Zoominfo Technologies Inc (ZI) 2020 Q2 法說會逐字稿

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

女士們，先生們，感謝您的支持，歡迎參加 ZoomInfo 2020 年第二季度財務業績電話會議。

(Operator Instructions) I would now like to hand the conference to your speaker today, Jerry Sisitsky, VP of Investor Relations.

（操作員說明）我現在想將會議交給您今天的演講者，投資者關係副總裁 Jerry Sisitsky。

Please go ahead, sir.

請繼續，先生。

Thanks, Joelle, and welcome everyone to ZoomInfo's first ever financial results conference call highlighting our results for the second quarter of 2020.

謝謝 Joelle，歡迎大家參加 ZoomInfo 的首次財務業績電話會議，重點介紹我們 2020 年第二季度的業績。

We are excited to have so many new shareholders joining us today after our successful initial public offering.

在我們成功進行首次公開募股後，我們很高興今天有這麼多新股東加入我們。

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 will open the call to a question-and-answer session.

在他們的發言之後，我們將打開電話問答環節。

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.

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。

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的表達可能、將要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 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 SEC 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 posted to our Investor Relations website at ir.zoominfo.com.

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

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

除非另有說明，否則本次電話會議中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 in the slides that we have posted to our Investor Relations website.

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.

偉大的。

Thank you, Jerry, and welcome everyone to ZoomInfo's Second Quarter Financial Results Conference Call, our first as a publicly traded company.

謝謝你，傑里，並歡迎大家參加 ZoomInfo 的第二季度財務業績電話會議，這是我們作為一家上市公司的第一次電話會議。

First, let me acknowledge all of our employees on delivering a great quarter.

首先，讓我感謝我們所有的員工交付了一個偉大的季度。

I'm incredibly proud of our team, and it's thanks to their hard work that ZoomInfo's leading go-to-market intelligence platform helps more than 16,000 companies worldwide sell and market more effectively and efficiently.

我為我們的團隊感到無比自豪，感謝他們的辛勤工作，ZoomInfo 領先的上市情報平台幫助全球 16,000 多家公司更有效地銷售和營銷。

In the middle of a pandemic, our team rallied to launch the first virtual software IPO in history, and we capitalized on that excitement and momentum while delivering a great quarter for our shareholders.

在大流行期間，我們的團隊團結起來發起了歷史上第一個虛擬軟件 IPO，我們利用這種興奮和勢頭，同時為我們的股東創造了一個偉大的季度。

The outside validation provided by the IPO has increased morale across our team and has helped validate what we've always believed: That going to market digitally is more efficient and more effective than the analog motions most companies are still using to find their next customer.

首次公開募股提供的外部驗證提高了我們團隊的士氣，並幫助驗證了我們一直認為的：與大多數公司仍在使用的模擬動作尋找下一個客戶相比，以數字方式進入市場更有效、更有效。

While every company during this pandemic grapples with how to prioritize investments, efficiently finding their next customer is at or near the top of the list for every executive.

儘管在這場大流行期間，每家公司都在努力解決如何確定投資的優先級，但有效地尋找下一個客戶是每位高管的首要任務。

In the quarter, our team delivered 40% organic growth with 49% adjusted operating margins and $111 million of revenue.

本季度，我們的團隊實現了 40% 的有機增長，調整後的營業利潤率為 49%，收入為 1.11 億美元。

Year-to-date, we have delivered more than $100 million in unlevered free cash flow.

年初至今，我們已經交付了超過 1 億美元的無槓桿自由現金流。

That growth is driven on top of our customers leveraging our actionable insights and intelligence to drive account-based marketing initiatives, sales development plays, territory mapping, lead and demand generation campaigns, sales pipeline reviews, anonymous visitor tracking, ad retargeting campaigns, audience segmentation and much, much more.

這種增長是在我們的客戶之上推動的，利用我們可操作的洞察力和情報來推動基於帳戶的營銷計劃、銷售開發活動、區域映射、潛在客戶和需求生成活動、銷售渠道評論、匿名訪客跟踪、廣告重定向活動、受眾細分還有很多很多。

ZoomInfo truly sits at the heart of all go-to-market motions.

ZoomInfo 真正處於所有上市行動的核心。

In June, our conviction that the ZoomInfo platform is truly best-in-class across a wide spectrum of go-to-market strategies was validated by G2 Crowd, a well-known reviewer of enterprise software solutions.

6 月，我們堅信 ZoomInfo 平台在廣泛的上市策略中確實是一流的，這一信念得到了著名的企業軟件解決方案評論家 G2 Crowd 的驗證。

In G2's Summer 2020 Grid, ZoomInfo earned 10 #1 rankings in market intelligence, marketing account intelligence and enterprise and small business sales intelligence.

在 G2 的 2020 年夏季網格中，ZoomInfo 在市場情報、營銷客戶情報以及企業和小型企業銷售情報方面獲得了 10 名第一的排名。

The G2 awards also highlighted the breadth of our solutions and our ability to impact nearly every aspect of the sales and marketing professionals' go-to-market activities as we appeared on 14 different G2 Grid Reports and were named in 5 different sections, including buyer intent tools and lead capture.

G2 獎項還突出了我們解決方案的廣度以及我們影響銷售和營銷專業人員進入市場活動的幾乎所有方面的能力，因為我們出現在 14 個不同的 G2 網格報告中，並在 5 個不同的部分中被命名，包括買方意圖工具和潛在客戶捕獲。

Just a week after the G2 Crowd honors, TrustRadius, a customer voice and insights platform, awarded us the #1 spot for marketing intelligence software after awarding us the #1 spot for sales intelligence software in March.

就在 G2 Crowd 獲獎一周後，客戶聲音和洞察平台 TrustRadius 在 3 月份授予我們銷售智能軟件的第一名後，又授予我們營銷智能軟件的第一名。

Although we are proud of these awards and the industry recognition we are receiving, we recognize that innovation in our space happens fast and we are committed to continuing to innovate to maintain our clear market leadership.

儘管我們為這些獎項和我們獲得的行業認可感到自豪，但我們認識到我們領域的創新發生得很快，我們致力於繼續創新以保持我們明確的市場領導地位。

To that point, we've continued to invest, innovate and enhance our machine learning and natural language processing algorithms around data collection to improve the accuracy and coverage of the data we provide our customers.

至此，我們圍繞數據收集繼續投資、創新和增強我們的機器學習和自然語言處理算法，以提高我們為客戶提供的數據的準確性和覆蓋率。

These investments in the quarter meaningfully improved our collection effort, delivering up to a 4x improvement in data throughput.

本季度的這些投資顯著改善了我們的收集工作，使數據吞吐量提高了 4 倍。

We've continued to enhance our enterprise offerings by adding our intelligent suite of Scoops, alerts, company hierarchy and location, intent and company news through our APIs.

我們通過我們的 API 添加我們的智能套件，包括獨家新聞、警報、公司層次結構和位置、意圖和公司新聞，從而繼續增強我們的企業產品。

And our data engineers deliver the ability to match companies by specific site locations and street addresses and then surface contacts associated to those locations through the front end of our platform and through our APIs.

我們的數據工程師提供了通過特定站點位置和街道地址匹配公司的能力，然後通過我們的平台前端和我們的 API 顯示與這些位置相關聯的聯繫人。

And our customers -- and more customers than ever are taking advantage of the new products and functionalities that we have built and delivered.

我們的客戶——以及比以往任何時候都更多的客戶正在利用我們構建和交付的新產品和功能。

As an example, between Q1 and Q2, customers using our Intent product grew close to 50%, while customers of our InboxAI product more than doubled.

例如，在第一季度和第二季度之間，使用我們 Intent 產品的客戶增長了近 50%，而我們的 InboxAI 產品的客戶增加了一倍以上。

On top of that, our overall engagement rates are up over 20% across all of our platforms.

最重要的是，我們所有平台的整體參與率都提高了 20% 以上。

Without the innovation driven by ZoomInfo, sellers and marketers are blind to their target markets and ideal buyers and are completely reliant on disparate, siloed and manually updated digital rolodexes to drive the targeting of potential customers and the engagement of decision-makers within those targets.

如果沒有 ZoomInfo 推動的創新，賣家和營銷人員對他們的目標市場和理想買家視而不見，完全依賴於不同的、孤立的和手動更新的數字通訊錄來推動潛在客戶的定位以及決策者在這些目標中的參與。

Marketers would be forced to drive demand by sponsoring conferences and live events pointed at a broad set of prospects with no insights into their buying intentions or decision-making power.

營銷人員將被迫通過贊助會議和現場活動來推動需求，這些會議和現場活動指向廣泛的潛在客戶，而對他們的購買意圖或決策權沒有洞察力。

This is not the way companies in 2020 should be going to market.

這不是 2020 年公司應該走向市場的方式。

For the past 2 decades, ZoomInfo has been working to change these legacy go-to-market motions, and the pandemic has helped accelerate this change and has forced the hand of many slow-to-evolve organizations into making a choice: digitally transform or disappear.

在過去的 20 年中，ZoomInfo 一直在努力改變這些傳統的上市運動，而大流行幫助加速了這一變化，並迫使許多發展緩慢的組織做出選擇：數字化轉型或消失。

ZoomInfo provides sellers and marketers the data, insights and technologies that enable everything from a simple go-to-market motion at a [pecan] exporter in Alabama to the most sophisticated go-to-market planning and execution at multinational corporations like Sodexo and SAP.

ZoomInfo 為賣家和營銷人員提供數據、洞察力和技術，從阿拉巴馬州 [山核桃] 出口商的簡單上市行動到索迪斯和 SAP 等跨國公司最複雜的上市計劃和執行，一切皆有可能.

Our platform enables a new way to sell, one where every sales and marketing professional is just a few clicks away from orchestrating the most targeted and effective outreach possible to clients and prospects.

我們的平台提供了一種新的銷售方式，每位銷售和營銷專業人士只需點擊幾下，就可以為客戶和潛在客戶安排最有針對性和最有效的外展活動。

For example, imagine being a few clicks away from segmenting and targeting every manufacturing company in the Pacific Northwest with more than 100 employees, a 401(k) plan that renews in October, who uses Microsoft Dynamics and Oracle NetSuite and who is currently in market for human capital management software and being able to take that incredibly granular audience and instantly orchestrate a sales development campaign, a marketing automation campaign or an advertising campaign to the key decision-makers in that audience.

例如，想像一下，只需點擊幾下鼠標就可以對太平洋西北地區擁有 100 多名員工的每一家製造公司進行細分和定位，401(k) 計劃將於 10 月更新，這些公司使用 Microsoft Dynamics 和 Oracle NetSuite，並且目前在市場上用於人力資本管理軟件，並能夠吸引極其精細的受眾，並立即為該受眾中的關鍵決策者安排銷售開發活動、營銷自動化活動或廣告活動。

That level of targeting and go-to-market sophistication would take a team of data scientists, engineers and data collectors years to establish and would only be available to the super enterprise with very deep pockets.

這種定位和進入市場的複雜程度需要數據科學家、工程師和數據收集者團隊多年才能建立，並且只有財力雄厚的超級企業才能使用。

Today, through the combination of a robust contributory network, a constantly evolving machine learning and AI engine and human researchers, ZoomInfo democratizes that capability to every sales and marketing professional, who needs to hit their number every month, quarter and year.

今天，通過強大的貢獻網絡、不斷發展的機器學習和人工智能引擎以及人類研究人員的結合，ZoomInfo 將這種能力普及到每一位銷售和營銷專業人士，他們需要每個月、每個季度和每年都達到他們的數量。

The old way of going to market without this real-time on-demand data is finished.

沒有這種實時按需數據的舊式上市方式已經結束。

It's finished in the enterprise.

它在企業中完成。

It's finished in SMB.

它已在 SMB 中完成。

If your idea of going to market was having expensive sales reps wander the hallways of major corporations looking for the next opportunity, or spending millions of dollars on a large event presence with the hopes that someone with budget and attention would stumble across you, then this pandemic has compelled you to realize that those methods were not only incredibly suboptimized, but also now wholly unavailable.

如果你的市場想法是讓昂貴的銷售代表在大公司的走廊裡徘徊尋找下一個機會，或者花費數百萬美元參加大型活動，希望有預算和注意力的人會偶然發現你，那麼這個流行病迫使您意識到，這些方法不僅沒有得到難以置信的優化，而且現在完全不可用。

Pandemic or not, we've seen companies continue to raise their hands to this change.

無論是否流行，我們已經看到公司繼續為這一變化舉手。

On the new business side, during the quarter, we onboarded more new customers and more new customer ACV than ever in our history.

在新業務方面，在本季度，我們迎來了比以往任何時候都多的新客戶和新客戶 ACV。

We released our new [Platform 10] months ago, and today it accounts for over 50% of our total ARR.

我們幾個月前發布了新的 [Platform 10]，今天它占我們總 ARR 的 50% 以上。

Even in the hardest hit industries, we are seeing demand for our data, insights and technology, successfully signing dozens of new customers in the hospitality sector in the quarter, including the largest owner-operator of company branded hotels in North America who opted for ZoomInfo's elite package with intent data across their corporate sales team.

即使在受災最嚴重的行業，我們也看到了對我們的數據、洞察力和技術的需求，在本季度成功簽署了酒店行業的數十名新客戶，其中包括選擇 ZoomInfo 的北美最大的公司品牌酒店業主運營商精英包，包含整個公司銷售團隊的意圖數據。

We also brought on Kaeser Compressors, the U.S. arm of a 7,000-employee German-based manufacturer of compressed air products and services.

我們還引進了 Kaeser Compressors，這是一家擁有 7,000 名員工的德國壓縮空氣產品和服務製造商的美國分支機構。

With in-person meetings and events not possible for the foreseeable future, Kaeser moved to digitize their go-to-market effort and continued to develop their funnel.

由於在可預見的未來無法舉行面對面的會議和活動，Kaeser 開始將他們的上市工作數字化，並繼續開發他們的渠道。

They brought on ZoomInfo's advanced package for their frontline sellers, while their marketing department added our marketing functionality to their stack as well.

他們為一線賣家帶來了 ZoomInfo 的高級軟件包，而他們的營銷部門也將我們的營銷功能添加到了他們的堆棧中。

We also continued our momentum on the expansion side with close to 2,000 of our existing clients increasing their spend with us in the quarter.

我們還在擴張方面繼續保持勢頭，近 2,000 名現有客戶在本季度增加了與我們的支出。

One of those clients, CommScope, a global provider of network infrastructure, expanded with ZoomInfo by adding more users and bringing top of funnel activities back in-house.

其中一個客戶，全球網絡基礎設施提供商康普通過增加更多用戶並將漏斗活動的頂部帶回內部來擴展 ZoomInfo。

In addition to expanding the number of users, they also saw value in the features and functionality of our new combined platform and chose to migrate to it.

除了擴大用戶數量外，他們還看到了我們新組合平台的特性和功能的價值，並選擇遷移到該平台。

In the enterprise, we continued our successful land and expand motion with more than 650 clients spending over $100,000 a year with us, representing a 60% growth in ACV for those customers.

在企業中，我們繼續我們成功的土地和擴張運動，超過 650 名客戶每年花費超過 100,000 美元與我們合作，代表這些客戶的 ACV 增長了 60%。

One of those customers, Worldwide Express, a 1,000-plus employee shipping and logistics company, expanded their user licenses from their inside sales team to their full field sales team.

其中一個客戶是 Worldwide Express，一家擁有 1,000 多名員工的運輸和物流公司，將其用戶許可證從內部銷售團隊擴展到了完整的現場銷售團隊。

An application performance and monitoring company expanded their users and added more functionality to their use of the ZoomInfo platform, gaining access to our industry-leading B2B intent product along the way, while one of the largest technology companies in the world expanded into their machine learning and AI teams with our enterprise API capability.

一家應用程序性能和監控公司擴展了他們的用戶，並為他們對 ZoomInfo 平台的使用添加了更多功能，一路上可以訪問我們行業領先的 B2B 意圖產品，而世界上最大的技術公司之一則擴展到他們的機器學習領域和具有我們企業 API 功能的 AI 團隊。

With July 1 marking the start of the enforcement of the CCPA, our privacy posture becomes increasingly important to our competitive differentiation.

隨著 7 月 1 日標誌著 CCPA 開始實施，我們的隱私態勢對於我們的競爭優勢變得越來越重要。

We are and always have been a privacy first business, providing data collection notices to all of our EU and California contacts and permitting anyone in our database to opt out through our automated privacy center.

我們一直是隱私第一的企業，向我們所有的歐盟和加利福尼亞聯繫人提供數據收集通知，並允許我們數據庫中的任何人通過我們的自動隱私中心選擇退出。

Although not required by any regulation today, the expansion of our notice and choice program across the rest of our database has also been successfully progressing as we have now given direct notice to over 55% of our emailable database and expect to have provided direct notice to that entire audience by the end of 2020.

雖然今天沒有任何法規要求，但我們在數據庫其餘部分的通知和選擇計劃的擴展也取得了成功，因為我們現在已經直接通知超過 55% 的可電子郵件數據庫，並希望直接通知到 2020 年底，所有觀眾。

As I look into the future, when we think about our market opportunity, what's really exciting is that we are at the very beginning.

當我展望未來時，當我們考慮我們的市場機會時，真正令人興奮的是我們還處於起步階段。

We are in the very early stages of targeting a large and growing addressable market, which represents more than a $25 billion market opportunity.

我們正處於瞄準一個龐大且不斷增長的潛在市場的早期階段，這代表了超過 250 億美元的市場機會。

And with low single-digit penetration rates, there are meaningful growth opportunities by continuing to leverage our efficient go-to-market engine to add more customers to our platform, expand within the enterprise, build new solutions that add value to our existing customers, go into international markets and adjacencies like recruiting and by flexing our M&A muscle as we look for tuck-ins.

由於單位數滲透率低，通過繼續利用我們高效的上市引擎將更多客戶添加到我們的平台、在企業內部擴展、構建為現有客戶增加價值的新解決方案，將有有意義的增長機會，進入國際市場和鄰近地區，例如招聘，並在我們尋找機會時展示我們的併購實力。

We are a go-to-market intelligence platform at scale today, and we have a vision to expand our capabilities to further drive strategic automation, orchestration and workflow through the tactical go-to-market motion that starts with our data, flows through our platform and analytics layers and enables automated go-to-market motions that produce measurable results.

我們今天是一個大規模的上市情報平台，我們的願景是擴展我們的能力，通過從我們的數據開始的戰術上市運動進一步推動戰略自動化、編排和工作流程，流經我們的平台和分析層，並支持產生可衡量結果的自動化上市運動。

Given the opportunity here and the demand for more comprehensive sales and marketing solutions, we believe we can drive durable long-term growth.

鑑於這裡的機會以及對更全面的銷售和營銷解決方案的需求，我們相信我們可以推動持久的長期增長。

Finally, I am more confident today than ever about our competitive position, our technology and the positive traction we're seeing within our market.

最後，我今天對我們的競爭地位、我們的技術以及我們在市場中看到的積極影響比以往任何時候都更有信心。

But mostly, I gained a tremendous amount of optimism about where we are headed because of the team we have put together.

但最重要的是，由於我們組建的團隊，我對我們的發展方向感到非常樂觀。

In Q2 alone, we added more than 150 new employees, recruiting and onboarding each one of them virtually.

僅在第二季度，我們就增加了 150 多名新員工，以虛擬方式招聘和入職每一位員工。

Every one of our over 1,300 employees appreciates the immense opportunity in front of our company and is motivated and committed to achieving our full potential.

我們 1,300 多名員工中的每一位都感謝我們公司面前的巨大機會，並積極並致力於實現我們的全部潛力。

And while we are proud of our accomplishments to date, we are hungry to be more.

雖然我們為迄今為止取得的成就感到自豪，但我們渴望做得更多。

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。

I'm going to start with an overview of our business and financial model, then review our financial results for the quarter and wrap up with guidance for Q3 and full year 2020.

我將從概述我們的業務和財務模型開始，然後回顧我們本季度的財務業績，並以第三季度和 2020 年全年的指導結束。

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.

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。

In Q2, our organic growth plus adjusted operating margin was 89%.

在第二季度，我們的有機增長加上調整後的營業利潤率為 89%。

Moreover, as many of our software company peers aim to achieve profitability or some target margin in the future through operating leverage, we plan to harvest our operating leverage and reinvest it back into the business, continuing to build out new products such as recruiting or expand upon our differentiation in AI and machine learning.

此外，由於我們的許多軟件公司同行旨在通過運營槓桿在未來實現盈利或某些目標利潤率，我們計劃收穫我們的運營槓桿並將其重新投資於業務，繼續構建新產品，如招聘或擴張基於我們在人工智能和機器學習方面的差異化。

We will also invest in adding sales capacity to fuel continued growth.

我們還將投資增加銷售能力以推動持續增長。

We are able to achieve strong, sustainable growth at scale because our platform provides tangible and identifiable value and is significantly differentiated versus the competition based on the quality of our data and insights we are able to provide.

我們能夠實現大規模的強勁、可持續增長，因為我們的平台提供了有形和可識別的價值，並且基於我們能夠提供的數據質量和洞察力，與競爭對手相比具有顯著差異化。

We also operate in a very large and underpenetrated addressable market, helping companies of all shapes and sizes achieve top line success.

我們還在一個非常龐大且未充分滲透的潛在市場開展業務，幫助各種形式和規模的公司取得成功。

To take advantage of this significant opportunity in front of us, we have built a best-in-class go-to-market engine driven by consistent internal use of our own platform.

為了利用擺在我們面前的這一重大機遇，我們建立了一個一流的上市引擎，由我們自己平台的內部一致使用驅動。

Our go-to-market motion drives sub-30-day sales cycles, which we combine with an almost immediate implementation to provide quick time to value for our customers.

我們的上市運動推動了不到 30 天的銷售週期，我們將其與幾乎立即的實施相結合，為我們的客戶提供快速實現價值的時間。

This has become even more important during times of economic uncertainty.

在經濟不確定時期，這一點變得更加重要。

To round out why we are excited about our business and financial model, our revenue comes almost entirely from subscriptions, typically 1 to 3 years in length and generally build annually in advance.

為了說明我們對我們的業務和財務模式感到興奮的原因，我們的收入幾乎完全來自訂閱，通常為 1 到 3 年，並且通常每年提前建立。

Subscription prices are based on features and functionality available, the number of users that can access the system and the amount of data that a customer integrates.

訂閱價格取決於可用的特性和功能、可以訪問系統的用戶數量以及客戶集成的數據量。

This model aligns our revenue with the value derived by our customers and also enables our land and expand strategy.

這種模式使我們的收入與客戶產生的價值保持一致，也使我們的土地和擴張戰略成為可能。

For our results, please note that metrics will be discussed on a non-GAAP or adjusted basis, unless otherwise noted.

對於我們的結果，請注意，除非另有說明，否則將在非公認會計原則或調整的基礎上討論指標。

Impacting our GAAP results in Q2, we did incur a significant stock-based compensation expense triggered by the IPO and related to grants awarded primarily prior to 2018.

影響我們在第二季度的 GAAP 業績，我們確實發生了由 IPO 引發的大量基於股票的薪酬費用，主要與 2018 年之前授予的贈款有關。

There will be ongoing expenses related to these grants through 2022 but at lower levels.

到 2022 年，將有與這些贈款相關的持續費用，但水平較低。

As a result, we expect our stock-based compensation expense to come down materially in the coming quarters.

因此，我們預計基於股票的薪酬支出將在未來幾個季度大幅下降。

Other differences between GAAP and adjusted metrics include noncash items like amortization of acquired intangibles and nonrecurring expenses related to the IPO or other historical transactions.

GAAP 和調整後的指標之間的其他差異包括非現金項目，如所購無形資產的攤銷以及與 IPO 或其他歷史交易相關的非經常性費用。

GAAP revenue in Q2 was $111 million, up 62% year-over-year.

第二季度的 GAAP 收入為 1.11 億美元，同比增長 62%。

Our organic growth based on allocated combined receipts was 40% in the quarter compared to Q2 '19 driven by continued new customer additions and expansions at existing customers.

與 19 年第二季度相比，我們在本季度基於分配的合併收入的有機增長為 40%，這是由於新客戶的持續增加和現有客戶的擴張。

Customers with more than $100,000 in ACV increased to over 650 with ACV from those customers growing 60% relative to June 2019.

ACV 超過 100,000 美元的客戶增加到超過 650 人，這些客戶的 ACV 相對於 2019 年 6 月增長了 60%。

The difference between GAAP and organic growth is due to the fair value adjustments of acquired unearned revenue that principally impacted the comparative revenue figure in 2019.

公認會計原則與有機增長之間的差異是由於收購未實現收入的公允價值調整主要影響了 2019 年的比較收入數字。

While we are experiencing some headwinds related to the economic uncertainty resulting from the global pandemic, new sales and net dollar retention performed well in the second quarter.

儘管我們正面臨與全球大流行導致的經濟不確定性有關的一些不利因素，但第二季度的新銷售額和淨美元保留率表現良好。

We added a record level of ACV from new customers in Q2, and retention activity improved relative to Q1 and Q2 last year.

我們在第二季度新增了創紀錄水平的新客戶 ACV，與去年第一季度和第二季度相比，保留活動有所改善。

Adjusted gross profit in the quarter was $98 million, yielding an 89% margin, up from 88% in Q2 '19 and up from 87% last quarter.

本季度調整後的毛利潤為 9800 萬美元，利潤率為 89%，高於 19 年第二季度的 88%，高於上一季度的 87%。

As we shift to operating costs, adjusted sales and marketing expense was $27 million or 24% of revenue, up from 22% a year ago.

隨著我們轉向運營成本，調整後的銷售和營銷費用為 2700 萬美元，佔收入的 24%，高於一年前的 22%。

We continue to see compelling returns from our sales and marketing investments with an LTV to CAC above 10x.

我們繼續從我們的銷售和營銷投資中看到可觀的回報，LTV 與 CAC 的比率超過 10 倍。

We plan to continue to expand our sales and marketing capacity to drive sustainable growth.

我們計劃繼續擴大我們的銷售和營銷能力，以推動可持續增長。

Adjusted R&D expense was $7 million or 7% of revenue in Q2, flat with a year ago.

第二季度調整後的研發費用為 700 萬美元，佔收入的 7%，與一年前持平。

R&D is one component of our investment in innovation which continues to yield a strong competitive advantage and drives a continued pipeline for new revenue sources.

研發是我們創新投資的一個組成部分，它繼續產生強大的競爭優勢並推動新收入來源的持續管道。

When factoring in all of our investments in innovation across the organization, including those investments in data quality that are reflected in cost of sales, we are spending in the mid-teens as a percentage of revenue.

考慮到我們在整個組織內對創新的所有投資，包括那些反映在銷售成本中的數據質量投資，我們的支出佔收入的百分比在十幾歲左右。

Finally, adjusted G&A expense was $9 million or 9% of revenue as compared to 7% a year ago as we have continued to add capacity to better operate as a public company.

最後，調整後的 G&A 費用為 900 萬美元，佔收入的 9%，而一年前為 7%，因為我們繼續增加能力以更好地作為上市公司運營。

We ended the quarter with approximately 1,300 employees worldwide, up 36% year-over-year, and we continue to add headcount in the quarter.

本季度末，我們在全球擁有約 1,300 名員工，同比增長 36%，並且我們在本季度繼續增加員工人數。

Our focus is on continuing to build a culture of performance and on creating an environment where diversity is not only welcome, but encouraged.

我們的重點是繼續建立一種績效文化，並創造一個不僅歡迎而且鼓勵多樣性的環境。

Based on the revenue growth and investments in the business, adjusted operating income in Q2 was $55 million, yielding a 49% margin, which compares to $41 million and a 52% margin in Q2 '19.

根據收入增長和業務投資，第二季度調整後的營業收入為 5500 萬美元，利潤率為 49%，而 19 年第二季度為 4100 萬美元和 52%。

Our philosophy is to maintain annual adjusted operating margins in the mid- to high 40s.

我們的理念是將年度調整後的營業利潤率保持在 40 多歲的中高水平。

We delivered at the high end of that range in Q2 as COVID-related cost savings, including reduced spending on travel, facilities and marketing events, positively impacted margins in Q2.

我們在第二季度交付了該範圍的高端，因為與 COVID 相關的成本節約，包括減少旅行、設施和營銷活動的支出，對第二季度的利潤率產生了積極影響。

We anticipate that we will be more in line with our operating margin targets for the second half of the year, particularly given that our cost structure will be fully burdened by public company costs going forward.

我們預計我們將更符合我們下半年的營業利潤率目標，特別是考慮到我們的成本結構將完全受到上市公司成本的負擔。

Adjusted net income for the quarter was $27 million or $0.07 per share based on 403 million weighted average diluted shares outstanding.

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 2700 萬美元或每股 0.07 美元。

As I think about the impact of COVID-19 on us, we have experienced headwinds and tailwinds.

當我想到 COVID-19 對我們的影響時，我們經歷了逆風和順風。

In Q1, we experienced headwinds as some sales cycles stalled when many business leaders were shocked by the magnitude of change they were experiencing in mid- to late March.

在第一季度，當許多商業領袖對他們在 3 月中下旬所經歷的巨大變化感到震驚時，我們遇到了一些銷售週期停滯不前的不利因素。

In Q2, our sales teams adjusted to the new environment and drove improved sales and retention activity relative to Q2 last year and Q1.

在第二季度，我們的銷售團隊適應了新環境，與去年第二季度和第一季度相比，推動了銷售和保留活動的改善。

We do have clients that have been materially impacted by the pandemic.

我們確實有客戶受到大流行的重大影響。

As stated in the S-1, customers in heavily impacted industries represented less than 4% of ACV, and we are seeing heightened cancellations and reductions in spend from this subset of customers relative to pre-COVID time frames.

如 S-1 所述，受影響嚴重行業的客戶佔 ACV 的比例不到 4%，與 COVID 之前的時間框架相比，我們看到這部分客戶的取消和支出減少。

During the quarter, our average contract duration was relatively unchanged at a little over a year, but we have seen a shift in customers opting to pay quarterly instead of annually as customers look to optimize their cash flow in light of the economic uncertainty.

在本季度，我們的平均合同期限相對不變，只有一年多一點，但我們看到客戶選擇按季度付款而不是按年付款的情況發生了變化，因為客戶希望在經濟不確定性的情況下優化其現金流。

Going forward, we expect that economic uncertainty will continue for the foreseeable future.

展望未來，我們預計經濟不確定性將在可預見的未來持續存在。

And while we continue to see some headwinds, we are well positioned to drive growth as our platform is highly differentiated.

雖然我們繼續看到一些不利因素，但由於我們的平台高度差異化，我們有能力推動增長。

We deliver high ROI.

我們提供高投資回報率。

Our customers can achieve quick time to value, and we help our customers find their next customer, which many executives deem to be their most strategic imperative.

我們的客戶可以快速實現價值，我們幫助客戶找到他們的下一個客戶，許多高管認為這是他們最具戰略意義的任務。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流。

We ended the quarter with $260 million in cash and restricted cash.

我們以 2.6 億美元現金和受限現金結束本季度。

This includes approximately to $170 million of cash added to the balance sheet from net IPO proceeds, less repayments of debt and preferred equity.

這包括約 1.7 億美元的現金從 IPO 淨收益、債務償還和優先股中添加到資產負債表中。

Cash flow from operations was $25 million for the quarter, which included $24 million in interest payments.

本季度的運營現金流為 2500 萬美元，其中包括 2400 萬美元的利息支付。

Unlevered free cash flow was $52 million for the quarter and $107 million year-to-date.

本季度無槓桿自由現金流為 5200 萬美元，年初至今為 1.07 億美元。

Our capital expenditures consist primarily of investments for growth and the capitalization of internal development costs.

我們的資本支出主要包括增長投資和內部開發成本的資本化。

Our capital expenditures were $4 million in Q2 and $8 million year-to-date.

我們第二季度的資本支出為 400 萬美元，年初至今為 800 萬美元。

With proceeds from the IPO, we repaid the revolver, second lien and Series A preferred instrument as well as an additional $100 million of our first lien term loan.

憑藉 IPO 的收益，我們償還了左輪手槍、第二留置權和 A 系列首選工具，以及額外 1 億美元的第一留置權定期貸款。

As a result, our Q2 LTM net leverage ratio was 2.4x.

因此，我們的第二季度 LTM 淨槓桿率為 2.4 倍。

Based on the cash flow profile of the business and the deleveraging that we implemented through the IPO, we were upgraded by both of the rating agencies that cover our debt, to B+ at S&P and B2 at Moody's.

根據業務的現金流狀況和我們通過 IPO 實施的去槓桿化，我們被覆蓋我們債務的兩家評級機構上調至標準普爾的 B+ 和穆迪的 B2。

Before I turn on to guidance, let me provide some context on our corporate structure.

在我開始指導之前，讓我提供一些關於我們公司結構的背景信息。

Our structure can create complexity for investors.

我們的結構會給投資者帶來複雜性。

And while some are quite familiar with an Up-C structure and the multiple classes of stock and tax receivable agreements that come with it, others are likely to be less familiar.

雖然有些人非常熟悉 Up-C 結構以及隨之而來的多種股票和應收稅款協議，但其他人可能不太熟悉。

The increased complexity does come with a meaningful benefit to shareholders in that the tax advantages of the pre-IPO partnership continue to accrue as we transition to a publicly traded company.

複雜性的增加確實為股東帶來了有意義的好處，因為隨著我們向上市公司過渡，IPO 前合夥企業的稅收優勢將繼續累積。

These advantages are shared with the public investors through the tax receivable agreements.

這些優勢通過應收稅款協議與公眾投資者共享。

As a result, our cash tax payments will be lower and therefore drive increased cash flow.

因此，我們的現金稅支付將減少，從而推動現金流增加。

With that, I'll provide our outlook for the third quarter and full year 2020.

有了這個，我將提供我們對 2020 年第三季度和全年的展望。

Given the GAAP revenue and allocated combined receipts converged in Q3 of this year, we are issuing guidance on GAAP revenue to simplify comparisons and avoid confusion.

鑑於 GAAP 收入和分配的合併收入在今年第三季度趨同，我們正在發布有關 GAAP 收入的指導，以簡化比較並避免混淆。

We expect GAAP revenue in Q3 to be $116 million to $118 million and adjusted operating income between $53 million and $55 million.

我們預計第三季度的 GAAP 收入為 1.16 億美元至 1.18 億美元，調整後的營業收入在 5300 萬美元至 5500 萬美元之間。

This implies 34% organic revenue growth and 46% margin at the midpoint of the range.

這意味著該範圍的中點有機收入增長 34%，利潤率為 46%。

The non-GAAP net income is expected to be $0.08 to $0.09 per share.

非公認會計原則的淨收入預計為每股 0.08 美元至 0.09 美元。

For the full year 2020, GAAP revenue is expected to be between $451 million and $455 million and adjusted operating income between $213 million and $217 million.

2020 年全年，GAAP 收入預計在 4.51 億美元至 4.55 億美元之間，調整後營業收入在 2.13 億美元至 2.17 億美元之間。

This guidance implies 35% organic growth and a 47% margin at the midpoint of the range.

該指引意味著 35% 的有機增長和 47% 的利潤率處於該範圍的中點。

For those that are modeling allocated combined receipts, the year-to-date difference between GAAP revenue and allocated combined receipts was $1.7 million due to the impact of fair value adjustments to acquired unearned revenue.

對於那些正在模擬分配的合併收入的公司，由於公允價值調整對收購的未實現收入的影響，GAAP 收入與分配的合併收入之間的年初至今差異為 170 萬美元。

In total for the year, we expect approximately $2 million difference.

全年，我們預計差額約為 200 萬美元。

So naturally, we expect full year allocated combined receipts to be higher by that amount.

因此，我們自然而然地預計全年分配的合併收入會高出這個數額。

Non-GAAP net income for the year is expected to be $0.29 to $0.30 per share, and we anticipate unlevered free cash flow to be between $206 million and $210 million.

非 GAAP 全年淨收入預計為每股 0.29 美元至 0.30 美元，我們預計無槓桿自由現金流在 2.06 億美元至 2.1 億美元之間。

The guidance range provided are based on our current operating results to date and assumptions, including anticipated headwinds from the impact of COVID-19 through at least the end of the year.

所提供的指導範圍是基於我們迄今為止的當前運營結果和假設，包括至少到今年年底 COVID-19 影響的預期逆風。

To summarize, we are very pleased with the business performance in the second quarter.

總而言之，我們對第二季度的業務表現非常滿意。

We continue to deliver value to our customers and are focused on generating sustainable growth and profitability over the long term.

我們繼續為客戶創造價值，並專注於實現長期的可持續增長和盈利能力。

We have a large and growing addressable market, and we'll continue to invest for future growth.

我們有一個龐大且不斷增長的潛在市場，我們將繼續為未來的增長進行投資。

We believe that we are in the early stages of this opportunity and are confident we will continue to build a very large and successful company over time.

我們相信，我們正處於這個機會的早期階段，並且有信心隨著時間的推移，我們將繼續建立一個非常龐大和成功的公司。

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 Siti Panigrahi with Mizuho.

（操作員說明）我們的第一個問題來自瑞穗的 Siti Panigrahi。

Congratulations as a public company.

恭喜成為上市公司。

Just wanted to dig a little bit into your different segment.

只是想深入了解您的不同細分市場。

You talked about enterprise.

你談到了企業。

Also, could you talk about mid-market and small business as well, what sort of trends did you see in Q2?

另外，您能否也談談中型市場和小型企業，您在第二季度看到了什麼樣的趨勢？

So we continue to see strength really across all of the segments.

因此，我們繼續看到所有細分市場的實力。

From a small business perspective, I do think that in industries that are more impacted by COVID, we are seeing some headwinds related to that.

從小企業的角度來看，我確實認為在受 COVID 影響更大的行業中，我們看到了一些與此相關的不利因素。

I think as we mentioned before, for some of our bigger ticket deals, no matter which segment that's in, we have seen an elongation of sales cycles from time to time.

我認為正如我們之前提到的，對於我們的一些較大的機票交易，無論屬於哪個細分市場，我們都會不時看到銷售週期的延長。

Although as we wrapped up the second quarter, we did see many of those finally close.

儘管當我們結束第二季度時，我們確實看到其中許多最終關閉。

Our next question comes from Brad Zelnick from Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Brad Zelnick。

Henry, you talked about the validation and excitement of becoming a public company.

亨利，你談到了成為一家上市公司的認可和興奮。

Can you maybe just share with us, as we think about the impact in driving additional demand, is there anything that you might be able to put numbers to in terms of the sales funnel, sales cycle times or any other observations that are impacting the business?

您能否與我們分享一下，當我們考慮推動額外需求的影響時，您是否可以在銷售漏斗、銷售週期時間或任何其他影響業務的觀察方面提供數字?

Yes, Brad, thanks for the question.

是的，布拉德，謝謝你的提問。

I think that what we see most -- or I think first is there was an uptick in leads that corresponded with the time of the IPO.

我認為我們看到的最多 - 或者我認為首先是與 IPO 時間相對應的潛在客戶增加。

But the trick there is it's hard to disaggregate that between the COVID-related tailwinds we were seeing and also just enhancements that we were already making in our go-to-market engine.

但訣竅在於，很難將我們看到的與 COVID 相關的順風與我們已經在我們的上市引擎中所做的改進分開。

The real impact we're seeing is that the validation that we got from the IPO has really opened the doors for us to have more strategic conversations with our customers.

我們看到的真正影響是，我們從 IPO 中獲得的驗證確實為我們打開了與客戶進行更多戰略對話的大門。

And we put our go-to-market engine on display as part of the IPO, and that's really opened the door for our account management teams and customer success teams to be invited in to share best practices with key executives at our customers in a way that we hadn't otherwise been provided the opportunity to do.

作為首次公開募股的一部分，我們展示了我們的上市引擎，這確實為我們的客戶管理團隊和客戶成功團隊打開了大門，以某種方式與我們客戶的主要高管分享最佳實踐否則我們沒有機會這樣做。

And so we think that really over time, we'll be able to continue to leverage that -- those open doors, and that will continue to drive our growth.

所以我們認為，隨著時間的推移，我們將能夠繼續利用這一點——那些敞開的大門，這將繼續推動我們的增長。

That's helpful.

這很有幫助。

And maybe just for you, Cameron.

也許只是為了你，卡梅倫。

Appreciate your comments in the prepared remarks on COVID.

感謝您在準備好的關於 COVID 的評論中的評論。

Can you maybe just put a finer point to how we should think about the headwinds and tailwinds?

您能否更詳細地說明我們應該如何考慮逆風和順風？

Any sense if these new logos will stick around for a while or churn off when social distancing eases?

這些新標誌是否會在社交距離緩解時保留一段時間或消失，有什麼意義嗎？

I'm -- first, all of our contracts are 1- to 3-year contracts.

我 - 首先，我們所有的合同都是 1 到 3 年的合同。

So I think that they'll certainly stick around for at least the contract period, and then most of our customers do renew.

所以我認為他們肯定會至少在合同期內留下來，然後我們的大多數客戶都會續簽。

I think that from a social distancing perspective, really, COVID has just emphasized many of the trends that we saw pre the pandemic in that businesses of all shapes and sizes were looking for ways to improve and digitize their go-to-market motions.

我認為，從社交距離的角度來看，實際上，COVID 剛剛強調了我們在大流行前看到的許多趨勢，即各種形式和規模的企業都在尋找改進和數字化其上市行動的方法。

So I think in any kind of transformation that you see, you always get an acceleration at this time, but then most of that continues kind of as the world returns to normal.

所以我認為在你看到的任何類型的轉變中，你總是會在這個時候得到加速，但隨著世界恢復正常，大部分情況都會繼續。

And one thing I would add there, Cameron, too, is look, we believe this is a multiyear tailwind.

我要補充的一件事，卡梅倫，也是，看，我們相信這是多年的順風。

That's just accelerating a trend towards digitizing sales and marketing motions that, like Cameron mentioned, were already happening.

這只是加速了銷售和營銷活動的數字化趨勢，就像卡梅倫提到的那樣，這種趨勢已經在發生。

And we're sitting in the middle of a larger than $25 billion total addressable market where we're less than 2% penetrated.

我們正處於一個超過 250 億美元的總潛在市場的中間，我們的滲透率不到 2%。

And what you really see is companies today are taking trade show and events and travel budget and reallocating them to content syndication or online event and to ZoomInfo.

你真正看到的是，今天的公司正在接受貿易展覽和活動以及旅行預算，並將它們重新分配給內容聯合或在線活動以及 ZoomInfo。

And over time, as they see the tremendous ROI our platform provides, they're going to shift more and more dollars behind ZoomInfo.

隨著時間的推移，當他們看到我們的平台提供的巨大投資回報率時，他們將越來越多的資金轉移到 ZoomInfo 背後。

And as they -- and when they shift those dollars, they'll be expanding from marketing use cases to sales use cases, to data cleansing, to intent data, to lead capture and more and more.

隨著他們——當他們轉移這些資金時，他們將從營銷用例擴展到銷售用例、數據清理、意圖數據、潛在客戶捕獲等等。

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 will add my congrats on the healthy results.

我將對健康的結果表示祝賀。

Henry, when you project forward several years in the future, how aggressive are your ambitions in the recruiting market?

亨利，當你在未來幾年進行規劃時，你在招聘市場上的野心有多大？

And I think we're wondering if there's a bit less urgency today than there was pre-COVID just given the employment climate.

而且我想我們想知道，考慮到就業環境，今天的緊迫性是否比 COVID 之前的要少。

Or would you still be planning to move full steam ahead just as rapidly as you already have been?

或者您是否仍計劃像以前一樣快速全速前進？

Yes.

是的。

We believe we're in the midst of building our platform to be -- to build a recruiting focused product.

我們相信我們正在構建我們的平台，以構建一個以招聘為重點的產品。

And so we continue to believe that's going to be a large growth area for us.

因此，我們繼續相信這將是我們的一個巨大增長領域。

Obviously, the pandemic has slowed hiring in some places, but there are also many companies that continue to hire in the midst of the pandemic.

顯然，大流行已經減緩了某些地方的招聘速度，但也有許多公司在大流行期間繼續招聘。

And our platform gives recruiters and talent acquisition professionals a very robust database of professionals with the contact information and experience information and education experience -- information that they need to be able to recruit effectively.

我們的平台為招聘人員和人才招聘專業人士提供了一個非常強大的專業人士數據庫，其中包含聯繫信息、經驗信息和教育經驗——他們需要能夠有效招聘的信息。

What we really believe is that recruiting and talent acquisition is going to become much more like a go-to-market motion than it is today where you build a pipeline and you nurture and you close.

我們真正相信的是，招聘和人才獲取將變得更像是一種進入市場的行動，而不是現在建立管道、培養和關閉的方式。

And we're going to be able to deliver the data and insights that allow that motion to happen in a more sophisticated way than it's happening today.

我們將能夠提供數據和洞察力，使該運動以比現在更複雜的方式發生。

Okay.

好的。

Great.

偉大的。

As a follow-up, Cameron, you had previously filed the monthly net new ARR numbers, and we know that was a onetime disclosure.

作為後續行動，卡梅倫，您之前已經提交了每月淨新 ARR 數字，我們知道這是一次性披露。

We learned that April was your best first month of a quarter ever on the new business side.

我們了解到，四月是您在新業務方面有史以來最好的季度第一個月。

And I think you mentioned in the script that for Q2, it's the most new customer ACV in your history.

而且我認為您在腳本中提到第二季度，這是您歷史上最新的客戶 ACV。

So I guess I'm curious, did that trend continue -- did it continue such that June was the best third month of a quarter ever?

所以我想我很好奇，這種趨勢是否會持續——它是否會持續到 6 月成為季度中最好的第三個月？

Or if you can't answer that -- can't answer it that way, could you maybe just help us understand the shape of linearity at a high level for Q2?

或者，如果你不能回答這個問題 - 不能那樣回答，你能否幫助我們了解 Q2 高水平的線性形狀？

I think the trends that we saw in Q2 continued throughout the quarter.

我認為我們在第二季度看到的趨勢在整個季度都在持續。

And I'd say that June was in line or maybe in a modest acceleration relative to what we saw in April compared to other quarters.

我想說的是，與我們在 4 月份看到的其他季度相比，6 月份的情況是一致的，或者可能略有加速。

Realistically, I think we saw solid demand from our customers throughout.

實際上，我認為我們在整個過程中都看到了客戶的強勁需求。

Our next question comes from Alex Zukin with 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。

Congrats on both the quarter and the IPO.

祝賀本季度和首次公開募股。

I guess maybe, Henry, first for you, if you think about what you've learned so far kind of selling through the pandemic.

亨利，我想也許首先為您服務，如果您考慮一下到目前為止所學到的在大流行中的銷售情況。

You mentioned earlier about having more time to make the case of the enterprise customers being invited in to make that strategic value proposition.

您之前提到有更多時間來說明邀請企業客戶提出戰略價值主張的理由。

Walk us through kind of how that's both trended even into the month of July and where you see that kind of peaking.

帶我們了解這兩種趨勢在 7 月份的趨勢，以及您在哪裡看到這種高峰。

Does that set up for a different kind of linearity or trajectory in Q4?

這是否為第四季度的另一種線性或軌跡設置了？

And then any puts and takes that you've seen or changes that you made as a result of COVID on your go-to-market motions?

然後，您看到的任何看跌期權或因 COVID 在您的上市動議中所做的更改？

And I have a quick follow-up.

我有一個快速跟進。

Yes.

是的。

I mean if you look back, I think first, we were surprised that the downward activity that we saw in March rebounded in the quarter, and we felt really good about that.

我的意思是，如果你回顧一下，我認為首先，我們對 3 月份看到的下行活動在本季度反彈感到驚訝，我們對此感覺非常好。

And in March, our customers -- we felt like a lot of our customers were deer in headlights.

而在三月份，我們的客戶——我們覺得我們的很多客戶都是頭燈下的鹿。

They didn't know how the pandemic was going to affect them, so they paused in spending.

他們不知道大流行將如何影響他們，所以他們暫停了支出。

And in the quarter, we saw much more of that rebound.

在本季度，我們看到了更多的反彈。

We saw slow-to-evolve companies that were coming to us with a new imperative to change.

我們看到發展緩慢的公司帶著新的變革需要來到我們面前。

We saw companies that used to have hundreds of salespeople out in the field saying that they needed to find a way to make them productive and find ways to make their field sales teams able to continue to grow pipeline and close business while they're working from home.

我們看到過去有數百名銷售人員在現場工作的公司表示，他們需要找到一種方法來提高他們的工作效率，並想辦法讓他們的現場銷售團隊能夠在他們工作的同時繼續發展管道和關閉業務家。

And what that really, to us, indicates is a real shift from analog to digital sales motion and an acceleration of that shift.

對我們來說，這真正表明的是從模擬到數字銷售運動的真正轉變以及這種轉變的加速。

And the speed at which those organizations pivoted during the early days of COVID, changing their business models, going to market in new ways, we're -- it never ceases to amaze me the fortitude and the resilience of small businesses.

這些組織在 COVID 早期轉變的速度，改變他們的商業模式，以新的方式進入市場，我們 - 它從未停止讓我驚訝於小企業的堅韌和復原力。

And it was great to see dozens of businesses and affected industries also sign on in the quarter.

很高興看到數十家企業和受影響的行業也在本季度簽約。

And I think what we'll continue to see is customers and companies who were slow to evolve raise their hands and look for opportunities to make their sales and go-to-market motions more effective and more efficient.

我認為我們將繼續看到發展緩慢的客戶和公司舉手並尋找機會，使他們的銷售和進入市場的行動更加有效和高效。

And I think what we're excited about is that today, we are much more the organization to call to help with that transformation than we've ever been.

我認為我們感到興奮的是，今天，我們比以往任何時候都更像是一個需要幫助實現轉型的組織。

Got it.

知道了。

That makes sense.

那講得通。

And then Cameron, maybe just 1 or 2 metrics questions for you.

然後是 Cameron，可能只是 1 或 2 個指標問題。

You mentioned in the script seeing an improvement in net retention both sequentially and year-over-year.

您在腳本中提到看到淨留存率按順序和同比均有所改善。

I guess I was wondering if there's any way to quantify on a dollar-based net expansion metric kind of how Q2 compared to Q1 or last year.

我想我想知道是否有任何方法可以量化第二季度與第一季度或去年相比的基於美元的淨擴張指標。

And then on billings, you mentioned a duration headwind from more customers signing up for quarterly billings terms rather than annual.

然後在帳單上，您提到了更多客戶註冊季度帳單條款而不是年度帳單的持續時間逆風。

Is there any way to quantify the size of that headwind on billings in the quarter?

有什麼方法可以量化本季度對帳單的逆風大小？

Yes.

是的。

So to start with, on the annual net retention, we do view that as an annual metric and obviously calculate it on an annual basis.

因此，首先，關於年度淨留存率，我們確實將其視為年度指標，並且顯然是按年度計算的。

In the quarter, the activity around retention certainly saw an improvement.

在本季度，圍繞保留的活動肯定有所改善。

So we had more customers increasing their spend with us.

因此，我們有更多的客戶增加了與我們的支出。

In fact, we had close to 2,000 customers increase spend with us during the course of the quarter.

事實上，在本季度期間，我們有近 2,000 名客戶增加了與我們的支出。

So overall, we expect that we'll continue to see kind of solid net retention through the year.

因此，總體而言，我們預計全年我們將繼續看到穩定的淨留存率。

In terms of the billing shift, when I look at unearned revenue as an example, the shift into quarterly payments had an impact of more than $10 million if we were at a similar mix to what we saw at the end of Q1.

在計費轉變方面，當我以未賺取的收入為例時，如果我們的組合與第一季度末看到的相似，則轉向季度付款的影響超過 1000 萬美元。

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。

A couple from my end.

我這邊的一對。

First one, the international selling motion.

第一個，國際銷售動議。

With the success that you're having in the U.S. and at the same time considering the COVID situation globally, how are you thinking about expanding your selling presence outside of the U.S.?

鑑於您在美國取得的成功，同時考慮到全球的 COVID 形勢，您如何考慮將您的銷售業務擴展到美國以外的地區？

And then I have a quick follow-up for Cameron.

然後我對 Cameron 進行了快速跟進。

Yes.

是的。

So in -- one of the things that we did in the quarter -- also, hi, Stan, sorry.

所以在 - 我們在本季度所做的事情之一 - 還有，嗨，斯坦，對不起。

One of the things we did in the quarter was we just focused some go-to-market efforts on international.

我們在本季度所做的一件事就是我們只是將一些進入市場的努力集中在國際上。

So if a lead came into our funnel, there were a set -- from an international country, there were a set group of sales development reps and account executives who owned those leads.

因此，如果潛在客戶進入我們的渠道，就會有一組——來自一個國際國家，有一組銷售發展代表和客戶主管擁有這些潛在客戶。

And what we saw was that we can absolutely affect our conversion and win rates in the international market by focusing on that.

我們看到的是，通過專注於這一點，我們絕對可以影響我們在國際市場上的轉化率和贏率。

And so we've embarked on an initiative to rescan and reorganize the platform to be focused on the international market, and you'll see us in that market much more heavily in the back half of this year.

因此，我們已經著手重新審視和重組平台，以專注於國際市場，您將在今年下半年看到我們在這個市場上的表現更加突出。

And so in short, our plans around the international market haven't changed, and we're excited to enter them.

簡而言之，我們圍繞國際市場的計劃沒有改變，我們很高興能夠進入它們。

Okay.

好的。

Perfect.

完美的。

And then a quick follow-up for Cameron, just expanding on Alex' question right before.

然後是對 Cameron 的快速跟進，只是擴展了 Alex 之前的問題。

If we make the adjustment, the $10 million impact to billings from payment shifting to more quarterlies, you get about 15% billings growth in the quarter.

如果我們進行調整，從支付轉移到更多季度對賬單的 1000 萬美元影響，您將在本季度獲得約 15% 的賬單增長。

Help us to kind of close the gap between the 15% billings growth and the 40% revenue growth that we're seeing on your top line.

幫助我們縮小我們在您的收入中看到的 15% 的賬單增長和 40% 的收入增長之間的差距。

That's it for me.

對我來說就是這樣。

So the -- if you make that adjustment relative to Q2, I think your 15% number is probably a little light.

所以 - 如果你相對於第二季度進行調整，我認為你 15% 的數字可能有點輕。

Realistically, in Q2, on a calculated billings basis, last year, it was [more like] $94 million.

實際上，在第二季度，根據計算的賬單，去年，它[更像] 9400 萬美元。

But I think one of the things that you just need to kind of be careful of is there's always going to be shifts and some noise around the calculated billings number, which is why given our kind of completely subscription business, you end up getting a better sense of the real growth and kind of forward-looking capabilities of the business based on what's actually being recognized as revenue.

但我認為你需要注意的一件事是，計算出的賬單數字總是會有變化和一些噪音，這就是為什麼考慮到我們這種完全訂閱的業務，你最終會得到更好的基於實際確認為收入的業務的實際增長和前瞻性能力的感覺。

I'd have to go and kind of do a pro forma view of what the full billings growth would look like, but I could get back to you, but I do think it's much closer to the organic growth that we stated than 15%.

我必須去對完整的比林斯增長情況做一個形式上的看法，但我可以回复你，但我確實認為它更接近我們所說的有機增長，而不是 15%。

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

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

I'll echo my congrats on the big milestones as you continue to tick them off.

當您繼續勾選這些重大里程碑時，我將向您表示祝賀。

Maybe to start off with, just is there any update or added commentary you can provide around how usage is trending both on the platform overall with those fanatic users?

也許首先，您是否可以提供有關這些狂熱用戶在整個平台上的使用趨勢的任何更新或添加評論？

Are you seeing more traction here with those power type users that you've called out in the past just within the current environment?

您是否在當前環境中看到您過去召喚的那些權力型用戶的更多牽引力？

Yes.

是的。

Michael, this is Henry.

邁克爾，這是亨利。

I think first, across our customers, we saw low to mid-20% increases in our DAU over MAU metric since the start of the pandemic, which is the number of monthly active users who engage with our product in a single day window.

我認為，首先，在我們的客戶中，自大流行開始以來，我們的 DAU 比 MAU 指標增長了 20% 到中低 20%，這是在一天窗口內與我們的產品互動的月度活躍用戶數量。

And we continue to see growth in our fanatic users across the platforms as well.

我們繼續看到跨平台的狂熱用戶也在增長。

Okay.

好的。

Great.

偉大的。

And maybe given this is your first earnings call, Cameron, can you walk us through just the overall approach to guidance here?

也許這是你的第一次財報電話會議，卡梅倫，你能告訴我們這裡的總體指導方法嗎？

What kind of assumptions go into the second half forecast?

下半年的預測有哪些假設？

And maybe how much visibility do you have into the rest of the year at this point in time?

也許你在這個時間點對今年餘下的時間有多少能見度？

Yes.

是的。

So given the fact that we're a completely subscription business, we do feel very comfortable with the visibility that we have into the coming quarters.

因此，鑑於我們是一家完全訂閱業務的公司，我們對未來幾個季度的可見性感到非常滿意。

Obviously, with the pandemic, we do believe that there's a broader range of potential outcomes.

顯然，隨著大流行，我們確實相信會有更廣泛的潛在結果。

And obviously, we've contemplated that in the guidance that we've provided.

顯然，我們已經在我們提供的指導中考慮到了這一點。

Our next question comes from Jennifer Lowe with UBS.

我們的下一個問題來自瑞銀的 Jennifer Lowe。

I wanted to double back on the 2,000 customers that expanded in the quarter.

我想在本季度擴大的 2,000 名客戶上加倍回報。

And I'm curious if there's any notable trend there on how that expansion look relative to prior periods in terms of the drivers of expansion, whether it's more seats or more customers upgrading to higher tiers of usage or buying additional products.

而且我很好奇，在擴張的驅動因素方面，這種擴張與前期相比是否有任何明顯的趨勢，無論是更多的座位還是更多的客戶升級到更高的使用等級或購買額外的產品。

Did it look any different in terms of what is driving that expansion and how people are using the product?

在推動這種擴張的因素以及人們如何使用產品方面，它看起來有什麼不同嗎？

I do think that historically, the additions in terms of customers has been more seat driven.

我確實認為，從歷史上看，客戶的增加更多是由座位驅動的。

As we've rolled out more and more functionality, I think that that's becoming a bigger portion of the revenue that we're able to generate.

隨著我們推出越來越多的功能，我認為這將成為我們能夠產生的收入的更大部分。

Okay.

好的。

Great.

偉大的。

And just one more for me and a quick one, going back to some of the questions around guidance and for free cash flow.

再給我一個和一個快速的，回到一些關於指導和自由現金流的問題。

So you talked about the impact from customers moving from quarterly to annual -- or annual to quarterly in period.

所以你談到了客戶從季度到年度 - 或從年度到季度的影響。

But if we look at the free cash flow guidance for the year, what's sort of assumed there in terms of payment frequency?

但是，如果我們看看今年的自由現金流指導，在支付頻率方面有什麼假設？

So obviously, the assumptions do contemplate payment frequency going forward.

很明顯，這些假設確實考慮了未來的支付頻率。

We do expect that we're going to -- and we are seeing a shift back towards annual payments now that we've gotten out of kind of the shock of the immediate COVID crisis.

我們確實希望我們會這樣做——而且由於我們已經擺脫了直接的 COVID 危機的衝擊，我們看到了向年度付款的轉變。

Our next question comes from David Hynes with Canaccord.

我們的下一個問題來自 Canaccord 的 David Hynes。

I'll echo everyone else's congrats.

我會回應所有人的祝賀。

Henry, I want to ask about intent data.

亨利，我想問一下意圖數據。

You called out some nice growth in terms of adoption in the quarter, and I think it's part of the secret sauce of the platform.

您在本季度的採用率方面提出了一些不錯的增長，我認為這是該平台秘訣的一部分。

Can you just remind investors, a, how you get that data; b, where you are in terms of adoption; and c, what happens to customer spend when they take on that intent data?

你能否提醒投資者，a，你是如何獲得這些數據的？ b，您在收養方面的情況； c，當客戶接收該意圖數據時，他們的支出會發生什麼變化？

Hey, DJ, thank you for the question.

嘿，DJ，謝謝你的提問。

So our intent data is available in our elite package or it could be bought ad hoc into one of our lower packages.

因此，我們的意圖數據可以在我們的精英套餐中獲得，或者可以臨時購買到我們的較低套餐之一中。

So one, we're driving a motion to the highest end packaging that we provide through the intent offering.

因此，我們正在推動通過意向產品提供的最高端包裝的動議。

That data comes from unique proprietary sources that we own and integrate in.

這些數據來自我們擁有和集成的獨特專有來源。

And then we also license data from multiple different vendors.

然後我們還許可來自多個不同供應商的數據。

That comes into a data science team -- data science and innovation team here at ZoomInfo, who take all that data, normalize it using our IP to company data set to be able to associate traffic to specific websites back to a company's IP address.

這涉及到數據科學團隊——ZoomInfo 的數據科學和創新團隊，他們獲取所有數據，使用我們的 IP 對公司數據集進行規範化，以便能夠將特定網站的流量關聯回公司的 IP 地址。

And we're able to take that and then create a baseline for consumption of certain topics or actually thousands of different topics.

我們能夠利用它，然後為某些主題或實際上數千個不同主題的消費創建基線。

And then the data science team has built algorithms that look for spikes in consumption of those specific topics.

然後數據科學團隊構建了算法來尋找這些特定主題的消費高峰。

Our next question comes from Terry Tillman with Truist Securities.

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

I'll echo the congrats on the IPO and the results.

我將對 IPO 和結果表示祝賀。

Henry, maybe just a question about nontraditional industries.

亨利，也許只是一個關於非傳統行業的問題。

I think you mentioned a farmer earlier that signed up.

我想你之前提到了一個簽約的農民。

What I'm curious about is as you all look through the data in 2Q, for these nontraditional customers or industries, what is their buying patterns like in terms of the sales cycle as well as the deal size?

我很好奇的是，大家翻看2Q的數據，對於這些非傳統客戶或行業，他們的購買模式在銷售週期和交易規模方面是怎樣的？

And just do you see longevity in these nontraditional industries going forward?

您是否看到這些非傳統行業的長壽？

Yes.

是的。

Thanks, Terry.

謝謝，特里。

I think first, we -- our business is growing across all different -- all of our different industry segments, and so we're seeing growth in the sort of nontraditional segments.

我認為首先，我們——我們的業務在所有不同的領域——所有不同的行業領域都在增長，因此我們看到了非傳統領域的增長。

One of the other types of companies that we've seen is financial services companies who have traditionally been a much more face-to-face or even in some situations, door-to-door go-to-market motion.

我們見過的其他類型的公司之一是金融服務公司，它們傳統上是面對面的，甚至在某些情況下，是挨家挨戶的推銷活動。

And so we've seen them come to us and say, "Look, this face-to-face, door-to-door motion doesn't really work for us anymore." And then we often see just our overall growth motion is to sign companies up with modest ASP, and then in the enterprise, really grow them through our land and expand strategy.

所以我們看到他們來找我們說，“看，這種面對面的、挨家挨戶的運動不再適合我們了。”然後我們經常看到我們的整體增長動議是用適度的 ASP 簽約公司，然後在企業中，通過我們的土地和擴展戰略真正發展它們。

And so we're -- the motion that you'll see is we'll sign an enterprise company at a relatively lower ASP, that might be our product that gets rolled out to 20 or 50 or 100 out of 1,000 different sales and go-to-market professionals.

所以我們 - 你會看到的動議是我們將以相對較低的 ASP 簽約一家企業公司，這可能是我們的產品在 1,000 種不同的銷售中推廣到 20 或 50 或 100 種，然後去- 市場專業人士。

We prove ROI in that segment, and then we grow beyond that.

我們證明了該領域的投資回報率，然後我們超越了這一點。

And that motion is consistent in both our traditional and nontraditional industries.

這種動議在我們的傳統和非傳統行業都是一致的。

And yes, we do see real success happening within those accounts.

是的，我們確實看到這些賬戶中發生了真正的成功。

I gave an example during our IPO of a company called TentCraft that sells event tents.

我在一家名為 TentCraft 的公司的首次公開募股中舉了一個例子，該公司銷售活動帳篷。

That's a manufacturing business who's completely changed their go-to-market motions using ZoomInfo.

那是一家製造企業，他們使用 ZoomInfo 徹底改變了他們的上市方式。

I gave the example of Kaeser Compressors, which is an air products and services company that's based in Germany, that's come on to us for our digital platform to drive their go-to-market effort.

我舉了 Kaeser Compressors 的例子，這是一家總部位於德國的空氣產品和服務公司，我們通過我們的數字平台來推動他們的上市工作。

And so -- and we're already seeing early success from those companies in those nontraditional industries.

所以——我們已經看到這些公司在那些非傳統行業中取得了早期的成功。

The last example was I mentioned a large hotel chain that came on.

最後一個例子是我提到了一家大型連鎖酒店。

And that example is really interesting because before they signed up for ZoomInfo, they did a small pilot.

這個例子真的很有趣，因為在他們註冊 ZoomInfo 之前，他們做了一個小型試點。

They booked $80,000 of revenue in a short pilot -- or $80,000 of bookings in a short pilot, and then -- and with hundreds of thousands of dollars of pipeline built as well.

他們在短期試點中預訂了 80,000 美元的收入——或者在短期試點中預訂了 80,000 美元，然後——以及數十萬美元的管道建設。

And so then they expanded and came on with us.

然後他們擴大了，和我們一起來了。

And so we're seeing real ROI across both traditional and nontraditional industries, and we think that's going to drive the retention rate in the future.

因此，我們在傳統和非傳統行業都看到了真正的投資回報率，我們認為這將推動未來的保留率。

And 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。

I guess one for Henry and a follow-up for Cameron.

我想亨利的一個和卡梅倫的後續行動。

Henry, I wanted to talk a little bit about the broader ambitions relative to this digital go-to-market motion shift in the industry.

亨利，我想談談與行業數字化進入市場運動轉變相關的更廣泛的野心。

The reason I ask is the intent solution.

我問的原因是意圖解決方案。

I think you talked about that being over 60% growth in InboxAI.

我想你談到了 InboxAI 超過 60% 的增長。

I know that was through the Komiko acquisition not so long ago, but it sound like that doubled year-over-year as well.

我知道這是通過不久前收購 Komiko 的，但聽起來這也比去年翻了一番。

So walk us through, has your ambitions or appetite changed post COVID relative to the scope of opportunity you're going after?

因此，請引導我們，相對於您所追求的機會範圍，您的野心或胃口在 COVID 之後是否發生了變化？

And again, one quick follow-up for Cameron.

再一次，對卡梅倫的快速跟進。

No, I don't think our ambition has changed.

不，我認為我們的野心沒有改變。

I think ultimately, what we believe is that today, sellers and marketers are trapped inside of legacy CRM and marketing automation systems that provide them no insight outside of the 4 corners of their website or what a sales rep put into their CRM system.

我認為最終，我們認為，今天，賣家和營銷人員被困在傳統的 CRM 和營銷自動化系統中，這些系統無法讓他們了解他們網站的 4 個角落或銷售代表在他們的 CRM 系統中添加的內容。

And that -- and the whole world outside of the 4 corners of your website is what's driving significant amounts of insights, whether that's intent data or a company is growing or shrinking or making acquisitions or moving locations or hiring new executives.

而且 - 以及您網站 4 個角落之外的整個世界是驅動大量洞察力的原因，無論是意圖數據還是公司正在成長或縮小，或者進行收購、搬遷或招聘新高管。

The world of insights that happens outside of your CRM and marketing automation system is much more robust than what's inside.

發生在 CRM 和營銷自動化系統之外的洞察世界比內部的要強大得多。

And we think sellers and marketers need to be able to grasp at those insights that happen outside of the 4 corners of their website and then drive go-to-market motions based on those.

我們認為賣家和營銷人員需要能夠掌握在他們網站的 4 個角落之外發生的那些洞察力，然後根據這些洞察力推動進入市場的行動。

And so what we're building is the ability to automate the go-to-market motions and orchestrate the go-to-market motion of every company by leveraging both their first-party insights that exist in their CRM and marketing automation systems, but coupling that with the broad world of insights that happens outside of those 4 corners and outside of those legacy systems and combining those to build the most efficient and effective automated motion, and that continues to be our vision.

因此，我們正在構建的是通過利用其 CRM 和營銷自動化系統中存在的第一方洞察力來自動化上市運動和協調每家公司的上市運動的能力，但是將其與在這 4 個角落和那些遺留系統之外發生的廣泛見解世界相結合，並將它們結合起來以構建最有效和最有效的自動化運動，這仍然是我們的願景。

Got it.

知道了。

Helpful color there.

那裡有用的顏色。

And then I guess, Cameron, you talked about the new [Platform 10] accounting for, I think, over 50% of ARR.

然後我猜，Cameron，你談到了新的 [Platform 10]，我認為它佔 ARR 的 50% 以上。

Do you have any kind of comparable stat with either last quarter what the Platform 10 mix was of ARR or perhaps last year?

您是否有任何與上一季度平台 10 組合的 ARR 或去年的可比統計數據？

Certainly, the new platform rolled out in October of last year.

當然，新平台於去年 10 月推出。

So it's gone from 0% to 50% in the last 8 months.

所以在過去的 8 個月裡，它從 0% 下降到了 50%。

If we look at the end of Q1, it was less than a third of the revenue.

如果我們看看第一季度末，它不到收入的三分之一。

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。

Congrats on the strong results.

恭喜取得了不錯的成績。

So maybe a follow-up to Terry's question, but I know you guys had a lot of exposure to software and business services.

所以也許是特里問題的後續，但我知道你們對軟件和商業服務有很多了解。

I'm curious, of the ACV added this quarter, what did that mix look like versus your existing business?

我很好奇，在本季度添加的 ACV 中，與您現有的業務相比，這種組合是什麼樣的？

And anything in the pipeline that suggests that there are certainly end markets that are really ramping up?

以及正在醞釀中的任何事情表明肯定有終端市場正在真正崛起？

Just curious on that.

只是對此感到好奇。

As has been the case historically, the markets that we're less penetrated in continue to see higher growth rates.

與歷史上的情況一樣，我們較少滲透的市場繼續看到更高的增長率。

So while we continue to grow very well within the software and business services world, other of the industries like professional services and manufacturing and so forth continue to grow faster.

因此，儘管我們在軟件和商業服務領域繼續保持良好增長，但專業服務和製造等其他行業繼續增長更快。

That's a continuation of a trend that we saw pre-COVID, but saw it through this quarter.

這是我們在 COVID 之前看到的趨勢的延續，但在本季度看到了這一趨勢。

I'd say the one big change is that certainly, industries that were more heavily impacted by COVID, whether that's hospitality or retail or travel, those did not grow as quickly within the quarter.

我想說的一個重大變化是，受 COVID 影響更嚴重的行業，無論是酒店業、零售業還是旅遊業，在本季度內的增長速度都沒有那麼快。

Our next question comes from Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well.

我也祝賀你。

Quick question on competition.

關於競爭的快速問題。

Like, what are you seeing in terms of customers understanding like your broader value proposition against something like LinkedIn?

比如，你在客戶理解方面看到了什麼，比如你對 LinkedIn 等更廣泛的價值主張？

And anything out of the legacy guys like Dun & Bradstreet since the public, how, again, that kind of changes anything?

自從公眾以來，像鄧白氏這樣的傳統公司的任何東西，如何再次改變任何東西？

Raimo, thank you for the question.

雷莫，謝謝你的提問。

One of the things that we do is we use a call recording software internally and we flag competitor mentions across all new sales and customer calls.

我們所做的其中一件事是我們在內部使用電話錄音軟件，並在所有新的銷售和客戶電話中標記競爭對手的提及。

And most competitors are mentioned less than 1% of the time, and the most referenced competitor's mentioned in the single digits.

大多數競爭對手被提及的次數不到 1%，而被提及次數最多的競爭對手被提及的次數只有個位數。

And I actually, this morning, took a look at the most recent report.

實際上，今天早上，我查看了最新的報告。

And since you asked about D&B, the most recent report, which covered July, the mentions of D&B have actually declined since February.

自從你問到關於 D&B（涵蓋 7 月份的最新報告）以來，對 D&B 的提及實際上自 2 月份以來有所下降。

So ultimately, no changes in the competitive landscape.

所以最終，競爭格局沒有變化。

Our next question comes Tom Roderick with Stifel.

我們的下一個問題來自 Stifel 的 Tom Roderick。

I wanted to just build on, I think, was Brent's question just asking about [Platform 10] and making great progress in getting customers converted there.

我想，我想建立在 Brent 的問題的基礎上，它只是詢問 [Platform 10] 並在讓客戶在那裡轉換方面取得了很大進展。

Henry, do you sort of have any more anecdotal data as to what customers' feedback has been on the platform?

亨利，您是否有更多關於平台上客戶反饋的軼事數據？

It seems like you're combining breadth of data with intelligence and data across the DiscoverOrg and ZoomInfo platforms by putting them together.

您似乎正在通過將 DiscoverOrg 和 ZoomInfo 平台上的廣泛數據與智能和數據組合在一起。

And then Henry, side of the -- or Cameron, side of the question for you is what sort of tailwind are you seeing with respect to the ARR lift that you're seeing from customers that are converting, whether it's in pricing or additive data being purchased?

然後是亨利，或者卡梅倫，對你來說，問題的另一面是，你從正在轉換的客戶那裡看到的 ARR 提升有什麼樣的順風，無論是定價還是附加數據被購買？

Thanks for the question.

謝謝你的問題。

I think what we see is it depends on which legacy platform our customers are migrating from.

我認為我們看到的是這取決於我們的客戶從哪個遺留平台遷移。

If they're migrating from the DiscoverOrg legacy platform to the new platform, what they're telling us is that the coverage is immensely -- is much, much more than they had access to in the DiscoverOrg platform.

如果他們從 DiscoverOrg 遺留平台遷移到新平台，他們告訴我們的是覆蓋範圍非常大——比他們在 DiscoverOrg 平台上獲得的範圍要多得多。

And so they're seeing 20x the coverage of companies and contacts in the new platform than what they had access to in DiscoverOrg, and we've already integrated the breadth of the DiscoverOrg solution inside of the new combined platform.

因此，他們在新平台中看到的公司和聯繫人覆蓋率是他們在 DiscoverOrg 中訪問的 20 倍，而且我們已經在新的組合平台中集成了 DiscoverOrg 解決方案的廣度。

So they have all of that at their fingertips as well.

因此，他們也觸手可及。

If they're migrating from the legacy ZoomInfo platform, then they comment about the organizational chart, the intent data, the Scoops and initiatives, the funding data that we've made available, the workflow that we've built, the anonymous website tracking that we've built into the platform.

如果他們從舊版 ZoomInfo 平台遷移，他們會評論組織結構圖、意圖數據、獨家新聞和計劃、我們提供的資金數據、我們構建的工作流程、匿名網站跟踪我們已經內置到平台中。

And so they're seeing the breadth and robustness of the solution, while the DiscoverOrg migrations are seeing a much broader coverage than they've ever seen.

因此，他們看到了解決方案的廣度和穩健性，而 DiscoverOrg 遷移看到的覆蓋範圍比以往任何時候都要廣泛。

Yes, [tremendously].

是的，[非常]。

It's really good.

真的很棒。

Go ahead, Cameron.

來吧，卡梅倫。

Yes, Tom, in terms of kind of pricing and uplift, the transition or migration to the new platform hasn't really been a significant driver of growth.

是的，湯姆，就定價和提升的種類而言，向新平台的過渡或遷移並不是真正的增長的重要驅動力。

And obviously, that's evidenced by the fact that the -- most of our growth actually comes from new customers and not from existing customers.

顯然，我們的大部分增長實際上來自新客戶而不是現有客戶，這一事實證明了這一點。

But in terms of pricing, if a customer's migrating for like-for-like functionality in seats, that tends to be a kind of -- that tends to be like a renewal like price change, so call it kind of mid- to low single digits.

但在定價方面，如果客戶遷移到座椅中的同類功能，那往往是一種——這往往像價格變化之類的更新，所以稱之為中低單位數。

Obviously, one of the things that the platform does do is it allows us to more easily provide increased functionality to folks.

顯然，該平台所做的其中一件事是它使我們能夠更輕鬆地為人們提供更多的功能。

So in those cases, we do see kind of somewhat more substantial uplift, but again, it's not super material to our growth so far.

因此，在這些情況下，我們確實看到了某種更實質性的提升，但同樣，到目前為止，這對我們的增長並不是超級物質。

Wonderful.

精彩的。

Really good.

真的很好。

Quick follow-on, but just thinking about the bigger picture of your margin structure.

快速跟進，但只考慮您的保證金結構的大局。

It's tremendous.

這是巨大的。

It'd be hard to imagine a software company being much higher than where you're at.

很難想像一家軟件公司比你所處的位置要高得多。

When you look at the 25%, 26% of revs being spent on sales and marketing and also evaluate other markets you want to go into, the opportunity to move upstream to do more enterprise deals, move international, what happens with that line sales and marketing as a percentage of revenue over the next coming years?

當您查看 25%、26% 的轉速用於銷售和營銷並評估您想要進入的其他市場時，有機會向上游移動以進行更多企業交易，向國際移動，該線銷售會發生什麼，以及未來幾年營銷佔收入的百分比？

Can you maintain the leverage in it and hold it kind of flattish?

你能保持它的槓桿作用並保持平緩嗎？

Or does that sort of naturally go higher as you embrace bigger deal opportunities in international properties?

或者，隨著您在國際物業中擁抱更大的交易機會，這種自然會變得更高？

I think that we can maintain the leverage in that, and part of what we focus on is really finely tuning and leveraging our own system to drive an efficient go-to-market motion.

我認為我們可以在這方面保持槓桿作用，我們關注的一部分是真正微調和利用我們自己的系統來推動有效的上市運動。

As we continue to grow, and I think based on guidance and so forth, that would imply that we're going to need to grow our sales and marketing capacity as well as other parts of the organization north of 30%.

隨著我們繼續增長，我認為基於指導等，這意味著我們需要將我們的銷售和營銷能力以及組織的其他部分提高 30% 以上。

So we think that, that level of continuing to grow the sales and marketing capacity is a good level where we can continue to take advantage of the opportunity in front of us and drive efficiency going forward.

因此，我們認為，繼續提高銷售和營銷能力的水平是一個很好的水平，我們可以繼續利用我們面前的機會並提高效率。

And that question comes from Taylor McGinnis with Deutsche Bank.

這個問題來自德意志銀行的 Taylor McGinnis。

And congrats on the first quarter as a public company.

並祝賀第一季度成為上市公司。

So I know that you talked about retention rates having improved in 2Q relative to past quarters.

所以我知道你談到第二季度的保留率相對於過去幾個季度有所提高。

But I'm curious how churn, in particular, trended relative to historic rates and if there's anything you can provide on the kinds of levels of churn or retention that you're embedding in your guide as we look forward.

但我很好奇，尤其是流失率相對於歷史率的趨勢如何，以及您是否可以提供任何關於您在我們期待的指南中嵌入的流失或保留水平的信息。

Yes.

是的。

So churn was pretty consistent relative to where it was historically.

因此，相對於歷史上的情況，流失率是相當一致的。

Obviously, I think the mix is shifting a little where we are seeing companies and more heavily impacted industries kind of more likely to churn.

顯然，我認為這種組合正在發生一些變化，我們看到公司和受影響更嚴重的行業更有可能流失。

But overall, I think there's a broad recognition for the value that we're providing among our customers, and it continues to be a very nice level.

但總的來說，我認為我們在客戶中提供的價值得到了廣泛的認可，並且仍然是一個非常好的水平。

Absolute churn numbers aren't something that we're overall providing.

絕對流失數字不是我們整體提供的。

But certainly, the levels that we're seeing and continued headwinds from COVID are things that we have considered in our guidance.

但可以肯定的是，我們看到的水平和來自 COVID 的持續逆風是我們在指導中考慮的事情。

Thanks, again, everybody.

再次感謝大家。

In closing, I would just like to reinforce how excited we are.

最後，我想強調一下我們有多興奮。

We have a massive opportunity ahead of us, a track record of driving growth and profitability, a team of employee owners who are fired up and driven to execute.

我們面前有一個巨大的機會，一個推動增長和盈利的記錄，一個被解僱並被驅使執行的員工所有者團隊。

This is the starting line for us.

這是我們的起跑線。

I appreciate you all joining us today.

感謝大家今天加入我們。

Thank you, and good night.

謝謝，晚安。

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。