to-market motion. And just the last year, we have seen the number of forward-leaning customers that subscribe to our Intent offerings more than triple.

我們相信，在未來 3 到 5 年內，B2B 意圖數據將成為公司如何定位和細分潛在客戶以及推動其進入市場的核心要素。就在去年，我們已經看到訂閱我們 Intent 產品的前瞻性客戶數量增加了兩倍多。

And announced last week, EverString provides account and thermographic Data-as-a-Service for the enterprise market. EverString's proprietary AI and machine learning has mastered sourcing and tracking of information on the long tail of SMB companies that are notoriously hard to detect and maintain. And they do it at scale with an incredibly high degree of accuracy, allowing them to take share from much larger legacy data providers.

上周宣布，EverString 為企業市場提供賬戶和熱像數據即服務。 EverString 專有的人工智能和機器學習已經掌握了對眾所周知難以檢測和維護的 SMB 公司長尾信息的採購和跟踪。他們以令人難以置信的高度準確性大規模地執行此操作，從而使他們能夠從更大的傳統數據提供商那裡獲得份額。

EverString's 100 million company records and 70 million professional profiles will be integrated into ZoomInfo's data engine of 15 million company records and 132 million professional profiles.

EverString 的 1 億條公司記錄和 7000 萬份職業檔案將被整合到 ZoomInfo 的 1500 萬份公司記錄和 1.32 億份職業檔案的數據引擎中。

I continue to be impressed and thankful for the great team that we've put together to go after the opportunity in our market. We continue to virtually onboard hundreds of new employees each quarter, and we're doing it in a way that truly connects them to our culture. Our commitment to providing a great place to work was recently recognized with Comparably naming us one of the top 25 workplaces in the country for happiest employees.

我繼續對我們為抓住市場機會而組建的優秀團隊留下深刻印象和感謝。我們每個季度都會繼續虛擬地招募數百名新員工，我們正在以一種真正將他們與我們的文化聯繫起來的方式來做這件事。最近，我們對提供理想工作場所的承諾得到了認可，Comparably 將我們命名為該國最幸福員工的 25 大工作場所之一。

We have also made a company commitment to diversity and inclusion, sharing our progress across the company and regularly discussing it at the Board level. We are proud that we have meaningfully increased the percentage of diverse employees at ZoomInfo over the last 12 months and expect to continue our progress here.

我們還對多元化和包容性做出了公司承諾，在整個公司內分享我們的進展，並定期在董事會層面進行討論。我們很自豪在過去的 12 個月裡，我們在 ZoomInfo 中顯著增加了多元化員工的比例，並期望在這裡繼續取得進展。

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. We are driving a high-growth subscription business at scale, and we operate profitably, which allows us to reinvest operating leverage to drive durable long-term growth. In Q3, we posted organic growth of 41%, an acceleration relative to what we achieved in Q2, and we did so with an adjusted operating margin of 47%.

謝謝，亨利。我們正在大規模推動高增長的訂閱業務，並且我們的運營盈利，這使我們能夠對運營槓桿進行再投資，以推動持久的長期增長。在第三季度，我們公佈了 41% 的有機增長，相對於我們在第二季度實現的增長，我們以 47% 的調整後營業利潤率實現了這一目標。

GAAP revenue in Q3 was $123 million, up 56% year-over-year. Our organic growth based on allocated combined receipts was 41% compared to Q3 '19, driven by strength in new customer additions and expansions at existing customers. While GAAP revenue and allocated combined receipts have converged in 2020, the difference in growth rates is due to the fair value adjustments of acquired unearned revenue that impacted the comparative figure in 2019.

第三季度 GAAP 收入為 1.23 億美元，同比增長 56%。與 19 年第三季度相比，我們基於分配的合併收入的有機增長為 41%，這得益於新客戶的增加和現有客戶的擴張。雖然 GAAP 收入和分配的合併收入在 2020 年趨於一致，但增長率的差異是由於收購的未實現收入的公允價值調整影響了 2019 年的比較數字。

Both new sales activity and existing client net expansion improved relative to Q2 and last year. We continue to build momentum and increase win rates throughout the quarter, and this combination of strength in new sales and expansion activity helped drive sequential revenue growth of 10%, adjusted for the relative days in each quarter.

與第二季度和去年相比，新的銷售活動和現有客戶淨擴張都有所改善。我們在整個季度繼續建立動力並提高贏率，新銷售和擴張活動的這種結合幫助推動了 10% 的連續收入增長，並根據每個季度的相對天數進行了調整。

Our land-and-expand motion continues to underpin our success, particularly in the enterprise. Customer spending $100,000 or greater in ACV increased by about 70 to more than 720, which is our strongest quarterly increase ever.

我們的土地和擴張運動繼續支持我們的成功，特別是在企業中。在 ACV 上花費 100,000 美元或更多的客戶增加了約 70 至超過 720，這是我們有史以來最強勁的季度增長。

As we move to expenses, adjusted gross profit in the quarter was $109 million, yielding an adjusted gross margin of 88%, in line with the margin we delivered in Q3 2019. Adjusted sales and marketing expense was $30 million or 24% of revenue, up from 22% a year ago. We continue to drive an LTV-to-CAC that is well above 10x, reflecting our go-to-market efficiency and success this quarter. And we will continue to invest in expanding capacity to drive sustainable growth.

當我們轉向費用時，本季度調整後的毛利潤為 1.09 億美元，調整後的毛利率為 88%，與我們在 2019 年第三季度實現的利潤率一致。調整後的銷售和營銷費用為 3000 萬美元或收入的 24%，高於一年前的 22%。我們繼續推動遠高於 10 倍的 LTV 到 CAC，這反映了我們本季度的上市效率和成功。我們將繼續投資擴大產能以推動可持續增長。

Adjusted R&D expense was $8 million or 7% of revenue in Q3, up from 6% a year ago. We continue to invest in R&D as well as innovation in data accuracy and coverage to further deliver value to our customers and extend our competitive advantage as well as expand our addressable market and create a pipeline for new revenue sources in the future.

第三季度調整後的研發費用為 800 萬美元，佔收入的 7%，高於一年前的 6%。我們將繼續投資於研發以及數據準確性和覆蓋範圍的創新，以進一步為我們的客戶創造價值，擴大我們的競爭優勢，擴大我們的潛在市場，並為未來的新收入來源創造渠道。

Adjusted G&A expense was $13 million or 10% of revenue as compared to 7% a year ago as we have added capacity to operate as a public company and incurred public company costs, including increased corporate insurance and professional services.

調整後的 G&A 費用為 1300 萬美元，佔收入的 10%，而一年前為 7%，因為我們增加了作為上市公司的運營能力並產生了上市公司成本，包括增加的公司保險和專業服務。

Adjusted operating income in Q3 was $59 million, yielding a 47% margin, which compares to $47 million and a 54% margin in Q3 2019. Operating margins were consistent with our guidance, which called for higher public company costs, as Q3 was our first full quarter of being a publicly-traded company. Adjusted net income for the quarter was $43 million or $0.11 per share based on 403 million weighted average diluted shares outstanding.

第三季度調整後的營業收入為 5900 萬美元，利潤率為 47%，而 2019 年第三季度為 4700 萬美元，利潤率為 54%。營業利潤率與我們的指引一致，該指引要求更高的上市公司成本，因為第三季度是我們的第一季度成為一家上市公司的整整四分之一。根據 4.03 億股加權平均稀釋流通股，本季度調整後的淨收入為 4300 萬美元或每股 0.11 美元。

Turning to the balance sheet and cash flow. We ended the quarter with $306 million in cash and restricted cash and used approximately $70 million of that to fund the acquisitions of Clickagy and EverString after the close of the quarter. In the third quarter, we generated operating cash flows of $49 million, which included $10 million of interest payments. Unlevered free cash flow was $60 million for the quarter and $167 million year-to-date.

轉向資產負債表和現金流。我們以 3.06 億美元現金和受限現金結束本季度，其中約 7000 萬美元用於在本季度結束後為 Clickagy 和 EverString 的收購提供資金。第三季度，我們產生了 4900 萬美元的經營現金流，其中包括 1000 萬美元的利息支付。本季度無槓桿自由現金流為 6000 萬美元，年初至今為 1.67 億美元。

With respect to liabilities and future performance obligations, unearned revenue at the end of the quarter was $176 million. And remaining performance obligations were $458 million, of which $349 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 1.76 億美元。剩餘的履約義務為 4.58 億美元，其中 3.49 億美元預計將在未來 12 個月內交付。

In Q3, we did experience an improvement in the mix of annually paid contracts relative to Q2, and we're still below what we experienced in 2019. I know that some analysts look at calculated billings to approximate in-quarter activity, but I would caution you from placing too much weight on this calculation.

在第三季度，與第二季度相比，我們的年度支付合同組合確實有所改善，但仍低於 2019 年的水平。我知道一些分析師會查看計算出的賬單來近似季度內的活動，但我會警告您不要在此計算上過分重視。

Our dynamic mix of billing terms and lack of consistent seasonality of contract expirations cause a significant level of variability with respect to unearned revenue, calculated billings and RPO, as evidenced by comparing the last 2 quarters. As such, given the fully subscription nature of our business, we focus on sequential growth in revenue adjusted for the days in the quarter to more accurately assess the signal through the noise. As of September 30, we carried -- we continued to carry $756 million in gross debt. And our Q3 net leverage ratio on an LTM basis is down to 2.1x.

我們動態組合的計費條款和缺乏一致的合同到期季節性導致未賺取的收入、計算的計費和 RPO 存在顯著的可變性，最近兩個季度的比較證明了這一點。因此，鑑於我們業務的完全訂閱性質，我們專注於根據本季度天數調整的收入的連續增長，以通過噪音更準確地評估信號。截至 9 月 30 日，我們繼續背負著 7.56 億美元的總債務。我們在 LTM 基礎上的第三季度淨槓桿率降至 2.1 倍。

I also want to speak to the disclosure we made this afternoon with regard to our plan to restate our Q2 financial statements. This is a restatement of tax benefits that we recorded in Q2 related to our Up-C structure and the IPO transactions. Our internal team identified it as part of our preparation and review of Q3 financials and determined that it should not have been recorded.

我還想談談我們今天下午就我們重述第二季度財務報表的計劃所做的披露。這是我們在第二季度記錄的與我們的 Up-C 結構和 IPO 交易相關的稅收優惠的重述。我們的內部團隊將其確定為我們準備和審查第三季度財務的一部分，並確定它不應該被記錄下來。

This difference is driven by certain calculations and estimates regarding the impact of the IPO on long-dated deferred tax assets derived from the difference between the GAAP basis and tax basis of partnership interest held by corporations within our structure, which were impacted by the restructuring of sponsor-owned entities, stock compensation expense and carryover tax basis from prior transactions.

這種差異是由某些計算和估計導致的，這些計算和估計是由於 GAAP 基礎與我們結構內的公司持有的合夥權益的計稅基礎之間的差異而產生的 IPO 對長期遞延所得稅資產的影響，這些差異受到了重組的影響。保薦人擁有的實體、股票補償費用和先前交易的結轉稅基。

We will be filing an amended 10-Q for our previously reported Q2 results. The year-to-date figures in our Q3 financial results press release and presentation materials properly reflect this change, which is detailed in our press release, increases GAAP net loss in Q2 by $22 million and principally impacts the balance sheet by reducing noncurrent deferred tax assets of $62 million.

我們將為我們之前報告的第二季度結果提交修訂後的 10-Q。我們的第三季度財務業績新聞稿和演示材料中的年初至今數據正確反映了這一變化，這在我們的新聞稿中進行了詳細說明，使第二季度的 GAAP 淨虧損增加了 2200 萬美元，主要通過減少非流動遞延稅來影響資產負債表資產6200萬美元。

The adjustment did not impact any of our key performance metrics, including revenue, adjusted operating income, cash flow or adjusted net income. The Up-C structure delivers significant value to our shareholders, but requires extremely technical and specialized accounting knowledge. We have expanded our team over the last 3 months and are confident in our ability to effectively manage these complexities moving forward.

此次調整併未影響我們的任何關鍵績效指標，包括收入、調整後的營業收入、現金流量或調整後的淨收入。 Up-C 結構為我們的股東帶來了巨大的價值，但需要極高的技術和專業會計知識。在過去的 3 個月裡，我們擴大了團隊，並對我們有效管理這些複雜性向前發展的能力充滿信心。

Before we turn to guidance, we have noted that GAAP revenue and allocated combined receipts have converged in 2020. And to simplify comparisons and avoid confusion, we have consistently guided to GAAP revenue. As such, this will be the last quarter where we provide allocated combined receipts as a supplemental metric.

在我們轉向指導之前，我們已經註意到 GAAP 收入和分配的合併收入在 2020 年已經趨同。為了簡化比較並避免混淆，我們一直指導 GAAP 收入。因此，這將是我們提供分配的合併收據作為補充指標的最後一個季度。

As a helpful addition, please note that we have included historical RPO balances for Q2 2019 forward in the financial slides to provide incremental transparency for investors as it pertains to trends in remaining performance obligations.

作為一個有用的補充，請注意，我們在財務幻燈片中包含了 2019 年第二季度的歷史 RPO 餘額，以便為投資者提供更多的透明度，因為它與剩餘履約義務的趨勢有關。

As we move to guidance, please note that our -- that reflected in our guidance is the expectation that Clickagy and EverString will contribute a couple of million dollars in revenue and will be mildly -- modestly dilutive to adjusted operating income in Q4. We expect them to be accretive to AOI in the first half of 2021.

當我們轉向指導時，請注意，我們在指導中反映的是預期 Clickagy 和 EverString 將貢獻數百萬美元的收入，並將溫和地稀釋第四季度調整後的營業收入。我們預計它們將在 2021 年上半年增加 AOI。

With that, I will provide our outlook for the fourth quarter and our revised guidance for the full year 2020. We expect to generate GAAP revenue in Q4 between $129 million and $131 million and adjusted operating income between $58 million and $60 million. This guidance implies 43% annual revenue growth or 35% growth relative to the previously reported allocated combined receipts figure for Q4 2019 and a 45% adjusted operating margin at the midpoint of the range. Non-GAAP net income is expected to be $0.09 to $0.10 per share based on 404 million diluted shares outstanding.

有了這個，我將提供我們對第四季度的展望和我們對 2020 年全年的修訂指導。我們預計第四季度的 GAAP 收入將在 1.29 億美元至 1.31 億美元之間，調整後的營業收入將在 5800 萬美元至 6000 萬美元之間。該指引意味著與之前報告的 2019 年第四季度分配的合併收入數據相比，年收入增長 43% 或 35%，調整後的營業利潤率在該範圍的中點為 45%。基於 4.04 億股稀釋流通股，非公認會計原則淨收入預計為每股 0.09 美元至 0.10 美元。

For the full year, we now expect GAAP revenue to be between $465 million and $467 million, up $13 million at the midpoint relative to our prior guidance; and adjusted operating income of $220 million to $222 million, up $6 million at the midpoint. Our [upwardly] revised guidance for the full year implies 39% organic revenue growth and 47% margin at the midpoint of the range.

對於全年，我們現在預計 GAAP 收入將在 4.65 億美元至 4.67 億美元之間，相對於我們之前的指導，在中點處增加 1300 萬美元；調整後的營業收入為 2.2 億美元至 2.22 億美元，中點增加 600 萬美元。我們[向上]修訂的全年指引意味著有機收入增長 39%，利潤率中點為 47%。

Non-GAAP net income for the year is expected to be $0.31 to $0.32 per share, up $0.02 per share at the midpoint. And we now anticipate unlevered free cash flow to be $213 million to $215 million, up $6 million at the midpoint.

非 GAAP 全年淨收入預計為每股 0.31 美元至 0.32 美元，中點每股增加 0.02 美元。我們現在預計無槓桿自由現金流為 2.13 億美元至 2.15 億美元，中點增加 600 萬美元。

To summarize, Q3 was another quarter where we delivered strong revenue growth, profitability and free cash flow. We continue building our teams, developing and acquiring technology, increasing the value we provide to customers, further differentiating ourselves from competitors and expanding our sales and marketing capacity to drive future growth. All of this enables us to confidently execute against our plan.

總而言之，第三季度是我們實現強勁收入增長、盈利能力和自由現金流的另一個季度。我們將繼續建設我們的團隊，開發和獲取技術，增加我們為客戶提供的價值，進一步從競爭對手中脫穎而出，並擴大我們的銷售和營銷能力以推動未來的增長。所有這些使我們能夠自信地執行我們的計劃。

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 the line of Brad Zelnick from Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Brad Zelnick。

Congrats on a great quarter. Henry, I listened very carefully to some of what you said today. You talked about becoming the de facto operating system for go-to-market teams. And as I contemplate what you said around ZoomInfo Engage, and totally appreciate that this expands your market opportunity. Just trying to understand, was this something that customers were asking for versus your vision of where this market is heading? And how should we think about the lines blurring between ZoomInfo and core CRM platforms?

祝賀一個偉大的季度。亨利，我非常仔細地聽了你今天所說的一些話。您談到了成為上市團隊事實上的操作系統。當我思考你在 ZoomInfo Engage 上所說的話時，我非常感謝這擴大了你的市場機會。只是想了解一下，與您對市場發展方向的願景相比，這是客戶所要求的嗎？我們應該如何看待 ZoomInfo 和核心 CRM 平台之間的界限模糊？

Brad, thanks for the question. I think first with Engage, what we saw is an opportunity to have a closed-loop system where customers can live inside of ZoomInfo. They have an opportunity to find data on their customers and prospects and then actually have a method to engage with those prospects.

布拉德，謝謝你的提問。我認為首先與 Engage 合作，我們看到了一個擁有閉環系統的機會，客戶可以在 ZoomInfo 內部生活。他們有機會找到有關其客戶和潛在客戶的數據，然後實際上有一種與這些潛在客戶互動的方法。

So we heard from a lot of customers that having the data and insights was incredibly powerful, but activating it was a struggle for them. And so building Engage into the core part of our platform allows our customers not only to have access to our best-in-class data and insights, but also to be able to engage and activate that insight -- that data and that insight, against their customers and process specs.

所以我們從很多客戶那裡聽說，擁有數據和洞察力非常強大，但激活它對他們來說是一場鬥爭。因此，將 Engage 構建到我們平台的核心部分使我們的客戶不僅能夠訪問我們一流的數據和洞察力，而且能夠參與和激活這種洞察力——數據和洞察力，反對他們的客戶和工藝規範。

And I actually think that theme, the idea of having access to data and actually activating it and having access to insights and actually activating it, is the same theme we see with the Clickagy acquisition, where TOPO, who is the sales and marketing arm of Gartner, talked about how companies are continuing to invest in Intent data, but they don't have a way to activate it. And so bringing that underneath the umbrella of ZoomInfo and then creating automated ways for customers to activate against that data, I think, is going to be a core focus of ours going forward.

實際上，我認為這個主題，即訪問數據並實際激活它並獲得洞察力並實際激活它的想法，與我們在 Clickagy 收購中看到的主題相同，其中 TOPO 是其銷售和營銷部門Gartner 談到了公司如何繼續投資 Intent 數據，但他們沒有辦法激活它。因此，我認為，將其置於 ZoomInfo 的保護傘之下，然後為客戶創建自動化方式來激活這些數據，這將成為我們未來的核心焦點。

Excellent. And if I could just ask one follow-up. Clearly, there is tremendous opportunity for you here -- right here at home in the U.S., but any update on international investments that you're making?

出色的。如果我可以問一個後續問題。顯然，這裡有巨大的機會——就在美國本土，但你正在進行的國際投資有什麼最新消息嗎？

Yes. Absolutely, Brad. So international was -- this quarter, we spent a lot of time on international. It was actually -- Q3 was very strong internationally. We grew revenue 60% year-over-year against that segment of customers.

是的。絕對的，布拉德。所以國際化是——本季度，我們在國際化上花了很多時間。實際上——第三季度在國際上非常強勁。與該客戶群相比，我們的收入同比增長了 60%。

The pandemic did make us rework our strategy to open local offices in the short term. And we adjusted by aligning a segment of our East Coast sales, account management and customer support teams to European hours. That shift in alignment is working very well for us.

大流行確實使我們重新制定了短期內開設當地辦事處的策略。我們通過調整我們東海岸銷售、客戶管理和客戶支持團隊的一部分來調整歐洲時間。這種對齊方式的轉變對我們來說非常有效。

And then on -- and then we spent some time on the current data set internationally. We focus on increasing our coverage on companies and contacts in the U.K. and Ireland, where we're beginning our international focus. And in the quarter, we increased contact coverage over 50% in those countries. We increased contact coverage across Europe, 168% year-to-date. Direct our numbers across Europe, 35% in the quarter.

然後 - 然後我們花了一些時間在國際上當前的數據集上。我們專注於增加對英國和愛爾蘭的公司和聯繫人的覆蓋範圍，我們將在這些地方開始我們的國際關注。在本季度，我們將這些國家/地區的接觸覆蓋率提高了 50% 以上。我們增加了整個歐洲的聯繫覆蓋率，今年迄今增加了 168%。指導我們在整個歐洲的數據，本季度 35%。

And then our acquisition of EverString also significantly expands our company coverage internationally. That data asset includes over 5 million companies in the U.K. and Ireland and 13 million companies across Europe. So we feel like we're in a stronger position than ever to be the single source of truth for company and contact information for any multinational enterprise.

然後，我們對 EverString 的收購也顯著擴大了我們公司的國際覆蓋範圍。該數據資產包括英國和愛爾蘭的超過 500 萬家公司以及歐洲的 1300 萬家公司。因此，我們覺得我們比以往任何時候都處於更強大的地位，可以成為任何跨國企業的公司和聯繫信息的單一來源。

That's awesome. And congrats to the entire team.

棒極了。並祝賀整個團隊。

Thanks, Brad.

謝謝，布拉德。

Our next question comes from the line of Raimo Lenschow from Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. Henry, on EverString, just kind of curious, you are not public that long. Just how difficult is it to bring these 2 data sets together and just kind of get like one coherent AI on it and just kind of combine like how you clean it, how they clean it and just have like one integrated set?

我也祝賀你。亨利，在 EverString 上，有點好奇，你沒有公開那麼久。將這 2 個數據集放在一起並在其上獲得一個連貫的 AI 並像你如何清理它、它們如何清理它並擁有一個集成集一樣，有多麼困難？

And then kind of what does it mean, like from a customer -- actually, you touched already on it, but it seems like it's changing your B2B quite a lot in theory.

然後是什麼意思，比如來自客戶——實際上，你已經接觸過它，但它似乎在理論上改變了你的 B2B。

Yes. Raimo, thanks for the question. We -- the good news is we have a lot of experience with this, starting with our acquisition of iProfile in 2015, where we went through that same motion; the acquisition of Ranking, where we combined data sets; and then the acquisition of ZoomInfo, where we combined our data sets and processes and systems together. So we've seen the movie a few times. We have learnings from those experiences that we're bringing to bear.

是的。雷莫，謝謝你的提問。我們——好消息是我們在這方面有很多經驗，從 2015 年我們收購 iProfile 開始，我們經歷了同樣的動議；收購Ranking，我們在其中合併數據集；然後收購 ZoomInfo，我們將我們的數據集、流程和系統結合在一起。所以我們已經看過幾次這部電影了。我們從我們正在承擔的那些經驗中吸取了教訓。

In the run-up to -- and during diligence in the run-up to announcing the acquisition, our teams go through a pretty rigorous planning and integration process, where we're identifying exactly where the merging of those data sets is going to happen, how it's going to happen in the short term, how that evolves to the medium and long term. And so we're already integrating that data today. We're already in a place where we can deliver to customers a super set of that data that will continue to refine over time.

在準備和宣布收購之前的盡職調查中，我們的團隊經歷了一個非常嚴格的規劃和整合過程，我們正在確定這些數據集的合併將發生在哪裡，短期內將如何發生，中長期如何演變。所以我們今天已經在整合這些數據。我們已經可以向客戶提供一組超級數據，這些數據將隨著時間的推移不斷完善。

Our next question comes from the line of Jennifer Lowe from UBS.

我們的下一個問題來自瑞銀的 Jennifer Lowe。

And maybe just following up on Brad's question a bit. You've mentioned some of the challenges that your customers have had, kind of figuring out how to take action on things like Intent data. And maybe just even asking a level higher, how many of your customers are really of the level that they understand the Intent data and the AI insights and are taking advantage of those at this point versus customers who maybe are still a bit earlier in the adoption curve and really more focused on contact data at this point?

也許只是跟進布拉德的問題。您提到了您的客戶遇到的一些挑戰，有點想知道如何對 Intent 數據之類的事情採取行動。甚至可能只是問一個更高的級別，您的客戶中有多少真正達到他們理解 Intent 數據和 AI 洞察力的水平，並且在這一點上正在利用這些，而不是可能在採用方面還早一點的客戶曲線，此時真的更關注聯繫人數據嗎？

Yes. Thanks, Jen. It's a super interesting question. Our customers come from a variety of different places when it comes to sophistication in using our data, sophistication in going to market. There are some customers, large and small today, who just -- who use our platform as a prospecting tool.

是的。謝謝，珍。這是一個超級有趣的問題。在使用我們的數據的複雜性和進入市場的複雜性方面，我們的客戶來自不同的地方。今天有一些大大小小的客戶，他們只是將我們的平台用作勘探工具。

As you move up the sophistication curve, we find clients who use our data and insights to drive complicated propensity to buy models, to drive territory mapping for thousands of sellers. I think the thing that we realized is, regardless of where our customer is on that maturity curve, our solutions can drive quick value in their customer acquisition efforts.

隨著您在復雜度曲線上的提升，我們發現客戶使用我們的數據和洞察力來推動複雜的購買模型傾向，為成千上萬的賣家推動區域映射。我認為我們意識到的是，無論我們的客戶處於成熟度曲線的哪個位置，我們的解決方案都可以在他們的客戶獲取工作中快速實現價值。

And then an interesting thing that we're seeing -- that I've seen, in every customer call that I've had this quarter, we found companies asking us how they turn their CRM system from a system of record to a system of insights. Literally every single customer is having this conversation with us today.

然後我們看到了一件有趣的事情——我已經看到，在我本季度接到的每個客戶電話中，我們發現公司問我們他們如何將他們的 CRM 系統從記錄系統轉變為見解。從字面上看，今天每個客戶都在與我們進行這種對話。

And they're getting value from CRM as a hub. They're just not seeing their users adopt it or get real value out of those systems because on their own, they just provide no insights. And so they're looking to us to help them make that transformation. And so, Jen, those are companies really early in their go-to-market maturity to companies that are really sophisticated about the way they go to market.

他們從作為中心的 CRM 中獲得價值。他們只是沒有看到他們的用戶採用它或從這些系統中獲得真正的價值，因為就他們自己而言，他們只是沒有提供任何見解。所以他們希望我們幫助他們實現這一轉變。因此，Jen，對於那些對進入市場的方式非常成熟的公司來說，這些公司在進入市場的成熟度非常早期。

Our next question comes from the line of David Hynes from Canaccord.

我們的下一個問題來自 Canaccord 的 David Hynes。

Henry, you made an interesting comment in your prepared remarks that expansion dynamics are even better on the new platform. And I realize it's early cohort data, but maybe you could talk about why you think that's the case and if there's any way to quantify it?

亨利，您在準備好的評論中提出了一個有趣的評論，即新平台上的擴展動態甚至更好。我知道這是早期的隊列數據，但也許你可以談談為什麼你認為會出現這種情況以及是否有任何方法可以量化它？

Yes. I think it's a couple of things, DJ. First, their coverage is broader. So our customers who are migrating from legacy DiscoverOrg to ZoomInfo, find somewhere in the neighborhood of 10x the amount of data in our new platform than what they were accustomed to. And so they're coming into our platform, they're seeing significantly more coverage. And so they're adding additional seats with their sellers who couldn't get the value out of our legacy platform because they didn't have enough coverage.

是的。我認為這是幾件事，DJ。首先，它們的覆蓋面更廣。因此，我們從舊版 DiscoverOrg 遷移到 ZoomInfo 的客戶在我們的新平台中發現的數據量是他們習慣的數據量的 10 倍左右。所以他們進入我們的平台，他們看到了更多的報導。因此，他們正在為無法從我們的舊平台中獲得價值的賣家增加額外的席位，因為他們沒有足夠的覆蓋範圍。

And then in the last year, 1.5 years, we've spent all of our R&D efforts on the new platform. So we've built new functionality, new features from things like FormComplete to InboxAI to invest Intent products. And so you see customers stepping up and adding new features and functionality that they didn't have before inside of the new platform as well.

然後在過去的 1.5 年裡，我們將所有的研發精力都花在了新平台上。因此，我們構建了新功能，從 FormComplete 到 InboxAI 等新功能來投資 Intent 產品。因此，您會看到客戶在新平台中加緊添加他們以前沒有的新特性和功能。

Yes. And DJ, it's worth noting, it is still early days on those cohorts. But based on our analysis, we are really excited about the fact that not only are new customers that signed up with the new platform expanding at a higher rate than kind of new customers have historically, but also customers that migrated over to the new platform are expanding at higher rate than when they migrated.

是的。還有 DJ，值得注意的是，這些群組還處於早期階段。但根據我們的分析，我們真的很興奮這樣一個事實，即不僅註冊新平台的新客戶的增長速度高於歷史上新客戶的增長速度，而且遷移到新平台的客戶也以比他們遷移時更高的速度擴張。

Yes. Yes. Okay. And then one very quick follow-up for you, Cameron, while I have you. So current RPO is up 60%. Thanks for the year-over-year disclosure there in the slides.

是的。是的。好的。卡梅倫，當我有你的時候，為你提供一個非常快速的跟進。因此，當前的 RPO 上升了 60%。感謝幻燈片中逐年披露的信息。

Is there anything in there that muddies that year-over-year comp? Or is that a pretty good leading indicator of growth?

那裡有什麼東西可以使年復一年的比賽變得混亂嗎？或者這是一個很好的增長領先指標？

Thanks for including me on the questions. I appreciate that. I do think that those are metrics that we need to be careful with and I would advise investors to be careful with. It does depend on a number of factors. And we do have less consistency in the seasonality of when contracts expire.

感謝您包括我的問題。我很感激。我確實認為這些是我們需要小心的指標，我建議投資者小心。它確實取決於許多因素。而且我們在合同到期時的季節性方面確實不太一致。

A big part of that is, as part of our land-and-expand motion, a lot of our upsells are done off cycle, which creates a little bit of noise with respect to that RPO metric. So I very much focus on the sequential revenue growth, which obviously you could annualize out and does show that we're continuing to do very well, and be somewhat careful with those bookings and billings metrics.

其中很大一部分是，作為我們的土地和擴張運動的一部分，我們的許多追加銷售都是在周期外完成的，這對 RPO 指標產生了一點噪音。因此，我非常關注連續的收入增長，顯然你可以將其年度化，並且確實表明我們繼續做得很好，並且對這些預訂和賬單指標有些謹慎。

Our next question comes from the line of Mark Murphy from 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 strong performance. So Cameron, I also had a question for you. As we kind of think through the 40%-ish trajectory for ZoomInfo right now and if we try to overlay the effects of the pandemic and the recession for Q3, would you say that that's a net headwind now? Would you say it's neutral? Would you say it's become a net tailwind?

我要祝賀我的表現非常出色。卡梅倫，我還有一個問題要問你。正如我們現在正在考慮 ZoomInfo 40% 左右的軌跡時，如果我們試圖將第三季度大流行和經濟衰退的影響疊加起來，你會說這現在是一個淨逆風嗎？你說它是中性的嗎？你會說它已經成為一股淨順風嗎？

And just given your reporting on the day, coincidentally, that the Pfizer vaccine news came out, how do you see the imprint of the pandemic going forward in terms of ZoomInfo's ability to kind of benefit from reopenings next year and the year after?

巧合的是，鑑於您在當天報導輝瑞（Pfizer）疫苗新聞發布的消息，您如何看待 ZoomInfo 從明年和後年重新開放中受益的能力方面的大流行的印記？

Yes. So I think we've always said that the pandemic and the resulting economic uncertainty presents both headwinds and tailwinds for us. I think from a headwind perspective, we continue to have customers that are always partially impacted by the pandemic and also, just buying patterns obviously changed. I think over the course of the year, as customers and particularly larger customers became more acclimated to the environment, I think we have seen kind of benefits as people are looking to improve their sales and marketing activities.

是的。所以我認為我們一直說，大流行和由此產生的經濟不確定性對我們來說既是逆風也是順風。我認為從逆風的角度來看，我們仍然有客戶總是部分受到大流行的影響，而且只是購買模式明顯改變。我認為在這一年中，隨著客戶，尤其是大客戶對環境的適應程度越來越高，我認為我們已經看到了一些好處，因為人們正在尋求改善他們的銷售和營銷活動。

Overall, with respect to where we are, the trend of people looking to improve their market activities to achieve better efficiency and effectiveness started well before the pandemic, and we have seen that it's become more important. But post-pandemic, we expect that, that trend will continue for a very long period of time. And that secular trend will actually help us as economic uncertainty continues to wane.

總體而言，就我們所處的位置而言，人們尋求改善市場活動以提高效率和效力的趨勢早在大流行之前就開始了，我們已經看到它變得更加重要。但在大流行後，我們預計，這種趨勢將持續很長一段時間。隨著經濟不確定性繼續減弱，這種長期趨勢實際上會幫助我們。

And I would add, Mark, there's a study by McKinsey that came out in the quarter that's found that only 20% of B2B buyers say they hope to return to in-person sales. And they're getting that even in sectors where field sales models have traditionally dominated like pharma and medical products. And once you make a shift from analog to digital, I can't think of an example where you go back.

我要補充一點，馬克，麥肯錫在本季度發布的一項研究發現，只有 20% 的 B2B 買家表示他們希望恢復面對面的銷售。即使在傳統上以現場銷售模式為主導的領域，如製藥和醫療產品，他們也能做到這一點。一旦你從模擬轉向數字，我想不出一個你回去的例子。

Yes. That's a very good point, I think, we can all relate to. And so Henry, one other question I had for you. If you think through your typical customer that's maybe been with you for a couple of years and if you go back and try to look at their own headcount trend for their sales teams and for their marketing teams, I think where that's a lever that can drive some dollar retention for you through seat expansion.

是的。這是一個很好的觀點，我認為，我們都可以理解。亨利，還有一個問題要問你。如果您考慮可能與您在一起幾年的典型客戶，並且如果您回過頭來嘗試查看他們自己的銷售團隊和營銷團隊的員工人數趨勢，我認為這是可以推動的槓桿通過座位擴展為您保留一些美元。

Do you have any feel for how that's trending in recent weeks? Or have you seen any indication that your customer base is kind of beginning to reengage and start to just kind of expand their sales teams more rapidly?

你對最近幾週的趨勢有什麼感覺嗎？或者你有沒有看到任何跡象表明你的客戶群開始重新參與並開始更快地擴大他們的銷售團隊？

Yes. Mark, maybe I'll jump in and then Henry can add color. But we certainly see within our enterprise cohort that, that has improved in terms of our net expansion and upsell capabilities. While there has been some volatility in terms of overall headcount, we are still so materially under-penetrated that there's a lot of opportunity for us to continue to grow.

是的。馬克，也許我會加入，然後亨利可以添加顏色。但我們肯定在我們的企業群體中看到，這在我們的淨擴張和追加銷售能力方面有所改善。儘管總體員工人數出現了一些波動，但我們的滲透率仍然嚴重不足，因此我們有很多機會繼續增長。

And as we've looked through our customer base, while we do have some customers where we operate wall-to-wall or provide real benefits to them wall-to-wall, the vast majority of our customers were very under-penetrated. And within the -- in the enterprise cohort, we believe we have at least $1 billion of incremental revenue just from the customers we have today.

當我們審視我們的客戶群時，雖然我們確實有一些客戶在我們經營的地方或為他們提供真正的好處，但我們的絕大多數客戶的滲透率都非常低。在企業群體中，我們相信僅從我們今天擁有的客戶那裡就可以增加至少 10 億美元的收入。

Our next question comes from the line of Michael Turrin from Wells Fargo Securities.

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

Cameron, maybe going back to those points on the macro you just laid out and the mix of potential impacts. Can you just spend some time following up there on some of the assumptions that went into Q4 guidance? And is there anything else, given this is your -- just your second quarter as a public company, for us to be aware of from a seasonal perspective as we head towards the end of the year?

卡梅倫，也許會回到你剛剛列出的宏觀的那些點以及潛在影響的組合。您能否花一些時間跟進第四季度指導中的一些假設？還有什麼其他的嗎，考慮到這是你的 - 只是你作為一家上市公司的第二季度，在我們接近年底的時候，我們需要從季節性的角度來了解嗎？

Sure. That's a great question. We look at our business, and we're still very positive on the secular trends that are impacting us and continue to see great execution. That being said, this has been a year where a lot of things have happened, whether it's economic uncertainty, there's potential for election fallout. At the end of the day, we really don't know what we don't know. So we've taken a prudent approach to how we've set our guidance to make sure that we're providing guidance that's achievable and realistic.

當然。這是一個很好的問題。我們審視我們的業務，我們仍然對影響我們的長期趨勢非常積極，並繼續看到出色的執行力。話雖如此，這一年發生了很多事情，無論是經濟不確定性，還是選舉影響的可能性。歸根結底，我們真的不知道我們不知道什麼。因此，我們對如何制定指導方針採取了謹慎的態度，以確保我們提供的指導是可實現的和現實的。

From a seasonal perspective, I think we've -- as a kind of completely subscription-based company, obviously, the revenue and expenses, the only seasonality that you really get is based on our revenue recognition where you get days in the quarter. And obviously, Q4 has a similar number as Q3.

從季節性的角度來看，我認為我們已經 - 作為一家完全基於訂閱的公司，顯然，收入和支出，你真正獲得的唯一季節性是基於我們在本季度獲得幾天的收入確認。顯然，第四季度的數字與第三季度相似。

You will see, as you move into Q1, which has fewer days, that could have an impact. And we adjust for that in our sequential growth thought process, but also have a small impact on margins as well. And so overall, I think those are the kind of seasonal aspects that we tend to focus on when looking at our reported results.

您會看到，當您進入天數較少的第一季度時，這可能會產生影響。我們在連續增長的思考過程中對此進行了調整，但對利潤率的影響也很小。總的來說，我認為這些是我們在查看報告結果時傾向於關注的季節性方面。

Got it. Nice job on the results.

知道了。結果很好。

Thanks.

謝謝。

Our next question comes from the line of Alex Zukin from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Alex Zukin。

So maybe Henry, first for you. When we look at your early-stage pipelines, your late-stage pipelines, the sales cycles, the close rates, how do they look and compare to maybe earlier this year to your expectations during the pandemic?

所以也許亨利，首先是給你的。當我們查看您的早期管道、後期管道、銷售週期、收盤率時，它們的外觀和與今年早些時候可能與您在大流行期間的預期相比如何？

To Mark's question, around the pandemic serving as this forcing function or a change agent for you, where are we today? And kind of how does that look on a go-forward basis? And I got a quick follow-up for Cameron.

對於馬克的問題，圍繞作為這種強制功能或改變你的變革推動者的大流行，我們今天在哪裡？在前進的基礎上，這看起來如何？我得到了卡梅倫的快速跟進。

Yes. I think if you look at this kind of every month coming out of March, all of those metrics, conversion rates, demos, opportunities, close rates, sales cycles, everything has improved coming out of March. And it's come -- and every month, we've seen improvement against the month before. And so we're getting very close to our pre-COVID time period.

是的。我認為，如果您查看 3 月以來的每個月，所有這些指標、轉化率、演示、機會、成交率、銷售週期，一切都在 3 月後有所改善。它來了 - 每個月，我們都看到與前一個月相比有所改善。因此，我們已經非常接近 COVID 之前的時間段了。

Got it. And then I guess, Cameron, if I look at some of the metrics pretty much across the board, whether it's in revenue growth, whether it's in billings growth, whether it's in current RPO or even current RPO bookings, on a year-over-year basis, sequentially, you're seeing acceleration.

知道了。然後我想，卡梅倫，如果我全面查看一些指標，無論是收入增長，還是賬單增長，無論是當前的 RPO 還是當前的 RPO 預訂，都在一年中-以年為基礎，依次，你會看到加速。

Are there any adjustments that you would -- particularly on the billings number -- yes, on the one hand, your billings number is also very different, and you talked about why it's not a good number to look at. But across all 3 of those numbers, is there any adjustment that kind of sticks out that we should keep in mind or pay attention to take us away from that acceleration narrative?

您是否會進行任何調整 - 特別是在帳單號碼上 - 是的，一方面，您的帳單號碼也非常不同，並且您談到了為什麼它不是一個好數字。但是在所有這三個數字中，是否有任何突出的調整是我們應該記住或註意的，以使我們遠離那種加速敘述？

I mean, once again, I think that particularly those bookings and billings numbers do tend to have a lot of variability in them. So you look at billings in Q2, that was a 17% growth. You look at billings in Q3. That's a 55% growth. It's going to go back and forth.

我的意思是，再一次，我認為特別是那些預訂和賬單數字確實往往有很大的可變性。所以你看看第二季度的賬單，增長了 17%。您查看第三季度的賬單。這是 55% 的增長。它會來回走動。

I think when you look forward, it will likely be in the middle of those numbers. I wouldn't expect it to kind of continue to grow because there is variability. And realistically, when you look back at Q3 of last year, there's always adjustments that you could consider.

我認為當你向前看時，它可能會在這些數字的中間。我不認為它會繼續增長，因為存在可變性。實際上，當您回顧去年的第三季度時，總有您可以考慮的調整。

Overall, it's just there are so many adjustments in terms of whether it's payment terms or the seasonality of when we've sold in prior periods that are -- that caused that variability and the reasons why I'd be careful with it.

總體而言，無論是付款條款還是我們在前期銷售時的季節性，都存在如此多的調整——這導致了這種可變性以及我為什麼要小心的原因。

Our next question comes from the line of Terry Tillman from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Terry Tillman。

This is Nick on for Terry. So I just wanted to talk about Intent data a little bit. So it certainly it seems like your Intent data solutions are seeing a nice uptick in terms of adoption. And again you mentioned a 67% increase in adoption of the Intent product.

這是特里的尼克。所以我只想稍微談談 Intent 數據。因此，看起來您的 Intent 數據解決方案在採用率方面出現了不錯的增長。您再次提到 Intent 產品的採用率增加了 67%。

Just wanted to know if you guys could talk about the importance of Intent data when selling the overall platform? And this has led to an increasing number of enterprise customer wins are potentially larger lands. And just as a follow-up, how is the recently introduced streaming Intent solution resonating with customers so far?

只是想知道你們在銷售整個平台時是否可以談談 Intent 數據的重要性？這導致越來越多的企業客戶贏得潛在的更大土地。作為後續，最近推出的流式 Intent 解決方案到目前為止如何與客戶產生共鳴？

I didn't catch the last part, Nick. What did you say at the end?

我沒聽懂最後一部分，尼克。你最後說了什麼？

Oh, just as a follow-up, I wanted to know how the streaming Intent solution has resonated with customers so far. Sorry about that.

哦，作為後續，我想知道流式 Intent 解決方案到目前為止如何引起客戶的共鳴。對於那個很抱歉。

Got it. No, no problem. Yes. So look, we think customers -- well, I think 2 things. One, companies want to engage with their potential buyers at the time that they're interested in their products and services. And the B2C world has done an incredible job from a digital advertising and marketing perspective of being in front of their buyers when they're thinking about the products and services that they provide and sell.

知道了。不，沒問題。是的。所以看，我們認為客戶 - 好吧，我認為有兩件事。第一，公司希望在他們對自己的產品和服務感興趣的時候與他們的潛在買家互動。從數字廣告和營銷的角度來看，B2C 世界做得非常出色，當他們考慮他們提供和銷售的產品和服務時，他們站在他們的買家面前。

And the B2B world has been far, far behind B2C sophistication around this. And we believe the biggest reason for that is the fact that these -- that the B2B companies have not had a way to take off-line Intent data and then activate it through their go-to-market system.

B2B 世界已經遠遠落後於 B2C 的成熟度。我們認為，最大的原因是這些——B2B 公司沒有辦法獲取離線 Intent 數據，然後通過他們的上市系統激活它。

And so there were 2 things -- there are 2 kind of important things when we think about Intent. One, we want to have the best Intent solution on the market. We want to be able to predict when customers and prospects are in market to buy any number of different products or services. We want to deliver that in realtime to our customers so they can take advantage of that data immediately, moments after their customers are crossing thresholds for engagement on certain topics or product.

所以有兩件事——當我們考慮意圖時，有兩種重要的事情。一，我們希望擁有市場上最好的 Intent 解決方案。我們希望能夠預測客戶和潛在客戶何時在市場上購買任意數量的不同產品或服務。我們希望將這些實時交付給我們的客戶，這樣他們就可以在他們的客戶跨越特定主題或產品的參與門檻後立即利用這些數據。

And then we want to make it seamless for them to activate that data across their go-to-market system. And so that the activation of that buying Intent happens simultaneously with us giving them the signal. And I think bringing that together gives B2B companies the opportunity to be truly as sophisticated as B2C companies are in their go-to-market efforts.

然後我們想讓他們無縫地在他們的上市系統中激活這些數據。因此，購買意圖的激活與我們向他們發出信號同時發生。而且我認為將這些結合在一起可以讓 B2B 公司有機會真正像 B2C 公司一樣在其進入市場的努力中成熟。

Our next question comes from the line of Brent Bracelin from Piper Sandler.

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

I had one for Cameron and a quick follow-up for Henry. Cameron, I wanted to drill down to the growth metrics. I appreciate the caution reading in RPO and billing metrics here given the volatility. But if I look at just like sequential growth, 11% was the highest in 3 years. Year-over-year growth accelerated.

我為卡梅倫準備了一份，並為亨利快速跟進。 Cameron，我想深入了解增長指標。鑑於波動性，我很欣賞此處 RPO 和計費指標的謹慎閱讀。但如果我看一下連續增長，11% 是 3 年來的最高水平。同比增長加快。

As you think about just the quarter in what drove the momentum, was it broad-based? Was it all in enterprise? Just help us -- give us a little more color on why yet you reported the highest sequential revenue growth rate in 3 years. And was there kind of a onetime benefit in there as well?

當您僅考慮推動勢頭的季度時，它是否基礎廣泛？一切都在企業中嗎？請幫助我們——讓我們多了解一下為什麼您報告了 3 年來最高的連續收入增長率。那裡也有一次性的好處嗎？

Yes. Thanks. That's a great question, Brent. It was broad-based across the board. We saw really strong new business sales, and that's with enterprises and mid-market and SMB customers.

是的。謝謝。這是一個很好的問題，布倫特。它的基礎廣泛。我們看到了非常強勁的新業務銷售，那就是企業、中型市場和中小企業客戶。

I think one thing to make sure to think about is that all of our customers are selling to other businesses. So at the end of the day, they are probably less impacted by some of the COVID headwinds that you might see than, say, restaurant or other folks. And many of them are pivoting and finding ways to succeed. These happen to be many of the more agile and forward-leaning go-to-market teams in the world. So I think our system really helped people to continue to perform.

我認為要確保考慮的一件事是，我們所有的客戶都在向其他企業銷售產品。因此，歸根結底，與餐廳或其他人相比，您可能會看到一些 COVID 逆風對他們的影響可能較小。他們中的許多人正在轉向並尋找成功的方法。這些恰好是世界上許多更敏捷、更具有前瞻性的市場營銷團隊。所以我認為我們的系統確實幫助人們繼續表演。

And I think one of the things that we continue to see throughout was that the retention or expansion among our customers continued to accelerate month-over-month throughout the year. So again, broad-based on both new sales and retention and across all of the different segments of customers that we serve.

而且我認為我們在整個過程中繼續看到的一件事是，我們客戶的保留或擴展在全年繼續逐月加速。同樣，廣泛基於新的銷售和保留，以及我們服務的所有不同客戶群。

Good to hear. And then, Henry, just a quick follow-up with the recovery you're seeing in the mid-market and SMB. How should we think about the EverString acquisition? I know it adds a broad swath of SMB contact data. Does this strengthen your share gain capability in the mid-market and SMB? Or is this more of a product play? Just trying to understand the logic of EverString. Is it really shoring up SMB mid-market, an opportunity for you there to gain share? Or is it more of a product extension?

很高興聽到。然後，亨利，只是快速跟進您在中型市場和 SMB 中看到的複蘇。我們應該如何看待收購 EverString？我知道它添加了大量的 SMB 聯繫人數據。這是否增強了您在中型市場和中小企業中的份額獲取能力？還是這更像是一種產品遊戲？只是想了解 EverString 的邏輯。是否真的支持了中小型企業，為您提供了獲得份額的機會？或者它更像是一種產品延伸？

Yes. So first, EverString expands the firmographic information we provide on small businesses. That ends up being a key need for our enterprise customers, our sophisticated mid-market clients and our SMB clients who sell to other SMBs.

是的。因此，首先，EverString 擴展了我們提供的關於小型企業的公司信息。這最終成為我們的企業客戶、成熟的中端市場客戶以及向其他 SMB 銷售產品的 SMB 客戶的關鍵需求。

And we talked about every client fit somewhere on the go-to-market maturity curve. And this type of data and insights that are delivered -- this type of data and the insights that are delivered from it is used for everything from simple prospecting activities to complex lead and predictive analytics scoring.

我們談到了每個客戶都適合進入市場成熟度曲線的某個地方。而這種類型的數據和交付的洞察力——這種類型的數據和從中交付的洞察力被用於從簡單的勘探活動到復雜的潛在客戶和預測分析評分的所有事情。

But one of the places we're especially excited is that EverString helps us accelerate the success we're seeing in the enterprise. It allows us to provide the data and insights to solve go-to-market challenges that exist across an organization.

但我們特別興奮的地方之一是 EverString 幫助我們加速了我們在企業中看到的成功。它使我們能夠提供數據和洞察力來解決整個組織中存在的上市挑戰。

And EverString has been largely focused on that enterprise space with customers like FedEx and iHeartMedia and Snowflake that they call their own. And so we're excited about integrating it because we think it helps us solve complex problems across the enterprise, but also adds value to our sophisticated mid-market clients and our SMB clients who sell to other SMBs.

EverString 主要專注於與 FedEx、iHeartMedia 和 Snowflake 等他們稱之為自己的客戶的企業空間。因此，我們對集成它感到興奮，因為我們認為它可以幫助我們解決整個企業的複雜問題，同時也為我們成熟的中端市場客戶和向其他 SMB 銷售產品的 SMB 客戶增加價值。

Our next question comes from the line of Stan Zlotsky from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Stan Zlotsky。

Congratulations on a good quarter. From my end, Henry, maybe one for you. Obviously, a very strong quarter of what it seems like new customer acquisition. Maybe just qualitatively, right, who are these customers who are coming on board now and adopting ZoomInfo to really help their go-to-market activities? And how did they, frankly, survive through the first 7 months of the pandemic?

祝賀一個好季度。從我的角度來看，亨利，也許是給你的。顯然，這是一個非常強勁的季度，看起來像是新客戶獲取。也許只是定性的，對，這些現在加入並採用 ZoomInfo 真正幫助他們進入市場活動的客戶是誰？坦率地說，他們是如何度過大流行的前 7 個月的？

And then a quick follow-up for Cameron. On the metrics, thank you for giving us current RPO. And as much as current RPO, obviously, controls for some of the billing term issues, that also inflected very, very strongly versus the momentum that we were seeing in Q2.

然後是 Cameron 的快速跟進。關於指標，感謝您為我們提供當前的 RPO。顯然，與當前的 RPO 一樣，控制了一些計費期限問題，與我們在第二季度看到的勢頭相比，這也產生了非常非常強烈的影響。

Was CRPO simply a function of very, very strong customer acquisition that you guys saw in Q3? That's it for me.

CRPO 僅僅是你們在第三季度看到的非常非常強大的客戶獲取的一個功能嗎？對我來說就是這樣。

Great. Thanks, Stan. I'll start. Look, I think what we're seeing on the new business side is really strength across industries and across customer cohorts. And everything from a plastics distributor to commercial and residential restoration services company came on in the quarter. And so we see continued strength across industries.

偉大的。謝謝，斯坦。我會開始的。看，我認為我們在新業務方面看到的是跨行業和跨客戶群體的實力。從塑料經銷商到商業和住宅修復服務公司的一切都在本季度出現。因此，我們看到各行各業的持續強勢。

I think what you really see is companies are looking for digital ways to go to market, some of them because they're just coming up to sort of making this transition and some of them because they've been forced to make necessary changes because of the pandemic.

我認為您真正看到的是公司正在尋找進入市場的數字方式，其中一些是因為他們剛剛開始進行這種過渡，而其中一些是因為他們被迫做出必要的改變，因為流行病。

What you see often is companies that have historically had a field sales force and have gone to market through expensive sort of field sale sellers coming to us and saying, "How do I make these -- this sales team productive from home? How do I give them the insights that they would otherwise be getting by walking the floors inside of companies and shaking hands with their decision-makers and warning that way? How do I provide them a set of insights and data that they can use to continue to be productive when they're not in a customer's office."

您經常看到的公司歷來擁有現場銷售人員，並且通過昂貴的現場銷售人員進入市場，他們來找我們說，“我如何使這些 - 這個銷售團隊在家中高效？我如何通過在公司內部走動並與他們的決策者握手並以這種方式發出警告，給他們提供他們本來可以得到的見解？我如何為他們提供一組見解和數據，他們可以使用這些見解和數據來繼續提高生產力當他們不在客戶辦公室時。”

And so we hear that often. We hear companies accelerating their motion to digitally transform. And then again, we see a lot of companies who are making transitions from Salesforce instances or doing deployments of Salesforce. And as they're making those deployments, they're coming to us and saying, "Look, our sellers don't adopt and they don't love Salesforce. It tends to be it tends to be a tool that they feel like they're obligated to go into to enter data into. And we want to transform that into a system of insights for them, a tool that they're excited to go into because they know they're going to get a unique piece of insight from logging in and going into the tool. Can you help us drive that insights-driven motion?"

所以我們經常聽到。我們聽到公司加快了數字化轉型的步伐。再一次，我們看到很多公司正在從 Salesforce 實例進行轉換或部署 Salesforce。當他們進行這些部署時，他們來找我們說，“看，我們的賣家不採用，他們也不喜歡 Salesforce。它往往是他們覺得自己喜歡的工具'有義務進入以輸入數據。我們希望將其轉化為他們的洞察系統，一個他們很高興進入的工具，因為他們知道他們將從中獲得獨特的洞察力登錄並進入工具。你能幫助我們推動洞察驅動的運動嗎？

And so that's what we're seeing. I'll pass it to Cameron.

這就是我們所看到的。我會把它交給卡梅倫。

Yes. And then in terms of the RPO question and current RPO question, certainly, as Brent pointed out, we did have probably the best quarter that we've seen in years in terms of sequential revenue growth. And that certainly is driven by both angles: one, the new sales that we were able to execute against in the quarter; and also the net expansion that we drove with existing customers as well.

是的。然後就 RPO 問題和當前 RPO 問題而言，當然，正如布倫特所指出的那樣，就連續收入增長而言，我們確實可能是多年來我們看到的最好的季度。這當然是由兩個角度驅動的：第一，我們在本季度能夠執行的新銷售額；以及我們與現有客戶一起推動的淨擴張。

And certainly, that plays into an inflection point around billings and calculated bookings as well. But again, I would caution people from putting too much weight on the bookings and calculated billings metrics just because those do have other variables that will drive different answers at different times than just looking at sequential growth.

當然，這也成為了賬單和計算預訂的轉折點。但同樣，我會提醒人們不要過於重視預訂和計算的賬單指標，因為它們確實有其他變量會在不同的時間推動不同的答案，而不僅僅是關注連續增長。

Our next question comes from the line of Tom Roderick from Stifel.

我們的下一個問題來自 Stifel 的 Tom Roderick。

So Henry, you noted in one of your remarks that there's potentially a $1 billion opportunity -- or addressable opportunity, I think, just in the customers that you have and the ability to expand their footprint. I look at that number of customers over $100,000 -- that spend over $100,000 with you, that jumped up pretty meaningfully this quarter. But still against the overall installed base, still pretty low percentage.

所以亨利，你在你的一個評論中指出，可能存在 10 億美元的機會 - 或者我認為可尋址的機會，就在你擁有的客戶和擴大他們足蹟的能力中。我查看了超過 100,000 美元的客戶數量 - 與您一起花費超過 100,000 美元的客戶數量在本季度大幅增長。但仍然與整體安裝基數相比，百分比仍然很低。

So I guess it's kind of a 2-part question. And Cameron, perhaps you could jump in with some of the financial metrics behind it. The first part of this is, how are you getting these customers to make that jump? In other words, of that 720, when you landed another 70 this quarter, was that predominantly back to the installed base? Are you seeing net new customers come in at that level?

所以我想這是一個兩部分的問題。還有卡梅倫，也許你可以加入其中的一些財務指標。第一部分是，您如何讓這些客戶實現這一目標？換句話說，在這 720 台中，當你在本季度又增加了 70 台時，這主要是回到了已安裝的基礎上嗎？您是否看到淨新客戶進入該級別？

And then the second more functional part of that is what are you doing with the go-to-market motion, either hiring new sales reps or changing the way that you go to market to attract more enterprise customers? That's it for me. Nice job.

然後第二個更實用的部分是你在做哪些進入市場的動作，要么僱傭新的銷售代表，要么改變你進入市場的方式來吸引更多的企業客戶？對我來說就是這樣。不錯的工作。

Yes. Got it. So first, we run a pretty sophisticated land-and-expand motion. And so we are driving existing customers from sort of low-entry points in the enterprise to much larger subscriptions with us. And I think you're seeing sort of most of the growth in that customer cohort -- in the $100,000 customer cohort coming from that expansion motion. And again, really because the way we sell is we can go into a large enterprise so sell a $50,000 contract to some -- to a small division there or a small set of sellers there and then grow from there by showing value against that group of sellers by expanding to other divisions at the company. And that is a motion that we're running and investing into.

是的。知道了。所以首先，我們運行一個非常複雜的著陸和擴展動作。因此，我們正在推動現有客戶從企業中的低切入點轉向我們的更大訂閱。而且我認為您在該客戶群中看到了大部分增長 - 在來自該擴張運動的 100,000 美元客戶群中。再說一次，真的是因為我們的銷售方式是我們可以進入一家大型企業，所以向一些人出售 50,000 美元的合同——那裡的一個小部門或那裡的一小部分賣家，然後通過展示與那群人相比的價值而從那裡成長。通過擴展到公司的其他部門來銷售。這是我們正在運行和投資的動議。

We do continue to invest in and refine the go-to-market approach in the enterprise as well. One of the things that we released in the quarter is auto provisioning of free trials. That allows us to target specific users within our enterprise customer base, give them free access to ZoomInfo for a period of time, gather in product feedback and then take that feedback up to senior executives at those companies to increase seats. And that capability, we've deployed now across more than 2,300 of our accounts. We expect that to continue to drive incremental growth within the enterprise.

我們也會繼續投資並完善企業的上市方法。我們在本季度發布的其中一件事是自動提供免費試用。這使我們能夠針對企業客戶群中的特定用戶，讓他們在一段時間內免費訪問 ZoomInfo，收集產品反饋，然後將反饋反饋給這些公司的高級管理人員以增加席位。我們現在已經在 2,300 多個帳戶中部署了這種功能。我們預計這將繼續推動企業內部的增量增長。

And we've continued to hire reps in the enterprise space as well. One of our key hires in the quarter is the Vice President of Enterprise Sales that we hired from Salesforce, who's running that enterprise sales team. And so we continue to put -- make investments behind that team.

我們還繼續在企業領域招聘代表。本季度我們招聘的主要員工之一是我們從 Salesforce 聘請的企業銷售副總裁，他負責管理該企業銷售團隊。因此，我們繼續為該團隊進行投資。

And I guess, Tom, just to follow up on the numbers super fast. Henry is right that most of the customers are expansions, but Q3 was one of our best quarters ever in terms of landing new customers over $100,000. So we are starting to see some good traction in customers coming in at slightly higher levels to begin with.

我想，湯姆，只是為了超級快地跟進數字。亨利說得對，大多數客戶都是擴展客戶，但就吸引超過 100,000 美元的新客戶而言，第三季度是我們有史以來最好的季度之一。因此，我們開始看到以略高的水平進入的客戶有一些良好的吸引力。

Our next question comes from the line of Siti Panigrahi from Mizuho.

我們的下一個問題來自瑞穗的 Siti Panigrahi。

This is Michael Berg on for Siti Panigrahi. Congrats on a great quarter.

這是 Siti Panigrahi 的邁克爾·伯格。祝賀一個偉大的季度。

I wanted to quickly follow-up on Clickagy and EverString. And I guess where are you in terms of integration? And how much longer do you have to go? And have you had any early customer feedback, whether it's from their existing customers using your platform or from existing [domain] customers using some of the new feature sets? And any commentary and color around that?

我想快速跟進 Clickagy 和 EverString。我猜你在整合方面在哪裡？你還要走多久？您是否有任何早期客戶反饋，無論是來自使用您平台的現有客戶還是來自使用某些新功能集的現有 [域] 客戶？以及圍繞它的任何評論和色彩？

Right. So EverString, we closed on Thursday. So we've had 72-ish hour -- work hours of customer conversations. Now I will tell you, what EverString has done for us in a big way is we were involved in enterprise conversation where enterprises are looking to us to solve their go-to-market data needs across the organization.

正確的。所以 EverString，我們週四關閉。因此，我們有 72 小時的工作時間——客戶對話的工作時間。現在我要告訴你，EverString 為我們做的很大的事情是我們參與了企業對話，企業希望我們解決整個組織的市場數據需求。

And a lot of that comes down to our ability to enhance and enrich the data that already exist across their enterprise and our ability to match and fill and enrich a broad set of that data -- the broadest set of that data with the go-to-market-focused data asset.

其中很大一部分歸結為我們增強和豐富他們企業中已經存在的數據的能力，以及我們匹配、填充和豐富大量數據的能力——最廣泛的數據集- 以市場為中心的數據資產。

We're already having those conversations. We're already seeing traction from the enterprise and excitement around our ability to do more with them. We really are in a position from an EverString perspective where we don't need to create demand within the customer environment for these data enrichment solutions. Thousands of our customers today use our data enrichment solutions, and the integration of the asset is going to instantly provide them value as we'll be able to enrich more records and monetize for those records across what they're already enriching from us.

我們已經在進行這些對話。我們已經看到了來自企業的牽引力和對我們與他們一起做更多事情的能力的興奮。從 EverString 的角度來看，我們確實處於不需要在客戶環境中為這些數據豐富解決方案創造需求的位置。今天，我們有成千上萬的客戶使用我們的數據豐富解決方案，資產的集成將立即為他們提供價值，因為我們將能夠豐富更多的記錄，並通過他們已經從我們那裡豐富的記錄從這些記錄中獲利。

And then on the Clickagy side, which there's been a little bit more room between the acquisition and now, we're releasing our streaming Intent data -- our streaming Intent product this month. We've already had customers signed up and ready to go on that. Lots of excited customers who want to get access to that as soon as it comes out.

然後在 Clickagy 方面，在收購和現在之間還有一點空間，我們正在發布我們的流式 Intent 數據——我們本月的流式 Intent 產品。我們已經有客戶註冊並準備繼續。很多興奮的客戶希望在它一出來就可以訪問它。

And we continue to build an enterprise-grade product that will allow us to pipe Intent-level data directly into the enterprise, into data science and machine learning organizations in the enterprise as well. And so we're working towards those outcomes right now.

我們繼續構建企業級產品，使我們能夠將 Intent 級數據直接傳輸到企業中，也可以傳輸到企業中的數據科學和機器學習組織中。所以我們現在正在努力實現這些結果。

Perfect. And a quick follow-up. You noted that was about $2 million of impact to Q4? Is that correct?

完美的。并快速跟進。你注意到這對第四季度產生了大約 200 萬美元的影響嗎？那是對的嗎？

Yes. That's our expected revenue from the 2 acquisitions combined.

是的。這是我們從 2 次收購中獲得的預期收入。

So it's about -- if my math is correct, about $10 million run rate or so? If you include write-offs.

所以它是關於 - 如果我的數學是正確的，大約 1000 萬美元左右的運行率？如果包括註銷。

Yes. Certainly, it's not going to be material to our financials next year as well, but that would be the math.

是的。當然，這也不會對我們明年的財務狀況產生重大影響，但這就是數學問題。

Our next question comes from the line of Brian Peterson from Raymond James.

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

It's Kevin here on for Brian. You've mentioned before seeing an uptick in leads and brand awareness surrounding the IPO. And I'm curious if there's anything specific you'd point to indicating that, that is sustained? And how do you think that maybe impacting pipeline generation or that 40% new ACV mix across some of your verticals with lower penetration rates?

是凱文來接布賴恩。您在看到圍繞 IPO 的潛在客戶和品牌知名度有所上升之前已經提到過。我很好奇你是否有什麼具體的東西要指出，這是持續的？您認為這可能會如何影響管道生成或在您的某些垂直市場中以較低的滲透率混合 40% 的新 ACV？

Yes. I mean I think that the best thing to look at there is what our marketing teams look at. And the step that they track most closely is marketing-qualified leads, and those are leads that marketing generates primarily from the website. Those leads reached an all-time record, both in number of MQLs as well as ACV over MQL. Q3 was 65% higher than Q3 of 2019.

是的。我的意思是，我認為最好看的是我們的營銷團隊所看的東西。他們最密切跟踪的步驟是營銷合格的潛在客戶，這些是營銷主要從網站產生的潛在客戶。這些潛在客戶在 MQL 的數量以及 ACV 超過 MQL 方面都創下了歷史記錄。第三季度比 2019 年第三季度高出 65%。

And so that's a metric we track very closely, and it is really what drives the overall conversion rate to close more opportunities. And so we continue to see really great momentum across that metric from a website and marketing perspective.

所以這是我們密切跟踪的一個指標，它確實是推動整體轉化率關閉更多機會的因素。因此，從網站和營銷的角度來看，我們繼續看到該指標的強勁勢頭。

Our next question comes from the line of Pat Walravens from JMP.

我們的下一個問題來自 JMP 的 Pat Walravens。

Let me add my congratulations. So Henry, if I'm dividing this up wrong, let me know, but it seems to me we kind of have firmographic, technographic and Intent data is your big areas.

讓我補充一下我的祝賀。所以亨利，如果我把這個劃分錯了，請告訴我，但在我看來，我們有點像公司、技術和意圖數據是你的大領域。

I'm just wondering, where do you see the most white space for you guys in terms of more organic product development or more acquisitions?

我只是想知道，就更多的有機產品開發或更多的收購而言，你們認為你們最大的空白在哪裡？

Yes. So that's a great question. I think, Pat, it's more like firmographic and you could put technographic as an element of firmographic. And firmographic is like account data, then professional data or contact data and then Intent data. I think those are all in like unique places from an adoption perspective.

是的。所以這是一個很好的問題。我認為，Pat，它更像是公司圖表，您可以將技術圖表作為公司圖表的一個元素。公司圖表就像帳戶數據，然後是專業數據或聯繫人數據，然後是 Intent 數據。我認為從採用的角度來看，這些都是獨一無二的地方。

Firmographic data is the type of data that every enterprise knows that they need, and we often find them kind of using a BPO solution to fill in some blanks. It's a pretty broken process inside of the enterprise to gather and maintain and keep that data up to date, but it has been around the longest.

企業數據是每個企業都知道他們需要的數據類型，我們經常發現他們使用 BPO 解決方案來填補一些空白。在企業內部，收集、維護和保持數據更新是一個非常糟糕的過程，但它的時間最長。

Then professional data, I think we're actually still in a really early stage of companies leveraging professional data for ideal buyer profile to engage the right buyers at the right time. I think we're pretty early there.

然後是專業數據，我認為我們實際上仍處於公司利用專業數據獲得理想買家資料以在合適的時間吸引合適的買家的早期階段。我想我們來得還早。

And then on the Intent data side, that's still like a pretty -- like a largely evangelistic sale. And you're seeing customers totally understand the value of it because they've seen its use in the B2C world. And so they're familiar with why this would work for them in a B2B context as well. But we're probably in the earliest stages of that from a data perspective in the go-to-market.

然後在 Intent 數據方面，這仍然像一個漂亮的 - 像一個主要的福音銷售。您會看到客戶完全了解它的價值，因為他們已經看到它在 B2C 世界中的應用。因此他們很熟悉為什麼這在 B2B 環境中也適用於他們。但從進入市場的數據角度來看，我們可能還處於最早的階段。

At this time, I'm showing no further questions. I would like to turn the call back over to Henry Schuck for closing remarks.

在這個時候，我沒有再提出任何問題。我想將電話轉回給亨利·舒克（Henry Schuck）以作結束語。

Great. Thank you. Look, we continue to be extremely excited about the near- and long-term growth prospects for the company. We're focused on delivering value to our customers, increasing engagement with our platform, investing in technology to further expand our competitive moat, building out a world-class team and executing against value-creating M&A opportunities.

偉大的。謝謝你。看，我們繼續對公司的近期和長期增長前景感到非常興奮。我們專注於為客戶提供價值，增加與我們平台的互動，投資技術以進一步擴大我們的競爭護城河，建立世界級團隊並利用創造價值的併購機會執行。

As I said last quarter, this is the starting line for us. We have a very active calendar for the fourth quarter, and I invite you to join us at one of the many conferences or events that we'll be participating in.

正如我上個季度所說，這是我們的起跑線。我們有一個非常活躍的第四季度日曆，我邀請您參加我們將參加的眾多會議或活動之一。

For more information on where we'll be and when, please reach out or visit our Investor Relations website. I appreciate you all joining us today. Thank you. Good afternoon or good evening.

有關我們將在何時何地的更多信息，請聯繫或訪問我們的投資者關係網站。感謝大家今天加入我們。謝謝你。下午好或晚上好。

Ladies and gentlemen, this concludes today's conference call. Thanks for participating. You may now disconnect.

女士們，先生們，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。